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for building products, hea t exchq nge, 
fluid povMir.^nefaJengineariHg, 
rip fastcmets. refined and A — ' 

wrought mefels. • m 

mi Untftftd > B ifi r ri ngfr ajn > Engjand V I 


No. 27,686 


Thursday October 12 197S 


& 


v*™***- *» «. m mU H „ „ 


. Drummonds 

m - Freedom . .. ' 

[ Suitings : i 


FRANCE ft 3.Pt GEUKAMT OH ?.0| ITALY L Wt NETHERLANDS ft 2.0; NORWAY Kr 3,5j PORTUGAL fo< 20; SPAIN Pm 40: SWEDEN Kr JJSs SWITZBOAND Fr 2.0; EIRE ISp 


®WS SUMMARY 


general 


BUSINESS 


TUC leaders seek Heath backs Insider 



Belgian Dollar change of strate 

S • nrAAirAi* • W « 



Prime weaker; ° 

Minister 0,1 Inflation 

_ . new nigh BY CHRISTIAN TYi 

resigns z*™*™*?*,- kc is t . * 

5S-£25 rS'gp- 

ZJSJST "SU «* » per cent pay limit. 

members of Ar-party ml- CTj ~ ~ ^ T$* t ZESnSZ£rZ l & 


5 % guideline 


BY RICHARD EVANS, LOBBY EDITOR 


new 


mg coalition over plans to 
devolve greater powers to the 
country's Flemish and French ■ 
speaking regions. 

The king accepted M. Tinde- 
mans' resignation, but asked the 
coalition to continue in a care- 
taker capacity. 

Last June, M. Tindemans asked 
to be relieved of his duties as 
Prime Minister, after disagree- 
ments between the majority 
parties over economic policy. His 
n-qne-t was rejected by the 'king. 
Back Page 


DOLLAR 

HgBijtHt ttn 

DEUTSCHE 
. MARK 


_. Thi*, approach was decided by Workers' Union, arc likely to be 
i U«.. leaders yesterday as the prominent. 


D\y _ MR. EDWARD HEATH under- judgment. the country can afford 

UY CHRISTIAN TYLER, LABOUR EDITOR l*ncd the divisions within the in the coming year.” 

Conservative Party over counter When it was pointed out that 
inflation policv last night by Mrs. Thatcher would challenge 

The Government is to be asked to shift its entire strategy for keeping inflation nn °com E fi e i?S°nAcH "gt^ X m, 

Hltilin Single figures, substituting rigorous control of companies' urice rises Pr,rac Min « ler ‘s fisbt to main- my own experience. Otherwise, 

for antomatic withdrawal of State aid and contracts from those in breach of ^BfooSS. SiEftSb a SS>1 ZSTSSi&ZSSSi 

the 5 per cent pay lim it. powerful speech to the party He was convinced that Mr. 

Thk . . . , . ..... . _ , . . , . conference in Brighton and then Callaghan was right to say of the 

Tin 1 i i„^^i 3ro . ac “ * as decided by Workers Union, arc likely to be He hinted that lb? new tinder- more explicitly in a television 5 per cent guideline: “This is tbe 
nrmo „r a !? e „ r *. yesterday as tne prominent. standing might result in advice interview, appears to widen the best judgment we can make 

thi.K°L?..2 c ? r “ n( *® r standing Action on prices, plus the to union negotiators to take these policy gulf between the former about what the country can 
spirViJT r ,n7n ^ ve some union more generous treatment of low- other factors into account. Prime Minister and his successor stand." He believed thar the 
01 iu pay ’ hu \ no P a ‘d workers already hinted at Those .most anxious to conclude as partv leader, Mrs. Margaret British people thought this as 

commitment to the present or by the Prime Minister, are seen a new deal with the Government Thatcher. well. 

-ny other wage guideline. by some .union leaden as the will also point to that pan of The conference, spurred bv a If the Prime Minister faced a 

Attempts are being made to way to bridge Hie gulf without the TUC’a long congress resolu- remarkably confident Sir trial of strength with the trade 
work out a jointly-agreed econo- drawing down accusations of a tion that. talks about the contain- Geoffrey Howe. Shadow Chan- unions this winter over pay 
mic document, containing no pay sell-out on the TUCs clear meet of unit costs, as well as the cellor of the Exchequer came policy, and was forced to go to 

& , vi5iL^ ou . , l re ^ a “- SF *! n e ^ 0 °.^L^°i 1 ^ro™«“ ny reference to n^ed fo r a “broad down firmly on Mrs. Thatcher's the country. Mr Heath believed 

U'M t »« ! D defille V- he - G l wrf«L ei rfn»Kt» understanding " each year in the side of the argument hy burying 'he Conservative Party should 

® u,t e lalest TUC Labour Parly Liaison any idea of a formal nr resnlated not attack him over his counier- 

agonut Inflation. however, whether any under^ Committee document. incomes policy und"r the Tories, in Ha lion tactics, 

borne Ministers, faced with standing will be generous That documenL Into the *t was Sir' Geoffrey who re- “Of course you must fight a 
,nevita ! >l e breaches of f* l f ,u £k _*? * lc “ Eighties, accepted by both the ceivpd the -land.-n* ovation, Jed General Election, bin that' does 
hrttin^ P B , «r C H I Uii!J 1,t a !i t ^. e n l ^w ^ s|’l“ pfloor revo,t aBalQSt Wa ° e Congress and the Labour Party *>* ^ rs - Thatcher. and not Jvir. not mean you have to say the 
r£«!!!L For ? “ onr ™ d a ^Drltish controls. conference, will provide a start- Heath, who was listened to with Prime Minister 3 nd the Govern- 


‘should he 

criminal 

offence’ 

BY ANDREW TAYLOR 


bounH^Ro Vi 'i" 1 * a H S;,Sa ,Boor rCV0U aBalDSt Wase SEES and the Labour Party £ Mrs! Thatc ter. Ynd iXt Sf. noTmean T 

f»vv"lL For ? ^ onr ,£ nd a L-* r * E°^„ H. im , »rnr i conference, will orovide a start- Heath, who was listened to with Prime Minis 

D^ygen. calculate that a different Mr. Lon Murray, TUC general . nB DQ . nt for th ‘ T7 - r . cnr “.„. me „. are w . 

approach may be needed even secretary, said after yesterday's L" r | P °p„{ f ° r t&e TLCs pncM uu.?' 

u the 5 per cent remains meeting of the Economic Com- ?* niLdmc f.,rth A . hp ' i< “ n n 

the publicly-stated objective. mittce that the unions were “not ir V' t S' ** S -i^ u, r-^ er str ^ n =>DieD- h : ‘ 

Already there is speculation in the game of norms at alL" ^ KnOClCSI3 POliCV inflatJnn and 

that thii r.ntiammant mu, lu. Rut hp wi>nt nn in saw that chan 0 es to pfcisni companies * J | ifiati n and 


— _ _ 11 i i r j |l raicuiaie mai a amercni rar. urn muird>. i ijciivrai :_ 0 nnlnf fnr rh» TT'r'o 

» ruce broken . _ .l 1 1 1 1 1 I 1 1 ml ,,| | approach may be needed even secretary, said after yesterday’s PjL he 1X05 p ' lces 

c, . , , , . . 1 -bo 1 - 1 ; -f^ro U J if the 5 per cent remains meeting of the Economic Com- ^ , 

I..,/! hundred Syrian-coo- L - , , , ■■ . .■, l r i . | l / the publicly-stated objective. mittce that the unions were “not str ^ n 3 t h e °' 

un' ^l;«^ lestinian ,^ oops toolt gained 90 points to $1-9825, Its Already there is speculation in the game of norms at alL" a - nd 

I Position m sensitive sectors leTCj gj nce gj^j. that the Government may be But he went on to say that .5°. ,P^'* nt companies 

• ■ a -i J. n,pe u flre its trade-weighted Index closed per suaded to take a more selec- Ministers had agreed with the *bu«ng the safeguard clauses 

Winctured a fragile truce between *“ ™e'»««Ked »flex _cimm riye >oursc assessjnB dea|jf top S1X tuc leaders, in Downing on P raflts aad of return on 

• S; T!’? r n forces and rightist ■ f in the light of company profit- Street on Tuesday night, to capital. 

militiamen. Sarkis may end Arab depreciation widened ability and containment of unit pxplore “whether there are It promises a firm line on EEC 

tour, Page 4 per cent (AB) Back Page costs, rather than against a areas in which an understanding farm price negotiations, and 

a rnri. ... univers'dl bargaining norm- -or an agreement can be found “vigorous action" to reform the 

llo-anria link out • rS-?.”®® S1 J » anewhigli Details of the TUC agenda for which is consistent with the aims Common Agricultural Policy. 

& ua mm of S226j, In London, and in New an intensive round of private that have been expressed by both To that could probably now 
The U.S. has severed formal com- York the Comex October settle- meetings with Ministers were sides." be added talks about the Euro- 

mercial relations with Uganda as men! priceTose $2.80 to $227.70. not w-orked out by the TUC He said they had also agreed pean Monetary System, 

a result of a Bill signed into law . ' . . Economic Committee yesterday, that keping prices down was the The ground Tor tougher action 

by President Carter. •. EQUITIES reflected tmeer- But a 12-month price pause, central issue. “ By that we mean b.v the Price Commission was pre- 


tour, Page 4 


Uganda link cut 


per cent (£. 6 ) Back Page 
• GOLD rose $1$ to a new high 


a result of a Bill signed into law ^ • 

by President Carter. •. EQUITIES reflected tmeer- 


talnties over pay issues and the ruts in indirect, taxation like —how can we keep inflation in pared last- month when Mr. w ,.. r , M lllc 

Seal cull talks : ET index feu 5.1 to 3BL2 VAT, and tougher monitoring hy single figures through 1979? U Charles ^Yilliaras, the chairman, political career of Mr John 
- won the Price Commission, ideas means we want to look at all rn*i»innMl nn Rank Pn-n Davies. Shadow Foreien 

As Greenpeace shadowed Nor- • GILTS saw falls In longs' and canvassed by Mr. David Basnett factors affecting prices, including Uonan Secretary 8 

wegian marksmen hired by the shorts and- .the Government of Dte General and Municipal pay.” British Oxygen offer, Page 14 no . 

— ^ uZSHS 

Galiachan set i to a ''ibpS do - w ? 1 at C®-®- .■■■*/<. ~wr m-u ' ' ■ London for medical treatment, 

between an RSPCA de legal i(m « U'ALL STREET rose ^bove TpQD 1TI 1*000 Af) CfyilrA be ^dlsaSous^peecf ^ 

iran press on siriEe aiier 

pica to abandon the cull. eandags-rewi^Atadd^ -> r ^ . > 

ETA suspects Held 

Spanish potiwi have two its. minimum wealllt re<iutremeht ' w-W? AU, l# l . •- SlmiiilS iSmiT^SouS^eSn 

suspected members of » cell - of ror Membership from £fe, 000 to won^ic arm ouir should retain 

the Basque separatist guerrilla £100,000. Back Page > BY ANDREW WHITLEY ' , ■ TEHRAN. OcL 1L Jbe «ctra weapon of an incomes 

organisation, ETA, in Pamplona.^ ^ . . . . ' - - p i,”' rpflffrM -Iuph hie 

mrttee bS' 7 calli 11 - jojn- iran^ martial law authorities ' The Shah is likely to have been Shah’s leading opponent, the emphasis on a tight monetary 

Italian Shot - '■ • racing on the fl t n ? ip l e l d today \° h impose , fu . n heai 7 ene f d by ,ate 0 st ?***- “Jled religious leader Ayatullah polity and firm cash limit; in 

iau«, J3 „ui VZ p icqeoal le on ine ^osoyship on the coimlrv s ments of support from President Khomeini. the nuhlie sector, less nublic 


Iran press on strike after 


Tbe Shadow Cabinet man- 
aged to keep its options on 
Rhodesia open yesterday in 
spite of strong pressure from 
the party’s Right wing to vote 
against the renewal of sanc- 
tions In November. This room 
for manoeuvre, which is seen 
as essential If the Tories ever 
form a government and have 
to negotiate with African 
leaders, may only have been 
maintained at some enst to (he 
political career of Mr. John 
Davies, Shadow Foreign 
Secretary. 

Mr. Davies, who was ill when 
he spoke and later returned to 
London for medical treatment, 
made what was acknowledged 
to be a disastrous speech. 
Conference report Page 12 


■" **37 . 


mem are wrong on every issue. 
... If the Prime Minister says 
he is po.ng to the country 
because he cannot have roaring 
ittfiaiinn and another free-for-all. 
then I would agree with that,” 
Mr. Heath declared. 

His comments, at a time when 
the majority of the party is 
drawing closer behind Mrs. 
Thatcher’s hard-line attitude to 
incomes policy, seems certain to 
re-open old wounds. It is diffi- 
cult to see Mr. Heath campaign- 
ing effectively on official party 
platforms in an election cam- 
paign, as planned, if the central 
divide on counter-inflation policy! 
remains. 

The assumption continues, how- 
ever. that Mrs. Thatcher would 
offer Mr. Heaih a post in a 
Conservative Administration. 
Whether he would feel able to 
accept, iF the central economic 

f ioltey was so at variance with 
lis own views, remains to be 
seen. 

During . the conference 
economic debate, Mr. Heath 


ip ... S£!!K! SSiWSS!!- 525 

TEHRAN. OcL 1L ^?. e ^ tra weapnn of 101 incoraes for gloating. Nothing for joy. We 
- - P <i\r fVc.ffrp* nliced hi* shnu,d RFieve for our . country. 

The Shah is likely to have been Shah's leading opponent, the omphasis on a tight monetary P e Pr t 1,ish ,I! cople have deep 

aliened by the latest state, toiled religious leader Ayatullah policy and firm cash limits in l e n a H r 3 nothJr hnu t 

ents of suDoort from President. Khomeini. n .,hiu a orf anoihcr bout of tnlijttnn. 


BY ANDREW WHITLEY 


TEHRAN. OcL 1L 


nrarvUDrf fi mnim vn luiiulk a Uicuu UI suppui i nuui rimucm ivuuiueiui. - lh~ nllhlir *edor le«* DtlhliP 

SysSi.-PagellfT ' “ ^ ?! $*«***• ?”* a ^?V nf *»<*"- mosT ett'lE o K 


• -V iv# 
^-rv, 

ifSf 


Front Line shot dead one of ‘ ■- s . ,\ u " Jaafar Sharif Emami, • the the great importance of Iran to journalists, print workers and tives including large cuts in ra,,st e ^ c,l .y e speeches of his 

Italy’s top criminologists in • POST OFFICE is preparing recently appointed. Premier, had the U.S. and the free world. The management alike has caused direct taxation to head off ex- S ,re S r ; Tha j under Mr. 

Naples at point, blank range as for a- political' battle over offered to resign. American President endorsed surprise here, where there has cessive pav demands In the Hea, » s leadership, the parly had 

he left home. Page 3" whether it should order a new Censorship is directly contrary what he described as the Shah's been a compliant Press run T»y private sector. soiignt an orderly and responsible 

^international exchange, worth to the declared policy- of the moves to establish democratic publishers close to the court. But Mr. Heath maintained bis P at1ern « n P a Y bargaining. 

about £25m ‘ from Thorn- Prime "Minister, who is- alsn principles in Iran. Kayhan and Ettelaat newspapers, defence of incomes policy when - 

tidier VlrUS . . Ericsson, -the part-Swedish struggling to hea 1 — — J — **-- * J!J — * — " — * U1 ~ ~ r * •— 5 


own Cabinet of a senior officer entered the UJG first time in half a century. ITN interview whether the 

As strikes and demonstrations premises of the country's two Solidarity is also said to have Government could not leave pay 

ana gas are continue in Tehran and the pro- main ■ newspaper publishers, been secured from the other bargaining to employers and 

a. smaller vinces, the Shah appears deter- Kayhan and Ettelaat, this raain English and Persian- employees. 

Jh economy miaea to stay in power, but he is morninfi. • language newspapers, except for -yes I am saying that 


. inn to the Communicable r n n tr *butioo to the UK economy mined to stay in power, but he is morning. language newspapers, except for 

f '--r ' Diseases Surveillance Centre J*, Bce ?! parents in the increasingly dependent on the - Astounded journalists were the small-cinrulation. Right-wing 

k^V-V^.^-rV' i'4- snort term than flrst thought, support of the Army. fold that in future all domestic daily Paygam-e-Emrouz. 

..acroraing to Treasury estimates, imposition oF censorship by and foreign news reports had to The journalists on strike have 
^ Indian summer -“6® . thfc:miJltary authorities has pro- be cleared by a military censor in drawn up a four-point list oF 

Rriiiin on • GOVERNMENT will subsidise T okir . an unprecedented strike advance. ' demands, including an end to all 

coal sales to power stations this by .• virtually all Persian and Over the past week Mr. Emami censorship, freedom of reporting 

SSH f idlS. bS EneTish-lang n a h e newspapers. - has urged the mwlia to discuss all and a Government guarantee of 


f In New York 

- 

Ott. II 

Prertiqi* 

!$|Mt 

B1.9HI04920 

S1.9o6aSBR0 

1 nxinltj 

a4ho.3s.iii. 

o.cao.47 dl* 

3 months 

I 1.42-1^4 di» 

L65-l.fO ills 

12 month- 

1 5.206.00 .ill. 

5.f*^.70 iii« 


• short ba iera e intreas fosly dependent on the Astounded journalists were the sm^ll-circulation,' Right-wing i be.tiove that the Goveimme'nt iSSSh. iMISSdli Details 

TSSAf'if'SS-nbhi b» S-Misrwiwws d “A5SS5SSSite «— ■ 


A Dewar's 
original is worth 


IN ITS first major pubiie 
statement, the Council for the 
Securities Industry — the City's 
self-regulatory body — says that 
insider dealing should be made 
a criminal offence but indi- 
cates that it has reservations 

about legislative proposals. 

These are contained in the 
White Paper ■* Changes in 
Company Law." which was 
published in July ami which 
the council is to discuss “is a 
matter of urgency" at a 
meeting on October 20. 

Sir Alexander Johnston, 
deputy ebairman of the 
council, said yesterday that lie 
belief cd it would propose 
certain modifications to the 
While Paper. He added that 
neither the recent Labour 
Government proposals nor 
earlier Conservative proposals 
had provided quite the right 
framework for conn ic ring 
insider dealing. 

Statement 

The council's policy state- 
ment says that It would ho a 
strong deterrent to have 
Insider dealing classed as a 
criminal offence but stressed 
that legislation should not dis- 
courage directors from holding 
shares in their own companies, 
or frustrate institutions from 
taking “an active interest in 
the companies in which thev 
have invested their rands.” * 

The council says that legis- 
lation must be “wide enough 
to catch the various activities 
that are regarded as rep re- 
heosible but warns that "an 
all-embracing and uodis- 
criminating prohibition could 
cause injustice in individual 
cases." 

The policy slatcmcnt bas the 
rull backing of ihe Stock 
Exchange, the Take-Over Panel, 
the Accepting Houses and 
other city bodies represented 
on Hie conncil. 

Mr. David MacDonald, 
director general or She Tafce- 
Ow- Panel, said last night lhat 
legislation was never going lo 
br perfect. But the case for 
legislation was so compelling 
lhat “we will have to do the 
best we possibly cun with the 
framework that the Govern- 
ment has put forward.” 

In an Interview on the 
Moner Programme, Mr. 
MacDonald said lhat the panel 
would be making various sug- 
gestions which he hoped would 
improve the Government’s 
proposals. “ Self regulation 
can only deal with people who 
are part of the market 
mechanism,” he said. 


Page 9, 
Page 22 


Editorial 


weather temperatures ESS «»> to power stations ihtejjP all Persian and Mr. Emami censorship, freedom of reporting 


areas soared to record leveKfnr winter at a cost of 17m. Back EbeTish-tangnase newspapers. - has ur^sd the media to discuss all and a Government guarantee of 
tl Je nf Onp of iJ Page ' “ . . Mr.'Sharif Emami. known to issues fully and. openly, and had Press freedom. 

:i.' V‘ lintic^T D I ares* was Lnmfnn f h ; have asked the Shah for more promised full Press freedom.. The journalists say that 

. nerah,re? well' imo the TOs • UK RECORD grain cron at f recdopi -of action than any of Only last -Wednesday be con- unlike past practice, they will 
Oiiiinnb R,i '£} m J tt r- 6 . 15 5m tonnes of wheat, barlev predecessors for the past 17 feswd himself astonished as to not accept orders from any 

Outl,,ok ’ *■«* ^se- . ind^ate^riaree^S «triie? > ; cai£ -befnre taking on the job why the pay strikes in Iran were Minister or Department to alter 
"•viiriri 4 .v! estimates showed the Ministry of ^ AugiisL is thought to want not being reported, and assured headlines or news stories. 
iL-CV CheSS dFSLW ’ A fri culture has iaiiL The EEC fo: conti hue in office until next broadcasters there would be no The newspaper stoppage, on 

• ‘ has raised its harvest forecast general election. censorship. top of tbe partial strikes still 

'/•vric •>; -Ch^iopjon Anatoly -Karpov . n_-.. - d . ’Jhe' forces now at work on all The martial law authorities in force ;n the Government news 

offered Viktor Korchnoi a. draw Sk ^ j gh JJJ* last P -^ar sides' may well bring in a miti- gave no reason for' their action agency. Pare, and in the radio 
i.-v.; * n 30th game of the World pb#®' 3§- J ’ taxy inan- as Prime Minister or and no comment has come from and television networks, has 

Ghvss Championship. Karpov, "* a.' .neutral figure such as the the GovernmenL but the news- interrupted reports on disturb- 

r- ahead by five wins lo four, needs former -Prime Minister. Dr. Ali papers themselves believe the ances in the provinces. But at 

oue niore wio 10 retain his Utle. LABOUR Amhti. who could attempt a re- move was taken because of the least two western towns, -Arak 

^ _ cooeitiation between the Shah widespread publicity given the and Sanandaj. are believed to 

a'*- Tolosrranh riicmrio and the Opposition. activities and statements of the have been affected today. 


more 


^ _ . . .. . . • BSC has won agreement from and the Onoosition. 

Telegraph dispute the TUC steel committee for the ^ ■ "PP 05100 

. SW T OFCI 

1 1, pule, which has hailed produc- mn r - ri™.v 0 « a « " 

iw ji »«on of the paper's London nR H ^ ' r ; -BY ROBERT GRAHAM 

:• U editions for a .week. No agree* • 

’> meat has been reached. ilf—SjJ * FORti mndripri 


Ford may expand in Spain 




Tether verdict 


Former 


Financial 


acreo- demanding a 20 per cent pay . ■:&} ROBERT GRAHAM MADRID, OcL 11. 

. -■ rise -and have derided to baa ' • 

overtime from next week. FORD is considering a JWflOm of toe high tariffs on motor “green area" to cope with 

Page 14 investment in Spain In expand imports. The Spanish motor expected demands for either the 

its European operations a com- industry is the most heavily pro- Ford Escort or the Cortina 

MiiDiauec Pany; spokesman said today. teciert in Europe. Taunus 

Times uUInrAWfco Spain is one ,of four European News of the Ford negotiations, The Esrnrt rep la cement, the 




columnist Gordon Tether has last A r*nnic7m , c -TnteWiatifHtai ^“ntnes being considered for confirmed by Ministry of Industry Erika is due to come on the 
his claim against dismissal from ■ ' this - expansion. The other officials, comes at a moment when market in some (wo years' time 
the paper nearly two years ago, £?L e ci. * countries are Belginm, Germany the Spanish motor industry is from Halcwood but Ford has no 

: after a London industrial tribuirai JJJ 7 aad ^ the Netherlands, . going through a major change, continental Enropean base for 

hearing lasting 45 davs — - the 1 ne , ena ., JUDe ot i-.oum The Spanish Government is A Ford spokesman said the production so far announced, 
longest* on record. Back' and Page ? 8ains c t a fi? _ 'ni *ufBdenUy keen _on the projecl !lo negotiations were part of a Ford is non-committal about 

id irom lo.NHn to ta.MD. rage unready to review and probably genera! review of the company’s the stace negotiations have 

- rempw the restrictions not only future European needs. It seems reached cither with Spanish 

. ® VANTONA has made an on Ford’s existing Valencia lhat the company . is seeking the Government or with the govern- 

Bnetly . . . agreed bid, worth- £13.1m« for operation producing the Fiesta siting of a new factory either ments of the three other 

Japanese police uncovered a plot control of J. Compton Sons and but a more general dismantling alongside an existing one or in a Continued on Back Page 
by a criminal 3ang to blow up a Webb. Page 21 — ' ' ' ' 

oadteii^ toy^h^lcopter. CONSOUDATED ^ GOLD CONTENTS OF TODAY’S ISSUE 


• narked tovhellcoDtef • CONSOLIDATED GOLD 

packed toy sen cop re r. .. FIEM)S net _ profilB have 

Tropical storm _Nlna beaded a( jvanced 38 per cent to £34 .5m 
. towards Vietnam, leaving 59 dead aga^ £25 ra for 1976-77. Page 2fi 
in the Philippines and more than 

50.000 homeless. • EMPIRE STORES (BRAD- 

Czech flight controller was jailed FORD) pretax profils for ihe 28 
for six years for hijacking an weeks to August 12 rose 16 per 
airliner over West Germany. cent to i2.95m. Page SB* add Lex 


European new* 

American news 

Overseas news 

World trade news .... 
Heme news— general 


CHIEF PRICE CHARGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 

RISES 

Brff Alum. "New" 85£ + 15. 

Christies Inti . '135 + 4 . 

Common Bros; >'..'-190 + 12' 

. Danfcs Gower ton ...... 124 + S ' - 

Empire Stores 176 + 4. ; 

Gold Fields Prop 85 + 2S 

Sirdar - -S3 +. 7 .- 

wains ..r 

tVhit'ehouse tG.) 115 +' 7 

Bishopsgate Plat . .... '114 .+_ 7 . . 
Bougainville 132 + .5 . 


Rustenburg Plat, •... 
Weot Rand Consd. .. 

FALLS 

Bscheq. 12% IMS .... 
Barr & WAT “A" .. 

Brown (J.) - 

Campari “B" 

CoHtain CR.) 

Fisons - '■> 

Glaxo 

Hawker SiddcJey ».«. 

ICI - 

Lawtto ........... 

Vantoiia 


.317 + 7 
. 132 + 10 

£PSI - j 

.162-13 

. 4«2 - 10 

. 104 r 9 

.348-8 

. 337 -8 

-532-6 

,242-5 

.393-7 

. 68-6 

.130-7 


—labour 14 


Lebanon: Conflict none can 

win 22 

Economic Viewpoint: Three 
- cheers for Moss Evans ... 23 


Conservatives at Brighton 12 

Technical page 15 

Marketing page 18-19 

Arts page 21 

Leader page 22 

UK Companies 24-26-27 


FEATURES 

Turkey-U.S. relations: Rases 
derision 2 

Mrs, Gandhi's comeback ... 4 
Brazilian- economy: 


Mining 26 

Jnll. Companies 28-29-30 

Euromarkets 2859 

Money and Exchanges 31 

World markets 3$ 

Fanning, raw materials ... 39 
UK stock market 40 


Ameriran companies lose 

ground 6 

Advertising cost effective- 
ness 19 

Business and the courts ... 20 


Apmfotrooius i* 

Appointments juMs. 32 .it 
Baca Lending ftnuu 3B 

Beaks « 

Butanes Opel*. ...... .. B 

Contracts .! 10 

C> MM—nl 20 


Ecoitemic litmuieni 

Enro-epttans 

Emerutimcju Cotao 
FT-Acuurtas Indlcas 

Leuxn 

Le* 

Uunbanf 


Men and Hatters ... 22 

Rating 20 

Share inromutloa ... quo 

Today's -Ernsts 23 

TV and Radis- 20 

link Trusts «l 

WenUwr 44 


Geld Fields M 

interim STATEMENTS 

Homhorp* Kldgs. ... 2 

Celtett Dckja. Prte 4 

E. engartv a ad Ca.' 27 

.-PROSPECTUS 
R'worta Ux. Val. W. 2» 




For latent Share Index ’phone 01-246 8026 






Financial: Times Thursday October 12 19TS- 


KL' ROPE AX NEWS 


T URKEY-U.S. relations 

Bases decision marks end of an 


the U S. CONGRESS' repeal of 
t^e embargo on arms supplies 
to Turkey and the decision by 
Mr. Buient Ecevit. the Prime 
Minister, to permit the reactiva- 
tion of the U.S. bases in Turkey 
close an unhappy four-year 
.chapter ip relations between the 
two countries. 

The saga started in the 
summer of 1974 when Mr. Ecevit 
sent the Turkish array to Cyprus 
after an Athens-inspired coup 
there which the Turks saw as 
the first stage of Greek annexa- 
tion of the island. About six 
months later the U.S. Congress 
encouraged by the Creek 
American lobby, and deaf to 
pleas from President Gerald 
Ford, imposed an embargo on 
arms to Turkey. 

The reason advanced was that 
■the Turks had used American 
arms for purposes for which 
toey were not intended. The 
purpose. however, was to 
pressure Ankara into reaching 
a quick Cyprus settlement with 
tee Greeks on generous terms. 

This hope was never fulfilled. 
Shocked and infuriated by what 
they considered to be a stab in 
the back from their most trusted 
ally, the Turks dug in their 
toes on the island. In July, 
1975. Ankara renounced its 
'defence treaties with Washington 
and shut down the U.S. base? in 
Turkey, punine them under the 
“ full control and custody of the 
Turkish armed forces." 

With the embargo out of the 


way and the bases reopening, 
the limelight now focuses on the 
future of Turkish-American 

relations. 

Mr. Ecevit has allowed the 
reopening of the bases for one 
year only and under an *• interim 
starus" which puts them under 
strict Turkish control. According 
to this, the bases — called joint 
defence installations — which are 
principally used for gathering 
intelligence from the Soviet 
Union, will be used only for 
purposes permitted by Ankara. 
They will be commanded by the 
Turkish military.. which will have 
access to all the Information and 
intelligence obtained. 

The Turks will be given 
information on all imports and 
exports of American military 
hardware and there will be no 
U.S. flights from or through 
Turkey without the permission 
of the Turkish authorities. 

The interim status further 
stipulates that , two of the four 
key bases will be reopened on 
condition that they are turned 
over to the Turkish military after 
negotiations. These are Karga- 
burun, a naval communications 
centre off the Sea of Marmara, 
and Belbasi, a seismographic 
detection base monitoring Soviet 
nuclear tests, near Ankara. 

The interim status was 
declared unilaterally and will 
probably set the tone of the 
negotiations — expected to start 
in Ankara by the beginning of 
November— on a new Turkey- 
U.S defence treaty. 

The talks are expected to last 
about a year, with neither side 


Greece!! 




BY METIN MUNIR ?N ANKARA 


^ n Titos 

*} BULGARIA W * 1 A C * S ‘ S ’ *■ 

V^-^Karg a b ure n > 

L >. .-jj 

II B KFY rand* \ W 
ATHENS Yoirartafifc rP' 

'j&j& Lzi fetrendenm \ y 

■ SgSffi SYM* > IRA Q / 1 R' 

U.S. intelligence-gathering launches. defence s 

bases In Turkey. Sinop and communications termini 

Samson — communications, basi — seismograph lea 

monitoring of Soviet missile monitoring Soviet 

tests and air/ naval activities lests: Yamanlar — NATf 

In the Black Sea; Karaxnursel warning station; In 

— monitors Soviet naval actlv- major Turkish, U.S. 

ity In western Black Sea; tighter base; Iske 

Bosphorus and Dardanelles Yumurlalik: U.S. sup; 

Straits; Dlyarbakir, Plrlncllk — storage centres: Kargai 

monitoring Soviet missile test U.S. naval navigational 


launches. defence satellite 
communications terminal; Bct- 
basi — seismograph leal base 
monitoring Soviet nuclear 
lests; Yamanlar — NATO early- 
warning station; Incirlik — 
major Turkish, U.S. tactical 
tighter base; Iskenderun, 
Yumurlalik: U.S. supply .«nd 
storage centres: Kargaburun — 
UJS. naval navigational station. 


appearing to be in a hurry. 
Washington wants to tread cauti- 
ously because the pew treaty will 
be of considerable interest to 
other states which house Ameri- 
can bases, and may create prece- 
dents. 

Ankara wants an agreement 
which would give it the maxi- 
mum control over the bases as 
well as cash and arms. 

Mr. Ecevit said that the new 
treaty would he based on the 
principle that “ economy and 


• ■ sp? 

. . TGodais 


defence are Inseparable." This 
indicates that he whl try to 
extract as much military and 
economic aid from Washington 
as possible in exchange for the 
bases. . 

Turkish officials are not nam- 
ing any figures but they are 
expected to demand more than 
double the SI bn stipulated over 
four years under the now shelved 
1976 agreement Mr. Ecevit, 
struggling with his country’s 
worst economic crisis, is also 


't < 

• " / J"»' X- 


expected to ask for generous 

credits from Eximhank and simi- 
lar American institutions. 

The strict control foreseen 
under the interim status, which 
represents a new departure, is 
probably a way of telling the 
Kremlin that it should have no 
fears that the bases may be 
used for aggressive purposes. 
(The same message was also 
intended for the Arab states of 
tbe Middle East.) Moscow’s pre- 
cise reaction to this message is 
not known although a Tass 
article last week condemned the 
opening of the bases as an act 
falling foul of the spirit of 
detenle. 

The economic mission to 
Moscow led by Mr. Hikmet Cetin. 
the Deputy Prime Minister, was 
postponed for the third time last 
week at the Kremlin's request 
on the day the interim status 
was made public. Although 
Moscow (one nf Turkov’s higgf.-st 
aid suppliers! attributed the 

postponement to the illness of 
Mr. Cetin's counterpart, some 
political observers in Ankara 
saw this as a sign of Soviet 

chagrin. The Turkish Foreign 
Ministry, however, disagrees and 
says that the visit will take 

place later this month. 

Regardless of the limitations 
the reopening of the bases last 
Monday should be welcomed by 
President Carter, at whose 
insistence the embargo was 

repealed. 

The Turkish installations are 
an important part of the U.S. 
intelligence-gathering operation 
on the Soviet Union and. 



V'kj* v ' /•;** f ' ’ 




especial!?, on Soviet compliance 

with arms limitation agreements. 

Information is also gathered 
on Soviet military activities in 
tbe eastern Mediterranean, 
Black Sea and southern USSR, 
testing of missiles, satellites and 
nuclear explosions. It has been 
estimated that at one time about 
25 per cent of U.S. information 
on Soviet missile launches came 
from intelligence gathering 
facilities in Turkey, mainly, 
Diyarbakir in the east and Sinop 
on the Black Sea. 

Turkish - American relations 
will probably never recover 
fully from the wound opened by 
the embargo, which undermined 
Turkish confidence in the U.S. 
But the embargo appears to 
have persuaded Ankara that it 
was a mistake to rely so heavily 
on the U.S. and that in the event 
of Soviet aggression the U.S. 
(and NATO) may not rally 
round. 

This is expected to pot 
Turkish-American relations on a 
more realistic level and spur 
Ankara to go further in 
detente with the USSR than any 
other NATO state is prepared to. 
It is also this new awareness 
which lies at the root of Mr. 
Ecevit’s desire to befriend -the 
long-neglected Arabs and the 
eastern and non-aligned bloc 
states. 

Finally, the lifting of the em- 
bargo may introduce a positive 
element into the stalemated 
Cyprus question and Turkish- 
Greek disputes over tbe Aegean. 


Holland’s economy 
shows signs 
of improvement 


,:.v - :: "i V‘‘- . ■ * ; / 


A V 





L < « •*. >K “ S/ i 

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flank R-Rrill^Ccmeral Manager and RqparalCooitilnaEor fix UK and Ireland. 


“Chase is definitely the most flexible bank... 


♦ m 


service* (EiiropeanFinandal Director) 


BY CHARLES BATCHELOR 

THE DUTCH economy is show- 
ing signs of an improvement, the 
Netherlands Central Bank said 
today In a cautiously-worded 
quarterly report. According to 
still incomplete statistics, econo- 
mic activity appears to have 
increased in the second quarter 
of 1978, It nevertheless plans to 
continue with its restrictive 
monetary policies lor another 
six months. 

Production levels in manufac- 
turing industry more than 
recovered In the four months 
April to July from the decline 
in the first quarter, and were 
slightly above the average level 
of last year. At. the same time, 
the outcome of surveys of busi- 
ness opinion showed a slightly 
less unfavourable trend. The 
growth of production seems to 
have resumed internationally, 
too. tbe bank said- Increasing 
international demand for goods 
was reflected in the second 
quarter in a slight increase in 
the volume of Dutch, exports. 
This excludes natural gas 
exports, which declined, how- 
ever. 


AMSTERDAM. Oct. 11. 

Apart from these optimistic 
signs, the bank reported an 
unchanged unemployment pic- 
ture. The number of women 
unemployed continued to rise, 
while male unemployment also 
began to rise slightly. Incidental 
wage increases — caused by pro- 
motion and job changes — appear 
to have risen more strongly than 
was at first expected. On the 
inflation front the bank said that 
earlier forecasts of an Increase 
of between 4 and 41 per cent 
this year should be met Price 
developments between March 
and August support this fore- 
cast- 

The current account balance 
of payments on a transactions 
basis showed a considerable 
deficit in the second quarter of 
1978, but in the 12 months to 
the end of June the deficit was 
only FI 150m (873m). compared 
with a surplus of more than 
FI Ibn (S4S5m> in 1977. 

In a separate announcement 
the Central Bank said it had 
reached agreement with the 
banks on the continuation of its 
credit curbs until March, 1979. 


Portugal-EEC talks delay 


BY jlMMY BURNS 

PORTUGUESE OFFICIALS will 
■not begin full-scale negotiations 
with the EEC on its application 
to become a full member of the 
Common Market until January 
1979, it was confirmed here 
today. Dr. Vitor Constancio, the 
president of the Portuguese Com- 
mission for European Integra- 
tion. said today that he would not 
be sitting down to full talks with 
the EEC until the beginning of 
next year. 

EEC Foreign Ministers agreed 


LISBON, Oct 11. 

in June this year to open nego- 
tiations with Portugal “ as soon 
as possible.” It was thought then 
that the beginning of talks would 
be linked to the publication this 
autumn of the Portuguese 
Government's new medium-term 
economic programme. 

Publication of the programme, 
however, has been delayed follow- 
ing the collapse of the Socialist- 
Conservative alliance in July, 
and the ensuing Government 
crisis. 



Bowthorpe Holdings Limited 

Results for the half year to June 30, 1978 


We recently commissioned a market research study 
with an independent company and, so that the 
200 Financial Directors interviewed could speak freely, they 
were assured of anonymity. The results very clearly spell out 
the Chase advantages. Typical was this European Financial 
Director who went on to say: 

“The Chase Bank is extremely flexible and 
can respond very effectively to our needs and requests— even 
though they are often out of the ordinary. What we 
are particularly aware of is their great personal commitment. 1 * 
We believe this and many other such comments 
follow from our policy of hiring the best people we can, 
developing their talents and giving them an environment in 


which they can work to your best advantage. 

For each account we appoint a Relationship 
Manager who understands your business and ensures you get 
the top quality- advice you need. In this way we have decent- 
ralised decision-making from committees to individuals 
as close to your Relationship Manager as possible, so that he 
is able to get results for you fast. EE=n 

Frank Reilly, shown above, is in ~V~ ■ 

charge of our UK based operations and the I 

team that serves' you. I __ 

That’s why he believes that better 

bankers make Chase — 

a better bank IP!! EUR 131 B5 


Pretax profits 

C3-3m 

(£3*01 m) 

Sales 

£21 -89m 

(£18-83m) 

Earnings per share 

4-1 pence - 

(4-1p) 

Interim dividend 

0-838 pence 

(0-75p) 

Payable on! December 1 5‘To Staiaholdere at 
the dose ol business i on Ndwrabw 1 7 


TUPrWflSc MANHSnSN SANK, NA. W0OLGOTE HOUSE. COLEMAN STP^z. l LONDON EC 2P2HD. AND EUROPEAN 0 = .-i CES IN ANTW r 9r? ATHENS. E A 3 '. FAST qonccpi 5 rOP^HAG-N miRf IN DUCCW fjnPF 

FRANKFURt GENEVA, GHENT QUERN- HAMBURG, Li EG E, LUXEMBOURG, &wN, ./.ADR ID, MiUN, fcCSDC’.V, MUNICH, FAr.la, P!SA=ys, ROME. ROTTER DAM, 3 l KajV^SALONiC/fsTOCKHOUfl, STUTTGART VIENNA ZURICH.' 


i As forecast in the 1977 Annual Report the- 
Group's pre-tax profits continue to increase, and- 
in the half-year to 30th June, 1978 have risen byh 
approximately ten per cent over the same period 

in 1 977. J . ■ RAY PARSONS, Doputy CJumnan 

For a copy the interim report, plaast writp to The Secretary. 

Bowthorpe Holdings Unused, Crawley. West Sussex RHTO 2R Z. 

The Bowthonra HeUanrannCnm ~ ~"V 

Brittah-b*Md. eervmg tatiuray throughout the world. . 

Bmnhorpa-tteiloniwin Gmn, Gatwick Road. Crawley. Wen Suamc OHIO 2KE 
Tah Crawley (0233) 28888 

Bewihofpe 6toP. B ow tfw-HsdwaMMi P m ributo ra . Heftmwna DW Mrl t • ■ 

HsSaantpn BresonkCoropooe ns . H eB a munn toufaitt I M i mienn BecMc, - 
- Rethrow n Group. Power Dawa top nw n i Ltd 

. . New ZeeUnd. South Abies. Swteertmd wd USA 


it 


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EUROPEAN NEWS 


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" S| H5ek 


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succes 






Dublin may 
improve 
oil licence 
terms ' 

By Stewart DaJby -\ 

__ DUBLIN. Octr'U. 

may- bp prepared to 
improve licensing terms for 
foreign oil companies prepared 
Jo continue and lo intensity 
me search for oil around the 
count ry\ shores, Mr. Desmond 
Owiallcy. the HlniMer To r In- 
dustry, Commerce and Energv, 
said today. - ’ 

Outlining the Gov era m ml's 
attitude . towards oil" explore - 
lion. Mr. O'Man cv also inti- 
maled that the question of a 
second oil refinery for Ireland 
<5 to he closely studied. 

Observers, had. bran expect- 
iiU? Mr. O'Malley (0 comment 
on the question of ’ licensing ! 
following the announcement by ; 

Phillips last week of a small oil i 
find in the r AtIandc in the so- 
S®Ued Porcupine Basin, some 
10ft miles off Ireland’s west 
coasi. Although the well tested 
®t a rate of only 730 barrets a 
®. v ( a nd was immediately said 
by Phillips not to he a commer- 
cial proposition), the strike 
represented the first success in 
nearly a 20 -year-long search, 
apart from a gas find off Kin- 
sale Dead. It has sent hopes 
soaring that there may he com- 
mercial quantities of oil in the 
Porcupine Basin. 

Some 10 consortia have been 
searching in 44 blocks in the 
Atlantic and in the Irish Sea. 
Apart from earlier concessions 
Slicn lo Marathon and Esso, 
they have been exploring under j 
licences which the Irish 
Government admits are ones of 
maximum terms.” 

At the moment, the state Is 
entitled to demand a equity 
siako_ of SO per cent in. com- 
mercial fields and the Govern- 
ment lax on oil profits could 
be as much as 78 per cent. 

The Government has Indi- 
cated that ft is about to issue 
fun her licences — possible to 
new consortia — now that the 
current drilling season in the 
Porcupine Basin, which this 
year has ‘ involved 15 wells, 
is drawing to a dose. The 
Phillips find, small though It 
was, is thought to have 
encouraged the Government to 
dangle the prospect of an' 
improvement in terms in order 
to maintain the progrddxme’s 
impetus. 

The debate about a new oil ' 
refinery has been a long-run- 
ning one. Ireland has only one ' 
small, private sector refinery 
which Is capable of refining 
less than half the country's 1 
consumption of some 100 , 000 “ i 
barrels a day. j 



Barre looking to 10-year ^oubtsover 
term for French recovery for Vietnam 

T «/ I By Margaret Van Hzttem 


BY DAVID CURRY 


PARIS. Ocl. 11. 


BRUSSELS. Oct. 11. 


Terrorists murder 
leading Italian 
prison reformer 


CORNWELL 

i hours after the course. 
I Brigades terro- . The 


HOME, Oct. It. 


sections 


Six month truce 


Danish plan 
for foreign 
debt 

stabilisation 

By Hilary Barnes 

11. COPENHAGEN. Oct. 11. 

THE DANISH Government a*ins 
to stabilise the country's net 
nayc foreign debt in cash terms, not 


lime to come. between his parly and th e They embrace essentially; saving Mphis:. | Girolamo Tariaglione, left-wing authenticity must be severely national income accordin'' to 

M. Robert Baulin, the Labour Government it supports vllal cumpanics by better The aid project j* the first ’ extremists have claimed respon- questioned— refer scathingly lo Mr Knud Heinescn Finance 

Minister, said in a parliamentary This means the Government nwnajcciiiem. promoting ih*» EEC one to be jeopardised livj Ability for the fatal shooting this many of Si?. Morns former Minister in the Social 
reply that the jobless total now should Re i ns budget proposals creation nr new business by the question of human rights. ■ mnrning of a leading forensic colleagues, even those who Democratic - Liberal coalition 

jstood at liln against the 1.156m through the National Assent hi v set,in " rirt of Sf3Ule nf thl> Normally. EEC aui grant-* rjo ,ux Mert and prison reformer. shared his advocacy of the Government, 

jhp- had quoted at "the end of free of Gaullisl guerrilla tactics h urca ft cr3 cy which rnpptert not lake human rights into ci»n-| Professor Alfredo Paolella. 50, strategy n f bringing the Coin- Denmark's foreign debt on 

August - _ Wlule M. Chime said that his ! n " ,a,lv £ anrt ,h * ™JUm of sidcration— although iho Com- j was. ambushed by f«.ur youths niunists ; into alliance with the September t this year was 

I Meanwhile. ST, Raymond Barre, intention was in give the Govern- JO^s in seemrs of the fulure. munlty- JS cinoroited at the ; just after leaving his home in r id ,n S Christian Democrats. DKr 29.5bn f?2.S31m) pUis ’an- 

Hhe Prime Minister, who six mr-nt a chance to fiol to grips M. Barre told n Cabinet moment jn a struggle i*nih ; Naples. After shouting him three The documents arc also said bv other DKr 3.7bn in credits n«t 

j months ago was $tiU talking nr with the country's real problems, meeting today that incomes j African, Garmnean and Pacific j times al point-blanc range, the the weekly magazine L*Espresso >’ ot drawn. Debt servicing will 

his economic recovery pro- h« ha* undoubtedly been obliged should not rise at a faster rate I ACPI .countries who want a ; gang made its escape. A little to- cover the political respon- cost DKr U.Sbn in IP7S rising to 

gramme ns a three-year haul, has to take into consideration the in 1970 than the S per cent human .rights clause added In Mater, a left-wins group. Prima sibility over the massacre in 1969 about DKr fi. 6 hn in 19fii. accord- 

now started talking about the unease of Gaullist MPs at the increase expected for retail the Lome Ujnventmn. Linea (Front Linet, telephoned in the Banca deli'A^rieollura in ina to official figures. This corn- 

need for a 10-year «ndrt to bnng prospect of President Giscard prices. He concerted, however, , During talks m Brussel* and'a local paper to say it had been Milan. Meanwhile* the Rome pares with total current external 

France abreast of new inter- d'Estaing calling their bluff and that adjustments could he made i Luxembourg tm . Wf».k. it has j responsible. daily La Rcpubhlica claims that account revenues nf just under 

nat ^d a l conditions._ '• dissolving the National Assembly at the end of next year if the j become clear. however, that the; According lo police investigat- Sig. Moro was so disgusted witli DKr Jftnbn in the current year." 

While M. Barre W^uniiKely to rather than see his Governmcnl's tercet ceiling on prices is ! riKbts °x European companies : ing the second killing, the allack the corruption of hi«Town parly The Government is aiming at 

remain al Matignon-for the next action hamstrung. > exceeded. tin I ® 18 cas ' ?i Renault and Flail bore every sign of careful home- that he would, if ever released a steady reduction in the current 

— — can be every 1 bit as troublesome work. The fact that the two vie- leave the Christian Democrat"? balance of payments deficit froth 

_ « . t,n * knew each other, and bad and sit with the independents in DKr lOhn lasr year to DKr 7.51>n 

T r-> ,, r, .. _ „ _ . A Difficulties first arnsp when the worked with the Justice Ministry, the Chamber nf Deputies this year, and a maximum -oF 

IIIVlIflT CllTl'fW^jPl KEt * commission proposed to has reinforced suspicions of a aP adds: The Italian Com- DKr fi.5hn in J97P. 

L;V>lUllIUi dUIKiail O dUUIIUi i allocate some 3m units oF cu-ordinated plan. munist leader Ste Enrico Mr. Heinosen -aid: “Repay- 

• ' ’** * account (approximately Km« to The shootings on successive Berlincuer, paid his visits to n,onl>< °n outstanding debt are 

T01\N r O Oct 11 supply earthmovm? wiuipmcnL days have swiftly banished any France the Soviet Union and increasing so much that even 

UTCT rrcuAW". rinmvllAr ho _ , . , ' s P arc f arts an ' 1 . repair work-/ illusion here that recent police Yucoriavia has reinforced the '•*''*& planned reduction m 

GERMAN^* Chancellor, be based cm fixed rates current fiscal year ending nn shop for an egnculuird projcci i successes against the Red Bn- “ Eurocommunism ’ liSe^ ^backed ihc current account defirit. our 

'?L"* lur r *?* < 2Sf*®iS” ,, 3 e S*™ h 1 W ; ir)79 ' w,th in one of Vietnam's resettlement gadcs and their hideouts in the hv his nT on hte arrival financing renuirements will re- 

pnnllf 0 ^ rate _52 ctll f2l? l,,s 10 ?14bn last year. areas Renault and P i.-it tendered north might mean at leas l a brief from Belgrade si" Berlin"ucr main about the same for several 

en Hwest FtirnnoilS Cnr^r/.Jtnr But also all non-governmental fnr the contract and Brussels let-up in the pace of political said his party’s conreption^of It is not advicible to allow 

markets would end Vhen West European efforts for greater economlc experts here and some officials indicated that the Italian violence in Italy. Eurocommunism £ on the fnrticn borrowing renuire- 

efforts too-cate a MatabUr wiR be sujv foreisn forecasters say the sur- company was likely to win it. They come moreover at a time ^ nee d that every cSJimunist mem to. rise. It would not make 

“l?”** tfujNlL w an rt J* !( n ,„ plu/i v/ill in fact be much higher. Thus, when lb..- project next when the political atmosphere is Party “ folInwR original wavs fnr 3 qo°d impression on lenders if 

utlt. L5.S Herr Schmidt said that ex- came up for consideration. Italy already thick with intrigue and the construction^ of a SocfalS rhe loans were only going to 


cumpanics 


better The aid project is the first 


an , nsts of ihejlomc magistrute. Sig. appeared so far— although their j U? t °as a proportion of tho 

j Giniiamo Tariaglione. left-wing authenticity must be severely national income according to 
rst rxlrcmists have claimed respon- questioned— refer scathingly to I Mr. Knud Heinescn. Finance 


remain al Malign on- for the next action hamstrung, n 


exceeded. 


Schmidt seeks Japan’s support 


TOKYO, Oct. 11. 


stable money „ system ' were ptem exited by the efforts nf the oiuT v/ill in fact be much higher 

backed by American and United States of America to cut Here fehmSt ^ said ‘ that ev 

Japane.se moves. , ■ .. oil imparts and to counter ch »" r r SXctua?tens l sSch « 

The Chancellor told a meeting h e H suSesIfui iri^redu^fnc its those witnessed recently made 
or the Japan-West- German ratiQnal decisions on investment, 

society here that i stable .relation- m e n<s surohi ^ 1 &f pa> Production and prices very diffi- 

shaps between currencies were “si n » Y k w creat admirs cult and could entail intolerable 

essential for the' prosperous tion Si y o c r e L IffidSS of the risks ’ , hampering 

{development of the world Japan ^ ’SSJ* S? of this econonilc S rowth - 
economy. • - country’s govermnenral and “This state of affairs is 

Herr Schmidt, speaking on the economic system, I have no economically and politically in- 
first full day of an official visit doubt that they will succeed," tolerable. However. I do not 
said the European Common Herr Schmidt declared. believe that a wnrldwide return 


rtrvufn Ml ni-rr OLiuiiiut jmiu mai ex- “f* i kuuh. - j - ■ umi,uc nuu ine consmiciiun or 3 socialist ,nc • 

J ?l5i 0n change rate fluctuations such as was keen that it should go ahead, suspicion as a result or the society." During his tour Si" cover rising repayments and 
he 3 success? u 1 in^ rednefns its those WIt ne«!ed recently made France, however, joined other spate of leaks of extracts of the EerUngucr held talks with the in^rest.” ■ 

currenTa^f-mm*' hibm.# rational decisions on investment. EEC memhers in opposing it nn confession made by Sic. Aldo French Communist leader, M. While international liquidity 

mpni( Virni,w 1 oa«nce ot pay- pro( | uc tion and prices very diffi- human rights grounds (the pro- Moro. the former Prime Minister, George Marchais the Soviet was gnod at the moment and the 

I 0111 zn* could entail intolerable i<*t alleged^ would involve to his Red Brigades captors President. Mr Leonid Brezhnev country's creditworthiness es- 

t ion for the rifidenev of the' risks - severely hampering forced-labour in Vietnam). before bis death Iasi May. and the Yugoslav President Josip cellent. he said ihat-Demnark-s 

T-inn *i!1b economic growth. The Commission then aban- Rumours of every kind are Tito. continued creditworthiness vra? 

-Thic ci,te of doned the planandprodured^n cireuIaUns^over, the. circum- “We have found a great linked _ te lhe‘ Government's 


Market^, Sih S iwT ^ffici^ln^^ernment ^ 

I 1 ha h c “h would unimpressed and sent that plan want the document made public those of the officials of the (Corn- fnr improving production and 

S e n w ’ hBSa,d - back to the Commission for to clear the air. and the muni stV parties I met^ Sic. employment in the longer term. 

[Monetary System which would account surplus of S13bn In the Reuter futther study. judiciary who are opposed to thin Berlimmer said. made it necessary to tiehten up 


to clear the air. and the munistV parties I met," Sig. employment in the longer ;ternJ. 
judiciary who are opposed to this Berlinguer said. made it nec?ssary to tienteo \rp 

fiscal policy this autumn. Ml, 


Palme holds Swedish crisis key Angola seeks Europe investment 

v BY OUR OWN CORRESPONDENT ~ ■ -- 


BY WILLIAM DUUFORCE 

THE SOLUTION tq the .Swedish 
Government crisis now rests with 
the Social-Democrat .opposition. 
Their parliaments 17 group and 
party executive V will - meet 
tomorrow to decide whetber.they 
will allow Mr. Ola UUsteu, the 
Liberal' Party leader, to form an 
all-Liberal. Cabinet- Tbe Liberals 
hold 39 of the 349 Riksdag 
(parliament) seats. . • 'v':' 

; Today Mr.. Olof Palma,- : 4he 
Opposi tion leader, offered to form 
a ■■ minority ' Sodal-Deinocrat 
government whichu would r hold a 


■bhhhhb 


new general election in January. 
None of the three non-Socialist 
parties would accept this alter- 
native. 

Together they command a 
majority in the Riksdag and 
formed the government until last 
week, when Mr. Thorbjoem 
Faelldin, the Prime Minister and 
Centre Party leader, resigned 
because of differences over 
nuclear policy. 

The Centre Parly and the 
Moderates (Conservatives) 
favour a. Liberal-Moderate coati-. 

■■ r -T' ' 


STOCKHOLM, Oct 11. 

tlon to see tbe country through 
to the next election scheduled 
far September and will not back 
an all-Liberal government The 
Liberals do not want to co- 
operate with tbe Moderates. 

A clearly irritated Mr. Palme 
said this afternoon that the non- 
Sn ci a list majority in the Riksdag, 
which had the responsibility for 
resolving the crisis it had 
created, had placed his Party In 
the "unreasonable situation of 
having to decide what kind of 
non-Sodallst government Sweden 
should have." .. 


THE ANGOLAN Government 
wants European investment to 
help develop its considerable 
mineral resources and wiU 
guarantee any contracts .nego- 
tiated between European com- 
panies and Angolan state 
enterprises. 

This Would include tbe right to 
repatriate profits, the Angolan 
Minister for Industry and 
Energy, Major Alberto Bento 
Irbeiro. told European business- 
men here -today. 

Major. Irbeiro is leading .a 


delegation of Angolan officials 
on a four-day visit to Brussels, 
which includes two days of 
intensive talks with seaior Com- 
mission officials, starting on 
Thursday. 

This is the first initiative from 
the Angolan side since July 
when President Agostinho Neto 
told Mr. Claude Cheysson. the 
EEC Development Commissioner, 
who was then visiting - Luanda, 
that the countey would welcome 
further European investment As 
such, it has been welcomed by 
the Commission which, is 
equally Keen to promote Closer 


BRUSSELS, Oct. 11 

contacts between the Angolan 
Government and European 
private enterprise. 

Tbe Commission, alarmed by 
what it regards as "an explosive 
situation " in southern Africa, is 
eager to establish a presence in 
both Angola and Mozambique 
and is doing all it can to steer 
both towards full membership 
of the Lome Convention, through 
which the Community channels 
aid to African, Caribbean and 
Pacific countries. Both are cur- 
rently attending the renegotia- 
tion. of the convention as 
observers. . 


Heinesen said. ; 

Tbe rate e*' value added tax 
went up from IS per cent to 
201 per cent from October 1. an# 
other measures have been taken 
to reduce tbe rise in Government 
spending and increase income* 
tax revenue. Without thesp 
measures the current account 
deficit next year would have 
risen to between Kr 9 bn and 
Kr lObn as a result of an iiH 
crease in real private consume 
tion of 4 to 5 per cent. Mri 
Heinesen said.. ! . 

“We now hope private con- 
sumption will rise by not more 
than 1 nr 2 per cent, and that 
the balance of payments deficit 
will he reduced." he said. j 

Finv'citL Timf*. PtiHKhcJ daily eaccm Sun- 
days and noll*K*«. U.S. suNcrlpilnn >3W.«V» 
lair (rcishri <n!r mail! per annum; 

Stfimnd itHuiS P*Xta»e paid m Near Ynrl. N V. 


il8l Whafcrajwr reason for 

coming t«> southern USA.calch 
EuropesNoLCatch tiiewm. 

Believe itor not, the people you do 
business with anealso greatpeople logo 
on holiday with. v. V 

National, America's sunshine airline 
Great for business. We've more 
. flights and more non-stops from more 
cities in Europe to booming southern 
USA than any dtherairfine 


Spectacular Wfelt Disney Vforld;- “ 
where you can meet ail the famous Disney 
characters or ride the world’s most 
incredible rollercoaster. 

Thrilling Circus Vforid; where you 
can act the clown, be a trapeze artist or 
walk the highwire. 


goes further in Florida than it would in 
many top European resorts. 

In the ‘low season’ (October to 
December 15th) when temperatures are 
in the balmy 80 saccommodation costs a 
'lot less. 

Renting a car need only cost from 
around £30 a week. : 


' v 'V: 




















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OVERSEAS NEWS 



Australian 
air fare plan 
excludes 
Laker 

By Laurie Oakes j 

CANBERRA, Oct 11. 
THE AUSTRALIAN Government 
today announced details of a 
new international aviation 
policv which it expects to reduce 
air fares. But the policy ex- 
cludes charter-type operators 
such as Britain's Sir Freddie 
Laker. 

Mr. Peter Nixon, the Austra- 
lian Transport Minister, told 
parliament he expected the 
changed air service arrange- 
ments to make it possible to fly 
Australia- UK and return for as 
little at A £568 (£334) at certain 
times of the year. 

Under the Australian plan, 
there would be country 'by- 
country negotiations aimed at 
arranging for the airlines of 
each country to supply a full 
range of different types of air 
travel. 

The range would extend 
from the lowest possible cost 
travel, which would have condi- 
tions attached such as advanced 
purchase, to first class offering 
on-demand travel with higher’ 
quality of in-flight service. I 
Mr. Nixon said one of the I 
major reasons for the rejection! 
of proposals by Sir Freddie 
Laker to offer lower fares 
through charter- type services 
was the need “to retain the 
international significance of 
Perth, Brisbane and Darwin." 
Sir Freddie (Mr. Nixon referred 
to him simply as " a UK car- 
rier M ) had intended to operate 
two DClOs a week between the 
UK and Europe and Sydney. 

The Minister said that, be- 
cause this would have excluded 
Australians living in cities other 
than Sydney from the cheap 
fare benefits, it would have been 
discriminatory. 

He said the fare levels he 
hope dto achieve were: return 
advance purchase economy fare. 
A$99S for the peak periods (cur- 
rently AS1.150). A8870 for 

“sho u lder” periods (currently 
AS1.050), and AS56S for off peak 
periods (currently AS850). TTte 
one way advance purchase 
economy fare would be: peak 
AS5S2. shoulder AS532, off peak 
AS4S2. 

The advance purchase period 
would be shortened from the 
current 90 days to 45 days, and 
there would be no minimum or 
maximum stay conditions. The 
economy fare would be reduced 
from AS1.SS0 to AS1.450 return I 
but without a stop-over. i 


Crisis conference on Namibia 


BY QUENTIN PEEL 

THE FOREIGN MINISTERS of 
the US- Britain. West Ger- 
many and Canada will meet 
South African leaders ' In 
Pretoria on Monday in an 
attempt to defuse the crisis 
over Namibia brought about hy 
South .Africa's rejection of UN 
plans for the territory. 

Accompanied by the French 
Deputy Foreign Minis I er, they 
will bold two days of talks 
with Mr. P. W. Botha, Sooth 
Africa's new Prime Minister, 
and Mr. R. F. “Pik” Botha, 
the Foreign Minister. 

The five Western countries 
—which have been trying to 
produce an internationally 
acceptable settlement in 
Namibia for the past 13 
months are expected to pot 


caitsidergble pressure on South 
Africa to rescind its decision 
to press ahead with unilateral 
elections in Namibia .in 
defiance of plans for a pre- 
independence poll supervised 
by the UN. 

At least two of tbe Ministers 
will stop in Windhoek on their 
way to South Africa — Dr. 
David Owen, the British 
Foreign Secretary, and Mr. 
Donald Jamieson, Canada's 
Foreign Minister. They will 
meet internal political parties 
to "inform themselves about 
opinion in the territory,” 
according to British sources. 

Their inrentlun. however. Is 
not to use Uie threat or 
selective economic sanctions 
to compel South African com-' 
p 11 an re but to emphasise tbe 


WINDHOEK. Oct. II. 

need for a material secure 
from Pretoria to enable them 
to resist pressure for imme- 
diate United Nations action 
after October 23. That is the 
dale set by the UN Security 
Council for some progress to 
be made in Implementing the 
UN plan for elections in 
Namibia. - . 

Western .diplomats are pessi- 
mistic about the prospects of 
persuading the Sooth Africans 
to call off the eieetion and 
are hoping -for a compromise 
to neutralise its significance. 

A possible gesture would he 
a South African undertaking 
to return to the UN plan for 
supervised elections after the 
completion of Its own round of 
elections in December. 


Sarkis ends 
Arab tour 
as fighting 
escalates 

By Ihsan Hijaxi 

BEIRUT. Oct. 11. 


MRS. GANDHI'S COME-BACK ^ 

Opponents in di 

• :*Y K. K SHARMA IN NEW DELHI 

MRS. INDIRA GANDHI. PM, dicament. Mrs. b her 

that is what she was and would unerring . ana ntet _&iaSt has 
like to be again. Mrs. IndiriL gores d panic in Janata 

Gandhi. MP. that is what she IfflEf"' 

! must first become. Undoubtedly* Her congress party is alre^ 


in mu l , ucl. n. mu»i nnsi oecomc. uuuuumsui/, jjer cvu^i _ ; n Parlia- 

I PRESIDENT SARKIS of Lebaaon ‘ this is ooe of the main reasons the official OPP®* 111 ®" te8 in 
is expected tD out short his cur-: for her decision to contest a par-, ment and it «' 0fl -arUer 

rent Arab tour and retonL-horae} liameniary by-election from n elections in the ’ so 
tomorrow to try to cope with i safe constituency in the southern, this year, bbe has creaieu j , 
the deteriorating security situa-i state of Karnataka m Novfem- pa thy for herself n> „ chkm- 
tion. He will attend a meeting! her. After her ignnminons moves as emerging M^ne 
here on Sunday of Foreign* defeat in the 19t< elections from pion of the uopnvtiesed. 


Big change in China’s 
industrial management policy 


BY JOHN HOFFMANN 

THE PROGRESSIVE Chinese 
Vice-Premier Teng Hsiao-ping 
swept away another layer of 
Chinese tradition today with a 
firm instruction to factory-floor 
workers to choose their own 
bosses. 

Id a speech opening China’s 
ninth national Trade Union Con- 
feree ce — the first since 1957 — 
Mr. Ten? said: “Workshop 
directors, sections chiefs and 
group heads in every enterprise 
roust in future he elected by the 
workers in the unit." 

The appointment of China's 
industrial management has been 
based in the past on criteria of 
political suitability rather than 
technical or financial expertise. 
Close questioning has usually 
determined that the top man 
in a factory is also the secretary 
of the local Communist Party 
committee. The result has often 
been a high degree of ideological 
zeal in the management and 
rather poor production figures. 

Mr. Ten g. who is rapidly gain- 
ing stature as the policy archi- 
tect of China's modernisation 
programme, spoke today as a 
representative of the Communist 
Party Central Committee and 
China’s State Council. But it is 
noteworthy, in the context of the 
protocol of Chinese announce- 
ments. that the New China News 
Agency tonight credited the 

statement te Mr. Teng himself. 

He said: “ The trade union 
arsnnisatinn should make the 


workers feel that -it is indeed 
their own organisation. Trade 
unions should fight for the demo- 
cratic rights of the workers and 
oppose bureaucracy of every 
kind.'’ 

This suggests a new role for 
"Chinese trade unions. Since the 
inception of the movement, trade 
unions have been a part of the 
party bureaucracy, functioning 
as an educational liaison between 
the party and the workers. 

Teng Hsiao-ping, once vilified 
as a “ capita 1 i st- made r.*' has 
emerged as one or the most 
hard-headed planners in the 
Chinese leadership. Tbe 


. PEKING, Oct. 11- 

KredernleqfluB of China— 3 pro- 
gramme attributed to party 
Chairman Hua Kuo-feng — is a 
Teng vision, and ii is Ten? who 
has laid down most of tbe specific 
policy directions in the past 
year. . 

His instruction today on the 
reorganisation of industrial 
management underlines his view 
that efficiency must override 
ideology if China is to reach its 
modernisation targets. 

He clearly believes that the 
likelihood of reaching those tar- 
gets depends largely on the 
workers' enthusiasm for their 
own contributions 


here on Sunday of Foreign * deteat in the i»i < elections rrom pion the ““P" v “V u-himb 
M inisters of Arab states contri-j the carefully nurtured, con- iaiiy the untouchable Harijan^ 
buting to the Arab League peace- ! stituency oF Rae Bareilly in tte During the recern 1 bnpe _ 

keenina force 'key northern state of Uttar Gandhi who waded Knee- 

The fourday old ceasefire mayj Pradesh. Mrs. Gandhi virtually ^ water to visit the affected 
not hold until then. There has : announced her retirement from ... 

been a steady increase in sniper pohtics. . . v 5 . 

fire between' Syrian positions and Her return to active politics . 

militias m the predominantly in. the last year or so— the retire- -v ^aSafe,- '&■{% 

Christian quarters of East Beirut} ment lasted less than six months 

Mortar fire and rocket-propelled' — is only partly due Jo her wish -I 3 

grenades were used in the ex-IJJ become Mrs. Indira Gandhi, MK&K; > //:. 

changes in the . South-eastern I P«- There are many other 

approaches to the capital early' compelling reasons. The mam - »• <>: 

today, while the two bridges,! one is. the growing danger .that 

Karantina and Naher at t be‘ she wiU be prosecuted both for »lp fepi j 
north-eastern entrances of Beirut.! abuse of power during her eme^ 

remained closed to traffic because g ®. nc ? r* u'nnf Ks v ' is 

of heaw sninins. criminal offences. It is one mmg i 

More ouiinous are signs of a 1 Hrfpi^pH 8 a'mP^iscredtied *^Iain 
build-up by both sides in the* pnllrt f* £ Br.-. V 

rsnb^' Gandhi, leader of *he 

^ ■ official opposition In parliaraenL ./ Qi 

,n . 1 .® oew . P«i boos. the i Haring recovered her known • -Jf ■ • ' ^ 

militias were said to have ^ tactical political skill in the past t-i' ' l .! ' 

ceived a whole month s supply! ^ ear du™,, which she has "l&iS 

of ammunition from the Israelis, [ ilpLred controi of Uie SingreS 

together with replacements for« part ^. (Uiere is the “official" Mrs. Gandhi 

the artillery lost during the 5 consisting of her 

clashes earlier in the montn. Lntumsnfo that ie a mmn <f!n» utm< Prime 






Hong Kong target of 9% 


BY ANTHONY ROWLEY 

HONG KONG'S economy should 
be able to sustain an average 
annual growth rate of around 9 
per cent in real terms over the 
next six years, based largely on 
public sector growth, according 
to the Governor. Sir Murray 
MacLehose. 

At the opening session of tbe 
Legislative Council to-day. the 
Governor also warned of the im- 
mediate dangers lo tbe economy 
of overheating and protection- 
ism - 

He outlined a comprehensive 
public sector reform and ex- 
pansion programme for the 


HONG KONG, Oct. II. 

1950s — including public works 
and transport. . housing, educa- 
tion. social security and welfare 
—and said this should be achiev- 
able “at constant tax rates.” 

Owing to buoyant official land 
sales this year, government total 
revenue is expected to exceed 
original estimates by as much as 
HKSibri although a large part 
of this increase is being absorbed 
in increased expenditure on both 
recurrent and capital account. 
Sir Murray said. He also noted, 
however, "signs of some localised 
overheating.” particularly in the 
property market. 


together . with replacements for Pa ' m , (there is the Mrs. Gandhi 

the artillery lost during the confess consisting of her 

clashes earlier m the monin. opponents but that is a rump people while, days later. Prime 

group which is fast disintegrate Minister Morarji Desai flew in a 

WT 1J Tk 1 ingl. Mrs. Gandhi has easily helicopter to make an unimpres- 

W OriU UaflK oat-nranouevred her opponents give aerial tour. 

.j x i- in the ruling Janata party and. The confusion thar the ruling 

31fl III Inriia successfully politicised : the Janata party has been thrown 

v charges against her.-- She into shows that Mrs. Gandhi is 

By. K. K. Sharma haughtily refused to testify retaining the initiative. Indeed, 

before the Shah commission Mr. Desai has said that “I would 
NEW DELHI. Oct. 11. inquiring into charges of abuse welcome Mrs. Gandhi in Parlia- 
WORLD BANK aid for India's of power against her on The ment.” thereby conceding defeat 
new flood control schemes has ground that the investigation" is even before battle has been 
been, promised by its president, politically motivated and: in- Joined. As a political enmmenta- 
i Mr. Robert McNamara, during tended to malign her. tor has written: “ To the Janata 

i talks here in the past few days.; The Shah commission - has party, rather than the people. 
jThe loans are expected on soft) come out with its report severely Mrs. Gandhi appears larger than 
j terms from the bank's affiliate, j condemning her emergency life and her decision to contest 
the International Development !“ excesses.” The report ■ -pro- a parliament by-election has sent 
[ Association. jvides the basis for a number- of its members helter-skelter, mao- 

. His arrival followed devastat-j cases against Mrs. Gandhi. The rung the barricades.” 

■, ing floods in. parts of the cnimtry.j Government is now considering- Apart from the confusion in 
(and Indian Ministers appear to j appointing a special court td try the party, Mrs. Gandhi’s deci* 
[have persuaded him that flood important political personages sion has caused a shiver to pass 
control measures are as im- censured in the Shah Commis- through bureaucratic spines, 
portant as development schemes.; ^on's report. Already, tJwre Many civil servants' of all ranks 
The Government has decided! are two cases of criminal -eon* have" given evidence against her 
rupres (about! spiracy ^gainst Mrs- Gandhi in recent hearings of the many 
E400m> in the next four ypare: pending . in magisterial, courts inquiry commissions. Like the 
on flood control schemes in addi- , while the noose is -tightening Janata and many in the elec- 
tion to heavy expenditure on i around the neck of her roritro- torale. they see her return to 
irrigation projects which check i 'versial son. Sanjay. lii titis pte- parliament next month and 
floods as a side-effect. J 

| SPAIN-MOROCCO TERRITORIAL ROW 


assumption of tbe post of ^ 
of the opposition as ai> 
ible step towards her TPhrI!■ 
In that case,, there 
trouble. For many Who LJ? 
on ner. side and helwa h 
during; her anersedS^^S 
-Jiere is considerable eiase fn ‘ 
joy for the same reason. Mr 
Gandhi’s decision to conWT* 
thus had an unsettling, if 
paralysing-effect on the couaS 

Mrs'. Gandhi. U being h-W 
by the unending 
within ' the Janata Pam 
stalemate continues id tfe > 
organisation, composed of -fa! i 
disparate parties who refused 1 ’ 
give up their separate IdSjl' 
despite their formal merger 
Morarji Desai remains as 
Minister because to dislodge 
would mean bringing 
feeble Janata structure? -a 
ousted Home Minister,', -S 
Charan Singh, and his'S 
are waiting .sullenly to aveu 
his defeat. The Jaw Sai^ 
clearly unhappy but is soldiers 
on., for want of an alterajftS 
The Socialists are watching**! 
situation helplessly - 
isolation while the impasse ^ 
the' Janata continues. 

Yet there are many chining 
Mrs.' Gandhi's armour. She m 
undoubtedly win the && 
tion but the Chikma^nlar -cm 
stituency from which • 
fighting is in the south. Tfer 
are by-elections due from --b 
own state of Uttar Pradesh 
other northern states which si 
has chosen to ignore becing 
despite her air of self-confident 
Mrs. Gandhi is a cold and Cafe 
lad ng politician. The Him 
speaking northern belt w^i 
rejected her in 1877 is . ■& 
largely untested ground after h 
Ignoble defeat- Even ftoa, 
there is widespread popular d 
illusionment- with the Jana 
party, Mrs. Gandhi is clear 
unwilling to risk another defe 
on her home grqimd. . 

' Mrs. Gandhi is reiumine 
parliament because this jji 
her some measure of protect*, 
in her rale of leader of : 1 
opposition. She has no s(£ 
immediate reason. She g "f 
better outside haraagti 
crowds, raising socialist stoga 
and generally presenting bers 
as the country's saviour fran f 
“Janata non-government. B M 
Gandhi is a poor parliamentati 
and inept at the art of cut d 
thrust of .debate on the floor 
the house where there are-rf 
opposing siants who will sun 
welcome the opportunity to cr 
verbal swords with her. 


V. 


INTERIM STATEMENT 


Madrid inlngry outburst 


Collett Dickenson Pearce 

Advertising agents 

. i 

- / 

Half-yearly report .j 

Six months to 30th June 1978 •; 

Hie directors present the unaudited group results for the six months to 30th June 1978. 

Sixmonthsto Six months to "Vearto 

30th June 1978 30th June 1977 31st December 1977 

£ £ £ } 


BY ROBERT GRAHAM: . 

it. ■ ' ‘ 

SPUN HAS reacted angrily to 
an apparent breach by 
Morocco of a lacit nnderstand- 
ing not to raise ,lhe Issue of 
Spanish sovereignty of the two 
enclaves. Ceuta ? and Melliia, 
which, are on Moroccan terri- 
lory. 

The Spanish Foreign Mini- 
ster, Sr. Msreelino Oreja. has 
iS5ned an immediate strong 
protest over remarks made 
yesterday in Washington . by 
his Moroccan eoUpague, Mr. 


Mohammed Bucetta, about the 
Spanish enclaves. Mr. Bucetta 
said Chat Spain had been will- 
ing to carry out the decoiohi- 
sation_ ^process in the Sahara 
with speed but was now 
qnestioning a similar decoloni- 
sation ■: of Septa-*’ and 
“ MaltUah ” (their Moroccan 
names): To anger the Spanish 
further he . added-, what 
appeared to be a gratuitous 
questioning of the Spanlihness 
of the Canary Islands. .The 
latter, lie said, “were only, a 


. .. MADRID, OeLU 

few; miles from the Hntt* 
Atlantic coast” 

These comments, apart W 
drawing an immediate- ptolq 
also caused King Joan Call 
to add a special paragraph 
a prepared speech delivered 
a banquet In honoqr of M 
Jafar Nimeirl, the Sadape 
President, who is on an m d 
visit here. Farther tt-,» 
revealed that a royal visit 
Moroccp, Planned for later t> 
month, had now been pin 
posed ' until Deeemln 


Trading profit 



i 

before taxation 

904,408 

542,621 

1386,259 

Taxation 

547,912 

334,456 

925,758 

Profit after taxation 

356,496 

208,165 

460301 


The directors have declared an interim dividend of L7381p per share 
payable on 27th November 1978 to shareholders on the register on 
27 th October 197S. With the related tax credit this dividend is equivalent 
to 2.5941p per share which represents a 10% increase over the interim 
dividend of 135S3p paid in 1977. The net cost to the company of this pay- 
ment is £57,941 (1977 -£51,887). 

The pattern of trading continues to change, and the trading profit for 
the six months to 30th June 1978 is expected to be well above half that for 
the whole yean The profit for the year is however expected to be above 
that for last year 

Clients and products handled hy Collett Dickenson Pearce and Partners, London: Ahbev Life, Alcan 
Windows, Barclays Bank, Birds Eye Foods (Cod in Sauce, Crispy Fish, Pies, Beefburgers, Roast Meats, Ready 
Meals, Cakes), The Building Societies Association, Carnation Foods (Slender Slimming Food, Go Cat, Go Dog), 
Central Office of Information (XV Licence Evasion, Army Officer Recruitment, Queen Alexandra's Nurses), 
Cinzano, Clarks Limited (Shoemakers), Cunard, Express Newspapers, Domectfs Sherries, Dunn & Co., EMI 
Records, Fiat, Fine Fare, Formica, Gallaher (Benson &. Hedges, Silk Cut, Hamlet Cigars, Mellow Virginia Pipe 
Tobacco, Gold Bond), GKN, Heinz (Big Soups, Low Calorie Soups), Hovis Bread, IC1 (Vyniuta Products), 
J&B Rare Scotch Whisky, Maty. Quant Cosmetics, Metropolitan Police, Myer’s Beds, Nabisco (Hovis 
Crackers), Olympus Cameras, Parker Pen, Pretty Polly Stockings, Reckitt & Colman (Supersoft, Mr Sheen, 
Jif Products, Robinson Drinks Windolene), RHM Foods (Paxo), Ronson (Shaved, Hairdryers, Tooth- 
brushes), Texaco, Trebor Limitecf Walls (Sausages, Bacon, Pies), Whitbread (Heineken, Pale Ale, Gold Label, 
Mackeson, Long John, Stella Artois). ^ b d-,^ ^ 


BY FRANCIS GHNJS 

MOROCCO’S quarrel with Spain 
appears to be a major setback 
la the search for a settlement 
of the issue of Western Sahara 
-—although prospects for an end 
to the conflict have been more 
hopeful in the past three months 
than at any time since Morocco 
and Mauritania partitioned ibe 
former Spanish colony between 
them in the winter of 1975-76. 

Hopes of a settlement rose 
after the deposition in July of 
President Moktar OuJd Daddah. 
th.e architect. of Mauritania’s ill- 
fated Involvement in the Sahara 
issue. His successor, Lt-Col 
Ould Mohammed Salek. came ro 
power determined to end the 
guerrilla war which has escalated 
since partition. The war, com- 
bined with drought and the fall 
in tbe price of iron ore, the 
country’s main export, has all 
bat ruined Mauritania. 

Soon after the coup. Polisario. 
the guerilla group fiqhtinc for 
the independence nf Sahara, de- 
clared a truce in operations 
against Mauritania. This was con- 
flrmed at the movement’s Fourth 
Congress held iwo weeks aeo in 
Western Sahara. 


Witt the Mauritanian people 
united in wishing to see the end 
of the war. President Ould Salek 
has considerable support and the 


i -MAURITANIA 

■RflUAKCHorr 


new. leaders have told Spanish 
and French officials that the 
souner. Mauritania can be rid of 
the territory annexed' ia 1676, 
the better. It would be prepared 
to let Poltsario set up a “ralni- 
s»Late” in this area, -which is 
known as the Tiris eVGbarbia 


Morocco, however, - 
thoroughly alarmed at this pi 
pect, knowing, that if Poliss 
achieved an terna tion ally ret 
nised territorial base it m 
convincingly go to the Oni 
Nations and claim the Morqo 
part of the former Span 
colony. The UN would then 
duty-bound fa hoTd a refers 
dam,, which it urged <m ’.j 
Spanish authorities before tiy 
handed Oyer Sahara to Mail 
tania and Morocco. King Bash 
of Morocco has warned that 
solution to the conflict “must ; ' 
favolve any threat to our te 
toriaMnregrity. It must notl' 
to Inserting --a foreian frfflr 
between Morocco and Ma 
tania.” 

... The fear of being overthn 
.by a- Moroccan-inspired epu 
not to 'be ruled, out in view 
the presence of 9,000 Moroc 
troops in Maurltania—ris how 
back the leadership in Npi 
sbott. the Mauntanian cap! 
To insure agalnsl ihia possibi 
President Ould Salek has b 
trying to patch up relations » 
Algeria and Libya, which h 
Polisarin.. 


L 5 



JOINT COMPANY ANNOUNCEMENT ' 

GOLD FIELDS PROPERTY COMPANY LIMITED 

(Incorporated In the Republic of South Africa i 

THE LUIPAARDS VLEI ESTATE AND 
GOLD MINING COMPANY LIMITED (“LVE") 

(Incorporated in the United Kingdom) 

(A wholly-ownoij subsidiary bf Gold Fields Property Company Limited! 

WEST RAND CONSOLIDATED MINES LLMITED 

■ . (“ WRC ’") ; - 

(incorporated in-tfo Republic of South Africa) ' 

* nd jnhounce that asreement in principle has. been reached (a 
title-held by^LVE over the farms Luipaardsvlei No. 246 l-Q 
wnr W I , P h^« 3 \ e N °‘ J4o I 1 Q- in ttMistnct of Krugersdorp will in due course be sold tn 
, * u0je 5 l lt f successful negotiation nf a suitable uranium sales contract. In considera- 
tion for such sale, WRC will -payLVE a-suhi of R3 million and LVE will become entitied- 
mlnfn^Vitle^^WBC 1, ° f alt prfrtwr^proflts arising out of the exploitation of its former 

LVE will retain ils surface freehold and rights lo the tise' of surface dumps. Upon final 
agreement being reached, the existing tribute. arrangement between WRC and LVE will 

Z3J] away. j . . . r - 

if is expected that WRC will be' in. a: position, tp commence exploiting the areas of LVE 
noi currently being mined jb the second; half, nf 197S. In order (o give effect to this 
programme, the West plant will be upgraded to enable it.to'handle' 90.000 tons per month 
of urenlunirbearinc ore more efficiently* • 

13\ pen dl iii re of a capital nature, amounting to" approximately ill million, will be' boros, 
by WRC and LVE in the proportion 75^35 j . 

Sharebdlders will be kepi informed furtber material develspmeats as and when they 
occur. . v _ • 

Johahpesbura ' 

12th October 1978 = ';. 


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IfsWimpey. 

It’s easy to criticise To 
talk about the triumphant 
days of the British Empire 
and compare them with 
our present fluctuating 
balance of payments. But 
while people sit back self- 
righteously and point the 
finger, Wimpey have been 
doing something about it 


Did you know, for 
instance, that we’re the lead- 
ing contractors in Europe? 
That our turnover abroad 
in 1977 was £292 millions? 
That our reputation world- 
wide, as an independent 
British concern, is one of 
efficiency, on-time delivery, 
and kept promises? 

No? Well, next time 


someone says the British 
no longer have the incentive 
to do well in the foreign 
market place, just refer 
them to us. 




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that 



BARNETT LIMITED 

(“S&B”) 


Standard Merchant Bank Limited and Hilt Samuel (S.A.) Limited are authorised 
that the Scheme of Arrangement under which S & B will become a wholly-owned subsidfaqrof 
Sam Steele Holdings Limited (’’Samstel ■) was agreed to at meetings held on 4th October, 1978, 
and sanctioned by 8 the Supreme Court of South Africa (Wltwatersrand Local D |v, sion) (^ha 
Court’’! on 1 1 th October, 1 978. The relevant documentation including the special and ordinary 
resolutions togechcJwTrh the order of the court have been lodged with theR^strarc^Con^ 
Danies of the Republic of South Africa and in the United Kingdom- In terms of the Order of 
Court, the Scheme will come into operationon 1-3 th' October, 1978. 

The listinE of S&B’s ordinary shares on The Johannesburg Stock Exchange and The Stock 
Exchange 8 London terminates at the dose or business on 13th October, 1978, the last day for 
shareholders to register for the consideration Irt temjsof the Scheme of Arrangement- 
Fr^m the dose of business on 13th October. I978. S & B scheme share certificates will easa 
rn he of anv value father than for purposes of surrender in terms of the scheme) and. therefore, 
hareholK o” che South Africa? register are requested to surrender their share certitotes 
„ nrhpr rifloimcnu of title, together with the enclosed form, to S & B s transfer ^cretanes. 
Centrd RMiscrars Limited. 28 Harrison Street, Johannesburg. 2001 (P.O. Box 61042. M*rshdl- 
tawnl Shareholders on the U.K- register are requested to surrender their share certificates, 
revether with the enclosed form, to: Seeatie & Co. Limited. 37 Upper Brooke Street. London 
W 8 Y I PE These documents should be surrendered as soon as possible in order that the con- 
sideration of R65 and 1 50 Samstel shares pel* 100 S & B shares may be mailed to them. 

The attention of shareholders is drawn to the feet that notwithstanding the wording of the 
LnVunremeSt^ which appeared In the press on 31st July. 1978, the Scheme document which 
d to members of S & B states that shareholders entitled to the purchase consideration 
wm recefve'thTfi^i^dfvTdend payable by S & B for the year ended 31st August, 1978. but will 

not receive the final dividend payable by th ® .“T^^igys^ated th^ sh^ 

already heen declared. The announcement published on 31st July, 1978 stated that share- 
holders receiving the purchase consideration would be entitled to the final Samstel d'Vidend 
hut not the finals & Bdividend. It was subsequently decided that it would be in the interests 
SSSSrJiiS- of the proved Scheme of Arn^ement to th= s e set out In 

t"c ™“d°SenwiM be milled wi.hinM husmess deys ef led z ement to shsrehddsr. who 
lodge chose documents with 5 & B’s tosnsfer secretenes on or after 13th October, I i >73. 

No receints will be issued in respect of shares surrendered unless specifically requested. 
L=dg" f igmts vlho VsqeS a receipt shoefd.pMpare.one and. lodge It with the documents for 
stam ping by the transfer secretaries. 

NON-RESIDENTSHAREHOLDERS- . .. 

In the case of a shareholder whose registered address Is outside the Republic of SowhAM^ 
South West Africa, the Trans Lei. Bophuthatswana, Lesotho or Swaziland, or whose certificates 
are restrktl vely 'en dors edl n terms of the South African Exchange Control Regulations, the 
share certificate to be allotted by Samstel as part of the consideration 
restrictive endorsement as that borne by the S & B share certificate surrendered to the S&B 
transfer secretaries, and will be posted by registered post at the member s nsfc fwMi . 

In accordance with existing United Kingdom Exchange Control Regulations minority membera 
SESSKHM Kingdom, the Channel Wands, the Isle of Man. the Republic of 
Ireland and Gibraltar, and non-residents of those countries whose certificates orccher docu- 
ments of title are lodged with United Kingdom authorised depositories, must surrender their 
share certificates or other documents of title through an authorised depository.In accordant 
with the Exchange Control Act 1 947. Authorised depositories are listed n Appendices 1 and 2 
M3S3raS«l Notice EC1 (as amended) and Jnclude bante ^ 

solicitors practising In the United Kingdom, the Channel Islands and the Isle of Man. New 
Samstel certificate! will only be issued to the authorised depository surrendering S&B 

Wfcif regard to the cash portion of the consideration, the South African Reserve Bank has 
given permission for payment to be made in free rand to all non-resident shareholders (as 
defined in the South African Exchange Control Regulations) whose names appeared as such m 
the -hare register of S & B on 31st July, 1978. the dace on which the proposed Scheme, of 
Arrangement 8 was announced. Payment ofthe cash portion of the consideration will therefore 
be made by cheque (posted at the member’s risk) to all non-residents whose names appeared 

on theshare register ofS& Bat 31 st July. 1978. , , . . , , . 

Under existing United Kingdom Exchange Control Regulations shareholders resident In the 
United Kingdom, the Channel Islands. Isle of Man, and who fulfil the necessary conditions under 
the United 6 Kingdom Exchange Control Regulations will be entitled to treat payments in 
respect of both the cash consideration and the sale of fractions as 100 per cent investment 
currency Authorised depositories will, therefore, be enabled to claim the premium on behalf 

officeholders entitled thereto. ByordercftheBotrd 


Johannesburg 
T ransfer Secretaries: 

Central Registrars Limited, 

28 Harrison Street, 
JOHANNESBURG, 2001. 

(P.O. Box 61042, Marshalltown, 2107) 


J. J. KRUGER B.Com A.C.I.S. 
Secretary 


London Transfer-Secretaries: 
Seeatie Limited, 

37 Upper Brook Street, 
LONDON W1YIPE, 
England. 


BOND DRAWING 


CITY OF HELSINKI 
8%% U.S.S Bonds 1981/1986 


S. G. WARBURG & CO. LTD., announce that the redemption instalment of U-S.Sl .000.000 due 
15th November, 1978 has been met by purchases in the market to the nominal value of U.S .$300,000 
and by a drawing of Bonds to the nominal value of U.S.S700.000. 

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as follows:— 


7 

26 

41 

56 

71 

96 

.109 

124 

151 

170 

135 

204 

-219 

268 

■ ■ 283 

. . 298 

' 313 

. . ' 328 

343 

358 

372 

392 

406 

445 

475 

• 490 

‘ 520 

533 • 

642 

658 

730 

751 

829 

844 

872 

949 

• .964 

• '■ 979 • 

1016 

1069 

1085 

1199 

1215 

1236 

1252 

. 1275 

. 1290 

1307 

1321 

1343 

1368 

1383 

1403 

1424 

1439 

1466 

I486 

1602 ' 

1518 

1533. 

1547 

1562 

1576 

1600 

1615 

1630 

1644 

1659 

1803 

1822 

1901 

1915 

1985 

1999 

2024 

2049- 

-2063 

2166 

• 2180 

2238 

2311 

2342 

2359 

2373 

■ 2388 

2425 

2440 

2484 . 

2498 

2513 

2557 

2577 

2615 

2635 

2657 

2689 • 

2891 

- 3008 

3022 

3039 

3139 

3225 

3240 

3390 

3412 

3427 

3441 

3473 

3488 

3503 

3517 

3543 

3559 

3574 

3589 

3605 

3620 

3635 • 

3659 

3698 

3713 

3727 

3742 

3759 

3774 

3867 

3937 

• 4076 

4104 

4119 

4139 

4154 

4224 

' 4467 

4481 

4496 

4611 

4526 

4540 

4555 

4580 

4595 

4610 

4624 

4639 

4654 

4668 

4682 

4726 

4741 

4755 

4770. 

4785 

4805 

.- .4822 

. 4836 

4851 

4867 

4883 

4899 

4912 

4927 

4942 

4957' 

4971 

5017 

5032 

5069 

5084 

5099 

5113 

5128 

5143 

5158 

■ 5171 

6191 

5206 

5221 

5226 

5250 

5255 

5279 

5294 

. .53 QS 

5323 

■ 5338 

6363 

5369 

5382 

5401 

5416 

5431 

5446 

5460 

5475 

5489 

• 5504 

5518 

5533 

5559 

5575 

5590 

5603 

5893: 

. '.5708 

5723 

5746 

5763 

5777 

6791 

5806 

5821 

6835 

5853 

5869 

6905 

5969 

. 5985 

6000 

6028 

6043 

6071 

6119 

6134 

. .6154 

6169 ' 

6188 

6202 

6217 

6241 

6255 

6269 

6284 

6299 

6314 

6328 

6343 

6357 

6372 

6387 

6401 

6416 

6431 . 

6446 

: 6459 

6474 

6489 

6504 

6519 

6533 

6548 

6562 

6533 

6597 

6615 

6630 

6656 

• 6670 

6684 

6702 

6717 

6732 

6761 

6784 

'6799 

6348 

6868 

6895 

6910 

6924 

6939 

6954 

6968 

6982 

6997 

7012 

7027 

7042 

7059 

• 7082 

7097 

7112 

7129 

7147 

-7162' 

7190 

7218 

7294 

7308 

' 7323 

7338 

7353 

7369 

.7382' 

. 7547 

.7562 ' 

7577. 

759S 

7620 

- 7635 

7652 

7669 

7695 

7710 

7725 

7742 

7759 

7794 

7810 

7838 

7852 

7867 

7882 

7922 

7936 

7953 

.7967 

7997 

.. 8019 

8034 

8069 

8087 

8103 

8118 

•> . - 8134 

8154 

-8168 

• 8183 

8197 

8212 

8232 

8247 

8262 

8277 

8292. 

8310. 

8327- 

8342 

8357 

-8371 ■ 

8386 

8401 

8415 

8429 

8444 

8459 

8474 

- -8489 

8503 

8517 

8532 

8547 

8561 

8576 

8591 

8606 

8620 

8634 

6650 

8666 

8684 

8698 

8713 

8731 

8746 

8760 

8775 

8790 

8813 

• 8828 

8850 

8865 

8880 

8899 

8913 

8928 

8968 

8982 

8996 - 

. 9011 

9027 

9042 

9058 

9072 

9086 

9101 

9116 

9132 

9186 

9204 . 

9219 

9285 

•9380 

9407 

9422 

9439 

9462 

9476 

9490 

9505 

9520 

9535 

9558. 

9573 

.9588 

; 9.601 

9616 

9631 . 

' 9646 

9661 

9675 

9690 

9705 - 

9720 

9734 

9749 

9764 

’ 9779 

. 9794 

9807 

9822 

9837 

9852 

' 9866 

' 9881 

. 9896 

9910 

9924 

9939 

9954 

9969 

9984 

9998 

10032 

10047 

10062 

10076 

10091 

10T.06 . 

'10121 

10135 

10149 

10164 . 

1 01.79 

10194 

10208 . 

10223 

. 10237 . 

10252 

10286 

10281 

10391 

10406 

■ 10446 

10459 

10474 

10489' 

10604 

10518 

10533' 

10548 

10562 

10576 

. 10591 

. ’ .10606 

10621 " 

10638 

30650 

10664 1 

10679 

10694 

10708 

10723 

10772 

10818 

10832 

10846 

10861 

. 10876 

10891 

10905 

10920 

10934 

10949 

.10963 

'10978 . 

. 10993 

.11008 

11 067 

11080 

11095 

11111 

11126 

11140 

. 111.S5 

11170 ■ 

77184 

11199 

11268 

11283 

11298 

11313 

11342 

11356 

-11371 

114T6 

' 11430 

11445 

11660 

11675 

11639 

11703 

11791 

11806 

11836 

11874 

11889 

11903 

11918 

11932 

11947 

11962 

11977 

11992 

12005 

12020 

12035 

12050 

12064 

12079 

12094 

12116 

12131 

12145 

12160 

12175 

12190 

. 12204 ' 

12218 

12233 

12243 

12262 

12277 

12292 

12307 

12321 

12335 

12350 

12374 

12394 

12418 

12435 

12449 

12464 

12511 

12525 

12540 

.12555 

. 12580 

12593 

12608 

12623 

12638 

12652 

12678 

12695 

12709 

' 12724 

12738 

12753 

12768 

,12783 

12797 

12811 

12826 

12861- 

12875 

12890 

12S05 

12920 

12934 

12948 

12963 

12978 

. 12993 

13007 

13022 

13036 

13051 

13066 

13080 

13095 

13125 

13140 

13,153 

13168 

13183 

13198 

13212 

13227 

13242 

13256 

13296 

13310 

13325 

13340 

13355 

13390 

13404 

13464 

13479 

13494 

13508 

13523 

13538 

13552 

13606 

13621 

13636 

■ 13651 

13666 

13680 

13694 

13709 

13724 

13738 

13753 

13768 

13783 

13796 

13811 

13826 

13841 

13856 

13870 

13885 

13S99 

13914 

13958 

13973 

13983 

14003 

14018 

14031 

14061 

14076 

14091 

14105 

14120 

14135 

14149 

14163 

14178 

14198 

14253 

14268 

14298 

14311 

14326 

14341 

14353 

14373 

14387 

14402 

14416 

14431 

14445 

14460 

14475 

14490 

14505 

14518 

14533 

14548 

14563 

14677 

14592 

14607 

14621 

14635 

14650 

14665 

14680 

14695 

14709 

14743 

14762 

14777 

14791 

14806 

14821 

14336 

14849 

14864 

'14879 

14894 

.14909 . 

14923 

14938 

14952 


On 15th November, 1978there wDI become due and payable upon each Bond drawn for redempt- 
ion.'the principal amount thereof together with accrued interest to said date at the office of:— 


S. G. WARBURG & CO. LTD., - 
30, Gresham Street. London. EC2P 2EB., 


or one of the other paying agents named on the Bonds. 

Interest will cease to accrue on the Bonds called for redemption on and after 1 5th November, 1978 . 
and Bonds so presented for payment must have attached all coupons maturing after that data. 

U.S.$9.000,000 nominal amount will remain outstanding after 15th November. 1978. 

The following Bonds drawn for redemption 15th November, 1977 remain outstanding:— 


4 

1191 

2332 

3748 

4840 

5329 

6966. 

8638 

11002 

12837 


114 

311 

484 

685 

753 

868 

950 

1017 

1470 

1589 

1608 

1627 - 

• 1646 

2095 

2163 

21S2 

3007 

3026 

3423 

3442 

3519 

3660 

3710 

3729 

4218 

4588 

■4607 

4626 

4705 

■4739 

- 4777' 

” 4821 

4973 

5022 

5041 

6077 

5134 

5153 

5196 

5310 

5740 

5971 

6036 

6164 

6206 

6253 

6555 

6712 

"7132 

7152 

7217 

7347 

7607 

7626 

7645 

7949 

9189 

9382 

9773 

9792 

10021 

10078 

10191 

-10690 

11084 

11160 

11179 

12419 

12596 

12704 

12780 

12818 

13391 

14353 

14468 

14642 

14561 




. London. 

EC2P 2EB. 





12th October, 1978 


&Tj I --r 


Brazilian 

foreign 

reserves 


U.S. uranium for Mexico 


BY WILLIAM CHISLETT 


MEXICO CITY, 0CL 1. 


near $ 10 bn 


By Diana Smith 
F10 T3E JANEIRO, Oct 11- 
BRAZIL'S foreign reserves have 
reached the record figure of 
$9.9bn, according to Sr Mano 
Simonsen, the Treasury Minister. 

There is speculation, since the 
Influx of foreign money has not 
abated, that the ' reserves could 
total $llbn by the end of this 
year, leaving & comfortable sum 
for the $36bn- foreign debt, with 
the heaviest orrus of repayments 
due from 1980 to 1982. 

From now 'on. Sr. Simonsen 
announced, 75 .per cent of the 
profit on exchange operations 
will be transferred to the 
national monetary reserves to 
pay the interest on the internal 
public debt This debt now 
totals Cruzeiros 305 bn (S15.6bn) 
gross, and Cr. 285bn t$14.Sbn) 
net . 

Having “ fattened up ” the 
foreign reserves. Sr. Simonsen 
announced, there is nothing more 
logical' than .to transfer part of 
the- profit generated (expected to 
be about ; $2.75bn on exchange 
operations by the end of the 
year) to interest. payments on the 
internal- debt. This, be said, will 
make msuiagement of the debt 
more flexible and logical and, 
since it is merely a switch in 
accounting procedures, will not 
influence the money supply. 

Excessive growth of Brazil’s 
money supply this year, partly 
caused by the greater influx of 
foreign currency, has led the 
monetary authorities to impose a 
freeze of 150 days on conversion 
Into cruzeiros of foreign loans. 
This freeze is due to end at the 
beginning of 1979. 

Meanwhile, it was announced 
that the performance of Brazilian 
industry has picked up this year 
from January to August. The 
Gross Industrial Product rose by 
7.5 per cent, thanks largely to 
greater demand and- capacity. 


THE FIRST SHIPMENT ' of 
enriched uranium-will arrive in 
Mexico from the U.S. next 
month, to help complete the 
building of the country’s first 
nuclear power plant for produc- 
ing electricity. 

The first stage of the plant at 
Laguna Verde, Veracruz, which 
is several years behind schedule 
because of Government wrangles 
and policy changes, is expected 
to be finished by May 1982. when 
the first of two ,650 MW light- 
water units will come into opera- 
tion. No date has been set for 
the second unit. 

Officials have not announced 
how much enriched uranium will 
be coming from the U5-, but 
earlier this year negotiations 
took place -between Mexico and 
the U.S. Energy Research and 
Devlopment Agency for the 
despatch of 120 tonnes of 
enriched uranium to Laguna 
Verde. A further 400 tonnes is 


considered necessary tb enable 
both units to work. 

. Mexico’s Nuclear Energy 
Institute has plans to make the' 
country the world’s third largest 
uranium producer, after Russia-' 
and China- According to the. 
Institute, the Government is - 
Investing $36m a year - in 
uranium exploration as a result 
of - promising discoveries in 
Chihuahua state. : 'v 

No official announcement has 
ever been made on the extent 
of Mexico's reserves but they axe 
generally rated as among the Iff 
largest In the world. Mexico 
does not possess the technology 
to extract -the uranium and has 
not decided when to start pro-, 
ducrion. Proven reserves 
said to be between' 8,500 ahff 
12.000 tonnes and the institute 
believes that probable reserves 
could be as high as 600,060 
tonnes. ■-}- 

Early this year, a team /of 


Merten **P*£.Jm mZt£. 

Francisco Vizcamy 

Rector of tn the negotiate with 
London to Br j t ^.jj u tch-West 

Nuctar 

believed to have ,u 

e ^^r^n%“ ra Me l xLcogave 

could contain the mineral. 

Mexico's daily production of 
crude oil and condewates totals 
1.4m barrels, and part , of the 
foreign exchange earnings could 
he devoted to uranium develop- 
ment. If Mexico reduced its oti 
Consumption in favour of nuclear 
energy, oil sales could be 
increased further. 


ieuiement j 


union 


By John WyiB ; ; * - •!* "'jC- 

- NEW YORK Ocb lL ^ 
WHILE a U-S f postal WQfffeg 
strike is nowmghly uabkeiy 
president of tij^country^se&M 
largest union. has/fou^^S-jr 
to . raiik-and=fi!le .anger at - Mi' 
endorsement of ;a modest' 
settlement \ - t _ 

Members, of the . 
Association ■ of lett&r 
rejected the proposed’ 19.$:**!, 
cent pay /settlement in ' Att?W 
but have - since, accepted i 2^ 
per cent /three-year. deaT-wh^- 
resulted- fronr compulsofyfSJiS 
ti-atibn. ■ At- the same T&bbtKw 
have refused . to., reelect.'- txag 
president, Mr/ 'Joseph VacM^fe 
a second two-year term ahd&wl 
replaced him with a New 
militant- Mr. Vincent Somhi^ 

The ballot result could "aa* 


Japanese car prices up $1,000 


tot difficulties which 
Carter r«ay ehcourijer in 


BY OUR OWN CORRESPONDENT 


NEW YORK, . Oct 11. 


Carter delays 
inflation plan 


PRESIDENT CARTER has post- 
poned unveiling his anti-inflation 
programme, originally due to be 
announced early • next week, 
according to Administration 
officials, Reuter reports from 
Washington. The officials said 
that a new target date has not 
been selected, but a decision is 
expected early next week. 


THE summertime fall of the 
dollar against • the yen has 
prompted another round . of 
price increases on Japanese car 
Imports into the U.S. The cars' 
are now selling for up to 21 per 
cent more than they were a year 
ago. “ 

The most - surprising, thing 
about the steady price climb over 
the past ten months 4s that over- 
all -Japanese car sales have not 
fallen as much as might have 
been expected. Tbe two leading. 
Importers, Toyota and D&tsun, 
have both suffered sales declines 
of close to 10 per cent, but these 
have been considerably offset by 
sales increases by Honda, Mazda 
and Subaru. 

While totaiforeign import sales 
are down by around 3 per cent 
this year, Japanese makes have 
slightly increased their market 
share of imports to around 68 per 
cent. It remains to be seen how 
long this relative strength can be 
maintained. 

Toyota last week announced an 


average 6.9 per cent ihcrease^in 
.the prices of its 1979 models, 
making them about 81,000 more 
expensive than their equivalents 
a year ago. ■ Honda has followed 
with a 4.2 per cent increase, 
which also make its models 
about 51.000 more costly. By the 
end of September Honda’s TLS. 
sales were 15 per cent up. on- a 
year ago. 

Nissan, which markets Datsnn 
models, has yet -to disclose Its: 


full list of new prices. But the 
Cbmpany has indicated average 
Increases of about 7 per cent. 

The higher prices on Japanese 
cars may well prompt U.S. menu-, 
facturers to adjust charges on 
some of their smaller models 
within three months. 

They are bound by their 
undertakings to the Administoa* 
tion to stick with 4-5 per cent 
increases recently announced 
until the end of the year. 


rank-and-file support for- vEf 
tary guide! Ines-^H 4c beW 
nounced — which will be -atari' 
at redacing the rate 
settlements. The original pfebr 
pay deal 'was signifi cai 
than .the “going rate?-fof^ 
tracts covering uiuon-organSs 
workers, but. it was very- itol 
in line with the AdministaUi^ 
hopes of 'securing modera^rnSj 
settlements. • 

The fact that postal 
have penalised one pf jw 
leaders for taking a mbderafc' 
position will, not be; 
leaders of the Teamsters'/Ubim 
the Rubber Workers’ UribijiSifc 
the United Auto Workers’ Ll 
all -of whom Will be hepeftatm 
important contract settlement 
next year. ' 


New Canada budget soon 

BY VICTOR MACK* ; OTTAWA, Oct 11. - - ^ 

RE CANADIAN Finance Mints- ment since he took office in Sep- return to jail® 


OTTAWA. Oct ll. 


THE CANADIAN Finance Minis- 
ter,. Mr. Jean Chretien hopes to 
present Budget proposals? to 
the Canadian House of : 6om- 
rnons by mid-November, he said 
today; Re rejected Opposition 
demands for an immediate finaru 
ciai statement 

It will be Mr. Chretien’s third 
financial accounting to Parlia- 


ment since he took office in Sep- 
tember 1977. 

• Meanwhile, the French 
Embassy in Canada has reacted 
angrily to allegations that the 
French intelligence sen-ice had 
been promoting Quebec secession 
since 1958, “There is nothing 
true about this.** ah Embassy 
official said. 


ITT loses another legal round 


BY STEWART FLEMING 


NEW YORK. Oqt. 11. 


Defence compromise 

U.S. congressional negotiators 
have reached agreement on a 
compromise $117.5bn Defence 
\ppropriatinns Bill for the year 
which bo/an October 1. Reuter 
reports from Washington. 


U.S. COMPANY NEWS ; 
Steady advance by General 
Electric; slowdown in growth at 
Owens-Illinois; decline at Inter- 
national Paper— Page 28. 


INTERNATIONAL Telephone 
and Telegraph (ITT) has lost 
another round in its legal battle 
to try to prevent the Securities 
and Exchange Commission from 
publicising “questionable foreign 
payments” charges against the 
company. . 

A Federal Appeals Court in 
Washington has rejected a peti- 
tion from the company seeking 
to prevent the Commission from 
making public a complaint 
against ITT that it has filed at a 


district court •; 

ITT has admitted that 
allegedly questionable payments, 
of about SS.7m have been. made, 
but has argued that detailed dis- 
closure could pose a threat ^ 


nationalisation of some of it£ 
European subsidiaries and couk£ 
also endanger the physical'safojjr 
of- 'some ITT employees .or. 
employees of foreign. Gcrverfai" 
ments.’ ' 

ITT has also argueef that It 
does not have the power , to 
obtain documents and .records 


from its European- subsidiaries 
concerning alleged payments. 

In the light of yesterday’s 
court decision. ITT has decided 
to ask Mr. Warren Burger. Chief- 
Justice of the ■ U.S. Supreme 
Court, far a del^r- that would 
keep jjthe. Commission's charges 
from.’* public disclosure iwhtit 
litigation xontinues.' • . 

... ITT ft', expected to. lodge an 
appeal against the latest ruling 
and could eventually try to 
obtian a Supreme Court hearing 
of the issues, . 


By John Wyles - 

NEW YORK, (fcfc 1£ 
THE SEESAW battle' by-a»a 
York Times reporter, Jfft 
Farber, to avoid imortsbnfep^H 
for contempt of court weit baft ' 
against him yesterday when ft 
was ordered to report to- affei 
Jersey prison tomorrow. Sha 
he spent 27 d a ys in jail in' Augu£. 
Mr. Farber and his neupspdpt 
have secured a number of s$|} 
of- execution against coutenyif e 
court orders stemming froWlif 
refusal to supply reporting nb$ 
and documents to a inurder-fij 
judge. 

With Mr. Farberis refant^ 
prison, the New York TimekSti 
again become liaWo to a.^9 
a-day fine for as long as hrfiS 
to . comply with- the court iwai? 


CpDtrol 

■ fuel costsliygfviflJI 
your drivers tfevj 


THE BRAZILIAN ECONOMY 



American companies lose ground 


BY SUE BRANFORD IN SAO PAULO 


The Card for 
PETROL OIL, DERMIC 

^1000 MRAGES »AT 10 ll»lBi> 

« CASH POMP-PRICES . , 

* MAXIMUM COHTBOLAJff h;/T . - 

SECURITY S/I (J S 

# MU MORE CASH FLOATS y.' 


» STRIKING development In puter pulley, selected four joint stepped up their overseas opera- goods are required, because th«»y 
Brazil in recent years has been ventures controlled by Brazilian dons. - These companies have fear they would be v uln erable 
the gradual eclipse in the in- companies, in which technology been more flexible in responding in the event of national istation 
fluence of the United StatesJonce is being supplied by Japan to Brazil’s demands. This iffbetieved to be one reason 

the overwhelming foreign (Sharp and Fujitsu), Germany A. third factor has .been -why the Americans, have not 
! presence. Even more thin in (Nixdorf) and France Brazil's growing importance to gone into shipbuilding, which is 
trade patterns, the trend has (‘Logobax). North American teeb- European companies. Siemens, now dominated by the Japanese 
been reflected in Brazilian in- no logy was conspicuous by its Voith, Creusot-Loire and others and Dutch, 
dustry, where established Ameri- absence. are now winning more orders in A linked factor is the fear 

can companies have been losing While IBM and other U.S. Brazil than in their country of of U.S. companies of • losing 
ground to newcomers, particu- firms will continue -to dominate origin. In comparison, few U.S. their technology, acquired at 
larly Japanese and West. Euro- the market, the technocrats have companies rely so heavily on great expense over many years, 
pean firms in association with thus demanded that some space Brazil. European companies, because 

Brazilian groups. : be left for national companies, U.S. companies are also more they have greater need of 

The shift io emphasis was pro- in association with less advanced loath to enter sectors in which Brazil, are willing to take more 
voked partly by the Government, European manufacturers, heavy investments in capital risks, 

which in the early 1970s decided Whether or not the latter ven- 1 ** “ 


* JAX ADVANTAGES . -a- 
Call us tot a brochun or 
nwHflhflC'Oupbrrio'j ' 

ALL STAR PETROL CARD ITU .-: 
P.O. Box-S9. London N195NB;.’ 
Telephone: 01 -272 7744 ^ 

r- - * * 

NAME — 


COMPANY.; 


to move towards greater tures are viable in such . a 
economic and political indepen- sophisticated market, in which 
dence from the U.S. A milestone technology changes rapidly is an 
was the signing of the nuclear 0P en question, 
deal in 1975, when the Brazilians - A similar strategy is being 
took leave of the Americans, who pursued by the Government in 
were providing the first nuclear telecommunications, where 
reactor, to undertake an nationalist technocrats are try- 
ambitious and expensive nuclear ing to Brazilianise the sector in 
programme with West Germany, a very short period. Sweden’s 
.‘- -Although U.S. companies were L. M. Ericsson — which has 
forbidden by a law passed in dominated the- market for years 
Congress that year from export- in comfortable coexistence with 
ing nuclear technology, the swing recently, Nippon Electric 

tb Europe was announced as an — came out on top in the 

ideological option rather than an bidding for the first of a senes 
unavoidable imposition. How- of sophisticated, computer-con- 
ever mistaken i D terms of trolled telephone exchanges. But 
Brazil’s . energy needs, the l 1 ™ ^ ier , disqualified for not 
decision was historic. s? rl ously the Govern- 

The decision was reinforced at ^ , r ar ^ 1 '" g *?“*?<* 

the business level by clear control °f the company must 
economic trends. In a few Brazilian hands within 

sectors, particularly sophisticated “ y : -. .. 4 . 4 

consumer goods such as tele- Observers believe that a slmi- 
vision, the battle was left to be l! » r fat e may weU await ITT, 
won by the strongest in the P 1 u aced second in the biddmg. 
absence -of any Govermnent The ^ present favourite is NEC. 

policy. Predictably, the Japanese ?"SSI 

have benefited most • ’ years has been the most rapidly 

In other areas, particularly growing company • 

those considered of importance The Government s strategy has 


Put 

into 



mipai 



to national security, young *»een criticised by economists 
Brazilian technocrats have made J^ h0 h ut j* . Jf 

new and at times unreasonable {P g ,ht d u r3 b Jii 3 rUcati^« 

demands, insisting that Brazilian t ^ roug ?„-, Brazilian isation 
companies must' control- 'key of capital, particularly if 
projects. Some established U.S COD ^ rt Passes to Brazilian com- 
multi national™ have foiled to P anies o«i»*de the sector which 
chow the aeilitv at this are ““Prepared to assume their 

K ssrSFSTJMs 

demon alratcd flexib.ll| ? i» .dapt- ]SS«fiSrt5TttctalJw. >0 

^ P rodnce ^ One reason that companies 
mml^omputer, which was emerg- from West Europe and Japan 

iwntta a V rt? rous new, market... j, lve responded more rapidly and 

~ Government s flexibly to the new conditions is 

express specification that it political. Leading European com- 
would accept nuiltiu3tionals only panies, particularly in Italy and 
if they formed associations with France, are keen ro have a larger 
Brazilian companies, seven lead- proportion of their total assets 
ing world computer companies, outside their home country, 
all but one American, defied the Another factor is monetary. 
Government, submitting propo- As both the German mark and 
sals for straight subsidiaries, the Japanese yen have been 
The rebellious companies in- appreciating steadily over the 
eluded LBM, Burroughs and last decade, companies from 
Olivetti. these countries are tending to 

Replying in kind the young price themselves out of the 
civil servants at Cap re, the gov- market. To remain competitive, 
eminent body in charge ol com- the head companies have 


,v erd 


As you can see, onr Micro mini calculator is small 
enough to fit into any pocket. . -v.' 

But the mere feet that it?s such a handy szos means 
that it won’t stay tucked away for lo ng, ' 

Being an eminently practical business tool with - 
8 digi t capacity and memory the Micro >nin? calculator 
will most certainly be taken out and used. Overand 
overagain. 


Which is what makes it such a perfect gift for yoar 
clients. 7 


Consider how much more effective such.fi gift 
would be ifvour company’s name and logo were .. 

emblazoned onthe front of this little wonder of 
technology Because that’s what we're bficring free of ■ 
daig c. ...r:' 

Buy 50 or more calculators (the mhnmaift order) 
and you'll get your company name and logo tmtiie 
liontinblack • ' ' J-'. : 

And every Micro mini calculator comes withits 
own little wallet, and th at too will hare your logo on it 
The cost forthis prestigious little aifi? 

Only £15 (plus VAT). . ... 

And that's several pounds cheaper than you. 
would expert to pay for it in the shops (with OUT 

the ad ded benefit oftovingyour nameoni^ , '* 


We think you’ll agree that £15 is a small price 
payfor sucha tiny calculator 

With such a grear name on it. . . 

And if you get your orders in by November 15tn 
wcTI make sure yrai have them in time to give away 
at Christmas. 

For further details post the caapon to: . 
JtlStwis&LimilecL, 1— U HayflHlj May feii^ . 

London W.L or telephone Tiida Colmannowos . 

01-493 7875.Tdex29893L 


Please let me have more tnffinrmrin n- 


posmox- 


COMPANY- 


OOMPAKYADE®ESS. 


J TELEPHOXENO.— ' _ 

•j Justwisc Lmrited^l-llHayHilLMayfeuiLcauioiL^ . 
j Co. R^NojI35i635_ . ^ 







M Q <ta, 

**%* 

to Ppie s 1 


V»; - - 


f 

l ‘T - ' 

i 

\ 

s 

* # j p . 1 - 

; * W. W&' sg 



Fmandal ^Thursday Cctober : jl2 . 1978 


WORLD TRADE NEWS 



fight to build V6 
motor engine in Venezuela 


®Y JOSEPH MANN - 

GENERAL MOTORS has won 
the first option to build a VS 
motor engine In Venezuela, 
industry sources said today. A 
OM spokesman stated that in- 
vestment in a six-cylinder motor 
P?3pt here is expected to total 
U.S. with. the American 

motor company supplying 49 per 
cent of initial capital. 

After months of . confusing 
negotiations between the 
Venezuelan Government and 
foreign motor manufacturers, 
fne Venezuelan Cabinet yester- 
day voted to accept the GM bid 
to produce a VB petrol-powered 
motor which- would include some 
aluminium parts. 

Ford and Renault had also 
submitted proposals on the 
motor. Both will stilt have 
another opportunity in still 


another round of bidding for 
production of another six- 
cylinder motor*. 

Earlier this year, the Vene- 
zuelan Government announced 
that GM and Renault had been 
selected to build two different 
models of a six-cylinder engine 
stipulated in Venezuela’s motor- 
car development scheme. 

However. That decision was 
** placed on standby’* in August, 
after conflicts arose .- between 
Venezuelan and .Ecuadorian 
government plans for motor-car 
development in they respective 
nations. Ford bad previously won 
a contract from the. Ecuadorian 
Government. 

Both nations, as members of 
tbe Andean common market bad 
pledged a joint programming for 
their car industries which would 


CARACAS, Oct. 11 

eliminate the participation or a 
large number of car makers, thus 
cutting excess competition. 

There was speculation here 
that Ford had pushed the 
Ecuadorian Government to ask 
Venezuela for a joint review of 
their motor scheme after the GM 
and Renault announcement had 
been made. At slake in the con- 
tracts are hundreds of millions of 
dollars In contracts and a virtual 
guarantee that the car companies 
finally selected will eventually 
have the market to themselves. 

Venezuela now has several ear 

assembly plants and incorporates 
varying amounts of local content 
in its cars. After the motor con- 
tracts are awarded, it is expected 
that- losers now maintaining 
assembly plants here would 
eventually disappear. 


Italians for Peking trade talks 


- ,u » is 

scijrn to to 

‘ 13 


BY RUPERT CORNWELL 

A TOP "LEVEL delegation from 
Confindustria, the Italian 
employers association, is leaving 
on Friday for Peking for a visit 
wbich the Italian side hopes will 
further pave the way for a big 
increase in the country's trade 
with China. 

The eight-day trip follows 
immediately upon what appears 
to have been a distinctly success- 
ful stay in Italy by a high- 
ranking Chinese team beaded by 
the Foreign Minister. Mr. Huang 
Hua, who is now in London for 
three days of discussions In 
the UK. 

The 20-man delegation, led by 
Sis. Guido Carll. tbe Conf- 
industria president, his deputy. 
Sig. Paolo Savona, and Sig. Luigi 
Descrti, head of the Italian 
foreign trade institute, will be 
mainly concerned to demonstrate 
the capacity of Italian industry 


to meet the requirements of tbe 
Chinese, who are embarked 
upon a vast ' programme of 
Industrialisation. 

It Is also likely that the Italian 
side will be anxious to go into 
some detail over tbe financing 

arrangements that would cover 
specific deals. One Idea being 
canvassed in Rome is of counter- 
purchase schemes. 

Despite the scant likelihood of 
any ventures being settled in the 
very near future, tbe visit of Mr. 
Hua. who saw among others 
senior representatives of - Fiat, 
the Stare oil group ENL and the 

E ublic sector conglomerate 1RI, 
as helped Identify the areas of 
greatest Chinese interest 
ENI for its part is not only 
keen to become, involved'- in the 
expanding oil exploration and 
development activities of the 
Chinese, bat Sig. Pietro Sene, 


ROME. Oct. 11. 

the group's chairman, has indi 
cated that ENT has already made 
an offer to Instal refinery and 
petrochemical plants. 

1RI, which is toying with the 
Idea- of setting up a repre- 
sentative office in China, Is 
Interested in the possibilites in 
nuclear power and telecom 
raunications. Further progress 
may come during the visit to 
Italy shortly of the Chinese 
Minister of Engineering. 

• The London Chamber of 
Commerce and Industry is to 
-send a top-level trade mission 
to China in the spring next 
year. This was announced yes- 
terday by Sir Peter Tennant, 
president of the Chamber 
following a reception by the 
Chamber for the delegation 
from the Peking Municipal Com- 
mittee led by its vice-chairman, 
Mr. Wang Hsiao-yi. 


Chinese to buy Brazilian steel 


BY DIANA SMITH ' 

REPRESENTATIVES of China’s 
Meta! and Minerals Export- 
Import Corporation have arrived 
in Brazil with a shopping list of 
10 types of steel products. China 
needs to import 10m tonnes of 
steel by the end of this year. " 

After a meeting with the heads 
of Brazil's state steel agency and 
representatives of private steel 
mills, who explained to the' 
Chinese what range of steel 
products Brazil can offer, hopes 
are high that China will buy at 
least 100,000 tonnes of steel in. 
the immediate future, although 
it has made itelearJt wOLhnport 
most oi Its - requirements from 
Japan and the EEC. 

The Brazilians who. after a 
slow start, have learned rapidly 
bow to drive hargains with Far- 
Eastern countries, have, offered 
cut price freight rates on ship- 
ments of 100.000 tonnes or more, 
since this would enable them to 
use vessels with a min imam 


RIO DE JANEIRO, Oct. 11 

capacity of 20.000 tonnes. of ore — Brazil is prepared to buy 

- In return- for Chinese .pur- Chinese coal and oil, thus right- 
chases of steel, and Iron ore— a ing a trade balance whieb last 
deal has already been dosed for year weighed heavily in Brazil's 
a first shipment of 250.000 tonnes favour. 

Australia to alter status 

?! CANBERRA. OcL 1L 


BY LAURIE OAKES . 

AUSTRALIA is to extend bene- 
ficiary status to China under -the 
generalised system of 'tariff 
preferences.' Minister for Trade 
and Resources.; Mr. Dbugtys 
Anthony, announced today at #e. 
start of a visit to Australia by 
China’s Foreign Trade Minister. 
Mr. Li Chiang. 

Mr. Li said Australia' was the 
first country to give China this 
preferential treatment, and it 
was appreciated. 

On the first dayof a nine-day 
visit to Australia Mr. Li talked 
with Mr. Anthony; the Prime 


Minister, Mr. Malcolm Fraser; 
the acting Foreign Minister, Mr 
Ian Sinclair, and the Industry 
and Commerce Minister. Mr. 
Phillip Lynch- 

China was Australia’s fourth 
ranking export market last year. 
Both Mr. Anthony and Mr. LI 
expressed the hope today that 
China’s exports to Australia 
would grow strongly. 

• Overseas' Trade Minister 
Brian E. Talboys announced 
that New Zealand would also 
accord generalised preferential 
tariff treatment to China 


Russia bids to heal rift 


S * €5^ 


JAPAN and the Soviet Union 
today opened trade talks viewed 
as a step towards healing a rift 
between the iwo countries over 
the Sino-Japanese Peace and 
Friendship Treaty signed 
recently. 

The talks are routine but the 
fact that Moscow agreed to hold 
them at all is regarded by 
Japanese officials as a hopeful 
sign that relations may be on the 
mend. 

The three-day talks come less 
than two weeks before a visit to 
Japan by Chinese party vice- - , 
chairman Teng Hsio-ping to 
mark the signing of the treaty 
between Tokyo and Peking. The 
Soviet Union complained that 
the treaty was directed against 
it and warned -Japan not to sign 
it. 

• Japan's External Economic 


Affairs Minister, Nobuhiko 
Ushiba. will meet U.S. Special 
Trade ' Representative Robert 
Strauss in Washington on Octo- 
ber 30 for two days of talks, the 
Japanese Foreign Ministry said. 


TOKYO, OcL 11. 

The talks will review imple- 
mentation ■ of the measures 
agreed on at their talks here 
last January to trim Japan’s 
trade surplus with the U.S., 
which- reached $S.66bn in 1977. 


£18.5m orders for GEC 


. ,. BY MAX WILKINSON 

THE General Electric Company 
has won orders worth £18.5m to 
supply ten mobile power stations 
to tbe Middle East and South 
America. 

The power stations, to be 
supplied by GEC Gas Turbines 
of Whetstone, near Leicester, 
are rated at 143IW each. 

As a result of an urgent 
demand from Guyana Electricity 
Corporation for more generating 


capacity. GEC is now shipping 
two complete 14MW mobile 
stations to tbe Kingston power 
station, near Georgetown. These 
machines were ready for ship- 
ment only four weeks after the 
date of the order. 

In addition to the contracts 
with Guyana, GEC is to supply 
eight mobile power stations to 
the Riyadh Electric Company in 
Saudi Arabia. 


Zambia may 
import more 
through 
Rhodesia 

By Bernard Simon 

JOHANNESBURG. Oct. II. 
SOUTH AFRICAN RAILWAYS 
has confirmed that Zambia may, 
channel some of its oil imports 
through Suutb Africa and 
Rhodesia, following its decision 
last week to re-open the j 
Rhodesta-Zarabia border. 

However, it was not immedi- 
ately clear whether the decision 
referred to lubricating oil for 
Zambian mining machinery or to 
other typos of oil. 

Questioned about rumours that 
tbe Zambians hove expressed 
interest in 'importing oil along 
the southern route, the Railways 
spokesman said today that “it 
could very well be the case." 
He added that the opening of the 
border “ leaves all surl» of possi- 
bilities " after deliveries of 
fertiliser, which were tbe 
immediate reason for the border 
re-opening, have been completed. 

Although no firm plans have 
been made for further co-opera- 
tion between South Africa and 
Zambia, the Railways spokesman 
said that “there are feelers 
out” Besides the possibility of 
diverting oil imports, Zambian 
Railways are believed to be 
interested in hiring rolling-stock 
from their South African 
counterparts. 

It is hoped that the fertiliser 
backlog will be cleared by the 
end of November. Some 40.000- 

50.000 tonnes of fertiliser are 
currently lying at tbe Mozam- 
bique port of Maputo, while just 
over 30.000 tonnes will be dis- 
charged in East London over the 
next week or two. Tbe South 
African authorities have under- 
taken to transport about 1,000 
tonnes a day to Zambia. 

Both die railways and private 
freight forwarders are confident 
that port facilities at East 
London will be adequate to cope 
with the fertiliser imports, as 
well as with exports of Zambian 
copper winch are expected to 
total about 35,000 tonnes a 
month. Moreover, the extra bur- 
den imposed by shipments of 
Zambian materials is not likely 
to disrupt the export of Zairean 
copper through the South African 
port, currently running at over 

20.000 tonnes a month. 



Turkish 
exports may 
go east 

ANKARA, Oct 11. 
TURKEY could switch its indus- 
trial exports from the EEC to 
Ihe Communist Comecon bloc. 
Foreign Minister Gunduz Okcun 
said today. 

He told a Press conference 
that Turkey had to find an alter- 
native market because of restric- 
tions Imposed on its exports by 
tbe Common Market 
Talks he held with Comecon 
representatives, at the UN had 
been very positive, he said. 

Tbe EEC commission recently 
banned Turkish cotton .yarn 
exports to Britain. Turkey com- 
plained that the ban was unjusti- 
fied and violated a protocol 
between the EEC and Turkey. 

Talks on Turkey’s relations 
with the EEC are in progress 
in Brussels. 

Reuter 


Oil discount 
confirmed 

By Our Own Correspondent . 

KUVf AIT. Oct 11. 
THE KUWAIT Oil Ministry has 
set Its -fourth quarter price for 
a barrel of crude otl at 'S1&22. 
thereby making official the five- 
cents a barrel discount It has 
been giving its customers for 
the last two quarters when the 
official price was 512.27. • 

The Ministry has. however, 
ended the 15-day credit exten- 
sion, worth about 4 cents a 
barrel, it had offered in the 
second and third quarters. 


£4 rPS#* 


ICC CONGRESS 


^ Ji % 8^ 

i 


An overdose of state regulation 




BY LORNE BARLING, RECENTLY IN ORLANDO. FLORIDA 


GOVERNMENT controls on a better environment' and safer environment 
business and industry, currently products tait an imredible web activity^ 
major issue in the United 


of 


'-r 

j : 




commercial could be found for tbe industry’s 
_ pressing problems such as over- 

of regulations, some of which M. Jean Rlpert, UN Under- tonn aging, the Soviet threat aad 
a major issue w me “*««■“ are contradictory and some Secretary General for Economic participation by the developing 
.States, emerged last week M ine oltfoie{o ... .. . and Social Affairs, suggested world, shipping would be increa* 

most serious concern of speakers « Tbe political system dearly that one means of offsetting this ingly subject to Intervention and 
a t the International Chamber of neds better devices to get regu- disadvantage, was for business controls. ... - - 

^ Commerce congress held in lations off the- books, more to make its voice heard at the Similarly, airlines were said to 
ni«nev World. Florida. systematic efforts to simplify outset of problems. be suffering from the unilateral 

Pis ey o io, on ^ jj w an d better routines to Due to the fact that govern- deregulation policy being 

In the US, the success ol. the new legislation into harmony ments had short time horizons, followed by the U.S„ although 
consumer lobby in. forcing a with existing laws.” and 'business usually bad a this in itself was seen by many 

siflood of regulatory legislation The other widely held view longer perspective, more appro- as a positive move. 
; ^.>-tf&hrough Congress has now' was that governments in general priate consultative . procedures Mr. Knut Hammarskjold, secre- ! 

^£a3ja used a backlash of some were wrongly attempting to were necessary and new decision- tary-general of the International ] 

'’•'ferocity from companies which solve problems by controlling making processes needed to be Air Transport Association, was 

• ■see their growth potential business, rather than improving developed, critical of tbe U.S, for falling to 

threatened bv . spending oo con- the conditions under which specific sectors whieb bad consult other nations over the 

industry - operates, allowing suffered from intervention were changes in its procedures, and for 
market forces to move things shipping and airlines, the dele- imposing them oo the inter- 
in the right' direction. gates were told. Both were seen national system. 

There was also general con- as activities in which free enter- The most serious indictment 
cern that the welfare state in prise and private capital played a of governments, however, came 
countries was growing vital role, and in the case of over their intervention in inter 


sumer-dictated requirements. 

Similarly, while companies 
ire being urged to export, 
restraints imposed for human 
rights purposes are causing 


‘ SS imarlMM now “any countries was grawiu* «uu ju uie ui u.w uieir laierveuuon Jn inter- 

resenraenL Few ^anMnsnmv boy( ^ d the opacity 0 f their shipping the rise of unilateral national trade. Mr. Sidney Colt, 



i reality. 

Not unexpectedly, the 


before 


. le legates 

justness 


bute wealth 
— 500 created. 

representing world Mr.-' Cart-Hendrik 
were in agreement secretary general of 


was regulatory system, which was policy, warned that government 
seen as tbe price paid by national aid. to ailing. industries tends to 
Wlnqwist, liner conferences for its partial make a country's whole economy 

^ __ __ o __ the ICC, exemption from the domestic weaker, less productive, more 

mSTSb vie w that governments ^^7 “At the same time as our anti-trust laws. inflation prone, less able to renew 

-''' ire “strangling the spirit of societies are adding rapidly to “This effectively prevents itself and less innovative. 

nnovation in a web of bureau- tbe number of welfare activities, shipping lines from rationalising He also cast doubts on the 
-racy regulation and taxation," -governments are adding rapidly their services and from consult- ability of a new GATT trade 
- >\T)ressed in different ways by to the cumber of obstacles which ing with shippers councils,", agreement, to cope with the 
/iiany speakers. inhibit wealth creation." " according to Mr. Bruce Farthing world’s trade problems and. 

y _ . .... He believed that by doing too of the ICCfc Sea Transport Com- returning, to the question of 

Most market economy intervention,- said: “What 


Perhaps the clearest expres- 


feelhTe much, governments risked doing mission. Most market economy intervention, said: 
bS Zetterberi everything badly and that most, countries regarded these consul- Industry needs from governments 
from Mr. Hans ^tww s ^ Qr no , w0rke d against rations as an essential means of is the -restoration of confidence 
T industry and against the market balancing the interests of users In its ability to provide the con- 


same 

»f Sweden, «***«* , - . , . . 

(ftermath of the. environmenr industry and^against 


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business. With Datapak-B, the commercial 
computer system specially designed by Ventek 
for the smaller business! 

Datapak-B offers a comprehensive 
set of computer programs forming an 
integrated accounting system that can be 
implemented as it stands— -to carry out 
Order Processing/Sales Accounting/Stock 
Recording, Purchase/Nominal Ledger, 
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Datapak-B is based on the famous 
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So put a bit of sting back into your 
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With exceptional equipment like this, 
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nenL h"s “J i?’ VJS TS to." ^competitive,. He aital that unless uuwm not protection end rescue? 





dmfmgamBc- _ 

Odqo v&mteSk 

A TRW AFFILIATE COMPANY 



¥ 


v_ 


1 




[l k I 



require between .£50,000 and £1,000,000 for any 
purpose, ring David Wills, Charterhouse Development. 
. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We axe prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
pretax profits. 




CHARTERHOUSE 


Charterhouse Development, 1 Paternoster Row, S 
London EGtiVI 7DH. Telephone 01-248 3999. 


A PRINTED BROCHURE IS STILL YOUR BEST PUBLICITY 


II von manufacture a product or market a service, we can iie(p you. From 

■ almefc leaflet to a 64 pane full colour catalogue: from 1,000 to 2 ml Ikon copies. 
We've thou nut no lots o« alternative Ideas for publicising goods or servicer 
but In the long run nothing can beat a printed brochure ... for Impact, 
durability, persuasive selling power and, ol course, econ om y. 

100.000 32 page A4 catalogues in full colour for less toon iso each? 

500.000 24 page A4 catalogues with 180 transparencies In full colour 
throughout for only 7.5p each. ■ 

2.000 hiH colour posters for under £800? 

Yes. we are continually achieving budgets such as th re e wbHe ma int a in i ng 

■ very high standard ol quality to the point Where many of oar clients already 
onlay a substantial increase In turnover, our results Drove this. 

Remember, we produce the wnofe package — lull creative studio design and 
artwork, typesetting, photography and modem 4 -colour presses to ensure 
efficiency and accuracy right through to delivery. 

Colour raiders, catalogues, travel brochures, product manuals, glossy 
corporate brochures, stationery ranges, oenten — thov're ail Our business. 

we dim not to cost you money but to make money tor you. as we have 
done tor so many ol our clients already 

II you would like us to do the same for you phone or write; 

Simon Nutt or Michael Norris. BBS DESIGN PRINT. 

194 Cara pd en Hill Rood. London, W.8. 01-228 6632. 


U.S.A. BANK AVAILABLE 
FOR SALE 


Located in New England 

Total Assets $1,000,000,000 

Telex enquiries to 915742 answer back Lofter-— G. 
Reference J.N.R. G.I.C. 


UK BASED 
COMPANY 



having spare capacity . on non-food 
liquid filling semi and automatic pro- 
duction lines, leeks contacts in contract 
packaging to assist with the filling of 
this capacity. The equipment is capable 


of S million units per annum on boedea 
and cans up to I litre capacity. 

Write Box G.2611, Financial Times, 


10, Cannon Street, EC4P 4 BY. 


EXECUTIVE BUSINESS 
CARD WALLET 


The business gift which will be 
retained and appreciated. Printed with 
your company name and logo on 
cover. Indispensable for any business- 
man. professional, etc. Holds 96 cards 
in individual pockets for stay refer- 
ence- Ideal Xmas gifts for your 
customers— delivery ex-Mock. 


RABEN -CHRISTENSEN LTD., 
Foundiy Lane, Horsham, Sussex . 
Phone (0403 ) 69696 Telex 87636 


HOTEL INVESTMENT 

LONDON 

HOTEL AND CATERING 
COLLEGE WITH ITS OWN 
LANGUAGE 5CHOOL, 
TRAVEL AGENCY AND 
EMPLOYMENT AGENCY 

Seeks to Join with major investor or 
group of investors from Middle East 
In Joint venture for the purchase of 
London hotel. Management team and 
excellent pool of trained staff. Prin- 
cipals and Arab Banks— for. details 
write Bos G.2728. Financial Times, 
10. Cannon Street. EG4P 4BY. 




THE SMALLER 


Kit, mil 


For further information contact; 
K-Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings* 

E. Sussex. 

Tel: 0424-430824 


ENTREPRENEUR 


with first-class track record wishes to 
acquire interest in soundly based 
established business seeking to expand 
or pursue new venture. Substantial 
fundi available. Control not essential 
but »em i-rctrvB participation. is 
required. London location only. 

Write to Sollcltart In lint Instance, 
Bex G.2707, Financial Times, 

10, Cannon 5trert. EC4P 4BY. 


FINANCIAL COURIER5 PLUS 
Financial and Commercial In- 
formation promptly delivered, 
explained and implemented, 
where necessary. Confidential 
Worldwide Service by’, highly 
Qualified Personnel. Write Box 
G.2739, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


UP TO £15,000 AVAILABLE 


and 2/3 days per week from 1 
experienced and successful 
management executive, for 
investment as partnership. N. 
London, Home Counties. Herts. 
Beds, Bucks. Write P.O. Box SI, 
Harpenden. Herts. AL5.5PY. j 


LONDON, S.W.1 


Company to offer exciting, new. 
and very profitable service needs 
to .match existing commitment 
of i£2QjOOO to cover first years 
investment. Complete integrity 
and highest references essential. 
01-730 9958 ext. 14. 


BUSINESSMAN 


with In elan admin, and management 
track record teek* an opportunity to 
set up and manage a retail /distribution 
brunch or agency in Central Glasgow. 
If your products or services can 
compete with die best, now' is the 
time co expand. Interested f 
Write Bat £7.2472, Financial Timet. 

10. Cannon Street. Ei C4P 4 BY. 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 


For roof repairs, floor and wall 
protection or durable decoration 
there's nothing to maech our uniqui 
range of liquid plastic coatings. 


PLASTICS AND RESINS LTD. 

Cleveland Road, Wolverhampton ' 
WY2 1BU. ’Phone 0902 53215 


M 


II Jjii, 


THINK BRIGHTON 1HARINA 

20-year berths now available 


Hie Brighton Marina Company are now 
offering a limi ted number of . -20-year 
berth iicences. Put down 10%-- on appli- 
cation and the balance on completion. 
Personalised credit facilities can also 
be arranged. Ring Geoffrey Gilbert or 
Peter Foulsham on Brighton^ (0273) 
693636. 


Brighton Marina, Brighton; Sussex 


Brighton Marina 


Can we help? 


350 efficient well managed, workers, highly 
successful in their seasonal business, seek 
out-of-season activities October- March, 
especially pre-Christmas, at very low prices, e.g. 

* Light assembly work * Packing . 

* Sorting/collating * Mail-outs 


P3 DTD EmestShenton 

nnr Photo Trade Processing Lid, 
Argyle Way, Stevenage, Herts, SGI 2AR 
Telephone: Stevenage (0438) 4461 Telex: 923427 


A quoted public 

PROPERTY COMPANY 


Is interested to acquire the shares In a private property com- 
pany either for cash, or a share exchange. Please write in 
confidence to: The Managing Director, Box G2715, Financial 
Times, 10 Cannon Street, EC4P 4BY - 


LEICESTERSHIRE/ DERBYSHIRE 
BORDER 


Adjoint Cattle Donlngton Motor Circuit 
Derby 10 milt i. Nottingham 1 2 milt*. 


OF MAJOR SIGNIFICANCE TO 
THE LEISURE INDUSTRY, A 
MAGNIFICENT HALL OF THE 
GOTHIC REVIVAL PERIOD 
Six converted mews. 2 further cottages 


f I lot). DttrMrk and woodland. 
370 acres or thereabouts. Freehold 
jsr sale with rseint pomaien as a- 
whole or hi lea. 

Details 

HUMBERTS 

Leisure M an agemen t Dept. 

6 Lbicoln's Inn Helds, WC2 
01-242 312! 


PARTNERSHIP AVAILABLE 
FOR PERSON WITH 
PLEASING PERSONALITY 

Good appearance and address 


Willing Co arsvel. step in and take 
a hind, 


Young enough hi heart Co learn In 
return for ample salary and share of 
pmfica. 

Investment at £15,000 required. 
Plena* reply to BoxG.1939. 
Financial Tunes, 

1 10, Cannon Street. EG4P 4BT 


USA and CANADA 


We are advisers to PaMic and Private 
Companies considering aocpanskm - 
through Acquisitions, Mergers, Fran- 
chises or Licences. A complete lervfce 
Including market reteaidi, investment 
areas, ffqanctntf, tax and legal asrist- 
■ ance, is available If required. We have 
associated offices In all major cities 
in North America and Europe. 


MYLGROVE. LIS. 

30 Berkeley Hoove 
15 Hay HIH, London W1X 7LG 


IiifhiTmTljBUaii 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 


Are you obtaining the ben price for 
your low-mileage prestige motor -carl 
We orgenriy require * Rolls-Royce. 
Mercedes, Daimler. Jaguar, Vinden 
Plas. BMW. Porsche. -Ferrari, Mas end. 
Lamborghini, Jensen ' Convertible, 
Rover, Triumph and -Volvo cars. 
Open 7 days a week 
Collection anywhere la U-K. Cash or 
Bankers' draft available; Telephone ua 
for a Hrm price or our buyer will call. 

ROMANS OF WQjCjNG LTD. 
Rrookwood (0486?) 4567 "v 


MIDLAND MARKETING 
ORGANISATION 


Lang erablished company successfully 
marketing - industrial minerals, build- 
ing products and abrasion resistant 
media desiring to broaden .its operat- 
baae would be interested in 


UNIQUE 

FACILITIES 


Sub-contract work urgently sought by 
West Midlands company. Capacity lor 
wood turning and first-dim Joinery, 
for bar and chuck auto woric. imiHtPg' 
drilling, boring, grinding and Assembly 
including epoxy coating and other 
finishes. Pram work and welded Fabri- 
cations ikso sought. Small or large 
batch work. 

Write Works Director. Box G.2744. 

Financial Timet. 

. .10. Cannon Street. EC to 4BY. 


PROPERTY FIRM 


LONDON BASED. 

£+im Cash- and- Realisable - - 
Investments 

Chairman would like to meet suitable 
firm with reference » a joint fiosacioo. 
Write Box G.2706, -Financial Timet, 
10. Cannon Street. EC4P 46 Y. 


CONTRACT FURNISHING 

Five - year - old contracting 'company 
working In the Greater London area 
requires an injection of '£10,000 
capitaL To ensure stabiUtyvfoHowing 


a hesitant start. A Diredorshi p 
erade or financial, and ihart of equity 
agreeable. Pinna respond iiL.’the first 
instance to Box G.2733. ^Financial 
Temes. 10, Cannon Street, EC4P 4BY. 


WHOLESALE LIGHT HAND-TOOL end 
Machine Accessories business Long 
established. Annual Turnover £150.000. 
Lewin. Atkins '• CO.. Chartered Accoun- 
tants 01-450 6617. 


IBM ELECTRIC 
TYPEWRITERS 


Factory reconditioned and guaranteed 
by IBM. Buy. save up co 40 per cent 
Lease 3 years From £3.70 weekly 
Rent from £27 per month 
Phone: 01-641 2365 


DIRECTOR required lor New Engineering 
group holding omoanv Excellent 



qutred. tilth -15% return, fully secured. 
Ideal rax situation lor Investor. Tel. Mr, 
Sparrow 01-549 6660. 


INVESTOR REQUIRED to provide a 60% 
mortgage on luotoantial freehold pro- 
perty hi London. £150,000 required 
over 10 rears. Tel. Demon A Co- 01-549 
9797. 


CAPITAL OF £17,000 REQUIRED to 
finance Final stage Of new restaurant In 
Ealing. W.5. Please leienhane 567 3568. 


Business and Investment 
Opportunities 
Businesses ForSalc/Wcmted 

I Everv Tuesday and Thursday I 


ATTENTION! 

ENTREPRENEURS 

IT you are seeking finance 
for your projects, we 
may be able to help. 
please contact 
VENTURE CAPITAL REPORT 
2 The Mail 

Clifton, Bristol BSE4DR 
Telephone: (0272) 37222 
for further information. ' 


LIMITED GOMPJtlilES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
. COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
30 Oty Road. ECI ’ 

01-628 5434/S 73 61 9936 


" EAST AFRICA . 
Business man shortly working In 
East Africa willing to act as 
Agent for new or established 
businesses. • 

Write Box G.2743.;. 
Financial Times, -■ 

10. Cannon Street, EC4P 4BY. 


PRIVATE 

first mortgage 

15 YEAR REQUIRED £45,000 
ON MODERN INDUSTRIAL 
UNIT VALUED AT. £65,000 

Write Box G.2742. Financial TJmw. 
fO. Cannon Street. ec4p. 487- 


Rate: £16 per single column centimetre. Minimum . 
3 centimetres. For further information contact: 
Francis Phillips. Financial Times, 10 Cannon Street 
EC4P 4BY. Telex: 885033. 


AUSTRALIA 

MARKETING CONSULTANT 
Visiting Melbourne. ‘ Sydney, 
Adelaide & Tasmania in January, 
would welcome assignments— 
anything considered. - - 
Write Bax G.2743, Financial Timet, 
10. Cannon Street. E C4P 4BY. 


PLANT AND 
MACHINERY 


GENERATORS 


01-248 4782 & 01-248 5161 


SUBSTANTIAL FUNDS 

Available for investment in 

PROFITABLE COMPANY 


Over 400 sets in stock 
lkVA-700kVA 

.Bay «riio4y Iron the m mtf aeturer* 
with full ilnr^dM unict 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


FINANCIAL TIMES 

EUR0PES BUSNESS NEWSPAPER 


VIABLE NE.W VENTURE 

IN ELECTRONICS F!BJ> 

Writ# Be* G.2482, Financial Timet, 
10. Canaan Street, EC4F 4BY. 


GtHE*ATOW Irpm Genenrx Umlfed. 51*** 
from 2 KVA to 4.040 KVA- Now and 
Until. «! guaranteed, ai keen*** outer 
Tri . Waronw (473 522) MM. ToWx 
■48537. 


Any thriving competitive business ' 
seeds a thorough knowledge of the 
competition. With speed and accuracy 
Jordans can supply you with the 


.General Reports ’on Company Files 
FullCompanyEeports 
Copies of Specific Documents 
Latest Filed Renort and Accounts 
New Company Information 
So why hot Join the competition - 
contact Bruce Hannah on 01-253 3030. 


AN EXCLUSIVE FIVE STAR 
MORTGAGE PLAN FOR 
PROFESSIONAL PRACTICES 


* Up to 50% ofMortgage' Valuation 
sjc 15 year period 

Tailor-made repayment programme 

* ‘Interest Onl/ period available 
^Competitive rate 

This is just one of ihe many financial services wepremete ; ■ 
to both Pnhli c and Private oa mg a aii ei as wdl a tl» 
fndiwdtBiL 

I mh rt h eTT^mn a doaomlBa: • 



“TAX -FAGTS” 


( Incorpo r at in g Rtunu Act 1971) 


Arc you aware and taking advantage 
of all claims, nwinptrani and cIk- 


" Tax Fact! ” d i 40-page booklet 
specially lor. b mines* taxpayers. writ- 
ten in layman 1 ! language by > former 
Inspector of Taxes— (iow a foil-tint 
Tax ComalcarK. lt explains simply the 
main principle of Income Tax. C.G.T.. 
C.T.T., V-A.T. and Corporation Tex. 
It Includes many easy -to- follow charts 
and tables. 


“Tax Facts" is £1.50 port free 
from Dept. 2, Mistsave Ltd., 5 
Buxton Road, Hazel Grove. 
Stockport. Cheshire. SK7 6AD. 
Tel. 061*483 2703. 


SOUTHAMPIflS 


■Where good '**■ connections w ire 
important we can provide; . 
Telephone, Mail. Telex, etc. 
Every, business and .secretarial, 
service. Details froffir. 


MARKET FORE 


(Services) • 

65A The Avenue. . : ; 
Southampton SOI 2TA. .; 
Tel. 38267. Tdeic 47527 


“F0R SALE”RIB 


WELL ESTABLISHED NON-FOOD CASH & £ARHY 


WHOLESALE BUSINESS IN LEICESTER 


FOR SALE / 

• Main Trading Iitems: Toiletries, Toys, Novelties 
Freehold Warehouse over 10,000 sq. ft 
Substantial stockof fast-moving . items 


Interested parties please contact Box G.2732 
Financial Times, 10, Cannon Street, EC4P 4BY. 


OLD ESTABLISHED SPECIALIST 
CONTRACTOR WITHIN THE 
BUILDING INDUSTRY 


Profitable annual turnover in excess of £1.000,000. More 
than satisfactory order book. Freehold premises. Write 
Box G.2731, Financial Times, 10, Cannon Street EC4P 4BY. 


FOR SALE 

Non-ferrous foundry and 
machine shop. Turnover 
£200,000. Location "near 
Guildford. Lease 20 
years. 


Privcrpabs only reply: 

Box G.2717, Financial Times, 
10, Cannon Street, EC4P 4BY. 


PROFITABLE LEISURE 

Rooll, Wchoical manafoccurinr earn- 
pony with T/O J in it Hon a tar Ian 
2 fon. ExceKant export, and nki 
tmneraicts. a cock £150,000. Grwwch 
proopoett; Rnanei available. Principal 
only to Box G.2740, Financial Timet. 
' 10. Cannon Street. EC4P 4BY. 


URGENT DISPOSAL 


GEAR BOX MANUFACTURING 


Marine and agricultural markets. 
Sales £500 /WO pj. Modern 
factory and machine shop. 
Diver ca Led.. 4 Bank Street, 
Worcester. Tel. 090S 22303. 


ELECTRICAL RETAIL 


Cash and carry chain with annual 
sales £4 million . and assets 
exceeding £750,000,. Genuine 
principals only. Write Box 
GJZ736, Financial Times. 10, 
Cannon Street. EC4P 4BY. 


CASINO 


Luxuriously fitted out and 
profitable casino in Midlands for 
rale. Replies.' From principals 
only, treated in strictest confi- 
dence. Write Box G27I0, 
Financial Times. ID, Cannon 
Street. EC4P 4BY. 


LONDON-BASED RETAIL JEANS 
BUSINESS 

Prejene tumonrbr exceeds £370,000p.*. 
Audited profits 40?, grow. Complete 
management available-. Offan in tbe 
region of £68.500 pfus Mock at value. 
Genuine and urgent reason lor tile. 

Write Bax G.273B, Financial Timet. 
10, Cannon Street, ECfP 48 Y. 


grit blasting and 
COATING BUSINESS 
• FOR SALE 


Offert an iiwUed for. die pure hue of 
valuable freehold prrnn'net eampriring 
52.560- «q. ft. including buildingi, 
yard and omen. Well eetobllahed 
bu tinea* with good forward order 
book. £110.000. North Wore Are.. 
Write Box G.2729. Financial Time,. 
fO. Cannon Street, 6C4F 4BY. 


FREE HOUSE/RESTAURANT 


Sutrey /London- borders. Free- 
holds for sale. Well-established 
trade with exceptional scope. 
Capital commitment £225.000. 
Prlncitah only write Bax G2719 
Financial Timet, 

10 Cannon Street, E CAP 4BY. 


AGRICULTURAL MACHINERY 


SOUTH 

MANCHESTER 


Buoyant established Bridge 
Club. Licensed Bar. Full Plan- 
ning Consent. Premises and 
Equipment for sale as a going 
concern. Q6.000 ojv«. 


Manufacturing . company with 
sales of £1 mjllion predominantly 
in export markets. Freehold 
factory. Principals only. Write 
Box G-2735, Financial Times, 10 
Cannon Street. EC4P 4BY. 


LONGDEN & COOK 
60.‘ Fountain Street, Manchester 
Tel: 061-833 9981 


BUSINE5S FOR SALE 

Mbnertending/Ftauic* 
Company . 

Situated, in North of .England 
Good Growth Record 
Principals .only 





Well-connected Jewe?^J 

located in large German Ggr Jo-ixh - 
sol d 

vtvr family rffasoos a reputable Jeweife^s shop •• • 
witii an annual turnover of DM 9: to' I© 

*Xe premises are located in ond.^iE' the; best 
shopping areas of an I mportant Geniuui . 

Written a pplic a ti ona, ^ supported by a ^ banker's . - 
reference to cover DM B mUlwa, ^MioixMi: be. .. 

addressed to: . ; 

D . Lisersche VennBgensve^waltun|s-Gmbfi, : .. ^ 
Boulevard Priricesse Cbartotte 21, itonte. , Carlo, . v :v’- 
Monaco,. • -T-3 


do 


’CONTINUING EXECUTIVE PROGB&mjt 
ao an GRAMME FOR BUST. MANAGERS 


A programme for rust KAA»J(GERSM 

Tfc- Continuing Executive Programme is based-aroui»d 
.«!»"» « th. School tonllinj ,«.«.!« end 
the period February to December 1979. - r 

The Programme covers _ a comprehensive ranfte.^ nw^^^ 
subjects, arranged according to the need* of mdivldiial paroopj^ 
with oart of the programme devoted to problem* brought by 
oarti ci pants from their own place ofwort Thr risourcespf.tb,' 
Chool are available to participants* throughout the year- - 
T^il Programme will appeal particulariy to the busy -manager 
tab responsibilities make it impossible for.-hun to= spare 
a week or so away from his comfrany at any onetime ' 


■ vy-gk or SO away Trom nrs company at auj ontviw. 

The London Business School was founded-in 1965 1 with 

and business support to provide a '... centre of- excellence* ^ 

“ j;.. . Tli, tanrhina atlH MtHrrh Farulhi 


and Dusmesa ‘-kh- - ~ i - , ------ joiv 

management studies. The teaching and research Faculty nun^j; 
ninety and more than U00 participants attend programmes * ^ 

School each year. .. - ' : • • - ' 

Brochure and further details available from: • . . .-. A 

— V rmrinn Dlrectoc of Marketing, -. -;VL 

T LXinaUIl London Business SchooT, .f^v 

BUSHTGSS Sussex Place, Regent’s Park, w 

cohonl London NW1 4SA. . . 

I OCnOOt TeJ. 01-262 50S0. ** 


BRITISH BUSINESSMAN LIVING IN ISRAEL}? 


janw experience of the locaS mariuris Invites wJw» to Join turn . * 

Smt or arrive partner to either or both of two oarstanrilnH projects for BtoJ ik r ^ 

° m ar^t I n rfw food and drink Beta, projected profits tn boa ewe’w* \ j I s 
^SisToI not “ess than VS. Si nrinioo. jper. annum wltWo S reari, m.«£- ; \ l I ' 

^xtoHeni rta^ tat this may be oSdtly eJonWod U ta bua ■ 

developed successfully. - ... 

The will fin »ocl a g Id each case la not more taa CTS. caafe in# l\ j* 

local siandbr credit guarantees ol maxim ran of; another U-S. SMM.0ltt. y..n y-. si* 

Up -to 50% equity" Is available asalunt financial .31x01008 
tenons businessmen who want both 4btrshww in lsrael at J sm 
apabiUtr to invest nol less than U Jl. S1W.000 should ref«y. :j,; 

if vau are ready to conclude negotiations rapidly for the right nnwilullr.- Or 
A dvemser wUH be In London Cram Sunday, 15th October for 7 dan and i^ 
ready to meet with you. j -.- .Vi 

Please contact: Mr Newman, nf Newman * Fanners. 0W28 Tia or rtnr iut 
0409 or P.O. Box 4117, Jerusalem. fsrieL-. . . A*' 


REGINA INDUSTRIES LIMITED 


Victoria Road, Stoke-on-T rent ST4 2HX. 
Phono (0782) 23217/8. Telex 36410.- . 




Contact us for all your thermoplastic . moulding roquinm^t 
especially if you have moulds of your own. Shot capacity:: 
(polystyrene). Platen sizes up to 400 x 600rnih. 

Over 25 years experience of wo rising 24 hours pw day- . 


Contact Mr. E. BEARDMORE, SALES DIRECTOR.' 7 - 


OR SALE 


de 


V . OFF®RS ; , ; 

iNvfm> 


MAILING 


for old established UJL com- 
pany with assets over £400,000. 
Manufacturers ' and ' contrac- 
tors in all applications of 
Refrigeration^ Catering Equip- 
ment, etc. . 

Write Box G.2697, 

Financial Times, 

10, Cannon Street, EC4P 4BY. 


Folly mochanfsod for wrapping jnl 
mg, comtMftor-addresttaAVjamqjtl 
and deapMdi of - Jocrmft,; *.^tw'-' 
reports, aceoupa, qompaqr: OifoW 
•«c. Tamevtr £200.000 ■ M*' 
■profit £30.000 plus ptt'hifoo.i 
Controlling. iharehoHfl t* 
eomider oiririgla ’ ialt ’dr ramfoi®. 
wHA gradual acqghhioiir 
years. Principal* only *bpir avi - 
instance tit writing to aw* 
solicitors: TT* 


Arin. Aahctem, 99 ,AI4*1& 
London WC2B 4JF. RrterenaTB 


BUSINESSES WANTED 


MANUFACTURING COMPANIES 

required by expanding private Group In the following 

activity: -■ 

HOUSEHOLD PRODUCTS; PLASTICS; TOILETRIB; - 
COSMETICS; SOAPS; DETERGENTS, ETC / • j. 
Distributors of such products would alsa .be of interest; -r 
We nave ample funds available for Immediate .investment anjf} 
would be able to arrange purchases in the form most suitable; 
vendors for personal and tax considerations. 

We are initially interested in. companies iocaud in the North Wi 
.or England and with annual turnover in the range of £2SbSX&. . 
.£ 2 m., current trading profits not essential. \ ’ “ -■ 

Please reply, in the first instance, to our Accountants, -M*u 
Morris. Kanas. Feldman & Co., Chartered Accountants. 86 Prinb 
Street, Manchester MI 6NG, indicating broad details of yc 
company; 


PRIVATE COMPANY" WISHES TO ACQUIRE 
COMPANIES IN THE FOLLOWING— '• 
OR ALLIED FIELDS 

.- lotemal telephones, fire alarms, burglar alarms. Telepbon 1 

“T s f nng i t public address » time recorders; Pocket pagin? 
mobile radio. 

-.We- ?re interested ia either oompazues as a goiiig concert 
25 ?. 0ne L Particularly companies that are in flnancia 
i? er a receiver has been appointed, or tfr 
sbareholders would part with control in cxchang 

for a snbstantial injection of funds. - 

ilepDes treated in strictest confidence. • Vi 

£ ox G-2727. Financial Times, 

Cannon Street, EC4P 4BY. 


?) 

If 


CASH BUYER 

Seeks minimum 75% equity of business generating £30^00-£80£ 
pre-tax as confirmed by audited accounts and forecast. Essen* 
that operational management available. Preference for.farr 
industry in S.E. but manufacturing with good exports also « 
sidered. Principals only send full details by end October, < 
November consideration. To Box G.2707, Financial Times. 
Cannon Street, EC4P 4BY. 


ACQUISmON WANTED 

private company wishes to acquire , business wit! 
successful management team in or near Londoti 
Principals only. 


Write Box G.2734, Financial Times, 10, Cann or . 

Street, EC4P 4BY. . . 


TAX LOSS COHPARY 


Writ* Box G.274), financial Time*, 
10. Cofllwn Street. EC4P 4BY. 


Wanted — property investment 
company with, agreed capital- 
gain*' tax losses of around 
£ 1 BCyXKJ. Write- _Box G .2737, 
Financial . Times. "10, Cannon 
5treei.£C-4P:4B.Y. 


' PRINTING COMPANY . v 
REQUIRED IN v. ‘ , 
SOUTH EAST ENGLAND . 

Large .. print ; liter . red^ 
medium-sized; printing com pa 

.exhting managemenc .refino - 

Write Box Gl7'3fl'. Finin' 
Timet, ID. Cwnon SwMV 
4BY. \ 


</:■■■■ -• 


^Xii-r'rr^ 























**en erv 



financial Times TbursdStr Oefofcer 17 197? 


HOME NEWS 




Show plea 
to union leaders 


BY ARTHUR SMITH AND KENNETH GOODING 


. *■ ■■"■ft. ■. 

^ f ir; _ ’■■■-, 

-t 


■ ■»• ” 



UNOFFICIAL STRIKE- action by 
300 electrici a as could have z 

potentially disastrous" impact 
on the international Motor Show, 
scheduled to open in Binning- 
biun next week, the organisers 
warned last night 1 

Hie warning came after the 
Society of Motor Manufacturers 
and Traders (SMMT) had 
revealed that- It is spending 

nearly £2in to organise uiitl pro- 
mote rh« show and that it needs 
to attract at least KKWJQO visitors 
to break even. • 

Mr. David Genr, deputy 
director of the society, said that 
continued industrial disruption 
raised the issue of whether it 
was worth staging a motor show- 
in the UK at all. 

Ahout 1.400 v orders, whn 
assemble stands for the show, 
staged an .unofficial walkout 
yesterday lunchtime tn pursuit nr 
a national pay demand. . An 
*' unspecified number " of similar 
half-day stnppaaes. arc planned 
during the build-up to the show. 

“This mu id create serious 
problems but would not of itself 


prove disastrous," Tllr. r Gcnt said 
last night. Far more serious was 
threatened action by 300 elee- 
tn cians who are crpected to meet 
today to consider a total strike. 

Sir Barrie Heath, president of 
Uie SMUT, has sent- tejegrams 
urging personal intervention by 
leaders of the two unions 
involved in the unofficial action. 
Sir George Smith of the Uijion of 
Construction and Allied Trades 
(UCATTl andMr.Frank-Chapple, 
of the Electrical and. Plumbing 
Trades Union. 

Mr. Gent said that considerable 
activity was taking place ‘'behind 
ihc scenes" to prevent a con- 
frontal ion. 

Unofficial leaders of" both 
unions are seeking consolidation 
into basic pay of a daily attend- 
ance allowance worth £5.80 a 
week. 

The exhibition workers' tradi- 
tionally choose the motor show 
to focus publicity upon, pay 
claims. The men willed under 
a national agreement in. July hut 
are unhappy about* the* Govern- 
ment's 5 per cent pay guidelines. 

Threats similar to those now 
posed became a famHfar feature 


of the motor show when it was 
held at Earls court, Loudon. The 
National Exhibition Centre, 
staging the show for the first 
lime, has so far escaped serious 
industrial disruption and claims 
all exhibitions have started on 
time. 

The outlay of Elm by the 
SMMT on the show includes 
£100,000 for bus services to and 
from ofT-stie cur parks, £107,000 
i'ir a pedestrian bridge over the 
railway line which may be 
needed only for a few hours at 
weekends. £75.000 for . a tele- 
vision advertising campaign tn 
run for a week from next Mon- 
day, and £30,000 on road signs 

up to 7(1 miles from the 

exhibition centre. 

On tup of that!. Lucas has spent 
niori- than £1100,000 on a new 
permanent Press centre. 

Mr. Bernard Scott, chairman 
of Lucas, said yesterday that he 
would be surprised if the show 
did not attract lm visitors. 
There are some hopes within 
the motor industry that the 

1.34m record attendance at the 
Frankfurt show might be 

matched. 


British Airways plans £334 
return fare to Australia 




USIRIES i 

S'-- '>r_ 

£. 7* -I 3,34 


• • 5s: 1 


BY LYNTON McLAlN 

BRITISH AIRWAYS plans to 
launch a new cheap fare of £334 
return between Britain and 
Australia, compared with the 
present cheapest fare of £450. 
will depend on the outcome of 
imer-Govemment tapes to .be 
held in London next month. 

Mr. Peter Nijron. the Australian 
Transport Minister, opened the 
way for cuts of up to one third 
in air fares between the two 
countries during a speech to the 
Canberra Parliament. Permission 
to apply for cuts would be given 
only to British Airways and 
Qantes. the national carriers, he 
said. 

The latest move towards low 
cost international Rights came 
after a series of protracted. 


negotiations with Britain which 
started last year. Farther meet- 
ings took place in London in 
January and in Canberra in 
August 

More meetings are- planned 1 ' at 
ministerial levels and Britain's 
Trade Department said there was 
still a long way - to -go before 
specific fare levels could be 
agreed. \ 

The proposals -have -already 
run into stiff opposition ■ from 
countries along the route 
between Australia dm) the UK; 
Singapore expressed -its concern 
at the end of last month when 
Government leaders' protested 
about the low fare moves -during 
talks with Australian - trade 
officials. ..... .-r-v- 


. E 


Australia will have to reach 
agreement with intermediate 
countries including Singapore 
before the proposed low Fares 
come into operation. These 
talks may take several months 
and will lead to further talks 
belweeo the British and Austra- 
lian governments . before a 
formal agreement could be 
signed. 

The next step is Tor Mr. Nixon 
to visit London in- early Novem- 
ber when specific fares may be 
discussed with Trade Depart- 
ment ministers. Once there is 
agreement, British Airways and 
Qanias will have to apply to the 
Civil Aviation Authority and the 
Australian civil aviation agency. 



New fault 
found 
in Severn 
Bridge 


By Our Own Correspondent 
i THE Department of Transport 


Dublin Minister 
admits meeting 
top Unionists 


BY STEWART DALBY 


DUBLIN'. Oct 11. 


MR. MICHAEL O'KEXNEDY. the turning its attention towards the 
Irish Fureign Affairs Minister. North. The issue has been 
• confirmed > csicrday that yet ■ ha-» admitted that he ha* been simmering since last February 
(another fault Las been found in jtoni acting prominent Unionists when the Prime Minister. Mr. 
(the Severn hridge — this time in ' in Nurlhern Ireland over several .lack Lynch, made a speech 
the haneer cables, the vertical jnff'nih*. calling fnr British troops tn wilh- 

: cables supporting the traffic deck. His Department said today draw. This led to a period of 

that lh*> ! nfi»rmal and secret strained relations with Britain, 
talk* did not mark a new But no Minister of nore has 
initiative on N'orlhn a Ireland h : m-e ■''inimmied. The concensus 
by l he Dublin Government. among observers was that Mr. 
The talks "ere merely ex- Lynch'-- Government wanted to 


! Only This week, traffic lane 
; restrictions were reintroduced on 
! the bridge tn allow repairs tn 
;anU where necessary, replare- 
men i of expansion joints after a 


trouble- free period nf only four! plnratory. said the Foreign wail for ih? result of ft British 


Insider dealing ‘should be 


WA! 

COHIf.iCK 





BY ANDREW TAYLOR 


.■s' 


vamted 

com* 



. INSIDER DEALINGS ' should be ally available and wps 'price- restricts the passing tif informs 
. » citomal offences, says sensitive.’ tion and prevents share dealings 

■ In'duST B« £ rtSLftffiu" “ The' f roilbi.ln/^W -Iso 

•5ffi58ssa“ d u cSu!r m, "S’ i°“p£ ^r raH> « k T« „ 

vuu ‘“ eBUSe . marlly intending to make a The wuncil supports the Stock 
injustices, ““gt or avoid a I ss ! ,i Exchange's recently published 

In its first major jurticy state- ^ 0 J£ c f n r model code for directors dealing 
ment on insider dealings the JJJhliltiim cduld cause injustice' in ' securities. This recog- 
counctl says that: It would be an & ,ndiv 35 aTcas el™ J nises that it is desirable for 

■advantage to have such dealings w ca * es - directors to hold shares in their 

branded as criminal, this would The council adds that legisla- own company although they can 
in itself be a strong deterrent, tfon -hould not restrict institu- be regarded as insiders when 
But the formulation of. a criminal tions from taking an active they have more information than 
offence presents great anB cullies interest in companies in which can.be published, 
if desirable activities .are not to they' "invest funds. Neither But the council says a distinc 
be frustrated. . . should ■ it- ■ prevent investment tlon can be drawn between 

, Us definition must he wide analysts from fulfilling a useful general and specific information 
^enough to catch the vanou. j-ole and making legitimate Directors, unless their com- 

'inquiries. They and the com- panics have a more stringent 
sible but should discourage pan ies which they investigate code should follow the Stock 
directors holding 5harcs in their s jj 0U jj observe the normal Exchange model. 

share- P^hrieties in handling confl- • a director should not deal In 
j — — -* price-sensitive his company's securities on short 

term .considerations; 

rhev are investing. It says that to a limited extent. • a jJ irector r should not deal in 

It must catch the miscreants this field is stiready covered by SjLfJJJHM.; 

but not penalise those engaged in statute law, the Take-over Code 

useful activities. and^ocif Exchange W »s iTd& a, ^,u“W , r 

Benefit The CSI ro that the 1W7 fgj “ 5 th°e f t™ 

Thp r-nnocil eavs it is examin- Companies Act already restricts d, e announcement of the com- 
»n- the extent ‘ tn which the directors ^dealings in share p a0 y* s ' annual and half-yearly 

•P** Lni 1 !» whitp Panpr opt ions and insists that directors resu !t» 

.'’h a trees in Com pan v Law. has and shsireboldere holding 5 per The council’s statement also 
succeeded in reconciling these cent 018 B bares must p rov jdes a broad guide for those 

differences reporl ® Qy de ?lf B S a ,a thelr who might be regarded as hav- 

, d „t int , company s secuntaes. ing privileged and price aensl- 

,JI, rs s ^ re SfltSnSSi'X Wfc U- Take-Over Cede tire Stfenuati.e. 

irsani^atiori buys or sells a ; — * — r 

security when knowingly in 
josressinn of confidential infor- 
nation which is not generally 
i variable and which is 1 price- 
sensitive.’ _ . . 

" it is contrary to good bust- 
less ethics that a man holding 
i position of trust should use 
■nnfidenhal information for his 
jersona! benefit. 


interest institutional rientiaJ • and 

holders and others are expected . aufl 

to show In companies in which ini0fn, a«o»- 


Report questions value 
of London orbital M25 


BY PAUL TAYLOR 



Such dealings are also unfair GREATER LONDON COUNCIL officers, says that steps must be 
o >he pere»n dealina with the is told in a report that com- taken to ament companies 
nsider and damages confidence plotion of most. of ■ the lSOflule muring ou* of tnaer lM idon on 
n the" sec? i lilies market. . M^5 London orbital motorway in to the fringe of the M25. The 

•■There S a positive duty to four years’ time could proce a motorway, it adds, wgl ‘ncre^e 
,i setose relevant information “ mixed blessing” unless roads thvae«d 8 

nri if ihp individual has suPh inside London are improved. improvement programme id 

i 1 SSS ™?3 report on likely Lonto wbich the GLC vents 

■Hi’disclose. be should not rteal " effocB of the £527ra motorway hern 

The council says that ii should on iransptirt and industry round • Mr. Gnidon Ridley has dbco 
.. ni^SSSSlJSSSkf Regulations Londun was presented to .the appolMed GLC director of plan- 
n some other countnes-“ to GLC planning and commumca- mng and transportatfioD. He wtl 
stablSh that the individual tioni poHcy committee yester- 

new that he was engaged in day. It goes before the full coun- road system. Mr. Ridley was 
• roSg-doing^ and w*i war? that oil for debate, next week. formcaiy the council’s chief 

: be mforSItion was not gener- The report by the wuaoU'f traffic engineer. 



BALANCE OF PAYMENT? CONTRIBUTION OF NORTH SEA OIL AND GAS 
• (£bn at 1977 prlwsf) 


on md pi told, «t equivalent Import value 

Imports of foods Mid lerdces dtrecdy 
for the programme 

Intemt, profits and dividend* due oyenee* 


7977 797* 7979 79M 1987 7985 

45 5.0 &8 8-7 9.7 10J 

(O) (5ff) (7J) (8.4) (9-4) (100) 

U 1-1 W' 0-9 ' ®- 7 

(U) (1J) (U) (1J1) (0-9) (0^) 

0^ Off W IS 2J Off 

(Off) (Off) "(U> 0-9) (W) (U) 


Net contribution to the qirrerrt account 
Net affect on capital account 


2.9 

(2.9) 

1.3 

o.l) 


3.2 

(3ff) 

1.1 

0 - 0 ) 


4 S 

(4ff) 

0.9 

(0.9) 


5.7 

(5-S) 

Off 

(0.7) 


L 7 8ff 
(6S) (8.7) 

0.1 . >-0.1 
(Off) (-02) 


Net effect on the balance; for official. financing 


43 Sff 4.1 « S-S 

(3.9) (4ff) (Sff) (M) (4-9) . (7.9) 


Lnt r«rt -tinww w. i» b«ckrtT t ***** ■* . 

— . , j !_,- t n : ait and bos production will be lew over the next few years, 

M 'SLSrT^ SSTSFSZ KSV-f-Of » «w Tr-^nr . 

publisher yosterday ..‘In Ha mqntWr femomk Pi rofre* lUport, . .. « 


MR. HUANG ni'A. the visit- 
ing Chinese Foreign Minister, 
calling on the Prime Minister 
yesterday. He also held his first 
round of talks with Dr. David 
Owen, the Foreign Secretary. 

These are to be followed by 
a second round today. Judg- 
ing hy the goodwill already 
established they are likely to 
go smoothly. 

Mr. Huang attended a lunch 
given In his honour by the 
Slno-BriUsh Trade Council, 
which was regarded as signifi- 
cant In tliat he himself is not 
directly concerned with trade. 

Lord Nelson of Stafford, 
chairman of the council, said 
in his speech that the visit was 
a particularly Important step 
In Angio-Clilnese co-operation, 
and that British businessmen 
believed they bed much to offer 
China In her modernisation 
plait* 


li'JJ** KfUIidfle 

In reply. >7r. Uuans said he 
appreciated the opportunity uf 
meeting indu5irfali>t>, involved 
in trade. with China, which he 
expected would develop to 
greater idlmension*. He said 
that China's foreign trade prac- 
tices would become more 
flexible. , 

Dr. Owen said on Tuesday 
night that the new British rela- 
tionship with China was not 
simply a matter of fashion or 
trying to tilt the global balance 
or power, but a positive benefit 
to the world. 

Mr. Huang replied by paying 
tribute to the talent, creativity 
and stamina of the British 
people. Both sides desired a 
further strengthening of Sino- 
Briti&b relations. 

Mr. Huang Is due to call on 
the British Council and visit 
the Houses of Parliament 
today. 


Call for nursing 

A CALL for regular inspections 
of nursing homes was made yes- 
terday by Age Concern, the 
national old people's welfare 
council 

Mr. David Hobman. director, 
told a conference of the Residen- 
tial Care Association at Bourne- 
mouth — Itself a popular old 


home checks 

people’s nursing home resort— 
that, to ensure regular inspec- 
tion, homes should be heavily 
fined for avoiding registration. 

Mr. Hobman urged local 
authorities to make inspections 
of old people's nursing homes 
more than once a year and to 
carry out spot chccksL 


month; 

It ha c h?rrj discovered that 
some of the hanger cables may 
bp corroded l»y the salt air and 
onp iF bavin? ui ho dismantled 
and *enl m the Transport and 
Roads Research Laboratory for 
tests. 

Since the b-idge fir-t opened 
in 19fi6. over £2m has been spent 
on repairs and maintenance, and 
strengthening the basic structure 
of the hridae. which carries the 
M4 motorway aero* stite Severn! 
estuary. 

Local concern over ihe new: 
difficulty is heightened r.v the. 
failure of Department nf Trani-l 
port officials to mention it in ] 
statements and briefings o n thej 
Bridge's problems last week. ; 

Statements by Mr. Wriham 
Rodgers, the Transport. Secre 


Affairs Ministry. Although Mr. election before striking any 
O'Kennedy «.iw prominent altitudes jo the North. 
l r n ; nnisl« invotied j n hUSinc-N The ruling Ftahn.i Fail's policy 
add politics: ho ditl n f *i ,;nniact has |.»-cn rrin-iHcri'il to be 
any of tlio Unioni'-t* -lightly mtue Republican than 

leadpr*. . that of iu predecessor, the Finp 

Thp arlnti-^ion ru* nevertheless Gaei-Labmir coal iron, although 
sparked . *i»e* iriauon ihat the u h.i< vigorously condemned 
Dublin Gnvprnnn-ni i* again terrorism. 


Kimberley-Clark’s 
new toilet paper 


BY PAUL TAYLOR 


a better quality, soft toilet 
paper with a £Um promotion 
aimed at securing more of the 


tary. and Mr. Albert Wright, the I KIMBERLEY-CLARK. the U.S.- To ensure the success of the 
Department's south-west regional based tissue group, has launched product, the company's UK con- 
controller. also denied reports 
that there were cracked welds in 
the structure of the bridge. 

These statements were evi- 
dently technically correct. But it 
emerges that there have been 
cracked welds in the past and 
more are expected. So much so 
that department engineers and 
the Cleveland Bridge Company 
are trying to devise a special 
machine and perfect welding 
techniques to deal with the prob- 
lem. 

However, the Transport De- 
partment said yesterday that the 
welds were not an urgent prob- 
lem but fell in the category of 
expected maintainance. 


sumcr division is to spend 
£l™5m advertising the loiKt 
paper from November 1. 

r ,- n „ .... .. , . It will also distribute 22m 

? five- pen ce-off coupons in what 
th ^n. WeeQeX brand name - the company claims is the big- 

The company hopes its new a e si grocery launch ever, 
product. Kleenex Family Tissue. Research of the new product 
will increase its share in the has taken two years, but the 
market from about 5 per cent company hopes to capture a slice 
to over 10 per cent within a 0 f fhe quality toilet tissue 
S« r - market at present dominated hy 

Plant for production of the the Bowater Scott group with its 
Tissue at the company's Prudhoe Andrex brand, which holds about 
factory in Northumberland will 30 per cent of the market, 
form part of a £70m investment Annual toilet paper retail sales 
programme planned by the corn- are at present estimated at about 
pany in the UK during the next l.ahn rolls per year and crowing 
five rears. at about 2 per cent per annum. 



fpr. } SSFJ7 jw, *>■; 



Fred A Brown 
Senior Group Representative 


As a further step in the expansion 
of our presence in the financial centres 
of the world. Midland Bank have 
opened a Group Representative Office 
in Hong Kong. 

This Office will be of special value 
to companies with business in South 
East Asia and will be of particular use 
to anyone trading between HongKong and the U.K 

The Office is under the management of Fred A. 
Brown and the address is Midland Bank Limited, 
Group Representative Office, Suite 801, Gammon 

House, 12 HarcourtRoad,HongKong. Tel: HongKong 
5-265335. Telex: 63760. 

hi London, contact John Browa Telephone: 
01-606 9944 ext 4356. Telex: 888401. 



Midland Bank International : 

Midland Bank Limited, IntemationalDiv!sion,60GracechurchStreet > London£C3P3BN. a lel:01'6069944 - 









3.9 


Financial Times Thursday October 32 107S" 


HOME NEWS 


Commons seeks public 
views on money system 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


A WIDE-RANGING public debate 
on the proposed European 
monetary system lus been 
launched by an all-party Com- 
mons committee. 

The general sub-committicc of 
the expenditure committee will 
hold an inquiry into the pro- 
posals .when Parliament re- 
assembles next month. 

Hr. Michael English, a Labour 
MP' and chairman of the “tth- 
commiti.ee. said the members 
*' would appreciate having ihe 
views on this subject of qualified 
economists or other competent 
persons.” 

This follows a similar, and 
hicbly successful, attempt to in- 
volve a wide ranae r»f pconnnn^ts 
in the sob-committee's discus- 
sions following the publication 
last -January of lb* Government's 
annual public expenditure White 
Panec. 

The' . sub-corn ipi It* e then re- 
ceived To background memor- 
anda. amounting to over 150 
pagps. from nio«t of the mam 
academic and City commentators 


on the economy, including mone- 
tarist and non-monetarist view's. 

Among the contributions, some 
of which were commissioned, 
were those from the London 
Business School, the National 
Institute of Economic and Social 
Research, the Fabian Society, 
stockbrokers W. Greenwell and 
L. Messei. and economists such 
as Sir Alec Cairncross, Professor 
Patrick Minford and Dr. Walter 
Ellis. 

Many of the papers were 
highly critical of the assump- 
tions behind the expenditure 
plans They were published and 
contributed, at least in part, to a 
series nf lively public sessions at 
which senior Treasury officials 
were questioned abuut the White 
Paper 

Thr proposed inquiry, which is 
subject t'» confirmation by the 
full expenditure committee, 
mark* an extension of the sub- 
committee's already wide range 
of inierc'if- The nature of the 
subject a l-o means that, for the 
first time, the Treasury win have 


to send officials, and economists 
not primarily concerned with 
public spending. 

The proposed system has 
become highly controversial with 
strong criticism or the idea from 
many sections of the Labour 
Parly at last week's conference 
and a mixed attitude front Con- 
servatives. 

The inquiry will have to be 
completed fairly quickly as the 
Cabinet wilt lake a decision on 
whether (he UK should join the 
system next month, in time for 
the Common Market heads of 
government summit in Brussels 
in December. 

The sub-committee will hold 
preliminary briefing sessions in 
private in the week ending 
November 4. so it requests that 
at least a preliminary version of 
any submission should be 
received by October 27. 

Submissions should be **nt to 
the clerk to the general sub-com- 
mittee of the expenditure com- 
mittee at the Committee Office 
of the House of Commons. 


£300,000 
for Scots 
company 

By Our Glasgow Correspondent 

THE SCOTTISH Development 
Agency yesterday announced a 
£300,000 'investment m a West of 
Scotland engineering company. 
It will mean 100 new jobs and 
increase the company's order 
book. 

The a gene v is tn subscribe 
£75,000 for 40.000 £1 ordinary 
sbares representing 25 per cent 
of the equity of Strathclyde 
Process Engineering, of Irvine 
New Town. 

It is also making ;i 1225.000 
loan repayable over seven years. 

The company, founded three 
years aco by Mr. John Milligan 
and employing 300. provides 
design, fabrication and construc- 
tion services to the chemical, 
petrn-chemical and off-shore oil 
industries. 

Mr. Milligan said yesterday 
that agency backing would 
enable him to increase the work- 
force by 100 and take on a large 
North Sea order worth about 
£lnt. 

Mr. Lewis Robertson, the 
agency’s deouty chairman ana" 
chief executive, said that the 
investment was a classic case of 
bridging the equity gap. which 
was one of their main functions. 

“This firm has demonstrated 
controlled and profitable growth 
which can continue faster with 
agency help rather than by rely- 
ing solely on retained profits.” 


Shortage of milkmen 
threatens deliveries 


BY CHRISTOPHER PARKES 

THE FUTURE of Britain's 
unique system or daily milk 
tlclh cries is now threatened by 
a shortage of milkmen. Unigate 
for example, one oF the biggest 
dairies in ihe country, has 
vacancies for at least 250 milk- 
men in the London area alone. 

Unigate said yesterday that 
labour shortages had forced it 
to stop deliveries in some parts 
of East London. 

The Express Dairy |« also 
hundreds of men short in the 
capital. It has not yet had lo 
cancel rounds, but has had to 
resort tn cutting deliveries to 
every other day. 

The problem was highlighted 
yesterday by Mr. Charles 
\Vhnrion, vice-chairman of the 
Milk Marketing Board. He told 
a meet fqg of the Farmer*.' Club 
in London yesterday that the 
dairies and the milk boards 
were working hard to prevent 
further delerioratiun in 
delivery services. 

Further tosses of milk 
rounds and redactions in sales 
may seriously threaten the 
economic 'balance and profit- 
ability of the whole UK dairy 
industry. 

Mr. Wharton .-aid: “ U> have 
considerable and increasing 
difficulties in maintaining a 
good service. Recruiting the 


right calibre of rounds staff is 
a proiffrm In many areas, in 
spile of high unemployment.” 

A London milkman can 
at erage a weekly gross wage of 
about £100 a week, hut the 
hours, responslbiities and even 
dangers from muggers dis- 
courage many would-be appli- 
cants. according to an Express 
spokesman. 

Retail sales of liquid milk 
are the most profitable part of 
UK dairies. The premium or 
about 20 per cent above the 
price of milk sold for manu- 
facture is the key Co this profit- 
ability. 

If dorstep sales shrink — 
and so far this year they are 
2.3 per cent down on last year 
— mure milk is diverted into 
cheese and butler, and (he 
overall average return from 
sales is reduced. 

This leaves less for farmers, 
distributors and processors. 

Mr. Wharton was also con- 
cerned that a fail in doorstep 
sales would encourage foreign 
imports of long-life and other 
processed milks' for sale in ! 
supermarkets. ■ 

The liquid market was also • 
threatened by rising sales of • 
milk substitutes “ made and 
marketed very skilfully,” Mr. 
Wh/rton added. 


Smoking curb 
in coaches 

THE FRONT *20 seats io C.000| 
National Bus Company express 
coaches in England and Wales 
will be reserved fi>r non- 
smoker* from November 2. A 
survey showed that two-thirds of 
passengers wanted smoking 
banned or restricted. 

More than a quarter of 
passengers had no strong views 
on smoking: 10 per cent thought 
it should be permitted every- 
where: a quarter wanted it 
banned. 


Europe and Commons 
open to Liberals 


BY OUR LOBBY STAFF 

LIBERAL CANDIDATES for the. 
European Parliament will also 
be allowed to si sod io elections 
fur the Common-. 

The party said yesterday the 
dual candidature would he 
subject to the consent of the 
constituency parties concerned. 
However, it would draw the atten- 


tion of both potential candidates! 
and constituency associations to 
the personal and physical strains! 
a dual mandate would entail. ! 

The Labour Party has ruled oui ; 
a dual mandate for its lIPs, and j 
Tory leaders have also frowned! 
on the idea. ; 


Computer 
shop link 
study 
hy hanks 

BY DAVID FREUD 

THE BIG BANKS have estab- 
lished a full-time project team 
to make a detailed investigation 
oF bow to start a countrywide 
system of computer terminals 
la shops. 

The system would allow a 
customer to use a terminal in a 
shop to authorise payment direct 
to tbe retailer from the 
customer's account. 

A banks' working party has 
studied the matter for two years. 
It has established -that the 
system is feasible. The project 
team will examine technical 
details and how best to make 
safeguards. 

The hanks arc the Bank of 
England: Barclays: Lloyds: 

.Midland: National Westminster: 
Williams and Giya's: Bank of 
Scotland; Royal Bank of 
Scotland; Clydesdale: Co-opera- 
tive: and Central Trustee 
Savings. The credit card com- 
panies Access and Barclaycard 
are also involved. 

Joint operation 

The banks said that the system 
would need to be operated jointly 
because no retailer would want 
several terminals each connected 
to a different hank. 

The banking terminals in the 
shops would probably he 
operated by a plastic card *i*od 
in conjunction with a security 
number to identify the card- 
holder. 

The transaction would be 
checked automatically by the 
card-holder's hank before pay- 
ment was made to the retailer’s 
account. 

The banks said that a decision 
to introduce the new system 
would be a major development 
in electronic banking It would 
not be takpn until the project 
team reported. 

Hammersmith 
plans inner 
areas action 

By Paul Taylor 

HAMMERSMITH council plans 
to become the first London local 
authority to take advantcae of 
the new Inner Urban Areas Act 
and declare an industrial 
improvement area. 

IF the two-year scheme for an 
area in the north of the horoutih 
is approved bv the Department 
of the Environment.- -Hammeri 
smith will be able to offer indus- 
try cash qranL« totalhns £175.000 
to convert or improve premises. 

The local authority also in- 
tends spending a further £175.000 
on road and environmental 
imnrovcmems. 

The council estimates that 
more than 40 companies in. the 
Hythe Road and Scrub* Lane 
area will h*> eligible in benefit 
from the scheme. Tnsethcr. the 
companies employ 2.300 people. 

The scheme i« part nf 
Hammersmith's attempt to 
reverse rising unemployment 
aid economic decline, and is ex- 
pected to come into operation 
early next year. 


Littlewoods may 
seek public 
quotation 


BY JOHN MOORE 

A STRONG HINT that the 
Uttlewoods organisation, the 
largest private company in 
Britain, could seek a public 
quotation on the stock market in 
the next five or six years was 
made yesterday by Mr. John 
Moores, tbe company’s 82-year- 
old founder. 

Asked In a television inter- 
view whether Littlewoods -would 
ever go public. Mr. Moores 
replied: “I think well have to 
go public. As every generation 
occurs and there are more and 
more grand-cliUdren and great- 
grandchildren. they will each 
want lo share in the business. 

“ One day the shares wilt be 
in the hands of minor share- 
holders amt they will want to 
realise the in.” 


...Referring to the rate of capital 
transfer tax and other taxes, Mr. 
Moores said: “ We may well have 
to go public In the next five or 
six years. We will try to avoid 
It, but we may very well have 
to. simply to pay the taxes." 

His remarks come only shortly 
after the Littlewoods organisa- 
tion, which has Interests In mail 
order, chain stores and football 
pools, bad indicated that it was 
not likely to go public in ihe 
foreseeable future. 

The Littlewoods organisation is 
owned by the Moores family. 
Although . there ...has ...been 
frequent City speculation that, 
the company would one day come 
to the stock market, soeh 
suggestions hare always been 
firmly rejected by the company^ 


Gatwick to have more 
Atlantic routes 


BY LYNTON MdJUN 

MORE trans-Atlantic air services 
will be transferred in 1980 from 
Heathrow Airport. London, to 
Gatwick Airport. Surrey. Mr. 
Norman Payne, chairman of the 
British Airports Authority, told 
airport operators in New York 
yesterday. 

The Government had already 
proposed the transfer of all 
Iberian Peninsular services from 
Heathrow to Gatwick next year 
and more transfers would be 
necessary, he said. 

More than 90 per cent of ail 
passengers handled by the 
London airports were fur inter- 
national (lights and this had 
helped make Terminal three at 
Heathrow the busiest single 
terminal in the world. 

The biggest proportion of the 
terminal's traffic was on the 
north Allantic mutes and that 
was where Ihe authority would 
seek relief hy a transfer tn Gat- 
wick. Mr. Payne said. Heathrow 
had already almost reached full 
capacity. 

Traffic on the dense North 
Atlantic routes would be split 


between Heathrow and Gatwick. 

Mr: Payne told the Airport 
Operators’ Council annual con- 
ference that London had gained 
a higher proportion of new 
scheduled airline passenger 
traffic than Paris. Amsterdam, 
Brussels or Frankfurt: 

There- had been a 44 per cent 
rise in scheduled traffic between 
London and the U.S.. and a 20 
per cent fall in charter traffic. 

Total airline passenger traffic 
between Britain and the U.S. so 
far this year had risen by over 
a quarter compared with the 
same period last year. 

Aircraft load factors had risen 
by nearly 50 per cent, with an 
average of 300 seats taken on 
flishts between the two coun- 
tries in July On two routes. The 
average had been over 350 
passengers per aircraft. 

Not all the growth had been 
in the lower end nf the market. 
The number of first class 
passengers had risen by 14 per 
cent compared with last year, 
and those of economy fare pas- 
sengers by 17 per cent. 


Bonus scheme boosts 
Welsh coal output 

BY ROBIN REEVES, WELSH CORRESPONDENT 


Stricter 
guideline 
for M3 
forecast 


BY DAVID FREUD 

THE AUTHORITIES are likely 
to announce a more resrlctive 
sterling M3 growth guideline 
within the next month, say City 
stockbrokers FFiIIKps and Drew. 

Under the sUc-month roiling 
targets announced by the Chan- 
cellor in his Budget speech, the 
8-12 per cent growth guideline 
is due for review shortly and the 
firth believes it would be politic- 
ally desirable to lower that target 
range. . 

Mr. Denis Healey said in the 
Budget that if by the autumn 
the ‘Government’s counter-infla- 
tion policy had moved- “as 1 
would hop* ” he would consider 
reducing the target. Phillips 
and Drew point out that if the 
guideline was to remain un- 
changed it would therefore look 
as if the Government was admit- 
ting that its inflation policy was 
not going to plan. 

If the guideline was tightened, 
says the firm, the corset, the. Sup-, 
piemen t ary Special .Deposits 
scheme, would not as currently 
specified, be sufficient to hold 
the grow til in 3C3 to tbe right 
level. 

. This would .leave the authori- 
ties with two alternatives. First 
they could tighten the corset fur- 
ther to constrain the ability of 
the banks to lend to the private 
sector. 

Secondly the authorities 
could sell giltt on such a scale 
that the corset would become 
superfluous as an instrument of 
monetary control. This would 
presumable require -them to 
raise yields. 

However, the firm says, that if 
the UK joined the European 
Monetary System now heinfi 
developed, the authorities would 
be relieved of the need to adhere 
to over-restrictive montary 
targets in order to sustain confi- 
dence. 

Sterling M3 would cease tn be 
a relevant variable for official 
policy, since movements would 
come to be heavilv influenced hy 
official intervention on the 
foreign exchanges, and domestic 
credit expansion would . become 
a more useful measure. 

The firm concludes: “ We 
exnect the. authorities procres* 
*|v|tv tn downgrade the sterling 
M3 guideline and tn lay increas- 
ing stress nn DCE iri framing 
their domestic monetary policy.” 


£3m Cellophane 
film drive 

rHE BRITISH Cellophane Group 
Vi 11 spend £3 in thi.c year nn 
•quipnient for its Endgwaier 
md Barrow plants. 

The aim is to improve the 
juality of the film produced by 
he group. Some of the money 
vill be spent nn weighing for 
:oatm*.£ hy which it can he made 
nore even. 


Robb Caledon hopes for 
£3 in Nigerian order 


FINANCIAL TIMES REPORTER 

BRITISH SHIPBUILDERS’ Robb 
Caledon division at Leith is on 
the verge of winning a £3m order 
from Nigeria for two tugs, three 
years after negotiation* started. 

The yard, v-orkiug on two float- 
ing cranes as it - share of a 1115m 
Polish order, has a letter of intent 
from ihe Nigerian Ports 


Authority and expects confirma- 
tion shortly. 

The tugs would secure employ- 
ment for the yard's 600 workers 
until next summer. Robb Caledon 
which has previously huilt two 
tugs and three dredgers for 
Nigeria, has had stiff competition 
from two Dutch yards for the 
order. 


accelerate to 

Saturday’s 
motoring page 

US 


IT’S FOR PEOPLE IN A HURRY- 
SO WHY WAIT? 

New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£14.00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times, Bracken House, 

40 Cannon Street, London EC4P 4BY 

Tel: 01-248 51 15 


FINANCIAL TIMES 
ONSATURDAY- 
THE FIRST OF THE SUNDAYS 


North-East 
seeks more 
cash aid 

By Our Newcastle Correspondent 

THE North of England Develop- 
ment Council will a«k ihe 
Gnvornmeni for an increased 
.grant of £355.000. dpspite ci»n-' 
troversial plans to restrict th«* ! 
riilure rttic nf t|n» agency u, oro-\ 
mmion and publicity. 

The application for an 
increase of ESO.OOfi on il« current! 
grant is included in n Jp««*r rent 1 
yesterday hy Mr. John Huhfi- 
director. fn_ Mr. Alan Williams.! 
the Industry Minister. 

Mr. Hobbs said: “The original * 
crams to agencies such a- The. 
NEDC were based on a number 1 
or criteria, notably unemploy- 
ment levels and development 
area status 

“I am «nre that yi.ur depart- 
ment would wish lo see Ihe • 
balance of Government cun-; 
trihnrtons. based on need. . 
preserved " 

The application Is being made - 
less than a month before Tyne 
and Wear County Council, the 
agency’s bicsest local authority: 
backer, is due to decide whether, 
tn withdraw its £Su.OOO-a-year 
sranJ next year after criticism 
nr the agency's operations, par- 
ticularly overseas trade missions. 

It follows a recent rccummen- ' 
rintinn hy {be nru ly-furmeri 
North Ea>t County Councils' 
Association, ■•■hnw* members 

contributed £192.00*1 in the 
agency thi* year, to confine the 
agency to prcniotitc and, 
publicity. 1 


The 

notes 


News service 
j boost 

! for Prestel ! 

| MARKETING PROSPECTS of; 
; the Post Office's Prestel system , 
: — which provide; news and other, 
; infurmation texts on television' 
i screens — have taken a step for- ] 
■ward with the announcement of! 
a comprehensive news and! 
information service using the ' 
s j stem 

Called Vi?-* Lei 202. it will be: 
provided by the Birmingham \ 
Post and Mali, ihe Midlands' 
newspaper publishing group.' 

.Mr John Porter, editor of the 
service, said "We ueiseve this, 
is the vor.d’ 4 Sir-i electronic 
.newspaper prodding a conipre- 
I hensive service of local, national; 
'and international news and’ 
i advertising " 

'• I'nl.ke oi her mrtiun s^r- 
v£_e< on Pit- ■:?; there will lie 
no char:? o»*-r and above the 1 
Port ufficc cal: marge for user? 
who c-ili ti •* P-'-ri *ii' ihe View-' 
ervicr 

no ? so:-. ue. -hich com-, 

v.i;h v.o Ceefax and 

Oracle «rr. ire- ;.f i.i** BBC and 
independent Te v, i-ion. will he. 
on public vn ;,i ihe Inter- 
national Motor fehmv which 
■ •pens on Cv«'r«,\- “0 a? the i 
Birnitngna.-n rational exhibition ] 
centre. ; 

In cniunctinn - : - .h the Post; 
Office ant B.\:i--n Relay tele- ; 
vision, the ren’a. operator. 
View tel w:;i lv -uing a number, 
uf s*-’*s :• •icged into :he aisle::! 1 
at ihe m<i other nouns 

in tav Midland? such as boteis 

Giant dock 
for centre 

THE GKN CLOCK, ^e Sieved i-i 
ue Europe' ^ bigvesi digital clock, 
-■•til he ijffieia!!;. .-..m missioned 
oy Sir Barrie Heath, chairman : 
of ln«? GKX group ,.n-l president 
n? the Soc ur Motor Manu- 
facturer* and Trader? as a Goal? 
to the cavalcade of veteran and 
vintage c^r- a: ip.» National , 
Exhibition r.;r.tr» m Birming- 
ham oo Sunday 

The cfnek has f'vir 

fai-p>. v.ii; hr a permanent, 
feature of the '-'a? mji.il Exhibi- 
tion Centp 1 . ^landing outside (he • 
mam entrance. 

P'le'N! r «n r.r . 1R S 2 ft high 
rteet toluumn. caen hec of the 
dock ;* \Z f: wide hy SfS high. 

It ‘i cone-oiled K-,” a quart?, 
crys^: ns.-*"r "i?™. an d w.ll , 
«iS<> si v < temperature readings. I 


PRODUCTIVITY IN the South 
Wale# coalfield has jumped 
sharply since the introduction of 
the controversial bonus payment 
scheme. Soulh Wales's output 
averaged 185.000 tonnes a week 
to the three months ended 
September. 7.2 per cent up on 
the -anic period last year. 

Overall productivity at (he 
coalfaces recorded an execcp- 
lional 18.2 per cent rise com- 
pared with the same ibree-montb 
period a year ago. 

Under the bonus scheme, 
which was introduced to Soulh 
Wale? later than any olher area, 
payments to elegible miners are 
working out at about £5 a week, 
with face workers earning, on 
average, an extra SI 3. 

The improved performance has 
also been boosted by a number 
of big investments in restruc- 
turing and re-equipping certain 
pits and, more recently, hy ihe 
opening of a new anthracite 
mine at Betivs in the Amman 


Valley. West Wales. . 

Productivity at Betw*. which 
began producing frf the early 
summer, has already reached 
four tonnes per man shift, 
making it the second most 
productive mine .in the coalfield. 

At the same time Mr. Philip 
H'eekes. the National Coal 
Board's South Wales area direc- 
tor, has warned that a further 
12.5 per cent increase in output 
— to 1SS.000 tonnes a week — Is 
needed for the coalfield to break 
even, in the last financial year, 
the South Wales area's losses 
totalled £27m. 

The high level of South Wales 
coal stocks Is also continuing to 
cause concern. An estimated 2m 
tonnes of power station coal are 
stockpiled at the pithead. ' How- 
ever. an announcement extend- 
ing the Government's subsidy to 
assist the burning of coal’ In 
CEGB power stations is expected 
shortly which, it Is hoped, will 
ease the position. 


Plessey inquiry finds 
'nothing significant’ 


A DEFENCE MINISTRY investi- 
gation inln allegations that 
Pie»ey. the electronics company 
had '' cost the taxpayer large 
sums of money ’’ has so far found 
"nothing of significance.'* the 
Ministry said yesterday. 

The Ministry said: “ Plcsscy 
given all lhr fariiitie.s 
requested by the investigating 
team." ' fnr mer Plessey 
enipluycc. a «upervbur in the 
company's stores accounting 
procedures department had 
-.-.ritlen a long Idler detailing 
allegation; He had originally 
written to his MP. "ho passed un 
the letter to the Ministry. 

As a result. Mr. 4. P. Emery, 
the direclor-gcncral nf defence 
accounts, set up a preliminary 
investigation by the 3fini«tr>'s 
arrnunis monitoring branch. 

The investigation, which ■■••ill 
take several more week- to com- 
plete. started last month. 


A report will be sent to 
Defence Minister Dr. John 
Gilbert with a recommendation 
Tor any action to be taken. 

The Former employee's allega- 
tion? included claims that 
Ministry equipment lent to 
Pieswv for development work. 
wa« misused. 

He alleged that deliveries were 
delayed so Plessey would meet 
commercial contract? on time. 
This meant an increase in the 
Ministry’s bill. 

He also claimed that Plessey 
«.nd it could only buy a vital 
mmponent in big batches. These 
were then u>cd for both MinisUy 
and commercial contracts. 

Plessey said: ” We can confirm 
that allegations have been made 
to the Ministry of Defence by an 
employee who left the company 
some yeaer aan. We have not 
s*-en details of the allegations, 
but hi»ve no reason to believe 
the? are of any significance." 


CONTRACTS 


Post Office orders £3^m 
modems for Datel 


SE LABS (KM I) lin? won .ino|h'»r 
order from the Posi Office for 
tyne 12B modem?. Worth over 
plus an option tor equip- 
ment v.orlh another LSOO.OOU. it 
hring? the !ol:«l value of 12B 
modem orders from the Post 
Office io near:/ £Mm. Thls> modem, 
specially d-r. eloped for the Post 
t'ffict’r Datel national and inter- 
national service. i« used to transfer 
da t.i between computer terminals 
and central rninpuling facilities 
» iu telephone lines. 

* 

A contract worth about 12.S2.l4fl. 
■* :cn include* «i:e riovrlnpmem 
■'ork*. has been i.v arrlcd ;o 
A MONK ,\Ml CO.. Warrington, 
for p* n lo.fifip ».q fi fpetories. to 
h? suii* 3’ S* Hrten?. Mor-Twidc. 
for the Department of industrj. 


Canteen 


rise 27% 


UATRON ELECTRONICS. Nor- 
wich. ha? uon an order valued 
m about £200.000 from the 
Ministry of Defence for digital 
voltmeters — mainly for the Clans- 
man military radio project. Most 
nf the DVMs arc for test systems, 
made to army specification lo 
cover the instruments' use in 
vehicles and other adverse situa- 
tions. 


^ terrace unit lype factory. 1 
d. visible into two units or 7.000; 
<q ft each, is to be built at Black i 
Top. Blackburn. Tor the Depart-! 
meni of Industry, under a rnn- 
tr.ict v-orth about E1M.S30. which 
includes sit* development works.] 
swarded to I.OMTON CON- 
STRUCTION GROUP, Warrington. I 


By James McDonald 
With canteen ■ subsidies at an 
all-time high, employers may be 
offering cheaper meals at work 
as a way around the. pay policy, 
suggests the Industrial Society 
today io Its latest' catering 
survey. 

Rising costs, however., were 
doing away with the traditional 
tea lady with more companies 
adopting the help-yourself tea 
and coffee machine. 

The society’s survey, based an 
inquiries from 130 com nan Jp*; 
shows that 58 out of 100 
employees use their canteen for 
a main meal— 11 per cent more 
than last year. Also, employers' 
meal subsidies had risen 27 per 
cent since last year. 

This meant that prices were 
relatively low and workers were 
paying a smaller proportion of 
their , pay packet for tbe same 
Food. 

“This state of affairs may he 
a way to get around the pay code 
with 15 per cent of employers 
paying as much as E2 per week 
oer emplnvee.” Prices had risen 
hy only ID tn 20 per cent over 
the last two years. 

On balance. Londoners paid 
more for their canteen meal, 
with rteak and kidney pie, two 
vegetables, ar sweet and tea cost- 
ing 4Ro. . compared witTi.a com- 
parable 4>" n meal in the Midlands 

Meal subsidies bv London. cn'm2 
nanies ‘were the highest in . the 
country. 

T»w drinkine at • work also 
anneared to - be. in decline., irith 
emninyees preferring coffee 1 . Tei. 
in the sample sure ev. accounted 
for oniv 24 per rent nf here race 
e»ie*. compared with 45 per certi 
for coffee. 

EEC duty-free 
limits go up 
in January 

By Our Consumer Affaire 

Correspondent . . • ^ 

TRAVELLERS within the Euro- 

E ean Economic Community will 
e allowed more duty-free goods 
in -their personal luggage' from 
the beginnUtS of ■ next year.- 
except for drink and tobacco. .: 

The yaTue of duty-free goods 
will ' be .increased From £50 to 
about £130 for adults .and .from 
£12 to £35 for children under 15. 
This is because the old unit of 
account used by the Customs and 
Excise is'to be replaced by a new 
European unit uf account, so 
altering the value of allowances. 

There will also be an increase 
in allowance for travellers enter- 
ing from outside the Community 
— from £10 to £28 Tor adults and 
from £4 to £16 for children. 

The value of small consign- 
ments of a . non-commercial 
nature allowed duty free, goes up 
from £16 to £40 within the Coni'-, 
m unity and from £10 to £20 for 

travellers from outside. • 

'Cans of -fuel do nor constitute 
personal luggage, says the Euro-, 
pean Commission, but it suggests 
thar for motor vehicles, about 15 
litres may be allowed in duty- 
free in' a reserve tank for intra- 
Cnmmunity travel, and five litres 
In' the case of travel between the 
EEC' and. other countries. 


The79 

Marinas 

Now. 



Marina 1300 Conp€ 

£2707. 

Simulated urban driving, 30mpg. 
(9.4L/10OKm) : constant 56m ph, 
39.2mpg (7-2L/100Km): constant 
75mph, 28.7 mpg (9-SLrtOOKxn 



' Marina 1300 Saloon 

£2822. 

^Simulated urban driving: 
SOmpg (>3.4 L/lOOKml: constant 
56m ph. 39-2mpg (7.2L/10OKm): 
constant -75mph, 28.7m pg 
. .(9-SL/lOOKm).* 



Marina I300L Coup€ 

£2927. 

Simulated urban driving, 50mpg 
(9.4L/I00Km): constant 56mph, 
jQ.2mpg (7.2L/100Km): constant 
7 5m ph, 2&7mpg (S.SL/lOOKmJJ* 



Marina 1500L Saloon 

£3007. 

Simulated urban driving: 30mpg 
- (9.4 L/100 Km): constant 56mph, 
59-2mpg (7-2LrtOOKm): constant 
75cuph.2S.7mpg $.SL/l0OKmj * 



- Marina 17D0 Saloon.; - 

£3029: 

Simulated, urban driving: jQ-lmpg 
. (SAL/iOOKmkctjrfctantseipph,' 
39 9mpg (7.1 L/lOOKtnj: constant 
75mph t 28J9mpg.(9^L/l0aKmJ.* 1 



Marina 1300 Estate 

£3219. 

Simulated urban dmnn£« 29-Snipff 
Jl( 9 6L/1 00 Km): constant 56mph. 
40 6mpg (7.0L/lG0Kni): constant 
75mph, 30Jmpg (9.4L/100Km).“ 



Marina 1700L Saloon 

£3229. 

Simulated urban driving: 30.1m pg 
<9;4L/100Km 1: constant 55mph, 
59.9mpg(7.HyHJ0Km): constant 
75ra ph, 28^ni pg (9.8/100 Km).* 



Marina 1300HZ. Saloon 

£3329. 

Simulated urban driving: 50m pg 
(9.4L/100Km): constant 56m ph. 
59.2m pg (72L/100Km): constant 
75inph, 28.7 mpg (9.8L/I00Kmj .• 



Marina 1700 Estate 

£3379. 

Sim a ia ted urban driving, 50.0mgg 
(9.4L/100Km):constanL56niph, 
39 8mpg t7.1L/lOOKm): constant 
.7 jmph, 2&4m pg (9.9L/I00Km).* 



Marina 1700HL Saloon 

£3556. 

'SimuTated urban driving: 30 Impg 
. I9.4L/l00Km): constant 56m ph. 
39.9mpg (7 lLrtOOKm): constant 
; 75inpb;28.9rnpg (9.8 L/IQOKm) • 



Marina 1700L Estate 

£3615. 

Simulated urban driving; 30.0mpg 
J9.4L/100K7nV constant 56mph. 

39.8inpg(7.lL IHOKmj.-constant 
75mph. 28.4mpg t9.9L/100Km) * 

AH price? quoted arc maximum 
reevm mcndctfrei^il prices* correcl at 
rimeof gotn* to press. They include car 
■ax. VAI-udd mcarba reel seat belts and 
seclude numberplates tuid delivery. ■- 

■ Officially certified Government Fuel 
Consumption fignriB. 










a 






*2821 





Sol 


£££ 


More than hatchback capacity. 

An estatecarshould always be more than a 5 or 3-door hatchback. 
An estate car in 1979 should be a hard-working load-carrier when 
you want one; it ought to give you at least 5 feet of clear, easily- 
loaded luggage snace " mirr — nr 




loaaea luggage spac 
with the rear bench 
seat folded down. 

The rear door 
should lift up with 
a whisper; not with 
aheave. And when 
it’s functioning as a 
luxurious 5-seater, 
it should still give 
you generousboot 
space. 

Performance from style. 

Next year’s estate should look as good and function as 

efficiently in Berkeley Square or 
Brecon. 

Expect sensible features like 
a matte black, scooped front 
spoiler to improve the car’s 
aerodynamics and roadholding. 
Bumpers with inset indicator lamps. 
Tungsten headlamps and a 
corrosion-resistant grille surround 
that adds a distinctive touch of style. 


k \\v . ‘ 


m 




. ■ 

■ # c. 



jg |T~I i 1 ' " 

m 

I®® 




rtf , V : fe ' ■ * . 


Saloon-style comfort 

There’s no reason why 1979's estate should cramp 
your style. You should 
look for deep, all-round 
comfort: cut-pile 
carpeting, ergonomically 
designed seating that 
looks good and, import- 
antly for an estate, is easy 
.to keep looking good. 

Little touches of 
comfort, like two-speed 
heating and cooling 
controlled from illuminated slide units, and a lockable glovebox. 

A new source of power 

A 1979 estate should give you the choice of a new, lightweight 
overhead camshaft engine. An engine that uses its alloy head for 

more efficient heat conduction; that 

maximises fuel* economy by 

engine that is compact, accessible 
^anaeasy to service and maintain. 

^controfled by a new dual line 




VlW 






Above, you see just some of the benefits we’ve built into 
the new 79 Morns Marina 1700 Estates. The new 1300 
Marina 79 Estate features its own, celebrated A-Series engine, 
a power unit of proven performance and outstanding economy. 
The 79 Marina Estates, Saloons and Coupes are here. Now. 






In your Austin Morris showroom. They represent eleven 
examples of sound, reliable, forward-thinking Morris value for 
money If you’re in the market for an estate car, put the 79 
Morris Marina Estates on your test drive list. 

And be a year ahead of the rest. 




• * . 






ft. *** 



■=•"»» •» «•««. . 







1 *'.- 







1. 










V.: 






> r r •* 


: Cv 





v * : 



i.'jj 


^ V,- 




MorrU Marti?* 13 GO Est^sininktod urban drm^29Jmp| (Ml 




From Austin Morris, a subsidiary of BL Can. 


It 










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, f 
...? 


Financial:' Times ■ 'i Jaarsday "SZz-lvui 





Davies provokes fury 

on sanctions policy 


MH. JOHN DAVIES, the 
"shadow"* Foreign Secretary, 
was heckled and hovr fed - 'down - 
by angry delegates when he 
refused in roniniit 'a "future 
Conservative government to ihc 
removal «f sanctions against 
Rhndesia. 

In some of th»* most bitter 
Fri-nes ever witnessed jt a Tory 
conference, one delegate ihouied 
for the sacking, of Mr. Davies.. _ 

There were cries of “shameful" 
and “ pathetic--*- -a* he plodded 
through a speech which at times 
berame almost inaudible. 

Last night, however, the Con- 
servative Parly put out a state- 
ment saying that Mr. Davies had 
been ill for some weeks with 
migraine and had been-baving 
tests taken. 


Annoyed 

Because of this, be returned 
tn Londnn last nishi and will 
not be replying to today'* debate 
on foreign affairs. His place will 
be taken by Mr.. Richard Luce, 
deputy spokesman on foreign 
affairs. 

As he *at down, one deircate 
cr ed: “ God help this party." and 
another shouted that it had bepn 
a “ disastrous speech “ 

The conference chairman. Sir 
Herbert Redfearn aitempled to 
thank Mr. Davie* hui »'n* pre- 
vented by j chorus of protests 
fmm the .hail. 

Curtly. Sir Herbert mid the 
delegates: “Then I wll thank 
him on in y own hehalf." 

Rome r»f the rank and fife were 
particularly annoyed by thp 
refusal to allow debate on 
amendments calling for the 
removal of sanctions -They 
raised points nC-prder trying lo 
got th's decision reversed. - 
They were clearly dissatisfied 
with the selected motion, which 
merely condemned the Labour 
Government Cnr its failure to. 
endorse the internal sett lenient 
tn Rho<le«ia and to use it a* a 
means of establishing a demo- 
cratic government in Salisbury. 

The motron was approved by 
a large majority but a sprinkling 
of delegates throughout the hall 
voted jgain*t it. while a large 
mrftiber app'earetJ lo abstain.' 

The debate. was interrupted "hy 
demands that Mr. -Julian Amery. 
MP for Brighton Pavilion and a 
leading hard-finer on Rhodesia, 
should be allowed to speak 
But although he w»s -Ittm; in 
the front row in the hall, he was 
not called to the rostrum. • 
There were -houls of “Rubbi*h" 
a* Mr. Davie* Tfeclared: “The 
Con«enatiie Party cannot lift 
sanction*. As the House - of 


Commons Is constituted, we 
can'i-— make no mistake about 
a.'* 

The first objective bad to be 
the test of "opinion in^Rhodesia" 
at a free general election. Until 
that had taken place. U was 
difficult for the Conservatives to 
reverse an Act - of Parliament' 
which had been introduced bv 
the Wil-un government. 

The. conference also had to 
remember that, the Conservativcs- 
had to be an effective foree-when 
they formed a future govern- 
ment. The • effects tbat the 
unilateral lifting j>f sanctions 
would, have on our. international 
relations was another factor. 

“There are these tnanv com- 
plex problems." he said. “ Don't 
please, believe t.hat it .can be 
done simply 'by a stroke of the 
pen." 

He thoughl that sanction.* were 
a stupid and ineffective method 
of trying to enforce our views on 
Rhodesia but we were caught in 
the prohlcm. 

The most that the Tories could 
do at the moment was to *how 
their strong disapproval of sanc- 
tion*. 


Effective 


This brought demands from 
delegates that the Conservative 
Parliamentary Party could at 
least votf against sanctions when 
they come up for renewal in the 
House uf Commons io November. 

But Mr. Davies told them: 
“ Voting against sanction* will 
pm us in a lobby where we will 
stilt be tn a minority, it would 
leave us with the problems quite 
unresolved." 

-His explanation failed to corr* 
vince his critics^ who shouted: 
“ Why not he in a minority" 

Mr. Davies said that the 
shame of the La hour .government 
was that it had- proceeded along 
a nath where it had preferred to 
give comfort to those who 
wanted to resolve the Rhodesian 
conflict i\v force. 

_ A .delegate tn the front row 
shouted at -him: “So did vou. 
indirectly "• 

“ No. I didn't." Mr. Davies 
retorted. 

“Get on with it." bawled-- the 
hecklers. * . - - 

Mr. Davjps told them: “ We 
must still, whether you tike it 
nr noL he prepared to try. to 
find a basis for reconciliation 
hetween the hostile element.* and 
member* of the internal settle- 
ment" 

He failed to plarate his 
opponent* wh^n h«* referred fri 
the allitnde which Hie Conserva- 
tives might adopt t{ there was- 


a “fight to the finish In 
Rhodesia." 

He did not. think that, while 
in uppo&irion. they ' could pos- 
sibly say -what their policy would' 
be on the possibility of military 
imervention in Rhodesia. 

“However, w-e simply conld 
not sit- by and see the whole 
country dissolve into a state of 
total chans and anarchy" 

A delegate shouted: “That is 
what you are doing." 

“ No. it is not," Mr. Davies 
shouted back. 

There was now a basic incom- 
patibility ’ between the Labour 
Government, and the Conserva- 
tive Party on Rhodesia. 

The Labour Government, be 
said, had a veritable vendetta 
against Rhodesia. Mr. Callaghan 

seemed io be giving the 

Patriotic .."Front a veto nn a 
peaceful .settlement in Rhodesia. 

Mr. Davies 'described the meet- 
ing he had had in Lusaka with 
Mr. Joshua \komn of the 
Patriotic Front. 

Mr. Nkomo had tnl'd him - " F 
do not have to worry. .1 have 
it made. : l : *imply intensify, the 
Relit internally. increa*p the rate 
of activity and the thing will 
fall Info my Jap." 

Mr. Davies said he hart re- 
plied: “ Do vou ever, in your 
wildest dream*, believe that a 
Conservative government will 
eocpnt -a' recimp . which has 
/might. it* way through blnod*hed 
end horror ' to dominance in 
Rhndesia? You are mad if you 
do." 



Plans to stop 
‘socialist rot’ 


in Commons 


■FIRM, proposals to .reform House 
of Comnipns procedures* to bring 
'government activities, under 
closer parliamentary^ scrutiny, 
will be brought - forward , by the 
next Tory administration- " * 

This promise came from- Mr. 


Francis. Pym. Opppsition spoke®: 

' affairs, 


Mr. Reginald. Maudling (left) and Mr. John Davies. 


Blackpool tricks 



BY EUNOR GOODMAN 


Vendetta 

Mr. Reginald Maud ling, MP for 
Chipping Barnet and former Con- 
servative-foreign secretary' . said 
Lhat Labour had scorned the in- 
ternal settlement In Rhodesia. If 
thp settlement were recognised 
and free .elections . held ih*>n 
there would he no need for Bri- 
tain to maintain sanctions. 

The solution to the problem 
was a return to legality and Bri- 
tish responsibility on the basis 
of a provisional government and 
interim settlement. 

Professor John Hutchinson of 
Eastngton said that the Con sepa- 
rative Party should he the best 
Triend the "Rhodesians had. But 
there was dismay amongst 
Rhodesians because the Tories 
■poke too softly on their 6e- 

balf. 

There were cheers for Sir 
('harle* Picktiwrn of^ Wells. 
Somerset, a* he urged the. con- 
ference to reject the mnrion. "It 
dons not do the one thine: that 
would help Rhodesia— -that , is to 
*re that sanction* come off 
Nothing else matters." * 


CONSERVATIVE representa- 
tives came dangerously cio*c 
yesterday to behaving like fully 
Hedged delegates with real 
. policy-making powers. 

- In an attempt to get the 
question of Rhodesian sanc- 
tions debated, the Julian 
Amery fan club broke the 
cardinal Tory rule nr loyalty 
to - the leadership and 
threatened to undermine the 
careful stage management of 
tbe conference. 

Borrowing the guerrilla 
ladles of the Left they hale 
so ranch, they shamelessly 
abased the shadow Foreign 
Secretary and even stooped as 
low as to raise an unprece- 
dented point of order. 

For a ' moment, ft actually 
looked as if tbe platform might 
be defeated. The day was 
saved by the chairman re-read- 
ing (he motion which showed 
that* like all Tory resolution*. 
It- was 50 anodyne, (bat it was 
almost impossible to tole 
against' It. • ■ 

But having smelled blood, 
the internal settlers were not 
going to give np lhat easily. 
Even as Mr. John Dawes, the 
shadow Foreign Secretary, was 
being taken hack up to London 
for nu-diral treatment, Mr. 
Amery was doing a blue- 


blooded Imitation of Hughle 
Scanlon of the AtJEW at Black- 


pool last week and plotting to 
today. 


raise the question again 

Obviously delighted by his 
own devious ness Mr. Amery 
explained that bis young col- 
league and fellow travel Ter. 
Lord C ran ho me. had agreed to 
put down an amendment to to- 
day's debate on overseas affairs 
calling on the party to oppose 
the renewal of sanctions. 

Silting beside him and blink- 
ing deferentially. . Lord 
Cranborne seemed more than 
happy to do Mr. Amery’s dirty 
work. 

Both were at pains to 
emphasise how sorry they 
were to hear 'of Mr. Davies' 
illness but their concern did 
not stop them from tearlne his 
Rhodesian policy to stared. 

Nor did the news of his ill- 
ness seem to do much to im- 
prove Mr. Davies fortunes in 
the party. 

.By contrast, those or Sir 
Geoffrev Howe. ' the Shadow 
Chancellor. . improved mark- 
edly yesterday. Sir Geo/Trey 
— whose style of oratory has 
seemed In the past more suited 
to the reading of soothing bed- 
time stories to chartered ac- 
countants than bringing a 
meeting to Us feet— -surprised- 


everyone yesterday, Including 
himself. 

Overshadowing Mr. Ted 
Heath, whose entry to the con- 
ference brought the frisson of 
excitement now associated with 
the arrival of former leaders 
to party conferences. Sir 
Geoffrey managed to project, 
his essential niceness together , 
with a more potent brand of 
confidence. 


man on .constitutional 
during a debate on constitutional 
matters. 

Mr. Pym said there was too 
much government now. “ But too 
much government without parlia- 
mentary scrutiny is even worse,” 
-be warned. “It Is the road to 
tyranny." 

Tory proposals for reforming 
procedure in. tbe Commons would 
be based on the reports of three 
all-party committees- which had. 
studied the problem;- he - said. 

Among thiese propp'^aU 'ydmld 1 
be the establishment of' select 
committees tp study '-tf£e,worlt of 
Government \ departments, 'and 
their agencies, and new; ways- of 
dealing with legislation, . which 
would Include taking 1 evidence. 

“ Alarm does exist today that 
our constitutional system may be 
cracking up. It is not working in 
the way people want." 

The Left’s takeover of the 
Labour Fatty had caused “ incal- 
culable damage.? 

"Their target remains state 
direction and control. That is 
■their. political objective, and they 
have came far too close to 
achieving it for the liking- of the 
British people." 


effectively the rights of indi- 
vidual" - - 

“Nothing has ■ threatened the 
-future of our present constitu- 
tion more htan these past four 
years of Labour office." 

- The power of the executive 
had grown beyond' reason, the 
independence of judges bad been 
questioned, the rights and free- 
doms of individuals had been 
threatened. Labour legislation, 
'like the closed shop, was 
“threatening our whole way ol 
life." 

He' called for . a written con- 
stitution, a Bill of Rights, reform 
of the House of Lords and a 
proportional electoral system to 
be Incorporated into a com- 
pletely new programme. 

Let . the passing of this 
motion . be the signal, -of our 
determination to fight the 
socialist rot and to defend liberty 
which we have cherished for so 
.long” ■ . 


liberty 


Blackmail 


Like a model pupil of - the 
Saatchi and Saatcbi school of 
public speaking, hfc even man- 
aged to make his economic 
statistics sound fresh. 


Mrs. Thatcher, who had 
spent the morning gazing im- 
placably down on the speakers 
tike a benevolent mother eagle, 
was clearly delighted by Sir 
Geoffrey's performance. 

M Super speech, Geoffrey,” 
she was heard to say as she, 
along with the representatives^ 
rose to applaud him. 

Closing (he proceedings yes- 
terday, Mr. Michael Heseltine, 
always a popular ' figure at 
conferences, again :sent the 
clapometer up to a new high 
as he shook his. golden locks . 
and tfratfed against socialism. 
Bnt.it was Sir Geoffrey wlii got 
the day's highest marks (of 
improvement \ 


He condemned the use of 
sanctions to back up pay -policy 
as “not government by: Partial 
ment,, but government. - , by 
blackmail” ■ r.\ 

There bad' also been a ram- 
pant expansion - of Government 
activity and interference under 
Labour, which the Conservatives 
would reverse. 

. Mr. Pym also pledged the- Con- 
servative - Party to play a full 
part in the "no” campaign in 
the Scottish and Welsh devolu- 
tion referendums. 

The aim was not to keepi things 
as they were, but ta^ptish fof. 
changes tbat would .work - -and' 
bring real Improvements. 

Mr. John Chatwin, for North 
West Surrey, proposed the 
motion calling on the' party ? to 
undertake, a complete-ire view of 
thte workings of Parliament and 
constitutional procedures - 'to 
Improve . .efficiency and protect 


Mr. Bob von Klmmenade from 
south west Hertfordshire, called 
for “broad membership of the 
Lords, bringing in people for a 
term period - of 10 years — people 
who are active in trade unions, 
trade organisations, large 
corporations and large pressure 
groups." 

Marty delegates, tike Mr. 
Roger: Booth from South Shields, 
wanted a 'Bfll of Rights. •? It 
would be a great deterrent to 
the .totalitarian encroachment 
w'e -are already suffering by a 
Left-wTug^omuiated Govern- 
ment? • ■ ' 

Mrs. Margaret Murcott, Brain- 
tree, .said: ** We heed a dearly 
■defined written constitution' that 
camjot be eroded fy .the cteep- 
. log socialism that ' lias ' spread 
like a fungus through - every 
aspect of our lives.” 

- Mr. Donald Walters, chairman 
of tiie Welsh Conservatives, 
warned: “The passing nf the 
Wales Act and the Scotland Art 
if the referendums support the 
.seting-up of Assemblies, under 
these Acts.' has -already.' raised 
the possibility of a constitutional 
crisis;" 1 ' . V- 
IttrilStatcra - BlimLJErith/ spoke 
of the '/childish way" in. which 
the Prime "Minister treated the 
nation brer not calling a general 
election, ffe.called hit Conserva- 
, fives:. to- look at the possibility 
•of -a fixed-term Pari ia brent 

The 'motion Was carried over* 
wheltofagly. 



■Violence Howe promises tougher controls on money supply 


by Left’ 


warning 


Conference reports 
by Richard Evans, 
Ivor Owen, John Hunt 
and Elinor Goodman. 
Pictures by 
Freddie Mansfield 


Birchini 


rejected 


THE rem:rnrtii>-n:i:i cf ti.m-mz. 

bir''!iin> nrirt Hit- wa- 
ll reed i\v >1111-1 1« ^ a 

dnt-aic on 'pr 11! veil 11 r Hie i - ni7/*:i. 

Pm. rtf'j'Ui* pntlv-l -. 

con f cron 1 f cvi-nui.illy -«*l : li-»l f-*r 
a r'. , -olui» ,, n t"nh:»'->I ■> '-ill for 

a realist!' - ranev "f I'vn.iiui** in 
conibai 

It wrlcuinP'l inf •’:ir!i' , r <->ir7'.- 
miimi-m ili.ii •* * * *r* - •.- rv.-i 1 j \ 

pi.iv I’rnnicn; -.1. >tu J>1 I'ImvuIi' an 
early opporiuiuly in :ln- n>-\: 
P.irli.im«-ni f'»i a fn*- -.»i" '«a i.'ic 
refurn nf No- rte.illi nenajij- 

Jlr. -William Whllrhn-. :n'- 
*!iaUov-. H -, in<.- So- n-iary .:rv"«-rt 
fh.n 31 P- u >iuUt 1, if Hll<r \ tfii rf (rr‘- 
Mitr -.»lrrn ” .1 v cr j -irly" 
oj-porinnn:; '•e.-in fn-n’irtt*rt for 
Farlianirnt M dviMic- and ilv-^le 
lito I--II**. 

Hr ackn' , v- - l' ,, i J^-rt :na: »nppnr: 
fur ;hr prinvipl"* **f rpinTroilm.-in .: 
ihe Ho-ilh P'-nally ha.l 1>ovn a 
rci-urirnu ih'-mr m ihr 'leliaif. 

On The vid«— 1 ix-u*»s "f Hie m-e 
measure* ne'-rtert ,f| hall ll>«- 
n.ainz ■'r::ni* vavn. Mr \V"h-.:el:iiv 
i-t»n firmed r hal a Om-v'-vnine 
Gnve-rnmen; v ■niM 
more ris^rcu* puni-iim"n: r, f 
vniing liiu^s- 

3(itrc alien-lam** r**nir-« 
w-fiuld he made a-.nl <•!>!'- !■> 

rtrpnv-o hooligan.* — parri.-nlarly 
f„ot ball hoolifian- — 

premium leUure nme. 

•* \Ve v.-ill amend Hie G;nmren 
anrt Ynuns Per-nn* A» i in 
nriler :o r-.-.-sore mam*! rare* 
1 |i,. rich! to i-nmmii young 
offender* le set-lire custody." 

Mr. Whitelaw repealed ihni an 
'nenmins Conservative govern- 
merit would give full effect 
immediately t" 'be rccommenda- 
non* made by Ho? Edmund 
Davie* Gomiditiee nn police pay. 

Mn. Muriel Collins, a 63-ywHr- 
olii grand inol'ner. lolrt cnnfcrcn« e 
*hc favoured Hi** rvUirn of a 
pnod i.ld-fashmnert public bircl.- 
inc and tbe stocks.' 

Mr- Paul GUI. prospective par 
llamenrary candidate f^r 
Birkenhead, another adw-ts.*? 
Pf.rporal pimishnmni. *n<i _ 
u-mild he prepared in adminis-er 
i- himself “T n aiB prepared 
J va L-- 


THE LEFT wins of the Labour 
Party is prepared io use nolenc-e 
m get power in the lasr resort. 
Mr. Angus 3Iaudc. deputy chair- 
man of tire parly and chairman of 
jjie - -Conservative Research De- 
partment told conference. 

Speaking in :» debaie on party 
policy, he argued that Ihe Left 
had alivays been prepared to use' 
the power or Hie State and- the 
unions to make u lmpn*siblo fur 
their opponents ty figlu back 
against ihum. 

‘‘Always behind Th» words of 
ihc Left ihep- i-. ihe ihreal of 
direct ad ion and even violence if 
1 hi* power lhat they seek cannni 
b«- held and crabbed by legal and 
■.•i-nstiuuinnid mean.-."" he said 
l/nrt^r Labi hi r. had he»*n 

a .hifi of pn;«-i-r and mnuene** in 
f.ivour of Gov-*rnm**ni \Iinisi°r i . 
ih>* Lai irnj r I'ari;. i.-aucii*. ih'** 
Pnc** Commi**ion -■ rul “ih** hnv* 
in ihe quiinjo-* " If another 
l.uVniiir Gov«»rnmi*n; wrrr olneiert. 
hr Mild.* till* shift J-, p-v.vnr (illlld 
liorome lrr^vorsiiiip 

Rm ciirr'-m i - nR«r rvalue 
pnhev ej-n-* in for -iron? erilu*- 
1*111 from Mr. i'hn: ri.mon.il 

c'Hirman nf lh>- Younj •.‘■■njervi- 
live* Tie maini:<im-d iha: ihe 
wording of ?h-* pnliey morion lie 
me do hated v..i- ;n confused a*- 
tn bn nie.rn:ncl**s? 

The pollcie. V,r-inc nri'piiserj hv 
the nartv were for mcr-'a-er) ex- 
pend mire on rtefenee. the main- 
lenanre of a <onnd riirp-nrv and 
a reduction in rim - level of 
Government in« rt rvenririn 
"Franklj. for me. rhi - :* m*t 
noi cood enough." he tnbi con 
fen* nee. 

The pari v w.,« haekslidirc 
it. prriop*.-*! to introduce a tax 
credit *rh**me ; \j i*j„ came- nme. 
;i was eallinc For cut* in Govern- 
ment expenditure, “a poliry lhat 
will worsen ih? division* tn 
j h.-n e.xi-t already " 


SIR GEOFFREY HOWE, Shadow 
Chancellor, ruled out a formal 
or. regulated incomes policy from 
(he measures to-be used' bv the 
next .Conservative -government - in 
squeeze inflation out of the 
British economy. 

The main ' emphasis of Bis 
speech, which -won him a stand- 
ing ovation, was on the need for 
"firm and unshakeable resolve” 
4n '-implementing a programme to 
ensure observance nf .limits on 
the rale of growth of the money 
supply and on the share of 
national resources available io 
the public sector 

Sir .Geoffrey offered a sham 
contrast to the view? of Mr. 
Edward Heaih who. ignoring a 
solitary shout nf “ No*' from the 
bodv of the hall, had insisted 
earlier that incomes policy had 
a pari lo play id the economy. 


sense for 3ilinz businesses like 
British Steel or. British Ley land 
to pay exactly, the same pay for 
every job as successful firms like 
GEC or ICI? - There was never 
a 'nrer way. to economic decay." 

The shadow Chancellor argued 
that rigid pay policy had per- 
verted the entire role or the trade 
unions. 


“Mindless militancy is pro- 
voked 10 challenge the norm. 
And union leadership is driven, 
nfien reluctantly, into ihe same 
po*ilinn. A rigid pay policy all 
loo easily becomes a target fur 
confrontation." 


Courteous 


The former Prim° Mini*ter 
■irpi*r1 confrrenrp not - n 
over tiir apparent breakdown of 
Hie Government's pp- pi»|i<*' — i* 
-noi ;-ei rlear *o wb:.i extent 
it b;»d j»r*il-'erj rin-.-.-n — an. I warned 
Thai - The- Rrill-lr ne.ipin - h.ifl a 
deep fe.ij- nf anolh'T - .*A2e ex- 
pln**ion 

Sip Gpoffrc- - .*a« firm hm 
enurteoiii in d!*tan>:ine h: ill*** If 
from Mr Heath'* a-lvocar, *>f a 
eontimung r*ri«* f--r income* 
pol|.-y 

“Of conr-** ■ii* r,eer| iri nrrterlv 
;.nd r p< uonAu*le patiern in pa; 
hargainuu. Thai i« rhe .i - '*?*-,-- 
live for v. hu-ii ^ -'ru-.v. nnrt**r 
Ted Heaih'x lv-id?r-hin Bus 
didn't "**«* learn ■■•ni; |e—i, n frun* 
ihai experiein-e? |«r:'i the pre*en» 
Gnvernnieni learning the ^jme" 
Thai a f*i*. - niaj .or reculalor - . ir.- 
pulley rnrn T oil* i;i 
end ?o in* 1 he wrong v.,r. i.f j.-i- 
in - .- about it " 

Sir Geoffrey rallerf for a 
<Tex|l>|e pol ICV whieh ’* r.uld al'r. l 
pay lo vary according larjmg- 
demands for different -kilU and 
accprdin^ 10 varying decrees ol 
>UCce*S. 

"Thar crucial conr°pi i; hem; 

de«irojcd. How cac it mar - .? 


Sir Geoffrey then strongly 
reaffirmed that Ihe objective of 
the neyi Conservative- govem- 
meni. like that nf the trade 
unions, must he io return to 
realistic, responsible collective 
bargaining free from Govern- 
ment werfprenee 

He de^eribert monetary policy 
not as the alternative to this 


objective, but as its essential 
complement. 

Conservative ministers would 
discuss the implications of their 
economic and-monetary policies 
with union leaders .and with the 
employers. 

*.‘ The unions will know, more 
clearly than at present, that the 
next Conservative government 
will accept its duty to control 
inflation by its management of 
the money supply.- - 

“ And they will know ton that 
the matching responsibility For 
checking unemployment rests in 
the end to a very large extent 
noon themselves." 

There were cheers when Sir 
Geoffrey renewed Conservative 
commitments to cut taxation. 
He promised “ real and substan- 
tial cut? in income-tax— nothing 
less will do.” 

A redefinition of CaDita! Gains 
Tax would ensure that tax no 
longer fell on whai were only 


paper gains. The investment 
Income surcharge would be 
severely pruned back. 

Sir Geoffrey also' reaffirmed 
his intention to secure a iswiteh 
from, direct to Indirect taxation. 
People' should . be. given more- 
■ freedom' to decide' for themselves 
how to spend their own money 
— pay as you .spend was prefer- 
able to pay as you earn. 

Mr. Heath coupled his warn- 
ing about public anxiety over 
the danger of a new pay explo* 
sion with a claim lhat the issue 
on which he sooghr To fisht the 
general election in February, 
1974—" who governs Brilain? 
was still causing concern. 

“The British people have a 
deep fear Chau in fact their 
national life Is . going to be 
governed not hy Parliamentary 
decisions by the elected. House 
of Commons, or. by the Cabinet 
sunhorted . by the House of 
Commons, hut instead by deci- 
sions by particular sections in 
the country.” 



End of the road 


Heath’s 


warning 


‘ If V shall be, first a quaint 
lirtle island flooded with 
tourists when the pound 
gets so low that it is 
cheaper here than the 
Costa Brava nr Hawaii. 
That is not a future to 
which w e can look 
torw ard .’ 


He a l*o recalled that when 
he last addressed a Conservative 
conference — in Brighton two 
year* ago— hr *tated that Britain 
wa= .11 the end of thp road. 

The country had been *aveii 
from going over the precipice 
bv 'he IMF and the gradual 
development ef North Sf-a nil. 
But over rhe pa«t two years, very 
litifp had happened tn give the 
basic aspects . of fhe British 
eennnmy a stronger pnsltjnn. 
Tndped.' in many '.respects they 
had bemme worse. 

Mr. Heath urged areppt.-mpe 
n r ihe need fnr. reconciliation 
rx'hpr .than disunity, and rpeng- 
rrtinn- . lha! the continuing 
rfp.-i’n** nf British manufacturing 
industrv must Teed tn economic 
an rf nolii-rjti weakness. - 

"We shall hp iust a quaint 
H*Hp i*'and flooded with tourists 
when tire oonnd get* *o low* that 
»* ! * -bran-*" hp*-** th^o the Costa 
Brava nr Hawaii. Thar is not 
a fu»*i"«* ;o which we can look 
forward ” 



Bubbly offer: Sir Geoffrey Howe Offers champagne to any 
Tory Party defectors. 


tranquiUiser-Walker 


Tin- r«in*pr« - aiive* were rl.um- 
ln? »h.U ih-y wniilri stimulate 
fro*? enterprise The Heriorair. 
h*i ■.■.**- - pt. wuu'd n«-t -unporl them 
:f thev d:d n->r pmpha*i*e the 
np**d for -orul iiKTire :*s weil 

He a-nnii'-r**!! ••.•hriher :inn**a-p- 
:iirm nf 'hr nninn- likely :o 
«ncct?ed al a Gni*- w-ieri Gonsen - :.- 
ti\e polirie* -re re likely :•> creaTe 
even urenrer dr.isinns m sycieiv 
:han already exi-ied. 

Conference *■ verwjtei mindly 
aoproved a re*n!uiir»n calling on 
thr nrxl Gonxervativc govern 
ment to pursue aolicies I'nal 
would lr.in.-rer ihe -power anti 
•wealth of the R-ai«* in privaie 
jnd/viduaL -md nt.-iintaio' 
property i>wn:ng deni np racy and 
j private cnierpri ? e economy. 


How to get 


more pay 



e to cities 


Plea for 


BRITAIN - .= 


Today's agenda 


9 Free enterprise and industry 

• Propoptivnal rcpreaeouiica 

• Defence 

• o-.ereeis aff,,r® 

• Energy 

• The EEC . 


PAY increase? can ctim*- only 
from more production. Shadow 
Gliancelior Sir Geoffrey Howe 

-ires-ied vosli-rday. 

" Pi-uplc have 301 io 'earn this 
n.-rj. vital hard lesson." nc said, 
lie promised substantial tax cui* 
i>* encourage people u« work 
more. 

Sir Geoffrey lold BBC radio: 
“The mo-t miporlant thing the 
ne\i r.ons?r* - aUve Gm-ernment 
niu»t do is lo secure a reduction 
in income tax and ?er*onal i:it 
across the* board, -i suMstar.ua) cut 
10 make n worthwhile working 
again. 

Backing Mrs. Tiia tuber's c.ill 
for a return to free collective 
bargaining. Sir Geoff re;, -.aid. 
" V.'c halt? swn Thai Inc imp**?:- 
n-in of ? riyid. fixed, aero** Ih**- 
hoard covcrnnieni re-train* 

*0 more pressures and di^ioruons 
builduiz up. 


. -. _ *-o nr 5 gi'en 

'more freedom from tne con- 
Vnllinc hand of Whitehall 
under a n--v -ri.ike-up of local 
go'-ernuicn* undertaken 

:ne ::v?-i Conservative 
^n-.ernir.er.l. 

Th:? pr-in>i«ed by 31 r. 

■Michael ili-orhinp. the Cm- 
serv-jji-.o cpykesuian on ihc 
environiuvni. 

H" to id deiega'c-i: ■■ We are com- 
muted in .1 root and branch 
apprai-ai c*f ijjj- powers of 


, m, i*. »jh; %•» 

Mhi'ehaii i.v’r lot.al gpvern- 

uinni. Y.'v vr.iii m goverriuienr 
depart men: . f:-r .ieparmn-n* 


depart 

reduce ami many nf 

ihe con: rue. ih.ii .-urreniiy Mo 
.. p . riSi -> ! Y^ ciiie- Whitehall. 

* ’•’'lev*- tins i!i s^ve money. 

*peo«i (?.■.? -son- miiI re»!ore * 


T.-o r-i*:i:nc:;i|, c mdopen- 
•r.iii-'* '•■* . <• ,:-. i,-.cr.M - y " 

Mr :,r.c -hat und**r 

a-ur.-inr-*: rr"- ' *-m %> mo p»-i- h 

of the smack of tjje branch 


office and too til He the inde- 
pendence of *eir-£Oiernmeot 
and choice 

He assured delegates lhat ihe 
(•ia* against county authorities 
shown My the present Govern- 
ment in distributing the Rate 
Support Grant would be ended 
hy a Conservative administra- 
tion. 

** Labour's policy is unfair 
because it expects people often 
just as poor and just as 
deprived, often living in very 
large ciiie* in the shire 
ciuiniie*. t.» flnjnce the prob- 
lem- of ihc poor and deprived 
m ihe metropolitan cities." 

Amid cheers, he lold conference 
iha! unc law the Conservatives 
rnuid he relied upon tn break 
u.i* Labour'* "law" for local 
;'>*-**rn:.i*»n! finance 

H'* defined »hi* :•* " the more you 
'mv* tq.iandereri m the past. 
:n» ni--r»- n? will zivp vruj to 

squander m the fuiure.” 


Prentice 


THE Tory Rigbt-wing Selsdon 
Group yesterday called on Mrs. 
Margaret Thatcher to replace 
3Ir. James Prior with the former 
Labour Cabinet Minister. Mr. 
Reg Prentice, as Shadow Employ- 
ment Secretary. 

Mr- Stephen Eyres, secretary 
of the Selsdon Group, and 
prospective Conservative can- 
didate for Walthamstow, *aid in 
a statement: “ Jr is viral that the 
Conservative Parly reaches out 
beyond normal party confines 
and reenruits people with a wider 
experience of industrial relations. 

“The mao best qualified to 
deal with the unions in rhe next 
Conservative Government is 
clearly Mr. Prentice, whose 

personal knowledge of the trade 
uni-m movement is unpara Helled 

“His speech yesterday showed 
that he ha* a more sophisticated 
working knowledge of the unions 
than Mr. Prior. 


FORNfEIfr -Conservative, .Ciabrnet.- as- mueb 1 again bn. - consumer 
Munster. ’ Mr. Peter Walker, durables but they are Japanese 
yestirday - labetied 1078 as “the TV se'ts. - Italian .washing-machines 
year^oltho £ltoa" TrahmuHjse r." : and - Dutch refrigerators.-- 
And'he roTd aBow^Group.- - "What Britain -must now fare 
meeting tn Brighton that Britaia. is. wfcal fife is to be tike atigr 
had - been ."following •' the' classic 1 , the'. - , effects - nf rhe tranquilliser 
formula for disaster. ; have worn off?" 

Mr. Walker. MP fur Worcester. The period of the tranquiii**>r 
said the tranquilliser - was country would be left with a 
designed to lull the tserfses and record public debt at a crippling 
to remove anxieties beiore cost. “We will have a public sec- 
polling day. What Brilain had lo tor wage bill that will cost £+1 
face was life after it wore off. a week for every [ atuilv nr four 
“In a pre-election boom, the in the country." 

Prime Minister and Mr.. Healey Th . n p Pirif , nf , h _ . r „„„ tlSIi 

are dissipating the £4bn we are V ,_X t l ran ? ulil 

benefit we are petting from North u, ve , gj. 

^ s^snjst. Ssr? 

to make sure the British people KfL"!* ^‘“« re .L and the p , uh ' 


13 m: sure u«c Drui&ii ti h - .. — ’ — ^ 

are appropriately tranqullUscd. hi 


Mr. Walker said this would «*« W» wil1 at least £5bn 


produce a once and for all 7 per a - .. 

cent increase in living standards, R rth ln a lJE| i ^ th ® i 9 ® 1 * 
but with no 7 per cent Improve- ® r *L a J" rPC °? nfee ;,the 


ment in Industrial production the f„ ^{1 “ “ J: ° f its , r ® il ? re 

money would primarily go on "3 “J® ,? ris 15 years. "Being 

imnnrt* - alone antong the major manufac- 


im ports. Hiring countries with oil 

DiiraklAc resources of onr own. these 

Ltuidino should have been years when we 

“ Tn the first six months of this forged ahead of our foreign corn- 
year our imports of manufactured POtitors.;. 

good rose by nearly 30 per cent “Alas; the reverse Is true, 
while our export* went down by During these years, productivity 
2.5 per cent.” he said. in Italy. haS risen four times 

The year of the tranquilliser faster than in Britain, in the u.S. 
would mean record new car fire times, faster.. in France six 
registrations, but 50 per cent or times faster and In Germany and 
them would be care made abroad. Japan . efeht times., faripr. 

Three times as much wnuld be "Wp have followed the. pla«ic 
spent on foreign cars as In the. fnrmula ..for -disaster of havina 
last year of the Conservative lower nrriHuct*vltv.TVian - niir rom« 
government. , p»fj to*** huj ipt. hjgher. wage tn-. 

“We are spending one-quarter creasefi," 





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LABOUR N 




^Agreement 
reached on 
steel plant 
partial 
closure 


By Our Own Correspondent 


THE BRITISH Steel Corporation 
has won agreement, from the 
TlfC steel committee partially to 
Close Its loss-making Glengarnock 
works in Scotland's Strathclyde 
region, a year earlier than the 
date set by the Beswick review. 

After four hours oT talks, the 
corporation’s Scottish division 
signed an agreement with the 
unions to close the plant's open- 
hearth furnaces and part of its 
rolling mills by December 23. 

' About 700 of the 1.000 strong 
workforce will be made redun- 
dant at a cost to British Steel of 
££5 ql, which includes an ex -gratia 
payment to each man of 25 weeks' 
wages as compensation for early 
closure. 

-•'The payments will range from 
£3.500 to £9.000. with further 
sums available from EEC and 
European Coal and Steel Com- 
tritmity schemes; for redundant 
steel workers, which could bring 
the top payments up to £14.000. 
-The deal was criticised yester- 
day by Glengarnock's shop 
stewards. Mr. Tom King said 
they felt that the steel committee 
did no f recognise the social prob- 
lems of the area and just wanted 
to go home. 


Transfer 


The stewards will seek the 
backing of Government ministers 
and of Mr. Bill Sirs, general 
secretary of the Iron and Steel 
Trades Confederation, in nego- 
tiations over the future of the 
remaining rolling mills. 

British Steel and the unions 
have agreed to negotiate man; 
ning levels for a reduced mill 
operation by December 23. The 
corporation will consider spend- 
ing £1.5m on transferring a re- 
heating furnace from its Hallside 
works, near Glasgow, to Glen- 
g?rno.ck so that billets from the 
main Scottish works at Ravens- 
craig can be used to feed the 
remaining mills. 

'Glengarnock. which dates to 
1843.. when It beean pig iron 
production, is the last open 
hearth furnace left in Scotland 
after British Steel's closures over 
the last 18 months. 

The Scottish division, which 
last year returned the worst 
divisional performance within 
British Steel, with losses of 
£83 2m. had estimated Glen- 
garnock's potential losses this 
year at £5m. . 


Firemen ‘will 
fight any 
services cuts’ 


By. David White 


LONDON FIREMEN would fight 
a riy; proposal to cut services, Mr. 
John Lewis, their leader said 
yesterday. 

He told journalists at Bridling- 
ton, where the Fire Brigades 
Union is- holding its annual con- 
ference. that, there would he 
industrial action it the Greater 
London Council abolished nnn- 
iire emergency services without 
pmner consultations. 

Mr. Lewis, a London member 
of the union's national executive, 
was speaking about the effects of 
the introduction of a 42-hour 
week. 



Pay delay 


worries 


■■ - Tern; Kirk 

Ford workers and other demonstrators < above) marched through 
London to Westminster Central Hal! yesterday for a rally in 
protest against the 5 per cent pay guidelines. Hr. Ron Todd, 
leader of the union negotiators at Ford, reaffirmed the complete 
unacceptability of au offer within Government guidelines. A 
5 per cent settlement would not reflect Ford's profitability and 
would make it impossible to deal with a backlog of anomalies, he 
said. Ford, which has said that it will negotiate responsibly under 
conditions of free collective bargaining, is expected to make a new 
pay offer wheu-it meets the -onions tomrrow. 


Hull dockers vote 


for overtime ban 


BY PAULINE CLARK. LABOUR STAFF 


ABOUT 2,0(10 Hull dockers voted 
yesterday to press a 20 per cent 
pay claim by an overtime ban 
from Monday in the first show 
of serious unrest in ports over 
the Government's 5 per cent pay 
policy. 

The dockers, whose earlier 
claim for a “ substantial " rise 
has been rejected by the employ- 
ers. threaten farther action if 
an acceptable offer is not made 
in time for the January t settle- 
ment date. 

Unofficial action so far ahead 
of the dockers' settlement date 
la a sign of the extent of frustra* 
tion at what their union leaders 
call a serious erosion of earnings 
in the past three years of Govern- 
ment pay restraint 

Mr. Johnny Fee, secretary of 
the shop stewards’ committee, 
said that with no consolidation 
of the Phase One and Phase Two 
pay policy supplements in last 
year’s 10 ppr cent deni, dockers 
had th work increasing overtime. 

Union leaders sought double- 
time rates for Sunday work. 


against the present time-and-a 
quarter, and £15 more on basic 
rates to raise the average wage 
to £93 a week. Average earnings 
now are put at £100 a week. 

The detailed claim to be put 
to the port employers at the end 
of this month includes holiday 
pay based on average earnings 
arid shift pay at double the day 
rate, plus .overtime. 

The employers have said that 
as part* oF the .public sector 
they must abide by the Govern- 
ment’s guidelines. 

Further meetings with the 
union leaders were planned this 
week. It was hoped that the 
dockers would call, off their 
** utterly futile ” action. 

Most of the dockers are em 
ployed by Hull and Humber 
cargo-handling com pan v. a sub- 
sidiary of British Transport 
Docks Board. Nearly 20 ships 
were left idle during the mass 
meeting. The overtime han is 
expected to disrupt services, par 
ticuJarly to ships on a tight 
schedule. 


Group seeks pay talks 


AN early, meeting with the 
Prime Minister to discuss pay 
policy is sought by the 
Managerial, Professional . and 
Staff Liaison Group. 

‘ The group represents up to half 
a million - ' people in non-TUC affi- 
liated' : organisations. It has 
written to Mr James Callaghan 
saying it should be given ' the 
saine opportunity as the TUC to 
submit its views. 

In discussions the group 
arranges with Mr. Callaghan.. or 


Government Ministers, the 
group will stres sthe need for a 
flexible pay norm, geared solely 
to repairing eroded differentials 
Last year the’ group wanted at 
least 2 per cent of employers’ 
wages hills set aside to repair 
differentials. Mr. WilFred 
Aspinall, .the group's treasurer, 
said yesterday that more than 2 
per cent -would be needed this 
year. .’’Our main concern is that 
rigid pay policies have dis- 
criminated against middle 
income earners.” 



workers 


'By Our Own tjPtragnndent 

MORE THAN SjjflO Upper Clyde 
shipyard workers are said to oe 
growing increasingly impatient 
at delays ol pp to -two months 
by Brltlsft Shipbuilders m 
responding to their pay claims. 

The workers.'-the hourly pa> d 
workforces.; ..at Govan Ship- 
builders and r Yarrow f Ship- 
builders), submitted, claims f Qr 
** substantial’ Arises in- August to 
take effect fronr September 1. 

But -Mr: : Joe : McGovern, 
Yarrow’s stewards’ convener, 
said ihey had: been told by local 
management that: the claims had 
to be referrred to the corpora^ 
tion's Newcastle - headquarters 
and they could make no 
response. • • '•*.' 

** We are perturbed at the 
delay, and while it is too early 
to. discuss possible industrial 
action, we fee! that if there is 
no reply very icon, we will have 
to call a mass meeting to put our 
members in the picture." be 
added. 


Settlement 


British Shipbuilders are 
understood to be hoping that 
yards with early settlement dates 
in the pay year — Vosper 
Thornyeroft manual-workers also 
have a claim pending— rwi 11 wait 
until they have secured agree- 
ment with the unions on 
national - pay ' date for the 
industry. 

But Mr. Alex Ferry, general 
secretary of the Confederation 
of Shipbuilding and. Engineering 
Unions, said a circular was on 
the way to their officials statins 
that there was no agreement 
with the corporation an freezing 
negotiations. 


BOG offer 
worth 15% 


says union 


By Nick Garnett, Labour Staff 


Tribunal’s order rejected 


VALtXHALL. Motors said 
yesterday that it would be a 
laughing stock' if it ' re- 
employed a HOO-a-week worker 
caught napping. It rejected an 
industrial tribunal's order to 
take back the worker, sacked 
In February. 

Mr. Mobammed Ayub, aged 
53. was dlsiplssed after he- was 
found asleep with his shoes 
and socks -off -on a makeshift 
bed while on night shift at 
Vaoxhali's Luton works. 

Mr. Reginald Garrett, per- 
sonnel manager, ' told the 
tribunal at Bedford: “ We’bave 
already been ridiculed over 


this. We would come in for 
further ridicule If we were to 
re-employ hira_ It could harm’ 
the company's credibility with 
customers, dealers and trade 
an ions. ” 

1 Asked If the company’s dis- 
obedience would cause more 
damage,. . he’ replied: “ On 
balance, *we think not. Public 
opinion is that we were right 
not “to submit to the tribunal's 
requirement." 

Mr. Garrett .disclosed that 
one ..other man had been 
suspended for sleeping and 
two. others reinstated after 
recelving_their notice for the 
same offence. But. unlike Hr. 
Ayub, the two men, whose 


machine had broken .down, 
were not absent from their 
place~of work. 

Mr. Ayub, of Biscot Road, 
La ton, a Vauxhall worker for 
seven years, saW: ^ It is very 
difficult to find a job because 
I now have a bad reputation.” 
He had told an earlier hearing 
of the tribunal that everyone, 
'on the night shift slept or. 
played cards after completing 
their work quota- 
'■ The tribunal reserved its 
decision. Tribunals have the 
power to award a total of 
£13,400, Including a maximum 
. £5.200, Id -eases where a re- 
instatement notice has not been 
compiled with. 


THE CHIEF union negotiator 
Involved in ■ pay talks at British 
Oxygen’s gases division said in 
public last night that the com 
pany's offer to its manual 
workers judged by management 
to be worth 7.7 per cent on the 
wages bill, was. tn .fact, worth 
double that figure.] ’’. 

Mr. John’ Miller',' the Transport 
and General . Workers' Union 
national secretary for chemicals, 
said that the offer, still to be 
accepted by the- unions, would 
give few of the 3,000 cylinder 
handlers and drivers to which -it 
applies rises of less than 10 per 
cent in their pay packets. 

For workers on the group's 
average of 7 JB hours overtime 
it ..would , be worth between 14 
and 15 per cent on earnings. 
Worker*, doing more than' aver 
age overtime would receive rise? 
of between 16 and 17 per cent. 

Mr. Miller said on the BBC 
television programme Nation 
wide that all th?se figures 
excluded any payments undei 
productivity schemes. 

Later the company reaffirmed 
that proposed increases, which 
will be discussed at a national 
shop stewards' meeting to- 
morrow, were worth a total -7.7 
per cent on the wages bill for 
this group of workers. 

The offer, which breaks: the 
Government’s 5 per cent Incomes 
policy, includes £3.50 new money 
on the average basic rate' of 
£60.04 and an increase of £2 on 
unconsolidated supplements of 
£5.56. A further £1.67 of supple- 
ments would be consolidated into 
ba^ic pay. 

Mr. Miller said that union 
negotiators calculated it as worth 
8.3 per cent on earnings, hut this 
figure applied only to workers 
who did not work overtime nor 
earnpd special allowances. : 

With . Improvements in -fringe 
benefits, including higher ‘shift 
allowances, the effective .mini- 
mum rise would be 10 per’ cent 
For .workers on the average week 
of "47.8 hours, the rise would be 
something over 14 per edrt on 
earnings. .- 


APPOINTMENTS 


Executive changes at Security Express 


Mr. A- W. Torrance is to become 
chairman of the Security Express 
division of the DE LA RITE 
COMPANY from January 1. 1970 
in succession to Mr. J. A. 
Shepherd-Barron. wbo is taking 
up another appointment with the 
group. Mr. A. R. .Copestick is to 
be managing director of Security 
Express in place of Mr. Torrance. 
.... * 

Mr. Geoffrey ' Bowler, deputy 
chairman of'‘AIRCLATMS GROUP, 
has become- chairman. He suc- 
ceeds Mr. J. L. Sage who has’ 
retired from -that position but 
remains bii jthe' Board. Mr. R. E. 
Holland has retired from’ the 
Board and Mr. R. H. Peet becomes 
a director in his place and has 
been elected- d*>nuty chairman. 

★ 

Mr. Charles - Gordon, director 
and general- manager of" BED- 
FORD COUNTY PRESS, a division 
of Westminster Press, is retiring 
early Jn November on medical 
advice. 

Mr. i NevHfe ‘ Vincent is to 
become .president of BOVIS 
LIMTnSD on November 6. follow- 
ing his retirement on November 
2 as chairman ’and a director. He 
will continue- . with - that concern 
In a “part-time consultative 
capacity. Mh Malcolm Paris, man- 
aging director, ■ takes oyer as 
chairman from November 3,. 

★ 

Mr. C- .-R- J- . EgUngton aud 
Mr. S. E.-J. Raven are bring 
appointed ’“to ” the Bo a.rd ’ of 
AKROYD and SMKHERS, Stock- 


jobbers. Mr. W. S. Cornish has 
become senior executive and Mr. 
G. W. Cossey and Mr. P.. R. A. 
Jenkins, executives. 

• * 

Mr. Gordon Ridley has bee re- 
appointed director of ; planning 


and tra nsportation for the 


GREATER. LONDON COUNCIL 
He will work to the controller of 
planning and transportation' on 
the management and improve- 
ment of London's -transportation 
and major road system. . 

* 

Mr. Peter Curran, recently 
appointed joint managing director 
{marketing) of Attwond Statistics 
iGreat Britain*. - has been 
appointed di recto r of the parent 
cntnnnnv,. ATTWOOD STATIS- 
TICS. He continues as managins 
director of Irish TSm "and. 
Attwood Research -of. Ireland. 

- * 


Mr. P. J. Hughes hag been 
appointed a. director .of C. E. 
HEATH and COMPANY (Insur- 
ance Broking.) and continues as 
chief accountant. 

* 

Mr. P.‘ J. Freeman . has been 
appointed sales director' arid Mr. 
A. K- HorsfleM. works dlrertot. 
of DORMAN SMITH TRAFFIC 
PRODUCTS, a member of the 
B1CC Group. 

:. - * . 

Mr.' Nevfl Carroll, .general, man- 
ager sjt the- Britannic Assurance 
Company, Las bee n elec ted chair- 
man of- the INDUSTRIAL LIFE 
OFFICES ASSOCIATION in suc- 


cession to Mr. R. E. Holland, 
general manager and d’ *ctor of 
the Pearl Assurance. Mr. Peter 
Taylor, general manager.. Royal 
London Mutual Insurance Society, 
replaces Mr. jCarraff. as the asso- 
ciation's -vice-chairman. -Mr. h. L. 
.K. Browne, .chairman of the Lou- 
don 'arid Manchester Assurance, 
has been re-elened treasurer. 

- - - * • . ■ 

- ’ Mr. Malcolm J. Morgan has been 
appointed director and general 
manager, of MONMORE TUBES, 
part of the tube division of the 
Ductile Steels Group. 

- * ■ ■ • ’ * 

Hr. Tom Garnler has been 
appointed chairman of KALAMA- 
ZOO FINANCE following its for- 
mation as a- subsidia y of the 
Kalamazoo Group, while Mr. 
Geoffrey Braltbwslte has been 
made a dh-ecto- and chief execu- 
tive.' . Other directors are Mr. 
•George Coates. Mr. David Impiwy 
and Mr.’ Iain. Mackenzie. -Mr. 
Gamier is the managu.- di reel or 
nf the Kalamazoo Crou-i and. Mr. 
Bralthwaite, group secretary. 

Mr. R. -Kidd, at present manag- 
ing director of Farnell Instru- 
ments. Is to become chairman of 
FARNELL- ELECTRONICS on 
February 1- He win succeed Mr. 
A. E. Long, who retires at the 
end of.next January. 

-Mr. .Patrick S- Attenborough has - 
joined r the Board of NATURAL 


ENERGY (JERSEY) . 33 . managing 


director. - He succeeds Mr. Ian 
Macdonald, who has left the 


company because of " other 
business commitments. '. Until 

recently Mr. Attenborough was a 
director of Fallot Bros. (Glass). 
* 

- Mr. D. F. Greenfield and. Mr. 
J. W. Hayes have been appointed 
directors ot E. N. BRAY Mr. 
W. L. Teller has joined fhe Board 
of HADDINGTONSSHTRE FABRI- 
CATORS. . The companies, art 
members of the Low and- Bonar 
Group. 1 

* 

Mr. John A. Silk has joined the 
ANGLO DUTCH CIGAR COM- 
PANY as- chairman and managing 
director. 

•k 

Mr. J. Waller has been appointed 
exnnrt sales director of LESSER 
BUILDING SYSTEMS (EXPORT) 
He was previously with -Bank 
Strand Electric. 

■ ’ + 

Mr. Alexander Kaye,. Mr. 
Michael J Norris and Mr.:lVOi* C 
Shrago have been appointed 
directors of BRITISH ,AN?ANL 
Mr. Shrago becomes chsdrmkn'ih 
place of Mr, G. Faull. wWfclithow 
deputy chairman. Mr! Ijtf Aiel 
NorriK has been made' Joint 
managing .director with Hr, n H- P- 
Rnstitan; v ' Mr. S. Fanil. Mr-' P- 
Freeman .and Mr. G. NisSop ■'teve 
resigned from the Board. ’ 

. NORFACtors has appointed. 
Mr. Peter F. Phillip* to ihe'newly- 
created • position of operations 
director.’ " Mr..' Robin GaHxgher 
joins the Board u financial 
director. 



^‘Financial Times Tlmrsday O^ 




' ■ ■■ ’■< r*? -* - 


. this amaimcemem appears as a matter at record only. 


■ “ " ; ."-i 



-?mgm 


:" 7 ; 





¥5,000,000,000 


MediumlTerm Loan 




' Mcmiftged by 

The Tokai Bank, limited 


- . 


I ".Priiylded by 

The Tokai-Bauk, Limited . -.li 

The Chiy oda Mutual :life Insurance Company; . ; 
The First Nhticaial Bank of Boston 
Banque Nahonale de Paris 
Banca Coimhercdale Italiana 
Qteihical Bank 

Continental Blinois National Bank' and Trust Company of Chicago 

- Deutsche Bank • ■ 

Irving: Trust, Company - 

• • Manufacturers ■ Hanover Trust Company. r " :V 
IMon de Bantiues Arabes et Francais-UB/®' 





■m. 


'•U i „ 


’-*. r TVA 


...... _-^4i 

. : -V-r 




; • ’ :i v 
; ’- 

Agent Bank 




W 


The Tokai Bank, limited 




October 


y 

i ~ ■ 


-i— 


■-.yy-zffi 




my* 




Thlamfmtlmmm»pptM*taaieam'atmordantf 


Instituto Ecuatoriano de Electrificacidn 

(INECEL) 

s 

U.S. $50,000,000 
Medium Term Loan 

Guaranteed by v ! 

The Republic of Ecuador 


Managed by : ■ ' 

Interunion-Banque . 

Banque Beige Limited ^ Canadian American Bank SJL 

( SocJ6t6 G6n6rale de Banque Group) : - 

Marine Midland Limited The Tokai Bank Limited 

• Co-managed by 


BankAm erica International Group 


Merrill Lynch IntemationalBank Limited 


Provided by 


Banco Urquijo, SA. New York Agency 

Banque Beige Limited 
(Socidte Gdnerale de Banque Group) 

Canadian American BankSA 

Coutts and Co. 

European Brazilian Bank Limited - EURQBRAZ 
Interunion-Banque 


Bankof America NTS SA 
Barclays Bank SJU Paris 


Japan International Bank Limited 
Marine Midland Bank 


The Mitsubishi Trust 
and Banking Corporation 


The National Bank of Kuwait SAK 


The Royal Bank of Canada International 
Limited (Nassau) 


The Chuo Trust and Banking Company Limited 
European American Bank and Trust Company 
International Westminster Bank Limited 

Investitions- und Handels-Bank AG. 

London Branch 

Kredietbank SJ\. Luxembourgeolse 

-Meirriir Lynch International Bank Limited 

The Mitsui Trust and Banking 
Company, Limited 

Pierson, Haldring and Pierson (Curasao) N.V. 

TheGaftatna Bank, Ltd. 


The Taiyo Kobe Bank Limited 
Toronto Dominion Bank de Panama SA 


The Tokai Bank Limited 
The Toyo Trust and Banking Co„ Ltd. 


United lirternation&i Bank Limited 



£aAagbst.1t7& 






Lr 


> • : i 

■ •. - ’* * » 




‘ -Vr-. 


y ;‘x' 


S 


'‘N. 







acton 




Tp*'- ** a 


Financial - Hines ^ Thursday October 12 197& 



HHTED BY ARTHUR BENNETT AND TED SCHOETERS 



^U, 


POWER 



• MATERIALS 

A basis f° r a moulded plastic unit • 

* lbre to , “^““goes on running m 

■ ' -m Kevlar fabrics were introduced H f^y. 

TYI<1 lr A —in ^ UK'hjr Potherjil! and THOUGH oo-one is likely to be than any other UK maker, sayfl 

iBBVB 14 w~ Tiarny a few years ago and in- around lo tesithe veracity at the the claim derives from field 

. corporate high strength, high claim. CUloride Transipack is experience. It has developed its w?; 

modulus aromatic polyamide confidenilv baeklne inn V na« equipment to the point where 1 ®y:./V ■ 

• v • fibres by Du Pont The UK cam- ™ WVA «*««** are readily avail- f i -V C- 

dirchmc paoy*s industrial textiles division u “ lc , ta,WMn fa,Jure able. f:\rrr- 

Al t | ^ HB | 1!S Is a recognised weaver for this ‘"TDD for its present genera- Major applications are in pro- L '.v- 

Mr : fibre and has developed several Hon of no-break or uninterrup- cess control, telecommunications. 

weave patterns to cope with tible power supplies. computers and other loads where 

1* r , l. a - different industrial requirements. This century claim would appiv cvcn short-term -mains outage f 

HPIITPT . - Two types- avjdfcrtfle are to a single static UPS system u™ 

. , Kevlar 29; and Kevlar 4S. in their V -UJ» mams bypass and static f njjraially -toe 

heaviest weaves having a tensile transfer switch -and would M -“ e *wecn _ the mains 

-strength of 3.3003,500' Newtons aPbly for the ■ secumf year’s mo we load so. that in the event 
WEIGHT SAVINGS, strength-for- per 10mm. However. 20 hint operation, strictly speaking, be- fa,Ilire ** V 1 M sustain power, 
strength, typicallv of 30 per cent ahoul batr the modulus of 49 *au« it is general experience JJ „hll^ erm 

compared with "lacc fibre with double the? ekmsatfon and that as with much electronic transients common where a 
M . ne * a J* bre rcin ‘ is suited to areas in which high equipment, there is an “infant ainuunt nf electncal equip- 
fo ced resins and 50 per cent impact resistance, fc Important, mortality generally delected or !“ en * ‘ S J[* *£!:’ w , hich 15 Y ery 
compared with aluminium, are Ijjustrafme the strength of even caused ’ by Uie baking or hSs^Sn 

some of the reasons behind the the Kevlar 49 aligned fibre com- testing procedures followed by jjjj L kTSL u? through waveform 
choice of Kevlar 49 woven fabric Posite is the statistic that at 80 -oh makers. JJS2 * SESbSS^SIE 

as the basis of the gondola for per ceD V -ultimate tensile Contributing to this unprccc- pac , latest icchnolo-y unto 

the latest aitslip built in Z Trl^nr ^ hieh MTBF aretl.e t,i s h bUT!“ SwM ff'tlte 

.,„, u ... .TNcAn * hours against one hour-for glass, reliability of static Invertors, re- is ihr» n f mir-mnr,^ 

world - the AD500 by Aerospace Composites or both typesof dundancy techniques io the Sra for the wntrnlofw^ 
Developments (London) which fibre are machined m ■jamllar design, use of solid-state, high- Sm mStheilS aS S b» °h mw 
has beco on order in a series to wood, while fur grinding speed load carrying transfer transistors to replace thvrislors 
of 22 craft by Venezuela, It ,s S SS* 5 f “? »im C to „ 

believed to have a potential of fSlVi? ^ & best ***?* . st . anc . P ,ant compared load to even more compact UPS Chloride 

at least 200 craft for fisheries mulf' ' 4 „ *«h co»atin«ptam. systems. 


Vital equipment 
goes on running 


f-K 

i;.. ••• V^Sh.* 


m 




:>jbS 3? 






. -hi 


I*- 





My -cuccuctrt, IS no-Jiinn 

believed to have a potential of resuto 
at least 200 craft for fisheries <rh 0 ' 


wheels 


material 


surrveiiiance. material -js ^ a, ?her Tr ansipack, which has more Chloride Transipack, Stanley 

The gondola, 30 fret-ions, is efrSSdTne b^Snta? an’d slalic UJ>S *> slems ,n thE fie,d Bromley. Kent. 01 «0 MU. 
the largest Kevlar structure so helmets for security forces. ' 

far built for aviation purposes Fntliergiil - and Harvey, 
and houses the engines and the Summit Littleborough, Lancs • COIflPUTING 
passengers. The fabric is the OL15 9QP. Littleborough 7SS31. 


Chloride Transipack 150kVA static uninterruptible power supply system undergoing final 

tests before shipment. 


AVIATION 


Fireproofing for Europe 
from Thomas Ness 

STRINGENT SAFETY legisla- ties throughout Europe. 


Changing the NCR image Pilot’s view by computer 

4=1 THE FIRST two of Redlfon's front and two sides of the pilot 

li-T-Mf tfpo . ... . ■ , , .... .. . . SP2 systems, which generate During a trainin'’ - flight " the 

SS SS^r " windscreen pilot’s ifse of the Petrols siit- 


Kiuall processors at abont.50.000. ing 150,000 square feet centre aL tion, and convert 
with terminals ( including stand- Dayton which has a 450-seat audl- suitable bandoliers 
aiune cash registers) topping tm, toriuin, television and film pro- inserters. 


Maidenhead, Berks. 
Flald Transfer, Control 
and Filtration 
Lubrication Systems - 
Garage Equipment 
Combustion Engineering 

• SAFETY ~ 

Detecting 
cracks :] 

TELEDICTOR has completely re? 
designed its range of magnetic 
particle crack detectors to take 
into account the requirements of 
the Health and Safety at WofIc 

Act. 

Particular attention has been 
paid to ink circulation systems* 
pneumatic components, the high 
power electrical and the control 
circuits, all of which have been 
physically separated from each 
other. • • 

Lockable controls and inter-, 
locklnc switches have also been, 
incorporated for maximum^ 
safely. 

The ranee now includes the 
1010 portable unit with. an out- 
put of BOO amps, the model 1120 
transportable unit which might 
he used, for example, in the in?' 
situ restinc of parts on vehicles^ 
and the 1140/1150 floor .standing- 
equipment which is more applic- 
able to fixed production environ- 
ments. . v 

More from the cnmDany.afc 
Coneycre Industrial Estate, Tin- 
ton. West Midlands DY4 SYBt 
021 557 305fi). 

Filters r 

resist rot • 


. coupled with its recent abandon- duction studios and 28 class- Over » 
ant j mcni of the military market and rooms equipped with almost every insertion 


» huShifeK t }! e J D ,h° lma ses entirely s>mthetically by ably modifies the Images seen to r0Sl^il TflB 
e bandoliers for the computer, have been ordered by give the illusion of reality. * ViJlijl. I Ut : - f 

^ per cent or component J^the^K com owl's Boeing^ dPMlomSSr' S „f ge 5 c Jr£S', A W,DE RAX0E of hi - b] r 
an is automatic and at and 747 flight simulators a? the nf^ht/ibTLb 1 "L, R dlf0I1 if ® PI slve Squids is frequently encoun- 
iego for example, where X?™ __ sb ?YY I "? lercd .‘ n the Paper. chemicaU- 


wood and hardwood and. in addi- the UK. Sweden. Frpnee. Bel- ExIe l' bin ltd that although there inspect, at Wichita io Kansas, boards deigned to suit the 
tion. fireproofed lining papers, glum, Holland and 'the uA was sfU* a residuaf problem in where the smaller 8100 machines process, introduction or these 

, r-i rpsiraminn rwr.nl p fmm nailinn c»- r»; units with their ranid X-Y move- 


textiles and fabrics. 


To meet the growing demand t U^ nri^W n^^va^h^ 5 .corporation “National Cash California (making top of the ments. nave yielded a 30-fold sp ^[g c "jSiroev are ' derived terrain" 

for fire-retarded materials in the J^ 1 Pressure £r»re^tion f of SSS? ‘ ( J} 'f ^ed simply range processors) are interesting ^creaa^ lu speed over manual f {r photographs and other because 
.MicfriiM ,- in rho TTv . ,c uuptcsuiiuyii Ml NCR * .inH thp initials now .»innU, .1 ,»hgi ... u methods. :_r_ t...... 


Sutherland. Such equipments are over- tubular filter svstem which offers.- 

Essentially, the co-ordinate taking earlier simulators which continuous filtration at rates up . 
information concerning the made use of cameras moving to 250 cubic metres an hour per. 


Esteses aasaia smssss e&sz m 


models 


Available from Durco Europe" 


facture fire retardants. ' “Tjg. J systems in such areas as retailing undoubtedly NCR showpieces, an in . lerei ™. n £ comment on tne 

The new plant will produce six MnnM.ttM and banking. are highly automated. ^ m a J hl £™ re h a “2 K® 

main formulations, especially For f ? r i®'* 1 * Since 1975 - when net income All the production component ^ 

use on cellulosic materials such powder which Is wttiAte for had takei1 a dip to 372m, a strong requirements arc auto-picked by 211*22! h^ n 

as timber, chipboard, plywood, upturn has takcn P ,ace liftin S the Kenway retrieval systems which ba Af n ?h^ iwi 

hard board, paper, and cardboard. Hf* !S£^ > SSd figure 10 s,143ra - ExJe y believes cost about Sim to install. From «n°ft 2!?iSiSI P iS2I? 

A formulation is also ? a J&JS T 3 Q £S& ,hat IS78 will be just as -success- the SS feet long. 17 feet tall Snl? S Vrl g 

mni^A fn kn ..CAil no nn IrirTVAriiAnt ^ tfl® COMtniChOll Ot .KuUOj- flit kproiicp for AT10 fhltlc* thp rrnlfnyiav -1 mnuinn m^trir OOiy 330 3T6 dlT6Ct laDOUF, 


far hi rp firp rptnrriantx; • incnuea xur btrucuirai auu 

The new plant will produce six Y^ll 

main formulations, especially For ihfih & ic d 

use on cellulosic materials such po^ er which is wiUAIb for 
as timber, chipboard, plywood, if *• completely watersoluble 
hardboard, paper. and cardboard! *T£2!Zg*!f3£SZSi 


television screens placed at the (0293 288111. 


made to be used as an ingredient }? nn Sff pnshie timber flil becau * e ’ fo T one thing, the galleries a moving gantry makes reDreaent i n -T abnu t five or *ix KrACC PflUPV Willi VPI V ’ nons ti-2ou microns). A posi, 

indry powder fire extinguishers. ^ on ^prodocl^to "•» l- moaning of very large scale 100. picks/hour from 750 pallet f“m a nSflctu ring cortf A iCSS lUpW nllllVClJ ttre O-ring seal, fitted betifeen 

Fyreprnfe materials - are 'STciJS*? r?tim» nf ’the mtegration “has not really been positions. The selected items. P xiToiant an ran awSi , . • -m : : the filler elements and the hous- 

exported to Sweden. Finland, StFl^Tesf^ SWapea yet by- the public."? are directed by tbe plant’s com- linS abreast from fmmll ItlCitplTCIlC ln S* P^vents leakage up to 10 

Holland. France and Norway. . Br ,“ ^ J i NnR *«* not only, had the puter control (one of NCR’s own l iSiofat o ne S lOuSD IlldlCI lill5 bar differential pressure ? 

Tn Finland, a large paper mill . ; M.707 is used to fire-retard problems that all computer com- " Mission " systems) according to F„ rtoods^utwardvat the other »AA»TT™.^errDir« iw^nre One nf the main advantages ln sjn Sle. double or multiple 

produces quantities of. fire- tissue, crepe and kraft papers panies experience — phasing in the needs of the production lines- 200 vardsare devoid to R ^ U ^ FACTU ^ EI) nf °th!s nreS saS 1 Saf^ configurations, the filters employ 

retarded paper which js . subs* used m the building industry, new chip technology and making —the electric truck drivers get production ^and another ’OO to of a 3-ton capacity, electronically .of th ,s P™ 58 JJ* 1 “® the company’s shock backwash 

quently despatched for use within One application for M.707 Is the hardware and software at computer printed messages. P es t one of g* ££ maphi n is c° n tro ,led P 1 ^ 5 des l g °* e< l 10 SP^fi Io ?,™ ra lnrf lns technique, and multiple con 7 

the Soviet Union. and Eastern Production of Christmas decora- sufficiently low cost — it has To make component bandoliers made in aLuf°70^av« U -S- t0 ** undertaken by vt has a stroke of 19 mm and fi?urations can be fuDv aut0 . 
Bloc countries. tions and wrapping papers many also had. ta.ce-train a staff whose, with correct sequences for auto*. n,T t Titfip n^nnthina ho Safan (UK) of Unit 5. Balm when mated to synchronise backivash- 


• METALWORKING 

Press copes with very 
tough materials 


degrees C. or fluorocarbons-; 
rPTFE. TEFLON, PFA. etc ) for" 
temperatures up to 95 degrees C.. 

The filter elements are back-; 
washable and available in coir- 1 - 
roslon-resirtant materials and Ai 
wide variety of micron reten-/ 
tions (1-250 microns). A posf,.! 
live O-ring seal, fitted between 
; the filler elements and the bous- 
ing, prevents leakage up to 10 
bar differential pressure. * 


technique, and muUipte con T 


Bloc countries. uuua sum wrawws yawn*, uutuj aiso naa.ta.Ee-tram a stair wnose.witu correct sequences tor auto- But little nr nnthino mV ' hi» saJan i urv ' or u,,, ‘ * J 7 , “ "T21. rtlsV^TlVo— “T ‘uJT... ’.T’ maiea io synenronise Dacmvash- 

Fyieprufe BJlO Is the pnSTuSt of which.are now-flrejtiarded. k - -minds Were somewhat steeped insertion equipment, the plants seen beyond the end SPtfi line* Road Industrial Ertate, Hunslet, core" «« ' il8ta "f e ' D a J? ut . f e " >ne of the whole system, says the 
recommended for the treatment Thomas Ness, Caal.House. Lyon in electromechanical cash are also equipped with a machine „ finished PO ndc inventr.™ **« Leeds, LS10 2BG. muli-seconds. Due to this high company, using as little as one- - 

of wood chipboard— a -product Road, Harrow, HAL' SEX. 01427 registers. which w:-; take up to SO manu- f n CallFornla m eaUl f. The press has an electro- speed, materul ductility ceases sixth of the liquid consumed by ’ : 

manufactured in great quanta- 900L Tbe training task goes on all facturers' bandoliers, each of a remoute? is inSSaSS magnetic power pack within, its to be a mUm, resulting : in conventional backwashing, and’: 


a Sn [shed goods in yen torv tax Leeds, LS10 2BG. w company, using as little as on^ - 

in rniifiLi. "51,2, The press has an electro- speed, material ductility ceases sixth of the liquid consumed by'. 

ssvrsst «s — ra-j.-ttsf® &!, 


Thkadwtbapieat appears aammattarofneaduaff 


(ONAMHYD) 

U.& $60,000,000 
Medium Term Loan 

Guaranteedby 

Credit Populate d'AIgerie 

. - <g> ; ' 

Managed’by 

fntenmion-Banque 

Bayerische Verafnsbank Tokai Bank Nederiand N.V, 


m a lorry ua * c * " T" IL ,.T blanks 

GEOFFREY CHAftUSH impulse generated by the elec- u * 

tronic control unit, energises a 
l coil which in turn exerts a 

~ ~ -■ ~1 pnwgrFnt attraction upon an 

armature that is directly coupled 
, to the die set 

^ Operation is based on the use * 

of a linear solenoid transferring I 

11 a high electrical energy impulse ] 

rtsur Profits with fat o kinetic euergj-. The top 

plate of the die set closes at a . 

cutacy Industrial riigb speed and work is 

ig machines & performed in proportion .to its ^HE 

ontrol equipment, mass tunes acceleration. ^ 

Designed for use in a wide ^ 

range of industries, the press 
5fit Improver j B suitable for metal forming, 

ankan Scale Co.lld. blanking, piercing and trimming 

lestwood EsLNottingham. materials such as ferrous and 

■feiratRiRi non-ferrous metau ruhheT, 

-A leather and a wide range of 

plastics. 


Improve your Profits with 
High Accuracy Industrial 
weighing machines & 
process control equipment. 

Write or phone for details of your 
Profit Improver 

Howe Ricbanbon Scale Co.Ltil. 

Armada Rd. Bestvwod EsLNottingham. 

L Ta: 60818 L 


© 


in 


electrical wire & cable? 


NO MiNWU 
ORDER 


NU MINIMUM 
LENGTH 


fei 


Barclays Bank SA, Paris 
First National Bank In Dallas 
SIFIDA Investment Company 


Co-managed-by 

Credit Commercial de France 
International Resources and Finance Bank S A. 

Standard Chartcued Bank Limited 


Prowded by ' 

Associated Japanese Bank {International} Banque Franpaisa du Commerce Exttrieur 

Limited 

Banque Franpatse do Credit international Limited Banque deflndochlne et de Suez 

Banque Internationale pour KAfrique Banque Nationale de Paris 

Occidental© (B.I.A.O.) ....... 

Barclays Bank SAr Paris Bayerische Vereinsbank International S A. 

Credit Commerciaide France - Crtdlt Commercial de France 

(Moyen-Orient) SA.L 


^ r«v 

t. — . _ 

- 

.< 2 v / '.»■ 


».-*'• -.'i r 


(MdttduNord 

international Resources and Rnan^ BankSA 
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BOOKS 


Randal 'rimes 


Two lives 






BY PETER QUENNELL 


- s o many artists. Kipling was not a theme that roused his the tan t al i sing complarity of the 

Rudyard Kipling: His life and already a famous writer at the creative gifts; and one can- problems he avoided? 

Work by Charles Carrington, age of twenty-live; at twenty- not escape the suspicion that hu Both Birkenhead and Carring- 
M»wniii/ n pc 95 552 DaEes seven, on January 17, 1802, he attachment to Wolcott Bales tier ton gave us excellent pictures of 
191-ramiian. oo- pages *v. ' o£ ’ ^ ^ had the lasting basis of Kipling the busy 


married the sister 


„ . T . perhaps his only great friend, his marriage. “ He’d had frjends journalist. Small, spectacled. 

“Ti l i. j Wolcott Balestier, a promising once and again whom he’d done 5 allow, darkly hirsute, hut 

Birkenoead. TiVeiaenfem ana youn a American, who had more for than any woman,” the already growing bald, be made 

jn ico ison. £7.83. 4-J pages recently succumbed to typhoid, amused Hugh Walpole heard him an unfavourable Impression on 

~ " 7 Caroline Balestier — “poor con* say. Walpole added, however, the Anglo-Indian community. His 

Both these biographies of centrated Garrie.” “a hard, that at a luncheon-party they behaviour was arrogant; his 


, Caroline 

_ . _ _ _ - . 01 centrated _ _ . — , 

Rudyara Kipling were written devoted, capable little person,” attended, Mrs. Kipling was “ the manners were usually bad; onu 
more than 20 years ago; and Mr. as Wolcott’s admirer Henry only real person to him ... she civilian complained that Kipling 
Carrington's was also published, j am es observed — seems tp have takes him, wraps him up in her bad a “ caddlshly dirty tongue 
whereas the late Lord Birkcn- possessed no obvious feminine bosom and conveys him back to and an officer declared that he 
heads was rudely suppressed by app eal: but she made an exera- their uncomfortable hard-chaired would have liked to knock him 
Kipling s daughter Mrs. Bam- p]arv writer’s wife, and continued home and the great man down. But, although he felt out 
bridge, an imperious lady, who. t0 pro tect Kipling, manage his appeared to be '‘quite content.” of his element in the middle- 
after reading the first unedited literary affairs, supervise the . _ . . A . _ class British club hp rfpiiehted to 

draft, announced that it must ^mpany he kept. Interrupt his Di4 the contentment endure ? exriore s^atS? ' &z£?r or wal k 

not appear, though she refused t a b i£talfc and generally dominate His present biographers agree “ 0 P “ Iround S raSed 

either to specify ber objections jjj s pn tire existence until he died t * ,a l».. as her authority grew, the , . . _=, y tbe 

or to discuss any “palliative «„ logs position that he occupied under a mg, red, dead ciii tne 

measures ” that the author might 1 her charge became increasingly r ® d * aI !SSSJ 

adoDf. and therefore cast it into With his nam^ga ,, , oppressive; and that a cloud of with raw green 'aloes growing 

cold storage- Meanwhile Mr. biographers: believe, KipHnSS black depression, reflected in his between the stones, lying out 

awTs-xyrass W sss^rJTdJ£r»d“sss 

2? fSfS BTg™?WfSSS ’SSS^SST-'S. *** ™«* « 

received enthusiastic notices. It Jftl tS5L$£& 25! P and 8 rising % ■VtW-? 1“ «d mwIj whether English or 


by c. p. snow- j;-_ 

: — ^ 1S4 a 1869. Stanley was certainly insane; tije -fiarijt t-fu 

Bisraeh, Derby and the eoc#erw^^ i 1 I 2 & and by i860 he had us. There are many mere or 
I vatlve Partv: Th» t«dSi— r- born m ISio. auu .1 «o«k. 01 



Harvester Press. £1&50. ^ follow shortly, dominance, ' but - 

Pages of to the writer’s death noticeably more cheerful than 

“ _ knnu far urn .« ! • 


Later one hopes for we are. 


Kipling in India, aged 19 


has now "been reprinted; and, schooldays hehlnted thathej^ worklwe are con^^tlTtempted ^ells and oUa and Spices . French he was evidently . a; on . 

aSce Mrs. Bambridge is dead, Jte \ oot ranocent^n some respecte^ t0 asb wh since t h *f s bes t he and sweat and darkness, and dm shrewd 

unfortunate predlcessor has ^ had had certain adventures s . and lu« and ” From a™™,, 

finally emerged. Two such amn ll 
interesting volumes 
the same subject, 

“ de by side 011 a reviewers ” "“ r ; Kipling’s has a special 

•“DIB. fnr nmmi. W9C ■ ■ ■ j O' - .. _T _ . .. . ~. _. . ... ... book 


Disraeli and His World by in 1893. Later on* „ . 

Christopher Hibbert Tbara«» : ;Vin cent’s reflections. Stanley w** a pollticAiTutiand. - 

and Hudson. £4.50. 128 pages ' The present instalment -j* and this af .■..'poUtfEnbA’-'difirE/ 

— — recommended urgently to any- but there ls one petsonai lnf^ 

Professor J. R. Vincent is one' one interested in Victorian poll- ence about which, Viocefit ‘miihr 
of the modern historians .whib' tics and/or in Victorian upper- have given us; a little beftf 
have applied themselves to th* class existence. Far more than Probably he is waiting hkf tfot* : 
microcosm lc" detail of the Briti^i 1 expected. I gradually found the From 1855 ' onw ards, Stanley^ 
political process. Vincent has ^-personality of the diarist endear- lived when woridng in Lobda^i: 
been specially concerned With'ina. He is another of those Vic- as a guest of the - SaiisboryTirtM 
the Liberal Party since tfce tttrian grandees who. as Vincent Hatfield- The Lord Salisbury or:, 
middle of tiie 19th century, imT suggests, could have been drawn those days . waff 30 yeart oldar' 
he has taught us a lot. . He hag; upon for Trollope’s admirable than Stanley. - Salisbury 1 !* 
a vigilant eye and a rabid net- character, the Duke of Omnium -who was r a great pdhtieii?- 

, easily taken in, is sceptical of -^-high-principled, awkward, not hostess, was Stanleys "agfe^ Sha. 

! glowing generalisations, and- iff much good at personal relations became the_ closest inffBefise 
[particularly sceptical of. pdii- or public appearances, Incor- upon him. TVo yeara after har, 
iticians when rationalising their- ruptible. surprisingly liberal, husband died, which was iar 

| actions, and improving their partly because enlightened 1868, Stanley married her;., 

1 motives, after the event liberalism was necessary to pro- • He makes occasional ^ 

j He has now made a discovery serve the amenities he most QjrefoHy'. guarded, 
j which is going to provide more valued, including the 1 privileges, en cest o.the diffnge that] 

material for his talent to work status and duties of the nigh ma ,j e in: his life. '-They 1 


. ... It seems incredible, buf^it aristocracy. 

judge 

is sosiiperblv good, he "should and lust and cruelty ..." From summing-up 
not elsewhere have been far tbere adventures he spun his be remarked 

uvl vwcwucic uavc wcvu aoi — - - — . r - - 1 — — ——a «“■» “A w ' — T* - . * ■ vv uat nui uu.iciauuu min my 1. 

mSSP Jse^. ^ duriDg “ •SPt* 

. 7" bullying, ruthlessness. and Carrington would be 3 difficult moralities ” produce. There is no j Minister.' h7s‘ smi. tbr 'lSth Eari sonaLIty. J Hke* some rSmnT.ffli- . Christopher Hibbert- has .wtit-' 



life followed a relatively simple He ” excused himself." wrote efficient machine, or alter- bibliophile, loved and translated private Kipling papers, 

course, with few of the false Lord Birkenhead. “ on the natively the dutiful unselfcon- Horace, of whose works he bad thoughtful surveys of bis life 

starts, early reverses or emo- grounds that he disapproved of scious man of action. Did he collected numerous editions, and and work are unlikely to be 

tional complications that beset 'wenching in public-'” It was choose them because they lacked enjoyed the -seventeenth-century superseded. 


Fiction 


Floundering far 


BY IAN DAVIDSON 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY— Indices of industrial production, manu- 


— — ", - — r . - 7r~~~ keeps talking about all his past rooms. But that would be a 

incarnations back to the mists misleading impression, so per- 
tiaiulated b> Ralph Mannhem. of t j me> but bia taUc ^ not ab0U | baps | ba( j ^tter start again. 
Seeker^ and Warburg. £5.95. bu t about the women The Flounder is a romon 

54 < pages wbo dominated bis life in each these, a contribution to the 

The Lovely Years by Reiner of these past incarnations. Their debate on women’s lib. In the 
Kunze, translated by Ewald domination derived from the time of his earliest incarnation, 
Osers Sidgwick and Jackson, fact that they were all cooks, in some dim stone age, according 
; £3.95. 12S pages and a substantial proportion of to our monologulst. the tribe was 

■ ■ — — the book is devoted to .lip-smack- run, if not ruled, by a mysterious 

In the past 1 have sometimes ing descriptions of the cooking earth figure called Awa. But 
had a little difficulty in knowing of dishes, with precise details then the mythical, pre-historic 
quite what to make of Gunter of the ingredients and their flounder came out of tiie sea and 
Grass. After reading his new quantities. advised the man how to assert 

book. The Flounder, I am if any- Put that way, it sounds as himself. 

tiling even more baffled. though it were a guide to cooking j D every suce eeding genera- 
It is not so much a novel, through the ages, with particular ^ the fl 0un i er continued to 
more a kind of monologue. You emphasis on the peculiar pro- give y, advice to the man, and 
see, there Is -this voice which perties of various kinds of mush- in oar own day be js arraigned, 

1 in a bullet-proof glass tank, be- 
fore a Women's Tribunal, and 
charged with responsibility for 
the chauvinism of males. In the 
end be is acquitted, after 
arguing convincingly that tt was 
not his fault, while our narrator 
has shown In his reminiscences 
that, is bis case at least, women 
have always been at the centre 
of things. Men might engage in 
irrelev ancles or worse, like 
fighting wars or flying to the 
moon, but real life continued to 
revolve around the kitchen table 
(and the bed, though the kitchen 
table was more important). 

Now that still isn’t right, be- 
cause it makes the book sound 
rather a long-winded vehicle for 
a pedestrian thought. For one 
thing, the Tribunal scenes to 
which the narrator keeps revert- 
ing in between his historical 
flashbacks are intensely comical, 
with more than a whiff of Tom 
Stoppard about them. 

For another, the vehicle — the 
tripe bubbling in the pot— is 
vastly more important than any 
skeletal proposition that can be 
found at the bottom of the pot 
when the meal is over. At the 
end of the meal there Is a sense 
of unquestioning repletion, with 
belching reminiscences of com- 
munal defecation in the stone 
age; of the Abbess Ruscli who 
murdered her two lovers— one 
by fleshly suffocation in bed. one 
by feeding him to death 30 
years laten— In revenge for the 
execution of her father: or Jan. 
whose belly was full of boiled 
pork and cabbage when he was 
shot at the Gdansk shipyard 
riots in Poland only a Tew years 
ago: of the four lesbians by the 
lake side. 

It is the lesbians who provoke 


.100); 

retail sales 

value 

(1971= 

100); registered unemployment 

(excluding school 

leavers) and 

unfilled 

vacancies (000s). 

All 

seasonally adjusted. 







Indl. 

Mfg. 

Eng. 

Retail 

Retail 

Unem- 



prod. 

output 

order 

vol. 

value 

ployed 

Vacs. 

1977 








2nd qtr. 

105.5 

102.5 

10s 

102.5 

222.0 

1.330 

163 

3rd qtr. 

106.5 

103.4 

106 

104.3 

234-2 

1,413 

lfil 

4th qtr. 

106.0 

102J2 

107 

104.4 

239.4 

1.431 

157 

1978 








1st qtr. 

107.2 

102.7 

110 

106J 

246.0 

1.409 

188 

2nd qtr- 

110.8 

104^ 

108 

108.0 

254^ 

1,367 

213 

May 

110.0 

103.1 

113 

108.4 

255J! 

1^66 

210 

June 

111.4 

105.1 

106 

108.7 

257.3 

1,365 

217 

July 

111.8 

105.1 


1UA 

265.8 

1,371 

211 

August 




ILLS 

270.3 

1^92 

209 

Sept- 






U78 

219 


OUTPUT — By market sector: consumer goods investment goods. 


metal . 

manufacture, textiles, leather and 

clothing 

(1070= 

= 100);- 

housing starts (000s, monthly average): 





Consumer Invst. 

Intmd. 

Eng. . 

Metal 

Textile Hoasg. 


goods 

goods 

goods 

output 

ranfg. 

etc. 

starts 4 

1977 








2nd qtr. 

104.0 

98.2 

115.9 

99. 2 

102.4 

100JI 

23.1 

3rd qtr. 

104.1 

99.4 

116.7 

100J 

108.0 

101-3 

25.4 

4th qtr. 

.104.5 

98.3 

114.5 

99.1 

95.2 

100.1 

20.7 

1978 








1st qtr- 

105.2 

100.7 

116.3 

101.5 

95.4 

98.1 

17.8 

2nd qtr. 

106.3 

100.6 

121.3 

101.7 

109.3 

99.3 

26.7 

March 

105.0 

101.0 

116.0 

102.0 . 

100.0 

98.0 

20-7 

April 

107.0 

1D0.0 

122.0 

102.0 

108.0 

103.0 

25.4 

May 

105.0 

101-9 

120.0 

101.0 

107.0 

97.0 

25.1 

June 

107.0 

101.0 

122.0 

102 J) 

114.0 

98.0 

29.6 

July 

106.0 

102-0 

123.0 

102.0 

119.0 

102.0 

23.6 

August 







20 J! 

EXTERNAL TRADE — Indices of export 

and import volume 

(1975 = 

100 1; visible balance; current balance; oil balance; 

terms 

of trade (1975 = 

100); exchange reserves. 





Expurt 

Import 

Visible .. 

Current 

Oil 

Terms 

Resv. 

1977 

volume volume 

balance 

balance balance 

trade US$bn Q 

2nd qtr. 

1 18.0 

109.6 

-762 

-297 

-745 

100J 

14J 

3rd qtr. 

124.4 

106.6 

+ 31 

+574 

-602 

101.0 

13.4 

4th qtr. 

117.6 

102-7 

— 5 

+507 

-657 

102.4 

20J)» 

1978 








1st qtr. 

119.9 

114.1 

-612 

-317 

-646 

104.9 

20.63 

2nd qtr. 

122.2 

109.6 

-135. 

+ 198 . 

-420 . 

104.5 

16.75 

Mav 

11912 

113.8 

-227 

-116 

-115 

105-2 

16.66 

June 

121.6 

111-". 

-100 

+ 11 

-116 

104.2 

16.54 

July 

127.0 

115.8 

-132 

- 57 

-229 

104JS 

16.74 

August 

125.0 

111.4 

+ 58 

+ 133 

-107 

105.7 

16.4 


Sept- 


16.31 


FINANCIAL — Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate); domestic credit expansion (£m): building societies’ net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 


Bank 



Ml 

M3 

advances DCE 

BS 

HP 

MLR 


% 

% 

% 

£m 

inflow 

lending 

% 

1977 

2nd qtr. 

24.8 

14.9 

5.5 

+ 769 

1^90 

1,047 

8 

3rd qtr. 

28.0 

10.4 

20-3 

+ 365 

1.084 

1,149 

7 

4th qtr. 

23.2 

12.6 

8.S 

+698 

1.565 

1,189 

7 

1978 

1st qtr. 

24.3 

23-8 

17.5 

+ 1,791 

1.049 

1,260 

6* 

2nd qtr. 

8.5 

15.7 

24.7 

+2,869 

694 

1,393 

10 

May 

13.1 

17.2 

18.3 

+1,128 

212 

471 

9 

June 

8.5 

15.7 

24.7 

+ 315 

147 

459 

10 

July 

9.3 

9.5 

35.1 

+ 114 

200 

458 

10 

August 

Sept. 

5.5 

L5 

15.9 

-276 

200 

493 

10 

10 


INFLATION — Indices of earnings (Jan. 1976=100); basic 
materials and fuels, whnlesale prices of manufactured products 
(1975=100); retail prices and food prices (1974=100); FT 
commodity ' index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 



Earn- 

-iag5* 

Basic 

mails-* 

Whsaie. 

mnfg.* 

RPI* 

FT" 

Foods* coradty. 

Strlg. 

1977 

2nd qtr. 

71« 

149.5 

13S.3 

1SL9 

191-1 

50.0 

6L6 

3rd qtr. 

216.1 

146.4 

142.9 

1S4.7 

192.1 

239.9 

61.8 

4th qtr. 

119-9 

142J2 

145 JS 

187.4 

193J3 

2342 

63X 

1978 

1st qlr. 

123.1' 

140.2 

T49J! 

190.6 

197-3 

238X1 

64.6 

2nd qtr." 

129.9 

146-3 

152.0 

195,8 

2fi3J| 

242-27 

GIJ 

May 

129.4 

146-8 

151.9 

193.7 

203J 

250.67 

61.5 

June 

133.1 

147.0 

. 152.7 

197JJ 

206.7 

24227 

61.3 

July 

133.5 

145.8 

153.8 

198.1 

206.1 

237.68 

62-1 

August 

144J3 

154^ 

199.4 

206-' 

248X4 

62.4 

Sept. 


145.0 

155-5 



253.74 

62.7 





,xa»* f/jf 



, 15th Earl sonallty. use some rceeoi -w t cbaracteriiiri<4ww^«;3ar • 

\° ! had two spells as . Foreijm kaner Prime Ministers, but ^ {S forDi^uS^Hi/wSw' 
- -“si Secretary under Disraeli, and exercised it only to make sure 

E “5! later entered a Libera! eahinet. that nq_ one_else became ^ Leader Sd-ViSriau JStaS^ «2r 

be a good Idea to read Hlbbbrt 
before proceeding to the -Stanleyr 
diaries- The two together ■^unM' 

t **J r ! Professor Vincent to unearth the. often, were not only densely {jjfffen?*- ^ 

manuscript of this , Ed Ward reactionary, but, much more young: oistortan- T 
Stanley's diary, which turns 1 out disastrous, were unworkable in Increasingly. Disraeli' ' dots.- 
to be one of the first-hand pbiw practical terras. His son, tbe seem the oddest fish, rating? 
tical documents of the ifljh' diarist, was more intelligent, and British: Prime Ministers. 1 r>HeW' 
century. ft Is. -of course, a- had much sharper political much -of his own romanbe- 
primaiy source, written by a ’mad- insight. - • fancies did he believe?*-- Pr^K; 

The diary needs reading with ably more than -.one imagp ffi g 
„xtual care. Note how pre- But the real mystery : is; ^ 

occupied these Victorian- gran- did he get feefe To start;; 

Vincent deserves his lock, dees were with insanity, which with he had nothing whatever 'hr 
though it isn’t really "luck, " but : they seem to have expected' In his favour-^-except hirinelfA 
the result of a scholar’s applica- half the people they met Was confess I doubt whether ayfioag 
tion and nose for documents. In the Queen becoming insane? Disraeli, identical in all respects - 
this volume he has published the Was Gladstone Insane? ' The but born a 16a years later, 'wa^; 
first half of the diary, which runs, whole Londonderry family were , find it possible today. _ 


V *' . ’ -V . 

jVrt ’ : +T*’ ' 






John Wain: mirror Images 


Two-way 

pendulum 


BY ISABEL QUIGLY 





BY RICHARD JOHNS 


as a cruel renegation of the Precisely ■OUtcdd'wiQf hdMji 1 
Exile and Return. BMtaxr promise implied in the Balfour than 800 footnotes his hook a a. 

S“ e h . n 0 ^ f r u55?^?SSlS aS Declaration. very much more' coherent ^prSw 

Martin Gilbert Weldenfeld and ^ its totality Gilbert’s into the differences r -vrit&te 
Nlcolson, £i.95. 364 pages — • ■ - - — " 


his own life, a dying woman who 
The Pardoner’s Talc, by John long admired his books tells 
Wain. Macmillan. £4.95, 314 hi “ her stor >' and in ber last 
pages moments begs btm to use 

it in a novel, thus making sure 
she has a posthumous revenge. 


There Is something Books within books within books: 
mysteriously satisfying about any 111 \^ a within another within 

kind or Plaiting MM. SUffiSSTUSS “ 
or mtertwming. At their simplest 

or most complex the regular Gi]e{ , s love . affair with the 

recurrence of colours and shapes, dying woman's daughter nowi ri _ e in onnosition to it 

the circular movements that takes his mind off the miseries j JJuId tore been ^ confSina 
give an almost whirlpool, down- or his present. In the fictional 1 WOUId nave Deen C0nrui)| n2 
sucking effect, tbe ins-and-outs, fiction (Gus's story) something 


book amounts to . something British .Cabinet' aiid adariS^ti; 

Palestine, Retreat from the of a Polemic and reads also tion. especiafly ,-'bel»»ii: ; -Mr 
Mandate: The Making ’ of like a personal testimony of his Foreign Office ."’|iWL^CqlKW»; 
British Policy, 19384& * by Zionist commitment Office, over the soale"of te^v. 

Michael J. Cohen. Elek. £8.95- ! n contrast, Cohen might be tion and the issue^rpartffto^ 
239 pages • r . criticised for giving too little as well as the deft btrt inewas- 

-- — - — ■ • ■■ — i. ? ■ . ■■ space to the vital factors of ingly inflective manoeuvre* of 

in the form of the Palestine genocide and persecution. But Dr. Wiezroanri. ■** \ - 

Mandate the anti-Semitic sins of he has produced an absorbing I particularly lfReH&sstofcof 
Slavs and Germans, were visited and ^dispassionate analysis of the how the venerable . 

m a somewhat gratuitous way complex inter-play of. forces when confronted 
upon Bmain. True, thejwrden which lay behind the alternating Lloyd with the lsa»%£a&rrsf 

was undertaken withojrt mb- -twists and paralysis in British petroleum suppbe^vffbnwwhJd: ' 

gnpiKB by Lloyd Georgy in 1922 policy. As a hard-headed disingenuously remarfiis^tfet%- 
as part of a genei^ irapenai i srae ll, he is perhaps better had been working wfB&MSte*.' 
design. Even so it was clear to attuned to understanding the of making it from, 
many concerned th^ within the “real politik of appeasement" hope of making ”tSe Eiapire , Acw r 
Mandates conte^_ the obUga- irwo i Ted in the 1939 White with oil.” ' •. 

tions implied by" we Balfour paper. Without condemning or Cohen, at least, seems to- h*» 
7^n<rt ’ StJ? condoning, he has fairly placed explained that the Teaanrwiir 
the most modemte Zionist inter- the Mandate contorsiops In the such a powerful Prefflieriay^h 

biSi « ' c6nteXt 0f ^ WlMtoir \aSt^SSm» 

m^Sualh^ppomrn^tlc^Jj compatibility between conflict- personal dediration \ - 
wai nTf ! Z y 1X18 commitments, concern to failed to overcome the YM: 

Sfi the Sowta? JwLISess of “?*2 th ,1 l °i? lty of Arab states Pa P er of 1939 - « tuUittf.M 
the re-mifT*i? res^rera the E and ' fi ? ally ’ pa ” mount ^ complex of bureaucratic^ 

^ an defeatiDS ^ » ta c, SSK^!? 


one, however, at that polar could 
have contemplated tbe attempt at 
genocide perpetrated by Hitler. 

Intensified pressures for 
Jewish 'immigration into 
Palestine and the corresponding 


relationships and counter- simi , lar * happening. Giles ^ 
“ , . . „ analyses it m hts own part of the 

relationships, whether in a QO tes his feelings towards 

beribboned tail or the double i be other characters, his manipu- 
helix of DNA give one ,a. : sense lation of their lives. When his 
of shape, control, curvi linearity, world crashes fa second timet 
that is aesthetically (as well as he makes theirs crash too, rewrit- 
almost metaphysically) pleasing, ing the last chapter rn soberly 
So, novelists I who deal in f*** 0 ? 1 ?. ,! erm K s „ admltTinq. 

fotms at all levels or conscious- ■!«« '■ proved In h,s 

npccj not surnri^inelY use CftSC. that people don t love the 
□ess) not surprisingly ..use ^ ^ ^ mosL but 


enough in themselves. The 
Second World War compounded 
and complicated the dilemma 
immeasurably. The result was 
the final abrogation of respon- 
sibility by an exhausted power, 
a squalid ending which earned no 
gratitude from Israelis or Arabs, 
and an unresolved conflict which 
still threatens world peace. 

Historians were bound to 
plunge avidly into official UK 
archives made available under 


braided patterns now and then: Sieones^ who attract them JnoS ” i ^ 3 °- year rule which now cover 
not thp sirnlpht narrative hill the r! e ones w no au rati mem most. nonn-i until thn end 


not the straight narrative but the . . . 

intertwined Since it is a ease of strong, 

’ ' . amusing, sexy men who are bas- 

« ,0 ... . In The Pardoners Tariff tards, and nice men who on the 

the acidest belch, in some waysO Vain »»**»»• and the plaiting whole fpnd to he slightly wet” 
the only scene of real horror.}*? regular though not necessarily (his girl's description!. Giles/ 

'simple. We start with a first- Gus, being in the latter category. 

person narrative. A man rescues j s a natural ln.ser (until the last 
a woman on the sea-shore from three pages, when . . .). 


Flaunting their liberation, they 
display themselves by a lake side 
on Fathers Day, amidst tens of 
thousands of rowdy German 
males. 

I’m not sure if this is a 
good " book. But I liked listen- j 


what seems like suicide, takes 


6-% * dJSn'SJSi ™ d o K.'SS 


love; she vanishes. 


characters, who their creators? 


tory (seen from the kitchen 
table). Its periodic hursts into 
poetry 1 , its. oblique obsession with 
the notion that women are 
obscure and extraordinary. And 
I take my hat off to the trans- 
lator, wbo has done a superb 
job of turning the German 
original into vital readable 
English. But I still do not know 
just what sort of book it Is. 

The Lovely Years is much 
easier to describe; It is a work 
of political dissent against the 
East German regime by a writer 
who has been forced to take 
refuge in the West. It Is very 


no longer than a single para- 
graph. It is spare, understated 
and numbing in its impression 
of a repressed society. The 
German edition sold 420,000 
copies. 


_ _ .Wo turn the page and find What is fiction, fact their inter- 

ing to the voice as it burbled ' Giles Hermitage, novelist, laying twining, the manipulation of 
along, with its little bits of his- down his pen. This isn't the events? How are fantasy and 

, . — •-=—*— real” story, then, but the novel truth. to be dealt with, where are 

being written by the novelist absolutes? But where Pirandello 
who is the “ real ’’ protagonist, plunged in almost lo the point 
it is now third-person narrative. n f madness (of maddening his 
Tn careful detail, but from out- readers, at least or driving his 
side him. we are shown how characters mad), we hover here 
Giles settles down to write each ° n ed uc of all these qiies- 
morning; his meticulous routine, Sons. 

his surroundings, timing;: speed. The styles in which the two 
hn° ¥ 0d «i o p ?«? c ?.' arrangements, narratives are written are so 

other slow about Tie iTr'o ™;! ar th . at «. ia . ha fi to think 
tesquel.v named) Gus Howbins, (relieve, imagine?) that Giles's 
is his way of warding off- suicide, was written by anyone but Giles 
total despair: his morning if Gus's was written, as it is said 
therapy that makes the rest of to be, by Giles. Who then, is 
, . . time bearable. For the mis- t b g author of whart The whole 

short, and it consists of very! tress m what seemed a perfect thinn i« n v*ro ma 'i„ 1 
short sketches or scenes, some j seven-year-iong relationship has ,1 extreme^ !y realistic. 

'left him. = almost, though not quite, to the 

Alternating, the two stories ?‘" , ll " r la “ ndr >;-‘ ist P™» 
continue, Giles's “real” one s 1111 P Us «c characters. Very read- 
taldng off each morning into the abIe - slightly irritating, but not. 
(equally real-seeming) narrative at a deeper level, quite madden- 
that U saving him. Meantime, in ing enough. 


Sahara saga 


BY COLLEEN TOOMEY 


* Not seasonally adjusted. 


Flyaway by Desmond Bagley. Snsu?t?SSf d, »if?2vS[if L u 0ndon * Ca Pe Town air race and 

Collins, £4.95. 318 pages 

Desmond Bagiev’s writing is so an engineering Ann. “ ^ted he had survived to 

fluid that his seemingly effortless Stafford is a man charged with cou ect a staggering amount 
style passes by almost unnoticed determination — being' badly from his Insurance. Btilson, 
and it is the action that catches be fiten. w hile making routine somewhat unstable is intent on 
the eye. and makes page-turning enquiries only spurs him on- He clearing his father’s name 

compulsive. There is plenty of goes Off in search of Pcler At times the story verges on 1 0?“ Vh^srowth T and "e«em"‘or 
action in this new Bagley tale — Billsoo. the clerk, who has the incredible, btit T^gteyV 2L!?-!. 
predictably sprinkled with well- impulsively. disappeared Into -tbe pacey style, his taste for action, 
researched. Interesting facts, this depths of the Sahara. fine characterisation and detail 

time on the Sahara desert ' We discover BU Ison’S ralher «urci*»rl in carrying it through 

The main character in thB crashed his plane during the 1836 superbly. 


a period until the end of the 
Mandate. Access to them clearly 
occasioned publication of the 
two books reviewed here which 
both reveal a wealth of. fascinat- 
ing material. 

As his title implies, Martin 
Gilbert of Sl Antony’s College, 
Oxford, who is Sir Winston 
Churchill’s official biographer, 
has taken the opportunity to 
write a book of fairly pretentious 
scope but failed In the macro- 
cosm ic sweep Intended. Michael 
Cohen of tlie Bar Han University. 
Tel Aviv, has restricted his 
focus and in the process pro- 
duced a much more objective, 
useful and readable root rj billion* 

Mr. Gilbert begins his work 
with a potted historical survey, 
well illustrated with bis own 
excellent maps of Jewish perse- 
cution throughout the ages that 
seta the teuor for the later 
"documentary study." The 
sufferings of the dispersed race 
both before and after 1917 is 
centra] to understanding the in- 
creasingly frenetic Zionist drive 
lo establish not only a national 
home but also a sovereign state 
Yet building from a base uf 
moral rectitude and indignation 
bis main theme, apart from tbe 
narrative itself, of the struggle 
with the British authorities, 
appears a condemnation of their 
callous inhumanity. Inter- 
spersed with material from the 
archives he consistently juxta- 
poses episodes of growing 
persecution as the Nazi shadow 
fell over Central Europe with 
extracts from the archives. 

Certainly, the - measure oE 
Indifference in Whitehall needs 
fuller exposure and in this 
respect Mr. Gilbert has done' a 
service. He has dug up and 
quoted graphic evidence from 
the archives showing the Govern- 
ment and the Foreign Office tn 
particular had been well aware 


Red hoof beats 


■ “ 1*7^ in the Moscow- Olympics by.Acag 

Trial Run by Dick Francis, dal or worse. A more relevant 


Michael 
pages . 


Joseph. 


issue of the 1939 White Paper 
which Dr.. Chaim--. Wefcnnan, 
Davjd - Ben-Giirinn and the 
Zionist movement al x whole saw 


£4.50, 239 title might have been “Afrosba? 

since Drew is sent to ' Moscow 
■ — — - . to find .whoever or wbattWf 

The trappings of the cold war, Alesha is. 
from unamused Intourist guides With a hero who ts flww 
to listening devices in the wails, enou fih to lodge in the meinMJ 
are described in more detail in oae wonders why Francis; w- 
the. latest Dick Francis thriller eludes so many sterotypes among 
than horses, but the background llis oUier characters. This timt 
is still equestrian. The reluctant we hav( * two s^ck girlfriend^ 
hero Is a brilliant rider with nne upper-cJass British, the othei 
poor eyesight whose career in a German student, .some stori 
Bteeplechasing has been finished foreign office nincompoops. 
by a regulation banning the some stock grandees. British ant 
wearing of glasses. Rundell Russian. Even the Russian, to* 
Dre.w's : mission is to make sure er «itr of the turf seem fainiliil 
that the rather tiresome young bu l lh e formula is made effee 
brother-in-law of a member of live by a neat and nasty. pra 
the royal family, will not be pre- which is ail too plausible.;' > 
vented from riding for Britain SARAH PRESTflf 


APOLLO 


Ecfttecf by Denys Sutton 


The world’s leading 
magazine of 
Arts and Antiques 


Published Monthly price QLOQ. Annual Subscription £25.00 (Inland).! 
Overseas' Subscription £28.00. USA £ Canada Air assisted . 55ti 
Apollo < Magazine. Bracken House. 10. Cannon Street. . Loo*» 


EC4P 4BY. Tel: 01-2i8 8000. 








I 

r. 


/•- 

& 


\ .v 











Financial Times Thursday October 12 1978 



‘ .0E5K3 fd ESS 


KoiiHwtaata photo huhmrv- ■ sn-sbn- ineir jcoiar of justice 

• CO LIMITED ... .. . 'utanrro Divhjot). Cmnsajlles Court, jp 

' • - . — • \ac Matter or Liu compasiy limiti-:; j 
NOtKie TO HOLDERS OF EUROPEAN *“ Metier of Ttso Cuaipanlos Acl. 

DEPOSITARY RECEIPTS tEORt;. _ j TL,™ . 

EVIDENCING SNARES Of COMMON j _Ni>T)CE J|5 HEREBY GAnN ibai a 
STOCK OP tui above-named' J FrIIL™ Iqr.tbc winding up bF rtw abut.-. 
op ™e AWWE-NAHfiO - In*** tampans by Tlx: High Own ..r 
company JaaUcr cn ihe.Mth day t>f F-pi.:n- 

tub . ■ . 5?r. IFJt. pmi'mm to Htc said Conn by 

«*NK The Mayor and Runir«*% of life- Niim-n 
****** bF Harmsey, of ibe Civir to-m" 
WS i « Konlsirtratu RMts Intaein H!tt" iloafl. IjOfwkJiK N.I3, luff thn> Ih- 

• .ffi- i” Uic Camium "I hew on Whl Pcliinm . is dirmrd iu !*.• 

SStT^sLi^iJSZ. 8 ' ** !?•» 'esohad h"Xofr Uir- tom Milne Rnyaj 

warn l? w * 01 Arena-. Strand. Lot ■'inn ysrtA 

?0& VTSX.Sf'S^SmSSi =y?- «• thr S*h day of 0ot*«. «7*. 

55f i » -jJSjJtf oi at rerSrk daw oaoNf •** BSy credlwr or dtntrfwionr tit ih.. 

fr- J2i“- .WUi cflect Pom ocrooer **«) Company dfstmtn in wwwn nr 

IT’ t*p, .NM 1 ** v*tH b« traded “ppooe tb-' waVint of an Dnjcr on ilw 

wnS “ SkodSTw SL^SS 0 " lc W* Crninr.-j 

** 1*1 J^rjirv 197^ tubktt ta *” lb®t PttTWSfli .ami l copr Df the 

resolution of tbe Board at Directors Petition will he fumisbed fay the nndi-r- 
S^ro Ortahi? 9 ^ JSH n ** ,etort •lined to .icy creditor or awmbuforr 

October 20. 1OT«. of | Be said Company reanirinE Khti> ropy 1 

u t S* f ®? n Jf 10 - 2 to t * 1 ® EDRa Win to 80 potip«i! of the ntauamt charco for 
iffLS£lr PM,PB ?f 01 eJ *L mlB * *•» ^ SdOHIi 

2** jP^Rnnion aod will bo deemed T p STVfll P 

to mature n. a».i« it . Li >»ULLE. 




■v-;r^ pi 

5S-- r - V.' 

ni - Ms i.. ' 


; - _ .-Vf f. ,1 

- . u“-»: -J”. 

z i - 

-> 4 • -k 


STOCK OP THE ABOVE-NAMED 
. COMPANY 

T H CCfM>St’ -MANHATTAN BANK 


Sam hoil!^ ahifo.fOl* tl^l CM*q»«l 
Sa?*i«fr? a ?, r ,°[ mwA <L*io Octotwr 
??" i*t5‘ ,^ v ' Ui -from octooer 
tr. 1978. u» uu« will bo traded 
.Jotro . Stock Exchange 
BK^iPltaleutoft and ex the unetbo 


uwiT. "ir at ** Ta w wMKm 
S?£L « «f retard 

daw October 20. TJ7J, 

u*5*.S n J“°- 2 to EDRa wtn be 
JKS* i2L2?, pur,,0S * °* Bl *l”llP9 the 
2?* J?il trlhulIon W| U *» deecnea 
October 17. 1978. 
CWB0 " no. 3 will U used for the 
Ou rwKe of claiming the Interim eaih 
dirMene aodwlll mho be ooemeo to 
2“"* °n qaotwe 17. T978. . Cool, 
menclng on October 17. 1978. Coupon 
rj'L 2 twetlwr wlm Con non Na 3 
•hwid br detached bom any EDH 


-Wih-f S^icifor. 

Civle Cmrtnr. Ufa*- Road. 

I^icdoh. M^3.‘ 

SMIciior fur rhe FetlUonen. 
NOTE,— Any prnon who urn-no* to 
m FFw hfartai ef rtu said Petition 


presented lor nirrender a mi win not 1 “"M s^rve on or tend fay post to The , 

be luued with any . new EDR. abotr-iunml, nnftce >n writuis of hu | 

ED It holders ere hirtber Inrormrd Mlea oew S O To do Ttb* mrtfre OHHT slate 
JJmt *he rescuer or «ut re Holders 3 fr 1 - “atnf and addi-m id ifa» person, nr. 

S^. h E2 m 52 nY .Ji3 be hum jf a bra. :ho iwmr and »MreflB of the 

s - Cfni .- a,rf ““l be slimed by ibc pera.m 
J? 7 "-— Syr* 1 *- 1 818 .P*rto d « will tm or firm, or Ills or tteir SoHcJtor IN' any 1 

o' Shares wiimSST ao^inrt 1 "^ “‘"’J? M! ' wl o r. if .Pd6 tel. miui 

surrender of CPUs. M s, T»l 07 rwl IB. Suffident time lo 

A further iumicb wni n* neMieh^i J 1-3 ** Wf dbOVe-amned -ooi laler Than 
at soon at practicable after octotwr ! j£!|f ^ aftoEtKKm at the 57tb 

71. T97B. which Is the IChSSfrt d * r °* Ortoter. 1 0TB. 

•B* hr tf* of tf= now shares 

statins the actual securities or other 1 Nn msau «f iH9t 

om ZthS ! ~h ,a ft? Ji ,Cn «»W^ JUSTICE 
10 be employed for the tfetawnr^or Diviiiim Cmnpanltd Cou rt. In 

oarmert thereof. « fe only boon I ,flp . n,jI ’‘T r.f WnODREED LIMITED 
aoeh nolle* that - any payment or I '?p“ m tb*-* ilalu-r of Tbe <CaiE30nlrs .In 
drsiTi notion will be cmxteo aaaln<f 1 BBC ' 

either Coupon No. 2 or Coupon No. 3. j NOTICE IS HEREBY GIVEN that a 
The new shim win rank fur dlyl- Prtlllon for fte wiruUas «n of ifat abovr- 

T o r P ? f ,T'ocZ£? a 2? ^ i;?™ 1 Conmaar h 7 -ncHM Coun* 

win ra^^ M ?f b *s S b a V B , K a ->nS issrisa T 2“ *&£*S v £?$r r - 
resneers with the oxhtlnfl ordinary - ,!le ,ahl Cmrt ** T]1F - 

shares ^A'OR AND COVNCILLORS OF THE 

THE CHASE- MANHATTAN £?»OW5H C<F WINDSOR AND 

BANK MA JAIDfcNEtuUl oI.Tdwn HMJ, Si. tves 

London a Deoosifwy Hoad. Maiduabead, Berkshire StA irf 

1— aaa tfaat [be said PctiHoa is direcifd to 

w Bearf befnn- -he Coon siTl to s at the 
ftftt'g. CMna of Just lev, Suind. London 

-■0. OOWU of 1919 WT3A 2LL ra do 31tfa dap of October. 

T?i the BTfin COURT OF JU7TICE IKS*, and *uy rrt^jfor or rofttlibtncttT 
Chaw*? it niv'fion coiapaalfs Court. 2a or the snld Comp jit; dnirtim ra sttmon 
tbc Mailers of or opp o»e die maHns or an order on the 

No. 0Q585fi irf 137R raw Pefiiluo may appear Bt Ow Time of 

JADE HOUSE HESTAl'RANT LIMITED heanme. In person or by his awnseL for 
INVER PROPERTIES i FLUIAM 1 that wrpo»i: and an copy ofibe Pel If Ion 
LIMITED *“U twi I’nmUhctJ by !bo andmlciud la 

and m ibe Matter of The Conwamrs ACL J"y mdlior.or coninbutary' of Un said 

iw fl Cutnpany rniulritu sttdi cony on payment 

NOTICE IS HEREBY GIVEN’. !2ut the rckulsiid chanze.Jbf MSiCe 
Pennons for the trinduu: up of I be above- SHARPE PRITCHARD A CO, 

n.imrd Com pa nieg by Tho Hu* Conri or inn. Tiasswo. ’ 

Jnwicc was on tbe 3ib d«r of Scp'omhi r. Lmulon FOB BPZ. 

19^ pn'Senpd ro the Bard Coun Isv THE Rel: MRR.0RT ' 

I .ON DON BOROUGH OF H.MTMER- Trf: ni^OO W74. 

SMITH of Hammersinith Hobs*.- iBOC AGENTS FOR; P. A. WELCH 

Pit-ldlnpi. cta.-fas Road. Losdon W6 9KG. Town Hall. SL Jucs Rnad * 

and rti.n ific saM Pr'ifinns are directed ilaalcnbrad. 

to bo heard before {he Conn sIIiidk a> Solicitors for The Petttbucr 

»h- Royal 1 tarn of Jun^; straad^ NOTE. -Any person who tmcsds to 
London Un3A ILL on Ibe smii day of appear cm die bearlnfi of Lhw said PciltMn 

0*-*nhrr. ism. and any creditor or eon- mac wrve on or stnd by post to ihe 

trfburory of either of m- said Companies above-aamed. nonce in -writ mo of bis 
desirmts 10 support or oppose lb- making Imetmon so to. So. The osHmauast state 
m an Order nn either of the said ihe n.tme and address of flie ntfson. or. 

Pei 11 10ns may appear at the lime of If a Cn n , The name and address of the 

h".irinA. in person or by his Counsel, for firnh and masl be stmwd far iM'prrson 
That purpoH* and a copy of the Petition or arm. or his or ibeic $0! teller flf anyt. 
will be rarnlsbed bl- the ondersisned: and must be served or. If po«wL most 
to any creditor or contributory of cither b 0 aenf by port U sufficient, tbne 10 
of rhe said Companies requiring wirt reach rhe above-named not liter rban 
cop? on payment ot the rtaoiated darsc lour o'clock 10 the afiernooD of tltt 87th 


FOJ hatdan are further Inrarmed 
that the r corner or Ml* r«; holders of 
Comraw, wrn be ciocod from 

?3H 1 t * r 2L !o Dccombcf. S. 

1378. Curing this period it will not 
be MSlblc » register, the transfer 

of Shares withdrawn, against the 

suireituer of LPRa, 


THE CHASE- MANHATTAN 
BANK NJL. 

London a Depository 


No. OWU of I9T9 


for the same. 

SHARPE PRITCHARD & GO.. 
101. Kincswaj. 

Loudon WCB 6PZ, 


Ref: 14RR ORT. Tri- «-HB SR a# Mailers of 


day of October. 1978. 


In the HIGH COURT OP JUSTICE 
Cftaoecry Division Companies . CDort In 


Solidrors for ibe Petitioner. . no. P031M of -1B7R J 

. .... NOTE.— Any perm- who Intends to SUPER HANDICRAFTS LIMITED 

• appear on ibe. hearing. of either of the N„. 033115 nr Msg- . 

aald Petitions must serve on, or send by DAGSIDE LIMITED 

...:■ SS:«°i. St ST,," 1 "!; »d «, a. »«ar«.n» hwM 

notice m ust a ate the name and address NOTICE IS HEREBY GIVES' - Out 
. of the person, or. if a Arm the name and petmoos for ibe wlndine np of tth* above- 
fL'rf Ciwnwmes by The Hteh Owm of 

by Ibe person or firm- or. fan or Ihelr jasrtre were, on the 2nd day -of October. 

y M ?n?T,rt tf a ?l lvrs - p nw ll tgd <o the said Court by THE 

- » .posted- must be sent br post fat coM^nssiONERS OF CUSTOMS - AND 

anffident time to reach the above-named EXCISE of Kiiufs Beam Routt>e 38-41 
iwi ^ ttan fw odoekjir Urn ^ler- jjarii Lane. London Eras 7HE, dSTttat 
noon of the 27ih day of Octdbcr. llirg. Ihl . ^ pe Illl0lls ar e . dlreerod ty be 
l:: beard . before the Court sitting ■" at ibe 

Royal Courts of Justice. Strand. 1 Lonfflm 

. _ n!ro*rv«TFr «i<srtrtF WG2A 2LL on the 8th day oTKomSSer. 

' /*?. Wfi - Md «“» croffifor or conrrtbdtory’.Vf 

-: S“.S^.?rf°Mav?PHnTv Sm»n W ofihe saw .Cmmunte* dcslrob**'*) 

. ^ support or oppose the making of an, Outer. 

CcsDpanJefl Acl ’ on any of the said PertHohs may appear. 
- : Trnre T« vnrmrnv ctvfw ih«i * at tho, Utoe of hearing la person, or by Ws 
- - miftt rfISv* Counsel formal purpose; am a- copy of 

■ PertttOD wffl be furnishpd fay the 

na med Conmairt by The mabC^rtof onderslcned to any creditor or con. 
-. trtbmoiT of any or the saM Companies 

. • - SL^mv minipjr. reqnlrbw inch copy on Qiymem of the 


• - WEST WILTSHIRE DISTRICT COUNCIL 

of Brmfley Road. Trowbrldsw. Wiltshire, 

* " and thai the said Petition is directed to 

be heard before the Court sitting af fbe 
: Royal Courts of Justice, Strand. London 
. . wtSA 2LL on the noth day of October. 

' 1978. and any creditor or ora tribal ary of 
•■- the said Company desirous iio support or 


regulated ebarse for the^satne. 

. . . C. P. GLOAKjTjf^ 

• •■ King's Beam-.Bbust, 

39-41 -Mark Lyfee. 

London. ECSH THE. - ■ 

' S oli ell or for the Petitioners. 
NOTE.— Any -person who Intends lo 


nTii™ .tT nK ■£ on rhe hearing of any of the said 

opwwt the raaKins or an Oiwf od PMltloofi'iniitf' ttrre 'an. or send- tiv rntf 

{^rir^fn^nan mi Sunset far wth^tboFMMD e&rnMvi to *rltliiR of 

STpSrtiJS tia *»'en»W n »-9o .do. The notice most 

3 SSmSwbQ »r«s»aaw« 


>£*■? It}- 

V 


af the refmlaied charge for the same. . 
SHARPE PRITCHARD A CO- 
WS. Klogsway. 

London WC2B 6PE. 

Ref; 14RR. Ttd: 0M05 ®T4- 
AGENTS FOR; A. D. SAWYER of 
Council Offices. Bradley Road, 
Trowbridxe. Wilisture. : 

Solicitors for ibe PeUdoner. 
NOTE.— Any person who imends to 


and must- be served or. If posted, mosr 
be tent by non in sufficient time to 
reach, the above-named not laler than 
four o'clock In the aliernooa of the 3rd 
day' of November. 1878. 

- .'• No.- 003210 of 7978 
in the HIGH COURT OF JUSTICE 
Chancery Division Cffinpames Court. In 


"Y" ="77^ 1 nl Zi£ J^tSlr.iion thu- Matter of H & B; SIGNS LIMITED 

J^*. h nn b m is •«* to Mutter of The Companies Act. 

mum Kcr^o on, or Etna ny pi»t to. mo. = 

above-7i.iDipd noun 1 to vrtiliu! ol bte ■; wnTi/n? ns UL a u ptlv fz rvrpic thar a 

HTSS.Iff&SyiS vSSSTL aSSSSlmyPVlSLi 

Ir e , airi nzumri Company by The Hlab Court’ of 

2L" hV’ .rAHi v»* nn the 9th day of oeinbiT, 

Sr 'hoir^nUrii lir |Tam UCT - BreBePted . 10 VllC Said COUTI by 
. 'L mwa CHARLES FREEMAN fDISPLAY PRO- 

and must be wrvnd mv jr postedjmBH DUCTS , LIMITED, whose renlsicred 

^ later^han office. I v.'ar HaodH House. 95.ra.tb Street. 

r-.- h Jail Ihl. Ed ware. Display Proriurere. and Thai 

*2* " ■ r .5m ™ 'hr raid PetlUon © rttreded in be heard 

Tnh day "t OflnlHr. I9W. l K rure. lire Coan aittlns at Thr Itnval 

. fnarts of Janice. Strand. London WC2A 

.. nnni^o ,0-0 2U. on 0*e 1Tb day nf Novemher. IFW. 

. hm-p r-miBT r if JtiFTTPF ■ ,rBj 4W;en?r1iter nr. enninbuinry "f rhe 

in ih- HtC.H COURT OF JL^TTCE Mll1 coni M hy desirous to soppon or 

* Xre LIMITED ,iw maxuw of an Order on ihe 

tbe Mailer of THTL PLATO L^ITEip ^ p Mllton apiKSir a , nine 

yn-i m Ihe Matter of The rnmpanuw Act. of , n person oc. by Ms CpudmiI. 

„„„„„ r-.vB-u , for . that. [Wrpnsri: and a copy ot rhe 

..ottcF IS ,TF : R {; B J ti r ' ,1 J c '- * jPotluaB bUJ be ffirnlshed fay ihe undci^ 
p-ii|ii«nfnrihei*liKbny up o/ihe above- [^ BIW j- Ia 3PY creditor or nmtrtbuiory of 
tiBTni-rt Cnmpanv hr The Wafa of . ^ company rcuuirine such copy on 

Justice was nn the 3th day of se mmrbe^ parmrul nf Aa regulated charge for (be 
1979. preremed to m- said conn by the | same. 

LONDON BOROUGH OF NAM HER- , RBaCHCROFT. HYMAN ISAACS, 

SMITH nf Hammersmith HmPf > 1. chanrerr Lane. 

Pm Id me ■. Blacfj Hoed. London Mil.. < London WC2A ISU. 

and ihal the raid PcUdon Is directed 10 Ref ; ML. TH: 81-245 181J rsrt. Ml. 

■ t’'- heard bulore tfa>> Court sitting at the Solicitors for Hie Petttjoncr. 

^ Feral Conns of Justice. Strand, l^nflnn NOTE. — Any person who Intends to 

. WC2A ?LL on ibe viiii dai nf Drtobor, | OBOt . jr 0D hearing, of .The. aald ptilUoo 
19TV and any crcduer or cnnainiimry must serve on. or send by posr to. the 
of the said Company d-sirotis in wppnrt . jhirvo-oaraed nm»ce In wrillnii uf Ills 
or oppose rhe making of ao iW' °n rn,- (nfwran y, | 0 do. TTic mtlcF must Tate 
said Petition may appear at in-.- ume |j, r nnniH and atlilrew nf the person.' or. 
nf bvarins. in person nr hy In« Cnunw-l ,f a flnn ,nt: name and artdrera or the 
for that purpose' and a cooV nf tnt aw j mBSl b*' signed by the person 

Pt-niion wilt be tnrnisb-Hi b: the under- nP _ nnn. or bis ok their solicitor rd anyt 

1 signed 10 anr crediwr or cotitrihiiiory nf aBd ,^1,^ he seeved. oar. ir posted, must 
rhe said Company reuulnnu cikIi effiw be sem -u* post , in sufficteDt now to 
nn Jiaymtrm of the reflated ebarge ter rea ^j, -um- ! .above-named n« .laler than 
the Mfite.: m four. : o'clock In ihe ■, afieraoon of . *c 

■SHARPE PRITCHARD & CO^- . mii, day of November. 10^. . 
jn0. KmRswav. 

London, wrap 6FZ. “ 

R.-f: 14RR ART. Tel: Bt-fW KJ7L PnMDAMV 

Solicitors for the Petitioner UUmrMtl 8 

NOTE.— Any person who imcndr lo UflTIf^FCw 
amwar on ihe hearin? of ihe sail Pcttttno nW 1 1 vfcw 
musi *erve on, or send bv iwst 10. the \ 

above-named notice in wriUny of his _ 

imention so to do. The police must state 1 ihterhaitonal dewsitart 

fhn name awl address of the person, or, j “KEtprs iiDRi 

H a firm lite ife and addr«s of ihe v^k^rrp^Sg mStUre 

firm and muff he signed by the person camertlhie CIjas c shares of 

or firm, or bu or their solicitor >U anyj 1 8RA5CAN limited 

■nd must be served, or. If. posted, most — — — — ,.c«, 7= » 

be setti by post In sufflcicirt woe to de 5a,^ l 'S^ . Jew .an^/twHciwe 
reach the above-named not lal^r than. net Will be payaWe ■ on and 

.four o’dffdi m tne arornood Of ate atior Dctofce* 31 1978 upon prerania- 
,^T(h day ot October, isa. riSL2‘ =*KS1 % ^JLf^SLiSS 


d’5 

zittfi 


IHTERHAITONAL OEPOSITARV 
RECEIPTS ilDR) 

luucu hr Morgan Guaranty Trust L» 
Ctl Hew York representing ordiwnr 
csmertlhle Class C shares w 

6RA 5CAM LIM ITED 

A BKwItwtHvi nt USW 25 per 
dcPosKarr «w« _less . any a oplkwew 
vrres snu foes WHI be payaWe-on and 
atior Octobm 31 1978 upon prerento- 
rion tv couoou no. 7 at anr ot tne 
lonowMfl owes of Mors» Goaraniv 
Trust Cv Of NW York! 

M e w . York HJSAj ADR Svctfon* 
16. Bread Street, 

— BrassoJi. IS, ikm des Am. 

-—Antwerp. 82. ftanJcrtlkM. 

— London. 31 Lomtard _Str«t. 

—Parts, 14, PUl« VewtSme. 

■ —Frankfurt. Bcdkenhdnier iamd- 
«w»s*e. 8. 


Ai* tW 


V yiDBLfTY LOMOphl AJMJAANC8 1(S 

NOTICE V ft SSSrffi JT- 

ss^'^ffiWiJrysK'ft 8cckcn,,drocr untf - 

?&■ aj!Si.a?SaS.^S bours ' M * ***.'—*»* 

ST^taJSS " - *wSET WLHE 1 Zlii 

itreefc, Mtntoa EC2P 2AY, Vha UgukUter WALKER IrtTtltNATMJNAfL 

trgf th« MldCompaw. and. If so rewired FINANCE LIMITED 

!;?» notice In writ! no from the “W S utw. Walker International ««>»« 
r l la □ Motor, are uerspajHv orjrt *h«r umtted announces that Interact 4» W 
Solicitor,, to come In and piw 7'. Per cent Guaranteed Liwwaboura Fray 

Mm or diims Bt such tiny **“2 Bonds -is due on 15!1* Ottqoer- 1975# 
iTrirall b e. aJteCH ted In Coooom sftoofd be Presented ter pavmert 

In dtteuit thereof they will _Be .ayjgdcd t% lh4 others of any of Ute pavino NWiD 
from the Heneflt of onr dbtrlhud*". "tede [nteti on me rawoe.of the coupons, 
before auch dehte »re preyed. 


'Dated 10th <«°JrV2& c0 CK. 

Uoutdetar. 


MEMORIAL 

SERVICES 


ALFRED HERBERT LIMITED 
-NOTICE IS HEREBY GIVEN di« 
Transler Books aw4 the JWefl lSltf ^ Bl 
Detwtrture HoWrffS Of rtie Ji,^ De^tere 
Stock 1M7/9SL tlw Company wilt be 
dosed from Wednesday. 

197B, to Friday, 20th Octoner. 1B/0. 

both dates iny«lvfc ^ 

- By Order ol «e 8a*nl. 

J. 0. ELLSON. SecrefafV. 

-BIRMINGHAM COUNCIL 
. Th* -E7m. nl"fl*v-0"o day 


■ouch, A icrytce i»f **“ 5“*^ . ^ 97Q?' - 

the I He o 1 c ^ e !!5 1 L5V^Sta» S rSliBS ^iije to cirm. ^ The ^minirnum wke 
fpu ruling ^ HT if "SSfi F SJ*ff iSZtfme £ 97.83. The, a*««W 

fa&t iLS2t.v* i as ** T>> * M “** 



SEPTEMBER 

QUARTERLIES 


Alt companiei irantioned are fncorporaied lo the Republic of Sooth Africa 


DEELKRAAL GOLD MINING COMPANY LIMITED 


ISSUED CAPITAL; 39.M0.t83 anarrtjtf UJ rrtia each, full; pald» 


WEST BRIEF0NTE1N GOLD MIKING COMPART LIMITED I EAST DRIEFORTEIN GOLD MINING COMPANY LIMITED 


ISSUED CAPITAL; 14ITO.IA3 ihares of HI each Puily paid. 


LSSUED CAPITAL: M.SIO.SM shares of R1 each, fall? paid. 



Qlr. ended 

Otr eertprt 

FINANCIAL (RWI'si: 

30/4.1411 

JOS'/fiW 

Capital rxpeml Itute; 



Min inn leabf — ... 

— 

— 

Shaft* 

3J96 

?jw 

Other capital expeudltnre ...... 

3417 

5.4M 

. 

6A23 

r^7i 

Sundry revroua 

920 

.v;c 

TaaaUOh - 

■374 

an 

Loan levy 

4S 

jn 


Teui itm 
tncceiiM of 
comauvra 
3C/9rt*n 


OPERATING RESULT?, 

Geld: 

OTP loUlPd ft» 

GoM produced 'tz.» 

Yfclrt WO 

Hereour n».r milted) 

Cost <R>! muted 

Profll fR/t mlllvdi 

Revenue 

Cost t RIklO'st ... 


Qtr. ended 
JO'9.177* 


Ofr. ended 

30W1978 


Otr, ended 
38/9/1971 


Otr. ended 9 ntttt. ended 
. 30/5/1978 38/9/im 

smjm L7i3.ect 

L2£?7? 3bja.*J* 

a J 2L5 

IJ4.5S 1X2.83 

26.33 27 JO 


CAPITAL EXPENDITURE: The estimated eaptfal expenditure for the current 
Unjnnlkl rrar is IC5.S mlffimt. Thr' uneziK-nded bslance af. authorised eapttal 
esin.-mSIture af 30 Eeptembi-r 1979 was JtlbA. millluu. 

CAPITAL WORKS: 

No. 1 Shaft: Ttic shod was equipped to a depth of U f!31 metres faehr.v cottar. 
Buujppiait is expected to bo completed dunne October U78. when dcvelopoieni 

will commcorc. 

No. 1 5 ute Vertical Shaft: The shaft was sunt; 123 metres to a total depth of 
427 metres below the collar on 9 Level. The excavation aud Mipport ol 19 Level 
station have been eompteted. 

GENERAL: civil and mrebauiea! wort Id tbe reducUoa uorku are neariDE 
cumpk’Uoii. 

The refrigeration plant Is In the course of being commissi© riel. 

Construction work continues on tbe last two blocks of the bosreL 

On behalf of the board 


Profit fRtWO's.1 


U October 1978 


R. A. Pi am bridge 
P. W. J. van Rensbora 


VENTERSPOST GOLD MINING COMPANY UMITED 


ISSUED CAPITAL: 3.K8.D09 shares of HI each, fully paid. 


OPERATING RESULTS! 

Gold 

Ore milled (It 

Gold predund fkg.t .......... 

Yield <G/t> 

Revenue (R/t ml had) — 

Cost iK/r mined) ......... 

Profit (R/t mined) - 

Revenue fRDOO'E) 

Cost t ROOD'S) ......... ..... 


Qtr. ceded 
J0rt/19T8 


Ofr. ended 
iu.'s.tyTS 


Profit (ROOD'S) 

FINANCIAL RE5ULTS (ROOD'S): 

Work 109 profit: Gold 

Profit on sale of Pj-rlte .......... 

Stale assistance 

Net sundry revenue 

Profit before taxation .... 

Taxation innn- minlng > 

Profit after t ax a ti on 


Capital expondlture 288 100 

Loan levy 15 14 

Loan levy refund 11972) > — 

DtTtdend — — ijnO 

DIVIDEND: A dividend (No. 76) of 20 cents (lZJTSDpl per share was declared 
on ii June- UTS and was paid to xnembers on B Aiigus> u>78. 

CAPITAL EXPENDITURE: The esttmaiad capital expenditure for the current 
financial year is R8U.OO0. The' unexpended balance of authorised capital 
expenditure at 3S September 1978 was B343.0D0. 

DEVELOPMENT: 

Mate Reef i 

Advanced dm) v: UU jjss 

SampUnn results: 

Sampled >mi 9M m 

- Slope width tcm) ...^ — « Id ifi? 

Av. value: gold (fi/H 4.8 4 6 

cm.S/t 710 731 

. Veatersdorp Contact Reef ’ 

Advanced 'mi 145 isi . 

SompUm: reeults; 

Sampled uni — It NO 

Srooe width tcm) : 158 ; — 

Av. value: sold (p/n BJ _ 

cm^rt 47 _ 


Uraittutn Dxirle: 

palp treated it 335.480 tsisoo 

Oldlic DTtIdnr'.;|J lie.) &.W 67J5S 

YleW (kK./ti 0S5 OJW 

FINANCIAL RESULTS (ROOD'S): 

WofMna profk: Cold fxssa si<t4S 

Profit on sale of Uranium Oxide and Sulphuric 

AcU 2.835 MM 

Net sundry revenue 3J81 3555 

Profit before taxation and Stare's share of orofit 6A448 7B.7M 

Taxation and Stare's share of profit 4M43 44 fiS9 

Profit after taxation and State's share of profit 25,797 56JI3 

Ciptfal eapenillTure 2.045 SjSd 7 

Loon' levy A 004 4.477 

Loan levy refund *1971) 1AM — 

Dividend — J5J05 

DIVIDEND: A dividrad fXo. 51) of !50 cents <T5l.629flDp) per share was 
declared on IJ June IS 73 and was paid to members on i Aucnst 1973. 

CAPITAL EXPENDITURE: The estimated capital expenditure for Ibe current 
financial year is Ht> million. The unexpended balance of authorised capital 
expenditure at TO September 197$ was R12-1 milli on. 

DEVELOPMENT: 

CortMA Leader 

Advanred <n) — 4J83 <j£5 

fiamtrflm; results: 

Sampled >mi - H2 63 

.Slope width i cm) 105 105 

A®, value: Sold IC'D .... 13.4 10.7 

. - cm.s-'t 1,497 1JS4 

Vcntorsdorp Contact Reef 

Advanced >m> w ,i LO? 1,549 

Sampling result): 

Sainplid mi 2M 505 

Srope width 'em) 138 ts5 

Av value: said (RA) — — I5J 47.7 

cm-R/t M98 7JB4 

Kate' Reef 

Advanced fmi 510 547 

Sampling results: 

Sampled <m) - — 512 576 

Slope wtdib <cm> 1X3 24D 

AT. value: cold fR/rt ..... 5.7 9JI 

cm.R/1 T5B Ijn 

, . On h*h«tt cj tbe board 

U October 1978 k. Ifplumbndse } D1recttra 


L1BAN0H GOLD MINING COMPANY LIMITED 


ISSUED CAPITAL: 7.937 .300 Shares ot SI each, ftfily paid. 


OPERATING RESULTS; 

Gold: 

ore milled ff* 

Cola- produced tfct> 

Yield ttn> 

Revenue fR/t moled) 

Cost (B/i milled) 

Profit <R/t milled) --- 

Revenue fROSTs) 

COM ( ROM'S; 

Profit (ROM's) 

PIHANCUL RESULTS fRBOPIl: 

WerUra profit: Gold 

Net sundry revenue 

Profit before taxation and State's 

•bare of profit 

Taxation and Stale’s share of 
profit 

Profit after taxation and State ’■ 
sham of profk 

Capital expenditure 

Loan levy 

Loan levy refund U97li 

Dividend 


DIVIDEND: A dividend (No. 18) of 46 cents (34.74D44p) per share was declared 
on 13 June 1978 and was paid to members on S August 1079. 

CAPITAL EXPENDITURE: Tbe estimated capital expenditure for tbe current 
fi nancial year Is Rl? million. Tie unexpended balance nf authorised capital 
expenditure at 30 September 1978 was H46.5 million. 

OPERATIONS: A fire broke out on 22 August In the north-western corner of 
rhe mine and was contained between 18 and 7 Levels. Alternate working faces 
were made available and production was restored to normal during September. 
Some loss of production was suffered and In doe course a claim for loss of 
profits will be lodged with tbs company's Insurers. 

DEVELOPMENT: 

Mate Reef 

Advanced fm) 519 <W I4JT 

Sampling results: 

sampled um — 332 ns 824 

Slope width fesi) ..... 198 r» MS 

Av. value: sold fart) 1 6A 9.4 U 

cm-g/t _ U48 I JIB LAM 

veutersdorp Coe tact Reef 

Advanced imi 2J39 3J95 K238 

Sampling results: 

Sara pled (ml — 1J42 fjkfS yjEZ 

Stops width (cm) IR ITS 182 

Av. value: gold <g/t) ZZ.4 IS.9 28.0 

CBLc/t » MSS 3/MS 5JMD 

Carbon Lander 

Advanced <mt 2A58 3JB9 KS2T 

Sa m pl in g results: 

Sampled fm) 158 *M 5X8 

Slope width (cm) — 130 209 115 

At. value: gold (g/t) 7.7 A9 AT 

caui/t - 1JHH «3 771 


u October 1578 


On behalf of Un board 

R. A. Ptmnbrldge 
P. W. J. van Rensburg 


KLOOF GOLD MINING COMPANY LIMITED 


ISSUED CAPITAL: 30^40,008 shares of fU each. fuHy paid. 


Qtr. ended 
38/9A978 


Otr. ended 

an/mm 


OPERATING RESULTS: . 

Odd. 

Ora milled <i> 

Gold produced (kg.) 

YleW igrt) 

Revenue fR/t milled i L... 

Coat <Rrt. milled) 


Qlr. ended 
30/9A97* 


Otr. ended 

30/6/1978 


On behalf of the board 


11 October 1578 


P. W, J van Rensburg I 
R. A. PtumbrkUe f 


Profit (RA milled) - 

Revenue (RDdB'f) - 

Cost (ROM's) — 

Profit (RBWs) 

- i 

FINANCIAL RESULTS fRDfflTS)* 

Markina profit: Cold 

Net sundry' revenue ..... — 

Profit before taxation and Sure's share of profit 
Taxation and .State's share of profit 

Pram after taxation and State's Share of nroffe 


DO ORHFO STEIN GOLD MINING COMPANY LIMITED 


ISSUED CAPITAL: 9A3A0D shares of Rl each, rally paid. 


Qtr. ended 
30/9/M73 


Ob- endtd 
30/ fi'I97B 


OPERATING RESULTS: 

Gnldf 

□re milted <f> — 

Gold produced me.) '. - ... .... 

Yield -t"gA) — 

Revenue -i R/t milled) 

Cost (R/l raffled) — ..m 


- Profit I R't milled) - 17ST _ zo 70 

Revenue (ROM's) UL2Z7 

Cost UWM'S) — U.KM 10J58 

■■- r Profit (ROOO-al U2T 7M0 

-FINANCIAL RESULTS (ROM'S): 

- Worklao unite: Gold 0 037 7jtm 

Net sundry revenue 483 4V1 

PrnOi before taxation and State's share of profit Mil 7J7T 

TaxabVD »wl Slate's share ot profit . 3A14 4jS3 

• Prelll ufter taxation and State's share of pram 2. Ml 3rfl8 

- Capital expenditure — .... M2 MO 

' Loud levy — ...» 3W JS9 

Loan levy refund MB72) — - ]U _ 

Dividend - — ■ 

^DIVIDEND: a dividend 'No. 43) or 39 cents (iSJSSlSp) per Share was declared 
■ on 13 June lflih and wag paid to membera on 8 August 1978. . 

' CAPITAL EXPENDITURE: The estimated capital expenditure for the current 
financial year Is R(J million. The iwxpended balance of authorised caplUiJ 
expenditure at 30 September 1978 was H5.7 mlflion. | 

option TO PURCHASE mineral RIGHTS: in an announcement published ! 
in the press on 30 September l NTS. members were Informed that the company I 
Dad bwn granted an. ootloa to tmrchasB the mineral rlfilus over an area of ! 
aoproxlmaudy wa tseciaros adiotnlhg tbe teuib-eaatem boundary of the 1 
company's mining lease area for a consideration of RJ97.6M. in terms of Ibe |. 
option ggreemtat Cold Fields w Sooth Africa Limited, the owner of the mineral 
rights, has nudeitakon that, in the even of the option being exercued, it or 
fis qomlneeE will snoly thn purchase consideration in subscribing for 172,600 
'aturcs In the capital of this company ai-a price of 5S0 cents per share, 

DEVELOPMENT: 

Carbon Under 

Advanced <ml 3.fi3s jjd* 

Saimrtlpa result*: 

Sampled fm) — tM J92 

ST ope width (cm) IAS ]K 

Av. value: gold ibai — , 9.4 

osj^f — — »■ — — — X.008 i DU 

’ Male Rraf. 

Advanced (mi ttt Sid 

Sampling re*ulu: 

Sampled <m» . — ; — M gfg 

Slope width (cm) Ufl 114 

Av. value: sold (bA) US * a.n 

cm.g/I — UU . urn i 


Capital expemuture UiZ 1M 1 

Loan levy - - 475 6S* 

Loan tei? -refund 13723 3* — 

Divid-nd — 4.7© 

DIVIDEND: A dividend iNo M) of BN coma •37.lin9Ap) per share wa* declared 
00 13 June 1078 and was paid to members on 8 Anson: 1S7S. 

CAPITAL EXPENDITURE: Tbe estimated capital expenditure for rhe current 
financial year la RS.S million. ‘ The unetncmled balance nl auihotfitO capital 
expend 1 1 ure at 3fl Seplember 1978 was RUJ million. 

DEVELOPMENT: 

Main Reef 

Advanced (m) .... ZJUS 1J77 

Sampling results; 

Sampled um 552 540 

Stopr width - (anj 142 IS 

Av value: gold igrtl 3.9 J.5 

cm. g/t 554 733 

Veutersdorp Contact Reef 

Advanced (mi 1A22 1JM 

Sampling resolls: 

5am nied in) 338 178 

Slope width (ami 156 149 

A». vaftto; gold <grt) N-7 ILt 

cm.g/1 US7 SJJli 

Ebburg Reef 

AdvanwO Un) - 75 180 

Sampling results: 

Sampled' upj — 48 II® 

Slope width (cm) 2*1 187 

A-., value: gold (grt» 5-9 7-4 

cm. g/t LAM I.4S« 

Kimberley Reef 

Advanced (tn>... — 195 1C 

Sampling results: 

Sampled i mi .1,, — 2B4 54 

Smpe width (cm) 1M 1S7 

Av. value; gold (g/t) 3-8 S3 

cm.g/t — 478 SUi 

SHAFT SINNING: 

No. 2 Sub-Vertical shaft: The shaft was sunk 18 metres to 7#fi metres below 
the collar, and 30 L«vel Sutton has been excavated. 

Service Shaft*: The hoist chamber and headgear portion of No. 1A Service 
Shaft have bpen excavated and equipping preparatory ro suihnui u to progress. 
A second system of service shafts hag been planned to sene tbe Veutersdorp 
Contact Href below 27 Level in Ihe prospecting permit area. Devctopmeni 
towards the site of No. 2A servlet Shalt, bas commenced. 

On twtuif «it the hoard 

jgH3fai_ fL A-Piumbrtdge I nirrrtnra ■ 

II October 1OT : p. w. j. van Rensburs j 


OPERATING RESULTS: 

Gold: 

Ore milled fl) lf -— • 

Gold- produced (kg.) 

Yield i g/t) 

Revenue (R/t ruffled) 

Cost iR/t mined) 

Profit (R/t mlDed) — 

Reven lir (ROM's) 

Coat (RfiM'B) — 


Profit (ROM's) — 23.782 MJ33 

FINANCIAL RESULTS (ROM's): 

Warfclu* Profit: Gold 23,702 80.533 

Recovery nndet torn of profits Insurance — « 

Net sundry revenue ; — — _ 902 727 

Profit before taxation and State's share of profit 24484 sum 

Taxation and State’s share ot profit J34M jojm 

Profit after taxation mm State's share of profit 18.940 71JM 

Capital expend! rare .... — - — _ 2.622 ■ 4AM 

Loan tavy ... L587 1J23 

Dividend -i-~. — — 7480 

DIVIDEND: A dJvidehd fNo. If) of 35 cents (15.46290P) per share was declared 
oo 13 June 197R and was paid to members on 9 August 1B79. 

CAPITAL EXPENDITURE: Tne ' estimated capita] expenditure for the current 
financial rear Is RI5.5 million. The unexpended balance or authorised capital 
expenditure at 30 September 1073 was R41J mlllhm. 

DEVELOPMENT: 

Veutersdorp Contact Reef 

Advanced (mi 7,297 4477 

Sampling results: 

Sampled 11m 242 s» 

Stop# width ram las its 

Av. value: gold (gft1 lb 4 S2S 

cm Jb’t — UM 54® 

SHAFTS: 

No. 3 snare Equipping of the shaft bos commenced. 

Ne. 3 Sub-vertical Shaft: Tbe excavation of the min winder chamber has been 
completed. 

No. 3A Service Shaft: The hoist chamber and the excavation of the headgear 
portion above 23 Level have been completed and tbe bo 1st Is being Installed. 


Op behalf ol the board 


II October 1971 


R. A. Plumb rider I 
P. W. J. van Rensbora j 


VLAKFONTEIN GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: €.000.000 share* of W cents each, (oily caul. 

Qtr. ended Ok. ended 9 mthi. ended 
OPERATING RESULTS: M/MMt 30/6/1578 30/4/1913 

Gold!. 

Ore milled: 

From Hirtace dmnpa tty 18M08 mono 594.008 

Gold produced (kg.) M3J w.o usj 

Yield (g/t) U IT U 

Revenue (Hrt milled) 6 82 1031 7 AS 

Cost fR/t milled) 4 54 A15 

Profif fftrt milled) ....! 1.6I )fi7 j.M 

Revenue (ROOU'S) L68i I AM 4.141 

Cost ( BOON'S) ....... 745 AW 2-557 


.11 -October 1M8 


On behalf of the- bqard 

P.'W. j. van Ren Shura 
' R- A. Mumbndfie 


NOTE: 

Copies may be obtained from 
the London Secretary, 

49 Moorgate, 

. London, EC2R 6BQ 


Director* 


Profit (ROM'S) ' ZB! f(W 1.587 

FINANCIAL RE5DLTS (ROM'S): 

Wwrfchip PTOW: Gold 284 1 Ml ISS2 

Net EUOdry revenue J 57 Z3J sir 

Profit before taxation 44ft jja 1,979 

Taxation: 

Formula tax — . Ul 6 SI 959 

NoD-mhdDg t 2 x 58 .39 im 

Excess recoupments tax 60 58 154 

Profit after taxation - 148 4 J 8 TM 

Capita expenditure reconpmeflui 

ftret) — 177 129 «n 

Loan -levy ' . .34 pg ^ 

Loan isw refunds (1872 and 1971 ) .. 3> — m 

REPAYMENT OP CAPITAL: A repayment of capital of 10 M&a (fcU&lfe) 

. per share was taaifc to members on 8 Aognst wjb. 

CAPITAL EXPEfipiTURE: There were no capita] expen Hit ore commitment at 
80 September 197ft. 

On behalf 0 the board 

U October 187* £ 3L’piumSre£te ffl,,rB } Dtn “ , "4 





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18 


.-./.Financial Times TKiUS^y 


TRIBUNAL GIVES FI N D I NGS AFTER 45-DAY HEARING 


Former 



of unfair dismissal rejected 


FORMER Financial Times columnist C_ Gordon Tether was sacked because the 
working relationship between him and the newspaper’s editor Mr. Fredy 
Fisher broke down irreparably, an industrial tribunal ruled yesterday. 

Mr. Tether, 64, was sacked 13 months ago after a protracted wrangle over 
Mr. Fisher’s control of his daily Lombard Column. He wrote Lombard for 21 
years, and in the 45-day hearing, believed to be the longest in the history of 
the tribunal, he claimed he had been unfairly dismissed. 

Mr. Tether, who lives at Worplesdon, Surrey, had worked for the news- 
paper for 45 years and sought reinstatement and compensation. 


The row over editorial control lions he made against Mr. Fisher reference in a letter wrongly 
began soon after Mr. Fisher's and the Financial Times manage- addressed to Mr. Tether by the 
appointment in 1973, in sue- ment. Financial Times publicity agents 

cession to Sir Gordon Newton. It said: “ We are satisfied that which could perhaps be inter- 
Dismissing his claim the at any rate in the later stages of preled as meaning that they 
three-man tribunal, headed by his dispute he was obsessed with would arrange for him to be 

Mr. William Wells, OC said Sir. a sense of injustice and that his attacked by a gang of thugs— 

Tether refused to accept Mr. actions in relation to the dispute The Lavender Hill Mob. 
Fisher’s editorial control and must be looked at from this point In addition it pointed out that 
consultation about the subject of view. on receiving the disputes* corn- 

matter of his col umn and its " Having said this, it would be mittee's findings that the estab- 
treatment less than fair to tbe Financial lishment of an acceptable work- 

He also refused to accept the Times were we not to add that ing relationship was unobtain- 
recommendation of a National we are also satisfied at the end able through its efforts, the 
'Union of Journalists — News- of the day and on the evidence newspaper’s decision to dismiss 

paper Publishers’ Association that the Financial Times Mr. Tether was taken without 

disputes committee that he followed and follows working consulting him. 
should meet Mr. Fisher at tbe practices normal in Fleet Street.” Continuing its findings of fact. 
Financial Times offices to Recalling that counsel for the the tribunal said it accepted that 
establish an acceptable working Financial Times. Mr. Thomas a working relationship involving 
■relationship. Morison. had stigmatised the frequent consultation by word of 

The tribunal said it was length of the case as “scan- mouth between an editor and an 
satisfied that the Financial Times dalous.” the tribunal said it was important journalist was essen- 
1 acted reasonably in treating Mr., due to a number of reasons. tial to the efficient conduct of a 
Tether's conduct as sufficient These included: the complexity newspaper, 
reason for dismissing him. of tbe case the bulk of docu- It did not accept that there 

The situation was ‘intolerable’’ ments: the lack of definition of were no difficulties in Mr. 
‘for the newspaper because the , , .. , , ... 

* Mr. Tether had to be allowed to pat his ease, 
however inexpertly, and oar efforts to limit the 
issnes so to reducethe length of the hearing were 
wholly abortive, and resulted In the hearings 
being lengthened.’ 


alternatives were : either for Mr. 

Fisber to have no control over 
the work of an Important and 
regular contributor, or keeping 
Mr. Tether on, but not using his 
services. 

Although the normally appro- 
priate oral and written warnings , , . , . , 

were not followed by the Mr. Tether’s case and his lack Tether s relations with the Flnan- 
Financial Times it did not make of experience as an advocate, cial Times before Mr. Fisher 
the dismissal unfair because a which led to “ prolixity, repeti- became editor, 
warning before the disputes com- tion, irrelevance and what often K Even Sir Gordon Newton, a 
miitee finding would have be*n seemed a wilful refusal on Mr. conspicuously strong personality 
“highlv inappropriate and after - Tether’s part to formulate his with obvious diplomatic gifts, 
'wards superfluous’’ argument.” said he was not an easy person 

The tribunal described the Io te ISflage decision, the to handle, and there is among 
newspaper's compensation offer tribunal reached a number of the voluminous documents, 
oF full pay until normal retire- findings of fact. correspondence between Mr. 

ment age and an unaffected pen- These iocluded the change Tether and Lord Drogheda, then 
sion as° “not only adequate but that came about with different chairman and chief executive of 
generous.'' even bearing in mind personalities and the passage of the Financial Times, going back 
Mr. Tether's Jong and dis- time, on Sir Gordon Newton be- into the 1960s which bears this 

ing succeeded as editor by Mr. out.” 

Fisher, who demanded more fre- The tribunal said that it did 
quent consultation in order to not consider It necessary, or 
take more direct, control over even appropriate, to make any 
the subjects on which Mr. TeLher finding on the question of 
wrote, and the way in which he whether Mr. Tether’s writing 
treated them. had deteriorated in ' his later 

Both editors insisted that they years with the Financial Times, 
had the sole right and responsi- But having heard both Mr. 
bility to determine Che contents Fisher’s evidence and the 
of the Financial Times and that evidence to the contrary from 
anguished _ service, and par- they had no right to alter the Mrs. Judith Hart, Minister for 
ticularly since he Was free to sense of an article by a signed Overseas Development, and Mr. 
write for any other publication contributor without that writer’s Peter Tapsell, an Opposition 
after his dismissal. agreement. front bench spokesman, it was 

But the offer was rejected by a second finding of fact was satisfied that Mr. Fisher, what- 
Mr. Tether, and during the hear- that Mr. Tether's refusal to ever the actual merits of the 
ing the Financial Times withdrew accept and abide by the change in case, bad reasonable grounds for 
it working arrangements led to Mr. his opinion and that he was not 

' The tribunal said the case had Fisher's directive of July 1974, putting it forward in bad faith, 
attracted a great deal of public that tbe Lombard column should The tribunal decided that the 
interest and comment This was, be confined to those subjects In breakdown in the working rela- 
te part, perhaps due to Its ex- which Mr. Tether had expertise tionship between Mr. Fisher and 
eeptiona! length, and the issue —the general financial, economic Mr. Tether was due to Mr. 
of tbe freedom of the Press which and banking scene and the EEC. Tether’s intractability and his 
was raised by both parties. The tribunal accepted that at insistence that as a matter of 

The Financial Times urged least one of Mr. Fisher’s objects principle the editor in dealing 

that the editor’s right to control in issuing the directive was that, with his work should confine 

the material be published and because of the diminishing per- himself to any legal problems 
his responsibility for it were social contacts between himself and to sub-editing, punctuation 
essential elements in maintain- and Mr. Tether, more and. not and the like, 
ing the freedom of the Press, fewer of • Mr. Tether’s articles Mr. . Tether, said the tribunal, 
Mr. Tether claimed that his should- be published. Viewed it as a matter of prfD- 

right to write on subjects of his It., .also accepted that Mr, cipla to challenge tbe editor’s 

own choice in his own way was Fisher acted in good faith in rights to make or even put 
fundamental to Press freedom, seeking to exercise his own forward any other alterations; 
and that the kind of interference methods of editorial control, and Because of Mr. Tether's 
he said he received from Mr. that he was not motivated by any attitude to editorial control, 
Fisher curtailed the right and personal hostility to Mr. Tether, communication between Mr. 


findings : that it was not any P 0rt 
of Mr. Tether's contract that be 
was free to chose the subjects 
of his articles for the Lombard 
column; and that there was not 
any breach of contract by the 
Financial Times. 

The tribunal said Mr. Tether 
bad complained that since he bad 
for many years written on a 
wider range of subjects than 
those indicated by Mr. Fisher 
in his July directive, this direc- 
tive therefore constituted a 
breach of contract - 

“As we do Dot accept that It 
was any part of the contract that 
Mr. Tether could choose his own 
subjects, it follows that we reject 
his argument. under this head." 

The tribunal recalled that it 
had been suggested by Mr. Fisher 
in correspondence, that Mr. 
Tether himself was In breach of 
contract but “this is a line of 
argument very properly in our 
judgment not pursued by coun- 
sel for the Financial Times.” 

Mr. Tether’s case was that bis 
relations with editors until 1973, 
the year of Mr. Fisher’s appoint- 
ment were altogether satisfac- 
tory, and his dispute came at the 
end of more than 40 years of 
service. - - • 

The working relationship Mr. 
Fisher sought to establish was in 
breach of Mr: Tether’s contract 
as an independent writer, and 
involved censorship. 

His contract B&id Mr. Tether, 
by custom and practice, provided 
for his being free to choose the 
subjects of his articles and to 
treat them in his own way. sub- 
ject to any editing that might be 
necessary to. avoid legal risks, 
and to sub-editing. 

Mr. Tether alleged there was a 
fundamental change in the 
nature of editorial control under 
Mr. Fisher from that exercised 
by Sir Gordon Newton. 

The argument throughout oo 
Mr. Tether’s part was that it was 
a question of principle that any 
attempt to restrict his freedom to 
write in his owh way on subjects 
of his own choice had to be 
resisted, and that he had to 
combat any attempt in this direc- 
tion. 


1 A working relationship 
involving frequent 
consultation by word 
of mouth between an 
editor and an important 
journalist was essential 
to the efficient conduct 
of a newspaper * 


BY . MiCHAELTHOMPSd^-NOEL 


admit faults and even the pos- 
sibility of faults. 

.-It' was also claimed that Sir. 
Tether had made frequent 
references to his pre-eminence 
as a journalist. He could not 
believe that criticisms of himself 
were genuinely believed, and 
therefore he suspected they were 
made in bad faith. He had 
blown up the issues involved to 
matters of freedom of the Press, 
censorship and questions of 
doctrine. 


‘Unwilling’ 


Principle 


* The Financial Times 
acted reasonably in 
treating Mr. Tether’s 
conduct as sufficient 
reason for dismissing 
him’ 


But the Financial Times said 
that -it was a question of 
principle that the editor must be 
responsible for the contents of 
the paper and, therefore, must 
have the right to determine what 
went into it. 

The' tribun aL in spelling out 
the cases of the two parties, said 
it was essential to the Financial 
Times’ case that Hr. Tether made 
it impossible for them to manage 
him. .• 

The newspaper submitted in 
broad terms that Mr. Tether had 
the deepest possible distrust of 
the editor and all in authority 
over him: that he had- taken an 
irrational view of the dispute; 
and had shown a complete un- 
willingness to compromise, to 


In the submission of the 
Financial Times Mr. Tether Was 
“an unreasonable and difficult 
man to manage.” and his dis- 
missal was inevitable. 

He was unwilling to accept 
editorial control, which the news- 
paper said was essential to 
enable the editor to maintain 
the standards of the paper. 

Mr. Tether claimed that Mr. 
Fisher’s criticisms of deteriora- 
tion in his writing were not made 
in good faith, but were used as 
a pretext for forcing him out. 
because bis views on many sub- 
jects were contrary to ‘ the 
paper’s policy, and that, this situ- 
ation arose only uDder Mr. 
Fisher's editorship. 

Reinstatement said Mr. Tether, 
was always a possibility', because 
“although t could not forget I 
could forgive.” 

But the tribunal was told on 
behalf of the Financial Times 
that reinstatement or re-engage- 
ment was impossible in the cir- 
cumstances. 

Tbe tribunal said, in conclu- 
sion. that should either party 
want to make an application for 
costs, it would be willing to hear 
it at some future date. 

Mr. Tether bad been warned 
during the hearing that he could 
be faced with a substantial bill 
for costs if he lost. 

Last March in a written Parlia- 
mentary reply. Mr. ' Harold 
Walker, Minister of State for 
Employment said the costs to 
public funds of the case was esti- 
mated so far at £5.000. Tbe hear- 
ing had then taken 32 days. 
Thera were 13 more days left. 

It was punctuated by various 
applications on procedure, a re- 
quest by the Financial Times for 
the tribunal to take firmer con- 
trol of the proceedings, and 
an abortive appeal bv the chair- 
man that the two sides should 
reach a compromise, settlement 

—Press Association 


THERE CANNOT ba.a hushes# ififfents. : “ Fourth, and not to be 
id the land' so harrowingly denigrated, conferences are mini 

addicted to confiereiw^rinfcUBOwsriring holidays: a breal^a saw? 
the advertising business. Tliei^.-i-adt really work but sufficiency 
are as many con ferences on offer^ork-or ien tated to ha eonsmBn«*» 
as there are hot dinners, so- that-salving-’’ _ . ' 

at venue after venue, the- Paris was no skive. I xw 
intrepid speakers co nfr ont; Diei attended many a work-onented 
same intrepid audience wfffi thin -session in the Rue this or that, 
year's version of; last' year’a^d in the midst of one com- 
message. ■■ I - .T^nercial -break was profoundly 

Not that these conferences we astonished to be run over W a 
not hard work. The duller - thtfiparty' of Admap tune-buyers 
sessions, the more aggressive^ fo nurino through the Louvre 
do the delegates knuckle dovd searcbof a forward booking, 
to the real ' business at hand-*-' The work sessions at Adnrap 
the horse-trading after darfc hf were peaceful interludes of in* 
wbich deals are struck, agree- action between the true business 
ments made, friendships affirmed^ sessions each evening, tmraga 
loans called in and reputations 1 there were one or two speakers 
furtively remodelled. -.V* worth attending to. Harry 
So it was in Paris last week at Henry, for example, deitvered * 
the Admap conference; The- lucid forecast of advertising ex- 
formal sessions were marvel- penditure. sector by sector- «"» 
lousiy dull— models of their kiad Stephen King. of J- 
— bat measured against the Thompson, addressed nimseir 
Fletcher Scale for conference- profitably to the new a over- 
going. the week can be rated 'a risers” There was also Cai- 
grand success. laghan O’Herlihy, though the 

The Fletcher Scale, you may final afternoon of 
recall, was formulated last Oefo- conference is not the ran* 
ber by Winston Fletcher' *?bo scheduling for a prophet use 
wondered out loud precisely what him. 

it was that persuaded him,; and According to Professor Henry: 
multitudes of others, that passing « since we are already into the 
hours, often on uncomfortable final quarter of 1978. is 
chairs, listening to prosaic Sod possible to predict the out-turn 
ponderous parroting was time of the year with some degree of 
well spent. ; confidence: the increase over 

“No doubt conference organ- 1977 Is likely to be of the ordeT 
isers have researched the subject, of £300m. giving a total of about 
but it is easy to postulate -the £l.75bn at current prices, or 
four basic benefits. Occasionally, something around £670m at 1970 
just occasionally, yon pick up a prices. This, while .being well 
specific hint or tip which caii above the long-term trend line, 
immediately be put to profitable is not so far above It as 1973 
use.” Second, and much- more was: on the other hand; a similar 
common, gossiping wth.i’lfie sort of increase for 1979 — and 
other attendees kept oneX&iger- some of the soothsayers consider 
tips in touch with broad trends this not improbable — would pro- 
and happenings. Third, there duce a new all-time high by. 
was the chance to actually meet almost any criteria.” 
prospective customers ... and As for sectoral distribution of. 




adi 

Henry, 
tio occur _wH 
gradual" “For; 

that leTeyisJun, _ 

for 27 per eeaqt afj 
Ing expenditure,,;. 

S roportion. dtr; ,-ftk y 

ave bden . gr " “ 

.television com? 
little general 
proportion bad; beetf? _ 
nig&^Sff .- per 
as 1967, 

intervening years “ 
it win probably' be; 
some zedcctinhViis- 
possibly 1 be- lower 
As- ft :happensMrUfiatt« ^ 
penditure 

eluding Radio LnxembodivTi^' 

1.7 perl cent of all expmdftom* 
at £26m - this might b'fe comp£ftd * 
with - toe £32ur spent on ■«© 
away newspaper and magBanar 
and around £40m spent in Yellow' 

Pages. But it is thertte.of-'.te* 
crease which some of Us - 
slightly depressing. You ul 
say that there hasn’t been 
that much: progress. fn~ll yean, 
except that It would- he batea#-; 
to do 'so ” Parr ■ of the 'reaS®*" 
for this was the "slow and; 
humbly ” manner In which sue. 
cessive governments had tackM' 
or not tackled, the introduction : 
of a fall-scale national eommer- 
dai radio network.' 

In conclusion, Prof. -'Hediy: 
said he did not believe tbe-ovot. 
all. pattern of marketing -cook 
nianjcatlon:' would -be' all i£gi 
affected “ even if the horrible 
noises Roy Hattetaley Is' making — " 
about, - corrective -advertising 
become incarnate. One w& i “ 

another, the edvertistnglndra&r : ; H L? 3 
learns to live with most IhJhes^J JJi ** “ 
As It happens Mr.-Hatterriefs 
views on advertising' are to he . - 
explained more fully in London: 
today. Yes— therms yet 
conference. ..- 




NEWS IN BRIEF 




LAN’SDOWNE MARKETING, 
Part of the J. Walter Thompson 
Group, says it has put an £2Jfrn 
worth of new business and that-. It 
expects projected billings next 
year of £7m. 

The new business , includes 
creative work for -Braun Shavers 
and the launch of Braun’s Sensor 
Styler hairdryer. Braun is ; said 
to be spending more than £lm 
on these campaigns. 

Other new accounts are Bar- 
gain Breaks, and - Hightime 
Holidays for Trust Houses Forte 
(£300,000); international adver- 
tising for Dragoco, the fragrance- 
company (£300,000); the 
launch of Pan Yan, Rown tree's 
pickles range (£100,000);' . the 
relaunch of the CiviT Service 
Store in the Strand • (£100;000) 
and two new product- develop- 
ments for .Elida GEjba; expected 
to be ready next year f£3w, 000)^ 
JWT Group billings j(hls year 


should total £76m against £65m 
last year. 

# MWK HAS launched a 
£750.000 campaign for Hornby, 
in support of its mode) train sets. 
This follows the news that MWK 
has picked up two new pieces of 
business collectively worth 
£450.000— the Geest Horticul- 
tural Group and Hoverlloyd. 

• ALTHOUGH THE . IBA 
recently tightened its rules on 
television drink advertising, the 
drinks companies feature well 
down the list of top TV 
advertisers over the first half 
of this year as compiled by 
London Weekend Television in 
the current issue of Its Market- 
ing Review. 

The most aggressive . drink 
advertiser on TV at present is 
.Guinness, .which, jiver {he first 
^x' months of the year spent 1 
-£l.47Sra, putting it lit 33rd place 
in LWT*s Hat of the Top 75. Bass 



Marketing was . in S4th 
having spent £L453m, and Htbe 
ken in 56th place, havifig spetjt 
£957.000. aeordiog: to 
Tempo data. In 71st .spot, ; 
and Newcastle Breweries 
£772.000. 

It goes without saying that ihtf 
top three TV advertisers ■ over 
the. first six months v were 
Cadbury, Rowntree "and Har* 
whose shoot-out In confectioner? 
is starting to leave all offer W 

advertisers, behi nd -^AccoriKagto — 

LWT.Cadbur-y spentno iesstfran 
£6m between- January abd JnneJl 
Rowntree replied whh E5.8tn amd w _ _ 
all on TVTfl * - ' 


Mars, with £5,6m — 


Tbe remainder of tbe Tap Te 
was made-up as follows : 


Beecham Products,. £4.7az; the' 
coi, f 4-lm: Lever Brothers. Mo,- 
Procter $ud Gamble,f£tti;4 r afl 
Den Bii rghs,: ‘fijiTm jTJcital "Bis- 
cuits, £331X4 ami ElUfetGtoT*' 
£3m. . v. 



the ability of a writer to put 
bis own interpretation of facts 
of public interest for public con- 
sideration. 

In one of Mr. Tether's five in- 
terlocutory appeals to the 
Employment Appeals Tribunal 
during the industrial tribunal 
hearing Mr. Justice Bristow 
queried whether Industrial tri- 
bunals. with part-time chairmen 


‘ The argument on Mr. Tether’s part was that it 
was a question of principle that any attempt to 
restrict his freedom to write in his own way on 
subjects of his own choice had to be resisted, 
and that he had to combat any attempt in this 
direction.’ 


’state trials’ involvin_ 
such as Press freedom 
Tbe tribunal added: 


, m Cllilahll3 fnr The tribunal found there were, Fisher and Mr. Tether virtually 

^ hT rfocnrihL/a' however. ’* certain matters" came to an end. the tribunal said 
conduct 1 0^ t r !' e ri] ^^ ri which made it noi wholly un- In spite of efforts by Mr. 
* “ issues reasonable on Mr. Tether’s part Tether's colleagues, the Financial 

•*Wf> t0 vie ^ Mr. Fisher and his ob- Times’ NUJ chapel (office 
, J . _ „ ” , jectives with a certain measure branch) officers and finally the 

would with emphasis and respect of mistrust which “ we do not disputes procedure, Mr. Tether 
and with the experience of this share." resisted at all stages suggestions 

case behind its entirely share bis It was unfortunate, the (bat be should meet Mr. Fisher. 
5°^;. T f t 5 e , r * ln ,°i!- r v,ew ’ tribunal said, that Mr. Fisher, “for a variety of reasons.” 
had lo be allowed to put his case, w hen acting editor, did not, or The tribunal found that no 
however inexpertly, and our perhaps could not make anv warning was given to Mr. Tether 
efforts to limit the issues and so conlae{ with Mr. Tether when that his refusal to attend a 
reduce the length of the hearing g^. (; or don Newton directed Mr. meeting with Mr. -Fisher, in Mr. 
were wholly abortive, and Fisher not to publish Mr. Fisher's office, recommended by 
resulted in the bearings, far Tether’s Fanfare for Europe the disputes committee, might 
from being expedited, being article, either with reasons for lead to dismissal, 
lengthened. its deletion or with a suggestion 

It is not for us to suggest the 0 f another article. 

remedy But whether a case of - The tribunal did not accept tbe disputes committee’s finding, 
this kind ought not at a very th3t it was Sir Gordon’s sole neither party— the Financial 
early stage to be referred to responsibility tb communicate Times nor tbe NUJ— thought fi; 
some other kind of tribunal, with Mr. Tether, when Sir to refer the dispute to a flve-a 
differently constituted, seems to Gordon was away io Cornwall side committee. From the NPA 
be a matter which merits con- and Mr. Fisher was at the 
sideration." Financial Times offices. 


Tbe fourteenth and final 
conclusion of fret was that after 


and NUJ. although arguably il 
was constitutionally possible for 


The tribunal asked itself The tribunal went on to refer either party to -have done so. 


whether Mr. Telher was sincere to a delay in clearing up. .and On the law involved in the 


in putting forward tbe allega- making apologies for the case, the tribunal made two 


Unemployed 
will restore 


railway 


A TEAM of unemployed 
youngsters is to unearth part of 
Derbyshire’s railway history and 
help recreate a typical 19tb 
century stone.built station. 

The Manpower Services Com- 
mission has given a £9.800 grant 
for the project under its youth 
opportunities programme. The 12 
young people will clear an over- 
grown half-mile stretch oF line 
between Butterley Station, near 
Ripley, and Hammersmith in 
Derbyshire and restore the track 
to working order. 

Afterwards, the Midland Rail- 
way Trust hope to open the line 
to the public for rides on some 
of its 17 historic steam loco- 
motives. 


Japanese start 
visit to Wales 


Many protest over 


Vale mining plan 


THE Leicestershire County 
Council said yesterday that it 
had received 650 objections to 
the National Coa] Board’s plans 
to mine the picturesque Vale of 
Belvoir, including protests from 
people living in Italy and Ger- 
many. 

Objectors -include Uie National 
Farmers’ Union, the. Ramblers' 
Association, the British Horse 
Society and the Belvoir Castle 
Estate, home of tbe Duke of 
Rutland, who has criticised the 
plans to sink three mines close 

to his castle, where there are 
known to be the largest coal 
reserves in Europe. ' 

The council said that it bad 
received only a handful of 


letters of support, mainly from 
industrialists and miners. The 
closing date for objections is 
October 31 when the council will 
begin talks with interested 
parties to plan the next move. 
At present, the council, with 
Nottinghamshire and Lincoln- 
shire, is pressing for a special 
inquiry commission io replace 
the proposed public inquiry 
promised by Mr.- Peter Shore, 
Secretary of State for the 
Environment. 

The Coal Board, says that 
mines in the Vale at Asfordby, 
Saltby and Hose would provide 
510m tons of coal, employment 
for 3B0O people and work for 
the next 80 years. 


JAPANESE BUSINESSMEN on 
a two-day tour of Wales starting 
today will visit industrial estates, 
inspect advance factories and 
visit manufacturing companies. 


Tower Bridge closed this weekend 


TOWER BRIDGE will be closed The lifting bascules, each of 
to pedestrians and traffic from which weighs about 900 1 tons. 
7 am on Saturday to 6 am on have to be covered with special 


Monday for resurfacing work, on lightweight timber panels coated 
of the bridge, with the road surface. 


the lifting sections 


;• ■ ■■■■■■ 

. - : j. 

: . «vw- "r 

•->?. “J 






Miu no doubt have within easy reach 
your collection of TV ratecards. 

Though you might want to call them 
something else. 

like roulette wheels: 


However thei£ is a way to alleviatethe 


Get out ypur collectionpf newspaper 
ratecards. Herethe rates are guaranteed 


Beca use TV buying right now is a game 

of chance. Rather hit and miss. 


You never know till the very last minute 
whatyou’re going to spend. 

Mwr audience remains a mystery until 
after you’ve paid. 

are totally at &e mercy of the 

pre-emptive system.. 

Which means your marketing objectives 
might suffer while those of others are achieved. 


precisely whoyou want 

You calf deliver manymore messages ■’ 
and the costper thousand for adults is around 
half the cost of 


opportunities WB offer; 

Youlthei^^jo^ggmgatjather 
than luck. 


Start by phoning Roger Bowes, Advertisement Director 




'•j-.-v.v-v: •_ ■ 


y-j. 










19 






•? v - ‘ 

t . 

-v* 



EDITED BY MICHAEL THOMPSON- NOEL 



TOWARDS THE end nf another 
year of bruising warfare in ibe 
biscuit market. Associated 
Biscuits has launched Uh? final 
burst of an £500,000 above-tim- 
liae campaign in support of jia 
Jacob's Club brand. The new 
commercial, by Benton and 
Bowles, employs a circus theme 
(see above) and completes a 
year in which Associated Biscuits 
*a>s it has re-established Jacob’s 
Club an dear brand leader in 
the £75m rliofolMe countline 
market. The brand is said to have 
20 per cent. 

U also marks the end of a 
year in which the company has 
bid farewell to us famous "Join 
our Club "• jingle- 

.According to AB "The 
decision to move away from -what 
had been a highly ‘.uccessful 
strategy was naturally taken wr.h 


some Trepidation. However. the 
need to develop and up-date the 
presentation «;f Club's consumer 
benefits was paramount. The first 
of tiie now commercials went on 
air in February and research 
results confirmed that rhe new 
advertising executions had . more 
than succeeded. IT .you arc 
sccpiLral u f research, try a 
volume brand share increase nf 
five j-hare points between 
January, 1975. and August, 11175.” 

At the same tirae. Cadbury 
Tjphoo has announced details of 
v.hai it c.illj. a major production 
pren-ramme an Merseyside, where 
a £5m redevelop merit scheme at 
its plant at Moreinn in the 
Wirral has entered ■ the :lasi 
stages. Cidbury plans to. boost 
both its UK and overseas biscuits 
sales. 

According to marketing man- 


ager Tony Hales: “ Biscuits have 
been one uf the blue chip earner*. 

of the food industry- Cadbury 
had a small stake in s declining 
sector of the UK market and a 
small but significant export sale. 

“ There was also a proliferation 
of hues and packings made on 
inefficient plant. Three years ago. 
facing both poor profit and ein- 
pliiyiurnt prospects. lough dcci- 
Mons hud to be taken. Slow- 
selling national lines were axed 
in favour nf lines with inter- 
national volume potential. UK, 
European and North .American 
markets were studied- It was 
dear substantial reductions in 
production and units costs had 
to be achieved in order to coin- 
pole profitably on an inter- 
national fouling and also to save 
jobs." 


Interman shows the way 


BY PENNY HOPKINS ON 


rrs NOT UNUSUAL these days 
to find special advertising supple- 
ments in the International 
Press. In (act, over the past [ew 
years they have become a 
lucrative way of life for many 
publishers. However. Inter- 
national Management — McGraw- 
Hill's monthly magazine for 
senior executives in business, in- 
dustry and government. — has 
achieved something of a coup in 
international terms with its 
Northern Ireland advertising 
section, promoted through a net- 
work of lop magazines in Europe, 
the UK France. West .Germany, 
Sweden and Japan, 


The Department of Commerce 
for Northern Ireland wanted 
executives throughout Europe 
and in Japan to know about the 
incentives, skills and facilities H 
offers organisations seeking 
locations for expansion. . 

Together with Charles Barker 
City, the department selected 
International Management and 
member publications of the Inter- 
man Network to carry as. eight- 
page section at an estimated cost 
of £85,000. 

Marketing staff of international 
Management represent -advertis- 
ing sales for a group of. major 


business magazines around tbe 
world. They handled the entire 
design, translation, typesetting 
and production on behalf of the 
agency and client. The Northern 
Ireland section wilt circulate nver 
500.000 copies in International 
Management (Europe), Manage- 
ment Today (UK). L’Expansion 
l France i. rndnslriemagazin (W. 
Germany). Veckans AffSrer 
(Sweden) and Nikkei Business 
(Japan). The department is also 
using reprints of the eight-page 
full-colnur section in all five 
languages for further promo- 
tional mailings. 


f> 


They do in Gevdand 1 
They'D give you the answers 
to questions you may not even 
know you should ask. You’ll be 
surprised how they can 
smooth out the red tape and. 
get down to action. Fast. . 

These could be someof the 
reasons why oyer £2.000m is being .. 
invested and 40 companies have setup 
in the county in the past year. - - 
IF vou are thinking of • ' 
relocating or expanding,- 
start by talking to John T '• :/vCv 
Giilis or one of his 11Q 

industrial development 
specialists. - T~yh\SL\\\\ 



m 


. They have the experience 
and they understand your needs 
and your language. 
• They'D tell you all about 
Government grants, available, 
land and factories, the county's 
pool of labour and its good 
record of industrial relations. 
All you need tn know, in 
fact Not forgetting 
Clevelands beautiful 
countryside and coastline. 
Tel epl tone, telex, or fill in 
■'fcecoupuit for a businesslike 
response. 


HERE .ARE some key question* 
for marketing management: 

Are advertuenienU being run 
too to as or tuu often. so that 
boredom reduces their effect, or 
arc (hey being changed too fre- 
quently? What is the best 
balance between variety and 
repetition ? 

Does, tin- effectiveness of cam- 
paigns fall off because the ad- 
vertisements themselves hear 
oul , or because die weight of 
Lou I expenditure has gone 

beyond economic saturation ? 

Arc we changing our advertise- 
ments because wc and the agency 
arc bored with them, or because 
wc have evidence they mi longer 
work? Should a worn-out cam- 
paign be thrown away or simply 
rested? 

Advertising wearout can be 
understood in two senses. One 

relates tu the situation m which 
the response generated by a given 
campaign, theme or treatment 
starts falling away to a level 
insufficient to justify its cost. A 
second situation is found where 
advertising, response falls away 
□ot because of any particular 
fault m the advertisements as 
such but by reason or the level 
of saturation, nr even overkill, 
reached by the weight or fre- 
quency of the advertising as a 
whole. 

While more perceptive adver- 
tisers arc aware of this second 
possibility, a large proportion are 
nnt (or behave as if they arc 
not), and concentrate their atten- 
tion on the first, thus compound- 
ing the waste of resources. 

Much of the work done on the 
theury of advertising suggests 
that (except In special circum- 
stances) individual advertising 
themes and treatments are not 
all that subject to rapid wearout. 
and that repetition is quite as 
important as variety in good 
communications. Most adver- 
tisers seem to accept this in 
principle, and, again in principle, 
are worried that they might be 
incurring unnecessary costs by 
changing too frequently. 

Bui there are a number of 
pressures for more frequent 
change — the agency concerned to 
show that' it is on the ball, the 
client concerned that the agency 
should not earn its commission 
too- easily; a new agency con- 
cerned to demonstrate its 
superiority to its predecessor, or 
new brand-management con- 
cerned to demonstrate its zeal; 
boredom with the advertising on 
the part of the advertiser or the 
agency (without reference 
necessarily being made to the 
reactions of the target con- 
sumer), and so on. For these, or 
for other reasons, most adver- 
tisers are satisfied that their 
advertising themes and treat- 
ments are rarely allowed to run 
into wearouL while nevertheless 
feeling some disquiet- at the- 
possibility that they are chang- 
ing too often. Despite this, only 
about a quarter of them take any 
serious steps to seek evidence 
one way or another. 

Associated with this is the fact 
that virtually none of toe major 
advertisers studied has estab- 
lished any norms for the num- 
ber of. times campaign themes 
may be used: even those who 
monitor advertising performance 
in detail have determined no 
broad estimates of saturation 
rales tn any overall sense. 
Indeed, of the three definitions 
of wearout most .. commonly 
advanced, only the first. ’* adver- 
tising which has . become so 
familiar that it ceases to evoke 
the desired response," Is even 
susceptible Df measurement. The 
next two, “ advertising which has 
become boring,” and "advertis- 
ing whose theme has become 
boring,’’ are highly subjective, 
and it is hardly surprising that 
the most common procedure for 
judgment appears to be 


ADVERTISING COST-EFFECTIVENESS 


How not to sink 


the ship in 


sight of land 


The ' Marketing Communica- 
tions Research Centre at tbe 
Craufieid School of Manage- 
ment was set up in 1972 to 
collaborate with industry in 
Improving the knowledge ami 
practice of marketing com- 
munications and provide a 
forum for the confidential 
exchange of advertising data 
and experience. Since (hen, 
cross-fertilisation between 
some 30 major sponsoring 


firms and organisations, 
accounting together for more 
than 14 per cent of total UK 
consumer advertising, has 
produced a number of signifi- 
cant studies of advertising 
practice and theory. 

Sponvnrs of the centre 
since its formation Include 
Bcecham. BP. Cadbury- 
Schweppes, Dunlop. Esso. 
Heinz. ICI. the Midland Bank, 
Nestle. Philips Electrical, the 
Post Office. RHM, Rountree 


Mackintosh. Spillers. Volks- 
wagen. Watney Mann and 
Weetabix. 

In a shortened version of 
the first of a series of broad- 
sheets Cranfield is producing 
so as to summarise some of 
the findings which have 
emerged from this collabora- 
tion. HARRY HENRY, Cran- 
fi eld’s Visiting Professor of 
Marketing Communications, 
examines advertising wear- 
out and cost-effectiveness. 


“consensus of opinion within the 
company-” 

Wearout in the marketing 
context reflects the tendency to 
treat advertising as the scape- 
goat for deterioration in the 
marketing situation which may 
really be attributable to quite 
other factor*, and to suppose 
without any real evidence that 
changes in advertising themes 
or campaigns cun be expected to 
provide immediate salvation 
(which they usually do not). 
This will often lead to a change 
of advertising agency, which may 
be quite unnecessary and not 
particularly fruitful, though it is 
always fun. In parallel with this 
is tiie. unhappy confusion in 
many advertisers’ minds between 
(i) advertising themes and 
treatments judged tvoja-out be 
cause of the weight or time 
effects of their exposure, and (ii) 
circumstances where, because 
the market situation has 
changed, the marketing objec- 
tives have been modified, leading 
to a modification of the advertis- 
ing objectives and a need for 
change in the advertising plat- 
form. 

The four main criteria by 
which advertising performance 
(as opposed to marketing perfor- 
mance) is usually measured — 
product-awareness, acceptance of 
product claim, attitude lo the 
product, and willingness to pur- 
chase (not ail of them, inciden- 
tally, being necessarily the key 
criteria in any particular market 
situation)— do not build up at 
identical rates for given adver- 
tising pressures by weight or 
time. It can therefore happen 
that a particular campaign or 
theme can be worn out for one 
purpose before it has reached 
adequate productivity for 
another: for example, brand 
awareness • (which it is easy to 
measure) may have ceased to 
increase as the advertising is 
repeated, while willingness to 
purchase (a much more difficult 
thing on which to get a reliable 


lioe, but of considerably greater 
marketing significance) is still 
building up. In this situation, to 
cut nff the theme nr campaign on 
ibe “ awareness " criterion would 
be to sink the ship in sight of 
land. 

This would be injudicious and 
wasteful enough if all the con- 
sumers identified as the target 
market were likely to be iden- 
tical in their reactions and atti- 
tudes. But as is also true in the 
case of advertising thresholds, 
this is bv no means the case: dif- 
ferent segments of the target 
market exhibit quite different 
patterns. 

There are two Qlher major fac- 
tors which we have found to 
affect the pattern of wearout: 
interest and involvement on the 
part of the target audience with 
the type of product or activity 
being advertised, and the degree 
of credibility given to advertis- 
ing claims. These interact with 
each other in quite complicated 
ways. Experience suggests that 
wearout is less likely to occur 
in product fields where the total 
weight of advertising is not 
heavy, or where there is marked 
seasonality. Indeed, this ques- 
tion of seasonalitv underlines 
the probability that wearout is 
a function nor only nf advertising 
weinht but also of the way that 
weight is distributed over time, 
which throws some light on the 
continuing controversy about 
whether advertising expenditure 
is more efficiently deployed con- 
tinunuslv or in bursts— indeed, 
whether the hurst approach mav 
make it possible to redurr 
expenditure without reducing 
advertising response. 

Advertising wearout is usually 
considered in terms of cam- 
paigns, themes or treatments, 
and is defined with reference 
to the point at which it ceases 
to produce the expected re- 
sponse. 

However, one can point to a 
quite different way of regarding 
advertising wearout. a way of 


even greater significance to the 
corporate problem of allocating 
resources to advertising at the 
most cost-effective level. This 
involves looking not so much 
at the wearout uf particular 
themes or treatments as at the 
pattern of wearout of tbe brand’s 
advertising weight and frequency 
as a whole, and determining 
whether it is an excess of that 
which is leading to diminishing 
returns. To reach out and 
attempt to communicate with the 
most unlikely customers at the 
far end of the market can 
require a very high level of 
expenditure, the consequence of 
which may be that customers at 
the effective end of the market 
are exposed to a weight and 
frequency considerably greater 
than is needed to perform the 
designated advertising task 
among them. 

Such excessive exposure will 
not necessarily turn them away 
(though it may result in pre- 
mature wearout of particular 
themes or treatments) but it 
means that the advertising 
response per pound spent may 
be far lower than it need be — 
not because the response itself 
is lower, but because more 
pounds have been spent. 

This problem is, in fact, closely 
related to the problem of adver- 
tising thresholds— the problem of 
how much money need be spent, 
in total or in particular media, 
over what, time and with what 
weights and frequencies in order 
that the advertiser may make his 
voice heard above what is popu- 
larly called “tbe noise.’’ 

Our researches have shown 
that this particular topic is even 
more confusing for tbe advertiser 
than that of wearouts. though 
subject to many of the same 
factors and even more internal 
and external pressures: it is 
furthermore an area prolific in 
assertions based on little real 
substance in thai advertisers’ 
beliefs and consequent practices 
differ widely in circumstances 


which are substantially identical. 

An even more closely related 
problem, which may be regarded 
as the mirror-image of advertis- 
ing wearout, is that of advertis- 
ing decay. Tbe effects of an 
advertising campaign or even an 
individual ad, can fast for some 
time, the time being dependent 
on a large number of different 
factors. But in general, and as 
the memory oi the impact of the 
advertising fades, so its effect 
starts falling away— though if the 
advertising has led to product 
trial, for example, satisfaction 
with the product may take over 
as the main stimulus for a repeat 
purchase and thus render un- 
necessary part of the advertising 
task. 

This fadiog-away of effect is 
what is meant by advertising 
decay: most advertisers take it 
into account in their planning, 
though our research indicates 
that those of them who trouble 
to measure it are likely to regard 
it as much less rapid than those 
who do not. 

Tbis has major implications for 
the assessment of advertising 
wearouL If advertising baa 
reached a level approaching 
saturation in practical expendi- 
ture terms and has not had time 
to decay to any material extent, 
then its repetition is likely to 
add little if anything to adver- 
tising response and, whatever it 
does add will be at an unaccept- 
ably high cost: in these terms, 
therefore, the advertising is worn 
out. On the other hand, if suf- 
ficient time has passed for the 
effect of the original campaign 
to have started decaying, then 
repetition or reinstatement of 
the advertising mav boost )he 
response back to its optimum 
level. 

It may seem paradoxical that 
a campaign, theme or treatment 
which is wnrn-out in November 
should prove to be not worn-out 
in the . following February, but 
the explanation lies in the 
ambiguity of the term. Whereas 
a worn-out carpet will never re- 
furbish itself, however long it 
is left, a man who goes to bed 
worn out with work (or playl can 
awake refreshed after a night’s 
sleep— and advertising is a 
dynamic entity, not a static one. 
Even this analogy js not perfect, 
however, for what has emerged 
from our studies is the need f*y 
an approach recognising that it 
is not the advertising which 
wears out but the response to 
that advertising. 

The judgment that particular 
advertising has suffered wearouL 
therefore, cannot be arrived at 
by the advertiser and his agency 
deciding that they now fiDd H 
boring. It requires careful con- 
sideration of the way the various 
types of advertising response 
(brand awareness, product 
claims, consumer attitudes, 
willingness to purchase, and so 
on) have been built up. what 
levels they have reached, and 
what decay they have been sub- 
ject to. 

Ail this is difficult. But our 
research has shown that it is not 
impossible. It has become clear 
that an understanding of the 
nature of wearout, combined 
with a reasonably critical 
approach to much that is 
asserted about it, can provide a 
means whereby the advertiser 
may more effectively control the 
efficient utilisation of his 
expenditure. 







i Send mo the basic 
i tads about Cleveland 


Post to John GOTis, Gurney House. Gurney Street; 
Middlesbrough, Cleveland TS1 1QT 
Telephone 0842 248155. Telex 58439 (Ref. Plan) 


Here is your 
2~stage plan 
towards 


County of Cleveland 


conference 

confidence 


mWmM 



£50 brings you a day 'with four of 
Britain’s most successful exporters. 
Booknowfor a one-day conference on 
overseas promotion and advertising. 


Just off die presses, this 
cemplew guide to the Conterence and 
Banqueong m alines or one ot London’s 
best equipped hotels. 

.. Itscisrijiitdowntoiihenuisand 
boles olvournceds-ond the power 
soiikcfc.indmfcivplifxie points and 
cbonddierlidt'hDv too. 

.Ask us to said ltru a copy before 
coming to see i.ir rour.-cliwharrne 
Fcirmion lias to oii«; n herhtr vou are 
planning a nuior stayed precncatian 
or a 6-wum ow row nwcnng 

detnaniJjng privacy and weto won. 
Move to sage one aw by phorJng 
dieConierenn-and Banqueting 
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md 




SOME LIKE 
^ IT HOT 


v 


:Jpp| 

Hfctfteaiis Putter dwwii't 

itetraw&ntfat 28 


Wm 


WEDUKETO HELPYOUTAKEOFF 


The Patman Heal. Pwtrain Square 
London V. I H QFL C 1 ! 5M4 


Tffpromote your exports in the 
most profitable way come and discover 
how CadburVSchweppesJCB Sales, 
Mettoy, and Stafford-Miller have profited 
from planned overseas promotion 
andadvertiHng. ■. 

Profitable OverseasPxoniotion 
is a one-day conference that gives you a \ . 
unique opportunity to gain from the 
experience of successful exporters. 

Jointly organised by the British - 

Overseas Trade Board and the Institute 
of Practitioners in Advertising it takes 
place on Thursday, 26 October at the 
Hilton Hotel, Park Lane, London Wi 1 


Book by phone today 

. Total cost of theconference- 


induding coffee, luncheon, tea andVAT- 
is only £50. It must represent the best 
£50 your Company has ever spent! 


HOW TO SUBSCRIBE 


THE WALL STREET 


To reserve your a, 
place today, JnL 
simply phone Wyflp 

Tune Ridge on Vd£ 

0*1 c ttcvt Ex port 

01-215 3393. united 


JOURNAL 


Rate for U.K. & Comammtil Europe 
1)90 _ _ _ i veai- 

| n 00 G Month* 

*50 3 Mftfttfa . 

I'Pambi* In uollai* or equivalent In 
(seal current*. 

Deliver* by Jet Air Frelnhi from 
, New Yort ever* outlaw e&v, 
iQUmi area rate* an tmubm.} 
Send ontor witti payment w: 


fou sell fashion. W: sell fashion. Better than most because 
The Sunday Times gives you an advertising environment that 
reflects the style and quality of yourproducts. We appeal to a 
particular kind of reade? you appeal to a particular Wnd of buyer 
The/re one and the same inTheSunday Times, so your 
advertising really takes off.Perhapsthate why 55%’of all wearing 
apparel advertised in the quality press is inThe SundayTimes 

and TheSunday Times Magaane. One word of warning. 

it isrft always easy to get iaButcanaproductiteyours afford 
tobeanywheredse? 

Talkto Nicholas HI and f«s sales team on 01-837 1234, or 
drop himaline at The SundayTime^POBox^200 Gray’s Inn Roa4 
London WC1X8EZ. 


THE WALL STREET JOURNAL 
IqternjMonnl Prem Centra 
7G Shoe Lane, London, l-CA. England 
Ann.: Mr. R. Sham 


Alee available at <ftal«r new* m m 
throiMtiqiit Eurwne 

ask nr rr 


THE SUNDAY TIMES . 

the Sunday times magazine 


nir^ 


K 









2b 

lombard 


Financial Times Thursday. October 12 1978 


Wanted— a free 
trade lobby 


Market abuse: casting a wider net 


BY GEOFFREY OWEN 

.These days the noisiest and 
most effective industrial lobbies 
tend to be those which are pro- 
testing against imports from low. 
Wage countries. Very little is 
heard' from the companies which 
ar®. exporting to those 
countries. Yet every time res- 
trictions are imposed on Turkish 
textiles or Brazilian shoes the 
Usk or selling tractors to Turkey 
or steelworks equipment to 
Brazil is made that nilidi more 
difficult. 

The ' Lack or a powerful 
exporters’ lobby is partly due 
to-' the diversity of industries 
concerned;" exporters or capital 
gobds^ for example, are less easy 
to- organise into a strong pres- 
sure group than manufacturers 
of. shoes or cutlery or TV sets or 
fasteners. It is high time that 
sopfcthing was done to remedy 
thj&.:<teficiency. whether through 
the' CBI ox some other body. 
FoZrticians and the public need 
tp/be made aware that at least 
asf ‘ many jobs are created by 
exports to the developing 
countries as are lost -through 
imports ..from them; moreover 
Um new jdb&.-€eaecally have a 
higher skill content than the old. 


High risks 


A few years ago the develop- 
ment of the third world was 
regarded by many businessmen 
with a kind of bored detachment 
as something which could safely 
be left to specialised agencies 
like the Ministry of Overseas 
Development and the World 
Bank. The developing countries 
presented occasional export 
opportunities, but the political 
and economic risks were high; 
fnr most companies the top 
priorities were Europe and the 
U.S. But attitudes now seem to 
have changed. AfLer 1973 the oil- 
producing nations presented an 
enormous export market. As 
their appetitie for imports begins 
to diminish through indigestion, 
interest has shifted to the non- 
oil producers, especially in Asia 
and Latin America. Companies 
have realised that a major com- 
mitment to these countries, often 
involving partnerships with local 
manufacturers or with state- 
owned enterprises, can be a more 
profitable route to high ex exports 
than slogging it out -in the mature 
markets of Western Europe or 
the U.S. 

Or course competition for 
these new’ markets is intense, 
but- there is a difference 
between getting in on the 
ground floor in a country which 
is rapidly building up its indus- 
tries and trying to persuade, 
say, a German Fork-lift-truck 
maker to break the habit of a 
life-time and switch From 
German to British machine tools. 


This does nnt mean that the 
German market should be aban? 
doned or that customers in even 
more difficult markets like Japan 
should not be pursued. The 
point is thal the newly indus- 
trialising countries of the third 
world represent the fastest- 
£ rowing overseas market now 
avaitahle for many manufac- 
turers and th3t the market will 
only exist as long as these 
countries are ahle to export the 
product of their new factories. 

Even countries with a huge 
domestic market, like Brazil or 
India, need to export their cars, 
trucks and other manufactured 
products. The more they can 
export, the faster their econo- 
mies will grow and the more 
business they will generate For 
manufacturers in the industrial 
countries. 

If engineering companies 
want to sell transfer line 
machinery, welding equipment 
and so on to the Korean motor 
industry, the Koreans roust be 
free to take business away from 
European car makers, not only 
in the Tar East but perhaps 
eventually in Europe, too. The 
potential conflict of interest 
between the car makers and the 
machine tool builders can only 
be resolved by a general accept- 
ance of the proposition that 
industrialisation and faster 
economic growth in the third 
world i* in the best interests of 
the industrial world. 

The advanced Industrial coun- 
tries must come to terms with 
the new international division 
of labour, not by negotiating: 
quotas and voluntary restraint 1 
arrangements but by accepting,: 
encouraging and accelerating 
the adjustments in industrial 
structure and in employment i 
patterns which competition from; 
the third v.orld makes necessary. 


ONE FACET of the Hoffmann- 
La -Rocha appeal- against the 
EEC Commission's ‘Vitamin 
decision” is likely to be seen as 
bad news by some large com- 
panies. It is an argument 
delivered by Herr Gerhard 
Reischei, the first Advocate 
General, in his opinion to 
the European Court: he urges 
a very much wider definition of 
market power, which would 
catch more companies than are 
now thought by the. business 
community to be in a dominant 
market position. 

(What was unquestionably 
good news in Herr Rcischl’s 
opinion — reported on this page 
at the beginning of. last week— 
was that the Commission should 
abide by the fundamental rule 
of law that no one should be 
punished for acts which were 
not clearly prohibited at the 
time when committed. This was 
the reason why he proposed that 
the £250,000 fine imposed by 
the Commission on Roche suoldh 
be lifted. However, he confirmed 
with only small reservations, the 
Commission’s view that Roche 
had a dominant position in the 
vitamin market and that it had 
abused this position by con- 
tracts which obliged its custo- 
mers to cover all or most of 


their requirements with Roche.l 
Some in the business com- 
munity will find even more 
alarming that Herr Reischl en- 
dorsed the view that any tying 
of customers, even by dis- 
counts or any type of con- 
tractual tie for periods as short 
as one or two years — even 
if dearly bringing an advantage 
to the customer — should be out- 
lawed under EEC law when 
the supplier is in a dominant 
position. The Advocate General 
based this conclusion not on 
the specific provision of Article 
86 of the Treaty of Rome but 
on the introductory Article 3/7 
stating as one of the general 
aims of the Treaty that compe- 
tion should not be distorted. 

Should the Court endorse 
this interpretation of die Treat}’ 
— and it is quite probable that it 
will do so — no company with a 
strong position in a significant 
part of a certain market will 
be in the future able to claim 
that it should not be fined for 
doing what Roche did. even if 
the reading of the Treat}’ did 
not reveal that it was a crime. 

it is a peculiarity of EEC law 
that neither the European 
Court nor the Commission feel 
bound by their previous deci- 
sions but hold that companies. 


and even Governments of mem- 
ber states, must observe them 
as articles of law. As both 
judgements of the Court and 
the opinions of Advocates 
General are frequently cited as 
authorities in EEC law by the 
Commission when castigating 


competition in a significant part 
of the relevant market. 

In 1975 the Court said very 
high market shares, of 85 to 95 
per cent, where imports are only 
very small, are a sufficient proof 
of dominance. But in Its latest 
r uling on this matter, in the 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 


companies or Governments, a 
careful study of the 105 pages 
long, but extremely readable, 
opinion of Herr Reischl can be 
recommended to all marketing 
managers and lawyers advising 
them. 

This reading is all the more 
important as in the matter of 
“ dominant position ” the think- 
ing at the European Court has 
become much more inscrutable 
recently. Its Continental Can 
judgment of 1973 declared 
simply that an increase in dom- 
inant position to a point wbicli 
eliminates all competition is in 
itself an abuse. And in other 
judgments of the early 1970s 
the Court said no more than 
that a company is in a dominant 
position when it can prevent 


United Brands judgment of 
February 14, 197S. the Court 
shifted the emphasis from mar- 
ket shares to a combination of 
various circumstances. A suit- 
able combination of factors and 
of timing can now be seen by 
the Commission as dominance, 
even when a company's market 
share is under 50 per cent, it 
cannot freely determine its sell- 
ing price and may even be 
obliged occasionally to sell at a 
loss. 

Instead of relying on market 
shares, it is now necessary to 
take into account the combined 
effect of such factors as vertical 
integration, know-how, con- 
sumers’ preference for certain 
brands, as well as the limited 
number of buyers in the market 


and temporary scarcity of sup- 
plies.. All aitfi-'fKfst systems 
recognise the importance- of tak- 
ing into account a combination 
of factors creating market 
power but most provide a dear 
guidance of the importance of 
these factors proportionate to 
the market share achieved. The 
U.S. anti-trust law, for ex- 
ample, ‘ requires . no further 
evidence of the existence of a 
monopoly if the company has a 
90 per cent share of the market 
but makes it quite difficult for 
the accuser to prove the exist- 
ence of a dominant market 
power if the market share is 
less than 50 per cent. The 
proof of - monopoly by other 

factors is proportionately easier 
as the market share rises over 
50 per cent and approaches 90 
per cent. 

The Advocate General pro- 
posed to the Court that com- 
panies which could be con- 
sidered “ market dominant ” 
should not be allowed to con- 
clude contracts obliging their 
customers to buy from them the 
greater part or all of their 
requirements. Such contracts 
should be outlawed even If they 
leave the customer the free- 
dom to buy elsewhere at a 


cheaper price of which the con- 
tractual supplier is told hut 
which he cannot meet 

Even when . the customer is 
bound to the supplier only M as 
long as the supplier’s prices are 
competitive,” without having to 
inform him and to give him the 
chance to meet a lower price 
quoted by another producer, the 
contract should stiU he pro- 
hibited under EEC law if made 
for an indeterminate period of 
titne.- 

Tthe rules proposed concern- 
ing “ fidelity discounts" are 
more familiar from other anti- 
trust systems but are formulated 
with great severity; so discounts 
or “ special prices'* sh<*ild be 
allowed if not based; on an 
actual cost saving achieved by 
the supplier by delivering large 
quantities. It should be con* 
sidered prohibited under Article 
86 of tile Treaty to secure 
custom by granting discounts 
on the basis of turnover 
actually achieved, or by 
granting special, reduced prices 
for contracts covering the entire 
estimated requirements of tiie 
customer and concluded for 
periods as short a & one or two 
years as was the case in the 
vitamin contracts between 
Roche and Unilever. 


The Queen’s Jubilee preferred 
to Hern stablemate at York 


ENTERTAINMENT GUIDE 


Vulnerable 



t Indicates programme In 
black and white. 

BBC l 

9.41 am For Schools, Colleces. 

10.45 On Lhe Move. 11.00 For 
•Schools. Colleges. 1220 pm Golf: 
The Colgate World Match play 
Championship. 12.45 News. 1.00 


It is easy to identify and 
dramatise job losses io a par- 
ticular sector. like textiles, 
which is especially vulnerable to 1 
competition from low - wage 
countries. No one would deny 
the seriousness of the social 
problems involved. But prop- 
ping up jobs in textile factories 
by keeping imports out is not 
the right way to safeguard jobs 
in the long term; it has a 
damaging effect on other indus- 
tries in which the UK has a 
comparative advantage and 
which offer the best prospects 
for secure employment, especi- 
ally of skilled manpower. 

The exporters should be 
making their voices heard in 
this debate. They are the ones 
who have most to lose from 
protectionism and they should 
be campaigning bard against it. 


Pebble Mill. 1.45 Bagpuss 2.00 
You and Me. 2.14 For Schools, 
Colleges. 3.15 Golf: Colgate Match- 
play Championship. 3.53 Regional 
News fnr England (except 
London}. 3.55 Play School fas 
BBC-2 11.00 am). 4.20 Yogi Bear. 
4-25 Jackanory. 4.40 Rentaghast. 

5.05 John Craven's Newsround. 
5.10 Blue Peter. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6 JO Nationwide. 


D1C.K HERN, who has placed 23 
winners at York since the start 
to the 1973 season, sets punters 
a poser there today by saddling 
both Sea Ballad and Jubilee for 
the valuable Malton Stakes for 
two-year-old fillies. 

Although stable-jockey Willie 
Carson, has opted for the for- 
mer. a chestnut Son? filly owned 
by Mr. Reg Hollingsworth, the 
Queen’s once-raced Reform bay. 
Jubilee, looks to have equally 
promising credentials. She i*' 
partnered by Joe Mercer. Car- 
son's predecessor as first jockey 
at West llsley. 

Sea Ballad, slightly the more 
experienced of Lhe pair with two 
races under her belt followed up 
a promising fourth-placed effort 
by quickening away from her 
opponents at the distance io 
easily land a seven-furlong 
maiden event at Newbury 

Jubilee, a daughter of the Sir 
Ivor mare. Golden Ivv (an off- 
spring of Guinea Sparrow I. had 
her only race to date at Chester, 
where she was made a warm 
favourite for a division of the 
Grey Friars Slakes on Septem- 
ber 8. 

Although she did not justify 
that confidence. Jubilee ran an 
encouraging race on a circuit 
almost certainly ion sharp for 
her: finishing third at one length 


and three lengths to Inside 
Quarter and Demi Feu. 1 believe 
that she will be seen to fur 
belter advantage over this stiff 
seven furlongs, and I take her 
to surprise both Carson and 
favourite backers, who seem 


RACING 

BY DOMINIC WIGAN 


likely to row in with stable-mate 
Sea Ballad 

Of the remainder I have most 
regard for Luca Cumam's im- 
proving Royal and Regal bay, 
Euphrate. who justified her 
FFr 240.000 {£28,000.1 yearling 
price when easily heating the 
useful Kim's Habit over six 
furlongs at Redcar 

A year ago. Bill Walts and 
stable jockey, John Lowe, com- 
bined to land the Go Racing in 
Yorkshire Trainers’ Trophy (then 
the Rawcltffe Nursey) through 
the outsider Good Tune, and tt 
wall come as no surprise if 
Castille makes a bold hid for 
tii e i n today. 

This lichlly-raced Philip nf 
Spam cult is dearly well thought 
of. for he went to post favourite 
of ten at Ayr last time out before 


finishing a reasonably close 
fourth behind Glasbon. 

Although that race was back 
in June and he is without the 
benefit of a subsequent outing, 
Caslille could well be capable 
of opening his score from the 
7 st 12 lb mark at the foot of 
the handicap. 

For the chief danger 1 turn 
m that tough and consistent 
Welsh Saint colt. Critic Halo, 
whose nine outings this term 
have produced a neck victory 
over Heywood Hardy in a 19- 
runner event at Catterick and a 
three-quarter length success over 
Hadon in Ascot's valuable 
Michael Sobell Stakes. 

Abdu. Pessu and Greenland 
Park are among the 12 two-year- 
olds who have accepted for the 
five-furlong Cornwallis Stakes at 
Ascot on Saturday. However, no 
decision will be taken about 
Greenland Park’s participation 
until trainer. Willie Hastings has 
had time to study the list of 
four-day acceptors. 

YORK 
2.0ft— Nil uslina 
2.3fl — Jubilee* 

3.0ft — CastlHe* 4 ’* 

3.3ft— Dromefus 
4.ftft— Mon Chat 
4.30— Lady of Man** 


F.T. CROSSWORD PUZZLE No. 3.794 



ACROSS 

1 Unctuous N.C.O. joins the 
Service I6> 

4 They appear nervous, but 
they are definite runners (8/ 

10 Puree I- can mix for a 
hedonist (9) 

11 The girl was sick on the way 
back (5) 

12 One surrounded by explosive 
shows faint colour (4> 

13 Whatever the consequences 
■we must have a high com- 
mander with good men (2„ 3, 
5) 

15 Noticed the stain on Edward 
(71 

IS Allusion in this way to an 
oriental cult (6> 

19 Points of view from ancient 
Britons {6 1 

21 Guinea-fowl Is piebald abom 
this time (7) 

23 Watery paste Robert can t put 
a name to (10) 

25 Freehold tenure found in 
Bermuda location (4i 

27 Mushrooms cause merriment 
to a soldier (5) 

28 Df>alt blows in all directions 
and knocked the sailor un- 
conscious (4, 51 

29 The NF.C.O. gives fabric to the 
worker (8) 

30 Pickied employment In the 

Turf <6) down 

1 "No w comes the T I?, or ;* 1 

of the oight*’ fHenry IV) (8) 

2 Amid which Both stood m 

tears (5, 4) . , , 

3 Come into the garden— she s 
crazy about the upper clas> 

5 Complications are no good In 
stones (7j 


6 Edited versions of Communist 
operations (10) 

7 Measure is found In the 
island (5) 

S After spring old Bob )n the 
sappers makes himself scarce 

(6j 

9 Ran like an earl (6) 

14 Prison camp needs small coin 
as deposit (10) 

17 They may provide sudden 
descents foe players (4-5) 

15 Gathered together the un- 
punctual in chilly surround- 
ings (8) 

20 One called Peter finds the 
poet laureate in the mountain 
«7 1 

21 An expert, provided he is in 
good health, has the advantage 
(fii 

22 The county provides em- 
ployees (6» 

24 A good shot causes The winner 
to lose his head (5) 

2ft Note the trouble caused . by 
skirling (4) 

Solution to Pu7zJe No. 3,793 


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6.55 Tomorrow’s World. 

720 Top of the Pops. 

8.00 The Good Life. 

830 Mastermind. 

8.00 News. 

9*5 The Record Machine. 

10.15 Most Wanted. 

11.05 Tonight. 

11.45 Weather Regional News. 

All Regions as BBC1 except at 

the following limes: 

Wales — 2.14-2.34 pm I Ysgolion. 
5.S5-6-2Q Wales Today. 6.55-7.20 
Heddiw. 11.45 News and Weather 
, For Wales, 

Scotland— 9.41-10.01 and 1130- 
11.50 am For Schools. 5.55-6.20 pm 
Reporting Scotland. 11.45 Net's 
and Weather Tor Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5. 55-630 
Scene Around Six. 11.05 The Fall 
and Rise of Reginald Perrin. 11.35 
Jack High. 12.05 am News and 
Weather for Northern Ireland. 

England — 5.55-6.20 pm Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
.Midlands Today (Birmingham i: 
Points West (Bristol): South 
Today (Southampton »: Spotlight 
South West (Plymouth). 

BBC 2 

730 am Open University. 

9.30 Conservative Party Con- 
ference. 

11.00 Play School. 

1L25 Conservative Party Con- 
ference. 

12.45 pm Goif: Colgate World 
Matchplay Championship. 

2-30 Conservative Party Con- 
ference. 

4.55-5.20 and 5.45-7.00 Open Uni- 
versity. 

7.00 News on 2 Headlines. 

7.05 When the Boat Comes In. 

7.55 News on 2. 

8.00 Conference Report. 

ffL30 Midweek Cinema: “The 
Way Ahead," starring David 
Niven. 

10.20 Badminton and Golf: 
Badminton; Provident 
Mutual Evening of Cham- 
pions; and Golf: Colgate 
Matchplay (highlights). 
11.35 Late News on 2. 

11.45 The British Connection? 

LONDON 

9.30 am Schools Programmes. 

12.00 Topper's Tales. 12.10 pm 


RADIO 1 «7m 

(S) Stereophonic bnriciH 
t Medium Wave 

S BO am As radio 2 7 JtB Paul Burr.->rt 

9.00 Simon Palef UJ1 P*-.vr PonWi. 
IN vm Ton; BlarVbum <-51 Kid J*avn. 
7J0 «~ruuiirr Club iS> • Joins Radio 2". 
10.02 John Peel iS-. 12.W-2.Q2 am .vs 
Radio 7. 

RADIO 2 15Mt " and VHF 

5.00 am .Wit* Sammarr. 5.02 Tuny 
Rrendnn * S ■ iru-linling 4 J5 tor 

Tbauchi. 7.32 T.’rrv Wnun irkindiM.: 
1.27 FaOnft Rulknn and 1.05 Pausn fnr 
Thuushl. 10.02 noir The Wur'd i'oIcj:.- 
.Wairtipiav. 10.B5 Jimmy Ymina <S. in- 
■TludlnK 11.82 and 12.02 pm Golf 'nif»h-r 
report > 12.13 Wa^Konert 1 W Jlfc 12.10 

Prle Murray's Open House <S' including 
1.82 and 1.45 Sporrt Desk. 2.38 Da. id 
Hamilton <S> including 2-45 and 3M Spurs 
Prst. 4 JO Wasconerv Walk. 4.45 Soor-i 
Desk. 4jc John Dunn <Si including 5.45 
Sport* Desk. 5-45 Sport? Desk. 7.02 
Country Club lS>. 0.82 rfllkiveave iS-. 
?55 Sports Desk. 10-82 The tmpm*:. 
skmlsts. 10 JO Star Sound Extra. 1102 
Peter Clayton introduce* Round MidiiLzhl. 
Includlns 12.04 Nev-e. 2.00-2.42 am New* 
Summary 

R ADIO 3 464m. Stereo A VHF 

ItS5 Weather. 7.00 Ne-jrs. 7.05 Over- 
ture 'S • S.M News *-OS Vornins Concert 
■ Si 4.00 New. 4.05 This Wo;l:'s Com- 
posers- Thr Bach Family *S ■ 10.05 S<-1ii|- 
hon »dA SrJlim ruijoerl. pan i ig.. 10JS 
Interval Readme. 11-00 Concert, pan 2 
UJ0 BBC Northern ':W phony PreheVra 
(Si. LOO pm News. l.B Maocheator 


Rainbow. 12 JO Money wise. 1.00 
News plus FT index. 1JS0 Thames 
News. 1.30 Crown Court. 2.00 
Afternoon. 2.25 Racine from York. 

3.15 Conservative Party Confer- 

ence. +4.20 Children's Film 
Matinee: “Tarzan and the 

Trappers.” 

5.45 News. 

6.IW Thames at 6. 

6.35 Crossroads. 

7.00 The Six Million Dollar 
Man. 

8.00 George and Mildred. 

8.30 TV Eye. 

9.00 The Sweeney. 

J 0.00 News. 

10-30 Jnside Business. 

U.OO Rafferty. 

12.00 What the Papers Say 

12.15 am Close: A landscape of 
Germany accompanied by 
the music of Wagner. 

All 1BA Regions as London 
except at the following times: 

ANGLIA 

1.25 pm Anglia .V'wi ZOO Worm n 
Only 4JO Lass*. 4.45 Th» Klirusion,-,. 

5.15 Emmerdal-* f irrr 4.00 \bnui AnsEa 
Arena 10 JO Dan? ll.oo TV Mtoa- 

" Tfc* S-.ranacr Wiihsn." 12.25 am The 
L-.v.JW Word. 

ATV 

1.25 pm vrv N. ^3vC-. a 20 The ATV 
Thur«da; Pi.turr sw... - Roll. Frydd..- 
Foil." fc.00 ATV Tud,- 7 00 EBunart .'l" 
rarrn 7 JO Ennund 7b-»ir liialant). 1DJ0 
>ijfd«jr.s Tod.-v . li . go iio'.ie Pr-nu-rv. 
" Isn't It Shot tins' ” 

BORDER 

*1-20 pm Porter '.V is. 4.20 Thursday 
Film: - Roll Ertdd n Hull. ' 6.96 l.ook- 

around Tnursda*. i.oo F.rmnprdal* Farm. 

7.30 Father Dear - alfcer IDJ0 LtK.V 
Who * TalVinx: Derr -vtih Neville 
Kina UJ» '“hftpp-r squad. 11.55 Border 
Nous Summary. 

CHANNEL 

1.U pm 'Itaann?! Lu^brimr- News an-l 
WUpi'v on Where 4.20 Th* utl> Hnuv 
or lhe Praine. 5.15 •Taaittn. M0 Om-iinl 
New?. 6.10 Lass,.-. 7.C0 The Bioni.- 
Wontan. lsjo Channel Line News. 10J2 
Saftloia- 11.60 Vp;tv Fr-mierc "Phan- 
tom of •doil:-.o«3i ’■ 12.20 ara News and 
Ifmihtr ir. Fren-.h 

GRAMPIAN 

VJS am F;rsr Tnii.j 1J0 pm Grumman 
H-adJl.'-v. 4.20 The IMk 
on tee Pra:ne. 505 'lanthiL 6.00 Gram- 
pian Today. 7.00 The Blotuc Woman 

10.30 PoL-.-e rrurttn 10.35 Reflection*. 
10.40 Sp«ftv.ili 12.20 '.IrjropUW Late 
-■'£h: HeadLnr*. u_2S The Prani.v. 

GRANADA 

U0 Pin Thic Ir Your RJjtht- 4.20 

Sp'derman. 4.oo v.'esrwar. 5J9 What's 
N'.-w. 5.15 Cmcsroada kJOO Granada 

Reamt*. 6J0 Eirtr.erda!* Farm. 10J6 


V.tiai's n.|. U.OO What the Papers Say. 

11 . 20 Burnaby Jones 

HTV 

IJD pm Report West Headlines US 
R- pur Wales Headlines. 24» Women 
Onl>. 4.20 Take a Bov. *A5 The Flim- 
«:nney 5A5 .lob Line Ncvsdesfc. 5.20 
'Totsroads. 6.00 Report Wosl 6J5 
R-pnn Wales 6.10 Happy Days. 7.00 
Charlie Ansels. J0J5 A Sense of Theatre. 
13J5 Danger in Paradise. 

HTV Cymru 'Wales — An HTV General 
Services ,-j.rpi- 1.20-1.25 pm Penavdau 
Xeti-rddion Y Dydd. 4.20-4.45 Soren Wib. 
5.15-5 20 i.anoontime. 6.00-605 Y Dydd. 
6.30-7.00 Snorts Arena. 11JS-12JS am 
Tlie b pence r Side. 

HTV West- As HTV General S-mre 
ex<-* pi- 1.20-1.10 pm R-pon W-tf Head- 
lines. 6.15-6 JO Sport Wot. 

SCOTTISH 

1.25 pm News and Road Report 2.00 
Women ■•nly 4.20 Tarzan. 5 AS Baiflnk. 
5 JO CrnssruruJs. 6.00 Scorlattd Today. 
6 JO Garnock Way. 7.00 l.aveme and 
Shirk y. 7.30 The R as Trade. 1OJ0 The 
l.a-..- I'ensre 11JO Lale CalL 11.35 
Canadian tclebnty Concert— Anne Murray. 

SOUTHERN 

1.20 pm Sdinheni News. 2JI0 Women 
Dnlv. ajo laiMie 4.45 The BeacJico/obers. 
5J5 The Undi-na-a Adventures of Captain 
.Vim 5.20 Crossroads. 6410 Day hy Day. 

6.30 i. nr.ersir:. •.‘bjljenke. 7.00 Emim-r- 
daie Farm. 7 38 Enuland. Their England 

10.30 Siiu'lu-rn Now* Extra. 10.35 Peor<le 
Rui-! 11.05 DanB.-r in Paradis-.' 12.65 am 
WO at tie.* Pap.-rs Say. 

TYNE TEES 

4J5 am The ilood Word foDnved bv 
Norm lij'l N\*vs Headlines. 1.20 pm 
North fciii N-.-i,s and Look around. 2 JO 
Wuni-n «»n!jr. M.20 Thursday Mjtu:e». 

■■ Tb; Tr.ll T " stamna Randolpli $rtn 
and .’.'.nir.'-n O'Sullivan. 64)0 Northern 
Lif -. 7.00 Fmaterdale Farm. 7J0 Livern- 
and Shirley 10J0 About Pnialn. 11.00 
PrnJ.'eiebrity Snooker. 11.45 F.pilosue. 

LISTER 

U0 pm tnachHme. 3 JO Tb* Sullrvarts. 
1.18 C Lt'er n*m Headlines. 4 JO Take A 
AM Lassie. 515 iCartnpn. 5.20 
Crossroads 6.00 Reports. 6-25 Pnlnr Six. 
6J5 liaopy Days. 74K) Emmrrdak Farm. 

7.30 Ersland. Their England. 10 JO 
Couriitrsouit. 11.00 The Fraitice. U2S 
Bed>:me. 

westward 

1127 pm Cos Hon*? burrs Birthdays 

1.20 Wes:-. art Nc*s Headlines. 4 JO The 
! ijlle House nn ihc Praine 5.15 Gambit 
6.00 Weyuart Diary. 7.00 The Bionic 
Woman. 20 J3 Wettwart Late Neire. 
10 JO Talk of the Town. 11.00 Mow 
Premier"- •' Ptian’om of Hollrvood " 
siarrinc F.roder:cl> Crawford. 12.20 am 
I-'ailh for Life. 

YORKSHIRE 

ua pm Calendar n v ». 4J# Jabber- 
law. 4.45 LUUe House on the Prairie. 
k.OO rc:-jndar 'Emley Moor and Belmont 
editions'. 7.00 Emmerdale Farm. 7J0 
Father Dear Fath'r. 10.30 The Love 
Boa'. UJO to Couceri. F airport Con- 
••entioit. 


OC — These theatres aeoeot certain credR 
cards by tetePhona or at the Boc Oftce. 

OPERA & BALLET 

COL IS CUM. Credit card* 01 1-240 8258. 
Rt5tr»atloi'S 01-836 3161. 
ENGLISH NATIONAL OPERA 
Fon't 7.40 (Final pert.) Tha Royal Hart 
ol the Sun. - A brilliant 6 Intriguing 
spectacle." P. Tms. (Bargain prices.} 
Tomor. 7.30 lolnnlhe. Sat. & Tu*. 7 JO 
THE Seraglio. Wed. 7 00 Don CWn. 
104 baironv seats avail, tor all pert*, 
on day ot pert. 

COVENT GARDEN. CC. . lift 1066. 
■ Gardencharge Credit Cards 836 6903.) 
THE ROYAL OPERA 
DER RING 
OES NIBELUNGEN 

Covert Garden Proms m assn, with Mid- 
land Bank. Tortoht 5.30 Siegfried. Sat. 
S.30 Gotterdammermg. 700 Stalls prom. 
Places at £2.00 avail. 1 hour before 
curtaln.un. (250 of these avail, to 
students until 20 mins, before curtain-up). 


SADLER'S WELLS THEATRE. Rontbery 
A«e.. EC1. 837 1672. Last Week. 
SADLER'S WELLS 
ROYAL BALLET 

Ton't 7. SO Los Patmaora. Intimate 
Letters, Crosse Fotte. Tumor. 7.30. Sal. 
2 JO & .7.30 8 r dull lards New MacMillan 
Ballet called 6.6.76. Pa vane. The Make's 
Progress. 


THEATRES 

A DELPHI THEATRE. CC 01-838 761 1 . 
Evgs. 7.30 Mats. Thun. 3.00. Sat. 4.00. 

YOUR LAST OlANCE TO SEE .' 
THIS GREAT MUSICAL 
IRENE 

MUST END SATURDAY 
CC BOOKINGS 836 7611. 


ALAERY. S36 3E76. CC biegs 836 1071 -3 J 
from B .30 a.m.. Party rates Mon.. Taes-, 
Wed. and Prt. 7.45 Pin. Thbr*. and. Sat. 

4.30 and B.OO. , . 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

OLIVER _ 

" MIRACULOUS MUSICAL." PM- Times. 
With ROY HUDD and GILLIltAN BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1*979. 

ALDWYCH. *36 6404. Jnto- *36 3332. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonight. Tomor.. SaL 7.30. 
Middleton & Rowley'S THE CHANGE- 
LING. With: AS YOU LIKE IT meat perl. 

1 8 Oct.) David Mercer's COUSIN 
VLADIMIR (neat pert. 20 Oct.). RSC 
also at THE WAREHOUSE (see under W). 

AMBASSADORS. . CC. 01-836 1171. 
Red. price-. Brava. OcT. '16 A 17.. 1.04 
Opening D-.t. 18 at 7.00. 

JAMES GERALD 

' BOLAM ' • FLOOD 

WHO KILLED "AGATHA" CHRISTIE , . 7 


APOLLO. lrt-437 2663. Evgs. 8.00. ! 
Mats- Thursday 3. Saturday S and 8. 
.-.DONALD SINDEN 
CActnr ol The Year. E Standard} 

“ IS SUPERB." News of World. 

SHUT YOUR EVES A NO 
THINK OF 'ENGLAND 
"WICKEDLY FUNNY" Time*. 

From Oct., 18 the oew cast wlH include 
PAUL DAMEMAK. LANA MORRIS. 
OEENI5 RAM FOE N' CARMEL McSHARRY I 


ARTS THEATRE. 01-836 *132. 

TOM STDPPARO'S 
DIRTY LINEN 

“ HKarloee , see it." Sunday Tlmo. 
Monday to Thursday 8 50. Ftidav and 
Saturday at 7.00 and 9.1S. 


THEATRES 

HAYMARKET. 01-930 90S*- EW. 8.M. 
Mats. Wed. 2 JO. Sztu. 4.30 and 8.00. 
GERALDINE McEWAN 
CLIVE FRANCIS 
NIGEL STOCK 

BOWLES HARDWICK 

and FENEVLA FIELDING M 
LOOK AFTER LULU 
hr NOEL COWARD 
arttti GARY RAYMOND 


HER MAJESTY'S. CC. DT-B30 MM. 
Evas. 8.0. Mats. Tburs. and Sat. 5.00. 
“ INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER 
A Comedy by Ttiorrnon WJWor. It goea 
down with a deserved roar at deilghL 
D. Tel. For a limited season until OcL 14. 
“ Hello Dolly, so idee to have you bade." 
DaHv Matt. “ A Masterpiece." Times. 
" The men who wanted a glass ol bubbiv 
end toppin' show must nave bad lust 
this m tsfnd." D. Tel. 


KING'S ROAD THEATRE. 01-352 74S6. 
Mon. to Tburs. 9.00. Frt. Sat. 7.50, 9.50. 
THE ROCKY HORROR SHOW 1 
DON'T DREAM IT. SEE IT. 


LYRIC THEATRE. 01-437 5686. Eva. * 00. 
Mat. Tburs. 3.00, Sat. 5.00 and E.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
by Eduardo FI M>ppo 
•D irected bv FRANCO ZEPFEKELL1 
“TOTAL TRIUMPH." E. News. “AN 
EVENT TO TREASURE." O. Mir. '* MAY 
IT FILL THE LYRIC FOR A HUNDRED; 
YEARS.” Sunday Timas. 


MAYFAIR. 629 5036. Eva. 8.00. SaL SJO 
and 8.30. Wed. Mats. T.oa. 
WELSH NATIONAL THEATRE CO. 
OYLAN THOMAS'S 
UNDER MILK WOOD 
"A defig tit." Gdn. Join us Nov. 9 for 
the *8 Anniversary Party. ShortBuEetl 

, . .. Wne CIO. - ■ . . 

MERMAID THEATRE IS CLOSED FOR 
RECONSTRUCTION. RE-OPENING I960. 


NATIONAL THEATRE.- 12 8 2252. 

OLIVIER (open stage): Today 2-4S (low 
price mat.). Tonight 7.30 THE DOUBLE 
DEALER by Congreve. Tomorrow 7.30 
7hatV«nM- 

LY 1 1 ELTON (proscenium stage): Tonight 
A Tomor. 7A5 THE- PHILANDERER by 
Shaw. - 

COTTESfcOE (small aodltorinm): Eves. 8.00 
until Oct. 21 AMERICAN BUFFALO by 
Davis Mamet. 

Many excellent cheap seals all 3 theatres 
day of pert. Car parfc. Restaurant 928 
2033. Credit card booWngs 928 3052. 


THEATRES 

EAVOY THEATRE.' 01-H« MSB. 

credit cards 734 *772. Tom Cedi fat 

WHOSE LIFE IS IT ANYWAY 

“A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT.” Guardian. 

Eves, at 8.00. Fri. ana SaL 5u4S and a -41 


SHAFTCSBURY. CC. 01-804 UN-7. 
01-036 4255. Bro- at 8.15. Matinees 
Thursday 3.00. Set. 54). 6.30. 
TER6NCE STAMP In 
EDWWVRO GOREY'S 
DRACULA 

with DEREK GODFREY 


STRAND. 01-036 2«60. IV enHtap BAG. 
Mat. Thurs. 3.00. Sets. 5.30 and I. SO. 
NO SEX PLEASE— 

WETtE BRITISH 

LONDON'S LONGEST LAUGH—* 
OVER 3.000 PERFORMANCE 


st. aouerm's. cc. oi-om im«l 

Evas. 84)0. Matinees Toes. 2 -43. Seta. 

S.OO and too. 

AGATHA C HRIS T! BU 
THE MOUSETRAP 
WORLD'S LONGEST-EVCR MIN 
26 th YEAR 


TALK OP TM TOWN. CC. 01-734 SOi 
Atr-coodltidned. From 8.00. .DMng 
Dancing. 9.30. SUPERS R*VU€ 

RAZZLE. DAZZLE; 

AT IT -00 PETER GOROBNO - 


TH. UPSTAIRS. 730 Z554. Ends l 
Era. 7.30 Lumlere and Son In NICHTFf 
toy David Gala, 


VAUDEVILLE. 830 99*8. Ives. 8.00, 
AN EVENING WITH DAVE ALLEN 
” LAUGHTER ON A CONSTAWBOJL, 1 

The Times. 

LIMITED SEASON ontH Dee. X- 


VICTORIA PALACE.' 
828 4735-6. 


■14 1317, 


STRATFORD JOH) 

sHE,i ^i«a^ cot 


lv«s. 7 JO. Mats. WetL .and SM, LAB. 
“ BLOCK BUSTING— 

SMASH HIT MUSICAL." Dally MaR. 


WAREHOUSE. Danmar Theatre. Covent 
Garden. 836 6808. Royal Sfiakaspa^e 
Comgany. Tont 8.00 . Stephen PofleKotTs 
SHOUT ACROSS THE. RIVER. ” Outstand- 
ing production, caccepdonal." F. Times. 
All seats £1.80. Atfv. bkgs. Aldwych. 
Students standby £1. 


OLD VIC. B28 7*16, 

PROSPECT AT THE OLD VIC . 
Derek -Jacobi In IVANOV ' Chekhov's 
comedy with Clive -ArrlntMl- *m«Ja 
Bruce,- .Michael Demson; -Louise Pumcfl; 
John sawdent. j»ue- WypMrk- "Jacobi's 
triumph.'-' D. Telegraph. Today, pet. 7 JO; 
TWELFTH NbGHT- - 

Eileen AtMes ' u superb Vtote/?. Tbs 
Times. Robert Eddtson -brilliant Paste" 
Guards si Sat.Z.M 7J8. : 

THE 1AOTS ~HOT fM BURNING , 
Derek JecoM “easy and -virtfe su tu orl t y" 
E. Standard'. Eileen -Atldns " riveting 
Physical flwtHtr" Rnandal Times. "A gent 
of a performance Jrtifr Robert tdetteon 
. - Mlcbeel Denison. John Savtdent 
sod Brenda Bruce bcoop up the ItughsT 
Guardian. Returns October 20. . 


OPEN SPACE. __W7 DM. Knsm Last 
Tape and Endgame fay BECKETT, Wav. 
Tub. 8,. Opens Wed. 7. Saba. Toes to Sun. 
APtlL. - 


WESTMINSTER THEATRE. 834 0283. 
RICE. AND WEBBER'S "Joseph and the 
Amartuy Technicotour Oreamcnat." WIHt 
-PAUL JONES. Twice DallVv Opens Nov. 
27. •nckets.- .fiz, £3, £4. Book NOW. 


Whitehall. ■ cc.. oi-bjo 6692-77 bs. 

Eras. . 8.30. .Fit. and . Sat.. 6A5 and S-Dtj, 
■ Yaol Raymond presents the Sensatlonm 
• -Beat “Revoe of the Century 
[,. 'DEEP THROAT 

8 th' GREAT MONTH 


WINDMILL THKATHIL CC. OT-A37 8313. 
Twice NfghtW 5.0C and IO.OOj - 
Sunday 6-QQ and 8.00- . 

...PAUL RAYMOND nrusertp 
- . • . RIP OFF 

TH* EROTIC EXPERIENCE DP. TNI. 

• MODERN ERA 

“Tdau to unprecedented limits wbst 4o 


ASTORIA THEATRE. CC. Charing Cress -c— — — 

Road. 734 *291.-Mon;.Thura. B.OO p.m. ... ■ 

Fn. and Sat. e.OD «ut 8.45. PALA OL ■ CC. ’ ^ 04-4^^6834: 

' BEST MUSICAL OF THE. YEAR MdB.-Thur- BvOO. Frt. and SaL 6.00 and 

ELVIS ■» „ 8 AO 

EV-rNS 

CAMBRIDGE. CC. 936 6056. Mon. to * ^ ! 1 

Thurs ajjo. -and 8.30. nuLAWOM. ' 01-437 7373.' 

EXCITING BLOCK AFRICAN. MUSICAL . - ° P ”' "d(SjNY 2 'lA , 0 R IJ E 5 ® a *°" i 

” Pulsaung Musical." t News. . _ 1 , r °yT. M j;.| h” T-VrfnF^' id ' 

Scat Prices £ 2 DO-£. 5.?0 *• **vrry Wl^w Twankey kt . 

Dinner and 1 to- price sear £9.30 tool. «™-r-y uTn . . ft. I... 

FOURTH r.UFAT VFAR ALFRED MARKS U UmOT.. , 

ruURTn OBtAT.ywa. DdTl WATLING. Brian MARSHALL 

and WAYNE SLEEP. 

Prevtgm '.' Dece mber -19 et -7alto. 


WYNDHAMTL 


01-836' 3028. 


COMEDY. CC. 01-930 257 S. Red. Price 
Prevt. October 23 6 24.- 8.00. Opening 
Wed. October 2S at 7 JO. 

BILLIE WHITELAW 
T. P. McKENNA to 
MOLLY 

bv SIMON GRAY 


CRITERION. 930 3718. 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. 



PICCADILLY. Fnn 8 JO am. 407 450*. 
CredR Cbtt» 636 1071. Mon .-Thors, 8.0. 


DRURY LANE. 01-838 8108. Men. to 
Sat 8 00. Matinee Wed. A Sat. 3 OO. 
A CHORUS LINE 

" A rare, devastating, loyoai, astonishing 
Stunner. - Sup. Times 3rd GREAT YEAR. 


DUCHESS. _ 836 8243. Mon. to Thor*. 
Evenings 8 OO Fri.. Sat. 6.15 end 9.00. 
OH! CALCUTTA! 

“ The nudity ,s stunning." Dally Matl. 
Sth Sensational Year. 


DUKE OF YORK'S. CC 01-836 5172. 
Red. Price previews from Oct- 19 Mon. 
to Fri. 8 p.m. Sat. S.30 and 8.30. 
Opens Noe. let at 8 P.m. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A Comedy by MICHAEL PRAYN. 


CredR Cart* 636 1071. Mon .-Thors, 8.0. 
Friday A Saturday 540. 8 . 15 . Alr-cond. 
*' Dominating «rl tfa unfe tter e d paste and 
humour, the BROADWAY STAR." D. Exp. 
SYLVIA MILES 

" T ow erin g performance." Pally. Mall. 
VIEUX CARRE 
by TENNESSEE WILLIAMS 
'• Worts hue magic.'' Financial Time*. 
" There has handlr been a more satisfying 
even wo la toe West End . . the BEST 
COMIC WRITING IN LONDON." OB 5 . 
“ Sta running like an electric current," 
F.T. SEASON ENOS NOV. 14. 


; Bkgs. 836 1071 from 8.30 am Mon- 
Thura. 8.00. FrL and SaL 5.1 5 and BJG, 

- " ENORMOUSLY RICH 

VERY FUNNY, '( Evening News. 

. Mary O' MaJ ley's smash-tot Comody 
ONCE A CATHOLIC 

"Supreme comedy on sex and eeUgion.'* 
' . . Daily TcJunph. ■ 

. " MAKES YOU SHAKE WITH . 
LAUGHTER.** Guardian. 


YOUNG V1G. 926 6365. Tout T Mm 
,fat- 7flO, Mon. 2 and 7JO. Toes. 7, 
RICHARD j[|l. Wed . 2 i 7 JO HAMLET 
man."* s ’ Mk ** 0 ** r * Mingy actio#* 


TOUND VIC BTODIG. 928 8362. From 
O^IBYojmg VteCo. to Tmwnce Ore^ 


■ - .CINEMAS 

ABC 1 8 2. SHAFTESBURY AVf . MM 
*■•1. Sem Pert* ALL SEAT* 8KSLC. 
16 2: DRIVER 6A). WV. 6 Sun? 2^wT 
5.16. 8.1S. Late show Frt. A 14.1S. 


CAMDEN PLAZA. COo*. Cwmden Town 
Tube). 485- 2*43. The Bob Dylan pSn 
"Renal da 6 On fAA) vrttfa Bob Dviaw 
r,w * 


PR] NCR EDWARD. CC. 01-437 8677. 
Evenmas a^o. Matlnmw_ Thursdays and! 
Saturdays at 3-Qo. 

EYTTA 

fey Tun Rice ana Andrew Lloyd-Webber. 
Directed toy Harold Prince. 


Midday Conc- rv. 2.00 ccmiemaorary 4.0 
Music. Sirt I: hr Bint- istle (S'. 225 .*-> 
•a writ . . . I'a!]'. 2.30 CrtitdfnPff 3 ^ v « 
Music, part 2' hv 'S,. tj 


4.01 News. 4J0 Top at tie Farm. 7.06 
.'.'fwi. 7J5 Thr Archery 720 Time for 
Verse 7.M " Pearl play by John Arden 
■ s-. e.25 Kalcido^L-gpr. 9JO Wvatbvt. 

10 so The v.Virld Touik.h 1 . HUB Any 
Aiirr-rt: 11.00 A P.nufc ai G.’dtimc. 

U.1S The Financial 1,'iirlJ Tonight. 11.30 


:.*ib-'!>:nLar> ' • S;-_iri ^ ■ ‘\tuslL drama 

1 : -hr’- .'...iv t>- 'A.^nrr 'S' 7.W 

K-rran-' n - n . :.,t > . rr al Tra>»- 

•»:> l»v A 'at J-.'w: 7J3 " Sj*t- 

UKd •• Alt 2 y. 3J5 A Momh v.tt‘: 
.'nn-r.-.., Tcrt-i o.30 - Su-vtrt -d ' 

Ac: •;■. llxo •- r-..,-ic ih“ 

11.S5 1 ; »11.S5 TonijiVs Sthuh-.-n 

S'jflg « S • 

RADfO 4 

434 m. 330 m. 233 m and \ 1 IF 
4.C0 am •:*>.* 3r:;Cfu. bjg FarmioK 
Ttrta;-. bJO Tfld,:-; '.jaaazino. ir efud me 
b.la Prayer for ih- Da;-. 7.08 and 8.00 
7-X and |.^> -,Yv^ Hca-I- 
Ii-.CS 7J5 Tfiouch: Icr ity Das- >-*S 
AwressiLtstiipj 3 .00 NeuS. 1.05 
TTJtM ';ou Ra-.r tgjjo 

r. 10.30 Dally Scru'T. 
M.45 Mortens Mor U.SQ Nows. HAS 

!V"iL orr1 mfl U-50 1'ifsi jmprcs^iun. 
J2M .X-"S 12 02 am Von and Yoarr. 

JrJJ ■'/'7K I 1 a Clue <S-. 

nrfUTiiTT.r.:*- nc«^- 1 -Ofl 
Th- tanrll a: Ci- l.jo 71.0 AP-farm 

: *W.'-'.'ilrtlllK 

I , l /" rn *■'*• M ether. 3.00 

Xi'we. 3.05 J.f'r.T^.1 771-j-p. ,*>. ».00 

*■» ’ r.. T . 5 a New* maca- 

ddb. IjI ''•ether, rroeramoie nesi. 


BBC Radio London 

Ift4m and DS.R VHF 

5.00 am As KaliA '_ 4J0 Ra-J: Hoar, 
e.oo l.n-idnn Live 12.03 pm Cal] In 2413 
-«*• Shnwvjvo. a.D3 Norrir Run. bJO Loot' 
Map. 1 lyf r. TJO F.la. V Londuh.-rs. 8.30 
5r.nl 10.03 i.a*'. Xliht London. 1200- 
Clese: A« Fartio 2. 

London Broadcasting 

306m and 94.9 VHF 

5.00 am Morr.lns Music. 680 AM: non- 
slop tieu-v information, travel, sport 
10.00 Brian Hay os Show LOO pm LBC 
Reports 3.00 R-Orgv Gale's 5 O'clock 
C-U. 4X0 L£C R'ltr.ri'. (continues >. 8.0B 
After Euql WO :,‘istilUne. I.oo am 
.\uht Extra. 

Capital Radio 

26 lm aod S7J5 VHF 

4.00 am Graham Dene's Breakfast Show 

•S'. 9-00 Michael A.-.peI (Si. L24D Dave 
I'.t.'.h 3.00 pm Rpilrr Scott 1S1. 7.00 

Lord M^orac-Kiwn e Casual Comm?n;arv 
■ S> 748 Ixnilno Today 'S', f JO Adrun 
Lnv* « ‘ijrn line >.S. 9 . 00 SMs Home’s 

>'i<ur Mother Wouldn't Like 1» i5>. 11.06 
T-vn* M-.it:« Lale «how •'**. 2.00 am 

Duncan Johnson a Nishi FUshi tE). 


DUKE OF YORK'S. CC. 01-838 8122. 
Thors.- Sat. Sen. Rerts. Final Week. 
BEST OF THE FRING* 
"Naughtiest Girl in tha School" 
9.30. 

" Channel 4" 

7 JD, 

£2 oer straw. £3.50 both straws. 


FORTUNE. 838 7239. Eves 8 . Thura 3. 
.Saturday 5 and 8 . 

Muriel Pariow as MIES MARPLC to 
MURDER AT THE VICARAGE I 

FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-838 4601. 
Eras- 8.00 Wed 3 00 Sat. SJIO. (An, 
TIMOTHY WEST. GEMMA JONES 
Michael kitchen 
I n HAROLD PINTER'S 
THE HOMECOMING 

" NOT TO BE' MISSED." The Thnee. 
LAST 2 WEEKS. SEASON MUST END 
OCTOBER 21st. 

GARRICK. CC. 01-830 4601. Preview* 
Oct. 24 * as B.OO. open Oct. 26 at 7,00. 
DENIS QUILLEY in IRA LEVIN'S 
DEATH TRAP 
A New Thriller Directed by 
MICHAEL BLAKE MO RE 



CLASSIC 1.2. 3. 4. Oxford Street am. 
ToteMum Court Rd. rebel. 636 oiToZ 
U and A Progs. Children hafr-erlce. 

V Pro ? a - SoTTifc- 

6JO. 8.40. Utr Straw 11 pm. SnecLH 
Madnre Ail Mats t/iJOO. TH* nLurr 
WITNESS CA). Progs. 11.00. 12.00/ iToti- 
2. Me* Brooks' HIGH ANXIETY (A £ 
Prpga .. 1 A 0 . 3 J 6 . 6 . 16 . BJJ. LM* 

W10W 1 1 Mtl, 

*- THE TURNING POINT (A*. Press. 
14)6. 3.30. 64W. 8.30. Late drew 11 ml 
A HEAVEN CAN WAIT MJl pSsl l5£ 
3JS5. 6.1S. 8JG. Cat* drew VTool 


CUFRZON, Carson Bre t . WJ1 . (w jljv. 
YVES MONT AMD Ud CA1HUIN6 
BW«Nt to LE SAUVAGC «A). 

■? Sun.rT.as. 

6.1 S. and 8.30. Laat 7 Devs. 


SQUARE THEATRE ( 13 a S2S21 
RAYMOND MVUnaR. CC. 01-7*4 1S93 ft™ ««»»»''* ? NjlrraW ■Blaa 

At 7 pan. 9 mi. 11 om. Open Sun*. T r v£, •??? P2" Wa J.-fl®- 

PAUL RAYMOND presents I 'L*®; I-f 5 - Seat*. hVbto. 

THE FESTIVAL OF EROTICA Mon. -Fri. and all Paris. 

Fully air-ronditioned. *■*- *"« Sun. 

21St SENSATIONAL YEAR ; 


REGENT < Oxford Circus). 01-637 0662-*. 
Eras. B.3 T o. K M, i ra 64KL 

"Mass «5sasar 

"A little iml." Financial Times. 
'■Smart, swell show." Dally Enprart. 
"So anJovaMe. .- Sunday Tima*. 
Lyrics h**e more durance 
than those tor EVifA. 

Moste more bite 

than that or ANNIE.” Sunday TNogrePh. 
Credit Cart Booking* — seats' Oram £2.1 


ea&a.” 0, 


OMON. LdWdW lour* MM ■ 61 1 IV 

™* CH*AP MT*(ffivE%)rsra. Voga! 

Dally. Doors open 2.00. 4A9 ,7jisT 


GLOBE THEATRE. 01-457 1902 

Eves. 8 IS Wed. 3. DO. Sat. 6.00. 840 
PAUL EDOtNGTON. JULTA McKENZIE 
BENJAMIN WHITROW 

ALAN AYCKSOURN-S New Comedy 
TEN TIMES TABLE 

This muir be the haoolest laughter 
matter In London.’' D. Tal. " An Irreslst- 
iblv emevable evening." Sunday Times. 

GREENWICH THEATRE. 01-858 7755. 

Frav. On. 18 8.00. Opens Oct. 19. 7 . DO 
Sub. evgs 8.00. Mat. Sats 2 Jo. 

AN AUDIENCE CALLED EDOUARD 
tor Dartd FwnM 


ROYAL COURT- _ 730 1745. MMm, 

“ A a n A , B»,«KraiS6id& 1 * 

" This is out ef the tow ereae plate at 
■ -the century. 0. Mall. 

ROYALTY.- _ CC. 01 -403 8004. 

Mdndav-TWMbv eveni n gs 8.00. Friday 
5.3 d and BA5- SEtfertUy 5.D0 a dfl BJJO. 
London Critfcs- Vote 
■UBHJNG .BROWN SUGAR .. . 
Best Musical at 1977 
Tel. bookings accepted. _ Major . oreept 
cards. Restsmnt res. 01-405 ZA18.. 


J5 nnt thirb 

ISo.^- ^ ZZ2 %.V 

sun. S.gg, . TJO. Afl larts DootablZ' 41 ' 


PRINCE CMARLBS, bale. Be. <3T mat 

s & ■«££»£" uSTwX?**' 11,5 ^ 


Ltte Show Sat. 10^0. ' 







21 


net 


* . 

r. -a- _;,- 6 >* . . 

w:;...*. , -»£»• *»'i 

■ r:v «a \ 

,V 

w; a , : -“ft t.,/ ?; 


Vj.'Vi* , ' «-*!■• "*Si: 
-•,r ■-." ;••' 


"• a- . •-•'•.'■* 


! t 




>7? 





• • •• •.-•• w 

***- ,.i 

■; p-r 




-■ - >i " 

*■- v~ 


.> -■<•..» ’.I -• 

t *• ;.• 




.. 

- U-'S • 


_ i'- -■ 

•••• « -■*■ ■ • , -J 

* -■ : : -V* 




faucial. Times Thursday October 12 1978 

Record Review 


Royal Shakespeare Theatre 


jy’Ui \ xJup 


by MAX LOPPERT 


Antony and Cleopatra 


by B. A. YOUNG 


Chaikovsky 
Snrokina, 
Yevgeny 
Muzurek. 
Orchestra 
Mark F.ri 
SLS oua 
£8.75 


T _ rn^MnorLh^ediCm^fYD?Lrt Q o ,e }j , ’ L, . fiemr ' nf w ^fP written fur are always impeccably placed: '• solves, tor ■*«? have little help 

n-riimf* 4^ mara bhndnr-s his h«n h'drien from *!h dea and A’lkolay Ki?ner, yet there is do rhurninc from Peter Bror*. and ie*s from 

sH^*^ SFK «“ sis 1 r i tress f nm * i hind ^ «■*£ 

etc. t Wus und g n « birth t : ajfM*™* kni^t. 'modern Russia performances JLwn The cond^Xr “ “* *‘ u Rome and 

r Bolshov Theaire/ Yauderaont; caances upon her of Chaikovsky i. hlf iuvrbjv sl^Snwd vionSsi E ^ pt 10 40 Bc - An «* «- r trusted 

■' f reco-ds mi ^bo*- j 1 Provtm^J ^serul^faFu'in iuvn ,n Yev^ony .Nesterenkos Kins. ,n snar T0 » he he whis. in ihe F S'ass panels divides the hare 

. records in bo„j, - foveiiiu there are, however, a stern ni«uz- major- section of the first move- sta^e into i.>.o, downstage a vast 


Mahler Sixth Sj 
Philharmonic 
Herbert voa K 
106 <2 records 

Mahler Secom 


Sjmplionica SYMR 7-S 

records in.&leeve). 17.98 

Schubert Rosemundc. Inridi 


lythins about 
Glenda Jack* 
:s in from the 
•t Cleopatra, 
what used tu 


... win less jnan run sympainy. n i... » .£ orcoesira. me sjinpnr>ni<;i oi “ 3CU 

14 all comes 1o seem father sugarv. „: a . r d flJL ’ r!!?*!!,™ B i? 1 ,h ,i London — is. on this evidence.: K r ’ , jilS? *" Elan crop leaving 
„ . . . . .7 ' ll,ajl,r for some it wij] different from Karaian’v li her e “ rs bdre - and nn this Srwt 

But the music If bcauntul— prove a i-niiDlinc one— ic iho . * uuie 1 rp, ‘i ,n,in iN arajan s * annearaacu she 


outer I dftos almost cylindrical in 
= ! CUL Mr \ Broo,: L^es, to have her 


. . . n win verv different from Karaian’v ! “ Ci nn mis nn>t 

■huhert Rosetmindc Im-idenLil u Bw! - # d *f mu *, c L- bcauntul- i-ruve a vripplinn one-is the raSJirn 'or the i a PP eaMacw *"« wears a plain 

Music. Overiurc. Die 7aube- bc ? U,,, !i H ^ n,3tlp - rfiaped * l an,i ° r , Yo ' ande - Tamara Symphonic breadth ™r ihe outer “'mu-d •.■ylmdrical in 

liarfe. Tleana CoinibSs/LDiDZia 11 . waS - 3 curiously m- -Wokina: let her place the mnXemv^^ I cut - Mr ; Broc,J; to have her 

Radio Chorus. Dresden sVJSf- sensitive criticism of Rimsky- s hghiest do-ree of wci E h» on her { m lv elantcd and Sfo«S ' at lh ^ *<mu of the 

kanptln/wiiti Roct7.«^o.. Korsakov’s lhat found fault with U««. shallow soprano, and It . , . .,D a sp * , . y . glass wall, and she uses a rener- 

ksL M^£4«° SUVSky ‘ HMV ** P/elude. an arresting , oven- quails and .spreads pamfuMy Sf nia ^ o f , ^rmal. symmetnU, Ses- 

tion for woodwind which he cun- Her dramatic intentions are If 'aifr.?-- J‘ . 3 “r. j turns of both arms. The strong. 


Radio Chorus. Dresden Staat^- 
kapelle/Wiltj Boskovskv. H1IV 
ASD 3498, £4.40 


Schubert Octet. Acai 
Martin’s Chamber 
Philips 9500 400. £4 


The new EMI-.\ 


ch- a m^T.;r 0 ^,ta„s 

senou.sly flawed as , p,nur- ^ as lovely ^ tho^e in •" unaccompanied S^ h p 'g2^°T^ th SS“ | depri^d of «&• aSfnS^if 

TZ li i!“e hj?„' Jiraad" , ““ l “ Z ~ ^ =' 

1 ^ ,,0d en,,u SQ to ^haw how the delieai% the pathos, the <>n record, as in the concert ab L against hcavj competition. I wby tjjey shoiiid not anpear in 
“njusi n aq i, ecn works con- centlp nhofcovi.m tedium of siu-h hail, ihe Hood of symphonies by Some St-hubertian delights inl 3 uch eircumviani-er, ihan in the 


senou.sly flawed as 
mancc in one import 


Some Schubertian delights in \ 3 uch cireumsiam-»% than in Uie 
brief. A wonderful record of I Jacobean c-osiunu* ihat Shake- 



• uuujie ous ensemble, whose numbprs are and one can see whv. It Is one s ™usert re-used it for the occa-l.i,.* Miss Jacks rin-’c niTnniti, 
fi«r* i >lC r 'V* tcrfl cfter: af’er the- seam less! v joined into- a flowing of the moat accomplished feals ', ,on ~ and which adds as fill-up ! a cieoaaTra r , n j?|pff 
rZl !“ 1S8 ~ Ihe whole. Tor me. nun "pin. rh? of Mahler plpyies oi “ort- ! he . “■»' He ? Overture. popu-I^J “S’i'nf'S'J 

Tsar found it superior to its bal* chars crerisaf ion In the vocal line Meadv. semrp a.irf invin.Mki., ^rly misnamed the Rosmnundm.i u„., a . 5 


Leonard Burt 


the 

we the company. 


Glenda Jackson and Alan Howard. 

Alan Howard s or dubious emotional significance Terry Hands was Id Henry VJ. 

.attar r.r i.T.irn at hf» n r*nc in mivh n ki.ttln 1 


*. •• ;A 

t . .- , • • 


u -hT h . ere is a ? raniat i c problem, ins or" Mark Ermler. unpres’ sudden softness tn soft solo pas- Snip 3 ! nn II 3 ha P0^ | ventional acting' of 
which an only moderate per- Ruri^-d. sur e. and alert to the »»?«■ ■’-nd Midden loudness in J S’ V A ^ d E h 0 3p Ki Jj 1 ke fc k?. he 
Jyr^V ■* bounU to empuasise. lyrical, romantic character of the lo ‘ ld . are sometimes artificial. fSSnTnr^he^tlJi* S „ 

Mortal Chaikovsky s libretto un- music, arc thfrfcwr things, about Rut these are subordinate i p Festival Hal! 

rnnn.,P«Rh P H po ho Y the ser - 0a ,he oiaie side, the details. What disturbs me about jy^af ad venture and flnrf.n. 

-cl Bhndness its theme. li rast is Ktrong. thoiigh none of Karajan’s Mahler is Us ceniral the^ ^nroner^ ’Jlrk^nSLS^ 1 

*** in medieval Provence:./® the voices joins sweetness of blankness of spirit, a gloss” «- sfre>f«th «r I 

b n rot Rent is a principal timbre tn intensity of feeiinc in pertisc that seems to operate in curirfon m«»na ( «? a nr le L<* f ° r i lll j wl 

character, and tt is the niindness the manner of past Russian a vacuum, unrelated \^lbl J?. fn Jr"r SS 1 a i!J l L? tnrm ‘ c '°H d 

of his daughter, \oIande. which is singers (the roles of Yolande and ticular work in hand. The n?ies movement P y ® naI We have heard tb 


Jochum & Pollini by DOMINIC GILL' 


Sadler's Wells 


■ - major artist, tirst bv Giiels. and *u« was rowm at ms 

Intimate Letters by clement crisp S.S 5aHS@S^1 

alters of art. And vet Lran clearlw Vnoae** hu p actioD - J ? lovement seem abbreviated: so Page 16 ment, drawn out lilt 


- matters of art. And yet Lynn clearly engasTd by the central P t\ pLk P ™«vi™ e » S r E *l acUoD ’ 2 ,ovement see “ abbreviated: so 

- Seymour's Intimate Letters, seen figure? 8 y a ‘® - cenrral let T ® f cb e “® n a t n of Jj®, q « a,v deep appears Seymour’s commit- 

V* ; he « ret une with the Sadler’s In this lies both a merit of the 1/ £ h,.Si.*2,™ S“L. “ J» ?haraeiers « 


We have heard the Schumann other a tour de force of pungent gun the evening with Mozart s Beethoven’s Eighth a clear 

Piano concerto played twice this P 1 ’' 51 -™ 1 ** beautifully shaped, B flat symphony K319. light and clean, radiantly honest account 
month at the Festival Hall by superbly controlled. fresh, only in matters ot string a paragon of understatement, 

major artists. fir*t bv Gilels. and This was Pollini at his mnst ex- intonation sometimes a little hut of real (albeit urbane, 
then, last Tuesday' by Pollmi p f as . ,ve and tt '*nn-hearted: the ragged; ami ended it with restrained; dramatic force. 

r ^1“ F ES Arts Council wants the credit 

’ and quick laughter. There were _ 

„ . n . many magical moments: the Commercial sponsors give ments. brochures. The help 

BOOK KeVieWS appear on andnntino espressivu which leads 8r0und a . vpar to the arts should be at least as prominent 

• . to the reprise of the first move- and Set a good publicity return as any cash received from com- 

Fage 16 ment. drawn om like silk. '° r th ® ir investment: the Arts roercial sponsors and should 

■ — delivered with bell-like clarity; council contributes £4&m and appear, for example, on the front 

thp mhirape-tiAnc n f t% n in... Cnmotimoc epame tn ranoiuA m nrrt pnt,., n . it.. . ;»| n _ r 


uciriinc waiuj', — - ..-UJ Uim appsai . tui uii me Ijunt 

the conversations of the inter- sometimes seems to receive more cover, or the title page, of a pro* 

mem nhp»a>l tkn.. «..■ hpii-lrhatc than nt-oicn Vnui nninm. ‘ 


lhai money should not buy too 


D-irraure, n is. entirely lemiaine. action is piaecd in a Prague material. Seymour has been kl™.- k » . s " un ’ 

Sometlung of this it owes, to its artist's studio in 1905— a clever, reduced to a kind of choreo- ha,D °l ,over aDd 

Deioved — we see how expressive 

■ '•• her dances can be. 







: -f. 





l.i'nnitl ‘ Burl 


jeanetta Laurence, Mark Loogthom, Desmond Kelly, Galina Samtove and Jonathan Smith 


What sustains the piece at 
every moment, though, are the 
excellent performances bv the 
entire cast. Samsova rings all 
the changes on suffering with 
consummate skill; Desmond 
Kelly fwho loves her) and David 
Asbmole (whom she loves). 
Alain Dubreuil (as her husband) 
and Stephen Wicks fin an oddly 
watchful role as the host to 
whom she eventually turns). 
Jeanetta Laurence, Vicki Powell 
and Siobban Stanley, are all 
fine. 

1 do not know what caprice 
impelled Miss Seymour to cast 
David Binttey as a maid, but bis 
face ■ and personality are too 
strong, unless we are supposed to 
think that this Bohemian (in 
every sensei household also 
Includes transvestite domestic 
help. One other flaw: the tape col- 
lage which is used to Intersperse, 
and quite correctly isolate, the 
quartet movements has moments 
far ton raucous: it needs to be 
somewhat tamed. But Intimate 
Letters is well worth seeing: 
flawed though I find it, ] also 
think it a lerious work from a 
gifted creator. 


* VJ*MWV V | WVWtfl* «^w». 




: . -r' 1 


Hot foot in Cheltenham 


\ ■ ki* A ' : ;1 


by ALANTORREST 


“Are you somebody famous? ““ Instant book” whi« ; h was drama just because It fills a Hazlitt fell bv the wavuid* it 
the boy in the crumpled blazer printed and ready for sale at £1 theatre. was all very enjovable ' 

asked Eva Figes as ihe coach on the final night of the festival. Brian Aldiss and Eva Frges r.hellenham made Mr Font 
dodged lunchtime traffic on the It was Anthony Smith s first contributed a pleasant evening very welcome Thev naid him 

n....l fr.im rhpllonhsm Ift (lifBTl. fp!Hval . 1 e fllrpHnr — nllrf ahnnt kni iha nl.tu. . K.. rr*e r... 1-1 ' - P“_U Ulul 


road from Cheltenham to Liren- festival as director — and about fiction, but the plum of the £75 for his appearance But thn 
cesier. His teacher quickly told coincided with the paperhark week was Michael Foot and next morning at a loivn cenir^ 
him that Ms. Figes was a novelist publication of his racing thriller, James Cameron talking about bookshop, he spent £100 nn first 
and, indeed, famous. '’Well. lYe The Jerieho Gnn, set at the time Hazlitt. Or. at least, they were editions of Bvron and went hark 
never heard of you,” the boy of the Oold Cup meeting. Mr. supposed to be talking about to Ebbw Vale rejoicing 
said. Smith built inielligently on the Hazlitt. Mr. Fool came hot from So Mr. Smith's first' festival is 

Ms. Fiqes was a “writer in stout edifice created by P. J. the Blackpool conference to over. He certainly made it mnr P 
residence " at the Cheltenham Kavanagh. the previous director, salute HazlitL his hero. He went radical than usual— with FonJ 


.. Literature Festival, and wa3 but t widened the festivals down beautifully in true blue Cameron,, “committed" ni a i 

taking 14-year-olds from one .of frontiers. Cheltenham, but didn't, I rights and Adrian Mitchell Even 

the town's schools to Cirencester, As usual, the festival began suspect win many Labour votes, the famous Cheltenham Lecture 

■’ r ■ . where she spent 14 months in with a highly acceptable nor did he, I expect, hope to. was Christopher Hill talkin' 1 

.• i " 1939-40 as a GerraanJewisb “lollipop "—Richard Pascoe and He emphasised Hazlilt’s attack about Marvell. Bunyan and the 

refugee — the theme of her book, Barbara Leigh-Hunl presenting on the Tor>- philosophies of English Revolutiun. 

V LitUc.Edm. The Tarnished Phacnic. a pro- Rurteand threatened to read But it was enjoyable— a nice 

The journey was broken by gramme about D. H. and Frieda Haz lilt's famous essay on a breeze- blowing through the 

• ; vrsiis to the' farm where she Lawrence. Mr. .Pascoe, with typical Tory, but then decided domain of curried colonels and 

- ' lived during her first few weeks beard and Nottingham accent. Jt wasn t necessary m Chelteh- that famous Daily Telegraph 

in England, the hoarding school almost but not quite, camped up ha m- Mr Cameron t“ brought correspondent, “Disgusted" of 


THE NORTH SEA 
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- ' lived during her first few weeks beard and Nottingham accent. Jt.wasnt necessary in Chelteh- that famous Daily Teleeranh 

in England, the hoarding school almost but not quite, camped up hai n- Mr. Cameron (“ brought correspondent, “Disgusted" of 

i now a private hotel) where she Lawrence. His readings of the UP tn France. I was once Cheltenham. A quick check after 

hauled over rationing with the poems, without Nottingham jyuerate in two languages "J the final night indicated that 

two spinster sisters who owned accent, sent lots of people rush- “rauufuily stiiTed the discussion takings were up 10 per cent on 
■ • lr and Cirencester Park, where ing to' the bookshops.’ including ™ u " d l o modern newspapers,. last year with qo increase in 

we sat upon the ground and one girl from Cheltenham Lord Beaverbrook and, though admission prices, 

v beard stories of Alexander Pope Ladies’. College wbo was under ■ . • 

. v and readings from Ms- Figes* the impression that The Snake Zlllimerniann S DlC Solfl?itPn’ 
hook until an invasion of small was part of a sexy novel. ^ kJ '-/iU,CHCll 

biting insects drove us back to The Theatre Forum, with The concert version of Bernd Boules. 
rhe coach. By this time. Ms. jjpaniatists Tom Stoppard and Alote Zimmermann’s opera Die The concert to being nre- 
. Figes had established herseir as Dav1d Edgar ■ and director foMaten will be given its first seated by the Goethe iMtituia 
.. v somebody famous. . Geoffrey Reeves had some good ""tosh performance _by the in collaboration with the 

This was the year that moments— controversies about Cologne Radio ^ ^rmphony English Bach Festival and will 
. • Cbelleoham’s festival got out political commitment in drama Orchestra under tts chief con- Include Strartndcy's The Rite of 
'.■■■ ’ into the streets more than ever with Mr. Reeves, of Nottingham Watasagl at the Spring. 

" "before The other “writer in Playboose, expressing concern Albert Hall on Sunday. October On the. following evening the 

residence," poet Adrian Mitchell, about the problems of finding 15^- • - Institute Is promoting a Queen 

i gave readings. In schools, in intelligent actors who can sing The woHe had its premiere in Elizabeth Hall concert by Con- 
Gloucester Prison where be and bow to persuade town Cologne In 1963 and was heard sortium Clasaictim which 
talked to prisonerpoets and. councillors .that .See. How They last year to Parts in a perform- apecialiMs ta reviving forgotten 
i - wrote Kvhed m Cheltenham, an Butt ia not neceaaarily gmt anoe w nd i tote d by Piazn worts. 


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futu. 
lead! 
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reali 
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of P 
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•financial Times Thursday ^ 


FINANCIAL TIMES 


■ftACKBN HOUSE, CANNON STREET. LONDON BCff 4BY 
Twh ffMm Ftusthuo, London PS4. Telex; 886341/3, 883697 
Telephone: 81-34* MM 


: a 


Thursday October 12 1978 


none can win 


Outlawing the 
insider 


By ROGER MATTHEWS in BEIRUT 


B EIRUT IS the mirror of locked Into the wider Middle 
Lebanon's political bank- East conflict. 

a....;. Wpithpr thp Svrianc nor the 


AN INSIDER DEALER is some- offence, there is no evidence 
one who uses privileged infer- that bus’nassmen have been 
mation to steal money from the harassed in their legitimate 
stock market and its customers, activities by the law. 

As such, he should ideally be Far from being a threat to 
subject to the criminal law. innocent people, the more 
The Companies Bill of 1973 powerful objection to the pro- 
included clauses relating to posals is that they would not be 
insider dealing — but fell with effective in catching criminals, 
the Conservative administra- i n the U.S., there has only been 
tion. This July, the Labour one fully litigated action on a 
Government produced its own criminal charge of insider deal- 
version. in the White Paper \ U g j n Jiving memory, and the 
Changes in Company Law." Seeurties and Exchange Com- 
and that too seemed initially to mission has not found a way 
have no chance of reaching the ar0 und the brick wall of Swiss 
statute book. But the position bank secrecy. In addition the 
changed with the Prime Min- Exchange has warned, 

ister’s decision to extend the ^at legislation could make its 
life of the current Parliament. rou iine investigative work more 
And as soon as the legislation difficult if it made its meraber- 
became a practical possibility s jjip f e ar »hat tbeir co-operation 
rather than a subject for m jj.bt have legal consequences, 
theoretical debate the chair- B t ^ ar3Ument ignores ** 
man of the Stock Exchange dclerrent value of - crimina! 
chose the unlikelj venue of a sanct i ong- ,\nd it is at least open 
businessmen s meeting in Sao estion whether the stock 

Paulo to announce that, in his Esc q hanse - S existing investi- 

view * none 113 ® J e ° ' J gat ivc activities could not be 
proposals so far produced had “ ade tfl WDrk smoothlv after 

been adequate to deal with the thfi introduL . tion of statuIory 
problem. rules. In another regulatory 

Council support area, after all, company law 


ruptoy and despair. Neither the Syrians, nor the 
Where the tanks, mortars and Israelis nor the Palestinians 
rockets have’ wreaked their will allow Lebanon to rest while 
havoc, the damage is immediate the political 'anarchy there 
and shocking. In those areas offers what they see as threats 
which have so far escaped the to their vital interests. The 
fighting, the partial collapse of Syrians entered Lebanon pur- 
public services aiid the slump portedly to end the civil war 
in public morale makes its own and *° **7 ® restore the legiti- 
slower, but no less effective, ®ate authority of the Govern- 
contributiun to the decline of menL Tha t was their mandate 
tbe city from tbe 22-member League of 


There is almost no hope, no 


Arab States. To that end they 


more talk of an eventual’ re- f™?* 1 t0 001,1101 warring 


covery in Beirut, a city that 


factions. 


five years ago was the affluent, First, tb. e y partially subdued Religions tensions wei 

sophisticated playground and the Palestinian guerrillas who 

budding financial centre of the had flocked into Lebanon in pjerre GEMAYEL is the 
Arab world. J 970 when they were ejected fooxlder ^kj leader of the 

In the eastern Maronite ““ ni °^ dan b y H > 1! s f ei "‘ Phalange, the most powerful 
Christian sector of the town, Second, they demanded that the Christian party and political 
which throughout last week took ^ght-w mg Cmrstian leaders organisation. During a long 
an almost ceaseless pounding ®“°_ uId order the disarming of political career he has been 
from the Syrian army, some of I* ieil LP r i v ?5. e which had among^ the most hard line 

the dead had to be burned be- Christian leaders and he 

cause they could not be buried. : e f! ® n . r. e Pa l® stinlans dlir ' strongly opposes the presence 
Elegant suburbs, which reflected war- of the Palestinians In the 

the Christian domination of the lnstotence . a ”5" coantry. 


LEBANON was stitched together by France from . 
disparate provinces taken from the Ottoman empire at 
the end of the First World War. Hie French united- a 
heartland of Maronite Christians centred on Mount 
Lebanon and Beirut with the surrounding Moslem areas. 

Both Christians and Moslems are divided into dif- 
ferent sects: Maronltes, Greek Orthodox. Greek Catholics, 
and Armenians are the main Christian groups, faring 
Sunni, Shiite and Drnze Moslems. The Lebanese Govern- 
ment distributed power between the religions groups.. 
according to their numbers. ‘ 

The system continued after Lebanon attained inde- - 
pendence in the Second World War when the Christians' 
majority was paramount. But the Moslem proportion of " 
tbe population grew. By 1975 Christians probably . 
accounted for only 48 per cent and the strains grew. - 
Religions tensions were exacerbated by the Arab- 


wars and the arrival of more Paleatbtfefc refugees. * 
tL * 1967 dashes developed between the. Lebanese; anpj 
Palestinian guerrillas. Israeli aircraft raWedTrefagS; 
mn , and guerrilla . bases. ■ • .1: V. 

Tbe clasbes culminated In the 1975-7R rivff 
u hieh brought In the Syrians. Initially. Damascus sup. 

flMS alliance of Palestinians and left-wing Modems, 
hut in tbe early summer of 1976 President Hafez. ri-Asufi’- 
for a whUe switched his support ,t<^. toe. . Christian- 


m Thc end of the civil war in October 1976- left * 
Christian enclave stretching from eastBeirutte Mount 
Lebanon. The Syrian army provides the bulk af jg / 
■«rab peace-keeping force. -Despite attempts to set np V 7 
cabinet of leading Christian and Moslem politlmireote 
di vis ions left by the civU war have been too deep, fir 
anj- chance of an agreement between the two Sides. 


Elegant suburbs, which reflected j ortor 

the Christian domination of the h Sjnan insistence “nd anger 
Lebanese economy, and the had be “ a ™“ sad J» 
poorer areas, have been indis- S™"™™ “■? “ a ™"i'“ 


on his stronghold at Daraouiv 
sooth of Beirut, which fell 
to Lebanese left-wingers and 
Palestinians. 

Since the beginning of the 
year he has stridently called 
for Syrian troops 1 to leave 
Lebanon and has rejected any. 
suggestion of compromise 
with President Sarkis's - GoiL; 
eminent. 


■acceptance of the Syrian 
presence. These differences 
led to the killing of M. 
Frangieh’s son Tony, In an 
attack hv tbe Phalange earlier 
In the year. Since then his 
supporters have driven out 
Phalange supporters from the 
northern part of the Christian, 
enclave. 


: existence of -his. Government' 

-In whose nam e ; Syria has h® n ?x -■ 


acting, -by- resigning. 


criminately blasted. M buTld- 

ings are still standing, bnt ^ ban °“ and “™? d 


many have yawning holes 7n ? h “ d aft “ D ^“'’ a ‘ n J asi ?" “ f 
.hole usatle- hlnnlrnnnW thC 81^33 UP tO tile RjVer LltSIll 


rhpir watlc and hiankanari ala«c- ai 

less :£££! ss*i_2 , !L" i 5-a: 


The Stock Exchange chairman f 


and the Stock Exchange’s lisl- 


ls not alone in this view. He is 


ing requirements have been 


15 UUL AJUIIU 141 11119 V ItW. in . » ■ ^ j 

supported by the Council of the SUL,cessfu > combined. 

Stot-k Exchange and by at least Legislation 
part of the Conservative opposi- * , m , 

fion. And although the Council ® ver ® ve >' ear8 agn, the Take- 
for the Securities Industry, the uver Panel and the Stock 
City's new self-regulatory watch- Exchange jointly stated that 
dog, has chosen— disappoint- insider dealing. properly 
jngly — to limit its first major defined, should be made a 
public statement to a resume criminal offence. The Takeover 
of the problems, the impression Panel, which is involved in the 
is that it also has reservations ar® a of the City most prone to 
about the White Paper. insider dealing, remains 

In broad terms, the opposition firmly in favour of legislation, 
to the Government’s proposals And earlier this year the Stock 
revolves around two distinct, Exchange itself told the Wilson 
even contradictory, themes. The Committee that “the problem 
first is that the net has been extends beyond the area which 
spread too wide. It is argued can readily be the subject of 
that the proposed legislation voluntary non-stalutory regula- 
wouid discourage both the hold- tirm.” 

ing of shares by directors in So it is not enough to argue, 
their own companies, and the as some do, that the activities 
desirable involvement of insti- of insider dealers have been 
tutlonal shareholders in the grossly exaggerated and can 
affairs of the companies in best be controlled within the 
which they are invested. It existing system. Nor will it be 
would restrict the activities of enough for the Stock Exchange 
investment analysts and to publish its specific objections 
journalists, and lead to ridieu- to the White Paper’s proposals, 
lous cases of the barman’s wife’s although of course that will be 
friend being prosecuted for act- a welcome step. Leading repre- 
ing on an Inside tip. sentatives of the City’s self- 

However, there is nothing regulatory system have stated 
frivolous about the criminal law, publicly that there is a prob- 
and actions are not brought un- Jem, and . that the existing 
less there is a serious case to controls are inadequate. They 
answer. Analysts and journalists must either come up with pro- 
do not rely for their living on posals of their own, or run the 
the kind of specific information risk of being dismissed as acting 
that is likely to have a material only for their vested interests, 
short-term inipacr on the price For the Council far the Securi- 
of a share. Anri in countries ties Industry, this looks like 
where insider dealing is an being a crucial test. 


fnii ni “m; Christians openly boast of their 
b£ a f asbed ™ bb1 '; links with Israel and the Israeli 

S, Government has promised - not 

inter that war produces. t0 ^ dearuction of t h e 

In the mainly Moslem west Uaronites " the battle lines are 
Beirut, where only the occa- m ore clearly drawn. The two 
sional shell fell last week, the main Maronite leaders, Mr. 
streets too are littered, but only Pierre Gemayel of the Phalange 
with the rubbish and mess that p artyi and Mr. Camille 
comes of not caring too much Chamoun of the National 
and not having a refuse col- liberal Party, have for their 
lection system. By day, some p 3 n boLh pledged that there 
effort is made to burn the stink- \ V -iu not be peace in Lebanon 
ing piles of muck, but by night until the last Syrian soldier has 
most people retreat behind left. 

locked doors and leave the This situation of mutual 
streets to the gunmen. Since the intransigence has been compli- 
sudden hush after Saturday cated by the agreements reached 


During tbe civil war the 
Phalange, which bas an armed 
strength of about 5,800 men, 
took tbe lead in the fighting 
under the command of Pierre 
Gemaycl’s son Bashir. Though 
allied to the Syrians during 
the last month of the civil 
war, the Phalange have close 
links with tbe Israelis who 
are their main suppliers of 
weapons and ammunition. 


CAMILLE CHAMOUN is prob- 
ably the most militant of the 
Christian leaders. He was a 
pro-Western president of the 
country from 1952-58. During 
the civil war he became in- 
creasingly extreme and was 
forced to flee from an attack 


SULEIMAN FRANJIEH was 
President almost until the end . 
of the tiril war despite eon-; 
tinual criticisms by the 
Moslems of his pn^Christian' 
bias. His base Is the northern 
town of Zgborta where his. 
family enjoys ' _ feudal 
authority. After bis election 
to the Presidency in 1970' he 
did little to avert the onset 
of the civil war. t \ 

He differs from the other' 
Christian leaders in always 
having had goad relations 
with the Syrians and Presv 
dent Assad in particular. 
Since the war a gap has 
opened between him and M. 
Chamoun and M-. Pierre 
Gemayel because of. his. 


ELIAS SARKIS, a Christian, 
was elected President of 
Lebanon * under Syrian 
auspices during the dvll war. 
His previous reputation was 
as a technocrat and for a long 
time he was chairman of the 
Lebanese central bank. In- 
heriting a country in which 
every orgaG of Government 
authority, including the army, 
had split along confessional 
lines between Christian and 
Moslem. M. Sarkis has been 
unable to arrange any agree- 
ment between the two sides - 
which fougbt in the civil war. 
He is also dependent on the 
Syrians without being able to 
infiuence their policies. His 
only real weapon is to ' 
threaten to end the nominal 


HAFEZ ELvYSSAD 'is tfo - 
longest surviving. Syrian 
President and has shown i 
sustained capacity to survive 
slice he took- power in 1978; ~ 
In thc civil war Assad at first • 
supported the Lebanese left ^ 
wing Moslem forces aad.ihev 
Palestinians hint In the ' forty :: 
summer; of 1976; ;Jiist " whehvV 
his allies looked like 'winnm^T- 
be switched support id 
Christian militias. ‘ : 


• The end of the 1 civil Wat- 7 ■ 
was a triumph for Assad. He : - 
had successfully . avoided J.. 
Israeli intervention' andVa*:- 
large Syriarf army was left iav 
Lebanon wfth the agreem^^- 
of other Arab states. The . 
.collapse- -of bis alliance; wiflr£ 
the Christians, however, !*^ 
forcing him to dcelde whether? 
to crush the Christians or^ 
allow their enclave to develop^ 
Into a ; largely i nde pen de n t 
state supported by IsraeL ; -. 


night’s ceasefire the nightly at Camp David last month by 5,000 are estimated to be tention to go home; the Saudi 

quiet is broken only by the Egypt, Israel and the U.S. to competently trained fighters. Arabians, who keep a • -de- 
scream of car tyres and the seek to conclude peace in the Those in eastern Beirut are terminedly low profile; and a 
occasional sound of shots. Middle East. If the Palestine partially cut off since the few from the United' Arab 
Lebanese who still believe in Liberation Organisation, the Syrians control two access Emirates. Following his talks 

moderation and compromise Syrians, and Left-wing Moslems bridges. But some supplies do with President Hafez al-Assati 

are becoming increasingly diffi- in Lebanon really wish jointly sneak in both by sea and. more in Damascus last weekend, Mr.. 

cult tt> find, at least at the level or singly to torpedo the results hazardously, by skirting Syrian Sarkis flew on to Saudi Arabia 
where they might have some 0 f Camp David; they may well positions at night. where he announced that a 

influence on events. To sit at a try to tempt the Israelis— who Som _ npw Fapfnr thpr . meeting of representatives from 

table this week with four dis- oonie new ‘ ac i°r may mere- . nn „ nf . ia . — 


reasons for breaking the 
fragile ceasefire which has un- 
doubtedly been used by both 
Syrian and Christian forces tn 
bring up fresh supplies and 
equipment. 


table tiiis week with four dis- normally do not heed much fore ha V e to be introduced and the countries *hich have 
tinguished Lebanese, two tempting— to involve themselves f fta 1 b introduced, and is«j — ■ — 


. *r. lewiiuua— IU ih»uiw uicuucnw , jme • w-rnn, in'* of priliral im- SUPP lied ttOOps Or cash for the. 

Sunni : Moslems, a Maronite more substantially and thereby inT.™ ? h “ "i-naSte of Z peare feeepiog force would be 

Christian and an Armenian Deneiriont pvi lance, ine mauaaie oi ute K •_ , e. j 


Christian, and an Armenian, further isolate President Sadat 5 r X, flrP I! f SrJfjl;™. I held in Lebanon on. Sunday,. • 
was to understand something of 0 f Egypt in the Arab world. e ^ l F 00 tno m „ nK 

the mutual tolerance and tf ivi fl Rohiifur ; i a k 9 nnn October —G and has to bo rc- • too much should . he 
resnect that existed at some , L newed if SjTia is to maintain a expected from it. - Al Modra- 


resoect that existed at some ^ riomnnctratori n BW ®a it =»Tia J s to maintain a expei-usa iroiu it. m aioura- 

levels before the S 975-76 ciri^ Inching that milifariW for its continued bitoun. the principal Moslem 

. . .... anytnmg, jl is ujat muitarny n r a K«nn*. Co. Dm,;, militia has alroiHr mmta nnt 


war, but also lo undersiand how S main oarSea Ja o wh.t P rise ” ba in Lebanon. For Pres.- militia, has already co.oe out 
fear has yrippad" such’ paopl" jESJSSS. ISSST nTJn M*! « * "SfUSV gS*#™ 


Their con^ction has grown that ST, Is'iells filed whh ?“ ir « d *«» M™- -ns.i- anese arm. In Beirut' un the 

there will be more killing and all their ’ sophisticated tl f tl0n ’ the ^ desirable new grounds that it is dominated by 

more devastation before any equipment to "cut off the evil eleraen J would probably be a the Cnnstians. ? - 

solution to the deep-seated arm ’’ of the PLO, and the heavy renew al of the mandate, linked The Christian -Inilitias are 


solution to the deep-seated arm ’’ of the PLO, and the heavy renevv ai or the mandate, linked The Christian ..militias are 
problems can be found. Syrian shelling has failed to 1° . an *S r ® ed retreat of the equally adamant that the 

Their fears are justified on dislodge the Maronite militias. , yrians fri >n\ tbe positions Syrians must pufl out altogether 


several levels and appear vastly In both cases the Davids appear 
to outweigh any hopes that may to have emerged with rather 


closest to the Christian areas, and hint nnne/too subtly that 
The Syrian positions could he for them the-’' new element tn 


Kenya’s smooth 


rest on President Elias Sarkis higher morale than the Goliaths, manned either, as Mr. Sarkis he Introduced could be direct 

and his current efforts to However, neither side can leave seems to be suggfoting. by the Israeli assistance towards 

achieve a longer-term dis- the situation as it is. almost non-existent Lebanese achieving -that aim. It is also 

engagement agreement. Even if The Maroriites can muster in Arab army, or perhaps by troops questionable whether the 
the basic conflict between the eastern Beirut and in the other than Syrian from an ex- Syrian army would accept what 

Christians and Moslems — which territory they control m the panded peace-keeping force, would. inevitably be seen as a 

caused the outbreak of civil war. .northern mountainous region of The onfy other Arab troops in defeat if it pulled back even a 
— showed any hint of being re- the country about 20,000 Lebanon are the Sudanese, who coupie of hundred yards, 
solved, Lebanon would remain militiamen, of whom only about have already declared their in- Ail sides thus have their 


Reports that units of the 
Syrian - controlled Palestine 
Liberation Ar-*iy have moved 
into Beirut, coupled with 
suggesti ms that Al Mourabitoun 
and other left-wing militias are 
thirsting for action, does not 
bode well, especudly as their 
involvement could, drag tha 
western half of Beirut in'.j the 
irtimediate firing line. •• - 
Lebanon’s civilian population 
.—■now thought to-be something 
over 2m— has already suffered 
bitterly from three years of : 
fighting and west Beirut has 
provided at least temporary 
shelter f' tens of thousands of 
refugees whose numbers have 
again b.een swelled in ’the past 
few days by Armenian families 
fleeing- from the east. t. The 
Israelis made many hundreds of 
families homeless . in March, 
forced- maybe 1'50.000 to flee,- 
and' killed dozens of civilians.- 
The Syrians have. now probably - 
surpassed them. 


another 500 woundel are 
roughly halved, a_mpre accurate 
picture of the casualty lists 
emerges. Losses to the Christian' 
militia, put by them at 20, 
more likely to have ’ eru-urtfre.; 
three figure range,-. while: ifaf 
Syrians are understood i;o 
lost at least that number. 11 ■ - 
The more moderafB;:'iBtfl|lF 
gent, and flexible 
leaving' the 

started as a dribble has become 
a flood. leaving *_ liebtftttraf, 
increasingly in 'tte.JlHB'4£ > 
those who have a 
tainty that ends 
ever means. r '»v 

It may be encoura^;;^?; 
the international commuifiSX|s- 
reflected In .the United' NaSoa? 
Security: Uounciirhas^^ 
become so concerned 
will pass resolution^ cauiHg ^.- 
a ceasefire. But 
take much more -. intensive 
suner-nower co-ODeratiOB--® 


If the Ghristian figures of 300 
civilfans- kitied last week and 


super-power co- 0 peratioa-.w 
achieve any more - j fastinl 
arrangement. In 'the.-%aJ*^of 
Camp Davi d i t _ Irioki; 
Beirut as if Lebanon in; general 
and Beirut in pafticuiBr'^fi 
have to pay. the bulk, of 1 any 
price bei ng extracted- hy-r-.ft® 
failure of the Soviet Union-. 
the U.S. to find a conumm 
in *the Middle Efot-' 


handover 


MEN AND MAHERS 


THE NAMING of Mr. Daniel 
arap Moi as the new President 
of Kenya, in succession to Jomo 
Konyatta, is the most encourag- 
ing news to come out of sub- 
Saharan Africa for some time. 
On a continent plagued by poli- 
tical turmoil, the stability that 
Kenyatta gave Kenya seems to 
be surviving his death. Power 
has passed from one pair of 
hands to another in a calm and 
meticulously constitutional 
fashion. 

This is important for Kenya, 
for Africa and for the West It 
is important for Kenya because 
the latent ethnic and political 
frictions which afflict this 
society, as much as any other in 
Africa, seem to have counted for 
less than economic self-interest 
Kenya has been a remarkably 
successful country, its GDP 
growing faster than virtually 
any other non-oil producing 
African State. Too many people 
have an interest Jn this to want 
tto upset the applecart. 


Stabilising 

The smooth succession is Im- 
portant for Africa because it 
points to a path of constitu- 
tional, civilian Government 
which other countries might 
take. It is important for the 
West because Kenya Is a vital 
stabilising factor in East Africa, 
particularly when there Is con- 
flict in the Horn and a wayward 
dictator ruling Uganda. 

While Kenya certainly baa 
grounds for sett-congratulation, 
there can be no room for com- 
placency. Some very tricky 
political and economic prob- 
lems lie ahead for the Moi 
Government. 

Kenyans have -given an 
impressive display of political 
unity In electing Mr. Moi un- 
opposed tb succeed Kenyatta. A 
member of a small minority 
tribe, President Moi is a com- 
promise leader from outside 
the main Kikuyu and Luo 
tribes. However, under the 
Kenyan constitution, president 
tiaJ elections are due to be held 
before the end of next year.' 
Before then, til* facUoullia 


latent within the ruling party. 
KANU, could re-emerge and 
pose a threat to the new Presi- 
dent's position. 

The most immediate test of 
divisions within KANU will 
occur later this month, when 
the party holds elections for its 
executive. Mr. Oginga Odiuga, 
the veteran Luo politician who 
has been a discreet opponent 
of the Moi faction, has already 
entered the lists announcing his 
candidacy for the post of KANU 
national chairman. 

Provided they do not 
exacerbate divisions, these elec- 
tions could prove very valuable , 
for Kenya, breathing fresh life 1 
into the somewhat ossified struc- 
ture of KANU, which has not 
held a national congress for 
more than a decade. 

Economically, the next few 
years will be more difficult for 
Kenya than the coffee boom 
period of 1975 to 1977. A fall in 
tea and coffee prices, together 
with a sharp fall this year in the 
size of the coffee crop, bring 
balance of payments problems at 
a time when the country has 
reluctantly committed itself to 
increased defence spending. 
Kenya is now expected to draw 
a first credit iranebe from tbe 
IMF this year, rather than in 
IS79 as had previously been 
planned. 

Redistribution 


Spelling out 
the Tory View 




undebatable motion of tbe con- 
ference," a prediction which in 
many people’s view proved un- 
cannily accurate. 


The word Zimbabwe was on 

some unlikely lips at Brighton dSk. 

yesterday, and tbe Tory lady Mr/-'G7 

who asked me before breakfast * 

who or what it was. proved ex- 

ceptlonal. As a rallying cry 

Zimbabwe was a good deal more ^J5 Vn- 

pronounceable than the "tortu- JHfc 

ous phrases of John Davies, 

shadow Foreign Secretary, j 

Assailed by a battery If heck- jpyn 

lets, Mr. Davies ploughed V j( f 

through a speech as complex- as. MO 6 

a maze, and almost as indigest- ■fHL 

ihle— "All these propositions or’ ■ Bk | 

alternatives are things which we H [fJUm 

may be faced when we come . \ JBffikij 

to deal with them,” he said un- /T/W 

happily. ‘TVe have to register ^ . 

the fact that in either of the - “He comes every year te see 
last two to which I referred, the what we’re doing . . . and tell 
question of what we could do us we mustn’t!” 


No time for Europe 


question of what we could do us we mustn’t!” 

about the continuing fight to a — — — — — 

finish, or what we could do J.n be allowed to come to Britain 


terms of fulfilling any of the and put tlie j r ^ 


implications about the return to And what. I asked him, had 


legality , and what is involved he thought of Davies' speech? 
in direct military Intervention, “Not much. He started off at a 


None of this will make it any 
easier for President Moi to pur- 
sue the Government’s declared 
policy of economic redistribution 
through growth. Yet it is essen- 
tial that the new administration 
do all It can to ensure a more 
equitable distribution of wealth. 
The huge gulf between the haves 
and have-nots is the less 
attractive side of the Kenyan 
success story. It is at least 
encouraging that the new Presi- 
dent should have recently com- 
mitted the Government to" a 
systematic review of social and: 
economic policies. It is equally ! 
encouraging that he should have ; 
as his new Vice-President the 
highly respected Minister of 
Financn, Mr. Wwal KibakL 


is something I must teli you that good gallop but shied away at 
I do not believe that, while In first fence.” 
opposition, we can say precisely ' 

what we could do." 

The conclusion of this speech Prescient coir 

also lacked something in . ^ . 

euphony with its claim that to e ^ °Jf done 

"The sands are running* un- i^ 00 , 118 or 

happily, very rapidly out.” ^foung Liberals, the Young Con- 
_ . . . ■ servatives are producing a daily 

Davies himself had not been conference magazine. '- Called 
feeling his best but hi s ph cases rather unfortunately the "Daily 
raised the question of how the Con" it is proriding some 
sands were running for his » ce rbic criticism of thTproceed- 
cabinet chances. Certainly his ^ 

speech felled ,o placate the On Day One. tongue In cheek. 

i h «,“ 11 adTised delegatM not. to In- 
end to pressure on Ian Smite. du]g , in .. eenCTa]itiK i or 

Julian Amery failed to get in specifics," but to “ confine your- 
his predictable firm word at selves to cliches and hqme*spun 
the microphone, but told me philosophies." 
after the debate he would have Yesterday, under the heading 
said two things. The first was “Drama critic” the Con 
that after the revelations of the awarded a " Golden Carrot for 
Bingham report it was Stage Management ” to the com- 
‘Immoral" to continue the pliers of the day’s agenda. It 
“sham" of sanctions, merely added “We have also entered 
making Britain “a laughing the motion on the constitution 
stock." The second was that for the 197g John Peel trophy 
Smith and hit colleagues should for the moat vague, boring and 


Yesterday was the day of the 
radical right, with capital 
punishment joining Rhodesia 
among the flesh issues into 
which Tories could sink their 
teeth. Those who needed extra 
sustenance repaired at lunch 
time to the King and Queen, a 
quintessential!^ English pub 
near the Pavilion, where the 
anti-Marketeers were rallying 
their forces before today’s 
debate on Euro-elections. 

There to speak to them was 
the gentlemanly Neil Marten, 
MP for North Oxfordshire, who 
argued that the Market had 
been an expensive mistake. 

Marten told roe he thought 
there were about fifty latent 
“ doubters " on the Market 
issue in the Tory party. Until 
they feel confident enough to 
show their faces he goes on 
hammering away, as he says, 
“ pleasantly and without ran- 
cour” — and for the moment 
without mucb progress. He 
admits that in the agnostic 
atmosphere prevailing under 
Mrs. Thatcher, his stand has 
not done much for his party 
career. 


Flying fears 


When the Thames Television 
series “Inside Business" starts 
tonight it will be unleasing the 
first public salvo in a so-far 
hidden battle between tbe pilots 
and management of British Air- 
ways. The alleged problem? An 
apparent decline in aircraft 
engineering standards. What 
Thames found out was, it tells 
me, that pilots are increasingly 
worried. And a letter sent out 
yesterday by BALPA, the 
British Airline Pilots Associa- 
tion, makes it dear .how far 
Jus won? has gone. "The 
deterioration in the technical 
state of our aircraft this re*T 
«• been deplorable,*" lx itartor 


going on that tbe problem was 
. first raised in March and that 
the response by British Ait 
ways* has been "the proverbial 
damp squib coupled with in- 
sulting excuses.” 

These phrases are contained 
in a pilots news- letter sent out 
by BALPA’s short haul repre- 
sentatives to pilots on short- 
haul routes. It complains not of 
engineering staff but of the 
“simply wrong" levels of spares 
holding, manning levels and 
incentives. 

Captain Roy Hutchings, the 
chairman of BALPA, confirmed 
the existence of this letter but 
stressed to me that so far none 
of the planes flown by British 
Airways had been unsafe. He 
also pointed -out that long-haul 
pilots were not so worried, even 
if there were signs that their 
problems too were increasing. 
But his complaint was at the 
“allowable deficiencies” — that 
is parts of aircraft which are 
not repaired' as they are extra 
back-up systems. These deficien- 
cies were putting an "unaccept- 
able load on pilots,” he told me. 
Many engineers had left for 
abroad he said. 

British Airways said it was 
on the threshold of " realjv 
meaningful talks with the en- 
gineering unions with a view 
to restructuring our outmoded 
traditional working arrange-" 
menu.” Its spokesman insisted 
on the difference between 
allowable deficiencies” such as 
a broken lightbulb in the toilet 
a, l? “mandatary deficiencies" 
which ground a plane. And he 
insisted firmly "We do not com- 
promise on safety,” 





ONE OF THE 

WORLD'S COSTLIEST WATCHES 
: , . IS MADE OF STEEL; .. ... 


False alarm 


From Andorra comes the story 
of the town that bought a new 
fire engine and held a public 
meeting to decide what to-do 
with the old one. After a long 
discussion it was agreed not to 
sell it but to keep it for abswer- 
ing false alarms. . 


Eveiy detail of.tha setf- 
wfntiing Fatek Phflippe 
movement is hand-finished. 
Even the tiniest screw 
. is individually polished.- . • 

Kickel^hrome.^nofybdenurn 
steel case is water-resistant 
to depth of 12D metfes ^ « 
(396 feetj. . • 


ir 


The swinging mess which.- ^ I' - 

winds the watch while you. ;-v. v 
, wear If incorporates a piece / 

of 21 ct gold, (added weight.: : 
ensures optimum winding ' v [ . 

■ efficiency).. Amazingly stfrtL 
Nautflus'by Patek Philippe : » . 

with matching steel -Vs «■* \i ( 

bracelet . • v 


Observer 


y raien Hmripps » . 

hjngsteel : * 

_ - ; . •; ; ■ u 

virii Pafoif PhlRriOflL-^: ‘V 


Catategoe : amf fet of authorised jev;elTers from Patek PhlHppeL 1 
- -:.De|iL F^P.G.Sox 35, .MaWenheact-Berks: SLS-3Ba - 1 - 


l rw 


5 r;, 



Financial Times Thursday October 12 1978 


ECONOMIC VIEWPOINT 


Three cheers for Mr. Moss Evans 


IF THERE Is a hero of the 
hour it la Hr. Moss Evans, the 
^WN£ ew GeneraI Secretary of the 
* fc, Transport and General Workers’ 
"•If , nio ^ w ho has made clear that 
c^.,1 ..e will have no truck with pay 
i n orras of any kind. In thus put- 

s':-. t L f **113 the boot into incomes 
■ P°^ c y> Mr. Evans has done more 

* Dr *h® cause of economic good 

- ? : tii ,-® cnse than the whole of the 

r J V® 1 or three-quarters of the 
'••Shadow Cabinet. -If- anyone de- 
- L ' !•;; next year's July I Free 

„ L • Enterprise Award it is Mr. 
.. i».’^ Evans. Should a time came 

; "" :r» t w hen he could both be offered 
t.J ! - such an award and accept it, 
w ithout irony or cries of "trai- 

- >. ■ J - -. l0r -*' the corner will, have been 

turned for the British economy. 

- But that time is not yet, and 

• '.-.i - > s too early for rejoicing. Mr. 
" Callaghan and Mr. Healey have 

"■ : S hinted at relying on monet- 
ary and fiscal 'restraints to hold 
, had? inflation. Indeed it was the 

£!■ I*rime Minister rather than Mr. 

■ Enoch Powell who said that 
.; '^ c P in 3 down inflation was 

" Tf >tally." and he repeated 
' ' , ‘! nla,, >'-" the responsibility of 

• tot 1 Government. 

■ i But in spile of these stafe- 

ra<?n,s * P a . v Policy wiij not die 

• an early death. The Govern- 

: • ■ '. ' : ': B1€> nt still regards the monetary 

. ..... . : ,,| d fi'ca/ road as a second best. 

• ... . * is can be seen from the 
‘riempts to salvage a vestige of 
■’** ja y norms from fresh talks with 
■- .. he TUC and the continued wav* 

r •'-'ns of the sanctions rod. 

- There is still a massive com- 
_y : * r nitment to pay polity — ur.e 
" - -*:• .lolxiique tier salaires — in the 

bureaucracies of Whitehall, the 
' ..’.’BI, the political parties and m 

• - he international organisation.-. 

- uefa as the UIK, OECD. EEC. 

• - . . t will be presented to Ministers 

.. .. . gain and again, in different 

• anguages and forms, but 
l ways with one objective: to 

• e place what they call the 
chaos" of collective bargaining 

with what is really the even 


worse ehaos of centrally laid- 
down pay norms. The Prune 
Minister and Chancellor had in 
earlier years hinted at a return 
to collective bargaining, only to 
be brought back to the straight 
and narrow by official advisers 
who believe that the monetary' 
view of inflation is gibberish, 
recently invented by politicians 
or jouroalists and believed by 
“irrational” financial . markets. 
(Have these mandarins never 
read economic writings of 
David Hume or the works of 
Jean Bodin about th*«ffec!s of 
New World gold in the 16th 
century?) 

Some government hinte since 
the Labour Party Conference's 
pay policy vote have given the 
impression that there will now 
be revised or loosened pay 
norms; others that the emphasis 
will shift to the monetary side. 
Probably there will be a bit of 
each. But a higher or a loosely 
enforced pay norm gives Qie 
worst of all worlds. These have 
all the disadvantages of black- 
lists and sanctions, labour mar- 
ket distortions and the. .'payment 
of legislative OancclH to the 
TUC. Yel there would nut be 
even a temporary effect on wage 
>ettiements, and we would have 
a repetition of the Stage 3 fiasco 
in which the high 10 per cent 
guideline led to a 14 to 1$ per 
cent actual earnings rise — prob- 
ably more than would have 
occurred if the Government had 
simply let sterling rise' eariy in 
1977 and relied on international 
competitive constraints in the 
private and market sectors.. 


Compensate 

Even on the monetary side, 
Mr. Callaghan confused the 
issue at Blackpool by talking 
about lowering the rate of 
money supply increase, to com- 
pensate for the failures of wage 
restraint, and of “offsetting 
monetary and fiscal action.'* Yet 
we were all told that the present 


monetary guidelines were 
already consistent with single 
fisurc inflation. It is time that 
during the last 12 months money 
supply growth has been about 
16 per cent and too high, be- 
cause of the mini-explosion 
this spring. But corrective 
avuon has already been taken; 
and so far this fiscal year 

monetary growth has been below 
the lower end of the 8 to 12 per 
cent official range. The Prime 
Minis i pr w*as perhaps hinting 
that new upper limits under the 
rolling targets to he announced 
11*1* October may be 10 or 11 
per cenl. 

A wage erupt hm. in the fare 
of consistent monetary targets 
credible In ihe foreign ex- 
change market, will certainly 
prictj people out of jobs whether 
or not the monetary target is 
slightly reduced. If rihs happens 
it will be due to the backlash of 
three years of attempted rigid 
pay norma and not to monetary 
control. Ministers are in danger 
of believing their own earlier 
propaganda about monetary 
policy causing unemployment. 

This could only happen if 
union leaders were simply going 
for increa-es in nominal wages 
— Mr. Healey's confetti money. 
In that case government cash 
restraints could price workers 
out of jobs and there would be 
a ease for permitting a little 
more inflation instead. But it is 
patronising for the Treasury or 
even for TUC economists to 
assume that union leaders are 
necking anything as irrational as 
this. 

There docs exist a respectable 
analysis of union monopoly 
power which asserts that it can 
no more cause unemployment 
than it can inflation. The 
analysis is .sometimes miscalled 
••monetarist.** but it is simply 
the standard economic model 
of rational, maximising econ- 
omic man. This stales that 
unions already use to the full 
the monopoly power they have. 


The existing structure of rela- 
tive wages therefore reflect 1 ; 
the relative power of different 
union groups. Ir would therefore 
requre an increase in monopoly 
power to price workers out of 
jobs in their own industry and 
face them with The choice of 
unemployment or lower wages 
elsewhere. Those with most in- 
dustrial muscle will not in the 
classical view get the lion's 
share in some future struggle, 
because they have already gnt 
It. ' 

My own view is that the above 
simple economic model is inade- 
quate. Unions do not have a 
fixed degree of monopoly power 
and fixed objectives in terms of 
pay versus jobs. Most unions 
operate with a reserve of un- 
used short-term power to raise 
wages at the expense of em- 
ployment. There may not be any 
stable equilibrium in an all-out 
struggle for relative shares be- 
tween the miners, the sewer 
workers, electricity, men. motor- 
car workers and other group's 
of workers. The normal haiance 
of the labour market in the ab- 
sence of incomes policies is as 
much a social as an economic 
one. and incorporates a mixture 
of free market and traditional 
relativities. An unwritten quasi- 
moral respect for the result is 
part of the enforcement 
mechanism, which is itself in- 
herently precarious. 

One consequence of three 
years of rigid pay control and 
six years of preoccupation with 
such control is that this sense 
or balance has been eroded. In- 
dividual union leaders are not 
sure about what they can get 
away with relative to each 
other. There may well be some- 
thing of a pay expisoion while 
different groups jockey with 
each other for relative power 
and a balance is recovered. Such 
an explosion is itself part of 
the cost of pay policies. There is 
no easy re-entry- route to free 


collective bargaining, only « 
painful one. 

Voices are being heard call- 
ing for a fundamental on- 
slaught on the legal basis of 
union market power. But what 
Is never made clear Is whether 
what is intended is merely an 
attack on abuses such as the 
closed shop; or whether the 
whole system of collective bar- 
gaining Is a monopolistic prac- 
tice to be treated like cartels and 
price rings on the employers' 
side. The seemingly ultra-right 
wing solution of a return to 
individualistic labour markets 
and the ultra-left wing one of 
generalised workers' co-ops have 
in common a despairing belief 
that conventional employer- 
union bargaining will lead to 
general economic collapse even 
before the Roya Opera House 
puts on the Goelictilncmtnerunq 
in the next cycle or the Ring in 
two years’ time. 

No consensus 

A revolutionary or counter- 
revolutionary change in the sys- 
tem is. however, out of the 
question, not merely for poli- 
tical reasons, but because there 
is no intellectual consensus — 
even among economists other- 
wise agreed — on the economic 
consequences of collective bar- 
gaining and the validity of the 
catastrophe theory. But one 
near-certainty is that pay poli- 
cies make matters worse. 

A rigid norm is possible for a 
short term emergency only. Con- 
centration on a single national 
figure (or range) for a longer 
period brings into the spotlight 
the question of how everyone is 
doing in relation to that norm. 
The fact that there is no valid 
and accepted method of nation- 
wide job evaluation will wreck 
any long-term pay policy. But 
while it is being attempted, it 
puts on extra and political spot- 
light on relatifivies, which ag- 


gravates the normal bargaining 
tension. 


Even the “ .soft ” pay policy — 
discussing in a tripartite body 
the “average scope for pay in- 
creases '' — espoused by the CBI 
and ihe Conservatives will only 
serve as an aggravation. Nobody 
negotiates an average pay in- 
crease. but only his or her own. 
The publica:ion of such a figure 
will immediately establish a 
minimum and lead to the same 
confrontations as the present 
guidelines. All the inherent 
tensions and contradii-1 ions of 
collective bargaining are maxi- 
mised if i hey take place in the 
glare uf publicity. 

It is not at all necessary to 
give unions and employers 
official estimates of the average 
wage increase consistent with 
certain monetary guidelines. 
Any government figure will at 
best be an educated guess and 
quite unworthy of the central 
status designed for it. As 3!r. 
Callaghan has admitted, the 
actual Stage 3 pay increases are 
well above tho-e the Govern- 
ment believed were consistent 
with single figure inflation. Yet 
we had had single figure infla- 
tion. Employers 3nd trade 
unionists can seek their own 
estimates at any time they like 
of the going national average 
consistent with monetary policy. 
They can ask their own 
economists; they can ask in- 
dependent bodies: they could 
even under a more liberal 
Whitehall rule ask Treasury 
economists for their purely pro- 
fessional opinion. What is totally 
unnecessary and harmful is for 
the Goverment tr. put its 
political weight behind such a 
figure. 

Why does union power 
present more of a problem in 
some countries than in others 
and in Britain most of all? We 
must not forget how much this 
power has been magnified by 



Mr. Evans — “Putting the bool Into incomes policy-** 


the exaggerated and trembling 
attitude to it of the British 
establishment. If the unions 
are told that they are all- 
powerful. that governments 
hang on every decision of their 
executive cummiitees. and that 
there is no way of resisting their 
slightest whim, they will begin 
to behave as if they have such 
power, and ultimately ihey will 
have it. This in a nutshell is the 
hisiorv of pulicy since ihe late 
1960s. 

Governments have staked 
rheir reputation nn winning cer- 
tain wage disputes, which there- 
by become matters of political 
face. These disputes are, more- 
over. entered with no satisfac- 
tory contingency plans for see- 
ing them through, apart from 
relying only on the weapon of 
public opinion — which (a) is 
not as important in such mat- 
ters as politicians think, and 
fb) likes to be on the winning 
side. Because nf the publicity 
spotlight turned on individual 
settlement*, whether by Mr. 
Heath nn the miners or by Mr. 
Callaghan on Ford, such settle- 
ments acquire a key status they 
would not have under an atti- 
tude of benign neglect. 


What this country most des- 
perately needs is to take some 
of the political heat out of wage 
negotiations. Not all problems 
have solutions: but it is possible 
lo make them worse by over- 
concentration on them. We need 
a period in which politics cease 
to revolve on pay restraint and 
Government-union relations: 
and to allow ihe two sides of 
industry to ge: nn with ii them- 
selves. 

The advantage of concentrat- 
ing on monetary 2nd fiscal 
policy to prevent inflation from 
running away is at bottom politi- 
cal. It does not involve asking 
the unions not to use powers 
that they have: nor does it in- 
volve giving them extra power 
in the political arena. In due 
course union law will have to he 
re-examined, and maybe the 
future of collective bargaining. 
But after ten years of counter- 
productive effort in this field we 
could do with a decade of 
laissez-faire. Politicians should 
confine themselves to reforming 
the very worst abuses and re- 
frain from endorsing the ones 
they are powerless to correct. 

Samuel Brittan 


Letters to the Editor 


mains gas supplies, are some 100 duces no firm evidence to sup- comprehensive doesn't change its out having the cumptication of a 
hotels, 14 hospitals port bis allegations. pupil mix or curriculum bu>t may thermos flask 


The trials of schools. 100 hotels. 14 hospitals port his allegations. pupil mix or curriculum but may thermos flask or clean stones 

n* 1 . and 11 homes for the elderly. So He says nuclear power is reduce the need for parental mentioned by earlier cor- 

Tllgnt you will appreciate that with- unsafe when statistics published financial support. No wonder respondents. 

® . drawai of this valuable service by the Government show that even Conservatives of the S.E. D. A. Bell 

rom the Cnovnnan, would have a serious affect on nuclear power has the best are slow to condemn a system 87 East End, 

rmsh Tourist Authority the area. • .‘ .V, safety record of the energy which seems to do nothing but WalfeingtoR, Beverley. 

Sir,— Michael Donne, your Aero- -M ay 1 j Ust add that the dwri- industries. As for many nuclear help their pocket. 

>ace Correspondent (October 5 j DQ to suspend advertising in physicists having doubts about Educationally, please do not 


U Is nght when he says that the North Wales Weekly News safety: the overwhelming pre- confuse Tameside Tones with IflVPMtTlPni 
so far no one has produced was taken on commercial . ponderence are sufficiently satis- Tfcameside Conservatives. We *h»*'ouuvui 
iggestions for preventing a grounds. There seemed littte vfied aboul safety, to work in the are proud of Dr. Rhodes Boyson nno I, rc f r 
■petition of queues in the peak point in continuing to promote" industry and have their families and grateful for the support he allalYMS 
rriod next summer "—fir pos- the sale of gas appliances in this living in the immediate vicinity gave us. Mrs. Williams will find .. M n nr1rnnrft 
■tly next Christoias-for Sky- newspaper in the prevailing V the plants. They would hardly her dogma blunted on his Stone tr ™ " r - ^Damant 
tin and for stand-by seats. circumstances. . expose their families Jo risks Age touohness as Mr. Muliey fir.— In discussing the very 

The solution at the UK end of t am «,«, that these facts' will from nucle * r P^ n ^. j f U»ey found his to be blunted on ours, valuable Continental Illinois 

e routes lies in the bands of the l n diS?e £ vour readere ’ that bought they were significant. j. D . Uett. ronnrt An 

vil Aviation Authority, but so Wales Gas is ‘taking its responsi- Mr. Morgan-Grenville describes Flowery Field House, 
r the CAA has shown no bilitles seriously and that the ,he nuclear industry as an elite Hyde, Tameside. -. 
cUnation to grasp the nettle, present difficulties werface are “technocracy." The technology 


it it must be grasped: the not of our own making, 
availing public ought not to d. H. Fisber. 
ive to risk being subjected to Snellma House, 
e ordeals of last July. A Buie Terrace 
•tacbed attitude based on Cardiff, Glamorgan. 

onomic theories may seem — ; 

;ht when you know you are npv ' ' 1 j 

ing home to sleep in a comfy . 1 06 (160)311(1 
•d. but it is unconvincing to 
meone forced to sleep on 
>ndnn pavements! 
ir) Henry Marking. 
teen's House, 

, SU James's Street, 511*1, 


is no more elite or complex than 
that required i« other modern 
industries including oil and gas. 

On civil liberties, there Is no 
evidence at all that nuclear 


BBC World 
Service 


report on investment analysts, 
Martin Taylor reports (October 
6» that “there is no temptation 
to run Index funds weighted, as 
in the U.S., according to a set 
formula be tween , market sectors 
in absolute disregard of 
analysis.” 

Why riot? The latest per- 
formance figures from, for ex- 
ample. Bacon and Woodrow. 


for energy 








power has interfered with the *•_*_ Mr »< Hnhn 
personal freedom or civil _ — 

liberties of the British public Sir, — Major E. Anderson (Sep- show that for the eight years up 

nor is there any reason why it teinber 30) asks if there is a to the end of 1977 the Financial 

should do so. vendetta somewhere against the Times All Share Index put up 

Nuclear power is described as BBC World Service. I have been a superior performance to tbree- 
being uneconomic, yet figures on listening in since the 1940s when quarters of the institutional fund 
Fmm Professor P. Grant venerating costs issued by the the BBC was the only source of surveyed. whichever annual 

Sir, — Mr. Hockley (October 4) Central Electricity Generating reliable information. Most morn- starting date taken. Nor is the 

should refer to a recent report Board which has no reason to tngs I still catch unbiased news absence of the temptation to run 

by the .Health and Safety Com- favour nuclear power except on and unparalleled enunciation. index funds _ in accord with 

mission " The hazards of con ven- the btsis of suitability and . The latter is very necessary as Martin Taylor's other comment 

liona] sources of energy" for a economy, show that nuclear >t is being closed in on from all which is that "brokers maintain 

detailed comparison of* hazards, power is by far the cheapest sides either by "English” from that it is much more difficult to 

Briefly. -for 2 1,000 MW power form of electricity generation, powerful transmitters of various make a reputation -now than it 
station the average accidental Nuclear power did have its nationalities or by well-beamed was a few years ago.” 

deaths per year for coal. oJl aDd origins in the nuclear weapons pop-noise from a nastier kind of Analysts are becoming better 

-.r 1 « nuclear are estimated to be ES. programme but progress in the competition. at their job and shares are more 

•1 *“™ con cernea max your ^3 aa< j o_25 respectively. For use of nuclear energy for No one expects the BBC to efficiently priced. Of course, ir 

tete tuctaoer^o) aoout our nuc ie ar stations this includes all peaceful purposes has been a rule the waves, but just one analysts were to stop, oppor- 

u l , p _ r ? p ‘P e deaths including lung cancer for separate development. In con- quality transmitter would put it tunities would occur, but that is 

uianapano ommea se '®rk* the miners- (and falling off sidering the serious issue of the belter up against the wind of hardly likely in the face of the 

poriani tacts wnicn are signi- ladders}. In the case of coal, proliferation of nuclear weapons change and competition and. Tact that inefficiencies of thei 

,nI l? tuny unaersranamg me deaths from pneumoconiosis are it is Important to note that none incidentally, enable the world to market are so immensely profir- 

seni suuanon xaere. excluded. .The current number nf the countries which has listen tbe better to its matcbless able. In the meantime, there is 


Propane at 
landudno 

om the Chairman Wales 


your report indicated ^thjs which ,.mav be associated with nuclear weapon capability services, 
has been usea lor present coal for electricity production is obtained this as a by-product of Mogens Holm, 

pose for 13 y e **s. what 10 per year but the report rightly nuclear power. Linna Kirk estraede, 

d,d . ?. ot ™ a , k A _ c i ? ^ pointy out that this is related to Th e comments In the last part 8600 Silkeborg, 



Displacement 
theory 

--_tte large areas or open space. . au mining is dangerous; we weil-belns rernemse that X _ * 

/vi* our reporr did not refer to s j mp i y need to extract less greater dependence on nuclear ^ TCm Mr - Rosenf elder 
important fact that this depot uranium ore (by about 30 times) n OW 2! u-n«ee«arr. The threat Sir.— Your corresoondei 


everything lo be said for expert 
analysts, and everything to be 
said for index funds for at least 
a large proportion of institu- 
tional portfolios, and nothing to 
he said Tor pretending that 
modern portfolio theory does not 
exist. 

D. C. Damant. 

Clive ‘Investment*. - 

1, Royal Exchange Avenue. EC3. 


.tc 9 |) r.rr»rf *nintnrv roeii- i r - .- - , power is necessary. The threat Sir,— Your correspondent Mr. EvphiinaA 

nlnrSpfor than coal £ or i Rlven amoUDt oI of the Green Alliance to direct Boot® (October 7) bas obviously JcACudllge 

v t-ulnS!. S “,(51 P t52 *2 power Production- its efforts to make it less forgotten his physics? Tbe water 

n ^Tnnt?ori that ji^d'etailed T apologise to Uord Beaumoni economic means, if it is success- In his kettle will, of course, not COlltrOlS 

£#SK nf fheJtte for associating tbe Green f u l, that electricity costs will boil until the “ stones, or similar F „_ Wr , Finla „ 

,Wt «Sta^i e h?i2!rlLSnInS£ Alliance with the wilder end of increase and we will all be worse objects In the kettle to displace F - J? ■ >; irther t0 

5 produced by the Government- e environment movement T* i-j l.. .u- . ®ir. — runner to Mr. Newman s 

' minted Health and Safety 
ecutive for - the Gwynedd 
jjity Council to 1975. Apart 
m a few minor recommenda- 
15, which of course we carried 

. this report confirmed our „„ ..... n „«„« cue. 

To he k convenient iy it' Stories iTstreeCsWl. 

best safety standards To linspecific about what enn- 
rie their words, the «?n s titutes “appropriate teeb- 



muistu-uicu.iucs 'run mere g Jlim nere nr some IDrm UUl.v «ui i\ lo auvaimjn wnu » fallim. avnrPKCPri rrannant » h. 

tember 26). While, however of direct n on-democratic acilon? material of very low thermal nf *u rt5rt 

being fairly precise in defining r. N. Vey. conductivity and which will not *TK^tI.nLTm2lS2f to 

nuclear power as inappropnaie UK Atomic Energy Authority. float. Does this exist? T ' 5 f£ r , in „ L F P S' 




their words, “the 

eering design of the installs- u'frftT sun and waves 

1 is of a high standard well may ^ uscful ror l0 pp in g UD 

\ tect » d other sources of power they are 

ices. This view has been now here near the point where 
firmed recently following a theJr can ^ as g substitute 
■t to the sire by the director f oe . nuclear energy. As world F rfm Mr. J, Jlett 


Daniel Rosenrelder. 

13. Park Avenue, NW II.. 


The pupil 
mix 





Sir,— The Financial Times, tn From Wr - D - Beil 

■— rtatud that “ WjiIps ^ a! ttntU for unless) it » Press- suffers from an inabdily kettle is a slavish development jf' Madeira* It the^leastTnteresV 

OUT article Stated that Wales mnluAAr) hw fTTefnn whiAh uHl) M cmII (*Arw«Aflr flp# t+nm (tc npAilnitosan* aii* l.mu !. WttSu 


the Health and Safety Execu eaerg y demands increase fission ... 

. in Wales ana otner- experts power will continue to he essen- common wijii the more ordinary 
his staff. ~ 


export sterling. An Englishman 
wishing to buy a house in Spain 
does not by doing so. deprive 

this country in any way. All he 

does is sterling and buy 
11 Ik. . pesetas. The sterling remains 

v , Intact. The only result is that 

kPiTIPC someone else now owns it. Even 

though the new owner Is 
foreigner the funds will quickly 
. . be placed back in Britain through 

electric ^ banking system in order that 





te clear to the local aulhori. 0 f Nuclear Power, 

that In ottr view and in the xmperial College of Science 
» of our expert advisers men and Technology. 

JSS. ‘i SZfZFSZ E^Z DfMfdia ^ aI 

'.an altematlve rite ln North c^^FSwlds College. 

B*™*” *°°* 

■es. The LPG operation la 
part of our statutory obllga- 
is under the Gas Act and wo 
' J that this service must pay 
way. If the coats of any 
- isfer of the Llanffndno depot, _ 

From the Director of 

1 £2 S5°?'i^ er i,i! > «5r? 0 IhJ Information Services. 
the S00 LPG rastomers tte UR Atomic Energy AuSiority 


Nuclear 
power 


- for British trade and investment 
1 5 * _ , was necessary for it than a frustraied Englishman. 

Your reporting, however (on to have a large base through Contrast this with the ease 
October 6), of Mrs, WilliUM' which heat could be transferred with which the emigrant can 
reply to *fce education debate at readily to the water inside; but remove, or »he foreign museum 
the Labour Party Conference this no longer applies when the acquire, antique furniture, paint- 
bas her warning delegates not source of heat is Inside, tag 8 a nd so on. .Britain really 
to forget the Haameside dedsion. immersed In the water. does then lose valuable property 

Sbr, we stand astride the Biver In New Zealand I found The real objective of exchange 
■Tame In industrial N.W. electric kettles that were tall and controls is to remove certain 
England where Ihe value of narrow— more the shape which pressures and to allow bureau- 
p-ammer schools is understood we would associate with a coffee cr ats to more easily control the 
end when tbe opportunity they percolator. The smaller-diameter market price of sterling. In 
present of not being equalised Is element would not boil three or today's world, why bother? Is it 
often the only way a child has four points of water as fast as not likely that a doctor who 
of mathring its future potential the British high-speed kettle; but endeavours to rig his oatient's 
with its intellectual capacity.. ' now that piped hot water is temperature will merely' proloo 
Unfortunately, the area of S.E. universal, how often does one the illness?. 


ice would become totally un 

' 3 °S!tid ° iMd^t ? 1 *T« ^NucTear^Power"’ Thia« ia lew wraceni^. Com- the narrower kettle oae caa cover Southgate. 


sir,— Mr. Morgan-Grenville in England around the River want to boil so much water? In John L. Finlay. 


- - ^ ( September 26) attacks nuclear munltiea are more often polar- the element with just enough Fulmer Wav. 

iSSrSS a SSi? » *toil U, mU*, hi drta*. Orem. Aids 


Cabinet meets in discussions on 
pay formula and inflation. 

Conservative Party Annual Con- 
ference continues. Brighton. 

Mr. Ezer Weizman, Israeli 
Defence Minister, and General 
Kama! Hassan All. Egyptian 
Defence Minister, begin peace 
treaty ta 1 k.$ in Washmcton — 
opening speech by President 
Carter. 

Mr. Huang Hua. Chinese 
Foreign Minister, continues talks 
in UK ulth Dr. David Owen, 
Foreign Secretary. Mr. Huang 
Hua win also lunch at Houses of 
Parliament and visit British 
Council. 


Today’s Events 

Meeting or National Union of 
Mine workers executive. 

Mr. Helmut Scmidt, West 
German Chancellor, in further 
discussions in Tokyo with Takeo 
Fukuda. Japanese Prime Minister. 
COMPANY RESULTS 

Final dividends: BPM Holdings. 
Prestwieh Parker. Interim divi- 
dends: Adda International Atlas 
Electric and General Trust Bronx 
Engineering Holdings. Bruntons 
< Musselburgh). Debenhams. 
Dominion and Genera] Trust. FEB 
international Foster Bros. Cloth- 
ing. Green's Economiser Group 


Charles Hill of Bristol. Lee 
Cooper Group. Martin-Black. 
Aletloy. Moss Bros. John Mo.wlem. 
Austin Reed Group. Selin court; 
COMPANY MEETINGS 
Bromsgrove Casting and 
Machining. Perry HaU Hotel, 
Bromsgrove. 12. Dale Electric 
International. Royal Station 
Hotel. York. 12. Elbief, Prince of 
Wales Lane, Birmingham. 12. 
Leigh Mills, Stanniogley, Pudsey. 
3. Mills and Allen Internationa], 
Winchester House. EC. 12. PMA, 
1-4, Warwick Street, W, 12. 
Thames Plywood Manufacturers, 
183, Harts Lane. Barking, 11. 
Watshams, High Road, WUlesden. 
NW, 12. 



WHERE IN THE 'WORLD WILL 
VOU FIND STANDARD CHARTERED? 

NOW HERE IN CARDIFF 


Standard Chartered s newest address , at 19 Windsor Place, Cardiff, is now . 
ready to serve the important and growing volume of export business in Wales, and is yet 
another addition to the Standard Chartered network in the Un ited Kingdom . 

Our Manager in Cardiff can save you time and money. Without any indirect 
delays, he can contact any of our 1500 Group branches and offices in 60 countries 
throughout the world. 

In Wales, ringuson022239S2S3;dsewhere 3 talktoKeith Skinner on 01-623 7500. 


Bank Limited 

helps jmu throughout the world ,,,, 

’ Had Offi ce 10 C le n »e n tiIa o^Ipp do n BOflN7AB Assets extml £^4(50 millica 






BPM outpaces forecast 
by £l.6m with peak £4m 


Sirdar almost doubled : 
good home growth 


financial Times Thursday October 12 19?8 


WTTH LN'CK EASED advertising 
volume and nev. spruit co>i? 
stabilised by the strength of 
sterling, taxable profit at EPM, 
newspaper printers and pub- 
lishers, for the year to July J. 
1!)78, soared from £l.&5m to 
£4.l)7m. This beat the March 
forecast by near 1 1. Urn and Lopped 
1th previous best seen in 1972-73 
by more than Elm. 

The group's daily and weekly 
newspapers, which include Lho 
Birmingham Post and Mail, and 
weeklies in the Midlands, contri- 
buted most to the improvement, 
T. Dillon and Co., retail, news- 
agent, produced higher profits 
although margins were less than 
had been hoped. No contribution 
from Low Held, in which the group 
acquired a 27.3 per cent interest 
iii May this year, was included. 

At half-time when the surplus 
was ahead from 1329.000 In 
11.2.5m. the director? forecast a 
second half pcrtormancp lo match 
the first six months despite some 
increases in costs with Phase M 
settlements raising both editorial 
and production payrolls. 

Turnover for the year was 
17.7jm up at £48.8 1 m and the 
advance at Uic trading protit level 
was from £l.gtim lo £3.91 ni. 

Tax took £1 SCm i£U32ni» leav- 
ing net profit at £L24m (£J.£Inn 
for earning- per £1 ordinary share 
at 53.4 p, against 32. Qp. The net 
total dividend on the "A” and 
non-voting ” E " 2.»p shares is 
stepped up to a maximum per- 
mitted 3.1962op t2.8625pi by a 
final of 2 383 Top and costs Ijll.uou 
(£458,000). 


Company 


INDEX TO COMPANY HIGHLIGHTS 

Page Col. Company 


Pape Col. 


A dwesc Group 

BPM 

27 

24 

6 

V 

Lockwoods Foods 
MacKay (H.) 

24 

24 

6 

6~ 

Christies 

Collett Dickenson 

Ellis & Everard 

24 

4 

Moran Tu 

27 

27 

24 

2 

r 

s' 

26 

V 

Ramar Textiles 

Empire Stores 

26 

1 

Sheffield Brick 

26 

3 

External Investment 

24 

3 

Sirdar 

24 

4 

Fogarty (E.) 

26 

2 

SPP Group 

27 

7 

G overt Europn. 

27 

1 

Warner Holidays 

27 

8 

Hunting Assoc. 

27 

5 

Weeks Assoc. 

27 

3 

Lawtex 

24 

3 

Wombwell Fdry. 

27 

4 


Turnover 

Trading pro.tr 

Cubcr income .... 
Imenesi 

Share I>r ax^OciaWa 

Pre-tax pro Til ... . 

tax 

Net profir 

To rainunlies .. . 
Available 


• comment 


MTV 1977 
MliKI IfliHl 
4*.:W 41 m»V 
2 *»97 1.4',; 


4.074 1.854 

I - U jJO 

i 

1 1 

2.220 IJW» 


BPM's chairman clearly under- 
estimated ifie' trading climaie 
when lie forecast doubled first- 
half profits at the halfway stage. 
At that stage - a pre‘tax figure of 
about £ 2 -5m was anticipated but 
in the event profits are 120 per 
rent higher at more than £4m. 
The company’s newspaper interests 
increased their trading profits 
from £i;jm to ICjini, thanks to a 
volume increase of about 4 per 
cent tn advertising space: margins 
increased by nearly four points. 
The bulk of newspaper protils 
come from the Birmingham Post 
and Mail, where classified ads 
have been particularly strong. An 
additional advantage lo the group 
has been the -stable price of new s- 
print. reflecting the firmer pound. 
All regional newspaper groups 
have been benefiting from the 
current strong demand for adver- 
tising space and there are no 


slain of this abating yeti- The 
re- u I L« .came too late lo have an 
efTed on the share price. At 34p, 
the shares are on a p e of ju-l 
under four, while the yield is 8.9 
per cent. • 

Collett 

Dickenson 

expands 

FOR THE first hplf of 1978 
taxable profit of Collett, 
Dickenson, Pearce International, 
advertising agency, surged from 
£342.821 10 £904,408. 

'Directors say the pattern of 
trade continues to change and 
the first half total is expected tu 
be well above hair that for the 
whole year. The full year profit 
is however expected to be above 
last year's - record £1.39m. 

Afrcr lax of £547.UI2 (£324,458) 
net profit for the half came out 
at £338.496 (£2 OS. 165). The interim 
dividend hr -up from 1.5365p to 
1. 70S lp net per lOp' share. Last 
time a !.712lp final was paid. 

• comment' 

After rising 9p to 9Gp at one 
stage. Collett ' Dickenson's shares 
closed only lp beter at S8p. The 
two-thirds profit increase is 
clearly an excellent -performance 
since there has been minima] 
assistance from new business and 
no big new advertising war. The 
improvement is due to an all- 
round increase in the budgets of 
clients whose products largely lie 
in the new booming consumer 
and sen ice sectors. Nonetheless, 
the company’s indication? about 
second half trading (billings for 
November are already known) 
introduce some element of doubt. 
Despite the pre-Cliri-tmas period 
and some help from new clients 
Curia rd and Paso, it appears that 
the current .half will be below 
last year's £9.S4m. Meanwhile, 
Collett detects no major down- 
ward trend and points out that 


big agencies do not experience 
much seasonal variation. Profit? 
Tor the year of about £1.6m now 
seem likely which puts the shares 
on a fully taxed prospective p e 
of 3.8, and a yield of 6.2. Thl? 
seems a low rating tin spite of 
Inland Revenue investigations) 
given Saalchi and Saatchi's P'e 
of 10 and Collett's strong blue 
chip client base. 

Second half 
slowdown 
at Lawtex 

.FOLLOWING . THE £34.466 rise at 
midway, taxable profit of 1-awlex 
ended the 53 weeks to -July 1. 
1H7S at £501.965 compared with 
I45S.2S6 in the previous year. 
Turnover advanced from £9.77m 
to £l2.4Dm. 

Directors say margins were 
consistent throughout ' the year, 
although keener than last year. 

The tax charge of £31.749 
reflects a change in the account- 
ing policy for deferred tax and 
the 1P7U-77 figure is adjusted to 
£29.745. Net profit emerged at 
£470.216 against £428.541. 

Earnings per 23p share are 
stated ai 23.op (21.4p) and the 
final dividend of 1.723p takes the 
total from 2.387p net lo a 
maximum permitted 3.223p. 

External Inv. 

INCLUDING LOWER profits from 
its investment dealing subaid iaries 
of £12.750. against £39.273 last 
lime; taxable revenue of External 
Investment Trust for the half 
year to September 30. 1!I7S, rose 
from £208.662 to £314,617. Half 
time net asset value per £1 share 
was 33. Bp heller at 204p. 

The net interim dividend is 
raised lo 2.75p (2J25pi and the 
directors forecast a final of at 
least 2.75p. 


FOLLOWING A record fir?t six 
month:, profits, before f as. uf 
Sirdar, the knitting and rug wool 
group, expanded from £629.000 In 
£ 1 . 22 m. in the .second half taking 
the total Tor the year ended June 
30. 1978. up to £2.1 lra. almost 
double the £1.14m achieved in 
1076-77. 

Profits in the first hair were up 
by 75 per com and the directors 
'.aid that they expected this 
improvement to continue through 
the >econd half. 

Sale.? in 1977-7S showed an 
increase from 116.44m in £in_2Sm. 
In the current year sale? volume 
is continuing to rise and il is 
intended that a further £2in will 
be spent on plant and buildings 
financed from ea-<h flow. __ 

Commenting on the 19u-7S 
re? u Its the directors -tale that 
although exports wore disappoint- 
ing and trading in Europe was 
?till depressed, the home market 
including Eire, continued m show 
good growth. Hayfiold Textiles 
made a good contribution to the 
results. 

Tlie year's profit was struck 
after lower interest of £208.470 
against £414.152. Providing for 
lax and taking in non-trading cur- 
rency exchange gains of £66.832 
(£41.061) the available balance 
conies through at £1.73m. com- 
pared with li.OSm. Earnings per 
23 p share are slated at 20.78p 
l I2.!)p). 

The dividend total is increased 
from 2 7 9923 p to 3 147S2p net. 
with a final of l.B8782p. A one 
fur two scrip issue is also pro- 
posed to holders registered on 
October 27. The director? point 
nut that as a major pruporuon of 
reserves have been re-invested in 
fixed assets in recent years this 
issue reflects the position. 

The chairman has waived the 
right to receive dividends amount- 
ing to £16.383 on the 520.804 
shares beneficially owned by her. 

• comment 

.Sirdar's performance in 1977-78 
was outstanding with pre-tax 
profits 86 per cent higher. The 
only weak spot was Germany 
where the company lost a major 
mail order customer and was 
forced tu provide £Uffl.u00 for 
stock losses. Switzerland, which 


DIVIDENDS ANNOUNCED 


Date Corre- Total Total 

Current of spending for last 

pavment payment div. year year 

AHlfnnd (Capital) ...tot 0.17 Nov. 24 0.15 — £-42 

AJUfund (Income) ...wt, 3.3 Nov. 24 3 “ 

BP MgS 2.38 Dec. 9 2.18 321 2.86 

Christies lntl int. I.25J Nov. 28 1 — 3-27 . 

Collett Dickenson . „ _ ' 

Pearce int. 1.74 Nov. 27 l.n6 — 3.27 

Coronation Syndicate ... #‘,l Nov. 30 2.5 S 2^ 

Empire Stores Int. 2.48 Nov. 14 2.22 — S 4J6t 

External Investment int. 2.75 Nov. 15 2.23 — J-i® 

E. Fogarty 1 int. 1.12 Nov. 8 0.S5* — 2.oo* 

Hunting AsSord int. 1.5 Nov. 23 1.35 — 

Jersey General Inv. ...int. 6 Nov. 30 5 — 13 

Lawtex 172 Jan. 2 1.39 3J2 259 

Lockwoods 4.12 • Nov. 13 3.69 4 12 3.69 

London & Strathclyde ... 1.13 Nov. 24 0.93 Lh . 1;38 

Moran Tea 10 -Ian. 2 10 lo** lari 

Wbl Pickles int. Dec. 29 °-=® “ 

Sheffield Brick inL 0.75 Oct. 18 0.73 — ■ --S3 

Sirdar 1.S9 Dec. It 165 3.1a 2.^ 

Transatlantic & GenL inL 2.5 Nov. 15 225 — 

Tweefontein Utd. 

Collieries »nt. ^75 Nov. 30 4a — SI 

Weeks .Associates ...int 0.6 — 0.n — J-3 

Womb well Foundry 1 Nov. 30 0.S6 l-->4 1.13 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. t On capital 
increased by rights and/or acquisition issues. ? Includes additional 
n. 03 94 64 p now payable, g Final of 2.90S47p forecast. ’. South African 
cents throughout, i* Additional 0JJ46p for 19n. '‘•For 9 months. 
m For 12 montlis. §5 On A and B ordinary. 



caused problems a year ago, is 
now breaking even and the 
reorganisation casts which 
limited 1976-77 profit growth did 
not earn' over into 1977-78. The 
very rosy profit picture was 
helped by a nominal price 
increase in January and second 
half margins were nearly five 
points higher. But the main 
boost came from a shift or 
emphasis within the product mix. 
New equipment has enabled the 
group to manufacture more 
intricate patterns for its handknit 
products and these tend to be 
on better margins. Some trading 
losses are continuing in Germany 
but profits are likely to increase, 
albeit at a slower rate, in 
1978-79. With the shares, which 
jumped 7p to S3p on the news 
on a p/e of 3.9 and a yield of 5.8 
per cent, the market does not 
seem that impressed. 


Lockwoods 
static at 
£2.25m 

FOLLOWING A £5.000 rive to 
£946.000 in midway profits, a 
similar gain in the second six 
months left the pre-tax figure of 
Lockwoods Foods at £2^51,000 for 
the May 31. 19TS. year, compared 
with £2.241.000 last tune. 

After tax of £1,148.000 
(£1.146.000). earnings per 25p 
share were little changed at 
lS.5Bp against 18.42p. The divi- 
dend is raised from 3.6S953p to 
4.1199&P net The company has 
close status. 



. ... t readm Jiloiuiita 

Lord Erroli. chairman of Consolidated Gold Fields, who 
reports profits nearly doubled to £69.8m. 


Ruling on pref. scrips 
begins to bite 


Christies Inti, heading for record 
in buoyant world art market 



growth 


1975 £3.21 m 


1972 £2.11 m 
1971 £1.63 m 
1670 £1.27m 
1969 £1.21 m 
1968£1.00m 
IS 67 £0.81 m 
1966 CO. 6©m 
1965£CM30m 
1964£OS6m 
1963 £047*17 

~ Air. F. V. Waller, Chairman, reports a rise of 
19.5% in pre-tax profits and an increase of 29% 
in the dividend more than maintains the growth 
pattern of the Company which has now been 
unbroken for sixteen years. 

Moreover, we anticipate improved profits in the 
current year and believe we can look forward to a suc- 
cessful future. 

Copies of the Annual Report containing the Chair- 
man’s Statement to shareholders, are available from the 
Secretary • Adwest Group Limited , Reading RGo 4SN. 

Ad west Group 

Automotive, EiectricaI,.\^icultiiral,Iadc5trialandEn^!iecriiigProductfl. 


THE CONTINUING buoyancy of 
the international art market and 
greater activity in the groups 
salesrooms throughout ihe 
world helped expand taxable pro- 
fits at Christies International 
from £1.917.000 to S.BS5.UU0 tor 
the first half of 1978. Turnover 
climbed £2.95m t„i £9.8tn. 

Sales in the UK of £2ii.tim indi- 
cated the importance of London 
as the centre of the art market 
Mr. A. A. Floyd, the chairman 
comments. Overseas sales were 
-ahead 50 per cenl to IlSui. 

On the assumption that the 
existing market conditions 
remain through the rest of the 
year, the chairman is hopeful of 
a full-time surplus satisfactorily 
in excess or the record £4.om 
attained last year. 

Geneva has maintained its posi- 
tion as the major European sale- 
room for jewellery and precious 
objects and the company's New 
York saleroom has established 
itself witiiin 14 months tn such 
good effect that it has made a 
significant contribution to the 
half-year results, he slates. 

The net interim dividend is 
raised to l£!5p tip) and an addi- 
tional «.346p is to be paid in res- 
pect of 1077. Last year's total 
amounted lo 0.2742 p. 

Tax of £1.352.000 (£1.099.000) 
left a net profit of £1,330,000 
i £818.0001. 

• comment 

An investment? may hold some 
risk to buyers bui. as Christies 
!ir?r half ligu/^ show, given a 
regular flow of vales there are 
cood profit!) on the way through 
for the auctioneers. The strong 
growth in ih«? period has been 
Helped by the inclusion of New 
\ork for the whole period, 
following the launch there in 
May Iasi year. Aided by New York, 
overseas sale- jumped 50 per cent 
‘.o £18m labile the value of ?ale.? 
in iie LK u 25 per cent up at 
I29.6m. .M .trice; share has 
increased slightly during che 
period but a significant factor in 
profit performance ha? been the 
company ? >Je?i.-ion to concentrate 
on the e ale margin rather than 
; sle volume The fall in ihe value 
of riie dollar could affect V.S. 
buying iniere-t : n the second half 
but. incr?d_M.d demand from the 
continent should more than off-er 
/ny G.y. downturn. The shares 
rose 4o to l:!5o ahead of the new? 
nn low volume and. with full 
year profiis ar-jund £5Jm likely. 


the prospective p/e is 11.2 and Hie suretyship. Lyon Defaulbe Under- 
yield (assuming 10 per cent writing Agencies have been 
increase) is 4.) per cenL appointed underwriting managers 

for the company under the con- 
^ . trol af Mr. David Norris, and it 

OrClGrS Dialler wiH operate through the broker 
"O market. 

f nr Dnmrip The Korean Reinsurance Com- 

lUr St ill ai pany,. previously the Korean 

Reinsurance Corporation, was 
TpYtllPC formed by the South Korean 

1 Government in 1963. It was de- 

The urgently needed increase in nationalised in Febriuiry and 
both value and volume of sales officially went pubbe with a listing 
is now appearing on the order Ule 

books at Ramar Textiles. This majority shareholding u held 
should be reflected in Improved °y a syndicate which includes 15 
profits in the latter part of the insurance companies, eight banks' 
current year, says Mr. Michael and four securities companies. It 
Radin. the chairman. baa operated in the UK for many 

Mr. Radin rtids that he has years trading through the Lyon 
become more confident for the Defaulbe Group. It has assets of 
future especially since there is, US*144m. with world-wide gross 
at present, a positive demand for premiums of 3163m (net SSOm). 
quality merchandise far which 

h ' s ' Mn, ; d 3 Signs of better 

-As reported on October 6 tax- 
able profit for the year to April fuhira a* 

28. 1978, flipped to £205.983 lUlUIC aft. 

i £274.670) on sales of £9USm TT , - - 

i £7.61 mV Exports have risen f-iilGrT) tyljinlrav 

150 per cent to £I-23m over the 1AU b u 

past two years. The net dividend Greater marketing emphasis to- 


me company has earned a p; _i* L 

reputation. OlgDS OI better 

-As reported on October 6 tax- 
able profit for the year to April tufiavaa nf 

28. 1978, flipped to £205.983 lUlUIC Aft. 

i £274.670) on sales of £9USm TT , « - 

i£7.6Im). Exports have risen rill 0(1 ^IflPKllV 
150 per cent to £I53m over the ifKlUkd/ 

past two years. The net dividend Greater marketing emphasis to- 
is effectively raised to 0.30l8p wards contract sales is producing 
4 0.21 135p) per op share. some encouraging results at home 

On a current cost basis along ant i overseas for Hugh Mackay 
the Hyde guidelines profit is and Company, carpet maker. In 
reduced to £122,000 (£198.000) his interim report. Mr. John 
after extra cost of sales of Mackay, the chairman, says the 
£47.000 (£60,000) and a depre- future will continue to be difficult 
ci3»ion and leasing costs adjust- but the group's ability to be 
men! of £ 10 S. 0 O 0 (£80.000) less a versatile and to provide customers 
gearinc adjustment of £71,000 with their specialised requlre- 
(£63.000). nients would enable it to over- 

tender the April scrip issue, come the surrounding difficulties. 
3.5m new deferred convertible Carpet trade statistics indicate 
?harc« were accepted and the that householders are continuing 
balance of 7.2m shares were to place carpets relatively low on 
issued as ordinary shares. their priority list of necessary 

The downturn last year was purchases. In spite of competition 
due mainly to the re-organisation by manufacturers 'to fill their 
ihat has been takina place gradu- capacity, which has not been fully 
ally over the last two years and used for some years, the group 
ha? continued over the last six ha? maintained sales, he com- 
nionths. the chairman states. merits. 

Upward movement in the world 
/-i ,| -rr wool and man-made fibre prices 

NOU til Korean forced the company to lift its sell- 

W mg prices in August after more 

i nciironna than six raonths ° r stability. This 

insurant? contrasted with large and almost 

m quarterly increases in previous 

PYTlSITlClon years of sharp inflation. 

VAJjaiiJlUil The improving strength of sterl- 

The South Korean Insurance "r " 

industry is expanding its opera- have CQR1 bined to make the com- 

L° ns the^ Korean S Hnys es i wrt business harder. 

inwrinw ritKi hv M,* k! ! Bot , h factors have also tended to 
Insurance (LK) b> the Korean -be more stable UK prices 

Reinsurance Company. It will ] e s s competitive abroad. Neverthe- 
wnre all clauses of general short- less first half exports sales were 
term business, both direct and higher in both volume and value, 
reinsurance, excluding credit and Mr. Mackay reports. 


Barr and Wallace Arnold Trust 
is the first company to cancel its 
plans for a scrip, issue of prefer- 
ence shares fofiowtng the Trea- 
sury's latest order designed to 
close the loophole of issuing fixed 
interest preference shares as a 
way around dividend controls. . 

Yesterday, the Treasury was 
taking the line that a company 
which had already had its prefer- 
ence scrip proposals ' passed by 
shareholders at an extraordinary 
meeting would be ahowed'to go 
ahead. . 

However, companies -which had 
not obtained shareholders' 
approval would, if making such 
an issue, be obliged to deduct the 
interest or dividends payable on 
them from the sum available for 
distribution as ordinary dividends. 

Therefore. Halma. which had its 
scrip issue of II per cent prefer- 
ence shares confirmed by share- 
holders at a meeting on Tuesday, 
trill be able to go ahead without 
any damage to its ordinary divi- 
dends. 

Other companies, apart from 
Barr and' Wallace, have - been 
caught between announcing pre- 
ference issues and getting them 
approved. These are Campari, 
Start rite Engineering and Be jam. 

The directors of Campari, who 
were planning to Issue 2p 
preference shares paying a net 
dividend of lOp a year, werfe not 
a vn liable for comment yesterday. 

However, to go ahead with the 
plans could make a big dent in 
the ordinary dividends if the 
Treasury’s order is implemented 
against Campari. - Last year's 
ordinary dividend cost around 
£123,900 and this year the 
preference dividend of nearly 
£62.000 would have tn be 
deducted from - the - ordinary 
payout. 

Sources close to the company 
were suggesting last night that 
Campari could either drop Its 
plans or go ahead and try to 
increase the ordinary dividend by 
enotber method, thougb the 
second alternative looks unlikely 
to be adopted. 

Mr. W. R. Bruce, chairman of 
Staitrite. said late yesterday 
afternoon that he was intending 
to inform shareholders 4hat the 
scrip issue would be dropped 
because of the Treasury's move. 

Bejam, which announced its 


intention for a preference scrip 
last week, is still considering the 
position. Mr. Cox, of Barclays 
Merchant Bank, was making 
representations to the Treasury 
yesterday on Bejam's behalf, but 
these have a slim chance of suc- 
cess, and an announcement is 
expected to be made today. 

tn . the market Barr and 
Wallace's shares fell bark 13p lo 
162p, Campon dropped Sp to lQfip. 
Startrile eased 2p tu 145 d and 
Bejam fell 4p to 59p. 

Rickmansworth 
£2.5m tender 

Rickmansworth and Uxbridge 
Valley Water Company is making 
ah offer for sale by tender of 
£2.5m of 7 per cent redeemable 
preference stock 1985 at a 
minimum price of £97.50 per cent. 

The stock is payable as to £10 
per cent with applications which 
must be received not later than 
11 am on October 19. The balance 
will be payable on or before 
December 14. 

Interest on the stock will be 
payable half-yearly on October 1 
and April 1. The first payment 
next April will be at the rate or 
£2.139 ner cent 

The stock will be redeemed at 
par on December 31, 1983. 

Brokers to the issue are 
Seymour Pierce. 

• comment 

At the minimum fender price 
Rfdcmansworth's issue offers a flat 
yield of 10.71 per cent and a 
redemption yield of 10.95 per 
cent. The recent Bristol issue 
offers a slightly higher redemption 
yield in the market than 
Rickmansworth. and the last 
water issue. West KenL ended 
with two-fifths of the stock in the 
hands of the underwriters. 
However, this is the first new 
seven-year stock for around 12 
months, and the' brokers fee) this 
should give the issue added 
attraction. The grossed-up 
franked income return is worth 
14.58 per cenL However, if the 
drift in the market continues 
anyone seeking stock is unlikely 
to tender much above the 
minimum of £97.50 per rent. 


Shouldn’t you be doing 


dollars? Come to a 
forum at 

Merrill Lynch 


154 companies wound-up 


tinier? for the compulsory 
WinCim; up of 154 limited com- 
pdii.es \%ere made tav Mr. Justice 
RrtJhtmin in ihe Hish Court on 
Monday. Thev were 1 Tarcet 
Window s. Devene. TIS (Total 
Graphic?!. Oi-tnm Made Window 
Company and V.alkerson (Insur- 
ance Broker? i. 

Swift^ n»evelr.pmpnts. Bullinednn 
House ’-t ine Company, Container 
Pefurni-hir.c. Zedhurst and 
Yuznpair. 

Evrnv llp-i;n Teceec Elec* 
ironic*. Crj-i.,1 Bulk Food Centre, 
poyt-oin o* arid Lee Donric. 

LardmviMe i Rol lierham i. Seaho 
l>"«. F |r » C:iy Film Productions. 
fir».«u Credia.nd ■ Holdinssi. Bi.-re.a 
,-nd Graham V-ery (East Ansliai. 

Copeouip. isv.'.* Mirrain? Com- 
par.'.. Lisadean Inns. Concept 
Pe-icn? lEshvri and Streamlodse 
Iniernationsl. 

Vert-bond Collimor. BeHmanda. 
Qii.ion Discount Services. Jixrest 
and Tallman •'lores. 

Vera clan. Badgers Mount Stone 
uoinpany. G.nbiia! Bioscope. 
Lau;hton Hill Carafe and Abbey- 
-h>re. 

.Sanderleigh. Ar.glo American 
Mmor P^rts and Equipment Com- 
nary. Pretan. Arch world and 
Be^an bridge Electrics. 

c-.aoche and .Mercer, Bripcson 

'.^rehouses. f'h 3r ;ion Building 
supplies Lonn:nghur*r and 
^' ,r J!| d Restaurant. 

nr-'d^n i .<>r-. Tiri^n op. Grev Tnpe 
tinwmwn-.. M ne-.e'«e- 

menLe and P-mbrokeshire Crane 
dire Lompapj. 


P. -I. Cotter. Robert Fletcher 
t f "elebrity Shirts). Shop Fitters 
(Cleveland). UFP (Plasties). 
II bury (Contractors) and 
Hammerion Builders. 

Faciema. Coinview. L. Win aha in, 
Quicklabour and Trimwnod. 

■I. P. Burden and Co., -ICD 
.Shopfiiters. Swaithe Motor Com- 
pany. Hudson tHoiel Services) 
and Bluethorne Vending. 

SE Fun Toys. Don Chemist, 
Tu inhere Investments, Ru?l!e- 
crade and David Crosgley 
Contracts i Leeds i. 

W'heelsfleet. Captain Inter- 
national Industries nf Europe. 
Gumshoe Fashion. J. W Rartram 
and Sons (Builders) and ITiames- 
mesd Chemists. 

.Mainland Property Company. 
McCulloch and New tU. Marie 
Lloyd Luncheon Club. Wilding 
Development?. Chi vs Motors and 
Residential and Industrial Proper- 
ties l. Northern i . 

Chapel Estates (Building 
Contractors). Wilmas Electrical 
(Contracts). S. L. Page and Co., 
T. V. Kearns and Videocraft. 

Kaygrove, C. Callaghan Plant 
Hire. Saunhill. MRH i Builders 
and Mechanical Services) and 
Shiels and Delaney Conversions. 

Lafferty Construction Company, 
-Inhn Martin Shirl Company, 
Kapstall. Rvran's Bakeries and 
Carr atirl Ball. 

Aiamaf* Textile*. Goff Rrn*., 
Waterloo Ruildinj Sen-ices (UK), 

Prem (^bla fingmeers and Mfte 

Mulrej. 


Westland Rovers, Schlpell 

Supplies. Home Improvement 
Company (Hemel Hempstead) 
J. S. Beaeley and Cane hurst. 

Salisbury Sports, Pierina 

(Caterers i. Carpet Centre 

(Newbury), Hallcrop, Third 

Rebus. 

L. G. Pearce (Haulage). M. S. 
Mobbs and Co.. Orange Cup. 
Lexicon Insurance Brokers and 
Mergenorth Builders. 

North Norfolk Timber and 
Building Company. Ramsburgh 
Batekirk. H. A. and E. M. Taylor 
and Bisade Property Company. 

Garmail. Holgatc Developments. 
LP.H. Music. Kwai-Lam Restaurant 
and Imsa Construction Company. 

Colmek Exports, Capway. Fhr 
Developments. G. C Reynolds 
(Coventry) and Gilbert Construc- 
tion. 

Planlt Builders Company. 
Dobson Harcourt and Maine. 
Purdie Markham and Mawe. 
.Space Utilisation Holdings and 
Intercontinental Academic Boob 
Supplies. 

R. A. N. Services, Zonerick 
(Gatrwick). Maronberry, Carmen 
Pottery Design and Lenricb 
Computer Services. 

Northern Roekdrillers, Mentor. 
AHerworth, Bondrim and Blythe 
Spirit 

Grahams of Shifnal, OwlclifF 
Building Components, Southern 
Reliance Company. Soutbvfile 
Builders and Constructors and 
Cavendish General Service 

( MflnagErrwn t*), 


You don’t havierto stand by and vratch vour dollars 
going up and down in value. Especially down. There 
are positive things you can doaboutic And Merrill 
Lynch cart show you how. 

To hedge a gainst fluctuating exchange rates, Merrill 
Lynch can help you to deal in interest-rate futures or 
exchange rate futures. Or they can help construct a 
hedge dollar program. As one of the world’s biggest 
securities firms they have unrivalled expertise in 
sophisticated financial techniques. How do you start? 
Simply come and listen to the profess ionals'ar the next 
Merrill Lynch forum on Wednesday, 18th October. 

It’s being held at 6 pjn. at the Tiipe Life Building, 

353 New Bond Street, London WL. 

AU serious private investors arc welcome. You'll find 
it useful, stimulating and - in the long run- hopefully 
profitable. And it’s free. To reserve a place, post the 
coupon today, or phone Susan Frith on 01-493 724 2. 



Merrill Lynch 


IJccmcd dealer insecurities. 

Merrill Lynch Pierce, Fenner & Smith Ltd- 153 New Bond Street. 
London WIY9EA. - 

18tfaOo»b«T978. 

I do □ I dpgm.nicrjETTJjLdnniw 

Na™ • 

Address ! 

- - - - T ti arihnafi ry - 

Telephone Office. i 1 W™* ’ • 




i 




25 





Hie Morgan Bank 


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CjJaSS? f r^l ^ fpnh?n !" te A 1 ^ t i° n 5 1 ban i'il? off icere are briefed bn a new computer system that gives overseas clients daily reports of account actiWtv. 
Clockwise from left. Stephen kirmse, Amsterdam; Arthur Rogers, London; Jean-Pierre Desbons, Paris; Philippe Coppe, Brussels; Eric Bourdais, New Yorfc. 


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bank you need. 

Morgan Guaranty Trvst Company, 23 Wall Street, New York, N.Y. 10015 • 
L\ London: 33 Lombard Street ec.ip sbh ; 31 Berkeley Square wix 6EA 

• Other Banking Offices: Paris, Brussels, Antwerp, Amsterdam (Bank 
Morgan Labouchere), Frankfurt, Diisseldorf, Munich, Zurich, Milan, Rome, 
Tokyo, Singapore, Hong Kong, Seoul, Nassau • Representative Offices: 
Madrid, Beirut, Sydney, Manila, Jakarta, Kuala Lumpur, Sao Paulo, 
Caracas • International Subsidiaries: San Francisco, Houston, Miami, 
Toronto (J. P. Morgan of Canada Limited), Madrid (Morgan Guaranty, s.a.e.) 

• Incorporated with limited liability in the U.S.A. 










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26 


Empire Stores nears 
£3m in first half 


A 16 PER CENT increase in pre- 
tax profit from £2.55m to £2.95m 
is reported by Empire Stores 
(Bradford) for the 28 weeks to 
August 12. 1978. 

Mr. J, Gratwick, chairman, says 
the results are closely Ln accord 
with the group’s plans and 
expectations. Following the high 
level of sales in the equivalent 
period last year directors had 
expected turnover for the first 28 
weeks would be only slightly 
ahead of the inflation rate, and 
the 1" per cent increase from 
f 44.48m to £31 .95m is considered 
satisfactory. 

In May it was forecast that the 
full year's results would show- 
satisfactory increases in sales and 
profits and Mr. Gratwick says 
directors are still of this view. 
For all last year a record £6fl9ra 
was achieved. 

The halftime profit includes 
investment income of £71,000 
(£18,000) and is after interest pay- 
able of £1S9,000 compared with 
£354.000 last time, After tax of 
£1.53m (£lJ3m> net profit came 
nut at £1.42m against £1.22m last 
time. 

Earnings per 25p share are 
stated at 5. ip (5.05p1 and the 
interim dividend is lifted from 
222p net to 2.47f»p. An additional 
0.039464p is also to be paid Tor 
1977-7S when a 2.fiQ4fip final was 
paid. A final this time of 2.90S47p 
is forecast. 

During the first half the croup 
was able to increase its numbers 
of active agents, and directors 
intend to continue the policy of 
agency expansion as part of its 
objective to increase its share of 
the mail order market. 

The transfer of its agency 
accounting m a computerised 
system is reaching its final stages 
and should be completed by the 
end of the financial year. 

Mr Gratwick says this operation 
has increased costs in the tran- 


sitional period, but its completion 
is expected to lead to a reduction 
in overheads. Already the group 
is in a position to exercise tighter 
debtor control .and is benefiting 
from an improved cash flow. 

See Lex 


man. views the future with confi- 
dence. 


Fogarty 
well ahead 
at mid-term 


WITH TURNOVER £2 -22m higher 
at flD.OSm pre-tax profit of 
E. Fogarty and Co- jumped from 
£727.000 to £1,056,000 in the first 
half of 1978. 

Net profit came out at £307,000 
(£407.000) after tax ahead from 
£320.000 to £349.000 and earnings 
per 25p share are shown at 11.3P 
compared with an adjusted 9.9p. 

The interim dividend is lifted 
from an adjusted O.S4Slp to 1.12p. 
and takes all the basic 10 per cent 
increase for the year. Directors 
intend paying total dividends in 
line with the maximum permitted 
by current legislation and the 
balance of the permitted increase 
will be added to the final. Last 
year an equivalent 1.7U383p final 
wa-> paid. 

Directors say business remains 
good and they exited the 
improved rate or profitability to 
be continued for the full year. 


Speaking at the AGM he said 
that the sale in August of vari- 
ous subsidiaries Lo Travis and 
Arnold had made chemical mer- 
chanting the principal business 
of the group for the time being. 
He pointed out that considerable 
funds were available for reinvest- 
ment and it was hoped to make 
some suitable acquisitions in the 
next few months. 

On ' the chemical division the 
chairman reported that sales in 
the first fire months of the cur- 
rent year showed an increase of 
16 per cent to £S.51m. 


Sheffield 
Brick down 


Ellis & Everard 
sales rise 


Ail pans nf. the Ellis and 
Everard group are doing well 
and Mr. Anthony Everard, chair- 


With tbe interest from the 
cash received in May from the 
sale of its brickworks failing to 
compensate for the loss of earn- 
ings. taxable profit of Sheffield 
Brick Group fell from £83.000 to 
£34.000 in the first six months of 
1978. 

Turnover was £1.25m (£l36m), 
and excluding brick sales was 
£ l.22m <£1.15mi. Tax takes 

£28.000 (£44.000) and after an 
extraordinary debit or - £32.000 
(£11.000) there was a £26,000 loss 
compared with £30.000 profit The 
interim dividend is, however, 
maintained at 0.75p and Mr. C. G. 
Buck, the chairman, says that 
now the way ahead is clearer the 
directors look to tbe future with 
quiet confidence. La*t time a 2.1 p 
net per 23 p share final was paid 
on profits . totalling £145.000. 

Mr. Roger Marsh, who has 
acquired a 20 2 per cent stake in 
the company following the sale 
by Raine Engineering of its 2SJ3 
per cent holding, has joined, the 
Sheffield Brick Board. 



Preliminary Announcement of Results 
for the year to 30th June 1978 
and Proposed Final Dividend 
on Ordinary Shares 


At the Annual General Meeting to be held at the Dorchester Hotel, Park Lane, London, W.I., 
on Tuesday 28 November 1978, at 11.30 a.m., the Directors will recommend a final dividend 
of 6-0005p per fully paid Ordinary share payable on 6 December 1978. Together with the 
Interim dividend of 3-l9l6p per share this amount will make a total of 9-1921 p per share for the 
year. After taking into account the related tax credit, this total is equivalent to 13-7l95p per 
share compared with 12-4723p per share the previous year and represents an increase of 
10% which is the maximum permitted under current legislation. 


The results of the Group for the year were as follows; 


Operating profit: 

Construction materiais 

• • 

■ ■ 

m • 

• • 

9 m 

1978 
£ million 

303 

1977 
£ million 

17-7 

Industrial and commercial .. 

■ ■ 

■ ■ 

9 m 

• 9 


17-7 

14-9 

Mining 

m • 

• ■ 

m m 

9 9 

9 m 

77 

4-8 

Financial 

Dividends on investments 

■ • 

• • 

m m 

9 9 


163 

143 

Realisation of investments 

• « 

a • 

» • 

9 9 

m m 

10-0 

7-0 

Other revenue net of charges .. 

• • 

• i 

• • 


a • 

36 

6-0 

Exceptional items «. .. ... 

» • 

• ■ 

V 9 

9 m 

9 9 

(11-9) 

(21 B) 

Share of profit of associated companies 

• • 

• m 

• 9 

9 m 

9 U 

73-7 

13 8 

43-6 

8-6 

Profit before interest and taxation . . 

v * 

• • 

9 9 

m a 

• • 

87-5 

52-2 

interest payable * .. 

• • 

• • 

9 m 

■ 9 

■ ■ 

17-7 

16-6 

Profit before taxation 

• m 

■ • 

9 9 

9 9 

9 9 

69-8 

35-6 

Taxation 

Group 

• ■ 

■ • 

9 m 

9 9 

a 9 

288 

15-5 

Associated Companies .. .. 

• ■ 

■ ■ 

■ 9 

• 9 

9 W 

09 

0-6 

Profit after taxation 

■ • 

• • 

• 9 


■ ■ 

401 

19-5 

Attributable to outside shareholders .. 

• «p 

• » 

9 9 

9 9 

• 9 

56 

<5 5) 

Attributable to ihe members of 

Consolidated Gold Fields Limited .. 

• • 

■ • 

99 

99 

9 9 

34-5 

25-0 

Ordinary dividends (including proposed final) 

• • 

■ ■ 

9 m 

m ■ 

9 9 

13 5 

9-9 

Retained .. .. .. .. .. 

■ • 

• m 

m 9 


9 9 

21 0 

15-1 

Earnings per share 






34 5 

25 0 

(based on lhe average issued ordinary share capital) 

• • 


9 9 

- 25-15p 

20-28p* 


•Adjusted in respect of the rights issue -in November 1977. 


NOTES: 

1. Profit before interest and taxation 
Profit before interest and la nation increased by 
£35 3 million (68 per cent; lo £37-5 million. The 
principal factors were: 

(a) Construction Materials 
Increase £12-6 million. 

In lhe Uniled Kingdom continued 
improvements in productivity, plus a small 
upturn in demand for most ol Amey 

Roadstone Corporation's products, resulted in 
subsianlially higher profits being achieved. In 
the Uniled Slates, profits included those 
arising Jrom the acquisition of Hydro Conduit 
Corporation in July 1977. 

(b) Industrial and Commercial 
Increase £2 8 million. 

This was mainly attributable to higher sales in 
the United Kingdom and on the.Conlinent of 
beer containers and dispensing equipment by 
Alumasc and improved steel markets and 
manufacturing efficiencies in Axcon. 

(c) Mining 

Increase £2-9 million. 

In Ausiralia. because of higher tin prices and 
production. Renison's profits increased 
sharply. This was ollset to some extent by a 
number o! adverse /actors including difficult 
market conditions for the iron ore and mineral 
sands operations. 


(d) Financial 
Increase £2-1 million. 

This was principally due to higher dividends 
from the gold mines and lower unrealised 
investment depreciation. / 

(e) Exceptional items 

Provision reduced by £9-7 million. 

The charge this year consisted of a general 
provision towards closure of Wheal Jane, the 
Group's tin mine in Cornwall, and a provision 
in respect of the Gunpowder copper mine in 
Australia which is currently on a care and 
maintenance basis. 

(f) Associated companies 
Inrrease £5 2 million. 

This was mainly due lo higher profits in Gold 
Fields of South Africa, reflecting increased 
dividends from lhe gold mines, higher profils 
on realisation ol investments sold lo finance 
new projects and lower unrealised investment 
depreciation. 

2. Net profit attributable to the members of 
Consolidated Gold Fields Limited 

The net profit attributable to the members of 
Consolidated Gold Fields rose by £9-5 million 
(38 per cent) to C34 5 million. 

3. Earnings per Ordinary share 

At 2ST5p, earnings per Ordinary share showed 
an increase of 4-87p 124 per cent). 


Financial Tones 




4. Annual Report and Final Dividend 

tt is intended to post lhe Report and Accounts on 27 October 1978. and subject lo approval of the 
proposed final dividend at the Annual General Meeting, the following arrangements with regard to 

payment will be made: • . . _ .. . . . . , 1L „ 

The dividend will be payable lo holders of Ordinary shares registered in the hooks or the Company 
at the close of business on 27 October 1978, and to holders of Coupon No. 124 detached from 
Ordinary Share Warrants to Bearer. ....... _ _ . 

Dividend warrants will be posted to registered shareholders on 5 December 1978. 

Shareholders on the Johannesburg Branch Register ol the Company will be paid from the Company's 
office at 75 Fox Street, Johannesburg, in South African currency at the London foreign exchange 
market spot selling rate (or Rand at the close' of business on 27 October 1978. or. if no dealmqs in 
Rand are transacted on the date, at the close ol business on the day next following on which dealings 

Holders of Ordinary Shan Warrants to Bearer are notified that Coupon No. 124 will be paid: 

in Midland Bank Limited. New Issue Department, Mariner House. Pepys Street, London, EC3N 4DA 

° r Lloyds Bank International (France) Limited, 43 Boulevard des Capucines, 75061 Paris, Cedex 02 

Union Bank of Switzerland, 8021 Zurich, 45 Bsiinhofslrssso 
on 6 December 1978, or at the expiration of six clear days after lodgment thereof, whichever is the 

,aler * By Order of the Board, 

P. F. G. ROE 
Secretary 


BIDS AND DEALS 


MININS NEWS 



Now it’s Vantona! Gold Fields’ earnings 





with £13.1m 


BY ANDREW TAYLOR 
A familiar face re-emerged last dent we have had to face the farts 
night in the fiercely contested of life. - 

battle for control of J- Compton We are in a growth area 


advance by 38% 


'Hr. Wi.-t 
s . 4.- 4? 


•-•4 -.S35 


BY KENNETH MAR5TON, MINING EDITOR 


EXCELLENT RESULTS for* ti£ results of Sll ■*“ ' of *S 
of [year to June 30 are announced vision. toeay us tin mine another- good..ygaK-aibt»i T ^ff 

-sp • i t unsuccessful W 1 "** Ims- draihatir -Hnr * 


S? a e S8& ° the hhT™ VmSf these j Umditfs ~ *3 

Vajotona—^subsequenUy rejected SSBff-jO- 


ted under UKdMdend legation ntrdg ^ttsai Suniam Qasta. mawtab rw. J? 



—compared with 823p for the beer^onta^n^s ° whtie. ^tbe_ U.S. tadwtrtal and. commarclS' ;^ iS 


previous year. 

On tbe mining side,-, shi 
increased protks were, .made • uy fe(Mur j n 
the Renfson fin operation in Tas^ 


containers 

benefited 


from un- 


, HJIrdtig * 




Aacon has »«TT b w«.m BWdiwte p* < 

proved stee]_ markets and man a geritganoo_ of faveatmeots ' iwjt 


efficiencies. 


Fees. -etc. 


5 - EzcetXfoiul : tteats V * 

What of the current year s out- Mawng - 


from the race but the Courtaulds thing more than £2m. 
bid worth £lL8m is still on the 
table. Courtaulds said last night 
that it was now considering its 

position following the higher bid 
from Vantona. . 

The Compton directors and them 
advisers. Hill Samuel, which had 
orginally supported the Court- 
aulds bid. now say they intend to 

N. M. Rothschild. , . : interests provided -increased f? £L,7 be ^maintained. The other ov«dc ireMers J - 

s 59 of its to absorb the whole of ”‘*n*Jcfc| { jj v j c j en (i s in line with the ctimb- a * • eaS f S ,rtnr will be the further AxuiiwtoWe w membm -31 

irg IMUoa Price. gfS, sSSS African gold nnninj JgjdJj. > »wd.,*dl 

Of other mining activities,.. the income which still plays an 1 


Gidhey’s third 
try for 

Warwick stake __ 

Mr. Norman Gidney. chairman ] ac&dtie&‘^'#hfe materials side < 

s«u*a*»* 2SSS? ^ w 


mania which offser the dfficall . sharp rate ol advance i«ie5S?~ 


conditions still beinc expen'ecced 
ho ihe Australian .iron; ore' "and a»iie\ea 


h V the construction Interest payable 
sfde <ao hardly be Prott fttfwe u« : — — 


*i#3r 
ns:.** 


maintained, but 








5 hc"“”r "comptaV; iclc l.« private company. Ctdaey 

At last nicht's closing Secunties. 


shares. 


Back in June Warwick said That 

P™? ^i^^r^ThT-rouo >t was again holding talks v 
share at almost ./<p- The -roup Gidney whicb cou7d result in 


lhe groups gamings' per stare 


which 

I loss-making Gunpowder '-copper important part 016 

I • ‘""h aitprmiive Sidney whicb could result in an ! operation in Australia is no*' on a fortunes despite the 'Pjjg* <£ ^ tuo xtetmuit 

is also offering a cash offer being made for the 23.1 per care and m ainten ance basis. while directing expansion to fields out ~ • 

worth 7op a share, valuing tne c&nt Qf ebares Gidnev ; an exceptional debit in the. latest side South Africa. 

£«!«:" t0 be «p m m Gold orofits 4 ex-bonus 

It IS Compton s export potential w hich compares with tbe 26p a! 

. mimUmJ 4L m rAAont hirl . Mi 1 • ji t ■_ sn-in • . JL s. , 


that has excited the recent bid S (, a re offer made back in 1976, ■ — : ; 

,S± !S S5» .«SBL ZZ2L JfSS'JSS Wn® a higher wow '“” r to “• p«™“ . t£ 4 J1S2!51J?SJ , 1.!S§ 


ease of importing the tHetaTS 

thoy I I S ^ 


11 October 1978 


Consolidated Gold Fields Limited 


49 MOORGATE, LONDON, EC2R 6BQ 


iruifc uuuurui uuuiuiPibuit mjancial Siaoi 5 imprm duu . -, A .. . , • . n „ ar tpr com. 

a new business for the group 27lp market price in June just’ 0 * 1 P^flU of the gold tnu^m 9 ie - sharper falls in net profits the U.S. 
aod one which they hoped to prior to the announcement of the Consolidated Gold, ^mtds . occurred in the more ‘ 
develop— whicb may mean further qjics. t group for the September quarter ma r*inaJ mines such as Doora- . 

acquisitions. Silice then, however, the shares ^ lower than, those of the fontein which received an \U , lftlHl 1 5 ; 

The group said that the deal, have risen to around 40p twith ; previous three months. The average gold price in the past ; ■ *. '-'ytiA 1 * 

on financial grounds alone, was a brief peak at 45p) on news that ; reason Ls that the previous quarter of 8201 against S223 in vn * y j 4-U>v 

expensive but Vantona regarded Warwick was expected to make period’s revenue was given ' a the previous three months and llllllC IOC 

Compton as an important profits of about £600,000 this year! onco-for-aJl boost arising from venterpost which obtahxed 5198 

. --- - -- J — 4,1 the changed method of payment against S214. 

for the mines' gold production. 

Effectively, this “ bonus " in the 


-o?1i 


strategic acquisition. — a -level which H is believed will 

Vantona had acquired a near be confirmed in the offer docu- 
9 per cent stake in Compton— ments due to be posted next week. 


.,1'7 U 

?{ » u * - 




a uci ixiil auihc aii tavuiMtwu — uiciiLh uuc w dc uui. 1 Ki fp rT iV PfV rnK hnnuc " fn thp _ _ . « 

buying shares in the market at The offer price is being recora- 1 Jljne resSSS^ the TT Q VIPW Of 

around 32p each— at the time of mended by Vparwick's finmiciai ; mines receivine on* avenme™* vlCrr UA 

lead-zinc 




its first approach several weeks advisers. Keyser UHmmm (the 
ago. Since then it has increased merchant bank which withdrew 
its holding to almost 11 per cent, its support for the 1976 bid when 
Mr. Martin " McKay, managing Warwick’s fortunes improved), 
director of Compton, said yes ter- On the basis of profits of £600,000 
day: “Both Vantona and Cour- and a standard tax charge it. 
raulds are highly respectable com- would indicate an exit p/e of { 
parties and although we would around Si. Gidney is being 
have preferred to stay indepen- advised by James Finlay. 


uranium ore ^ 

AHEAD OF* today's. annua] 
tag the Gobi Fields gfaup-WScft 
African ~ Gold - Fields 
Company: has. ■amiounc^a 
agreement whereby - the anal 
bearing Bird rems. bn -Ui^ 

. ¥ I- in.: 1 u'.' 


Lovell paying £2Jm for 
ICI building offshoot 


Imperial Chemical Industries is Land Company, which owns 


mines receiving on average a 
price of 8208 per ounce whereas 
the average price of gold obtain- 
ing on the market- during' the- 
period was about 8178. During: the 
subsequent September quarter piUSUvLL!> 

the mines . . have, received a * _ ' TT _ , , • Lui naar ds VI ai mine 

market-related average of J200; it PROSPECTS FOR the U.S. lead and .exploded by? 

must, be remembered, however, and zinc mdustriM over ^e. Sighbouring West 
that the precise amount received five years are gloomy with rc- veports Jim Danes' •‘ft 

by individual mines taries ta line stricted growth, increased pres- Tn h3BmHl hnn> . . **T * 

with the timing of saJesjl- - sure from imports and continuing. Tnf ttM . ebhsidefation -V Tl 

The higher msricet-related' price ^at^enviSnSaf'S^ gER&£8g*%*A' 
has cushioned the .fell from .the £l n i, d p^ni ChSS from Property. p Ians ».tavest i)i3ii 
previous- quarter's: exceptional J2%5LT ° lceser « nt as port of a:foriger^ni « . 

earnings. After, a good perform- ^heseconclusions emerged from ? f orating HselCW 

ance in the June quarter.: Idoor of the industry *»iven investment company, it affife 

has again come otrt particularly the \mer?can Minim CorS-w I^paards . Vlei ; wfli jwmW 
;weu in the September querter Si™, JSSSSSta tfeS* brS!."!** Jfjg-aW.***'- 


to sell its building subsidian.% the 38.000 acres of Mississippi delta thanks to an average gold price j ame , Rroadhead president of SL Profits from: the mininE it 

an seed .received of _S202 compared with z, BC . P - • 


Farrow Group, to Y. J. Lovell for land and operates as a cotton 
£2 .25m cash, it w'as announced 1964. 
yesterday. But ICI will continue Yesterday Courtlauds said that 
to retain access - to construction Delta & Pine had been a relatively 
industry technology for which it small part of Courtaulds outside 
will pay a consultancy fee to the mainstream activities. It had 
Farrow. been sold at a profit 

The news that Lovell was nego- 


tiating with ICI for Farrow was 
first • learnt at' the beginning of 
August • At the time ICI said that 
it wanted to disengage from the 
construction industry in which it 
had built up interests in the mid- 


CRAY STAKE 
REDUCED 

Capital for Industry which re- 
luctantly bid for Cray Electronics . 
in April when it had raised its! 


60s in order/to develop markets « £**5“ 

for paint and plastic products. PC 

Farrow, with its interests in “SiJiLEU .f Jl lEiSS?’. 


S196 on the previous occasion J 'Tvtih U lead use declining in every The existing. : gold ' 
coupled wtth a further increase in area batteries. Mr. Broad- agreement^ wrth^WCSt* 

gold output. - . . .. „ head expected 1983 consumption soUdated ? wnt fafl. awyl . 

Earnings of ■ Woof have - thus to he much the same as this year je«* ^ 

increased at the pre-tscp-leveL but with estimated U5. demand ex- ^ 
a higher charge to tax Md State's pected to be slightly higher than v^nsoJidateas^uranJ 

siiare of profit*; has reduced the last year at 15lm tonnes. . Pf 311 ^ t0 

net figure. KloafV latest net Zinc " consumption has been rapacity fixnn./gcvmar 

profit together with tho&e of the affected by declining use in the tonnea of 

other mines in the grotip/fe com- ‘ motor Industry- and demand has o« to 90.000. tot 


pared in the 


Dflorafonteln — , 

■East DrtefontefB 

(uWf ... - V.! 


je: 'not yet returned to, the level of bos t off Rim to be 

scBL/aLw Maro. T973. 'By 1583 it could ; be only ««t by West Rand-* 
w- ^r- about tonnes, he thought, and 2 b percent by 
vST ”5* whidh is roughly the same as in The latter s portion ‘ jk* 

ssSS 1908- Roth metals have been paid, for in cash 

<jm 2 affected by the imposition of tualiy be deducted itBtttl 


c arrow, wiui ns uneresiB in i» - n.ai amrcieu uy Uic un^uaiuuu m 

building, plant hire and property . . . ? ub aiwn - /5.U3 4321 3-*si etiyirbhmental . standards which share. ... 

fif*t’plnnvn«ni rfm'Ptailc In t%-o!l (WQ QlSpOttu Of 63,000 SnaM.JCdV f _• GJS-crupfttt ■■■■■•■•■/ rft>manff hiphf^r mnithl mvA^tmphf Planned ll]()ntbll. pf6 - 


SBfBSffi aS^cthS S3** '-u* * «— - n» 

iSlfSJiJS a-M 

will result . hi -considerably Ivf^'wes 36o ^The i,es weSi 
h^ e o» Ket H Tt,ade between September 22 and' 
Ll' 0 /*!' 1 be ^ pe , r ? ed October 4 when the shares price 
up and market penetration ranged between 30 p and 32 p. 
increased in tne London area. 


Vtafcfoniein 


7£& 


IS 4S4 


The purchase price will be paid 
in three annual uistaimeitis. 


H. GOLDMAN 

The directors of H. 


^ .demand higher capital investment Planned 

west DrieFoniriir "s.iwr '"iw ^d push up opera tlog costs.. tion from Lulpaards Vlrf fu 

♦ After, recsiwi of »rare aid. i Afi« Although the .sUJS. is seif- about. 40 JW0 tonnes 
rare aw remi«Atnt. - sufficient in lead. Mr. Bfoadhead are. likely tft be\ht n j 

In nearly; all cases, working said that the support' foreign -pro- R28 per traneiBiillgd^ae^® i m 
costs have shown -a further ducers receive from their Govern- after-tax earnings 'of. aba»,|j J f 
increase ..but they hare been menrs could result in the U.S. cents per share accriring:®? 
partly offset by higher production industry facing greater. ‘pressure Fields. Property. ' IP '.Lw 
in some cases, notably West from', imported materials. ' A yesterday, West Band 'Gg%-.^.». 
Driefoutein. while Kloof and East similar situation existed for zinc dated shares rose lOp to. OTi ’ ' 


& 


Goldman 

conditional 


ASDA OFFERS NOW Group announce 
UNCONDITIONAL grower. 

The offers by Associated Dairies Courtlands acquired Delta & 
to acquire that part of the issued I/H* "hen it bought Fine 
share capital of Wades Depart- ^Pmners and Doublers, a Lanca 
mental Stores it does not already s hire based textile company in 
own, have not been referred to aereeraent to dispose of sub- 
the Monopolies and Mergers ^ldrary, Claremont Cash and 
Commission. Carry, subject to shareholders' 

The offers are. therefore, un- 00 ^ nt for £88.000 cash to Host- 
conditional and the- cash offers gate, a company otvn«J and ctin- 
remain open for acceptance. troU ed by Mr. Brian E.Chemett, 
However, the partiai share managing director of ClmT?mon.t 
alternative is now closed. Accept- a {? t L u , , i tJ * September 30 a director 
ances so far amount to 98.39 per ° r Goldman, 
cent of the equity ! . directors are of tbe 

vqimj. opinion that aaremont -would not 

have contributed to group profits 

COURTAULDS SELLS \Vo* year to October si. 
¥T C CiinciniiDV * H, «. aud the decision to dispose 
V*„* ,, ^ Y of this subsidiary was taken in 

Courtaulds has sold a small the light of current trading difii- 
colton growing company based in cutties in lhe cash and carrv 
Mississippi in an American cotton trade, and their decision to can- 
warehousing group. Southwide centrate on Us traditional 
ln f£k- 0 ' Memphis. Tennessee. business of domestic hardware 
rhe cumpany is Della & Pine and watch and docks. 


V antage Secs stakes sold 


Kingside Inxestmcnt Company 
has sold 2(>0.noo shares (6.66 per 
cent! and London Trust has sold 
230.000 shares (8.33 per cent) in. 
Vactage Securities. Neither com- 
pany retains any interest in 
Vantage. 

A spokesman for Vantage said 
yesterday that no significant 
purchaser had come to light. He 
did not think that any strategic 
slake was being accumulated. 


bourne, it was announced yester- 
day that Bolansboume bad 
acquired 5.411, 1 76 shares of 
British Land. It had renounced 
4,729,728 shares reducing its hold- 
ing to 711,448. Meanwhile Mr. S. 
Morns .executor of the estate of 
the late Mr. F. D. Fenston. had 
acquired 4.257,507 shares on the 
estate's behalf. 


KISMET BUYS 
INTO PUMPS 

Kismet Dynailcx, manufacturer 
of sa race equipment. has 
acquired fur 103m . the pump 
:md hydro jet divisions of A. Unj; 
and Company, a subsidiary of 
Wears Brothers Group.. 

The pump division will con- 
linuc to manufacture in Worthing 
and Kismet Dynaflex Intends to 
implement plans Tor the develop- 
ment of the product ranee. The 
hydrojet division will - be inte- 
grated inio Kismet Dynaficss 
manufacturing -facilities at 
Hartlepool. The hydro jet division 
manufactures high pressure 
water . jetiinc equipment for 
many industrial applications. 


ASSOCIATES DEALS 

Mr. N. L. Salmon and Mr. L. 
Badham will he respectively 
» Holed 3.632.S47 and 14JS48 shares 
in Allied Breweries follow ins com- 
pletion of accepts nces to Allied's 
offer far J. Lyons and Co. Mr. 
Salmon is chairman and Mr. 
Radhara managing director, of 
Lyons. 


Drfefonteta have received siightiy where the domestic business was those' of Gold Fields 
higher average gold prices despite being threatened by an excess of were 22p up at 85p. I 


CHANGE OF ADDRESS 




© 


CREDIT SUISSE 


MANCHESTER AND 
LONDON 


The offer by Manchester and 
Metropolitan Investment Trust For 
Manchester and London Invest- 
ment has closed -.with accep- 
tances in respeqf of 667,677 
shared, equivalent to G6.631 per 
cent of the equity. 


BRITISH LAND 
As pan nr the deal whereby 
British Land purchased the 
Kings mere Investment Company 
(which owns the La oghara Estate j 
for shares and ra«h from Solans. 


SHARE STAKES 

Blackwood Hodge— Mr. A. R 
Barker and family have disposed 
of beneficial interests in 33,173 
ordinary shares. 

McNeill Group — Manchester 
nominees now holds 6-10.000 
CJ3.I3 per cenll ordinary share.s. 
which are held beneficially by 
Mr. G. Ferguson -Lacey and Mr. 
R. C. McBride. 

English Card Clothing— 
Britannic Assurance has made 
further purchases of English 
Card ordinary shares and now 
holds 367,500 (6,4i* per rent). 

S. Casket (Holdings) — Torn. 
Casket a director, has sold 
200,000 new ordinary shares loav- 
,n = b*m with a loiai beneficial 
^pti^non-beneficiai holding or 

Chaddeslcy Investments^ On 
2 - ws - (Registrars) sold 
ao.ono ordinary shares and re- 
mains interested in 1.096.847. 
T,, ese shares were held by Jl.S. 
nn behalf nf a truM of which Mr 
Fetierman. a director 
Cnaddesley, is ■ trustee. 


of 


As from Monday, 16th October 1978 
the new location of the 
London Branch of Credit Suisse 
will be 


24, BISHOPSGATE, LONDON, EC2N 4BQ 

Telephone: 01-623 3488 Forex DeaIers: 01-283 8291 
Telex: London 887322 Forex Dealers: 883684 887586. 


This announcement appears as a matter of record on la : 


COMISION FEDERAL DE ELECTRIC3DAD 
MEXICO, D.F. 

•US$ 30,000,000 Medium Term Loan 





Arranged by Banque Beige Limited - 

(Soctete Generate de Banque Group) 

Managed and Provided, fay 
Banca Commerclale ItaTiana (London Branch) 
Banque Beige . Limited 
Credit Suisse 
Midland Bank limited 

The Mitsui Trost & Banking Company Limited 
SocietS.GSnerale de Banque S. A. 


October 1978 


'Agent 

Banque Beige Limited 


I 


ci Y’J-X 


nin^ Wm. Pickles down £0.2m 
» and cuts interim 


Adwest to improve— plans 


7 

- 


2SSSP and a cut .Ip rn '*”' . . . _T After a us eharse of £25884 

'ST* 1 “*5 reported BOARD MEETINGS compared with£l 1 IJ24.57Hr , ^n 

WAKB MttIWM exchange adjustment to* 0 f 
, u £. conceni, for the first halt *n» following companies faaw nonurii £80.797, nod .a £14271 pre- 
lbio. dzm of fioanl ramnss t» die Stock acquisition profit lant tlmo ,i».t 

:■?>. SSS a a^rwsa- w 

| i f 0 7SJS5? rc *2? feJl hy £202.552 available as n whether dlrrfvmb are A .: na , dj.-irion,) of inn miiroc 
- : Jo £316,306. The directors sav Imerim* or finals ud the sAAIyUwb n " J'" a L“'?“? n “ 1 “ r ™P_™« 


aid Wombwell £7§m expansion this year 


J® £316,306. ^ Erectors say oF fi^is " 

bearing this in mind with The «*«">< *« based wafa on law n, , ‘ f °* the nine s montlii of 
need lo retain a?- ,22. to P" £ i *»«■ ... 


to retain Urn means to ^» MDAY 
** least of a new iMamm-Amu mmu an oif . 


... . '■’he chanse of year-end Is in 

fecorclaiice with the requirement* 


- ■. • .-*• r . • <n ■ ■■ rw>tcr Diyuinv, / 

Fw tB77. payments tottBed -w. nod J. Gtouw. Giwtft &a»mi«r. 
■■:.<J.68fip and £798,000 taxable profits Clurfei KM of nmol. nrepKCib^n. 
- were *"'**“■* l(Pr . CooWT- London and Prom»cni 

■ Poster, aunto-Btacfc Mews. Mwrtwtae 

• '*•• • -jiI” ^rec^rs report that 1978 and sm*. Ko» Bros-. M> Mowien. 

ai « not open np well and this Anal# seed. -seEnconre.- ■■. . 

■■ .. -. month; at the - r *jgTJStJi 

■ ’ .'*■.■ • *"*• m Ua y »*}* n«aiB& FnovMi Part ck-' 

June when very unseasonable putukh dates 

" -:. ^auter left the gronp with stocks »«*riw*“ • ■• ■■ Knw , 


. — **• ■>** b*i\ niui WVvlW ^ . J _■ v.- « 

cleSS®S 


Weeks 
lower 
so far 


Cleared at uneconomical prices, jj* v«rc Hwri* end nenavHBt ■*• **• 19 

It also caused some short time FaifTinr rkmu — .£«-» ALTHOUGH TURNOVER was 

working la certain factories. Fwd - higher at £5.I9m against £4.C7m. 

HAmAifEP »hA - - - x_ MlTWW ft IlDV k> n —> V*n. «■ a. . ■«< . ... i 


spite of problems created bjr com- S^mss^imwer ] 7 dropped from £372.921 to £285.111 

petition from cheap imports, they Tt ^.22r oct * - for the 28 weeks to August J3. 

. Cits and InicraartocaJ Ttwt *«■ iy7 ^' 

£5!E$J£!*U* — The directors state that as fore- 


>nus 


:■ - rnwo— 

.V <■ J Cta ' snd ,BI 

It is therefore engaged upon a 
programme of modernising its wmmmmm 
. - production units and is currently 
consaderine a major development v-\ 

• Is in Hs marketing, strategy in con- |1(YV 
junction with some rationalisation 
of product range. ' ]V/Tm 

The directors axe convinced Ivlvl 


Downturn at 


cast, trading conditions in the 
first half proved to be difficult: 
the .HericukuraJ sector being par- 
ticularly affected both in the UK 
and overseas. 


The director^ axe. convinced Moran Tea Tuniovcr was inflated by the 

that these steps designed lo pre- Resulting from the Imposition jwnplcbon of the Ministry or 
Pare the group for the 3980s are Ja India of an export, duty and Rf[f nce which had been 

essential lo its future success. . lower sale prices, pre-tax profits " ,n against strong competuion 
The half-yearly rax charge takes of Moran Tea Holdings slumped J ,£m contribution basts, they 
. £Ial.ooo (£2323)00) and attribut- to £187.936 for the mne months aaa 

- able profits emerged down from to December 3L 1977, compared After a tax charge of £20.000 


INCLUDING EXCEPTIONAL slnck 
prufits of £234,629 from the 
acqui-dtlon of a steel foundry, 
taxable profit of Wumbwefl 
Knundry and Engineering Com- 
pany jumped from £241.790 to 
£000,736 in the July 3L JOTS. year. 
Turnover was up from £2.76m to 
£4.4'Jin. 

Ill i hoi it the exceptional item, 
group operating profit was ahead 
from £24«J97 to £352.001. 

Mr. G. L. BramiHi. the chairman, 
says the increase reflects an 
improvement in activity and 
efficiency at the Wombwell and 
John Fowler works, together with 
an initial contribution from Hie 
eteel foundry at Sporbroush 
which was acquired at the end 
of March. 

While profit margins remain 
narrow, the future outluok is 
encouraging and Mr. Bramah 
expects fC.su! Is for tiie current 
year, to be no less favourable 
than those for 1977-79. 

At half lime profit was ahead 
from £87.560 lo £11)3.21)11. 

The full year result includes 
investment income and interest of 
£106 (£1.403) and is subject to 
lax of £116,819 (£123.243). After 
an extraordinary loss of £2i}.t>!J3 
relating to the cost of acquiring 
the Spotbrough foundry (£9.170 
profit from the sale of invest* 
menis) attributable profit came 
OUl at £263,224, against £125.627. 

Earnings per inp share arc 
shown at 8.92p compared with 
4.28p and asset value is given, a; 
32.3p against 24.7p. The dividend 
lolai is lifted front 1.1979p net to 
IJ38p with a final of l.003p. 


only transferred nr. Wednesday. 
Tfem 4ns:ikirinn .l 


winy uEiu'v. * * vu mi »*panesQ3y, 

This acquisition brings the 
number of provincial casinos in 
the group to three, the others 
being in Plymouth and 

Bournomouth. 


Hunting 

Associated 


sees £5m 


TOGETHER WITH a forecast of 
higher current jenr profits. Mr. 
Frank Waller, chairman of 
Adwest Group announces plans 
for a £7.5 m investment pro- 
gramme. 

The chairman say s that with 
Burman and Bowden France now 
in the group and internal budgets 
indicating continuing growth he 
is looking tn an improved profit 
In J 977-75 the profit rose from 
£3 film to £6.7m with most of the 
increase coming ;r. tiie second 
half. 


£283.076 lo £161463. The interim with £1^39,223 for the previous on an ED 19 bases, compared with 
dividend absorbs 158,32s (£85.465). 12 months. £17S.308 last lime but not on this 


ii- uivmcna aosorbs £oa,32S (£bJ.46j;. Xi monins. 

''•Ramii 

!,J ^4 Govett European uses 
52 U P some' liquitiity 


£1>S.3D8 last lime but not on this 
basis, earnings per 10p share 
improved from 2.6lp to 2.8 tp. Tiie 
interim dividend is U.6p |0.5p) net 
— last year’s final was 0.8p paid 
from 1698.000 profils. 


CORAL ACQUIRES 
CASINO 

Cnral Leisure Group through its 
subsidiary Coral Provincial 
Casinos — has acquired the Strand 
Club Casino in Manchesier. The 
price was £540.000 aod although 
the negotiations were concluded 
some Hint* agn. ihc licence was 


AN INCREASE in pre-tax profit 
from XAflm to around £5m is fore- 
cast for 1978 by Hunting Asso- 
ciated Industries, the aviation 
sunport and engineering group. 

After allowing for a probable 

loss of £250,000 on the disposal of 
the South African Survey Group 
the .first, half profit shows an in- 
crease from £2m to £L5m. For 
the second half the directors 
expect profits to be similar to 
those of the 0r*L 

The results include the group’s 
share of tbp profits of Hunting 
Petroleum Service*, an associate, 
while tbc comparative figures for 
1977 include the results of Hunt- 
ing Oilfield Service-, which was 
sold in exchange for shares in 
Hunting Petroleum. 

After tax and minorities and 
taking in an extraordinary* gain 
on (he sale and leaseback of free- 
hold premises of £1.58m, the 
balance attributable to members 
cornea out at £2.59m against 
fOJtim. Earnings per share in- 
cluding the extraordinary gain 
stand at 32.69p or at 12T6p 
(10.4Jp) excluding the gain. 

The interim dividend is 
Increased from 1 25p to 1.5p; in 

addition a supplementary final of 
n.02422p is to be paid ip. respect 
of 1977 arising from the tax 
change. The direrlors intend to 
recommend the maximum per- 
mitted final — the total for 1977 
w .is 244867P. 


Even though all ihe group's 
capacity is r.ut fully utilised it has 
continued a policy of investing 
m new equipment and factory 
premises and tn 1978-79 It Is 
planned to spend £7 jm nrr new 
investment. Net cash at the year 
showed an increase from £2.22m 
to £5 .88m. 


Referring to the acquisition of 
Burman the chairman points out 
that net assets of that company 
at January* 31 amounted lo £1.61m 
after borrowings of £2-7m and 
deferred, tax of £l.B7m The bor- 
rowings have been re financed by 
direct bank borrowings so to- 
gether with the purchase price 
rhe transaction has absorbed 
£4.7m of the Adwest's total cash 
resources. 

Mr. Waller says that with the 
planned internet growth for most 
of the group companies and Ihc 
continual search for new com- 
panies he believes that the group 
can look forward to a successful 
future. 

A divisional analysis of pre-tax 
profits show s l in per cent ) :— 
automotive 33 (37): electrical 
19 (23); engineering 34 (27i; 
agricultural and industrial S (4>; 
and rents 9 (9). 

In the automotive division 
Adwest Engineering was hit by 
the motor "ndustry's problems and 
profits were well down. Demand 
at Bowden Controls is still strong 
and capacity is being increased: 

the acquisition of Bowden France 


will add further stimulus. New 
products from IHft' Engineering 
were delayed and (he chairman 
hopes that benefits from that 
source will be reflected in the 

current year. 

On the electrical side 
Mawdsley's found orders difficult 
to obtain and profits were well 
down. No significant improvement 
is expected in the current year. 
Field and Grant had similar order 
difficulties which seriously 
affected profits. However, the 
order situation here is better and 
improved results are hoped for 
In the current year. 

In the engineering division 
prospects foi Ross Courtney look 

brighter Varies continues to 
grow and improvement is 
expected to continue at Marian’s. 
Engineering sales in Europe were 
disappointing but an improvement 
is looked to in the current year. 

The report shmvs that total 
directors* emoluments or £262.000 
(£215.000) include £67.269 f £72,769) 
which together with £35.300 for 
1976 has been earned by the chair- 
man under his service contract, 
but he has agreed that these 
amounts will not be paid at' pre- 
sent. In addition to these emolu- 
ments the chairman has waived 
his entitlement to remuneration of 
£29,201 (nil) also earned under his 
service contract. The amount 
payable at present to the 
chairman is £35.0(Hl if.tf.500). 

Meeting, Porches ier Hotel, W, 
November 3 at noon. 


last time. Net profit lor 1977 was 
£679.000. 


Orders received totalled £S.7Sra 
for the six months, compared 
with £7.3ni and .Mr. John Nutt, 
the chairman, says that significant 
successes overseas in the early, 
part of the year make the orders 
look good, but the bough t-nut 
content is rather higher than 
usual. 


Ho adds that sales and profits 
for the second half will not match- 
those for the first half; in 
common with its competitors SPP 
is finidng orders getting lough, 
with very keen prices and with 
margins under attack. 


Peak forecast 
bv Warner 


Holidays 


Warner Holidays is heading 
for record profits this year to top 
last time's peak or £617.0(10. At 
the AGM. Mr. Bill Warner, the 
chairman, told shareholders the 
Group was forecasting improved- 
profils for the year to the end 
of Januarv. 


SPP expects 
slowdown 


Sales of SPP Group, part of the 
UK fluid engineering division of 
Booker McConnell, were ahead 
from £D.23m to Dt.Otim for the 
half-year to June 30. 1978. and 
after tax and interest, profit came 
higher at £487.000 again -1 £312.000 


“The number oT foreign visi- 
tors is increasing and the num- 
ber of British visitors is increas- 
ing. We arc very hopeful that 
things are going to get better 
and better.” he said. 

After the meeting he said the 
number of holidays sold for the 
1978 season in Ihe UK had' 
increased by snme 3 per cent. As 
the 197$ season had been a bad 
one for the industry generally, 
because of the poor weather, he 
said the directors regarded the 
result as good. 

A boost for Warner's results 
this year will be the 20 per cent 
price increase in UK holiday 
prices introduced before the 
start of the season. 


The directors of Govett Euro- amounted to £l&S2m fns ; 12m) 
pean Trust continue to take s and net current assets jnererse' 
: v positive view of the short-term from £0.6Sm to £2. 12m at th e 
r!. outlook in Europe and since the balance date. Investment cun-Micy 
..■•year-end, have reduced liquidity premium was £2-89m 'f£2.15mi. 
V'oei of foreign currency loan back-’ Holdings of UK equities have 
J ing to some 7 per cent of net increased* bringing with them 
assets, partly as a result of some welcome- franked _ Izuanne. 
further investment in the French says the chairman, but it is not 
market, says Mr. D. A, H. Baer, the directors' prerent intentiqp to 
" -.he chairman, in liis annual increase them further. - 
; ';i:«temem. . The gilt-edged stock is held as 

\ , *"!«- L.«™cT m , <,™ r tag 

he company s continued concent p urrp m assets fizure therefore. 
>ver .he future of the inreelment ™™f y 

P4 r i;^ r 'f foods then o.nilable ™ Invest- 
- nth in the EEC— the Treaty of men » u r Ra— 

-. .«» eaUed for the abolitten of U%^«sqrance 

-he Premium writfiln the EEC -by Company holds 6.25 perornt of 
■ anuary 1, 1978, but the UJs.has the company’s share capital;' .s. ' 
.blamed a dispensation; MeetlngT77, London -WsUV 

. Taking il longer view, Mr. Baer November 2, liJSO ajn. 
tales that the company . would ,. - . • . • f.- 1 

reatly welcome the abolition of . ' 

. be premium, but the immediate nrOAlWC nrCATtfir* -c>- 
ffect of such an abolition could I KAIt VlHeJcAnll. ': 

:%r SBUl ’ u “* *“ t CONVERSION } ;Z 

As already known, at. June"S0. A compulsory convefsiofi nofire 



company 


A compulsory conversion nbfiefe 1 


-978. net asset valued including fa to be issued by. Traqs-Oceapic 
rivestmen t currency premium, Trust jn respect 'of the - whole .ii 
■':o'od-“kt_ 8S.lp (823pi: per 23p the £260^ 4$ per cent converf- 
-. tare. Pre-tax revenue rose from ible unsecured loan stock 1988-93 
r 356.410 to £L0O4^66 and earnings now outstanding. This mhve is 
. nr share £rom'2.2p to 2.49p. The in accordance with the conditions 
ividend is unchanged at lAp net. of the trust deed dated.^October 
Investmenis ..at raluatiou 1, 1868, the directors state. 


E. FOGARTY & CO- LTD. 






* Manufacturers of 

p) continental quilts, . 

■ J pillows, bath and' «. 
scatter rugs, soft furnishings, 
processors of feather, down 
and man-made fibre fillings. 


- 6 months ended 
30th june 30th june 
1978 1977 


Year to 
31st Dec. 
1977 


Profit before Tax 1,056 


SSE 


Taxation (estimated) • S49 

Profit afrer Tax 507 

Preference Dividend 41 

Ordinary Dividend 44 

Ordinary Dividend per Share 1-TJp 

Earnings per Share I1.3p 


35 

0 848 Ip* 
9.9p' 


105 

2i519Sp- 

27.4p 4 


-Adjusted for May 1978 Capitalisation Issue. 


TRADING PROSPECTS 

Business remains good and we would expect the improved 
rate of profitability to be continued for the full year. 



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7 . DIVIDEND 

In view of trading prospects the Directors propose to pay 
total dividends in line with the maximum permitted by current 
legislation. The whole of the 10?; basic mcrease will he applied 
:o the interim dividend which will be I.J2p per ordinary share 
■ jayable on 8th November 1978. The balance of the permirred 
ncrease will be added to the final. 


It is no coincidence that executives at 43 out of 
Britain's top SO companies carry the American Express 
Company Card*. It is a matter of good business sense. 

Whether travelling on business at home or abroad, 
the Card allows key executives tn operate more 
efficiently onyour company’s behalf. 


^ItUAR RIVER RUBBER CO. 


x-t i 

s « £ 




LIMITED 

Sir John D. Barlow Bart.’s Review* 


The fifty eighth annual general meeting of the 
iompany was held in London on 11th October 197S. 


SIR JOHN V- BARLOW.. Bart, the chairman 


RECORD PROFIT 


The trading profit after , charging replanting, 
ar the year ended 31st March 1978 of- £822,000 was 
record. ■ 


Worldwide acceptance 

They can settle bills at thousands of fine 
restaurants, hotels and travel offices around the world, 
simply and in style. 

^Unhampered by any specific pre-set spending 
limits, and backed by your company’s own good name, 
executives can hire cars without a deposit, purchase 
airline tickets and even, cash personal sterling cheques 
in an emergency. 

The American Express Company Card is such a 
sophisticated alternative to cadi,, with its worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute 
changes in travel arrangements or the impromptu 
client lunch. 


administration for company and executive alike; an 
exclusive choice of billing arrangements^ and the 
facility to settle monthly charges with a single cheque. 

The American Express Company Card Plan is 
already helping many top companies and their 
executives. I lean help your com panyjust as well . 

Simply write to R. A. Harris. Manager. Company 
Cards, American Express Company, 19 Berners 
Street. London W IP 3DD, or call his office direct on 
01-6378600. 


American Express Cards 


for Companies 


’Source:' Th? Times’ 1000-1977. 


| To: R. A. Harris, Manager, Company Cards, American I 

Express Company, 19 BemersStreet, London W1P3DD 
I I should like to learn more about American Express Cards for I 

| Companies. Please contactmeat the address below: I 


Rubber earned £328,000, cocoa profit doubled 
> £156,000 and investment income was- £376,000. 
38,000 was spent on replanting other crops. 


The dividend to be paid to. members is 0.483 3 5p 
er 10p share and is 10% more than the previous 
ear. 


The report and accounts were adopted. 


Simple expense administration 
This unbeatable flexibility and security for the 
executive is further enhanced by other tangible 
benefits to the company. 

These include: a reduction in the amount of cash 
advances; areductionin thenumber andcost of foreign 
currency conversions; simplification of expenses 


Name 

4-VIT.V& VL&.VSC1 


Positioi 


Company 


Address. 


Tel. No FT7 

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28 


financial 


INTERNATIONAL FINANCIAL AND COMPANY 



NORTH AMERICAN NEWS 



BY STEWART FLEMING 


NEW YORK, Oct, 11. 


IN SPITE of a setback at its Most of the company’s busi- fields. The continued strength of finance subsidiary, tbe General 
Utah International natural nesses, he says, are maintaining these operations is attributed by Electric Credit Corporation, 
resources division. General Elec- strong operating margin rates, analysts partly to the continued reported an 18 per cent earnings 
trie Company, the world's largest Tbe exception is Utah Inter- strength of the housing sector in gain to $20.1m from $17m, bring- 
electrical equipment manufac- national’s Australian operations; the U.S. economy, and also, some ing its earnings for the first nine 
turer, has achieved an 11 per this suffered a seven-week economists suggest, to consumer months to $54. 8m, also an IS per 
cent rise in third quarter earn- miners' strike which resulted in decisions to make purchases in cent rise over the 1977 third 
ings, from S268.5m to $298. 9m. a sharp decline in third quarter an effort to avoid future infla- quarter. 

Sales in the third quarter were earnings from the 1977 level of tionary price Increases. For ' Srfit = months of 

S4.84bn. against S4.35bo for the S4BJhn to $2S.7m. Industrial products and com- i*js gJHbSS ues rose by 

same period of 1977. Earnings Overall, however, the company ponents earnings were also u f!!* c,o rhd to 

increased from $1.18 is presenting a favourable higber, with businesses serving S14 £r p^LiV2™; nPrPaS ed by 
picture of its operations In the construction markets and -- " Mnungs mere j 


per share 
to S1.31. 

Mr. Reginald Jones, chairman 
nf GE. said that earnings con- 
tinue to exceed last year's strong 
performance although not at the 


same rate of improvement as higber sales particularly in the 
wac experienced in tbe first half housewares, audio products and 
of this year. major appliance and lighting 


picture or its operations tn tne construction markets ann ig cent to SSfiSra or S3.S0 a 
third quarter. Consumer pro- appliance components particu- JJJ" $££ a 

ducts and services earnings In larly strong. share ^ "* W 

GE said that technical systems 

and materials earnings also The shares have been trading 
showed good gains, with particu- around $52, which is 10.8 times 
larly strong contributions from last year's earnings of $4.79 a 
aircraft engines. The company's share. 


services earnings 
the third quarter continued ' to 
show good gains, GE said, with 


Sharp setback 
for Salomon 
Brothers 


By Our Own Correspondent 

NEW YORK. Oct. 11. 
SALOMON BROTHERS, the 
largest private partnership in the 
U-S. securities industry, suffered 
a 52 per cent fall in profits 
for the financial year ended 
September 30. 

Rising interest rates, a gener 
ally failing bond market and 
increased costs stemming from 
an expansion of the firm’s activi- 
ties all contributed to a fall In 
pre-tax income from $55.2m to 
$26.5rn. This is the second con- 
secutive year in which Salomon's 
profits have declined but In con- 
trast to last year, the latest 
reversal is unlikely to be sh ared 
by the broad securities industry. 

This is because Salomon _ Is 
much more dependent on institu- 
tional tradine and underwriting 
for its Income than many other 
Wall Street brokerage houses 

Salomon’s daily average inven- 
tory of securities was reduced 
from S2.7bn in fiscal 1977 to 
S1.7bn in a reflection of higher 
interest rate costs. Although one 
of the top three U.S. under- 
writers. the number of issues it 
m ana zed or co-managed fell from 
202 totalling 814.7bn in 1977 to 
151. totalling $11.7bn. Total pur- 
rhase and sales turnover rose 
from S490bn to $502bn. 

On September 30 Salomon's 
net worth had risen from 
9191. 7m to S20S.7m. giving it a 
capital strength exceeded only by 
Merrill Lvnch Pierce Fenner and 
Smith. Salomon had 49 general 
partners and 27 limited partners 
at the year-end and total em- 


Decline at International Paper 


Slowdown 
in growth 
at Owens 
Illinois 



BY OUR FINANCIAL STAFF 

EARNINGS OF International 


Also hurting the group's third uncoated white papers, newsprint 


Paper took a steep dive in the quarter results were strikes at and kraft papers and bags. 1 ' be 
third quarter, weighed down by two of its facilities and a added. M/ '— J — * — — 


Orders for pulp were 

costs involved in both a plant mechanical failure at one plant, well ahead of last year, but 
closure and settlement of a legal Over the full nine month period, margins were squeezed because 
action. the earnings decline was a more prices continued at levels below 

At S25.Sm, they were 58 per gentle 9.9 per cent to 8153m. or a year ago." 
cent lower than the $ 62 .Im 83.23 a share, with sales increas- Viewing the present period, 
earned in the same quarter of' ing from $2.7bn to $3Jbn. Mr. Smith referred to the “ many 

last year, while sales went up r om mentine on the third Economic uncertainties as we 
from S924.5m to Sl.lbn. auarteFs fiSfres V chairman enter ** ^rth quarter.” 

in terms of earnings per share. rfiief executive Mr J Stan- He a,so outlined Inter- 
tbe company saw its results drop national Paper’s various expan- 

.'"Vi-SdSito.'S'fL’alJSS: «ST«3 “SS f™ h “ 

K3 “JETS? %%‘ r SP p r S '">«• meeting only 


am mm paper liiaui - lia i < 5 P»qnnai weiaknPKR ~ ' tainerboard complex in central 

accounted for 27 cents, with the usual seasonal ea-nesB. Louisiana, while three new wood 

settlement of. class action law- “Customer orders were par- products complexes are beinR 
suits taking a 45 cent slice. liculariy strong for coated and built in the south. 


Third quarter rise at Pepsico 


BY OUR OWN CORRESPONDENT 


NEW YORK. Oct. 11. 


PEPSICO. A leading consumer SI 00.000 profit last year. Earn- 


products group, has released a 
buoyant third quarter earnings 
report which could be a pointer 
to results due in coming, weeks 
from other major UJS. corpora- 
tions. 

Pepsico disclosed that in the 
third quarter, earnings increased 
by 15 per cent and earnings per 
share by 12 per cent on a sales 
gain of 17 per cent Excluding 
foreign exchange translation 
losses of S5.7xn. against a 


lngs per shatre rose by 17 per 
cent indicating that the com- 
pany has been able to maintain 
profit margins. 

Sales revenues for tbe third 
quarter were $lbn and net 
income was $69.1m or 74 cents 
a share, compared with 860.2m 
or 66 cents a share in the same 
period of last year. 

For the first nine months of 
the year, sales revenues at 
S2.95bn were 19 per cent higber 


RCA earnings upturn 


RCA Corporation, the 
casting and electronics 


NEW YORK, Oct U. 
broad- Revenue of SI.6bn compared with 
giant SL5bn. 


than the 1977 figure of $2.48bn. 
Net income rose to $166m 
against 8144m, and per share 
earnings were $L79, up from 
81.57. - 

Mr. Donald M. Kendall, chair- 
man and chief executive, said 
that the revenue increase was 
paced by substantial gains in 
the soft drink and snack food 
businesses, which represents 
roughly two-thirds of revenues 
and three-quarters of profits. As 
well as selling Pepsi-Cola. the 
company has built up a strong 
position in the fast food 
restaurant chain business 
through the recent acquisitions 
of Pizza Hut and Taco Bell. 

• Looking ahead, Mr. Kendall 
said Pepsico is*- confident that it 
is heading for another year of 
substantial gains in sales and 
earnings in 1978 and can look 


piovees had risen from 1.440 to 

1.620. Mr. John Gutfreund took J aTinminopd n( , r „,rnln« for th* For nine months, net earnings CdUIJligh 111 iOi O dliu LdU 1UUK 
over on October 1 as managing I ““ unce ^ nel c ^ n rQ,n f “V of 8203 "ra or S2.66 compared forward to a very healthy per- 

1979. given the 
fts major lines 

sinv 1983. ISTOra increased from S62.9m. AP-DJ of business. 


TOLEDO. Oct. 11. 
THIRD -QUARTER results of 
Owens- Illinois, the world’s 
biggest glass container manu- 
facturer, disclose a slowdown 
In the rate of recovery. Net 
earnings of 93 cents a share 
compare with 81 cents pre- 
viously. Total net Income was 
$27.5m against $23 -8 m last 
time, and sales of S788JLm 
compare with S726.1m. 

For the nine months to date, 
the group earned $2.70 against 
82.53 a share, on total net 
Income of ' S79.6m against 
874.4m. Sales for the period ' 
increased from S2.1bn to 
SSRhn. 

The company expects earn- 
ings for 1978 to exceed those 
of last year In spite of clouded 
prospects for the nation’s 
economy due to business un- 
certainty and no sign of 
Lofts Hon abating. 

Although domestic opera- 
tions continued to Improve 
In the third quarter, inter- 
national operations were 
severely penalised by currency 
changes. 

Owens-Illinois’ revised esti- 
mate of its 1978 Income-taxes 
also Favourahlv affected thlrd- 
auarter earnings, and Its 
domestic glass container 
operation Improved from last 
year when a strike curtailed 
production. 

Agencies, 


Arzona optimistic 

Akzona Inc, the maker of 
synthetic fibres and salts 
which is the 64 per cent owned 
UJS. unit of Akzo NV, expects 
fourth-quarter results to show 
gains over the third quarter 
and to - finish the year well 
ahead of the disappointing 
results of 1977, reports Renter 
from Asheville. In the 1977 
forth, Akzona Incurred a loss 
of $4^30m, or 35 cents a share, 
including a $6.1m after-tax loss 
from a flood at its American 
enka plant Net earnings for 
1977 totalled S7J2m, or 60 
cents a share. Akzona today 
reported third-quarter net 
earnings rose to 27 emits a 
share from 22 cents a year 
earlier. 


NEW 


BY JOHN WTLES- . 

m m TapiraTiTP* M „ H nns for the nine months $2:80 a share to 83.7T a s tt^. 

from $66.02m to Combmed_ ~ 


the UR. office equipment; .and has riseD Rev ^ues for the same fnnn^L65tra ^ 


• g? P^ g m S l g w. >^i <g n sio3.7m. 
today by tiurdquarter result* period were SL^m. a sum*. ^ 

from three of the country's lead-- SL59bn- _ Tfhar the- ' 

^ fiSr»isa6i 

division, which addefl ancm- ^ ? ^ 


Control Data . . 

Burroughs Corporation and NCR 


Corporation all reported .today £x>-o « chare ibis omugui uw niu , t . “ 

that the market trend confioues S!®,i »n%m compared; with "Si r d 4 


to be strong and that their out- 


income to 

look for the year remains good NCR’s 

to excellent Perfonnancef'by Mr. Wilham 
companies such as these < 
the renewed popularity 

technology stocks with Investors quarter - . — ;„_ of x,„ r -. Af . , 

which has been a marked feature the earnings ga ^ r l Qf,e ^ J ec new ‘ 

of this year’s stock - market Improved margins on new net 
recovery. -products. • ‘ -H.Jft.Sg 

NCR Corporation has reported Meanwhile, Contro l Dat a. WlThi.^N^tearam^na^ 
the most spectacular profits in- eighth largest U.S. computer were SL25^ compared: with ^ 
crease with a 6S per cent surge manufacturer, reported net earn-- 
in net earnings from $27_87n* or ] ngs 0 f S2.1m or 8L39 per stare S57&22m^Weh 
99 cents a share to $4&0xn- or on combined revenues of 8700m. highe r than last year's .8^ 

SL66 a share- Worldwide This compared with last year’s Net earuiiigs for thefliaei 

revenues from continuing^mera- third quarter net- earnings of were siffim or 
tions were 15 per cent up at SlS.2m or $1.06 a »hMe on -com.- ^compared ^ Jia 
S 636 55m compared with : ' 8554m bmed revenues of $566m for the S2.99. Revenne for the'* 
for the same period last., year, nine months, net earnings jose m crnths vvas $1 457be, T6 ; pcty 

Net income from continuing from $4$.27m to 864an or fium- higher than last year’s 


Battle for Olinkraft hots up 




BY OUR OWN CORRESPONDENT 


NEW YORK, Oct ^ 

THE FIGHT for control of paper offer from Texas Eastern and fts point, however, the- . __ 
and bnilding materials group board has voted to accept the that JohnSManviHe'^riUf 
Olinkraft hotted up. today when offer and recommend it to diare- with * higher hid/' 

Texas Eastern declared. 'it. had holders. .... rajefl .0“ ^ -L-- 1 ; : Sx ' ... 

reached agreement for.a merger ^ lndication of OllnkreftJ 

preference for a merger with than 45 pejLceht and 
Texas^Eastero^ts^ttat pi^OTLft ^ .49 per cenf of Olid 

to acquire ^ 

SK iw 

to a maximum of ... haS 

There was no word this taom--preferted. : ^bt - eadi - Ollnt 
Ing from Johns-Manviile . as to share. Each - , of the' ptriei 


a share. 

Late last month. foIloWfaig an uZder'ZStSi 49 ^ 

initial offer from oil and gas pro- SlJESScJ? fte SSSSmS :eq,U 3 «‘ *** 
ducer Texas Eastern oT$51 a cu-curastances^ the ^ tranMCDonjs remaining 


ding products supplier 
closed that It was prepared to 
make a $510m counter offer for 
Olinkraft with an offer ' price 
equivalent to $57 a share. Sub- 



sequently, however ' Olinkraft bow it will react to the latest stocks would have .a -> mm. 
has been presented with. a. higher Texas Eastern offer. At this valuer of $60. g 




Sharp increase for Winn-Dixie Stor 


over nn uciooer l as manaqms 1 ., . . „ . ^ . on , CH or Oi.00 cumpareu lurwaru iu a ve. 

partner from Mr. William Saltr third b llart cr of 9_ cents a share tt ^ th gigi.Sm or S2.3/_ Revenue formance in K 
mon who had occupied the postia-ainsi S2 cents. Total net of of S4.7m compared with S4J2m. strong trends in 

_ , _ ,nn« O-A S 1 A AAA A ATI TIT 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


SIR 




SIP— SOCIETA ITAUAMA PER 
L’ESERCIZIO TELEFOMICO P.A. 


U.S. $40,000,000 

MEDIUM TERM CREDIT FACILITY 


GUARANTEED BY 


STET— SOCIETA FINANZIARIA TELEFONICA PER AZIONI 


MANAGED BY 


CHASE MANHATTAN LIMITED 


FUNDS PROVICBD BY 


CHASE BANK A.G. 

AMSTERDAM-ROTTERtDAM BANK N.V. 

BANCO DE VIZCAYA S.A. 

BANCO Dl ROMA INTERNATIONAL BANK S.A. 

BANK OF MONTREAL 
THE BANK OF TOKYO, LTD. 

BANQUE BRUXELLES LAMBERT S.A. 

GIROZENTRALE UND BANK DER OSTERRBCHISCHEN SPARKASSEN 

AKTIENGESELLSCHAFT 

KREDIETBANK S.A. LUXEMBOURGEOISE 


AGBJTBflbK 

CHASE BANK A.G. 


SB’TaffiERigTB 


Raytheon gain 

Raytheon, the electronics 
group, announced net earn- 
ings for the third quarter of 
$1.31 a share against 97 cents. 
Total net earnings of S40.7m 
compare with- S30.1m. Sales 
of S78L4m compare with 
8696.8m. For the nine months 
to ’ date, ' , net earnings of 
Sll2.3m, dr $3.62 a share, 
compare with S825m, or $2^8. 
Sales increased to $2 .3m from 
$2.1 m. 


THE WTNN-DE5IB/ chain of whereas net earnings for the ;The Go ^e rrim eqtj ’-^poqy ‘ .V' ^ 
stores reported. :ior /^he first three months stood . at $19^111 ^mortgage .: cpriwratipii fed.^^ 
quarter to September 20 * sub- C °?h SafdWay 

stastial per share earnings in- stores also showed ^ imprbv^ -W ‘ - W, 

crease from 69 cents to 92 cents, meat in their returns. For Their 

Total sales for the Florida-based nine-month period, pe^sha^e increhsetf'to S2JQ finm SWi 
group were consolidated to $Llbn earnings were reported to j>e the correspomlfn& period.- r 
from 8 Ibn during the 1977 period up firmly to $3.77 from $2.71. . Agehcfd* ' V- ^ 1 


Kaiser Alununiam 

Kaiser Aluminum •' and 
Chemical Corporation's net 
earnings for the third-quarter 
equalled $1.67 a share against 
86 cents previously, reports 
Reuter from New Fork. Total 
net of $34m increased from 
Sl7-9m last time and sales of 
8525 -2m compare with $502-9m. 


EUROBONDS 

Shakeout in 
sterling sector 


By Francis Childs 

SINCE THE beginning of this 
week the sterling sector of the 
bond market has taken what most 
dealers consider is a. battering. 
The price of sterling-deDorainatal 
bonds has fallen back across the 
board by about three points since 
last Thursday— -even more in 
some cases. 

Fisons. which has consistently 
outperformed the market, fell 
back from 974 last Wednesday 
to 964 last Friday and to 92$ 
yesterday. Other issues, such as 
Gestetner and Whitbread, 
suffered less sharp falls: the first 
was quoted at 94 is tbe middle 
last Wednesday and 91* yester- 
day while the second fell from 
91? to 904 over the same period. 

This fall in prices has brought 
the yield ou most sterling bonds 
up to about 12 per cent. The 
sharper fall of the Fisons issue 
ba« simply raised tbe yield on 
this bond into line with tbe yield 
on other sterling bonds, from 
10.6S per cent last Wednesday 
to 11.60 per cent yesterday. 

The reasons behind this fall 
are of a twofold nature: the 
sterling market has always been 
very thin and thus even a rela- 
tively email offloading of bonds 
fin tbe case of Fisons believed 
to have been about 200,000 
bonds) affects prices quite 
dramatically. With overnight 
sterling currently costing 15 per 
cent, it is becoming quite im- 
possible for dealers to finance 
their books. Hence they would 
rather get rid of bonds even at 
a slight loss than carry them 
one half day more then 
necessary. 

The fear of a rise In the MLR 
rate, currently standing at 10 
per cent is another factor. If 
U.S. Interest rates continue to 
rise (and tbe expectation now 
is that tbe U.S. prime rate will 
top the 10 per cent marie before 
the month Is out) MLR is ex- 
pected to rise in sympathy. 

In the dollar sector, prices 
were marked down by about one 
quarter of a point yesterday and 
turnover was described bv 
dealers as much greater than on 
Monday. The weakness of the 
dollar, especially against the 
Swiss franc— despite the mea- 
sures taken less than two weeks 
ago by the Swiss authorities— 
was one reason given by dealers 
f? r the fall. Another is that 
yields on Eurobonds are still out 
nf line with those on Yankee 
bonds and thus a further fall in 
Eurobond prices can be expected 
ou Qua count alona. 


FT INTERNATIONAL BONO 


■Y- 




•y ft* » 


Tbe list shows ti5e 200 latest international bond issues for which an adequate-sectmdaiSf^ttr- . 
exists. For furtiu/ details of these or other bohds see the complete list of EurobonjtpricesTjabyi.’ ' 
on the second Mqoday of each month.- “ - - " i r — <-;< r 


UX DOLLAR 
STRAIGHTS 


Issued 


QaMe on 

■Id Offer day 


Yield, 


Asa Akt. 9* 88 / — 

25 

97* 

TO+O +fl 

9-62 

Australia 8 32 

350 

961 

95*. +0 +0 . 

949 

Australia 8.45 W 

175 

98 

98! 

941 " 

Australia 9* W 

75 

TO 

2001 -+B +ff 

» ja - 

Beatrice Foods 71 83 

100 

951 

961 +t -01 

8A3 

3ECA SI 37 - 

50 

961 

971+8+0 

943 

3ECA 9 93- 

25 

991 

99* +0 +01 

9.05 

3ECA 9* 98 

25 

100* 

1001 +• -« 

947 

INT 9 93 

75 

98! 

99 +« +0* 

945 

Canada 8 83 

250 

961 

966 -Oi — 0* 

947 

Canada 8-29 85 — - 

2S0 

96* 

9M +0 -« 

941 

Canada 81 88 

258 

95* 

96* +8 -TO 

949 


TO 


Canndair Si 83 
Do mini on Brdc Ca 8 88 

ETB 8t 55 188 

ETB » Sfi 75 

EtB U 93 108 

ElB 9J 98 12S 

EIB » 99 109 

Etesm Jutland 9 S3 25 

Eksportflnans » 98 50 

Export Develplnm. 8.6 83 125 

Finland 9] 83 200 

Finland 9 88 100 

Hojjriial 0'S 9 83 .... 

'C Industries 9 Ha 

Uel Finance Of 8S 

Itel Finance 91 SB 

ito-Yokadn 9} S3 

3. C. Penney *1 Wi 


X 

25 

20 

20 

200 


Stac Bloedet fl* fO 50 


N7. Dev. Fin. S» S3 
SZ D**v. Pin. S| 83 _ 
Sal. West. 8 w 
NetrfnimdJand 91 90 .. 
Nurrt lnv. Bit. 81 88 .. 
Monies Komra. 9* OR 
Norway 72 83 

Norway Sf 83 

Norway SI 83 

Occidental 92 9* 

OnL Hydro s* 8S 

Quebec Hydro 91 W 

Sweden P| 93 . 

Unfp-4 Klnsdtnn m 85 
United Kingdom 81 93 


US 

150 

75 

225 

SO 

I2S 

280 

ISO 


9W 

951 

9TO 

Wi 

98 5 

Wi 

■I 

97 

9M 

901 

99? 

90 

981 

971 

98) 

981 

99J 

981 

901 

9S5 

9S! 

U»1 

99 
971 
Mi 
951 
9W 
°81 
953 
9« 
Ml 
991 
97; 
981 


97; -n 

96 +8 

981 -Hi 

m -+D 
99* 


-or 

+o 

-01 

-«• 

+0 


9J6 


98S +0. — « 
991 “01 —05 
97J +0 +01 

983 -01 +0 
99 +0* -0* 

991 +0 -« 

90| +BJ +91 
983 +0 +13 

97J +81 — Oi 
99 +0-.-01 

98* -01 -01 

im.’ ~«i -ai 

935 +0 +0 
981 ^8 . +CU 
961 —01 -M 
961 -rfll -02 

uo; +o -oi 

99} +8 +0 

97; -0| -04 
991 —01 -01 
951 +8‘ +0 
971 +■ -01 

Ml +0 +0 

961 +0 -01 

97 +0 +0* 

99} +0 +0 

993 -01 -0* 
«M -« -« 
98} +« +0i 


9J8 
. 9J6 
9J2 
9JS 
9-57 
9.77 

902 
« 
9A9 
909 

901 
9.9d 

layi 

903 
8.92 
9.43 
9.2d 

902 
BJ9 
9.34 
9.16 
9.48 
Ul 
9JT7 
9.W 
9.73 

906 
9^ 
9J2 

sin 

907 


YEN STRAIGHTS i . 
vAalan Dev. Bk. a m 

.tanroflo 6.« 90 u 

BFjCE W 96 

Eortfima W 

FinlMa .8.7 f» 

Norway 5.7 S3 
Halo: Qty of 6.6 M 


SNCF a* 90 

Sweden 80 Mr 


08— 'Wy 

fevned W tHfer day w** -. 
15 .964 

38 -90 mk-r* 

.10. 96.; -97>t».: 

2S 98. -. . 99 *«/ .44 - 

s vm Wl.+H- +«•. 

15 -98. 9B +8 


9 »; 


M 

9S. 




' ‘ ■ ' 1 _ ... QuiiH' 

OTHER STRAIGHTS. bsmd mi Offer day «**::- 
Ataemem Bfc, « 88 FL ... 75” fa 95Z -B: +* - : 


Hat 8 SB Draft. 

Bayer Lra. 8 R6 LnxFr. 
Mera & Hope MJ FL 
BrazU 7* 83 FL. .. ....... 

CFE Mexico 99'B FL ... 
Citicorp O/S FhL 16 *3 £ 
Conentiamn 7 93 EUA. ... 
EIB 73 88 LnxFr. ......... 

Era 7J 85 ft A 

Ere 9? 88 £ 

Oranieboorn is* 96 £ 

Finance for Ind. Ifl S9 £ .'. 
Finl’fJ. Ind. Fd. 8 58 LuxFr 
FtnlalKflnd; Bfc. 7 B3 EUA 
Restotner Hid. BV 11 SR £ 
Neder Midrfenb. fi* « ft 
New Zealand 6| M FI. ... 

Nortny n S3 LnxFr 

Norway fl* 83 FL 

OKB S3 PI 

Benault 72 m LnxFr. . .. 

Rowniree 101 8« I 

Panama 91 9S EUA . ... 
Bank n/s Hold 112 A* .. 
SPR France 7 93 EIJA ; • 
Rears 10} «s £ . 

Swedtah lnv Bk S W LxFr 
Wblltrend in* n I 


258- 

250 

IS 

7S 

75 

2B 


250 

75 

a 

15 

22 


C 

19. 

75' 

.75 

2SD 

TOO 

15 


28 

» 

12 

22 " 

15 

509 

15 


451 , 

961 
•-«* 

951 

-3SI- 

971 

Ml 

96T 

962 

■va 

892 

«I 

•96t 
903 
’ .96 
96* 
961 

921 

94} 

882- 

971 

9M. 

■965 

8>J, 


-JU - 


«. 

TO 

96* HU Hi 
95*- +0 49*; 
96* -« +« 
91i -02 Hi- 
TO VII -i 
TO +8 +« 
9S» -01 +«- 
TO -U -» 
TO -81 
9W .-W 
TO -01 
971 —01 
9U -U 
M3 +0. 

96!" +9 
TO +* 


-« 

-Hi 


-w 

-li" 

4H 

+01 

+9 


99* 

m 


9M‘" +0 + 01 . 
9W +«. .+•/ 

•71 -0» . -01 
.89* -«t '2 
98. 

TO +8. -0* 
TO -« 

b*i -1 


iw 

-.91 


•+• -«• 


Spread BW Offer CiB» 

U ' 99) 1»- 2C/U 
H 97 ’. TO 3W.--W- 


DEUTSCHE MARK 
STRAIGHTS 


tmrad 


Asian D eve k®. Bk. 5* 88 100 

Australia 6 88 250 

CFE Mexico 6! sa 159 


ChMK an 

Bid Offer day wee* YJeM 


Canada 4} 83 
Chase Manhattan 0'S 6 90 
Cornmerahank Int. WW 3} 
Commenhante Int. XW 3* 

CocmeU of Europe 6* 

EIB St 99 

EIB 6 SO 

Elektrobras-Brazil 61 

EW Aonttalnc 5* f» 

IBJ 5 84 

Kobe. City or 5J 56 

Ltaht Servlcos de EJet ... 

Mexico fl S5 

Mitsubishi Petra H 85 ... 

Nippon Steel S3 RS 

Norttes Krwi 8 90 

Norway 45 53 

Norwegian Ind. Bk. 6 90.!! 

Petrolco Brazil 7 S8 100 

Philippines 65 JO 100 

PK Banken 53 89 100 

Quebec. Province of fl 00 350 
RamaraukM Oy 5* 8$ ... SB 
Ricnb 5* S3 30 


600 

100 

100 

TOO 

100 

250 

300 

ISO 

300 

100 

TOO 

150 

200 

100 

ZOO 

uo 

250 

Z 2 S 


96 

10li 

98 

98 

laoj 

loo: 

831 

200 

93; 

90! 

98 

TO 

99 ; 

101 } 

Wi 

TO 

1022 

2022 

1001 


961 

im ; 

90* 

981 

Ull 

1071 

835 

UU 

Mi 

TO 

98S 

9SJ 

160* 

102 

985 

97* 

103* 

10ZZ 

101 


99* 99* 


Spain 6 

Staton 6 88 ” 

Tanemautdbahn 5* 93 
Trandhelm. car? of 51 

CDS rjmup 5f S3 

VeacaneU « 88 


200 

ISO 

70 

35 

« 

250 


961 

961 
TO 
TO 

1001 

962 
IBM 
98 
97 
TO 
TO 


96*. 


-M 

-TO 

-8* 

-TO. 

+01 

.+8* 

—TO 

-8/ 

+8 

-04 

HHTO 

+8* 

-w 

-«* 

+8 

+fl ’ 

+8 

—TO 

-01 

—01 

+8 

-81 

40 

-TO 

-HI 

+« 

-w 

-TO 

+9 

+0 

-M 

-01 

+8 

+° , 

+ 8 

—TO 

+• 

—81 

-TO. 

-« 

-TO, 

-TO 

+0 / 

-0* 

-M 

-TO 

+8-.' 

-0* 

-8* 

-TO 


5 76 
7180 
sji 
SR 
2Jtn 

5.74 
6.10 
600 
6.1S- 
7JB 
5.93 
4.97 

5.46 
700 

6 J* 
5J4 
5J8 
5.91- 

_ . _ A20 

100 

7J09 


96* -«*. -0* 
u»2 -01— « 

971 +0* ;+0 
im +«-•-« 

981 _« i-M 

972 -0* -M 
TO -ll -« 
961-01-1 


7^4 

bJk 

617 

634 

516 

6A4 

5.90 

SAB 

6.11 

in 

69 


' 971 " 
971 
97* 

• TO 
TO 
TO 
97. 


81 
>1 

U 
« 
t: 
u 
BL 

61 r fit TO 
99 


FLOATING RATE 
NOTES 

American Express "W 
Arab Inti. Bank WL1 « _ 

Irah-Msfay Dev. X3 . 

Banco Nac. Arseni MR M 
Benk HandTowy M9 W ... 

Banmie Worms Ms* «■- “ 

Bq. Btt. d'AlE. MS..975 M 
Rnue. Indo et Snez MJ4 .. 

Bq 7m. -Afr OCC. MK5 93 
C.CCff IVUXfi W ■ 

■ CCF 115151. ..st_ -.981 . v>- 

tfharf. Japhet Int. MS 85 - U: J .971- 971 
Chase Man. 0'S M3} 'OS 
Costa Flea MS* « . 

Credit National M3} ff 
Emwtrnl W7 SR .. :.. 

iPTt.wm 
I<;hlkawnjlma. MS! ?S .. .. 

Ltuhllanaka M7 75 S3 . 

Midland. InU its* 03 . 

Nil. -West. MS* W 

Nippon Credit vs| 83’ * 

CKB Sl'». 

PdahoTe BTIoIng •« . .. 

Stand ant Chart. MS 3 SO 
Snralfomo- Heavy mm RS 
Fimdxvallsnankcu M K R5 
Utd. Overseas Bk. MS 83 



97* 
INI 
-TO 
■;«S 
: 9IS. 


n 

li 
16 
-«i 
.09: 

a 

1 «i 
9a- 

-01 ..98*. 

81 .‘TO 
•J. 98! 

BJ 98} 

8* TO .97J 
81 99} US- 

81 975 9Bi 

.81 . TO 


TO 

IBO! 

w 

99* 

TO 

TO 

97* 

98! 

98} 

-W 

99* 


Tin. .94 
2STI .956. 
ism. a-; 

9/2 W 
25/1 '.H-.*: . 

un « • 

in 9 01 

■- '3/11 .14 J 
.9/2 d»';' 

27.T 9J»!. 
lO'tUW- 

un wr 

21/9 » "1 
s.y 

27/16 
19/T 2 
20/1 
22/12 
25/3. * 

Hfll -A 

19/1 

ion Jg f* 
16 ,0 M H f 
4/4 1 M» 1 

4/22 W 



4* 


5WTI5S FRANC 
STRAIGHTS 

Aceva 6* S3 

Art bent Tunnel 4 K 

4* ee 3! 83 

Chase Manhattan 4 98 
CVRD 48 00 . 

Council or Europe 
Bank am erica 3| n 

BNDE 6 88 

Denmark 4} W» 

Di»mnatt:-MortKase 

ETB +1 83 

Euralom 4* 93 

p u smiath 4 * ra 

Finland 4! 33 •„ 

CZB <} 93 

9Tii(.[.iccb»nstMn 4* 

ICI Pin. rtv 4} Pi 


Imarran Votma 4 OS 
Manitoba 4 S3 . 

New Bnmwlt* EPC 
Newas 4 SB . .. ... 

Norses nnnun « on . 
f»KP. 4 83 

n » Wo«3 3 9«! .... . 

Hvdro 51 93 

safe 41 Vt 

See* 44 S* 

Voest- Alpine 4* JS 
'-ftnlhenr Xeafr 4 98 . 
Vienna 4 os . 

World Bank 46 81 _ 


fened Bid otter day werit "Yield 
« 1£4! loq +B +« *AS 

,2 S* 9« -TO +•* .«5 
98* 9m -« -oi - css 
70 3021 IDS +81 +8* 3.78- 

» 97 97} +81 -U *B7 

M 1021 18J +TO-+0X SJtt 

- — “ uoj mm +o6,,*a xn 

75 100? Mil +M +W I2t 

w - 1« UW* 2081 +0L +m «2. 

Bank n UU M2l — Oi .-08 ‘<20 

IflO 102 im -TO +B . ui 

— m uo} ioi +B +W .C18 

5 TO 100$ +fl»: «A8 

» uo: 1011 + 0 } + 0 } 439 

- 106 1021 1021 481 +01-.4J6 

25 1033 204* +TO .+.68 SB8 

» U2t 1031 -TO +«. -3-9« * 


31 


00 

100 

lixr 

70 

108 

in 

n 

139 

39 

15 

JOB 

VJ 

100 


961 

201 } 

97J 

99} 

1021 

9°t 

ltn; 

97 

2011 

uni 

10U 

1«B 

1801 


+«. + 0 ! 
+H +05 
+1» +U : 

+«. +w 
+«. +« 
+« +«4 
+«.+«■ 
+W+8S 


8-33 

-MS 
i<2 : 
3.« . 


V& 

102 
98 
100 
1023 
lout 
101 } 

97| +»•+«•. MO 
IK +86-.+W M* 
lost -M -S . 8i«r- 


lBU^Tay-<TO;.?W: 


irol.+nr 
2TO +« 


5.9* 


Cn*. -Cmr,. 
date price 
9/78 63,. 


CONVERTtBLN .. 

BONDS 

Aaice 9| 83- 

Baker- In*. Fin. «} 8* _ 1/19 

flow* •* Off ... ZHV 2J6. 

Coca-Coa BortHng 61 4/19 . 9 

Ito-Yokalo. 81. S3 6/71W7J 

Texiia Iw. Air. n 93 4/79 1AT 

Thorn Int. Fla.-. 7 8S' ——13/71 sSt 
Tyco rat. via at 88 — _ 9/78 21 
Tyco Int. Pin. S 84 — 9/78 6X5 

Asald Opthtal 3* DM JXca 5*8 
Casio Cotm*. Si .as cat ^.n/n wn 

Izmniya V, 86 DM .19/78 989 

JutKQ » W DM 1/79 1270 

KeehUreki) M W DM •— 1/79 412 
Mlirata Man. 3} 88 DM ,XU78 



N1 won Air. SA 88 DM _A2/78 
OU 8/78 


cut. 

Bid Offer to/, 

5 “ -. “fern; 

a^vr>. s « u 

1088 HBJ.-.-M': ■* , -r: 

na uu 

iui.nfl.if ■ r -’-. - 

im ** 
loot. 281 . 


2041- 


Nlppon Sbhipan 31 
rfissMn Aral -f 88 DM ... 7/78 
meoh 3* 98 DM — .-28/78 

ftankyo Electric SI DM.- 8/18 
Sanyo BfedMC 3} DM . -II/78- 


588 J9« 

» a *3 * 

OJ UK 
869 151 13tt 

9i 


. %U - -Oi 


im nfl 

3S .^g 

99* V« 


S+ra Stores M W DM --9/78 1275 
Stanley S^CKfc 9S DM . U/7S *25 
Trio-Ken«— 13* $« DAC.vJ2/n YTt .. 

■ Mo inltannatkm. AvanahiriHMraidimB-day^^f^v^, 

t Only one market mater snooUed * PTNPj— , ^ > 

StrtilBht Bandi: The' yield la the ykld - 10 ^ . ‘ . 

- mld-Briw: the amount teeoed-ls to * -l ' •’.*» , 

. • - 

-x, 


. units except for Ten bonds where it. is. 

on wrch-ChanK? treer brie® a wrrff'edtilet.- - - ^ 

Flwttfes Rote Heteci tWomHarted W doU*» jaw*-, 
urife. Indicated. 5r=MIrttannn- cWDMi- P- TOf- SR. - 

. «aipOR becomes effective. .Spread=Mareln ^ :^ r ' fi 

offered rate tor VJ. dolfura. (Lepa=TM ^ i Jc . 

C yM-The rartmn yield. • - - . **- _ 

Convertible bawttt -Denonyoatefl to dollars , -4 ^ 

indicated. Cba.day=c7tan*e on-day. .-.Cnv^dMe-^J 
for conversion hno- sham. Cnv. jaloo- Nominal J_ - * 

bond per sliare expressed in currency or anart**/ 

. cttin r«r fixed -at Issw- prem^Fcrfi.oMW 


■f- ! 


wit®, effective prior of actioims 
over the mo* recent price of tbe Ahares 


CThfl Fimthtdal TJufe*. LM/. 
or 1 in pan to .any '«nnn; not jparuilttiil wiw» 
■n m nniul lad- tv _ 


w---a 





I 




i. 










JSnaijcial October 121978 


ERNATIONAL FINANCIAL AND COMPANY NEWS 



29 


EUROBONDS 


Taking the DM500m sale 


BY NICHOLAS COLCHESTER 


.v 


THE MORE ordered people are. ■ * . ■■ 1 
the more upset they become ■' 
when the order is shaken. Hence 
the bankers of Frankfurt. ' 
Munich .and Dflsseldorf were stHI 
agitated yesterday by the news £ 
that the biggest among them. 


-JffW EUROBOND ISSUES 
1W8 

3rd quarter 2nd quarter 
2.8 33 


1*77 

3rd quarter 
33 


de n o min ated 


sell the DMaQflm Canada bond 
which *t took on to- its books in 
May. Unanimously they ore* 


■ 

:an. % . 


a topic of lively discussion at 
Friday’s meeting of the Capital 
Market Subcommittee. 


inU^5 . 

574% 

41% 

79.9% 

Percentage denominated 
*« DM 

354% 

30% 

25J% 

Borrowers Europe 

«.4% 

57J% 

47.8% 

Japan 

164% 

54% 

74% 


were not however reckoning with market has taken over a erow- 

Th is sub-rommiffpp tfl .c ^e large block of Canada bonds lnq share of the value of Euro- 

:in 1968 to control thS “flS n? >fbich 0eat>iche Eanfc *** i n L IS £? na issues in I ‘ ecem months. 

internaitionafTStfSmrwftcsTiT^ portfolio. This is paper of the The same factors which have 

consisK °°nf jwf?' L* 8ara o maturity, lSsCiwfh a five pulled interniitlonal investors and 

Deutsche. Gammon Mr Cent Deutsche borrowers into this sector of the 

Verein BHF Bank was perceived to be offering market were operating in force 
’LB bSnlS il OD tenns ,hat wre a,m0 u st rw»rday. The dollar fell to 

«M0y in line with to** on the b,l„ u; DM .ua-depite inlervnn- 

The 
VS. 
The 

. . conflicting 

ar. Br a band far Austria which- West inllnenccR was to leave the 
r -ij. inr. e rT^ra n te a twl m iS 0r t r3 . D f reat ^‘ DB doubled in sire (with fore- market only marginally easier at 
- >1 }?£, s P3y t0 !be market In the warning! to DM 150m. thta-r 



meant the end of the day. 


The rise of tlie DM sector 
has made Deutsche Bank the 
undisputed leader in the primary 
market for international bonds 
In the first-half, Deutsche Bank 
was lead manager fnr S2.3bn of 
international bonds, compared 


of It has that the monthly volume of 

- i«?.“ a ' IJowtns a r«eot rate of issues was doubled i» a matter 

* • ■ . ‘ } v/ i |f SUes averaging about DM80Qm 0 f da vs. 

7?°. nt r* , But should the Canada sale he 

• M; -r ft is in this context that events equated with an tissue"? 

‘ of .the last seven days have had Deutsche Bank was adamant that 

quite a cumulative Impact on » should not: ii was a large .... ....... 

| , ■‘>ennment in the Deutsche Mark investor selling in The secondary’ with the total of $1.4bn for Mor- 

secondary market. Late last week market Other banks conceded sun Stanley, the number two, 
Hfii: . sche Bank and Cummer** that the bit* bank was .acting according in the latest league 
° Ulr, 3 ,, ,^. ame t0 the market with within the letter ot the rules, tabic compiled by Institutional 
pi IOO 01 each of six-year paper but they felt that in vfew of the Investor Magazine. In the Euro- 
a . coupon of 51 per cent, aims of the sab-cermrrtttee it hnnd market alone Dculsclic 
" •• ‘, e ? e ,SSue s had not formed part would have been better to air Bank was lead manager to 

'. of lh ? original schedule for the the matter first. almost four times the volume of 

■ munYii. out In view of the This- deal comes as a reminder issues led by ihe number two, 

• : ^ strength of the Deutsche Mark of the strength of -the Deutsche Westdcutsche Landesbank. 

.market at the . beginning of Mark sector at the moment -and Under such circumstances, if 
October the plans were ia* of tbc power of Deutsche Bank. Deutsche Bank decides on 


- ‘-“.formally cleared. 

; - The sub-committee 


The table shows bow 
members Deutsche Mark sector of 


the 

the 


major 

almost 


sale the market can, 
by definition, take it. 


in-Dixie Si 



CORPORATION LIMITED 






fcrViV^A'J 




iQIMD 

I \*f C M taf 


SERI 



i • V .V 

* '■>%; t - 


- , v FJV,SEL1£RS. CHAtBMAN . _ 

- SPIROLL COBPQRATlOtmOL' 



-■ ? .C<F; Clark: - - 

PRESIDENT AND CHIEF OPERATING OFFICER 


SrtROU. CORPORATION LTD. 


The Board of Directors of Dionian Industry Ltd. announces an important 
manage meat progression within Spiroll Corporation Ltd., one of The Dionian 
Group of Companies. 

Effective immediately, Kenneth. F. Clark is appointed President and Chief 
Operating' Officer oT Spirofi Corporation Ltd. with additional responsibilities for 
direct operational control of its United Kingdom subsidiary, SpiroU International Ltd. 
Mr. Clark was formerly General Manager, International Marketing for the 
Company. 

His appointment to the Company's senior operating position is the most 
recent in a continuum of planned growth and development that Spiroll has enjoyed 
in recent years. In his previous position, Mr. Clark developed and led a team 
of professional and technical service specialists whose efforts have culminated in 
recent record earnings and back tog of orders for the company. 

Mr. F. W. Sellers, formerly President and Chief Executive Officer of Spiroll 
Corporation Ltd. continues as Chairman of Spiroll Corporation Ltd. and Chairman 
and Chief Executive Officer ol Dionian Industries Ltd. During die 14 years 
under the direct operational control of Mr. Seilers, Spiroll grew from a largely 
research oriented company to a position of acknowledged world leadership in the 
field of prestressed hallow core concrete production systems and technology. 

Spiroll exports more than 90% of its productive output lo a growing network 
of licensed producers that currently operate some SO plants in more than 30 
countries. ... 

This management' progression is designed to enable SpiroU to continue to 
increase its leadership role in the industry, accelerate its already well established 
penetration of international markets and enhance its demonstrated ability to respond 
positively lo changing world conditions. 


NOTICE OF ISSUE 


ABRIDGED PARTICULARS 


Application has bean made ta the^ Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the Official List. 


KCKMANSWCRIH AND UXBRIDGE 
VAUET WA1EB COMPANY 

(Incorporated in England on the 19th May, 1884, by the FUcktnansworth Waterworks Act, 13844 

OFFER FOR SALE BY TENDER OF 
£ 2 , 500,000 


1 - , 

" i 


7 per cent. Redeemable Preference Stock, 1 985 

(which will mature lor redemption at par on 31 at December, 1985) 

Minimum Price of issue— £97.50 per £100 Stock 

yielding at this price, together with the associated tax credit at ihe current rate, £10.71 per cent 
This Stock ia ah Investment authorised by Section 1 of the Trustee Investments Act 1961 
and by paragraph 10 (as amended In its application to the Company) of Fart li of the First 
Schedule thereto. Under that paragraph, the required rate of dividend on the Ordinary 
Capital of tho Company was 4 per cent, but, by the Trustee Investments (Water Companies) 
Order, 1973, such rate was reduced to 2-5 per cent in relation to dividends paid during any 
year sdter 1972. 

The preferential dividends on this Stock will be at the rate of 7 per cent per annum 
without deduction of tax. Under the imputation tax system, the present associated tax credit 
(33/67ths of the distribution at the current rate of Advance Corporation Tax) is equal to a rate of 
3 30 /® 7 ths per cent pef-annum. 

Tenders for the Stock must be made on the Form of Tendw supplied with die Prospectus, 
and must be accompanied by a deposit of £10 per £100 nominal amount of Stock applied for 
and sent in a sealed envelope to Deloitte Haskins A Sells, New Issues Department, P-O. Box 
207 128, Queen Victoria Street, London EC4P 4JX marked “Tender for Rlckmansworth Wrter 
Stock* so as to be received not.latar than 11 a-ra. on Thursday, 1 9th October, 1978. The 
balance of the purchase money is to be paid on or before 14th December, ,1978. 

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and 
Foma of Tender may be obtained from:-- 

Seymour, Pierce & Co., 

10; Old Jewry, London EC2R8EA. 

Notional Westminster Bank Limited, 

Princes Street, London, EG2P 2AH. 

• - or from the Office of the Company, London Road, Rickmansworth, Herts. WD31LB. 


Peugeot 
heads for 


production 

record 


Sharply lower profits 
seen at Norsk Hydro 


BY FAY G JESTER 


OSLO, OcL 1L 


By David White 


PAWS, Oct. 11. 
THE PEUGEOT part ol the 
PeuKMt -Citroen group expects 
to set a new car production 
record of 85fl,W0 units 
year, to lulruduce another new 
model and to Increase lu> 
French work Torce. By the 
end of 1978 the company will 
also have brought Its Invest- 
ment total for the last two 
years to FFr 2.5bn (5580m). 

ML Jean Baratte, chairman 
ot the Automobiles Peugeot 
. said that achievement of the 
expected production level 
would establish Peugeot as the 
best performer among Trench 
moior companies in the last 
two years. 

The Increase would be about 
70,000 nulls up on last year 
and 100,000 up uu 1976, he 
said. Peugeot accounts for tbe 
larger share of Peugeot- 
Citroen's output, itself the 
largest company in the French 
passenger car and utility 
vehicles sector, accounting for 
over 40 per cent of the total. 

Automobiles Peugeot will 
have Increased its labour foree 
In 1977 and 1978 from 61.000 to 
66.000, and AL Baraite said 
that a further important in- 
crease In jobs was due In the 
coming months. 

The company would concen- 
trate further on developing Its 
diesel engine serior. and diesel 
motors would soon be available 
In a wider range of Pongent 
models, he said. A new model 
would be added to this range, 
extended this year by tbe 
launching of the medinm- 
sized 505 saloon, but M. 
Baraite did not say of what 
kind or when. - - ' 

• Union representatives from 
PSA Peugeot-CItroen and 
Chryslcr’s European Interests, 
which are being taken over by 
the French group, are expected 
to hold a meeting in Paris on 
Friday to discuss the amalga- 
mation pious. 


j NORSK HYDRO, the Norwegian 
I metals, chemicals and energy 
'concern, expects a considerable 
(drop In profits this year from 
• the N'Kr 241in (j4Sm i pre-tax 
achieved in tbe year ending 
June 30. The fall uili reflect a 
S significant rise In depreciation 
and interest charges. 

According to tbe 1977-78 report 
and accounts, published today, 
the higher depreciation and 
interest costs will more than 
offset a sizeable increase this 
[year in turnover 3nd gross 
profits, resultm:* mainly from a 
continuing growth in output 
from two North Sea fields in 
which Hydro is a oartner — 
Ekofisk (producing nil and gas) 
and Frigs (ga* onlyi. 


, The 1977-78 outpui was well 
(above the- previous year, mainly 
due to the opening of the gas 
pipelines linkim* ltkofi>k wiih 
Germany and Friga with Scot- 
land. As a result. Hydro’s petro- 
leum division doubled its turn- 
over and achieved a marked 
improvement in its operating 
profit. 

Concern .at tbe )u?b cost of 
{operations and construction in 
jftonvay. and its impact on Nor- 
wegian competitiveness, is a 
j recurrent theme in the concern’s 
| report. Of the new Rafnes 


petnwhemicai complex, for 
example, tie Board writes: “The 
. . . plants, have . . . proved to 
be much more costly than was 
expected when tbe decision to 
build them was taken in 1974, 
and their capital cost will there- 
fore be higher than for compet- 
ing units abroad.” 

Large loan* raised to finance 
the Rafnes plants and the Frlgg 
Field development led to a sub- 
stantial increase durins 1977-78 
in Hydro’s long-term debt which 
had reached almost XKr Son by 
June 30 this year — XKr LSbn 
Up from a year earlier. 

Since 1970. construction costs 
in the chemical industry hai'e 

soared in Norway, in comparison 
with other countries, tbe report 
says, " Under the circumstances 
it is difficult at the present lime 
for Norsk Hydro to underlake 
economically viable investments 
in new capital-intensive facilities 
in Norway.” 

On prodnerion costs, the report 
there veems to be hope of 
a minor improvement in Nor- 
way’s competitive position this 
year, but several more favour- 
able years will be needed to 
restore the compel itiveneas of 
Norwegian industry, following 
the sharp deterioration in recent 
years. 

Commenting on the general 


outlook for the current financial 
year, the report points out that 
the economic climate in western 
Europe gives no grounds for 
expecting any marked improve- 
ment in trading for Hydro's 
traditional products. Fertilisers 
should do better, while tbe tight 
metals will probably hold level- 

Kevfn Done. Energy corres- 
pondent, writes: Mr. Odd Narud. 
the company’s president, said in 
London yesterday, that a final 
settlement of its bid lo buy 
Continental Oil’s UK chemical 
interests is expected ‘‘in a few 
days.” Norsk Hydro is about to 
acquire a 50 per cent interest in 
Vinatex, the third largest UK 
producer of polyvinyl chloride 
(one of tbe most widely used 
plastics) and a 10 per cent stake 

in Staveley Chemicals. 

Sir. Narud said that the 
prospects for a major new oil 
discovery' in block 54/10 in the 
Norwegian sector were very 
promising. The development of 
this field is likely to be one of 
Norsk Hydro’s major capital 
commitments in the early 1980s. 

However, following the major 
spending of the last’ three years 
capital spending will drop 
sharply this year ro about 
NKr 1.2 bn. compared to 
NKr 2.6bn and N’Kr 4bn in 
1976-77. 


Veba taking 
40% of 
Norwegian 
venture 


By Our Own Correspondent 
OSLO. Oct. 11. 

NORWAY’S largest aJumlniutn 
producer. Ards! og Suimdal Verk 
(ASV>. is to farm a company 
with Veba of Germany, to deve- 
lop and produce car components 
and other products of aluminium 
and synthetic materials. 

The establishment of the new 
company, in which Veou will 
have a 40 per cent stake, could 
create well over 250 new jobs in 
Norway over the next few years, 
according to Veba and ASV, the 
Norwegian Oil and Energy 
Ministry announced. 

The Ministry Press release says 
the link-up between ASV and 
Veba is one of the few concrete 
result? of tuo years of Govern- 
Iruenl - sponsored negotiations 
(between Norwegian and German 
: industrial interests aimed at 
‘establishing joint ventures based, 
where feasible, on supplies of 
Norwegian oil and/ur ga»- 
It points out. however, that tbe 
present economic climate dues 
not favour starling new projects, 
and says the contacts made so 
far are promising. 


Pernod lifts 
profits in 
slack market 


By Our Own Correspondent 

_ PAMS, Oct 11. 

PERNOD RICAJRD, the leading 
French drinks group, reported 
a moderate improvement In Its 
first half sales and profits, 
despite a dreary market trend. 

Net earnings on a consoli- 
dated basis rose to FFr fiSJhn 
(815m) from what was con- 
sidered ' a other meagre 
FFr 55.3m in the first half of 
last year. The company said, 
how ever, that changes in tax 
structure made the comparison 
invalid. - 

Group operating profit 
showed a 9.7 per cent Increase 
to FFr 130.9m. Overall sales 
were 6 per cent up on the same 
1977 period at FFr 2.03bn. 

The French market has. not 
regained the record levels of 
the 1976 drought year, with the 
volume of sales of alcoholic 
drinks recorded by Pernod 
Rlcard rising 2.7 per cent in 
the -period up to tbe end of 
August this year. However, 
Pernod Rlcard expected to 
meet Its export targets for its 
leading brands. 

Strong sales of whisky, wine- 
based aperitifs and the ante 
drinks which form the core of 
the Pernod Rlcard group were 
offset by weaker record In 
'sparkling wines; rum, vodka' 
and some soft drinks. 


PKbanken sees earnings boost 


BY WILLIAM DULLFORCE 


STOCKHOLM, Oct. 11. 


PKBANKEN, Sweden's largest 
commercial bank, improved 
earnings by 34 per cenu to 
SKr 415m ($94 ,3m i during the 
first eight months of this year. 
It expects to finish the year 
with earnings of SKr 660490m. 
to give a profit growth of around 
30 per cent provided there are 
no further changes in the dis- 
count rate or monetary policy. 

However, PKbanken sound two 
warning notes in its latest 
interim report. The volume of 
business is now rising so rapidly 
that profitability is insufficient 
to maintain the ratio of equity 
and reserves to total assets. Tne 
state-owned bank's capital base 
will therefore deteriorate 
further. . 

Secondly, because of tbe situa- 
tion in Swedish industry and 


Deutsche 
Babcock 
orders up 


trade, the bank anticipates more 
bad debts than before. This will 
call for larger transfers to the 
reserves for provisions against 
losses and will add further to 
the demand for higher profits. 

Factors leading to the 34 per 
cent earnings growth in 4he first 
eight months have been the 15 
per cent increase in the balance 
sheet to SKr 5S-5bn and the fall 
in the average discount .rate, 
which accounted for some 
SKr 35m of the increase in profit. 
Other favourable factors were the 
decline in the interest rate on 
special deposits and the restruc- 
turing of the bank's placements. 

Negative factors were a drop 
in earnings from currency deal- 
ing and the lower yield obtained 
on tbe bank’s large cash ratio- 


funds, which cut some SKr 25m 
from earn in ns. Foreign com- 
missions in fact declined by 27 
per cent or some SKr 12m. 

Net Interest income was up by 
26 per cent -to SKr 879m, assisted 
by an improvement of 0.2 points 
to 2.49 per cent tn the overall 
placement margin. Tbe rise of 
32 per cent in domestic com- 
missions to SKr 107m is reported 
to be due partly to more efficient 
lending and capital market 
operations by the bank and 
partly to the fact that credit res- 
trictions affected the correspond- 
ing 1977 result. 

PKbanken’* consolidated 
result grew by 35 per cent to 
SKr 43Sm and includes a 
reported SKr 11.2m profit from 
the subsidiary bank in Luxem- 
bourg. 


OBERHAUSEN. Oct. 11. 
DEUTSCHE BABCOCK said that 
its returns for Lhe first IS 
, months of the 1977-7S financial 
jyear, which ended on Septem- 
ber 30, showed comparatively 
satisfactory trading. 

Babcock booked orders worth 
DM 3.9ba fSJ.Oabnl, a 1.5 per 
cent increase on the same period 
of last year, despite the low level 
[of capital investment in West 
Germany and tbc effects of the 
strengthening Deutsche Mark on 
exports. 

Babcock's export share of 
turnover remained at 62 per 
cent, aided by several major 
orders, including a power station 
and a desalination plant for 
Libya. 

The company said that orders- 
in-hand in the 10-month period 
rose to DM 9.7bn from DM 8.5bn 
the previous year, but turnover 
was down by 7 per cent to 
DM 2_2bn for accounting reasons. 
Reuter 


Schauman expects continued recovery 


BY LANCE KEYWORTH 


HELSINKI, Oct. 1L 


THE DISTINCT improvement In 
the Schauman group's results 
that started- in the current fiscal 
year- after- -two deficit years 
should continue during the last 
four months of 1978. although 
the operating -margin still will 
not permit anything like tbe 
maximum permissible deprecia- 
tion. 

This Is the conclusion drawn in 
its interim report for January- 
Angust. The parent company's 
turnover for the first eight 
months of 1978 increased by li 
per cent to FM 472.4 (3118m)' 


Swiss plan new 
banking tax 


By John Wicks 

ZURICH, Oct 11 
A WITHHOLDING tax of 5 
per cent has been recom- 
mended by tbe Swiss Federal 
Council on fiduciary accounts 
with banks. The tax, expected 
to yield some SwFr 140m 
<U.S.$ 88.2m) in fiscal Income 
on the basis of existing 
fiduciary accounts, is recom- 
mended in a report drawn up 
by the Government for presen- 
tation to Ihe Finance Commis- 
sions of both houses of parlia- 
ment. The Federal Council 
has decided to reject sugges- 
tions that foreign bond issues 
should be subjected to with- 
holding tax or that securities 
deposits in banka should be 
taxed. 

Fiduciary accounts are those 
placed with a hank as a trustee 
and from which further invest- 
ments are made in the bank's 
name but on behalf of the 
account-holder and at his risk. 

At mid-year foreign fiduciary 
liabilities of tbc Swiss bank- 
ing. system amounted to 
SwFr 53.7bn and foreign 
fiduciary assets lo SwFr 61-9bn. 


Dyckerhoff 
sees advance 


By Jonathan Carr 

BONN. OcL 11. 
DYCKERHOFF, .* a leading 
West Gorman cement concern, 
expects Improved profits this 
year. Satisfactory business de- 
velopment In the first nine 
months of 1978 reflects ihe In- 
creasing • buoyancy of the 
domestic construction industry. 

An interim report shows 
parent company sales to 
August 31 up by 4.9 per cent 
against the same period of 
1977 to DM387m (S203m). Per- 
sonnel costs were up by only 
1.7 per cent over .the same 
period. 

Orders to the building Indus- 
try Increased by 20 per cent 
in real terms in the Ural hair 
of 1978. but production rose 
more slowly— partly because of 
the poor weather. Subsequent 
efforts to expand production 
more quickly are now working 
through to the cement sector. 


compared with the same period 
last year. The corresponding 
increase in sales for the whole 
Schauman group was 8 per cent 
to FM 56L7m. . 

The mechanical forestry indus- 
try. where invoicing rose by 22 
per cent, produced tbe best 
result Plywood production, in 
particular, showed an improve- 
ment in both volume and value. 
Chipboard exports increased but 
tbe company closed its Viiala 
mill because of poor profitability 
and the obsolescent state of the 
plant 


Sales of pulp, the main activity 
of the company, rose from 118.000 
tonnes to 141.000_;tonnes, which 
made it possible to cut socks back 
to normal levels. 

. The price trend for pulp has 
been rising slowly and this 
upward movement is expected to 
continue to the end of fiscal 1978. 
However, the report foresees that 
the pulp branch will operate at 
a loss again this year. Sales of 
paper and converted products 
were satisfactory both in volume 
and in value.- 


Losses down 
at SGI 


ROME. OcL 11. 

SHARPLY LOWER losses were 
reported by Societa Generate 
Immobiliare In tbe first half of 
this year as a result of a reduc- 
tion in financial charges- 
This follows the transfer of 
property assets to banks as part 
of a salvage agreement for the 
company which took effect earlier 
this year. 

The group reported a net first- 
half loss of L2bn <S2.4m) against 
one of L10.3bn in the same period 
last year. 

Reuter 


& 


PREUSSAG 

Aktiengeseilschaft 


Las become the controlling shareholder of 


Amalgamated Metal Corporation 

Limited 


The undersigned acted a* financial advisers to 
PreussJgAktieiigesclIscliiifi 


Lazard Brothers & Ca, Limited 


'Wbtdeutsche Landesbank Girozentrale 




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30 


Knancial Times 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


BP Australia upset by delays 
in approval of cost increases 


BY JAMES FORTH 


SYDNEY, Oct 11. 


BRITISH PETROLEUM company 
of Australia suffered a sharp set- 
back in t' : six months to June 30. 
when earnings more than halved, 
from A$13.76m (U.S.S16m) to 
ASd.Sra lU-S.S7.6m). The actual 
trading profit dropped from 
A$6.5m rU.S.S7.5m) to AS630.000 
(U.S.S7C2.0C0.I but the share of 
profits from associated companies 
on an equity accounted basis 
only dipped from AS»7.3m to 
AS6m. The directors said profit- 
ability in the more traditional 
area of petroleum refining and 
marketing had been at an 
unacceptably low level. Stiff 
competition, slowness hv the 
Prices Justification Tribunal in 
approving price increases to 


Hong Kong 
Bill will 


recoup 1977 cost rises and delays 
by New South Wales and South 
Austral ' I pricing authorities in 
passing on price increases aU 
affected the result 

The directors said that the 
group was. in a strong financial 
position and liquidity had im- 
proved. However, it was 
expected that working capital 
requirements would rise about 
A8£lm (U.S.S24.4m) as a direct 
result of the Government 
increased levy on. indigenous 
crude oil. 

The equity profits came mainly 
From the 50 per cent stake in 
NSW coal producer. Ciutba 
Development. In July BP signed 
a letter of intent to buy the 


remaining 50 per cent of Ciutba 
from Universe Tahkships Inc. 
for AS16S.-! (U.S.S19G.5ml. The 
directors said BP recognised the 
Australian NSW Government's 
aspirations for the introduction 
of local participation and was 
actively examining the means by 
which . this might be achieved. 
They added that an application 
was before the NSW Govern- 
ment to proceed with the NSW 
coal producer Oakbrfdge in the 
development of a new coal mine. 

The directors added that 
planning and definition work on 
the AS2.5bn to AS3bn North 
West Shelf natural gas venture, 
in . which BP is a partner, was 
proceeding to schedule. 


ANI acquires Container-Care 


BY OUR FINANCIAL STAFF 


AUSTRALIAN NATIONAL In- 
dustries (AN1», the engineering, 
motor vehicle and investment 
group, has acquired all the issued 
capital of Container-Care of 
Hong Kong through a Hong Kong 
subsidiary 

Container-Care claims to be 
the largest individual repairer of 
shippina containers in the world, 
while AIN! points out that Hong 
Knnp i» une of the busiest con- 
tainer ports in the world. 

The company has been estab- 
lished for about ten years and 
includes among rrx clients “many 
nf The world's largest shipping 
lines 3nd container leasing com- 
panies.” 


The Hong Kong business apart. 
Container-Care also holds a 30 
per cent stake in a .similar con- 
cern. Container-Care Manufactur- 
ing » Phils i. which operates in 
the Pnilippines market — which 
according to ANI is growing 
** rapidly " 

The new Hong Kong subsidiary 
will a>rt a< AXi’s regional office 
for South-East .Asia, arid will 
“ also be active in the distribu- 
tion business.” The acquisition 
is. snys ANI. consistent with the 
Honu Knng Government's policy 
of encouraging the investment of 
overseas capital for developing 
industries. 

The Australian cnmpjny sees 


the further international diversi- 
fication as contributing to its 
growth in both the short and long 
terms. 

Mr. Richard Maund. one of the 
founders of Container-Care, will 
continue as its - managing 
director and chief executive offi- 
cer. •; • 

ANT has been active in the 
takeover field in Australia. As 
announced last month, it in- 
creased its earnings for the year 
to June 30 by almost 65 per cent 
to A814.66m fUSSTTm). This Fol- 
lowed a full year's contribution 
from the Datsun-BMW motor 
vehicle distributor. Capitol 
Motors, acquired last year. 


regulate 

quasi-banks 


By Anthony Rowley 

HONG KONG. Oct. U- 
The governor oF Bung Kong 
Sir Murray Ktaclehosc. announ- 
ced today that a Bill would 
be Urtrodnced shortly into the 
Official Legislative Council to 
amend the Deposit-Taking 
Companies Ordinance. 

The BUl is expected to im- 
pose minimum liquidity and 
reporting requirement on the 
deposit-taking companies, 
which are quasi-banks enjoy- 
ing most of the operational 
freedoms of full banks here. 


New venture by 
Midland Bank 

By Our Own Correspondent 


HONG KONG. Oct. U. 

A MAJOR function of the 
Midland Bank's new represen- 
tative office in Hong Kong will 
be to participate in syndicated 
loans to Government agencies 
and major companies in South 
East Asia, the batik's assistant 
chief general manager, Mr. 
W. G. Kneale, said today. 

“ We s hall also he investi- 
gating the possibilities of 
large-scale project finance — 
especially where British com- 
panies are. likely to he provid- 
ing a proportion of the eqnip- 
ment or expertise.’' Mr. Kneale 
said. 


Subsidiary’s deficit cuts 
into Hutchison’s 



BY RON RICHARDSON 


HONG KONG, Oct. 11. 


HUTCHISON WHAMPOA, the 
conglomerate formed last year 
by the merger of Hongkong and 
Whampoa Dock Company with 
Hutchison International, r has 
reported consolidated net profit 
of HK8S9.lm (about USSISm) 
for the first half of 197S com- 
pared with a combined 
HKSS3.3m by the separate com- 
panies in the same period of last 
year. 

The relatively small advance 
reflects the absorption of 
HKS30&D of Hutcbison-BOAG 
which reported a heavy deficit 
earlier this week. The group 
profit includes a provision of this 
amount for extraordinary losses. 


It also excluded non^reem ring 
capital profits of. HKgttAh on 
the sale of investment, " fixed 
assets and land by subsidiaries 
and associated companies. Last 
year there was an esHaortfinary 
loss of HKS400.000 in-. the 
corresponding period. ' ~ t v. 

Adding in. the extraondmaxy 
profit gave attributable earnin gs 
available for distribtztfoh.. of 
HK$135J5m (US$28. 8m) up 63 per 
cent on last year's total Direc- 
tors have raised, the lotetam 
dividend from a comparable 8 
cents a share to 9 cents; LAst 
year tiiis was followed by a-fiaal 
payment of 12 cents. . 

In an interim report with 'the 


BBI opens Bahrain OBU 


BY OUR FINANCIAL STAFF 


BARCLAYS BANK International 
(BBI) is to open officially its 
offshore banking unit ( OBU) in 
Bahrain on Sunday. The 
(ceremony will be performed by 
•Sayed Abdullah Saif, the Director 
i General of the Bahrain Monetary 
1 Agency. 

The branch will provide whole- 
| sale, corporate and related inter- 
■; national business services in 
i non-Bahraini currencies, and will 
■ be the 14th foreign exchange 
ideating centre in Barclays world- 
, wide network of branches. 

Mr. G. A. O. Thomson, general 
j manager of Barclays Tnter- 
. national with responsibility for 


the bank's Far and Middle .-East 
operations, said: “ The' ;"new 
Bahrain branch is an important 
addition to our existing network 
of branches and offices En the 
Gulf, and farthers our objective 
of having a foreign exchange 
dealing operation in njajot inter- 
natianal financial centres around 
the world." 

The new branch is situated at 
the Manama Centre, Bahrain, 
and the manager is Mr. M.-/E. P. 
West - 

Barclays, the UK’s largest in- 
ternational banking group, has 
assets in excess of S42bn and 
offices in more than 75 countries. 



half-year JJe~.eS v*?*? 
W^R^WylU^ said that during 

HFSM.fim, earn- 
Sfg^book pro^ of HK$5Jm In 

^ Although the run-down of the 
DorSflio was foreshadowed m 

sgtexfiSste 

lESS MS «p5BS. 

presented bv the buoyant Hong 
Ktrap stockmarket towards the 
middle of the year. 

The interim report salq_tne 
Hon*» Kong and Whampoa Dock 
Group has contributed substan- 
tially towards the P^fittijrough 
im interests in the boonunff 
Sperry and development^ctor 
H Mr Wvllie announced that the 
company has decided to seHvUs 
3 ? per cent interest »n the 
public! v quoted Textile Conrora- 
tion of Hong Kong. Limited. 
TCHL has been investigated fp? 

^ Although 6 terms of the sale; by 
wav of a scheme of arrangement, 
have not yet been mademiblic, 
it will realise a total of HK52L3m, 
f'o^CTprofltof HKgSm 

Following the sale, the 
Hutchison Whampoa Group will 
have no further interests In the 
Hong Kong textile industry. : 

Finallv, turning to the merger 
negotiations between the two 
lisled subsidiaries. City .and 
Urban Properties and Hutchison 
Properties, which have been 
halted by a court action by 
minor! tv shareholder, Tai Cheung 
Properties. Mr- WylLie said that 
although the court action, yms 
being vigor on sly opposed, he did 
not expect that the negotiations 
would resume iu the near future. 
[Jn the meantime, bbtb sub- 
sidiaries were performing 
satisfactorily." 





him. 



HONG KONG, Oct" 
GENERAL ORIENTAL,' 
James Goldsmltii's Hong 
based Investment — 
announced . . . - - a - _ 

Increase 1 h ttsitetasae^ 
analysts, regard ada-j 
share-financed 
the company ■ the' 
future. 


In' a statemeut, 
Oriental said fhat. 
owned subsidiary. 
Investments (Holding*^ 
agreed to sell 1 two', i 
per cent owned 
£2An (US552m) 
a surplus over book 
£L4nL. 


‘very 


• ^“.The effect of adit 
pro-forma •- statement: 
assets oftte.Oriental \ 

shown in the „ 

issued In July npon the ; 
tion of Argyle, 
parent company^ so. 
refleet the abeve 
also finr.tite current 
value; of the - Oriental 
porliUio . of - _ 

Including its ; law 
Generate Ooddentale SA ) 
be to increase the; Bet-j 
per Oriental 
HKS1-48 • to . 

HKS2.45,” the l company ; 

Analysts suggest 
about 13 per cent of ' 
revaluation - derives 
sale ol subsidiaries,- 
the remainder, derives” 
re valuation of 

Oriental’s share ; 
Including long-term 
meats in General* 

General : Orientalfe 
strengthened by about | 
bi price on local- stock Agfe 
after the vxnoimcemari.' ? 





Partial bid for Wheelocl 

‘ r ‘ ■» ■< 

Marden (Australia) like| 


S^DNEYr.bctll. . 


own. 





WHEELOCK MAKDEN Invest- Uan compan/s issned rai!^ 

mehts (Australia) has announced; 50 cent par shai-Wri* - 
that negotiations on a possible last traded here at 25realfcr 
partial bid to shareholders are ranging frotn lS to 28-ceBts; 
taking place in Hong Knng year. '.-y 

between its major shareholder, . J&FC 

Wheelock Marden and Co^ and A5878300 (USSlm).. '•!& »_ _y 
other parties. extrao 


>ntage o£ members shares in Anarn tnaifvtoiu jwa.mii- 


5 i$ tr- 

centage o£ members* shares in £ow 0 ~of tis 
the company it will be made on fertri tnr w ^mafcfm ^W 

the same basis- as that made to . - ““.V --* ™ - 

the major shareholder. - '^The company i 

The company- said: that -it* h^lffdteff lhaf the' i’eo^w 
beeri Iirforined that negotiatioiis ment’s. foreign iirvesiap^ffl 
would not be finalised until the have prevented iisrioa&t&i 
end of October, and advised investmente •ia 
shareholders not to- sell their fonnerlv ite mabi actWtfcM-._ ~ 
scares. Apri^%6, wh»:^e 

Wheelock Marden and Co. announced. •'-'C'- 

hoids 61 per cent of the Austra- Reuter : . 




Baker International 





BAKER' INTERNATIONAL Cor- 
poration, of the U.S. has set up a 
wholly-owned subsidiary. Baker 
Par East; to - manufacture 
packers, cement retainers, bridge 
plugs and sliding sleeves from 
next year, Mr. J. D. Wood, presi- 
dent of the corporation, said 
here. 

The corporation is investing 
U.S.SSra in the plant, annual 
output OF which, valued at 
UB.812m, would be exported 
primarily to Sooth East Asian 
markets. 

But products from the plant 


will also " lie . expofthffj I 1 
countries; lndhdln&tMiiai* [i 


•hu ouu rs-v t ' P 

countries; inclPdingChlna^.j }|ff 
vided finance was satisfaq/^ 1*5 I 
Mr. Wood said. • . 

The parent; corporation ® 
rently supplying ' protect*: 
engineering .services valiw 
TJ.S^l6m . to the repon." ^ 
was a large "market for" g® - 
oil exploration ■ eqnh®^ 
this region. Mr. Wood * 

Tiiis was ah" important -je . 
for the corporation, to a? 
manufacturing facilities: 
Singapore. . : .. ‘V 

AP-DJ. . 




BICC has stake i Better retuiN 

by Mega 
Chemical 


in new plant at 
Kuala Lumpur 


In 1894, the Helvetia Milk Company in -J -: 
HighJand, Illinois introduced “Our Pet,” a baby-size 
can of evaporated milk. 

Today, that 5$ can of milk has become Pet 
Incorporated, a billion dollar family of well-known 
food and food service products, and the newest 
member of our IC Industries family. It’s quite an ' 
addition, with fiscal 1978 sales of §1.1 billion and 
pre-tax earnings of $57.4 million. 

S3BI Million I.xV" ! ■ • ' 


BB ^Hri SSS; 


¥3M MIHkXI 


Grocwy 

Croup 


Dairy and 

Sarvicm 

Group 


5207 Matron 


» * ; :s ■ 

*■ * '■ JS- ■ . 

| . 

*191 MJtfion 

Hossunann 

Crooo 


Specialty 

Group 


The largest of Pet’s four business groups is 
the Grocery Group. It includes Pet evaporated and 
powdered milks; Sego diet foods; Old El Paso, the 
country's leading brand of Mexican food. 

Laura Scudder’s, the best-selling snack foods on 
the Pacific Coast, and Dentler-Facs snack foods in 
Texas; Musselman-s fruit products; Gulf Belle and 


Orleans brands, the nationYleading processors of 
canned shrimp and oysters: Reese Finer Foods, a 
leading importer, manufacturer and distributor of 
gourmet and specialty food items; and Heartland 
Cereal products. 

The Dairy and Services Group incl udes a full 
line of Pet fresh dairy products in the Southeast; 
Merchants Refrigerated Warehouses, offering 27 
million cubic feet of freezer storage' in 11 major 
markets; 312 Stuckey’s stores on the nation’s inter- 
state highway system; Vendbme and 905 party 
centers in the West and Midwest. 

The Hussmann Group features the Hussmann 
brand name, for years the worlds leader in food 
store refrigerated display equipment, now serving 
nearly every segment of the food distribution svstem. 


5vv*;-^. et ’ s Specialty Group includes Downvflake 
arkFEet-Ritz frozen foods; Funsten Nuts, the world’s 
largest independent processor of tree nuts; and 
Whitman s Chocolates, the 136-year old brand 
featuring the best-selling bos of chocolates in the 
world, Whitman’s Sampler. 

That’s the Pet family. The newest member of 
the IC Industries family. This. association marks the 
beginning of a significant change in the future 
direction of IC Industries. 


We've been more than a railroad for ten years. 
Now, we re even more. Another billion more. 

If you’d like to know about how we’ve grown, 
aid how were still growing, write: IC Industries, Inc. 
European Office, 55, chemin Moise Duboule, 
CH-1209 Geneva, Switzerland. 


By Wong Sulong 
KUALA LUMPUR, Oct. 11. - > 
t A CABLE Factory worth 20m 
ringgits ( US$3.35rn ) and owned 
| jointly by the Malaysian Armed 
Forces Fund and British. Insu- 
I la ted Callenders Cables, was offi. 

! dally opened by the Malaytnan 
| Defence Minister. Mr. . Datuk 
[ Taib Hahmud, today. 

Located at ShelrAIam; outside 
I Kuala Lumpur.- the factory , pro- 
| duces high-voltage ' underground 
power cables , for the Malaysian 
fanned forces, electricity boards, 

] and East Malaysian consumers. 

The present output at' the fac- 
tory is 750,000 metres, of power 
I cables a year, but it Is planned 
i to produce 2m metres - within 
I few years. 

The Malaysian armed forces 
! holds 60 per cent of the equity, 

I while BICC bolds the remaining 
[40 per cent..- 

BICC also bolds 53 per cent In 
another Malaysian cable com- 
pany. Malaysian Cables Berhad, 
which supplies cables to the tele- 
coftjmuirf cations department. 


- .By Our Owii CorreqpoqW' 

. :KUAIA £jJMPOH. : :Qdfc 
AFTER TWO YEARS trfli 
Mega. Chemical Berh 3 ^; 
Malaysian - Australian 
venture, . Jhas reported 
despite 'what the'- 
described - as “ formidable^, v 


titinii and . rising costs.? - - >-’¥i s 


.For ■ ibe' y'eor en dtag'vj 
Mega." which mahhfacturrt 


distributes- detergents L 
cultural chemicals, mane j] 


flL 


U 


IC Industries 

DivenifW iu £iv, bu^u. group: Couuuu^ Produar. Qoo,^ P^duar. tol Esux, fiaucUl to-p^ou. 


Gleoeaijy Plantations 
profits rise 30% • 

Gienealljr Plantations Berhad. an 
investment 'company w{th size- 
able' investments ia' rubber com- 
panies - has reported a 50 per cent 
increase in pretax profits, Wong 
Sulong writes from Koala 
Lumpur. ... . : 

For the year ending Juna^ pre- 
taif profits rose from 3.6m ringgits 
to 4.7m. ringgits (UiSJ9J,m). A 
final - dMdepd of 5 per. cent is 
declared, making- a total, of 10 
per cent for : the year. - the' same 
ai;f o'r-rth^.RreyiDim^e^.;.. \ 


made 

profit' ' of . 135^000- 
(U.RS60JW0), compared 
loss of 540,000 
(U.S5239.000) the preVhWf.-' 
Its .’.wtoily^wned >uBgj 
House of Fnrnitnre SB N.PV 
made -a * ' substantial:. 
inenrrin^ losses of oPKfc* . 
rhiggits. compared vrftb d* 1 
over 700,000 ringgits- 
. Mega said that 4be flrstffi 
.of the imrrent year pres^™ - 
profile indicative :of r v*| 
hopeful . performance,’' •- 
expects better times ahead.' 


rC3l; 


F irst-half improve . 
lor Izomiya 


Izumlya Ccrmpany, th eJ^ . 

chain; store operator, Ta®* 
net'- profit : by 1SS- per [Jj*. 
YlJffibn C3S.4m) hrifte 
of its financed year, 

in the sajne^period or me. 

vious year, AP-DJ ro»or®; 
l^kyo. : 

Sales tor.the- Bht.tWi, 
August .31 increased hy; : M. 
cent to Y88.7bn (*47W- - 
Izmriiya forecast war-'W 
profit for- the: year- to; fw v . 
28 would rise swne ri pwfl - » 
Y2L5im .-on sakefc: of -yiSS&B, _ . 


l 



i 


A r 

r t'. 


&r 










Flnto&l Cwtofeer "12 1978 


C urrency , Money and (^pW Marjkets 


incn 


ues 


as seis to weak 

ft* p 1 . 

' p Gv. 

■,/^k Th® continued to decline 

JN'C rA * esler 1? Jr ’ s foreign -exchange 
%, ark et reflecting the general lack 
■ ~ -i I’ , . ta*'. confldz>nn> ,.rfbm4 


tc*. currency to lower levels 

il showed a slightly 
-■6. L * Readier appearance, with central 
!•, "?* assistance. However further 

<; n " * “ m * developed with the open- 

* ■*! or , u - s - markets 'and the 

t,‘." jjftjLSj-wraJ authorities may have 
' ' ^ £PPe<L into the market as the 

.h' llLar rtncnif «Ua..a 11^ 


i % ^ t .^tsmns at a 'record dose- of 

'■■ ifll.8700 f Ml] dawn from 
“T rewiay’s level of DMlJtt85. The 


i-. w* idwva. ajjc 

*•-- rts « franc was- also firmer at. 

V L5«M- 

. i market was clearly dis* 

’ '*■"■’! ir'i.-^iPointed with' President Carter's 


.. ic , p '^lP o| ntied with' President Carter's 
■ ■■■■*-£ ijjj^ <6ech over the weekend on infla- 
? --xi iji and the tact that the unveil- 

?..Va* ,.w-, i* anti-teflatiwi measures, due 
announced early nest -week, 
***,?, h^n postponed. The 
. - ■ 5: ‘it h^lar showed a sharp fall against 

. '^‘■(>5; .Japanese yen to Y1S530 

•*" ‘ .- : -i j ^unst YIRS.05, white the Canadian 
-=-.2 «®sed to M.40i U-S. cents 

f,.T;Wn S4.49J U.S. cents. Using 
' " ;r 1 -ir e V r i? n Guaranty figures at noon 
>: Vork, the dollar's trade 

*J?nied average depreciation 
UK * i;* :t fn 101 per cent from 

!;•«. P® r cent. On e simitar basis 
Carradian dnUar's depreciation 
•'- Ss-lened to 18 j 4 per -cent against 

*i-. y : y-'4 per cen *- 

.7"."" -Svjerling traded on the sidelines 
:'• ■ -most of the day and opened 

* -■*!-, *1-8865 against tile dollar 

„ ore improving very early on 
‘ r ^ t round SI 0IW5. With the doHar 
■ !,vjer further pressure during the 

— 1 'T!': :2 Gt : "‘*moc>n. the pound touched 
••• '['r -4960 before easing back sllghOy 

-• :- r close t& 91.9920-1.9930, -a 
:•• points from Tuesday’s 

. ---iSlsSe. and its ho-it plft«anr». : U»tr*»l 


above their floor levels with the 
Danish krone at DM 36.635 "per 
100 krone, just above the lowest 
permitted rate of DM 3S.ta per 
WO krone, while the -Norwegian 
krone was quoted at DM 3T.70o 
per 100 krone against/ its floor 
level of DM 37.70 ucrrlQO krone. 
The BeieiaS franc was -fixed at 

DM 5.347 per 100 francs, up from 
its floor of DM 0343. - 

Meanwhile the dollar - had 
slipped to as low as DM 1F32 
during the morning before the 
fixing. . Its decline was. prompted 
by continued sentiment . in the 
market that the U.S. authorities 
have failed so far *□: tackle the 
basic problems affecting' the X\S. 
economy. In later trading which 
was described as heelic, the dollar 
fell further to DM 13R7S. 

BRUSSELS— At the fixing 'the 

dollar fell to BFr !»:C4S from 
BFr 29.0325 on Tuesday. However, 
in order to support its -currency 
within the snake, the Belgian 
authorities spent at least 
BPr 7.7b n in the week up to 
October 9. 





FORWARD AGAINST £ 


Odd niniilii i % pj. iTtu** muniLs % pju 


0 ^S^).<:c.pi»' .2.65 il.66-l,«e.pni! i.Bt 
ft.iVfitl.Mr.jini 1 5.02 ‘S.ftW.BBt. jui] 5.59 
Mr. ilb .-7.4S iBn-lhj win J-J.11 

ss-sot'.iim ;— a.ea ;cn-2 o «it» |-o.ss 

414 ^ -Bill in- III*— 6.66 ;IOj- 2} ..n* iln-4.44 
5-2 i-l tun J B.flS p-B [■* pm ■ 9.12 
2Q- 17D >• f-16.DC-JK-47br. dUl-li.O 

2S-126 n. ill* |-0. M IIJO-KOr. rtlw— 4.#* 
d OhfviUfl 1—5.51 I1B-I4 lirv'ln -2.05 
i-S «n< illi - 1-4.84 Mi-IB.' 

1*1 c. )W 4.18 jlt-Bi v, j>ro 5.58 
l5*ir|-M bmiti 6.96 * 4 - Si ute [un I 2.Q6 
5.20-2.90 non: H-BE sJ.M-8.70 yiin 1 9.M 
15 6 f-rn |>qi 1 t.46 47-27 C"' I'M \ *.87 
24b - % r.ym 1 1.28 jl0-S gm |im I 12.57 


Belgian rate if tor convertible francs. Slx-ntnfirb toneanl dollar J.0G-2.85c pm, 
Finanriii franc 82.SIH2.Btt. ti-mooth 5.30-S.hic pro. 


THE DOLLAR SPOT FORWARD AGAINST $ 



Oik month p.a. Tbm nronUu 
£02t dis-pai’ -lU nOCTc rtS 

Lff-Uttc die -U.76 2JS-2JScdlc - 
22-27c dll -9.94 ZI-2bcdfi 
3.7MJ0ore dto -941 94S4JSoredl* 
D.B74S42pf pm 541 2.94-2.4101 pm 
35-IMcdle -28.U Utt-SOOc die - 
9.50-5.001 Iredls -645 U-S-UJIlredlo 
2 BO-3J0ore dU -746 8.2S4.7DMT dto 
OJO-OJdcpra 3.51 MHJSlMti 
B.4M40arc dis -XJ6 O^MS0eni dll - 
145-1 J»y pm 655 3.1S-3.05y pm 

i-Oa-Z-ODatfl pm 241 ajU-UDgeopm 

145-LlDc pm I.M X72-347C pm 


MILAN— Early trading saw the 
oilar decline eaiast the lira to 


CURRENCY RATES CURRENCY MOVEMENTS 


and its best closing level 
^>-C early March 1976. On Bank 
England figures, sterling's 
_ ex eased slightly to G23 from 


BANK FURT— The' ’ U.S dollar 


d » i«rtiwuni— me u.a. aonar 

7 j \ m \\ L J fixcd at a record low of 
l\J\ \\ Ufe 1-8805 compared- with Toes- 
llVT's level of DM 139R0 "aiid the 
idesbank - Intervened to the 
4. \ k? of “tup $5.7m. 

•A ISSs S vl!l , 3lll he weaker members of the 
*44-51.1 uLlan'ke were initially all trading 


dollar decline gainst -the lira .to 
L616. The fixing level -of L8H5.05 
showed little improvement from 
earlier levels and was sharply 
down from Tue.vday'.s fixing, of 
LfilOITO. Later trading, saw the 
dollar fall even further to l£15, 
a fall of over L4 on the day. 

ZURICH— After opening at 
RwFr 1.5630, the dollar fell 
sharply to SwFr L5575 in very 
nervous trading. 

COPENHAGEN — The dollar 
sank to a record fixing level of 
DKr 53290 against the- Danish 
krone although, the latter eased 
to its lowest permitted level 
within the snake after a slightly 
steadier start In late trading it 
was -quoted at DKr 277.75 per 
DM. 100 

PARIS— At the fixing the. dollar 
fell to FFr4.2810 from FFr 42980 
while the franc eased in -terms 
of the D-mark to FFr23751 
compared with FFr23640 
previously. 

AMSTERDAM— The dollar was 
fixed at FI 2.0395 compared with 
Tuesday’s level of FI 2.0600. The 
U-S. currency continued to fall 
after the fixing and closed el 
FI 2.0242$ after opening * at 
F! 2.0130. 

TOKYO— The U.S. dollar closed 
at YI87.0 against the yen, sharply 
down from Mondays close of 
Y188.0. 


SpsclPi En-ppetro 
Draw I ofl Unit of 
Rlpws Acraunt 


Bank of Morsu 
Enslantt Guaranty 
Index dromes 


SterllnK 

U.S dollar 

Canadian dollar .. 
Austrian %-biIUns 

Belgian franc 

Danish krone .... 
Detnsche Mark ... 

f-mMer 

Prcncb franc 

Ura 

Ven 

NorwrKi,ii] kreme 

Prsrin 

Sw-rdl^n ►rrraa 
Swiss franc 



Based on trade areuroted cbanscs from 
Washlnjtlon ajpvcrtieni CprpinbCT, 1971 
(Bank of E (island IndexsiOQl. 


OTHER MARKETS 


£ 

Note Kfiie* 



Rate dm tor Arxnariiia Is free rate. 


^CHANGE 


CROSS RATES 

I Poutul atminiH U.'. Umtor M Ikumbrilirkj Jspww Ven! Vnncr. t'miK-j swiw 1 run 


ad dieriliiK 
'llodnr 


inch* Mark 

rcu i.ooo 


I ; ' 1 2.279 
L-.' -82.90 


'i*' Ktnoo 10 
• - .Franc 


10 . 

V -9.763 


--h Bui i.ler 
' — m Un 1,000 


dlen Doner 
*n Pram- lljl' 


3:B99 
1 1 —1J1.4B 


swi» frnu). 

LhiLCfl ti Uliilvl 


It*. uui Lira 

4.073 

1.642 

4.038 

2.026 


1625.' 

81S.4 

0.1-24 

B.28B 

1.083 

10.88 


445.9 

4479. 

3.617 

1. 

4.7B3 

1.314 

1 

1913. 

528.8 

0.761 

1.8,1 

1. 

2.485 


' 402.~4 
lOUO. 

1.302 
8.249 • 

1.710 

6.884 


688.3 

2770. 


f inj 



RO-CURRENCY INTEREST RATES' 


lay'» notio 

ill 

. t OTonlfaa^ 


i. 9tarllnx 

C4. Dollar 

81«8>i 

10to Ilia 
in» iiTa— 
12to 13 
laia 14to 
! 14-Uto 

tki-0 
b7|91, 
.6 g«BZb. . 

STg-lLlg 
.. 970 lOls 


Canadian 

Dollar 


1 Dutch Guilder Swim Franc 


Weal UenBAn 
Mark 


PrencH Franc Italian Lira 


Japanese Tea 


10-fl ‘ 
19-21 
17ia-lB 
13 1» 14 
XU3 4 Ul« 
9I Z 10 


45a 

at* 4M - 


. BT|-71§ 

7 to 76. 

8-8i« 

9i c 

07a lOig 
twig A. 


18-24 
14 a.7 
IS 48 
1404 1 03, 

“All 1 * 


85a 2*4 
-to 9»* 

9 7 fl 10 
10 10I| 


i * , ^ , I followtaa. nominal .rales were routed tor London dollar certificates of depo sit: one month tt.05-S.15 nor cent: three4homiis 0.OM.05 per cent: six month* O.m-SJO 
c C tt! on J 2‘* ,r SSM ttO -.oer cenL 

■ it * I U * 1"* ,ion *- |enn Eurodollar deposits: Two jrean .01-9J per cenu. three sears 9f-9i per com: four years M-W per cent : -five yean 01-8* per cent nominal flexing rates. 
- -I term rales are call for sterling, U.S. dollars and Canadian dollars, two day call for Builders and Swiss francs. Asian rales for closW rales m Singapore. . 

> stib^idiuTERNATIONAL MONEY MARKET 

Belgium lifts Lombard rate 


GOLD 




M: 


•le Belgian National - Bank 
id one ot its key landing, rate* 
erday. somewhat to the sur 
.. 3 of the money market. The' 
-.ral bank discount rale 
-aiiis at 6 per cent, but the 
' ' on advances, on currenl 
jmt, known as the Lombard 
. has been lifted to 8j per 
from 6 per ceaL Pressure on 
Belgian franc .within the 
"• ipean currency snake has led 
ipecidation about a' rise in 
e lending rates oyer the past 
weeks, but no major decision 
really been expected this 
c. In future the central bank 
' junt facility is to be divided 
a subcelling A and subceiiing 
The discount rate of fi per 
i: will apply to A, and a rate 
i per ftent to B. 

. Uowing the news, Brussels 
money was slightly firmer at 
’ : cent, compared with 4.55 per 
previously, and short terra 
sit -rates are ej^weted to rise 
j-ound 9 per cent once the 
■reef settles down. 

-. posit rates lor the. Belgian 
.(commercial) were slightly 


easier before the announcement 
with one-raontb at 7fc-"5 per cent, 
compared with 71-71 per cent pre 
viously; three-month at 8J per 
cent against 8} per cent on Tues- 
day; six-month at 8{ .per cent 
aflauwt 8A-SA P«r cent; and 12- 
month at 8J . per cent compared 
with 8i-8| per cent 
AMSTERDAM — Interbank 
money market rates were gen- 
erally firmer, but call money was 
quoted on a very wide spread of 
la-20 per cent, compared with 17- 
19 per cent previously. One-month 
funds rose to-lS-20 per cent from 
16-17 per cent; three-month to 13- 
14 per cent from 12-13- per cent;- 
and six-month to 11-11} per cent 
from lOi-11 per' cent 
NEW YORK— The Federal Re- 
serve, entered the .market by way 
of overnight repurchase orders, as 
Federal ^funds. .touched 91 per 
cent The official target level is 
probably about 8} per cent at 
present, although this 'is difficult 
to determine, since the market is 
technically short of funds follow- 
ing the U.S. bank holiday on Mon- 
day, and the fact that it was. 


make-up day for the banks yester- 
day. Today’s trading should give 
a clearer guide to the Fed's target 
rate. 

FRANKFURT — Short-tenn Inter- 
bank . interest rates were slightly 
firmer yesterday, but longer 
periods showed a weaker trend. 
Call money was quoted al 3.4-3.5 
per cent, compared with 3.4-3.45 
per cent on Tuesday, and one- 
month was 3.55-3.6 per cent, com- 
pared with 3.5-S.fi per cent pre- 
viously. The three-month rale 
eased to 3.95-4.0 per cent from 
4.0-4.1 per cent; six -month to 3.9- 
4.0 per cent from 4.1-4J2 per cent; 
and 12-month to 4.1-4.2 per cent 
froin 4.2-4J} per cent. 

PARIS— Day-to-day money re- 
mained at 6? per cent. Tt first 
touched this level on Monday, and 
is the lowest, rate seen for over 
2* years. Other rates were also 


Further 

record 


unchanged from (HJ-7^ per cent 
for one-month, to per cent 

for T2-month. 

HONG KONG— The money 
market was tight, with call money 
at. 71 'per cent and overnight at 
7 J per cent 


Gold continued to rise in the 
London bullion market yesterday, 
and finished at a record closing 
level of $2265-2271, a rise of Si) 
an ounce. The metal was fixed 
at $226.00 in the morning after 
opening at $2251-226. It readied 
its . best level just before the i 
afternoon fixing, when it touched 
$2283-2271, before being fixed at 
$226.30. The rise in gold 
was mainly .attributable to 
the . continued uncertainty 
surrounding the U.5. dollar in the 
foreign exchange market 

- In Paris the I2j-kild bar was 
fixed at a record FFr31,100 per 
kilo ($225.95 per ounce) compared 
with FFr31.100 ($224.75) in the 
morning and FFr 30.850 ($22324) 
on Tuesday afternoon. 


Oo*. 11 i Oat. 10 


MONEY MARKET! 


trading becalmed 


Gold Bulltoa (a 

otinra). 

Close. — 

Opening..,' 

Morning filing 


IS2H4427J 182261-226 
S226J-22B 1 8228 J-224 


Afternoon, xidr..^ 


[82*61-226 82241-22 

S22B.H KKfi.60 

(£115.4641 (£112.886) 
S22S.50 8296:60 

(£116-475) (£115.6601 


anh of England Minimum 

ending Rate 10 per cent . 

(since June S, 1978) 
adjng waa very quiet In the 
job money market yesterday, 
dealers disinclined' to speed- 
on the short-term trend in 
est rates. There appears a 
rat reluctance to lend funds, 
at for the shorter periods, 
fear that the economic 
, fjon, and the trend In foreign 
est rates, will necessitate a 
is 'Bank of England Minimum 
jpg- Rate within the next few 


months. This has produced an 
almost flat yield curve in the 
Interbank and sterling certificates 
of deposit markets for periods 
between sir months and one year. 

-Day-to-day credit waste slightly 
short supply yesterday; and the 
authorities gave assistance by 
buying a moderate amount of 
Treasury bills from the discount 
houses, .i 

-Banka brought forward run- 
down balances, there was a slight 
net take-up of Treasury bills to 
finance, and the authorities held 
maturing local authority bills. 


These factors slightly outweighed 
a modest surplus of Government 
disbursements over revenue pay' 
merits to the Exchequer, and a 
modest decline in the note 
circulation. 

Discount houses paid -up to 8{ 
per cent for secured call loans, 
with closing balances taken at 6{- 
7 per cent. 

In the interbank market over- 
night loans opened at 8J-8J per 
eent, eased to 6-7 per cent, before 
touching 9 per ■ cent in late 
trading, and closing at a-7 per 
cent 


Q old Cotni 

.Uune«ncafiy 
Krugerrand . — 


New SoweigDi 
Old Soraralgiu . 


Bold Cota* nmm , 
inienuTloiroliy 

Kni((«nutl— . 


8225-226 

(£117-118) 

MH-tta 

(£52-53) - 

S62-64 

(£31-52) 


Now Sovereigns... 
Old Sovereigns 


S1SH-5M* 

(£1111-1171 

•65-86 

(saij-HS. 

8615-65* 

(£51-52) 


$225-229 
«n 17-118) 
r ?81-65 


iin-M 

18567^-589* 
>168-184 ' 

'iwe-ur 


320 Basies. 

sio rssIm 

$6 Eaglw. iitiUilut 


m 1*455* 

tam-iiQ) 

(£505-61*) . 

W1*-W* 

(£81-82) 

8507-510 

3169-184 

*188-115 


ilDON MONEY RATES 


HONEY RATES 


Xfua aanaBBOBBaBat appeeisas a maicer of record only. 


European Investment Bank 


$ 100 , 000,000 

8%% Notes Due October 1, 1986 


$125,000,000 

9Vs% Bonds Due October 1, 1998 


Lehman Brothers Kuhn Loeb 

Incorporated 

The First Boston ^ Corporation 

" MemllLynch White Weld Capital Markets Group 

M»^tl Tjywrfij Wiigt, Vbimt h RwwW) 

Lazard Freres 8s Co. 


Morgan Stanley & Co. 

Incorporated 

Atlantic Capital Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. 

Corporation Incorporated Incorporated 

Dillon, Read 8s Co. Inc. Donaldson, Lufkin 8s Jenrette Drexsl Burnham Lambert 

Securities Corporation Incorporated 

E. F. Hutton 8s Company Inc. Kidder, Peabody 8s Co. * Loeb Rhoades, Homblower & Co. 

Incorporated 

Paine, Webber, Jackson 8s Curtis Smith Barney, Harris Upham 8s Co. UBS Securities, Inc. 

• £ Incorporated I n corporated 

Warburg Paribas Becker Wertheim & Co., Inc. Dean Witter Reynolds Inc. 

Incorporated 

ABD Securities Corporation Arahold and S. Bleichroeder, Inc. Banca Commerriale Italiana 


Goldman, Sadis & Co. 


Salomon Brothers 


Basle Securities Coiporation EuroPartners Securities Corporation 

L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

SoGen-Swiss International Corporation. 


Banqtie Fran^aise du Commerce Exterieur Banque Generale du Luxembourg S A. 

Banque Internationale a Luxembourg SA. Banque Nationale de Paris 

Caissedes Depots et Consignations Paris Credit Commercial de France Creditanstalt-Bankverein 
Girozentrale und Bank der osterreichischen Sparkassen Kredietbank SA.Luxembourgeoise 


Girozentrale und Bank der osterreichischen Sparkassen 

AktingiifiQichiit 

Morgan Grenfell 8s Co. Orion Bank 

Limited - 

Westdeutsche Landesbank The Bank of Bermuda Ltd. 

' . : Girozentrale 


Vereins- und Westbank 

AktiBa g n a dla droft 

County Bank 


Sepfsaiiber, 1978 



Td holders of 

U.S.$1 50000,000 


CHASE MANHATTAN OVERSEAS 
BANKING CORPORATION 


FLOATING RATE NOTES DUE 1993 


NOTICE OF EXCHANGE 


The Chase Manhattan Bank N A as Fiscal Agent hereby gives 
not/ce pursuant to paragraph.3 lei of the Fiscal Agency 
Agreement dated July 27, 1975. that the distribution of the 
Notes as determined by Chase Manhattan Limitod.on behalf 
of- the Managers, was completed on Monday October 2. 1978. 
In consequence the beneficial inter ests in the Global Note may 
be exchanged in accordance with the terms of the Fiscal 
Agency Agreement 1 or definitive Notes on Tuesday, Januar y 2. 
19 73, being the first business day following tne expiration of a 
period of 90 days after the date of compfebon. 


Weekly net asset value 
on October- 9th, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $73.32 

Tokyo Pacific Holdings (Seaboard) N.V, 

U.S. $53.43 


STATE BANK OF INDIA 


Singapore Branch 
U.S.$10, 000,000 

NEGOTIABLE FLOATING RATE 
CERTIFICATES OF DEPOSIT 
DUE OCTOBER . 1981 

Id accordance with the provisions of the Certifi- 
cates, notice is hereby given that for the initial 
six months interest period from 12th October, 
1978 to 12th April, 1979, the Certificates will 
carry an Interest Rate of 10&% per annum. 
The relevant interest payment date will be 
12th April, 1979. 

THE DEVELOPMENT BANK OF 
SINGAPORE LIMITED 
Aperit Bank 

10th October, 1978 


Listed oh the Amsterdam Stock Exchange 

lAformitlOK. Ptoion, HaMrinf A Pienon NV Herengrachc 214. Anmecdim 



NEW YORK 


BltfNa Prime Rate 

flunk FlneTrado Fed Funds — 

Bills* BillnA Treasury BIUs ilS werfc) .... 

Treasury flflk (Zfl-veek) — 


9.75 
..... 4 . 

— Ml 
Ml 



VONTOBEL EUROBOND INDICES 





JA5.76 

= 100% .. 



PRICE INDEX 

IO.IO.7B 

4.10.78 

AV' RAGE YIELD 

10.10.79 

4.10.78 

DN Bondi. 

104.05 

: 106. 19 

DM Boidi 

4.387 

6.434 

HFL Bondi $ N*te« 

100.15 

W.97 

HFL Bonds £ Notes 

8.352 

8.413 

li.S. S Scrt. Bondi 

98.53 

98.46 

U.S. S Scrt. Bonds 

9.045 

9.042 

Can..Dolfir Bondi 

97.37 

97.60 

Cilt.-DoUar Bonds 

9.081 

9.794 


GERMANY 



Discount Rate MS 

Overnight }JB 

One month .. ..... 3575 

Three months 3.375 

Six fflcadhi a MS 


wift-ioto- 

Ufts-lOto 


ten Kif 
II 14-1150 


FRANCE 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 110L 
Index Guide as at October 10, 1978 (Base 100 at 14U.77) 

Clive Fixed Interest Capital ; 129.65 

Clive Fixed Interest Income 114.20 


M iaMw 

-ir^Irt'Vf'iVgg 


Discount. Rato 
Orerainht 
One rromh 
Three numbs .™_. 
Six ranwth tt 



JAPAN 


Discoufll Rate — M 
Cad lUDcouftdonal) 
Bilk DtacooS Ram 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornh ill, London EC3V 3PB. Tel; 01-623 6314 
Index Guide as at October 5, 1978 

Capital Fixed Interest Portfolio JOO.OO 

Income Fixed Interest Portfolio 100.00 


THE LONG-TERM 
CREDIT BANK OF JAPAN, 
LIMITED 


U.S. $15,000,000 


Negotiable Floating Rate Certificates of 
Deposit Maturity Date 13th Otcober 1981. 

In accordance with the provisions of the 
Certificates of Deposit notice is hereby given 
that for the initial six month interest period 
from 1 2th October 1 978 to 1 2th April 1 979, 
the Certificates will carry an interest Rate of 
ten and five sixteenths per cent per annum 


• Reference Agent 

Nippon European Bank S.A. 


























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82 





Manager 


Major International Bank 


£18-25,000 


Our client h a substantial international bank, currently 
carrying through an ambitious programme of em- 
paneling its foreign exchange business throughout 
thu world. s / 


Consequently. we have been retained to recruit an 
experienced Foreign Exchange Manager, who will 
assume responsibility for all aspects of F.X. trading 
and performance. 


You must be able to display not only a depth of 
expertise in day to day trading, but also a consistent 
record of making profits. It is also important that you 
are an. active Manager who leads by example. 

The prospects offered are exceptional and the salary 
and comprehensive benefits package is fully negoti- 
able: this to secure the services of a successful 
manager of appropriate status and reputation. Ths 
appointment is based in the City. 


Please-send a detailed curriculum vitae, in confidence, to Peter Wilson, F.C-A-# 
the company’s adviser, clearly stating those banks by whom you do not wish 
to be considered. Management Appointments Limited, Albemarle House, 

1 Albemarle Street, London W.l. (Tel: 01-499 4879). 




INVESTMENT ACCOUNTING OPPORTUNITIES 

MIDDLE EAST 


FINANCIAL 
EXECUTIVE 

London c. £12,500 + car 


A Group of US business investors are looking 
for an able qualified accountant, preferably, 
chartered ana pteterably with a degree in 
economics or business smdics, to work \vitH 
their associate in the UK. . 


The prime tasks will include the detailed 
.monitoring of the performance of businesses . 
in which investments have already been riiade 
in the UK. mdudirtg cash planning, budget-" 
ing and trend analysis, investment appraisal 
and acquisition negotiations in connection 
with proposed new ventures and the prepar- 
ation and presentation of proposals tor rite 
relevant financing: arrangements. This work 
\r-ill be largely in the UK but will indude 
visits to the United States and considerable 
general travel elsewhere. 

The successful cinitidate will preferably be 
aged 30-40. with wide commercial experience 
winch might include merchant banking; a 
flexible and entrepreneur*! cast ot' mind is 
essentiaL The saury is negotiable aroiihd 
£12.500 plus car and appropriate pension - 


arrangements. 

AppiiiMtiS. hum cr fau.ile. slumU write in 
cempltic iCufJeKte giving full duaii.' ei yreiictts 
cxptriivir jtiJ ■ iur.vttt . sa^iyy . v J. II: Hifis , . 
Am ?.:»< hr.rr; Mcmsh. Motuiganaii CotcuUmUs, 1 ^. 
■40.43 CliJtuny L.i«r, H'CJ.d 1JJ 

TLj£ra:j; Li4H3. 


C-i: clifr.J Hss Ihs r«c* 
-iMvh hi? jr. 
c mri A ~t JC)«i :e r. r v. aF : 


r.r'.biLf / lr: !h* :rive?!m*nt mana«er!: i ?nl c: substantial funds which, ss a result o£ 
- ‘ v'nr i -.-.tit* lh:*c accountant? to '..ork «n Abu Dhabi on a tv.o yeai 


jlv 


Chief Financial Controller 

£15.000 to £20.000 tax free 

-f car + furnished accommodation. 


Two Investment Accountants 


r-rp- ‘ Fin ii "•»’ Director, !n e 

;■;! .raridid i:e v:.il head oifi-re 


tin.sr.’.t lun* -!;.:- 


..tI l*-..i 

• I’le <i’ -. .ijril ? .-. 

. -m‘i r.i ■ n r..' i 

• li . i.-' -.n. . H* 
r 11 : 0:1 a 

.iiit on*. =. 


'.i:k i v is* 1 hf dav. lc -dfl '* 

.•r» And :h* >. 

•*;ir in:-)r::i«i::- r i irom iho 
! : •• I .• ;v.-f f: I i:s 

...r.d cirdi .1 cU‘.«u 


Candida:®? h r :!'.!•.= avp-iri—enf v. il! he _ 
oiia ::heH accoun*. ant?, 3 ily v. :i h f hree tojive ■ 

y?ar--.‘ inveiiment a j nr. nc eix^nen-e. iney 
s v-ijid o-ned .? r ‘--t5 disciplined a r.d have 

‘he af s.‘;ty :i , ..i:iin.cnjsea:ent at all 

Jc . £'s. 


£10,000 to £12.800 tax free 

+ furnished accommodation, 

T'reparinciTnar.aacmeri? and hnoncial . 
informal ion lor l he < tnec , ail?l invesirr.ent divirions, 
lh*2ucci?;-.iuJ candidate? will become an integral 
pritl ai Ihe axisSma liead clfi-.e accoiinlrng 
lunchon. 

Cfindidalp.? xvill b* qualified acrpur.fanlsv.ith 
some *xposuiv ir.v*:-.lxent and ir.av be currently 
in the nrole^ xian or o.-nnanre. Tbev skcitiid be ‘ 
aoed 25-30 cind a ble lo demonstrate a flexibie and 
committed approach necessary tosucceedrin a 
demanding environment. 

For more detailed information on these 
appointments and a personal history form 
please contact Neville Mills A. C. I. S. or 
Peter Dawson B. A. quoting reference 2233, 


COmmeraat PdtsmaDivjaon 
Douglas Uambias Associates Ltd. 


AmialdB.*i ft Mrtoxjtmc^i Se:iui^rj»« ->n i-iti, 
AID 'train. I^M"n W^RiJIC r.; n:*.»^9: v' 
ICI.oi. Vuu«ti! 1 Ta "41 I OX 

3 ,Cm!*> PUc.MinW.ih FiruVA-VIbl. .“44 


Dim 


CORPORATE FINANCE 
EXECUTIVE 


We are a new investment banking firm in Cehtraf 
London with plans for steady expansion both in 
the UK and abroad. . r - 


Our immediate requirement is for an experien- 
ced Corporate Finance Executive, aged 28-38, 
to complement our small but growing team. ' 


The successful candidate must be self-motiva- 
ted, able to negotiate projects through' to 
completion and, as we have? strong international 
connections, be prepared to trayel. ■ 


Remuneration will be commensurate vvitiv 
experience. . .. . 

For more information, please write, with- brief 
curriculum vitae, to : The' Chief Executive, 

Sbeniey International Finance Limited : 

Imperial House. 15 Kingsvvay. Loudon WC2B 61'N" 


Administration Manager 

Group Secretarial 



York 


This is a new post at our group headquarters, which calls for a man or 
woman with wide experience of company secretarial practice. 

The administration manager is to be responsible, firstly for share registra- 
tion arid for providinga corporate secretarial service to the group's UK 
subsidiaries; and secondly for running our recently established share 
option scheme, which is open to all employees both in the UK and 
overseas. 

TIip post demands a wide knowledge of company law and exchange 
rontroi regulations, of Stock Exchange practice and of computerised 
share registration and transfer systems. 

A dngree. preferably in law. or ACIS qualification (or bothi is essential. 
Experience in a public company is desirable. It is unlikely that anyone 
under 35 years of age will have acquired the experience we seek. 

This is a senior post reporting direct to the Company Secretary and salary 
and conditions will match the importance attached to it. It is based at 
’iork. a city whose many advantages include good schools and relatively 
inexpensive houses; and easy access both to other major centres and to 
coast and countryside. 

Please apply (quoting ref. B/592) to Miss E.-A. Ellison, Staff Office, 
Rnwnlree Mackintosh Ltd, York Y01 1XY. 


( v{ff fiowntree Mackintosh <ft> 




INTER-ALPHA ASIA 

•/ 

General Manager 

(DESIGNATE) 


BANKING -SINGAPORE 


This .is a challenging opporhmfrf* in merchant hanking ivith an 
infemahonal consortium hank. Reporting fo Hie President-Chief 
Executive ot" Inter-Alpha Ask the successful applicant will in due 
course take over responsibility as General Manager of Inter-Alpha 
Croup's Merchant Bank in Singapore 
The fob holder will he responsible for the overall supervision of the 
Banks activities in Singapore mciudingits lending activities in various 
currencies, its trade financial facilities' - imports and Exports - 
especially with Europe as ivell as ib Money Market, Foreign 
Exchange and Deposit/ Arbitrage' activities. The Bank is expected 
to develop progressively other forms of activity included in its 

charter. - 

We seek an all round banker able to prove His ability in thee fields 
and also success as a manager: A perfect command of English i= 
essentiaL Knowledge of South East Asia and a command of other 
European Jangu^jes would be an advantage 40 would be tiie 
idealage; 

An attractive compensation plan is offered. 
Communications about the prej^osed appointment should be 
addressed as follows: CONFIDENTIAL Inler-Alpiu Asia i.Hong 
■Kong) Limited, o'o. Mrs. Joan Rogers. Administrative Othcer, 
2301 Connaught Centre; Hong Kong. 





T ax Adviser 


DIVISIONAL 
CHIEF ACCOUNTANT 


up to £10,000 


Westminster 


caty 


£10,000 + Car + Bonus 


This appointment should appeal to a qualified accountant (ACA or 
ACC A) probably in his/her late 20's wbo has specialised in corporate 
taxation and now wishes to gain experience in the international tax 
sphere with this British-owned £multi-iiiiHion group operating;, 
world- wide. In addition to contributing - towards Group tax planning 
policies, the successful applicant will have specific responsibility for 
t he allocation of advance corporation tax, capital gains and losses, arid 
group relief, and will report to the GroiipTax Manager who is directly 
rpFponsihle to the Main Hoard. Major company benefits apply. 


Oar cEentis a major quoted group with extensive worldwide interests. 

Liaising closely with operating subsidiaries in the U.K. and overseas, the 
successful candidate wilJ report to the Divisional Controller. Responsibilities 
will be broad and include the interpretation, ot monthly performance, the 
further development oi a sophisticated management reporting package 
covering world-wide divisional operations and the conduct oi specific projects. 
Candidates will be qual died accountants probably aged around 30 who 



should have relevant experience ideally in a multi-national environment. They 
independenlly, communicate eifectively with non- 


Please apply giving brief personal deLails and quoting reference 
33,473 to 


must be able to work in . . «... 

financial’Managers and have the presence and. commitment to progress in. a 
competitive corporate environment. 

For more detailed information and a personal history form, please 
contact Nigel V. Smith, A.C_A., quoting reference No. 2215 


FTiiaiieta 1 ttmte, ffinrsifey : ^r^^gj r^ ^ 

■ , ^ ‘j£T t V * r -• 

SL? . • ' ■ v«!v»: -fev, . u'iv J « £ 




t 




Saudia flag carrier of the Kingdom 
has a key position in its FmaiiceDivisiGnforat^fe^j ; 
man with wide expenaice.wi HTteFriafibnaf finance^ ~- 

The successful candidate wflj.W responsibie^for a - 

mulitfold range ot duties_irictudi ng;- . ■ ^ ' 

•Advising the Vice President' finance ■antkHf. 

The Director General as to a contracts pnifitahility ^ 
and effectiveness, in terms of the nett contribution . ? 
which the financial provisions^ Hkejy^ pfCrjucaif 
towards the overall profrtabifity of Saudia'sfyjera,-:^ 
tions including impactohcasti flow' in itie I'pirrieSate;^ ■? 

short and longterm. • -t>; 

• Reviewing and examrning the financral aspects-;;; 
of all proposalsand progranm lesielatingtocpi^acts .? 
annexed to services, facilities arid resources;.’ - j: . -1 

• Representing the.Vice.Pr^deriLFinance^stafF.' 
meetings and other high fevel discussions 
as m negotiations and finalization of major a>ritratf$. ^ 

Applicants should have a degree m tew wkh abl 
least 3 years experience, in a simi larspecia list Fibarw^ 
cial Management position.; -- - - - ! •yf' : ..v^ 

The post, which is open to men. between 25^ ^ 
is offered on a two yearyenewabte.contracttogeth*' ■ 
with free accommodation, free and reduced rate air 
tickets for you and your family; 40 catenriar days;: f 

vacation perannurn plifi rejocationallpwance. ; -• .r.^A 

Please write with full personal ^details. quafmgjcijT; * 

title a nd department number lo:-" ;T^. hi)***' 

Area Personnel ManagerEurope,, ; * 

. Saudi Arabian Airline^, - ’-/V ;.*r 

Depart mentJ44/l , ..n - .'•vl .- . 

£08/510 Chiswick High Road/ 

Lo ndo n VV4 5SQ.; : 

, Closing date;27thdcT0BEn;?97a : M® 



MEMBERS 0? T*-lE STOCK 6XCHA.%£ -fe.'. 


HONG KONG AND (AFANESE DEPARTMENTS : " 




INSTITUTIONAL SALES EXECURVEt 

Sales Executives are requiyfed .to join 
based Far. East Department -\tfilch^-ba^d:;l~ 
our Tokyo and J-Iorig Kong 
range of institutional clients in both 


s szs 


Eijrope. 


r- 


These positions off^r an exciting opparfunl^Sf 

The right, applicants, .to join*, an experiei^jS;i 

specialising in these increasiGgly 
; . . . 
markets. 

.* ■ - - Apply with curriculum vitae i - 


». * 


Richard Bradley. 

W. 1. Garr. Sons & Co., 
Ocean House: " 
rO-12 Little Trinity- Lane, 
London EC4P 4LB. 


fv 

.-•r-i- — — itii 

u ■f -1 .*.' 


.. .- 


■ ji; 


--?• *JV 


COMPANY ACC8DNIJIHT 




BURY ST. EDMUNDS 


£5500 + 


We are an expanding Company of Builders' - ^1erfh»fT« 
Timber Processors servicing cusnomers thr6ug.Roiii f 
Our annual turnover is approaching Of million apil «« *RTP™J 
240 people ’. •. v.- •. 

.We now wish to appoint a Company Accoun.ranfwhp/Y?? 
report to the Financial Director and' he. responsible ior .aj 
the accounting functions leading up to the preparatioft ol ou 
Managemenr accounts. ... 

TH« successful applicant wifi probably headed between .35 an| 
45. not necessarily qualified, widely experienced m accountfn. 
systems, preferably with , a koow ledge of computer appliU 
rions and have the personality- and ability to lead 3,'te.afli.G 
accounts staff 



A 


This is a challenging position T'par'cieularlv as. we arejibout.^ 
consider further romputerisation and offers the right .persb' 
a.chance ro d«*volqp a satiriying career' whilst' I lying - w 

-pteasanr part of Suffolk. • • - 


Please write with fyli detail? of your career to date w-y - 

Michael l Pearce. FCA. Director. . i 

Marlow i Co i Rudders' Suppllcsl Ltd.. 

Marlow House. Hollow Road, 

. . 8wry 5t Edmunds. Suffolk. 'IP 32 7AP. 


BRIGHTON 

POLYTECHNIC 



FACULTY OF ARt AND DESIGN 
HEAD OF DEPARTMENT OF FASHION ] 

■. AND TEXTILES 

-V £8443-£9.603 p.a. \ ? 

This Is ? new pnst vsithin the Faculty. hej°5 resrbrisiW 
the Dean and Faculty Board for the conduct' and^develoP r 
c£ the ‘recently dstabiisbed Degree in Fashion Textiles, 0* 
arid : Administration"' (CNAA y and' ali Fashion aOd TeX», 
work within the Faculty, The person bp fro in led should, b.' 
profefisiorwl calibre. ' '• • ' s ' 

Application form* and . further details . From the .Fett^i 
Officer. Briphton Polytechnic, iiloulsecoomb. Bri^htDO- 
.Tel: 693655. ext ^5IWi. Closing date 3 1st October, 1 STTS.-- 




Andrew Person nel Jlepartment 
British-Araeriran Tobacco Company Limited, 
Westminster House. 

7 Millbank, London, SW1P 3JE. 



• Comrwcia/mj^EJMS^ 

Donglom Llambios Associate* LtiL 

4qaxantai>ryai»frniiM»xrpaf' n -CP iItJ B Ml Go Bw li a atfc 
' , JiO.Sfiial K.CTS0N5 T-E OI -S3A9»! 
"j s. vifimBt.'s-wr ■S'.fif.-vG.'rw tv; 

^,‘^fl.es ;.aoa, lajcb.-ss Ki :• VAA. JI44 






' COMPAN Y MA1SAGER . : 

.Our company ls: looking for i'- a person 1 with „ ex*«U?> 
esperienci* id ffnancta'i and lesiaJ 1 affairs; preferabts** ’ 
background- in real ostaip. •- 

While be/sbe is -administrating oar prDpertiesi manajMjj^ - 
■ ; he/she wTirbc following tip Bnanuaijand legal flimat ions * - • 

’ tafifng the right decisions about It- within our. general 
Salary will be i , ommeh.-juratp with. experience-' - '. ' , 

U'rtfe t/U'fup fttli drtfnls io:. ■ ‘ 

^ 

■>3sV ,i * f 


. . ... RaidnfsrUi^ Limltffd^ /.* 

. c/a SidtUqi ami Campany*^ . 

: .- Charte wd; Accountants,: • 

T i; f Aidgate . Brd'adwayl^ KrC.*#.-:';?! 




J- 



Lv 




- ft- 1- 


~ 3 *. 
















Saudi Arabia 
Multi Million Dollar Prefect 


Ourdientis ©major International group with a i 
wide range of interests In the Middle East and Africa,' | 
who are engagedon a number of large construction 
projects™ Saudi Arabia: ' 

They now wish to appoinf a highly experienced 

project controller to take cost control of an extensive 
multi-site project. He will work and co-ordinate with 
ac co un t a nts based at each siteand will make use of a 
comprehensive computer system. 

. The successful candWalewili already be holding a 
‘similar top post with a leading contracting group which 
has overseas operations, preferably in the Middle East, 
He should be a qualified accountant and have 
consi derabl e pro je ct management and EDP experience. 
Preferred age 30-45. 

The appointment will be athree year contract, 
based hi Riyadh with freqtienttravei ling within the 
KfagdomoT Saudi Arabia. A substantial remuneration 
and benefits package wili-be offered in order to attract 
a senior and outstanding candidate. 

.Please send a comprehens’ve curriculum vitae, in 
complete confidence to David C. Thompson, who is 
advislng on this appointment. 


Odaers 


MANAGEMENT CONSULTANTS 
Odgersand Co Ltd, One Old Bond St, 

' London W1X3TD01‘4998811 


HEAD OF 
FINANCE 


City 


_c £15,000 


A major firm of City solicitors ■wishes to recruit 
a senior qualified accountant to bead its finance 
and accounting department covering; the whole 
range of finan cial services within the practice. 


The successful candidate will beiespooahle for 
overall financial and tax planning, capital and 
revenue budgeting and projecti ons , the 
monitoring of results, and systems pla nning 
anrl development; systems art computerised 
an an in-house IfiM insalhrion. 


Applicants should have wide professional 
and/ or commercial experience at senior level 
with particular emphasis on tax and financ i a l 
planning in a partnership context and cm the 
development of sophisticated EDP^sys$ans. 

The salary is negotiable around £15,000 per 
ann um phis contributory pension scheme. 


Applications, from candidates af either sex, will be 
mated in complete caiifidaice and should cotttainJitU 
details qf previous experience and current salary, and 
be addressed to J. W. HiUs, Arman brtpey Monish, 
Afotuij;i*morf Consultants, 40143 Cmneexy Lane, 
London IVC2A 31/ quoting rcfaenccCl472A. 



INVESTMENT ANALYST 


Oar clients are a leading firm of ‘Stockbrokers who are expanding their- 
activities In the field of Corporate Finance m the U.K. They intend to 
appoint an additional analyst to cany .out Research into companies where 
they are the appointed stockbroker and other quoted and unquoted 
smaller companies. ' ; . 1 


• Sonsi 


The : successful candidate will be a graduate or have professional quali- 
fications and will have bad previous experience in stockbrokms or an 
investment institution. Ideally the successful.. candidate will be in their 
mid-twenties and seeking more responsibility with the opportunity to 
commence a satisfying - and progressive career in a profitable and 
ambitious organisation. The appointment' wilt- carry a fully competitive 
salary- and participation in the profits of -the. business. 

Applications will be forwarded direct to nWclients, and you should" 
indicate in a covering letter any firms to, whom you do not wish to 
apply. Please , apply in writing 'quoting reference 048 giving particulars 
of career, in confidence to:. " 


41 SALES EXES 



W. L. 7ait, Touche Ross $ Cqv Manajemenr Consultant j. . 
•4 London Wall BuHdings, London. EC2M.SUJ. Tel: 01-588 6644. 




CHIEF ENGINEER-MINING 


LOCATION— MAJOR- AUSTRA0AN CITY 


| Vf*OT MeHM. on behsH at ■ major international 
E§ mlninar eroop. wDIcli hit extensive uiitresu in 
Jp AusiraUa. a Technical Eseconw ot the lushest 
-S calibre w fill ihe above position. The CWef 
k Engineer via control all technical aspects ot .dn 
g operations with which the Crimp u Inralrrd. 

H is anticipated Uwt he*dtt barama toe Croup's 
Si Australian Technical Director after a abort period. 


daoirabl-^AostralUn e^pen*nce t«mM.be'hen«SclaL 
The canary to eosntnaml and accept reeponslbaity 
IS rssedtul. 


RentaMration: RemuneraUorn requirements by 
applicants will not b« a deterrent to their possible . 
appotnuoeni. We arc seeking a top inan. and 
the remuneration package negotiated will reflect this. 


Duties: The Chief Engineer will be responsible tor 
ail technical aspens of uw Croup' s activities. . 

This Involves technical realm lions '-of existing mines 
or 'ioposits. the development of proposals for 
exploiting known deposits, and acting as the Croup's 
technical rpprfsemativ.’ tojolnj; venture operations . . 
In winch the group participates. Dote: liaison with ' 
the Croup's exploration dlewlon vrtil he essential. 


Applications! Confidential. Written 'appticatlpns - 
should be directed to rite address below; grvuw 
fall particulars of qualifications, experience and 
other relevant details IncIMUng > contact telephone, 
number and memjonuur position No. WBHE. 


Qualification,: Formal tertiary q-j&iiCcz tlons or ■ 
nitnina or metallurgy are required, as Is wide ' 
experience in the mining industry at a senior level.- 
a good grasp of thttm eojoowlca and piatniiiis a 


%0 


Mr. John P. Young. 
Chairman, 

John P. -Young a Associates 
t Victoria i Piv. Ltd.. 

- C.lrn Street. 

Haictborn. 

Victoria 3122 . 

AUSTRALIA. 


Perth SorLiep .- Kaccosile : flnshone ; Adelaide Can terra : New Zealand .- Fuji London 



Private Clients 


A well-established company of high 
repute in this field has-several - 
opportunities available as a result of 
successful development of the 
business. 


Director Designate U JC 

A background in financial suiyic8s, 


accountancy, banking, financial 
planning or stockbroking. Somi 


planning or stockbroking. Someone 
who wants to own/rurt a business but 
lades the finance. With initiative and 
creative ideas, and the ability to lead a 
small professional young team. Welt 
educated and with the desire to prosper 
and take an equity stake; which will be 
facilitated. 

Age: Mid-thirties 

Location: London 

Salary: Negotiable & substantial 

Area Managers 

With the same background and 
entrepreneurial outlook, but who are 
prepared to travel and to develop a 
territory for up to 50%oftheir times, 
servicing clients and obtaining new 
business. Overseas experience is 
essential and languages useful. Owing 
to the arduous nature of the posts, ages 
unlikejy to be over 40. Five figure salary 
negotiable. 

Those men or women Interested 
should contact D. Reid, Managing 
Director, Charles Martin Associates 
Ltd., Executive Selection Consultants, 

23 College Hill, London EC4 (01-248 1709). 
All applications will be treated in strict 
confidence and will be divulged to no one 
without permission after interview. 
Ref.E366. 


CHARLES MARTIN 


ASSOCIATES LIMITED 


Rowe & Pitman, Hurst-Brown 

Members of The Stock Exchange 


NAIROBI, KENYA 


INSTITUTIONAL SALES DESK 


— 

i 



ASSISTANT SALESMEN 


CIRCA K£ 10,000 
WITH FRINGE BENEFITS 


Rnwe gr Pitman, Hurst-Brown is looking for two or three additional assistants 
for partners and other UK equity salesmen. 


Applicants should be aged about 25 and should have two/three years' experience 
of this sort of work. They will probably be graduates or have some other comparable 
qualification, although- this is less important than the right personal qualities 
and experience. 


We are offering an attractive package of remuneration and associated benefits which 
includes 3 staff profit sharing . scheme' and a ' non-contributory pension scheme 
incorporating good life cover. ■. - - : ' v - 


Applications fwhich are welcomed from men and women) in confidence with full 
curriculum vitae in: — r : . -v . 


IHNIC 


P. X. Smith Esq., Staff Manager. Rowe & Pitman, Hurst-Brown. 

1st Floor. City-Gate House. 39-45 Finsbury Square, London .15C2A JJA. 



location: Nairobi, with short period in London 
prior to posting. 

The Person: A qualified accountant with several 
years experience subsequent to qualifying, 
partly in industry. He or she must be able to 
communicate with managementatall levels. 

The Job: Financial Controller of a group of 
companies in Kenya with responsibfl ity to the 
Chief Executive, also resident in Nairobi, for 
group cash control and forecasting, budgets, 
consolWation and monitofing of company, 

monthly accounts ensuring systems and 
procedures are adequate. 

Appointee will haveto become familiar with 
local exchange control and taxation matters. 

Salary: In the range of Kenyan €1 0,000. with 
pension, life assurance and sickness schemes 
and other benefits. Four weeks leave per annum. 


A major international. Investment Group offer? two exceptional opportunities with its 
Fixed Income Unit, based in London, to persons of matching ability. Botti positions demand 
comprehensive knowledge of U.S. Government Securities and domestic, money- markets, 
including Eunnioilar instruments and Certificates of Deposit. 


Account Executive 


clrta £17.000 p.a. 


Ability to act as advisor to major accounts, initiate and develop new prospects and 
represent the firm's financial products ‘and services, is essential. It is untik.eJy that anyone 
with less than 6-7 years* experience in this, highly technical environment would have the 
necessary expertise to handle this responsible position. 


Sales/Operations Co-ordinator circa £ 6 .ooo p.a. 


Excel lent operational/tecbnlcal background, focusing ori practical aspect* of International 
transactions settlenienis in London* New York and Far East, is essential,' The successful 
candidate should have, at least two years' experience in a similar capacity and poses* .a 
specialist degree To Finance and-.Busiriess Administration. • r " 


Please "write, enclosing turrietdina vitae, in-atnctest confidence to Box A. 6510. Financial 

Times. 10. Cannon Street EC4P 4BY. . 


TRANSPORT 


UTO Group: The UTO Group, a subsidiary of 
BET comprises over 70 operating companies in 
1 9 countries providing good long term career 
.prospects. .. . 

Application will be treated in confidence 
end should beaddressed to:— 

The Appointments Manager Ref LQ/8Q 
United Transport Overseas Limited 
Stratton House 
Piccadilly London W1 X 6DD 


EUROPEAN 

INSTITUTIONAL SALES 


SPENCER -THORNTON & CO. 


-W« have a vacancy for an' institutional salesman/woman who 
will market UX equities to our dients in Europe. W e have a 
'strong research base in certain well-defined industrial- sector* . 
and a good dealing capability. The position requires a person 
prepared to work closely with our present team and capable 
.of developing existing .client contacts whilst creating new 
ones. The successful candidate will -be -fluent in French and 
be expected to travel regularly.- 

Applications with full curriculum vitae, in writing only please 
to: J. K. Hoskin, S pen thorn House, 22, Cousin Lane, London 
EC4R 3TE. 


Lending Officers 


MiddleEast $35,000+taxfree 

Major International Bank 


OurOlent feonoofthemost substantial banking insHtutionsIntheMlddle East 
with considerable development plans for the future. 

The bsnk'scurrentrequiretnent5 call for several lending officers who possess a 
thorough background in international banking.and in-depth experience of 
credit analysis and loan administration. 

idea I candidates, preferably married men in the age range 26-32, will possess 
a professional background^ least 5 years’ banking expert Bn caand possibly a n 
additional European language. Personal qualities of maturttyand flexibility will 
enable the appointed individuals to respond with success to these challenging 
and rewarding opportunities. 

The positions a re offered on the basis of a 3 year contract which may lead to a 
full-time career with the bank. The overall remuneration package will be most 
attractive and indudes salary, plus free accommodation, car and driver and 
numerous other benefits. 


Contact Norman Phil pot in confidence 
on 01-248 3812 


NPA Recruitment Services Ltd 


60 Cheapside ■ London EC 2 • Telephone: 01 -243 3812 / 3 / 4 / 0 . . 


QUALIFIED 

ACCOUNTANTS 


The Housing Corporation promotes and finances housing associations. 
Annually, we are providing £350m. in loans and grants to associations. 
We need experienced qualified accountants for three newly created 
key posts at our headquarters. 


Senior Finance Officer 
£y^587-4& / 916 (plus car) 

The job requires a sound 
background of high standard 
investigatory work and the ability 
to communicate effectively: The 
appointee will be responsible for 
appraising the financial performance 
of associations and for providing both 
financial assistance for associations 
special projects and financial : 
consultancy services The successful 
applicant will report to the Chief and 
Deputy Chief Finance Officers and 
have a number of qualified accountants 
reporting to him or her. 

Chief Internal Auditor 
£7,176-£8,007 (plus car) 

Sound post qualification experience 
in intemaJ/extemal auditing, including 
the application and review of modem . 
audit' techniques, are the essential 
requirementsiThis post would be 
particularly relevant for an accountant 
with substantial post qualifying 
experience with a large professional 
firm, orlocal authoritytThere will be 
opportunities for future transfer to a 
wide range of posts involving internal 
financial management, or the provision 
of external financial services to housing 
associations. The appointee will report 
to the Chief Executive. 


Special Projects Accountant 
£7,140-£7,665 

We need a young qualified 
accountant to undertake special 
assignments relating to the 
development of the Corporation's 
computer systems and to act as 
Company Secretary for an associated 
company. Previous exposure to 
computer systems is necessary/together 
with sound investigatory experience 
and communication skills. The 
successful applicant will report to the 
Chief and Deputy Chief Finance 
Officers and work very largely on his 
or her own initiative. 


- * 


Excellent conditions include an 
Index linked superannuation scheme 
transferable within the public sector. 
Relocation expenses may be payable. 

Write, indicating for which post you 
wishto apply, with full details of 
yourself arid career to: Gordon Strang, 
(Ref. FT), Personnel Division, r 
The Housing Corporation, 

149 Tottenham Court Road, 

London W1P0BN. 


The Housing 
Corporation 


International 
Bank Auditors 


c $17,000-$20,000 



American Express require two Senior Bank Auditors to join a 
professional internal audit dcpartraenL 

The positions require at least five years' operational experience in a 
large American or European international bank. Previous auditing 
experience is desirable, as is a sound knowledge of foreign exchange 
ana foreign bills procedure and accounting. The Instituteof Bankers 
qualification ora Degree would be advantageous, but notessentiaL 
The company offers competitive salaries, first class fringe benefits and 
excellent promotional opportunities within its international banking 
division. One position is based in the U.K4 entailing at least 80% 
travel throughout Europe, the Middle East and Africa. The other will 
involve continuous travel throughout the Asia/Pacific region. 
Applicants ideally aged between 25 and 35 should write giving details of 

career to date to Roger Brown, Personnel Manager, American Express, 
Amex House, Edward Street, Brighton BN2 2LP. 


Jonathan Wren • Banking Appointments 

(The personnel coosulrancy.dealing':exclusiveh : %'ith.the banking profession 



BOND/FRN TRADER 

BRUSSELS Salary negotiable 

This is an opportunity for a Junior Bond Dealer to work in Brussels. 
Our client, a consortium baijk with international bank shareholders, 
has an opening within the Securities Department for a specialist in 
Floating Rate Notes and Straight Bonds. At least two years experience 
in this field is required, and candidates should also have some 
capability in the French language. 

Please contact: RICHARD MEREDITH 


TRAINEE CREDIT OFFICER 

PARIS - Salary negotiable' 

Our client, a well-respected international bank. Intends to offer an 
interesting career opening to a young graduate banker (aged eariy/mid 
20's). The successful candidate will in the first instance be appointed 
for a 2-year period to the bank's Paris office, where training will be 
given in Credit and Bank Relations work; career prospects thereafter 
will be within the bank’s London branch. Candidates — native English 
speakers with a knowledge of French — should have a university 
background and about two years general banking experience. 

Please contact- RICHARD MEREDITH 
FOREIGN EXCHANGE DEALER 

LONDON . c.£7,Q0Q 

An overseas bank, with a small but active operation in London, seeks 
an experienced Foreign Exchange Dealer with a knowledge of 
Deposits. The ideal, applicant will be aged 25/30, with about 3 years 
dealing expereince. The appointment carries a considerable measure 
of responsibility, and good promotional prospects. In addition to a 
competitive salary, the usual banking fringe benefits apply. 

' ' Please contact: ROY WEBB 


170 Bishopsga te London KC2M 4LX 0062 3 1266/7/8/9 







Financial Controller 


Wiltshire c £10,000+ car 

Our client Is a fast growing profitable subsidiary of a major U.S. 
corporation employing over 200 people and manufacturing major electric/ 
electronic capital goods of which 70% Is exported. They currently require 
a Financial Controller (Director Designate), who Should be a qualified 
accountant with at least 8 years mdustrial/comnierdal experience, 
including extensive cost accounting and systems development work. 

Ref. 993 


Commercial Manager 


Southern England c«£8jOOO+car 


Our client sells high value capital equipment to a wide range of 
customers in the CLK. and overseas. They require a Commercial Manager 
to control cont rads from the initial establishment of finandal terms right 
through customer liaison to final cash collection. A background containing 
experience of international contract administration and credit management 
would be ideal. Electrical engineering familiarity would be an advantage. 

Ref. 999 


Please send full career details to: 

1 H D Odgers, quoting the appropriate reference, and indicating any 
organisations to whom you would not wish your application to be drown. 


Odgers 


MANAGEMENT CONSULTANTS 
Odgers and Co Ltd, One Old Bond St, 
London W1X 3TD 01-4998811 



Accountant— Corporate Taxation 


OIL INDUSTRY 


Central London 


To £8,500 


Our client is a major U.S. multinational heavily involved in the 
exploration, development and production of oil, gas and chemical 
products. 

They offer a rare career opportunity for an ambitious and self-confident 
taxation specialist to take up a new position in the corporate taxation 
area. 


Reporting to the Director — Tax Compliance the successful applicant 
will be responsible for a variety of interesting forward-planning 
exercises, presentation of sound and readily-understandable taxation 
advice to senior management and ensuring compliance with local and 
international taxation legislation to the company’s best interests. 
Applications are invited from candidates who can demonstrate a 
minimum of two years' corporate tax experience gained either in 
commerce or a professional firm. Experience is as important as 
qualifications. 

The company offer, the opportunity to complement your experience 
with an understanding of petroleum revenue tax gained in a friendly 
but demanding environment, an excellent remuneration and benefits 
package is available and relocation expenses will be paid where 
appropriate. 

Interested candidates should, in the first instance, contact Roger Tipple 
who is advising the company. He will be pleased to afford you more 
information and arrange an informal discussion. 


MkhaelPasp Partnership 


18/19 SANDLAND ST BEDFORD ROW LONDON WC1 
01-242 0965/8 




PURCHASING CO-ORDINATOR 




Scotland: c. £14,000 + car 

A major UK manufacturing and marketing Group are seeking a senior 
purchasing professional to co-ordinate purchasing activities 
throughout the Group. The holder of this post will be responsible to 
the Board for recommending improvements in purchasing procedures, 
giving professional guidance to purchasing agents, co-ordinating their 
activities to maximise buying opportunities and providing support as 
required in major negotiations. Applicants should be senior purchasing 
professionals in major organisations and must have the ability to step 
back from detailed negotiations in order to apply their expertise to 
improving the overall performance of the purchasing function. Career 
opportunities within the Group are good and could embrace a wide 
range of senior managerial positions. Relocation assistance is available 
and the total remuneration package includes attractive pension and 
life assurance benefits. Applications with full career details from men 
and women should be sent in confidence to A. P. Rait, as adviser to 
the company, at Selection Thomson Ltd., Room 17, Terminal House, 
52 Grosvenor Gardens, London SW1W OAU or 15 North Claremont 
Street, Glasgow G3 7NR. 


SELECTION • THOMSON 



fixed Interest 
Investment 

c. £ 11,000 


Fixed interest holdings represent 
approwmately a third of the funds of this major 
international life insurance company and 
growth in premium Income is fast-increasing 
the amounts available for investment in the 
sector. The Fund Manager therefore seeks a 
decisive gift specialist who has spent at least 
the last three years working with such 

securities. Considerable responsMRy in a 
competent yet informal environment is a 
notable festive of the post on offer, which will 
interest those in the (ale 20s or eariy 30s who 
have had a thorough training in investment 
analysis and portfolio managemenLA 
graduate or professional clarification is 
expected, as well as the personality to 


represent the company satisfactorily in 
contacts with professional a dvis er s. Base in 
Central London. Salary negotiable around the 
level hcScated, with car ban and 
advantageous mortgage finance provided. 


PA Personnel Sendees Ret. AA26/6804 


k^htaviewsamconckjctodbyPA 
Consultants. No details are divulged to clients 
without prior permission. Please send brtef 
career detafls or write for an application form, 
quoting the reference number on both your 
letter and envelope, and advise us ff you have 
recently made any other appSoaSOns to PA 
Personnel Sendees. 


PA Personnel Services 


Hyde Park House, Knighlsbridge, London SW1X TIE Tel: 01-235 6060 Tefex: 27874 



A member of PA Iniemaiicral 


£t>| 


Tf-T 





midiit-c 

Director 


A rapfcfly growing, private engineenng -engineering, 
company is outstripping it's accounting is excellent and can 
systems and it's general management ^equity-stake- 

£■*• “- D - rather isolate* , in :1 


West Midlands 
Over £15,000 


aMi»i km uic ibuibi . -u u- imfltnri in 

The position, therefore, carries response Applications, which wane 

bflity for developing appropnate 30".:^tcnnfidence, shoukJ .. , 


bility for developing appropnate ^.^^confretence, 

counting systems, training management ^fetails of career and savvy progies*** «, 

In their use and providing commercial age, education and quauncaw* ». 

expertise throughout the business. , , jmotina 

The postion cafe for a qualified account-' P^easewriteto Dr.l. 

ant. aged in the tats tfiirtfes with sub- . reference 738 /FT on both envetopa 

stantiai commercial expertise, ideafly in and letter. 




SENIOR COST 
ACCOUNTANT 


SOUTH-EAST ASIA 


Immediate Vacancy 


Salary (Including allowances) to UJX0.000 pj 


Qualifications: Formal qualifications in accountancy preferably 
including Cost Accounting. Minimum 15 years’ experience since 
qualifying. Age 40-55 years. 

Experience: Comprehensive accounting experience, including 
experience as a Cose Accountant, preferably with spine m the 
developing - countries. Experience on the cost control of con- 
struction and maintenance equipment. Knowledge of com- 
puterised operations of accounting an advantage. Experience 
with the P.W.D. of a developing country would be ideal. 


Duties: -As a member of a consulting team providing Advisory 
Services to a Highways Department, responsible for implement- 
ing accounting procedures for the control of expenditure on 
highway maintenance, in particular the operation, maintenance 
and repair of road maintenance equipment. 

Period of Appointment: Initially for a period of 2} years with 
possible extensions of service. 

Location: The project office is located in a capital city, where 
good standard housing and school facilities are available. 

Leave at rate of 5 weeks for each year of service, home leave 
with fares provided at mid-term. A car is provided. 

The position is available far the appointee to cake up his daties 
immediately. 


Applications In strictest confidence to: 

■ ■— Vallentlne Laurie & Davies 

affl ■ 1 Consulting- Engineers 

Iff III Clifton House 

w 83-89 Uxbridge Road 

London W5 STS 


JAMES CAPEL 
& CO. 


FAR EASTERN ANALYST 


We have a vacancy for an experienced analyst to 
join our Far Eastern team based in London. 


The countries covered include Hong Kong, Singapore, 
Malaysia and the Philippines and regular visits to 
these countries will be expected. 


Remuneration will be commensurate with experience, 
initiative and ability. 


Applicants should send a brief curriculum vitae to: 


D. Schulten 
JAMES CAPEL & CO. 
Winchester House 
100 Old Broad Street 
London EC2N 1BQ - 


GILBERT ELIOTT 


EQUITY ANALYST 


We are a wholly institutional firm with a substantial 
involvement -in fixed-interest markets. As a result, we have 
been able to adopt a selective approach to equities and 
have concentrated on a small number of individual com- 
panies and sub-sectors which we believe to have above- 
average attractions.' 

We now seek a further experienced analyst who is able 
both to develop the sort of relationship that this approach 
demands and to present conclusions with conviction. 

We have a particular interest in someone with background 
and contacts in the engineering sector, but those with 
strengths in other areas could be equally welcome. 

The prime need is for someone with independence of 
thought, who can generate and follow up ideas, and who 
can work fruitfully with an experienced sales team. 
Remuneration will fully reflect the capabilities of tbe 
person appointed. ■ 


Please write with career details to: 
The Research Partner, 

GILBERT ELIOTT & CO* 

881. Salisbury House, 

London Wall, London EC2M 5SB. 


STOCKBROKtNG 

AUSTRALIA 


The London branch of a leading firm of Australian 
stockbrokers wishes to appoint a 


SENIOR INSTITUTIONAL 

EXECUTIVE 


The successful applicant will have a good knowledge 
of the Australian equities market and, after an initial 
period of training, will be asked to travel to Australia 
and on return assist in developing the London office. 

An excellent salary, sufficient to attract the right 
person, will be offered. 


Replies, which, will be treated in. the strictest 
confidence, should be addressed to: Baker, Rooke & 
Amsdons. Clement House, 99 Aldwvch. London 
WC2B 4TY, and marked “ Australia.” 




Management 

T28 Queen Victoria Stree*. London EC4P 


■ 

8 



Technical and Financial j 
Consultant j 

Eastern and Western Europe j 


hT'"'-:'- 


London Based 


Our clients are an intend tinnal -. 
automotive corporation decking die 
tight man or woman capable! o£ - 
ideation g; defining and ' making 
improvement recommendations in 
certain. of. their supplier’s .prgzrrisa-_ 
tions. Problem areas are most likely . 
id be encountered with mechanical 
Suppliers and will be technical — in . 
connection with production engi- 
neering' and manufacturing — and 
financial ' 

While business consulting experi- 
ence would be very valuable, the 
essential requirements are for a 
technical work • . background 
^Production Engineering highly 
desirable', a degree in Business 


A^minffit rqfinn i^fPirnnmm f^qTiflity 

"to sfcmlf *nd. : ; write In English, 
German 'and -at least. .one -La tin 
language, . and ayailabifitjr. foe sub- 
stantia! travel throughout H art ip e. 

■Applicatiansrfor-this rewarding" 
m a n age m ent, appointment mil be 
treated in strict confidence. : 

Please write with. fiiH ■ career 
details to Position LB STjoxcj, 
Austin Knight limited, London- 
WiAriDS. 


Applications are forwarded to 
tbe client concerned, therefore com- 
panies iri which von arc not interested 
should be-Ixstra In a covering letter 
to the Position Number Supervisor. 



PU 


In this organisation public relations is a 
defined corporate strategy riot a sideline of 
the marketing department nor a defensive 
"company spokesman" from ‘'personnel. 
The Director of Public Affairs reports to the 
Chairman. 


reputation and contacts In the .tiiedJV 
governmental and other bodies. All PR 
services are bought In and the job, though 
based in the North; will require that some 
time each week is spent in London. 


The company has had a successful history 
of promotions in the arts arid sciences 
whilst strengthening its reputation as one 
of the leading fast-moving consumer goods 
organisations in the UK. 

The present Director will retire soon and 
we wish to recruit a replacement now to 
take maximum advantage of his personal 


There are no rigid views about age, 
educational background or industrial 
knowledge for this job, simply thatthe ri^it 
candidate, will be a thoroughgoing profes- 
sional from a wefl-respbeted stable. 


Candidates should, send a detailed career 
history to the consultant advising on this 
position, quoting reference GIQ2/FT. 


Recruitment Ltd 


Executive Recruitment & Selection. 

40 Berkeley Square L/wdonWlXQAD 01-6299496 


bodies, Tile environment is stinmEatingand fast-moving, ■ 


v-anmoateasnouid have at i^st four yrais' e?cperiencem export, indudinfrconimeirfal ' 
QQCUUientgtfonairialginwbvfTOrif.BCGPCjetfit TTMmnmri* Thiieii^p^^^h'aviii'Iwm 
gained with amflniifa^^pji m mtintemalMnal kwtinp /finanfp * t ^renni CT ltiTiffi r*‘^”f 

career and promotion prospects; good pension and c*her benefits. ■ :* ' 

Please write quoting ref; FI7F72, with a brief CX abri bstingany companies to whean yqtt ! i 
donot^vfshyourappl£cati<mf«wairiedto^bfaAlkin% . : - J..'- 


RUey Advertising Ltd, 

Old Court House, Old Coart fta«f *' 
Kensington, London WR^PD. 

'X member of (be R«x StrnmrtfSrtmp ■ 

LONDON BIRMINGHAM BRISTOL fDiNpURWt QASBCW' 
UVfflHHi' MANCHESTER NEWCASTLE im ■ 



















r ’ 3 7 f 5as;^l;* 
Inc. - # 




:nt 


Building Society 
North West 
£11,000 


Tte Society, with assets of over C100 
million, wishes to strengthen the 
management team and provide for 
future management succession through 
this new appointment. The Financial 
Controller will, be dosely involved in 
j™. management and in appraising 
ctevetopment plans as well as the more 
normal duties: ■ 

Carafttotes should be quafifietf account- 
ar® of about 30-35, tdeafiy .witii an 
economics degree. 


Conditions of employment include a 
company car arid subsidised mortgage. 

Applications, which will be treated in 
strict confidence, should contain rele- 
vant details of career and salary pro- 
gression, age, education and quali- 
fications. 

Please write to Dr. I. F. Bowers 
quoting reference 72B/FT on both 
envelope and letter. 


3n sg >£2* -m 

‘^zss 


tsultantsLtd 



Year Book 


EHiTOB 

MONEY MANAGEMENT, a Financial Times publica- 
tion. would like to appoint a year book editor for its 
companion year books. The successful applicant will 
be responsible for the production and editorial content 
of all books produced as well a£ commissioning new 
titles. ' ’■ ] 

A knowledge of publishing and a keen interest in 
personal - finance are essential. The most suitable 
individual is iikely to be a journalist already involved 
in the field .of personal finance! 

A competitive salary, will be paid commensurate with 
age and experience. 

Full details of your experience should be sent to:— 

The Editor, - 
Money Management 

. .. Fundex Limited, . _ 

Greystoke Place, J s 
' . . .. . Fetter Lane, . . . 

• : : -.7 ‘ London, EC4A IND.^ ' 


V\l l' ^-yr.- , . 

i -• •*> 



I -v 



FAIRS 




The Specialists in Execu tive and Management Selection 

Financial Accountant 


Central London 


c £8,000 + 


;Ut U» 


A young qualified accountant with post qualification experience, ideally but not 
necessarily" gamed in industry commerce, is to be recruited by at leading orgeni- 
‘ sat ion providing a specialist service to the general public throughout the U.K. Our 
clients have an impressive and well founded record of growth and 'are 1 able to otter 
a competent young accountant a first class accounting environment including EDP 
facilities. The successful candidate will possess .sound technical, accounting 
capabilities and an interest in both investment and favahpn matters.in which there 
will be ample opportunity to gam considerable expertise. The ability to control and 
motivate staff is essential. ... 

Telephone 01-8.36 1707 (24. hr., service) quoting Ref:. 02 1 3/FT. R$&d Executive 
Selection Limited. 5 5-56 St. Martin's Lane, London WC2N 4EA. ; . 

The abo-.'e vacancy is ooen to both male and 'err^ie candfdales. 



The pervuntuT coii'uit.incv dealing c\c!u‘i% c!\ "itl> fl»o tv.ntuni: profc"io:i 


r EXPORT FINANCE - £ Negotiable 

On behalf of our ‘cGent. - an international 
bank, we seek an experienced executive 
to .initiate an Export ..Finance .activity. The.' 
person appointed, probably aged 3(M5i 
will have full -experience EGGD and 

preferably also of European export 
finance, coupled with good contacts nv 
banking and with prospective .custom ers. 
For the right candidate, the position 
offers real 'scope for career growth and 
personal achievement; salary is fully 
negotiable, likely to be in the high, four- 
figure range. ' „ 

, please contact: SOPHIE CLEGG 


MONEY BROKING £ Negotiable 

Among the vacancies v<e can currently 
offer j'n the fieW of Sterling money 
.broking are the 1 .following openings 
with leading firms in. the City: 

... •. Two Loqil Authority Dealer* . 

. ; . One Commercial Dealer. 

. . . Two Interbank Dealera • 

Very competitive salaries, ire nego- 
tiable. We welcome applications from 
experienced candidates. 

Please contact: ARTHUR SIDDALL 


170 BNhop>£;iU* I.onJon f C 2M 4 LX 01' 623 1266'7/K 9 




p reference 728/FT on both g% . B _ • ■ i 
(opsandhmr. USlOIuS 

Haskins Sells 

Management Consultants 

1 128 Queen Victoria Street London EC4P 4JX 


JAMES CAPEL 
& co. 

INVESTMENT ASSISTANT 


We are seeking -a recent graduate -to work closely 
with a Senior Manager advising on the investment 
of gross funds. The successful applicant will be 
ambitious and enthusiastic and while some relevant 
experience, would be useful the principal assets 
required are sound judgment and the capacity to 
foster good client relations. 

Remuneration will reflect initiative and ability. 

Please write with full curriculum vitae to: 

D. Schulten 
JAMES CAPEL & CO. 

Winchester House 
. 100 Old Broad Street 
London EC2N 3BQ 


n *T| 1 il • 

i 



Accountant/Banker 

UDT is a major British banking and financial sea-ices group and 
our diverse interests include a substantial property lending 
portfolio. We now require an additional Loan Executive to pin 
an experienced team of professionals. . 

■Candidates should be stilled in financial -analysis, reporf writing 
and viability studies and should have the personal qualities 
necessary for direct dealing at senior level. They should prefer- 
ably be fully qualified accountants or bankers. Experience of the 
UK property scene would be an advantage. 

We will offer a fully competitive recruitment salary basfd on 
qualifications and experience. Other benefits include r-on- 
contributqry pension, and life assurance-and. after qualifying 
sea-ice. staff loan and mortgage subsidy schemes. A Company 
car will be provided in due course if necessary. 

For an application form please write or telephone 

Avjy K.J. Ridge. 

- Group Personnel Services, 

Linked Dominions Trust Ltd., 

St East cheap, London EC3P 38U. 

Efflu. Kf Tel: 01 -€23 3020 


Project 

Accountant 

c. £7000 

This is a London appointment with a British Corporation 
which identifies new processes and producto and funds 
theirdevetopment and subsequent profitable exploit- 
ation by industry. It draws its income from patent 
licensing activities, levies -on sales and dividends; 
immediate funds £50M. 

The work involves the commercial evaluation of industrial 
development proposals; (be negotiation of financing 
and recovery arrangements; and monitoring subsequent 
expenditure. ... 

Candidates aged up to 35 should hold an appropriate, 
accounting qualification or an MBA. Starting salary will 
be within.a scale having a current maximum of £8,528 
depending upon qualifications and experience. Please 
write or telephone for an application form quoting ref. 
8/212 to the Personnel Manager, National Research 
Development Corporarion. Kingsqate House, 66-74 
Victoria. Street, London SWi£ eSL.Tei; 01 -S 2 S 3400. 

- J -jJ i !i L-y v 


Udisco Brokers 
Limited 

require 

LOCAL AUTHORITY BROKERS 


W s Invite applications from experienced LOCAL AUTHORITY 
BROKERS to strengthen our established and professional team. 
Salary and fringe benefits .subject io negotiation. 

Pi&tie apply m confidence :o: 

The Managing Director, 

UOECO BROKERS UMITED, 

7840 Cemhill, London ECJV JNM. • 


3v»U. | xX'p 



de Zoete & Bevan 

London Stockbrokers 
have a vacancy for an 

ECONOMIST 

A new position -is being created in the Economics 
Department of de Zoete & Bevan for an economist with 
experience of macro-economic analysis and forecasting. 

The position will entail the monitoring and forecasting 
of economic, developments in the UK and the US and 
will require regular contributions to our established 
economic publications. High academic qualifications' 
are essential. Experience of. applying econometric 
techniques would be desirable. 

Excellent remuneration according to qualifications and 
experience. . Applications with full curriculum vitae 
to be sent in strictest confidence to: 

J. C. Cowley - 
de Zoete & Bevan 
25 Finsbury Circus, 

. London, EC2M TEE 


new international 

audit team 


Europe & Africa 

Philips Petroleum is an international 
crcariS=no:i v:or!d7rids interest it. CO, 

o:ner nsr^ra! and qfceraiccisiTrie 

E^ope-Alricei Division is .nvolved in 
sxpicriton. production operations ar.d 
n.cr«u5aCTure uMougiiou: me r.vo cor.nner.'iS. 

V.'e r.eed ambitious Chartered 
Accountant :o join ocr ezpaeding Internal 
A-i: Team .vhich is depie tea or.ee again 
by recent raids from ether sere or areas in 
ccruK and overseas companies. Positions 
a.-e available a:aL levels ioc these vvdo wish 
to take tile fust step into a high, growth 
iz&JaV!. 


above average salaries 

The company offers above average 
Salaries, attractive times benefits and an 
opperuntti; for reason able travel throughout 
tr. e two ccnunents v.-hiie basen in Victoria, 
London, in exchange we req jire enthusiasm, 
vnllingness to learn ana very hard v.-orh 

For an application form, contact pjv-iip 
Peters on 01-828 9766 pihee hours or Ql-SiS 
C9S3 '24 hour Ens-venna service) quoting 
reference ?.143 l Alternatively 
v.c:;e -.vtia brief personai and 
career details (Including salary) ) ( 

to: PrAIips Peiroieum Company 
i^rope-Afr.ca.Portiana House, 

Slag Place, London SVv iE 5DA. f 



Corporate Loans 
Executive 


City 


This senior post with a major international baric 
requires experience in ckawing up loan . 
packages and presenting them effectively at 
Board level in efierrt companies. From the 
London base, a substantial portfolio of 
corporate and syndicated loans has been 
generated. Knowledge of both is required but . 
tee Corporate Loans Executive will 
concentrate on developcrg corporate business 
in the UK in sterling and foreign currency. 
Candidates, probably in Iheir early 3Qs and : 
ideally with a banking qualification, must show 
success in a similar role. Skills m financial 
analysis are essential as is knowledge of ■■ 


c. £8,500 


expart'eredit guarantees. Salary will be 
negotiable around £8.500 with good banking 
benefits and excellent prospects for 
progression. 

. . PA Personnel Services-AASI 5605;FT 

Initial irtfervieivs are conducted by PA 
Consuftanls. No deiatfs are divulged to clients 
v/ithout prior permission. Please send brief 
career details or write for an application form, 
quoting dereference number on both your 
letter and envelops, and advise us if you have 
recently made any other applications to PA 
Personnel Services. 


PA Personnel Services 

Hyde Paris Ho use, XnigH isbridge, London SWT X TIE TW: 01-233 60t»0 Tele* : 27874 . 


fi r-fr-yfre. f-4 ,rVf>’ru;iOr.a/ 


Bsdrsche K^nunaie Lsn*;.b£fiC is fhs'csnirsl bin 1 :: cf c? savin-s fcW-:s in the 
Ea den ; scion cf West Germany. VVjfn assets of over D? ' ic ciis.cn. v.-g &;*: one o; Scutfv 
wesi Germanv's iead:ng credit institutions. 

For cur e/.psns;r,g Fc:e.gn Issuing Department, v.'e are (coking fer an experienced 

Bond Dealer 


The successful canriidats will have a . 
thorough practical knowledge of feed 
interest security trading, good contacts 
with institutional investors and banks, 
independent and responsible trading, 
ability.abo'/e-average linitiafrve.and good 
English.' 


For the right rr.an v:e are offering an ex- 
•ceilenl salary as '.veil as atiradive social 
andfringebenefits. including free pension 
and survivor benefit plans. 

Please, forward your resume with photo- 
graph, dale of availability and salary ex- 
pectations to our Personnel Department 


BADISCHE 

KOMMUNALE LANDESBANK 
• . GIROZENTRALE 

D-6800 Mannheim 1, Augusla-Anlags 33, Telephone: 0621/453-203 











Controller 


. Aged 35 -40 

Greater London c. £13,000+ car 

Our client, (turnover c. £2r- million), is a manufacturing accountant experii 
subsidiary of an international group. Reporting to the in a manufacture} 
Managing Director, the position will carry responsibility for demands credibilii 
. the company's entire finance function and about 30 staff, skills and commer. 

The ideal candidate will be a qualified particularly generc 


accountant experienced in US accounting techniques 
in a manufacturing environment. This vital role 
demands credibility, highly developed man-management 
skills and commercial acumen. The fringe benefits are 
particularly generous. 


Mrs. Indira Brown. Ref: 191 28 [FT. 

Male or female candidatesshould telephone in confidence fora Personal History Form to: 
LONDON: Of -734 6852, Sutherland House, 5/6 .Argyll Street, W1E6EZ. 




Executive Select bn Consultants 

BIRMINGHAM, CARDIFF, GLASGOW. LEEDS, LONDON. MANCHESTER, NEWCASTLE and SHEFFIELD* 


Royal Borough of Kingston uponThames 

-*•“ Director of 
Finance and Administration 

c £12.500 


The Council operates a management structure 
based on a com pact u?«tni consisting of a Chief 
Executive and four Directors. 


We are seeking a *uwsaor to *tur Director 
of Finance and Administration v.hn has been 
appointed to a Board post in industry. In 
addition to pla>inc a major rote in the corporate 
management of the authority, the Director has 
particular responsibility for financial, secretarial 
and legal services to the Council. 

The successful candidate (male or female) will 
be professionally qualified, is likely to have 


undertaken senior management training and 
be able to demonstrate success in man 
management in organisational terras. Local 
government experience is not necessary but 
high levels of drive and Initiative are essential 
in an authority committed to a businesslike 
approach to the problems and opportunities of 
a major regional centre 

Further information and application forms may 
be obtained from Head of Personnel Services. 
Guildhall. Kingston upon Thames KT1 1EU. 
Tel: 01-546 2121 Ext. 10. Closing date: 31st 
October, 1978. 


if Specialists i a the management of private, 
institutional arid pension tumis. - • 


Two challenging opportunities have arisen for - 
young ambitious, energetic people to join a highly 
successful and expanding investment management group. 
Working closely with the Investment Directors', as part of 
a small team, these positions offer ou Islanding career 
prospects within the Company^ and advancement will.be . 
as rapid as personal initiative dictates. 

■ Funds under management exceed £100m and 
include Schlesinaer PIMS unit trusts, the Trident range, 
of insurance funds, private client and pension funds*; 

Candidates will have a minimum of 2 years relevant 
investment research experience gained in an insurance ■ 
company, merchant bank, stockbrokers or similar 
institution. A degree or professional qualification would 
be verv desirable. ■ 


A generous salary is offered with first class working 
conditions in West End offices, 


Applicat ions which will be treated in the strictest - 
confidence, MUST INCLUDE a detailed CY\ including 
salary’ details, and should be addressed in the first 
instance to 


K G Hersey, Director, 
Bastable Personnel Services, 
Recruitment Consultants. 
18 Dering Street, London W1 


STOCKBROKERS 


Assistant required for Partner in large firm. Ability 
and experience to look after clients’ portfolios 
essential. Interesting opportunity for keen candidate. 
Please write fully to Box A.6512, Financial Times, 
10, Cannon Street, EC4P 4BY. 



FINANCIAL 

CONTROLLER 


■ 


South Wales 


c £91000 


Our client is part of a major European group manufacturing and 
marketing thermal and noise insulation materials. Its 1978 UK 
turnover will exceed £3.5 millions. Substantial growth is 
forecast especially after the commencement of manufacturing 
in the UK which, during 1979, will entail capital investment of 
£15 millions. 

The company has recently moved to Bridgend, resulting in the 
need for a new financial controller who will report to the UK 
managing director. 

Considerable development work is immediately necessary in 
order to create appropriate management information and 
product costing systems in preparation for the introduction of 
manufacturing. An additional responsibility of the controller will 
be the negotiation for and supply of adequate finance in this 
growth period. 

Suitable applicants will be men or women with an accountancy 
qualification and several years' experience in an industrial 
environment with responsibility for computerised accounting 
and reporting systems and staff control. The salary, car. location 
and other benefits combine to produce a very attractive 
compensation package. 

Please send brief personal and career details, in confidence and 
quoting reference A93 to : 


Douglas G Mizon 
Whrnney Murray & Co 
57 Chiswell Street 
London EC1Y4SY 




Afl 




and forward markets, dealing with Corporate clients as well as 
interbank business. A working knowledge ofFrenchwouldbean 
added advantage. 


The successful candidate can expect to develop both expertise 
and career in an environment where future opportunities are 
limited only by performance. Acompetitive saiarywffl be offered 
which together with the usual range of substantial hanking 
benefits will be attractive to Dealers of highcalibre. 


■ 


Please either telephone or write in confidence to: 

Graham Coulson, 

Senior Personnel Officer, 

Hill Samuel & Co. Limited, 

100 Wood Street, London EC2P 2AJ 
Tel: 01-628 SOU 


This position is open to both men and women. 


iMEur 

f The Ei 
J within 


Business Analysts with senior Management Potential 


YOUNG ACCOUNTANTS / M.B.A.’S 

Mid-Late 20's £7,500-£10.000 


European Investment Bank 

The European Investment Bank an independent public institution 
within the European Economic Community, is seeking tor its 
head office in Luxembourg an 

Economist (aged 30-35) 

for its research department 

Duties: monitoring trends in industrial sectors and releva 






monitoring trends in industrial sectors and relevant national and 
Community economic policies: preparing genera! memoranda on these 
subjects and helping to draw up proposals. 

Studying the market aspects and economic benefits of investment projects. 
Drafting memoranda and studies on a range of economic topics- 


An established leader both in the U.K. and overseas, our client manufactures 
and markets a range of well known products. Renowned lor its dynamic 
management style, the company has an impressive growth record over recent 
years and is now planning a major expansion programme. 

To assist in planning and controlling this development, the company now 
seeks to recruit two Analysts to join a highly skilled and motivated function. 
Experience could be in either practice or industry but it is essential that 
candidates have the ability to interpret and react to financial information and 
demonstrate a strong personal presence which will enable them to communicate 
effectively at all levels. 

For the successful candidates, prospects for advancement to a line financial 
or general management appointment are excellent. 

For more detailed information and a personal history form, contact 
Nigel V. Smith, A.C.A., quoting reference 2258. 

commeciat'irKJustraDlvtSon 


Qualifications: 


qualified economist: university degree or equivalent professional experience. 
Candidates must be nationals ol an EEC Member Country. 


Experience:. 


professional experience in sectoral studies, preferably with a financing 
institution or a specialist firm of consultants. Sound judgementand liking for 
teamwork. Aptitude for rapid analysis and ability to draft clearly and 
concisely. 


Languages: 


very good knowledge of French and English. Knowledge of a third EEC 
language desirable. 


Douglas Llambias Associates Ltd. 

Arc lunMoev £■ V_.n,gi=i»al RecruibDMrt Coon] ten's, 
410 S:»:i:.L-aica?;c:n0NS Tel: 01-836 9StH 
121 , St Vasis! S*ir,!. G!a>«e:G.’ MW. Tel- Ml -226 31 01 
2 . Cul&i F-a:e, ii.ca3sc.EH3 7AA- 7ci- 031-225 7244 ■ 


Very attractive salary according to qualifications and experience. 

Candidates are requested to write, enclosing a complete, detailed curriculum vitae and 
photograph, to: 

Personnel Section 
European Investment Bank 
P.a Box 2005 . 

Luxembourg • 

All applications will be treated In strictest confidence. 


Financial Times Thursday 


lr 

‘ r* * 


(DESIGNATE) 


A high calibre Marketing Manager with proy^ 
marketing experience 4 reqiti^. by. -a 
established company engaged in; the blending jgfti 
distribution of lubricating oils and ^^prodnctsll 

This is a new appointment and in depth marketing; 
experience is more essential than a knowledge q£ 3’ 
our market. Subject to the suecessful iani^late^? 
satisfactory implementation of a positive ongoing' - . 
marketing policy it is Mended he 
the Board within twelve months of Iris initial- - 

appointment. -• * 

The salary for this position is negotiable an&t 

are excellent prospects for further "advanceme^l j* T 

within the group. / * 

Applications with curriculum , vitae, in strictest* iOllfl 
confidence to the Chairman. .Bpx A.6499, Financif^ , ' v 
Times, 10, Cannon Street, EC4P 4BY: . 




c £8,500+ car 


The company has a turnover of £14m and rse ; ■: {■'' 
subsidiary of a rapidly growing quoted con- '- + 
sumer durable company. •,; l : 

The requirement is for a Chartered Accountant 
with sound technical knowledgeancf managerial'- + • 

experience in a strongly market orientated •. 

company - and a desire to progress and accept 
responsibility. This will have been gained from 
at least five years' experience in a changing “ 
commercial environment where the company, 
has been strictly- controlled and the financs ■■■ 
function has been part ofthe managementteam. . . 
Responsibility wifi be to the Matting Director. ^ 0 tv { 

for toe overallcontrol cfftheixirnpany'sfinartciaf . 
affairs where the emphasis is on motivatioriand 
effective management control. - . . / 

Private letters to Mr. AJ. C. Lyddona! 615 Grand - 

Buildings, Trafalgar Square, LoraionWC2N5HfiL ■■■•; 


ALLAN LYDD0N 

London • Sevenoaks • Richmond • Tomato 




w- 




i 1 { 


■jM 






Atlantic international Bank limited feseefcmga 2 
Foreign Exchange Manager to supenriseforagri ++^7 
exchange and deposit trading, and to broaden th* 

Banks connections botfi in London arid atibadlh* . - 
Foreign Exchange Manager will also be responsib&' ' . : + 
for implementing Bank of England foreign exchange .-’..3 
regulations. “ - v ' ? 

Candidates should ideally have a iriqbnumof 
ten years dealing experience and a sound banking ’ 
background. - 

This is a senior position and attractive salary . . 
and benefits will be negotiated tosuitthepetson . . c.”-; 
appointed. - - V 


Please write In strict confidence quoting Ret 
FT13to: 


JohnT.Cannrs, Managing Director, 

1 \ Atlantic International Bank Limited 

65/66 Queen Street, 

X London EC4R 1 EHiT ^ 


London EC4R1EH7 


An Assistant 
ACCOUNTANT^ 

required by a 


bond 


Leading Firm of Stockbrokers 


on 


UTS 




Corporate Finance Executive 

c. £10,000 


Our client, one of the largest and most highly respected of the City 
financial Institutions, wishes to recruit a young Chartered Accountant to 
poio its Corporate Finance Department. This has overaU responsibility 
for investigations and studies recommending policies or decisions to the 
Executive Committee and Management, primarily in relation to the 
financial aspects of all the Group’s major mult! -million pound develop- 
ments. There are unusual opportunities for advancement either at the 
centre or in the general management of operating companies at home 
or overseas. Ao honours degree or MBA would be an advantage. The 
total remuneration package could well be around £10.000 p.a. 


Please apply in confidence to David Clark A.C.A., or Jack Pine P A.. 
q VLOtinQ ref. DWC/411. 


David Clark Associates 


4 New Bridge Street, London E.C;4 01 353 1867 ., 


The Initiative currently being pursued in tackling London's housing problems present 
an opportunity for a qualified accountant to make a substantial contribution towards 
London’s future. 

The Construction Branch of the Greater London Canned Housing Department is 
responsible for the construction and modernisation of homes. With annual expenditure 
totalling some £15 million, the Branch is run on a commercially orientated basis and 
normally gains its work in competition with private contractors.' ■ 

A new post has been approved for a Management Accountant who will be directly 
responsible to the branch’s Finance and Administration Manager for the smooth and 
effective operation of accounting and costing procedures, management control reports 
end payment of outside contractors. Experience of construction costin g procedures 
preferably in a competitive environment, is essential. 

Excellent conditions include over five weeks' holiday with the further option of one day 
off a month. There is a contributory pension scheme together with the usual benefits 
commensurate with employment by a leading public sector employer. 

For further details and an application Form write to the Housing Department 
rHG/Gla/LKS). The County Hall, London. SEl 7PB or ring ^ * ■ ■ 

01-633 7258. Applications to be returned by 27 October. uLU MOUSiriQ 


y-r,- . 

The selected candidate, in' the age group 
should have an interest in computerised aceouri! 
systems -relating to financial and managed. - ' 
accounts. This , interest will have been ‘ 

'through practical application^ " s A, 

A. first class salary will be paid, together with bo > '^s^ 
scheme, luncheon vouchers, permanent health . 
arid contributory group pension. . ”;v v lu^ 

Those interested should write to Box , A.f& ^ 
Financial' Times, ii>, Cannon Street, tibtP .yf . 
giving' details of career, experience -and -Ciirr 
salary: • ‘ ' ; "V ^ 


1 ^ 




SENIOR Dl 

KUWAIT 






A rriajor; and expanding bmlc reqnlrw k"S»»or~D«^ 
witH a minimurri of. 5 years dealing oqjerience'In . 

and CUrrwicy deposit operations. . Probable age-27 &■&: 
yean. Free accommodation and holiday p»sages 
appofntw and tfepemblrtt. Tax free sSary ".'TO* 1 ; 

.-car eer appointment . Apply in- -.confidence • to‘8w 


confidence ; to " 


.MASTERMAH at -Dasanghwi ttd. '47/51 
• Telephone 0U236 -7974. V-.- . 


£:.y . 1 &L 


i . -/* T- : “- 4R.VTV. 










\^Soms^&itiilay October 02 197TS 


MANAGING 

DIRECTOR 




*"*■« 1* j 


■T% 


,- j. 


. EXPORT VIDEO AND 
’ AUDIO SYSTEMS 

LOCATION: SUBURBAN LONDON AREA 
Multinational American corporation requires 
executive to assume managing directorship 
of its audio and video subsidiary. 

Strong managerial and operational experi- 
ence required. Technical engineering back- 
ground helpful but not necessary. 

Starting salary will be commensurate with 
candidate's qualifications and experience. 
Profit incentive scheme and company car will 
be part of compensation package. 


Please reply to Box A.65il. Financial Times, 
10, Cannon Street EC4P 4BY. - 


ASSISTANT FINANCIAL 
ACCOUNTANT 



~ car 


International advertising agency whose Accounts 
Department is based « Bromley, requires an Assistant to its 
Financial Accountant. Preference will be given to somebody 
in their mid to late twenties, who has finished his/her ankles 
and is still studying for a recognised qualification, assistance 
will be given with these' studies both' with- regards' to time 
off and fees. The duties are extremely varied and cover nearly 
all aspect* of financial and management accounting, and would 
give the successful applicant a very sound background of 
practical experience to assist them m their studies. Previous 
experience with computerised accounting systems an advantage 
but not essential.' 

In addition to a good starting salary, terms of service indude 
Luncheon Vouchers and 20 working days holiday peh annum: 
a superannuation scheme with free life assurance and an annual 
season ticket scheme are in operation. 

Please write in the first instance, giving brief details of your 
present employment, salary and past experience to: 

N. F. Storer 
Chief Accountant 

Charles Barker ABH International Limited 
36, East Street. Bromley, Kent BRI IQS. 


EUROBONDS 


N LYDDI 




A leading French bank is looking for the 
right candidate for its New Issue Sydication 
Department Age 25-30. Mother tongue 
English with workmg knovy^ of 
French. Position is Paris-based with 
attractive salary. 


Write in complete confidence to Box 
- - A6 5 lS.^flaneial TimesrlQiCaiHKm^Street •“* ^ 
EC4P 4BY. 


ACCOUNTANCY/BANKING BACKGROUND 

COMMERCIAL ENTREPRENEURS 

AfiE 26-30$ £6250 - £7750 PA 


• - ' Our cllena are th* top profwtiohaU! in their aphere at butioesc wfcfch 


off an ■ financially OFwntml service to commerce and industry. 

The work demand! good ' experience across a .-.broad • financial /accDunwney 
spectrum includinf the reading of balance sheet*. 

You will need to be self motivated and able to represent tilt Company 
in matings with cop client mmigvment. 

Three new executives are required so pteatf telephone as soon «* possible 
to arrange a preiimionty interview. 

TIM WEEKS or ANDREW MOORE; 01-181 1506 
MOOR A WEEKS LTD.. PERSONNEL RECRUITMENT. 

CORN EXCHANGE BLDG., 52/57 MARK LANZ r LONDON, E.CJ 


Drexel Burnham Lambert Incorporated 
International Arbitrage . 


We are seeking an experienced - dealer in Inter- 
national Securities in order to expand our London- 
based European operations. 

The position is that of deputy to the head of 
this important department and • carries' great 
'responsibility. 

Please reply in confidence ' " 

Peter Battery (01) 628 2971 


•\TA' 


INTERNATIONAL BOND DEALING 


* Dealers and settlements staff are required ■ by CIry Banks, 
Securities and Finance Brokers with experience in European. Far 
East and American markets in Bonds, Floating Rate Notes and CD*. 

foreign exchange manager for luxembiirb 

Foreign Exchange Chief Dealer/Manager with City experience t 
required by Luxemburg Bank Head Office to supervise the Foreign 
Exchange operation. Accommodation will be provided. Salary will 
be negotiable and commensurate with experience. 

UC BANKING APPOINTMENTS 

. . .. ‘ 28J-W57/8/9 


DEVELOPMENT ACCOUNTANT 

ESSEX to £8,000 

This is a new appointment in a major division of an expanding 
U JC. Group. ■ * ' 

In addition to responsibility for financial and statutory report- 
ing a key task will be to develop and implement computerised 
reporting systems aided by a small specialist teanu 
Qualified accountants with a Isound underslpding of DP 
application and some staff control experience should apply to. 

LH.G. O'Hare, Mann Management, 

— 134 New Bond Street, LondonWiJLTeb 01-409 1371. 



Recently Qualified Graduate Accountants 

TRAINEE 

MANAGEMENT CONSULTANTS 

Central London Base 


lb* Finn*— The Management Consultancy Division of aa international practice 
which can provide broad experience and, as a result of its rapid growth, excellent 
prospects for advancement. Xcaval overseas will be available for c an di dates 
iniazeeiad in this aspect. 

The Appointments — A a members of a team providing consul fancy eervicesto 
clients with a wide range of business operations with the objective ol identifying 
problem areas and implementing management and financial reporting systems. 
Candidates— Recently qualified accountants aged 23-26 who can demonstrate a 
successful track record aad Iho maturity and seli-motivation to readily identify with 
the linn's approach. It is cssonliai that they con communicate effectively and have 


the flexibility to meet the demands ot a consultant's role. 

Training — Will be provided through training courses ( 14 weeks in the first year) in 
Lond on aad the U.SJL. and from caxoiuliy monitored exposure in the consultancy 

Starting Salary — Will reflect background and experience and is negotiable in a 
wide bend from around £6*000 to over £7*500, Salary progression thereafter is 
expected to be rapid. 

For mere detailed Infonaatioaanda personal bistory form* contact . 

Nigel V. Smith. A.CJL, quoting reference 2230. 

Douglas LUxmbias Associates Ltd, 

AecMUmct A KhmU Hacmi taunt Consul) as H, 


A 10. Sawd. loodtm WSfl QNS, Tel: Ol 40b 050 1 
Jgl.a.VBtoBtSOtot, GUagowOaSHW.TW; 041-2263101 
a. Coates Race, Edmlxagh 7 AA.Tbt 031-225 7744 



ACCOUNTANT FOR MERCHANT BANKING 

Age 23-28 £8,000 

A major, highly respected sod progressive International Merchant Bank, well known for its 
constant growth and substantial development, wishes to recruit an ambitious qualified 
Accountant to work in their central accounting team on financial and management accounts, 
investigations and tax. 


The successful a p pliant will probably be a graduate, and may well have trained with an 
International practice. The ability to communicate efficiently both in speech and writing, and 
to demonstrate a high degree of self- motivation is essential. Career prospects are excellent, and 
fringe benefits are consistent with Banking’s best. 


In the first Instance, please telephone In confidence, Neil Keane 


CREDIT ANALYSTS 

Age 24-30 to £7,500 


COMPUTER SUPERVISER 

Age 28-32 c. £6,000 


Four leading City Banks currently seek to 
appoint ambitious Bankers with min. 2 years' 
analysis experience in an International con- 
text. Excellent prospects in good name Banks. 

Pleese telephone Brian Durham 


Internationa! Bank seeks able person to con- 
trol and develop computer units and E.D.P. 
systems. The successful candidate will have 
a computer orientated Banking background. 

Please telephone Mark St evens 


ff you ore seeking to further your coreer in Banking, our Consultants would 
be only too pleased to discuss your requirements. 


^BANKING PERSONNEL 

-41/42 London Wall -London EC2- Telephone: OI^SSB 0781 

(RECRUITMENT CONSULTANTS) . 


Banking Bris 

Deputy Manager 


We are seeking a Deputy Manager for our Bristol office to join a young 
team to assist with the development of our commercial banking 
business. 


Excellent career prospects and an attractive salary will be offered to the 
successful candidate. Additional benefits include non-contributory pension 
and free life assurance, subsidised house purchase and loan schemes and 
freeBUPA. 


Applicants, male or female,' who should be aged around 30 with sound 
banking experience and preferably AIB, are invited to write with full 
career details, stating present salary, to:- 


Christopher Oakley, 

Banking Hall Manager, 

Hill Samuel & Co. Limited, 

15 Clare Street, 

Bristol BS11XQ. 


Young Accountant 

Bermuda to $ 20 . 000 tax free 


This unusually attractive career opportunity is in Hamilton, Bermuda at the 
offices of a rapidly expanding management company. The company performs 
various financial and insurance services for several large international clients. 


The successful candidate will have diect responsibility to the Chief Accountant 
for the overall management of financial accounting and related matters of a 
specific group of clients. Training will be given for the specialised systems of 
computerised insurance accounting. 


Candidates must be either Chartered or Certified Accountants in the age range 
24-30 and should be single. Excellent fringe benefits, relocation expenses and a 
salary review after 6 monthsare-offered. The position is permanent but may 
be negotiated on a two year contract if preferred. Interviews will be held 

in London. 


Please reply in confidence giving concise personal and career details quoting 
Ref. TB88/FT to R. J. Mooney. 


A^S 


Arthur Young Management Services 
Rolls House. 7. Rolls BuQdmgs 
Fetter Lane* London EC4A1NL 



Money Management 

Journalist 


MONEY MANAGEMENT, a Financial Times Publication, requires a 
person with a knowledge of insurance and personal finance to write 
on this monthly magazine. '■ 


He or she will be expected to participate in the writing and future 
planning of articles and to assist with the general production of the 
magazine. 


The successful applicant should be able to demonstrate from recent 
experience that he or she has the self-confidence, ability and knowledge 
to work with the minimum supervision. . 


Although journalistic experience would be Useful, applicants with 
other backgrounds would be considered. 


An attractive salary will be offered. 

Full details of your experience should be sent to : — 


The Editor, 

MONEY MANAGEMENT, 

Greystoke Race, Fetter Lane, London EC4A 1ND. 


Young Accountant in Banking 

c. £8,000+ 


Our client, the City-based London branch of a major American bank, 
wishes to recruit a qualified Accountant to develop and control manage- 
ment information procedures. He or she will run the Expenses Control 
and Management Reporting Departments and will report direct to a Senior 
Operations Manager. The successful candidate will have both a thorough 
knowledge of U.K. tax laws and two to three years’ post-qualification 
experience in the financial sector. Familiarity with management 
information systems is necessary in order to develop the cost accounting 
system. This Is a fine career opportunity to enter a progressive and 
meritocratic organisation in a functional role. 


Please apply m confidence to David Clark A.CA^ or Jack Pine B.A., 
quoting ref. JP/412. 



David Clark Associates 


y 4 New Bridge Street, London EC 4 01 353 1367 ■ ' 


CHIEF 

EXECUTIVE 


£i 2 , 00 fl+neg. Car 
MIDLANDS 



You will have respon- 
sibility for the overall 
performance of a well 
established, profitable 
packaging company, part 
of an international 
group. 

Aged at least 35, you will 
be an experienced senior 
executive with in-depth 
knowledge of the plastics 
business. 


ns 


Merchant Bankers 

Hong Kong cVS$30flOO+ 


PERSONAL 




A leading international group offering financial services In Sooth East Asia 
Zm far more than eight years, series to appoint an experienced merchant bank* 
Jlm. ing officer for assignment to its regional headquarters in Hong Kong. 1 




The Cand i dat e must have had three or more years Merchant Banking experience 
particularly in relation to the development, management and administration of 
syndicated loans and/or “Project Finance” packaging and implementation. 
Those with relevant experience in the Asian Pacific area would have a distinct 
advantage. - 




TTTj 

B Egj n M * 

mT 

■ 1 
jl 

•i* Jl 

lf» Jw 



Salary will be negotiated in the range of U.S.$25, 000-35, 000 p.a. plus an Ex- 
patriate Benefits package including nousing/cost of living allowance. The firm 


VWU 1/4 AA » 441^ U 

off ers excellent growth prospects to the successful candidate. 


Please write full details in confidence to: 
Tom King, 

Human Resources Division, ’ 
G.P.O:Box690, 

Hong Kong, 


For an "initial exchange 
of information contact 
Keith ; Diver on 01-248 
6321^; : • ' 

personnel Resources 
i limited 

Recruitment Consultants 


UNIVERSITY 

APPOINTMENTS 



A long established 

ENGLISH LANGUAGE 

/ institute • 

IN NORTH ITALY 


QUALIFIER/ OR PART 
QUALfREp ACCOUNTANT 
■ STAFF HIRE LTD. 


MANAGEMENT STUDIES 


nil looking f «* 4 9™°* 

3 1 r an ordinary, math**, «jgkt. . ft* ™ D 
p r -three yan, b« “ “ ke 

MponiibrUtyr ‘with a" eventual ahsrt 
x the business not excluded. T*wh- 
ig exponent* if not ■*««*'T* 
xtitm For languigw* 3 aW*ty » "»** 
.mg hours. pultoM and- »WHy ■»- 
, amnuntcaie would b« awennaL 
or oo lnt*rtiw la London, pleat* 

■ ;<rfW to deutf. wKfi C-V^ apd phono . 

?* /unk*r to - - 


Edward Irish, 2 Retreat. Way, 

V, -• r ~— Chigwetif Sswt 


teaoftwd to assist Dironon In srmrlos 
I accounting statistics tor a technical 
1 WKY -green WWK o«eaa 

throws Onus tho U.K. Annual twnovar 
, DW t> mUHon. Tho tab »uW «maC- 
. Hllr enwd to Im she all nsocctt O* 
niHnlmr Iho auuuut tng function of Wo 
grows. Excellent nsgniablo salarr Phu 
. eopw o ny tei*. 

_ WrSte or tetao tiono :..- 
p. M. Ai BKA V. Director ; 

EOS 2 HJgb"5n«Mt. War«L Horts. 

war»S921 • . 


ArolicatkHa are Inriied for two LEC- 
TURESHIPS, one In JiANAGEMENT 
TN FORMATION SYSTEMS (re C T8/MU) 
and one in MARKETING (ref: 7S/4SMS). 
AppUcami should possess a good degree: 
some industrial or com martial eEpeflesce 
would be preferred. Salary wuhin scale 
f&S3 to £77M /.under review). Postcard 
request* for appltoiliaa Am* and farther 
pvtiddin to Paul Jn/roaoc, EatabUstanant 
pacer, quoting ipprepdate nhrnea. 
LowhtowmU* -- •- - - LoUetfrithhe 


■ BUILDING ANALYST 
Mo. 7 Pslwatial 
2JU32. Expert* need aitahst 
seaktao .adwancMnont' to tate- 
oftr /Wo^lWljtv ror coverage 
Ot Me BuIMIm ; Materials 
aecter with hloniv ranutabto 
mooikm sled Arm. 


iNrrmmoNAL salss 

• to £ 12.000 

£4-33. Partnership orosoects 
■tor greduate with a good brack 
more In research management 
or sales plus the hair to tale 
expanding Equities desk of hist 
daw hrm. 


FOR EAST FUND 
to JE84MM 


23-30. Witt Investment 
nHnaqement exMrtence and 
aopreciatlen- ot F.E. Markets 


to Join ton assist I no Director 
ot Uirit Trust and Investment 
Management Company. 


OIL RESEARCH/SALES 
to £12,001 - 
OIL RESEARCH /SALES 

28-35. 011 Analyse with taka 
ability to assist In further 
SeretoPffient ol tbl* sector wHh 
**tril known arm. 


Stephens Sdection 

as Dover Street, London W1X3BA. J 

_ OMS30617 _Yk 

hi Rocmitmait Cottsultnnts wr 


\1 


nee 

/aterhouse 

' A.ssociates 


HAMPERS 


OF GOOD FOOD & WINES 

Britain's leading packers supply- 
ing the great stores of the world 
and 'leaders of industry. 

THE HAMPER PEOPLE LTD., 
Stnimpshaw, Norwich. 

Tel: 713937 

Telex: 975353 Hampers 
Colour brochure on request. 


ART GALLERIES 


COMPANY NOTICES 


ICON I5HI ROX UJHDTO^ INDUSTRY CO. 


of EUnort an 


DEPOSITARY RECEIPTS <|d£“i 
tv '?WCIN6 SHARES OF COMMON 
STOCK OF THE ABOVE-NAMED 
COMPANY 


CRANE KALMAN GALLERIES. 178. 
Brompton Road. S.W.3. Outstanding 
British works ol art. Barbara Heuworth. 
L. S. Lowry, Henry Moore, Ben Nichol- 
son. Graham Sul her land. William Scott. 
Matthew Smith, etc. ALSO works by 
European and American artist!. Mnn.-Fr1. 
10.6 Sat. 10-4. 01-584 7566. CRANE 
ARTS. 321. King's Road. S.W.3. 01-3S2 
SB57. Native Art from iath-20th cant. 
Alto young artists ol unusual vision and 
talent. 


NITTO ELECTRIC INDUSTRIAL CO, LTD. 
115315,000,000 6% Convertible Bonds due 1992 

72CA Octofer 1978 


To the bondhoidon: 

W«, Niro Electric Industrial Co., Ltd., hereby notify that wt a mult of 
the .nuance ol 5.000.000 iharea of common stock which were publicly 
■old at market at cbe issue price of Yen 627 per there in Japan and were 
laued on l»t October 1978, the conversion price of the above -capnoned 
bondi has been adjusted.' pursuant to eonditten 5. paragraph (C). tub- 
paragraph (V> of terms and Conditions of the bonds under the trust deed 
dated 2nd August 1977 Iron Yen 746 to Yen 744.90 per share, effective 
as from 1st October 1978, Japan time. 

Niro Electric Industrial Co.. Led. 

1-2. I-Cbouia, Shiraohoami 
Ibaraki-Gty. Osaka 
Japan 


m Deoodtanr gives notice that at a meM- 

KSmsh^ShoStSurtr, c£ k ss°7" 

Company -I held on SMMto 26. 197S 
m JSS 8 * ,rM aiswtoullon he 

!T.*£ e . to. rewmon shares Y50 

!P r wch commBn 

Seva ,2L r E* d Jtole October 20. 

^ Oc«*W 17. 1978 

Sta I? h eSJSI *22S •" “*« Tokyo 
f M-jetetaksatieo and ea 

in ?! ltf4nS "JSJ? K Intended 

I?\2, subject to 
Of he Board Of Directors and 
2 o Btod »* M record date October 

fciwoon No. 2 to the EORs will be med , 
|52 a '2 1 ' n « toe tree o s- 1 
tojuulton ™_ W HI be deemed to 


FINE ART SOCIETY, 148, New Bond St 


MACKINTOSH. Closing 13th October. 


J-P-L. FINE ARTS. 24. Davies Street. W.l. 
01-493 2630 RAOUL DUFY drawings, 
watercolours ,1900-1939. Oct. 1 0-Dec. 8. 
Mgn.-Frl. 10-6, 


marine ARTISTS. Royal Society's 
Annual Eahb. ot Guildhall. E.C2. Mon.- 
Sat. 10-5. Until t pm Nov. 3. Adm. free 


SUSAN SWALE'S SALOME. Fleld- 
eorne Galleries- 63. Queen's Grove. 
N.W.I. 586 3600. 



FX BROKERS 


Affiliate of money broken in 
Frankfurr require German- 
speakinj FX Broker, 21-29. 
Excellent, salary, and benefits. 


Mrs. Anketeft-Jones - 
Q-S. CONSULTANTS 
01-236 0731 


MEMBER OF 
STOCK EXCHANGE 


w«b cop-quality mscltuctaiiti 
eonnecMM seeks 


SMALL/MEOIUM RESEARCH RASED 
BROKERS 


wish a view “ euptoditig end 
developing tern new. 




the Rank or Yokohama, ltd. 

. LONDON 



LUMLEY CAZALET. 24. Davies St.. W.l. 
01-499 5058. Opening Tomorrow. 

ROBERT BATES — Recent Watercolours. 


Negotiable Fleeting Rate U S. Dollar 
_ Ceta&tates et- Depe&K materlin in 
18124)36''. Montta, from 12th April.. 19 


In accordance- wtab he previsions ol 
the Certtftcares ol Deposit, notice la 
hereby given Chet tor . tbc . six- monte 
Interest period from 12th October. 1078 
to 12th Asrtt 1870. the CertHtaem wljl 
carry an interest Rate or I0'i*% per. 
annum. ■ 

• Agent BankT 

CITIBANK. N.A. 

London 

lata o uro r ioto 


Zl* ^~ K S!22l! l *3L'2. ,or toe -we 
of tbe ne*> seam atatMu uie actual 

wrast w ] gdKm-Cas. 

he prevKions ol | deuvry y payment thwoot. ft fe only 



CAR COYLE, 69 Dean Street Londbn wi 


tl-3.30 am. Show at Midnight end 1 am. 
Mon.. frl. Closed Saturdays. 01-437 6458 


lb 










WORLD STOCK 


Wall St. rises 9.8 on good earnings reports 


INVESTMENT DOLLAR si»*u*v iuu u.o. WUUIU uuo «» »m» a auuc uvui « ■«-«» biuucu . ■ llH j- with nciiltc 

PREMIUM fulfil Its pledge to cut oil imports Eastern unit. gains. The Nikkel-Dow Jones private and public issues, with res uits.^ «_i_ „ h - h M - 

_ in 6 m barrels a dav hv i oc, twp amfritW SE Market Average cln^d » marginal L42 looses of up to 4 d pfennigs occur- Hutcni 5 oti-ooas» wmcd on Mon- 

S 2 .TO to IBM jumped 95. to SSSJO!. while Vakie Index Improved 0.60 to off on the day at 5.737.4S’ Trading ring. The Reffuteting Authority 

Effective $1.9924 u (57, o> j*„ Tout climbed $2 to 3138, 172.01 In reduced volume of 2.3Bm volume was a moderate 280m bought _paper totalling a nominal and no dividend, foil 47 

WITH A handful of bullish earn- Union Pacific 1 } to S57J. Alcoa shares (S.81m). shares. U£ ™ ^“?*P a J_5 2in pur_ ^ were un 

U » W. Atlantic Richfield li Resorts International “A" led Export-orientated issues. Indud- chases the presiousday^ nhan^-d at^TKS19 50 ^as* were 

to Soi S Boeing It to 868 „ Xerox the actives list and gained li to ing Electricals and Vehicles, were The new Hesse Loan ^as quoted changed at »>"£&**- were 
to $58i and Teledyne SJ to ^5*. National Paragon rose 1{ to mainly . lower, but Papers and • -» L 
$!»-’■ $02? Dataproducts SI to 320* and «Mtf Steels were generally Mark Foreign Loans were also ytathssaa 

Eastman Kodak reported a 27 Audio $1 to S9. higher. weaker. cents to HKS32.50. 

per cent rise in third-quarter Ionics lost 1J to S24jL A block Matsushita Electric Industrial . 


he did not think the U.S. would offer of S60 a share from a Texas profit-taking eroded some early there was a marked downturn in cents to HKS8A3 after first-half 


moved sharply ahead in moderate $103. 

trading after an easier morning Eastman Kodak reported a 27 
session. per cent rise in third-quarter 


Cm. .Oct- 
10 I 9 


1 -.■ 1 

| Oct. Oct. — ^ — 
6 4 -High 


weaker. 


HK8I7.30 and Hong Kong Wharf 
25 cents to HKS32.50. 


The Dow Jones Industrial profits and . seemed to be the of 39.600 shares were moved at YS to Y762, Toyota Motor Y5 
Average, after retreating to SS3.14, triuger for the market advance. $24i. 10 ^860. Canon YS to Y430. Kakon 

resumed its recent good rally and The shares rose } to ?653. Other Chemical Y130 to V3.T10 and 


Paris 

Stocks 


Switzerland 


broke through the 900 mark once issues reporting higher earnings 
more to touch 90229 before cl os- v.cre Reynolds Metals, up lg at 


Canada 


umami x iau to xa.*«u »»*u hjfnuiBi. -» 1716 downtrend continued, ‘fur- . 

Fujisawa Pharmaceutical Y20 to ’^^1? £oUo ne a ther depressed by renewed weak- 1 i«L div. yield 

Vi uh h.., Lf L-; Paiwr quieter Q 3 \ s trading. _ _ ti.» I 


Y 1,340, 


in^ a net 8.79 up at 901.42. The $39;. Raytheon also l? stronger ‘Markets lost some of their advanced Y21 to 
NYSE All Common Index touched at S-111, General Electric. J Grmer momentum yesterday after the Steel Y50 to Y212. 

a low Tor the dav of S 58.74 and at SMj and Burroughs which put recent strong rise, but stocks YS41, Nippon Shii 

then rebounded to S3MP for a on 13 to *77{. managed to close firmer for choice Y827, and TDK Eiei 

rise of 45 cents on balance. WcsUnghouse Electric, were after reduced but still active trad- Y2 f 150. 
although sains led losses at the unchanged at $221, reported at ™S- The Toronto Composite e * n uex 

close by only a modest margin of t j Te market close a good rise in finished — 9 higher at 1,327.8 while 

™ o penning profits _ before on «*»»». 


tuui. *•“ - i I ~ - 1 . U1CI UCW1C93CU iff i.oucwcu ncrth- — — - 

mhi ^Vnfcs d ^nr^'Vower notably 11655 in 1,16 doUar - Tbe Swiss 

Y594. Tokai r ® 8 " k5 „ ££"» Bank Corporation Industrial index “ t>oom 

sogami YS to SS£L*lSS!* ended rftamr at 265A ffCAKDABD POORS 


momentum yesterday after the Steel YoO to Y212. Tsogami i S to ~^ rh rWrr*»Fnur ended 1.4 lower at 265.S. 

recent strong rLse. but stocks YS41, Nippon Shinpan Y31 to shghtly hjghe^jnti 1 Cjm vx. ta raost sectors were 

managed to close firmer for choice Y827 end TDK Eiectronic Y90 to f ter LiKr 9 a! marked down, -‘but Insurances 

nftar rprlllTOfl hilt rtil SpHvp trad- V7 TreA Ir “C Snare issue, B auuus ° “*■ ._s«wi ...If V. r» t-v f-f 


Germany 


by the Yom Kipnur Jewish .ioh- ex per. give uranium disputes lOfi^k^hof Afler extending Tuesday's 5 t Q FFr 565. 

day and was down to Mu 9m sel jjemenL r«id!?«^S l wt 0 ai fir-' a b nd advani » at the outset yesterday. Hotels, Stores 

shares from Tuesday s total of international Paper opened Gojte came back 41 to the market slipped back to close were mixed, w! 


25.47m. 

Analysts 


sharply lower but struggled back 


FFr 9 M ° “iveremixed, with Zurich Insurance ! — ^ I——} 

Constructions were generally Bearer gaming 125 to SwFr-lOjMO. . la . lDrtr »to. 116.9B llWffl; liMSj HAM, 

steady, but Lafarge retreated 5-5 Among : PharmaceutKals, Sandoz ■ 1M4 rt im.ss WJ&, 

to FFr 252.5 and Maisons Pbenix Bearer declined another 75 to jCoroposJte j - , 

5 to FFr 565. SWTr S^oO. . . 

Hotels, Stores and Chemicals Domestic Bonds, jn : contrast, 
were mixed, while CIT-AlcateL "ere firmer in moderate activity. 


MaWt aril Minanle 19 tn 1 411 S . . OlippeU IWW Were 011X60, WIUIK Wl-niuiici. \ ~ — 

J? p’wnS w,th net losses In the majority, down 56 at FFr 1.042, and Thom- wMIe Foreign Bonds were well 
i Vre r«iT» Brokers eked nervousness over son led Electricals lower. maintamed. ‘ Jt ‘ 


Sepb. 27 


Analysts said the earn in ss lo .-how a net decline of only J ae f*lve tadustrial uo • to CS17» Brokers ^ed nervousness over 
reports helped a market that has ar ^ 4; Th e company reported a Jink of Nova sStfa Josc^ to ‘-‘‘"Tency market developments ifor 
been technically strons and has n,i«i_niKrt«r not _ B** 1 * . 0l * V 0 Y a ® eoi ~. rose the miWniwn. coiKo.-t which 


hcen technically strons and has harp fall in third-quarter net r ***“* -SSSL’ n ™ J b nj the subsequent setback, which AnrfpsiKl* 
been resisting bad news. < especi- 0)ll ^ but ana jysts noted that left the Commerabank index down AUSTTaiia 


.. 7 . — 1 . nroill'. out analysis nvicu UUl r«B«ai«n Imnarial Rank nut nn 5 “IS vumiueroilllh lui 

ally about rising interest rates j js 0 pc ra tin" earnings rose before t *** li on the day at S53.7. 

a The n Federal Reserve was active extraordinary, items and actually Cambrian Shield, which said D ^ 2 ° 

rjawsn «. sas me as-u* sst 

S" > w ±ljrsss WJMSffiS ai^ra: jars az v* 

5S„lf WMOHMy Bank J k h McelIent . Volume „l„ e .montlis- net profits. Howov er^BMerische Ver 

pSm Carter nostnoned the leader Middle South Utilities earned DM 2.50. while I 

Presifient carter posrponea ine ■ , , ... . . fian , — incs had MAN ud DM Lot 


Trading generally remained 


Brussels ! 

Shares were mixed - to lower' 


promised 


added 1 at 8155. A block of 1.66m 


inflation programme, according to share-? traded at S15J. 


Tokyo 


Administration 


Olinkraft gained 4jf to $3S’. It Share prices displayed raised shnette DM 3J0. 


However, Bayerische V ere in shank son Tin rose 20 cents to ASIOSO (tut Primpffi^stpj T^i -TWp- 
gained DM 2.50. while Engineer- following the quarterly .report inSfds 

ings had MAN up DM L50. Demag showing record tin output CRA gff* 

rose DM 4 and Gutehoffnuog- advancid 3 cents to AS3J1S, wirfie market “ e 


Hamersle>, AS2.35. Bougainville 



Energy Secretary Schlesingcr S 3 id has accepted a sweetened merger movements at the close after late 


On the Domestic Bond market Copper, AS 1.59, HIM, AS2.47 and | 0 ^■ain^grouud^howeve^Weme M0NTE£AL Oct. Oat. 0c*. on. 

Consolidatwl Goldfields, ASS.60, Moma^fJo-dfe TaTBFr 2t»I) Ji 10 «,,«-| j t 

=*• w I I H5*I ea AJtCT XDe Tu^ai 4 Ce ^!eakness. ^ s ^. ienDe -- S0 a t‘BFir WO aud ttMu.irW K 2 .i« HLMt'-ie)- { tw. 7 B aa-14 aiiu» ; rata 

I 11 I 13 1 Hoboken lo at BFr 2^65. In i:.,fnbta*ri ! 226 . 8 ^ t! 224JSj (er 1 222^6 .aui UWej . ?ibj» 

- — i uraraums made a mixed snowing. Utilities. Intercom sained- 10 to j - 1 - 

WoDh.Grtb zi^i 2iH ^cOTtinenral hardening 10 cents BFr 1533< Holdings isiura were toROHTO o.D.iwite 132J.K nc4.8j <0 i »ittf ‘ Ci/iOi -pas^ 

— 1 eoi. j ft 7 to AS12.90 BDd Li Inoustnes < ha<«irj)]lv sfpsdv huf rh^mrrafe n . 1 1 

r»p.uCr":“r.‘.! 16U- 16S« cencs to AS3.12 but Qrreenslaud ^ oils finished lower, with J 0 HAIWESBTO& j 

Zeottb itarihY...., 16 ‘ 15?J ^°es> A$3.1a. and ^a^een Gevaert off 16 at BFr L420 and ln .in.w“ fS? S 

hsT^lt^ qqi*? : 2S Investments. AS&aO. shedding a Petrofina down 35 at BFr 3,610. ' 1 

sssaste Bk ss* -sarssst ««■* «• ^ 

CANADA <£c Johannesburg 

i o. i. } Oct. lost 4 cents to A31.93. Gold shares mostly improved in 

i n I io There was on derided trend in a small trade, reflecting the sharp 

AuitiM Paper — « is?* l 181 a Industrials, where News improved rise in the Bullion price. Trading 

i«r™' aV* ! A 2 il s cents to AS2JS5 following the was affected, however, by the 

tSSiSSer^ 1 26 i 2S7a higher dividend. Carlton United Jewish Yom Kippur holiday. 

Aihato* ! 48 t 6 { 48A* Brewery? in contrast, declined 6 Mining Financials- occasionally 

tiankoi Monuwaj- 24 1 2 . 24 cents to A$L70. hardened. Diamond leader De 

Bank Nov* Santa. 1 21 ip [21 Beers advanced 20 cents to R8.05. 

eS :: sf ‘ ! 112 Hon e K o n g ana art mstui 


NEW YORK 


| Ort. I Oc*. 

' 11 * In 


Industrial 

(.lumbUied 


B22.141 

226.8 1! 224is! (cf 


2 1 8.76 S2.14 (llllDJ 
. mm 2SL6I awe; 


AUhtii Lull- 35<e 1 35'a 

A><>l*vs»^.'r3pb.... 2830 I 28 
Aeiuii Lil*? \ C«'- 42>« 42 's 

Air jii*yltK't- • 28U i 28t2 

A iam.Hu minium 3639 ! 563$ 

Aliisu 52i4 i 5012 

A l Iks. 18 ' 18 

Allecbeov Ptmer 18 ; 18ia 

Allifri (. hern leal., S6U ! 561g 

A Die** Stntvs 25i2 j 25 'a 

Alii- f hitmen-., i 35is ! 351: 

A MIX ; 501; j 507a 

Ajnemiln Hm.... 32I& : 32 

Amur. Alrl:ne>...| 17 >b ’ 17*4 

Anier. Unn>l»_..l 51 501? 

Anier.Uiiwl.9ari.. 58in SBig 

Amur. Can 39^ 39ig 

Amer. Cvaoanii'l 293* , Z9!j 
Aoier. DKl. IVi.. 29 293a 

Amer. Kl— .a.Puw 233a \ 23ag 
Annr, Klprcfi.. 34 U 1 34 
AaierJ8nnjePrc*< 293a : 29^ 
Amer. Mertluil.. 28 - 28og 

Amer. Mutair-.... 6 I 3 ' 6 I 2 

Amer. XaU Gas.. 453; ; 45 
Amer. MaD>bnti . 4g?a 1 60'? 

Amer. quires 35~a . 35 

Amer. Tel. A Te'.l 64't 64 

Ameteb 33 33 'b 

A. UK 231a 23 

AMP | 34jg 345j 

Aniiei....,,,.... I 16?g ■ 16?s 


Ci irnin* Glass 62 U 

CPC lot'm'l ii.nsi 521a 

Cmne 33*2 

CnvUen Xal 2 B?a 

CmtrnZelli'Hiiicb 36>a 

Cummiri» fiesnie 36 14 


Johns Mauri lie- 32 'b 
J< diii»in Johnscoi 82 la 
John vn Control- 39 1 ? 
Jiri'Mamiinelur‘12 33't 
! K. Mat Corp. 27 


f8«« j 28ia IcummtVrigbi... 
363a . 36 as 


KaisecAlumini'm 391& 


lievluo...... 531; 

Ueynul.U llctaisJ 393* 
Weynokis It. J. ... : 61 3s 
Ulch'ton Uerteli.l 26 <b 
H ocJnrell Inter...; 37>« 


Woolwortb....^...: 21‘S 


Kohm & Hass 1 40 1* 


5214 i 50ij Itfena > 313 , 1 311 , 


j Dart Inilu-tnes..! 45 


!bim 35J e 


= lAri.Minte 42s* 

■S ■ Deltona ' 12 U 

Dcntsptv Inter... 2 OS 3 

;~‘ a Detroit lkUton.... 15»i 

LHami>n4''banirt, i 26ia 

17 1 d Dictaphone. I lS'a 

501? J L'|rettaLb>]ulp H 52 

58jb I Disney (Walt 1 45*3 

39ia I Dover I'nrpn 48 

293] j ivpw Cheuiical.... 30 oj 

293s I Drar*. olio 

23 is Dtv.ser. 44 U 

34 I'u^eit 138 

29?e Kag'e Pitcher. 22 

28m tari Airline. • 13>a 


42s* ! 43 1 8 


Kaiser I oiinBlrieai 

Kaiser Steel 

Ka\^ 

kpnnptWt ..... .. 

Kerr McGee—.... 
Kirlde Walter— 
Klmherty Clerk- 


Kwoers. 

Kraft- 48ao 48la 

Kruger Cu_...._.. 353a 35 

Leara ay Trane— 37 «b 37 

Levi Strauss 3814 37a8 

Lihl>r U». Font j 27Jfl 27 4 


Knsiman Kodak.. 653 q 


katc-n 


Anchor Bocidng.j 
Anlicuser Busch . 1 


Anhcuser Busch. 

A mi to 

A.S.A 

Asamera uii I 


K- f j.Jk IS : 32 I 3i; a 

Kl Paso Aat. tuv-, 17 u | 17ig 

biltn 33la 1 333b 

kaewiibl'ei.trii- 35 <* ' 34 7$ 
EraerrAirPr'ighli 22au ! B2ig 

Emliart 1 39li i 39 >* 

B-M.I- 3U ' 3«e 

Engelhard....—.. 1 26 j* 26k 
hsmarfc ; 28tfl ■ 273* 


- -.1 241- 


LiRKetGronp,..-.| 34 U 

Lilly tKII) ' 6 OI 4 

Litton Indiiat 1 273* 

Lockheed A ircr '11 32 «a 
Lme&tar Indnsl.; 27 
Long Island Lid.; IBI 3 
Louisiana Land—.' 25 >4 

Lutnisot | 45 

Luck v Stores _| 16Jg 

L’he V’ungst'srnJ 104a 
MacMillan—.,... 115 b 

Macs 1 L H S 4Ua 

Miia Huuver_..i' 39 is 

Mapco ! 347a 

Maiatbrei Oil..—' 545® 
Marine Midland-, 16ig 
Marshall field..- 1 21 


Uova> Dutch. | 6478 

UTS— J 13s* 

Kura Top. • 12 ’g 

Uydtr System > 88* 

difsaiT Stores... I 44 1 * 
it. Joe Minerals..] 29se 
at. Kesis Paper-..] 33«a 
Sants re Inds—J 361* 
Saui Invest .— ...1 6N 

Saxon Inda. 73* 

rwhiitz Bretrine.-j 131a 
Scbiumtereer— . 90 le 

aCTI j 221, 

wtt Pape- [ 17 

acorii Mat ' 22ss 

teoddeir Duo.Ca) [ 81a 


Wytv 6U 

Xwn«- 1 S3 >4 

Zaps la ; 16'* 

Zenith Had it. , 16 

U.S.Tw.4»lSW0 94 >4 
USTress«ia7arS! 80'i 


izBjaaut' , 


U.S. 90riae Nile.., 8.07^ 8.19S 

CANADA 


Johannesbiirg 


Auittoi Paper-.-.) 181* 


.\^moo Kacie 75* 

A I rani Imn lnlrm il 43 

AiflMnaBtee* 26 

Ashes tc* ! 487g 

Uankot Montreal ■ 24 ij 
Bank Novi -senira! 21!; 
Bash.- Heaocrc**...! 4.00 
Beil Teiephrw...| 6270 
Bow Valiev liri-] 46 


487g 48i 4 

24i; ! 24 


cents to A$L7D. 


Hong Kong 


sea Container.—' 29 la 


SfH fira m • 

-lesrie iUJJ.i 

sears Uoeiiuck....' 

aBDCU 

shei. Uil ! . 


she* 'Transport...! 451a 


rucnni — 


3 i^nodc Lbn>. 

simplicity PaL...| 11 Tb 

linger 1918 

Smith Kline. 1 94i s 

aoutrao i 43e 

aoutlk kwu 39>* 
vcaiUrernCai. Bri.. 253 b 

Southern Co 151* 

5Lbn. Knt. i£e-...| 351 b 
’ outhern Padfit.; 3 154 


May Dept.rtort-: 266s 


Aani' ; 165* 

Ashland Oil ■ 46 >4 

Ail. Uiehtiekl ! 57U 


Buna ; BE7 b - 521a 

r.i—h.irfi '.— .1 ui. : >ci. 


I Fairchild Camera 1 
I ►cl- Dept. Store* 
Firt“7"ue lvm ...I 


Auto Data Pro....' 33 


A VO ! 131b 

a«t*i ; 31 

Avon Products...; 681; 
Ba.IL Gai* KlecL-.i 25-a 


KsL -NaL B-eayn.: 3 13a 
Fiexi Van....—. 20 ia 


13)4 l 131; 


Bailor Puma....! 28 is ] 291; 


Fiintimro 1 32 

Florida Power—. 317j 
Kiuor ! 40 


MCA 65i a 

McDermott 28 

llcD-juneli Done 3Slg 

MrGran Hill 24 

Memore-c — ... 51 

Meiuk.- 601 b 

MetTlu Lynch-.. 21ae 


BP Canada ....— .1 181; 

brawsm — 17ss 

Bnnco 8.00 

Caicary Power— 381; 
CamBotr Mines...! 16’t 
Canada Cement— 125* 
Canada KW lan. I 10r 4 
C«n.lmp BkComl 30 
Uuada loluA I 22 


8.00 : 77 S 

381; ; 3854 
16!« ) 161, 
125* I 121j 


The market presented a mixed for the commodity, ufiile Coppers 
appearance after quiet trading. were unchanged to a fraction 
Hutehlson Whampoa shed 15 harder. . . 


Can. Pacific 247 3 1 245* 


Can. Pacific Ins 
Can. Super Dii.-j 
Carting O’ Kceie..! 


Csssar Aateatos.l 10'* | IOI 4 


ooieuain— 

tioniinco.... 


28; e I 29 


NOTES: Overseas pnees shown below and-ur scrip issue, e Per share. / Pranes 
nclode s p mnrnm . Belatan ilvklends o Gross div. %. b Assmsed dlridead aner 
are after withhohUng tax. scrip and/or rights tsam h Alter local 

O DM so desom unless otherwise staled, taxes, m % tax free, n Francs: Incindiiw 
ririds based oa set tHrMands Dias tax UnQac div. p.Vom. 0 Share sqBl a Div. 
9 Pta 50 b denom. unless otherwise stated, and yield exdndf special parmaiL t Tndl 
j. DKr in dencm. gniP«K Kberortso stated cated div. a Unofficial. trading nhUnority 
4> SwFr 580 denota. and Bearer shares ho Mere only, v Merger pending * Asked, 
unless otherwise Kited. decani. + SJd. S Traded, t Seller, rdsanmed 

mdess othenrise stated. 5 Price ai ruse xr Ex rights. . xd Bx drvBcnd. ' xc Ex 
of sus pe ns i on, a Florins b SchHUnss. scrip issue, ra Bx aQ. t losortm since 
r Cents d Dhrtrtens* after oendlna rieftrs Increased . 1 


W>: 8722 


^outbemJteilwayj 55 


Coob. Uattinrri-.l 37 1* | 37 j* 


Comimer Gw-—. I 8&3 


aoutniaral- I 313 4 


Mem PetrraeumJ 361; 


MiuoMingdtMlgi 62la 


Bunk America.... 1 291; 
Banker* Tr. S.Y. 38* 

Barter Oil— ; 25S- 

Baxter Trareuor.' 43 Jb 
B eatrice Food-... 26le 


j Fond" Motor....-..! 451; 


Foremost Mole.-.! Zl* I 2l!g 


Foslauv-..— 36 


BectnnDickeiuoD: 
Bell A Howell 


Ueodix — , 39 7g 


1 Franklin Mint ...| 
Freeport Mineral 

I Fruehaui I 

i F uqira Inda——] 


Ifohl- Carp. j 

Monsanto J 

Mcffgan J, P. ’ 

Motorola — . 

Murphj Oil 

Nabisco. — 

A«.u» Chemical*. 
National Can 


Berigurt Coos *B' 
Bethlehem 3teel. 


Black k Decker..; 193* j 19 t 8 


Boeing 

Boise Cascade-... . 
Borden 


Bora Warner ......! 334* 


G^.F 

Gannett. — 

Uen^jner. InL- 

G-A-l'-A 

Gen. Cable- 

■Jen. Dynamics- 


14i 3 ; 141, 
461; 454 


Bran iff lnt — | 17 

Brascan 'A'—, 14 "b 
B ristol Myers ..... 1 334* 
B Pet A Drtt IB 
Bmrkway Glam.. 3112 

BruU'Wtck 1714 

Bucyn^ Brie..... 194) 

Bu imvb Watch B4 4 

Burlington Ntbn. 44 

nunmigh 77'4 

Campta:llc<ou| ! i.... 344 4 
LmuaiIiu PamDc. 21 
Canai iiaudoipb.. llig 

Careatiuu 32lg 

Gamer A. Generali 13 
Carter Hawley....) IBJt 
CaterplilarTract*' 61 'b 

CBS i 67 

Ceiaueae Cun>n...l 42J$ 
Central A 3.W....I 164 b 

CertaiDteou I 23 

Ce-«iu.Ain.ran...] 461* 
l'ba*e Manhattan 37'a 
Chemical Uk.NX. 434* 
Cbe^ebrgt] Pomi. 26>« 
Ches«ie3y>4em... 30'« 
Chi -agu Brvtge... 

Cbryeler. • ll&g 

Cid<% Mlla.-roo....; 361s 

Cithwn' J 29 >4 

Cities Service— .[ 681* 
Citi inreoing....; 16^ 
Cleveland Cliff ..j 30 

OotC'.il* ...... 45^4 

Ctugate Pami. j 20 

Cui'ins Aikuisn.^ 114 * 

Columbia Gas 1 277} 

C'Numhia Plot....! 22»i 
Coni.lii'L'ivutAin: IBi* 
CuinliusUon Eng.! 383j 
O.i inlaid inn 154* 

C'm'wrb Kdt-iiu.: 261* 


341b Gen. hletnia— 63 Jb 
17i 2 Gen. Pool; ! 345s 


NaL Dirt ill era — | 
AM. service Ind.- 

-Sational Steel 

-Vnton»o 

AUK. 

Neptune Imp...-. 
New England Hi. 


3‘w'i Ufuikhaies. 28 3« j 28 lg 
apnry Hatch— 207a j 21 
aperrv Kaon.—. 46 1 451^ 

’duibh 314 314 

dtaodand Brand. 26'« 26U 

?Vi.OUCa«UortilB 483* 484 b 

fitn. OU Indiana. 547 a 63 7 a 

«• Oil Ohio 397 8 394* 

drauff ChemicnL. 44 ig 45 

Sterling Drug 176s 175g 

Stodebeter 671* 666a 

Sun Co - 44 44 ag 

Sunatrand 49 49 

Synsei 355, 357 B 

lechnlcolor. 14i a 14 

lektraix 47 » b 483b 

Beiedyne J 105 

ieiea j 75, 

reneoo 34' 4 


C-reeka lte<ioiw> : 5sg 1 5^* 

Co-tain — — 13 Se ' I 3 I 4 

Daon Dev©.. | 135* , 13^ 

Denison Mmes-.l 78 78i« 

Dome Mine. 111 <111 

Dome Pecrtueani! 944* I 931s 
Dominion Bnrtcei 265* | 2? 

Domier j 237 a j 253* 

Dupnnt — 171* 171* 

Paiccm'ge Nicke .! 35ia 35b: 


GERMANY ♦ 


TOKYO U 


AUSTRALIA 


* KV -1 iuae 

Pom Motor . Can j 81 

U easier — 1 363* 

flimrtViil'cktiif* ■ INI. 


3.0 
6.3 
6.6 
6.5 
4J} 
18 ! 2.5 




GnatTelVktiiie^ lb'< 

uuii Oi. Cana. I*. 3412 
Haw Ler*i.t.Can. ; 63® 
den linger i 41 4s 

HomeOi. -A' — | 425* 


HndacnBa* Um.| 23 


General Mills. ...j 
General Motora.. 


Ne*i KaglaniiXeil 333* 
Niagara llobswki 144a 
A lagan* 3 bare— . I 117g 
N. Uimtuatnea. 1 33 i* 
SurtoikAWeatern 264; 
.North NaL In*.. 36<t 
Nitan. States Pwrt BSl a 
Ntbwert Airline*) 314e 
aid wen Bencorpl 26Se 
Newton aimon.—| 197 b 
U ecbtenta. Petrol 1 201* 
Uglify Matter.-.: 263* 

iJuio ikiiaoa... 173a 

Oiin I 251* 


(Jen. Bulk Util j 19 


Gen. Signal.— 
Gen. lei. Elect— 

Gen. lyre 

Cenesuu. 

Georgia Paclflc— 
Ueoaouree...— 
Gear Uii 


Gillette ( 3l4g : 31ie 

UiKlricii B. P ) 2013 I 2012 

Goodyear Tin-..] 17?a i rtig 

GvukL 33 la . 321= 

Grace WJ1 32 i a 32 

(in-Ulan PteTea! 6-, | 6s d 
Grt. North iroo..| 274a ! 275® 

Greyhoun-i j 133s ! 13 Je 

Gull d Western—! 145* 145a 

Gull Ui- - j 25 u 1 255* 

Haliburtcu J 74 60 j 747 b 

eUmiH Miulng—l 35 V) : 353) 
rianiGcrileger....! 20 G 2 OI 4 
Uain Currar— «•! 361* 364 S 

delnt d. J 44 1 42?a 

Heubein— ...| 31 13 | 303s 


1 e.oro Petroleum 10 1* 
lexaco-..— — ... 264a 

l' erita gu U — 24is 

lezas Eastern... 373* 

fern inst'm 89Tg 

Leras On ft Gas-J 314* 
Leras Utilities —I 20ig 

Limes In* 1 48 1? 

rimer Miner.— I 32i* 


101* | 10i* 


Hudson Bay... — 23 
Hudson Oil & Gb>I 43 1j 

I^.C. i 197 B 

Imaaoo ' 573; 

Imperial Oil 1 237 8 


Irane j 

Iranam erica 

franacQ .... 

Iran, liman— 


181* 1 181b 


Irani' ! 15Ss 15<s 

Inland Nat. Gat.. 11J 8 Ills 

Int'p. v Pipe Linei 1714 17k 

Kaiaer Urnuim, 151* 153s 

Laiui Pin, Corp-i 91 b Qlg 

Lob law Com. 4M0 4.7b 

Mcsul'a uioem...| 25l« 851* 

Mss-ey Fergnsia 13 L3lg 

Mdotyre. i 30 30 . 


Commerzbank 

Conn Gum mi ■ 

Daimler-Benz.-./ 
Detrusaa -.-—.—I 
Detnag . .............. 1 

Deutsche Bank — 1 
UtesduerBank 
Dyckertroff Zemi.f 
G ntetoirtTnung— | 

Bai«g Uoyd 

Harpener — ...| 

Horchet I 

Hoesch ! 

Hi.-rten 

Kali u&l Satr [ 

Kan ladl —...—. 
KaumoT.. 
Kicckner UMKXL 

KBU —I 

Krupp .... — ... 

Linde 


■8| 

JO. 

JO 
X 

JO- 

.6 

.5 

.5: 

.6 

106 '—3 
170 -3 




m 

‘ — 1 — Honda Motors — : 485 

26.46 5.6 donee Food li.170 

- ' - I lob { 241 

28.12. 4.1 Ibo-Yokarfo !l.790 

. 17 ■ 3.1 Jvvr J 770- 

II "3.0 l-U— . 2.91Q’ — [ — — darabuoCreek GoM— . 

:2B.l!: 4.5 lititai K>ert.P*. 1.12A -! 10 9.5 Blue Menu ln .1 

28.12. 5.6 Komatsu — MO 1—3 j 18 2.6 dbuaalnville Ouw - — . 

9-38- 2.6 ojidoia. ' 290 | la 1 2.6 BrstnWaii Industries . ' ...I 


Abboc.' 

Aaaoo. Con. Industrie* 

Ah»l Poaraiarian Invert— 

A JJ.I — r 

Aadimcoi 

A list. -Oil A Gas_, ; 

Bamboo Creek GoM— .. 


tL68 

tl-80 i 

fl.00 — SL07 
tL64 

t0.7p..j 

10.73 1*4.93 


Stmteand— , 


1-5ui BRAZIL 

HW4 : 

: — - "I il. 



I^ASK.r 


Oce.U- .' j 


10.28 


M SO hjHS Bwoodo Brazil J 2M4 


: 9-38- 2.6 I aiiuoul 290 


2.6 BramNas.Iiiduatrift. . 


12 1 2.6 eynrfrCerama:- 3,490 1-20 I ia : deokan Bin Ptaprirtarv.-.J 


’14J4! 6.4 •UtriMhna Irai— {- 762 
r.b.75, 9.7 'iitsubtahi UecfcL 281 


54 ,+0.6, — 1 — iliteubivhi Corp.. 

173^—3 9.36 2.7 Mitsui A Cb_; 

163 J— i.5il4JM- 4.4 itiUuk.s-bi.-- — , 


762 |-8 
281 .+2 
116 -2 
435 !— 5 


170 —3 1 . 1.6 9.7 Uitsuteahi beefcj £81 , + 2 

142.3 +. -5 18 JS 6.6 Mitsubishi Heavy 116 -2 
54 (+0.6 ! — ; - Mitsubishi Corp- 435 ; — 5 

173^—3 1 9.36 2.7 Mitsui A Oo-L— 1 298 

153 J— i-5|l4iM- 4.4 iliUuk.>ln— - 570 +1 

336^! 2S.M. 3.5 Nippon Ueawx— 1,650 i— 20 

253.5'.— 1 ;1&73, 3.7 N>ppun Sburfnn-! 827 +31 
94.7+0^. - I - Niaan Motor-. I 680 '—8 


Hen le Pnetsnl I 88-'; 

Hiiaidsy lulls..—.' 25H 
Homestake.... .— ! 3Bs> 
Hooey wen...., >1 70 j® 

fch-'Ver -.. 125e 

H'vpAigrp. Amer 30 
Ho oslon NbLUm 25 


I Overseas ships... I 267a 26 

Owens Corning ...l S2>* 32 ig 

Ovens Illoiois— j 22 215* 

Htollc Gas-..-— I 237a 235* 

Pacific LigOrmg.^ 2Us 21 

Pan Pwr. 4 Ltg..; 2 lbs 21s? 

PsnAru Won Aid 87a 8fg 

Parker Hwm&nJ 28 1 275* 

I'eauody Inti 86*? 27 

Pen.Pw.AJU 215s 8U* 

l*cnnv J. C- I 38ia 37*a 

Pennzoli — .1 32 32L* 

Feop.es Drug.....) 13 J 13 

Peoples Gas J 36 36 

PepsiCo— J 285* I 2878 


l run-nay Inlr'oJ 235s 
Iran, Worm Au.j 25 


371 * Moore Corea— 374* 375* 
23 s* Mounts 1 oMsteBb 3.15 5.15 


travelers - 

i n Coaunemai-' 


19ia ■ 194s 


intou Oil A Gar.' 

lew—.. ; 


\unikM M 10 &...; 385* 
-N coven Knenci-..., 17 
Ntnn. Teieeom— ; 40 Lf 
Dakwood PWrl'ml 4 j 40 
Pa 1 He Copper L8D 


Lunenltau IOO — 1 1,59b - ; 25 

Lurthanas -j 97 i+ 1 |8^t 

■MAN 1 2b3.5 + L5 r 12 


oxb Century Foal 355* 


Huni/Pli -XiClunj 14i* 


Comm. daterliU'.' 44la ! 46 


Hutron <E.P.)— .■ 21 ; 211* 

I.C. Industries... 281; • 28 (g 

IN A I 457 8 . 45S a 

lagenoiiifiuKi — .1 G95a 1 69 j* 

lu land dteri. — j 38 i 38 

lusilcu. - i 16 ; 26 


Perkin Elmer. — 27ts 

Bee 645* 

Ftirei — 367g 

Phelps Dodge 265* 

Philadelphia Kle. 176a 
Philip Morris—. 735* 
PUUtlps Petro'm. 33sa 

Pllsbury I 43*a 

Pitney ten ea. — > 265* 

Pirtston- ! 224s 

Piessey Ltd ADKj 24 


U^.L— 40l« 

UAHUO 27ls 

UUi 201 a 

U a never ; 44 

Dnnevei N V ' 62 

Union Uancoip...-' 263* 
Union Cartivte....' 4l3e 
Umon Commerce 1 105* 
Union Oil Ckltf...} 65 Sg 
Union Pacific — 1 577a 


PBcificPetro<eutD| 461| 
PaoLf-an. Pet’raj 3a 1 * 

PhtlDO : 201* 

Peoples Dept, a J 5lg 
Place Can. ± UuJ 2M3 


Place Can. ± UuJ 8M3 2.30 

Placer Dcretopnil) 271* 284* 

Power Cijrvoral 'o' 2ZS« 2 Ha 


Price.. 

Quebec dtum 

Hanger Oil 

deed bteobous 


I'm royai — [ 7iq 

United Brands ...j 13ia 

U3 Bancorp. | 34 

La Gypsum—.! 31 
Ua fiboe. — — 273* 

Ctf Btect- [ 274s 

Uo TeebnoVwlre.1 43 


22&a 22bs 
2.16 2.16 
19«* 191* 

12is 12 
374* 361* 


Manoevmaan 

ttoraiigo 
Mu m-faen er Hunt. 
No 'kenninn. 

FrOUS'Si; DM 100 

rtueinWerCUlw. 
«hena»— -.... 
1 leraem- ...—— 

>u-i Zucker — 

tbys-ea A.G- — 

Van* 

VEBA. 

Varem.'AV.'ra<tiSk 
VoUOTagon 


i.Bl 0.3 lb.18 4.5 l *k»ia enemies . <■« ;+ 7 i 

2.8 3 lo ■ iM luik 2.160 [+90 1 

177 *— 1 — ; - lokyt. Mantra 490 I- < 

144J81+0.7 —I - UfijIUkrtUtov'i 1,060 |+ 10 ‘ 

167.5— 0^ 2a l 6.7 Uikjn anvo 337 ;+3 

279 f— 2 2a.l2 ; 5.0 *ueay - 140 |— 1 f 

300.51—2.2 ' AZ j 4.2 *«' bibs Cnrp. 125 I 

273.0' :-'2tf.9*! 4M !.■>•««* M.+ra 860 5 

123.81+0.1 : It. Ik- 6.9 

1943).+ 3 ill.lfi! 4.4 Soaroe Nik (re Sacnrmes. 

151.7^-0.7 |9.38 3.5 

243.s! 74 1 35 i 13 BRUSSELS/LUXEMBOlfHG 


94.7; +0^. - : - Ais an Motor*. 680 j— 8 16 

184 +0.0 ;i8.ffi. 5.1 Pionera 1.530 -10 I 48 

119 ! 1 — : — ranyu Kiectra.- — 249 +1 | 12 

284. S' j 35 4.4 sekisui Prenui.. 955 ^15 30 

59b ; 25 7.8 -i.hra-Ki — 1,380 +50 *0 

97 [+1 1 9-36, 4.8 mmij 1,430 -20 I 4. 

2a3.5 + L5r 12 ; 2.c Staiim — 229 | 11 

_ 4.5 tstoia Cbemmi J 465 '+7 1 lb 

u I UK [2.150 [+90 I 30 

1.4 ■ u*-'n -| 117 ! — 1 1 111 

_ lokyi- Mantra 490 j— 1 11 

_ tokyci h eictltow *i 1,060 |+10 [ o 

8.7 ttikjii an to 337 j + 3 Vc 

5.0 *oray - — 140 —1 1. 


+7 I 16 
+90 1 30 


20 j 1.3 fiH sootij 

10 1.8 Jartrori United Brewery... 

Id 5.2 oO*tpJ»L_ i 

13 15 Cook barn Cement. 

14 2.3 Cw» (O.’J j 

BO 1.8 CoDr. GaiilflsHir finst— ... 
la 0 .+ Container lib .— , 

12 0.7 vonsme ihouato 

"o uinoun Aii-tmJta.. 

“ « - 
1*6 tfk t w - dm ith.,, t i i 

*0 0.7 Baden mur KraourwjgL— 

11 S 01 *- 

40 I 0.7 doobei 

10 | 4.3 id Australia. — . — — . 

11 ! » iqteiMJqiwer— 

o [ 3 6 Jenmnav Intiurinea-.— . 


♦aSo I ^nca-Itao PK -. 

as U:» gg rasfs? 

-ti-40 1+,+M KS^Spp° p - 

tl.iO - !— Pirelli DP, r T . 
?r35 AwaaOnraOP^. 

(133 J — • .UniiiPH ... ii'.r- 

r 0 -®? yw«p355ppl 

13-80 +1.1-6 


t2MO l 

t3.66 I+6.D8 


KoJtao PK L42 
goMineiiaOP L17.J— QaiUS 
M Amer. OP- ' 3-25 -i— OB7}JLft« 
robres PP— . 1L3T -OJSTAU 

elliUP L36 ' 

izaCrtaOP-. 2.41]-0<9^L». ' 
ip- PE— — -B.71 
e 81o Puce PP* X.15 

Tunwvcr cr J4JBL .Vatenja 1 S2 
Soaroe : Rio de Janeiro 8E. f 


IU 3 Z HL. 3 
tl-46 48JI 
fO.BO -<L05 


Mi JOHANNESBURG 

MIKES .'’’.'Vi 

7."* Ocl 11 Ranfl / 

LD7 Anxio American Conn, — I.5'i 


125 1 

880 [—5 


i.bj ..nft lUan iy 

detSM Expioranon.— —. 

illM. UoulinK* -.— 

-dyer Emporium 

News j.. 

A 1 -nows IntematlcHtai 

.lortb Broken H’ iluestbO 5 
■Jkkbn lue r 


! 4.0 1 detSM Kxpuwarioa— , 
1.2 1 BIlLtlaullna* 


Soaroe Ntkkn Sacnrmes. Tokyo 


+QJ51 Charter CWwildateO 

+6.B5 East DriefooTdn • 

— . Elsburg ; 

Harnmny - 

MtII ----- -ii fssB- 1 1 ■ 

HL<W ««0f 

Riretenbnnt PUthnnn , 

SL Helena 

*£Si Smnh Vaal 


l /n'rtt Somh Vaal 

Cold Fields SA _ 
Onion Conwrarfon 


in&AlgiTUi : 37*« 381* 

teyai Bk.ot Can.' S63s 36va 

tevai lrnst.. J 193« 196* 


AMSTERDAM 


Price 


Fra. 



L'V lodurtrire— | 217 a , 213* 


Cum purer 3d euc. 15 ■* 

L ^.11111 Lncln* ' 411* 

CoiinK- 22 

C*>n bdixju NX.... 24 10 

Cuii'Ui LVhkIs 24 * 

Cikimii Nst-Uar... 40 


151* ! 141] 
41b* ; 41 
22 1 22 
24 ib I 241* 
24 * : 24?s 
40 ; 39G 


’ “ I PolaruM I 52la 

IBM ' 290.5 1 280 G i Putomec Kl«— . I 41 * 

Itm, Flavours— ..- 2B>« 24i, . PPG Industrie*.. 304a 


Cun-ui r>i<)i.lii • 24 ig • 24i* 

C< ■fli*lll Nsl-Uar... 40 391g 

Ci.iii^umer Poter- 24 lg ; 22 
Ci *ut menial Gq>. 3 1 | 30Tj 

Contiiiemal Oil.. 30 | 29is 

C--.ntmeutai Tew. 16M , 16ij 
C« lit n>l I>Rt*. - 39G 1 58U 


Cuc>)wr Indus 49 


Itm. Flavour*—..' 26 •« 
Inti. Harv»rer... 4 Hb 
I nti. MlnACbeni- 39 
loti.MnltifooiiK- 20a* 

loco — 19 

lulu filler—.... 44 Js 

I 11 L Kectiller. 14 

lul. Tei. A Tei— 323* 

Inura Beet 41 

IU lnemsttuaiU..i 12 '* 
Jim Walter. ; 351} 


401g Prater Gamble.-, 
391* | Pub Ser Hlec*... . 
20 u Pul man..-.- 

19 1* ! 1*0 res _.... 

44 Sg Wusker Oats : 

14lg j I in pl.l Amenaan. 


liavtbeoo [ 611 * 1 497 a 

utr t 99i* > SOS, 


KC'A [ 894, 

| Uepabllio steel— 2678 


! 2Zla lYuffinMIilect.-d M’l 

Wafereen. 1 29 T a 

' * | Wamet^Comtnn j 491* 

'Varner- Lambert 27 

Waate-Man'mantl 28 1 g 
iv eiis-barito— 31s* 
iVacemlluKU|J 30 
Western N. Amer- 364* 
Western Unxm-.i 191* 
WesUngb'eeEieci 221] 

Wesvacn. 1 29 

Weyerhaeuser — .1 30s* 
Whirlpool—. 22 G 
White Coo. Ind- 21 
_ . William Co—— 1 20 


sceptre IPsources' .75s 7ls 

beagraoir ' 34la 334* 

shell Canada 154* 15m 

sherritt G. 3tioes' 84* 85* 

slebens U. G { 36fle 364a 

slmpson..—...— ' 54a 6lj 


| + or Dir. 
- % 


52la I 81T S 
144, 143* 

304a : 304e 
881* ; 871* 
23 ts ! 23fle 
46s* | 463* 
18 G ! 181* 
264* | 267 8 
143* ; 15 


29 I 291b 
304* 30 l B 

221* 223* 

21 - 21U 


shell Canada ) 15 J * 

sfaerrirtG.3tioes' 84* 

slebens (J. G j 364 b 

slmpson.—.— ' 54 b 
steel ot C-aauta.J 29 
sleep if oc* Iron.. 3.75 

TpT3l g>( Anx.ln l 48^4 

rorruito UnruBkii SOU 
I'ruuL'ju Pipe La | 184a 
Trans Mount Opn' 91, 

lrizec , 16>s 

Union Uss—.i llci 
UtU-siwe Mines) -81* 

Walker Hiram [ 381* 

Westerns* irao« 1U» 


vteta tPi. au).._. 
Vkzo iKl. 
A'eemBnktFi.lCO* 
A MET (pi. 10)....| 


117.01 — U | *28 4w8 BBBsi -I2, 9 20 


31.4— ae 
3B8.0(— 3.0 
B8.al— 1.5 


berkert •*8” 'B,5a0 

C-B. 6. Cement.-. I La 10 
Cra-korlli 1 45B 


25 j _ [ _ — -rar— H. liaHl . NV . a(ll .| 

'll* 48 Mitbmiht Mining 1 

2 I 100 1 h"h 3 f*rjP* bxironitioo — — J 

l+B ! -!“■* »-■- — 


Ai -nowe International — 1 
North Broken U’ ilueathO 5 

•Jatbn hte 

till ran*.. 

Jttor faspirearinn I 

Pioneer Con. Tele— J 

dOukitt A Co* man....— j 

d. c. a«ipi..: 


t2 &8 • ijw 2? Deteritttf 
to«3 TuT B, ywnuachr ...~ 

+oio -S* 5 anfl 

tl 70 Jfljs 25“ Stale Gednld 
fO'13 CS55 Brand _ 

Irt'J* f+ 2«= PreaMant Stem 

ij>s stiifontete^r.iZ: 

weBumi .... 

to 70 ^ es * Prieftmteto - 

w «ten) Holdings — 
I5-f? We«exn Deep ■■ — 




IU»V 

— 2 >n ;• 

— — «*-V 

—J, B-« 



- nU3> ;!- 

n— IB ® ~ 
Sfljffl'v 

«9-:r 

— 

- 

— - 38. *5 ■ 

».» • 

XI* ' 

-438 - 
— 6 *- 

— ttsfl*:- 

— tSMC . 

: 1W8 


- Kieitrobeil itubOO !-20 AA\i J 6.3 W nnraj 

7.7 Paliriqoe Nat 15,080 [—15 (170 I e 5 Wi.i wnrtb* - 

5.6 (1J. I a no- B id — ,2.485 1 - 15 160 6ri DADlc 


2.380 177 

6.UOO [-20 43u 


VuoUi (61 

Waiioos..... 


Western Ml nine (&.' ente] 


1 * ■■ Do,ai“i.B 1 ou 1 s.b uo>. 1 a no- mn 

Amtooank (Fi.201 7B.5«(— 1.4 iA236| j.o [ GevaerU ■!,. 


Weston Geo— J 204 


I 45U ! 43m J Wisconsin Blent J 284 ! 283* 


t Bid. * Asked. ITntdad. 
g New stock. 


dljenhon 96 J— 0.4 1 

tekaWettmfP.IO} 1*2.5,+ LO I 
dubrm renerole. 73.3 —0.3 
Biseriw IK. 304.2 —2.8 27.1 
Bnnbi.V.V. Besrerl 142X1—1,5 1 57 J 

ivurOom 1W P ■ . iu>' TIA 1 94J 

G ratal Brocades Fil 39.8 — UJ | 20 
He'neken (Ku 28)1 UXL8 — 0-8 i 
riooguvena (Pi J9!h 40.3—0.3 1 
Hunter DXFuiOOi’ uJ-OAl 
na-U. (PI. IOO*.. IttLS 1 — 4.1 1 
ml- lluiler. (IHJ).. 46.1L-0.4 [ 

loameu <Ki. IW„. 26. u,— 0.2 ' 


96 J — 0.4 I 26 i 3.3 GBLfBrus Li 1.590 

U2.5.+ L0 834,6.3 Hoboken --Ja.866 

73.3,— 0.3, [ 36 [ ?D Inlei-nm 1 Lo33 


-16 I 85 1 6.0 
-10 j 90 ! s.7 
+ 15 170 1 5.B 
+ 10 : l 4 g j 1.7 


; |5 PARK 

: n.7 ~ 

[ 6;B Oc*. 11 


10 ■ u"? i 5599 *9 i-'-2- ID* e!l I Carre* our. 12.099 i+9 


— ri-aem'-u-ii , industrials 

to.78 I AECT ' MO. 

' t L74 [+IUR AngJo-Arner.- ladMtiial . — ■ 28J8' : - 

a - tl.70 1 Bartow Rand *»y 

- CNA Inveatments — 1238 
Currie F]mmoe' — — 0.88 ^ 

Prioi + oriDiv nsrr De bmts intiuaiiai — nn. 

™ - if™"' * ConsoIidatBd tor, 13.M’- 

736.2I+3.B I 4u.| js Brer Beady SA tlJj.' 

459.8 +4.5 ,21 1b' 4.6 

in sssfJ=J^-Sf? 

® :p JffljB ttBS-=Sj= «' 

S?5 9 | 7.® » ® OK Baaaare 7J & '■ 


46.11 — 0.4 19 : 8.0 I — ao 1170*1 I k ^xijr 418 I 7,°s 2-i OK, BaBaars L*.— 7^ - 

Hl I ™ I -- 5 wtssszL lSI rsHfiEK gSB — 


EUROPEAN OPTIONS EXCHANGE 

l Oct. 1 Jan. ' Apr. ' 

Series [ V..i, i l«*t | VoL . tort , Vol. ; te«t | Stock 

ABN 

F.570, 

8 : 

3 

f 

: 



F.388 . 

A US 

F.380! 

i ; 

0.70 

— 

: . — . 

10 


AKZ 

F.27.50 

— , 

— 

2 

6 ; 



iF.31.3Q 

AKZ 

F.30- 

23 

1.30 

27 

• 3 1 

1 

1 4.90 

1 | 

AKA 

F.32.B0] 

30 

0.30 

63 

' 2.10 i 

68 

- 3.30 


A K'Z 

F.3S. 

— 

— 

15 

1.40 

49 



ai;u 

F.73.90, 

— 

— 

4 

6. SO 



P.76.50 

AiCB 

P.85. 90 

, 

— 

— 

— 

16 


KK 

S90 

-- ' 

— 

1 

1 19 



S64.04 

KK 

S60 

10 

4*s 

— 

' 




fcK 

>70 

— 


— 

( 

10 



F>C 

SS5 

1 

23* 

— 

— 



328 

Hu 

F.35 

ID 

5.30 

1 

7.20 


- 

F.4Q.6a 

Hu 

F. 57.50, 

— . 

— 

21 

e i 

7 

' 7.60 


HU 

F.40; 


_ 

48 

4 

1 

5.50 

i 

HU 

V.45 

— 

— 

— 

— 

62 

3.Z0 


IBM 

5260 

1 

213B 

— 

— 



3281 | 

IBM 

£280. 

2 

8 

7 

151* 

— 



IBM 

£300' 

5 1 

1* 

5 

7<a ■ 





KLM 

1.160 

, 

— 

2 

20 

— 


F. 160.80 

KLM 

F. 199.40 

— . 

— 

2 

19 




k r.M 

P. 160 

12 

3 

17 

13.60 ' 



’ 


KLM 

F. 16 1.90 

19 ; 

2.50 

18 

1 12 





. 

KLU 

F. 170 

20 i 

0.70 

13 

I 9.50 

10 

15 

, 

KLM 

F. 171.40! 

50 1 

0.50 

5 

9 

— 



.- KLil 

P.190.60. 

— 

— 

58 

i 3.30 . 

— 

■ _ 

1 

KN 

F. 108.90! 

23 ; 

4.40 

— 

— 


__ 

iF.HLSO 

K.V 

F.llOj 

~ l 

— 

— 

1 — 1 

1 

1 11 

1 

«.N 

F.l 18.90! 

i ; 

0.30 



I — : 


: 

• 

PHI 

r.as 1 

41 i 

8 

10 

1 3.40 

— 



; P.26.90 

PHI 

F.27.60, 

55 ! 

0.80 

74 

1 1.60 . 

188 

! 8.40 

- 

PHI 

F.30> 



56 

0.60 

69 

1.70 

1 

PRD 

R4fi| 

10 ! 

7ia 

— 

[ — ' 

— 


:W1sb 

PKD 

S60 

10 

8 SB 

— 


— 

1 

i 

PHD 

560' 



10 

31* 

— 

1 - 


IIU 

F.130I 

87 

2 

29 

i 6.S0 i 

— 

j — 

i P.131 

UD 

F.140: 




6 

I 1.80 : 

37 

i 3.70 


T 

seo; 

2 - 


— 

J 

— 

i — 

?635« 

LSI 

F.110 

2 ' 

16 

— 

i — 1 

— 


if. 125^0 

CM 

F.l 20: 

S 1 


— 

i - : 

8 

1 8.50 

1 n 



Nur. 


Frt?; 

M 

»v 


BA 

S60 1 

J 

— 

l 

■ 97g, 

— 

1 •- 

J964i* | 

BA 

370. 

a : 

U* 

— 

; ” ; 

— 


1 

Mil 

AL \ul.LMF 

l\ Cl 

XTRAi.T> 

— 

1434 



Not.JiedlMfFLa.V lll.B— 1 . 9 | 48 14.3 dnMln. iLW).- 828 [-20 60 let 

ASauSSSSm, aSfSriii 22 ! U 


60 1 6.0 f Uie Bancaira— 


447.91+4^ 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Lrisfa Banks .Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher ...... 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Grace. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Baoque Beige Ltd. ... 10 % 

Banque du Rhone 10i% 

Barclays Bank 10 <% 

Barnett Christie Ltd.... 11 % 

Brcmar Holdings Ltd. 11 <7, 
Brit. Bank of Mid. East 10 <T ( 
I Brown Shipley ......... 10 % 

Canada Perm't Trust... 10 <£, 

Cayzer Ltd- 10 % 

Cedar Holdings - 10 j% 

I Charterhouse Japhet... 10 % 

Cboulartons 10 % 

C. E. 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 % 

Eoglish TransconL ... 11 % 
First Nat Fin. Corn — 11?% 
First Nat Secs. Ltd. ... 11 


■ Hill Samuel ..—.510 % 

C. Hoare & Co --...flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 
Keyser Dlltnaun .. — 10 % 
•Knowsley & Co. Lt<L ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 114% 
Midland Bank ......... 10 

l Samuel Montagu. ...... 10 % 

I Morgan Grenfell’ — — 10 °o 
National Westminster 10 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossrninster 10 % 

Royal Bk. CanadaTrust 10 *?& 
Schlesinger Limited ... 10 % 

E. S. Schwab 114% 

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 % j 
Whiteaway Laidlaw ... 104% 
Willtaras &z Glyn’s ... 10% 
Yorkshire Bank 10 % , 


'**!* «-** 1 1V7.7! — 1.7 I 36 9.0 

Djjem 33.7>— tLS ! 23 

Van Onimorun — 149.0! i — - 

ttUboei t PJS0>.-. 49.21— 0.3 — - 

Philips 1 FI. 26.8—0.4 17 tL3 

4jikkJi Vert Fl 100 71.0'— 4.0 — - 

■loiraco (PubQ>. — 176.6! A26tr 7 J3 

telinco IF1.MB 142.0 j — ■ — 


SWITZERLAND 0 


•(vcentotPix^ 

4oy«i DulcUFiSL 


^rertl- Oom. PriaM 155 — J _}• 18 j OS Aanbrandt Crora — — !!* MT* 


atf~, 
a-Z'; 


! ‘4X.VO Psc.rilda.1 
Uaiierer(B'i^O>... 

v ik nut H«s. (iiij; 1 

iV>j«u.Uir.Uvrbt.i 


t5S , 5-™g , y! ArtBimnun j 960 —15 

ill Idl 6 b» abC ‘ A ‘ 1 1 - 616 - 18 

_i ^ IS hi 

«evmQtptFLaC:l U4.U-2.0 j r/+ S-2 12? ft 

*****!»i ishf-fsffrias JtaSsszsJS hfo 


COPENHAGEN 


Drwraot Loire. BO.lf— OJ 

Dome* 664 +13 

n.PccrotM 148.0j — 2.' 

Uiv^riT •Jocwfemme^ 276 1 + 1 
s : * ■ l“«bi 71.0 —o.e 

. ' Joutues bore*.—. 178.8— LI 

1 Diteree 282.9]— 8.- 

a j 4 3 LOrab 776 +iq 

IO 1 o.3 1.945 +7 

22 *.3 OaiBon* Pbenix..! B6S [_e 

aa ! ***■»■ ’*»" 11.449- -Ml 

22 140 HnnrrasMv J, 803 +8 
16 1 47 if*"!*™* .1 39 |—3 

10 1 I 815 )— 1 

6,47 Vecninifjr ! 106.9. +0.7 

11001 i"a ri B “Lltart — I 337.6] — o.e 

iuonh «aa +3 

I Mr i'.cmui 236-0 -1.8 


■SnT^L -t - Retoo fiSr- 

*SS J+i* 6-t Sase Holdings — -* fLffl. 


7»fJ i n l?T!5 aoMings ... — — « jum-' 

276 1+1 laasj 3.0 C. G. Smith Sugar 

71.0; — 0.8 5.7 8.0 SA Breweries 

178.8- — LI — - Tiger -Oais and NaL Hillg. 1L85- 

282.5] — 9.5 UL/f '8.6 Unlsee XIS# 

\t? Securities Rand USMg 

SS-Bo &S an*mnt «c-Mfig a 


I 22 | 4.0 

1BE 8-1 B | oSTii fc '-7 ™«*. |».*««J f— to . 16 47 auiunna* 

4lsIbBS M Biertrewslt Jl.jSOBfl-lO | 10 ' Jg ‘^9*’ 

*10O^!a *’o ,f WjbB»iOa 4 gt|. 930 —la a . 47 rectuney — .. — 

■ — 0 J - l -. r5 5-° dofftnui Pi^ert. .>61.000 ]-500l 1 100! la — 

Do. vJ«na,n |6.0B0 lOOl 110 lV JjBUgWAJlUnan.. 

laMMrai b ,3.60Bsl i-5o 1 ai . ' 

lvlmw -1 'Kr.tM .,'1 570 ...^.. 1 mi Tr ,fadte lncbirique. 

* if r. 1001. ..'3.000 \—23\i*jJ Tg •■•••! 

_ Do. Key 2.160 C. . ! ,11 /' 4,, lU *>»<Fnnraiic... 

Prior '-For :Dl»r.l'lri. DertlkonUiF.aUl '2.590 |— 3o’1 In ' Ja — I 


Kjl L= S* 5 ^ 

39.- TJ OMi 

iZJA 2L2 

li? BJ — 

a 2.1 SPAIN v 


r? i, a ' 8:1 Spain 1 

215 1—1 ila.obl 9 4 - 
106.9. + 0.7 7 . 5 1 1.0 Dctoberil 
537.5;-0.6, io I 1^4 As land ..., 


.\ndeMrsnken„ : 141 1 

Uxnske Bank. — . l2ot«! 

: test Ah to ne *.o_.i 160'*;— ... 


Utyyxorter— 360 


Kiir. H*fitr 

Handel ohaak i 

G.M'Ui'u H.<Ki90f 
elotrl KiWeU 
OiiotnbrlL 
rirt ratbnnk ..... . 

tertmtmk,.... 

bopfi. Herensew 
=ap«l0t . 


B 6 i-!+J* * — •; - 


% . % Plreiil :IP<K.lu)|l 299 +1 

Mote* (Fr. £x»..!5,3&0 1 — 7i 

i*tx Part Cert-.. 370 '—3 

11 7,9 SiulnilierCt r<L 291 1 

13 9.5 S.urer tl IPV.KXJJi 281 —4 

12 ( 7.8 'swiBrair (fr. doj) 770 —4 

13 ' W.8 ^ M >n bos iPr.Kk.1 350 —2 

12 I 3.5 3wiwtte>lPr.5*Oi | 4.626 —a 
-- ; — uoImd bsnk '2.995 — li 


I j is Is Utmtttin.il ....; 


127 lg I ' 12 j o.fc I 4orivti Itra.. 


+ 1 ' 18 1 a.b JL— _ • 

zl 6 ! £ 1 I S SS5 

-4 -j li | B t-=£= 

— 2 IO j al STOCI 

—60 40 I 2.2 

~55_ «*G 5-3 On 


1 raeateoiauiae.— 
tbummn bnraii. 


*38 1+5 : 17J2 
235.0 -1.5, - 
510 -8 ! 27 
603 ,—ll j du. 
i--3.fi!— 0.9 9 
169^ —3.4 '14.4 
1.923—73 1 59 
414.8^—1.4 29.1 
891 —24 I 25/ 


October u- - PwamL 

lj> Asiand ———-. .I ... .125 -jf 

fl.3 Banco- Bilbao — _ 2f3 .- . 

- Banco Atlautico 0 , 000 ) 235. - 

BJi Banco Central W.,,. 

5.0 Banco Eofrior ......... .289 

7.3 Banco- General 288 

8.9 Baneo Granada ii.OBO) Mfr 

U Banco Hisnano. ... . 2«' 




8.1 Banco Ind Cal. (1.000) -' 12S v -. . 

3.t) B- lad., M«Uterrafleo._ 


278J1 + 1^ jia.li 6.1 


STOCKHOLM 


883 +1 . 18 ; 3.8 
1801*— la 12 6.3 
1191* -23* - - 

132U - 9.1 

139 11 8X3 

4011* + 11 , 12 3.0 

1701* +>« 13 -7.1 


[10.200 +125 44 &8 


| TO* i + wiDhr. 

Kronor I __ i.Kr 


n >ftS 


i+ori Die.] 
— I Lire 


Members o{ the Aecepdns Booses 
Comnunee. 

T-day depwiia r’i. l-moeCh deposJta 

lire. 


VIENNA 


Antony Gibbs 10 % 

Greyhound Guaranty... 10 + 7-day deposits on amns of. fl#.wo 

Grmdlws Bank *10 5 «3 SSTASilW!. "*• 


I Guiuoeas Mahan 
iHarnhrog Bank 


10 % 

10 % 


; can flrposira over £L0« 7«- 
S Demand and denonSis ?!*■- 


«>L 11 


Ureiitansijut. 

Penmooser 

242 ] 
KV1 1 
634 ! 

Jl«r>-r Dulmier...,. 
Veh Slacnesll 

an . 
223 i 
234 ■ 


+ ux Oiv- 
“ * 


A Mill 

tteloetv. 

Fist. X 

U0.1MV..U. 

^id+(ir__., 


78 
645 
2.970 
3.163 
— 180. 


— 1 Am MB (Hr JO)... 

AJfe.tevBllKr.6Q/ 

AdSA. (Krttl) 

. . Attra CopootKi2b 

Bnrarod.— 

Dlv'Yij. Bofots — 

Lire » Proto... — 

'—I Ceffuton 

— I — aujct’lux-BVKrfeQ 

— _ ft4ossaa'B*(Ki9Co( 

ISO 8.1 tertdle ~H” 

l£5u, 7.0 Fagcratu— 


+ 1 8.0 

2.8 

+ 1 & 

3JB 

+2.8 6 

s!7 

.6 

5.0 

-OJS 4 

I 1 

-B” 5^73 

3.1 


6 6 Banco Madrid — 

Banco Popular ............ 

— . Banco- Santander fSSB) 
Banco "Drtjnbo ' (1,000 

Banco Vtnacsra ..... ...... 

flf Banco Zaresozaao . 
~ ” Benfettninn • ■ ,, ■-■• .--- 

* . Wnmc Aadalncla 
on Babcock- WUCax 


2Zf >7^. , 


:S , 

. ••‘C 

■ ■■.fs.'i.U 


vvm 


Dragados 

InmobaniT . 

3. L Areoanesas- 


10 14.8 sa'sai 

&3i 3.2 Gat Predadoc .... 


llalceamnU— } 2d, 010;— 90 


j ilalal.iei 


7~'~ j dodcotenra ,+ 590 I JOOO 2.8 Mo Dob U«5toZ - 66 +4- 

L ; 2JJ | Alomedi^m.., {884.29 +B.G — l — «nHiik ■B'-Rre.J Zfii TT 

9b ■ d.3! J irettJ Prtv J 1.440 ^-50 _ I _ A „ .»■ 1 aS 1 


— - fFreei— 

wA)[ 2.6 fUnrfk*t*okOT_] 

— : UsJMtKHl 

Ijona 2.8 Mo Dob UraWta. - 


Z70xd+5- 
95 1-1 
69 +2 

370 -3 
123 —2 
66 +4- 


6.0 1 Gropo’ Velaujoex C4M) NJ. 


.9.6) i.0 J HMrola 


4 iterdoecQ ... . 

— _ Olarra — — . 

16 4.S f^Pckriia ReofidM — ® 

8 6.5 Petrol iber ' — ^ . "v * * 


9b ; d.3 ' J iresti Frlv 1.440 j-SO 

58 < 7.5 Piralu i 2.050 \~3 

- . - Pirelli cps-..—. 1.108 i-1 
8a 1 d.fr [ wn Vi>cnM..,.., 977 —8 


Ida! 6.4 
80! 7 J2 


_ I _ I Pchohrt* -.. V 

* *»m.i o Sjurtb- Psoalesa ?•. t- 


i.K *8' Kra _ J ' 68 j_J 4.S 






f- : . 




'rr^' 






















Fltiind^T ptee§; Thursday October 12 1978 



t ; :. 


anish 
kacon up 

3y Our Commodities Staff 



u ; COMMON MARKET import 
: 55 1 dies on bacon imported 

01 Denmark into Britain, will 


AND RAW MATERIALS 


EEC adds 4m tonnes to 
record harvest estimate 


BY CHRISTOPHER PARKES 


«. ucnraarK into Britain !"! p ? r, , s « Rtalns — par- British maize crop which looks 

i «»£ wa. «. 2J« « 

tes kk rg&T-*** 

yesterday at 


Meat 
vnmissmn. 


And Livestock 


. „ j ... - ui iiu: wn > isiiuh iu uw u«i 

i r? p Fnl,rfr ?r »S i cu 1 «iira I Supply Trade Amo- demonstration yes 

10 expect touch compel!- Malvern, Worcs., were told that 
i Nine s ~ harvest put at a record hnn in Knmnoin d^nnm.mophAie raa* «■.«<* nMnpRvnii 





[Mgiani ana waies wiii oe marker may not be as readllv 9. 
>! 'ne Danes, for example hare! J®-® 1 " toni,es compared with, the available as in the past." he told 

• n seeking to raise LheS f< ? recasl at ** * Dd a K. wl,np in G,a *S 0W * n * nlaht. » 

d price for bacon fnr i of August. . Enures on the Scottish harvest _ 


EEC to export 
more sugar 

By Our Commodities Staff 


^■wartsJESiS SS m wsr-s« 

hahly not lead m any Enures released in London ** But with prowinR competition more than L5m tonnes of green 
in Than nril i showed that total out- from Prance and West Germany matter for stock feeding. 

1 out of wheat. barley and oats in even some of the traditional This year’s maize planrings are 

[England and Wales will be markets may not be as readllv 9.000 acres less than a year aco. 

.» •*-- ■--■ - But Mr. Edgar Phillips, spokes- 

man for the association, said: 

fnr . J '« u res un me acomsn narvest “Don’t write off maize just yet. 

1 Most of the increase vyas arc not yet available because of The acreage has increased by 
attributed to . a . . higger-than- delay* and damage to the harvest such a phenomenal amount 
expected wheat_^ield:. up to caused by late summer and early during recent years that it is 
5.*J4 twines a hectare compared autumn rains. ohvious such a growth rate 

with 4.88 tonnes last season- . The Ministry of Agriculture could not he sustained indefl- 

The ' Common Market’s claims that in' spite of this the nitely. A levelling-off had to 
statistical office said much higher overall British harvest should c° me sooner or later.” 
yields in France led to . the sharp reach a record 17.5m tonnes, 
adjustment® in its figures. ‘ But Reuter reported yesterday 
%-lu _ o.. TRc EECr wheal harvest that the Scottish National 
Eurooean i should reach 46.5m tonnes. com : Farmers' Union estimated that in 
V j pared with 38 o tonnes tost year. some areas yields were down by 
Barley output is np more than 30 per cent on last year. 

2ra tonnes at 39-9ni. and the An official doubted that total 

Should, reach output for Scotland would reach THE EEC Commission yesterday 
162m tonnes against 15.6m. 2m tonnes of grain, and It could authorised sales of 57.775 tonnes 

As-well as causing some^aiffi- he as low as 1.5m. Harvesting of white sugar at its weekly 

culLies foj- European p . n d »n * w <> or three weeks, export tender. This is the highest 

fanners, this bumper crop ts-ccr- B The Indian summer has given figure granted so far in this 

tain to reduce ^Community a much-needed boost to the marketing year, which began in 

July, and compares with 49.750 
tonnes last week. 

The maximum export rebate 
was cut by 0.461 to 23.339 units 
of account per 100 kilos reilect- 
ing the recent rise in the world 
sugar price. 

The London dally raw sugar 
price now stands at £112 a tonne 
—close to the year's peak of 
£114 — £9 above the level ruling 
a month ago. But on the London 
... Tl .... . _ , sugar futures market yesterday 

_ 1 pi , „ "?* KhJ. gra 1 n ad visor near by levels fell back a little, 

to Pauls and Whites, the feed »vi A 

company, pointed out that while 
the world's grain markets were 
overloaded at present and there 
were record harvests In Europe, 
eakers lo a Farmers" Club this could only he a temporary 
Seminar on the farming outlook phase. Eventually all the grain 
for the next year. would be needed by incressiDg 

On milk. Mr. Ciutttes '™>M populations. 

Wharton, vice-chairman at the • Meanwhile, with a UK crop of 
Milk . Marketing Board; approximately 17.5m tonnes, 
emphasised rhe need for all pro-- 'there could well be a surplus of markM * the >' added. 

dueers.to vote for the continn*-,, 2m tonnes of feed wheat and 

tioa of the boards in -the; barley which would either have o • . , J 

referendum - to- be held On to be exported or placed in SOVIPl COltOTI 
October '24. - v .* intervention. . k,UY,Cl tUUUiI 

MOSCOW, Oct. 11. 


- bacon 

ks to meet increased costs. 

their efforts have been 
trated by • price-cutting 
,ing other suppliers, notably 
Irish. 

he changes in the subsidies. 

monetary compensatory 
<unts (MCA), follow recent 
, tuitions in the value of 
'"•ling against 
;??ncics. 

■ ; ntil a fortnight ago. there 
. -been a lengthy period of 
>vmy during which the bacon 
7 ""os unchanged for many 
% ks at £206 a tonne,- From 
inr»r IB. rhe Commission says, 
-'ill he £229 58.- 


lain reported 
Brazilian 
offee areas 

; RIO DE JANEIRO. Oct. H. 

" -'WERS FELL yesterday over! 
.-. -s of the coffee growing areas 


Farmers urged to 
back milk boards 


* ine conee growing -areas sa trsfactMy milk yields and five- 

• J nn dr ?H ?hthir Pau .° ‘ stock prices this year, British 

a l es - w CCI tf , " B ! " tbe ! farmers should not be hilled 
•omment Weaiher- Office.* *■—- - - — 

-rts Reuter. Lack of rain has 


BY JOHN CH8MUNGT0N. AGRICULTURE CORRESPONDENT 
IN SPITE of a good harvest and 

and Whites, the feed «j4» c March position ended the 

£0-925 lower at £120.075 


m causing great concern , this 


-:ie nffice reported 15 to 25 mm 
, wi? T*rain in Bauru Votupnranga 
Lins, but little or no rain 
s other stations in San, Paulo. 

• irts of. North Parana had 
nd 5 mm, but Londrina, 
po Mourao and Guaira had 
ist nothing. 

. .ade sources in Northern 
; na and centra! Sao Paulo 

- ‘ this morning that sunny 
her had returned, and there 
ted to be little chance of 
ter rain today.’ 

-afot. scattered rain was 

- rted in the southern part of 
is Gerais slate yesterday, 

• h. together with the eastern 
:..of Sao Paulo, is still cloudy. 


into a false sense of security. 
This was the message from "three 


day £0.925 lower at £120.075 a 
tonne. 

No raw sugkar was authorised 
for export at yesterday's EEC 
tender. Commission sources said 
this was because trade demands 
for export rebates were thought 
too high. The theoretical raws I two 'months 


Japanese 

boost 

platinum 

By Our Commodities Staff 

FREE - MARKET platinum 
prices 'rose to new peaks In 
London yesterday. The ster- 
ling price gained £2.75 to 
£160.25 an ounce, while the 
dollar price moved up from 
S3 12.50 to 5324. 

palladium prices also 
advanced strongly, with the 
sterling quotation being lifted 
from £3555 to £37.10 an ounce 

($70.59 10 S74). 

London traders said that the 
Japanese came In as heavy 
buyers on Tuesday night with 
purchases, nun oared to be as 
much as 100 kilos, about 3.500 
ounces. They are reported to 
have paid around 8325 *n 
ounce after earlier refusing 
offers at $313. 

The Japanese purchases 
came on top of continued 
buying by speculative in- 
terests, . particularly from 

Switzerland. 

So far, there are no signs 
of South African producers 
Increasing output to meet the 
Increased demand. 

The market is awaiting news 
from lmpala Platinum of 
South Africa about whether 
it plans to follow the pro. 
duecr price Increase of S10 
to $260 an ounce announced 
recently by Rustenburg, or 
leapfrog to a higher level. 

The .Soviet Union Is said to 
he still out of the market as 
a seller, apart from Its con- 
tractual supply commitments. 

The Rassians are also hold- 
ing off selling platinum and, 
with consumer stocks run 
down, buyers are now haring 
to pay considerably more. 

Another drop 
in cocoa price 

By Our Commodities Staff 
THE RECENT steady decline in 
London cocoa futures prices con- 
tinued yesterday with the March 
position ending the day £225 
lower at £1.912.5 a tonne. Earlier 
£40 permissible limit fall bad 
taken the price below £1.900 a 
tonne for the first time in nearly 


rebate was cut to 19.81 UA from 
19:95 as an indication to the 


The British market, he; said,-. Mr. Norman Hunt, of Borth- , qnVTVT ■_ ,* 

was -now -almost divided 50^0 -wicks, foresaw a rising demand 2S fSTEhindTSSt^mS the 

turlng sector, .and while, the. particularly firm market for id . official renort 
liquid market -was static at por beef in the U.S. sal ^ D SSw in many 

sent there was no cause Tor comr* jj e warned against rising areas has been blamed on farm 
p latency. . . expectations because he said workers, especially In Turkmen- 

Expansldh of the manafaotur-' Jbcre was a danger of consumer istan. The report, however, says 
ing sector could give rise .to resistance to high prices on the that earlier In the seasnn cold 
problems in view . of oven- UK market which- could restrict and heavy rain had made exten- 
production in Europe.-- - ‘ expansion of consumption. • si ve resowing necessary. 


Dealers said the market’s 
“bearish" sentiment was 
influenced by figures published 
by the secretariat of the Inter- 
national Cocoa Organisation 
indicating a bigger-than-expected 
rise in world production. 

However, some market sources 
warned that the secretariat’s 
figures should not be compared 
directly with those released by 
the organisation’s statistical com- 
mittee on Monday. 

They pointed out the report 
issued by the secretariat on 
Tuesday was based on a long- 
term study and was not intended 
to indicate , immediate crop 
prospects. 





39 


-0 

•r'“- fl • ' TX-j- --1^“ -X? j- • 


AMERICAN MINING CONGRESS 


U.S. copper import 
curb unlikely 


THE U.S. copper industry is now 
accepting that President Carter 
will very probably reject 
demands for an import quota of 
300.000 tonnes a year to last 
until the end of 19S2. 

The decision has to be taken 
by October 22 under the terms 
of the Trade Act Which specifies 
that action within 60 days is 
necessary on any recommenda- 
tion from the International 
Trade Commission for import 
relief. . 

“There are not many who are 
optimistic." said Mr. James 
Richardson, president of the 
Arimna Minins Association. 

Industry executives attending 
the American Mining Congress 
annual convention in Las Vegas 
think Thar President Carter will 
be swayed more by rnneent 
about domestic inflation than by 
rhe low prices which have 
caused the recession in the 
industry. 

They have noicd the implicit 
warning given earlier this week 
by Mr. Robert Strauss, the 
president's special counsellor fnr 
inflation. He told delegates to 
the convention that keeping the 
door reasonably open for lower 
cost imports helped hold down 
inflation. 

The apparent reluctance of 
the Administration to control 
copper Imports cuts across 
forma! American Mining Con- 
gress policies which call for 
confiscatory duties on low price 
imported metal in cases where 
local environment cost has 
eroded the competitive position 
of the domestic industry. 


BY PAUL CHEE5ERIGHT 

The cost of meeting environ- 
mental regulations in the copper 
industry is now said to be 
aosorhing ahout one-fifth of the 
current market price. 

However, industry pressure 
for relief from imports is likely 
to continue for at least two years 
if prevail inc price predictions 
turn out to be correcL 

Mr. Ron Shorr. a vice-president 
at E. F. Hutton, of New York, 
estimated that in a year's time 
the copper price will a dually be 
two cents less than the present 
price of 69 cents a pound, but 
will then rise to SO cents after 
three years and 100 cents after 
five years. 

The hnom time is not expected 
until the early 19S0>. This 
generally accepted view was 
reflected at the convention by 
Mr. Robert Lesomnn, of Com- 
modities Research Unit He cal- 
culated there would he very 
strong prices between 19R2 and 
19S7. with a peak in 79S4. 

For the moment the industry 
believes that the Carter Adminis- 
tration trade policy is working 
against it. 

In spire of the aid given to the 
steel industry, it is felt that the 
Administration’s general inclina- 
tion is towards free trade and 
that this works against anv hope 
of quotas of imported copper. 

An indication of the Adminis- 
tration thinking has emrrgpd in 
its aftirude towards the UNCTAD 
discussions on copper price 
stabilisation taking place in 
Geneva. They reflect an aver- 
sion to interference with the 
mechanism of the market place. 


LAS VEGAS. Oct 11. 

The future of these discussions 
according to Mr. Allan ’Wendt, 
director of the International 
Commodities Office at the State 
Department, “ appears highly 

uncertain ’* 

in a review of U.S. commodity 
polio’ presented to the conven- 
tion. he made it clear that tus 
U.S. would approach all com- 
modity agreements with great 
caution. He accepted thar if 
properly constructed, they could 
contribute to the interests of 
those producers and ennsumers. 

He said that they did not view 
agreements as an instrument to 
increase resource transfers in 
developing countries by fixing 
price above long-term equili- 
brium levels. 

Mnre specifically. Mr. Wendt 
called for the expansion of what 
he termed “ the study group 
approach commodity trade." This 
has been adopted in the lead and 
zinc industry, and is an elaborate 
consultative process allowing 
Governments to review produc- 
tion trade and consumption. 

He singled out copper and 
tungsten as suitable vessels for 
this approach, noting that there 
was general agreement that 
stabilisation is desirable but that 
feasible measures to achieve it ' 
have not been devised. 

Mr. Wendt was less than com- 
pltmentarv ahnut the Inter- 
national Tin Agreement, charge 
ing that its market activities had 
been a leading factor in the 
development of chronic tin 
shortages and the near-quad" 
ruolinc of prices over the past 
five years. 


Renewed surge in tin market 


BY JOHN EDWARDS, COMMODITIES EDITOR 


TIN PRICEIS surged to new all- 
time peak levels on the London 
Metal Exchange yesterday. Stand- 
ard grade cash tin dosed £187.5 
higher at £7,590 a tonne. The 
three months quotation was 
£102.5 up at £7^65 widening the 
“ backwardation " to £335. 

The rise was triggered by a 
sharp increase in the Penang 
market overnight. The Straits 
tin price climbed by M$36 to a 
record SL.930 a picul as a result 
of strong demand and a reduc- 
tion in supplies offered by miners 
to the smelters. 

Turnover fell to 193 tonnes 
and there was rationing by the 
smelters of between 10 to 15 
per cent, according to Reuter 
reporting from Kuala Lumpur. 

. The uptrend in the London tin 


market was further encouraged 
by suggestions that proposed 
legislation in the U.S. Congress 
for tire approval of stockpile tin 
releases had been dropped for 
the present session. Congress is 
expected to recess at the end of 
this week for elections and is 
not due to resume sitting there- 
after until early 1979. 

However, it is considered very 
likely that a “lame duck” 
session of Congress will be held 
after the elections in November 
and this might give an opportun- 
ity for the stockpile Bill to be 
agreed If the conflicting views 
can be reconciled by then. 

There remains an acute short- 
age of tin supplies available for 
immediate delivery to the market 
and this search y is forcing prices 


up with expectations of further 
sizeable shipments out of the 
Metal Exchange warehouses. 

Other base metal markets 
could not match the strength in 
tin. 

The long-awaited setback In 
lead, after its sustained rise over 
the past week, finally material- 
ised. There were some heavy, 
profit-taking sales in what was 
described as an over-bought mar- 
ket and cash lead lost £10 to 
£423.5 a tonne. 

Zinc fallowed the downturn in 
lead, with the cash price losing 
£11 to £363 a tonne. 

Copper also lost ground re* 
fleeting a lower trend in New 
York overnight. Cash wirebara 
closed £6.25 down at £759.75 a 
tonne. 


iL 


^MIWODITY MARKET REPORTS AND PRICES 

VSE METALS forward meral edged up ta'rte- afte 


. tecuopn backwards Lkin.ifl widen to £349 at one 

to uweb £78S'; before- easing • bade to want. TttmoYer 1.796. 


TIN 


■.m. 

U/Ttciai 


— PER— Lost ground do the London ekw ■ n8lA ’ 13-500 wane*. 

EKtHnac* ^r^anl maud *■■*■■■«■!• Mml Trad.ns wotted 

-- at *wi ‘'km* £ mSSS.' 

trend and then fell further "to 2! ^bree nonhi F7SQ. 7M. 80, 81, 

* mainly burins to the sharp down- 79A. 89, SIA SI - 79.5. Cathodes, cash High Grade 4 . 

• u lead. However, some good two- ’ Uirw tnonxh* £76SJ. .. Kerb: wire- SmA 74«O-5O0j 

-■ ra dln c dfeYdODCd 21 ihts IbhtM ~ and mnflllt* A nwnUVK, 9230-60 

Win; bars, cash £760. ihreo months F7W; Souwm’u 7600 
cum’ sn - 5 - C*Oiodes. three months X7S8. Kerb: Standard • 

OmdBelai -T Wlrehats, three month*. £781.5, 82, 82.5. tub 74SKWQ0| 

_| S3. 82S. 82. -81.5. St. .. 6 months. 7220-5 

£ I £ ■ _ . . . ....... seiuem'i. 7600 

ln , Ito B.. JS1930 


COCOA 


PRICE CHANGES 


H-«*l 


• 1 «.m. + or 

EK 1 Official 


• 1 £ £ £ i £ __ _ . . . , .. . ... , l. 

;. I I TIH— Record levels . were again , vr> i to B.. 

* 75Q. n c 7Boaan j . .. attained by. both cash - and. forward >*■ ¥■»*. 

-ihr - i779 SJidZl« 7 b£ a Lji foUowuw a straw rise In the — 

1 _ • * £ ?;*!**“ —OM /HU--3 —5 mvrk.r otiM. Ir»,h Mnrnlna 


p.m 
CnnfflrUl 


- ri-° 

rial — 
£ 


£ 

.•HO] 

+ 85 (7270-3 10 -f TO 
+ 106] - 


+8S 
+ «0j 
4-66 


7260-70+182. 


Mahce— U.S./Fnsocb OcL £102. ' Nov. DOtnuf* — Beef: Scottish killed sides 53-57: 

£101. Dec. 052 transhipment East Coast: Eire btnd qnaners BI.D-M.0: roreqnaners . . , ^ 

LiumdatJoo of near December kept S- AfHcan white Ocl-Nov. I a -30 Glas- S6 0-3S.8. Veals EnuUsh fata ffl.MS.O: P^ce In tonnes unless otherwise stated 

or prten D[K jer pressure until received amr - s - African Yellow Ocu-Nov. 161 JO Dutch binds and ends 84-8-87.0; Lamb: 

manufacturer price- fixing Initialed a Glasgow. English small 92.0-82.0: medium 50.0-56.1; 

mndefl rally on the close, reports G1U Berhar— EngUah Feed fob Ocl £30.58, heavy S3. 0-56.0: Scottish medium 50.0- 
and DuffuL No*'- «=■» East Coast. 58.0: imported frozen NZ YLs 53.0-51.0. 

HCC*— Location ct-farm spoi prices: Park: English, under 100 lb 37 0-46.0; 

Faad wheat — Shropshire £83. W. Essex 100-200 fi> 3S 0-45.0; 120-1M) lb 38.0-42.D. 

£83 J(L Feed barley— Shropshire £74.40. Grmise: Younu best each 180.0-220.0. 

Essex- £75.00. Partrfdpes: Young each 200.00-740.0. Metals 

The UK monetary coefficient for the COVENT GARDEN— Prices to sterling Aluminium 

week bcginnln? Oct. IS is expected to Per package except where otherwise Free market lei *) I 

Increase in 1.786. arated. In * * 1 

EEC DAILY IMPORT LEVIES and y* u * n: l 30 


Penang marker which prompted fresh Morning. Standard, casta. £7.480. 96. 80; Uee.— 

buying and UA'.epuennB. Forward metal three monlbs £7^10. 15. 30, Kerb: Stan- Mamb - H-70J-04J 


' Yeatenlii'ya 

COOOA j (JtoM 

■+or 

Burineat 
Dune • 

Dec-—. 

March 

Slay 

July..——-. 

^OtOJLBO.O 
ti12.u-to.O 
l-M.ti-45.6 
trS7.5 40.0 
l‘.29.5-SO.O 

i 

-18.0; 1906.0- 1867 
-21.36! 1980.0- 1894 
— M- [>1347.8-1100 
-29.0 1890.0-1028 
-26.26 is 43.0- im 

Dee. — -__U8 0.U-B6.0 
Marnh- 79.0 -9 4.0 

-17.3.1900.0-1688 
—11.0 - 



.£710 

.i? 1 ? S?* - Produce: limans— Clipper «»h W 'b)u- £739.75}- -OUTO £'fa«.gw 
,3 " s .„ W t month* do. rtn. C7BOJZ&1 — 6.0 [£750.50 

iyst.a0-2.30: S. -African: 5.00- c«thrv!«._ X74B.7B1— 5.7^^722.6 


- — premiums, with previous -in bracfceis. all 
— la units of account per tonne: Common Brmrmai)-. 


Cash l*«th«1e._ l £74e.7^-6.75 ; £722.6 

3m..nth* dn. rlo.'£769 J&— 6.0D £740.75 





- Index Lunitcd 01-351 3466. Tbree-roantb Tin 7270-7335 

am oat Road, London SW10 OHS 

T- Tax-free trading on ctHrunodity futures. ■ 

- 2. The commodity futures market for the smaller investor. 


GENERAL SHOPPING SA 

SOCrETE HOLDING INTERNATIONALE FOUR LE • 
COMMERCE DE DETAIL 
Registered Office: Luxemburg, 5^ Boulevard Royal 
Notice is hereby given that the ■ 
annual GENERAL MEETING- 

general Bhopptiui SA trill be held la the Conference TCobm of EatMQe 
rtiari finale a Luxembours SA, 2. Bmrievaid Royal. Utxnobdrs. on SStb 
^.iber 1078. at 11.00 ajn. _1. . 

ACEFDA . ' 

pppon of the Board of Directors and Statutory Auditors on the Business 

- Year ended 30th June, 1978. 

Approval nf iUp Balance Sheet and profit and laws Account far the Business 
Year ended 30th June. 1878. . 

Application of the Net PMfir. • - 

Discharge of the Board of Director* and. the Statutory And It ora. . 

Elections. .. . 

' Miscella neons. 

ie rt-solutions on the Agenda of the Annual -General Heedns do not reuntre 
tccial quorum and will bo passed by a abnole major) ty of the votes of (he 
‘-eltoldcrs anondinfi, with the proviso Hut no person U enntled to vote for 
«'f or by proxy for more that on-fifth of the issued share c aphid or 
firms of i be share capital present or represented at the meeOnp. 

It rs irf Bonds issued by the Company are entitled to attend the meettoE, 
wniboui votinp poistfc. ' _ .' . . 

,rdcr ro be omitted to attend the above. General Mectloe the Shareholder*- 1 - 
iitllns u Article 37 Of the Articles oT IncornoraUen— nrast depoell ihelr 
-e Cerrinrarct. ar least 5 days pnor to the meecmc un this case on 
rsdar. 19th October at rhe late«- with the Bank oiemloned hereafter. 
• ms! deposit oL Share Certificates the fonowtoit Bank Jn the United Kingdom 
then issue Entrance Cards for the- airctlng; . v 

WILLIAMS AND G1-YM‘S BANK Lm. LOKD0N 1 

- wet) as all otficr Banks awarlos the financial service for the Company Jn 

•j- couniili-n. . • • 

'(SnbiirR. 23rd auros: 1878. . ' ' 

For the Board .of Dlrecioa: 

R. H. LUTX, Chairman 



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/200 BISHOPSGATt. IQWDON EC2M-WB,Tafc 01:^23 2298 Tetoc 887954 



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LEAD— Erratic. Forward met at traded 171 711 1 > 

around- £414 on the early pre-market * • 

before faiUns abarply to £405 owDig to rflFPPP 

sufatunttiL . nroffi-uktaa sale*. In the * *->*■> mt <01 <44.38. reri nBi: Grain swpHum . ... 

momiu rtatt values Readied followlns ROBUSTAS— Alibotwh mrtet thrauab the —81-31. rrn nH <79.70. re« tint. Raw- An«t»cn »th 
short cove rtn*. However, (he market mornmc session. London values were levies: Wheat or mixed wheat ewd nr 


nil*: Mabe (other titan hybrid for seed- ^ , h , M M & . rTTTr ,~ n 

In* 1—81-68. rest nU i80;I». rest nlli: S TJbSLF oSiS^SES » & 

11 on 1 in tiin. Miitpo— 4 ; or ” —TO. Granny smith 7.10-7.59. Pears— 

1 "IV * ZZlLUZ: French: Alexandria 2.30: per lb Italiao: Free Menu* (£160.26 


Platiniun troy oz..|£130 


Picked np again in tbe anemoon with bener than nricht have been expected 137.38 024.10 <; Py*— 133.89 098.99). 
fresh support pushing . forward metal up against the “ C ♦* Contract dose reports, 
to £413 on the late kerb. Turnover 18.200 Drexel, Burnham Lambert. This steadl- 


LKAJD .. 

a-m. 

■Official 

+ or 



£ - 

i.*sb 

.418-9 

-16.2, 

5 month*- 

.408-^ 

-7.26 

'rtt'meht 

. 419 

—16 

L -;. SprtJ 


1 ...... 


p.m. 

UoafTict* 


l+2 r 


423-4 -10 
411.5-2 6.8 

isi.ii 1 


Boss continued throuitb the afternoofl as 
trade and Commission nouse mnipart kept 
futures buoyant and values at 

were £18.5 to £27J up on 

Dealers said that continuing physical Commodities reports, 
offtake coupled with the technical ttreoglh 
had encouraged fresh. bntl interest hi the 

market. 


plums— Romanian: Quicksilver (761b.) 

Anna Spath per tray 2.00. Crapes— Silver rrny ■«. 

Italian: Regina 1.40-1.30, Black Regina 3 months 
3.50: French: Alphonse per Jb 0.13; no 

Spanish: Almeria 3.00. Netrei 3X0. 3 month. 

Bananas Jamaican: Per » 0.14^ tufHen M. 1 

15/24 S 4.0D- \c r ,ip r , TT , r/OAmf: 


AvkmIds — K enr an : Fuene 


SOYABEAN MEAL 

after Chicago slipped 1 to 4 cants. SNW a^o, Qalsns— Spantfh: 3.0(Mt.l0; Dutch: — j 


8120/28 
29B.9p 
507-Sp 
£7.690 
£7,265 
5141541 
Woirn.ru 22.04 cif.iS142f47 


I £372.76 
Producers — |f675 


Morebuc -Casta £418. 20. 21. 32. 20. 19; 
three months £405, 7. 0. 7. 8. 10. U. 12, 

It. UA 489. ' 10, m, 8, 9. 8.5. Kerb: 

Three' months £408. 8. 7. 8. Afternoon: v-n-mniwr 
Cash £418. 21, 23: three months £409.5, 


9. 10. 104, -11, 11.5. Kerb: Three months — 

£411. 13, DL5, 13. 13.5. 14. 13. 12,5. 12. s “' rn 

ZINC — Msvsd sintflariv to toad. 

Forward- metal opened sharply lower at 
£371 and moved within- £373 and £375 
prior 10 dosing on the late kerb at 
the User price. Turnover U.22S tonnes. 


. COFFKH 

Yeatetdayh 

Cine 

+J? 

BtutoeM 

Dane 


£ per tonne 


November... 

January-.... 

1646-49 

15Q3&4 

+ 16.D 
f 17.5 

1660-10 
1557 20 




13B6-7U 

133039 

1511-299 

1300 

Julv 

September .. 
November— 

1545 56 
1316-25 
1290-310 

+ 08.5 
+ 22.5 
+ 16.0 



t'Hflill) 

C'ote 

+ nr 

builneec. 

Done 

October 

December 

February 

April .... 

June— 
Augnn — 
October... 

Cpertnnne 

117.00- IB. 0 
118.70-19.9 
120.5+70.7 
ULOLCLO 1 
121.10-22.8 
121.50-23.0 
122.80-23.0 

-OJlJl 19.70 
-I.iai20.00-I8.60 
-1^121.16-20.60 

-LWlKlAO 
-1J0I - 


1. 60-2.20: Hungarian: 3.00. Mot 
Spanish: Yellow 6/14 2.70420. Green 2.60- 
3-00. Tomatoes— Dutch: 2.B0-2.80: Jersey: Oua 
•2.20-2.40; Spanish: 220-2^0; Guernsey: Coconnt fFUIO — . 
2.80-2. SO. Daieir— Alger! a n : Per glovo boot Sretinrtnnl 
0.334.35. Fomcnrsaatos— Spanish: Per rurte 

box 40/fiVs 3 6tWJ». Walnuts— French; Palm Ualsjsa 

Approx. 10 lb Creoobfes 4.00: Italian: 

Wet per lb 0.40 

EmIMi Produce — Potatoes— Per 15 Seeds 

kilos j. 18-1. 40. Lettuce— Per 12 round Copra Phillip. 

8-50. Cos 1.00. Webbs 1.00. - Cucumbers— Soyabean fD-S.) | 

Pit irar 12/24’s new crop 2-60-3.00. 

Mustarooma— Per [b 0.48-8.50. Apples — 

Per lb Brantley 0.884.09. Lord Derby Grains 
0.04-0 US. Cox's Orange Pippin 0.080.12. Bariev 

Worcester Pc arm a in 605-8.88. Rossers Home 

0.07-0.10. Pears— Per lb Conference 0.08- jisUe - 


1 £130 

+2.7BlC 134.80 

- 1 8.125(30 

2.2 263.26t> 
2.2 1290.25) 
I+I87.5l£7,250 


,+102.61 


(£7.045 

S137.az 

5140(44 


[£363 {— 1t.Ol£332.75 


i.O (£332.75 
18686 


3770s 

l£320 

S600w 


I — IB.Oi 


053 Bt 
8275io (-5-0 


5.0 


*796 

£706 

£327 

8590 


*520 

*267.90 


ins 

ome Putures.Ij£83.5 +o!5 


■ -■ 

Z1NO 

- a.m. 

OffloiaJ 

+ »r 


: * 

£ 

Cash.— .. 

5B4-.5 

-10.2 

i OKmths_ 

372.5-3 

-7.76 

S EKlt. _ 

5fl4i 

-10.6 

Hrtrn.wew 




Unofficial 


£ 

1362.5- 3.5! 

372.5- 3 

3931 


£ 

[-11 

9 


Sales: 80 (ICfii lots of S, tonnes. 

SUGAR M 

MOON DAILY PRICE fraw sugar) La»oS“?to ' &£££? French Xo. 3 Am|£102 

'ZZrlLSr^'ZL JsliWlisSS^j.TSTSB 

No-2 H«n!Wtnter(lJ85.05 
Engl ub HilUn|'T|£91 


Sales: 2J43 (2.830) tOU of 5 tonnes. lomqqh 
ICO Indicator prices for OcL 18 (U.S. £312 

S-S&cas^TS.M 0 '^);' m^ted'AraMw 1 daU3r ^ *** 

153.08 (->: other mM AraMcas 155 5 J Celery-Per head 8 0M.87. Cuullflswers 

■—). Robustaa 

Robust 03 ICA 

average 152-30 <—). Suits occurred jftor tbe EEC wanted c^iew^p^lb^.SA C-trffee Future 

tj * IDDCD resii ratio os for 5«.775 tones which was p. r iv 015 Ostans— per bag 188 b n v- - 

K UdDEK larger than expect ed ■ However, the tows picjckrs 2.60.' Swedes— Per 2S lb OjM - .6o! ,n d“— 

STEADIER opening on the London Shonllved as New Yoric .prices ta>- Turnips— Per 28 tb l.OO. Parsnips— Per KuM’W anti — 



w. ti^vasssTa^ttB-Bs -««. 


liartdajc Cash £384. 64.5: three months 
073, 72. Hi. Kerb: Three months X3TL 

^2™^ < af > 7^*’ 72.' Serb: "5™ physical markeL^FslT Im^wTihroa^m^ ^e° W nvan^ 5? 1 £" r, .8MJ0. SpnMU-jPtrJb 0.86-0 nr. 

months CT4. 74.^ the day, dosing qoleL Lewis and Peat re- 67 “* ctose> repor “ «- — Ww ‘" ,, '*“ ,k . 



bear covering and merchant covering 1261) cents (buyer. Nov.), 
which rook forward metal up to £681.5 
before dosing at ssse. Turnover L975 
ioanes. 


Altunln’m 


-A.m, 

ptRcuJ 

t+o^ 

0.01. 

(JimSeial 

t+or 

f £ 

" 

£ 




— 


094-5 

+4.76 

601-2 

+8.28 


R|w8 m -m-| 

3 months.1 694-5 M.76| 601-2 (+8.26 J y-aopl ! 

_ ._ Oes-ltoci 

Morningr Three, months £582. *2-5. 94. 

95. 94, 9tS; AReruonu: Three months AptvJnaWli.dW 
£504.5, 96, . Ws, 97J. 98. f». fSOS. Ml.’ iy--topLj 77J0-77.B 
Kerb: Three months £882. 601. 

per Picul. 



Sugar 

Plef. 

[Yesterday' t 

1 

Frevleua 1 

BoaLoeu 

Cntnra. | 

Ciore ; 

Cioae - 

Done 

Con. | 





Cobnuts— Per lb Kent 0.45. Corn Cobs— Wooltan m 64s hlk>— |275p I c278p 

Each 0.04-8.05. _ “ 

„ /AAf niTimrc ’ •Nominal, t New crop, a Unowned. 

WOOL_ FUTURES . r ^ cI - 

S ocl-Kov.; 1 Nov -Dee. u Not. 10 Dec. 


H per tonne 
rilG.50- IS.40lll7.IM. 17.16118.00- 1S.7S 


— Dee 

— Uareh. 

M.6M4.7b! -M.BM4.B8 U»v 

B7.2M7.Ml 6/. <6-87.06 A at 

68.4B-68.45j 68.6b-B8.S5 Oct. I 

71,46-71.60 71.70-71.40 Dee...,. 
7B.46-73.60i 7B.69 Hsreh .J 

5jt£55S53 s.i«t 


l2L68-< L70i 125. 60-25.78, 1 <4 60-, 2.25 
124.M-2i.00j 12B.21U6.3Ei; li«.75^ 4.7s 


lo5. 0^3.75! 134.76-S5JK) — 


(OA 


LORD OH— The markets were dun and 
featureless, reports Bsche Halsey Stuart. 

‘ ' 1 Pence per taltx 

AusLraiir.n 
Great. v Wool 

Ytolexitv'a 

Cioae 

rtr 

Bo* in Me 
Done 

Oriooer ..~- 

Detomhes’ 

.Maren 

May 

July 

Urmtigr 

Deuemim' 



' Sales: Nil 
SYDNEY 

1 

IMJ-MJ 1 

H7JU0JI 1 

ZiEJWB.0 ; ~~. 

238.048.0 ! 

234.043J) | „... 

254.0- 40.0 I- 

236.0- 45.0 

253.0- 47.0 1 

(same) tots of 
GREASY (to 

“ 

LMlfi kt 
order buyer. 


INDICES 


SILVJKR 

per 

• trey os- 

.Dull ton 
fixing 
price 

+ « 

L.M.B. 

ctore 

+ nr 

.Spot — — . 
} -month*. 
6 months . 
[2 muntha 

299. Bp 

3 07. Bp 
aiB.4p 
331.6p 

-2.2 

-2JZ 

-14 

-2.7 

300. 6 p 
308 .2 p 

-0.6 

-4.B 


PPOINTMENTS WANTED 


\L MANAGER.' Far 
with major Inter national -liadtiw 
Seeks similar POR or n 
nlstrator where ability and toys (to 
S? rewarded. Writ® Box A.65T6. 
cui Times- tO, Cannon StratL 
4BV. 


EXECUTIVE TRADER. LMt Com* related 
metals. vsfee{& rewarding position.- tons 
experience International balings. Write 
- Bex -A16513.- Ftoanelsl Tlmss. IO. 

'■ Cannon street' EC4P «BY. . . - j 


m iaBau Sales: 333 <3881 lots of 15 tonnes. . (same) a tonne for — 

nn orertw^noffleta) etawe. Physical dosing priw* <buyen) were; 1174 JO (same) fw ertwrt 

CTT VCT> Spot 8L75 f samel: Nov. £2J5p (same): I Mental I out Suour Agreemeut 

Doc. asjp (same). cents per pound fob Kuwed Caribbean CAHo _ mnrrm Caair, 

Silver ml -fixed 12p an oun» Unrer .. pwtV-Prkrs Mr OCL Iffi Dally 9.M raL Bn^DeT STfrM'i.O 

for spot delivery fa ttc-lpadon ta-Hlon GRAINS 3»er«o in <8.B). 2S'v2fi» Siifli'MJsS 

market yesterday ai 299 Jp. UA cent WHITE SUGAR close ito wrier buyer. **■-'"*■ 

eoulvilenu of the Bzing levels were: LONDON FUTURES (GAFTA>— The 
spot 5B7^c, down 1.4c I threfr4BonTh 698.1c, market opened tmdunsed, Wheat vahiefi 

down 1.1c; six-month 619.nc. down 0.7c; increased Ofi commerdnl support to trade nn: jujy ]ao.sauii.<w> uuuo-au.wo. 'r-r «_ rjvc -n mi 

and 12-n»flih 643 Jc. down 0:7c. The metal 2j-«p higher. Volume was fairly thin but Sept. 134 0834.50- nil. nH*. Nov. 1S8JW- ”?£5T ■ n ’ °' S75 S * 

opened at 286- K9n r594395k) and closed closed steady on lade of sellers. Barley 3S.5G. 138A0. 2; Feb. I4S ; 23-CL50. ffiL nil; sale5 - **' 

at 388-391 d~ TB 8-»Mc). saw more active trading with values In- April 148-25-48.50. uiL nlL Tout -sales; 

creasing on good commercial baying sno 187- iir liu , March 187 5-190 0 May 101 n. 

1, port the main trade being In the nearby Commcy factors caused prtcM in the See! VSivaiJL 

p- w position and also dosed steady 45-65 whites market to open some 190 palms _r ^0. ” 

— up on the day. Adi reports. below kerb levels. Thmafler mntaUons Maf “ »«*»»* 

showed little change until the result of * 

the EEC tender, u-beo dock _ appeared HIDES— London. Second clear. Ox 

rather low compared to the resolution 31>359 kilos MJp. 36-2JH kilos TOip, 


Total 


HEW ZEALAND CROSSBREDS On 
order buyer, seller. All umradedi— Dec. 


Ufi 

ns. 1 


MfHEAt 


URLEV 


Teetexday'i 

+ or 

Yesterriov'E 


Mtorh 

'ekae 


close 


Nov._ 

88 M 

+0^40 

81.00 

+0.41 

Jan 

91.95 

+0.16 

8380 

+O.50 

Mar... 

93^6 

+ Ujfi 

86^0 

+ 0.6B 

Mav .J 

96.10 . 

+ 0.50 

88.55 

+ U.4o 


MEAT/VEGETABLES 

HEAT COMMISSIOH-Avreigo fatstock 

2073. 73. 7.7. TA 7 .7. KfM=_mtt afay.J _9B.iq. |4tuq 80.55 |+U.4a g«^r 11* CB^tlle'oTOSp'^S^.Lw 

^£ nU,E r B®lnKH done— Wheat: Nov. 8*5548.11, t+8.19). uk sheep I32-4P P*r kg.estJi.c.w. 

30SA M. 8A Kerbs. Three months 308, Jan 9^^913 5, Mar. 9L25-8SJS. May ntL i-3.6). GB pigs 65 3P per kgJ.V. (-0.61, 
7A Sales: 68. Barley: Nov. 60J0-8L88, Jan, England and Wsl«— Cattle numbers up 


— some 50 points, reports C. Czarnftov. 79-2D. No calf traded- 


Malaysian palm 
oil output up 

KUALA LUMPUR, Oct. U. 


FINANCIAL TIMES 

Oct. 11 J OctTlOiMonth agnT Year Bgo 


862.30 12 62.60 | 253.67 | 237.30 
(Base: July l. 1K2=18«) 

REUTERS 

'OS' uy 3ct. 10 M<toth ~~iecj ~Y(Ar~af:o 


1513.5 11517.1 i 1483.5 \ 149B1- 
(Base: September ta. 1837=100) 

DOW JONES 


I DOW 

Jones 

Ort. Ort. 1 Month 

11 10 . ago 

Year 

ajjo 

Spot .... 
Putom. 

581.90380.33 381.65 374,65 
381. 16381.75 2Bl.03jlB.99 


(Average 1 924-25-26= IDO) 

MOODY'S 


Moedy's 

-mr, 
u ; 

Oct 
10 1 

[MunthiYeer 

ago | ago 

Sple Commty 

937.7075.2 

hnakij 


U.S. Markets 


GRIMSBY RISK— Sapply 


* B3JBB3 J8. Mir. 'sSJMB.10. MWS7SS 13.1 "'pir “cent.” 8wnu»' wke“'M.0«S MALAYSIAN CRUDE palm Oil donatoi-M. Prices ■TTSrt'SfS 

LIVERPOOL COTTOR-Spol and shto- 8S JQ. 188. (+«.«); *h«p up 16.8 per ««, average production rose 10 14S.18S tDDUe3 ororassetti per siune: Shell cud « no- 

rnent sales amounted to 381 lonare. IMP4MCTE n Bto e a t : CWBS No. 113* tsxap (-9.71: ptes un J2 p«- MnL T .,i- iiv cot u. lY.w- , ” £7.«.„c^liilE3 I49M4B0; large hadrim* 


_ SX: inruiwcu-n™. unno no. 1 Ui I 3 a.jp (— X.ri; pws “ per WOU i_ T,.|_ t___ 11 " CC 5 *!.*», IWUDH 14 . 811 - 14 . 80 ; large hnrtrtnrt 

hringing the total for the week so far to per ML Oct. 133.30 Tilbury: U.S. Barit average ffiip f-0.fi). SceHaud— Catlle I f° rn J UC1B ana £5J0-£AJ8. raedium «.iO-£5.50, small £3 70 

- - - -11. Nunbern Spring No. 2 14 per cent. Oct. drni 17.0 per average W 38p 119.297 tOUllOS in July 1977. £3.90: large plaice -K-SUbVa meihiTm 


Pate demand iwsisied whh wtditkwai £84.89, Nov. sffl.so. D«e. 187.85 tranship- f +0.691: sheep in» 54.2 per chk. average according to preliminary Statis- £4-8fr-£Si8. best smalT £4 ooS!oO; UC tor!ce 
interest in Nonh and Sooth American mew East Coast: Ui*. Ward Winter 134 124 7p f-3 7): pigs down 773 vfr cent. npnsTtment fimres renorts skinned. dogfish £*.». m«Jium-£7.B0: large 
growths' Attention- also central - on par coni Oct £83 JO, Nov. £86X6 tranship- avrraae M4p i-OBi. • DK Uepartment Bgures, reports ic m0 n Soles £9.00. medium X7J8; rpckfl^i 

C^2l and SAW AMcd wrinikm nmnt XaW CoaW. SMITH FI ELD (priras ta psora pec . Retiter. £8.00-0.50: saltlw fl.70^.89.. - rottfl3n 


New highs 
in precious 
metals again 

NEW YORK. OcL Jl; 
PRECIOUS METALS once again estah> 
Ushed new life . of contract highs on 
renewed speculative buying following 
sharp weakness in the U.S. dollar, reports 
Bacbe. Copper also benefited from trade 
arbitrage buying while cocoa and sugar 
eased on continued speculative Uouida- 
lion and trade hedge lifting. Coffea 
finished slightly higher on mixed specula* 
uve and trade buying. 

Cocoa— Dec. 162.65 flBLOO), March 
182.75 (164.60). May 162.60. July 1S2J5, 
SepL 161.25, Dec. 157.25. Sales: 1,534. 
Coffee— ■’ C “ Cnntracir Dec. 156.35 

234.501, March 147.74-148.00 1J45.55), May 
142J0-M2JM, July 139.25-]39.43. Sept, 
(36.25-137. 00. Dec. 132.50-154.00, March 
129.00-182.00. Sales: 645. 

Copper— OCL 68.15 1 67.90), Nov. 68.63 
(6S.40J. Dee. 69^5, Jan. 69.S0. March 
70-90. May 71.95, July T2J0. 6epL 73.70, 
Dec. 74^5; Jan. 75^5. March 76.00, May 
r 6.75. July 77.50. Sales: 3,100. 

Cotton— Nn. 2: Dec. 66.85-08.95 ( 66.63), 
March 60.15-69.20 f(B>.97i, May 70.05- 70. 15, 
July 70.20-70^5. OCL 64.45^6.55. Dec. 66^0. 
March 67.00-67.70. Sales: 3330. 

*CaM— Oct. 227.70 1 224.001, Nov. 2TB59 
226.40), Dec. 280.70. Feb. 234.40. April 

235.10. June 241.69. Auk. 245,110. Oct. 249.40. 
Dec. 253.40. Feb. 257 JO, April 36L7H. June 
268.00. Ang. 270.30. Sales: 16.000.' 

1 Lard— Chi ca go loose 24235 (same). NY 
prime steam 25.73 traded isame). 

±Mabe — Dec. 2I9J-229* (22M>. March 
239<-2291 i-384 >, May 2454-2451. July 2461. 
Sept. 2491. Dec. 2521. 

{PIMImm— Oct. 326.00-831.00 (312.301, 

Jan. 322.70 ( 312.70t. April 32S.7D bid. July 
329.10 bid. Oct. 332.20 bid. Jan. 835.80 bid, 
April 339.30 bid. Sales: 964. 

{Silver— Ocl. 594.00 tSSO.OO). Nov. 597.58 

592. 50 1, Dec. 801.50, Jan. 6TO.7D. March 

614.10, May 622.70, July E3I.T0, Sept. - 
n40.90, Dec. 855.20. Jan. 860.00, March 
669.50. May 67L20. July 6SS.00. Sales: 
10.5QD. Handy and Harman spot 595.78 

595.00'. 

Scvaboam— Niiv. 671-670 (67141. Jan, 
6763-675 < 6754'. March 6833 J9M. Mar 8S54- 
ff=C. Julv 685-6S6, Aug. 678-670, ScpL 657, 
Nnr. E4?i. 

Soyabean Off— Oct. 2S.S0-25.PS (25.021, 
Dec. 25 30-2525 i25.33i. Jan. 25.05-25.0L 
March "4.7M4.8S, May 24.55, July 24.35, 
Aug. 24.05. Sep:. 23.85-23.75, Ocl 23.U- 
22215. 

HSoyabcan Meal— Oct. 178.00 tlrt’Ol, 
Dec. 1S1.2MS1.40 MSI .60). Jan. 161:60, 
March lM.a-lS2.B0. Mar IS3.00-1S2.M. July 
183.0MS3.50. Aug. 1S2.00. SepL 181 jfl, OcL 
177.S0-I7S.B0. 

Sugar — Nn. U: Jan. 0.43-9.44 f9J41, 
March 0.56-0.57 i9.72>. May O.rt. July 9. BO, 
Srpt. 10.04. Ort. 10.0S-lfl.10, Jan. 10^0- 
10 40. March 10 30 hid. Sales: 2.596. 

Tin-700.D0-703.IH n"m. (fi3B.DB-BSO.00 
nnm. >. 

“Wheal— Dec. 3434-3431 (3454 1. Mart* 
335-3JM <340»(. Mav 334^334, July 321, 
Sepl. 324*. Dec. 3304. 

WINNIPEG. Ocl. 1L ttRyu— OcL 90.90 
bid (95.00 bid i. Nov. 100.00 bid (09 00 
Wdi, Pec. 101.00 bid. May 104.70 asked. 
July 1(14.40. 

ItOats— O cl rtJO' i77 60i, Dec. 78.90 
a c Jcetl 1 77.301. Mar-h 75.60 bid. May 75.50 
b(d. Julv TjJO a'-terL 
KSarley— Oct. 72-fl bid <72.501, Dee. 
72.40-73 fiB bid. March 75.09 asked. May 
75.90. July 73.10 asked. 

$5 Flaxseed — Gel. 262.10 bid (2D2.B0 bWV 
Nav. 261 50 bid 1261 90 nriced), Dec. 239 JO, 
May 261 SO hid. July 250.50 bid. 

92Whcat— SCWRS 13.5 per cent protein 
cnnieot «/ St. Lawrence 177^9 (17A91I. 

All cents per pound ex- warehouse 
nnlMB otherwise staled. 'Be per trey 
ounce— UK) ounce tots, t Chicago loose 
is per 100 lbs— Dopt. of An. prices pre- 
vious day. prime sicam fob. NY bulk 
tank cars, t f>ms per 56 lb bushel pr- 
wa rehouse. 5.000 bushel iws. $ 5s per 
troy ounce for 59 tw units of M 0 per 
coni purity delivered NY. TI Cents per 
iroy ounce ex-warehouse. |[ New “ B " 
contract in 5s a short inn for bulk lots 
of too short runs delivered f.o.b. earn 
Chicago. Toledo. St. Lnuls and Alton. 

— Cents per 69 lb bushel in store, 
tl Cents per 34 ib bushel, n Cents per ‘ 
48 lb bushel ex-warehouse. ;; Cents -per 
56 Ib bushel ex- warehouse, 1,000 busM 
tots. SS5C per tonne. . 



II 




Investment interest restrained by pay uncertainties 

Large Government borrowing requirement unsettles Gilts 


■ Account Dealing Dates figures failed to attract much in- 
Option terest to the major clearing: banks 

•First Declare- Last Account wluch closed, narrowly mired. 

Dealings lions Dealings Day v^twiL^1? p 5 ned .* 3 «° ? 55p o-n tl£ 
.. . n a-, fa i o a P | 24 NatWest hardened 2 to 270p. 

f£r 22* M oS 27 Nor 7 ? ls !^ re ' Union B*kmu* added 

° rt - 1® p c t. 26 Oct. 27 Not. 4 5 at 31ap and W lntrnst continued 

Oct. 30 Nov. 9 Nov. 10 Nov. 21 fl rm ] y at 74p up a permy . 

* “ Hew time " dealing* may take place Guinness Peat, on the other hand, 
from 9 JO a.m. two business days earlier, declined 4 to 236p and Leopold 
Concerned by the lack of agree- Joseph relinquished 5 to 185p In 
ment after Tuesday’s talks a thin market . 
between the Government and Proceedings in the Brewery sec- 
unions on pay, small investors tor continued to be dominated by 
remained uncertain yesterday, the performance of Allied which. 
Other factors contributing to a t Sap, gave up a penny of the 
caution in stock markets were recent Press-inspired rise, 
adverse comment on the latest j, Lyons shaded 2 to 155p in sym- 
Central Government borrowing pa thy. Elsewhere, Distillers de- 
requirement. which gave no cam- c lined 3 to 204p. 
fort to Gilt-edged securities, and Buildings drifted maigfnally 
this summer s deterioration _in ithe jower in a glow trade. Leading 
financial position of UK. industry, constructions easier for choice 
Dealers lowered leading equities included Richard Costain, S down 
at the outset and often encoun- at 24Sp. and Taylor Woodrow, 4 
tered small selling before cheaper at 42Sp. Awaiting today’s 
“cheap" showed willing. The interim statement, John Mowlem 
bulk of the day’s business was gave up a penny at I31p while, 
completed well before midday anticipating next week’s interim 
and thereafter the tendency figures. Brown and Jackson 
steadied, the FT 30-share index firmed 2 to 2fi2p for a rise of 16 
being 5.1 down at the dose, after since Monday, 
having shown a fall of 4.9 at the Lack of buying Interest left 
11 am. calculation. Id 7 down at 393p and Fisons 8 

Wanv second-line stocks aS at S37p. The chairman’s 

followed in the wake of le?dera, 

a swissss ass € 

Hat “ ad 

Selected Preference shares easier at “ 5ip " 

responded to the Treasury deci- ^ 

sion to close the “ scrip ” loophole. Empire Oil target 

Henderson Kenton 10 per cent , „ «... „ 

rising 9J to 107±p and Forminster First-half prvZlsm line «di 
10 per cent gaining 7 to lWp. expectations helped 
„ . . t „ _ concern Empire Stores (Bradford) 

British Funds were more con- T - lse J0 4 j 7 Sp. Grattan Ware- 
cemed with higher interest rate houses, however. cheapened 
fears following the latest increase further following comment on the 
in Government borrowing than disappointing interim figures, 
sterling's firmness against the touching a 1978 low of lOBp 
U.S. dollar. The longer end of before dosing 3 down on the day 
the market was particularly at I08p, while Freemans dipped 
vulnerable and opening falls of 10 more to 38a p. Awaiting their 
} were extended to * before cheap respective mid-term trading state- 
buying arrested the downturn, ments today, Austin Reed A 
Shorter maturities were also declined 2 to 9Sp and Foster 
a dec ted, but to a lesser degree Bros, lost 5 to 180p. Rosglll 
because of the recent relative 5 t0 . “®P Wallis rose 

weakness in this sector. The FT .8 to ®?P* both m response to 

Government Securities index renewed demand in a thin market 
registered its largest movement ? nd «? anl ^J^^ u i Iie 9 r f , rf 5 f! 2 1 ? 1 a ‘J 

i" Xm* dais ' d,>sfas °- 24 Sp imi V^puJn^f If w. 

down at b».w. Woohvorth, which hardened a 

During the course of another penny to 71 p, the leaders drifted 
good two-way institutional busi- lower on lack of support Burton 
ness, the investment currency A relinquished 3 to 171p and 
premium improved from an open- Gussies A gave up 4 to 322p. 
ing level of 79 per cent to touch Debenhams softened a penny to 
S2 per cent before closing at 80$ 9Bp in front of today’s interim 
per cent for a net rise of j. Yester- results. 

d^y’s SE conversion factor was Following recent strength on 
0.7205 (0.7224). the prospect of substantial profits 

In line with decreased activity from the scanner licensing agree- 
In the equity sector, interest in ment with Johnson and Johnson, 
London Traded Options also EMI succumbed to light profit- 
diminished. Only 634 contracts taking to close 5 cheaper at I57p. 
were completely compared with Elsewhere in Electricals. FarncII 
the previous day’s 984. Nearly Electronics came back 12 to 418p 
half of these were transacted in after Tuesday's gain of 10 on 
two stocks. Consold. Goldfields, the interim statement Plessey 
1fi2. and ICI, 139: interest in the eased 2 to 123p following a Press 
former was enlivened by publica- article outlining the company's 
tion of the annual results. problems, while Racal Electronics, 

Comment on the latest lending 338p, and Dale Electronics, 180p, 


lost 6 apiece. Bowthorpe con- 
trasted with a rise of 1$ to a 1978 
peak of 68 Jp on further considera- 
tion of the interim figures, while 
gains of 2 were seen in Bulgln 
A, 30p, and Dreamland, 36p. 

Light selling and tbe virtual 
absence of support left some of 
the Engineering majors lower. 
John Brown were noteworthy for 
a Joss of 10 at 462p along with 
Hawker Siddeley, 8 down at 242p. 
Support was again forthcoming 
for British Aluminium new 
shares, up 15 at S55p, with the 
old, 20 higher at 850p. Womb well 
Foundry responded to the half- 
yearly results with a rise of 3 to 
28 p, while Banks Gowerton 
advanced S more to 124p on the 
proposed one-for-one scrip issue. 
Victor Products finned 5 to 258p 
and revived speculative demand 


Insurance 
370 - Brokers i 
_ u-ichubki/ 


MAY JUN JUL AUG SEP OCT 


left WhJtehoase 7 to tbe good at 
Hop. Birmingham Mint, 128p, 
and Clayton Son, 82 p. improved 
4 apiece, while Laird Group 
hardened a penny to a peak for 
the year of lOlp. 

Associated Biscuit, at SOp, gave 
up 2 of the previous day’s rise 
of 3. which followed the interim 
report. Elsewhere in Foods, small 
selling clipped 3 from British 
Sugar at 156p and 4 from Bejam 
at 59p. Cullen's Stores also came 
on offer, with the A losing 4 to 
144p and the ordinary 5 to 145p. 
Among Hotels and Caterers, 
Grand Metropolitan shaded 1} to 
lllp despite the improvement in 
external sales in the nine-month 
period to June 30, 1978. 

Lawtex disappoint 

In listless trading, miscel- 
laneous Industrial leaders drifted 
lower on lack of support.. Still 
overshadowed by the disappoint- 
ing preliminary results. Glaxo 
receded 6 more to 5S2p. Beecham 
declined 5 to 695 d and Reckltt 
and Colman 9 to 504p. Elsewhere, 
Lawtex dipped 6 to 68p in 
reaction to tbe disappointing 
annual profits and Vantona fell 7 
to 130p following its expected 
counter-bid for Compton Sons 
and Webb: the latter closed 
unaltered at T3p, after 74p. 
Photo-Me gave up 5 to 360p in 
front of today’s results but 
Christies International. 135p, held 
on to an early rise of 4 following 


the satisfactory first-half figures.- 
H on ting Associates edged tor- 
ward a penny to 376p in late 
response to the haU-yea r results 
and Bodycote International 
hardened a similar amount to 76p 
following an investment recom- 
mendation. E. Fogarty touched 
198p in initial response to the 
higher interim earnings but then 
eased to dose only a net penny 
dearer at 191p. G rims ha we were 

adjusted 5 higher to 40p and 
Ricardo, «riti on consideration _ of 
the company's growth potential, 
rose a like amount to 340 p. 

After Tuesday’s rise of IS, Barr 
and Wallace Arnold “A" reacted 
23 to 162 p following tbe company's 
withdrawal, of its proposed scrip 
issue in preference shares after 
the Treasury’s move to close this 
particular loophole in its restraint 
on dividends. The Treasury's 
decision also upset Campari 
issues, the ordinary shed S at 
106p, after 102 p, and the “B" 
lost 9 at 104p, after lOlp. 

Although some buying interest 
was^still being shown in Motors 
and ' Distributors, the overall 
trend fn the sector was to lower 
levels. T. C. Harrison, down 2 at 
ZlSp; encountered a little profit- 
taking after the previous day’s 
rise of 6 in response to the good 
half-yearly results. Lookers gave 
up 3 to Sip and H. and J. Quick, 
a firm market of late, eased 14 
to 43p. In contrast, scattered 
support left Caffyns 2 higher at 
108p and Charles Hurst a shade 
dearer at 90p. Among Com- 
ponents, occasional late offerings 
lowered Dowty 5 to 2fi7p. 

Collett' Dickenson moved 
sharply higher to 96p on tbe 
announcement of a near-67 per 
cent . Interim profit increase, but 
subsequent consideration of 
second-half prospects left the 
close ju&t a penny up at SSp. 
Recently firm. Daily Mall A re- 
linquished 5 at 390 p and 
Associated Newspapers 3 at 192p, 
but East Midland Allied Press A 
held the previous day's rise of 6 
at 70p. BPM A closed unchanged 
at 56p; the annua! results were 
announced well after market 
hours. 

Despite the dull trend else- 
where, leading Properties all but 
maintained overnight levels, while 
secondary issues often closed 
modestly better where changed. 

Oils tend easier 

Subdued conditions in the Oil 
sector left the majority of prices 
with small . losses. British 
Petroleum were marked up to 
926p at the opening following 
favourable Press mention, but 
scattered local demand was more 
than offset by U.S. offerings and 
the price drifted back to close 
without alteration on balance at 
914p. Shell also' tended harder 
initially but eased to finish 4 
down at 578p. Royal Dutch moved 
in sympathy with the dollar 
premium, closing unaltered at 
£444, after having been down to 
£44 J. 

In Financials. London Merchant 


Securities reflected Press com- 
ment with a rise of 2 to a Z97S 
peak of I52p. 

In . Shipping, Common Bros, 
rose 12 to 150p on small specula- 
tive buying in a restricted market. 

Among the few scattered move- 
ments in the Textile sector. Sirdar 
closed 7 higher at 83 p, after S4p, 
on the gowi preliminary results, 
but tbe reduced interim dividend 
and profits left Wm. Pickles 1} 
lower at 17p. with the ‘A’ shares 
lj down at 9jp. 

Gold Reids Properties featured 
in South Africans, jumping 22 to 
S5p on Cape demand fuelled by 
the company's announcement that 
an - agreement has been reached 
whereby the uranium-bearing 
Bird reefs on its Luipaardsvlel 
Mine . are to be sold to and ex- 
ploited by its neighbours West 
Rand Consolidated. 

Rubbers had an easier drift 
with Kullm easing 14 to 464p and 
Guthrie 5 to 345 p. Teas had an 
isolated dull spot in Moran 
which closed 5 cheaper at 350p 
following the nine-monthly 
figures. 

Golds mark time 

South African Golds ' were 
unmoved despite the continuing 
buoyancy of the bullion price, 
which improved SI .2 5 m ore to an 
all-time high of S228.875 reflecting 
the further weakness of the 
dollar. 

Share prices were marked down 
at the outset of trading owing to 
scattered selling from the Cape. 
Thereafter, one or two cheap 
buyers enabled prices to rally 
slightly but they still showed 
minor losses at the close. The 
Gold Mines index eased 0.4 to 
168.4. 

Heavyweights such as nest 


Drtefenteln. £23}, and Western 
Holdings. £20}. .were up to | 
lower, while cheaper-priced issues 
showed Durban Deep 13. off at 
3S5p. _ - 

The marginal West .Rand: Con- 
solidated were a lone firm spot, 
up 10 at 132p foDowing the 
proposed purchase by West Rand 
Consolidated of tbe mining titles 
of tile Luipaardsvlefl and 
Wrtpoortjie farms held -by. Gold 
Fields Properties. 

- South African Financials were 
lower across the board.. - Anglo 
American Corporation fell 5 . to 
366p and De Beers 3 to -4X6p. 

Among London • registered 
Financials Gold Fields fell to 
I85p immediately following the 
results but later rallied' "to close 
only 3 down on balance at 189p. 
Rio Tinto-Zine hardened .another 
2 to 258p still reflecting the recent 
sharp gains tn base-medal prices. 

News that the free, market 
platinum price had breached the 
S300 an ounce barrier - coupled 
with rumours of the. .* pending 
release of a broker’s recommen- 
dation prompted a good demand 
for platinum, which all attained 
new highs for the year; Bishops- 
gate and Hasten burg were both 7 
firmer at U4p and UZp. respect- 
ively. while Lydenhurg gained 3 
to Kp. . 

Australians staged -ai modest 
recovery despite the . continuing 
weakness of overnight domestic 
markets. Base-metal . producer 
did well with Bougainville 5 up 
at 132p, after 134p, .and Western 
BTlning 3 firmer at 14Sp., . 

Uraniums gained gfound after 
an uncertain start. Pancontinental 
were finally 4 harder ut £ 101 , alter 
£10, and Peko-Walteend TO to the 
good at 4S0p. \\. 



TOCKIN 

,Lf_ 

-wet. t 

t 68J89 
I 7L83 


. 172.5 

i 

14jB0 

BA4 

'. ..sii) 

■MLBBl 

:««6{ 

1^44.72 

4.7Sa| 


^3 

SOI?-! 1 wn. 56 


Compilation 


High J Low 


OPTIONS 

DEALING DATES luDutifce Warrants, 

. , , . Associated Book Fufe 

not Deal- Declare* Settle- Zgjg?,?* *” W arraijjg 

tags tag. tlen. 

Dct- J® national: and Town 

2 rt - H 2°!* M (St?i 'tasa Properties, wfaflfi 7 - do 

Nov. 7 Nov. 20 Feb. S Ffapg : ;. m 

For rate indications see end of solldated. Gold ReWjt 
Share Information ■. Service Laud and Slebens ftg 

Stocks favoured for the call short-dated call Sras.i 

were Consolidated Gold Fields, In Consolidated GbTd i^ 


LONDON TRADED OPTIONS 


NEW HIGHS AND LOWS FOR 1S78 


The following securities o noted in the 
Share Information Service vjstjrdev 
attained new Highs and Lows for 1978. 

NEW HIGHS (49) 

- CORPORATION LOANS HI 

V COMTVEaLTH J&RtCAN LOANS (TI 
N^.4pe 1970-7^ w| 

Wirtn,S! BEERS til 

Irish Distillers , __ 

BUILDINGS 131 

Brown & Jackscn Southern Coast 

Burnett Hallamshire 

STORES (4) - • 

B ambers Status DiscoanC 

fCgjgili WaUiS 

ELECTRICALS 141 

Bowthorpe Pfrk In- Elmer 4oe 

Jones Stroud Wcstinphoose 

ENGINEERING (S> 
eabcocfc A Wilcox Kowdeti. Group 

Birmingham Mint La<re Groun 

British Aluminium Victor Prods. 

Dsnks Gowerton Wombnefl FoondiY 

FOODS n> 

° ,rt, * re HOTELS (71 

W,MWlerS INDUSTRIALS (721 
Bodycote I Ml. Oce Finance COCT. 

Chnstie-Tvler Restmor 

Denbyware - Ricardo 

Fogarty (E.I Sham Ware 

Grimshawe Serhebv 

Manch. Ship CanM^-,, 

British Car AMtlon^ {J) 

Second City Prog. ^ ^ 

Garnar ScotMair H- fro ns 

TEXTILES ISY 
British Mohair Sirdar- 

5haw Carpets 


TRUSTS (2> 

Govett Euro Odin London Merchant 

OILS' (7) 

Centarr . __ ' 

MINES (31 

Ly den burg South Croftv 

Rustenburg 

NEW LOWS a6) ! 

BRITISH FUNDS (701 
Tress. 77iyjc 7979 * TVeas. iZSpc 7995 
EXCbor. 13 PC 1980 Treas. IS UPC 7996 
Either. 12Uoc 81 ExcilV. 73 Upl 1996 
Treas. 14pc 1982 Trees. BUoc 1997 
Treat, variable "02 Treat. B pc. 1902-Qfi 
' BUILDINGS -(1) 

Aberdeen Const. r 

STORE*! (1) 

Grattan Ware . : 

INDUSTRIALS Gb 
HI EA ' E.C. Catet ■ ■ 

LEISURE (1) -. 

Black Ed Kington 

TEAS £1! ■ 

Moron 


RISES AND FALLS 
YESTERDAY 

• • - up Down Same 

British Finds — •— 67 9 

Corpus^ Dam. and 

Foreign Bonds '3 13 « 

Industrials XSZ M2 LOOT 

Financial aad Prop. „ • « IB 334 

03s 6 12 U 

Plantation 2 9 20 

Mines — . « 32 63 

Recent Issues - 34. I 25 

Totals '._ 292 7 08 


1 760 | 

168' 1 

UOU 

16 


i.Vun Union 
Com Unioa 
Lulls tin id 


14 r 40 

“16 ' ' ’ — 


Sutle 

GflU 1 

Ouiirtaulds ! 

iHC 


iivU 


fisc 


GBO 


r ran 

- Mo' ! 

Grand Her. 1 

■ 1 .1 iu Ain 

ICI 


ICI 


•Cl 


lOI 


,n 1 


Marks & Sp. 

.... \ 

•lurks X b|iJ 



16 | 

L l 

wi«j . 


30 > 8415 


23 


Sit! 27 


Febnmnr ^ 


10 

260 ( 10 


ACTIVE STOCKS 


m ext to the Bulls,Bears 




Denomina- 
Stock tion 

BP £1 

Shell Transport... 23p 
Grattan Warehses. 23p 

ia £1 

Reed Inti £1 

EMI 50p 

Glaxo 50p 

BATs. Defd. 25p 

Beecham - 25p 

Cons. Gold Fields 25p 

Guthrie £1 

RIZ 25p 

Trust Houses Forte 25p 
Wool worth fF.W.) 25 p 
Marks & Spencer 25p 


No. 

of Closing Change 

marks price (p) on day 
12 914 — 

12 57S ~ 4 

10 108 - 3 

JO 393 - 7 

10 172 - — 

8 157 - 5 

.8 582 - 6 


TO LET 

7,000 sq.ft, of offices 
at 27 Throgmorton Street 





Chartered Surveyors 

33 King Street, Lohdon EC2V 8EE Tel: 0t606 4060 



JONAS 


38 Rail MaH Lundon SVWY 5NF Tel: 01-930 9731 


RECENT ISSUES 


EQUITIES 



FIXED INTEREST 'STOCKS 


FT-ACTDAKIES SHAKE INDlC 

■ / • • : -• • •'• •. 

These indices are the joint eonqnlatioit of the Ffnandal Times, the Instiiafeof 
/ Mtd the Faculty of Actuari es 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Wed., Oct. £l, 1978 


a 8 E=- 

n ii 

<3i 


iJp — 
** PJ*. 
q £ij 

m pj». 

99p nil 

eioj ejp. 

£99 i a b'.H. 


^ F.J*. 

C99tci:lO 
£993,1 F.P. 
£97ly : £10 



■Id/ 10) ifipj lSlgpAuuuutdlic 12% Uonr. Pil «... 

10/11 iQ£uj BSplbeon Hxvs. 10% Prf. 

• 4/1 lOSnl 10 IBriato- tVatenroriM 7% Prf. 

110/11 lOlJ 101 pjCMbet to.) 10»S Prf. — 

;27il0 IDQpl 10*41^ Uowsn De Oroot l*rt. 

29/9 v ^ i n ESfllg Hi'> t smith 14% 1st DebAXXMU 

a/12 H-|i« 101 Bowwd AWyndharo IZ% Um. 1ml. h6^1 
| _ [ gasfl Kensini(ton and Cbeiren Vht- Kota 1«H3. 

' 3/H Bligl 78 fst.lwiii Jiuaw Bg LIiiiP. , 

10; 11 Uttn Alcnbaila Halifax 10% Prf 

llO/llI 83 pj Wp{ Pre-p. sec. In*. 15% Prf. 

26;10'e:!6siai£l9pm|PrDv. Dnmdries 12% Car. E6/88 — 

I iisj HU [UlgbtwiM lO^Ltinv. Uns. 13Hi 

I 10; 1 1 9 & jdouthWBrlc tiorp 1/UjJ Bert. 19S7„ 

! — , Pnifl 97^ iiiTsfbciyrte Var. Kate 1>«3 

I 36' 1 fo^n j £fllj|W»t Korn Water T% Prof. 1983 


“RIGHTS” OFFERS 


....IlSIap-r^ 

--I 1“K+* 

10 i 

10 It' 

10S| +2 

'£gQI- 

-J 101 l s 

_..l 9b la 

_.j 61 

~.l 105 Pi + 4 
— ! 83|' + i 
_ .23 /ira-f. 1 
...;11S . 

— ! 8 I 

-} 9Bi«! 

-! 968+ la 



Figaros is parentheses show number of 1 Iwtex Day's 
stocks per section ‘ j. ? Jo ’. . Cb ^ B * 


1 CAPITAL GOODS (171) 

2 Building Materials (27) 

* Contracting, Construction (28) _ 

Electricals (14) 

Engineering Contractors (I4j__ 
Mechanical Engiaeering(72)^. n ' 
8 Metals and Metal Forming(16>« 
CONSUMER GOODS , 

1 1 (DURABUSM53) 

12 LL Electronics, Radio, TV (1® J 

13 Household Goods (12i 

14 Motore and Distri butors ( 25 ; 




21 (NONDURABLE) (172) 

22 Breweries (14) ' , , 

23 Wines and Spirits C6) 

24 Entertainment, Catering (17)-^. 

25 Food Manufacturing ( 19 ) 

26 Food Retailing (15) 

32 Newspapers, Publishing n?.) . 

33 Packaging and Paper ( 15) 

. 34 Stores (40) •___ 

35 ... 

36 Tobaccos (3) 

37 T oys an d Games <® 

41 OTHER GROUPS (99) 

42 Chemicals (19) 1 

43 Pharmaceutical Products ( 7 ) , 

44 Office Equipment (ffl 

45 Shipping (10) 

46 Miscellaneous (57) 


LEADERS AND LAGGARDS 

Tbe fallowing table sbmro tbe pcrcenuse changes? which have taken plaice sun.*: December W. UT77. In the principal enully 
eections of ’tbe FT Actuaries Share Indlcro. • It also contains t be Gukl UInc-a Units. 


EnHhMHiflB Ca nir ac ta ro 


M totals FbuncB 

CoM HIom F.T. 

MecMtsIcal Eagl i t wla a 

Capital Goods Grotto 

Overseas Traders 

Electronics, Radi* mud TV 

Tsys and Games 

Newspapers and PotaUshlng 

Oioniims j.... 

Packagtag nu) Paper 

Wines, and Spirits . 

CMW O h H ami Contraction 

Office . Eaoipanedt 

Oinsomcr Goods (Dnrablei Croup . 
Industrial Group 

SM Share Index - 

Bui Mi ns HaUrials 

Motors and OMrllwtaro 

Ottwr GnniM — 

TwtHas - 

PMd RMlIlM ..... 


In v es t ment Trusts 


T abac cm - 

Consumer Goods i^voo-Durablei Gratm 

Property - — — 

Maul and Natal Fortnlan — 

Faod Manufacturing . . - — 

Stores — 1.-— 

Entertainment and Catering 

Phnrnutctttlal Prodacts .. 

Household Goods — 

Insurance Brokers 

Merchant Banks 

BrowerHs — 

Insurance (Ufej 

Financial Croup 

Hire Pnretase — 

Discount Hones : — 

JHiPlDUg ■ - ■- .■—■I — mmm.mmm.mm--.mma mm..- 

Incormtca (Coimmihe) 

T PtrctNiii ebanss. based aa Tunder, 



FINANCIAL GROUPaMi . 

BanfcsCfi) — - 

Discount Houses (iO) 

Hire Purchase f5i 

Insurance iLifei ( 10 ) 

Insurance (Composite) (7} _ 

Insurance Brokers UO) I 

Merchant Banks (14) 

Property (31) 

Miscellaneous (7) 


71 Investment Trims (50) , . 

81 Mining Finance (4) 

91 Overseas Traders fig). 


69 | ALL-SHAKE INDEX(fi73j„ 


Egj cq 1^3 E3 ESI F-P ^ IS I 


FIXED INTEREST PRICE INDICES 


British Govenunent j 'cS’ 


VH2b -0.07 
1X4.03 —0.41 

U8.62 -047. 

126.79 -033 

111.71 -031 






Wed^ Oot. ll I'- Tueo.' } Mon. ' Prf. Thur^ i We* Tow.' 

— — ■ — I Oct. j Oe*. Oct, n«L I (Jot Oct.. . 

| S |? W j “ I 9 ‘ 8 4 j- 4 


RciiitnetafioD dale arokOr Ita day for asaHng free of stamp duty. 6 Mxares 
based on prospectus anumaw- a Assumed dividend and plekl * Forecast dWslend- 
cover based no previous Tear** earnings, p Dividend and yield band on onnnrcuu 
or other official estimates for IW9. q Gross, i Figures assumed, t Cover allnm, 
for conversion of storvs not now ranklne for dividend nr ranklag only for restricted 
dividends fi'Plartna price to public, pi Peace unless stherwbe indicated. I lasned 
M tenner, a Offered » JWjwrs of onffiun; chares as a rtshu." •* Iraaed 

%'**** >n eosneennn with rewganiM- 
SfUEff . w irt HHfc Q w former oreferonre Wdere 

® wmwuxuSlf* * uUs ‘ piUiJ ‘ • Profinoaai m partij-paid allotmou leom. 


is 20-yr. Red. Deb & Loans (15) B7.S5 tiajfla S7;70 S7.70 67 . 7 B 57 ; 7 b! 37.70 S7.70 siTit ' - 

16 Investment Trust Prefs.'(15) 51.65 lSi)e 5 - 1 . 6 S; 6 L 74 51.74 61.74 | bj ,74 6 U 22 MJl ' 

17 Coml. and Indl. Prefa. (20) 71.4D 13 .D 4 7i_2fl 71.29 71.37 jiijj.'jijj 7 L 3 i jL54. s 





























































































.piaw, TSnr^ay OctoBer 12 1973 


AUTHORISED ? UNIT ? TRUSTS * 



’41 


;: : i “v»™, ud - 

-!.-> Wirrucuial 'Ul «^Lii«'iiri_: - — . ” yiiiL-VrHse. Arthur SI , K’4. 


IMA 

tab 


*- + L 

as- 


‘Tprjpiioi _ 

b'» Income.. , 
"yinb.To Kd 
^y'lwn Tst... 

■>*» Pro* Ta^O 



mra 


AnrntM 

CapiUlTct .Iliv2 

tororaeTJ-. . ,-. .jut 2 

iBLOrawtn w. .nato 
ltd Acnun .(U9 0 




'■■ ;‘Sd Hambro Groups (iKgj 

V> •* 5 l anf*» OTrataod. LslM. 
;-. V =a31 * Bwiw-ood i«*TJi 21M3» 

■ v i*ed Fuub 
' ■: ’- 1 i'* - ■ • . jw 7 

■ ; . h- 1 "?* r “Wl ... U3 
•-V * Ir.e ... 002 

■■s* Ind. Lwi fts 

r . li.jwtal . .. (»» 

.’roFanri. IU2B 


-?SM ' 1S5 **MWvrn,-i 3 . P iwV ogjl 5*50* 

' lv L' rn,,,, ' M 2 * 1 “ 05 wm ; .1 >“ 

2 of »**.\ trail Trust Mgenmt. Ltd. 

■ 3 * J ' 1 11,7 Ol* 1 tyum. Nlrm. '.Will SJil. 01 mnrivi 

Friends’ FrovdL fall Tr. Mgr*.* . |»ro soj[ . j jm 

TWmmEwtDwmnB. iOugm'a Mupr ay Johnstone I'.T, Mfint.v la) 

FnrmHtar-l't-.. >46 3 *9 5' -oil 3*7 lOT l, “*»*«ireri,«;ta<ecoi»., 1 3 2i; U iui i»i 

»a«w- -l»* u.fl-o.zj an ujfcunm |»V ffl V 

Dralmi: bxi Fn*ta> 


PrmiAcidl l.ilr Im. la. Lld.V .Vnr ft Prosper con li nued 
-2J !‘4'.:nip ,jir I.' ^ ■ 1 -.'47Wt Scrub Its Sec untie* I.uLu 

1‘Kilin. IT.iK ,90 5^ W-i;m 304 i.uthi- ~M7 4It -f.- 

••l/lrl<f ' T-. 55« 


KlOll Iln nmr 


;1!7 5 IJilx'.ft.j TO* 


Prudl. Portfolio linen. Ud.ViaHbHd — ---* 


. Target Tst. Mbps. rSrotUodi iftKbl 

!H ithoH. re-err.' £•*•■. i. Oll-SSylKSlSj 
3 94 Tnr-er liner Isanie 2? 9 10 0;. . • 172 

■*6lg-02! 9 33 


IIutl.H-n Phi. K 1% *\i| 
I'ruiwuiidl .... 1)331 


•> 17 
2(W 


i.ir.<iTfti4li i 

K lira iiK iiw h t 


*7 e 

A0* 


OB* 


puiltor Management ( o. Ltd.V 


_ .: . j- "H "iroAr- K«L._ ,177 5 
. J** 1 nr Fueda 

.. ElS 

3 Lews 


WfMJj sgG.T.Unft Manager* Lld.¥ 
pjm 16.F1nrt»oiTCsreusBr2N7. 

GT.CaiklK 1«J 

Du Arc lllft 

CT.tac.wr n,.- in 7 
n.T.UJSaUoa jl*3 1 
ti T. Japan t Um-.{9J S 
Oflt.PrabJEa-1-d.^rtW.? 
'iT)mXF»wl . Btlt 
C.T RwrYdal'd- 019 


I Ml 


Ttii-Mk lArtiuQ'4<* t< u.\ inr ui-ftifi*:?: 

WihMlr.inii--n tw. Ill 2 IISThJ ; *n 


•aUaiwl Fnmh 
anfoaoi .. |27 q 

l«* 


S icFuml. .iflfl* 

f CKAwlr, M4 

^Sl Ewrinpt*.... |f77 

- Wlul Fund, 

W'.-a %fVt..!4)5 



4M Mutual N,s- n„4. 

8U 

2 20 ,t,ur < 'h'P .|« t 

Mutual High yirt Ion 


152 T 

m 


021 

t87 

fa&l 

120 


ItHlamv llvr . TunHnH^ir bcllr. K». OSQT'JSfT! ^ ur ?- 1 - n . , : T . ,, 


7* Of 


mlr. (.o's F d 

*lh Lf.-dtj- 

' **bs Earning 


1 Srtlr • . «|2478 


M2 

)026 

f«7 

ifcU 


G. * A. Trust taHg) 
i, tlwlcisb Rd. Rteonniud 
D.*A_. 1U4# 

«0.'2! I4t Gartnm Fond Managers ¥ f*Hg» 

2.. St Mao Am. EG3ABBP, 

(rjinetk^o T4, .[345 
lUIMtiTrt 'to. 1 Ml 
riuanudi^ stiart 0452 
EiTnlnrameTd {2t| 
friFarSastTrun . 

IIitJiIiicuwTd— U2J 


._ in* MtiiinMrort.rw'tini 

MaEinwi*. -Oi 

iiiioi ! 1 in iJiiwlJ- ' 35“ 

US 91 7.60 BvnftiiiKimi^t 

tidy KimipiMU. Ldrv-«*1 

"i»ir«Ini. Tit ■— 

.nn4iw l»i«i J.j*3 0 
Inr UFoWtlnrt .... KB 
inu.i |HJ 

tm Ta.l'niti — .~|W5 

RidRf-rirtd Hanagomrnt Hi. Nav^iS^'r'iSa 

jih-ltoiit r util ii6«.’i77 Pn-( A r.illTm:J,..fefl 
0 lMdl ... ; 2 SI •t'fvfrti siwes — jW2 
10* fl . I 90* J>paciat S it. T« t .._g2 5 
__ l - i: lint: AfftinuZJ; 

*45 ; **»*■ «»'oi . t spa lujutbrniHi Management (gi r >; rirtL Dim. —.123 6 

Ttaiional Provident Inv. Mngrs. Ltd.V ■ illrlHKH. 1 Kit A l If-.liLI' 


5a 9.-. 

,a Ri -;tii-* : '„"ag2 277 a .1*1 

1*11- TITS it” lT ^r, Vaim l aiI T«. Managersy 

Srhlis,m*er Tru« Mngrs. Lrd. i aiUl mTSsT/lsir otdaMimu 


^MiDD 0I OTBW f?“f ual Y” il Tr«« M«agwy (asg) 93*7 

j *7 5J . 1 3 40 El jJRTtii. ui flM4«i3 R*l)»re l Bit MgrK. 

" “ ' f 


. Ul 

nr.tt 

«.ii -0 

6S4m|*B 


>Pihu 1 uiiiI\ I'd . 
Scuwdr T 1 An 
Scklurihi V |f|.', . 


jwa 

. 4fc* 

• |44.4d 


3U National and Commercial 

7W v«0i;t .-oun" KVr.uc-1 . sT.'m"k 

• Arrun. liSli 1ft? 3 " JS RntiwIkkllBi l T II« 

•„ <-ap. 'It 4 -fegft fS 9 1“ Rirt^rtt-Idlntwur |*T 

vjrZrtM ,: y'" i» lk )67 6|: ': 3” llgtlisrhild Asset 3 


44 U -Oil 
.47M . ...j 


494 
4K 
4 05 


24 6 . | 

31 J 

29 B; -li 
20 9( - 1 
3) V i 
*62! -r. 

Met *o.j 
4S \ * o y. 

33 4. -o,’} 

31 Sot - i j j . 

2 * 7 io >0 4 ' 12 QB 

3-^:5 i; 

MUrgfi III 


526 

Tranutlantir and Gen. Sere. Co.y 

oi lo.Nrd Lam..', Ud feinirTDrdt-a'SSiut 
«J...i 533 
2 JO 6 . 533 

93 6) ...; 399 


3 U 

2 21 

'j9 Karr.t^n r^.i 

■ 5? > AlVUm 1 U!L^ 

*M K^vi, s ? p,j 


2 96 
4 CO 
4 2S 


791 

;132 7 

Rudim-i'ifl';' ^6 

■ *r. nm Units- . . ;M4B 

Cblrronc! 6 .1X32 7 

Ac- urn U'n-.ti 1&3 1 

LiimMrl 1S T l| >5*B 

f Arrum. *0 5 

n« a fn* Vj ..'57 5 

tccuiti Unstei 719 


OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund 

■vr rw Nni» Ltatr.i*. T. n-nSo-jre 
Ainander'r'JKd Sl'S74B _ 

.Art Ml" liiut O.tiK^.- 11. 

.Vilen Harvey & Ross Inv. Mgt. fC.I.) 

LULantu'-TO' v HH!r.-..ti i‘ L itiat-TjTi; 

UtRGil'.Eri^Kd inoos 10 Oft' . i 1201 


Keyselex XngL. Jersey Ltd. 

PO Box 88. St. Beiirr. Jerwy . iEcs D14M W79) 


KmurlEt 
BwiImIh 
K eyselcv Japan .. 


FaUn 

MITTS 

£1466 


-m 


iMtAi-vuCup .!£U7U U7J0j«B£S) — 


BBft- 

“IS 


U.irllutrrjiirt 1 U 
i.Ao-uri Unit-.i 


4441 *&’! 

337id *0 3 

IW g -0 I. 

<671 -Oil 
64 5} -0 *4 

26094-0*1 

m ‘^ZT V" 11 Tn « 

enrhutrh St., EC3M SA.A teiSSSl M! Ew 

■.;■ ,w » |M f —.153 9 SBlnj 


to, ami 

I 4B0 


. ^lather Vail tSgjut. Co. Ltd. 


3B5< 


r L . O?T!0 NS 


nr Fund 

ura UdiBI Mi 

16 drulut. 1)574 



ta M_ EO- TJA 
^■r.^nnttily Fund iI75 

it hoot .Securities Ltd. laKet 

Pen St London EC4K 3BV 01 ZM 'CJU 

11C9B mil 1 1056 CflSftt <JWwl¥ 

44*5 >e a b 7* rr.iMHiwiVaJi 

SjS S Brf 8 

-D4) 1221 
+0S} 12 21 

• j — Grirvesoa Management Co. Ltd. 

SSGTefbsni&.ECSPSDSi. - 

460 

as 

344 
2* 

2J& 

304 
126 
126 
isa 

X 00 


J".!’.”''"' h M ■ r.-.a>*JHH Ul «£l 4.1 W 

- M-anm * pi mi. i-uTii m: son i aw 

. 31 7J .1 0 » tYfiv" ' - pTT 61 4) . . «M 

654 -0^ s.» ■•nnMsjB.TniAt 133 7 J4) Jj . . . 

2776 -C? 3 42 iAc-tito l ni|..i- (njt iS2.o| . J2S 

nt .. 838 i™-" 1 "n Arm. 2H N-it (teal inf iVt JS. 

42 9» tfl.T 0 50 ewci". on <VI H NPii dc-jilrj LtL IB. 

Si Hi tu !^ u ? nal w *«mi»rtny la) 

is “n* ^ 

bair* Inr . JTOJ 7t 

Financial ,. K4 a 

Gibbs ( Antony > Unit TaL Mgs. Ltd. K* 

0t-fiBB4Itl PonF.llr>ln\ td .‘Sj 

Bl l nivf-r-al hi| id, [joj fj 


Ml* ii|uil< Fund 


lii.. K.niSj-R^.T vUa60 


40 

Wl Eirnipi Fd ttO * 
tiilntl. T*L 7Aci- 1 ..(m I 


m-** 


\ I Br 1 sup Firm I 

M- mu m nm 
NO. Inti Fit 1 An- 


174 * 


1561 
09 7 
90* 


l«5W , 
223 4*0 -P*i 
166 Ol -I 01 
95g -0 5; 
97^-0 -H 
171 4nj -04 


"396 aim i • j. Henri- Srtrnder Wagg & ( o. Ud.¥ 


v*u Ijwth f.»H j.-, 52 2 


123 
244 
7 03 


Izni-ftcnutHtir. B l=i 

I'upitaJ l*iM_ 10. ;U£4 

1 ta •.Vvtimi h-|U59 

J2 lntomcOcUfi^.*-|2flfcO 

i * Irrum. FttUl' i 

*** iri^nerulCMi 11 - ms 

i Arn:pi L'nitx) fill 0 

KrrupriVr S. . — JJJ 
Ai-ium l iibi . _|3&0 
XH 6 


1164; 
14a 5. 
El 4! 


i 


317 .. 

951. -06| 

115 7* *u;l 


Mil 

*0 4. .. I 

iflail ... ; 

229dj • ! 


i An- tiaip Hh- . t in.il.uri' Ml . E 1 ' 1 -* 


: m. CnSf 1*40 
• • v »r Co - * Fd mo 

- fjij.arvt.L'ia... . (21 9 
„ CnPd . . ft*j 
-li.icr.iint, Fd 316 



aim T. Frederick'. PI. Old le-P.&'i 

i 7« •••A.«.I«W ..WO 4734 1 - - „„ 

! ’“ '- ii= ■ »* «* : £l *s nel ji; 

-Mi lion i oun |Kirk,nf runrew 

Nrt“tnr |uu ‘ uj j, 

NH star I lipi, i n , , 51 5.4 54 24^ 

WJ f*^ t-’uion insurance Group |tTi ™' ^ a - ™ Ud ^ 

filaii l.^Sf ^ ■* XIU3KC wmieouo , A pu!i7Kvi tjj, " , '? 9 5^ Sc 

N«i4aUy.ort% h ' 1 p7fcB vmn-tu <n IS .$5 ts | j 7“ u* 


BsrriniBonOct.il 

'Acrum Units. 

BUfiJH.YdOci'3 - 
1 vam I'aiau. .. 
EuK».uct M 
f Arrum Units. . ... 

Cmrtiur. on 6 . . 

i.iccam L'nltu , 

Ln&HnUOcte. [736 
>Aceum.Unnsi.- - i774 


Pearl Trust Managers Lid. (aKjiMti Mn* .11 sppt a .*.«' ricstinit 

010004433 «-4ti:.imi Sate & Prosper Group 


Xf Smllr Toj f Krtflftl 3 

Ktnhsehild & Lowndes Mgmt. ibi 

Si swithim Unr Ml HI i«l <Cfl *.VA 

Npu-11 Kwiw (£134 8 1*1 But 1 J« -Plil'hMlVl. 

Pncofl uu Acpuaulm- 1- Ni-slilcshnfiOctutr-r "snci-KvUrl Id OH* 

16 ‘Rn-nvcrv Stql ID (2 162 

Rounn Knit Tnm. Mngt. Lid-V * Lld.y 

7J Oj I ||J atM* AudnuiJian Brtinhurjjl- <01 .iM! 9IU I 

3*1 fp J »«i im-pinc L'niLs. — —152.5 554tf 4M 

61 S 7 4S A.r-um, 1'iul* .1610 6*9,^. 490 

US 744 H*slins «1»»' Wrtnnia. 

,*J3 -l a Scbmg I’nll Tm. Managers Lld.y lai 
11071 *1-1 332 iiiBiu5W BrUbry. llse..L,« 

Arhae>.'>Hlkl Fd 

iciuij; Inromc Fit 

■ jsi Security Selection Ltd. 

^7 45 I.". 14 Linrnfa 1 Inti Flridi, »i.'2 0! C! GfiOK-B 


liTUm Units 
Will Ifci <rt lu 
Vwic l n 

: In-uni Unis . 
Wiek'rUrLS . 
i.tcrum 1'ntt-i 
Wick Pi <x-| d .... 
INt Arrum. 


534 

blS 


-65 3 
!7S 1 
U65 
<B6 
'631 
1758 
1711 

■SI 4 


1391 
172 4' 

STM -0 41 

63 H *««! 
tl hj . . 
TBSj . I 
56 0i , 

64 Sj . ' 

ss« . 

(I3> 

7911 

«9d -or 
su!*a« 
66* . ! 
SO 31 ... 

7571 , 

«6T 


423 
*23 
530 
5 30 
919 
719 
420 
425 
371 
271 
340 
343 
7 89 
602 
602 
C 69 
469 
TOT 
7OT 


Aneni-an Drl. . 
Nfs-unur-m-t to . 
Ilich \ Id Orl S . 

i.Airum t'niis-- 

Wl I Mrrl.n iiri rl 
4 65 1 Ai-riini l : mii 
756 


[7B 0 
-101 8 
BB.2 

. . 1 

— [85- 

1051 


736 
2 26 
6 n 
6 71 
151 
3 S3 

|H Tyndall Managers Ltd.V 

*32 18. Canvnnc Rnaft prtsiol. BTT232241 

InrMMlVl It. IIOSO H0«1 *; ft- 795 

.*.Tum l'»m. . (194 2 204.0) - l U 

i opital <1rl 1 1 . 1 136 Erl 142* *3 ’I 
■ Arrum Units.. . J192 4 M2 2| —5 Cl 
Elsrmpl i'itI II 11154 1212' >2 Oi 

1 Aivuni UniL*. -.11638 1720-0 qI 

Int Earn Dei : 1 _ j255 2 2680! -J ff 

I Acrum l.-nur, .. ZS9 8 304 4l+i3 4 89 

lla 'X-t It .. _ -ZD32 10941 — C -I 1? 47 
.4.1-um tub- . ,138 7 13* a *3 a| U.47 


3 44 
<24 


795 
412 
412 
7 71 
771 
4B9 


p ll>f.L« 4 ui-SCiuu SUlasIlrM. Wmbureb 

05 7 Ml 17*, 6 in Si*s In.- 'ic* tl .1722 

. I32 5X 34flu; . i 8 0S f*« Cap ■ «« 11 . ,1*60 
1JA 1 * Arrum l- nib- ,1766 


244 



ilii^iDi ass ? e * r * •*jyutt 1 Fit 
iS »3 «V? Acrum Inil- 


JJt Pearl 1 rn 

IS Peurll'nitTn 


799 
2 » 


1 .Scrum Uiiii.ii 



Pelican Units Admin. Md IgHv) 

4 g 8l FnomainSl Mniulu-jtcr f4t|C^0.i <» j 
P elirnn I'nn- B9 9id 96 M I *82 


H 


T **9EDo ^ ^ ^ 

^ujlays Unicorn Ltd.* taKcHg) ' 


3.BB Perpetual Unit Trust Mngmt.V tat 
Guardian Boyal Ex. Unit Mgr^Utd. ?w a %£T y “»R atar \r„ WSU:W 

wjl Piccadilly Unit Trust (aKb) 


i 3-52 


l nit Tst - Wits. Ltd.y |aKe» Ru>*tExjh»D*«,ix3PaDN. m 

^le liHotbora.WCIVJNi. 01«t6=C. ■Sft'CuunflutlTn 1963 lOOtf-au, Anion. GI66. fmt Tm, Ataassrr. Utf. 

Henderson Adnrim rin t t wO (»KCHC* * 3>cd*.nrk's Pinc« out j««n. cczr urn 
Pmu v IT Adtmn . 3 Rarleigli Rood. HuUot. 11 


1 H« 2K Romioni Rd. ET 


n. A meric 04 S 
LU. Art- „ 77 4 

^ i«. Ir.c. . — tU. 1 
■l«tal.. _.69 B 
cmpiTit _|1170 
.tra Income . J29B 
n uncial .. .[64J 

. » , b34 

moral. BJS 

'• •mtb.ACC ... 1 44 1 
■- rorrx-Ty. .1901 
• n A'ns TiL..|147 7 
W Al SopL 
“Truer 
usloo Fund 


37 S -0 1 
83 71 *03- 
6 A.H +03 
75 9 -0^ 

Ul « -0 7 

31d 

69-5J -0.3l 
8643 —8 tl 

97 71-03 ..... 
155 5i I 4.23 
riant nfc day < *rt 71 
468 50^-0 542 

1218 131 7| -07; <88 


Brcntiuioil. E11+X 
01 SM 55*4 I 1 *- JJuds 


tdmRccatfly . 
Can UroWi lac. . 
Cap 'rrawth Arc 
lOMIHb Assets. 


WwidcTsi (53 0 
n.Fd inr ..lib 7 
rum.. |763 

iK Brothers & Co. Ltd.t iaXx> 



sdenhoJI ‘SI EC 3. 


LIB 
1.78 

423 locCUDo O Assets. [1 
590 Hlfti hnw land* 
ill Mien Income . u 
475 CawnCjcmlnr. 

599 CatntPrcf *dti: 

574 (wur Fnmh ' 

3 91 Financial 6 m.'... 26 9 

568 Oil 6. Nat lies W> 9 

Inlmwliosal 

uotsn .. .:.. . . 

tnlrnuiliona] ,363 

WbtWIdvOctS-. P69 
Oibmi Funds 
AumaliM. ..|415 

European...— 1475 

Fartlau.- MS 

N. Am _ ;Sl8 


01-5883830 Cabot Am. Stn._ 



0277^17238 Eslra Income 

Small Co'. Id . . 
AM Cap*'") Fim.1 
IS jnt Km- 6 Anim* 
2S PdralrFuini 


■ 44. Bloom* I mi r>- Ss W‘.'I \ ;m 
IB I-rerllral r»-r 11 I15BS 1UJ 
1.58 Accum UmK [228 5 242 


[30 8 

133 

-02 

434 

469 

- 0 ^ 

472 

610 

-ffl l 

47 B 

617 

>01 

378 

409 

- 0.1 

694 

75 0 | 

-0 1 

3* 

ss 

-0 2 

B6 1 

281 



96 

48 

43 

48 

19 

30 

30 

120 

14 


4 ■•real XI Heine.. Inmlnit F<HP :IEP 

iari X)u<-vn Si . fetinhurnh Kl|2 4N\ 
ifpulinn. iu oi r»M ismt nr ati-san :m 
Save & Prosper Securities. Ltd.V 
Inwrnaiiml'Fundi 
•.'Aittt-U .... 1380 

1 ri . . U7s 
t m* r.mwtli . . [71 1 
Inerrasln* Iwm Fuad 
fliah -Yield . . ; . (572 
High ikrasw rand* 

lllch Rf-tur:. 170 4 

Inrimu- 3 

UK Funds 

I’K futility 1*58 49 21-01| 4 84 

nirnm Fum6h» 

Kurnuc 

Junn 

5 F A*ia<>Hib hd 

‘Initial launch Until Ocl' 23 
Krctnr Funds 

'■■nuuodlTy |B0 5 86 5*4 -0 !| 

a n u 


I z. 


1 ST 


•ft 

-.143 6 
. 105 7 
d- W65 

. 74 6 


40 0-0 7' 
29« . j 
7811 -OS) 

61 5 io -on 


--W 


71! 
47 1 


I niK'.thTKAi-r ..B4 8 264,-0 11 

I'm n ;ih T*i Inr . (ZL6 21 a; ■ 3 i| 

Stewart Unit Tst. Managers Ltd. tat 
4-. rhiirioac <<1 Edinburgh. oxi-'afijaTl 
tstcujut .AmrrtcMi Fond 
Stupdanllniw £7 2 7151 

Arrum. UnH* —172.4 77 1! 

1A’i(MrAMnl Unlta [53 6 57 21 ... 

7 19 -SI ruin Bnlhk Canitol Fund 

J 68 xundard - (1428 135 71 - : ^ 

2 06 Ait um Unit- . . -_U662 180 b' *3 to 

[Tallin; frneB i Kn 

6 97 Sun A Ilian ee Fund Mngl. Ltd. 

.'•or. Altii.Dcc lire , Hot- h am u*>j 6*i4t 

756 hy&jTwrtcl tl. Sg7„i 2496j-i.M ]H 

8 M rTlw KamiJ. Fd ...[103 9 US 5' -0 TJ 

Target Tut. Mngrs. Ltd.* (an-i 


l am d op Hall Gnu* 

■ ajnfali.nmtt 36 B 

Im .icons I 40 8 

Krtra inc. liriynth . 140 lid 
Do Accum 148 5 

Final iciul prrtv 1 16 8 

Do Arrum ... !20 9 

Hifhlac Pnonty 1*83 

Imcrmtional . . [JB 7 

xpei , *1 Sit- - 135 ■ 


S3! 225 1I«H 
IK ft -3 41 8.80 
153**3 i 527 
185 * +3 8t 527 
•77=32*41 


r v *< •-! 

I lj — 1 A 


92. B, 

97 

43 . 

521; -OI 
170 
22 S' -0 
73 6( -tJ2i 
»« -0 
38 


!* -0 li 

13-0 2! 


5*5 
5*5 
9 49 
649 
458 
458 
7 53 
2 58 
4.73 


4 85 
4 05 


348 


TSB Unit Trudy (yt 
Ot.i'bantri Way.An.kncr Huts 028402188 
Dealmt* «o C2ti a ar,t 
-XTSB'Jencral _[474 50 81-5 3' 

'li. Ho A. -cum 610 65 Jl -£‘4i 

bi TSB Incxmc . .|*i 9 

ib> 1*0 Accum. Mb 

TSBxcnttisb ... ,09 9 
'hi l*o Accum . 1 9* 4 


King & Shaison Sign. 

; Channs^roi* lit. Hehee. .'eri9r.in!341 7374 J 
\ Aliev *]«e. X; p|.;er Port. Omsy. 94F1 1 2i~,0B 
> Tbuour Xtieci. Ooucioii 1.0.33 _ .'0624-1854 

AlUtFui)dU«r:ari.l£l65 L87*6 : 12U 

GHITnisiiUiit- -U837 106? .. . 12M 
Oilt Fad. t)ucrnreH£923 t 2 Se| +B.ll 1260 
Inti G01L Sees. Tsl 


ArbnUinOt Securities 1C.I.1 I.imiled 
C u sun SfH. St. Hrlirr. Ir.-rt- iuu T 21 71 
Is: 'Jtr-.rv, .11170 ::i0( ' 4 13 

Vest i»6lib; da'* Oclnbrr ;1 
JjtirlSecii T.-2. .. 199 *.01r . 1 1200 

1 30? FwaltolL l»TJ» .... i - 

lAil&tralian Selection Fund NV 
Market Opperfumiici. c 0 ln-1* 1 i-uij 6 
■juUmuTte ;rr Kent W i-teej. 

USS: Shares. ( S1SI38 ; _.j „ 

Net .ci iohie Ociobcr ft 

Bank of America International S.A. 

!ii BMilciatd Ro-.al. LuunDbo>:r( (ID 
'WICiBltdl Inr O.H"- [It 31D2i UiE; . . 734 
Prim at Oci 2 Nrs: joib .talc O-u 11. 

Sanqne Bruxelles I^ambert 
Rue Dr Is KCienrc B ;cm Krj:rrlf 
Real* fund LF [1.9J2 1 992! -1; TTl 

Barclays Unicorn InL iCh, Is.* Ltd. 

^ ban ns Cross. Si. Helier. Jrr- 1O34 73T4S 
meneo Income . 47 8 49 5 ! . I 17 DO 

I'nidollorTruM .. ill'Sll 67 ..1 L8 

Unib>*hd Trust. _ [II 'ICOT nH| ...] 80S 


Klein wort Benson. Limited 

20. FenchurchSt EC2 014E98EKA 

Eunaiect. Iji*. F. 1 IKS -7 2.98 

Uuorn«; Inc ..MB 73* ....4 418 
Pt*. Accum. - .. - 35.1 ^ 906 ..-1 dir 
X9 Far East FcL ... S*J?U ft -D « 1 45 

KBIntL Fimd \ SUSV55 J-H* 

KBInao Fund 1 JUStlffi .... 060 

K B I a. Gnth Fd j SL'Sl3 04 .... 0 69 

Xlcnrt Bernrjda j SUSS 25 .... L7Z 

•i.mlondi DM? ..!»» ZU0 . 802 

■KB act as Laacon paying ajeais otb. 

Lloyds Bk. iC.I.) U/T Mgn 

Pit Hex IK Sl Uelier. Jcnei. 053427381 

UomUTm O'mos 1631 *6.44 .* 8 67 

Nert dealing dotn October lft 


Barclays Unicorn Int. tl. O. Mam Ltd. 

lTIwnus: nouetos. I o M. 


Lloyds Bank intematHmal GeBcn. 

1 Place Bel Air PO Ban 638 1211 Ciwe !L 

LM 

658 


IJm-ds Inr.Grmuh.jliTUH 3Q-31 .. .1 
UokUIoi Income |SFZ9*0 165381 -...J 


S»:sS 

iot3: 01 i 


3 91 
191 
690 
690 
200 
2 00 


Fjlcf JD 


»2J 





m in. . .. . 184 6 192 5t ... 3 95 KmdFudt 

*««». (2316 242 3. J 595 Japan Exempt ...jlfl3.& 1079J / 378 

N e» l Wib. dnr October U- N AmXxpl CtL B . . (liLa . 2-10 

npsgate Progressive Mgmt. Ca* Rill Annuel Unit TsL Mgrs.t (■). 

-- - - ot-awimi 

171 « -L2 5J7 

413-53 282 

-us 


■opncaic. E.C2. 

'■ 'Pr-’iHMIO _ 1196 9 2fl9. 

'ls.”SepL26_|2J4 6 249 

' Int OcL3_. 1B4.4 U 

. mi Ocl 3 |2MS Z 

Next mo. day “On. 11 


01-aftSMI 45 Beech lit- EC2P2LX 

15* (bi British Treat 1160 2 

* (gi roflTmu Ks 

IBiDdDar Trust - 92.2 
iblCamtaJTni'if.-fJ12 



Itii Financial Tru«t l92 2 

'fill 


ge Fnnd ManagersV (age) 

Regis House. King William SL, EC4R 

01-82340M. inteLV (ajKg) 


.. I nc o m e Tii i g.. 
(bl Security Treuit. 
fb] High VTeld Tst. 


..... 455 
9B.7id +8.ii -4.91 
383+oil 7» 


- - -rtUL 

57.90 -0.4 
342 +02J 


7.7? 


. can & Gent. 

. e* . _ 

■1 Inc r 

c t .... 

pft 

,aiacT ... 

-r-.r . - . . . . 

ig *Tues tWed. tTbun. Prices ■ 

. innia Trust Management (ahg) 

don Wall Buildings, Loadon w»|L 



" -h ECSM 5QL 

1 [79 7 

il Acc 596 

. &Ind 62J 

3£=K 


]5. UbnHophcr Street EC X 0F9471M3| 
Intel lav. Fuad . ..[92 1 941| . ... | *Jfl 

Key Fund Managers Ud. (aMg) 

29,UUkft(.ECSVBJ&. 01-8087030. 

KeyEnerarlnFd.M? 892+121 JJM 

. KeyEgnlfy*Gen.-P7 793+0* 4iQ 

‘ 6bfE4eniptFd.-VllbU.U3A3.. .. S.« 

KejWnrae Fund. 066 tLU+O.* AO 

Key Fixed Inf.Ud-|596 614[ .. ; J 1E56 


MBOinkMm Ke7Sn»UCo'«M;.|ilM 


+071 548. 


[VlaU-Miin 
•l*rap FdAcc . . 

Wmlm Acc 

Equity Pea Fd.1iv.b36f 
Fixed I Jen Acc „ |180 J. 
GHd.Man.Pen Acc 1319 
ninLMn.PnFd.4cr .1217 


.acatne-- ... 


m t 


1 ARE 


m 




dal Sm, 661 

Gen oral. - . 102.5 

L ... ___ — Htb 

>owth 77.6 

-owth „ 68.0- 

TsA.Bh»rcs_ nX 

•Is. - — . 41.9 

Igh Int B5.2 

Mdia ... .. »4 

i.v cf-Anwlem — 304, 

■ •• —^wlonol. 574 6 

ny Shares .. 149 

I 48.7 

Chanae 3|.0 


g 3 Zfljl 55 KIrinwori Bewwn thait MtanagerKV 


671 -Oi) 
916 -0J 

iSuSr 

44.1 .+021 

24 7s 
717 -04 
1280 +10 
993-06 
832 -0.4 
732 -0.1 
530 
44Jn 

9ii« -oa 
411 -D.y 
• 524 -og 
592* -la 
164* -Oil 
524a -03 
377 k +dfl 
J7* 


01 -CCS 8000 1 
5J7 




jMTgy 

British life Office LULV (a) 

-ice Hx .Tun bridge WeQs, KL 0882 22271 
Ihsb Life. — B30 
lance*' | 

ndemp 1 ...... 

■rices Ocl. 11. Next dcaJltut OA. IB. 

m Sbtpiey & Co. Ltd.? 

(.FoaodcrsCL.EXS 0Mra8580 

JtsOcL 10 — [277 .4 844H-653 4*2 

C.'OcLlO [288-1 30981 +4^ 4*2 

' Tntsfa Ul 



S.7 

IM 

*b Income 

. Ipconw 

02 

S0.7 

. 

75H 

-van 

208 

,rraiuic« M 



2A0 

^pLOrl 10 

62 2 


534x1+8 
22M-0 

zn3-0 

M4 

..' j 


20.Fcnchurehsl.Er3 
ICE Unlt Fd. Inc. . 189 6 97 

OKJELUnltFdAc... 1135 U3* 

ICB. Fd. Ibv. Tatd .. 59.1 644 

KB Fdln-TiLAcc 59 4 AM 

KBSOdrC-o'sPWInc 494 • 52* 

E&Sm.Cou.FdAcc~ •9.6 52* 

JDCh VW. FcL lac... 069 50.7 

“ ? StJ 


ZU BlChV 
363 High YldFd, Acr. 

215 L 4 C Unit Trnat Management LtcCV 
3C The Stock Echauge, EC2N 1HP. M-ftO'S800 

5S LAC Inc. Fd 1145.9 15851 .....[ B.07 

L6C lull &. Gen Fd. (1062 1094) IB 

Iotwi Seca, Ltd.V (aMel 
155 87. Queen's SL. Loudon EC4R lBfYt’- 01-280 5081 
*48 Maw Materials - J40 0 43L» . . .. | 633 

449 SAccnro. UxtU>.._. M S 4T4a( 

237 -Growth Furnd. .... 57 2 
lAcrum. Uaitot.. ._ 63 0 
nCiit and Warrant 40.1 
iAmenc a mFd... .. 2*6 

StAccnm Units) 254 

■•HtBbJIeld-. -.454 

“■(Accum Units). .1654 , ... 

. Deal. £Xoa. *Tues. rtWed. $ebnra 

Legal ft General Tyndall FundV 

18. Canynge Road, BrisroL ’ 0ZT332Z41 

DtoOcLtl- W4. 66^-1 *( 468 

(Accum. Units) :p0 5*5J -lj| 4.41 

Nest sub, day October U. 

Leonine Administration Ltd. 


as , 

2M +oa 
274 +0i[ 
498 
704 


1.75 

050 

8.50 

1136 

1146 

Fn. 


37.9*4 445 Leonine Aammistration Ltd. 

2^®! 5JS xDdkeSL,LaadouWUt(DP. 0!-4ft9B9t 

40^ il? AS L«W«. BB.7 8841 -0.4l 4.49 

Sh «B to».4«UBL- -|B7 .9641 -M 410 


948 

432 

434 

340 

426 

6.01 

457 


Lloyds Bk. Unit Tst- Mngrs. LttLV (a) 

Registrars . ’ 

Worthtnic. West Sussex. 014B3K88 

Balanced 


Balanced 153 9 

D0.LAentm.1~ 74.2 

WQrtdwtde (iwth... 57 0 

Do. j Accum 1 747 


P Bar 51122 gw 

Edr* IiwxKPr.^ ,|6*.4 

Do (Accum. 1 [73.6 


57' 

79. 

64: 

77.1 

95. 

130 


SSh 


-0* 

-0b 

+ 0.1 

♦04 

-0* 

-0 

-0J 

8.2 


443 
4J3 
214 
2J4 
575 
5 75 
736 
7.36 


i tda Life Unit Tst. Mngrs. LULV 

Bb SL Potters Bar. Hecta. 

. .^nUist .. .... i*02 42 4j -0 JJ *42 

•sn. Accum [49.7 5241 —0.41 *32 

c.-DKd [351 37d-ay 7.31 

; C. Accum... [4S.9. 48 fl -0 3[ 743 Lloyd’s Life Unit Tst. Mngrs. lid. 

1 •! (James) Mngt. IAd.y Taw.Gaiebouaelui.Ayleabure n2M!S84i 

- ' d Broad St. EC2N IBQ 014808010 BquMyAerina, — [171.6 JM*[+8Jj 3.72 

£ SH UU‘ J ?g M ft G Granny (ygeHD 

- : im MOM *NMrt dSlS; on. 18. Ttora Qrapa Taxer IUU. BCHl 8BQ. 01836 4688 

>1 u,i. Fd. xn. Ltd.1 w 
. -to House. NewcanUe+ipou-TVue 2ll« 

■j. — :ir~j 

..ghVJcM. [433 4SM....| 

.scum liuils. p60 58 4» - 1 

- Next dealtuB dole October 18 

.-ities Official Invest. Fd* 

' idon WxU. EC2N U3B. 


387 

387 


(Accum I’niix), L 


CbnuodltF -- 

Units). 


ccum Unit*-. 

829 (Accum. 

B29 Compound Growth. 

Con vemoii Growth 
Coes-cnwo* Inc. — 

ITlndend 

045861813 (Accum Untto*._._ 

. ,«e Auguat 15^0424.7 - » 1 628 £ an>pe an ^ 

SmerliLe Japfaet «* 4«ra Fraby l 4ffBSfK==i 
■ ftain Trust Managers Lid-V (aMgi ^d5ta?ThbC S.i 

*SLE»3M4TP. Q1=B2802 i A ccturL CuitM — HI 

• . 117216 25 4) -O 21 158 General 1829 

/ , j£S5S.r.Vfcw‘ 4*1 ^ I £» Lmtai — \n*b 

„' s .ial!onBlTW..K^»0 ,-^fj “ fl H 

. J -Rrarce Tst [MO Tot'd - -4 445 

^ . Growth Tat. . 38 256[ . .[ 732 


High income: 111,3 

f Aeons Unit*).-—. 1890 
Japan Income 18*4 
f.lcrtnn- Unite)— Mai 

Magnum. 2214 

lAtii+im. Unite) 2*2.8 

01-2*2 OW! Midland: 192.4 

61 j 286 1 Accum llntfsi.-... g*i 

aopcULan Fund Manag ers- iAecunxfcniiw^.7 9* 4 

ntStrecLLODdonSWIXlKi. 0t.283ffl» ws 

rS.'.'.'JiLM SmSSo^fSpecV™ 


ederalion Funds Mgt. Ltd. V (al 
- ' mw Ijujc. WC2A 1HE 
. : tb Fuad.-.— 1471 49 


30741+241 
192 g +1.J 

aw g +1.7 


3581 

' 563 .... 

58.1 -0.1 
683 -0 1 
' 862 +04 
904 +0.4 

127.1 +14 
73J +06 

'Mtt 

265.1 +16 
.584 +0.4 
595 +05 

072a +0.7 
1336 +01 
631 ....: 

696 .-.- 
715 +04 
- 874 +8 4 
1965 +1.6 
30*8 +2 4 5 45 
1194 +81 ' 791 
.2013 +L3 7 91 

1924 +8 0 2.15 

Mia +0! - 245 
W02 +24 3.92 

5052 +2.7 
2044 +15 

339.2 + 2« 

974 +88 




1 

1 90 
146 
156 
458 
448 
JS5 
290 
7.66 
745 
7.45 
323 
323 
7.93 
793 
260 
2» 
457 
«.S7 
545 


ebmeFd...- I«® 52.»i 1 rAcoi«.Uiiiiar.::»l22a.fl 

■r -gmonnl Unit Tst. Mgrs. Ltd., . specialised >uud» 

•*' ’ -rater Lane. BGIVfilll. O1-0M9282 Tni(4t+ I1S95 168 JM +1»( 

• ten _ I 1 _ (Accum (Juttsi — (MIK 329i[+7« 

-ZZ ~ Ka Z ""J ~ Chnrtb«iruLCkl.3~r~ lfl9.8 'J +0^ 

• Sob — . 1 J — cbarifci tkt 10. — B33J iftfl — 

^ ..«w«H»BWbr.|»0 ! J lAccttm. UaiW'... .-P97 9 200 W ...... 

J’ :*ent Unit "Tst. Mgrs. lid. faHg) 'WattfeW-B ~|Mt7 1569| 


392 

642 

632 

300 

38D 

4.72 

4.72 

5*7 

387 

610 

610 

1089 

7*9 

749 

541 


riil* Gres- Etfan buegb a. 

• '! Amer. Fd I16J ® 

i ' InUsmall ..—.1618 86-. .... 

• Rcsmw - - #*2-2 Mil -04) 

; '•Tokyo P*8 


.031-35* Wl Manulife Mmutgeu«nt Lid. 

sLGcorue'aWKi.SievraaBe. 843B5CI01 

BM Growth Unite. [566 59 6| .... J 4 79 

Mayflower NuugemicBt Ca Lid. 1 
^ „ 5 +! 0 rtreshom St, W.2V 7,AU 018086006 

• '-rrtJonary Unit Fnnd Managers SncoowOcLio [hit 117.7] I 012 

Votuflcld SL EC=M 7AL S14MM65 p22S%”'""C2r 53 547 

■ tfteft.28-.IM6i- 4« Lnter«I.Ocl.ia.....[«9 **3\ ... 

Winchester Fond Mngt Ltd. Mercury Fimd Managers Ltd. 

01-6003107 30 ^l-MhamSl .IT2F2JES. Ol-enOAftW 

-"TL^LLe ll« • 26 H 1 I 18 M«r.b«Oftn.tol7 . 2M*rf ! 4-M 

i.51 :....] i« Utt ocl 11-1370 


IN 


Acc UU OCI -11 

Hat Jm Oct 1 1 


716 



418 

3.73 

2.73 
413 
443 


an ft Dudley Tst. Mngmnt. UA 
‘Itngwn SL. S.W4* . 01 ' <l ® p ^® , AepmUteSeft38.pOft7- 

a purlicyTaL|714 764) | >81 .L ... 

'SiPRiiS’BSS MW W 

«ee Abbey Lnrt Tru« MBgn. coura-md H«n«. Silrar Street. Heud_ M 

Tri. 094270842 


"iuy * uw U»: Tr. sit wxbifcXfl »33as;._, 

•■shainM+HfBhWfMoibe OWt&n Po A^cum.._-— 041 
■0*l« (W« 73.4*8-0401 4.W gn^m-rTTr 

os Finlay Unit Trust Mngt Ltd. 'Sfg gi~Z : So 

W«t Nile Street. Gl4«(» »4 1204 1421 

|38I3£ ** 

■ m. units.— - ■— i 

daylncotre— 

-tlBSEtUOFUL : 

ymTunla ..—; 

/ day Fdfn-lbt ,1. 
in. Units. ---1»- 7 


’rices Ocl. 1L 



Inccme- 

+4*1 251 m.lNDBi. 


Next Mint OeU* IB 


2J1 ItRKiiBihnal— . 

*28. Do. Accum 

247 Hl«fa Yield 

347 Do. Acc«m . 
4^0 T&yriry Fv iwry br 


78i .-81 
905 -04 
402 -D^ 
43.1 +0J[ 
58.4 -01^ 
3X2 -04) 


Km 
li I 

1M7M 


SOU rOJ *■« 
6U -4.4 642 

S 82 -02 244 

53.4 -8.3 J34 

-04 842 
7S1-0 


4M 

4.98 

284 

284 

319 

343 


DteAccmirZ:'— ..mi* ms( -rj, 
•Price* at > S60C »5iwt deeltog Oft 31. 

CORAL IMJEXr Close 503-50& : . 


INSURANCE BASE RATES 

tProperty GMw*h-.~ ■ - ■•■• 

tVanbrugh Guaranteed 


.,S^7% 


t Address shown under Insurance and ^propesiy Bond Tirisle. 


Kinur lklSm * ,|730 
fllrtumn Hltk-Mhihnun tiu6 
5f*?3 iff * i *-l*v t Inlrrnat . . [2W7 
6| +1 2( 4 09 Kfilml lnraiw 155-7 


100 b| -0 *! 

113 63 -0 Ti 

SSl-fijj 

I iTel — 

si 


-o.*! 


779 J| -1 r.[ 

M -o *) 


58 7a 


31.Urt-Ji3inM . EC2 
Turccri'iimmadilr.l 
3 08 Turcn Finanruil 
3 5* Tarcm EqgU) . . 

I M larqet Rk Oct II. 

0 51 •Do Act Unite .. | 

TarfiM Gill Fund . 
Ta/cu Growth 
5 17 T nrcet Pncihr Frt. 

1 69 li" H*-ln-- t n(t» 

3U .rr . 

2 04 T? !"rt |U: 

7 15 Tin Six-rial Site.. ..[21 I 


('rail.-- 


154 
438 
5 69 


42 2! 

6*2irj -02 

43 -0i 
334 il 1 
317 S , 
123<-oi 
317^-0 21 
29 bra 

33 0 

366 -Oil 
374 0 

33 9 . . ~ 

146 -0 3^ 22 05 
231 . ( 4 75 


Ulster BankV lai 

Won IIS Mivet. Bcila t- 

■ b'l'lvt+r Growth . J9B 


n=t=3U31 

427. -021 498 


64* Unit Trust Account ft MgmL Ltd. 


646 
300 
4 43 
073 
073 
319 
399 
762 


IT 


Kina William St E>'4RSIR 
friar»Hse Fund 1165 0 
W icier Grth Fnd 
1*0 6r.-iim. 

Wirier Growth Food 

KinjUlIliamSi EC4R9AR 
ln-.on«- Unite .[321 
Arrum. 1‘nite . !JT7 


01 «Z3 «9SI 
174 q; ..: *44 
33ftT ..} 449 
397* — | 449 


•li+a3«Ki 

J3M 449 

397! . . J 449 


Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. 

1-8 bl. PauIVChurrhiarit. LC-t 01 -24*01 11 Vunulj Huu-e Tow+r PI .»:> . 01 +CW Will '.*3*. The Fnrturj .Kraoinj 1 


London Indemnity ft Gnl. Ins. Co. Ltd. Save & Prosper Group* 


EftuhyFund.- 

BajuuyArc 

Propurty Fd 

Propcrtj -lee. 

MbeiIw Fund . . 

Convertible Fund . 

9Moncy Fund. 

VProp. Fd. Scr 4. _ 


lift 2 
[329 
n*9 7 
159 9 

m2 

1331 

1236 

'1311 


9Uan. Fri.Ser.4 [138 3 

VEanJo-Fd Ser 4. .[360 
Conv Fd Sl-t 4 


eCon 
VMonc>-Fd Ser.4. 
Prices al Oct. 10 


113 7 

113 6 


40 31 .... 
147 

l&i 

992 

1482 

1302 .... 
1381 .... 
145.6 ... . 
38.8 .. 
119:7 ..,. 
1175 


Gib. Prop Oil 3 . |73 5 


OT2[ 


I — 


Money Mona 
M M PT 
Fixed ln(ere*4- 




38 » -a 2| — 

3141 -0 

36 Si .. 


4. G* Si Helen a. Lnd=_ EC3P 3KP. O'. 564 BB99 


Bat Inv Fd. .... 
Pro per: > Fd* 


Eagle Star Insur/Midiand Assur. 
i rhreadneadlps: .ECi hi 3R8 i!72 The London ft Manchester A«. Gp.V 

LsKlt Mid ( nil* [55 9 58 01 -0 4] 517 iVmslndeParfe.gxMer. WOT 321M 

4P?ex Exempt Fd 


— Proper: 

— Gill Fd 


Equity ft Law Life Ass. So c. Ltd.o BENidrt Prop Tit. 
Aroersham Kiwd. Hi^b Hycomhe >*404^3377 BExpt. inv. Trt. Fd 


Vnluatjoa nonualb' Tuts*. 

Albany Life Assurance Co. Ltd. 

81. Old BurlinnoD Sl . W I. 

>198 B 


VEquuv Fd An 
yPtcedlm Act . . 
.9Gld.MonevFd.Ac 
i.Fil 4cm 


tan.PBn.6n-. .. U263 
irpSelnvPen Arc.. |2326 


1416 
1158 
1114.1 
110 5 
1722 


209 2 
149 0 
1211 
120.0 
1163 
1811 
249.3 
IMS 
1380 
1280 
132. « 
223 7 


Fqml: Fd 
PropL-rt} Kd . . . 
Fteed Ir.iirpsi F 
Gid Dt -tio*ii Fd 
Mixed Fd 


120 7 
109 4 
1886 
TOO 5 
>113 8 


127 01 -0 71 - 
1151 - 

114. J -08 - 
105 7 . - 

119.7 -0j - 


! 2*2 0 ! . I 

141 l .. . 

953 


1202 


120 2 


148 2 


844 


100ft 



General Portfolio Life Ins. C. Ltd.* 
60 Bjrtholome«-i.'r . Waltham Crau. WX2IB71 
Pori folio Fund . 

Portfolio iJapjial 


cUj"”«J:4 - 


Gresham Life Ass. Soc. Ltd. 

Z Prince of (Valet ltd. B'moulh. 0202 767855 


[ Managed . 



ASK 

106 5 
1198 


AMEV Life Assurance Ltd * 

Alma Bw. .Alma Kd . Rnguc. Rel mdr 40101. 
. 154Aj 

124.8 

S3:::: 

lBl- 92J. 97 1 

AMEV Prop. Fd . 98 j , 

AMEVMCtLPen Fd. 1054 
A3£V Mad Pen 'B' 1052 

Flnipta [969 

AMEV/Premlhwtan 

Amen can. —'.190 5 

IneouM —,[96 6 

InL Growth ...... _..MM . . . 

For Arrow Life Assurance see 
Providence CifUd Life Assurance 
Barclays Life Assur. Co. Ltd. 


103 ■ 
1111. 
HIM 
184 2] 


95 

10 

96- 


(> L Cash Fund . . 
(I L Equity Fund , 
G L Gilt Fund .... 
GL-Ind Fond 


010L UL Inti 1 
- CLPptj. 


98 2 
'1107 
1112.9 
118 7 


Fund 198 0 


103* 
116! 
1181 
124 1 
103 ; 


tlz 
+2 0 - 
*0J - 


Flexible Fund 
Jnv.TruK Fund ._.. 

Property Fund 

Old Dupotii Fd 


M ft G Group* 

Three Quays. Tower Hill TCSTt BBQ. 
01626 4MB 
Pm- Pensan***... 

Con*-. Deposit* 119 8 

Equity Bond**... u _. 144 7 

FnmlK TMT- 169 3 

Fanuly 81 -88** . 198 3 

Gib Bond***-, 1073 

ImemalnL Bond**. 187 6 

Msnneed Bd"** 1468 

Pro pert;- Bd"* 16« 9 


Depmti Fdt 
■'omp PcniFdt. 


Gilt Pens. Fd . 

Depot .Pen*. Fd t 

■Prices on Sepic 

•Weekly declines. 

Schroder Life Gronpy 
Enterprise House. PorDcouth. 
Equity 1 . 

“ il>*. 



Ex Yicfd Fd. Bd'.JftJ 
Recovetv Fd. fid “.If 


Amcneun Fd fid 
Japan Fd Bd* 


2510 




Prices an *Oct. 4 “Oct 



Growth ft Sec. Life Ass. Soc. Ltd.V 
Heir Hot k. Bruy -vu-Tb lines. Berfcn. 002834284 Merchant Investor* AseuranceV 


Icttble Finance., 
ank Sees. . .. 


Land bank Set A< 
G. A S. Super Fd. 


L1.P78 

!ll01 MM ni2| 

£7982 


— Leon Hst, 2K High Si I'rt.;. don. 


252 Romford Rd. £.7. 

Barr lay bond** [129 9 

Equity 

Gilt -edged 

Pitn*wt y ... , 

Imernalionsl — K65 

Menaced — |l242 


01-KI4 5544 



Money ....- 1H2 

Mon-PenaAccitm. . 1832 

Do- Initial . 99A 

GUtEdgPMteAK- 97.1 

Do IniiiBl 95.9 

MoneePmu. Ace... 102.6 108 

Do. inltian 98A 103 

•Current antfs value Octpher 5 

Beehive Life Assur. Co. Ltd.V 

71.LntnbndSL.EC3. 0 J4B1SM 

Blk. Hone. On. 2_..f 133 70 | J — 

Canada Life Aasurance Co. 

7-8 Mich SL, power* Bar. Hews. P.Btr 51123 

EqljGthFdOcI S_ .1 63 3 I j - 

Ref ml. Fed. Mpt. 7. | 126.1 ) | — 

Cannon. Assurance LtfLV 

. Otyrapfc Wj--. Wembley HAfiOMB 01-8028878 
Equity United 

12 85} 0 07! 

14.43 . 

14«««OT 
11941 


Property - . 
Properly Pens . 

Equity 

Equity Pens 

Guardian Royal Exchange ' h^Ki 

Boysl ExrhAnec, £. r 3 01 -281 719. Deposit 

Property Bonds |1I76 195 4| . . . | — Deposit Pen* 

Hansned . . -. 

Hambro Life Assurance Limited V TntfiSpfi /j”"'-” 

7 Old Psrfc I one. London. W1 01+900031 InU Managed 

PucdloL Dcp....— . 

Eq«uy- 

Property ..... 

Managed Cap 

MMiHied Arc 

Oversea* . . 

GiREdxcd - - 

Americas Ace 


1579 


1661 +2 D| 

. .. 

619 


17B7 


142 9 

... . 

1B4 


1385 


M35 


1092 


143 4 


1066 


1B4.9 



014388171 Inv Pi 
Inv 


0705 27733 


Fixed Ir.L 4 . .. 

Managed ( . 

Money 4.. . .. ... 

Overseas 4 

Property 4. .... ^ 

K & SGon. Secs 4_ 

Pen Cap B .. 

BS Pen Acc B.. 

.'.In id. Fen Cap B .. 

(Uncd Pen. Acr.B.- 
F. InL Pen. Cap. B 
P Ini Pen. Acc. b! 

Honcj'Pcn. Cap.B . 

Moaey Pen. Acc. 

Prop Pen Cap It... p2A 
Prop. Pen . Acc B 

Scottish Widows' Group 

PO Box 002. Edinburgh EB 10531'. 101-8538000. 


258 3 

252 3 244 6! 

+4 2 

- 

1387 

1 

-0 4 

_ 

1372 

144j 

-15 

_ 

1090 

1149 

-021 


931 

■0.1 

-0 9 

— 

1592 

1677 

+05 

__ 

1216 

128.1 

-14 

__ 

1234 

1296 

-0 3 


135 4 

2422 

-8 ? 

_ 

2114 

7+7 s 

+1.4, 


2537 

267 2 

+ 19 

mm 

96ft 

147 n 

+01 



98J 

1036 

-oi 

JL 

96.8 

182 S 

+01 



9BJ 

1035 

+<u 



102.'' 

108ft 



004B 

U»6[ +0.1 

— 


Senes I... jU02 

ExUl. Acc. Oct 4 , 


_ Kcd 


99.4 


noA 

1894 .... 

1847 

1513 .... 
1475 ... . 
277 7 -.. 


Solar Life Assurance Limited 

10 U Ely Piece Undem ECJ-NOTT 01 3422005 


— Pra.FlJ7ep(‘ap...|1292 


Peu.FJ PekAce , 
op Ca 


Pen. Prop. Cap.. 
Pen. Prop Acc. . 


Pon.fi HtEdr Cap . 

Pen. Gill EdR. Ace. . . 

Pen Cap. &26J. 

Pen. B S. Acc - 

Pen DA F. Cap — 

Pen. D.l.r. Acc—. 


[126.9 1336 


190.9 IC1 0 

mw. 

166.5 1753 

- -■ 

1485 1564 


1841 193ft 


129 1 1361 


125.6 132.3 


1816 107.8 


129 2 136 0 


1521 160 2 


207 5 2115 



269 8 284B 


2134 224 7 


2774 29Z.0I 

. ... 

122 5 129.1 


1302 U7 1 


1261 132. K 

■ •■■ 

145.1 1526 


103.6 n 



1060 

— — 


NEL Peaisions Ltd. 
Ndtcn Court. Dork in c. Sarny. 
NelexEq.l'ap — ‘ 

Ncl« Ea Ac*titp 

NVlnSlnnr, Lap.- 


ft 


Nejcx Mon AceJaf? 


NriesGthlncCap- 
NelexGUi Inc Acc. 
KeJ.ttsd.Fd Cap. 


Nel Usd Fd Acc— [49.7 


53.9 
55 7 
48J! 


.93.6 

129 4 .... 
66J . .. 
711 ...... 

567 

386 

51C ..._ 
523 ._.. 


day October 25 


SOU 


1323 

1137 

1762 

1167 

10L8 

100-6 

1317 


bobu- Managed S 
Solar PropemS . 

Solar Equity S. .. 

Solar Fxd Int S 

Sal or Cush S. 

Safer In il.S... . 

Solar Managed P 
Solar Property P .1134 
Solar Equity P - . 175 8 

Solar FxdJci P- - U6J 

SoLu-Ceab P 101.6 

SolarIntLP~, — — [1005 

Sun Alliance Fund Maugmt. I Ad. 
Sun .UbanceBotue. Uanham. 040364141 
EvpFdInLOct.il 
Int Bn Oct. Id 



Kiwi Sev Inv Plan 


Prop. . 

Raf. Bd/Exeel/nll 

Deposit fiend 

Equity Accum. 
Property AcrUm.. .. 
Allied. Ac rate 
ZndBq 


2nd American 

2ml Eq. P+pa-Ace. . 

SndPrp-PoaalAcc. 

2nd Mfd. PncIArop5 0 
2nd Dep^anrtAee 
2nd GfirPenWAcc 



IML3 

2nd GUr PenWAccJOl A 
2ntLAm>eaA/Ac& [94 M ' 

L&ESXF. MOO 

L 1 E S JJ. 2 i. PBS 

Cormt value October 3 
Capital. Life AssuraoccV 


I860 -*0 5- 
U30 
1070 +M 
1831 
,fcz 
971 -0 61 
3094 +0 5 
118.8 
21L1 *B2i 
38? 2 

2003 — 0 4j 


Hearts of Oak Benefit Society 

15-17. TariMock Place, WCIHBSM 01-3875020 SmaUCo'aFd 

Hein* of Oak |372 3931 --1 - Technotoey (-d 

■ Extra Inc rd.. 

Bill Samuel Life Amur. Ltd.V f^eSSTfS*! 

NIA Tut . Addiacraibe Bd.Uroy. 01-0864355 S!!! , SSff*H 


rt.ll -[0532 aUJSI ... J — 

NPI Penslens Mnugement Ltd. " [ ‘ A -U-S9 

48. Gracecfauich SL^ KC3P3HH 01-4234200 Sn* Alliance Linked Life Ins^ Ltd. 

Managed Fund - [1572 163 71 | — San Alliance Houoe. Horsham 040364141 

PncM Ocl 2 Next draUogK'ov. 1. Equlte-Fund 

* _ " FTxefUtilK^slFfL . 

New Zealand Ins. C-o. ft'.K.) Ltd.V Property Fund- .. 

Mai UaadN cure Southend SSI 2JS 070262055 


— Fivei 


•Property Unite . 
Prnpette S«rtexA 
Managed Unite . 
Managed Serin A. 
Managed Series C. 

Money Unite 

Money Senes A — 
(dint. 


.her A— 


I I 2 

il 

8 
J 
9 

l 

ii 

1155 6 

Cap. hots 

— . Put deed. .ICC — 1113 9 

— Pens. Equity l'ap-.:U07 2 

— Pena Equity Arc — Q888 

— Pw.Fxdlni Cap _ [9611 

— Tim FxdJat^cr . {974 

— Prill. Prop. >'ap — W6 4 

— Pm. Prop. .V-C— J97.8 


Equity- Senes A _. 
Pnt Managed Tap. 
Pda Managed Aee.. 


1693 
110.7 

180 a 

1067 
1031 
1281 +8.2 
104.D +01 
984 +01 
1854 +04 
1537 
163J 
1124 
1199 
3124 
114 6 
1011 
102A 
1015 
1030 


_ Can Deposit Fd 


1157.4 
1062 
117 8 
1001 . 
1118 
1191 
104 9 
980 



DepMi; Fuad 

Managed Fund—.. 


1345 

1068 

112.9 

1843 

981 

1132 



F. ft C. Mgml Ltd. Inr. Advisers 
1C. Laurence Pounracy Hill. EC4H OBA. 
01-823 46S0 

Cent Fd Uct-4. — 1 SUS642 | .„..| — 

[Fidelity Mgmt. ft Res- (Rda.) Ltd. 

P.O. Box 670. Hand Item. Bermuda. 

Fidelity Am. Ass._.| 5U&29L05 [+8j 
Fidelity Int. Fund .[ SUS2529 
Fidelity Pac.Fd ... SUS68« 
hdclttp WrltfTd . J 51181678 {-01 

Fidelity MgmL Research (Jersey) Ltd. 

Waterloo Hse . Dan Sl, Sl HcUbt, Jersey. 

0334 27361 

Series A damn — { C428 | I - 

Series B (Pad He ( .1 £10.48 J .... — 
Scries D (Am Aar 4 0916 f+0J5f — 

First Viking Commodity Trusts 
8^1. George's SL. Deviates, loll 
" late linn 


3 ~ Son Life of Canada (U.K.1 Ltd. 


- 12 4. Cacknpur SuSWJVSBH 


Maple Lf Grib 

Maple Lf Maned -. 
Maple Lf. Katv. . .. - 
reran]. Pn. Fd 


21 * 1 
1372 
135 1 
«1.5 


oi-830 Ktse 


Norwich Union Insurance GraupV 
PO Box 4, NOr+ich NRtJNG. 000322000 Target Life Assurance Co. lid. 
.12211 232.71 -AS - 





. .0 

11328 . ,. = 

25 160 5] -0.4 

1075 1131 

2280 


Tarcet Houte. Gaiehmise Hd . lylribuiy. 
Buricv .VlleshuryiOSOOSftl 

10381 


— Man Fund Inr. |9B6 


11214 

112.9 


Phoenix Assurance Co. Ltd. 

4-6. K3ng William SL EC4P4HK. 01 -AM (4778 

WeaUbAiH. [1155 121- 

Rbr. Fh Aas I _ P" 

Eb'r. Pb.EqX. — .[81.7 


Imperial Life -Ass. Ca of Canada 


— firt. Fd Oct 8 |77i . 


ConiMOlI Bouse. Chapel AabW'io* 009798611 Imperial House. Guildford 

Key ] overt. Fd | 1B5S3 I-27nj — - - 

PsrcmaJirr Jn t-jrd.. ( 10741 |-7J5| — 

Charterhouse KLtgnd Gp-V 
Stepbenoba ' Hse; Bronel Centra, filrtchley. 
i I lion KeynMMIB64l272 


Mllion Key 
<~hrtbM Energy 


|3B 4 


Cbrlbne. Mfmey 09 7 

Chrthse. MaoaiKd. [34 ■ 
iTirthar. Equity..- .134 9 
MafnaBMr-Soe.... 
MagtHt Miifta|cd . 




1345 
151 .B 


u 


Petis.Fd Sepi.ft ''ini;'' - Rfl !“”i — 
l" nil Linked Tnriful in 
104 f 
101 
102.4 
9 106 : 


Prop. Equity ft Life Asa. eb.V 

1 IS. Crawford Street. WIH 2AS. 

B-SItt Pmp Bd. ! 1*5.9 

712S8 E? Eau'tj 'Bd . .. [ 76 9 

Flex Monej- Bd- - i 150 8 


Man Fund Ace 

"Prop. Fd Im- 

Prop FdAcc , 

Prop Fdlm — [1110 

Fixed lot Fd Inc 

Dan Fd Inc 

Man Ac. Pro. 74 1 
hi. 3 
13L9 
120.0 
uia 

1233 
1554 
1545 


7 i* 04 [ — Bw-PlanCapPrii .. 
J -j “ linFnJiUrc.-. 

BbvV ■ 

01-48808 

l+J = 


Uan.Pen.Fd.Cap — 
Gill Pen. FdAcc. ... 
GUtPen-FdCap .... 
01-488 0857 Prop Peu-FdAcr. 

Prop Pea. Fd Cap— 



li ua r.Pra-Fd-Acv _ 968 
GnarPen FdCap 95 7 
DAPcnFdAcf., 95 8 
DA-PciLFdCop-.. J9S 5 


ifsa 


1060 , 
10 L 6 .... , 
M4 -O.i 
66 6 -0^ 
1388) . 
1264 
UBS +01 
1291 . 
1636 . 

162b 
1011 + 0.2 
100.7 +0 3 
IM G . 

100 5 . 


Property Growth Anar. Cei. 'Ltd.V 

Leon House. cm* den. CR81LU oidfiDOOM TrauBinternational Life Ins. Co. Ltd. 


City of Westminster Assur. Co. Ltd. Manned Fund 


Irish Life Assurance Co. Lid. 

1 1 Ftnshurs Square. UT2. 

BlucSbp DcLfi. [7B 1 82 


RJnxrtmnl House. 
Croydon CROZJ A. 

Weal Prop Fond— 638 

UanajndrFjHMl 184 5 

Equity Blind--..:. 64.0 

FOrm] and Fund—, 119 
SUmevFiUKl:.— _ 125.5 
GiltFnnd —- — 621 

PULA Pond 1718 

Pena. Miigd Cap— 124.3 
PeuMnsd-Aec— . 1380 
Peoi Boa ay Cap, ... 47.6 
Pens. Mom* Acr..- 498 
Pena. Equity Cap . 568 . 
Fens. Equity An-.. 1594 
Fund cuirtzitLv 


•"“"""RW 

6501 
1940 
673 
862 
132 1 

65 3 -«3[ - 
174.4 
130.8 

iS{ :::::! 

597 -0.SI 
62.51 -0 4[ 

fp pew iwnuanL 


Kaempt Man Fd- 1118 
Prop Mod. net 1 . [180.7 
Prop. Modtiih... — [2039 

King ft Shaason Ltd. 

.vg.Cornhill.EC3. 



Property Fund 
Property Fundi A- 
A rn cultural Fund 
Actlc Fundi A' 
Abbey SaL Fund . 
Abbe] Nat Fd >A' 
01-0288253 Ipvrntroeni Fund 
"■ 5 00 InvMUurntFd -A> 
— Equity Fund .. 

— Equity Fund i A' — 

— . Money Fund — . 

— Monri Fundi A<- • 

AclUanal Fund 
GlU-edced Fnnd . 
Gili-EdsedFd -A' 
01 -fits 5433 ♦Retire Annum 


Bond Fd Ercmw .JI02 2 1BJ5SI . .[ - 

N«l dealing date Bel 18 STte&Ac U« 

_ . .... , VAlldcaihri-rap 

Langbam Life ABBurance Co. Ltd, *'t"- Fd via 

Lanclum Bv Balntbrook Dr. XW4 ; 010035211 fStvl taif Fd* - ' ' 


PeriorsTUbite i. 08,4 J .[ - 


Lwidham-A' Pten 
♦Prop Bond 
Wiip iSPi Mu 


“ ItXs 


j7 0 

145.J- 

_ ,0 


79 

152 

n. 


Cut Pit* Cap l'i 
Han. Pens. Fd . .. 
Man Pens Cap 1. 1 
Plop IViu Fa 


CUy of tVestndnster Awor. Soc. Ltd. & , UnJt Awur .j ud. 

KSS™.|!rj »• 1 - sssuWfir: .“-satatasb 


Property Gwu. — [54 0 56.7j .....| - c«h Iniii'ni 

Commcavfid Union Group Do amub 

St HeJen’s. I. Undenbaft. OT- . Hl-SM 7500 — 

Do Annuity I t y.. 19 J8 | ._..J — Do .Accum . 

CtmfederidloB Life Insurance Co. iml initial. — .... - 

50, Chancery Lane. WT2A UIF 01-S42 0282 


,173.1 ms 

BB^IU 

287 8 

2591 
1411 


♦Equity Fund. 

♦Managed Fund,-.. 

♦PlPFund . .. .. 

Fowl PW. Hmsrt . 

Staffed MnolPn .. 

Group Mont Pen - 
Fixed IntTRiL. — 

Equity Pons on 

Property PeuiiBi 

CornhUl Insurance Co. LuL 
32.CamfaliLE.Cl 

JtaGfi^lsBpt^' -.|SsS5 
Credit ft: Commerce Insurance 


Man&erd litiftei.... 
Do Arrum 
Pnwnr Initial . 
Do Acrum. 
legal A General ■ 
EarmptCofthlnlt. 
D* .VH-iuti 
Exerapi Eqty. Inn 
Do Arrum .- .. 
Exempt Fitted lull 
a Are; 


Da 4 .Turn 
01-8785410 Eseinpi Mnpri. Inn 
Do .Arrum- - 
Exempt Prop IniL 
Do-Acc urn — — — 


195 j j - 



1887 
1869 
7874 
7800 
157.7 
157.5 
78 3 
699 
1850 
1119 
1429 
142. B 
U76 
1255 
1235 
Ufii 
1475 


Growth Vatewon ft Anwriitea Ltd 

,1383 145.41 

1331 


1512 

1351 

ISLSz 

1385 

1585 

1353 

1349 

1224 


b 


S Bream Bldg*. KC4IW 

Tulip Invert. Fd... 11499 
Tolip Maned Fd . 1186 
Man Bond I'd. . . 122 6 

Man Ptn Fd Gap. 126 9 
Man Pro. Fd Arc 135 1 
Maned Im Fd Inil JlOl 2 
Mnedlnv FdAcn. [1019 1072i 

Trident Life Assurance Co, Ud.V 

RroaladeRouw OlnieMcr 0452 .tSW I 

Man seed. 

0(0 Mad — 


157 
124, 

129 , 
1335 .. 
1424 - ■ 


Property _. 
Equity lAmeni an 
L K Equity Fund 


Providence Capital Life An. Co. Ltd. 
3D, L'xbndsc Read IWJ8PG ' 01-7409111. 


auityF 
Hick Yield - 
Gift Edged 
Mann-- . - - . 

Intent Bripn^l — 
Fifes!-. - 
CimtliCip. .... 
*jn>«1h Arc . - 

Pet* MnKd.Cap 

Pm* MnEd Ak . 
Pens.UdDcp Cap 
Pen* lild-tirjj Acr. 
Pro* Ppty lap 
Prnv Pi> A« - ... 
Trdt Bond 
-TrdLG I Bond 


,126 B 

I486 

|ot 7* 
U5J 
1433 
)122 a 
124 6 
106 9 
329.6 
329B 
134 7 
1186 
124 6 
1039 
,169 1 

1154 

121-2 

373 


13431 -0 6 — 
1574 *0« 

160J . j - 

919 

1221 -2 6 _ 

1513, +1.1; - 



Snl.MkL Fd. lap 
Sri-Mki Fd Sid . 
Pennon Equity 
Penal un Fxd lui 
DcpoMi Fd Cap.. 
Iiopaftt Fd Are 
l.qmfj. Fd Cap . 
Equity Fd Arc . 
FXd lai Cap 
I-'xd !nf. Arr 
Ir.ml rap 
liunl Acc 
Masaxcd Fd Cap 
Monaceu Fd At" 1 . 
Property Fd. Cap 
Propertv hd Ai-r 


91 1 
I0B7 
1351 
119 4 
.. M74 
[47 4 
468 
468 
. 47 6 
47 6 
466 
H6b 
<470 
478 
475 
>7 5 


9631 .„[ - 
1141 ... - 

1392 +?3l - 
123 0 +0“ 

50 e 

500 
49 3 *0 
493 +0 
502* -0, 

58 2 *0 
49? *8 , 

491 *«J 
.495 *02 
*9 5 -0 ? 

sati+ou 
58.11+011 


Cash mine tor LIDO prumi'int 

Tindall Assurance/Pen si on s¥ 


18 Catty nfie Hoad Hnstul. 


3-tC*>.0n » 
Eqnil'-Ocl. 5... - ... 
Knnd On .1.. . 
Properly Oci 3, .. 

Droo+itOri 5 
3- Vi ay Fn S«1 21. 

0 Si-a*. I nt Or! . 
MnPnJ.tt'0ti > . 
Ho Equity Crl 2 
Do HondOrt. 2 .... 

1 to. Prop Oft 2 


177 6 
1716 
167 3 
1888 
1296 
153 7 
823 
1782 
2804 
1812 
S9S 


OT72 22241 

... I - 


! = 


-j - 




Provincial Life Assurance Co. Ltd 

222 Bialtopspaie. 1 1 2 
Prow. Manurd Fd 
Pror. itoah Fd . 


cftc Mngi rd-. -(me 132.0J . J - 
Crown Life Assurance Ca Ltd* 

Crown Life H* . WoHne,GU2nXw««SMB3 
ManfdFnBdAcc...nM5 . XM 
ManrdFd lneni...Qa64 
-- ^"Fd.lmf-.- (106 9 


Fund -• 

Fuad ... .. 


EquftyFdAnr hflOB 

Equity Fdlncra.— 2“ 

Equity FdMI. 99A 

Property Fd f«*- - £1 

Property Fd Incur. 967 

}Sl£i4lsr:MS 


Fixerflnl. Fd Arc.. 99J 
Fad InL Fd Inen.. «-« 
intpr'I. Fd Aw U88 
inter Lfd Incm.— U88 
Money Fd. Acc-—— J7.T 
Money fd IitCm— ft 9 

Out td Incm. lft-S 

Crown Brt. luv.A— jlil. 7 — 


IU 


S9 ^ ~ 


IM.sj ^ 

105.11 -0 C 


759 


181? . 

ms -0.2 

112 7 +8.4 


1042 

183 5. . . 

125.M +01 

IB 9 +01 

182.31 -HU 

IU J| -0.11 


6! 


- 


11. Queen Vicloria£L.EC4N4TP 01-24811678 

LAGPra FA Oct .4 .196.7- 183 J) j - Fxd 

- Next auK day J!«. T . ... 

Prudential Pensions Limited^ 


1291 • 

1361 .... 

1060 

ZQ6 . 

116 1 

1223 -J 

1913 

1067 _ 

1099 

115 7 -0 

969 

102.1 ' .... 


Vanbrugh Life Assurance 

4 1 -43 Maddox & Ldi filRSLA ni-«949a| 
ManowdFd -. 1152 6 160 7j -Oil - 

m i z 

Cash Fund.. - . 1 120 6 1778! .[ — 


656 


Life Assur. Ca of Penns; hi an in Hoibor5Bars.EtiN2NH- 

3SHCNr+BroiJSL,WlT0BQ, 01-483B38S 


601 


588 


iua 

4« 

.1800 

Ul 


LACOPUnlte^. r .J990 IftODJ f _ 

Lloyds BL Unit Tst- -Mngra. U± Reliance Mutual 
71. Lombard 51. ECX Ol-fMlSBft TunbndfteWeilSyXaaL 

Exempt ... -^(99.8 IM id 777 Bel Prop Bda ! 3»t 

Lloyds Life Assurance 
20. Clifton Sl. EC2A 4MX 
MMsCLSmr.ffl.^L 148M7 
“ • Truvi 5. — 


Sl5j = 


IUA D1-5304K 

103-Ojl = 

hH - 


OpS'.ATr 


'Ml 6 
1420 
1575 

1575 

IVA'AaptSqpUB. 12JJ 


Op.b’A'Uan. Oc» 5 


166$ 

,6S ' 


Vanbrugh Pensjtms Limited 

41-43 Maddox 5u Ldn wiRSUA Ol-OTAKaJ 

Managed JlfllB 

Ol-vesesa ganty-.^- »12 

Flxedlntereai.. IW.3 

Property. ... — 1992 
Guaranteed acc 'fate Baac Raie» tobie- 

Welfarr Insurance Co. LULV 

00K 22271 U-'intdbde park. Lxrier 03S2-32I35| 

-.4 - Uooeytutkef Fd | 1095 , I J - .. 

__ For other tund*. please rider lolbo London 4' 

Rothschild Asset Management Kaachcatn- Group. 

Si S^ittini Lane londra. EO^ ^ m-828 cm Windsor Life Assur. Ca lid. 
b'.CProp — ■tu.rCjhL ZZr """' fi^at Albert Hie. Sheet SU Windsor «144[ 

‘ Life Im. PIbob .... [76 4 726{ 

"w*; Rsaasseft ■ ss 

Nri»Hal] Place. Liverpool, . ■ . . -e-m 3X74022 Phi £26.48 

gqyal Sfatebl Fd. -IMM W teSSih -IlM A 1118| 


L ntrorn Ausx. I'll. 541 
Do Aurt.Wia. ... 362 
Do C nr Psk die. |690 
Du lntl. loiannr. 148 3 
Do. I oIMaoTrt . 45 * 
Do 5ns Mutual .. 265 


Siuhopsgote Commodity Scr. Ltd. 
pn.mwKDouaUa.ioM 
ARMAl -Get 3 PlrTfa KIT’ _ 

CANRHO-fJcl 2 . CLB42 1 15B - 

l 'UL NT “(tor 2 j£24« 2 614h | 2 01 

linguullv ennud al *S10 aad *-fi (4. 

Bridge Management Lid. 

Pit Box .i(H Grand La>man >.'avtnaji ,‘g 
\ bsrahi Dri '2 I V17OT6 . | — 

<i.P0 B»i 5PD. Hone Koof 
Nippon Fd Del tl I5ISHK UMl-iBb 1 , 073 

Britannia Tst. Mngxzil. tCl* Ud. 

30 Bath Sr.. St lirlter Jersey. 0544 73114 
blrrUna Dnomliari Fd*. 
liiaxth Intel ... 38 6 
Intnl Fd . 93 1 

Jeroty rnerc-Ta . 1374 

Lmv&l. STfLStfi. £228 

KuhlaLStlgTu ,1a 96 0 

I'Jx Dollar D+aomlnated Fd>. 

L'luvaLSTst .ISIS534 SH| I - 

iDi.Hichtm Trt. |8 97 1 Bid . ! 890 

Value Ocl 6 Next dealinc Ocl 16- 

Brown Shipley Tst. Co. t Jersey) Ltd. 
P.O Box.na.Si Hdirr.Jtnr. 1 ' 0.>34 74T77. 
Strrlina Band Fd ..l£9.96 ID IW 112.75 

Butterfield Management Co. Ltd. 

Pit But 103 Hamilton. Bermuda. 

Buttress Equity ....KC5231 JKI 

BurjMlncoBic ..111-92.02 2Qq 

rrirm at Srpi II Next rub ri* 


582' “flff Group 

398)' I LM Three Quars Touer Hill EC3RB5Q 014BS4589 
74 J 1 -a:! a 30 Atlantic OrL 1 >i :sis»:* S5i| . .„( — 

43 4iS-lfl BU Aus: Ex. Oct 4. -UslM 2.4^+003 — 

ana! K9 CldEa Acc Ocl 4 ll'>TLU ^.£-836 

3651 -3 5) L40 Inland - .1370 147 b9+L1 

■ Accum L'nui- _. -| 197.5 S84| T 1 6 


•318 

93.13 


Samuel Montagu Ldn. Agts. 

1 14. Old Broad 5 ' ILCZ 0:.S885484 

Apollo Fd ScpL38.ISF44.B0 «3 63 1 ... . I 3B9 

JopfcstSepc &. _ .raJUte mil i C BS 

1170 roup .(n.ttD27 3x{ ..J3 3»b 

117JerFri'OcL4— .j£5 61 613j 861 

iiTjaira^pur: Iuub - 

Murray. Johnstone I Inr. Adviser) 

163, Hope 5) .fitesgen-. C2. 041-221 552X 

•Here hi Fd ' SUS42J2 | — } — 

■Murray Fund I SI S12.15 .—J — 

- v feep 


NAN' 


cpseabcr 38 


190 5 V.l 
143 1. . ... I 


2.00 

200 

150 

100 

12.12 


Negit S.A. 

llte Boole-- o.-d Roral. Lmcent hours 

NAVOtt.6 .| JUS12.81 | J — 


Negit Ltd. 

Bank at Bent 

NAVOci.fi. - 


-!f7 


Ig., Ham 


l*«l| - 


Phoenix International 

Pvi Fhu 77 St Peter Port. Guenicy. 

latcr-DoUar Fund ii+2 261| .. .J — 


1.48 

! 734 

Ocl 8 


Quest Fund Mngnmt. (Jersey) Ltd. 

PO Rex m .«( Heh+r Jeaev 053427441 

:L |E2 .9871 +Cirt — 

SBH* Gsa+fl.M — 

,:h« fl.rTfl— s.ofij - 

Price at Oct. I). Next dealing Ocl. IB. 


Oucrt Site Fxd toL |S52 
Quest IntT Sees ... KM 
Querttn-J Bd- tylSJ 


Capital International S.A. 

[37 rue Notre-Damr. Luxemboiug. 

Capital Int Fimd-.. | JI S1921 j 4 — 


Richmond Life Asa. Lid. 

4ft Arhnl Street. Doudu, LOJl 


Charterhouse Japhet 

I.FatcrnnterRm' EC 4 


Adlropa 

Adtvcrba 

Fondak 

Fnnate 
Emperor Fund . 


UWJlit 
DM550 
1)1132.81 
DM2236 
53 5 9 


Htepmro. - naaa 


33JIH-0 ID] 
5< til 
3*581-8.18 

m .. 

«n!-.02s 


(xtThe Silver Trust 113J 
Ttichmocd Gd.Ed. *1161 
Do Ptetiaumfid... 1455 
Do. Diamond Bit .. . 92.3 
01-2483990 Do Em.B7.U2fid— 1M9 


4 61 

429 
481 
4ft 

- O C.Eq Fr. SepL 29 |S5.3 



MM 13814 


1082 


1158 


Rothschild Asset Management (C.L) 

P O.Box ML SL Julians CL Guernsey. 048126331 


[Clive Investments (Jersey t Lid. 

PO BCJ320.S: Heller. Jerscv 0534 37361. 
iCtneGiltFtl <Cli.|970 9 811 . | 11 00 

Clive Gilt Fd i.l v > |9.71 9.74| — Bj| U 80 

CornhUl Ins. (Guernsey I Ltd. 

PO B«x 1ST. Sr. P»-t«r Pnrt. r+i+rntcy 
Intel. Hn Fd [2778 192 5! 4 — 

Delta Group 

PO Box 3012. Xssuu, Bahama?. 

Delta Inv. Oct 8—.ISUS2J5 12*| — j ■ — 

Denise her Invest men t-Trn trt 
Pnnlerh 2885 Bicbergawe 6-10 6000 Frankfort. 

Concrnira — |n va» 226M .... J _ 

ltd Rentriitoncty. -|0!IUJI 73a| .... .[ — 

Dreyfus Intercontinental Inv. Fd. 
PC. Box N3T13. Nassau. Babamas. 
NAVOrt.3 . - -|16SI6tl 17JJI -...J — 

Enwon ft Dudley Tst.MgtJrsyXtd 
PO Boa 73 , Sl Heller J+n»y. 08342059! 
EDJC.T ...... 11284 13«l|+4 3) 300 

Eurobond Holdings N.V. 

Handeirtude 24. Wiltemnad, Ctuacao 


2 78 u.C. Inc.Fd Ocl 2 - 162J 

OCJntLFdt EL34 

PC SmCoKtLSensra 15LS 

O.C. Commodity-* . 144.6 153 

O r . Dlr.Comdtj T .[32880 3ML ,. 

'Prices on Sept 29. Next droliofi Oct 13. 
r Prices on OcL A Neat dealias Oct 23. 


376 

670 

1JZ* 

331 

*39 

646 


Rothschild Asset Mngt. (Bermudal 
PO Bo< 654, Bk. d Bermuda EJd, Berm’ida. 

Seaen e Assets FdJ51:S9.90 WJI] | — 

Pnce on Oct 10. Next dealinc OqL 19. 

Royal Trust (Ol Fd. Mgt. Ltd. 

P 0. Box 194. Royal Trt. Hue .Jenscy. 853427441 
AT Infl.Fd . ~-|Sl'*99* liu[ .... I J.» 
AT IntT aty'Fd.|92.B 9881 .....J 321 
Prices at Ocl 10. Next dealing Oct 17. 

Save ft Prosper International • 

Dealing to- 

?7 Broad St ST Hriiw.Jenejr 083680991 
UA Dolter-dra amt rated Futl_ 

Dir. Fxd Int**i |929 9.81 

Inieroat Gr *t . .18.85 871 .... 

Fut E astern *7 [53 69 J7p .... 

North Amenren‘t-ft.02 «i5 . . 

Sepro-1. 05.61 17.ft6| .... 


StexJInadnamumied Fnads 
C honctcl Capitate- CXL6 264 3 

I'bannd Island^. 1156.4 164.7) -, 


711 


Imto .UalL- Intel li Cbrirtophcv at. 
' 01-347 7243, Telex: 8814408. 

NAV pt-r share Oct 8 SUS20 ». 


TeL 


CCS. 


Conmwd-***!— - .»■ 

fit Deposit 

fil Flwd—t . 


100.4 

114.6 



•Prices on Ocl 9. **0ct A 


ScblMingcr Inlenuatloaol 3Iugt. Ltd. 

41. Ls M«(e fit. SL Heller. Jersey OSH 73588, 


S AJJL-. (BZ 


fi .4.01 

GlUFd . . 

Tntl. Fd Jersey 

Intnl Fd-Lxnjbre 
•Far East Fund — 


224 

181 

1180 

103 


*3 

100 .... 

22 6 -84; 
114a 

1242+0 01 
189 


‘Next sub day Ortober 


18 


831 

458 

12J7 

122 

175 



0824 4fflL Ldn. AgteDtmbar ft Go. Ud. 

33. Pall NalL London SN1 7 5JK. 01-000 TOT 

" ?? 58-401 


FC-Vik Cm Trt 
FnL VkJ>bL Op.Trt 


; .lub 


248 

40 


Fleming Japan Fund S.A. 

37. rue Ntwre-Dome. Luxembourg 
Flemtag Ocl2 1 SUS66J7 | J — 

Free World Fund Ltd. 

Cutterfieid Bldg . Hamilton. Bermuda. 

NAV Sept. 29 1 SCSI 96 JJ { .. „4 — 

G.T. Management Ltd. 

Park Hse. 18 Finsbury Circoa. Loedm EC2. 
Tel: 01-888 813L TLX: 888100 
London Agents for 
.Anchor ‘B - Unite .. 

Anchor Gilt Edge.. 

Anchor InL F8 .. .. 

SSSW?#:™.: 

Berry Pec SMf. - 

GT.AalaFd. 

GT.ArtaSterhni . 

C.T. Bond Fund .... 

G.T DoIIarFd 

li.T-PacrficFA- 

»',.T. Philippine Fd -jSimiS 

Cart more Invest. Lid. Ldn. Agt*. 

2, St Mary Aw London, EC5. 01-2832S3I 
Gtrawf Fnt Mart- (Far Earti Ltd 
1503 Hu'cfclMin Hse, I0 Hare era rt Rd H Kmtf 
HK A Per. V. Tst . . &K4 03 4 Jl[ "... | 1 90 

Japan Fd .71519** MM . . 050 

N. American Trt . 1% ... i 150 

toll Bond Fund .. P. SUJH UBU J 5 60 


Schroder Life Groop 
Emerpnse House. Portcmouth. 0706 JTiSJ 
lniermrilmal Fuads 
Cfiqulty- U4.9 122-2] 

t Fixed Intorttet .... 139ft 
SFi^ed Imeresi. — 107.1 

Otenased 1291 

JHanased 124.9 

J. Henry Schroder Wagg ft Ca Ltd. 
120, Chet pilda, E.CJ. P1-S884000 

Cheap! Oci. 10 ' 

Tr&bdCarSepL 30.. 

Asian Fd Orl 8. ... 

Dartlnc Fd 0«. 11 
Japan Fd Oci J— . 

Sentry Assnrance International LuL 
PO Bo* 328, Hamilton Bermuda 
Uanaged Fund .. -. Ui%2JB lOH .....1 — 

Singer ft FriedUnder Idln. Agents 
20- Cannon St. ECA 01-8489848 

Pekafondo ...|DU2737 »W...| 5 B 8 

— 98 n.... i ui 



Tokyo Trt Ocl 2.. - 1 SU548 98 



Stronghold Management Limited 
P.O. Bo* 313. SL Hrlirr. Jersey 0£34-~+! 
Cadnuaodity Trust ..[9*05 9IM| J - 


Levift- nu . ol acun.dftj inwvftwi 

J.TN._[£7.76 7. Ml | — 


. mertmesl MafL Ltd 

PO Box 32. DmiBlafitoU- 
GorttsoreliuL Inc_B3.7 25 
(rth|74l 


Gan more IaU.Gr 


79.1 


0624 TSPl I 


Hambro Pacific Fund Mgmt. Ltd. 

2110. Connaught Centre. Hang Kan* 

Far East Orl It . .BHiOSTT Ufed . I _ 
Japan Fund [SljULlt UJ1| — 

Hatnbrft Bask iGuerascv 1 . Ltdj 
Hambro* Fd. .Mgr*. (C.I.i Ltd. 

PO Box 88 uuernsej 

[1544 

if* 5 

1107 


Sniinvest (Jerney) Ltd. (xl 
Queens Use. Don. RcLSL Helier. Jsy 08427340 
American Irut.TiS.-l 
I'opperTnw _ 

Jap Index Trt . 

TSB Unit Trim Managers f C.I.I Ltd. 
BaBaTelle Bd. SI Eoi iour. Jewry 0S34734M 
Jernej' Fund [518 53.J . .1 4 47 

iiucroK-+- Fund ._ r51 0 53.71 . j * *7 

Puces, on Orf. Il Next sub. day Oci. ift 

Tokyo Pacific Holdings N.V. | 

IplUHS UosagKDKnl Co. NV. Curdi'IO. f 

NAV per share Oci. 9 SI-S73 33 1 

Tokyo Pacific Bldgs. (Seaboard) X.V, 

InlintiF Usucennl Co. N V, Curacao. 

NAV per (hare OeL B. SUMO 43 ^ 

T>-ndall Group 

P.d. Bet I2SS HamtUen 5. Bemads. 2.2781 


C 1. Fnnd 
tomL Bond 


SUS 

tnl Equity SI'S 
InL Svga V STS 


0481-2(^21 
J7B 
850 
210 


164 

1131 
1277 

Ml. J3*p -S' SUBfLU 1.3 

Prices on Del II Net! dealtqfi OcL 18. 

Henderson Baring Fuad Mgrs. Ltd 

Mo. Ganunun Homo. Hone Konj. 

Japan Fd Oct 4 |SIS‘B SW ... 

Pacific Fund* ... [ SCSI! j . 

Baring Hend Bond Fd IM 3 »:F10ftdl 

■LMlutuc o 1 aoj prelin. chtrfw, 

Hill-Samuei ft Co. (Guernsey i Lid. 

LeFebrre 5t„ P«er Port Guernsey, r l 

Guerowj Tsl . . . 1160 2 171 4| -] m 3 46 

Hill Samuel. Overseas Fund S.A. 

Rue Noue-Daiw. Luvembeu rs 

»»a an-ass; - 

Jnternatioiial Pacific Inv. Mngt. Ltd. 
PO H« R837. S8, Pm S(. 5>d.-iei. Anti. 
Jateiin Equity Trt J5A2 39 2 15! ... . \ — 

J.E.T. Managers fjerseji Ud- 
PO Boa 1H. {fatal T« Hse. .lrrv?y0KH 27641 
JctrtrEsteni.TN..[m8 2(M8["-5 01 - 
As »1 Sei*- 3ft No« sufa day-Oo. 3i. 

Jardhie Fleming ft- Co. Lid. 

,48th Floor. Connaughi Centre. Boof Knag 


OseasOcLA- [IL'ilii 

1 Acrum Units:. .Bl'M *9 
3-Vaf Im.Sepl SI (SDSL7H 
! New Sit-, ate. Hrlirr. Jersey 
TOFSLOrt 5 ...OTW 
1 Acrum. Shores) Q2H 
American Oct j - W.B 
fAmnnihabes' J 90.0 
Jm+y Kd Ort 5 2176 

(Non J Acc. Via !.. 388.0 


6M 


Gill Fund Ocl ft 
•.Arrum Shares,... 


49 

965 

238 01 


[1856 

1W2 


187. 
143 tf 


,::j t< 

0534 1733 1/I 


680 


Ylrfoi? linuse. Douchte telect ttu.MS424tll. 


Manned SrpC. 31 




143.41 


Utd. Intnl. Mngnuit. (C.I.I Ltd. 

H MulcaM.er Sliver. 5: Relier Jersw. 

I..I B Fund pr^UUt UBS) .... [ 7.79 

United States Tot. Inti. Adv. Ca 

14 Rue AMnncer Luxemkwurg 
C.b. lit Inv.Fnd | JLiillJl |-3 92] 8 8ft 
ne: ai'cu Ocl 10. 


S. G. Warburg ft Cq. Ltd. 
30. Gresham Street. EC2 
i;.mi fid Oct 10 . 

Eng Ihl Ort 10 
«7r >1 SFd AuE 31 
Merc Ebd Ocl -T. 


014M46H 
J-DOlj. _ 

519.05 !-86i - 

.TSLSfl J ... . - 

tt HCT . ... ]0J87* 

3 10.851 - 


JIM71 
5(519.05 
, SUE7JB 


JardlfleEstn-TsL.. 

panUneJ'nnFd* 

JarriineS.EX 

irttHne PTem. lot . 
]nU 78c Secs JInr.t. 
Do >Arctn8 ,.. 

SAV Sept 30 


H 

H 

SUS29.74 
7TRS12.48 
HKS14 75 
HK51490 , 
•Ecuivalecl (! 


Next ub Ocl 13 


200 

oao 

180 


■S8T21. 


MwrUity-MktOctt.. E1083 


Warburg Invest. 31ngL Jrsy. Ltd. 

l.l'haringCtntLSt Relier.Jqi Cl 65M7374X 

CMFUd. SepL2S-..BUSU» WHj j — 

CMTUd SrpL28„ .53439 H.7U ...... — 

>IeuIaTrtSepL21 filiM 12ft| _ 

■nrrsentiA — _pu 6U*i jtw — 

TNTlidLSojd.14. [QU1 lL69t 1 ™ 

World Wide Growth Management^* 
'.Ota. Broiecard Royal Luxembourg ' 
Worldwide Glfa Fd[ 5US1679 |+0fl| _ 


NOTES 


’vUS 1 ?* 5 proraiain 8xc«sii vlirre indicated f. and are m peace unless ether'*'! s* 
, ^, , S2L e ?n\ l * Mf V-3hm»nlc lam column} alitw For all bujrog exp e£sU ■ Offeradpricw 

Vivid based .» offer prtreTISmrt^yT^d^ 
9 Pcnodic premiumiiisunuKe pisa* * &p3» 
except agent's Mmmisriai. 

Dnw-od price iiujudy dll earpon^es it tuniabt ihroueb manager* 1 Previous d»w> rjrico. 
X« <d tec tm raailMd capital aaln* unless indicated by ft • Guernsey srosa. i Sumwded. 
# Yield befoce Jency tea. T EatoUbdivmav 


v.:- ^ 


lAih+M. 



SUBSCRIPTIONS 

- codIw obtainable from newsagents and bookstalls wo rldwi de or on regular subscription has 
^ Subscription Department Fin uncial Times. London 


































































































































































XN 0 GSIKIAISr-Contlaijed 


-V| fLw | «wfc 1 WBfcjt^j SS | 



<ww* ofL 


E«SURANCE--Omt!nnrf 

tm\ Sar* i ftte* I*-!*] vj Iritlrrilfir] h# 




PROPERTY— Continued M 

JTLw| ftrt | hire i*- nf | \rt Icrrl&^l P?eJ 8 W^*I S«* !Wif 






is V 53 Lhuigt 6 S 4 la - • 72 4 7* £ s ™,^' 2 « 2-23 27 E5- 6 ? * « \oS.m Mtt « 6.4 * II* « rcKK£i X t?i 1 

S i l*g Uallvtf.StoL. i(3 1748 33 72 6.4,5 ,!5 KS^Svfc 1 * .g* •■„ 5? 23 25 6 S 93 88 68 I’fachev - 87 -1 1203 -- 3.5 - «£ 62 W*i*£?Li- Zs 2 

99 ! ia»>.-iii<JRr iso t 4£ 69 ^ 108- KTVj^-VC-— 126ra *1 90 * jfl.7 A 347 280 Prop Kid; 4 he. 3X6 6 64 12 31 400 ?1 7ft Oa crttauw Mp. 85 

> ‘ V. 38 UeBsaJ&luIlJ 41 """ flj}| «« 67 50 ,5£ 3?, £gg£S* **- ■ • 2.44 t7 91 98 *13 bl Prop Puii-fan- 105 ...... HZ3 28 36 22.2 32 6 Oi iWto w.^ 6 . 

■ ;V 'If, « LrtoffPobdlft 46 i 179 16 51 69 2& BSS&ST Hi “••«■» 34 7.3119 330 280 hup. A Rev. 'A'_ 325 524 16 24395 « »2 C ffiW e,Br- S»* 

'? » U*«snams2_ 48 — 5^2 2tW3»3.9/,S .«k ?,SF W * da *~ _B , . W34 Lfe 11 S 116 Bl P™ t .-Wta 6 *. Ute H39 01 V« ~ 57 » - 

' ' ■:' IT, 1 Por Leigh InLc gw rhwmwrit *qa ^ut umrtTpV^vT H? “J !§t 5 25 6J 88 ft 3 fchjLn: itup 5p ft ft — _ _ _ ?7Q 212 269 

-V U§ &**■•&? I*. I 114 I !M25» 23! 42J14.9 S *? S 28 9.8 5.4 ^ IS T-«- ES SSSSk-itf IS 


For Weh Ints. sec Chemicals 
76 l^mireCar igp.l U4 I |W25» 


,rv * or 

163 Jfl*fcftaiar5*>p} 29S 
w MV. Part Wp — 1 AS 
IB JteaarelATfipJ 26 


'sf 11 , 111 ? “ 1 ■switriMUe § gnSSwi S 

Wt, MOTORS, aircraft trades % I rsgSfc J 

4 / 17 C f jp • ~ ' ^ /40 Lin rtcai JTop.^ 303 

b"t! 86 is i Matas and Cycles 1S8 119 ^wwri^ai*- - 155 

\ 4%o fa 51 ao . , . j« 2b2 U-W^ta-Jp. 340 

T -W A./| 54 ® U in I HI iB 7 E/V. . n I III Til. 111 . »rt. 1 . HI 


bri’Jp isajfl*' ff'tips' 


» MVithyPhaipJ 112 
uO SMaiuKtip . I 85 


w* :-una!Uin!<jp . 85 

is .^Leibi'P.ts'; 23 »t 8 b |&7 Motflcs and Cycles 

55 Marpheve-ni. 7B . 1 268 37} 5280 «i t -ja -rt Wn I 22 i i 
73 Masiwliafirogp. 125 . .^d2 74 63 35 7.1 2M i L. 

1?6 287 -»3 1S.B0 13j 8^138 2 J? PS n'^i«?^-to ' « If ' QWc 

37 SlariiMind I0p. Xh -h dlM 4214 4} 83 “ U K3SE2Si%r *&. 1 I ‘ 


Jtaj its m \yo-Cm%- 


17 11U FTc«na&t.H> 'Wpll 131, U 4 0 .ni -1-1- ,27 pftFgEaaer-.' <5 

339 82 rTraffonlPart [ 133 k -1 4 D9 4 4 (J A F )6 1S5 [l> i 1 p «77’ ?r r : _l ^ 


ADJa IB 1 KL J*mp*T,v 23 0 73 

M3 ?40 Ltd Real I Top. ^ 303 5 25 

1S8 119 »,wrU!lr - 155 . >. T27fl 

M0 2b2 Hardin! lev 3*p. 340 ... 7 06 

_i_i- ^ij 13»J Fauinir. m* .. 

17| 7H 73 ?»2 16 ITminsfrKap 24 ... _ 

- -|102 46 30 HinstanliJj « 1J?9 


073 * 23 t bb bO PmhrtliK. ii>P 62 . 

.. S25 12 16)503 ** 1b^ rPVlBPfi 1 - ' 

T270 1_6 7*137 4 i a 55 DuadwiLoa.- 66 1 

” 7 06 12 11^39 9 142 86lj Efedr^AxTr’. 129 

^ _ 11 1 250 194 EcfiD lm- W ‘1. 236 . 

_ _ _ _ 127 %i, E3«traIn«.T!t. 118 .. 

;. 129 1-5 4 6J22 6 37 W Etea-AGW--- Tfe .. 




nix :«i 86 


k ~ - — 




fill, 1920 


|| i||| SECURITIES COlLTD 

2.4 I4.4J 7 London Branch- Marif 5‘-2;s.. 29 Mir.rirg 
t 14.Cj t ; La"®. Lonccn £C2R 7?c T L‘. 33" 1 *2’. vg 
r "’ i^ASASLOMBCM 7?i: 52--z e .:c 7 


MINES— Continued 


CENTRAL AFRICAN 

1X8 | j J* orj Wit. [ ITCd 

IBid] Lb* I S«± j Price | - | \tt ICnlfir* 


KitaJ^Ll 356 .... 15.10 311 63 57 rpurn^ 

77 M*-fo! Clusaiifs.„ 204 t4 27 61 87 « STaWad^.. 

L*L Mitt-O .- 77 ._... 215 sM 4 C 54 73 | 46 JVnrtTw 

J £J00 W.nV)5peG28. £324 Q5?i l£2ftl — 

J 'hn-iraT. lie , 8 ... - 6|- » 

» V!---rci=.iKiW 127 t5 36 I® 65 83 58 j 46 


bdoas..— f} - »h39d 33^ 6 .SlO 0 

drfcTmkrMF | 51 | ...|td217| 55) 6 ^ 4.3 

Components 


34 ]bml|.4M._ 46 -el 246 li 8^ 4.9 ku jy, 

29 liOKrttoutilup. 34 ._... 207 23 -53 63 % 55 ^ 

12 5l(r.i(« I 0 p 15 034 23'33J165j29 KB 

5a M-nAba lup — 63 jbI.02 8 « 23 . 72 * 91 52 

12 Nsrt !J. Fi Sets.. 72tt .. ._ 5S LHIO.^ 7.9 72 56 

56 Nasanifl 4D_ 66 +1 335 27 7 feJ 73 2 V 4 XP< 


•!SS!2SIZ3?« m 


...... hi 4b 4 


aa (Mjw.op. lup 

12 NartiJ-FiSets.. 
^ Nasan(R4D_ 


iff 1 .-. SSi f 3 t! \U& & 


-ft Sis s-a n 157 100 

S :■;::: H 8 Sa IS site & 


MI 4 -I 4 108 4 

£21 7 « - OH2«c 3 
267 -5 4.50 4 


1 08 6 5A 4 14 c 107 

C?12«c 37 2^95^21 1SZ 


s K.a raROM 


! 77 Lwirero*, 108 ...... 4.49 2 9 63 7.4 561, 37 

1' KiurvjcSreA Wp. l»j 1 12^3 — 11—336 240 

72>2 INu-SwiftSp 30 _ ... T159 L3| 7.^143 *61 31^ 


: £91 Ore nuance Cv.. OOT>J+i a .WJ - - 1 744 f SST 

88 kjffireAELfct.^ 130 1 t?14j 37 4^ 83|lllf 3 86 



52 jui-etafp 115 

19 AwnSiajelSJiC.. 21 
36 piU.HoUiai*.. 57i 
101 hrterKiwfl-.V. 125: 


tb3U37 3.9 4.0 96 

...- Q&c 25 14.4 18 

10 51 — 82 

+7 3 62 5.7 43 61 


100 Pauls ft Iftites— 121 F6.6O 3.4 5 « 78 4? £ 

a2 Prereseinp 62 flirl SO 4^ 7.7 kS ^ 

16 PreUand 10P — 23ij ..._. tfl67 58 43l 4.7 RSL .2 


... .. a.jo i./ ii 4 0.0 41 - 

gftBelnelfinX-l 172 +1 2 89 4 4 2313 7 ^ ,S5 

12 . 0 25 1.0 32 545}?S 1 S, 

5312-2 h0 84 3 3 2.3 14.2 S' 

3M -1 t834 43 4.0 89 ^ % 

S7 11.60 4 0 4.2 187 , 1 ? 2 

,i| -i iS HUTb 

“ SH0ES LEATHER 

t±2Sd SKI 4 - |I 1 !W I If 


r-J r-J.z-J»2 a> 5b 


30 HastifCcnB-Mp- 
45 PokuarkJOp — 

206 PnrtaJi 

149 Powell Duft5^j. 
17 Press{Wmj5p — 
1S4 Prestige Group. - 
28 Pritchard Sn. Op 


sr .iaaa a. 


r m ' -••• & m II ll S 2 II Wl ::.::: sari s| IS 1:5 g g 

P 2 S "*•■• 1c ij *80 64 Dctada. 75 15.1 8810.2 61 41 ip 

- M 085 46 *2 7| M 39 DntefiKorelww- 48 -u +^85 3.6 9.1 (33) hr 

« *f8u fit H II S •& ^ ^ m 5.6 si ^ 


‘2 -‘i d2.41 LUlUhllSi 48 33 

^ mM 5 . 9 J 3.9 72 54 


17 PresstWm.j5p_ 
154 pi«tige Group. - 
28 Pritchard S«.5p 
5*, Piw.Uunds jp. 
48 RF.nGnraplfc 
10 RTDr.rtmpA)p„ 
25 BadtaBSfflLWsL. 
60 Randalls 


.::::?£ b 

-1\ 041 — 


... LB | 35 
.;, dL47|-; 


266 -1 ItaOB 

5Qp_ 504 1-9 ItlO.77 


192 RecknzCaLSOp- 504 -9 
!62 Rcdfearn Glass- 312 +2 
42 RredEret5p„ 79 ... 
02 RcedlflU-El — 172 — 
68 HdjmPBWS — 110 .._ 
45 Renown IncYSO. 200 — 
35 Ren wick Gnmpu 48 ..... 

14 Resnnor. 200 +3 

56 Renaore — 70 -h 

W Ricardo——^— -340 h! +5 


SKi^z US brigSUMa 


ytg BKJ a-M H !i tt 

.. J J p !S -340a! ^ SS ailiSS 

-pm. !S5£5:5 -3-p 4i^«' 

- 36 RopnerHJdp— 40 ,— 216 34 ai 55 

-■•32 dT'A'.__I . 40 216 3.4 BJ 55 

' 37 . Rotaprint 20P— 39 299 14 12.4 » 8 JJ 

= - 25 RoiraD&Boden- 31»! JL34 5.6 64 30 

104 Royal Worts 171 -1 t649 01 5.7 339 

45 RnsseUf-UJOp- 91 227 9 3.7 9 

' .': ■ &* ^&afesi "raT 2 IT.', wm ii w m 

■ 190 SaleTUney 303 -2 tl04 5.1 83 


I 64 38 29 GlanfiddLaar- 35 +1 1J7 15 5.4 184 21 

7, 51 21 Haigertas.1^. 50 -1 d0.47 172 14 55 

51 126 92 Harriwnfm- 116 -2 td4.18 3.8 5.5 73 

K *118 74*2 flartwlls— 110 ...., 16.80 * 9 2 3.4 

” *135 112 Beafrdnp,— ^ 128 - 1 18.71 12 102 SJ U 5 80 

r- 149 88 123 -1 3.64 3.7 4.4 7 J £35 m 

*}■{ si S ^ :::::: tSi 12 U f :i i§ * 

$ T S’ ISSS2: ^ 3 % N Q » | 4 

Is .87 7*2 L^nALjw— 81^ 6.09 IS 112 63 

66 |R c 2 , 3 H? cl “L t !P- ^ tl32 62 68 38 * 58 

SJ* % — . — — 24.1 580 445 

It I EpN $i®inin n 55 
Ma a- Eftaat: r. 2 . era a 9 * 



^ * l,HDO ' 103 70 Famir lr. . T A.. 94 .! 

illb 7bh F\MSrt*.Am.- 98 1 

SHIPPING teSSn. X S 

B *12-?90 I1H- “£l- S,. 

Z7B +1 55 77 ijlina 193 99- r.T.Japan 18btf!.. 

234 -1 ' B^9 48 53 69 ^ ^ ^(wSh 1 ' 2 R7 a ^" 

tor c ,7 71 — 96 73 uen.Consold|il_ 87 

37 rf iRo T 7 7 ^ j? 190 125 GaWd Ftods^ 183 , 

37 (ILK) 7J 7.W 2Z 1M qj Da Conr. ii'p — 147 I 

127 M97 0 5 6 01551 117 38 rieatoe«ors — 112d 

230 5 J 8 23 |3uj 99 77X 2 GeaSrettish— 89 

301, ■“•• 3 _ ± 3 125 724 Genatxlrs ^ 122 i 

110 +2" 2.72 d 371 9 114 84 Qa*gu* Still <b.>_ 104 . 

I --1 81 :f: B I’ 

85 65 (jange Trust 82 

IT! T FA TUli'l? 113 90 GLttorth’nlDv_ 104 - 

IIP liEjAlniiA ifl 2 67 Qrwnlnarlnc 100 I.. 

704 56 awhamlnr — 654 

70 48 Gnwc larestore. 70 , 

B9 69t> Gusttaa ln*.7a_ 83 1 

110 73 tembna 108 

204 160 ffiUlhnllp! 189 . 

91 69 BmeHli-A-. 79 t 


hL85 1 
10 L 
t4.5 1. 

L89 1. 

t?83 L 

l. 

T244 1 


2.02 L 
5.91 L. 
♦3 SI 1 
4.77 Li 


2812 102 

58 4.46 

68 +1 4.39 

V ± U.H 

109 +2 t4.97 

80 t230 

48 t3.22 

58 2.84 

56 *1.9 

53 -1 t2.81 
41 .„... 236 

66 4 7 

75 -1 L75 
41 thllfl 

106a) -1 M4.02 
ZS >2 rL33 


ttnarlm— 100 

lanlov 65tj 

iZotaston. TO 
Saalnr-lA- 83 I 
ma 108 



5 1 89 68 Do. 

y f- if* « 

**“ 60ij 42*4 Indu 

w 6512 Em 


076 [107 


® Si, L 

alicGec. 56 
: 11 nv — 80 I. 


.InSuctess- 7™ I 
Otars’ Cap.— { 


103 Uanfine Japan— J ' — «. 
7ru. finfiMtA- irv« I na 1 


SOUTH AFRICANS 


53 4Hj 
51 44 

«» 4 


rErtPLlp 178 . 
rGm.£l— 246 I 



104 Q17c 6 

560 Q63c 2. 

123 Q20c 6 

iS !“<§£ : 


jj 1 % k « B 

j ?l t & m 


IWrfiwf^ 52 

eto.toe.10p 4», — 

St3eIw5Dp. 148* 
eVlewIav._ 97i 2 -J 2 
itttoilnv- 41>2 +*2 
r Debenture- 105 s ; 
sdSk.Bo.lp 015,. 


_.. 1.41 3. 


£64 >£54!, 


&mk50 i«a. 


102 | 

*8 ~:| 

170 




i i 9 ii 

Ic 6 lOi 

e a as 

2c 3.9 53 


?! tefc: *12. fiTm 
ste^iSrh.^ ihin 


TEXTILES 


1Z7 miTf* 


a 


bl 3.1 200 
5-1 8J 258 
15 M* 57 1 46 


nu iBaeiAtiiariuHHv ps ±» 

. ... A 83 53 Beaies(J)2Dp_, - 83 +1 Z92 

.NEWSPAPERS, PUBLISHERS g IS ^ ::::: 


75 Sangen-Gip 8 S ..., 5^9 L7 113 8.6 651, 1 42k 

36 Scapa Group — 107 — 532 27 7.7 63 122 70 

£43 SdJmAergcrSl £62^ -h QL40 4> 1-2 * 130 

165 Scrcow 77 329 25 6.4 9.5 152; 

S SWL Heritable- «4 bO.91 63 3.1 5.6 132 

Scot t l a l*w~ 122 —2 7J7 18 90 7.7 396 

Z7U Sears HUrs.— «* — iU.n 30 4.710.8 70 
56 SerariarGp. — 230 . 034 33-2916 S & 

57 l)a‘VN-VC — 130 g34 33 Z9 163 92 

68 fecarity Sendees _ 132 S55 4 2 4.0 65 175 

67 Da\VX-V 132 +2 5335 4.2 4.0 63 J 10 

69 ShamaWartXp 136«) 44 td2 44 7.7 2.7 7A2A9 

155 SiebeGonsM— 215 ...... 537 4.0 3.9 ai B2' 

49 » 4 Silentmghllfflp- 106 -2 rii271 SI 3 5 38 59 


40 l&iioasae'.ViSp- 53 332 !» 93^ 8.0 

17 (sih'itharoelOp* 23 dL22 2« 79^ 73 

m Ic.— _ici>i> in I ail cr in 


70 Sic^um (SJ ‘A_ 112 387 3. 

95^ Sketchlej 134 t5 49 2. 


571? SimUiAI^eph-inp 74 -llj *d2.47 2.1 
139 5nulh*in<X50p. 209 . -3 t736 29 

48 Srtic Larvatp— 61d -1 t392 1.0 

26*2 Somr 28 234 16 

175 SrthehyP.B 325 +2 b8.37 44 

98 SpanwrUj.WCOp 100 12.18 6.3 


52 78 46 
61 102 185 
5X 7.7p5S 

II SI ^ 


bS.37 44 
12.18 63 


195 Spear iJW.l 223 190 16.0 13 6 J 

132 SdKPtm 155 -*4 3 97 * 38 * 

£270 DdfflftOnln £305 W.°4 * 02 — 

SiaOextot __§r 2 .:.... *324 09 J 2 , 


185 60 

Jl « 

52 

67 



192 V» 15.40 | MI 4JSI «5 W* i S: 


235n) *4.08 71 

56 i91 2A 

57*c-l 237 2.9 

122 <M.97 33 

128 6 52 21 


«• ya 5* 44,79 


5* 52 42 28 Brisk Uohn) 31k 2.46 L 

flats masz « - =, = 

a § flap i 

2-5 i3 26 12 CainJiDcMtetH- 25 ,. i ... - - 




146 475 2.9) 4.1 

390 -5 128 L« 4S 

& = SA ».» 

J& lihnSP 1 " 1OT " (Coutauldi - 121 -3 7.67 lJ 95)flU 

i ::::: Sr § | * »■ sp £aass ^ ± & “ i = 

1 :::: si V t.i ^ 8 38 ti p Safi 

ii ::::: ” IJ % « S”STi» a In Siiil 3:1 

il S£ fl fl $ B “ BBKite H a- flP L fi A 

:r " W fl I I «■ * »■ = SS U Ii B 

S,, |-S i? H 72 S3 Hffliss rj'rp5p — 64 436 2010.6 6J 

2 L4Z i-3.fi U| 7J a 39 Horrtroy 43 d3.17 0‘ 1L0IM.4 

34 27 Ul’RwnJia.api S 150 58 73 3.( 

PRIVmyin 32 26 na-.vap 31 . — 150 58 73 JJ 

riuminb 40 26 toiTOnjiHilflp.- 31 dlJl 0.8 63 3i< 

RTTSINfl 54 42 JeromeiHIdgii- 53 35282 36.80 5J 

aiL3U*U 72 38 Lred,r>fero. 72 . ... hlJ3 51 37 8J 

62i>|+l 112931 M7JIU 21 1* LeighMiUs 21u) +1 dL29 2 0 92(63 

mif -rt.lwwaiSia- li 7 !«i«sp I?* ^ - 


33 28 

84 67 


i'rdii)cwJrei- 25 — 

-peUISLSta- 68 -ft tl6] 

^ afrtn Vtyeua- 37l 2 +1 J2.13 

JoatsPdOTS — - 71 —*2 331 


i 131* 109 2 BuSrtd*_ lS -3" ffl*| 13 


+1 *3.78 10J 
+1 *3.78 HU 
— 3.73 47 


232 ... 
43 


93 Sue Furniture— 132 HOT 35 5 6 7.7 67k 46 Aswc-ftper — +1 HZ93 4» 

165 190 -1 1661 45 52 46 025 W Qthtiw.. mBM.Mftli 

28 Qetur Mad HKS1 42 -2 (»4c 11188 85 46- 29 Aalt&IKhrtfg- OxhX l|19B 2. 


: v COH Ol^ LtcmdSIkBetlp OIS, 

42 33 L^l*ranc20p 38 ' 

* 28i 2 20 Daftp-Sp 26 I 

In 37 26 LeVaflmettov.. 35 - 

* 72 55 Lcil Atlantic — 70 

?5 83 53 Lcm.AGart.50p. ™ * 

* 129 95 Lnda.iHetjTaod- 

?■ 63 4ft IrsLftLainDi_ 

?2 23 16 U».t!Jv.iep_ 28 > 

M 85 5ft Lon-tLcanoad- 80 , 

210 157 LmtMontrais. 196 I 

128 93 LMLtPrw 11 7 d 

87 64 Lon. ftudendaj . 84 

62 iS* ®2 lOft 

J 6 'zn 178 KSSitotlS 211 

^ fi B JSSSl&s ^ 

g »■ W SJ5&-5E U , 

_.y 48 40 iMrinnntof, 48 I 

i^u S I KSSSEr I 

rl- 571* 41 Ucofaliwes 51k 

VbUj\ 68 50 ItotBostaalOp 58 

61 ? 44 25 Da Writs. £1 33 I 

64 103 78 MoorgJtteto— 101 : 

4 B U0 84 MoarsldeTrud- 106 I 
5? »5 600 NMlSXSUn. 885 I 

§ & S* JP -If 

_ 35 11 IXiNewWma- 2ft -1 

62 46 3ft N.Y &Gartmcre. 46 

62 82 61 UeStowst- 7ft 

4 Q 106 7ft Nth. Atlantic Set 94 

a Uft 79*2 NthaAroerkaa_ 10ft ft 

131 9ft NdthemSecs— 129 — 


901 18} 19 


Tl 


Si 




rukonCons-CSl 


155 1+5 1 Q7c [ IJ 22 


NOTES 


11 


J 


I 


lUln* udm ,1m. IbOohA prices oad ni Aridnda are ts 
peace sad Jeas u Raationw are ZSpl Es&Brird rocefenlnn 
ratios and conn are band on latest annul reports and occonnW 
and. ■ h e r e poariUn. ere updated on half-yearly tl cores. P/Es ora' 
ralcohMed on Ibe bast* mf art dKtrUniclan: kradxM f I cure* 
Indicate IB per cent, or more d M creace II calculated on -nlP 
dlstrl button. Com are based on “naxlBaoD" dlatribotk*. 
Yields are booed on middle prices, ore gram, adj nsted to ACT o( 
33 per cent, and allow lor taloe rt declared tflMribaltons and 
rithh. Securities with demna nations other than stniial as 
•fooled ineltcht ml the IntBMt dollar pieuil nm 


?! 


80 
50 
22 
90 

183 |138 


PAPER, PRINTING 
ADVERTISING 

isrct Paper — [ 62i>j+l I1Z93I 


9 106 7ft 
lift 7ft 
31 9ft 
61 51 

63 47 

137 99 

75 63 

,28 Zft 
140 104 
41 36 


liAsrocto- 59 ...... 

rtwchto 1 61 I 


fchtov 61 I. 

land to? 12ft 

, k* to. 50p 63 
ioriaJ Cities 26 I 


^ 41 36 R&Jhroakto, 37**' 

36 22 Ri^htsitoCap ,32 

192 148 Rr.wiJtet— 179 
163 123 River Plate Del— 153 
£653 4 £463, RfievOiBr.iFT50 £60 L. 
652 467 DaSdkSh'sFlS 600 


23 SbotoKtodiZiPJ 27 ...129 2.1 HIM 83 62 

56 Stocktoe— J 68 -2 Z61 40 5.7 4.8 -W 2 39 

85 StonrtiillHJds— H4 ...... d6C9 1.4 85132 77 » 


f <§ « -“I J gs?Er 71,7 S S» 

P : ™ 5 ! ?ll I i LfisSfiSfc Brn ::: gk 1, 83 .L g 1 SKffifc: 

1321 77 “1 55 KfiSi*' Sa 33} *lS **2 21 MacSmunSreH 47 L67 5 4 53 61 85 48 - >g 

6 8 SB » ItoMl- 63 .."Sab Hw-MlW H “ -- «-76 4463} 3.7 PS 1« *SS . 


ii » id ^ 

37 223 159 Bothsth&dtoSIp. 204 , 

is 7B 67 Salesnarflad_j 77 

qi 135 101 51 Andrew r*L— 126 
7 4 101 7ft SetS.Anto.50p_ 93 k 1 
a 181 151 Sett. Claes 'A'— 161 
f 161 114 Sett East. fav_ 142 
7 45 34 Srot-Europeau- ,44> 

L 116 8 ft SettJLshto- — 106 


14- ftlbeSp- 17^ ft HJ.56 3.7 4 7 17J1W 50 

£ ffiSfa: f ~ %, fj | 

S S»* A :r. S£ | « 

?, FS73P-- ^ r l . K ” _ i 1 “ S g 


Eir 1 - s - «r g »■ is fiict ^ :* f&t n 4 H to. u ? ffi, 

Sfi£ K » -i 82 H.M 72 *5ft m SMmL. ^ ..... Kss 32 lS| 4 5 ^ 


jsskhs: ^ ^•sa staapg s'-fesssat atdgBHBia 


-i x nuri tw mV v Base: v =dw Mg « ii f. 
-iH-UISjIkfilHlS ss S daf 3 8&A& 


jaicarRfflp. 122 -2 1524 3 7} 6 ^ 5.6f |140 

nSl-allSL £25>a - - OS*? -4 3« H ft 


ansport Pev^ 


£25*ai.. . .tons — \ 3fi - D 61 Harw»6Sor 
75 ... *3 24 2 *621681,81 M Iiwie^Grp.i9 

J3-I .1 - I _ I _ I A [217 168 LAP rbcw.i 


Sffrt dings.. &7.E L6 123 t.b ^ j; • — 

GTOK.10P- 43 K34JS 2110.6 7.0 53 25 SrtfTRAersoo. « 278 

71 ..■ 4 3A ?o 9 0t6t» 40 18 SettistoL 10p— 35 .... L53 

SSSr - 67 «93 2 3110 4 8 70 20 Sh« Carpets I Op. 70 +b 255. 

S’ 2 C 0 !a 73 is 34 20 SJUtohSfstu^ 26 . ... 1.66 


,?7 


t Ontario 71 

L Ltd far — RM’ 
.Western — 1 
L Westo-’B'— 
AUi 5 nw.Trt_ 195 
Great Ntbn.. 89 


160 |+2 |123 

Sri Lanka 

1 220 | 1538 | 15| 33 

Africa 


u 


620 1 50.76 1 6(122 

175rf — 14132| 24j t 


MINES 

CENTRAL RAND 


335 1-13 






A Sterling demur! noted wcurttto* which Include 

dollar premia nu 

* “Tap" Stock. 

* Bilht and ftm maitod thna tarn, ben adjusted to allow 
tor rights lunes lor cash. 

T Interim snu-e increased ar resumed. 
t Interim rinew reduced, paw’d or defeorad. 
tt T«r-lr»o to non-res Wen Is on application. 

* Figures or report awaited, 
tf Unlisted security. 

d Price at lime tf supenwA. 

5 Indicated dividend after pemfiac scrip and/or rlcMi Laanec 
cover relates to ptenmi! dividends or forecasts. 

* Mercer bid or reorganisation in procress. 

4 Nat comparable. 

* Same interim; reduced final and/or reduced earnings 
indicated. 

4 Forecast dividend; cover on earnings updated by latest 
Interim statement. 

t Cover allows for co n v er s i on of share, not mm ranking tor 
dividends or ranking only for rasUicled dividend, 
jt Cover does not allow lor sham which may also rank far 
dividend at a future date. No P/E ratio usually provi d ed. , 
V Excluding a final dividend declaration. 

* Regional price 
D No par value 

a Tax free, b Figures based rer prospr e tna or ocher official 
estimate. < Cents, d Dividend rate paid or payable on part 
of capital; cover based of dividend on lull capital. 

* Redemption yield. I Flat yield, c Assumed dividend anti 
yield, b Assumed dividend and yield alter scrip Issue 
! Payment from capital sources, k Kenya, m Interim higher 
than previous tccaL u Richts Issue pending q Earnings 
based on preliminary lipum-. n Dividend and yield exclude a 
special pa ym e n t, t Indicated dividend: cover relates id 
previous dividend. P/E ratio based on latest annual 
earnings, u Forecast dividend: cover has&l on previous > ear's 
earnings. » Tan tree up to Tflp in the t w Yield allow* [nr 
cunenry clause, y Dividend and yield ha-ed on merger terms, 
s Dlvltkmd and yield include a special payment: Cover dees not 
apply to special payment. .% Net diMdend and yield B 
Preference dividend parsed nr drfernetl.C Canadian. E Inns 
Price. F Dindrod and ylcid bayed on prnxpeclus or ether 
official estimates lor iSTiyai. 6 Assumed dividend and yield 


after pending scrip and/or rights issue: H Dividend and yield 
bused on prospectus or other official estimates for 
1078-19. K Figures based on prosper I us or other official 

I estimates for 1978. IB Dividend and vield based on prospectus 
or other official estimates /or 7978. N Dividend and yield 
based ou pro s pectus or other atncial estimates (or 1979. P 
FI cures based on prospectus or ether official estimates for 
1B1B-1B. Q Cross. T Figures orsumed. Z Dividend total to 
date, tf Meld based on assumption Treasury Bill Rale days 
nsct|a°&cd until maturity a? stock. 


9J3126 17 60 J7 1 

991105 215 15ft Securities T.5c_ 195 
efl * 460 300 SdeetfcAlsr H2fi. 4W I- 


’tJ 4 hnSSSX. IT -2 4335 37 7.7 S3 Z»- PJ*" HMM. Ji. » H HMl f § ^ KiSSSfc S 3 3.55 ♦ 

j gg3t fa |j \li “i5'«dw ? s linn 1 ^ Is fesy & &-a Is 

ra SStttsr.fi a II .fluf.- PROPERTY n»im» 

I 89 Wedgwood—. — 120 h3.80 3 6 4 7 6B 


20 SmelliTidnasI « — 1203 L 6 67 ll .8 *jg‘ ^ Sjut^to-Mp- l 

271? SuVewfaLBOO. 83 -h - _ _ _ Bft » SumRWp — . 

S2 4 SmSiS?" 36 *...125 LB HL4 73 ^ HS* 1 ’ 

§ eaasa: s = a ?, * 3 1, | 

23 Tm^owtilatr.. 78 ..... 167 5.0 3.2 68 }f. «5 J79 I 

J 8 r«HJJr?.10p. 34 ..... 2JJ1 42 4.4 75 ^“ ^ ~ i«?i I 

46 Tariausoes..— . U 381 L3 8.9 128 ® ^ 

44ij Toote) 4ft .... *276 23 9J 5.7 ^ Sis 

31ij TbtmYSO 51*2 -l* Q10% L0 Z2*J2 .fa 23' a ^7 ' 25*dj.... 

27 TnrfbrfCaniefc 32 ... .. ?69 CU 7 « 0* 1W » ^ ' 

48 TritwiUelOp.^. 84 ...._ lL 86 62 33 68 ^2 ^ ctL . 

41 i'ltg-Tfeta/p — 58 355 * 8,7 f ^ ^, 05 to 

34 YwtaFlnetflPp. 49 1X5 02 5.2 - ^ lS Li 

31 KlwW 38 -2 2.0& " I IS - ill : |1 ^StSSl m 

81 56 TnNinetoeS- 75 I. 

TOBACCOS » ft K&& to , 

S ftm— il :? ii ii (7 K ilo BSSj= to : 

130 OunhillfAjlWp- 395 &85 53 82 ^ ** 1 

711* tapenal.,^.. 83 5.75 llujfUi SJHSffi 1 - 


a BffieS *=■ y aas« -m Htsif fS-ii 

'1 BP*~ 1 =• «{, t ? Z « f® 8 ::r. & H » S| «* S* »l ft, d IS R $ l! ft ^ ^5 

* 35 SltoBkaeiL S 0.25 - .0.9 - ^ Si M 14 '64^ 4 900 600 VSlMtadfi- 77D 

1^6 Wi tsnJfldLSl 189 -2 100 20 83 BO U a i» Apt 7 y ^4918 THT 1 QTQ UfMAWnr T AVTk ^ 74 YJiMRwdrca. 8 J* 

at £® -> Fjiffi iS HI . 3 ,&, H I:! So trusts, finance, land « 

% WsSms: ^ = p ‘1.1 m . k Kissst" sil ii ii ” ... *««»«» **> i m. ESfci «. 


/TbonfiM-] 5b +1 {319 


30 si'"' t 2 M l* 3 |5'fc"S a S 2 SfeilS'^r ^ +i" - - - - to « Afanhalm*. g 2J9 10 ] 61241 'gj 

KSil ft” A" 319 If Isi! n» nisSffist. mg gw jjW^g fg, JSE 5 !!: m 10 >S ig 5™=^ J» 

83 (squall * -i e.« 24 Hi 71 to « aS3 I _ “ff “ i - 124 ns Shorn to _ m U 1 U 1 M Fi nance. La 


i\ 


AbbreriatloRR Hex dividend: meat uerip Issue; v ex rights; as 
all; tt ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 40 


KKUi 


334 1+3 


This service is available to every Company dealt in an 
Stack Exchanges throughout the United Kingdom for a 
fee of £408 per annum for each security 


REGIONAL MARKETS 


The following i* a selection of London quotation^ of shares 
previously listed only in regional markets. Prices of Irish 
issues, roost of whirb are not officially listed In London, 
are as quoted on the Irish exchange. 


m 


a 

348tf-4- 
93 -1 
975 1-20 
-20 
-2 


190 ffetom50e - . 

| misfoitaMiBy; 50e _ ■ 


SbefT Refrshmt .l 63 I 

Smriall iWro.)— | 107 I.. 


4| j 1 SutdaUiWm. 


67 Jacob. 

190 Sunbeam- 

21 T.M.G 

56 Umdarr .... 


Cow. 9K. -80/82. £904. ^ 

Alliance Gas 73 +5 

.Amod 360 .... 

Carroll 1 PJ.i 99 *4 

Clondalkin — W +5 

Concrete Prods- 130 
HeiU» iHIdgs.) 49 

lns.Corp 180 

Irish Regies 105 


49 

180 

105 . — 

63 : 

31 

2«W +5 
85 ...... 


FINANCE 


INSURANCE 


- 97 [BcwbgfGT.i- 224a! -1 1299 iS 36j 10 330 233 

28 fBdtoflSdlflp. ,32 L30, 3.4 60 7.4 65 471 

148 Britannic!^ X70 : -2 932 — 82 — W 52 

. S? tanbtodAntSL. O ft 03.2 _ 47 - 38 2? 

. ' mb Cfflnmanwo— M0a — t777 - 83-184 154 

. 332 EscJeSltt 140 t6.22 - bl - 31 Z1 

1 ft Efig.tijffi.LiT®- 22 — ■_...— 113 75 

£lrf7 EnmaUKWiiv- £125 — ; 09% —17^— 120 60 

•. 1* BpdU-i.LwSp. 170 -2 09 - 6.0 - 19 111, 

. 196 GerUecKJew- 2 W — 1*22 - &.0 - bl « 

- 234 GJIE— — '250 — tl0j2 — 60 — 51 27 

263 HarobroLlfc— 405 1203 — 7.6 - £103 £60 

. 257 270 .™. 4.90 5.1 2.7 1IU £100 P 8 

163 &«RohiaS- 217 . +3 t2b, 33 $3113 « 38 


90 S9 Da Op SOp— 8Z 

360 272 SSC ^ •-- 4A“ 23 L7«^ 

36| 80 BO® 233 SSb^EsL- ^ +\ -U 2Jg.J 

6l 7.4 « 4ft W -} ft? H MS 


129 | Da CapitolS^ 203 +l|KMB - 0J|- 


-4-J - 5ft fe*n»to.tat- 57i 2 — : 437 UjlL9jlia L ^ .*,**»,— mm 

22 L7403 82 47 ftniia n 79 — _ _ 212 206 .woydS/atftB? W5 

Sgl Jft Adb^Trs. 45 ft 1137 Ll 45 30.1 12 5 to«rTst»p. 9 

u 2 J 40.0 51 36 AmerlcaiTa.'B' 45 - 54 2ft Aalbcntrlm^ft 54 

L5 43249114 84 Aiq^oAni.Stcs. 103 ..... 3J» U A4 3L2 .25 ljj 


Finance, l^kd, 

.AkrovdS/nrtJwTl 206 


— 


Dal2peOiv — S§4 

EdaJrAfienfy— 47. 


'.71 65 48. [Bankas 1 lav._J 59 


Lw 63 223 180 IOC Farina ftfiexJ*L 1M 

4t 7m J 13 S BS£S= W* 

li \m a 5 tesii 6?= 

kill obw u47 


DIAMOND AND PLATINUM 


ten Accident 
(rtn. Electric 


London Brick. 


BriLLand 


m 


R 


H 


mt 








































































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Hiiiafone 


IlfTAJUSAHWE ■ 
ANSWER YOUR PHfifUE 


1 From only £150 per week 



19 Upper Brook Street, London; W1Y 2HS 

- KINS AUrriME 


01-629 9232 


Thursday October 12 1978 * 


Exchange 
equipment 
order may 
go to 
Sweden 


BY MAX WILKINSON 


Bigger N. Sea impact 
forecast for 1980s 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


NORTH SEA oil and gas are within the period up to 1985 at constant 1977 price* 
expected to make a slightly than envisaged a year ago. Up to. 1981, the increase is 

smaller contribution to the 


The alteration of these figures, largely attributable to rising ail 
_ , . , , published in the Treasury's production, which is forecast to 

economy and the balance of pay- economic Progress Report, is not peak m the early 1980s. The rise 
menis over the next couple of unexpected and has been fore- in the current account contribu- 
years and a somewhat greater shadowed in a number of stock- tion from then onwards 


is 


THE POST OFFICE is preparing 
for a political battle over 
whether to order an international 
exchange worth about £25m from 
the partly-owned Swedish com- 
pany Thorn-Ericsson. 

The Post Office bought 
Swedish-designed equipment for 
the last two major international 
gateway exchanges ordered in 
1972 and 1975. 

On the last occasion the 
decision between Thorn-Ericsson 
and Plessey, the only British con- 
tender, bad to be token to the 
Cabinet The Ericsson-designed 
equipment was preferred partly 
because it could be supplied 
more quickly and partly because 
it was based on more advanced 
computer-controlled technology 

However, international tele- 
phone traffic has been doublin 
every four to five years, so that 
more equipment will soon be 
needed. 

The Post Office's last review 
of its ordering plans envisaged 
the need for a new international 
exchange bv 1982-83. This 
implied that 'an order would be 
placed in the fairly near future 

The Post Office's development 
of a new series of computer- 
controlied exchanges called 
System X will eventually include 
a large international exchange 
but this will not be developed 
in time for the next order. 


Advanced 


The Post Office is believed to 
favour Thorn-Ericsson for the 
new exchange, partly because it 
would fit in with the other two 
AKE-series Ericsson exchanges, 
and partly because it is more 
advanced than the electro- 
mechanical exchanges Plessey 
could offer. 

A spokesman said the Post 
Office had not yet reached the 
stage of going out to tender or 
considering who the supplier 
should be. In 1975. however, the 
contract was awarded to Thorn- 
Ericsson Without going to open 
tender. 

Mr. Anthony Wedgwood-Benn, 
then Industry Secretary, came 
under strong pressure from the 
Association or Scientific Tech- 
nical and Managerial Staffs and 
the Electrical and Plumbing 
Trades Union to reverse the deci- 
sion and give the contract to 
Plessey. 

However, Mr. Benn decided to 
back the Post Office, partly on 
the ground that much of the 
assembly would be undertaken 
by Thorn-Ericsson in Scunthorpe. 


Continued from Page 1 


impact in the 1980s than pre- brokers, circulars, though the ex- largely because of the expected 
nou^ly assumed. This is mdi- tent 0 f the revision is smaller decline in. interest, profits and 
cated by Treasury estimates than some City estimates. dividends due overseas, which 

published yesterday. are ^ turn partly the result of 

The net impact of North Sea Estimates ** , proposed changes in 

oil and gas on the current Fv » n aftpr thp thR Petroleum Revenue 

account is now estimated at total Sn^ct of oil l^cfcas o^U aMt,nncei1 ln lhe s unuu a er - 
£3.2bn this year, compared with nut on Gross National Product A1 * the estimates reflect the 
, figure, of £3.6bn ^published fc ut rt “ nESrf "'“li SSSg ‘S. 


Tax 


August last year. Similarly, the “the^naTcrapie^oc'ynS Price of oB .will remain constant 


contribution ta total output, or and* to '”inc7ease““more“‘raDidlv in real terixis frorn 1980 J. 985 

Gross National Product arising previously assumed, in the ?£ J** [ l v j\ 


within the oil and gas sector JJHJSSSa ->bn mis y^ar to starting" price has fallen 
has been revised from £2.6bn £4 4bn in njgo and £B.6bn in suice last year, because of the 


to £2.2bn at 1977 prices. 


19S5 aaainst a nrevinus «ti- weakness of the dollar, this 

The main change from last mate of £5.9bn). Ail figures are JJJSSSs'to 1 r Sl terms^to^rt 
year is that actual and expected at constant 1977 prices. recovers in real terms to last 


year ia mai aciuai aim ciHcwicu at vyuaiaui xoi i yi ii.ca. JpwpJ hv IQRrt A nrice 

£!* ARKSE „ J h * which wi lO p£r cent higher or 


tion have resulted in a different gas to the current account rises bviras^ would ctaan-e the 

phasing of the forecasts of oil from £3 2bo this year to £5.7bn ^Sbution to the c£rSt 
output, mainly affecting this in 1980 and £8. 6bn in 1985 frfita 

year. Fewer fields are now against a previous estimate of J 

expected to be in production £S.lbn. These figures are also Table, Page 9 


Dollar fails to record low 
against Europe currencies 


BY PETER RIDDELL 


THE DOLLAR fell to new lows 
against several European cur- 
rencies in active trading yester- 
day. Sterling, as a result, was 
pushed to its highest closing 
level against the U.S. currency 
since early March, 1976. 

The renewed weakness of the 
dollar was not attributed by 
dealers to any particular new 
factor, given the general lack 
of confidence in the U.S. 
Administration's economic poli- 
cies. 

There have been reports of 
continued portfolio switching 
out of the U.S. currency by some 
smaller central banks. 

Selling occurred on both sides 
of the Atlantic and there may 
have been some official inter- 
vention to steady rates, although 


this seems to have been on a 
smaller scale than last week. 

The dollar fell to a record close 
of DM 1.8700, compared with 
DM 1B935 at Tuesday’s close. 
At one stage yesterday it 
reached a low of DM 1.8655. 
The rate against the D-Mark has 
dropped by 3£ per cent in the 
past 10 days. 

The weakness of the dollar was 
also reflected in the bullion 
market where the price of gold 
per ounce rose by 31$ to a 
record close of S226J after a 
day's high of $227}. 

Sterling was boosted by the 
weakness of the U.S. currency, 
rising 90 points on the day to 
$1.9925 after a peak of $1.9960. 
Although the pound has briefly 
touched or breached the S2 level 


twice during a day’s trading this 
year — most recently on August 
15 — this is the highest closing 
level since the start of the pro- 
longed sterling crises in March, 
1976. 

Sterling performed less well 
yesterday than the stronger Con- 
tinental currencies and the trade- 
weighted index against a basket 
of currecies slipped by 0.1 to 62J5. 

This index has been fairly 
stable In recent weeks as the 
relative firmness of sterling 
against the dollar has offset a 
weakness against some Conti- 
nental currencies. For example, 
since mid-August, when sterling 
was slightly lower than it now is 
against the dollar, the pound has 
dropped by 3} per cent compared 
with the D-mark. 


£17m subsidy for Coal Board 


BY KEVIN DONE, ENERGY CORRESPONDENT 


THE GOVERNMENT is to subsi- balance of payments by reducing recession and the relative decline 
dise coal sales to power stations oil imports and the small in oil prices, which has made coal 
this winter at a cost of £17m. amount of coal imports. a less attractive fuel for the 


The scheme, announced yester- 


It would also increase the Electricity Board. 


TUC 


promised very close scrutiny of 
the extent to which firms were 
trying to absorb wage costs by 
raising efficiency. 

He came close to suggesting 
that the Commission was about 
to act as policeman of Phase 
Four. . . 

The CBI, which will fight hard 
to prevent the kind of shift in 
tactics that the TUC hopes for. 
doubts whether vetting of price 
rises would be efficient eoougb 
to satisfy the Government that 
it is a genuine alternative to 
the present regime. 

The result of TUC-Govemment 
talks, which will end in a meet- 
ing of the TUC Economic Com- 
mittee and Ministers, is not 
likely to be known for several 
■weeks. 


day by the Energy Secretary Mr Coal - Board’s cashflow by £50m This new support scheme will 
Anthony Wedgwood Benm is ^ cut its P yb,ic sector borrow ‘ double the level of Government 

aimed at increasing the amount b ? £50m - P e Board’s assistance for coal from 21 pence 

of coal burned by the Central borrowing will he reduced to 43 pence per tonne. Bui Mr. 
Electricity Generating Board by because the extra sales will Benn said that British coal was 
about 3m tonnes, bringing the enable it to cut down stocks still the least subsidised in the 
total .to between 73ra and 74m w hich stand at a record level of EEC- 

tonnes this year about 33m tonnes. Sir Derek Ezra, chairman of 

'Th- Electricity prices will not be the Coal Board, said last night 

*v™^? V |™ n i enl W -Y subsi “' se affected by the coal subsidy. that the scheme was a *‘wonder- 

the Coal Board so it can offer The Coal Board has seen sales ful opportunity” for the coal 
in h?- 1 -if n ed j pnces t0 ■ e fall in both its major markets, industry to guarantee its 

bieccnctty Board. the power stations and the steel immediate and medium-term 

Mr. Benn said the subsidy industry. This had been caused future, provided coal could he 
would give a £60m boost to the by the continuing industrial produced at competitive prices. 


Crisis as 
Belgian 
coalition 
collapses 





THE lex COLUMN J ~ 


BY GUY DE JONQUHERES 
BRUSSELS, Oct. 11. 



M. LEO TLNDEMAN5, the International financial^ mar- ■ . SftA *) three^ea? plan teT^ 

Belgian Prime Minister, abruptly feete remain desperate^ un- Index fell 5.1 10 its systems . and . 


being JtighJy.- 


tendered bis Government’s resig- stable: yesterday the dollar 
nation yesterday after failing to touched new. lows in terms of 


resolve a mounting dispute the D-mark and gold, ...while 
between members of the fonr- sterling is flirting with the two- 


party ruling coalition over plans dollar level again, 
to devolve greater powers to the 
country's Flemish and French- 
speaking regions. 


Heavy intervention hy the 
Federal Reserve to bold- the 
The King" accepted the resig- Fed Funds rate do wn tqofc some 
nation but asked the coalition pressure off London - money 
to continue in a caretaker markets, where bills'"- ended 
capacity. It was not immediately little changed and losses In 
clear whether he planned to can short gilts were kept to a 
national elections or to ask SL mir ,i mnm But the longer end 
2™° r EHS oS the gilt market hadTervmis 

goveromen? 7 f another second thoughts about the Sep- 
Tbe region a lisa tion pro- t embe r CGBR figure, ‘dropping 

gramme is the most important about | before fin d in g .aj*y sup- 
issue in Belgian politics, and port Redemption yields of 13.15 . 
would result in a radical re- per cent are now available' but 
modelling of the country’s the trade figures are,. due on 
political and administrative Friday the I3th^ 



_its 'systems . . and 
cednres. Butr EmpitaTj 
dent it. will soto 
able benefits fxbiin 'ih&c 
^Already ; cash coil* 
.improved and 
double . running '<rf. 
should soon 
- company looks - 
achieve full-year ' ' 

pf around 

At. 176p the shares .1 
prospertrve - fully ' 
1.13-rabottt- the ; sanie" 
‘Ereemans. 


Vantona/ Gompt0ii| 

-.Compton Webb 
must be won dering whwS 
all going to. -emk^ 
making ^n ■ agreed ' , bw^ - 


structures. ... . , 

It is widely agreed that the _ _ , , • - _ ciiehtlv diluted bv the.- - ■ ^ J 

outgoing coalition, comprising CoilS. Goldfields.-: ^iftchintath^ noSincomeiiro- f ait&raativei;^ 

tbe moderate-conservative Social _ . the \CpurtiBiIfe 


Christians, the Socialists and two I The announcement -oirTues- ducing DeelkraaJ. agreed, and now w 

‘ - Fields seems confident 


smaller regional parties, stands a day of the pre-tax risr from Gold neios seems wuiiucin leavine 'ah ' e&iUKr- 
better chance of shepherding the £18. 1m to £31. 7m at Amey Road- that Amey Roadstone *1*1 ' at "fro m Cariin pto h-VI vella " 
programme through Parliament stone stole the thunder from the least maintain its much higher 

than any other combination, parent Consolidated Goldfields' profits level, and could even im* 'fact ' It Droh^^T 
tt ^ - * results yesterday, and the prove on it . ‘^ er for 

Unconstitutional - shares eased when pre-tax pro- The group does, however, de* *?5- - 

The crisis was triggered 

objections from members of .■ > mun^ «uc ui «mu nu, revenue auu <» ujuuu uuml- -.h thm- id ■ m 

Tindemans’ own party, the nnfte rtonhlert from I07fi-77i. <c -> factor ft> r its ^ ^ „ times jasny 


luuuuai, auu euuiu uuiy De . .. - , , . , --o — • — in .uie «^OUrLaCiQ6 QllM' ,r 

approved if Parliament turned and dividend income, .picture it is not a very attractive way men* this iobte.^e^dir 
itself into a constituent which looks very healthy. . into gold mining, while it has financial grounds." 
assembly. This amounted to a . Apart from the construction yet to prove Its. ability tP sees^ Compton as 
ra TI» r SoSlW Part- and the materials side, profits from the achieve consistent, growth a new drvisfoh wi&v&ff 
Brossek ^ bied ^ Demt^ratic Austria! side haye-,- shown (other than through acqufsi- able overseas. pctMi^ 
Francophone Front have accused strong growth _ in the second tions) in its chosen newer secure UK baise.^ 5pie 
the CVp of trying to reopen half, and gold dividend Income activities. . the bid is =e«nm«W* 

negotiations on a delicate issue has moved solidly ahead. There - . th an 

assumed to be settled in prin- has been a jump of 60 per cent Empire Stores ' not supply Co 

Hn,A ^ suspect tbe . CVP to £13.8m in the share of profits Af^ ™ wsultt from the-- beSfWS^^ 


remove Pro^ns j of jssociat^. whi^mpstiy re- good deal 


ciple. 
wants to 

— - - r-- ' S/I BAIUWiaiWOt WU1UU 11AUOUJ liV 

3«£* r U Fren“h IpeateraX 1 ^ Rddfof StorttoSS “ S‘o™s7 rounded oF the “mil that has 
mg in Flemish suburbs around r as 01 order sector . s i nte rim results P atues competing 

the capitaL However, the group has: writ- season yesterday with sales and that n£MufactdreS^((Jfi 

n off £1 1 .f)m. renreserltine in **»»<:** wk .k».« ie 


Brussels’ status has been one ten off £11.9m, representing in pre-tax profits both about 16 
of the major bones of contention roughly eqnal proportions the ne r cent better’ This is not a '1- 

&te?ro~ b2a°ui j? vestn, “ ts in j in bad Performance given that tire Wat< * 1 

it Is a predonSStiy ' FYencS ^ ornwaU J aad Gunpowder comparison is with a record “The. first 
speaking city in the southern ^ opper <lb . Tasmania) which first half last year.-- Empire’s Crain tiie Council^, 
pari of Flanders. are D0W ° n a ^r® pnd 1 mainten- sales increase reflects volume ties Industry? iwi&Kl 

The conflict came to a head an< * basis.. On the other hand, gains of about 7 or 8 per cent . special attention-/ 
yesterday afternoon when M realisation prowls nave risen —in line with the industry per- subject, ani nn- aa-ii 
Tindemans was confronted with £3m to £10m, phiefly reflecting fo bn a nee. The increased insider deal inga^vie 

SSi ha ™ h Bl S,1 SrGSveSm 2on«Yl W K ;it,0,lgh £S 25 

had trifled itt posilion DeS Kg? •“* m, ° S#Uth Particularly wdl. . commit 

ing angrily that he had nevei A ^ Empire is almost at the end offend anyoite. ^f. it ^ 

witnessed such a proposal before. Plainly, gold-based income is of a costly progranune -to. com- advances '-thife 
he announced his immediare in- likely to - remain buoyant with, puterise its agency accounting course' It’ wOitid beijui^ 
tention to tender the Govern- the higher, gold price now start? system. This has - . * -• - 



, taken the best to look, . 

menis resignation. 1 ing to show through- in dividend part of seven years to. achieve, mountain v tdp.. Batipfea^ - L , < 


cused him of ae!?n^ | declarations, though the impact and suggests that Grattatr js bon bon would ha^i»e^ 


Lloyd’s raises membership sum 


BY JOHN MOORE 


LLOYD'S of London, the world’s Commonwealth or EEC coun- the record 3,636 elected to mera- 
oldest insurance market^ is to tries, must have £135,000 instead .bership of Lloyd's that a steady 
raise its minimum wealth of £100,000, while the economy- increase in capacity was a 
requirement Tor membership class mini-membership require- healthy feature of the market 
from £75,000 to- £100.000.'- This- raent rises from £37,500 to provided “ it was accompanied 
requirement will affect those £50,000. by a corresponding growth in 

seeking membership in 1979, and - These last, admitted since business- 

beginning underwriting from 1976, underwrite a much smaller Lloyd's hinted then that mem- 
January 1. 1980. amount of business than full bership might have to be limited. 

The increase takes account of members. ,.? u * ** sa '^ yesterday that it 

the changing value of tbe pound Lloyd s, describing it as an did not expect the new require- 
since Llovd's last amended ibs attempt to bring membership menis io have any influence on 
membership reauirements more requirements into line with the membership coming forward. 
San fivTy P earra^ So Se “<™y. . “We never Wet our .mem- 


accused him of acting high- 
handedly and without consulta- 
tion. Part of the bitterness 
created by today’s developments 
Is caused by their Fear that the 
Social Christians would increase 
their votes in a general election. 


■*« '•>/> * ?«- 

& - 


Weather 


Continued from Page 1 

Ford 


U.K. TODAY - 

WARM with some sun, and] 
scattered showers in the north. 
London, S.EL, Cent Southern 
E. England, E. Midlands 
Mainly, dry with sunny periods. I 


membership requirement was 


rejected any suggestion that it bers to show the bare minimum 


raised frnni finriho tn f 7 *i non wa * a P 10 ^ lo check flow oI requirements, anyway.” said a 
raised from £50,000 to £75,000. peop|e seeking membership, Lloyd’s official. “ Not many 

Other changes are planned on which has run at record levels, people who become. members of 
wealth levels. Foreigners, ex- Mr. Ian Findlay, .Lloyd’s chair- Lloyd's get there by raiding their 
cept those resident in British man, said earlier this year of gas meters.” • 


Columnist loses claim against FT 


FORMER Financial Times the Employment Appeals Tri- The tribunal said it shared the industrial court and the atti- 

columnist Mr. C. Gordon Telher bunal. the doubts of Mr. Justice tudes which were manifested 

has lost his appeal against The tribunal said that Mr. Bristow, during one of- the five there.” 

dismissal from the paper nearly Tether was sacked because of interlocutary appeals, whether The result took us “ an impor- 

two years ago. the irreparable breakdown in his industrial tribunals were suit- tant stage further in relation to 

T, ; rainctstpm^nt working relationship wftb. Mr, able for conducting what he the increase of press censor- 

^ Hnn w.frfSLd Fisher, who took over in 1973 called “state trials" involving ship." he claimed. . . . 

vMiPrda? bv tt B ai» M industrial from the P^ous editor. Sir issues like Press freedom. . “ It should be a matter of 

Tnnrion after a 4S-dav Gordon The dispute The tribunal described the concern for the whole journalistic 

7hp lnnc«f on record m editorial control started Financial Times offer of full pay profession that the tribunal 
hearing uie longest on re - S00Q after Mr Fisher's appoint- until normal retirement age and appears to have upheld the 
Mr. Tether, 64, was dismissed u, en t. an unaffected pension as “not Financial Times' contention that 

23-months ago after a lengthy Dismissing the daim. lhe. tri- only adequate but generous.” the editor has a divine right to 
dispute concerning control of the bunal, headed by Mr. William even bearing in mind Mr. dictate the contents of the paper, 
daily Lombard column by tne Wells, QC, said Mr. Tether re- Tether’s long and distinguished including what is to be said- 
editor. Mr. Fredy Fisher. Mr. fused to accept Mr. Fisher’s service, and particularly since by so-called independent writers. 
Tether had written the column editorial control and consultation he was free to write for any l consider juumalists should 
for 21 years and worked for the about die subject matter of his other publication after his be equallv concerned that 
Financial Times for 4o years. column and its treatment. dismissal. . the tribunal seems to have 


- Cent, N.E., S.W. England. 

Isle of Han, Channel Islands 
Bright intervals, scattered! 


countries considered. The 
Spaniards, however, are eager . oqr tnv . 
for a new Ford investment. Spain Max ' “ 3C 
has the attraction for Ford of] W. Midlands, Wales, N.W% 
having mounted a highJv SU c- “ ' 
cestful -operation at Alm'usafes 
near Valencia to produce the ^ 

Fterta Ford has land there showers. Max. 18C (64F). 

SSSSn^SL 0 ' i,s S600m 5 - "-"MF-* 

any n^invnM^t’muId^e’a MatS C63F) SUDny perlods - 
re-writing or the agreement gov- ./j L’ L , 

erning the plant. This agreement J*- Scotland. Scottisb Islands 
known as the “ Ford law ” was Sunny periods, some showers, 
highly restrictive. Max. 15C f59F). 

The Government accepted the Outlook: Mostly dry with 
rnra presence on the basis of sunny spells. Becoming cooler, 
component content 


local 

eventually reaching 73 per cent 
and. more important, that local 
sales of tbe Fiesta be restricted 
to 10 per cent of the total pre- 
vious year's Spanish car regis- 
trations. 


BUSINESS CENTRES 


THOMSON’S 


- ■ 




EQUITY. & LIFE BROKERS LTD 




Hij^i Rate Taxpayers Etilt need to ihcre^ 
their after tax income tb counter inflaficS^ 
and this years tax reliefs are of little r^!' 
help. Selling capital on a -regular feas&i^. 
meet an income deficit is unsatisfactory 
markets fluctuate. ; y--*l 


U: 


■,*r 




Thn three- man tribunal said He also refused to accept the But the offer was rejected by accepted that editors can change. 

recommendation of a National Mr. Tether, and during the hear- arbitrarily, Uie jobs of their 


trarion. 


of the “ Ford law " to 65.( 
units. Yet Ford estimates 


inconvenient position of holding 


rorms with the 10 per cent res- 
triction. 


Amstrdm. 

5 

Y'day 
midday 
■C ®F 
22 K 

1 

Madrid 

F 

.Oldens 

F 

U 

73 

Manchstr. 

s 

Bahrain 

S 

3? 

M 

Melhourne 

s 

Rarcolona 

F 

21 

73 

Milan 

F 

Btrlfanr 

F 

17 

SJ 

Montreal 

r. 

BpJsradc . 

S 

IS 

94 

Moscow 

5 

Berlin 

S 

21 

79 

Munich 

c 

Birins hxn. 

F 

21 

TO 

Newcastle- 

s 

Brinnl 

F 

31 

'70 

Net* York 

s 

Brussel* 

S 

22 

• 72 

Osin 

c 

R. Aires 

s 


69 

Paris 

s 

Cairo 

s 

34 

m 

Penh 

c 

Cardiff 

F 

19 

09 

Prague 

c 

CD Iraao 

S 

17 

93 

Reykjailk 

c 

Cologne 

s 

?1 • 

7n 

RlO dc J'n C 

Cotmhagn, 

s 

14 

36 

Rome 

s 

Ppftlin 

s 

ia 

94 

Singapore 

c 

Ertfnburah 

c 

IB 

66 

Stockholm 

p 

I’rankhn 

s 

20 

69 

Slmsbrg. 

c 

(ieneva 

s 

15 

a* 

Sydney 

c 

niaiaiv 

F 

19 

68 

Tehran 

s 

Helsinki 

C 

» 

40 

Tel Aviv 

s 

II. Knna 

c 

27 

91 

Tokyo 

c 

Jn'hnrg 

5 

■J3 

73 

Toronio 

c 

Lisbon 

C 

14 

57 

Warsaw 

9 

London 

s 

24 

73 

Zurich 

c 

Luxembg. 

s 

19 

66 




4 39 

in so 
19 66 


a 84 

ia 54 

]'J 54 


was satisfied that tbe news- ^ , — 

paper acted reasonably in treat- Union of Joumalists-Newspaper mg the Financial Times with- journalists, 
inc Mr. Tether’s conduct as Publishers’ Association disputes drew I l ■ Mr. Tether added that he 

sufficient reason for dismissal. S?! 11 satisfied that, at_ any would have to consult his law- 


Mr Tvthpr Of Tawfords Hilt M,v ^sher -to -tty-4o establish rate- In the later stages of his yers on whether to appeal, “but 
Mr. Tether, of Lawiorns an accepta ble working relation- dispute, he was obsessed with tt seems quite possible that I 


Road, Worplesdon, Surrey, had ^ p a gense of injustice and that his will. 

conducted his own case inc ^ tribunal described the actions in relation to the dispute “ Mr- Alan Hare, chairman and 

tribunal said that row naa situation as “intolerable" for must be looked at from this point chief executive of the Financial 

be allowed. however un- newspaper. of view." the tribunal said. Times said after the tribunal’s 

expertly be did it The iri puna i par ties had raised the It was satisfied thnt the findings that the newspaper was 

added: Our efforts tc issue of tbe freedom of the Press Finanrial Times followed work- pleased with the result and con- 
issues and so reduce me ‘eugui — the newspaper saying that the ing practices normal in Fleet sidered oF particular importance 
of the hearing were wnony editnr's control 'and responsi- Street. the suggestion of the' tribunal 

abortive, and resulted in tbe biiity. an d Mr. Tether claiming Mr. Tether said yesterday: that cases of this kind should be 
bearings, far from nein^ ex- yj a j bis right to write on sub- " Naturally I am- disappointed referred at a very early stage 
pedited, being . lengthened. jecU of his own choice io hrs at the result but actually 1 am to e ome other kind- of ’tribunal.” 

Five times Mr Tether took own way, were fundamental to not surprised In view of the way Full detallc of the findings, 

points arising from the case to Press freedom, in which the ease proceeded in Page 14 


Industry recognise that such 
restrictions cannot be continued 
indefinitely. especially when 
Spain enters the Common 
Market. 

The prospect of a large new imaZr 

Ford investment— -the previous “C °f 

one was the- biggest ever foreign 5 ^ ™ 

investment in .Spain has pro- Biarritz ■ f S 3 
vided the administration with the BUckpwii c is si 


HOLIDAY RESORTS 


justification for an eariy review 1 | “ ra 


of the controls on the entire | cnbiraL c 22 72 


automotive sector. c«k t£ cue 

According to a senior official gSbwiih | S U 
m the Ministry, the new legisla- Far« . r la bb 
tion. liberalising the automotive E. toPMUJC s w 73 

22 nr ’tllf? l,d «s b? C0 !? rtete s SSSSr.c sl S 

early 1979, Sucn a rtep would Gnernwy cun 
represent a major change and omst™* saw 
would arouse some domestic iT^IV r w m ‘ 
objectionsr But the Ministry Istanbul 


F W (fi- 


Jersey 

F 

vaw AM 

midday ftj 

•c. {■ 

17 as n 

Las Ptxna. 

F. 

24 

75 

Locarno 

S 

21 

70 

Majorca 

s 

35 

77 

Malaga 

s 

24 

73 

Malta 

F 

72 

Nairobi 

s 

26 

79 

Naples 

s 

33 

73 

Nice 

s 

22 

72 

Nicosia 

F 

37 

81 

Orwno 

c 

31 

'TO • 

Rhodes 

F 

34 

T5 

Salzburg 

C 

12 

54 

Tangier 

F 

25 

77 ■ 

TenerUe 

C 

14 

57 “ 

Turin 

S 

2d 

J5 

Valencia 

F 

20 . rrl— — 

Ventre 

S 

20 

■®1 fr«a 


The new capital gains tax icpncessionsTnak^ 

• : it possible to realise, previously ‘IockedrtiJ^ 
profits. Exchanging directLy held stoeksf^ 
investment bonds can increase income, sii&3 

ntnnrinl1....J.L l'..l 1 . . • '--fi 




. Alternate vel>; guaranteed .bonds inay^Wi-, 
appropriate for those needing more modi®: '' 
without risk. Returns are available up to 7%l 
- per annum net of all tax. This-is eonsiderabtj^’ 
more than the tax-free Turi-iip available 
- gilt-edged stocks. 


As brokers we specialise in financial pla nr’* 
ning. Our prospectus provides full detail 
of -the services we offer Please wfite -dT ' 

. telephone. . 


Tfl- MR. D.