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•'I 







No. 27,687 


Friday October 13 1978 r^U^iJXpl # 



l Robert Riley Ltd Mm Rochdale. 

” Tel: 44 551 ) 


CONTINENTAL .SBLUHC,' MICBs AUSTRIA Ml 15; BELGIUM Fr «* DENMARK Kr J.S; FRANCE Ff J.Oj GERMANY DM 2.0; ITALY L 500: NETHERLANDS Ft 2.8: NORWAY Kr 3 5; PORTUGAL Em 20: SPAIN P* 00: SWEDEN Kr J.2S; SWITZERLAND Fp 2.0; EIRE 15p 



SUMMARY 


IENERAL 


B0S1NESS 


Germans to tenderiF^^f Miners seek 


5(U “■ 




Borahs 

blast 
Ulster 
train . 

"' ; : :’ferco bombs exploded on the 
>ubli.i to Belfast express train 
: ;nly a few burnt red yards from 

he end of its Journey. A 
. ‘Oman w r as killed and at least 

*3fitnh, «i*re injured, three 

beriouhly. 

. “ - There was contusion over a 
: * ,J »»b warning telephoned to the 

1" Jisuariians. Police said the first 

. ..-umb went off before they 

: ‘• i : ■earned the train, ■ which bud 

• *:• topped in a deep anting. 

- .. Lord Killanin, president of the 

r nlerjiational Olympic' Com mil lee 
;)wl a banker, was in the next 
Jtrriuye in the first bomb. He 
~ !;•; r.? 1 " J * o»i a monthly visit to Belfast 
■' or a bank mwting. 

Twenty dead 
tanker 

... ‘ ' vt least 20 people were killed 

*’ : .. r *d Tu injured by a boiler room 
; .. splusion aboard the Liberian* 


for £7.4 bn. China 


r i 


40% rise 


new 


• TIN! prices rose to new peaks i 
on the.London Metal Exchange. 
After reaching £7.740, standard , 


steelworks order 

by JONATHAN CARR IN BONN &. ROY HODSON IN LONDON j Ir* 

China is prepared to place orders worth up to DM28bn (£7.4bn) with West rate 

European industry to build an integrated steelworks. A West German indus- . 

trial cousortium is being set up to tender, and German banks are ready in g* 

principle to provide eredit. IOI* \_sfl£|S0 

This huge scheme is Further leading manufacturers uf heavy panics may well share in the: 
evidence of die gathering pace rolling-mill equipment. and hopci project, but a competing! 


TIN 


evidence of die gathering pace rolling-mill equipment. and hopci project, but a competing; 
both of Chinas drive* fur already a successful exporter to West German consortium is not • 
economic growth anil nf the the Chinese market. thought likely to emerge. I 

growing opportunities there lor The entnpany said it had been But the Japanese expect theirj 
Western technology. urged by Mr. Tang Ke, China's tenders to be considered by ihei 


The sum exceeds that of any Minister responsible 


the Chinese. 


i comparable project 


which metallurgical industry, to form a The British Steel Corporation ; uideiy anticipated move to- 


Wi;m German industry has cousortium and hid fur the con- told the Chinese last week that ; wards a L'JS. commercial bank- 

beconm involved, such as the tract. A works buill in two stages it would be willing to collaborate i ing prime rate of 10 per cent. 

Kursk bleeiworks in the Soviet was envisaged, with a final total in the project if asked. 1 the highest since January 

Union. capacity of 10m tonnes of crude As in the case of tile planned 1973. 


News of the proposed deal steel annually. 


coal-mining deal. West German ! 


comes only weeks after the sign- The first stage is to he com- banks are prepared lo put up; 
ing in Peking of a declaration plclcd and working by 19S5. and credit to the Bank of China. | 


ing in Peking of a declaration plclcd and working by 19Sa. and 
of intent under which West would have an annual capacity 
German industry stands t» gain of Bin tonnes of crude. 


Dresdncr . Bank, 


chairman, the former Economics : suit in the next day or so 


significant 


r ,Wt> JUS JUt AU6 gp OCT I 

grade cash tin closed at £7,685 . 
a tonne £93 up. Piatbram also 
reached record peaks before 
closing £1 up at- £161.25. *n 


A British iron 
mission which rei 


FT statistics 


;. .Ii n;; 


The Financial Times apologises to its readers for the omission 
of certain up-to-date statistical material as a result of industrial 
action by members of the NATS OP A clerical chapel employed 
to prepare statistical information. ' V • 

The Share Information. Service,- the FT-Acaiarie& .share, 
indices and the Unit Trust page in today's issue are a repeal 
7 of the information shown in Thursday's issue. The same applies’ • 
--- to the European . Bourses and: the FT Slock Indices on -the- 
' London Stuck Exchange page. 

On Page M the money and currency page — Euro-Currency ; 

• interest Bates, the Pound Spot Rules and Rates' Forward; - 
against the Pound are alto repeats of the tables shown Mrt; ; j 
Thursday's issue. 

The fnltowjna. items are mtssiog-from today's issue : Euro-Vr 
- r'w*n Options Exchange, London Traded Options,- Active StbckC^f 

Chief Pace ChaGges AteiteFday, N’eui'Hlgiis/and Low^foi^lSTS. -1 
.. Rises and Falls yesterday. ’ ; . V.r.-.v. • ~7 ' 


orders nf up tu DM S bn to The value of the orders in con- Minister Hans Friderichs, has because of ihe significant 
in ruler n iso ihe Chinese coal neclion with this alone is set at excellent contacts with the, increase in shorl term money 
industry. between DM 15bn and DM ISbn. Peking leadership, is ready to i market rales since prime rales 

The steel works, to be built in The second .stage, for which no head a consortium For this "pur-! were boosted to per cent 
the norlh-easlcrn province of deadline Is yet known, would pose. ! Ia>l month. 

Hopei, is China's second big inle- bring the total value or the works a British iron and steel- Citibank, which bases Us 
grated steelworks planned on to a maximum of DM 2Sbn. mission Which returned from ! prime rale on a formula of 1] 
grew field site.-?. Ulher members of ihe indus- china a few days ago arranged per cent above the three week 

Nippon Steel of Japan is trial consortium include Siemens, exchanges, of visits by specialist average for 90-day commercial 
already working on a site thet country's leading electrical teams to discuss the Hopci pro- paper, has the option of going 
engineering contract for a 6m concern; Thyssen, its biggest jeet, and development and to 10 per cent tomorrow, 
tonnes a year plant tn Shanghai steelmaker; and GHH-Sterkrade, modernisation of other Chinese indeed, with commercial paper 
which would eventually be which, like Schloemann-Sieraag, steelworks. quoted today at 8.9 per cent, 

expanded to 10m tonnes capacity, is a part of the Guteboffming:*- Announcement of the Hopei a 101 per cent prime rate may 
The total ultimate cost of both hue tie engineering group. plan comes at a time of greatly be only two weeks away’, 

plants is expected to reach about It is understood in Bonn that intensifying links between West Although there .was nothing 
£I4bn at present-day prices. the consortium is likely tn pre- German; and China, part of[ unexpected about Chase’s 
The Ho;.ei plant was announced sent its tender before the end Peking's relatively recent deef- move, it wiped ont some early 
in Germany yesierday by Schlne- of next yuar. It is also realised sion to open its dqors to the gains in Ihe stock market, but 
mann-Siemag, one nf the world's that other West European com- West. contributed towards a firming 


* i ihr% -S' ' THE MINERS yesterday underlined the vulnerability »»r TUC and 

6 1 Sr- * j I Government attempts to plaster over their disagreement on pay 

[ policy hy deciding to press a 40 per cent pay dauu “in the 

s ] ; j spirit of free collective bargaining” and to reopen negotiations 

___ 1975 1976 1977 ttTB D niy eight months later. 

/ Af the same lime, the Govemmenl faces the largest challenge 
^ ^ m ] yet to its 5 per cent pay policy from 2.5m workers in Ute engineer* 

£ I 1U/ -flvawiwi /^ling industry, who are to submit a claim for a 3a per cent rise in 

1U/0 IH liH Ci basic- pay. 

Jt ! The guide-line-breaching pay 'offer — worth about 8 per cent — 

; by British Oxygen's gases division to 3.WM) of its manual labour 
w^k •w m £± 1 Force is likely tu be rejected at. a national conference of shop 

[ cL ! stewards today, union negotiators said. 

[ However, a further boost fur the Government's hopes of 
p — keeping the annual inflation rale within .single figure* came 

# ^I'lOCJO (yesterday with the Price Commission index For September which 
V-^lIitijV* ! showed that price rises notified over the previous *ix months wore 
' running at an annual rate of 4.2 per cent, slightly better than 

BY JOHN WYLES I ^ AugUSL 

1 The Confederation of British Industry will totally oppose any 

NEW YORK, (tel. 12 ( attempt by the Government to enforce its pay limits through 

, cr Miv-iitTnv „ 'stricter price controls. Sir John Methven. CBI director-general. 

Back and Page II 

uideiy anticipated move to- i 

wards a L'JS. commercial bank- : -« -w j 

Gormley defiant 

a j BY CHRISTIAN TYLER. LABOUR EDITOR 

moms tram other hanks, but | THE MINERS' double assault on November settlement date he 
most art* expected to follow : lho PhaSe Four guidelines— both restored next year after a March 
suit in the next da> or so h mmtnl aDd lhe lilllina of the 1 agreement. 


January 


Chase's mote did not spark 
siring of similar unnounce- 


most are expected to follow 


claim — was decided by the The XUM wants tu raise the 
national executive of the National rate of the top-paid coalface 
Union uf MiDewnrkers only the workers from £78.44 to £110 


■gfstcred bnker Spyros, cinder 
in Singapore ; The Spyrbs 
■ - r i- managed by the Niarchbs 
jbup. 

Sweden Decides 

'■'he. Speaker has asked Sweden's 
.iberal leader. Ola UUStein to 

• orm a new Government and the 

Social Democrats said they 

vrtuld nut oppose a Liberal one- 

' iariy administration. 

Telegraph still out 

• • f he Daily Telegraph dispute 
vorsened when 240 London mem - 

' ‘ icrs nf the National Graphical 
Vssociatiun voted not lo meet for 

mother week. The Telegraph 

^gias not appeared since .‘Wednesr 

ay. of last week. Back Page 

Selgium talks 

. - i r' /“\\’\\in« Badnuin began talks with 
i y \ f "S [ ; \ toiiiical leaders in an effort to 

\ j v j «. * s-* ■ ' t--.nl vi* the government crisis 

. >rou?bt on by the resignution of 
■ ”-'ne coaiitio'n led by Prime 

Leo Tindemans. Page Z 

J Carter warning 

> S * " 7 / / \ l i ('President Carter opened the 
f i ’* * jU i^aypt-Israel peace talks in 
/ V *■ ; *“ ‘.Vashington v'ith a warning that 
vp .i irvaiv would be only one step 

i v i / l; V i Vo wards a full Middle East scttle- 
g j ? ^ j' }j ■ ,incnt. Back Page 

“ * * Suard killed 

. MTiitity guard John Potter died. 

iTler being shot when a gaus 
.tf»ie £5.685 which was being 
iHivercd to Niirthfield under- 
; round sialiun in London. 

Beirut move . 

Iordan is likely to send troops 
o join the Arab peace-keeping 
' *orce in Lelanon in response to 
'i request from -President Sarkis, 

• .vlio relu'rned from his Arab tour 

Ailli little 'prospect uf a s&tlle- 
ment. Page 4 


i riteoriingKi 

jof 5287^ hefe^e closing. 
at $2 24f as tiic dollar giuncd 
"SrotiirdL r 

/? c \ 

9 EQUITIES easwL 
by the unresolved ; . wages dis- 
putes at DOC and Ford. 

• GILTS came tuider renewed 
pressure, after a more confident 
start, on. anxieties about the 
Minimum Lending Rate. 

• STERLING reached $2.0005, 
Sts highest '.level since August 
15, hut declined In subsequent 
quiet trading to close 75 points 
down at $1.9830. .The pound’s 
trade-weighted index fell to 
€2.4 

• DOLLAR fell sharply in 
ne nous trading but picked uq 
later. its trade-weighted 
depreciation, narrowed to 10 
(10.T) per cent. 

• WALL STREET was 0.52 up 
at. 901.94 near the close. 


Sir Keith warns of tough 
against ‘lame ducks’ 


) la>l month. 

un and steel ; Citibank, which bases its undemanding with the Govern- 240,000 miners. Controversial 

returned frum ^ ® n a ®f 2 l- ment provided the counter- productivity schemes have added 

» ■ hv fiSultM •vp r ^o t fn^°oiLiav inflation strategy was translated about £20 a week to faceworkers' 

\hp b HoSo? nr^I inI ° contro1 of Prices rather than earnings and about £10 to those 

tne Hopci pro- paper, has the option of going w . u . s r e**an .. r rtr s ,, r r „.„ 

elopnient and to 10 per cent tomorrow. * ' ^ , , IIInc . ® f A J tet:ek for surFjte 

other Chinese Indeed, with commercial paper „ «/■ Jwe Gonnley. NUM presi ; workers 

quoted todav at 8^ ner cent dcnt * answered with a flat “ no Although many miners leaders 
of the Hopei a ^10' per cent prime rale may the question whether the coming doubt that bonus earnings will 

time of greatly be only two weeks away round of TUC-Government talks be enough to dampen again this 

■ between West Although there .was nothing had a . n >'. beaiinR on his union's year the demand for a much 

Ihina, part of [ unexpected about Chase’s p cgotjatiuns with the National wider basic rale, the Coal Board 
ly recent dect- move, it wiped out some early Coal Boari1 - was yesterday taking a more 

d'-.ors to the gains in the stock market, but He also said the board would sanguine view of the negoua- 
coniributed towards a firming he “bloody daft” if it repeated tions that will start in earnest 
of Ihe dollar In the New York the line first Taken by Ford toward the end of the year, 

foreign exchange market. Motor and told the union it was Mr. c .ormley yesterday gave no 

w The Carter Administration is not a free agent at Hie bargaining sign that the miners would stand 

■ ■■jrwim publicly worried that high in- table because of the 5 per cent down in the face of political 

1 ICV VI terest rates will markedly slow limit , £i?^ sures ’ slre . ssin » th at **•* 

112111 the rate of economic growth. The executive s decision, which TUC economic committees 

Cy but all the indications are that was welcomed by the Left, was approval for talks with the 

Hie economy is still hounding coupled with the threat of a Government was given on the 
T| % along. national ririke ballot if the NCB understanding that there could 

l A Pres idem C,vler had heen tried lo close any more pits with- be no truck with the Stage Four 

' expected to make an announce- out the union's consent. ' . incomes policy a s such. . 

menj.oextNondav. but this has ! Mr. Go mi ley. who later Announcing the executive s 

bem postponed to allow time . i-epor'ed the execative’s dee»si 0 ns unanimous decision on pay, Mr. 
Tor an analvsis of the bndeetarv Vl Sir Derek Rzra - NCB e.hair- Gormiey said: “We are saying 
imnlicatlons or the tax redne- m»n, said the NUM was Pred of that deliberaiely today, so that 
lion leeislat'on which should thc “ L ‘ h! '™<le" of unsuccessful there will be on confusion about 
emerwfrom ro^n^s hv toe Protests about pit closures. the NUM's position m the next 
end Ihi^ek ■ The executive was lobbied by r0 und of wage negotiation,” 

In a somewhat stirurlsine men frora the Nantgam coking The TUC-Government ialks. 

vhirt ,.r SX! the ^Ameriran P«a"t in South Wales Which IS which some union leaders hoj-e 


jday after TUC leaders declared a week. with proportional 
themselves ready to reach a new increases For the rest of the 


£-WBY R1CHWW EVANS, LOBBY ^ "EDITOR 


Sin KEITH JOSEPH, Mrs,-. " If people can count on being theme— -the party’s attitude to 
-Thatcher's policy adviser, yester- rescued from folly, they will go economic management in I 

day followed the .Conservative un committing it. People are general, and incomes policy in 

Parly's swing against 'an incomes being led by their noses down particular. ! 

policy with a warning that a the garden path to poverty and Sir Keith made no direct! 

Tory Government would adopt a decline ... we must make it reference to the deep rifll 


emerge front Congress by the 
end of this week. 

In a somewhat surpriwng 


whtft i«r vlan«ft to* \mpriran P ia " 1 ,u a,,ul " vvaitrs wmeo some union leaders nope 

Federation 110 of' 'fThnur^t on- ! threatened with closure. Other will produce a joint written 


lough attitude towards indus- plain that we arc not in. he busi- between the Tory leadership anrti tions has been nrging the 


tries crippled by had manage* ness of using taxpayers’ money Mr. Heath over incomes policy, 
ment or lack of co-operation to -rescue companies crippled by hut he made it clear that he 
from workers. lack of co-operation or bad backed Mrs. Thatcher in her dis- 

His warning, which under- management." the Tory industry like of Government interference 
lined the rightward shift the spokesman declared. in oay bargaining. 


party appears to have taken on 
economic policy at its Brighton 
conference ibis week, was fol- 
lowed by growing criticism from 
rank-and-filfr Tories of Mr. 
Heaths outspoken support for 
the Government's 5 per cent pay 


It was a message the ( 

Conference report Page 8 
Men and Matters Page 22 
Politics Today Page 23 : 


con- “We do not think that controls 
on pay, prices and dividends, on 
t-. balance, dn good for the people 
of this country. We think that 
competition, sensible policies on 
money and Government spending 
— — and borrowing, and on taxes, 


Pilots warn 


guideline. They feared it could ference was clearly delighted to sensible policies on cash limits) 

damage Conservative electoral hear and Sir Keith who, in the and on target rates of return, 

prospects. past, has often baffled party from nationalised industries, plus 

Sir Reilh appeared lo indicate audiences, was given an en- a great deal of explanation to the 
a return . to. .the “tame ducks” thusiasric standing ovation. His effect that people can price them- 
philosophy- abandoned by Mr. them.e" of a tougher economic selves out of jobs if they are 

Heath’s administration in 1973- philosophy is likely to be unrealistic, will be more effective 

1973 when he told the conference spelled out in greater detail than a cat's cradle of controls,” 
that the “apparent suicide” of today by Mrs. Thatchet: when she he said. 

parts of British Leyland and winds. up the conference. Sir Keith added that a Tory 

many ship yards were products. Sir Keith’s' speech, and Mr. administration would open up 
to a large extent, of Government Heath's criticisms of the develop- the gap between the net benefits 
stepping - in with taxnavers’ ing Tory philosophy, confirmed from earning and from not earn- 
raoney. the dominance this week of one Continued on Back Pago 


administration lo go Tor fully 
fledged controls un prices, 
wages, dividends, interest rates, 
rents and executive pay. Mr. 
George Meany AFL-CIO presi- 
dent, is arguing that this Ls 
preferable to a guideline policy 
which will bear- more heavily 
on labour than on toe em- 
ployer. 

Michael Blanden writes: The 
Chase prime rate rise, eonplcd 

Continued on Back Page 


j are Granville in the Midlands. are unlikely lo bear frurit for 
Te versal in Notts, Woodhnrn in some weeks. The Cabinet yester- 
Northumberland and Walton in day heard a report from toe 
North Yorkshire. Prime Minister on bis dinner 

An attempt by Mr. Arthur ttith TUC leaders on Tuesday, 
Scargili. president of the \ork- but there was little dimiafinn. 

shire area of the union, to break — — - ■ — 

the present wage agreement and £ in New York 

bring the pay claim forward to ; j 

November this year- was ruled — ' «* , -i.ii | rmii-u* 

nut of order by Mr. Gormiey ‘ ' 

because the area resolution s1.03io.99-u - si.Qf&uwra 

At Mr. Gonnley's suggestion. 1 , n ..niii a«.o.« .11* 

Mr. Scurrill then successfully SihmmiIi* ] t-so-i-to 
moved that the traditional 12 


Sl.af6u.WM 
a«.0.47 .ii* 
1.65-l.jYI ,I»R 
t-.SS-b.TOili* 


A development by 
Hastemere Estates Lid. 


•aua.aui -• IMMEDIATE action lo black 

Mvurity euard John Potter died . without warning Brin Kb Airways 
ifier being shot when a gang aircraft may he taken by pilots 
.Kile £5.685 which was being. on -domestic and European 
IHivercd to Niirthfield under- Sights after. a “ deplorable 
uound staiiua in London. deterioration in the technical 

state of the aircraft,” the British 
Beirut move . AMraeJUOB- .Asodauon said. 

Iordan IS likely to send troops ' 

0 join the Arab peace-keepdng •UK SHIPPING industry 
' \jrce in LeFianon in response to show^ a H.3bn surplus of re- 

1 request from Fresideitt Sarkis, venue over expenditure abroad 
. . ,vho relumed from his .Arab tour fct : rj « h record, revenue 

‘ A'iih little propped uf a s&llle- from jnternanonaJ activities of, 
. ment. Page 4 XJ ' Bbn ’ 

• M. W. MARSHALL, probably 
[Minister quits - the . largest nter national inonc^ - 
' , • u- e . Tnhn in the world, . has been, 

Zambian Fu»ance_Min ster John autijofjsed ^ sel up a subsidiai-y 
Mwanakatwe confirmed that he m Tokyo ■ 

is retiring from polities for ' 

nealtii reasons and will not stand fi FRENCH Government has 
. n (he December general election, announced several new banking 

and credit regulations aimed at 
tn fSfiaoe improving the capital structure 

.yen W ^ , . of French banks and laying .the 

'• National Police Agency in Tokyo groundwork for phasing out the 
- aid that an average of six strict credit -control system. 
Japanese vanish every day to Page 3 
.-scape moneylenders, of which 

'here are 167,555 ' registered in •LEYLAND VEHICLES an- 
' japan. Mure Hum 3.000 pf. these nounced a major new range of 
•lave connections witli crime dieseL -engines to replace the 500 
‘ indicates. series, once plagued with prob* 

v toms. Page 6 

Briefly . ■ > •Venezuela is seeking a re- 

/ 0 . . h4i _ Ahll , latively modest rise in the world 

Jvf oU prices as fixed by OPEC, to 
531 ton u s SMih^Sh be combined with a regular 

? r nlA* th v»a+ S i S th £aUs quarterly increase fixed for two 
lo persuade. Page. 4 or . yeafS ahead. Page 4 

>outh Africa’s ban on the novel.- 

Peyton Place was lifted 21 years GOHrAllIES 

after publication. 

A 1923 Rolls-Royce Cabriolet Corporal** 1 third qM 

fetched 116,200 at • Phimps, ea^°p to !>5.60 a share 
London. . - from S4.66. Page 33 

Lire-slxc statue of Charlie. • REED International, which 
Chaplin is to be erected at ;the has raised £66m this ye®*" 
Elephant' and Castle, Londonl , through the sale of large parts of 
pope tests on three- unnamed its South Arriran 
competitors. 'in tho world road interests, is now negotiating the 

rrS s »* or,: 15 80 rf" 1 sh :™i n Jl s 

0 showed the ‘use of aiiabotic Australian holdiu*, wompan. . 

. steroids. • ' .. Hack. Page 


ot black ing Lloyd’s cash aid for Sasse 




BY JOHN MOORE 

LLOYD'S OF London is to pro- come after the revelation in late ante payments which it claims 
vide cash aid for the troubled August that the Sasse syndicate are due from the Brazilian Rein- 
underwriting syndicate headed was likely to face large losses on surance Institute. Because of 
by Mr. Frederick Sasse. This Canadian fire insurances which this refusal the syndicate faced 
Tare - and surprising move by rould amount to C$5m (2.13m). a solvem-y problem and was sus- 
i Lloyd's conies after the discovery Those members of tbe syndicate pended ai Lloyd's last December, 
of “certain errors ” in toe sj ndi- who had underwritten a slan- The errors which have 
cate's internal documentation. dard share of the premium of emerged, all on the Canadian fire 
Mr <?rwvlwn Morrell i-hair- £ J®'°9° mljrht liave 10 pay “round loss business, occurred before the 
nJ.,,!' ^ cvj'ifiii-.tps £32,000. syndicate was taken over bv 

man of Merrett Dixt*> bytitiicates. 

the underwriting agent that took 


w 


m 




the loanagcmenT of the R e i n c„ ran pp 

wcdicale earlier lbi.s year, reinsurance 


over the lnanagcuienT 01 uie 
Sasse. syndicate earlier ibis year. 

explained yesterday tout Lloyd's 


Mcrrett Dixey. Mr. Merroti said 
yesterday that auditors Baker 
einsurance Siitton were investigating fully 

^ t • ■ how "incorrect documents” came 

Already members of the syn- j 0 ij e subraitted for audit at 


ruling committee h:«l to dicate who have underwritten a December 31. 197B and December 

relieve some of die cash tow sli|ndard sharp nf the preiniuni 31, 1977. 

problems of the syndicate uui havc beon as j- ed tlJ p ay up ^f ter investigation it is pus- 

have arisen on a Camitwan con- £54550 , na i n j v on siOnt losses siblc that Merrett Dixey, in con- 
tract by providing iniwost tree a riging on property fire claims junction with the auditors, will 

.loans. in the US. The syndicate has seek legal and further account- 

This latest development has been unable to recover reinsur- ing advice. 


CONTENTS OF TODAY’S ISSUE 


European news 

American news 

Overseas news 

World trade 

Home news — general 

— labour ... . 


Spanish reiaiiing faces 

. trouble 2 

Belgian uncertainly after 

Tindemao's fall 3 

The Shah >(rug£ling lo 
retain his grip 32 


Technical page 
Management .. 

Arts page .1 

Leader page .. 
UK Companies 
Mining 


14 

13 

21 

22 

24-38 

26 


FEATURES 

Around Britain: 

Cider coimiry IZ. 

Politics today: 

Two patties with a 
Common mood 23 


Property 

Inti. Companies 

Euromarkets 

Money and Exchanges .. 

World markets 

Farming, raw materials 
UK stock roarkel 


Electricity reorganisation 31 


FT SURVEY 

Banking in France 15-20 


mi 


■Appointments 

Appethhtitnu i 

Bose Landing 
Crossword .... 
. Ewv-ftPtisilC 
Smarts inm ail 

Letters 

L» 


Lombjrtl 

Man awl Matiarc 

Racing 

Salerotm 

Share Infemuilsn 
Today’s Even is .. 
TV and Radio . .. 
UntL Trusts 


Weather . « 

INTERIM STATEMENTS 
Debanhanu 2b 

F osier Bras. -2* 

CnUeu, Dickenson ... 27 

moss Brass ' 23 

Sellncnun 26 

Bowiborm . ... * 30 


E. Fogarty and Co. XL 

R«lK» 33 

ANNUAL STATEMENTS 

Elblef CO. U 

Dowding nod MHb 29 

Muar River Robber » 

Adweu Croup OS 


135/141 Cannon St. London EC4 

12,000 sq.ft. Self-contained office building to Let 

V 


For latest Share Index 'phone OJ-246 802S 


4 Frederick's Place. Old Jewry 
London. EC2ft 8DA 

01-606 7601 


21 College HtfLCarmon Street, London EC4R 2RP 

01-24 B S225 










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yiaaBCia! Times: 






EUROPEAN NEWS 



Portugal resumes transfer 

of land to former owners 


BY JIMMY BURNS 


LISBON. OcL 12. 


The Portuguese Ministry of 
Agriculture has resumed the 
banding-back of expropriated 
land tn its original owners, and 
yesterday ordered peasants to 
leave three Communist-controlled 
. collectives id the southern grain- 
bell of the Alentejo. Tension 
has thus been brought back to 
Portugal's highly politicised 
agrarian senior by Government 
orders — enforced by t nickloads 
.of paramilitary police. 

Although the police met no 
physical resistance, the atmo- 
sphere remains tense following 
3 Communist Party (PCP) com- 
\m unique condemning the action, 
and statements from peasant 
leaders threatening to reoccupy 
the land. 


In a sense, the Government 
action has come as no surprise. 
Ever since Sr. Ailredo Nobre da 
Costa was sworn in as the 
country’s new Prime Minister at 
the end of August, there was 
always the possibility that his 
Government would play more 
than the stop-gap role expected 
by tbe political parties. - Sr. da 
Costa himself always said he 
intended to implement major 
legislation which had been set 
aside by his predecessors. 

The return of expropriated 
land to private ownership is 
backed by tbe Agrarian Reform 
Bill, which- was passed by a 
combined Socialist-Social Demo- 
crat (PSD) Parliamentary vote 
in the summer of 1977. 

More surpriisDg, however. Is the 


Barcelona 
raises 
its fares 


fact that Sr. da Costa's admini- 
stration has chosen to implement i 
such a controversial law less ' 
than four weeks after having 
been reduced to a caretaker role 
— theoretically, at least — by a 
Parliamentary vote of rejection. 

. The use 'of. police to supervise 
Government action also differs 
considerably from the strategy 
pursued by the previous admini- 
stration, which preferred 
dialogue rather than the provo- 
cation of open confrontation in 
politically delicate sectors. Such 
a strategy, however, has always 
been condemned by more con- 
servative observers, and led to 
the withdrawal of the Conserva- 
tive Party (CDS) from its 
alliance in Government with 
the Socialists last July. 


Austrian tax revision expected 


BY PAUL LENDVAI 


VIENNA Oct. 12. 


THE AUSTRIAN Finance 
Minister, Dr. Hannes Androsch, 
is expected to announce major 
taxation changes this weekend 
which will also have an impact 
on the savings ratio. 

In view of a record Budget 
deficit next year, .the Socialist 
Government is being widely 
criticised by economic commen- 
tators for approving a “ politic- 
ally motivated" income tax 
reduction. 

It will bring taxpayers only a 
monthly tax relief ranging from 
Sch 117 (about £4) to Scb 183 
but will cost the Treasury 
Sch 3bn and tbe provincial 
governments an additional 
Sch 1.5bn. 


The tax cut is motivated by 
the need to placate the unions 
and provide a proper psycho- 
logical climate for a round of 
moderate wage rises. 

As next year's Budget deficit 
musr he reduced from Sch 60bn 
tn Sch 50b n. Dr. Androsch has 


already hinted at further restric- 
tions of fiscally privileged sav- 
ings schemes coupled with a rise 
of petrol tax. postal rates and 
other levies. 

At present, the Government 
spends about Scb 5bn each year 
promoting savings. Despite pre- 
vious promises, the regulations 
concerning bonds will he further 
tightened. 

Each Austrian citizen could 
currently buy up to Sch 100,000 
worth of Federal and public 
bonds per annum, with the State 
providing 10 per cent of the issue 
price on condition that the bonds 
will not be sold before maturity. 

Until this year, tbe rebate was 
15 per cent. Now the Govern- 
ment will reduce the rebate to 
5 per cent or cut tbe permissible 
annual bond purchase from 
Sch 100,000 to Scb 50,000 per 
person. 

Tbe reason for the projected 
measure is fairly - evident. A 
recent opinion poll showed that 
only 3 per cent of the average 
Austrian households possess such 


fiscally privileged bonds. But 77 
per cent own savings accounts 
and about one-third building 
society deposits. 

The’ Govern menu at any rate 
for the time being, will not touch 
(he building society deposits and 
premium savings, acounts which 
cost the Treasury Sch 2.7bn and 
Sch 900m a year respectively. 

The Budget deficit and debt 
servicing have clearly emerged 
as the main problems to be faced 
by the Government. The January- 
August -balance of payments 
figures, published today, point to 
a big improvement. . . 

The deficit on current account 
was only Sch 9.9bn against 
Sch 24.1 bn during the same 
period last year. Thus, it is likely 
that the aggregate current 
account deficit this year will be 
only one-third of last year's level. 

The visible trade deficit, 
according to the central bank 
figures, was down by 22.4 per cent 
to Sch 34.8bn in the first eight 
months compared to the same 
period last year. 


By David Gardner 

BARCELONA, Oct. 12. 
BARCELONA'S public trans- 
port will cost more from next 
month, the Spanish interior 
Ministry has announced, fol- 
lowing tense negotiations with 
the Mayor and Civil Governor 
of Barcelona, and Catalan 
political leaders. 

The increases on under- 
ground train and bus fares 
will be 25 per. cent rather than 
67 per cent rises which were 
scheduled to come into effect 
ten days ago. The rises were 
postponed after opposition 
from the region's main parties, 
trade unions and civic organ- 
. isatlons. 

Interior Ministry, involve- 
ment tn the negotiations indi- 
cates fears that the Increases 
could lead to serious civil dis- 
order. 

Previous smaller increases 
caused two general strikes In 
Barcelona, and there are 
already plans to boycott public 
transport until the rises are 
withdrawn. 

Barcelona is to be provided 
with Pla 2.5bn (£17.7m) to 
cover its public transport pay- 
roll until the end of the year, 
but the Government has not 
taken over the city's chronic 
public transport deficit as had 
been hoped. 

Estimates expect this year’s 
shortfall- to reach Pta 13.5bn 
equivalent to -68 per cent of 
the city's total budget. The 
city is now on the verge of 
bankruptcy with an accumu- 
lated transport deficit of 
nearly Pta 25hn. 

The Mayor of Barcelona, Sr 
Socias Humbert, has threatened 
to resign unless the Govern- 
ment lakes over responsibility, 
for the debt which both he 
and the main parties attribute 
to the mismanagement and 
corruption of previous admini- 
strations. 

A 1200-page auditor's report 
on the several private or mixed 
companies that ran the city's 
transport on contract reveals 
irregularities, but no legal 
action has yet been taken. 


SPANISH RETAILING AND DISTRIBUTION 



Trouble ahead for the 




BY; ROBERT GRAHAM IN MADRID 



-S'L.-i.-ifT. .V- ' • •" 


A STRIKING feature of Spanish 
towns and cities is the prolifera- 
tion of small shops with-simifar 
displays of goods. It ' Is also 
noticeable how many shopfronts 
have remained virtually un- 
changed since the day they were 
built. On one estimate, TO per 
cent of all shops were built more 
than 10 years ago while 40 per 
cent date back more than 40 
years. 


Most are family-run operations 
with small turnover, limited pro- 
fitability and Tittle innovation. 
Their survival depends largely on 
low-paid family help, cheap fixed 
rent, .the premises forming part 
of the home and tbe ingrained 
habits of their clients. 

No one has ever claimed that 
Spain- is a nation of shopkeepers 
but approximately. 12 per cent of 
the active population, or 1.6m 
people, are currently employed 
in the retail trade and distribu- 
tion, which accounts for just 
under 12 per cent of gross domes- 
tic product. 

Despite the importance of the 
sector, little attention has been 
devoted to it. probably because 
its existence and operation have 
been taken for granted. Yet 
three successive years of high 
inflation and tbe gradual appear- 
ance of supermarket^ discount 
shops and department stores are 
now beginning to be felt Goods 
in small shops have become 
expensive compared with those 
in modem retail outlets with 
their- - greater efficiency, and. 
economies of scale. 


So far the inroads by the 
modem sector are visible.only In 
tbe larger towns and cities; in 
the form of increased conversion 
tb supermarkets, the spread .of 
chain stores in urban centres or 
-the establishment pf ; -Super- 
markets on the outskirts. Spain 
>s now reckoned to' have "some 
IP large supermarkets --..per 
million inhabitants- against 17 
per million in Italy. 50 per 
million in Britain and' 72 per 
million in Belgium- 

But" while Spain is weR behind' 
the Common Market countries 
in the' establishment of modern 
distribution, a great deal of 


money is being pumped Into this 
iTavi ' 


sector; where investment occurs, 
it is on a large scale. Thu& the 
average, size of supermarkets 
•now going up is comparable -with. - 
if not larger than, those .In the 
EEC countries. The average floor 
space for such establishments is 
730 square metres against 590 
square metres in the UK aod-770 


an annual average of 39 per cfeot 
tn Pta 71bn (£490m). 

AJtbougb the real increase last. 

vear was less spectacular when; 
measured against the 27 periwf. 
Si inflation' rate, over tiie 
five-year period sales and profits 
have kept well ahead of inflation.: 

El Corte Ingles reckons it now 
has one-third of modern .distn-. 
button. It relies for its turnover 
mainlv on clothing.- - which 
accounts for 47 per cent of sales. 
A further 23 per cent comes 
from household' goods. More 
recent I v. foodstuffs -have begun 
to figure more prominently, 
being 'responsible for 8 per cent 
of sales- This percentage break- 
down of sales is also reflected- 
in tbe other main chain stores. 

El Corte Ingles’ success stems 
partly from the timing of its 
expansion, which enabled It to 
shape a largely unformed, and. 
willing market company execu- 
tives also attribute its buoyancy 
to a consistent policy, of high 



Hi 


the lieavy advertising ^ ' 
conducted Op .hiJIboar^Tn 
Press agfi- cm TV;- “■ 

benefited ¥ friwr ; the - 
between^: . and - its. chief-S? 
peffion ; Galenas 
founders were from’ the •Cstm-f 
region and emigrated ' 

age to Cuba — 

Asturias at - 14: Typical . of > 
rivalry was the purchase 
Gaierias. Preeiados. of the. site 

the ong'fh'al El CoTte'-Ingles'sh * 
in Madrid. .' - 


n 


The success--of these two c&j 
stores "makes it iihlfyefr ■■’tf 
other, groups will break mfoifc 
league.'. 'Instead;' attention- 
being devoted Jo, hypehsait 
which . primarily sell fwgpj 
household items 
broader erpss section of the n 
lifi,.'- and which practise- m 
aggressively theprincipl^4f£ 
volume sales- and iowju-ostaj 
gins. . - • ' *; '. ‘■"rSZ, 


For admirers of traditional shopfront lettering 
— gold names on glass panels — probably more, 
survives in Spain -.than in any West European^ 
country. But file little shops are now threatened 
by the big battalion^ with their greater efficiency 
and economies of scale. 


The “ modern " sector accouots 
for only 5.5 per cent of total dis- 
tribution and retail business, 
according to one trade estimate.. 
Thus it would be premature to 
talk of the demise of the small 
shopkeeper. Yet he is ill- 
equipped to face up to changing 
circumstances. For instance, the 
smallness of most shops is an 
inhibition to greater efficiency. 



The only daily 747 non- stop to Dallas -Fort Worth 

and Southeastern U.S. A. 


A recent study found that over 
80 per cent of retail and distri- 
bution outlets were under 150 
sqnare metres, while half had a 
floor space of less than 30 square - 
metres. With such limited space, 
it is difficult to make improve- 
ments such as slocking a wider 
range of items or installation of 
larger refrigeration units. 

This is to say nothing of 
attracting help when members 
of the fanjily are seeking more 
remunerative jobs in other sec- 
tors. Meanwhile, basic tasks like 
adding- up bills 'are* done in pain- 
fully slow- traditional arithmetic 
on pieces of paper. 


square metres in France. The 
same applies to • hypermarkets. 

The most dynamic growth in 
. this sector has been achieved by 
the chain store group, El Corte 
Ingles. The group was founded 
by Sr. Ramon Areces Rodriguez 
when he bought a smali-shop in 
Madrid of that name -(which 
means “the length of English 
cloth”) just before the civil 
war. In the; past 15 yearr it has 
become a household name.- 

Its market has come from the 
money generated by. the- indus- 
trialisation of Spain, and it has 
catered essentially To' ‘the 
emergent middle - class (and 
those aspiring to it), creating 
what might be dubbed as “the 
society of the Corte Ingles,” with 
a range of household - products 
and clothes clearly' ..identifiable 
by their style and taste;. 

El Corte Ingles dfd nbt~ begin 
diversifying - outside Madrid, 
until 1952, but it now has stores 
operating or under construction 
in all the. major- urban centres. 
Between 1973' aod 1977. total 
floor space increased ■ at - an 
annua! average of 17 tier cent to 
383.000 square metres- while 
sales during this tinte. period at 


staff reoiuoeration, vigorous 
self-reliance, re-invested profits, 
and high investment is modem 
technology (It claims to be IBM’s: 
biggest European chain : store 
client). 

Certainly, competitors . say 
that El Corte IugJes pays above' 
the odds both for staff and 
executives, who are encouraged 
to take shares in the company, 
all of which are held within the 
company. 

More important, k has made 
itself the most integrated com- 
pany in the field. The. bulk of 
clothing in its stores comes from 
three textile companies- on 
which El Corte Ingles directors 
are board members and in 
which they are main -'share- 
holders. These companies in turn 
are 90 per cent dependent for 
their sales on E| Corte lngles.- 
Most of the furniture, for its 
stores comes from a company 
similarly Jinked. - - 

In a different field, El Corte 
Ingles has its own advertising 
department, a virtual advertis- 
ing agency within the company. 
The company's belief in. its 
expanding market is indicated by 


„ .Some.,' for Instance, 

.that, the size of the Cprt^'im, 

■ investment programxne'fPtiS 
this year) and its staff- oveftA 
oblige - it to put itself : rafJ 
medium- und ■ .upperreod ’efci 
market.- • . . ' - _• •• 

No one disputes- the 'pofca 
of the distri bution. - jo usiuefe 
Spain and a number ! of ic^at ± 
foreign groups are 
interested in: investing. "fiLY 
sector. But trade' s Ouries 
are ' reluctant, to v conmtif tis 

selves -/while .-'" the 

remains so depressed. -.--Jr 
- Another concern of pfi&i 

■ investors - is - the- . high, ewt 
domestic finance, coupledvty 
.the difficulties 'oT . 'secun^ ’ 
quick purchase of goo^sl 
either in -or : on the^qytskair 
cities. - El Corte 
instance. . took / almost six/ je 
to buy .a 5ite *ra Saragossa^ 
of the two towns in .which# 
now building stores; 

. Against, this background,:’ 
small shopkeeper seeing -gf 
-remarkably sanguloror-igiactf 
Of the difficutti^j ■ iha tv 
ahead.' Only 20 /‘per; irifT; 
grouped ibro fechgmsed"-ss^V 
tions . and these are -Mt- p 
effective .in .represeotiag/'-tir 
interests; 

Some* observers see 
tial of- a. shopkeepers'* mtoreti 
with political overtones:-/ 
witnessed in France.lm^/ 
present evidence this H iar -fir 

■ realisation. ...The/ 

keeper will have- to-be: wpwe 
harder . before be / Wgfitiv 
com plalo.- - - > V 


i i 


1 . 




reasons, ill 







V; 


No other airline comes within 
sight of it The only 747 non-stop 
daily service to America’s South- 
west from Britain, the only 
non-stop service from London 
Gatwick to Dallas-Fort Worth. 


Leave London Gatwick - 11.45aM 
Arrive Dallas-Fort WortE 3L05p«l' 


THE DALLAS-FORT WORTH 
GATEWAY 

Dallas-Fort Worth is the newest 
and most convenient gateway to 
America’s Big Country. 

And from there, only Braniff offers 
direct connections to 20 cities 
throughout the Southwest, Far- 
West and Mid-West of the USA 
and Mexico. For example: 


Houston 
Las Vegas 
San Antonio 
Oklahoma City 
Tulsa 
Denver 
Kansas City 
Mexico City 
Leave Dallas-Fort Worth 6.45pm 
Arrive London Gatwick 9.15am 


/ 4.50pm 
4.45pm 
4.47pm 
5.00pm 
5.10pm 
530pm 
6.40pm 
7.10pm 


There is a helicopter link, or a 
ground link, free to Braniff 
passengers flying into Heathrow 
en route to Gatwick for the 
Braniff flight 


FARES 

'/there is a wide range of low: 
fares, including First Class, 
Economy, Advanced Purchase 
Excursion, Budget and Stand-by. 
To Dallas-Fort Worth there are 
no lower fares than BranifFs. 

RESERVATION SERVICE 
For flight schedules and reserva- 
tions (including seat assignment) 
call your travel agent or the 
Braniff reservations centre in 
London 01-491 4631. 

Aberdeen 

Birmingham In these cities 
Edinburgli Dial 100 and 
Glasgow ask Operator 
Liverpool for Freefone 
Manchester 2276 - 
Sheffield 



Abertwi 

AiTtscrdam 

Bnc&eta 

Betgen 

Copcrtejen 

DMiran 

Edrfcn c *i 
Frank Kn 
Geneva 
G taaqp w 

ManiJuTg - 

Jeddah 

Leeds 

Manchester 

Osto 

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Rome 

Sl^vangar 

iotran 

Tree* 


BRANIFF INTERNATIONAL 

Main land TEA, A laska , Hawaii, Mfnrkn. Sooth A merira anti Knrrp? 


Ifr. LucaBnani L DiredorofSlFI LOUISE S.A. 


Sifi Louise S.A. owns the TourSaifiand hos 
Mr. Benini , Director of the company, answers your questions 


Is it usual fur the owner of a building 
to be on the spot to manage it? 


No. 


But we adopted this solution because 
it’s better for our clients. They have 
someone right there in the building who 
can make decisions at any time. If there 
are any problems, they can be settled 
without wasting time. 

For instance, if a client wants to 
modify his space or extend it, we can do 
it immediately. 


sis of Brussels, the capital of Europe. 

- There are excellent connections 
with all major roads, with motorways, 
and the airport. 

There are first-class restaurants and 
hotels right near the to wen 


Are the rents very high? 


On this point, therTourSaifi. com- ;-* 
pares very favourably with other less 
sophisticated buMngS. . * - * . ” 


So a company can adapt Us offices as 
it grows? 


No problem. 

The Tour Saifi was designed with 
this in mind. The floors are designed so 
that there is practically no limit to space 
flexibility. Offices can be adapted to 
changing needs, -with maximum efficiency 
wherever one is in the building. 

The Tour Saifi is functional. Functional . . 
problems were considered from the starts 
and that is why it succeeds aesthetically. 
Even from the outside you can see it is 
functional and effective. 


And the charges? 

VVeVe given a lot of attention to fife J - 
problem. And we havea verv rigorciiis 
management policy that allows charges' ■* 
to be reduced to the nmimum. . _ *■ 
One example: comfort’and security are * * 
controlled by a computer; and this means 
savings in time and staff. 

We should also mention the basement 
parking area and the ver y ple asant i 
restaurant and cafeteria. Whkh means' 
the Tour Saifi really does offercomplete 
service. Our clients can tell you about it 

better than I can. 


Were these functional and aesthetic 
aspects the major decision points for your 
present clients? 


Which arc your most important 
clients? 


Certainly.. 

But other importantfactors played 
apart 

- Location. Avenue -Louise is at the - 
. same time a residential, intell ectual and 
commercial quarter; as well as animpor- . 
tant business centre. It is a sortofsynthe- 


They are all impor tan t.- . •» 

Fiat, Peugeot Dow Chemical, 
Montedison, TBWA, Aron. Cosmetics, 
the Conference Board-faEtirope.:! can’t 
name them all bere^ butit can be said 
that 326 Avenue Louise lias really 
become an internatio nal reaitra . Phi s, 
we’re planning a dub for the- tower's : 
pecupants: a prestigious meeting place 
in Europe’s major business centre. 



For more information,- contact/: 


: Avenue Louise 326. JBte ^v 
1056 BRUSSELS. : V- • 
Telex 26227 . :■ "'• 

TeIepfiD^32,2/647Cff83 , 















Financial Times’ Friday October .23 1978 



Paris announces 
new banking and 
credit measures 


Three share 
Nobel 
prize for 
medicine 


By William Dullforca 

STOCKHOLM. Oct. 12. 



uncertainty after Tindemans’ fall 


BRUSSELS. Oct. 12. 


BY ROBERT MAUTHNER 


PARIS. Oct. 12. 


I ***“ »o yu;iran* lwM and Their replacement hv 


Professor Werner 


THE FEE\7;H Government today 'tire Government's objective was ; ^, wl jwriand. Professor Daniel 
announced a number oF nc«rio abolish the system of credit , - r ,v - T ’ 17 ”~ 

Lu!! !i n3 « a " d tredit "Su^ions arowih reiiinw, known as;,. TtCf ----- 
anned both at improving Use “ encradcment." which has been t “* ft,r lhe discovery of 
r “P l llal slr uciure of French hanks increasingly criticised by both j ^w'ctiun enzymes and tiicir 


fpH« y r?’ er ^f d , M ,e J ® 7 ® Nobel i too that they would produce a [jirep regions — Flanders 
'Prize for AIedic.no jointly taiclear^ut and stable majority Knia and Bri.«*lV_2£ 
Arber or j Kmc Baudouin. who wields j wrt 

considerable personal and con- French and Dutch, 
stitulional authority, may deem . „ r , 

it wiser to explore first whether A mwUer °- r lhe now 


frasb-FteNMi . 


{ntmUhtma 


Nathans of the U.s. and Pro- 
3S fessoj* Hamiltun Smith, also -of 


and private 


application to 


molecular 
bcl prizes 

arc worth SKr 725.000 (£84.0001. 
Restriction enzymes are the 
stimulate coirinetltion io \ chemical knives" .which can 
£2^2- »* to CHI genes fD.VA) into 


unci at laying the groundwork for the nationalised 
me long-term phasing-oii I nf ihc banks. 

present strict credit control The authorities* immediate 
, p L ’ m - aim for the financial sector was ■ 

W hile M_ Rene Monary. the lo 

Ktunooiics Minister, made it n-inforcc tiw banks* capital sn . f r1inno '. k w - Vit* 

clear that in the interests of structure, and to de-centralis* i roirv^DrovidS 1 scienTK with 

curl, mg in ll:, lion, mnociiry and Ihr nankn .1 »■*«». i new 'tnfls fnr ,W ?LS 

re?rietlvS° S’ Wnh this in. mind, banks j analysis nf. the nJchanisra ol 

mJiSfreV Af, nmiih ' U ’ uU,eh J -' , ‘-' re3srd their capital] animal and human genes. 

rf.r crea^? ri P S w? "‘-°n C W ‘ ju!d ** P { ‘ r,n,M<?d to ev P and i Even though the enzymes have 

rrr hf LalCr rtl!fl01 especially . their Runs by 150 per cent of. been available onl« for a Tew 

tor in,, s.uait banks. the ^ mount of the capital [ years their application to 

Nfxr year, the norm for overall inirrea<«. compared with J00 pen peneiics has already led to far- 
credii expansion has been ceni.ai present- , reaching results, according- to the 

brought down to ll per rent from The minimum level for banks'] citation accompanying the award, 
l-o per cent in 197S. but it will capital, which has remained tin- (They opened up new areas of 
be reviewed every six months in changed since 1972, ,nm*t bp] research into heredity by allow- 
the light uf the investment needs doubled !»*■ the etui of 1979, and' ing scientists to cut lengths of 
of industry. On the other hand, raised again by a further 50 per the genetic material DNA Into 
a greater proportion of credits rent bv the end of 1982., - This \ fragments and splice them 
previously exempt from growth measure, which is- a iso applicable i together again in different ways, 
ceilings — medium-term expurl ,0 foreign hanks m France, will] In medicine. increased 
credits, some categories of affei-l tuainly the small establish - 1 knowledge nf how penes time- 
bousing loan-, and credits fur menu. since tho capital of the [lion is helping in the treatment 
energy -sa vi ue equipment — will large “banks Is already much] of hereditary diseases, canceV 
next year again bu cunt rolled- greater than the legal minimum. 

The M 2 money supply grow in . Recognising that the - large 


linguistic carom unities. 


H PrtfesnnlfffeiiBt 
~ ■ PredaeozRtfjf Freud 


,ormeJ ° n ,hl1 bMis “ r lhe pre ‘ turned over "S 6 noJiyireated 


neat parliament 


BY GUY DE JONQU1ERES 

THE FALL of the coalilion to respond to steadily growing of landlocked Walionia is lati’do is' French-speaking. More- baptised and vote in national 

iiovernmont led by M. Leo Tinde- tensions between^ Belgium's heavily dependent on older over, lhe exodus from lhe city elections in the city itself, 

mans after less Ulan IS ninnihs Flemish ana tva'iioon papula- industries like sieel and coal, centre over the past decade has To counter Flemish fears that 
in oim-o na* unce again thru«.t uons by turning the country with a far higher unemplojTnent led lo the establishment of small IVollnons would try to (urn 
Belgium min what could he an e/Iectively into a federal suite, rate. .but politically significant com- Brussels inio a bridgehead for 

extended period of political ft provides for the abolition nf To many Walloons, regional^ m unities of French speakers in farther expansion, it was agreed 

uncertainly. New general l*-ec* the nine existing and largely sation has appeared to offer the predominantly Flemish suburbs, that the city’s boundaries should 

lions ma> noi be held iminedi- defunct provincial admiaistni- ' bo drawn at lhe limits of its pre- 

sent 19 communes. 

The Government’s fail is attri- 
butable to objections by AT. 
Tindemans' own party, the 
Flemish wing of the Social 
Christians (CVP) to these provi- 
sions. Though They were accept- 
able in principle 10 the party 
leadership, they were strongly 

The 1 * Kinq 'has alreadv be^un community councils. * v . _ contested by a number of the 

to take soundinus amun" a with* Pressures for the reform have \ “ ' lira ' rank and file on the grounds that 

spectrum of political leaders and prwJ ™ fa “ m! >' the • *««■ ME “^% they were unconstitutional 

party officials. He will no dnubi Walloons. Once in undisputed UJi!* 4 ® 11 : - r /isiS The dissenters argued that the 

be seeking lo determine above command of economic and poli- ^ V" KilBE 7*==^ offending clauses could only be 

all their attitudes towards the P° wer J n Belgium, they r.. . r WiA L^-L *£> N jlS A voted if the parliament turned 

future of the far-reaching pro- havc been thrown increasingly J (J .< ,* / itself iato a constituent assembly 

po.sals for regional reform “which on ^ defensive h> what They L — ^ / imiHBfisfis / — a step that would require the 

provoked the rupture of the see as a threatening rivalry from Lan ^liaife and Pnirfinc | f r. i . holding of general elections, 

coalition, Flanders lai deed, in some v/uys * n (Mdi,™ \ It is still sot wholly clear why 

His eventual decision will prnh- l be previous balance serween the *0 DcIglUm uua.j M Tindemans cbose the -.plit in 

. .ably be strcmgly intluenved by two linguistic communities has L«ufs ■i'»sjf:R!tesra!ftr« , !«rtcmiiii - his own party a*.- a reason for 

5?! his judgment as to whether the been docisivelv reversed. ■ — — — — — * resigning. Hi’s failure to consult 

programme could still win Par- _ . ,, f ’; en V s ' 1 now best line of defeneC against Leaders of the majority par- his coalilion partners, the JSociu- 

li ament ary approval, whether in " ie ‘ , .,- v uri? further Flemish encroachment, ties managed to strike a delicate lists, the Brussels-based Demo- 

efforts should be made to amend mure „„ u "’ . Wl j . a{1 Ever since talks on the pro- compromise. It was agreed, des- cratic Francophone Front and 

it or wheUier it **ho uI d, perhaps, 1 ” < ™ ne . h e: ' d about gramme got under way in ear- pile reservation among the the Flemish Yolksunie. in 

be temporarily shelved until the 15 per rent nigner Than the nest, it has been clear that the Flemings, that French speakers advance of the decision has 

heat of the current crisis has V* a noons, rauen .if Belgium's status of Brussels would be the in about a dozen Flemish com- earned him deep hostility and 

passed. recent mausin.il development most difficult point to resolve, m unities outside Brussels would cast serious doubts on whether 

The programme, hammered has • been concentrated in The capita! is situated just in- be granled special privileges for he would be acceptable to them 

out during mouths of pains- Flanders, with its easy access side Flanders, but the over- a limited period. These would if asked to try to form another 
taking negotiations, is designed to the sea, while the economy whelming majority of its popu- entitle them to he taxed, tried, government. 



ami malformations. 

Professor Arber. 49. Professor 


larget. ton has been iiruu^hi banks have benefltted dispro-! a [ Microbiology at the University 
down to li ner cent r rmn i-» ai.r porrionaifrlv from the very fast! 0 / Basle, discovered the restric- 
ceni, which in wl- I Sow fhe reWn * «pansion of er edits which : tion enzymes «n the . 1960s. 
laie>; ..Si forecasts o' u p? n »» object to controls, lhe Professor ^ Ham. Iron Smith. 47. 

. l'jiiLOAln U. J l_.a V, ...v*.- r,.i ■ (if rhi» .Ifthns Itnntine Ttnivnruiff 


1 

per cent irurea<e in -GNP 
value terms in 1979. 


authorities have taken the fo!-j of rl »e Johns Hopkins University 

JO ■ - - ■ ... . ! C A k..<1 bi^.ii.: !« 


lowing steps lo redress the' School of Medicine in Baltimore. 
. , balance: j verified Professor Arber’s 

r' 1 ; •' ,Dnrjr - v tual. oec.lu5L* Those banks whose credits sub- 1 hypothesis and demonstrated 
Ml ms great diversity uf the j e et in controls amount jo less; that one particular pnzvme cut 
nem b financial system, the than FFr 200iu (almiit fcJ3m) per DNA.In the middle i 


. i can-in of money could nut be year have be 4 ?n granted an in 
contru led mainly by intere.it crease in their ceilings of~4 ner- 
r.v**s. as was the case in :nt«t cemaue points. Some 430 
otlior W e-tern jrjiu^irialrred financial establishments are estl 
countries. Eventually, however, mated to be involved. - ■ 

Hole halts town planners 


BY ROBERT MAUTHNER 


PARIS, OcL 12. 



sons 


THE GREAT Baron Haussmann, in the hole left "by. Lfts. Halles, 
who was responsible for Apparently nobody noticed that 
replanning Paris in the second chosen for the hall was 

half nf the iBtb century and for fSn 

providing it with the magnificent to 'fte ’ iectivene« of^ie' wr- 

Wide avenues which radiate from 

the Arc de Triomphe. must be uV.^V?. ° f 

Juming over in his grave. For h5a« W 2,r : ^h dly h2 te !ll2 4 ih! 

lhe French capila! has currently JUJSLw 1 ’ fluted h 

Ei,E arabillous vrm ' a Sfu^ondc lhe wulltilt 

. Paris newspaper, out-did eyen 
Tne controversial Pompidou the British in summing up the 
cultural centre -■ although H situation yesterday: “Acoustical 
.provoked the widely quoted Joke, studies,- .with uncertain resuf 
!-<Ve may not have any oil. hut. todatt allow- It -tp b P siet, 
were at least got a refinery— • 0 n*?pi 3 jfjt. th a f the siting of ru 
juslified itself by attvactmg concert hall, .above an 'under- 
A.niillions of people..- However,. ground railway station, is not 
hj other grandiose schemes, like the: wilh out risk,'” the newspaper 
i‘La Defense niflee and commereiar gravel v 'ceportod ■ * ■' 

1 complex and the project for Lei So lhe new concert half Ur to 
Halles r the old central market; t* built at La Villette. the old 
hare run into serious trouble- . . mMl marker the outskirts of 
The luiest victim . of . the Paris. ' -which will- ensure that 
politico-architectural bungling concert-goers will arrive even-] 
which seems to characterise town inter than they usually do in 
planning in Paris is lhe new this city: If nothing else, this 
concert hall which, with the per- curious affair says much about 
sunal hacking or President the quality of French market 
Giscard d'Estaing. was to be built studies- 


enzyme cut 
in a specific 


symmetrical sequence. 

ProFpssor Nathans. 50. who is 
also working at Johns Hopkins, 
pioneered the application of res- 
triction enzymes to work an 
genetics. With their help he was 
the first lo construct the com- 
plete genetic map of a small 
thread of DNA from a monkey 
virus and his method has since 
been used hy other scientists to 
map increasingly complex 
threads of DNA structures. 


Dutch wages row feared 


BY CHARLES BATCHELOR 


AMSTERDAM, Oct. 12. 


Norwegian 
report backs 
nuclear power 

By Fay G jester 

OSLO. OcL 12. 

NUCLEAR POWER stations 
could he built in Norway with 
out un acceptably high risks 
according to-' a majority report 
,by a Norwegian Royal Commit 
non.*: > . - 
• -Do 'ddrahiissidn. which has 
conducted a iwy-year inquiry Into 
the. safety -of nuclear power pro- 
duction, handed its report to Mr* 
Biartmar Oicrde, Oil and Energy 
Minister today. 

Three of the Commissions 
21 members, believe that the 
risks .are not acceptable, and 
oppose nuclear power plants for 
Norway. 

The report stipulates that 
before any such plants are built 
in Nonyay there must be firm 
agreement on lhe safe handling 
and disposal of radio-active 
waste. There must , a Iso be con- 
tingency plans lo shut down- 
plants isafely. 

The report admits that theft of 
radioactive waste, by terrorists or- 
criminals, is a possibility which 
caiinot be ignored. 

• AP-DJ reports.- Norway 
reduced -imports and 'increased 
exports for the fourth consecu- 
tive month in September, reduc- 
ing ... the January-September 
foreign trade deficit by 63.4 per 
cent from the same period last 
year, the Central Bureau of 


PI ITCH TRADE unions are not sharing out of the available work 
optimistic tint the forthcoming by cuts in working hours and an 
1979 wage round wilt pass off extension of the job securi^’ 

MWioihly. The largest union agreements which were its main 
federation, the FNV. wants to demand in the last round of wage 
maintain tin* real incomes of. negotiations. 

employees .currenily earning up • A .memorandum of the federa- m 

to FI 30.000 tS14.S00> a year and lion's plan of action for the next ; Statistics' reported Thursday, 
of people receiving social wage round wil now go to the] pvelndine shi 

security benefits up to that union members for their 
amount. approval. The federation's execu- 

Thc unions wilt therefore be live will then finalise the details 
seeking the continued indexation towards the end of. November, 
of wages to price rises Any • The Dutch Central Bank has 
measures laken hy the Govern- said that it will raise bank rate 
went to limit incomes up to to 6.5 per cent from 55 per cent. 

FI 30.000 under its plan to cut - e ff ecr j V e tomorrow. It will raise 
public spending will be met by the promissory note rate to 7.5 
extra wage demands. per cent from 6.5 per cem and 

The FNV. which has Urn the rate on secured loans to 7 
members, also wants a fairer, cent from 6 per cent. 




Imports excluding ships 
amounted to NKr 4,528m 
fS905m) in September. Exports 
excluding ships were worth 
NKr 3,677m (S735m) and includ- 
ing ships NKr 3.831m fS766m.L 
In. September 1977, the corre- 
sponding figures, were NFr 
4.922m (5984m > for imports 

excluding ships, NKr 3.480 
($69Sm) .for exports excluding 
ships, and NKr 3.563m (5712m) 
for exports including ships 


♦ .> n T l -> 

'■'PUSS 

I ;• 

i v-ij-.T-i 

-- 

’ft > J 


The facts speak lor . 
themselves./; 

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300 companies re^lpcy ted 
jn Swindon, Firmsjikc 
V.y British L^and^&innah. 

- 'VJr- Oil. Harabro life and 

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SWINDON 

Incentives no government can offer. 


Swedes await 
new premier 

By -Our Own Correspondent 
STOCKHOLM, Oct. 12. 

THE SOCIAL Democrat opposi- 
tion kept Sweden on tenterhooks 
today while its parliamentary 
group and party executive 
debated whether they should 
allow Mr. .OJn U Us ten, the 
literal leader, to form a new 
Swedish Government, After five 
hours of discussion the Scciai 
D«nocraits were undecided. 

Mr. Henry Aitard. the Riksdag 
(parfiaanenO. Speaker,, twice 
postponed an an noun cement but 
stHJ hoped to be able to nomi- 
nate Mr; UJlsten tor the Premier 
ship later this evening. 

Opinion among Social Demo- 
crat MPs is. divided on whether 
they should abstain from voting 
against Mr. IHIfiten and let him 
form an aU-Iitera-l Cabinet 
based on only 39 of the 349 
Riksdag members. Their leader, 
Mr. OtoF Palme, appeared- lo 
favour this course in comments 
to journalists yesterday. 

The ■ Social Democrats whd 
favour supporting Mr. U-llsten 
argue that kt must be done for 
the national good. Others fear 
the effect pn party members if 
they help, to bring a non-spdaiist 
to power. 

'Qie political crisis arises 
because the split in the, noh- 
soctadist camp, first shown an -the 
coliapse last week of the ruling 
Centre Party -liberal - Moderate 
(conservative) ' coalition, has 
widened. 


Frs»>rru. tmrs. puull^hnl tfiiOj ca«Pi sun- 
•ini and hdlUliiV*, U.S. julMCripUou KUi. 1 * 1 
I«lf irsiihli SJui.w) ia« nnil) r«r mmuid. 
icoU vies posugc. ptlil aL Nc« Inki X.l. 


Turkish plan calls for $15bn aidiltalian output down 0.9% 

I DV r. A VI f-Akl.lrf , n/n.T, .. . ... 


BY OUR OWN CORRESPONDENT 


BRUSSELS. OcL 12. |, 


TURKEY HAS told the EEC that and Turkey after a 
ito ambitious economic develop- period -of frosty reiaiiuns. 
ment plan, due to mo into effect Renewal of the dialogue 


BY DAN CONNELL ROME, Oct. 12. 

THE SLUGGISH state of the But the picture to emerge this 
lengthy projects for which they are s eek.! ,talian em " ora; ' was “nUeriined year is ef a gentle but sustained 


ran'c 0 ; to- >"n pub.ica.inn of the nuipnh from a point 

JZSOTL ... to ’to tirft ciuarier'' 0 Among 



This emerged at the end of a me H t . a J** s, rf lo enlist European have to enm? from bank loans I The sratistiL's do provide surplus of L343bn (£2l0m). 

three-day meeting in Brussels aawstance in settm^ its deeply anf j bilateral aid given to Tur-! further evidence, however, that compared with a deficit OF 

between officials of the EEC troubled economy to rights. key by individual governments. I a modest recovery may be L377m i£230ni> in July. For 

Commission and a delegation The total value of the Turkish There is also talk uf seeking con-: taking place. As the National the first eight months of the 


from Ankara. The talvs were plan is put at S64bn, of which trihutions From non-EEC 'coun- 
aimed at injecting new life into the Government hopes to finance tries belonging to the Organisa- 
the 15-year-old association agree- $50hn internally. Although the tion for Economic Co-operation 
ment between the Community Turks have not listed specific and Development. 


Statistics institute emphasised, year. Italy's overall deficit 
the rise of 1.7 per cent for the shrank to only L203hn (£126m> 
holiday month of Augus alone from L1.737bn (£1 OSbn) in the 
mus be treated very warily. same period of 1977. 



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4 


SfiFERICAN 


N FAYS 


..An end to 

r 

controls on 

Canadian 

dividends 


By Robert Gibbens In Montreal 


' THE CONTROLS on dividends 
imposed by the Anti-Inflation 
Board (A1B> run out at the end 
’ of ibis week, and estimates vary 
’ widely of the effects this may 
have on capital flows and the 
' Canadian dollar. 

The* Board was established in 
October 1975 when the federal 
‘ Cuvermnenl was faced with an 
outburst of double-digit inflation 
and Canadian manufacturing 
. industry appeared to be set on 
pricing itself out of world 
markets. Some industrial unions 


Venezuela seeks regular 
increase in oil prices 


BY HUGH O’SHAUGHNESSY 


CARACAS, Oct. 12- 


VENEZUELA IS seeking a rela- Ing of 
tively modest increase in the increases. 


the forth coming operations In the world. 

In Venezuelan eyes The refineries, which 


have 


uvtj» uiuucai uiLrciue m laic . ■fmm 

world’s oil price as fixed by the this would ^overcome the present been > hit by competition 


Organisation of Petroleum system under which buyers are Installations in the U.S- 
Exporting Countries tOPEC) in the dark about the size and Islands, have not been as proni- 
which would be combined with a timing of oil price increases. able as their present owners 
regular quarterly increase fixed At the same time it would wonld like. The Venezuelan 
for two or three, years ahead. allow the oil producers to state ott corporation. Petroieos 
Though the Government is giv- recover some of the purchasing de Venezuela, is therefore seek- 
ing no details of its thinking power that they have lost because ing a minority share in the opera- 
the speculation here is that the of the weakness of the dollar, tion retaining Shell and Esx°° 
OPEC countries at their forth- and the rising prices of imports as majority partners. The third 
coming meeting to fix prices from the developed world. In partner among the new group of 
would be asked to increase the an interview earlier this week shareholders would be the Dutch 
international crude price by 6 or President Carlos Andres Perez Antilles governments which are 
7 per cent and announce that the said that over the past two years shortly to achieve full in-aepen-- 
price would rise by. say, two or since oil prices have been stable dence from the Netherlands- it 
, . . i three per cent at regular three the loss of OPEC purchasing is emphasised there that vene- 

were putting in wage demands nthly intervals for several power amounted- to between 35 zuelan plans which have been 
of up to40 per cent in a smgle ^ Venezuela has discussed and 40 per cent. discussed with the Dutch and 


year. The controls covered 
wages. prices, profits and 
dividends. 

Tbe dividend restraints built 
into tbe A1B system were geared 
to the guideline used for pay 
■' increases in any one year. In 
the first two years of the A1B 
controls, restraints on dividends 
limited increases to S per cent 
a year. In tbe third and last 
year of the programme, the 
wage guideline was 6 per cent 
and tbe amount dividends could 
We increased was 6 per cent. 

The whole A1B programme is 
- being phased out by tile end of 
the year, and some Canadian 
companies have already raised 
. quarterly dividends where 
. jUbtifled by profits. Certainly 
some of the steam in the 
: Canadian stock markets in the 
past few months, despite the 
_ weakness of the Canadian dollar 
in the exchange markets, has 
been due to better profit per- 
formances by some Canadian 
industries and the prospect of 
the declaration of larger divid- 
ends with the end of the ALB 
programme. 

Because half of Canadian 
industry is foreign-con trolled, it 
has been suggested that sharply 
increased dividends paid by 
foreign subsidiaries to their 
parents will add downward 
pressure on the Canadian dollar 
m the marketplace during the 
final months of the year. 

Some estimates put the extra 
outflow of dividends by foreign 
controlled companies and to 
foreign-domiciled shareholders of 
Canadian public companies at 
between C$lbn and Cj2bn 
because of the freedom to raise 
declarations. The outflow, 
hunched up in a relatively short 
period, could add pressure to the 
dollar, say several investment 
houses in Toronto. 

Bank economists, however, 
including Mr. Douglas Peters, of 
Toronto Dominion, believe these 
fears are exaggerated. They sav 
foreign-owned companies ' in 
Canada have mostly anticipated 
the ending of controls on divi- 
dends by buying foreign curren- 
cies on the spot or forward mar- 
kets. 

The conference Board In 
Canada, the private-sector spon- 
sored economic research unit 
whose judgment is widely 
respected, believes the likely 
fourth-quarter outflow of divi- 
dend payments to non-residents 
will rise only modestly. There- 
fore the impact on the Canadian 
dollar's external value will not 
be serious. 

There have always been ways 
for foreign subsidiaries to make 
payments to parents. This may 
occur through low-interest loans 
to parents, early repayment of 
parent loans and fees for licens-, 
ing or technical services. 

The federal Government is 
playing down the extra outflow 
of dividends due to the expiry of 
controls and some large foreign 
subsidiaries, such as GM Canada 
Canadian General Electric, 
Imperial Oil (Exxon), and IBM 
Canada, say there will be no 
immediate changes in their divi 
dend policies. All these com- 
panies co-operated with Ottawa 
in developing autonomy and 
behave as “good corporate citi 
zens." in return, these com 
panies have been receiving 
Export Development Corporation 
support for export sales and have 
participated in many federal 
industrial development pro 
grammes. 

The federal Government has 
been a heavy borrower -in foreign 
markets this year. However 
Canada's merchandise (visible) 
trade surplus is expected to im 
prove in the fourth quarter. The 
surplus for the year is put at 
CS3.8bn and after the heavy 
deficit on service account 
(tourism, interest and dividends 
etc), the current account deficit 
is estimated at C$4.5bo to C$5bn. 


this plan already with its Middle Meanwhile further details are Anttifeau authorities would not 
Eastern and other colleagues in emerging of Venezuela's plans imply majority Venezuelan 
OPEC for the purchase of Shares in the ownership but would safeguard 

The advantage of the system is oil refining operations of Shell Venezuelan interests in the re- 
that it would avoid any brusque and Exxon in Curacao and fining operations which are seen 
price rise for the moment and Aruba in the Dutch Antilles, virtually as an integral part of 
rive the oil importers firm warn- some of the largest refining the Venezuelan oil industry 


Smith fails to convince U.S. 


BY JUREK MARTIN 


WASHINGTON. Oct. 12- 


Mr. Ian Smith, the Rhodesian for progression to majority rule, Britain^ represented at Monday’s 


Prime Minister, was today claimed that Dr. Henry Kissinger, meeting by Mr. Peter Jay, 
finishing his five-day visit to when Secretary of State, had Ambassador here, put any new 
Washington apparently without assured him that if Rhodesia proposals to Mr. Smith. 
havin° influenced either Presi- moved to full enfranchisement As far as Congress is con- 
dent Jimmy Carter’s administra- the U.S. would drop observance cemed.'Mr. Smith, accompanied 
tion or a significant body of of UN sanctions, adding that by Mr. Ndabaningi Sithole, a 
political opinion of the rectitude this was a position supported by member of the transitional 
of his plans for the transition to both the “front line” states and Government's executive council, 
majority rule in Rhodesia the Patriotic Front, and finally does not seem to have got far 
A key goal of Mr Smith was put in a plea to meet President and their appearances on Capitol 
to have met President Carter. Carter. Hill have been rather sparsely 

But the President ruled that out Bilt the President, Mr. Vance attended— not surprisingly since 
at his news conference last Tues- and Dr. Kissinger have stated Congress has two overriding 
dav and the administration has that no such secret undertaking priorities on its plate: to finish 
so‘ far been unmoved by Mr. was given. Mr. Smith apparently a mass of business by tbe end 
Smith's assertion at a National did not bring the purported of this week and then to charge 
Press Club lunch yesterday that Kissinger telegram with him to out to the country and get 
he would attend, without pre- Washington. It is thought re-elected, 
conditions a Camp David style possible that one of the front African affairs are hardly 
meeting with the Patriotic Front Line heads of state, most . likely germane to either of theses out- 



Cyrus ■ Vance,', the Secretary of meats'^ 
has not- been scheau 


State, 


fuled but the 


r, Kis&in$S;’s message: here in The first place. 

tA is jsfc^ngly-held Smith has also found 


either though- clearly it could WashingtoH that'jm^mg amount .Washington ; a. rather hard row 
be arranged quite quickly How- ine to a commitment was' givens ito-ihoe because .of President 

• .. n ... • ,, n V-n.. nnnolal-ihr 


ever as Mr Smith himself For its pari,-:the. Carter -1 Carter's .resurgent popularity 
acknowledged, yesterday, the admiuistra tion reltejraffed its and: renewed public confidence 
first meeting last Monday proved arguments that, the 'internal in his abilities to handle, foreign 
unproductive. '* settlement was not working and affairs. 

It is understood that on that an all-party conference Tomorrow Mr. Smith moves 
Mondav the Rhodesian Prime should be convened to arrive at on to Ne wYork and then to 
Minister again laid out the a better solution. But it is under- th emore receptive conservative 
transitional Government's plans stood that neither the U.S. nor pastures out west. 


Tougher anti-trust action pledged 


BY DAVID LASCELLES 

TOUGHER anti-trust action was 


NEW YORK, Oct. 12. 


Mr 


r. Sheafield who was appoin- ' As fflt the A|riinds, where the 
in April 1977, was making move towards .deregulation' has 


Sheffield, Assistant Attorney- remarks alter a period in which already brought signs of what 
General responsible for investi- there has been an unusually could be major changes, Mr. 
gating anti-competitive mergers large number of mergers across Shenefield told the journal he 
and acquisitions. the whole spectrum of industry, was sceptical of the urge to 

In an interview with the Wall but chiefly in such prominent merge. ,* 

Street Journal. Mr. Shenefield sectors as energy and the air- He said for example that 
said he expected an enormous tines. although his department was still 

number of mergers in the coming Mr. Shenefield who was appoin- looking at Pan Ain's proposed 
months, with companies hoping his department announced that takeover of National Airlines, he 
or expecting that the anti-trust it was going to court to try to bad already come to the view 
agencies would not be able to stop Occidental Petroleum's bid that it was not wholly rational 
stop them ail. to buy Mead Corporation, one of or pro-competitive.' 

He said the Justice Depart- the country's largest forest pro- Mr. Shenefield also disclosed 
ment would take a hard line in ducts concerns. that his department was investi- 

examining proposed mergers. Other oil companies have also gating about 70 industries where 
Since the beginning of Septem- tried this summer, with varying at least 40 per cent of produc- 
ber at least IS merger investiga- degrees of success, to branch tion was concentrated among the 
tions had been started. out into new fields four largest companies. 


OVFRSFAS NEWS 



Financial Times t 




U.S. expects reposals for 

embargo on Ugandan 



BY. JOHN WORRALL 


NAIROBI, Oct, 12. 


Jordan^ 

e^dtedto 


. 1 !? 




1 to Lebanon 


President tion tog ^JSSht U5§Ja b£Sj " By (l»n KW • • 
J " would be ineffective 


of 


THE SMALL American com- signed into law ■ by 

munity in Uganda is waiting Carter -this week. . . 

nervously for President Amin’s The legislation principaUy con- W L^t **' spring, the House 
threatened reprisals against cerned U.S. contributions to the Reoresentauves passed a non- 
Jegi station in the U.S. severing so-called Witteveen -. supple- b in din" resolution calling fora 
formal commercial relations with meatary financing facility at the ban 0 rT trade with Uganda. Thu 
Uganda. International Monetary -: Fttn(J_ had the effect of inducing most 

According to Uganda Radio, But a rider to the bill stipulates Q f ^h e major U.S. coffee cona- 
President .Amin said today that that if is the “sense of Congress" panies to suspend direct - pur- 
he would take “drastic and that President Amins Govern- from Uganda. - 

serious decisions" on Americans ment has committed - .gross - a result, over the first eight 
and people connected with violations of human ..rights -™: hs of this year, Ugandan 
America in Uganda. There are amounting to genocide. . exports to the U.S., almost 

about 150 American ^citizens in M * result . the hill stales that exclusively coffee amounted £ 
Uganda. most of them fte should dissociate itself just over SSlm last year; with 
missionaries. from such a Government and coffee prices higher. The u j* 

“anv wirnoratinn histitiitinn' nr imnnrted S„ 4 om warm oi 


The U.5. decision could affect “any corporation, institution' or imported - . . „ 

the Ugandan economy consider- individual is prohibited . from Ugandan coffee, about e per cent 

ably since in past years the importing any product which is of ib> total coffee imports. •; 
Americans have bought about grown, produced or mabu&ic- Last yea r U-S-- exports W 
one third of the country's coffee tured in Uganda." Exports are. Uganda “were worth §143m, 
crop. similarly circumscribed, except about half in cereals, the rest 

Jurek Martin adds from for Govemment-tOrGovernmenL mostly aircraft equipment and 
Washington: Formal commercial emergency food aid and certain spares, but this had fallen^ to 
relations with Uganda were supplies to U.S. missionaries In only about S1.6m m the first 
severed as a result of a bill Uganda. The Carter administra eight months of this year. 


Stronger Euro- Japan ties 



BY RICHARD C HANSON 


TOKYO, Oct 12. 


WEST GERMANY'S Chancellor made to other industrialised international, political and 
Herr Helmut Schmidt, said today nations at the Bonn economic economic matters. Herr Schmidt 

he was satisfied that there were ; j 

„„ Herr Schmidt said he would Minister had reacted positively 

no political or economic prob- not S p eC niate on Japan's 1 pros- to his explanation of the Euro- 
Iems of. 3 bilateral nature pects for achieving its goal of pean Monetary System which is 

between Japan and West 7 per cent economic growth dux- expected to be implemented next 

Germany. But he said that the ing the current fiscal year, end- year. The arrangement 1 might 
Japanese-European side of the ing March 1079. Even 6 per cent prove an incentive for others to 
triangular ties between the or 5( per cent would: be an bring about stable rates for their 
United States, Europe and Japan enormous achievement he said, own "currencies, he said. ' - 

should be strengthened. Germany only expeeled a rate It appears that Japanese and 

Speaking to reporters on the of about 3 per cent. West German officials nave 

third day of a four-day official In the first two days of private achieved a significant degree of 

visit to Japan. Herr Schmidt said talks between Mr. Takeo Fukuda. mutual understanding on 

it was clear that both Japan and Japan's Prime Minister and Herr exchange rates in recent months, 
West Germany had made great Schmidt and in meetings, with particularly in their concern 
progress in fulfilling pledges aides, discussion has ranged over over the unstable U.S.. dollar. 


McNamara studies river scheme 


BY MERVYN DE SILVA 


COLOMBO, Oct. 12. 


MR _ ROBERT McNAMARA, Islamabad: Decisions taken at a . decision was postponed because 
president of the World Bank, special meeting of tile World detailed information was lacking 
areived here today on a two-day. Food Consortium countries in and no clear plan to combat the 
visit daring which he will study Washington earlier this month problem next year had been 
tbe progress of the billion dollar mean that Pakistan could avert formulated. 

Mahaveli River diversion project, the consequences, of a serious At the Washington meeting, 
cornerstone of the Government's wheat crisis this winter. ' the United States agreed- to make 
development effort. The Government has put the a significant addition to the. 1.2m 

The Goverment hopes to finish shortfall in the crop this year tonnes which Pakistan already 
major part of this 39-year at 2.3m tonnes, and ' requested has arranged, to purchase. Small 
scheme before the end of its six- emergency assistance when the quantities will also cbme from 
year term. aid-to-Pakistan consortium coun- other consortium countries, in- 

Besides assuring water for tries met in in June. A eluding Britain. 

500,000 acres, settling 100,000 


ends in NZ 


BY DAI HAYWARD 


WELLINGTON, Oct 12. 


farmers and meeting the island's 
power needs, the Mahaveli pro- 
ject is the Government's only 
real chance of making a dent In 
the unemployment problem. 

The reservoir of lAm unem- 
ployed has been swelled by semi- DRILLING FOB oil In New Zea- southern part of Ne# Zealand, 
educated rural youth from whose land iws now come to a bait after It was the second dry offshore 
ranks came the angry rebels of some three .’years of on- and hole drilled by Petrncorp. - 
the 1971 youth insurrection. The off-shore prospecting. Mr. George Gair, the Minister 

proliferation of left-wing groups The last 'well to be proved dry of Energy, says that New Zea- 

ls a sign that the social tensions was the T&fcapu 1A being drilled land cannot expect to find oil or 
which caused the bloodbath are b - v the Government-sponsored gas quickly In the shallow off- 
even more acute today. NZ Petrocorp SLvpJoration — the shore waters. 

The free traik» vnne'tiiA othpr hody /set up by the present However, a, consortium headed 
important ^ventiTre ilf the Untied G ® v ?™ n “ t carr >' °P ail by Aquitaine has settled Its dif- 
iStionaT^ Party Governnmnt hS se^ch when the recognised large ferences with the New Zealand 
attracted invest^ mi“to ml i£S international companies refused Government’s energy advisers 
about ^fnextvwS how * ? pera J? because . of the New and hopes to start drilling off the 
2S? 1 it can hekf^iSte' oX Zealand Gove roment s unsaUsfac- Tranaki coast of the North Island 
tfinon iih* ^ 1 “ tory ta * requirements. later this summer. This is 

iT. ;; „ „ lakapau was sunk 20 kilo- deeper water than that around 

Chris Sbenveii adds from metres offshore from the Takapu. 


BEIRUT, Qctrjj, 

JORDAN: IS .expected to' set 
troops to Lebanon to take m* 
in the. Arab peace-keeping {»? 
tie re, whQe Saudi -Arabia 
agreed to boost the strength t 
its battalion already serving ! 
the- force. . i-.. 

Informed' sources said piw, 
-ent Sarkis asked -Eiaf Hussel 
of Jordan -for the troop® wht 
they met in Amman yesteraa 
Saudi Arabia, which -has: aba 
1.000 troops- here, is expeeft 
to send several hundred -mej 

President Sarkis visited (j 
two Arab countries ks parLaf. 
tour which also. ,-look 
Kuwait and the United ^*- 
Emirates: Kuwait, which: nj 
tributes financially to the 
of the Arab force.'has ahhfeisa 
that it is. unable to' send 
to Lebanon. The UAB'-msJ 
tains about GOB soldiers herftj 
: President Sarkis' held mt) 
talks in Damascus today ;wf 
President Hafez ' Assad - bfda 
returning to Beirut He ft 
started his talks in' -Syria -:h 
week before proceeding to-bfli 
Arab states.. ; 

Foreign Ministers of the:£f , 
states contributing tremps- i 
money to tbe Arab force are 
meet here on Siinddjr ^ mu 
President. Sarkis, . . who 1 
reported in the Egress today 
be thinking also of smamgaf 
an Arab mini-summit wtef, 
ence next week. 1:. . - , . 

- Some 30,089 Syrian .nio 
form the baekhdne ctf 
peace-keeping force'. Tbemg 
ber of troops Jordan i&exput 
to send has not been deeMeSj 
but may be fixed at the Foni, 
Ministers’ conference : ' ^7.^ 

On the : ground, confeh 
sniping has left the conftftntitr 
lines between. Syrian troops 4 
the militias highly tense mi 
eastern suburbs of tb®" && 
The local. Press today card 
reports to the effect that all do 
in the Conflict, indadfogrj 
Palestinian guerrillas afid'l 
Lebanese leftists ' and -Mofli 
militias, - were engaged: iq' p 
parations for what lobsera 
described as “the next blow a; 


Strike halts 

> • ♦. 

Iran papers ' 


Financier’s 


trial 


postponed 


By James Bartholomew 


THE SAN FRANCISCO trial of 
Mr. Amos Dawe, the Far Eastern 
financier whose company was 
lent about S70m by the Russian- 
owned Moscow Narodny Bank 
has been postponed until next 
year. 

Mr. Dawe gave himself up in 
September to face charges of 
defrauding three California 
banks under his control of $1.3m. 
He acquired control of these 
hanks with the backing of tbe 
Moscow Narodny Bank, which Is 
in litigation with a number of 
its customers, including Mr. 
Dawe. 

The trial was originally set for 
October 10 but both tbe State 
prosecution and the defence 
requested a postponement, said 
Mr. Steele Langford, Assistant 

U.S. Attorney, criminal division. 
Mr. Langford would not say 
whether Mr. Dawe had attempted 
any plea-bargaining. 


UB. COMPANY NEWS 
Strong third Quarter at IBM; 
New product costs slow growth 

at Colgate-Palmolive; Mamie 
jvi iriianri til rone ahead of take- 
aver— Page 33 


THE ISRAELI ECONOMY 


Problems of a peace treaty 


BY L. DANIEL IN TH. AVIV 


ISRAELI SETTLEMENTS 
IN THE OCCUPIED 
TERRITORIES 


THERE ARE big long-term the magnitude of the.Rrobl.ems It will also slow down; if not equipment. Egypt in turn. Is 
advantages for the Israeli involved. The cost of 'cmffitructmg reverse, the trend towards likely to get substantial sums in 
economyy i n concluding a peace and equipping two mBitary air- narrowing the trade and balance foreign ■ aid and investment 
treaty with Egypt. But In the fields in_ tbe Negev, to replace of payments gap. - :' during the years to come. The 

short term, Israel’s economic those built by Israel in Sinai, is The balance-of-payments deficit psychological climate between 
problems are likely to be put at Slbn. vas cut by SSOOm and S700ra the two countries will to no small 

exacerbated rather than relieved The Jewish Agency Settlement respectively in 1970 and 1977 to extent determine both the possi- 
because the implementation of Department says that it spent S2.50bh. This year, although ex- bilities of trade and of joint 
an agreement would be bath $50,000 per family settled in the ports Continue to grow at the ventures, 
expensive and inflationary. Rafi ah region o£ Sinai. This rate of 1 -over 25 per cent per For example, Israeli oilmen 
The most spectacular economic includes housing, as well annuih; ."ho improvement is ex- discovered a gas reservoir at 
benefits would of course come infrastructure, such as roads, pected since imports intve also SadoL near Aafiah. It bad been 
only if there were an overall electricity, sewage, schools, risen (partly due to- higher de- intended to lay a 100-km pipeline 
peace agreement. In that case, clinics, etc. But the settlers them- f race .expenditure, partly to the from there to the various chemi- 
Israel would be able to cut its seIv ® s have added many improve- resumption of imports qf capital cal plants in the Negev with the 
defence spending, freeing re- w *r* abandoning goods), and foreign indebtedness gas replacing imported crude, 

sources for economic develop- aevemped faims. Judging continues to rise at the-rate of Egypt, at this stage, will have 


ment, and reduce or end com- set when ~$5(j6m a year.^^vith tbs' figure little use for the gas and could 


pulsory military service, releas- J? r ^ eU . f k a ^> *5 ■ ea ?p now standing at close'to'fllbo. sell it to Israel by permitting the 

ing manpower. For once it would 5r?J, r Jotl ? at “ e ^ b “5 udeis °“r Economists fear- that the mas- construction of this pipeline. Oil 

be possible to make long-term flelds an “.? ot ?£ ?■ ,, per sivp construction work, will lead experts estimate that, when fully 

economic plans. compensation (that is months- ^ a f ur tji er drain of manpower developed, the field could pro- 


But a peace treaty with Egypt S ■ from industry, already. woefully duce gas to the value of SlOOm 

alone will not XwdeffJS !“ short labour (despite, the em- annually. . 


alone will not allow defence 1,, Z *<• Ho Tj snon 01 raoour (despite, me em- annuauy. 

spending to be cut. s0 long as a SmJensJtira 7s Scelv If be br Israeli' eronomy Clearly the overall develop- 


state of war iTe^o? from^e menTw^^depra^on whether^ 


siaie ot war continues in me in mppsc Of tho nripnal imrpot wwruera uw ***^«>- iut 

m«o“ sSm° e £ WseSFmLu™ 


Jordan river. Tsrael may “find £Tbe estTbUnd ItoT tiSiTstaffah ^ eba ? ese Moslems. 'add Chris- bilateral one or whether peace 
the U5. prepared to .« more «ttllre ip fte Negev Deeea S. not «rw«bB; Were- treaties will be signed also with 

of its requests for arms but the 8 There are at nresent 14 tarapli f0 !? that tlier c has-akeady been Israel s other neighbours, 
cost of sophisticated weaponry civilian settlements in ' S Possibte . employment Officials here expect an upsw in- 


is always rising. Israel is asking Rafiah arei’with a“populati6n of ^ ® gypt ? an workers by-! Israeli in foreign investment in Israel 


for increased - U.S. assistance abouf Tooo "or* 1000 fo^Ktruction firms. 'Not only aS a result of the agreement with 

ncial year This nnt -tr ^ e unionists, bat economists Egypt. Such investments have 


during the 1979-SO financial year This does not take into accMimr 'j — - — — - — . __ - — — 

—for S2.4bn compared with the residents of ^ohlra'fnear ?0d offi ?* k are worried. -about not exceeded -$7(hn per annum 

UQhn fn. 1B7CTO V. icaiueuia . v/poira Uiear increased Ignai; ><pp»»(an,P aa. in rapanl vAdK 


51.9bn for 197S-79. And this does Sharm-el-Sheikb>: or of NueJbe draendrace on- in! recent yeare. 

lecial assistance an d Dizahav, -on the road ° .. If J o rd,in .. Jt 


not include the special assistance and ~*Dizaha*v -on* the ’ mart ladour * , If Jordan a E leas»t joins in, 

Israel will require to evacuate between Eilat and Sharm who * Hi! ch - UIk ha * ^-be^rjiea^d too. -then the climate of . stabitity 
its forces from Sinai, to con- have built un flourishing t'mirtsr of en pnnous posslbtiitios uf . which this should, engender 
struct new bases and airfields centres * "" b co-operation and trade between would increase - foreign- in vest- 

fthe U.S. has said it will pay for Tt =_ 1,... therornrA that o u <> n Bgy P t and Israel. But the pros- menL 

two new airfields), and to re- Wrlcai S°rh’k wnfnnf 2* 61 * are essentially long-term. An immediate - result of the 
settle dnd compensate Israelis Mimstry commerce circles, agreement with Egypt should be 

who have to leave their farms in ? r 1 ®, as well as industrialists, do not a sharp upswing In tourism (and 

Sinai as part of the agreement Israeli exports to Egypt investment in tourist facilities 



ing a uci» ucicuvc imc — ur r: n „ than a r~ — — v »“**• nuicu i«cci r“— v- U*. 1VU.UU1 m-uiu Ciurupe 

rather two, since the withdrawal t have to spend on additional oil — not to mention the hundreds 

from Sinai will be carried out fOF' ““P 01 ^ wit h the . withdrawal of thousands of Israelis . (and 

in two stages. The first line will KJJJJJ, J® f ™. m offshore field at A-tur, unknown number of Egyptians) 

have to be a temporary one, SS’wSS!; 1* wbl f h currently supplies 10. per who were planning to cross what 

running from El Arista on the 5£P™.fcF!i! J ^ ? ent of ^rael's oil imports. The were hitherto 


Europe 


Mediterranean Coast of the ° _ m °° 1116 ■ ^ ^ likely fow forecast of exports is based sealed ' borders. Again™ Jordan 
peninsula to Ras Mubammed at be emarged 1 or a second sup- on two factors: that tile majority may or may not, join .in as of 


Its southern tip. The second, per- involvmg of Israeli industries are geared now. tourists flying to Amman 

in an ent one,, will have to be additional deficit financing: tins to meet the requirements of the may -cross into Israel and return 

located in the Negev facing the in turn will increase still further sophisticated markets of the to Jordan, for the' return flietat 

intern, ational boundary with “J* rat *^” inflation already run- West; , and secondly. Egypt’s out oF the region, bat the s«tL 

Egypt ..Nor are the figures likely rung at 40 per cent per annum, shortage of foreign currency, does not apply to tourists 1^ 

to be released, except to the Even with massive American Israeli industry may adapt itself to and' from IsraeL if *25 
Americans who will be asked to aid forthcoming, the effect of the to the needs of the Egyptian mar- Jordanian authorities were 




TEHEMN, -OcCU3 
A STRIKE against martial k 
censorship left'. Iran vri&e 
newspapers today in 
protest 1 in • the couritiy^s-iBlffl 
fyinff politicat criri^v/^S-. 

There was specuiautaf «k fi 
Shah, facing .the jcBsriJrin 
wave of opposition' jo.hfrsiw- » 
115 years, might caasiiEJHfta 
' ing Jaafar. Sharif-S^aa>C-v. 
Prime Minister. .who ; n»'«*r 
office less than'seven weefc*. 

The newspaperBtrike;aK«r 

likely to itusesae frictiM?;/ 
tween the Px^e 'Ministeft^ 
has- called for "a -free . but-refip. 
sible Press, a qd - martial:-; 
authorities who evidently -* 
the papers have beto- too, IN* 
recent weeks. | - r. 

Journalists and other staff 
Iran’s two biggest dailr^e 
papers, Etela'at -and: IW? 
stopped- work yesterday^ 1 
vowed they would stay -sotjtt 
the Government ' paM 
declared a policy of nb 
ship or Press interference.; -01 
dailies, also -joined .the Jfo 
and were not "published tome 

Printers -refused .'la, 
today’s ' edition ' of ' 
Gov emment-owned. 
paper Rastakhiz (ResuigW® 

Staff on .the . Etela'at 1- 
Kayhan newspapers 
stopped work after army oefr 
entered their .offices yeSter 
and demanded to approv.e 
copy for publication. ' 

Press sources said ihey.. 
lieved that '.among 
which . martial law autb?r> 
objected were rgiorts abejit 
Sbah’s chief religious opwO- . 
Ayatollah Ruholiah Khmat : . 
78, who is now living m. ; # ■ 
In exile. • -jr 

Strike leadere said a 
committee had been appoi;' 
to discuss their demands^ 
the Prime Minister. -t 

Mr. Sharif-Emami has altt 

faced a rash of pay strik e 
civil servants and ; teacherS“ 
anti-government disturbance 
the past two weeks 
provincial towns. ■ { v-f 

Possible ■ successor, : 

Sharif -Emami are being'.dlscq 
in political circles. They iW 
Dr. All Ami pi ' an elder. Stj 
mao who' was Prime Ml® 
briefly in i 961 -82. 

- Ah other " possibility menm 
was some form of 
government hot it was w' 
believed the . Shah ..vronld 
mast reluctant- to - choos®; *■ 
course in - view . of bis -TS 
pledge that Iranian politics^ 
become increasingly open. 
Reuter 


Top Zambian 
Minister goes 


By. Michael Holman 

LUSAKA; Dcfcl 


ZAMBIA'S FINANCE 
Mr. John. Mwapakatwe, con®J- 
today that he -‘is ■ re'tjriosfH? .. 
politics and w4U not. be staw 
the - country's' D®*** • 
general election. 

Mr, Mwapakatwe,- _ 

Minister since May,. • 

he is retiring for health - 
His -decision will He' r*ST* 
both in Zambia , and - abrow^ 
Mr. Mwariakatwe 
respected . member of 

group of Zam biair -offirtfiS.: 

have been ; guiding -JSE. 
economy through its.mostwp - 
crisis since independence • 

He >d Zambia’s ne^t^,. 
with the IutetnatiOnsl . 

Fund (MR to -seen?* ...' 
U,SS380m two-yearCredita». 

to. .tils March. 





\w.Vl»- *' •.» 


V .1 


v i ■ 


l ; 









W. Germany, expects 
rising surplus with GDR 


New 747 
order by 
Cathav 


By Ron Richardson 


RSV wins Algerian orders for 
power and gas industry plant 



BY CHARLES BATCHELOR 


India hopes 
for rise in 
textile quota 


By K. K. Sharma 

NEW DELHI, Oct. 12. 


AMSTERDAM, OcL 12. 

' / pcP-Pu rL,3n " in 2as Pmcw»»n* Plant at Hassl. RSV 1 has made a provisional I 

- :,lL,ss “°u<* a nd Rhourde el Bagel, tender for the contract, but the l TPYT , Tir nnnt _ r - , nA , „„ 

1 three order* worth a total or asd turnkey delivery of two gas whole affair is in a verv earlvT”! , ^ 0 aa - r j r »f! nd,a ar t 

114m <— bmi for power and compressor stations for gas stage and no further details can ■ jyjjl EST 5Sf 
s-relatBd equipment from the injection to increase oil be made known, a spokesman ] corner™ Minister, Mr* 


s>tate company production, 


said. 


The company also disclosed In June RSV received an order 


Mohan Dharia. 


*?. briber that India has asked the Dutch for the first of two submarines! 


Quotas were raised for some 

I p .™, 3ec , l V n thc 'poT- shipbuilder ItT lender for an“un‘ for ~ihe“* Duirt"' Navv“‘ worth | fJfbrr^L., f !!!?j!° ng ; e n d 

de i !V _ e _ r ?’.“. f . tjnkt,rs Jo «»Ty disclosed number of submarines together FI 425m. The' two con- |tall ' s - ai,r >Cjr and a f,irther m ‘ 

The Indian Gov- ventionaHv powered vessels will 
also approached have special steel hulls allowing 


Republic last year v. as DM 500m pruts for the oil and gas it creaking while ertirienev hil< l,,,nlirni(?, l l| s “n , liquefied natural gas ii» Holland, for iis naw” 

SS. '“cumulative trade surplus liupnrrs froaii the Soviet Union, greatly behind the Went lie says. }« 'Sffoiid an-craft i*r .it-livcn in j The orders which have just emmeni hi< a.su appruaL-nea ii^vr^i.o Mm nuns an«niK 

riv i-n 1 . 9«nnany - r< ? !lc lD East German , factories, he The GDR uses capital lavishly > „ fr ‘ 1 bn*i| been 'placed with the RSV sub- shipbuilders in West Germany, them to reach depths creator 

1 S-rui at the end ut June, c-,-- -, rtt tnm». 7 down orders hut achieves only twu* thirds uf | “ft!™, ynd s^tary. Thoniiussen Holland. are Sweden. Italy and France. than existing craft. 

00 for the turnkey delivery of an The Dutch Government has The spokesman declined to say ! 

. , 1tlk , ■ *i uQii • ,n j electricity ^ power station wilh been told of the Indian request if the submarines involved 

Personnel. Dr. It use h tiutcs-. 

the »t r- _1, : *■: — ? uiv 3ut:ci lutuuuu- uu^e Hr se{ l VVaStCfuUy and I he East I If .'U nprionv aro 

l _ u,i Germanics' will "exrecd quantities of a limited range of German military burden is l value of the Total 



DM 9bn " this year up from last ^chines' ” " v ‘ “severe, probably as high a pro-! would bo mure than HKSl.Sbn 

year's DM S.Thn. East German* s A ik«' East Germans P°riion as in the Soviet Union " MfloBml. All the aircraft unified 

trade with other OECD rwimriw p..j \. a liSi* in aSnt orders M,,st serious uf all. Dr. Rusef) 1 "'’ T ^ken o:i opium are in be 
m the first quarter of this year oJtJTS«S!S ^ is. that the population does tiered by Kulis-Rnycc RB2II- 

machinery as they nf< ! believe things arc improving engine?.. .■.iiutLu »o those 


results in West Germany for ( i 1 , 10 *.. TV®. 113 
amount of monpv • ^uriitnta for itdivurv 

1?lk1 JT>l1 jI40kMof hiah legion overhead since the export of military or iho Indian lender were of l^e [ fprenw^but^ha^ teen worried 

cvcnriiiL'd. ihc , cable and five sub-stations. three strategic equipment is subject same class as those being built hv t h« trend tmi-.rri* 
■m L 'HKSlS)m! 3ai t ® ?bl3e com?msors for u* to the approval of parliament. for Die Dutch Navy. protectionism in Europe- 


crease will benefit the garments 
industry, which is facing a prob- 
lem of surplus capacity. 

The industry is particularly 
affected by the U.S. quotas 
despite their relaxation under 
' n i the generalised system of pre* 


irl 


I alrcudv powering its seven Luek- 
j heed Super TriStar?. 

Hun- Kong and Ghina lorl.iv 


Austrian deficit narrows 


BY PAUL LENDVAi 


VIENNA. Oct- 12. 


■Ur’S 

.110 


dropped S per cent, lar^eiv'due 

to a reduction in East German w -n.tl,i^ immuni" iheTaroevolume quickly enough, 
imports. As a result -if these «-ut- uroducni.n *or the Soviet Union ^he coming year wilt he even 
backs East Germany's overall ^ n % ea ^ er f or theni In meet p 1 or difficult for East Germany, 
indebtedness, estimated al ionic t i..» ir Ti targets Uv hf! sa >’ s - because Ihc citizenry reopened passenger aw links lm 

DM 13bn did not increase' iurn : n- „ju une tvtw> of machine “!»*«* a larger supply «r ron- ihc first lime in almost 30 years 

Dr. Rnst;h. who meet, each 7 -hi« nltiweichs even sumer gods to marks Ihc 3(»th! Special charter Rights, which 

week with his East German *heir ' m.p«i r n* bqrd currencv " a oniversary of Ute foundiag of will «ipt*r.iie iwice daily, will he 
counterparts, alternately srt Wes- Ute GDR. [ taking Western businessmen up 

and East Berlin, savs a com- The West German otHaal snvs „ Th e currenT reorgani.sahnn or | lo Gan Jon lor the .lUluuin trade 
bmation of factors are re- pun- h, d ■ n? ilieve S E «* Gennany’s foreign trade. ; fair there. 

Mble for the lag in East German il-r-tanv wiM ue able lo fulfil un °er which ihc giant induslrial j Today s inaugural Trident 
exports to Wc*r Germany. He the "teraeis i* originally set for , ,s arp “ P,I, 3 S ,vcn lill?,r own? Right from GaMun carried a 27- 

- - * • ,or furc i gn trade departments, could i inau party uf Chinese .jlfictals. 

lead to the already complicated I who were met by tup Hong Kon*- 1 
foreign trade system becoming! Govern mem and civil aviation 
“ even more unwieldy.” he says representatives. 

The foreign trade departments nf Another transport link Is due 
the trusts. Dr. Kosch explains.) to he forced m-xt month with 
may be getting more respond-. the owning of a fmv service 
T nr ,,-cTi.ue Uk , oe . a- « ™,.i« but it is the. kind which, rrom here to Canton using 

IDE AUSTRIAN balance of cent lo Sch is.5hn.. .As a result. can cost them their heads.; R run h-inatle hovercraft, 

trade figures fur the first eight the visible trade deficit in They simply will not risk ft." iRcuicr 
monrhs uf this year, show a' August was down by .21. per cent 
significant improvement. This is campnrrd to the same fonlh a 
partly a rooUit of the govern- year ago. ' 

nienfs squeeze affecting durable The pood -export performance 
consumer goods, but aisu i ruii- is taken hy the Arb'eitcf Zeilung. 
sequence of Die better ihan ex- the ruling Socialist Party’s. cen- 
pevicd performance of exuurt.s tral organ- asr-a proof that the 
According lo the reports just exchange ratr policy of a “hard 
issued hy the f>ntrai Oir«ec for Schilling ” has on the whole been 
Statistics, imports during the right. This view is of course 
January.-Aueusr period wore deputed by many exporters who 
down by 0.7 per cent m Sch. stress that they have managed ro 
I49.5hn (£5.3bn) compared l<> maintain market shares in the 
the same period last year. V.S.. Britain or. Italy only; at tbc 
Exports expanded by 7.7 per price uf sharply reduced profit 
cent to Sch. I12bn. narrowing margins. The Schilling has 
the tr.‘*dc gap by Sch. 9.1hn to gained about 12 per cent against 
Sch. 57.5hn. the ILS. dollar since January this 

The resul's in August showed year — -the latest median rale, for 
an rnLTC3SG in exports uf I S per example, being Sch 13.76 to the 
cent to Sch. I3hn while the im- dollar a* against over Sch 1" 
port bill was down by 2.6 per to the dollar in January, 1977. 


Floods threaten Indian steel output 


BY K. K. SHARMA 

THE INDIAN steel industry is count 


NEK DELHI. Oct. 10. 


Portugal seeks 
export boost 

By Jimmy Burns 


LISBON. Oct. 12. 


r. , , ... .. - - — ntry’s sleel plants may have abroad. Fortunately, the foreign I SOME 600 potential' buyers imm 

threatened with closure to close down for some time exchange reserves position »s : over 20 countries arc expected to 

temporarily as a result of lloud- since the transport system has sound and there should be no attend a three-dav textiles fair 
mfi of coking coal mines in the also been affected by the floods difficulty in making the imports. [ beeinnms hen* inmnrrnvv 


„ ^ , u . . — , - - - — -— r | beginning here tomorrow. 

Easiera Region, particularly the and it may not be possible to Because of the easy foreign The Tair. organised bv the 

;.n d r rrr FomFn,D ' de 

Minister for Steel and Mines, the coking coal arc planned but the (,mi!rruuem todaj announced a 
*‘ situation is very bad.” earliest they can reach the further liberalisation in its 

Mr. Patnaik estimates the toss country is late November. induslrial licensing policy. No 
nf production of at least lm In view of the toss of produc- new plant now needs to applv 1 
tonnes of saleable steel, both as tion of sleet, the Government f ljr a ii.. en .se provided thp invest- 
a result of the direct impact of may be forced to make suh- „I„ r ' l "-^L 

Hoods on the l.*m tonne plant at stantial imports. There is ™ en f. 'uvohed is less than 
Durgapur in West Bengal and already a shortage «»f ■iomr “ s 30m (£l.mj and ihe foreign 
the lm tonne plant at Bprnpur items, like structural steel, exchange costs of equipment and 
and also as a result of coking which are being imported. raw materials do nni exceed 10 
coal shortages. But now other varieties will per cent of the production value. 

The minister feels the also hate In bp purchased or Rs 25h.OOO. 


Expurlacao. the country's major 
export/impor: promotion insti- 
tute. aims to draw orders particu- 
larly from Britain. West 
Germany and France and thus 
give the country’s depressed 
textile industry its second major 
boost in less than a month. 

In September. Portex, the 
annual textile fair held in 
Oporto, northern Portugal drew 
Es 5bn worth of orders' from 2S 
countries. 


.SirikeL 

irjn pat 


Kvaemer shelves Iran 
gas terminal contract 


>'jt 


BY FAY G JESTER 


OSLO, Oct 12. 


" NORWAY'S KVAERNJER group president. Carl Rntjer. safdrtbe 
" has shelved, at least for the lime group. Mill hoped to be abjjfc .to 
- - being, plans to build a Nkr 4bn build tbc Iranian terminal some 

- (£4O0m) floating gas terminal for time in the future, but the>fc(f>le 
■■■ Iran. The contract, un which contract would have to . he 

- Kvaerncr has been , working fnr renegotiated. . . - > 

over three years, would have Meanwhile, the other main 

•— been the largest single indnstrial competitor for the Statfjord deck 
i . export order in Norway's history, order, the Norwegian ? Aiwr 
In a letter lo the Iranian group, has complained .that it 
. = ; authorities, the group says it was -hot given an opportunity to" 
can no longer go ahead with the submit a revised bid for the job: 

- project un the original terms. A arier. being Informed by the 
framework agreement between Siatfjord group that 'its first bid 

.Kvaerncr .and the National was too high, 

Iranian Gas Company (NIOC). Aker bad hoped" to build the 
concluded last April, provided deck at its Stord-yard, which is 
for Kvaerncr to build the ter- an important employer in 
minal. providing the V.S. Energy region with few alternative job 
” Department gave the green light ounortunities./ The loss of the 
• before the end of this year for order is expected to cause 
- natural gas imports Trom Iran. serious unemployment problems 
The Americans have not yet in the Siord area, sioce the 
made up their minds, however, yard’s order books are now 
aiid in the meantime Kvaernor’s almost empty. , 

Moss Rosenberg shipbuilding Hilary Barnes adds/ from 
-• subsidiary, wht.-hwas to have C» pen ha gen*. Atlas, the Danish 
built ih’e facility, has " been engineering company which 
awarded a major North Sea eon- specialises in meat process- 
• •• tract whirh will employ most of ing equipment, has oblained 
its capacity unlil about mid-I9Rl. a Kr 60in f£6m) contract 
This is the main order, worth from Iraq for the. supply of 
Nkr 1.6bn. to build and assemble turnkey poultry slaughtering 
the sleel deck for ihe second con- plani. The cuniract also- includes 
crete production platform on the a year’s technical assistance in 
Anplo-Nonvegian Siatfjord oil the operation of the completed 
and gas field. pliinL said Mr. K. R. Knudsen 

la a comment today. Kvaerncr of Allas meat industry division: 


Finnish orders boost 

BY LANCE KEYWORTH - 

THREE FINNISH companies project and everything will be 
have won substantial foreign Finnish including the furniture 


contracts tins week, a welcome UB J l n -*'^“-,„ LnMr , I1 , scc ,or, 
sign in the branches invotviu w hich has been expressing con- 
after a long period of depression. ccrn about the state of its order 
The first order in the consult- hooks for some* time, the Statc- 
ing branch is a contract Tor a owned Valniet Oy is to deliver a 
luxury horcl to he built in Egypt fine paper machine to Bois 
near "the Giza pyramids valued Cascade of the U.S. The order, 
at FM 50m (£5.6m>. The Finnish is valued at FM 60m. 
companies are Makrolalo Gy and Valmet will also participate In. 
Urakoisijat Oy. The order, from the building or a paper machine 
El Shams Pyramids, is a turnkey ia Vietnam value at FM 2-3m. 


ti 


U't 

^ # i*-* 


U.S. praises 
Irish returns 

5y Reginald Dale 

BELFAST. Oct. 12. 
IRELAND LS THE most profit- 
able area m ihe world fur in- 
vestment in rrmn uia el h ring by 
U.S. companies, accnrdinc to a 
report by Ihe Cdminerce Depart- 
ment jn Washington which is 
being circulated by Ireland's 
Industrial Development. Autho- 
rity (JDA). 

According to the IDA the 
report says that in the period 
1974-77 U.S. subsidiaries ia 
Ireland earned an average 
annual return on capital em- 
ployed of 28.5 per cent. This 
compared with an average return 
on investment of 12^ per cent 
for US "subsidiaries throughout 
the EEC and a global figure of 
12.3 per cent. 

Ireland had the fastest growth 
rate of investment by U.S. com- 
panies— an increase of nearly. 
200- per cent la the ten years 
ending December., 1977. The 
attractions "are a package -of 
incentives offered by the IDA 
which include grants and loans 
to help start up costs. But above 
all ; there are tax exemptions on 
exports -since most American 
companies— like Japanese ones — 
see Ireland as a convenient way 
to the huge markets of the EEC- 


Dutch computer 
market study 

By- Charles Batchelor 

AMSTERDAM. Oct. 12. 

A NEW report on the Dutch 
computer market -show IBM to 
be dominant bui the strong posi- 
tion of Honeywell BuU and 
Philips means the U.S. company 
has a smaller market share than 
in many countries. 

IBM took 30.1 per cent of the 
FI 1.2bn ($5S0m) market in 1977 
followed by Honeywell Bull with. 
14.4 per cent and Philips with 
14.3 per cent, according to a 
review compiled by Bereaschot 
Business Consultants in Utrecht 

One-third of Philips’ share of 
the market is accounted for by 
large computers which the com- 
pany has stopped making follow- 
ing the failure of its Unidata 
joint venture' with Siemens of 
West Germany and CEt of 
France. " 

"This market will therefore be 
open to competitors when these 
computers are due for replace- 
ment, Berenschot said. 

The number of installed 
general purpose computero-TPse 
15 per cent to !,9l0 in I977i-a 
“ reasonable "• rate ol growth for 
the large computer end of the 
market 



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HOME NEWS 




RAY FERMAN sets the scene for this 
month's Berwick and East Lothian 
by-election 


Each party waits 
for outcome 
of close battle 


| New tri 

engines 








- some lime r 








V TPV7 .,, D VEHICLES, the BL next ye^r. Later in tt78 it tefl 
fc! Jfh'.rtiarv todav announces a he fitted m Off fteo?oatal . 

f JJi range of diesel engines to to Leyl^ndy Titan and teyl«£ 
new , 4oo series which once National' hoses;. -■ - •- ■”■„■■ 

fe S pi a ‘ued°with problems and Leyland wilHntroduce the p«w' 
« bdd reputation among engines, at .fee - .Imenratibtua - 

8 Ackers Motor Stow n6SEt; W «kwber?g; 

'■& arthnueh the 500 scries tech- recentlydm^uced^Supejr-O?: 1 
g olSbtems "ere resolved lu-wry . ..cab; . featured mj-.fee- 

^ifnme time a so- the marketing S r °ups medi.mn ^d ^gbtweX- 

& SSSuiVlS rSfeed. • . _ 


October M with a significance able di /Terences since the last; ■ ■ : - •; •'■•••:■ : >. j-X 
"opr of proportion Id its election. . ■ . j . " 

i moor ia nee in the normal run of Professor Mackintosh won the * 

ItnMitcal contests SCJT from the Conservatives in PLANS for a hctlcopter land- 

- The result will be kecnlv 1906. lost ii in February 1974. J ing pad on the River Thames 
awaited bv all parties, not merely bul regained it with a 2.740 : near SL Paul's Cathedral were 
because I he scat is a labour-held majority in October that year. greeted with protests yestcr- 
martinal and therefore could His succesor as Labour, day from Southwark residents 
ouitc oossiblv Tall to the Con- candidate will be Mr. John: on the sooth bank and nearby 
serva lives H will also come right Home Robertson, wbo was given, business houses, 
at the beginning of a new par- special dispensation by the! The British Helicopter 

Ifamentarv session in which th--. National Executive lo give up J Advisory Board wants to use 

Government will l»c living from his candidacy in another seat in; a floating terminus off. Trig 
dav lo dav. order lo fight on bis bojne ! Lane Stairs in the City .for up 

Scottish’ ".Naiionalisis particu- ground. He was a close friend j to 3.000 flights a year. It has 
lark will be looking it* the r- of Professor Mackintosh. He ; applied to (lie Greater London 
suU* wjth interest. The scat is lacks the formidable political ; Council for planning permis- 

nr»t one thev can hope io win. skills of his mentor, hut has slon and is trying to interest 

Their showing in October 1974 other qualities which will make; (he Metropolitan Police in 

Was significant! •. worse than in him a strong contender. ; 

similar rural areas of Scotland. He Follows approximately the 

? ime political line; on the right: 11 

Slim majority SKSSH » KcCeSSlOll 

-'But ih 11 SNP MPs are divi- as a farmer with a 3.000-acre j * . . 

dad over whether they should estate. 1 

support the Government during His main opponent is Miss j /\|4 i/%a ewe fi i 
the coming session or help the Margaret Marshall, selected as ■■lllft Hltfjfl 

Conservatives force Mr. Callag- die Conservative candidate-. 
ban to go to the country and the earlier this year after con-i 

performance of their candidate riders hi c oolitical experience in j BY JOHN BRENNAN. PROPERTY CORRESPONDENT 
could give a valuable guide lo the south. She is now a vv 






TEST is «u* d 


umi 


using the terminus for police 
helicopters. 

The Corporation of London, 
which was asked by the Coun- 
cil to watch two test landings 

yesterday, said that the base 
could turn Into an '* executive 
paid for businessmen in a 
hurry.” 

The proposals will he 
debated by the Corporation's 
planning and communications 
committee on October 24 and 
then submitted to the Court 
of Common Council before 


pacing to the GLC for a final .' 
decision. 

Permission for regular beli- > 
rqpter landings within . the 
City may raise rnrtber pro- 
tests from business quarters 1 

LEP Transport, which has ‘ 
offices adjacent to Trig Lane . 
Stairs, said that it did not want 
helicopters hovering nearby. 
Anri Southwark residents 
made thetr {ee lines clear 
with ■ posters which read: 

“ City slickers hua-off.” 


The new rangE is 7 y,. W y tiwseib--. 

l tl Yi " familv of conventional. tng ^lga*N3tioqi|y stogie Mi . 

£ ‘ - Winder. turbo-charged . hus wlt} also te show* 

£ pnetnes"* , iving between 150 and with. Id chasms forrBi.foe-Lwj 
25o^ iin “it will be used for a lend/pAB .articulated bqs^fee: 
vsriptv of truck and bus opera- ScammeU Commander tank tta3aZ r 
"" ,inns porter and. the advanced tJC' 

The TI.ll is related to the 20- double-deck bus. : j r 

vear-oW <S0 scries engines but * Another BL subsidiary.- 
jlyiand insists it is no! s direct Changing- Gears, will introduce:*'- 4** 
ft development of the old range. new autoraatir gearbw. - 

Ij It will replace progressively .es the RVM5U at the SEbfjy.Tbfc 


y tinrTS • K ****** - ***« aurauGCIJ MUtr 

inClirOflPP The TEH is related to the 20- double-deck bus. : 

all^v *.. vear-nid tiSO scries engines but # Another BL subsidiary,-^. . 
a •. jlvland insists it is no! a direct Changing- Gears, wilt iptrodu^^ .V 

Qfirl nAnCXAli development of the old range, new automatic, gearbox. .Jamia;-* 
dliU j. wiii replace progressively .£S the RVK 15U at the Sb$v, Tfe 

, . . - - . r the 500 series in LeylaiidY Ergo- four-speed' transmission 6as beea' - 

inVftCrm Afir " made i ruck ranee. Over tbe next speuially designed for theyEurp.- ' 

111 V till V lit three months ibe 24-ton Bison, peap City buses .of the IS86s; 4t 


Lynton McLain' 


in gilts 
hit peak 


the 30-ton Octopus 3nd the 32-ton has art in-built torque converter' 
Buffalo trucks will go on sale which the company says makes! 
with the new engine. . gear changes easier and smooth®.,. 

The lfi-ton Lynx truck with a 'and.' almost eliminates '“jerWv: 
TL11 will he’ available early bus rides- . . • X 


Recession in West Midlands 
office market ‘could end soon’ 


By Andrew Taylor ' 


INVESTMENT in gilts and -other I 6Xp 3 Ttuj JLi)3 -Y - 

public sector securities in (be . .... -' T . 

; second quarter by the. insurance' -g ~ A : . . /- - - b' 

'SHSES! product range 

| the Trade and Jndustry maga- YSLER UKs subpidlaty m^t programine CTMting 

Dodge is filling a gap in its pro- £200.000 for Chrysler -13Ci- 
Th#.c„ chnw ni»t invp«rtmpnt in' H uct line h - v add,n S an eight- London dealerahip netwoili-tti'' 

« ■ "S3* t0 - 056 300 Mries ^j°r le L ed ****-***■ 

?* « aver £lbn bv J the a „„ d, 


could give 'a valuable guide lo the south. She is now a- - " , , ' ...... 

how ih SNP vine in other key chartered secretary with ». THE ■ FOUR-YEAR recession in represented a 31 per cent take- less than 10 per cent of fee tote 
areas would hold up if n were Scottish wholesale - newsagents. ,' fee West Midlands office market up rate. - - office content. 


Together with a pew . sis- diHy. London.- 


support a cain si *4 per Vent tor a fight of el^on by repla^itbc surveyors ->ay feat - there ^ . ^SZSS* ^ ^nterest^ b7?he insttfe- ? enl ■*$**-* £ith . more -than 30-bra« 

the 'rorfes. 8 IS per Sit "ir the ing the prospective candidate!^ be « of Reot$ Comments about an office over $£%£& %&£? SSfT^StbSm iSIw ‘SS& t&T?* 

SNP and 3 per cent for the , s r n S r S t . In the central of Birm- supply in fee ^ Midlands I ^ utes1 8ur ^ey- shows total m e nL r is Ut 

Liberals. ,s nbei Lmd^aj. 34. a seasoned About 30 per cent of the empty tngham there was likely to be took - , no account of growing I Rer jovestment of onW'£3S4m in Tho -Min oHk a ^ 

There ha« been no election in polmcal campaigner. She is vice- ^ space was in old buildings a shortage of modern offices far shortages of space in prime i company securities This is very ,jZ^ nartirn^arlv^r^thS^nn’ S' 

Scotland, however since fee ••hairmnn In charge of prt to of fee Smaintag L94.n sq rt of sooner. ThSe^wonly 351.000 areas. There would be s JtS5S ^.Ttln^nS£«^ m^iSuU^ 

Hamilton coniesi in June. « J? 5 ™ 3 * “f ; a P d a lead,n » Scolush ; modern ^ units .last year's S55.O00 sq ft of modern office space “acute** space famine in certain; fimires last year." but represent* ih ^ sperifi cation l ?o the nSdog tfae”slS?tSE' 

party leaders arc anxious to 5 ec Nat onal <t.- ;iq ft of lettin SS over fee region available in central Birmingham areas by I960. j aimos r 3 ?S ner cent improve- rheffin he ranaS but fwturel bjrir bul l it LtaSSSfedSfi' 8 

hou these findings stand up to _ Liberal candidate will be Mr- “ " " Lent on the first quarter of the Chrvsler BS iff siv^-lindVr 


real voting figures. Tam Glen The ■•cal borders feat| 

Berwick and East Lothian of Mr. David Steel at Roxburgh, 
was made lacani b 1 . the death Selkirk and Peebles, but the 
nf Professor John Mai kin tosh. Liberal candidate ranv fourth 
He carved hmsclf a ^Im majority la* 5 * time with only 2.81! votes, 
nut of an area which on paper The evidence of recent opinion 
should he solidly Tory, by main- polU suggests feat Liberal and 
taming a ruggedly independent SNP votes will fall, but where 
stance on ihe right of the Labour they go lo could decide fee oui- 
Party. come between the two ina : n 

There arc a few small towns parries, 
on the outskirts of Edinburgh in October. 1974: J. V. Mackintosh 


Insurance 
company 
is sued 


I curent year. turbo-charged engine and. the. Production had beejl at a a«ii 

The heaviest investors- ■-Hw Chr>s!.>r S13 eight-speed over- level recentjv and fec ear^ 7 
; public sector spcuriries — and cur- drive aearbox • • 


By John Moore 


BY ERIC SHORT 


the north of the constituency (Labi. 20.6S2; M. Ancram (CL; THE HOME Insurance .Companvi MORE PEOPLE are maki 
where the closure. of old pits has 17.942: R. Macleod (SNP). 6.323; i of New York is being sued bv 1 of. nietfical insurance to 

F- LawsOrt iL), 2,811. Labour) three other insurance companies ! the cost of private hospil 


much reduced in sire. From majority, 2.740. 


• ' | curent year. .; tiirho-charged engine and. fee. Production had beep at a gwit . 

‘ i The he a r,est investors- fa Pir>s!-r S13 oight-speed^ ^ over- level recently ahd^ ^ fee - eir®. 

Vi SllP Tftfl |V51tr* puolic sector •ipciinties— and cur- drive gearbox - been reasonably -sneces«fbl^i» 

lTitFlC p&iTaiV jrentlv most heady in long- The eight-wheel mode! \ s 28 to Belgium:' Svjr SSRS 

dated gilts— arc the long-term 3J T ^ n * the >«x-wheeler is a mouths it will be mtroducaf to 
. : -u«ds of the insurance com- t o ru0k - , the West German and F«a& 

medical insurance M "‘“ ^ • ' phase of * ,narke,s - ; 

U1VMAVUA AixaMA «AA1VV fund* in public sector «ocurHms - 

Datsun dealers leave 

cTS’yS. ^ 1 '^° ,ie « me -‘ |Uir,er ; for fallrc in Tnlrvn 

hospital and The chief growth in member.’ 1 >car * , . . •"•A/I . lifllVo III XCJlVyll ' . " .J ' ' 


for talks in Tokyo 


Council considers bid 
for redundant docks 


over reinsurance agreements. i medical treatment, according to ship still comes from group p nmnant r r - FINANCIAL TIME5 REPORTER 

Two writs have been issued, ; ftssurew released yesterday by schemes, either through uewj k-Oinpany « wrvRiCR 


^ - - 

- \.Z . 

••• -'r'tt.: 


BY OUR LIVERPOOL CORRESPONDENT 


Two writs have been issued, ; ft S urcs released yesterday by schemes, either through 
the first hv the Highlands : Private Patients Plan, the second scheinps hcina estahlished. 
Insurance* Conipanv 0 f Hniiston largest medicnl insurance spi«c of the pay policy- res 
Texas, and ihe second hv the organisation in the UK. tions. or by existing schc 

London and Edirhurgh General I. The com pane reports a reenrd fe p coverage, 

rn-surance Cnmpanv and thej number of subscriber* at^ ^the end " l,n,hpr »>r group subj-enhers i 
American Hnnir Awurpnrr Com- 1 of last month, amounting to h - v mor e f ha n LOCK) in the !l 
pany. for unpaid >p ln«ura nee ! 214.771. compared wife tlr* qu A We !! 'W'- . 


Against this the funds showed • JH1RTY DATSDN dealers- left turers* Associatjofl .aod^ 


A MEETING r>r Merseyside County Council chn*f 
County Councils Policy. Plan- are said to hr concerned 
ning and Resources Committee he?t sltPs might be 'nat 
has h-*>n called Tor this afternoon leaving onl\ those leam 
\o ennsidrr making a hid for fee tivr in. notential develop 
230-’"*-e redundant South Docks Si*- Kennefe Thompson 
at Liverpool. Council chairman, will 


« winw afijrnogn leaving on^ (nose least attrae-j«.n"i nan*- nas sc-, inn .r„r. The mns , no ,K C8 bIe feature "ZL , ™ months.- and -RlOin • for the 

to consider making a hid for fee tivr in.notentiid developers. 1 und*r fee »»nn« of rr»n«iir?«nr** ; ^ thfl - p fan - s fi«u res the covenn S aI1 employees. second quarter a vear a^o 

a? i7vern r nn| Jndan ' SoUlh r Thljmns ^’ I ’. ,n : n rhp - W* increase in. the number of lndi- _ In fee second quarter of the| 

a! J Ltierpool. Council chairman, will on : : •• has not qaHJfe Tor fo* , - , u v idnal subscribers over fee last ' current vear fep -»«*neral runrici 

cinm n5X r P he Me S ll !l! pn m l, °!? 1 ' f0 S' 1 ! ’’“"h 91 ' °. f 'T 7, or lhe first three months from 13UB5 to ^flOW DICCGS showed net investment in du hi i C 
Chmnan > closed thc Sou Ih Docks Pre.s 5 before -fee merlin*. He qu^p-; nf 19,8. 121.924 at fee end of last month. TEN COLOUR televisions wtth sector securities of £I08m-60 

in IB. as an economy measure will indicate the 0 Minns ooen H*«Mands claim and Althmieta the in eras so i£ JUTiall. the naw Pnc> OMm Dncfal I DW Cant of fhp (Mai npf invact. 


[With DEfim in the first quarter, Briiain.- ««“wuaij5 vj menfs restriction^ . agreement 

: and £R29ni a year ago. I • . -made with the -Japanese tpaao^ 

Total pet investment bv' . Mr - rlelcner. chalrnwa facturer?. 

'insurance companies’ general °f. ,de P ea '®rs' Associ- He said .feaJ during 1975 

funds was cmnnared wife ^ Jl0 J} s 310 - Uur - purpose will be Datsun dealers Jjajj been -fOTCfid 
£lS3m. for tbe Previous three discuss our problems with the to cut sales by 10 per cent-rbt 
'months.- and f21Pin • for the Ja Paoese Automobile Maqufac- over 8,000 cars. . 

| second quarter a year ago. ' -~A^ 


ties represented £257m. 


schemes 3 have* heen Smtrw^d ?- n ' Ce ^ .^ h 'v he ahp: a^menjovife Home TV Ai* tooTarly To ' ^fSreTas. an’ end^o’ Stow period from SunSy to prlraleTention fund^of wb cb 
andTJo are nnw ^under cSS J£ 2X3?*?% fee decUne ia Individual member- next Thursday. - ^SSLVabS!" MCUri ‘ 

ation. one for a £60m trade financial vear. ihe eoumv set marine contracts. , • • — r-«* — — 1 uw repwenira lotih. 

centre on fee Albert and Cap- aride £3rq for “special initiatives" • . .* . n r . tT w * 

nine Docks site, and fee other a simpd at boosting the local — — . . l/lw • I— flllQYKT TlflOTIC ^w 

film plan fn turn part of fee ecnnomv and easing unemnloy-i ^ ' ' 1»4LJI • XlltitllU XXUil UlaiD IJ^in 

docks npsr the Pior H<*ad into a merit. It is not known whether r fiWCF lOrGIffll V A B ,,Kre 

shnnpiog and recreation com- this would be topped up to clinch | * 


Ulster State Hi-fl talks 
to Japanese company 


BY OUR BELFAST CORRESPONDENT 


the deal. 


arrivals in student trips to UK 


BY COLIN A MacDOUGAU 


Guide lists 

profit 

forecasts 


IJJATTIEARN AUDIO, fee president of AIWA 4^°*r* 
State-owned Ulster hi-fi company, recent industrial promotion 
said yesterday that it was visit to Japan.' - 
negotiating with AIWA of Japan He welcomed the com May's 
about .a. possible joint venture, interest in 'f-fee skills -and 
Mr., Gordon Smyth, a Belfast faciUties" available ' at Ih^ 


businessman, who is chairman Belfast company, and- hop®^ 
of Strathearn, said that he had negotiations ' would succeed. 


Sales and Strathearn. vhieh hasreeeivnd 
Service UK manufacturing some nearly £9m from Gorem«e9t 
products at fee West funds, appears to be recovering 
oe I fast factory. ^ . from fee,- severe difflroltws », 

His efforts had the full back- which have beset it since Rf ; 


by a Japanese manufacturer, and threatened closure. ' 

boost- trie Government's efforts Afr. Mason said: “ When. ■ I 


v . Janiiarv-July by COUNA MacDOUGAU ] « J®" 1 " UK manufacturing some bearly^ ' 'f9ni ■ from Go«rrine#t 

Insurance group sets up arrival ^ »>» ™ang „««. «. » ■« »«! forecasts &,/£ a u s s at Wc5t s£ . 

mninanu r ,f Drncm , F lt& U f,WVS , Sf , SE & 5 ?KS^V^ A NEW pi.bi, r ,b. Earnlns, ln ”W tKS JS'iSSSV 

company in ouernsev «•«, .n, p.r *** «u n m d, y ra i M »» m. . bhimi ***>**. • iS. u j dp iiS" rope j.“y™2 jes, . er - oeviopmem 

•r J * the lame period of last year Council. He discussed Chinas However, during fee recent da -\- profit forecasts for Department of Commarce ^ V si» nrt » u'wnttil - 

T\- ITS firct mnvo t, - - • ««Y fe? P«*T»artnieti( of Trad- in plans for -tending students io visit to China by Mrs. Shirley roRJor European companies and An agreement here would he itswnS toS 1 «i2aS i’ 

Ims TS fidi Y Natfonli - 16 . Wing a joint statement .wife fee British Briiain wife the chairmen. Sir Williams, Education Minister, it combines the forecasts to pro- the first involvement in Ulster DreduS? *? n t ££ d S« M v 

FmolaveS- lifP 2 2T!" r..I2i^ S - base J To,,ris t Aufeorily. Charles Trough ion " aod other was agreed . feat about 1.000 expected sector Profit bv aJapaB« e SSa e SreraStf SJeSrd 

EU-S?*” Life insurance group on a Guernsey life fund and The figures relate to Home officials. ' ' students come here. SOme of ffcov-rths for this year. boost trie Governmanr^ofiv^ tnreatened Closure. 

sittiwy ” NEL^ U fntiMm'Mtenal SU (o teglslarion ° D ^ y l ° Guern sey office returns of arrivals of i The talks were of a general them will be non-gradjiares and^ The guide forecasts that light to attract irivcstmemt ^here! 5 ^ returned^from^pan T^Sa^ 
write Channel Ii iSS buVinoS a raS' of con i«Pic . :natimial>* of W-n rnuninea j nature, but he expressed parti- w«|i hr learning English. engineering, hire purchase and: Mr. Smyth said that a team clear Mv belief that ourfeS 
2nd Drov de a base ^for .ntema. launched' ’ sSnn rnr 1^5' Republic andiculyr interest in raising The British Council, .besides toys and games will be fee best from Tokyo would soon be in fevestirmm drive was Darine o& 

tiooaf^^rketinE oneStinnl work! ne round rhn ^n^ ^ t thp . Cotumonwealfe. academic levels in China. opening an office in Peking, is to performing sectors of British Belfast to make a feasibilitj “ W? £e em barked P uDoif.S ‘ 

ScJW Ihe SS' ,- s & Airivals Of EEC national^-- A British Council senior dele- send two English language industry, with profits growth of study which would proride a most %teSoJs ^tedustriai p^ 

mnSSSSs a full ran^? of life paiSm ?apitel M £iM noo K Whlc * TC t **™™ irrespective of | ?ation * , 0 visif Peking within teachers to he. attached to the 34-4 per cent. 29.4 per cent and basis for further oegotiationa Kon lffdr^ iri^fee P^t-wS 
J^Sranc? endowS health £ w at St i,2ff pur P°« ° , J v, J 11 ^ of s,av |a month or so to try to establish Chinese Ministry nf Education. 128^4 per cent respectively. Mr. Roy Mason, the Northed years and desoite fee sfeortaie - 

fcSESire andSLe nrotw St Peter PortGucreie? C -continued to W1 jje w « which Chinese standards equate They will run courses in Peking 1 The guide is being distributed Ireland Secretary, said that E SSSeatmeEf* 
morts,, , protec S ,. Port, C., jg, «j- w.«h Bn.ish ««.»»«« for and Sbannhai. &SZ ** ^ »'* * 

seven months was three per cent .— ■. — directors of 500 British com- .'c 

Help for aged scheme Reassess^EEC-^owell ^saDT 


Help for aged scheme 
starts with £32,000 


nf U S. ettizeos continued in July, 


Starts with i32«000 ?V^w4° r wa.? nfee D per >, cw?t MR. ENOCH POWELL last rtisjt was othenrife Electoral pres- j EdgwS^Roa ?Londo n’w*** 6 ^' 

Tr at-a* higher- than in fee same period urged fee Conservative voters to sure could enforce a change 

-.-rtrt. , . . of last year. - press fee party at fee,; n«t policy- “ The Conservative Party — r— 1 — - 

SECONDARY SCHOOL students by work_ done at Walkden High i General Election for a Mftsseps- may not care about Britain, but I - - _ _ . 

who:, give practical help lo S>*hool. Salford, which he visited ! — “ " ment of Britain’s EEC ajaiaber- il.care« about votes.” ‘ FochiAii nro/lif 

elderly and disabled people are lavt year. » ship. Mr Powell said trial if Labour* ■*- A5IUUII Lf cull 

to be supported by a £32.000 He said the aim* or the pro-IfNCW HIOII6YS1IOD Most Tories “ detest fee Eoro- was returned to office, the psntyV ! SNOB, the women’s fashion 1 
Government grant. Mr. Alfred jwt. called School Concern. -were : ** r pean scrape that Edward Heath anti-marketeers would be. held ■ groqp. yesterday launched its! 

Morris, Minister for the Disabled. 10 give practical help to people ; BOSTON TRUST and Saving has got them into." Mr. Powell on tight rein. . If Labour was in ‘ own credit card sv*tcm in its 

said yesterday when lie visited in special need and children » opened its first moneyshop in claimed at a meting io South- opposition it would come out In ! Iff stores. The system 1* funded I 

Salford, w-here the new project better understanding of. and 1 Scotland. It is at 5 St. Andrews , borough. Kent. favour of its Conference demand ■ and - administered bv- Barc’ay-i 

will be based. sympathy wife, the problems, of Square. Edinburgh, and is the ; The party had a glossy surface -for fundamental chaoses in; care, the retail credit arm ofl 


The publishers are Sterling! 


Flood of wine checks 
saleroom demand 


Fashion credit by edmund renninc-rowseu. 


Mr .Morris said it was inspired the- disabled. 


of Eurcipeanism. but the reality Britain's relations with 


r'^ 


Weekly net asset value 

on October 9th, 1 978 

Tokyo Pacific Holdings N,V, 

U.S. $73.32 


«“*** ‘ ••• i.iamiiu at a mf Ullg id u W u 5 iuuii il «uu»i fume VUl in II) S lures, vne sv Stem |o FlimteH I evnantiAnsl -nriou 

otland. It is at 5 St. Andrews, borough. Kent. favour of its Conference demand ■ and administered bv Rarc«av- * n,ons le-raa*n?um. fequals fggr. 

uare. Edinburgh, and is the ; The party had a glossy surface -for fundamental changes in care, the retail credit a?m of L ^ te 

company's 16tb in tbe UK. or Europe anism. but fee reality Britain's relations with 1 he EEC. . Barclay card. ° f °* jt another of Petrus 

-- - - - • • from ira»& sources, now pouring made £280 - r-c 

— ' — ■ — into the ^London salerooms — If the ever-boDuiar lMl -fir?t* 

TR Jk "1 • • c f •'■‘l ii «i-a Spfeebys has recently also hejd growth' made no new recofd*f : 

Bad planning ‘may kill northern villages’ SSSSSS-SSS'S 


from trade sources, now pouring made £28o . 'V-r 

into the ^London salerooms — If the ever-noDuiar l9fil-&rri‘ 
Sotbebys has recently also held grow fe made no new fecofd«i : 
a flne-w.tpe sale— appears for fee p rices ramaineri flrm with lteSte 
; moment ' to have ' becalmed .. Zi 


BY MAURICE SAMUELSON 


moment- ' to have' becalmed " £6 M 'ocr » 

flmiSrtTciSiB • 8,U8hl ’ sffw "otNchiw ??«»?».• #»a»*g 

B, SJBS2 ±7i— .iw. £540. Xitoitt at X520 and pvab 


Tokyo Pacific nolumys nl«V* YORKSHIRE'S villages may live there, according to Mr* 

U S $73 32 be “killed off” like many of ‘ ;Philip Booth, York partner of 

those In fee South-East as a- — Hie estate'- -agents. Bernard 

Tokyo Pacific Holdings (Seaboard) N.V, result of faulty planning Thorpe and Partners. 

1 1 *5 A'i policies, a property expert He blamed local authorities 

U.a. MA4J • said yesterday. « ho ret used 10 release enongh 

Listed on the Amsterdam Stock Exchange within a few years, families 1 ® !^. nar y « 


I So prices were generaJly beloy ' Brioo at f5M^ - 
thcir best in recent months. 


Inform* (ion: P>«rMn. H<Mr»n* 1 P.«f»n Nv Hiriw**' 3 >4. A^tuiun i**^*]^ oT^onhYofe- 


shire will no longer be able to 


He blamed local authorities 
w ho refused lo release enough 

village land for ordinary resi- 
dential development. As a 
result, builders were patting 
up dearer, bouses — from 
£30,000 upwards— which were 


away as Ueda. Wife younger 
local couples unable to settle 
m the villages, the smaller 
schools were being closed and 
ullage life would be affected- 
The rest riel ire policies 

resulted from a derision of (he 


opposite effect. Rarities' fetched high prices, “’ ’*“11" Speed. - witn-o.. 

Hr. Booth’s comments were led by * sfegtehottle Of Vquem ^nerous pwoortlon - - . 

based on a report on fee 1S69— e rfemous vfeTago-^that doffafed te the of \Prlta{q - _ - - 

property market In fee York went J for £440 to an English Mnaeum Appeal Fund. - i : .' 

area, which bis company has buyer. 1 6thfcr single bottles of ' The- total of Jh ese.was 

sent to heads of -local industry, Yqiiem" '.’dotages’ Included 'fee 4hd for fee yhola »:• 

professional practices and 1322 fCSft.i-l&K- (£T4), add a representinc 94 pcr ce&taClU»Dy ■ 
commerce. 1945 (£52). sold. . . 


_--.0'vJ 




'rT*f 






BARCLAYS 

International 


Ravar Kerman carpet 
fetches £45,000 


« J ± 

J m 

ii :*** 


7 SOTHEBY'S ended its sixth Nasif ud-Din Bughra Khan, 
series of sales of Islamic works Sultan of Bengal, was sold at 

■ of art with an auction of rugs Christie's yesterday for £55.000. 
and carpet* -which brought in It was the top lot in a sale of 
£584.070. and a coin sale which Islamic manuscripts and minia- 

1 made £50,723. The top price in tures which made £268,706. The 
the carpet sale was the £45.000, ■ 

plus the 10 per cent buyers’ I 

• premium, paid by a U.S. dealer c . , rnnAM 1 
for a Ravar Kerman carpet of dALtlwl/iVI 

about 1894, which measured 

IS ft 7 in by 10 ft II in. The BY ANTONY THORN CROFT 
price was well above forecast. 

Other high prices were the -l— — — — ■ ■■ ■ t 
£ 27.000 paid for a Henz siik rug. purchaser was Aligetchi. a dealer 
. nf about 1S40: £-3.000 from a f r0 m Tehran buying on behalf of 
Zurich dealer for a I\3Shan silk a c jj en t 

and meta l thread prayer carpet. Among Arabian manuscripts a 
}•■ °f about 1900: £17.000 from the jjh ira2 Qur’an. cl550. went to 
^fansour Gallery of London for Afsar, the Fans dealer, at 114. 000 
I a Kashan pictorial rue. also - of 

about 1900; and the £18.200 for 

lf wj carpcl - made ab0Ut PUBLIC- NOTICES 

[; » M Silk rugs, which went for about 

r £5.000 at the last sale, were going central regional council - 

for ipprorimately double Ihto 

level yesterday, ana good quality m 9.4*5% «nnum. Appinatio.ii 
items were doing better than the t14m - ' Bt,u 9limj ' v, n0 WMt 

rider rugs and carpets in- a Gloucester corporation " 

m ore hatred cmdinoo . ■ j- 

■ Among We coins, spins gave January. 1979 were a Herat ami »su«l an 

... £10.000— more than double the 

estimate— for a rare 500 guerche » .“dSS* 00 afld ““** *™ 

pf the year 1277 AH. Qajar coins co4IMCIL „££ . 

from Iran were much m demand usoo.ooo beds maiurtoa *n 
- •> 10 tnmanc of 1311 AH 1979 were .®I*wkj and ttstwd on 

ana a ™ l omans „ 10,1 **•“ tun October. 1978 at a« »ver»»e rMr ctJ 

• made £2,400. and a 2 tomans of »«*«»• «>■« T ®**« JSS 

"iS,, . nMA pane- amounted to £15.000.0 ) and there 

1271. £2.000. . ' are £2. 500 -OOP Bllb ontatan<Hn9- 

At Sptheby's. Belgravia. silver . ■ metropolitan, borough 
realised £72.076 with a price toei 

nf £3.600 for a large Edward January. t979 were owed and iMued 03 

■ Barnard ' and Sot? six-hght 

... centre-piece of 1853. STUBM WtSSSRS * ^ 

A Fereian -mapusenpt, We * suctoi-k oounty council Biui~ 
rnniiinclion of Two - Lucky E5.000.00a .mu* m*«oriiw .mM 
' > fSVo account of the meet- 

\ V ing of Sultan -Nu'iar. ud-Dm -£'-%*& yMBl»Jrt4S 
- Kikkaikhubad and his father #p« ta . 000000 suu outstutdinB. 


ck *H\ 

a,u %! 

V J 


Financial Times Friday October 33 1978 


HOME NEWS 


Tour operators fined 
total of £3,000 


BY ARTHUR SANDLES 

ONE OK BRITAIN'S biggest 
■our operators,- intasun. with Lis 
sisier company lhrasun North, 
h j? v * h^en fined a record total 
or £.1.000 by the Association or 
British Travel Agents after coin- 
plaint? frmn customers. 

In another assocation decision, 
rne rccemly-itoaled Saga Holi- 
days croup, which specialise,? ;q 
holiday? for older people, was 
finod £500 attcr complaints over 
material changes to holidays 
hooked by customers: ways of 
dealing with correspondence: 
and the company's system for 
sending nut tirkets. 

Each of the p rival cly-mC-ficd 
inta^uai companies was fined 
-1.500 for not telling passengers 
Inal i heir hohdav hotel- were 
different from those they had 
booked until they had arrived 


GEC sets up U.S. link 
to make control gear 


at the airport of departure. 

The Intasun group is one of 
Ihe fastest growing in the travel 
business. Last year . »t carried 
250,000 passengers and is the 
prime- mover in a new airline. 
Air Europe, being sot up next 

year 

Mr. Sidney Perez, a director of 
Intasun, said yesterday: “ This 
dramatic growth in volume.: 
coupled with hotel overbookings j 
which affected the indust ry over- 
all, and the delays ’at airports j 
due to air traffic controllers' dis- j 
.pules, pul undue pressure on, 

our organisation. , 

“Thpse Tacts resulted in , 
certain passengers going on : 
holiday without being previously 
informed that - accommodation I 
was different from lijat originally | 
nonfirmed." 1 


BT MAX WILKINSON 

THE General Electric Company 
i s making a further move into 
the U.S. market with. the setting 
up uf a nrw company to make 
and manufacture control gear. 

Tho new company will he a 
joint venture with the Turbudync 
Corporation of Minneapolis, u 
StudebakcrAVurtbingiun com- 
pany. GEC will have control, with 
51 per ceni of the shares. 

II is expetied that sales id 
hi-twecn 817m and 820m will lie 
achieved in the third year. 

The company, whii-h plans- to 

have a workforce of ITS after 
two years, will make a range of 
alternatin'.; rurrent variable 
speed drives, electric motor star- 


ters and similar equipment. 

Most of the products will be 
ba?ed on GEC technology. But 
they will be sold through llic 
Turbndync marketing network. 

GEC has bepu planning for 
sonic time, to expand ils opera- 
tions in the U.S. market which 
represents about half the 
world's sales of electrical goods. 

Its largest European rival, 
Siemens of Germany, has been 
expanding rapidly in ihe U.S. 
where it how has 10 subsidiaries 
or associaied companies. 

GE("s expansion in the States 

has heen somewhat slower. With 
a diesel engine factory in New 
York, a gas turbine faci»»ry in 

Texas and a small components 


factory ni Georgia, it had a turn 
over of about £T5m m the U.S. 
last year. 

The company has hired Mr. 
Geoffrey Cross, former manag- 
ing director of International 
Computers Limited HCL> as a, 
scout for possible purchases, i 

So far, there have not been 1 
any qutrtgbt purchases, although 1 
a joint serai-conducior deal with! 
the Californian company. Fair ! 
child, was recenilv announced. 1 
But this will be based in thci 
UK rather than ihe U.S. ; 

This summer. CEC announced \ 
a Joint, venture with the U SJ 
company. Fisher in the field of ! 
control valves. • j 


State agencies ‘fill equity gap’ I Advertising law plans 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


BY MICHAEL THOMPSON-NOEL 


xpands | 
range 


A STAUNCH defence of the need 
for Stale agencies surh as the 
National Enterprise Board to fill 
an "equity gap” in the develop- 
ment of high technology indus- 
tries u-a*, launched yesterday by- 
Mr. Richard Morris, tlie Board's 
deputy chairman. 

*’ We at the NEB have con- 
cluded that there arc areas 
where, given the curreni attitude 
of British management, it is 
ncrev.ary to help finance new 
industries which are at the fore- 
front of technology." he told a 
chemical engineer*' symposium 
in London yesterday. 

He said the gap existed in the 
City and sectors of industry. 

This had led the Enterprise 
Board into its decision to invest 
up to £50m in its 1XMOS micro- 
electronics venture. 

There was also a research gap 
and he said that some properly 
directed Government research 
was essential. While Government 


ment was at a “high and inter- 
nationally acceptable leyel," the 
sums spent specifically on indus- 
trial innovation . .with a 
particular market or commercial 
return in mind were small; 

Mr- Morris joined- the Enter- 
prise Bnard this, ypar from 
Cnurtaulds, * here he was a direc- 
tor with special inicrests in 
research and technical develop- 
ments. • : -i ; . 

“One reason whv'T made my 
move to the VEB was that during 
nr time in industry, albeit with 

orie of the most progressive ports 
of it. I realised thaj although 
there was a lot of talk about com- 
petition from abroad and about 
how we were .uncompetitive in 
world markets, little was being 
done of a concrete . nature 
to change this.? he said. - 

“I .saw the NEB as one. vehicle 
which, for better or worse, was 
going out and tackling this prob- 
lem head on. 


than evpr cnnvinced that u has 
a key role fu assist and promote 
qreator efficiency and the ability 
to i.-umpetc In selected sectors 
of industry." 

Thy Enterprise Board had 
dr mt ms Ira led its ability to invest 
in advanced technology and was 
ready to support further viable 
projects- But mni panics alsn had 
to he stimulated lo invest them- 
selves. 


THE Government is determined 
to formulate firm legislative pro- 
posals to prevent false advertis- 
ing claims, Mr. Roy Hattersley, 
the Prices Minister, said yester- 
day. 

The proposals would be intro- 
duced after sniuc months even if 
ihe advertising business refuspd 
to discuss the improvement of 
existing controls 

Mr. llattcrslcy told an advertis- 
ing conference in London that 


the weakness of the present 
system made it necessary to con- 
sider statutory control with sanc- 
tions against offenders to rein-! 
force the powers of the Advertis- ■ 
ing Standards Authority. J 

No-one doubled advertising's I 
potential benefits. Bui advertisers - 
could mislead or obscure. They; 
could prop up old products and. 
existing supplies, making it 1 
harder for m*w producers to; 
enter the market. ; 


Rival 
may bid 
for co-op 
venture 

By Our Industrial Staff 

A SMALL West of Scotland 
engineering company formed 
loRly last year is considering bid- 
ding for the troubled Kirkby 
Manufacturing and Engineering 
workers' Cu-opmtive on Mersey- 
side. 

The Scottish company. Erskioe 
Westayr I Engineering!, is a 
competitor of the co-operative in 
the manufacture of central heat- 
ing radiators and was asked last 
month whether it would hp 
interested in making a take-over 
hid. 

It is one of a number of pos- 
sible bidders for the co-operative 
who have been interviewed dur- 
ing the past few days by the 
working parly set up by the 
Department of Industry to see if 
the enterprise can be "saved. 

The working party has 
approached all the companies 
and individuals who expressed 
an interest in the co-operative 
and it is stili willing to receive 
fresh approaches. 

Mr. Mike Giambattista, a for- 
mer U.S. submarine commander 
who took over Erskine Westayr 
last year after it had gone into 
receivership as Dunlop Westayr. 
told the working party he was 
convinced ho could turn thej 
co-operative into a profit-making 
venture. I 


Steel output higher 
last month but 
average stiD low 


BY ROY HODSON 

STEEL PRODUCTION recovered 
last month after August holiday 
mill closures, The month's 
weekly average of 410.000 tonnes 
still reflects the' depression in 
steel trading, and was 7 per cent 
below the level of working of a 
year ago. 

Order bonks are short The 
British Steel Corporation and the 
British Independent Steel Pro- 
ducers' Association said last night 
in a joint statement that there 
were no indications of a 
significant improvement in the 

near future. 

Output in the first nine months 
of this year averaged 3S4.500 


tonnes a week. 4.4 per cent below 
the same period last year. 

British Steel does not expect 
to produce more than about, 17m 
tonues in the year, compared 
with 17.4m tonnes lasr year.' and 
expects to lose some £400m. 

Sales to the U.S are unlikely 
to be pressed harder in the next 
few months because of outspoken 
opposition of U.S. steel com- 
panies io the volume of imports 
from Europe. 

The depression in trading is 
most evident in the poor demand 
for flat-rolled products for rur 
production, while goods, and 
general engineering. 


£4m. for Victor Products' 


BY MAURICE SAMUELSON 

VICTOR PRODUCTS tWallsendl, 
a Tyneside-based light engineer- 
ing company, is to receive £jm 
aid from the EEC for a three- 
year expansion and re-equipment 
project which will create at least 
100 new jobs. 

The money, in the form of low 
interest loans, comes from the 
European Coal and Steel Com- 
munity, which allocates funds to 


companies in areas where coal 
and steel workers have been 
made redundant. 

The loan to Victor Products 
will be administered by the 
Industrial and Commercial 
Finance Corporation, a subsidiary 
of Finance for Industry. The 
corporation has agreed to leiid 
£l.4m of ECSC money to com- 
panies in the Nortb-Easl in the 
last year. 


support for research and develop- . “After six months 1 am more 

Big companies given 
Government aid 

BIG COMPANIES, stich . as red detectors. None ’of/ these 
Pies soy. Pye. Ferranti . and companies has disclosed, the 
Mullard are -among a list of amount of aid received- .v 
businesses that have received Miles Plarts-of Leicester how- 
Slate aid under ihe- Govern- ever, is known lo have beettejJlo- 
menf’s £!0m electronic compo- 'Caled £35.550 aid towards the-pro- 
nents industry support scheme duvt development of transformer 
introduced early last year, writes boffins in metric sizes, while 
John Elliott £72527 has been promised I lo 

So far, the Government has --Compnsraphlcs' IniemationaJ>.of 
promised aid of more than £l3m Glenrothes for work connected 
for the development of projects "‘th’ photomasks required. -for 
costing a total of more than, integrated circuit fabricagin.- 
£52 m Welwyn Electric of Bedhng- 

At the same lime it has has-been allocated- £33.528 
promised £8m aid for projects far work on power metal oxide 
costing £40 m under ils non- : / , .. J 

ferrous industry scheme which J h * D ^®!l rae °L % 

was also introduced early last al [ the C |? n 1 . allo S?i ed _ t0 
year. This could result in an f chpm , e ? n .l be qsed up. The 
increase of 1.500 jobs. !?nual closing date for appl'ca- 

The figures have been ,tons was m JuKvand. m addition 
reported to^c Nalional Econo- t0 genera] ‘nauiries now bemg 
mic Development Council by Mr. Processed, firm applications for 
Eric Varley. ■ Secretary for- a1 ^ ^ een mat * e - 

Industry, to show the enntribu- The objectives of the scheme 
lion that his Department's are: lo improve manufacturing 
selective aid schemes are making .techniques and. productivity, 
in bringing forward industrial product quality and specification; 
investment. to develop and launch new purn- 

The aid given under the elec- ducts' and electronic materials; 
ironic components * scheme to and lo. modernise and rationalise 
Pye of Cambridge is for production facilities, 
rationalisation .of production This was considered necessary 
facilities at Pye Connectors in by. the Government Mr. Varley 
Biggleswade. has told the Development 

Piessey Optoelectronics and Council because possession of 
Microwave of Towcester has been a healthy electronics industry is 
helped w’ith developing light becoming a necessity for any 
emitting diode displays for pro- advanced industrial conmry. and 
fessional and defence markets, an essential basis, for this is the 
while Ferranti's electronic com- ready availability of suitable 
ponents division in Oldham has electronic components.’* 
received aid fnr developing radio Microelectronic projects are 
frequency transistors. • included in . the components 

Mullard m Southampton has scheme but. during the past few 
been helped with ihe develop- months, they have alsn been 
ment and pre-product km work on provided with two other special 
thermo-electric coolers for infra- aid schemes together worth £S5m. 


BARCLAYS BANK 
HELPS INDONESIA 
(AND PYE TVTAND MARCONI) 
DEVELOP A 3000 MILE 
TV NETWORK 


Barclays Bank International 
provided finance for the Indonesian 
Government to expand its Regional 
television services into a National 
satellite linked network. Major . 
contracts were awarded to the British 
companies Marconi Communication 
Systems and Pye TVT who are world 
leaders in the design and installation 
of television systems. 

/ Barclays in Jakarta was involved 


in setting up a loan to Indonesia in 
support of the contracts which 
brought national television to Java, 
Sumatra and Kalimantan. 

could help because we have 
our own people and our own offices 
world wide where they are needed for 
international business. 

"Vfh can help you in New "fork, 
Paris and Moscow. In Hong Kong 
and Sydney. 


And in Tokyo, Frankfurt and 
Abu Dhabi ... 

The Barclays International 
group is in more than 75 countries. 

In all five continents. We have more 
branches in more countries than any t 
other bank in the world. 

We help most of the world’s ■ 

successful international companies 
Somewhere there is a market where we 
can help you. 






Financial 






Heath snubbed again 
over incomes policy 


Orthodox 


SIR KEITH JOSEPH. the Tory than a cat's cradle of controls,” from the Government, which is- 
spokesman on industry' and the said SiT Keith. rubbish. Governments have "no 

party's chief poUcy adviser, was He went 00 t0 attack ' over- m ® n ey except what they take 
loudly applauded by delegates mining 6 as the British disease from tbe taxpayer rather than 
came ' out which resulted in low pay and a *e consumer.” 

3e.am.it ine use of firm pay con- j a ^ Q f competitiveness. The apparent suicide of Lon- 

trols under a future Tory Govern- don Dock' of man v shipyards, of 

ment tv ■ ■ ■ The people are being -led by -Pr y.*? . nr v»iqh 

"zjr 2 to •hl-.ws? sftfl'SK'SS# j • «? 


contrast with those of Mr. to P«»verW. and declind.^'fie <£V e rament i stenpidg invito tax- 
Eduard Heath, the former Con- decided. His speech received a Stnins be- 


on Tory 


Eduard Heath, the former Con- aenareo. ms speecu recmyeq a Qa V^J monev and coming be- 
-ervative Prime Minister, who on standing ovation at the exul of j£S? t he JSsious men and 
JV meht f stron ® ly enterprise and TatSll S^enres of those 

defended the concept of an in- industry. -decisions. - 1 

i.-omes policy and approved of the sir Keith said that, itoanafc&i ' The next Conservative govern- 
* [Torts of Mr. Callaghan, the rae nt was often blocked by lack^ehl >iJeld Vannounce a mone- 


flDSQ 1 111 f ..v iu..w iu« uuuwwu. l00K uie lorm ot over-manning, cut :mrfenmLeht borrowing ana 

vll J nn pay. prices and dividends, on restrictive labour practices', . brihg ^wPthe level of direct 

ualance. do good For toe people resistance to new. machinery and personal taxation. 

• A, t?&SE£ : ' C h ^ teChn,nUes - ' P Bu°t n tiie t S a !S?a limit to the 

VHT1IPS He maintained that the most “Over-manning is perceived as powers of government. A Con- 

J MM effective way of comhario* in- protecting jobs" he went on. servatlve administration would 

nation was bv the use of sensible “ But *" fact makes us less aim to create a framework in 

By Elinor Goodman policies on money. Government competitive. By putting up costs which people would act spon- 

spending and borrowing, and on and Keeping profits down it Ea7iehusl.y in. their .own interest 

THE NOW daiiv- duiv of putting taxation. actually reduces jobs. . jjecause.it Would be worth therr 

tlie record straitotin the wake There- also had to* be cash "It narrows our markets. It while:. - This would turn out to 

or' Mr Edward Heatii fell limits in the public sector and reduces our sales, it reduces. jobs be vn the national interest, 

ve-terdav to sir Keith Joseph, target rates of return laid down and the standard of living and The conference approved a. 
ihe shadow mdusirv secretarv. for the nationalised industries, social services." ' motion reaffirming the parly's 

and a man nr impeccable If these policies were intro- The only jobs protected by determination to fight against 

, n Thatcher duced by the Conservatives and British overmanning were those state interference in industry. 

tojaiLv LO wrs. man... ; aeop!e Wfc re Stiir unrealistic in Germany and Japan. It was a . It condemned the Labour 

Without actually mentioning Uie 3- DOU ; their levels of pay then large part of the "British Party home policy committee 

former leader’s name, and so they would price themselves out disease" and the Government proposal to nationalise leading , 

pandering to what is regarded 0 f j 0 bi. actually encouraged it. • manufacturing companies, banks - 

in the shadow cabinet as his “This will be more effective "It is suggested that jobs cotue and -insurance firms. • ■ 

-insatiable and thoroughly ;. - • 


; v-,- 



Sir Keith Joseph dwkixig-fr>r ; spontaneous self-interest , 


unseemly " appetite For 
publicity. Sir Keith delivered 
his strictly orthodox version of 
the gospel of free enterprise. 

Representatives had already 
heard two sermons on -the same 
subject from Mr. Prior and Sir 
Geoffrey Howe but it did not 

seem to lessen their enjoy- 
ment of Sir Keith’s. 

For while Mr. Prior had spoken 
v.vth the experience uf a 
missionary who lias been into 
the enemy camp, and Sir 
Geoffrey had preached the 
establishment High Church 
line. Sir Keith delivered his 
rendering with the vision of 
someone who has seen the 
light and Is desperate that 
everybody else should have the 
same opportunity. 






Detente 

under 


I’ve been gagg< 
Rhodesia, says 


over 


over Rhodesia rumhled on at the tion of" sanctions. They' could There was also applause 
ijvJI J conference vest er, lay when Mr. decide to vole against the- animal conference chairman said he nad 

.-•••• -Julian Amery. a leading opponent order renewing sahcfiai&'iyh'en it- j£nt a goodwill meaage to Mr. - - ■ _ -- - - _ : . 

THE TIME has come far Britain of sanctions -against Rhodesia, comes up the Commons in :John Daves, the Shadow Foreign - ay uimtopnerranw. . 
to move over to tbe diplomatic was not allowed to speak in the November. ’ ./-Secretary, who was unable to • Commodity son. 

and: political offensive in her foreign affaire debale. Earlier ihls year SS Tort'-STPi ^',^ 1 " x' c de p rev|o^ i ‘tf^' A FtTURE Tory gorerameri. 


->1 


Headmaster 


Adopting his normal didactic 
manner. Sir Keith painstak- 
ingly picked up the points 
made by previous speakers. 


£!&£? t^d^SafMence”^ remov 5 I °X j^ons on the . .. Tne detision not . t0 allow Miv Jfe he reused to. comnait theljwliw . 

affairs, told the. conference. grounds that Soutn African Amerr to -spealt yesterd«> shadow Cabinet to the re'thovai Market’s ffshenfe- negofiatiods,i|»i#t# 

. “Real peace in the world can minerals and the Cape shipping appeared t o flout all the ebrivpn- 0 f sanctions v Mr. John. Peyton, shadow spokes- t/f 

be maintained ‘.only through route were essential to the n ^ ns o£ Tory conferences. '* As m Britain and America •will rakn for* agricultdre and fisheries, rS 

strength. The Russians under- Western economies.. But this was the Jocal sr p for Bngh’tflir launch a new initiative to':get-ah warned. “ We have to secure our i • 

^ stand and respect not just blunt not called for deoate. -. . Pavilion and as a former Minis^r a u.partj- conference on Rhodesia, vital fishing interest,” he tolfl a. r- ^ 

ivionev SlcalS IDG SHOW speaking, but deeds as well.” Later he claimed that he bad of State at the Foreighj Office* fonder Rhodesian leader Mr: farm forum meeting; : 

Speaking in the foreign affairs been “gagged" and oredicted-he had a double ciainiL'tfc* lie Garfield Todd claimed ^at a coif-' -Afthough Mr.- JshnSilkin. Uib v.* - “V. 
nn ERIC MORLEV who eoi a £200 000 eolden hamLshake this debate, he made it 'dear that a. that there could well be trouble heard. ’ ference fringe meeting, yester-^ ^rMinJsier of Agriculture, had won \ 

after hcine Lkcd £ chlS of MeSa Ln a SStormS Conservative government will be from Conservative MPs who are - r think it ^as very-siUy trot day. , ^political glory from his tows in A 

uiiK alter ocing sacKin as cnier oi .uecca, won a rapturous, )n lAnahor nnnntM tn _<anL-tions when »,n^ninoi> hin«> • Mr. Todd - Prune Minister .of Cru^oic - 


lies 'frJm ^nto^tor ht litK a much 100^ opposed to sanctions . when to * let <»n ferenciT b] 

prues for pffi.n at Hie end of HiIJEhII fr ° m coherence ror his passionate defence or free trading Parliament resumes; and say what it fe^’-he' iraffi- Southern Rhodesia between 19!$ .that • the industry had gainM 

: nicrpn.se. .... .... , u.. ci.ui>, ■ u .. ^ : v. i in< Pr -■ •> . - nn/i Iflnfi. had arrived from a urr- (rnm two inn 




priies for effort at the end of 
term. 

A .Mr. Peter Jones was highly 
coni mended for his moving con- 
tribution lu the debate while 
young Jonathan Gillen wa, 
praised for lus powers uf 
observation. 


-I mined Mecca after I came out of the aonv it ■ hail arrangements; With the Soviet it is now possible that a mented later. ; and IBa 

c-'on t)fit) J profits kfi*th* m 1 nukiiic -^ustovee £30nr* * Thai U . •' . significant number of them will “ [r would have gjven the vale U., 

SS- 1 ™ 1 "We vsqI emnul .rede and rAel .«!>«■ .he orr.ciel party .eadership an ^eaUenr-r-the me. Sec 

The prospecthe candidate for Dulwich chided delegales for exchange on fair terms." he said. 1,ne favours Ihe conucua- strength of feeling. 


ahd grain «Rppb.bs so long as the 
Soviet Unibrh«seCks by every 
huwnfo.to undermine us in (he 
West? This is the point, we must 
race up to.” 

Detente was indivisible and it 


Britain’s economic problems were jok *^g Reference to Us dl^mi.s^ f«m ^1* uTni to Ite SffSS T? ** 

not due lo an innate lack of college of hard knocks " he told delegates ■■ Lastweek -J received. ■ ylet tiniom jSeeks oy ev 

intelligence in the British race mv Storate " ue tom ue regales. LastWMR.-f jeceivea: un(Termine us in 

nor iu the poor quality of “> auiioraic. West? This ; is the point we m 

British management. Sir Keith toe* up to.’ 

assured hi» audience. HfB ^ _ "1 J 1 Detente was indivisible am 

Rather, it had more to do with JT K WltllSfl Wh was i time .the Soviet Untop t 

the nation's failure to under- "" VSWULHA If JL . made to recognise that. Russ 

stand hard economic reality. - enormous indebtedness to 

The audience duiv rose lo its TT^ A. • A_ 9 enabled the Kremlin 

arAm&ssa*! Tory Party unity 

debate was Mr. Eric Morley, the w v — *' “ w - ‘****-« 



was time the Soviet. Untop was a PLEDGE that ; the nest Con- efficiency and devotion to duty 
made to recognise that. Russia’s se rvative .government would are unrivalled in Britain today." 
enormous indebtedness to the KVrenztben the armed forces and he said. 

West enabled the Kremlin to restore servicemen’s' pay to full He $sid : the Tories would end 


feet to applaud Sir Keith but | HFV r QFTV 11111 fV dlw i l more resources to inereas- .- 0 jn para hilitv with oUier sect ois. Labour’s- “defeat, folly, and 

the real star of the morning’s lUlJ JT di l V Hill l T tng Soviet military strength. was made by.; shadow defence ncslecr/ on i defence 

debate was Mr. Eric Morley, the v ** . " We in the West seek detente, secretary' Sir lari Gilinour. at the will stre^tben ajl our 

recently deposed ’ head of CONSERVATIVE. SUPPORTERS authunty - (rf^lfibvemment ’ and The Soviet Union seeihs- to be Tory conference in Brighton KS^r^S^countrv ihe P !SS 
Mecca. • of proporiional representation the suprema'cy of- Parliament. ?ongou of Its way to undermine yesterday. rTotectionuf ours/a lanesour 

In the absence of Mr. Freddie suffered- a crushing defeat after A' democratically etoeted detente.’ Delegates unanimously passed a rm y and our reserve 

Laker, the rones could not warnings that a commitment to Government, drawing:' its-^dntho- Al present, all the cooperation a resolution urging the Con- fQ® ces -.. 
have asKc-rl for a more con- change the existing electoral sys- rity from a fair electoral system, sec mod to come from the Wesl servatives to "restore Britain's believe that the threat 

vincmg lpsiimomal of what Mr. tern would split the party. would be., able to goverii.-cffcc- and all the confrontation from defence expenditure to the level f aCl?d hv Britain today is greater . 

.Moricy hi m ■self neatly chchea Attacks on the unfairness of lively ;^wd‘ without sh^vips.- its ihe 'Soviet Union, If this per- necessary to safeguard our (jj^ ^'hGeri since the last war," '. 

as tnc college of hard knocks, the traditions! hrst-pasl-th e-post po! icfh>7j5iistra tod by =&?ft.‘Win3 .?i$t^dj.i- then detente could freedom and democracy.' ht said. ** We have to safeguard - 

bpeakms as the prospective method. o^Voting were met with or oth£M ; fextremists. Te '. ■ degenerate into a cold war and 1 Sir lan said the Government our freedom" and- democracy." - 

B S? r «2 d \Ve must recoa'bise‘ : that even', worse. . - . „■ had allowed, forces pay to. fall Mr. Rob art Atkins, from North 

Dulwich. Mr. Morlej seemingly .impatiently >wep{ aside b> Mr. '• 33 oer cent helow its orooer level, pr^sr on- - m ovine the motion. 


foPT. thc inasri v 3 P S sums" o> Web S Ed warts shadow Welsh ind ^'>’ a nd commerce' canobt "The next Conservative gov- ^percent he.tow itsproper level Preston; -moving the motion. 
™«s« Ihi-rS'n^v h« P0«t"W pr»p*r without .table ernment will h« ..«*** P«« «S,JSi."?!S. “ *?»• JK”' 


money whir-h the party has Secretary, who stressed the need P 055 *^'. prosper without stable ernment will be seeking peace 
spem on advertising over for unity in the coming General economic and social conditions and understanding with the 
recent months, and urged Con- Election. conditions which our present Soviet Union, he continued, 

hervatives to start selling them- Reflecting the view nf Mrs. has signally failed to "But the lessonof 

selves. Margaret Thatcher, the Conserv- provide in recent years.’ taht we cannot have peaee al 

alive leader, bo declared: “Our Mr. Smith hit back strongly an ? 

Cpnfppl lBt P r >or^y as a political party when hecklers taunted him for 

xJCiIlCvl nmv ic tn ohsllpnoa Qoplnllcm rminflrm aui m IOTA Cm pi?liC£*-A ilS IB I M CHSK 


and 1P58. had arrived from a pri- - l j l ytMng from the past two 
vate U.S. visit during . which he. -yeaFs' negotiations. 

tfJT*” 9 0{ SlatC Mr CyrUS : ^definite stalemate is very 
v ‘* n ’ rarely good for any • indfistiy." 1* 

, 

*"* J ’ . But his basic claims for .lie. 
■British fishing fleet inside the 
."'EEC’s 200-mile zone wt lar- 
gely the same as those 
present minister. . 

"Anybody who suggests fiat a 
Conservative government wuw 
• accept what Silkin has related 
would be making a serious mis- 
take;" . -.: 

For the farming„tn(hwtry, -Mr. 
Peyton promised a rohiug five- 
year corporatr-tprodlKtftni pro- 
eramroe, drasyn opjjhljiSSrhy the 
government,. pro* 

cossors and distrjhu^t; * ! 

This' would ‘be jieKWKVl-regPw. 
lariy to check adflf 

.1 jusl4t as ;ncBessafyi3tf48Si.Jtt»} 
.ing r s . production io slghb 
The Go vernrijtf*3fectorwd!S! 

. revising its iRS^roh-.' boUcy 
\Vh ite Paper. FoiKr^rohi Oiu- 
- Resources, whiefeniaia.fr’to ghfit 
: itt the drpuebt 

■'.But Mr, Peyton dpntjeded tb mi 
such a p reject 'wfa^M~datnental!A ^ 

sound and that- toe Govcrnroeny 
should not be . defer red ftbw , 


Tories, he s 
prepared 
counted oi 
Judging bv 


Judging by their reaction, the caica an ine uexr Lonsereanve C wann : na ‘ V; -Hint inn Hp reoeated rhe 

representatives were more than Government to introduce a form swapping .... - .- ■}» ^ade earlier thfs ^ car bv 

happy 10 stand up for free °L K253J1S“*,L 1 re P rt f cn + ta . tion Mr. Anthony W*ra in, oh*ir- w r I ^hatcber lbSt thlre^should 
enterprise. de / cated - man of eonserr^TvI. Action tor S*L doivlink beiween NATO 

But some were less happy about rti S7iSSSK!J^ °Lj™ por ' Electoral Reform, argued that the EEC DeTween ^ 
standing up and openly the Conservative Party and the we murt wort -too with the 

challenging the party line » n nation would benefit by pUctog ciilnes^to try to get a co- 

?ftrrnn';J hC h^ S L l SeSSi °° toem o ore^ome toe greater trustrin. more repre|enta- Urinated approach towards the 

afternoon broke up among- “ 1 ^i n overcome tne ti ve democracy: , threat we face from the Soviet 

scenes which once aealn objections of party managers to u e believed that th^ swa oolite ™ * 


should not be drigrred ' fnow 
updating ti now, simply I'ecauM 
it "would have to eat its.wonk- 
" He. also- promised ; that, tw 
Aswcii Affiiutmi Tories would aim to devalue tat 
Green Pound— sterling’s -spem 
■ ■ - • » ’ agricultural exchange -rah 

( *1*11111X71^1/ ’ against the EEC unit of accouo 

VX1 till fj 1 VA. —down to parity with the pouflt 

proper within five years. 

-Ii/vnlrlin/v ' ’ At present, the’. Green .Fount 

llcLKilllS ; is about 30 per cent- over-vaiae$ 

- - O i . In relation to sterlihg. proper, to 

MO rpnnrv UADr. Lt- ,. a result, “common" EEC Part 

r l ^ T * ,T prices, when Inmsbted 



Grunwick 

heckling 




froift Conservative . trade oyoy,. t0 bp 

unionists when fie addressed. ?V r p A «,I„ the 


FINANCIAL TIMES REPORTER 


scenes which once again ^ managers ro He believed that the swapping rnian 

seemed more suitable for V*}?** before con- of 00wer between ths two maio? 


ZJff***- M'r. Peyton also attacked ti* 
^ EEG cereals policy. This 'yea/. 
,, d j n ?.- n ? e j heavy harvests In Europe wouli 


of power between the two major jjr. Luce wanted to kwrw how 


AN INCOME TAX allowance tor Mr. Alteon emphasised that he rai8e lh e spectre of grair 


osal inereas- was speaking personally and ® r s # !! e 

aomc Conser- admitted that toe proposal was »»*i 5t0ry °* thc ® 11111 
getting their controversial. " It may not appeal 0 1U 


S’rM&rufisai -3^ ^A.xsr r ^ n ' 


pledge to Treasury minds, but I think 


"mountains." 

The support, buying prices fflj 
grain were too high he suggest m 


toe A, nt j be objected to CommiJ' 


VP in Africa’ LJ wuk * uuna V m 11AmhI A - i-, r N , *w. lit vujgt icu kV vwoi-— 

-in t he sovirt Union torin^s to abolish household rales, was some Initiative like that is going tl° r L r ^' Mark ^^ levies on imported graJi 

» r . in Africa is darimctSta mJ P ubllcJ y *»cked by a Gonserva- to he necessary to- meet the ST *? e which themselves were bifiM 

in death * fistrucopn a y ve ffnnT bench upokesman for genuine feeling of frustration in«. organised by the South ^an world prices for toe. grain 

111 ucttui, - ** .i_ . n 4 4 i ...ut.v «... a — F.ati.ftTVI ATPft v nnnp i .ftTrtJ'w'i. - __ . . • - 1 


amendment. iV- ^ J ‘‘‘I-, 1 '? .. T , once that the Tories had been in death" “ ve ,TnnT u eocn upoKesman ior genuine iceimg oi irusirauon man world 

T ^' h .SS2"-jSl.ffS!S^ -SS S’i^MSSS^l- j5SL«l-s* ^ ^^JSSPkr “ e "" “ ms 2TSX- ■ 


the phrase ** secret' ballot " as "f,“" c " a,iei ?f eaDi o top* the~ war" than" "the SoelalTste' iiut be«*to‘nulnlt > th» > l’ii«iu'bnitv'tn A tax allowance for rates payors." ^ uves.ouummtHrn’a me trade » T l,e unwisdom of su? 

if it was something borrowed SS?™ 1 ®“ r thev h.d bLn JJabto to urawnt ^ full would mitigate the, inequities of He said that the Govornmcmt '***?*& ™tseotT»l\y- sac - po , icies is reflected in. toft tf 


of sue 1 


from an alien hippy culture, , a i:^rt*r S Paifnl 0 P 
said such a move would require ® Pl ft5 
260 representatives to stand up !7 7 rvJSl2?J 

and show their support for the hitr^r 6 nlfS 
ballot. blticr opposition. 


nd shift more would be able to reduce the ceeded In shouting them down, creasing use of cereal substitute 
local govern- domestic ratepayers annual coo- Mfj .Ward angrily told the which do not attract a lavy." . 
m ratepayers iribuilon from £2,OOOm to meeting: 1 had very little. A community, regime goveaT 


baDot- KS 011 ' v ■ elected by a minority of people w« morally and ift«rfoSea(iy Altaou. MP for Barkston Ash and provided it was prepared to .. trade unionists, people 

Despite the venom of .the anti-- fJi0 ljBI| » er 5 P ^*M C K5|£|! 0 2j! and dominated by a minority of bankrupt and the w2t-fifl to an OppoBition . b^ironm«it e Make available £780ut of Spt** "fhk "aftenfnnn ® St '* 

Market feeling expressed [ragmen fa tion and a rmStinllcitv estremisls WB claiming, a defend individual freedom. new ' “ones' front general taxa- ' ^SL^rhtVSEfiJI i 

during the debate, the neecs- IJ a JlSJff 1 on and a multiplicity mandate for reversing Conserva- Conference approved a motion Valuation AssodaUon Coaler- tion, One of his critics. Hiss . 


fraemeiitatinB and a mniiinti tv irum uaiuung- a aerena inmviauai treeaem. 

during the debate, the neecs- * r f a ^”i^ ll on a" d a multiplicity mandate for reversing Conserva- Conference approved a motion 
sary 250 brave men could not 4,1 Uve measures. calling on the next Conservative 

be found and. to everybody’s Strongly apposing PR, IWr. Government to review detente 


intense relief, a semblance of DoubtS 
pqrtv unify was once again 
preserved. “ toe f 


ence in Bournemouth. 

The direct- relationship 


lepayers tributlon from ELQOOm to meenng: i naa very utile. A community, regtme goveaT 

Michael £lJ250rp flaking 1977-78 figures), help, froni the Conser>a.tive ing the market in mutton an 

Ash and provided it was prepared to .. trade unionists, people who lamb was likely to come hit 

moment - e Make available £780m of are the m «st -noise. - Force. But Britain had^ ensW 

“ d new money from general taxa- ' be if, 0 (h , S L tt f !, e Jfi^ n lw • * -' Zealand retained ij 

Confer- tion One of h*s critics, Miss. Anna 'place in our market for it 

a' AHnticK Sontiry. from Bassetlaw. told : frpzen lamb.. We also had te p 

tienship • Awiisn the domestic him: "ft will be to the eternal soire uieat prices did not os 


If the complaint is tharunder tended that ...its'- introduction credit loan terms wttV- Ritesia. altooush toe eJemept of ^account- regreswvcness. gervatfre candidate." new -regime. 

our present system a. ; tainority would lead to: toe composition and- Comecon ' - ability assnriatod with toe pay- • Make the suras then avail- .Mr. -Ward has already' said Mr, -Peyton also demanded tba 

can be given aosolUteV^OWOr, of the Goyernvneht beins It also c&Hed for a policy of- ment of rates would-be affected able for an income tax allowance he would Hk'e io fight a par Ha- the .Ministry - of Agricnltur 

surelv we ar a akrt 'snlilliMl . to l— j — j-, >i.r «_.j. ,._.v pv this tSX relief. fl rainier rfnmoctir- rafac *H,nKra omm • • elmnM .1,, nAw*r Mt 


against domestic rates. 


lash tiry .scat 


THE WNSR0N6 land COMPANY. ltij. decided bjr deals entercd -ihrS iocreasiBg military growth- - by this tax relief,. ; . .. _ against domestic rates. . menfary seal 

gs'otlc*. to holder* of the- Dearer War- " enables : lUnalleV baAloti bOXey hud Closed. 

rants dated iota Ortobrr iina Md that enaoies mue?* -smaller “That Is pot democracy. vlt is — ■ . — ■ **** «-■ - • • • ■ . •- 

sut jnnr i9ii to nubi-cribe siiara* ot minorities to have the, decisive the kind -of thing which 'brings |xk.T -n«4- (w ^ An JHAl I Ttlicm n Yl n ITATV1 AMT* W W vrwv 1 

a-Srf rv-l v t r d T^«rr&-'w iNortn oea oil mismanagement warning 

a per cent unsecured man r.ujcfc ism' Mr. Enwords claimed that the jng system, including reform of • ' 


should share, toe power e** 
planning which at presen 
reodes largely with the Depari 
iftent of toe Envirbament. 


^Sn5SS r .fi» C °vrr lr pHwi r fiK ^ urged changes in the exist- 

a p»r cent un^rstrvd loan stock ism Mr. Edwards tiaimed that the mg system, including reform of 


a per cent unsreana loan sto«« r- l. ■ u.c Jn g sysiem. inciuaing reform Of _ . .- - * 4% 

csu.^- assumption that PR could be used the House Of Lords, to ensure BRITAIN is in danger af be^ng fidence. . That is why the British the Conservative pledge to -.."The : state could, never -find Conference report* 

tffintacr. lavs’ dow not bi« «ae to any as a device to secure the that it could stop one party. and deprived of the full benefits, of Gowmmpni.sj.word js no longer - restrict . the -activities of the that ‘ sort . Of money Without 

tSS^rtS? aSSlISbicU tta^MmanSS modera to midfile, ground of one chamber dictatorship. The her oil wealth ‘by Labour trusted." - • British tNational OH Corporatioa. imposing- a tax regime which »y KiCnarG tVaOS, 



lectures tpy 


Sofeinat i3f e QdiS«at^5SM»e ov . er x $° P a 5* y® ar }* ^ at toe prospective candidate for Bristol wood Benn, the Energy 5ecfe- exploration activity around . governments " or not. • PfctUreS fJY 

5da MtaCTipstm >?“ C0 . UBtry * IJif 31 - ■“•W at those who saw taw, he warned that the most Britain s shores. ilr. Kiftg tllsmiMed the Labour Mr. King maintained that the or __ j . 

SSAi&nSSa^Sia STSS s 1 ££!££ 1! k BhirS S.JS. d ?l** ilie effects of Gowroment Last year had seen the lowest Party’s ^'mmlnnent^ ^tgke-^Wful «Jev«JopMeDt of the Freddie Mansfield 

(Wb« prepared, at almost any price, to provide political stability. mtemanagement might not be number of wells drilled since ex- North Sea oil into frill Public North Sea would always depend 

^ h ,- D ? «W'“* tgWCTCe to felt tor five or six years. ploratiop began in earnest, a owiereb'ip^ ^ -as “fatuous."^ u on a. feir partnershto betwron" ' ^ 

aaora tsacB oanid riso to.a rotajcj and that only the Conservative his role as one of Mr. -Heaths Mr. King suggested that decade .ago. ‘ Thfs year, we -have Lafidur meant to take over th4 govefhinoot and- the oil industry. Tf Af)<ixr^c QRAltr 

Party is single-minded in its aides at 10 Downing Slreet, he though Britain could become half the abysmally UwBeun nf ISzSnSS ^ 1 Oufly. S 326111 


By aider *f U» Hwr* 
P. A. HALL 
Cerapany secretory 


DlteS! 9th October. 1979 


defeat Socialism.: 

Mr. John St 
Ho Hunt, who opfti 
I maintained that 
lies! way lo r 


•«“ “1 » SSS$'«%SS,«*»£S* ‘11/S™» eafteGo « rnmrat ■ 

asst—, Swrir*^'^ ? is^t;^„ a i s c r ssrssssffi;** 


. ! w.- . .’.«5 


*3 *? ' ^ ‘rw 






mm 






Fihanrfal Hines Friday October. 13 1978 









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'••'TTilf'. 



To us at Avis, We Try Harder isn’t just a slogan. 
u 'safact. 


For example: a woman 'phoned our supervisor 
at Glasgow with a request. Would he meet her small 
son at the airport, drive him into the city then put him 
on the right train to take him to school in the country ? 
He did. And on his day off. too. 

Or, how about the time a Canadian business- 
man turned up at Prestwick airpoit at 3.3 0a.m. 
after a delayed flight. He had to get to a funeral 
on the Isle of Skye. 

Everything at the airport was closed. He 
contacted the local police who rang Avis girl 
Brenda Kilmartin. Within half an hour she turned 
up and had a car available for rental. 

But it isn’t just for the service that people 
come to Avis. 

There are our cars. A/lost are spanking new 
few more than nine months old. 

And with nearly 70 offices dotted about the 
U.K., were pretty local, too. 

We also operate a one-way rental service. You 
pick up a car, then drop it at any one of our offices. 
At Avis, we really do try harder. 


AV/S 





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PPOINTMENT 



ManagingDirector 


WANTED: 

Managerial Enterprise 
Mus Sales Drive 


: ■ Financial Times Friday . Oct^r l % 

APPOINTMENTS’ 

Sir Ieuan 

' ! . y .'H i, ••*■.! ’ EsA'E'*'. * 

joins Chubb Board ||i 


for a profitable company of almostl.OOO employees, long established 
in the North of England, manufacturing .hot and cold-rolled light 
steel sections in which they are market leaders* Exports predominate 
with construction and automotive industries featuring strongly in 
total sales approaching ^30m. 


Our client is the German headquar- 
ters of a highly respected, inter- 
nationally active pharmaceutical 
corporation. In the Iranian market, 
the company presently enjoys a 
solid initial production and distribu- 
tion base which is to be enlarged 
and expanded to other product sec- 


tors, reflecting the tremendous re^ 
quirements and opportunities©* the 
Iranian market. The' next five years 
will be of crucial "importance for ., 
future development Organizing - 
and making maximum use of this 
time is the central task facing the : 


Marketing Manager, Iran 


Sir ieuan A??D 

nonl-^uSve^ir^or, 
SON as a non-e%ecuu t 
Sir. Ieuan wa* chief bcienrmot 

ISdusUy^fj-ow ' "lgl 

SHs 

Science chairman of theFulraer 
Research Institute and the Mra 
■Institute and P J lect f 
St. Edmunds Hall. Oxford. 

Terry U'Brien ^ 

asssssf iws* sas “ 


ment.tor. the Suttim” 7 . 

Plymouth. r aritT.^vas ‘T^rindnai - 
Private Secretary. t6 th&~PTng.J£f " 
Secretary br the Trtasuw WE * 

1351-52. Sfr -John is ^als<r. a Mem- 
ber of theBor^race ; Behin»XewV 
Board. ■ • v ■ 

' : • • - ■ -+■ ' ‘ - 


Mr. M. B. - H. Smith -Hac - heea.-^ 
appointed deputy managjne- diree- ^ 
tor of RAKER PERKINS LIMITED ' 
He has been a director of .'tfie'-. 
company since ; 1974: .and -.-naa-' ' 
elected to the Board, of the Wenf- - 
concern, Baker Perkins Holdings- . 
at the beginning of this year. ■' : 
•* 


® Tin- task will be to plan and direct the future growth of the 
company. Vital decisions covering the product range and the long- 
term investment opportunities have to be made in the nest few years. 


• success at general management level in a closely related 
industrial activity is the minimum requirement. Preferred age - 
early 40s. 


salary around £ 17.500 with. appropriate benefits. 


Write In complete confidence 
to J. B.Tonkinson as adviser to the company. 


The mandate covers all activities re- 
quired for management of this 
pivotal area: market analysis; plan- 
ning and budgeting; effective im- 
plementation of all activities in the 
areas of sales, sales promotion and 
advertising; recruitment direction 
and motivation of the field staff; re- 
porting. 

We are seeking for this position a 
capable, energetic executive with 
an admittedly uncommon mix of 
experience and professional re- 
sources. His marketing and distribu- 
tion expertise would best have been 
gained in the pharmaceutical sector 


or a related field. He will require 
singleness of purpose, yet great - 
sensitivity, understanding and fiexb' 
biiity. His leadership style favors 
persuasion of management part- 
ners and personnel. 

The position will be well remunerat- 
ed from its inception, featuring spe- 
cial compensation for service 
abroad. If this proposal sounds ap- 
pealing, kindly forward an informa- 
tive letter (curriculum vitae, career 
history, photo), to be handled in 
strictest confidence, listing any 
companies to which it may not be 
sent 


• k Mr H Met; rath has been 

appointed financial f ~otrolle r at 

Dobson and wwwttaer and Mr. 
J ^Blrrell becomes production 
■manager Mr. R. Nazer has been 
S® a director and general 
mfhLer at Thomas Preston 
< Manchester! and Mr.. A- Hague, 
financial controller. The com- 
panies are subsidiaries of Smurnl 
Flexible Packaging. 

* 


Mr. C. WV • Scaly has . bee a, ; 
appointed managing director of 7 '.'- 
Aust in-Hall. Construction in addi^ -' 
lion to -his position as managlag ’ ' 

director, .of : Austin-HalL . • 

national. Mr. Vernon .Phillips SaW - ■ 
become sales director -p£■-SanflIe•;^ , 
Brothers; Cranford- Distributors' 
(Supplies) and. Cranford DistribaA" 
tore {Direct, Sales): .The partatiT 
concern is PENTOS- -r?*. 


-. Mr. Robert R. Danes has teen 
appointed chief bnanclad officer 

of western trust AXD 

SAVINGS, tlie Plymouth-based 
banking subsidiary of the Phila- 
ifelphia National Bank. He joins 
Western Trust from Bu 
* 


Dr. Clive Jones, sid Vr./AkxJ- 
R*y have , been appointed vi«S y 
presidents in the .personnel' and-- s 
operat ing groups, respectively, "af A^fOr 

CITIBANK in the UK. i . ! 




TYZACK & PARTNERS LTD 


PLAN PERSONALWERBUNG GMBH 
Unternehmensberaturig fur Personal und Kbmmunikation 
Bereich „Fuhrungskrafte" Bleichstrasse 64, Postfach 3949, 
D-6000 Frankfurt am Main, Telephone (06 If) 2192358. 


Mr. F. R. Salinger, a director bl 
.Griffin Factors, the' factoring sub* 
sidiary of Midland Bank, has been 
an do in ted chaiwnan of the 
ASSOCIATION of BRITISH 
FACTORS. Mr. R. A- Wrter. 
managing director of. Credit 
Factoring International Limited, a 
'subsidiary of National West- 
■minster Bank, has become vice- 
chairman of the association. • 


Tte Secretary op State : for ; 

Trade has appointed Mr.. Seniftr “ , ; rf t. 
Trodd and Sr. Charles Cooper. .V i ! 1 1 > 
as members -of the ClNEafAIO'- «• ** 
GRAPH FILMS COUNCIL, , -.-TCeV 
ap point merits follow the re signs. 
tions of Mr. Mamoun Hassan too 
his appointment to the Board .at 
the National Fihn. .Finance ' 
Corporation) and Mr. W. RX- 
Gilbert and are both for the 
period endfog December SI, 

— * ’ ★ • • * ' . 


>1 AN AC E M ENT CONS 1 1 LTAN7 S 


IO HALLAM STREET 


LONDON* W'TN 6DJ 


12 CHARLOTTE SQUARE 


EDINBURGH EH Z 4DN 


Sir Fred Warner has resigned 
as a director of the MERCANTILE 
AND GENERAL REINSURANCE 
COMPANY because of his other 
Increased commit ments. 

+ . . 


SENIOR COST 
ACCOUNTANT 


MANAGER 


CLUBS 


Personal Assistant 


Mr. David Perrin has been 
appointed to the newly-created 
Tjost or manager, group informa- 
tion systems for the LCP GROUP. 
. * 


nested with lelf meti«jcien. ra orgin- 
ijc/dirocr EEC n»« and production 
ol new UK plant. International earn- 
ing!. fringe benefits and travel. Only 
experienced ambiiiou! hard worker! 
need apply. Send rjiumi and refer- 
ence! to Boa A.6S17, Financial Ttmci. 
10. Cannon Street. EC4P. 4BY. 


■ EVE. 1B9. Resent Street- 754 0S57. A la ‘ 
I Carte or All-In Menu. Three Spectacular I 


to Managing Director 


Floor Shawl 10.45. 12.4S and 1.45 and, 
music o> Johnny - Hawkesworth A Friend*. I 


The Managing Director of an energetic, rapifliy expanding company. 
member of one of the maze luccenful Midland groupi. welts taaeone Vfio_ 
has had a good education— probably w,di an engineering qualificanon— 
take cant -01 of the production function within a period of 3-4 year*. 
Starting as P.A.. ldvanciMnt could be very rapid (as it has boon with 
two young exrsutrve directors). For the person who. In addition to" 
technical ability and Feting personality, bas rea! cast/ financial awareness. ; 
Probably the person will be under 50 and his/her C.V. will be bfieL/. 

Apply in first Instance to: 


GARGOYLE. 69. Dean Street. London. V/.1 
NEW STRIPTEASE FLOOR5HOW 

- AS YOU LIKE IT " ! 


1 1-3.50 am. Show at Midnight and i am. i 
Mon.-Fri. Closed Saturdays. 01 -4 37 64&S. \ 


Mr. J. M. Jackson has been 
Appointed deputy chairman of 
BRITTAINS. 

* 

Mr. Trevor Plendcrfeith -has 
been appointed ta.thfi main Board 
of rexmqre. 


The Secretaty of State Fa-7 
Trade has made the 
appointments to . the Advisory.' 
Co mmittee, w hicb considers appU>7 ; 
cations for loans from lhe> 
NATIONAL FILM . ' DEXTSLO^- 
MENT FUND, far the peritfl 1 
ending September ■ 22, 1979:’ Mt, : ~ 
JL Craven. Mr. T. Cates, Mr. 
Cold.- Mr. R- Hamilton. Mr. T. K: 
Martin. Mr. T. Partner, Mr. iQt .: 
plaschkes and Mr. -G. . Smith. 


Mr.. John C. Pooley has 
appointed managing director .of " 
CANNAN AND STOKES, a - mesL- * 
ber of the wrbifie components 
division of the? Associated: 
Engineering Group. . ' 'jr 


SOUTH-EAST ASIA 


Immediate Vacancy 


COMPANY NOTICES 


BLOOMER HEAVEN & CO, 
Chartered Accountants, 

Post it Mail House, Col more Circus, 
Birmingham B4 fiBG. . 


Salary (including allowances) to UJS^4(MI0A P<a- 


Qualifications: Formal qualiFicancns in accountancy preferably 
including Cost Accounting. Minimum 15 years' experience since 
qualifying. Age i'0-S5 years. 

Experience: Comprehensive accounting experience, including 
experience as a Cost Accountanc. preferably with some in' the 
developing countries. Experience on the cost control of con- 
struction and maintenance equipment. Knowledge . of com- 
puterised operations of accounting in, 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 6pe rac ion. maintenance 
and repair of road maintenance equipment. 



LEGAL NOTICES 


No. »1 of 19^ 


R0TTERDAMSGH BELEGGINGSC0NS0RTIUM N.V. 


RO&ECO *f.V. Adawiate.an Itwerim Olvtitmd lea- the vw llTB-rta, S\% stock 
distribution train Uw Share Premium Reserve whirt ts free or-Netnerl«nils With- 
noWing Taw wd United Kingdom Income Tax.. _ .' . v . 

Holdings roorcsenled bv Bearer Share Warrants cannot be aggregated with 


Registered Sub-shares. 


Period of Appointment: Initially for a period of 2{ years with 
possible extensions of service. 


EXCHANGE CONTROL POSITION 


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 1 for each year of service, home leave 
with fares provided;ai.~mld term. A car is provided. 

The position is ava&ble- for the appointee to take up his duties 
immmediatcly. % ' ■ • •;< I- 


the Bank ol Enalant have given « gene-al oermusion fer Authonsca 
□cDOSiianes 10 deal with the diatnauixm. on brhalf of bonc-lcial owners Wo 
arj m.dcnt m tnc Scheduled Ter none* nne United Kingdom, me Channel 
Islands, the Isle ol Man. the Reoubllr of Ireland and Clbraliar. as follows: — 


On thr presentation of Coupon No., .75. snares received by shareholders in 
respect, ol the dividend must be held ov 10 -. it held abroad, to the order 
on a Untied Kingdom Authorised Depositary, tubiect to the same 
conditions- -as the underlying holding. 


i2i Purchase jOi^Coupdm No. 75 - 

SuC* • mav;6e purchased for Sterling :n the. United Kmgootn or wrth mvist- 


meni CUrrancy outslDe the United Kingdom Shares acquired by the 
purchase of additional- Coupons: — 


Applications in strictest confidence to: 


VLD 


Vallentim. Laurie & Davie* 
Consulting! -Eriginee rs 
Clifton House 
83-99 Uxbridge Road 


■*J may. in respect ol. United Kingdom residents whose underlying 
holding ts classified as a " premium -worthy security " in accordance 
with the terms oj Supplemen-. No. 38 to the Nonce EC7. also be 
classified as a " premium -worthy security." 


London WS’.STS 


«oi_ shojrtti. >n respect.- oi' United Kingdom residents whose underfrlng 
. Rowing classIficrL- as a " restriaed Security " >■ accordance With 
Jthe terms of Supplement No. 58 to the Notice EC7. similarly be 
classified as a 1 restricted security 11 — the Bans of England would 
be prepared to consider applications, submitted through Authorised 
Depositaries for the proceeds of sale of portions relating to shares 
derived from the Coupons purchased with Investment currency, to be 
regarded as eligible for the premium; 


Banking 


fc» shares acquired bv residents oi -he Scheduled Ten-furies, other than 
I'm United Kingdom, should be held subiecr 10 ti»4 terms ol paragraph 
57-64. as amended, of the above-mentioned Notice. 


Ul Bale o> C ou oo ns No. 75 


In respect ol United Kingdom residents ' 


Administrator 


til Where the underlying holoing n classified as ■ 11 oremium-worthy 
security. Coupons No. 75 mar be sold in the United - Kingdom 
for Meeting or abroad tor iwetgn currency in accordance with • 
the terms - of paragraph Bia) of . Supplement No. 58 to the' 
^ Nonce EC7. 


| In ftp HIGH COURT OF JCSTTCE 
i Chancery Division. Lireniool Dl*trl« 

I Recistry. Group "A.'" In -Jw Mailer 
! Of BATEMAN LIMITED and In tic Matter 
; of The Companies Att. IMS. 
i Nonce Is hrrrbj- given that a Pection 
! for rh« winding up of Use above-named 

■ Company by The Hteh Co-in of Jus:** 

: tras on the 2nd day of Antjosi. ISIS. 

| presumed io the Conn by ST. MARY'S 
.•PLANT HIRE. LIMITED whose nsfa- 
} icred offlt.-e Is simaied at 2TJ Sussex Way. 

' London. N.1S in the Comity of GreaK-r 

London, and that the said Petition is 
1 directed to be h®an! before *■- Coon 
. sitting at The Coon oi Justice. S-_ 

I George's Kali. Wlilaun Stout. StreeL 
| Liverpool Z. in tne Metropoliuin Ccmmr 

■ nf Merseyside on- the t3rh day of Novetc- 
i her. 107S. and any creditor or contributory 
: of thr said Company desiroas :o support 

■ dr opp-jfo ibe' making of an Order on lise 
said Petition may appear ai the time 

: m "person or hr Jils Couasjl for that 
j purpose: aod a copy or the Petitioa hIU . 

■ he furnished by rhe nndcrslsn-rl to any : 
I iredl:or or eoniribuiory of the said 

1 Company rvquirin* such copy on paimuni 
i of the regulaiid charge (or the same. 

BERMANS. 

Solicitors for the Petitioner, 

Trident House. 

3L-33 Dal^ Sired. 

Liverpool LS 2NS. 

.VOTE— Any person who Intends to 
appear on the bearing of the said Petition 
most serve on, or rend by post to. Uw 
above named, nonce in writing of his 
Intention so to do. The notice must stale 
the name and address of the person, or 
-f a Arm the name and address of the 
firm and mast be signed by the person 
or firm, or Ins or their soUcttor <U any* 
and mm; be served, or. if posted, must 
bv sum by poet In suffldem rime to 
reach the above-named nor later than 
roor o'clock in the afternoon of the 
Mtb day of November. L9TS. 


No. M*26 of 19ft \ 

In the HIGH COLRT OF JSSRCB 
Chancery Division Companies Cou rt: -.la 
:hn Matter of SWA DEHOY LWTTED ap« 
in the Matter aS The Companies Act. iMK' 
NOTICE IS HEREBY. GrvEN.fhafva 
Petition for the wlmHnr up of the abor^- 
oanied Company by The High Conrf Of 
Justice was on. the 18th day of October, 
i?7f. pr?sen:ed to tbe ' said Coon - by 
JE-W.-LE EOURGET SA-. a CotRodfOl 


incorporated under- tbe taws of Prance 
whose rerisTred office :s at La Cbg'ps- 
satre, 48800 Beanprean.; -France-^ 
Maonfacmrers of Children's Sportswear, 
and that the said . Petition is (flreciod ro 
iw beard before the Cotfn sRtlnB at Tbv 
Hoyal Coarts of JnsucC. Strand. Ltmdoo 
TTC2A ILL on ihc li'if day of November, 
1E8 and any crcduor or coanibutory of 
:he said Company desirous to support <A 
o 3po.se the tnakiaf of an Order on the 
■y.id Petition may appear at the time, of 
ft-, inns, in person or by his Counsel, for 
■ha: purpose: end a copy of the Petition 
w.J be furnialfed by tbe undersigned Io 
My creditor, or contributory of the garti 
Company requirin'] such copy on payment 
of the restated durse for the same. 


BEACHCROFT HA^IAN ISAACS, 
t. Chancery Lane. 

London. VC2A ISU. 

Raft TS'PAK. 

Tel: 01-24S I8U Ext. .'01. 

Sol id tors for the Petitioner. 


NOTE. — Any person who Iniendi to 
appear on the. hearing of the said Pennon 
must serve oil or send by post to. the 
above-named notice In vitIUm of bit 
■mention so to do. Hie notice most stare 
•lu> name and address of the person, or 
If a Arm the name and address of (be 
firm end must be slsnod by the person 
or firm, or his nr their solicitor >if anyi 
and must be served, or. If posted, mast 
be soot by post in sufficient time to 
reach die above-named not later than 
four o'clock in the afternoon of ibe 
3 Mh day of November, 1878. 


Mr. Gordon Lee bas become 
solo group managing director 
of TILLING CONSTRUCTION 
SERVICES following the retire- 
ment of Mr. Arthur Slater, joint 
managing director. 

*.•••• 

Mr. G. H. J. Robinson and Mr. 
N. C Haydon have teen appointed 
directors of M1NSTOR ASSETS. 
Mr. Robinson is chairman of 
Denbyware and was until last 
December chairman - of Gillette 
Industries. Mr. Waydoh ‘ is 
chairman of Robt. Bradford 
(Underwriting? a subsidiary of 
Minster Assets. 

* , 

Mr. R. A. MeNelle >183 resigned 
ad joint chairman of ARTHUR 
GUINNESS SON AND CO., hut 
continues as a director and has 
been appointed deputy ebairman. 
Lord Ivcagh remains sole chair- 
man. . . . . 

.Mr,' Denis Healey. Chancellor of 
the Exchequer and chairman of 
the - - NATIONAL - -ECONOMIC 
DEVELOPME.YT COUNCIL, has 
appointed Sir John Astor as chair- 
man of the Economic Develop- 
ment GoramKtec for the Aart- 
cufttrral i- Industry. • Sir John was. 
chairmaa of the Agricultural 
Research. Council from 1B68 until 
earlier tins year. Prerioualy, he 
was chairman .of the Governing 
Body of the National Institute of 
Agricultural Engineering. From 
1051-39, be was Member of Parlia- 


Sir Gordon Newton has .bee#-' 
appointed a non-executive directorv* 
of THILLS AND ALLEN KTEft - -' 
NATIONAL. 

•* ■ ■ 


' Mr. Michael White bas resignetl 
from. ERSKEVE HOUSE TNVEST- 


MENTS. as a result .of tfie iale'i 
by Erskine - of Michael, ATWte- * n \ ■ * 

Ii4 ‘ . InviPstmpnM . a • *• 


Ltd • Circle Investments, a 
Cayman Isbnds corporation. He- 
move weis - foreshadowed Ptn - 
August when Erskine announced ^ 
thaj it. wa? pulling! out v .«£ RSl-;< j 
interest in the' West End* sfife;^ 
show “ Chorus Line u wiueh if 
held through. White. - : v '*?-,".; ■ 

Mr. A- B. Wilbraham. cba&ttW 1 ' 
of North British Sfaritin^W: 
been elected president jEHSgr-. 
INTERNATIONAL SA£W%. 
UNION for the next . two^Wfe*. 
He succeeds Mr. P. E; 
van Wilhgen. who is atso -ieftto*- 
as a member of the -eMoimy. 
committee. Mr, . R. W. Stfieftr. 
has been elected in Mis p&CC 

The UNlVEBSrnfv; 

NEW' CASTLE - UPON^TEffi; ha* : - 
appo Intel Dr^ Golln 
to the Alcan Cbair -of .Industrial 
Management. -He wffl^ta ke-^up Mis, 
appointment from * : J«HBrry, -1^ 
WT9. Dr, Gallagher^ wiB ■MJher 
first holder of the “Alcan- Chair: 
which has been established wlto 
an endowment by -Alcan.- AkJ* 
minium CUK> through.' : th* 
University Development- TrusL •• 


>> j 


.L: - :l i *i 






COMPANY 


Accountant 

City 


- -*.{“>> Where the undtt.lyiBg.. holding .is.. djssifleU n j - restricted 

kecurrtv CQuoom H^.75 sKMilti-. be sold to Authorised 

- • ocilcr at the eurrgnt mJrhet MW-Jn^thc othcisl foreign cxchJiwe 
• . nurhet: the Coupgns may not be sold in the United Kingdom 

Idr, -sterling. 


No. 003133 ul lOm 


NOTICES 


tb' ■ «wjrt rdstdohls ot the Scheduled Terrllorles other Ihen Uie 
united Kingdom 


A medium sired international merchant l:?nk 
with suhsiantiai business coverinn Bond issues, 
Eurobond dealinn. investment management and 
corporate finance, needs a qualified accountant 
with Banking e-pc-rience to control the v/hoie* 
administration, accountmq and settlement tunc- - 
lions, currently hemri computerised. 

Candidates, preferably between ‘Jo and 42, must 
he competent professionals, capable of manag- 
ing a staff of twenty, and with the potential to 
develop in this dynamic environment. Salary 
attract! /e to those already earning up to £3000, 
plus usual benefits. Interested applicants should 
send brref but comprehensive career details, 
quoting Ref. No. 433/1 /EU to the address given 
below. 


Pr.-m.ssiqn Control Act 1W7 Is- q..w tor Couoflns 

5*‘ 3 Io be soft! in Ihe lln, rd ingdom for Sterling or abroad lor 
unflr l r*l?in^| IJt hnlninn W> V* rC n 0>pf>tltJI ' lcs MBShed That the 

p2f C nta«h q? kJ, J he t .h?"*?'!. 1- . wingrship oi such residents, 

pai .graph 5b ot the Notice ei. ,jnd issue,. amenoed. reiers.' 




INCOME TAX POSITION 




BEARER SHARE WARRANTS 
WITH COUPONS ATTACHED 




Payable as from 24 October 1978. 


, In ihe HIGH CO CRT UF JUSTICE 
: Cbancery Division Companies Court. In 
! Th. Mailer of FIXEGROUTH LIMITED 
i and in iln> Matter of The Companies 
; Art. IMS. 

NOTICE IK HEREBY GIVEN that a 
Petition for the ivtndlng up of the a><uie- 
. uuiied Compinj- br The Hi^b Coar ot 
‘Justice was on the jib day of October. 
luTh. prerenicd to the said Court by 
CARRERAS ROTHMANS DISTRIBU- 
TION SERVICES irwiTED »hOSC 
registered office Is situate at Cbriiqnphi-T 
I Martin Road. Basildon. Esses. Tobacco 
| DtairiburoK. a Creditor ol the above- 
named Company, and ihut rhr laid 
| Petitloo It dlrecu-tl to br tiearfl b-for.. 

! the Court slitlnu at the Royal Courts of 
: Justice. Strand. London WC£A ILL on 
Ihe 6th day or November. -ISIS, aud any 
I '.Ted 1 tor or uoutribinory of the said 
i Company desirous to supnort or oppos .- 
| the muluiig of an Order on the said 
' Petition may appear at tbe tlnte of 
: hear lac. In period or by bis Counsel, 
lor that purpose: and s -jopy or the 
Petition trill be fornhihed by the under- 
I Flatted to any TeMlior or mnrriUutno- 
! of the naid Company rcquirina such 
■ *m >/at meat or the regain ted durge I 
’ lor tbe same , 


NOTICE TO 
BONDHOLDERS 


Pfls.30, 000,000.- 
6 3 /4%bearCT guaranteed Notes 
of 1972 due 1976/1979 
" of 

TEXTRON ATLANTIC INC 


NORSK HYDRO A.S. 


9% BONDS DUE 1991 


THIRD ANNUAL REDEMPTION 
INSTALMENT 


Notice is hereby given that, pursuant 
re paragraph 4 (Dl of the truit deed 
US$2. 500. 000. principal amount 
thereof hat been purchased by Swiss 
Ban* Corporation. Zurich, as purchase 
agent during the year ol ISlh Sep- 
tember 1977 to 1 4th September 1978. 
Norsk Hydro A.S. 

3y the Law Debenture Corp.. Ltd. 
London as Trmtea. 

October 1978 


(Redemption Group Nos. 2 and 4 
havingfaUen due before) 


Notes belonging to Redemption GroupNo.3 
will be redeemed on and after 


November 15, 1978 

in accordance with drawing effected on 
September 29. 1978 pursuant to the Terms 
and Conditions. 


snare H tor%acn l '30 fl, shares ,, h l Sla Sh a r «lnst <!f C(5i , oon V No ,,l 75 n lhc aal ' 5 ** °. ne P?" 

mus: be in muiripKA or 30 ” Coui>0n No - 75- orticnutio n ol 


Charles Earker-Coulthard 


3U Farrin^don Street. London EC4A-JEA. 
Telejjhonc 0 1-236 0526 


^^^-.iab-^bv STM5J5 

oualiivtno ^or’^niiw S ?n U 5S5..i^{ioiJ ,c Ji 'regarded as 

oaragraoh T7 o. the Notice EC7 , 2 rd lwi.*S* J5S3w*^ BKSKSt ffsa? 


ASHLEY - KALMS. THAVELL 
4 CO.. 

■in London Road. 
Soiittivnd-on-Scj 
UbECK SKI IQu- 
Ref. DV RD III* 

Tel: .0781 35443.1 
SolKiion for rhe Potftioner. 


WE5TERN MINING CORPORATION LTD. 


SUB-SHARE CERTIFICATES 
REGISTERED IN THE NAME OF 
NATIONAL PROVINCIAL BANK 
[NOMINEES] LIMITED 


y WANTED: ^ 
Slightly Used Executives 


Industry’s nicest current need is for season- 
ed, mature exeeuti ves i a their 30s ..40s and 5tte. . 
Chusid clien tsha ve proven t bat these are the 
most productive and rewarding years of their 
lives. . . 

To learu lion* “slightly used” executives 
have renewed their careers, you're invited' 
to. meet one of our professional Career 
Advisers wi thou t cost or obligation. 

For your personal. confidential appointment 
phone or write to our nearest office. 

We (help* change lives! 


CKJiec SeiMkiA.^sRi Viacv^^Drapcn' GaTOnu! 1 B,M1r LiwiMbU. Stoik 

EC ?u L ne *Poroori*\t clam, form at Author -- m n l n W>l \ lo n i>n London 

mark such navimrm Dl the anioSno on I ho ^blach^ol ^t^eerd hcaSS' ” ' " h ° ,BOU B 


Ociabcr C 1 97B^ r<l ° *'* ^ Ml th* Rawwn, D.t. Z 4 


NOTE.— Any uunon ti-tio intends to 
appear on th* hoarlog ot th^ said PtUtlun 
muti »ru oo. or send by hum hi. Hu 
aboviMuinuj rwilec In wnrln? ot his 
iniemJon io do. Thu notice must stau- 
the name and address of thp p-.-rson. or 
<f a. firm the name and addo.-NS or ihc 
linn and nnisr bt slzncd by m, o>-rwn 
or Urm. or bis or their uallciitw <lf any 
and musi be served, ur. U posted, miui 
be seal br dost nr sulficii'ni time (a 
roach tb»- above-named noi latiar than 
Tour o’clock in :hc aUrrnagn ol toe 
:ird day of November. ISIS. 


NOTICE IS HEREBY GIVEN mat in* 
forty-... ,n Annual Lranuiai Mcetmu 
- ii W K le 7!.i- Minin * Corop ration Limited 
Si 1 * h* Mid ai th* Ballroom. Hotel 
S““thern Cross. 131 Exhibition stroS. ' 
Melbourne. Vitoria on Thursday, the 2nd I 
da* ol Novomber. 1978. at 10.30 a m. 


SPECIAL BUSINESS 


P* 1 ™ ilauns. F r jc 1 1 on j 1 * c«rt7fi<^ os ^ » 1 1 3 c B ^ 1 ** ■»'* auatlaote 
Srtawf" rPO,e »«'»tino froninu iiil be m id l>u ' ff, t tertihrarea lor 

Ul me aoorooriat* oornon-. to cuimanu. ^ ll, » oroscKts distributed 


1 JfL e SI!f. IOBr and - M thought he ro pan 
roMhSoJr 1 "® | ■ 0Solut * o,, “ * »«xui 

'-J!SL ,,, £_ rB * ul » f, ® ,,s .eontaineo hi m* 
nrmted document submitted ro me 
meeting, _and tor toe purooSe 

l SSTSVl? ,an?° adoww" « 

*?'* A, tKl* o a >aiJon o .nc hoi>> 
in substitution for. and to the 

exclusion (.■ an .he «»i,tin u Article, 

2- JOE .toUbwlog resotunon wilt ot pr*. 

of* toe "c^wnieT £\ 
Sir B Henr? h S!? ' tB * ,e -*»<S , N>ne"t ol 


Paying Agortsr - 

Amstmiain- Rotterdam BankN.V. 

(Central Paying Agent) 
Algemene Bank Nwlerland N.V. 

Bank Mees& Hope NV 
Pieison.Hddruig&PiersoaN.V. • 
tiiAmsieTdani 

- .. . . . anqL . . , 

BanqueGeneraleduLuxeniboiirgSA 

in Luxembourg 






Notes beioriging to Redemption-Group No. 1 
will be redeemed on and after November 15, 1979. 


•ii 

f ‘ i 

•v- i 1 


sha REH°LDERS IN 
THE REPUBLIC OF IRELAND 


ART GALLERIES 


w ,ll|C re-fippomcmeni Ol 

^ ir M4 >k!Iji:( ji 4 PirgCiOr m 

Central korsenan Gold corporation hd 

h'h'uK •fmSSBWS 

oi tn!Tt «.. Go ?r al Meeting 


\ October 15 ; 1978 . 


rien> M ot Mr'?fll l nr- t ^S. n rL Siy. re i*PPel"t? 
»Sr& of 5 J . H r Somooni. hung 73 


K“?"T’- arE - 5 '"!'* “-s,- 0 ' ,"ns «“■ —» » *> 

No* Issue Deoartment. 7.12 Dame S'reet. Due’-n j. fc * Registrar k A 


: CMANOE GALLERY, 6 . Cork Serect . W-1 . 

1 y?-?5* *628. Recent Paintings and 
Sculptures by W. f. ZAG. 26 ScM.- 
21 Oct. Mon.^frl. 10.5.30. Sns. io-i 


21 Oct. Mon.^ri. i'o-5.30‘. Sats. 


JSRAF&f D &SSJ.!W a, » 

Meeting of that company be approved." 


trrr Non ’'"«s i Lim?na e shIS?l3 , ^ d hMQM w7h * lf,e Munster ana 


f ftEMfRBY New drJumwK sm 

14th Oct.-Syid NOV. at Bohun Gallery 
SSo 1 , 0 ? JlSSP* il® fll «v*on.Thames Tel! 


S om 6 ‘ ja ' AISO aPCn Sundays 2.30- 


Meiir« ^f u„t 

By Order of toe Board." 

4SB. ColHfts Street. *" SecreUry. 

Mel bourne 

10t> Ocetotwr. 1978. 


FRAMES & ACCESSORIES 
FOR LEATHER GOODS 


..•Tito PHOTO FRAMES & ART SERIES 
YEAR TO 30rii APRIL 1978 ' 


FREDERICK 


toray industries. INC. 


] ! FINE ART SOCIETY, lax m. w |>. m ,, I 

' MACKINTOSH 51 ^ 

. mackintosh. Closing I3ttl October.' 


* C0MP1KY LTD. 


-• rpn*nliiitn« in Exentliw Kvahtaiton andCuau Artvanctnwnl. 

London ?3S Fituroy Street. W.l. Phone 01-887 2298 
I'arly n Ruedr Br rri 76iMiy.7han83fi5-3t.80 
' We a re hot a n Employment Agency. 

\ Sunday Answering Service- / 


eriy Tovo Ra«n Ca . Lm > [ PERSONAL 
Kingdom snareholdqrs are I 
!*; Copies of ihe Annual Report 

rear ended 515.1 March. 1978. , SAMMY DAVIS JNR. a t the Pullaaium. 
available Irom:— . I some left far fiia oert. Sal. 


.(ormeriv Toro Rayon Ca . Ltji > 
United Kingdom snareholdqrc are 
advised that Copies of ihe Annual Report 
(or me viur ended JKi March, 1978. 
arc now available from:— 

5 G Warburg A Co. U#.. 

Couoon Dcwrtmetrt. 
sr Albans Hoy-i* 

Oolftvnith Slrert. 

London SC2P JOL 


! J.f -L FINE ARTS. 24, Davies Street uv i 
Onn A ?^- L o C IY FY «WWlniBl. 
I Mo^Fri-^O-fi 900 - 19 " 9 - °« 


COMPANY 

ANNOUNCEMENTS 


04 v 1 *2? «5 aeh - ,0 «•* 

snntr. t b !. 01 -9m 9 t 7 i. ■ • 


,MR. E. PAOET. lerjr.Frlv Weyi Cnt< *•«*' 


l Anni»?i e ExA^'yMCuiidhaif y e' C ^°Mnn 1 
fat ro-s. Until 1 prrrMov 


I MINSTER GROUP announce the aopoint. 
j men* o# -Mr, Christopher £. a Eqx 
U nderwriter and Manager of their now 


Non -Marine and Aviation Non Propor- 
tional Reinsurance Treaty Account which 
• rt - being' - underwritten from .• 141 
Font hurtfi Street. London ECSM 681. 
telephone Jfo.- 623. 7369; on. behalf 
oi Miattnr insurance Company Limned 
and GAN. r Groyne dti Assurgntei 
NMMtules Intend la AecldRntsl. 


nth October. 1978. 


Mfkr-r nn lew in.ned Jane SaUnd»r% 
ft1 l fi0i n V n Vil tlgaM> ‘ t eboetnaherni. Tel. 


fUSAN SWALE‘6 SALQMF ' r.^j 

fis* nsT'a!.? 5 Sit 


TURNOVER (EXPORTS 32%) 

PROFITSr BEFORE. TAXATION 
TAXATION ON YEAR'S PROFITS 
FINAL DIVIDEND ' 0J 

DIVIDENDS ..( 1.1 34p FOR YEAR)— AFTER WAIVERS 
RETAINED IN RESERVES 


2,444.133 

- 32fc*M; 
- • «JBW 
0 JMp p«r sftarf : 
US . 9li«8 


ELBIEF COMPANY LIMITED!' 

BIRMINGHAM R14 4LA . - 










mu 




Financial Times RttaV October IS 1978 





labour news 


is likely to reject 
Oxygen 8% offer 


BY NICK GARNETT AND ALAN PIKE 


UN 1 ON NEGOTIATORS 


-■ . a ^kkUTIATOKS said an eight-month <i«aL with tin* manual einjiluyces abate the 

• ;f r ay th l r tilc caidelinc- annual heOieiuent rate' changed Government's 5 l»er cent guide- ' 

- VfiJ. ,"•* ,J ® cr British from S&petinbcr to May. lines when it meets union negu-! 

•' *. V. !£ « cn . * **** dhnwoa in 3.«w Some shop stewards apparently liator* in. London todav I 

. .'•■V" mdnuili wnr'.-.ir^ 7ic.ni,, ■: .......... u-m. ... . 


Index-linked rises 
shield lock makers 
from pay policy 




(Wll 

mS/J 


BY NICK GARNETT. LABOUR STAFF 




; ; J-A workers was likely to ne .insist that negotiators maintain With the national strike in the 

a haiionai i-onference pressure for an eight-month rnnl factories three weeks old, 
> ; Dp stewards today. settlement. the company has agreed to bar- 

'< ’. * . ” ft nOtiatnrs said meeting of "a in “responsibly" under eon- 1 

-Sy. “ r!ve rs and gas-cylinder handlers Ford irjOVCS ditious of free collective bargain-! 

• "•"*?- ' V ? 0m tile P«y talks apply mg i- 

;.-r. - ,^ ; nad shown that the workers did The offer, which too company The initial offer of 3 product 
l hal til® offer, worth values at 7.7 per cent, is tivny deal, M omething cm which I 
1 >V*.rJ ,0UI s Pw cent, fully reflected estimated fay some union negoUa* Hu- company has not been' 


AN UNUSUAL pay agreement 


With the national strike- in ihej for jo.QOO workers in* be lock 
ml factories three weeks old,, manufacturing Industry which 


1- ’’'C-il : " ■ r “ . ■»» 1 . IMU J 1IU3 JIUL IJCCil 

• company s ability to pay. tors to be worth between 7Js and emhuiastic in the past, is still on 

.. \n!' ■'* r - McGioiti. a wunp .5.3 per cent fur senior craftsmen the table for discussion. 


has shielded them from lhe 
last three years of Government 
incomes policy has produced 
wage increases approaching 90 
per cent on .basic rates since 
the beginning of 1975. 


The deaL negotiated in 
October, 1974, provides Lndex- 


.llr. John Martin, general 
secretary of the National 
Union of Lock and Metal 
Workers, the only union recog- 
nised on the Industry's joint 
industrial council, old earn- 
ings. including piece work and 
overtime, had gone up by a 
similar 80 or W1 per cent over 
the period, although in manu- 
facturing generally they had 
risen only by about 60 per 
cent. 




--:A% 




:,,| »V fn . r ^ e - .They would seek further include higher shift , allow- On non-pa v issues it is ev 
.«V.td Iks with the company. ances. rail-out pvnnts anrl peeled that Kurd will reiterate 

- V L - !* emerged yesterday ihat the subsistence allowances, iu ml;. I rejection of the nninn*' 

'■ nnsiid _ claim. subsequently Ford management is expected demand fnr phased reduction 
r •. : ^-rejected l,v the company, was for lo increase the offer .to Its 57.00U toward a 35-huur week. * 


■ -.<*A 




Humber bridge workers face 
wage cuts if targets missed 


BY (AN HARGREAVES, TRANSPORT CORRESPONDENT 


before the star! of Phase One. 

the arrangement does not fall 
foul of incomes policy although 
the Department of Employ- 
ment would prefer that such 
I nilati on-geared systems did 
not exist. 

The deal appear* to have 
pah! out considerably uiorc 
money than would have hreo 
the case under incomes policy, 
j Latest figures issuer! by the 
Central Statistical Office show 
{ that manual workers' wage 
rales in manufacturing since 
the And quarter of 1975 bam 
risen by about 7ft per cent and 
those Tor manual workers in all 
Industries and services by 
about 60 per cent. The increase 
in wage rates in (be lock- 
making industry has been 
about 86 per cent. 


Wage rates fur tup skilled 
workers which were £38.25 in 
February. 1975, arc now- 
£72.15. Labourers in the luvrest 
grade now have a basic wage 
of £45.11 as against £24.25. The 
rates apply to a number of 
large Companies, largely in the 
West Midlands. including 
Eaton, which makes Vale 
locks, and Cliubh. 

Mr. Jim James, a manager 
at Eaton and vice-president of 
the lock manufacturers' 
association, said that the 
arrangement had paid out surh 
a large amount of money that 
it had worried some asoclation 
members. 

But the industry had had a 
similar typo of pay system for 
the last few decades. It pro- 
vided acceptable rises for 
both sides during normal 
periods of in Ha lion and gave 
the Industry considerable 
stability. 


Greater \ 
Manchester 

...a great place 
to get things 
going 






v- ciiMv-x c- .... . _ , , inn dim simitar ijh‘ ui nay s' siern ior 

: ' - -'ABLE -hi INN ERb work.ng on gineerinq, a Trafalgar House yesterday that the workers hart those Tor manual workers in all ihi* last few decades. It pro- 

... ... T *“ c Humber bridge fact- cuts of company, have equal; shares—- met m discuss the announcement Industries and services by vided acceptable rises for 

: ;»n e-thtrd of their weekly wages ** ni l ,pe Humber. ; Bridge and then continued 'working. about 60 per cent. The Increase both sides during normal 

if they fail to achieve required , ha . Conslnu-iion of the problem- in wage rates In the lock- periods of inflation and gave 

. ' - nrnduelivitv lnv.-k Pri-wh U a ,< 2 ler . 1 .£? J ,r,d gi* involves spinning making industry has been the industry considerable 

- ' -Bridi. 51., , authority, the construction sec- 40 000 miles of cable strand. The about 86 per cent. stability'. 

•i: . h Nd„e Builders, the consortium non of flic Amalgamated Union job is just over half way lo coin- • 

- '■‘^ponstbk- for construction, said of Engineering . Workers and pletinn. 

• : - 11 : ; ve i. , yrday. Mr. William Rodgers, the Trans- British Brid-i- Builders said ^1* •! a pf> 

■ri.i-'tr^S This is the latest move by the port Secretary, the conaoitiuin the work was about six months I^IVll SGrYSfllS SDLHTS OllGr 
v. \ / i e-'^nbortium to stem lusses. v.ruch says the pay ultimatum will take behind plan. The bridge would T T ti.IIl.ij 11 Ulitl 

wj ave ^vhod £960.000. resulting effect this week. . not open until the end of next CIVIL SERVICE unions said yes- vants working in Inner London 

?sny rn m the refusal uF the bridge Its practical result is. to take year at the earliest. Because of terday that they were consider- so that their rate would increase 

• - 1: i .juthortly s consulting engineer away the £1.22 an hour supple- earlier rtelays work is now more ing lhe options of industrial from £465 iu t524 per year. Civil 

'to authorise full contract pay- mem ary payment to cable- than two ve a rs behind schedule, action or arbitration over a servants working more than five 

■ :r I. T^tnenls fur work completed. spinners, agreed in a produc- The consortium said it did not “maladroit and wholly made- miles from Central London 

- i he auihurity and its engineer tiylty agreement last month, necessarily aecepi the authority's quate offer” from the Govern- would get no rise in their £275 

- -nave been deducting sums from This will reduce- the weekly pay productivity specifications or its ment on London weighting rate. 

..-progress payments to the con- of the men involved from about right tu withhold cash, which was The Government has said that Mr. Bill Kendall, secretary- 

.. .. . .'} sortium ror some months, on the £150 lo £100. in breach of the terms of the London., weighting increases general of the Civil Service 

? r< >unds luat the men's produc- IToductivjty levels have risen cost-reimbursahle contract. roust be kept in line with Phase National Whitley Council staff 

. ivitv is below a reasonable since last month's deal, but arc At one time, lhe consortium Three pay policy. side, said that the unions would 

r > ct - • still averaging M per cent below warned lhe authority that it It has proposed loading all lhq fight for a *' heriy " improvement 

Lhis n.iatler is the subject. of the level specified by the might withdraw from the con- increase in favour of civil her- in the offer. 

: - : CoTi U.°5 , t .*’ etwc ® n , British authority's engineer. Previously, tract ir payments continued tol — 

2-?,"? ^Builders _in__ which performance, was up lo 80 per be refused, but it said yesterday 

i Br l, tls j? 1 Steel. Clarke Chapman cent below specification. . . . that its aim was to complete the f — ■■■ — — - . 

- i : v-, and Cleveland Bridge and En- British Bridge Builders- said bridge. | 


GMC 


offers a helping hand 
to industry 


with information on the availability of land and 
buildings, with help in claiming government grants 
and other assistance, with advice on various 
regulations, planning matters, sources ol funds 
and many other problems. 


-nducuvity specifications or its ment on London weighting rate. 

Sht to withhold cash, which was The Government has said that Mr. 'Bill Kendall, secretarv- 
breaeh of the terms of the London,, weighting increases general of the Civil Service 
st-reimbursahle contract. roust be kept in line with Phase National Whitley Council staff 
At one time, the consortium Three pay policy. side, said that the unions would 

jrned lhe authority that it It has proposed loading all lhq fight for a *• hefiy " improvement 




The Industrial Development Group 

Greater Manchester Council 

County Hall. Manchester M60 3HP 
Telephone 061-247 331 1 

Talk in confidence to: John Peak or Graham White. 


Journalists seek end Electricians 
to Times job threat fateo)^ 


BY OUR LABOUR 5TAFF . - .. ■ , 

'■-^4 EARLY 500 journalists cm- Fleet Street national newspapers. IHOIOT SflOW 
" .-ployed -Times. Newspapers In a separate dispute involving . ^ 

•yesterday urged: management to N T GA members at Uxbridge., Kins | oy A fv“ r r° Kn ... 

withdraw* threats of dfemtssat and Hutchings (Westminster HOPES OF proven ting a delay in 
- rssued as part of its formal notice Prcssl printers said that f the j the opening of the International 
- hat publication or its papers will Jewish Chronicle had withdrawn motor Show rest on a meeting 
)c suspended from November 30 its contract because of five'weeks i l0( j av of electricians who are 
. if agreement is not reached by of industrial action which was I threatening a toLal stODDacc- 
* then on industrial relations disnipting prodnrtinn. ' t , r« . 

reform. * - The International/ Heralrl I The 300 men. after nearly four 

’ The National Union of Tribune, whose papers' f° r tUslri-j hours ta J^ 5 wuh union officials 
C roumalists*. chapel, (office butinn in Britain arc normally j yesterday, refused lo resume 
branch ) complained lhat it had printed there. has..for the | as t i w '° Tl{ . They have, however, agreed 

• not received management's pro-' fortnight been importing editions j J? £V** ,a . ,n °** s He althc National 

posals for re-organisation and from i is Paris presses } E^JiilntJon Centre. Binningnara. 

- lhat journalists had no: cost a The primers- are demanding! while discussions with manage- 

• * jingle copy through disruptive extra payment to 1 solve a riifferen- i room continue. 

■ •action. tials . problem between N'GA. Mr. Boh Wright, area official nf 

The Times nut Jit of suspen- members and members nf the h he .Electrical and Plumbing 
;mn was issued amid mounting National Society nf Operative Trades Union, said be had 
■.concern' over unofficial rtismp- Printers. Graphical and Media | instructed the men to return tn 



.. ttvc action taken by printers of Personnel. 


mum mi p 


Shipyard workers may 
have to forgo rises 


BY PHILIP BASSETT. LABOUR STAFF 


! work. The union had signed a pay 
I agreement with the employers in 
July, and its terms should be 
upheld. 

The electricians are demand- 
ing consolidation into basic pay 
of a daily attendance allowance, 
totalling £5.80 a week. Such a 
concession would clearly have a 
significant impact on overtime 
ieamings. Delays caused by the 


HIGHER PAID shipyard workers' Union leaders believe this would ; present unofficial uction must in- 
m.ij. have io forgo wage rises Jn- help to create the climate that !*rease lhe need for extra if 

ific • -om ing round s« the industry the mdustiy needs for revitaiisa- ! ‘hf snow is to open on time a 
1 -mi move toward;, an overall pay lion. :week today. 

-I nurture in us present crisis. The working party will make | Tbe 1.40Q workers assembling 
\fr. John Chalmer-. i»f the On- a determined -effort in find a i stands for lhe show worked 
f.«t! 'ration of Shipbuilding and i-nnmion dale. • possibly in j normally yesterday, bin are 
F.ii -.inccr ing Union said yc-ster- January, for wage settlements. ; staging unannounced half-day 
■jiii The eon federation will discuss .stoppages in pursini of a similar 

• tir. Chalmers, chairman r»f the ^ Party's repon at a recalled : national pay claim. 

::nnredera lion’s - .Shipbuilding *J**!' lc con fere nee on Noiem- ( Mr. David Gent, deputy direr- 
t'ommuicv. f>aid after a meeting „ 1D rh , id lhat .Itiir of the Socwtv of Motor Manu- 

- m York that the state of Lhe m- "i'“ U ll forturer. a nr1 Traders, warned 

dustry was very grave. more eamtiih!e than thi ^esem ! I 351 Di * b ' tJ “ t thc i.nnfficia] 

Re his rime next year, there ... dtmn ^Rwi^h^hV^hVvMHJ^h 5 .- i dispute were threatening not 


By his rime next veyr there systpTn British Shipbuilders in- L „r ?hl Lh« w n 

would be no ships in UJv mcr- heriled a fra-rmented bargaining | JJ 6 • _ of tfjj v jj 
rhant shipbuilding yards. structure loosely tied lo the | “"Si?. J.wki#« 2? t? 


The confederation would .be national a^ment” for the in the exhibition in- 

seeking 'an early meeting with engineering industry from U J - 
- Mr Eric Yarley. Industry Secre- privately-owned yards. The society had committed £2m 

arv and possibly with the Prime Uniform pay bargaining —four times the normal level — 
Minister to discuss the Govern- though, will inevitably cut across to stace the show. Exhibitors 
-.pot s plans for the shipbuilding already formulated shipyard were also spending large sums to 
ndustrv claims. About S.000 Clydeside I make the event “the bnst ever 

* British Shipbuilders and the workers at Go van and Yarrow motor show seen in Western 
... -on federation, which represents jiave tabled substantial claims Europe,” he said. 

" " nore than S6.000 shipyards ,| u e^ Tor settlement on September — 

vorkers have set up a joint 1. Negotiations are said to have rvjr t n|tft J 110 fJ An 
jvorkinfi party tu create a. uni* been -delayed while (be unified; OlJ piOUIILllUIl 
r»rm pay liarcaining system, system is discussed. ! 

— j halted as 


C?. 1. - - - - 



Hospital union leaders 
see hope of settlement 


200 walk out 


BY PAULINE CLARK. LABOUR STAFF 


PRODUCTION at SU Fuel 
Systems, which has continued 
i uninterrupted during, (he It 
weeks’- strike by 3*2 toolmakers, 
caute to a halt yesterday after 
'200 workers staged a walk-out 


FRESH PROPOSALS on * a* from their own' .731 per ceni 1 because uf a separale dspule. 


; o i t 7non m 'lhe hospital works bonus scheme Most nf the 1.100 employees 

' , rc fiknntp -in* exnrcLed to Dr Dav «f Annals. Secretary | wiJ] be laid off today. bUL are 
iffictrs d ,p ' J* for Social Services, made clear] expected to hc-reralled on Mon- 

ie put to unions today in inerr ln lhe un j ons Jn several stale-, day when lalks about the dispute 
irsi meeting -With, employers, for meals during the dispule and in ; w j|i continue, 
pore than A fortnight. a .letter this week lo 5!r. Allan j Mr. Roy Fraser, chairman of 

Tn'dusfrial action" tali'en 'bv Black- secretary of the staff side; the* unofficial toolmakers com- 

t snn works officers over a and national officer jn.tiic. Union . mittce which claims support 
ioroe 3.500 *oite offices over a of CnnstnicMon . Allied Trades fr0m zm men wmn B l tore. 




Yes I You'll have to speak up for battery electrics. 
In fact, you may have to shout at the top of your 
voice: "Let's get rid of that noisy truck and get an electric!" 

Shout loud down your cost accountant's ear too! 
"Electric trucks cost more to buy but theyYe cheaper to 
run because an electric truck comes with most of its fuel 
pre-paid for 5 years. It's an electrical energy package 
called a battery and chargee" 

Speak up for a nigged Chloride battery while you're 
at iL And get a Chloride engineer in the deal, to look after it. 

So if you want to lower the decibels on your job — 
speak up for electrics. 


1 




} 


&jk$m 


^V>flifferenlia; Is anomaly in_a new anfl Technicians, that the pro* will meet leaders of other skUleci 
,iay structure proposal has mi posed scales now .on offer canpolj WO fkers next Tuesday lo seek 
- hospitals in - most areas of (he _j>e - increased without breaking! support for a threatened strike. 


SpfS 




support for a threatened strike. 


oi^ “have' reported a serious draw attentTon today to recently- R^dlO Offi CGI'S . 

.* 3 utld-up of hospital wailing lists, agreed bonus terms Tor Britain’s) • i j 

i£ r -i Union leaders said yesterday 430 ambulance officert. lil paV QCai 

i h^t hones’ for a settlement could -A 1975 scheme for giving y 16 ' " . . . 

5J. 1 S^ P tiie scope for negotiating 2i);000 ambulancemen under THE 3,500-strong Radio and EIcc- 
i SlSnancinc productivity -deal: them a bonus of up to 33 per cent : tronic Officers Union, represent- 
rhP main contention of lhe was delayed by Phases One andj ing ship, radio officers,- said 
inions is ’that some of- their Two of Govemmem.pay restraint {yesterday that it- had “very 
• nwcrt-'Tade nrembers- stand - to Now that lhe deal can go ahead , reluctantly accepieri an offer of 
’ lower earnings than the on a self-financing basis, theja 10 per cent pay increase ui|der 

r richest-paid 'craftsmen who work officers have asked to benefit from Pftaw-. Three- The union- had 
r " lnder them and who -b'enefit. it w welL* . J sought a 14 -per. cent .me.- . 






w&t' ■ 


Chloride Industrial Batteries Limited, 
P.O- Box 5, Clifton Junction, 

Swtoton, Manchester M272LR. 
Telephone: 061-794 4611. -Telex: 669087. 


.-'■STS-.’ V- 




CHIOR1DE 

PURE POWER 


i 




12 

Lombard 


ing merry down Horam way 


Financial TUn$s Friday October 13 1978 


find out 




£'• .. . a product made in Sussex- And . 

3 *- ' • yet tiiat Is what happened to 

BY COLIN JONES mt- when on holiday recently. 

- • The product in question was 

IT IS SIX years since the Indus- rectorial’, selective assignee Merrydown vintage* cider: the 

try Act or 1972 ushered in the granted during a period of name will he recalled by many ~ _ 

present framework of gener.il several years is only abom two- people as a popular “ bottle p V **ij > l>? LTjWpM*" 

and regional support for mdu#- thirds of that forecast when the party ” drink of the 1950s. when 

try. Government spending under aid was given. Merrydowns ratio of alcohol 

this Act and its 1973 successor t l-u after .,/Kie allowance is content tu price made it a cheap ' v ' 

pas now risen to 'welt over flhn made for these very real prob- anrf ..., v j np ;-, ri ation CIICCPY 

a year currently and probably lems of methodology, one is left Q ■ , * , liannened to SUSSEX 

close on £5bn cumulatively (at with ibe suspicion— to put it no -.,“*.** 01 !?** f v p „ n d „ ’C • - 

today's priccsi. Yet we are as higher^that what has also been Merry down s-nce then, and fipist made a 

far awav as ever from being able lacking is the political and during the past few years the Ihc company first matte a 

to judge just what all this administrative desire to find out. company has shown a keen eye vintage cider in !.»-*• ’ , * . . 
expenditure 'has achieved. The Public Accounts Com- for a market opportunity as well proof it was roughly as alcoholic 


BY COLIN INMAN 

IF YOU go into an off licence cider, the major product, enough to enable the alcoholic that it is made from dessert 

in Wells, Somerset, and a*k for accounts Tor over a third of strength to be tailored to best rather than cider apples, which 

a borUe of vintage eider, you turnover and af present soils advantage: H° proof, or just makes it palatable to people 

don't really expert to be offered over lures a year. below the. level at which wine (and there appear to be a lot 

a product made in Sussex. ' And duty would be payable. Sales of theml t whO don't like a 

yet tiiat is what happened to m 'sbsp'Za. totalled £200.000 in the first ten “ ciderv " taste- But he is also 

ine when on holidav recently. months after launch, and have at pains to emphasise that 

The product in question wa« climbed steadily to reach £14m Merrydown is not regarded as 

Merry down vintage cider: the S| riiis year. A dry version was a wine. “ We merely spotted 

name will be recalled by many introduced in September 1977. a gap between ordinary cider 

people as a popular ‘bottle Sales so far have been mostly' and wine," he says, 

party " drink of the 1950s. when within the UK. though the And yet it is against cheap 

Merry-downs ratio of alcohol '^*3BHfpP r company hopes to boost export white wine rather than cheaper 

content tu price made it a cheap v sales either by shipping in ciders that Merrydown is likely 

and easy way ro inebriation. SUSSEX bulk far local bottIin S or b F to be Judged — the dry version 

But a lot* has hanpened to arranging licensing deals in served chilled can easily be 

Merrvdown since then, and — — — — — ■ counties with a .suitable preferred to some of the stuff 



SUSSEX 

The company first made a 


J|S -'f 8 ^ 

' ' it „ V' ^ 

few"-- * 


S • ~ .* *\ • *• 

Merrydown at a Brighton festival: the out is palled by the 
only two working osen in Britain, owned by fanner Roy 
'Jenkins and his son Trevor of Undfieid, Susses 


countries with a .suitable preferred to some of the stuff 

climate: one such -has just been optimistically called white wine, others?— and the supermarkets' has a limited life {less than sue 
set up in New Zealand. and at around 6 Qp a litre it- is, central buying will also help to months!. So the crop of 78 will 

Merrydown claims only 2 per of course, far cheaper. ensure ‘national distribution for not mean that a flood of Merry- 


There is some pnecdutal niitiee was told in January as the skill lo turn ir to good as a light table wine but f 3 r cent of the take-home cider Marketing has so far been Merrydown products. The pub down will, suddenly hit the 
evidence abom particular 1974 that Whitehall was effect. ” cheaper. But in 195fi came a market, which may not sound concentrated in the South-East trade, with. its labour-intensive market; nor will it suddenly 

"Successes t Ferranti. 1CL) ur monitoring the progress of s et up at Horam. Sussex, in severe blow when wine duty much but is sufficient to make — perforce, since the sales force need for sales to he made to become cheaper. It does mean. 


tain bri dge P have made brav 1 ensure Lhal the calls on Govern- managed to make wine from was a mistake and continued tn (Around half of the 42m gallons through LBC. The bulk of sales down reckons to process around rumour has it, tankers have 

[stabs a t a»ie«sin= ihe impact a’r ment funds are kept to a mini- Red Cross prunes while a make cider at \9° proof. Sales of cider drunk in Britain each are made through off-licences. 7.000 tons of apples between even been seen leaving Horam 

--regional incentives. Whitehall 1,1 UI » compatible with the prisoner of war — only 400 plunged overnight. The com- year is draught the remainder though there are problems. The August and November. But destined for T---t-n! 

'^has produced the occasional achievement of the ■ objectives gallon* of Merrydown' cider pany continued to do well i n bottle, either as Pomagne. p largest chain. Victoria Wine, is this year, with the orchards of So while Merrydown may 

•jnece of circumstantial evidence ri ? r which they were sup- ^. erc produced in the first year, enough with its other products •■premium*’ or ** ordinary a part of the Allied Breweries Kent and Sussex knee deep in never compete with the 

"about, for example, the results uf b ■ J n ,b i^ J*ear Today turnover has grown to and services — concentrates, brands.! group, which owns Coates/ apples, it is likely to buy about “scrumpy*' so popular in the 

rthe accelerated project* i scheme. . • ' . , almost £3m annually. fruit wines, contract bottling. However, in premium ciders (laymen while Peter Dominic -10.000 tons. The .'company West Country (and earned in 

i. Ifhi F ’^. time. Whitehall had oniv recenilv The company's 20 products etc. — but the vintage cider Merrydown now claims to out- has a “house agreement ** with expects to use double-shift little stone flagons by hundreds 
turin" fn vestment i winch i- Jaid b *S“n 5n collate centrally the are exported to around 100 was eclipsed. sell its major rivals. Bulmcr's Bulmer. working for three months of Somerset supported at this 

■‘io have hern ’rowing bv not fi “ures nf jubs created in firms countries, and it employs 125 Only in 1975 was the decision Special Reserve and Coates - However. Merrydown has now followed 'by nngle-shift until year's Gillette cup final), it 

quite a quartor'or 1 per cent a receiving selective financial people in a part of Sussex made to re-enter the vintage Triple Vintage. One of its begun to appear on the super- April. The concentrate pro- looks increasingly likely to 

. year compound) or the gswater assistance nod that, in any case, where employment opportune cider market and by that advantages, points out market- market shelf — Tesco. Waitrose, duced can. of course, he stored, carve a little niche for Sussex 

cost effectiveness of interest ,bc figures were no longer t j es t | 0 not abound. Vintage time technology had advanced ing director Richard Purdey. is Sainshurv. Safeway among whereas once in. bottle the cider in the world of the cider makers. 

_ relief grants flhat is. interest recorded even locally once the ! ' ■ 


“suhsidies for loans obtained from p A *j s *^ nc ® completed 

-■commercial- sources j compared an “ ,rK ' yere closed. 


'^with a cheap state loan. 


True, cost-per-job comparison- 


' six years on. neither the Govern- ma *’ bc tnft simplistic an vvl IviJkJ JL M. ARJ 

ment nor Parliament is in a - 1 P3r03Cii but there is a co«d- 
.- position to judge whar. overall nr pvr-jnb limit (which Whitehall . ■■ m j 

-in particular areas, has really has consistently refused to TAfiOlV C PV¥T"£1 
been achieved. No one can say ^ n . u .^ e ' wgional selective Lvr y 
Twith certainty whether the same J^l«ii 9 re. There is no such ■/ 

, results would have been achieved cr:tc r;on for regional develop- -rununH n\f v half * dozen prove to 
; a t much less cost or whether »"- nl ? ra ™- despite Ihe A L™OJ- GH ONL> half a ' down prow lo 

'more could have been done if which was made about Ihe f * l,e . lu _ tal<e J,". 1 . fur aim - 

ihe same amnJnis bad been hi = b enst-per-job of grants paid jl 1 *™ 0 ?" . 1 ^.^ iikrSrri-id^n" An ?V M 
; sP c nt o tt er „, r , ^ 

Assessment earlier this ^rr n 'ia^n? ha n d ica^ped^i^n ners t ^ll ' be ih tSs^I 

n - changes no the grounds that the ron,enl !° n ,n lhe clos,n ? hy P. Ar 

wl, nn - l'j cwhifo scheme should remain predict- Peerless Prince winner of this less Prm 
this nher than in hroad siihjec- jh . e JU i 0 niaiic and stable. face a year agn when he carried ago. has 

llmo f rir 1 'fS Thl5 ma :-' a commendable 7 st 4 lb to a 12-1 victory, now since ch; 

•tirnB for. iru* rpsults or sn flinon „ r .hmiiriar? o >k . .. n ii n snvpn-f 


Peerless Prince should find 
today’s extra distance ideal 



be on the sharp side Should there be a. market move 
for him. the previously unraced 


earlier this ^ear trT make an v handicapped runners will be ih ^ Pa ,i Mall geldin- trained Obligation. Jeremy Tree and t™“ p VjoTiI. £?&i £ 

changL nn th'e grounds thnt the ^ientton in the closing stages. hy p. Arthur who saSdled Peer Lester Piggott should combine M 
scheme should remain predict- Peerless Prince winner of this less Prince in this event a year for al ^ S * T on , c w' ,nr,er - The Darformutcc. 


CC — T*csp meaires accent certain credit 
card% b i teiephiH>e o' the Boa CHIitc. 

OPERA & BALLET 

COLISEUM. Credit card* 01-240 5258. 
Reservations 01-B38 3161. 
ENGLISH -NATIONAL OPERA 
Ton‘1 A Ttlurt. ne*l T.30 tolantfle 
Tonor. & Tue. 7J0 The Seraglio. Wed. 
7 00 Dew Carlos. 104 balcony scats 


THEATRES 


THEATRES 


GLOBE THEATRE. 01-437 1592. ROYALTY. CC. 01-405 8008- 

Eyes. 8. IS Wed. 3.00. Sat. 6.00. 0.40 Monday- Thursday evenings 8.00. Friday 
PAUL EDDINGTON. JULIA McKEKZIE i 6.30 and 8.4S. Saturday 3.00 and 6.00. 
BENJAMIN WHIT ROW { - London Cr itic* Vote _ 

BUBBLING BROWN SUGAR 


i’,e. juioniatic and =table face a year agn when he carried ago. has not produced his best once-raced Lockeridge is the 

This may he a commendable 7 si 4 lb to a 12-1 victory, now since chasing home Feriered in ° roba £, le , answer t0 ,he Wyn K d ' %^char^ l c%!i cVipt aae eso!? 
cnanuinn of thr- paM mistake shoulders just 8 U> muie and a >pren-fnrlong handicap at Wol- ham Stakes, won a year ago by the royal Opejia 


BENJAMIN WHIT ROW London Critic* Vote 

ALAN AYCBOURN‘5 New Corned* BUBBLING BROWN SUGAR 

TEN TIMBS TABLE Best Musical Of 1977 . 

A ‘‘Tint must be the tunnuSt Nugrrter Tel. bdoKhiD» accented. Major credit 

ilanthe makor in London." D. T«l, "An Irrestst- cards. Restaurant res 01-405 2418. 

Wed. i *Wy enjoy able evening.' Sunday Times. 

! SAVOY THEATRE. 01-836 B88B 

| GREENWICH THEATRE. 01-858 7755. Credit cards 734 4772. Tom Conti in 
| Prev. Oct.. 18 8.00. Opens Oct. 19. 7.00 WHOSE LIFE IS IT ANYWAY 

' Sub. evgs. 8.00. Mat. Saw. LM “A MOMENTOUS PLAT. I URGE YOU 

AN . AUDIENCE CALLED EDOUARD TO SEE IT.” Guardian. 

by David Pownall Evgs. at B.OO. Fri. and Sat. 5.45 and 8 4S 


n« HAVMARKET. 01-930 9832 . («. B.OO. j SHAFTESBURY. CC. D1-B36 6596-7. 

OES NIKLUNGUN I Matt. Wed. 2.30 4 30 and 8.00.1 81436 42SS- Evas. »* *15. Matinee* 

Covent Garoen P' unii in _liSn. with 1 GERALDINE Me EWAN j ThundJ- 3.00. S*L 5.0. 8 JO. 


ins what would have happened ^ '" c sia,,uarH rt -'' 4 

if assistance had not been lop ment 3 ra. 1 t - mdeert 

granted. of diAtinguishina ihcie h*»« icon a tendencj to 
between ihe effects of the differ- re ? ard var '? us rumens 
ing forms of assistance (regional f, s P art ° r a single pdckage— and 
development grants, selective lb ere i= nothing prediciahle nr 


Midland Bank. Tomor. 5.30. Guitar I 
djmmorung. 700 Stalls orom. oiacn at 
£2 avail hr. b*lD r c curtaln-ua >25n . 
n? tneke avail, td studcitta until ZO mins, 
before curlaln-upi 

THE ROYAL BALLET - 


BY DOMINIC WIGAN 


half-sister tn the Pm du Cad rani ihur. 7 . 5 o H Ma?erhi*h ® ALt£T 
winner. Recuperet wag not hard 1 


In an nnen rare in u-hir-h an-- winner - rtecupere. was nni nara 

thing but a minor interest seenis " rcssed 10 beal Trojan's Cen- saolern wiiu thlatre. 
inadvisable. I side with Peerless ’ en , ar >' a _. 


CLIVE FRANCIS 
NIGEL STOCK 
PETER PAUL 

BOWLES HARDWICK 

and FEN ELLA FIELDING In 
LOOK AFTER LULU 
by NOEL COWARD 
with GARY RAYMOND 


Paul Kelleways Double lump Prince, who 1 hope to tee being Furlongs. The extra two furlongs Tont 7 id * w 2 J 30 ana 7.30 


Liu^wth HER MAJESTY'S. CC Ot-B30 6606. 
I Evga. 8.00. MatiBdM. Sit. 5JM. 

- INS1ANT ENCHANTMENT." Observer 


THE MATCHMAKER 


TERENCE STAMP m 
EDWARD GORE Y '5 
DRACULA 

with DEREK GODFREY 


5TRAND. 01 -636 2660 Evenings a.00. 
Mat Thurs. 3 00. Sits. S30 and BSD. 
NO SEX PLEASE — 

WE'RE BRITISH 

' LONDON'S LONGEST LAUGH- 
OVER 3.000 PERFORMANCES 


Department- has been against ton nothing oui censure sor pouu- rides him so wen. This grey daughter of Town 

much being read into the fact dans and administrators who .My one serious reservation Crier won easily at Nottingham 

that the extra employment sn far choose to ignore what experience about him is that the tuo-furiong last week in her first race and 

achieved in a sample of cases of might teach them. shorter trip of this race may could be a cut a bow average. 


3.40 — Rida ness 
4.10_Whatrombc 

4.40 — Grande Cnndc 



YOUR LAST CHANCE TO SEE 
THIS GREAT MUSICAL 
IRENE 

MUST END TOMORROW 
CREDIT CARD BOOKING5 B36 7611 

ALBERT. 8J6 5878. CC bfcgi 836'itl71-T. 
from B 30 a m. P»rtv. r»tr» Mon. Tue*.. 
Wed and Fn. 7.4S o.m. Thur*. mnd Sat. 
4.3D and 8.00. 

A THOUSAND TIMES WELCOME •« 
LiONEL^J ART'S 

" MIRACULOUS ^MUSICAL " Fin. Times; 


THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT 


r.rondlllon«a From 8.00. Dining 
wincing. 9 JO. SUPERB REVUE 
RAZZLE DAZZLE 
AT n.OO PETER GORDENO 


LYRIC THEATRE. 01-437 3686. En. 8 00. 

Mat Tbur*. 3.00. Sat. 5.00 and 8.30 THEATRE UPSTAIRS. 730 2554. Final 


PLoivRIGHT 


FRANK 
f INLAY' 


PeNs. Tant.r Tomor, 7.3 linn-ere ami 
Son In NIGHTFALL by David Gale. 


- Directed bv franco zefferelli 

■••TOTAL TRIUMPH." 6 New*. 1* AN 
EVENT TO TREASURE." O. Mir. ** MAY 
IT FILL THE LYRIC FOR A HUNDRED 
‘ YEARS." Sondav Time*. . 


t Indicates programme in 
black and while 

BBC l 


•"iMULVLuui Pin. nraps, 

5.55 Nationwide iLnndim and Army. 10,15 Kane on Friday. 10.45- buw. 12.30 Cauniry Style. !•*«! r.rmalj Reports. 4J8 Kick-off u.30 now^bookTn? for* christmaS^and 
S outh-East only). 10.30 Regmnal and National News. News plus IT index. 1-in Farm- emh. u.M biha Cr«br. las NOW BOOK T^i5 ?BS. STMA » AN0 

k 2 n Mat inn wide Scotland— KUr.-in.43 and I1.V5- house Kitchen. 3.00 Money-G..- " K "" Ic ' erw ' 


VAUDEVILLE. 836. 9588- Eras. 8.00. 
AN EVENING WITH DAVE ALLEN 
“ LAUGHTER ON A CONSTANT BOIL." 
Thff Times. 

LIMITED SEASON until D«. 2 


MAYFAIR. 629 3036. Era. 8.00. Sat. 5.30 I VICTORIA PALACE. 


Nationwide. 

7.00 ■‘Carry on Clco" stamn 


and 8.30. W*8. Mats. 3.00 

WELSH NATIONAL THEATRE CO. STRATFORD JOHNS 

, DYLAN THOMAS'S SHEILA. HANCOCK 

. UNDER MILK WOOD ' ANNIE 

"A oHighL" Gdn. Johi us Nov, 9 'or Evgu. 7J0. Mats. Wed. and Sat. 2 45. 
Mm 25»li Aimlraraarv Psrtv. ShowtfluffM "BLOCK BUSTING— 


6.40-7.30 am Open University Sidney James and Kenneth 

(Ultra High Frequency only). 5L30 Williams. 

For Schools. Colleges. T0.45 You 8.30 Rinus on Their Fingers, 

and Me. Ji.05 For School*. Col* 9.00 News 

leges. I2J!5 - pm • Golf: Colgate 9^5 Target. 

World Ma-ichplay. Gliampinnship. 10.15 Tonight— In Town (London 
12.45 News. 1.00 Pehble Mill. 1.45 and Soulh-Ea-t only) 

Heads and Tails. 2.02 For School*, 10.45 Regional. National News. 
Colleges. 3.00 international Golf' 10.50 Tee Skating. 

Racing from Ascot. 3.53 Regional 711210 The Late Film: 'The Rack" 
News for England (except Lon- siarring Paul New man 


1 1.25 nm For Schools. 5.55-fijJO Round. -*-25 Conservative Parly 
pin Reporting Scotland. IQ.15 Conference. 3.43 The Rolf Harris 


, . v P™ Reporting Scotland. 10.15 Conference. 3.43 The Rolf Hams 

SfiuSL . d Kt:,1nell, Tormod Air Telly. 10.45-10.30 Show. 4.1S The Flock town Flyer. 


8 30 Rinc&'on Their Finuers. R^siionai and National News. 

521 ?.*"?? 0 fhC r 1 m8er *- Northern Ireland— 1(1.2.3-10.43 
,5? V™, am For Schools (Ulster in Focus I . 

tnTr T^nTlhi T„... .1 3.53-3.55 pm Northern Ireland 

10.1 o JoniJit—ln Tint ii ( London lNew ,_ 5 . 55 . 5^0 Scene Around Six. 


hound. 2 . 2 a conservative rany , aldwych. B36 saoa. uko. 836 5332 . 

Conference. 3.43 The Rolf Hams HTY 

Show. 4.15 The Flneklown Flyer. t-3I pm R*porr WVut Headlines. 125 orlcc previews Middleton ' A ' RowleVt 
4.45 Magpie. 5.15 Thames Sport. If Sf K i£S l ?£V ,, W 


. 73 STRATFORD JOHNS 
. SHEILA HANCOCK 
ANNIE 


SMA5H HIT MUSICAL." Dallv Mail 


10.15 Star Brass. 10.43- 10.30 7.30 The Rag 

Regional. National News. 8.00 3-2-1. 

England — 5.55-6.20 pm Look East 9.00 The Foil 
(Norwich): . Lrmk North (Leeds. 10.00 News. 
.Manchester. Newcastle). Midlands 10.30 Police 5. 


5.45 News. 
ti.OU Thames at fi. 

6.30 Emmcrdale Farm. 

7.00 Wised Blessings. 

7.30 The Rag Trade. 

8.00 3-2-1. 

9.00 The Foundation. 


Girdgn. 836 6808. Roval Sbakespcpru 
Company Ton't. B.OO Stcpbgp Periiakoff* 
SHOUT ACROSS THE RIVER. ’’ Outstand- 
ing uroouerton. except l«Hva I." F Times. 
All SMtS £1.80 A|lvt bkos. AMwvtlV. 


F;T. CROSSWORD PUZZLE No. 3.795 


l.rnds i Birmingham > Hurdy 
Gurdy; North t Leeds I (Tr»s.e-U|< 


Wagner. 


m land- 
Richard 


a.f7E..TSi Bsr W l 9 i h%3RUn5 «««wr urn s w. 

o.OT Ri'purt \\ «?si. ft. 15 Rr'Win vv alvs. untfer W). ■ . - - ■■■ ■ ■ ““ — * — 

i JO Emnu-rlaL- Farm. 18 Huport NATIONAL. THEATRE. 928 Z25Z. 

txira. ll.CS Thi> Friday Film. "Gunn." OL1VIIR touen swguj.' Tpmghc A Mir 'JS 'amJSS.' 

_ AMBASSADORS. CC. DI-BS6 1171. 7.30 Tomorrow 2.45 & 7~30 fonlV nar t s All iNti Ci .80. ohos. AMifvUt* 

HTV Cymru 'Wales— As HTV General Nlgntl, at 8.00 Mat Tues. 2 4S. tW* month iTTm NoM, nr.TUy ^ Student* rtandbv £1. 

Service except: 1.28-1.25 pm Prnawdau __ MV ..S**. | “ Apd Edward Bonn 

•.-a-yd'llon y Dydd. 4.154kA5 Adar TONY an holt PETER CARTWRIGHT LYTTELTON (proscenium atageV Tonlghi WESTMINSTER THEATRE. 834 0283. 

iT? u£ t- %JSf u 2 ^aisfl^Msar ^ Ph,tandw 

Afeun, UJ542J0 am The Outsiders Jfp. ^ ^ STm#?. 
HTV West— A* HTV General Service £3.00 lu £5 00. Dinner <n 0 Top Price m 2?!?*' , — rr 

fflTUFS? P^'rwC^ fc CC. M.M76* 

928 2033. Credit card booklnos 92B IW- 9-3°. F/l. arW Sat. 6 AS. and 9 Op 


L*.:tvr hr Leii-r llJS Ouiloob un 
A^m-uliur.; UJ5-12J0 am The Om-icli-rs 


kSADORS. CC. 01 -836 1171 7.30 Tomorrow Z.4S A 7J0 toNT B«rtS «udJU5r«tandb? £1 

» at 8.00 “at. Tues. 2 AS. this month I THe Woman new play jy rtandbv £1. 

Sat. 5.00 and B.OO. Edward Bond.- ■ 

ANHOLT^PETER CARTWRIGHT LYTTELTON (pn«*nium suaeV Ton*h« 

The World. Famous Thriller ], 0rr10r 3 * 7jt5 T1,t Phltandovr 

by ANTHONY SHAFFER 


*. iiuiiun: am ins- wuimuit* inr vmi in i.ci an ,.n.H rv-+ 71 Am.an- 

. , „ , utter and toial ioy Punch Seal Price* 21 Anmrlcan Buffalo by Davl 

HTV West— A* HTV General Service £3.00 lu £5 00. Dinner <n 0 Too Price cwu «.« ,i. 

excePi: 1.20-l.W pm R.'rmrt West Hi-ad- . Sea» £8.00 -n C . JnStra* d^oTLirf^S? oa?? , Rww?ilra. 

tm-.-a. 6.15-6 J8 Hi-mn ivtrt. 2N o« tomorrow *JS 


SCOTTISH 


1.25 p.m. -nn>1 Koj'1 Ri-pnr: 13B I OocninB Qti tfl ax 7.00 


All IRA Rcgiuns as Lotidun Hnwrn.irijr 3.<i5 mn^r Span SJSiCammi 


928 2033. Credit card buokhiBS 928 
, 3052. 

AMBA5SAOORS. CC. 01-838 1171.1 : * r* — 

Red. orlce grm. Ocl 16 & 17. 8.00. OLD VIC. 928 7616 

Opening Oti 18 « 7.00 PROSPECT. AT THE. OLD VIC . 


PBul Raymond presents the ScnutlONl 
Sex Revue of the Centura . 

DEEP TTOIOAT 
9th GREAT MONTH 


GERALD 

FLOOD 



North: North F.asl «\ewcJ*1l<M except at thr folio wing times: Mialann T«djy 6.J0 Emm-rdnle who killed agatha chrisyif v C hekho v 'scomedv wfth ciira A 

Friday North; North West iMan- 5 l ,rm Jh'otm.in.yim wjb Wav* aD d _ W HO Kltl - EO * c>th a_chmctib ■ .7 menu, Bruce, m^ DeMj«,. 

r ^ S, ,l r> I ?' ,me * :r,,u !l d - \NGLI A wI-h FLar” - t?™" 5 “ ^ rnTSi apollq. 01 - 437 = 663 . £ . g4 . a oo . 'r^Wio. T< 


.P tf f?*Lj4'C Ptot |j m '**W» V WINDMILL THEATRE. CC. 01-43 7 8312. 

Riwuu Rn^ me u.rhVli Twice Nigntlv 8.00 and. 10.00. 


I Southampton i Report Souih: i.a rm \natia \ -u* 3 . 4 s Th^ rra.;iic. Wit*-' 
.s.iulhWcst iPlymoni.il) Peninsiihi. s is e-soi-v o.on .\rm U i Anxtia 6.45 
West (Bristol) The Disappearing sis l.oo Lwr .India ibjo 

Smres 1 -r..> 11.00 i.-iu (‘rn# hr — ht - (i-’r and , __ 


SOUTHERiV 


BBC 2 


6.40 am open ) Tiiver*iry 
DgJO llnnservative Parly '-i>r- 
ferenec 

1 1.00 Play Si-hooi las P.Ri.l 
3.55 pm). 

II.25-i2Ji9 pm Gonse native Puny 
I'onf crewe. 

12.45 Golf Rri>.in_- from \si-n:. 


I*~crl 1235 am Mrn «h> MallT. 

r«ity A TV 

arty Luo- 4 .13 om \TV > «i1r ,v. J.4S rn^n.li 
Mj" ssi aa-T 5.15 Happr Da'-, 
las fSRi, ) ? “ 10 ■ ai tiias '- roit ' : ' l** 4 


1.28 p.m. 5nn:h>-rn V-v-- 1J0 i-anihli 
2.03 Wuni n iinly 3.15 .survival 5.1S 
Haim; Days. 6.08 Dav h»- Dav i JIO S' ..>ik> 


Brenda Bruce, Michael Denison.. Louise 
Purnell. John SavfdenL Jane Wymark. 
“Jacobi's triumph.:' D. Telegraph, 
today .7-30. ' 

TWELFTH NIGHT 

EHeen Atvtns "a super viola. 1 ' The Times. 
Robert Eddlsdn "brrtflant Festd." Guardian 
sat 2.30 & 7 30. 

THE LADY'S NOT FOR BURNING 
Dorck Jacobi *' easy and virile, authority." 


Sunday 6.00 and 8.00: 

RAUL RAYMOND present* 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

" Tafcra io unprecedented limits whet It 
permissible on our stage.*' E*. News. 
THIRD GREAT YEAR 


Met* Thursday J Saturday 5 and 5. 

DONALD S1NDEN B . lwl „ 

S'inJSS .. v Sf r- E , ?‘ an .« r t»* Robert Eddlsdn "brUllunt Festd." Guardian' 

15 SUPERB News o' World. Sat 2 30 A 7 30. 

"J' ia?iMr%! t JLV?. THE LADY'S NOT FOR BURNING 
- Darek Jacobi *' eacv and virile. authority.” 

r r>l* ,e FUNNY Tiffits E 5l4fidard. EBrtn AlkBis "Tlffthfl WYNDHAM'S. niaflUL xnj* 

n a unj Days. 6.08 Dev hr D3V 6 JIO S- .-ik JlRT, Sfi?- wl !i .££ Iu,,e Phy*lc»l lluHItv.". Financial Times. "A gkox B3BT-071 hwi l3o m Mon. 

STJ5-5 JS? . 5a5»“c^ar«siiss» flAwm- 4 

a^is ssr* — ~ ^ wgg'SE-.sataja 


!"" n ' a8,w n, ' r border 

" 45 «:olf R.t> in • frmr luni *1 28 pnt =t.ir<l. r *.r y< 3.45 Tb" M.*H-tv 
o'.n* 'SrtJiSJS 

feronve iom i,.:,. cm<b-. — hi*- hr- 

LID I'ftl'rali 1 Wnrld M:ilrhtil:i v Pf-I !• .-r.J. 12.25 am Eortt-r .X..-w., 


TYNE TFES 


TOM STOPPARD‘5 
DIRTY LINEN 


OPEN SPACE. 387 6969.. (Craws Last I " SuBfema and religion.” 


9.2S a.m. T!i»- liontl V.'.,rrt. \ur:h Easi 

HvJdbn. s 128 p.m. Norrh E.istl _ 7 00 91 


see If " Sunday Times T*« and_Endoame by BECKETT. Pr*r, 
Kiev 8.30. Friday and 1 Tub*.' B. Odens Wed. 7. Subs. Toes, to 


OallY Telegraph 
" make: you shake with 
LAUGHTER." Guardian. 


ACROSS 

1 Agent sets, in a good shot at 
tvxtiic facto cy 1 S> 


8 Old penny gieuned exiorti«jn- 
atclj for payment to invaders 
iSj 


5 Strengthened 'motoring orgj- ji Sloppy sonti men la lily uiakins 
nikxtion tn plot ( 6 ) Mothers' Unmn keep quiet 

S A part of a joint lo pay off (Si ( i 
iO Italian form of cantos (61 l5 llusl acccpt nfj!j , in y wllh ?Jin 

»2 A Mintly race toi fi-o.ti facial growth (9. 

JS. Waif discovered fish fB* „ „„ , .. . . 

14 Oriental title left in paint (fii l * ,,,pn - ,h ‘; '' nd ° r 

1G Stop everything, it's in the „ lt , r '!‘ f ‘-' , ,,nLllIaflon l - , » 

hag 1 4-3 1 IS Marine lakes n*<tne when in 

19 Reckon it could l«j a state- ;i Pn-'kle (Si 

ment (7l 2 n Insect fuund in lir*d t4i 

21 Half '■••riiian road or pike 


ferenre 

4 JO (.'nlgate World Matchpluy 
Ch:inipien<hip 
5— <• Open L'ni\crsi|y 
7.00 News rm 2 HeaiHmi'*. 

7.05 The Rest of indoors Oul- 

li HOI'S. 

7.30 News on 2. 

7.411 On Terence Report. 

H.05 Top Crown. 

S.3« Wuthcrins HeigliU 
9-25 Selecred Horizon^ 

10.15 Sounds Like Friday Marring 
Madeline Evil 
lOJW I«ilu News on 'J. 

1 1.05 Golf thighliglPM. 

11.45 Rock (.'iWI in rr.l|i>jc 
fea luring The Criisaderv 
12J!3 am Closedown Heading). 

LONDON 

9.30 ani Si'liuojs Progi'.imme 


»n-1 i-oni- jmimil. J.4S rin- \mirin= ' - lrl . -- YOUNG Vic. gzs 6363. Ton't, Tomor. 

rr h,S ^ bv Tim JE ^^^ E «*Webum. SB 


it.m. ilpiIouu-. 


CHANM-'L 


LISTFR 


EVENING STANDARD AWARD 


S.ii.ru ■ V|ili--ll(ini- X--V lun-h'imv 1J0 iT.itii'mt 3J5 CAMBRIDGE. CC. B36 6056 Mon. ro 

•T. r . l 30 ?:r.., r 1 >»r: ’ 1^"- «-13 » 1^'J ^ Un* Thuf * 8 0 °- F . r ‘ ? -* 8 30. 


1 IS pm rs.ii, n>! Liiii.-iiiini" X'--' : 

V. Ii.i: : . 1. r- . 1.30 CpivA '.'oijr: 

J.« Tr::.-.- Kijlld. 5 45 Elian- r 


PALLADIUM n i at ^ 7-7, VIC STU DIO . 928 -6363. From 

Sni cue. 20 for . ->SLu 3 S ' S?£ l . , ^ff nB Vie Co ' ,n TwftKe Ortra'4 

DANNY LA -RUE MLIHOOM 


5.15 Th.- F:. n r|.-j Hlllhilli-C. t.i 


l-r:i, 6 00 ^ a , « lS 6JS Th- h 'SWf'rav 18 J« 


:,l i 13 23 i.'hanr.i-l La r i .-i'. 

ID JZ rur.-: "r-ii'i; hi-- !H«* and ru] 
12.2S am \.*tv "ij \iVaijivr \n FrunJi 


gr\mpi-\n 


r r,w'ii. hi^ [if- And li-iioniL 12.20 p.m. 
I- duiii- 

WI STW ARD 

12^7 pm. ilgv l(n"r;hiin'° RirfMiv- 


1.25 am r.-.: i JO pm «:r3in:ii.ir. V 23 '' •;' : ". |r d je.-w ii-jdlirhs 


-vii '"ihv f ' ‘">r- J.45 Pr:n. .- EHvjriJ l.<|.ind. 
h.OT 5-15 Emmi-rdul.- Farm 6 S3 W. siward 
r»..rr t.JS T:mt> unr 19.28 W-slndrJ 
,«rv ! X. vs. into 7«m= f.r-vd.i hn lif.> 


I’-idlv. 3« Mr fohn'i lirvir '•■nr J.aa iv:n. - r.nuurn ifi; 

•"■.ill*. 5.1S n - S ri., r ‘ Farm b.m'- 15 Emmvrdal.- Farm W.sra, 

T v.33 TS- HN Tra-L v *■* ^ .;nr nM 

T» r-v.. ■ - ni ,h,j 10 . 3 D Bins , V r< "'= 

'i^- »'.1 J-l nd 12 20 am c»:ons dn '- “-2S a.m. ^Jllh lor LlM 

12.25 L r 1 " Ma±: Nii'ddliA^s. , 

‘•■H’-'C L ' Rvpnrl." YORKSHIRE 


GRANADA 


YORKSHIRE 

1.29 p.m. iTaiendar \r«n. I-® i>nrtf 
((.muli-ir. IV 5.15 Happy Days (.00 


Illy Uiakinc J, Do-. i! . l-» am Th.^ 1.. 'Yuur '.»l- iriar ■ F.niL-j Moor .md F-lmnn SECOND 

l..:.o rmiei .Id Beany and Ccnl lart-.n. Ji5 ^,y nn - «-.« w 01 -dn.on.. 6.35 .Tui-n^r spnn. wjx H.ng second 

^ 1— Ul> J>i»ng Book. 12.1(1 pm Rain- 545 ru-» .5 Your Rl»UJt - 8-M '^o-hr. hit Isffr- and h-Ki-n>l 


EXCITING BLACK T ?r«UCAN MUSICAL 
•• Pui-.Atirvj Mutual '■ E Nr««. 

Soar Pi trn £2.00-CS 50 
Dinnyy anrt tDD-p--n:- tnal CP M inri 
FOURTH GREAT YEAR. 


COMEDY CC 01-930 7578 Rrrt p,|c« 
Prcra. Orfobyr 25 4 74 8PO 0»nhV1 
Wod OHnhcr 25 a» 7.30. " 

BILLIE WHITE LAW 
T P. M-VESNA In 
MOLLY 

hy SIMON GRAY 


CRITERION «IJ0 SZir. CC 836 1071-3 
NOW IN ITS SECOND YEAR 
LESLIE PUH.LIPS 
in SIX OF ONE 

' ' ' nd ‘A-tiW&F* LAUCHS 

SECOND 'HILARIOUS - YEAR 


" Merry " widow- Twankev. lit 

ALADDIN 

ALFRED MARKS U Ebenvrer ~ 
Dllvl WATLING. Brian MARSHALL 
and WAYNE "SLEEP 
Previnvi December 19 at 7 30: 



RADIO I 247m a,- _ 

(sj Siercaphenli: bruadcati ~ 5 

5.00 a.m .V* H.vl.r, .' 7.2 |'ju! Run-, i: - 1- 

1.0 SlMiun 1.11--- 11.31 F-- :i r r--v.--.-II «. - 5 , 

2.30 p.m. Tom Blj. VI-ii-ii 1J1 Kid 

n*<-n l.ir. vtiur i-:n -r- !0.0? , , til ' 

Inhn Pi-I .«. 17.00-2. 02 am \- li.fln : r , n |[. 

5.03 a.m. -. --Himiij,-. 5.7 T'-" •• y i 
Kr.in1»n -■ n- liMlii- 4.15 ivu> mr ... 
TlmiKli: 7J2 r It I •- i-n lii'l : «. jn-<e ■■ 
3 27 R j. in-- Buil-m. .1-1 3.15 1-iu- ;or ' 


3.00 'ii-tl R ,,r ' Kal.sa*! >ir. 3.35 S'or» Tun-- 5.00 PM 


e.? R X _k IIM JE- O’-"’® *768. Mon. la 
Sat 8 oo MdTinrr. Wed & Sal 3 00 
4 CHORUS LINE 


PICCADILLY. From 0.30 dm. 437 45C6. 
Credit Cards 826 7071 M On. -Thurs BOO. 
Pridav A Saturday 9.00 8.15. *lr-contf. 
"■ Dotnlnaclng with iinfertered gusto and 
humour toe BROADWAY STAR.'* D. Exo 
5YLVFA - MILES 

"Townrlnd BvrtorotancP.''. DaH*- Mall. 

VIE UX - CARRE 

. BV TENNESSEE .WILLIAMS " 
'■Work*. (Ike* magK"- Financial Times. 


'«» il-w!h from Hwuarr N-wi. n>«ch»Bra MVeviw: prasraninru sSJ!**fimS?.' i?d 0 GREAi-° y?ar° *wSS-«»* tK WtfiTnJ- !"?! 

. 5.10 \ .ul.n .,r. i Piano IW-ilat 'l*- ryvs. b.BO ■«. &J0 >..01111: Place* 7.00 n 3 “ B “ T YEAR. CO MIC WRITING IN CONDC 

■5 Ji -i ir.; i.,,. M1 .i t4.30 :> 1 7.0S Th>- Ar» llvrv 7J0 Pick "Sea mnninu like on eler;ric 


. CINEMAS 

Aft . 1 '• » 2.. SHAFTESBURY AVt_ 

836 8861. 5*0. Peru. ALL SEATS BKBLl 
3 Driver IA1. Wk. A Sun. 2. IS 5.30. 
0.30- tale Show Tonight ft Set.- 11 S07 
8. Driver LA7 Wk. ft Sun. *00. S IS. 8 IS' 


CAMDEN PLAZA. - lOoV. Camden Towit 
Tqbel. . 4BS 3443. The Boo DrUa Film 
*■ Renaldn ft Clara (AA) wjth Bab Dylan 
ft Join. D«. in 4 track Unce Fran. 
2 50 end 7 JO daily. . 

Classic i/a. S. a. CMord -Street >apo. 

Tanenham Court Bo. rube;, gh D3IQ - 
U. End A. props. Children hell-onee 
T- THE DRIVER rA]. Pros*. 2.0S. 4.1 5 < 
6-30 8-40- Late snow 1 1 - o.m Special 
Matinee, ait eeats £1.00 . the silent' 
WITNESS >A>'. Pron. 11.00. 12.00 T.00. 
2. Me) Brmrfc'i HIQf- ANXIETY fAi 
Progs.. 1-10. 3.55. 6.15. 835. Lai* 

-.«tai lii.B, . _ . 

-*:■ THE 'TURNING POINT (A) Proqg 


4J5 *> i-.-.in. 

I»i--.i— »-rn ' >1 .-•• 

T'nli: ■ ■; r « -w-Si,: 

1 »■ 4.13 

H- r- 3 30 pnll r- 

1025 '. J . S.«.r : 
F n*.|- .• • -h r- ,.j 
ii.s -r.,< . 


Tos.an'.ni Tnnc-rl ih- 

’ ,u.--Jr.. 7J8 Oho-, amt >y*. 8 18 Prv>ii|.- 8.J8' An; Owillvnr ’ 

■ ! ■% i riitsi- •*" ' ftn 8-15 L-.'it-r irom Anii-nca 9 JO Katnido- 
. -■ punn to Hal- o-ln ->.t>pi- T.Sa UVaMu-r. 18.00 Th«- M'nrIJ 
'-niii^ir- ri-adm^ irnm. 1nn_-hl 1BJ0 Yi'.-f V EnrtihK •>- 10 55 

, 1 i"- «i<*«ub«rt. Pi"* - T r:-.- >»i K'rbl.ir 11.88 \ RgpF' 4< M'lin.- . 

T.,| r S. '.■.Olly.vi- ‘an 11.15 Thr Fin.nCKl IVufld TiH'lfth'. UJ8|0UKE OF YORK'S. CC 0I-83B 51-7 


^ iron. RIfa; !« i >l|>. jMd T-l< •- ckik I DUCHESS. 836 8143 Man. ta Thur* F.T. SEASON ENDS NOV. MB. " j' P.m. 

18 Prviiil.. 8.38' Am Onrslluny ' I Evenlim SOD Fr» Cai R ic >x2' ■- 


■There has hanJTv been ■ more Sai'glvlpq . J. 05. 3 30 6.C0 8-50. Late mow II 

rrening-in the West Ena . .-.-the BEST pjo, . . 

:OM!C WRITING IN CONDON.' Obi. 4. HEAVEN CAN WAIT iA>. Proa*. 

elerjric clirreul “ I 1-40. 3.55. 6.1a. 8.35. Lale show II 

■“ ' P.m. 


Evening* 8 00 Fr* Sal 6 1 s' ana 9 00 
.. OH! CALCUTTA! 

mo nu"lty i* ntunning.' Daily Mali. 


article to nip fai 
26 Notice sin in counsel itti 
2” Exhausted a doun-and-nm 
(4*4) 

28 Deserved to he gained hy 
labour (61 

29 I act afterwards, being a great 
admirer < 8 ) 

DOWN 

1 Firmly established place for 
Arabs l 6 > 

2 Nor normally developed in 
wind instrument I noie (b> 

3 One -'ho ..observes unusial 
tenor (5) 

4 Remain threMluartcre full 
hut tranquil f7i 

6 Three minutes in the ring 
with the Spanish? Yes. it’s a 
dance in a ring! i9j 

7 r.ausht set. one and- they arc 

needleii- (■») ■ ■ '■ 


25 Lad' corning up irnh ji h.i? 
mnvoiarnl in the main 1 5 1 
SOLUTION TO PU2ZLU 
No. 3,794 


21 Old dish-warmer modified hy 21 I [»|f ■'■••niian r»aii or yub*? 

hoax 1 6 1 tii TiViru-Vi ir 2 i : .* i'i r ' 'w-I-m °'“„v. ,' j* le-Ssyw^W 1 

23 1 create animprossmn m mie 22 Tutor puliin-j ppopic f. right *»-■ r.-r.-r, nj j.. n „r y-.p.l •• n v '■ n«.i« 

state, hut its all the same 1H1 , rt , ■■■u-i-Mi 11.01 and u.02 p.m. mm .- ;,, int JS » BBC. Radio London 

25 Subject for discussion in 2 4 R.-vel ail.Ily for ;..ning fish !/Cr.- ;£,f. ‘lo: 194m and 95.8 VHF 

article to me ia> < ” * and ids n- t «.30 R VOK) ^ s aa a.m \\ R^lin ' ft. 30 nu-.li Ilnur 

.%■ n.liMin^ and 2.S 3 W! n— k p .. , v nM *».W l.-i rt«n L|\o 12.03 p.m. Oil In 

1J0 '.C.4.UII-I' Uaf 1.45 -OM-s L' C - <.olv-5.fl5.7J8 P-"»- OP-J Z C J .'■■■. SI.«> M y 4.03 Hah 

450 (him Dunn ■«. ir.. In j. llk s.as Sv-r ■ •I'i.--.— • ■rrm-itraino i » | „ n<Jun 5, 1( , r!s D .-j (.Js c,t 

||. -I *.45 SporK ri.s!- 7J T..V. v.iur ‘ “ 7B L*hjk S-hb. L:M. n. 7JH 

t'jnn.'r- in Mm : K.il|r.»nr ■ • • 8.2 ilonofv. 3 JO Trai-V R. cart. 

Inlmn:' ur-oirr •••'■•la.:, m-: UH'' n itf i RADIO J MulH Lumlv:i. 12.0 -Clove: A» 

'■ri-h-.sirii ••«• 8.45 l-rnUi- i« . .... .... —jviiu 

M-.«ie \-cht •• • ajs .Si »n. n. uo’ .^.Oin. 2b. ml and * Hr - . d 

Sunrvr Vour Lr.. iff TO i.-"v Gu l.nin fc - 80 6 JO Farming LOIKtOll tit oaOCHbl ill 

DurliA ’vi:h Dun i.-i«*> r 112 F' '.'i.'V 6-511 Ti-ij- ■ v.r-jilne. laelnilirn: 206m ant 

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9th 5cniation4l V Mr. 


Rsu prir« prrmm* from Del 19 Mon 
-o Frl B o.m s« 3 30 jn<j 8.30. 

No*. 1 IT M fl o m 
,.,TOM FELICITY 

COURTENAY KENDAL 

. _ CLOUDS 

A vomea* a» MICHAEL FRAYN, 


VJf onlv— 5.fl5-7J8 P."»- C'C^l 2 ' ej sr.nvC.iy 4-U R«‘m b.U DUKE OF YORK'S, rr oi-BTii tm 

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eciKJtiEia HuaaagaH 

m □ n- h - e 

gEasraEsan raBano 

h . ra n o e 

GOES HGnuaSGSGE 

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nErannRg saoncp; 
BED. R : E L 

EQ OH B053 

j n n e he a 

BEOnRmCEEE ERQ3 

2pJ2L2 e g ra - 0 

GPjnsti anmznmmnn 

sssasana'-- hsshbs 


7 8 Likjk S*np. L:>l< n. 7 JO i:|ji;if Lon- 

„ >lonefv. 3J8 TrakV R- cart. 10.00 Lale 

R \ D I ( ) -4 .''hi lit Londua. 12.0 -Clave: ji Radin 2. 

(..so am'’ ^ ^'Tln ^ n™!: London Broadcasting 

is-rr-x" ... ... ^ 3 


. „ BEST OF THE FRINGE 
Naugntlnt G>ri >u Ihe School- 
_ 9 30 
Chaonrl 4 
7.30 

£2 Orr uioh £3.30 both thorn 


PRINCE EDWARD. CC. 01-437 6877. CU«pN.-CuroB" Street. W.t 4M J7S7. 
Crannies 8 00 Maiinem Thursdays ana , , ..^ ON T A N P. . . CATHERINE 

batordavL at 3 00. DENEUVE to Lt 5AUVAGC l&> iEmJiui 

EVITA . tublRfesi Proas, at 2.00 tnol Sun... -4.05. 

bv Tim R<<e and Anar*** Llora-Webeer: -.6 15. < ml 8.311. LJM 6 Davs. 

Directed bv H«rola Prince — — — - ■■ . — ■ ... . ... 

LEICESTER SQUARE THEATRE.' IH 5252 
. Kirb Dangles. In a Brian Oe Palma him 
The Furr T .JO S*0 Peris. Wk. l 80. 4 so. 
8 10. Sun. 3-30 7 .46. Late Night Show 
Frl. ft Sat 114S p.m. Scale bhbte. .or 
evanlhg fterf. Mon. .Frl. ana all Paris. 
- SiL ft 5up_ eycapt Late Night Show. 

lODEQN HAYMARKET. 930 27JB-277». 
i -Mtd«Miv -Cxuress «X». Sec. Progs, oir. 
I W 110. 5 30. _ 8.30 p -m. Late Show 

; . — ; — I Fn*.. San* and Sun*., doors open 1.1.1 5 

RAYMOND REVUEBAR. CC 01-734 1593 1 P-m- 'Prog, at 11.4S p.m_. All scats bfcble. 

AT .7. pm. 9 nm. • IT pi*. Doan Suns. I — ... ■ — 

gffi U n»wfti?a8 : SSSiEa ' oo«oi 4_!LE rcEyntR. sou am. g M sin. 


•39 and 3 JO 5 Head- 

s-h' i'rf ;h. Dav BPS My 


5.00 a m. Mer.-rins. Mtcsie 6.00 A.M.: nun- 


sr.i^ n.-ah. wiomuiM. trace), snort. lBXff 


.. . Saturday 5 and 8 

K MISS MARPLE 
MURDER AT THE VICARAGE 


Cnmpa^r*' Tth- F-i-h Fy.n\£ *■ 1M %'.•••• 1195 fin-,, VlI ur Way VIM- 5 Tir- Capital RadlO 

'u' ,n 7 ' Vr i , H *' '■ 1,jl , " . 1# .“ w '“'’ I! J? r ''i 'i- ’-T- n.45 u'jLhitKion nr— ^ 

•'hartlU-r rmi.-ri. pirr , <,-> U.25 TV Pci-t «--c -h ■ c-.tt-ir.-: 1ZOO Tve« - 2 

liiii-n.i! K'-a-M.- 1130 •'.•.v--. r.vr - 1102 p.m. Jn r v.™ r s 12^7 M • 6.08 a.m. r, r a» ljm n 

UJS P.tn. CartllT n-'CO: W • •’nrl •- 1235 '.v.'a'h-r: orasramm: •'■ 9.80 Mt-'lwcl k 

I "rn*: la 1 . .-;• ru.Miri-ti I 9b 1 D5 - ' - - - 


•Vn-ii \i nr.e. 


IRIrn Inri 17 *• linr THE HOMECOMIN 

-mmanasirfVHF -not to be mtssed." i 

6.08 a.m. r, r a» ljm D^ne - Rn-oklast Show LAST 2 WEEKS. SEASON I 
9.80 r.’.i'hjd %3,-iel IS». 12. BO Da vi- OCTOBER 21sT- 

,r-ii -s. 3 08 p.m. R«p? SCOK i*,«. TJB — — 


.KHIta TIfrATRI. CC. 01-836 4GOT. 
>gv. B.OO Wod 3.00. Sar. 3 . 30 . 8^0 
TIMOTHY WEST, GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 

THE HOMECOMING 

■■ NOT TO BE MIS5ED.' 1 Thy Time*. 
LAST 2 WEEKS. SEASON MUST END 
OCTOBER 21st. 


PAUL RAYMOND nroHrtj . 

. THE FESTIVAL OF : EROTICA 
1 Folly alr-cemtttlaned 

2.1ST SENSATIONAL Y£AP 

• REGENT (Oxhard ClrCUIL 01-637 9862-3. 

I Evg*. ‘8-30- Mats, FrL jmd-'SaL 6.00. 

1 TAKE THE FAMILY TD 

..THE ■ GREAT AMERICAN . 
BACKSET AGS - MUSICAL : 

'•A little Jural.'' Financial .Time*. 

■' Smart, .swell snow-" Daily Esiwras*. 

“ So entorabe.™ Sondar, Times. - 
'• Lwrlcs new mare elegance . 
man those tor. evita 
M gsre to O'* Wte 

chan that or ANNIE." Sunday Teles ran*. 
C>cdK Card Bbbkb»8s— seait from S9-. 


Oct 24 ft 2 5 a.tfo open Oct. 26 at 7 a 
DENNIS QUILLEY in IRA LEVIN S 
(HATH TRAP- 
A H?»r Thrill** Direcred by 
MICHAEL BLAKEMORE 


ROYAL COURT. 730 1745, tm. 

1 ■ S4t - 53)0 -and fiJB' Mul md Ndri _ 

NICOL WILLIAMSON .- hSTUDIO ft, Oxtoee Circus . 437 3300 

- “~A »rrtil u 4 o nerforhlartB.'* .0. T«. -J Jilt ClBrburgh. Alan Bata* m Pai' 
INADMISSIBLE EVIDENCE - • Mltunm' 1 : BN UNMARRIED WOMaF 
"Thu ts one of tne few gteat Pliri Ml tXJ. Proa* 1 05 3 30. 6.00. 8.3S 

me eeniurv.' 1 o. Mail. i ute Show sat. 10.50. - . 


The Cheap Detacthe f AJ, sen. Prog*. 

. Diy.. Doors- open 2.00. ft.45,-7.45. Late 
thow. Frl. ft. Sat~ door* open IT.iS pan, 

DO BON MA RB L E ARCH. WJ. <733 
101 1 - 21 . Oou taMdw uf the Tblrt 
KMd (Ai. sen Progs, doors open Men.. 
Fr> 2 . 00 . 7.30 Sat. 1 . 0 S. 4.15. 7JIS. 
Son. 3.00. 7.30. Late Snow Frl. & 
Sat. Dan Opan I 1 «TS pjn. - All seat* 

bmie. 

PRINCE .CHARLES. Leie. So. 437 8181, 
Walertan ^Boroworyk s 
THE BEAST London X 

5eo. Berts, dtv. not Sun.i 1240 . S .10 
5.55: B-35 Lite, show Fn. Sat-. Sun. 
11.15. Solti Bible. Ltc'd Bar. 


GARRICK. CC 01-836 4601. Prey Iran 1' Sat.- SAO'and ajB 1 . Mwl mij' N*i £1'""^ 
OCt 24 ft 25 8.00 Open Oct. 26 at 7 00 I ..NICOL WILLIAMSON .- I-STOI 




1 













Financial Times Friday October 13 1978 


.WU, 





11V ' ; — ^ ^ "- r ■ T* -*' -"■A'' T'j-i >V. • - \ V 1 - - - *~r 






1 



Garrard 'struggles to pull itself 




■•■ •■- i>.r ' 


H- 


out of a dangerous groove 


»•*« ■*-■•■ • .»< 


min m;,r$ 


TO 


ITS heyday Garrard Engin- 
‘ goring employed over 4,000 
■tiio ieo ^ e - made 2m record player 
j .‘Units in a year and made 
’ - l i-.: ,J10l, ey. By the beginning of 

■ year its production mil he 
,,'lown to 20,000 units 3 month, 

mly 12 per cent nr its peak, and 
"•-■ t "Hi employ less than 600 

■ around 15 per ecu? of Us 
-. - , lay roll only sis years ago. And 

.. -ast year it Inst JEo.lm. 

What went wrong? It W3 r 
‘t'.he Japanese, answers Garrard, 
i/hcy have not put their prices 
y. ip and are “literally buying “ 
. heir markets in the C.S., says 
-*■;• . »ill Dalziel. who is both Gar- 

• arri’s chairman and a main 
;• . ; 'oard member o£ Plessey, the 

larent company. The other 
. ,la >n mason Garrard gives is a 

• 'V h'mp in the consumer audio 

lectromc markets. 

Vet in the very areas of 
■ — ^roducUnn from which the com- 
^ i<; vkTthdrav/in? — tire lower 

^%aiid of its range — Ihcrc is mi 
j|5]H ir ect competition from *Jic 
-j^jj lapanese autn-changers. More- 
Nver. Garth Wooldridge, deputy 
--^lanamng director of BSR. the 
*rili.;h company which com- 
% a! w n ds 75 per mil uf the world 
market in record changers, says 
, : -..here has been no redaction m 
:v :r he audio market. The U.S. mar- 
: is strong and he is expecting 

^ revival in the previously weak 
- ..^i.’irkers in the U.K.. Europe and 
-ou Hi Africa. BSR is currently 


After Wednesday’s article on Plessey's general 
problems, Jason Crisp examines what went 
wrong at its subsidiary Garrard, the famous 
maker of record changers and turntables. 


working dal nut to meet .the 
peak demand of the pre-Christ- 
mas buying season.' 


Since 1974 the company has 
recorded los^e-. nf nearly £10m. 
and last year it lost £5.Im on a 
turnover or £21. 4m- On a 
monthly production of around 
100,000 units last year, that 
means Garrard was losing an 
average of £5 a unit ~ and at 
the very bottom end of its range 
unit selling prices were only £8. 


Last month the ailing com- 
pany announced a 90-day enn- 
.sultaimn period under .the; Em- 
ployment Protection Act to 
make redundant 1J250 -of the 
remaining 1 .830 employees. This 
represented a last-ditch attempt 
to staunch the losses which "were 
continuing apace: £lm in the 
first quarter, says Garrard. It 
means the dosing nf its Bluns- 
don factory in Swindon, leaving 
just 5S0 workers at its New- 
castle Street factory to keep the 
prestigious Garrard name in 
production. 

As from the New Year, 


Garrard will only produce at the 
top end of the turntable market 
— where there is direct Japanese 
competition— and will abandon 
Mich other enterprises as music 
cent res. 

City reaction to the announce- 
ment of i he major cutbacks at 
Garrard was. in Lhc short term 
at least, fairly favourable, 
because it foretold the reduc- 
tion — if nor the end — of the 
massive dram on Plessey's 
profits. 

The audio market is 
ferociously competitive, and the 
Japanese have thrown them- 
selves into it with their custo- 
niarv determination. The market 
is* particularly hard fought in 
America, where 5tt per rent of 
Garrard products are sold. 

But Garrard’s failure is all 
the more striking in contrast 
to the success of the British 
owned BSR which has grown to 
duminatc the world markets. 
It now has a weekly production 
of 24n,fi00 record changers ac- 
counting for about 75 per cent of 
world production. Indeed, it is 


famed for the number it exports 
to Japan itself. 

Plessey bought Garrard 
Engineering from Garrard, the 
Crown Jewellers, tn 1960. 
According to several observers 
of the company, the early signs 
uf problems can be traced back 
as far as the mid-1960s: about 
lhc same time ns BSR really 
began to Take off. 

Fur instance Derek Smith, 
managing director of Lasky*s, 
the hi-fi retail outlet, considers 
that, even then. Garrard's 
marketing performance com- 
pared poorly with that of BSR, 
which was known for its aggres- 
sive soiling. 

BSR's base has been its Ford 
Popular-typo record changers, 
which It sells to original equip- 
ment manufacturers, OEMs, and 
one nf its strengths has been 
its efficiency in production. For 
instance the company now 
makes most of its own com- 
ponents, which is economic 
because or the massive volume 
it requires. 

In contrast Garrard's main 


strength has been its reputation 
at the top— Rolls - Royce end 
—producing hi-fi turntables; its 
reputation enabled it to sell the 
middle range record changers 
also to the OEMs and at a pre- 
mium to BSR. Whereas BSR 
has moved up-market, always 
building on its very strong mass 
market base. Garrard’s own 
strategic direction seems to 
have been less well defined. 

This apparent uncertainly 
must have contributed to a 
number of wrong decisions 
(discussed below) on .specific 
products and on marketing, 
some of which Garrard's present 
management readily admit. 

The . essential difference 
between the two companies may 
lie in management style. BSR 
is run by a tightly knit group 
of executives who are in very 
close touch with lhc market — 
the chairman and deputy man- 
aging director read every telex 
coming. into the company — and 
they arc not subject to head 
office supervision: die market- 
ing function is very much t>eir 
responsibility, although BSR has 
a youthful and energetic sales 
director in Roger Allen (32). 
who sports an MBE for 
exporting. 

A third point, often com- 
mented on by outsiders, is the 
dose co-operation between BSR 
and its customers, the original 
equipment manufacturers. As 
one observer remarked: “They 
produce wbat the OEMs want. 






Garrard's Blunsdon factory, due to dose 


Freddie ManstieUl 


in the quantity they want, at a 
very competitive price, and 
usually on time. Garrard has 
Tailed to keep close enough to 
the consumer." 

After the latest rationalisa- 
tion Garrard plans to produce 
only at the tap end of its range 
and with a greatly reduced out- 
put of around 20.000 units a 
month compared with S0.U00 to 
100,000 juM before the rundown 
announcement in September. 

One mystery which has 
puzzled some observers is why 
Plessey has never sold Garrard. 
Twice in 1970 there were mer- 
ger talks between Plessey and 
the renowned Dr. Daniel 
McDonald — BSR's .founder and 
at that stage its major share- 
holder — but each time no agree- 
ment could be reached. 

The other known bid for 
Garrard was in 1973. by the U.S. 
quoted company Avnet. parent 
of Garrard's old North American 
distributors. According to 
Geoffrey Bowden, the then gen- 
eral manager, there was con- 
siderable support among the 
Garrard management for the 
ll.S. takeover, and he believed 


that the two companies were 
“playing in the same ballpark” 
as far as figures were con- 
cerned. Bowden reports that the 
Garrard management ream was 
disappointed when the deal in- 
explicably fell through. 

Bowden also makes the point 
that Garrard was very much the 
odd man out in Plessey. being 
its only producer or consumer 
products. This is true in mar- 
keting terms, but in the 1960s 
Garrard had slotted well into 
Plessey's range of electro- 
mechanical assemblies. 

The dropping of the bottom 
end uf Garrard's production 
line will inevitably give a boost 
to BSR. but Garth Wooldridge 
puts it into perspective. “ What 
they make in a year is not much 
more than a week’s production 
for us." 

The question remains as to 
Garrard's future. There is con- 
siderable speculation that 
Plessey will sell the company 
once the rationalisation has 
gone through, although this is a 
subject that Plessey. under- 
standably. will not discuss. 

In the meantime, one of the 


brighter spots for the company 
itself is ils latest development, 
according to its general 
manager, Mike Parson. Garrard 
hopes that by August next year 
it will have its own direct-drive 
motor in manufacture — it 
currently imports from Japan— 
which he says contains an inno- 
vative breakthrough. Produc- 
tion is to start in April and 
Garrard is aiming for 50,000 a 
year. 


By IPSO Garrard reckons 40 
per cent of record changers will 
be direct drive — in 1976 it was 
only 5 per cent. 


Although Dalziel and Parson 
are at the receiving end of the 
multitude of brickbats being 
hurled at Garrard, the crisis is 
clearly not of their doing. 
Dalziel. reckoned by some as 
Plessey's best company doctor 
and a survivor from the days 
of Plessey’s founder. Sir Allen 
Clark, only took on Ihe 
problems at the end of last 
year. But by that time the com- 
petitive battle was all but lost 
and, as the Plessey management 
saw it. there was no alternative 
to retrenchment. 


:iNE OF the errors, albeit seen 
— 'ith the benefit of hindsight, 
'hich chart Garrard's decline 
‘ as made in 1974, when it 
r ended m drop its U.S. dis- 
tributorship uf over 20 years' 
Standing, and to take it on itself. 

,:il! Dalziel, chairman of Gar- 
rard — hut not at that time — 
•reFends the decision. He says 
was made hecause Plessey 
-aw the profits being made by 
.. s distributors, BIG. and 
-anted them for itself. And he 
: : -jys the company could not 
• ; ave foreseen the subsequent 
_illapsc of the audio market at 
• te end uf 1974 and through 

?i 5. 

v But Geoffrey Bowden, who 
- ntii 1974 was Garrard's 
?neral manager, is convinced 
was a fundamental mistake. 


The U.S. market is very 
important to all manufacturers 
of audio equipment— currently 
it takes 50 per cent of Garrard’s 
production and 70 per cent of 
BSRs. 

One of Garrard's great selling 
advantages in the middle and 
lower end of its products was 
always its high-quality name, 
gained from the top. of the. line,, 
enabling it to sell at a premium 
to BSR throughout its range. 
When Garrard cancelled the dis- 
tributorship. BIC dumped, its 
considerable stocks on to- the 
American • market. leaving 
Garrard in the unenviable posi- 
tion of starring a new distribu- 
torship in a country already 
sated with its own products. - L 

BIC also bought a factor^ 


A tragedy of errors 


from Magnavox and retaliated 
against Garrard with its own 
belt-driven changer. Then, in 
1975, the market collapsed, hit- 
ting all manufacturers hard. 
According to Garrard's figures, 
total UK exports of record 
changers fell from 8.7m units 
worth £45.7m in 1974, to 6.2m 
units worth £3fl.6m, the follow- 
ing year. 

Plessey's share of the much 
reduced UK export cake fell 
from 26 per cent to 17 per cent 
in value terras. This fall was 
even shaiper in terms of the 
number .of units Garrard ex- 


ported — its share halved from 
16 per cent to 8 per cent. 

With exports accounting for 
the lion's share or UK record 
changer production, the effect 
on Garrard's results was drama- 
tic: its £l.Gm profit to Lhc year 
ending June 30. 1974, turned 
into a £1.7m loss in the nine 
months to March 1975. A year 
later it recorded losses of 
£1 .2 m. It is a measure of BSR’s 
efficiency that it just remained 
in profit over the same period, 
although it had to introduce lay 
offs and short time working. 
BSR's pretax profits for the 


first half of 1975 were £1.3m 
compared with £8.7m in the 
same period the previous year. 

In 1976 and 1977 Garrard 
faced further problems intro- 
ducing new models in time to 
catch the vital peak selling 
“season" for audio equipment 
which starts around September 
and runs through to Christmas. 
Two new models which were 
introduced in 1976 at the top 
end of the range, the direct 
drive DD75 and the GT55, were 
both two to three months late 
because of engineering difficul- 
ties. 


GT stood for a brand new 
Garrard mechanism which was 
to be introduced across the 
range of products the following 
year. Mike Parson who joined 
Garrard from Rank ' Radio in 
September 1976. as general 
manager and director says that 
one of the problems with the 
introduction of the GT mecha- 
nism was the considerable time 
pressures put on production 
engineering. 

The interval between concept 
and production start up is 
normally two years, but the GT 
range was needed for introduc- 
tion in 16 months and it missed 
part of the valuable "season." 
A further problem was that the 
product needed a major facelift 


to produce a design with the 
sleek “Japanese look." which 
Garrard says the market wanted. 

While the new mechanism 
was financially viable at the top 
end- of the Garrard range, at 
the bottom end the cost of pro- 
duction was greater than its 
selling price. As Bill Dalziel 
puts it. "it was a bit over- 
designed.” 

But perhaps one of the most 
damaging decisions in the OEM 
market was Garrard’s attempt to 
put record changers on a new 
type of base plate called a 
kidney plate. It was a totally 
new concept Although it had 
consulted the manufacturers, 
who had expressed a liking for 


the idea, orders turned out to 
be conspicuous by their absence 
when it was produced. Garrard 
is frank about this mistake : 
“it was a cock-up . . . there was 
no way you could sell it in the 
U.S.". says Mike Parson. 

Other individual decisions 
which proved unsuccessful in- 
clude attempts to broaden the 
product base by moving into 
cassette and eight-track car- 
tridge mechanisms as well as 
music centres. All were highly 
competitive markets and proved 
to be disappointing for Garrard. 
And as one critic pointed out, 
selling music centres may well 
have alienated some of Gar- 
rard's own OEM customers who 
were making a similar product. 


• V "HE PROFESSIONAL mining 
. lan could be compared with a 
_iplomat, in that he often moves 
.... rom country to country. But 
--s it is one of the facts of life 
.hat mineral deposits are not 
‘ enerally found in capital cities, 
•■/c has to be ready for a life 
-wealing in jungle or desen or 
hivering in the cold nf the 
/undra. 

Metals mining is, as the re- 
ruiting booklets have it, a 
...-eject profession. Indeed the 
lembcrship of the professional 
ody. the Institution of Mining 
nd Metallurgy, is only about 
-ne-twelfth of that nf the ln.sti- 
ution of Civil Engineering. 

But there is a danger that the 
Profession may be becoming a- 
'. rile too select. A boom in rain- 
, . rals demand during the 1980s 
ould find professional man- 
/ . ower stretched, with not 
nough graduates emerging 
- rom the nine UK establish- 
icnts which offer courses in 
. ne or both of mining engineer- 
ig and mineral processing. 

Mr. Geoffrey Cox, director of 
' ne Mineral Industry Manpower 
■nd Careers Unit in London, ex- 
' ,'lains that the supply of miri- 
ng engineers and the avail- 
biJ-ity of first jobs for them is 
.ist about in balance. But when 

comes to mineral processing 


The pitfalls of manpower 


planning underground 


engineers, there are two or 
three jobs available for every 
graduate, reflecting the fact that 
there are only three well-estab- 
lished university courses in 
mineral processing and they 
have' developed only in the last 
ten years. 

The; number of mining engin- 
eers from the UK institutions 
looking for jobs is between 150 
and 200 a year. But the number 
of mineral processing engineers 
is under 100. About half will 
go overseas, often taking their 
first job in South Africa or 
Zambia, where they glean 
experience before branching 
out into the U.S., Canada or 
Australia. 

For geologists, the position is 
quite different. Geology is a 
schnol subject — mining engin- 
eering and mineral processing 
do not appear in the GCE 
curricula — and with up to 700 
geology graduates coming 
through the universities every 
year, there is not enough room 


GRADUATE COURSES 


Camborne School of Mines 
North Staffordshire Polytechnic 
University of Birmingham 
University of Leeds 
University of London 
(Imperial College) 

University of Newcastle 
University of Nottingham 
University of Strathclyde 
University of Wales (Cardiff) 

.* In mining engineering and/or 
mineral processing. 


’CAN YOU AFFORD 

TO WAIT? 


□ 



for them in the minerals indus- 
try. About half become 
teachers. 

To some extent this embar- 
rassment of riches in one 
discipline and shortage in 
another reflects the difficulty of 
manpower forecasting in the 
mineral industry. . It is difficult 
to build up a base of data which 
clan be run through computers 
with the aim of predicting man- 
power needs, since many of the 
professionals work in a contract 
environment, taking jobs for 
three years or less. Many pro- 
fessional mining men change 
their jobs three times in tbe 
first ten years of their careers. 

At the same time, the 
industry itself is abnormally 
cycIicaL There are few metal 
mining groups who would want, 
or indeed would be able to 
predict, the precise tonnages 
they will be producing in ten 
years’ time. 

But this is not to say that 
the industry is not concerned 
about what goes on in the 


universities and mining schnols. 
The Mineral Industry Man- 
power and Careers Unit was 
born from concern in the boom 
years of 1969-70 that there 
would be a shortage of pro- 
fessional personnel. It is 
funded in the main by the UK 
mining finance houses. 

In the early 1970s, the Unit 
went through a number of man- 
power forecasting exercises. 
The conclusions it published zn 
1975, based on data collected 
up in 1973. have proved 
accurate to the extent that they 
predicted the good match 
between jobs and opportunities 
for mining engineers and The 
developing shortage of mineral 
processing engineers. 

But the uncertainties of 
future development in the 
industry made it impossible to 
work out a computer model 
which could be used on a con- 
tinual basis. 

Thus, as far as the Unit’s 
careers policy is concerned — it 
is not a recruiting agency— it 
has to work by a rough rule of 
thumb, based on a general 
economic analysis of wbat the 
industry is likely to need. At 
present the preoccupation is 
with the 1980s, as policy 
decisions made now will take 
up to five years to bear any 
fruit 

That five years span the 
students' last years of secondary 
education, when the decisions 
are taken about courses and 
applications to tertiary estab- 
lishments, and tbe three or 


four years of the graduate 
course. The Unit is now 
actively ' encouraging more 
students to study for rainin; 
degrees. 

It is doing this through a net- 
work of links built up with 
some 300 schools and what it 
calls the Phoenix Programme. 
Regular contacts between the 
Unit and the schools enables an 
interchange of infnrmation 
about availability of students 
and what might be in store for 
them when they graduate. 

Phoenix is essential ly aimed 
at providing information for 
the schools about the arts and 
science of minerals and the 
nature of the decision-making 
which fares a mining group 
when it looks at a deposit and 
considers exploitation. It works 
in three phases. 

First there .is^a week-long 
induction course 'for teachers 
only. They go to e local orebody 
and do a feasibility study, try- 
ing to decide whether money 
ought to be spent on develop- 
ment. This is followed up with 
special courses for teachers, 
generally lasting four or five 
days, when they consider the 
application of mathematics, 
physics and chemistry to 
minerals. 

The third phase brings in the 
students, who come with 
teachers to do field work on 
minerals: followed by labora- 
tory work in the school and 
simulated decision-making. 

Phoenix has worked well 
enough for similar programmes 
to have been set up in South 
Africa, but with only a limited 
number of UK institutions 
offering courses in the disci- 
plines the mining industry 
needs, the flow of students to 
the mining profession must 
inevitably be restricted. 


rJIs 


Some hotels boast of i / 
their superb, old fashioned 
service. Some offer you every 
modem comfort The Selfridge f 

Hotel promises you both. f 

Our service isn’t merely / 

good, it’s an art form. From the *■ ] 

moment you step inside our impressive > 
reception, you’re treated as the most ^ 
important person in our lives, 
whether you re in London on 
business or for pleasure. 

Wre in the very heart 
of London, within walking 
distance of all the places you 1 

want to visit andnexldoorto 8 



Oxford Street itself. 

Yet yom air-conditioned 
room is as quiet and peaceful as 
can. be (triple glaring takes care 
of that!. 

Enjoy a gourmet meal 
in Fletcher’s Restaurant; one of 
the finest in London. Or a more 
informal meal in our pretty Picnic 
Basket restaurant There’s 24-hour- 
room service. Marvellous comfort 
Friendly, welcoming staff whose 
business is to make sure every- 
thing goes your way. 

So thatyoull come back 
our way, again and again. 


Paul Cheeseright 


^The Self ridge Hotel 

Oiduid Sired .Lon Joe WL let 0MCS20S0. Teles 223dl 

C1”T roinri -A ® , * UT k' If fc ' n 'b-’ L^'l jn-TIif Toi-w Kwd 

5LLI 1 K 1 Uvjrt. J ITw K,n,l VVf iminvti llnfcLTli? Kt-vjl 

■w HOTEL -r'. Ht>i,i-£u.nJ 3 . Ufflcl Hie K-v .1 

Sfli. Huiri anJ ITie Piival-Viguji h,--’ l it 

WTlicRuialADrtuaMoirfinBuminv^jni. I— 

Central Reservations Office, i 70 Toticnhjni Conn Rtud. HOTELS 

London WLTel: 01-3SS 5Q55.Te]«c 24616. WejXft yOUftTSL 


I thought 

metrication was 



19 Km i 
45 Km j 

am 77 Km) 
101 Km ! 


Give the Eurocrats 254 cm and they’ll take 
1 .609 km. Then, before you know it, the total metri- 
cation of British industry will be upon us. 

Not an at onceof course. Centimetres are already 
inching their way in. Then we'll drop pounds before 
the lengthy process ends with tonnes replacing tons. 
Thaill make specifying by phone tricky. 

Specifying by computer Lhough will be as simple 
as even Sperry Uni vac computers and programmes 
make short work of the biggest problem. 

like the famous 90 and 1 100 series. The mam- 
frames around which we design our unique and 
sophisticated systems. 


the answer you’re looking for. 

And the V77 minis keep everyone informed of 
the latest changes. Their flexible communications 
facility allows literally hundreds of separate terminals. 

So, now you know metrication is just around 
the comer talk to Sperry Univac. With our compre- 
hensive ran§e of computers and distributive systems, 
no problem is immeasurable. 


Telephone; 01-961 2110. 



222^313:. / .£<$• ■ I HL I ff| III 

UNIVAC 

& COMPUTER SYSTEMS 

SPERRY UNIVAC IS A DIVISION OF SPERRY RAND LIMITED 


in 


.-i * 


> 







' smmr,- - - r ■ Tw v*« 

• fc ' 


r 






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rp 










S&?- «s 


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e®v;-i 




sill mw^yy'^ 


**•••* ..• •-•- r — 1 > ■-■ • •- 


«5&r?ji 


$ B 


SrV <«? 


• 1 ■ * - . . m f'£s r r : • :•«••_• \ ^v^p-v ^ £ 



If it% impossible, 
get Bovis to build it 


Bovis Construction Limited, 9 

Bovis House, NorthoU Road. Harrow, Middx, HA2 OHE. I 


Tel: 01-422 3488 Telex: 422810 
Please send me details of your services 


Company 


Address 


Bovis 


Fifty year* qf 
professional building: 

19 * 8-1978 


To meet an ‘impossible 1 programme on one of our 
contracts we built floors upwards and basements 
downwards ar the same time. 

For a new department store we used a few large piles in 
the foundations instead of several dozen small ones and 
opened it in time for Christmas instead of die following 
February. • 

We are doing this son of thing all die time. It’s partly 
technical ability; but mainly it comes down to being 
professional. We are not easily taken by surprise, and nor do 
we allow our clients to be: with us you will always know 
where you stand on costs, completion date and quality. 

To prove it, we have an impressive array of awards, and 
the fact that 75% of our business comes from people we’ve 
worked for over and over again. 

If you would like to take us up on any of this, ring 
Harvey Davis on 01 -422 3488; he’ll be glad to go into 
details. Or send the coupon. 



A word with the key Swiss bank 
could open the way for you. 



* •• " * <- 5 £§il8Si 




Foreign 
exchange. 

^ Say the word 
texthe Swiss Bank 
Corporation. 

You could find that the subject acquires 
a new value. 

Because the Swiss Bank Corporation is 
the key name in Swiss banking. 

- Our expertise in foreign exchange 
transactions results from our operations in 
the most important currency markets 
in the world. 

Our banking experience stretches as far 
bafckas!S72. 


im 




You’ll see 
why the Swiss 
Bank Corporation 
is a name to be 
reckoned with. 

A name that could open the way for *1 

you... . 


‘a * » \7 


Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


Talk to us about foreign exchange. 

Or about financing , underwriting, or transfers. 


Total assets fend 19771: S tr. 55.710 million. Customers’ deposits: 

5fr. 30.371 million. Capital and moe'ves; Sfr. 3,335 m-Mton. Advances 
1o customers: Sfr. 20.i35 million. Net protiU Sir. 237 million. Number 
cf s:aff: 1I.EOO. General Managemeni In CH40G2Easle. Aescher.vorsladil, 
and m CH-5022 Zurich. Rarad&pla&S. Oier 170 oftics-, Ihrcmghoul 
Switzerland. Branches in Atia-tta, Bahrain, Chicago, London. New Ybrk, 
& n Fmcscc, anosoors and ToV-yo. Subsidiaries, afrhaied comDaniea 
and represent, e 5 in o.erZO other eounlnos throughout ths v.ortd. 


financial Times Fmajyv 





EDITH) BY ARTHUR BENNETT AND TED SCH0ETERS 



»Ji 




MATERIALS 


Lubricant coat sticks tight 




ON TEST in a North Sea 
installation is a series of closures 
which rely on a development by 
a UK engineer relating to 
methods of linking Jow-friction 
coatings to standard production 
nuts and bolts, etc. 

Brief refection will show how 
important this development could 
be in the highly corrosive 
marine/oil exploitation environ- 
ment particularly if the coatings 
will — as expected — keep nuts 
and bolts from seizing up through 
corrosion From salt spray and 
chemical attack. 

Specifically, the development 
would allow coatings to be 
applied which will withstand 
constant exposure to temper- 
atures running up to 400 deg. F. 

Coatings can 3 iso be provided 
which have low friction effects 
coupled with good anti-corrosive 
properties, preferred subjects 
being the stud bolt sets which 
join pipe flanges to valve flanges. 

This is very important in that 
it should give a significant im- 
provement in working conditions 
for divers who need to carry ont 
replacement work or effect new 
connections, working against the 
clock. 

Coatings of this type have been 
available for some time, but the 
developer claims, they have 
tended to break down and leave 
operators with the. same prob- 
lem as before. 

The secret according tn Mr. 
Alex English, is the pre- 
treatment method which achieves 
a finish on the components to 
one-tenth of 3 thou and ensures 
an excellent key between the sur- 
face and its thin fluorocarbon 
coating. 

Another development is a 
method of cold-galvanisms which 


eliminates the threat of distor- 
tion inherent in hot-dip. methods: 

Further details of the treat- 
ments from Mr. English at 28. 
Inveresk Place. . Coatbridge, 
Lanarkshire MLS 2D A. coat-, 
bridge 244S1. 


Keeping the 
timber 


healthy 


A NEW BSI , code of ' practice, 
BS 55S9 Preservation of timber, 
will contribute towards the con- 
servation of timber. The dura- 
bility of timber (and derivatives 
such as plywood, chipboard and 
fibre boards! depends largely -on 
correct specification and - sound 
design, particularly for timber 
used in buildings. Nevertheless, 
for optimum performance. It is 
often necessary to - .increase 
natural resistance to decay and 
insect damage by treatment with 
wood preservative. 

The question of how and when 
to specify such treatment calls 
for professional consideration of 
several important factors, particu- 
larly the design and expected 
life of the component and the 
economics of treatment BS 
55S9 givps general guidance on 
these and other aspects and -com- 
plements an existing, .standard 
(BS 5268. Part 5) which deals 
with the treatment of construc- 
tional timber, mainly for use in 
buildings. , 

The new code has ' . been 
expanded to cover external wood- 
work in buildings and out of 
contact with the ground: agricul- 


tural and horticultural .timbers; 

SSSer in ” {S 

-tent contact with sea or tresn 
water timber for use as packing 
Tn cooing towers; and fencing 

' ^"’code makes recommenda- 
tions for a range of promises 
and treatment levels according 
lo the severity of the environ- 
ment^ concerned and the natural 

SSbStt Vii smirtuity Of [he 

timber selected. , . 

A significant innovation Is the 
inclusion of performance tables 
which quote suggested treatments 
to protect different species of 
timber throughout desired 
periods of. service. In addition, 
’rcfcroocc is rnadP to 3 series of 
specifications published by . the 
British Wood Preserving Associa- 
tion. which also produced the 
original drafts on which the new 
code is based. 

BS 55S9 from BSI Sales Depart- 
ment 1M Pentonville Road, 
London N1 9ND. Price £5-60. 
Telephone 01-629 8000. .. 


TELEX : KGE£lftnTH)'; f 

CHAM CON/ LONDON SflWflj 


since -people. are spending na»- 
than ever before dq funfitnit 
carpets and fittings, they hail- 
started to look for. more opiiiertt- 
and lasting decor. 


A good life 
look for 


less cost 


TOR SOME years, wallpaper 
appears to have been regarded 
as a cheap and cheerful product 
Whether applied by home 
decorators or professionals, it 
rang instant changes in .the 
home, hotel or restaurant and 
was often replaced within a few 
years hy different or more 
contemporary designs. However, 


Although foil wallcovering 
and flock-finished- papers with* 
3D effect have become Vert- 
populaf.Vthey are constantly 
rising in -price. Acrylic fabri«. 
range from about £12 to ESti 
piece and sued&effect finises 
can cost iip to ’£50 a roil 
A number, of D.I.Y. decorate**! 
will, save on labour costs . bt 
applying better wallcoverings hfr. 
have often been frustrated few 
the . time-taking and often dies# 
problem - of coping wiih '^t 
chronic edge cur] on foiL wslf 
coverings, a task ably dealt with- 
by experts • •; 

A manufacturer claims to hav*. 
overcome the. latter problenrrufr' 
tbe Production of a .foil 
wbosd v backing- ■' paper ts 
tneable to water, thus bbvfet& v 
the curiing edge disadvantaj-trr. ‘ 
Also developed is^ -a imx^- 
using the flocking' technique 
produce effective toil 'WaHcpmjft 
ings at. abouti half -the' 
.wallcoverings using . the 
tionah method. . C’ 

Now. -says Mayf a rr AVaE 
nigs, it is -possihle' for da 
invest ht a high aeslhetfcit^; ■' 
dard of decor with a mifiSaif 
budqet. %: . ' • ' ; «£;- 

Its new 1 techniques .- wdif "l^ 

included in the company's bt^. ' 


range which;.» to. be-laQittiiifi 
on January i next year. . 


Meanwhile, mort-fropri'^Be' 
ma^er. Commercial PI fetiDr y/t 
Gram ling ton New Towp: Sfe 
thumberland f067 071 i 




• PERIPHERALS • MACHINE TOOLS 


ELECTRONICS 


Mini range 
extended 


Where precision pays 


Modem frpM 


WITH THE announcement 
yesterday of an important exten- 
sion to its 1500 Series mini- 
computers, ICL is apparently pro- 
posing to use this range, 
inherited from Singer, as the 
basis for much of its distributed 
processing work. 

The new 1505 has been 
designed so as to suit the 
! demands of many users for a 
| machine which simplifies com- 
munications between offices. At 
the same time the floppy disc 
available with the unit will make 
it easy to send out information 
which caD be understood both by 
ICL and by other manufacturers* 
computers. 

The ICL 1500 b3s been installed 
in various versions all over the 
world, the latest count taking the 
total to 10.000. 

Prices now run from a little 
over £3.000 to just under £10.000 
for a typical layout of the new 
1505. 


BECAUSE NO less than 90 per of 95 per cent, the percentage of T TX^ - Tyi lir p 1* 
cent of a company's production production time lost through L/ lllAuCL'. 7*' 


0f shortage of tools, jigs and blue A BRITISH manufactured'dik 

is destined for export markets, pnnl£ has averaged out at only transmission • modem operttifig 
and particularly developing per cent. say s the company. _ t 4000 bits/sec i S now iir fafe 

nations where skilled labour is at One facility which aids perfor- ... . p . ' 

a premium, accuracy of com- mance is the use of Mituni pro- Production at Borer Electmjd, 
ponents is vital if the machines graining on a computer installed Wokingham, and . since 
are to continue in fault-free in the U.S. via a communication already gaining market acce^- 
op f.r?^ on -. 2 satellite. lance should allow 

With this in mind, the manu- Within one hour of transmit- 
facturer of the machinery, ting data. Molins receives apart 511 su ' ul on - - • ?■: 

Motins, chose six Warner and programme which includes selec- The company., whtch U .iiOk 
Swasey 1-SC numerically con- tion feeds and speeds and a selec- part of tbe Swiss owqed-rlnwr 
trolled lathes \rtiich are the lion of tools based on its gronp, has doubled i^hrad; 
nucleus of the former company’s standard tooling package. count m the last twelve lmwlfiS- 

turning centre at its High Further from Warner and and now has new' jwreBtss 
Wycombe factory. \ Swasey. x Bristol Street House. 156- under consideration. -V -";•*> ;.: : 

Since liic utilisation rates of JS2, Bristol Street. Binning bam, irv, e unit, called 48ESL is 
the six lathes are all in excess B5 7AZ (021-622 1581). designed for operatiOnS*^ 


machine breakdown and the 


the six lathes are all in excess B5 7AZ (021-622 1581). 

. - • /? • . • 


to-pomt four or two wttttfmwK 


O RESEARCH 


Financial 


support 


THE NORTH West Region 
Marine Tecbnologj - Consortium 
has been awarded a Science 
Research Council grant of 
£S28.000 for a three-year pro- 
gramme of marine technology 
problems. 

The programme consists of 20 
projects in the areas of environ- 
mental forces, fluid mechanics, 
structures and - materials, 
economics and life sciences. 

★ ■ * ★ 

THE Department of industry's 
Engineering Materials Require- 
ments Board (EMRB) is to con- 
tribute £580.000 towards a three- 
year programme costing £1.2ra 
at the British Glass Industry 
Research Association. and 
£163.000 (50 per cent of the cosi» 
towards a three year project to 
develop an Improved strand 
annealing furnace at the BNF 
Metals Technology Centre. 


• DATA PROCESSING . leased t<y public switcR^v^t: 

__ - is by depression of dnvf&Y 

Population and housing 

/ 0 integrated MOS chips and siaat 

AX INSTANT area analysis All a user has to do is to give processing is digitallbrousfg^ 
system which can provide users the 'location and shape of the The . demodulator is actuau^t 
with alf the pop'ulation and area for which information and special purpose computer wffa 
bousing information for any area analysis is required. This can storagc. _ data hus and ati atra' 
of Britain is available from be described geometrically or metic logic unit. 

Corashare Limited. - using a building block approach Error rates are’ in the 

Called “Site” it has a range of with predetermined areas (for of one in a million, achieved^ 
general commercial and govern- exanrp*^' Enumeration Districts, a combination 1 of phase arut 
meot applications using data ); a^ds .• L bcal Authorities or amplitude modulation,wlth m ^q 
from the 1971 Census of Housing Gounties). . Sitering, use of a “majaniMi 

and Population. The form in The program then goes directly likelihood ” detector ad® ..§?.? 
which this data has been 10 itR database and accumulates adaptive equalisation - , ;>> 

released by the Office of Popula- informalioo for the specified The unit includes selLtest aCj 

tion Censuses and Surveys en‘. areas. It prints this’ accumulated system test facilities for 
sures that it is impossible to information in clear, concise and loop-back resting and fault isdfc- 
identify individuals. easy to understand report form. y 0Ili An internal pattern gew* 

For example. Site can help infnrmafinr. S , M !! ID ? are are3 ^ Provides signals for audio 
evaluate alternative locations, w ' ^t a S ,?ar^ a .Th S ',^ r and di ? ital tests. -a front pawri 

estimate sales potential, identify ' , fi rt tr*r * ^ lth thc showing errors. Looprhw^ 

faciors contributing to success- compare testing ran _ be rootroUS 

ful operations or branch outiets. statistics fnr 1 sta^iSrH rf nge remot ^ I 5’ if necessary.' • 

s sras a L r S th. .carr m 

estimate .S ST" «"*£* ^ SSITJT i,"? 

In the government sector. Site hospital regions., as well as w *uph.s 20 !b. Two can .theref^ 


is especially useful for helping Parliamentary const ituenrios. re- be 'mounted 'side hy side h*.'-;S 
agencie* position social service organised Counties. Scottish inrb ra eking. 3; 


agenrie^ position social service organised Counties. Scottish inrb racking. 3; 

facilities and estimate demand Regions and District. Borer is at Fishonnds Clow 

for services such as transport, Comshare. 32. Great Pet er si„ Wokingham Berkshire RG« 
education and health facilities. London. BWIP 2 DB. '01-222 5665. 2QL (0734 7S3372) . V 


• TRANSPORT 


Simple idea could 
save lives 


Commercial vehicles 


SIGNIFICANT ADVANCES in 
car tyre and wheel safety are 
claimed by Dunlop with tbe 
announcement today of the 
Denloc concept which ensures 
that a tyre remains locked to 
the wheel following a blowout 
or puncture. This development 
has the added advantage of a 
limited run-flat capability. 

Essential point of Denloc is 
the provision of a small groove 
in the wtaeel riih into which an 
enlarged toe on the tyre bead 
fits snugly whed the tyre is 
placed on the rim. Tbe sim- 
plicity of this concept is such 
that it can be applied to car tyres 
of any type or construction. 

Denloc will eliminate the 
potentially dangerous situation 
which can arise when a puncture 
or blowout causes n standard 
fyre to deflate. If a driver steers 
or brakes sharply following a 
blow-out on standard tyres, it 
could well he that the tyre heads 
will he dislodged from thc rim 
and the car might overturn if 
the riut dug into the road sur- 
face. 

On Denloc tyres and wheels, 
the tyre heads will stay locked in 
place even if the driver is 
Forced to swerve or brake. The 
tyre remains in position,- albeit 
rlrlLiiPri, and far herter control 
uf 1 hr vehicle is preserved. 

Locking the tyre heads means- 
tbai a vehicle i s still ahlr ( n 
inrup away from what might he 
a hazardous position in heavy 
traffir— on a miindahnui. flyover 
or whatever'— to a place where. 


repair work does not spell 
danger to ihe driver. 

Energetic attempts to dislodge 
the Denloc beads from the wheel 
rim, even with no pressure in 
the tyre, have failed. The tesis 
were carried oui both on fleet 
vehicles and on high speed force 
cornering machines. But servic- 
ing and replacement can be car- 
ried out using standard equip- 
ment and procedures. 

Tbe company is discussing 
marketing and licensing impli- 
cations of the Denloc idea with 
vehicle makers and government 
organisations. 

It has been presented to the 
National Highway Traffic Safety 
Committee in Washington 
recently with considerable 
success. 

The wheel lo take the linped 
lyre is a slightly more compli- 
cated pressing than standard 
wheels and the two types of tyre 
are pot interchangeable. But it 
would, presumably, be fitted as 
standard equipment on vehicles 
during the next production year, 
would be produced in series and 
thus should cost very little more 
than - the design it is, displacing. 

One salient feature or thc 
Denloc dcvelepmenr is its sim- 
plicity to nhiain a major effect, 
generally the hallmark of a good 
idea. Jr cnuld do fnr Dunlop 
what Ihe Denovo ' development 
should have done hm didn't.. 

Further details nf the deve- 
lopment from Dunlop at 10-12 
King Street. London SW1Y. 6RA- 
01 830 8700, ‘ .-. :: 


AMONG EXHIBITS to be seen 
at the 'Motor Show at the NEC, 
Binning] vani (October 20-29 >• will 
be a range of tail-lifts with push- 
button control and slam lock 
closure of the folding plat Form, 
from Ratcliff Tail Lifts Welwyn 
Garden City. Herts. 


The redesigned (and altogether 
more refined) lift is of the com- 
pany's established column-ei llier- 
slde configuration. There are no 
sknted-peg fasteners and no 
manually controlled stop valve 
in-.-l -the - hydraulic circuit 
(originally there to prevent 
creep-down of the lift). The need 
for such items, say the com- 
pany, is eliminated by the slam- 
lock closure, by which the folded 
platform is held positively while 
travelling. 

There is no bouncing or cables 
— and that relieves the cables of 
load except when the^aii-Lift is- 
being used. 

The Siam locks (one on each 
side" of the platform) are 
released by a single handle 
recessed beneath tire platform. 
The handle can be reached by a 
person standing on the ground. 

A r lightweight version of the 
Linkliner ..sliding side van body 
has ' been developed bv -the 
maker. . Boalloy, Congletun, 
Cheshire, which is to .be' shown 
at the. NEC." . ' 

The sifuctiire is iriadp entirely 
of alum iulmn-al loy and. gener- 
ally suitable for payloads up to 

5 Inns: The body itself weighs 
only a' - lon. it;, fs -said in In* 

especially' appropriate fnr 7.3 
Tonne gross vehicles for which 
a heavy goods driving- licence, is. 
not:- required,: : -And- gftes 


quarrer-ton saving on a EtafidaS 
Linkliner. 

Demonstrating .the growra! 
appeal of cnrtain-walled trnqS 
for urban deliveries, this 
pany is also showing its Taig 
liner where the advantage^ 
load-bearing curtains has. 
extended by. using the meThodg 
the back as well as the side*:® 
the vehicle. .- 

The exhibit Is the l!,test „52 
nfvphicle lo be bought by WW* 
bread and is on a two-axle 
ton gross Dodge Commando.^ 
low-profile tyres, giving a ladri 
height of only 43 inches. 
behind portholes in the 
alurmnlnum side rails pr^no* 
handy stowage for- the cartoo 
dioxide cylinders to assist D®? 
dispensing. / ; - 

All- Tautliners. now have. -J* 
anodised-aluminiunJ - track W* 
curtains, says the company. 
curtains -themselves are hung 
special nylon, runners tha t *g 
profiled to slide easily even w® 68 
displaced at an angle. 

Said to be extra-versatile. 
curtain-sided -40 feet semi-trs 
version of this trot*. All a>r» 
of load and handling 

can be . ' tackled — soraeflnw 
particularly use fat in a. 
fleet. . ' . . " zli 

This will be seen on the.cdK- 
pahy's stand." too, and is or ^S' 
a hundred on .Crane . FnifWB »> 
and Tasker chassis for TransP 0 ^ 
International Pool.. ?. \ iv 



iWi 


• Pfi .doreemenf betice&i fjf? 
h'tnmteial:-.- Times and 'the. pr?f> 
in format ton from- The Ter&st™ 
Pope is arnilable for itsc 
Cnrpnrouon's . External . 

as snujep 

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Financial Times Friday October 13 1978 




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FINANCIAL TIMES SURVEY 




Friday October 13 1978 


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With its large State sector the banking system in France is even more the tied 
agent of Government monetary policy than in most other countries. But it nevertheless 
chafes under the present austerity' programme — and its protests are now mingled 
with a growing volume of complaint from other sectors of French society. 


" THE RIG question mark 

currently hanging over the 
French economy is whether 
’.Prime Minister Raymond 
Barre’s austerity policies are 
eventually going to succeed. 
- '.Equally important is whether 
. the results are going to" come 

. . ■ through quickly enough to 

. • forestall a wave of social unrest 
. and perhaps a major Cabinet 

reshuffle in which the former 
' - economics professor could well 

• be relieved of his post before 

. / his task is completed. 

Britain’s experience has 
.. shown that while unpopular 

. economic policies are relnc- 

• lantly swallowed by the unions 

and the electorate for limited 
periods if the country can be 
gr, p. persuaded that it is on ihe 

v Cl.tCT||(Jt brink of an abyss, they must 

At i seen to work fairly rapidly. 

\ 1 fmflh. But °P* a *< ms in France this 
* uy^HJlautumn are sharply divided as 
. _ “'to whether M. Barre’s medicine 

j P .is in fact providing the radical 
V_ I\ ftWcure for France's economic ills 
1 1411 which he promised when he was 
" . .. appointed Prime Minister in 
August, 1976. 

To do him justice, he has 
. . . always said that it would take 
‘ three years before the patient 
would turn the corner; no quick 
'•. remedies were possible. The 
. .. basic conditions for a lasting 
recovery must first be created, 
even i? it meant the temporary 
abandonment of France’s tradi- 
tional policy of rapid growth— 

, which in any case was no longer 
realistic in the context of an 
international recession. 

M. Barre has been fortunate 
in that the Centre-Right coali- 
tion’s comfortable general elec- 


tion victory last March has 
given him added political 
breathing-space to carry out his 
master-plan for the French 
economy. 

What was originally no more 
than a programme to curb 
inflation, restore equilibrium to 
the trade balance and stabilise 
the franc has been, fleshed out 
since the election into a fully- 
fledged industrial policy. -The 
basic philosophy behind this 
policy is simple as well as 
salutary in the context -of a 
basically capitalist economic 
system. 

Underm in ed 

In the eyes of M. Barre the 
efficiency of French industry 
and its ability to compete in 
world markets has been under- 
mined for too long by dirigiste 
policies compounded by feather- 
bedding by the State. To sur- 
vive in an increasingly com- 
petitive international -..climate 

industry's profit margins and 
thus its capacity to invest must 
be restored. 

The immediate post'd ectoral 
period, when the Government 
could ’ still claim there was a 
national consensus for its poli- 
cies and the Left-wing opposi- 
tion was in a state of complete 
demoralisation, was clearly a 
good time to carry out. these 
fundamental reforms! Indus- 
trial prices were freed and the 
State-owned - utilities'-, were 
allowed to raise their tarifisjra 
the understanding that " the 
huge and mounting Government 
subsidies from which they 
benefited would be progres- 


Still held in check 

By Robert Mauthner, Paris Correspondent 


aively reduced. 

The counterpart of this policy 
was that “ lame ducks ” were 
given to understand that they 
could not automatically obtain 
financial aid to keep them afloat. 
Given the tens of thousands of 
Jobs involved in some ailing 
sectors like textiles, shipbuild- 
ing and steel, which could 
hardly lie allowed to go to the 
wall without undermining the 
whole structure of the economy, 
this was a difficult principle to 
respect. 

However sound the political 
timing of the new industrial 
policy — it could hardly have 
been introduced at the end of 
a legislature— it has nothing to 
help M. Barre’s shorter term 
economic stabilisation policy. 
After Iwo years of what is 
described rather exaggeratedly 
in France as an “austerity" pro- 
gramme, the results of the suc- 
cessive Barre plans have been 
no more- than mixed. 

On the credit side are the 
trade balance and the perform- 
ance of the franc in the interna- 
tional exchange markets.* The 
trade balance, which was cut by 


half to just over FFr llbn last 
year, has shown a regular 
monthly surplus since the 
beginning of the year — with the 
exception of August when it 
slipped back into a FFr lbn 
deficit. But August is never a 
typical month because of the 
holiday season, and the results 
were further distorted by air- 
craft purchases. The official 
forecast for the whole of 3978 
is that the trade account will 
be in surplus to the tune of 
FFr Thn. 

Much of the improvement can 
clearly be put down to the 
sound performance of the franc 
over the past six months. The 
troubles of the dollar have been 
a boon to the economy— despite 
all the carping that goes on In 
France about the iniquities of 
floating exchange rates. Be- 
tween February and July the 
franc appreciated by as much 
as 10 per cent against the dol- 
lar. which is the currency used 
to pay for France's very sub- 
stantial oil imports, which 
supply as much as 75 per cent 
of its total energy require- 
ments. 


The favourable trend in the 
terras of trade, however, is not 
entirely dne to the franc-dollar 
rate. During rhe same period 
the franc also appreciated by 
more than 9 per cent against a 
basket of currencies of its 
main trading partners — and 
even by S per cent against the 
European “ snake ’’ currencies, 
including the D-mark. 

In the circumstances the com- 
parative failure of JI. Barre to 
deal with the problem of infla- 
tion is all the greater, since an 
appreciating currency should 
normally have a substantial 
effect on domestic prices. In- 
stead. inflation is once again 
running at an annual rate of 
more than 10 per cent, and the 
probable outturn at the end of 
the year is currently estimated 
at 9.4 per cent compared with 
9.1 per cent in 1977. 

The Prime Minister can 
hardly be accused of laxity. 
Since bis appointment he has 
steadfastly refused to- reflate 
the economy, sometimes in the 
face of heavy pressure even 
from within the Government 


camp. Though the budget de- 
ficit this year will be some- 
where in the region of 
FFrs 27bn compared with the 
FFrs 9bn announced originally 
and a deficit of FFrs 15bn has 
been budgeted for 1979. a tight 
rein has been kept on credit 
policy and the expansion of the 
money supply. 

The banks, in spite of all 
their protests, continue to be 
subject to credit growth ceilings 
which could even be made more 
severe next year, while the 
money supply expansion target 
for 1979 has already been 
lowered to 11 per cent from 12 
per cent this year. 

The main cause for the high 
rate of inflation, therefore has 
to be looked for elsewhere. 
Partly it is the price M. Barre 
is paying for his new industrial 
policy, though he claims that it 
is only a temporary 
phenomenon. The freeing of 
industrial prices, it is now more 
widely accepted, is not infla- 
tionary in the longer term 
because rises are kept in check 
both by domestic and interna- 
tional competition, on the other 


hand it is clear that the 
authorised increases in 
transport and other public 
sector tariffs have produced a 
sharp rise in the cost-of-living 
index. 

Wages policy, loo, has been 
Jess restrictive than is often 
made out. While the British 
Government's strict incomes 
policy has provoked a fall in 
UK living standards over the 
past two or three years, this 
has not b»»en the case in 
France, where wages and 
salaries are inflation-indexed. 

Official policy is to allow 
small real increases in 
purchasing power for only the 
lowest paid categories of 
workers, but in practice the 
rise has been much more 
general than that. Hourly wages 
jumped by as much as 5 per 
cent in the second quarter of 
this year, the biggest increase 
recorded since the correspond- 
ing quarter in 1974, and the 
equivalent of a rise in 
purchasing power of 2.1 per 
cent, given that retail prices 
rose by only 2.9 per cent during 
this period. 


Restive 


M. Barre therefore has little 
scope for loosening the screws 
in the foreseeable future, which 
places him in a particularly 
difficult position. For another 
big price he has had to pay for 
his restrictive policies is 
mounting unemployment, now 
approaching 1.2m and rapidly 
becoming a major political 
issue. Six months after the 
election, and with a series of 


by-election successes under 
their belt, the Socialists and 
Communists are again beating 
the unemployment drum for all 
they are worth and the unions 
are becoming increasingly 
restive. What is even worse, 
as far as the Government is 
concerned, is that the Gaullists. 
still the biggest coalition 
partner, are becoming more and 
more vociferous every day m 
their demands for expansionary 
job-creating measures. 

Unflappability is the Prime 
Minister's hallmark but he must 
realise in his heart of hearts 
that time is not on his side. 
Even the official forecasts indi- 
cate only a slow improvement 
in the situation. GNP next year, 
it is true, is expected to rise 
by 3.7 per cent compared with 
3.2 per cent in 1978, but this 
is well short of the 4.5 per cent 
required even to keep un- 
employment stable. 

Industrial investment, while 
expected to rise by 6 per cent 
as against 4.2 per cent in 1978, 
is not really reckoned likely to 
pick up until the middle of next 
year, and consumer demand, 
which has been the main 
“ motor ” of the economy during 
the first few months of this 
year, is forecast to rise only 
marginally faster in 1979 — by 
3.S per cent compared with 3.6 
per cent. 

Even the inflation rate fore- 
cast for 1979 — some 8 per cent 
compared with nearly 10 per 
cent this year — hardly marks a 
big enough improvement to 
strike joy into either the Prime 
Minister’s or the unions’ hearts 


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Banque Nationale de Paris r 
France's leading commercial 
bank, has an international 
network extending over 
sixty-eight countries. 

Wherever you do business 
we are there to help 
and advise you. 


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Banque Nationale de Paris 


jjj: 5H S Hj Head Office, 16, Boulevard des itaiiens, Paris 75009, Tel: 244-45-46 Tlx: 280 605 — 2000 branches In France 


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Banque Nationale de Paris Limited 

8-13 King William Street, London EC4P 4HS. Tel: 01 -626 5678 Tlx: 883412 

Total assets of BNP Group as at 31sf December 1977 US$ 54,300,000,000 


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Compagnie 

Financiere de Paris et des Pays-Bas 

(PARIBAS GROUP) 

The Paribas Group 
operates directly in 37 countries 

Commercial banking - Corporate finance - Investments 

Leading French Bank in 
international bond issues 
US $ 1 3 biBiion managed since 1 963 

HIGHLIGHTS FOR 1977 ■■■j!l. m.-i-hiirr. •"V.irip.-pr.-' c "i’" 

mi m.ljoi* '.i 'i 1 ' 1 rr i 

Tolal assels 3*1 05*1 

Loans lo customers 2J.663 

Capital funds 1 .636 

Net profit 205 

Worldwide •i'.aif 26.513 

Branches and subsidiaries 99 1 



Banque de Paris et des Pays-Bas London (Branch) 

?3 Throgmorton Street - London EC 2N 2BA Ph. 01 - 588 75 57 

Head-office : 3. rue d'Antin 75002 PARIS (France) • Tel. 260 35 00 

OIRECTLY IN i5i.‘ r-4S! 'P v; Fiwpa.r: gsiai.-T =>*-.'*r,. r .. fa.'j CaRJUlAS •.! i5*0L a N.: \ 

CA I ML'i ■ Hl>; fir-C AR”A Dl>*4 01 'BA' P'J'ISrl.OORr M»- - in = v pr ■je'.SVs “'jri'J '•OfH’i 

HOi.I.SlOf. , STAMB(..| h I, |^»H “ > ljiLA-Ld”PUP LAO'.'* . IL . -ONOOn LUXtVBOUnO 

MADRID VATJu'.S M'.iS'V.F f.{? ■ K O MON TV. CARL. , ’-i*' SCO -G^r NOUMEA PiRii, RIO DE 
JANEIRO bAO ThjlO btOUi. .3-.-RjAr: SiNOAPMUfi 


Transactions in 
floating rate notes, - 

Euro-French Franc bonds, 

Canadian Dollar bonds, 

US Dollar fixed rate bonds 
for French, Mexican and Canadian borrowers 

CREDIT COMMERCIAL 
DE FRANCE 

The Market A/lakers 



Diier.i Telephone Lines 

Paris 7ZO 3790 8. 359 4972 

Dire*;; Tele, Line*. 

620086 <k 630300 


Credit Commercial de France, 103. Avenue des Champs- Elysees. F - 75008 Paris 



UNION MEDITERRAXEENNE DE BAXQUES 

a Franco Algerian Bank with capital of 80 million French Francs 

held by : 

Banque Nationale d’AIgerie, Credit Populaire d’Algerie, 
Banque Nationale de Paris, Credit tyonnais, Societe Generate , 
Banque de Paris et des Pays Bas, Credit Commercial de France, 
Credit Industrie! et Commercial 


SIEGE SOCIAL 

50, rue de Lisbonne PARIS 75008 
tel: 766. 52. 84 

B.P. N° 181-08 75363 PARIS CEDEX OS - Telex : 660.213 




. Financial Times Friday’ October 13 1978 

BANKING IN FRANCE II 


Cautious approach to 
borrowing abroad 


FRENCH borrowers have 
become familiar lo most banks 
durian the past four years even 
if. since tiie elections in France 
lasr .\Jarch. they have raised far 
less than expected. This of 
course is essentially due to (he 
improvement in the country's 
balance of trade coupled with 
Lhe dislike the Prime Minister 
AI. Raymond TJarre has 
expressed about too much 
horronrins abroad. 

Borrowers fall into two 
categories* those which like 
Elect nelle do Franco iET)F) 
and Caisse Nationale *les Tele- 
communications iCNTi have 
investment needs over the next 

few years which cannot possibly 
be met entirely hy the domestic 
market: hence the necessity to 

borrow abroad. Other borrowers 
such as Credit National or 
5NCF, to take but iuo examples 
•'ould borrow all they need 
d.i most i rally but lhe Tresor has 
asked them to go into the inter- 


national markets to establish a 
new French name. Thus, they 
may he absent for fairly long 
periods if the country’s balance 
of payments is in good shape. 

There is some argument as 
to the exact role of the Ministry 
of Finance: to some extent the 
requirements of the Tresor and 
the borrower can be contradic- 
tory but essentially the Tresor 
is strict in its monitoring of the 
conditions on which it will allow 
a given company to raise 
money. Prestige here is all 
important and while some banks 
feel the official's same is at 
times a little childish the 
financial directors of the various 
companies argue that a tight 
rein is necessary. Recently a 
back-up line for commercial 
paper which SNCF is to issue 
in New York had to be renegoti- 
ated fit had already been 
syndicated) because in the 
meantime the Electricity Coun- 
cil of Great Britain liad 


achieved better terms, albeit on 
a straight Joan. 

This incident caused some 
amusement in the markets: the 
coq Gaulols’s pride was safe. 
Some bankers argue that by 
systematically pushing * the 
banks to their limits, -the Tresor 
is not doing the French names 
any good. If the markets turn 
less liquid, matters simply get 
more difficult for the said 
borrowers. Tbat argument is 
fair enough but it does smack 
of a selling ploy. 

The Tresor has been 
known to go further. When 
two bonds, one for a French 
name the other for an inter- 
national organisation were due 
to he priced the same day. the 
Tresor insisted on identical 
pricing but also insisted that 
the lead managers give it the 
assurance that in the secondary 
market and for the next few 
months, the price would not 
fall. The feeling among some 


Sleeping giants 
in Euromarkets 

THE FRENCH BANKS — particu- this category. The interest they take. - 

iarly the bis three nationalised banks have in tying medium- When it comes to Eurobonds 
ones (Banque Nationale de term credits to Coface fin- French batiks suffer from some 
Paris. Credit Lyonnais and ancing for the same borrower disadvantages: the placing 
Society Generate) — have often is understandable and fruitful power of Swiss, West German 
been referred to as the sleeping in view of the size of Coface and Benelux banks is vast — yet 
giants or the Euromarkets: in credit available for some areas. Paris bankers, both in private 
term* hi balance sheets they may The sharp fall in spreads and and public institutions, argue 
well come first after lhe three fees witnessed over the past that their placing power is much 
major L*.S. banks, but ah lead month - makes the French banks less negligible than is some- 
manafprs of credits and honds even more cautious — some times made out to be. A bank 
they, figure less prominently, express their deep concern and like BNP set itself certain 
thoush Credit Lyonnais does not argue that their larger network targets in terms Df new issues 
have a bad track record where of offices around the world an d feels happy with what it 
syndicated credits arc concerned allows them to respond effi- has done: maintaining a steady 
f particularly m term- or ciently to their clients' needs secondary market in the issues 
"premieres") and BNP h highly and be much more selective they bring tu the market thev 
receded for its role in The bond than some of the large U.S. view as -very importanL It is 
markei. The cr.n**ename bank?, about whom they lend to. a j so WO rtb. while remembering 
approach taken by ihe major p ans bankers point ironically that the two banks which 
t- renen banks • — be they t0 the re fu Sa | 0 f u.S. banks to merged to form BNP back in 
nationalised or privale — has j tf!l d to prime French names the 50s had no international 
reasons v'hich- -are understand- mer t bc past 12 months because financial expertise to .speak- of. 
'able and nave not changed much 0 f "low" spreads and tn find It has taken time to builcT up 
'ver the years. them lending to heavily indebted an international department: 

in both instances— credit and LOC borrowers a few months the bank would rather tread 
bonds — working from .. French later at near similar conditions, sur.ely but skiwly.- And slow the 
franc bails nukes ihe ta.sk or the A rigid ceiling of lending to process is bound to be because 
banks delicate. Most .,i them every sovereign borrower under it is difficult to break into 
watch l heir cumin Ilmen i» m the sun they feel is too bureau- established syndicates for the 
foreign currencies carefully and cratic a way of doing business, major borrowers in the bond 
pay great attention to the raito The three major French markeL • 
of resources m commitments, banks are of course in keen _ 
which by tacit asreement with competition to lead prime Ju flYOUTS 
the Banque de France is 50 per French names and with the ■ 
cent: standby credits with major Ministry of Finance insisting on French banks have also 
l 1 S. banks, lived rate medium the very best terms, some suffered from the absence of 
term certificates uf deposit and battles royal take place. In this a French franc bond market 
U Da unc rate notes, the latter matter the Tresor leaves the which would have allowed them 
being :be more visible part of the borrower to choose his own lead to exchange favours with other 
iceberg, are the major way in manager but is firm in fixing foreign banks and thus par* 
which they in>ure their future the conditions of the loan. tieipate in mare underwriting 

nuetls ' B\P lost s mandate to Credit fT ps: J*' ' nark ; et 

Lyonnais earlier this year to ™"* f ?',?*' !“L e ** 
„ oinn™ i - conditions with a FFr 200m bond 

arrange a SlOOra back-up line managed bv CCF, but 

f r? c °™ ,e £'r Fiw'tririlp 6 Hp « ° ne expects this "sector ever 

- s have very * ■ . it f , 5 to assume a major importance. 

.mponani commercial networks b *?. “ a p n J Talking about league tables 

around tne world— iiften their L'tS u ir^ ho l brings a wr T smile on to most 

n to rests in a atven country (Tor wou,d be wron, foi it to be a parig faces _ a nice u.S.-induced 

nst a nee. BNP Nigeria) might *° <}?"" idea, muttered one banker, who 

lead them into Jumho loans but further. The bi* three French addjjd ^ - n xigw Qf thp 
tney seldom head s .i’i opera- hanks .tend to have veo close ainount of unp i aced pa per at 
li-m-. unless they are f nr relatm^ with slate borrowers some ll|ne , h i s year it might be 
f-reiicn horr-nvers. Medium- — be they n at mnnl companies nr in[erestin8 l0 com pi] e a Ust of 
term loans they participate in local entities— they do not banks which today were ware . 
as lead managers are often tied appear to have the quality of hous]n} , the largest amoU nt of 
, ' :; R f,rl credits to a given contact witli private industry bon(ls _- T can assure you there 
•.•'■iiniry or n, the desire to that banks such as Panbas or wou|d not ^ a French narae 
wioen ihe bank-' role in that Lazard do. The private banks 
focniry: CCF'- altitude to sump would also seem io have greater 
Latin American loans fall into freedom in deciding the risks 


bankers that senior civil halcyon year for FrcncL 
servants are so jacobinc at times borrowers, 
as to mistake the market for According to New il'orl 
their own underlings is unmis- sources the reason is simple 
takable: no doubt in time they not only was that year a higl 
will give up such practices. One water in terms of size of borrow' 
must add that France is a rela- ing but the Insistence of th-. 
tive newcomer to the marker borrowers — should one say" th 
whereas the fortress of the Tresor — that every operation h : 
.Rue de Rivoti has been pushing on better terms or for large 
people around since the days amounts than the previous on 
of Napoleon. resulted in bad placing and 

quick retain to Europe of a If; 

Manoeuvre t * ie paper, much of which f 

n believed to be held by Franc 

Where the financial directors jQSftituHons t0 day. May b-. 
of major national companies do he same bailks add> ir Wou , 
have greater freedom of have ^ wiser for lhis gan , 
manoeuvre is when it com « to have ^ played less hai. 
choosing what jrpe ot mm- and for ^ Republic to har 
ment they will borrow in. The mrwve'i one lump sura ar 
two great competitors here- passed it on t0 agenci^ 

i«H a However Eurobonds found the 

and CNT. While the first can ^ t0 jsf ew y 0 rk: it is far fro: 
dam) to have pioneered com- surc ttat tbis ^ way mo ,: 
meraal paper *or a Frenrt ^ actua]1 hinders , , 

SDr^nomlna^ 8 ™.^ Te «- ~ f 

second -opened the Yankee bond 
market for French names and 


the Eurobond markets. 

Of course much depends > 

. , . . • the maturity: the paper whi ; 

K 60 !! Came barfc t0 Europe isthoue 
spread on syndicated loans back esgontiallv to have r»rri. ; 

Rawing how to^blde jour KfSS resI ^ 
time seeois a key element in ; 

CNT’e thinking: It waited a Lina Tn 

year after the lifting- of the *JvL ® " 

U.S. Interest equalisation t» in m0De ? u, r ou^ . differ^ 
March 19/4 before launching national companies rather ths 
L ever French Yankee in Mme Qt the Repub|{ , 

bond (at least s ace the ope However CNT is insistent th 
sain for the Credit Fonder 20 th e funds it ^ses in forei- 
years before) because market currencies are used to he 
conditions were not right CNT French firms in their expo 
is also very careful in follow- drive 
ing the secondary market per-’ currency 'mix of' tl 

forman.ee of lls b 011 * 18 - foreign debt of many of the*. 

Detailed concern about an varies: CNT’s ddit i - 

issueisaJso- well illustrated hy- dude* ■ about 31 per centre 
the insistence of. EDF in one French franc instruments; tfr. 
instance that, the under- equivalent in dollar instrument? 

,? read . he ,ncreased 16 Per cent in Deutschemar 
and that the extra money go to. instruments and 15 per ccnt’ii 
the salesman. French borrowers Swiss franc instruments. ? A 
do sometimes express concern sNCP the proportion of dolla 
that so much of the paper instruments -is 40 per cen 
raised in the New York market while Swiss franc instrument: 
has found its way back into account for 36 per cent inctfid 
Europe. This appears to have jng borrowing via- Eurofima. 
been particularly the. case of More than one* financial difector 
issues floated in - 1976— a -eonre des he is un happy abo ut 
IcONTINUEcT ON EXT -PAG 'V ^ 


Seldom 


in the top in.” 

Francis Ghiles 


GUARANTEED EXTERNAL DEBT 

(Repayable principally in foreign currencies) 


Amount 
outstanding at 
December 31. 1976 



Type of debtor 

! Autonomous and semi-aii lonomou* public agencies and 

j institutes (including the CCCE) : 

IMunicipiiiilies and departments 

i National Kcd S«Tvieei* 

jf-rendi Raih»a>s 

OuT-ca-j railways 

Foreign •.•»'r-rnm«*nls and nrsanisalions 

'li-,crllan»*.»ux 


(FFrm) 


Additional debt 
guaranteed 
during 
the period 
January 1, 1977- 
May II. 1978* 


Total 


22.950 

9,617 

267 

— 

13.774 

8.385 

4,046 

1.618 

•1 

IK 


9.471 

4.489 

50.33 1* 

24.109 


ni j.n-.rnK nr« external debt guaranteed by The Republic of France during the period 
indicai'-d iih..u( taking in account repayment »r guaranteed external debt during such period. 

* Tin- .-iinoiMil- of the currencies In which such indebtednes*, (excluding indebtedness denomi- 
nated in S!iR> and indebtedness dcnuminated in EL. Vs) was at December 31, 1976, denominated 
and repa\ahU- were approximately as follows: 


1 V d»llar« 

Dnut-che Marks 

• S * A • •-> 1 rancs 

l.uv-mijMiirj; francs 

n francs 

1 Lilian lire 

Ir.-ncb francs 

< -udders 

hirbm. (United Arab Emirates) 

Lebanese pounds 

Austrian schillings 

•tajiru.-se- ven 


Cnrrency 
f m) 
KJ40.7 

4.134.7 
3.497.4 
2.068.6 
1.687.9 

24.7.38.7 

2.142.8 
347.7 

42.11 

2ti.3 

111.5 

1,200.0 


Frane 

equivalent* 

fm) 

31.046.0 
R.724J2 
7.112.1 
278.3 
233 JB 

140.9 
2.142.8 

703.8 

52.9 

42.1 

33.1 
20.4 


S'ji: 


Loir, rr i iil into francs at lhe rates of exchange in effect at December 31. 1976. 

: - , n. Treasury. 




* 1 *'- V,j**..'.v..vv r'-'V'"' ' •„ ■ ' ■ 

What makes the differeace in an • ; 
intemationa] bank is not merely-its size,.' 
but its expertise and its absolute commit- 1 
ruent to world economic growth; . 

Banque Canadienne Nationale,, with - 
a ’branch in Paris,- an agency in New ' \ . 
York and a branch -in London as well ; 
as correspondent representation in ^ . 

.78 countries on every continent, currently 
has capital at work expanding the -world's , 
growing economy.' ’ . 



Montreal ' ?. 

: 500 Place d'Annes : 
f- H2Y2W3 
Canada 

." Tel: f (514 > 28 1-2409 
- 'Telex: '054*7-302 

New York; 

. 450 Park Avenue 

— New Yock, PLY./ ' 
United States 
Tel: (21) 593,7733 V' 


NlatiGnaie'L 


.. Paris; 47,aye George-V . 

' — — Paris 7500S * 

•■Prapce 

Tei:.;iai>i2-oD , / r;/:/. 

-"Telex: 6ANCiX?TAT.W4l4 : 

Lqdd^li: Portland House' * 

- . . *3'.73«asuiehaPSt/ t- 
• London JBCX.. , 

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Telex; 880-015 ' ' 



■if 


r 


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•**1 



Financial. Times; Frida v October 13 1978 



IT 



of semi- State institutions 


France) acts as an agem.y for 
the distribution of special 
Government lending to particu- 
lar sectors, or for particular 
purposes like encouraging: 
energy economising of exports. 



upo which takes temporary a way into financing the indi- 
stakes in smaller companies vidual enterprises which estab- 
sliort irf funds. lish themselves there) and 

It also plays a leading role techniques to overcome the 





* ^cmsidJrM ? E nu^Sr 50 of I'i" pi — "ok t0 murc than over *\ as art,v,nc *s * hb & 11 15 il 18 smed that the The Credit National is not a National-managed FDES loans 

•iristitutSS JinkPrf nr £L nsc ** iTldusWy '? Je - 0,0 Ftr 3j0bn - expanding. Credit NaUonal concentrates on deposit-taking institution and was around FFrs 12bn at the 

indirectly Wo vhose Credits are The giant anion" these insti- But the Credit Agricole is the big boys, in reality it is ha>, to raise its own cash for its end of last rear, 

existin'* to mana Scd by the CrMit National, unions is the Credit AgncoJe. an institution apart, and here strongly present in the small- direct lending. It does this by The Crt . dir v , rinn ,, a , so 

i .. etiher by itaSSE? .f£fe* ^tervenes particularly in areas J«ih a balance -sheet total of it is proposed to leave aside and medium-sized business raising money on the fixed ^ ItaMMnhJnd 

■■■: specific sectors m^tcT business as "Here vital regnal employ- ^bn at the end of , tat !h* very «P e ™ on sector, ^d some uvo-thirds of .merest market under State “f 

* whole mark * iintataata »«it or naUonTiriterests arc f®r and FFr J27bn in medium to concentrate 

;Vu difference m the structure of at stake in a. company's future. r" d r . l0 S e ™ ♦ °^ n j ,-- The 

•? .. industrial finance* v kn f. irnQl . PraptiralK* all ' these instliu- Criiifit Ajjficolc started lifB 21 s 

S- Britain and France. turns at some timfc or other act a non ’Prolit-raalcinfi (and hence Hotelier. Its' activities take two basic markel for *l y& 2 - 3blL 

= -1 These bodies rsn^c from as agents in distributing spoeial ^"•lax-payinB) institulmn. Its From its home on the Left forms. The first is long-term 

deposit-taking insrmnioii/l^ ^vermnemt credits for particu- J™' llcra w “ ™’ ash W Th &nK~churactefislicaIIy in one lending directly to clients. Tills 

S 2^/ tSTcirSnS ?MS S^KVes £5. .ST?. 

sffiSSSF SSSE*.** 

1 5t? SetS Agencies 

Economic and Social Develop- _ 

. Tnent Fund. . senied bv LhSe -w 

siderabie. The^'GbvenimenV's markci - shareholders are banks, insur- t,y r mechanical engineering, riaisse ties Dfepots and the panies. There are also a series Dub]ic huildinCT anri wnrk - 

“ medinm^rt " „hL*S? U ?£! din?CI a 3^n«es. headed .by the It is seeking authority to be ance companies, institutional slilpping and metallurgy. Credit Agricole. of consultancy and analytical Tourism claimed 4 3® 

W * m.Sta 1® * di^ >S , ta ^ me tasUmBon h as a specla , M options unde. ™ the Credit “f 'SSSt-TTS-^S 

■ ^nirdi B role as the agency for specific taken for the State arc financed -National purview slightly less and services around 

Andre de Lattrr* Government lending projects, individually. The Credit the. Left Bank and 10.5 per cent. More than three- 

'ment December' last year there was loans to industry or for property (widely tippe 
roups some FFr 130bh out in medium and housing f outside rural Governor of 
'ining an j long-term non-mobBl sable zones'). The commercial banks, France) point 

„ _ Lissns inanu.. «•.. RnMifia #isni_ nnl ulirnpicinnlv tqau>- this tfiba ilc hmlan 

on the market) fall into 
* category. . 

The network of 37 banques 
' : *poputaires, with their regional 
implantation, and co-operatrve 

7 ; a se P apaT ® Tibn of low-cost rented accom- sector broadened somewhat, and Boussac textile empire. ^ *«■*' — ^ , FF b «l - .. sneeialises in fimnmno cm ,ii 0 , JbooKing at it trom anotr 

^ If?™* m ^°n> and the FFr 14flbn it has retised its fiscal status so The “ mission" of the Credit ment unreded a FFrs 5bn pack- {e?IJ> credit- and FFr l 4 bn Tn and medlum-sS stance, more than 70 per cent ot 

’S!LpSk.» 0 j ^ n Z!''ZZ^ tSia < * ireHe ^ towards the local and that it is now taxable— an indis- National is to finance industiy to aid investment in the beha]f of L u - s , . rpn °" narticularlv in^t the loans approved were 

* L »jT’ C ?? e 2!. eai ' re 3i°nal government acctor and pcnsable step towards winning and commerce in the competi- interests of emploj-ment the sented about J'rJ ' r>f P rh(.' ?nr though i-« d es tined for companies with 

^.Pioymg fewer than lo people.- the total of credit on (standing the right to enlarge its’ activi- live sector-that is. excludbtg Credit National disbursed JESflL™! iJL ,l ndustna ? fewer than 50 workers, while 

500,000 
the 

ment scheme to encourage the Credit National can be of the Credit National. Regional and* some**S5 ^per 'cent^of^he 

expansion of smaller industries summarised briefly. One of the Development groups, and other individual dossiers. Again, at 

in the regions. Last year it main ones is to act as the State-backed bodies like the the end of last rear ‘the total 

handled the FFrs 3bn made channel via which the Govern- aisse NationaJe des Marches it amount outstanding to the 

available for industries prom is- ment disburses money from its bas a head start in the tertiary Credit Hotelier was more than 

ing investment to stimulate FDES Economic and Social sector. It raises its funds on the FFr I4.5bn for an average 

employment or export perform- Development Fund. This fund mone >' market, and on-lends to value of FFr 311,300. 

Mce - exists to help enterprises whose business, often at rates sub- The loans are issued at a fixed 

CONTINUED FROM PREVIOUS PAGE The second basic activity is cash needs or whose vulner- sidised by the Government. The rate fll per cent at the 

. - . mobilising medium-term credits ability puts them beyond the Pb a r3Cteristie of these loans is moment) but special Govern- 

. on behalf of the banks for Credit National pale but whose “e '*ery long-term— raent loans command more 

capital investments. The banks collapse would bring serious U P years only — and a favourable rates— e.g., 8.5 per 

• ' particular role of the Credit ccnt for 1116 first five y ear s ri s- 

Hotelier is as the longer-term in |*° 11 P er cent thereafter. 

aana aH j . - ... -- — ■ --- — .vh. -•*» i'iauuuai nu».u t iw iu part, can or national industrial resources financing arm of the group of _ e . Inng^term investment 

the currency -into this year French borrowers are high, as will no doubt the com- rediscount with the Bank of Thus the sleel industry is a banquet populates to which it fil ?* K ncin 8 . ma - v be associated 

*5* .- 0tkers fl ™ ncs “ in marked ^con- likely to raise less money than petition between the various France. Its role here then is Sn" creditor of the TOE? belongs. WJth medium-terra bank financ- 

-express the utmost caution. treat. to-UK borrowers wh^h In was expected earlier on this banks to get the business. If both that of surveillance and of and rereStlv the FDES ori Like the Credit National, the g« ,- backcd . b ? F* Cr t dit 


: " v t. tilan 10 pe ®Ple. *he total of credit outstanding the right to enlarge its activi- live sector— that is, excluding Credit National disbursed | erm borrowin'* of enmnanies in aetlv-itv •mu-iri'f n ^ aUf;tr,a ! fewer than 50 workers, wh 

t . T he horizons of other institu- from sources - othpr .than the ties. The block on its domestic monopolies like the power around half of this and in the *Lj°“ ipanies m ° S , - ,^ ereas J 1 loans of less than FFr 500.C 

■ : r . ; tions are less specific:-, the “mainstream” .banking sector activities has also pushed ilinto supply utility EDF. Altiiougli followtng years a further me compemive sector. ha a seiere competitors in the represent almost half of i 

^ FFrs 650m as pan of a Govern- The other activities of the mdustnal sectors in the shape 10ta i volume of credit grant 

- ment scheme to encourage the Credit National can be of the Credit National. Regional and «omn S 5 npr wnr nf f 






they- see. as the 'high.hand.iKt modern telephone system and be a French name 


:■ _A1I these borrowers -carry a negotiating tactics of the Treson. increasing the . nuclear power 
sovereign guarantee and an ex- French' names will remain ve^y'.capacitj’ are expensive projects 


Francis Gbiles 


fora. and“lendlng7s accelerat*- and hotels and indeed is the 100 per S'L*? 

ing to a level of sorne FFrs 6bn group . lanufrance. Mnf numot* nf tv> fi A i. M u investment needs 


a year. 



^ , cent owner of the Frantel chain 

The volume of Credit nf middle-market hotels in 


David Curry 


Deutsche Bank, a century of universal banking. 


To find the spectrum, 
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Once found, these solutions 
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in the form of advice - be it 
in the field of foreign exchan- 
ge, bond issues, export/im- 
port finance, portfolio mana- 


Deutsche Bank AG, Sue e rasale de Pan?, 
30, Place Vendflme, Boite Postal© 466 
F-7S026 Paris/Cedex 0L F-75001 Paris 
EjL(16)(l) 2618202 


gement or any other financial 
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Central Office: Frankfurt (Main)/Diisseldorf 





BANKING IN 


''/ ^iiiancial. -Times. 

FRANCE IV 


«.'****<, . . 


commerce exterieur 


HeacLQfgfies.. 

21, Bid Haussman — 75009 PARIS 


IN ..FRANCE 




Branches in the Paris suburbs 
“ CERGV “ PONTOISE — CRETElL — 
“LA DEFENSE” PUTEAUX — 

“ PARI5-NORD “ LE BLANC-MESNIL — 
RUEIL- MALMAISON — 
SAINT-QUENTIN-EN-YVELINE5 — 
“-VEUZY ” VILLACOUBLAY. 


Provincial Branches 

BAYONNE — BORDEAUX — DIJON — 
GRENOBLE — LE HAVRE — LILLE — 
LYON — MARSEILLE — NANCY — 
NANTES — ROUBAIX — ROUEN — 
STRASBOURG — TOULOUSE. 


- FOREIGN COUNTRIES- 


BRANCH 
NEW YORK 

Olympic Tower 
l 645;" Fijch Avenue. N.Y.' 10022. 
.Representative Offices 
' BANGKOK — CARACAS — 
JAKARTA — KUALA-LUMPUR ~ 
MELBOURNE — NEW YORK — 
SAO PAULO — TEHERAN. 
Commercial Delegates 
JOHANNESBURG — 

MEXICO — NIGERIA — 
PHILIPPINES." 



An Arab and International Association 
in Banking and Finance. 


4fT 



France : UNION DE BANQUEb .A R ABES FT FRANCHISES - U.B.A.F. 

Bundies 

Tokyo Bahrain 


London : 

UBAFBAMI LIMITED 


Luxembourg -'Frankfurt : 

1.7’ ION DE BANOUHS -ARABES 
F.T EL'EOPELNNES S.A. - L 1 B.A.E. 


Rome -Milan : 

l.'NIONE DI BANCHE ARABE' 
ED EUROPEE- U.B.A.E, . 
(Italia) S.p. A. - ‘ / 


Hong Kong : 

VBAN-ARAB [APANESE 
FINANCE LIMITED 


London : 

I /RAF FINANCIAL 
SERVICES LIMITED 


New York : 

I'BAF ARAB AMERICAN BANK' 


t '<ener.il Rcpre'em.nive Offices lor the Middle East: 
■ ‘Beirut’ Cairo 


Major; ban Liny and financial institutions from 
ail the twenty Arab countries 
and 


- France 

- United Kingdom 

- lulv 


- \\"c*t Germany 
*■ Japan 

- United States of America 


are shareholder. s in one or more of thc.-cvcii .I'soeiated but independent companies 


•A A- 


A-' A fi 




mm. 


SlMl 


life 




am 




THERE WAS A time when 
French batiks appeared content 
to" sit back oir their laurels at 
home, the adventures of their 
Second Empire youth long past, 

mulling over remembered ex- 
ploits like the building of the 
Suez and : Panama Canals — some 
of . which did not always end 
happUjU..- 

But if in the early post-war 
growth of international banking 
the French tended, with some 
exceptions, to lag behind, they 
have certainly made up for it 
since. French banking abroad 
has taken un a fresh lease of 
life in the past ten or 12 years. 

In most cases this bas involved 
a sharp change "■ of attitude, 
coinciding with that of French 
industry .as a whole as the 
country has come to rely to a 
much greater extent on its 
foreign trade and has secured 
its place, among the world's top 
ranks of exporters. 

This trend has been ........ 

accentuated by the effort — at 
present successful — to keep pace 
with the implications of the past 
five years’ increase in oil prices. 

While tile effect at home has 
been a slowdown in banking 
business after the rapid develop- ’Sn 
raent of the late 1960s. French 
banks are continuing to expand 
in aggressive fashion abroad- 
in the fields of international 
finance, merchant banking, ex- 
port credit, and retail banking. 

This develojjment is very 
different from the traditional 
French banking presence abroad 
although many links remain. 

Foreign connections were 
implicit in the early days of 
many. French banking institu- 
tions. There were those of the - ... ... . ...... ... . .. _ - 

French Lazarets and the French 

The latler should nni be seen investment operations .iff North regions, particularly since the.. State-, funds ^ far refiaadift 
Barmne WormVri»M«? L J ♦! as the main reason, although it America or BNFs mixture- of end of the 1960s in- the Middle credits and for. jtsavrandteM 

the revoJurionarv war r ioi« is something French' bankers j*ant ventures in Black Africa. East, backed up by a govern- credit operations. TherMS^af 

and nriefnallv feira-sori ,° n love -to harp" on. A* things including the United Bank- for ment foreign, policy which pl«*s loans. are insured byTtee^xpifit 

Din° Enclish mai tfiTcranfa heednie tighter at home, »t is Africa ., in. Nigeria. Imtooiez heavily on links with Arab credit guarantee body-tSsfigt, 

French nlaster tn p n «ianr! certain, however.' that they have works through- fewer tlrah 100 countries. . . wliile the Government 

° come to rely heavily on profits o? its own branches and /over Paribas claims the biggest an information serriee .^^ 

Ftrunoh -• -- originating abroad, where the 500. subsidiaries and affiliate, banking presence of Continental its French Foreign TrweCftiOT 

Ul allin credit curhs do not apply. Fnr These hanks are now toncen- Europe in the Middle East, and (CFCE>.; and ita . • 

Socicte Generals or tn oj VP a hank suph 15 Paribi,s ' foreign i rating on developing -theirown Indosuez has built up there counterpart ^pexiL 

if its full name SarTpte wrninxs now contribute as networks rather than relying; on what it lost in Indochina. It institirtipiis are lorig-^afi^fl 

Generale Pour Favuriser le much as -half of overall profits, the international banking dubs, is one of the few foreign banks but have recently 


The heir City of London headquarters- of Credit Lyonnais in Queen Victoria Street 


uaii (vci o l i criuu t-a hi MiavA xau^tai >iai.i«vu « o'-!— ■« 

k= things including the United Bank- lor nient foreign policy which plays loans are insured by/tfie /tapirt 

me, >t is Africa , in. Nigeria. Indosuez heavily on links with Arab credit guarantee .btiiiy- 

they have works through- fewer than 100 countries. . . while the Government alwhSfe 


■a]* or . n a uanK surn as rarioas, rnreign i rating on developing -ineir own uiuusuee nas uuui up wwu vu«Mivi|jai * 

name SnrTpte eanunzs now- contribute as networixs rather than relying; on what it lost in Indochina. . It institirtipns are long-«itafip^ 
Fflv.-iri«pr \1 much as .half of overall profits, the international banking dubs, is one of the few foreign banks but have recently 

i an user Ic n t.:,/ ' d •_ i i. J <Ka : nniu mAnUilu in imnnHiitnc.'¥% 


only seven years after its fore igh operations add only 10. partnersventurerivithCo^nnerz-Fanbas had the. first permanent as. one of .the -oiggHi^Bp 
foundation. Banque de Paris et P* r - cwrt 1 or so. to the domestic bank and Eaneo di Boraa. born uon-Communist bank repi^tt- Banking irisUtutibnfc :^^^ 

des Pays-Bas (Paribas) was in balance sheet, but their benefits in a time of ? greater optimism jtatioh. has - recently seen, thq . ^Theoallook i% 4naUq ^» ^ 

1895 Hoancins a loan guaran- -rin terms both of -profit and of. about the rabidity of European arrival of : other banks.and will -•contlPuetb.bffid^ ra^ 

teed bv Russia. For China tn djv the generation of -extra business integration/ Jndosuez is now at least one .is waiting to ' be foreign.basesras.trage g^^ . 
war ’indemnities tn Japan, within Francer-are far greater, rather smugly :> content for lira first into China. Credit • weighr^l^^wCg 

Banque de ITndochine. nww The backbone of France's never .having joined one. - Lyonnais 'and Paribas — through affairs and , as 

Indnsiiez, was the issuing bank hanking presence abroad is .; Stwtonwris— comprise the main southward: . to ..SpKit/-an£f.-™ 

in French South-East Asia <md ^ de ‘ U P of -five groups, three [ntllienCe ' ' French' " banking interests in 

several Pacific territories. State-owned and two private; South America,- and French The .^search 

Manv of th^sp fomhnbu BNP - Credit Lyonnais. Societe French banks, like the banks" are well represented in na “°naJ. role’ .yas n^^otyA 

vanichHd whpn Generale fonly recently a British, retain sume traditional the financial centres of Europe reasons i for the liWiWg 


I vanished when new °overn G enerale fonl - v recently a British, retain sume traditional the financial centres of Europe “a™ r?asons i 

menu in dIscps likp 4 ia,. r i a serious contender, oa the inter- spheres of influence. In Franco- and tlife U.S. Credit Lyonnais se^°r becomusg-ora^^^ 

and Madagascar took exception national front> - Banque de phone Black Africa a handful first thought of setting up *n Trated^ mr 

to Fre och^fn te res ts° Eaxi mie de ITndochine et de Suex Undo- of French banks often have the New York 100 years ago /.fit *** 

rindochine^ Tly Tavs a sUe2) and Paribas - In ma ^ field *° themselves. But they was not evident then thlt the Comptoir National ^’es^v . 

counterpart to the Hon«'kmv» areas !hey wrk tbrou * h sub ‘ have also P ut U P stron S city wouW become the financial J* p »rts and * 

anS Shanghai Bank lost Til sidianes ’ such as Paribas * petition for business in other centre we now know). Having P 

privileged position’ in Indo- in the meanUme f 

china in the 1950s and became - Petersburg.- it finally made it ^ sSe^lLk 

a commercial bank, the most • *a e- • -f • seven years ago. . ‘ ™ 

important in the region, until . IY /I r Cm lx r Export credit, has been one '. .. 


privileged position in Indo- 
china in the 1950s and became 
a commercial bank, the most 
important in the region, until 
nationalisation caught up with 
it in Vietnam and Laos. 

The retreat has now been 
convincingly reversed. The 
reasons for recentf^expansion 
have been the growth of trade, 
the Common Market, the in- 


creased role of multinational • " T on-tne bfate oanRs tor bypassing maimeemenf effldehey 

companies, the emergence of FR AnCE"S SYSTEM of draco- Furthermore. thanks to new^ ' ^fnr metropolitan Fnace^S^ 

E BreJMto*. thwi „ia„ Mstrirtions oii increaws in restrictions on previously “ mp S to 'Ll? up^tholr had . V".**. .fW’HSSS 

Tw.* ,-5. bahk loans,, the “ e n cadre men t- exempted credits, major banks .. . groupings would, be a -hto^ 


• export creait nas oeen one — : 

of the main growth areas in J n ' sir ^ ar 

French banking. alongside p . riv ? te f^ r ftSfSSSS 

foreign exchange, leasing and n n ° n I ?L of V rit1? qU Thfe es^^ 

insurance. It is one of the few 

sectors -exempt from credit 

ceilings." Indeed in 1974,.. when 

the Govenunent damped down J 

on.the State banks for bypassing 

credit- mites,-- it set up .in rbe S 

■ — u r metropolitan France, s* 0 "* 


^currencies. , l nen , P« iro : bahk loans,, the “ encadrement -exempted credits, major banks ^ * . groupings would bp a 

dollars, the relative lack of du in its sixfh' year of find that the real vilun^f ^ « .fiprte ' BUf. * 

manoeuv rc hi the domestic operation, ii-beixig studied with pennisslble increased lendins ® abroad/ “W-e /shall, have 


manoeuvre m xne aomest c operation/ te ^being studied with "permissible’ increased lending fnr^i 

economy and the seemingly a o;ei;e id refhcm,.at.the Rue de itk 1978 is more like 34 per rent 


" * ao,.e 3 ;e io reiarta ac-uie nue ae reus is more jure 34 ner cent : „,**+*■*» 

“iSS «*>!!!• -IS!? The ceiling for 1979 has not yet 8gS£«££5 


whicli ' wins the day 


credit curbs by the French fa g ektra ckifig ' whi efi' /followed been fixes. 


Bapqne Francaise du Commerce 


dudecL- 


GovernmenL 


The French bank with a flair for financing 
international trade and investment 


When dealing' with _ a major country, you need to deal with a major bank. We 


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sooere g€N€RM£ 


Ecendmy :" - Minister; Rene Smaller banks have long been 
Monory's off-the-cuff remarks at allowed a somewhat faster 
the IMF meeting in Washing- growth 0 r loan volume, of 8 per 
ton. 'the system, will probably cent. Ceilings are applied under 
be left intact, while the smallest a seasonally adjusted raonthlv 
200 French banks will be ex- or quarterly scale, 
eluded from its strictures. Since Exceeding Its ceiling subjects 
they collectively account for just a bank to what the Baoque de 
i per cent of banking assets. France calls “extremely disua. 
the system will probably operate sive supplementary reserves." 
much as before. the requirement that funds be 

Encadremeot du credit is a frozen at zero interest with the 
French attempt, to control ex- central bank to more than 
pansion of the money supply match the excess — the amount 
directly, by limiting increases in grows ceoraetrfcally. According 
loan volume. The approach has to Philippe Aymard, deputy 
a certain simplicity. when com- general manager of Credit 
pared with other monetary tech- Industrie] et Commercial 
niques. Rather than controlling France's fastest growing private 1 
banks' sources of funds, the bank (and professor of banking 
French control their use at the Sciences poluiques 
through a-ceiHagon the volume faculty in Paris) “ Pemianentlvl 
of loans. (Jn ffddttion the exceeding the ceilings by a per 
French Government, tike others, cent is 1 sufficient to wipe out! 
controls the other component any hank's profits for the year " 
of money supply, its own defi- Backing up the supplementary 
iCtts.) . ' . ' reserves system is a further 


Exterieur (BFCEj -has mobilised 


David 





miciclle east 


)'S3. 




ALL BANKING OPERATIONS 


'-jiw.: - 


. BOARD OF DIRECTORS 
Mr.Joe L KA1ROUZ . Chairman „ . 
Mfr Laura BUSTANl.Vire-C/wrrmon 


'7 j--. ; J 


Sherkh Mohamed Ben Saleh. 8EN SULTAN^Vicfi^f»o»/o«»’ 


Members: 

H£. SCbalyl ABOUHAMAO *' 




4Vith the Ml growth target for control, — obligatory - reserves It- . ■ *" Banque du Credit Ppputaire 5LA.L. W 

lT9 at It percent tdOwn from Here- (no France is unioue infl Banque de ITnduurie’et do Travail SA.L, ... \ 


MAIN U.K. BRANCH : Tte-108 Old Broad Street, London EC2P 2HR. Tel ; (01)588 3911. 


Binningham Branch: New Oxford House.. K Waterloo Street, 
Birmingham B2 SUD -Tel: fa.21 )' 632 653 1-6 


Merchant Bank 


Bristol Branch 


: 37 Com Street, Bristol BS99 7ET 
Tel: j 0272)^299551-5. ... - 


: Societe Generale « France) Bank ' imired. 
. Pinners Hall. Austin Friars. London 
EC2P 2DN Tel: (01 J 628 8661 


Manchester Branch 


28/J2 FtfuhtiiiLSineetVWanchMter M60 2AD 
Tel: L06O:8J+^7B6: - 


Leasing Company : Soqiiie Generate I France! Leasing Limited, 
Partners Hall. Austin Friars. London 
EC2P 2DN • Tel: (01) 628 866 1 


Head Office' s 29. Bd Haussmann. 75C09 Paris Tel* 2^6 S< 00 


ai if per rein (Down rrom r ranee is unique in 

12 per cent this year), the Barrc ,he world with a requirement 
Government is expected to con- l h a * banks immobilise funds not 
tloue the ceilings system, and onI y » n proportion to the volume 
reduce them, further: °f deposits, as is normal but 

Since 1972. when the Banque a,s ° i n proportion to the volume 
de France was “converted to of Assets (loans). At present 
Frleamamte principles “ fin the rhe . tminobiHsatloa amounts to 
words of one of its officials) a only 4 per cent but it is another 
steadily lower ceiling has been Potential monetarist tool, 
imposed on.the volume of. new Despite the logic of Tegu- 
1 ending by banks. In" 197?t fas latinff . bank liquidity directly; 
in 1977) the; ceiling allows, the. French system has come 
officially, only an increase over under attack./ Le Monde'si 
Hie year of 5 per cent. * This financial cotTedponient calls the 
sutn is considerably less than' French system.** barbarism with 
the increased loan volume which a monetarist 'face.” Olivier 
would he normal to fake Wnrm.ser. " former governor ofj 
into account French inflation the Banque de France called the 
' ~ ~ ' 'CONTINUED ON NEXTTAGr " * ' '* 


Banque de 1'lndunrie et do Travail SA.L . ; 

General Marketing and Investment co ( GEN fVC(^)- 5 A; R-L-^ 

Croupe BARTHBLEMY 

'Z 1 . . ■ xanagohent: . / jfWXwM . 

;/ - Nr. Joe.l: KAIRQUZ. Chairman anefManestnt'OIrtctOf' r0>: - 
Mr. Gabriel CATTAN, Joint Genpro! Manager 
Mr. hLidim GHORAYEB, Manager. ' 

■ ■ HEAD- OFHCt' ."j / r /.»' v'" 

v /. . t25. avenue des Ch»mps-El^5^75fl08 P3riT ■ ' 

/.a:,- • • Telephone*. 72D 2M5 & T2a“64 B4:.. v. ffif . . 

- r * " Te*?*;’ General: MIDBANK. 6V2777F ../• -fly, 

' * Vex: " N1 FOREX «H)2F . . . 

•V\ RC- Pa rrt B 3p7 337960;/.* ; - 

- :£-/..v .-./•CapTesi MIDBANK PATU5. r.'if'."-.- .rrV«5 " 


----V* P 8 ? • 


■ 5 A. su capita i de F TOiMAdOO/. .. / X ' 


/V-a- y.:.. 













10 



Financial Times Friday OctoW 13,1978 

BANKING IN FRANCE V 


>ns 




\ 


network of 

’ bank 




■MM 



Third in the world and - The regional banks collect de« Marseilles. thus directly com- therefore hardly surprising 
irst on the earth.- was the posits used to make short-term peiinq with the commercial that its competitors are begin 
jroud claim . of rhe Credit leans and they also sell bonds hanks on their own ground, uing to champ at the bit. 

'sncole, the French farmers* issued by their central institu- Even in rural areas, the bank Even the colossus itself has 

•ank. in a recent advmisins non, the Cjriise Nationale. With has extended its activities be- begun to flinch under the 

■■arapaign. The boast is based tin? proceeds 'the' Caisse ynnd farming to the financing pressure from the other banks, 

jn the latest classification of Rationale makes advances to its of any kind, of job-creating The president of the Credit 
•ne Banker magazine in Britain regional banks, enabling the venture, including even the Agricole's National Federa- 
nd the .American magazine latter to grant medium- and liberal professions. lion. M. Jean Fiquct. has 

fortune and can thus hardly be long-term loans to their mem- 


jlisputed. What is much more hers in rural areas. Thanks w ^iinnlinr 
however, is Government subsidies, .ft®. "Vast 



i*'\r 


-A* 




recently indicated that his 

,, . . institution would be prepared 

■ucstionable, however, is Government subsidies the Tast Cl to pay company and other taxes 

whether Credit Agricolc can he majority of these loans are made Moreover, its high degree of from which it is now exempt. 
„ * mp . a with any other com- at an inferest rate weft below liquidity has made the Credit on condition chat the credit 

: ‘g pfgiereial or merchant bank in the that charged by the Cfflwnwoal Agricole into the second biggest restrictions to which ir is 

^orld, or even with, tbe three banks.. v ; supplier of funds to the Paris subject were modified and that 

reneb nationalised jpants. Moreover, ^nre a cq-operative money market, preceded only by the limitations on the range of 

anque Nationale de Pari?, is by definition a non-profit the Bank of France itself, which, its activities were abolished. 

Sntia Lyon f ia *s Soe . ,ele making institution, tber- Credit according to M. Leveque, has The Government, however, is 
wwr 5 '.!. „ Asricole is entirely emiaptlrom created a highly dangerous unlikely to grant all these 

-c-ven tne .usually docile company o r payroll; Uses, situation. “When, in a single demands. While it is probable 
renen. nationalised and com- though it is subject to Va r local country, a deposit bank collects that a decision will be taken 

lercial banks, accustomed to authority business tax. " known too big a share of the total before the end of the year to 

ears of dirigisie control by the in' France as the toie pro- money supply." he said in a re- extend company taxes to the 

nvernment, notably- in . the /essionelle. cent interview, “the central Credit Agricole, and possibly 

inn of credit jjnwth ceilings. .. Although the. other/ banks bank loses its control over the ot ber establishments of similar 

'd a mixed banking system have never been happy about creation of money.'*. kind, no fundamental change in 

favours the itate-uwned the ..“green bank's” " special The CCF chairman goes even xhe credit norms applied- to the 
lal institutions, have re-. pnvifep.es. its recent rapid; ex- further than this in claiming bank can be expected. The 
> launched a campaign call- pansinn and invasion of: wore that it was because the French Authorities who, last week 
' S ■ ? . ^oftMou of Credit traditional banking -stamping monetary authorities feared the announced an ever lower money 

gncoles spedalptirileges. grounds haw caused afc outcry, great influence of institutions supply < »rowth ceiling for 1979 

The criticism Is not new, but As M. _3ean-Maxime Leveque. like the Credit Agricole that _j j J p e r compared with 

h a£ increased in intensity as chairman of the Credit .Com- they introduced iheir credit j» Der j n ] 9 ts are hardlv 

e Credt, Agnate has. mush- mericai de France- and- one. of growth ceilings in the first iit e lv to make an exception for 
omed ^t im astronomical rate, the- chief spokesmen of- the place. an institution which has such 

ie Government is shortly cx- French banking eoropiuaity, has If the Credit Agricole is a bit? influence on the money 
iBcted to announce a eeries of painted out, the. Credit powerful at home, it is also be- Sl mn|v 

pleasures affecting this banking Agricole is in the process of be- ginning to make its mark in »rh«. mnet th-tr the “ct-pph 
v.yt°r which- will’ almost ccr- coming' the biggest banking international finance. The bank ha „t » for !« LthnSa 

jinly include a. modification of evubl&hment world as is the Govermenl's main 

ie Credit Agnate's status. • the result of its privileged financial agency for promoting 

„ , • .position. . - , agricultural exports. a key role 

entacles - - The figures bear out M. given that the Seventh Plan "Pj® iJS 2 

Leveque’s fears. With. a total has set a target of FFr 20bn ^ i? 

. Created at the end of the last balance sheet at the-end of 1977 surplus in agro-food, trade by the wunfrrs P°P u * a “ on - ,n ‘ 
mtury to meet the needs of of FFr 329bn and FFr 127hn 1981. stead oC 41 P er cent M at 

rraers, the Credit Agricole is in medium and Long-term loans. Credit Agri cole’s international P reS€n L 

mutual credit and co- the Credit Agricole currently department has been fully y*- 

- . ..jerative organisation. ' whose collects more than 25 per cent operational since 1975 and is xlSHlulCS- 

■ntacles stretch to every region of total bank deposits in .France; already offering a full range of ' . 

... . id township of the country, it its capital stock has more than international banking services to . aanutted 

• basically a grouping of some doubled in five years from its regional customers, who had the obligation to pay company 
regional banks with a net- FFr^Sbnin 1972 to FFr l&9bn previously been at a disadvan- tax * s would in no way prevent 
■*■■■• "ork of as mudr as 10,000 in 1977, compared with a mere tage in this field compiared with f* 10 Credit Agricole from ebarg- 
-'anches, supervised by a FFr l.ltin to l.Sbn for each of those of the traditional com- “8 lower interest on its loans 
•ntral establishment called the the “big three" cationaHsed mercial banks. In addition, it than its competitors, thanks to 
‘••lisse Nationale de Credit banks. And its -, profits-^ has become increasingly active its much greater productivity. 

gricole, itself controlled by the described -as a “ surplus” in the Eurocurrency and Euro- According to official statistics. 

* inistries. of “Finance and because it is"a non-profit-making credit markets and has par- each employee of the Green 
griculiure. co-operative in theory— have-ti ci pa led in several commercial Bank handles one-third more 

Its capital is held by its 2.8ra more than doubled .since I975f credits to developing countries funds than his colleague in a 
■ r. embers. Though the bank can to FFr 1.5bn,' more than those related to agricultural and traditional bank. No doubt one 
. llect deposits .from, anyone it of. the BNP. Credit .Lyonnais' agro-food projects, of the main reasons for this per- 

• allowed to lend only to its and Societe Generale combined^ In partnership with five other formance is that the Credit 
■embers. To he able to borrow Freed by the Debre banking European co-operative banks, it Agricole, alone among banks, 

- om the Credit Agricole it is reforms of 1966-67 from the has created - the, United Co- can count on tens of thousands 
»t sufficient to grow geraniums previously rigorous jCgal operative Banks or UNICO of voluntary employees in its 

- i your balcony, as some of the distinctions between /com- group and now- has a 17 per local branches. That, at least, 
ink’s detractors claim. You mercial merchant . and < other cent stake in London and Con- is an advantage which the 

/ _ive to be a farmer or an in- types of banks, the -• Credit tinentai Bankers. Indeed, the Credit Agricole is unlikely to 
' ibitant of a rural community Agricole has opened branches in Credit Agricole is beginning to lose. 

/ " ith a population of not more Paris and other .big-provincial look more and more like any . n l til A 

'An 7.500. cities such as Lyons and other commercial bank and it is Kobeit Mautillier 


Money supply 

ON UNITED FROM PREVIOUS PAGE : 

. mitation of bank credit “anti- yl" 

.impetitive, anti-growth and . ,*- w * .. /: 

-bitrary.” Yet under present ';'■*• // /' 

/ editions of relatively flat loan 5 : T.-' 

?mand. the system is rather *v- 

• ss onerous than it might i-.- '■'f".. •- 
jpear, and one banker admits 

_ tat bankers like to blame the 
'.i dling f nr turning down loans 
ey would turn down in any 

• tse. 

In practice the system has- a 
jznber of loopholes. One major 
:ception to controls is the un- 
. idled right to borrow foreign 
irrency, deliberately created to 
icourage capital, inflows ahd a 
rong franc. Naturally, foreign 
-.■change borrowing by banks 
- id rompanies adds to the 
nmestic French money supply, 
notber set of exceptions covers 
3 iort credits, which are sul> 
d to a much less rigid ceil- 
g than other loans. Since the 
ginning of this year such 
ans are not wholly exempt 
om ceilings as they were in 
e past, but eyen so only 15 
•r cent of the total volume is 
vntrolied. Other exempt cate- 
^ "'iries include loans for regional 
Z w ' vdopment, energy-saving in- 

' . illations and labour-intensive 

? ans. These categories are- also 

- .empt from the statutory * per 

reserve requirement 

'enalty 

*i ; One obvious effect of the' 
ilings is to discourage com- 
.. tition among banks. New loan 
• ents cannot be served with- 
t penalty, so a bank has no. 
ason to aggressively seek new 
..■■■ posits it cannot place. How- 

' er, there has been a market • . - 

- J . . spouse to the existence of Banker Guy-Henri de Roque- beat. the system in 1974. Then, present head, ..Claude Pierre- 

■ rplus lending capacity at some maurei,' at Credit Commercial potential corporate depositors Brosselette, if market forces 

“ nks while others are strapped d g France, says “controls have were- sent off to lend directly were used to achieve the same 

./ : funds. A “desencodrement" produced a permanent change to ioan-seeVdiig companies, and goals as . the “encadrement 

.irket has grown up ander imhe operations of well admini- the matchmaker bank, in return system,” interest rates would 

-i" cinque de France supervision, gtered bankt” Supplementary for a repayment guarantee, re- have to be “as. high as 20 per 

Viere banks in excess can re- reserves with the Banque de reived a comdoission on. the. cent" to do the job. But other 
. icount their loan portfolio Fra nce have shrunk to levels business. The bank’s thco presi- bankers^ among them Aymard, 

. - ' th banks with money to lend, of FFr 600n> (September, 1978) dent seemed to feel that its argue that a system focusing on 

This Interbank market last fronLa'high of FFr 15bn in the nationalised status would save it sources rather than uses of 

- Jp offered banks with spare spring of 1974. from the supplementary reserve funds—coramon practice in the 

*V' iH i np pa Dari tv a premium of Initially, banks tried to Ignore requirement, hut instead Credit rest of the capitalist world— 

f r wrTS»nt interest over the call the restrictions. But the lesson Lyonnais was made an example, would make far more sense for 

r fnr Of the c,nvernment f R seriousness and repbrted the first operating France. '•'/'• 

Vivian Lewis 





The Societe Generale building i» Rue Halevy, Paris 



In 1977 , Credit Agricole raised 
wheat, grapes, cows and assets 

by $ 62,919,159,000? 



■ - ■ •• . \ j j j ; . 7' Jr . «T- 


Credit Agrieoie v-cs rounded in 1394 io meet the growing needs of ihe French farm 
community through o cec-?-:-c izec. cc-ooerotive conking structure. Today, with over 
10,000 branches, ^.reci* Ag-icole pio/^-o leading rois in the development and financing 
of every sector o: French cgrib'jc* r ess. 

The International Dsas'ir-e nt z ! the Caisse Nctior.c’e de Credit Agricole ICNCA1, 
operating on the interoatio-cl financial market, provides its customers with a full range of 
services regarding foreign t'a^sactions and international business. Credit Agricole’s 
dense network facilitates a'i banking operations in France for its foreign correspondents. 
The CNCA is officially associated with the principal European cooperative banks under 
the name *UNICO Banking Group' and is connected with the Swrft network. The CNCA 
finances the international commerce of agricultural products apd all related agribusiness 
operations, such as agri-industrial complexes. 

Far more information about French agribusiness and Credit Agricole International, 
write to*. Caisse Nationale de Credit Agricole. International Department, 91-93, bd 
- Pasteur, 75015 Paris, France. Tel 32C.52.02 Telex CANAGRI 2 04670 - 2 04655. 


1 •W*er 4 * 4“£S 1 Tv': —I. 


vl CRE D i T AG R I COLE 



cic group 

1500 BRANCHES 

The leading private banking organisation in France 


Credit Industriel et Commercial 


BANQUE RtGIONALE DE L'AIN -B.R.A. 

BANQUE REGIONALE DE L'OUEST - B.R.O, 

' BANQUE SCAIBERT DUPONT 
BANQUE TRANSAXL ANTIQUE 
CREDIT FECAMPOIS 

CREDIT INDUSTRIEL D'ALSACE ET DE LORRAINE -CJA.L. 
CREDIT INDUSTRIEL ET COMMERCIAL - CJ.C. 

CREDIT INDUSTRIEL DE NORMANDIE - C.I.N. 

CREDIT INDUSTRIEL DE L'OUEST - C J.O. 

SOCIETE BORDELAJSE DE CJ.C. 

SOCIETE LYONNAISE DE DEPOTS ET DE CREDIT INDUSTRIEL 
SOCIETE NANCEIENNE DE CREDIT INDUSTRIEL &.VARIN-BERN1ER, 
UNION DE BANQUES REGIONALES POUR LE CREDITINDUSTRIEL 

BANQUE COMMERCIALE DU MAROC 
B.\NQUE DE TUN1SIE 


CIC HEAD OEEICE 

66, rue de la Victoire, 75009 Paris 
Telegraphic Address : credint - phone 280.80.80 
telex 290.692 credint 
Foreign Exchange telex: 650.643 credext 

Foreign brandies 

'London. {CIC} -New York (CIC) - Bale {CIAL} - 
Lausanne [CIAL] -Luxembourg [CIALJ -Zurich (CIAL] 

Representative offices or Customer services 

BRUXELLES -FRANKFURT -LONDON -MILAN- MOSCOW- WARSZAWA 
NEW YORK-BUENOS AIRES- CARACAS - MEXICO- RIO D£ TANHRO 
SAO PAULO- BOGOTA - ABID IAN- BAHRAIN - CAIRO - TEHERAN 

HONG KONG -DJAKARTA -TOKYO -SYDNEY 


■JU.VMSC9HHI 



c 




20 



Banque.de rindochine et de Suez 





HEAD OFFICE: 96, boulevard Haussmaim - 75008 - PARIS' - teL. (1) 2tt.20.20- 
CENTRAL OFFICE* 44, rue rf» Courc*lles -7S00S - PARIS '- tel. {1) 76rf.52.12 

telex '650409 Paris' 

LONDON BRANCH: 62^4 Blshops^aic, EC2N4AR - tel. (441)5884941 


BRANCHES, AGENCIES AND'REPHESENTATIVE OFFICES 


PARIS 

NEUILLY-SUR-SElNe. 
VERSAILLES 
LILLE . 

LYON 

MARSEILLE 

NANCY 

NANTES- 

TOULOUSE 

ANTIBES 

CANNES 

NICE 


MADR>b - ; HQ.C)5-T0N - 
Gibraltar Chicago 
LONDON- RIO DE JANEIRO 
LAUSANNE SAO PAULO 
LUGANO J. : : f . 'CARACAS 

BARHEfN ‘ 

DUBAI • 

SHARJAH 

SANA'A 

HODDEIOAH. 

TAlZ 


HONG KONG 

OSAKA 

TOKYO 

KUALA LUMPUR 

MANILLA 

SINGAPORE 

BANGKOK 

PAPEETE 

moumea 

SEOUL 

JAKARTA 

SYDNEY 


SUBSIDIARIES AND AFFILIATED BANKS 

FRANCE 

Banque Francaise et Commercial* 

Banque Francaise ef Itaiienne pour I’Ameriquo du. Sud -SU.QAMERIS- 
Bonque Libano-Franf trise (France) 

Dupuy de Parseval & Cie 
Societe de Banque de I'Orlemais' 

EUROPE 

Credit Fancier de Monaco'. 

Trinkaus & Burkhardl 
Banque du Benelux 
Banque de Suez Italia S.p.A. 

Finanziaria Indasuez S.p.A. 

Banque de Suez Luxemburg S.A. 

Banque de Suez Nederland N.V* 

AFRICA 

French Bank of Southern Africc Ltd, 

Compagnie Marocaine de Credit et de Banque 
Nigerian Finance Services Ltd. 

Banque de i'lndochine et de Suez - Mer Rouge (Djibouti) - 
NORTH AMERICA 

Suez American Corporation (Investment Bank) 

Blyth Eastman Dillon and Co 

ANTILLES 

Banque Antillaise 

SOUTH AMERICA AND CENTRAL AMERICA 

Banque Francaise et Itaiienne pour I'Amerique du $ud -SUPAMER15- 

NEAR EAST AND MIDDLE EAST 
Al Bank Al Saudi Al Fransi 

Arab Financial Consultants Company (AFCC) - Kuwait - 
Banque Sabbag et Francaise pour le Moyen-Orient -FRAN5ABANK- 
Banque Libano-Fran^aise S.A.L. 

Ulusiararasi Endustri Ve Ticaret Bankasi -UTEBANK - 
FAR EAST 

Indosuez Asia Ltd, Hong Kong 

0CEANIE 

Banque de I’lndochine et de Suez - Nouvelles-Hebrides - 


EOF® 

ELECTRICITE DE FRANCE 

An important 
investment programme 
, to meet 

a growing consumption. 



1 96& »70 Vfb 1977 i960 EV6 

El Fimi»e □ Fr-wrfi ***:tric rcnyjmntan 


r 


Operating Revenue • 

3L3 

35.7 

Construction ExpentRures 
including 

112 

142 

Nuclear Power Stations 

4.9 

6.5 

^ Nuclear Fuel 

m 

m 


Reducing dependence on imported energy -particularly as far 
as fuel oil is concerned- is certainly one of the biggest concern of 
many industrialised countries. EDF has been charged by the Govern- 
ment with implementing an important nuclear construction program- 
me: with a nuclear generating capacity of more than 35 million 
kilowatts available in 1985, . the. electricity produced from nuclear 
sources will account for more than. 50% of all French electric power 
requirements, or 20% of the domestic consumption of primary energy. 


— s<- 


Tv OBTAif I AutfTlCil-L VSCM-VQION ON THE ACTIVITIES Of EOF, 
Pi EASE CONTACT-: 


FINANCEMENT - TRESORERIE 

2. P'.'r. LOUIS MURAT - PARIS CEDE''. Cc- • FRrMCt 


A 


Name 


Occucofaw 


Address: 


T 


Financial Times Friday October 13 19 T9 

BANKING IN FRANCE VI 


..h 



Co-operative 
to spread their net 


out 


THE YOUNG housewife 
breezily healthy and obviously 
prone to none of the ills which 
beset the Parisienue as she 
battles for a few square feet of 
gravel nr sand- on which the 
children can play, waves her 
cheque-book cheerfully in the 
air and heads for the local 
market, the wind gently catch- 
ing her blonde hair. “The 
region, 1 ’ she proclaims as she 
sets off for her wholesome 
expedition, “that means some- 
thing to me." 

This is the scene, duplicated 
by a cheerful mechanic or a 
manifestly un-pressured young 
executive, which for months 
figured prominently oo the 
walls of the Paris Metro. The 
advertisements were for the 
institutions collectively known 
as the banques pnpulaires, 
which are a regionally based 
system of co-operative banks, 
and which have recently been 
mounting an ' extensive 
campaign to boost their base 
of deposits from the general 
public. ■ 

Whether they have succeeded 
will emerge when their 1978 
figures can be. worked out, but 
what is certain is that they play 
an important role in the French 
hanking scene. 


in the operations of the banks. 

After World War J the banks 
mushroomed, and it was more 
or less at Government pressure 
in 1929 that they created a cen- 
tral regulatory and representa- 
tive authority. • 

Eventually the banks 
acquired the right to grant 
loans to their members to buy 
property, and they have been in 
the market for personal financ- 
ing of civil servants, members 
and salaried staff for more than 
15 years. From the structural 
point of view the main event 
was the adherence to the group 
of the specialist financing 
agency the Credit Hotelier (dis- 
cussed in the article on serai- 
state institutions) since this 
brought to the banks' tradi* 
tional short-term financing the 
capacity for medium and long- 
term financing. 

The main source of funds Is 
deposits which amounted to 
FFtb- 47 bn at the end of last 
year. The banks also have the 
right collectively to raise money 
on the fixed interest market for 
on-lending to artisans and they 
also constitute one of the chan- 
nels for the distribution of 
Government funds. 


r.'^gy Vi yx'"'* ’ ' I -T 


"WWW 


C7-C w ■’WSTT- 



The Banqtie Nationale de Paris building in the Boulevard des Italians, Paris' 


Exclusive 


Briefly, their characteristics 
are their regional base — there 
are 37 such banks each with an 
exclusive regional territory: 
their po-operative structure: 
their speciality in financing the 
most, small-scale of industrial 
activities (enterprises employ- 
ing fewer than 10 people are 
dubbed “ artisanal “ in France); 
and the fact that this financing 
is mainly short-term. 

They also serve as sources of 
finance for smaller industry 
generally, but their “mission’* 
as far as the Government, is 
concerned is to help • the 
artisan, and they have an 
important function in 
administering and disbursing 
Government funds placed at the 
disposal of this secTor. 

The hanks began about a 
century ago. but their current 
shape beean to be formed in 
1917 when they received a 
specific co-operative status from 
the French Parliament. At this 
time as well began their, vital 
co-operation with the societies 
de caution mutuelle. groups of 
companies in the same 
sector brought together at 
departmental level to act as 
guarantors for loans. The close 
relationship with these 
mutuelles is still a vital element 


banks’ own resources. At the ing jobs and maintaining a “central”' bank in the . shatf 

— . , . . .. end of last year such tending degree ..of activity at the of the Caisse Centrale di 

The size of their deposits totted up to around FFrs 32.6bn regional level. - Banques Popularies. whii 

make these banks (including a D f which some FFrs 168bn was The group has taken some manages the surplus cash 

2? short-term. recent initiatives in this the group and is active on t\ 

Membership of the group direction, notably, by creating national and • iaterantlon. 

seems stable. The members in each member bank a special- money market and the.financl 

pay 10 per cent of their net bureau to deal with would-be market Zt also disposes of . 

profits into a special safeguard business creators; Each bank range of central technic^ 
fund to come to the rescue of iy also sponsoring a com- services, 
the Credit Armcole the three- in difficulties: As each petition to find : the most.. Reinforcing their activities ( 

S&££Sx h!3S i S the field of smaller indust*. 

Crfidi* Industriel et Comraer- and 

<?*■ ,I h 5j ep 2?' 5 '"»>}?& mergers' are on the cards, 

bad grown to FFrs 52bn by the 


institution to finance members 
of the education service but ex- 
cluding the resources of the 
Credit Hotelier which bas no 
deposit hase) the sixth lareest 
in the French hierarchy after 


are ; no new will be rewarded with financial the tenks .have a subside 
no immediate subsidies and mankgejhent call p d which exists r. 

provide funds to compani- 


assistance; 


end of .July 1978) are composed The role of the banks' in Since these ideas were suffering, from - a seve:; 
roughly as to two-thirds from artisenal financing; is. likely to launched last April the banks deficiency of capital Interve- 
in di vidua Is and one third from increase. It is understood . that claim that, they have dealt with lion ranges from the taking >; 
companies — the proportion for the volume; of FILES' lending around 1,000 ..potential 'new' minority participations. to pe 
lending is almost exactly the re- they handle is likely to double businessmen and have actually sonal loans to company'beacte 
verse.' to around FFr 4bn, and ip helped some 150 projects to get The glo^ brochure of th 

The financing of artisanal ret M»* for this Increased busi- nnder way-most orthettLln Groupe des Banques Pbpularir 
activities is. as has been em- ness 1°° whiefr the, banks- earn fact in the service rather than piu^inis proudly that they *6 
phasised, central to the raison commission) they are. being, manufacturing .sector. “banks .without bankers.” Tht' 

d’etre of these banks. At the 4®“®^ to commit more. of tiiqir While the collective weight refers at boce to a juridiete 
end of last year they had some own funds , to the .same, sector <jf the hanks is. 1 substantial, . structure ixL- which the- client: 
FFrs 4.5bn outstanding for this at favoured rates of Interest , s individually they are small, are also the members but al*. 
purpose. Of this some This move is in ‘ line with The largest is -the Banque t0 the eeeessibtiityofthe bank" 
FFrs 2.1bn was in the sbape of the policy being pushed by the Regional d’Esconjpte et de p, the ; “small man” and the? 
money from the Government Government to encourage the Ddpfits which -operates to. the determinedly regional character 
Economic and -Social Fund creation of new businesses. of. Paris and in Normandy 0 f institution. While the 
FDES distributed by the banks; particularly in the manufachir- boasts -some 166 branches, management of FFre.50btf in 
some FFrs 655ra represented ing sector, this- being regarded 0nl J . one °^ er bank • deposits ^canlbardlFv.fce. /called 
money raised on the fixed in- as an essential generator of Banque Papula ire du Centre, work for amateurs, there is no 
terest market for on-lending: employment. The Government based in Limoges, can show doubt that these banks do repre- 
and some FFrs 1.7bu was cash i s reasoning that big business mnre t ba n 100 branches end Hie a linjt with a sturdy local 
from the banks’ own (deposit) ( s „o longer a creator of jobs average is somewhere below 50. -patriotism which is one of the 
funds. To this must be added because of the demands inter- The group, apart from its characteristics of the citizens of 
the FFrs 813m lent to artisans national competition makes oti cehtral regulatory and repre- this centralised tail immensely 
for property.- purchase. costs ani f productivity. • Hence "sen tative body, the Chambre diverse couhny. 

Lending other than to the it is the small man - who lfiust Syndicate des . Banques n • j r 

artisan sector comes but of the perform the dual role of creat- ^PojmTaires, also -has its own. UaVKl LUtfy 


Direct stake in industry 


THE FRENCH Banque 
d’Affaires is a very different 
animal from a British merchant 
bank, mainly because of the 
important part industrial share- 
holdings play in its business. 

It also differs because there 
is no longer much legal distinc- 
tion between the investment 
banking and commercial bank- 
ing sectors. In 1966 deposit 
banks were allowed for the first ■ 
ime to take deposits of more 
than two years’ maturity, and 
the Bnrttjuer, d‘ Affaires to take 
deposits of less than two years. 

Both classifications of banks 
have a big rote as industrial 
shareholders, the one lingering 
difference being that deposit 
banks are limited to a 20 per 
cent maximum stake in any 
one company. 


Burden 


But even with minority 
nterests. French banks are 
accmtomea — rn borrow one 
hankers euphemistic war of 
putting ir — to accepting much 
of the burden of responsibiliiy 
in directing a company. The 
biggest private banking groups, 
n particular Paribas and Suez, 
are cornerstones of industry. 
Behind them come a group of 
other private banks such as the 
family run Banque - Vernes or 
the Dutch controlled Banque 
Xeufiize Schhiraberger T Mallet, 
mare specialised but with 
mporrant spheres of influence, 
especially when it come* to 
takeover* and company 

reor 2 ani»at:nn. 

Sinre i*ip i&rr hank laws, 
known n~- the Debrf* Reform*, 
mast bank- have opened public 
branche*. But where the 
nationali-ed hanks such as 
Credit Lyonnais still draw their 
revenue mainly from straight- 
'orward bank lending opera- 
ions. the Btintjues d' Affaire*. 
run on much tighter costs, draw 
their* more from other source*, 
notably commissions, foreign 
exchange operations and port- 
folio revenue. 

In »bi« <en«e the distinction 
s still marked, barring a bor- 
derline case like the private 
sector deposit hank credit Com- 
mercial De France. 

The private banking groups 
re a pretty diverse lot- Only 
Paribas has a balanced *ct of 
merest*, in sieel. in the 
Thomson-CSF Electronics 



The foreign exchange rates board m the Paris Stock Exchange 


group, in the Total oil group, 
in Pechmey-Ugine-Kuhlmann. 
in a number of banking 
interests in France and abroad. 
The Suez group is also well 
spread but with a preponderant 
22 per cent shareholding in 
Saint - Gobain - Pont-a-Mnussnn. 
the glass and chemicals com- 
bine. France's largest private 
industrial concern. 

The other* range from those 
with particular sectors of 
interest, such as Banque Worms 
m shipping and insurance, to 
banks which revolve aruund one 
particular industrial group, 
such as Banque de 1‘Uniun 
Eurupeenne. part and parcel of 
the Schneider steel and engi- 
neering combine, headed by the 
Belgian Baron Edouard-Jean 
Empain. 

Lazar d Freres. with interests 
in insurance, consumer credit 
and property, is the only one 
which conies close to the British 
Idea of 3 merchant bank. 

The relationships between 
banks’ shareholding and purely 
banking interests are variable. 


often complicated and some- 
times controversial. There are 
holding companies which con- 
trol Banques d'Affaires, banks 
which . control holding com- 
panies, deposit banks which 
control merchant banking 
Interests, complex mutual share- 
holdings and shared interests 
between different banking 
groups such as in the consumer 
credit bank Compagnie Ban- 
caire. 

The French Rothschild group 
has just changed its structure 
around with a reverse take-over, 
suppressing the figurehead 
Compagnie du Nord, a holding 
company which was buiif up on 
the railways before the State 
took them over and which was 
quoted on - the Stock Market 
Banque Rothschild now assumes 
Compagnie du Nord’s former 
position, giving the group a 
stronger emphasis on the -com- 
mercial bankine side. 

The banking gronps are 
highly sensitive about The word 
•* empire.” Cie Flnanciere de 
Suez, holding company o£ the 


Suez group, says it takes a back 
seat as far as day-to-day 
management, investment and so 
oh; .are' concerned.- in Saint- 
Gobain-Pont-a-Mbusson or the 
sugar group Beghin-Say, where 
it also has a key shareholding. 
On the other band it' was Suez 
which thought . up and 
engineered the merger between 
Saint-Go bain . and Pont-a- 
Mousson In the first place. ' 

" The growth oT Suez holdings 
in the last. IS years — holdings 
it is now concentrating op sim-, 
plifting rather than expanding 
— has been remarkable^ -The 
company is a descendant of the 
Compagnie Universelle : du 
Canal Maritime de Suez, set up 
to., build and run De- Lesseps’; 
venture.. In T956 nationalisation - 
by Egypt left ii.with indemnity 
rigfrts. its present building 1 in 
the- discreet Rue d'Astorg. te 
Paris, and a portfolio collected 
as a pension fund- for canal em-. 
ployees. it seriously considered 
disbanding. _ 

.In March "this -year it hearty 
disappeared again. The Left’s 





election platform on nationalisa- 
tion, which Suez believes would 
have been " unstoppable,” 
would have taken ail its main 
interests, including the banks — 
Indosuez and the clearing bank 
"Credit Industriel et Commercial 
— and the most important in- 
dustrial, shareholdings. . ... 

Like Paribas. Suez has 
separated its holdings and 
banking operations. Although 
companies in which it- bolds 
shares also often rely .on the 
group's banking services, it does 
not insist that they do so. .For 
instance, Saint-Gobain’s- 
banker Is the Banque Nationale 
de Paris (BNP). Ste Lyoflnalse 
Des Eaux,.a public utility which 
is another big Suez interest, 
has close connections - with 
Credit Lyonnais. “Why double 
your risks?” : argues Suez. But 
separation between -sharehold- 
ing- and purely . banking in- 
terests is .not necessarily the 
general rule. 

- The banks .which can most 
convincingly claim not to be 
building industrial empires are 
the three big . State-sector 
deposit banks, although all have 
Banque d' Affaires offshoots. 
Banexi, a 1 0-year-old subsi- 
diary of JBNP, says it regards 
hone of its industrial holdings 
as permanent Its very mixed 
collection of small interests 
have often been taken with a 
specific. aim. such; as averting an 
imminent foreign takeover. It 
has also been closely involved 
in a shareholder reorganisation 
at Ltesieur, the leading French 
edible^ oils ferbup. 

The holdings of a bank like 
Banexi. about FFr 400m In 
shares, and almost the same in 
property, place rt in the lower 
rank, but the bank claims -> 
unique role in its active 
mergers and acquisitions divi- 
rion, which now bas an inter- 
national section with repre- 
sentatives In London -and New 
York. It is currently handling 
a large number ’ of- portfolios, 
including some opened by lead- 
ing industrial groups. .. : 

’ Banexi. says it ter -independent 
of direct Government influence > 
in this respect -But. ft may be - 
guided by what it senses as its/ 
“duty” .or as the economic 
role of its parent bank. 

By -a Correspondent 

• • • it .. 

r.v^r ■ • — 


■ 


r 
> . 


( 




















Financial -Times Friday October 13 1978 

Cinema 


Every colour tells a story 


by NIGEL ANDREWS 


w. 


x. 


V.Z 

i 


n* 




h 

% 




ffL:'?*ss?sA?H aa 




Luduic (A) Screen an tbc Hiil 
W’flrd Is Out (AA) Scala 

divers (X) 

Film (lent.-, and selected release 
Vlolcire ct Francois (X) 

„ _ Gaia Rusal 

Blood Rriathes (X) 

Scene. Studin and Screen an 
Islington Green 
Pete's Dragon (L’> 

Odeon St.* Martin's Lane 

Winner of the Understatement' 
it-ihC'Vear award: “ Wc'vo 
ilwavs known thaL Ludwig was 
bit eccentric." Tlie speaker is 
* r, m> Schneider a-s Eli-.ahi.-th of 
Vustria, the Ludwig referred to 
s Ludwig of Bavaria. (played by 
lelmut Berger) and the film is 
. . .uchino Visconti's six-year-uid 
£\-'in-pie of the German king. 

J:. Catling Ludwig eccentric is. 
J ■ «f vourst*. like calling Lurrezia 
' lorgia inhospitable: the truth is 
■ ' <iot half laid. 

But Visconti's film draws Its 
from the 

■,7 J'"i mai ii iaM» Liuu'A'lj! (full C 

•j&.mouslj- So seriously indeed 
process of 
on: .that 

oiinii. that self-styled Marxist 
real-life aristocrat, that seif- 
jitvled Classicist and closet 
n nun lie. is farina ted by the 
fe of a man whoso social 
jonscience was annulled by mad- 
ess and who - lived out his 
ersonsF dreams with The free- 
i.'om bequeathed hmi hy total 
--mwer. 


n 


i f > , .j • . »v- t>ui v isconn s rum a. 

*■**“" ■■jy*./’ .iitrcnnlh and passion -fi 
- • *'r • '■ ■ fi.art that it takas Ludw 
* * jLV:? ' *ji,enouslj . So seriuusl 

"• * ifti* • ;Lto( 00,1 suspects a r 

ndeniifiration is. going 


as c-zry « ■ && W<* nd 


y 


1 first saw the film several 
years ago at the London Film 
Festival, where it seemed long, 
slow and prodigiously encum- 
bered hy sets -and .'costuiiiery. 
Perhaps it was' ahead of its time, 
or 1 was behind inioft fur it cuw 
looks quite remarkable. Com- 
pared to IfeiH-Jurgen Sybcr- 
berg's Brechtian collage Ludicin: 
Retfuiem far A Virgin the 
ireaimeni is fairly orthodo* and 
the film's sumptuous naturalism 
might lure the unsuspecting Sim- 
pler into comparisons with a 
TV classic serial.' But- Littfienj 
is in a different world; not- only 
in the fabulous richness uf 
Visconti's colour sense,,, but in 
the feeling that behind that rich- 
ness there is real passion. From 
{laming reds lo dying oranges to 
sickly greens, every colour acts 
a mood and tells a story. 

Ludwig himself, of course, i* 
the iragli* hero par excellence: 
nalur.il nobility and- sensitivity 
fisht : ng j losing battle with those 
" vicious runic*, of nature " that 
destroy him from within. Helmut 
Berger, a variable actor before 
and since. seem*. to have inside 
a leap of commitment, to this 
rule. His pale, beautiful face, 
with raked eyebrows and a slight 
prissines-s of the. mouth, -has a 
startled magnetism Ihatholds the 
c\r through all the. stages'. of -his 
disintegration: begin aim: as the 
handsome m on a rch- prodisy 'and 
declining, by -slow decree?; to n 
sallow, puflfy^heekffli. . fug u tive, 
shutting himself in his Brobding- 
nagian rustics against the depos- 


■iS5i£ 


ing importunities nf his govern- 
ineni. 

Fliitmg in and out or. his life 
arc Trevor Howard as Richard 
Wagner |not so daft a piece uf 
casting as one would think], 
Silva na Mangano as Cussima 
Lizs;-Yon Bulow-Wagiier. John 
Moulder-Brown as Ludwig’s mad 
brother Otto, and Mis.s Schneider 
as Klisahrih of Austria. 

Schneider .shares some 
moments of uneasy would-be 
romance with Ludwig to the 


Entertainment Guide 

appears oil Page 12 


accompaniment of strained 
strains from rrodax and Isolde. 
(Theme tunc. elsewhere is Town- 

ha user’s •• u ju. mein holder 
Abendstern.") But everyone 
knows that Ludwig was really 
keener on the boys, and scenes 
of silent v earning with a servant 
in a firelit hunting lodge . or 
watching a midnight bather in a 
lake link this film indissolubly 
to Dcnth in Venice. The whole 
niOMc indeed is informed by a 
sense of closet desires: some- 
times released, sometimes nnr. 
never quite happy even in their 
fulfilment. Ii is not Visconti’s 
greatest film, hut it is one of hi« 
most personal, powerful and 
deeply fa.n-tnating. 

★ 

Winner of the Compliments- 
One- Would - Rather -iNot-Receive 


award: " f fell for her imme* 
dial el y. Her eyes reminded me 
of my dog Snoech." I am not 
Miiutihg exactly, and the dog may 
.sue me .for misnaming It. but 
the gist is there of rho funniest 
line — spoken by a young Les- 
bian in Word Is Out. This 
humane and admirable docu- 
mentary was made by the Mari- 
posa Film Collective, based in 
San Francisco, and is a two-hour 
anthology of interviews with aav 
men and women. The 26 homo- 
sexual* who recount ‘heir life- 
stories for us range front a plump 

Lesbian comedienne In a gay San 
Francisco politician to a 70-yea r- 
old male couple living happily 
ever after in rural Xew Mexico. 
Without preaching at us. the film 
suggests linn gay people have as 
much right to. happiness as 
heterosexuals, and pinpoints a 
few ways in which society could 
help them find *V 
♦ 

Famous Last Words award: 
“ It's all so lovely. . I never 
dreamed that our exile could be 
so romantic.' 1 No sooner has 
Bril Eklaud. as the Swedish wife 
or a German self-exiled to 
Africa after killing a man in a 
duel (the year is 18S4i. spoken 
these words than all Hell erupts 
around her. 

The film Is Kfarers and if you 
cannot look with equanimity on 
the idea of Trevor Howard as 
Richard Wagner, try savouring 
him here as a British expatriate 
who has apparently bought up 
most of Africa and enjoys a 


IK 


•/■J- ??. - v -. :* : >Vs .-J -V - A 

e . *. V' ."-"-/-r 5 v . .{ '■ J . " " • =-■•./- V .* •• ... . 

• • • ‘-i-. - _ r- Z .T • •. . 


V ..AvA'A*'. '•*. '•*.- 
‘-j • - ■ ha&Lsp* i> r- >/ 



prolonged feud with Arab slaver 
Ray MHIand. who spends social 
afternoons with iofiuential white 
ladies shooting nccroc* fur 
sporL Caught in the civil turmoil 
are Ron (Tarzani Elv as 
Howard's long-iosr nephew' .Miss 
Ekland. .who quickly loses her 
husband in a boat accident and 
a* quickly reptace> him with 
Mr. Ely. and Cameron .Mitchell 
ak a snarling slave-owner. It is 
all ridiculous and ridiculously 
enjoyable, and Jurgen Collar 
deserves some kind of triple 
laurel for haring produced the 
film, directed it and played Miss 
Ekland*s lU-rated husband. 

Isabelle Adjani, ihe rising 
French star who displayed so 
few signs of animation in Driver, 
makes. up for her marmoreal 
Hollywood debut with a lively 
performance in the French film 

Violette et Francois. This is 
better than the average fare 
served up by Uie Gala Royal, 
although SUM no masterpiece. The 
kooky adventures of two mutu- 
ally enamoured shoplifters zig- 
zag agreeably between comedy, 
suspeocc and “drama." and Mile. 
Adjani, letting her hair down 
for the first time since Pulanski'< 
The Tifnant. gives a skittishly 
brilliant performance. Elastic 
wonders happen to that tong, 
pale, pre-Raphaelite face when 
she turns, on the emotions — 
laughter or tears— and she trills 
and flails through the film as if 
auditioning to play France's 
answer to Shirley MacLaine. 
It’s an - enchanting performance 
that deserves a better, stronger 
vehicle. 

* 

Claude Chabrol's Canadian- 
made Blood. Relatives has one 
redeeming merii only : the 
rangy, sombre performance of 
Donald Sutherland as a New 
York detective trying to solve a 
nasty mutilation - and - murder 
case. Elsewhere Chabrol's direc- 
tion of this Ed McBain thriller 
looks like beginner's work. The 
unimaginative mise-enscene is 
compounded by ghastly dubbins 
(Stephane Audran speaks what 
seems to be fishwife Brnok- 
lynese).- and by much ketchup 
and overacting during the scenes 
nf violence. David Hemmings. 
Donald Pleasenre and Micheline 
Lanctbt also star. 

* 

Finally, for children and 
Disney addicts only. Pete's 
Dragon. That never-too-happy 
technique of mixing animation 
and live characters is used here 
in a tale about a boy and hls 
pet drajjon and the consternation 
they cause in a quaint fishing 
village called Passaraaquoddy. 
Helen Reddy. Mickey Rooney. 
Jim Dale and Shelley Winters 
are among the stars, but their 
combined actins and singing 
talents are powerless to redeem 
a story long on whimsy and short 
on wit. 



i.iviiitfd Burt 


Jane Lapotaire and Zoc Wanamaker 


The Other Place, Stratford-Upon-Avon 

Piaf 


by MICHAEL COVENEY 


There seems to be a glorious 
incongruity to the Royal Shake*.- 
peare Company performing a 
.-.hort-hand biography of Edith 
Piaf in their Stratford studio. 
But Pam Cl* ms's fast and snappy 
account of an indomitable 
feminine spirit proves an irresis- 
tible show-case for a spring- 
heeled company and. especially, 
a devastating performance by 
Jane Lapotaire. 

Miss Lapotaire embodies a 
quality of bright-eyed effer- 
vescence and forthright sexuality, 
while KTiss Gems supplies un- 
erringly appropriate dialogue to 
see her through a succession of 
snapshot encounters with luvers, 
agents and colleagues. 

Showbiz biography is a danger- 
ous game in the theatre, but 
here the actual narrative, with 
its ascent from the gutter to 
stardom and drug - infested 
decline never omits to emphasise 
the strong spiritual consistency 
of the heroine throughout. 

In an ideal studio setting, with 
ribbons of red nenn light 


decorating a bare platform, and 
actors quick-changing id full 
view behind a lively duet of 
piano and accordion. Howard 
Davies's Brechiian production 
leaves the audience to Hesh out 
the bare but not »n brittle bones. 
The songs, too. play their part. 
"La Vllle la con hue,*' for 
instance, is neatly slotted in 
after a quick tour of the Parisian 
underworld and a- suggestion 
that Piaf's criminal connections 
were a useful springboard to 
her career. 

Miss Gems has studied the 
Cockney vernacular, so there is 
a nice double ring to the nick- 
name. And there emerges a 
strong sense of Piaf's in- 
dividuality as an expression of 
class pride and a spur lo her 
contempt for both the popular 
music industry and the inevitable 
hangers-on. • 

The company is in fine fettle, 
with excellent support work from 
Zoe Wanamaker as Pinfs prosti- 
tute buddy. Tan Charleson as 
her manager. Anthony Higgins as 


a hapless Italian pressed into 
service on >tagc and off, and 
Malcolm Storry popping up all 
over the place with almost dole- 
ful regularity. 

Miss Lapotaire sings beauti- 
fully. tike a sprcadeagled sacri- 
ficial sparrow, and there is a 
wonderful company encore with 
" Les Trois Cloches." 

National Gallery staff 
art exhibition 

A display of art by National 
Gallery staff, wilt be on view to 
the public In the Boardroom of 
the National Gallery from 
tomorrow to Sunday October 29. 

This is tbc third public exhibi- 
tion of paintings, drawings and 
sculpture by people who work at 
the gallery, and includes contri- 
butions from the warders, office 
staff aQd conservation and publi- 
cations departments. It is being 
organised by Francis Hill. Head 
of Security at the National Gal- 
lery. 


•» '. *tt ~ V ' 


Coaches arrive ai the resort of Bad Ischl in Visconti's ‘Ludwig* 




trv 


: estival Hall/Radio 3 



by MAX LOPPERT 



?■ ■ 


* 


S?? 5 1 



Gennadi Rozhdestvensky's first 
estival Hall cuncert as chief 
onductof of the BBC Symphony 
.'irches Ira on Wednesday was a 

• rilliant affair. The orchestra’s 

• espouse to his masterly com- 
:.i uii ica live powers is already 

: ppreciablc; it has sloughed off 
ic tired, lacklustre form of 
ecent months, and is already — 
n the evidence of the two roof- 
aising Prokofiev works in the 

- royranmie. and of the Elgar 
ccund Symphony, which closed 

,-i — on the way to becoming a vir- 
aoso ensemble of. the beat and 
lost musical kind. 

. And thank heavens for the 
... ;BC! In these cheeseparing 
“rchestraJ days on South Bank, 

- rom what other source could we 
•' xpecl a programme with two 

Tokoficv rarities, one for an out- 

• izc orchestra and one for a 
izarrely composed one. on the 
anic bill'.* The problrm of set- 

' ing up the Otiv to r/ie end of tear 
with its collection of double 
asses, eight harps, four pianos. 
■- ercusslon, and three each of 

• axupbones and tubas as specialt- 
ies in a largo complement of 
rass and wind! after a perfor- 
mance of the Second Symphony 

ecessitated a 20-minute interval 
. : fter each work. Though the cun- 
-ert was long, it was richly 
awarding. 

. - .- The Second Symphony, is a 

• iroduct of Prokofiev's Paris 
ay si one of his massively grind- 
ing Futurist compositions — a 
tructure of "iron and steel" was 

■ is expressed intention. It .was 
shock at the time; but now 
' hat the shock-value of the com- 
. v loser's vast forces granting and 
■eaving with baleful, . night- 

- Elizabeth Hall 


marisb energy has lessened (if 
not completely disappeared), one 
can. as it were, hear the music 
behind the manner. 1 find the 
symphony a. less satisfactory 
whole than the later Third (based 
on* The - Fiery Angel i: the 
fascination of the orchestral tur- 
bulence sometimes Tails lo con- 
ceal a prosaic, . note-spinning 
quality to the invention — this is 
particularly noticeable in - the 
middle variations of the second 
moveoienL Nevertheless, it is a 
work that stirs and provokes the 
Imagination, especially in so cun- 
ningly controlled and glowingly 
played a reading. 

The orchestral Ode, written in 
a spirit of national celebration, 
is at once a much greater 
curiosity and a much lesser piece: 
its neglect Is not surprising. The 
experiment* with bright cutting, 
scintillating timbres carry a cer- 
tain degree of fascination, until 
one brains to realise that the big. 
demotic rune disgorged by the 
clinking and chinking is a banal 
thing, heside the hest oF 
Alexander Pier sky and War and 
Pence. It lends the whole enter- 
prise. an air of specious 
grandiosity. 

Not • Ihe least Interesting 
Tealurc of the concert was the 
performance of the Elgar sym- 
phony. The feeling of a dis- 
tinctly equivocal El'garian. that 
he had never before enjoyed the 
work so much, could perhaps be 
taken down in evidence against 
the performance: Tor much of it 
bounded ravi shingly beautiful, in 
a.flowingly Chaiknvxkian manner 
— the best Russian cantabile 
style of Chaikovsky, that is— 
that placed greater emphasis on 


the " lyrical character of the 
themes than an their capacity 
for ' symphonic development 
f doubtful in any case, in my 
view). -..‘What is unarguable, is 
that Rozhdestvensky possesses, 
at the end of those simian arms, 
twp of the wittiest, most precise, 
most expressive hands of any con- 
ductor before the public; and 
that his installation at the BBC 
is the very best thing to have 
happened to the London orches- 
tral- scene in a long time. 

A- brief word of welcome for 
tl** veteran French organist 
Jean Lang la is. who. as a prelude 
to his series of full-length 
organ recitals at St. Paul's last 
night .and for the next few 
Thursdays; joined the Festival 
Hall early-cveninq recital roster 
on' Wednesday. The 'programme 
of : Couperin (Louis and 


Francois) and Daquin. all three 
played with the commanding 
dignity and spaciousness of 
utterance that is a hallmark of 
the French organ tradition (and 
for which some early slips of 
execution were of. - smalj 

account'). 

The blind organist their played 
four of his own compositions, of 
which the Visions proptietiques 
were particularly noLable . for 
their . portentously .plied 
harmonies.— Frank Martin 
asperity crossed with Messiaen ic 
fervour. At the end. another 
greatly distinguished French 
organist present in the audience. 
Andre Marchal, provided his 
former pupil with a theme for 
improvisation. A purist might 
object that Mr. LangJais used the 
theme' more for colouristlc than 
for contrapuntal ends: hut it 
was a remarkable demonstration 


BBC music commissions 


The HBC is continuing its pro- 
gramme. of commissioning new 
compositions, and Its plans for 
this autumn, for the BBC Sym- 
phony Orchestra include many 
such works. In its Festival Hall 
concert.': on November 8. Witold 
Lutoslawski will conduct the 
British premiere of his Lea 
espaces du aommeU; on Decem- 
ber 3 there will be world 
premieres of Iwo works by 
Webern; and on December 10 
the BBC's new chief conductor. 
Gennadi Rozhdestvensky. . will 
present Conttw to the mcmorti uf 
Beniamin Britten by tus fellow 
Ruasian, Arvo Part. .. 


On March 21, 1979. there will 
be the British premiere of Elliott 
Carter's Symphony of Three 
Orchestras and on April 
Rozhdestvensky will introduce to 
the UK. the overture Columbus by 
Shostakovich. 

This season the BBC will not 
be hoidins concerts at the Round 
House but instead there will be 
six concerts at the London- School 
of Music featuring, modern 
works.' The Monday lunchtime 
concerts Hi St. John's. Smith 
Square, will . conceotraie on 
works 5y Bartok and some of the 
rarer Haydn quartets. 


Israel in Egypt 


by NICHOLAS KENYON 


: At the end of Part One of 
' fende!* Israel x'« Egypt, the 
■ islener Is apt to Feel like ah 
SgypUan on whom the Red Sea 
' laa just rebounded. He has been 
•ugulfed hy wave after wave of 
passive choral sound; eight eon- 
inuous numbers, with not a 
'noment's^ respite; the effect is 
isually overwhebning. and about 
; is varied as a succession of 
crashing waves. 

• .John Eliot Gardiner, directing 
.ib . Monteverdi Choir .and 
Orchestra on Wednesday, 
-ndnaged to turn this . into , a, 


compelling, splendidly ■ paced 
sequence. He made the choruses 
continuous, moving straight From 
the torrent of hailstopes through 
the . pall of darkness to the 
smiting of the first-born. He 
■characterised each boldly, and 
inade them "work Towards the 
fury of “But the waters" (with 
pounding drums) and through 
that to ..the -massive solemn 
chords of " And Israel saw that 
great work." 

-The Ugbt-knit choral texture, 
which had threatened to sound 
desiccated (and rather eatbedral- 
ish, with its male altos) proved 


an ideally efficient Instrument 
fur Gardiner’s ideas; They re- 
lieved his endless and Invigorat- 
ing rhythmic energy better than 
his subdned fervour; the final 
affirmations of Part Two were 
razor-sharp, brilliantly lit, while 
fhe quieter choruses were un- 
easily slow, emotionally with- 
drawn. Perhaps some insecurity 
In the orchestra, which was not 
throughout un the level of sophis- 
tication we have come to expect 
from this. group, detracted from 
ibe-effect. The choice of assorted 
choral . singers as soloists cer- 
tainly did — however good For' 
morile • and for the encourage-- 


ment of young talent, this pro- 
cedure made Pari Two sound 
uncomfortably like a school 
speech-day concert, emphasising 
the dJffusenesk and lack of In- 
spiration iu this section of the 
work._ : • 

A pity, because Gardiner other- 
wise steered a successful course 
between a small-scale perform- 
ance which might welt have 
lacked grandeur, and -those huge 
traditional accounts of this ever- 
pqpular work which used to 
announce proudly that the duet 
“The .Lord- is a man of war" 
would be sung jjy 400 tenors and 
basses- Those were the days..;. 


THIS ANNOUNCEMENT APPEARS AS A MAHER OF RECORD ONLY 


SIR 


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Financial Times Fridayr^Ocfeljer fl? 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P *jfc¥ 


Telegrams: Flnantimo. London PM, TelcE.lWHI/Zt IWW7 
Telephone: 81-248 8008 


Fridav October 13 1978 






. ■ ,; w ;? 


Two 



By ANDREW WHITLEY, Tehran Co rres pb rftfent 


1 V-3 ’ 


cases 


T HE most OPTIMISTIC average bemused citizen be- might hare won that battle to 
assessment', a senior comes inured to daily violence prove his sincerity and autn- 

diplomat said, “is that the bas been raised dramatically. A or jP''- 
Shah is fa a carefully controlled tolI f , . , 30 m action b> the martial law 

■tide downbilL until he reaches aeaui lou . DI 81 Ieasi * authorities in attempting to 

a new level which he can main- pas J; f ® rl ? lgbt has been accepted fQrce flll j censorship on the local 
Bul wtSe tL western with little surprise. Since re press-in flat contradiction to 
uiui. uu v . , CTrppf nolenpo Thp Sirah i ■ 


WlUiC uic ncotciu _ . , ^i__ i r — - — 

powers in hoping agninst hope ** eeerything the Prime minister 


a year had been saying — exposed the 
estimate differences and the Premier's 


THE TWO apparently massive rational settlements, and this is V*h»* briif he es\Ib- be £an- ^nosi exactly 

pay claims announced to-day by clearly the thought behind the ‘f* 81 j u. Lr* a S°> at a conservative 

the miners and the engineers CBI's calls for a removal of the Ushed by next J^nne - 1J00 people faave died as a re- ^i^rabmtv 

are both in their way special bargaimog round. Only centra- election^ an^ suit of political agitation. For all the genuineness of the 

.cases. Both are much larger in Used bargaining gives- the TliC which the Shah rules “The strongest aspect of Shah’s determination to arrive 

percentage terms than their net the son of influence needed to • . essand »h e narliara^nt ^ new Government." one a t a more open political system, 
effect on earnings need be even acbiei e rationality. _ outside “in Ambassador told me, “is its so as to spread the risk inherent 

in the unlikely event that they The miners are a special case . thp «. ht Jitine «rows sense of realism. It is awarq i n any svstem of absolute rule 

were granted. Both raise points j n a quite different sense. Their d e^“ Whe rehasth e oil of fa® size of the task ahead, and to get the masses involved: 


of principle in pay determine claim. which looks enormous,! ^nVoIlri^th to" the and the difBculties that lie in yer? few Iranians believe that 

* y — - its way.” The first of these either he or his Prime Minister 


present a bove what is now achieved with] difficulties is bow to gain are suided much by democratic 


Where 

tion which are not properly would raise~basic pay not much- 

covered either in the present above what is now achieved with: ^ 

approach, based on universal the aid of production bonuses. L-JSJ™ 1 5 credibility. Few people believe motives. 

norms, nor in the alternative in a weaker market, this leaves fafafacaoie oppunen . ^ ^ gfryear-old Premier US and British support for 

Conservative proposals to rely room for much bargaining. Their After 14 years of stifling dull- Mr jaafar Sbarif-Emami a the Shah is probably essential 

entirely on cash limits and monopoly power was demo nstr a- ness, in which the people was former failed “grand vezir” of in terms of the psychology of 

monetary policy. ted in 1974, when coal wag in spoon-fed larger and larger the ghah’s and* verr much a Iranians. “ If that support .were 

Fantasv urgent demand, and the rise in gobbets of material wealth to mem ber of the roval establish- seen to be withdrawn” a Euro- 

_ * , . , oil prices provides them with preserve its docility and create menL js his own master ‘ pean diplomat commented. ’* the 

The large claim lodged as an iarge headroom in competitive a stable base for the Pahlavi Most peonje would a eree that ffame would be up for the 

annual routine by the engineers terms. Their success at that dynasty, the dam has burst The Shah" 

always contains an element of time made them into the shock momentum or events is gather- . convince a deeolv CTnical Although the Shah has shifted 

fantasy, because it has only an troops of militancy, and iB g, and . the question is T0 h ® cSXnmSt political fulcrum at home, to 

indirect link with the rates although their market power is whether the Shah is really con- Nation al Ream niliation u ores acwmmodate the demands of 

a,lf,,a,hr nn,ri ,n pnp,nppr,T i3 now largely eroded, they can truing that slide, or whether riseiy thati ^e ^ovation o^ the powerful Muslim clergy, es- 

“ still exploit their ability to the situation is getting out of Uve broadca^ng of stormy tern ally there has been no 

his control. debates in the Majlis, the lower change to worry the western 

Their product is now subsi- Strikes, once almost unheard house of parliament, attracted powers. Oil exports have been 
pomes, though if has a greafer dised and tbe j r industry Is of, have brought government W j despTead attention. An unaffected by the troubles, 

effect on premium earnings for h eins maintained for strategic business to a standstill. Trans- an , nesty has been offered to all even by the strike in the oil- 

mertime and shift work The reasnns . s0 that they are now port, health’, postal and tele- ^ K anting to retiini /so fields. 

engineering umons have been mQre ^ ^ position 0 f health communications services have j as th ey accept Shah's breakd 

tr>ina. so far with little success, service workers or local gov- been disrupted. Key sectors of position); and a whole bundle new lon § term agreement be- 


actuaiiy paid in engineering 
concerns. The national rate 
in fact only a starting point for cause disruption, 
bargaining in individual com- 



Tbe engineers are m this re- jns vVhiii? Paper or the cash mic, even though the itmmg tent m nnnt ye ars 

spect pulling in exactly the op- ljraits impcised on their service is due to the political un- 1 J 

posite direction to the transport as a whole. In effect they are certainties. The sense of 

workers, whose definition of re- joying that those who have the grievance is One of injustice 

sponsible bargaining is to base pf) - wer to impose cash limits done towards the long suffering 

claims on the ability of the in- bave rbe pn wer to alter them, public sector, supposedly th« 

dividual employer to pay with- and are willing to engage in a backbone. of the Shah's system, 

in the constraints of relatively wer stni2S i e . It is for this The ^i dflre of s£likes owefi 

stable price, (a discipline en- £, asnn that . the Treasury. t o tjf cSmatTof 


Martial 

Law 


. .. uuj urn c. id SC-1 a RTinofirf 

r/eU n ^ sM ™ in * web ,he 


The aim is buy time, to get a 
spa« 

violence might abate and the 


crude, have any adverse con- 
sequences. 

It must be a source of con- 
siderable, bitter irony for the 
Shah that for all the great in- 
crease of Bring standards that 
has taken place in the past de- 
cade. he cannot rely on the solid 
of any social group, 




Crowds demonstrating fa the Tehran streets carry aloft a 
portrait, of Ayatollah Khomeini, chief religions opponent of 
' • the’ Shah 


^ K ean keep gomg op thepfi:? 
money, for four, ifivey even 
months,’? one senior baak^^ 
comnienteil ’ “ But- their 
It lis . a question., that hoboi&f? 
appears prepared to a 
the -moment. • ~Until 
turbances reached . a natioiel ,< • 
scale, the economy. r waa : 

up from- the . recession of ; 
and T977. iavesUnent :was 
to be improving, housing starts': 
were up. . But 'in ttie ; ?paat ''$&£■ 
months all the calculations. b%^- 
been thrown awty^ToreigjiU wS 

local businessmen' ^k'e!-:i®^ 
waiting to see wh«t: 
brings. ^ ; 

. : The- mood of' the 
today is a reaction ; to-'tx 
— growth -at all 'costs.*, 
sophy of -the. .era of Amir Abba^ 
Hoveyda, Prime ADnister in titf 5 
mid-1970s, and the' rorreptfen^. 
extravagance and -waste’. v ^i 
brought in its wake- "TViaii^S^ 
promised of the - hundreds;.^ 
officials accused of •na am»n^ | 
meat or abnke of office during^ 
that period. But the 
is that it was the Sbah/ifitfl«&£- 
who was .the ' leading 
of . what was to prove 
-.disastrous policy. It; was 
who - in Jut?,- .1974,' bverrnfca" 
many advisers and : ort!eredW' 
doubling oE the • fifth • 
spending targets. •' : 

.Beginning his. JS&erafisat ^ 
programme iff - ' months ago - 
seriously . . misjudged: 1 : - 
strength. of.bisJownp^itiiHn 
the extent of »daj; 4Berat.__ 
'that had taken place. The 
of the opposition fo-hb r^tawv 
is. fa fact . a . nationalist'. < 1 ^ 
from those, who dislike the 
that he bad surround^ hin^ri 
with . western idvis&ia - ai 
members of the "heretical: 


- - . . . . T markets. The problems will have just been reduced, as part 

apart from the armed forces, in- appear ^ 1979 wi^ e bi>. of the concessions to -the lower 

sz» To* r n " ! vrsos riiissr^ rs ga b %Son r a «n wssaraatws 

has neveT had any faith in them element ^ political scheming in th^cnL^ m wealthy and the relatively poor Unuing absence of- any . long- the banks for extra funds as 

■detent P with thp Conservative 85 * lin3it 011 P3y barga mog ‘ behind the troubles, but it is |ng the middle path of -nii dance taken ? eif t0l S a term commitment to' fixed lift- the straitjacket there is about 
S. on income? Reminder no »ore thanaP^et fiS,W dtatt “ E£ fr0m Mtlsdrti ^ ; “ V“ - 8 ? Sf? 

any Government wages policy- These two claims, then, are a S ttoie in the fwtuJe. tte promise as Q J e J^ uld f rom A series of fSnanriai time- f ? rcin g ^ system into <**fiBcul- 

However. there is somethina useful reminder of the real 8 . that the Shah holds out, he. and 1 nrofes^onal caste of officers hombs could then .possibly ties. Foreign exchange controls 

to be said in favour of tho p™ble m rnf ration^ pay deter- Mr. Sharif-Emanii with him. are “/rtewo e =Plode 5 imultaneou$Iy. - First. ■?*« been imposed, despite 

engineers' effon to campaign mi nation. The miners remind us “JjJJ*: ^ *5®, *^52222 a bi 6 gamble. A crucial 2Lw lav j monarchs. ’ But those **“ political uncertainties mean the panic outflow of large suras 

for a national rate for the job. Sa, no fitmula. either of norms ™*2 f kl , ** ' need tor jt t0 sareeed is * n l£ Tor SS of iS “■« Ira ”' s ^ting for of money last month, 

especially where this allows „ r of general economic approach SSTSSd to™ * dtaiSSum n? 1 '?"' T ° that as the mnnibs under syndicated leans has inerttably But each extra wave of dis- 

some room for regional differen- a et round the fact that pay X™? extent, the odds have worsened nlar « aI law B0 hv and D0 end he « n inching downwards.Mcney turbances pushes more people 

tiais reflecting the.ya^ng cost &',»£ become’ . ^ S'oU.ra TXs SJSS £« •[ *““ 5 S„*SS» ^ “ *> 


ttf booriit*. nm.Jhe piemnnij partlypniillcal process.' Cbn-] J*} strains might appear in' the !"« ftthet of -Mt lhiMl iig.-of .^ad j^i peraanently. Cute 


approach has never lasted for ce rned with power, and perhaps] nf w , encouragement of the UJS. and raidd i e D r ^ officer many forei sn banks for getting will have to be made , to what 

Inno Iul.rrn t* nrnvfil-pr n rnttttsl .. ... e : i I biUOtiOD Of fOrMS. With 3 Rpitgin thp Cha h Vl oe cn far ^ ^ _ ... iMirnk-atl in -tvortf ' ■ maiiittnt iida<i Ka tVio ean'iuJ lutb’o nf 


long before it provokes a round W | t h the privileges of organised frnm Britain - the Shah has s0 far corps. Some professional dis- tewlved in recent medium used to be the sacred cows; of 

of disputes based on claims for ^.,7 P mfaimum_of prompting from resjsted the hard line military "SS- T VJa term loans to Iran does not the Shah’s rendition-defence 


military Jf t ^ known to-exist. and tenn loans t0 lnm doeS °° r the Shah’s rendition — defence 
— ~ - — igur well. f and nuclear power— though as 

Second, to /cope 'with the many projects as possible will 


UStfi? option open to him in dealing Nere is a danger that Tt might augur well. ? and nuclear power— though as 


disputes oasea on claims tor labour 

comparability. A good deal of ’ . . _ . _ _ Uf/klVll V^VIJi IV 

the asnnv of British Levland Tbe fact 11181 Mrs - C 8511 ® 8nd children fa many parts of the ^th the unrest , . . 

can be°traeed to this cause Mr - Heath successively tried country stopped work to join . develop into political dissent. demandK a monPV no iipv bi> doforred 

Second?* and perhaps more and failed to .solve this problem those, on the streets .already The imposition of martial law A much bigger question mark 1 hofa^miihe fi£SonSwn be ^ defef ? d ‘ 
important' in the^on ’ run the d Qes not mean that we can calling for the return from exile ,n CTt ‘ es . including Tehran, hangs over the 200,000 odd con- _ . * ^ heavily on its The Governmeot s 

e^peri^nre "of other ° countries simply forget about it The en- 6t Ayatollah Khomeini, the J'* 1 a So. about scripts doing their iriUaiy L^" erSries thS 

chows that where highly cen- g'neers in turn remind us that Shah’s cifief retigious opponent, ^' : aus . ( L l g . e 1 ° 1 d service. Most worrying for the anormrim^t^ s ^ " 

rralised bargaining is the rule any approach to a solution must There were marches 
—as for example in Scandinavia also be concerned with the tratipns, .clashes Trith 

and parts of German industry form of the bargaining round fordfes dot .'prisfrared to loienue — ~ . — --- — * “““ “ w *“ “'*• tiipv mav have to hp drawn nn 

— it is easier to make it and tbe level at which it is con-’ the -slogans 3nd. the prospect of 1 ?T.i r ^ r0SP ^ t r»!!!n strators the soldiers were trying f U _A eir to pay f 0r ,u_ u UVT 876 becoming increasingly con- 

t“ms An ducted. We have a bad system an all-engulfing tidal wave-no solved noth ng. apart from tern- t0 control.. ,' SvinL s « bSnnlJSSZ eined * b ° ut ^ the - v sa y ^ 

- * - - m*'"" liftings are increasing . ,nc J! ases a waraea mePe xhe- Amouzegar 


attitude 

towards the economy is said to 
be to leave it to its own devices 



iSXm" wSSt’iT Se or Vetoing 'pay." and iT'wintoe matter whaTlhe Shah had ajd MAM «• W-J" Oil liftings are increasing wrtSST Atnouz^ar 

unions has long proved the most more than slogans to put it fa . the parliament last Friday bandwagon through ite Wtial steadily as the major companies 10 *“ P ubl c s etor emp o. ees Government had already slowed 

- v about the importance of differ- s* 101 * effect. Significantly, the stock up in anticipation of an One local estimate was that the economy down so much that 

ent riews^md his determination rm* 1 ?! rerival of street demon- OPEC price increase at the end meeting the strikers' demands there are.virtually no major new 


effective way uf securing right. 


Tinkering with 


to persist-with fas liberalisation ®tra tions ami rioting in over 20 0 f year _ ij^n has in fact could cost as much as S4.2bn projects in sight, and that pro- 

progra nrige— ^nd there was the different towns has not led to done ra ther better than its over three years. To make cess has continued. The long- 

hlbodsh6d».tp heighten passions. the extension of army rule. neighbours this year in coping matters worse. Government awaited sixth five-year plan has 

The threshold at which the But while Mr. Sharif-Emami with .the glut of oil in world revenues from income taxation disappeared from view. 


sect of Islam.: The > symtift: .of? 
everything' the Muslim .clergy,:.’ 
the mullahs, opposed about' 
Pahlavi Iran was Kish. Islaai£, 
the Shah's luxury holiday tmis& t 
fa the Golf. Last winter^jirt^ 
as the religious 
movement was gath^Tng^stefel,-- 
Kish opened J& ^ap rexehisi^ 
resort, ruh afaw^t [entfsSf -jj|pS 
foreigners. ; tf e^'z&dfiri^ 

represented ,* - w^terarWofship ; ;‘| 
moral deeadah^;”oaii^}tiQn,‘^ 
and. vulgar 

With "the ; 
home to : 
rapidly backtrack® 
find a new centa# 
ifeelf on. Some " 

may be too late^’jT 
badly shaken 
the hostility fa ] 

month in the dei 

Tehran, hut thd^Oo ^Si^l^av 
seen him recentiy isay'-ffiatTW;: 
has regained htk;confi(^tece;>aa^ 
shows no sign of 

Ayatollah' K^tnatpiV/ faiw^* 
is heard everywhere, .as.Asji^; 
bol of oppdsition.*aa touch 
from any desire to^-iefahi^Sfe 
traditional Islamic ways; 
the Shah continuesrio sp^ak^- 
national unity under .bHnstjfii' 
as the only way to achi^fe 
democratic freedom. Hie. 
has entered its later stages^boU 
as yet no one can telrwfat.tftg? 
final act wiJ faring.- ~7,‘^ 


local rates 


IT IS NOT surprising that Ihe 
Conservative Parly's policy- 
makers should have been 


attracted to the idea of intro- 
ducing an income-tax allowance 
for household ratepayers. The 
proposal would have consider- 
able political appeal botb in 
itself and as a way of easing 
the party off the hook of Mrs. 
Thatcher's pledge to abolish 
domestic rates. Four years of 
searching has failed to reveal 
any practical alternative source 
of local revenue, a fact which 
ought to have been obvious at 
the outset: and the prospect 
of replacing domestic rates 
entirely with government grants 
would both radically transform 
the relationship between cen- 
tral and local government and 
severely impede a Conservative 
Government's ability to reduce 
■the burden of direct taxation. 


fain attraction • 
Fortunately, a tax allowance 
r rates has not yet been 
opted as official party policy, 
r. Michael Alison, the Conser- 
tive front bench spokesman on 
lrironnient. was simply 
gaged in kite-flying yesterday, 
s felt the main attraction of 
ch a scheme would be in 
i ligating the feeling that the 
ting system is unfair and in 
iking it explicit that more of 
e burden of local government 
ending w p as being shifted from 
tepayers to non-ratepayers. 

It is true that a system of 
ed tax allowances worth the 
me in cash terms for eveiy 
Lepayer liable to income-tax. 
upled with a re-jigging of tax 
resholds and rate rebates to 
oid creating a poverty gap for 
orer ratepaying householders, 
mid be less regressive than 
» present domestic ratepayers' 
bsidy. But broadJy the same 
iiilt could be achieved, at 
s administrative trouble, by 
:reasing the rate support 
anL Because of rate rebates 
d supplementary benefit, the 
:ing system is not unprogfes- 
e as it is. In any case, the 


important consideration is the 
progressiriiy of taxation as a 
whole and not just one part 
such as property rates. 

Ke-distributing the present 
domestic rates grant, which 
gives most benefit to the occu- 
piers of the hlgber-valued pro- 
perties, by a system of fixed 
income tax allowances would 
sharply change the incidence 
of rates as between Individual 
ratepayers. To ward off the in- 
evitable outcry, the tax allow- 
ance scheme would have to be 
pitched at a * sufficiently high 
level to confer some net benefit 
on the majority of ratepayers 
and this would be expensive. 
Under the scheme outlined by 
Mr. Alison yesterday, all but the 
top 3-4 per cent. oF domestic 
ratepayers would gain some ad- 
vantage at a cost to the Ex- 
chequer of some £750m a year 
(at 1977-78 prices). 

The balance between direct 
and indirect taxation would 
thus be shifted a further notch 
or two the wrong way; the ac- 
countability of local govern- 
ment would be further eroded; 
the share of net local spending 
financed by the taxpayer would 
be raised from 61 per cent to 
67 per cent with obvious impli- 
cations for local .autonomy ris- 
a-ris central control." 

As it is. householders are re- 
ceiving in subsidies and mort- 
gage tax relief about one and a 
half times the amount they axe 
paying in domestic rates. 

Ail in all, a system of tax 
allowances for rates would 
appear to be- something of a 
political gimmick which would 
contribute nothing to resolving 
the basic problems of evolving 
an effective and efficient local- 
central government relationship 
and putting the rating system 
on a satisfactory footing. This 
last point would be met by re- 
placing the present rental vafae 
basis of valuation, which is on 
the point of breaking down for 
lack of evidence of market ren- 
tals. by a system of capital 
valuation as fa other countries 
where the majority of . house- 
holders own their homes. 


MEN AND MATTERS 


Th# : proHems 
of privilege 


Aims of Industry and the 
National. Association for Free- 
dom were delighted yesterday 
with their early victory fa the 
Rende Short case. Last night, 
after pressure from both 
organ Isatiohs, the BBC broad- 
cast their statement, that they 
had “ consistently opposed 
racialism and fascism.” 

Coming straight after the 
Tory conference this snippet 
may have puzzled some viewers. 
The reason for its being made 
at all was a somewhat fiery 
speech of Mrs. Short, MP for 
Wolverhampton NE, to the 
Labour conference a week ago. 
She referred to her two old 
adversaries Aims and NAFF as 
M fascist groups ” and “ hangers- 
on of the National Front.” And 
since the. conference was being 
broadcast live, the BBC received 
a solicitor's letter, as did Mrs. 
Short 

I put it to Aims that there 
was little broadcasters could do 
to prevent defamation of this 
tvpe. “ You might well argue 
it's an invidious position, but 
from our point of view it doesn’t 
absolve the BBC of its respon- 
sibilities/' was the nfficial line. 

The BBC was strangely coy 
about the debacle, refusing to 
divulge whether it was the first 
such problem. But the corpora- 
tion appears to think that a 
party conference, being a public 
meeting, attracts qualified pri- 
vilege for publishers and broad- 
casters. By agreeing to issue 
the counter-statement, it feels 

it Has fulfilled its legal obliga- 
tions. . 

In fact live broadcasting of 
conferences may be more dan- 
gerons than usually thought 
Specialists in libel law tell me 
a public meeting Is just that, 
public. However, none of the 
party- conferences is public in 
the sense of being open to the 
uninvited. 

There is.no special protection 
for the live broadcaster., or for 
thi speakers, unless everyone 



ism, creeping socialism, and 
communism.” 

The Tories explain that their 
interest In Western Europe 
arises from the increasing 
attention they now give to the 
European parliament But 
foreign . involvement spreads 
well beyond the Nine. Diplomats 
of 67 countries accepted invita- 
tions this year, from countries 
of all blocs and sizes. Some are 
sending their heads of mission. 
But Cuba ie being represented 
by a more humble second sec- 
retary — which would seem 
something of a snub were not 
this true of France too. 


“Hard to tell if It's the beat 
or the wardens . - 


speaks the truth ail the time, 
and can prove it. In the case 
of party political conferences 
this might present problems. 


Foreign Toryism 


It is usually the Left which cam- 
paigns under the banner of 
internationalism but this year 
the Tories have decided that 
they too should pay more heed 
to brother parties abroad. “It 
is epoch making. We have con- 
sented to recognise foreigners,” 
I was told at the parly’s Inter- 
national Office. The occasion 
was what the party says is tbe. 
first speech ever made by a 

foreigner to its conference. 

The historic moment yesterday 
afternoon was. however, missed 
by many in th e post-prandial 
atmosphere. Professor Freitas 
Do Amaral, president of Por* 
tugal's CDS (Centre Democratic 
Social Party) spoke on behalf of 
the 13 West European parties 
which had accepted to join in 
the Conservatives’ festivities. 
And warming to a theme song 
for ntaor of these parties he 
talked of '‘the crisis in the fight 
against encroaching coliectiv- 


High time 

Since the decision to move the 
Motor Show to Birmingham, 
Lucas and GKN with their roots 
firmly fa the Midlands, have 
been vying with each other to 
boost the event. 

Apart from putting on a fire- 
work display, and promoting a 
stage show, water skiing dis- 
plays and parachute drops, 
Lucas will provide 6,000 
chrysanthemums to spell out a 
welcome to visitors this year. 
It has also spent £200,000 on a 
new Press centre at the 
National Exhibition Centre. 

The present ofteir jovial 
rivalry reaches a peak next 
week when the new Press 
centre is to be opened and 
GKN’s chairman. Sir Barrie 
Heath, commissions his group's 
permament contribution. a 
100 ft-high clock claimed to be 
the biggest digital dock fa 
Europe. 

But yesterday Lucas men 
were gloating over the way tbe 
clock was telling a different time 
on each of Its four faces. 


48 cub scouts. In teams of six 
the bar e-knees brigade was 
bustling about trying to become 
“Mr. Spud’s Scouting Cooks of 
the Year.” 

All was roasting away nicely 
until a gas cooker exploded on 
the pitch of Sixth Glasgow 
Woodland's .cubs. But un- 
daunted the S-10 year olds 
swooped down on the burning 
grass, putting out the flames 
long before five City firemen 
had come screaming alongside, 
hatchets at the ready. 

One of the guests turned out 
to be Rodney Galpin, chief of 
establishment at the Bank of 
England. He was eating with 
four kilted scouts. And the rest 
of that Scottish team? As a 
reward for serving Galpin and 
their colleagues they were being 
treated to lunch — at the Bank of 
England canteen. 


Flying high 


City camp 

The gentle waft of cooking 
seduced me to the steps of the 
Royal Exchange yesterday. 
Gone were the pigeons and 
bidden were the paring stones. 
Instead the scene was one .of 
turf, gas fires and the tents of 


Those were tbe days ! In 1927 
when stockbrokers entertained 
their staff they gave them nine- 
course dinners, or so the history 
of Sheppards and Chase des- 
cribes of its own case. ' That 
was the year Of the centenary 
of the firm, which may partially 
explain such expansive ness, but 
there certainly seemed i« have 
been the funds to pay for the 
odd banquet . fa 1880, for in- 
stance, senior partner Samuel 
Gurney Sheppard drew no less 
than £28.000 from the firm; in. 
cnme lax was then 5d in the 
pound. 

But things were nor always so 
quiet. : For the years 1891-93 
SGS 'had to forego any draw- 
ings. Later, ini the 1930s hard 
times led fa the hard sell and 
one of the later partners in the 
firm describes how he took up 
the .Investment manager of 
Ea^le Star for a>joy ride' in an 
aeroplane: 'Hie manager re- 
putedly increased; .the business 
he gave,. He had' no .wish ever 
to be courted in such manner, 
again. ..... 


Observer 





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Financial Times Fn4ay October 13 197S 


POLITICS TODAY FROM BRIGHTON 



. but a common mood 


•a- 


fh. 



CKE IS loss difference be- 
;n The Conservative Party 
fcrence In Brighton this 
... ( ^ and the Labour Party 
‘ .'vr ; ’«nna in Blackpool a few 
>.*„ %5 * a S» than meet* the eye. 

5 you would noi easily 

the people or the pro- 
^..'"’Vires. In Blackpool there was 
‘ r ; f : cely a dinner jacket aa 

^fcirightoq the black lift is not 
•’ ex, * n <-’l. And the trim- 
--- \nrps are run in Quite 
>. i \ Ten! v *- v *- The Tone*. 
T ^ e racing of a point of 
.. r. let alone the acceptance 
*\.. i n amendment. is still some- 
' :.T S ,,f 3 rarity. Their con- 
■-•-.“•flee has seldom threatened 

- : 'fit out or control, though 

‘"\fact that il.hu done so at 
•ns it did in the debate on 
'■ '•• jesia — aj 3l sign that there 
« ^almost as many varieties of 
. / J ea as there are ot Social iii.v 
.’ L ^■-cv.l ahot. however, is super- 
WTiai is really striking 
.. ! '2 • a a the two conferences have 
-7\ 5 talking about the same 
: 1 ./ects and often even from 
■ '-* ?ome i>3i.-k«rnnnd. Beneath 
1 rhetoric. 3ti*J leaving the 

'mists aside, ihere is a cota- 
' ‘ t. sense or concent that 
- ;; -**h affairs over the years 
i. * one b3rt ly ''Tong and 
V 'SJ a common Tear about the 

- . . cqucoces of failure In. the 
■. ' 

ir ^^eaker after speaker this 

- ' has drawn attention to the 
.1 vail decline. The emphasis is 

>ngcr on the traditional Brt- 
values and virtue* but on 
have become the tradi- 

- r 7 | British weaknesses— low 

■:;.~‘th and low output. Sir 
• V- . rey Howe did it. for cx: 

by red tins a string of 

- ’.‘’-tic? about British car and 

production compared to 
of our main industrial 
. ^jetiiors. Mr. Edward Heath 
...I" further and spoke of the 
- . 1. 'industrial competition com- 


ing from some of the develop- 
ing countries. 

Sir lan Giimour, at a fringe 
meeting, referred to the effect 
on morale. “Anyone in politics.” 
he ■said, "knows that there is in 
this country to-day a moon of 
most profound disilhwinntufcnt. 
Our people don't like what has 
happened to their country in 
recent years. This rfistlhwion- 
nn*m runs very deep. and. it em- 
braces all politicians and all 
political parties.”. The same 
words could easily have 1 been 
uttered m Backpool last week. 
They are a reminder' of the 
underlying .sense of pessimism 
Thai is far more deeply feit titan 
the heller that this or that party 
has the remedy , lo put things 
right. . . 

The party leaderships, of 
course. would disagree, at least 
m public— though Mrs, Thatcher 
would do more Ltaatr Mr. 
r-allachan. The message that the 
Tories would like in see shins 
out from Brighton this week is 
that the party has found this 
an-vrur ,ru economic ... -dad 
industrial dor! me in a return to 
free enterprise, all wrapped Tip 
in the i win slogans ” iriojicfar- 
ism” and " invent ves." Yet it 
is doubtful how far the faithful. 
Jer alone tume iif. the party's 
leading figures, really believe it- 


Magic 


. It i«. nor only thn» monetBri^hi 
is <m i«b<ciire term which nnc 
siisnects few of the delegates 
could- adequately define. (How 
a f ter all does one ’ define- 
morievy There are a’so simpler 
questions, like: if monetarism 
is stu-b a good idea, how i* it 
that no one thought of it before? 
Can there really be a magic 
ingredient that would solve our 
ills after all this lime? More 


telling am the doubt*. about how 
tniitict.'tri'im would work in pr:ic. 
tiw*. Wnuld a Tory Government 
really lei a company gn busl if 
iu trouble* arose trtim giving 
way ru excessive pay demand-;? 
And linvtr far would unemplny- 
ment hi* .'illoweit to rise before 
the pul try was put into reverse? 

Thc*e art* queslinns alHiiit 
Will, and they go lnek In the 

earlier pniut abonl the linderty- 
ina pi'NMnusm. There is a feel- 
ing that monetarism nughi in he 
tried. a« indeed it is heinw tried 
by Mr. Callaghan and Mr. H'-aley 
al the moment. But. the purists 
apart, there is no great cunvu- 
tiun that it will wurk. 

Beyond that, there r„ a ques- 
tion about what happi-ns iT 
monetarism is tried and Tails. 
What if :if*er iwii >ears or sn 
of a Tory Covcrninent Ihere is 
still low ernuih and high itucin- 
ploynif-nr’ 

If that were the case, the prill, 
deal pendulum would presum- 
ably --wing hack to labour, 
almu.sl re ■.■aril lest, of what the 
Labour Partv say^ «r dues in 
npDosition. Yet is lli.it to *.»n on 
being the pattern of British 
politic* — a nerimj of Labour 
intervenlmTUMu. followed hv a 
Tory dismantling of controls, 
thou a return .again to interven- 
tion? A i sonic stage it must 
become clear that nu«st or The 
known remedies for dealing 
with the British economv have 
horn tried and found wanting. 
The read ion could be against 
[hr political system itself. 

All that helps to explain per- 
haps the rote heinc played by 
llr. Heath in Brighton, and by 
Mr. Callaghan in the Labour 
Party. Mr. C.nUuuhnn is pre- 
pared to defy the Trade uninn 
movement if necessary- Mr. 
Heath is prepared to defy the 
bulk of rhe Conservative Party. 
Both are acting in what they 


<ee as the national iniere.st and 
Imih arc roariy to reach over 
(he heads of their natural allies 
to appeal to the country at 
large. Indeed There may be 
some doubt about how far Mr. 
Heath now regards hun.scir al 
all as u full member of the pre- 
sent Cunw-rvaSivc Party: he has 
been heard to -refer to it in the 
presence of fellou Tory Ml's as 
“ your parly." 

Also 1 lie two uu-ti. nowadays, 
even think alike. Ai the 
Brighton conference proper Mr. 
Heath defended incomes pci li- 
eu** in- general. Then he went 
on television to defend Mr. 
Callaghan’s 5 per cenl target tu 
particular. Where they differ, 
it is mainly on questions of de- 
gree. For instance, far Trum 
ridiculing Mr. Goilaghau fur his 
at tempts tn persuade the 
leaders of the world’s econo- 
mies tu reflate against their 
will. Mr. He.'itli rebukisl him 
for not trying harder. It is a 
moot point whether Mr. Heath 
would have done better. 

The Tories, ut any case, find 
it hard to know what to make 
of their former leader. They 
want to be loyal to him. hut 
one suspects that what they 
really mean is that they want 
him to be loyal to them. Yet 
when it appears that he ia not 
they have sufficient respect to 
wonder whether he might not 
just he right. And it is per- 
fectly dear that Heath ism. if 
not Mr. Heath hira-self. still has 
some residual support in the 
Shadow Cabinet. There is no 
other way to explain the speech 
by Mr. Janies Prior in the em- 
ployment dehate on Monday. 

Air. Prior i*> a low key speaker 
even at his best. He. also 
believes that the Tories should 
say nothing which would rule 
out a return to a statutory In- 
comes policy, however tempo- 


rary. This timi> be put loyalty 
to Mrs. Tbitther first and was 
even more low-key than usual. 
Bur the farthest h e could bring 
himself to go in support of 
monetarism was to say. "Cer- 
tainly a rigid pay policy, statu- 
tory or imposed, i- not the 
answer. Certainly after three 
years, the time has come for 
greater flexibility." The em- 
phasis >n that first si-nrvui-i* i*. 
on “rigid” and the omy possible 
interpretation is that Mr. Prmr 
still helieve? In income.-, po'h-y, 
hut wa* not prepared tu moke a 
fight of it at the party confer- 
ence. 

Embarrassing 

N'one of drat, however, should 
obscure Hie fact that it i- the 
monetarists who have enhnm-eiJ 
their repulatioii this week. Mrs. 
Thatcher more than ever now 
faces an embarrassing choice 
for the post of Chancellor uf 
the Exchequer, should victory 
lie achieved: Sir Geoffrey Howe 
or Sir -Keith Joseph. Sir 
Geoffrey, in particular, emerged 
with his standing improved. For 
the first time he received ;■ 
standing ovation, partly because 
of the manner in which he re- 
plied tn Mr. Heath. He was 
also praised for his perform- 
ance ns well as hi* content. 
Moreover, be has dropped his 
idea of the Government setting 
some son of norm for pay in- 
creases in the public seetur 
as written .. iuto The Rhiht 
Approach to the Enwomj. Mrs. 
Thatcher never liked (hat. and 
she has prevailed. It would he 
quite hard now no? tu make Sir 
Geoffrey Chancellor. 

On the other hand. Sir Keith 
also sparkled. Messiah as well 
as monk, there can he no mis- 
taking his role in the origins 



Mr. Callaghan and Mr. Heath: “(he two meu. nowadays, even think alike ” 


of Thatcher Toryism. He is at 
preheat a commanding figure. 
It he has r« defer to Sir 
Geoffrey's claims to the 
Treasurj. he will be at least the 
Cabinet'* resident philosopher. 

Yet. the economic debates 

apart, there am areas where the 
Turic-' I«»ng ab.-eru-e tt-oin office 
is beginning to tell. Even the 
iiisf-iiss:ons uf mitnefarism were 
conducted without the slightest 
reference to the proposed Euro- 
pean monetary <>*reui. which is 
relevant n«t only to the domes- 
tic economy but' also in foreign 
policy. And if the party’s Eum- 
pcani-m has faded, -o ton has 
its interest in and experience uf 
the wider world. Almost the 
only foreign policy ynhjeet that 
has excited rhi* conference has 
been Rhndesta and. tu a lesser 
degree. South Africa Even thaT 
was disntssed without any men- 
timi of the complex intema- 
litmal negotiations now going 
on i»v»*r Namibia. 

Tlii.' party may 'aNo have lost 
one of its potential Foreign Sec- 
retaries in the enursp nf the 
week. Mr. John Davies' per- 
formance in the Rhodesia debate 
was so obviously at leasT partly 
due tn ill-health that it would 
be unfair to dwell on it. Yet it 
remains true that a man subject 
to .such lapses cannot easily be 


appointed to high and demand- 
ing office. It is »«iid 1 hat the 
Tnries have so many candidates 
fur the foreign secretaryship 

Jhat it may not much matter. 
But with the exreprir.n uf Mr. 
Heath, whose assumption nf the 
office i.* really most unlikely, 
one doubt*, whether any of them 
have Mr. Davies' ability a! hi* 
hot in consider ocnnmnu-. puh- 
tical and strategic issues all at 
the saint* time. 


Rapport 


Then- arp gaps, tno. in agri- 
culture and defence. The Tone*' 
basic approach tu agriculture 
and fisheries nowaday.- i< grudg- 
ingly to admire Mr. John 
Silkin. for whose post they haw 
no obvious replawment. except 
perhaps Lord Suamcs. On de- 
fence. the gut reaction i» to -cry 
for more without saying how 
more- mt-an> better *»r Iiow extra 
rexn trees should be allocated. 
There is almost no discussion of 
Britain's role in the European 
end of NATO, nor nf Europe's 
role in NATO as a whole. Very 
little is being said or dune either 
about the successor To Polaris, 
a decision which cannot easily 
be delayed beyond the next 
government. .Sir lan Gtltnour, 


The Shadow Defence Secretary, 
should perhaps be exempted 
from these charges, though his 
rapport either with Mrs. 
Thatcher or with the party coa- 
ference i> not obvious. 

And yet in mie rather surpris- 
ing and little noticed wav thp 
Tories have made some pro- 
gress: they arc hern nuns the 
party of cunsriturintial refnnu. 
The fnngi- meetings on this 
is-iif- wt-r** :i* well, if nut better 
HtU-nil<>:i. than nnv. whereas .mlv 
a few years ago they would have 

scarcely Mken platv »t all. It 
vra* aNo -.*.•> th Mr*. Thatrher's 
Messing (h it Mr Fraiu-i* Pym. 
now clearly the leading can- 
didate fur the .succession, made 
his prom’se tliai a Tory Govern- 
ment would lake action to 
strengthen the House of 
Commons al! -party Select Com- 
mittee* wiHtin its first year of 
office. One way nf seeing that 
is as an attempt to reinforce 
PnrKameni.-iry nenincrac.v just 
in ca<e ihc criticisms of govern- 
ment economic failings turn 
inr.i criticisms of the political 
system itself. The moves to- 
wards reform of Parliament 
could well he the most important 
development of all. 

Malcolm Rutherford 


Letters to the Editor 


cope for 
:onomies 

Mr. C- Jam** 
-There had 


- Thft tuition schools do th£ir should not be viewed in ihc same never be tolerated in this prire of imported fasteners, and 
best given the circumstances, try- light as bogus productivity deals, country. indeed other imported goods 

irig to determine the topics on We hope that the private We are surprised that the will rise, and probably rise 
which to lay emphasis, on the sector will use such schemes as magazine gives no recognition to dramatically- • 
basistsf past papers set. but what one way of increasing employee British health and safety regula- This federation believes in the 
is. needed Is a syllabus that participation and thus involve- lions in factories and shops, principle of. fair trading but it 
been much provide* greater detail of. the went in their enterprises, and These regulations create addi- also believes thai Britain can 


: lent about the Cnmmnrts scope of each subject to be' not as h short- term expedient. 
..-nirtee on public expen di- examined, and statements issued; M. T. Ballisat, 

chaired by Edward du by- the Institute in fair time to *W. Queen Annt’\ Cult*. 

... and its efforts to rimniior reflect any changes in the, - W e.vtm huiifr. SWi. 

"control exiiting . disasters examiner’s "thinking. 

_id b\ Parliament and State •(;. Sclialler. 

- -ention. Laudable as alt Goan mi iu. fi, LortlArciiue, 

- may be. It has the defect UajihaU, Iljord. Essex. 

'.''district audit in (he 


authority sphere — namely 

only be dealt with DlueTeilt 


Home trade 
vital 


From-. the Director. 

British, Industrial Fasteners 

Federation- . . 

Sir,— We have read (October 5. prices bus many ramifications. 
Page Si with considerable/ In our own industry (the monu- 


procedures 

. mrii Mr B. Stnail ... 

Sir,— The letter* of Mr Hudson astonishment a resume of the fart lire of industrial fasteners). 
( October 7) and previous enrres- article in the current issue nf we have a raw materia! price 
pondents raise varitnis point* Which? magazine, advocating disadvantage, a labour cost di*- 


ttonal on-costs tn UK' manufac- only maintain a healthy inrer- 
ttircrs and are totally absent in national trading position by 
too many other countries which having a solid home-based 
are producing cheap goods. market. British industrial 
Eut the major fallacy in the fastener manufacturers are en- 
point of view expressed is that deavourina to supp;y product* 
if every consumer followed this of proven quality in Ihc face of 
advice there would only be h considerable difficulties, 
minimal labour force in this K R p etJ i 0 r.. 
country and therefore no con- ' 

■»“" 10 b “>' ,•«*- . 

The question of competitive Coventry 


■ er.s can 

• they b-ive happened. 

: vnuld be much more worth- 
- ; if Mr. du Cano and his 

tgues looked at proposed rw*! Mr u. Stnail 
.'iriiiurfi on new schemes and 

■ ' cd these ir taxpayers' funds 

•' being wasted. p.ondents raise varitnis points . - «. , . ..... 

"-r P ir,- raanv examcfiu bm that require clarification. The that buy me British is not always advantage. and subsidised . 

' ins Jone *0 wasteful K the Institute- of Chartered best course of action. foreign manufacturers are quite From Mr. J. Ptckcnvn 

■ -Stioa nf cerlSn Govern- Accountants io England and While we appreciate (hat the deliberately dumping their pro- Sir.— It surely takes a fanner 

offices Mr Nonnan Wales is not the only institute of magarine is talking primarily ducts in this country. tn grumble and complain about 

" iit_ MP. and Mr. Roger Sims, chartered accountants in Great •">oui consumer goods, we would R»t u/hr, H.mhi iv»i 


Grumbles 
about wealth 


But who can doubt ibat should the completely' unexpected. 


-nrevniole raised the oues- Britain n (, r are iw training pro- like to point out that many of this, particular industry fonc of unearned and enormous wealth 

~ or tiie move of the Govern- endures the Hame as^lhosc of the the. integral components on im- considerable strategic import- which circumstances have thrust 

' GhemNis' Laboratory from ,;,l I Jor instltmes. The Institute of ported goods are produced under ance to the country) he riin upon him. Air. CherrinRtun 

"on m rirmhrii This is a Chartered Accnuhtahts of Scot- labour conditions which wnuld down to a major estenL then the .{October Ti grossly under^ 

" on 10 uum na ' in,s ,s - - — «*— emphasises the advantages which 

recent legislation has showered 
upon farmers. 

A recent White Paper made 


-"cularly blatant example of J an d ; '*U of >' h students 

orth7r«hom.. l ' h a ' d S,-'i a r cpuSefore joinTs^L pnfeT The electronics industry 

These -courses, which may 4f .- „ / 



nittec^means what'it^sa^ ,ast for a J rar * enable pruspec- £ mm Q 6 D p^ ec l t f >r G f ,, f lr l NS AC is successful, which great play with the expression 
. , ' five accountant* to find out more LowpuUnp Services .lssocwiion we j St lt wiI j not build “fnll time w'orking fanners.” In 

eintflovee* 7SF!£i al,oul Xh * ir ]nleoded ww NnriSffi a senpral w-ordioating role over the. event the Bin which came 

to move: the ‘efficiency of “ Enterprise Board’s plans for the the British * 0 ftware_ induatry- ff£ 

aboratory will be senously 


aijuioiwjj uc t-s. J ivu.’ij ipi,_ .... , „.j nrun)ui» luuimuj uwacu - -- K * r uuu x uun l u..j „ . 

ired due to such marters as .» p A*f ^iSttiSr^inslhute s key T»t*stions for those of us currently undertaken by the t b * e 

ii if it-c fn rerruitino and the “ Ul 0 pconisn insnmu s n;,rii.Hnatmo in n mi veil ;na.. u ««-v i. u * ne 


MSS <»a. I. the purpose of oud . uk \*LiT.TrJ2 

key questions for those of us 

anu u.lirv. .m. ,hc various lOriri^Thuc B, ' u, t t0 maintain u balance of. . rf . h n 

-. building, movtflg. and irtfiuence in a mixed economy ae ,cy or indeed by any one o 

• nisirative are completely ^ d X ir h uk P W D e??armim-e «n |psB those who comprise the company tmhin The industry and * 

(antified although specific 1®, _Jr ei JL_ v ^'rt rviA •» mixture are crystal clear about in a mixed economy, unless all *; 

r i ™ s n , h3ve been ssted m course. Tli'e policy of providing respective roles. the members are nationalised: *■ _ 

,rr^*o'’°est that the cosls M me .training courses removes No one ran deny that the NEB and there is curreptiy no visible farmerjf. see* it as very simple 

n /int tnd «.ublMt to such rFOm stodenls **>»■ won ? a< Ii:K focused attention on this evidence that INSAG or the NEB for anyone who has his weatih In 

i SSiJSS^ ,85 M>histm whether the3p employer is send- important Industrial sector and plans such a move. It would in stocks and shares to sell part of 

i them ' mg them to the "best’’ ftrm of because of the NEB s massive any case be impossible for the bis holdings to satisfy inherit- 

J o ' du cann has been ^pn . . «««««' ' ha* been able to industry is only comprised oT ance taxes despite the‘ fact that 

. i no “ ™ r - ““jT. n J:? 5 All of your correspondents stitch rtgetber some very unlike people. 

. joached on tn is matter ana j, ave questioned the relevance nf components into what looks like The NEB 
* >uld be nice to think that th -»■ — — >■■■• ,-G.. — 

■ _ Tlapllnn net it' mi 1/1 


Ities in recruitin. 
ing or samples 
and back; and the 


_,i VAf . ... - ■ . iu«r ouTier-occupation of agricul- 

nuxeu industry s aasnciation. It could tura ] land. Anyone who has ’he 

never be earned out by an necessary capital, with or. with- 
out any knowledge of farinin 
an squeeze himself into one of 
a mixed ecnnnmv. unless all calegorie* entitled io these 

t3S advantages. 

Mr. Cherrington. like most 


such .a person receives none of 
Through its sub- the tax advantages available to 
and agencies is farmers. I. on the other hand. 



mment departments *ucn as nlore uspfill than, for example, world. 

Department of Health and aU( |jj techniques. 

il Security. Pos-tive pr^ can clusuin. the — „ _ M 

ive acltor would greauy iu S tin,te'.s traininc ’program me. an d as our industry has grown, technology. 


nr example, world. The marketing costs of seas customers about a state- fenim n . r -ore 1 haw nEvor 

„ - . . a srtatidard software package backed marketing agency in such Sen an^ l .cT or Wer“ of 

le Scottish outweigh the development cost*, a vital and sensitive area of deuchert’nMrL-el* of land I r 
!H*nei-«inme. inrf.icir,- h-.c <rrnwn ipphnni„av uciacncn parcels or iana. ij. as 


A" 


irage us all. 

. James. 

ureL Rood. SUT3. 


ccouniancy 
apers 

■ Mr. C. 5fhnl/er 

I have recently passed 


which L* open to students train- it bn* .reinvested its earnings 

ins in England amt Wales, has jntn marketing ~ r 

answered most of the point* geographic 
mist’d, thus .1 f«l T hat allegn- and 


a result of the farmers’ heirs 


GENERAL 

Mrs. Margaret Thatcher 
addresses Conservative Party Con- 
ference, Brighton 

Balance of payment.* current 
account and overseas trade 
figures (September). 

Retail prices index (Septem- 
ber). 

Lord Eluyn -Jones. Lord Chsn- 
colinr. speaks at Magistntes 
Associaiion annual meeting, 
Guildhall. London. 

Expected pay offer by Ford 
management. 

British Oxygen gases division 
shop stewards meet to discuss pay 
offer. 

Egypt -Israeli peace talks con- 
tinue in Washington 

Mr. Helmut -SchraidG West 
German Chancellor, ends visit to 
Japan. 


To-day’s Events 

.Mr. Huang Hua. Chinese 
Foivirm Minuter, vim ring C’^un- 
bridge to tour Cavendish Lab*ira- 
tory, the faculty iff oriental 
sfudies and Pye Telecommunica- 
tion.*. 

Delegation from Italian 
employers association in Peking 
for trade talks. 

Mr. Li Chiang. China’s Foreign 
Trade Minister, on visit to 
Australia. 

European Parliament session 
ends. Strasbourg. 

Members of Dnlsun Dealers 
Association in Japan for talks 
with car manufacturers. 

London Chamber of Commerce 
and Industry trade mission talks 
continue in .South Korea. 


Mr. Edmund Dell, Secretary Tor 
T-vde. visit me Canada and the 
U.S. 

Lnndon Chamber fo Commerce 
—British Import Confederation 
Seminar *' Commonwealth Prefer- 
ence Tariff.’’ 69. Cannon Street, 
EC4. HUft am. 

OFFICIAL STATISTICS 
Index of industrial production 
t August provisional!. Buildini 
Societies’ receipts and loans 
(September!. 

COMPANY RESULTS 
Final dividends: Ben Bailey 
Construction. Imry Property 
Holdings. Interim dividends: Ash 
and Lacy. Grampian Holdings. 
Geo. G. Samlernan Sons and Co. 
COMPANY MEETING 
Restntor. 54. Baker Street. W. 
11. SO. 



It U a bold ihrufct possibly adoptin' e ther of the aticnia. 
marketing by moans or made easier at it* inauguration JLSJ r have mentioned 
raphic expansion, increased by the lethargy and security-- 

. ..._ • improved product, and consciotL*. timiditv nf the City. l° r 

tions of complacency' within die carried our more training for bm marketing is -so important 0 KTi,iTnr«r^ I£ r,D 

profession are unwarranted. marketing personnel. 1) has for the future or this nation that j 1 * 0 *' n -n i ! 

done this on (he whole without any adjustments required in P^ecessor.s then they wtil just 
access to sizeable capital, grow- reduce the NEB's exposure to t0 ■2 ter jIr? J,1 r e ' er ' t . A 

ing from 2 PTi> reventm in 19S9 failnro should he considered. reai P rfJ oui:»ivity deal lor the 
to nearly £400tu in 197S. There is no evidence that at least 1:0,111 “T- 

T.inting cbmpetitnrs for com- in the computing &ei*viee* indu*- J- P- Pickerina. 
mcrcial purposes is a tightly try- marketiug_ L* a real weak- Orchard PUiee. Hexham, 
balanced operation us wo know ness, su fnr this industry Rector NortJitfroberlnnd. 


profession 

B. J. Cameron Small. 
Treasurer. 

St’ortish inslitiite Student 
Society p/ Ixhidon. 


Calls for new 


I nave recently pa*»sea ^ ja. 

U finals of the Institute of 5C \ i ' ecJprq 

-t.tcred Accountants, having -fri y t-Uoi-o balanced operation us wo know ness, su fnr this industry Rector 

' d a three year, teaming con- KUlptOVgCS SualC a! the CSA. where we have perhaps. -the NEB role may sub- 
with a large- firm of . _ \ gained real experience in over- side to that of an Informed, long 

intants. and would like to fhwnprchjn s«*a* marketing of joint resources, term, technology ennseious bank, 

to Mr. Hudson s letter With an Industiw as busy and We do not have one in Britain. •• . * 

iber 7) concernrag these From Hr. M. Bauvut as ^ori of human resources as so here is a real role for the 111 V ItlCll 1 

- huilon*. • ■ . Slr.-ljt.wp vm' n tlll( , a m iij. mi1m !«ER “ 

not believe criticism in 'your Lex Gohnnn of Oi.louer an ^ ca] >pfuj upprnai.-h m cuhere Clearly other sectors will ' ■' 
d be directed at the in which discussed the employee Pssent i a j} y competitive resources answer themselves, but the Sir,— Amidst (he cry for more 

. . ... .. ir u: «r .h. .* - - ■ - : — — nt to regenerate British 

emanating in' particular 



do not believe criticism in 'your 'L ot column of October an( j ca] - f .fi,i approach to cuhere Clearly other sectors will 
■■ d be directed at the in -which discussed the cm plover p^ SPn ti a (}y competitive resources answer for themselves, but the . 

• ance that the elements of share ownership provisions of the fft| . , nar h et penetratinn— and in- computing services industry at investment to regenerate British 

cial decisions (EFD) paper Fin ante Act 1978 > (somewhat nns- i^ erc are distinct charge- least is clear on this poiitL and industry, emanating in particular 

o “ practical accounting and leadinyly described a* profit ipnsrics a bniit the markets which *nich a role extended tn the from trade union leaders, we 

inE“ as a signiflcahl propor- sharing, as of course there is no one ca n consider fur (his iv-pe ^ole computing serviceR inrius- occasionally read a news item 

)f accountancy students* seek requirement that the share 0 j activity. ,r y would bo an interesting which puts this cry into perspee- 

outside the profeusion, allocations should be mode out ^jj ^ £ 0 jt war( , participants nroDASition. At the moment ^ve. In your paper of October 

imraerce or industry where briproflts).. Weare. fanwever. ton- - n thp NEB - S web arc mun] bprs members can approach the JO. r ° r example- w, read that 

ic knowledge of tie modem ,J f “ 

jds of project appraisal will 
efuj. ^ current 

Lnationsystem is the failure limits. agency to market the resources Happily those ^ responsible in jobs involved. Perhaps the Len 

v.'^ e examiners to adequately It ts-mir Tiew ;that tiiese pro- G f our members. That the H 1 ? aamintstration are know- Murrays of this world would care 




take the EFD paper as a tlelpation at work. The use of over the past sis years and understood, and increasingly Luddite intransigence- One 
in awsstioa ' The increase long-term . share.- ownership current 2S per cent increase, in being .met With the addition of wonders what sort of transport 
e failure rate in this subject schemes orjvpfit ^sharing f pl»n» exports each ^ year. The real Jo long-term risk system we would jiave today if 



l nn S f e iari^ been forewarned whether"* nr" not" Revenue own subsidiaries such as INS AC Alan A. Benjamin, 
thesp new'theoretiCal topics approved, in a company's con?- and , the proposed new office Mh FI lonr i Hmnver House, 
J appear . pensaLion programme and -they equipment company seek to fill. 73-74. High Bottom, WO. 


J. Duffielf). 
fill Bussell Road. 

Buckhurst Bill, Essex- 


Its a reasonable assumption that 
any businessman planning a trip to South 
America would rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few major South American cities that 
is exactly whatyou could end up doing. 

Fly Aerolineas Argentinas, after all 
we know the interior of South America 
better than anyone else. 

We fly 747s and 707s direct to Rio 
and Buenos .Aires with connecting flights 
to 46 other South American cities. 

We have up-to-the-minute infor- 
mation on flights, times and connections. 

And you can book everything here 
in England. 

So, n ext tim e your c flying to South 
America ~ZSg’- jff - 
fl y Aerol i n eas 0£JNEfA S 

Argentinas. ■ JrS&QEMTINAS 


V. 


ri 






DIVIDENDS ANNOUNCED 


Financial Times Friday October 13 1978 

Fothergill & Harvej 




Foster Bros, surges to £4m at six months 


DEMONSTRATING that Foster 
Brothers Clnthhip Company's 
forecast oF *ubsi:iniial srowlli in 
J978 was well founded. pre-tax 
profits for the sis months »n 
August 31. I»7K have Mireed 
ahead from £l.42m to £3.H5m. 

Although the directors do not 
see maintenance or this impetus 
in the second six months, they 
state that they are confident that 
profits will show an improvement 
on. the latter six months of last 
year — when a pre tax figure of 
£3.95 was reported. 

They pnlnt out that first -half 
turnover. — up from £21. 17m to 
£30.Q2m— is not strictly compar- 
able. for that in the first hair of 
the current year includes sales 
of Discount for Beauty, which did 
not join the group until Auuu-t 
31. 1977. However, turnover has 
been consistently buoyant and 
volume increases in excess of the 
national average have been 
achieved. 

The net interim dividend per 
25p share is increased from 
1 .03805 p 10 l.oWKSTp. An additional 
payment of 0.0274Sp. in respect or 
the reduction in ACT. is declared, 
and this brings last year's total tu 
2.S775Qjp. 


Do ben hams has turned in a reasonable first halF with the 
departmental .side producing operating profits 25 per cent 
higher on a sales gain of 15 per cent while in the .second half 
a number of sale and leaseback operations will bolster the 
balance sheet. Lex also lakes a look at tbe way Investment 
trusts in genera! are. using new facilities to borrow foreign 
currencies' for investment in EEC securities. Foster Qrothers 
has bad a sparkling first half reflecting not only a strong trend 
in mebswear but recovery elsewhere, illcttny is another 
company tu perform well at the interim mark with profits 26 
per cent higher and prospects tor the remainder of the year 
took equally encouraging with retailers restocking ahead of the 
Christmas period cnupled with the trial run for die-east toys 
at Marks and Spencer. Fothergill and Harvey has produc- d 
half-time profits 73 per cent higher making the one for three 
rights announcement somewhat timely. Mowlem. in line with 
other contractors, appears to be feeimg the pinch with half-time 
profits lower despite the first time inclusion of McTay 
Engineering. 


made for UK taxation. Tax charge 
for the first half of )9<S relates 
to associated companies' profits. 

The directors announce an in- 
terim dividend of 0.1 p net per 
share, asainsi .»p last limes so 
that ihe Trustee status of the 
company can be mainiained. TTiey 
add that in the light of their 
profit forecast For the full year, 
tiie question of a final payment 
will be considered when the re- 
sults for KITS are known— last 
year a final dividend was passed. 

Good start 
at Ellis & 
Goldstein 





Date 

Cnrro- 

Tola) 

Total 


Current 

or 

spending 

for 

last 


payment 

payment 

(liv. 

year 

year 

Adda 

.int. 

0.3 

— 

03 

— 

0.67 

Atlas Electric Gen. 

int. 

0.75 

Dec.fi 

0.6 

— 

1JD 

Bronx Eners: 

int. 

0.44 

Nov. 27 

0.4 

— 

1.57 

Bruntons Sint. 

3.44 

Oct. 31 

3.08 


7 

Er unions Sec 

int. 

4.38 

Apr. 30 

3.92 

7.82 

7 

Debenhams 

.int. 

1.7S 

Dcc.S 

1.59 

— 

5J35 

Dominion & General 

int. 

T2.23 

Dec. 1 

1.5 

— 

7.75 


•int. 

0.P7 

Nov. 22 

u.88 

— 

13 

Feb Inti. 

.int. 

0.74 

Dec. 1 

0.66 

. 

1.76 

Find horn Finance .. 


13.4 

Nov. U 

13.2 

13.4 

13.2 

Foster Bros. 


1*1.57 

Dec. 12 

1.04 

— 

2B8 

Fothergill & Harvey . 

.ini. 

2.5 

Dec. 4 

2-25 

«5 

6L21 

VV. & J. Glossnu 

.fnt. 

1.58 

Nov. 20 

1 43 


113-S 

Green's Economiser 

fat. 

2.12 

Nov. 27 


- — . 

4.24 

Charles Hill nf Bristol 

int. 

Nil 

— 

2 

— - 

7.28 

Howard & Wyndbam 


0.33 

— ■ 

Nil 

0.66 

Nil 

Hunting Gibson 

.inL 

0.1 

Nov. 17 

5 

— 

5 

itt. P. Kent 


1.6 

— 

1.46 

2.26 

- 2.06 


growth— £1.7m righte 


Lee Cooper int. 129 — *0® 

Lon. & Pmv. Pouter ...int. 3.42 — 2.99 

Martin-Black Int.- .1 Nov. 24 2 

Met toy fat. 1.2 Jan. 2 1.03 

Moss Bros int. 1.33 Nov. 24 *L33 

John Mnwlem int. 1.63 Dec. 9 1.5 

Photo-Mp 4.05 Nov. 30 2JM 

Prestwick, Parker 2.10 Nov. 28 2.19 

Austin Reed int. LI Dec. 2 1 

Selin court int. +0.5 Nov. 24 0.4S 


6.03 

3 


1.S6 

9.69 

4 

2.12 

*323 

62 

326 

3 

226 

026 


Nine month 
rise for 


fn in- 

..Wtl- 

Y-.-ir 

vj:% 

:srr 


10. hi 

rnmi 

tf-i-H 

jn in : 

:t._-7j 

3H.ISM 

3.S1I 

1.41 j 

s.i a 

_ 

_ 

,'li 

3 911 

Mil 


.• imi 

m 

; 77;, 

l.*il 

an 

■],SD1 

j 

4 

4 

n 

3.4 







4H4 

l 4« ; 

tut 



Gmun <alf » 

Trading profit 

Sunlu. on prop. 

-ale 

Profit before rax 

Tax 

Nei profit . . . 
Minorities .. . . 
Pref. dividend* 
Interim nrdinarv. . 
Second imern.i . . . 
Retained 


• comment 

In contrast to Fast year's first half 
everything is going tn the rixilil 
direction for Foster Brothers. 
Men. swear sales are boom ms. the 
group has aborted its unsuccess- 
ful women's fashion retailing 
venture, the Adam's children's 
wear is now out of ihe red while 
the cosmetics operation has been 
included for thr first time in this 
half. Although ihe market had 
been anticipating a strong resull 
— the p. e was 17. t with a yield 
of 2.4 per cent— there is still 
growl h left in the second half, 
which gives scope for a further 
forward movement in the share-*. 
The acquisition of Bodycnie. a 
cosmetics and toiletries opera- 
tion. for cash at the beginning 
of August will boost the second 
half figures. Moreover the mens- 
wear boom is continuing and ihis 
is Poster's profit powerhouse. 
About hair the goods it sells are 
made in the Far East so a strong 
pound helps margins. Directors 
have indicated that ihe growth 
raie will slow but it is still reason- 
able to anticipate a Tull year 
figure around £9m. This drops ihe 
prospective p e io 9.3— below the 
sector average— and HHs the 
yield (assuming cover t* main- 
tained at 3.7 limesi to 4.4 per 
ccnL 


A £331.000 increase in pre-tax 
profit tn Il.aNni is repnrled by 
Me l toy Company fi»r the 36 weeks 
to September U. 1978. from turn- 
over up from £I7.75m lo £2Q.USm. 

After tax of £tiS2m itu.ii.imi 
nut profit came out at £U.?kui 
compared w itb Ifl.tim last lime. 

Mr. .V Katz, the chairman, s-ays 
Ihe optimistic view expressed at 
the AGM has been folly justified. 
Subject to unforeseen circum- 
stances during Christinas trad in::, 
he expect# the group to trhnw 
continued satisfactory results for 
the year. 

The interim dividend is lined 
from I.OSp net per 2.»p share tn 
1.2p. a rise of 14 per i-enl. and 
directors expect to pay a 
maximum permitted final. Last 
year a 2 IliL'n total was pil'd nn 
profits or £2.S2m. The interim 
payment absorbs £177.llPQ 
i £135.000 >. 

a comment 

Mctlny has lived up In the 
market's best expectations with 
profits 20 per cent higher far the 
first 3H weeks. Toy spending has 
picked up substantia II v and 
retailers have started stocking up 
for the Christmas season. The 
result'* rcHect siren » demand fur 
Met toy's ttvn main product*.. Corgi 
rlie-cast loj* and Wembley play- 
balls. although the Busy bodies 
range of semi-anieu lured figures 
continues to disappoint. The 
current level or consumer spend- 
ing suggests that volume growrh 
will continue to rise sharply, and 
the company could be heading for 
up to £4m far the full year. How- 
ever. this could be considerably 
more hut far lack of prndticlinn 
capacity. Current demand has 


already depleted stocks ahead of 
the important Christmas period 
and Met toy will have to M retch 
resources to the limit to keep up 
with orders. Meanwhile. Meitoy 
ha? won an important customer in 
Marks and .Spencer, which is lust- 
ing a range of il> tlie-casi toys. A 
successful ntucome could greatly 
enhance (he company j- rating. 
The shares are on a prospective 
p e ol 5.8 while the yicid is ■» fi 
per L-ent. This Is roughly in line 
with Lesney'a prospective ratings. 


or 


John Mowlem hit by 
lower associate profits 

the Interim dividend is raised 
from 1.5p to 1.65p net Last year’s 
total payment was 6-5p. 


Gibson 


ON A substantially reduced turn- 
over uf £ij.30m For the first half 
of i97t*. compared with 170.22m. 
Hunting Gibson incurred taxable 
Ims.w-j, or £lo2.u0l) against a profit 
of riiiH.uim I. jt time. The group 
finished 1977 with pre-tax losses 
of £3 SKm afier a svcon-half loss' 
uf £4.4tim. 

Ship trading lo->*es continued 
for the first half since v*hen. fol- 
low my lh? disposal of ships, these 
losses have h-jen halted and the 
remmning activities* continue to 
produce satisfactory results. The 
directors anticipate that after 
taking into account Hie results 
of the associated companies, there 
will he -a small group pre-tax 
profit far the Tull year. 

The figures fur the comparative 

period include t he results of 
sub-ddUtrics which were soid 
during the year to Hunting Pet- 
roleum Services in exchange for 
shares in mat company. The 
group's share of Hunting Petro- 
leum arc m-luded is an :is>ocia- 
ied company with effect Trom 
January 1. 1978. 

After tax £17tMKJ0 I £455 HOP » 
ihe lo-> came oul at C3--*2.onn 
tfMfl.OUn pmfiu giving a loss nr 
23 Ip pi»-r £! share, compared 
with earning* of 2. Ip. Because of 
i lie a’ aiJahihij nf subslant in' L-K 
las .-Hownnccs no provi-dort is 


aciincoun ini. +v-> eiov. it 

Dividends shown pence per share net except where otherwise staled. 

* Equivalent after allowing for scrip issue. t On capital 
increased by rights and/or acquisition issues, t Additional 0.01 inp 
. r rc-nnn for is,77 /7fi. 5 Additional 0 0594P for 1977. 1 Final of at least 625p 
INCIXD1NG a surplus of £63,000 f orecasC || includes additional 0.0365p now payable. ** Additional 
nn ihe disposal or a lease, taxable 0-0l552p f 1977/78. ft Additional 0.02748p for 1977/78. tJ62359p 
profits of Kills and Goldstein tota] fo rpt . B c t 
(Holdings). wholesale manufac- I0,aJ ,orecasL 
turer of coats, costumes etc., 
increased from E46S.M0 to 
£685,000 for Lhe h3lf year ended 
July 31. 1978. External turnover 
was ahead from £14.14m to 
£J5 82m. 

Mr. William Goldstein, rhe 
chairman, says that Spring 
developed satisfactorily. and less 
costly end of season markdwns 
were a significant factor in im- 
proving the rate of profit. 

Autumn trading is satis factory, 
lie adds, with orders, production 
and retail sales showing an im- 
provement over last year. How- 
ever. with the peak of the season 
to come, the result for the full 
year will depend upon trading, 
much of which remains to be 
done. For the whole of the 
1977.- 78 year Ellis recovered from 
a depressed £0.93m to £1.23m. 

After corporation tax of 
£374.000 (£251.000) net profit for 
• he- first half was £311.000 against 
£217.0110 giving earnings of 1.35p 
(0.93 p> per 5p share. The interim 
dividend is lifted fa OJinSp (O.SSn) 
net and on the reduction in ACT 
an additional dividend far 1977-'78 
of 0 0l552p is also announced — 
last year's final was l.02452Sp. 

Mr. Goldstein stales that during 
Oefahpr. the groi^i completes the 
sale of the freehold premises and 
some items of plant at Stork fan- 
on-Tp'’?. for y.wn.ooo- thp surplus 
of £135.000 will be included in the 
full year's result*. 

The existing use valuation of 
the remaining freeholds and long 
leaseholds at July 31. 1978. was 
£2.049.000. which gives a surplus 
of ri.n-V9.f>no He say? ihe direc- 
tors will not provide deferred tax 
on this surplus because, for the 
foreseeable future. They expect 
to continue full use of these 
premises. The oddiiional freehold 
depreciation will be ^ho;i= 
in a ful! year, he adds. 


EV'-rnnl rumover 

Half-year 

mrr 
£u*"i tnsn 
. 14.1. IT 

Wlti.lr,ale 


;.4?i 

Kv’.all . 

9.4hlt 

8.^3 

Trjdiiia omfil 

fit'I 

4A1 

Surulu- 

fi.i 


Proto hot ore mx .. 

635 


r..r:«-r»i|..n Ijl\ 

r.;i 


,\<-t ornlli 

.ai 

•117 

• Cb»-*Nni <*f a 

loa*? 



REFLECTING a decline in share 
of associate profits from £770,000 
to £119.000. pre-tax profits oF 
John Mowlem & Co- construction 
group, fell from £2. 75m to £2.4 1 m 
in the first half of 1978. 

The directors point out that 
profits of the Australian associate 
were exceptionally high in 1977. 
Since then they have been affected 
by the turndown in the Australian 
economy and there have also been 
some losses in the Abu Dhabi 
associate. 

Competition at home and abroad 
remains strong anti continues to 
affect margins, the directors 
report. Associate companies are 
not experred to produce such good 
results as last year but far the 
group's other activities they took 
far satisfactory results. For the 
i-»si r.iij year srciU p profits totalled 
£6. 13m. 

6 i: 

month? mnnrfts 
197S 1977 1977 

£010 OHM* OHIO 

Tnrnorer TS.n34 S5.954 143 33! 

John Movlem raws SS.S77 LM 417 

Shari or assoc U.S4B -7.e»2 51 1 15 

EVorcrlulion 1.OT1 7BS 1.683 

Rental income .... 73 51 J79 

Interest receivable ... 114 5?4 81? 

invHb-unem inc Cl 9s 191 

Sale of securities . 197 1? 12 

Tradinu pmfil 2.2S9 1.97S 4 448 

Share of a*soc 119 779 1 877 

Prom before tax ... 2.407 2.701 8.125 

Tas 1.332 l.«3 3.03$ 

Prom offer lax 1.173 t.rfM 3.067 

interim dlv 201 1M — 

Tnta! div. (*7 

Retained 914 1.134 2.080 

First half earnings per25p share 
are stated at 7.43p (10.14pj and 


• comment 

Mawlem's latest half year results 
add to the mounting gloom, 
among UK contractors. In fact 
Mowlem's profits are somewhat 
worse than they first appear for 
profits before results of associated 
companies include a full six- 
month contribution of roughly 
£600.000 from tbe McTay Engineer- 
ing acquisition of last year. But 
the group has been hit by a num- 
ber of other problems. Assodate 
profits are returning to more 
typical levels after a freak result 
in 1977. Then Mowlem; saw a large 
contribution from its Darwin 
reconstruction work in Australia. 
.That contract has now been com- 
pleted and the group is having to 
cope with a sluggish Australian 
economy. Meanwhile the Abu 
Dbabi associate after- breaking 
even has drifted into loss and pro- 
visions have had to be made. In 
the balance sheet net cash has 
dropped from £S.42m to leas than 
£5m. as public bodies (such as 
water authorities and local 
authorities) reduce advance pay- 
ments. Net interest receivable has 
therefore dropped from £524,006 
to £114.000. Pre-tax profits for the 
full year could be £5 5m, com- 
pared with £6. 14m. So the shares 
stand on a prospective p/e of 7.1 
and yield 9 per cent. The reaction 
in the share price may be over- 
done. 


A £1.74 in rights . Issue is pro- 
posed by Fothergill and Harvey, 
the Lancashire-based manufac- 
turer of industrial textiles and 
specialist plastics. 

FolbergUt also announces half- 
year figures to July. 15 1978 show- 
ing a rise in pre-tax -profits from 
£453.000 to £783,000. 

Terms of the rights call are 
one-for-ihree at SSp each. 

Underlining the reasons for the 
"issue the directors point to the 
significant developments that have 
recently taken place within tbe 
company. In 1977 there ?re two 
acquisitions, Acbeson, Treatments 
(now trading . as Armourcote 
Surface Treatments) and the 
proofings operation of the Com- 
pofiex division of T1 Flexible 
Tubes (now tradh ; as Proof- 
ings). 

A new company, Fothergill and 
Harvey Structures (wrhere 
Fothergill has a 74 per cent stake) 
has also been formed. In addition 
the Tysadure division has started 
marketing Irradiated {. jJymeric 
insulated wires under licence 
with Haveg Industrie! Inc. Work 
is currently on hand for the 
manufacture of these wires in the 
UK. 

In addition to these new activi- 
ties the company Is continuing 
to look for Further opportunities 
for acquisitions and investments. 

Jones Stroud which -holds 22.1 
per cent of the equity of Fother- 
gill has undertaken to take up Its 
rights. 

The half-year figures show 
sales of £7.55m (£6. 18m) which 
includes £6X8,000 -from two acqui- 
tions. 

The pre-tax figure is struck 
after an interest charge of 
£81,000 against £97,000 and after 
lower taxation the net -attribu- 
table profit is £711,000 against 
£297.000. 

The improved profitability re- 
flects the increase in demand 
during the sec n -d half oT last 
year in the higher margin sectors 
of the group. - 

The trading pattern since July 
has been maintained at about the 
same level as in the first half and 
this should be reflected in the 
results for the full year. 

The directors have decided to 
increase the interim .'dividend 
from 2J25p to 2.5n. They intend 
to recommend a final dividend of 
4.4359p making a iota! of 0.9359p 
per share, compared, with 6-2113p 
paid in 1977. 

An egm is called for October 27. 
Brokers to the issue are de Zoete 
and Be :n. 

• comment 

FotherglD and Harvey has 
chosen a good moment to ask 
shareholders for cash: boosted by 
a 73 per cent rise in taxable 
profits the shares finished 3p 


better at a - year’s high of 112) 1 . 
Special textiles is the bigges 

division with roughly half grout' 
sales. More exciting, however, i.: 
the Tygadure side, whict ; 
specialises in beat resistant anti 
□on-stick high margin products, 
and apparently provided much of 
the growth. Finally, the co 
poshes division which made . 
loss last year, is understood to 
back in the black and has gir 
recovery prospects. At first sij> 
a rights issue appears superflur 
with borrowings of £1.7m mat J 
ing shareholders funds of 14- 
in the last accounts. The gro- 
however, has not generated s* 
Sclent cash to meet expans 
costs Is the past and a cap^ 
spending programme of roue 
£ 1 . 5 itt is planned for the next] 
months. Further working cap 1 
will also be needed given < 
buoyancy of the Tyeadure tf 
sion. On averaee capital the . 
rights p/e is 9.5 and the yielc. 
an tmnressive 9i* per cent vvF' 
exptnins the rn»re 10 per c> 
dividend increase. i- 

Glossop j 
down at [ 
midterm | 

WITH INTENSE compete 
resulting in lower margins ' 
bad weather bringing suif 
dressing to a standstill for 
periods, taxable profit of W. 
Glossop fell from £395.000 
£315,000 In the July 31, 1978, 
year. Turnover advanced 
JEo.Bm to £7.02m. 

Mr. Dlgby Burnell, chairm^. 
the public works contractor, ' t 
considering the adverse tra. 
conditions the results are 
factory. 

After tax of £164.000 (£205> 
net profit came out at £15 f 
(£190,000). • i: 

The interim dividend is up i: 
L433p to 1.576 d and an additv: 
0.0365p is to he paid for 197* 
Last time a 2329p final was •; 
on record profits of £830,915. ■' 

STARTRITE 
DROPS SCRIP ; 

The directors of Startrite F 
□eerfng have confirmed that, 
company would not be p.l 
ahead with its plans for a s r 
issue of preference shares. • ' 
follows the Treasury's ruling, i] 

It is their Intention, to r«.- 
mend the maximum dividend ., 
able under any regulations * 
in force in respect of. the yea' 
June 30. 1079 


For years people in the seed business 
had no protection if the seed sold failed 
to deliver the expected crop. 

If you sold barley seed and tomatoes 
came up, or the seed failed to germinate, 
you could have a lawsuit on your hands 
with no insurance to cover you. The buyer 
of your seeds may lose a whole season 
and a very substantial payroll along 
with his profit. 

That’s where Hogg Robinson came 
in. Our Seedsmen's Errors and 
Omissions policy provided coverage in 
a field where before none existed. 

That is one example of the way Hogg 
Robinson operate -shaping insurance to 
the specific needs of our clients. 

And is only one example of that 
investigative and creative 
approach which has helped 
make us one of the biggest 


insurance broking groups in the world. 

And that approach goes beyond 
insurance broking. For Hogg Robinson 
is also deeply involved in pensions, 
underwriting, travel, freight, packing and 
shipping. ’ 

If you'd like to know more about 
our services please write or phone: 

Hogg Robinson Group Ltd., Lloyds Chambers, 
9-13 Crutch ed Friars, 

London EC3N 2JS. 

.L Telephone: 01-709 0575. 

A' i Howard Parsons) 

The international insurance group. 



Henderson uses new route 
to foreign securities 


Three of the investment trusfa 
in the Henderson stable have 
laken advantage nf the rele.xation. 
last January, of the premium 
currency rules, to raise foreign 
currency which will eventually 
permit them to invest abroad 
without going directly through 
*he dollar premium or risking 
fareicn currency movements 
against sterling by way of a 
harfe-rn-back loan. 

YVilan Investment Company, the 
biggest or the three with not 
assets of about CI29m. has 

arranged a loan of U.SM-lm 

(nr ltd equivalent in other 

currencies): Greenfriar has 

arranged a loan oT U.SS1 5m 

i or its equivalent): and lowland 
has arranged a loan ' of 
U.S.S75Q.000 lor its equivalent). 
In each wise the money is to be 
used to invest in bonds issued 
by the EEC. European Inve^tm-nt 
Rank. European Coal and Ste a l 
Community or Euratom. as 
snecificd in supidement .Vo. 35 of 
Lhe Dank of EivgUm-J hxLinunge 
CoiMrul Vo lire No. 7. 

Under this supplement the 


loans so raised may be repaid 
by the trusts in tranches over 
five years: and the EEC bonds 
which, following such repayment, 
are owned outright by the trusts, 
may be used (with an additional 
15 per cent of cover through the 
premium) a* security for further 
loans, the proceeds of which can 
be invested in foreign securities. 

By the end of five' years it will 
have been possible for the 
borrower to invest the whole 
amount of the loan in foreign 
securities without either going 
through the dollar premium in 
the first place, or taking out a 
loan backed with sterling. 

As managers of ihe three 
trusrs, Henderson has pitched 
their new borrowings at such a 
level thai they can, over the next 
five years, expect to refinance 
most of the foreign securities 
which they now hold through the 
premium. through foreign 
currency bought at the spot rate 
instead. Under the tutelage of 
Williams and Glyns or Csztnovei 
hair-a-dcen other investment 
trust management groups have 
already made similar moves. 


Redfeam Glass now 
sees downturn 


In a surprise announcement yps- 
lerday Mr. John Pratt, chairman 
of fiedfaarn Vatin na I Glass, 
named that profils far the vear 
to October 2 "will noi equal those 
of Iasi year." 

When thp interim results were 
published in Slav Mr. Prail said 
that "in the full year wc Inok 
fnrwarrt To profits which shmilfl 
be reasonably in advance of 1977.” 

Last year's profits. struck 
during the three-way unsuccessful 
contest for the company from 
Rnckware. tiheem International 
and Untied Glass, were a record 
14.59m. 

Firsr-half profits for this vear 
were also ahead at £1.79m‘tan 
increase r,f Efi.Tfim). At fhc time, 
Mr. Pratt pninicd out that some 
nr Fhc increase was the result of 
•lelivs in r.-.-nnsiriicilna the main 
furnace, which had alinweri mil mu 
to continue high for the first six 
mnmhs. 

Sim-e then nm onlv has the com- 
pany bad io bear the costs of the 


rebuilding bnt according to 
have been additional problems in 
yesterday's statement “ there 
bringing on stream new plant as 
ea-lv as olanned 

"Combined with this there Has: 
been an nbsprtce or expected 
growth in sales volume, an 
J .vperipnce common to ihe indus- 
try ns a -whnic. The main reason 
has been the very poor summer 
weather." Mr. Pratt said. But he 
also attributes lhe downturn jo 
increased comnetition both from 
within the UK and from Conti- 
nentnl suppliers. Continental com* 
petition was in fat-t one of the 
central issues raised by the 
Monopolies Commission when it 
refused permission in May for 
United Class tn go ahead with its 
bid far Hedfearn. 

The only comfort for share- 
holders is that the dividend 
promised during the takeover 
hot tie will be paid. A final or 10.56p 
combined with the interim already 
paid will mean a total dividend 
for the year of lSJHp (lu.50p} 


SHARE STAKES 

Trust Houses Forte— E. Hart- 
veil, dire.-inr. on Sept. 35 sold 
•j.i.non shares. 

Heywood Williams Group— 

TJ. Scholl** m i-unrerting IiK.005 
loan if i io 5N.37S ordinary, shares. 

R»-nelii.-iat holdings now 7 238,717# 
ordinary, li.-JSD preference and 
£1.901 loan Mock. 

Kvcrcd and Co. Holdings — Sir 
T. Harford, rhairman. bought 
::o.ihhi -han-s at ‘Jiijp cx dividend 
on Sept. j-j. 

Rlundell-Pcrniiiglnzc Holdings— 

Briinnmc Assurance has acquired 
further ordinary shares which 
brings fatal holding to 600.000 
i9 4'_‘ p#*r cent!. 

Windham Engineering: — Beal 


and Son has disposed, of its entire 
holding of 89.246 shares (14-875 
per cent). 

G.T. Japan Investment Trust: 

Merchant Maw Officers’ Pension 
Fund ow ns 275.000 shares {5.5 per 
cent i. 

Unfourf Holdings:— Guinness 
Peat grnun acquired 100,000 
share*? on September 1 and 
l.iO.OOO on September 29. Total 
interest 6.M2.M6 shares. 

Brocks Group of Companies:-— 
B. R. Gtack, director, acquired 
iSJ.nno shares and A. G. Irwin 
40.250 shares in April, 1077. 

Casting*.:— Britannic Assurance 
Company lia& bought 2.500 shares 
making fatal bolding 677,000 
shares flG.Ot per cent). 


Henry 
IButcher&Co 

'r-“T»jrai-nc 

[Leopold Farmer & Sons; 


Agents, Valuers, 
Surveyors and 
Auctioneers of 
Property and Plant 
London Leeds 
Birmingham 



AECT LIMITED 

(incorporated in the Repu Wfc of South Africtrjl 

NOTICE TO 

PREFERENCE SHAREHOLDERS * 
DIVIDEND NO. 81 

NocicO is hereby given that on 7 September 1978 the 
Directors of AECI Limited declared a dividend at the rate 
of '51% per annum for the six months ending i5th 
December 1978 payable on that date to holders' of 
preference shares registered in the books of the Company 
at the dose of business on 3 November 1978. 

The dividend is declared in United Kingdom currency and 
warrants in payment will be posted -from the offices of the 
transfer . secretaries in. South Africa and the United 
Kingdom on' 12 December 1978. 

Dividends payable from Johannesburg will be paid, in 
South African currency at the rate. of exchange ruling. on 
3 November 1978. 

Any change of address .or dividend instruction involving a 
change In the office of payment, if intended to apply to 
this dividend, must be received on pr before 3 November 
1978 arid members must, where necessary, have obtained 
the approval of the South African Exchange Control 
Authorities and. if applicable, the approval of any other 
Exchange Control Authorities hairing : Jurisdiction . in 
respect of such changes. Changes qf address or dividend 
instructions to .apply to this dividend~which- do npt involve 
a change in. the office of payment rniist.be. received not 
later than i December 1978. 

In terms of the Republic of South Africa income Tax Act 
1962 (as amended) dividends payable to ■ persons not 
ordinarily resident nor carrying on business in the Republic 
or to companies not registered nor carrying on business in 
the Republic are subject to deduction in resnTt of non- 
resident shareholders tax at the rate of 13.7025%. 

With regard to warrants despatched from the. United 
Kingdom office, . United Kingdom income ax,- at the basic 
rate less, where applicable, the appropriate double - tax 
relief, wil| be deducted from the dividends .paid except in 
cases where rite holder's address and. rhe- address' to which 
the dividend is sent are .both outside the United Kingdom 
and in cases f)f any) where the' company has received 
from the' inspector of Foreign Dividends Jn Great. -Britain 
a certificate exempting the divTdentf.from .United Kingdom 
income tax. : 

The transfer books, and. registers o^F members in 
Johannesburg and 'the United Kingdom will be closed 
from 4 November. 1978 xo 17 November- (978 both days 
inclusive. ’ - . . 


By order of the Board 
JJ. LOW 
Secretary 


Carlton Centre . • 

Johannesburg 
f3 October 1978 
Transfer Secretaries: 

Consolidated. Share. Registrars Limited - - - 
62 Marshall' Street. Johannesburg 200 i. and .' 
Charter Consolidated Limited, Charter House 
Park Street, Ashford. Kenc, TN 24 8EQ. England 


Published notification of rate of interest 
for first six months ■ 

ARAB MALASI AN 
DEVELOPMENT BANK, 
BERHAD 


Floating Rate Notesdoe 1983 

-V- ■ Forth e sfx months i ; 

October 12 Lh, 19.78 to April- 12th, 1979 
the note's wiH carry.an interest mtepf 
10 -Vi 6 %perarmura- ; . ' ' 

Listed on the Luxembourg Stock Exchange 


-f 







r 




r §Ulft 

L ^ H Financial Times Friday October 13 1978 

Debenhams rises 58% to 

j** 25 ii< r \ *... ^*[ 

£4.86m at halfway 


Adda up and 
confident 





I l " a, ‘!j SJ bcin-4 the profit taken to eitiabli-ih the- wparati* 

■ 01 I:uid > nd t,uW ' n « s - ai-npwl up IO044P lO.Jpj— -the mfy t and Mr. H. J. Edward*. Load 

- I he fulf ^ H t0 . for PeR!,:n; ; «* completion, Jto pro- Jin;,] | as , lim «- wax I.172p. chairman, my* that profits fur year. 

V 1 I br f ol "L n . n f 7 r . on fne. .\,. t profit emerged «t the full >car should show & use- i^ue 

■ -eioeiai.it JL '? efe ' -.if 021 * J 10j ^ And !dn - fo-asofmlri buddings 1 after tax of csu.lwi fitl improvement over the peak ou t 

• -■ f w,lh i he sale or closure has bt-i-n jruluded a> t, required £H!W,H7:i arhieu-d in the full 1977 tour 

s ,ore ?’ ynd . revenue costs by SSAP 12. ve:.r-ft.r the nrevioiis thr» „“ r 


The net interim dividend n 


ssociated with rhe opening and 
: t..' chuJldina of scores, a.-7 llsu^L 
*»? far. the net co« for the 


-3! HVCkS 
™« JWT 


SaJr«. w V4T 

iuSi fWii 

ZSjOb 2t‘j» 442.9-1 

Tr-jilipe prjii 1 .. 

3.5Sj 

7.rw 

Cl iir-, 

tirtrn M 

liras 

*.M1 

iiS7!i 

P*gflt ■ - 

4.837 

3k»7 

14.701 

Etu-pj. i-ki]:i ... . 

:d 

- -»D7 

».3s* 

Msluiuj . ._ 

2>.m 

2,594 

14.2« 

Tos 

i.:« 

L2M 

4.0.4 

KiL profit 

tJSSri 

‘l.«S 

•4.1;? 

Kim* I'm 4rfw 

-m. 

— 

j mm 

Prrt 4r.:Ci-cils 

a 

••• 40 

M, 


J»l>t 

J.MP 

eg nn 


Bruntons 
rise in 
first half 


PRE-TAX profits of Adda Inter- the last.faw units are filled. This 
national, hotel group, increased will enable the group m ronceu- 
from £403,000 to fWi.OQO for the irate on its hotel business which 
is weeks to July 9. 1973. on turn- has improved profit* largely with 
over up from £3 .44m to i-t^Jm. Uu* help of better rates. Although 
Trading has remained satlsfac- average occupancy levels in 
tnry, and Mr. H. J. Edwards. London have been lower than last 
chairman, sayp that profits fur year, the group has achieved a 
the full year should show a use- belter sales mix this rime cutting: 
fill improvement over the peak out some nf the high discount 
£H!M,li73 arh»e\i*d in the full 197# tom- parties. The other major 
year— fur the previous three new management step will be to 
years the group incurred losses cxpani j and Improve the catering 
totalling fl.ftSm. side. New acquisitions will not 

Mr. Edwards adds that the out- make any impact on profits until 
look, in regard to trading and jaTS and given the roughly even 
opportunities to expand business profits distribution between 


X.±XjXX 




further, is encouraging. 


full-year outcome of 



-w tp-X't&tmii 








The first-huff results exclude fi^p, looks probable. The shares, 
any contributions from new gu'en a- 10 per cent tax charge, 


acquisitions already announced are „„ H prospective p e of 9 but’! 
as they Jtud not been, acquired a j-fcy 0 f only 2 per ceni. I 


VALUATION 


nf&The directors say the rat* of 
Mlpi-.-, ir. the food division (Caiersj 
■ as been . reduced con side rub lv 


Bronx 

Engrg. 

slumps 


Martin- 
Black 
in profit 


' WP ,0r r£ l . IW iwrirair. « -■ cs w, at the end of the period under 

■’Jiurm d -ru fro 2 £2H.n7m to A „ Pi r«it»&ir .. jam j.wp iiiu REFLECTING THE continuing review. These Include the _ _ _ 

>^*■1^5“^™ fisure excludes •oh** floras rfia:iwa. low demand for all of their Leinster Towers Hotel the Mnrfin 

jMrMnr« U T V v 10 ^ bvt ^ - r oup\ Ktwl Product-S the direc- Osterley Motel and ihe Heuthrow IVldi llll" 

C'l a i ^l^,1 tors nf Bruntons (Mussel burgh) Ambassador Hotel. The cs tension 

l !niS dei 2‘ nUliM^ J v P w rt K |,nl re,,nr1 a s,i K h ’ falJ ,n turnover to the Park Plaza Hotel will open ¥>1^^!^ " 

«I d r^ d ; C ' vh,ch . hav ® Urrmv from rr».ym n»£5.42m for the first in •‘pnny IflSO. dI3lK 

V#3,Vceri *° ,tJ or closed since August M> I I I FIX hatf n r 1R7R, and tlierc was only The pusltion in regard lo the 

Hr\. 7 T- -~r. y -r cn " buted , • an £«s.0nn rise in taxable prnliis croup's freehold property in • C*.. 

U0\Vh-7i. er r° r £r, ‘ rWl Turt: ^ Tr of to £SK7.uon. CopenhaRcn. City Hou.se. has now ir| rirntir 

J i| Jjj.Ijtn for Miures opened since |i Ilcri^Or They add that in the lirsi two been siabilised and action con- 111 111 1/11 1. 

V* • . S? hai Qepn months nf the second half, trading tinue* to be taken to improve M , ! 

mj J, ‘’iij 0 ®- .. 1 prnflts were running above the *h° net rental income receivable. .AFTER DIVING lo a Mltf.OflO toss 

dirc ‘ cl£ ' ri **9 rat* of CillYYlTlC average Tor the jjrv half and It has been decided to defer con- In the last half of pi77 .Martin- 

.. m the food division < Caters) oHIlUUij indicalinnv are that ure-tax sidoratlon of possible further Black returtwj to surplus in the 

as been reduced considerably * profits f nr the whole year will be provisions In respect nf this first half of 1978 to record a 

; -net? the second half of 1977-78 AS ANTICIPATED taxable profit ; n line- «-l«h the £1 72m achieved development until the end or the £244.000 pre-tax profii compared 

.,.^10 they expect this division to at Bronx Euginceriog Holdings j n ifi77, despite the fact there will year. with £240,000 in the same period 

' akc a smalt profit for the full for the half year to May 3L 1078. b<. nn comparable henefil from The net interim dividend pay- last year. 

shimj*ed from £106.000 li> JC57.90M camial r:ain< (£102 000 for lUTTt mt ’U t is increased to 0^p (OJlp) Directors say that while the 
j The operations of the photo- and the directors as a In warn of The interim dividend is stepped P pr in F share — la.it year’s final Canadian company has made a 
.. ‘aphic retailing business a fulltime performance- subatanti- up 10 3 -V44Sp (3 0840ni net per ‘^p " as n -46fi93p — and the directors «o»d recovery lack of demand 

>reens) continue to be unnrofit- allv below the f790JSl last tone, share nnrf (here is nn additional M - v ,hey intend to pursue a pro- and consequent overcapacity 

. \ lie, bul it is anticipated that the However, there has been a pavmoni nf b or><Un far 1077 nn th* gresslve dividend policy which elsewhere continue to make 











. r i£- shimjwd from £3ti6.(KV IP JC57.1MHI cami.-il r:ain< (£102 000 for lMTTt m<, nt js increased to 0^p (fl^p) Directors say that w 

j '■•:• The nperatinns of the phnto- and the directors again warn of The interim dividend is stepped P pr in F share — lost year’s final Canadian company has 

' aphic retailing burine«^ a fulltime performance subalanti- up to 3 -t44Sp (3 OS-tOpi net per ■> jo " as 0.46fi93p— and the directors «oi»d recovery lack of 

- '• 1 reens ) continue to be unnrofit- rilv below (hr- £790.251 last umc. share nnd (here is nn additional M - v fhey intend to pursue a pro- and consequent ove 

r . il p . bul it is anticipated that the However, there has been a payment of 0 0394p for 1977 on the K ri,SB l v e dividend policy which elsewhere continue ti 

era N loss for the year will be recent improvement in order in- reduction in ACT \lso announced be reflected In future pay- busing very diui cult. 
:.wer than lest year. The com- take and this together with likely is a second interim of A 37fi4p * n,JnW - ,n 'J* w . of lh * 




n <^ d losses rnr -the-e two nrders over tlie n».-xl few . months <3.9t91n) which 

'vision.^ included in the first should allow it return to. much total 7$2I2p. 
iif figures i s £{ iSnt. more satisfactory level nf profit in 

After tax of £151 m <£!.2fiinL 1»7». Mr G B. CrctiUJiwaiie, ' the 
presenting ACT or. dividends chairman, slates . Turnover 

: .id overseas Income-tax, earnings First half sales were sustained n„ ri i<. .. ’. .. 

e shown as almost doubled at £7.n2m (£701n!J and thnueh Lsmh 


rim of A 37fi4r> ln T * w lh is the interim 

wifi make the A,so an n °unced w a one-for-one dividend has been halved to lp 
scrip issue, n scheme to increase net, although directors say 
naif Year the aulhoriscd share capital to results for the second half are 


ipt? £3m and directors propose lo expected to be much better than 
w*>n adopt 8 group profir sharing those of 1977. A 2p final was 


■ ~ ;•* om t 4p (n 2.7p per 2Sp share, the world wide- tack, of confidence X r3 1. l>i,! profil 

‘ *d 3.7p (2.zp) oti :i nil distribu- in the «cel- industry stifi exints. „ pr °f' • 

jn basis <h« in«# mnnih, pnmnnnv «n». wnu n , infcr:-s 1 .. 


)n basis. 

The interim 


dividend 


in the Inst ma.nhs the company > rP -ia« prora 
hui won export contrucw of iLks. 


SB Charles Hill omits dividend 


after f 0.5m midway loss 


change the group'r name to 
Comfort Hotels International. 

2? weeks 
ISIS 1977 
fuOO 

Tumerpr 

4.2K 

M.Ctj 

Ihnel-. ere 

3^6-3 

3.127 

Wbolculmc 

394 

Zlp> 

Trjdui« prufli 

643 

747 

1ll1lT«l 

322 

Ol 


U1 

CSC 

Tmt 

K.* 

— 

\>l profii — 


40S 

Kun-rrcuirlng dobu 

— 

■JL\j 

Available 


122 

Pivlllr-ntf 

S3 

19 

neraincd 

5tij 

1U4 


paid last tune, and a decision on 
the final this year will be made 
when results are known. 
Turnover for the period was 


Interest 


£2L!KM) exchange gain compared 
with a £31,000 loss Iasi time. 
After tax of £123,000 (£121,000)1 


given at 1.83p compared with 1 



. =TER ACJH1EVLNG a £186,000 improvement on the first, half when taxable profit was a record 
oflt in the second half of 1977 figures they Intend paying a, final C217.000. 

: larlcs Hill of Brfstnl slumped dividend. Last year a aJ28p final Again there is no interim divi- 
a £500,000 loss in the lirsi half made a total or 756p. dend but a single payment is fore- 

1978 compared with a £29.000 . cast lor mid-1979. The payment 


below avrraEc dac lo tniliUllir of 
cjptMl allowaiKrs and oast trading losses. 


comment 


a £500,000 loss In the lirsi half made a total or 756p. dend but a single payment is fore- A Evince at Adda s figures 4- OAlkVi 

1978 compared with a £29.000 cast lor mid-lH79. The payment immediately reveals the groups j 

licit in the same period last last time was O.lOSp net. heavy gearing burden. Trading SIQV2H1C6S 

ar on turnover ahead from |VTr|t;c R|*f*c llll Retained profit for the half year profits for (he first half are 26 

■42m to 16.61m. Interim divi- ltIU33 UKUj*. U|I amounted to DM,000 (150,000). P* r cen t better but afler a slight After a £15J>13 fall in pre-tax 
Jid is omitted. n* s' aaa e On September 8 the group reduction In interest charges the profit to £135.962 in rhe firm half 

Directors say rhe interim report +ln (fill) TOT ’ placed n.37.499 CrystaJatc (Hold- Increases jump to 52 per cent. The Prestwich, Parker recovered in 

ikes the losses look much 1 W 1 VVW * v *.' ' inqs) ordinary shares ai 34p. The last balance sheet shows debts at the second. half to lift profit from 

>r*e than ihoy expect them to • i.1 . : holding arose from the conver- iilniost 100 per cent of share- £174,465 to £21-7.170 in the June 

at (he year end. The loss- SIX HlORllIS ' . . J?ion of £75.000 of Grystalate’s 8 holders funds but borrowings 30. 1978 'year. 

■ms from a continuation of the •- ‘ per cenl convertible unsecured (because of. acquisitions) are Aftertax or £113,515 (£86.624) 

bsiantial building and cull ' The directors of Moss Bros.' loan smek into 625,000 ordinary likely to be even higher this year, net profit of the nut and bolt 
ginecring losses at N'ntt Brodie report six months figures, for the shares ai I2p each togetlier with Virtually hall this is swallowed up maker advanced from £S7j84l to 

d Company. The losses arc. first lime, of £3.U4m turnover 312.499 shares received by way of by the Copenhagen property £103.655. The final dividend or 

\ve\er, before taking account nr asfamst £2.fi9m. and nSLOOO tax- righm at lOp each in March 1M7S. which will probably be sold when 2.1875p net per 25p chare leaves 

y benefit* Dorn claim*' und»ir able profits compared with;' ■ the rural payout unchanged at 3p. 

iotration. of the settlemeriJ.-, on £115.000, for the period to July- — . _ _ „ r ■ < ■ 

■tain old contracts and of re- 29. 1978. Profii for the 1977/74; JJVk wwrr****l JfcL aitai* 



ficit in the same period last 
ar on turnover ahead from 
-42m to £6.61 m. Interim divi- 
^nd is omitted. 

Directors say rhe interim report 
ikes the losses look much 
irse than (hoy expect them to 
al the year end. The : losjf- . 
■ms from a continuation of the • 
bstantial building and cull 


Moss Bros, up 
£16,000 for 
six months 


Prestwich 

Parker 

advances 


COMPANY NOTICES 


After a £15£L3 fall in pre-tax 


i LI 


THE KOREA DEVELOPMENT BANK 
8j% Guaranteed Bonds Due 1979 

Bttidbolden are reminded mat Coupon Mo.. 2 MKomet Payable on 1st 
November 1978. Payment will be made lubieci to the deduction o! irvotne Tan 
fit aopli^aoiei at rhr approp-ialc rate, upon preientatron ol the Coupon n ine 
olbces .ol The Fiscal Agent or The Paving Agent 

8ondnolde-s who wiih to Meet to rece-va pavmem ot me relevant amount 
In UJ> dollars in accardanre »«>m lause Sc in the ter mi ana condition* a< the 
Bonds should notify such rntenriem In wrMnq to 'he Fiscal Agent or the Paving 
Agent prior to tSth October 1978. 

THt UNITED BANK OF KUWAIT LTD. 
_ Parma Agent. 

5 Lombard Street. 

London EC3V 9DT. 

ISlh October, 1978. 


BANCO CENTRAL 
de RESERVA 
de EL SALVADOR 
SUS 25 million 


Boating Rate 1978/83 


It 

1: t 


The rate of interest applicable 
for the six_ months period be- 
ginning on October 12th.- 1978. 
and set by the reference agent 
is H annually. 


1 il ITfasurcnients necessary' far final year was a record £307.289. 
VI i |£ 0 P ,a . ncp of work now finwhxng After .tax for. the - half yi 


& Wyndham over 


ftypiance of work now finwhing After tax for. the half year .of . . - ' ^ .. - - ' 

ich incluuts the bulk df Utosc ^onn ftBB.00d> net profit came 

tracts with severe losaes. out Bt £56.900 a4Sr.000i giving Q Oil DIG 3.TIGF rCSll3Dlll£[ 

fallowing ihe marked dctcriora- earnings of 2.67 p (2J33p) per 20p UUUE/IV tulvl * 


! ) 


fallowing the marked dctcriora- earnings of 2.67p <£33p> per 29p ***^ % '* * ^^****|p*^ 0 

n in the results of Brortie the share The interim dividend is «rr»m:rrinv<= .vn Th _ ...a ™»rfarrn- 

Artnrv hnvo rioc-rioH m mHiii-n mnintnir,^ at i «,»• ACOl'ISiTIONS. AND reorgams- Tnc trading ana profit perfonn 


V’- - «*W. V 


^ .'•EL': 


, ectors hove decided to reduce effectively maintained at l-33p^ ’ - »hM an ,, of ,hT llsh n. 

! scale of this cnlerprise so net costing 128.000— last year’s nihaantiaUv 

;?•- -..-rt risk will be lessened Senior final was an adjusted l.MQBp. d ^Tr.^u,™Sr°m 9 ^"^ 4 inhI 

• * •" , ,na*»emeni chinnpc h-u-t- been / jeweller. £o more than double and is now on target, ah me 

V- - deiS a consMSence - ’ taxable profit for the year June publishing divisions performed 

p h _j * T R Kirt- A A rt wr l n - TO. 1978. from £1)7.699 to £314.9)8. well, but the major reasons for 

n^! y hi?/ c! M3rSlD3l ' following a recovery from a the overall improvement was the 

ns) has continued lo irade in O ■ cri OH ln«. .A . .■.m-.lii.- nMnielllnn nr Hniilhnm Rnnbc 


".nagenient changes have been 
■ ide as a consequence-. ' 

They say B. B. Kirk (Const rue- 
nsj has continued lo trade in 
' satisfactory manner. The ship- 
joir and road transport sub- 
•iarles have remained busy and 
. ifilable, while the smaller colo- 
nies in the group aT a whole 
ve continued to show a useful 
urn on capital employed. 


taxable profit for the year June publishing divisions performed 

l\4n«vri(inl ' TO. 1978. from £117.699 to I314.91S. well, but the major reasons for 

iVI3rSII13l ■ following a recovery from a the overall improvement was the 

■ , £33.844 loss to a £149.963 surplus acquisition of Hawthorn Books 

o/lifanAA Kir 1° second half.. Inc. and the return to profitability 

-HUY uIlLc U Y The directors say they are con- of W. H. Allen's paperback book 

fideni this favourable trend will division. Mr. R. Fields, the chair- 

Dwek Group .r u- ^ 

Marginally better _ profit of l0 „ d ?_ lc suPPorW this view. fiJS^DurSe the yea? a number 


■■ - “ 

c " 

- ■ • 4-:. ■ t ' '■ - ' 





I ^ -i'u- ? - • v;! ; ‘ 


I 


nenung me group. ot luxs .Del ore tax £4.(XKi more at "'B juoijieu 0n7wrs bip. as well as mir- 

\sain there is no tax charge £58.000; Sales by the company. (£418,996). mani ^ franchise agreements, 

d the attributable loss is shown which imports and wholesales Net asset value at year end was The company also expanded the 
£505,000 after minorities. Last pvc, were maintained at £3Jm 4Bp <42p> and net current assets rela ij operations of Grant Book- 

ar there was a £564.000 extra- (£3.Q4m). . amounted to £3J27m (£2.S8ra>. s h 0 ns of Scotland, 

dinary profit which left attribui- In June the directors said that Earnings per 20p share are stated <m e decision to dincentinue 
le profit at £328,000. turnover for the first quarter was at 4.6p.(L2p) or 4.9p (4.6p) after theatre ownership activities it 

Directors say that if the full ahead and they expected volume extraordinary gains of £19,377 being implemented and disposal 

ar results show an adequate at full-time to exceed last year f£277,883).__;- hes of’the leaseholds 

• ' . ' of The New Theatre, Oxford, and 

The Royal Court Theatre, Liver- 
pool. 

The group's trading prospects, 
both in the home market and 
overseas, are now bright and the 
directors believe it wfil continue 
to grow and prosper, Mr. Fields 
adds. 

Following a return to the divi- 
dend list with a net Interim of 
0-33 p in April, the company is to 
pay a similar final for a total of 
0.66p and a one-for-15 scrip Issue 
Is proposed. . 

Profit after tax for 1978-77 has 
been restated in line with ED 19 
on deferred tax at £76424 
compared with the previously pub- 
lished figure of £165.258. 



■ - . - -u 


U i 


Perkin-EImer 
rises to £1.8m 


AT 


HOME 


From turnover of £14.1 Tpi com- 
pared with £10.9 7m pre-tax profit 
nf Peririn-Elmer rose from £ 1.54m 
to £t.K&ai in the June 30. 1978 
year. After tax nf £995.000 against 
£530.000 net profit came out ahead 
from £08 1m to lO-SSra. 

The company is a subsidiary ot 
Perkln-Elmer Corporation of the 
UiL and its principal activity is 
rhe. manufacture of scientific 
analytical equipment. A dividend 
nf 45p (20p) is to be paid- 


K4IYK RLTt’Rft 



\B '’.f ' 



re-'nea :ny .- lot. i+) m 
Ort. 11 Dec. f— ) 
1978 1 Mr week 


RANKING DEHAHTMKNT 

ItHlITIftr ! £ ‘ i & 


UAblLITIbi [ £ j $ 

uk]nta .....i 14^615,000 — 

ttihnc Bepoail — 1 21,438.776— 8,862,40} 

■•[ircixj Deposit*..;] ,062,735 JUi> — 

Usatert. i 411,68236! + 117,961^66 

lli*^rre* i Otherj 

Kus* SHMB9- 9^4L3!6 



?r 


s 


2JB2,280.4BO[+ 89,888.149 


ASSETS 1 - I i 

| ftm. 6eriiriil*i.41.777^(MLO0B;+ 89,440,001 1 

\ijVVKMl4DttHJli 

A*--- j S0S.MB^8i+ 6tt,4SO 

t‘nmi(sM.l{((iitu*i' I 

'* otiirr 148.172,870 — 18, (}1 

•Vires .! 13.710,4 10:— 187,612 

1 212,384:— IS.6ty 


dos(Tjbmg (ill (fur lirnperfy-ftemivs, 
| mt lie to- -D. V. Idri'i i \ •( irrjfhVi'.lf ’.S. 
• Richard h’/ljsj 64 fcomhill, 
' Lphdbn EC3V 3PS. 'let: tn^SiSOOO 

X ; • r. 'c, 


I2.ise^00.4fi0 + 80,888,149 


ISSUE DHt'AKTWBNT 







mmwnw 





I 


f 








MINING NEWS 


U.S. copper producers’ 

environmental burden 


Selincourt up 
10.3% midyear 


BY PAUL CHEESERIGHT IN LAS VEGAS 


THE COST lo the US. copper 
industry of meeting environ- 
mental regulations will rise to 
$4..ibn (£2.3mj on the basis oj 
1074 prices by the end of 19S7 
according to a study nearing 
completion by the Department of 
Commerce. 

This figure was revealed for 
the first time at the annual con- 
vention of the American Mining 
Congress in Las Vegas against the 
background of separate industry 
complaints about the damaging 
financial effect of coping with the 
spate of governmental regulations 
which have come from Washing- 
ton over the last eight years. 

The burden of this on an 
industry which has been bit by 
low prices over the last three 
years is now recognised by 
officials. “Something Gas to give 
here," said Mr. Paul O'Day. of 
the Bureau of Domestic Business 
Development at the Department 
of Commerce. The Impact of the 
regulations on the industry Is too 
disturbing for the fight against 
inflation and for the international 
competitiveness of the Industry, 
he added. 

Hi«s comments symbolised the 
growing awareness in govern- 
mental circles that the copper 
industry is in poor >trape to make 
a large outlay which does not 
increase in productive capacity 
and its revenues. 


output lagging at less than 700m 
tons a 'year. 

The 1985 target has been stated 
by three Presidents in the last 
five years but. he says, this has 
not been accompanied by policies 
designed to encourage new invest- 
ment by the Industry.' He also 
commented that a. moratorium 
had been placed on the grant of 
new leases for surface coal in 1971 
and would not be raised until' 
1980. This will ensure that no coal 
will be produced from new leases 
until about 1985. 

Further, new measures against 
air pollution last year had forced 
both the mining industry and the 
electrical companies to change 
their plans and had changed the 
conditions on the coal market. 

The combination or these two 
factors will encourage production 
in the eastern states, argued Mr. 
Margo) f, but the eastern reserves 
are deep and have a high sulphur 
content. Productivity in the area 
has been declining steadily for 
nine years. The large deposits of 
coal suitable for open-cast mining 
tend to be in the western states. 

Commenting on the multitude of 
laws, regulations and agencies, to 
enforce them Mr. Margo If said 
That a mining company could 
really only determine the extent 
of Its reserves after it had 
received all the necessary permits. 


one of Australia's leading con- 
struction companies. 

An investment decision on the 
Gabbin project is expected in 
1980. Meanwhile, development 
work to prove the deposit will 
intensity and Engelhard plans to 
conduct transport, marketing and 
economic studies together with 
process testing. 

The company is already a major 
producer of kaolin for the world's 
paper markets and, from the U-S.. 
Is principal supplier to the 
Japanese paper market Gabbin 
is being assessed as an alternative 
source for Japan. 


Arco’s latest 
coal move 
in Australia 


Title Department's study covers 
the Impact of regulations dealing 
with water, air and land pollution 
and the health of employees. It 
extends their earlier study com- 
mission ed by the Environmental 
Protection .Agency from which 
many of the regulations have 
come. 

The study predicts that by the 
ervd of I9S7 tA copper con-gump- 
tion will be 11.6 per cent less than 
it would have been without the 
coiiNtraints and -that domestic pro- 
duction will be no ieis than 36.2 
per cent down. 

By the end of Che period che 
industry will need a copper price 
of 109.7 cents per ib expressed 
in 1974 values if it is to be profit- 
able. This is 42.1 per cerU more 
than It would need without the 
environmental regulations. The 
current price is around 70 cents. 

Commenting cm the implications 
of the study. Mr. Charles Barber, 
the chairman of Asarco said: “The 
subject in terms of the national 
interest is -too serious for oratory. 
Unless something changes, our 
mineral industry will have dis- 
appeared within 10 or 20 years." 

On the subject' PI'. boa). Mr. 
Charles Margolf. director of 
western coal operations at the 
W. R. Grace company, made a 
bitter attack on official attitudes 
towards the coal industry. He 
reckons that the chances of the 
industry reaching production 
levels of 1 J2bn tons a year by 1985 
are slipping away with current 


Engelhard’s 
Australian 
kaolin hope 


THE UJ5. oil major, Atlantic 
Richfield, is negotiating to buy 
the 38 per cent interest in the 
Blair Athol steaming coal deposit 
in central Queensland from the 
Daniel K. Ludwig Group, reports 
James Forth from Sydney. 

Arco's latest expansionary 
move comes only six months after 
it gained a foothold in Australia 
through the A$28m (£16.3m j 

purchase of a 32.2 per cent equity 
in the New South Wales coal pro- 
ducer, R. W. Miller (Holdings). 

Of other recent moves into 
Australian coal by the' oil corn- 
nan ies, British Petroleum agreed 


A RISE of «U per cent in taxable 
profit from £I.55m to 
reported by Selincourt. tne 
textiles -and fashion group. fo r,. 1 ., ® 
half-year to Julv 31. 1978. w'Uj 
growth continuing in the secona 
half the directors forecast another 
record year to follow on me 
£L23m last time. 

First half sales "ere 0.9 P^ r 
cent ahead from £26.1 m to 
£28. 67m with export content -o 
per cent stronger at 
After tax of I770.0UO ti<03.0n0> 
and minority interests tne 
attributable total wa« better at 
£928,000. against £817.000. 

The net interim dividend is 
raised to 0.3p (0.45p) per ■’’P an “ 
a supplementary payment or 
0.0116P is to be paid in respect of 
19<<-78 following the cut in ACT, 
at a total cost of £264.567. 

The group's new German head- 
quarters in Dusseldorf is trading 
well and the manufacturing 
capacity set aside for the new 
Pierre Balmain ready-to-wear 
range is fully sold out fnr the 
current year, even though the 
first showing of the elolhes will 
not take place until later this 
I month, the 'directors state. 

HalJ-J 

197s 


BOARD MEETINGS 


Tftc fallowing companies have catified 
date?, of Board nwiiat* to tin S:*o, 
Eschamje. . Such meeuasa are ommi-j 
held for the purple of nmMtrina 
dividends. Official lutfications are no*. 
jY.iifaAle as lo buiher divlwi«s art 
mu-rlms or Bnals and Uw 
'hi>nn brfna- are based niaimi' aa n* 
> car's ouieiablc. 


TODAY 

Interim* — Ash an-J Larr- Brntne and 
HuUinssK'tflh- Bradl’jvr's Stores. tirasiWU® 
lluhuaa*. Lowland Draper- .M«sUuare 
Manufacturing- HiKirse G. Sandcman. 

Finals— Ben Bailey Cwuruiiiwn. British 
Empire Sevan Lies and General Trail. 
Courtney Pope. Isurj Property. * 


FUTURE DATE5 

Interim* — 

Canadian and foreign invest. T?t 

East Surrey Water — - 

Harruoo and Sons - 

LilieehaD 

Scottish Ontario Investment — 

Slivepbruise Ensmeerlxig 

Saltiers - •••• 

CBM — - 

L'nitod Engineering lnil®tri« - 

Westpno! Investment Tru*: 

Floats— 

Roolton • William' - • — • • 

Dawnar Day 

Bump Engineering Industries .... 

I finer reletiiloD 


jcxiijO o* 1 ® it 10 ® 

Sales — ... 2S.671 2‘J.DW W 4It> 


Pre*a* profit 

Tax 

Net profit 

Minorities 

Extraordinary debit 

Atrrlbfliabie 

DtvidendH 

Retained 


1.7TM 1-MS 
770 7P.i 23S 

9^4 Ml) 3.9S3 


to pay A$I69m to Ludwig for 50 
uer cent of the New South Wales 
Coal producer, On Urn Develop- 
ments.' 

About IS months earlier BP 
paid a similar amount for the 
other 50 per cent. i 

Ludwig retained the Blair Athol j 
deposit and coking coal mines in 
Queensland, along with shipping. 
Insurance and land development 
interests. 

Blair Athol has reserves of 
about 270m tonnes of steaming 
coal. The other partner is Conzinr 
Riotinto of Australia. 


AMERICA'S Engelhard Minerals 
and Chemicals has taken over 
where Consolidated Gold Fields 
Australia left off In the develop- 
ment of a Western Australian 
kaolin deposit at Gabbin. 210 
kilometres north-west of Perth, 
reports Don Lipscombe. 

An option agreement and 
further tests have been 
announced by Mr. Andrew Men- 
saros, the state’s -Mines Minister, 
who added that : “ Positive results 
would likely lead to the construc- 
tion of kaolin processing facili- 
ties with a value of up to A$30m. n 

The deposit has been compared 
with the kaolin deposits of the 
world's leading mines in Cornwall 
and Georgia. hut there has been 
little hint of the early enthusiasm 
since Gold Fields’ withdrawal 
and a security blanket has been 
thrown over negotiations since 
Engelhard. ' . ."bfecame' ~ ' involved 
several months afto. 

Encelhard's option is to acquire 
80 per cent of the kaolin mineral 
rights held by West Australian 
Kaolin fWAKO). 

This is an offshoot of Win- 
jallock Resources, a company 
established in his retirement by 
Sir Albert Jennings, who headed 


• comment 

Selin co art’s interim performance 
is steady with both sales and 
profits up bv about a tenth. But 
trading is expected to sain a bit 
more momentum in lhc second 
half and full year sales could be 
well over JEfiOra and earlier out- 
side estimates of £5m pre-tax for 
the year still look right. The 
textile division is evidently pro- 
gressing particularly well ■ with 
walker and Rice, manufacturing 
dress fabrics, the star performer. 
Overall Selincourt expects the 


textile companies to chip in 45 
per cent' of profits inis year 
aiainst 40 per cent in 1977, 
Among the garment manufac- 
turers margins are still improv- 
ing at the French operating sub- 
sidiary. Tricosa. and profits, for 
the full year are budgeted at 
£800,000 (£628.0001. Elsewhere 

Selincourt could well of seen its 
margin squeezed on its sales to M 
and S, which are around £7m to 
£8m a vear in line with some of 
the other M and S suppliers. 
Meantime borrowings ore 
virtually unchanged (last Decern; I 
her they equalled two-thirds of i 
shareholders' funds! but half 
time interest charges are £40,000 | 
lower at £606.000. The fully taxed 
prospective p--'e is 6.3 and yield 
(assuming a 10 per cent increase) 
is 7.4 per cent — a rating in line 
with the market. 


Agricultural side helps 
Shell Chemicals cut loss 


MINERAL STUDY 
IN ANGOLA 


BY SUE CAMERON 


Angola is studying the size and 
concentration of its mineral 
reserves and when this is com- 
pleted exploitation will resume, 
according to the Angolan Minister 
of Industry and Energy, Mr. 
Alberto Bento Ribeiro. 

Exploitation of some of Angola's 
reserves of iron ore, oil, diamond, 
phosphates and non-ferrous 
metals had been affected by 
South Africa's incursions intn 
Angola in 1975. 

Mr. Ribeiro said that when 
exploitation resumes his Govern- 
ment will grant concessions only 
to Angolan stale-owned com- 
panies, with which foreign firms 
can sign contracts. 


Debenhams Limited 


FOR THE second quarter of this 
year, results of Shell Chemicals 
show. a considerable improvement 
over the first but the company 
still lost £L4ra before tax. 

Hie loss for the first quarter 
was £3.1m. although this has been 
cut by more . than half. Shell 
Chemicals is still taking an 
extremely cautious view of the 
future. Mr. Derek Crofton. the 
finance director, says the reduced 
loss is chiefly the result of an 
excellent but seasonal perform- 
ance by the agricultural division. 
He adds that the general, reces- 
sion in the European clienucai 
industry is not yet over. 

"We cannot look to the agri- 
cultural division for any Further 
significant contribution to profita- 
bility this year," Mr. Crofton says. 
“Sales tonnages overall have 
shown a small but reasonably 
steady improving trend during 
the first half of the year. But not 


financial support from Shell 
group sources to enable us to go 
on investing substantially in effi- 
ciency improvement and cost 
reduction projects at a time when 
returns from the market place are 
totally inadequate. 

“Even when these investments 
begin to- pay off and we are able 
to start reducing our loan capital 
it will take some time to put our 
finances back into a really satis- 
factory. shape.” 

Shell Chemicals' has not yet 
made its third quarter results 
public, but it is understood there 
have been no dramatic changes ir. 
the position as it stood at ths end 
of the second quarter. 


enough to give us any hope of an 
lend to the general recession 
facing the chemical Industry in 
Western Europe. 

" While proceeds”, have also 
risen- slightly, they have not kept 
pace with Increasing costs and 
inflation, nor, as fap as', export 
sales are ' concerned, with 
tonnages. This drop in average 
overseas returns reflects partly a 
real decrease In prices for some 
products- and partly less favour- 
able currency effects." 

Shell Chemicals has put £25.3m 
into capital investment so far this 


Unaudited results for the 28 weeks to 1 2th August 1 978. 


The profit of the Group before Other Items for the 28 weeks to 1 2th August 1 978 amounted, 
to £4,857,000. an increase of 58 percent ‘on the figure for the same period in 1 977. The details 
are as follows - • 




28 weeks 
to 12th 
August 
1978 

28 weeks 
to 1 3th 
August 
1977 • 

52 weeks 
to 28th 
January 

1978 | 

Sales 

Less VAT 

Note 1 

EOOCte 

240,969 

13,161 

£000's 

214,067 

11.168 

COOO's 

468,957 

25,974 

Sales excluding VAT 


227,808 

202.899 

442,983 

Trading Profit 

Cost of Finance 

Note 2 

8,565 

3,708 

7,708 

4.641 

24,076 

7.375 

Profit before Other Items 

Other Items Note 3 

4,857 

147 

3,067 

127 

16,701 

11.562 

Profit before Taxation 
Taxation 

Note 4 

5,004 

1,307 

3.1 94 
1,261 

28,263 

4.074 

Profit after Taxation 
Extraordinary Items 


3,697 

1,933 

24.1 89 

5.000 

Preference Dividends 


3,697 

43 

1,933 

43 

19,189 

86 

Profit attributable to 

Ordinary Shareholders 

3,654 

1.890 

19,103 

Earnings per Ordinary Share 

?.7p 

1.4p 

20.3p 

Earnings per share on a nil 
distribution basis 

3.7p 

2.2p 

23. 4p 


Turriff up 
£105,000 
at halfway 


had a cash deficit of £15.4m by 
the end or June. "Clearly we 
could not maintain a cash deficit 
of this magnitude for long," Mr. 
Crofton says. " Indeed we are 
fortunate to have access to 


AN INCREASE in pre-tax profit 
from £350,006 to £455.000 for the 
half-year to June 30, . 15*78. is 
reported -by Turriff Corporation, 
international contractor. 

The advance was achieved on 
turnover down from £16.Sm to 
£16.1m and after tax ahead from 
£90,000 to £114.000, net profit 
improved from £260.000 to 
£341.000. 

Mr. Charles Turriff, the chair-, 
man, says current indications are 
that profits for the full year will 
be greater than the £1.16m of the 
previous year. 

The company does not pay 
interim dividends. East year, a 
net final of 2.3547p per 25p share 
was paid. 


Green’s Economiser hard 
hit by fall in turnover 


£&7Srn at Greco's Economiser 
Group, the engineering- concern, 
was responsible for a slump in 
pre-tax profit for the first half 
1978 from £1.0om to £99.594. 

Mr. S. L. Green, the chairman. 


company's order book and the 


down from £948.262 to £139.395 
and there was a share of an 
associates loss this time of £42.000 
(nil). Interest received was also 
down at £40,157 (£137,742). 

Slated earnings 25p share came 
out 5.42 p lower at 0.53p but in 
view of the outlook the directors 
have maintained the net interim 
dividend at 2.12p costing £176,393. 
Tire final for 1977 was 2.1205P. 


Factory outcome for the second 
six months, but enables the 
directors to make a favourable 
forecast for 1979. 

Last year profit was down from 


First-half trading profit was 


Turnover 

Trading profii 

Share of ossocs. loss 
Interest n.-r.rlvabte 

Interest payable 

Pre-tax profit 

Tax _.... 

Net profit 

Extraordinary credit.. 
Attributable 


Half-year 
ISIS IP77 

I I 

6.776,429 9.055^9" 
I39JS5 048J62 

42.000 — 

«,I37 137.743 

37.058 39.05.'. 

WJK LOOMS! 

33.000 5.10. 763 

44.504 496.156 

8.646 — 

33J» 436,156 


Notes 

1. Safes for the 28 weeks to 12th August. 
1978 are shown exclusive of C4.593.000 
turnover relating to the superstores at 
Nottingham and Walkden and the depart- 
ment store at Bradford which ha ve now been 
sold or dosed. ( The figures for the 28 weeks 
to 13th August. 1977 include C7.367.000 
turnover for these stores). The sales include, 
however. £3.131.000 turnover for stores 
opened since 1 3 th August. 1977. 

2. " Cost of Finance " comprises interest and 
in the 28 weeks to 12th August 1978. 
factoring charges. 

3. "Other Items " for the half years in 7977 
and 1 978 represent profit on redemption of 
debentures. The following items will as 
usual be taken into account tn the' full year 
figures: 


a. Profits on sale of fixed assets. 

b. Costs associated with the sale or closure 
of the three stores referred to in Note 7. 

c. Revenue costs associated with the open- 
ing and rebuilding of stores. 

The net cost of the above items for the 28 
weeks to 12th August 1978 is £927.000 
(1977 £229.000). 

4. Taxation represents Advance Corporation 
Tax on dividends and taxation on overseas 
income: No provision is needed for any 
other taxation. 

5. Work is currently being undertaken to 
establish the separate values of land and 
buildings. Pending its completion no pro- 
vision for depreciation on freehold and long 
leasehold buildings has been included in the 
abovti statement as is required by Standard 
■.Statement of Accounting Practice No. 12. 


Property deals 


The rate of loss in the food division. (Caters) 
has been reduced considerably since the 
second half of the last financial year and the 
Board expects that this division will make a 
small profit for the full year. The operations 
of the photographic retailing business 
(Greens) continue to be unprofitable, but it 
is anticipated that the overall loss for the 
year will be lower than that reported for 
1977. 

The combined losses for these two 


divisions included in the above figures is 

£1,183.000. 

The Directors have declared an interim 
dividend of 1.77608p per share (last year 
1.59052p) amounting to £2.373,482 (1977 
£2,125.495) payable on 8th December. 
1 978 to shareholders on the register on 3rd 
November. 1978. This dividend, with the 
related tax credit, represents a gross dividend 
of 2.65087p per share, a 1 0 per cent increase 
over the previous year. 


Provident Mutual Assurance of C. T. Bo wring's merchant 
„ s | 0Cia - lJ0n h as paid Just under banking arm Singer and Fried- 
■L3.sm for Slock Conversion and lander, has won outline planning 
Investment Trust's 41.000 sq ft re- permission from the City Corpora^ 
Furbished offices at 163, Euston lion for 3 30,000 sq ft office 
Road, j\W 1. The fund, advised development at Gardiner's Corner 
*> u, S and Co., takes an equated in the Mm ones. Letting agents 
yield of around 6 per cent on the Jones Lang Wootton and St 
“ . . , w . ,lh fair reversionary Quinton Son and Stanley are 

potential in ih e early 1980s. The believed to 4>e looking Tw a nre- 
black is lei to the Wellcome letting at around £10 a sq ft to 
Foundation and Barclays Bank support an Office Development 
and was sold through D. E. and Permit on the site. The City is 
J. Levy. __ willing to back an ODP, for up 

10 40.000 sq ft in the area by 
rne scarcity of freehold indus- Fen church Street Station where 
trial development sites in Winipey is already building, or 
London continues to push up land planning, a total or 492,300 sq ft 
prices. McKay Securities, advised 0 f offices, 
by Mellcrsh and Harding, has -had 4 

UP lo £400.000 for Lee Work started yesterday on a 
H 1 * CP0 “*5 Shop and office develop- 

1” H °ad. WIO. Lee moved m ent in. lire centre of Leamington 

to the Former London Weekend tjpa. 

Television Studios at Wembley city and Continental Property, 
last year and its agents, Knight the Leamington based develop- 
report stiff ment group, financed by the 
competition for the Korea I Road Universities Superannuation 
land, which has. planning per- Scheme has started building 
m, ss*on for redevelopment into 21,000 square fool offices and 
stnail iHirsery” Industrie I units, seven shops facing an to The 
Small London office Rites are Parade from the car park of the 
Hertey and town's Regent Hotel. Six of the 
Baker has hold a private clients shop units are already under 

JKLWi * lte . In J™**? Gr .® ve * 9^ £12.500 a year each mid 

Wimbledon, to Triwt Jkcunties joint agents Jones, Lang Wootton. 
for just over £22oJMW. The Slaltes, and Lambert Smith and 
Jnri e 0 rS r * f d 1 ' ised by Partners are asking £350 a square 

and _Co^ takes over detailed foot for the office soace which 
planning permission for an 8,990 will be completed by March, J9S0 
sq ft office scheme. City and Continental’s Central 

. Hillgrore EstaJL a subsidiary ^eiopmeut appear on 


Financial Times 


** Redemption 


.l- 

- ■ v* .5- U-- ‘-V-- • -vj- ; -• 


■ Vri ■ ir •' . ■- 


Nippon Electric Company^ Lint] 

Si*** 

NOTICE 18 HEREBY 1 GIVEN that, CifiSa 


ted;; 


mm 


loIkAvins distinctive numbers- ■ ..." .■■■ ?r • , 

"■ COCPWD^BESTtm^S OF rt PR ^6f 

fife HIS HSi HHI Haw 


cocPtranj^BEXTcnss or *».<*** 

MSI 913 1123 1441 2011 3011 5433 6 7X0 BJ** 
44 016 1183 .1443 2013- 3070 5448 5711 8164 

49 918 1187 1444 gOIS, .JJOBO ' £449 6888 

50 919 1X88 2 446.. *022 







143 936 1217 1468 2039 3404 5802 6927 B-Jf 

IBS 9SO 1228 1474 2047 3493 5803 6.^3 

187 858 1234 1484 2050 3484 5806 t&oO |»?r 

191 9o9 1236 1488 £065 3435 5307 63b3 85^3 

231 963 1243 1489- 2056 3589 5810 71-2 

232 972 1244 1497 -2069 S795 5BU 71S5 SSftJ 

243 913 1252 1519 2072 3795 5812 7157 8o93 

246 983 13S4 1523 2074 3906 5873 7168 «« 

383 986 1281 1324 2102 3907 5877 7159 8695 




mo *000 iiiut-.wm aaia :^o 

383 1002 1275 1328 3 IDT 4049 5879 7213 End 

429 1003 1=80 1529 2U6 .4154 5921 7219 8699 

447 1018 1281 1607 2130 4155 59=3 7=24 870- 

452 1021 U89 1613 3133,4288 5923 7=66 8703 
487 1033 1296 -16X7. 2138:4289 59=4 7267 |<Oa 
509 103* 1297 1622 2145 4290 S954 7268 8747 

512 *037 1298 1623 2158 4322- 5966 7270 |7«* 

S14 1038 1204 064X 2159 '4432' 6972 7272 S749 

530 1044 1310 1645 2186 -4434 6077 7273 8750 

536 1045 1311 1647 2169. 4469 6078 733£ 8<?“ 

539 1048 1314 1650 2334 4470 6079 733 » g™ 

540 1056 1318 1651 2338 4471 6u61 734= 

542 1057 1324 1659 2387 4472 6083 7352 

543 1059 1326 1657. 2398, 4647 6234 7363 8790 

553 1060 1346 1663 2401 4983 6=35 73aS 8793 

35a 10TI 1347 1665 2404- 4984 6236 7357 8i99 

558 1079 1351 1669 . 2403 4385 6237 7360 880.S 
560 1039 1352 1672 2412 4987 6255 73b4 6804 

566 1090 1360 1684 2423 .3008 .6=56 73TL 8805 

571 1092 -Z363 1694 2424 5009 6259 737= 883s 

57a 1093 2364 1705 2437 -5011 6261 74.5 8840 

586 1100 1365 1708 2438 50 J 2 6262 7639 884- 

588 1102 1369 1714 2441 5121 6271 7540 BB4b 

589 1103 2370 1716 ,3442.. S123 6370 7590 SStol 

590 1105 1375 1728 2443 5124 6372 7b92 S8b- 

534 1107 1376 17=9 '2470 5209 6376 7b33 6863 

597 1119 1379 1731 2471 5210 6380 7635 8865 

598 1120 1383 173a 2474 5212 6381 7701 8930 

600 1123 1333 IS 19. 2478 5213 6513 7731 8931 

738 1124 1389 1920 2564 5225 6514 7 732 8933 


6546 7774 8f44 



(IJ AlU li UM- diuv MOmi 

884 1166 1422 3995 2761 5428 6701 8106 9054 
896 1163 1427 1997 2762 54=9 6703 Bill 015,1 


S99 1170 1435 2004 3007 3430 6704 8161 9155 
90* 1171 1437 2007 3010 5431 6705 Slb2 SIS7 


9307 103=0 11150 1160* 12305. 

<009 1032*. JLZ1S1 11687 1=306. 

9313 10325 11166 11680 72307 

<1314 10330 1X165 11690. 12310" 12732 134B5' 13823 

9364 10334 lirn 11691 12313 T2755- 13486 HOST 

9365 1IB70 HIM *1696 -1M19 1=840 13487 
4366 10542 11182 11697.12321 1=8*1 13491. 

9371 10543 11184 11703 . lZ334r- 1=843 : 13499 
9373 10544 11187 11772 12336 X232I 73S14 
9376 10549 11188 11774 1Z337 32923-13517 1300* 

941* 10550 11193 11776 ' 32338:1=508 1362B 

9415 10553 1US5 1X779- 12343 -12929 135=9. 13B77'—'- 

9416 10555 11206 11780 12345:12930 -1353 

94=2 10643 11219 1X381 12366/32933^1333 

9425 10644 11=34 11785 12367.12946.1333 

9496 10645 11333 11787 12371 13006 13540 13882 

9499 10647 11240 11789 12378- 13010 13U5 13Saa 

9501 10648 11244 11793 - 1339tV 130U : 13586 

9507 10632 11245 11849.12391 13013 X3BGl-r BSS * 

9555 10653 21247 11858 1=392 13016 . 13574. 

9583 10733 11249 11857 1241* 13019 13577-33897 

9584 10734 1125ft 11320 12417 13023 13601 

9588- 10735 X125Z 11923 22427 . X3O30 3360V 23SQL 

9591 10737 11=53 11926 12428 13081 13605 13902 

9594 10739 11259 11927:13432 13082 13837 CSot 
Q600 107*1 11362 11931 12434 T3086 “ 13638 -439®! 

9601 10750 11=72 11937-12436 13088 13639 1391L 
9632 108X5 11273 11987 12438 13089 I3S4B 33912 . — 

9G04 10817 11276 >11990 12442 13996 13643 13313 7'^ 

9632 20819 1137T 11991 13445 13102 13647 13815. .^ 

9633 10820 1X378 1199= 1=447 13105 13692 M335 — *>■ 

9638 10826 11279 11996 12452-13110 1365* =14238. v 

saw loral 11=88 1=003. 1245 * 23153 

9842 10885 11295- 3=007 X2S&- 13158 13670 1424ft . 

9844 10895 11=97 12049 12459 13159 33gTt 144*0 - 

9846 10899 11299- 3=030 .12460 13166 13672 14412- . 

9847 1090* 11302 1=052. X2463 ,1=167 13673 X4*X2k 

9848 W8« U3»-3&fl65 1=463 33175 . 1=885 M™** 

9849 im® 11307 12086 12466 13177 13691 1 __ 

9851 10950 HMM 1207* 12489 13187 1363= 14M9- — 

3M1 10351 nan -latws 1=478 1^19 13700 : 24*3® 

993= 10968 11319 12098 12479, 132= 0 13701 1443?..-* 
9937 10970 1132* "12102 1251 L 132^ 13702 14779 " 

j.0006 10072 11325 12100 12S13 “ 

10008 11012 11330 1 -H H 12313 , 

loom 13016 1133= 12112 12614 1 3332 33708: MTgkr-^9 

10130 JMlfl 1133* 121=0 22515. 1 3 233 13720 1478ft 

101*4 uoa S 1=1=1 tm 13243 

12525 

10235 XI 058 1X343 12X51, 1=528 

UOM 11343 12153 XZ527 __ 

10294 1111B 11347 12159.1=635 234X9. 137® 14988“::^ 
X ffS n ni a n 11331 12160 12638 2300 13743 14935^- 'v 
lS lJm 11358 22278 -12638 33440 13747 
10299 111** 1X359 12=81 1=733 13441 1 3Tt3~ ~ " - 

10302 JX145 1X598 1=28= 1273* 13*4= X3387T 


The Ddrentacs specified above are to be wdeoneff ^&r saA antm S 
’Windows- 2nd FTooc of Citibank, NA, III Streo t, mjho Bmmgk 
The City of .New York, State of New York, the mam offices - * 

Netherlands and Mfiaa, Italy; The Chase Manhattan Bank 

and FnLakfnrt/Mam, Germany: The Bank of Tokyo, Ltd, London, Bag fend-and 
and at KzsdietSsA.lMsemboursEoise. Luxembourg. 


on. said principal. amount ,to such date. On and after sudt dkte;. — — ~y^ mm . m 'T _ r j 

^sidD^iturM diotdd be presented and surrendered at the offices set forth in the fereei ing 
graph on said date with all Intemti coupons nmluring subsequent to the 

toereto- Coupons due^fovember 15, 197S should be detached -and presented foe jBjanentm the osnal ^ - 

3nJUmer * For NIPPON ELECTOlC CCMdPANY, 

£y; (XETBANK, 

October 13, 197* . ■■■ " "- : -V .V Wv 


=s^i. 





“t V 

. 'f-=y*r • 






INTERIM REPORT 


SUMMARY OFRESULTS 
far the six months to 
31 st August 


Groyp Sales 
Profit before ta?t 
Rftjflt after tax \. 
.Interim Dividend 


1978 

£000 

30,021 

3.951 

1,851 

354 

(6.375%) 


: 28th T f * 

. Xjv* -• - : P ... - . 


. 1977 , . - 19 : 

£000 " 

-21^72 r- 

- ? % 

■ 644 . 'A 

236" v ; W 

(4.25%) 


Extracts from the Chairman 's interim statement. 




i In announcing interimffgures a year ago, we said! thalweg 
looked for substantial growth in profits in 1978 andsub^uen^J ^ jA .-M 
years.The figures now reported dembnstratethat the ^ ^ 

forecast is materialising. - v ; ; .i 

i Turnover has bieen consistantly buoyant and volume x 

in excess of th e national average have been achieved, Vv * . : a pi i 


i We are confident of our ability to increase trading profits in to- 
second half of the year over and above the £3 ,7m eamed;.>X:; . 
duri ng that period last year and a» companies of the Giibup J •: L : 
will make a worthwhile contribution, ‘ : v : 


FOSTER BROTHERS CLOTHING COMPANY UIVHTEO^ 

FOSTER MENSWEAR : DORMIE MENSWEAR : ADAMS CHILDREN SWEAR : DISCOUNT FO&BEAfriy 


Put 



As you Can sec, OUT Micro mini palmliifn r l^ wnall 
enough to fit into any pocket. 

Bui the mere fact that it's such a handy size means 
that it won't stay tucked away for lon£ . 

^ing an eminendy pTactical business tool witii 
8 digit capacity and memory the Micro mini calculator 
will most certainly be taken out and used. Over and. 

over again. 

. Which is what makes it such a perfect gift foryour 
clients. 


Consrderhow much more efTccdvesndi a gift 
would be if your company's nameand logo were 
emblazoned on the front of this little wonder of , 
technology Because that's what we’re offeonk j&eeof 
chaige. 

Buy 50 oimore calculators (the ounirnrun Qsder} 
and voull get your company name and logoon the 

front in black 

And every Micro mim calculator conies with its 
own little wallevaruj thattoo will have your logo on it. 

The cost for this prestirirma lin i ff f rjA-a . 

Only £15 (plus VAT). ' 

- And that's several poundscheopec than yosz 
would espeefc to pay foritin the shops (without 
the added benefitcfhavingyour name oaii).' 


'..TJ^tlnnkybiaTlBgrehtfiat'jCiSH ':j\ 

payforsachatinycaicnJatoi: . 

With sudh a great name onit. ' 

And if you getyouroi^ashibyKcrrembcrbta . 

we’ll make sure you have them in time ipgive®^- 

aiChnsmias. • 

. .por further details post theeot^on to; ; . ... 

Jusrwise LimkecL, l-UHayHH],' Mayfair, 

London WJ. or telephone Tiiria Colman ikiwoii 
01-493 7875. Telex 29893L: ^ 

j I am interested in yom-Micrbipim ca l ciiiatbr ' 

I Fleaseietiiie have more information. . 


| , NAME- — . 
w^npN'- 


| COMPANY— ! 

[ . CQMEANYADDRESS- 

I - . 


THiHJD5iENO. — n_ -■ 

jiuscwfse LinikeiLM^Hi^Mayfena^ 
Co-RcglNo:: 051635 ' . . 








E&n 




Financial Times Friday October 13 ItfTS' • 




tracts .- r 


course 


%. * . ENCOURAGING- ircnrt; 
ftr.'.'tioned by the directors of 
■:>: do ° and Provincial Poster 
^“P at the end of Iasi ,vear. 
to fruition with pre-id* 
its for ilicr iir-t half of 1978 
.-....-.vine ;> £436.000 advance at 
• K -3o.00G. 

director^ now say that tlte 
' n d half-year mil Miovt a cun- 
^.'•.anon of this trend, but due to 
‘ cyclical nature of ihc group's 
•■'<• noj»jj tlie improvement « ill not 
the same order as that non 
irt*d. Profit for the test full 
y "as a record £2.09at. 

Jtnover for the first six 
vy th* moved ahead from £.’ jin> 
y. *' m and us the uble below 
l .he greater pan of the 
: Y. U impro\emwit orttinated 
•V ; 5 UK operations. 


& Provincial on 


year 


Crus-: ’.uconic w* ig.7Stal..l , otn- 
pared uiirh £2 Sim; umJ dirermr* 
>ay there -a“’ an addihonal 
IVi^ttyu of in-.unw normally 
.rw.ivcrf in • thc..»ccut: , J half, 

T.hn :nri : rsn» dividend ?* lifted 
from Q.fip ’o U “op so Vt-dUtr tli:.- 
tiursty •’ and dtrorror* »a> thi» 
-liquid not b-.- -ijfcvn us an 
mdxvtij'i of an incrt*<P''!p roe 
tola tf«»r t ho y'ra /. -La*! fiiriv .i 
t..3p fin iil Vra* paid on record n-.-- 

iLieitUi- :if £2.27m .\t-l .i-ai'l V.iJuc 
per 2ip ^iuri- g.v-cn .rt »U 
!«Sp lit .Muil-Il j! 


'i v ii •.•ii.u}> iii.iki 1 *, irtn'iMttfi .mil 

-cl!- :itil(innM" i'Hln-operuied 
photu^raphu' M'-nthmi m.ichinc^. 


• fxia* ■<* l.i« 

M«iiV ;iit- r«*?» . ... •» ... 

•>! 3V-or ...... 4S V. 

* bcUx* la* J49S 75* 

.. . las .. lei td, 

.. • ' : ... f— J t .. .. .V • r . 

<*aare*- *• •% 

. ’ i/ntisar..- istei:. i9 »:o 

..-..‘-Itr twotu*' . •* 

• f j«n*We 4 *k> >.• 

: **•». * I’.rsiut* 

^;;ith earnin'.** per 5flj> sh.irc 
**.*• an increase from lO.Wp 

the net interim dividend 
;ftcd from 2. 09.1 p to 3.42p at a 
; of £117.228 (£104,WU». La<^ 
J.-, fmal payment was 8.7017p. 

:;-yt!as Electric 
yfnd General 

le lax of IS27.614 wunip.>ri"i 
£752.749. net profit of ALoJsu 
-■ ^'tric and General Trust- 
“v; :':^ - oved slichtly fmm £l^tfi.S42 
: 1J284.092 in the Scplcinbi-r Mu, 

‘ ?;'i half year. 


Photo-Me 
slows in 
second half 

APrF.lt ns £I 74 J)UU mtriii^ to 
jj h.-lf-tiniL*. prsnvth m 
larable- pram a' Phaio-Xc Inter- 
nstinn.il m the .'ipniid 

h.Jf with. »’:-.* iiiicl For itir year 
aiit-jd from I2.016.dSP to £2JJ2s.flt>4. 
Turnover us-, up from £HL2m io 
£l‘J.j4m. 

Viter tjs nT Il.'ltfl d>K* 
i £ I .frOI .SiTT i . .. n v v.l niordcrwr.v ' 

C.-L-di! Hi £23.107 /11S9 4A2 iosil 
n!iu minor-.:*, interval. aiiflBdlablc' 
pro^r time our ;*i £7d3^S4.afism*t 
£503ywr. ti. :; 

iBW-ti MWm 


Lee Cooper 
well ahead 
at halfway 

T W \»us PROFIT or Ue Cooper 
Group bounded abend from £1.4ut 
to £2.4fcm in the June 30, 1978, 
half year on turnover well ahead 
Irani £23.sm in £3 1.75m. 

Alter Tax of i'UKm II.mOWM 
net prolit came out at £1.46m 
against JIMti.uou last lime. 

Ehn-ctors say that group aclivi- 
Jiis arc proceed ins in a satisfac- 
tory manner and results for The 
full year should i>c "very 2 oo*l." 

The mu-run itlvtdend is up from 
an adjusted ll.U]S7M(i to 1.2.!p net 
per 25p share. Ijst year, un 
rc-um] jinifils of £3.7m. an 
miui valent 1.22?3p llnai was paid- 


Second half 
boosts 
M. P, Kent 

FOLLOWING A i'lB.000 dip in 
first half profits to I3S7.0TO. a 
ftO-Minii second half improvement 
has left taxable profit of >1. P. 
Kent 35.1 per cent higher at 
£ 1.1 lm in the June 30. JfiTH, year. 

At halltime directors said they 
«<ould be diiuippointed if Ute full 
year figures did not show a signili* 
rant improvement on Ibc previous 
year. 

Turnover of the housing and 
proiwrty develujier juntpt-d from 
£U.U4in to nii'.tiTra and profit came 
.ifler interest of £534,0110 
i£70S.Q0D>. Net prod came out 
at £922.1100 against £410.000 last 
lime. The pre-tax margin on 
sales is given at S.l per cem 
■ compared with 9 per cent last 
time. 

Earnings per share arc Mated at 
&5p against 3.7p. und the final 
dividend or 1.flp net lifts tlie total 
from 2.U6p to 212 fip. 

Direct ora say sliareholdcrs' 

funds now stand at £7-55ni and 
following a £2.13m reduction in 
indebtedness gearing is down to 
28.3 per cem of shareholders’ 
funds. 

They sa.v that with exciting 
developments In the pipeline and 
the strength of ihe balance sheet 
they view the future with 
cunfidencc. 


/-□J 


4 

PREUSSAG 

Aktiengesellschaft 

lias become the controlling shareholder of 


oration 


Limited 


Mills and Allen ahead 
in first quarter 


Tiir*ij»vf r 

Protll before lux 

Tax. . 

iimli 1 

T« ifi.iior.ti^s . 

Kw:iu:«t*niir.v emin 
nwidritfh. 

B'U-'-'J 


!Hi4t lU'l«'lK.9?r> 
2&SM* 3JBMM 

t.lSI.BW ■ LXOI.BST 

^oR.7». i.ail “ir 
jzsm:: -an.«it 

;1 *i7 -IS0.H: 

siliiu. 

/S7 U1 «U .-■> 


pr-r 50p -hurr* ..ire 
shown" at 3.iSip (M3.02pj and the 
dividend totui i.- lifted tram 'I PUp 
n» ri.UMp ru-i by .a* filial bf 4.flGp. 


Sir lan .VI arrow, chairman of 
VI ills and Allen International, out- 
door nd vert i-i 11*4 contractors and 
foreign eM-harme brokers, said at 
Ilie auriiial meeting tlini prniits 
fur i be first quarter were ahead 
of those for the coitus ponding 
|ii*riiid i.isi year 

\l September MO harrowing* 
were ilm-n hv approximately £lm 
compared wn h the end of June. 
At June 30 the level of net 




Goldman defers reconstruction 


STEE 

3TEE 


— 1“ '"s 1 capital recnnstTiietion. 

by H. Goldman Group 
wen postponed. This decision 
- — — - the rosults for the eisht 

T5 s5hs to June 30. 1378. which 
— losses from continuing 

■mi,... ^-siUons of £152^00 arid from 
aaaaa ®E3Qwd-activitie& of £32100, 

is compares with. a deficit of 
79 and a surplus' of £25.500 
■ctively from those bporaDons 
te six months to April 30. 


?ause nr the tax implications 
c figures a proposed change 
counting date to a March 31 
end has been dropped and 
current financial .period 
■es on October 31, lBTS. as 


ft is in these cirt-untsLinccs that 
The Board considered that the 
capital reconstruction announced 
tn March cheukl be deferred for 
ute time being. - 
As known.- Claremont .Gash and 
Carry has-been ■so/d to Host gate 
for LS&IXJD. llostcate being a com- 
pany-owned- and controlled by 
Mr H £. ChemetT, managing 
director of Claremont and until 
September 3tl a director, bf Gold- 
man. The contract Fs conditional 
on prior shareholders' . consent. 

An cx-RraSin p.-yment oT rtU.QpD 
In Mr.. Chernctt is prowsCd" 
follow inc hi-> rrsig nation from the 
group Hoard- 

Ttirnim; to the remainder -bfr 
Gnldronn.' the directors .*ay 
buoyant sales are anticipated- by 


S L. Green (Luuduiu. ES. M. and 
E Adler i Cutler* i and Time 
Efficiency m the current year. 

in IfiTU 77 the group recovered 
from a E17K.74U loss to a £43.535 
protR. fn his- annual state^m 
Mr. R. Garner, the chairman, tsald 
that the prospect* for the eurrent 
year were good but was not satis- 
fied the company had yet done 
ail it needed to do. Ventures in 
an export market had indicated 
.that it rnulri do good business 
there. The change of year end "‘as 
planned for practical trading 
reason*. 

• The company is a wholesaler of 
: hanvare. clocks and watches, 
food »nrt allird goods. 


borrowings had fallen from £9.4m 
to £4.9m. 

Dale Electrir International, 
manufacturer uf diesel and 
hotlery based power -ystenis. wa- 
•perrorming up to target in the 
eurrent year. Mr. Leonard Dale, 
eliairman, reported. 

He added: "Our invoiced sales 
in Dale Electric nf Great Britain 
arc up SU per cent on la-t year— 
and yet we cannot keep pace with 
orders." 

Market conditions were not 
ea*y, particularly on the export 
side. Nonetheless, the company 
had a full order hook, taken with- 
out the need to cut mareins. right 
up to the end of the current year 
und beyond. 

Business at other main sub- 
sidiaries— Erskine and Houchln— 
was good. - Mr. Dale staled. 
Er.sk ine was well on target and 
Houchin was progressing well 
with an order book equivalent to 
six months' .production. 

Management accounts at EH>ii*r 
Company indicated that the out- 
come of the first half would 
compare favourably with the 
same perfod or last year, the 
meeting tvas told. 

Currently output was at a 
“ gralifyingly high level “ reflect- 
ine ihe good demand for all pro- 
ducts. and the order book was 
-:i 1 1 '•factory. 


The f/iwVr.sffliirt/ acted fl.< fittfliiciiil advisers to 
TraffSiigAkiiciigttclkJuiji 


Lazard Brothers & Co., Limited 
^festdeutsche Landesbank Girozentrale 


• • • -•«. . 


CORPORATION LIMITED 



INTERIM STATEMENT - 



Collett Die 




Advertising-agents 


Hah-yearly report 
Six months to 30th June 197S 


F. W SELURS. CHAIRMAN 
SPIKOLL COBPOftAnON LTD. 


KF CLARK - 

PREfiiOENT AND CHIEF OPERATING OFFICER 
SPIKOLL CORPORATION LTD. 


The directors present the unaudited group results tor the six months to 30th June 19 ($. 




& ^ g 


. 

9* 


. ; 
t? -2 


The Board of Directors of Dionian Industries Ltd. announces an important 
management progression within SpiroU Corporation Lid, one of The Dionian 
Group of Companies. 

Effective immediately, Kenneth F. Clark is appointed President and Chief 
Operating Officer of Spiroil Coiporation Ltd. with additional. ^ -responsibilities for 
direct operational control of its United Kingdom subsidiary, Spiroil Internationa] 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 Spiral] has enjoyed 
in recent years. In his previous position, Mr. Clark developed; and led a team 
of prof essiond^ruJ tec hnicaLservk»spedaBsts whose efforts haye Culminated in 
recent record earnings and back log of orders for the company. 

Mr. F. W. .Seilers, formerly President and Chief Executive Officer of Spiroil 
Corporation Ltd. continues as Chairman of Sptroll Corporation Ltd.' and Chairman 
and Chief Executive Officer of Dionian industries Ltd. During. the 14 years' 
under the direct operational control of Mr. Sellers, Spiroil grew from a largely 
research oriented company to a position of acknowledged world leadership in the 
field of prestressed hollow core concrete production systems ahd technology. 

Spiroil exports more than 90% of its -productive output to- avowing network 
of licensed producers that currently operate some 8Q plants in jmore than 30 
countries. _;‘L. 

This .management progression is designed 1 to enable SpiroJMb continue to 
increase its leadership role in the industry, accelerate its already .well established 
penetration of international markets andenhance'ils demonst rated abiHty.to respond 
positively to charting world conditions. 


Trading profit 
before taxation 

Taxation 


Six months to Six months to Year to 

30th June 197S 30th June 1977 31>t December 1977 

£ : £ £ ' =' 


904, 40S 
547.9 12- 


Profit after taxation * 356,496 


542,621 

334,456 


20S.I65 


1.3S6,259- : 
■ 925.75S 
~ 460,501 


*} - 
- V 




*- it 'AiO 

j. ^£z; 


This announcement appears as a matter of rccartt-didu 

COMISION FEDERAL DE ELECTRICIDAD 
MEXICO, D.F. 

' USS 30,000,000 Medium Terra Loan 

Arranged by Bancfue Beige Unified 

f'Soctete Ginimle de Banifue Group) . • 

Managed and Provided by . 

Banca Commerciale Italiana (London Branch) 

Banque' Beige Limited 
Credit Suisse 

. ... ..Midland Bank Limited ^ ' 

The Mitsui. Trust & Banking Company Limited ’ 

Soci^ Gfen^raledeBanque S. A. 


October im- 


Agent 

Banque Beige Limited 


The directors have declared an interim dividend OtT7“3Slp per share 
■ payable on 27th November 1P7S to shareholders on the register on 
27th October 197S. With the related rax credit this di\idend is equivalent . 
to 2.5941p per share which represents a 10°-o increase over the interim 
, dividend of 2.3583p paid in 1977. The net cost to the company of this pay- 
ment^ £57,941 (197 7- £5 1,887)- ... 

Tlie pattern of trading continues to change, and the Trading profit for 
tlie six months to 30th June 1978 is expected to be well above half that for 
die whole year. The profit for the year is however expected to be above 
that for last year. y • y . : 

Gients and products handled by Collett Dickenson Pearce and Partners, London: Abbey Life, Alcan 
Windows, Barclays Bank, Birds Eve Foods (Cod in Sauce, Crispy Fish, Pies', Beefburgers, Roast Meats, Ready 
Meals, Cakes), The Building Societies Association,. Carnation Poods (Slender Slimming Food, Go Cat, Go Dog), 
Central Office of Information (TV Licence Evasion, Army Officer Recruitment, Queen Alexandra’s Nurses), 
Cinzano, Clarks Limited (Shoemakers), Cunard, Express Newspapers, Domecq’s Sherries, Dunn & Co., EMI 
Records, Fiat, Fine Fare, Formica, Gallaher (Benson &. Hedges, Silk Cut, Hamlet Cigars, Mellow Virginia Pipe 
Tobacco, Gold Bond), GKN, Heins (Big Soups, Low Calorie Soups), Hovis Bread, iCl (Vymura Products), 
J&B Rare Scotch Whiskx, Mary Quant .Cosmetics,- Metropolitan Police, ..M^r’s Beds, Nabisco (Hovis 
Crackers), Olympus Cameras, Parker Pen, Pretty,Polly Stockings, Reckitt & CoImah (Supetsoft, Mr Sheen, 
Jif .Products, Robinson Drinks, Windolem^; RHM Foods (Paxo), Ronson (Shavers; Hairdryers, Tooth- 
brushes), Texaco* Trebor Limited, Walls (Sausages, Bacon, Pies), Whitbread (Heineken, Pale Ale, Gold Label, 
Mackeson, Long John, Stella Artois). V i.,^F J ^;ic. l i-^L 41 ^r^,i n « awBu uL^i 


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i 



STEEL & BARNETT LIMITED 

(“S&B”) 


Standard Merchant Bank Limited and Hill Samuel (S.A.) Limited are authorised to announce 
that the Scheme of Arrangement under which S& B will become a wholly-owned subsidiary _of 
Zm Steele Holdings L»nu«d (“ Samstcl") was agreed to at meetings held on 4th October. 1978. 
and sanctioned by the Supreme Court of South Africa (Witwatersrand Local Division) ( the 
Court "1 on I Ith October. 1978. The relevant documentation including the special and ordinary 
regions together with the order of the court have been lodged with the Registrar of Co m- 
wnte^S thl Repubhc of South Africa and in the United Kingdom. In terms of the Order of 

rhu Scheme will come into operation on 1 3th October. 1978. 

The listing of S&B's ordinary shares on The Johannesburg Scock Exchange and TTie Stock 
Lchanre London terminates^ at the close of business on 13th October 1978. the fast day for 
shareholders to register for the consideration in terms or the Scheme of Arrangement, 
shareholders to registc ]3ih 0cToberi , 978f S & E scheme share certificates will cease 

T^be of anv valu* iother chan for purposes of surrender in terms of the scheme) and. therefore, 
shareholdersan* he South Ah .ca! re E i«cr ere roqueted to surrender their share cert.fie.tes 
of title, together with the enclosed form, to S & B s transfer secretaries: 
C'ntral Redstrars Limited. 28 Harrison Street. Johannesburg. 2001 (P.O. Box 61042. Marshall- 
rownl Shareholders on the U.K. register arc requested to surrender their share certificates, 
roeetli er'with the enclosed form. J. Sceat.c & Co. Limited. 37 Upper Brooke Street, London 
V°1 y l PE. These documents should be surrendered as soon as possible in order chat thecon- 
• j r p ac mil I so Camstel shares per 100 S&B shares may bo mailed to them. 

Thfn C ?oi^o 5 f shareholders is drawn P co the fact that notwithstanding the wording of the 
JnnVuncement^ ^Wch appeared in the press on 31st July. 1978. the Scheme document which 
announcement wmcn pp Slhat shareholders entitled to the purchase consideration 

final dividend payable by S & B for the year ended 31st August. 1978. but will 
not ’receive the final dividend payable by Samstel for the same year. Both dividends have 
already b-en declared. The announcement published on 3 1st July. 1978 stated that share- 
holder^ receivin'’ the purchase consideration would be entitled to the final Samstel dividend 
but not the finSl°S & B^idend. It was subsequently decided that it would be In the interests 
of'shareholdcrs to alter the terms of the proposed Scheme of Arrangement to those sec out in 

?hl S ™.a.™r“Si be mailed vlrhin 14 business days of Mi™nc ® : wT, ° 
j-. rhnip docunv-nu with S & B’s transfer secretaries on or after 1 3th October, 1978. 
No°rereipt 3 will be issued in respect of shares surrendered unless specifically requested. 
Lodging agents who require a receipt should prepare one and lodge it with the documents for 
stamping by the transfer secretaries. 

NON-RESIDENTSHAREHOLDERS • 

in the case of a shareholder whose registered address is outside the Republic of South Africa, 
c OU |;h We-t Africa the Transkci. Bopliuthaiswana. Lesotho or Swaziland, or whose certificates 
arc resrr kt i i «ly *endo rsed in terms of the South African Exchange Control Regulations, the 
share certificate to be allotted by Samstel as part of the consideration will bear the same 
restrictive endorsement as that borne by the $ & B share certificate surrendered to the S & B 
transfer secretaries, and will be posted by registered post ac the member s risk. 

In arrordancc with existing United Kingdom Exchange Concrol Regulations minority members 
who arc residents of the United Kingdom, the Channel Islands, the Isle of Man. the Republic of 
Ireland and Gibraltar, and non-residents of those countries whose certificates or ocher docu- 
ments of title am lodged with United Kingdom authorised depositories, mitfc surrender their 
share certificates or o^thor documents of title through an authorised deposttory-in aKordance 
with the Exchange Control Act 1947. Authorised depositories an _hsied in Appendices I and 2 
of -h** c f chanre Control Notice EC l las amended) and- include banks, stockbrokers and 
lolicko^ pScSing ,n the United Kingdom, the Channel Islands and the bit 
Samstel certificates will only be issued to the authorised depository surrendering S&B 

With" regard to the cash portion of the consideration, the South African Reserve Bank has 
-iven permission for payment to be made in free rand to all non-rosident shareholders fas 
defined m the South African Exchange Control Regulations) whose names appeared as such in 
tlin 'hare register of S & B on 31st July. 1978. the date on which the proposed Scheme of 
a ' neement was announced. Paymenc of the cash portion of Lhe consideration will therefore 
be made by cheque {posted at the member's risk) to all non-residents whose names appeared 

Under cStin^Umtcd Kingdom Exchange Control Regulations shareholders resident m the 
United Kingdom, the Channel Islands. Isle of Man. and who fulfil the necessary co " d “ ,D "* 
the United Kingdom Exchange Control Regulations will be entitled to treat payments in 
respccc of both the cash consideration and the sale of fractions as 100 per.ee nr investment 
cur rency. Authorised deoositories will, thcrelore, be enabled to claim the premium on behalf 

of shareholders entitled thereto. By order of the Board 


J. J. KRUGER B.Com AwCl.S. 
Secretary 


Johannesburg 
Transfer Secretaries: 

Central Registrars Limited, 

28 Harrison Street. 
JOHANNESBURG. 2001. 

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


London Transfer Secretaries: 
Seeatlc Limited, 

37 Upper Brook Street, 
LONDON WIY IPE, 
England. 


Austin Reed advances 
to £lm at halftime 


FOR THE 27 weeks to A u 8“*Ji 
1978, taxable profit of A«jg 
Reed Group, men swear retailer 
and manufacturer reached 
JEl.Olxn compared with 


the workforce. They are confident builders' merchant, rose from 
Barrie will be. a valuable source £133,000 ’ to £204,000 on the nix 
of future income. months to June 30, 1975,. 

Mr. Reed says that given a con- . Mr. Gordon Fisher, the cfaair- 
, m in tinning upturn in confidence in man, says there has been a steady 
7ho vear. Turn- the UK and some improvement increase in trading in lhe fitter 

at £i6.28m overseas, the results for the year months as compared with the 
^onfnet' rf- -Sir should again be satisfactory. Last earlier months of the year, which 

■ Rood the chairman, year a record £2.53in profit was is reflected in the increased pro- 

Bvf'rhmhS been a complete achieved- - _ fits. Provided- this' pattern con- 

SirJSnJf "nice a year After tax of £328.000 (£392.0003 rfnues, the fuH year's trading 

I^o >Se4oup benefited ner profit was ahrad -from should - produce - satisfactory 

from tteuosunte ta tourist trade £358.000 to £4S6,OOQ. The interim results, he says. For all fist year 
S Londot?? West End- To date, dividend is raised from lp to l.lp a peak £321,000 profit /- was 
Sre hSs shown a return of con- net per 25p share. Last fame a achieved. 

IS7» nas snown a recur ^ TW fina j was paid. The figures for 1977 inedode the 


L'K retail 

Overseas retail — . 

Trade -sales — 
profit bcNre tax 


fldence cm the part of tite UK 
consumer witli a marked increase 
in sales in its provincial outlets. • 

It's Dutch shops traded protit- Turnover - 

ably in the half-year, while 
business remains difficult m 
Scandinavia. The group has ^ 

a cep ted a substantial offer for its Tas 

Copenhagen property, and tms jvk pmBt — 

store will cease trading. Tbe siiiwnnex 
Brussels store has been closed 
and no further trading Josses win 
be incurred, he says. .... 

In the manufacturing division 
Honorbllt and Harry Hall pro- 
duced satisfactory results. The 
lower turnover in the period was 
owing to last year’s reorganisation 
of Stephens Brothers, the shirt 
maker, which is now operating 
profitably. 

In the Iasi three months the 
newly acquired Chester Barrie 
Clothes has been absorbed into 
tbe group . and its spring produ«> 
tion :bas been sold, with Reed 


-3r«-«fcs results of discontinued operations 

•■IS i -i rv re AAA u 




Prpf. dmdaxJs 

Aim bow We — 

Ordinary dividends -... 
Retained .- — 


fWO 

1EXSS 

Z0.S36 

3.629 

MU 

525 

ISfi 

9 

19 

467 


but hot the £176,000 surplus from 


ia.731 the sale of three builders’, roer- 
9.TT7 chants depots In November, 1977. 

The interim dividend is up from 
" tso O.Sfip to 0.737p. A l.lp final was 
392 paid last time. Mr. Fisher and 
335 his wife are waiving' .the Interim 
payment on 500,000 sham. : 


117 


HO 


Feb Inti, 
increases 
to £204,000 



■ Half-rear 


3975 T 

1977 


am 

BHM 

Sales 

4 J 8 I 


TraJius profit — 

XU 

2 GS 

DepreaaUon 

... « 

A3 

Interest payable 

.a 

49 

Pcsslun lund 

» 

43 

Praia before taac 

at- 

133 


mCKMANSWQRTH 

In yesterday's ‘ comment on 
RJckmansworth's offer for sale by 
tender the franked income return 
of 14.5 per cent was calculated 
at par. At the minimum tender 


eeQ FROM TURNOVER ahead at u.l ]<«. -n iuc unuunuu, mun 
directors encouraged by the £4.9m. compared with £4.67m. pre- price the figure is dose to- 13 per 
response from the trade and from tax profit of Feb International, cent A.' 



Attack Petroleum adding to 
oil and gas reserves 


BY KEVIN DONE, ENERGY CORRESPONDENT 


voluntary group 
of Yorkshire 


Attocfa Petroleum, the invest- It still bolds a 49 per cent share for the Mace 
ment holding company, has in the Attock Oil Company, which and . adj 3'?" l hi ^ a 5 -- 
reached agreement in principle to has a production and refinery and Lincolnshire, tour wholesale 
take ove'r^’caxnbridge ^Petroleum Klines in Pakistan. Last rear It sipeep ea*^.a^m: depo^ak® 
Royalties, an nnUsted publle aoU th. iother M p*r cant _of tbta for 'ggj g£*HJ 


company. company to Kuwait International 

The merger — through an offer Finance for £2.3m. 
by Attock for the capital of At the beginning of this year n 
Cambridge — is part of Attack's began to build up its interests 
attempt to build up its oil and elsewhere by buying a £2m stake 
«as reserves. in three oil- and gas-producing 

Cambridge's major interests are fields in the Gulf of Mexico, and 


and a wine agency; 
Tatham (Wines}; 


CENTREWAY TALKS 
WITH WHITEHOUSE 

Ca monage s major interests are neias in me uuu ui auu The Boards of Centreway and 

small royalty stakes in three oil the takeover of Cambridge is its g eorEC wbltehonse (Engineering) 
and gas fields, the North Sea Brae latest move to broaden its m- ^ * requested -the Stock- 
Field, the Khisaie Head gas field terests. - - ..... 


off southern Ireland and 
Badak Field in Indonesia 


Lhe 


have requested .-the Stock 

*r«W. , Exchange to suspend the listing 

Attock s .share listing was sus- j both companies pending . the 


idak Field in Indonesia. pended at Sflp until offer docu- ou IC ome 'of 'discussions Which 

The Kinaale and Bariak Fields ments have been sent out. and the may 


are .already Irr ‘ • production, merger depends on the outcome ^ 


Development -plans for the Brae 
Field, one of the most compli- 
cated structures in the North Sea. 
are currently being prepared by 
Marathon, the field operator. 

Attock ’s interests are chiefly in 
Pakistan and the Gulf of Mexico. 


This announcement appears as a matter ot record only . 


fed 


European Investment Bank 


$100,000,000 

8Vs% Notes Due October 1, 1986 


$125,000,000 

9Vs% Bonds Due October 1, 1998 


Lehman Brothers Kuhn Loeb 

Incorporated 

The First Boston Corporation 


Merrill Lynch White Weld Capital Markets Group 

MnrriQ Lynch, Pierce, Fenner Be Smith Incorporated 

Lazard Freres & Co. 


Morgan Stanley & Co. 

Incorporated 

Atlantic Capital 

Corpora lion 

Dillon, Read 85 Co. Inc. 


Goldman, Sachs 8s Co. 


Salomon Brothers 


i 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Incorporated 


Bache Halsey Stuart Shields 

Inc or por a ted 

Donaldson, Lufkin & Jenrette 

Securities Corporation 

E. F. Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated 

Paine, Webber, Jackson 8s Curtis Smith Barney, Harris Upham & Co. 

Incorporated Incorporated 

Warburg Paribas Becker Wertheim & Co., Inc. Dean Witter Reynolds Inc. 

Incorporated 

ABD Securities Corporation 


- Loeb Rhoades, Homblower & Co. 

TJBS Securities, Inc. 


Arnhold and S. Bleichroeder, Inc. Banca Commerciale Italiana 
Basle Securities Corporation EuroPartners Securities Corporation 

L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

SoGen-Swiss International Corporation 


Banque Frangaise du Ccanmerce Exterieur Banque General© du Luxembourg SA. 

Banque Internationale a Luxembourg S^A. Banque’Nationale de Paris 

Caisse des Depots et Consignations Paris Credit Commercial de France Creditanstalt-Backverein 


Girozentrale ynd Bank der osterreichischen Sparkassen Krediefbank SA. Luxembourgeoise 

AkHeneesolladiaft. 

Morgan Grenfell 8s Co. Orion Bank 

Umstod Limited 

Westdeutsche Landesbank The Bank of Bennuda Ltd. 

Girozentrale tiiucd 


Vereins- und Westbank 

Akticngesclbcitaft 

County Bank 


September, 1978 



of an independent appraisal of 
both companies’ oil and gas in- 
terests. 

Attack's major aim in the mer- 
ger is to build a stronger financial 
base and to broaden the geogra- 
phical spread of its interests. 

In its last report Cambridge 
showed net assets of about £2.Sm. 
There are 4m shares in issue. 


may lead to a merger of' certain 
interests. 

A further announcement ' will 
be made as soon as possible. 


FURNESS WITHY 
ENGINEERING 

Furness Withy (Engineering) 
is to pay 120p cash for the 82,239 
shares 1 about 245 per cent) 


mere are nu suarea tu issue, snares lauuui x-s-i h" 

which have traded recently, at just doe* not own iik Compugraphics 

under £1. Attock has a net asset International. / 

value of some £4J25m comprising Net assets Compugraphics 

its I'.S. and Pakistani interests including £96210 investment 

and cash reserves of some £ljm. grants at epd 1977 (the elate of 


BOOKER TO BUY 
HULL SUPPLY 
FOR £950,000 

Booker McConnell and Hull 
Supply Company bare reached 
agreement in principle tiiar 
Booker will acquire the capital of 
Hull for £950,000 cash, subject to 
property values and other Factors. 
Depending on the legal formali- 


its last /published accounts) 
amounted.Ho £307.879 and Its pre- 
tax profits for 1977 were £89,102. 
It is tbe intention of Furness 
Withy .Engineering to continue to 
develop the business of Compu- 
graphics. 

The Board of Compugraphics 
has agreed to recommend the 
proposal to its shareholders, and 
the directors intend to vote in 
favour. 

The formal documents wiH be 


ties, it is expected that the trans- sent to Compugraphics' share- 
action will take effect from the holders by Rea Brothers acting on 
end of October. ' bebalf of Furness Withv Ensrin- 


bebalf of Furness Withy Engin- 

Hull has a turnover of £16m eering. as soon as possible. John 
and it operates the following M. Geoghegan and Company, 
businesses: a delivered wholesale Chartered Accountants, advised 
grocery business in Humberside Compugraphics. 


Norwest Holst £3m. buy 


Norwest Holst, the civil engin- 
eering and building group, is pay- 
ing £3m far Robert McGregor, the 
family - owned civil engineering 
and opencast mining specialist 
Norwest, which has for some 
time been in search of an acquisi- 
tion to spread its base and pro- 
vide more civil engineering 


capacity, is buying McGregor on 


Further to the announcement 
of September 30, that preliminary 
discussions were taking place 
which might lead to an offer for 
Randalls, the Board of FLH now 
announces that it has not yet 
proved possible to reach agree- 
ment on the terms on which a 
recommended offer could be 
made. 


deferred terms. Of the total pur- 
chase price. £lm cash has been 
paid now and £lm will be paid on 
the next two anniversaries of the 
completion date. 

McGregor has a turnover of 
about £12m and at present its 
activities are predominantly in 
the . UK. Apart from enabling 
Norwest to expand its civil 
engineering capacity, the purchase 
will also provide it with some 
new operating areas, 

McGregor undertakes extensive 
opencast mining work for the 
National Coal Board Opencast 
Executive, a field into which 
Norwest has been attempting to 
break. Norwest already has an 
earthmoving business, which is 
seen as complementary to tbe 
opencast activities. 

The acquisition is also expected 
to give Norwest some trunk road 
contracting work. In addition. 
McGregor has developed in con- 
junction with British Rail the 
PACT -system of paved concrete 
railway track which is being used 
In the UK, Australia. New Zealand 
and Spain. The company, expeetc 
sales of the system to expand 
ranldly. 

Mr. Ted Brian, chief executive 
of Norwest, said McGregor's 
growth had in the past been 
restrained because of a lack of 
financial resources but that now 
tbe company could plan for sub- 
stantial expansion. 


TRIDANT GROUP 


The directors of Tridant Group 
Printers, who are now supporting 
the rival £4.5m bid from Argus 
Press Holdings, say in the offer 
document that they welcome this 
latest approach which will allow 
Tridant to develop but retain its 
separate identity. The director* 
had earlier said they would sup- 
port a £3.Sm bid from Starwest 
Investment Holdings. 


V A NTON A /COMPTON 


On October II N. M. Rothschild 
and Sons purchased S00 .000 
J. Compton Sons ami Webb (Hold- 
ings) ordinary shares at 74 Sp, 
and 200,000 at 74p an behalf of 
Vantona Group. 


LADBROKE 


Lad broke Group has exchanged 
contracts with Fairlane Motor 
Hotels for the purchase of the 
Fairlane Motor Inn at Horn- 
church, Essex, for £l.Sm cash. 

The Fairlsuie, situated on the 
Southend Arterial Road,, has 14S 
bedrooms and extensive con- 
ference and banqueting facilities. 


FIH/RANDALLS 

Ferguson Industrial Holdings 
has completed the acquisition 
from Throgmorton Trust of 
324^37 shares in ■ Randalls, the 
consideration being satisfied by 
Che issue of 288,761 new ordinary 
.shares in FTH. As a result, FIH 
now owns a total of 624.857 
ordinary shares in Randalls, 
representing 24.57 per cent of its 
equity. 


SHARE STAKES 

Hampton Trust* Foster and 
Braltbwaite has bought 380.000 
ordinary shares on account of Mr. 
J. E. and Mrs. H. Harris as trus- 
tees -of N. Davidson Discretionary- 
Trust. 

Hampton Trust: Foster and 
Braithwkaite has bought 3SO.OOO 
ordinary shares on account of 
Anqlo-Ped Investments. 

Morris and Blakey Wallpapers: 
A- G. Staniey Holdings now holds 
219.001 (11.83 per cent) ordinary 
shares. 

Andersons Rubber Company- 
Following the issue of an addi- 
tional 400.000 ordinary shares 
and undermentioned directors 
have made the following nur- 
chases; Mr. R. A. Chermside 22.357, 
Mr. R. G, Fenton 3,722. Mr D A 
-Harris SL250 and Mr. J ' VV 
MacColl 573 shares. Mr. T. -L 
Taylor, not a director (and family 
interest), has purchased 3^00 
ordinary shares.. 

Ratal Electronics— E. T. Hani- 
son, chairman, has sold 43,000 
shares. 

Kelsey Industries— P. B. Arbii), 
director, has sold 1S.752 iq pe^ 
ceot preference shares leaving 
holding 7.000 shares (O .45 per 
cent). He has bought 17.5QQ ordi- 
nary shares making holding 
375320 shares (9.79 per cent). 

Carless, C&pel and Leonard— 
Mr. Jt T. Leonard, director, has 
sold 9S.OOO shares out of a bene- 
ficial ' family holding. 


Financial Times 




MOSS BROS LIMlTEri 

INTERIM AKNOraCEMEZfT •: Vi- 



to declares 

^Accordingly! there is-set out below.fhe 
results for the six months to 29flh Jtdy.1078, tog -4 
comparative figures for the corresponding snettwofes - Y-- 
of the previous year and the figures qontainedinfhff. 
interim announcement for last year inraSpect of the- - - 

rune months to 29th October 1977. . ^ 



29fh July - 
1928 : 

30thMy 28fii0Sto£- 
19Z7- 1877- ^ 


roots 

’ £’000 

mX 

Tnxaovex 

- 3,038 

,2,690 ' 

.' 3.952 ;> 

profit before taxation 

. . : 131“ 



Taxation (estimated) 

- 7S | 

t 86 , 


profit aftex taxation 

56 ] 

y / 43 - ' 

1 - , /'i 

Interim Dividend 

... .28.--.; 

. ■ 


Earnings pex Stock Unit . 

■ 2.STp* \ 

. . 2^3p* • 

■ .3 


^Adjusted for Scrip issueiaMay 19X8. 

The Directors have declared an interim 


the current year of L33p per ordiriary.stoc^unitGii &e - 


issue in May 1978, compared with the intaiim ^ 
ofl.Sp per share pjaid for 1972 on the-ilhen issued ■" ' ( : . 
capital of£350,pp0. . • • ,A - 

As shown, the dradend declared forthaoirroit- Z.' 
year represents an imchangedtotalmiermi ■ ; 

distribution of £28,000; the dmdbhd: wfil be.paidjon:.. 4 . 




register on 27th October 1978 (1 977 interim was 
23rd January 1978 to shaiiehttiders oirtiig regi s jar to; 1 :: 
23rd December 1977). _ i- : • > • ; ■ . -/ r 


20-21 , King Street, Covent Garden, 
London WC2E 8JB. - t 


- i-.ij 


mm- 


’ •* ■*' r r^T! 


W 




'•■j. '• — 

j 


DOW/OIF 
& MILL. 
LIMITS 





•Vt'.- .‘r*l 









1978 . 
£11,37*328 


1977 




Sales 
Profit 

before Tax £1.739,121 


Retained 
Profit 




'<Tf 




Pence 


; v- . v j . .. rj5f>v 


per share 


V - * -ft "r 


Net Assets 

15.08." 

, ; • ; 

■4 

Earnings . 
after Tax 

• 

3^8 


■ '*r'i 

Net 




Dividends 

T.20 






The A.G.M. will be held at-Ihe Chaifib6f of 

' Birmi ngham, at 1 2 noon, Monday 6tb Wovember tffll.7- 

• • • . 

Copies oFthe Report and Accountsinay WoWaHwdfBHRi Jl i 
the Secretary, at the Registered Office, .CsmpBill-V; 
Birmingham; B1 2 0JJ. . iv; ." . - 7 d 

y ji 

• - v :. - r"* 






Electrical and mechanical repair engmefire. ; 

POWPUMG S^IVIlLjgg 





Clothing and. Textile Msuwfacturers -i 


INTERIM STATEMENT 


The Directors aiinounce the foiiowiag unaudited Grbup'fi^ 1 ®.. 
■lor the six months ended- 31st July., 1973. 

’ 6 month? ^montbs lSS^fi 
" 10 3I.7.7S t0iJL7.77 10^ : 


TURNOVER 


(£000) 

28,871 


PROFIT BEFORE TAXATION 
Taxation - 


PROFIT AFTER TAXATION 
Minority Interests' 
Extraordinary Items 


ATT-RIBUTABLE TO MEMBERS 
DIVIDENDS 


RETAINED 


1,704 

L54S 

- 770 

: . .- 705 

• - .034 

840 

6 

- ' 3. 

'. : ' -T 

■ rr • 

-926 

" : • S37 

280- 

-238 

68ft. 

v'601- 


<*«»>' 

26 - 






the. current year, on- turnover . k>tr«|sed' 'by 9^ 

Exports at £3,789,000 jire better by '25 per cent- - ' .'"JLiijiR 

These are the best' everfignres^ andttite :: rate-OfI > ^^ 
main tained to the .year end will mean, another record 

' ■“ enift- 


Att interim dividend of -O^Op net per share., for the 

f 1979 {which compares to Or J5p. paid Iast7^'- P rf } ’ 


31 January 


-uA aw* v ^ nu n . n vvuijicu tv ▼ >/- «*• r ; 

a supplementary , payment of O.Ollflp nfet per. share 
year ended 31 January 1978 requiring a total. sum 
will, be 'paid on 24. November 1978 to Ordihary'Sharw?^*^ ’ > 


registered at 27. October 
The supplementary pay mmt represents the 
.resulting from the reduction -in -the- rate of- a4«aoce 
'tax. 


Tit 


. Frank. Usher HaraHa — Jacqmar V- Kligree ~ 

Trieosa — MacDougai I ."of‘.ScbtUrid' J 4^ Pierre ■ 'Baknvin 


r 


hifc- 







^ 

B ®OSu\ 


Financial Times Friday October 13 197S 









NOTICE OF EARLY REDEMPTION 


• *:*■* N »*s\ '• 


To The Holders of 


5 i 


- s *W a v:* 
•■:r -ir# 

i *>3 ■>:, 


Curacao Tokyo Holding N.V. 


10% per cent Guaranteed Notes due 1981 


“• c -7s ** 


The Bank of Tokyo Trust Company hereby announces that Notes in the principal amount of U.S. 56,000.000 have been drawn in tbs presence of a 
Notary Public for ihe mandatory redemption instalment due on 15th November, 197S (which includes the option to redeem additional Notes at par). 


The serial numbers of the Notes drawn axe as follows: 




ifc? S:re*. r, 

— ■ *‘-s a®. 



1 

6*2 

1061 

18«» 

2074 

2817 

3111 

8687 

4126 

4816 

6146 

5831 

3 

5*4 

’ 1082 

1573 

2079 

2622 

2117 

3590 

4135 

4620 

5149 

5637 

4 

650 

1065 

157S 

2060 

2623 

3118 

3591 

41*7 

4633 

5103 

5* 3R 

5 

552 

1066 

1576 

COW 

262? 

3122 

5594 

4141 

4632 

5160 

5644 

6 

553 

1087. 

1579 

2083 

2630 

3124 

3601 

4144 

4634 

5164 

6647 

10- 

MO 

1069 

1580 

2035 

2633 

£136 

3603 

4145 

4655 

£163 

5052 

"9 

562 

1071 

1553 

3088 

2634 

3124 

3604 

4150 

4636 

5169 

5653 

£0 

563 

1076 

158* 

2089 

2633 

£138 

3605 

4156 

4640 

MT| 

5655 

•2? 

566 

1077 

1587 

S093 

2646 

2141 

3610 

4157 

4646 

6177 

£656 

23 

567 

1078 

1S89 

2094 

2647 

3142 

£611- 

4161 

4G47 

517a 

56-3* 

Cft 

571 

1036 

1593 

2095 

2649 

3144 

3613 

4162 

4662 

6132 

5061 

33 

578 

1W9 

1603 

2098 

2652 

3145 

S616 

4165 

4654 

5184 

5664 

36 

579 

1102 

1607 

21 00 

2660 

3143 

2676 -, 

4166 

4656 

&1E6 

5607 

41 

5*9 

1103 

1615 

2105 

2662 

3151 

3627 

4175 

4660 

si as 

&&63 

43 

582 

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1620 

2108 

2664 

3154 

3832 

-4176 

4662 

5191 

5673 

49 

563 

1111 

1622 

2107 

2665 

3159 

3694 

4179 

4663 

5192 

5675 

50 

694 

nra 

1628 

2114 

- 2667 

3161 

3637 

4183 

4666 

5197 

5678 

51 

597 

1115 

1630 

2116 

2673 

3162 

3640 

4137 

4666 

5198 

5582 

53 

599 

1120 

1631 

2118 

2675 

3165 

3641 

4109 

4670 

5202 

5684 

54 

«00 

1124 

1634 

2119 

2676 

3174 

3643 

4192 

4675 

5206 

56B9 

-54 

601 

11*1- 

16*7 

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2679 

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4194 

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5208 

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61 

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1134 

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3652 

4195 

4631 

6209 


62 

604 

1140 

1640 

2127 

2690 

3100 

3654 

4193 

4686 

5212 

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63 

617 

1145 

1642 

2130 

2695 

31B6 

3655 

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5220 

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61 

621 

1153 

1644 

2132 

2697 

3187 

3656 

4206 

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6221 

570 7 

70 

626 

1155 

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3661. 

4208 

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5223 

5709 

73 

627 

1157 

1647 

21*1 

C703 

9202 

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4210 

.4710 

5226 

5716 

78 

632 

1159 

1849 

2145 

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3204 

5677 

4212 

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035 

1164 

1651 

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2709 

3206 

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4215 

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3208 

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637 

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3224 

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1671 

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2732 

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2185 

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138 

687 

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:4748 

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165 

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10089 10625 11131 11610 12167 12656 13171 13659 

10093 10027 11132 11613 12169 12658 13172 13660 

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10098 10641 11138 11623 12171 12662 13184 13665 

10104 10644 11139 11625 12178 12667 13133 13671 

10113 10645 11143 11626 12180 12668 13192 13674 

10118 10646 11153 11627 12181 12669 13193 13676 

10120 10650 11155 11634 12188 12672 13195 13579 

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10126 10666 11162 H643 12197 126B6 13218 1=683 

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10722 11201 11710 

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15810 16342 16847 17337 

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15850 16371 16890 17377 

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15860 16382 16904 17404 

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18213 1S673 

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17315 17038. 18242 10693 

17316 17329 18244 18702 


17313 17342 

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The following Notes drawn for redemption at par on 15th November, 1976 and 1977 have not yet been presented for payment: 

IS 14 113 314 S22 327 434 433 442 IMS 1039 1128 1128 1130 1133 1190 2670 2672 3307 3680 7474 9302 


Holders of the remaining' outstanding Notes arc reminded that in accordance with the Notice of Early Redcmp- . 100 Broadway, New York, N.Y, 10005 or at the principal office of one of the other Paying Agents specified on the 
tion published on 3rd October, 1978, the Company has elected to redeem alt such Notes at 100 Vz per cent, of the reverse of the Coupons. 

principal amount thereof on 15th November, 1978. Interest on the Notes to be redeemed on 15 th November, 197S will cease to accrue from that date. Notes should 

Payments ot prindpaf and premium (if applicable) in respect of Notes to fee-redeemed on 15th November, 1 978, be presented for redemption together with ail unmatured Coupons, failing which the face value of missing unmatured 
and payments erf interest in respect of Coupons maturing on that date will be made against surrender of the relevant coupons will be deducted from the sum due for payment. 

Notes indCoupopB on or after 15£h November, 1978 at the principal office of: The Bank of Tokyo Trust Company, 

THE BANK OF TOKYO TRUST COMPANY 

* ...... - As Fiscal Agent 

Dated: 13th October, 1978. 


r i 






Financial Times. Friday October. 13 1978 * 





Medium Term Loan 


Manaced h* 


The Tokai Bank, Limited 


‘ — Provided by 

The Tokai Bank. Limited 
The Chiyoda Mutual Life Insurance Company 
The First National Bank of Boston 
Banque Nationale de Paris 
Banca Commereiale Italiana 
Chemical Bank 

Continental Illinpis. National Bank and Trust Company of Chicago 

Deutsche Bank 
Irving Trust Company 
Manufacturers Hanover Trust Company 
Union de Banques Arabes et Francais-UBAF 


\«enl K:«nk 


The Tokai Bank, Limited 


Oc.\<t>cr :9~S 


MAR RIVER RUBBER CO. 

LIMITED 

Sir John D. Barlow Barths Review 

The fifty eighth annual general meeting of the 
Company was held in London on 11th October . 1978. 

SIR JOHN D. BARLOW Bart., the chairman 

said: 

RECORD PROFIT 

The trading profit after charging replanting, 
for the year ended 31st March 1978 of £S 22,000 was 
a record. 

Rubber earned £32S,000. cocoa profit doubled 
to £156,000 and investment income was £376,000. 
£3S.000 was spent on replanting other crops. 

The dividend to be paid to members is 0.4S335p 
per lOp share and is 10% more than the previous 
year. 

The report and accounts were adopted. 


The war that never ends 

M. ■ * “'ft “ - * 

i v We British axe a peaceful people. When a war is 

U j K Bf : y .f over we like to consign it to the historyTxwks - and 

But for some the ware live on; The disabled from 
gj g§gfij& ,r v: both World Wars and from lesser campaigns, now all 
sSSIiHB' too easily forgotten ; the widows, the orphans and the 
■ : children - for them t heir war lives on, every day and 

2&3j§§£fl In many cases, of coarse, there is help from a 

1 pension. But there is a limit to what any Gov ernment 
T&SraBa v j Department can do. 

■ &3S 5SIK. 1 This is where Array Benevolence steps in. With 

unders tanding. With a sense of urgency . _ . antt with 
practical, financial help. 

To us it is a privilege to help these brave men -and 
jW women, too. Please will you help os to do more? Wc 

rtfeftdaaagaf must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress 
Dept. FT, Duke of York's HQ, London SW3 4SP 


*-WlN»W.tr 



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 2rh April 1 979, 
the Certificates will carry an interest Rate of 
ten and five sixteenths per cent per annum 
<10* ls %) 

Reference Agent 

Nippon European Bank S. A. 


Bowthorpe Holdings Limited 

Results for the half year to June 30, 1978 


Pretax profits 
Sales 


£3*3m 
£21 -89m 


Earnings per share 4-1 pence 


(£3-01 m) 
<£18’83m) 
(4-1 p) 


Interim dividend 


0-838 pence (0*75p) 


Payabte on [December 15' to SharehoJdos at 
the dose of buaoassi on , N6*oraberl7 



C 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 by 
approximately ten per cent over the same period 

ini 977. J BAY PARSONS, Deputy Qwnmact 


For a copy of tfw Imaiiro report, please wriM to Tha Secretery, 


The Bowthorpe HeUwiaran Group 
BritJah-teMd. reeving industry throusboatthn world. 

Bowttarpa-Hrfmano (Stem* Gawrtck Boat Cnwfep. West Soane RH10ZRZ 
Teh Ckmday (0293) 29888 

Bowttwrpe BMP. Bowthapc- lM tc nuMu n DiacQxrtors, Ha flam arai P fd» 
Wte mano O n Ju i fa Co mp onents. Heflonnwm InaoUJ, Hatamaoo Static, 

. Radpoiqt Group. Power Dorfo p mant Ud 
. Oversees aobsktato and amdoea io AaaraBa. BrarR, Franca Gmxaaaf, Japm, 
New Zealand, South Africa. Switzerland end USA 


GENERAL SHOPPING SA 

SOCZETE HOLDING INTERNATIONALE POUR LE 
COMMERCE DE DETAIL 
Registered Office: Luxemburg, 5, Boulevard Royal 
Notice is hereby given that the 
ANNUAL CENTER AT. MEETING 

of Geoera) Shopping SA w01 he held In the Confe re nce Room of Bancae 
Internationale a Luxembourg SA. 2. -Boulevard Roy a], Luxemburg, on 25th 
October 1978, at 1100 sun. 

AGENDA 

L Report of the Board of Directors and Statutory AtaEtors on the Bostness 
Tear ended 30th June. 1928. 

S. ApproraJ of the Balance Sheet and Profit and Loss Account for the Business 
Tear ended 30tfa Jane, 1978 . 

3. Application of the Net Profit. 

1. Discharge of the Board of Directors and the Statutory Auditors: 

5. Elections. 

6. Mtscellaneom. r 

The resolutions on the Agenda of the Annoal General Meenns do not reonlrp 

a special quorum and will be passed hr a simple majority of the votes of the 
Shareholders attending, with the proviso that no person la entitled to vote for 
hlnucU or by pr o x y for more thar on-fifth of the issued share capital or 
m-o-flltha of the share capital present or represented ar the meeting. 

Holders of Bonds issues by the Company are entitled to attend the meeting; 
bur without voting power. 

la order 10 be emitted to attend the above General Meeting (be Sbirehoidere— 
according to Artide It of the Articles of Incorporation— must deposit thetr 
Sbare Certificates at least 5 days prior to the meeting tin this case on 
Thursday. 19th October at the latest- with the Bank mentioned hereafter. 
Against deposit of Share Certificates the following Bank In the United KJncdom 

will then Issue Enrranee Cards for the meeting: ... 

WILLIAMS AND GLYN’S BANK LTD., LONDON 
as well as an other Banks assuring the financial service for the Company is 
other canneries. 

Luxemburg. 23rd August 1978. 

For (he Board of Directors: 

R. B. LUTZ. Chairman 


Tr>ti idverhsometn appaa'sas a matter of record only 


(INECEL) 




^ ThxadnrtkmeatappmMnatlvofnQonlonlr ^ 


Office National du Materiel Hydraulique 

(ONAMHYD) 


U.S. $50,000,000 
Medium Term Lean 

Guaranteed by 


C Of tGUaUQ? 


Managed by 

Interunion-Banque 

Banque Beige Limited Canadian American Sank S.A. 

( Socidte Generate de Banque Group} 

Marine Midland Limited The Tokai Bank Limited 

Co-managed by 

BankAmerica International Group Merrill Lynch international Bank Limited 

Provided by 

Banco Urquijo, SA. New York Agency Bank of America NT & SA 

Banque Beige Limited Barclays Sank S. A., Paris 

(Societe Generate de Banque Group) 

Canadian American Bank S.A. The Chuo Trust and Banking Company Limited 

Coirtts and Co. European American Bank and Trust Company 

European Brazilian Bank Limited - EUROBRAZ International Westminster Sank Limited 

Interunion-Banque Inventions- und Hande!s-5ank AG 

London Branch 

Japan International Bank Limited Kredietbank S.A. Luxamfacurgeoise 

Marine Midland Bank Merrill Lynch Internationa; Bank Limited 

The Mitsubishi Trust The Mitsui Trust and Banking 

and Banking Corporation Company, Limited 

The National Bank of Kuwait SAK Pierson. Ksldring and Pierson (Curacao) N.V. 

The Royal Bank of Canada International The Saits ms Sank, Ltd. 

Limited (Nassau) 

The Taiyo Kobe Bank Limited The Tokai Bank Limited 

Toronto Dominion Bank de Panama S.A. The Tcyo Trust and 3ankinc Co., Ltd. 


investitions- und Hande-s-Bank AG 
London Branch 

Kredietbank S.A. Luxambcurgeoise 
Merrill Lynch Internationa; Sank Limited 

The Mitsui Trust and Banking 
Company, Limited 
Pierson. I-ieidring and Pierson (Curacao) N.V. 

j he Saits ms Sank, Ltd. 

The Tokai Bank Limited 
The Tcyo Trust and 3anking Co., Ltd. 


United International Bank Limited 

Agent Bank 

Marine Midland Bank 

■ s .nrs- 


rsi.-r.r.brs 


U.S. $60,000,000 
Medium Term Loan 

Guaranteed by 

Credit Populaire d'Algerie 

<B> 

Managed by 

Interunion-Banque 

Bayerische Vereinsbank Tokai Bank Nederland N.V. 


Barclays Bank S.A., Paris 
First National Bank in Dallas 
SIFIDA Investment Company 


Co-managed by 

Crgdit Commercial de France 
International Resources and Finance BankSA. 

Standard Chartered Bank Limited 


Provided by 


Associated Japanese Bank (International) 
Limited 

Banque Francaise de Credit International Limited 

Banque Internationale pour l'Afrique 
Occidentals (B.I.A.O.) 

Barclays Bank SA. r Paris 

Credit Commercial de France 


Credit duNord 

International Resources and Finance Bank SJ\. 
Japan International Bank Limited 
Saitama-Union International (Hong-Kong) limited 
Societe G€n£rale 
The Bank of Yokohama Limited 


Banque Franpaise du Commerce Extdrieur 

Banque de 1’lndochine et de Suez 
Banque Nationale de Ruis 

Bayerische Vereinsbank International S.A. 

Cnkfrt Commercial de France 
(Moyen -Orient} SAL 

First National Bank in Dallas 
Interunion-Banque 
Midland Bank limited 
[ SIFIDA Investment Company 

Standard Chartered Bank Limited 
Tokai Bank Nederland N.V 


Union M£diterran£enrie de Banques 

Adviser to the Borrower 
Credit Populaire cTAIgdrie ■ 

Agent Bank. .... 

Standard Chartered Bank Limited, Paris 


73&>pBn*esjg7fr 


%:SftS5wcw#<wt 


t 















Financial Times Fridav October 13 1978 


ENERGY REVIEW; THE EUECTRICITY SUPPLY INDUSTRY 



31 


BY JOHN LLOYD 


A strong whiff of gunpowder from 
the reorganisation battle front 


d 


** ^ 

0-83? ! 



BENCH MPs often feel favour of the rxvflctse itself. 
- ‘m selves to be members of a .Naturally. Press reports arc not 

i' r ® Kf * cri minority. This feel, the responsibility of the. Cnm- 
; derives from their relation- msttce: yet both in the report 
P thr enveraraen! of the and at the Pit*-* conference 
. and their vn*w— which at introducing the ConnhitTee 
moment tucxn* :n he grmv- laid greater stress on the desir- 
stronger— Hint die;. have ability of continuing a practice 
■n reduced in the status of beyun hy parliamentary acci- 
-•''tampin^ machines. deni than or the much duller 

herefore when a back bench 'Object nf electricity. In fact, 
smitree found itself in what 
■1 aimed was the unique pnsi* 
f>f scrutinising a Bill 


oro* r-^_.“ija!*?ina thai that BiJ 
2 V ' attention from 

~ ^ “ -. u"- -^^chors than might 

’i PC." 1’ '“'Cr^ected. 


the Committee Ha* right— the 
report nf its hearing w vain* 
aide, berause it. allows ' the 
orp U rame before the House var >nu$ interest? in. and arnund 
'nmmw. ii was rather sur- the industry to deploy the areu- 
Bijl received ments in public view which they 
the hark. w0l, M otherwise have rehearsed 
have been privately in the anterooms of 
.^'••ucu. power. 

’ ‘ z: - Commmee was Sub- .... 

-ttmijtieft "B- or ihe Select ^ 
nmnice on Nationalised In- lV/(# Hill 
Iriev and the object nf its 

• ■-V < :ntit , n was ihc re-ornanisa- The electricity avpply tndus- 
"■•-XL-..1 of ib#* electricity mdibtry. try bas waited ten years for re* 
■ rnurme examination was organisation. In 19 BS. 8 private 
* unique by the Committee committee nf civil servants and 
- -.,;;> T, hH rs hoin^ble m examine industry representatives began 
; . ■'•. , =^rafi Bin on the in'iuMryY v.nrk on proposals to restructure 

. ; •'ucturing. which had been electricity supply, which culmin- 

- as an annexe to la>t a,f *d > n ,Jie 1<J "° Electricity Bill. 

- . . l-!; ^ d's While Paper. -Re. That Bill provided for the 
•^..^Mnisation of she. Electricity strengthening of the Electricity 
r.i,. indii»trv " 



Council tto be re-named the 




l.li tcu l-.lijl ■■•.'ll 

>lr. Anthony lIVrfKimmf Benn— setting nut to replace the 
* arm's length' approach to the public industries with the 
* Benn embrace ’ 


with centralised veneration and also he frrp nf any directives 
distribution department? be- which muihr r-nnstrain it to 


lis impact on the ntli»r fuel 
industries. and it-' links ustii 

industry and the people a ? .. 
whole, and the re^imie. in lie 
weakened or not 

ff ynu want to i- f'.il-.e n lijoni. 
then the right thing to do •< 
to hand over tin* whole 
ra bundle to {he new Elivlru-ii.v 
I'orpuration ( a-s revommend-it 
hy Piowdenj. Vnu will n»n he 
aide to put down PariitnnciMary 
questions, nut really, hi-ransc 
the Minister will say tfiai :hn 
is a matter for the i min -try 
entirely — and I think ibis is a 
very big decision, whether we 
do want to endorse and 
enshrine a new struciiirc -aIiu-Ii 
separates the null'* nailed 
industries from Hie r- immunity, 
from Parliament. or wlu-».hi-r 
hv do nut. and f take iii«- view 
tint the lime has rump to Jon}: 
at the nationalised industries 
in a new way that establishes 
and reinforces their link* with 
the community and d«>e» not 
separate them nfT a:- a private 
or public enrporaiiiin with \ ery 
few links with the r -.o nf Lhe 
community. " 


■ * \V% . . ■ . a . liiruiiiutiuu ut'pj ( IIAIITII 1." vvjiik II Illicit! MiUJiumii a . m j 

he roriscin Ihr Commirr^e r* ,ei " fr i ,:j i>’ Awfftonly '):*y tJivmq ne aih ii Maximum aiilhnrjty fnllniv >hnrv-lpnn mvnnmvm I Jnill£Q 

«i. . it PAntPAl nf lltP inrfiKTTV-« - ... l j _ . . .1 t . ... 


\L sf-:r 


nbers were privileged in this 
is because Hie (jovernmen. 
minority one. The Liberal 
y hud indicated ii» Mr. 
bony Wedgewood Bonn, the 
rs> Secretary, that it was 
prepared to support the 
aosed legislation — sn Mr. 
Jn published the draft, and 
... -Commit lee " B was 
- Hod h heady draught nf pre- 
- slative power. The political 
.2>.nn is that where Govern- 


n. :hat 

ihe 

. .imi 

the 

u-Sinv- 

thv 

flexible 

an* 1 . 

a i-efuriniMg 



i». control uf the industry s uaj> I(J he devolved to the ©perat- econnnuc puhey n hough its 
capital development Pfp* ln» units, and cost centres responsibilities should inrlude 
* 3l ^“ uc ”. early in established at each unit. lhe need for energy consewa- 

19.0 hy the then Munster of Following the publication nT- linn). H was in he a wholly 
Power Mr.- Anthony \\’eds- jh t . pjou-den Report in .lanuar>’. commercial enterprise, 
wood Benn— It PJUMn itr ]g7 6 , the Energy Secretary— by Mr. lienn’s approach v::h 

this llrnt ‘* Mr - Bonn— held i»n- quite different. As he said in 

to fall with tne Labour Govern- sultahnns with management and his evidence to the .-ub- 

ia,cr m The y||? ar- . power uniuns before beginning committee: — 

nr T ia4»^?lt n mSi5™iSnitt tn dran wha ' bwamc ,llp White " l absiiluioly reriuin that, 

or IB.n-.-t did nothing aooui p a per and dran Bill published if W p wound up ail the local supply industry m particular, 

tne industry-, hut agreed that j n April. It is here the debate area Boards and made their Some among the PIowd«n 

something snould he done. In begins. annoinrmenrs Dart of rhe career Ommiilee. the unions and th* 


Tt is clear. «h- 
Plowden propu-nl 
drive to re-ir 
indioiry on mor«* 
unified lines, mer 
minister who ideas a bruit 
Hie power and relax unships nf 
nationalised industries in 
general and of the '•hTiriciiy 


I would argue tjiat the Minister 
jx jellin', the balance wrong. 
That could have- very profound 
vo it sequence* fur lhe way the 
industry is run in lhe future." 

Mr. Benn is thus confronting 
an industry which i« united in 
’.i idling to he commercial, and 
a* free as possible from govern- 
ment direct Jvc-. Ii ss nut a 
l»at*|e wli!i!i will base an early 
oub-onie. In rhe first place, there 
t» little po»*;h!l;ty of the Rill 
finding a ecu pi a nee m the next 
session *»f Parliament, and that 
m iurn mean- That restructur- 
ing returns to ;i- ten-year long 
1 1 mho. In the second place. Mr. 
Benn see* :he eit-ctricity indus- 
try. and the Centra! Electricity 
Genera Xrrj Board, as major 
obstruction ?o she development 
of a I'K energy policy. 

Cornerstone 

In an interview with the 
Financial Times rarlier this 
year, and :n his eiadence to 
The -.uh-conimiTtee. Mr. Benn 
.'! re-serl that the CEGB's free- 
dom tn order oii. coal, gas nr 
n in-lea r power virtually as it 
wishes distorts energy policy 
ind in particular may have a 
delelerinus effect nn tiie long- 
term future of rhe coal industry, 
which he regards a* thp corner- 
sione oi tin- LK'- future energy 
supplies. Vet he has not the 
power at present effi-etively to 
inier\-<*ne and direct H to do a« 
he wishes. Thus lie units a new 
relationship, aruuuig that only 
the Uoveniment can rake thp 
broader view and that if is right 
i hat it should intervene because 
the industry is a public one and 



Report of the Select Committee 


Occident - ... 

various parts of the industry” within the industry dues not statutory authority/’ 

ie irony of the Committee's In December. 1974, the second -concern structure sn much as And a^ain, later in his Mr. John Lynns, secretary of on Nationalised Industries (re 

irt. published last month. Labour Government of that year who controls the .structure evidence to the Committee, the Electrical Power Engineers organising rhe electricity supply 

that while it stressed the appointed the Plowden Cook 1 Plowden had recommended more forcefully: — Association, said in his evidence indusiry: pre-legislative gear- 

fupness and value of examin- mittoe to come up with. the', that the electricity industry- lie. -I must tell the Cmninitlee that: "We do nut want to argue ings), we get a spectator's view 

A subject in the manner the definitive answer. Reporting a ih effect, inmmlithic. in the that the big decision here is. that the industry musi he of the field and a Mrons smell 
milter did. reports of the year later. Plowden recom- sense that it .should he. like the do you want lhe industry, with dominated by a commercial of the powder. We must he 

• tie and valuabln exercise mended flic unification of the Post Office or British Gas. in- its impact nn every household criterion to the extern that it grateful to the Committee for 

>st wholly ignored the object industry by the establishment dependent of Government, in the land, with its impact nn ignores other obligations hut sending such full despatches 

m Committee s enquiries in of a. Central .F.ler.t rrei tv Board. ; hen«jath Board level. It would the supplying industries, with you have to have a balance and from the front. 


E. FOGARTY & CO. LTD. 

.it. 



\ 1 


Manufacturers of 
continental quilts, 
pillows, bath and 
scatter rugs, soft furnishings, 
processors of feather, down 
and man-made fibre fillings. 





6 months 

ended 

Tear ro 



30th June 

iO:h June 

3 tsr rice. 



1978 

1977 

1977 



£'000 

£'000 

£‘000 

Sales 


10,078 

7.862 

J7.-1SI 

Profit before Tax .. 


UJS4 

727 

1.840 

Taxation l estimated > 


5*9 

320 

7lft 

Profir after Tax 


507 

407 

1.130 

Pr-Ference Dividorid 


41 

— 

— 

Ordinary Dividend ... 


46 

35 

105 

Ordinary Dividend per Share 

T.12p 

Q.648ip- 

2 55l?5p r 

Earnings per Share ... 


IIJp 

99p- 

27.-Ip* 

* Adjusted 

lor May 

1978 Capitalisation Issue. 



TRADING PROSPECTS 


Busing-:* rrn-un; 

;ood and we would 

expect rhe 

unproved 


rite cf profitability :o be continued for the full year. 

DIVIDEND 

In new of t-iding prospect? flic Dir?cton propose to pay 
total dividends in (me witth the maximum permitted by current 
legislation. The who)* of the 10\4 basic increase will be applied 
ro the interim dividend which will be 1 1 2p per ordinary snare 
payable on 8th November 1978. The balance of the permitted 
increase will be added to the final. 



STATE BANK OF INDIA 

Simiafttire Branch 

U.S.SHUMUUIM1 

NEGOTIABLE FLOATING RATE 
CERTIFICATES OF DEPOSIT 
DUE OCTOBER 1*181 

In accordance with lhe provisions of the Certifi- 
cates. notice is hereby given that for the initial 
six months interest perind 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 

Agent Batik 

10th October, 197S 





20 tonnes. 


.00005 oz. 


V- r > * ~ ,s 


C*' -i"! . 1 ■ 


» ! v *“ . 


t-y 


. From massive truck axles to minute 
high capacity microelectronics devices 
may seem a long way, but they’re both part 
of the Rockwell international product/ 
technology spectrum. 

Wfe are the worlds largest indepen- . 
dent supplier of automotive components- 
for cars, trucks, agricultural and con- 


laboratories, Rockwell technology is 
working to make our components more 
advanced, more efficient and more reliable. 

The same is true for our micro-elec- 
tronics. We design and manufacture indi- 
. vidualcomponents-likechipswithacapacity 
of up to a million bits of information. And we 
design and build entire systems of micro- 
electronics to suit our customers needs. 


struction vehicles. And in our independent 

' * Bramber&tfneerv«CkUiL lender; RDCkweW^OJW 


Rockwell International puts 
technology to work in aviation, space, 
printing, industrial sewing machines, 
telecommunications, energy, power tools 
and industrial valves. 

And of course, massive axles and 
minute micro-electronics. 

Rockwell International. Putting 
technology to work-for you. 

Rockv^lrtea&r^Lii, London; f 


If you would like to know more about 
us, please write toThe Communications 
Director, Rockwell International Limited, 
Rockwell House, 23 Grafton Street, 
London W1P 5LG, England. 


kweil Interneifonal 



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NORTH AMERICAN NEWS 

Further 


Occidental 
hid attempt 


IBM third quarter shows 

in earnin 




Kodak 
set for 
record 


BY JOHN WYLES 


NEW YORK. Oct. 12. 


By Our Own Correspondent 

NEW YORK. Oct. 12. 

OCCIDENTAL PETROLEUM was 
today confronted with another 
obstacle to its prepaid 1 *l |i n 
acquisition of Mead Corpora- 
tion in ihe shape of » ri\jl 
ami-trust suit filed by the L'.S. 
Department of Justice. 

Filing of the suit came less than 
24 hours after the Slate »f 
Ohio"? Securities Division ttw 
recommended to bar resist ra- 
tion of Occidental's tender 
offer to Mead share holders o*i 
ihe qrmmd.-. i.f inadequate 
disclosure of information. 

The Justice Department move i* 
potentially more serious for is 
could involve long ::nd com- 
plicHtprJ liticoTion ’ and nucht 
tarnish the potential attrac- 
Hons of i icci dental's offer to 
Mead shareholders. in an> 
c:i:-r. it may impose a further 
delay on the issue of the 
lender offer which is ba*>ed on 
new Occidental preferred and 
convertible preferred stock. 
..SzuHij 

In a brief statement the Justice 
Department revealed that it 
was basin'; its ant M rust case 
on Ihe allegation that 
Occidental and Mead have 
“ overlapping interests in 
sodium chloraie, CO al and 
rarlionless copy paper." 

THE Depart! lion i .•llei.y- fiial ihe 
pequisitinn would raise Occi- 
dental's share nf U.S. sodium 
chlorate capacity to 4S per 
cent from 45 per tent. The 


INTERNATIONAL Business 
Machines reported a substantial 
earnings pick-up in the third 
quarter after a period of only 
modest profits growth. 

Net income rose IS— per cent 
fmm 8690m f$4.66 per share i to 


a I 0 .fi per cent increase in gross 
income front rentals and ser- 
vices during the first nine 
months. 

The company's nine month's 
earnings have turned in at 


growth in costs 3nd expenses 
continues to reflect the pres- 
sures of inflation and the on- 
going build-up of resources tn 
meet strong customer demand. 
Incoming orders continue 


profits 


By Our Own Correspondent 


to 


■S'J.lbn $14.34 a share versus show substantial increases over 


$&lCm i$5.fi0 a share i on a 15 St.flbn or $12.92 per share. Cross the already high order rates cx- 


per cent increase in gross m- 
ciiuic from $4.5Sbn to S5.2Sbn. 
These results arc very much bel- 
ter than the 2.S per cent profits 
rise in Ihe first quarter and the 
5 per cent improvement in Ihe 
second, and arc pretty much in 
line wilh e.'qicctations. Ship- 
ments of the company’s new 
series of computers are 
rising and have helped IBM to 


$14.6bn 


sales were 
S13.lbn. 

Mr. Frank T. Cary. IBM chair- 
man said that data equipment 
purchases were higher than last 
year in both the third, quarter 
and the nine months. 

“ While earnings comparisons 
for the quarterly and year to 
date periods show improvement 
over the six month report, 


versus perienced ’in the corresponding 
1977 period.” 

Mr. Cary said that the nine 
months figures included S99m 
of exchange gains consisting 
largely oF unrealised profits 
from the translation of foreign 
currency assets and liabilities. 
Ln the same period last year 
IBM lost S3Bm through dollar 
fluctuations. 


Hertz boosts earnings at 


BY OUR OWN CORRESPONDENT 


NEW YORK. Uct. 12. 


WITH RECORD profits from share compared with S62.9m or consumer electronics products 
Hertz Rent-a-Car more than off- 82 cents a share. Revenues rose and -services achieved sales and 
setting an earnings decline at to a record Sl.fiSbn from S1.4fibn. profits increases, despite an 

the National Broadcasting Com- Nine month’ net earnings were earnings squeeze on television 

pany. RCA was able today to $203— in or $2.66 a share, against sets. Commercial electronics 

report an 11 per cent gain in net $I8L.5m nr 32.37 a share. Sales 
income for the third quarter. were S4.Sbn compared with 
Although the company did not $42J7bn. 
supply any figures, most analysts NBC was one of two divisions 

.suspect that Hertz has now re- m show a fall in earnings, hut . . 

placed NBC as the company's Mr. Edgar Griffiths, the president Jn the red. although losses have 
prime earner. The car rental an rt c hief executive, stressed that , 

suh-fjdiary is riding high on the rygc un dej- its new white hope ® CBS, which opera les a rival 
hack nr this year's lfi per cent- ^j r p re( j Silverman who has television network to NBC. also 
plus increase in domestic US. b een recruUe d with a string of sported an 11 per cent rise in 
xi r iTtifhr, and soys RCA, nod- nra'mmmin n Fmm th/rd tjuarter 7 U?t oarain^s, 

ding in the direction of Avis, 
the clear industry leader, “hy 


products and services showed 
gains, thanks to the manufacture 
and export abroad of colour 
picture tubes. The company's 
communications group remains 


Chemical is used by in*' paper C >' P P' competitive yardstick in- 


indtislrv So blench pulp, and 
production u? concent rated on 
a fpw companies, says the 
jtr-iice department ln ndrii- 
iion. it is alleged thai Mead's 
nwnership of 10 .-? per cent of 
eastern U.S. coking coal 
reserves would raise the pro- 
portion cnnl roiled by Occi- 
dental to 13 por cent. 

Lastly. Mead’s production of 24 
per cent of l.'.S. carhonless 
copy pjaper allied in Occiden- 
tal’s .status as ihe largest 
manufacturer of resins used 
in the production of the paper, 
would reduce competition in 
Vi nth the copy paper and the 
rosin markets. 

Mead has also filed an ami- 
trust suit a:-'ain<t Occidental 
containing the same general 
allegations. 

Thn Department alleges in the 
suit filed in thr Federal 


(.■hiding market share. Jleni size, 
volume and profitability.*" Hertz 
and Avis have had a running 
public row on this issue for more 
than a year. 

RCA’s not profit for the quar- 
ter was S7Sm or 92 ccnls per 


programming successes from «... . 

ABC. has embarked on the most ® m i hed at 

intensive development effort in * ** r cnmr T A Z " i h . 

its history. - For the moment, ** ? r "' m .« n ***' „ p , e n r . 

however, the earnings decline PRfr r , __ pe J c ? nr -.w 0 ™ 

i. .. i_ u . SSOi.lm compared with 5>b69.9m. 

and hi-fhe^ Net inCf,me for the nine months 
audience ratings and higher was si 4 i_g m on 55 u p£ . r share 
Programme costs necessary to cnmparpd ^, h S13hfim ' an 54 , 5 s 
correct the situation. p Cr s h are _ Sales were $2.3bn 

Apart from Hertz and NBC, compared with S1.97bn. 


Reynolds Metals moves ahead 


BY STEWART FLEMING 


NEW YORK, n c t. 12. 


SURGING DEMAND for share in the same period of 19//. The company referred to the 
aluminium cninbmed with price In .Time the company increased increase in shipments and 

increases has contributed to the price of aluminium sheet improvements in product mix 

record third quarter earnings fnr used in cans by ahout 6 per cent contributing to its growth in 

Reynolds Metals, the second and automotive body sheet by profils. 

largest U.S. aluminium prnducer around 11 per cent. Oro» bleak spot in the com* 

With sales revenue*, up from In addition to increased prices, pany's performance has’ been 
$592nt a year ago to $733m, net the company has also seen sharp foreign currency translation 

inenrne has increased from rises in tonnage shipments losses, which have ensr $27.5m 

81R.9 m, equivalent tn 97 cents a reflecting the high level nF in earnings in the first nine 

District Court at Dayton. Ohm. share, to $46.fim. $2.44 a share, demand for aluminium in the months. Third quarter currency 

that fhp proposed acquisition Kor the first nine months of U.R. Thus in the third quarter translation losses were only . 

would violate section 7 of the the year, net income totalled shipments totalled 327.400 tons $500,000. although some analysts S227m or $2.15 a share against 

Clayton A cl. which deals with S79.7m. equal tn $4.12 a share, rnmpared with 2S7.570 tons in the are predicting a worsening trend S197m or S1.R6 a share, on 

the anti competitive aspects of compared with $H2.9m, or $3.41 a same quarter last year. in the fourth quarter, 

mergers. 


Georgia Pacific 

The wood, paper and gypsum 
company Georgia Pacific Cor- 
poration had third quarter nct 
income of $7Sm or 74 cents a 
share compared with $73ra or 
69 cents a share, on sales ahead 
from Slbn to St -2bn_ Fnr the 
nine months, net income was 


It is asking for the acquisition 
tn be declared illegal and for 
a temporary restraining order 
pending a final judgement. 
Thi* preliminary injunction 
would prevent Occidental from 
acquiring any Mead stock and 
from consolidating the two 
hi 1 <d nesses in anv wav. 


Wesfinghouse 
income boost 


Morgan Guaranty gains 


•ales up from $2.7bn to $3.2bn, 
agencies report from New 
York. 


BY OUR OWN CORRESPONDENT 


NEW YORK, Oct. 12. 


NEW YORK, Oct. J2. 


HELPED BY big gains io profits 81.35 in the same period a year 
wr- err IV runner fft enrntn from forei §d currency trading ago, a rise of 25.2- per cent. For 
wba 1 1 NUnOUsEi EiLbCTRic, ant | increased loans at its foreign the nine months earnings per- 
the major t .S. group, boosted offices, Morgan Guaranty Trust, share increased 1S.9 per cent 

nnpralfTV* ni»t inenmp Fnr fhr> a . ^ ' • i t mm ■ r» _ 


®*- W tnda v ^'reported! ' in “™ fnr « «Kr«b.TSW^t uTtSSmiSB KST MTtoSTtrkx'l 

maa> rcpnrtea third auarter from a corresoond- 1 . 2 . 1 . .. 


York: 
ennt 
sales 


-k: Mead today reported third quarter Tram a correspond- banlT Vo-da^renorled a "further share 
tinning strong growfn in jn? S72.5m io 1977 to S82.1m. Hse i n ornfi s ^ Z 

's and earnings. Third Sa ie, were Sl.Hrthn asainst S ,I P iS.PT 0 " 1 *:-. ^ - 


Sales were $1.86hn against 


quarter results show a 30 per s 1 . 5 Tb n. " An evtraordinai?Tf.ss J. 1 ! 
rent increase in sales revenues oepiemqcr 


Meanwhile, J. 


cent increase in sales revenues 


. _ P. Morgan, 

the third quarter ended holding company for Morgan 
30 Ihe company Guaranty, reporting -a 39 per 


tn whllr earning were TVraniSm 0pen,tinS “ Cum,! 


Allied Chemical 

After an extraordinary sain on 
the sale of an organic chemi- 
cals plant in Raton Rouge of 
SL2m, or 4 cents a share, net 
income of Allied Chemical for 
the third quarter rose from 
$20m. or 71 cents a share, to 
S 24.9m ar R 8 cents a share, 
agencies report from New 
York. Sales were 5786.2m, up 
from 5597.6m. 


S35.6m or $1.54 a share, tin sujt ma dc a final net income of U e ut <w ' l,n * a .^ in iir?« Se for . tlle first nme months, said 

29 per cent on the same period S273m or 3* cents a share oF ^ cr C v. cnl 8? e f ^ foreign exchange trading income ssrcyi TC IAI RRIFET 

last vear. *“1, ? earned in the third quarter of rose to S30.2m from SID.Sm Kt»UU» IN BKItr 

r. Warren Bans, oresident said mn N n l t 0 S 5?"! last year * a J ,d o.l/i se of 2+.S per during the period, said Reurer. 
that strong demand for both «iE »! c ® nt *™r the 855.3m reported in Non interest innnmt 

coated and unenated white th ?„ sec0 " d ^ uarl er o f 19 ‘ s - . increased by i 

paper was an important factor SjdL® S X* iSillVE? «£P r thtl firs{ . ninr mon L hs e of lfl7 I ventti, w t 

behind these figures, and that S4 '^, b “ J %u lh “• ™ onUls ' 19<S net income before profits aod con 

the outlnok for the rest of the a Samsi & 4 _<on preuousij. securities' gains or losses was $45m compare! 


increased hy $39.4m over - the 


commissions rose to 
compared with a loss of 

year was favourable due to The company said the third $IS4'm. a 19 per cent rise from S3.Tm in the. comparable 
increases in both iinerboard quarter improvement reflected the S154.6m earned in the same period. 

and pulp prices. better results from ils three main period of 1977. On a per-share Income from corporate . trust. 


Improvement 
for First Nat. 
Boston 


. _ . NEW YORK, Oct. 12. 

Outside foresi products. Mr. Butts companies, plus the broadcasting basis, income hefore securities other trust ond agency -services a makkffi ; n 

said the consumer goods and and credit subsidiaries. gains nr losses in the third rose to SS 6 Jm compared with s , lar « mrninv* h:ic h^n 

distnbution areas v.-cre ahead Agencies quarter was St .69 compared with S795m. • 


Tin's announcement appears as a matter ot record only. 


*••• 


| gruptxj 

Li -'- 1 


SOCIETE FINANCIERE POUR LES 
TELECOMMUNICATIONS ET LELECTRONIQUE SA 

(Grand Duchy of Luxembourg) 

us$35.ooo.ooo 

5 -Year Eurocurrency Loan 


Guaranteed bv 


STET - Socleta Finanziaria Telefonica per Azioni 

(Turin) 


Kredietbank N.V. 


Managed by 

Banque Europeenne de Credit (BEC) 


Banca Commerciale Italians 


Co-managed by 

Girozentrale und Bank der osterreichischen Sparkassen Aktiengesellsdiafc 


Provided by 

^ Banque Europeenne de Credit (BEC) * Kredietbank N.M 

Banca Commerciale Italians * European Arab Bank S.A. 

Girozentrale und Bank der osterreichischen Sparkassen Aktiengesellschaft 

Banque Beige Limited HiTembcr of the SocieieGcneraigdcBjnque Group) * Dieerste Osterrekhische Spar-Casse 
NipPonEuropean BankS.A. • The Sanwa Bank Limited 


Banque Commerciale pour FEurope du Nord (Eurobank) «• Banque Europeenne de TofcvO 
Credi to Italia no Finance Corp.Ltd.-Nassau * Dow Banking Corporation 
HamburgkcheLandesbank- Girozentrale- • International Commercial Bank Limited 
Ostcrreichischc Volksbankcn - ^Vktiengcscllschaft 


September 197S 


share earnings has been 
recorded -by the bank holding 
company First National Boston 
for the first nine months of this 
year with earnings per share 
standing at $3.71 compared with 
52.69 in the same period last 
year. 

Another 1 financial body, the 
California., bused savings and 
loans company Imperial Corpora- 
tion of America, reported a boost 
in per share, earnings to $3.55 
from S2.96 for the corresponding 
nine month period. 

Thie iriinois computer and 
industrial equipment company 
MeGraw-EcHson showed an 
improvement in the nine month 
period, with increased per share 
eanu hss up to $3.10 from $2.69. 

The " fibreglass company 
Owens-Corning Fibreglass re- 
turned a nine month per share 
earhinc; of Kt.06 compared with 
S2.55 in the 1977 period. 

The ■ American Hoist /Derrick 
Company, . which specialises in 
the -manufacture of construction 
equipment and hardware whole- 
saling. had a decline in per-share 
earnings during the nine-month 
period from $2.40 to a current 
$1.70. 

The Illinois - .based AhliaH 
Laliuralorics per-share i-a minus' 
increased during the ninr*-m(»nlh 
period. The health care product 
specialist concluded the thir 
quarter with -tola! per-sharo 
earnings up to $1.73 from S 1 J 6 
for 1977. 

Per-share enmin^s for Coll 
Industries, which has interests 
in the steel, engineering, aero- 
space and armaments industries, 
m proved to -S4.R7 from $3.fi9 per 
share for the same nine months 
in 1977. 

The savings and loans com- 
pany, Great Western Financial 
Corporation, had a better nine 
month profit run than in 1977. 
Per share earnings improved to 
$4.43 from $3.5$ for the corres- 
ponding period. 

On the other hand, the year- 
end earnings for the iSilsa- 
b'.-.ed i'tii ! ?v companv. Oklahoma 
Natural Gas. remained steady 
The per share earnings increased I 
siiqhtly frssi $3.72 in 3977 ^to! 
$:.97 at trg end <sf the current 1 
fiscal year. 

Agencies 

The nine month period for the 
Dow Jones Company showed an 
improvement in per shore earn- 
ings with an increase to $2.05 
(based- on net earnings Of 
$'! 1.69m l rrnni Ihe 1977 period 
per share earn in -is »f SIRS ifroni 
net earnings of $2S.7$iut. 

— 1 I Agencies 



BY OUR FINANCIAL STAFF 


NEW YORK, OcL 12. 
EASTMAN KODAK has made 
further progress in recovering 
its “ blue chip " status with a 
27 per cent increase in third 
quarter earnings, indicating 
that it is breaking out or the 
marketing and productivity 
problems of 1977. 

After four years of see- 
sawing earnings, the world's 
largest producer of photo- 
graphic products looks set to 
break ils 1973 earnings record 
of S653^ra or $4.05 a share. 
Net third quarter earnings of 
$235.1m. equal to S1.1S a share 
bring its nine-month profit 
tally to S570Jm or SX54 a 
share. Worldwide quarterly 
sales were Sl.Tabn compared 
with $I34bn for the nine 
months they were S4.7bn 
against $4.09bn. 

Mr. Walter A. Fallon, 
chairman, and Mr. Colby 
Chandler, president. high- 
lighted improved productivity 
and higher unit volume in 
their statement today. They 
looked forward to a good 
Christmas selling season and 
to a year of “very satisfying 
results.” 

The strength or demand m 
the U.S. and overseas for 
photographic products has sur- 
prised many analysts, and on 
the evidence of a 17 per eent 
increase in overseas photo- 
graphic sales and a 14 per eent 
rise in ILS. and Canadian sales, 
Kodak is dearly taking Us 
share. 

In ils market tussle wilh 
Polaroid. Kodak is reckoned to 
he holding on to a 40 per cent 
share of its instant camera 
sales. A 11 anticipated sale of 
4m instants this year will mean 
that about 7m cameras wOI he 
in use which ran only employ 
the Aim which Kodak manu- 
factures. Moreover, the com- 
pany's new Ektra line is ex- 
pected to raise its share or the 
conventional camera market 
after a decline last year. 


THE RATE' of earnings growth 
at Colgate-Palmolive, the deter- 
gents and toiletries; manufac- 
turer, showed a. further slow- 
down in the third quarter'. Net 
earnings increased. from 59 cents 
to 60 cents a share,. oh total net 
of S47.6m against S46.Sm. Sales 
advanced from $979 Jm to $LJbn. 

For. the nine months, to date, 
earnings per share - . - have 
increased from SI .56 to- SXJj4 a 
share. Total net of 3 130. 9m com- 
pares with S124.7m in the- pre- 
vious nine-month period, and 
sales of $3Jbn with S2.9bn, 

Results for both years- include 
the operations of PrimresthHouse. 
acquired on a pooling of interest 


b3 At S ‘ the half time stage, the 
company's chairman and chief 
executive commented that the 
slower rate of growth In earnings 
as compared with s^es. r«a«ted 
heavv spending on the introduc- 
Uon of new products and also 
higher interest expenses.. - - 

In the UK Colgate, is .well 
known for such brand names as 
Aiax the household cleaner, Cok 
"ate and Uitra-Brite: toothpaste 
Lid Helena Ruben stein cos- 
metics. A major product launch 
in the UK. helieved to have cost 
ahout £250.000 -in television 
advertising, has been on Tiiue 
Fresh soap. 


Marine Midland strong 
in advance of takeover 


BY DAVID LA5CELLFS 


NEW YORK Oct. 12. 


QUARTERLY operating earnings 
for the Marine Midland rBank. 
which is in the process of being 
acquired by Hongkong and 
Shanghai Bank, represented a 53 
per cent increase to U.S.$6.99m. 
This was equivalent. to 55 cents 
per share compared with 3fi 
cents per share in - : the same 
quarter last year. 

Including gains on securities 
transactions and an extraordin- 
ary tax. credit net income 
amounted tn $8.74m, or 70 cents 
a share compared with $4.5 5m 
nr 36 cents last year. 

Among the factors cited by 
the bank was a 13 per eent in- 
crease in average loans to 
$S79m. with domestic lending 
holding a 66 per cent . share. 
There was also a $664m increase 
in short-term deposits placed 
with other banks, and a §306m 
rise in holdings of UiL Govern- 


ment securities. Together these 
brought a rise in net interest in- 
come for the period to.S83.lm. 

At the same time there was a 
slight drop in non-performing 
loans to 3326m at. the end of 
September. The reserve for loan 
losses at that date, was 8»1.8in 
il.lo per cent of total loans) 
compared to S92itt- (1.33 per 
cent) last year. ' • . 

Hongkong and Shanghai Bank 
has filed a request with the New 
York banking authorities to 
acquire a 51 per cent stake in 
Marine Midland under a S280m 
deal which will bring the bank 
a much-needed capital infusion. 
Final permission may be some 
months away but Marine Mid- 
land shareholders are expected 
to approve the deal at a special 
meeting in Buffalo, where the 
bank is headquartered^ next 
week. 


Bank of America uptrend 


Bank of America Corporation's 
growth momentum measured 
in por share income before 
securities transactions was well 
sustained over the '.first nine 
months of this year and should 
continue into the -next year, 
according to Mr. Leland Prussia, 
the vire-chairman. 

He said per share income in 
the first half of this year rose 
24S per cent over the first half 
of 1977 10 81.31. 

The Bank's earnings .growth 
will continue to remain con- 


FRANKFURT, Oct 12. 
sistenlly strong, while losses 
incurred from loans remain 
lower than manv other banks. 

It is likely that UB. prime 
rates will rise to above 10 per 
cent soon, but will peak before 
the end of 1978, said Mr. Prussia. 

Both direct and portfolio 
investment by European investors 
in the U.S. will continue to-be 
significant as long as the oppor- 
tunities remain, and the U.S. 
stock market is comparably 
cheap, he added. 

Reuter 


EUROBONDS'; ? i : 


move: 


market 


. ,-ij 

-- , 

-j 


By Nicholas Colcfmtw Jj/* 


THE- DECISION .' by^' r <S 
Manhattan to rai^e its priin^ 
tn the U.S. to 10. "per ceht^* 
a decisive jolt .to.' -^the ; Bec8o£ 
market in dolla rdenomifcp 
international bonds., yetfterft 
The unease spread qiuckfc* 
an already ’Weak' sterling!^™ 
and Eiiro-sterliog bonds flnf fe 
the day at below . the U» 
reached in 


late June-:: . ..^ 

. Dealers last night .Wei^ qn^ . 
prices for sterlijag_bohdsi^M 
■were between thide; 
points -down an- their- lew. 
week earlier. Rowdtree^^ 

104 per cenLwere 'at S73.iaS 
Sears paper : with. -Mhe '** 
characteristics; Allied Brcwm 
IDf per cent.: 1980, were. & 
to 874 compared with 91iajft £ 
earlier. The' Fisons brod.^S.-- il] 
"been pulled : sharply ^ i » 

line with - its pejers aoif ■% ' 
quoted at 91 compared . 
seven days; earlier. - r. 

The rising interest. 

Eurodollar rates went 
cent to 13 per 

weak day for the- dbltartllii 
foreign exchange niaiket^ji 
somehow broughr-mta 
the prime rate dedsrwfc-v.® 
after; trading aec^eratet}^ 
pace not seen iiL. the-fe* ’ 
rooms -For several wee^-^aH 
were some snbstsmtial. srit^| 
and prices were lower: iS 
across the board. ' Deafewll 
that they recognised a tmmm 
old underwriting positions'll^ 
unwound. • , 

Despite the _facr : :ti5i3 
Deutsche '"Mark" went te; t% - 
ail- time hl^h against -thecas 
at 1^6, the DeutidtfL '4ft 
market was stiH showug 
of indigestion. After the i . 
sales and _ issuer efjrweat^ ' 
participants-: began tb>: -is^c 
about today’s meetin^iOaif ' 
furl of the capital . arirkegtt . 
committee wtridi wili jav ffli 
the volume .of . new TrfTwrfn^g 
the cuirent month; The " 
went round 

would be' DM/.L5ba;. ^ 

with the orisrtoar pitfii-ftfiS 
mooth of under 

Turnover "in . theDcotsdrithf 
market was -very sfa^ abdlpiit 
closed mixed — _ i£ ahytltb^ 
little off. The tone of tfc mxri 
was Tievertiiek&S; shaky 
for one majorjpro^ecfHe:« — 
rower to be da ndods w : — 

whether Uhs^- was - the 'rig 
moment for MiTssna;. 


Sec; Lex 


FT INTERNATIONAL BOND SERVICE _ 


The hsrshows the 200 latest international bond issues for which an adequate-secriukry 
exists. For further details of these or other bonds see the complete list of Eurbbond pjicespuhhsfr 
on the second Monday of each month. •' ‘ <■. 


saoSS 


U3. ddlXar 
STRAIGHTS 
Asa A>r. »i W 
Australia S . 5 2 .. . 

Australia ’i.A.i 83 

Australia K m 

Brtmm I'oods 7; S3 

CECA si f 7 

r.EOA 9 FS 

CBCA >t 9S .. 

CNT 9 93 
Cauda « XI . 
Canadn S.’Jd 83 
Canada ^2 9« 
Canadair 81 S 
nonunion BnU 
EIB S.‘ S3 

KIH 31 « 

SIB ?; 93 

BIB B. 93 

EtB 9i ftS 

Slsam Jutland 9 sj 
F!ksimnjinan5 f xn 


Issued Bid Oltcr 
25 V7i 974 
350 9U 
17S 98 

75 991 

180 951 

50 96! 

25 9*1 


OianSB on 


961 

981 

IMS 

9S1 

971 

99S 


day wnk Yield 
-04 -0*. 


-/* 

+0 

+« 

- 0 i 

-04 

-04 


-01 

—04 

-01 

-04 

+0 

+01 


9.M 

9-20 

.90J 

9J0 

8.97 

9.25 

9.07 


25 

isas 

93i 

KN2 

982 

-81 03 

-B4 -0J 

UB 

0J6 

258 

961 

W 

+ 0* —14 

9.13 


96i 

96J 

+8 -11 

9J1 

250 

«l 

964 

+8 04- 

9.29 

. n 

97 

97) 

+W “84 

9.29 

Co. 0 ofi 25 

iah 

954 

951 

Ml 

-04 -81 

9^2 
a m 


75 

100 

US 

100 

X 

50 


Espnrt Dev-Jpnitll. S.O S3 175 


Finland 8J S3 

t- inland P ss 

Hospital n.‘S 9 sa . 

I C Indusrrlcs 3 S3 
iirl PinaiKi* n; ip< . . 
Itcl Finance 9i 90 .... 
fro-YoKadn as «cj .... 
J C. P’W'-y 'I si ... 
M.ic Rlocdrl 9V Tl . 

% 7. nnv. Fin.’ Si in 
*7. P-v ' Fin. SJ M . 
\ni. Worn F Sft 

W>*H - rnDn«Il.iTiri m no .. 

Norrl Inv Hk. :<! BS 
Vnrvps Knmm. 91 W 

Nnrwav 71 K! 

Norway SI S3 

Vorway s: 

nt-cld^iual M S3 

nnt. Hydro S3 .. .. 
O Hi 'hop Hydro 91 fia 
Swpdpn W 9s 
iini»«-rt Kinsdom pi «.» 
United Kingdom SI OS 


100 
100 
.... 25 

... 35 

25 
28 
20 


981 

Wl 

984 

99 

961 

934 

Wt 

981 

974 

975 
964 
984 
975 


994 


983 
188 

971 

981 

99 

99 

984 


+84 

- 0 * 

+0 

+84 

—04 

-04 

+8 

-01 


9K —04 
974 -04 


981 

984 


100 

so 

20 

20 

75 


994 1884 
98 981 

98 98S 

954 955 

9SJ 955 
188 ItsaS 


- 0 * 

-IJ 

-fll 

- 0 * 

-w 

-04 

—84 

-04 


+04 

+0 

-04 

-01 

- 0 * 

-01 

+01 

-04 

+0 

+u 

-M 

-W 


-01 

—84 

-01 

-04 

-o; 

—oi 


. 9 33 
9^7 
9-52 
9-52 
9.60 
9-29 
-9J2 
9-28 
9J1 
9JM 
IJt 
9.96 
3LZ7 
9J6 
8.95 
9.46 
9J1 
9J7 
8.94 


DEUTSCHE MARK 
STRAIGHTS 

.Ulan Develop. Bk. 51 SS 

Australia 6 SR 

CF^ Mexico 64 R8 
Canada 4} S3 ... . 

Pham' Manhatlan O 'S fi 90 
Coirrni.-rrhanX Ini, H?W l| 
CommfTzbank Ini. XW 34 

rrrtiru;il ol Europe 6i 

FIR 51 90 _ ..’. 

EIR C 90 

Fk-krroiiras-Rra)’il M 

Fir Aqid'RlDP 3! RS 

HU 3 H 

Knhc. City of 39 SB 
Lmtir J?*Tviens dr Elct .. 
Mi'XIcO 5 SO 

lusublshl EVrro 51 S3 ... 

jNipncnt Sti pI U S3 

Norups Knmm R M . 
NnnvaV 43. iC 
SionviiSUin I fid. Rk. 8 90 . 

Petrolpn Bran l 7 Sft 

HilHppInes Hi 

PfC Ranicpn .v; m 
Ijurhcp- Provincp of B DO 
nauiantulEki Oy 3i S3 ..." 

Ricoh 51 S3 

Snam fi .s»> 

PraloLI B SS 

Taiterruuiobahn .V 07 ... 
Trnndhplm. CWv rrf 3J . . 

DS riitum 31 m 

Vmvruela A S3 


50 

984 

995 

-«» 

—04 

936 

25 

974 

971 

+ 8 

-84 

9J6 

75 

98) 

994 

+8* 

-84 

9.06 

250 

945 

955 

-84 


401 

125 

964 

974 

—84 

-84 

901 

150 

985 

995 

+8 

+0 

908 

75 

951 

96 

-64 

-85 

9J5 

125 

964 

961 

-81 

-04 

909 

50 

994 

991 

+0 

-84 

95S 

125 

991 

994 

+8' 

-04 

932 

200 

975 

985 

+8 

-04 

9JU 

150 

984 

9*4 

+0 

+95 

907 



: ■ 

.Change on 


Issued 

Bid 

Offer 

day 

week. Yield 

100 

96 

964 

+0 

-01 

604 

259 

1811 

1024 


-01 

5.74 

158 

96 

98) 

+ 0 

+8 . 

700 

600 

48 

984 

+D 

-85 

501 

180 

1014 

1014 

- t +0i 

+8 

503 

ioa 

186 

1961- 

-01- 

+81 

2.76 

1B0 

S25 

835 

-0i 

-Oi 

502 

UU 

UW 

1884 

+0 

+01 

6.10 

250 

932 

94J 

+ 8 

—04 

600 

308 

48: 

915 

+0 

-Oi 

6.15 

158 

48 

m 

-+0 

-04 

7.05 

100 

444 

954 

+8 

-04 

5.44 - 

100 

100 

UW) 

.+ 01 

+0 

4.44 

180 

10H 

182 

+4 

-84 

506 

158 

934 

.985 

+0 

+6 

TOO 

200 

97). 

97) 

-04 

-84 

400 

100 

UEi 

1031 

+0 

—01 

5.24 

188 

1024 

1021 

+84 

+ 0 r. 

506 

100 

100) 

m 

.+8 . 

+0 

5.91 

250 

4« 

V7i 

+8) 

-» 

5.17 

. 125 

im 

1004 

.+8 

-04 

5.46 

100 

994 

99) 

+0 

-84 

7.09 

100 

964 

963 

>0. 

"-04 

7 M 

108 

961 

963. 

_+0 

-04 

606 

158 

9TJ 

971 

+ 0 

-M 

607 

50 

9SS 

961’ 

+0- 

-as 

«J4 

30 

1084 

1004 

.+«» 

-01 

503 

200 

96: 

471 

+0 

-84 

6.9* 

150 

1005 

1881 

-04 

r04 

5.91 

70 

984 

984 

+84 

+84 

5.65 

35 

974 

973 

+8 

-84 

602 

65 

47| 

98 

+’D • 

“84 

6.29 

250 

953 

966 

-Of 

-1 

600 


YEN STRAIGHTS 
Aslan De*. Bk. 54 Sft 

Australia 0.6 30 • 50 

•BFCE K.4 80 3t 

Euroflraa 6.3 00 -M 

FlnJond. 0.7 RS ; 25 

Nonvay 5.7 S3 .. 25' 


Issued S« Offer dw «T0 
15 - 954- 964- -Vr -U.\* 

mt +»• 


rtHo.’aty of 6.6 00 

SNCF 0A 90 

Sweden 6.3 00 


15 


imu 

964 
-.96 vr 

w 

HUiW 




90. 

wr 

« . 


mi us 


OTHER STRAIGHTS 
AiRemene Bfc..6t 83 FI. ... 

BAT 8 88 LaxFr 

Bayer Lu x . 8 Sfl LaxFr. 
Mcca & hope 7 S3 FL 

Rraul '74 S3 FU .. 

CFE Mexico 7J S3 FI. .. 
Cldcorp 0^5 Fin 19 93 % 
Copenhagen 7 83 1EUA 

BIB 7J Ss LuxFr. 

BIB 74 SS PL 

E1B 9; 8B X 

Oranjt'boom 101 90 X 

Finance for Ind.' ill 89 £ ' 
FtnI'd. Ind. Fd. a SB LaxFr 
Finland lad. Bk. ?93EUA 


96, +fl ;. +8: ,3 

...i’V.* ll'-'ONWl^ 

bmad HW Offer day. -mtk « 
-W W OflV-KSrgcJ 
258 ■ 964 +» “Wl 

258. j m, . 974 +M_ -^ 
» YS 1 -« 9# J 
w '«> « 


75’ 

20 

X 


7S. 

X 
J 5 
12 


99S 

894 

,964. 

.'951 

Ml 

921 


951: 
90 ' 

.964 


rt -tS 


_ 

a TjSTs 

aes,’ 971 

m>: :^| ' [ n^ - -4L‘ • 

easterner flldT BV 11 RR J ,18-. . 8f) 90 -14 •' 

Nerter Middenh. M FI. 7S : 962 .pte 
75 A; 951 - 961.- “« 

25»- - 964 974 -11- ' * 


15 


Ncv Zealand 61 M FI, 

Norway 7J S3 LaxFr. . 

Norway «i S3 FI 

OKB 6 1 85 FI. _ . 

Rpiianir 71 89 LmFr. .... .• sn 

Hou-tifTW 101 SB I J8 

Panama 84.1*3 EUA. .-... 2d 

Rank 0'S Hold. IH At... 12 

SDR France 7 S3 EGA .. 22 

Scare tOJ 88 I ’ • . is 

Swedish Inv. Bk. 8 86 LxFr - 580 
Whitbread 191 00 £ .is 


250- 964 974 -VI 
UB V 954 9SI rW 

.19 .911 924 




91i 921 ’ —91 

964 VTI -01 r«f t 

87 i M -a -»;? 

97- 1 98 -14 - 

961. 974 *0 
9« 97J +04 : 

STi ff 

991 10U +0 -« 
904 904 


-« -it*- . i , 


SWISS FRANC 
STRAIGHTS 

\aX-SSI T* 

.\rllu-rc Tunnel 4 11 ... . 

AW A . 1 K 1 i 

Cfcaa.- ManbAiian 4 05 . . 

CVRD V. 90 

ilouucil ol Europe ... 

Bunkamcrtca 31 93 

BNPE 5 PS . 

Denmark 4< 90 ...... .. 

Dcnns.-irk-Mortsaae Batik 

riH ■« 93 .... 

Eowom -U 93 

F. L. smxlth « 99 

Finland. 4» 93 

C«ZC 4i 93 

uuu-Ltechenstdn a ..... 

ICl Fin. NV 41 fcl 

Tmatran voinu * 83 

Manitoba 4 03 

New Brunswick EPC 3i 

Nevraa 4 S3.-- 

Norces Knmm 44 BO 

OKB 4 S3 

Oy Nokia 5 90 

Q0:-tfe>- Ktrtro .35, 03 

‘wfe q m •. . 

Sca^ 4! y*— ■ - 

YmWf^Alliiltr 44.01 . 

VnraJhera Kraff 4 93 

Vienna 4 .43 
World Bank W 03 


Owns* on 

Issued Bid Offer day week Yield 

« 109 ■, ID4J; -at +K A68 


<o 

10U 

78 

50 

6 S 

80 

75 

in> 


■HI 

95 

1021 

97 

UU 

1004 

in 


991 -01 +0 
■- 951 +04 +« 
2MB +0 +01 

971 -01 -Oi 

1031 +0j. +12 
1005 +0 +04 

1 BU 4U .+« 


100 

80 

2 S 


10M MM -1 

1021 U23 +BS 
1011.1024 +U 
1002 1001 +0 
180 1001 +0 


+11 

+81 

+01 

+K 

M 


O.06 

<U» 
3.78 . 
5.BS 
•5-ZI 

3.71 

4.85 

A12 


fl.BT 

IL19- 

.4.45 


FLOATING RATE ’ 
NOTES - 

Am.-ricen Express. 83 
Arab Inrt. Bant MBA S3 . 
Arab-Malay Des. M7i 83 
Banco Wan. Anayir. MS S3 
Bank Handlowy 8X1 88 ... 
Bannue Worms Ms; M 
Bl. Ext. d-AlR. M8JT73 04 
BQue. lava ei Suez M 54 .. 
Rn im. Afr. Oec. UOJ S3 

CrCB MM3 08 

f:cr ms: 65 .. 

Chan. Jupber Int. U( S3 
Chase Man. O - S 3X3i 93. . 
Cnsiu Rica MR! R3 - . . 
Cn-dlt National Mol 88 ... 

Rnpvtrol MT Sn • 

Sf TE Sf« S3 

IsMlraualima Mj: 85 . . 
I.tnhllaiiskn MT T5 85 - - ... 

sniUdn-i rnrl sfj*. fj ....• 

Net. AV«r. JI5! 9u . _. .- 
Nippon crpdii ms; S3 

okb a; 88 

Offshore Mlnlnp sn 
ftiandurd CharT. Mi 5 90 
Surmromo He^vy MS; S3 
Snndsvallsbanlrnn jtb SLi ’ 
Overseas Bk. M6 S3 


Spread Bid Offer C.toU 
... U 991 IN 28/79 8" V. . 

97J 31 fl- tf-r-.-" - 

981 HOB -r $ - 

98 nt 
fiy . 25/H 9JB= 

4H C5tU «,. ; 7 - . 

982 9/* «*'*■.-■ “* 

«J2S/7-«^-- .«* 

472 BO 

3/2 

301 8 * «• 

9/2 . *>. 

930' - 


02 

BJ 

’« 

11 

81 

Ot 

Of 

01 


.97 

971 

9TI 

97 

971 


981 

964 


Oi 

975 

471 

01 

-985 

99 

.04 

973 

n 

84 

975 

971 

11 

1831 

W36 

84 

975 

98 

e>. 

982 

491 

a: 

984 

995 

Oi 

9SI 

991 

1 ' 

964 

974 

84 

984 

983 

or 

434 

•»« 

84 

994 

99.1 

81 

984 

994 

84 

981 

99 

84 

974 

97* 

■4 

941 

m. 

84 

.972 

981 

01 

431 

992 


27.1 


s/e 


hi ot-* 
■no 9 ^i 
a /12 9 JD; * 

150 »i J 


M/1 




14/3 

4/4 M*, t 
4^11 *3ti. 


CONVERTIBLE 
BONDS 

Asi'.-S 3? 93 .: 

Raker Inr. Fin. M 83 
Boots h; 81 
Coca-Cola Bolitirm a; 
liO VoRadri 3i KV . . 

Tpsajr Inr. Air. 7* 9*. 

Thorn lnt. Fin.’ 7 68 
Tyco Int. Fin. Sj Kg 
Tyco inL Pm. 6 Ri ■ 

Ask hi Optical .Ti dm '...JznB'.’nr 
Casio Comp. m dm ..ai/Tf- sox’ 


■it« Bid - :» 

as uuu Mtt 

Id-.iw “S Inr- O 

16 -99S 991 »- < \ * 


- Cnv. Cmr. 
date price 
9/78 62S 

... 1/79 
... 2/79 206 
...am 9 9S2 

... 6/78 1473 1421 

... 4/79 14.5 :*n 

_Jl/78 3A7- 1M 
.. 9/78. - XL .106 
Sm «US 141 
• 90 
IBM 


:«Li 

Offer Va»s._ 


1/omiya 31 SS DM 10/78 9B9 

■Iosco 3* SS DM . . 1/79 127B 

Konlsfairokn Zi 83 DM — 1/79 612 

Mura fa Mon. 3j ss dm tU/78 b» 
Nippon Air. 3.5 8R DM 12m 3» 

Nippon Shlnpan 3< DM ... 8/78 " 738 
rs Irani n Sled 4 SS DM ._ 7/7B 130 

Blcoh 3f 88 DM _Jfrrrg 67 
Sankyo Elecrrlc 31 DM... 8/71 
Sanyo Elecirlc 3} DM . 13/78 


R8i +8* : -. 

JS- +• \ 

* rg-j 

lB5t 
1861. 

T 6 . 

JOB. -g.-i 
021 ox ; 

m3m m«. +6 1 
V— 81 I 


MS 105*-. 

.991- 

ISO ISM--®-; 

Wl 1 BW _ 
l«f UU X, 

12* J261 

1061 Y86I 1 

869' ITU 1» 


. . US 
258 


80 

1816 

in: 

+« 

+1 

4J6 

IKS 

1024 

UU 

•-os 

+81 

COS 

25 

UU 

UHl 

-ot 

+84 

3.93 

loo 

1024. 

103 

rM 

+81 

3.99 

u 

965 

962 

+0 

+86 

4.33 

IM 

U12 

m 

+M 

+1 

503 

100 

97) 

976 

HI) 

+lt 

3.97 

7a 

99) 

99! 

-“Hi 


4J0- 

ICS 

U2j. 

IK'S 

+0. 

+94 

3.98 

88 

993 

IM 

-fll’ 

'+« 

'*.81 

» 

181 

1014 

+M 

+04 

407 

130 

974 

97J 

+0* 

+1 

.3.99 

30 

1014 

102 

+04 

+01 

AOT 

15 

UU 

um 

+et 

+0) 

435 

UU 

M2 

1024 

+w 

+9 

-08 

» 

1QU 

ms 

+«! 

+» 



1083 181 :+4B .« 
IBM UU +8 .+« 


.3.92-. 

4.19 


Seiyu Stores a; gs DM . 4/78 1275 
Stanley Electric 31 dm . 11/78 625 
Trto-Kenwood 36 88 DM. .11/78 7n 

■.No InTozmattaa avallaWe — prrvK-ns *** 

t Only one market nwk— -snpp'lrt * a 

Straight Bonds: The yield 4s the yield 
rold-prtce; the wnmun fesaed a 

BOhs except For Yen bonds where It Is in Simon*- 
on week=cbaine owr. price a- .web o - 

FImUmb Note Hour Dencitninsied In dcfllir* 

■rue- Indicated. W=MlnipHBn ponpoa. 

.. coupon Demmes effective . . 8Wfead=M4naB.aW™**^ 
offered rate for "UJS. dinars: Cipfl=The cW® 80 *- 
. C.yld^Tbe current yield- ’. . . - -* 

Convertible bond«:.~Deiiomtturt<id Id dollars 
.’. ' Indicated. Chc-4«?iiCh»nce irt day; -Caf. 
far conversion bno shares. Cnv 
bond ppr share expressed in flimnff of sh^^ ° mn K 
-»oa rate fined at bewe. premspvwemaj^ i 

correm effective price of acoulrlns shares t* 4 ™ v ’■ 
over the most rpecnrylcc of the sbafrs. 

' riYHe Financial Timet Ltd-. tflW • 

' or ’ ta ‘ pari Io any fbrra* n«i prrevlf W 
conotnL Data by Inter-Bood Sp/vcci 







33 



Financial Times Friday October 13 . 1978, 



INTERNATIONAL FINANCUL .and company news 



wants links 


m^with supermarket chain I 

* 5 p PARIS. Oi l. 12. | 

<;CCUFACTURJ5 Fra nc.it sc » fifianrjal holding group. H«» is Mark* anti Spencer, and would ■ 

Ljvles d p Saint- r.nxinu*. to attract partners into be willin'; if necessary to ; 
fManufranm i> thc-o *»pt- ruling suiiajdiarii 1 ^. negotiate a majority position for ■ 
link, up with •««. - . ■ - : **- - • ■ - - ‘ 


Bastogi not 
taking up 
Montedison 
shares 


CREDIT SUISSE 


Drenched in Chianti 


BY JOHN WICKS IN ZURICH 


■ t.\ . irmes 

0! 

e:: no 

SA 

• -O' 'king 

Ki 


near Milan. Isalamii. Mister Chef (spices* year but much smaller ones than 
and over- and Stauffer (cheese). Pre- those of 1977. while by next year 


By Our Own Correspondent 
KOMIS. Oct. 12. 

• F1NANZ1ARI A BASTOGI. the 


‘1VJ 

it 


rend 



UINEFOOD is far ami away tu>r» a? Coreitu. 

Uii* largest individual i- lenient -.vus over-manned 
within llie 140 com panic, that centralised: book-keeping and .liminarj negotiation . are taking the administrators will go all out 
Credit Suisse, of :h»* big ordering procedures left much place on the sale of other non- to pull the group into profits 
three banks in Switzerland. tuok u> be desired. The 30-company wine subsidiaries. Ore of ihe Wine sales were up 40 per cent 

participations likely in be sold in value in the first half of 197S. 
next is SA Suisse d'Expioita lions Exports, and export prices, have 


' .-bette. ho told Reuters Mann- 
'—-.pro has. been in iinamiai 
■ Acuities and received a 
■'eminent promise .if a loan 
' FFr 20m. 


PO stores, many uf them in prime other operating urn ups will; lists here. 

' It> «iles. celling both Maflu* probably .-over mail order, and : Sijj. Grandi. a former vii-e-. 
franru'*. iiv.-n crodu etc and other ihe m.inufarturc of sporting jcHaimi ail of Muntedison. whu 

«««*» M. «;?.<iot-Cle*. is disruss- we.ipuns and sewing niarhincs. Ii : was appuiuted chairman ur. . Q „hii c relation.; ter 

ins with Haefu'He a deal k not clear yn whether Maim-! Basiogi in May. criticised :. nD ^„jble to a«cs anv 

... whereby ihr publishing house rranee umbus to continue its ■ Montedisun'» failure to take .* j lht . financial 

- lai-id Curry adu<< from Paris: would jhn acquire an interest bt«->i'lc operations nnilaterallv 'advantage of a number uf puicn 

no of the basic :.mntuul in the rtfcuhu .... 

nges being cn 
’ • fiadot-Clpt is in 
i* tr.jRufjLtunn 

. .. Mannfranre inf* 

■ rating companies -.appud by . un: panics a v’ Roots and fureign partners to participate. 


nelled through u_ Liei-hiun>toin of pntentijl m Hie Inn** run. As 
company. Tcxon-k iiiur./niHMlt exesove a> funner investments 
The affair wa* pi a ini;, custl;.. ma;. have been. th«> were aimed 
icrnis 1 1 is particular!;- a: building up the 
n possible ici asKt*is an.v damage. 


Agricoles. an originally Swiss 
owned farming concern with 
3.000 acres or land near Rome 
in which Wine fond has a 70 
per cent itaku. It seems pos- 
sible that Vatican interests 
might buy up E.tf company, 
either with or without its vine- 
yards. 

Fur the wine companies, ihe 
hank foresees it temporary con 



Assets of investment funds rise 


‘ BY CHARLES BATCHELOR 

-,.i* DUTCH investment fundi 
and [In rent a. report in 


eco 


AMSTERDAM, Del. 12 

•»n count ni-? which sow the mluiv-is on she forward market 
areaivsi chance of reaching was justified, n said. Onlv half 


. ■ -venruallv 

not u. pamcipaie m ihe forth - xhv , iu >neurv record -iraulu 
coining capital increa-n* and I „ ia d|ip0 K,ls For Hu* Wm.-r....«[ 
I plans lo withdraw from the nrnu|l pre-sen; tnm-i-ak-c fm 
j Montedison control syndicate. in di-n-«i-iure poini to IWri 
which it is at preset)! the lead-; Be , nri . tll4 . hankerv mn-uii-t- 
mg private .shareholder, wit.i j found theniselv*-- owners 

i.b per ceni stake. , lf multi-corn n-iny group, 

Montedison recently an- n mne through 
nnuneed an agreement whereby f r<n ul expansion. Formed only 
u group of Saudi Arabian u n-u 


group's pos-Tior. in the p ruin is- linuation of ownership so as to 
mg field of ciiiajil;. wines. At improve their operations before 
the h.uue (.me ‘it was expanding final >ale. There arc. in fact. 


flaiing lust the equivalent of S17m in 1977 Mini-food Is 
expected to emerge from 1973 with a lower deficit am] he out 
of the red entirely hy next year 


already plenty of mitsulv com- 
panies interest cd in taking over 

___ __ Ihe whole wine sector uf Wine- 

is ’ihe"urpaVsT 'supplier of ha has food, according «o Dr. Hugo von 
wino to a uumocr ,»f national der Crone, deputy managing 

director of Credit Suisse. Must 


its export markets. T-ulay. about 
une-tu'lt of ■‘iibsid urns' '.vine 
licnuii :,rc and Winefuod 


been rising raer and Winefood ts 
today responsible for over 25 per 
cent of all exports of DOC 
wines (the Italian equivalent of 
appellation cnnrrolesTi. Total 

wine sales, which accounted for 
SwFr 120m of 1977s group turn- 
over of SwFr 220m. will this year 
he of some SwFr 200m. 

On the management side, 
efforts are concentrated on 
making the group less top-heavy 
hy a drasiic pruning at Corsico 

headquarter? and decentralisa- 
tion of operations like account- 
ing and nrdermg. together with 
an ini pro Yemen i ,if the whole 
distribution structure. In market- 
ing. product assort ments will he 
thinned out— Chianti Mclini 
□ lone lias been working with no 
less than ti'26 different types— and 
a stre.-s olaifd on DOC. special 
and quality tabic wines. The 
t-vpori market is very attractive, 
especially the fast- growing North 
American market with its 
appreciation of brand images like 
the Black Rooster or Chianti 

than 
Fun tana 



_• 1 The v.ilui* of its shares f *'» all .slock exchanges m the ceni s,tu-k dividend and plans aiyf n en ,j Siabili's most atiraciivu *p- h!'- A * an ' # vandal can be determined. Exchange or that 

■5 per :-!-m to FI 177 pnnod covered ay ftnheco's re- final cash dividend next April, i umnnrtv -ivcn* iV, I ^ en,,e- n ‘' jr Divestments have already pames might h 

‘-“'cause of its fear of a re- purl. Currency markets fa eed The inial 19TK illvirlenri will he | ; There was. however a good iak«-n place both outside and 1-redn Suisse w: 

• cd **T3« m mtlaiiun Rvrrnni another fr\M< though, amt Tht at least tu e same as Uie Ft 12.80 ■ J dMrtdnoil f n . ■ deal wrong with \» inefuud. Too within the Wtncford division. For Ihe situation of I 


run centra ting irs investment fund's decision to cover its L’.S in 1977. 


Swiss lower forex limits 


nperit puts Koepp 

Idling up for sale by our own correspondent Zurich, uct. 12. 

PERIT. Ihe Austrian rubber • 

ern. is in xell its majority MEMBER banks uf Ihe Swiss of inter-hank exchange rales, 
mg in iho West German foreign-exchange c n.n.ve b 1 1 o n Tbc lowering of the limit had 
■'■•.ileal a nf l Plastics company. . have | nw c red from SivFr mOflO 5 ct : n " u ' n ' iun . e< { al Uie 
jp AG. writes Paul Lendvai c. vFr inn non ihp raih.il Swss bankcrs fiay as a possible 

. Vienna. Scm peril acquired 10 , r ,, way | 0 help smaller export 

97t a minaritv interest and convention lima, file reduction basin esse?, at a time of monetary 
took over SS per cent of ' * n 1,1 f nretgn-cnrrency unrest. 

5m capital. However. Haepp transactions involved in export : The cut to SwFr 100,000 dues 
‘iriMt-t t^F dm snn nnn Itk’i vnar. uea.s. 


has- paid no dividend for a 
n umiber of years, but Sig. Grand) 
expressed hopes ihat the firm 
could soon be brought buck into 
profit, afier an effective loss last 
year of around Lire 70bn iSS5m). 

Aside from the property and; 
construction sector. Bustuqi is \ 
interested in expanding its activi-i 
ties in the electrical sector, and I 
il is about to finalise the take- 1 
over of a small subsidiary of the j 
Montedison group, Magrini ! 
Galileo, which produces electrical * 
goods. Later, Bastogi may be in j 


s believes thp 
should 
permit 
the mean- 
ill cun 
ring »he 
only few 
necessary 
owing to 

Exchange or that W me food cum- the large-scale spending of the 

be sold singly, past. “Not only for Winefood. 

ants tn improve but lor practically all our 

the group to be Italian participation's, "c have 

much had been invested too j Mart the bank is thinning able to get a better price in the reached a point of cautious 

. soon, leading to uver-pruductiun down on the non-v.me side of end. optimism.' - said Dr. von der 

{in the important win* sector Winefood operations — two farms Improvement* are already on Crone in one of the most positive 
'with a corresponding effect on have bc*-n sold, as \*ell as ihe way. Losses will probably statements yet by Credit Suisse 

[prices: the headquarter's opera- the firms Saluntificiu Milano be incurred hy Winefood this on its Chiassn stepchildren. 


La Lainiere to float 
convertible bond 


BY DAVID WHITE 


PARIS. Oct. 12. 


. and has not paid a dividend porter* will now be able lo Hene- these cases 
A 1975 fit from the narrower margins. SwFr 250.000. 


. BOND St 


a position to acquire one of 

lo-ses of DM 500.000 last year deais. • jnoi nffeei financial rramaeions J Italy's leading clectrn-mechanical 

■ a seiback uf DM 2.5 m in This means tint .mure -ex- or import business. The limit ini companies. Franco Tosi. in con- 1 

cases remains at i pwtion with a forthcoming rights | 

! issue which Bastogi is planning, j THE L1ST of French companies stake up to about 70 per cent 

seeking new capital has been Conversion uf the remaining 
added to by the La Lainiere de shares would brina its holdlnc 
Roubaix textile croup, which is hack down to around the current 

August 1978 \ I . j this month floating a FFr Sim level or o9 per cent. 

tSlLSmi convertible loan. The company said it expected 

La Lainiere is the holding - a verv significant recovery - 
company for France's biggest un S year and that this trend 
woollen textile concern, which would be confirmed in 1979. 


This announcement appoars as a matter ol record only 


Potasas de Navarra, $. A. 

Spain 

US $9,000,000 

Medium Term Loan 

Guaranteed by 

institute Nacional de Industria 
(I.N.I.) 

Managed by 

Morgan Grenfell (Switzerland) SA 

Provided by 

Banque Beige pour I’Etranger S.A. 
Canadian Imperial Bank of Commerce 
Morgan Grenfell (Switzerland) SA 
Banco Arabe Espanol S.A. 

Bank of Scotland 

Trade Development Bank/ London Branch 

Agent Bank 

Morgan Grenfell & Co. Limited 


Sodra losses 
increase 

By William Dultforce 

STOCKHOLM. Oct. Vi. . — - r . - , . ... 

SODRA. rhe southern Swedish [ suffered a consolidated loss oF when restructuring would begin 

forest owners company, made a ' FFr 97m last year and t* in the t0 show its full benefits, 

joss of SKr 240m fS54.5mi dur- j throes of restructuring. The loan ~ thl fD i. ecas1 

tng the first seven months of > is destined to financing re- 3t ] ast year's level of FFr 2226b n 

per 
half of 
About 

expects to cut its losses ro j blamed for last year’s deficit. wei5°made abroad* 1 >ears * SalCS 
SKr 70m in the last five months i The S per cent loan is suh- ne r [ e ma i fle aDroaa ; 

to give a final pre-tax deficit for ! scribahle on the basis of one Operating . results at Subli- 

19<^ of around SKr 310m against 1 bond for eight shares held, and static, which invested heaillv in 
SKr 386m last year. | rhe bonds can be exchanged for increasing production capacity 

five new shares apiece a S from f , or P r l n ‘ ed „ Paper only io see 
July next year. demand fall sharply Iasi year. 

The Proiivost family, which might be out uf the red nexl 

year, the company said. This 
year's outlook was that il would 

worth of the total. These bonds ««*«“ in J a,:etl " in ! 

for bleached sulphate pulp dur- fare to be converted into shares heavy exceptional charges and 
ins the periud was S320 a tonne i nexi year, bringing the family's 
compared with sS400 a tonne dutO 
mg the first half of 1977. Sodra's 



Sales during the first seven 
months increased by 5 p*r cent 
la SKr I.57bn (S35timi. Pulp 


. Pulp . 

deliveries in fact increased bv f controls the group, is in sub- 
26 per cent during the first half 1 scribe to a maximum of FFr 30m 
of Ihe year but the market price 


loss on its pulp operations thus 
increased by SKr 60m. 

Demand for pulp is now 
strengthening at the same time 
as the marker price for bleached 
sulphate pulp was raised in July 
to J340 a tonne and is expected 
tn maintain a level of S3S0 a 
tonne during the last quarter. A 


French steel share 
prices decline 

THERE WERE sharp falls among 
steel company share prices on 
the Paris bourse yesterday with 


depreciation. 

The other lovHiiakJng sub- 
sidiary Prmivo«t-Masurel. which 
makes fibres, yarn and hoslerv. 
was expected lo break even in its 
operating results in the second 
half of this tear and to make 
a profit in 1979. 


INTRODUCTION 7 
of the Shares ot common stock of 


®TDK 

TDK ELECTRONICS CO., LTD. 


TO OFFICIAL I RAPING ON TS If. 
BP.l'5SEL> AND AM WEFT STOCK L\UIANulS 

cnCvu-Wi 1-C 397S 


arranged through 

Nomura Securities Co. Ltd. 


Banque Bruxelles Lambert 


Ci’pur- the listing prf>*.p^< t«:< v.ilh p.irlic;il«ir? relating 
!■» iht- v.rtmpjnv. ,ir.- jv.ni.irlr ji ihe and Kjnth<"-. 

Ol Cjnque Btu-vellv'- i.jnibvrt .1- well j'- ji Nomura Lurcpc N’.V. 
SarphaiiM .'3-35. Antvurd.nri. 


negative factor is the weakening i Donuin Nortl-esl-Longwy drop 
of the dollar bur Sodra neverthe- j ping front FFr 42 to FFr 29-0 
operate iLx pulp I and Chiers-Cbatillon sliding by 
capacity for the > FFr 17 lo FFr 25.70. writes our 
rest of the- year and to cui its : financial s-iaiT. 
losses substantially. ! Yesterday «'i* the first day of 

Sodra's problems have been ' dealing following the suspension 
compounded by its commitment i on September 21 in the wake of 
tn a SKr 2bn investment In a:lhc government's rescue plant, 
new pulp and paper plant at j fur the steel industry. Dealers 
Mnensleraas. Investments during ■ were vusgestina that the price 
the first half totalled SKr 235m. I setbacks stemmed from fears 
or which SKr 212m wont to the among private shareholders that 
Mncnsteruas project. ■ under the government initiative. 

The inlerint report notes that j companies would receive in 
Ihe man-:eement is undertaking ; sufficient compensation for th» 
an extensive re-organisation ‘industry's deb is. 


Robeco 

Favourable climate increases value 


; • ROBECO shnresTose by o% to 
Ms. 177 between 1st May and 
31st August. 

ft Distinct change on Wail St,. led 
to purchases on balance of 
FIs. 70 million in the United 
States. ’ 

American portfolio fully covered 
against currency fall by forward 
dollar transactions. 

- Net sellers in Japan but, dueto 
strength of tie Yen, ROBECO s 


interest in real terms remained 
the same. 

& British. French. Australian and 
Hong Kong holdings benefited 
from the very favourable market 
conditions. 

-£3£% stock distribution declared 
payable in October. Final cash 
dividend will be declared in 
April 2979. Total divide nd for 
3978. will be at least 
on the same level as 
before. 



Copies of the Interim Report « at SMAupusl. 1978 am! an explenetonr beoUet 
- ' are available from the C ompany . ■ 


DEPT. 7031, P-0. BOX 973 ROTTERDAM HOLLAND 


FOOD PRICE MOVEMENTS 



Uct <i her -> 

Wci-k ago 

.Month a^u 


X 

I 

r 

BACON 

Danish A.l per tun 

1. m 

l-l 1 » 

1.113 

Brirish A.l per ion 

LOW 

l.Oh.i 

1.085 

1 Irish Special per toil 

1.01(1 

l.mu 

aim 

Ulster A. I per looi 

J. flail 

1.050 

1JKI0 

RUTTER 

\Z per tin kg 

12.. 'ill 12.71* 

12 5!! 12.72 

12.50. 12.72 

English per cwl7 

77. UJ 7S.02 

73.3m 77 ill 

75.53 

Danish salted pur cwl«... 

7K«K SS.22 

7S.US SI. 72 

I8.SS.S1 72 

OIEESE* 

\Z per lanrn* 

1.TC1.3U 

J.1GI 5(1 

J.16I-.U . 

English Cheddar trade noc 

tonne 


1.273 

U75 

EGGS" 

Home-produce: 

Si/.p -1 

2.7n s.on 

n.irfi 

2-dS 3.10 

Size u 

3^0 -3.ua 

3.70 4 in 

3.05 '4.2li 


October 3 

Week .1-0 

Month ago 


P 

p 

• P 

BEEF 

Sent fish killed sides ex* 
KKCF 

33.0 ■-'i7 0 

33.0 37.0 

54.0, 3S.G 

Eire forMiiariers 

35.U'3S.0 

36.0. an ft 

— 

LAMB 

English 

.i2.n'5S.ft 

— 

54.0. 5ft. D 

NZ PLs PMu 

PORK tali weights) 

56.0-57.0 

— 

5-L5/55.0 

3(5.0-46.0 

27.0-46 ft 

36.0.46.0 

POULTRY— BroiJer chicken*' 

36.U/3S.5 

36.U-33.lf 

36.0.39.0 

■» London Egg Exchange 

price per 

120 eggs. 

: Delivered. 


CUVE INVESTMENTS LIMITED 

1 Royal Exchange Avp., London EC3V 3LXL Te!.: Oi-283 1101. 
Index Guide as at October 10. 1976 (Base 106 at 14.L77) 

Clive Fixed Interest Capital 129.65 

Clive Fixed Interest Income 114.30 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhiil. London ECiJV 3PB. Tel: Oi-ffa 6314 - - 
Ijpdex Guide as at October 12. 1978 

, Capital Fixed interest Portfolio inO.Qf) 

5. Income Fixed Interest Portfolio ICO.Ofl 


Notice of Redemption 

Transocean Gulf Oil Company 

7 c / c Guaranteed Debentures Due 1980 

NOTICE IS HEREBY GIVEN that, pursuant to the pmvi.-ion:. oi the Indi-nture date-J as of 
November 1. undi-r vvhiih the -it'ovi*-dv>ijraalcit Delieniurvi are i.-»m-iL arTS.C'OO. a^ategate 

prinripal amount oi .-u-:h Del.enture> «.i Ihe luliowinc lii-tinitive nomtier- ha?, been Si-lciLcil lor 
xedemptiun un November 15. Iv7i i herein -oniciiiites reicrrwi to m the redumpliun date;: 


SI .mill curi-u.x UFBI..XT1 UFS Bt VRIMi '(UK I'KPMX I.LTFf'R >t 


t ar.tr 4H5B csuh 

ha 257a 4»71 hH'.*-. 
Tim 25U3 ts*7s ninn 
no 2ii.iT ^!^a3 Tine 
I TO L'SHB 
7H-> 2bfri 
23 IS 2C72 
S3 7 232!i 

4 m a&m 

■*wl 2U12 
Sit 2PU!l 
SMS 2KI! 


h9.1t 119SK K'M5 15!I!IK lHSS'l 21->33 2-tSTll L'6TIU» »7S7 3U22I 32K2 S527S ST2TR 

huas 11449 iscsa iwxni uewn 22170 243441 21,793 an'7i ansav seiasp .iszau :i727'* 

w<2 1152* ISniM 1(1144 IKlUti 22IMI 24aS» 2S7**iS 2M792 :W234 332R1 -1S225 372H0 



3SH25 395C5 
38816 39026 
79 30907 3H633 
36976 39868 
"’Oil 39762 
023 311918 
028 39933 
081 399HU 
39992 


The Debenture; fpodfed above arc lo be redet-med for the Sinking Fund fa 1 at the WCG- 
Corporatc Bond Agency Services Department of Citibank, N.A. (formerly First National 
City Bank,'). Trustee under ihe^ Indenture! re lerred to above.' No- 111 Wall Street, in tbe 
Borough of Manhattan, the City of New York, or ibf subject !u any laws f-r regulations 
applicable thereto, at the main offices of Citibank. N-V in Aniriedlam, I-rjnkfurt.- Main, London 
i Citibank Houm”. Milan. Paris, and Citibank IBdp'umj S.A. in Brir^ck and Citibank. iLuxcm- 
bourc) S.A.. 111 Luxembourg. Payment* aL the office referred to in lb»‘ above will be made by a 
Vnited Sta;«>s dollar « heds drawn on a bank in New York C'iiv or by a transfer to a L’nitcd Stales 
dollar account maintained by ihe payee with a bank in New York Cilv, on November 15, l^TS, 
the date on which they shall become due and payable, al the redemption price of 100 percent of ihe 
principal amount thereof, toother with accrued interest irom November 1, 197S 10 the dale fixed 
fur redemption. On and alter the redemption date, interest on ihe said Debentures will cease to 
aicruc. L'jion prcsentaiion and surrender of such Debentures with the November i, 1079 coupon 
and all coupons appertaining thereto maturing thereafter, paj’ment ol principal plus accrued interest: 
aggregating 2si,00J-7 - for each ¥1,000 Debenture will be made out of funds lo be deposited wiUl 
the Trustee. 

The amount oi any missing unmalured coupons wiH be deducted from the sum due for payment. 

Transocean Gulf Oil Company 
. By: CITIBANK, N.A. 


October 13, 197S. 


as Trustee 




m 


4 


a 


M 






M 

P 
te 
: w 

Si 

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li 

ai 

A 

D 

' Fi 
D 
M 

' CB 

U 

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ru 

m 

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fu 

aii 


an 

*8 

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pr 

Dc 

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wfc 

in 

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CO! 

th< 

“5 


Pr 

Be 

La 

trc 

mi 

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shi 

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Da 
vis 
Me 
me 
“s* 
■ fro 
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n 

the 

the 

obi 

we. 

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aft 


wo 

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pos 

tre 

ope 

son 

to. 

y 

Syr 
aec 
at i 
the 
in i 

P 
to 
of 1 
had 
con. 
leac 
mer 
•situ 

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■*S 

cun 
betv 
;.Chr 
• T1 
hen 
min 
to tl 

er 

-outs 
Cl 
emu 
by i& 
;»trai 
ato : 
vital 
line 
Jour 


SC 


■iw 

futu 
lead 
men 
If tl 
■ugg 

a tii 
natii 
Afrit 
a mi 
reali 
It 
patr. 
Both 
in b 
of P 

c&tic 

Optir 
Mini 
pare 
sane 
path 
Tl 
atr« 
bein 
■tati 
that 
a r 
Sout 
surp 
Of t! 
has 


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men 


econ 

corn 

sion. 


year 
duct 
virtv 
Man 
Hon 
Fin a 
eaut 


aeon 
be t 


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34 



1NTL. FINANCIAL AND COMPANY NEWS. 


Wormald complains of business 
lost through tax uncertainty 


BY JAMES FORTH 


SYDNEY. Oct. 12. 


Power plant 
spending 
aids Japan’s 
investment 


TOKYO. Oct. Vi. 
HEAVY INVESTMENTS by 
the eiectrie power Industry 
are expected to provide the 
biggest *’ contribution to 


UNCERTAINTY ovpr the Aus- was vague and ambiguous. Mr. had announced it would not 

tralian government's stated in- Utz said But. the details that proceed without further very 

ipntian to tax foreign earnings were made aval la ole would have careful Thought, but the delay 

has prevented lVnnnald Inter- the effect of severely restricting Since June in receiving a firm _ 

national from negotiating some Australian companies’ operating decision had affected the com-, spending by Japanese 

major international business, the uverseas. s progress and Wormald j businesses in the year ending 

chairman. Mr. J._W. Utz. claimed Wormald. which operates in the JjJ- b mifor UI imernarionaf 0 huS I March 3 L according »o 3 
at the company a annual meet- fi pro iertion and security 9 ? a result The buahSS survey released today by the 
.□g in Sydney today. _ ^ vi^wwrty opposed SSJ** r^J’SjSS'S 


Mr. Utz said that" in June the the^ Trtr^ciio^ oT'tfie "system related t0 a niajor contract in 


v ^ ■■■ :r - , me LmruuuLiiufl ui tuc svatem iL rt u'jji- n nfi , 

government announced that sub- which would not allow the com- 1116 


IS ,B .iS l £SS o'/ 1 U (! v c rJe ■!$ 3 ui- ^ «si ba . s bo u “ tbal 

™.e through .he .nujjdiiclioi , of ““V f^ldlSo »lf«“ LporU ^ r f £ t the^eUre ol 

Foreign lax credit system. fpnm Alisfra!{ * with th* .-nn. c^rentyear.. but the measure of 


; hi r SSJSSVSSjSSl 5&F5 fi™ * o“ 

,he Australian company .ax ra.c .WS«, 

provided gro wn Md dddmg t o.th t .Irw fr Sire than ~ P 


to l!’ reisn earnln « s - crQW'in biiu auumg w me mreauy virtro Than >50 nor . Dn . n f 

o n I V C | i m Med U d e faiu" o f the' pro- &l?h unemployment, he added. Wonnald’s 1977-78 profits came 
posed system and because of Lhis Mr. lu said the government from earnings from abroad. 


Peko denies bid for BH South 


SYDNEY, Oct. 12. 

MR. DON STEWART, the chief Peko'* part and added th3t Peko put together involving the sale 
executive of the Australian is likely to issue a similar state- of BH Souths 16.7 per cent stake 
mining company Peko-Wallsend ment to the slock exchanges in the unlisted aluminium pro- 
has denied any* knowledge of a today. d'ucer. Alcoa of Australia, to a 

proposed Peko hid for BH South. The shares of BH South, life insurance office plus 
The national daiiy news- which has mining interests asso- alleged Peko bid. 
paper. The Australian reported dated with copper and phos- „ , ho nneaihi., 

mat Peko planned tn bid fur BH phate. rose S cents to AS1 48 • J fl ; 1 

Snuth. but Mr. Stewart revealed in early trading on the Sydney i 1 /® investment in Alcoa makes 

that he spoke to the chairman Stock Exchange. sense. 

nf BH South who denied any The newspaper report said a BH Snuth is selling off more 
knowledge of any move on major financial package is being than A$50in in investments. 


Rothmans Malaysia expects growth 


BY OUR OWN CORRESPONDENT 


KUALA LUMPUR, Oct. 12. 


ROTHMANS OF PALL MALL should be viewed within the con- Profits were also affected by 
(MALAYSIA) told shareholders text of the large capital reinvest- the government restrictions on 
that although pre-tax profits for ment to .modernise plant and cigarette advertising, resulting in 
the last financial year were 10 machinery in its Malaysian and a im ringgit loss for the company 

per. cent lower, the company was Singapore factories. in completed, but unusable films. I 5 2 3P® cte d 

in a strong financial position and Working capital has improved The final dividend is being j 

expected solid growth in the by 17 per cent to 36m ringgits, maintained at 20 per cent, and 

>ears ahead. reflecting an increased invest- a one-fbr-foor scrip issue has 

In its anual report the company ment of nearly Sm ringgits in -been declared to raise paid-up 
pointed nut that the fall in inventories, most of these being capital to 24m ringgits, 
profits to 11.43m ringgits (Sa.lmi in tobacco .stocks. . , 


Shouldn’t you be doing 
something about your 
dollars? Come to a 
forum at 
Merrill Lynch 



You don’t have to stand by and watch your dollars 
going up and down in value. Especially down. T here 
are positive things you can do about it. And Merrill 
Lynch can shew you how. 

To hedge 3gainst fluctuating exchange rates. Merrill 
Lynch can help you to deal in interest-rate futures or 
exchange rate iurures. 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 starcr 
Simply come and listen to the professionals at the next 
Merrill Lynch forum on Wednesday, iSch October. 

It’s being held at o p.m. at the Time Life Building, 

153 New Bond Street. London Wl. 

AN serious private investors are 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 1)1-4° 3 7243. 



■ nonni 


immmmmmmmmmmwf 

MerriOLynch — ■ 

Pierce Fenner & Smith Ltd. 

/.IcV 


■/•.'■•'ll./ m -tYI/rf/iir. 


Merrill Lvndi Pwr«.c. Fenner & Smith Ltd.. I5.» New- Bond Ntreer, 
London frlY oi *A. 

Plea.-*: r«»en c pljce. % • for me ai your Dollar Forum on 


ISih October I'iTS. 

I do L 1 do not Z- have L'.S. dollar holdings at preser.r . 
Name 


Address , 


-Xurioruliry 


Telephone: Office. 


J-Iornc 


hn»«.Hn«nn.Hj 


Plantation 
profits show 


recovery 

By. Wong Sulong 

KUALA LUMPUR, OcL 12. 
MALAYSIAN plantation com- 
panies. whose first half year’s 
production had profits were 
severely reduced by the effects 
of drought, have shown a rapid 
recovery during flic third 
quarter. 

Production figures released by 
the companies listed on the Kuala 
Lumpur Stock Exchange showed 
that for some of them, output 
during the months of July to 
September even exceeded pro- 
duction for the first six months j 
of the year. 

Palin oil estates, which were 
more severely hit by the drought 
than rubber plantations, showed 
r correspondingly more impres- 
sive recovery. 

A survey of five major planta- 
tion companies — Consolidated 
Plantations. Highlands and Low- 
lands. Dunlop Estates Berhad. 
Kempas, and United Plantations 
—showed that their combined 
rubber and palm oil production 
for the third quarter totalled 66 
per cent and S7 per cent respec- 
tively of their combined output 
for the first. 

Between July and Seplember. 
the five companies accounted for 
19.86m kilograms of rubber and 
77.700 tonnes of palm oil. Their 
combined ruhber and palm oil 
production fn'r the first six 
months was 30.2m ki Ingrams and 
S9.300 tonnes respectively. 1 

Most plantation companies ex- 
pert the recovery to continue. ; 
and indications are ihat the pro- 
duction. figures for the last 
quarter nf the year could be even 
better' than the third quarter. 

The Danish-owned oil palm 
ernup. United Plantation*, whose 
interim profits fell by 54 per 
wnt. has reported that its I 
average monthly production dur j 
ing the third quarter was 4,675 
tonnes, compared with 


Industrial Bank of Japan 
The rise of 15.1 per cent In 
capital spending is in line with 
forecasts last month by the 
Japan Development Bank- The 
Industrial Bank said its 1,652 
major corporate customers are 
planning to invest a total of 
Y9.62 trillion lU.S.SSl.Thol in 
new plants and equipment, up 
from Y8.848 trillion invested 
in the year ended last March. 

A bank official said, however, 
(hat the Increase In corporate 
spending will not bring with 
H an. increased demand for 
hank loans, a demand that has 
been lagging for the past year. 

The bank official <a>d nation- 
wide corporate borrowing will 
be down from the previous 
year because many companies 
will be using their own funds 
with which to finance capital 
expenditures. 

Earlier surveys by other 
the ; banks showed similar capital 
spending increases for the year 
ending next March. The lung- 
term Credit Bank of Japan had 
forecast a 15.S per lent 
increase. 

According to flic Industrial 
Bank’s survey, capital spend- 
ing planned by the manu- 
facturing sector is expected 
to be T2.9S1 trillion down 
three per cent from the year 
before and the fourth 
straight annual decline. 
Spending: by the power 
industry, however, is put at 
>*3.13 trillion, up 33.7 per 
cent from last year. 

Spending by the non- 
manufacturing sector is 
to total Y&35L 
trillion, .a 25.8 per cent 
Increase in' the year. Most of 
the manufacturers that are 
planning spending arc 
involved In the production of 
consumer goods. Spending by 
car makers is seen as rising 
9.7 per cent aod bv electric 
appliance manufacturers by 
8.5 per cenL 

On the other hand, the 
chemical industry is planning 
a 15.7 per cent drop in spend- 
ing and steel a 12 per rent 
drop. Shipbuilding spending 
is expected to take 8.8 per 
cent. 

AP-DJ 


OKI setback 
forces staff cuts 


TOKYO. Oct. 12. 
THE OKI Electric Industry 
Company, the telecommunica- 
tion and electronics manufac- 
turer, is asking 1.500 
employees to seek voiuulary 
reliremeni by the end of this 
month. 

The company notified its 
12,600-member labour union 
that the move is part of a 
rationalisation programme that 
also calls for the closure of 
one of its tnc plants. 

Because of sluggish •sales 
and declining export earnings 
tduc primarily to the rise of 
the Yen). OKI posted a V458m 
<UJ3.S2.45nu operating loss in 
March 31. However, because of 
various property sales, the 
company showed a net profit 
of Y7t4m tU.SJS3.83m) for the 
period. 

AP-DJ 


Tokai extends 
in Singapore 


monthly average of 2.577 tonnes 
during the first half. . 

Dunlop Estates whose first half 
profits fell by 43 per cent, also 
renorted a significant recovery. ! 

Two ulantatinn subsidiaries of I 
Sime Darby Holdings — Consoli-i 
dated Plantations and Kempas — I 
also experienced significant ( 
increases in output. i 


TOKYO. Oct. 12. 
THE TOKAI BANK has indi- 
cated that its Singapore repre- 
sentative office will become a 
branch effective from December 
1. 

In addition to ordinary bank- 
ing services, the new branch 
will raise both short and long- 
term foreign currency Hinds 
in the Singapore Asia dollar 
market, the hank said. 

Thu Singapore branch will 
the j -bring to five the number of 


Tokai's foreign branches. The 
bank also has three subsidiaries 
and 15 representative offices 
abroad. AP-DJ 


ITO improve 
on food sales 


CHANGE OF ADDRESS 


© 


CREDIT SUISSE 


As from Monday. 1 6lh October 1978 
the new location of the 
London Branch of Credit Suisse 
wifi be 


24, BISHOPSGATE, LONDON, EC2N 4BQ 


Telephone: 01-623 3488 Forex Dealers: 01-233 8291 
Telex: London 887322 Forex Dealers: 383684 887586 


TOKYO. OcL 12. 
THE JAPANESE food group. 
ITO Ham Provisions reported 
half-year net profit of Y£S4bn 
<USS13.Gui) compared with 
Y2j£5bn (L'S5l2m) foe the 
same' period in 19X7. 

Sales stood at Y 9 S- 33 bn which 
were up slightly from last 
year's first half total of 
Y9o.57bn. 

The company ro recast its net 
profit for the Tull year ending 
February 28 at Y5bn. com- 
pared with YI.62bn in the pre- 
vious year. Sales for the year 
were forecast ai Y2l5bn. com- 
pared with Y199J32bn for 1977. 
AP-DJ. 


Two Singapore 
takeovers 


SINGAPORE Paper Products 
announced that it was ex- 
changing 1.9m of Its shares and 
SS9.290 IU.SJMJ22) in cash for 
612,000 .Shares in Bored Piling 
(PTE) Lid. to acquire 51 per 
cent stake in that company. 

Singapore Paper Is ulso ex- 
changing 192.000 or Its shares 
and S$2.625 (U.5.SM93) in 
cash for 36.72(1 shares in Soil 
Anri Foundation (PTE) Lid. 
to acquire 31 per cent interest 
In that company. 

Meanwhile Meniakab Rubber 
(Malay a) Berhad has announ- 
ced an interim dividend or ij 
P*r cent less tax. 

AP-DJ 


Currency, Money and Gold Markets 


Dollar recovers 
in late trading 


THE POUND SPOT. 


The U.S. dollar fell sharply in the U S. 
nervous early trading in the port the doUarwa^ also smgect^ 
foreign exchange market yesrer- as weU as buying of dolters 
da v. but picked up in the after- central banks in Europe . 


1 tftuifc} 

OcL. 1 1 .rmMfcl 


Das'* . 
Spread 


:'CluM 


S S ^ANKn-JBT-Thc Bunmp... - 

bought S-L31ora at yesterday’s 
firing when the dollar fell to a. 


lvs.-s 

Gunn dinn 5 

Guilder 
.Belgium F 
Danish tt ■ 

D-Mark 
Port. Kw. 

lSS 1 " **“* »ls; i.82««8i{t.B84M.6S6i 

XrwfiQa K- , 1 f 8.87-9.36 . ■ 

French ¥r. ‘ Bis : S-W+4-6S* I ' S-<t04^S 
9ndeli Kr) S'aj 8.6ZS.B7i j 8.ES(-fl.64i 
Yen < Sis' S8W76 - 57M72 

AuatrleScU « i 2 ' 27.00^7 J58 J_Z7.®-X7.I& 
1 j 3JW.12 ■ 9.08MJ)7{ 


Fo«vwuti 








isssssss - 


B -L9B&-LS89S^JSS0-tJ9« 

8> S lZ.647B^5ria 
512-4 J»ls-4J)7Ht I 4JSi-4J)4i 

6 t 6B.6&-69.16- t M.BO-a.78 
B. ; 10J5-1B.4T f-MJU0JZ 
3 3.72-3.78 L72y3J3i 

IB ; Ba.00-80.00 1 38.4048^0 ... 

8 148.40- 143.86 [t4tLBa.140.fi5 } 25-128 .% rfts -*AU ^ m-ao 


S5«c- ffiB — aSe l e^Sc'rtr’ T 
4*4 ^oredia.^-fijee acraL^i •+ 


! 2?‘S.K d 3!.." • 


3-6 Um'Ufi' w 

3-5oredia 

a* 4 -ii, c.p6. - a .ia 


2JHL&80 yjeo . .6b 


pmj 

2Je-2J« c.^b : lli-’u. 




fcKifBtj. 


major currencies. RriT*“when the dollar feD to" a! BeJaten me tf for conrentbla traocs. j sn iNrwan. 

sterling opened at S1.5»900-1.95U0. firing low of DM LS5S2- 1 FTnancul franc eUBHZM. • - I ls-o~mr. vms9W om./;. * 


and quickly jumped to S2.0000- LS&62- compared . with, 

2.0010 for a very brief period, the 15785-1^15 on Wednesday.) 
highest level touched sjnc )? Tradin" was very nervour. aod i 


THE DOLLAR: SPOT 


August 15. By midday the pound th» dolTar w as quoted at DM LS603 
was back at 81.9950-1.95)60 how- V(irv pariv Jn the morning. At 


. . -i.srtou nw»- v p?r K- ... ... 

ever, and declined io quiet after- ^ previous fixing the Bundes- 
noon trading t« finish at bought So.Tm in an attempt 
Sl.9S4o-l.9S55. a fall of 73 points to prevent the dollar failmc below 
trade- , oc 


on the day. sierunK a «■» n\i i ac 
s calculated by U :L . 


Qcubar 12 


Do's 

spread 


dose 


Sterling's 

weighted *nd^ as calculaieu oy ^ Gernjan authorities also 
the Bank of England, fell te R2.4 *“® i->qrn and NKr 2.4m 

from 62.5. after standing at 62.5 s '^2 to prevS 

at noon and 62.4 in early trading, curr eneies .falling outride 

Other currencies showed the permitted limits of the .Euro- 
similar movements against the pean currency snake. -The Danish 
dollar, with the D-mark touching krone was fixed ar its floor of 
a record high of DM I.SnRO pyi 36.03 per DKr 100. and- the j 
against ihe L : .S. unit, before Xorwegian krone at its low point • 
closing at DM 1.87371. compared 0 f DM 37.70 per NKr 100. At the 1 
with DM 1.8700 previously. The same time rhe Belgian franc was 
Swiss franc also rose sharply to fixed at its lower intervention 
Stt'Fr 1.3225. but then fell back to po int of DM 6.343 per BFr : 100, 
close at SwFr 1.3420 against the while the Dutch guilder was 
dollar, compared with SwFr 1.5410 slightly above its floor at DM 92.08 
nn Wednesday. per 100 guilder, compared with an 

Nc» s that Chase Manhattan '' vel ™ H 9 .’^ 

has raised its prime rate helped ZLTUCH— -The foliar 

the dollar in ihe afternoon, against -the • J 11 

coupled with increased imerren- nervous cany trading. Talung_ to 
tion by the Swiss authorities afler SwFr I-a-Spi 
ncj, from an early level or SwFr L53S0. 

Intervention by the Swiss National 
The dollars trade-weighted Bank was not heavy during the 
depreciation, as calculated by morning, but increased after 
Morgan Guaranty of New York, juach. helping the dollar to 
narrowed to 10 per cent from 10 J. improve in late trading. 

cent. TOKYO— The dollar continued 


Canad'n S* 
Guilder 
BelRlas Fr 
Danish Kr 
D-Mark 
Port. Esc 
Lira 

Nrwso. Kr 
6Yaich Kr 
Swedish Kr 
Yen 


w m n 

2^404.8335 

2Ufc2VJ8' 

5JLISO&3M5 

ueas-uins . 
44LZ54SJB 

8L2.7S415.8a 

4.93554.9H0 

«.2«M.2M5 

43U&JL3325 

Z85JS-UKL4B 


90,2844 31 
-243WU39 


FO RWARD AGAi ifegj 


OmawcAH 


SJ«OSLl«5 
U645-UPB5 
M.904&SS 
81U8-fl&88 ' 
0.W204.W48 
<L2StSjL2U0 
4JJ1543BS 
ism-uua 

Annua Seta 13A-XXS} 

Swiss Fr - X JZ7OU40B. U3U-L540Q 

• U.S. cents oer Canadian 


par^jnepm ■ 044 
WMjCcdtr LOLfeZ 

144UC die -XLSL . 
i.IMJ5oni da — 4.2A V8tt? ‘Bnk gi 

3.4T-0.92pFom •S.48'ittSSiS 
-U'/UB 

~ «; 


CURRENCY RATES 


October 11 


Special European 
Drastm Unh-of 
RUM* A croon* 


StoeflnB :. w - MRjB 0 Alarm 

•J S. dollar ... 12B1 13*383 

Canydjan dollar X 33553 . 13 898 fc 

. . . Austrian schtlluiE 173786 18J3I3 

declined ; BcOsian rranc 38JKX2 . 3U37S : 



354S0c<fis 

4S05J8Klr«lIs -fi.43 
ZJOJ.7Borc dis —5.92 
BJAcdWUflcpm — 

B^8ore pmpar 8J7" 

UJS-I30y poi '838 IIUjn 
33023B0ropm 23b ^ 

U2-XX7C pm 831 


Danish hrooe - b.7bSH 

Deutsche Mart* U3SK 

Guilder - 234X91 

French Trane 534S48 

Lira 1KS7.82 

Yen 242JM 

Xoru-eslan krone ... 6365*4 

Peseta ... 9L4W0 

Swedish krona S334ak 


7.01855 

232768 

2.74295 

5.73037 

10963b 


94.9376 

U31D4 


MS. didlar tttSl'L— - 

Canadian dollar 78.75 1 ' 

Austrian .BeUUIns ~. . 14SJB 

.Belgian franc itvo . y 

Danish krone 'ooza .-'V 

Dadsclw Mark _ X4733 - V 

I Swiss franc 28931 

Gidlder u-TUP"-' 

-Frencft franc TliT' ‘..J? 

Ilrffa 35. a r ,-';a«3 

i Yen 

Based on tradi^tvehtlaed duoDw.fitf 
i Washiunan agmawnr- tScemte; 
iBank of Brndand . lndasMlirn^-7 



members of the European me 5 jen. com pa re a v nut 
currency snake led to central bank ° n Wednesday, bur subtly firmer 
intervention to prevent the .* bant he low point of YIStK) set 
D-mark rising abore its higheyr 0f i Thursday ’ xnonitag. The dollar 
permitted level. opened at \ 1S5J30, huT lost ground 

. following the statement from Mr : 

NEW YORK — The dollar gained James SchJestnger. - U.SL ■ energy 
ground against all major cur- secretary, thar the goal of reduc- 
rencies in moderate trading, irtg oil imports to 6m barrels a 
helped by new* that Chase day by 19S5 cannot be reached. 
Manhattan Bank had raided its Foreign banks sold doUaxs' heavily 
prime rate to Hi per cent from daring the morning, hut the 
flj per cenL This move was no currency turned round later when 
real surprise to the market, how- it became clear it would not fall 
ever, and may have been below Y18-L50. -Spot - trading 
anticipated, since the dollar was totalled 9543m. and combined 
already moving up before the rise forward and swap transactions 
was announced. Intervention by were S71Sm. .. 


? — — r — -- - 

OTHER MARKETS : 

' 

Drt. 12 

£ 

S -'• }/' ' 

Argentina 

Australia Xhjtiar.... 
Vlahuiil Afsrska.... 
Bra.ul Croieim 

Greece Droekina.... 
Him^ K 009 ftollar. 

Iran Rial 

Kmralt DlnartlCDi. 
liUtemhonr; Frau.; 
Mnta.vri. Dollar....: 
>'ew-/iealatK( Dollar 
daudi AfmIhh Ifiyal 
Sine* pore Dollar^.. 
fiooth Airicaa Band 

1.736- 1.740 
1.7060-1,7110 
740.7.9I 
37^-38.6 
71.149-72^91 
939^9-42 ■ 
137-143 
0-534-0-544 - 
58.60-58.70 
. 4.494.46 
1.8585-1.86 56 
6.56-6.66 
4.34-4.37 
1.7196-1.7457 

874.56^ 76^7. tint ns ■'•4TnA6^ 

0^6744X8585 '|Bel^hiiii'...i_;^;_H 6 S • 
3.9620-33646 'Demmifk . 

18.89-19.39 iFimnce .^:: 3':R3fiS- 

•• 56.84-36.72* j«>enna».^.. t _.J^-iSGrSK 
4.7280-4.7300 ... ./J ' lafiraSs : 

69-02-72.04 Uapan 

0.269041:2748 Kethertairfs J;..^ ' =«WJoSS ! 

29.53-29.56 Ixorway .— . l * 

2.2250231300. iEteUtaraX - : K mSSM 7 

0.93283)^363 |^t)ainTr.»...:;> f 
3^048-3.3052 'Strtoerla ml.. 

2.19Q5-2: 192U iCnjiat isiw^- . -1’ SjsuC* 
0866343.8794 irugosOww 405® 

, Rat* anion tor Argentina la m-e^raral 



EXCHANGE CROSS RATES 







*.. ;„-*. rite 

IV*. 1? 

t'.-Hirn. -Ner:-nj 1.-. IX-.si UeutwheMartr lapaiMae 1'eri 

t-'reiteh Franc* hwiaa Vane 

[Dutch U under 

ItaUan Lint 

1 Canada* Dollar f.Bawas'-ft^ 

Found SUtiilw 
L.. s. Doilai 

1. 1.985 

0.504 1. 

5.720 

1.874 

371.0- 

8.468 

4.c66 

' 3.063 
1.543 

4D5B I 
2.034 ! 

1618. . 
815.0 - 

/2J55 -' i* '* :aft^3 r 
. ; . .U86_. . 

OcuiM-lie IIjitk 
I sinriR94> Yen IjX* 

0.269 0.534 

2.695 5.350 

1. 

10.03 

99.73 
.1000. . 

2.276 
'. 22.82 

0.823 
' 8.855 

1.085 ; 

10.88. ' 

434.9 
. 4361. 

8.635- ' '-1W»^* 

' • 6.346 . -i-j 

rrem-li tram- li> 
'n-l-i- Fran*- 

1.181 2.544 

0.327 0.648 

4.393 

1^15 

' .• 45&1 
121.1 

IO. 

2.765 

i * 3.617 

1. 

4:768 

1J10 

' 1911: 
588.2 

': -.KWE^Xri^aKHM 

Uiitfli Uniiiler 
Irautn |.m I.O'i 1 

1 0.248 0.492 

0.618 1.227 

0.921 

2.299 

91.89. 

: 3*m • 

2.097 

5.234 

, 0.759 

1.893 

i: • i 

2.495 j 

400.7 ' 
1000/' 

OJW'-Vr.- J- 1483:»3 

: i 1.4»;;^V3835^ 

L-iimlutii t*»in> 
l^i'i n Fi-ni I'.V 

0.425 0.843 

1705 3.584 

1.580 

6.343 

157.6- 

632.6 

3.596 

14.44 

usai 

5.222 

1.715 
6.884 , 

687.1 

2758. 

4^i4^.;-^jaoa^ 

EURO-CURRENCY INTEREST RATES* 

-. -■ S - ' 

. 

. . 



.,.>3£S aps 

* 

0.1.11 

1 

Sterling i L'.*>. Dollar 

Cm Ultimo t • 

Dollar ■ Dutch Guilder i !hri«a franc 
1 : 

{ tVenOennau 1 
Mark j 

French Franc 1 

Italian Lira 

*. . ■" . ;;?p,v r 

.! Aatot 

reb'.'it term .. . 
i .la\‘- niiin-v 

Mcmrli 

'liinfe nil-in lu* .. 

M-. ni'inlli- 

One year 

8ic-8=i tUi-9 

lOAfllu tisflia 

1H? ill* • 8ii&i 

12se 13 ' br* 9i s 

li'sioi-j 1 9.} lU'a 

13-1 Jis • 10U . 

tfl4-9«« 

8U-9»i 

U l(-'b IB 

s. 1 .-#:. 

19-21 

19-21 

17!iJ8 

131--14 
.10^-11 1 4 , 
912-10 

Iiar-Ig 
jar-l,. . 

<* • *-.- - 
U% : 

. f . 5 • * ' 

• --j 

3I«-33b 1 

. 5»4-aaB 

■ i'r 3t * 

3.V®»a • 

Aji*K i 

6/0-7l B 
788-76* • 

. 8-8U ; 

9«a-!w* 1 

97*-101 a : 

. lu.i* loa* 

18-24 
. 14-17 
15-16 - 

146,-15*4 

14J S -.15I* ' 
14-15 

T — : 5 

' '8^3-9* '.t-flSlSf.- 

. ' 

; - -l0bURa'TV«B*Bl4E 

The -rolhwine noqunai rar« were quoied for London dollar certificate* of deposit: one month 9.034.13 per cent; three-months 9.604 as oer 
oer ■.-run one jtar 9 <u-8 per curl • fc 

Lons-ierm Eprodollar denoiits: Two rears 9J-W per cent: three years «:-9i aer.rom: four years W-9i per cenr; five years M-W per cent mmi&l tkifijtJfl® 
sbnn i^-rin rales are call for sieriing. L-J>. dollars and Canadian dollars, rwn day call for guilders and Swiss francs- Aslan rates for clonimr rafts ■ tn ■ Sunaiiara r - 


INTERNATIONAL MONEY MARKET 


U.S. prime rates reach 10% 


GOLD 




WeaktH 



Moves towards a double (inure today. This follows in rise late' NationaTBank increased the rates 
prime rate gathered momentum September from 4J per cent to. on --one, two; and three-month 
yesterday when Chase Manhattan 51 per cent and the Belgian Treasury certificates to 7.5 per 
Bank raised its prime rate from authorities decision earlier this - cent;' ~:7a per cent and S per cent ! 

93 per cent tn 10 per cent. With week to iocreabe their Lombard- respectively from 7.23 per rent.; 
upward pressure- continuing on rate. • 7.5' per cenr and 7.73 per cent, 

ij.h interest rates, the only, factor The rise is seen as a further Call money' was slightly easier at 
that seemed- to be uncertain was move to support the Dutch' 4 j 90 per cent compared with 5.00 
Ihp timing of such a move. L.S. guilder, which has been trading percent. 

banks had previously increased 011 or around its floor level PARIS — Mboey market , rates 
their prune rales i« 9; per cent against the West German mark were generally firmer with call 
2 > «, re< h nl ’ V “ lht? end uf wi,hm ,he European snake, and money up from Wednesday s level 
Der ‘ pressure has increased recently -of 6} per cent to 7 per cent and 

With Federal Hinds trading al with the D-mark's strong improve-, one-month rising to T&-7 r e per 
around S!; per cent, the Federal ment against the dollar. cent rrom BW-T.'e per cent. . Three- 

resenc entered the market by Call money remained firm oo a -month was quoted at 7J-7? per 
making tour-day repurchase wide spread or 15-19 percent coni- cent compared with 7J-7J per cenr 
arrangements, although technical pared with 15-20 per cent previ- while the six-month rale stayed at 
considerations still appear to be ously. One-month money cased .7J£-7K percent. One-year money 
a prom.nem feature rausinu the to 17-18'. per cent from 18-20 per rose to -8^-8 i 7 e per cent from S,v 
upward pressure. Although n has cent while the three-month rate • S,% per cent .previously. 

never really been clear, this latest was unchanged at 13-14 per penr FRANKFORT - interhank. 

i° P° ,r V tow » rrfs . ,he Six-month funds were si ightly' -mosey - market rales showed an noon * compared with FFr 

D ill per cenL at 3^-33 per. cent against 3.4-3.51 S 1 ,! 00 fS22a.9j> on 


Gold fell to 5234*?!%^ 
loucbing.a record :high;.e£**i. 
*828 during :the morning- -^ 
metal opened . af S226?-227|?« 
was fixed at $22729 (£113. SffiM 
the monilng. ir began 
ground- by mid-day. aod 
further when the 
marker began trading. .Uo^g 
lived . a' ‘■■2.V55 (£1 13,456 
afternoon, and .continued 
decline as the dollar Ipgl 
ground in the foreign esaBW 
market.- 

In Paris' the 121 -kHo gqifl 
was fixed at FFr 31.050 P6C-; 
13226,75. per dunce) in theij 


target rate of S3 per cpnt. 
Treasury bills were mostly 


lower - with 13-veek hins -»t 707 .■..To'-r^ '“b* *o r per.ceni ou weonesaay 

1st" jn fSi \ *S ™ ! h !., B , eleian franc (commercial) month money at 3^3.55 per cfenf 


BRUSSELS— Deposit 
0 Belgian Trane 

per cent down from S.fiS per cent tended to project 

bills Sffif S ■^A^ n, P*b’rai.>T Wi- 
pe f cent. One-year bills showed 01 . . 

little change at R^S per cent. 

Dutch Rank per'e^t lind'.' ' 7Z ^fSMO "UTSS Twefre- 
si _ per - “ nT s: P° r « n l compared with Si .per moqih money declined tn 4.03-4.15 


rates for perTcent ou Wednesday and one- 
ialj month money at 33-3.55 
sharper ' compared with 3.55-3.C per cent. 
1 ree- ■ The three-month ra 1 
cent Tit .-'3^4.0 .per ■ cent, down from 


per cenl. .six-month. 3.93-4.0 per cent while six-month 
deposits ar S„ per cent from xj * money rose to 3.93-4.05 per cent 


from 51 per cent with effect from cent on Wednesday. The Belgian, percent against 4.1-L2 per cenL 

UK MONEY MARKET 


Free credit supply 


day afternoon. - 


iv». 12 ... 


Ceiii Bullion «■ fine - 

Ci.-* ; Sf22fi4»2t-i4;saw£j 

0|«<ilna 523 -227.13 j® 


Hornnm n^ing-....:. S2!UJiO- 


.y:ii8.awi 

tlr«raiMii sdiiif. "5735.65 ■ 

>£111.4681 

CnlM Coins ’- [/' 

tk>mM4aUly - 

Knyremuid «,f2B2i-2S«i ^*5 


» D | n y '.Vnnrt Vc , ^ 1 ^ t ne t lake up of Treasury lention- by the authorities but 


Sm Hirereifnp..... 

«.»l<l S-wereiinii SSI i-6B2 • ' 

--tCH-SS! 'tfO.-®;. 

In -M Cum* t 

inwrruu loniily ■ • - .— • .V 

-KnureroLn.l l.;.i.VHiWS ' 

-f£iiB»jTOpgrr flf 

Iqaoi-BU' 


h'iiVTo finVnre whii; on .I^SoS S" “"l j *« ft | 

JiitS2-iS^ rook ’^SS riL " as f /? ode * decline 8L9 per cent. . Longer term. raUs om vmrv, 11 1 

Hv 5 l ’denote circulation and banks retpaioed steady, still showing a . i£5l-62. W i 

^ K.nT ?M ra JP^ 0 . U . nt , t ?J fo ™' ar ** *»tancw some relatively flat yield curve. Uncer- rf* "®b? ft 

ws, y »bove target taihty: surroundinK MLR con-I^SfiT - : 5 S- Mi* ® ‘ 

ere [n the interbank market, over- firmed, after the absence of any, ^ ~ -> 1 BSp ^ ^ 

non.iroH ~,u •- , .. J° r . ni - ht loans opened at SI-8J u»r a odouii cement by the Bank of i ' " ' ’ " ■>*-- 

a!ioLS!i at - thc , s P rt cent ? nd tra ded for most of the England left .ft unchanged at It)! .. .... 

® ^ were_ taken morning and early afternoon at- her'cent. :'- ■: ! MONEY RATES ; : 


beriieen S j^r cenr and St peT S] 4 ji per cent. Rates eased to -^totes ..hi the table below are 
cem. The market was faced with per cent ahead of inier- ntiiniiu! in some case^. 


LONDON MONEY RATES 


Oil. 1» 

l-flf 


s-iwlinji j 

Cartifivnle j InUrhunfc 

*■1" <iepuM|r | 


Ifni 

AiiiLtintv 

detmii. 


'* vniu-lil 

rt*Vt* niilii.il.. 

I*V- MI 
lal « Iml lif.. 

Ohm in. mill . . 

IIIIHII ll-> . 

liiw ni> -Hill- 
"s >ni null- . . 

ne in,<i,l!i*.J 10 ;. iq|; 
•ll«- VWF . . ..' 10, 10 j'; 
V mrv 


, Local AvitliJ fining 

1 nesortable j Hnuxe 

1 hmiif* ! Depnaitii 


• - ; DncWiOt 1 i ' 
'Ceminuiy! muM itWMiy 
| D«tuni-.i liojfcrttj ■}. . BillaO 


JbltglWb j 
Buib liftBeTwtde 
• Billed i- Una* - . 


7 9 


Bra 


Soj-Bav 

10i|10ift 

10k- 10,; 


8»a-B7* 

lu 1U'|7 

it.;- 
»' ft 
10,; lC-;„ 


9-9i s 
9-9 is 


Oii 9.? 

io un 


lcfi* 


lift Xl»* 
IDi-ihs 


IQJa 

lOie-1058 ; 
103* U 
id? iotb ; 


Ski 

9s, 
10 :« 
10. s 

HU 


B7» 

9i B 




■> L ' '. a ; 1 o - 'o • ' 

I0i e : - -91-i '• t St^S.b :I0('--10i«i 
- -- ■- ' ‘ 105J-104,'. 




10 ', 

10l« 

to Is' 

1CW, 


NEW YORK 

Prime Raw; • . ^ 

Pen FumJfi j. c — — - — . 

Treasury Bibs Fl.Viwtriu ^.—1- 
Treasury. Bills (2S-iwrty ..^— 




GERMANY 

Discount Raw — — — - 

Ovemtghi 


One mooui 

Thrve 

Six atonilu 


x' - 

.. ** 
.. & 


m 


n 


loui ..^.-.1— jiy 

rawUhB ...^ “Jn * 

)«tto r “ A 


I FRANCE 

j Unvoum Rato • •• ** T* > _ 

Ovcroahl . — j 


»h*v month 
Tlirif rwmtha 


r*- huyin K raw- (or prime-' paper' 


7.»,-V 


nomiujtu Thr.^ ■* ■’'' u ' n da> ' s ' WW- odm/i vven days’ (tod. "tSrocr term l«*l authority -mortaae^ 1 

!)?? jn> > Jr> 1 • -•>- t»’t -•'•f lour rears 12-121 ocr m»: flv.; r»*ar»'-ia-ri)-l«-fie«.' ®BaUk bill »at«a in Utaci*, s mombs .... 

Rmin rf raiA * P e four-month bonk bills iu; per- vent; tqurTOOhth trade. bills per cent. | •. 

— • ' ....... *”'»? o»-r <.!««: Hiree-month i , 

tfOts and Uire«»-monti» J JAPAN . ... 

note * EHscvant Rate.^.. 


Vnnmvlnin t m.„ . «»*>■. .Mr -fiivniii vuiin. uiiib 1114 DYT-Wnr.. y-w -* 

n;.»uv o*t 4 i m ™, " onn-mumh' Treasury bills her .mir- \and ritqiWiHri*. ??S: 9tri3 -" 

■Ij .ISS 1 r ,n = ra: *‘ f,,r nne - m ° B, h h wil« hills ovr cem' fu*:*#*!* ,•?£*; t 

France Hnu^il ' b,IL ' , lp :“ 0 -mrmrh in per cent; and also ihr^WnB 1 


ssr,ss. pfr ctm ' cte * r ’" s **** 








spot 



KnSncxit tibaissr'Trids^ October 23 297S 


WORLD STC 


As-* \ ^XsP 


mmamiiMKA 


easiness on Wall St. on prime rate rise 


Indices 

NEW YORK -LOW JOKES 


--. \ j' kited torn- jsje. even Though Defend profit outlook and anticipated Isolated gainers Included G1IH, 

- 1 vowh?'* Sccirtaiy : Brown cancelled pro- dividend increases. which advanced DM J1.4U. VW 

• "*• in \imnu *** Sucti«n of the submarine- Bank of Nova ScoHa climbed roso DM 0.3, Daimler DM 1 ami 

; > toS ff JS? ®25*Lw t0 JP J 1 ” 1 launched crate missile being 81 J to $22$ and Canadian Imperial BftTW DM 2. 

V: • *" cent, the Webfcsi developed by Genera! Dynamics. $ an ' t added $; at S3Q2. while Man Here up DM 2.3 u: 

■ ’ ;■ . . ■ „ lf,e ^ lmc * lnc * * VW man Kodak s* to Sfi5 S*’™ 1 Bank Mi and Tomato. Engineerings. 

' • :v< = •• fir« X 2 TJS& “ W1! ttch * “ «• Switzerland 

- *• 'fase reacted to 000.52 bv 1 pm, ql 52 r WnnCSl . ' P ar jc Switzerland lo Moniedison s 

The NYSE ai“ ta 3f??L2S!!S! ' "iSL"* S, * Prices retrained initially mi the richis imuc. . 


Milan Hongkong Hank rose on cents to ; '-’ll- ‘‘ rT - '**■ ' L ^*- '«• ~rr— 

jVillan HKS20.10. Hunsk»c S Land 40 .J! ^ L_ h • * ■ J . H ‘ gl> 

A mited trend prevailed after cunts lo SHKiLSu and Jardine ... 

a moderately active session Muthcsun iw cent*, to sHK17.nO. indiMiwsI~9di.«2 asm au.i» $80.02 WMfgfS.W ■ «o/.m 
R astoffi Rained L24 while Moot- Against the trend. Hutchison- . v«f»i 

ndisun qased L2^5 in Chemicals. Hoa* nhed a funner 3 cents to h*iu. Emt** M.a» 88.:; aa.jo 88.52, 68.5 1 «.* 

*K«' f* 1 "tvla r^wT?, 47 Cunts on TniiiHvrt. - 2J9.B5 2*8.55 24B.S0 2«.68 24U&2«&.» 261.M 

said he doe?) ne* plan to subscribe Wednesday, in a continued ,£ ( a. 

in MofiieUfeon s forthcoming reaction to its annuneement of a nsima- . io6.9t tM.74 105.6# iobjs ioe.12 166.B& Itois 
rich is issue. . _ , biRger loss and no interim dtvi- „ ' *3 li 


Uct. Ort. 

s <1 


' «n ™ « i« ine-vras ifirnr r, •nnrninti' T-rmff nn drives retrained initially nn tnu ns ms ixsm.-. mswr 1 

o™* Ind« shed 8 ectus SJtSL . t SSSS ftK. ™ ■ Tlu ‘ n, arkei opened lower am! sustained dollar weakness, but Elsewhere- in ^hemicjK. Anle dend. 

, tab. u, aithonsh risuVsiilMiehl T^ednesdav snowed third quarter continued lo weaken. The main later recovered sligbliy on *clw- eased roanrinally but Snia \ iscosa Grern 

■ r - nt*i If n irWrnlV. _ - * . . ■ . . 1.. ■ 1 1 10 wUK'-t in 


indinirtals- SO 1.42 691.64 894.1^880.02 8/6-*Z 9ZS.8 Z b 0/.Z4 
B'm» Pnih* 88-21 88.24 33.40 68.52 68.5 ’ 86,47. <0 86 


• ... ,U,« n lo . —hi.i.m.-u IV WCJKCn. inu main maireini Siifvii/ UII n-m- ... .... * 

— ^ — - ■ -m' ■ ■ I ' — .i ...i “ p „ r , ' 1--, reason for the weflkenin!; in cun- live demand firmed L10. • 

”* Closing prices and market Pelwold picked up SI io SjJI tmutnir concern over the Prenrh Lending Ranks were barely Generate ImmoWflarr * dined 

- — Veporti were not available franc - and nenousness About steady, while, among little- after the announcement or j 

for this edltlnn a ° ' ' ^4 K but Pcnslco eased Si *b S2B5 new bank credit restrictions changed Financial* EtektroAVatt. lower first half loss. 

coition. and Fvton to SXJJ. all U» active announced in the afternoon. Ocrilfcon-Bnehrie Registered and Bonds H-crc quietly mixet.. 

: • ."-AT- 1 .- , ■ , „. ■ • Trading. . All sertors weakened and three Itete Suisse each rose. Forbo ’.V _ 

, ■••- -i ‘‘ v.'-y 1 - imf, lead mer falls. Twdiui: Colgate-PalmoUvr shed $1 In stocks, lnstltut Merleus (Chemi- and both Intt^food issues eased. Amsterdam 

^ 7 -: : shar P>>; , expanded by ji :i; , fo’JtmihR “flat ". third cals). ].«fayette i Stores) H nd Insurances and Industrials were '^ tnMC 

. .Jr *!?•, i ff”® 1 10 -}■**&' compared quarter rarmm». ; Denaln (MetaKi were temporarily ntixed. Share prices chived mostly 

i-i‘‘ .'s'* J , pn ’ yc^ierday. Baxter Travenol said third suspended because of an Influx Domestic Ronds were quietly lower in qutcr trading, vith ail 

»- -J.i-'-'i* *|<; n aly' ! U Kind the to per cent quarter profits rose and ti tacked of selling orders. steadv, while Foreign Bonds Imemattonals easier rojlowinq 

»-•- • ^. J- : »he rate icrcl came a* tio on Si to 843». Dcnaln fell to FFr 29JJ0 from moved slifthtly higher. continued weakness of the dollar. 


sclec- cased roanrinuliy out nib * tscosa Green Island Cement rose 
firmed Lio. SHW-jU to 5lJK37.5(i on !aik of it 

barely Generate Inimobuiare gained being a possible takcoter candi- 
litite- after the announcement or j date. 

hAVatt. lower first half if*ss. Properties were in riemand. 

d and Bonds were quietly mixed. w ilh Cheonq Kong nrihe -hi cents 
bo W ■ to SHKM.06 . Hubs Kong Wharf 

eased. A mcfpmam added at SHK;;:i.73. 


rtiiinc. . 106.97 IM.74 105.6# 108.38 IK.12 166.06 II0JB 

• (3 li 

TYaaillK Ivl. 

Uk/kf " 31.790' 28.470 J8. 720 27.680 27,820 ».14fr — 


, MuveLonusiBi n 
Uicli i U'w 


742.12 1051.70 4] JSS 


1*.5I 279.83 . 15.24 
r9.1 « .i'h&CA ‘ft/issa 
102.64 164.52 10.68 

.22,-Sl ■.^0-4; fiSiffll; 4 ^ AA 


Unu> »> IfKJi-x clMiiycO Injru Au;u>t 2$ 


Im. iliv. viei l ■> 


Amsterdam 

Share prices < 


SX&KLAED AND POORS 


Sew. 32 iVeur •gin»|Xtni*i 


■~inr»'C^inf.ii*'n 


• r -i ne rate icrcl came as- -no on Si to R43». Dtmain fell to FFr 29J» from 

: ■S'is^l? although it came a . day The American SE ro«p In Uic FFr «.on they stood at prior 


" j-oting the Stock Martlet's fairly f^onarla suspension. 

^ *s:«l reaction, analysts said the v^Jiiaua ' ' ' Forcicn .stocks were generally 

ket had discounted the move Share prices were generally easier with International Oils and 
Itirsc degree. Strong third lusher in active mkhlay tradinc. Gold .Mines lower. 

.. ’ ifift.rter Corporate earnings with the Toronto Composite Index 

alsa helped cushion the up to 1331.1. Germsnv 

^ uct. adding that nervouM>e.*>. The Oil and Gas Index.PWl on - v 


nixed. Share prices cloved mostly Aurfralio iw. *.«. lu i. . u,-:. : ia-:. o.t. 

Domestic Ronds were quietly lower jo qutcr trading, vith ail _r . ‘ . ... I! K- a . * ? ; » hskIi !*■« : Husb b"“ 

iicadv, while Foreign Bonds Internationals easier following . selected Minincs per.ormed wtl, ... ... 9 e , , h on' T., n ' ... ... 71 . “ JTTT7 T^ -- 

novod slightly higher. continued weakness of the dollar, in more active trading, aided by 116.36 iib.so tieiis imj& n«.&r H4.4i m./i m.m 

Among Foreign share*, dollar 8a nk« and Insurances fell, with hisher London Metal prices. #t.«iu«wie 1G6.59 104.46 104.59 105.57 >05.2r 105.06 106.99 58.90 I25.K 4.40 

.locks wore below WcdnosdaVs A fix losing FI 2 and Nat Innate The record Gold price pushed . iia-9: is-ii .iu,i-ii ,-iw42i 

'lew York rlosina levels, while Nederlanilrn FI 2.30 ttemeken Central Norseman u? 70 cents to ■■ ■ ■ ■ — 

Dutch and German »--.sue.9 were dropped FI 2.10 ;md KNSM FI t. AS15U0, Ren Ison gained 23 ccnb* — - — — 

ower. Firmer issues inclurimi Nudlojd. lo ASIT.lli on the Tin price rise. i wi. « ■ »ein. Si ^«*M. -0 Vv*rai:»»ii-n-x.> 

Van Ommeren, KL3I. Rube ro, and Consolidaicd Guld Fields rose ... ... — : j — —~z — 

Brussels nnllnco, rHC and Ballast-Nedam. 5 cenls to ASA * r ‘ ™ ,M 1 4 79 *- BB 486 4o7 

State Loans declined. Elsewhere. Mount Isa at .\S155 inn. P-K Bum. 9.s9 9.43 9.43 9.18 


InitncoVlHC and Ballast-Nedam. ' 3 cenls to AML 1,14 ,l,r - 

State Loans declined. Elsewhere. Mount Isa at AtS.58 tmi. P‘k Bum 

and North Broken HiU .;l ASI.4.1 : : — 

l okvo C4Ch put on 5 cento Bit South 

• , , , improved 8 cents jo Axj.i4S. des- 

Share prices closed lower, led pji 0 Pekn-WaIL«end’s denial of a S.Y.S.E.AU 


Belgian share prices were mixed 
tn mostly lower in qutel trading. 
Wednesday's monetary measures 
have had no apparent elTerl nn 


ti.iv. Bi.iiiI > u <n 


1 1,1. « 

; Sri*. St ■ 

ffej.1 . .0 

YuvrxK'i *a|>{>n>x.t 

4.79 

1 4.86 

4.55 

4.67 

9.59 

9.43 

9.45 

9.18 

0.64 

8.50 

8.47 

7.66 


5.Y S.E ALL C0BOI0N 


38.26 6 * 54 M.80 6a.44 bO.'a 

1 11.9. 


Rises and Fails 



i.k-i. n 

Wi. Im 

1 i,-v. ft 

1— ■n»n tra.rei 

. 1.047 1 

1.900 , 

1.843 . 

1-lM.Tf 

7 of 

710 

1.005 

♦■*ii~ 

604 ' 

767 

455 

L irehmuseii 

... 475 

423 

404 

he" Uii>in 

54 

67 

57 

New l.,«- . ... 

4 

5 

6 


meral Dynamic!: climbed- 91} Banks rose sharply on a strong DM 4.3(1 


:w YORK 


c j 0 , e Fancoutincntai lost 20 cents to MONTREAL 

Buying orders fell in the aTtcr- AS12..0. Queensland Mines 10 
noon’ as investors generally look ‘■ , onLs to A S3. 03 and Kathleen 
a Hattlnq attitude fotlovinq a investments 3 cenjs lo A$2.43. in.t 

recent rise in the out stand in” _ . 

balance of buying in Margin Trad- JonaiUiesburS 

inu. ^ ® 

Pharmaceuticals, v. hich led (he- Gold shares closed w 


Low 3 S'b 

. 2©Jg 
U>* C«, . 4S'« 
.... 28 «• 
Mu minium' 365* 

^ S2H 

bl!n-»... IB 
irnr P.*»vr 10 
t. hpnii'tti.- 3(!| 
■Sl'.frt. . 2JI-! 

Jmln.cr- .. 354* 

\ BO’? 

irta Um>_. < 32'# 
Alrltne*.. | 171* 
3rutl,„. BX 

Hn«dca.n.. SBSo 
Can......... 395fl 

Lvjuttmui 295# 
Ul«i. li-u 29 . 
KUs.-l.Pnr? Z3 ?b 
k’xprett.. | 34U 
BotnePrun, 294# 

Alediual^. 1 20 

sMotnri.... 6*s 
Xst.Giw.. 451# 
siaoilatri . 49 'a 

s ^ujiiw 55 -£ 

Tel. 4 Tel. 644 

k 33 


- | v. -^iiioa . . 62U 

CPU - inTtnlirae 52:; 

... 1 ‘.‘ . — - 33 ■* 

' m Itr-vie" .. 204* 

I aai ’ 361* 

I 2f, * jCni:ew6iiirlw 36 ip 
! IJg ,Uina*Hn#h£_.. 10 
I SOli ifta,.. . ... aaSj 

• J®. 1 IMit lirfijlrv* .. 

. W » Imre. 35;# 

20 J« iK-xona - 12 U 

• t UentraSy twer..." 20J* 

i iVUtfltXdiern-. Xfl.4 


62 ; JtOnj. Milirtlie . J 32 4 

624 1 Jeftnwo inamm. 0B>; 
341# ’JnUnvui W'lnl.-cuJ 29»* 
29 ‘ Jov Ha tuned ut'sl 334 

36I# K.MariV-ns — . 2? 
374 I K*»*erA hnmni*m| 39 . \ 
IB j halw«r tM«rrje»f Bi« 
S«ivt BW.--.! 25 
314. - I 14 

45 - Kennecntu^.^ .{ 28' 1 : 

43!# ICvWe 'WalUr._4 354 
124 KhBrerirCOrt..' 49 /a 
205# 224 


l«>v hn. - a 34 i 53: 

!.P\ linM, VlHJlIi. 394 36! 
llerwiNl# la J. 61 4 62i 
■licit 'mn MerreuJ 26 4 1 26’ 
I IliKifcwpn truer ,.| 37 4 i 37 
Il-'lmii Put I 404 ' 39 J 


ajl, I S3aii I U'lMkiath ■ 214 

... I to.. lit... ' A r . 


U>na Uiiivn > 

ttfK 1 

U>W» ligh .. .. | 

0v>ier !aHMi,..j 
saimav >Me».J 
M.J.» Minor*!#..! 


044 > 644 

134 I Mv# 
124 : U4 
284 I 28 

444 ! 434 
29a# : 294 


W « >i ' 64 

Xrmi 564 

Aiima I0I4 

4enlili lliviia. . 1 16 

94s,, 

USTn«"*i%7ar*< 804 


Johannesburg 

Cold shares closed 


In-lif-lriBl 

I. i-IiiIhIjitI 


222.14 221.64* n-t ! 213.75' 322.14 .11 U-. 
276.61 324.95 ,v> 237.68 225.81 ,11-lOt 


Uj».M4iavMMa... 0.07^ 0.291, SjveCUlallVes r05C. 

CANADA Hon * Ko "g 


market in .recent .-.eisions, alsn reflecting London selling m fairly 
fell nn prolit-raking, hut some active trading. Losses ranged to 
non-Ferrous Metals. Steels and 50 cents. 


TORONTO i-.-n- 
weak. JOHANNESBURG 


1327.3 1224.9 


t :iV.O 1327.8 dl IC-i 


265.1 • 284.6 1 
267.6 : 267.2 ■ 


272.0 1 1411 

271.1 1I6?. 


IW.sO ilb.’ii 
170.62 iA'i/4 


185.0 (2UAl 
194.9115^1 


Alining Finanvria!>: were quiet . pn>. — 

and occasionally firmer. \z Hi^ n L>« 

De Beers -feU hack to R7.H5 after — . — : — 

RS.00 most of the day. Awamint AoetraUa *- u*xi rt*..9 #»|.w Spain 


Pm>- . I'rfTc 

vii'ni . Hiijli 


- .uniniuunri.. , <^4 

” ... f Diamond stfcnirfe- 864 ' 364 

X7ta .'theophrme 1B>* 104 

5Q4 jUi#il*JtMUip.. _ SB ; 504 

58 Sr IthBiwAViiWu... 43i# ! 425# 

39» • t>o»w C,xun 48 • 48 

29## Ud« Obnn'icaL. 30s# 30’# 

293# DrmttK. 31’# , . 51 - 

Mm Primes .444 : 44 

J4* Oufinm ' 138 • 136 

295# Kajji* Prtrber.... 22 224 

28^4 five Airline-... 13:# ; 127# 
fel. finfsnm Kwat..‘ 655# I 64i# 


4971 - BO'j 




2.0.111, 


kran„__ — r 406) 

Kiti^er Co.-^ — 4 35a# 
Leamrar Trank....! 575# 

tevi aiT#ura.,. v J . 384 
l4tabvi>*. VeriJ 275# 

isgnet broer ...1.1 34 14 
Uhv lihu.... J 504 

Ulton indurt I 27»« 

Lnc*beW AiiutVi J 324 
LmeSiarlnriiMt.j 27 
Lmc 1#4*1 Lid.! 18 1" 
lAikiukUuf.,; 254 

LuUTOl. — : 461# 

■ Laeliy W orr*. J 16J# 
! L'fcei'trnijn'wa* 10*6 


375# I 37 
384 j 374 


Ki Pun >au 4a-l 17i# 171# 

Lltai. ! 331* 335* 

Lmeremhl’eti nc' 354 > 347# 


si%> } L'keY'nows' 


14cMIM«n_:.i.4 116 m I tU 
M*cyltn^..>..J .411# I 41 
Mtuu Banovoy..! 391# ( 39 


y? n,>-kioy. 

"_wee Buv:n. 


oiucivounicL-mi- # .. • 

EmecAirfVHjiH. 22## j 2 25# 


_ ' 1 22i# 

' I 301? 


d Uil. 

ch&eld ■ 

6U Pro... 


j’mloet#...! 581#' 

~u Ei«i... 1 267# 

- Punu ....1 28 1# 
•.rtJentn....' 294 
■ ■ lu -Xr.K.y. 38s# 

OIL | 255# 

Travenor.; 43*# 
e Food_...| 265# 

D ickenson 304 

rioneli. 1 204 

_ : ' 597# 

• > Ud.'a'- 5 

Pern dt#ei.i 254 
. t Decker... 19># 

•: : 667# 

- ksade ) 316# 


Wei 


■row 33>* 

IpL 17 

o' 'A* ! 147# 

.11 vets.... : 334 
\ Dm li... . 10 
iiyp ■*•*.. 3 l’i 

nth 174 

«mb Kne 1 193# 

Wild).... 05# 
Kirm Mim.i 44 
ieh \ 774 

elldouK..., 344 

an PSLClt1.-.| 21 
Uandoq-b^ 1 115# 
lion ..w—.] 3ZJ# 
.ir-iGenml 13 
IjBawiej-.... IBS* 
milvTnctrl 61># 

; 87 

neUorpu...j 42B# 

Ji A »AV„.l 168# 

h,M«wl 1 23- 

j Air-mu...! 461* 
i’ , Uanban«n 874 
caitth.M'.j 4354 
ireh Pcrrd.' 25V# 
304 

■O 0IT.IJSP .. 58 In 

cr. 1 115# 

1I1 la. -i on-.., 361# 

M 29., 

rterrice.. . ' 584 

irtMiu#. II J 164 
ind (.'HIT -h 30 
’]« ' '454 

e Palis* ....' 20 

. Aikmari.. 115# 

nmUa.' 27;# 

l»i# PiLt... 22 4 

n»-t.'<J.i'JAin 10oi 

ibiioo fcm;. 387# 

I--CI-XI By-, i 163» 

tn 264 

. SBierMle.' 44'-# 

(ler^«^.■lWlC. , 104 

^velnf 414 ; 

! 22 , 

limn xy...! 24s# ! 
Kioli I 24 j# I 


jeaifli 0 r#.-. I 31 
octal Oil.,: 30 
fowl Toei 16 

I Data. 39 

■ IdCldi ! 49 


774 J 784 


1 1 Mi# Laban i 394 394 

, 30 s. fc'JI.L 1 34 j 34 

. 55 1 ® knnaiham ; 26i» 2bv a 

• 224 ketnarL 884 j 274 

- fS 58 Rthvi J 244 i 241* 

: Ml# Uis.A>- J 527# I 324 

1 xBte 5'kiidliM l.unpn 1 36ag I 364 

! 464 jked.DciA.dnme*-. 35s# -35 
53i« fPirtvuwTyr* ... 131# 13 1# 

33^ Prt. Lau tfcmm.- 31 4 1 32 

) 51 ! Plvatkote — 52 j 529# 

■ 57:- Kionda Pimer^..; 31># [ 311* 

j 26 * klupr. ; 40 I 40 

ilu f.V.C— ... • 277* j 274 

582* Ford Motor,.....- 454 404 

254 Kowniost Bcfc™.- 215# 215, 

43S ....... 36 h 365# 

I 264 Fninkuo Mint .. 1 94 I ’ 97# 

Freeport Mineral. 27 », 274 

1 ^2*7 Froenaut 32;# | 22i* 

1 IS, 7 " Fdqu* lnda..„_.( 123, I 12 4 

mBMS 

5 G.A.F 141# ; 144 

I 25 UanrvetL- [ 454 ; 454 

I 19V# lieujunrr. Uit— 113# 1 US# 

I 65 O.A.IJ- 1 297# j 393, 

314 lidLittfc. 17s, 176# 

29;# I 291# Uea.Jnaanre.-a..; -8«4 I 83- 

33>, 1 341# Gen. WfctrUw....- 53s# ) 53 

~ 171* u«. t’auh 1 34*# 344 

. 14a# UtfUjrtl Mills-. .... 31 j 314 

. 33o#' Geoewi 11 or ora... 6fli, ■ 641, 

, , a Min. PuK UlL ; 19 194' 

- 3 S uen.airaai ; 31 31s#. 

7, Uan.lel.Kled...! 304 ! 303a 

204, Gen. Tyre ; 27i, , 276# 

^ GeDreooiL-^.....! 57J ! 84 

04U Bbiyjtia Vacihn...; 294 \ 2»i# 

( 7Si, Unnouft.-*. 304.1 894 

j 344 0e *V °" ««■ I «*»- 

j Gillette.. ..:.... ... 31a# j 314 

I 32 Uqorionh B. 20 1; I 20>« 

I xes# Uoedjw lire 177# 1 . 176# 

li!,' Qbidd : 33l». 324 

501* GmeaW.lt „ 384 32 

584 UhJW»aV»dlaaJ 64 .66* 

43te U«. JSmtui l»o..; 275#- 376# 

164 Mreytawrtn.’ j ISag j Ml# 

a*,, bull a tv extern.: 146#) 146# 

UntJUlr ; 254 «54 

^ Uaiiborton. \ 74a* | 747# 

.0aana At intug... - 556# j 364 

i darouelila«r._‘. 204 204 

! Sg J. darn-Crmpo 1 354 - 364 

I 22 * Ueuu 0. J .44 I 42.# 

; Heubtao 311# ! 30s# 

1 ||' 4 j Heme Pkddkre.,. ses, ■ 89 

,0. 1 Mts'hUv Inn* 2B’s 1 249# 

?K* 1 H-iinewaka .-. .. . 3Bo# 39 . 
IS,! ! Hv«m» «ei .......... 703# 604 

a . | Hos»-c'orp. Arnett- -M 30 
. f ,, | >w.U« ! 85 ; 254 

“•'* | HonlfPn .AlL'Iun! 144# 14S* 

■ -7sa HuituD - fc..K.«._..; 21 214 

• | I.L.-lhdtnlrie*... 201* 20.# 

. M4 j IN v 45 r K -45a# 

i f?- 1 ® j liutes’Mii. Ui'pl-.. 59ig 694 

I M-J, I inuuMidiaei 30 38 ‘ 

2|-». j Initieo. — ! 16 J 19 

141# 'ran. 290.3 : 2604 

41 I Uu,.Fi*‘"ur-.™ ■ 8SI# , 944 
i 22 1 1nti. Hiutmo..., 411# ! .401# 

! 244 Inn. MiuAVdem 39 , .301# 

I 244 loti. MumioohJ 20S# , 204 

' 39i; liwo =19 j 194 

I 22 InU. Hvper.^ j 445# , 44 is 

307# luL Meddler....... 14 r 14’* 

294 Inr-Tw.A Tei._.; 324 I 32’. 

I8ip lure Bed 1 41 . 40*# 

i 38 4 tl>lnerattiuinl.-.' 124 12a# 

] 404 I Jim TTeitM. 334 , 314 


24* 

24-S 

24* 

24 In 

40 

39re 

2*1* 

22 

311# 

59 7 » 

30 

20r* 

lea* 

ISlp 

391* 1 

581, 

49 .) 

49 1# 


Slant boo 545# , 541# 

Mario# 31 W land. J Mi# ' Ml? 
Maratmll PteW._? 21 i 814 

May Uepl.-stnm': 2&Sfi , 267* 

mca„ set# I 561# 

JlcUcxTUon...i .4.TI8 ; 20 

MclJenntriJ iAturi- 35i# . 34s# 

• AleGimw Bll»-«iv*4 ! 23** 
ilemorB* .. .......T -61 ; 60s* 

Merck...: 1:601# 594 

Mwrtii Lyin-b.^-p21a# 204 
MmaPwroItTiin.^deij 364 ■ 
Mlilt- 485# *»4 

ilnmAtinKa.Ul* 62J e 60 Sg 
McOil UMp . — ... 71J, 713# 

MonmniiW . 69«* 585, 

Al«^ J. y 51 50 1 8 

Motmoia — ....... 46s# 444 

Uuipfty Oil _„... 534 64 

AiImcq 877# .274 

5ajco CbennosM., ^ 20 . .207# 
•Nattumi UHk.... 4 181, J 183# 

.\«L DuUlL-rv-.i 22 >• 214 

Nat. sortee IhHJ 154 157# 

.National Meet — ! 32 r# I 32i s 

5aumas...^. BOS, | SO 

hCH 674 I 627# 

Neraniaelmp ’ 26s# 1 26aa 

.New KnKkuHt hi.- 32s# ) 224 
Aew tnrtaaHlei' 334 '335# 

Nn^KiaTtobKtk^ 143#. J 14'* 
Aiaaiaemrt-.....! 117# 117# 

XLIadintna.' 234. 23aa 
ietalrtWBiern; 2b>* : 264 
.NORta Nal.baa 364 } .364 
Stbn. antes Ka-r* 251# 261* 

y thwart AirimeJ 313# j 31 ’# 
Mbweet Bancwti 263# 1 264 
.Norton eimoii....! 197# i 197# 
Uccatenta' PeCrul. 20 4 | 197# 
Usilry UariMY....- 254 257* 

Ohio laiMOD ' I7s# 171# 

Ulm ...... : 254 ! -254 

Overseas «hvpi^..] 257* 26 '. 

Uwcna(.erQ<ji£...l 324 381# 

Ureas Ulntou_ ' 22 214 

Phonic Gaa._ 1 237# 234 

VatsOc l4*nun K .J 211# 21 

Pan Pkt. A Lie J 815# 81s# 

Pun Am tfont An! 07# 0T# 

Parker Hstunnn j 20 274 

PealdJv I du - 264 - 27 

PvO.Pw.AU | 213# 211* 

Penny J. C..——. 304 37J# 

PemucHl.- _..! 32 32 4 

ilroa.. .. 13 ! 13 

-P&>)ilfaGaH._ 36 36 

*4pawo...- i 2Bi, ; 287, 

Krrkvo Elmer.. 27J# 88 '* 

PW. -..I.. .. 644 ■ fl*>, . 

Iti.tr 36>a ' 351; 

Pbei|.-« Dodi;e_.. 26-4 . 265# 
Philadelphia Lie. 17 s# 17s# 
j Philip \|pm#.... 75s, 741# 

Phllllfn. Pein-'n, 1 33»s • 343# 

PIMaHT 434 434 

Pitney Uciwes,. . 263, ; 263# 

Puuiou. 283# 221* 

Pleatey U-1 AUK, 24 1 241* 

PufamKi S2i* : 51 4 

Pnwanec klw ' '14J, 144, 

PPU InrtintriaM..; 303# | 303# 
motor UamiNu.... 684 j 87 4 
Puli ser Weer.... 23 4 233# 

Pul man 46sa ! 464, 

Pare* — — "184 .- I84 

WvuUer UsU_....| 264 1 267* 
Rapid Amar lcn n.j 144 1 16 

Bsnhe<X3 61 4 I 497# 

HUS — i 294 I 294 

KepnUliodteei...; 267# I 26o# 
UeCMta . \ 45 1* \ 431, 


11. KoxH ISwT...j 335* 1 34l# 
tenia Ke TimI«....j 364 i 36 
Sam Invert— ...J • 64 1 fr4 

tejeoo trail I 74 ■ 71# 

-x-hiltr lliewtiiu-i 134 I 13s# 

>.'liiuinlvt“er - 904 1 09*8 

sC'M ! 82 1« ! 22 

tenit Psivr.. I 17 j 163, 

vnvn Mnt J 223# j 224 

-Hieltler Din..La| \ 04 > 83# 

atw Uonvainer..... 294 I 287# 

T^BKram.. 884 284 

jfmrle iG.D.l 14 14 

tears H*<etiiu:h....; 83 4 1 284, 

SLDC-O ! 404 419# 

alum oti ' 364 • 364 

ab*liTrapBor>rt...i 454 45 

57 573# 

•aienoi le Lore 1 37 4 37 

aimpiicitv Put—.! 11;# 113# 

singer ..! 19 ># 19 

»mlth Kline..—., 944 983, 

srenrun. I - 4g# 44 

aunriMinwn ' 394 40 

XHjUR-niUai.brt.! 25s# 264 

hootoern 1 154 M4 

atnn. Nm, 17*3 l 254 354 

TtniUiarn Paalk-.j 313, 314 

soul taon Uallwayj 55 ' 641# 

doutblawt 314 314 

aVT Banaharek. 283# 281# 

Sfawy Uutnh—. 204 21 

aperrv 2nod ...... ,46 454 

aQUlhh ...... I 314 314 

a ta aland BmndJ 264 264 

atiLUiiUaiParnial 403, 48s# 

ain. uil Imtiaoa.j 847# 537# 

a6l. On Uhto 1 397# 393, 

stautr Chemical..: 44a* 46 

Ht erring Drug— I 175# 17B# 

dUHletakee \ 67i, 66s# 

a«n Co — 44 443# 

duiMirua.. 49 49 

ayniM. 364 56T# 

laot*uieo*or.'> 141* 14 

lektroni*» — —. 1 477# 403# 

lAtedyne...... 1 106 1017# 


Ai lu** I6p-* : I84 I 184 

Aim ico Eaifie 73, j 7*, 

AlirtnA lumlmuni, 43 j 42 •* 

Alcntnanicd I 2b > 26’a 

bins,.... ' 404 • 484 

Uankol Montreal. 24 1 3 j 24 
Hank Nova tei# M. 214 21 

Haul'. HowbIow*..; 4.1A7 — 

Beil Teieptime .1 627# 634 

Bow Valley lew)..,' 46 ! 461, 


BP Canada ; I84 ! lflij 1*"™“ rp ‘‘ l l* 0 "'" ,n " 

Hmrcsn i 174 ! ilh of 10 per cent this year. 


Uwwi — i 17b# ! 174 

H linen, ......I 8.00 j 7-e 

VWnjirv Powei_.| 584 ! S8*i 

UaratJjw Winrhs.J 16U | 164 

Unata -lenient.. I 123, , 124 
Cansita MV Uni 10 3, 104 

Utn. Imp HkOrtii 30 293# 

Canada 1 priiuel ‘ 22 , 214 

Uo. Pus He- ! 247* j 244 

U»u. Pscirtc lor 1 243a 1 244 
Urn. du|«r Ul,... : 67i. 674 

UiiingO'Kwr..'. 4.30 ( 4.35 
Casriar AscertreJ 104 1 104 

dnenaiD— j 28?# I 29 

Comioco ........... 341# 844 

Cl#j*. Ustburat— , 374 373, 


The market firmed in active held unchanged at RSI. 50 Rol . m «... H 1 !’ 

trading and the Hang Sen- Index The wcaknesn m the M* 1 ™ «' ««“ »'■ 

moved up 20.19 to 628.85 jM*ctnr rubbed off on Platinums Denmark'" »».«/ 94.41 : %.ho. iaxo 

Demand was Hide.ipread. which closed at. or near, the day's i! 4 *' ! «>.£i 

mainN from local interests, and a lows. Iniually < hares moved Franea i;n tl-t ij.* «?.* 

general shortage of sellers helped ahead reflecting the record free Gannon ™;' sk to iy* K> 
the firmer trend. Brokers ascribed market price. Germany i.. Mw. y ism 

the buying interest to the rpeech industrials were quietly steady. Holland is.e ei.r *s.r '16.0 

by Hong Kong Gnvemor. Sir Property >barc or GR Props shed „ . lft fll-?' •*'»' 

Murray McLebose. in vihich he 20 cents to Rl.30 following sale of Hon ff Koa^ •ut.eo vie.Ub <vii.n) 3ai.4- 

forecast real growth in the colony its Luippards VJei uranium ltaly - lSjJ * 7 ;. J4 K. 


1 U’.'ffl ] 1 1 xi* 


99.ru ^."i- lol.lra M.43 Sweden 11-, 3iM9 516Jd> ‘ 900XO 1 339/(4 
ii rl UUI ‘ (4-hi ! ti ll 

w - w 91,51 : 9 *aXp Switzerldi • ■ art.! > , sii.l j aoij> 

t?-: yj.4 • £i‘ ! fwa ! tie, w 

,4,10, ,^^2* ’*»' Pirn* Rnnrs. ~1M1 -I'hnniin-ri. 


iBOB*. ilV-li 
•u> 4 j-J.u 5 454.19 4 k.. 7 i> MSA 
\r-- 111-- -4.-10i 


mil i 161., I 80T6S: OUifou once«. snnwn Below ,na-or »crip iksiw e Her -naie. i erene* I 

lSi. 171.. jvxcJudv S premtum Heleian <iiinneivw o Cross djv. t«. n .vssuroeu divirtemt 4liei j " m ^ apore 1 5 — 1 ‘ 0 — s “ 1 ^", LJ 


bank Dw. »4S5. s* 4nMtertt*n< tMusmai 
1*1* Hk HMn* Knm Ran* VI n 'R, uh hum,-* 
Cnmmerciair Italiana 1072 i rnfcvo 
New KF in'®. DSirait* rmiva iw«. 
r Ckisrar 1 Ma<1 rm St wum - Stor*- . 
hiPrr tn'inrtii*i Utms iSunm Rank- 
rnrnnrannn - "nomiloBle 

WEDNESDAY'S ACTIVE STOCKS 

Cluinue 


#re #(rer widmoWtn# rax. scrip anrt-nr nahls issue V Alrrr local 13 - 1 __ * Middle S. Unliu 

4 Dll 50 deoorn unless oihenris* suten. taxes m % ijj free n Prams: includUiu Hrestone Tire 

sieU1< based on nr: diriderals otus rax. Unilar div p Nom n Share --pin » Div indices *nn oasr naies 'all base niiues CiUvorp 

V Pia 309 deoorn. unless iwhervnsM staled and vieM exclude special uvmem r Iridi in* except pivSK Alt Cnimneo -:30 NCR 

^ DKr 100 deanm uitle» wderu-tse via led cared div u Unofficial iradme n Minoniy -Viannam* and P>»ir> - 10 aim rormitn Sears Roebuck 
hSwFt S0O denom. ind Rearer shares holders onlv. 11 Uvrmr oendinR * \ sited, the Iasi uumed naseit .in ’OTSi Eastman Kodak 

unless ' otherwise stated. ' Vjo dennnt. ■ Bin. « Traded r Sere-r. - r Assumed Excluding minds. 1 mb indir^rnain Bankamenca ... 
•inlesf otheitewe stared S Pnre ai umc xt hx risbts. ed K« dividend «c Ex 1 «mi lirdiisrnalR «■ UDIniea. *»» Kina nee 1C tndnaries .. 
nf susporiBno. tfPlonns n Schllttn**. scrip issue, vi V; all. » 'nierim stfire arm V rraiisouR * #wdm*v an iiniinan Texaco. 
rCenis rt DlVtdenr 1 ■Her nendins nehts «nrrea«Kd ' Reicier KP 11*17**1 — rVin*r»,q B .r or Pepcleo 


r. p Assumed | Exclumnt minds. 1 mb i ndnarna is Bankamenca 226.40C 

ridend. «c Ex I •> «m lirrtnsrnalx «' Uniuiea. *»» Kinance IC Industries 224 TOO 

» 'nierim Ttrtre I arm v rranspun " 'mwi an imnnarx Texaco. ' «o; wh) 

Releiqp KP VI'lf'M — Oiiw,a a ar or Pensl,.^, ™. IQe'yiO 


Vtoct:* Closure 

on 

1 rvded 

price 

day 

.:jSJ00 

IN 

4* 

4i7.uno 

131 

_ 

;q?.D00 

CPi 

4-H 


67* 

411 

?48JW 

3ft* 

■ +5 

J32.400 

Ui 

+ i 

226.-W0 

39 

41 

334.780 

=4* 

-1 

t»7.?W 

35* " 


149J80 

3Si 

4* 


(Jnnenoior 1&* I 164 (GERMANY * 


leiex 

1 4*0000..—. -i 


341, ! 3«*8 
104 I 104 


lo-uio PetiOieum IO4 1 104 

t««co . 25a# 1 25 4 

I'esaaguli 244 I 24 

nsu iaiiem... 373, ( 38 

Texas loat'm 887# , 884 

■ exseOti ft (;»«.. 313, 314 

texas Uriufes 201# • 20<# 

JLlirm toe 484 j 484 

rimes Mlmrr— .< 324 33 

Fitukeo .'. 494 404 

Trane 441# 43sg 

I'rmnxmenca- I84 184 

Jfeuncu. • 22 j 217# 

rrao. Union. 373# 374 

tw-mv inir'D. 23a* 234 

lnn»ffowiAu. 25 841# 

Travelers 394 304 

tn Coin men La 1 „ 194 19a# 

IritonUii x Urn* j 64 ; 64 

JRW I 39 385# 

dUUi Century Pox; 354 36£# 

UJtJ 404 401# 

UABCO 274 274 

Uil 201* 201* 

Luuevcr..— ..... 44 444 

Uni <evei NV ; 62 624 

Uown Uuucurv..', 2W» i 26-', 
limooCan-ide.... j, 413# | 404 
Uoioa Uiiomeivf! 105, - 10s# 
Cnmi On Cam.. | 55S* 664 

Lioiun Hrtrihc.....l 577* ! 964 

I L<nirp>*. 7s* • 74 

Uuned UraiKl-.. 134 i 134 

l-a Ukkih-|.i. _ 34 34 

Ua U.V[*uni 31 . 62 

U-j Shoe 275, 27<* 

L-» >leei 27 j# . 27 

lr3 lecbimiUK'efe. 45 f 444 
t-V IndUBU-xif..... 21V# t 214 
t'lqpnn b*eei.... 144 I 144 

VVaieieen 29-a 294 

Wonici-CviMMivi .1 404 J 494 
tVajuer- lau>ii<en l 27 j 27 
Vkitstc-Maii'nieal] 281# ' 204 

Wen^ParKO 314 i 304 

Werteni Benere; j 30 : 30 

M estem .% . Amei | 365, ; 364 
V> enej-u Umuu.. I 194 184 

IVesiingli'sn Bieci 224 1 224 

•Vriw , 29 1 294 

Weyerhaeuser— . 504 304 

IVbtriinnl -.J 224 225, 

WlureiAHi. I ml— 21 214 

Wilbatn CV>.. . ...' 20 20 

WisuniBin hleeuJ 201* j 284 


Um 4 teancer; 54 

OrMiem— 134 

Dsrai Uevef 133, 

Denricui Mine*... 78 

Dome Mine. 111 

Opine 1‘ecmieiiui 944 
Dominion Bruise 265, 

Doawsr. 2d 4 

Uufran„ 171, 

Pamoo'ice Sicker. 36 4 
Pont Motor Uan.J 81 

liermar _...i 363, 

Oinatyel'wknlie.l U ■, 
Dun Ihi UuBi*., 844 
Rewkcrtdii.CaD.i 94 

UoUlruxr.— ! 414 

Rome nil -A' ..... 485, 
Hudson Bnv M rre 23 

RndvonBev 1 23 

Hudson Dili Car! 434 
.A.L — • 194 


I TOKYO ^ 


l Dm. ! - 


Dir.lYM. 

s % 


I’ncer 
leu . — 


V tXi 86.8—0 ^ — . — \mUii Li'aia— — 330 —3 

All Wax I'ersloh... .• 620 ! 31.2 3.0 Chniki 430 ... . 

BMW. ..1- 225 0-2 .28.08 6.3 l**i« 880 -25 

UA8K. M3 ; *0.6118. /el 6.6 cbionti ! 425 -5 

Bxver 1 144.2 a. 0.2 : 1B.7BJ 6.5 Uti .Hipun Pnm: 590 -4 

BasM-Hyw^ j- 312 >2 .a 20.121 4.5 Kiy. Pbom ; 550 -7 

Bejw VereinV'k.’ 354.5 +2.5 1 18 • 25 Ulimhi^ 223 -1 

I'lbeliH.Nat.U’rl*! 160 f — 10 rforala Mraora.... 4BD -5 

ComiueRbeiik ’ 235.5—0.126.5615.6 House Korav_ 1.160 — IO 

Crniit Guraroi * 74.3— 0.3 ; - j- C. Hob -■ 242 ,-r 1 

Ualmier-Ueoa ; 34oJ): 20.1214.1 llrvyaknrto ...1.810 t 20 

Drtpewi • 272.5. a- 1.5 j 17,3.1 760 -10 


Derruqj... I lBo.O + 4 


M U.k - 2.910 


(.373, j 371* 


314 i 304 
80 : 30 


Imperial * 23 ?b j 24 J a 

Incn I 224 I 224 

IrMai - 1 154 j 154 

Inumi Nni.Uh*.. 114 . 114 
, luiVv Pipe Lnel 171, j 171, 
kaiser Heeouice*| 154 | 154 
laun P>u. Uif.. 94 : 9>n 

Lottsw Ccm. -0 J 4.80 | 4.7b 
Memiro Blued 1..^ 254 1 204 
lla*«V Fmkiwo 13 ! 131# 

MalBt.mu 30 I 30 

ilorae Corpn— 874 375* 

Uo>intaioBi«leK»: 3.15 8.16 

Aorsmta Miner... | 58*, 384 

Amven Isaencv-., 17 171# 

Nsna. lBiBn>m..J 404 404 

Dakwmd PetrVm! 4.40 4.40 

tV-»Bc Copper M. | 1.80 1.00 

Paa&cPebtxeufnj 464 464 

Pan. Can. Per' or J 354 £5 

tfuuu .1 204 194 

Cenpiem Depi. s.-i 64 54 

Place Can. k O11J 2.23 2.80 

PiacerDevekipmi! 27 4 284 

PowarCorpmsi’ni 21o# I 2 14 

Pnc*..- 22 >a 224 

dlunits'ia 1 2.15 2.16 

lunger Oh - 194 ! 194 

Uted ciunbraitr— 124 j 12 

, BioAipCHiu j 374 384 

ISnraf Bk.ru Can.- 36i# ' 35r* 
ICuvai'Innl J 194 | 19 j 8 

X+pvrr U'uAjrv.+- 74# ■ 74 

teaannik 34'., - 334 

>lnfl> Lwuaila 15-* ; 154 

aiiermtU. Mines- 84 , ■ Bj, 

airtwn* O. li 364# : 364* 

arniiaun - .. ' 64 f 6>v 

Ties' 01 i.ai'B<ui... 29 284# 

.'leepKixrk 1n«i- 3.75 | 3.8U 
LexaroLaiwW. 484, , 49 
lurauloDoa. 6*.! 207* 205* 

rmlisCau PipeLn, 183# >. 184# 
Iran* Mount Op; 94 ! 9 

IYimc 164 ! 16 

Loioo o«» I 1 la# ; 11s# 

litd.siKueMliKa; 84 ' 84 

Walker tliram^. 384 ! 384# 
West Com* louts 114 I Ha# 
WeatonOeo. 1 204 I 20 

t Bid. 1 mm. » Traded. 

B New atoek. 


Dfiuuciie Baoiu.. 3 16.6- *o.I 3b.l2i 4.5 Kan -ml b>e>-t.Pw 1.120 

Dresdnerban# 233.6— 0.5 :36.W| 5.6 Knnwreii 338 —2 

Ul+kertinlTZedii. 183.5 +0.5 . 0.36 2.6 <mjwju, 285 —5 

Diile4iSnnnp 231. 6, + 3.1 12 ■ 2.6 j iv.vcdri-CcnuiiK: ... 3.450 —40 

Hapac Liocd 106 f—3 14.04. 6.4 UalaunBMa lisi... 751 —11 

Hxrpener 170 >— 3 rib./? 9.7 Vi Hautrivlii bans. 285 -4 

Ho&Uh* • 142.3 + j .5 18.7b, 6.6 *1 itauimlii Ueni-i 117 - 1 

Uoeacb ..'. -...• 54 i + 0.6 — — U.IbuIwIh c nip.. 430 —5 

Horten 172.8—5 9.36 2.7 297 -1 

KsU und 6#U.. - • 158 1.5 |M3i' 4.4 566 -4 


H*L*r Liovd 106 t—3 

Harpenar 170 r— 3 

Hoeubrt. 142.3 + j 

UoMdb..:. 54 ;+o 

Horten 172.8—5 

Kail und 6#l, 158 1 

Kurwadt ‘ 336.5-.^ . 

Kaoibul • 253.6—1 

Kiortroer DM 1*4 94.7, -r 0, 

KUD — 184 itO 

Krupp : 119 I 

Linde ■ 284.6... . 

[xtwenlrau 100. 1.595 ,. . . 

UinJuMa. ...' 97 f«- 1 

MAX 233.8+1 

Manoesmaun j 101 |— 0. 

MeUlifro- — I 2.8 !— 3 

Muacbener Kuck.j 64U 

Neckenaaon. 177 — 1 


336.5’., ; 33.44 3.8 .vpp.-" De"— 1.640 -10 

253.6—1 .10.72-3.7 Aippnn »hiii|>iii.. 838 * 1 1 

94.7. -rO.2 - - 667 .-13 

184 ir0.9 18.78- 5.1 I'Kdiwi _.... 1.520 -10 


119 I — • - I aturvn fc!e,-lrn.-_. 247 -2 

2B4.6 1 25 ■ 4.4 scklMll PreixJj.. 960 - 5 

1.595 j 25 "7.0 ’In-enc. '1.340 -40 

97 I* l ; 0.36 4^ kdiv .1.400 —30 

233.5+1.5; 12 1 2.p La '►ho Mamie. 230 +1 

101 0.5ilB.18 4.5 ‘“M^CheniM. 464 -1 

2.8 1-3 ! 10 1.9 ‘DK._ 2.080 -70 

64U '.—....I 18 1 1.4 lei.iin 116 —1 

177 —1 ‘ — , — lokyu ilanuc-.... 490 

144.2+0.7- — — Vnk>oK<«clKi«', 1,050 -10 
187.5— O.S; 25 ; 6.7 ' uk vo -v.u vu , 334 —3 


101 -0.5ilB.18 4.. 
2. 8 1-3 ! 10 - 1.' 

64U 1 1 18 • l.' 

177 -1 ' - - 


Preu*«4 DM l<X'| 144.2 +0.7 ; — — 
Hbeio Wert.JSler-' 187^—0.5; 2b ■ 6.7 


.^j 279 —2 [i58.12 5.0 loniy ’ 140 

...I 300.5— 2.2! 25 4.2 »re bits. C.nre. ... 125 


AUSTRALIA 


1+ 2.1 vcMiLie cnii-u .- 

12 1.4 Vena Aim rain. 

io 1.4 ' MA I'll. 31 : 

dJ 84 Vmiau kxplnnunn- 

18 1.5 lmj«L Petmieiim..-. 

lo ' 1.4 1 i+c.' Mineral* d 

12 2.7 j %-ree. Pu.n fAtper M 

la *-®| '*x'.lnn.liri.h|n** 

35 • VS: Vin. 1- nan-la iron Intvu..,'' 

12 i 8.5U.V.1 

30 • 0.8] Audimcn. , 

13 1 0.0 \um. Oli x ii#» ! 

- - I ttanirex. Creek Gi+1 ! 

10 I 4.5 d'ue Met a 1 In-i ; 

10 2.7 ikuui.iiii'ailf>Cnfirer 

13 2.0 itaauii-le* in.1il-lr.e- 

35 0.5 drnhen Hln Praaeiet-rv....; 

20 . 1.3 1 HH raaiih .* 

10 l.B- -an ion tnilal BieMei'V... 

12 . 5.1 1 -all ■ 

13 1.5 j Cenreiil 

14 2.4 [ ,w- J.i J 

20 ' i.a 1 Con*, in ■■•lire" I- \ii-i ■ 

la 0-5j .-outaiirei rSti 

12 0.7 1 .onr.iifc.- I(u-linh- 

lc J'® ! *« #, 4 |11 Ait-Inn* 

40 1.7 ,luiiH>|r Km-t-ei 

i< 2.4 J cALUIt , 

30 1.6 1 fekiHr.+miiii 

40 U.7 | uiihxvimt li'mnrvi-* ........ 

4- : 1.4 lialu*ines 

A1 • ? c u ®‘- fm-i 

la 1.6 Huumuev 

30 0.7 dreiset I 

10 4.3 H-l Au-tiaua. ' 

11 1.1 l«ver-Co)i»wr .j 

o 3.8 lemnnne ln,1u-inc+. 

Id 1.8 ."hn iDaviiii. 


BRAZIL 


”P" + , or CtuJjTul.' 

Cru* [ — Du. I i. 


'“'**"* 0- c 6 '4-0.02 J.lillS.M 

10.95 damxidu UiwH- ..• 1.97 ,^OJD.J.let8.12 

12.16 i* Mil dauuo ltd" PA ... I'j40 ! J.37 tt In 

iL3b <V-igo.Vineinl.lp; 1.1R 1 — O.Cfcy _b|7 14 

I?-86 "Mj. d«*> -Voter. oP v , 3^1 
* * * '! PI*....: .' 2:S2 l-LO.05' j. 13 3.60 

1170 i+O.OB Pireul OP 1.61 itOJU.u' 10.88 


rl.bO • 
tl.D5 1 .. .. 

rl.04 : 

10.73 +0.114 


+tn/a Lore OP.. . 2 .Ml ' ..t.'j..) J.2k;9.12 

Lnlp PE 5.75 '>0.94; J.2s ; 4.a4 

tale Kin Ikaw pp- 1.10- lt'lfi.66 


H3 73 ! ... Turnover Cr.TII.Tm. Volume M *m. 
S0.2B ! ... . Source; Kju de Janeiro SE. 

♦Let oslo^ 

te/76 *0.021' ,„J1 r ■ I Kriro, ' ir ‘ W ” 

♦1>1B l+O-Ca i ~ , 1 \ 

1 1.75 +0.05 1 Beig+11 Hhiis J B9.0 • □ g, 

10-50 +0-05 ■HTraumuii 70 -2 ! _ 

-'reiUnsfa- , 116.0, 11 0.7 

♦2.44 1*0.02 I "rein.". ! 310.0 20 b a 

T3.65 1+0.05 j tvra.litlu.wiii 111.0..'.!,. 11 • 9 - 9 

18.8O Aur+k HvIrciKrt*. 222.5,+ 3.0 i 12 ! 4 - 3 

ra.73 ;*0.05 Mcwnuui | 99.0— 0.5 1 7 1 7 0 

♦ 1x0 • “ ' - • 1 

tl.49 

♦0.67 l+u.07; 

2-82 H>- *: JOHANNESBURG 

;d!r7 i^b j Dciohcr 12 fend +or- 

t2*^- I”®' 01 lAnulo .American Cotu*... 7.10 -0 05 

r&M = ::::: i.» +Si3 

♦2.32 i DrieJW'ein 14. W -o.u 

♦ 1.12 1*0.01 *4° ”0-25 

I Van r ? 00f ^ 11.80 —0.05 

‘V Ritsdenburs Plabmun 2.12 -01s 

Sr. Helena 714 73 +S.» 

u>83 -o.m 

D ' «"iV Uo, i* Held* 3A T20 0 —0 30 

f8 '7? +°- 0& Union Corpora nnn j'p.s -o'nv 

™ ,9 “ ' „.I*v Brers Deforrcd T.g:, ^n'.n 

’i-iS ,+®-W Bij+ooruiuad« tf ao' _ 0 -u 

0 East Raiid Ply S.75 -fl'Ii 

•O.J3 .. .. iPn-u Stale ^eduld .. -ujj 

,j.-o . Pri'Sitfa-tu Brand ... . jv.ss -n r, 

1I.8S 7*0.01 Pn-sideni Stern j;.0 -Did 

T R* a Siiifonrein h.;h -o!irt 

•U.7ti . . 1 Wcikein . . 6 45 — oftr 

<0.o6 -VD.0I ; vvesiL-rn Holdiucs yn.o j 

10-35 iWcMi-rn Dei-P re jo 1, 


♦ulZrektr..,...! 273.5- ..IBEjrt' 4.9 '.rent" Mnt.a . . 861 *1 

I'nvw+u A.G ; 125.8 +0.1 17.18 6.B * . _ 

Varta... 194 Jl >3 'l/.lt’ad source Nifeen secunnes. ruXro 

4 s EBA. . 151.7 — 0.7 -0.3b; 3is 

242.5-4 2b 5^ j BRUSSELS/ LUXEMBOURG 


AMSTERDAM 


-(-nr | Dir.,V" 


Vnuai !♦.. AU.„ 115.6-1.4 >20 . 4.S KUK> 

Vkn^iP.. 31.U— U.4. - ! Ku'inacll. 

V-iienUlnkiPi.i-,- 366 0— 2.re WO?, 7.0 rxt+«|iir* A 

W1EV [Fu Id....; 06.5—1 7 1 5j , 5.8 : U.b. I el 

Vmroiank «♦"■.. 1- 76.0.. > —0.5 A23b, 5.9 , Oinwi. . . 

mjenki+t 96.3— 0.6 1 2b ■ 5.4- v>UL tKii.s 

ikikaVV'eot nut.Wi 1+ 1.7 — 0.8 02, 6.3 • tfcdvkMi.... 
itubroi lotuuraie.. 72.1 —1.2 > 2b , 7.2 Iiiicpviii . 
tj^vlerjb.-Vl... 3020-2.2 , 27 .u' lAlwai**, 
KniBiA.V. Uea.ei 141.5 — U.B > 37.» o.d 1 |; ( .>Rie 1 

BurCuml sUP-.A 1 ,. 71.8... . .. 94-» 4.8, m u Hniilm 

li rsie. Unvadea ♦ 1 1 58.2— ■ 6 JO - 5.1 Uvtnit,..* 


BASE LENDING RATES 

A.B.N. Bank 10 % ■ Hill Samuel 510 °" Q 


BnniaA.V. Uea.ci 
BiirCuml sLfF-.iUi. 
Drsie.brmaMieal’i 1 
He'nckeu. (Pu 2fv 
Houunveus Ih'ljA'.' 
dunver U^i-i.x,.: 
IW.L.V. iPi. Hi.... 
luk Muin-i ti^C>-. 
.Saanien ipi. lre_. 

l nrfFi.n- 
AieJCred bklPi.A 
AeiMidhKii-..^, 
W-IMM^UI 


APOLLO 


Allied Irish Banks Ltd. 10% 

American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Lid 10 % 

Henry Anshachcr 10 % 


Edited by. Denys Suuon 


T he world’s leading 
magazine of 
Arts and Antiques 


>Hshed Monthly price ££00‘ Annual Subscription £25.00 (Inland), 
erteas Subscription £28.00.- U5A 1 & Canada Air assisted J56- 
alio Magazine BraAen House. 10.. Cannon Strew. London. 
6C4P 4BY. Tef: DJ-248 8000. 


Banco do Bilbao 10 % 

Bank of Credit & Cmcc. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. ......... 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 

Barnett Christie Ltd.... II % 
Brernar Holdings Ltd. 11 % 
Brit. Bank of Mid. .East 10 % 

i Brown /Shipley JO % 

Canada Penn’t Trust... 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10 J% 

l Charterhouse Japhet... 10 % 

Cfcoularions 10 % 

C. E. Cbaies 10 % 

Consolidated Credits... 10 % 

CtMiperative-Bank '"10 % 

Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan. Law rie 10 % 

Ea«il Trust ;... 10 % 

English. TranscnnL. ... 11 % 
First Nat Fin. Corp. ... II !% 
First Nat. Secs. Ltd. ... 11 % 

i Antony fiibbs 10 % 

Greyhound Guaranty.,. 10 % 

Grindlays Bank tlO % 

I Guinness Mahan 10 % 

rHambros Bank 10 


C. Hoare Si Co fio % 

Julian S. Hodge 1 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley i Co. Ltd. ... 12 % 

Lloyds Bank - 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 114% 
Midland Bank lo'o- 

■ Samuel Montague 10 % 

■ Morgan Grenfell 10 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Rcfson & Co 10 

Enssminster 10 ^ 

Royal Bk. Canada Trust 10 % 
Schlesidger Limited ... 10 % 

E. S. Schwab : ll^ 

-Security Trust Co. Ltd. 11*^ 

Shenley Trust 11 ^ 

Standard Chartered ... 10 V 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. n % 
United Bank of Kuwait 10 % 
Whlteaway Laidlaw ... 105T» 
Williams & Glyn’s ... 10°:, 
Yorkshire Bank 10 % 

■ Members of the AltcpUuz llnuses 
Cgamutler. 

♦ r-d fir *-po»nj i-ouaib Ccpo»itk 

t -.flav- flrjsobia mi #nms ol £t».«n 

and under Sl-' 4 nn tu SU.IM Ti'J 
jnd wrr C;.ow 

♦ (lull d* nosi is over n.«io n*, 

4 Pcniatitl hiM droonis TJ', 


♦an (Jiiiiunru... 
t’iktuw It jC,.... 
■bitiipB tn. ia... ■ 
<0iiseliV w |.,.[o. 

■Oveuio 

3uvai DulcLiiK:i 
navenliur^ , . .. 
u.'iini.i|>iyuL 
"«n< Px..-.MiO».. 
mieiei iFi.tOi . 
■fciik; llt->. i n. L 


98.7—2.1! 14 ’ 3.4 
40.1 — 3.2 : - - 

£9.6 *Ouc- 10 . 5.2 
lBl.> t 0,2 6 ; 5.0 

45.5-0.6 19 • 8.3 
i,e.2 +0.2 ; M.s +.r 


176.5 -1.2 5b . 4.1 

35.5 — vj.2- «3 6.9 

150.5 a l.S ; - 

48.0-1.2 - - - 

26.5 —O.J 17 b.4 

•il.U— ... — •• 

177.4 -0.9 A2bt 7.2 

142.4 -0.4 - j - 
122.0-0.9 dij. 3.8 
130.7 -0.6 M.n: 8.3 

243.5 -0.0 ' 20 o.S 

LJ5-4.S 5.3 

144.3- 1.0 ,«U4L- 0.3 


COPENHAGEN * 


AntipiMNiikui... 

ihureki Hxiik 

mwi A*rttH." Lv... 
Pman^Mkeh.... 

fi'Vieeww* 

►re. IV#|4r 

UauWu lank ... . 
li.S'ili’u H jKl9l 

Nuiti Nni«i 

O'MaUrih 

♦Vtvsuwnfc 

PniviiwxuiH 

x»|<n. BMmi«+n.. 
iuprtlox. ■ 


VIENNA 


Hr iilxlr-Ui't 

I'e-rinn infer 

'0'9-ta 

'feini'feni 

I. UlllII Ifel.. 

leu iImihmi . 


Prtre ' + ->r Vhj. 

K" iiri — -j, -i 


141 11 

I JfO>v .... 12 

lODU 12 

192 . .. 13 

360 - 3 12 

etre + 1, . — 

14/re ....... 1U 

tie 3 r 1 lfc 
1901, '-I* ; 12 
119L. -21, | - 

142',' - 

139 .. . . ‘ 11 

401'«' + li, 12 
1701;+ 1* ) 12 


1 U -l. n Priii* 4 "i 

. Div. 
*'•. 

1 - 

1 . *ra. — 

\el 


1 3.420 -25 

_ 

- 

: Uerki-lt “IT ^.33U . ... 

l»o 

4.t 

1 l .K. I t. v cniem.... 1./10 .-2 

1UU 

0.2 

he, m 459 -rS 



i K»< inicil c.fcOO —20 

4a a 

6.3 

l ar ii.|iir- NkI .. . i.OBO -15 

.1 fu 

0.5 

' U.b. [uia+l<ni.. . 2,485 - 15 

lau 

6.0 

iGrnteil 1. + 20 —lb 

. B5 

6.0 

- |.>UL tbiiiv la 1.590 .-10 

yu 

ft. 7 

j lincovin I.e35 .a 10 

14): 

j .7 

' MvUruMik 7.180 .-40 

39u 

4.0 

| La Iti'vaife Hfei”e..'6.0o0 

•ada 

J.4 

1 C«u HkiiIiiiui 'a.OiiO 

fz.5t 

2.6 

i Ketn.itiita '3.610 —35 

Iltso 

5.0 

i Sw:. Oau. bare pie 3,145 -*45 

203 

6.5 

I jo- .i.ien.0eiirU|uc'Z.c7O '+25 

140 

6.7 

: xoitra '3.195 . .. 

;>.'ivxv... 2 680 10 

315 

\a.u> 

6.7 1 
B.I . 

ln«iir<o *.m-l 2.610 —20 

170 

b.a 

. LCH 1.220 -8 

| CnUm.-l IJi .. . 820 -20 

50 

6.0 j 

1 Win,- Monu^ui-2,080 '>40 

— 

— ] 



1 

J SWITZERLAND ® 

f’lte-e + •■! 

U « 

Y-t. 1 

1 hi . 1 1 )l». 

< 

0 1 

i \,nriiTi|,iiin ■ 960 —IS 

1 ill'L -V 1.515 -13 

U 

to 

1 

4.3 ; 
a.a 

! ON Dfeiuv n.i-A 020 * a 

zz 

8.5 

HMrtL'i-rl 675 .—5 

Zz 

» 1 

Ihs 547 -6 

zz 

4.0, 

vH-.11 smitefe 2.140 -10 

lc 

a. 7 

birtiinwall., . ... l.rSOS' — 10 

W 

«s.9 

. ri-rixi •.liavwi . 530 —la 


4.7 

Hi rft nutii r«J>rt'. 6l.UQ0 -bODllUC 

1.6 

I It,.. 1 - 100 I IU 

1.8 : 

liiivrt'**' b 3.6W«fl — 5u 

i 1 

d.8. 

Irlmixi it-r.lre/i.. 1.370 

z 1 

15' 

\nilre *i. kVi... 3.000 .-45 

-W.J 

.6.9 

lire iitg 2.160 . . 

ijs.l 

4.U; 

■ Hiii»inU'r.^a>,-i 2.590 - 30 

13 

1.4 

t'lrv-il ill'il.W*' 299 -1 

13 

00 

xtrekM tfr. cZui.. 3.350 —75 

its 

2.0 ■ 

Ulh rilrt L-uro ..: 37Q --3 

Zo | 

$2\ 

: ’’.liliri'er *.i r 25J 

U 

4.8 1 

Nil fl-i L'l ifr.M 201 — 4 

14 

5.0 ■ 

imir (*'. KV' 770 —4 

1^ 

4.» > 

rvvin. link i*r.s> 360 —2 

»J 

6.9 
2.2 ‘ 

wMltei 1 Kr.ic.' 4,625 .—50 

40 1 

i mi in Uaiih.„,„.. 2.945 — to 

to 

a.c ; 

ireiiMi Ilia 10.200 -r 125 

44 

z.2; 

I 

MILAN ! 


1.1 lt«rr-U>|nw j 

o.B icnnuim ln, 1 u-inr+. 

1.8 iDaviii) 

3.6 Lemur l ift- ; 

4.0 ilfeUir Lxre.mil 'Oil 

1.2 JIMHiwiinyi ; 

Uln 6lii|.Tiiini ' 

» leu » ,' 

At -Ixua- llllFtlialH'IIHI 

V'-hli H 1 iw<mM . 

: .tuht+i t^i 

j in teat -h ■ 

I 7Uei 

1 I I'a-tfew l,hi i feir. 

* \ llW kill V 

I .1. v. . telx-i-i.il 

r. ' * tit li iiiji.i Aim.iiy 

*' 7 . ! •!»'»!•+ bxi-nHilHill 

d -3| t.Mli rSr 

" . | vVri lrare 


— #.03 * 
+ D-20 
-O.IJ . 
-#.10 • 

"S' 2 ? ’ 

-0.13 . 
—8.05 ; 
-o.is 
■*B.» * 
-o.m ; 

-0.30 . 

— 0.0.7 « 
-0.10 
-0.;il 

— fl.la • 
-UJi .* 
-o.i.-. • 
-0.3O ' 

-0 1ft ^ 
-0.07 ^ 


:o.45 ; Wcsu rn Dt-L-P 

1 1.05 -0.01 . 

♦0.75 t 0.01! . t -ri 

-»*-/? >0.03 ! lH.-1n.Ani.-r i 


4- -tl tuv.il 
- ♦?». . 


I AuMln-Anu-r IndustTU] 

Barlou- nand 

■'orrie Fmanvv 

Ire- Bolt* Indusmal . . 
Edsar& Consolidated Jnv 
l Rdun Siores . . 


INDU5THIALS 

■ ft. 10 

IndustTU) m. :<i 

4.25 

■'f 'U.Sw 

dusinal i; JO 

lidared im-.. to 
1 . . .. tftn.o 


-o m -- 
-0.25 - 


EureRi-adj- SA 

ppder.vlr VolkshelcgEliKs 


J.4 . Vinqiren.-1-I.fi >.I -469AI » 4.5 \t l.hl 4.6 ! 5- ,r, ’ J, }. n,,a '? 5l0fvs ■ 

2.e'uL|.rtt ; 3 *9 ! lbj 4.4 ! 5“?? Awur>nw? 

5.0 j Voniain- 962 ;»2 ;ahj». 4.V -• 

“ fc: H !-r*; 4 4^JSi3g t "y 

Vs\^T^ASS :r 

6.o StfciKr::. ’tt l* BsrJJSfta. -• 


+n m ra 

+ 0U3 - 


Lint 'Iwl'ir. ... . 

L’rt.1'1 L'imIi. Kr'ct; 

V re"-*i4 l#*ie 

U<i|l.r/ 

f ». Helnuc*.. ....... 

I Kvlriilare.; 

iinrljil 

>«.->, iifea Uirwi.... 


LUwi 776 

Lckmii.I 1,045 

U,itf in.- liirttu. 565 


U,itf in.- liirtiu. 565 
Midu-itn -|V ... . 1.449 
>lirel H-Miiratfpv ., 605 

ili4iliirev 39 

P,|-|tn« 213 


.Lit iven. 


are.i.-iiir 

tUwui- Praireih-.. 

n. lira mi ii 

.■«!> 

...rt . " 

Ithrlnrewillqire. . 


447 «' So ,, ' Pro'** noldlnu* .... V « 
Mil » 9 , ' R»"l Mi"-* PrvijROK-s . :-.oi 

Tis rl ■ 1 H k » O Hruihmnrii Group ... -,r 

ou i o -v ' 8 8 1 Rc,l '° 

34/r ' 31 : SAPP I .. 

£ 4 ?*®~J* 7 tft.lo. 0.9 - C. smith SuKar . y;«i 
2<b ,-l 0.2s. 3.0 S.V Br.-t.cn.-s 1.44 - 

'10--0.8. 9.-.I 8.0 - TlS'-r Oats J»ld \a'. Mis. Ii>3 
17B.B — l.i - ; Unis.-. l.jj 

776 5 ,7xo 5 '!u.^! si j Securities Rand U SSI). 731 
rl 3h./t!i. s . (Discount Of 35.87%) 


776 .♦ xo '1*..,; ii.i acciiniics uani 

•etl r l x -“ (Discount oi 

565 —5 ay. . 7. j 
.449 -10 3/.X &:t j — 

t>03 !-0 : lit 2.1 

213 Z\ 

lJb.9 *07 7.a 7 .q October 1! 

337.5— 0.a‘ lu t.3 J Asland 

n . 1./.4C 3.3 I Hbjuu Bilbao 

“ “ i Banco Allawico 

510 -*5 Zi 5.3‘Hani-o La-mral 

e ’. Q 5 . t^A . ao 6.0 ! Hanvo lixieriur 

1-3.5 -0.0 - ^ i* T.3 [ Banco CvDefal ' . 

169.5— 2.4 l ,.7 I g.6- Banco Granada (l.imOi 

1^20—75“ <30 j i.g ; Bartco Hispaim .. 
aW.e-iV ito.: a.i fcaiw» fid oi ii. own 
Wl' 24 :&>.-! 3.0'- B- ind. Mi-dm-rran™ .. 
3'/B.2 * 1.2 16.1&I 3.B I Ham-o Madrid 

22; _ ■ _ j Banco Popular 

. — ~ — | Banco Samamk-r i2oin 

; Banco Uraalio H.IHHU 

i Banco Vizcaya 

Price 4* or i Div.' f“i ! Ba«wo Zaraxosano 


!hrrire.ir' — I hr ; f ■ Banhnnion 
'• 1 « < Barms am 


342 

271 .... 

. 33 - 1 
83 -1 

2.6 .... 

235 . 1 


' *1. Vi 

Prret 

Uiv 


U11. 

Lire 

V .. 1 
% ! 

Dll. 

..a 75 

-1 

— 

_ ' 


670 

- 24 

— 

- 

rut 

_. '2.980 

- 10 

laO 

5.0' 

ihul'llv 

2,io9 

- 6 

la. 

6.9. 

/ili-i ifer 

. .. 19u 

- 10 

— 


■uikYnipriM.. . 

. ' 2a. 450 

-4«0 

raO 

2.e ; 

in "si .n 

•' 390 

- 17 

— 


... 

43 300 

- 190 I.UUfc 

2.8; 

vlntifeiltna) 

....' 282 

-2.33 



, 

• ivfeUi Priv.. 

... 1.500 , 

-60 

— 


i-iie. 1 A f.rh. .. 

. 2.U58 

T« 

1 5J 

63 

t*i re 11 "re 

. 1.1- :0 

_ ^ 

00 

7 3 ■ 

■l’l'* VtteiM.... 

, 967 

l 

- 50 

“ 

■ i' 


... . .'• \ ‘ * Barms Anflaluria .... 

A U a A U » h i .ah.* 1« 5 : ' + 1 t -6A I 0.6 ! w,, °“ -- 

ArraUrolvhrjCiii 144 + l ; b i a 0 J? C 

LsKA ihrJW 1 88.0 + 2.5 ! & i ,7 i OrMados 

Aiw LVi|»„iKr'>; 121 ! & ‘ 50 i Blf 

umero-i ; 56.0 -O.S • 4 ' 1 i 6 >■ Arauonesis .._ 

Hiitiirs no ■ j - Expanola Zinc 

LH " kl - - 10301—2 1 5 . 75 . 5.1 1 KevjM rt ftWi 

hrert'ihx 1 ?’ Kriti 120 ' + i 1 - lQ 4 | ' V>noM ll.ftrtflv 

bicrt "1* B-hraU 120 .+ 1 ; OJ,' 3.8 : Cal. PracUrins 


Per rent 

... 125 ' ^ 

... 2*i - 

Hit 233 +2 

3W - 

... 2W - 

. 2M — 

10* M6 - 1 

. 348 - 

41 W5 - 

1.2% + 1 

221 - 

. 256 +2 

*0 336 - 3 

0) 284 — 

... 256 — 

... 2tt - 

- 146 - 2 

... 030 _ 

24 — 

... 82 - 

- 258 +5 

...72 T 2 


r »6 

iiixni:v+ ihrefei. ... 55 

H,K.<K>ai V iii.B||.. 570 

vlriixum 12S 

Ui< * Mi I Mn-Jai,- Ob 
H1I.-VU. -IV hn..' 251 
-.h.h. -K- hr*.. . 60 

hirekn.iH... 153 


Vi.lv. 1 r hr. JUl 


136 i j ! 

270fttr + 5 9. 

96 + 1 < 

5b ; t 2 ' - 
370 ;-3 u 
123 .-2 , t 

261 rl O.i 

b« 1 4.a 

153 • ■ E 

c4.0] * 0.5 ' : 

6 1 -5 —O.a ; t - 


J 5.75- 3.1 1 Keom rt.DftOi , 
, .10 ; 4.3 1 t-vno&u ll.flMV 
I Bjj ft.SjCaJ. Precladiw 


3 1 5.0 / Orupo Veiannez 14N1 US 


9 .o' j .61 lixirula 

4 ' , 2 1 PwlDero 

> » loiarr# 

lb ' 4,3 1 PaP-ler-as Rcumdas 
J . 1 p,.i r0 i« w 

a./D- 2.3^ arT *° PaM, ” a 

4 « . c sniarv 

■"h a’b ■ Sn * ,,Hu 

. 2"? , TfeMiinira 

3 ' 7-6 Tnrrv Ll*r~~nr-h 


c«.0i + 05 : 3 i'k , Tfelrfiinira . . 

li a 1 n '_ , 3 ~ ,b Tnrras Hovrpncfi 

uoira4 , *1 , 3 . T uh»«.i 

*±1* ! L'nion LI?l. ... 


7L2S - OJS 

n - 1 

#8 +3 

'47 - 3J9 

124 — 

1W +2 

M — 

45 — 

127 — 

7830 + 0J« 
78 - 1 

83 — 

M» - 2 


6 


!?/■ * : 


• Financial 'Hines Friday October 13 197S’ l °J. 



BY JOHN BRENNAN 


Intriguing Anzani 


BRITISH ANZANI shareholders 
may have to wait a few weeks 
more for their 197S accounts. 
Ivor 5hrat:u. Hie solicitor from 
II. Davis and Company who has 
taken over from Gerald FauLl as 
chairman, said yesterday that 
discussions were in progress 
which would give the group a 
“different bias." The board, with 
two other new appointments 
and three resignations this week, 
wants the 197S accuunls to 
reflect the effects of an imminent 

financial reconstruction.’' 

Mr. S lira co. and Mr. Michael 
Norris, the surveyor who has 
taken over as joint mamicing 
director, both feel that it is 
“ premature to disclose what we 
have in mind." But Mr. Siirajzo 
would sey that discussions with 
British Steel Corporation’s Pen- 
sion Fund over the group’s in- 
dustrial estate at Aylesford. 
Kent are still in procress. 

In October 1977 BSC paid £9m 
for a third of British Anzani's 
P2 acre site and its 900.000 sq ft 
of completed buildings. At the 
time of the sale the _ fund. 
” expressed interest in being in- 
volved with the company in the 


development of the remainder of 
the estate." The sale of the 
remaining land would go some 
way towards the group's past 
comment that its future ** lies 
wjih the trading companies " 
nil her than ns residual property 
interests. 

The group ‘runs profitable 
paper converting, scrap metal, 
warehousing and civil engineer- 
ing businesses. But, 3s Mr. 
Shrago says, its remaining 
property.' interest*, "can hardly 
be treated as historic for the 
moment." One major residual 
problem is a £2 .2 m contingent 
liability to the ' l/.S. bank. 
Bankers Trust International. This 
stems from losses on Uie Felix- 
stowe office development financed 
by BTI, banded back to the bank 
last year, and sold through a 
receiver. Some £335,000 of the 
liability was discharged last year. 
But the remaining money stands 
as a second charge on the 
AylesFord land behind loans 
from National Westminster bank 
— two further reasons for a sale 
to BSC. 

It looks possible that the BTf 


liability will now be cleared 
either by property sales or by 
a new equity of Icmd Injection 
brought by the third new mem- 
ber of -the board, Alexander Kaye. 

Mr. Kaye is described by the 
new chairman as " a financial 
consultant” who has "several 
international financial connec- 
tions.'' Intriguing. Shareholders 
will learn in the next few- weeks 
if these links are sunns enough 
to carry out the planned financial 
reconstruction of British Anzani 
and a restoration of the share 
quote, suspended last November.. 


J... 



The city’s villages 


Airfix teams up with Glengate 


RALPH EHRMANN, chairman 
of Airfix Industries. ha« mart.* 
his first foray into the properly 
market. 

Air fix's property arm has long 
managed the group’s own free- 
hold buildings. But now. in 
partnership with Julian Mark- 
ham's Gieneaie Properties, the 
plastic kit croup has signed its 
first external property deal with 
the purchase, for just nver £lm. 
of the former headquarters 
buildings of the British Coal 


Utilisation Research Association 
at Leatherhead. 

The Freehold site, bought from 
mortgagees of Stead -Invest- 
ments. includes 130.000 sq ft of 
industrial and research space let 
at rents averaging £1.65 a sq ft. 
Reversions over the next three 
years" could increase a current 
rent roll of around £310.000 by 
a third. 

Airfix and Glengate. ■ which 
bought through its subsidiary 
Branway Properties, also have 


THE DISTINCT “ business 
villages'* within the City of 
London office market are easily 
recognised. Banks feel most 
comfortable in the shadow of the 
Bank of England, insurance 
groups try to keep within walk- 
ing distance of Lloyd's, and 
stockbrokers still huddle 
around the Stock Exchange 
tower. 

Richard Ellis's City flnorspace 
reviews first clearly identified 
the parameters of these 
separate office markets, now 
Sav ill’s has taken the research 

scope to develop another 
100.000 sq ft nf industrial and 
research buildings on fi\e 
cleared acres of the site. 

The Leatherhead deal, where 
Barnett Baker acted for Glen- 
gate, is a departure for Airfix. 
But Mr. Ehrmann warn* against, 
reading too much into the move. 
" I don’t " he says, “ see us 
becoming properly developers. 
This is just' a 1 cautious toe in 
the water ... we are con- 
stantly looking for situations 
where we can use our funds 
profitably and. if this works out, 
we may do some more.** 


a step further with an 
analysis of office space taken 
up in the City. 

The analysis provides no real 
surprises. But it does help to 
confirm accepted letting wisdom. 

In the EC2 3. and 4 postal 
districts Savills arrives at a total 
space take-up of 3.9m sq feet 
in the year, 43 per cent in EC2. 
26 per cent in EC3, and 3i per 
cent in EC4. Average unit sizes 
ranged from 3.900 sq feet in 
EC3. where size reflected the 
number of smaller insurance 
office lettings, to a 9.000 sq foot 
average in EC4. 

Looking at hanks. Savills 
records a fairly even spread of 
lettings throughout the central 
postal districts', with a slight bias 
towards ih*» traditional banking 
areas of EC2. which took 39.4 per 
cent of all lettings. Two thirds 
of British banks took suites in 
the 10,000 to 30,000 sq foot range 
with lettings averaging 17.7S2 
sq feeL Overseas banks went 
for smaller units, averaging 
9.490 sq feet iF one excludes 
Morgan Guaranty’s 175.000 sq 
foot Angle Court letting and 
Continental Illinois move to the 
91.800 sq foot former Times 


building in Queen Victoria 
Street. 

Foreign banks also showed a 
distinct preference for EC2 
space, with lettings in that postal 
district accounting for 63 per 
cent of the total. 

Prestige addresses also remain 
a critical sales point for lettings 
to the Insurance sector, with no 
less that 72 per cent of the year’s 
lettings from that sector in the 
Lloyds' dominated EC3 area. 
Suites of less than 5.000 sq ft 
were taken by 71 of the 93 insur- 
ance Arms that moved, and the 
average unit size .proved to be 
just 4,194 sq ft 

Summarising the sector by 
sector lettings in the year 
Savills shows that banks, which 
Ellis’s research suggested 
account for a quarter of all City 
office space, took 29.5 per cent 
of -new lettings. Insurance fol- 
lowed at 20 per cent, with other 
professional and business ser- 
vices taking 19.5 per cent. The 
balance went to other finance 
bouses, 10.5 per cent; shipping, 
7 per cent; private companies' 
headquarters buildings, 7 per 
cent; printing and publishing, 2.5 
per cent; commodities, 2 per 
cent and public sector offices, 
2 per cent 

Savills is nervous about draw- 


Tbe . Royal Borough, of 
Kingston -upon -Thames has 
been trying to find a way of 
preserving the 18th- century 
Pic ton House for over 20 
years. The Borough itself 
could not justify the costs of 
refurbishment and sq Dlms- 
tiale Development .(South 
East) has taken over the 
building on a 99-year lease 
and Is now putting to- tender 
the £900,000 rebuilding wort: 
needed to create 11,000 sq ft 
of offices behind the former 
ale house facade. Joist agents, 
Quinton Scott and Folkard 
and Hayward, who are talking 
of current modern office rents - 
of £ti a sq ft. have already 
been contacted by a number 
-of potential tenants, - 

tog too firm conclusions from, its 
research, sticking to the. cautious, 
but hard to. challenge; comment 
that pressure for- modern space 
from hanking, inswaace and fin- 
ance groups is already running, 
ahead of new office supply in. 
these key business areas. -- 
This supply imbalance shows 
through in a rather seasonally 
blurred form in Debenhara 
Tewson and Gbinnooks' latest 
Oily floorspace review. • 

Some 394,000 sq ft of offices 
have came onto the market in 
the EC1 to EC4 postal districts 
in September. 40 1 per cent of 
which coming from- buildings 
released by Fluor UK’s move to 
British Rail's Buston Square 
scheme. Fluor buildings, on top 
of the usual autumn , inflow of 
lettable space, mask -the 'steady 
fall in the amount of City office 
space seen in earlier months' 
reviews this year. But DTC does 
note that there are now only six 
buildings available in the City 
of between 50.000 and 100.000 sq 
ft and just one of more than 

100.000 sq ft 

Overall, the firm - records a 
total of 2.49m sq.ft of offices an 
the market, a net increase of 

145.000 sq ft in the month. Space 
aval-table in each postal district 


breaks' down -to 550.00fr sq ft in 
ECl; 828.000 in EC2; 409,000 in 
EC3, and 701,000 in EC4. 

• - 

WEST QF the- City the office 
-Jetting market Is still looking 
fairly sleepy after a dull summer 
period. Drivers Jonas’ Septem- 
ber review of fioorspace io May- 
fair and Sl James’s records the 
lowest letilns.rate for two years, 
at just 48,417. square feet for the 
month. The space available 
gyres would have also shown a 
gentle - downtrend ’ bnt- for the 
arrival on the market of the 
151,400 square Foot Devonshire 
House in Piccadilly., marketed by 
John D. Wood and Fuller Peiser. 
That~buUding alone now accounts 
far-’’4l- per cent of the 371,143 
-square-feet available -in tlie area. 

Sluggish - letting demand is 
partially masked in .the Septem- 
ber report by. the 30,662 square 
foot De La Rue House in Regent 
Street coming under offer, turn- 
ing what would have been a 
3 per cent drop, in space under 
offer: to a 17 - per ’cent rise. 

> As Devonshire ; House is only 
.partially . air... conditioned its 
arrival on the market pushes the 
proportion on non-air conditioned 
space surveyed from a. fifth to 
nearly halF. But this has nor had 
. a significant impact on asking 
-.tents which now average £8.7S a 
square, foot 

Dutch agent 
for UK 

ZADELHOFF MARELLARS, one 
of Holland’s largest property 
agents, plans to open a British 
office next Spring, writes Charles 
Batchelor from Amsterdam. 

Mr- C. Van Zadelhoff, speaking 
at the firm's 10th anniversary 
this week, said that, in response 
to strong demand from Dutch 
investors for British property, he 
is ** 80 per cent certain ” of start- 
ing a London office next year. 
The firm which expects to 
manage properties worth around 
FI Lffint (£370m) in 1978. is- also 
considering . opening a "Belgium 
office. Its 90 staff already operate 
eight offices in Holland, one in 
Frankfurt, and one in Denver, 


Colorado.. . . ■ > 

Sir James Goldsmith's empir 1 
took a stake ia Zadelhoff in 197 ;.-' 
when -British developers wet' 1 
.beginning their invasion of if 
Dutch property market Th L 
stake was subsequently sold, an' 
Zadelhoff is now 50 per cet 
owned by Blauwhoed. it . 
property arm of the Pakhoc .. 
Group. 

Mr. Zadelhoff feels that Dutc 
investors are being forced r‘; 
look abroad by the shortage *. 
property at home and the nee" 
to spread portfolio risks. Reliev- 
ing the local market, he sees th 
ever growing weight of institi . 
tionai investment. funds, and th . 
scarcity of new - development - 
underpinning a continued fall i- 
prime commercial yields. Bu-. 
he says that if the office lettirr 
trends of the past five years con 
tfnue the market should be- ir. 
balance within two years. Aftei 
that the number of properties on 
offer is expected, to increase 
sharply. 

An average op around lm 
square metres of offices have 
been available In the Dutch 
market over the past five 
years, with 70 to 80 per cent 
in the Rotterdam -The Hagim- 
Amsrerdam-Utrecht crescent. 
About 1.3m square metres of new 
offices are. due to be baitt ia the 
oext five years creating, an 
current take-up rates, a possible 
oversupply by the turn of the 
decade. 

- • 

ZADELHOFF'S plans reflect the 
growing interest of Dutch funds 
in British property. Last week's 
4Sp a share cash offer for Mid- 
hurst White from Wereldhave. a 
more comfortable first step- into 
the market than its earlier, 
abortive approach to English 
Property Corporation, follows 
Bredero’s success in, winning 
both the Aberdeen and Epsom 
central area redevelopments, and 
Ian Percy's move to set up the 
New England property companies 
in partnershio with Holland-West 
Vast Goed BV, 

.Property Deals appear on 
Pages 26 and 3S 


INDUSTRIAL AND BUSINESS PROPERTY 


^B€) for Industry 


ALDERSHOT 

10.650 sq. ft. Warehouse 
TO LET 

BIRMINGHAM 

New Warehouse Unit 
H.000 sq. ft. 

TO LET 

BRIGHTON 

New Warehouse Units 
9.000-43.500 SC- ft- 

TO LET — AVAILABLE JANUARY. 1979 

CAVERSHAM, READING 

Modern Warehouse 
10.850 sq. ft. 

High Office Content 
TO LET 

FAREHAM;; HANTS. 

Factories/Warehouses 
From 7.700 sq.ft. 

TO LET 

LONDON, N.ll 

10,000/116.000 sq. ft. 

A New Development of Factory / 

Warehouse Units 
UNDER CONSTRUCTION 
TO LET 

LONDON,' N.W.l 

Factory/Warehouse 
16.400 sq..ft. 

2 Loading Docks. Central Heating. 

TO LET 

TOTTENHAM, N.17 

Refurbished Factory 
27.800 sq. ft. 

TO LET (u, 95p per sq. ft. 

BCing&Co 

Chartered Surveyors 
1 Snow Hill, London. ECl 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


A comprehensive 
guide to 

Industrial Property 
in East Anglia 



East Anglia 
Industrial Property 
Survey 



The first edition 
of an essential guide 
for companies occupying warehouse or factory 
premises in East Anglia, or considering 
moving to or expanding in the region. 

For a complimentary copy contact 
Christopher Armon-Jones ’ 

or John Beisey 
on 01-930 9731 




The 

proper way 
to go about 
property 

No 3: Go for experience 

After more than 185 years of dealing with 
every aspect of property, Farebrother Ellis are 
today, more than ever, a leading force in the world 
of property. In London and indeed throughout 
the nation. 

Theirservices inciucfe:- 

Investment : Building Design : 
Acquisitions : Letting : valuation : 
Property Development : Management : 
Rating : Rent Review : Project Management. 

Whatever your property problems, there's a 
very good reason for consulting Farebrother Ellis 
first. 

Theprofessionals. 

Farebrother Elds & CoXhartened Surveyors, 

29 Fleet 5treet, London EC4Y lALTel: 01-553 9544 . 



Chestertons 



& 

y 

s' 

/ ■ 

y 



9 Wood Street, Cheapside, EC-2 V ZAJR, 01-606 3055 


EC2 

15,500 Sq.Ft approx. 

Excellent Office for 
Central City occupier 

Principals only to reference A.WH-B." 


Chartered S 





* -V ’ : 


36,000 SQ FT AT £3*60 
A SO FT SS AN ATTRACTIVE 


■■ • f k AVI : 


IN SWINDON ITS IRRESISTIBLE 

Tn a town that'-s already horaem a Urjje number of Britain’s biggest 
business names, the Murray John Tower is something special. 

This magnificent 22 siorcv building nifeis expanding and relocating 
businesses * flours of superb modem air conditioned office 
accommodation, located right m the town centre and dose to all services 
and amenities. 

swmdon itself, of course, is an international success stop- - . 

The Nationwide Building Soaetv. Humhro Lite Assurance. 

\V H Smith Cs Son and Burnt ah Oil are ium a few of the companies 
which have been t/uick to realise Swindon s c nomioui potential 

The Murrav John Tower u an outstanding upporrunirv tor your 
business to make a move lor the better. A move to Swindon. 


Com .Kt -The Industrial Adviser. 
Thami»dnv.-n Borough CuunuJ, . 
Civic Offices. Swindon, jjt i 

Telephone U793 261b 1 lap 

lei lx 44433 joBi 


THE MURRAY 
| JOHNTOWER 
IkSWINDON 




Industrial Property 

Enfield, Middles ex. 

Light industrial unit. To be built. 7,000 sq.ft. 

Bournemouth, Dorset. 

Warehouse development. Units to let. 
4,000 sq.ft.- 60.000 sq. ft. 


Southend-on-Sea, Essex. 

Factory premises. To let. 17,095 sq.ft. 

Bury St. Edmunds, Suffolk* 

Warehouse unit to be built. 

To let, 7,000 - 37,000 sq. ft. 

Edmonton, N.9. 

industrial site for disposal. 3 acres. 

Requi red for clients. 

Reading area. Warehouse for 1 year only. 
From early 1 979, 30,000-60,000 sq. ft. 

Industrial Office Department. 

33 King Street, London EC2 V 8EE. 
TeI=01-6064060.Telex:885557 


JLW CompUton — A Complete Answer 



4 , 


-f - 3 Luxury FIe 
I ncludingl Duf 
Penthouse 

Full Vacant PossL, 


■'JSLA. 

Ited 


Detaib from.sole agent 


wjKl Charles Price & Company 0r|-4< 


N°; ptjrKf^e-, 


m 


mm Sal! 

fluk 


By order of Oie .\ui:or,-s! tie ■•imnu-jer Bank Limned 

69 HIGH STREET. MAIDENHEAD 

VALUABLE FREEHOLD BANK PREMISES 
V/itii a front ace of 23ft pii,- f H (urn Croat age 
WITH VACANT POSSESSION' 

For Sale by Public Auction ;}iuh November 

For fall tlci •lajili,. 

DUDLEY CLIFTOX & SOX 

i..horzeren 

30/32 Queen Sire**i. >tairt»-nh‘ ,, aft - T«*l: MI628) 262«l 


Chartered Surveyors 


CRAWLEY. WEST SUSSEX 

3.3 Acres Residential Building Land 
with outline consent 

FOR SALE BY AUCTION 

(Unless previously sold) 

Thursday, 2nd November. 1978 

BRADLEY & VAUGHAN 

11 B rich inn Road. Crawley. Sussex - Tel: (0293) 23456 

hh' i*-li,T-i>nl^ ?nirs(w* Hi.l. KMepxu* Eaw On.-m-j-l 


WELWYN GARDEN C 

HERTFORDSHIRE 

Office, Production and Warehouse 

14 y 000 sq. ft. 

* - Balance of 999 yr lease. 

* Part with sprinklers^ 

* 5 Ton Gantry Crane. 

* Airlines throughout Production. ’• 

* Close City Cehrre and Amenities. ’ 

* First Class working conditions. 

* Easy access to A 1(M). M 10 and A 10. 

FOR SALE 

DeMUt from SaleApcntir . - .... - 


WH LEE 


53, Wigmores . North 
Weiwya Garden City, Herts. 
Welwyn Garden 29186 
(STD)— 070 73); 

















Unit factories of 3,100sq. ft 
Offices, toilets, heating and lighting, 
storage bay and car parking included. 
Housing available to tenants and staff. 

Ring John Case, Chief Estates Surveyor, 
0733 68931. 

Peterborough Development Corporation 
PO Box 3 

Peterborough PEI 1UJ 


tMb ow Bond ftttnwfcn W1S 30A- 







t' “SirlES-— 






lif^] 





• III# 

• J 9 


.NOW AVAILABLE 

TO LET 

6,2 00 sq. ft. approx. 

at 

27/28 Queen Street 
London EQt,, 

sole agents • ?{' . ■ 


CAN YOU ! f 

AFFORD SO M 
IGNORE 




• j 1 T ? t # , 



Hampton.||pns 


9 Oowgate Hill, EC4 

01-236 7831: 



...Am . ft 


• 90,243 sq.ft , 

• 40 minutes Victoria. 

• Full air conditioning. 

• Carpeting. 

• Recessed lighting: 

• Impressive double height 
entrance hall. . 

• 6 large lifts. 

• Up to 200 car parking 
spaces. 

• Telephones installed. 

• Computer floor. 

.• Town centre location. 



• Up to £100,000 for you 
towards partitioning etc. 

• Initial rent of £1.50 rising 
to £3.60 per sq.ft, 
exclusive. 

• Rates are only 
approximately 75p per 
sq.ft. 

• Other lease terms by 
negotiation. 






^•M^rCfe'be^jbfarmT ewson 
knocks 

Spi^'tfatern 0 ste r Square 
’ • < 

' 3337-13 

J itr>fcrurg Bahrain. Dubai 
jleWYdr k Sydney 



irneM^ 

f jee Bui 

SOOsflj 

’T * » -y !f\ il 

'» i..t' s 

O, 

.iU^* 5 'T .j 
l L* •“ ! 

!» ■ r .,j 

... * " S 


•lililA 


Self Contained 
Office Building 
4,745 sq.ft. 

* CENTRAL HEATING 
* SUSPENDED CEIl.I NGS 
* CAR PETS THROUGi lOUT 


First class rail tickets provided for . : : 
bona-fide applicants to view 
this building on request to : 

^ JONES LANG 

<§fe»fIS 

, Chartered SuD-eyors 

’.03 SVIVeAS. Tel. 0V-:93 6040 ^ 

rMRanfri 

i.iiTijnriii 

irarnrsa 


•0J3 


- -- 





Two air-conditioned floors in new 
Office building within 500 yards of 
Bank of England .. .. • . . :. .. ; : 

12,420 sq.ft 

and 

11,760 sq.ft 
To Let 



12 Well Court, 

Queen 5(re#f, 

London EC4M PDN Tel: 01-248 3751 





Modern Self 
Contained Offices 
3, 286 sq.ft. 

★AIR CONDITIONED 
★AUTOMATIC LIFTS 
★PRESTIGE ENTRANCE MALL 
• • SuIi-Aik-nts 

pV Keith Cardaie, Groves 
Chartered Surveyors 
36 St. Andrews Hill, London. EC4VSDL 

• 01-248 9771 


5 . 2/8 Parh Place St James’s 
London §W1 

' ^ ree hold in Prime Location 

\m bSM rdL 41 suites and ancillary 

Jn l l accommodation 

Ful1 vac ° nt 

• • possession 


■'■J '7 . 


possession 


W9>»W.l-VV>'*ftW° rV f-.- ' 


A development. by Ravenseit Industrial Estates Ltd. 




Closing date 
for Tender 
12 noon 
Friday 27th. 
October 1978 

Unless sold previously 



Particulars from 




r .J 


AKER STREET 


< 12 mins.) 


HEW OFFICE BUILDING 

7,300 sq. ft.. 

LIFT » CENTRAL HEATING 
CARPETED • 15 CAR. SPACES 
IMMEDIATE POSSESION ' 

Sole Agents - v- - 


MIDLANDS— Ml Junction 18 
CUants «ivnlna. superb Modern Factory) 
vyaraltOUM i22.000 m it* pwi modern 
Office BlocV tB.GOO so hi with * lurtftor 
S term el level hard cored ground—* 
2 Sim ddnwHws— Hnierasied in dis- 
uin‘n9 IDint venture bougM sub- 
contract wort. (idea* llnht nimblrl' 
U&i-ieatKfli or possibility el leasing or 
r>CA selling C.ONng company With 
tenent o> wnoio site. 

Conlail.’ 

F05TER & GILL, 

. . . £nate Agents, 

55/ST Albert Street, Rugby, 
Warwickshire. 

Tel: Rugby 75054. 


TO LET 

T00LEY STREET 
LONDON 

EXCELLENT SUITE" OP 
MODERN OFFICES 


Gwent 

5 minutes from (M4), Severn Bridse 
3D minutes from the centre of Bristol 


Factory -Warehouse TO LET 

for immediate occupation 
26,1)00 sq. ft. (can be divided) 


Agood kxation with Sow overheads. 

Good local labour and service resources. 

Intermediate Gram Status 



Iv V f 

2 

p'-J 


Ivj , • » j 





71 



> % <a| Drue* Houin 

ESI g 23 MafKiidatoi Square 

'■tftTJ’’- J London W1 A JOD 


APPROX. 1,300 SQ. FT. 
at low rkntai. 


I H.\rold E L tvi &Co; 


nil'll Lai Bridge icaad. London. E 17 
Tol. (U-Stt 92 U 


For full particulars apply 


The Rtefi.CliftorL, Bristol BS8 4DR Tetephone:0272-3906l 


Portwoil House, Chepstow, Gwent. Tel: (02912) 2817 


9 EUffDRD ST. 10HD0N WIK 2flt. D1-734 1304 | cOLL.?S =,C>T 


TV 2 i.ll. 37,600sq.ft.of Prestige Offices, 
A. IHUtll UU^U House and Training School, 


“ House and Training School, 
surrounded by 185 acres of 

9. OH HI m-m WV iLa^Y - : . parkland which includes: 

aag* 1 1 ..’ r 18 hole Golf Course, Nature 

lOlKa Reserve;and Sports Facilitk 




M Reserveiand Sports Facilities. 





■Iff 


TENANT REQIHRED 

II TP 51 1 • to support O.D.P. 2S.500 sq. ft. 
Hill III Central London. 

IjJflW, Many benefits. 

llOUll Write Box T.4966, Financial Times,. 
w — ICT. Cannori Street, EC4P 4BY. ' 


Please contact Sole Agenl$ 



-13-HilhStrBBTrt:ondon W1X 8DL IT Museum Street. Ipswich,'! PT THH 
01-629 7282 (0473)214841 
























• • . ' ' . ' ••■.•..■ • • :.- • • •.V-St-T ~ : ;’~M fTT^ 7 ” ™ ^ v’. ■r:'^---'..'-^'- 

Financial Tifees3^^|0^^j§^| 


ATrafalgar House (!ndustr^)l)eve[c^}ment 


PROPERTY DEALS 


North Orbital 
Trading 
St. Albs 



Facelift for 
Edinburgh 




New 
FroiuSy 


♦ S£r*\. •' :&&' • ' :• '. !;’ •?" •. •' I -vS •• ' • • • i ' •.'• 1 

: ; V: : ¥f: i''i '. 'H* 

|H HatmpioeiSon^ I 

;• ^ v ' ■ .:•••■ • • | 


Phase 2 re3 

' '/'ir 




U .' l«OC»r-W S£22 


10 Knaresborough 
Place 

London SW5 


THE CROWN Estate Commis- 
sioners have stepped in as the 
first developers to take a serious 
Interest in Edinburgh’s dilapi- 
dated south side. 

Edinburgh District Council has 
sold the Commissioners its Tree- 
hold on a 1J acre site — bordered 
by NIcolson Street and Simon- 
j Square — for a nominal amount. 

, In return, the Commissioners are 
i to carry out a redevelopment 
{scheme costing £2 J .m at current 
! prices. . The development will 
create 25.000 sq Ft of shops in 20 
units, a 17,000 sq Tt supermarket, 
a 2.500 sq ft oT offices. 45 fiats. 
| and 220 bed units for Edinburgh 
| University. 

I The District Council, which was 
| unable to fund the redevelopment 
itself, is expected to take a “top 
slice " interest in the commercial 
] content of the seheme. But its 
prims rr interest in the projpct is 
to spark a general renewal of the 
long blighted southern portion of 
the city. 

Kenneth Ryden and Partners, 
who acted for the Commissioners 
( nn the site acquisition and who 
| remain as project managers and 
I letting agents, have already 
i signed ud a pre-letting for the 
sunemiarket. Laws Stores of 
Gateshead are to take the unit. 

A number of short-let shnp 
tenants nn the existing site are 
{ to move into the new retail snare, 
which should be . completed by 
! 1981. The University has agreed 
I to rent the student aenmmoda- 
| tinn. and. the 45 flats will be sold 
! individually. 


for £3Jlm of Schroder J-und | 

money over the next two y®^. i 
■Late last year. John Brown.: 
who sold his Second Lmon pro-; 
pert jes for £7m to Mo P la * u J;; 
Burton Property l " v ® st ™?"n- 
close ttr the peak of the last bull 
market . in September 19' , 
bought Colder House. Piccadilly. 
Wl, opposite the Rilz Hotel, from : 
National Westminster Bams s 
Pensraan .Nominees. Schroder, 
has now come in to finance the , 
rebuilding of the block, which ; 
will eventually have 25.620 sq ii ■ 
of offices and two floors of i 
modernised restaurant and ciu° , 
space in the former Hatchetts 
Restaurant site. ■ 

Bank of Credit and Commerce, 
has already pre-let 14.660 sq fl- 
at £8.22 a square foot, and Mr. 
Brown's, group will receive aooi- ; 
tiona] finance from Schroder if : 
the letting of the remaining ] 
space runs above that now rather 
historic looking rent. Elliott Snn 
and Boyton and Lambert Smith 
and Partners are joint teTtin" 
agents oil the space, which should 
be fully refurbished by early 
1980. 



IMPOSING 
OFFICE BUILDING 

REGENT STREET 
LONDON W L 



an b 







LONG LEASE •LIFT 
CENTRAL HEATING 


epfaysde agents 

(Rat.EEL) 

Keith Cardale Groves 

nann«ISa.iMin < 

4? Norm Atniley Slrret. 

(jnwiener Sc care W | Y 2AQ ftl-629 6604. 


A 5-S Aw Indu^rial SHe 


From 16,00(W O,0Oo:sq..Tt^pf 

1 6,00^20,06.0 sq, ; ft. ’VVairXoiiSinJ^S 


in tlie area due west of- London: as 


Please send details to Box T,496S,-Finandai:%SJ 
UI Cannon Street, -EC4P 4BY. 


HNANCIALTTMES 

EUROPfcS BUSINESS NEWSMftR 


VOLKSWAGEN’S RECENT move 


Superb air conditioned ' 
office building 
4,225 sq. ft. approx 
Long leasehold for sale with 
vacant possession 



& Chinnocks s V 

Cha^tereci Surveyors. . ■{' 

44^-4$: BfoolcStreet-LondoP WVf JVB ■ 
qi ^-408.^1:61 ' . Tele# 22 1 05 ' 




rn a central pans d^not at Milton 
j Keynes released 30S OTO square 
} feet nf industrial sites around 
the country. Grant and Partners, 
(who have been commissioned to 
i dispose of all the regional dennts. 
; have now sold one tn British 
j Levland and have another two 
i under negotiation. 

Aveline Barford. 3 BL .. sub- 
sidiary. has paid £245.006 for 
VWs 22.310 square feeL 4.93-acre 
former depot at Murrar's Gate 
Industrial Este*" in Whitburn. 
West Lothian. The largest of the 
remaining units, at Ramsgate, 
has Itppn extended tn t -, ke in 
172.260 square feet of industrial 
and warehnuse space on IS acres, 
and hpre Grant is looking for a 
purchaser with around £2ro to 
spare.. 

The remaining sites are. at 
least initially, bping offered as 
underleases. VW has 46.000 
square feet on 10.8 aores in Don- 
! caster, available at £1 a square 
font: 44.830 square feet at Eden- 
bridge. Kent, on a 2.4-acre site 
offered at £54.000 a year: and 
22.170 sous re feet on 3.21 acres 
in Trowbridge costing £31,000 a 
year. 


WATFORD 

Modern 

FACTORY & OFFICES 

1*960 sq.ft. 

Central heating . Parking 

FREEHOLD FOR SALE 


CUlYMnD JT miviurv J TeLOi 834 8454 

iBigUWInMBgjsei MMniWHim nf 

56'S2Wi»M>r Foac London S'-V'.v 1DH 


ROY COOMBES. surveyor tn the 
managers of the £40m Schroder 
Property Fund, now has to find 
a home fnr around £lm a month 
of new funds. Competition for 
suitable investment properties 
has made him turn to develop- 
ment schemes, and a funding 
partnership with John Brown's 
City and Continental Properties 
provides a very comfortable home 


CLASSIFIED 
CCMMISRCIAI 
PROPERTY 


INTERNATIONAL PROPERTY 



SHOPS AND 
OFFICES 


NEW CAVENDISH STREET. W.l. 3.084. \ 
3.38 3.G.4 67 sc. It. Suocrb. modern 

I nBirc Hnnrc fn let Immediil* nrm. 1 


$25,006,000 FARM 

1 4,700 acres for sale 


office Doors to let. Immediate oteu- 1 
piticn. Initrjl Rent £7.50 per sq. ft. I 
inclusive of new ca rotting, double 
glaring suspenued ceilings with IlglM ; 
fitting^ etc. No orefnuim. Owners' 
Letting Agents Robert Irvmg A Bums. 
23-24 Margaret Street. London WIN. 
8LE. Tel. No. 0 1 -637 0821 


Short Term 
Office 
Building 

TO LET 


FOR INVESTMENT ! 


The famous Gill Ranch is now available for purchase 
with 14.700 acres of row crop farm land and one of the 
finest water conditions in California's world-renowned 
San Joaquin Valley. It's unique in all the west. 

This property is offered by Western Farm Management' 
Company. For 45 years, our firm has provided farm 
and ranch sales and management expertise to our clients 
throughout the world. 

For a brochure, write or call TOM SHORT. 


INVESTMENT 
FOR SALE 


FREEHOLD PROPERTY 
NEWPORT, l.o. W. 

TWO SUBSTANTIAL TENANTS 
PRESENT INCOME £23.000 P.AJC. 
INITIAL GROSS YIELD 8.1% 
GOOD GROWTH POTENTIAL 


^TMf 1933 

WML 



9,000 Square Feet 
APPROXIMATELY 


ApplY 

KEYDON ESTATES LTD.. 
104 Park Street, London Wl. 
Tel: 01-493 S441 


Western Farm Management Company 
815 W. Center Street — Visalia, California 93277 
PHONE: (209) 733-1000 
TELEX: 181-266 (WFMHDQTRS VISA) 



SHEFFIELD 

Prime freehold reversionary Industrial 
tfivi stmvRt. smhki sq. ft. lei to wd 
public uompam-.'S. Price £130.000. 
Joint Ast'iHS: 

David lmIs & Company, 

•V Galfour Place. London Wl V' 3RG 
Tel: Dl-tW ir>7 i Teles 32I0C*. and . 

Bernard Thorpe & Partners. 

'J3. Part Squaiv. L<vds LSI 3PO- 
Tot. OSS? i&M Helen 357IHK' 


IN. FRANCE 


15 MN FROM GENEVA 


INDUSTRIAL BUILDING 

FOR SALE OR LEASE 


MOBLEY, LEEDS. Modern block 01 SlKIK 
' and offices. Current net income on 
modern leases £74.000+ per annum. 
Gooo reversions. Offers in the region 
ol £160.000 tor the irechoid interest. 
Weather all Hollis & Gale. 29 King 

, Street. Leeds 1. Tgi D532 442086. 
EXCELLENT INVESTMENT — 2 nroocmis 
furnishee lettings, excellent tenancies 

! high Income, min. otcrfteadf and work 

I load. 5.E. London. £90 000 rcoulrcd. 

| Tel. 01-891 0281 or C1-693 4827. 


3,500 sq. ft. covered on 1.9 acres parcel. Parking 
facilities. Heating, light power available. Free 
immediately i 

For more information, write to: 

M. Terraillon 

TERRAILLON S.A.. B.P. 17 i 

74103 Annemasse/Francc I 

Telex: 385632 F 


FACTORIES AND 
WAREHOUSES 


FOR SALE — CALIFORNIA FARMS 





M 


mx* ■ : 



MILFORD HAVEN 


The building is in the 
heart of the City and will 
be available for 54 years. 


Property available for sale near town 
J centra in Milford Haven, currently in 
use as Builder's Depot. Ova rail area 
6.300 square fear widi central entrance 
! and levoral buildings. Would be suit- 
able for' a civil or mechanical company 
i seeking a base, in ihH area. 

| Apply: 

1 WE LOT ITT ENGINEERING LIMITED. 

| Station Road. AmptMIl. Bedford. 
Phone: Ampthill 402767 


Detail s’ frn.»i sole agents. 


I WOOLWICH. 5. £.18. Modern single storey 
i Factory. 9.500 vt. ft. offices. Excellent 
loading and parking. Lease for disposal. 
Apply Henry Botcher A Co. Tel. 01-405 

STORAGE A HANDLING facilities, fully 
alarmed. Uo to 15.000 cp ft. available. 
Only E miles from London Heatltrovr. 
close to M3 A M4. Short-term or long- 
. term considered. Tctoohone No. 01-892 
8824. 

FOR SALE: Steel framed building with 3 u 
I c tedding etc. tor dismantlement and 
rr -erection on ;n*w «tto 16.000 so It. 

I in two tw»s. i« ft to cam. Now 
Standing near Heathrow, write Bov 
t - Y«967. ' Financial" Times.' 10 Cannon 
Street EC4P JBY. 


San Joaquin Valley row crop farm, 4.3B0 acres planted to cotton, alfalfa, 
barley and vegetable crops. Lccellent water supply. Two-thirds of ranch is 
suitable for development to orchards or vme/ards. 

Meniere/ County row crop farm 2,700 acres of alfalfa, beans, grams, sugar 
beets and garlic. Excellent soil ' and watur supply. An ideal, property for 
development Into a premium vineyard to serve the growing wine market. 

For information on these or on/ other Investment properties contact.' 

SAN JOAQUIN PROPERTIES. 

1630E. Shaw Avenue. Suite 130-1, 

Fresno. California, 93710 UJ.A. 

(209) 12S-J150 


TO LET 

In Alsarp, 30 km south of Strasbourg, very reasonably priced 

INDUSTRIAL PREMISES 


suitable for manufawurms or qiorage. appros 15.000 w. 01- 4-W> «i n»- 

w HR crane installation, ind. offices and premises Tor social activities. Pan-1 fitting 
from 500 sq. m. onii-arts possible. Offers ro: 


Werbeagentur Knuncr & Feier GmbH, Abtig. 5580, 

Pf. 1805,. 7600 OffenharE. W. Germany. 


ROYAL* WINDSOR. SI LffdnardJ, Road. 
Freehold Shoo & PremHes al interest 
to ReUUcrs and Investors. Shoo Base- 
ment. 2 upner Hoars Frontage 3*R. 
Sales arc* I «QO sq tt. W.irc»ou*e 
1 .234 M fl Apply A. C- Frqal Com- 
mmial. 1 High Street, w.ndsar. Berk* I 
Tel. Windsor 54555. I 


INTERNATIONAL 

PROPERTY 


HAAREII A GOS5 «lue. sell an" manage . 
commercial nropo.-ty. 33. Pr/iKcssha, 
Exotv 51171. 1 


•WI5S 5Ki- CHALET. Frand new. bos: 
skiiina. Sleeps si*. Has nearly every, 
thing. 18.530 Dollar Premium esempt- 
Telephone: 01-642 1890. 


Real Estate Investment in Switzerland 


1. Industrial Premises 4^500 square metres SF.6m. PossiWlity 
of extension for a further 4.800 square metres. 


2. City Centre office building 5.000 square metres SF.24m. 
Mortgages available for both premises. 


Write Bor T.4965. financml Times. JO Cannon St.. EC4P 4BT 




'ITT 



ESUIE AGBnS 


MARK HOMAN of Price Water- 1 
house, receiver of tbp bulk nf: 
Amaleamated Investment and 
Prooerry's former porlFnlio. has. 
sold the 24.250 square feet Fen- 
virk House, at 2RR to 2M. Hich ; 
Holborn^ to Iran Pefrnleum Pen- 1 
siOTis for around £2.6m. 

The. block was almost com- 
pleted when AIP collapsed in. 
1076. Mr. Homan, using Knight 
Frank and Ttutlev. carried . 
throueh- the development and ' 
recently let the around floor shoo - 
units to Celcoii and Gaqliardi ; 
Desiqog for just oi'er flSO.OOO a 
year before marketing AIP's 
head-leasehold interest on the | 
whole hm'diri^. Iraq ^etvnlqi'tTi i 
was advised by Barrington j 
Laurence. ' 

• I 

THF WOT.VF.RHAMPTON hased j 

'‘William Whirtingham Group- of; 
Companies has resolved a site ■ 
rations lisa*' on nroblent for But-| 
terfield - Harvey’s subsidiary, 
Betd»-jiv. j 

Bpldrav current!’- occupies a ! 
mived mnee of hiiiMings at its 
ntount Plee*9nt h°wdqt | ' ,r teys in . 
Btictnn. With tho adricp of j 
Wnlvprha^ntnn acents Remard 
Huohoq. Kennavd -••ed Vaughan. | 
keldrev has now signed to nre-j 
let ifln non «;o ft of n**w indiic-i 
trijil end warehouse plant bu'U 
nartla'iv’ on a flvo ■*cre site ; 
assembled hv Whittinch-m and' 
nnrilv nn the «rn»«n*s adioin’O* [ 
Rarton Tn«tu«trial F****te. A* , h‘s j 
-fl m huildino proiect is com- ■ 
•nlet»d over the next rv-n years.! 
Beldrajr will move into the new , 
snace. vacating is present 71- 
acre site. j 

Whittineham ha« agreed to 
nurchase this vacated land from [ 
Beldray and has already won I 
planning permission for 140.000 i 
sq ft of .industrial and warehouse [ 
soace oil the site. At the end of: 
the day- Beldrav will have new' 
premises leased a' an open! 
market rent from Whitting ham. . 
and the develooer will havp a! 
total nf 2W.OOO sq Tt of industrial | 
space with an estimated end ! 
value of around £4m at current 
rents. 

JB 


SHORT TERM OFFICES 
IN LONDON 

Jofan Carpenter House, EC4 = 


Why be tied to a long lease when you can rent a 
fully-serviced office or suite in the heart of London 
on a short-term renewable basis? ' " . [; . 

These modernised centrailjvheated offices are ideal 
for companies looking for temporary prestige offices 
in London. Facilities available include conference 
room, multi-lingual secretarial, telex, messenger, 
photo-copving and 24-hour answering service: For 
further details telephone 01-353 6791. , . ..... 


The Estates Agents Directory ^appearS^oTt 
middle Friday of each month- and enable^. 
Agents, -.irrespective - of stae -or location.- To; 
knowm nationally and, indeed, international- 1 
cost of promoting your company is a$ foa 

6 insertions : of 2Jmes ‘ , > : 
each additional, line ... ^ . -‘3. 

13 insertions of 2 lines • ^ 

each additional, line 7 . — . 

Complete the -coupon with detailsTof your ;Gamjr^: 
return to:— , .. ,^>2 

Cliff Caunter, •- _H- : 

Classified Advertisement Department • : - 
Financial Times, ^ 

Bracken Bouse, 10, Caution Street. Lpnflon EGff 

Name Position.. 


Compauy/Address 



ADVERTISEMENT 


ESTATE AGENTS 
DIRECTORS 


AVON 

BRISTOL 

Alder (Stanley) & Price, 7 5:. S:e3bens 
Street BSI 1EC. Tel: Srisidl (02r2i 
299151. 


TUNBRIDGE WELLS 
Geering & Colrtr. Ourureh Surveyors. 
n 24 Hish StreeL Tunbrtdse Wells. 
Tel: fOS92> 25138. 


BEDFORDSHIRE 

Con noils Commercial. Estate .uiests. 
Valuers and Surre/ors. 3 L'nwr Gotdm 
S treet. Luton iPM2> zivn 
Kilroy. Estate Aacnu 30 -Sl Lares. 
Bedford. Telephone. iKOi.- 50932.. 


BERKSHIRE 

Chan cellars and Co-, Cmaiereial 
Property Office. 26 Greyfnjrs ' Road. 
Readlns. 0734 3PS«3>;. 


LANCASHIRE 

PRESTON 

Derrick, Wade, ud WMerw-Unlcemre. 
Lords Walk. Preston. I Jncarh Ire PR2 
ID a. Telephone 57738. Commercial 
Industrial development, investment and 
le'.nng specialise UtrotiRbou the UK in 
conjunction with Harlow office. 


UNCOLNSHIRE 

Bresden & Co.. Chart. Sum's.. Kstaie 
Akpt.is. Silver Street. Lioodn 0322 31321. 

LONDON 


CAMBRIDGESHIRE LONDON 

CAMBRIDGE & SURROUNDING CITY 

AREAS BairiUw Eves, AMemnuU Mouse. 

Douglas 1_ January & Partners, T.** Bishop&eate, EC2. Dl-623 1351. 

Downing Streei. CamhrjLte. Tel; ‘B223i Chcstertons. Chartered Surveyors and 
BXSS. Estate .Vjecis. Surveyors. Estate .\«eiua. aw. HgWn and 
Valuers. Land .\sents and Auctioneers Deventraiised i.dfires 9 • Wood St., 
of all types or Resldenliai. Indcstriau EC2V TAR. 61-flOfi 3835.' ' 

Commercial and Asrlculrural properties. Char Agents. Office Soeciallsts. 12 Well 
Branches ar Rorston. .Veuinarket and Conn. EC4. Tel: 24S 375L 
Saffron Walden. Collier & Madge. Chartered Surveyors 

CAMBRIDGE and Property Consultants .- j Si Bride 

Ettas. Dll ley and Handley. Chartered Street London EC4A4DE. fll-352 t>t*L 
Surveyors. Cenfecary House. Hunmadon Cenrad RriJtor * Co^ Coosnitam 
PEIS 6PQ und as Blscteraade. Cam- Snrveyoni ; snd Valuere. Ptanmlon House. 
brldBe. Ely. P-terljorxnuh. SL Ires ar.d Vemiiureh Stjfcet. ECS. 01-0, 9t» . 
St. XfHilsi. Tel: Huudnadoa 5«7L 20 ^ O'*** Cofll*. Ewate A Rents. Valuers 
lines And Surveyors. 164 Moornate. EC2M 

” 6XB. 01-538 4764. 

CHESHIRE Hampteii'Si Sens, skinners Hall. 9 Dow. 

WIDNES Base Offi. London. EC4. 01-2% 7W1. 

Dlxoo Hcndenim- K Co- ■‘^urte.-cd Kemsiey. White Icy & Ferris. Chartered 
5urvfijnrs. 32 Widnes Rd. inSi • U37. Surveyors. 20 RopesnaLvr Street. EC3. 

an. 

CmCA No mots Perkins. Surveyors. Valuers and 

ALL ESSEX Estate ARents. 10 North nmberland Altay. 

Balrstow Eves. 73 Hiab Street, BrpQl- -ECS. Tel: 01-486 4421. 
wood '0277V 226227. Smith Mclzack, Surveyors. Valuers and 

BARKING Estate Ajaent*. 17 St. Helen's Place, 

Glenity (A.} A Son, Chartered Surveyors. ff!.— . 

it Past 4 ir,<i hi-jsj our Jenn D. Wood. Surveyors. Auctloneers.- 

1 Vainers and Estate Aaents. Wamford 


unUNSLOW • . HORSHAN. _ . 

Horne a Sons, rffiaritffed Surveyors. Kina a wl t biwiwa 

1M nidi Street. Tel: 01-570 2244. • •. Carfax:; Hcmfaata. T«lL 161031 

Rhchanf Brampton & Co.. Sancnn. WALES _ 

.Lsents and Valuers. 2n Wn dMT Rnad. -p^H n g pawoB, Chartered 

Wruysbury. Tel. WrarsLura, 7^- Commercial dad . industrial statafcfi 

Emmltt Rathbooc. i .om mercial .' Indnsi r Pi ^ ^ -lnhm snoare, CartiC.cyi JJB 
a nd Residential Surveyor*. TahK ” J™ Tel: 27K6. also at G^wbester 
Estate Acouts, 15 . Clirwiw StreeL- bjudcbmo' v 

Staines 1 Tel: Staines 58321. _ Darid. E. tinte Pllie«, Oa« 

NORFOLK ' Ma. Caroline. Si.. Mid 

Turnbull & Co.. Chartered Surveyors. Coote.EArkuiilofcLXfi 

Rank Street Norwich Tel: fiKML" BlM-fc- Commercfei. Indttstn*- 

“Si sT K Lsm Tel: G3SIL 
Market Place. Holt. Tel.- 83*3 and West MM Wg. ; ' 

StrM. CT»W. Td: in, ■ 

NORTH EAST . TYtoYtt emtimaBU- 

S. O. Ellison a Partners, 24 NortliumhCT- Fisher AUM.& Co* AncnmmG, 
land Road. Newtsunta-upon-Tyne. .Tel: street. JJJ6 .»AD.- 166(1 HataS- 
10832' 240-24 also at Edinburgh. . : > "-tr: - . 

Storey Sons * Parker. ’ Chartered WEST .MIDLAND*- ■* :-i 
Surveyors. Newcastle 0®2 I®® 1 - • - r /■ \ .r -*^- 

0642 4M01 '- 

fTDRT HAMPTON ^ 

Arnold Bennett. FRIES. 20 Sheep St.. 6 b»- FMiw 
N orthampton. - Tel: iOfiWi 25517.. . Street. HifftMirae 

NOTTINGHAMSHIRE • vr , ol . cl . l0C ' T'-' id 

NOTTINGHAM YORKSHIRE , • .. . :r ■ x> 

Beardsley TbebbaWN. Chanered Snr- eu E FFiEr(j , . ji 

veyors. Chartered AncuoncL-re and T . smxton * C<^ Vhxn^'totjtpfi 
Estate Ajjenw. Estate Ag- fltt and VaMriv_21{to 

dentiaL Market. Street. 0b02 4S.51 <18 Srm?t sheffloldr-TeL.nm aadiH® 

U^ta » FrowatL Bank Chambers. ! S2g’ StSStvSSSi - ’ 
Mount Street. Notilnsham.'. <(»«> 4IU9. JS' - 

AsscMdalcd with Edward SyntuioUB * SE Lockwood E -.fUtttfcaOHt^ 
Partners of London and Manchester. Surviiro's- Proucrty"^ ^CJhiialnfflSii^Wf 
Neales of RoUtaflliaiii. Chartered ntadnM'ta 

Surveyors. 30 Bridlesmilh Cate. 0082 JMSSTSS jMfe ' 

cTvanagh William H. Brevm. Pruprny 

jr. LaM ‘ 

Walkor Walton Hanson. Chartered YORK • •: — _ .r?&3»£S 


Walker Walton ' Hanson, Chartered X 0 *? -u * ‘ ■ -r&gtiSi 

Surveyors. Estate Agents. • Auctlonee™. Brewlgr ^ 

.Commerda] A industrial Properly. 5 Eaa .o Ag en.j. A nnu »Hg3 ware» 
Byard Lane. Brtdlesmith Gate. JHottinB- J 

ham 10602 ) 54272 and ai 43 SlocRweil 'OWf' 5*441. 

Gate. Mansfield (0fl23i 35427. SCOTLAND ’ -.'fe'M, 

SUFFOLK Eon liunun. owrfcreff ^ 

BURY sr. EDMUNDS EAST ANGLIA Aberdeen. KdlnbUHth. JGbanN.'MgJ 


MAR 


Lacy . -Scoui, Commercial. Agricultural Perth, Walker SL. Edhltim^- W 
and Residential •' Snrvvyons and Auc- m7l. • • 4' 


fioneers,.: Halter Sir eel. iP2S4i. G353L . . 'Htnier. Parker 
NEWMARKET & SURROUNDING Charlotte St.. EdUUrnttn,' 

AREA5 ' ABERDEEN 4-" " - 

Deoslas L. Janoary 8> Partoerv, 124- gureott IF." G.L QrwWWlL^iirwff 

tSioh ermar ni.u-mirt.l To! ■ ‘ tilKICi- ..-.7^7 : V. IT- Dnfctth 


High- Street, WewmartoL . TeU fOonsc.valaiirs and Eaahr>fffiP«-4]^IhiW? 
.5731.' Estate Afiema. Survej-nrs. Valuers, T P rnice. ■ 2VL <0fi44> :"3C5afit : , "tT' 


CHELMSFORD 


Coart. Throgmorton St. EC2N. SAT. 


Glenny (A.) & Sea, Chari-red Surveyors, xel- 4H-3F8 0557. 

123 Sot* London Road ME45 - * 53374. rrsmsai 

Tayror & Co- Ghanvred Surveyors. a 

Commercial and Indusinai A^cms and s 

Valuer: 17 Dukp St TmI • • iVmi Surveyors. 3*H6 BDClnilTDBiTl 'SfrwT, 

n«/ ' »ra«J. London WCSN 6DU 01-930 «WL 

H AHLO w Dc Greet Colli*. Esraie A veins. Valuers 

J7 ade W “ er *- Terminus and Surveyon. 309 -no High Halhorn, 
House. The High. Harlow. Ess»?x WC1V TLX. pi -S3] TflSl 
C3I20 IUT. Tel. 39151. Tj'lox: S171S. Lander Burfiekl. iThanered Surveyors, 

Commcreial . lodusirial drveloptnem. Rgrpur House. 36'5S Lamh's Conduit 

invt-smneni and lenine snedallsrs. sireot. wntN 3LL. Tel: tn «l OL 
throughout Ihe UK to conjunction with Nttrd King & Pnrers., Sunerora. Eat 
Preston gffire. Asenis and Valuers. 81 Cary StreoL 

SAFFRON WALDEN & WC2A 2TG. 91-405 44B4: 

SURROUNDING AREAS WEST LONDON 

Douglas L January & Partners. 7 Km* Amheny Barriman A Ce.. Surveyors A 
■iirST" r . 1 T 1 Te J; 'OTWti Property Consuliams. Srandhrook Hnuw. 

Jtl76. Karate Agents Surveyon: «'5 Old Bond Street. Wl. Tel: 01-409 OWL 
velum. Land -^ents and Ancnoueeri Avion Hooper. Chartered Surveyors and 
of all rypes of Residential. Industrial. Essate Agenis. 312 Kins St.. W6 ORR 
Commercial and Agricultural orooertins. aD d Kenslninon and Birmingham. 
SOUTHEND-ON-SEA Chesterton. Tharrered Snrv'ton and 

Wallson. Temple. Talbot A While. Estate Agents. Wcsl End OfflceF- 
Chanered Surreyors, 34 Clarence Si. Factnrtrs. Warehouses. etc- 73 
Tel: 10782* 33>737. Croswuor SrreeL WL\ BJB. m-499 Mft*. 

GI OnrFCTTPCHiRP Connells Commercial. Estate Aitunt*. 

MLWUtfiSrEKanIRfc \aluers ami Surveyors 62 Grogvgnor 

Powell and PowelL Chanrred Surveyors. S' reel. W1K Bn A. 01-493 4332. 
Commercial and Industrial Specialists. Conrad RHfalat A Co., Cansultanf 
37 Ml Clarence. Srrcui. Clou. -srer GLl Surveyors and Valuers. Milner House. 14 
lEA. Tel: 38444 also at Cardiff 27688 MarwhMIcr Sd- W1M 8AA. Ol.Rtj 44V). 
CHELTENHAM A DISTRICT °“ vl * *9" ■? Kcrncrs St.. Wl. En. 

Lawson A Lawson. Chartered Valuation i“? s - . i'TTI * Surveyor* 614137 linn. 
Surveyors i Estate .Mwfncs. 3 Recent coil Is Ena re ,\j?en's Valuers 

Street. Cheltenham CLTw 1HK. «42 ?"? „1 r X. r . V °. T ^, CUHord StTeet. W1X 
21677/9. 2%L. Bi-ffid 

Marrispn & Ptners, Offiro SiwiiM^is 

GREATER MANCHESTER 57 Rlandfonl St wiH saf. oi^SS urii! 

Sntums. Chartered Surveyors. GO SannS J!*JT D " am * 1 ^* rtlrers - E«*a*e Aaenrs. 
n - .nfoise fiat ana n.in.- 'A UffB anil 5urv«Ytim "inn c-oreV-rHltre 


Gardens 681^32 OTOCl. And al BoIHncton. i , an J Sn "?»‘L ra .- 31,0 Sartrlttt 
Cheadle Hlch Lane. Alacelesfielrt Sialy- ? ,rper - Lo I*? l, 2 Wl - Jri: M-4::7 27S1. . 
bridge and Wllmslon- m Che-rtilre. New i 6 ?”!?- 36 "™°" „ s, w«. wix SI An. 
Mills and Whaley Bridae in Derbyshire. T j J"-* 3 * Offlee* i n Ertinbtir.ch 
UpDermlll In YorkshirB. J™ * ,soc - ° mce >n Dublin. MaUa and 

Chlcaco. 

HAMPSHIRE Anthony Upton A Co.. Office. Indnstna] 

SOUTHAMPTON. PORTSMOUTH f ! P 1 , ^i ,, lS? B SoiTcror *- » CurMn St.. 

FAREHAM “L 0I.V>1 2700. 

Hall Pain & Foster. Chartered Snrvryors. ?,^, w ,.5 rt 5[ n JL S '« 1 oS ,T,|,any ' part 
Valuers. Estaic A cents. .-3 London Road. wISTniJift r- ^ - 

SomhnmDion 'i)7K5i 2S915. ° ," er ^ Co. rnfficc- and i.ommerclal 

Property Sue. -la 11ms *. ITS New Bond 

HERTFORDSHIRE wit oi-wt r,t>i 

HATFIELD i*" * .f E'taio Apoutu and 

Maolt A Co- R I.C.S.. Com. and ind. | ^^es 
Property and Dcvplooracnt Consuliams. smiO*' giL-H™’ 5 

Salisbury Sq.. Hatfield. Tel: 6M79. fSi^ Ar^Ts^T' VaJllf TS and 

HEMEL HEMPSTEAD K£? 03-ri Wl - T ^‘ 

R. J. AUcblsoM. Chartered Sarveyore. r nl , TU wecT 

S3 Marlowes. Kernel Himmncad 344*i a. 

Gordon Hudson A Co, 4-S Oueenaway. eflreentre 5lS ^FSn,r U lT , “ Consultant 
Kernel Hemnsrcad SltfiRt, it linrei. ® PaD 

LETCH WORTH. HITCHIN AND iinnnV. ^ »<•'**» «». 

STEVENAGE V™?* 'fljnnon . Street. 

Heodakw. Indastrial Dent.. 44 Bread- ,5 W il T *’ 1 ' 8:22 - 

way Letchunrtt, 377.1 Hltcbln 39643. S, OU ,t H « MST „ 

Slevcnace 33309 David Baxter. Commerelal Detsr.. Its- 

ROYSTON A SURROUNDING AREAS s? l ?S«? ,reet - Pen<w S E20 "C'B. Tel: 

Douglas L January A Partners. 2 3 

Fish Hill. Rovslon. Tel (076'.i 42S21. • -' ■ 

Estate iVcents. Surveyors. VaJucrs. Land , ■5 1,ael Berman A Co., shop Office A 
Acnms and Aurtlon.n.TS of all [ynes or ' nau J ,u ^ r Specialists. 33P Rnupjita Park 
Reslduntla]. Industrial. Commercial and n ® n “ Finchley. N3. 01-349 Ku. 

AtrinlMinl prone rfies- NORTH WEST 

WATFORD Bonncti B Co.. 1G7 Crtriile.rootf Bread'. 

Cordon Hudsbn A Co.. 147 The Parade. H '*F ' Nvv 2- 01-452 M6fi. Sueclallsts Ul ' 
Watford 39711 ilO iinusi. remmerclal and reslrtennal orooertiea 

ITEMT Philip F'thcr & Company, ■■ FUh«r 

KENT . Iinusi'. irtb Hendon Way Lomiaa 

ASHFORD KW4 SLS. Tel: 01-202 Tnrorn^ied 

Burrows A Day. Chartered Survey nro. **•****• Auctioneers a rut Surveyors, 
and Estate Acnnis. sfl-41 Bank siren. * ,,, 2 P tndurtrlfll Shoo fnnunereial 
Tel: 4slilord 0131 1 24321. ' J Residential SoecialiKis. -Hj Kcnnsh 

Gearing A Colyer, Chartered Survey nrs. Tourn Road. NWS. 01-287 2071. 

Bank Street. Ashrord Tel- i0233 i 343til. MFRcpYUnr 

BROMLEY A DISTRICT LIVER PODI 

Baxter. Payne A Lepper, Chartered rnff, Hrniinr.nn *. e 

Surveyor!. 19 East Street. 0I-4M list. £o.. chartered 

DARTFORD tJ!'!?;,,” ^ Ral1 Street. L3 0PP. 

Praii Champion .A Prnll. Chartered . 

Surveyqrs. .lucttodeejy and Estate ^“ rmcy "“«■« A Ptners, Cwnniflrclal 
Aneutn 76 Solial Si reel, Tel: 2SHBI. Pn operty and Intesunent Valuers. 48" 

MAIDSTONE S 3 -^ 1 * 13 H,0. MI-236 1448. i 

Gearing & Colyer, Chartered Sunreyors.. ?>' ^ S^eroro, , 

E . Oilman House. Kin#;. Street, Maid- Tc1, tol-SS8 9®S- ?! 

sroni-. Tel. i0«?2' 59291. 22 "24 niph *T- Hel T7 H 5 

Street. Tnnbndise Wens. Tel: NN3?i ““ 00 ‘ Hemiww" A Co.. CharrerMt | 
27,tn<; Bank Street. .Vdilord. Tel: tB233' Snrvnyors and Estate Acems. 5 Oanrt--: 
34561. • ton Street. WAlO 1RR. St. Helens 54417. ' 

ROMNEY HARSH AND DISTRICT MIDDLESEX 
Tinier A dtaeb. Valnnrs and Estate HEATHROW 

AKems. S.'w Romnev. Tel: BS793 31M. apc liuemaNnal. indnreia] conk 
SEVE hoars mnjtlal. SuntesarP and Property Cot> 

H 009105 A Son, FB1C5 Hone Aceois, sultadl*. The Lodne. KarmoodlWOKh.' 
Eh-raie House. Serenoaks. Tri. .12331. Wen Drayton. Ol-TM tom. 


Land Asenis qmt AucthmeuTE of an Jamcs r, ThotsoW IPrfljrfrllrtWJ 
omea of. RnudenHal. IndustriaL Cwn^.^,. enwro Street Aberdeen. 
merrlal and Agrlcnltural .protwrOe*. Tel 0224 5E4S6. •• ^ '£■ ' 

Cl RJDFY Wcb«*r .A. Co™ 7 Chattrw4^l|Wj- 

gKlSfQRO ... • 60UntotfStreeLABL.«^.^i?f5 : 

Cubttt A West, ComtnriTla] Surveyors. EDINBURGH , __ - ^r - 

44 High Street. Guildford. Gufldhnd & 

6483 77277 or 68SB5. tfl offices In Surrey. «!-*» at „ 

Sussex- and Hampshire. . Umvee*. JS/55 

WOKING •; S»:4% , -• 

.David SmUhyos Partncrshlp, Commercial Hydcn. 

Consultants. I Wcsl Street,. - Wnkint S uree jars. Jl H^nn ver 

Tel: WoWng 83888. - - Tel: 0U-22o -• .. M . 

Mann A Cd~ Chartered Surveyors.' GLASGOW >: . 

■Wofin*. Gulldlord. Camberley. Farn- Conrad Hitbtat A-Co^'QmSjBL 

ham. KltiBEton.BD<m-Thames. Wattno- Ylre^iS Bhyal Cress CfiSSL-- , 

upon -Thames. (JO Associated Offices 3877... "_v. :- ^-a3F. 

throughout Surrey. Hants. Brrks.. Euan Wallace and 

Middx.. Sussex and Dorset. Head Officii: G»’nrge-.'-Stfpct l . .GftSMffj-JrtKSR?. 

.22 commercial Way. WokJBE. GU21 1HB. 4303. ". . . : -- ~ 
Tel: Wok Ins (048621 70071 (10 Ifnesj. Rydeu. Kuindth anfl Pari ff*^^ ' 

SUSSEX SCSSfeSfcSf^^S 1 " 1 ' 

Clifford Dam Commercial, Chartered Webster A Go.. Chartered 
Sorveyorv. Afimra Bouse. Lewes (07910 ' ji w«t Kile SC. G1 2PJ- W-&* v” 

4-175. (Six local olftre*.* 

Eric March am A Ca_ 51 >53 Church Rd.. ram Asm • .'jri 

Hove. Tel: (D273>._ TT3S3. Commercial mcu '” u ' . . • .*■:£ 

and Professional Departments. Sales. BELFAST ■' • • „ -itg' 

Lettitisa. Aeqoimmms Valoatloos. Rent Usney A .Sow.-U.-26 Dpgegm-^*? . 
Reviews. Surveys. PlannluK Manage- Eey» BcUffal F. *9K*' * :>„■*' 

meot. Offices Ih roach mil Mld-Suxsrx. CORK . • * . " ' !• •» . 

Stiles Horton Ledger. Surveyors. G Litnay A Son, 35 Grand Parade, v* - . 
Pavilion Bnlldincs. Bncftton i(i273» Tel' 35079. 

21381. and at Hove 720777. Eawhourde n UB ,,M 

arajftraBsra: asssw^ffSi 
ar jr js?- . ^ Ero ’- ^ : 

; SSrt wST AiXOCUtaa ’ * Hlah -dSS ,‘W* * 

iisar. channehslands ^ d 

HAYWARD’S HEATH GUERNSEY „ tTWt 

Ceeriag Sr Colyer. Chartered Surveyors, L* Fosse Estate AgoMS. ■ ^ 

133 South Road. Haywurd's Uralh. Chambers. GiaUajnr 
Tel: (0444' 373! I . Peter Port. Guernsey- Tel. 


PLANT & 


A trey Gntwlsile. 26, . 11 -Cross’ Street. 
61 anchesrer M2 7AQ. Tel 061-634 9177 
Bairs loir Emu, Value Vs and Aur. 
tlnucers of Plant & Macmacry and 
Trade Stocks throimhoui Hie U.K.. 
Aldermans Walk. EC2M SQL. 01-623 
1231. 

Frank G. Bowen Limited (EsL 18241. 
Specialiil Auctioneers, and Valuers 
of Machine Tools. Tettlh- Machiuarv. 

. Builders Plant and Materials. Trade 
Stocks, etc., lo- rte UK. 15 Greek 
Street. Shaftesbury Avenue. London 
W1Y 0N\. Tel. 01-437 3244. 

Hoary -Butcher A- Co. Inc. LcoaaUI 
Farmer A' 'Sons. Auctioneers A 
Valuers. 3S-62 Hlub Holboru. Lonlun 
•- WCtV 8EG. Tel: •' 01-485 6411.' Also 
at Birmingham and Lv-eds 
. Cotebrook. Evans A McKeniie. 5 
Quality Conn. Chancery Lane. 
London WC2A 1ITP. Tel: 01-242 1182. 
Specialist Valuers and Auctioneers, 
to the Printing Industry. 

Edd Isons, ciiartL-red - -Simeyors. 
Industrial BiiOriinR. - Plant ■- Jr 
Machinery. AucUout3.-rs A Valuers. 
-Pennine -House.* Russell Street.' 
Leeds LSI 3RX Tel: iflSTJi. 80101 
ALso at Huddersfield. Bradford and- 

Halifax. • 

Edwards, ■ Bhrwoetf Beuriay. zs 
. Colmore Row. Rlrni>nabam_Bl 2 KG. 
Tel: 023-236-6477.' . 

Jilitt FoonL chartered Unrveynrs. 
61 Quewn’o Gardens. .WJ; 91-402 ftftti. 
.Valuijni irf' industrial' Properre. ' 
Plant and Machinery In. the UK, 
-and abroad for lad years. 

-Fuller Pnfsor. chartered Sumreors, 

. 9 Leopold Street. Steffield SI IRW. 
Tel: 187431 3433t.. Tele*: 54709a. 
Bead Office London. 
l Goddard and Smith. 22 Klmt SWmd. 

. St. Junics's; London swiv 602 - 
■Tel:. 01-338. 7321. Vatoers nf all - 
: Plant add- Macbintry and. Indiemal ' 
,Prerat5es - ihrandumt the United 

-.KlRSdom. art. ComineoL. . 

• Kenyons, Lumb Lone.-* Andcnshav. 
VBnchcsier M34.5GW. Til. 081:3711 

-CSlfc;.- • -- 


la* — -i?,*) 

Hamnett Roffeiy. Chartrtci 

verors.-AiKMioueors and vakro^ , 

Plant. . Machinery ' *«7. .P SS 
Premtocn 'ihrooBtonar. UiOwd. 
dom:- PO Bo* 1. M ™ ^ 

Hiub Wycombe. Bucks. Ter 
2] 234. ... % • .» 

king A Cb.. . bartered SnrtTFgi 
1 ■ Snow . Rllt- Lund on jE'JjA J 4?7 
Tel^ 41-338 28». Teter 8fa43 3. - 
Herman Levy _AjmcLm» * 

IncL. Cuarantecd 'VjMMMA : *■ 
Aurtlws oT Plant . and 
P.O. Box -UR, 'lanrfpfl SWiH re, 

Tel-' fll-s-ri -5LM. Trie*. SS728L---- 
Edward RroIimil. Son A : Wg 
•iEhi. lSKb AUCUOUCertte 
sors ;*• .Vainers.' J8 Ca ^Sv-7*Bifc 
fTtnswnw Sq.-. ■ Londou 
Ti'l- 0L4ffl «isr and at 
DghHn. Mancbfsricr.; .. Sjono , 
MMbndrnn'l- ■- 

.Sanderson. TasMead A “ l3St 
MKltltoUirmsuh OMI . 1*0^1 
y.l«li' . M3? MZ6M. narlKpnW^r 

c: j=. Smgtaten -A Co- 
.SurveFOrti ' fcrifl Valuers , 

Mwhtliew ' and FartMT- 

Lloyds Bonk .Bo ild loas^S KW*..":; , 

■l4anehi»mtu-:-'2. -0SVSS2 
Edward Sytnmoos * . 

Anatiaoporir 

Roartl- London ^ 

W S34 WH jnd-.at «Wto« p '5'. 
NotungtraTti .... ' . . -7 - Jjla 




Notunglram.,.. -?■ '^a 

Walker. Wallin A Kmta 


walker, waten 

Sors-cFors. valuers suld - Aj S^Ss 

ISS.'- 


10802k 54272: 

Gate. MansfirW TtU *f£S- 
Melton Mowbray-??. 

M-hoo MowbW. 

WeaUtonaGs'acu.A' Stnlw- srJS 


WCatlttMU-GTOcu.* Smi th. 

:Sb bwMOM.'/ 

■CharrceO' Ti*». I^Wtel Fr.re-. ^g jjg :. 
•0MOS «M4.' -JP ' AtfrtkB^ v 


Und«n EC2- 91-^ JM *. ' I 

Wetberail HoUIc. .*.&biPv?5L , 








Villi 




Pinandsl Times Friday October 13 1&7S 


jv>U, 


■i' fj* i 


,R * is.fit:,! , ,J ^l! 




J^irain and 
’ -byabean 
rices hit 


SOur Commodities Staff i 
J* AXD soyabean prices fell ? 


‘Disaster’ level 
for egg prices 


Upturn in 

cocoa 

market 


COMMON AGRICULTURAL POLICY 


Surpluses out of control 


BY RICHARD MOONEY 


By Our Own Correspondent 
THE RECENT fall in London 


BY JOHN CHERR1NGTON. AGRICULTURE CORRESPONDENT 


itm 


; 1 ; . . ; 


- iliure secretary fo r inter- egg marfceiii».-L ro.nsprUum. Xaltomli Va'mcre^UnlM 
; r h a ^ airs ' * aid Uift USDA. claimed >up!i*rda;. that the cut* j !v livwioek ^iviilou s a 
, have to work out oe;*- meant « S pi“ces would bo «t „ e .J nrfc.T^iii w« "d£ 


n Inten- 
ds id the 


I and March cocoa reached 
! -£1.334 during the mornlus. Bui 
: prices dlpptHl during the after- 
1 noon following Ihc anuoouce- 
] nil- ni of first week puTchaws In 
1 Ghana's main crop marketing 
! season. 

j The Ghana Cocoa Marketing 


.* the 1B79 fmfcralu law. over in reuJ terms, new* '"for *£, jSduSST lK 

lf te l ,l *i e *S. !2? £*•:*»* «H^ Ve pntc* often P fo!l ’ ih October 

' : deu™lJ ^ udd«d. because uf inernasud eas hatch. 

'nr*i?i£!o tJTi September** price rise fal- ins. hut this had nut been a 

^xnnri= to «ThPr ‘ ov,ed an upiurn in consumption major factor this year. Manv of 

■ .? eBni 9 a °ni r rh?^K « ’»««■ '^u-t '»** holiday, the rhiehs hatched had been 

s C" 1 " 5 ,M Uie s *' w, .l.B! ihi* impreveraem ti.i not export, ;ll 

ronfirmert flip it c been maintained. . He olainnri i he weakness or the 

confirroed the u.s has .... market mainly on the difficulty 

■>. the Soviet Unmn approval The egg maricet . .is- s»* u ~c t.u_ 


rJcr fall was '"disastrous i *•»* 2“ S2L.SS 


Id buy up to lSm tonnes or by 4 per cent in the first hair ?harp!y , m . W!Spd i-nmnotition was 
and corn without further of the year and by 7 per cent in from lhr ,i s BraziJ and Eastern | 
IthUon. July A n per cent fa!! in August Europe u her- la vm are fed on • de» 


week ended yolerdsy lutallcd 
11.896 tonnes. Last year, the 
main erop season started on 
October 14 and nn purchase 
figuVn will, published until 
November 14 hy which time the 
cumulative total was reported 
to have reached 14,529 tonnes. 

Traders generally Jiad been 
nmieipailng a good start to the 
crop, however, and the early 
downward reaction, which took 
March roroa to £1,912 a tonne, 
was quickly discounted. By the 
close tlie market tone was 
described as “steady.** 

Dealer* explained that 


MR. DOUG ANTHONY, the 
Australian Minister for Trade, 
ha* been attacking what he •:a!U 
the , *dumping*\‘’. EEr <y ?3r 

iu Papua. N r r\v Cu:nc:i rl-hi on 
Australia's duor$i'*p. in -i nurket 
Australia regarded a.* ; r -id ; i. on- 
ally its own. 

A source in Chile rev.-rted the 
Other day ihdt EEC stie^r exports 
were ruining the ■*u;ar neet 
industry in the south yf thy: 
country. 

U.S. Congress is pre-.Mii;.; for 
counterveiling duties be plated 
«n imports- of EEC sugar, ham 
and other products. The \pv 
Zealand Dairy Board com plain* 
of unfair i?nrapet!lion on world 
markets. So It siwi on 

The*** complaints centre on 
the methods used for the di‘;v»Sdi 


of the European Community fund 
surpluses. When a commodity, 
say sugar, is in surplus rn o'i'ii- 
m unny needs The Cnnmi-inn 
lenders fur traders, i u md fnr 
export licences and *uh»:d<p> r. n 
a bj«is that will enable shorn i,i 
com pete with sugar on world 
qiarlrecj. 

Tor instance, the world price 
of white sugar is about £11S p**r 
tonne, but to bg coni pen live FEC 
sellers have recent’: - a 

subsidy of about £134 per torti**. 

Only, of course, the EEC does 
not rail it a suhsSdv— 'he term 
used is restitution The Commis- 
sion defends this hy savins that 
ail it does Is reduce the EFC 
price of the commodity, so thai 


Haiha'ATiy said, ba^d on wj; seen by Mi. Dents Cun?- pnrrals routine uhout hQlf ihe _ , . . . . 

iS assessment uf liic Soviet mines, chief executive of the EEC p nc .,, This had led to :i . Dea!c ^> , explained that 
and livestock feeding Eggs Amount}, as evidence that f a H in EEC ess prices Mr. Jones ! h v^i Ch . 

■emenrs, oct grata itaports th«s tide had turned, but Mr. 53 ,^. let cl the early Ghana jpur- 

e USSR is not likely to Cu:n:n:ns« warned yesterday He also thought under-rnn- l 'hase IIrutc was no better than 

SI Hm. tonnes thK year. .“there are still too manv hens sumntiim had hit prices. “Fsg normal. 

USSR bought 3.47S.700 pi’Oduejr.a too many 025 ^“ " cotibumplion has nsen sliahtb In M'ashlngtun meanwhile, 

» of U.S" wheaL— 2.670.100 ‘ He *a?d she nsc- in chick this 3 , ear hut not by i lie nmouni the U.S. Agriculture Depart. 
5 from the 1977/78 market- ptarrags had begun 18 months that migh! have been expected menl forecast world J978-79 

and SOS.600 tonnes ftwn ago fhe August fall could t n view of the low prices." lie J cocoa production at I.4m 


?9 year supplies— and 1 not &■' expected to be reflected -la-d. “At a horn 2Sp a nni'pdi tonnes, about S per cent below 
.700 tonnes of con tn the : n egg production uatil the near eggs compare very favourably) the L47m produced in the 1977- 
■>3 year of the agreemen' v car. with other protein foods such as 1 1978 season. World grindings 


the trader can sell ;t at the world 
price. 

This, of course, is " damping " 
in the eyes of the Australians 
ond many i/hers. 7he» are loak- 
mg for the cMauiishir.eni uf rule.* 
cnd*T 'he imtitirialiuna! trade 
negotiation.s in pro tec' the inter- 
es:., uf traditional agr.cuiiurai 
evnuiitri. 

The accented dcfini’.un of 
iliiei'-jinu - .a the *»!»• nf goods 
abroad at hs.- rh-.n the lOs» on 
the home rnarke: And. m the 
vaw of tev.lc* ,.nd other pro- 
du. is. the EEC ha- been pretty 
assiduous :n trying »•! stop it. 
where ha -in is being done to 
local inttTc*i*. 

The portion for agricultural 
products is noi quite as eiear 

cut. An article under GATT pro- 
vides lhjt subsidies on a^rirut- 
mral exports should hu avoided, 
hut if 1lu\\ are used :i should not 
be in ‘-iicti a way as gain the 
count*. t euneernei :-n unfair 
share of the world market. 

EEi.‘ -pokesinvn bn-.e claimed 
that they arc f ar from .seeking 
10 gran a iarge share nf any 
market and d.'i no: intend t«» 
establish the Community ns 3 
major exporter of food They 
point iu thr* very real cost of the 
restitutions, and :he attempts 
which they ere making to keep 
production in check In any case 
they claim, the Commission has 
no say in the final price charged. 

The restitution is calculated by 
a formula which takes account of 
the average worid price, and 


should in theory mean that no 
undercutting would be possible 
without the exporter losing 
money. But-according to critics, 
cither the rcsrituticm* arc too 
generous, or there -«rc further 
hidden national subsidies 

The New Zealand Dairy Board, 
fur instance, claims that it is 
losing much of its butler mar- 
ket in tho Caribbean because nf 
aggressive cut-price idling by 
Irish interests. Com plain it to the 

Commission have brought little 
comfort. 

There do appear to be two 
separate facets to the dispute. 
The U.S. Government is under 
great pressure from domestic 
interests to halt the unfair com- 
petition to their home market by 
subsidised imports. 

But overall, the U.S. exports 
of agricultural products 10 the 
EEC are much larger than their 
imports from the EEC in agri- 
cultural products. 

This, of course, does not apply 
to the oiher iraditionnl exporters, 
who state (hat. unlike the U.S.. 
they have heen almost i-oinplctely 
sh»! out uf the cunuimnity. The 
US. admittedly is facing increas- 
ing difficulties in selling grain 
to Europe, hut doc* still have a 
very large market for such corn- 
modi lies as soyabean*, con on and 
other oilseeds at present out 
subiect to import levies. 

They also claim that com- 
munity traders, backed by the 
restitutions, are fundamentally 
■weak sellers and will always be 


prepared to try to secure a lar;cr 
restitution simply to set rid of 
the product. This of itself makes 
the market bearish. AH of them, 
the U.S. included, are appalled 

b\ the news uf record harvests 
and milk yields in Europe this 
year. 

la fairm’s*. those who founded 
the Common Agricultural Polity 
years ago did not foresee the 
permanent, ur structural, sur- 
pluses which hate buil! up in 
milk and sugar and arc very 
likely as well for grain and beef. 
Nor "was it envisaged that EEC 
prices would rise so far above 
those uf the world market, with- 
out some corrective action for 
which the CAP did provide in 
theory. 

The restitutions were expected 
to he no more than a temporary 
expedient to deal with sudden un- 
expected surpluses, not as a 
permanent fealurc oT policy. .Now 
the system has got completely 
out or hand, and the whole of'the 
CAP is taking cm the character -of 
a Frankenstein monster, which 
no nne can control. * 

Those who seek to defend it 
argue that while surpluses may 
be embarrassing now. they are of 
short duralioa: that within a very 
few years rising population*, 
droughts and other natural 
disasters will make food scaree 
and it will all be wanted. 

That, of course, was what Dr. 
Malthus said 200 years ago. and 
he and his successors have always 
been proved wrong. 


-• )A also announced that 1 If nothing were dune .low meat and fi e h," he said. 


are forecast at about l-”Gm 


has bought an additional returns cou’d fore* «ame Mr Jones ibniicht increased tonnes. leaving a surplus of 


O metric tons of U.S. corn producer* out of business lead- adverii*mc effort might help | 110.000 tonnes. Market sources 
‘ rlivery m 1S7S-79. After iing to a .shortage . and higher. More TV :*r|-.e nisi n.i in Scotland j said this figure agreed broadly 
out of the U.S. gram mar- prices next rear, he warned had '«*d tr, bigger ihan average) with their own projections 
or four years. China ha* - The authority is <!ii! making increase m con sumption. (hough (he Indicated surplus 


Hopes of wheat pact rise 


.'%■ . Sought about 2.5m tonnes: 

ical and '276.000 tonnes of 
' -w.. It has also this year pur-! 
1 $nyabcan oil and cotton. . 
’ Soviet sunflower seed : 
it has been completed is 
• • ‘JS per cent of the sown i 
■ ii-icand the approach of winter . 
: neaiening the quality of the , 
the agricultural daily ■ 
* :>iya Zhizn said in Moscow, j 


Heavy selling halts 
rise in metals 


(hough (he Indicated surplus 
was much higher than the 
19.000 tonnes forecast hv the 
International Cocoa Organisa- 
tion earlier this week. 


BY GROG 5MOSARSKI 


Coal shortage 
threat to 
Indian tea 


.S. tobacco TIN PRICES roRB to new peaks after advancing strongly in the ^ 

k3. tuuau,u on the London M etal Exchange morning, ended the day lower WASHINGTON. OcL 12. 

-vf\r| filCrbpT yesterday. But. jn common, with because of afternoon selling. The Senator John Heinz blocked 

W|J KlJgllvK other metals, the market wait hit decline started in gold and the Senate consideration here today 

WASHINGTON. Oct. 12. :by heavy profit-taking, triggered precious mcials. which lost 0 f a Sugar Pricing Bilk 
I97S American tobacco crop off by the flntipr trend in the ground in New York when the Co __* ’ i 0 „j„ 

imated at about 2.01 bn lb.. dollar tn the afternoon. dollar moved up after further -jJJJJIf'S rd ^weed Lt to nush 

' p?r cent from last year’s Standard grade cash tin after support measures, and a rise in ™ “JJlSJSltfS'S 5? inwAi 

..-non and 1 per eenr more ' reach.™ £7.740 al the moraip e ui. prime interest reles tn to °; i C ° nS . M "VedS r Sl o5f e mlin hl' 

forecast last month, the! settlement, closed at £7.CS5 * per .cent. oc 1 Sen Heinz Senator Hein? sa^d 

griculture Department said , tonne, slill 195 up on the pre- ' 'Silver prices, after topping *6 \ ^ 

: vious day. , . fund -*500p) an ounce In Ihe | rh f.^vanr report had not been 

e-cured output. 1 estimated: The firm undertone of -the mbrning. were also reported j? *™ ate for Ule 

. most l^Sbn lb as of, market reflected a sharp rise ; n have been depressed. requirea mree aa.s. 


BY JOHN EDWARDS. COMMODITIES EDITOR 


Sugar Bill 
blocked in 
U.S. Senate 


WASHINGTON. Oct. 12. 

Senator John Heinz blocked 


ROTH THE EEC and the US. 
delegations arc expected to press 
for the reconvening of a con- 
ference to negotiate an inter- 
national wheat agreement when 
tho conference'-: interim com- 
mittee meets in London on 

Monday. 

As the main differences at the 
I talks have been between the EEC 
and the U.S^ observers believe 
that the London meeting should 
ensure that the Full talks start 
• in Geneva on November 6. 

I The differences are largely the 
same as they were when the 
conference stalled in Geneva just 
hfore Easter.' But members of 
the EEC delegation have hinted 
that the Community's position 
has softened, and some believe 


; that the talks will lead to an 


?r 1 surveys, is up 9 per Penang overnight, and forecasts Silver bullion closed S.5 cents With Congress planning to 
rom last year while Burley of a sizeable decline in- LME lower, at 592.75 cents, after being adjourn on Saturday, the Sugar 
o. at about 622m lb, is up 'warehouse stocks this week. fixed at 601 cents (301.2p) in the Bill could still be brought up. 


i agreement. 

) The most difficult point to 


cent from 1977. 


Copper, lead and' zinc values, morning. 


possibly tomorrow. 


I negotiate will' be the extent of 
, ! financial help that should be 
• given to the poorest countries 


in enable ihein to carry iheir 
share of the internationally co- 
ordinated stocks. 

These countries can get finance 
to build their stocks from the 
IMF or the World Bank, as the 
U.S. keeps pointing out. But the 
countries arc also worried about 
help towards the cost of main- 
taining the stocks. The EEC 
delegates say they are looking 
at what the Community could do 
to help. 

The U.S. is understood to be 
reluctant to contribute towards 
the poor countries* sleeking costs 
because the main advantage of 
the wheat agreement from its 
point of view land also from 
Canada's) will be sharing, of the 
burden of carrying a major pro- 
portion of Ihc world's food 
stocks. 

Progress at the talks is 
important not only for the 
world's grain trade, but also for 
all the trade covered by the 


multi-lateral trade negotiations 
under GATT. The two sets of 
talks are locked together 
because most nations will want 
to offset any concessions they 
make under the wheat trade 
agreement against the broader 
measures. 

On the other points of dis- 
agreement at the wheat talks, the 
UJS. is still unwilling to give 
supply commitments, but the 
EEC would probably settle for 
agreement with community mem- 
bers getting priority in buying 
during times of shortage. 


CALCUTTA, Oct. 12. - - 


The gap on proposed stock 
levels is as large as ever, with 
the U.S. wanting 30m tonnes, and 
the EEC 12m to 15m tonnes. 


The two sides are slill quite j 
far apart on prices, but delegates [ 
are confident that this difference! 
can be resolved. Also, the coarse [ 
grains agreement probably will 
become a consultative affair ' I 


NORTH INDIAN lea producers 
are worried by the coal shortaee 
which the flood has aggravated 
The Indian Tea Association says 
that the shortage is now so 
acute that some tea estates have 
coal stocks only for a few day's. 
Without some prompt arrange- 
ment being made to rush coal 
supplies to the gardens, produc- 
tion in many of them may have 
to be stopped. 

The tea Industry ip North 
India is also faefns a serious 
working capital problem due to 
the damage caused by the floods 
to at least 150.000 chests of tea 
stored in Calcutta warehouses, 
and to disrupted road and rail 
communications between the tea- 
growing areas and Calcutta. 

According to the Indian Tea 
Association, the value of. tea 
damaged in Calcutta wareh6uses 
Is between Rs 80m and Rs 120m 


MMODITY MARKET REPORTS AND PRICES 

CC HfETAf C sharply *011 fonrard mrlal finally £7TS,5 rtandom incial r!*e to an all-lime 

*■ ' .3JD l"L J. fLL3 on ihc late Herb. Turnover as .fra tonne* of fT.43j on the nu-rnimi kerb lollo; 


sharply -n:»h Iwa-ard mrial finally ins , 5 wwndam incial rhe to an -ll-ume Wish matfcol xalned cronnd folkrmug flnj R1IRRFR 

on the late Herb. Turnover asm tonne, of 47.433 cm the mcraimt kerb following smmstb or the raw? contract. Final nuuwut 

Amalasmsifd Metal Trading reihffed rlwrt iwcrlnn and cftanL-t busing. How- prices wire the highs of the day as ’V EASIER npcniw: < 


Cuban: 4.MM.3Q: Israeli: Jaffa 4SSM.S5. PRICE CHANGES 

AppIcs— K rrach: New crop Holden 


nornim: on ibe London nhi-tlral Driicious 3Mb -IS 3.H0-3.3O. M 1A0-I3D: Price la tonnes unless otherwise statsd 

*» “tss “HS , - , , 

«dv. l.rwLs and Peat remrred r.-W- *- 3 T ?- Granny ^ Smith JO. ....... 


U.S: Markets 


■- * ■ 


-ir» 

i 

767.5-fi +B.5 

758.5-9.S -.75 

a . 


. ; | 

7 88-. 5 -B.5 

770.S-B0 -.5 



- «ii. 

768 -rfi.6 




, 

es 

756.8-7.5 *9.5 

747.5.B0 -1 




777 .5 -rB.B - 

768.3 9 —.5 



- nt 

7S7.3 w*Jt 

— 


__ . 


625 

*81-71.025 


i . * "*• .+ ' n - . ■+ ■ ,| LEAD— Easier and mainly reflecting Itii 

rifflrwf . — iLnxili-m 1 — ufii-muon decline In copper. After open 


•ER— Barely Ready al U» clo^e Hir-nfi 
London Uaial Exchange. ImUally fVj, 
moved ahead sirongt 1 . redoetlng i 
»td ea»ni in gold ana platinum. 

•ru-arJ meial opening ji f7S3 and 
0 rrw. However. 13 Ua* afternoon Sr., 
of Further measures 10 wpanrl r*' 11 -- ; 
liar, coupled wilts lafli rtiai ihe ' TYTil 
- unlli'cly 10 Impn 1 ** onoias on • e “ ™ 


Ihe Aiui,... JIMIS .4. «s|li4 aD Zj.u 01*E.#6.4 J-»n-il«r. d4 40 d 4 B>t4.70 b4.40i 5.M Onfons— Spanish. 3 VO-u.lQ: 

>en. allot ! 1x7.80 .B.l lSti.M 20.78 6 fit Apr-4iie. t6.8U-6.86 o7.18-af.8B Si.33t8.40 3-00. 

ard !>«.■ lx b .D.J5 129.60,39.751S1.85-!0.W H-POJP 68.JB 68.00 B8.40-68.4o bS.4B 88.60 AM- J n ” 


Pears— KrrmdJ - Alexandria 3 V): Per • Ort. IS i + or i Month 

pound Italian: Williams 0.14-0. 1-6. Plums— ■ 19TS I — | ago 

Komsnun: Anna -Spctlii per tray 1.80. , i 

Crapes— Italian : Regina 160-1.70. Black **—4 — ! 

ncBiiu 2. TO. Krenclr Alpawisc uer pound 1 ! 

O.w; Spanish: . Abncria '8.M. Negri 2.30. Jffotala I . i 

Bnuauas— Jamaican: Per-' pound 0.14 Aluminium £710 ! '£710 | 

Avocadas— Kenya. Fucne ' 18tS»s 4-00-4.30: Pro* market. jf lOttUBO , 

S. African. l-uerto 4.IW.d0: Israeli: 4.aP- Copper cash W B*H£79B )— O.76 £732.60 

4.68. Capsicums— Duicfi Per * klips w£D. 5 momlis do. do. '£77 7. 75L-Q.fi '£750.60 

Onions— Spanish. 3W--.10: Hung an an: Cash Cathode £747. 751-1.0 LE7Z8.5 

3.00. Me w-yraap: J tiUPw^fc' 5 nion ibs do. doJC768.7Sr-0.6 £740.»5 
3.30. Creel) - SOv.OO. Tomatoes— Dutch. n _,. ... leans «rn o n an* 


New highs 
in precious 
metals again 


NEW YORK. Oct. II. 


unu.eu- 10 inil"”, -iBvisn un c ■ .iiom 

import.-, uw C»mrs on.’n lower \ ™ y<irT 


r 238 - 

-az . - 


before reeovermp to 
Inmover 8/71)8 tonnes.. 


ij'ed rht Lend-.n niarker i« fall . . ' ,-V 

ndex Limited 01-351 3466. Three-months Tin 7293-7351 


ndex Limited 01-351 3466. Three-months Tin 7293-73 

- mont Road. London SWI0 OHS 
. Tax-free -trading on commodity future*. 

. The commoriliy. futures market for the smaller investor. 


WToVures iBicnwtoMl Sua«r A^rcemem «U.S. 1011 01 » . 

™ - . ■ cents per pound fob and slowed Caribbean C _2’ y 2. c ?l dws Wtoo 'burc™ 1 w«re: 

J* nr p.m. l+or purti— Pricm for Oct. .11; Dally 8.13 Spot 9, < 23 h (»l-*e , 5 N«W- 62 lap r 62.23 K 
Offluu ■ — Cnoffld" | — 18.O81; Urdu average S.Tfi tS.7D». Dwc - ®- 5 ®P tK.j>. 

H !”71 i! ; COCOA SOYABEAN MEAL 


PUtuum troy or..£13D ’ |...-..J£1S0 .. 


tarh-- I 

I * months.. 


, . »: i .£ I £ . 

43a.5 ♦1T.7 482-3.1 1-1 
416-.fi *B '407J4 1-4 


COCOA 


English Produce; Potatoes— Per 23 kilos JUr»et...^.'.’'£161«BB!+ lio" t£134 ED ; Ani.-^ied sUgbrly higher on mixed specnla- 

!. 0-1.30. , lawt-W -U 2* Qoickeilver (70Ib.l;'818OF8li.T...!!!.i>18fif3O j and "** buyinK ' 

J;^i- Webb5 X " 0 '«*5fsr M^hraotns^ bt'w : 301.8p j + 1.3 IZBfi.Zbp CMm-Dm. 162.65 tlM.60). March 


ni'mciii 430.fi ;e11^i 
■ . -lilt.. 601. .3 ..„J ‘38-I 


lYesterdi’rs' + nr 1 Kurin pm 
I Cioee • — 1 Donn 


’| I olrliUI | - ■ . ■■•■I 

' C — j lim 

iSi'Prtnnne 


ihrae^mratbs^WlS. 14 ?/.' It lii U. 1?! J ^igls Oc,ohw IlIg.OQ.iB.rf-O.BO' - 

I?, 4 !?BSKM KssSTr: siaSKiBiSS! 


0X0 


18. Kerb: Three nonUrs 1 Sili « Z Sq URWntRr.... Iirjfi- 17.? -I.M itt.Tn 16.90 

I ssi’ 7 1 j~. - "*JSPP b 5 ; J 1 *?! ""dMi “I? 1 +IB K nuSt rewiMfr.. .. hm. i9.( -I.ybiia.« 0 - 1 B.M 

IDS. VOS. 10, 409 j. 0. 6, T.3. 408. Kerb: EE iS™ SS-ff! - ?. A put — MB Bi-1.0 -1.1- 

Thrnr numibs.f 487.8. T. 6.5. 6. 6.3. 8. 7.3. "•£*- r Wtfi Mai n 19.6 i-ZZ 0 -D.B8 ! — 

ZINC— down. One mirrored the trend + « - 8 -Vurum 118 fij-iS.6 -1.».s: — 

1» copper and lead, waning firmer a; l-BQ-ielBIP U 13.0 OcSSk^ >I.SS fiMa S-lJfi 

OTO.5 and rising to 079 tn the morning sales: 3.373 iJ.SMi lots of 10 tonnes. ~ ^ TTrr 
h-fore casing sburob - 10 close on the intonurtianal Cocoa Orponlnliwi (U.S. V??i*. 1 i£« s0 J?T ,21,2 

at W08-3. after C3«. Turnover cent* per pound 1— Dally price Oct. 11- AVOOL FUTXJRFS 

1J.860 totraes. 186.87. Indies ter pnees On. 15; I54ar TUVLl * vi a 


and 


U.l I, UIXIOU U.Vfi. n. . CC4A Ipint ■ 

0.13. T pm aloes — Per U-lb Etiglub I.®- ^“««i *675 , : S625 Copper-OcL 68.15 (67.00). Nor. 68.65 

120. Cabbapw^-Pcr O® 0-0 - 90 • i«8.«i. Dec. 6S.25. Jan. 89.80. March 

Celary— Per head O-M-O-O.. Caullftow* p. . l S 7 7a , i ls 7Q « 70.90. May 71.95. July J2J0. Sept. 73.76. 

-Per 12 Lincoln 1/Jfr-l A0. Hunyr geana Cown„^,i *770. ,1795 . ^ T4Ail Jan . 73J15. March 76MH). May 

n;S Caoilcums-Pcr pound 6.23-0.30. Palm .Uala.na .960SW S590 Cottoi*— No. 2: Dec. 66^340.95 f66.63), 

C»ra«SI^p“r pound 0.16-0.1S. Onions- ] | J MarJi eS 15- » 20 /6S.9Ti. May 70 63.70.15, 

P?r bag 1.6D, Pickier* 2 60. Swedes— Per ' . July iO..U-70 - .3, ucl P6 ; 4a-66 S. - i. Dec. 66J30, 

28-lb 0.30. Turnips — Per 2£-1b 0^0. SefltUs . Mjrd> 61 00-6.. 10. Sales: 3.256. 


Cotton— No. 2: Dec. 66^346.95 (66.83). 
March 69.15-69.26 '6S.97i. May 70 65-70.15, 
July ifl.2U-70.25. OCL 66.45-66.55. Dec. 66.20, 


H.m. l+w; p.m. :t+m- average 170,74 : 22-day average 171 


T. G. Roddick 


/.ISO 1 OffU-i*j i — j Unnfncl*. 1 COFFEE 1 Pence per kilo 1 

! £ I £ j £ ; C R0BU5TA5 mined steadily Wcbor to- -'Mm'ion ]Ve»i«^><r'.+ .*r. Uu-incm 

L4ab.... M .i 365J5 6 '+1.S: 360-1 I — 2. S day despite some heavy aelllnc from one wrmay.Wnnlj f'M ! — . IVne 

imnntha..! 375.6-6 . S70-.35 (—8.5 London dealer. Dread Burnham Lambert -™ ■ ■ { . I - 

-'meni....; 565 l + l.fi; - reporied. Thr mark er breached old highs „ I 

Knni. wv*ij — 1 I on an active close and final values were 'Jcirw-er ...... p - .' 4. U-4U.D 1 — 

Morning: ' Cash £388. 87. 68. three E l t btsJl «f on , ba >“ n f e - Dealers noted “e«»"'« - ..ira7.il-ifl.ii : . — , — 

months ar?. ™ T5ATB. Kofb: Three S!ft - jM|"'S nBlpB! * *" Afrtcan Saa'o'So ' 1 ~ 

months £378. Altaranon: Three taopiha Udo week. May — . — EyB.Mu.O ! — 

S3- fcg- Si a- Twaiagg] — j StiCu ; = 

69 . 67. RC. 6»?" .' COPPRE ° ,, " r 1+orj .tojliMWi UncMnner ...p56.o-4i J) I - 

ALUMINIUM— Lowor HI Unr With Other — ~~1 “ ; INme 

base-awtals. Forward menl rose to £6(0 *: per inniw Sales: Nil isarno lots of 1.300 kg. 

m the mornlns bui later save ground 10 , „ ' / “ ! “ " ' ' — 7~ZZT SIDNEY CREASV i|p order buyer, 

cltww on tha lata kerb at 1395. Turnover: J'^wuher .. lt6E 64 *16.6.1(60-47 Mlier. business. salr*>. Micron Contract— 

U^50 tonnes. Januorv 167B BO ( -t 88.0. ItfiS 96 . Orr 338.3. mo. W9.M3S.3. 8: Dec 34T 0. 

-- , — - Marub .... — 1484-85 , *33.0. 1483 61 • J47.S. 347.A-347.I. 9. March 434.1*. 554.9. 

. . _ ' . , : 1481 3 * *28.0i.l485 * 5 303.M34.3. S; May MB.a. Iflu.5 V.i- 

Aliunia m, a.m. It-H^ „ P-JV | , + or Jmv I lo76-S2 1 + 29.0! 1« 80 65 3M2:. 6: Julj- *M.4. 366 7. J67.IC67.0. 4: 

. omial UppIOtIbI — >npiemher.. : 1342-44 <4 22,0; 1344 330 ©«■ 3B8.S, 3b9.2 269.9-»t.O. 4: [hv. 


IS-dar , n lr£y~. ^ Parsnips— Per O.M-1 .00. Soroms— Lopr* Phillip. ;S5Z5£ .-10.0;S52O 

.51. LONDON— The mark els were dull and p^ r pourv i nafr-O.OJ. Cobnuts— Per Bound So.tal«u iL.S.), — sa7fiio IS267J 


fcatnrelesi. repoou Cache nalscy Stuart. Kem corn' Cobs— EaU 8.04-O.D5. 


Uu-incm 

Dnnr 


are holding a 


SEMINAR 


Mjrcb 67 00-67.10. Sales: 3.256. 

'Cold— Oct. 227.70 i224.80i, Nov. 229.20 
go!<22fl.40>. Dec. 230.H1. Ffb. 2K.40, April 
238. Hi. June 241 .50. Aug. 245.60. OCL 241.40. 
Dec. 253.40. Feb. 257.51). April 28I.S8, June 
266.00. Aug.- 270.30. Sales; - . 10.060. 

♦Lard— Chicago loose 24J5 (same). NY 


U*> — UB.0-4U.0 

July Z54JU4.0 

UcUHwr JS4.0-40.U 


+ or I BotIimm Uuwmlwr...H5a.iMA.9 


— . Hone 


.k»a.U-4/.U — 

Sales: Nil 1 same 1 lots of 1.300 Jcc. 
SYDNEY CREASY iln order buyer. 


GRIMSBY FISH— Supply poor, demand 1 j 266.00. Aug.- 270.30. Sales;. 10,060. 

good Prices at iJilp's side intrurocessedt ♦Lard— Chicagn loose 24 J5 (same). NY 

per stone: Shelf cod £6.00-17.40. codlings Home Tucoxva..... £83.69 1 + O.IBjfBO.lO prime steam 25.73 traded ( samel - 

£3.SO-£3.UO. large haddock £3 .30- re. 00. jl - «r - 3 - T^;'»fnt i mala— Dec. 22SJ42S* <229* 1, March 

roodiuni £4. 30- £5 .40, small £L20-£3.W. French *0. a Atn;£iDl l— .„._1£1QO^O OTl-2394 (23WL May 24SJ-245*. July 248*. 
large plaice Q.M. medmm £4.SW5.60. »»“ u. __ : „ Sept. 240*. Dec. 2521. 

best small £4.40-£4 SO. skinned dogfish V® - 2 h.^ 1+0 ' 25i 52} - « fPlatloum—Ocr. 326.004531.90 (3I2J0L 

dargei CJO. medium £6.09. jemrn 1 soles 5°“, Sf^TT, : i^foZ 5 Jan - 3r - 70 '312.701. April 325.70 bid. July 

0.1 £9.w. «MI £7.36. saithe £1.7M2.U>. “fi 1 .iVn ^f 9 --, 5 . . 329.10 bid. Oct. 332.30 bid. Jan. 3S5.B0 bid. 

— SkE 1 -'®* iaafla ras „ 

Silkin visits I eiftiol* MaV'e^JO?' .itfly M Sept! 


Sept. 240i. Dec. 252*. 

f Platinum— O ct. 326.00-331.80 (312.30'. 
Jan. 322.70 <312.701. April 325.70 bid. July 
329.10 bid. Oct. 332.30 bid, Jan. 235.60 bid. 


360.2. G: July ~>*>4.4. 366 7. £67.1-367.0. 4; 


Silkin visits 
N. Ireland 

By Our Commodities Staff 


Vnr . ‘^i k7b ft , ea ri'Ai ent f59*.30i. Dec, 601. 3D. Jan. 60a. 761 March 

C«*ton : V fiio? 6]i]a - ” ar C2-31D- «31 -hi Sept. 

Kuhbn-felfp 640 90 1 DeC- tS5 ~ D ' Jan - S60M > 

.n - " p ® 669 M. May S7K.20. July 688.00. Sale.*: 


-suaar (Bawl. £111 —1.0 £101 

11 mllop g K» Lilt,.. 273p ' -378u 


10.56(1 Handy and Harman spr>t 595.71 
■ 5M Mi. 

Soyabeans— Nr-v. 671^70 I'STli'. Jan. 


1st November, 1978 


THE WORLD TRADE CENTRE 

to outline the operations of the 

FINANCIAL INSTRUMENTS MARKETS 


- —nT' op- oflnnrii- s: aiarcn ipT.p- a Hj-in to ijie coiuroversiai 

Morning: Three months I005. 4. 3. 4. 189.0. untnded: May 192.0-193.0. umraded: ILhi r%- 

3i. 3. Afternoon: Three noodn MO. ^ »=.««-<». umraded: Oct. 193.0*' M ^} rne „“ s ? e 4 r> ' Q :, t : n 

59S. 96. Kerb; Three months £3«5. MMRfSucra?& ,W ■ B ■ «">radwl' ^ I93.0-196J). un- The Ministry said Ur. Silkin 

-Crars per pound. 1*11 per plcaL SSi* av ciSTia ffl ,K4 15L»9. traded; March lK.0-197.0. uoinded. Total Was plannins tO meet representa* 

’ «T5^T“ ^ ORaIiNS W BRADFORD; The level of business tivjfrom the fishin* IDdhjf 

SILVER ■ * activity was too low io lead to any mg industries. Last week Mr. 

_T_ “ _ ... LDM . D ? M . FUTURES ( G APT AV— Wheat renewed price strcngih. Imports In all Silkin was sharply attacked in 

! Slim 1 yna fiztd Lap an ranee higher opened 3 d loww and In very rWn trading, wwors are said to he causing considerable n~ iec0 | c v,w P.nmnnn Gallacher 

for spot delivery tn lbs London bulHoa values eased slightly througbtnjt the day AffloolUes. New Zealand wool la a Hrtla ^- rnmmiccinn^ 


IU iu. aiuuiiw uirungnoui uie 01? oimouiUCS. K*w ieaiaiw wuvi u a nmo ~ 7 ■ / .U Tnrr rnniin ccinn't 

market yeaierday at an~p. tJJ. cent w close 10-SDp lower. , Barley opened iffp dearer as are some woOIlen typos sold at head Of the biCiL. t-Omuubbioo s 

equivalents of flw fixing level* were; spot dwn wd moaiir traded sop knew on auction ui Bradford today. fishinn directorate, for his anti- 

Boltc. up 3Jc: tbrce-rnomh B12..C. up eoma country .seUlnp. but met rvUynnce Reuter /.nnc^rvation ** attitude in aliOW- 

«.6r; sax-month C3.Sc, up 4.8c: and 12- at those leveh. vherr good buying in- M C A T/VT^PTART LC » TsW.il*, efi chow tn rpmain 

rnqmh mb-ic, up ijc. TbMnciai opened teren in tbe apot month rallied the MtA I / V tUfll * AitJ.co mg the Mourne fisherj to reinain 

^ ‘ JuM,a al ww seen own smithfield i pence i»r Bound)- Bear: open while the Commissioo bad 

jta.4*Jw.4p tjgi-jwc and barle y cinwd io--i ip lower. _ _ Sconieh >incd sides .iS.o to S7.o, Eire recommended it s closure. 


FINANCIAL TIMES 

Oct. 11T" JctnOJIonth ap> Yaro^o 

Z62.30 262.60 i ~BBS.B7 | 237.30 
I Base: July 1. 1BB*=ZD0T' 

REUTERS 

0ST13| Oct. ll^Jcnlh igoTtnr sgo 


Guest speakers will introduce this 
specialist subject together with a 
general summary of the opportunities 
available in all futures markets. 


■ill.YEK ; ' Biillinu '■+ "rj L.M.K. :+ or 
(«r j using 1 — , dun ' — 

irt-V «r~ pru-e 1 ! i 


Itindqnartftrs fli.o io M.n Eire zi.t i to xbe Intervention Board for 
1 J S.th. SfJKg J “ *Va “l 26 Agricultural Produce said yester- 


1517.0 1013^, 1486.6 | 1481.9 
iBaso; Saptembar 18. 19SI=1B0> 


•YwtrrterV + nr .r M aiitar> + n, Hutch hindx and M 4 »9 97.0. Lamb; ASTlcuirarai r*wiui.c 
M'mii; einsr — j ,.[ I|H , _ English smjii j4.o m 3?-0. _ medium 52.0 day the EEC Commission was to 


DOW JONES 


-.pot ; 501.2p l* 1.5 i 2B7.B6|» -2.M 

i iiiniilb>.|fiu8.9>» +).< iaUfi.Hfip r-S.BB 


iiHinih*. fil6.?5p N-t.SS! - | — *"-!■ ?* 22 “ J-S : 84-65 

I- oionrh.[3dS.2Sp Pl-fiBt - ; ^-i tit 0 , ^ g|*S? 


'•or' further information . please contact 



Pan o' the Contmerna Grain Corapaxty Group 

NQRID TRADE CENTRE LONDON El 9AA 
Telephone : 01-488 3232 Telex : 887438 


739.8. 9.5.. 9.4. Afternoon: Tbrrc months « - J C .„ #6- »‘ Aar i-I.O*. .CB-Pigs, Bi.ap per Ka lw — 

308.5. B.i 306. ilK.s. 5.2. 5.1. 5.2. Kerb: “ ay , toR- (no dnuivi. England and wales— sidles paid on Irish food exports 

Three months 305.7,. 5fi. 30fi. HG CA^-Lo votiiH 1 cs-funn spot prices: CaiUc atenhen down U pgr cent, io Britain should be marginally 

. «. Hams and arwagi? price sfi.s« Sbc*p up 

•CIIHAR SBKM £K.«. _pth»« muihig wmat- JS4 per rent. 8veraf» price 185.2P f~ 1.81. KOUCed-. 

juurtn N. Uncofti ffl.oo. Hams and w. Sussex pigs up ts per e««. averaBC Wire €7 Ap ■ ■ ■ — 

LONDON DAILY PRICE l raw mnr) OT«- bvHy-N UfiOPln J75J8, fno dwaw'- SC60»*-Ca«» numbers Yff 

£11L08 <1112.00' a loom elf for Oct.-Hov. Hants MO W. Snows £TAS0. np 23.8 per «aL avorafia brief 69.878 K PlTVil PdlUTISlIV 

shipraent. White sugar d«lly Price was •TUPQRTED-AWwm: CWRS N6. 1 IS <+0.T7t. Rhcrp down Sl-S per «ut, IVCUjfl Wl/ltlpCAUj 

fixed ai £115.(10 ill I4.50i. . Per jan. Oei. £99.03 Tiljiiiry: U.S. Dark averngr nrirr 1W.9P i-iosi bappi avc Ttanb TViivt rnm- 

first trades Of -raw* were about 4 Northern Spring No. 2 14 per ml Oct. C0VENY CARDEN ipnws In steriing BARCLAYS rfanff i TU5T com 

pom if. below barb lew la. tuu prices soon ffl4J5. Nov tw-55, Dec 567 30 treiiEbiP' per pbiH-ib' 1 wne " Katodi: pany has cotaolisned a new trust 

iniiuiinff n>Niei(>m Im'.ins (ram mem Hast Cnafit Immm.ii bh>i<hi«! LemiitS— Itihan : tin/ V4l»shi k* L-nnuin 


juurin N. Uncofti ffl.00. Hams and w. Sussex pigs up LS per c«>i. average Wire «7 Ap 

LONDON DAILY PRICE dw lugwj g7«- Pwrf b*rI«y-N, Unwin £75 JS, fuo duasci- ScotLmJ-Carflo numbers 
fllLOO 'IHS.OOj a io«* elf for Ow.-Hov, Hams MU W. Sophs £7AS?. op 23.8 per ml av-rage prire 69.878 


recovered loUvrind Mreis'cm bariiw from mem Bast Coast, 
one nuanpr in a (bin mar»wT..C, Cwmi- riatoc-u.5 Krei 
kow tenoned. During lh« afternoon. £101. Dec. nn: tn 
reports of progTM* on the U.s. sugar ai-r S African White 
lift nil priers Bbbui W. Hcrevcr. after gw: S. .vfriren ' 
Senator Hem/, had bloel'ed. nirtVr di6- Ciaspov 
ro»s70JT rti th* PHI *■ thorp - rnrenon Barley- Kimll‘h 
I Wiped oul haU Ihe gains. ' The whiles N*iv: IbS.30 Bait i 


r»m«n M AnB 24 - 05 - Se3L 28.6S-2S.tS. Oct. 23.15- 

INDICES 23:25 

IlSeyabean HeaL-Oct. 1TS.00 (179.201. 
Dee. 181.30-181.40 flSl.CTJ. Jan. 131^0. 
' March 182 JO- 182^0. May 183.00-182^8. July 

FINANCIAL TIMES 1 1 Ittsmtsjm! Aue " s ' Bl- 181,58 0c1 - 
TmtJ q^^^h-w-T^ 

(B*H. Jnly 1. vm=im Th» — 700,00-71)3.00 DD9. f658.00-fiW.08l 

REUTERS w- 

-- — . _ - **Wheo(— Dec. S4S4-S43I (34311. March 

Oet.12 Oct. U^lomh^f YSTiiS 33S-333! i34«1. May 334-3331, July .Cl. 

| ■■ — ] ■ - Sepi. 324*. Dee. S30i. 

1517.011613^ . 1486.6 | 1401.9 WINNIPEG. OeL 11. ^ Rye— Oct. 90.96 
iBass; Sapiember 18. 193I=1H) bid <«.«> Wd>. N«v. 100.00 bid >9S.M 
. ! w«n. Dec. 101.00 bid. May 104.70 asked, 

DOW JONES < July 104.40. 

-rtr w - T , i - c — -- — • i ttOats— r>ci. 77.30 <77.80‘>. Dec. 76 90 

■t^’ I |7' m ■ Mw,th I Twr iKied (77-101. March 73.60 bid. May 75 50 

Jonei . II [ 10 ■ tgf , ] w h|d _ Juh . _. s a>knj 

Spot . _ 58L905B0 55 3BI fi!vTu ttBarley— Oct, 72.20 biff 1 72.50', Dec. 

^.asiSajSSiSiaS igA%Si. , aa 5i " Ml!r 

(Average 1914-35^6= ipo; : HFbxstMi— OrT 262.10 hid i2ic.M hldu 

a Iftrtp.u.r • • ! Nw. 261 JO bid <281.90 asked'. Dec. 258.M. 

MOODY’S , way trai.ae bid. July 759.30 bid. 

T okI "octT i w hi Vl. - r i ”■ Wheat— SCVfRS 13.5 m cent protein 
Moody’* I ll m | content cif St. U^Tence 17T29 < 176.91 

— j — ■■ - —I - ■ ■ ] - ! — Alt ccnis 0«r pound ex- warehouse 

aple Conaan yt9g7.7OTs.a Iftfifl n are a ! unless otherwise stated, "la per troy 

miuwnTmr Tl mi— V mv — ounce— 100 ounce lots. + Chicago loow 
■iiBeuna er ai. 1831-llhJf , a ^ ]M fts _ DeWi prices-, pre- 

vious day. Prime steam fob,. _nx .bulk 
rank cars. 2 Cents per 56 lb bushel ex- 
warehouse. S.Wfl bushel lota. S9s per 
rOTTflW mnr ounpi for SO os units - of 99.9 p»re 

Vvi Ivil rent purity dellv«red NY, t rients per 

. troy ounce ex-Ksrehnose. 0 New «• R *• 


Dow ; Oct? 

Jon pi : |1 


Oci- Tllestf' Terr 

. l0 .. .' ago - mjp 


* ■ - *81-90380.33 381,65374.65 
lure* 381 .16381 .75 3B1.0& 3 18.99 
(Average l«4-2i2K=i80j 


MOODY'S 


11 10 men I -no 


(DoeeiUber si, 1931=1 Ml 


i 


l 


i. 



It 




STOCK KXCIIANG F R FPORI 


Equities preoccupied with unresolved wage situation 

Short Gilts under pressure on higher interest rate fears 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Ocl. 2 Oct. 12 OcL 13 Ocr. 24 
Ocl. 16 Oct. 26 Oct. 27 Nov. 7 
Oct 30 Not. 9 Nov. 10 Not. SI 

* ■' Now lime ” dealing may take place 
from 9JQ a.m. two business days ea/liur. 

With mo&i ir.stitu’ionnl 
investors acain cooiem to ov.ait 
any fresh move* m either of the 
BOC or Ford disputes and other 
pointers in I he situation rri/ard- 
ing wages this winter, trade in 
equity markets was reduced 
further yesterday. In contrasting 
vein, short-dated British Funds 
sustained noticeably heavier sell- 
ing stemming from renewed fears 
of hicher interest rales. 

It was thus left to company 
trading announcements to pro- 
vide the interest and. because 
yesterdays list was a fairly size- 
able one. several Features 
emerged to generate business. 
Leading issues found only a 
modicum of support, usually from 
bargain hunters, but ma:nMin“d 
a firm an pec ranee throughout the 
day: at the 3 pm. calculation 'he 
F.T. fndu c, rirs! Ordinary Mian* 
index we ^ 2.4 h'ghgr at 306.6. but 
prices were ca-ine late. 

Gllt-erlgcd s^ui-iiics. too. h° , - , an 
a little mnre contldcn'ly ihnii on 
Wed nestle v. Situ* II price rcco- -cr- 
ies were evident at both end. of 
the market, but late morning 
anxieties about Minimum Lending 
Rate brought about a reactionary 
trend among the -iu>rts. Ahhruvh 
the rate was held at 10 nor con:, 
renewed pressure developed 
again in the late afternoon. 

The market then backed away 
from sizeable lioultiaf*on some 
on bchatf nf Discount Houses, 
and talk revived nf a pospih e 
rise shortly in imerest rates: a 
U.S. Prime rate increase to 10 per 
cent was confirmed before the 
close. losses among the =horts 
(tnniiv emended to i. but the 
longer maturities were little 
afice-f»H although quotations were 
trending slightly "easier in the 
end. 

A good deniand. most of which 
wa? institutional. helped ’he 
investment currencv premium 
move forv.'ird to touch SI pc 
cent by midday. IntoreM however 
waned snmev. ho» in ihe af;«»rnaon 
and the premium drifted down a 
shade to close at gi; per cent, fo- 
a net rise of }. Yesterday’s PF 
conve-sion factor was 0.7163 
1 0.7203 *. 

Imperial Group were in demand 
in the Traded Option market 
yesterday and accounted for 120 
contracts out of the total number 
of 669. Commercial Onion and 
RTZ recorded 96 and 78 res- 
pectively. 

Sporadic selling and the virtual 
absence of support Ipft Insurances 
easier throughout. Brokers were 
particularly vulnerable and losses 
of 9 and 7 respectively were seen 
in Sedgwick Forbes. 411p. and 
Alinet. 177p; the latter's interim 
results are expected shortly. 
Willis Faber relinquished 3 to 
247p. 


Mm 
mm 


The major clearing banks edged 
higher. Lloyds, 257p» and Midland, 
342p, hardened 2 apiece.- Domestic 
and investment currency influ- 
ences helped selected foreign 
banks improve, notably Deutsche 
which gained 21 to £117 and 
Hong Kong and * Shanghai, 7 to 
Ihe good at 297p. Renewed specu- 
lative interest lifted FNFC } to 
6IP- 

Allied typi fip d conditions in 
Breweries, closing a penny better 
at Sb'p following a slow trade. 

Interim profits below market 
estimates left John Mowlem 121 
down at 118ip. Other Contracting 
and Construction issues, already 
unsettled by poor results within 
the sector, gave sympathetic 
ground. Elsewhere, specialist 
business and a selection of trad- 
ing statements were responsible 
for notable movements. News that 
’’e purchase from IC1 of the 
Farrow Group was nearing com- 
pletion lifted Y. J. Lovell 7 to 
122 p. while new-time interest 
prompted a gain of 2J to 44$ in 
Rnyco. Feb International issues 
re>ponded ! o satisfactory interim 
returns, *hc ordinary and A 
improving a penny to 2Sp and 27p 
respectively, bu* lower mid-term 
profits left ’-V. and J. Glossop 2 
chwsper n> tillp. after 3Sp. 
Renewed buying interest lifted 
Burnett and llallanishlrc 5 to 
220p. while one or two buyers 
ware enough to add 6 to Blue 
Circle at 27Si. 

Initially a few pence un. mairlv 
due to lack of severs. IQ. 3!)3n, 
eventually reverted to unchanged. 
News of an expected significant 
f nll in profits failed to depress 
Norsk Hydro which Improved $ 
•o rui. 

Lee Cooper please 

A stream of company trading 
■ualements provided the Store 
sector with plenty of interest yes- 
terday. Lee Conner stood out 
with a rise of 13 to 1B5 p in 
response to the better-than- 
expecled interim profits, while 
Foster Bros. 182p and Ellis and 
Goldstein. 31 p. both gained 2 fol- 
lowing sharnly h ; aher first-hair 
earnings. Austin Reed A also 
benefited from favourable mid- 
term results and closed fi dearer 
a! I04p. Eiys (iV'mblcdnu) added 
4 io tS2p in a thin mar^t. and 
Wallis, snn. and Waring and 
Giilnw, I32p. rose 3 apiece for 
similar reasons. Com mem on the 
half-yearly figures helped Empire 
put on 3 to ISlm. bur Srlinreurt 
closed a fraction sorter at 27)p, 
after 27p, despite increased first- 
half profits and the Board's fore- 
cast of a record year. Of the 
leaders. Debenhams ended a 
penny off at 95p. after 94p. fol- 
lowing interim results which came 
at tbe lower end of expectations. 
Marks and Spencer firmed a 
penny to 84p: the interim results 
are due next Tuesday. 

Peiliow. which recently an- 
nounced a scrip issue of prefer- 
ence shares, slipped 11 to I26j» 
on the Treasury's move to close 
this particular loophole in its divi- 
dend restraint policy. Elsewhere 
in Electricals, Dale Electronics 


declined 4 to I76p despite the 
optimistic tenor of the chairman's 
statement at the annual meeting. 
Fnrnell declined 6 to 412p for a 
two-dav loss of ISp, while Euro- 
Iherm, 189p, and Unitech, H39p. 
lost 3 apiece. Of tbe few bright 
spots, Cray Electronics hardened 
3 to 39p and Cablefnrm 4 to ft4p. 
The leaders closed little chanced 
on the opening levels following a 
light Trade. 

Engineering leaders tended 
harder in extremely quiet trading. 
Gains of 2 were marked against 
John Brown, 464p, GKN. 272p, and 
Hawker, 244 p. Elsewhere, *he 


with the proposed . 
preference sliarcs m light ° r the 
"IYeasury's decision to .close this 
loophole In its restraint M d:ti- 
dends.- Goldrci Fo ucard. currently 
subject to a I03p P e ? share cash 
bid from Northern t-nods, tel* o 
to lOOp: it was announce;! yester- 
day • that McCnrmeck Products 
had disposed of it-s lSl-l--* Sl1 ^, r ®‘ , ; 

Adda International hardened 
to 350 on the first -half profits 
increase and bonus serin issue, 
while Warner Holidays A closed 
a shade better at ; -2ip on the 
chairman's statement on pros- 
pects. Uyddlcton rose 10 to 2o0p, 



r 







forecast of higher current-year 
profits and the £7Jm expansion 
plans contained In the fuil report 
stimulated buying interest in 
Adwest, which advanced II to 
* 0p, wbile Dunks Gowerton con- 
tinued to benefit from the pro- 
posed one-for-one scrip issue and 
gained 9 further to 133p. Turriff 
firmed 2 to 89p in response to the 
encouraging interim statement, 
but the faU in tbe half-yearly 
profits left Green's Economiser a 
penny cheaper at 68p. Wadldn 
were firm at 132p, up 6, along 
with Braitbwaite, 5 dearer at 
llOp. while Victor Products 
gained 6 tn 2B4p following news 
that the company has raised £lim 
through the European Coal and 
Steel Community to finance *ts 
three year expansion programme. 
Scattered demand left Martonalr 
3 firmer at 230p and W. E. Norton 
II higher at a peak for the year 
of 33p. In contrast, the sharp rah 
in the interim profits left Bronx 
2 cheaper at 29o. Centreway and 
Wbllefabuse were temporarily 
suspended at 280 p and Hop 
respectively pending the outcome 
of discussions which may lead to 
a merger or the two companies. 

Cartiers continued firmly in 
Foods, hardening 2 more to a 
197S peak of 96p in anticipation 
of interim figures expected 
shortly. Small buying in a 
restricted market raised Hazle^ 
woods -Proprietary 6 to 72p, while 
other firm spots included Blue- 
bird Confectionery. 2 harder at 
R6 p, and J. Bibby. 3 firmer at 
257p. Fallowing Wednesday's fall 
of 4. Bejam held at 38p following 
the announcement that the com- 
pany had decided not to go ahead 


■ Proveriv — ‘ j 

■ 1 ;-r ? " ,’mj i 

MAY JUM JUt 4l‘G SIP OCT J 

but Trust Houses Forte declined 
6 to 240p. 

Reed Int up 

Tbe revelation that iwrot-'a Tions 
for the sale of the group's total 
interest in Heed Conso'tidated 
Industries hare reached an 
advanced stage buoyed Reed 
International which rase G to a 
1978 peak of 17Sp. Other mis- 
cellaneous Industrial leaders 
closed "narrowly mixed otter an 
idle trade. Beer ham touched 
7Q0p in early response to Press 
comment but then drifted lower 
to cloke a net 4 dow n un balance 
at 691p. Buwater al«o cheapened 
4 to 194p hut Turner and Newnil 

hardened 2 to lPCp. Elsewhere, 
secondary issues provided 
numerous features, mostly follow- 
ing company rnjt-'s. The increase i 
interim loss and omission of the 
dividend prompted :: fa-f of 15 
to S3p in Charles fii!3 of Bristol, 
while Martin Black Ml S to 3-~n. 
after 54p. in re??t>on fo fhe 
halved Interim divide-’d nnH 
lower first-half profits. H. Gold- 
man cheapened 2 to iOp. after 
ISp. following dis?opojnting mid- 
term figures and orofit-taking 
foil owing the interim statement 
left Hunting Associated 26 down 
at 350p, after 343 n. Comment 
on the results prompted a fall 
of 6 to 185p in E. Fogarty. Fu^her 
investment buying on considera- 
tion of the company's growth 
potential helped Ricardo rise 7 
more to 347p. while a sharp rise 
in first-half earnings accompanied 
by a proposed rights issue 
prompted a rise of 3 to 112p in 
Fotbecgill and Harvey. B rontons 
(Musselburgh) firmed a similar 


amount to liSp following favour- 
able trading news, and revived 
investment demand left Stag 
Furniture 5 higher at I37p. NCR 
4 per cent. 1 993-9 S. jumped 3 
points to £94 in response to the 
higher. third-quarter nroiits. 

Still drawing strength from an 
investment recommendation. 

Body cote International gained 3 
mnre to 79 p. while renewed 
demand in a thin market brought 
about a rise of 12 to 479p in 
De La Rue. Manchester Ship 
Canal. 263p. sntl A. R. Findlay. 
47p, improved 6 and 3 respec- 
tively. An improvement in the 
investment currency premium 
prompted a rise of 12 to 245p at 
Jardine Math esc n. 

Bar and Wallace Arnold A. I67n, 
regained 3 of tbe previous day’s, 
loss of 13 that stemmed from the 
company's withdrawal of its pro- 
posed scrip issue in preference 
shares. Elsewhere, higher annual 
results and a proposed l-for-15 
scrip issue prompted a sa-n of a 
penny to 32p in Howard and 
Wvudham. but awaiting today’s 
inienin returns. Grampian eased 
that much at 3fip. 

Imerest in the Motor sectors 
was at a low ebb and the few 
tcaliered movements were limited 
to a few pence either w«y. Com- 
ponents to edge a little higher 
included Luca-. 3 16p. ■ Associated 
Engineering, Il£p. and Armstrong 
Equipment. t>5p. ail around 2 
firmer. On the other hand, 
Garages and Distributors tended 
easier. I.ex reacting I ■ to Sop^und 
Kenning a similar amount to 75’ p, 
while Tate of Leeds were a penny 
cheaper at 73p. Charles HursL 
however, met further scattered 
sunport and put on 2 more to 92p. 

Newspapers and kindred 1 issues 
passed another quiet session, but 
provided several features on trad- 
ing news. Annual profits substan- 
tially above earlier estimates lifted 
BPM A 11* to 67 ip, Bristol Even- 
ing Post held a sympathetic gam 
of 4 at 132p. Elsewhere, fresh 
consideration or the interim pro- 
fits left Collett Dickenson 2 up at 
BOp Small buying :n a ihin mar- 
ket prompted a rise of 10 la l.’!2p 
in A. and C. Block, bu! late offer- 
ings left DRG 3 cheaper at tSfip. 
S.'andini 5 higher immediately 
aher.d of the interim ‘announce- 
ment. L»>ndun and Provincial 
Poster touched 220p on it before 
profit-taking left the close 13 up 
ai 215p. Mills and Allen put on 
15 at 2C0n following :ce chair- 
man’s oplimistic remarks at the 
AGM. 

Selected Properties improved 
on a revival" of investment 
demand. Great Portland Estates 
firmed 8 to 222 p. Stock Conver- 
sion 6 to 2S6p and Hammerson A 
3 at 630p. Peachey, 90p. added 
3. while AUnatL 22Sn. and Mount- 
view Estates. 84 p, gained 4 apiece. 

Oils improve 

Oil lenders tended firmer in a 
continuing low volume of busi- 
ness. Occasional U.S. support left 
British Petroleum g to the good 
at 922p, while Shell hardened 2 to 
380p in sympathy. Elsewhere, 


Lasmo OPS firmed 19 to 375p, but 
TriccnCrol I74p. and Ultramar, 
232p, both drifted off to. close 2 
cheaper. Dealings" in Attock were 
suspended at S6p following the 
armouncement of the proposed 
merger vtitii Cambridge Pet- 
roleum Royalties: 

Apart from Jersey External 
Preference. 6 higher at iS4p on 
the publication -of its net -a^et 
value, Investment Trusts rarely 
stirred from overnight levels. 
Overseas issues moved higher on 
dollar-premium _ ftifluences. 
Robeco closing J firmer at . £603 
and Rolmco \ higher at £48 J. 
Still reflecting ’ redenr Press 
comment. London -Merchant 
Securities edged forward another 
2 to a 197S peak of 13Jp-in other- 
wise little-changed Financials. 

Proceedings in the . Shipping 
sector continued to be dominated 
by the performance of. Common 
Bros, which were briskly- traded 
up to lfi3p before succumbing to 
profit-takins and closing 3 easier 
on the day at 147p:'- ft was 
announced yesterday that Esco 
pen had acquired a, 5 per-cent 
shareholding. Elsewhere, revived 
speculative interest, lifted Milford 
Dorks 10 to 120p and Mersey. Dock 
Units 4-j to S5p. 

Selective support -"was forth- 
rnmini for Textile issues. Still 
reflecting the good preliminary 
results Sirdar advanced 3 to SSp 
for a two-day gain of 12. ’ Buying 
interest revived in TricoviBe, up 
6 at 90p, while’ David Dixon 
responded to an : Investment I 
recommendation with xi rise of 11 . 
to 1 05n. In common with the 
other leaders, Courtanlds q*dged 
up S to !24p. • , 

Gold Fields Properties reacted 
5 to 80p following Wednesday’s 
jump .of 22 on Cape demand 
fuelled by the . company's 
announcement that -agreement 
has beep reached whereby the 
uranium-bearing Bbd reefs on its 
Luinaardsvlei mine are to be sold 
to West Rand Consolidated. 

Plantations traded quietly and 
closed with ■ little ’ alteration. 
Sungel Kriau werc^ exceptionally 
firm at 85p. up & bn small buying 
in a restricted market while 
minor improvements were seen In 
Highlands. ll2p, and Guthrie. 
547p. ' 

Golds lower - 

A 92 reversal in -the- bullion 
price to S224.S75 per ounce saw 
South African Gold? .drift easier 
in idle trading ‘with the Gold 
Mines index a farther 1.3 off at 
107.1. " 

Prices held steady at the outset 
reflecting the : record morning 
bullion fix, but as the metal price 
gave ground Cape and Americr.n 
selling produced modest losses 
among most issues. 

Heavyweights - showed losses 
ranging to a half -point, as in 
Randfontefn. £34, white Free State 
Geduld closed l cheaper at £I8L 

Os the other band,. West Rnd 
Consolidated climbed 14^ more to 
146p on further consideration of 


FINANCIAL 

• — ' ' :•*, • 

[7,^^..:-;. 69.63! 69.8.vi M^. < 

• 71.741 -7l.87| 7139: 



Grtd Mines...... ’MM- 

Urri. Dsr- V.eul i SJ3i .934, jUifcf. 

1 A- B3 ’ £4^- 

pjK Kh«.. .n«r. ’ B.92, &QV ' SIMST- ■ 

UMlioq. imrlwrt I 4.BS2| 43^ 

Ecuitv tum.-wim -: f 77-91] .5939; 7l!6£ 38.81- 

t,. u iiv lei uni n? T1 9.33 ptl3.6S7t3.tfeS 

10 din 506JL. 11 am ' ioLi - N«m-3B4{L. i bb-Mi 

•2 Dm 3&UT. .a wn SM-.4. 

; ‘ UKat -hufa m-tK&mZk. - ’ ' •- .-: '" "V- XMg 
•Basest, tm 32 per vein airDorauon !Xi:.f^fU=ifli, ',-r2r2i% 
Bj.^is 100 Guyi S'liNTf!: FISM tnt 1?». 

Mines liS 35. SE Acavuy Julv-Dec iPiL. . . r ... 

HIGHS AND LOWS S^ACTTVJ^’ 

* 131K ’• • • J?ii«'CyfD{iI.‘iHiuii • ‘ r . ’• 

j uuil ; i >w-, jr n fcjj J. . ' ■ ■ ■j ] | ’ 

bnci.ae»...i rti-se i «»'.ra i 

ini....! Ul.jn 70773 ; 19-U.4 - tiO.33 ! n|ieL-atal<ie.U -‘mSSB' 
|niL Vf\ ! 059i 433.q | OW Ji ■ £ efc*" 

; wa. «a«s, • j f 

tinh.i Mini»;r aiOtj.o: 1SU.9 . .43.9 7 i . SpBcnl«Mlfa*^T.T ^S B-Si5tt 

J. • -«&»n Iftaf-Tn7ai <t-« ioT7in. rw, V— . n.- - 


the purchase of the mining titles 
of the Luipaardsylei ' and 
Witpoortjie farms, from Gold 
Fields Properties. . '• " ... : ", 

South African Fi no nri ate moved 
similarly to Golds. Anglo 
American Corpora tion L w<*re DnaHy 
2 easier at 364p, after. 3fi0p. whQe 
Dc Beers closed : 6 down' at 4l0p, 
after 40Sp. 


- Loud on^registe ridr’.v^M 
. tended to .easr in' 
after registering good ySM 
morning. Bio Tinte^.4t^B 
firmer on * balance 
265p, while Charier 
harder 4t I56t»j -afTt^TfeSK 
re fleeting optrni ista - 
■ Ashfori diamond - 'v^Ra®‘ 
Western Australia: - £-35£ 
S-Z&2' 


-DEALING- DATES'. - . 
First Last Last . For. : 

Deal- Deal- Declare-. Settl- 

ings . ings lion . meht - 
Oct. 10 Oct. 23 Jan. II Jan.23 
Ocf. 24 Nov. 6 Jan. 23’ Feh. 6 
Nov. 7 Nov. 20. Feb- 8 Feh. 20 
For rate indications see end of 
Share Information Service 
Money was given for the call 


OPTIONS.-.;.- 

in : Consolidated 
For. Intercity- .Jnvest^mfl 
Settle- D art on' -A; \StatB»y»E| 
meht ■ aiarcfawiel, Gfeo: 

Jan.' 23 S n fe rna£ ion at ■ Da WsqiS 
Feh. 6 national, Spiliers.^i- 'S. 
Feh. 20 VVyait, labile 
end of a r range d'4n - Stebeas^^ 
rice : Glaxo, Marchiriel wiiM 
he call Land. aV.V 


Business and 1 






Businesses FerSaSc^Mj 

EveryTuesday • . 

Rate: £16 per singte columncentirnetre. MSnitritKg^ ' 

3 centimetres. For further information contacfeii|| 
Francis Phillips. Financial Times, ■]G CamGnS£rc£g.*?’f 
EC4P 48Y; Telex: 885035. . ^ 

•• . • — r,-i j».;. 

CH-2484782-& 01-248 5161 !• 

FIlSANCIAUTiM®^ 

ElKDPESBUSI^NBflfifi®?SSaf ’! 



•wmm 

, H -. 

"" 

*1 tv' stfr. ; 




RECENT ISSUES 


EQOSTSES 


Ft-ACTUARIES SHAKE INDli 


litflfilTT Hifruil 


nTuTTuTn* lTyT54B j TkM FTTmJ 



EQUITY GROUPS 

f.l\ •■iVilO;' 655 '.Mi brill -3 , -an. a.«. 3.8 £.« GROUPS & SUB-SECTIONS ' 

T.r*. ii6.ll! .\. « !daO ' + 3 i •••□./: • i.c U.D 

.\il 42.1 i5»0|-uij<i«U|>iii.' El». .\u -28a. -m +£ inj.iiu.t 

F.H. J44/11! T-ir; Mu,: ‘I \ -i i.ri . ll-rfr*.- 33 >— :* | 2.14- i.c’ 9.7 11.4 -FiRurw* in parentheses show number of 

E.P.J - | 122 1J0 (Umhniw |t!7 — ; - j - ■ - ; *.b stocks per senior 


FIXED INTEREST STOCKS 


s il£ 


J III- 
C lO . K.l* 
4991; I M- 

** I F.V 
“ i P.l* 
II [ -Nii 
I K.l* 

tS9'*!U0 

■-■993, t-.H 
E97.;!£10 



: 13/ XUj 15pi 12*4 pi An«*Vilnilili. 144 t-juv. Pn 

•lUilli lWp Wuiteuii Un>-. Uft Hrt 

I 4lll Lutg (0 ,.i ii.lt* Wme/uurk- /% Pn.'IWd 

10/11) l« , t|. lOJ; l/i-Kfl i-«.i IWij, Fri ; 

\£! iu: 103p .- -wi nil Uu Un«4 lU,^, erj 

: 49'v! USoli Hi a io iii t‘i 1m IIh .U/uAb 

wl*| l l>e Wt Iti Bunl .\Wyinhnm KJ IpII-. Lu. tP-sfl 
j — ! 99 Nh Hvu-inalii. n»i riitfimai Vsr. IliKe litit . 

I S/ll 6i>.> I' Ljihnm Jnnus b-£ (.inn. r>eU 

10.11!1051ajH9tI-'!|. <I,ii>Iuiii. Ha. lux I^I'n 

|lO‘llj 8il«i W| I’ntm -iv. Iili.it t'rl 

|96.’10.£4apni£l9piii I'mr. Iaiud irie 12^, Oiv. cbix-a 

r — • uSI | IV iClxslil'H. !r-» li^l.um. UK 

; 10 / 1 ; v 73a!-«iiiliiw«rk Ltirj- li**! He". Irifi 

I - i '■'( -i>. j -i rail, ■-.*•■>. V,r. Khii- 1-:j 

1 86/1! £93el £&l|!wm Kent Water 1% PreL I9K5. 


“RIGHTS” OFFERS 


- |13Iflp: 

... 104? +2 

-I 10 i — 

toil J 

-I 109 , ..... 
.. tear I ..... 
..liOilc ..... 
-j Otlf 

1054 ( . + ia 
..6312 | + lg 
..;Ki V ui!-a 
..;ilb I 

-j 7*41-4 
J 9BI«: .-... 
.i Sis.— i B 





1971 £163 m 
1970 £l27m 
1969 £021 m 
1968 CtOOm 
19 G 7 £XX 8 tm 
l9G6£Oj69m 
f965fi060m 
t964£OJ56m 
1963£047n% 


390c ! f‘p! 
r.e. 


pyuo x. 
46S : F.P. 
100 ; F.P. 
66 • F.p. 

74 : 

10 : F.P. 
77 | F.p. 
■ Ha I F.P. 
30 j Nil 
77et*.i Nil 
40 : F.P. 
48 F.P. 
800 . F.p. 
8S • ,V„ 
18 Xil 


i 19#9 47, IQ 1 75 ! 
1 xg'y'^'lOj 365 j 
4U/t(|la,l aM : 

1 aQ/c!(S4i1Ii 74 I 
49/tt 1 10/1 »I«| 

He/10i5O/ll ^poil 
! 41m| Sill 144 r 

■’ aTioli7fii sic 

; 6/10| 3/11 111) ) 
0/10:10 11! w I 
: 99/9! 47/10 94lg 

i - ! - • 14 

11/947/10 AJpm 
6/10 47/10) 106 
I — — 1 26pm 

i — I — I .Hum 

; 29/9 Z7/10 «T 
6/10; 3/li; H 
, 49 /Mi 8/111 5flO 

: 9iio! o/i » » • 
, — ) — ’Haii" 


tfti :.\j*roriM«i iJn». f 

vt ;h.l.k I 

225 .Bai-irn* Itao-i 

no diwNnxiud Hnlut 1 

"I |KrtD>h Pnniiiui 

2pmjCli*u£v Warn 

Loi !chutrti 

ftipmlL'ie. Kr. Petrutai | 

298 )L/kii>et\^ 

100 iL/utavHil'raartlc Kt^,Cnv,LnNh--Oc: 

tii lUomiau Givup • 

v* llmtuu eenun. J 

lOij.’tiKunick Uoktiap,,,,,... 

6«Tli-e„ ' 

97 iLon. & Ui'liaml tool.. 

5pmif^«wii iff.L)... 

3|*n. Kauii Uoadoo- 

►5* jl^tUicr* Je»eJler»l 

45 Itte'iaace KnilweRT 

&■> Kicsndo bog ^ .... 

As iWniirwcli .... . • 

lpai Yr-rk/Tvcn.. 


75 ,-1 
356 ,+ l 
2*43 ..... 

68 
63 If: 

2 m|— lj 
144 +2 

4llpnii ..... 

310 

101 ;+l 
90 . ..... 
93 ! .... 
131a 

67pm! 

106 1 

23pm 

*im.' ... . 

71 | 

92 +1 

360 >+5 

3H . .. 
1pm .... 


CAPITAL GOODS (171) 

2 Building Materials (27) 

3 Contract! ng. Construction. (28) _ 

4 Electricals f 14) 

5 Engineering Contractors (14);-. 

6 Mechanical Engineering^ 

8 Metals and Metal FormingGfl) _ 

CONSUMES GOODS 
(DURABLEX53) ' 

LL Electronics. Radio. TV (16) _■ 

Household Goods (12) 

Motors and Distributors (25)..__ 
CONSUMER GOODS 

21 (NONDURABLE) (1721 

22 Breweries (14) 

23 Wines and Spirits (6) i. ; 

24 Entertainment. Catering (17) __ 

25 Food Manufacturing ( 19 ) „• 

26 Food Retailing (15) 

32 Newspapers, Publishing ( 12 ) ; 

33 Packaging and Paper (151 

34 Stores (40) 

35 Textiles (251 

36 Tobaccos (3) ™ 

37 T oys a nd Games 16 ) 

41 OTHER GROUPS (99) 

42 Chemicals (19; 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) „„ 

45 Shipping (10) 

46 Miscellaneous (57) 



245.91 
210.62 
383.85 

580.58 j -05 
381.76 
19257 
170:42 


217.28 —0.8 
232.13 1 
28659 1 —13 
272.44 
211.58 
232.73 -03 

396.69 -0.4 

14852 -0.4 
204.00 -0.5 
-0.9 
—0.4 






Mr. F. V. Waller, Chairman, reports a rise of 
19.5% in pre-tax profits and an increase of 29% 
in the dividend more than maintaiTis 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 RG5 4SN. 

Adwest Group 

Automotive, Electnoili Agricultural, Industrial and Engineering Ptodocts. 


Rrrm.ncjJtKM daw usually Last day rnr d<ullajr tree or damp duly. 0 Kiyurttr 
bawd un prmpecius «nma«. « Assumed diridewt and view « Forvcatr dividend- 
cover baaeo on prpvtttUj> iear'i parnintt’i- * Dividend and ilelrt lUy/fi mi pruaiMwiu. 
or other nlbcul wnnstw hd 13«V. wOross.. 1 l- muri-s t slimed r Cuter alhiw- 
fur ciHivan,inn nf kharv> n n| nm * ranlun*: lor dirutund or ranhinu only for rciinct n/» 
dividend* 1 PLaaiur (Kl«f 10 puWIc. p: Ponre nnlo>« omerwrue indicated. A tuneo 
by tender. l oserrd W hnM«-rj. or ordinary h 1 niflih.- *■ 

by way nr capHabMUun. I< Hnnrmduwl. 1ft iMqirri in cnnnpormn with reurvaiuu 
tion merger or rahe-i/ver i|l| Inirodui-tlnn. 0 1 -e.ih-d in r.irmor Dnafw«ni*e holder, 
■ AUnimeoi lerters lor tolb naldi. • tTovtsiooal or oarrly-oaid altnrmem lenera 
*■ Wirt, warrants. 


61 . FINANCIAL GROUP(100) 

62 Bauks(6) 

63 Discount Houaea 1 101 

64 Hire Purchase (5i 

Insurance (Life) (10) 

Insurance(Composite) d)~l 

Insurance Brokers ( 10) 

Merchant Banks (141 

Property (31) 

Miscellaneous <7i 


09 | ALL-SHARE INDEX(G73>„ 


FIXED INTEREST PRICE . INDICES 


British 'JJ- ^ 


BUILDING 

SOCIETY 

RATES 

Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public. 

For further advertising 
details please rina 
01-248 SfKMI, E!xtn.^26fi 


Thomas Tilling 
sets up 
new company 

THE Thomas Titling group has 
formed a new company named 
Newey and Eyre Group. Tilling 
has spent almost £40 rn this year 
nn acquisitions and the new corn* 
pany, an amalgam of its sub- 
sidiary, Newey and Eyre and the 
recently acquired EC Engineer- 
ing company, brought a month, 
aso for £2ra, will give it the 
chance to take on’ further acquisi- 
tions and develop its technical 
distribution activities. 





is 20 -jt. Red. Deb & Loans (15): 57^4 tia^7 87.65 57.70.J 57.70 1 B7.7* | 87;7a 

16 Investment Trust Pre£s.(jfiV bi.52 13L59 aim ,51.74 

17 Comi and IndL Prefs. (2fiV .7i.60 X3.07 71.40. 7L2» 7i.aa,j 7137 1 7L57 J .7137 


Si 




















































38. Times Friday October IS 1578 


^ Tifa* 




AUTHORISED UNIT TRUSTS 



*flr. Wall Trt. Mock. Ltd. w framlington Lnit MgL Lid. fai 

J^Jafchtww Rrf Avinbbn . (WvMl . 5 . ?. Ireland Yard Et MIS.Mtf I . .t:,-; 


OFFSHORE AND 
OVERSEAS FUNDS 


.. HviTafUtnf H4A 

; : *-3*s , 5fi® sUdtfi u vsssSS'--— -IS& ! is ^ 

' RS'SS ?£ WLflfuwfli Kd [1260 Ss|.--j '!» ***-' li'il Trust Meraart. 

•f'M.Ta* [70 0 738J+C5] 3A U.< Arcwi. (1300 13*21 . ! 207 ,+ ,!,. 

Itod ITombro Groups uot ’ FrlMafe* Prowft. Volt Tr. Mgr s ¥ "" . , w ■ " : 


Ji« -*q 

9»jJ-o3 


*U Ajmtkm 


fal Min-.u-r i-mui Managers Ll«J. 

i'!-T4SfiiT7i U.«.|pr:>v. |{ti,,ir «i ,I^‘| r 


‘ ' 'i!**"*- Kxtn. 

■- " +“51 w KwWwodj itCTTi I’ll!)} 


WN Foods 

«JI< | 

- In«l» Fun-1. .. I 


IcLiVruuti, h'A !Ubo i34C>Z-i 2 07 *- I'll Trust MCrBBt. lid. 

D-. A>*cm|L J1390 13*2) . •■ 207 l,l 'iyu.r,, y+ fii-K*i?lX1. 

Friends' Prowft. T oll Tr. Mgrs ¥ ' -* r 9 . « y I 3S » 

FidianKfHl.lhobui.- osjivlv ” ljrr - lv juhtWflm- 1 .T. Mgni.? lai 

FnrmfctRnic.rti ra*» 499 . -Bl! 3S7 ,l 'S«--*i-r* «.l.i-.-«vi i-vmi iUI S!l VOl 

fin. Areuai . . _1»R 63.9) +8.3 3 87 Ml Hu-..,. , *34 es 7) | 2 91 

>,u .. __ , ■ Usd hi, Iw 1 ritl’n. 


Provincial Life Inv. Ca LllLV Nave & Prosper conlinuiHl 
1 ‘uraiirtft jzi Pi-’i'u*-’air. r .«'2 iii-riTii.vr. scotblxs Securities, i4d.? 

*9 3 .. j S‘J> Fr.-I.li- l u.i-. . N05 I0Q .• ^ llIf . 13*7 3 ; 6 

»-*“»• I an iricoihrenw . - !iws uttf-t*:! 7o* Cu'£w'". a sa 4 ‘ 


* S^TSSZZui* SSS. ■ V-“ ri " rand 


Keyselev !Hn^L Jersey l.td. 

istin^SM v H.-lt.-r Ji.^>-» -hns iVMStETjlTQ) 


tv *-ri«yn-ki j»a 

Prudf. Portfolio ftfnfirs. Ltd.? laXbNci ^7t*«iih*»T- la*? 
lUiiimrn Her-. win -jmi III .rfU K22 .s -11 K\ Vtil *0 )l» I 


riu.fcs.Ni.i_ [ini iiiq-iui 447 

QuUter Maflauement co. Ltd.V 

Tin V.l. I" V. toase. W3N 1 Ilf* U! M»j41T7 


l.fi ini- uii 

~f ii Inn rw^t 


! 2 1 | ^ lrt ' !■' ** iiun. win 1 in* 

IS 6-T. roll WflBasm Ud.» Mutual ,-.T ,aK K , «SS^' 1 ?» 

«n r«t.»rr _ T.. !«*0 ll*S I i» vjvr 1 ' l i'' ii?? J £i «*■«“» el»-€f.TBni»nilwWeHv hr. liacisri lr.ron«-ln-4 43 0 

5-05 UT.lW.tttU . 1737 18a 7i ..... f 11 ID Mui^l !!'. -iJf 2SS'K? *5? 1 iMiituart) t .1 _ . pi 0 7*Bj I 4« In.- UP.DMrwL.. M* 

472 (iri'KtOtB _Jl43 S 2 20 vrd. I u 7 . 1 .r a 2 , J' ftl 151 vSfn.fcT -.V.c • _|i*4 - 443-0: 4B5 Inml i.rnwth K0 

li t. J apan turti llfij w£3 ... oaa '."' ; ul '■>>'. ■ isi J KM *o j| 120 m-hmii»t. n, {um * 75 ^ . ! «*5 inv.l*l wu. 275 


M '.ilVfH .... l«a SEHifl! -i % be a T j?-. 41 T r;S»> 
Id sr «*'S4i»» --- 4M* *' ; 4 37 Hdrair«*i 

11 ••itt.ri.iti'f — 1*^2 277 0 ' • 1 ;j 2 V) 

2S K\ 3 W* 0 ..„hBI 1 M<H . ; >.! 574 Trades M 
47 •*■?!.«-. lit -V. 1 A =7 \r ! vr. «. .. w* II ' 

Schlcfitnjjrr Truyl Sfugrs. Lid. uhzI TciTffci i 

— Ji« mkiM Mrui*i.UM»_s. .KM K>&4I 


. -Ill Inn Dev .'34 5 

Capita — I ts 3 

nhm K uiui .. . nj» « 
8fan>A.-c. td — IU7 5 

'■'<» Fand & 

J* Victd ...17S0 

ninrame . . ui 

Sis 

ru!l«al tmuk 
naiiubat. . 137 * 
iicFunn . 

. ' Of.Mnenru _ «,< 
* tirnw*.. |w,7 
■lalin fumf, 


Wujilr.ml Ir^nni- flM 7 13*. 41 

Reliance Unit Mgn. lidV 


viti fcxisn *4 O- 

TM '«l l.r(MTll pO 

7 “ Eh«sui« ilurii VW P* 3 
f'-vnauHU tzlrv- 77 5 


”5; i 

ns -a 


(| J *37 Hdrutfcer.hr J‘ : US M4i. J +U'. . « B4 ' '' 

*» Trades t'nion L nit T>t. NanagenV Allen Harvey & r<wi inv. Mul. 1IM.1 

’j" :“* «■««< ufcta s. i '2 iiiAamni , - 1 '’“"‘w* r, “ 1 !l, 1 , ; , l , - , ' p - J ;‘ * ' "•’•■MmSu 

id. (aHzi TCtTOii 2 '512 54 5cl ' 526 LVHU«*iRl.ilS 1 *1 hJOOS 1006. ... , 12 01 

tie. 14,141 

.. .: 3.13 Transatlantic and Leo. Secs. C&V Arhutbnol Securilir-t (C.i.l Limited 

. .. 7 01 91 »'.cu lrf.u>iuri Hit •'(-t'liiu.t.irilCOf.i '.Iff* I fij Iim JU lii In.- j« :». ' uXUT.’ITT 


_ ire-i j?i isatf . i 

tiuiiiMiii. . . it :12J TS l21M)-v!i. — 
hi->.« In J.iiwn . [13466 1 1 — 

|C j , ^« :l !..W-.'jp !il 37 06 137 lol -0 C< 6 j _ 


-oS 4.54 Dn..4rr _ ... :x»io 
HLSJ 105 OT.lW.M U . 1737 
-H *72 Oil"! -_iKJS 

■i T. -l3Pft.it i h-h _|43J 


?Sa_n-d 2 S »*;• tat »■&*»* - 1 36 1-6 
^333 lr. .••T.KmrWd.isM 
0. &. A. Trtni (attc> 

2 ?;*®!, a 8 jyi«fifcitd_iin?n;*i» 

si5-*i iS b*.» 

102 .ll -»0 21 W4 tadnarp Fund Mm 


llerio -v.i ...1415 
it^tnlr Li.wy. 1 , M 2 
'■mi:- . MU 1 

' . 437 


0. & .\. Trnvi (attc> 

J*f a.8jyi*^and_iift?n:«i»d ncTJjrsrje 

C .6 V J33.4 3731-371 «« 

Gart more Fuad Managers f faXjt) 

7.SL3lanriu:e.i3^‘iEtp. aiaajiii 

K-StncHeanT* .1295 31 LOW 

12 Bf«itfcT«.iAn- . .;W 0 h5^( - 0[2J 321 


- 1.70 =ui5 RidRefletd Manaannenl Ltd. S 

J ! 7.W in. ii u "!*' 1 i* " ,,J T«r r.'*‘ ao-mlitJuictlvM .MAWliruer Ml Aifla*4M ’fref. friiiKInid -®0 

ifgs |«! • I |3 SSSBS'Sap* JSII | 5S1 11 

!»»** 167 3 1 3 84 Rnlhsehild Adsei Management (g> l. 


1 National Prut 1 (fa'll I inv. Mugr*. LtcLV 7iW.i.uriinna.Ki|. Vlnlwn 


»TW. K»||IT IHIM 

It.ijb-ti-. .snaivv . 24 2 
sp.TiBl mi Tit .. 32 5 
1 K. lirlh .Ucunv 23 4 
1. fc.iiru>. O 1-1 (20 6 


HU:i 

« b>d -.c 

2*7i! 1 tjjl 

ji *! —3 ■.] 

m 5.d -0.;! 

?s i 1 -n «! 

S3 2| - 0 Ii 


*52 i.Vck-ufti 1 7r.il- 
'W.i.Mai .11 . 
1 l ull;- . 

t* 2? ‘*>e9 '« !" 

i?3 1 vckuai. Unit -- 


* H Hwikann* iu 


ijwth IV! 'll i?2 


Fjrntn-* 61 2 


SJrStoi 44« ^nwrtMMT* . |»5 

10*3 IS* ju Hr«itn7«.iAci- . 

£5-^oi «S -BMP 

3y I 5s tun linmilTiL Dh * 

1 kFjt KanTn.il 1344 


31 fl Low 
U^ -OP 3 28 
477S-KI} 3*2 


L Sial'r'i'i" s !!* elSi/l 20*3 -oil Jtfi 'nF-irKanTniu [394 C*S *071 0 «J rr - r ' -n 'J 
V e.«7* 3MW-0.4, 460. fighSu*rwTa....teJ ifStCJl 8« Natioia! He 

IpiTfin i; n -.| m ... likoW 1 et! . . 1743 86 3ft — 0 *1 66* ... 

f=r^on unit Tnst Managers Ltd. i.Li .v.-mcin. . woo 3 >2 ?“ .’ "51 

fenrhurrhit.KtaiJBA.'V. (SSK31 lull lUetnptM WO* 9R5j -tL?[ 32* 

prianlT . . ;S3 9 Ulat .. I tag i* Ml TftlAi-e . )»8 37 4] I 089 

ibacber i ntt Mgat Co. Ltd. ftibbs (Antony* T : nil TsL.Mft4. ltiL 

t*taSt.3jdjV7JA Ol-finsr-e .'.Krr*le.l<a'hPl,olii Hi «-5384i:l |\vTu./i,.tt, 1 , 

Monthly KnnMl7S tty . . | 423 1,1 A - . j«3 4MXT . P *1 l ' .«i i n 


■ta v:r..r.. t. M l-i ".I ‘.*1111 
’•PI ii 7-i 147 7 f .8 II 

, A:;i ,m ' «■;!. ■ *77 61* 

M'!.. i,., , onr !4 i5>4 

t.V' .-.im I JjZJfc I5.-0 1 


III t£5l«1^VN) 
460 
4*0 

7 25 
225 


N.r l>iuirj Kuibl .1174 8 
N‘ 1 iw fev.T-4. 116* 
.\ r Im iune KhikI . U6 1 
M Ind fit ilnr 04 7 
K.f. lull. I il i.lvr fifl 9 


ii^.vhi j. Hcnrv Schroder IVagg & Co. Lt d.¥ 1 'cv-um run.- ■ ..jus 

IP- ia..tKra^rarif.E.dS izjumi VmHiIh'* II' _ »754 


042 ; ; 533 i jp T-: -Jo:-**. . 11170 17 ] I); \ . 

2 d , 1 5 33 \.-ii . 1 ... 1- nf’..r..-i ja 

*S6| ...! 3*9 inii75ni T-r 199 Iflli :E 

23 6 . . i 423 ■;»■«: •!«■»! ;»ii.‘ >Ll'e ii-’i.ii..-r Ji. 

342 ....J *23 E«»'.AJi,llT-.l H- 5115 122 m ! ■ 

J 97 - I 5 30 l!vh:ilii; I'.ilMV-i- i 2 . 

7 ? 4 j I 5 30 

ui*Sii 719 AustraliPP Selection fiiiid NV 

616i :'\ an Marki* «i!i|tnriini:.v. ^ .. i- '. „aru .t 

78 5. ■ 4 2D -Jiulivaiiv 12T. K- r.i .v .- ..n. ■ 

560*.... > 271 I'MiMmw". ■ I S> ?15B 1 ,...| ■ 

615! "' ] 3 71 N«-'. l^.i. 1 - i.ii ; .ii*"“ li 

5301 3 « . 


.. 1 12 01 King & Shaxson )I|jrs. ’ 

H l.aniiC i’v.* V Hi-!n-r..-«-r‘«- .HaM'TlTII 
Limited l 'ilta* *(■■■■. rl r*r!er IVrt UKIV;. ,1481 . JtJufl 
.. "V— I riiiiilLu. fciree*. Una-la*^ H‘M .0tC4i4&i« 
U...H .21 .. ii.li Ku„,l.J.-r--- ■ |tS85 SfiTi-i j 12.M 

| 413 .ill! Irul.lAM' 103 7 1064) 1 1209 

24 ilili (.iu! i.ui-rin-.IiP 23 4 25 1 ^ -0.11 12.00 

: 12 W | n |i |^»|. V(T*. Tsi 

, , flT Kir-.i9li-r2.nl. Kl?*? 7806! | - , 

. 307 Kriil Iilli - !l.*USJi »S| j - ! 


am IWniadnv ui 


S—.T ilf.ilina ' *i-l M. 

:<• i iir.tin.i: ini jo. 


;:r. Muiir iu\-, J'i 


n? nu I 2 l» I'tKMn-odr. L.l5S 

IS *.-«pd»l'W H) - | 1 W* 

^3^3 fE tvcfum. . -—1359 

4Sg-0^ IS 4 J 3 i,u|p. ih 1 111 1 M 6 0 

..Vi-UIilI'iiILV...'. [3061 


-U4i 134 
-HjJ 4.42 


ih '.VrUULV IIIKI.... W‘ 

4-^ ij'nrralnrt II 913 


-tL? 32* 
089 


lr. F.i V." «KI ' III IU> fl|Mt 


73 11 -0 4, 
Ti.a -nr 
574 -n Ii 
46 3 -0 d 
494n -Cl 31 


.■uiftndt Securities Lid. faxet 
uet-obl UcufcMEC-tXIBV Ct lSSKSl 


la- vn umm.n . l«i 4 445 ! 

iJvfc li. I'ariJai' . 0 b 1 28 lj 

1 >Cu!iu 2 ’ll*-* T«Wist 


■> Incomo F~rl . 1189* 
line. Fund . _ j*J 1 
cum Uair*:.._tta.i 
k. Wrlrwl l l:s jj57 « 

Vrnrrhiini ]25 0 

urn I'iuLIi 13*8 

UI Fund ... . ttlC 
nrtiiy Kuiiit ..fen 
unv r'nit<. _.| 43 « 

. Wdru .1 I; i .. Hb* 


lull . j us* w>»™ iJohaw 

JJ4(-*Sfl * 76 77. IsHHlmi HmILRI 'S 01 r® 

6iS S?6 ? >Jr ,,eLB • - ii«® I 

tat.vceurB.Liid [1743 1 * 3 . 5 ! .. I 

SlBlSa Nevlrlfcolini da? Or* 31 

5a v n d iu Gricveson Manaftcmetit Co. Ltd. 


T^f T ai K • v . ft •a i\ y .« t«. _t» o 

;3 ■ an ■" 1 i; '' 1532 6231-011 3*0 J-i-unliesUrMU . lUl I 

alLzl 05 -JM- 1r “^‘ Heuagers Ltd.* <aH£> 

,-rtt ■ ■ ■" ■ I '"> 11 . 1 - M.i-ry :<■! 1 VtrrliH I VI II ‘.E 2 

, . 1614-' -6671-8 51 4 65 1 * mnj l nlbu.. . 1305.: 


14 Rotbrfhild * Lowndes H*mt. (*» V225 ( tf i i ,rfc ' - UV 

SwlthiDN Low*, Ldu Vi'-I iil4ESi4Xfl rvium. i'mlii. M O 40 4, 1 55 

>«rl l.Kiem* .113330 Ml Otf [ 345 •nilLWd.SepCkt U06 186 1! ... | 4 12 

4 15 I‘nrr-<en rcieumber r'i Nevt ilealuuiuctofaer -SperEr ik-L 10 - 236 4 295 2i , 344 

7 43 lb -KccorC-rX Srpl HI ]21bJ 222 4o*l:i 4 24 

KOU7W iu Trust MsrL Ltd.V ia> SctRliBh^ta^ndM^ l rH ■> 

532 Ainrm >vn i.*cL a |70 0 73.0f [ 112 r” 1 


6161 .. 
73 5. 
560 ... 
b45! . . 
5501 
623; . 
741 

«9e> -C 

51 21 *0 

06 C ... 


3*0 [Bank of America Iniemational S.A. KUiml r>»mi 


J _g .1 632 biHiliriiiiii !»' — 1 , _■ 

2 | .Qql *02 VtJ(f-at(V lnc-«r*|,.- I*.'. ? 115Z7 [ij 

C . ... 1 *64 a ‘1 11 n al Xi-«i in'-. 


i:-j« 3 51 
71 »0 f) 3 « 

f ?K 

Il 2 33 


362c 

404, t 

l» l! ... | 

245 2i I 
222 4u - 1 ;j 


•r-Mnwy ViU 

|l>Uu 66 71 -0 51 4 66 
151 5*J 54 ;H I 7 56 

1 Insurance Group ibi 


3 «I ihnillierialLv ,_.-|525 55 3u1 .1 44( 

7 45 Ari-UTTL L'nils . - |tt 0 64 4rl[ | « 9( 

7 45 IlnlUIS rtJV , .Vwtni»j*: ; i- 

332 Sebag L'uit Tst. Managers LtcLV lai 


2 ® Tyndall Manager* LUL¥ 

4 12 1*. ( aavnfCRtnd. Briviol. 

344 Ini-nnit-ik 1 ;i .'105(1 !! 
424 1 Vi-rum I ml- l!9A? 22 

« .Md: ol 1 ir( >| _ jllbOid M 

H V - Vi-iain l nil-- . .'1424 23 

7 Lvmai4.in.-Li I .. 1154 12 

Will - v-a-tiin mu .. .,11638 17 


787 Rauqne Bruxelles lamhurt 
7B7 Z Hue Da: la liaaii nii- 1! Jmi«i i.r,; 
Beau Knud IF !113! 1.447 


Klein wort Benson Limited 

Jii IVni-liurrli !•' - (IlfSWnO 

fiirmii'W In. K I 1145 [ *-T 243 

i.jcmrl-i Inc • [64 0 7344 4 IB 

In-. Vk-inun . 1»J «■*... fl? 

KK Kiar 5 ■»: Kd S I-S13M -0 « 145 

KUInii r »nil S< '1U5 I 186 

SK ijwrn Fund H S4142 ! 0 60 

KB l B ■v.l- rd $1<UW 0.64 

SuBi-rKemudj 4165 25 I. . 171 

■Inil-od-i-itM- 2010 7120! 802 

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Barclays I’nicorn InL ifh. !s.i Ltd 

23* O' - ? 2 7 45 1 fliVIIIWl'rir.j “il Ilcl.i-r J; |i.'.i«7l7J 


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bill . I 4 68 Bomnanyti Cm 11 .rut 2 


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Nevi (toian* da? Ort 31 Uivoap |' a , U76 0 I45.8J 01 *04 ImVlnu'l .l 

son Management Co. UUL Ph,rl Tnl - 1 Manaflers Ltd. (aitiiPz) Pnrti at m-i 
«« .S i . El 2 t- = 1 afc .01 SWWJ :*";*£ " 7 ; ' T 7 *'** M **»?} Sav e * Pros 

CM It . (221 2 2S1 « ^04$ !u7un.i , , IVS 9 " j| IS -I ‘.real si He 

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t_ .. . __ Gtianua* Royal Bx. Unit Mftrs. Ltd. |i P ,nti;iii. an :i„ hm n a»?i i 

bvray l-nit Tat. Mgs. LUL? (atfcl Royal Kuhamgr .U3P.1DK CldMHrni Puiadillv I nit Trust (aMbi 

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days Unteorn Ltd.? (aKcKgl Br«ce»iwd,£xMBL oerr-glTsai hob 3is-o» 96 

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154 lAeruavLmU-- V“|774 
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3™ S' u ‘ ,n ' "L : q6(l0 * I 482 J. 

38* Pei-pti ual Unit Trust MaftiU.? (a) . 

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llich Itwurn .. _ 1704 
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4« ■ 'imrkjUt- sq .ErfinliLrjfi 
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’£?*?? Tl t - , ?a“ 03 l su DM* Sot R*& (50.4 

7t AiuTil.^477 155 5j .. . | 4.73 »»'-iiiillnii| 

'-■'e at Kept. 3a] Next »h rtay on, 3L iv»a Mi 

M6.B 30M-0JJ 3 42 bd^naaiioBal SbJ 

li 3] ssr P si r|3s 

^fWi |S)3 74 5 -oi *76 rIInmul' * fire 


$52 IM-Er.i 

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.r. i'i».aai.. Royal Tot. Can. Fd. Mgrs. Ltd. N*-basi-Bpiull 6 l 37 4 ^ .,341 

nee Group Ibl MJt . rnJifjffTW , |;>wl iii«p*BB 'fS-alooumPd. -KW JH.J | 805 

-| Cawtai Pd . -IH 4 7321 I 356 beeunly Selection Ltd. ■ _ ., 

«45.«-. 0l *04 l„,whl . K 5 75 5| | 745 1 VIM UiKMlpNlnoTlehli. SVa.2 <H RKiW.li tktL 

Ltd. 1 4K i: II?) Pn«"s at Ma -|4 -*i Ne-.t dr aline i in U l.mliltltT^I \rc ..(24.8 2641 i l| j« lh.v«um :«a 

ai 4 ii 3 iH 4 i Save & Prosper Group l■ml■^lllT*l•le. (216 23l’-ci:1 iu i-'nr. lit Uiuv.ni Old 

=jg «j| JM a ..rd si lieirw i.uxfcn jc 3 V *F.r S*™* VuH Tst. managers Ltd. <m R; a ^5ff*<r n % : i 68 

Ifcl J I fSf «-■» wueea Si KilinhMxh RII2 4NV 4-i. luirhaUrSq.liflol4.rah 011 2WW.-7I , a 

40 31-riN 4 70 tatbllaiLV t<» 111 354 aSCM or 011 £8 7X11 t sir uan Ameritaa fund 

5 ? t| -d il 4 79 Save & Prosper Securities Ltd.? ‘\!'!um‘i l m?. lb ' Itt 4 77 1 ’ - i i 17 

Lt(L IftHX) Inlrrrirtwall FBBlh WilhdrasaUriiil* 1536 572] “ j _ 

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lorrrmilaK Imsuor Kuo* Inline iTun & Kr. ■«.„ 

4721 ‘*i‘ro Mihii-Yk+I | 57 i 6 i 5 nt-oa 6.47 Sun Alliance Fond Mugi. lad. 

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a,,D, II tell Ifcuum 1794 7561 -nil 756 Kvf. liiTMilrt.il ..1CM7 l 3496' -5? 386 

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n». kimk bKT>. I* k. Fa ads Target Trt. Mngrfc. Ltd.? lattjji 

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592 JJ} 2J vs. fnb ao 2 f — o 3i osi •ikTv.r i/StK* . 1020 317 i | £*& 

'Imnal laviwtl untU ihrL 3. Target i. id Kaimf 1167 1235-02 300 

i- M Srrior l atodu Ta,n;rl ..ruwfb . 295 31 7ri vl 4 43 

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cl? I> Ke» KlIMOanalSoc. -.[730 78*] -0 4| 311 Tiaiswliii .. . - Jf 41 56 y -Oil 319 

ni.fe.tmw Hto-Muilmun Fowti K T. " ,1 11 ' " nV l «S *: JS 


; a J; .vu .ap.hMi [i46o 
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231D,.?I» 7 95 * 1 ' 

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23? j! *5 01 412 l nhlOllHr rni--l . ! > ■ ^ i? 

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18561*28/ 527 ih.iutu-nT.* 459 47i 


« *; S * f? Barclays 1‘uicorn Int. (1. U. Mam l.td. 

1382! *0ij 1247 JT9«aii4* i!. lioiiuJjr- luM UtJ J«iri yf & G C.ruup 


'■ IJovds Bk. cC.M ITT Mgrs. 

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1 1 LJuv«J-i f*-! II- 0 -.V* 163 1 Wa-J.-J . ,[ 0.67 

1 klt-alini! dale iirlbher 18 

I 1 *]°8 Lluyds Bank International Genera. 

I 800 1. IlM- Hv-I .Vir r-.v lie-. tM 1311 Ucndie II. 
Lla.kil-vli.1 .Ir-'Mih ifFIIStS MS], J 160 
IJeiaL-inl 'atiCc.prWII 305 S0| . .] 6.50 


181 Oi -V *1 

153 *3f 


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'28/ 527 m. | utUanT -‘ ‘,459 49? I 89 I'.ldEvA.. lu-l -i il-I’fl L’S -OJW - 

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566 > Act unit r.it -- .,1975 21141 *l.ri *315 

is BisJuipsgalc I nnimodiiy Sor. Ltd. 

^of 449 K 1 ■ H*as 12 tMieU- ( 11 ti i<d!4-ii2»i Samuel MontaRn Ldn. Apts 

458 .IIIM.V’IH :• C : ; 213 n.n . I - ‘.U.Ml.-ierrad'-' . F i‘r 

nil JS ;!t? \}*'lli.K^ n-».: .-:|-*44» 4)6)1 

■Si 0l /i ii ‘ a^.-: 01 ,' 2111 .iao:.*i! M-.m -J3* ■ -iwa \iu 

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ll.ulrt a!rr..icl 


mi Ap*lli"E^ 

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4 __ TSB Unit Trusts i>» 

t §5 “I - 1 ‘li -•'ttrv W»* tiafcrer.Hni* 


TruU Stmatrr* Ijt Itvonu.- 

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t ; F. Kqualt ... . 

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-ia,[iu Vi-in 
■in TMJfniOOac. 

.6- IS. Acvaaftl . . 
TSHS..4II-6 
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Bridge Manaftement Ltd. 

:• *'i H«, .'.IW I'ruad I.V. . 11 . 1 :, i_.a-- —..-..-i ■- 
(ClHlCieR %. l.a-lii,vi 2 1 7 17 87o i . | . 

I'O M.--. Mm. Hoac Kivij 

■0 3 391 Nippon F'J. Oel ! I <S'. -::C ”aj-C OM 073 


1 1 . i.rt.iip 1 

M7J.Tl.-l 1 

117 J-vU 1 a: 


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I-V44C0 *3 6)1 j 3 B0 

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m: 71 uj:i .186 

t5 61 6 13[ 0 68 

ill JO 11 8q - 


50 2} -0 3* 391 (Nippon f-1 i‘h-1 !l >V. -I: 
65S -0i 391 

Wt. ^ 6W Ittrilanaiia T«l VI fir 


95r^6?{ 2 00 *1 Malh A:.. S’. Hd'i-f lire; 

10261 .. I 200 larrUnjc Ivnoauiuinl FiK. 

• irouth Iniv -%1 '386 4171 

Inuil K<1 - >91 X 100 b< 

0232av2;M Jmoj. Eoi-ri) Tv.! /132 4 >4) 1 ; 

ii ji .3 * 400 l m.'kl ST-vl Sl(. |I2 2C 1 40 
' ** MiichlfllSIlc.TM . .IB46 0.99, J 

MgXK. Ltd. I A Imlbr DraBimiulnl Fd-. 

UI4S1JB',| I'oit-J 51. -I . ;:i V4S4 51i: 

74CI *c« lidriUblU 'Ikl . 1097 1 OI»f 


Britannia Tst. Mngml. iCIi Ltd. 


51 0 -0 1 
617 -0 I 
40 9 -01. 
750 -01 
73 0 -02 
320 
28 1 


th-.iiarj- ii3!W.*.!m: t'Nler Bank? la> 
,42 2; j 3 54 Wanm! MnvL Bellas 1 
• l» 'filter 1 Jm»!h 139 
23-4 1! .646 Unit This! Ara-m 


:jb 1 28 it 14 >"Omio.ms .. ms 86 54 -Oil 117 T-uva l-.n-ifu-Fd 275 

; :. n ua J .. ai. Elwro . .-..fttA 77 7| *0 1 169 Ui Heim Unto _ »7 

,1. < O. !d(I.? <> Ne) Kiiwipnal-soc. .J73D 78 4 ] -0 4) 31! T ul; :*tlm .. ..14* 

va '1311 ni n-iRHw HK»-XuitaMM FawFi W 11 - IS 5 .' 

d“5 ‘?5 22 helrrt liUWHdt (264 7 274 31-1 SI 204 Til ITvi 1 Si 

*4_6|-M?( 4.04 selovt latuiue . . . P5.7 58 73-0 41 7 15 nj-i spnislSitu ...|215 


123^-02 
31 7r? -O’l 
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3 5« Wainr,! Mj»eL Bella-,* KOSSHS 

*38 .U>1 'Her Him : k 1348 *?7I-02i 4' 

6*6 Unit Trust Accoant & Mgnn. Lid. 

KiisValluuiR LL'SKPVR UI4I234( 

443 ?n:inM«- Fund 163* 174CI ..; 4< 

0 73 WWfr'iBF J'nd J32 1 3J8rf[ . 4J 

073 Uo .V>-un. .37 7 39.7] j 4 k 

12 Wirier Growth Fund 


Murray. Johnstone ilnv. Adviseri 

ids.i;.-pvi: i.i.v>;. .» • -• mi -221 .vex 

■n.. p.-si I'.]. ; si *4*1? 1 . I - ' 

•Murrat F und 1 SI M2 15 j | — 

SA v' depti-miH-r irt - • 


, , N»Sit S-A. 

1 ion li'-i K-tik-ijnl tmil 1 nuvnhcoirs 

■ 1 in Na\ i.ati d . .. . ] Si SI? 81 I 


] J0 SAV UCL 6 . .1 Si M2 HI ] .. | — 

100 

1212 X eft it Lid. 

B.i-i( ..f t-.-rir--ria Hi;'. HjrlIioo. Brmdm. 
890 SAV-hr O .. !l7 03 — | -0 — 


WM Wider *19 . 
Ovenra Fuads 


4671 -61 2.M 

»7d -0 J L60 

BJ4-. ?»* 


J39, ; 762 Kuan William . 11 F>'4l(fc\Il 

n T, " 3 1 *55 lncbhh.* I r.li - - « X 

-311 J 4 75 At-cuni Lnil* . J7.7 


Brown Shipley Tst. Co. 1 Jersey) Ltd. 
0! -<521405! 1*0 KilV.'iRS.SJ lli-|.vr Ji-.-..- (;5J4 74777 


Phoenix International 

f’i Km 77. s- Pi-ii-r I'nrs. vtrnie. 

Iniv-r iti. liar KluC ;2*2 2 61] ..( — 


oft Brothers & Co. Lid.? (aMx) 


European- <75 

FarEnl — ... ... B 80 
N tm- . . 113 


■ " •' ^vt ‘A^adenhall SL. E «.'-T U 1-588 2830 ClW VaSffi." ".5 b0 

L : r :{^i6 y3 !:« japmTumaie.J'f^J 

Nwtaub. day Cvtooer 11. NJUnExpLOctS. f&8 


444< *6 2 141 
rod-*6 266 

9*3-06 364 
447] -ft) 122 
61Cci*flj U3 


INSURANCE AND PROPERTY BONDS 


{ 4 49 M.-rlinj; R»r.ri r al lk996 10 &■> I 11 

..I 449 

Bulteriield Management Co. Lid. 

* * Pi> Ha,-. :uj. !lonull.<n B,.-mau,i.. 

_ I’ainre-- Fqiail- ISO'jyi 243; I 1 

I Kerin-:.. Income .!il -3K 7011 ! 7 

6 I'ricc 1 - 11 Sep: II Next Fi.li <lia> i.*i-l. a 


Quest Fund MnjxmnL (Jersey) Ltd. ' 
r>, i-...»;(kt S) Hiller. lir*e. 033427441 
iliu.-r : Si la: Fal In: 18 S 2 90 7] -Obi — 

wu.-.J lr.il *•. .. . .5, :3 V JW-ilW? — , 

VUi-.: I nil K.l .!siF3»:l COW-OOtl — J 

f*nc«- a! < • : JI New dealing uet. 18L I 


„.| 373 

.J 210 


Abbey Life Asiiunnct Co. l.td. 


1-3 Si. Pit'll ■ ri.ti r< h- uni. EL‘4. 


opsftMte Progressive Mgttd. € 0 .? Hill Snnnifl Valt Tst. Mgre.t W. 


EqallvTunil . 138? 

i EquiitA t. 329 

ii,-, Properi-Hd . 1497 

_ TTuri-nk Acr 1599 
■81? Sciertiw Fund 94 2 
2B2 l iHivt-.-lihl- I tmrl 1331 
225 VMonei Fund. 123 6 
«5 VProV. Pd. s-r 4 111 1 

jn J--.J •«.■:.( 1303 

7 31 VEqutli PH Sit -1 36 D 
SK th an-.- Frt -.,.-4 ill 7 
‘•79 *M..nn r.i s.-r ; m .6 


topvealr.LCB. 01-5888280 48 H««tIiSI EC2P3JC 0142BB0II Acr * 1^9 

. . 7.1. .? w !'Pr-«>rtl0 -11969 20971 ... 324 ChiBrrtl*TnuL_.a6R2 1714-ti *17 Select m- Fuml 942 

- . - QJjRi-SeuLaB. 234 6 2494 )M ueiWlTiva.. Ml 412-0^ iB2 faove-lihl* I und 173 1 

- — ! Cr-Jtfclnt.ilcLa. -MB* 9 1963-... 2.1* UOl*oltarTrb«t_ _. 82J 880 -02 ' 225 fMonei F’utuI 123 6 

* / ***»m.)Uet3 liMi, ZJ7S ._. zS itMCirpllaJTrma_ 31 Z S .0 ... . <655 VProu. PVLS-r 4 till 

Next sub. day -Oct. 17. ~Oc(. 2A. rt" FlnenUl Trail 92* 9R.7ri -OJ 4 91 «Mln F.J ‘fc-r. J Mn i 

ibilnromeTruw . 286 30 6+81 731 vEqum PH mt 4 36D 

~ ge Fund Manages? (axe) Si 57 ~°i IS ?^nv Vr* : a iU7 

- Reals House. Mbs WlUlam !5*_ EC4R * b ' High Yield Tst_gl9 +oil. T-79 «iijJ»Pi r*i s.r ; III 1.6 

ui-a=u35t. inieL? (aKRJ ■ IV. . . ! " '**"*• 

■caa&aen t. 38 i2 IS.Chriilophcr Street. HC2L . - M3477243 V' 11 * As,;ura 

428c \n lKCI.IO*.Pbrd__ |92 1 991/.-J hU Jut 

■ ■ % £ i S ““SSL- fefeB'v it 


Cruuader Insurance Co. Ltd. lAmdon Indemnity &GnL Ins. Ca Ltd. Save & Prosper Group? 

Vincula House. Toircr PLEA'S 01-8268031 18-20. The Fortuny. Reading 5831: 1 4. i.l S: IToicn ■ Lr.dn tcjp n 

tilh Prup.Oet3„...)73 5 83 2} . .| — Munci MsnMiJr... IM3 3*2.' '0 3/ — RzJ Inv J'd .. J1335 SI 

MM flexible 316 ^ +0 1 - Pn,p.-rty Fd’ -.159.7 II 

.. . ... . , . FlXkStlnlrreat.-- . 346 365) .. — nail Fat . 1236 13 

hafile Mar Insur/aVUdland Assur. Depovu Kdr. . Z. 1252 13 

i.TiireadnccdjC'SL.CCS. oi 588 WI2 The London St Manchester Ass. Gp.¥ <'ompTVti» fd t |2ns z. 

Eai'Ic M i A Units - .155.9 56? -0.4| 5.87 WmsUde Park. Exwer. aaC-3ai55 232? I 

Crip Growth Fund I 245 0 I .. I — GiitfVfte Fd 95o" 21 

Equity & Law Life Ass. Soc. Ltd.? ii 1 * 1 1 “ OepoUhaoLFHf' 1009 l( 

Aancrivh am R(Md, High \V>cumb«- CFW43337T ♦KspTTrw^fft. Fd I 120? ZZZ". 02 •Prky^tW bgprrm ■ 


/Capita! International S.A. 

137 me Vurr Donu.*. Urtrahrta:.' 

K apilallm. FunO- | M S1921 | | — 


Richmond Life Ass. Ltd. 
4H Vrla.il Mnvi DeuCla . IUM 


is’TlK-S I»+r mitt 111! S 
Ru-hmnnd 1 -d.Hd JlIS I 


Pnri-i. nr ft f !il Vaiinatnin normnl><- Turs. Pn-pcrly F'al '. L. 


.Albany Life Assurance Co. Ltd. 


I'lkad lnlCTV-4 K 


titd. Dcpesll Fd. 

U1-07JWS Jlj-.ud Pd 


127*) -0.7] — 
115 1 . — 

114 3 -0B — 
1057 - 

119.7 -05 - 


169.11 I — 1. P.iic-rnuMiT f 

1301 -Ii li - Adiropa. 

131 K I _ vdin-rtia.. 

723 ft -16, — F.nufcafc . ... 

205? -i 3 Ftmdiu. 

24511 I — Emperor Fund 

100 1-01 - Hi+panu .. . 

1063 .. . - 


.. . j'j'ji: u 

t?;d 

-610 

+ 61 

.... DM55(I 

54 10 


429 

. . b:D2 S3 

J+S0 

-0.20 

4 01 

<[•1122 34 

23 M 


494 

S3 59 

3 69 



... .iHsilM 

43 r. 

+0 25 

27B 


n.i.pi.-iiiniitii ii'i 
C'u Di.imr.nd B l 
" 248 ‘I9PK Do 13m. «7. It Ud. 


Flexlblr Fond— .. 

Im .Tmu FuteL — 

Propcn* Fund-.. 

Old DeposllFA — 


Prices C>n Sc-p*.rtn)K-r iS 
TVVcokJy dealincs.- 


M & G Group? 


-c.t-._-.. |199 SL2J +0.3 *84' 

usrrues. fWnimim Prices OctO^i 


General Portfolio Life Ids. C. Ltd.? Thrc,-ijii»» 1 Toin!rHiJlD.'3itCBii. 

0I-6M 4588 


nn F«l \c 1105 

rplc In- . V.-.- 772.1 

ulr> Pen F.I \ct. 736 9 


nnia Trust Management faKgj Vor iiwn? FumLZw, 6 921 ! + 0 Z 4 9 m IfS»? t pS»\tr <1 " wo 1 

Ion WaU RnildtafSi London Wall. K*y FwM lwt. IMJl G'lal Mon l‘<-n Vri- 1 UJ 9 


dnHortholpmewl'L WaiilaamCrokS. WX31871 
Partial in Fund I 149.9 J - -j — 
Portfolio dapitbl ... (422 4* o| .._..] — 


01-426 458* 

Per:!. Pensiaa’— | 


Coni'. Ocposir’. 


ion Wall PaUchncs. London Wall Key Fined lnt. Fd. .Mi 

D EC734 5QI (n^ROnVOtn S4TbW*llCo'S Fd..|ll34 

— ..179.7 85.71 —0.41 452 vumuH x>_ ■ 


\ % 7 

v 1 .IL 


... I Act 

* Ind 

adttr_.__. _ 

Tfc— 

li_ 1 lAncoine 

*t 

’,._'jlalStts 


'General — , 

irowth... I 


S .7 -0 4 4A2 

.1 -01 350 

67.0 -Oi. 412 
91.6 -02 458 

*5.( -02 xn 
1314 +0.2 664 

44J +02 8.76 
24. 7« ...„ 2.93 

71.7 —03 436 

lin e +i .0 su 

Si 3* iS 


Key F'iswl lnl. Fd. _F59i 634 . J H»lG ; i.]Mon Pa n \.v 1JJ9 

^ KcTbPallCo-vFd.im* 1203 1217 

3 M KUawnl Benson Unit Managen? - fe’lm ivl; a.-. ?i?6 


— Gresham Life Ass. Soc. Ltd. 


Knu In- Bwid*“._ :i_. 144 7 

Family TWO** 1«1 

Farm I v 61-88** R98 3 

Gill Bond***, |l07J 


t Weekly dralincs. 

Schroder Life Group? 

Enicrpnse House. Pcnsmuuib cTu.' 277 
Rquin-1 .. 2583 I — 

Kquiiy 4 .... .232 3 344 6 +4 2| _ 

Flxctflm 4.- ..... 130.7 1461 -0 - — 

MBna4ed4 137 2 144.5 -1.5 - 

Monev 4 1090 - 11491.+02 — 

uverveas*... - ..93 1 . 9Sl'-oS — 

Propertv 4. 1592 1677 +02 — 


Clive Investments (Jersev'i Ltd. 

I'll Do\ 3L3 ' SI Hc-lu-r Jem--- 0fc>4373li! 
■TueGillFcLu I ■ [978 *81' . 11 00 

'. lira- (i ill Fd J.S> < |9.n 974] -0j| 1100 


ni-KnFr Scpt.29 553 5R6H ... 27S 

HCInrKdOctS 162 2 172 5 . . . 674 

OC lnlI.Fd. 1 .. 5134 1.42 124 

■ <C Smi'oFdScpirjS 152 5 162 2u ... 311 

• i Oinunodliy* . 144 b 153 E ... . 4 19 

U C Dir i.'umdry • S3B 80 30 5?| . 0.66 

■Pncc. on Sep IS Next dealinc Del 13. 
t Price* un wet. ft Nm dealing On. 23. 


_ 2 Prlnco of WoJus Wd-. B'moulb. 0202 7BVBS5 Intern slat. Hood— ,jl07 6 


432 20k FcnchurchSt. EC_T 
«a K.R Uitit Pd.Inc....M96 
X79 *K.B. UnitFdAe ...&33 
664 KB.y<Llnv.T<ts...rai 
8.76 KB.FdlH.TsLAcf.lW9 
2.93 KBSmlxCiiTiKdlnc, 

4 36 KaSmCOcFUAcc 
2.61 7bchYId.Fd.lnc_ 

3.63 Utah YM-Fd. ACC. 

7.01 _ _ 


tMEV Life Assurance Ltd.? 


tsfcte [1 «•.. Alnui lid . IU- 1 /yuc. Reicaie 40101 


4 » A3IE\'»tanace.l . 1465 

4 1? AAIRVMi-il.Tl' . . 11*4 

5 go- 'AMEV Money Fd . 1865 
389 AMEV Ri|iait\T'H .. 1M0 

200 AMEV FT-ki-d lnl 921 

200 AMEV Prop Fd. . 93 5 

.iMEVMrd Pen Fd 1854 


Tet* hares... 

,*■■ 

: v !|^chlnc — 

• ■ ". ,|jwe_ 

— + • - _ 4rK>rk+n 


-0.41 7.01 „ • I.UJEVMrd Pen F~d 1185 4 

-ail *15 L ft C Hail Trust Management UdMAWA-.aicd ^ * 1*£” 


.| *ie 3*9 

-•Amerk-an_. 30 1 
«fc»al_.,.. .. 574 6 
ly Shares __ 14 9 

4*7 

I Chnnjse 35.0 

nergy fji7 


—021 7.75 
-Oil 3.90 


v WU46 4iHM ffi dllH I U CIMail MV.T 

lj* Th* Noth EchangiC EC2N IMP.- 01-588 SEW) ?, ' "” 9 - 

L6CIBC.P0 _tl469 15051 . I 201 AMEV (FrotolioriQa 

|;5| Lfcci»uiccnFd.ho*2 1 4 “.ftSSSS! fc ::S1I 


lb = 

: 97 2 — 

sad = 


112 7j _- 

_ iu a. - .._ 

• r I. Conb Fund _..[982 103.4) +0 1| — MunagedBd***— . 146 0 153 4, — F. 

lii. Knuily Fund-. 110 7 1165) +lil — Properly Bd“.. 164 9 1733]... — K. 

G I- Gilt Fund . ... 1229 118.3 -o3 — E*. V.WdFd Bd.*.. 893 93 3 -t 7 - Mo 

ill. lull Fund .. 1187 124 91 +?.o| — Rcrnror»rd Bd*_ 713 75M+L7 — Mo 

G L PplJ'- Fund 1 9*0 103,2] -0.1 — Aimrriran Kd. Bit*. 5* 8 576 +10 — Prc 

. Japan Fd. Bd * ;|U5 64*1 +0^ - Prc 

,. Pncvs on "Oct. 4. —Oct- S -~IK-1 fl. 

Growth ft Sec. Life Ass. Soc. Ltd.? Set 

w'oir Bank Broy-oo-Thatac*. Berks. bCs-aCSt Merchant Investors Assurance? po 
F lexible FJtmneo . £1070 I .. ...J - Lam llie, 233 High St. Ctantoo. 01-0869171 Inv 

rfwJSW"! “HrmPi “I - pS^>p^i'::.' Iiobj^’^oI :::::] = -S 


Managed 4 U72 

Moncr 4 1090 

WrrwMI... . .931 

Properl v 4 T592 

K6FGOTLSCCV.4. 1216 
B S CvnCap R - . 1234 
RS. Pen Acc b. _ 1354 
Vlngd. Pen Cap.lt. 2114 
.MacdL Pen. Arc 8 253 7 


Cornbill Ins. i Guernsey) LuL 
P». B-i\ 157. 5:. Piter Pun. Gin-rnwy 
Inuil Man Fd,,.. 1177.0 1925) | 


12E 1) -1.4 
129 U .03 


Ueita Group 

P il Max 3012. Naa'-uu Pahama-: 
UeRulnc lk.-t.6_, IJCMIS :zt| ... 


Rothschild Asset Mnftt. (Bermuda) 
I'" h-i\ CG4. tfk ef Bermuda Bid..- Bermuda 
Re<i-nv A^'lF Fal.'il >9» 10 10) ._. | — 

Price no u.-i !fl. Next dealing Cicl 17. 


F. Ini Pen. Cap. B 96 8 
F. Im. Pen. Ace. B 9B3 
Monet Pm. Cap B. 968 
Moni-v Pen Ala.-. B. 98 3 
Prop. Pro. Cup R.... 102.5 
Prop. Pen. A«.B_. 184.8 


1020 +0 1 
103 1 +01 
load 

109 a +o i 


Drutsehcr Investment-Trust 
rveafach 2685 Biebt-rcaytc tt 10 «*"' Frankfurt. 
Can centra. . |dje 1» UCM....| - 
InL Rcnlcnfouds.. PBU10 70 201 — 


Roy al Trust iCIl Fd. MgL Ud. 

PO Bi.» IM. Rnyal T.-u ILe.Jcnov 0534 27441' 
B T lnl I. Fd . .(Ji'SJ M lib*. I 3 00 

R T Inti .Jay. i Kd. 192 0 96 0( | 321 

. Pticcl at Oci. la Next dealing Oct. 17. 


G.&S.SaperF<L ...,| t/mz | .....4 — Equity 

Vjiurte Pmi\ 

Guardian Royal Exchange • 

Royal Exchange, E.C 3 01-20! 71U7 Urpmtt. . 

Properly Bondi ....{1*7 6 1954/ f — pepoBitPens 

Managed... . . .. 

X, lUnMed Pen*. ... . 


Sees. Ltd.? (rHc) 


■S3 :r 1 = 


Scottish Widows’ Group 


Dreyfus Intercootinental Inv. Fd. 

Po P.n\ X27I2. Ni-sau, Maluunai^. 
NAVUCL3 liUJhtt 17 67] | — 


SS5SB? , B? H1, Si|“rr 0 EnBon & T8t.MgUmr.U4 


52 4a -0.2 

37.7*3 +02 


. -OJ| 255 37,Queen’eSi . London EOCK I BV 01 230 5281 


4.48 *Raw Mnleruds [> 

4.49 *Acmm Uniisi_ I 

237 “GnnrtBFand t 


Sritish Life Office Ltd.? (a) milhand w^Tani f 


,r« Use.. Tunbridge Well*. KL 08B2ZC71 


2at.fl IS 

idamd- |43.9 0704 ■- I ^37 

■ices Oct- 11 Next dealing Oct. I* 


tiArrunl'nlhu .. 

"H(*h Yield 

— l Acruna UnlCs. .. 


inL Growth »> 4 98 4| | - 

For Arrow Life Assurance «r 
Providenre Capitol IJfc Absnnnee 


|;g Barclays Life Ansar. Co. Ltd. Rambro Life Asninuii 

2 64 Ul-Sai6544 7 old Park Lane. London. Wl 


In* Ply. Sene* ft . 103 9 
InM Cash Ucl 2_ . 99.4 
CxIJt Acc Gel 4.. 1451 
Er Cl Inc. Oft 4-. Ml* 
Mgd.Pen.Oct 5 — (Z77 7 


rri.Bo\73.Sl Hkjicr. Jerv-l. . lUMVOMl North American - 3 , 402 
t.D.I r T. |12*4 136.8} +4 J] 300 Sopra-t |l5.61 


Solar Life Assurance Limited 
10-12 Ely Plato London E.C IN ffTT 01 2122005 


o Shipley ft Co. Ltd.? 


Deal. A Mon. -Tues. ftWed. ;Tha^_ -Fn. 
Legal ft General TyudaD Fund? 


Founders CL. ECS 

UOrt. 10 1227.4 

MOH.IO — Jttii 
e Trust* (ai ;*i __ 


2445) +33 
30951 +C 


oiemasm 


rrr ms.fvt.n_ . — wu ttg-i.-i 
J-g rAcctun. Units 1 _ . . IflO-Q 84 g - 1 2 
442 Nmt-.auh. day October 15. 


ft— IK 


lAcrum. ' _ 

a Incorne. ... 387 
jeoroe 30 7 

. “.IH“..2S8 

IIS 20.0 

_ num-e 62.8 

-. -ry 23.0 

;.€.i>cl m~ .[62J 


37W .. . . 
2303 +01 
SIM -0 2 
40Jid -0 2 


455 Leonine Administration Lid. 

5-35 2. Duke it, London W|M (UP. 01-4855001 

Luonist. n.7 8B.l|-0«) 449 

3g labAaxum J9L7 9bi| -0J| 4.10 


u* "^2 honrfr.nl Kd.. K.7 Ul-S 

«3 *■ j« Bate) jibomt." (129 9 136S 

d «1 =8? 

g| \\i KU:i ^ 

-FnT Masuth-d 114 2 120 3 - 0 3 

SI ? UU ^ Pn - Vlmn-? . .. . .'.. 100.2 105 5 . . . 

(D Fund? Man.PensAccura. . J032 108 7 

“T ,.,., Tin Initial . ... _ 996 1049 .... 

'???“' GinValuPenaAd: . 77.1 102.3 

66W-1.-1 460 Un lqail.il .. 93 9 9B-) . . 

84 0) -HI 4 41 Monty few. Acc. 102 6 1088 .. 

her 15. Iki. loi'inl ... ... .(986 1038 

- t . ■I’mrcm units i-alur October a 

1 _ _ Beehive life Assnr. Co. Ltd.? 


Hambro Life Assurance Limited? tntT iSpu} ., 1 


1368 

132 X -0J 
1161 -0V 
115 3 +0? 
161 6 

120 3 -0 1 
105 5 . . . 
108 7 .. .. 
1044 ... 

1023 

989 . 

10*0 . . 

103 a 


Fiyed InL Dcp. „ . 1269 

EaulW 190.9 

Properly... , — - 1665 

Managed Cap 14*5 

Managed Arc 1*41 

Oeonno* 129.2 

Gilt Edged 125 6 

American Are 1DL6 

Pea.F.I.DcttCap— 1292 


ri-n.F.LDep Acc. . |I52X 
P.-n. Prop. Cap .. .1207 5 


P.-fL Prop Cap 

Pro. ProSkAcc 

Pen Man. Cap.. 
Ten. Man. Ace . . . 


01-4880031 Inti. Managed 1 104.9 | ... 

^ NEL Pensions Ltd- 
-•• — MilKmi.'axirl. Darting. Surrey • 

~~ , Nrip* Eq. Cap .f89 0 - 956)1.. 

Z Nelc* Kq. Accum .. 123 0 329.4 ... 

-• Nolex Money Cap .12.9 662 ... 

Ketex Mon Acc. 67.7 712 .. 

— - XeJcx GthlncCkap . 53 4 567 ... 

Z NeteWhlmrAcc 587 9*1 . . 

-• Nrt . Mad. Fd Cap. . 4*5 51 j . 

Nel NUd Fd. Alt [497 52 i| . 

Z Nest Sub day October 25 


Snlaar Managed S.. I132J 
S*jlar Proper! » S ... [113.7 


Solar EajuityS 11762 

Solar Fxd Int S .gl«7 


Solar OihS... 101* 
Solar Cnll S . . ' .'. . U »6 
591 1 Solar Managed P. 13L7 


Solar Property P... U3.4 
Scalar Equity fi ... 175 J 
Solar Fxd. InL P-- 1153 
Solar Cadi F ...-. 1016, 
Solar In U.F _. ..100 5 


13931 -04 
1197 

IBS 5 —0.6 
1229 -0.7 
1082 .. 
I&6.S +1.3 
1387 -05 
1144 . 
1851 -0.5 
122-5 t0.~ 


Eurobond Holdings N.V. rhanneiri 

Hhndclskade 74 Walleinslad. Curara" i'amnM! ~ 

Laadu ,\*cnb»- InlrL IS Chrialaplier M.. L17L Kl Depot, l 
T el. 01-124. H43. Trin: 881440 S. SL Fa^ ' 

S.W per share Del. fi Sl'.S30*r,. . ■pn.-« 


Save ft Prosper International 

Dealing in 

57 Bn.JdM .SL Holier. Jersey 05 
l S Dallar-draamiaaied Ftuarfx 
Dir Kxd Int **i .1929 9 85| .... 

Internal Or ‘t . |B05 *71) ... 

Far KMorn’t 53 60 57 95 .... 

N orth American *3 ..|4 02 . 4351 

Sopro-t 1 15.61 17361 .... 

< tunnel Islands* . 1564 l 6 afl -1 

I'ommod ~-t . 1 1350 142J1 ... 

sl Deposit . . jioon 100 6]... 

SL Faxed— i . 1114.6 121 3 . 

■ Price* IHI *.<CL S. -Oct 4. — *0c 


■JJB 

Oct a. 


F. ft C. 3IgmL Ltd. Inv. Advisers 
li I jurence Pountney Hall, Ei'4H OB.V. 
01 -ICJ 4680 

Cent Fd.lv.-r. 4 f 4L S642 | ... ! — 


Fidelity 31gmt. ft Res. iBdaj Ltd. 
PO Box iflli. Hair.ilinn Bormuda. 


.. .. 11005 107.55+12) - 

Sun Alliance Fund Mangmf. Ltd. 


Fidelity Am Vss. . 
Fidelity Ini Fuad . 
Fidelity Puc.Fd . „ 
Fidelity Wrld Fd... 


SUS29 05 +030 

SI S25 » . . 

«'S«1.95 
1PS1678 -0.W 


Schlcsinger International Mngt Ltd. 

41. La. Motto SL 5L Heller. J«(e< . 05347358* 

ft.A.1 L. B2 87) 035 

UADI «5 100 . 4 50 

• IiUFA ... . 22 4 22 6 -0.1 12.17 

Inti rd-Jer-ej .. IK 114a . . 322 

Inml Frf Lxmbrg .. 11 80 12.42 +0 W - 

•F-rEaalFund. .103 109) .. 2 75 

•Suit sub- dv Ocltibcr Ift 


Schroder Life Group 


22.8a -OJJ 
2*2 -0J 
215 7_j 


71. l.romardSt .B'.V li|4C.nm 

JJj lllk. Hone. Oct 2 -| 153 70 | l _ 

Canada Life Assurance C o. 


Pi-n:GiH£dg.Cap .122 5 
Pen. (iihEu*. Acc.. 11302 


SMBSSj 2 h “1fci si { *°\ " Hl PWriU? Msnit. Researeh (Jersey 1 Ltd. EnrorpriawH retro. Pc«mwuih. 
laSSSdSet W. 103 39 1 . J - WMwJroH* . U -tu S t.SL Holier. Jersey. InlcmotHnaJ Fan* 


IS LMyds Bt Unit Tst. Mngrs. Ltd.? (ai - « Hlrt Bjr , „,. rts 

310 ' <U snD C-hj-Sea. KqltGlfiFdOrt. 2 . .} 63 3 

— 0 26 WonjiiuC- Wen. Smaox- n l-RM 13* K?t«W 6 >d. Sew 7 1 1261 

.... 601 Balanced ]*I 9 5?^ -j>3 *33 Cannon Asauriuce Ltd.? 


)Tn. B S Cop ;.|U61 

Pro. US. AM., .a 1145.1 
Pen.DjV.FCop — I 1) 


_ . . ImJiaOcLlO- . I £1339 I.-. — Waterloo Use . 

NPI Pensions Management Ltd. - - osu 27501 

4* Grarccburch Sl. EC3P3HH. 0I-H23 43M S 101 Alliance Linked' Life Ins. Ltd. Scrlex V lO'nl 
Manned Fund 11572 16*71 | — So nAOlMee House. HMMto - MOHGIMt SJISd.vSl 1 

Prices Del L'. N'OU dealing Nor l. IkniitTFniid- .. ..1134J: 1416-0.4) -- 


Waterloo Hac . U.jo SL.SL Helicr. Jersey. 
OSH 77501 


P Bars 1122 Pen- D iVK. Ait — 

I — Hearts of Oak 


5.75 1 Proper) rV'/UM 


:.«.0cl in.. ,|622 64*( — I 4.57 T»o.. Acrwa )-.... M.2 . 797 -fcb 433 , , . . . -Vi^.T. 

. _ M - WortdwwwGotlL 57 o 612 +01 214 l.td* raF2rWjr. Weoibl+c HaUBNI 

-- la. Life Unit ToL Mngrs. Ltd.? Do,iAreumj- n7 77 . 0 + 0.1 sio EquitvUmiv. an 25 — 

h Sr. Portar, Bor. Ueru. p fafV iiw lQtrtneU. 185 951 -0.4 5.75 Trope*) yV-rdK 110.36 

1 ni< uAj *2 il^ui ro Do.iArcimU 12L2 130 3 -n 7 5 7S Equttv BrortiFsee 02)4 12 ) 

- — Go? i VI Rdiaforomc.:-. — 646 69 4 -01 736 Pn-p.RondE:tr . 0363 14 J 

. Aceum. .-J45.9 4831 -oJJ 733 UfiyjT* Life Unit TsL Mngrs. Ltd. Equity A ecum Ml — 

• (James) Mngt- Ltd.? 72-*.GatcbonsoBd . Aylevb uo . «7»as4l *7'2“ rt ^Awiiin., H312 - 

' • I Broad SL. EC2N tBO 014*88010 EvRyA*«an- — (171.6 U04 +OJZ] 3 72 100 2 106 

S£3;'":| 7» ® ®j***5L SdMnn^Ji™ loi! 

' res on OcL 4. Next deoljng Ort. 1* Throe Qwya Ibwerllili. EC3R <®{f. oifflB 4388 -nd f*wit 9*1 303 

, , . _ — aUo StockEacbaaee I>«d)ni». 2 nd 'JdL _.... ... J 0 J 96 


*14 l.i -ihrapirWr.WeHblw MASON B DI-WCMIB HoaruofCak (332 

7 14 Kquir.-UiuL-_. I OH 25 — I ... .| — 


12 85 0 07 
14 43 


1*.4^ -0.0? 
lit* . . 


Hearts of Oak Benefit Society YuTpuTw 

)» 17. TannockPlBCP-. VIT1HBSM 01-3*7.1030 Small Co's Fd .. 106 2 

Henna of Oak (37.2 39 3) .._..J — Tochnatom- Fd. .. U7 a 

ExirolncTFd. 1001 

Hill Samuel Life Assur. Ltd.? ®MFd d .. U9 o 
X LA Tut.. AddJtcorabo Rd., Croy. 01-OT64355 F ^.x - “l 9 


11572 , 16*71 | _ San AXUnjicC Houac. Horabazn ' . - <W«I4I HJJS D -Am J ‘lSl 

3. \«U dealing Nor 1. EquityFund IW5; ' .‘MH-Dft. - Svr,e “ U ****** 

New Zealand Ins. Co. IU.K.) Ltd.? 8SH SIS" 1 ’"" Firsl v 'VioK Commodi 

MMOaadHoube.SouihcmdSStaJS 070203965 W 43 KWS-fl.1-- *Bl Gvvpu ShU ,ta«aja»» Lt 

„ Un* lull I TVpowtFund 91 1B3 3 — 0W4 4 £Rj lyin .VCb Dunbi 

106’ ma Jl d " Managed Fund . . .. 113 2 - 11*51-01 fd. Pall Mali. LondouSWlTiJ 


O Property' Urdu 
Properly BcrlM A 


107.01 i0.] 


.Managed UnltM _ .1171.8 
Manured Series A_ pOU 
Managed SenmC.. (97.9 
Money L ulls 
Money Seri it A 


d Unit Fd. Mgrs. Ltd.? (aKr) Americoa.. — 

' 1 House. Newca»41*-Upoo-Ty»a 2tW5 — 

Max ni«( 1 x wj AUBtralaman.., 


. ._(69* . 7yof | **7 /JSSSKSn * Z' 56.S 

:iMn.Uaits_I856 8*H .....| 387 rommodlly. - R9 

! !h Yield M3 3 «5M . .. 1 *29 * tAcrom Units) 0*4 

.-uro. Units .136.0 58fl . 1 *29 rflnqMundGrowb. 1179 

• Nest dealing dal* Oct after 18 Con»w»on CeoM-tb 693 

ties Official Invest. Fd? 

Ion Wall, BC2N tPB. 01-588 ISIS ( Vccom Unttw ..... 242 9 

■’fflS&Kfi IrJ 6 ” 

; ith. L'ntly available to Rag. Cbantioiv Extra VL-ld.-. 913 

. 1 . . tAcrum.L*nUs)..- - 1254 


941 +0 
127.9 +1 
731 +0 
76 6 +0 
1391 *0 
2636 +1 


Penn. Equity .Act 
P nsFrrfloLCap 
PniFsdlnl Acc 
IVn.-. Prop. Cap 
Pens. Prop. Acc 


593 + 0 . 
972 d +a 


. . tarter boose Japbet see James Fhd ay 59 * 

.' Inin Trust Managers Ltd.? (aKgi 

SLKC2M4TP. 01-2&IZ03S (AcciUn.Unttsl . .. 82 X 

. -nn - .lax 03.6 2S4) -02) 15* General 1B2 9 

■coni* 466 4*2 +DJI IM i.Xcyn iu. Untf aU 7W5 

■i ' dion&l T«A- . irrfSSJ 2*3 -0 R 254 Wt* lg3 

V Ratcc, TaL 2*0 30 lj ..... | j£ (Accu m UpIW i-. XOT.a 

: 'rtrothTsL-lS* S3 . ■ I 7J2 ^ 

*. deration Funds Mgt. Ltd.? (a) JjymL-.-- — “ J 
Wtav W£LV IHE 01-242^ SJSSSlS f£i 
; ' Fund (47-1 « -W — -I 3 * 6 t Vccum Unlbi. 51*3 

. ‘ spolitan Fund Managers. fl5wmfeiBi.il 944 

• street London SWIXMJ. 01-3358925. Second GTO.^ ... U66 

. - m Fd. |4M SM| .._. ( SIM 

tamnt Unit W- Mgrs. Ltd - specialised Funds 

'■ rterL=BaETftV8HH. 01-G0602G2 Trusiee ... .1159 5 

. : a,,- IC08 — ' I I — lArcam I’nltsi.. ...{3123 

-..- uwrican — Ml — I 1 — rfcSvKLyVL^ia* — 1^7Q 3 

atUlghlM PM . — | I — CTiW-ttrt. Ort 1U 1157 0 


1336 +09 
63.0 .... 
Ml . .. 
7151 +0 4i 


OHM 4388 undfxwlt «ai 303 8 . .. — Equity Serin A 

alines. 2 nd Hilt 409 962 . . — - Paw Managed Lap.. 

. ... 190 2nd .American...- 92 5 979 -06 — I’M. Managed Acc 

3.90 -Ud Eaj IVKL-AcC. . 103 4 1*94 +0.5 — Ciu (Vlecd. Cup. 

- 0.1 156 2ndl'n* Peov-Aer. . Ill 5 11*0 . — Pn+.G'tcerf- Acr 

-03 156 !■»! JlCd. Pi-o*. Arc 185 D 111 X +02 — Pen* Equity Cap 

+04 450 -nd Dcp Pl-vAcc 101 J 107? . ... — Penn. Eajuify Act 

+oa 450 2nd GW Proa Ace *14 96.7 . — PnsFrrflnLCap 

+JJ 355 2nd Am Pen&’Ay*. 94 B 100 3 -01 — I'm Fed lnl Acc 

+ 0 n 7 W I AES IF 40 8 . 43 0 +0 5 — Pen*. Prop. Cap 

+0b 7 66 Litsjj'a.... _ 285 305) — Pena. Prop, AM. 

+09 7 45 Current taria«j onoher ft 

^16 7 45 Capita! Life Assurance? Imperial Life Ass. C, 

+ 0.5 3 23 Com duo Hihih.-. Chdlwl.Arh V~ton (WC 2 IDU imperial Houie, Guildford. 
+ 17 7 93 Ki- Jnuttl.Fd, ... 105 03 -2 76) — Git Fd. Llrt 6 . . -1771 ' 

+0 9 7 93 IhWmkrrlniJu I 107 41 |-7js] — Fc ns. Fd. S.-m.2S . bl2 


169.3 ... . — 

130 7 — 

iso* - 

106.7 — 

1033. ... - 

128* +0.1 — 
104.0 +03 — 

9*4 +0.) — 

10J.4 +05 — 

1331 - 

1611 ... — 
112* .... — 
139.9 — 

1X2 4 - 

114.6 — 

1013 _ 

UZi — 

1035 — 

183 0 ...... _ 


__ Con Deposit Fd 


-05 - 
1232 -0 3 - 
1054 -0 7 — 
1377 . . — 

US 3 - 

110 4 . - 

103.1 +01 


Tlrpoe+t Fund 
Managed Fund . 


1143 -Oil ■- 


international Fond.* 

f Equity |] 

S Equity .. |) 

[Fixed Intercsi 


Sun life of Canada ll’.K.) Ltd. 

2. 3. A. v'ocfcpur St.. bVVl’i MIH . (il-S3Q 3 
Maple LL Grth [ 2141 | .... I - 

Maple LL Mangd. — 1372 .„... - 


First Viking Commodity Trusts 
B. SI GvurgcS bL. ti.niglba. La V- 
0ta4 4082 Un .AgLs Dunbar & l.'n. I.-rl 
«L Pall Mall. London SW17&JH 01-MU 

FMVik( DLT»'. 1372 39 X . ( 

t- j vk Dhl OpTM )63 Q 66.0} -l.cJ 


1149 

122.2 

-2 3) 

1433 

152.4 

+0.9 

139.6 

KBS 

-0 2 

1*71 

113 9 

+03 

1291 

137 J 

-IJ 

124.9 

132.8 

+0.7 


bsl Vk Did OpTM 


Maple UEgtv 135.1 

Peronl Pn Fd. ... I 2115 


Norwich Union Insurance Group? 

POBa*4.Noruich:.Hi3NG 060322200 Target Life Assurance Co. Ltd. 


Fleming Japan Fund S.A. 
If7. rut- NLilri-Dumc. Luxcmbnure 
Fleming «.fcL2 1 SLS68 37 I 


- 6 Co i.-ri J - Henry Schroder Wagg ft Co. Ltd. 
1 Oi-MUTKiT 120.fhenpwilr.ECJ3 O1-S88AO0O 

39JI . ) 248 i-np-jpsriri.lil 1256 ,....-| 2 32 

66 . a( —l.M 4.0 T r«ial=ar KepL 30 . Sl'bU7.08 — 

A+ianFdiVI? !r-17R D74 . *42 

* Parlrna Fd i vr II i.\2as 2.18 -Ml 4.70 

Japan Fd Oct S....tSl‘58B 94b... 0.42 


Managed Fund 
Equity Fund - 
Property Fund 
Fixed Ini. Fund 
DeporllFtind 
•Nor. Unit SpL 15 


£7 -08 - 

3873 -19 _ 
1397 +02 — 

160.5 -0 8 — 
133.1 .... _ 


•Nor. Unit SpL 15 . I 22*0 1 .. 

Phoenix Assurance Co. Ltd. 


lj - 4-5. Ktng WUliam Si.. EC-tPAHR- OloCaaSTO gSP-D 1 - 1 ^ 

-.1 - Wealth aw, Ill 5 5 121 7) +0 41 _ 5 S & 


Target House, i+aiehousc Kd. Aylo+burx. 
Burks .Aylcahuiy >OCOGi 5 

Man Fund Int . ■ - |9B 6 103 B{ . - 

Mon Fund Arc . 1219 1283 . ... - 

Trap rd In-.. - 112 9 Hat . . 

Prop Fd Ac. 144 0 

Prop Fd im . Ul 0 -- - 

Fixed lot. Fd Inc 1015 1»8 . . - 


ranee Co. Ltd. Fne "'“rid Fund Ltd. 

,u«o Kd Ir-bun Bui led, eld Rldg, Hamilton. Bcrmuria. 

' .Ayleat>ur> -'CD6>5!MI ^AVScpi JS I 3 L SI 96. 23 ) | 

6 103 K I - 

19 1283 ) ! -J - G.T. .Management Ltd. 


Senlry Assurance Iniemational Ltd. 
r d line 32R Hamilion 5. Bermuda 
Manaagi.il Fund.. . III>2J1S 11131 | — , 


— Paark ll-c. 16 Fmsbun t'm-us, London KI 

— (Tel 01 -62ft (UCI TLX. 886100 


EhT.PtLEqE... In 7 86l| .... | _ So? 

Prop. Equity ft Life Ass. Co.? SfeHSpI- 12*3 
I Ift Crawford (lirrcl.WIH2.vS. 0I-t86l«67 Prop Pen Ffl Act 1554 

So s »Sd Bd I f? I Hz SBRsaVSzS;* 

> »• 1-°^ - as 

Property Growth Assur. Co. Ltd-.? da Pen. Fd Cap . 95 5 

Leal. Hcmv:. Ctimlou. CRB ILU OI-tnuOGW Tran.clntentational I 


Imperial Life Ass. Ca of Canada 


1911 +0% 

i! HI II risTtif WeslndnsteT Assur. Ca Ltd. SSS5g8^tf 24 t| ::r| i' 

Mj :1s J RSTjSiasrftrJS? -i«SzJ = 

974 +0£ 3 SB WoT .l^intL. .JM 8 — I ~ PropModGlh [201.9 21i5| -...J — 


793 i'aca'ouikcrlni.Fd. | 10741 I- 

2 M Charterhouse- Magna Gp.? • 
- 4 S 7 StrphenaHjn H-o- Hnant-I Centre. 
457 Milton KcjTif"JjfX»&Jl 2 TC 

5 45 Chn hu- Uaai.-rk.t- .... 38 4 4 * 4 

945 Chrth-c Money .-. 39 T 317 

. 7 91 'lUthe. DanW'.tl. 340 360 

7.91 I'lirlltr Equity .. . » 9 . 369 

21S MaiHiftBM.W.. . 134 5 

2)5 May-iaa Monocnd , 1510 


Gn Kd Oct 6. .. -|77.l S3 
rroa.FdSept.28. [712 77.. 

I'Titt Linhrd Portfolio 


I 71355 
- 


Prop. Equity ft Life Ass. Ca? 
I ItLCrawford Sineel.WlH2.vS. OH 
It SilkProp-BJ I m 9 ).-. 

Do Kuailyld 764 . _ 

FlexHfflievBd... - I 150 8 1-0? 


35 ^ 121 71 +0 41 - 

7 ““ 86 1 ) z 

ile Ass. Ca? 

-1H2VS. OlHMtW 

W IHz 

1508 I -ort - 


TTArn-'- Cent3V - UU - , "' ,,C1 - J?.Sftro.r£zzg« ifiS z 
Jter-S! Si*? ;:::i z **3*^ — !«••• jM-J - 


loss .. 
mi a . .. 
m a -a 3 

66U-0C 

138 a 

1264) 


13* K +01 
1298 . 
1636) . 
16261 
101 R +0 2 
100 71 +0 2 
100 ffl . . 

l*o3 ■ ■ 


London Agi-nH fnr 
AnciUK- B‘ Lain. 1C<I 17 

Anchnr Gall Edge. £9 43 94 ' 

Vnchnrlnr M iFfSJB S 

Anchor 1 n 10 2 3 ; 

Bern Pac Fd . SI S5844 
Bony - Par Sl rig _. 34e 00 361 
CT Vflard _ 311)01)6 li; 


Singer ft Friediauder Ldn. Agents 
J'ft < onnnn St - tX 4 01 -248 8&VB 

fii-kafnndc ...IHM27J7 21 W ] 5.88 

Tokyo Tan ucl 2 -..) *0(40 90 |. I 1J1 


1)4 189 

949B-Q0: 1138 
SSI ... 191 

323 1 01 


faT AuaMerlaiu tit 14 173H 

|GT Bond Fund. . Si t.14 14 -0 


|G T Ikif l.-ir Fit ; | 

r. T Pak-ihcFd - ... 


“ III T Hbilipparn- F .1 . (W SEB 


SI-47 54 
MS17J6 


Si runghnld Management Limited 
191 J'" Bux SIS Si llelier. Jcrsev 0534-7I4C0 

1 01 1 . iminunJu.x Trust .. 193 15 98 D6) . .. ] — 


“74 Surinvest ijersev) Ltd. 1 st 
1 16 unn-aj llx- Imn HU. Sl Uelicr.Jity 0534 27340 
5 24 Vm-ncan InUT.-l |£776 7.421 1 .. 

0 66 . ..|.,H-r Tm-i . r.1180 12 Dffl .. _ 

0 89 Jap Index T;-l . .. t!088 11 21] — 


Property Fund 


01 -»%» 0606 TransSntemationaf Life Ins. Co. Lid. 2. Sr m.u% Axe. London. Eca 


Gan more Invest. Ltd. Ldn. Agts. TSB Lnit Trust .Managers iC.I.l Lid. 


Property Fund. A. 

- I — Agricultural Fund 

Apr, c. Fund A. 
ij AbbejrNar. Fund 

l “* . Abbey Nil. Fd. i A, 

01-SS8253 Investairot Fun.) 

I 500 Ink-enmCTU Fd a.V. 

....71 — Equity Fund- . 

... .1 — Equity Fund (A ■ 

J — Money Fund 

J — Money Fundi A 

ArtuanaJ Fund . 
Gilt-edged Fund 
G 111- EOS eft Fd -A, 
0I-S3S433 ♦Holire Annoift . ] 


2 Bream Bide' EIMIW 


Irish Life Assurance Cd. lid. 
1 ). Finshnry 'oquore. EC2. 01- 


• ■ «*Highi».&8 - i -l - lSivSfcl?.Z7® S| r.S 

; eaf Unit TgL Mgrs. Ltd. (aXg) F*ns.Ei.ta«.ft.„.ji487 . istfl I 55i 

•■J lie Cxee, Edinburgh 3. #31-06(101 Mmuil.i fti Manjtgemeut Ltd. 

* “S*S Si* fS SL Georges Way. Sieteruce. M38WKH 

: ^wa.“g« 4«-ril.y *64 Growth Units )S66 596) | 3.79 

‘ ^ ~°i 2.96 Mayflower Management Co. Ltd. 

" .. . „ 1*18 Crc»b*/U St, ET?V 7A L‘. OI-UUBSjSb 


B +OM 3 80 Manugi-dFnsd. ... 1B«3 
♦ LM 4.72 Equity Fund . ..MO 
+J.3 4.77 rannlauulFiintl ... 819 
+13^ SB7 Mro g-Fu ad .... 1255 

+1.7] 3.87 SjhFunrt .. - 621 
PlLAFuntl 1710 

. Pi na Mngd Cap. . 124 3 

3SS3*Ifl f M' hw HKRtlSSl Uftl 

3M.U +2.U 610 Vila MuwyCap... 47 6 
I „ 1 **-3 W.M ivn i VfcuatfAce. . 49 B 
JSS ■■ +22 i-rru Kajuiu-Cap... 568 

2C0 9] 7.49 Pen-. EuuJl-l An-. ... 59 4 


Ring ft Shasson Ltd. 
KOnMItEO 01 

Bond Fd. Exompt . .11022 103.53/ .. 

Next dealing dal* Ocl 18. 


_ Tulip InvcsL Frt 


— Tulip Mound Frt . 118 6 


Man Bend Fd 1226 
Mnn Pro Fd Cap 1269 
Sion Pen Fd Acr . 1353 


Ckartmon- Fund xingt .Far Fasti UcL 
IS03 llun-hKon llw in HarLcnin Rat. II Kong 
HR & rat I'.Ttl . .BHMB 411) . | 19f 
Japan Frt Hr <1989 SB . . 0 5# 

N Mm-ru.inT-1 HS12H5 13 S3! 1 150 

lull Hvmd Funrt tiiflSiSJ USS| . \ 5.60 


■■l-miUI li.ii-.iielle Kd Si Nui.our.Jersei 


Mamed ln\ Fd Inti 1012 
Mngd Inv. Pd .ter. |101 9 1072]..] .. 

Trident Life Assurance Ca Ltd-V 

Ilcn<)aiir Houv. I’.luurmtaa- IHfC.IBMI 


J-rvc: Fund |51 0 53 7] | 4.47 

oui-m-vy Fun-1 151 D 53 7| I 4«7 

PriCL-b on Oil. M. Neal suft day Oct. 18. 


Ganmore Imnlmnii vingL ij 4 
r II Kox .‘G. r.unehc Inti. 
Cantnan. Ind.lnr 123 7 25. 

GunmurvUitl Gnla|74 8 79' 


Tokyo Pacific Holdings N.V. 

Inunu-- X|«n.iL'--m* , m • r. \ t „ a'urar.-Hi. 


. (MEMO'S I! 


NAV v«r share rtn a Sl'S72.32 


2-20 Tokyo Pacific Hldgs. ( Seaboard I N.V. 


Monaccd 
'lid Sf&d . . 148 6 

Property. — 1514 

Equilr-Amenras . 87 7 

IK Foiuitx Fanil 1153 
ILfib Yield 143 1 

tJaflEd^ed .. 1228 

Mon m 124 6 

Iruemaiional - . 3064 
Piaral. 129 6 

Growth l'ap — — .. 129 8 
Growth Aer . . 134 7 

Pena, llngd l ap 1186 
Knx Mngd. Are . J24 6 

Fmii.Gld.Dcp Cap J5 3-9 


♦l im ned. Ann i>- 


ftva Growth fVn-uoM 8c Annuities Ltd. 
AH nribor Ac I't^llMS J95M | ■ 


All Wihir Ar fti-ipas 195 
? AH U'ewber L’ap . U8.7 U5. 

9lnv.Fd.lUs MS 8 


MiboAry Uoft Pmtd Managers income oct-ui ^Z.nii* 117 t\ 7.,../ a 12 s; ift-Ws.i.iwiefbhjfi.wu. 

afield ST..EC2MTAJU 0I-838448S i^neralt»t. 10 W7 7fcri .... 5«7 Vr In Ac UO.9.7 -I 59 OS 

-5ML20 11862 19*4i 485 IdJtcrnU.Ort.H) — fe.9 4*3 j 3.00 Do Annuili-Os | 39 20 


I i ” Pen«. Equity Aer, „.B9 4 62.5) -0.<l - 

I S 51 Fund rurmuiy -cidM-y) in hvW mvwtqu.uL 

IVrliinil'idh . ', I 2134 | | — 

City of Westminster Ast»ur, Soc. Ltd. 

^^L.' TcHi-phonn fal-U4 OKU 

1 kin-t I Bits’.-. ... 11323 338 g . ..| - 

) M PNPrmJiDilv. |S4 0 56 7j . . .| — 

#]««tMH Commerrial Union Group 


'SepL2S 11862 19*6) .) *as lottcmu. Oct. 10 — K5.9 4*31 ... 

Winchester Fund Mngt- Lld. Meronry Fond Managers Lid. 

/ry t EC2 . 01-6062167 UU.GreibaniM.. EtSPSEB. Ul- 


-• / >incbectaR-UU 
/ -h'er O'scasUSA 


— ..| 4A6 Mere iSan.tel.il— B*1 7 214.6 
3.92 Act. Via. OeL 11. -...267.0 384 

Mere ltM.fln.ll — 716 76 


i ft Dudley Tst Kngnmt. Ltd. EA. 

, a , 

CaortwOod Kmnq SUror-Street Head 

r A Law X'n. Tr. 9Lf Wfl>XcXx' E . 

i«n Rd-, High Wycombe. IMM33377 Ds Accttm [84.1 

bLaw -(698 ' 73«-Mfl! — g ? ' 


76* -... 

8Ztf .... 

25*7] 

311 i| 


3.00 Do Annum -nn ..I 3? 20 1. I - 

("onfederatkm Life Insurance Co. 
.Ki.ni.incpix-Lani-.wri'A IHE 01-2121 
vrquiit Fund '....1738 183S ..... - 

4 “ *SL, uu ^«JFuiKt 191.3 200 9 . - 

4-“ VPli' Fund- 4^3 - 

-4J PcmI Fa -n. lined.. 795 . W5 .. - 

|?3 StirffgdMngd I*fi . . n 5 835 .... - 

ilnaupMsal IVn.. 199 6 .... — 

A13 Fix+JbirPen . .. 207 8 ... — 

Equity-Pension..-. 2591 — 

lioperty Pen Mon . 1411 .... — 

CornhiU Insurance Co- Ltd. 


Langham Life Assurance Ca Ltd. vinv.Fd nut . 

Lancham Ha Halnabrook Dr. NWS. 01^3035211 

Prop. Peax. Fa . 

Legal & General a T nit Assur.) LW. bSE P s^'p“ 1,1 

EioKSwaoJ Hutajc Kinfisj-ood. Tadnonb. Bldg Koc.Cip'ut. 

Sumy KTS06EU. Burgh Heal 653456 w 

i (inn Inllial (95 9 1810) — PrnrliUair* Txr 

Do A ream —98.6 1*3 3 .. _ !??. . ae “ Ce 1 3f 

Equit* Lmlul — . 129J 134 5-08 30. Utbndcelload. AA I28Pl» 

Thi. Aecunv |13U> 140 3-0 4 — Sel MkLPd.Caau . 

Fixed Initial ]U6 7 122 $|Z5 — Sel Mia Kd. Std . 

PRimrotEqnic. .. 


134 31 + 0.c>| 
157# -04 


157 41-04 
160 3 
939 . 
1221 -1A 
1515 +1B 
130 0 -or 
U1J -O i 


Sumy KT208EU. Bum] 

• ■•I ■— (‘unfa Inllial )9S9 1811 

Do Arrunx ,.. 98.6 1*3.1 

012837:101) £kiui[> luilul— ... 129J 136+ 

, _ Do. AeeiflB. . 13L0 M 0 1 

•-1 • Fixed Initial 016 7 1 22) 

L ”* Ih: .'..-rutn fl 2 t )0 126 ( 

ce Co. JMLIbIImLZ W32 Ittl 

01-2420282 Arcum..-. —fiMJ 130.) 

Man jgod l nil ini .. .. 122 4 12 *> 

‘ _ Dai, AevuiD ..{125.8 - 1321 

■ _ Prftstnj Initial JIMJ lfi5J 

__ Da Arruffl . . 103.9 108.4 

legal & G eneral ICbU Pailaac) 


— Providence Capitol Life Ass. Ca Ltd. 


PenxGld Dcp .A*'f 1091 1156 .. 

IT-nr Ppt> C4[1 . 1154 1222 

Fens. II v Acc 1212 12B4 j 

Trdi Bond . 37 3 39J] . 

■Trdt 61 Bnnal 9*5 I 

*i mb yalue lnr i li») prermum 


(fambro Pacific Fund Mgml. LUL 

2 II». ynnai.ioglil Cen'xai Dtams KiUiC 

FurKiAilirt II jirF.H 77 U&Sarf ] .. 

.laapnn Fund lll&Ulh IB 71] . j _ 

lisnbros Bank i Guernsey) Ltd./ 

Hambros Fd. M"rs. iC.I.l Lid. 

P (• Br- . Bta. «jUtTn.i,’i CH8I-3C,H 

f I 1 land ... 154 4 164 4| .... 3 70 

Inml. bond Si .s 109 75 1131* ... 8 50 

•nl tyia.it 51 -S 12.39 12 77m 210 

lnr. Hig. -X* Si'sLO? 110 

Ini Si g-- -K' SI >Jl 2 fi l 30 | _ 

1 "rices on net. 1 !. \n\t Uvaling Oct. 18 . 


i nia nn- Mnnaiiem-.-ni «.n M. ,'uracao. 
NAV |>cr ;,)lore Oct. 0 51S53 43 


Tyndall Group 

l*4i. Do, 1256 HuntltM S. Brnnuda. 3-2;£0 
On 4 . [si sl 2h ) jj) I 60) 

lAcrum Intis' .[SlslW 2191 . . J -- 

3 Waj in. Sept 2 l >27(0 25281 ...J - 

2 Nn SUM Heller. Jersey 0534 37331/ 


U 0 . 1 J +o.il 
128.9 -0.4 


— Pension F xd lnr . . [1194 


Deposit Kil.Cap. 
Deposil Fd Acc... 

Equhj-Fd-Cap 

tqullv Fd Acc .. 


Exempt rash Inn .|971 
Do Amim - .. JlOO.2 

Pkemn Kqtf.JnlL, 1383 

Do. AtCum. ,1366 

Exempt Fried InH |U4.7 
Dn. Act-um.. -11175 


— FxcL InL Gap. .... 476 
Fxd int. Acc 47 6 


t Fintay Unit Trnst OtagLLdd- SuSennT »9 I5J l-i 

osr Nile Street. Glasetw. 0*1 »*iaat inomne_. M2 5*3 -0.3 6* 

yHitenuaU330 27^'+0*t 2^ Do. A ccuffl. 63-2' ttB +0.4 6« 

Units— 293 323) +0.5) Z31 latenwtioa&t-u— . 46.4 • 502 -02 234 

vlmremeZ. 35.0 53+43 *28 Da Ac cum WJ 53.4 -0J L34 

VA 29Ltf-33 2J7 HlghTWd-, Mi MJa -0J 812 

W; - 9? 0 5*3 -tig SJ7 Du. Acr am — 705 . Til -0.2 61 

Tl-dJnTst. 3L0 313 +2jS 400 Equity Erertpf„.. 1047d U03 ...... §6 

TJnits 357 3*7( +2jj 400 Do-Acrtini’-_ — 104.7s* 11*9-... 56 

,c«* Get, IL Next dealing Oct 18 - "ftlta *1 Sept. 28. Next dnaliag Da. 8L 


tvi mi-ow A2.Cnrallili:EC-3. 01^185410 Exempt Hngd. 1nllJ129.2 136 H .... I — 

• run Fvh Sen is 11)50 — | . .. | +. Do.Accum. luz.4 139.3 — Provincial Life Assurance Co. Ltd. 

H J] 5S cS’spye ^tls ZKw ■ : “J - EscnqrfPropInlL.Wl . J83.S J - aiBIstopigiie.Ei-S 

J2 -0.3 2W MnGthFdscpt5U...P»5 — Du. Acciun. |l002 -+-3 — Prur Hanneerf Fd.. 124 1 

)i-oj 284 Credit ft. Commerce Insurance . Pr»- ruhFd... ... i»o 

I* -g-1 313 iso. Regent st . London wiic&PE 01-U97081 LegaJ ft General Prop. Fd. Mgrs. Lid -- \ij\ 

13 ^3 f’WKngd V* . -|122* 112.01 •• I - 1 1 . Cjuow Victoria SL, KC4.N 4T P OMMOBB imq 


_ Inin]. Cap... m 


intnl Aer. 

Maiuterd Fit CmD 
Mtmagod Fd. Arc . 
Property Fd rap 
Property Frf. Aec 


4*3 +63 i 
502 +0? 
582 + 02 
441 +03 
491 +03) 
495 +*J 

+0.A 

50.1 +01 

sail +oi 


T.vndall Assurance/PenbionsV 

18. -.jnjnge Kuad. Kn.-'ul UTZ K341 

Il-Vlnx DM 5 j 127 6 | - 

Equity Hr) S ...j 173 8 .... )■ +- ■ 

Hontl i Jet. . p . . - ; -1673 .....I — 

P roperly t»cl j ... 108 8 .. — 

Vu-po+H (Vi ft '1246 . . 1 — 

J-'A a\ Pit ScpI 21 ! 153 7 .'.... ; — 

•VSrasIn, ffc+ 5..: 82 J — . 


Henderson Raring Fund ?lgrs. Ltd. 

4Jl)5. C+mmnia llnuo-. Ilrng Kranc 
Japan Fd On + . 1>f.sT435 .. I - 

PaeilicFund- ] SI-S10 1 . .. - 

Baring llt-rnL Blind Fil ili ft JLMU.fiHO 
"r.\i'tue:y »: ul on;, prelim dmiyuj. 


TOFSI Di-I 5 
t At i nm Shall--,' , 
Aiiu-ni-nnlxl ;, 
,.\i-iulnxhaiwy- .. 
Jemi'1-Fd.iwr r i 
iNun J Are I'M 
Gill Fundi in £>. 
i tci'um s-h.in-M . 


Victory Hausr. Hvuclas. life of Man. 0*24 341 IL 


_ Managed Scpr 21 


M3 4| ... | _ 


Mn.Ph.3 WOri.: 
Do. F.qulIy(.Vl 2 
Ilia. Fund Ocl 2 
tto Prop. itL 2 


127 6 

| 

173 8 

.... 1 

1673 

..... 1 

108 8 

> 

1»6 

. . i 

1 153 7 


82J 

... r 

1782 


280 4 

• 1 

IBI 2 

J 

] 898 

.. ..! 


Ltd. IntnL >]ngmnl. (C.I.i Ltd. f 

14. Hulr . l-i or Slris-L Sr Hiflier. Jcwey. 

I IR Fund IU. SIR » aSRSt | 7.7f 


HiU-Sarouel ft Ca ( Guernsey! Ltd. mb Fund |Sis«»» as*t | 

K LrFcbifi- S',. PoftT Port ftm-mwi, C.l 

CymaqU. j 160.2 17L4[ +l..’l 3.46' United States Tsi. Inti. Adv. Ca 

Uilt c.mu +1 . •-+ , _ . 14. Hu.- \!dringi-r. lUMmjftvun;. 


Hill Samuel Overseas Fund S.A. 

37. Hue riuirt-U-jm,,. l.iixembdun.' 

]S( S317J a54JrOi)?f - 


I’.B.Tfrf. Inv. r'nil.. I Sl'Sn.33 RE| 
net A'icix ucL 10. 


Vanbrugh Life Assurance 
41-13 M«!d«tSl..Ldn.»-|R9LA. 


Iniemational Pacific lnr. >lngL Lid. 

J*") P+jx T12.I7, 56 Put Sr. syihur. Au.-L 
JateJin Equity 114 .{SA239 " 2 15| ...."J _ 


S. (I. Warburg ft Co. Ltd. 
A), fimtum Street. Ev+ 


JQJ flinvaiur cioveiv+a I+IV ? +?+«•! - — — , — — — +-n — •■+ — 

«3 1 -oj 2*4 Credit ft. Commerce Insurance ‘ . . 

55 “Si 15 I 20 .n«must. London W 1 H 66 T. 0I-U97C81 Legal ft General Prop. Fd. Mgrs. Ll 

St Zo ) ic (’fcCHBgdW . -|122* U2-01- -1- 5 l.Ciuasn Vu+ortaSL, EC4.N 4TP 01-2A8SK 

Sd ^ a 6« Crown Life Assurant* Ca Ltd.? u ^ n £&*&L m > ~ 

MJ-flJ 234 Crown La II- Hoc.. Wuking.Gl'21 t>.W04W 5033 .%«! mb. day Nov. t 

fi* “S-? .Mwigd Fund Are. (1885 lWH-OS) - j ... , _ - _ , . . 

Sw Maned Kd. incm. .. jlBt>4 ill i ’0.?| 65fi Life Assur. Ca ed Penniylvsmia 

7M -0+ ■“ Mao.,-,1 Fd. ItiiL 1069 112.5) -0 A — ao+17. Nr« R«dsr vn7nrsa ni-UM n 


222. BladUipygnle. E * ' 2 
Prur- Managed Fd..|129 1 
Ptor CuhFd... ...UD60 


Equity Fond I1M4 

Fxd Jm. Fund 1969 


01-247®33 EQMityFd 

1368 — . InroL Fun, 

Bli ... — Flxwtimc 

1221 -to — Property F 

106,7 — CainFune 

1^.7 —8 3 — ^ t 

102.1 .... — Vac bruj 


Marias rd Fd {g* 1M3 -0.S - 

Equity Fd . |2«3' g -1 4t - 

U0 81 -0 x| - - 


Equity Fd . 2«3 

IninL Fund. ... 1052 
FLxMtlntersiFd . 16ao 
Property Fd... . . If 7 6 
CathFund 120.6 


376 9! -fljd - 

B3:.J = 


J.E.T. Managers (Jersey) Ltd. 

fv Bov )«. Kcyai 7'sl.Jijc.. Ji-Ea.-yttft.T4 27441 
Jersey Fftml Td_.[19LD 20401 -5 tt — 

.-Is at Kept 29 Next sub. Jay Ocl 31. 


i nn* Bd wr lu 
Kng Int. Ocl. in. 
Crftl SFrt. Aua.31 
xicrr Kbd Uel + 


SI S971 
SVS1905 
SIS758 
Onto mj 


McrcMnjitklOciH. l£10.03 


n] -0004555 
• 001 ) - 
-O.OH - 


CORAL INDEX: Close 504-509 


Mdtag'd Fd. Incm. .. lft.4 

Mnni:'<l Fd. ItiiL 106.9 

SH Lqu.lj F.I. Acr . ... 100 8 
f, Kquliy Fd. IncIB.— 99* 
Equity Fd. lniL . „ 999 
Property F<L A rr. _ 967 
Property Fd. inrtiL. % 7 


Vi43j" oT’- Prudential Pen sons Limited? 

1U9-0.3 656 Life Assur. Ca of Pennsy Iran ut’ h oi bom Bars, fcinsnk omwpes 

“Sa — 38+12 Nee BandSL.Vn70RD. dl-MM aaS LqniLFil Scm a-ltCT.tt 2ftU| ...J — 

jSi 31 m i" »« ?T=r r»ys,®:%.:BJS «S rd = 


105.1] +0.4 
101.5) -fL 


ProPfrtj' Fd. InP. . -J95 5 
ir'y T*L Fd. /.rr (107 1 


- Lloyds Bk. Unit Tst. Mngrs. Ltd. Reliance Mutual 
Z J * ‘ 71. Lombard St, J£C3 01-523 ISflS TunlmtlgcVVetlf.KunL 


Prop. Fd Sept 20.. (GtUb — Guaranteed « 'Ini. Bax* Rate*' lublcs. 

Reliance Mutual Welftre insorance Ca Ltd.? 

Tunbridge Well:, Kim L. 069222271 WlnilndePark Exeter B3B2 .T21.iS 

Bel. Prop. Bds | 205.3 ' I .[ — Nraej-makwFet".:. 4 1095 l-i 

.. , __ • _ . For other funds.- plca-f refer u> The LondoR& 

RothsehUd Asset Management atanebester Croup. 

g *2 *!* Lanfc l i3£F' WC &mm 01 ^ a,uw Windsor Life Assur. Ca Ltd. 

— Nexi'inb d« Z-T. “ Royal Albert H»e- Shew SLWlnrfcor 6S1« 

- Lite Inv. PIbdf . - 764 72.6) . — 

Royal Insurance Group . - FniureA*d.fitwn» »« _ . - 

NflwUaU Place. LireipwL 0St2S74422 '. h l U &40 Z 

ROyOl Shield Fd.^ [1465 15&3|^«4 _ lav. Gzowih - {ll55 J 1110 ..."J - 


Vanbrugh Pensions Limited 
41-43 lladdox Sl.. Ldn. U'IRSLA 01-48040 

Managed 1018 1072 . - 

Equity 1112 1171-0 2 - 

Fixcd/Interm- ... 98 3 103.5 +0.5 - 

Property 99.2 104.5 - 


Warburg Invest. Mngl Jrsy. Ltd. 

!. i ’ haring CiUrt b( Hi-iter.Jsy.Ct 0S34T3741 


INSURANCE BASE RATES 

^property Growth — ■ ■ I(P4% 

rVdnbrogltGattanteed...- — - — 

t Address ahown under insurance and Property Bond Tahla 


lnv.Tnl.Vd Incm. .. 104.3 . 

Int Tst Fd loll, 105 6 

Fixed let Fd Acc.. 995 
Fxd. InL Frt local . 984 
lilicr! Fd. Act-.— 118 8 
InterT. Fd.Icrn.,.. US* 
Mon, -y Frf 4«- 97.2 

Mon ey Fd. I neia . . .. 94 9 

Din Fd ■Intro 104 J 

Crown Bit. larVA - 168.7 


109.7} +0 
-mil +0 


5S8 Ettmpt ./99J 3M2^ ..„.J 7.71 Rd. Prop. Bda 


1 M 7 + ° 1 L 23 Lloyds Life Assurance 
Ml 5 ".'.'.'J - 2D. CURen SL", EC2A 43K 

125 0 +01 4.4S SintCt-Saw .30I..J 1.40607 

125 S +0.1 — Oftft-ATr.&t 3— -11406 148. 

102 A +01 lflM QpJSA-tol^cU5„ 

99.6 ... - OpA'A-HVOcLS-^. 

UOi -0.1 *31 Opft'AKan.OCLS, 

— ■ — — Op.5*A , Bept£ept3L 


a at — uai lukviuji ji 

I Jardine Fleming & Co P Ltd. i'UK LU l. Si-pus,. ti«U9 

01-489482;' t 4 ** CfljinwchVrroiro. Honj; Komr Hr 'A™ 1 ;?,' " cifilS 
Jardlnc Eatn. Tq .. HK5353 70 2 00 

"*'+ Jnrdlnc J"wl F d."„. HKS412 61 """ ft'S ^.JirjiMI 1+ — ■ 

“ JartlnrsE^.. sEsMT? ^Z. 180 THTUffeW. 14- ai » 

_ JardineFlemlnU. IIK312.48 — 

um |BlLPoc.See*tlnc.i. HICS14 75 . " _ World Wide Growth 

«' tuble. Do. lAci-um. i HKS14 40 _ " t ' ria v>iae urewin 

NAV SvpL 30. 'Einliral+ni SUS87 *1 10j - Bnnlovard Rovnl. Iji 

t Next sub. Ocl 13. “ " Worldwide Gib Kd) SL'S 


World Wide Growth Management# 

Ido. Bniloi-ard RtreoL IJiM-mbourj; 
Worldwide Gth Kd) SL'S 16 79 |+0JJ1) _ 


NOTES 


('nrecdn'iwt mehidaS premium. 


,„jj - ,ri 'iTiTV'T+i" ' B ' fF P' where indirHIed 4- .-•nil are in pem-eunlesi otherwise 

nHmlrTtlT ^ * ,t £ a ? n J n l“ l column, .illoi for all buying expaiacfc a OJferodSn^S 
nrtenlM DTtS I ? , n r i Yield bftied an irffer price. d Ejlmated K To-day's 

L-.K laws, p Periodic premium insurance plan* a Sintd* 
rSSSa EiFlSuJLL ?hl td ineludc* all cyprn^ except 

1 \- rT ril ll boufiM thieuch nwnnaer. t Previous 
* Nd of Let on realised capital gains unle«s indiraicd H. e ■ rtuivnscy sioas. a Sttsnmdaft 
♦ View before Jersey rzs.rti-subarti.jQfl- - * 


Jzl = 


hi 


Is » 
II 1 


1 = * 
h i 

l-; f ■ 


I Ti i 

U i 


I 






FT SHARE INFORMATION SERVICE 


Healey & ESaker I bonds & RAiis-cont. 


Eswtrtsnerf «S?0 m ionrtoo 
29 St. George Street. Htmover Square, 
London W1 A 3BG 01-629 9292 

CITY I.U i*:-M J-IRFIT 

' pJJLvr. l 1 ?.':. iiK 


BRITISH FUNDS 


IRS I | j» n»j Tirld 

Rish lids { Nnrk I E | — I Int | Rr4 

"Shorts" (Lives up to Five Years) 

losuiiw -%m« vj n i ; e tw i loo '.a - Ill 3? 1 9 12 

97 Tres.»ur > I % Mul 7« 

4T' } 95b IbtMn- -S jp- --I 97 . 


19TS Price 

High [m Stork E 

55 12 Hum; JU- . - 50 

77 65 Icrlandttjpi- WH 68 

88 52*4 Ireland TiMir 81* 82* 

91 79 Do*rftf'in.S6 79' 

125 265 Japan 4pr‘WA*> . 400 

87 68*; HnEpi- St8R . . 70 

160 140 Fern V> :*pr ... 142x 

75o 75p MM 6*..p-198n .. 7S| 

S99 $94-% Turin Spc 1991 $94* 

JAJ 91 MU1 Tunn6-;pr 19W .. UM91 
97 94 LYuCUuvrUjfv . . 97 


«. nri.'lIlM 191$ 

— liras', j I k-M High 1 

4'; 5 63 54 

- 1235 134 II 

7*; 1309 -390 3 

12 84 £12 C 

... - - £95*4 £ 

6 1125 64<; 

3 211 260 1 

6»; 867 81 I 

9 932 298 1 

6*’ 9.10 460 3. 


Uji. S & l»M prirnc exvlutlts un 5 prenuutn 

AMERICANS . 



1 n 1H im 

3 13 752 High In* Stork C 

999 21* 1 3*; \S\ ._ 21*3 

7 65 60i.» 59 \11FV.i-nm fT. . 59 

10 38 33^ 22 AntixJl -. 35 *b 

10 79 50'- 21*4 «mcnrtiii E\pn?" 24*««c 

749 24*, 11 \nwr iteriu.lut 20 

854 15$; 969p V*a:.:u I*-.- . _ 11*? 


• 356 290 Union PL<c£l... 315 -^5 h 16 05— /( 

■ 1+ ori Dir. Il'ld 48 32 LJ»T - - „ « -Z 

t |- Grav. Pnlt^ £25% £15*4 Well- KoranSS „ £20*4 SI 40 - 3‘ 

21*314*4 80c- -119 74 M 74 fc - 

SlL S2 In” - kj • etC ’ 


, 055r 3 2i 5 2 60 169 106 fae»art Platts, j 164 *2 313 51 2^1031150 

-5 hilns it — 21 5- 17*; ML69 30 5* 87] « 

-2 - - U 46 32 l --lira U HL4 « 


46 32 ir. 3 narwje'BCT yp u i_-.iti.Z9j zv /.ii u 5 

- 2S0 162 U.iMennrfnr. 2EO *7.94 35 4 310 0 s* 

'104 7>; VortOe=>_! 94 | U4.84 1 1 b| S.7|2ft*|85J 


05 terftbralteEl _ 105 
al Bne*av 10p.. 49 


3.1 5.0 243 [161 ISaiastaiv;— ._{ 230 -2 . 
68 79 83 J 54 fScwyortex — -_f 70 


1164 29-4 18* 4 Eaierlrtnl Cure SI 
31 59 29 4 II 7 a P-arne-Grp &. . . 

845 33* • 22 tendixi'nmSI. 

11.48 23*; 13 B«h.SlerIs8 
1143 13 625p »M*ncF>r .-IS. 
1169 14 857p Brunswick <‘orpn 1 L 

846 65's 41*> Bonuuchxtarp S3 

1156 51 301; OXCS* 


HO*. 102 * F.'. inpi--; i >l< ’.vxr* 102 V. 

106*4 99.: Ir-.'S.-r- ■» I!*::: 99,1 - 

91 S 88*4 IH-4-4ir> :t ;j. COM 89-, 

101-4 9>s. Tr. i •tK't 96 . 

97" 91 v E'.—cP . . . V\[ -j 

lOO^ 91*4 E*.h ... 94 - 

87*: 85$- Ewn:*i. W . . . 86 1 

97,'. 95*’ T'rtv *• ii-ut'l' 8 « 95.1a 

111 101* Etch I9HIX . 101 - • 

99S 91s TnstS-j. .. 923.-,'. 

85*5 82% Trci-mr. SX 54" . 

115t IOS's Trtnsiir- Upi- 72:2 . 105 r -; 

%*: 94*j *. anjrle il 1 # . 94 : 4 - 

96S 89$- Tr<-a.’Ur. h^jin SI £9 'A -*; 

100*4 91’.; E'-'hlC.p-M'tt 91',U- : '. 

9651 39*; Ev.:h R'.f- 1W( 89^ 

85*4 79*- E«.Ii.'*m Hi ... 32,-. 

114*4 100' ; Tre^ur. L-> in»n . 100'; -,l 

100* j 89V Trwi-yr 9*4|»- E* 90*; 

Five to Fifteen Years jsJSSs;:. 

952. 93 E«. -MV OKI* 94'-; - - 10 85 12 06 tfu :0v Lutlar-llwimierSI. 

89 , t 80*4 £ indiiiL- !£!4V— . 8?4*4 -*4 676 1013 321’ 22 *Eattefrp Si 30 . 

W’t 86*’ £»-? -U 984 1118 2^ 17*4 E-rmrk 

87V 77 Feb'f,V^ 77a -4 840 10 60 40 28* ; Ewim.f— __ 

89^t 79\ rrniL"jr\ i-4l». Bl*s 9.72 11 M J2* 4 670 p Fifwtniu.* Tire T 

68** 60*s Trjns>.n 37U5> _ 6a>; - ; 479 879 19?. ]n 4 Fir»irhiii«o ..... 

75** IA'a Tiei? jf- - fe5*r — U 769 1041 321-* 20 'j FluiiriVnv^i 

115*4 lor* Tra-nr. iliir . 105*; 12.70 12 58 Ford Motor fi. ™ 

89 V 771’ Tre.i’,L-. »4 37J»»ii „ 81 -*n 10 54 1L69 35*4 _ 

106*; 92*v rn.-jsur. II*4K 97 * 7 -v 12.49 12 69 44*- 36V 1^11 PJei-tSS. _ 

75*. iJ't Fun.bri%. 87.9^. M* 4 ->4 8.97 1114 24*: 15'. i«ll«u3} .. _ . 

112*: 9SI.. TrriM.r lApc !&Z 102 - -*; 10.81 12.77 56 1£ a IhmetwII SI SO 

96V 84 1 TTeo-ur. I»«pi li?ll . 85V ->2 M 1 8 3 750 t , iMmzl . . 

113 97*4 F.'.it I2*4i« SI -- 98i 7 —j 1269 1278 232 171- LB U Corn SS ... 

1 10 s ; 96*; Trecur- *2 : .-pc. Sttt. 100-5t -*; 12 80 12 80 52i a 34 lngcr«II-RC ... 

72V 60*4 Kun'hn’. **i». l9Si^. 61V. -*4 9 85 1155 998p 7Q5p 1 1' liricrnaLionallj 


t^ejer . ww - 

20 -4 60r - 

11*? . 40c- - 

23^ +‘4 64c - 

19*4 90c - 

271; +l E $2.28 - 
17*g SI 00 - 
10*5 -1. 50c - 

117? 70c - 

5234W -1* SI 60 - 
39*2 -I4 $240 - 


37*’ 


Iiril 36 

£72 





.. 

92 


14 Oi 

■« 


•ll 9 

13*; 


— 

109 

-1 

14 94 

26 


1.0 9b 

131; 

-1 

.. 

44 



Ii209 


DRAPERY AND STORES 


*u.u 

10.9 850 
1D4 


* IS^Top « -1 gj 4 5 g te 

§ BSSffii b£ 2 V20 &0 u U MA'i BBfisJtfH; 


85 9J 95- 70 : United I 84 
74 92 67 | 51 |VCabi»Eliliiirii) 56 

5J 80 ' ' v-V 


90*31-:*. 1 1022 


8?4*4 *4 

83- ? -'a 


SS 32 ‘: 22 Katie V 

26*’ 17*4 lE-mark 


77a -U 840 lOW W „ ~ 


96 V 84 * rrea’ur. !«Tc - 85 V - 

113 97*4 F.vit I-Jai- 93 - 98* j - 

110 s ; 96*; Trefcur- '3;p». Sft. 100-Lt - 

72 V 60*4 iiiO’kD'.'Hk l9Si^. 61V. - 

Over Fifteen Years 


28>4 18 Kai.-erALSU. ... 
32 20 Manl Hat, IsSTin 


19*. -V $184 - 48 168 114 tlartuManJea-. 142 .579 26 

3W’ -J S3 40 - 4 3 215 163 UiOlltraOp _ 204 -3 73 3 0 

915p5 -17 $1.10 - 61 2| If <|<TdufliLt UJ> . 25 - - 

17 -J* SI 10 — 3 3 63 43 irtwaltBres 3qj. 53 . 2 84 L9 

27V« +*4 SI 20 - 2 2 1?6 93 UreenallRTviHei 124 -2 tZ66 4.1 

311. — !. $3 60 - 5.8 310 213 'IreenrKim; _ 307 7 37 23 

20*4-U $1.80 — 4 4 191 153 liuinness 159 — * t7!3 24 

37m S220 - 30 159 127 llighl d Wst 2Up 142 -1 294 25 

22 -V SL60 - 36 153 83 Jjirenmnhw. _ 147 . .226 S9 

47V -U $2 20 - 2.3 178 109 IrUli thill kr*_ 178 +1 r3 55 5.0 

14*4 +V SO 68 - 23 410 270 Macallan. On.. 410 . 5.14 6 

196 SU 52 - 29 520 360 Mur land El .... 515 1264 2-6 

41V -V S3 00 - 3 6 70 50 .sandeman 62 .... 234 20 

862 p -9 95c- - 5 6 72 62 SruWiNpaSlp 64 -1 346 22 

27*. -u SI 60 - 29 131 95 Ti-nutin _ 126rt t3 05 26 

Z7Vj? ‘ S2C8 - 3.8 135 94 Vaux. 123 *2 t4.QB 24 

35 +15 S2 20 - 32 1W 82*; WTnili«*(-V-..- 100 . 4 00 2 9 

13^ -*g 76c - 28 734 185 flnli lmriley .... 227 ±2 tj.83 3.0 

15H . $116 - 38 185 129 \.mntKre* .VS(ip| 162 ... 323 35 

is^gw ... si.20 - 3.2 


& 


K fits HOTELS AND. 

12 T 1 IT 54 |31'; Lvkla InT. I9p. ^.j 52*’|,...‘" 
3l .A 1 . £301; eiirjBarditf FrlO). £29*« . :. 
Ii It si 68 35 (Brent ffdierip T 59 

6.J i-t ” 135 7TJ. lriK Unhken I 197 mI 


iper.N«LIU*> 86 -Z a/ xt m M2 73, QhlWdrSlp - 127d 

cioEn" . -. 77 3.05 4.3 ^9 5.9 ]76 . 1W . KYereHalaL 171 IriJ 

SmSffilOp- 75 .... H3 70 24 73 86 w a® • EpicuKap -. .. 17 •.:....! 

traainp.... 47 . .. «■» 31 5.S 85 m # nrandAIec.SQp- 1U -l*j 

Ilf •• • +L31 6A U714B % 75 - Karaal'tfUriS % 

irf-nUT *;*> 281 361 7 .b|I5ji ^J 5 155 ~n_.v~w>- vm -f. • 


UTmyBnfc 1 55 


224 162 limp-'. - 198 | t4.61 41 35104 « 31 

23 14 ''MocTDnt-’te. 16 1 ! ♦•- — — — _ _ 46 

110 84 HehnUW - 96 j-1 538 17 84 (90t g 09 

77 4(P’ lievtf.ir^t :**p _ 7<te| { :L5 5.0 3 2 7.5 “J ."g- 

1/6 124 I»icnfif iiwroift: 134 ...j2.42 35 27 6.6 .§ 

30 17 EUf-i‘i-M3p_ 29 . ..1.93 12 10.0122 ,|8 _1| 

190 136 tj^BreSurw. 176 -4 H5 39 2 6 4.6 13.7 ^ 

65 IP’ Eu»-utev2B>— 53 .. .. !dZ10 - 28 82 « 18 

25*’ 15 FamsileTevt ap 24i; jL18 37 7 2 5£ ^2 

25 15 rm A Sp- - 24 \ 118 37 7JS5 « 


67*j 40V Fine Ait He*. < 5p 6T- 2 186 26 41141 Rfi 

36 221’ Ford Mira lAp 34 -.. *h205( 14 9.0 12J 144 1H 

165 120" FcmainAe- Hip - 163 j 4.24 4.6 3.9 8.4 § J 30 


nifiantKhi£» 128 
C«ii»*Ai3)p ... 165 
03Ojrtlr.'._ _ 98*j ■■ 

Concentric 10p. 43 

foftSrSteSDp . 36 .. 

CoorenFlnlOp 21 

Coops indt lOp. 221; . 

Ccmercraft30p . 65 

CrootteCroap... 40 

Crown Boose. - . 64 »j + 

Omanins , t&94 £>93 +1 

Donta Gcnserl on. 124 *8 

DartBrttilm 5p 21 

DwiAJfcL-A'IOp K 

Bay Carp __ lg* • 

Debon l^j 27 -- 

Delta Betid 741; .. 

DanazJ.kWp . 45 

DerteidaOp.— 151 - 

Descctler... 126 

Dncniefarae lOp 31 


ww gr , t 7 c o ^ jdcu 13? uauinnr tup . . *K _ 

SoeSIp +4 4.46 39 48 ai ^ ^(TaH^eKip ■ 22* ? 

ICh*£» 128 ... - ~ r- 2 ° 270 180 SWcfletmiSOT' 240 . .... 

M3Jp... 165, ■■ 551 48 50 <5 g xarMhCapS.-, 36 . ._ 

r.'._ _ g*i -■ gg 12 ft I ff 2^ 18 Nbttfti.U?iftp. ZS : 

dclOp- « - \\ IS H 70 2S*j ftweofWate-L 69 • ;. 

- 36 d21 4- 8 Si f-5 45*? 21U ftwensMoatap- - 41* a 

FTilOp 21, '^g 2 3 a 50 ?2l70 138 fonrtm Hotel* _ 154 l.„. 

lodilOp. 221; ... 089 3.9 5.9 56 gy 58 w-v.ifip... 781 


‘ .. ♦14.21 14 9 J 148 Si. -S ' 

'll iq 79 10.1 1®? 91’ AsanRranloLap. .18 ". r : 

' \ : rZlo U IV^TBO 166 Trust ft. Forte. Z46. -3 

rl r, 22 7. 39 22 SaaerlfcU-l ft*. 32. 


M il 

Iff 11 Hi!" -• inwjs rajMs 

5.10 1710J 84 122 92 A.OI : 111 

^286 22 9.6 73 062 79*; WrBBewrh _ 355 -21 

10.12 26 lOR 5 9 *81 50 AareaswiEhw- Iflp 74 ... . 

t5-60 35 6i 6 l 5 .42 . 33 .\Hie>-Lti1 

d232 LZ11.2 10.9 57 43 AMu lnds.3% . S3 -3 


fa's irea-tirc j 70':u. 

901? 76 7 ; Tiw»iir.flpi-SCW». 77 

13lf? 1131; Tr«c^r. iS.pt -98S 113’. ’.c -*; 

U7V 101H E\t hequer >:?«pc 103 51c -*; 

50 42*4 Red-mji.Ki.i^ Stt>»! 43- 

115*4 10(F r Tfa.ur- H'.fc '*7-.. 105 -*; 

98V 85 F.’rhequ*-rW pr|SP7 8S*4 -*; 

88i* 74S Trea wryitVi.. iact; . 745, -V 

72*4 60 Tie.’-urr Pipe 60’:«c -V 

135V 117 Tm* SMJ= ... 11 7 -*; 

100*/- 93*; EL.rh l^ir !SW 9S5.- -*j 

901; 77*c TTCi-u- ti-p.-ioat . CT’-’-'e 

96*4 83*4 rreanir. r«»*j»- 19»_ 88 -u 

96*4 94*4 Evh U’k'sSjC* 94 7 , -*1 

«»• 34A, FnniGnriOjr £Bcd _ 36*; 


B7M ... 51.20 - 3.2 
22 .. 15.- - - 

27 +*], 5100 - 19 
121; . .. 88*- - 36 


150 102 'Lrdftan Wan? ... 1 108 -3 tSM 2 

10 342 266 CUznirat . 324 -4 SJ7 q3 

J '‘" • • 340 256 bo A' 'fra . . 322*r^-4 8.37 a3 

BUILDING INDUSTRY. TIMBER g 3 J '&**£"» g S’ r i? 1 
IS ‘ AND ROADS S. U J&ZE-l'- % !^ n °J r 


11 T 1 iir, l in* tin. #! *-. . 

?? Z? 27»; 18*s Tenncva . . .. 
S-S161 131 IV- IV' -Ln.Stl 31-^1 
3|S 975p 505p re»rtPtlHS0IP. 

22 167, TevocaKB.. . . 

H-f? 40 22% Tunelnr . „ 

cf-35 14*4 865p TraiuamencaSl.. 

“ 73 41V: 21*4 CM Tech HX1_ 

241; 17* 4 CS. Steel SI 

fi i9 17 11U Wnoluorths S3l;_. 


l.nl *- ti-' iniMii'dnBW.- — I 

T5« IVj Wt XenKCMpLSI „| 


13*4 " fflt- — ii 164 138 Ah/aUuttiem 143 6.36 

ipjS +il' si_32 _ 21 I® 15 Allied flanl lOp. 18 0 72 

27 -2 SL80 - 3 4 77 59 VnciiaaeSIniL* 70 +■; 4.37 

23*4 S2M - 4 8 ^63 203 Bi'B'wktfp... 244 7 74 

149 +1 l^n - 16!? 34 51 Bog-;endSBfet. 34 ... 237 

714n _ _ _ 15 10 Ra/Iec- Ben 10p_ 14 .. ;.IOf 

17 * i -U 5200 — 58 91 44 BiUmerEgs* — 78 ... ♦ ?2 

33S -*! SI 30 -19 128 98 Barraft Dec lOp. 107*;d . ... 314 

1 4 80c - 3 2 Xl 2 21)1; BeeehMMdKip. 3tf*. .. .183 

3iu 52 M — 33 31 15 Benh<\ 20p 24-1 — 

18^ -U Sl.60 — 4 3 57 45 BenlnrdU lOp. 47 . +18 

MX 5L40 - 4 7 69 « BetlBlw.20p_. 60 t.il 1 

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