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SERVING 
SHIPS, PORTS, 
INDUSTRY 



No. 27,689 


Monday October 16 1978 


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■NEWS SUMMARY 


eneral 


BBSIHESS 


Fighting Company 


as Arab accounts 


Boost for Carter 


Vote hits 
trade 

as U.S. Congress talks in 


talks 


tax rales 




start 



• NEW RULES for t&O calcula- 
tion of tax ebarges tit company 
accounts — which should end 

the 


"•wv Arab foreign ministers _■ _ , u . 

"arrived in Lebanon Tor peace - ears ? f controversy 
• •ialUs hm even as thev accounting profnaJ on^indns try 

t: - asst- ru hied fresh iightiug broke and *{** 

out in east Beirut. ** by the AetouirtUlS Stan- 

--r. Sporadic explosions and rifle dar “ s Committee. . 

•i; hoi u, eon Syrian uoops and The profes-.aon’s rulMnakin 

• ' LhriPtian militias broke the body has said that in 'future. 

.A uneasy irucL-. companies should provide only 

In a vi Hope outside Beirut, for the Lises they actually have 

• the Arab Ministers, representing to pay. Many companies started 
cumurifs supplying troops to doing so after publication of the 

: f. ih«i pc-uce-i: toping force, began draft standard to May last- year. 
: v their talks with an attempt to Others have stayed with the 
find ways of enforcing the cease- deferred tax system enshrined in 

an accounting standard - <jf 
• August 1975— subsequently with- 
drawn after opposition from the 


fire. Page 2 

Wilson Press 
probe halted 


City and industry. 
Back Page 


Page 6 and 


Ail 


Uflii 


The press Council has dropped 
ils inquiry jntu alienations ty 
Sir Ibu-olrt V/,l*on that some 


INLAND REVENUE Staff 
Federation meets today- to con- 


_ -■ 11.11 um lriihun indL yuiiv . , _ . . 

• i. • national newspapers conducted “ dt T * lc PP m S l 4» 

^ m x M £S? ss? jss 

Morn tl* Ocwjw im 'general 

election. Page 4 


Pope deadlock 


this week, would opt reach the 
Government. - 

Today's talks will determine 
the federation's response to 
Black smoke from the -Sis Line. Re venue * plans, whidi.. would 
Chapel chimney indicated that entail the loss of tnetabers la- 
the first two ballots for a new volved in computer work to the 
Pope bad been inconclusive, rival Society of Civil and 'Public 
though there was some confusion Servants. Baek Page 
in the waiting crowd of 300,000 
when the smoke temporarily _• 
turned while. UrEill PFICeS . ■ 

Aircraft alert 


freeze urged 

A British Airways DC 10 bound ® 

for London out of Los Angeles • EEC .policy on .grate p , 
was forced to land at Frobisher has been criticised by UIvji 
B ay, Baffin Island, after a bomb and drink manufacturers*.^ a 
alert. A four-hour search private merawaiK&m. to 
revealed nothing. try . Commissioner . Vi$co 


‘Civil war' claim 


passes energy Bill 


Geneva 


By Our ILS. Editor 

WASHINGTON, OcL 15. 


BY JUREK MARTIN, Washington, October 15 


The U.S. Congress, working round the clock, presented President Carter 
today with a long overdue Energy Bill, and enacted a ?l8.6bn tax Bill close 
to the President’s liking. 


The Bill, which Mr. Carter has Energy Bill was Taken by the Committee, which was charged 
repeatedly described as the most House of Representatives at with the responsibility cf rosolv 
uiiMurtaot item on the Cungres- breakfast lime utter an all-night mg the considerable dtfic-ences 
Munal calendar and essential for session, and only after the between the House-passed Bill, 
maintenance uf internMioal con- Senate had voted in end a till* providing for kiobn m net tax 
lidcnce in the dollar. finally taw busier aguiust its enactment by rerfuetioas. and the Senate ver- 
the hghf of day at dawn, IS a handful of Senators who stun, which was S13bn higher 
months after il had been pro* claimed it was inimical to con- and which Mr. Carter had 
pos.-d and in a form far different sunier interests. warned he would vein, 

frnn the President's first pro The most controversial aspect The end-predurr of the enm- 
Pf'-al.u of the Bill is the provision end- miltee's deliberation was a tax- 

1 he five-part Bill would, mg Federal control over natural cut of SlS.6bn, rather more than 
according to official estimates, gas prices by 1985. the S15bn the Administration 

cut U.S. oil imports by 3.5m bar- Both Houses then began final nnginally hoped for. out so much 
rets a day by 1983. work on the equally contentious below the Senate figure that Mr. 

Largely through greater use of tax Bill, in the meanwhile pass- Blumenthal, (he Treasury Secre- 
rininestic natural gas, the U.S. mg a fistful of measures or lary, said it wa, tnleranir. 

1 re usury has suggested that as staggering variety. a fair The Administration has made 
curly a- next year oil imports number of which provided the il clear that it could net draw up 
could be reduced by 500.000 President with substantial poll- a concrete version nf its pro- 
barrels a day, a saying at pre- tical victories. mised ahft-mti.rMon programme 

sent prit^s of about ifclhn a year. These included enactment of until it was in a nusitioa to 
Mr Carter, who had cancelled the Humphrey-Hawkins full assess the fiscal :inp:u-; of the 
a weekend off at Camp David to employment Bill, much desired tax Bill. 

assist in the multi-pronged by liberals and members of This programme, which it was 
lobbying on Capitol Hill, wel- minorities; an Airline Dcregula- hoped would be tin veiled early 
corned the Congressional action tion Bill; and un Educa- this week, should nnw be made 
as indication that the U.S. was tion Bill shorn uf proposals for public inside the next fortnight, 
determined to control ils own tuition tax credits, which Mr. perhaps h* r he end of the week 
destiny on energy consumption. Carter said he could not accept The kev factor in the lax Bill 
hut warned that the Bill was The essential ingredients of compromise was acceptance by 
only the start of 14 a long road." the tax Bill were hammered out r.mttancri nn Rtri- 

The final stamp of Con- overnight by members of the Limunucn on tsaci. n B c 

gressional approval of the Joint House-Senate Conference Feature. Page 14 


A MAJOR OBSTACLE to the 
successful conclusion of the 
international trade talks in 
Geneva was created today when 
the House of Representatives 
rejected a Bill, one of whose 
clauses, would have extended 
President Carter’s authority to 
waive imposition of countervail- 
ing duties on imports beyond 
January 1. 

It had appeared earlier that 
(he two houses of the U.S. Con- 
gress had successfully thrashed 
out a compromise to the contro- 
versial r.ew sugar pricing Bill, to 
which the waiver amendment was 
attached. 


UK seeks 


currency 


concession 


BY PHILIP RAWSTORNE 


This would have extended the 
President's waiver authority 
until February 35 next year, in 
effect leaviog it up to the next 
Congress, which convenes in 
January, to work out a longer 
extension. 


Prices and low paid may 
be key in new pay talks 


ALAN PIKE, LABOUR CORRESPONDENT 


Portuguese Communist , leader w0rId ****&% 

Alvaro Cunhat has accused the ™™ r * 88 


Uavigno?, ,.ThETl’H£ p Vr W-H 1 - .' .. avj ._ 

J!¥ ez R on. Prices tolling ' .s.-i-V lAiVDERS ar.d Ministers cent,. said V-r. Hauers ley. vouH union s* mta lives 

Tomorrow in put- employers in a “ desperately out of netotiatioss on Friday 


caretaker government of Sr. -da 
Costa of creating a civil war 


• UK 


aerospace 
and: 


eledrodics 

component 


v»i m luiii nniiinmonf 

atmosphere in. the Alentejo o 

region — where security forces supp !? I ?., are strongly 


have ctash^ with farm worked ^ ***** h f ^ 
—by handing b3ck collectivised 

farmland to its previous owners. DlilJ,0D pounds on. tbe 

Trudeaus test 


Pierre Trudeau’s Liberals face a 
toug’u test as. voters go to tiie 
polls in 15 by-elections. The Cana- 


millioD pounds on. the new 
Boeing ttmtiy of jet airliners — 
the twin-engine short to medium 
range -757 and 767. Baek Page 


kONEY SUPPLY started to 
*nd -again in September after 


dian Prime Minister will retain a sharp- drop the previous month, 
power whatever the results hut figures due qn Thursday are 
the polls provide an important expected- to confirm.. Back Page 
measure of opinion with a 
general election due by next 
summer. 


TGWU seeks 

More Iran riots uniOfl 11161261 

One person was killed in Tehran ““'vU 


during fresh disturbances in the • TRANSPORT and General 
run-up to a possible general -Workers’ Union has approached 
strike, which has been called hy steel industry managers with 


opposition leaders for today, proposals to merge the manager^.! j t wou id be extended. 



Twenty people have died so far union — tbe Steel Industry 
this month. Page 2 Management Association — with 

the TGWU. Page 7 

Blast kills 16 

Sixteen people were .reported 


killed when a truck hit a land and^rodoction^^at the^Daily 



Non-U’s reader 


A 


miru, npir Vp Uamlw- border Record and Sunday Mail io 
w "h Sotuh m- GI« 60W, -involved in a dispute 
tvip lnrident hanoened as over pay parity, were told that 
Ssa™ 6 iromfiv? P ^cm they tot their jobs. P. B c 7 

KSSlS";. second-hand ship prices 

^ were 23 per cent higher last 

month than in September last 
year," according to Lambert 
Angela Rippon, tbe BBC nev«- Brothers, the London broker- 
reader, pronounces . some words shipping market report Page 3 
— such as “duchess” and 

*■ countess ” — in a distinctly q HUMBER bridge workers 
non-IT way, according to a new feeing wage - cuts unless they 
study or upper-class speech meet productivity targets have 
published today by Debrett, been defended by Mr. John 
, Baldwin, general secretary of 

Briefly I - * . the AUEW construction section 

Reg Prentice, former Labour P®® 6 7 

Minister, tonicht seeta adoption _ _ 

as Conservative candidate for GOMPAHIES 

Moray and Nairn... Page 4 - . :• - 

flSlteBta « Snir227 and^'^eeL^ products 

:s3.tt , ssns. f-sjrssass^ 

Madrw. • or SlISm, and a20 per cent sales 

Six black civilians were among inerease ^ a boat S3.6bn. Page 37 
IS people killed in Rhodesia in 

the last 24 Hours. : # NOVO 1NDUSTM, the Da wdi 

Challenger - Viktor Korchnoi pharmaceutical and 
stood on bis head in a public company is to have Us sbar^ 
yoga exhibition during a break listed- on the London StocL 
in the world chess championship. Exchange. Page 39- 


C0NTENT5 



Overseas news 

World trade news 

Home nows— general ... 

— labour ?. 


ExecuilveV World ... M 
Technical page .. — 

Arts page 
Leader page 


OF TODAY'S ISSUE 

,. 2 ■ UK companies .1 - 36, 37 

International companies --37 

Foreign Exchanges 37. 

Insurance ^ 

Mining 

World Stock Markets 
international Capitol 
Markets 


.. :3 
4i6 
« 7 

.. U 
..8 
- 13 
.. 14 


39 


FEATURES 


The fate of Fresident 
Cartels Energy Bill ...... 14 


A mood of uncertainty In _ 

Midlands’ industry 35 

The week in the courts ... u 


A computer buyer’s, night- 
mare 11 


FT SURVEY 
West Germany - 



Appaininteus 

BDlMIW H«a* 

BBiinsoanlt niarv 

CnjsfiTwd — 

Eotart8imneit4>aUa 
Flaanoal Bfary 

Letters 


M U* - — 

<d ■ LOAltoll' 

' H«i «m» -Hatta* 

" stun - fnramutitti • 

22 Sport * — 

P Today’s Events —■ 
T TV eri-Wdlo--— - 
=S - Unit mats 


« 

12 

M 

4M5 

12 

3 

32 

'«> 


Weather- 

World Ecm. hill. — - * 

Base Lendiw Ea te n . , 37 

ANNUAL STATEMENTS 


Cold Fields 
natal ter- Ben* • - 
InvsL -Tsti Srvee*— 
Capital & HM- Tsr. 


36 


For latest Shore Indetr'vhone 0iS46 BOSS 


walked 

will meet again tomorrow io put- employers in a “ desperately out of n^otiatioas on Friday 
[aRete 1 continuing search - for an dangerous position.” They would they bad been offered S per cent 
understanding on pay policy this find it difficult to sell abroad, but told that more money was 
winter . X have to lay people off and be available in return for improved 

Prices*, - increased action to pricing themselves out of the efficiency, 
help the lowest paid and the way market Later this week union nego- 

in whirit wage-drlft is inter- During the weekend Mr. tiators will try to raise British 
preted are likely to prove the Albert Booth, Employment Sec- Oxygen’s similar-sized offer 
most fertile areas of discussion, retary, warned that the Govern- which has been rejected by rep- 
A price pause and stricter ment's pay policy- was an resentatives of 3.000 workers of 
monitoring by the Price Commis- essential part of an overall the gases division, 
sion Were among ideas raised at strategy to ensure that there was Nurses’ representatives will 
last week's meeting of the TUC not another M inflationary bon- today ask Mr. David Ennals, 
economic committee. fire ” while the Prime Miaister, Social Services Secretary, for a 

Mr. Roy Hattersley, Prices^ . tea message to the Labour can- 15 per cent “special case” 
Secretary, played, down sugges- “fg* “.JJJL . a ^ r d in addition tolast April’s 

tions that the Price Commission election, pressed the Govenv 10 per cent Phase Three settle- 
might be given new powers to himtis desire to follow the path nient. The possibility of - -a 

freeze the prices of companies of co-operation. special award was conceded 

which break the pay guidelines However, TUC leaders are during April’s negotiations and 
during an interview on London continuing their efforts to find the claim has support from the 
Weekend Television’s Weekend the basis for an understanding management side. 

World yesterday- on anti-inflation policy against an Today the 57.000 strickers at 

But he added that if there industrial backcloth of mounting Ford will receive a letter from 
were to be any change in the pressure in pay negotiations. the management. It will urge 
commission’s role or powers in It is probable that the even- them to press their union officials 

the. epming years it was likely tual ■ settlement to the Ford for a return to work now that 


But although the sugar Bill, 
with the amendment, passed the 
Senate this morning, it was 
surprisingly rejected in the 
House this afternoon by 17 votes. 

The objections to it centred 
mostly on its sugar provisions, 
not the trade clause, on tbe 
grounds that American sugar 
producers were being given 
inadequate support. 

The Democratic leadership in 
Congress, aided and abetted by 
the . Administration, were this 
afternoon frantically seeking 
ways of taking the amendment 
on to some other piece of 
legislation before Congress 
ad j oumed the current session 
later today, once it completes 
deliberation on the Tax BilL 

Failure to extend the Presi- 
dential authority would raise the 
threat of sharp confrontation 
between the U.S. and the Euro- 
pean Community. 

At stake are something like 
SlOOm-worth of processed agri- 
cultural goods which the EEC 
exports. to the U.S. annually. 

Trie U.S. having considered 
that " these goods receive the 
benefit of improper subsidies 
but, in the interests of success- 
fully concluding a new multi- 
national trade agreement in 
Geneva, has waived the imposi- 
tion of the countervailing duties 
that U.S. law requires, under the 
waiver authority given to the 
President in tbe 1974 Trade Act. 

The Administration was far 
from happy that Congress chose 
to tack the waiver amendment 
to tbe Sugar Pricing Bill, if for 
no other reason than that at one 
stage it seemed probable that the 
President would be compelled to 
veto the Sugar Bill. 

But the pricing provisions of 
the Sugar Bill, which gives 
domestic producers return of 
15.75 cents a pound, is low 
enough for Mr. Carter to accept. 
Administration officials said this 
morning. 

Editorial comment. Page 14 


THE GOVERNMENT will need 
substantial concessions and 
guarantees from ils EEC 
partners if it is to join the 
proposed European Monetary 
System. 

This will be made plain by 
Mr. James Callaghan and bis 
.senior economic Ministers as 
j they enter :t tough series of 
negotiations at meetings this 
week in Bonn and Luxembourg. 

One of the main demands 
likely to figure again on tbe 
Government's list u> a radical 
reform of the Common Agricul- 
tural Policy. 

Government scepticism about 
the Franco-German proposals 
appears to have been confirmed 
by the series of detailed discus- 
sions among Ministers last week 
of Treasury analyses of the 
scheme. 

Mr. Callaghan is to have a 
further meeting of the Ministers 
involved as well as the full 
Cabinet before leaving for his 
talks with Chancellor Schmidt in 
Bonn on Wednesday. 

The Prime Minister is said to 
be armed with an array of 
questions about technical and 
practical aspects of the scheme 
to put to tbe West German 
Chancellor. 

These questions, in general, 
seek assurances on three major 
issues involved in establishing 
the new monetary- system: 

1 — -The durability of the 
scheme. Ministers are anxious 
to avoid a repetition of the 
experience with the “snake” 
which began to collapse only a 
few months after being 
established. 


“currencies would be going off 
in all directions” under the 

pressures of divergent economies. 

Ministers point out that 
Britain is the second largest con- 
tributor Tn EEC finance* — and 
in particular to the common agri- 
cultural fund. 

Mr. John Silkin. Ihe Agricul- 
ture Minister, is In accompany 
Mr. Callaghan to Bnnn and there 
is little doubt that the British 
pressure for reform of ihe 
Common Agricultural Policy wiil 
be vigorously renewed. 

Lombard, Page 1- 


Finance 

Ministers 

meet 


By Guy de jonquicrcs. 

Common Market Correspondent 


Action 


In this connection, the Govern- 
ment view is that provision 
should be made for adequate 
credit facilities to allow effective 
intervention. Emphasis is also 
placed no the need to encourage 
a gradual co»we;-gcnce of the 
Nine’s economies rath' r than on 
trying In preserve .fixed parities 
when the economies are out of 
step. 

O — Action to ensure ttel the 
system does not hinder 
economic growth. British Mini- 
sters are anxious that the scheme 
promotes growth as well as 
currency stability. 

For this purpose, they believe 
it is essential that there 
should he an equal obligation 
on currencies with stronger 
currencies to reflate as there 
would be on those with weaker 
currencies to deflate. 

Ministers consider that the 
current proposals lack this neces- 
sary* balance. 

3 — A more equitable transfer of 
resources within the EEC. 

In the Government’s view this 
is an essential accompaniment to 
the scheme if it is to achieve 
currency stability. Without it. 


BRUSSELS. Oct. 15. 

A NEW ATTEMPT will be made 
by EEC Finance Ministers tn 
Luxembourg tomorrow tn define 
a precise formula for the 
exchange rale mechanism Io be 
used in the planned European 
Monetary System and the size 
and composition of ihe credit 
facilities which will underpin it. 

When the Ministers last met 
a month ago all except Mr. Denis 
Healey. Chancellor of the 
Exchequer, appeared inclined to 
accept a compromise exchange 
rate formula suggested by 
Belgium. It had ;-l ready been 
hacked by Chancellor Schmidt 
of Germany and President 
Giscard d'Estaing nf Franco 
when they met earlier in Sep- 
tember. 

Since then, however, detailed 
study by national experts on thc- 
EEC Monetary Committee has 
revealed significant differences 
over the way in which the 
formula should operate. 

These bear notably on hnw 
responsibility for managing 
tighter exchange rate discipline.; 
should he divided K*ti;ven 
strong and weak currencies ami 
the degree of compulsion to be 
applied to countries 10 intervene 
or change economic policies when 
their currencies get out of line. 

On most of these questions 
Britain and Germany stand at 
opposite ends nf the debate. 

Mr. Healey has insisted re- 
peatedly that the planned EMS 
arrangements must ensure that 
the constraints imposed nn 
weaker currency countries arc 
balanced by an obligation nn 
surplus countries to take re- 
flationary measures and adjust 
their exchange rates upwards 
when tbeir currencies are under 
pressure. He has said that the 
UK is not interfiled in joining 
an enlarged D-mark zone. 

Continued on Back Page 


strike will be at least double the company has agreed to free 


Wage rises of 10. 12 or 14 per the 5 per cent guidelines. When collective bargaining. 


Even chance for crippled tanker 


BY ROBIN REEVES 


THE FATE of the crippled Greek night and was relieved by the Commander Peter Muirson of 
oil tanker Christos Bitas. British Dragoon, which has a the Royal Naval frigate, HMS 
threatening serious pollution of 30,000 tons capacity. Eskimo, who is co-ordinating the 


the Welsh and Irish coasts, hung 0 U dispersant sprayed by a rescue 5pot ’ r 8aid . ***” 


huv — — u v# U Vi Lit l lOUiJ V AU 1 L. U L/jr 14 _ _ , _ . « 

in the balance last night. floUlla of tugs and other vessels 


'. Pumping operations to off-load also showed signs of containing ^ 

some or most of the tanker's the large oil slick covering 10 pollution disaster. 


Tbe Department of Trade yes- 


30.000 tons of Iranian heavy miles by 6 which was created f ^ a itprt«t «ven m™. 
crude oil were proceeding when the BP-chartered Christos £? of Se Bonn 

snmothly as the vessel was held Bitas struck rocks eight miles on «mtratilii* sea doE 

mfcrwby the tug Guardsman off SLDarid's Head, Pembroke- th^^°cht a 0? tiie 

about 40 miles west of Aberyst- shire, last Thursday afternoon. rfiiSos'aiU* P * 501 * 6 

wytb. about half way between But a: break-away oil slick is g last nig h t about 2 ,ooo tons 
the Welsh and Insh coasts. approaching St. Bride s Bay on had y been offloaded, but the two 
If all goes smoothly, the vessel the Welsh mainland coast. “ brought in especially for 

will be in a safe condition by However, with the wind the operation from Holland were 
tomorrow afternoon. freshening to force seven in the also U c e d successfully to redistri- 

With the pumps of the Christos Irish Sea after three days of bu te the oil in the tanks of the 
Bitas under water, pumping exceptionally calm though foggy Christos Bitas to ease a starboard 
equipment brought from shore weather, there were fears that list of 18 degrees back to U 
has' to be used to off-load the oil, the rescue could be hampered degrees, 
and although this was to have by deteriorating sea conditions. Commander Moirson said that 
been done at a rate of 200 tons The forecast was for gales of his investigations had indicated 
an hour, it is now pussible to off- up to force eight in the area, that the Christos Bits had been 
load only 50 tons an hour. The which would mean an end to’ off course when it struck the 
tanker Esso York, standing along- pumping operations and com- rocks hccaose one of its two 
side the stricken Christos Bitas plete destruction for the crippled navigational aids was not 
had .taken off 1,500 tons by last tanker. . functioning. 


China wants government loans 


BY JOHN HOFFMANN 


•PEKING, Oct. 15. 


CHINA HAS told a visiting loans. And secondly, no foreign 
British business delegation that ownership on Chinese soil, 
it-is ready to consider govern- The statement to Lord Roll’s 
menMo-government loans to delegation, which was not re- 
finance its industrialisation and ported by the official Chinese 
modernisation, in what seems a media, could be viewed as an 
shift in Chinese economic policy, inevitable further relaxation of 
_ . . . _ Ciiina's approach to Its fnter- 

U Lord nationa l trade relations. 

-British delegation led by Lord _ , , . , . ^ .. . 

Roll, chairman of London Peking has already startled 

Bankers S. G. Warburg which has observers by agreeing to adopt 

left after 12 days of discussions ? JOs£ accepted international trad- 
on China’s economic develop- in S • practices with the two 

provisos. Mr. Li Hsien-Nten, 

, . ' _ Chinese Vice-Premier, told a 

Only two weeks ago, Chinese mis sion last June; “We 

officials told a European borrow from your banks." 
Economic Community mission ' 

under Herr Wilhelm Hafferkamp, However, the notion of govero- 
Commission Vice-President, that ment-to-goverament loans has 
they were sticking firmly to two been regarded as only a distant 
basic trading conditions. Firstly, likelihood- The fact that China 
so government- to - government has now expressed willingness to 


consider this form of financing 
shows its keenness to use every 
available source to accumulate 
development funds as quickly as 
possible. 

Lord Rolls’ mission included 
Warbute. British Aerospace, BP. 
Metai Bus, MaSsey-Ferguson and 
other prominent companies. 

• A British Shipbuilders’ mis- 
sion said in Hong Kong that it 
had taken “ the first step toward 
co-operation" wtth China’s ship- 
ping industry during a highly 
successful 10-day visit. 

Admiral Sir Anthony Griffin, 
Chairman of British Ship- 
builders. said: “The Chinese 
would like to co-operate on re- 
search and technical develop- 
ment in modernising shipyard 
iechnoNSr and we believe there 
is great scope in this." 



Atasteimway 
to appreciate 
tradition 



Dewar^ thefitst to Ixrtxle the spirit of Scotland. 




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si ^sauai « »»i<6 ji^h biiqiv^j a Miy umcretiW) 


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Fmandai lines Monday October 16 1978 






NEWS 


Rhodesia leaders ‘ready 
to attend all-party talks 


MR. IAN SMITH, the Rhndesian 
Premier said at the weekend that 
be and his three black colleagues 
oq the ruling executive Council 
are willing to attend an all- 
parries conference on the coun- 
try’s future without pre-condi- 
tions. 

It was the first time Mr. Smith 
had said that Bishop Abel 
Muzorewa. Chief Jeremiah Chi mu 
and the Rev. Ndabaninri Silholc 
would all attend a conference of 
interested parties without set tins 
conditions. 

Mr. Smith was making a lun- 
cheon speech to a group of 
American editors and newspaper 
publishers. He was accompanied 
by the Rev. Sithole. This was 
the first indication that all mem- 
bers of the ruling bi-raciaJ 
Executive arc willing tn confer 
with the guerrilla leaders Mr. 
Robert Mugabe and Mr. Joshua 
Nkomo who lead the Patriotic 
Front, which is waging a bush 
war against the Salisbury Govern- 
ment 


“Since I've been here . . . 
spokesmen and even President 
Carter arc saying that we are 
standing id the way of an all- 
parties conference.' 1 Mr. Smith 
said. “We and our two other 
colleagues are willing to attend 
such a meeting." be continued, 
adding. “We believe also that 
there should be no pre- 
conditions.” 

Mr. Smith and the other 
members of Rhodesia's Execu- 
tive Council are visiting the U.S. 
in an effort to drum up support 
for their internal settlement of 
the Rhodesia dispute. 

On Thursday last. Mr. Smith 
said he and Mr. Sithole would 
attend an all-parties conference 
without pre-conditions, providing 
there were no pre-conditions set 
by the other parties. 

An American official, speaking 
to reporters aboard the aircraft 
carrying Mr. Cyrus Vance, the 
US. Secretary of State to 
Pretoria. South Africa, from 
Washington, said Mr. Vance had 
directed State Department offi- 


SAN DIEGO. Oct 15. 

cials to contact Mr. Smith to 
discuss these remarks. 

Agencies 

Marlin Dickson adds: The 
willingness of the Rhodesian 
government to attend an all 
party conference represents 
some forward movement for 
Britain and the United States, 
since for months now one of 
the main stumbling blocks to 
such a conference has been the 
refusal of the Salisbury partners 
to attend. 

However, there are still no 
signs that an all party conference 
would bridge the huge gulf that 
divides Mr. Smith and his col- 
leagues from the Patriotic Front 
guerrilla alliance. 

Despite this gulf. Britain and 
the United States have continued 
to work for an all party confer- 
ence and at one time intended 
to hold one in New York this 
month. However, this plan fell 
through, not least because of 
strong opposition to it from 
Tanzania and Mozambique. 


Namibia compromise hopes dim 


BY QUENTIN PEEL. 

THE WESTERN' Foreign 
Ministers attempting to break 
the current deadlock between 
South Africa and the UN over 
a peaceful settlement in Namibia 
( South West Africa > met here 
today to finalise their strategy 
for two days' of critical negotia- 
tions with the South African 
Government 

Dr. David Owen, the British 
Foreign Secretary. Mr. Hans- 
Dietrich tienschor of West 
Germany and Mr. Donald 
Jamieson of Canada flew into 
the South African capital this 
morning from the Namibian 
capital oF Windhoek, where they 
had discussions with leaders of 
the territory's internal political 
parties. 

Mr. Cyrus Vance, the U.S. 
Secretary of State, and M. 
Olivier Slim, the deputy French 
Foreign Minister, arrived yester- 
day. 

Western officials were at pains 
to emphasise the slim prospects 
for success in the forthcoming 
talks, without entirely ruling out 
hope of some movement towards 
a compromise over South 
Africa's decision, in defiance of 
the UN plan for supervision and 
control, to press ahead with uni- 
lateral elections. 

The talks in Windhoek, which 
culminated in a meeting with 
the Democratic Turnballe 
Alliance, the principal party- 
pressing for the South African- 
sponsored elections, failed to 


produce any material shift in the 
attitudes of the internal political 
parties. 

The Western-South African 
summit here ran into its first 
upset tonight when a South 
African official announced that 
the Western Ministers would 
spend the greater part of the 
first morning in consultation 
with Judge M. T. Steyn. the 
South African Administrator 
General, in Windhoek. 

The official said the talks 

Mr. Julius Nverere the 
President of Tanzania sum- 
moned East European ambas- 
sadors for discussions yester- 
day on Sonthern Africa 
generally and partlcnlarly the 
situation in Rbqjlesia, Renter 
reports from Dar es Salaam. 
The talks lasted one hour. Last 
week the President summoned 
(he ambassadors of Cuba, the 
ILS.. Britain and the Soviet 
.Union for similar talks. 

would open with Mr. P. W. Botha 
and Mr. R. F. Pik Botha, along 
with Foreign Affairs officials. 
After 10 a.ra., however, they 
would carry on with Judge 
Steyn. 

Western spokesmen im- 
mediately rejected the idea as 
not having heen agreed. "We 
are meettmg with the leader- 
ship, of which he is a sub- 


PRETORIA. OcL 15. 

ordinate part." Mr. Hodding 
Carter, the U.S. State Depart- 
ment spokesman, said. "There 
is no particular reason for an 
individual meeting with him. 
We have not asked for an 
individual meeting." ^ 

There appear to be some 
differences of emphasis within 
Western ranks on the tactics at 
the coming talks, with Canada's 
Mr. Donald Jamieson taking a 
more outspoken line on the 
prospect of sanctions. However, 
observers here believe this could 
be a deliberate negotiating tactic 
agreed among the five. The 
attitude of France is more 
equivocal, with French officials 
suggesting that they too feel the 
threat of sanctions should be 
more openly used. 

British officials suggest that 
there are two alternative 
scenarios for the talks here to- 
morrow and Tuesday. If it is 
true that South Africa wants 
quick elections and a DTA 
victory assured, without the 
danger of SWAPO participation, 
then they admit there is no hope 
of success. Dr. Owen openly 
warned against “rigged elec- 
tions” on his arrival in Wind- 
hoek. 

If. however. South Africa 
proves genuinely prepared to 
return to a negotiated solution, 
then they suggest there is room 
for some flexibility within the 
UN plan now accepted by the 
Security Council. 


Afghan aim 
is ‘‘full 
socialism’ 

By David Satter 

KABUL. Oct. 15. 
MR. HAFIZULLAH AMIN, the 
Afghan Foreign Minister and 
Deputy Premier, said today that 
the goal of his revolutionary 
Government is the creation of 
a fully socialist society with a 
collectivised agriculture and the 
elimination of the private retail 
sector. 

In an interview with the Finan- 
cial Times, Mr. Amin stressed 
that socialism would be built 
gradually, voluntarily and with- 
out violence. 

“The working class order has 
been con so Li da ted," he said. “I 
have every confidence that with- 
in the next 10 years Afghanistan 
will be a very advanced, blossom- 
ing and completely new country." 

Dismissing Western fears of in- 
creased Soviet influence m 
Afghanistan as a “ fabricated 
threat," be said Afghanistan was 
proud of its political independ- 
ence. Soviet assistance contri- 
buted to development and 
enabled it to defend its independ- 
ence as a “strong end non- 
aligned country." 

Mr. Amin declined to use the 
term " Marxist -Leninist ” to des- 
cribe the ruling Khalq (People's* 
Party but explained: " We are 
keen to leam and benefit from 
scientific principles" in “what- 
ever name they appear." 

He dismissed the reported dis- 
turbances in tbe eastern pro- 
vinces as the work of “fanatic 
religious people" influenced by 
propaganda of “agents of im- 
perialism and reaction." 

Government representatives 
had been assassinated in locali- 
ties outside Kabul by the 
Akhwani, the Moslem re- 
actionaries against whom the 
Government has declared Jihad 
(holy warl. 

In general, however, Mr. Amin 
saw no conflict between the 
tenets of socialism and Islam: 
“We sincerely have a profound 
respect for Islam. There are 
many Moslems in socialist coun- 
tries and they are practising 
their faith." 

He said that arrests of political 
opponents ended “ long ago " and 
less than 100 people were now 
in custody, most of whom would 
be released. Well-informed diplo- 
matic sources, however, put the 
number of arrested in the 
thousands. 

Although revolutionary vio- 
lence was sometimes required, 
“violence in Afghanistan is not 
necessary if agents of imperia- 
lism and of foreign enemies leave 
us to ourselves.”- . 7iW ? against 
the Akhwanis did'iflC? fuean their 
physical elimination. 


Arab foreign ministers seek 
peace course for Lebanon 


BY IH5AN HIJAZI 

SEVEN ARAB states began a 
conference here today in a fresh 
attempt to stabilise the eight-day- 
old ceasefire and chart a course 
for solving the Lebanese crisis. 

The meeting, which convened 
at the historic palace at the 
mountain resort of Belteddln, 
some 20 miles south-east of 
Beirut, is attended by the 
Foreign Ministers of Saudi 
Arabia, Syria, Kuwait and 
Lebanon, as well as representa- 
tives from Qatar, the United Arab 
Emirates and The Sudan. 

On the agenda is the future 
and status of the Arab League 


“deterrent force” which was 
sent here two years ago to end 
the civil war. Informed sources 
said the conferees are expected 
. to extend the force's mandate for 
six months more. The present 
mandate is due to expire by the 
end of this month. 

A main consideration is the 
move by President Elias Sarkis 
to lessen Syrian domination on 
the force. About 30,000 Syrian 
troops provide the backbone of 
the force, which includes two 
battalions from Saudi Arabia, 
one from the Sudan and one 
from the United Arab Em i r ate s . 


BEIRUT, Oct 15. 

• L Daniel reports from Jeru- 
salem: The Israel Cabinet met 
today to be briefed by Premier 
Begin on the contents of the U.S. 
draft for the peace treaty 
between Egypt and Israel and 
Hie initial negotiations in Wash- 
ington. 

• A? reports from Cairo: Iraq 
has postponed the Arab Foreign 
Ministers' meeting scheduled to 
be held in Baghdad next Satur- 
day, the newspaper A1 Abram re- 
ported Sunday. The summit was 
called to discuss Arab action in 
the aftermath of the Camp David 
accords. 


Belgium looks to former premier 


BY GILES MERRITT 

A FORMER Belgian Premier, M. 
Paul Vandeu Boeynants, is ex- 
pected to return shortly as suc- 
cessor to M. Leo Tindemans, who 
last week resigned the premier- 
ship. 

M. Vanden Boeynants is due 
to tell King Baudouin tomorrow 
whether he can form a new 
coalition government without 
calling a general election. The 
signs so far are that M. Vanden 
Boeynants who was M. Tinde- 
man's Vice-Premier and Defence 
Minister, could engineer a com- 


promise that would allow the 
ruling Flemish-Walloon six-party 
coalition to be resumed. 

M. Vanden Boeynants, 59, was 
one of Belgium's youngest prime 
ministers when he first took 
office, but his short-lived govern- 
ment was brought down in 1963 
by the same intractable Flemish- 
Walloon rivalry that last week 
forced M. Tindemans’s resig- 
nation- 

M. Vanden Boeynants is presi- 
dent of the French-speaking Parti 
Social Chretien (PSC) -that is 


BRUSSELS, Oct 15. . 

equivalent to M. Tindemans’s 
own Christian Volks Partei 
(CVP), and paradoxically it is 
hoped that be will thus be able 
to avoid the CVP opposition that 
finally defeated M. Tindemans. 

Resentment inside the CVP 
over details of M. Tindemans’s 
plan for splitting Belgium iato 
three separate administrative 
regions — Dutch - speaking 
Flanders, Francophone Wallonia 
and a mixed but largely French- 
dominated Brussels area — con- 
tributed to M. Tindemans’s fall. 


Further strike called in Iran 


IRANIAN Moslem religious 
leaders have called for a nation- 
wide business shutdown tomor- 
row in memory of tbe more than 
100 anti-G overament dissidents 
killed last month in a clash with 
security forces in Tehran, accord- 
ing to Press reports here. 

As the strife continues, one 
person was killed and two were 
wounded Saturday night when a 
demonstration was broken up in 
the city of Mashad, east of Teh- 
ran, according to the newspaper 
Kayhan. 

Iran’s official news agency said 
police fixed tear gas to dis- 
perse about 4,000 demonstrators. 
Official reports of the incident 
mentioned no deaths. 

The strike call was issued by 
five leading clergymen, including 
Ayatullah Shariatmadari, inter- 
nal leader of Iran’s Sbi’ite sect, 
the largest in the country. All 
businesses were asked to close 
for the day and students and 
teachers were requested to boy- 
cott classes to observe the 40th 
day after what has become known 
as “Black Friday." 


The anniversary refers to the 
September 8 shooting of anti- 
government protestors daring a 
demonstration in Tehran. About 
1,000 dissidents had staged .an 
illegal march just hours after 
the government declared martial 
law in Tehran and 10 other cities 
because of continuing civil un- 
rest About 120 persons were 
killed and 200 wounded when 
troops fired into the crowd. 

Meanwhile, exhlled Iranian 


TEHRAN, OcL IS. 

moslem leader Ayatullah 
Khomaini stayed away from a 
weekend rally in his honour in 
Paris, apparently obeying orders 
from French authorities to stay 
out of central Parts and abstain 
from political activity. 

Police posted guards around 
the Ayatulla’s residence in 
suburban Paris to keep away 
supporters who converged on 
his home. 

AP 


Brazil elects President 


BY DIANA SMITH 

BRAZIL'S ELECTORAL college 
today elected General Joao 
Baptist a Figueiredo President by 
355 votes to 228. 

The opposition - candidate. 
General Euler Bentes Monteiro, 
had not been expected to wfn, 
since tbe opposition. -Bn*"aan 
Democratic Movement fcolfi.offly 
40 per cent of the seats In. the 


RIO DE JANEIRO, Oct 15. 


college, compared with the 60 

S er cent share of Arena, the pro- 
ovemment party. 

In late 1977 Gen. : Figueiredo 
was chosen by President 
Ernesto Geisel, whose term 
expires next March, to succeed 
him. Subsequently, the choice, 
was ratified by the Arena con- 
vention. 


CSUback 
in Bavaria 
Statepoll 

THE MAJOR West German politi- 
co 1 parties were expressing their 
satisfaction last night with the 
results of tbe State elections in 
Bavaria which returned Herr 
Franz Josef Strauss’s Christian 
Social Union to office, and left 
both the national and local land- 
scape virtually unchanged, writes 
Adrian Dicks in Bonn. Following 
last Sunday's narrow coalition 
Government victory in Hesse, 
yesterday's Bavarian result has 
ended this year’s batch of State 
elections. Fears expressed at the 
outset for tbe survival of the Free 
Democrats, junior partners in the 
Bonn coalition Government,, have 
. limed oat to be unjustified. They 
held their own in Bavaria as in 
Hesse. 

Tbe main uncertainty m Bavaria 
today bad been tbe size of the 
majority by which the CSU would 
win re-election.' According to pre- 
liminary results. Herr Strauss's 
party won jnst under 60 per cent 
with the Social Democrats taking 
31.3 per cent, the FDP advancing 
to 6 per cent from 5.2 per cent, 
and minor parties taking the 
balance. 

"Herr Strauss, withdrawing from 
tbe Bundestag in Bonn, will be 
the next State Premier of Bavaria, 

Envoy for Jordan 

Tbe UJ3. State Department is 
sending a special envoy to talk 
to King Hussein of Jordan about 
the Middle East peace plan being 
negotiated by Israel and Egypt 
behind closed doors in Washing- 
ton, Reuter reports. Assistant 
Secretary o£ State. . Harold 
Saunders, will carry answers to 
questions posed by King Hussein 
in a recent television interview. 
The King^s queries • concerned 
the fate of the Palestinians in 
a Middle East settlement and the 
pace of eventual Israeli with- 
drawal from the occupied West 
Bank. 

N. Yemen coup bid 

North Yemen yesterday foiled a 
“desperate attempt" at creating 
dissension and confusion in tbe 
country, a Government official 
said, Reuter reports from 
Sanaa. Tbe spokesman said the 
organisers of the attempt were 
arrested after it was crushed. 
The organisers have heen re- 
ferred to a military court for 
trial, and their accomplices will 
be tiled by the State security 
court, the official said. 

Jamaican, devaluation 

The Jamaican dollar has been 
devalued by its monthly - 1 per 
cent, taking the rate of exchange 
to 1-66 against the US. dollar, 
Reuter writes from Kingston. 

Devaluation takes place -regu- 
larly in keeping with the 
conditions . of a SJMOm extended 
facility agreed between Jamaica 
and the International Monetary 
Fund, 


i: 

V 

1 

A 


FWamml Times, publtsticd daily except Sun- 
days end holidays. U.S srfwcrtpciaa-^itt'.io 
<alr YrelRtn) XKi5 DO Utfr tnalli . per annum. 
Second dua poscun toakl at NevStaijc. N.Y. 

• 1 yW • 



$0 


!?& 


-r 


v*l 


• * r . - ' \ s "f .h. 

y'-:' . 

I.,. . -■.; vp'/ 1 


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• .1 - . ’ • v • V 


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ier 




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financial Times Monday October 16 1978 


WORLD 



NEWS] 



Debut for Soviet trucks 
at British motor show 


Br KENNETH GOODING 

TRUCKS FROM the Siam Kama, 
nvor plant is tiro USSR are lo 
mane thoir debar oc ihe British 
market thii week at lilt? Inter* 
national Motor Stow in Birm- 
in cham. 

Ir m jhe first time that ors- 
niijnway trucks from Russia 
have been available in the UK 
although off-hiRiiway vehicles 
have been iuu.-tl.bv the construe* 
uon mdustry fur sn inc years. 

The new trucks — including 
an on/off-bi-.ihsvay, s^j* ended 
dump trunk; a chassis cab far 
seneral purpose bathos; and . a 
tractor unit — are ro be sold jn 
the UK by UMO Plant 

Sales iwnager Mr. Alan 
Brody said at the weekend that 
lhe company. had modest j-ms 
for the newcomers and hoped to 
sell betwen TO and 100 uni Li next 


year, The price would be "only 
slightly lower than comparable 
European vehicles . to make 
then; an attractive proposition.” 

Called Kantaz, the trucks are 
manufactured at Naberezhnyje 
Chelny, a towa noat the geogra- 
phical centre of the Soviet 
Union on the bapks of the Kama 
fJairnier-Benz (Merited** > and 
fiat technology has. been used 
at Lhe enormous parposr-buill 
Kama works which consuls of 
?n amaiE^mation of seven dif- 
ferent plants which Isfsuppuscd 
to be capable of producing 
150,000 trucks a year. This 
compares with Daimler-Benz 1 .? 
output of ti 1,620 last year, making 
it the major truck manufacturer 
in the West, and lhe 
U.S. producer, . International 
Harvester's 40,000 units. 


Mr. Brady said first examina- 
tion of the trucks, now being 
prepared for the Show, certainly 
revealed the influence of 
Mercedes and Fiat in their 
production. In the USSR special 
aiti-niion has been given to 
making the tritelw from stiindar* 
dibed parts, units and assemblies 
so us to h«lp with servicing 
throughout the world, Some 74 
tons of spares were imported 
by UMO with the first trucks. 

UMU Plant bus a turnover of 
mure than £ 5ni. It sells Beluz 
off-highway damp trucks (at 
roughly SO to XQQ units a year), 
Belarus agricultural iractors as 
well as other capita! equipment 
UMO also acts as agent-middle 
man for UJC companies wanting 
lo export equipment to the 
USSR. 


Mixed 
results for 
U.S. mission 
in Japan 


Comecon’s steel route to EEC 


ST LESLIE COLLITT IN BERLIN 


By Richard C Hanson 


Skoda re-launches Estelle 


financial times reporter 


THERE IS to he a £250.000 
adverTising campaign to re-estab- 
lish Skoda's Super Estelle ear in 
Britain, lhe Czechoslovakian 
groups best market outside the 
Comecon countries. 

Introduced the first time early 
in 1977. the Super Estelle v.-ai 
criticised by .mntortrro cor- 
respondents fnr us .steering and 
handlii\g characteristics. After 
discussions with the L’.K. Depart- 
ment of Transport, Skoda's UK 
subsidiary agreed tu nuke modi- 
fications. 

The modified ear. with British 
shock absorbers, wheels and 
tyres, was quietly brought onto 
the market is the summer of 


this year but sow Skoda (GB> is 
to mount an aggressive promo- 
tional campaign. It will run fur 
eight weeks until The end of 
November. 

Mr. Richard- Friend, UK ear 
'ales manager, says that Skoda's 
target is to sell around 10,000 
cars this year in Britain, 12.000 
in JUTS and 13, WOO to 14.000 the 
following . year compared with 
registrations of 9.447 in 1977. 

In Czechoslovakia, the present 
plan is fur production of the 
current rnar-engined Skoda range 
tn be continued, with facelifts, 
until 198*2. There is pressure, 
particularly from West European 
importers, for a change to be 


made at that stage to a front- 
engmed vehicle which would 
have better export prospects. 

The Skoda factory, an inte- 
grated plant 35 miles north cast 
of Prague at Mladfi Boleslav, has 
a current capacity of around 
200.000 units a year and by 19SO 
this will have improved to 
220.000. There have been some 
suggestions that a new cur plant 
might be built at Bratislava as 
demand increases. 

Currently some £2ra of motor 
components arc being exported 
to Czechoslovakia from the UK 
and efforts arc being made to 
increase this substantially. 


Footwear talks j $l75m loan for Oman 


By Victor Madcic 

UTTAWA. Oct. 15. 
STRONG REPRESENTATIONS 
have been made lo the Canadian 
Trade Minister, Mr. Jack Horner, 
by Britain's Secretary of Slate 
for Trade, Mr. Edmund Dell, to 
ease the Canadian footwear 
quotas which are working a 
hardship on the British boot and 
shoe industry. 


By Our Own Correspondent 


DUBAI, Oct. 15. 




'THE ABU DHABI .fund for Arab 
: economic development has signed 
Ian agreement to lend Oman 
‘S175in. The' seven year loan 
carries 4 per cent interest and 
a three-year grace period, and 
ik to help finance m oil explora- 
tion programme southern 
Oman. Pan of the project will 
include a pipeline -from the 
southern fields to the northern 
coast . 


The project Is to cost $ total 


of S295m and it is hoped that 
the fields will help boost declin- 
ing oil revem-s. ' 

The Abu Dhabi loan to Oman 
follows a border dispute between 
Oman and the United Arab 
Emirates' most northern emirate, 
Ras Al Khimah. There has been 
a constant stream of Omani 
defence visitors to the UAE 
capital recently, but there has 
been no announcement that the 
dispute has been resolved. 


World Economic Indicators 


UN§1H.OYMENT 


europcar 


To rent a car in London. 
Bristol, Southampton. 
Manchester. Glasgow, 
Edinburgh, Birmingham, 
Gatwick. Heathrow. 
Brighton. 


01-848 3031 


Or your travel agent . 

■ t : .S .'r\ Haiti: 



-i'oi' 

•L . p' 

Sept- . 8 

Aug. 78 

July 78 

UK* 

000'* 

1*278.1 

1092.1 

lOTia 

• • • • • 

’%- 

- SJO 

50 

5.7 

West German/ ■' 

000’s 

S&43 

923.9 

9220 


% 

3S 

1; 4-0 

40 

HdiamP 

000’s 

211Af 

'!• 2103 

206-S 

r‘ 

% 

53 

’1*11/78 

5.2 

• • J f 


Aug. 78 

June 78 

Belgium/ 

000‘s 

270 S 

272.7 

264.7 


% 

** 

6.8 

6.6 

France 

000’s 

-1.157 

1.094 

1,039 


% 

•• S JO 

SO 

4.7 

US* 

000's 

6,002 

6,193 

5,754 


% 

6.0 

June 78 

6a 

May 78 

5.7 

April 78 

Japan 

000’s 

. I»2fi0 

1030 

1.230 

% 

2J 

2a 

12 



July 78 

April 78 

Jan. 78 

Italy 

000*s 

],658J) 

1,450.0 

1,520.0 

% 

7J5 

7a 

8.0 

. * Seasonally adjusted, t Provisional. 




TOKYO. Oct. 15. 
U.S. OFFICIALS and basinet.* 
men at the end of a well- 
promo led, two week export de- 
velopment mission claimed 
some success In apprauebing 
the market, but made dear they 
expect more effort from Japan 
in breaking down import 
barriers. 

Mr. Frank A. Well, Assistant 
Commerce Secretary for In- 
dustry and Trade, said one out 
of every four of the more than 
100 members has concluded 
contracts in Japan or has 
definite prospects, while over 
half have reported good pros- 
pects. One oat of five, how- 
ever, said their chances of 
profiting from Japan's huge 
domestic market were slim or 
very long term. There was no 
estimate of the value of con- 
tracts signed over the past two 
weeks. 

The U.S. appears intent on 
keeping pressure on Japan, 
with plans for a steady stream 
of export promotion groups, 
official and private, and a 
major Congressional tour con- 
cerned with trade scheduled for 
later this autumn. This latest 
mission was led by U.S. com- 
merce secretary, Mrs. Juanita 
Kreps, who returned early 
after conferring with Japanese 
Government leaders. It follows 
a Japanese group last spring 
which went to the U.S. to 
promote imports. 

The UjS. companies on the 
mission found mixed recep- 
tions. It was dear that some 
of the Japanese concerns 
agreed lo meet with the 
Americans under the pressure 
of ** admin fcstra Hve guidance” 
from the powerful Ministry of 
International Trade and 
Industry (AfITI). 

There were complaints, for 
example, that the huge 
govern menial Nippon, Tele- 
graph and Telephone Corp. 
(NTT), which has raised a lot 
of capital in international 
markets, stood as a barrier to 
U.S. manufacturers of com- 
munications equipment. 

The Japanese officials who 
co-ordinated the mission on 
ibis side of the Pacific Ocean 
appeared willing to continue 
with efforts and talks designed 
to head off the threat of U.S. 
protectionism, and bring trade 
with the U.S. more into 
balance. Americans, while 
pleased with the successes of 
the group, still admit frankly 
that this mission was Just a 
beginning and that major 
improvements in access for 
U.S. goods in Japan will take 
many years. [ 


BRITISH STEEL is not alone in 
id its complaints about the high 
degree of foreign penetration of 
the home market, la west 
Germany 36.7 per cent of the 
apparent consumption of finished 
rolled products last year was 
made up of imports, and of these 
1U.S per cent came from 
Comecon countries. 

In the first seven months of 
I this year imports made up 3S.5 
! per cent of West German con- 
sumption although Comecon’s 
share fell to 7.5 per cent. The 
handful of companies engaged 
in large scale steel trading 'are 
forced to be especially inventive 
these days but they are not 
easily discouraged by u-hat they 
call “Davignon’s quotas.” 

“If we had closed shop every 
time some politician interfered 
with the steel industry.” one of 
the Steel traders, remarked. “ we 
would have bad to .-.hut down in 
1945." 

He prefers to remain anony- 
mous but said at n recent East 
European trade fair that much 
of the stee! his company -and the 
others sold to V.\-stern Europe 
up to last year came from 
Eastern Europe. 

The Soviet Union and East 
Germany were the leading 
suppliers of Comecon steel to 
the West followed by Poland and 


Czechoslovakia. The EEC quotas, 
however, have now halved the 
amounts of Comecon steel bis 
company is able to sell to EEC 
countries. In the UK far example 
the company sola 100,000 tonnes 
of East German steel a year but 
this amount has been cut to 
43.000 tonnes. 

East Germany has nevertheless 
been able to sell some DM 77m 
worth of iron and steel directly 
to West Germany in the first 
half of this year as part of inter 
zona! trade although this is also 
becoming more difficult as a 
result of the saturated West 
German steel market. 

“Wc sell only commercial 
steel, no special steels. We buy 
the lower end of the quality 
range, steel for wheelbarrows, 
for example," the steel trader 
said. 

Hard currency prices for East 

European steel he added, are 
currently half what they used to 
he. Prices for Comecon steel 
m the West arc also based on 
the quality produced. The East 
Germans have the hest reputa- 
tion while the Balkan countries 
arc less quality conscious. 

The siee! traders are not 
troubled by the growing Comecon 
pressures on Western companies 
to make counter purchases, as 
they are mainly buyers of 


Comecon steel. Occasionally, 
however, they’ also sell steel to 
Eastern Europe which is used, 
for example, in car manufac- 
turing. 

“ We have even sold steel from 
one Comecon country to another 
for hard currency,’' He explained. 
Normally it would be traded in 
barter deals between the East 
Eurpean countries but "when 
they are suddenly short of steel 
they don’t Care where it comes 
from.” 

As a result of EEC quotas the 
steel trading companies are 
having to find alternative 
markets for their steel, such as 
the Middle East, the Far East and 
some African countries. At the 
same time they have had to find 
other sources of cheap steel for 
Common Market countries which 
have not yet been " blacked " by 
the EEC. Comecon countries 
insist that purchasers of their 
steel must not ship it to countries 
on their political blacklist such 
as South Africa and Rhodesia. 

"We naturally won't upset the 
apple cart by breaking the 
embargo.” the trader explained. 
His company, be said, does 
“ several hundreds of millions of 
dollars turnover a vear with anv- 
where from two fifths to half of 
this amount in Comecon steel.” 

He noted that since December 


steel prices in the EEC had risen 
by 50 per cent as a result of what 
he called “ the artificial barriers.**- 
Now. however, the UK .steel 
market was being ” flooded M with 
steel from other EEC countries. 

“Instead of third country steel, 
British Steel Corporation is get- 
ting competition from the 
French. West Germans and the 
Italians. BSC simply is not get- 
ting the market share it has 
hoped for." he remarks. 

What sort of future does the 
steel trader have as additional 
barriers are erecied to exclude 
imports? He has u healthy 
scepticism about the effectiveness 
of quotas, noting that ** when- 
ever governments make regula- 
tion there are loopholes.” 

He claimed the most impor- 
tant factor in favour of the steel 
traders was their flexibility. Giant 
steel corporations in the West, 
including nationalised ones, 
were remarkably similar to giant 
state stee! companies in the 
Communist countries, in that 
both of them were unwieldy and 
unable to adjust to fast changing 
market conditions. 

"We are the ones in the 
middle," he observed. “ Between 
rigid producers and rigid users. 
We take the greater risk and I 
Hunk one could say we ore 
reasonably well paid for it-” 


Bell Lines’ boost to France 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


BELL LINES, the Dublin-based neat staff and rotating labour Lines has recently made Teesport 

shipping company, expects to a!- from tbc port's own pool. Man- its main UK terminal lor the 

most double the volume of its ning levels arc similar to those link with France. 


Malaysia sets 
up credit 
insurance unit 


9?U 

4-0 

207.8 
5 A 
Aug. *77 

258-fi 

63 

U16 

55 

6,900 

7.1 

June 77 
1,1 TO 
LI 
July *77 

1,692.0 

7.9 


UK-Cuba in 
trade talks 


HAVANA, Oct. 15. 
BRITAIN AND Cuba have ended 
four-day economic talks during 
which they explored trade ex- 
pansion, lhe Prensa Latina 
news agency reported. 

The meetings of the two coun- 
tries' joint economic commission 
devoted particular attention to 
tourism and commodities such as 
fertilisers, textiles, pharmaceu- 
tical products, till, lead and 
copper, the agency added* 
Reuter 


most double the volume of its ning levels arc similar to those link with France. KUALA LUMPUR, Oct. 15. 

container services into France achieved in Boll's other private Boll Lines is predicting overall XfiT , V cta*« tw, 
this year following the commis- terminals in Ireland, England, growth of about 10 per cent this 

stoning or a purpose-built ter- Wales and Holland. year on its seven short sea con- SS“h5nS' ^ 

minal at Radicate), near Le Bell Lines started its regular tainer routes between the UK, i..,v, e 

Havre. liner service between Britain Ireland the Continent. Last year. Sfi? nSnid P ? ES ? IJSSSE 

The Radicate! facility, which and France four years ago. but it carried 1.45m tons of cargo hprS'eM^hlnuhli 

has cost Bell and the Port of until February of this year was and recorded a turnover of - pc . ror . ,)fi C In^mmnnr 

Rouen Authority in whose terri- operating at Le Havre’s common £27^ni. Being a private com- ho i d j ni? 50 npr ,. pnt m,,itv ip 

tory it lies, over £2m. is be- user container terminal. pany, the George Bell group, of jjj reports p ce x qu i. . at- 

lieved to be lhe first privately- Kadicatcl is 30k up the Seine which Bell Lines Is part, does not M 

operated container terminal in from Le Havre and is well- disclose profits. I he 3b commercial banks in 

France. connected to the French rail and Mr. George Hollwey, chairman Malaysia will hold 40 per cent 

It took almost four years to motorway networks. of Bell Lines, said that expan- shares while lhe remain- 

complete the development, which Traffic between the UK and sion in France, where roll-on JJJS 10 per cem. will beheld by 
was initially resisted by French France is already up 60 per cent roll-off transport services heavily l “ e . country s at. insurance corn- 
dockers’ unions on the grounds on the same period last year and outnumber pure container opera- P an,t,s - 

that it could create a precedent the improvement is expected to tions. would absorb most of the Marketing Manager Mr. Suhut 
for other privalc facilities. continue. company's energies in the next Mohamed Salih said the coni- 

Under the terms of the agree- Most of the growth has come year, lu the longer term, there pany’s authorised capital will be 
ment between Bell and the from Northern England and Scot- was the possibility of creating Sfl5.2m while its paid-up capital 
unions, the company is able to land, notably from the whisky similar services into Spain and . dal * was Sl.lm. Under the 
use a mixture of its own perma- trade, as a result of which Bell Scandinavia. articles of association, the com- 

pany could give coverage of up 

to 25 times its paid-up capital. 

eUlDDINin DBDflDT The company has been set up 

onirnnu KcrUn I to n lve protection to exporters 

1 V 1 • i • t against the risks of non-pay- 

Some second-hand prices 23% higher 

*■ and Malaysia have signed a 

BY OUR SHIPPING CORRESPONDENT transfer credit agreement for the 

financing of Swiss capital goods 

SOME-.. SECOND-HAND ship The improvement in freight ing rates for supply vessels exports and services worth a 
prices wire 23 per cent higher markets, which has underpinned (£1.600 per day for 7,000 BHP total of Sw.Fr. 60m. The credit, 
last month than in September these better sale and purchase anchor handling tug, compared which will be made available 
1977 accordin'* to Lambert fl S ures in t he last month, con- with £2,000 in the second by a Swiss banking consortium. 

Brothers the London broker tinued last week. quarter). Rates for platform is covered by a repayment and 

AfZZ' Ts nfVMnni^ VLCCs loading in the Gulf vessels are firmer. After 100 per interest guarantee of the Maisy- 

A V* l- 1 PP . . are still attracting Worldscale ceot employment of semi- sian Government. At the same 

*J? U IS 45 . faut have been sharper submersibles in August, seven rime, the Malaysian Government 

JWil Ln anrt advances in Mediterranean and un » ,s *re now available and is to float a Swiss-franc bond 
dominantly from Hong Kong and Wegt African markets, where others have left the North Sea. loan from October 20 to 26. 

SKli'S! Ll* K“ demand Has outstripped availahte ) 


Some second-hand prices 23% higher 


BY OUR SHIPPING CORRESPONDENT 


ft. ££ tonnage. The r^ult has been 

l h c( ^Fnr WS10 ° for a *00,000 tonner 
depend upon the ability of Far fading westward from West 

° wners ta abs ? rb evea Africa and a 240,000 tonner 
more tonnage. ^ - Mediterranean-Bahamas fixing at 

Representative prices at the WS55. 
month end were S44 per dwt for Another UK oil major entered 
a 250,000 dwt tanker built five the market at the end of the 
years ago; $80 per dwt for a week, raising hopes that these 
75.000 tonner; $133 per dwt. for rates, much the best of the year, 
a 60,000 dwt bulk carrier and can be maintained for at least 
$320 per dwt for a 15.000 dwt another month, 
shelterdecker, all ships being for In the offshore world, Eggar 
prompt delivery. Forrester Offshore notes slacken-, 


COMPANY RACEHORSES 
TO LEASE 


DETAILS 

NEWMARKET BLOODSTOCK AGENCY 
NEWMARKET. SUFFOLK CBS 9BD 
TELEPHONE NEWMARKET (0638) 3434 
ATTENTION J ORDE-POWLETT 


DOES THE IRISH GOVERNMENT 
POSITIVE ATTITUDE TO FREE ENTER 




ISE 


CHANGE WITH THE 
PARTY IN POWER ? 


Since Ireland’s planned industrial revolution was initiated in 1950, all three parliamentary parties 
have held office- 

There was no break in the continuity of Ireland's industrial progress; no break in the rapid 
expansion of her industrial export trade. 

The agreed all-party policy of advancing the economy through the active encouragement of 
her enterprise has been rigorously adhered to. 

There has been no diminution in the level of cash grants to private industry. 

There has been no discrimination between domestic and overseas companies wishing to expand 
in Ireland. 

No party has ever suggested rescinding the concession which exempts exporting industries 
from profits tax. 

No companies were nationalised - or even threatened with nationalisation. 

During the 8 years since Us introduction, the National Wage Agreement has been consistently 
adhered to and re-ratified. 

And Irish Government policy has the continuous and unstinted backing of the Irish trade 
unions -irrespective of the party in power. 







INDUSTRIAL IRELAND 
-COME AND SEE HOW 


|fnf! TfjnanfeTOEPC Europe's most dynamic industrial 
A JL ' s nn ^ ^ minutes from London 





by air. Any company with expansion 
‘ In mind should get a first-hand picture of the special advantages the Republic 
• of Ireland offers. The Irish Government's Industrial Development 
v . Authority will gladly organise a personal prvseniaiiiin ;ind vi-.it 

to suit your particular interest*: factory visits, frank 


■•P |i n. | ',„i-Wr. ^ 4CUSS i° n s with overseas industriahsis opera unj 
v 1 in Ireland, meetings with trade unions... whatever 


'j.i -- — ^ and whoever you want lo see. 

£V . ,^'ji *•' V > r ’i » -.jj’ The IDA is responsible fur aB aspects 







of industrial development, includiru: 
I, — administration of the unique finaroiol 
package which the government offers 
1 ~ < - expanding, exporting industry. The 
IDA has bdped over 700 overseas 
Companies -almost 500 nf them European - 
to establish factories. 1: is the only organisation 
your company would need lo negotiate with. 


Confidential: To Hugh Alston, Director, IDA Ireland, 58, Davies Street, London W1Y 1LB. 
Telephone 01-499-6155. Telex 05 1-2475L 

a ^^^tfld^s cu s^^inv^tment package to &nh my eeropanyandai^tiuli an eation trio to Ireland 


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Financial; Times- Monday ; 


-HOME NEWS 


Press Council drops 
probe into bias 
charges by Wilson 




BY MAURICE SAMUELSON 

THE PRESS COUNCIL has 
decided to drop its inquiries into 
allegations by Sir Harold 
Wilson four years ago that a 
number of national newspapers 
were conducting a smear cam- 
paign against him and the Labour 
Party on the eve of Lite October 
1974 General Election. 

The former Prime Ministers 
allegations had been made fol- 
lowing the so-called “land deals" 
affair’ Mr. Wilson, as lie then 
was. had claimed i hat there was 
an orchestrated vendetta against 
himself, the Labour Party and 
Lady Faifcender Uhen Mrs. 
Marcia Williams). 

The Press Council noted that 
Sir Harold had himself with- 
drawn some of his allegations. 

Subsequently, Sir Harold had 
told the Press Council that he 
did not think newspaper pro- 
prietors or editors had 
instructed journalists to “ go 
round and dig out untrue 
material." 

The Press Council had offered 
to hear further evidence frnm 
Sir Harold, but He had not made 
formal emu plaints. 

On the question of Press bias 
again it the Labour Party, the 
council sa>s that it accepts lhe 
Royal Commission's conclusion 
that there was im strong anti- 
Lahour bias m the Press. 

The Press Council's statement 
is one of several reports pub- 
lished today. 

In another adjudication, the 
council upholds complaints 
against the Daily Mail and the 
Daily Express for publishing a 
picture of the body of Lady 
Henrietta Guinness, after her 
death in Italy earlier this year. 


Coal ‘an essential’ as hiflation Supermarket chains 

oil and gas 



Criticisms of the Daily Mail's! 
treatment of Lady Guinness's! 
death, after a fall from a bridge j 
in Italy, had been made by Mr. | 
Alan Hare, her uncle, accom-j 
panied by a statement from the [ 
dead woman's mother. Ladyi 
Elizabeth More O’FerraH. | 
The council says that the ob-; 
taining of news or pictures should i 
be carried out with sympathy 
and discretion. j 

The Council also upholds the! 
complaints about a cartoon in 
the Evening Standard, dealing) 
with the murder of Mr. Walter- 
Scott Elliott by his butler, which ! 
it called - ‘a shocking outrage on j 
decency and justice." j 

However, it rejects complaints 1 
against the Daily Mail concern- 
ing a photograph of the body of 
Italian politician Sia. Aido Moro 
in the back of a car. and against 
the Daily Telegraph for publish- j 
ing pictures of massacre victims 
in Rhodesia. 

The Council also rejects a 
complaint by Labour MP Mr. 
Eric Mnnnman against alleaa-j 
Tinns in the Sunday Times thal 
Israel had tortured Arab! 
prisoners. The Council said it > 
was not its function to decide i 
whether the allegations were; 
true, hut if considered ffraf the; 
editor had reasonable grounds at' 
the time for believing them. I 
Mr. Moon man. who is also | 
chairman of both the Labour] 
Newspaper Group and the- 
British Zionist Federation, said j 
yesterday that Press Council j 
procedures “do not give an j 
ordinary complainant a fair 
chance." He would take the 
matter up with the Prime 
Minister. ! 


BY MAURICE SAMUELSON • 

THE ARGUMENT that coal will 
be needed in 20 or 25 years to 
make Up for dwindling supplies 
of oil and natural gas is strongly 
supported by all the available 
evidence, says Sir William 1 Haw r 
thorite, chairman of the Energy 
Department's advisory’ council 
on conservation. . 

What is less widely under- 
stood. he says, is that if present 
coal production and investment 
are reduced, the coal supplies 
would not be available when 
required in a quarter of a 
century. 

Sir William, reviewing Sir 
Derek Ezra's recent book. Coal 
and Energy in the Nationa l .Coal 
Board's journal. Coal and Energy 
Quarterly, asks how enough 
“wise virgins" are to be 
persuaded to go On using and 
even increasing their use of 
coal in -the present period of 
plentiful oil and natural gas. 

The exploration of such 


policies would be a challenge to 
politicians, and'4he building of 
laFge coal-fired power stations, 
in spite of their extra cost In 
present - day terms. would 
probably require Government 
action. . . 

Another writer, in the journal 
says that probably no country in 
the world is yet equipped to 
handle the large amounts .of 
coal which will, be .traded in the 
year 2000 and beyond. 

Mr. David Waring, managing 
director of Inter-Continental 
Fuels, says that the bulk trades 
are contemplating ships of 
120,000-150,000' tons for which 
new or enlarged ports, now 
under construction, will be 
-needed. 

There would, be an increase 
in world-wide primary energy 
consumption from S-5bn tonnes 
of -coal equivalent in 1975 to 
ld.5bn tonnes ip 2000. 

• The building of islands in the 



North Sea to mine the rich coal 
fields beneath It may be one of] 
the answers to Britain’s fuel I 
problems in the next century, the i 
Coal Board's journal says. j 
The islands are one of -various. 


to rise 
in spring 


BY DAVID FREUD 


next 


schemes suggested !n the. joumaL 

Dr. J..C.- Whitehead, a member : INFLATION WILL remain it its’k 
of the board’s research establish- _ resetlt annual of about °l.. nev shopping space.. . 

meat also proposes the extension ] ”, E W - -- - - 

of conventional methods, since a ; P* r ceoJ until at least 
□umber — 

England 

North \ r : 

coal from faces under the sea. -crease as a result of rising com- 
Under-sea workings could quite ! modity prices and labour costs^ 
easily be extended to operate ] The rate of retail price ihrii 
25 km from land,' be says, tion in the second half of thel 
Dr. Whitehead also proposes ! year would have been lower fcaifj 
remotely - conm>lled techniques 1 *r not been for the temporary ; 
for decomposing the coaL period of sterling weakness ;'iir 

He writes that activities j the first naif of-, the year, 
already under way throughout 


big stores in South 

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT^ 

SUPERSTORE development in International's seventh 

the South of England takes a flare and has * rnght-club 

big step forward to-morrow when included m th*. complex. 

Three leading supermarket. chatnA Other snperraarKej.^jrqpps are 
each open a giant store, adding also trying* to secure Tiew.super- 
a- total* of almost 140,000 store . (^vel^me^s* i^the 

5h ° ppinE space - • u 

it®?*; ® ov ®cb jvement 15 by Sening' another la^e store -next 


the world in - many technologies 
could have a significant bearing 


Sterling would - maintain an-: 
effective exchange rate in Hit*' 


Prentice seeks Tory adoption 


tuuiu na*e a 4ign meant waiins . inde-v ranw nf Ri 

5WK^ , * 2 2El/“ i •S^iiS-LSCS-'SaSft 

reserves can be upped. - { silS oiild be held down thfei 

[year, although next year .there 

! was likely to be some pressure 
. on costs as a result of a finning 
i of commodity prices. 


BY MAURICE SAMUELSON 

MR. REG PRENTICE, the for- 
mer Labour Cabinet Minister, 
seeks adoption tonight as 
prospective Conservative can- 
didate for the Scottish seat of 
Moray and Nairn. 

It will be the third seal for 
which Br. Prentice has sought 
the Conservative nomination 
since he joined the party a 
year ago. after being ousted by 
Newham North-East Labour 
Parly. 

He previously failed to 


secure the Tory candidature at 
both Wycombe and East Ren- 
frewshire after being included 
in the final short list ol appli- 
cants. 

The Moray and Nairn Tories 
make their' fimi choice be- 
tween Mr. Prentice and Mr. 
Alex Pollock, a lawyer, who 
stood for the seat at the last 
General Election, when he was 
beaten into seeond place by 
Mrs. Winifred Ewing, Scottish 
Nationalist by 387 votes. 


Reduction 

! The underlying '-conditions' 'to' 
Mr. Prentice has said that > the 1 r e aiarket were more 

Mrs. Margaret Thatcher would Jslgnificam For the level at .wage: 
like to see him fight -a seat < increases t nan to* [Government's 1 
'for the Conservatives at the.'jP^'" r arget of ■ 5 per cent-T- 
next election, but Scottish ; whether or not ft -held. 
Conservatives deny that there ~ 


lent or Environment . ■ 

and-, some local authorities to Approval 


fallow superstore development in T esco f S shortly to *' open "* 
-South. Planning authorities 36 000 ^ ft store at Finchley,- 
i_in the . North of England have ’ h Lond0 n. and has recently 
shown greater readiness to allow opened ab g^.OOO sq ft superstore 

laige store developments. believed the largest ;in _ the 

\ The three superstores opening country— just outside Basildon, 
to . the public tomorrow are: Essex. ' 

; # .At Hempstead, near. Gilllng- .! : Last : week. Sir. Peter .Shore, 
Sam, Kent, where British Home Environment Secretary; gave the 
Stores and J. Sainsbury are go-ahead for a 60.000 sq ft super- 
]jpimiy opening a superstore store to' -be built by Tesco at 
under the name SavaCentre. The Biirsledon. outside Sou thiamptorr. 
,, store will have 67,000 sq.ft of Mr. Shore’s approval came after 
hilling space aod is the second bis original decision to oppose 
joint superstore venture by .the the scheme. - 

two companies. A year ago. the Theraam superstore deyeiqpers 
first SavaCentre was opened in so Fax" have failed to achieve 
^Washington pew town. ; any success with large store de- 

♦ At South Woodham-Jerrers, velopments.in the London area. 
■Essex, where Asda Stores, a sub- Tesco, Tor example, recently bad 
sidiary of the Nortbera. based plans for - a 100,000 sq ft -store 
Associated Dairies, is opening a at Neasdeo. north London, re- 
36,500 sq ft superstore at a. cost jeCWd by the local .borough 
'hf_i2in. - Asda has been one of council. - ^ •• 

the". .pioneers oF superstore . Because .the supermarket 
development in the north, and groups- are now-all in ore willing 


Unemployment was still etfT — - — -- - . , ... , -= 

has been pressure from the jtremeiy high For - ibis stage, ofi has a reputation for cut-price to work closely, with local. 
Tory leadership. ’the business cycle, and because trading. The Essex store is the authbriti 1 *? in any development — ■ 


Mr. James Allingham, chair- 
man of the Moray and Nairn 
association., said yesterday: 
“ There could be an announce- 
ment on Monday night, bnt it 
is by no means certain.” 


retail price increases were well 
below those at the start of the 
previous wage round there 
should be 2 significant reduettoq 
in the level of wage settlements 
in The present nmnd. r _ ,- : 


company's first development into snd to offer cultural or sporting 
the south-easL facilities On ‘ .addition to store 

f At Windsor; where Inter- CMStsnctkm^t seems likely, that 
national Stores is opening a the - - superstore.--, revolution -will' 
35.000 sa ft store at a cost of gradually, ibee&me more wido- 
£2^m. Tlie Windsor stored is. spread: in .the- South. 





Here’s to our 1214 banking partners 
all over the world. 


Recently we celebrated the 40th anniversary of 

Girozentrale Vienna, 
We know 40 years is nothing to be pardculary 
proud of. Many fellow institutions were founded 
at least 100 years ago. Some even pride them- 
selves on being centuries old. But despite our 
youth we have become well established in the 
international banking community. We would like 
to declare how grateful we are to all 


the fine institutions who by friendship and co- 
operation have enabled us to become what we 
are today: a lOO.billion Schilling bank 
We know how reassuring it is to be able to rely 
on friends in London, New York and in all the 
financial centres of the world 
This is why we t^ink that we ought to tell you and 
all our banking partners all over the world, there- 
is a friend to reljr on in Austria. 


i 


Concern expressed 
on pensions rise 


BY -ERIC SHORT 

CONCERN OVER the ' forth? 
coming increase in old-age pen- 
sions — due next month — -has-been 
expressed by Mr; Hugh Faulkner, 
director of Help the Aged, in a 
letter to Mr. David Ennals, Secre- 
tary of State for Social Services. 

Mr. Faulkner said that the 
Government under the Social 
Security Act. 1975, should relate 
the leveL of pensions, either to 
earnings or prices depending on 
which was considered more 
advantageous. 

The latest.fignres issued by the 
Department,-, of. Employment 
showed that; average earnings 
rose 14-2. per cent between July 
last year and .Jaly this year., but 
pensions are rising hy only 11.5 
per cent. . 

This 1.1*5' per cent value was 
based on an estimate of earn'ngs 


increases made in April this year 
when : the increases were - an- 
nounced in the Budget. 1 . - 
.Mr.: Faulkner is asking - Mr. 
Ennals what .plans he baV to 
increase, the. retirement' pension 
so thal it fulfils, the conditions 
of lhe Act. . * 

The previous, tvr& pension up- 
ratfngs In 1976 and jast year 
were both based on estimated 
movements in .prices over, the 
year-— because during those years 
prices moved- ahead of earnings. 

In ;each 'Case.: the estimates 
were', based - oh "tfie.T historical 
movement of national ..average 
earnings. . L '/ ‘.4 :• 

This - method aroused: 'criticism 
because-by the time the pension 
increase, came .to he . imple- . 
mented.’ slx months after the 
announcement, it - had " already 
be.en eroded hy inflation... 



co 

co 

< 

ESI 

O 

' raa- 


Girozentrale Vienna 


Your friend in Austria. 


tecKs: 


Girozentrale Vienna, A-1011 Vienna, Schubertring s, T e l 
Dealing in Securities: Mr. VOMACKA, Tel. 72 94 670, Telex 1-3195 • Clean payments and ch_ 
L/C, collections, doc. payments: Mr. GOTTLOB, Tel. 72 94 250, Telex 1-3006 ■ Foreign exchange 
Teiexl-2911 • International financings: Mr. ANTON, TeL 72 94 750, Telex 7-5445 • New Issues |tn 

Telex 1-3915 ■ Non-recourse financing: Mr. SCHUBERT, Tel. 72 94 3 : 

' S.WlF.T.-Code; GIBA AT WW 


[2940. 

i:Mr. KONIG.TeL 72 94 240, Telex 1-3006 - 
dealers: Mr. RAM5ERGER, Tel. 72 94 44L 
idication Dep.: Mr. NOWAK. TeL 72 9<i 634 
!B9, Telex 7-544& ‘ ’ 




5 . . 

h... ,1. : h. 


OBITUARY 

Sir Halford 

■ V -• V 

THE -DEATH of Sir Halforil 
Reddish at 80 deprives British 
industry 'of one of' its most 
colourful, "forceful and effective 
o erson allties". . 

His resignation from the chair- 
manshfp -bf" ' Rugby Portland 
Cement- two years ago was over- 
shadowed. by. his ubsuccessfui 
attempt to block the appointment 
of Lord ; 8oyd-CarpeH ter to 
succeed hira. - - • 

Bui it only briefly obscured his 
achievement -in steadily building 
up its profit 5: from £U500 in 1933, 
when be assumed the manage- 
ment -to more, than- film pre- 
tax profits reported at his last 
annual general meeting. 

Sir Halford joined Rugby 
Portland's board "in, 1929 and 
took -over the management four 
years ISier when the compaay 
had. only "one. small works with 
an annual output capacity of 
30.000 tons of cement. 

The company went public in 
1935 and ■- now- has a chain of 
cement works in Britain and 
oversea^.' ' 

After his demobilisation at the 
*md of the First World War,. Sir 
Halford - became ah -articled, 
accountant; then studied insur- 
ance ahfi became an underwriting 
m e m ber'of ' Liny d’ s. . 

His "'other. Interests included 
engineering- and, metallurgy., and 
he served as- chairman of the 
Trussed ! Concrete . Steel .- Cant-, 
pany and of Charles Nelson .and 
Coaipanyr He "was a directoi 1 of 
Ehe«*tfeldrum /Investment Trust 
and"bf Grenada Theatres. 

His-tleriig reign at - Portland 
Rugby:. Ce night— he was chair- 
man,' chief -executive and a large 
shareholder— w.is . accompanied 


T«Jri 



. Sir HALFORD REDDISH ' 
Appealed for old standards 

not only by expanding , profits, 
but. by progressive management. 

From 1943 the company bad 
elected work§ committees at all 
its plants; from 1945 it had a 
profit-sharing scheme; and from 
■1954,- it also had an employee 
shareholding scheme, ' - 

There was a.: distinctly 19fh 
century, flavour, about his last 
speech as chairman when ’he 
called "oh Britain to . return to 
44 the old ethical ' standards " if 
it was .to- be saved from 
economic collapse. 

It. was typical of a mari whose 
ideailstie -views' about personal 
and political morality were in- 
seperable From bis undoixfited'- 
entTepreheiirial prowess.' 


This advertiseoieot is issued in compliance with rhe requirements 
of the Council bf The Stock Exchange. • It-does nor constitute 
an invit^dor to any person to subscribe for or purchase 
any pfefjfence shares. • - * 

■ OLIVER RIX LIMITED 


Conversion of Ordinary Share Capital into 53^M^19 2 per cent . . 
Noif-cumulatiye Pr^ferenre Scares of ^p.eaidi 

The Coebcif? bf>The Stbc|r £xchang# oks' admitted the above 
metrfioh'ed PrefyVent* Shares”tq cheOfflcIal l-ist. Particotirs of the 
. righii'atiaching' tV tfyem are oA, cards circulated by Extei* 

Stadswal -Servicet timicetf. copies of vrb'ien may be obtained during 
usual bu^ss *^pUFS*on'any to and rhefu ding 30th 

October .fpont:— /. * ': v r*. .. 


BARING BAOTHBRS-' 

& co,:e?m»ted - v . . 

88, Leadeoba)! Stre'er . - . v ‘ 

. Londoa EC^ ^P^J ,- ~ , ■ 


. hoaae govett ; ltd; 

Aths House 
"1 Ring Street- - 
London EC2V 8DU‘ • 


16th October 1978 






- -J- 


-v 

N * ' 


£ T M '- * 









5 






Kt*cai>li 





In 1853, Australia's first bank— the Bank of New South Wales— 
became the fi rst overseas bank i n London. 

Today, 125 years later,the Bankof New South Wales is the 
Iargestfinance, investment and commercial banking complex 
based in the South West Pacific, and its world-wide representation 
includes three branches in London. 

^ ThefirstbankinAustralia,theBankofNewSouthWaIesis 

the one that knows Australian and New Zealand business best 


ft-: 

Bank of New South Wales 

Over 1,300 Offices. Australia, New Zealand, New York San Francisco, Frankfurt. Bahrain, Tokyo, Hong Kong, Singapore, Jakarta, Papua 
New Guinea,Fiji,New Hebrides and other Pacific istands.Three London branches. Main London Office: 29 Threadneedle Street EC2R8BA 

■ - • IncorporatsdinAusiralijVviLl'iiiJnit'jdlidLiliLy; 

........ 





6 


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BY M / 


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r-J. V. rejV. 


-Financial Times 


it; - * 1 /stfE* 5*S i * 

Oetofer i-6 



HOME NEWS 


Oil rush 


Preliminary Announcement of Results 
for the year to 30th June 1978 
and Proposed Final Dividend 
on Ordinary Shares 

At the Annual General Meeting to be held at the Dorchester Hotel, Park Lane, London, W.I., 
on Tuesday 28 November 1978, at 11.30 a.m., the Directors will recommend a final dividend 
of 6-0005p per fully paid Ordinary share payable on 6 December 1978. Together with the 
Interim dividend of 3-191 6p per share this amount will make a total of 9-1921 p per share tor the 
year. After taking into account the related tax credit, this total is equivalent to 13-71 95p per 
share compared with 12-4723p per share the previous year and represents an increase of 
10% which is the maximum permitted under current legislation. 

The results of the Group for the year were as follows: 


Operating profit: 

Construction materials 
Industrial and commercial .. 

Mining 

Financial 

Dividends on investments 
Realisation of investments 
Other revenue net ol charges 
Exceptional items 


Share of profit of associated companies 
Profit before interest and taxation 
Interest payable 

Profit before taxation 
Taxation 

Group 

Associated Companies 

Profit afler taxation 

Attributable to outside shareholders 

Attributable to the members of 

Consolidated Gold Fields Limited . 


Ordinary dividends (including proposed fmaf} . , 
Retained 


Earnings per share 

(based on the average issued ordinary share capital) 
"Adjusted in respect oi the rights issue in November 19 77. 




1978 

1977 



£ million 

£ million 

• ■ 

b m 

30-3 

17-7 

• m 

m b 

. - 17-7 

14-9 

■ • 

• m 

" 7-7 

4-8 

• ■ 

8 B 

16-3 

14-B 

■ • 

B B 

10-0 

7-0 

• ■ 

B B 

3-6 

6-0 

• ■ 

fl B 

(11-9) 

(21-6) 



73-7 

43-6 

m m 

b m 

7 13-8 

8-6 

• • 

m 0 

87-5 

52-2 

• B 

m a 

17-7 

16-6 

m b 

8 B 

698 

35-6 

m m 

B B 

28-8 

15-5 

• B 

m 0 

0-9 

0-6 

m m 

m 8 

40-1 

19-5 

B « 

■ • 

5-6 

(5-5) 

m m 

B • 

34-5 

25 0 

• m 

• B 

135 

9-9 

m m 

v m 

21 0 

15-1 



345 

250 

m 0 

SB 

25-15p 

20-28p* 


NOTES: 

1. Profit before interest and taxation 

Proiit before interest and taxation increased by 
£35-3 million (68 percent) to E87-.5 million. The 
principal factors were: 

(a) Construction Materials 
Increase £12-6 million. 

in the United Kingdom continued 
improvements in productivity, plus a small 
upturn in demand for most of Amey 
Roadslone Corporation's products, resulted in 
substantially higher profits being ac-hleved. In 
the United States, profits included those 
arising from the acquisition ol Hydro Conduit 
Corporation in July 1977. 

(b) Industrial and Commercial 
Increase £2-8 million. . 

This was mainly attributable to higher sales In 
the United Kingdom and on the Continent of 
beer containers and dispensing equipment by 
Alumasc and improved steel markets and 
manufacturing efficiencies in Azcon. 

(c) Mining 

Increase £2 9 million. 

In Australia, because of higher tin prices and 
production. Renison's profits increased 
sharply. This ivas offset to some extent by a 
number of adverse factors including difficult 
market conditions for the iron ore and mineral 
sands operations. 


49 MOORGATE, LONDON, EC2R BBQ 


IN FOR A HARD WINTER? 

Standby with 
Petbow generators 


IMMEIHATI! DELIVERY 25KVA — 720KVA 

llftl PothnW Telephone Sandwich (03046) 2701 

f^toow Limited ScmdwkfiKent CTT3 9NE fetex%329 


‘increases 


accident 

risk’ 


Ford supplies 63% 


of salesmen’s cars 


BY KENNETH GOODING 


Financial Times Reporter 


MORE BIG accidents may hap- 
| pen in the North Sea because the 
‘ headlong rush ™ for oil has out- 
stripped any ability or plans to 
deal with emergencies, says a 
book published today. 


For years to come, new risks 
will be taken, more accidents 
! happen and lives be lost because 
: this is u part of the price to be 
paid for such huge developments 
as those now taking place,” Mr. 
Guy Arnold writes in “ Britain’s 
OiL" 


There would be a blow-out for 
J every -455 wells drilled. And 
| with many more tankers expected 
! to enter British waters to take 
off North Sea oil, the chances of 
[far greater shoreline pollution 
had risen correspondingly. 


Safety claims 


This is particularly likely to 
happen off either Shetland or 
Orkney where two of the huge 
new terminals — Sultom Voe and 
Flotta — have been sited. 


SALESMEN choose Ford cars 
and directors prefer BL (British 
Leyland) according to a survey 
of ihe company car market pub- 
lished today. And while most 
companies get a 12£ to 13* per 
cent discount on list prices, only 
those with very large fleets can 
obtain a discount of more Than 
14V per cent. 

Among the S5S companies 
covered in the survey by the 
magazine Company Secretary’s 
Review. Ford dominated with a 
63 per cent share of salesmen's 
cars. The Cortina was their 
most popular model. 

Chrysler was in second place, 
its Avenger having a 15 per cent 
share. BL was third with 12 
per cent The Marina accounted 
for the major part of this with 
the Allegro. Maxi and Mini shar- 
ing a very small balance. Vanx- 
feall had a 7 per cent share. 

All these corooanies are try- 


ing hard to catch Ford and.bnSid 
up sales to company fleet opera- 
tors because this part of. the 
market is now accounting for 
about 70 per cent of new' car 
sales in the UK. 

Fleet operators usually pre- 
fer to buy all their cars jfrom 
one' manufacturer because this-, 
policy creates fewer servicing, 
problems. This makes it essential 
that a maker's range should 
cover all market requireme n ts. . 

Ford's success is evident'from. 
the survey, -which shows- that in 
the directors’ car sector it- was 
not far behind BL, which has a 
wider range of “executive" cars. 
BL had 36 per cent and Ford 
32 per cent. The Ford' Granada 
was the top individual model 
in this sector and. the Rpver 35Q0 
came second. - - > 

Ford showed up .strongly 
among cars far senior manage- 
ment with a 72 per cent share of 



the total The Cortina was again 
the number one model with the 
Granada also prominent . 

Foreign cars in company fleets 
are compara tively rare, but .they 
are chosen frequently when a 
director is able to pick his own 
model within price or engine- 
size limits. German makes axe 
the most popular — Mercedes; 
Audi, BMW — as weU as the 
Swedish Volvo. 

Salesmen’s cars tend to be 
changed at about 40,000 miles, 
or after two or three years,- but 
ears for directors and senior 
management are usually kept for 
longer. 

Only 26 per cent of the com- 
panies questioned had leasing 
arrange meats for their fleets.. 

Survey into Company Car 
Schemes. Price £5 from: Com- 
pany Secretary's Review, Tolley 
Publishing . W2. High Street, 
Croydon. Surrey CRO 1ND. 


By. Our Consunwr Affahs 


’ Corresgondwt 

wine -coksuMfribN- -Kl 
UK is up hy almost a quart&I 
fax tfais^year d^plte relates* 
poor safes during -the .'tuaJz 
because of .bag S 

tag to figures-' released i 
by the Wine and 
don; . - ..... _ 

The. Association said - 
according to Customs and R-tfS 1 
statistics, wine dnly.was .njiff 
July on 5Bm - gallons.: 
crease or Just over 8 
on the coxTespcmdtag nwntt^ 
yeari In. the first -seveB-*jJjjE 
of this year the total iiaS 
of wine on which duty Was** 
amounted: ;ti) ''hearl^/-^§| 
gallons, almost 24 per ceafr ate - 
than over, the same period 'Us 
yean »: 

. ■ - • - i-3 


‘Best for UK to join monetary system now! 


BY DAVID FREUD 


.1 „-l 

V- *1 


The oil companies' claims to 
t take all necessary precautions 
were largely a “ public exercise,” 
and at SuUom Voe British Petro- 
leum was believed to be “only 
playing at environmental con- 
trol." 


(d) Financial 
Increase £2-1 million. 

This was principally due lo higher dividends 
from the gold mines and lower unrealised 
investment depreciation. 

(e) Exceptional Hems 

Provision reduced by £9-7 million. 

The charge this year consisted of a general 
provision towards closure of Wheat Jane, the 
Group's tin mine in Cornwall, and a provision 
in respect of the Gunpowder copper mine in 
Australia which is currently on a care and 
maintenance basis. 

(1} Associated companies 
Increase £5-2 million. 

This was mainly due to higher profits In Gold 
Fields oF South Africa, reflecting increased 
dividends from the gold mines, higher profits 
on realisation of investments sold to finance 
new projects and lower unrealised investment 
depreciation. 

2. Net profit attributable to the members of 
Consolidated Gold Fields Limited 

The net profit attributable to the members or 
Consolidated Gold Fields rose by £9-5 million 
(38 per cent) to £34-5 million. 

3. Earnings per Ordinary share 
At 25-15p, earnings per Ordinary share showed 
an increase of 4-87p (24 percent). 


Britain’s OR, by Gun Arnold, 
I Hamish Hamilton, £8.95p. 


THE TIMING for the UK in 
joining the proposed European 
monetary system could not be 
more opportune, according to the 
Economic Models group of com- 
panies. international forecasters 
based in London. 

The West German D-mark, the 
strongest currency in the Euro- 
pean monetary group, was over- 
valued. both in labour cost and 
price level terms. 

At tbe same time, British infla- 
tion was far below the rates of 


recent years, so there was . less 
reason for devaluation. Further? 
more, the UK was likely to run 
a surplus on goods and services 
for the next few years, instead 
of the usual deficit 

For these reasons, the group's 
forecast of tbe effective exchange 
rates for the mark and pound 
are well within the limi ts of flexi- 
bility of the proposed com- 
promise system, at least for the 
next IS months. 

If closer monetary links in 


Europe were to be forged and if 
Britain were to join in, this was 
the time to do it. 

Nevertheless, it was unlikely 
that tbe UK would join the 
system, both because of the risks 
involved and because it offered 
few advantages to Britain. 

The inflation rate was twice 
that in Germany and was. likely 
to accelerate to three times the. 
German rate. - , V 

This brought .the serious 
danger th3t an - over-valued 


exchange rate would dmiage’tii 
competitiveness of exebrfeam 
.profit margins in export’* am 
import ' competing • 
with serious. consequenc^fe. 
employment and For-tbel-fegft 
on investment in piaBufaet&ite 
industry.- } 

To join the system WouSTijar 
a further risk that It ifigfct*, 
necessary., to . impose a'/ -m» 
monetary, .policy ta ; -or**r?a 
- maintain the. exchange rate with 
in the required foett. L: . j? 


,-n 

•y 


,*«rJ 


; i ■ 


New standard issued on deferred taxation 




.'•£ .7 


BY MICHAEL LAFFER TY 


4, Annual Report and Final Dividend 

It is intended to post the Report and Accounts on 27 October 1978, and subject to approval of the 
proposed final dividend at the Annual General Meeting, the following arrangements wilh regard to 
payment will be made: 

The dividend will be payable lo holders of Ordinary shares registered in the books of the Company 
at the close of business on 27 October 1978, and lo holders of Coupon No. 124 detached from 
Ordinary Share Warrants to Bearer. 

Dividend warrants will be posted to registered shareholders on 5 December 1978. 

Shareholders on the Johannesburg Branch Register of the Company wifi be paid from the Company's 
office at 75 Fox Street. Johannesburg, in South African currency at the London foreign exchange 
market spot selling rate for Rand at the close of business on 27 October 1978, or, if no dealings in 
Rand are transacted on Ihe date, at the close of business on the day next following on which dealings 
in Rand are transacted. 

Holders of Ordinary Share Warrants to Bearer are notified that Coupon No. 124 will be paid: 
in London at 

Midland Bank Limited, New Issue Department, Mariner House, Pepys Street, London, EC3N 4DA 
or in Paris at 

Lloyds Bank International (France) Limited, 43 Boulevard des Capucines, 75061 Paris, Cedex 02 
or in Zurich at 

Union Bank of Switzerland. 8021 Zurich. 45 Bahnhofstrasse 
on 6 December 1978, or at the expiration of six clear days after lodgment thereof, whichever is the 
later. ? 

By Order of the Board, 
P. F. G. ROE 

11 October 1978 Secretary 


THE NEW accounting standard 
on deferred taxation, published 
today by the Accounting Stan- 
dards Committee, should end 
three years of controversy in the 
accountancy profession, industry, 
and the City about the most 
appropriate method of reflecting 
tax liabilities in company 
accounts. 

The new standard — known 
simply as SSAP15 — comes down 
firmly on the side of those who 
have argued . that companies 
should only provide for the taxes 
they expect actually to have to 
pay over to the government. 

In other words, instead of set- 
ting up tax liabilities at the cur- 
|rent corporation tax rate of 52 
per cent, companies will be able 
I to use lower rates which will be 
determined each year by the tax 
allowances available for invest- 
ment in plant and stocks. 

Traditionally, the British 
accountancy profession, like its 
counterpart in the U.S^ has 
favoured a system Of full 
(deferred tax accounting. 

The idea was that each year's 
profits should bear their full 
share of the .tax burden regard- 
less of any differences between 
tax and commercial accounting 
rules. 

This was entirely consistent 


.with the historic cost accounting 
convention, and worked weii so 
long as the tax rules were not 
significantly out of line with 
commercial accounting prin- 
ciples. 

It is hardly surprising there- 
fore that there was little public 
dispute when the Accounting 
Standards Committee moved in 
the early 1970s to codify deferred 
tax accounting as a full-scale 
accounting standard. 

The ruling eventually emerged 
in the form of statement of 
accounting practice 11 (SSAP 11) 
in August. 1975. and was ex- 
pected to cause little change in 
com pa ay accounts. 

But major problems were 
looming because of significant 
changes in the corporate tax svs- 
tem. 

The close alignment between 
tax and company accounting first 
took a knock with the introduc- 
tion of 100 per cent tax relief 
for capital expenditure. 

The disparity became much 
greater when the Government 
introduced stock appreciation 
relief in the 1974 budget The 
result was that the tax account- 
ing system was. in rough terms, 
on an inflation-adjusted basis: 
company accounts, on the other 
hand continued on the historic 
basis. 


Because of this disparity rt 
gradually became clear that 
application of SSAPll would 
simply result in the build-up of 
very large deferred tax Liabilities 
in company accounts represent- 
ing amounts which might never 
become payable- to the Inland 
Revenue — provided companies 
continued, to invest in plant to 
increase stock levels. • 

The realisation quickly ted to 
one of the most extra ordinary 
campaigns against an accounting 
standard in the history of the 
UK accountancy profession - 

industrial opposition td the 
standard was co-ordinated by the 
CBI, and support for a change of 
policy also came from the Com- 
mittee of London Clearing Banks, 
the British Insurance Association 
and a number of leading account- 
ing firms— notably-' Price Water- 
house: 

Eventually ASC relented, sus- 
pended SSAP 11, and set about 
the task of coming up with a 
more acceptable tax accounting 
standard. 

One of tbe points made by the 
critics of SSAP 11 was the politi- 
cal threat posed by full deferred 
tax accounting. The suggestion 
was that a future Government 
might call in all the deferred 
tax. or nationalise companies 
instead. 


The exposure draft ED 19, 
issued in May last year was the 
response the critics wanted. It 
simply said that companies need 
only provide for the taxes they 
expect to have to pay in the fore- 
seeable future in their accounts. 

Few accounting pronounce- 
ments in recent years, have been 
followed as quickly as £3) 19 has 
by so many companies.. 

No statistics exist, but it is 
probably true to say that the 
majority of companies reporting 
results in the past year have 
followed the new approach. 

However, some have resisted as 
a matter of principle, often say- 
ing that they do not agree with 
ah accounting system that shows 
profits on one convention and 
taxes oa another. 

These objectors could now find- 
themselves with a qualified audit 
report— particularly for account- 
ing periods starting after 
January. 

In terras of Its application, the 
new standard will require com- 
panies and their auditors to 
exercise judgment :to access the 
real impact of taxatibn'on profits. 

This will almost certainly 
result in differing opinions but 
the standard gives guidance by 
defining the foreseeable future 
—the period for making the 
judgment — as three years. 


In addition to stipulating a ^ 
accounting treatment SSAP V J3 
will require companies ta-% 
close, in a. note to the'acamBfi^ — 
the ' potential amount' o£.*jaB »<> 
deferred tax:. — I'dbtingugi® kjf 


f UK Imfastriaran^ ^ 

| ^ (kmtraeraal&fnpam^^ 

IAJU> 

50" 

Stahtiarj 

.tax, rata - . ' y" 1 , 

4& 


30S 

" xTV 

m 

J . ^Sipi 

IK 

r • ' IW, v: V ; 

tax rate . 


soumxiNKnaMLjKXM v; 

. .. awoMumiW • ? - v r 

t } t tit * i »■ 

l “1965 - . '70 .'T5 ’77*J:i 


STANDARD ACCOUNTING PRACTICE FOR DEFERRED TAX 

DEFERRED taxation should be 


Consolidated Gold Fields Limited 


accounted for on all short-term 
timing differences. 

Deferred taxation should be 
accounted for in respect x>f the 
tax effects arising from ali other 
originating timing differences of 
material amount other tbfen any 
tax effects which, based bo tbe 
criteria set ouL can be. demon- 
strated with reasonable;- prob- 
ability to continue in the stature. 

This may be by reason of 


recurring or continuing ^timing 
! differences or, in the Case of 
i revalued assets, by tbS con- 


tinuing use of the assets^ 0 ? the 
‘lilBy 


on 


postponement of liabi 
their sale. ; 

It will be reasonable to Assume 
that timing differences Will not 
reverse and tax liabilities will 
therefore not crystallise ?if. but 
only if, the company is a going 
concern and : -j 

(a) the directors are ableio fore- 
see on reasonable evidence 
that no liability is likely to 
arise as a result of Reversal 
of timing differences for 
some considerable parted tat 
least three years 1 ahead ; and 
|(b) there is no indication that 
after this period the aftiation 
is likely to change so as to 
crystallise the liabilities. 
Where these criteria are satis- 
fied it will be reasonable to 

assume that the period $hich can 
be foreseen sets the patten for 
the indefinite future, a otf accord- 
ingly the deferred tax provision 


relating to such timing 
differences can be eliminated. 

The position should be 
reviewed each year and regard 
should be bad to the past pattern 
of capital expenditure and stock 
levels and whether forecasts 
made in the past have proved to 
be reliable. 

Where the criteria are not fully 
satisfied it may be appropriate 
to provide only part of the full 
potential deferred taxation. The 
partial amount not provided 
should be based an substantiated 
calculations and assumptions 
w'hich are explained in tbe finan- 
cial statements. 

Where the criteria are not 
satisfied the directors will have 
no. basis for assuming that timing 
differences will not reverse and 
accordingly deferred taxation 
should be provided. 

Debit balances on deferred 
taxation account arising from 
either timing differences or the 
payment of ACT should be 
carried forward only if there is 
reasonable certainty of their 
recovery in future periods. 

Tbe potential amount of 
deferred tax for all timing 
differences should be disclosed by 
way of note, distinguishing 
between "the various principal 
categories of deferred tax and 
showing for each category the 
amount that has been provided 
within the accounts. 

Profit and loss account : 


Deferred taxation dealt with in 
the profit and loss account 
should be shown separately 
as a component of the total tax 
charge or credit in the profit and 
loss account or by way of note 
to the financial statements. 

The profit and loss account or 
a note to the financial statements 
should indicate the extent to 
which the taxation charge for 
the period has been reduced by 
accelerated capital allowances, 
stock appreciation relief and 
other timing differences. 

Adjustments to the deferred 
taxation account resulting from a 
chance in the rate of taxation 
should be separately disclosed as 
part of the taxation charge for 
the period, unless the change in 
rate is associated with a funda- 
mental change in the basis of 
taxation, in which case the 
adjustment should be treated as 
an extraordinary item. 

Deferred taxation charges or 
credits which relate to extra- 
ordinary items should themselves 
be shown separately as part of 
such items. 

' Balance sheet : Deferred taxa- 
tion account balances should be 
shown separately In the balance 
sheet and described as "deferred 
taxation." They should not be 
shown as pan of shareholders’ 
funds. 

A note in the financial state- 
ments should indicate the nature 
and amount of the major 
elements of which the net 


balance is composed and a 
description of the method of cal- 
culation adopted. 

Wiere amounts of deferred 
taxation arise which relate to 
movements on reserves (that is, 
resulting from a -revaluation of 
assets) thq amounts transferred 
to or from deterred taxation 
account should be shown 
separately as part of -such move- 
ments. 

Where the value of an asset is 
shown by way of note on the 
face, of or annexed to the finan- 
cial, statements and .that value 
differs from the book value of 
the asset, the note should also 
show, if material, the tax 
implications which would result 
from the realisation of the asset 
at the balance sheet date at the 
stated value. 

Transitional arrangements: 'Oh 
the introduction of this standard 
tbe opening balance on deferred 
taxation account should be cal- 
culated: or recalculated on the 
basis .set out in this standard - 
and the necessary provision " set 
up or the existing provision 
adjusted accordingly, as a prior 
year adjustment. 

Date from which effective: The 
accounting practices set out in 
this statement should be adopted 
as soon as possible and regarded 
as standard in respect of finan- 
cial statements relating ' to 
accounting, periods beginning on 
or after January. 1, 1979: 


between “the ; various prmc^fl- 
categories. - ’jfeggi 

It. was a dispute over thisiwafr 
tbe clearing banks which:4e&g& 
earlier publication of . tlaa drilrr 
standard. ThBjdearersfearad flat 
the note disclosure would, le»ff 
to revelation of. their- own, feg- 
debt provisions and resent 
However, a subsequent -mate?: 
standing with the ' clearaf. 
auditors has overcome 
particular problem. 





■M 


regensdorf 


HOLIDAY MN f 

f ' The ct nf erencc hotel > 

I wfthbut 

g.. audio-visna] problems " 

■ AsthelaigestSwissconfere^^-* 

■ hotel, we realise the necessity^ - 
I for modern audio-visual equip^Ig- . 

I ment at economicaLrateS- 
have therefore placed oorpnvjV 
| vate TV-studio in the Israds a^, 

( qualified specialists to enabtffti 
us to satisfy alt your audits 

| visual needs at any tim e. 

J again we are your ‘'partner.] 

I for good organisation” 



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U 




i 


— 


i 


;JU 




■- ; -V-.. -vV-.: 









Financial Times Monday October 16 1378 " 


■I'. ‘4 Y ' 1*V % !' I ’ll 




in pay dispute 
lose their jobs 

BY ALAN PlfCE, LABOUR CORRESPONDENT 


T G WU seeks entry Humber Rig catering units 

to management area 


BY PHILIP BASSETT, LABOUR STAFF 


WORE THAN 700 journalists 
and production staff employed 
by the Daily Record arid Sunday 
Mail in Glasgow who have been 
involved in a dispute over a pay 
parity claim were told yesterday 
that they had lost their jobs.' 

Mr. Derek Webster, chairman 
of the Daily Record, said that 
a condition of re-employment 
would be that the staff must 
drop their ckUm for parity with 
Mirror Group workers in London 
and honour working and disputes 
procedures. 

During the last six months 
about 6m- copies of the Daily 
Record and . Sunday Mail had 
heen lost through unofficial 
disputes. 

The staff were told that they 
were considered to have termin- 
ated their service after a strike 
prevented the Sunday Mail from 
publishing yesterday. 

Mr. Vic Horwood, managing 
director, said in a letter to staff 
that tiie company had negotiated 
a new 12-month agreement which 
gave the maximum 10 per cent 
available under Stage Three. plus 
a productivity bonus of 5.2 per 
cent. 

The company says that it will 
not break Government pay 
guidelines and that the clahn 
for parity with Mirror Group 
employees in London will not be 


conceded “ whatever the conse- 
quences.” . 

A mass meeting of employees 
fs to be held in -Glasgow today. 
They complain that their pay is 
“about £70- a week" behind 
comparable workers on the Daily 
Mirror in London. 

Mr.- Jtarry Gonrby, father 
(chairman 1 of: . the imperial 
chapel (office union section), 
which . covers both newspapers, 
said that the stoppage had been 
for. 24 hours and when staff 
reported for work yesterday they 
were -locked out. This is denied 
by the company. 

Eisewhere in the Scottish 
newspaper industry, the National 
Union of Journalists. had called 
an official strike of. 150 members 
employed . by Scottish and 
UniversaT Newspapers, over, a 
productivity claim and the 
Tweeddale Press group has laid 
off 165 employees in a printers’ 
dispute. 

The Daily Telegraph failed to 
publish in London again tast 
night because of -a: dispute 
involving - members -of the 
National Graphical Association. 
Another dispute by members of 
the Society of Graphical and 
Allied Trades prevented distri- 
bution of the Sunday Times 
colour magazine to London and 
parts of the Home Counties. 


Beet harvest delayed 
by overtime ban 


THE SUGAR .beet harvest in 
parts of East Anglia has been 
halted- because ;of industrial 
action by key workers employed 
by the British Sugar-Corporation. 

Craftsmen at -the. biggest of 
the corporation's 17 plants, at 
Wissington, near. Dowoham 
Market. Norfolk, have imposed 
an over time ban m support of 
a dispute over grading. 

The factory, which can handle 
7.600 tons -of sngar beet a day. 


Techna'uy 
Truck tw. a. j» 

Interims.' , 

Allwd Plant • 

KSG Intnl. 

S roal Sr. Bureau Mayfair 
Grrinjtcri ln*5. 

RukSw Portland Cement 
S-ivor Eng. 

Steel Brcs. 

Wood and Sons 


c^T, E ^T_ PAVME> * TS — LOMton 


Wlllanapn J-ea. Sir John Lyon House. 5.1 
H.9+1 Timber Street. EC. 12 ■ , 

qpARO MEETINGS-— 
hMlr. : 

Burnoone-Tmrs. . 1 - ■ • - 

Ele<o . • • - 

free Slate Getjuld.-- . 

Free' SUte Saialaas : 


Austin 'jamesj Steel 3.67p 


a f£9£ l \ £'* a * r,an,1 B,V - 7PCCHe.GM.Bds., ProESJu iSJfl 

- _ 1 ! KJ Marl 


gT r «" SrpdO-vr^ijt.Ln. 1964 ZJ.PC . S oi^'r 4 ^ "* 

f:“? rS-iJ n t»„,' .l 987 Welftom Gold-: 

Blue L ir.lr. Inns Oro. 3.22p Western Hlnfis- i 

.»la lOiePC I9B2 Si.o< iBUrliWJ- 1 

Br -':- p/' Jc:s Tsl - 4 'TPtPI. i.575pc. Do. Agnate Inns, - 

4SvJiS^Pes Ovrrsw, T -bPcGld.Bdt. {SglS* F ° r **" ■" W * T,t * 

' ri '- ?*'• **“' 
Cii.corp Overseas Finance Con. N.V. S', pc Gem. Scottish TJfc. 


t^.corp Overseas Finance Coi*. N.V. S’ipe Gen- Scottish Tst- 
Gtd^ JMO 3 , pc. Do. 7ocGdt. 1 Ml Gerrerd and Nall. Discount 

Duiav Bltumastlc Q 6o including sup.- Howe^ot^Lortce- 
0.012*J9*p O'B "rr. ended I fid. and -Gen. Tst. 


31 7 2.77* 

Dundee SUotBdi. 1983 4tnpc 
Foriplnsirr 2 10931 

Grangei Akneholaa. 6..peLn. 1987 3>sPC 
urorehell o.5p 


Hoffnunq i S.; 2.8142 Blackpool BpcBrfc 

Hudson-3 Bsv 34. sets. Cmltle MtM-peMT9« 

(Bermuda) 6AiPcCftv.Gfd.BdS. c«h«S,S 9^ 


. ij.er IF. and C ) 

Scottish Mon. Tst. 

Ufd: Eng. 

DIVIDEND & INTEREST PAYMENTS 
Abwaod- Machine Tools 0.575» 
Blackpool BocBdc. Red. 25.4 79 4ljpc 


Castle Morpeth 9pcBd*. Red. 25,41 78 *i ; pc 
Casttepoint VHpeeds. Red. 15/1O.-80 1 


Mortgage EL. Finland 9HocGdt.3ds. 1981 Crouch Grp. 2.0675P 

. ’ n m hn maaiM ahri K 1 


Moln-ola 2Scts. 


Cumdernaold ahd KHsrtft Bi-rKBds. Red. 
2534*79 4>SPC . _ , 


National Coal ■ Bd. 8J*pcStd.Bds. 1988 cmsor Doibarth • Dwyfor • 9peBtfs. Red 
4 m« - - - - - 25W79 AljBC 


W_r Ndrsir Hvdro A.S. 6'ypcl5-yr.bn.Ln. 19S7 Derwen t3.de iapcBds. Red 2514179 4i;pe 


3'i.PC 

PMA Ip 

SchlurnOeroer ZSctr. 
• 7b Ests. IP 


Dodsfas « Robert M.) 2 .580 Ip 
Gateshead. SocBds. Red. 25'4>79 4':pc. 

-TTrpcMs. Red. 17710(79 3':irt>c 
Grampian 9 pea nr- Red- 2314/79 «i=pc . 


SrSCtl-Tn’l^-. ISnoM 

S5 {^Tvfr«is R Ved-.' JEIIHUM 


feS&r 13ncRd. 1981 6-S* *1%** ^ rtck l^BdS. Red. 15,4-81 

COMPANY ME^TInS^ ^ 8^25,409 4bPc 

^Erd^Kenr^io^-in 00 ' 3 " prtnce * M - 0art- Meirionnydd SPcBds. Red. 25.-4 79 4':oc 
AM?' WbI ° 24S.247. Pavilion ftd.. S«i . pc 

2B ' SS ’ N 5S'. b virRaui B ^ ££■£- 

C ,a' , “" Bht RW ”" S ‘ Crtat OU ” n N ^.«? am Do . 7 S^t'eads RD Hed. 1 T3/2a! 

J 52*^0 MEETINGS— PrM^VpcSdc. Red. 25;4-79 4 

BnSSr'rw^. >" Rashmoor 9ocEds. Red. Z5.W79 4 hoc 

salisburv 9pcEWs. Red. ZSM 179 4'jpc 

cl?™ r* Snrewsbury and Ateham 9ocBds. Red. 

(■ame eng. mas. 25M.79 4*2PC 

S- Yorkshire Passender Transport Euee. 

' snd Sfieerwond -r>*oeBds. Red. 17.10 79 S'^ikpc 

F wunv Swansea BUpcBds. Bod. 25.-4!79 4 'roe 

KadT^nifil W Tllourv Contracting 6o „ 

MatShiSiSr liner. Utiles lord 9ocBdS. Rod. 251*79 *J:PC 

sS*!53r WncniifltM -SpcBdS. Red.. 25:4=79 4 '2PC 

tforti? IM 0 . WestWHtSbire 9ocBds. Red- 25M-79 44BC 

Provident ’L-fe Assn. London imL^USo F tS^? 2 li> B99P 

sS^.&rc" U &w. - ^1%"*- V-r.Raiea*. Red. 137*783 


Finals: . . - . 

Boulten iWm.) 

Brooke Bond lieblg 
Paine Eng. bios- 
Interims: 

Central and Sbeerwood 

Ei Itli 

fumrtS Wliny 
Kode Intel. 

Mancncsier Line re 
Marks and Spencer 
Nortn IM. r.r 

Provident Life Ass'*. London 
Stcnuscn Hunter 
Sfiax-Sarco End. 

Wettpool Inv. Tst. 


Woklntt 7t«pcBds. Red. 1711 0i79 H'uPt 
DIVIDEND * INTER EST PAYMENTS— Woodsprlrx i9*Mi. R««- 
iyal Dutch Petroleum iBr.r Rea. ft S Worthing 7JW.BM. Red. i7s4W9 3 i*> 


Royal Dutch Petroleum IBr.r Reg. Ft a 
Slater Walker IpU. Finance 7'4PFBdS. 1987 

S^fltfF WaRlfe, -2AT9P ’v 

Sobrsme' Ord. it NV Ord. 1.1* 


FRIDAY. OCTOBER 20 
COMPA-NY MEETINGS— 

Heron Con.. Heron House. 19. Marvlebono. 
Road. NW. 12 


(M J Bwbad. Nri^iDav^l. Dragon Hotel. Klnpswav. 

* • w’Jker^J' s^n T U CaleihllL 

ChVS^TlSSjk^I hST Cardiff. 12. elrmlMham, .12 
Douelas tRobert M.\ Shenstono House. 

. 395. George Rif.. 'Birmingham. 12. . 


Waring, and GUIcwv, Ha I Lam Tower Hotel. Allebono 


BOARD MCETTIMGS — 
Finals: 


Whirworui Electrical. Great' Western Motel, Lowland In*. 


s (Sidney CJ 


Paddington. "W.. . 3.3D. 

BOARD MEETINGS — 

. Finals: 

Di-Mnay .Day 
Kalamazoo ' 

Med minster 
Sup Lire Assurance 
Intennw; 

BrlbHi Home. Stores ■ 

Erowji and Jackson _ ' ' 

City of Oxford Inv. -TSf. 

BjODIt 
Form Feed 
Harrison and Sons - 
Jessel . Toynbee 
Marshall's Universal 
Sees. TsL ScotDnd ... 

SmWi SL Auovn 
Time Prods, 

U6IWI ' 

bid Carriers 

WeMtrrs PubFicaHons 

WHntgt BrcedOft _ V |. m t c - 

WVIDENO-i INTEREST PA YMEWS-- 


Peters Store* 

Interim*: 

Ailed one 
Filrview Ests. 

Taylor PalUsigr 

^DriflDEND A INTEREST PAYMENTS— 
Anglo American Corp of Soutn Alnca 

fll*hV‘^ 2 bC Fllu Red, ‘ 1614 / 80 . 6 pC 
Caitferdale IZpC Btfs- Red. 16 ^ 4180 . 6 pc 

cSJ^tH^cel 0-37*10 .(Inc. SupM-drjt. 

ol OJH 351 P Ola yr J 977 i Btjik. Ptg. i*f. 

elliatx (81 2. 8 67a p 
£ afield 12 jK Bd*. Red:_^ 4*0 6 PC 
Eakine HOosc. Invs 1 JS 072 P 
Ewart New Northern Ip vl ■ 
Flrpstorte' Tire and Rub Per 27 -tCta- 
Harroa l.HSp ' ■ 

Highlands and Lowlands IDctS , 

Irrd. Westminster Bank- Fits. R»t*. t-*P 


mVIDEWD-ar IFfTfeHCOi r.«. t*l4 USS40.67 
Barking 6‘rtrcBds^ Red. 1»'J 0''» g itll IZpc^Ms. Red- iftdrBO 5»»c 

cfe^oire E>i«pcBds. R«f. HKW ISSWSrf-tSK' 1 !?* 
C^i^VaUer GUocBds. TW- >««*« Wy^fe'Is'S!' ^ "* 

■SSr 6upriw - Rnf ' ' i««o. . - 

i , r*rd n 5 Sp Newmarfc rLoulsi. - 4 . 22 T 4 w ' 

iSS?h^ 9 aS£ 18110176 Norton Md Wrlfifrt. l 2 . 91 BSp 

lowabcr B'apeods- KBO - j»«co onL A. 2.1 Sp. - 

Prirnrase im}.. 2 cts. 


Llooiabcr fi'apeBdS. Rcfl - 

C3.22«7 

ktcKZV Saca. 0.7937?p 1»' ton 

Norlhaycn 6UaiBdS. 1 &1on 

PW5U ?rypc8dt. Bed. ,8r L^' a i ^Hnof7n 
Rotherham bUpCBds. R«L TBIinr/u 


S ue her Oats. 30 cts. 

edional Props. Ord. A- "O So _ , 

South Yorkshire impcBds. Red. 1K4/79, ; 


Sn 6>v»cBdA Red. 


.Surer Metrical. D- 3025 S 
*Tirbe tRs*i New. Ord J 0 . 975 P. 
Union- Hank, of PmUnd F 


>. ord 1 - 7.1430 
Floating Rate 


inamMOOTin Union- Hank , of Fmund Floating Rate 

WakrteM 6’^Bdk. ted.™'*™™- 22 * 7 , U ,^J?-Ms Red 1*4*7* 


Waring and Glllow 2.518208P 
Warwftfcshirts 6'®cBdS. RM- 18,10:78 


HK 

Wells Fargo. 35 cts. 


w“- 2 ! 7 J«t 6-vocBdS. Red. IBflOrTS 1-5 *• 


w.gan s-.pesra. kw- ■ 

THURSDAY. OCTOBER 
_ COMPANY MEETINGS-- 
Braswav. Penns Hail Hotel. Walmalev, 

S-rttan CalSnwd. .2-30^ _ 

Br't. EIcc. TrarHon . Connauoltt Rooms. 
Great Queen Street. W. -17, IS .. ■ , ' 


8rhi^ Scrap .Federailon.’ H.lion Howl. W. A 2 ^^d tX i„4. MSI» 


DIVIDEND & INTEREST PAYMENT^— 
Buckinghamshire Var. Rate Red- ,9BZ - 

■4Jjpe - 

D1Vim^'S D A^N?E™ I PAYMENTC- 
Agricuhural Mrs. Corp. 12*»oc Bds. Red. 
2514/80. 6'ir.PC _ 


THE TRANSPORT and General 
Workers' Union has approached 
managers in the steel industry 
with proposals to merge the 
manager’s union — the Steel in- 
dustry Management Association 
— with the TGWU. The merger 
would be the first move into the 
managerial sector by the over- 
whelmingly manual Transport 
Workers’ Union. 

The 2m-strong TGWU approach - 
gives new significance to the 
attempt by the Steel Industry 
Management Association, to join 
the TUG and carve out a place 
for itself in the “ steel contract.’.’ 
This is the British Steel Corpora- 
tion’s plan for trade union 
participation in the industry. 

Mr. Moss Evans, general secre- 
tary oE the Transport Workers' 
Union, has formally written- to 
the executive committee of Steel 
Industry Management Associa- 
tion. broadly laying out the 
merger idea. He indicated the 
Transport Workers’ willingness 
to hold talks on the plan, 
although no specific merger 'pro- 
posals were put forward- The 
union also notified the TUC of 
its proposal. 

The merger would give the 
Transport Workers’ Union a sub- 
stantial foothold in the mana- 
gers! sector, taking over the 
Steel Industry Management 
Association’s 12,000 highly- 
qualified professional managers. 
It would also significantly in- 
crease the union's presence in 


the steel industry, where it 
already represents about 17,000 
workers. 

The Transport Workers’ Union 
Is represented in the super- 
visory sector of the industry by 
its white-collar section — ACTS — 
which has* had a small executive 
manageinent group. 

Mr. Evans said yesterday that 
the initial' . impetus for the 
merger pioposals had come from 
approaches by the Steel Industry 
Management Association, parti- 
cularly in the South Wales tin- 
plate industry, many- of whose 
management slaff were lormer 
ACTS members. 

- The steel managers are un- 
likely. however, to be keen on 
joining ACTS, as they would 
prefer to become part of a 
managerial section. The TGWU 
Wfill not necessarily oppose this 
idea. ' 

Sorae ; Steel Industry Manage- 
ment Association members are 
ready to consider lihks with 
white-collar, engineering unions, 
including the Engineers' and 


Managers’ Association and the 
Electrical and Plumbing Trades 
Union. 

The Transport Workers’ m 3 de 
its move after merger talks be- 
tween the Steel Industry Man- 
agement Association arid the 
Iron and Steel Trades Con- 
federation (the largest Steel 
industry union ) broke down in 
June. 

The Steel Industry Manage- 
ment Association has again 
applied for affiliation to the TUC. 
It was proscribed by the General 
Council in 1969. The Tl'C will 
almost certainly advise it to seek 
affiliation -with an appropriate 
TUC union. No talks will begin 
between the two unions until 
the TUC has made its position 
clear. 

The British Steel Corporation 
has substantially altered its 
position on the Steel Industry 
Management Association’s 

attempt to take part in the 
“steel contract" since it served 
a writ on the Corporation for 
refusing to allow it to participate. 


Vickers men go back 

MORE THAN 1.000 men at the Union leaders said 'cslerday 

Ne^wcastl^upo'n Tyne JSSJf «“« » 

because the company scrapped again if the company, which 

a £4-a-week self-financing produc- handles mainly Ministry of De- 
tivily deal return. m work today , . .. . , .. 

pending more talks with the ‘ ence contracts, including tanks, 
management. maintains its position. 


Bridge 

workers 

defended 

By Our Labour Correspondent 

HUMBER BRIDGE workers who 
face wage cuts if they do not 
meet productivity targets were 
defended at the weekend by Mr. 
John Baldwin, general secretary 
of the Amalgamated Union of 
Engineering Workers’ construc- 
tion section. 

He said there bad been too 
much criticism of workers en- 
gaged on the project and 
designers bad failed to take suffi- 
cient account of the effect the 
weather would have on construc- 
tion work. 

“ I do not believe that those 
responsible for the design took 
the weather conditions suffi- 
ciently into consideration — 
especially the strength of the 
wind — not only in winter but 
throughout the year." Mr. Bald- 
win writes in this week’s issue 
of Contract Journal. 

Construction of the bridge is 
already two years behind sche- 
dule. 

Last week British Bridge 
Builders warned the union that 
from this week cable-spinners 
working on the project would lose 
supplements agreed under a pro- 
ductivity scheme unless they met 
required performance levels, j 
This would reduce the men’s 
weekly pay of £150 by about a 
third. 


agree to talks 
on recognition call 


UNIONS WHICH have given 
until lunchtime today as a dead- 
line for a reply to their demand 
to represent 500 offshore cater- 
ing workers have agreed to meet 
Scot Catering and Offshore Ser- 
vices of Aberdeen this morning. 

But if the oempany does not 
give recognition at least for 
installations where the unions 
claim membership, the threat of 
industrial action, perhaps at the 
Ninian Field first will be carried 
out, said a union official in 
Aberdeen. 

The two unions, the Transport 
and General Workers' Union and 
the National Uninn of Seamen, 
claim at least half the Scot 
Catering workers as members. 
Initially they demanded full 
negotiating rights to cover the 
whole work force. 

The company has said that it 
is not opposed to union recogni- 
tion. but disputes the numbers 
claimed, and bas suggested a 
ballot arranged by the Advisory 
Conciliation and Arbitration 
Service. 

The unions rejected this last 
week, saying that the firm had 
not treated their own earlier 
offer of a ballot seriously. 

Mr. Bill Reid, chairman of the 
Inter-Union Offshore Oil Com- 
mittee. and Aberdeen District 
secretary of the TGWU. said 
yesterday that ir no agreement 
was reached, industrial action 
of catering staff would go ahead, 
with the Ninian Field as a prime 
target 


“The obvious thing is to us« 
the strength you have, and most 
of our strength lies in the Ninian 
Field. We have made that known 
to Chevron, and it's up to them 
to advise Scot Catering if they 
■want." 

Mr. Reid said that if the com- 
pany agreed to recognition 
covering installations where the 
unions had membership, they 
would seek recognition for other 
offshore units as they became 
organised. 

No comment was available 
from Scot Catering in Aberdeen. 

Chevron said that it bad been 
advised by the company of the 
situation, and understood that 
talks were under way with the 
employees. 

The Ninian Field, third largest 
in the North Sea, 100 miles 
north-east of Shetland, has three 
platforms, with the southern 
platform due to be first to come 
on stream in the late autumn. 

Steel foremen 


end strike 


NEARLY 150 foremen at the 
British Steel Corporation plant 
at Corby, Northants. voted yester- 
day to return to work today 
after a three-day unofficial strike 
in protest at " lack of promotion 
prospects." 

Full-time officials of the Iron 
and Steel Trades Confederation 
recommended a return to work 
pending further negotiations. 


was due. to start processing- to- 
day but will not be able to 
operate round the clock because 
of the sanctions. The start has 
been postponed and the corpora- 
tion has called for ah' early 
meeting with the engineering 
workers union at national level.* 
Similar restrictions by the men 
over a pay claim delayed the 
opening of the factory last year 
for almost three weeks. 


WEEK’S FINANCIAL DIARY 

. The following is a record of the principal business and financial 
engagements during' the week. The Board meetings are walnly 
for the purpose of considering. dividends and official indications are 
nut always available - . whether dividends concerned are interims or 
finals. The subdivisions shown- below are based mainly on last 
year's timetable.- • . T .. . 

COMPANY M MT?NGS— - ' ' '**”"«* S«lf niji . V< 

easTBW'aswr 

A Oss«t. a w?*Y«Mt»'. 1 ?2 lwbeld Post HDUse *. N aSr l, *F-°'iS>- MJ l49 - Pdrtlane : 
fS 5»:° ** err " :,0s '— . ■ . Nwton’ ww- Wright, Queen Hotel. Let^ti. \ 

?«5tt d rwf h, J tyT - ’ - V ‘ ' 10D - ° ,d 

AlbSTpESt • ’ RMlfttwl Pro dc — Mayfair Hotel. W. fZ : 

£‘i l £ K, ,_™? nl Wfdimjon -T6*. Sir John L/on Houm. 5. 


' ICL is glad to report the cost 
of computing is falling 15% ayear 
while we continue to grow.’ 


Dr. Chris Wilson Managing Director 


Cost Index 


THE COST OF COMPUTING 


ICES TURNOVER WORLDWIDE 


There are few companies in Europe that can 
match ICL’s fivefold growthin turnover during the 
lastlOyears. 

What makes our achievement more 
remarkable is that, while the UK retail price index 
has been rising at over 10% a year, the cost of 
computing has beenfallingby aroundl5% 
annually A £25,000 computer; at today's prices will 
do the work of a machine that would have cost 
over £100,000, ten years ago. Rapid advances in 
technology are givingthe computer user better 
value for money every year that passes. 

Fortunately, we have the products, the market 
base in eighty-six countries around the world 
and the enthusiasm to continue to expand at the 
same rate that-we have achieved over the past 
ten years. Atthe same time, the cost performance 
of our products continues to improve. 


BCLI International Computers 

I Profitable growth is our business. 








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financial Times JffQn&y 6qto|ar 




■ iJj 


EDITED BY ARTHUR BENNETT AND TED SCHOFTtRS 


e transport 


• ELECTRONICS 

Low cost 
per bit 


RELEASED by Plessey Micro- 
systems are two serial memory 
cards based on Fairchild 464 
charge coupled devices which, 
claims Piessey, offer the lowest 
cost per bit of aU semiconductor 
memories. 

PSM 5680 has a capacity of 
three million bits and is intended 
for bulk storage applications 
where it will offer both low 
power consumption and high 
data rates. Data input-output 
transceivers are incorporated as 
part of the control and inter- 
facing to a 12 bit bidirectional 
bus. Various word length options 
are available, compatible with 
display stores, image and data 
processing systems. 

The other card. PSM 56S3, is 
a double Eurocard size contain- 
ing two million bits of memory' 
and peripheral circuits arranged 
especially for eight and 16 bit 
microprocessors. Thus compact, 


low-dissipation memory of 256 
bytes (or characters) has-been 
put on a single card, interfaced 
directly to the microprocessor 
bus. 

Clearly, for small systems at 
any rate, this movement into the 
megabyte region throws some 
doubt upon the ultimate future 
of the floppy disc. Cost/bit is 
about half that of RAM. 

Mean latency is 524 micro- 
seconds and the memory can be 
operated in read, write, read/ 
modify /write, serial or byte 
modes on receipt of a command 
code. 

Interface to the board is 
TTL and the total consumption 
is under 16 watts in the standby 
mode. There is an internal 
S MHz clock, and a halt facility 
is provided which could be used, 
for example, to synchronise data 
with a peripheral device. Mean 
time between failures is speci- 
fied at better than 20.000 hours. 

One-off prices are £1.700 for 
2 Mbit*. £2,300 for the 3 Mbits 
bulk storage card. 

More From the company at 
Water Lane. To wees ter, Nor- 
thants NX 12 7JN (0327 50312). 


Running a tight delivery schedule 


VEHICLE SCHEDULING where 
many lorries. depots and 
delivery points are involved is a 
task which can be performed 
manually but one which is 
extremely difficult to carry out 
quickly aod with full guarantee 
of success at each attempt 

For a number d£ years, com- 
puter technologists have been 
attempting to solve the so-called 
travelling salesmen problem 
elegantly and simply, using the 
speed and capacity of the com- 
puter to run very quickly 
through all the possible permu- 
tations in journeys and stop-off 
points — indeed. the first 
scheduling programs were 
written in 1963. But it was not 
until the appearance of the 
more powerful and reliable mini- 
computers that the possibility 
emerged of simplifying .and 
streamlining scheduling proce- 
dures and interlinking them 
with other work such as order 
picking, etc., and producing a 
package which can be operated 
at relatively low cost. 

Such a package is Vaoplan by 


Scicon. But what distinguishes any display and keyboard and 
it immediately is that it works on most minis handling Fortran 
interactively with the operator and equipped with discs, 
so that the latter very quickly Apart from the immediacy 
and efficiently can try out W rth which the system reacts to 


several solutions to a particular any change in demands from 
problem, with prompting and aid customers— even very late in toe 


from the equipment. day — a significant advantage of 

A recent study of what the the method is gat it is likely 
interactive equipment can do for to make it much easier to Pro- 
a company with many vehicles ^ lt j* invoices witn 3 oods 
and depots— in this instance a delivered, 
major 50-depot food distributor There is also tne facility to 
—showed that compared with regulate pieking in warehouses 
manual scheduling, the Vanplan so that order pickets* tasks are 
approach could save the company greatly simplified, while loading 
about £250,000 a year in costs of is done logically in step with the 
wasted journeys, inaccurate stopping schedule, 
loading, inefficient use of avail- Fewer vehicles are needed to 
able goods vehicles, and so on- service customers and vehicles 
For this user, licensing would do hot go out with obsoleted 
work out at about £25,000 a loads. 

year, the basic price being . At the customer end. the 
£15,000 to which an increment effect of Vanplan is that it 
is added depending on the permits despatchers to warn 
number of depots. recipients to have an unloading 

Developed under the National crew on standby within a 
Computing Centre's Software reasonable time before the 
Products Scheme, Vanplan Is vehicle arrives, rather .than 
written on a PDP 11 in Fortran, having them hang around for 
It could be used with practically half a day. - 


Basic information held- .'is a: 
listing of - the compauy’jr 
customers and where -they axe,: 
typical delivery frequency , 
vehicle restrictions, early closing ' 
days and any other facts that 
would -impede delivery; - 
' Orders are fed into "'the. 
system as they come in during, 
the day and when the/ time 
comes to plan delivery rqhtes, 
the program produces lists 
orders, together with the -most 
effective schedules and*, routes; 
maps of. the routes to be taken 
and- information . for picking 
lists- -and delivery notes.' ‘ - 

This is the latest in a series 
of ’ products from the . jgticoh 
Group which expects to Teach 
a turnover of £26m this year 
against £12m in 1577, of which' 
Film comes from the operations 
of the German affiliate. ~'£Sfrin- 
is attributable to the -'bureau 
based in Milton Keynes and the 
remainder, to consultancy in 
some 50 countries. 

Further from Scicon Con- 
sultancy, Sanderson House, 49 
Berner Street, London, AV1P 
4AQ. 01-5S0 5599. . 


• SAFETY 

Better 
breathing 
for welders 



1*1 




MOBRETCS 




FARMING 


Deals with heavy crops 


TWO RECTANGULAR bale 
machines have been announced 
by International Harvester Com- 
pany. PO Box 25, 259 City Road, 
London EC1P 1AD. 

The most outstanding change, 
he tween the 435 and 445 and 
their forerunners, is the widen- 
ing aod redesigning of the 
pickup cylinder. 

The 445 has the larger capacity 
of the two new models. Its num- 
ber of tine bars bas been 
increased to six. while the use of 
narrower stripper loops allows 
the number of pickup lines to be 
increased to 132. 

The combination of wide pick- 
up, increased frequency of tine 
bars sweeping the swath and the 
greater number of tines on each 
tinebar makes the unit distinctly 


more effective in dealing with 
heavy crops and bulky windows. 

More suitable for travelling 
narrow lanes or through gate- 
ways is the lower cost machine, 
the 435. This has an effective 
pickup width of five inches and 
in this case four tine bars are 
used, each with 19 tines to give 
a total of 76. 

Incorporated in the latest 
design is the transfer of the 
chain-drive to the cylinder from 
the ieft hand of the cylinder to 
the right, or outside position, 
which makes it more accessible 
for servicing in the case of a 
slipping clutch or malfunction. 

Both halers will have their 
first major showing at the Royal 
Smithfield Show next month. 


e INSTRUMENTS 

Easy check 
on heat use 


METALWORKING 


• PROCESSES 


FOLLOWING RESEARCH into 
the magnitude of health hazards! 
from the various components of 
welding fume, the Health and: 
Safety Executive has produced 
a list of Threshold Limit Values 
. (TLVs). During welding, opera- 
tions, any open welding arc 
produces fume which may be 
dangerous to the welder and to 
others in the vicinity, and a 
continuing problem is to ensure 
that workers are not subjected 
to any concentration in excess of 
.the TLV. , 

Where there exists • a high 
concentration of contaminants 
within the arc's area, the Factory 
Inspectorate recommends that 
the fume from any open arc 
welding process be adequately 
removed from the source so as 
to enable the breathing zone of 
the operator to be largely free 
from -such contamination. 

This can best be achieved by 
local extraction in -the vicinity 
of the arc, says Defuma, Royce 
Road, Carr Road Industrial 
Estate, Peterborough (0733 
44344), 


The company, has 
portable unit which Is degWhfe 
to improve -< the : fani&edgb 
breathing zbneaad 
vironment- of ^Weldeix ihiS 
been put on the-, market iff™ 
extensive on-site - provin g Ba g 
earned.: Gutat-lhe' wmter/I 
Baker Perkins; under 
vision of -the 

The' unit is three : 
with -a.' cantilever- systehz wbss 
ensures p working ratios 
feet 6 inches. It i 


w IUVUC&. XI H Hfi a S.-fftLt 

fire-resistant -hose that' 
suction from a POwerftt 
fugal and is said"to iompfeS - 

remove fume foum up 
inches from the weMing^'s 
inbuilt cleaning system ! *5 

simple electrostatic precinfiS./; 
and . so obviates . ■ hialKjfcJSi* 
placement -fitters. •.*..- 

^Following recent iast*l&£.;, 
of the- unit in' • various 
Perkins factories,' says UfejSs 
pany, welders there are:*® 
experiencing its henefitsT^*? 


E. German forging press 


COMPUTING 


VIP service in Europe 


SENIOR management, particu- 
larly of companies which have a 
number of plants or centres in 
the EEC area, arc being offered a 
“ personal computing " service 
by IBM, which is as far removed 
from what are now called 
personal computers as one could 
possibly get 

It allows managerial staff of 
companies with subsidiaries in 
various European countries io 
consolidate basic financial and 
industrial data. Primarily at 
Zoettermecr in Holland, and use 
it from terminals in their respec- 
tive organisations as an input to 


various methods of manipulating 
such data for planning and other 
purposes. 

A successor to Call 360, the 
service presupposes that the 
relevant company is already par- 
ticipating in the VSPC arrange- 
ments with IBM. It will work 
with PL/I. Fortran and APL and 
is fully protected with several 
levels of security — user identifica- 
tion, passwork entry to databases 
and program routines, etc. 

Further from IBM at 101 
Wigmore Street. London W1H 
OAE. 01-935 6600. 


MADE IN Denmark, instruments 
for tbe direct measurement of 
heat consumed by individual 
premises or householders in 
cases where hot water is supplied 
direct from a central boiler are 
offered in the UK by Grand-glen. 
P.O. Box 3, 175 High Street. 
Dorking, Surrey RH4 1QQ (0306 
3214). 

The equipment can be supplied 
in a number of forms, but in 
its most compact tconsists of a 
single unit mounted direct to a 
pipe in which the water is flow- 
ing. Mounted in the pipe behind 
the meter is a turbine ffow meter 
with magnetic transmission to 
a sensor in the integrator box. 
Also fed to this box are tem- 
perature readings from heat 
input and heat output pipes, 
yielding the differential tem- 
perature and. after integration, 
the heat flow which is clocked up 
on a counter and can be cali- 
brated in gigajoules, gigacalories, 
or megawatt-hours. 

The unit can be powered by 
a lithium battery giving a record- 
ing life of five years, and the 
turbine unit is of the sealed 
throw-away type. Installation 
can be in any attitude. 

The company says that- the 
meter complies with the require- 
ments of the National Consumer 
CounciL 


AMONG THE latest offerings 
from the East German machine 
tool industry is a 1600-ton forging 
mechanical crank press designed 
for use with automatic transfer 
equipment for high volume pro- 
duction. It is being marketed in 
the UK by Erfurt Machinery. 

Rigidity - and stability are 
ensured by the monolithic con- 
struction of the press body, 
■which is fabricated from castings 
and steel plates held by 
p re-stressed tie-rods. 

Tbe machine has a hydraulic 
device for releasing the press 
if it becomes jammed, automatic 
lubrication, and an in-bniit 


thermostat which stops it if the 
temperature of the main bearing 
exceeds a predetermined 
maximum. 

Ejection is fitted in both ram 
and bed, and “ hold up r is also 
available. Tbe ram and lop die 
holder are counter-balanced by 
means of a compressed air 
reservoir. 

The press is capable of 25 use- 
able strokes per minute, and 
maximum stroke is 2S0 mm, ram 
areas is 900 mm by 1050 mm, and 
bed size is 1120 mm by 1250 mm. 
Full details are available from. 
Erfurt at Dore House Industrial 
Estate. Orgreave Close. Sheffield 
S13 9.VP (0742 697341). 


Cleans with Portable protection 

POln WSrfpF - ; DESIGNED by Photain- Controls is still present j 

V? 1 ;> - ^avipo (hat «»n Tip ihpiI for' fOP another* five 


Italian milling machine 


A UNIVERSAL bed-type milling 
machine from Italy with recir- 
culating ball screws fitted as 
standard is known as the Rovolta 
FBF 14, and is available in the 
UK from E. J. Jones, the stan- 
dard machine division of 
Kearney and Trecker Marwin 
of Brighton. 

The machine ean be supplied 
with a 15hp nr 20hp horizontal 
spindle which is carried on a 
side-mounted headstock on the 
column. 

With an ISO 50-spindle taper, 
the unit permits milling opera- 
tions to be carried out vertically, 
or at any compound angle. 
Alternatively, the head can be 
removed for horizontal milling. 


either with a facing cutter 
mounted directly on the spindle 
or by using an arbour and 
supports in conjunction with an 
overarm mounted on top of the 
headstock. 

Eighteen spindle speeds are 
available: for the 20 hp head 
tbe range is 30-1500 rpm*; 22 to 
1110 rpm for the 15 tip head. 

The table has 1300 mm of 
longitudinal traverse with 
700 mm cross and S50 mm 
vertical. Feed rates on all axes 
are infinitely variable in the 
range 5 to 1000 mm per minute. 
Rapid traverse rate is 2000 mm 
per minute and power is sup- 
plied by independent 4.7 hp dc 
motor. 


ALTHOUGH THE. “wash box” 
(small high pressure water jet- 
ting system) is popularly used In 
garages and smaller industrial 
situations, it is not. powerful 
enough for more strenuous 
cleaning jobs. Users, however, 
cannot justify the need for the 
giant systems used in stone- 
cleaning operations for- huge 
buildings, etc. 

A middle of the road product,' 
intending to bridge tire gap 
between the wash box and large 
systems, has now been, -intro- 
duced by Harben Systems, Watt. 
Road. Cburchfieldv Salisbury, 
"Wilts. (0722 25424). 

This comes with water break 
tank, flow controTyalve, pressure 
gauge, a range, of standard 
equipment including higr pres- 
sure hose, safety gun. drain and 
pipe jets. etc., and has the com- 
pany’s pump at its heart- 

Unlike the wash box which may 
have to use hot water in order 
to cope with tougher cleaning 
tasks, this operates 1 with - cold 
water and is powered by a Petters 
AC2 air-cooled diesel engine,' 
producing six gallons a minute 
at 2,400 psL . 

It is suggested ..'for use by 
industrial, agricultural and stone 
cleaning contractors^, and c civil 
and structural engineers for on- 
site cleaning. It can also handle 
light-duty drain cleaning: opera- 
tions. says the company* •• 


DESIGNED by Photain- Controls 
is a device that can he used for 
the temporary protection of 
valuable items that might' bem. 
a room for say, only one night. * 

The detector, in a nigged steel 
“attache" case, can be placed 
in the area to be protected and 
switched on by a remote key-' 
switch. Then, anyone entering 
the area is immediately detected 
by the ultrasonic H radar” action, 
of the device which in turn 
triggers off a very loud electronic' 
siren. 

The alarm lasts for five 
minutes after which the unit will 
re-set itself— but if the Intruder 


is still present it trill then 
for another five zednotes. 

Operable from a- recharged 
2.5 Ah battery or from. the matt* 
the unit .-can. be coxm^tSTfc 
other kinds .Of. sensor &&& 
also set off remote alarmr a 
required: . - • *. 

: The. equipment, which 
fully operational within 
minutes of unpacking, 
be used in a more pexhuu&ti 
but “ Variable location ** mote* 
its position 1 can -be dton# 
nightly to prevent criminals ^® 
“ casing the. joint” - More* frta 
the. distributors. Leocas 
Alarms, Winsley Street London * 
WIN 7AP (01-5g0 23S3>:^M 


Stops crane collisions 


A RADAR-BASED anti-collision 
device intended for use - with 
overhead travelling cranes has 
been put on the market by 
Herbert Morris of Loughborough. 

Simplicity of installation Is 
the important aspect of tbe 


petent - electrician takes - a&ltf 
four hours. ~ : vST- 


equipment; there i& only one 
“ black box " to fit tt> the crane. 


and it does not need accurate 
positioning. Once fitted, the de- 
vice is then set for stopping dis- 
tance by a simple screwdriver 
adjustment. It is completely self- 
contained and enclosed and so 
is not affected by heat, humidity, 
dirt, fumes, light or any other 
radio- signals. Fitting by a cam- 


A useful, design' featnisds 
that. by. virtue- of the dopjp 
principles used, a '•« 
approaching l an ohstroefint'^ 
high speed war be stopped^ 
side the set distance, mm 
additional safety. . zgi 

Once the erane lash r jy* 
stopped the system is antomStK 
cally re-set; ailowi-'g the qptast 
tor to inch; forward- for * 
approach fo the obstruct!®-!! 
necessary. *,'•■ ■*. ! - - 

More from thexdrapanyt 
P.O. -Box- 7* North Road,£ougb* 
borough. - Leicester (0509 62123>. 




:-v. 




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same storming low drag body. %nd boast 
sn both unstressed twin cam engines 
(o i 1.6 litres in the GT and GTS, and 2 litres 
in the GTV and Strada). -' v - 

A rear mounted 5 speed gearbox and 
unique Alfa suspension deliver perfect 
balance and stability with a silken ride. 

^ ... Making each supremely safe' 

around snaking country lanes. ^ 








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£2 work to Jarvis 




Kier awards 


Good score 


CONTR ACT'S TffOfCnrbver frOm 
have been- .awarded to . ErtBCfr 
Kier. Group, companies: 

' For French Kier’ Construction': 
there - are contra els -from Snam- 
progetti; main contractor, for the 
fluid " catalytic crackings unit 
under construction. for Pembroke 
Cracking Company tflira) for- 
th e design and construction of 
buildings; f roint.' . ..the London 
Borough of Southward (£75L2914 
for phase 1 of the* Surrey Docks 
distributor road. and from Bar- 
low. Development Corporation 
i £327.857) for an office complex 
for ITT Components Group at 
Edinburgh Way. 

Kier To ter national's latest con? 
tract is worth £2,2ra and been 
awarded by the Abu Dhabi 
National' Oil Company. 


' This contract includes the con- 
struction of process plant founda- 
tions, the fabrication and instal- 
lation of underground pipework 
and the erecrion of steel pipe 
racks. International" Bechtel 
Incorporated ." is- ■ the : main 
contractor." 

. -Robert Marriott has. received 
two contracts worth over JMjji. 
One (£ 1 . 2 m>, is for a single- 
storey factory unit at the Biakc- 
lands Employment Area, Milton 
Keynes for Milton’ Keynes 
Development Corporation and 
the other also for the Develop- 
ment Corporation, is Heelands 
3 A, a housing estate at North 
Milton Keynes. This contract is 
for 221. two-storey dwellings. 


Charles Bland and Son has 
received a contract from the 
Department of the Environment 
(£344.107) Tor a new sludge 
steamer wharf at Herdman Chan- 
nel Road, Belfast Harbour East 
and Kier has received a £337.3S7 
contract, from West Sussex 
County Council for stage one of 
the A283 Bramber-Steyniog by- 
pass. 

Kier (RBW) has been awarded 
two contracts. One, worth 
£604.112. is for the redeployment 
of eight bouses and 41 flats at 
Waterloo Place, Lewes, Sussex, 
for the Lewes District Council 
and the other worth £236.216. is 
for the construction of 26 flats 
for the elderly at Cedar Gardens. 
Brighton, for the Sussex Housing 
Association for the Aged. 


for Norwest 
Hoist 


WORK FOR football eluhs. 
totalling nver £2 ini has been 
won by Norwest Holst. 

Under a £L93m contract for 
Wolverhampton Wanderers, the 
company will construct Mnliaeux 
Stand Phase 1, to accommodate 
9,126 spectators and include 42 
private boxes together with bars 
and lounges. The steel canopy 
roof will be made anti erected 
by George Depledge and the 
precast terrace uniLs will be 
designed and supplied by F.C. 
Precast. Mather and Nutter are 
the architects. 


CONTRACTS worth £2m involv- 
ing a data processing centre, a 
bank, two factories and a lab- 
oratory have been awarded to 
Jarvis. 

Modernisation and alterations 
of Esavian House. 1S1 High 
Hnlborn, London wci, for the 
Properly Service Agency will 
provide the dm a processing 
service of the Post Office with a 
new training school. Training 
facilities and a new Post Office 
will also be provided for London 
Postal Region. 

Also in central London, Jarvis 
is providing University College 
with new glass blowing work- 
shops and layouts for laburalories 


in the latter's chemistry build- 
ing. The alterations were 
designed by Stillman and East- 
wick Field. 


£3|m office 
block in 


CONSTRUCTION GROUP 


In Darlington. Cn. Durham. 
Jarvis is rebuilding a branch of 
the National Westminster Bank 
behind a listed facade. Designs 
are by Douglas .Harriot I, Worby 
and Rohinsan in association with 
the Bank’s regional architect. 


Sheffield 


P.O. Box No. 6, Park Hall, 
Salford Priors. Evesham, 
Worcestershire 
Tel. Bidford-on-Avotl 
3721 (20 lines) 


Jarvis in Manchester is 
modernising the machine tool 
works of Kearns-Ricbards. a 
division oF Slavelcy Machine 
Tools, in Altrincham, Cheshire, 
while in Wythensbawe. it is alter- 
ing a recently acquired factory 
for Edbro (Holdings). 


Tesco store extensions 


Sewerage 

schemes 


IMPROVED . sewerage . and 
sewage disposal facilities for the 
cities of Najaf and Kufa. arc 
planned as part or a £15m 
project designed by Leeds 
based consulting engineers 
. Haiste and Partners for the 
Iraqi State Contraction 
Authority for . water and 
sewerage projects: 

..Haiste are meantime -engaged 
on design evaluation’ studies for 
improving the sewerage system 
of the city of Karbala at a pro- 
jected cost of about £15m and 
Have prepared tender documents 
for proposed work at Ramadi. 
Tenidcr documents for schemes 
covering the cities of Hilla, 
Diwaniyah; ' Samawuh and Kut 
are said Id have • now. reached 
an advanced stage. 


Harrods in London, refurbishing North Wales by Cyngor Dosbarth 
work wnrth-at just-under £17,000 Meirionnydd, 
at the Cavendisti Hotel; London. Consultin'* poninppre are 
Wl. for Trust House Forte, and Lewjs and e- Duvivier and work 
alterations and refurbishing for invo j ves the constr uction of u 
R. W. Weekes In prowborDugh, H 5 . me jj e sea wa jj an( j apron an d 


Sussex, costing £13,500. 


Housing and other coaslaJ proteetioo wnrks 

1 upon which Taylor Woodrow and 

CnATITIinO' • Lewis and Duvivier are already 

. engaged include a £3m project at 
* - Minster, Isle of Sheppey for 

V . Swale District Council and a 
• smaller scheme at Amroth. South 
Wales for South Pembrokeshire 
JOHN LAING CONSTRUCTION District Council, 
is modernising SO pre-war homes 


a 190-meire stepped breakwater, 
the formation of a causeway, 
water main and new groynes and 
excavation work. 


for Newcastle upon Tyne City 
Council under a contract valued 

The semi-detached houses are Work worth 

in Lcmingtoft on the west side 

of the city and work has started _ PQ,. M ■ 

especicd bj over atom 


Norwest Holst is also carrying 
out work on Phase I of the con- 
struction of the new south-east 
stands for ■ Leeds United. 
Braithwaite and Jackson are the 
architects and Norwest Holst has 
been awarded a £100,000 sub- 
contract by Robert K. Roberts, 
the main contractor, for the 
reinforced concrete foundations, 
columns, retaining walls and the 
lighting tower foundations. 

For Chester F.C., Norwest 
Holst is to design and construct 
a £400.000 grandstand. The 
2.7S4-seat stand will be of 
in situ reinforced concrete con- 
struction witb concrete 
terracing and structural steel 
cantilever roof, included also 
is provision of social facilities 
and a small gymnasium. 


TESCO HAS awarded Bovis Con- 
struction two building contracts, 
together valued at about film. 

At Uitcbin, Herts., the existing 
slnre, which occupies a listed 
building, is lo bu reFurhisbed 
and extended at a cost of 
£750,000 by demolishing an 


adjacent public house. 

The other contract is for refur- 
bishing and extending the Tesco 
Home’n’Weaf store at Winion. 
Bournemouth. Valued at about 
£500,000 this will provide some 
S.500 square feet of additional 
sales area at ground floor level. 


W. J. SIMMS Sons and Cooke 
(Northern), of Nottingham, have 
been awarded a Dim contract to 
build a 120.000 sq. ft. n flirt- block 
in Sheffield for Trafalgar House 
Developments. 

To be built on the sue of the 
old Playhouse Theatre in Pinfold 
Streel. the work entails the erec- 
tion of a 10-storey block with a 
two-storey link podium, and is 
programmed for completion in 
two years. 

A pre-cast concrete frame will 
form the basic structural element 
with pre-east floors and roofs and 
specially manufactured brick- 
faced spandrel cladding panels. 
A moulded plastic facade will be 
applied to tbe link block. 

The remainder of the work 
will be in traditional construc- 
tion. including a two-storey base- 
ment car park, plant and lift 
motor rooms on the roof, and 
ancillary services. Architects 
are Fernie and Hall. 


STD 1078 988)3721 


Fertiliser 


store 


DESIGN AND construction of a 
bulk store capable of accommo- 
dating 24.000 tons or fertiliser at 
Ince. Cheshire, is to be under- 
taken by Land and Marine Con- 
struction, a member of the Royal 
Bos Kalis Westminster Group 
NV. Valued at £2m. the con- 
tract forms part of UKF 
Fertilisers' phase II development 
at this plant. 

It is staled that UKF Fertili- 
sers has indicated that Land and 
Marine Con sir net icm will he the 
preferred sub-contractor Tor the 
civil works associated with the 
remainder of the phase II 
developments. This work is 
valued at about £1. 


Supermarket and housing Quieter 

Tivn CONTRACTS, each worth levels with seven flats at both 


TWO CONTRACTS, each worth 
over £lm. have been awarded to 
George Wimpey. 

Fot J. Saiusbury. the company 
is to build- a supermarket at 
Kingsbury, London. XWP. The 
supermarket will be on two 


levels with seven flats at both 
second and (bird floor levels. 

In Scotland. Wimpey is to 
build 95 single and two-storey 
dwellings at Lower Methi). Fife, 
for the Scottish Special Housing 
Association. 'Work is due to start 
in November. 


piling 


Quality of plastics 


Athletics 


October next year. - 


Interior 


s ons work 


ORDERS FOR iwoifc iit .the UK 
worth nearly £330.900 have been 
gained by . .Wiltshier Inter- 
national Interior Contractors. 
Included is the; fitting out 
(£61,000) of a aeW shop libit- for 
Mothercare in Sttfndopr and Two 
contrails together worth £101.300 
fn" fit out two units consisting of 
showrooms and • office V "accom- 
modation for Nationwide /Build- 
ing Society a f Reading and 
Slough: ■" 

In Bedford the company " is 
undertaking a £118.000 ekteniram 
and refurbishing' '• jot at 
Deben ham's si ore and. the dffier 
smaller jobs iriofride a- 03,000 
corner »nlt -for. .<Cartier* tin 


The company has also started CONTRACTS together wnrth 
work on a £450,000 project to about £Sm have been awarded 
extend the new shopping .centre to Sir Alfred McAJpine and Son 
at Lower Broughton redevelop- (Northern). 

Ai!nLJZ a ‘- Salf0rd ’ - realer The largest, valued at over 
Manchester.. .- . *:• - ■ £fi.6m. is lo be carried out for 

The contract, awarded by the National Coal Board and 
Salford City Council; . involves involves comprehensive surface 
the design and construction of works for the new mine develop- 
14 shops, eight maisonettes and ment at Wistow, near Selby, 
six flats and forms - tbe .second Yorks. W. S. Atkins and Partners 
phase of the- shopping ..centre are consulting engineers for the 


facility in 
West Africa 


programme. • project. 

- ■ Another contract, worth just 
^ i . nnder £Im, concerns work at the 

•■■■ Drax power station in Yorkshire, 
for the Central Electricity Gen- 
. » eraiing Board while in the Isle 

IflA ‘ ■ of Man. McAlpine is to under- 

llIV i/l/Uvjl "i lake a contract, worth over 

TAYLOR WOODROW. Construct ifVnr 6 

tion has been awarded a^435,0Oa[;p ! ^ 0 - rh,s is for an extension 

contract for an 18-month jroaslal ^P thc Pa5ace Hotel - Douglas, to 


Protecting 
the coast 


protection project at .. Ynys^Y- i /provide an additional 39 bed- 
BrawcL Barmouth. > ’ Gwynedd^ too ms with services. " 


A FULL international athletics 
facility for the Ministry of Social 
Welfare and Rural Development 
for the Republic of Sierra Leone 
at the National Stadium. Free- 
town. is to be built by En-tout- 
cas of Leicester. 

The facility is to be surfaced 
with En-toutcas Olymprene and 
the contract is valued at £308,000. 

Back in the U.K.. En-tout-cas 
is to instal a 400 metre all 
weather synthetic athletics track 
at the H.M.S. Tcmeraire sports 
complex, Portsmouth. In addi- 
tion the company is to surface 
all-weather hockey pilches with 
its Dripia material. 

The contract worth £12S.12S, 
has been placed by the Property 
Services .Agency, and the 
main .. contractor is Wa rings 
(Contractors). 


GUIDANCE NOTES aimed at 
raising the standard and quality 
of glass reinforced plastics clad- 
ding in building are being pre- 
pared by the newly formed 
National GRP Cladding 
Federation (NGCF). First drafts 
have already been completed on 
four main subject* — design 
tolerances ^storage, handling and 
protection ; handling and fixing 
on site, and model procedures 
for tendering. 

These drafts will be further 
developed in collaboration with 
specialist departments of thc 
National Federation of Building 
Trades Employers (to which the 
Cladding Federation is affiliated), 
witb a view totheir acceptance by 
the building industry generally 
and to their forming a basis for 
possible future British Standards. 

The NGCF is open to firms con- 
cerned with the supply, manufac- 
ture or'fixmg of GRP cladding. 
Associate membership is open to 
architects, consulting engineers 
and other professions operating 
in the field, as well as lo manu- 
facturers .of such related pro- 


ducts as sealants and resins. Mr. 
P. J. H. Telling (Brcsnal Plastics) 
has been elected chairman and 
Mr. M. Hinde (Anmac), vice- 
chairman. 


THE FIRST licence to operate 
a system which can reduce the 
noise of steel sheet piling by 
19dB(A) has been granted by the 
National Research Development 
Corporation lo Means Construc- 
tion. 

Called Mears Muffler, tbe 
system has been developed under 
a Building Research Establish- 
ment programme For use in steel 
sheet piling work in conjunction 
with double-acting air hammers. 

Its special virtue is that it 


allows a panel of several piles to 
lit- driven within an acoustic 
enclosure while preserving tbe 
normal pattern oT sheet piling 
operations. This is achieved bv 
employing a pair of acoustic 
shrouds which art in combina- 
tion. 

The piles are pitched hetween 
a pair of conventional cates 
which have first been surrounded 
by a horizontal acoustic 
enclosure. A second, vertical 
shroud, which can both telescope 
and travel sideways, is then 
lowered on to the first enclosure. 
This permits each pile in the 
panel to he driven in turn first 
down to the level of thc gale, 
then down to the required height 
above ground. 


Inquiries should be made to 
Mr. K. M. Williams, Secretary, 
NGCF. S2 New Cavendish Street. 
Will 8AD. 01-6-37 4771. 


IN BRIEF 


£lm awards 


to Moss 


WILLIAM MOSS (Construction) 
has been awarded two contracts 
totalling more than £l.lra. 

The largest worth over 
£700.000 and due for completion 
by the end of 1979. is a ware- 
house for T. W. Kempton. of 
Leicester. The other, worth 
some £400.000, is for the rebuild- 
ing of Richard Roberts (Hold- 
ings) dye-wnrks. previously 
destroyed by fire, in Lough- 
borough. 


• Largest among £300.000-wnrlh 
nf glazing contracts awarded to 
•James Clark and Eaton is one 
worth over £50,000 for the 
magistrates court at Plymouth. 

• A £100,000 order for asbestos- 
cement corrugated cladding 
sheets has been placed with 
TAC Construction Materials hy 
Aktieselskapet Tonsberg Jernin- 
dustri for use on five harbour 
sheds in Sharjah' in the Middle 
East. 

• United Kingdom Construction 
3nd Engineering Company has 
been appointed mechanical con- 
tractor for the modernisation 
and estensino programme at 
BTP Tioxide's Crealham Works. 
Teesside. The contract, worth 
over £lm. was awarded by 
Humphreys and Glasgow as 
managing agent for the overall 
project 


• Lesser Building Systems (Ex- 
port) of Vcrwood. Dorset, has 
won a £150,000 contract for the 
supply of accommodation to 
Nigeria from Reamstan. a UK 
based imporl/export agency. 


0 S. Wernick and Sons has ob- 
tained orders worth over £130,000 
for its Skidpian re-locatable tim- 
ber-framed buildings from 
Cheshire County Council. The 
London Borough of Hounslow, 
Britannia Building Society and 
Round Oak Steel Works. 


• Latest contracts awarded to 
Stanley Miller range from the 
building of a working men's club 
(£132.000) and the modernisation 
of 70 houses in Jedburgh 
(£404.500), tn refurbishment 
work at Berwick upon Tweed 
<E1im» and Wallsend IT240.500). 


All Alfettas are covered by M 

AlfaPlus which includes unlimited M 
mileage cover for the first year, 12,000 
miles between main services, free ''M 

routine service parts for the first 27,000 wj 
miles and ‘all-in’ purchase price. 'Em 

■Most manufacturers have great m 

difficulty building one good fast sports car. 
yfe can offer you the choice of four While our 
Alfa dealers will further quicken your interest 
with tempting offers on them between 
now and the end of the year 


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number i 
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allegation 
lowing th 
affair. M 
was. had 
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Lady F; 
Marcia V> 
The Pr 
Sir Haro 
drawn so 
Subseqi 
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The Pr 
to h"ar 
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death in 1 



A proven instrument 
for the development 
of industry in Southern Italy. 


• - * 




INSUD — Nuove iniziative per ii 
Sud S.p.A. — is a Financial Com- 
pany with a capital of 40 billion 
lire, operating exclusively to de- 
■velop Southern Italy. INSUD is 
controlled by Cassa per il Mezzo- 
giorno (Found for South Italy), 
and EFIM la State owned indu- 
strial holding); other shareholders 
are IMI. ISVEIMER. Banca Com- 
merciaie Italiana. Banco di Napoli 
and the Banca Nazioaale del La- 
voro. 

INS CD operates exclusively to 
promote new enterprises, pro- 
viding qualified Italian and foreign 
companies ("the technical part- 
ner") with 50% of the risk capital 
to set up new factories. The es- 
sential requisite for IN SUD parti- 
cipation in a new initiative 
besides, naturally, that of being 
located in the South and being in 
line with the priority directives 
set down by the government's Five- 
Year Plan — is its technical-econo- 
mic viability, which INSUD verifies 
after a short examination. 

INSUD and the technical partner 
form a joint venture (with equal 
participation I, to which INSUD 
gives all the assistance necessary 
for the selection and purchase of 
the land and for contacts with^he 
financing institutions and the Cas- 
sa per il Mezzogiorno, in order to 
obtain sunk, capitals and low- in- 
terest rate loans. In addition, 
INSUD promotes personnel train- 
ing courses, financed directly by 
the European Social Fund, takes 
care of Finding middle-level exe- 
cutives and assures a modern ad 
ministrative organization. 

Once the new company's ope- 
rations are well underway, the 
technical partner buys out the 
shares owned by INSUD, ac 
cording to pre-agreed upon 
terms. 

INSUD 's participation has ex 
tended over a wide range of 
fields: from the textile to the 
chemical industries, 
from the automotive 
Field to prefabrica- 
tian, from electric 
equipment to heli- 
copters and cement. 

In a little over tens 
years since it began its 
activity, 43 plants ha- 
ve been established and 
many other projects are 
being finalized. 

The special condition of 
being able to divide the initial 
risk with a partner like INSUD, 
who is especially expert and 
informed about the economic 
and social conditions in the 
South of Italy, with the possi- _ 


bility, afterwards, of assuming full 
control of the enterprise at the 
right moment, has attracted large 
new investments to this area. 
Among INSUD's past or present 
Italian partners are: AVIR, Elet- 
iromeccanica, Fiat, Fimit, Ital- 
cementi, Ivi, Mondial Piston, Mo- 
xando, Nardi, Rivoira, Sme, Snia 
Viscosa, Pirelli, Vanossi, Volani, 
Wierer; among foreign partners: 
Computer Transmission Carp., 
Pennwaltj Union Carbide (USA), 
Curicini Cantoni Coats (UK),. 
Schwarzenbach (Switzerland), Os- 
ram (Germany), Jaeger and Fren- 
do (France). 

COMPANIES WITH 
PLANTS IN OPERATION - 
PARTICIPATION 
ALREADY SOLD 

ALCE: Electric equipment - Po* 
mezia. AJINOMOTO-INSUD: So- 
dium glutamate - Manfredonia. 
ALCO: Canned foodstuffs - Bari. 
CEMENTERIE CALABRO LU- 
CAN E: Cement - Castroviilari/ 
Matera. ELETTROGRAFITE ME- 
RIDIONALS: Black lead elec- 
trodes - Caserta. FERRO SUD: 
Railway equipment - Mat era. 'FI- 
LATURA DI FOGGIA: Sewing 
threads - Ascoli Satriano. FIMIT 





3 

T 

rr i 



rv 

1 

_U 


SUD: Soundproof materials - Pi- 
gnat a ro Maggiore. FR.IGO- 
DAUNTA: Frozen foodstuffs - 
Foggia/Val di Sangro. ILVED: 
Mirrors and special glasses - San 
Salvo. ITALIANA JAEGER SUD : 
Car panel instruments - Avellino. 
ITALSIL: Industrial sand - Melfi. 
rVTSUD: Paints - Caivano. LA 
HtPINIA: Canned meat - Avellino. 
MANIFATTURADI RIETT: Dye- 
ing and finishing - Rieti. MERI- 
DIONALE CAVI: Power cables - 
Giovinazzo. RIVOIRA SUD: In- 
dustrial gas - San Salvo. SAMM: 
Moulds and precision tools - Avel- 
lino. SCHWARZENBACH SUD 
ITALIA: Textiles - Rieti. SMAE: 
Elastomers - Battipaglia. TERMO- 
SUD: Therm omechankal con- 
structions - Gioia del Colle. VI- 
ME: Hollow glass - Bari. 


PORTFOLIO COMPANIES 
WITH PLANTS IN OPERATION 

BREDA NARDI: Helicopters - 
Porto d’Ascoli. C ELLUL OSA CA- 
LABRA: Paper pulp - Crotone. 
FREN-DO SUD: Brake plates - 
Avellino. GOMMAFER: Conveyor 
belts - F errand ina. MONDIAL 
PISTON SUD: Pistons for mo- 
tor vehicles - Potenza. NUOVA 
ELETTROMECCANICA SUD: 
Electric terminals - Villa S. 
Giovanni. OSRAM SUD: Bulbs 
Bari. O.T.B. Officine Termo- 
tecniche Breda: House-hold 
boilers and burners - Bari.- RA- 
DAELLI SUD: Air- compressors - 
Bari. WIERER CAMPANIA: Cement 
tiles - Benevento. 

PORTFOLIO COMPANIES 
WITH PLANTS UNDER 
CONSTRUCTION 

CORAL INDUSTRIE: De- 
vices for the improvement 
of industrial premises - Sa- 
lerno. DIGITAL NET- 
WORK ENGINEERING: 
Digital transmission instru- 
ments - Cosenza. IN DU STRIA 
CHIMICA DI TERMOLI: Fine 
chemistry - TermolL PELIGNA CO- 
STRUZIONI MECCANICHE: Plastic 
moulding machines - Sulmona. 
SARC: Commercial centre - Reggio 
Calabria. VANOSSr SUD: Electric 
equipment - Rieti. VOLANI SUD: 
_ Metal prefabs - Jsernia. 


Nuove Iniziative per il Sud S.p.A. 
VIA XXIV MAGGIO 43/45 - ROMA - ITALIA 
TELEFONO 47101 - TELEX 61050 


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—System Design 
— Installation 
— Line-up 
— Commissioning 
— Maintenance 


of any kind of telecommunication 
systems all over the world. 


at National 


Mr. Cyril Townsend will become 
general manager of the manage- 
ment services division of 
NATIONAL WESTMINSTER 
BANK from December 31. when 
Mr. F. \V. Gibson will be retiring. 
Mr. Townsend has been deputy 
general manager of related bank- 
ing services division since 
February 1977. 

★ 

Mr. C. A. Clarke has been 
appointed a director of ARBUTH- 
NOT LATHAM and C03IPANY. 

-*■ 

J. LYONS and COMPANY states 
that, following the successful 
offer for its shares by Allied 
Breweries, Mr. A. E. Bide, Sir Alec 
OgRvie and Sir Alex Page bare 
resigned as non-executive 
directors of Lyons. 

* 

Mr. P. L. Blackstone is to leave 
the Board of YARROW and COM- 
PANY in December on his retire- 
ment. Mr. J. Neumann joins the 
Board on November Z. and will 
continue as managing director of 
Y-ARD, the principal subsi di a r y. 
Mr. R. F. Simmer will become 
deputy managing director of 
Y-ARD at the beginning of next 
month. 

■* 

ESCHMAXN BROTHERS and 
WALSH. a member of the Glaxo 
Group, have formed an operating 
theatre division to be headed by 
Mr. Peter Place and based at 
Lancing, Sussex. 

★ 

Mr. Michael T. Moxmeb, assist- 
ant rice president has been 
appointed chief foreign exc han ge 
officer at the BANK OF NEW 
YORK. He succeeds Mr. Albert 
Sansivero. vice president who has 
been ill and wifi not be returning 
to the foreign exchange depart- 
ment Mr. Mounch joined the 
bank in 1987 as a foreign ex- 
change trader at the London 
branch and has been a senior 
dealer at the main office in New 
York since 19< ». 

+ 

PHILLIPS PETROLEUM COM- 
PANY has elected Mr. Paul W. 
Tneker as vice president of the 
gas and gas liquids division in 
the company's natural resources 
group. Formerly manager of 
international gas and gas liquids. 
Mr. Tucker succeeds Mr. C J. 
Silas, who has been elected senior 
vice president natural resources 
group. 

* 

Mr. Peter S. King, banking 
manager Dow Banking Corpora- 
tion London branch, has been 
appointed managing director of 
DOW FINANCE CORPORATION. 
Hoag Kong, a new subsidiary of 
the Dow Chemical Company. Mr. 
S. James Baxter formerly Scandi- 
navian representative. Dow Bank- 
ing Corporation, is the new- 
banking manager in London. 

+ 

Mr. D. C. A. Magrath has been 
appointed unit trust manager of 
CRAIG MOUNT UNIT TRUST 
MANAGERS from November L 

*• 

Mr. Ralph Rosen, chief dealer 2 t 
the London branch of NORTH 
CAROLINA NATIONAL BASK. 


has been appointed a vice presl- in. the company s pro 
dent. Mr. David Freud, who is a funnelling to ensw re 
director of Carolina Leasing, has contractors. vri ^ has 

also been appointed a vice preai- - PERCY FOX AND 

dentof NGNB. appointed Mr. £<*“ J? hTwUI 

* ' Lanson agency e^cutive. Me won 

FoBowmg the disposal by Promotesales “.rfuaison with 
Reynolds Metals Company, of their UK market, m close 
shareholding interest! in -the *etr pnncipals, Champagne ^ 
BRITISH ALUMINIUM ■ COM- son pere et fils in 
PANY, Mr. D. P. Reynolds, Mr. - * h 

J. L. Reynolds and Mr. A. D. Mr. James Walsh has oeen 
Reynolds have resigned as appointed managmg direcm^^ 
directors of BA. CERAMIQUE LNTERAATTONAl^. 

* the Bradford based ceramic tfie 

Mr. D- Gay. at present with importer and Jistoihutor of the 

Common Brothers, is -to. join. Ibmac Group. y f 

ENERGY SHIPPING as a director marketing controller of me 
from January 1, 1979. From that Music Hire Group- 
date. in addition to its position ha* 

as a broker for Vitol and others; . Mr. Aguslin Gonzalez has 
Energy Shipping will become become generalnian^erintrie 
responsible for the chartering of UK and Ireland for IBERIA, inter 
the Common Brothers tankers. . national airlines of spam. He suc^ 

* ceeds Mr. Mariano Safinas, who is 
Mr. Ralph Deane, previously returning to Madrid to take up a 

group managing, director of new appointment at neap _omce. 
DAVENPORT VERNON HOLD-' Mr. Gonzalez has worked m toe 
LXGS, has been anminted London office in the past. He 
chairman and managing director, -makes his return to the UK and 
Mr. John A_ Denne has been made Ireland from his previous post- 
deputy chairman and deputy in F « Jh Scandinavia and most 
managing director. Mr. A. £. recently as general manager m 
Franklin Hole has retired as Geneva, 
secretary and financial director * 

but remains on the Board as a Mr. M. P. Harvey, managing 
mon-executive director Mr. Alan director of Wood berry ChlUcolt 
S. Luxford has become a director cq has been elected presi- 
and continues as managing d ent of the ASSOCIATION' OF 
director of two the group ENGINEERING DISTRIBUTORS, 
dealerships. Mr. Donald J. Baker ^ had preT iousIy held office as 
is now group secretary and vice-president ' and also 

financial director of Davenport honorary treasurer of the assoda- 
Vernon and Co. * ^ Qn 

'k -A- 

Sir. Michael PItfieJd has joined Mr. D. McKinley has been 
-the INSTITUTE OF PERSONNEL appointed senior principal sur- 
5IANAGEMENT in the newly- veyor for the machinery design 
created position of assistant . appraisal and plan approval 
director (membership and department of LLOYD’S REGI- 
edneation). Mr. Pitfield was stER qF SHIPPING. He will 
previously a lecturer ar Slough ^cceed Mr. G Deardeu. who 
College of Higher Education. retires. on November 3. Mr. G 
„ * I. ■ Archer has been made senior 

Mr. Peter Gymer, prevjouay principal surveyor of the technical 
of OSMOND investication and advanced 

AEROSOLS, has been appointed engineering section of the re- 
group managing director and an d technical advisory 

'services department in succession 
Mr. Peter Hohnes, formerly sales ^ ftIr McK in!ay. Mr. F. Kxnne 
director and Mr. Jobs Paul; works become principal survevor 

Sr technical investigation within 

SStTSto “S ™7 h 'j d ^ ar;ment - rep ' aciDg,Ir - 

strator, becomes commercial • Arcner - . 

director and Sir. Rod TbrippletOB,' _ . „ 

the company's chief chemist, baa The Board of HARTLEY 
been made technical director. COOPER LIFE AND PENSIONS 
Osmond Aerosols is a member BROKERS has been re-constituted 
of the Talbex group. .* and now consists of Mr. P. A. de 

* ’. Pinna (chairman), Mr. M. J. Hunt 
Mr. Richard B. Geraghty has f managing director). Mr. K. A. J. 

been elected vice-president and Francis. Mr. J. M. Nflblett and Mr. 
resident manager of the London J. HL Miller, 
office of SOUTHEAST-' FIRST • * 

NATIONAL BANK OF MIAMI as EXCESS INSURANCE GROUP 
its European representative. states that Mr. William Griffiths 

* . has been appointed vice president 
Mr. AUao Spink has been and deputy managing director of 

appointed a director of SAMPLE its affiliate Abbey Intel-national in 
SURVEYS. He was- previously Bermuda, and will be leaving 
with the Save and Prosper Group. Excess to take up his new posi- 

+ . tion in November. He wlU become 

Mr. George Procter has been president on the retirement of 
appointed head of UK operations Mr. Neil Coates next year; Mr. 
by THYSSEN, of Germany.- \ Brewster High ter will also be 

* V- r - leaving the Excess to be vice presi- 
Mr. John Leeney has been dent and treasurer with Abbey 

appointed a director of -IAN-- International Jn Bermuda. 
MUNGLE. .He will be .involved The .following .additional' man*.. 





a cement changes have beennadp 
Mr. Ion Dean as - director 
general underwriting having % 
sponsibility for treaty xeinsu n^ 
agency underwriting. - Nortf 
American property and 
marine and aviation.. 
position as treaty line of busb»* 
manager will he taken. 

Mr. Bruce Crowder, who wiH->i 
joining Excess Insuranee - Gnraf 

Mr. Rex.Barberis, in addltioa f. 
bis posr as director ^ vt :hntne ai 
overseas operations, is now r* 
sponsible for the accident 
ment in London, encompassjasrih. 
contractors, all- risk, 
alty and bonds. , BSr. JeflT gb 
combe continues to be respansm 
for that department, but wflTw 
port to Mr. Barberis- Mr. Derrie 
Garland, manager of. the forpifi 
property in London will aiay% 
reporting to Mr. Barbrafslr. 

Mr. Ba rbeyis will ; have f'fii* 
tional responsibility - for'Aj W 
operations, and Mr. Deau wiHtefc 
functional responsibility for in- 
surance, marine and aviation, * 
the European 7 group, ; inctoi 
associate companies- ia -GenSS 
and Holland. . 

* ■■ 

Joseph Cartwright 
J. Cartwright Construe tied 
Hayward and Wooster: are^t 
amalgamate and trade unda-jh 
name o f HAYWABD. • iS 
WOOSTER. The Board of^S 
company win comprise John % 
Fisher fchairmah arid man«i2 
director). Mr.' Arthur ' 
(assistant managing directnri. Mi 
John L. Mitchell and: Shv W 
Mould. Mr. Kep Sharp 'viii-jjp- 
local director. Mr. David J. Offoa 
has become a director -of DiWSf 
MIDDLETON AND DAVTKS^i 
member company- - • 

Mr.' ' Brian Burke 'has’' Inevi 
appointed group director W par 
keting of COMPAIR. He w® pre 
viousfy -with the Masser-Fergdtni 
Group. - ~ 

■ 

Mr. H. Barrett.' havina reacts 
retirement age. has relinqaijftta 
position as finanpfai director -o 
HARTWELLS GROUP but re main 
on the Board in a consultative 
capacity. Mr. P. C Barrett,- 
director, has. been apptrinfe 
financial director. . . - .-.li 

*■ 

The Secretary for Emptovoni 
has appointed Mr. Fr ank M etetf 

as chai rman of t he SHIPBUHA 

ING INDUSTRY TRAUJUtt 
BOARD from November T9,:-. B 
will succeed Mr. F. James FkM 
ing, who has been chairmaaf s 
the Board for the past djjfa 
years. Mr. Metcalfe was 
recently director of the Enginra? 
ing Industry Training Board. - ? 

^1- 

Mr. Michael T. . Webon .&» 
joined CREATORS, as sales dlrA 
tor and Mr. Geoffrey J. Nidtri- 
has become, technical director 
The parent' concern is Plaficm- 

JnlernationaL 

" 

Mr. Tan Jay has rcdgnoLari 
non-executive director of RE? 
BROTHERS to devote all fris tun! 
to bis position as M-.’maaagfib 
director of Cocoa Meqfeartx r-~ : - 

'.- .. •• .- .. ■ 

; : : ■ iy 





THE 24th FINANCIAL YEAR 

• - v. • • 

The meeting of the shareholders of the Isveimer Endowment Fund - institute for the 

Economic Development of Southern Italy - has approved the balance sheet for the 
financial year 1977 which is summed up in the following figures: 

' ■ ■ ■■ . 


m 


I V'V<*'. • = 


IL 


Sirti Group 


SIRTI (Italy)— SEIRT (Spain)— SIRTEL (Brazil) 
SARTELCO (Saudi Arabia) — 

SIRTI INTERNATIONAL 


BALANCE SHEET AS AT 3Trt DECEMBER 1977 (Italian lire) 


ASSETS 

Available funds 

Loans and credits 
Shareholding, 

Security investments 
Other entries 

103.OV5.DdV.478 

1.342J0BA4IA78 

3A0SJM0.BZ4 

348J57VJM7J44 

2M>.otrj3*jon 

LIABILITIES 

Endowment fund, reserve 
fund and fund covering 
all risks 

Debenture loans 

Advances by the Treasury, 
GASMEZ, medlunueredit 

215.028 .786.3 53 
13nJ9UII7JU 


24)37.M3a01 J33 

Reserve fund and sinking fund 
Other entries 

Net profit 

^^TeW I In® 1 # >OM 

24J27AV8.573 
- 134JWj6M.T66 

Obligations to 
third parties 

Suspense accounts 

430.770^37 J00 
379J13A59A75 

Obligations to 
third parties 

Suspense accounts 

2.Nf.M12(U2l 

* 430 770.537^00 
379JI3A59.625 


2. 847.747 JVf .053 


2.847^47^78.853 

i| !i:is !|: ■! iiil-jv ;i : S i; !i| ;! 



>..>■! j;:;::.;, 


Isveimer carries out its medium-eerm 
credit activity, both at low interest and 
market rates, in Southern Continental . 
Italy, by the following operations: 

At low interest rates 

' 15 year maximum loans for the 
realization of construction enterprises, 
reactivation and enlargement of 
industrial plants. 

1 Business financing. 

Operations on medium-term credit derived 
From export of merchandise or services 
and from execution of work abroad. 

Naval credit for construction ,' 
transformation of ships and purchase . 
of craft already in service abroad. 

Tourist credit for hotel trade. 


At market rates 

1 15 year maximum loans for building, 
modernization or enlargements of-' 
industrial plants. 

'Subsidies. and 7 year maximum .. 

exchange discounts. »" 

1 3 year cash credits. - 

' Discounts and advances by . regular 
proxy on yearly instalments due; from the 
th .e Districts, the Provinces,' 
the Municipalities, the Unions and from 
other public bodies. .... • . 

* Subscription of bond Joans upon issue, 

' Contangoes and advances on JState- . 
bonds, securities, as well as discounts ' • 
on ordinary Treasury bonds. -i.".* 

'Other operations provided by- particular 
provisions of the law. 


imtitntfl of public law far th, erotic Ina ' ' 
of medium-eerm credit In tfia "'■■ _ 
.candnmcaJ South* 

The paoimonfaU estitot. the rewrve 
fund, the endowment, fo ltd one dn And 
covering ulf risks unounc to nearly . 
330 tfaoutnd mllKon Indian Jlre. •- - 


Head Office in Naples " 

Yli Nuo n Marina. - 

Agen o ' ea • ... y-'. 

ROME - Via PqrponL.' . 1 - 
MILAN . Via .Bottom el. S: ? - 
PSCARA,'^ 2S8. 

BAAL- Css y. EminacW 20/A. -^ei. 23; 
POTENZA -TWi Yrejirw.'tM .. Jel. . r; -^- 

catanzAro I vii Pogfiii,; 4 - ; ; - 


... ■ t 












Financial Times Monday October 16 197S 


The Executives and Office World 


EDITED BY CHR ISTOPHL R : UORENZ.v • - C 



THE DoE's Transport and 
Road Research Laboratory in 
Crowthorne has been using a 
big mainframe computer since 
1969. TVo years ago, having 
added more memory capacity 
and terminals year after year, 
it was decided, that the time 
for a complete replacement bud 
come.' - - 

But the specification and . 
procurement of 'a replacement 
was a long term exercise, and 
the head of the TRRL Com-, 
puter Services ' Department, 

Henry Part'err, decided that one 
way of relieving the burden in 

the meantime would be to Seven companies 'declined to "we were willing to switch it The potential suppliers were 

invest a modest sum of money make a proposal, while three nn m the morning and off in narrowed down to three (two 

on what he- called a MUM — a simply failed to reply at ali. the evening — and that's all — British and one American) and 
multi-user mini.. One offered a combined system and perhaps type in the date." the buying team then asked 

Simultaneously, the Technical for both installation, though The computer language re- for practical demonstrations of 
Information and Library Ser- the TRRL request had made it qmred was Fortran and the the equipment The first to he 
vice's division of TRRL had out- quite clear that there had to machine had to operate more arranged was on a bigger 

grown its own computer and be two independent -systems, rapidly than the mainframe machine than the one being 

was interested in buying a so- One declined to compete for the computer, as the intention was offered for this particular con- 
called DAD— a • minicomputer MUM machine and, in the -pro- t „ altract users to the mini tract, but even so, its response 
that would be Dedicated to posal for the DAD machine for ralhor lh;m t0 obli o e .u em To time increased from a few 
a hctrfi/.fc? Data processing — the library service, exceeded the use j t b seconds to an unacceptable 


The precarious position of computer buyers, 
confronted with confusing and sometimes 
misleading claims from suppliers, was discussed 
recently on this page. Today Sidney Paulden 
recounts an embittered user’s extraordinary story 


Abstracts 

which would assist the informs- maximum .stipulated budget by 
lion retrieval service provided 40 per cent. This left six poren- 
by Crowthorne for the Inter- 


These requests were included 


several minutes when 


national Road Research Docu- 
mentation scheme. 

So Henry Parten embarked 
upon a project to purchase two 
virtually identical minicom- 
puters. “We learned a lot in 
the process and I think we can 
pass on many lessons to others 
facing the same task. 

“ Remember that we were not 
exactly naive about computer 
acquisition., since the members 
of our team had all grown up 
with, computers. The transistor 
hadn't even been invented when 


6 He could not 
understand 
the machine 
that he . . 

was selling* 


the 

m the formal - Operations ™ L . trie i }°J ™ a P ro ! 
Requirement" that explained gr ? m ,n "bich the amount of 
what TRRL wanted to do with T ference material demanded by 
the equipment, leaving it to the the P r ?sram exceeded the 

manufacturers to show how they machl,ie s . memor y 

would he able to achieve the w»PacH>\ so that it had to access 
objectives. tbe dlsc - 

All .six companies on the The second demonstration 
shortlist replied, but the buying was impressive up to calls of 
team was horrified at the poor abouf . two-thirds the specified 
quality of ihe presentations capacity, but _CDuld not cope 
made during the salesman's w 'th the 90K byte program 
visits. The complexity and lack by TRRL. The equipment 
of comparability of the quota- w ? u ^ d have had to be loaded 
tions was also a problem: w ^th software that would 
though TRRL had not specified 100 much programming 

the way bids should be laid out, ^ x P e rtise on the part of the 


to insist on 
the manuals? 


I joined the service. Yet I can tial suppliers still in the run- ; f r, 7 remote user 

report that we were surprised mng for the orders, which would J* ate *-omplained of the wa> ii*mi»n*tratimi > uao 

st'SSCt Sf = ■—5sS3SSS3 

thought we- were, buying a car. TRRL then produced a expenses would be " 

not a computer.'* request for a more formal pro- Somc pro p osa , s ' were not £ Tt ,'c pccpntiql 

Since it is a Government posal to a detailed specification, capab]e o[ mu iti. acce * s bv CoaClllldl 

agency, the TORI, decided it It was estimated that the MUM remote {. S m“ otheB 

had to do everything possible machine would have, tu serve werc unable t0 reach the 5.^. 
to ensure that the maximum about 30 different users around fi ed capacity One insisted on 
number of potential, suppliers the TRRL site, with up to four offerin „ tW p entirely different 
of minicomputers had a chance using video display terminals ,- eb of hardware for the two 
to quote. 'and. that: the best simultaneously at anyone time, identical computers bein'' rc- 
possibler value for money was The installation would need to f]UC5teC |. One salesman was in- 

secured in the end. As many have a capacity of 96,000 bytes capable of understanding the w 'ho had only taken delivery of 
as 18 different . firms- were Hb.OOO words), with a 12 mega- machine he was offering and his machine a few days earlier, 
approached, each given the byte fl2m bytes) car fridge disc, the TRRL team had to relieve It was of the same capacity and 
same details concerning the a medium speed printer and a him nf h:s technical brochures similar configuration a s that 
requirements for, two. install a- "virtual memory” operating anc! explain them to him. required by TRRL. 

lions... " astern. . some had a set sales spiel It handled the largest capacity 

•* We wrote, tfr some -of the It was vital for the program- that was irrelevant to the busi- program with ease and its 
giants and some uf the midgets ming requirement on the part (if ness. on band, and they insisted response lime remained within 
in the business/- says' Henry the user to be minimal and. M on glorifying the benefits of seconds, even when six other 
Parten. “The quality of their an “open-shop” machine, it haff, COBOL or BASIC language users were plugged in. Further- 
response did ''not necessarily to be capable of running cbntf.abiliiies of their products, when more, the price turned out to be 
reflect their reputation in -the pletely unattended. “At the*. TRRL was interested solely in the lowest of the six being 
-i- r computer division.” says Parten^ Fortran. ' — J T * — * : — 


industry. 


offered. It was an American 


machine, made by prime, and 
had lo be the choice of the 
TRRL, even though the team 
would have liked to buy British. 

A true cost comparison had 
proved a very difficult process. 
Of the six quotes, some included 
the first year’s maintenance 
charges, others did not. One 
charged less for the first year 
and more for subsequent years. 
One overseas supplier omitted 
to mention there would be 
import duty additional to the 
stated price. Some quotes 
Included the four video ter- 
minals. others expected the 
buyer lo add that expense 
separately. Only one company 
seemed capable of delivering 
the machine within the financial 
period for which the budget bad 
been allocated. 

Now that the minicomputer 
installations have been running 
very satisfactorily for a year at 
the laboratories and library in 
Crowthorne, Henry Parten* has 
agreed to tell the story of the 
acquisitions, at Minicomputer 
Forum being organised by On- 
line Conferences in London 
next month.* 

“ Although wc were extremely 
thorough in our approach, we 
were able to carry out the whole 
buying procedure, from first 
request to the actual installa- 
tions. in little over three 
months. 

“I can warn potential mini- 
buyers that they must be sure 
to know what they want and not 
assume that they can leave it to 
the manufacturers to tell them. 
They must have technically 
competent people on their side 
of the negotiating table. It is 
essential to throw away the 
glossy brochures and insist on 
the manuals — the manual for 
the file management system, the 
manual for Fortran, for the 
operating system— even if you 
borrow them for a few- davs. as 
they might not be available as 
hand-huts. 

'Finally, it is absolutely vita 1 
to see your own programs 
operating successfully on an 
identical machine. You cannot 
assume that without such a 
demonstration it will be all 
right on the day. The user has 
a wide choice of minicomputers, 
and you need to hunt through 
a large number of offers before 
you find the one that will really 
meet your requirements.” 

* Online Conferences Ltd , 
Ctet'eland Road, Uxbridge. 
Middlesex. 


EXECUTIVE HEALTH 


BY DR. DAVID CARR9CK 



J C /J feus 


Business courses 


Job Evolution: The Settling 
«r Differentials. Brunei Uni- 
versity. Middlesex. October 30- 
November 2. Fee: £170. Details 
from Management Programme. 
Brunei University. Uxbridge, 
Middlesex. 

Management Development 
Seminar. The University of 
Cambridge. December 11-15. 
Fee £255 plus VAT'. Details 
from University of Cambridge 
Board of Extra-mural Studies, 


Madingley Hall, .Madingley, 
Cambridge CB3 SAQ. 

• t* 

The Work of . the Personnel 
Department Institute of Per- 
sonnel Management November 
20-24, at the London Embassy 
Hotel, 150 Bayswater Road, 
London W2. Fee £200.SS mem- 
bers, £250.56 non-members. 
Details from I PM. Central 
House, Upper Woburn Place, 
London WC1. . 


Dutchman throws out 
k & D challenge 



B^or^ngto Japan 

Japanese imports from the UK are currently 
| worth £54Sm. and it's a market that shows 
' many signs of expanding even more. 

©Few goods are still restricted. 

© Yen revaluation makes sterling more able to compete. 
•Encouragement from Japanese Government. 

7b take full advantage of this, we have organised a series 
of free, privare consultations on October 24ih and 25th 
at County Hafi. Barnsley. South Yorkshire. For an 
appointment phone Susan Lockwood on Barnsley 10226) 
86141 ext- 687. 

South Ybrtehire County Council 

ENERGY IN ACTION 



’■ RESEARCH .DIRECTORS in 
Gasman* eumpanie.s tend lo 
spend too much time* worrying 
about their part-time professor- 
ships, rather than ensuring that 
their department’s work is 
geared to market requirements.” 

"Britain spends about £6bn a 
year on research and develop- 
ment, yet only one in five R 
and D projects is successful. 
The rate of success should — 
and could— be increased.” 

The challenger, in both cases, 
is a Dutch management 
consultant. Dr. Johan Wissema, 
who next month will be holding 
workshops in London and Dus- 
seldorf on the effective manage- 
ment of research and develop- 
ment. 

One of the innovations. of Dr. 
Wissema’s workshops — being 
mounted by the consultancy for 
which he works, Bakkenist. one 
of the Netherlands’ largest — is 
its emphasis on specific, often 
mathematical techniques. 

One section of the workshops 
will deal with what he calls *■ R 
ami D key nnmbers ” — a tech- 


nique which claims tn forecast 
the future profitability 
projects and products still in 
the research stage. 

Other main themes will be 
better management of the 
“ interface ” between the 
market and R and D; mechan 
isms for the establishment 
of closer links between R and 
D and a company's long-term 
strategy; and improved manage 
ment within the R and 
department: one of Dr. Wiss- 
ema's suggestions here 
for the occasional introduction 
of production engineers and 
other “ outsiders ” into the 
senior management of R and D 
departments. 

The workshops, entitled 
•'Strategy and management of 
the research and development 
function/’ and costing £440. will 
be held in Dusseldorf from 
November 7-P and in London 
from November 13-15. 

Details from Bakkenist 
Management Consultants. Em 
maplein 5. 1075 AW Amster- 
dam. Netherlands. Tel.: 
Amsterdam 763666. 


YOU could be 



What interest do you pay on capital 
locked up in surplus stocks? What do 
aged and bad debts cost you ? Maybe 
£50.000 p.a.- cextamly.tco much! 

Stock Control Is only part of the 
benefit you’ll get from the Nixdorf Pro- 
duction Control Package, 
including - 

Inventory management and purchase 
control. 

BDls.of Materials Processing. 

Materials RetJuirernents Planning. 
Production Control and Costing. 

Just one entry updates all systems, 
so information is always available up 
to fee minute. 



\D3ViK 5: siauc.is £ui input rfiici extant 


Credit Control 





sll pnni ?vt .•-.vf'iii-- m-rr.is. . 

' Lnstdnt read-out of orders against 
credit limits and aged debt analysis are 
just two programs you can select iiom 
the Nizdorf Accounting Package, 
ihcluding- 
Sales Ledger. 

Purchase Ledger. 

Nomina] Ledger. 

Payroll- and anything 'else you need... 
Any entry updates all related files. 

It's simple to operate the 
NIXDORF 8 S 70 /L • 

Existing staff and Nixdorf.com- 
rmmicate easily through Iteybbard/’/Dl; 
worksta tions in BASIC English, untfc High 
SpssdPrixilciut of naid copy u required 


Coding preserves security o! sensitive 
information. 

Nixdorf Provides Everything 
YouNeed. 

Feasibility Study Planning, Training 
for Staff and Management, Hardware, 
Software. Engineering and Systems 
back-up. Stationery- even Finance. 

Over 60,000 1-Jixdorf systems are 
already in commission helping compan- 
ies to greater efficiency, higher profits. 

final's 4’: ir.inuresgGne... 

j NOW RING OWEN COOPER on 01-573 3111 | 

I or write to him at Nixdorf Computer bid, j 

The Hounslow Centre, I LamptonEoad, . I 
| Hounslow, Middlesex TW3 1JB. I 

| To find out how YOU can save £50,000 pja. . | 

I • K?c;-i 


i“ 


1 



NIXDORF 

COMPUTER 


ancient 

and 

modern, 
on the 
wonders 
of garlic 


" The thing that hath been, it 
is that urhich shall be: and that 
which is done is that shall be 
done: and there is no new thing 
under the sun." (Ecclesiastes 
1:8). 

WHEN these words were writ- 
ten some 3,000 years ago, it 
could hardly have been foreseen 
how accurate they would prove 
to he in an unimaginable 20th 
century worid. 

Man’s emotion and intelli- 
gence have not evidently 
altered throughout the known 
history of civilisations. Only the 
direction of reasoning has dis- 
played many a change — some- 
thing that should never be 
called progress, but too often Is. 

Examples are innumerable, 
but here I can mention just a 
tiny handful. New technologies, 
particularly in electronics, are 
astounding, and one only can 
be amazed to find young people 
who are able to grasp and em- 
ploy these marvels, whereas 
their 16th-century ancestors 
possessed less than a scintilla 
of such knowledge. 

But this does not mean to say 
that people nowadays are more 
intelligent: only that the chan- 
nels and disciplines have been 
altered. 

Thai sad little girl, known as 
ihe Nine Days Queen, the Lady 
Jane Grey, was totally ignorant 
of transistors or any other such 
modern miracle; yet her reli- 
gious knowledge and grasp of 
Canon Law was of such pro- 
fundity that, at the age of only 
17. she trounced and confoun- 
ded her inquisitors, most of 
whom were the greatest divines 
of the day. 



Even crime and villainy has 
altered little. Football hooli- 
ganism is thought by most to 
be a modem phenomenom. . . 
but 20 years before Vesuvious 
blew her top and destroyed 
everything within miles, rival 
fans of the Pompeiian gladia- 
tors dashed so savagely with 
the visiting supporters of the 
Nucerian team that, according 
lo Tacitus, the Roman Senate 
closed down the amphitheatre 
for a full ten years. 

Therapeutics must have been 
very different Yet very recently 
have come reports of a mar- 
vellous “new" drug which, 
according to a German pro- 
fessor. reduces the risk of 
coronaries by lowering blood 
cholesterol levels." Better still, 
this wonderful agent is claimed 
to be far superior to penicillin. 
His ■'new" panacea is garlic. 


Wise men 


While not disputing the pro- 
fessors* claim. I think that he 
should extend his trials to other 
fields. After all, early 
mediaeval doctors would not be 
without it because it was con- 
sidered to be a “specific" 
against a fairly wide variety of 
afflictions, including tape- 
worms, kidney stones, tuber- 
culosis. hypertension, piles, 
goitre, typhoid, scabies, diph- 
theria. ringworm, earache and 
bad livers ... to name but a 
few. It was also considered to 
be “most excellent" for “the 
gangrene.” If those wise men 
were right in seeing it as such 
a ‘‘cure-all/* our worries about 
the collapsed 3STHS would be at 
an end. 


Personally I am a little 
dubious about alt the claims, 
ancient and modern, hut have 
no reason to doubt that the 
stinking weed was as good as 
holy water when it came- to 
keeping vampires off ones’ 
neck. 

Even more notable. I think, 
is the notion entertained by that 
great old genius. Professor 
Fred Hoyle, who has turned ins 
eyes to the heavens and con- 
sidered that cornels and other 
extra-terrestrial forces are 
responsible for major 
epidemics. The ancient Babylon- 
ians bad no doubt about it: and 
mediapval man wa» well aware 
that comets were displays of 
wrath by God as trailers for 
horrific epidemics. 

Perhaps the greatest epidemic 
killer is and has been influ- 
enza. the numbers slain from 
man's beginnings numbering 
countless thousands. One nf the 
worst epidemics ravaged the 
world in 1743, and it was m 
that year that this "vile sweat- 
ing sickness “ acquired its 
modern name. Curious, really, 
that it shnuld come from the 
Italian and mean then (and 
maybe nuw) “influence of the 
stars.” 

However right or wrong the 
long dead seers were, can 
never be known: ami only time 
will reveal the troth of the 
postulations of our modern 
technological wizards. One thing 
is certain. In spite of the medi- 
cal advances of countless cen- 
turies — including very valuable 
immunisation — epidemics nf 
this often deadly family of dis- 
eases will recur and reap their 
bleak harvests. 



THE 

FLY TO NEW ZEAL 




'* j* 




... 




Flying direct to Auckland, 
can be a most unpleasant 
business. 

It’s a very long haul. 
About- -7 hours. 

Long before you get t b ere, 
you'll feel like death warmed 
lip. And by the time you 
arrive your suit will look slept 
in. and your face won’t. 

The only thing you'll be 
looking forward to is a day 
and a half in bed.- 

■Fortunately, there are 
some very pleasant 
alternatives, which will •. 
have you ready for 
business in 
New Zealand, in 
just about the same time. 

A6R NEW ZEALAND 
FROM LOS ANGELES. 

For a start you can stop 
off at Los Angeles en route, 
and take advantage of one of 
our special packages. 

You can stay at the 
fantastic Marriott Hotel at 
our special rate, so even your 
expenses won’t suffer 
And after you’ve 
freshened up, had a swam, 
even taken in some of the 


CcJlfciiii i '■ Aia-el: Efitiih Airway,*. 



sights, you can flyout in one 
of our comfortable wi do- 
bodied DC- Ute and arrive in 
Auckland in g< « »d shape. 

We fly ID times a week 
from Los Angeles. 

AIR NEW ZEALAND FROM 
HONG KONG OR SINGAPORE. 

Or you can stop off at 
Hong Kong or Singapore 
en route. 

In both cities, we'll put 
you up in luxury hotels at 


special rates. 

And then when you've 
relaxed, and enj< i\vd some 
Eastern hospitality we li fly 
vi >u n« m-stop ii * Auckland. 

We n 1 n ii High i s a week 
fn un 1 w it h lit mg Ki mg and 
Singapore. 

MORE SOUTH PACIFIC 

AND INTERNAL FLIGHTS. 

But don't think the. 
advantages * if flying 
Air New Zealand stop at 
Auckland. 

Far fr< mi ir. 

( >nce you’re there you'll 
discover we have more 
Si itith Pacific and internal 
flights in New Zealand than 
any i me else in the w» mid. 

So wo run get you to 
exactly whore you wan l to 
go. in the (piickest p« >ssib!o 
time. 

For more details of [lie 
best way to fly 0 j New Zealand 
contact y< iiu* Travel Agent or 
Air New Zealand. 

London; la Charles II St, 
SWlY JQU.Tel: 01-9:10 1088. 

Manchester: Suite 142, 
Royal Exchange, M2 7BZ. 

Tel: 061-S32 3266. 


We fly the Pacific. 







. .1 


12 

lombard 


ITHE WEEK IN THE COURTS 


GOLF BY BEN WRIGHT 


Financial Times Monday October ! 6 1978 


Callaghan and the 
EEC snake 


BY SAMUEL BRITTAN 

IN' A recent article I Rave odds 
of two- or three-to-ooe in favour 
of the UK joining the European 
Monetary System, popularly 
known as the supersnake. As a 
matter of reporting, it mast be 
said that there are those close 
to the Prigie Minister who would 
give exactly opposite odds, that 
is two- or ihrec-to-one against. 

The greatest reservations 
about the scheme are being 
expressed by those most con- 
cerned with the interna! political 
consequences in the run-up to an 
election. Rather than continue 
the guessing game with another 
set of odds 1 shall set out the 
factors on which the decision is 
likely to depend and end up with 
a proposal of my own. 

The internal Labour Party- 
aspect is easiest to state. It is 
of course always possible that a 
backbench anu-snake motion 
might be tabled: and if political 
interest hots up the Prime 
Minister might in any case think 
ir prudent *0 seek Parliamentary 
endorsement. 


Reducing the workload 
of the European Court 


Aoki v Owen in 600-1 
world match-play final 


Loyalty 


Tf this were all. I suspect the 
problem could be handled. There 
is a premium on loyalty before 
an election even among Labour 
backbenchers; and pro-EEC 
sentiments among the solid 
centre of the Conservative 
benches would probably get the 
better of doubts on the economic 
theory of the snake. 

A much more important 
political deterrent is that a de- 
valuation just before an election 
would be regarded as unpopular. 
And could the UK enter the 
EEC snake without a devaluation, 
unless the foreign exchange 
market anticipated matters by 
depreciating sterling in the last 
few weeks" of freedom before 
January 1? 

The most important point of 
all is that the member of the 
electorate who most fulJy shares 
the popular antipathy to devalua- 
tion is Mr. Callaghan himself. 
This clearly has its roots in the 
humiliation he suffered as Chan- 
cellor when devaluation was 
forced upon him in 196T. 

But the Prime Minister now 
sees the matter in wider terms. 
His political mission in life — 
which has almost struck, terror 
into some of his associates — is 
to conquer inflation. Patriotic 
and political instinct are here 
indissolubly merge! 

He is very well aware of tbe 
way in which the strength of 
sterling has helped to keep 
inflation in single figures, despite 
the avowed failure of Stage 
Three pay policy. He is also 
aware that the higher the rate 
for sterling on the foreign 
exchange market the less com- 
panies facing international com- 
petition can afford lo pay in 
tvage increase. 

With the crumbling of the 5 


per cent guidelines of Stage 
Four, even more importance will 
be attached to this constraint, in 
short, the course that Is likely to 
lead to the highest level for the 
pound in nine months' time is 
likely to be one the Prime 
Minister favours. 

Thus the main consideration 
that could decide the matter 
against the supersnake is fear 
of the depreciation it might 
bring. 

The official negotiations wbicb 
are sLili centred around the 
absurdly overblown question of 
whether the parities are to be 
fixed against the basket or grid 
will give next to no information 
on such questions. 

One dilemma Is that the con- 
ditions on which British 

Ministers have placed most 
emphasis— such as continued 
freedom to change parities, 

ample credit, and a so-called bias 
towards growth — would all 

weaken the anti-inflationary 

impact of the scheme and in- 
crease the likelihood of sterling 
falling. The worst solution of 
all would be an attempt to main- 
tain sterling inside the new 
snake on the basis of promises 
of German credits. 


Reserves 


There are still very keen 
recollections in Whitehall of the 
time in 1973 when Mr. Heath and 
Herr Brandt, then German 
Chancellor, announced after a 
dinner discussion that the Ger- 
man and British reserves would 
be pooled, only to discover after 
a few hours 'of discussion with 
the Bundesbank that no such 
scheme was possible. 

lo fact no amount of credit or 
even reserve pooling will long 
protect an exchange rate if there | 
is a discrepancy in underlying! 
inflation rates or other funds-, 
mentals. 

How then do we avoid a 
Hohson's choice, where either 
jnimng the snake or the interpre- 
tation pur upon not joining 
would weaken sterling unneces- 
sarily? It is not too soon to start 
drafting a statement in the best 
Treasury language saying that 
in view of outstanding problems 
about tbe operation of tbe new 
system the Government could not 
take an immediate decision to 
join, but hoped to do so even- 
tually. 

Its immediate priority was the 
domestic anti - inflationary 
struggle, which was a pre-condi- 
tion of membership. Policies 
were therefore being directed to 
maintaining tbe strength of 
sterling in the market; and to 
this end the monetary targets for 
the next 12 months were being 
reduced by 1 or 2 per cent. 

Not ideal, but probably the 
best way to retrieve something 
after the messy way in which the 
European monetary question has 
been handled in London. 


AT .THE meeting last week of 
the Ministers of Justice at 
Luxembourg the Lord Chancel- 
lor alluded to the workload of 
the European Court of Justice 
and tentatively proposed ways 
in which the jurisdiction and 
working of the court might be 
modified. He was responding 
to the call from the president 
of the court who had recently 
drawn the attention of the mem- 
ber states to the fact that it was 
in danger of being swamped by 
the number of cases being 
referred to it by national courts. 
Twelve years ago. and three 
years after Britain's initial 
failure to gain entry into the 
Common Market, Lord Wilber- 
force, now the senior Law Lord, 
wrote that the European Court 
of Justice ** continues to grow 
in stature: it is evidently one 
of the key creative organs'’ of 
the European Economic Com- 
munity. If five years of British 
experience has not diminished 
the esteem in which the court 
is held, there is a distinct worry 
that an inability to cope with 
the volume of work might 
seriously detract from the 
quality of justice emanating 
from Luxembourg. That is why 
the proposals for reform deserve 
urgent consideration. 

The Court's President made 
a simple proposal of an increase 
in the staff — an establishment 
of 12 judges instead of the 
present nine and an additional 
Advocate - General. But the 
ministerial reception to an 
increase in manpower was 
unentbusiastic. The mood 
of Ministers was very much 
more directed to looking at 
means of reducing the load on 
the judges. And the Lord 
Chancellor, while advocating 
an exploration of the court's 
jurisdiction at greater leisure 
than could be given at a two- 
day meeting of Ministers, 
clearly thought that the 
approach should be one of chan- 
nelling the important cases and 
sifting out the unimportant. To 
this end he put forward a sug- 
gestion that only appeal courts 
should be allowed to refer 
points of Community law to 
the European Court 

The present rale is -that a 
court or tribunal below the 
final court of appeal may, but 
is not obliged, to refer ques- 
tions of Community law that 
arise In national litigation 
where the point must be deter- 
mined before the national court 
can properly give judgment 


BY JUSTINIAN 

Experience to date is that quite 
the largest number of requests 
for preliminary rulings in the 
European Court comes from 
courts of first instance, or at 
least from intermediate courts 
of appeaL In England when 
the matter first came to the 
courts. Lord Denning sought to 
lay down certain “guidelines " 
in an apparent attempt to 
restrict the use of references in 
much the way envisaged by the 
Lord Chancellor. Tbe attempt 
was marred by some confusion 
of thought about fhe law on Uie 
subjecL What Lord Denning 
overlooked was the fact that, 
while a national court has a 
discretion whether to refer, that 
discretion must be exercised in 
the light of the purposes of the 
relevant Article in the Rome 
Treaty — Article 177. The 
European Court itself in 1974 
had held that considerations of 
national law were irrelevant to 
the exercise of that discretion 
by the national judge. Thus 
Lord Denning's “guidelines." 
as a matter of law. possess no 
authority; and in practice they 
seem to have bad little or no 
impact Decisions to refer by 
lower courts have in fact dis- 
regarded the diktat from the 
Master of the Rolls. 

Early ruling 

Already a National Insurance 
Commissioner -has made a 
reference, and the stipendiary 
magistrate at Marlborough 
Street Magistrates' Court made 
a reference in a case concerning 
a recommendation to deport a 
migrant worker who claimed 
that he could not be deported. 
And only this summer a judge 
at Bristol Crown Court made a 
reference in another case 
invoking the freedom of move- 
ment of workers; it was a case 
where an Irish woman was 
given a discharge conditional 
on her returning to Ireland and 
not coming back to Britain. 

There is a positive virtue in 
an early reference, rather than 
delaying it until the national 
litigation has scaled the ladder 
of the national court system. 
An early ruling on Community 
law— which only the Court at 
Luxembourg can give defini- 
tively— allows problems of 
Community law to be resolved 
rapidly In the preliminary 
stages of litigation and provides 
the European Court with the 
earliest opportunity of 
resolving doubts, not just for 


the national court with its 
pending litigation but also for 
the courts of all. member 
states. 

There would be nothing worse 
than a. postponement of an 
important Community law point 
until some litigant had a pocket 
long enough to take his case' to 
the highest court in a member 
state before going off to 
Luxembourg to resolve a point 
that could have been disposed 
of conveniently before the costs 
of litigation bad mounted, 
perhaps astronomically. The 
Lord Chancellor's suggestion 
should be quietly buried. 

Where then lies the remedy 
to the burdensome and grow- 
ing caseload of the European 
Court? The source of the 
remedy lies in the internal pro- 
cedures of the court Reform in 
this area would have the prime 
virtue of involving no amend- 
ment of the Treaty Itself, and 
hence could be achieved that 
much more easily. There is little 
doubt, moreover, that there is 
room for streamlining the 
court's procedure without any 
loss of quality. One method 
would be to create' separate 
chambers of a smaller number 
of Judges for specialist subjects, 
or even to establish a new 
tribunal for special areas of law. 
The field of patent law is one 
such subject that might be 
treated in that way. 

Another proposal would be to 
enhance the status of tbe 
Advocate-General who at 
present advises the court by 
publishing a lengthy opinion. 
The Advocates-Genera] are all 
of judicial quality, and their 
opinions are very often more 
profound and professionally I 
acceptable than the shorter, 
compromise judgments of nine 
disparate judicial minds. 

Many people regard the 
opinions of the Advocates- 
General as if they were almost 
decisions of the court of first 
instance that are automatically 
renewable by the court. Why 
not confirm that view by treat- 
ing the A d vocateG eneral’s 
opinion as a judgment which 
could, but need not, be appealed 
to the court? The parties to the 
litigation, on seeing Ms opinion, 
might well be content to accept 
it as binding on them. In that 
event at least a few of the cases 
referred to Luxembourg could 
be filtered away from the more 
expansive process of a : full- 
scale hearing before the court 
of nine judges. 


THE MOST unlikely final or tbe 
Colgate world match-play 
championship will take . place 
over 36 holes today when Simon 
Owen of New Zealand meets 
Lsao Aoki of Japan, in tbe last 
stanza of this year’s protracted, 
mist-enshrouded event. 

Joe Coral, the London book- 
makers, bad offered 600-to-one 
against this final pairing before 
the event started. 

The sponsors have been just 
as unfortunate In their 
subsidiary event for first and 
second round losers. The three 
seeded players who were sent 
packing from the major 
tournament on Saturday were 
s imi larly evicted from the conso- 
lation match-play event 
yesterday. 

In the semi-finals over 36 
holes of tbe major tournament, 
Owen beat Graham Marsh 
(Australia), tbe defending 
champion, by two-and-one and 
Aoki beat tbe burly American 
Ray Floyd by three-and-two in 
a match of superlative quality. 

In the quarter-finals of the 
subsidiary event tbe three seeds 
beaten were Tom Watson, who 
lost by four and three to big 
Andy Bean. Seve Ballesteros, 
tamed by David Graham by 
three and two, and tbe Britisher 
Nick Faldo, sent packing at the 
final hole by Dale Hayes. 

Flovd was five-under-par for 
the 16 holes of the afternoon 
round, and yet lost ground to the 
Inscrutable Japanese, wbo was 
[himself six under pax for the 
[distance. In effect .Aoki bad 
11 birdies in his last 2 3 holes 


to destroy as fine a match player 
as Floyd, who himself had five 
twos at the par-threes during 
tbe day. it was alt magnificent 
stuff, unfortunately viewed 
largely with academic interest by 
a sparse crowd frustrated at 
being deprived on Saturday of a 
home-bred hero to cheer. 

Aoki was two up at ranch 
after a scrappy morning 
encounter. And then the fire- 
works began. 

Floyd drew first blood at the 
first hole, where the Japanese 
dropped a shot to par for only 
tbe second time on the day. The 
second hole was crucial — after 
Floyd had holed out from 35 
feet Aoki followed him for a two 
from five. The Japanese went 
two np again whpn Floyd 
dropped one of only two after- 
noon strokes to par at the third, 
and the Japanese won the sixth 
and seventh to go four up. 

The eighth was ■brilliantly 
holed in birdies, Floyd following 
bis opponent from eight feet, 
after Aoki bad holed from twice 
that distance. 

The Japanese dropped another 
stroke to par to lose tbe ninth, 
yet still managed to turn for 
home for the last time in 33 
shots, and three up. 

In the last seven holes of the 
match there were .eight birdies 
between them. The tenth was 
halved in two, where Aoki was 
only two feet from the bole, and 
Floyd rolled in an immensely 
brave putt of 16 feet. 

The Japanese achieved his 
winning birdie at the next with 
a 30 feet putt and after both 
had played the 12th scrappily 


Aoki played a fine second shot 
ten feet from the 13th hole and 
got his birdie from ten feet. 
Bravely Floyd recorded birdies 
at tbe next three . holes, win- 
ning only the first two. After 
holing from seven feet at the 
26th. Aoki closed the door by 
sinking a short pntL 

Owen was one. up at lunch 
against Marsh, hut the Australian 
made a brilliant eagle at tbe 
fourth hole of the afternoon by 
putting his three wood shot a 
foot- from the hole to square 
the match. 

When the champion went one 
up at tbe next, where the slim 
New Zealander missed the 
green, it seemed that such a 
deadly, match player as Marsh 
would surely pull away from 
bis far less experienced oppo- 
nent Instead Marsh went to 
sleep, making a dreadful mess 
of the three holes before tbe 
turn. 

He was forced to concede all 
three to go two down, and when 
Owen chipped into the 10th or 
28th hole from 30 feet Marsh 
was as good as doomed against 
such a cool customer. And so 
it turned, out. Owen holed a 
magnificent 15-foot putt for a 
half [tx birdie four on the 33rd 
green. 

The New Zealander made a 
dreadful hash of the 34th in the 
trees on the left to allow Marsh 
to get back to only one down. 
But a iu3rvellous_ birdie for 
Owen clinched things at the 
35th. and the form in the Open 
Championship at St. Andrews 
was fully borne out. 


RUGBY BY PETER ROBBINS 


England cracks unfilled 



t Indicates programme la 
black and while 

BBC 1 

9.38 am For Schools, Colleges. 
10.45 You and Me 11.00 For 
Schools, Colleges. 12.45 pm News. 

1.00 Pebble Mill. 1.45 The Flumps. 

2.01 For Schools, Colleges. 3.15 
Sod’is of Praise. 3.53 Regional 
News for England « except 
London t. 3J35 Play School. 4.20 
The Mole and the Bulldozer. 4J25 
Jackanory. 4.40 C.B. Bears. 5.00 
John Craven's Newsround. 5.10 
Blue Peter. 

5.40 News 
5-55 Nationwide. 

6.20 Nationwide. 

6.45 Dad's Army. 

7.20 Tycoon. 


8.10 Panorama. 

9.00 News. 

925 The Monday Film: “White 
Lightning" starring Burt 
Reynolds. 

11.05 Tonight. 

11.45 Weather/Regional News. 

All Regions as BBCI except at 
the following times: 

Wales — 1.45-2.00 pm Pill Fala. 
4.40-5.00 Siangdlfans. 5.55-6.20 
Wales Today. 6.43 Barney Bear. 
650-7.20 fieddiw. 925 Gareth. 10.55 
Young Artists 11.45 News and 
Weather for Wales. 

Scotland — lfi.o0-l0.20 am For 
Schools (Around Scotland). 5.55- 
6.20 pm Reporting Scotland. 11.45 
News and Weather for Scotland. 

Northern Ireland — 3.55-3.55 pm 
Northern Ireland News. 5.55-620 


F.T. CROSSWORD PUZZLE No. 3,797 



ACROSS DOWN 

1 Where a pierroi goes for a 1 A small jar spells depression 
change (8) for relations (6) 

5 Surprise title is capital down 2 Mistakes a rodent in time (6) 

under 16) 3 “An may be crossed In 

9 Left the U.AJt. harbour, it love" (Sheridan) (6) 
sounds (4, 4; 4 A single line in a dusky 

10 Is there more precipitation r f cor *? , . . , 

in weather conditions in 6 A ring the writer looked at 
Germany? /6> „ “ astonishment (4-4) ; 

11 De trop or en route? (2. 3. 3) * Clearly opposed to reason. 

19 Rank we hear, for Gilbert . ^ wooed Penelope (8) 

U 51 fiihPrt (6> « One way indicated hasi 

14 Impromptu — something up ,, government approval (4, 4) I 

14 3, <i«ve 13 3 4) 13 0ne obstruction in the streets 

° nES . 5*1 \ offers stubborn resistance 


Scene Around Six. 11.45 News and 
Weather for Northern Ireland. 

England -5.55-6.20 pm Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

10.05 am The Role of the Nurse. 
10 JO Get Organised— For Safety's 

Sake! 

11.00 Play School (as BBCl 3.55 
pm) 

2.15 pm Let's Go. 

2 JO Roads to Conflict. 

3.00 Knitting Fashion. 

3J0 Making Toys. 

4.00 The Object of the Exercise. 
5J0 Open University. 

7.00 News on 2 Headlines with 
sub-titles. 

7.05 World Chess Championship 
Report 

7 JO News on 2. 

7.35 One Man and His Dog. 

8.05 Bead Name (Canadian 
cartoon i . 

S.10 Des O'Connor Tonight. 

9.00 Premiere 2. 

9J0 Discoveries 

10.20 Word for Word. 

10.50 The Price of Freedom. 

11.05 Late News or 2. 

11 JO Open Door. « 

11JO Closedown (reading). 

LONDON 

9J0 ain Sch'ioia Programmes. 
12.00 Mice and Meodelson. I2.i0 
pm Pipkins. 12J0 At the Emliaiuc- 
ir.ent with the Bothy Band. 1.00 
News plus FT Index. L20 Thames 
News. lJfl About Britain. 2.00 
After Noon. 225 Monday Matinee: 
Melina Mercuori in "Promise at 
Dawn.” 440 Clapperboard. 4.45 
The Tomorrow’ People. 5.15 Mr. 
and Mrs 
5.45 News. 

6.00 Thames at 6. 

6.2.1 Help'- 

625 Crossroads. 

7.00 Cooper— Just Like That! 
720 Coronation Street. 

R.00 Robin’s Nest. 

820 World in Action. 

9.00 Sandbaggers. 


10.00 News. 

1020 Monday Night Film: "A 
Severed Head" starring Lee 
Remick, Richard Atten- 
Borough and Claire Bloom. 

1220 am Close: A Pre-Raphaelite 
painting accompanied by 
the music of Brahms. 

All IBA Regions as London 
except at the following times: 

ANGLIA 

1230 pm First Steps In First Aid. US 
Anglia News. 230 House party. £25 
Mystery Movie ■ McMillan and Wife. 535 
University Challenge. 6.00 About Anglia 
I03S The Brian Connell Interviews U-00 
Feature Film "Tarantula.” starring 
John Agar. 1245 am Reflection- , 

ATV 

1230 pm Healthy Eaiios. 120 Ttev^desK. 
tZ.25 The Matinee Idots : "The Legend 
of Vjlrniino.” slam ns Franco Nero. 505 
In S'.-arch of . . . Hurricanes 6J0 ATV 
Today. 10-30 Left. Right and Centre. 1LJ» 
The New Avengers. 

BORDER 

1230 pm Gjrdt-nin* Today. tl28 Border 
N*«vs. 2,00 Houscparty. 1225 Matinee: 

■ Bus Stop." stsrrlm: Marilyn Uoiroe and 
Don Murray. 535 University Challenge. 
5.00 Lookaround Monday. 63D Cartoon 
Time. 7,00 Mr. and Mrs. MJ0 Pro- 
i.'-l.’Sr'iy Snnoher 1035 Danger In Para- 
dise. 1230 am Border Nears Summary. 

CHANNEL 

0.18 pm Channel Lunchtime News and 
what's On When. 225 The Mrs fery Movie: 
McCoy— In Again not Acam. 53S univer- 
sity Challenge 6.00 Channel News. 6311 
The BeairhcomDcre. T.M Botanic Man 
1038 Channel Laic News 1632 Cede R. 
U.C0 The Horror Film : "The Curse or 
Th.. Crimson Aliar." 1230 am News and 
Weather in French, followed by Channel 
Queue. 

GRAMPIAN 

525 am First Thlcc. 1230 P« Old 
House. New Home. 1 20 GrampSao News 
Headlines. *225 Monday Matinee .- "I'll 
By Your Sweetheart." starring Mara4rel 
Locirwood. Vic Oliver and Michael Rennie. 
535 I'nnrersity ChaUenye M0 Grampian 
Today. 6.05 Laverue and Shirley. 1030 
Reflections. 11B3S The Monday Film : 
“Midas Run.' 1 s' airing Anno Heywood 
and Fred Astaire. 12 30 am Grampian 
Laic Night Headlines. ' 

GRANADA 

1230 pm Farmhouse Kitchen. UD Dodo. 
*2.25 Monday Matinee, Suzanne Pieaheue 
in •*Fai*» is the Hunter." 53D What's -Vote. 
535 Crossroads. 6.08 Granada Reports. 
630 Botanic Man. 1030 Mystery Movie 
Premiere ■ McCloud. 

HTV 

1230 pm Farmhouse Kitchen. 1-ZD 


Report West Headlines. US Report Wales 
Headlines. 2 00 flonserarty. 535 The 
Undersea Adventures of Captain Nemo. 
530 Crossroads. MO Report West. 532 
Report Wales. 1035 Tbe Monday Film : 
“StUcito," starring Alex Cord and Britt 
Ekiand. 

HTV Cymru /Wales— As HTV General 
Service except : 130-135 pm Penawdau 
Netvyddlou Y Dydd. 2.002 25 Hamdden. 
6.00632 Y Dydd. 830-930 ' Vr Wythnos. 

HTV West— As HTV General Service 
except : 130130 pm Report Wen Head- 
lines. 632-MO Report West. 

SCOTTISH 

12 38 pm Farmhouse Kitchen. 1.25 News 
and Road Report. 235 Monday Film 
Matinee : "She Wore a Yellow Ribbon." 
star-rins John Wayne. 535 BjtflnR. 530 
Crossroads 64)0 Scotland Today. 635 
CrtmedesK. 638 Father Dear Father. 10.30 
Late Call U35 The Detectives f McCloud. 

SOUTHERN 

1230 pm Farm Progress. 130 Southern 
News. 2.00 House party 23S 'Monday 
Matinee : "Soldier of Fortune.’' starrtne 
Clark Gable 5.15 The Undersea Adven- 
tures of Captain Nemo. 530 Crossroads. 
6.00 Day by Day. 10 30 Southern News 
Extra. 1035 Afloar. U.0S ■‘Strange Home- 
coming, 1 ’ starring Robert Culp. 

TYNE TEES 

935 am The Good Word, followed by 
North East News Headlines. 1230 pm 
Last of the Wild. 130 North East News 
and Lookaround. 235 Family. 330 
Generation Scene. 335 Cartoon Time. 330 
Lassie. 535 imfversttir Challenge. 6.00 
Northern Life. *35 Police Call 11030 The 
Monday Film : "The Knack." starring 
Rita Tushltudum and Michael Crawford 
124)5 am Epilogue. 


ARGENTINA reached yet 
another historic milestone in 
their Rugby life by drawing 
13 — 13 with an England XV 
which, to all intents and pur- 
poses, was a full national side. 
It was a noble effort, and far 
removed from the acrimonious 
scenes of Moseley last Saturday. 

Those are not forgotten, and 
Argentina has clearly learned 
many lessons since their first 
game at Oxford. They admit 
that they are here to learn, but 
also have something to teach us 
as well — mainly in their vitality 
and enthusiasm, of which 
England bad little. 

The Argentinians have also 
improved their scrum technique, 
and were not given the expected 
[runaround in the set pieces. 
Obviously a touring side gets 
itself super-fit, but it is- the 
ability and. above all. the desire 
[to live slightly dangerously that 
have won them so many ad- 
mirers. Yet again they scored un . 
impudent try from a short 
penalty. 

If Porta and Landajo, the half- 
backs are the core of the Argen- 
tine attack, with Sansot floating 
ethereally behind them, what 
was obvious on Saturday was the 
sheer character of the pack that 
enabled these three to shine so 
illustriously. They have also 
learned discipline, and - have, 
brought to England a Freshness 
that those of Latin origin seem 
uniquely capable of expressing. 

Sandy Sanders, the chairman 
of England's selectors, was under 
no illusions before the match, 
and did not foresee an English 


romp. Neither cpuld he have 
foreseen the sheer lethargy of 
the England side. How for- 
tunate. then, that England have 
had this match to make certain 
re-assessments of some . estab- 
lished players. 

Looked on as a trial, it was a 
valuable exercise; regarded as 
an occasion for team unity, it 
was much less-successfuJ. There 
were .three players, each with a 
glorious chance to secure an 
England place this year, the 
most important of which was the 
scrum-half. The fact To that 
there are about six players, aH at 
the same level of mediocrity, in- 
clndlng Gifford, who. can take 
that place. 

After a bright start, he was 
obsessed with running and pass- 
ing unproductive^ to the bftud 
side. Not only that , he also takes 
an age to. wind up, so that .vital 
yards are sacrificed. The first re- 
quirement of a scrum-half is a 

quick ■ pass: -length can. coroe 
Later:, 

' For all that, Horton at fly-half 
is the one person who can show 
any originality, and bis support 
off the ball was excellent 

Bushel], tbe full-back, has 
kicked a lot of points this sesaon, 
but contrived to miss five penal- 
ties. Matches these days are won 
by the" boot rather than the band. 
Gaplan’s attacking qualities will 
be vital, particularly as the centre 
play is so pendantfe. J Warfield, 
now back after a serfqus injury, 
has tremendous physical pre- 
sence, like > Kent, but is' much 
more literate. Bond, also will 
press his claim-, but the fluency. 


even with Dodge, is still missing, 
and, therefore, England on Satur- 
day’s showing can still not make 
full use of their splendid wings, 
Sleraen and Squires. 

The greatest upset of Satur- 
day's game was in the sluggish- 
ness of the England pack: with 
the exception of Rafter on occa- 
sions, the back-row play was woe- 
ful and clumsy. Neither Scott nor 
Dixon got to the breakdown 
quickly enough, and when they 
arri'V'* lost all dexterity. 

Uttley is back In circulation, 
though I have not seen him 
myself this season. He could 
come Into the second row or No. 
8 position. Good No. 8s have a 
feel and instinct for the game 
which Scott certainly at this 
stage does not possess. England's 
selectors win also have to con- 
sider the claims of Near? and, 
of course, those of Mordell. 

ff Uttley is considered in the 
second row, -where does that 
leave the choice between Horton 
apdColcloa&tL . -Horton £as-"been 
the enfant - terrible of -English 
Rugby for - some while. . yet in 
France he is considered the best 
second-row forward, around. 
Beaumont still .has the same 
quality of leadership by example, 
but what was disturbing was that 
the English - forwards seem to 
have forgotten .their primary 
duties. So often an extra , pair 
of hands hindered Gifford— both 
Nehnes and Scott were particu- 
larly guilty qf tfaijs. 

. Finally, this game will have 
served as a salutary lesson to 
those ,:who thought that the 
cracks had been filled In the 
English team.- Far from it 


BASEBALL BY JUREK MARTIN. 


Yankees 9 season and a half 


ULSTER j 

1230 pm Farmhouse Kitchen. 1-20 Lunch ! 
now 200 See You Monday 235 Monday 
Mariner ■ "She Wore a YpJJow RJtrton.". 
starrln? John Wayne 438 Ulster News! 
H-ariltnes 535 Cartoon. 5 20 Croisronds 
6-00 La verne and Shirley 1030 Moral a v 
Night. 10.80 Review. 1118 In Search of 
. . Strange Visitors. U 35 Bed rime. 

WESTWARD 

1237 pm Gits Roney bun’s Birthdays. 
130 Westward News Headlines. 235 Tbe 
Mystery Movie : McCoy. In Again, Out 
Again. 535 University Challenge. 630 
Westward Diary and Sports Desk. 7 00 
Botanic Man. 1038 Westward Late News. 
1030 Encounter i Jerry Wtesini. 1UM Tbe 
Horror Fflin : “Curse of Tbe Crimson 
Aliar. stdrrlmt Boris Karloff. 1230 am, 
Faith tor Life. | 

YORKSHIRE 

1230 pm Panning Outlook. 130 
Calendar News. 2.25 Family. 330 Heart 
to Heart. 330 Andy. 535 Uolversirr 
Challenge. 6J» Calendar lEmtey Moor 
and Belmont editions'. UL30 Pro-Celebrity 
Snooker 1135 Bartuiby Jones. 


18 Final effort from a High- 
lander (1, 4, 5 1 

22 Short steps to glib cant (6) 

23 The hag Ted embraced 
jerked IS) . 

24 It takes a Russian for a ride 

<e> 

23 Old fellows with money are 
deceivers (S) 

26 Mounted corollaries (6) 


offers stubborn resistance! 
(5-5l 

15 Beat the Saint in Wales (Si, 

16 Tbe girl friend of Narcissus 
always had it <4, 4) 

17 He makes a dash, but is not 1 
neared far it ($t 

19 Workers a Scottish island 
supplies IS) 

20 Applause acknowledges the 
drink (6) 


27 Fools get - » n 10 find the 21 Inventor upset at the end of 
murderer (8) Ihe same (Si 

The solution uf last Saturday’s prize puzzle will be published 
with names of winners next Saturday. 


RADIO I 247m 

(Si Stereophonic broadcast 
IMedlum Wave 

5.00 am As Radio 2. 7 02 Pan] Burnett. 
9.00 Simon Bares. 1131 Peter PoncU. ZJW 
pm Tony Blackburn <ui Kid Jensen. 730 
Alan Dell >101115 Radio 1*. 103 John Peel 
<Si. 12. DO-2. 02 am As Radio 2. 

RADIO 2 tJOOm and VHF 

5JX> am News Summary. SJQ Tony 
Brandon >Si Including 6 15 Pans* for 
Thought 732 Terry Wocan r SV including 
K 21 Racing Bulletin and 8 45 Pause for 
Thought 10-02 Jimmy Voting tSi. 1235 
pm Waacancr* - Walk. 12 30 PWr Murray's 
Own House (S» including 1.4a Sports Desk 
230 David Hamilton 1S1 including 2.45 
nnd a.45 Snorts Dost:, aw Wacaonfrs* 
Walk, fl.45 Sports Desk. 430 John Punn 
>S> including 5 45 Sports Dusk, k 45 Spnns 
Desk. 7 j 02 BBC Northern Radio Ci rch. urn 
iS>. 730 AJan Dell. 7.30 1710 Dance Band 
Days. 8.02 Tin* B!g Band Sound is>. v.02 
Humphrey Lyttelton with 'hr Best or 3azz 
nn Records >5t. 835 Snorts D>-sk 10.02 
Pop Score 1030 Star Sound. 11 02 Peter 
Clayton introduces Round Midnight, in- 
cluding 12.00 News. 2. 00*232 am News 
Summary. 

RADIO 3 464 m, Stereo & VHF 

*635 am Weather. 7.00 Nous 7.D5 
Overture 'Si. 4.00 Nows 8JE Morning 
Concert 1 Si* 9JJQ News 6-05 This Week's 
Composer; Sir U-nnm Berkeley t si. 930 
Talking About Music <S*. 10 20 Settings 
Of t:. e. cummlncs iS>. 1LU Bourne- 
mouth Symphony Orchestra concert, part 


1 : Smetana. Liszt 1S1 12 JO P« In Short News. 145 Listen with Mother. 3.00 New- 
italhi. rr.x Bounmcnamfi SO part 2: 3h5 Afternoon Theatre (Si. 435 Story 
Shostakovich iS> 1.00 NewU. 1-05 BBC Tim*- 5.00 PM : News raaESrilne. 535 
Lunchtime Concert <s> 2 00 Manchester Wgaihor : prosromme news 6.00 N ews 
International Organ Festival I*** »*». ZJW 630 Dr Finlay s Casebook. 7h0 News 
Maunee Musical? <s». 130 1978 Benson 7.05 The Archer-* 7.20 6 ram our own 
and Hedses Gold Award for Concert corresuondem. 735 The Monday Play iS>. 
Singers .51 430 New Records »SI. 533 915 A Side wavs Look Al . . 930 
Bandstand (S>. 5j4S Homeward Bound KaleWos««M\ 939 Weather. 1M0 The 
'■ only from 5^51 6.30 News tt-K At World Tonight 1030 Call tor the Dead 

Home ; Music from the Treasury of Music 11.00 1 Rook; at Bed ttm“ 1133 The Plnan* 
for Orchestra. 730 Ethel Bartlett and cial World Tontcbt. U 30 News. 

Em BoSrffi tJSSS’iw: BBC Radio London 

9.00 Raisin* ibe siege (talk by Ian 206m and 94 3 VHF 

Crirabte 1. 9 3D Each Mass » B Minor. 530 am As Radio 2. 630 Rush Hour. 

MW 5 ,s '- 10-20 Music from India tS>. 9.00 London Live. 12JH pm Call In. 3.08 

11.15 Jar? In Rntam: Ken Ryder's TaJwiccr SDS showcase. 4 « Rome Run 630 Look. 
'S'. w U-45 News. 1339-1135 TnnljftfJ strip. Listen. 730 BlacR Londoners. 830 
Srhuben Son; Bre.tbthrouch. 10 JU Late NUtlit London. 

„ "“Ole 3 VHF only-*j»-TJ» am. 635- noo-ciiwa : As Radio 3. 

TJO npnn University. 

ba run 1 London Broadcasting 

KALmJ -4 26Ira and 97J VHF 

- 434n>. 230m. 205>Zt and VHF SJJO am Worn Ins Music 640 AM : Mon- 
600 am News Bnefla*. 6.M Farming gw news. Information, travel, sport U 00 


IN A SENSE, Mr. Rupert 
Murdoch deserves a vote of 
thanks for having helped make 
this a memorable baseball season. 
Had he and the publishers of 
the New York Times and Daily 
News settled their differences 
with tbe New York print and 
journalists' unions early in 
August, the newspapers would 
have been able to devote acres 
of space to the enduring soap 
j opera that is the New York 
Yankees and would have so dis- 
tracted them that they would 
□ever have made their dramatic 
overhaul of the seemingly 
invincible Boston Red Sox — nor 
their current levelling of the 
World Series against L05 
Angeles Dodgers at 2 — 2, having 
been 0 — 2 dawn. 

With no papers around to 
detail their loves, hates and 
rivalries, the Yankees had no 
alternative but to play basebalL 

The New York-Boston contest 
for the American League East 
title In the end dwarfed all else 
this summer— not that this was 
an otherwise insignificant 
season. 

Pete Rose of the Cincinattl 
Reds, for example, the personi- 
fication of bustle, put together 
a 44 -same hitting streak, sur- 
passed only by Dimaggio of 
bygone days, and GayJord 
Perry, in his 40th year, was un- 
questionably the best pitcher in 
the National League. 


Back in the American League 
East there were just Boston and 
the Yankees. For more than half 
the year the Red Sox carried 
all before them: Jim Rice was 
simply the best pewer bitter in 
the game and was ably comple- 
mented by' the ageless .Yaz- 
stremski and pitchers who man- 
aged to yield fewer runs than 
Rice and company scored. To- 
wards the end of July, the Sox 
stood 14 fall games ahead of the 
bickering Yankees. 

And how the Yankees bickered. 
Last year's troubles, it seemed, 
were a mere dress rehearsal for 
the grand event of 1078. Billy 
Martin, the manager. Is a matt 
whose knowledge of the game is 
unfortunately surpassed by his 
temper. He feuded with every- 
body, with George Steinbrenner, 
the autocratic owner, and with 
his slagging - superstar Reggie 
Jackson. 

Hie denouement came in late 
July. Martin went (only/ mys- 
teriously, to be rehired for the 
1980- season). More immediately, 
Steinbrenner turned the team 
over to a nice quiet gentleman 
called Bob Lemon whose only 
known interest is in letting his 
players' get on with the game. 

Shortly thereafter the New 
York newspapers shut down. The 
Yanks surged and the Sox, 
hobbled by injuries and nerves; 
choked. Ron. Guidry mowed 
down every one in sight and, (he 
hoariest pitcher of them all, the- 
great Jtm -“Catfish^- -Hunter, 
shrugged off his ailments and 


RACING BY DOMfNfC WK.AN 


pitched like ‘he had in his glory 
days with Oakland earlier in (be 
1970s. With two weeks left, the 
Yankees swept past the Red Sox. 

But the Sox, to their credit, 
did not fold. . With Rice match- 
ing Jackson belt fbr. belt, the 
Bean town Bombers won tbe last 
eight games of the regular sea- 
son. The. Yanks did not quit 
either, but lost the last game 
to lowly Cleveland and. thus fell 
into a tie. 

. The one-game decider was up 
■in Boston’s Fenway Park, its 
short left field wall reputedly 
death to left-handed pitchers. 
And .who should be pitching For 
the Yanks but the best left- 
hander in Baseball, Ron Guidry, 
the man who had won, astonish- 
ingly, 35 of his last 39 decisions 
over two seasons. Up for Boston 
was none other than Mike 
Torrez, the Yankee stalwart of 
wily a year ago. traded away In 
the off-season, by a diffident 
Martin. 

The Yanks woh 54. Guidry 
got the victory, though he has 
pitched better. Reggie Jackson 
got a home run, -naturally, but 
the unlikely hero was the modest 
lnfielder. Bucky Dent whose 
three-run shot gave New York 
its oome-froxn-behind triumph. 

' In the' play-offs, the Yankees 
knocked off. Kansas City and the 
Dodgers predictably removed the 
Phillies, setting the stage for 
a re-match of 'last year's World 
Series, which Yankees won. 

J r ® uWe « that Rupert 
Murdoch is publishing agSln. 


Newmarket raiders can conquer 


Ny-A-v 1.05 Sun Uin Woefc vfHIt Desmond n.J: n 

w-iieox ujm 1005 wfldiifc 1030 capital naoio 
Daily S;rvi w . 10.45 Monim* S1017. U-0Q 194m and 95 J VHP 

NtfW*. 1135 Private Ere. PoUUc Interest? 6.00 am Graham Dene’s BreaMasi Stow 
U30 Amtotiflc/tncfits. 12« NVi-s 1232 urn tSl 9 MB UlctacI ASPcJ fSt. 12-00 Dare 
}<w and Yours. 12.27 Top oi Uie Form. Cash iS». 3J» pm Roger Scon tSi. 730 
“r" w«Mhw : nrQxramiap -news- LOO Kerrs Jubs iSi. 9JJ0 Nicky Horne <S) 
TTic world ji One. 1J0 T»* .Urtors. U-00 Tony Myart’s Un> Show tSi. 2M 
1.45 Woman's Hour, inclndfliK 2.00-C.02 ait) Pcwr YotnuTs Night FUsJrt (Sh 


NEWMARKET trainers, wbo 
have been enjoying, a particu- 
larly good time at Pontefract 
this season, again look set to 
dominate on the south York- 
shire course today. 

In order oT appearance, 
j Spanish Philip. St, Theresa, Mai 
1 Pussy and Haven Bridge.' could 
jail score for their Newmarket 
handlers. Bill Marshall, William 
Hastings-Bass, Ben Han bury and 
Henry Cecil. 

The best bet from the quartet 
should be Greenland Park’s year- 
older stable mate, SL Theresa, 
among the runners for the 
October Handicap. This chestnut 
SL Chad filly wno, surprisingly, 
failed to win in four attempts 


as a juvenile, in spite of show- 
ing notable potential on her first 
two appearances, finally got off 
the market 'at Ayr last month; 
There, the rather lightly made 
Newmarket three-year-old .found 
no difficulty in disposing of 
Safety. Measure, over seven 
furlongs, ' 

Weir ' treated here with 7 st 
S lb, St .Theresa, almost cer- 
tainly a better ' filly ' than she 
appears , on the hook, looks set 
to follow ’ upf over ’ a furlong 
longer trip. 

Another race which looks set 
to fall to the . south... though not 
to a Newmarket trainer, Is tbe 
minor nursery in which Peter 
Walwyn saddles the -luckless 


Rectitude, A . head second to 
Aventlna when showing much 
Improved form, over seven fur- 
lonjs at Chepstow in August, 
this grey daughter of Runny- 
mede again occupied the runner 
ups spot when failing to catch 
Ribbon Dancer at Salisbury last 
month. She too should have few 
problems in the one mile minor 
nursery. 

' ' PONTEFRACT ' ' 

2.1S— Cousin Kibby ' 

' 2.45— Spanish Philip 
345— St, Theresa** 

3.45— Mai Pussy . 

4.13— Rectitude*** 

■4.4S — Haven Bridge* 


It 




V; financial - Times Monday October 16 1978 

Book review 


13 



bv NIGEL ANDREWS 


Coward and Charles Chaplin — 


%i? h ?,„ RUSSe!i Ta>, ° r - and spent most of^ his 
Fuhcr I6.S0, .UO pages at a Je5V]tl College ** 


in 

was here, 
opining, that 


-Two facts are obvious: every- Stanford «*'*: 

body knows Alfred Hitchcock. SJLS!,*? f0 !f ,u. 

and nobody knows him." The Hitchcock must have learned the 
first sentence or John Russell rudiment* - of fear 

Taylor's splendid new biography ' which he later - expressed and 
of Hitchcock reverberaTes released in his films 
through the book. Fdr decades But t-onjcciures about forma- 
film-lovers and film students have . u , ve childhood 

been wonderinc- if the real are conjectures aD d 

Alfred Hitchcock would ever Taylor sensibly escorts us 
' step forward: if. indeed, there through Hitchcocks pre- 
i«s t a real Alfred. Hitchcock cinematic years without too 
behind the carefully groomed much circumspection, devoting 
persona of the macabre and im- most oF. the book to his years 
pish showman. Russell Taylor, 1° the movies. Firiy-nme years, 
formerly film critic and cur- to be perciw, and 53 movies; 
renrlv art critic of the Times, beginning with The Pleasure 
is -wise enough to keep this Garden and ending with Family 
question always in front of his Plot. 

readers without ever sedating There are smatterings of 
their interest with a single information about Hitchcock's 
definitive answer. home life, with wife Alma and 

As one whose childhood was daughter PaL and slivers of 
spent soaking up the thrills of detail about his life. But mostly 
the Alfred Hitchcock Presents Taylor is interested, and so are 
series on TV. I indelibly asso- we. in how lie films were made, 
date Hitchcock with that bald. And, when relevant, whv. 
bulbous, slightly toothsome pro- i n this department, theh book 
file that wandered into frame, at is a quite invaluable companion 
the beginning of each pro- piece tn Truffaut's famous inter- 
gramme. behind its own . drawn view. In some respects it is even 
silhouette: accompanied always more instructive: since Tavlor 
hy that trippy-sinister theme does not merely pick select 
composed by Bernard Herrmann scenes and details from the films 
(who went on to score Psycho), themselves, but follows each pro- 
Hitchcock's delivery of his TV j eel through from genesis in 
protocues was hilariously slow, completion (and to critical and 
courtly and macabre, like an commercial reception.). . . In the 
invitation to a beheading. And ease of Familu Plot, furthermore, 
that poker-faced malevolence has Taylor was present .-himself dur- 
rnarked all his public appear- j n g the shooting, with Hitch- 
ances. from interviews to lec- cock's blessing, arid contributes 
tures lo those famous cameo an enthralling first-hand account 
roles in his own films. However of the making of a movie- 
we want to see H’tchcock, Throughout the book the same j 
Hitchcock himself clearly wants questions keep popping up. Are 
to be seen as a son of Olympian Hitchcock's films the playthings 
conjuror, dealing out suspense, of' a fertile but dilettante mind, 
shock and surprises without any or are thev rathartic expressions 
show of effort or fear of predicta- 0 f his own guilts and fears? Is 
bil'ty. . the “ real " Hitchcock to be 

The temptation to trawl Found in bis films .or behind the 
Hitchcock's childhood for in'ci- barricades of hfs determined I v 
dents that contributed to his private life? John - Russel! 
becoming the- c' noma's genius of Taylor presents Ihe evidenrp 
the mystery thriller must have and suggests some answers. .Bin 
been great But Taylor does not the bonk never protends to 
dwell over-long .on Hitchcock's omniscience. Its confiding, cnllo- 
early years. Thi son of an East quiaJ style eases the reader into 
London greengrorer. he was born a dialogue about Hitchcock, and 
in Leytohstone"iri1S99 i -the same: the conversation gets more 
year, incidentally;' as Noel fascinating as the book goes on. 



Riverside Studios 


Fred Pearson and Peter Hugo- Daly 


L«lirmiYl Burt 


Dublin Theatre Festival 



by B. A. YOUNG 

The new improved three-week market too for Laurence Foster sailor in a speech lasting a whole 
Dublin Festival still puls the for his scene In Act 3 where act retails her history. Then. 
Abbey at the bead of its list of he ‘tries to make love when he when everyone we have met so 
attractions, and in a not very dis- would rather sleep. far is dead, the island is visited 

tmguished lot ihe Abbey’s L’ncfe More situation comedy at the by a dolly politician who in- 
I'qti.iki probably deserves it — Eblana under the bus-station — volves the Governor in plans 
though there's some interesting jne ©'Donnell's The Bonfire I for UDI. 
work still to come rhis week. made a bee-line for this when Each line leads to a eonclu- 
The Abbey has invited a Rus- 1 sow that it was to be directed sion in which Tony’s epitaph is 
sian director. Vladimir Monakhnv by Robert Gillespie, hut Mr. brought up in suggest that it is 
from the Mali Theatre, to inter- Gillespie has had less than his a lasting power Tor love and 
pret Chekhov. Monakhov is a usual luck this year. Four understanding, that Tony’s name 
devoted Stanishvskian, hut Dublin married couples are in- was not writ in sand after all. 
Stanislavsky shows more in the voiced, and there seems to he If the play were a better- 
son nil-track ihan in the acting, some notion that their behaviour constructed play, this would be 
which with one exception is is being observed satirically, more convincing, but it is an 
pretty ordinary. The exreptinn of They are a whizz-kid executive indulgent sequence or Yeats' 
course is Cyril Cusack, whose and his unsophisticated wife happy philosophising and little 
Vanya, with his cool mockery from Limerick: a decent man more. There is some pleasant 
and his heart-stirring rage, is living on bis decent wife while writing, ihouoh. especially in the 
worth the trip by itself. Clive working on his culture: a rowdy. na j V e political satire of the third 
Geraghty's humourless Astrov is amoral monster with his latest act; and the World Theatre Com- 
a little drunker than usual, yet pick-up. a lady barber with a p^gy (who gave us Spokesong) 
remains immaculate in bis smart ready line in classical quotation: ac j attract! veiv under the direc- 
eity suit, which he wears from and the tough housewife nest ti on of Beryl Fagan. 

I July to September. Perhaps the door with her permanently There is a fringe of a Fringe 
; | niost remarkable feature of the drunk husband. a t the Dublin Festival now. I 

i Induction is Bronwen Casson's Nothing new seems lo be said could not sample much of it but 
designs. Heavy pillars support about these people, though there I am olad tn record my visit to 
the walls of the enormous rooms j s a him of feminism about. The the Threadbare Theatre Coro- 
in the \ mnitsky house with its comic exchanges of the first act pany at Trinity College, where 
elaborately decorated flower- lead to some savage behaviour they gave decent performances 
pattern friezes. Some of the in the second in which the lad ; es of a piece by Maupassant (The 
family* domestic chatter has to seem always to be the physical Revenge) and Shaw's How He 
span distances or so feet or so. nr ihe moral winners: but Ihe Lied lo Her Husband, which can’t 
Another visiting director has play made me think of the be taken down from the shelf 
open called in for the RTE comedies we net from Australia very often and ought to he. 
t .avers production nf Feydeau's from time to time, parlies where Everyone was delighted by the 
.Nnure for the Goose ti.e. Le everyone gets drunk, gets laid. Natural Theatre Company from 
.. „ j 0 ' , at toe Gaiety. Jean- gets beaten up. Some nice Bath. processing through the city 
jUlaade Amyl of the C.otnedie claying in this piece, though. with their yellow suitcases, in 
• Franca i se. I felt that this was vfav not ; n suburban Sandy- and out of forbidden territory: 
h ad C tieen° def ea° ed° hy P the'com- ""“M* Oscar Theatre houses a triple wedding out- 


* La Concalescehte,’ a woodcut by Auguste Leptre, lent by the 
Victoria and Albert Museum and part of ‘The Mechanised Image 1 
exhibition 

‘The Mechanised Image,’ a major exhibition organised for the Arts 
Council by Pat Gilmour, that has Men touring the country through- 
out the summer, is now at the Hatton Gallery in Newcastle, where 
it remains until November 19- I* ** unashamedly a didactic show, 
in part historical, but more a survey and explication of the various 
processes and physical characteristics of the Print, the mechanised 
image of the title. For the distinctions between engraving, dry point 
and etching, for example; between aquatint and mezzotint: or silk- 
screen and photd-Iifhography. ’ai'e all too easy for the lay-man to 
miss, who thus might lose considerably in his understanding and 
appreciation of these sophisticated crafts. To point them out at all 
is 3 most useful service, but this show, which contains many splendid 


. mg . . . 

honourably obscure, it is a show that requires a certain effort by the 
viewer, but which rewards him significantly. 


Guitar concert at the Festival Hall 


Fairweather and 
SReat, with their 

group Velvet. 

American musicians 
at the Portman 

American cornettist Wild Bill 

..... _ . Davison will be appearing with 

Carlos" Boneli will piny classi- his AH-Sfars. com n rising British 
cal guitar while Pac6 Pena will rnusirians, at the October '£2 
lake rare of the Spanish and .New Orleans Jaw Bruncn at the 

flamenco parts, of the pro- portman Hotel, W.J. 
gramme. The following week American 

Ike Isaacs and. Denny Wright, veteran mulli-saxist Benny 


Gvitaromo— Three Facets of tret Digby 
the. Guitar is Lhe tjtle of a con- bassist Len 
cert at the Festival Hall on 
Saturday . November 18. The 
three aspects lo be featured are: 
classical, flamenco and jazz and 
four of the top names in the 
guitar world are taking park 


Waters, tar wtf jg-gj 
guitarists, will be featured along in Europe, will l g'“ ¥ » lUl lhe 
with two other musicians cornet- trio of pianist Fred Huni. 


oeteated by the com- a g enu ’ ine curiosity. In Sand bv -'<de the holy Post Office in 

vfs^D alnatiM llmJ? a r!n« ' T ^k E - Yeats. Jack Yeats was O’Connell Street in the middle 

that hot a *5,5? S y m«nhfa le « *■"»«* 0331 Jnhn father. - 

are SSJ nSi w ™ W-B- his brother (he used 

tlety. Moreover the costumes p “P Voder ih^name' W ' 

( uncredit hardly go with the J !?i“ .3-. ^ 
boulevard rer world we are <up- •fJjJXJJ somet mes p0S1 
posed to he survey in c: the men. mcly f * lvoloM5 - 
with their light summer suits Its sheer eccentricity compels 
and open-neck shirts, suggest attention. An elderly bachelor 
holidaymakers at Bognor in the believes that . he will be 
1P20$ rather than smarr young adequately remembered after 
Parisians. Victor the page must death if. instead of a Mass or 
be ar least "0. a ripe age for a memorial, a little girl goes 
puberty. Still, if i« a splendid to the shore and writes, where it 
farce, and there are scenes in will he washed awav V.y the nexi 
jt that cannot fail, such as the tide, the words: “Tuny, we have 
invasion of the bore! bedroom the good though! for you still." 
by every guest in the hotel when The girl grows un and marries 
Pfnchard snd his stone-deaf wife a rich man; he loses his fortune 
set off the trick electric bells and d ! e«. leaving her penniless 
under their mattress. A good on a tropical island. An old 


W&gmore Hal! 


Livia Rev 


This tent* m compile™ «th tP. 

the Council of The Slock Exchange. It does not constitute an 

invitation to any person to subscribe for or purchase any Preference 

Shares. 


HALMA 

(Incorporated in England under the Companies Acts 1862 to 1890) 

Issue of 343,51 1 1 1 per cent. 
Cumulative Preference Shares of £8 each 

The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List. Particulars 
of the rights attaching to them are available in the Extel Statistical 
Service and copies of the statistical card m*y be obtained during 
.usual business bourr on any Weekday (Saturdays excepted) up 
to and indkidmg 31st October, 1978 from: 

■ Panmurc Gordon A Co., 

9 Moorfields Highwalk, 

16 th October, 1978., , London EC2Y 9DS. . 


by DAVID MURRAY 

Miss Rev js a Debussy supportable *’■ — tries out elements 
specialist of parts, the right of what was to be “ Gardens In 
pianist to introduce lhe early the Rain" in EsUimpes. They 
Debussy sketches ihal wp heard cannot now be independent!** 
on Sat lira ny night. Nui really viable, but they were fascinatin' 
very, early: the three .so-called l0 h ear 

I mopes (nothing lo do with the ‘ . 

twn famous seis of 1005 and " p harl another early* page. 
19071 were drafted when the too. and the minuscule "Elegie" 
composer was 32 — but his n ' 1915- The complete Book 
mature piano style postdates Two of the Preludes was Miss 

II Afternoon of a Faun*’ and even Rev’s principal offering. Comfort- 

Pclteas. These Images illustrate able playing, immensely percep- 
a transit] on -period which the 'tive and excellently faithful to 
published work does not repre- the texts (which are much more 
sent (unless, as many suspect, precisely specified than lazy 
-“Masques’* and ‘ “ LTsle pianists noticei, always liquid: 

Joyeuse " were drafted long ode guessed in advance that 
before their 1904 publication. > “Fireworks" would become a 

Miss Rev played them care- water-piece, antl ** did. Echoes 
fully, from the music. The first of the clavecinists whom Debussy 
piece plainly belongs to the had been studying were sup- 
worirt of the youthful piano-and- pressed, nr at any rate liquefied 
orchestra FnTitairie, winsoniely (as in “Tierces- altemees”). The 
pensive In F-shorp. The special multi-textured preludes — “On- 
interest of the second and third dine,” "Les fees; . . — revealed 

is just what will prevent them deep perspectives. Miss Rev had 
from entering the repertoire: the hegun with Mozart's Sonata in 
“ Ssirabande '* is a less harmonic- D. K.576, shapely but too 
ally . assured version of ihe aqueous in snnnd for my taste 
Sara bane of Pour lo piano, and tit is virtually a harpsichord 
Lite third — embeJlfshcd with work, after ail >. and she con- 
, whimsical Satic-esqae comments eluded with Chopin's First and 
like its tilie. ” Quelques' aspects Fourth Ballades. lyrically free 
de ‘Nous n’irons pous au bois’ and sonorous despite a rash oT 
parce qu'ii fait un temps in- finger-slips. 


George Orwell 
Prize 

Penguin Books are awarding 


Royal Ballet 
revivals 

During ' December and Jan- 


this year’s George Orwell! toe JB^yal Ballet at the 
Memorial Prize to Paul Bailey |' Ro - v aI , °P? ra c . 5° U - S ? |? r t senls 

of Despair first published in | Penney and Michael Colemani. 
Thfr Listener. land Kenneth MacMillan’s The 

The Prize was instituted in Fite of Spring (with Monica 
1975 to mark Penguin's 40th! Mason as The Chosen Maiden) 
anniversary and the prize is i in a triple b»U with The Fire- 
worth £750. The award is given! bird on Friday. January 19. 
annually for an article, essay nr; Following the revival oF 
a series of articles commenting j Frederick Ashton's Birftdug 
on current cultural, social on Offering on November 23. there 
political issues anywhere hi the: will be further performances of 
world, and lhe work musi have! this ballet in a triple bill with 
been. published fn lhe UK either ; Les Sulphide* and Jazz Calendar 
in -a newspaper, periodical or-on. December 2 (matinee), 
pamphlet in the preceding year. , December 4, 12, and 19. 


The Ragged Trousered 
Philanthropists 

by MICHAEL COVENEY 

Stephen Lave made .a more Scamping the work is not toe the men's ability to enjoy them- 
than promising big-stage debut painters' idea, but the result of selves, their inherent dignitv is 
last year at the Nottingham Sweater and Hunters cutting cor- iacrificed-Miss Walter 

Plai house with Touched, a sen- ners wherever possible. And ,eads a beautifully arranged 

®j u , v t f* £ oellc . p * ec * se , in , out nf this springs the men's flo . wer girl song and (she is at 

Nottingham back streets at the con tempt for (heir employers, tois point playing a servant at 

..u 6 la ?. t . N ,°c.’ “Plenty of work here ir it’d been th e feasl) i s rewarded with a 

collaborator! with the Joint Stock done proper" remarks one of slraw-hat collect ion. 

SS ^ men disconsolately as they The agility of the company is 

Wifuam Gaskm^he has serimed , w ave lhe tl0 4 s «- Bl,t °° lh e job. a constant source of wonder. All 
7 version or Robert thc / eu l er * e ,n M f- L °we’s spare except two of them don Hunter's 

SoclafSt classic is a Set and , vibran t comic prose as a grim exterior and each finds 
of ada Dta tioodr^matic em uhasis S l#h ? y ,ndlv,dU3l 'sed company, somthing different in the charac- 
^d sheer lhcatrS m^te ? 00t,ng d ? Vv ‘ n , tfa e attempts of ter. Although Andy Phillips's 

It is snecVal pleasure to ? we l Pplifici.se * them but lighting serves Ihe production 
review a nroduiti on P rhatfs so l ®". c t lnB i? ’“‘Pressed by his perfectly, it is the acting that 
obviously “ played in " For S a s K-f ht "2 f ' hand Performance focuses so gracefully on moments 
start, "he company* of Muni « hlle d ^_ n -T Stri,lm “ th e Great such as Easton’s (Bruce Alexan- 
borough (Has lines) painters Mo P e y Tr 10 ! 1 ' one of the books der) sad settlement for a cut-rate 

and decoralors* Actually ^paint Si" iff, J?2S ^ 'V™ ? reJan 2 hurried,y 

and decorate wilh considerable «„ Ld«^ D ex J' n ?“ lsh,n g pipe and a mieute's 

aplomb, forcing the .pace of their ‘ P y back for llfe s relation as Hunter approaches; 

work whenever the lugubrious essenua,s - on Peter-Hugo Daly cringing 

Hunier. the boss's agent, pokes We have no scenes in the a ? a,nsl a doorpost, having 
his nose round a door or trestle. Cricketers' Arms, nor any of the °™ pped a bric k about wage 
Not since the heyday of David domestic detail with Owen's differences. 

Storey has the voluptuous quality young Frankie or the devious Glorious free reign i* given not 
of work been so splendidly Slyine. Instead the action is only to the songs of working 
celebrated on our stage; ihe centred on the house Itself and. People — on Friday night 1 sat 
action is frequently splintered in the play's middle scenes, on a behind a dewy-eyed Jack Jones 
between a wall being painted luxuriantly high-spirited account humming along — but also to the 
behind you. a lintel stripped in of the annual Beano. It is here staging of the ride home from 
rront, or Owen (FTed Pearson) that^ Harlow (Murk Wing-DavcyL toe Beano, where two separately 
applying his gold leaf on the finding his feet and his voice, lit platforms representing the 
ceiling above. The opening seven responds to the glih placatory rival wagonettes seem to hurtle 
minutes, with workmen arriving nonsense of Sweater with a along at breakneck speed, 
to set up shop and receive most moving assertion of how As in the same company's 
grunted instructions from the masters and men can never be Fanshen. there is nothing pn- 
foreman Crass or the old faithful reconciled. Mr. Wing-Davey's faced or righteous about the 
PhilpolL are a seductive delight, anger flows on into his partici- presentation of Socialist discus- 
\oung Bert (Harriet Walter) pailon of a chorus of “Put Me sion and the overall result is an 
dashes lo and fro with buckets Among the Girls” and. even evening as wonderful. upli r ting 
and planks while the play swings though there ensues a plethora and well-performed as anything 
slowly, but surely, into low gear, of well-orchestrated evidence of I have enjoyed this year. 

Sadler’s Wells 

The Rake’s Progress 

by CLEMENT CRISP 

Friday the thirteenth took He restores to the role that Bonner and Douglas Vardon as 
what Sadler's Wells Royal Ballet quality of innocent larkiness so Tailor and Fencing Master 
meted tnlt^S™ neet,ed in th e first scenes to set present characters having strong 

r C worL“ ll -, r n ce[i V ed er ard p?i ° ff J™«* man's later descem visual identities, 
gramme sheets rich in mis- ‘“to Bedlam, and he has Help- The programme, which also 
information. But the evening mann's ability to remain the contained Brouiilards and 6.6.7S, 
was a success, bringing another comic centre of the brothel's brought the bonus of Corder's 
chance to see Michael Corder's humours, with an enthusiasm to Rhyme nor Reason. A second 
opus 1. flhpme nor Reason, as a his playing that shows us the look at this happy piece confirms 
substitute for Pavtmc. and an R.ake truly hell-bent on enjoying for me the first impression Df 
alert performance of The Rakes himself. By the time he reaches a young choreographer respond- 
Progress. the gaming den. he is a man ing with , an enforced pleasure 

Earlier in the season Ninette fleein g his fate: in the mad- lo his score: The images and 
de Valois’ scenes from Hogar- hf,us e. frenzy contrasts with an muscular rhythms Corder draws 
tbian London had looked under- immobility to which Morse gives toom the music look entirely 
powered, filleted and polite a . tragic dignity. It is. in sum. apposite, and are sometimes so 
instead oF vigorous With David a performance rich in nuance felicitous that they seem part 
Morse as the Rake, the piece was and understanding, and exact in of the orchestral texture, 
pulled into focus. Morse is a re * ] '*' n S * c b3llet ' s »toio- i n Deirdre Eyden , jusf tw0 
lancer of bright, easy style. sp ^ ere ; years out of the Royal Ballet 

thanks to his quick, elastic Excellent sunpnrt came from School, we have a young artist 
musculature, and no less easy the other members of the cast: of lovely promise: Corder shows 
dramatic skill. He is the mem- Marion Tait's unsentimental her as possessed of a sweetness 
ber of the Wells troupe most Betrayed Girl. Kim Reeder’s sprv and a kind of decorous technical 
naturally suited to the Rake, and and c»»arciit Dancing Master, strength that are irresistibly 
be-wigged in the opening scene David Bintley’s menacing Gen»le- charming. Her dancing delights 
be is more than passably like man with a Rope, are all fine, because it appears so entirely 
the Auguste Vestns we see in I admired, too. tt» e make-up »f without affectation, a spontane- 
early portraits. the subsidiary plavers: Dennis ous expression of temperament. 


EM I RIA I N Ml NT G ITDI! 


entertainment 

GUIDE 

CC — Theie theatres accept certain credit 
cards bv telephone or at the Box Office. 

OPERA & BALLET 

COLISEUM. Credit uids 01-240 52SS. 

R nervations 01-836 3161 
ENGLISH NATIONAL OPERA 
Tumor, l Fru 7.30 The Seraglio Ifinal 
oe:M. Wed. & Sat 7 00 Don Carlo, 
Tnurs. 7 30 lolanthe. 104 balcorrv seats 
avail, tor all oerfs. from 10.00 on day 
Ol pert- 


COVENT GARDEN. CC 240 1066. 
(GardcncnaiBc Credit Cards 836 6903.) 

. THE ROYAL BALLS* 

Thjrs. A Frl. 7.J0 Maverlfng. Sat. 7.30 
Serenade. A Month in the Covnf*. 
Fandc 65 Ampin' . seals avail, for all 
peris, from lo am. on day pi ne< i 

SADLER S_ WEILS THEATRE. RMebMY 
Avc- E C.l. fll -837 1672. 

ENGLISH MUSIC THEATRE 
Oct IB. 2d. 26. 28 Hewes La Cubans 
Oct- 21. 23. 25. 27 Rossini's Cinderella. 
AH peris. 7.30. 


THFATRE5 

ADELPHI THEATRE. CC. 01-B36 7611. 
_ OPENING NOV. 9 

Pranced Price Pies tews Oct- 31 to Nov. 
8 at 7.30. Abo Sat. Nov. 4 at 4 D.m. 
BEYONP 

. _ THE RAiNliOW 

An Enchanting New Musical 
BOX OFFICE NOW OPEN 
Credi. L ara Booking s 01 -t, ve il 
ALBERT- S35 3578. CC'bks B36 1071-3. 
ir.:m E.Jo am. Party rates Mon., Tues., 
Wee anr Ft, 7 45 P.m. thuis. and Se. 
... 4 30 and 8-00. 

A THOUSAND TIMES WELCOME IS 
LIONEL 5ART*5 

— MIRACULOUS uSilAC. 1 Fin. Tunes, 
with ROT HUDO and GILLIAN BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 


THEATRES 

DUKI OF YORK'S. CC. 01-B36 5122. 
Sen. P8rfs. Emu Tonight, 

■ BEST OF THE FRINGE 
“ Gross Incontinence at the 3rd Kind " 

7.30 

■* HamUonaaporicil." 

It's the Cambndpe Revue. 9-30 
£2 per show. £3.50 both shows. 

DUKE OF"YORk*sT'Cc7“01 fc B36 5122. 
Thurs.-Sa: Sep. Peris. Flnsi week. 

BEST OF THE FRINGE 
" Naughtiest Girl In the School '* 

9.30 

*' Channel 4 11 

7.30 

£2 per show. £3.60 both shows. 

FORTUNE. 636 2238. Eves. 6. Thurs. 3. 
Saturday 5 and 8 
Muriel Pavlgw as MIS5 MARPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-835 46D1. 
Engs. B.OO. Wed- 5 00. Sat. 6.30. 8.30. 
TIMOTHY WEST. GEMMA JONE5. 
MICHAEL KITCHEN 
in HAROLD PINTER S 
„ THE HOMECOMING 
NOT TO BE MI55EO. The Tliw 
LAST WEEK SEASON MUST END 
SATURDAY. 


ALDWYCH. B36 6404. Into. 836 5332. 
R01AL SHAKESPEARE COMPANY In 
repertoire. Tonioht 7.00. Tom Or. 7.30 
Middleton A Rowley'S THE CHANGELING 
Witn AS YOU LUCE IT meat perl 
Wed.>. David Mercer's COUSIN 
VLADIMIR ineirt aert. Fri.i. R5C also at 
THE WAREHOUSE [sec unoar Wl. 


AMBASSADORS. CC. 01-B36 1171 
Red. price prevs.- Ton't. A Tomor. 8.00. 
Opens Wed. 7.00. Subs. Evgs. 8.00. 
Mas. T “«. 2.45. Sao. S.OO & 8.00 
JAMES . GcFALD 

BOLAM, FLOOD 

WHO KILLED 

-• AGATHA-" CHRISTIE ... 7 


APOLLO. 01-437 2663. £v(K. 0.00. 

Mars. ThusdJv 3. Saturday S and B. 
PAUL DANEMAN. LANA MORRIS. 
DENNIS RAMSDEN. 

, CARMEL. MCSHARRY 
SHUT YOUR EVES AND 
THINK OF ENGLAND 
■' W.CKEDLY FUNNY/' Times. 

*• Verv icn lunnv— -j nal entertainment." 
N.o.W. 


ARTS THEATRE. 01-6S6 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

-• Hilarious . . see II” Sunday Times. 
Monde'- to Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 


ASTORIA, THEATRE. CC. Chirino Cross 
Road. ■-« <291. Mon.- Thurs. 8.00 gm 
fn And 5*L 6 on and fi.4S 
BEST MUSICAL OF THE YEAR 

EVENING STAr/CiARD AWARD 


CAMBRIDGE. CC. 636 6056. Mon. ic 
Th«r. 8 OO. Frl.. Sat. 5.4s and 8 30 
- — JP ZOMBI 

EXCmriu "LACK AFRICAN MUSICAL 
■ Pultatlp M„, U |." £. News. 

Seat Prices £2.00-45.50 
Dinner ,•*"?. Wfi-RI'ce mat £9 50 ind. 
F OURTH GR EAT YEAR 

COMEDY. CC. 01-930 2578. Red price 
Prers. A 24 BOO opening 

-..October 25 « 7.50 
White law 
T. P. MCKENNA in 
MOLLY 

_6y_SIMUN_GRAY 

CRITWibN. 930 32 1 6. CC.''836To7i73. 
NO* ‘N ITS SECOND YEAR 

•jwa'wp 

■ ,,nd A H M A iW : u? E u ^ N laughs 

SECOND ^HILARIOUS " YEAR 

DRURY LANE. O'l -836 _ 8108. Moo~7o 
Sat. 8.00- Sat. 3.00. 

••A rare. ddvaotallnB. Jovou*. asionlshlno 
stunner. Sun. Times. 3rd GREAT_YEAR. 
DUCHESS. B SB 0243. Mon “ to Thurs. 
Evenings a -°°- 1 Eri.. Sst. 6 15 ana 9.00. 

OH ! CALCUTTA ! 

"The niio-lv Is stunning." Oaiiy Mail. 
_ _ M M en M«onai Year. 

DUKE OF YMK'5. " CC oY-8To''5t2Z'. 
Red pnt* previews from Oct 19. Won. 

10 & s 2 * n “ "-SO- 

?riIT S No P 1 * g 

TOM felicity 

COURTENAY KENDAL 

CLOUDS 

A comedv bv MICHAEL FRAYN 


GARRICK. CC. 01-836 4601. Previews. 
Oer. 24 and 25 B.OO. Open Oct. 26. 7.00 
DENNIS QUILLEY In IRA LEVIN'S 
DEATH TRAP 
A New Tnr.ller Directed hr 
MICHAEL BLAKEMORE 


GLOBE THEATRE. 01-4 37 1592. 

Eve^. 8.15 Wed. 3-00. Sat. 6.00. 8.40. 
PAUL EDDINGTON. JULIA Mtrt£N2l£. 
BENJAMIN WHITROW 
ALAN 4 k 3 ^URN', r-ew corned 1 
TEN TIME5 TABLES 

''This must De the happiest laughter 
maker in London. ■' □ Tel. 1 An ir resist- 
anlv enjoyable evening." Sunday Time*. 


GREENWICH THEATRE. 01-S5B 7755. 
Prev. Wed. B.OO. Opens Thus 7.00 
Subs. evgs. B.OO. Mai. Sat 2 30 
5iePhame Beecham. Uavld Bu'kc. 
Sul-an Hampshire, jeiemy irons. 
David Roob. James Tavlor in 
AN AUDIENCE CALLED uiUUAKD 
try David Pownall 


HAYMARKET. 01-930 9832. Ew B.OO. 
Mata. Wed 3.30. 5ats. 4.30 and 8.00. 
GERALDINE Me EWAN 
CLIVE FRANCIS 
NIGEL STOCK 
PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING 
LOOK AFTER LULU 
b* NOEL COWARD 
with GARY RAYMOND 


HER MAJESTY'S. CC 01-930 6606 
Prevs. from Frl. 7.30. tMal. Oct. 28 
at 3.00>. Opens Oct. 31 
EAR MITa-VAH BOY 
THE NEW MUSICAL 

KING'S ROAD THEATRE. 01-352 74SB. 
Mon. lo Thurs. 9.00. Frl .. Sac. 7.30. 9.30. 
THE ROCKY HORROR SHOW 
DO N'T D REAM IT. SkE IT 

LYRIC THEATRE. 01-437 3EBB. EvS- 8.00. 
MaL Thurs. 3.00. Sal. 5.00 and 8.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
hr Eduardo Flllippo 
Directed »v FRANCO ZEFFEAELLi 
"TOTAL TRIUMPH." E. News. "AN 
EVENT TO TREASURE " D. Mir. " MAY 
IT FILL THE LYRIC FOR A HUNDRED 

YEAR S." Sunday Times. 

MAYFAIR. 629 30367evS ~B.OO. "SaiTT - ^30 
and 0.30. Wed. Mats. 3-00. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
"A delight." qnn, jam u s Nov. 9 lor 
the 25tn Anniversary Parti. Show-Bu9«- 
Wine £10. 


THEATRES 

OPEN 5PACE. 387 6969. Krapps Laal 
Tap* and Endoame by BECKETT. Prev. 
Tues. B. Open* Wad. 7. Subs. lues, tn 
Sun. B am. 

PALACE. CC. 01-437 6BJ4. 

Mon.-Thur. B.OO- Fri. and Sat. 6.00 and 
8.40 

„ JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Liota-Webber. 


THEATRE5 


PALLADIUM. 01-437 7373. 

Opening Dec. 20 lor » Season 
DANNY LA RUE 
as ** Merry '* v/ldow Twankev In 
. , ALA-DIN 

B ALFRED marks as Ebenpzer 
Dilvr WATLING. Brian MARSHALL 
artd WAYNE SLEEP 
Preview December 19 at 7.30 


PHOENIX 01-836 2294 Evenings at 8.15. 
Wed. 3.0. Saturday* 6.00 and B.40 

"JIM. BROOKE TAYLOR. GRAEME 
GARDEN make us Uuoi 

THE UNVARNISHED 

. Th- Hit Comedy by Rpyce RVTON 
ui5t ,C U1 c S , !f V « ’ THOUGHT I WOULD 
S^VE DIED." Sunday Times __ " SHEER 
DELIGHT. ■ Ev. Standard " GLORIOUS 
CONTI NUOyS „ LAU&HTER.” Tutm. 
LAST WEEKS. ENDS NOV. 4 


PICCADILLY. From 8.30 am. 4 37 4506. 
Credit Cards 836 1071 Min -Thurs. B OO. 
Friday t, Saturday 5.00. 8.15. Air-cond. 

Dominating with unlettered gusto and 
humour, tho BROADWAY STAII." D. ExP 
SYLVIA MILES 

' Towering performance • Daiw Mall 
VltUX CARRE 

.. ... ** tsnmekee VIILUAMS 

Worics like magic." Financial Times 

" There has harrilv hc-n J mor« satri'v.r'j 

evening in the West End . the BEST 
COMIC WRITING IN LONDON.'* Pbs. 
'" 5c» running like an electric current.' 
FT. SEASON ENDS NOV. 18 


PRINLE EDWARD. CL. 01.437 6877 
Evenings B.OO. Matinees li.ursuavs and 
5atiiraa/s at 3.00. 

. _ EVITA 

hr Tim Rice anp m. .« , lorn- Webber. 
Directed bv Harold Prince. 


VAUDEVILLE. B36 9988 Eves. BOO. 
AN EVENING WITH DAVE ALLEN 
* UNDOUBTEDLY THE FUNNIEST 

SHOW IN TOWN." Sun. EapreH. 
LIMITED SEASON until Dec. 2. 


834 1317. 


VICTORIA PALACE. 

8Z8 47 35-6 

STRATFORD JOHNS 
SHEILA HANCDCK 

ANNIE 

Erg*. 7.30. Mat*. Wed. and Sat 2.45. 

BLOCK BUSTING — 

SMASH HIT MUSICAL." Daily Mall. 


WAREHOUSE. Donnur Theatre, Covwit 
Garden. S36 6808. Royal Shakespeare 
. TonT. B.DD. Stephen PoliakoP s 
SHOUT ACROSS THE RIVER. " Out- 
standjng production." F Times. All seats 
£1.80. Adv. bkg* Aidwvch. Student 
standby £1. 


WESTMINSTER. CC. 01-634 0283. Ort. 
26-Nev. 18. Tues. -Frl. 7.45. Wed. A 

Sat. at 3.0 

A MUSICAL ENTERTAINMENT 
LDV * **■*■ 

THE BUNNY AUSTIN STORY 


QUEENS CC. 01-7 34 1166 

L*US- 8.00. Wed. 3.00. Sjl 5.00. 8.30. 
ROY OQTRICE. GEORGE CHAKIRU. 
RICHARD VERNON. JAMES VILLIERS. 
•• OP ORACULA 

o l "ha r 0 " HIDEOU5LY 
ENJOYABLE AND GENUINE TERROR." 
S. Time*. " GOOD CLEAN GORY FUN." 
5. Mir. " MOST SCENICALLY SPEC- 


TACULAR 5HOW IN TOWN 


Punch. 


RAYMOND REVUEBAR. • C. 01-734 1593 
Al 7 pm. 9 pm. , 11 pm. Open Suns. 
PAUL RAYMOND present* 

THE FESTIVAL OF EROTICA 
Fully air-conduione? 

21M SENSATIONAL YEAR 


WJSTMHVSTIR THEATRE. 834 028S. 
RICE AND WEBBER S " Joseph and the 
‘^?t a ? lnB _ TKhnlC0,0, ' r Dreamcoal." Wilh 
PAUL JONES Twice Dally. Opens Ngv. 
27._ Tickets: L2. £3, £ 4. Book NOW. 

CC 01-950 6692-7765: 
fw. 8.30. Fri. and Sat. 6 45 and 9.00. 
Paul Raymond present* lha Senutionel 
Sex Revue pf the Century 
DEEP THROAT 

Yth cREATJUONTH 

VlmOMILL THEATRE. ecT 01-4 37 631 £ 
Twlc- Nlohtlv B.OO and 10.00 
Sunday 6 OO and 8 00 
PAUL RAYMOND present* 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

mJL1SSi.jp unprecedented limits what I* 
permissible pm. stiae Ev News. 
THIRD GREAT YEAR 

WYNpHAM'S. 01-838 3028 cci 
5 PJ- 836 1671 from 8. SO am Mon.- 
Thur*. B.Od. F-i. amt Sat. 5.1S and 8.30. 
tNORMOUSt y rich. 

,. v ERY. FUNNY." Evening News 
Mary 0 Mallev's *ir>»-.h.hjt comedy 
.. _ ONC A CATHOLIC 

aurreme comedy on and religion." 
Daily Trlegranh. 

"MAKE* VOU SHAKE WITH 
LAUGHTER." Guardian. 


01-637 9862-3. 
E»b*. 8.30. Mats. Frl. and Sat. G.OO. 
TAKE, THE FAMILY TO 
TN* GREATAMERICAN 
. BACKSTAGE MUSICAL 
■■ F . , "*'K'ai Times. 

Smart, swell thaw." Dally Ernrea*. 
"... *S*OYf We -" Sunday Time*. 
Lyrics hay# mare elegance 
than those lor EVITA 
Music more bite 

U , *E,|I ha i ANNIE " ?uni,y Telegraph 
Credit Card Bo okin g* — Seal* 11 0 111 £ 2. 

**?T Al b n y ,URT * 730" 1745. EvesT 8. 
Sat. s p ® »«? WO. Mwt end Noy. 4. 
•• a -ii? ,C . OL w 'l-LIAMSON 
A vjNuMo perlormance D. Tel. 
.. Tfc . INADMISSIBLE EVIDENCE 
This in ong at the lev, ar>at Dtayt at 

the cen t ury," D Mall 

ROYALTY. 


CC. 


NATIONAL THEATRE. 928 2252. 

OLIVIER fonen staoel: Tonight 7 M 
Hast pert, thh month) THE WOMAN 
new play Bv Edward Bond. Wed. 7. SO 
The Cherry Orchard. 

LYTTELTON Ip-C-ccnium staoe): Tonight 
& Tomorrow 7 45 PLUNDER bY Ben 
Travers. 

COTTESL0E (*ma!| auditorium): Eves. 8 
until 57L AMERICAN BUFFALO bv 
David Mamet. 

Many eysellent eheap seats all 3 theatre* 
day oi performance Car park. Restaurant 
928 2 0?3. Credit card bkg3. 9 28 305 2. 

OLD VIC 928 7618 

PROSPECT AT THE OLD VIC 
Oof** Jaeobl I" IVANOV 

Chekhov's tomedv with Clive Arrindell. 
Brenda Bruce. Michael Denison. Louise 
Purnell. John SonMeni. J»n* Wywiark. 
*■ Jacebl'-s triumph." D. Telegraph. 
Todav, Tues. 7.30 
TWELFTH NIGHT 

"Robert Etfdiaon. bnlllam Fesie." Gdn. 
w«t . Thors. 7.30 
THE LADY'S COT FOR BURNING 
Derek Jacobi " easy & virile authority." 
E Standard. Eileen Arklnt. • nuermn 
physical fluidity," F)nar<2a| Times. " A 
gem of a piriormame Irom Rone-I 
Eddlson . - . Mirhsei Denison. John 
S4vi«nt and Brenda Bruce scoop up Hit 
laughs." Guardian. 

Fri. 7.3B. Sat. 2.30 A 7. SO. 

KING LEAR *vlth Anthony Quayle open* 
Oa. 23. THE RIVALS volume OCt. 26.' 


“§5 ,l and T « U 4n* , !:«" f J lnB 5 800 Fr,{ilv 

5.3D and l I4S. Satgrdvy s on and 8.D0. 

IUBBnur n Vote 

BUBS' ING KROWN SUGAR 
_ , B«t Musical 01 1577^ 
ra.n* Malcr credit 

ca-os. Restaurant res. 01-405 2418. 


iAYOY THEATRE. 01-836 8888 

i &H«F JS | l^ 4 ? 7r 2 * . rom |o"1l 

WHOSE LIFE IS IT ANYWAY? 

A * L i v 1 URGE YOU 

■ O SEE IT Guardian. 

-.5. at 8.00. Fn. and ill. £as ana B.J5. 


o; " 6 


NING." 


S7 M R a? M ?H 2 6607~e,cnirw 8.00. 

Mat. Thurj^s^oo. iiBjlM and 8.30. 

LONDON^ t '?&F'?! R E , S T T ,SH LAUGH- 
OVER, arnoo ^PERFORMANCer 

ST, MARTIN’S CC 01-836 Iddl 
O.OD. Tiys. 2.4S. 

AGATHA "cHhSVie'S 

WORLD'S Jf JNCE^-FVeR RUN 
*6th Year 


v PHn G , v,c - 9S * Today 2 s 

i'WrJ'ZZ 0 ' Z "ICHAND III. wed 2 
T eL r ' l 7 ' FH ' Sa, ‘ 7.30 HAMLET 
Part pi ShakeSP^ir^ trilogy ACTION 

VC fTUri-o. 078 K3P3. 

JvT 4 ' 7 , Th i! r - 5 * tl 8 Young Wig 

CO. in Terence Over* BALLROOM. 


. CINEMAS 

A"C 1* 2. nuit"h"rv *»• «36 8861. 

* F ATS 0KBLE. 

"RIVER fAJ. Wk. * Sun.: 2.15. 5.30. 


tAJ. Wk. * Sun.: 2.00. 


8.30 

2- nmvra 
5 1 5. 8.T5. 
raWOEN PLA*a! <opd. cinufen Town 

X'imA, ™ BOb 0vlln ^ 

-ENALDO AND ''.LARA fA A> „|, h Bob 

2 r v ';" ,n 4 , ,r «k stereo. 

" ms. ? 50 and 7 30 dally. 

i 4. Ovfrwd’Sfeet fnn»." 
TBr-jhjni Cent «. tuhei. 636 0310. 
II end A P-nnc Children Mlf-il.Ir-. 

R rn Hr . '*’■ 2 15- 4.1 K. 

t'J- " Ma-inoe. a,lt 

^2 n« ,L 1 no W,TNI1SS Proo! - 1 1 oe- 

4 DAYC" Mel Rignk't HIRM 

J Js ltTY p ™ns 1*0. 3.55. 6. IS, 

broo*. 
CAJ. Progs, 


3. THE TURNING Pni|ff fA) 
i OK v tn k nn g ip A ' 

4. HEAV*N mil W«IT 
1 40. 3.55. 5 IS. B 35. 


C"'-"" <r -e*t. wl 400 1757 
MONTAND, CATHFRINE 

P uh N ,'fV. V J P L " s * l ' v *CF r A. f Enrich 
uh.1,,1.,,. Prnns. al 2 ng iNnr 5un > A ng 
3 day*. No progs, 


'AL“ “JF r>iF TOWN, rc m-7?a tnsi: 
Air-conditioned. From B DO. Dinino 
Dancing P so. SU PE PR REVUE 




AI 11.00 PETE 


FDENO 


6.14 vnd F.sn L« . _ 

*1 2 00 and 4.05 tomoryew. 

r^V.^rTHEAYREfOTi] 5 5 e'*j 
5SS« ? ^rlan De P.ima him 

• 7? J X) - - S,n ' P " r, »* Wk. 100. 

* I'l- <■»** .’ tij. 7 45 S»a« hifhti! 

sTt. SnS ?un. er1 ' Mon " Fr '' ■"* •’•rfc. 

°”33ic5 r^ESS Til ^"'Vron;* 

bkhle" 1 2 ' 3 ®' 3 ' 30, a ' 30 AH «WM 

0 ";6N. ieice«r«r Souare (pio El li t 
I^EAP DETECTIVE fAi.Vn Vri«! 
Ply Doo rs open 2 .00. 4 43. 7.46 

O-^i. Mari>le Arrh. W.7 (725 2011'?) 

f/% N ^ ,WTERS w ™ E third 

m 1, P£P«- 0( Yi rs wi Mon., 

f '• T- 30 Sat 1.05. 4 15. 7 45 

5un. 3 00. 7.30. All seats bkb le. 

’ "wif£?,., CMA £ LE5 - Lpte- 437 «TeT. 
' , .BOriwnayli '* THE BEAST 

(London _X1. Jfop. Perft. 12 40, S.rn 
S.IO. 5 55 8.S5.1 

Sat. 11.15. Sears 


5 55. B.JS. f'S'un. 
Lte. Show Frl. * 
Bkble. kit'd Bar. 


THEATRE UPSTAIRS. 730 2554. Prev | STUDIO 4. Olrferd CirtuS 4S7 ttmT 
Tomor 7.30 _ Opens Wed. 7. Subs. Mon. ; J'H C'aybumh Alan Bare** in 3 *w 

M-turskv , AN UNMARRIED WOMAN 
• '*’• ProBt 1.05 3.38, 6.00 
| Late ahow Sal. 10.50. 


•0 Thur. 7 JO. Frl. & Sat. 5 IS * 8 15 i 
Traverse 7h. P»orf. pr THE SLAB BOYS 
by John Byrne. 


8.36. 










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Lady F: 
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Sir Haro 
drawn so 
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did not 
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death in I 


14 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 61-248 


Monday October 16 1978 


Competition is 


A 


financial Times Monday OcfelSa* 2 S 19 ^" 




'S 


BY JUREK MARTIN, U.S. Editor 




the key 


W5£ 

▼ * mnn 


.T was conceived is 
April last year as “the 
moral equivalent of war ” 

TJJ tK NATURAL GAS: Federal controls on the price of 

Sd, tf^iTcaUad the U.S. n ?wly discovered gas will be lifted in 1985. Mean- 

Energy Programme, is much while. Federal controls will be extended- to currently 


THE MAIN COMPONENTS 


for example, beenconsitfeaw 
revised since last 
the assumption was &at Ba&g 
gas output had peaked, 


THE CONSERVATIVE Party ever, is crucial and it is here|^s . Jus^ Jhan Jts _ father, unregulated fatra-state gas JP^^Md om^ed 


has now established the broad that’ Conservative spokesmen President Carter, had planned, in the state of origin), and an immediate mcrease 
SiE™ nf the economic police still hove a great deal of work Protracted gestation has m pn ce of Mew gas from present $1.50 per ttousand 
that tt propose™ to pursue to do. wrought genetic changes that ^bic feet t0 und er $2 per thousand cubic feet, 

should it come to office in the Sir Keith’s reference to com- “■[* ^ “SJSnJi Mces ma y be raised bv inflation rate, plus about 4 
not-too-distant future. Whatever petition, for example, though S?“ S1 “ 01 per cent per annum up to 1985. Industry, not con- 

the diversions caused by Mr. welcome u itself, is relative y sumers, tobear brunt of increases. 

Heath at the party conference new and it is not immediately of energy Sni 

in Brishton last week, there are clear what he means by it One 


- - - fh . h . ■ j r _ w e ence and encouraged to consume COAL CONVERSION: Stipulates that industries and 

certain principles on which the assumes that he is again draw- r, ~i u er. n m «;i ***** me K*rf tka uni 


Shadow Cabinet as a whole in. on ESSfe 1 “ HP5*£2i ^0^ ? d ga^llt^e Bill 


appears to agree. These are the social market economy from 2P2ft. a l0ng ° f « emptionS and Provisions for 

worth spelling out again, at which so much of his thinking 3 at*”?* t ^ t anythinS hardship cases. 

l ea il as . a slartiDg poiQt for seems to Mem Mdwhidi. at its there can rarely UTILITY RATE REFORM: State Utility regulatory 

further discussion. purest, *^ a l r have been a delivery room as agencies required to consider schemes promoting 

- j fa^^propasli^^Slf^ the°l^ a weeicl and particularly 

^ S ' r Assembly 0 P th e° * ^Tory Toi 7 Government, for instance. of S Lsues °awaitins? e reso^ their customers in order to pro- his Administration were Mr. O’Neill's urging, had -pas- her debating 


Monopolies 


energy savings — such as ending discounts for big ae ver recover earlier levels a* 
volume users. Provisions for sharing of power m that the salvation lay i n .» 
emergencies. most abundant G.S. energy-^ 

ENERGY TAXES: m&tax on fuel-inefficient cars ®| L . *2 

that do not meet Federal mileage standards, starting 3 kSSSEES 

with $200 tax on cars getting less than Id mpg in f Rt 0 f new natural 
the 1980 model year, and rising to a minimum of much more than a tbirff-bfUi 
$400 on cars getting less than 25 mpg by 19S5. A annual consumption- 
15 per cent income tat credit for home insulation year new. reserves. jump^|j 
improvements, plus maximum $2,200 tax credit for to 11.9 trillion cubic-feet,^ 
installing solar heaL founding the Admiaistniti^ 

GENERAL CONSERVATION: New energy efficient j^\CTS aLSj ^*S SS 
standards for domestic, appliances. Federal grants of cubic. /eet could - be fouad^ 
nearly $lbn for improved insulation. Loans and loan ibss, thus providing the/eua* 
guarantees also available. Doubles existing penalties equivalent of l.4m\bwSS 
on car companies whose fleets fail to meet existing . oil pec day that need. 
mileage standards. ported. . These ■ -figures, -tfaqqg 

• ■ they lie in the middle Tang£t 

widely differing- public aud^ 


Brighton assembly the Tory w uuv«uu,.hu. fusion 'of issues awaiting reso- “eir customers in order to pro- ms Anmuuzmuou were air. u ixeurs urgmg, naa pas- her debating the issue puc ,ess viewed with aime £&& 

Party recognises the limits of 56615 t0 breaj5 U P companies Jution and the bewildering array mote greater conservation of guilty of both puhbe relations sed most of this package with intense lobbying by the Admini- cisnL 

a ... whif*h have near tnnnODOlV in .. . . - 6 , pnarcnr Wt. loronlv and tantinal mictakpc TVanpfuAH the Prnpntinn nP tho nofwil urhnca ctanrfiflP 


. , vate projections, are hooeffii 

out locc wri mikh mmw.- i&v. 


government power. Government which ha . ve n6 ? r monopoly in Qf parIiamentaiy ta^jcg aQd energy have been largely and tactical mistakes. Deceived the exception of the petrol lax, stration, whose standing had This ye ar, the 
can at best create the conditions the British market and. because procedures employed, including the '.early passage in the which it rejected outfight ahd ; been much improved by the experienced both a gas and* 

for prosperity: it cannot by it- of the nature of the product, are inevjtable fiii bust er, were It is hardly surprising there- House of Representatives of the proposal that buyers of President’s success at Camp lut The ,^..^£32 
seif ensure that prosperity will p ot e * s “ y ^9 competition b » 0 ujahe many congress- fore that in welcoming the pas- much of the original package, economy cars receive rebates David, carried the day. The fact 

.. .. . .. fi-nm imnnrlt? iosin Uinilln tr.P 1 J 0 ... — .. ... it f . . n. u m, Kninn 


has,>hK 
partly brought about by Aisip 


occur. At the same time, the from imports? Again, would the men babl unaware of ex- sage of the Energy Bill this and comforted by the “leave it from the proceeds of tile levy that, the President was i taw bQt jonal problems. 
party does not believe that con- Tones seek to exercise a stricter ^ what they were votin'* on morning, Mir. Carter warned ^ n _ _ m 9. advice of Mr. Tip of ^igh petrol consumption cars, obliged to accept what he- had r M *i raOnaw h>»ki. 
trols on pay. prices or dividends co ° tr ?) over ^ e rgers in general at any given moment. Inter* that it would produce 


no “ over- O’Neill, the speaker of the 


^ Coast refiners unable to: haiuH 

The Senate was always a originally opposed was almost ^ yui uine 0 f hew AlasjSS 


are ultimately beneficial to the if „ s0 ^ rhat wo *i d ,„ b ® woven between the twin goli- right miracles” But it did Hoase, the President, failed, at different kettle of fish. Senator neither here nor there: every- now being delivered 
people of this country. Under criter “- T^ e ans '' r 9^ t0 these aths of the Energy and Tax Bills demonstrate, he added, that “we critical times in the early going, Rusrell Long from Lousiane. a' body agreed that the Bill was slope fields, : Yet jt 


people of this country. Under ~ aths of the Energy and Tax Bills demonstrate, he added, tnat -we cnaoi ximes iu uie eany going, nusseu umg trom L0uswne.;a ooay agreea nort h slope fields. : Yet ii- 

a Tory government such controls Questions have not been given. w . Hisparatp matters as have declared to ourselves and to sefl his proposals to Congress leading oil and gas state,.. and .imperfect (some called lt^an importsfeUc^ 

would be dismantled and the u greater competition is *o ^ , «... _!_ « _■ »». _ fn utaku * tn onn- /•hairman nf fha aii nmnm^ii «hAi*tinn\ hut oprfpptitm had : s . . »■ « .. 


- hp nn - fhe h^warks Of the Federally funded abortions, the to the world our intent to con- 
emphasis would be placed in- be one , of bulwarks of the Endan „ ppp<1 5^^ Act. suaar trol our use of energy and 


US OIL IN 1977 

(000 barrels duly) 


Consumption 


; would be placed in- Endangered Species Act, sugar troi our use of energy arm 

stead on what Sir Keith summed 1 ^Tories P rices - beef imports, the thereby to control our own des- 

up as “ competition plus sen- T authority of the President to as a nation. The President 

sible policies on money and on should oe more precise. waive imposition of countervail- nnt s®? so, but it is entirely 

government spending and bnr- p Yr L nnop ratp ing duties on imports. U.S. con- Possible that he will find it 

rowing, and on taxes, sensible “ ^ r “ e tributions to its 1980 Olympic necessary to take further action, 

policies on cash limits and on There is one other aspect of Games effort financial support off his nwn executive bat, to Production 

tareet rates of return from the economic policy, which also f or an( j jjj strengthen this demonstration of Crude oil 

nationalised industries, plus a concerns competition and on agencies much more be- rational will by moving directly Natural gas liquids 
great deal of explanation to which the Tories last week sides It ^ no small wonde r t0 rectify the glaring omission | mports 

ths? effect that people can price were conspicuously silent and ^ \ n small hours of in the Bill— -its neglect of the Crude oil 

themselves out of jobs if they that is the exchange rate. There mor ni n g two congressmen issue of domestic oil pricing— Products 

are unrealistic.” is still a prevalent belief in seek | no ’either solace or sanity! either b y raising domestic prices 

There may be room for debate this country that industry can got out their saxophone and or *• lcvel 0 


77,945 


chairman of the all powerful "abortion) but perfection had m «rghiaUy for much of‘th™ 
Finance Committee, would have become a long lost goal in- the from ^ §45 bn 0 f r jS* 
little truck with the Crude Oil search for compromise. •■-fetest -. -MaHaS 

Equalisation Tax, particularly Even at this late stage, ge a new - upturn. :Eva 

its provisions requiring that BiU was fax from out of the though, on average. UJS. 
consumers get a rebate from woods: simultaneously C°n- coemption has grown^ 
tne proceeds. . . gress was tying [ itself in knots rapidly than 'the advanc e 

Tiere was a deep ideological °y er the Tax Bill and it was GNP since the 1974-75 recesSins 


over continued ' regulation clea ^ thar . V 10 !! 6 .the economy has retained ®! 

'* • of natural gas prices, dear to number of trade-offs between underiyfng vigour thathia)% 
of liberals and con- th e two pi pc ® s o ^ legislation. j on g er term projections fiao^ 
but anathema to those The House of Representatives, with difficulty.; . * : ~ 


the heart 

6^65 sumerists but 

2.K6 who betieved that the industry whose earlier strong support The admitted uncertainty ow: 
Source: up needed more incentives to seek ?P r ^b e Presidents package had the -impact of the prograhijKk 
new supplies. been severely eroded in the ma y welT be reflected io fti 

By the autumn of last year' mont bs of subsequent bickering, foreign exchange 


even within the Tory leadership be protected against the con- ban j 0 an(J serena ded their col- unports w 

about how rapidly existing con- sequences of any given rate of w ith soothing refrains. Wlt b the benefit of hindsight, and the nation with tiie vigour die Senate had approved only aana within one vote earlier which. In assessing the' vstiit 

trnls can be abolished, about inflation by allowing sterling to But it j the gner^ Bill that if 630 b« 531(1 that Mr - Carter he might have employed. When non-controversial items such as !ast Friday of adopting a pro- of the dollar, may well airea* 

• • — • - — *- -• - * ■ - » , , .. mvliiro whifh nrnhahlv would t 



more about ’ rimtraijint^^ 
imports. Earlier this smn^ 


on the event the Bonn eomoafc 
Summit, and when his 

0 . . fortunes were attheir nadft/ffici 

hat the argument about What is needed now is a modest than he bad set. Even ° nes such as a new energy pro- such a thing as an energy Crude Oil Equalisation Tax Houses at breakfast time yester-. Senate directly chaileDg&f Ms 

nenmes policy in the Tory clear statement that a Tory on the most optimistic projec- gramme. But political reality crisis. never even got out of Senator day- ; - authority to -impose 

D arty is now dead. There will government will not allow the tions. it will cut imports by no always dictated a harder The April 1977. proposals Long’s Committee. ./ hi suggesting that the Bill quoted on forefeb oili'??" v- 

be no point in talking about exchange rate to fall merelv to more than 2.5m barrels of oil struggle, as the last 18 months were essentiallyin five parts.. Conference committees deal- “Presents ■ just . the start of a- Should Mr. Cacter-^fertt^m 


percentage limits or norms for protect the inefficient. . Until per day by 1985, compared have proved. His proposals cut •The Crude Oil Equalisation ing vriQ, tas ant f, rwiptax lon S ro3<i * President Carter^ -was this direction— as 
Day settlements, for it will be that is made, the suspicion with his original target of to the heart of the American Tax designed to bring domestic elements of the Bills sDbse- Probably drawing the^ safest les- --then a confrontattmitbdth- 
up to the government to con- must remain that the idea of 4.5m. It contains no provisions psyche. They created unholy Prices up to world levels. quently reached assorted com- son of last 18 months. There Congress is bound* to - ensue. 


«rol the money supply, to ex- the soft option has not been f or increasing the domestic alliances between producer ana •Permitting increases in promises on the less ‘sensitive are- sa many different opinions But one . major "tessmi :v of ^ fte 
□lain what it is doing and why entirely abandoned. The Tories price of oil, a centrepiece of his consumer interests, both of natural gas prices, but retain- issues, but showed no signs of extant about the likely impact last couple of mptithr isV-tfelt 


to the public, and to allow free have outlined a bold policy for original proposals. Its thrust which have plenty of advocates ing controls over pricing. arriving at anv form of con- of the programme that it is Jimmy Carter has beebiop 

’Elective bargaining to take the economy in so far as it goes, now is on natural gas produc- in Congress and in the nation • A standby tax on petrol, sensus on thW natural gas hard to find eveb a median line, more effective .in - getitagtl^s 

ilace within that context The but they could yet be bolder tion, not increased coal output, at large. And, above all. they plus levies on petrol-hungry issue, let alone on the oil tax 0,1 imports still account for way with a stubborn, legldato®. 


■raphasis on explanation, how- still. 


Outlook for the 
trade talks 


and it seeks to achieve this by threw down a direct challenge cars. proposals. S about 40 per cent hf domestic There is 'no doubt fhat obtaffr 

ultimately de-regulating natural to the authority of Congress at • Coal conversion policies. For much of the year the consumption and are conse- jng even ah emaciated energy 
gas pricing, precisely the a time when, after the traumas designed to double U.S. coal natural gas conferees did not Quently a major factor in the programme will be genewfly in- 

original plan, of Watergate and Vietnam, the production by 1985 through a even bother to meet, so funda- magnitude of the U.S. trade de- terpreted as yet another deofe 

laoses against legislative branch of govern- variety of measures. mental were^their differences of licit (though now a less. sign!- stration of presidential leader- 

gas guzzling” cars and against ment was seeking to regain Its •Utility rate reform, and opinion. Bdt by early summer Scant item than manufactured ship.- Both the country and the 

the refusal of industry to con- ’ last role as constitutional co- miscellaneous conservation a compromise providing for the imports). ; world are now waiting to see if 

vert from oil to coal, have both equal. measures, including -tax credits end of Federal controls on new The Administration’s cal cola- he can make a tougher anfriih 

been substantially watered But it is also fair to say that for home insulation. natural gas by 1985 was tions on U.S. natural gas pro- flation policy stick, a task that 

down. Even proposals to change as well as being victimised hr By August last year, the laboriously hammered out. The ductioh— and the consequent will certainly be no easier- ftali 

the rates which utilities charge circumstances Mr. Carter mid House of Representatives, at Senate spent much nf Septem- savings on imported nil— have, that just accomplished. 


e* 

ltd*. 


IN THE LA5T-MINUTE rush of EEC’s insistence on the right 
activity which traditionally to take selective action against 
accompanies the adjournment individual countries, but there 
of Congress, the Carter Admini- is still a' good deal of argument 
stration has been battling hard about defining the conditions in 
on two issues which are which the right may be exer- 
threalening to impede the eised. 

multilateral trade negotiations. The fourth and perhaps SlidiCtlCG 


H m MATTERS 


Speaking out for 


due to reach a conclusion by awkward of ibe unresolved 

the middle of next month. The issues concerns industrial sub- After-dinner speaking. 

White House has been trying sidies. European Governments bane of some of our readers 
to persuade Congress to extend have been forced to acknow- lives, is becoming big business, 
beyond January the Admini- ledge that their habit of sup- with celebrities not noted for 
stration’s right to waive porting particular companies or eloquence commanding up to 
countervailing duties against sectors with public funds can £1,000 a time. ** I have seen com- 


ill the country. His assistant, what needed changing: “I can’t sault’s vision is of craftsmen 

Eileen Seymour, tells me she think of anything more flocking. Architects, glass- 

knocks out speeches for Jan ridiculous.” • blowers, carpet manufacturers 

average of £50 a time: *‘I hjive u was the sudden vision of would join the throng. Perhap 

the dark-red wine lake, and, there will even be a new Gis 

reflected in it, the. shimmering cardian wallpaper, to be rever 

peak of the butter mountain enced as deeply as the chairs of 

decorated with sparkling ECUs, Louis XTV. “The novelty will 

like so many fairy lights, that incite buyers to change the 

distracted me. When 1 looked decorations and furnishings nf 


even done a couple of sermons, 
“2 she says. } 


\ 


Mousephone 


t 


3 


subsidised impons. If this have a distorting effect on world pi etc disasters,” says Ivor Spen- » f^ nd PIu ™ b h6d disapprared. 

waiver is not extended, duties trade. They are willing, in cer, president of the Guild of White-hot technological n^s: Why was Plumb so glum. In y* , 


their currently out-moded flats. 


Toastmasters. 1 can reveal that the Brijish plain terms it was because our The arms lord has a habit of 


will be automatically imposed principle, to abide by a code Professional i»/«uu»Hc«. - — -- — — — : . --- . 

™ a EEC exports: of conduct which would regulate Spencer can identify such 

some retaliation from Europe the application of subsidies. But things. Of the 25,000 speeches P® 06 . 33 


sd fed Irish rather than British tical scene in unexpected ways 

sssss wMaisrs; Kzmssrz srsss 

— a* _ .■ i thn tooth uihir>K a I * i— tinchain. and soon rhoJ anient rfieaner for the Government, servation of old churches — only 


negotiations, a failure to resolve the teeth which the Americans In a move calculated to make tuigham. and soon, they vnl|not - L Go 7 er ? m6n t- rnmnipnt in 

it will certainly sour the would like to see in it, is not his own life more interesting, *** 9 ulte hnw soon, the AH very distressing for British to draw the tart comment in 

atmosphere yet settled. he is forming a Guild of Pro- telephone will be availably at farmers, of course, but a seme newspapers that it was his 

atmosphere. It is of the utmost importance fess“nal™f?er-Dinner Speakers *** ™ London only, costing a controUed diet of such Dish overhead which 

that a compromise on these to ensure no one joiL the mere 43 extra 3 Quarter, plus Euro-problematics should if he cracked riiurcfaes vaultings. 
l™tant four matters is achieved over £45 installation. Mickey Bolds can avoid apoplexy help the Wow he looks forward to a 

Another amendment wou.d weeks. A satis- feasonaSly^month ton^ the handset in his right hrfd. ^ major «htb, non decorative 

prevent the U.S. from making factory conclusion to the trade who. I ashed, was to judge “There’s tremendous demand JJLSf ““J Te Comite ion will mme wti! 

any reductions in textile or n 5f otia r!^, ns be a dear the degree of smoothness? “I’m from our customers," ehttmsed Organisations Professionels boom and “ the youth of France 

clothing tariffs. If this amend- °/, the . developed booking a room at the Con- a PO spokesman, who reminded ASrotaTd? la CEE fCOPA Sl have lost mornsenels 

ment stands, as seems likely, it Q® 1 ™ 1 ™* determinotion t n -Agricoics ae m aave lost us mornseness 


aetennin3tlon t0 caught in about a fortnight.” me that we were lagging behind LT h.« - f ft V uZL’' Za Ann it" ‘I ' 

wlll be a considerable lrritait to ™i!"“ n J!'„V reSent t ? di ? g Spencer. “People who want in the great telephone rice. The J° r o°“ of Oie new “ lomurrow 

America's trading partners, not ^cm a^d M keep protectiomst to join will have to apeak tor Americans already have Snoopy SLenctes from whS ,0mUrI0W ' 

forces at bay. three or four minutes m front and Gtmfy receivers, andiloog ^ „ e „ 


least the UK. which has been 
looking for concessions on wool «... , . , 

textiles. It is, of course, not M.mra WOrla 
surprising that, with the trade 
talks in Geneva at a decisive 


of a panel of first-rate speakers, ago became accustm 
and me." murmuring sweet not! 


or 


the CAP fit. or at least feel 


more comfortable. 


Cross words 


What else was in the --tiffins 


Without the avid but unlucky 
F.T. crossword puzzle competitor 
Jessie Mjxuu. today’s column 


stage, the protectionist lobby in ^ matter thpv^ of har,d - sa ys Spencer. “When I 

Congress should renew their ^ d ' eJtelt ro started 23^ ^ years ago there were for the run-up to the millemum?^ ' Castles III the air Jesa “* NJaam. today’* c 
efforts to frustrate an agree- ^ - J "!* eight courses and two speeches. I asked. The Compact— ^pace- Vd * ues m ine air woul d lack reference to a new 

Any successes will appe|U . „ haTe bee - U>« ^People are dieting saving Is achieved by paying The miraees of Marcel Dassault K^embTiTcase^f.ht’Te,? 35 ' 

H.irino tha b there are three courses and any the bell m a separate mnt — renaemoer tne case of the letters 


ment. 


5t«f5i SS SfaSr£T!» I 3E a^e^of^eS’tTlM 8 h& ld aerS^ce°Ur^ S^yTei^s 

2S? “ U ”Ei“ leSS WUIi0g ,0 Dmt 'of 1 the t selective’ safeguard •JS’ l K ^ M JSTLSSS S 2 SJSSL “ *JSf 


offer concessions. arrangements as likely to be . . 

On the trade negotiations directed against them. There 5pencer 13 about to 8° on a _ 
‘hemselves there are four main j s anxiety that the industrial lecture tour of bis own. He says slQ0 - 
■ssues to be resolved. One is the countries seem determined to' modestly that he has picked up 

defences information on all sorts of sub- 


To add to this mel£e of voices, ishly. they were working ida “an bas visions. Earlier this rear ° f This has “one. 

«nrN>r i« ah out tn - old-fashioned candle-stic£ »er- ha urac *5? ste ‘! m Newcastle, Jessie 


he was barping on the virtues Nix0 n’s crossword entrv 
STSTUTSS ^Pr-ed compiete with 


coda to the F.T. in London, 


to be a sticking point The which was apparent in 
second is agriculture. The U.S. recent re-negotiation of 
remains determined to obtain Multi Fibre Arrangement It is “ It’s obvious, 
better access for its farm true that some concessions for ?y?s. murmuring, 
products to the EEC market the developing countries, on out" His 


husbands when they come home Z, d llD t * „ n ^ n ° on - 
from work. Now he it conjur- up , “ l P “ *** 

renei* LittlW0 0 dl p„„, s in UverpooL 


amount of tariff reductions: strengthen their 

more haggling will certainly be against exports from the ^ ects from all the speeches he ruro-brpnkfae^ 

needed on this, but it is unlikely developing world, an attitude Bas had to listen to. 1 asked 

— - the Bim how speakers could tell x was up ear{y yesterdasNBir a »nce. This is to begin ,n the be^us^i SSSJ 

the *hen things were going awry, cerebral ioe rn,Jn VifJt!S*vms homes of the monsieur on the thSffuliy dri Hed Sh S 

envel °P e fu » of holes in an 

new befle^poque elaborate coded pattern 

and it is hard to see how agree- tariffs and on other matters, | for a maximum of 12 minutes, prefer fo buy British did .££ this has still to be invented L nr it nn itTw!! w ®". d 

ment can be reached without have already been secured, but and to research the subject before we entered the EEC." Dawault already believes in it nddfin- Vnd stSn, 

some change in the Community’s there is little evidence that the | matter properly. puffe d Plumb from at^aews ??®5j« ntI y to spend a total nf [‘ all ! f 

- r>..* v ., ,. . — j fia finn nn io an. iiinwniug man, i enquired. 

a 


position. The third is the ques- industrial countries have fully If this last condition presents release. “But both NAA# and. £15 -°°0 on full-page advertise- ■■ we’re 3 o » enQU IJ 

that the taxpiyon 1 ment s in the French press. spokesman. 5 ^ 


tion of safeguards against <fls- come to terms with the new difficulties, it just happens that MoD feel that the taxpaye 

ruptive import competition. The competition from third world Spencer runs a small after- money ...” The MCA cKula- Fifth Republic -Stvle hnrdiv 

U-S. and Japan seem reluc- exporters of manufactured dinner speech ghost-writing ser- tion. he was saying ttp^y sounds like a rail vine ervirt 

tantly to have accepted the goods. vice, claimed to be the only one when I caught up, tia^ was French or English. But Da s- 


Observer 





Fpr tnanv 'elderly people, going into a ‘‘Home’* ■ >, ' ; 
seems Eke the end of the world. \... 

Nevertheless, our headline is a. topical quotation ^ - 
firom one of our residents’ letters. • ' 

• ' The Distressed Ge&tlefolk’s Aid Assbaatioh funs 
a particular type of Home for a particular typeqf person- . . v--j 
Not just what is implied *by the ‘Gerftlefolk' in our titfc ' 
but anyone, man. O r woman, who will 'fit-in* with but 

other residents. .. _ ’’ ' • 

' . - We have r 5 Homes in all Some Residentid, some 
full Nursing Homes. Anyone who -neais a Home but who 
lades the necessary financial resources can ipply to -the 
DGAAfbrbelp;' • 

. . . ..P l aces jare shorty because, money is_short. Ybur. . j .v 
donation is urgently required^ And please, do : remember- . 
the DGAAwhen- making out your Will. .'v. 




s. 




- iS? 


•> w. 

C. 


VICARAGE GATE HOUSED VICARAGE GATE, : 
KENSINGTON LONDON WS4AQ . ^ 


V. V 


<c ?feip fliaq grow old with dignity?* : i 


1 ■ 






1 




% 














Monday October 16 1978 



Towards 
a wider 
world 


West Germany 


By Jonathan Carr 

Bonn Correspondent . ' 

ta»Sf s ea S , «^S r 5tiL w w“ , 5 d t Events this year suggest that West Germany’s political stature in world affairs 

Germany ifir a wnria power, in ..... 

Deuuiu iirezmiev, came U) ij ; ihay be growing to match its economic strength. What has yet to be defined is how 

the Germans themselves see their role among the family of nations developing 

July i-i centum warier made a ’ ... 

pvrs.onajiy tnumpnant vi*ii to - 

west-Geiuiajiy ami west iJeilnj, 

cuumuauug iii uie seven-nation " 

western tojuumtc bummiL cun- * ■ - ’ v . 

le«nce ui jslhui. mamer uie to compromise results simply Again, proposals on currency warily, seeking to present any was not wholly accurate — hut it who wished to undermine the constitution with the constiti- 

>a me. .month - la Bremen, the roa ? llle W30 ‘ recognition of stability in Europe a te major new initiative with at is nonetheless true that the coustiiuuuiial State trom obtain- uonai court as Highest arbiter, 

Jburopeaa Goinmunuy cuuntries tnc limited room uir manoeuvre described by some in England least one other partner, prefer- Germans are often given ‘a mg civil service jobs — the “A’urfi- the federal President above 

took a big step loiwarn isoine °? h . mo<leni uaoon Mate. simply as a move to create a ably with several. Domestically, “special handling” by foreign feuten Eriass.'.' Put like that the party politics, the parties 

olihern uneaiuyi towards crea- 1 here js a Jot id that view— out “ Deutscheraark zone" — a trick it means .the country must face commentators nut to their decree sounds almost self-evi- themselves and the federal 

Uon of. a new .. European if ^ r f w3gnmon ^ ° 01 w bich West German goods special pressures from outside advantage. dent — and apparently that is the system. The danger, not 

'monetary syAeiu. , Dec 9 me sell-ey*uent in west w m be allowed tu flood the which other nations need not -• way it was seen by .the (then) wholly avoided, is to believe 


monetary sysLem. 


Those were borne of the high- B , ntis , h markel - iHoiland. fear - Almost any manifestation pJaW 

[iums. Inters Doiaimt ineui were . . „. y alrea dy pan of a currency Df German extreme Right-wing 1 


lignis. Iniei-hporaiug ineui were apparent to its foreign partners, stahfii tv 
visiis by many outer iiireigu w'nen. Tor exampie, tne U.s». G ernianv , nrf 
leaders— someiancs rrom uppos- Qr , ed Glirmjlu y‘ to fake uu £5“ 


West activity, however small, is likely Thal saidi there is a 5ense in 


Chancellor, Herr Willy Brandt, that this excellent structure 
and the Prime Ministers of the alone will guarantee the demo- 
federal Slates who agreed to it. cratic process— providing all 


running a trade to be taken up and emphasised td e Germans make life * ls fataJ daw was liiat was c . i ^ ztins dut >‘ at ejection 


ain a- single seat in any federal u nv , rtl L J * on as a personal “grilling.” might adopt with profit. But 

r State pariiamenr. And that " SSiloiS 7 M, m 0n e cartoonist made fun of it the Germans couJd benefit, too. 

s the development at a time of Ef™ mo in »h* -*£r ^ showing officials dismissing irom a little more flexibility, 

ecession when, in theory, of the tprrnrisi a charwoman whose political making the best of a (.not very! 

xtreraists would stand to gain. P„„ SP ‘ f attitude was held to be a threat bad job— with more emphasis 

. JasI ***„• in . was a aanger lQ tbe .. bajjil . denuV ratic order." on the idea that they live under 
Not surprisingly foreign that Parliament might have seen p ma ^ e *rcc*t of the hit- worst system “apart from 

■1 * i m m av that QTICUIf^f T fl "1 H f l/Vi"! n I r*v II 111 •' ... 


euifctfrn u,at anyone couiU' «, Sedlv‘ rem“ked -As ionj Sn seat i"a n i1eder“ > hith ha ™ »«” ™“- 

Clearly -it is time to bury thai overestimate us. . possibilities. as ^ Germans were starving or State parliament And that roitled . to . pnnl ' anU dl splay a 
old ucscriptiop oi West Geiumuy Bui it did not rule out a an( j poverl y stricke n the v were i s the develooment at a time of P erf ectiomst zeal in carrying 
as an economic giaut but a pou- co-responsibility in complemen- assured ..r^, ponain nf Jhy.n in .Wpnn, t h em out 10 letter. At the 

Ueai; dwari. ir wjiev.L.me u Vl edurts tu . 77“ fftTwa Streets wou S' stadd t 7gaS’ o£ »' 

that lfae country would one day heave me western world *uL exiTera,sls W0U1U slana lu * a . m - last year, there was a danger 


that lhe country, would ope day heave me western . - world dissipated' when they ventured “ * , 7 ■ \**^*™™*t danfier to the^ - basic democratic order." on the idea tha 

lind a voice appropriate to in« turmer out of recession. Ai.d t0 bt!Come rich and y prospe rous surprisingly foreign m m»gn t iave seen For ma th effcrt of the u, t . worst «st. 

strength .01 its ecpnwiwcperfor- wans wnat emerged afthe July and , n , -old re- cr, I lclsm States a defensive the answer in d Hood of- new d has b anythin g but all the others. 

of its defena: .comrUju- mxmmK sontmiL : . sarve thao Z,J reacU “ n - Take ,he ta ** 3 T* c0n “ ,v “ 0l ‘- feder™ "«tem However, .hat .Mud* would 

non 10 -the West and of ns In Europe me overesttmaUon . mentuy measure over the last mena»r-bui wlmse practical wl)JL .|] glV cs wide competence to have its drawbacks. For it is 


non io-the West arid of its In Europe me overestimation 

world inlerestiv.honi chiefly of often tunes a different lornr. « » . 

a dependence oa foreign trade. The WesL Geruian arijied forces iVE PmOflf S 




error hard to rescind. Herr, attention to detail which has 


a dependence oh foreign trade. The West German arijied foa-es lViemOrieS These included widened powers » [ baMC ^edoms. ermr haril tn rebCl ' n± Herr alteiuioii to detail which has 

But it was not certain that, the are embedded in ,- NAiOs of police search and detention That did not happen In re.ro- BrandJ lo)d ^ Bundesta . the helped make the West German 

voice,. when ; it. .tame* vyould be miHtai^ structure (in a way Thus history imposes an and .authority, m special spect the measures taken were, olhpr dav that when he a n rcei j economy out* of the world's 

used in -.large measure'.- .with which those of France, lor additional constraint on West circumstances, to ban prisoners »n moderate. But the to the decree he never dreamed most successful. Bluntly, the 

moderation to .securer compro- example, are not). /. Yet that Germany — and ope of which its suspected of terrorism from all danger existed— and it would 0 f wbat wou ld be done in its German., generally make good 

mise. Howjnueh evidence could a K>he dues not remove lateut present leadership is well contact with the outside world, have been the greater ir yet najne His statement served as products which other people 

have . been ;; assembled: from ieafS in -.partner countries, aware. As - Chancellor . Helmut One Parliamentarian noted another terrorist attack had a warning as well as an admis- noed and deliver tbeui 

German: iristpry-tp isdggest that which, given- the -appropriate Schmidt noted recently, the privately .that several other occurred. In _ fact, since the sion on time. The underlying 

this would, be :so?- How many 'domestic political : - stimulus, Nazi era not only remains Western democracies -.had miinteoftne i industrialist. Dr. There arc even' wider impli- cause of their trade surplus 
who savy thd epuntty in theoarly wi ^b often. >Kanhng strong in the memories of similar regulations— even vrilh-. Harntt^lartin bemeyer last Octo- ca^ns t0 be drawn from this (against which must be set a 

post-war- years rirnly expected -force. Even the rise !.ofv a those, at home and^ abroad, who out experiencing the like of the per, toe battle agaihst terronsm na {i ona ] characteristic. To an deficit on services) is that, 
what has now. emerged; a denw?. German-led steel grouping lived through it. It. continues terrorist attacks in . West appearo to have gone more the 0 j )sei . ver j t sometimes seems more often than not. they per- 

cratic Germany playing^a werid ^hring the current recession to affect the attitudes even of Germany last year. “But of authorities way. that West Germans believe form this - operation more 

role without- seeking, become was labelled by.r;a- leading those bom after iL ■ ■ course.” he added bitterly,.** no . Thid; danger-showed itself democracy to be a pcrfectable effectively than their competi- 

a.wnrld- power-E* .V French-newspaper Ta ventahld . .Eternally, .this means that one' abroad:' will bother to above all-in .the decree of 1»72 process. The .structure, is tors. 

t.-It-cafi-be argued that die wilt war machine.” ■■■* West ^ Germany must. ' tread mefition that." The observation intended to prevent extremists already there— the written It is true that trade union- 


management relations are not 
as smooth as they were— which 
is far from suggesting they are 
on the path to anarchy. It is 
also true that there is a fairly 
new minority prepared to 
"soak" the social security 
system in what is generally 
held to be a most “un- 
Germanic" way. But that does 
not imply that the Germans 
have caught what they often, 
somewhat narrowly, describe as 
the “English disease." 

The price of this success is 
tough competition and a jot of 
stress. The inflation rate is 
now running at a little over 2 
per cent. Real economic growth 
this year is likely to be about 3 
per cent, and picking up after 
a poor first quarter. The D-mark 
is unpleasantly buoyant for 
German exporters, but that cuts 
their import bill for energy and 
raw materials. In most countries 
this would be cause Tor elation. 
But in West Germany it some- 
times seems that only the per- 
fect triangle will do — zero infla- 
tion, substantial and sustained 
growth — and enough unemploy- 
ment merely to ensure some 
labour mobility'. Even then 
there would surely be penple 
worrying about how this situa- 
tion could be maintained. 

West German sociery, then, is 
not one that all would choose. 
It sometimes seems that the 
Germans themselves might pre- 
fer something else — as they pnur 
abroad in unparalleled num- 
bers for their holidays. But 
there is undeniably much to be 
learned from how the Germans 
managed to cope so well, in 
such unpropitious circumstan- 
ces. with problems which face 
most of their western partners 
— trade dependence, energy, 
industrial relations, the environ- 
ment and so on. 

The American writer and dip- 
lomat Mr. George Kennan, made 
a similar point in a speech in 
Bonn earlier this year. He 
reminded his listeners that he 
had been in imperial Germany 
as a child, in Weimar as a 
student and in Nazi Germany 
as a diplomat. Returning now, 
he could think of no other 
country whose modern develop- 
ment had. by example, so much 
to offer. That contribution might 
even be seen as a part reconci- 
liation for the past, he said — 
hut added laughingly that he 
was an old man prone to exag- 
geration. His German audience, 
it hardly needs saying, took the 
point very seriously indeed. 






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CHANCELLOR Helmut Schmidt 
gave the result of the key elec- 
tion this month in the State of 
Hesse as follows: an increase in 
support for the Social Democrat 
Party (SPD), a decrease for the 
opposition Christian Democrats 
(CDU) and a return of the 
Liberal Free Democrats (FDP) 
both to the State parliament and 
to their coalition with the SPD. 

The interesting thing about 
this is that Herr Schmidt made 
the statement in a radio inter- 
view on September 30 — eight 
days before tbe election 
occurred. The result in Hesse 
says much about the stability of 
the West German political 
scene. And tbe man who made 
the forecast, which proved 
exactly right, is one main reason 
why the scene remains stable in 
Bonn as well as Hesse. The 
SPD-FDP coalition stays in 
power under Herr Schmidt, and 
the CDU (with its Bavarian 
sister party the Christian Social 
Union (CSU) remains in opposi- 
tion after nearly nine years. 

Breakthrough 

Hesse could have been the big 
breakthrough for the CDU. The 
SPD, which used to dominate 
the state, slipped badly in re- 
cent years and could have 
stayed in government only with 
liberal help. This time there was 
a real chance that the FDP 
would fall below the 5 per cent 
margin of support needed for 
parliamentary representation. 
Exactly that happened in other 
provincial elections in Hamburg 
and Lower Saxony in April. In 
Hesse that would have left the 
CDU and SPD alone— and the 
CDU expected just to have the 
edge on its rival, thus reaching 
Government power at last. Tn 
the event the CDU did emerge 
narrowly as the biggest single 
party— though it lost a little 
ground against its result four 
years earlier. But the FDP 
gained more than 5 per cent?— 
and the old firm remained in 
Government business. 

A CDU victory would have 
had important consequences at 
national level. For while the 
SPD-FDP has a majority of 10 
in the lower house of the 
federal Parliament, the CDU- 
CS17 is on top in the Bundesrat, 


the second chamber, which 
groups representatives of the 
federal states. 

More over a win in Hesse 
would have given the CDU-CSU 
a two-thirds Bundesrat majority, 
and tbe right, to block all 
Govern meat legislation ’ passed 
up to it if it wished- The 
Government would have .been 
left with the choice either; of 
continuing more or -less as an 
administrative body, foresaking 
the right to new law-making. Or 
it would have had to take the 
steps necessary to bring pre- 
mature general elections. The 
next such elections would not 
normally he due until late in 
1980. 

One conclusion likely to be 
drawn by many from the Hesse 
result is that It provides the 
final proof that the CDU cannot 
•return to power by hoping to 
displace the SPD-FDP together. 
It is probably a wrong conclu- 
sion and tbe election in West 
Berlin next March could prove 
it to be so. There, too, the SPD 
and FDP are in alliance— the 
latter with only 7.1 per cent of 
tbe vote. They will face a 
powerful challenge from the 
CDU, the biggest single party 
with 43.9 per cent of the vote, 
under an outstanding new 
leader there. Dr. Richard von 
Weizsaecker. He is one of the 
morr effective represntativs of 
the middle ground in tile CDU. 
He may well tempt away liberal 
support from the FDP — which 
is what tbe CDU leader in 
Hesse. Dr. Alfred Dregger, 
largely failed to do. Dr. 
Dregger is generally seen as well 
to the right of his party. .Even 
SPD and FDP supporters, dis- 
satisfied with their Govern- 
ment’s recent performance, 
found it bard indeed .to make 
the major lean to support him. 

But what is the alternative 
for those in the opposition who 
feel, nevertheless, that they will 
never displace the SPD-FDP 
“ block . parties,” as they call 
them ? One clear answer is to 
found a new, fourth, party 
countrywide to try to scoop up 
every last right wing vote. This 
has long been an idea with 
which the ebullient CSU leader, 
Herr Franz Josef Strauss, has 
toyed. It goes almost without 
saying that this fourth party 



Chancellor Helmut Schmidt: heading the popularity 

polls. 

would, in essence, be an extea- mean that, barring accidents, 
sion of his own remarkably Herr Schmidt would remain 
successful CSU beyond Chancellor through into the 
Bavaria’s borders, led by 198()s. And that would seem 
hims elf. to match the desire of many 

It is just conceivable that Germans — for Herr Schmidt is 
such a party, in . the right far and away at the top of the 
circumstances, could gain list in opinion polls on the 
enough support to enhance country’s leaders. He is also 
Herr Strauss's chances of much, the finest performer in 
becoming opposition candidate th® Bundestag. His nearest 
for the Chancellorship in 1980. rival, Herr Strauss, is leaving 
The previous candidate was the 1970s, has slipped back. Italy 
CDU chairman. Dr. Helmut to take up the Prime Minister- 
Kohl. under whose leadership ship of Bavaria— which does 
the opposition gain ed 48.6 per mean an end to his 
cent of the vote in the 1976 national ambitions, only that he 
elections — a highly respectable W .U1 be pursuing them from a 
result, but not enough. It is different 
also quite conceivable that the -r r ' Ko . 113(1 a fine rec °f d 1,1 


foundation of a fourth party by 


previous 


Herr Strauss would simply split Minister of the State of Rhine- 
the opposition altogether (the land Palatinate-but often gives 
CDU and CSU often appear to ,\ wpressl °*\ *** 13 ° ot 

treat one another as rivals comfortable When 

rather than allies) and help no “ft- Jor^s into the. 
one but the present Govern- att3Ck Bundestag. He is 

meat coalition The West not ,as bad critics 

its “5 per cent" rule, makes 8d 

•Wfcfcrt for new. forces oa.the untlSl" mdwfr 

environmentalists who made Bundestag speech the other 
something of an impact in ( j ay BlIt ^ the foreigner's chief 
Lower Saxony and Hamburg in jjjt erest ^ West German 

Poises is confined to asking 
tt / Aether Herr Schmidt is finnly 
extremists of .Left and Right. in ^ sa( jdle — then the answer 
they are . hardly . visible— let jg 

alone close to 5 per cent. • . ’ T ,, r* 

An -opposition split would jOnaitl3ll L31T 


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Sources of friction 

LAST MONTH the Atlantic armed forces — must be seen, long without 'a new drive for Soviet threat That- implies 
Treaty Association held its Bonn makes the second biggest modernisation.; As for strategic both tbe readiness of the U.S. 

annual congress in Hamburg. A overall contribution to NATO nuclear weapons,, the Soviet to make the offer and the will- 

more suitable site could hardly after the United States, keeping Union and the U.S. are- roughly inguess of Western European 
have been found for discussion roughly 500.U00 people under in balance-'— after many years of Governments to go through the 
of the Association's chosen arms. They are recognised — in American, superiority.--. These domestic- upheaval involved in 
theme. “The Atlantic allience the east as well as -the west — as three elements-^qnventional taking it up. The debate within 
and the situation in Central well trained and well armed, forces. and nuclear tactical and West Germany on the neutron 
Europe." For Hamburg, West The 1978 defence budget strategic weaponry— make up weapon-described by a leading 
Germany's most populous city showed a fairly small increase the so-called “ triad ” of NATO: member of the ruling Social 
( excluding West Berlin), is only against last, year — - of 4.3 per defence. ■' Democrat Party (to the conster- 

about 50 km from the border cent l0 DM34bn. But the pro- Nat&’s aim remains a balance “^on of the Government) as a 
with the W^av, Pact. In other portion of it ieiag spent „f -™ tow* "P^eraion 61 thought"- 

words a rather slow vehicle can <y r ectly on weapons and anunu- able level of force. The NATO- indicates the kind of difficulties 

cover the distance easily within a iti 0 n increased sharply, while Warsaw 1 Pact discussions on ^at could be involved. 

WeTcermanv’s geographical *2 *. oin f 2 Personnel mutual and. balanced force re- Thus potentiaUy the "grey 
nn^Mnn iV the uncnmfortLhie and administrative costs auctions (MBFR) have been one awe problem is- a source of 
constant around which ever dec,ined ‘ Tbe West- Germans p3th W this Objective. And. serious friction between the 

chan-ini and often ahshTise aim 10 spend about DM 40bn, to after years of apparent stale- U.S. and its. European NATO 
domestic arguments about the * nd of ^ 1980s on new mate - West Germany, for one, partners. It could be another 
weaonnrv and° tactics revolve weaponry alone. And most of feels -there are no W .some hope- of- '.those periodic. “crises" 
The count rv’s eastern and prolamines necessary to fui signs of movement. The which have arisen within the 

western bord'ers are Jess than ensure this have alread 7 been two; superpowers : also Mem alliance but which Have not— in 

500 km aoart One-third of the a PP roved by Parliament. close to a second agreement in the. long run — prevented it from 

DODulation and about one Figures alone cannot tell the -their Strategic Arms Limitation fulfilling its basic security 
quarter of industry tie within wh0 ‘* For many years Talks (SALT). .objective. A different outcome 

100 km of the frontier with West German defence spending The upsetting factor for the th f s time wouid lmply a politi- 
East Germany. Theoretically was being concentrated exclu- Wesr finropeans in -general aod ^ L : decisl ? l n [ Tom 

there could be a military case ™ the European theatre the West Germans in particular, ^ t0 di ^ n ^ e the 

for drawing on an invader from whjle tiiat of several key allies is the Soviet i,uild-up of its theatre or from its 

the East— “ trading territory for was still partly going overseas, medium-range nudear-potentiaf alta deliberately to permit a 
time as the jargon has it. But for colonial or post colonial _ror examp Ie. the SS-ZO missile groW !^ Ea ?'I Wes ?, ■ .European 
the huge losses West Germany commitments. This also meant and'.the backfire bomber. These ‘“‘balance, with all Us conse- 
would quickly, inevitably, suffer Bonn was concentrating on. a are tho sq uall ed “ g>ey 70 ng"" quences; . 
make such a course politically relatively limited range of raiti- weapons. -which do not Come .’ -There is no sign that either 
inconceivable. tary equipment— tailored exclu- within! MBFR because 'they are- the- -West German. Government 

0 sivcly to the fulfilling of nuclear, -nor within. SALT be- parties or the -parliamentary 

Strategy European tasks. cause they have not so far been opposition have any intention 

All that is sometimes a cause widely considered stwdegfi^-^nt bt^llowmg the latter to happen. 

Hence the commitment of for approhension for former with a range of up lo 4,000 km Occasionally the international 
NATO to a strategy nf forward foes of Germany in two world they could hit ail -European alann -bells riHg— because of 
defence — meaning {hat as many wars - But the defence role of coniitrieS. so tfiat they definitely' Thb -fury of the fieutron weapon - 
allied nations as possible would - th e Bundeswehr is not* just a present Europe, if not directly debate <PPt of course confined 
act to repel aggression the matter of stated Government the U.S V ; with a strategic. flrob- to ■ West Gennany) ' or ' over 
moment it occurred. Hence the Policy (as well as a constitu- lem. • : r;:.. > .’ alleged plans ■'within the SED . 

profonnd uneasiness in Bonn tional obligation). By its train.- - The danger is that, - the for. the country to “go neutral.’’ 
last year when reports emerged log. disposition and equipment balance of the “triad ” will be Tfie fact is that the SPD now 

of a study in Washington the Bundeswehr is not suited to upset— that the superpowers haS a cloBer relationship to the 

apparently proposing a watering an attack rale. It is embedded will reach an- accord in effect Bundeswehr than ever before-^ 
down of the forward, defence in a structure with the forces of paralysing, one another in the tbafiks not least to- the efforts 
strategy. Even the question of other allies whose presence on intercontinental • strategic- Geor ? Leber.- the former 

the neutron bomb hardly German soil is not simply toler- tor. while; the Soviet Uidon unionist leader and tin til 

touched so sensitive a nerve hi ated but essential to maintain continues its ^medium-range ea ^y ’-this '.; Sear Defence- 

West Germany. The U-S. made a credible defence posture build-up unhindered. The-, best Master.. 'He -has been sub- 
i clearthe document involved was before the East. . answor WQuld be la 'draw thiz ^*?^ by ,. Hefr Hans Apel, who 

simply a study of possible These forces tbgetlier remain problem directly Into the SALT' S* 10WS ^ httle inclination for a 
options. President Carter re- inferior in number to those of talks — so -that stp p^rly R t ,i t y Oeut r alist role as the. former 
affirmed commitment to existing the Warsaw Pact — but are accord -Would Itfad-aiilora^icajly f ■present - 
strategy and the imniediate thought still to have a qiialita- to a third ‘round embratabg'the- Schmidt. . 
upset died down. But for the five superiority. . The West has “grey zone-”.; problem! - .'.. ThK isthe confert in which the 

Germans it was an unpleasant roughly the. same number of The Jess satisfactory altfima- p0 . flt ™ debate;, about -the 
reminder nf vulnerability. tactical nuclear weapons as -the live would ~ be-provisfam ■ to 4 h'& ; cpbntry s . -present .and future 

Jt is in this context that the East and a qualitative lead- — Europeans. by- the' Americans^ ^ conducted: 

. Bundeswehr— the West German though this could be lost before a' inni -range balance to the ; - 

















.Financial Times Monday October 16 1978 







WEST GERMANY in 


THE ECONOMY 


MILES 


flensbbbg: 



the 


^iSchJeswig-hpkiEL 
= Holstein if a 


IS THE West German economy recovery. West Germany is not 
heading for a boom? As yet allowing itself to get too 
recently as early summer this excited. For one thing, the 
year, the question would have indicators have not yet all been 
seemed absurds Tbe talk was favourable for long enough to 
all of stagnation, uncertainty, draw firm ^conclusions. For 
over-cap aC jty and intractable another, there are still import* 
unemployment. ant branches of industry such 

Count Otto Lam bsdorff, the and -shipbuilding for 

Economics Minister, must have *h e outlook remains ex- 
been glad that he 7 had spoken t™™ 1 * bleak. And not least, 
in * January of a *5' per- cent -even .if r the difference, between 
growth rate -in--.- real- - Gross optimism and. pessimism turns 
National- Product as ^an attain- on whether one thinks the 
able' yet ambitious gnat *r Bv economy is growing, .at 2.5 or 
late June, with the vision of'® P* r nobody is ready to 
reproachful faces around the be,ic Ve i* will reach anywhere 
tahte^t the Bonn Summit meet- near the 5.6 per cent of the' last 
ing- already -no .'doubt looming in r ® a * recoyer y year* 1-976. 

German Ministers' Bnagination Perhaps the most . certain 
Dr. Otto Schlecht, the Edoho^ P° sltive is also the least 
mics Ministry State Secretary i n - tangible. The mood has changed 
charge of macro^conomy -P 00 * diametrically, within a 
policy, was convinced that m “? s t0 one fl ^ dence - 
additional stimulus was needed f he . 15x3 econan3lc . research 
irrespective of what West Ger- of . Munich - has 

many’s partners might demand since. -the. spring 

of Tjt. ; been reporting a slttw nse .m 

,, . / „ businf ss confidence s measured 

hard *y' had the Summit by its monthly survey asking 
g uests gone home,, and the West companies .to assess the outlook 
_5 om P 1 et ed for the next six months. As a 
wcwk'dn its ,DM12.25bn package result the IFO team finds the 
reforms. than present moodneitherso remark- 
si^i^ of a- change for .the better - able nor so radically . different 
seemed to multiply. from the' recent past as some 

• ' j other observers. 

KeVlS6(l Tbe same' cannot be said fnr 

_ * ‘ ' the Bundesbank, whose, most 

The- Federal -Statistical Office recent monthly _ report came 
revised upwards its production close, in its ■ discreet way, to 
and orders, figures. . The infla- euphoria. The central .'. bank 
tion rate, already slackening, could see little that was not to 
fell* to below 2,5 per cent on its liking. Wages — -one area 

an annual basis,, the .lowest where Dr. Otmar Emminger, the 
level since .1969." The trade Bundesbank President, has-fre- 1 
figures for.- August- -showed a quentjy sounded" a warning note 
surplus . for the. -first .-eight during the past year-— have been 
months that indicated export rising at between 5.5. and 5.7 per 
performance -had suffered cent - inciusive of ' drift — a ' 
scarcely , at ail from currency slightly higher figure than the 
upheavals. Interest' . -rates central bonk or the -Goveniinent ' 
remained low.- Production and would have liked, yet^iar from 
orders for August published, dangerous, 
at the begining of this., month,-; .With prospects on the prices 
showed a furtoer healthy jump, front so favourable, a rise ip ‘ 
Finally, 1 the .unemployment real incomes of about 3 per cent 
statistics for . . September Jhis year is in the offing; - la' & " 
revealed .a convincing fall in recent interview Dr. Emminger 
the total, out . of ^work, L and predicted that from mid-iSTfr to ' 
brought the rate down tamper mid-1979 growth might.be in the 
cent Count Lambsdqrff . could 35 to 4.5 per cent range whi ch " 
safely predict That the monthly he considered .** almost-Tideal " 
average of total r ^pempioyed*fot and one that would aHcfw.ftill 
the year would be under -thn capacity use and reduceTuhem- “ 
lm mark for the first -time since "ployment without any riSk.# 
the oil crisis. - 1 . overheating. ; t - 

Although there is no gain- ■ Thus far the Soda! Dem& { 
saying a U these pointers towards -ctetic-Freq Democratic cq^ . 


tion Government has been much that the construction sector, as high public deficits. Herr Hans 
more -hesitant in its pronounce- the main direct beneficiary of Hatthoefer, the Finance 
ments. conscious that this most such programmes, was in Minister, has had to undertake 

autumn's more favourable no J}* {e t0 « bsorb m ? re ’ , * at record . DM °et 

" i. .... The second expansive element borrowing requirement for 1979 

statistics could still- prove to be has been a drop in the savings will be progressively run down 
no more than what Chancellor rate and a corresponding over the following three years. 
Helmut Schmidt has referred to increase in consumer demand. All the same, there seems 
as “ a grass fire." The motor industry, still riding little immediate prospect that 

The Government's post- ? a of Government will run into 

I- . . . boom that has now lasted three serious difficulties either 

pactaee of G* cuts. not years . is n0 , onE „ the sol. ^Uniuy or intoe <5*5 
yet even enacted, has plainly beneficiary. Other consumer mar ke tin raising this sum Dr 
had no effect. • But it can claim durables, textiles, furniture. Emminger and his colleagues 
■ large measure of credit for foreign travel, and not least see no danger that interest rates 
the most visible manifestation new housing, have all experi- ^ be pushed up significantly 
of the recoveiy--!n the building enced a brisk year’s trading. frota ^efr present low levels by 
the SSS2. rf ^ authorities have been quick GoreiSnent borrowing, or flS 

?Ik 18 ¥ ^ four-year t o point to the 8 per cent industrial investment will be 
DM 16bn medium-term invest- increase in the volume of r tT.* < 

ment programme put into effect imports during the first eight S? 0 ?? 8 ? Ja *"- both . of 
in March 1977 have led to a Norths of ttdf y^.lompaSd JfiLS 
boom. During the second quar- to a 5 per cent increase in JJ. w borrowing 

ter new orders were up no less export volume— an eloquent h ^ a b f g ^ f . , P ^ k up marke dly- 

than 31 per cent from a year proof of how much the German Major doubts do remain about 
before, with big contractors consumer is doing to help his ^ strength of the present re- 
doing well from the public neighbours abroad. covery on the external side. Tbe 

sector's increased spending and 5 nf main impulses for growth have 

the smaller concerns prospering “IS?!!? • po !l' been, coming from the domestic 

from recent tax changes favour- summit package, which should economy yet it is far from clear 
ing the restoration of older whether West Germany is any 

structures. 1979. is to add further to *h e closer to being able truly to 

There have been Bien<* for forces ““tributmg to private generate and sustain a boom 

• nave Deen slBna for consumption, partly by smooth- from its own resour re* alone 

some months of classic bottle- ing away the jump in tax rates —as for example the US can 
necks in the industry, notably from 22 per cent to 30.8 per cent stm largely do. 
in an extreme shortage of which now hits incomes above 
skilled labour. This has been a DM 16-000. It will also raise pVrmrtC 
decisive factor in Bonn’s , chil( * ^temity 

rejection of advice both from Jfj r v ea nd . least, make nearly ^ west German economy 
* J ' f , u ” . DM lbn available in each of the remains hiehlv Beared tn *4 i 

domestic aad foreign critics that next two years for research and JSS^toh accoum for some 
it should try to spend its way development and for the imple- 27 per cent of GNP It is for 
out of stagnation. It was clear mentation of new technology. reason that the dollar’s fall 

Not for the first time, how- continues to be a source of such 
ever, Bonn has found itself up deep concern, and that the crux 

" against the limits of public of Bonn's international econo- 

BASIC STATISTICS borrowing laid down in the con- mic policy is now the attempt 

Area 96.062 so miles stitution - The *“ cuts 00 t0 3 new of stable 

^ incomes are to be partly exchange rates within Europe 

Ponnlation fit 4 m balanced by an increase next Well over half West Germany's 

' July i° VAT from 12 to 13 per exports go to other West Euro- 

GNPU9771 mwiia^hn c ? ntt not only redressing a peaii countries, in and outside ; 

situation where personal income the Community. f 

Per eanita niwl 9 4 ^A has risen to 30 P er cent ot Bonn is determined to protect l 

capita DM19,430 tota j t ^ ke from 12 per ce nt German competitivity in these ! 

Trade H977I m 1960 but seekin S to assuage markets, as it has successfully 1 

fears that public borrowing has done in the smaller but vital . 

Imnorfc row 9 ^hn got out of han(L Comparative market of the remaining 1 

^ DMZJ5bn figures issued by the Finance “ snake ” countries, which take c 

Fhmnriq nM 977 hn Ministry show the relative nearly a quarter of total ex- . r 

Exports DM273bn burden borne by the West ports. u 

imnnrte German taxpayer, at DM 5^00, German officials may agree n 

pons rom to be a Utae lower than that of that the problem of the dollar s 

his British counterpart itself, in which much of their c 
mr n mk, (DM 6 ’ 300 equivalent) and well trade .with third countries is u 

xports to k Likim below that of a Belgian or U.S. denominated, remains the most a 

ivw n-mr taxpayer (DM 9,800). urgent issue in international, v 

currency, urn ti. urn But fgeiingg continue to run monetary affairs. Yet tbe past o 

- ■ . higl\ in West Germany against two years have convinced them" h 


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.MUNICH 


vL.Constjiice 






Exports to UK £1^3bn 
Currency; DM £l=D9l 


that while there is little Europe 
can do directly to help the dol- 
lar, it can at least try to 
grapple with instability among 
the major European currencies. 

So far as 1978 is concerned, 
however, it is still not entirely 
clear how exports have fared. 
Reports from a good many lead- 
ing companies bave been notably 
more hopeful than Ministerial 
speeches. Orders from export 
customers in July/August were 
up 2.5 per cent from May/June 
and 9 per cent from a year pre- 
viously (-though a small number 
of very large orders appear to 
have been partially responsible 


for the very large jump regis- 
tered in August). 

Most compellingly of all, the 
surplus on the trade account 
has risen during the first eight 
months of 1978 by DMl^bn to 
DM23.8bn. Taking into account 
services and capital transactions 
there was an overall surplus 
of DM4bn compared to only 
DM666m in the first eight 
months of 1977. 

Official explanations attribute 
much of the improvement to a 
favourable shift in the terms of 
trade, which has incidentally 
exposed some., industries to 
severe price competition from 


imports. Yet a 5 per cent 
increase in export volume would 
be a very creditable perform- 
ance for any country in the pre- 
sent state of world trade. 

How far it represents a con- 
tinuing trend is perhaps now the 
key question for the West 
German economy. The flow of 
export orders in the next few 
months should provide an 
answer. In the meantime West 
Germany may once again find 
Itself being told it has been 
making too much of the 
D-mark's strength. 

Adrian Dicks 



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Pr 


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BY MA 


THE PF 
derided t< 

allegation 
Wilson f< 
number c 
were con 
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Party on 
1074 Gen« 
The fo: 
allegation 
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affair. Mi 
was, had 
an orclies 
himself, f 
Lady Fs 
Marcia W 
The Pr 
Sir Haro 
duwn so: 

Subseqi 
Told the 
did not 
pnetors 
instructed 
round a 
material. " 
The Pn 
to hear 
Sir Haro!> 
formal l"0 
On the 
aeainst t 
council si 
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Henrietta 
death in I 


WEST 



How much will your exports 
be worth this year? 


Financial Times Monday Ortp^r'irigjs. • 

any ty ; ' is 


•- 1 •--- 


FOREIGN POLICY 


M 
M A 


Ay ft 


Before you answer, read this: TritCT 


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“I SHALL speak first in the most recent example of ' this, ethnomy. It is a role Bonn • Closer t&hoine.Boim’s^> 

name erf the Europe of the There are bound to’ be morel It would strive for historical latter 

Commerzbank, one of Germany’s leading commercial Nine.” With these words Herr does not imply that . West reasons not to occupy even rf.rt France, 

; r u roncnliHntwl mtal occptc of Hans Dietrich Genscfaer, West Germany is forsaking ' its felt it were possible; which it 

lul COnSOiiaated. total assets OI German Foreign Minister and national interest, but rather- clearly does not. emerging ftoai - 

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Great Britain - West Germany 
Trade 1970-1977 m dm a > IZi 


I ! German t/portsio Grad Britain 

E77? German in-purti 
tiii irem Greal Sri’^jn a4 

7 . n 

m n « 

mm i 


two-thirds of his time talking almost an its energy and 'raw was finally consigned to the nUrne* ^ 
on behalf of the Commum^r materials, and on exports " for dustbin in favour of a set of ^ . . 

about Afnea, the Middle East, a bout one third -of its- gross pledges of complementary / ®hte- is oidy. one fiSBfirai 
the Euro-Arab dialogue, Cyprus, national product For a great economic action by states recog- albeit the ^t- stokiae^i - • 
free trade, energy Md . ^ trading nation it has a woeftiny nising their inter-dependence, increasingly Oo> * 

matenals--and human rights. united coastline. Its Central- west Germanv paid the price of strategy ; between; ::3onh^Sij, - 
Only at the end did Het European position means it has a higher public sector deficit PSffc in . which tne-seftngdBt 
Genscher raise tnpin hke common frontiers ‘with' an than it would otherwise have on* side help ta^impeng^ Jj 
— dtfenre which ^ not (yet) faU unusual variety of states, whose beoi ready to accept in return the_we^ness»of 

WI j^ ,n Commumt ^ s co interests may not always coin-' for action, or the promises of Africa.: . ^or ^^ex^mpt^v-th 

3 pe H n o c ^. f t . Th t Thi cide with its own. That goes for action, from its partners. The Germanfr . could not j wjpjMj . - 

a iit*i 0 mm the eastern borders with com- result was fully in line with the r roU;t^ 

aroused relatively little com- fflnnft . r ^ Germany and German view that' the 35 the French have:done. wd 

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financing and access to the Euromarket as well as other Europ^^iitiSi^Som weaponry, other ^^an ^Siy^ured. long-term 
international financial services and a direct link with tt . ta ^9 • of whi ? a £S- FraD< * 

, . . _ suits West Germany down to v \« c Germany naa oeen taceu energy depend on matters far ^dude^ ^othdr western imtistfo 

busmess m Germany. the ground. a peculiarly complete .set beyond West German control, S 

In principle Bonn has always ? disadvantages. They seem to -mduding a Middle East settle- on 1 F e .^^*; r _ aH ^_ -, . 
had particularly good cause to ^ ave f Qrce d upon it a rcalisa- ment and a peaceful solution to v-_ Kf-pn-ig tawaWarf -hir jT mului - 
seek support from others — even *ion of natipnal vuInmuWUty, the problems of : soiahem 

^ „ when it might have been the inevitable poUcy con- Africa. • - 

For sound advice on trade finandng, or any Other possible to push through a sequences, wldch stm partly Beyond even these ambitious tbatthis jxsint'HsWt- 

i- x i- & J desired Policy alone. In prac- eludes some of its near neigh- aims they depend on discovery riRriaHv S? 


ius.Uk 


.Lisi.L 


! itij. 


1976 i 1977 


international banking problem, have a talk with Commerzbank. 


international financial services and a direct link with 
busmess in Germany. 


' prooiem, nave a talK Wltn ^OmmerZDanK. tice the Germans often seem to bours. - 0 f a fair balance of interests 

have managed to isolate them- West Germany do es no t wen, between the developed Jat fiindr -3 n Aine^^ni; 
selves with a tough position, have the stability born of a. developing world: on all those Thiit remains the tinfcbirifift nM ' 
waiting until the spotlight was sense of unbroken histoiyv It Intertwined problems labelled -i a(ikCT ™. nA tn aiiv stiecifiM 
firmly upon them and then used to be suggested that Herr (almost in despatr it sometimes initiatiw ' 

backing down. Schmidt was the first postwar seems! the ‘’north-south^ '-dla- T^nsuch initihtiYffi-cS' 

r & J fl rn-irn A wr aIU Cases of tbat k , ind *** becom- West German leader free, to logue." It is in one sfnali effort occur only that theVamkA 

5 Cl mM rH / RA W K m s comparatively rare. It is govern without coiwtantlyJtav- to bring such a balance nearer preper j y prepared' and' writer 

JS ▼ ■ III Le IIAi "s ■! w iBmi w mm. hard to say whether, as some ing to look over his shoulder at that Bonn has followed Britain, outwith cautkra.'~ - - 

claim, this goes back to a con- the shadow of Adolf Hitler . 7 ^In in writing off the debts owed to The whole bf Bobn’e 

scious policy alteration by fact the shadow remains ittd^ it by some, of the .. world's woald^ave^ ^BeOn Mmfc 
Chancellor Helmut Schntidt as Herr Schmidt stressed to the poorest countries. Other con- ab j e witfipat^fte 7 
London Branch: 10-11 Austin Friars. London EC2P2JD,TeL: G3E 589S, Telex: 88 12230 within the last 18 months. It cabinet the other day. so did. the cessions are likely in return for defence sttieliL ' ■'thare 'tnraif ' 

rRO.E'i An hwp. Brussels- Chicago - London - i^\bik • m- U 40 S? uld ? spect ^° ? Ausclwgte and movement from the other side, have beenliio chanoe^M . 

-- *' • c :-:u ? ■ bm^seg - Buy-nos Aire s ■ Chiio • Catacas • copgntiag'm ■ j.aiar;a ■ . i^n r^. »» p ■ u™? Bonn ^ has learnt from the Oradour. Even non-Germ^s including pledges ..of-, greater, :jag. the -kind ^ KSwipetstiV 1 ' 

tiiijr.-jir.. .Mi, .dC- ,- -r.icior.v f-i>w York -Rio oa Janeiro • Fouoidam < s<io Raulo- Singapore- S/dney* Taman -Tokyo *v<i!ndhatic French unwillingly admired born after the war are qUickto .security for. foreign investment,; relationship ‘With- Sfoseowj.'&rai ■ 

by their partners for. their link real or imagmed^fiawS' in^puMic- and- private. 

‘ expertise in pursuing national modem Germany with theiVari It is also worth noting that earlier this year'-ef 'Shfr Sovlel 

objectives in the guise of com- past. it is a West German, Herr Willy president, Mr LeoriaBralmev 

• munity policy making. What- The foreign policy condusion Brandt, who heads the indepen- without that ’rda&niknp^ 

ever the reason. West Germany is clear. Bonn must, make a dent,- Jmentationd-^cosunitlee.^Qiiid.iim-beaiiKi^iiSKrf-oU^. 

^ ^ dmm • — mtm. - - — has certainly become more contribution commensurate with seeking ..ways . of solving the improving-tiesJhefW^ te twt^ . . 

adept at retiring gracefully its economic strength. But it same complex' of problems. Less German ^ 

from the fray when it sees that must do so without a clamour than adecadeaga Herr- Brandt door open ‘to e^rtteSreu^fiee-; i: 
further argument would simply of self -am grata! ati on — for the led the- drive foifr. rnmnal rela- tfn n of '71 th**- ' 

leave it the odd man out result of that would simply be Lions between Booirand Eastern' rpm fl ins .4 Wpift - German 
• - Bonn’s agreement to a further the arousel df envy mmgled Europe, -flie ‘'Osr^lkik.” Vrtal a j m , ^en-tl6jugK:^ / «hwve r 

liquidity increase at. the Sep* with old feai=£ Hence West Ger- WestGeman -natibodl Interest ment of if depends' craciabyao 
teraber International Monetary many’s sensitivity, to the Ameri : is less obviously involved in his -the co-operation of ’-others. 

Fund meeting — a move it pre- can suggestion that it act as new task-^-but it is there just v. . . • . _ ^ 

viously felt unjustified — is the a ’’locomotive" of the world the same. * ■ J«v» 


COMMERZBANK A 


London Branch:10-11 Austin Friars, London EC2P2JD,TeL:C3& S89S, Telex: 8812230 

1 !l 1 nT-yiCtf*?: RO. ^ 25 J. D-5000 "iar.- ■ Frwpmn Bfan.-j-io?: An(v.-erp * Brussels - Chicago * London - Mew Vnck • Ffe.is - Tbkv© 

F-r^ip r. riitr^o-j-^s r. r . 1 •*» ■! Ai-j.: -r-isn - r:-:u f - Bmsseis • Bu-’-nou Aires • Cairo ■ Caracas • Copenhagen • Jal aria • Johanresburg • 

London • L-j • err.cou.g • s'-3 • a ir^r.-^ir.. • i.ic , ■ . □ C-‘ ; • r-:so: .7 * f-i »w York * Rio da Janeiro • Roil-xdam • t=ao Paula * Singapore ■ S/dncv - Taman - Tok\ 


Sparkassen and Landesbanken 
in the Federal Republic of Germany 


The Savings Banks Organization in the Federal 
Republic of Germany embraces 622 Sparkassen, 

12 Landesbanken and 13 Bausparkassen (Public 
Building and Loan AssociationsJ.Their combined 
volume of business reached DM 692 billion at year- 
end 1977.This is the approximate equivalent of 40% 
of the volume of business of all credit institutions' 
in the Federal Republic of Germany.The Savings 
Banks Organization is thus the largest grouping 
of credit institutions in West Germany.The importance 
of this organization within the West German economic 
structure for the individual citizen can be illustrated 
by the following figures: in Germany, the Savings 
Banks Organization has 62 million savings accounts- 
1 million more than the total population of the 
Federal Republic- and accountforatotal of 
DM 232 billion in deposits, which is approximately 
53% of total savings deposits in Germany. DM 39 billion 
are held in the form of savings certificates which 
represent 72%of ail savings issued by German credit 
institutes.TotaJ turnover of the “Giro" network exceeded 
DM 6,000 billion during 1977, which is 5 times the . 
turnover of the postal chequing service, and the 
construction loans of the Savings Banks Organization 
financed more than half of all new dwellings in the 
fast year. Around 200,000 staff members are employed 
by the Savings Banks Organization and workin more 
than 16,950 offices located throughout the country 
ranging from big cities to smalLrural districts. . 

They can be found whereever money is invested, 
credits are made available or money transfers are 
required. 


The institutions of the Savings Banks Organization 
are in public ownership, which in turn fully guarantees 
the very existence of these financial institutions. 

These guarantees are provided for Savings Banks 
by local authorities and as far as the Landesbanken 
are concerned by the respective state authorities and 
Sparkassen within this region.The business of these 
Sparkassen, Landesbanken and Bausparkassen 
(Public Building and Loan Associations) is conducted 
on the same principle as the entjre free market 
economy in Germany. A prime objective of the Savings 
Banks Organization Ts to provide competitive service . 
to all other credit institutions, i.e.the private' 
commercial banks and cooperative banks which 
encompass all sectors of finance.This is of benefit to 
private individuals, enterprises and the public sector 
which have at their service— anywhere in Germany— 
banking facilities at competitive costs. 


The specific character of the Sparkassen and 
Landesbanken is to be found in their legal framework 
established by the German states, whereby the banks 
must fulfil specific tasks.These laws specify that 
Sparkassen have to concentrate on certain sectors 
of the economy which are of importance to the 
respective city or region.This assures that the ! 

necessary services - credits, investments and money ■ 
transfers - are available. Sparkassen cannot seek morp 
lucrative business in other parts of the country, j 
hence they serve as a counterweight to possible j 
market concentrations and thus guarantee even and 
broadly based banking facilities in all areas and 
regions of the countiy.This was a primary reason for 
the economic up-swing in the Federal Republic 
of Germany following . World Warll.The main activities ■ 
of the Savings Banks Organization are for example 
home financing, the financing of municipal invest- •' 
merits, the trades and up-to-date credit facilities ' 
for private households-These services contributed i 
substantially to a constant development of the • .1 

German inf rastructure which includes home building ' 
roads, schools, hospitals, as well as business and -4 ' 
retail stores: ■ ’ 

At the same time, the credit i nstitutes of the . ' 

Sayings Banks Organization have established a wirfd- 
wide network with major business centres. Clients^. . 
the Sparkassen in the Federal Republic have business 
contacts all over the globe andin turn businessmen : , 
in all parts of the world seek German partners. r 
The German Savings Banks network makes it possible 
for these contacts to be established with efficiency / 
and speed anywhere in the Federal Republic. ' ' 

In this context, the Sparkassen work closely together - 
with the Landesbanken.The Landesbanken are.m-facL 
the Central Banks for the Sparkassen and act as'.- if- . 
clearing houses for cashless payments by Sparkassen 
on a riatipnaf level. Above all.they maintain dose s'- 
international links through a great number of their?" 11 '' ■ 
own branches and offices abroad as well as an exfi&fr 1 
■sive network of correspondent banks around the globe.* 


“NOTHING ON earth is con- hitherto .unparalleled in the rency.<q«estioDs. .This develop* calls the' ‘'three^tage roda& 
ceivable without risk ; — not even ^5-year history of- the friend- ment was in no way a foregone principle.” That is: very short 


love, let alone monetary policy." treaty between them. For wn$tasiph- It is reasonable; currency • support with ;- -M7 
Chancellor Helmut Schmidt 'A. 1 .. Eiven.'the ' rivalry ami '.enmitv wife'- 


Chanceilor Helmut Schmidt th t the excellent -nersonat tip« givfio' the rivalry and enmity strings,- short-term. credits with- 
made this remark last month in *** in the som^inmted^ ^ strife attaci^^ 


SLide^t enCe va°lerv the ^.Giseard are .particularly res^ Woric. . . ^and medtum-tetyaLO^t - - 


poo^ible— which does, not mean ' Hjvoald be wrong .to suggest Ana . economic 
- rt _ tho they have always had identical “cans Brkam. has attathed 

Fran^eSnart Mnsulfoti^ns view ?- even oa monetary, mat- J>een- .hooted pff the top table :P«^e. ; 

^ S S? t SS. teES - ? err . Schmidt; for ex- in-- Ear ope. It would be Aora-.-dltiond' may ^^v^y-?pniewh^ ^v ; _ 
He was referring to the plan amnlp wne chnnlraA Uih> n . amirafc- tft' enr th-rt frorrf -• thnsfr AirtstiTlir. already-- •' . 


Sr ““P 16 - wa& shocked when M. accutafe to' say that Britaan ^ 0 ^. those, 

for a new European Monetary fircf has <n far within th* 


f alre^fbf-v.y. . •_ 

r thnwsh;::. 


PVon ^h 051 anrf discuss monetary issues. H.e may, l -.derive - . 

Roth T^ feared serious friction between from -Qiis: Gertftrnly^il^esident A. 
leaders themselves. Hotn men th, vrannh. u<-th - n..,iT n ot.i 


nothing. 


might indeed have .only too, .^pleased vto ^see ..Iiis inei&ber sts^^ 
SUCh a conference frientf' Jim" ■fiairatfhan'-riiA ! iricA i !I^M5' , t : i , e«di- "it 



gainst 



nn topics were ^ut on the the- way, 'Herr^Schmldt, rfter^wheh.rejipiire^^ y,;, 

first stage of operation on agenda to ensure the monetary alL voted against the Treaty <ig -So fat 
January I next year. (That is, issue the place of just one pro* 


incidentally, the 
France takes over 
ship of .the Etii 
m unity’s Council 
from West Gem 
enough for Paris 


dLEFerent: . 


"prwent 


ciiuugu J.UI JTcUia Lu.wjau iw X v„ - . ... 

stick to the EMS timetable.) Herr Schmidt -at any Stage, prepared ® 

Rather less consideration has f“ d thetr. -imnt -mpn^tary- 



been j 
bilateral 


Finally, Public Building and Loan Associations?;- ' . ■ 
(Bausparkassen) are specialized credit institutionstbat 

finance housing in the Federal Republic. Client ,V.' 
members of these home-loan associatiorsiecome 
constracuta! savers who generate their own capi^ '' 
and who together with a loan granted under special 
conditions then have the necessary funds for home 
building after completion of their contract. 


caused the monetary initiative rLTrL , tion- v wpr-aqes .it jnean Nthat 

or tTg.hwma they- ^ 

consequences if iris successful oSLth.” ThaMnmHpJ i°I?h d 9 wn ■•tlutt It-,,, becomes 
YM both Jraden > made « clear fgJS: 


-'reason; 

asfer’Wi;, 

^Better, ■ 
-.’qptEbo - .! 

4-LWr.t? ; 


iti ooui itMugia uiciub u r country 

in Aachen (the .city of ^ case 
Charlemagne) that they are jj 


•thatif . - 


thinlang decades ahead.' As domestic pressures involved^ in 

M. Giscard put it, they are seek- imposing a policy to cut French ^^^f firmly : s'et' tfie r 

mg an organisational basis to inflation. And Herr Schmidt is be 1 lMSt M tough -as the utU> . i«Annimc 


inflation as" hiS' economy. 


DEUTSCHER 

SPARKASSEN- UND G 1 ROVE RB AND 


4-18,Simrockstrasse 

D-5300 Bonn/Germany 


ensure a sound future for what prepared to risk the somewhat „i£L' Mori ty. in the convicti » .. 

he called -our old and beloved higher degree of- domestic infia- P fl^hwE vpn ? y piiee stability ; 

continent. While tec hn ical tion (currently running at Just ^ somewhat, greater- .flexraihty. preserve, jobs in the long-r 011 ?-.'.; 
questions had, and still have, over 2 per cent) likely to be f0t **“*522? , fo f then ‘the EMS -will. give. SiB 1 . 

to be resolved, the two men entaUed in the efforts to ‘create 

have made it plain enough that a zone of European currency ^ v pmole^ preserve his policy. Furthe^ 

they will not permit " there to stability. Bluntly, the F^cnch' ;West: Gerina iis . regoXP^ ; 

deter them from their goal. have become . a -bit -more Ger- * n comiectioh'wiHi Jhebi^. : : v 

The Franco-German relation- man in their economic attitudes oC-tfie. system a 8W*ttr .effort .. 

ship has clearly reached a de* and the Germans a bit more a ^ted Bonn State Sewetory^miist-be^ made :tp direct m0 -... 
gree of dose ccK^erathm IVendi in thdr. attitude to cur- •" - % : ~ : •' - - • 






i -r 'rr^f 






lW I J 3 l£> 


Financial Times Monday October 16 1978 


WEST GERMANY V 


ENERGY 




ahead 


ENERGY POLICY has not often its^neigy. It meaM that foreign hard coal will provide nearly this project to fruition. But for the foreseeable future to 
hit the headlines in West Ger- political and strategic issues 16 per cent of energy needs in there are occasional indications become independent of imports 

many this year«— which could loom , ® T ® e .**. P^-J 1 the mid-1980s, lignite more than at jug* political level that the from rhe Middle Ea*t «<ri n n 

•- i.._„ economic ones From this view. 7 not* rta»it <v.« A..#Lia i o v v._.. u ___ j j lrom 3St region. 


■i^tru wy 


give thewrong impression that “S T^oTe^' 7 per «"*■ «*** '««■ « S£5 h* not ton topped fro “ " E f ast "*“• 

motor, problems hsve been &mV^S $."S5 S'^iKSS STS, ,0r ^ C ^ ^ 


iawHT. i V/ development over me past io per cent— and oil will stay c . ... . ^ ably the most important de- 

lately solved. decades- a West Germany has on top with more than 46 per n 4, S ^!? y ^ U lSi S velopment this year has centred 


Certainly the nuclear debate, been unsatisfactory.. 


L.iau to .. t {h ri 1 nnnn „ n «pj utts ceuurea 

ttfe Smm« betoen the » provindol minister. Herr 


ivstfjnss jszrztrzuz rr — ttan — * x 


tore, around the sites of future , LJHjT bamelv Why rould coal not do more? VEBA ' and D ? atsche BP 1,85 a holds tte WMomi cs portfolio 

nuclear power stations have vir- T n tqe/Ic hard coal slnnc Tbe anawer is it is already political significance transcend- in the State government of 

tually disappeared: But the ™t P rt ^ m^tCgn DP r no,ab, y expensive to keep it in g its immediate inter-company Nor th Rhine-Westphalia, an- 
basic problems remain. In- LTSf tfe SStTpK S ■“*■»* P™ du ?* ioa level, [^jrtsnce. big though that n0UDCed Iast month P he o ; posed 
deed, the low-key publicity may -nerpv needs Ttnt hv last vear Stocks are constantly growing already is. VEBA, in which tbe f urf w worfc nn *u Q 
be giving the" Government a SEKJjSt £ To than t0 continuing reces- federal Government has a 44 per £™ r f factor SrutSL. 2 

sWl harder task. How do you Jr «e?S»t^fiS7tenite maSnS sion in ^ ^ mA 51661 cent stake - not ODly stream],nes KkS near th£ 

convince people that prompt £*£*2 DS Mr^nt) indu «*. which takes most of its refining and trading activi- ^^ e To?the ^eei nf 

action is needed to avoid energy P ^ 9,5 ^ bard cc.ai production. And the ties through the accord. It is “* ^SStonimn ^conomv^-ml 

scarcity in the 1980s when the Meanwhile oil moved into a rise in the D-Mark means *1«> guaranteed 3m tonnes of °j" y a ? d 

country is wallowing in surplus dominant position (because it increasing competitive pressure oil at competitive prices Kaikar protect whi 


uunury is w allowing in surplus jj U biuva IWIBUK 11 imreasung compeuuve pressure aL K'alfcar nrntect vu-hi>h i,,*. ' 

and the voice of the anti-nuclear was cheap and plentiful! and from imports not only of oil but annually up to the year 2000. wnicn has so far 

forces has been muted; if not reta jns it— depute the oil of non-German coal. This year At first sight this amount may he tunied into an instaiiatin« 
? crisis and the flurry of activity alone public sector aid to the not seem much when compared tn disease of niutnniuTn 

One wav (not however con after it aimed at ^ diversifyng coal industry will total well to West Germany's total oil im- . P‘ ul6nium 

incing to Sie advocates of ener Sy sources and- .at- energy over DM 4bn. The Government ports last year of 98m tonnes. fl ®P“ ent dramatically 


forces has been muted if not ret *ihs 
stilled ? crisis i 


vincing to the advocate* nP ' u ' ls y WU1 « S uver um wd. rne uovernmeni ports last year oi aem tonnes. ~:r ~, ' :r~ .j 

H quabtative er«wth , *! i* to con sereattm- ■ Last year oil still has earmarked DM 750m up to But the essential point is to ^derlines that energy policy 


Qualitative growth”) is to con^ servaton. lasc year on suu nas earmarked DM 750m up to But the essential point is to 
emphasise clearly the link be- accounted ^° r & T cent of 198 0 for development of new establish long-term co-operation under 

ht> Ov tnf nooil e conra Aiviifa ^ m». ... •»_ _ _ T_ : ^ CVSTfiU 


federal German 


tween the 5obs of the . future” en *fSy needs, the same fifpire coal techology alone. The future with a company having major system crucially depends on 
Pbnnnm'.h as in 1975. At-.the. same time of West German coal is elearlv access to North Sea oil (VEBA *be pronnciai governments 



economic growth and one rev “ 111 197 °* At.the, same time of West German coal is clearly access to North Sea oil (VEBA y 16 P J ( 

policy — rather than treating iho ,*be ro I e of natural gas has been secure— but the future does itself already has a smaller (ana, of course, the courts) as 

three as separate entities. If growing (to 15 per cent of not belong to it alone. stake in North Sea operations wel1 °° Bonn. Other 

gross national product con ener Sy needs); as has that of . n ^ . .via the exploration company, examples of this include the 

Sues rZ Tore sJowIv nuclear energy (to a modest 3.2 Germany _ also has Demines> . Britain has oil^and. arguments between the federal 

than the iSse?f vrodul per cent >- ‘ **-£* 13 stm West Germany will continue to Government and that of Lower 

tivity per woridng hou?. then The immediate, answer might ^ an ^“its P SSk The - oil l° r n£S renrorp^^ 10 ^ ° f ^ a 

the upshot will, be- an increase appear to. be simply to turn arrangements taken to ensure w ls . 1 ** y the dea r ?Siifif iSmB rf an u ' vaste 

in the. number of unemployed, the clock back. St imports C E 15 ,,keIy t0 g0 ab^d-thongh and 

currently averaging: just under drastically, drop the difficult exarople of Se wvmtrv’^ careful s t °T alleraDons f ee “ wrtaj , n SJ 5! g fi nrerD . mSDt f 
im ■ - nuclear nnffnn nnd relv nn < ? un,iy * ca £3 tul to be made to meet the recently Md Bonn , over financing of 

r *■ ■--- C-'Aj .. eoa i Afrpr'ali WmI Herman v dive ^ s,dc ® tlon of supply. Tliey announced strictures of the energy-saving measures. For 

Last .year productivity .in- 60aI - A™ all West Germany involve long-term agreements West German cartel office Bonn the Kalkar project is a 
creased by 4 per cent and there bas an estimated i4bn tons of with the Netherlands, the main ™. > * ™ el 4 “ matter of central Stance 


Solar panels being used to provide heating and hot water 
for a group o/ houses in Freiburg 


MONETARY POLICY 


CONTINUED FROM PREVIOUS PAGE 


creased 


is likely td.be susimilar result comm erciaHy extractable hard supplier, the Soviet Union It is worth noting that British 
this year. The- respective real coal_ reserves and lObn tons of (including a triangular, deal ? l shipments to West Germany 


importance. 


GNP growth rates are 2.4 per Bgiute—enough f 0 keep the with Iran, and, most recently, 


resources to the economies of if the EMS proves a success Df the scheme failing to mention 
the Community, most needing it will eventually emerge not it. Certainly in West Germany 
them. This could mean, for only as a potential rival to the there is little enmity to tbe U.S. 
example, both renewed support International Monetary Fund —rather much gratitude for the 
for efforts to reform the Com- but will also have a reserve vita! American contribution over 


nion wor “* non "f onnsn By making far more economical both renewed support International Monetary Fund —rather much 

deal tn thL* 1 *!?? if Germa . ny use of nuclear fuel than con- for efforl s to reform the Com- but will also have a‘ reserve vita! American 
nth the first half of this year in- Iuei ““ c . on : mnn Animitimi mi n ipadi o... * 


about 3 per cent for 1978. This decades to come. -Hard coal annually 
makes the Government's aim of Md lignite together already in 1984). 
4 per cent, annual GNP growth account for more than half the __ 


. 1 . - — . most recently, 22^ y 5ff 4 ‘Jr ventjonal reactor types the fast raon Agricultural Policy (CAP) asset as an alternative to the decades. But there is now also 

cent for 1977 and probably burning for many with Algeria (4bn cubic metres JJ* 85 ®** by per . aga ^, st breeder could ereatlv redure 41,(1 t0 extend the operations of dollar. a firm resolve to act to try to 

about 3. per cent for 1978. This decades^to Corner-Hard coal annually for 20 years starting same perl ° d 01 1977 West German dependence on 11,6 Eur °P ea n Investment Bank It almost goes -without saying shield the European ecbn’omy 

V ,0 .? e .., 0f ™ w ?f? vay .. actuaJly i.raninm imnortc Ti,; t (EIB). It is here that the that tbe authors Of the scheme against the impact of the 


dmihiP* Tniptw thP« uranium imports This aim was (EIB) - Ir 18 here that ^ that auth <>rs of the scheme against the impact of the 

T ^° reinforced hv the weaker economies have a have constantly stated that the decline of the dollar— a national 


4 per cent, annual growtn «.«««««« muic me «. c nript ^ ,1 " reinforced hy the uncertainties weajier economies nave a nave constantly stated tnat tne decline of tbe dollar— a national 

into the 1980s look. ambitious— country's ; generated, power, and S natSlI ^ l which surrounded provSion of wholly le S ltiinaTe claim— not. it EMS is not directed against the currency which others have had 

but also understandable, if the almost all coking .coal, require- ° p 0V1S on . of nntural cent of German oil imports P . . is felt, in weakening the nlan- dollar and will indeed act for no chnice » far h,.r tn ..o* an a 


but alsp understandable if the almost all coking .coal require- ^s 0l ? S D ™^f!° n f0 r f German a Cnt ? f - Ge T aD 011 ““P 01 ^ 5 ^uppl ies U f7o°m "th^ Understates is felt * in weakenin ? ^ P la n- dolla r and will, indeed, act for no choice, so far, but to use as a 
jobless total. (and the public see- “ents for steel manufacture ^ » J* B ™“ agau3St J ^ 1 4 Pf. r ^ nt ® foJ^ng President * Ca^reS ned structure of the EMS itself, stability of the U.S. currency. In major reserve asset, 

tor deficit) 4s not. to increase can be met from domestic R h f ? np ?P of entSto officp Anally, all this ignores the th e short run this may prove ^ . „ enterorLse far tnm 

and the social security system Production. ... ?SL m S e JJ{S!JJnr \ J?* Arab oil dropped by 18 per en ^y long-term aim of the system, true. In the long run it is hard withn J risk P Rur the J - re 

is to be fimneed. Kaee that 1. . coal is giren a priority i ,, erSy f! nt m , t i e first half-meaning Meanwhile the West Germans What will be the eventual role to see how a successful EMS 

indeed the intentibn,- fliOre is no role the latMt*iCTSn rl of under ^t^th^won" Strata- that 011 J rot ? thfs source now scour the earth for more of the European Monetary cm belp hut menu a decline in l (si r^: E^n„e a „ eff^7 a t 
Mih.- a. 2 *. air .. revjsI ® n 01 under it the West Germans accounts for 08 per cent of West sources of natural uranium —t .»s« outs,de fc-uropean effort at 


alternative to r policy which Se Gov^menfs 2 ILT ZSL ^ accou "ts for 58 per cent of West sources of natural uranium. Fund? What is the significant the relative importance of the Z ^rt nnd oX'^.cr trv in 

s,ations to me Russia “ ^ r S’e'-Mue^- s se reds ov w t'fefsBsr^irsSiSS * inier ' ^ rT‘i ,’rr ' ror 

That tn* is. -namrMly. he “i^d. RXSM ntos” ASSISTS #r »g tig & ££%* he^gV.M ffSf ^rJSe' ‘.re‘ t 

rdy^ro, imports to most of ns hoped (, big-assumpHon. InMet efforts foiled ITSi oZlft Tlhe“y“ '%£ 1 , J.C. £, fjSV! ZSi ffS I C 


gold com? Tbe answer Is that as good a reason for the authors 



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WEST GERMANY VI 


.re'mmrial Times- Monday : ' >« 


Pr 

pr< 

ch 


THE Pt 
decided u 
allegation 
Wilson It 
number r. 
were con 
paign agai 
Party on 
1974 Gem 
The fa- 
allegation 
lowing th- 
affair. Mi 
was, had 
an orches 
himself, t 
Lady Fi 
Marcia W 
The Pr 
Sir Haro 
drawn so' 
Subseqi 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Harol- 
formal co 
On the 
against l 
council s. 
Royal Cc 
that ther 
Labour bi 
The Pr 
is one o 
iishcd tod 
In ano 
council 
against rl 
Daily Ex 
picture c 
Henrietta 
death in 1 


just turned 50, Is a prafes* joined- the Quandt Group— now fell heavily in 1977 and hare 
sional engineer -with wide. .BMW’s largest shareholder^— to shown little recovery this' year, ; 
professional and maiiagemeiit - woik as technical advisor ^and Sales stagnated at DM2l_i5bn 
experience • throughout Jberin/ffae - co-ordination of Various.. last year, hit. by the low levei 
engineering industry. Professor group activities. He rose 0 f woritf economic activity' 
Seefelder is a chemist by quickly, his jobs including that while earnings suffered as a 
education — he has llSpatenfe Of . deputy chief executive of result of the rising value of tfie: 
to his name— who worked his industriewerke Karlsruhe, . of jj-marX against the currencies 
way up from the laboratory to which he ife now chairman of ^ group's competitors. Under, 
the chief executiveshJp. : - the supervisory board. He took Professor Seef elder's leader ship ' 
BMW chief Rnenheim bver as BMW’s ^uef executive the response has' been fast: 
rs§ sides over one of the world*? ^ January 1, 1970. . _ There will be increased'. invest* ( 

most impressive motor -maxra- -Professor Seef elder is the meat in rationalisation, coupietfl 
facturing operations. Since 1978 ipfagsi c al—a n tithesiS: -Of the tall,, with a complete- ^aboot tui^ hi j 
sales have almost, trebled-^ bTond.ahd reserved Herr von ^ direction of EtSSK’s capitd!-] 

rising from DM 2j3tra to DM fibri Kuenheim ... Dark, -almost inarestmmitpohc^^^ 

a year. The achievement is all saturnine, and fast-moving, he- overseas -is '- to' be stepped^ bp 
the more commendable when '**' typical Mutherner. _ ais - substotially in confe»sKViha* 
one considers that these figures atoo-dtffeir .from Heir fprinerphllasophy 

art calcinated in fast-appreciat- van^Kuenneim in max ne is a the -federal reqabSciMf’fK p i 

ing D-marks and that, far from “an to the rare- ' prime investment 

.suffering, t^eS ^ 

SmSiiSS Sroup^ priMtaets ^jy after receiving’ his *** c 

iiiuiig ax rang emeu La as anyone has improved. H«i»?oratP in chemistry from their industries. Herr von-' 

Franz Steinfctthier Walter Hesselbach could be. Eberhard von Kuenheim Wilhelm Christians Born in East Prussia, now university m 1951. He Rnenheim is a member q£ 

The business empire over - part of Poland, Herr ^h xas' ^ved with the group ever supervisory Boards and 

0 . - - - which he presides is dedicated - I -, 1 - - -rr * ■ Kuenheim completed an ednea- STe®- - ‘ - tits . on the- executive ebn*r 

r ran/ StemKllh er t0 prDfita i mt y;- ye V? Kherharcl VOn JvUCnnCini *£■ interrupted by toe war st su ^ aeA to head the group's mittees. of the Bavarian En^ 

X XCL IIZj kJ L^lUA UlJ.iV-'X are passed ultimately back to VI 11CU. VI VVii ixwvmxv the wen-known Bosch concern laboratory m players Federation and Auto 

TTr i TT ii t the trade unions and used .or xXT"t1 1 — 1 4 - m ^ Stuttgart and the. city's igao h e was appointed director mobile industi^AssociaticaL He 

WfaltPf HP^PlnaCn such purposes as convalescent Wi 1 RP llTI ( nT1Stl3.nS technical high school, where hfe dyestuffs division in has been president of the' Aaso- ; 

VV dlLt/i. homes, training and youth YV lHIdlll V^lll lOLlCtll studied mechanical engineer*. Deputy membership of ciation . of Bavarian. Indushyr 

FRANZ STEEVKL'HLER and against finding themselves sud- members ^ reSOrtS f0r THE MOST striking thing about, harder for people to. fool the “ 8 *; J*®, *3£*lL ^diploma the.; ’executive board came m sU- :e 1977.’ Prof «sor Beefelde^ 

Walter Hesselbach represent denly downgraded from skilled Aft 1B . , West German industry is the men at-the top.” lp ^, eng ^ n ^ r t n f ■ ;when he was. responsible who isjjn^dent of the West 

two very different sides of tht to unskilled job categories. m fu Ib ^f r {. efficiency of its organisational Typical of the men at the top H . e started nis . career a^^an dyestuffs, chemicals and German, .. ■Cherhic^ Bfanufte.;: 

West German trade union For the employers, it was a _}“* structure. After all there is of German industry are Herr engineer operating in jhe dispersions group... -He was hirers’ Association, . ifr an 

movement. tactic to be resisted furiously «emeinwirtsthait. the centre- h av i ng g00 d man- Eberhard von Kuenheim, chief adunmstraboa and sales sector, appointed a Full Board member honorary. jjrafjSWor. -of Heiffet- 

Herr Steinkiihlcr, 41-year-old in the other regions, which P!f“ ®. 1111 L ®" loIl u ES f agers if they are not provided executive of Bayerisehe Motoren 31 Themax Mueuer .machin^ in: 1973 and chief executive in- berg Vhitersity.’tand ' a senator^ 

regional organiser of IG-Metall usually fall Into line with what- /“Sf 016 *? 11 with a framework in which they Werke, maker of the immensely tool concern in Hanover. : Later 1974. • • • . .of the. ; famous ; Jlax-Plaack- , 

in Stuttgart, is an ambitious; ever the industry settles on in up m 10 [J e can operate effectively. successful BMW quality cars, he took over a senior technical jj n iike Herr von -Kuenheim; ^rietr-: ; Though. n their 'prist : l 

tough bargainer, yet also an Stuttgart. For Herr Stein- ™ fiSTS or , tne Second on the iwt pomes the and Professor Matthias Se* post: specialising ' iii the whose concerns are '_to keep-; lems ihay-Jior^etife same .' ttie H 

innorator. kuhlcr, the 1979 wage round is BeteiligunsSc-senschaft ruer oualitv of th<» leadine ex- felder, chief executive of BASF, development of - automated clbsC reins on runaway. suefcess*- ^ men art. only idifiWenf sides- oT^ 

Herr Hesselbach, now 63. is a likely to be used as an oppor- Gemeinwirtsenaft. or BGAG. ecutives themselves In the one °f West Germany's “big machine tools. Professor Seef elder’s industry is the same' ; Indusfriai coin. V‘' «‘ 

banker and businessman whose tunity to push a little further. Besides the bank, now in its edera] ' RanMijiir. the Doorlv three" chemical concerns. His step into senior manage- something of a problem child. vr / t . ;; 

flair would make him stand out As well as costing the own r 'S ht West Germany’s . . rt n«ratinn^ Herr von Kuenheim, who has ment came in 19Sa when he Profits throughout the sector • • utty'Hawtm'i 



Walter Hesselbach 


risks of seeming remote from 
the; shop-floor. 

The Mi t best imra ling Act, in 
full force since July, has 
brought an unaccustomed, and 
perhaps not wholly welcome, 
accolade to Hen- Hesselbach. 

With 11 seats on supervisory 
boards, he has established a 
record. 

More than that. Herr Hessel- 
bach has the singular distinc- 
tion of being appointed to some 
of these posts by the employees 
and to others by the share- 
holders. 

Confusing as that might 
sound both to capitalist and to 
socialist ideologues, Herr 
Hesselbach is probably as well 
equipped to breathe some life 
into the cumbersome and 
generally mistrusted Mitbesti ru- 
nning arrangements as anyone 
could be. 

The business empire over 
which he presides is dedicated 
to profitability, yet its earnings 
are passed ultimately back to 
the trade unions and used for 
such purposes as convalescent 
homes, training and youth 



Eberhard von Kuenheim 


Wilhelm Christians 


n . 1 1 1 which he presides is dedicated - - 

Franz Steinkuhler Eberhard vc 

Walter Hesselbach gg¥s Wilhelm Cl 

FRANZ STEINKUHLER and against finding themselves sud- S^i^menfbere** 1 ^ reSOrtS f ° r THE MOST striking thing aboul 
Walter Hesselbach represent denly downgraded from skilled Aft 1 R # . West German industry is the 

two very different sides of tht to unskilled job categories. iiJ R-Sili- efficiency of its organisational 

West German trade union For the employers, it was a structure. After all there is 

movement. tactic to be resisted furiously little point in having good man- 

Hcrr Steinkiihlcr. 41-year-old in the other regions, which }J[®“ “ 1 HoShlnh agers if they are not provided 

regional organiser of IG-Metall usually fall into line with what- 7®“.. with a framework in which they 

in Stuttgart, is an ambitious: ever the industry, settles on in Secutiv^chairraa n of the can operate effectively, 
tough bargainer, yet also an Stuttgart For Herr Stem- SeSSS^lJSS? rSSj Second on the list comes the 

innovator. kuh cr, the 19i9 wage round is GemeStschSt^ w BGAG high quaUtv of the leading ex- 

Herr Hesselbach, now 63. » a likely to be used as an oppor- kernel nwinscnau. or huaIi. themselves In the 

banker and businessman whose tunity to push a little further. Besides the bank, now in its . . ’ R h!j '. Daor i v 

flair would make him stand out As well as costing the "fiht _ Gorman >',' s m^iseddMed ooerationi 

in any sector, but who has spent employers about DM2bn «Shth-biggest. BGAG controls » * a sorc t J mb _ 

roost of his career shaping the (£520m>. this spring stoppages lhe Va 4 , f sf y rF J r g*. Insi Vl ance for as Ion" as thev survile that 
powerful conglomerate that cost IG-Metall members them- Sroup. the f*euf Heimat Home as lon » as ine - v survlve - “ ai 


Eberhard von Kuenheim 
Wilhelm Christians 



cements the disparate business selves dear. Loans and Mortgage concern ,s ’ t 

interests of the Gertnsn unions. Herr Steinkuhler. himself n ^ f"™ 1 smaUer Publishing d J^ al ^esf is noT Ih'st the 
The two men’s yen’ different qua ii fie d master toolmaker. »" d , data procesi.n* eorapan.es. e? t han 1 ^heir 

contributions are. perhaps, as ^ Mms t0 have the knack of , > ' s ai5 ° > nno-tb.rd share- g^Ple ^ work nrafler^ha^ tnetr 

good an illustration as any of puttirl „ fisht int o the ' old <’, r ’ a ." d su PP''-r of most nf European ronnterpaits me do 
the German trade union move- nntnVimikiv tirht.ficfprf the business acumen, to the p°t- n°wever. rnetru in is vm. 


Karl Otto Pohl 
Matthias Seefelder 





_ ..--i*®- .-t! 

;-:;AWr. 






nnuiuuiiuiia ““seems to nave uie Knack nt t* “ V, « Euronean counter Darts Thev do — * 

good an illustration as any of putting fight into lhe ! 1 u* d( i r ’ a i ^ -f U ?J?!l r A 2 £ not. However. Untruth is that. THERE ARE few people in the international trade links-nego- 

t e n?s er amUe toT^hart ; ot K oriou *^ ^^TcoSSSk re^ “n the main, they "Krk ver>' business world who have not ttatfng major financial contracts; 

wld and self Swabians, however by appeal- c °- u P eratlve much more effectively-and for heard of the Bundesbank and between many of the Fedenl ; 

reliant vet^umtamentallv com ing f t0 their * S"*?* 99 BG\G formed in order to ‘this thanks must go to manage- the Deutsche Bank-aJthough Republic’s leading compah5es'; 
mitted' t^raa^ng 'the* capitalist '^'"sodsTst do™. brfng .li the nnl.n"’ “raere^s utenL snpie h.ve been Irara™ to eon- « ***** ' “ 

social order work well enough , chairman nf ihn under on ? roof, has a turnover- is ^ ard t0 describe German fuse Lhe two. .The Bundesbank foreign countries. , •• 

to pav rich dividends to union ,>^L wn w li nt some DM 3bn, and about managers as though they are a is arguably one of the most Like many oF-.the country’s: 

members Baden-Wttrttembcr* Social jjqqqq em pi 0V ees In addition separate breed. Attitudes 2nd politically indepenaent centra* leading - businessmen. Dr* 

InSs six years as the camn ^ ^videXofWla.Tmlit a PProach vary vastly. Houever. banks in the^ world, and the cbristiaos has buflt his career- 

engine e ring and metalworkers’ m the moderate camp. vear pajd its rent unifjns the majority of chief executives Deutsche Bank Is Jie aoycn.of in t be concern with which he 

leader in thp traditional show- In shorI - Herr Steinkiihlcr is around DM ^ more itl in . have one thing in common: a West Germany s commercial - sta fted. Now in his’inid-fiFties. 

place region of Baden- a German trade union leader m terest on long-term loans. deep-seated, technical ground- banking sector. he studied law and political 

Wucrttemberg. Herr Stein- mainstream tradition, even j n ad ^j t j 0I { t0 reputation * ng * n the industries they con- j t j s cur i 0U s, perhaps, that science — not a typical bankers 
kiihler has already earned his though he has taken it in new as gn organ i Eer anc | builder of 11 is n ? 3< ^ ldent - tor among the leadership of these, subjects, perhaps — and then " 

place in industrial relations ci! ^ tl . oas ' , . ... , . companies, Herr Hesselbach is instance, that the. chiefs of the the country's most powerful embarked on learning the bank- 

history. . That may help to explain why also | cnown f ur his discretion, three main chemicals concerns institutions, should be two men ing husiness from the bottom to 

In 1973. he led a successful in works council elections at &Q that W0l ,j d h e an under- are , aI1 scientists by. profession w ho initially chose careers far the top. • 

strike to improve working con- Daimler-Benz big Under- stalement t0 rav that BGAG or ^ at thf? heads-Oi lhe leading removed from banking. Dr. F. He was market! as a ^htgh- 

ditions on the assembly line. As t “® r , khe *”;. 1" J keeps a low profile for a group engineering conceiuspre usually Wilhelm Chrisuans, joint chief flier” early on. Starting :oufc in : - Matthias Seefelder Karl 

well as more generous a^ir.ca ^nctcat oy a nf its financ i nu mo ^ t (lf 5ls engineers ** executive of the Deutsche Bank, branch banking, it was noUbng • . 

severance terms for older strident ginger O roup. nepds frrim -| ts nwn resources. ,.}? this. GvrmMi.- appears, to wa , get for . the diplomatic ser- before he had his first maria- itWmiwh man. -hi-. W m 

workers it was the first German • *or may it be a cgncidence Yet ^ ficures cp ea k for' d, ?!, c0, }?? ra fe r D :0 ^ ? n %'* ^ while Herr Kart Otto gerial appointment. Later he ^ 

strike since the war not to be that under toe new Mitbestim- themselves. And Herr Hesse!- P6h1 ’ deputy governor of the transferred to the bank’s. Dus- fc 

called 2bout pay. mung Act, Herr Steinkuhler is bac h may well feel his group f™ wlng tova.ds appomt- Bundesbank; served a long seldorf central office and in 1963 , PpW exeeutirt of 

This spring, however, the now a member of the Dmmler- has little need of publicity when I'll?, 1 apprenticeship as an economics was appointed assistant' general Ji^! c ? UII J e8b y k - 

bitter series of strikes and Benz supervisory board— mean- lt can count amnn „ its presum . most professional managers to journalist in Bonn. manager with responsibility for m tte ° f W.**** aftei ^ The move inttr<p^&i service- 

stoppages in the south-west had ing that next year he will be ab j v satisfied customers Chan- chief executive slot Both j)r. Christians, who urbanely securitie? business In the a , car ^ e ^ ^bich to(8^ him from came in 1970 whe&^e bfecame 
a still more ambitious aim. negotiating against a manage- ce j[ or Helmut Schmidt, who is Pbilosophles have their pros and shares the role of joint execu- surin^ of 1965 he wav annotated ^ academic world to journal- head -of divisionr^flife -federal 
H T SW^tarJwtfrt to- ment.tmsvterable to - among „ >yi his pri , ho „* Lo “.^ThS JE.S" a d epoty raeraBor of the e^eou- JS^SSWSteSS? 


KarlOtlMs^^- 

■vr/;;.;- 1 , • 


r -federal 
PrbmcK 


and won — unprecedented others — r himself. Hamburg 

guarantees for his members Such a position offers power mortgage, 
against being replaced by to an ambitious union leader, 
labour-saving machinery and but it carries commensurate 


H^burg on a Neue Heimat hank with oWaa specialist « SKsSTS To^ho is the second- .««, 

mortgage. sai ? rec f. ntJ . y v „ The v Ge 7 r !S n Dr - Y/Hfrled Guth. is one of f u n membershio" in 1967. most irapottant man at a central depao4mental>:-cSief- m the : 

TP f yst . f ! n ?.fl l “ inates "] Ui::h ^ West Gerniahy’s leading experts ^ ‘ bank whose independence : is'.re- federal Chancellery in 1971, 

* bnjlshit factor. It makes it on jhe domestic and interna- , r ' Christians, who was nowned, and Is widely tipped heading the ecoribiiffc.and finan- 

— ■ ■ ■ ■ ^ ^ — i i ■■ 1 .. i>Atori nroeinflflt* nf thfl Aern. J a. ... r . _ > 



tional stock markets. However. e ] ec . ted president of the Asso- as a successor tn Dr. Otmar cial policy division-. There then.' 

when he joined the bank in priori nf • German Banks in Emralnger, the bank's ebullient followed 44 - yeare as Secretary 

1949, he regarded it as prepara- *7 ar SJ L ’ is resent of Governor. -of State at the. Ministry of 

tion for training for the diplo- th e Dusselflorf-based Rhineland- Born in Hanover late in 1929; Finance, 
matic service. Westphalia Stock EMhange. He Herr PBhl is one of that rare-.; As Secretary of State, Herr : ; 

Banking must have been in ,**5® P? eraber °£ ^ boar< 3 breed of economists who have' Whl was an unqualified success ' 
his blood for in 1951 he be- of EBIC— European Banks Inter- ^ .experience of all aspects in a field fraught with dangers. - 
came a full member of the national— m which the Deutsche 0 f their ' profession — academic. He was the Goveriunenft ; „ 
bank's staff. The diplomatic Bank co-operates , with six other analysti, ■critic and man of action. ’■ expert- bn monetary . policy— ' * 

services loss has been the bank- loadmg European banks. He studied at. the University of both national and interiiatliuBl :. 

ing industry’s gain. He has Typically of many top West Gottingen, graduating in 1955- — as well as basic issues of 

established a name not only as German bankers. Dr. Christians UbtU i960 he worked W foreign policy. Even the Govern- 

a top banker but as one of toe takes an active interest in in- dividohal head at the resneeted n,eQt? s critics acknowledged his ,;.T 

West German financial worlds dustty. He serves on the super- Ifo institute for economic- abmties when it came to his 

m °Ai»^ P «if ta v. t ’ ai ^ baS3a ^ ore '-i . viRory hauOM of many of the research in Munich— valuabfe handling of the^ financing of the .. 

Although he is -pnmanly Federal Republic’s leading com- experieac» for any man Edine Government’s budget deficits, ;,-, 
responsible for the Deutsche parties, includins . Bsyer. Kar- iotb- gdvermnent^ sSvi C e B : £ ms ^aPPointment to the Bundes: 
Bank ssecunties trading and its stadt, KJockner-Humboldt-Deutz 196L,' his career took a change bank in Ma y*-1 977 . brought the .- 

of dlfectloh whenhe movedfs —W f »™.Wo n d ** 


Otto Lambsdorff 
Hans Matthofer 

COUNT OTTO LAMBSDORFF, the left of the senior coalition 
Economics Minister, and Herr partner. The Social Democrats 
Hans Matthofer. Finance (SPD). Unlike Dr. Friderichs be 
Minister, have two things in bad long, practical experience 
common. Both are experienced j n the private sector before he 
Bonn hands who are relatively took up politics. After the war 
new to ministerial office, and (during which he lost a- leg 
both must be considered candi- fating 0 n the Eastern Front) 
dates for even higher positions. few, later moving to 

Beyond that, they make for a banking — first to the Commerz, 
study in contrasts. then to' Bankhaus Trudeaus in 

When Count Lambsdorff DUsseldorf. He entered the 

moved into the economics Bundestag in 197^, became 

ministry on the outskirts of the FDP economics spokesman and 

capital last October, he did so quickly made a name for him- 

with the easy air of one who self. He started late in politics 

has decided to take up _^ e j S now 51— but he moved 

personal supervision of a j as t be was in. 

country estate. There was no _. . . . . ... _ Count Otto Lambsdorff 

sian of surnrisp that the iob Jt would be ldJe t0 

had come his wav nor of either that he exudes an aura „ . 7 ™ore like the embodiment of Social Democratic Party de- headu uarters 

concern that he mioSt not ° f v*™* or 11,31 his speeches toon to hun His life has been Before and after these foAlgn the West German system which, liberations on tax matters, he nSiaSroffbS^ hein^ 

measure up to it The main always have a mass appeal. But donunated by the search for a trips he worked for the ifetal- like the man, has this year been also has plenty of experience Herf S?etodorf dp , 

S problem seemed to be it would be just as idle to deny g Wun ^. ^ workers Union, IG M^taU. shaken to its foundations. of the p^Uticri pro^sT^ d scriS by torner 

tor miiSsfen “ a"?e“ not^ wSa that he is the clear crown prince SS2J5°SS“"iJlSISS vSliSP schemfi i for > fact, he is both. The 54- quite a few sucSessesasa 

to being up at the crack of dawn, in the FDP to tbe party chair- Jggg* 'SZJSFSi * * educatJon - . ‘ J ■ ■ . diairman of the lobbyist behind him. SrS^ild- hi £ 

For Count Lambsdorff is a man and Foreign Minister, Herr chamne, Proust as his pre- J? is P^^amentary cafeer, Disillusionment - with the himself the goal of at least 25 

notoriously early riser, who Hans Dietrich Genscher. Count f erre rt author) P which began in 1961, ; was lias, 1 witlun^the space of status quo set in with the pre- seats in the Bundestag in 1980 

seems to be through as much Lambsdorff is not inclined to „„l,i^_ d ._„ IiiHd , +> ,_ marked among other things by past “ made him- sent coalition which, by his and under, the : West German 

work by breakfast time as most suffer tools gladly, often raps. ^ 1 1,15 t>attJe for addition^ holi- P 31 ? 011 ® 1 reputation at count, has in nine years passed split voting -system, will get 

people manage by lunch. out the answers to questions worker? in West f Gar dflys for workers who wanted 2)1^5.55 A 306 acts * 273 administrative them., if hfe candidates can win 

'Thom u,,c no ro a i which ' have not been fully more education opportunities no P « U*e ^tax structure itself, decrees and 1^46 sets of guide- 5 per cent of the popular vote 

.h T w S uS framed and tends to fiddle with “any and to strengthen the posi- and for worker co-detemBriation' » « ™ i^aggaation to say Hues. Tlrit is ribossibility^the 

sJuld have held terr^TtoJ a pap« knife v*en is is getting Str’ ^ai^toraWps 2? SSiTSStf J25ST5 Im^EZSSm ^ t0 

«=mra-arfi sg-jnsLsjsz i£5££i is 

ssas ssxfxes ks ss^fcs yssrasasS 

parliamentary group of the with which he came to hfe pre- murderers ” was neither the roi„ot a nu„ JSl* JPlrzLZ?lZ into the limelight has _ vem ? ieiirs V°st- m 


Hans Matthofer j 


nas been very active in supervisory boards of Mannes- an ecoriomir inurneiiVtn 
strengthening Wert Gerratray-B maun, Otto Wolf and th e where he>rift^buiif . foS 

Hermann Fredersdorf 

S5?^«r , !22!2KLi! 0 5 SK 1 a S d f‘“A. par S ci ? an, . in in his toon’s smaff Duseeldorf 


experience and expertise. 


by former Finance 
Hans Apd as “a tax 


political opposition had would be paid a bigger salary, phrase. 

long experienced — but hardly *»**.„ He 1 

become used to — his ironic _ Herr MatthSfer came to toe . 


phrase" 016 diPl ° ma ‘ iC ^ ” £ ^ S 

salary. P ■ , r trade unionist, lef “win S,eritic feUow : citi2ens fuU ^ share this . Herr Fredersdorf fe not 

M ta“BJdSn“to^M££ “ f ._ ri ?*-winB regi^' and JSSfiSTTE!* them ’ 


onslaughts 18 ^ 0 tSteBunde^! 1 £t J*2E ‘SJSTS, ST" 1 ^ ** 

si? SS1SE IS KraXir “1 » 

M = ” 8 sirsu-ta a “ SSSSS rtS 



Hermann Fredersdorf 


been on the receivmg end oi constant fire but , somewhat fo avoiding a further national be *?f. a . » do he will get f S™'.™ red . u « the burden. 

Count LambsdorFs barbs. No ^ surprise of bis critiC3| no on with it, whatever the dreum- “ '* have , Aside { ™ m ^ he is in 

less than Dr. Friderichs he is a OTe has so far scored a direct in Frankfurt he beaded the fiances He would surely be ^ the political scene, favour of that whole complex of 

supporter of the free market hiL Herr Matthofer would be Socialist StudfSts Organisation, ? f e t f re c e " ed ch oice'of the left f ™J “S!™™? ^ of unexceptionable goals that in 
economy and a fierce opponent the first to agree that the work- founded a leftist paper— then a , s suc cessor if and Ppbtloaafi is that, as a American politics is Summed up 

of those, who see state interven- i ngs qf the capital market, lot spent two -semesters studying in ™if n , ChanpeII °r Schmidt step- p *L°" g , sen?a J t » Herr ■■ motherhood and apple pie. 

tion as a cure-all tor West a] 0 ne the almost unfathomable the U.S., at Madison, Wisconsin. Sf-tl T? 0- r-l V1,ether ^ at wouid kn ®J rs far “°J e 0 UnMphisticat^?- Perhaps. 

Gennany’s structural.woes. That mysteries of the international Economics work later took him m Chancellor is another a ° -j ? 3051 P® 0 ^® about the Simplistic? Undoubtedly, 

puts him at odds with some in monetary scene,, have never again to the U.S., this time’-. to e * complexities of the But th e mes sage has already 

his own party as well as with beeh a major source of fasdna- Washington, and also to Paris. J.C. r~ a ° . . found_ a tremendous respo^e. 

. ... • ». as a long-time trade union Herr Fredersdorfsjuodest office 


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22 


pr< 

ch 


BY MA 


THE PF 
decided t< 
;i I legation 

Wilson i» 

number c 
were con- 
p:ii:;n j?ji 
Party on 
1974 Gem 
The fo: 
allegation 
lowing lh- 
affair. Mj 
was. had 
an orclie? 
himself. 1 
Lady Ft 
Marcia W 
The Pr 
Sir Haro 
drawn soi 
Subsetji 
told the 
did nur 
prietors 
instructed 
round a 
material. ” 

The Pr» 
in hear 
Sir Hard, 
formal to 
On the 
at-uinst 1 
council s: 
Royal Cc 
that ther 
Labour hi 
The Pr 
ij: one o 
liahed tod 
In ano 
council 
against tl 
Daily Ex 
picture ( 
Henrietta 
death in 1 


franffiirterAllgemcine 


Z'lTl NG FOR DEUTSCHLAND 


One of the World’s Great Newspapers 


}l/iar makes a wspaper on c o' the f-v .< s best. 
Certainly not the number of page' - J> 'nough 
dies materially affix! the costs «t newspaper has 
to meet in bringing m the reader :n home 
news of what is happer.mg through uu '•'tom. 

The Frankfurter Allstvtestie Zetiun;: wtetnetess 
pi educes over sic thousand sc' i i'ffff' J - ; l -' t7r - 
That corresponds to die content ■: -fda .a erate 
paper- pa i s — tJ:u ••or. 
The real value of the Frankjirtcr Akeetneme 
Zeittuig lies in the editorial, ns nMuty is 
founded in reliable and honest n'portnnz 
Our own correspondents report exelustt ety tor 
the Frankfurter AUgsntehte Zeitune tom the 
Jij provincial i apirai v 
of me Federal 
Republic of 
Cernaty.jrom 


Hi in 

!CLWURs.'i:r 


■ -:a 

,,A-J . 



Uni Berlin. East Berlin, from Athens. Brussels, 
Jerusalem. Johannesburg, Lisbon. London, 
Madrid. Moscow. Nairobi, New Delhi. New York. 
Pans. Peking Rin Je Janeiro. Rome. Stockholm, 
Sidney. Tokyo. Warsaw. Washington. Vienna and 
Zurich. More than 100 journalists write and edit 
in rite Central Editorial Office in Frankfurt. 

They ensure that information and news is clearly 
presented to the reader. This is also the reason 
jar the. division if the paper into three main 
sections: Politics including Germany and the 
World, Finance and Sport, the Arts with television 
programmes. In addition there are regular special 
features: on Wednesdays Science and Nature plus 
the Motoring Section, on Thursday the Travel 
Supplement and on Saturdays the weekend . 
„3ilder und Zeiten" supplement, not to mention 
the periodic Literary and Records dt Stereo 
Supplements. 


1 Million E A.Z. Readers 


]i is not hy chance that the Frankfurter 
Aiigemeine Zciiunu is distributed 
throughout the Federal Republic of 
Germany and to 144 countries around 
die world. Each copy sold is read by an 
average of 3 people. Consequently, the 
average number of copies sold each day 
reaches over one million readers - the 
very people who are the intellectual 
leaders and decision-makers in Germany. 
In addition. Frankfurter Allgemeine 
Zeitung has the highest distribution 
abroad of all German daily and economic 
newspapers. 


Financial Times Monday OctoBer If . 19/SL 

WEST GERMANY VIII 


EMPLOYMENT 




THE LATEST West German 
employment figures, published 
earlier this month and covering 
September, brought the first 
good news from the labour 
market in a couple of years. The 
number of people out of work 
fell by almost 60,000 to a new 
level of 864,000, bringing the 
unemployment rate down from 
4 to 3.8 per cent A single 
month’s figures are never, of 
course, enough to lead to firm 
conclusions, while with the 
onset of autumn some weather- 
related and other seasonal loss 
of jobs will no doubt weigh 
heavily on the negative side 
once again. All the same, there 
is no mistaking the relief in 
West German political circles, 
that it has become safe for 
Count Otto Lambsdorff. the 
Economics Minister, to predict 
that the monthly average un- 
employment level for 197S will 
be under the lin marl: again 
for the first time since 1973. 

Pleasing though this is. how- 
ever, the roots of the West Ger- 
man unemployment problem 
have now become too well 
understood for anyone to claim 
a turning point has been 
reached. The economy has had 
its ups and downs since reces- 
sion hit it in tbe wake of the 
1973-74 oil price increase. 
Unemployment has. disappoint- 
ingly, shown scarcely any 
response. The moderate pick- 


up in the level of activity that 
made itself felt during tbe third 
quarter of this year, most ex- 
perts would agree, is nowhere 
near strong enough yet to bring 
the jobless total significantly 
down towards the elusive goal 
of full employment. 

There is no more agreement 
among West German politicians 
and economists about what now 
constitutes full employment 
than there is in other industrial 
countries. In the late 1960s 
Professor Karl Schiller, then 
Economics Minis ter, was able to 
define full employment as a 
jobless rate of 0.S per cent— a 
figure that was, indeed, attained 
under the boom conditions of 
the day. More recently Dr. 
Arthur Krumper of the IFO 
Institute for Economic Research 
told a symposium in June that a 
more realistic figure might now 
be 2-2.5 per cent implying a 
total of about 500.000 unem- 
ployed people. He went on, 
however, to warn that the goal 
of full employment through 
growth could probably not be 
achieved unless a sustained 
annual real growth rate of at 
least 5 per cent could be 
reached. At real GXP growth 
rates of even 4 per cent (a not 
unambitious goal compared to 
the 1.5 per cent average between 
1974 and 197S), Dr. Krumper 

concluded that unemployment 
would continue to rise. 


in industrial training establish-, 
ments are at. last beginning: to 
have some impact on the rate 
of unemployment among young 
people It is particularly en- 
couraging that the numbers of 
young people out of .work 
should have dropped sure Sep- 
tember last year, since in addl-’ 
tion .to the normal 'seasonal 
crowd of school-leavers looking 
for their first jobs, this year- 
has sees the beginning of the 
long-awaited demographic - rise 
in tbe working-age population. 
Between now and the late 1980s, 
over lm more people will he 
entering than leaving the West 
German labour market, thanks 
to a post-war “ baby boom ” 
that was later than in most 
other European countries.. 


In the next few years, as this 
suggests, the inflow of young 
people into the job market will 
accelerate. Yet strenuous efforts 
are being made to increase the 
vocational training places avail- 
able. The total rose, by 12 per 
cent to some 560,000 from 1976 
to 1977; this year it should rise 
by nearly 17 per cent more. 
Within this figure, there is in- 
tended to be a disproportionate 
increase in places for girls, tra- 
ditionally disadvantaged in voca- 
tional training. 



Such predictions are not 
likely to convince those who 
still believe that West Germany 
can spend its way to growth and 
hence to higher employment. In 
addition to some British and 
American Treasury officials, a 
good many German trade union 
leaders and even a few of 
Chancellor Helmut Schmidt's 
fellow* Social Democrats in the 
cabinet continue to argue the 
point If there is no agree- 
ment on tbe solution, however, 
there is at least a wide area of 
common ground in defining the 
unemployment problem as a 
structural, at least as much as 
a cyclical one. That is the 
premise on which most of the 
SPD-FDP coalition's policies 
towards the labour market have 
been based. 

The September figures sug- 
gest, not for the. first time, that 
stepped-up vocational training 
programmes both at school and 


Some progress has also been 
reported, though it shows up 
less clearly in tbe employment 
statistics, in the efforts of the 
authorities to 'find jobs ~ for 
people in the other principal 
problem categories— the handi- 
capped, older unemployed 
people and the one-third or 
more of unemployed women 
who want part-time work. At 
the end of September the 
Minister of Labour, Herr Her- 
bert Ehrenberg; and tile head 
of the autonomous Federal 
Labour Office, Herr Josef StingL 
pledged a new joint effort to 
improve the job counselling and 
placement services of the labour 
offices and to pat them into 
closer touch with employers. 

At the same time the Bonn 
government has been looking 
for ways to improve labour 
mobility, as part of an attempt 
to grapple with the major short- 
term anomaly of the’ labodr 
market — the growing local 
shortages for skilled workers in 
such industries as motor manu- 
facturing and construction. 


where conditions have been 
booming for a year or more. 
It has not proved easy even with 
generous subsidies and incen- 
tives to get German workers to 
move house. Many reason that, 
having been laid off once, they 
could pull Up their roots to take 
a hew job and perhaps buy a 
new house, only to find them- 
, selves laid off a second time. 
Others are reluctant to disturb 
their children’s education by 
switching from one federal state 
to another. Young people them- 
selves seem relatively unwilling 
to move away from home and 
friends, a fact that may help to 
explain why. at the beginning 
of this month, fully 50,000 voca- 
tional training programme 
places remained unfilled, with 
15,000 of them in the flourish- 
ing building and construction 
sector alone. 

However, all these measures 
to make the labour market and 
the unemployment offiee system 
work better are, in the view of 
siidi economists as Dr. 
Krumper, only scratching at the; 
surface of the longeMerm prob- 
lem, which is one of over-supply 
of labour. Companies inter- 
viewed by an independent study 
commissioned by Herr 
Ehrenberg ’s department • re- 
ported that they have -on 
average, and irrespective " of 
cyclical changes, reduced their 
workforces by 5 per cent since 
1973, while also refining them 
by raising the proportion of 
qualified or trained employees. 
Few expect this trend, to be re- 
versed. given tlie wariness.. of 
German business about the 
longer-term outlook for profits 
and its consequent reluctance to 
undertake investment that 
would add to the labour force. 
One suggested solution, is that 
the Government should — as it 
has indeed started to do— foster 
research, innovation and the 
formation of new companies. 
But an unavoidable corollary, in 
the IFO view, is that the num- 
ber of people competing for jobs 
should be reduced. 

Longer average schooling 
with improved career training, 
earlier optional retirement and 
a shortened working week are 
among the. more realistic steps 
that are being debated. Each 
is surrounded by difficulties, 
which tend to reduce to the 


hard, fact that they ar-e-'-afl 
expensive. In its package -qi; 
stimulatory measures currently 
before the Bundestag,;, -.'ag 
Government - has proposal 
longer maternity leave and aha; 
a lower- voluntary tetiremegfc 
.age for handicapped people, 
steps thy will be difflailrafrft.' 
costly enou gh. - A .much; iaija. ' 
controversial topic- tinsrittttcMd.' - 
may be. the. steelworkers' wag£ 
contract . talks 
where a reduction 
■working week to 35 from "'46. 
hours is on tlw list of ruiiftig 
demands. Without a coiresbohd-’ 
ing cut in wages, the eniploj^ 
are likely to argue that tijfey _ 
stahd to gain little .'Jitrifc 
reshuffling schedules, so. as-td 
take on a few more men. iknjj 
unemployed, but who- wpnl£ 
also- bring with them high social 
security and related costs./'; ' 
The Labour M/iriistry's itndy" 
found that, contrary ta.poph&n 
belief, -fewer than 10 per critf 
of the unemployed are actually’ 
unwilling to work at .alTor-.agft, 
deliberately .exploiting . 
Germany’s generous <. first-year" 
unemployment benefits. Thgtpi 
remain, nonetheless, the /-jobs 
no-one wants, in . such sector? 
as catering and public sem'efct 
and for, which. . Germany, /&. 
common . with - other ;. ricE 
countries, remains .heavily-' 
dependent on foreign “guest* 
workers. Long-term . unemplbg? 
ment seems to have bad lithe 
effect in terms of . directing: 
jobless Germans ' into -these/ 
-occupations; Among the’ . 
countries which have supplied'; 
most of "tbe Sim-plus foreign 
workers now in Germany, only 
Ithly is"-unaffected by the ban? 
on new entTy in force for the 
past - three years. . Yet West 
Germany ; has ;.: formidable,. - 
problems in absorbings .-..the’ 
foreigners 1 already here, sags- 
as fitting into its labour market* 
about 110.000 teenagers suable 
to get vocational training places' 
because they cannot speak goOd* 
enough Gennan. Whim; /the 
European ; Community fw.fy; 
enlarged _:ta: -include 
Spain and Portugal, a&J&ftt 
itself is committed to adrietisg,': 
hundreds of -^thteisands^iaere 
people are : likely;: tq : Stick 
towards the wbrld^ghigfieitt 
wage rates. . . 

r A.D. 


COMPETITION 


Defending the small man 


A PROGRESSIVE u regimenta- Guest Keen and Nettlefold, the This emphasis on the deter* • Aiming against conglomerate 
tion” and “de-liberalisation,” leading British engineering rent effect ; combined with the mergers the revision, would 


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said Herr Wolfgang Kartte group. Hie other decision was green light to try to assess the introduce assumptions ol 
recently, were the greatest made by the Berlin Rammer- distant. future when considering market dominance which would 
dangers facing the market geriebt (KG) (Appeal Court) on consequences, of a proposed make it more difficult for large 
economy. Hen: Kartte. the for- August 24, 1978, ordering Hoff- mergerand to take into account enterprises, to .'penetrate and , 
midable President of the for- man La Roche to reduce its th e_ interlocking effect on unre- gain dominance in marked. _ 
midable Federal Cartel Office, price for valium and librium. In lated but not-too-distant markets mainly consisting of median 
was no doubt aiming his dart its GKN/Sachs judgment the within a 'conglomerate group — size and small enterprises, 
at Count Davignon’s sect of BGH swept away two funda- all this Will increase the power in particular, the newly; 
heretics m Brussels. In Germany mental assumptions on which its of the -Federal Cartel Office not added section 23a creates \ 

2,7^2® deci ® lons , in anti-trust only to stop conglomerate statutory assumption of para;- 
remains second only to the matters were based. These were mergers of large companies but mount market position or of 
national anthem. that in a free market economy, also to r prqceed with new vigour reinforcement, whenever ..an 

But national anthems have a entrepreneurial and managerial when combatting abuses of mar- enterprise which had in the las* : 
tendency of becoming a matter decisions should be interfered ket power and restrictive prac- business period a turnover of at 
of lip service rather than of the with only if government and tices of all sorts. least DM 2bn merges with m- .. 

heart The orcuit undertaken rourts are specifically author- -^e KG decision that Roche other which either is active on. , 

recently by Herr Kartte and intervene and must reduce its prices of valium a market in which small or.. 

J*? e Carte Sp rfSnS °f D “ n0V !Sf n * and librium by. 24 per cent by middle-size enterprises hold a,; ; 
°ffice. holding court m several ^ e ^vel°Pment of competition not la fe c than December 7 1978 share of at least two thirds and - 
r^ional centra of Germany in „ lnst * ad ; ^ helps the Cartel' Office in a less the merging enterprises at lea* -; 

order to assure small and BGH established a new doctrine direct W-' The Cartel Office a share of 5 per cent or is.. 


vSTits original mE market* dominant on. ope or : 


that there was an abuse of several markets which in tte ;; 


&&■£?* SSsSiS »=== sSHifui 

CO- . - * - e - ^ Ana ^ ^ was before the KG for DM 100m. 


suffering caused by the „ _ 

existence of two souls in one Cartel Office is. according to . ... . . , 

man’s breast His anti-trust soul the judgment, entitled to take t he se cond time, having been 
now 


The other statutory assump*: 


$vantona 


Ruckversicherungs-Aktien-Gesellschaft 


(Frankona Reinsurance Company) Maria-Theresia-Strasse 35, 8000 Munchen 80 

Founded 1886 


ALL BRANCHES OF REINSURANCE 


Data 1976/1977 

Guarantee Funds D M 1,127,200,000 Gross Premium DM 680.500.000 

Capital Investments DM 1,189,000,000 Net Premiums DM 510,000,000 

Telegrams: Fra nkonaruck, Munchen Telex: Munche 05 22531 frar d Telephone: 


CL-J-I. 


has now been joined by a into account not only immediate re toriied for additional fact find- tion of market paramount posl' 
second, albeit smaller, pro-trast but also future changes in the mg by '^ he ^ GH T ™ import- tion or its reinforcement con- . 

one. It is all part of the process conditions of competition which ance Qf th ^ Cartel office in stop- cerns situations when : 

of growing out of a purely seen as highly probable con- pin § such . abuses of market merging enterprises totalled^® 
legalistic attitude to a more sequences of a proposed merger Power' has 'nOW been dearly turnover of. at least DM lObn 
pragmatic one. Instead of seeing T* 1 ** BGH further underlined demonstfated. But after ail this and two of the enterprises Par- . 
its tnsk solely in contesting that merger control is not con- tjm ® Roebe.can- agam appeal to ticipating in tbe mergw^ch?® ’ . 
cartels and other restrictive cerned directly with behaviour, jPGH.andT thus postpone the turnovers of at least DM ion 
practices, the Cartel Office now Present or future, of dominant decision being put into effect each. . 

puts greater emphasis on those enterprises, but with structural forat least another year. . Further, provisions provide ; 

provisions of the Taw which changes which, by the disappear- The Qartel. Office can use this statutory assumptions. of market. 1 .. 

enable small and medium-size ance °f 9 ne competitors nowr as : an-arguinent in support dominance for* enterprises 

entrepreneurs to join forces in the reinforcement of another of its detnard that the revision which are leading on a market.' 

order to resist the competition *? r exam Pl e > create precondi- of the Competition.. Act should forming, an oligopoly with an '7 

of the large groups. Cartels for future changes in cam- enable certain injunctions to be aggregate market- share of -50- . ; 
concluded between the not-so- Potion in a given market. Lm mediatelyToflective. The bill per cenL Merger control would 

big are being assured of What really matters, said the submitted to . Bundestag in May, be also applied to the acquisi- ; 

benevolent scrutiny by the Karlsruhe judges, is that GKN’s does indeed provide for tiop of small and medium-sized . 
Cartel Office. financial power, together with imrae dtete l.®£al torce' of orders enterprises so far exclude® . .. 

Tbe larger anti-trust soul of the fact that 40 per cent of its designed-. ‘to 1 . stop abuse, of from such control. 

Herr Ivartte has now turned aJl turnover is in markets close to dominant maAet position. More- The bill proposes also tlw* 

ite ardour towards preventing the clutch market in which over P«Jposes to widen the provisions aimed against restrie- - 

the big becoming still bigger. Sachs is dominant, would lability hf the offending enter- tive practices should be applied ■ 


This objective should be easier frighten off any existing or prise towards private parties also to export cartels in which 

potential competitors to Sachs. whi <* sirifered^Ioss ..through its an enterprise 


vision of the Gennan Competi- 
tion Act has been pa> 

Bonn legislature, which 


with a -seat lB 



“5SP* so °2‘ , c^o foUows infringemeasts of . competition . restrictive agreements. 

While waiting for the bill to ^ decision of the U.S. Supreme i aw , * > there is an* escape 


be passed the hand of the Cartel Court on Procter and Gamble’s £n addition to abuses of .mar- Should. 


But 

escape elans®-' 
agreement 


Office has been considerably proposed acquisition of Chlorojr, ket powerj 'the main changes reached between the CarieT 
Fortified by two court derisions. *t ruled that the Federal introdaced hy the biD 


- . _ . ' . 'MUWUUWlf v/ concern. Office and the BanMng.-Qffi ce 

une was made by the Bundes- Trade Commission, opposing merger coatroT- discrimination, concerning such 'restrictive 

geriehtshof (BGH) Supreme the deal, had no need to prove price recommendations, export practices, these could stHI he 

Court in February with the that the superior resources of cartels, and -the’ application of allowed by the 'Minister .of 

prohibition of the acquisition the acquirer would be deployed the competition rules fo the Economics. - - 

of Sachs, the leading Gennan to reinforce the position of the activities of "banks, insurance ”• tt - « 

motor component maker, by acquired enterprise. companies and food supply. A«. li nCBBaiui 




mm 










Firamcfel Times Monday October 16 197$ 


WEST GERMANY IX 


TRADES UNIONS 


23 







THE WEST GERMAN, veriipn. concerted action meetings had 
of the social contract, which become stacked against them, 
has been coming in for a good “ increasing number of 
deal of admiring interest in inst «utions represented who 


had little directly to do with 


nra^^ y S-* “. 1 J“ der n "' industrial relations. In July, 
precedented stram at home-so 1977> the DeiltS chc Gewerk- 

SSL V^ de , um0 “ sebaftsbund (DGB), the 

™ ”’t?® C,alS °J em ? l ^* r * umbrella body comparable to 

organisations and ministers ^ BrlUsh Tradea Union Con . 
have all been wondering aloud gre ^ declined t0 attend further 
whether it can survive without concerted actio „ meetings, 
far-reaching change. The trades AJthough its im^a-te pretext 

8PPear l ° the employers’ constitu- 
ent problems tf \f t *>° Uonal court lawsuit challenging 

!Ef L^,i.‘; Pr0 w , ? ,we i ‘he Mitbestimmung Art years 
Ge ™ aff of pent-up frustration found t-x- 
combinauon. of legsl fonuabty. m the „ oycotL 

im\ed with behind-the-scenes 

accommodation, that has given Since then Count Otto LamJjs- 
the Federal Republic nearly dorff, the Free Democrat 
three decades of enviable indus- Minister of Economics, who is 
trial peace. no favourite of the unions, has 

Two broad issues are upper- ! ried hard but '“i thou, . EU ™; S 

n , , to reconvene the meetings. 

* German trade x), ere h ave b een sdme personal 


unions concerns. One is. how 


contacts between the DGB chair- 



lo reconcile their members’ ex- 

nnntafiA»« - AlKiil, XlCfl' aClilKVbAill- Y Cll^J . 

^ H r ^ ,nerea f l- and his opposite number at the 
.ppmSlf, W h ^ndesvercMigung -der Dent- 

unemployment still stubbornly sehen 'Arbeitseberverbande 

Jf veI i *?*.?**-}!* fBDA), employers’ federation, 
uncomfortable fact that this if err 0 tto Esser, with agree- 
standard of living, coupled with ment jointly to study uheraploy- 
the rising Deutschemark, has ra ent. Yet Herr Esser has made 
made German workers increas- clear that the lawsuit., testing 
ingly unattractive to employers the Mitbestimmung Act's bear- 
compared to tile alternative — ing on the constitutional right 
machines. The second theme to private property, "will be 
arises from the unions’ pursuit pursued up to a- judgment — 
over many years of a more leaving no choice to the DGB 
elusive goal, that of real social and its affiliated Unions 1 "but to 
parity for working people, now stay away from, the concerted 
that enactment of the 1976 action forum. - . 

workers’ co-determination (Mil- , , • s 

besiimmung) Act has been fol-. J" tormmg th.s . yerfs jva;c 
lowed by widespread and se “‘ ei ® e >‘ ts . tiu ' collapse of the 
sometimes bitter disappoint- M ”“ r ‘ ed anion ; mechanism 
m t seems, admittedly,, to have made 

. little difference. In ifune, the 

Until a year ago, machinery last month for. which figures excessively rational, almost provided more questions than and from being downgraded in become the occasion for an 

in which such questions might are available, actual monthly vianili^cd atmosphere of German answers. the process from skilled to un- expression or deep mutual 

have been discussed was avail- incomes were running' 1 only 5.5 industrial relations need* a The south-west metal strike skllled P a >’ 5< - -a,es - Herr Stein- antagonism that surprised many 

able tn the form of the “con- per cent higher, than \a year soocK hard-rought strike from saw the regional employers ktifflw;won bis point, to the who had' assumed that the 

certed action " meetings held previously— the precise per- t j mP l0 time in order t0 brin „ (who j ni jiude Daimler-Benz, consternation of employers in German unions had become too 

two dr three times a; year with centage.set as the Goyenupenfs tCl tht . surface> and then t „ Robert Bosch and other indus- every industry, but at a heavy comfortable to fight. 1G-Meta!! 

employers’ leaders,, ministers, maximum ^estimate of ' what; the resolve, the real anger and trial majors! ranged against the vost. and the printers union, IG- 

the president of the Bundes- economy could afford this. year. se nse of mistrust that are often biggest West German union. Both” in -the metal industry P n,ck * bave eacb helped mem- 

hank and other representatives Yet-ttus result -was achieve.d at hiriden behind lhe dry terms ot indusiriegewerfcschaft - Metal, strike; and in the newspaper h '- rs 10 , brin S Morally tens ot 

of the economic establishment.- the cost of a long and 4 highly the public bargaining process, led by its able Sruttgart area strike; which ako turned on Ibou^ands of lawsuits against 

The meetings had the primary damaging senes of stoppages in Few W ould make that case for boss. Herr Franz SleinkUhler. Lhe job' secun ly of skilled men employers who locked them out 

‘ ■*" ' ' and em- 


in C!iaiiL!?ll:ir Helmut Schmidt's 
Serial Democratic Party for 
their out raced claim that the 
lock-our, affecting union and 
non-union workers alike, is 
offensive and unconstitutional. 
The employers, on the other 
hand, seem prepared to fight to 
the last for their strongly-held 
view that it is a symmetrical 
weapon to the right to strike, 
and that without it, they would 
be at the mercy or awr-mighty 
unions able In dictate their own 
terms. 

A tew years ago it might have 
been possible tc» dismiss all this 
as rhetoric. Whai is different 
now is that each side appears 
fully in mean what it wiys when 
it speaks »>f the otht-r in terms 
of a return to class struggle and 
to the attitudes of the past. This 
worrying degree of mutual 
mistrust can he seen even more 
clearly in the Muhrxtimmnrtri 
arena. The unions are 
disappointed that the 1976 Act. 
fully in force since July 1. has 
not given them cither complete 
parity or the final say over who 
sits un the (numerically equal! 
supervisory board on the 
employees’ side of the table. 
Their leaders have darkly 
suggested that many companies 
will somehow try. to cheat. Herr 
Veter has objected to having to 
win union rights through the 
courts and has urged workers 
to. fight for real co-determina- 
tion at the bargaining table. 


Defensive 


Tracies union leaders Heinz Kluncker (left), Eugen Loderer ( centre i and Fran:: SleinkUhler join striking metal 

workers in Stuttgart ■ in March 



won some 

__ mimi llll41v „ lvu ... ii T _ labour 

further - decided how much effectively to stunt real ..paper industry’. The disputes insistence that the. new contract by -.widespread use of the lock- l ' our,s - and l ‘“ ,h are ^' a ? er 10 
scope would exist for wpge ^nd; hationu proquet ^growth writhe brout^it Jiut a. good ..deal of roust include clauses protecting out. Tliis lactic, used in retaha- P re6S on to thc 3PP-‘ al stages, 

price increases. The - unions whole first quarter oT the year, bitterness anti raised matters or workers both from losing their tioii against selective strikes on Beyond that, the unions hare 

came to feel, however, that the -It can be argued that the deep concern. Bnt they have jobs to labour-saving machinery the. pari of ..the unions, has found a few sympathetic ears 


Managements. f»>r their part, 
have in many ca*es entered the 
new era with a deeply defensive 
attitude. Some fear that union- 
appttinied members of tin* 
newly constituted supervisory 
boards will leak confidential 
financial information. Other, 
refer in what is supposed to be 
a forum for jointly planning 
the future, as a sort of 
adversary proceeding composed 
of warring faction*. Such ideas 
fnun both unions and manage- 
ments. do little credit to what 
German industrial relations has 
actually achieved in thc past 3d 
years. 

What accounts fop the had 
hi ood he! ween the two sides of 
industry? Will it na-.s now ihat 
the economic outlook i* once 
again brighter? 


It is clear enough why 
German companies should feel 
they have their hacks to Hie 
wall. What they regard as new 
encroachment by tlw unions 
comes after several had 
financial years for most, apart 
from the motor industry, and 
at a time when German wage 
ousts are un arguably the world's 
highest. They deeply fear being 
prevented from undertaking 
further investment that would 
raise the productivity uf these 
expensive employees, and in ihe 
process inevitably do away with 
many of their jobs. 

If it were left m thc old- 
fashioned style or negotiating, 
between lop union leaders and 
employers' chiefs, rational 
solutions might noi he too hard 
to find. Union leaders make as 
many speeches deploring 
Luddism, and appealing for 
German compelitivity to he pro- 
tected. as do businessmen. The 
union leaders themselves, how- 
ever. are nowadays men under 
a lot of pressure from helow. 
challenged both by the new 
breed of university-educated in- 
tellectuals who have made 
careers in tr^de union adminis- 
tration, and by plain discontent 
on the shop-floor. The near- 
defeat of IG-Melall candidates 
iu works council elections at the 
Daimler-Benz factory at Untcr- 
liirkheim, near Stuttgart, by a 
dissident group of ex-members 
wsi« only i he most dramatic of 
a series of similar outbursts of 
impatience by workers who feel 
their leaders are often too close 
to ihc employers. 

A.- the debate mounts over 
how to reconcile job security 
with fchnolngical advance, and 
how iu reduce unemployment 
and proiect living standards at 
the same time, the unions seem 
to feel themselves rather 
isolated. As Herr Vetter has 
m-ade clear in recent speeches 
both on ftlitl'C.-iiimmuiiri and on 
the tax cut package currently 
before Parliament, the union 
movement is thoroughly fed up 
with the Suciai Demo era is. it* 
traditional political ally. Look- 
ing for new solutions that make 
ecu no true scn*e. and at the 
lime carrying the rank and file 
with them, are tasks l hat will 
weigh heavily on the unions' 
veteran leaders. 

A.D. 






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We can do much ourselves towards maintaining our health: 
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And also our chance. 

Boehringer Mannheim also carries out research for advances 
in medicine. By specialising in diagnostics and thera- 
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time. 

Medical advice tor the patient, his motivation and 
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and maintenance of health. Here, too, Boehringer 
Mannheim makes contributions, e.g. via the patient- 
brochures “Valuable years of life”. 





Boehringer Mannheim 

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Lady F l 
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Financial Times Monday 


r 




WEST 


s 


4 m 


THE STOCK MARKET 


Steady rise in prices 


■j 






More and more influential business and professional 
peuple are regularly taking the 




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GERMAN SHARE indices have limited as interest rates have 
been climbing steadily since little room to fall further. In 
May after a long, slack period the early summer the Bundes- 
of more or less sideways move- bank, which acts as the Govern- 
ment. The last substantial bull ment broker in the bond market 
market which took shares up and intervenes actively in both 
by over 50 per cent between directions to maintain stability 
the beginning of 1975 and was buying in bonds on a 
March. 1976, petered out as the massive scale. More recently 
German economy proved itself the bond market has settled 
■ unable to pull more t han half- down and a more usual rela- 
way out of recession. It has tionship between the flow of 
taken more than "two years to cash into equities and fixed- 
gather the momentum for a interest stocks has been 
further significant advance. re-established, allowing the 

The market’s present strength .®SS esba f t *° « u a T’ md 
which originated from technical DM30m of b0Dds day. 

factors, is being sustained by Over the last few months the 
an improvement in the funda- outlook for the German 
mental position of the economy, economy has perceptibly 
Buying interest earlier this brightened. Output is rising, 
year very largely stemmed from order books are fuller than for 
the German Government's tax years, growth is speeding up. 
reforms, which did away with On top of this there has been 
the corporate tax differential a clear improvement in 
between retained and dis- industrial profitability, shown 
tributed profits and allowed the to good advantage in the giant 
shareholder to offset all the chemical firms BASF, Bayer 
advance corporation tax paid and Hoechst which, as well as 
on his dividend against federal providing a barometer of the 
income-tax. general health of German 

This has been hard on the industry have a weighting of 
foreign investor, who pays no per cent in the FAZ stock 
federal income-tax in the first 11 } dex - trends have under- 
place. as companies have been Pumed the existing advance in 
able to cut their cash dividends equities and given the market 
while Still greatly increasing fundamental strength, 
the total payout to their Curiously enough, the blue 
German shareholders. Every- chip stocks have not made the 
one loves a tax concession, not r unning in the present bull 
least the insurance companies, phase. Investors were piling 
who came back to the equity into some second line stocks 
market in force. with relatively high yields to 

Both institutions and private take full advantage of the tax 
buyers began to commit new concessions, but in some cases 
funds to shares but there was there was frankly speculative 
also some switching out of demand for recovery shares 
bonds, particularly as it seemed that either hardly earned their 
that scope for capital gains was dividend or paid none at all. 


Th b institutions seemed to be 
becoming more daring. 

Thus in the heavily traded 
department store sector shares 
like Horten and Neckermann 
outperformed the higher-rated 
K^rstadt and Kaufhof, while the 
construction sector, formidably 
depressed for several years now, 
has also recovered strongly in 
anticipation of higher consumer 
spending. Meanwhile indus- 
trials such as Siemens and 
Mannggmann have been rela- 
tively lagging behind. One of 
the reasons for the widely-held 
belief that the market still has 
a long way to go is precisely 
that the shares with the 
heaviest index weightings have 
so far underperformed. The 
German markets are dominated 
by the banks, which act as 
brokets and principals, not 
being prevented from holding 
substantial equity stakes in non- 
flnancial companies. There are 
signs that the banks are put- 
ting their clients back into 
major industrials, while foreign 
demand, particularly from Arab 
institutions, for German blue 
chip shares as an alternative to 
D-mark foreign bonds has been 
growing. Institutional liquidity 
is still very high in Germany 
itself. 

The German stock markets 
have a strange love/hate rela- 
tionship with the D-mark. Sharp 
falls in the dollar late last year 


and early this year often led- -DMSbn deal with China to 
to a downward reaction modernise the country's coal 
in shares, on the argument that industry. This has been taken 
German export competitiveness es conclusive proof that German 
was in peril. It is interesting industry- — or at least a major 
to note that the Swiss bourses part of it — remains mter- 
have been quite unable to nationally competitive on the 
shrug off the— -admittedly much widest scale despite the weak- 
more dramatic— rise in- .the .ness of the dollar. The persis- 
Swiss franc, while in Japan tently high trade surplus k a 
export-oriented shares have . monthly reminder of this. -Tne 
been under a cloud daring' the market is anxious that the 
Tokyo Stock Exchange’s, long dqllar/mark rate should be 
ball market.' In Germany, how- -stable rather than wildly 
ever, dollar -induced drops : in fluctuating, but it does TJOt seem 
the market have hot lasted long to be. unduly worried hy . the 
this yean for one thing -Us present level of around dmlwj 
mentioned above, shares, have, for the dollar, 
become a haven for money Another example" of the 
fleeing from the do&air after market’s ability to firm in the 
all, Bayer is yielding 6.5 per face of bad news is its tolerance 
cent, as much or more than a'^f the excessive money stock 
10-year German government expansion which largely results 
bond. Also, however much from the Bundesbank’s selling 
German exporters may com- pf D-marks to the banking 
plain — and they have been system in exchange for dollars, 
complaining for la years— -the Experience has recently shown 
fall of raw material prices in that the overshooting of the 
D-mark terms has enabled central bank money stock target 
margins on export sales to has not fed through into non-, 
largely preserved, in a number sumer credit expansion, and the 
of cases. market prefers to be. reassured 

• by the retail price index than 
There was a reverse specula- frightened by the money supply, 
live flight from Frankfurt to There is some feeling that 
Wall Street In the second interest rates may rise early 
quarter of this year but a good next year if industrial demand 
deal of money appears to have, for funds increases. This would 
returned. Most repentiy tte cause a little difficulty in the 
market's confidence has been 'bond market but it is con- 
enormously helped . by the cervable that faster GNP growth 


could lead to some reduction of 
the public sector 1979 deficit i 
from the expected DM SOfoy. 

so_ and lower the Govp rmri^ ^j 
funding requirement ; 'm -r ■---.£■■ 
The outlook for the Gem*^ 
equity - market looks excellent* 
then* •• unless:' the ■ graiaW: 
recovery' in econom i c_ growth", 
that seems to.be under 
Germany is" in . some ' wgj- 
aborted.. For the bond m a^eti 
the medium-term 'prospects :a»i 
not so clear, particnla rly .co#;. 
sidering the. vast .expansroh;^ 
borrowing by the -German.' 
eminent and "-by fundsMIsagtlial 
D-mark-denominated Eurobw^^ 

but the domestic ®aifcefc:‘«l!£ 
presumably.be supported 
Bundesbank if n ecessary ^_- ■ 
A visitor to . Frankfurt.^n^ 
go to the. Bourse at one o'riorir 
and sit at .the back of the little^ 
room where the currency 
is taking place: representatives^: 
of the banks sit at- "desks* 
with a telephone- to tals dealipg^ 
room; ' there - is a >d)aitites3 * 
and there; a little, aloof,., shg.' 
the. Bundesbank, representsiiK;^ 
Perhaps it-’ wHTbe 
days , when the dollar isbeifcg-: 
sold down— the ' Birad&baatl 
man raises' his band tor&a^- 
2Gm. Tt .is oddly undrajaafle/.' 
The Stock Exchange floor; ftenj: 
yards away, haslearae^ teHve-. 
with it •/ • • f " •• 


Martiii Taylo?: 


«e_ 


Benefit from economic growth 
in Southern Germany 


ur 

sz 

HOJ 

FAZ 
. " 1 1 

WELT 

J 

30 

110 

220 


Readership of 
TEAMnewspapers 
per thousand 

EZ3FAZ 

r ~i wej 


FAZ WELT 
E^n f— i 
30 40 


. ■■ n r 

I I ... J sz 


70 670 


Business expansion in Southern 
Germany is above averaga The 
Gennan Stales of Bavaria and 
Baden-Wurttemberg are the home 
of industries which plan for the 
future, concentrating on science 
and research Groups with a world- 
v/ide reputation in the field of 
chemicals, pharmaceuticals, atomic 
science, air and space travel, 
electronics, computers, the manu- 
facture ot machinery and vehicles, 
are based in the well-known 
southern German towns of Karls- 
ruhe. Stuttgart, Nuremberg, Augs- 
burg and Munich. 

Southern Germany also is the home 


'of one of the largest nations! daty 
newspapers in West Germany -. 
the "Suddeutsche Zeitung'. 
Published in Munich, it has a daily 
circulation of approximately 800.000 
(see chart) in Bavaria and Baden- 
Wurttemberg including many 
important peoole.who take the 
decisions in business and adminis- 
tration. "Suddeutsche Zeitung" is 
read by as many as 79 per cent of 
the total readership cf TEAM, 
newspapers (SZ. FAZ and Die Welt) 
in Southern Germany. 

If you want to do business in 
Southern Germany, “Suddeutsche 
Zeitung* is your medium. 


SijddcuTscIreZetrung 

IC nno tha IhroQ f^omvin mrirtihorc rtf TF A 


is one of the three German members of TEAM. ** 

(Top European Advertising Media) - the one with the largest circulation. 


WELT 
$ A l — I 


800 230 110 


For additional information please Representatives 525 Fuih am Road, - 
contact our exclusive representatives: London SW6 IHF.Tel (.01) 385 7723 
Publratas Ltd. International Media or write to us in Munich: - 

Suddeutscher Veriag GmbH. Marketing Service " 

RO. Box 202220, D-8 Munich 2, Germany 


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Ruhrgas supplies natural gas to a large market in 
the Federal Republic of Germany. A complex 
£ pipeline system carries the gas to the customers. 
Ruhrgas has concluded a number, of major 

v natural gas import agreements and is 

222S2S5Si.'; currently involved in other natural gas 

import projects. i; 

Ruhrgas is a partner of standing in 
the international natural gas 
business. 




RUHRGAS AKTIENGESELLSCHAFT • ESSEN 




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Financial- Times Monday October 16 1978 ' 


WEST GERMANY XI 


BANKING 







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the casual observer might is the considerable degree of between the commercial sector 
well be forgiven for thinking freedom aflowed by the Federal and the Landesbanks. The com. 
that the West German banking Republic's universal - banking, meixia] bankers eomplain that 
scene was dominated by three system. Unlike Britain and the the Landesbanks offer unfair 
large commercial banks — the United States, where invest- competition because of their 
Deutsche Bank, the Drcsdner ment and deposit banking func- access to cheap long-term funds 
Bank and Commerzbank. linns' are separated by law, -the and their close links with State 

But although these mighty in- German banks are free to.offer and local government, 
stitutions exert a tremendous the entire gamut . of banking Thev also allege that they 
influence nn the market, the services under one roof. have only lijnjted experience in 

bulk of West Germany’s banks They hold the - nation s the international market place 
lie in the bands of the public savings, provide industry with and that they force down mar- 
authorities and the co-operative finance, act as investment insti- gj ns as t ], e ‘ d0 not h ave t0 
movement: tutions. offer stock-brokerage satisfy private shareholders 

Figures published by the services and investment advice, demands for improved profits. 
Bundesbank, the Federal Re- They also own a -substantial rAnt . . 
public's central bank. Indicate chunk of the country’s industry h 

that at the end of last year the as well as controlling far more dJS?p£ 

aggregate business volume of than they, own through the ££ comnetUoibut thcbEs- 
the country’s banking industry exerase of the voting rights on 1 h p J^ake Tor their 
stood at about DM I.750bn- the shares deposited with them. StVte ocLrnment is scarcely 
more than three times the In theoiy at least, the prime proat-jiTi,; 1 y 

DM 456.8m recorded at the end beneficiaries of the -massive ' 

of 1965. But of this massive freedom of movement is. the Furthermore, they are under 
total, only some DM 427m was commercial sector. TTie com- constant pressure to hold down 
attributable to the private sec- merciai banks, operating as P r ' ce of services they per- 
tor. public or private companies, ‘ or P f°r the savings banks-—- 

In comparison, the combined and the private bankers are not their major shareholders. This 
business volumes of the public fettered with the restraints and 15 a considerable spur for them 
authority and co-operative restrictions imposed upbn: the t0 seek commercial profits, 
banks totalled more than public authority institutions. Accusations that the Landes- 

DM 1,300 bn. The. combined But not only are West banks “lack experience” in 

business volumes of the sav- German banking - regulations international business certainly 
ings banks' central institutions, extremely strictly • applied to hold water in the case of many 
the Landesbanks, amounted to the commercial banks, -the of the smaller banks. But the 

DM 677.4bn while that of the public authority banks' ; have public- sector has recruited a 

co-operative movements bank- in many cases taken the view number of leading bankers from 
ing operations totalled that it is their duty to-offer the commercial field, as well 
DM 244.5bn. hard competition tb the private as attracting many ambitious 

However, the public and co- sector. Indeed, in practical young men who see the Landes- 
operative sectors do not exert terras of methods of'operating, banks as proriding a faster road 
the overwhelming influence that it is often extremely ^difficult to the top. 
their massive aggregate busi- to tell one from the other: Not only th3t — the Landes- 

ness volume -suggests. Both Furthermore, there have been banks argue, with some justiti- 
sectors are greatly fragmented, almost as many scandals in the cation, that they are under 
In the public sector there. are 12 public sector as in the realms pressure from the savings banks 
Landesbanks and -some 620 sav- of private barikinsfrrthe -only to provide them with sophislica- 
ings banks — some very small difference being that 'the-isums ted overseas services in order 
indeed. of money involved have heeh thattheycanpreventthecom- 

The . co-operative . sector, ms very much larger in. thetpublic mercial banks from poaching 
made up of even smaller com- sector, scandals. their plum customers— the suc- 

pooents and boast same 11. cen- .It is not unfair to say-in the cessful, local businesses — which 
fra! institutions whieh have the case of the LaDdesbadkSr -the would otherwise have no alter- 
job of collecting and re-deploy- 1.070s have seen the fleereise of native but to go to the eommer- 
ing the excess funds of. some formerly dormant power-marred cial banks for export services. 
2,350 individual co-operative by mistakes which -should However, it is claimed that 
banks. never have ; .happened* '■} The there is a growing feeling 

Things are- far more concerr- powerful Westdeutsche Landes- among state politicians that the 
t rated in the commercial sector, bank: for instance, lost' some Landesbanks should take the 
however. Of the 3.477 banks :DM 300m in file- foreign emphasis off overseas profits and 
reporting to the Bundesbank at exchange Tmarkets during-Ifl?^ turn towards encouraging the 
the end of last year, only. 273 while in 1975 the HessSche -development of the State itself, 
were in'the private conank-ciai - Landesfiank’s 'shareholders-?^ 'fie that as it may, it seems fair 


DMlSObn or 42 per cent of the for. Josses and potential 1 q?&s% This is^ just as likely to be 
private^, sector's . - .aggregate-— to thetiraeof DM 2;2bn. ...5 -. because the foreign business of 
stood head and shoulders above The. Westdeutsche Landes- such ban k&as the "Westdeutsche 
the rest-Pf the field. •. bank's- losses were Touted in Landesbankfyias reached such a 

The.’ -..combined r business insufficient . senior-Ievef' super- size that faster growth rate is 
volunies^of the remaining re^risiou of the 'foreign; Exchange neither feasible nor desirable, 
gional and other commercial department while the Hessische But with ro m «30 per cent of its 
banks amounted, ip just under Landesbank’s." stemmed from profits generated overseas, only 
DM 185bn, while next in line speculative’ involvement in the naive would. expect them to 
came the DM 33bn volume of property— in some instances abandon such a handsome 
the 51 branches of foreign banks well outside the State itself. source of revenue, 
operating . in the "Federal Re-- v Although it can reasonably The pre-occupation of both 
public. .Finally, there are the .be argued that such affairs were sectors with overseas business 
104 private bankers operating in growing pains and unlikely to reflects .the Increasing im- 
the .country who. reported :a be repeated, the sums involved portance ofif.oreisn operations 
business volume of just over were huge and the events will to profits. The West German 
DM 30bn. 1 . . for long be- remembered. commercial banks were rela- 

Key to the industry’s growth There - is. little love lost lively slow in setting up abroad. 


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although they had a head start 

on the Landesbanks. 

For many years after World 
War Two, the country's banks 
were stretched to the limit to 
provide the fund for recon- 
structing the war shattered 
economy. Even when this 
pressure eased off, their moves 
overseas were tentative and 
even to-day they still lag con- 
siderably behind the Americans 
and the British. 

However, since the late 1960s 
their pace of growth abroad has 
rapidly increased and all of the 
major banks have branches, 
representative offices or corres- 
pondencies in the important 
banking centres. The majority 
of the leading banks derive at 
least 30 per cent of their profits 
in the foreign arena and British 
and American banks are feeling 
the heat of their competition. 

German banks have been mak- 
ing inroads into traditionally 
British and American preserves 
— particularly the Middle East 
where they have established a 
high reputation. There they are 
not only offering the full gamut 
of advisory services, but are 
also understood to be handling 
considerable sums of Arab- 
owned investment capital 
through their Luxembourg 
subsidiaries. 

Competition, however, is a 
two-edged sword and the West 
German banks are feeling it *' in 
their own back yard ” as 
increasing numbers of foreign 
banks are setting up in centres 
such as Frankfurt and Dussel- 
dorf. They are attracted not 
only by the large — though quiet 
—West German industrial 


lending market, but the foreign 
exchange business and Euro- 
market that is second only to 
London. 

The foreign banks are by no 
means entirely happy with the 
way in which the German bank- 
ing world operates. They claim 
that the market is controlled 
by the major banks, particu- 
larly in the industrial lending 
sphere where the banks are able 
to use their massive industrial 
holdings to their own advantage. 

It is not oniy the foreign 
hanks who are playing critic. 
The banks are under official 
scrutiny to determine whether 
or not their power is too great 
and there is strong lobby in 
support of clipping their wings. 

Against this, many would 
argue that the very scope of 
operation which ihe universal 
hanking system gives them acts 
as a curb against the abuse of 
their trust. So much is ar stake 
that they must not only be 
blameless, but also be seen to 
be above suspicion. 

The universal banking system 
has served Germany well in the 
past Without it. it is unlikely 
that there would have been an 
economic miracle. Furthermore, 
if the banks’ industrial holdings 
were severely reduced, their 
important work in rescuing ail- 
ing companies would become all 
but impossible, thrusting the 
burden on an unwilling state. 

Naturally, there is always 
room for improvement, but 
far-reaching ” reforms ” carry 
the risk of throwing the baby 
out with the bath water. 

Guy Hawtin 




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THE PF 
decided K 
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Wilson f< 

number c 
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paicn agai 
Party on 
JD74 Gem 
The fo: 
allegation 
lowing th- 
'd frair. Mi 
was. had 
an orches 
himself. 1 
Lady Fi 
Marcia W 
The Pr- 
Sir Haro 
drawn soi 
Subseqi 
tnld the 
did nor 
nnetors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Ha rol< 
formal to 
On the 
against t 
council «: 
Royal Cc 
that ther 
Labour bi 
The Pr 
is one n 
Jished tod 
In ano 
council 
against tl 
Daily Ex 
picture t 
Henrietta 
death in 1 


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WEST GERMANY XU 




Doing well out 


of the EEC 


! THE YEAR past has been population. He has shown tjo ,| ' 11 \ 

! remarkable for a spirited attack inclination to change present COMPARISON 

i by Mr. Christooher Tuaenhadt. policy. am*/ ah 

i Commissioner for the EEC Germany has a number:_ol GERMANY Ar 

! budget, on what he inferred was schemes for encouraging sfiuc- . 1977. 

i the hypocrisy of the German tural reform, i e. enlarging Beefai 

« Government. which complained farm - holdings, but while these 

i nf paying much of the cost of may . slowly reduce the number. . 

j the EEC. 'while ai the same time of farms, it will be only to the West Germany 1.413 


COMPARISON OF FARfH OUTPUT, 
GERMANY AND OK, -OOO tonnes 


1977. 1977 

Beef and 
veal Milk 

1.41 3 20 . 5 S 1 


1977 T9 77-78 


; being the largest beneficiary of benefit of those remaining and UK 1.029 - 14,558 *18 I$93$| 

EEC subsidies for the interven- do nothing to reduce surpluses. — — 1 r — r~ — “ ~~ 1 ...y.llj 

I tion and disposal of surplus To illustrate this: in the four FARM NUMBERS, 1977. -• 

i slocks, particularly of dairy pro- years December, 1974-77, the ■ "VjVSj 

S ducts and beef. This attack, number of dairy cow keepers 

i which was initialed' in Munich, fell to SOD 00 or 13 per cent . ° 01 __ 

j right nn the doorstep of Dr. Ertl. During the period cow numbers .farmers. area-. “Sfhwtettj 

i the Minister of Agriculture, increased marginally by about Foil time ... 405,800 • ' 47 74 22.ISf.7- 

J brought an instant but uncon- 0.6 per cent while milk' Part time ... 116,700 14. 12 12^^ 

vincing defence. delivered to dairies went up bv Spare time... 339,400 39 14 . • 9dKfc*£- 

1 Basically it was admitted that 7 per cent, mainly due- to an ; A. • 

■ West German intervention increase in yield”per cow. 861.900 

J stocks might be high. But many German yields per cow are ■ ■ ~ 1 

of these originated :n other quite good, ranking fourth in ^ erd j n foreseeablefuturolally over tiiepastfiveyearsfiag 
oarts of the Community, even the Community league table Thifi s is partly because of the butter . and slummed- : -aS* 
as far away as Ireland. They after the Netherlands, the u h ^ of land due t0 ^ powder aTe much in -este^S 
were drawn into Germany by United Kingdom an£ Denmark re f uctance of fanners to give consumption.- Butter optpSj 
! the strength of the D-Mark. There is no doubt that, should hnt 3 i S n th- m Darticular has ejtceed^f rfB^ 


Sugar Pigmeat C^jj^ 
3,075- 2,827 

1,033 81S IfeSSfe 


FARM NUMBERS, 1977 


Full time ... 
Part time ... 
Spare time... 


4054300 

116.700 

339,400 


% of ' 

fanners 

47 

14. 

39 


% total 
. area : 

74 " 

12 

14 


- - • IvA 

.Average 

_ sizehoW-'- 


12^3 i > 


861.900 


up fanning, but also to the fact particular has exceeded :demj(B^ 


exporters. recorded herds German pro- d th<? high ° prices of cereals falling at roughly the saining 

In addition Dr. Ert! himself duction is on a par with ihat JJ“ k * in growing V erv 11 is very difficult- to see W 
has defended in no uncertain of the other countries. at tr»otiv* i n The face of a raYernmeni 


uminn in no uncertain at me otner counmes. attractive lD tne face of a gOvernmthi 

terms the social efficiency of the Although in terms of which does not appear" UMrob 

German system. The many structure German 1 dairy farms in terms of milk utilisation, to take any action M'hich"ivDija 


i.erman system. The many structure German dairy farms in terms of milk utilisation, to take' ahr action whfch-T foftt 
■small and part-time farms inter- are among the smallest in the the West German consumption upset its farmers', the EEO.jCdBf. 
mixed with industry in rural Community, it. is doubtful if bf fresh cream, yoghurt, and mission 'will be'able td-db.ow; 
areas have produced a'balanced there could be a move to larger cheese have increased margin- thing to ; restrict , the 

>■ output of German ;dairv fa^ 


NUCLEAR POWER 


The same trend pf ' -^oniiiis 
production appears : to ; affftit 
pigs. Bui in. ; this case there # 
no intervention, or 
support system ezcdpt-.fcrdicAs; 
on ■ EEC import, and ' 

imports from third eountries^of 


T-l j • O' The.niimb^of bre^hl^^' 

Energy option of li®S 

i: . J “-. • V: limcsthe'siz^d^ffi^fiBrirain;" 

. v Again it is n^I^alaniffiirahp.. 

operation. Thfeitf^agpnanber 

, ' . of. sows has-.irfsei^ v fra^^^.jpei , 

I o pi -4- s~\ n -mt* • farm to ftS nd 

' " I XVI HVl 1 ■' I ‘ ■ the total :immber«Sigfc^ 

ItlO l 1 vOUl l 

- At the" samb time 
common with those - 

1T IS estimated that West new domestic orders for orders this year bill this now ,he rest of the Conttnuhlisi.iiave 
Germany spent about DM 5m to reactors for over three years, looks very doubtful, because of fal,eri .sharply overilh? 
mount its national display at Another lies in the export posi- Iran’s economic troubles P ast y?ar, and little 

the Nuclei nuclear industries tion and the contracts with a third reason whv KWTJ above - Ulose ; obtaining .^hi the 
exhibition and congress in Basle which KWU has sought to fill would like to be less heavilv Britistl market, while barle^ffie. 
this month. Only the French capacity no longer needed to dependent upon nuclear husi- tra ditiohar feed; constituent ■ 
could compete with such an sustain the domestic pro- ne s S is because its nuclear most - rations, is^consi^firt L 


last resort 


ably dearer. 


outlay. It is a measure of the gramme. accounting is more transparent abl X- 1 ? r ’ 

basic confidence of German Question marks hover over than tha t 0 r i ts rivali^- . s s * tuat, .? n caa ^ 
industry in a technology from both its main export contracts "pockets of class " as Mr " rectifiecI numbers fall. One. 

which it was excluded until the today. In Brazil, where in 1975 Barthelt sees his busings Tr i n ^ nedia t e . . : coit5eqUenc& ; ;: hat. 

mid-1950s, but to the advance- the worlds biggest nuclear deal made a profit for the first time a v ®TitabIe onslaughf' <m 

ment of which it has contri- was clinched by intergavern- i n 1976 but has °one bank intn thie British Market by;- botfly- 

buted handsomely ever since. mental agreement, construction the red Now °that KWU is Danesand Dutch, who. fiirf ft ate . 


Yet for political reasons of first two units fof the wholly owned by Siemens the ^ are WMe to. sell 
nuclear power has been down- promised eight on-line by 1990; future accounts will beWnnrtPri P rofitaW y on the Gefraatt 

*U.. .t.fc... .p Vi-ip haan cAfinnrl.. L • l Ui leu mnrWnt KArPncu rtf thp INTlTihi fi3* • 


graded from the status of pro- has been seriously delayed by on ] y as parl of the market because of the coo^ina->. 

viding West Germany with problems. The Anera site whirh Haim* tn h 9U< T<t llon of low Pricea and the W 1 


viding West Germany with site problems. The Angra site which claims to ha ve“ 3 percent tlon of lo * 
reasonable, assurance of energj- required extensive reinforce- 0 j world sales o£ all electro- m ‘ ,neta fY 
independence — a status it still ment by piling, a task only just technology There is also relief aD10UDts i 


monetary comperisafiflSN 

amounts imposed in. order p 


enjoys in France, for instance— completed for the first. Angra 2. , n «« company that all narti^ P r °tect German farmers. * -^4. 

to that of being the energy {Angra 1 is being built by have now a^d 00 the iSTS ^ ' -' &• 

eSS?" ® It . has *SL n >±- I s rhe ^biiity-DM i.2i5m — for Concern ... .sM 


built up the nuclear proportion already nine months behind the five boiling water reactors m '. r; 

of the electricity system to schedule, and not expected to under construction fnr This is a waller of great oiff-, 

about 13 per cent. But it has banded over to the utility. AEG siemeos’ former partner cern * Particularly- to the Dane^- 
frozen six projerts because of Furnas, before J983. Angra 3 orisinaJlv had resDonsibiliK- ’ who ,ook ed upon Germai^ 


{objections to plant siting — in has not yet been started, and npvpinnmpnt . , •<“«. ui Lucia tu«iu 1 

one case after, the utility had there is some uncertainty ke ts- Bwt it is difficult “to ‘^fr- 

incActfirl enma TWA ROHn, whplhur il win nn«, ha a* not proved immune to the pro b- imw 


one of their main export 


invested some DM 500m. Mean- whether it will now he at 


while, in order to make any Angra bei 
I kind of economic sense of reinforcin, 


prob- h ow - -anything' can -or 


ra because of the rost oJ ^« r ■ P lant « done 3STff 

forcing the site. have two great advantages %. 


curreni pouricai ^ninusiasm lor II . “ „ i mnontiv oHmSttnji A ^mhoiuu u* itc tuu^ 1 

coal this fuel must be imported I UullCISCQ in the y *inn £!! 2 r ow far more of the feed?, 

front Poland and even Australia. A holfllin at thp ctart ftf ^ ° nstra *? 00 requirements on 'their " ^ 

The latest West German big aSd Tighly pubUdsed $ a re^toJ ^e JSSSrSStaS ^ Pearly 

rr S> ; a T^, me ' r ade pu, i ic ^ nture as German^ndustry has of 61 months for comSSon 

/« lowers the undertaken in Brazil provides has expanded to 108 months; ^ 

fqr? tkp fertile circumstances for rumour and the. cost has increased from frfr S 

time since 19/3. Xhe figure that that the vpnhirp i»s nrn^inri tim in i<i7^ » n *ree irojorts oF 

year was 45,000-50,000 MW on- Hicaetpr. Rm kwh flativ ■" other non-levied 


tur-Kernkraftwerk lincrx XL nave two advantages.^.. 

^ provision of feeding '^ 


line hv 4^npr pinr rt» * disaster - But KWU flatly denies mated_DMl.-75bn today. moro ’EVS 

hne b> 1983— 4o per cent of the that it is having trouble obtain- The licensing authority for ty. 0 jT n ch f ap ^ L 

dScn S a n r ® a ? or in " . regular payments from the SNR 300 fast reactor under fina ^ output eosrt^ 


design and construction Indus- bVW; oTtha^Tt Tas “met SSSSS ^ 

SilTSSS , 5 » , , he ^!! e, 2 ~': .P«W«m.. in ,«h. so- far to tlwt it should -S 2 S£St .,^^3 


h.'.iiri a,, " unexpecien problems in the so- far as to argue that it should 

bmld more than seven large quality of local staff. It points, be .adapted to X different kind 

ESSe? 1 -Twi— fiw 1 f0r example ' t0 the instruction -of fuel cycle— an incinerator'"" but it 

MOM L '^L"2L,S ?/ the local factory. for fabrica- of '-plutonium rather ' than, a cotiia f beerttr 


The position today is that the Mr Ki^larlS^a^ S already - “SrMrbeJ'™ 

pnelear .ndastor has ten unifa rhe KTVU Board of .management. DM . IBn since it beaao Hve. Sfi? i^ h -^ h 


:: . 1 — — ....r « •» u DUdru ui .management, jjjm. , inn .. since « oegan five . ~ . - r ^ \ v , jti&Si*! 

remains confident that orders yeat^Sgp. would certainly be 


7.000 MW: and another nine for the next two units for Br^il d^lKy- sSeS chiiS. ' ' 
under construction in Germany, will be signed next year. Iri .lift- annual review . of 


totalling 9,400 MW. ' In addition Mr. Barthelt. formerly siemens* Germkn nuclear activities at the' 
it is building seven units for sales representative in Iran, has genera* :V conference of the i 3 'n rf ' ' • ^ 

export and holds a further four problems of a different kind International Atomic Energy 

letters of intent Krafrwerk with this country'. His client. Agency last month. State Seerc- 

Union [ KWU; the Siemens Mr. Akbor Etemad. head of the . tary H. H. ^nn'schild stressed 

power plant subsidiary, over- Atomic Energy Organisation of the extent of' Germany’s . com- the 

whelmingly the dominant com- Iran until last week, is in mitment to preventing', pro- 

pany. has an order book at political trouble, • apparently liferation,- 1 \The West '.German ift-JSlSS 

present worth about DM 26bn accused of poor financial Government and the .IAEA' had 


t-vaBet 1 ?. 


■ i*»»niu,i«i vuivciuuicuL auu (uc-xzwn PYnnntc tn yvnVrihoVol 

U6.5bn), some 90 per cent of management f although KWU just ^ed/ he said, on a.joint 

which is fnr nuclear tpchnnlfifnr. mnnrfe rm nmhlomc m Iti? nnr,L r. 'n-g : 1-1 tnn - ^ vH #*5^- ^ 


whieh is for nuclear technology, reports no problems in Its cash prograromerftj:"; strengthening whpfp 
Understandably, KWTj is un- How. from Tehran). Unlike saifeguards ait’auist -proliferation 
happy about this heavy pre- Brazil where the deal is invert Vi or .-30 - proje(fts:.:to; he ' iVlSSS 

ponderance of nuclear business, founded on the principle of carried out in national ^d ini 


iiul.lhl BMamsiw. [uuuuun un ujc i ui. ipi c oi La f ' leu out in nat+uiiai *n- 'r„- 

M would be happier with about technology transfer, the Iranian dustrial l research £fentrfe. 1 -.Bnt 
30 per cent of non-nuclear plant, order comprises turnkey con- everyone: . was/ aw^v. h^/iSaid," 
One .reason is not difficult Id trapfi; Fnr two units, the firsi 


authorities have been able to four more. These Mr. Barthelt . the most expeosiye.mejhod, ;a'nd refused 

revoke permission fnr nuclear had hoped lo convert to firm the -one that ‘ is m'ost.easilyi -"f ->• 

construction. It has had na CONTINUED ON NEXT PA6£- - : , - JOiltt jUnemng 1 ^" ^ 




I construction. It has had .na 


CONTINUED ON NEXT PAGE 



V _ v-Vv',-:,. : 










jJ I 


Times Monday October J 6 1978 

WEST GERMANY XIII 


EDUCATION 



in a state 



FOR AT least a decade, the just a quarter of all students, stress and anxiety among child- 
West German education system today they make up fully a.ren and parents. Thus the com- 
mas been in ferment Education third. prehensive school was designed 

policy has now reached a stage ■ _ Tbe-Federal Education Minis- t0 ° ,ve every child equal oppor- 
where virtually nothing is tert Dr j ue rgeri Schmude. of tunitte s and encouragement and 
moving, where lots of admini- ^ SPD argues ^ pass to do away with the CDlTs 
straUve bodies have been set lip a chance £or education Principle of privileged selec- 
up to_ bring progress but have means less chance of having a JL 00 ' 3 voids firmly classifying 
served largely to inflate Ule satisfactory working life ” and c P u P‘ 3s for one type of school 
bl that “investments in education ** “ ea ?- v stage, allowing cor- 
There are many reasons. M i nvestinents ^ the future.” rec V ons Iater - if need be. Each 
Under West Germany's Federal u owever tbe social Democrat- pupil at a comprehensive school 
system Bonn is allowed only a S Sider have now^^Sd can theoretically proceed 
supervisory function in ™Iow mfil e on the according to his or her capabili- 

edu cation matters. The real shiten hTfLSM MoSrtta ties and interests, electing more 
responsibility lies with the hv or less demanding courses, and 

Lender (the states), _ which £«fres ™ Aool among various voca- 

confer on school and university ta°*h» iS tional-t raining subjects. There 

through a “Staufliug Sw ™ Te ^ figh? ™ ^cuniloo comprehensive 
Conference of Federal Culture *~**jue Tim, schools in West Germany, 

Ministers.” The Lander SS^LSTSS m03Uy ta SPD ™ states, 

governed by the Christian ° The ma J° r dispute between 

Democratic Union iCDU) balk “* Mp £® ° i the poIitical Parties is over the 

at most of the education policy _ an |^° g _^L_i universities, crisis-ridden ever 

recommendations made by the accor i in ® to . fi ° ure ? since the mid-1960s. The tra- 

Social Democrat-Free Democrat th * te a^ers urnon. ditional German university was 

(SPD-FDP) Government coali- ®£J}. ’f tate t v G0 K e S5?ll B S ™ geared tn a small student body, 
tion in Bonn. This is so sta ^ m S on the building of new and was dedicated to pure learn- 
although they initially went u ? Jve -*l? , .k es and the extension jng t0 theoretical research, 
along with the broad lines of of existing ones. Career-training took second 

these proposals when they were The CDU opposition mean- place. Professors were powerful 
presented as an ** Overall while strongly attacks the com- and autocratic, 
education plan” (Bildungs- prehensive school.- One of the The need of modern society 
gesamtplan) in 1973. most outspoken critics, Dr. for masses of well educated citi- 

Alfred Dregger, head of the zen s threw the universities into 
TTnooH-ain CDU in Hesse, simply accuses conflict over their role. The 

KJ UVC1 UUil the SPD of trying by this means problems of ever growing num- 

Mean while, the SPD and the t° educate the young- “for class bers of students, of overcrowded 
FDP have become uncertain war.” He has called- for a course ^cture halt, inadequate labor- 
whether their goal of more and correction m school policy and a ^°ry facilities, longer periods of 
better education — including adherence to Germany’s tradi- “*• “ a . consequence, 

higher education— for as many ti(raaI three-tier school system- r f*H l ‘ ctlons 00 university admLs- 
voupg people U possible i,“ tiU n works like this Aiter.tte g"*"™™ clausus > led to 
justified at a time of high primary school at the age of Xhe Bonn Govermneot ^6 
unemployment. when even ten, a decision must be made -ii th u nd , ^ to 
umyersi^ graduates are on the on whether the child shou^ stay pressure in various 

dole. The CDU s warning that at a second-level primary, go on wavs r,v P r 20 new unhrer*iri P « 
West Germany is producing too to an intermediate school . 'or we J e ' bu|It Funds for 
many highly trained people for enrol in a grammar school The ties quadrupled within a single 
the jobs available has also left decision is crucial because it decade Retwppn T970 and iqfn 
““■» 0D *" predetermines a child's profes- 200,000 new pfaces for^tiidents* 

Democrats — „ moaal life at a m«|y age were created . The teaching staff 

When the SPD-FDP Govern- Only the grammar school, which . doub i ed t0 - inc j ude SD ecialist 
meat came to power nine years finishes after age 13 with the instructors, and in answer to the 
ago. only about one school Abitnr or university entrance students’ demands for co-deter- 
leaver in ten was going on to certificate, leaves all optifflis inination various democratic 
higher education. Today the open for later. The second-level were _ ut 

figure is rgughly .one in four, primary course ends -after the Yet ‘ students still ‘complain 
the proportion ■ of.^students nm^ school year, i e at age ab out organi^tion and confused 
coming from woriung-class 15. Most of these pupils then go curricula - w ht c h freouentlv 
families is increasing steadily, on to a vocational school. lead to ' extended iriodl of 
Whereas. at the -end of the 1960s usually accompanied by on-the- study ^he averaee student 
they comprised onjy about B wb tnintaa [ by an employer c. raduates after 13 semesters, or 
per cent of all students, the Th® intermediate school ends six and a half years which 
figure has now risen to just WJtl > the tenth year..- It puts fteans that 30 per cent of the 
under- 20 per cent. Giris. too. “ or ? emphasis on languages, students are 6ver 26 years of 
are coming forward to take up J ut 11 . is al ?° Dot a preparation age ^ universities are largely 
their right to education. Fifteen for university. self-governing institutions, the 

years ago they accounted for This rigid system has created introduction of new teaihing- 


and working materials and the 
streamlining of curricula are 
left mainly to the faculty, with 
the Bonn Government providing 
only rough guidelines. 


Swelling 


In view of the fact that the 
baby boom children of the 1950s 
are due to enter university soon, 
further swelling student 
numbers, the Bundestag passed 
the “Higher Education Reform 
Act" in 1975, laying down 
uniform principles for the re- 
form of - higher education. 
Greater priority than in the past 
is to be given to preparation 
for a career as the first aim of 
higher education. Courses are 
to be tightened up and 
scrutinised to enable students 
to complete their studies within 
a standard study period of four 
to six years, depending on the 
subject. 

Whether this law is going to 
remedy the situation remains to 
be seen. Little progress has 
been made since 1975. The uni- 
versities have set up study com- 
missions to do the necessary 
preparation for the implementa- 
tion of the Act — and not much 
else. Students are nervous, fear- 
ing further upheaval, in addi- 
tion to the pressure — exerted 
by job shortage— for top grades 
at their finals. 

The CDU and its conservative 
followers argue that most of 


these problems could be solved 
if education were to be rationed. 
They also feel that students 
spend too much time trying to 
run the unwieldy machinery 
supposed to ensure democratic 
co-determination. Bavaria and 
Baden- Wttrttem berg have 
already dissolved the student 
representation bodies. 

The anomalies in the West 
German educational system are 
increasing, much to the annoy- 
ance of the public. Parents who 
have to move from one state 
to another soon notice that their 
children find the going hard. 
Curricula and even subjects 
often differ. Teachers trained 
in Hamburg, for instance, can- 
not easily transfer to Bavaria. 

In Februaxy the Federal Gov- 
ernment, in an effort to fulfil 
its obligation to give guidance 
to the states, published a report 
on the educational system. It 
severely criticised the inadequa- 
cies of the structure, especially 
in CDU-run states. Its main con- 
clusion was: a stronger central 
government voice in education. 

Although the public wants 
more uniformity in education, it 
would require a change in the 
federal constitution to streng- 
then Bonn's hand. The opposi- 
tion could be relied on to fight 
tooth and nail against any such 
curtailment of Lander compe- 
tence. 


Elgin Schroeder 


Want to get ahead? - Break some Tides. 

A manager who always follows instructions will never 
become a bigshotThat’s one of the lessons learned by the 
1*200,000 readers of Ca pital , Germany's biggest business 
magazine.This month’s number contains an article on morality 
for managers which also states, however, that nobody can 
break the unwritten code of fairness and loyally with Impunity. 
In the same Issue: 

German share prices are nearing the all-time high of 1969, 
despite flagging economic growth. In the last few years practi- 
cally all shares have given their buyers a profit. □ Imports of 
cheap long-playing records and cassettes are giving the German 
music industry a hard time. DA German outsider has achieved 
a technological breakthrough with a petrol engine which is 
more economical and more pollution-free than diesel □ The 
Rhine still carries 60,000 tons of poisonous substances seawards 
everyday, but the Swiss chemical firm Sandoz has begun 
cleansing the river 684 kilometres upstream. 

Newsflash 

Capital 1/79 features a detailed Great Britain report. 

Advertisers please note. 

For more information on markets and people in Germany, 
and on other GrunerfJahr periodicals - Stem. Brigitte, Geo, 
Eftem, Schoner Wohnen, Essen & Trinkeiy 
Nicole, RMand \^is— pleasecontact ' 

Barbara Scott, International Graphic, 

Press Ltd, Danes Inn House, 265 Strand, 

London WC2, Phone 01-405 8088/ 

4054534 




Communication in Germany 


Crunez+JahrAG &Co,PubHshlng House, RO. Box 30 20 40, D-2000 Hamburg 36. Germany 


NUCLEAR 


CONTINUED FROM PREVIOUS PAGE 


detected.” Bonn end the local 
licensing authority may be in 
serious conflict . if the latter 
persists in its efforts to delay 
the SNR 300 German-Ben el ux 
demonstration fast breeder 
reactor. 

Although West Germany is 
not a nuclear weapon state, it 
has been separating one fissile 
material — plutonium — since 
1971, in the WAK progenitor of 
what is being planned as a 
1,500-tonne reprocessing plant 
at Gorleben in the 1990s. The 
Gerleben project is an inte- 
grated nuclear fuel services 
centre, planned by DWK, a com- 
pany set up by 12 electrical 
utilities. By the end of this 
year DWK will have committed 
about DM300m to the project. 




including purchasing the WAK 
plant and mounting a joint 
research programme with the 
Government at Karlsruhe. The 
company expects to spend 
DM2bn preparing tin's project 
to the point of winning 
approval from the licensing 
authority. The total bill for its 
completion to the stage of being 
the world's - first industrial 
centre to take care of every 
aspect of spent fuel could come 
to DM11.5bn. . 

Next year West Germany 
expects to start construction of 
a commercial plant for another 
of the " sensitive technologies " 
— uranium' enrichment. At 
Gronau, about 35 km. from the 
German-Dutch enrichment 
factory at Almelo, Urenco — the 


Anglo-German -Dutch enrich- 
ment group — plans to build 
Germany’s first gas centrifuge 
plant. The decision, expected 
shortly to be approved by 
Ureaeo’s Board of management 
has been reached under strong 
pressure from German utilities, 
which want the security of 
supply associated with i 
national source. Unilateral CJ.S 
insistence on a renegotiation of 
enrichment contracts over the 
past IS months, and more 
recently Dutch parliamentary 
efforts to block a Urenco sale to 
Brazil, has convinced the utili- 
ties that they must try at all 
costs to maintain independent 
national sources of fuel. 

David Fishlock 




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Inspecting spent nuclear Juelstored in a pond ( courtesy , Kraftwerk Union j . 





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And with the care comes the service, 
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Our other destinations in Germany 
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Wilson f' 
number c 
were con- 
paign agai 
Party on 
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Lady Fs 
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28 


WEST GERMANY XIV 


Financial Times Monday Ociofe S6 1978 : 



STEEL 






FOR THE West German steel 
industry, 1978 has been a year 
of paradox. It has seen littie 
real improvement in the world 
market, despite sporadic 
monthly improvements in the 
production and orders figures 
for some products. Forecasts of 
what is to come are. if anything, 
even gloomier than they were 
12 months ago; the industry, at 
the end of four continuous years 
of crisis, no longer talks of an 
imminent return to what it 
chooses t» regard as “ normal " 
conditions — meaning prosperity 
such as it enjoyed in 1974. Few 
believe any major recovery will 
occur much before 1982-83. 


Against all this must how- 
ever. be set the imperfect yet 
welcome, benefits of the Euro- 
pean Commission’s intervention 
in the market West German 
steelmakers still like to be 
quoted for publication as 
opposing dirigisme in any form. 
Yet the fact is that the Davig- 
non price regime ‘ has brought 
some relief, and cannot but be 
reflected in more stable earn- 
ings when the steel companies 
draw up their provisional 197S 
financial results at the turn of 
the year. 

The industry's loud advocacy 
of free market discipline for the 
Community’s steel sector, in 


which it is firmly supported by 
the West German Government, 
is not entirely a matter of intel- 
lectual preference. The West 
Germans see themselves left as 
the leading steel industry among 
tbe Nine still in private hands, 
and they firmly believe that in 
urder to keep it that way, 
officialdom should be kept at 
arm's length. The French 
Government's recent financial 
restructuring plan for its steel 
industry has. if anything, rein- 
forced that conviction. 

No less important in the West 
German view is the fact that 
the industry is among the most 
modern and economical in the 
world, thanks to massive rein- 


vestment undertaken during the 
good years. The Gertnan steel- 
makers are confident that, if the 
European steel industry could 
be left to fend for itself and the 
whole structure of Community 
and national governmental 
intervention demolished, tbe 
West German companies would 
have no trouble surviving. As 
the Bonn Economics Ministry 
sees it, the prime task for the 
Nine must be to use the breath- 
ing space bought by the Davig- 
non plan to slim down the Euro- 
pean steel industry by phasing 
out older, smaller 'and less pro-' 
fitable plant West Germany 
has warned frequently that it 
will not look kindly on any 


National Westminster Bank Group 

in^fest Germany 


A full range 
of banking services 
for German industry 
and commerce. 


The National Westminster Bant Group is strong on the 
ground in West Germany, offering the business community 
there a wide range of services through its various 
subsidiaries. 


International Westminster Bank Ltd., based in 
Frankfurt, offers a full range of wholesale banking services, 
including foreign exchange and money market dealing. 


GlobalJBank A.G., in which International Westminster 
Bank has a 74.2% shareholding, has branches in Cologne, 
Dusseldorf, Hamburg, Hanover and Munich, and provides 
banking services particularly geared to meet the needs of the 
corporate customer and large investor. 


Credit Factoring International GmbH operates an 

* l. j _r f i. * ■ p • i 4 i*p* - 


efficient spread offactoring services from its office in 

i Dai 


Frankfurt, while Ear ocom Data (Deutschland) GmbH aids 
the fast flow of information through its computer and 
microfilm centres in Dusseldorf and Eschborn. 


This West German network is, of course, fully 
supported by Nat West’s extensive representation 
throughout Europe, where subsidiaries and associates have 
almost 700 branches. The Bank also has offices in North 
America and over 3,000 branches in the United Kingdom. 

All of which adds up to a major force in international 
finance, trade and commerce. 


National Westminster Bank Group 


A Worldwide Bank 


attempt by its partners to use 
the Community, price scheme as 
a means of keeping obsolete 
capacity running indefinitely, at 
the expense of the more 
economical producers. 

in the medium term, however. 
West Germany is not likely to 
find the process of further con- 
traction any more congenial 
than other European countries. 
One effect of the steel crisis has 
been to increase the federal and 
state governments’ own lnvolv- 
ment in the industry, and there 
are few who believe this trend 
will be quickly reversed. This 
year, for example, Bonn has had 
to come to the rescue of the 
Saarland, one of the- smallest 
and economically hardest-hit of 
the States, whose fragmented 
steel industry had found itself 


in severe difficulties as a result 
nf its heavy dependence on 'bulk 
products. With the aid of DM 
200m in investment subsidies 
and of a further DM 900m in 
federal loan guarantees, the 
Luxembourg - based ARBED 
group has now taken over con- 
trol of -RScbTing -Burba ch and of 
Neunkirchener Eisenwerke in -a 
massive modernisation bid. 
Separately from this, the Bonn 
and Saarland authorities are set- 
ting aside some DM 300m to 
cover the social costs of what is 
expected to be a heavy run- 
down in manpower in the 
industry. 

The Saarland is not the only 
instance in which the 
German steel industry has been 
forced into closer dependence 
on tbe Government than its 
purist free market doctrine 
might suggest The industry is 
the indirect beneficiary from the 
subsidies paid by the Federal 
Government to the coal indus- 


try in order to allow domestic 
coking coal to compete with, 
cheaper imports, primarily 
from the U&. This sam bas 
risen sharply in recent years, 
-partly, as a result of the dollar's 
decline against rite Deutsch- 
mark, and some DM 740m win 
be set aside in the 1979'budget. 
As shareholders in Ruhrkohie, 
tbe biggest West German coal 
mining concern, the major steel 
companies -have a two-fold 
interest ' 

In an altogether different 
category lies the DM lOttm 
which -Bonn has' earmarked, for 
the capital increase being 
carried out by Salzgitter, the 
wholly Goverrtment-owhed steel- 
making and . engineerings group. 
Although rival steelmen are 
sometimes- inclined to' envy 


colleagues at Salzgitter their 
dependence on a ringie, usually 
accommodating shareholder, the 
Government's consistent policy, 
as with other industrial com- 
panies it controls, has been to 
leave management well -alone. 

The operating results of 
individual German steel ' com- 
panies for 1978 so far. have 
suggested litfle improvement on 
the dismal performance of . last 
year, though none-has yet pub- 
lished interim profit 1 or ; loss 
figures. After the 1977 results 
were made available, however, 
it became clearer than ever that 
tbe companies which bad. fared 
best were those that have been 
able to diversify, for example, 
into steel fabrication, mechani- 
cal engineering and plant-con- 
struction, and into engineering 
services and turnkey industrial 
projects outside West Germany. 

The steel business itself, how- 
ever, remains at the; heart of 
each of the major West German 


groups’ activities, as well as of 
the host of smaller compames 
in the industry. Here, 197S 
seems likely to confirm the 
experience of 1977 that even 
-with a high degree of automat 
Hon . and rationalisation, Euro- 
pean producers are going to 
find it increasingly difficult 
to compete with lower-cost 
countries in the market for 
mass steel products. In so far 
as West German companies are 
operating profitably at current 
prices in their steelmaking 
activities, they are almost in- 
variablv doing so thanks to 
stainless and special steel pro- 
ducts. In their more reflective 
moments, many German steel 
executives appear to have 
resigned themselves to ; t he idea 
that, in their industry, as In 
others, Germany's high costs 
and climbing currency will in 
the longer term make it con- 
centrate on quality, rather than 
quantity, in the world market 
place. 


added to its - already snob 
stock . levels. .. _/_• . - - 


Change 


All this could, in theory, 
change fast if economic re- 
covery in the European Com- 
munity should suddenly gather 
speed. Yet apart from the motor 
industry, accounting for be- 
tween 10 and la per cent of 
the home market for rolled 
steel products, few of steel’s 
major customer industries seem 
to be in any position substanti- 
ally to expand their purchases 
as 1978 moves towards a dose. 
It has now become clear that 
the fillip provided by exports 
during the first half of the year 
was due to short-lived special 
factors, so that much of the 
industry’s output during the 
second half seems to have been 


. For the.- current year.^S 

forecasters are thereof. * 
dieting an increase bf xbm* 
than ‘ 2.5-3 per. cent 
Germany’s. 1977 crude ^ 
production of . 39m 
itself a Jar cry from the a 
tonnes ' achieved only - tin 
years earlier. The mdnsbyjg 
of its capacity of peifciprtg 
tonnes a year has been ro^j 
at no better' than 60 'perfa 
this year, and is unlikely = 
show much im mediate inmft 

mp.nt. - _ ■ . .. . ; ■■ 

In this dismal situatibsM 
German . companies’ ' fofcj* 
will rest heavily on 
of prices that the^ EutSro 
Commission is able ~tu enftf 
Despite . the scepticism 
which .tlie entire steel : ncB 
plan was greeted in' GentSJ 
there is now sdmeJgrtijtt 
acknowledgement that tfe pj 
level has. improved 
or two r that disco tints^r&bei 
more carefully policed, and© 
the Brussels bureaucrats .-a 
even' attempting ~ to : 75jg 
the resourceful - indebeaS 


producers of Northern. ^ 

To the extent: that ^ 

Davignon plan, succeeds: 1 ;* 
staunching heavy losses*-: .if 
even allowing - .companies^ 
return to profitability od^so* 
of their product lines. the Wii 
German ’ industry Is batra£< 
accord it a reluctant weierai 
But If tbe Commissions^ 
merely delay what the Genu 
companies fed- is' the fer evi&fe 
disappearance from the ya yl 
their weaker brethren r-efi 
where in Europe, theyarelife 
to lack .over the -ton 
impatiently.--. • . . r . 


-V - .'rvir'** 


MECHANICAL ENGINEERING 


s.'j- 


■V-- :?t:> v 


■ 7 -. ..ViVi.ii'i.li 

T-V 


Fall-off in exports 


v.. 


•vKv:::.-.?. 


FOREIGN CUSTOMERS of 
West Germany’s biggest export- 
ing industry have again been 
content to sit unenthusiastically 
on the sidelines this year. 
Daunted by. the soaring 
Deutschemark and discouraged 
by the generally listless state of 
the world economy, they have 
left all the runing in the mech- 
anical engineering sector to 
home buyers. 

The net result, during the 
first three-quarters of 197S, has 
been another period of near 
stagnation. Since last year was 
poor and the previous one 
hardly more encouraging, the 
industry is once more stoically 
having to write off the present 
12 months and wait hopefully 
for 1979. 

As well as selling more 
abroad than any other industry 
—DM 54bn ($28bn) in 1977, 
a mere SB per cent advance on 
the previous year — the German 
mechanical engineering indus- 
try is also the largest employer. 
But as the effects of weaker 
demand from abroad and lack 
of capital strength at home 
have continued to bite, the num- 
bers have dwindled. At the 
end of 1975, this highly frag- 
mented sector, in which around 
80 per cent of companies 
employ less than 200 people, 
provided jobs for 1.09m 
workers. A year later, the total 
was down to 1.06m, while last 
year saw a further decline -to 
below 1.04m. 


This year, the decline, has 
continued, although less rapidly 
according to officials of the 
Association of German Machin- 
es - Manufacturers (VDMA). 
The association's monthly 
chroni clings of orders and turn- 
over also suggest that the worst 
is now over, though they 
certainly do not indicate any 
striking improvement. ' 

Altogether, between January 
and August 1978, new orders 
booked by tbe industry were no 
more than' 2 per cent higher in 
real terms over the first eight 
months of last year. At home, 
there was an encouraging rise 
of 7 per cent; yet business from 
abroad slipped by 3 per cent 
Unexciting though the figures 
may be, they provide less cause 
for gloom than those for the 
whole of last year, when total 
new orders slid down some 6 per 
cent, led by a 14 per cent drop 
from abroad which the 6 per 
cent home advance was unable 
to offset 

How, then, did the country's 
engineering giants fare last 
year? The largest, Gutehoff- 
nungsbutte (GHH>, which is 
also number one in tbe industry 
in Europe, seems to have done 
little more than mark time, with 
sales in the year to June 30 up 
nearly 3 per cent at home and 
down by just about the same 
amount abroad. At DM 12.1bn, 
therefore, the total varied little 
from the year before, though 
the order book Was 10.6 per 


• --v'l.vSA’y.-'-i'i.. • . 

cent higher, chiefly due to a few machinery. . 
large deals. - Among the i3$; 

Helped by their size, spread categories 
and resilience, leading concerns VDMA’s memberslliflr'T^afiyri: 
such as GHH, Mannesmann and few have, been Jtomefibhltfpw 
Krupp can ridb.out many of the the revival ."off, hojuainvesitiHea 
storms which cause lesser cbm- acti vity. They 
panies to go under. GHH, which turn machinery, marijjnfc fooB 
has yet to produce full profit farm machinery and/-j$irti$ 
figures, says it maintained earn- machi n ery. Ahce^.theiwsiuM 
ings in 1977-78. But it paints a is equally varied. 5 ■ 

grey picture of demand for the Another top German engineer 
machinery, machine tools and ihg company, i)emag,psrtof^f 
plant which it produces, describ- Mann esmarurgroo p/was abte ft 
ing it as less than adequate, buck the poor oveifii^deBiri? 
while Uie continued advance of trend last year red expbeta ^ 
the German currency- has year’s tournover to^be sfliffl.W 
opened the way to import- sub- 15 per cent higherftan thatd 
stitution m several key areas 1977. One:, of. thevcbmpahiP 
of tbe home market . ' strengths is ite leadmg.'poahqr 

Nor, adds tbe GHH board, was ih the heavy ;plahr“sectar eftta 
there . any boost in export industry, enabling: it- tp ^ 
d eman d to offset this, although, advantage of:tbe 
matters differed considerably released by huge mdustrialj rfg . , 
between various sectors. The jects ur OPEC, .Eastern Eon© . 
extent of the divergence ia and coimtries outside the iuriPl 
borne out by GHH’s biggest sub- industrialized westera ^^pw 
sidiary, M aschin e nfab rii Augs- 'Where the-Ungering c risis 
burg-Nnrnberg (MAN), which iron and rSteel 
cites higher German labour costs caused investment to 
as "well as the dollar’s headlong In Brazil," for Ihstance.-'De^ 
plunge -among its catalogue of is combining with its *5“®* 
woes last year. MAN’S sales of maun parent to erect - t: 
diesel motors for ships have machineiy plant ha Pplao^. 
suffered sharply from the concluded a cooperatipt? .^ 
depression among, domestic last year with the Hotanasa^w 
yards, while orders for engin-. cent in the foundry secffli^ 
eeriog products for energy pro- area in whidi it is ’p^», J®™ 
duction were also slack. Yet working together With 
sales of the company’s lorries the major South Korean,^ 
and buses were fairly strong, as pany. Demag is 
were .those of printing Algeria, while its Asian 
CONTINUED ON NEXT PAGE . 


GHH- 



m. 


GHH is a leading engineering and plant construction group world- wide, : ,?i 
_ Its turnover in 1977/78 was approximately £ 3,000 m and orders in ixind 

stood at£ 3,500m at the beginning of 1978 - growth resultingfrom the wide range of products and services. Of the 
85,000 employees, 4,500 are engaged in the research and development of new products arid processes. Over the past S 
five years £ 375m has been invested in the current modernisation of its manufacturing shops. GHH welcomes oppor- 
tunities to be a partner in clients’ projects of basic materials and producer goods industries; the chemical industry^ the" ; 
energy sector; the processing and communications sedors, transport and traffic systems and forihe Ciwl enaiheerina 


and building sectors.GHH plans, finances and supplies special industrial equipment and turnkey plants. It also under 1 - : ’ w 
takes contract research and development work for the energy sector, for space travel, materials, transport environment / ^ 


tal protection and the infrastructure, including logistics systems. In addition to being a producer and supplier, GHH 
offers a wide range of possibilities for co-operation in Africa, America, Asia, Australia 


N 


and Europe. 


GHH 


" _ -"IT.— . 


IAKTIEMVGREIN1 




|=||U ROLAND 
unn OFFSET 

STERKKHDE w 


Gufehoffnungshutte Akfienvensin- Press and Informations Dept. • Essener Sfrasse* D4200 Oberhausen 1 * 

nrrtu RJEiVK DIAIE FERHOSTAAL wncM=EL.a mmmsmmmi 


kabefmetai 



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■fc ■ ■ 


Fiaandai Times Monday' October 16 1978 


29 



WEST GERMANY XV 


SHIPPING AND SHIPBUILDING 



a 






NO AREA of Wesf German in- Schues called on the. Govern- 
dus trial or commercial life is m ment for a series of short-term 
saeft deep trouble as the man- measures to help shipowners, 
lime sector. Shipowners and including provision for- direct 
shipbuilders, suffering from the financial . assistance:.. to those 
world slump that has hit their with 'severe liquidity problems 
business faard-iri virtually every and some form of .exchange rate 
country, have bad to swallow guarantee (yet to'be worked out 
their principles arid to over- in detail). At the same -tune, 
corns their instinctive prefer- the industry feels it cannot long 
ence ' for being left alone, 1 in survive without some, defence 
order to take their case to the against the second major threat 
Bonn Government. Both have that has been building tip in re- 
felt obliged to put forward their cent years — the massive price- 
arguments for financial assis- cutting offensive launched by 
tance of a temporary nature the Soviet Union and to x lesser 
(but doubtless on a substantial extent, other East European 
scale) to see them through the countries. According to the 
next rwo to three years. If they West German shipowners, 
do not get it. spokesmen for Soviet freight rates on North 
both shipowners and ship- Atlantic container .services now 
builders have warned. West Ger- undercut their own by as much 
many is likely in a few years' as 50 per cent, while in tonnage 
time to find itself forced per- terms, the USSR now enjoys 
manently out of both busi- about 18 per cent of east-bound 
nesses. and 22 per cent of westbound 

The Germans’ plight is in freight on the route. - 
many respects a familiar one to The German shipowners see 
their colleagues and compel!- no way in which the CJomecon 
tors in other European coun- challenge can be met-, except 
tries- — painful over-extension of through negotiations at govern- 
merchant fleets and or ship- mental level. Bonn- has been 
building capacity that shows carrying on intermittent -talks 
little sijji of running down: with Moscow for well over a 
protectionism on the part of year, and is .officially-, still 
other trading nations and not hopeful , that the latest round 
least, competition from new which opened this month will 
directions lhat is regarded as hear fruit. It - has warned 
destructive and unfair. On top R USS j a that it is preparing regu- 
of all tins, however. West Gcr- i a t ions that would require regis- 
shipowners and ship- Nation of East European vessels 
builders hate had to contend undertaking cross-trade between 
with the strain or a prolonged W est Germany and ports' in 
penod of exchange rale tur- countries, and has strimgTy 





Oeutschenlmk- ever higher. ^At [“S'"? h * hU3 a '^censing Like their counterparts elsewhere German shipotoners and shipbuilders need an upturn in world trade to 
the end of several years 6f what • p 7 . • - 6 improve their fortunes. The photograph above shows cargo terminals at Hamburg docks 


can without exaggeration 


system. 

described aiiVri^^hVre iTllttle The registration requirement proposed UNCTAD shipping gradually over several years, by 1980. The industry has also With this process of eon- 
si<m of thp rsnid qrt-pWarinn in cou ^ be introduced early in code and to impending U.S. legis- This is to concentrate on planned, as part of its own traction and adjustment. West 

the pace of world trade that 197 . 9 - Further, Bonn _ is not latiuu. So far as the code is specialised, high-value types of adjustment to the current crisis German shipyards had hoped to 

-would be needed to change shin- entireIjr without leverage /on concerned, the West Germans ship such as container vessels, in shipbuilding worldwide, to be prepared to survive a few 

builders’ and shipowners’ for- lhe - , i:ome ! co ” states’ /shipping are inclined to settle for the freighters built for other special- cut its work load from 54.7m lean years before the upturn in 


and shipowners 
tunes for the better. 



policies: it is taking tr much 40:40:20 formula for allocat- purpose cargo systems, gas and man hours in 1975 to 23.4m in the market which they believe 

tankers and heavy 1980. The series of mergers and will begin to make itself felt 
carriers. At the same closures of the past two decades after 1982. By the end of the 


For shipowner* Lhe collaDse u ‘ usher ,me 0,311 bad beeo ,ns ^tween exporter, chemical t 

of the dollar^nst the D-mark forecast over status importer and third country cargo earn 

hachJJn PC 1 triri n o o£ t&e Khine-Main-Danabe, canal, shipping: not that they like it. time, emp! 


employment 


been have, moreover, reduced the next decade, when a good deal 



Germans believe that their 
sophisticated, increasingly auto- 
mated plant should stand them 
in good stead. 

It has not worked out quite 
as smoothly as that. West Ger- 
many bas had some success in 
building up its share of high- 
value, special ships of the kind 
whose complex outfitting and 
equipment are difficult for 
yards in Eastern Europe or in 
the developing countries to 
match and where price alone is 
not always tbe deciding factor. 
The West German share of the 
world market for container 
ships and other special-purpose 
freighters was 11 per cent in 
1976-77. and for gas and chemi- 
cal tankers 8 per cent, compared 
to a share of only 4 per cent 
for production of oil tankers 
and other bulk carriers, the ship 
types in most acute worldwide 
surplus both in terms of cur- 
rent tonnage and of shipyard 
building capacity. 

Yet figures published last 
month by the shipping maga- 
zine F airplay put West Ger- 
many in 16th place in terms of 
orders in hand, with no more 
than lm tonnes out of some 61m 
tonnes worldwide — a figure that 
compares poorly with the 265m 
tonnes on shipyard order books 
four years ago. The West Ger- 
man shipyards’ trade associa- 
tion. the Verband der 
Deutschen Schiffbauindustrie. 
last month put the picture in 
even starker terms: on a man- 
hour basis, the work on the 
industry’s books would occupy 
one-third of its time in 1979. 
For 1980, the industry bas at 
present no orders in band at all. 
•‘As a result," the VDS states 
bluntly in its report on the state 
of the industry, “ a critical 
situation has arisen which will 
have the consequence of a vir- 
tual annihilation of the sound 
structure of the German ship- 
yards and of jobs in German 
shipbuilding and in the German 
shipbuilding supply industry, if 
additional assistance cannot he 


made possible for a limited 
period of time." 

The industry already receives 
very substantial suras of money 
from the Federal Government — 
over DM 3bn since 1962— in the 
form of building assistance for 
West Gennan shipowners, 
“ tied ” development aid to 
countries which place orders for 
merchant ships, with German 
yards, extensive orders by tbe 
Bundesmarine for warships and 
a more flexible attitude towards 
foreign orders for warships. 
The shipbuilders would like 
Bonn to continue and expand 
all these measures, and to do 
much more besides if it wants 
to see a German shipbuilding 
industry survive. 


Without infringing European 
Community rules, the industry 
wants Bonn to raise direct 
building subsidies to 20 per 
cent of the purchase price 
during the two years up to mid- 
1980. after which time it 
suggests that the rate should 
be run down progressively. It 
wants to see measures taken to 
encourage Gennan shipowners 
to place more orders with 
German yards— much as the 
shipowners themselves are 
urging. This would include 
invoking the “ crisis ” clause in 
EEC rules to allow domestic 
customers more favourable 
credit terms than the OECD 
export credit agreement 
permits, thus allowing German 
shipowners to profit from the 
country’s currently low interest 
rates. The shipbuilders also 
want to press the Government 
to accept the UNCTAD code, 
doubtless because they believe 
it would lead to a general rise 
in tonnage belonging to the 
developing countries, and are 
arguing for adoption of interna- 
tional safety measures such as 
reduction of tanker size and 
separation of tanks— steps 
which would also provide yards 
with more work. 

A.D. 


the dollar’s fall a, equivalent present form 

In an PTnnrt tn* nn Wnef Dor tilat 11 W 1 ! 1 not 1ft lhe large It CO i I1CS as lllllC SUipnS? that 
man^hipping well° in excesi inland sbippi^ ^dust^.b^he West Gennan merchant 
10 per cent Some -SO pbr cent 511 bj^cted to the same threat : fleet should have shrunk by 
of the lines’ income-is- in <M- ' iroia -Comeco n_ as faces Jhe.Somo 92.0.00 tonnes, during lhe 
Jars, while the rest is largely w* 80 . shipping lines. In due first half of this year to approx i- 
in other currencies, calculated tourse ma y he willing to set mutely 8.9m tonnes. There 
from a dollar-denominated one aRainst tbe other- in were 26 nfew deliveries, totalling 
freight rate. Yet irgood Sir per negotiations with Moscow. 272.000 tonnes, compared to 31 
Cent' of Shipowners’ outgoings However, a more immediate hew vessels totalling 33U.M0 
are in DMarks. including the Prospect is that the European tonnes in the first six months 
critical elements of debr ser- Community will attempt to of 1977. While tankers remained 
vicing and' repayment, -insnr- harden its own joint stance, the largest single category, their 
ance and labour costs. In 3 pre* now that a common shipping share diminished a little 
seittation of the shipowners’ P oli cy is being formulated, and further, from 41.2 per cent to 
^difficulties in the late spring of wil1 be able to talk to tbe East 39.7 per cent of the total 
this year, the VDR pointed out Europeans more coherently than registered tonnage, 
that as this gap widened hitherto. No less Important for Fur the West German ship- 
steadiiy further, so many lines tiie West Gennan shipowners builders, an even mure drastic 
; would find themselves unable is that tbe Community should retrenchment has been liking 
: lo coyer- costs, while the fact close ranks on the other major place. 1 Between 1973 and 1977. 
'that: ship prices are mainly ex- issues- ‘that confront the the - industry carried out a 
pressed in dollars must lead 10 industry — notably the approach DM L4bn programme of re- 
i kn erosion of asset values in that should be ijken towards equipment and modernisation 
r D-Mark terras, .making, further signs ■- of increasing ' pro- whose main thrust was to 
-. .borrowing increasingly difficult, tectiomsm. That means for the re-equip the yards for the role 
: - By' way of a remedy Herr Germans the response to the they have been taking on 


CONTINUED FROM PREVIOUS PAGE 


includes the- participation in a 
massive rolling mill complex at 
Wuhan in China. '. 



Despite the geographical 
diversity enjoyed by big com- 
panies' like Demag, it is -stiff 
western Europe which provides 
the bulk of outside orders 
received- by the engineering 
industry. This is one reason 
why foreign business has been 
so dull in the past few years, 
as customers in Germany’s 
neighbouring countries have 
been held back by the -overall 
lack of spirit on the investment 
scene. 

Yet -while the -opportunity to 
do more business in eastern 
Europe and. .OPEC has certainly 
nnt come .amiss, orders from 
these areas are no real sub- 
stitute for vigorous trade with 
tbe West In -the countries east 
of the Federal Republic, for 
instance, - the increasing 
emphasis on barter or compen- 


sation deals, forced on com- 
munist authorities by lack of 
foreign exchange, is a hindrance 
to- Gennan companies, though 
grudgingly accepted as a neces- 
sary evil. And while deals with 
the OPEC oil-producing coun- 
tries have risen astronomically 
since the early 1970s, the area 
was responsible for only 8 per 
cent of the industry’s exports 
last year, by no means enough 
to offset the gloomy situation 
elsewhere. 


German engineering com- 
panies have became well aware 
that their future' lies in concen- 
tration-on specialised and highly 
sophisticated rather than 
standard products, which less 
developed countries are increas- 
ingly able to produce at coi> 
siderably lower cost 
In past years, they have lag- 
ged behind the. U.S. and Japan 
In the introduction of numeric- 
ally controlled machines, where 


tbe operator is a computer 
rather than a skilled worker. 
But the German businessman is 
■being forced to shed some of his 
digital scepticism, being gradu- 
ally, persuaded of the flexibility 
and .the cost savings derived 
from going n/c. 

Thus, while the overall out- 
look for the industry remains 
opaque, with capacity utilisa- 
tion- a low 81 per cent and 
exports showing no real move- 
ment in the first eight months 
a£-DM 31bn, investments seem 
likely to advance significantly. 
Daring -1977, they totalled some 
-Dlf-.&Tbn compared with the 
industry’s total turnover of 
DM 98bn. If the crystal gazers 
are right, though, investment 
^pending should shoot up by a 
real 12 per cent or-' more this 
year, with low interest rates 
providing a timely stimulus. 

Andrew Fisher 












„r IJP' 






MAI^TO 




DEUTSCHE 


ffl 


SCHIFFSBELEIHUNCS- 

BANK AlCriBN-aCBELLSCHAPT 

HAMBURG 


ESTABLISHED 1JH8 


£. 


p. a Boom 19 20 > EDODHAMBURa'TI 
T*iophono: W2S88 - Tetox: 0214099 


o 


Imagine: 

An international hank 


you use as a 
marketing con 



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And when you're out there, 
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bank transfers, financing. 

You name it, we'll doit. 

Next time you think you have 
an idea worth financing, pick up 
the phone and ring us. 


7/a 



Bank with imagination 


Dresdner Sank AG -Hsati Officer 7-8Gel[usanlage, 6 Frankfurt/Main, TbIj 2531, TfeJax: 41230, Federal Ftepubfc tfGemwnv 
London Branch .8, Frederick’s Place. London EC2R8AI) Telephone: 01-606-7030, Tetex; 885540. v * 

Branches: NewmfT.^Qwago/ Log Angeles - Singapore ■ Tokyo ■ Panama (Demsch-Sudamerikanlsche BanM 
Representatase Oraca^Aamoon -Bahrain ■ Beirut -Bogota - Buenos Aires -Cairo ■ Caracas • Guatemala ■ Homkono . 
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Oito* ftodeJaneuo- Santiago^ Chile -S&Paub- Sydney -Telrav Toronto. 


MBSEROFABECOR 



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TkSSSS.S-'S S3* B « wn ct » cr* -a *-a n Q 


Pr 


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THE PF 
decided tc 
allegation 
Wilson f< 
number c 
were corn 
paian asai 
Partv on 
1974 Gem 
The foi 
allegation 
lowing ihi 
affair. Ml 
was. had 
an orches 
himself, t 
Lady Fj 
Marcia W 
The Pr- 
Sir Haro 
drawn sol 
Subseqi 
mid the 
did not 
prietors 
instructed 
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The Pr. 
tn hear 
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formal eo 
On the 
against t 
council S! 
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that tber 
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is one o; 
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In ano 
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against tl 
Daily Ex 
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Henrietta 
death in l 


WEST 


■ Financial 1511163 Monday October 18 , 

'ANY XVI Y'Y 




5*®- : ■ : s v v kj A" :Y. 

. *.*,. I l j iriWIfMei; 

■ • C-. . ti iB-S 




Bonn ® 






Frankfurt 



IS 


Luxembourg 


Kaiserslautern- 


For 16 years the economy of Rhineland-Palatinate has 
increased more than that of any other of the West 
German states. With an astonishing overall economic 
growth of 122*> it managed to more than double the 
productivity of its economy. 

You can expand too! Why not use this outstanding growth, as well 
as the advantages of the ideal geographical position, to help 
guarantee your own success. 

■ Central position in the EEC-Market and a well developed network 
of communications 

H Fast air, rail and road connections with the highly industrialised ' 
Rhme-Ruhr, Rhine-Main. Rhine-Neckar and Saar-Lor-Lux regions 

■ Active state encouragement policy and economic aid - with 
investment subsidies of up to 20 percent 

■ Healthy development of enterpnses (in 1977 Rhineland-Palatinate 
had the lowest insolvency rate of all federal states of West 
Germany) 

■ A tight network of independent education facilities with a great 
variety of qualified personnel available 

■ A "land of wine" with many entertainment facilities for both 
residents and tourists, where one is surrounded by the culture 
ot the past and the present 


Saarbriicken 


Rhineland-Palatinate 

leader in economic growth ^ sruhe 

Full information about financing, available subsidies 
and all other necessary details can be obtained free 
and without obligation from: 


LMJRFW 

Wlrtschaftsjorderung 


JRheinland-Pfalzische Gesellschaft 
fur Wirtschaftsfordening mbH 

LnhjIsiruLio 1 1 1 inch haw. jm Honil:iau*pLnz) 
D-toOU Mainz 1 - Tcld'oaOfal 51/o2UW> 



The world 
is full of 
Degussa: 


f[V : ?v,.v 


’ • k. i 1 * . i :i ' ’’ * * ' •' , v. . *. \ s"-: ZxhCj/ V” ff • & ff ' 

‘ ■ - -v v ' V*. . 

• - - v - 



•• ■' -MAI /.. * v '-. • -**«*•• 'AV ■ ••• f 

V-.'V ~Y a-'V-YY; . • v 

l' r'jr':* • t- • ’ 

'i i^r:. I v.-- : . - ‘ V . 1 - - 


. -rr^'.rY J >; i' v '/-J - . 


Without the precious metals 
that Degussa has been 
refining, marketing and pro- 
cessing for over a century, 
our standard of life would not 
be what rt is. For example, 
world-wide communications 
via television, radio or the 
telephone would be 
impossible without precious 
metals in semiconductor 
elements. Platinum is needed 
in Degussa’s special thermo- 
meters, used in offshore oil 
exploitation. 

Degussa. whose gold and sil- 
ver ingots are valued as 
“good delivery" on the world's 
markets, is also an inler- 
nationaJIy-active chemical 
company. Hundreds of 
Degussa intermediates are 
hidden in other products. . 
increasing their utility value: 
from amino acids in poultry 
feedstuffs to zeolites in 
detergents. Degussa is also 
a leading manufacturer of 
ceramic colours, pharma- 
ceutical preparations and . 
bleaching agents. 


The world is really full of 
Degussa! 


Degussa <§► 


progress through 
precious metals and chemistry 


Our companies in the U.K.: 

Degussa Limited- 
1 75, Tottenham Gsurt Road 
London, WTPOBJ 
tel. 00441/5806041 


Bush Beach Engineering 
Limrted _ 

Slanley Green Trading Estate 
Cheadle Holme, 

Cheadle, Cheshire. SK3 6RN 
tel. 004461/4858151 





X Y X-Y. yy : Y 

• ■ 

,-V" '• Y.C: ‘ M 

■M$, ISSfiP' ' 

iff iffiiiSC, ^ i 


WEST GERMANY’S construc- 
tion industry was — until the 
beginning of this decade— rela- 
tively unknown overseas. But in 
seven brief years it has built 
itself a reputation for being 
one of the most outward-looking 
industries in a traditionally ex- 
port-minded country. 

The Federal Republic’s con- 
struction giants have carved 
themselves a rich slice of the 
valuable Middle Eastern market 
and are also elbowing their way 
into the territories of their 
international competitors. 

Before 1970. the industry was 
almost entirely domestically 
orientated, but nowadays the 
major building concerns ^gener- 
ate virtually 50 per cent of the 
business abroad. 

This comparative slowness in 
the growth of the industry's 
awareness of its opportunities 
overseas may come as a surprise 
to foreign observers, but it 
must be remembered that the 
task of reconstructing the war- 
shattered country kept order 
books overflowing through the 
1950s and early 1960s. 

After the period of recon- 
struction. the industry grew fat 
on building the concrete and 
glass monuments to the “eco- 
nomic miracle.*' 

Indeed, the thrust into over- 
seas markets came about not as 
a result of a blinding revela- 
tion of the truth, but in re- 
sponse to a recession that took 
the industry by surprise. The 
domestic market took a turn for 
the worse in the early 1970s 


and is only now showing jsigas 
of recovery. _ 7. Y 

The recession drove manY of 
the country’s small building 
firms out of business and hit' 
deep Into the profits of the 
majors. The collapse df the pre- 
oil crisis properly boom Jradked 
up losses for the Federal ‘Re- 
public’s. propeny developers^— 
including a number; 1 6f . large 
banks— and confidence hhi been 
slow in returning. . . . r 
But if the r^alisdtibn-ivf the 
opportunities presented. 'inVihe 
overseas markets canie siovrfy, 
its effect on the West German 
construction giants; has been 
profound. " ... 


Dramatic 


An analysis of the landing 
concerns’ balance sheets pro- 
vides a dramatic iBiistratfoh.-of 
the effectiveness of- their sales 
drive 

For instance; Hochtief, vin 
1973, reported a hoUding out- 
put worth DM ajLlbn, of .this 
only 13 per cent was undertaken 
overseas. By. l&FT, however, con- 
struction output amounted to 
DM 3.61brw of which work 
abroad contributed 40 per- cent. 

The inflow of orders, natur- 
ally. reflects the same. trend! In 
1973 the concern booked orders 
worth DM 2.08bn of .which only 
7 per cent came from abroad. 

By last year, the .Inflow 
totalled DM 3./obn and the pro- 
portion from overseas 54- per 
cent ' 

At the end of last year, 


Hochtief's order hook stood at 
DM 4.55bn of which 63 per cent 
were foreign bookings.. This 
compares with 1973's order book 
of DM 2.03bn, the overseas pro- 
portion of which was just 16 
per cent ■ ... 

The same is true of .Philipp 
Holzmann and Bilfinger & 
Berger Of Holzmanu’s con? 
-struction output in 1973 which 
totalled DM2.07bn, only 7 per 
cent took place overseas. At the 
eh'd of last year output , bad 
risen to DM3.32bn and the over- 
seas percentage to 50 pei 1 cent 

Bilfinger's 1973 
amounted to DM1 bn, of which 
18 per cent was abroad, while 
the proportion of foreign work 
totalled IS per cent By the ena 
of last year these figures had 
risen to DM2.31 and 65 per cent 
- Holzmann's order inflow in 
3973 totalled DM227bn; with 
22 per cent coming from abroad, 
while the order book amounted 
to DM2.l6bn. of which 30 per 
cent were foreign bookings. 

At the end of 1977 some 41 
per cent of the DM3.18bn -order 
inflow' was from abroad, while 
foreign bookings accounted for 
75 per cent of the DM5,02bb 
order book. 

Some 19 per cent of Bilfinger’s 
DMl.Olbn order inflow in 1973 
came from overseas, compared 
with 1977 *s 59 per cent of the 
DM1.99bn inflow. The rise in 
the importance of foreign 
orders in the total order book, 
however, has not been so 
dramatic. 

In 1973 14.4 per cent of the 


ELECTRICAL 


Tf — W~ J y. residential .■ aidv. ebmniCTcL, 

Heavy dependence sstis 

•/ JL 1 trehd to be conSrs^^^ _ *T 

. -While this 7 ; 

■ r . j ■ welcome, a fast iMpfiwemat : ii - 

_ the domestic 

II Tl T|( | j I cause the 

V / I I V-//V Lk3 ing groups probkahs. Efwt.dK 

XT •• ing the reeissioa tfierfe was a 

inapient. shortage . bp. 

J. ■ •. .' crarismea . and- ak 

IN SPITE of its underlying despite the generally buoyant sion based on some quite major domestic confitrw^m-feiW 
strength the West German state of sales. acquisitions. to exacerbate this-felhiatiODYL 

electrical industry is now enter- In March this year. Dr. Hans The two most important were Here ttte . d i ftt a iff y I^Mase 
ing a period of uncertainty, Goeh ringer, chairman of the the purchase of 50 per cent of by me nature, of. theindiwq 
mainiv because its heavy ZVEI was predicting a growth the heavy electrical interests of coupled with the fact that aan 
dependence on export markets of only about 4 per cent in the Aliis. Chalmers and a 20 per men were laid off during-;?* 
makes it vulnerable to the up- sector’s ’ production compared cent . stake in one of the larger domestic recession,'; a laisSrpn 
ward shift in the Deutschemark. with last year’s 6B per cent and of the second range semi-con- portion of whomare onllkely^ . 

Tn th* half nf the year a decline in the labour dubtor companies, Advanced return to the. mdustiy! 1 

the industry reported a healthy £orce which was 986.000 last Micro Devices. . in a countryrWheftt'WfflM 

increase inortters, but most of year -‘ The improvement in These purchases have been’ put a high emphasis' ^ oo..&> 
this was accounted for by domestic: demand since then supplemented with acquisitions security, 'the /• craKtawdO" 
hn«;inp<.<s makes the outlook rather of a number of smaller com- industry" suffers : f rpfflL-: .. 

' brighter. pahies - like latronix which tarnished linage. - 

. The worrying point for the However, the continued makes . optoelectronic diqilays. nature of the industiyi^eW!^ 
larger exporting com pmuesjvas pressure on margins resulting and light emitting • diodes, men to travel from sitfettfiit 
that foreign orders showed a f rom me increase in the value Siemens is beginning to emerge as Jobs are completed 'mid fife 
decline compared with the same ^ Deutsche Mark is likely to as -a significaiit supplier of com 1 - there are tfle winter .ismxitfi 

period last year. E^iort s^es ereate difficulties for the invest- ponents in the TJ.S, . when constriiction : 

have continued upwards, rene c»; ment plans of some companies. '- As a result of its acquisition many parts of the eouhn3[ : .l 
ing the increased orders last The anxiety which the indus- policy; Siemens now has a. quite ' impossi ole.- " -v. 

year. But the outlook must be try now feels about overseas ipiptressive -list of- 10 .sub...... -.-Ly- 

for a little or no increase in sales was underlined earlier this sidiaries - or associated com- p j-OL' 

foreign sales in the early part mon th by figures produced by pahies, whose products range K6 CFUllS : Y Y : :-L 
of the neirt year unless there is siemens, the largest employer from heavy electrical engineer- v 

a substantial improvement m ^ West Germany. ing through photo-typesetting'. Pay rates to the buhdggB® 

demand by the end of 1978. . Siemens, sales of DM 25JJbn namerical control for machine 


DM896m order bonk came ^ 
abroad, but- by tee end j 
year This : proportion 
creased to iSGJU per 
DM2J£2bxL order ^osihoQ; ^-? 

. This drive, for mrerseas^ 
ness has -.- not alwaysv^jc 
marked with success, ilwt- 
the - leading- coa^fueti^^ 
cerns will admit! that 
-.were- made- in .the 
whidi . . often r bit- 
profits. This £ however,- ^ 
be expected -and, it -h^^ 

admitted, the- Germans;.^ 
fast. Although competukfflij- 
plum .Overiteas ■ Con tra ^ ■?. 
tough, tfae-maiorafeel - iha| 
have .the. ngnt fonmua ~T 
emphasis appears 

on quality "tnah; on coSt ii^ 
specialisation, in 
of expertise. 

But the move overseas^ 
not always been an wmaraii^ 
success. Baton und Mbniafi- 
Whosfe' troubles becamejea^ 
rassingly apparent: -fiiisr 
followed -the sOihe 
West German coftipetitprs.t^ 

In 1073/ only 15 pet -btii 
its DBCS^th emctructibttoiBt 
came from abroad. ~ hfesffi 
with '21. jier cenf -.'0^ . 
DM 630m^tder bbok'-rfi^ 
end of last ; year : 63 pw.\ee 
of its DMT Lfilbh _ output jj 
overseas,' : while- Toreign'-b^ 

ings accdumed for 74;per/ie 
of the group’s . DM“2 .DSj& anf 
book. Loss-making fdrei|ji ^ 
jects, howesver, were Uae ntt' 
contributing factartf^fi 
group’s difliciilties. - y. 

If things' for ' 
concerns .are going well - 
there' appears to prospects # 
considerable . improveaentL. 
the situation tm the bMM fiw 

After .Lseven - lea»H3^ai 
analysts- aru predictiag^uc 
.West Gerznan prcveoa^Btf^n 
struetipn. boom . is on^ to-^y. 

- Dofaestic 'orders 


...... _4I 

| Y'. »Y' 


on 


a suDstanuai unprovemem m m West Germany. ing through photo-typesetting. ^ in 

demand by the end of 1978. . Siemens, sales of DM 25^bn numerical control for machine SSSfak 

are second only to those of tools and micro-computers to ?. 

SurDlUS Veba chemicals group and semi-conductor components. ’ 

OUiyiUS represent 28 per cent of the These, acquisitions have been 

With 40 per cent of its total of the German electrical part of a carefully laid strategy r? m . ■ ® 

production exported, the indns- and electronics industry, its to buy only companies which ParreL Atiqed to 

try enjoyed a surplus on the progress and views are there- would dovetail into, -Siemens’s - recession Y 
balance of trade of DM 14bn fore a good barometer of the existing operations by adding damped down tn^ TiupnyE.^-i: 
(£3.7bn) last year. whole industry, especially market strength or production peoplh talren. 

Total sales have increased by because its policy is to be in know-how. training - and the 

40 per cent to nearly DM. 90bn everything electrical, and . The AllhrCh aimers -joint ven- depleted laDour • 

(£23.8bn) between 1972 and nothing but electricals. tme is. particularly interesting need time ;to ^tock up." 

1977. In the same period ex- Siemens’ figures show that the in view of Siemens’ purchase in Already a siibstanua? ; l»w,< ^ ■- „ 

ports rose 84 per cent to Weri German electricals market 1976 of AEG-Telefunken’a share. ti'on.-M .tins- construe -• 

DM 31bn. However, imports is only about 8 per cent of the is the Bbaftweric-Unhm power cerns’ labour force are 
have been rising even faster, world total of $410bn. engineering and nuclear com- from the- ranks of- the 

(They nearly doubled in the five The whole of the EEC' bind. It raises ther -possibility workers.^ The hulk of^t* 1 ^ 
year period and last year in- accounts for about 22 per cetft that Siemens might become a however, are iretatively .re- 
created 12 per cent on the pre- of the world market with North major competitor to Westing 1 - skilled. .L. ; " - 15 

vions year’s figure to DM I7.5bn America at 30 per cent and house and CHS. General Electric While craftsmen from 

(£4.6bn). Japan 13 per cent Although th^ in - the' manufacture of power tries such as.'Itaiy, Yog***®. 

Most other European coun- world market is expected to^^tioOs in tfie*U:S.L’ ' and Turkey readily find 

tries can only regard such grow by about 12 per cent to . While^eaieha continues to in thd industry, -trainiBg s^ . 
figures with envy, mixed per- $464 bn in 1980, Siemens ex- grow ; -and- to consolidate -its dards- are far. from.. unifqnn.®® . 
haps with a faint relief that pects growth in Europe to be strohg eash position/ the : for- frequently the 'level , of * 

Germany is beginning to import relatively slow. times of the 'second' largest Ger- insufficient to meet the esaetiafi 

relatively more electrical goods The moral is clear: com- mau electrical grotqi AEG, seem heeds ..of. ^modern cmafifiTUSU® 
than before. panies which wish to maintain as problematic as ever.' operations.'. ' -*''f 

The half-year order figures their position in the world mar- AEG --JS 1 the '. riirifh largest - The! ':, construction -- eoncebf® 
released by the Centre Associa- ket must step up exports par- West Gerinan company with a have been trymg io plus op- 
tion of the West German Ocularly to the TJ.S. and Canada. turnovex_of DM 14i29bn, but if gap with t whi » rm ient froaf 
Electricals Industry (ZVEI) P° int « underlined by ‘has-iiot.pald a divadendT to its advanced European cdunCi 63 - 

show the total order intake from Uie order figures published by Shareholders .for the past four and many JSritisli" craftsmen a® 
January to June is up by 4.6 per Siemens in August. They years.-.: There seemi little pros- now -wonting uo'WestrGerinMff 
cent to DM 46.5bn. Domestic snowed the company had in- pect tftat,4t-will pay a'dividend -for wagAg-whfcbLiiriihoBgb^ 


cent. the same period- in the previous AEG’s problems aroseTnainly scales ' Y v-1 . r 

To British eyes these figures y e Jf) *» OM 2.45bn, but inter- f iWite diadstrons-venture into - Analysis here argue that^ 


do not appear to be anything to national orders were down by 3 tiie -nddfear power Juemess,: ^^muitioh . intteWs •'* 
worry about. After all, the cent. mnoriHSMti-no im «. 


.which- ia sfifi. reverberating on perxonnance' wiiL' 


decade, with consistent increases its presence^ the U.S. market. . InY^ptetnb^i it : was -ki- “ jf it fails to db soi-aa.w?? 
in production and exports apart Aft l r _ a L ^!° w *** relatively Bounced that: AEG - ’would pay -r. 0 uini iii'domestic constroefi® 
from the recession of 1975. modest build up of U.S. sales S$14m io Sieiia&BS in regpeef of A oefl :tiie. fW*. 

Hawever. from the German Iast f* 0 decades — based -iis- losses ■ is 'the nuclear p{y ' t ' er 'Hates--tb £6t4iM ’compotiti 011 — 

industry’s point of view the uujially <m medical equipment husinMSL / . * ir:.^ thereat' German com 

trend of rising ' imports and ~ Siemeils how appears to be This is mbagy wife: -«uch it; : 
sluggish export orders is begin- eh terin S a hew phase of e'xpan- can. ill ^fford to piarL .considei^.™frr““ 
ning to seem rather worrying! . . CONTINUED ON NEXTPAGff V- • v ~ <. -y .Ct , 


tty >1 'j-r^ 


mi&MB 








31 ! 


Financial Times Monday October 16 1978 


WEST GERMANY XVII 


AEROSPACE 



m 




THE WEST German aerospace contractors to the American ment which will probably cost 
industry, half the size of the giants. Such was the fate which Bonn about DM 1.6bn (£420m). 

French and no more than a Germany believes would have With the two versions of tbe 
quarter the size of the British befatien British- Aerospace had A 300 in full swing and the A31D 
in terms of the 50.000 people it it thrown in its -lot wholly with now on the point of becoming 
employs, has long enjoyed a' Boeing. Herr Gruener and bis an industrial reality, the Ger 
pivotal role in Europe and has officials have played a crucial mans feel that the centrepiece 
seen this, if anything, streng- mediator's role between Britain of European civil aviation co- 
thened in 1978. and France all this summer over operation is in place. There is 

Perhaps because It has bad no British terms for joining in markedly less enthusiasm in 
choice, the industry has been a developing smaller A3 10 Bonn than in Paris for the 
more steadfast and less am- '^rsion of the airbus. They two proposed joint European 
bivalent partner in the big have done so not 'merdy. for the transport narrow-bodied types, 

European joint aircraft pro- sa ^ e broader European politi- spoken of by their more 
grammes, both civil and mih- cal aAms > but because a common enthusiastic supporters as an 
tarj 1 . than either Britain or ® er0S P ace industry- .. without inseparable part of the airbus 
France. Its sole attempt to go Britisl1 participation would be “ family.” For the time being 
it alone on a major project, the ver ^ . muc h a - -second-best the two current airbus pro- 
short-haul VFW 614 jet airliner, soIution - grammes will take up all tbe 

had to be shut down for lacfc of At PVrely industrial level, financial resources the German 
orders last December, leaving tfiere “ a certain paradox in Government wants to commit to 
the industry and the federal t ^ ie Germans’ steady enthusiasm civil aircraft, although naturally 
Government more convinced for . Briti sh partnership and it counts on seeing a return on 
than ever of the need to con- t * ieir quiet diplomacy to help its investment in the airbus in 
centrate resourfces on civil pro- brin S about For German a few years’ time. More to the 
jects of proven viability and, in a e ros P a rc. Plants suffer from point, however, there appears 
the military field to work all- o verca pacity no less than those to be no agreement among 
out for greater co-operation. in Britain or France, and none manufacturers as to the speci- 
Thft a j t more so than those of the fications of the two jet projects, 

gramme is for rhp‘^?ini- P th > " troub,ed German-Dutch group, and little firm sign of interest 
S concern 5 SSELSi Veremi S te Flugtechnische from airiine customer So far 
and industry alike G fbr fa thl Werke - Fok k er - : company as Bonn is concerned, the jets 

Lke> - 10 j** 1 ? had done extensive development remain very much at the 

“o^eed to be of its #wn - '“ nd?d by theoretical stage, as do plans 

Us 6 Ur E °^ I r n ,h * Pr H Ud ^Sral Z oMta European m^Sre^M The Tornado multl ' Tole combat aircra ^ «hic h is run, in full production: 

SSoulh not cSuiiiifa5e airbl t» A310 ^marked for Britain. McDonnell Douglas or the U.S. 

does°nor <?eem linrfiViv 1 Tbis summ er, it was all set to of the so-called advanced tech- operation agreement with agreement is reached on the each group under new top Herr Gruener, for the Bonn 

to the fact Hnt Pm" 51 n VC begin manufacture. None the nology medium-range airliner. McDonnell Douglas for the proposed European NATO mem- management this autumn, there Government, is anxious to see a 

often been ■ lesS < even VFW-Fokker execu- Besides Airbus Industrie, the advanced tactical tighter which ber’s airborne warning and has been a fresh attempt to solution that would give West 

fied with rh CJ0S w laenn- ^ ves th emse i ves insist that the existing pillars of European NATO will need in the 1990s — control system (AWACS) — a discuss terms. Yet there is Germany for the first time a 
US nr pvii e a ^r>- u 111 ^r B strengthening of the Airbus co-operation in the aerospace a project in which VFW-Fokker deal in which the German Gov- no sign that either side has single large company able to 
R C J en -h " rm sn public jjjjugjjig consortium - and the industry are tbe Panavia con- is also associated. eminent is insisting on a more changed its basic position. MBB speak with a single voice, and on 

Orman t'n Wftat tbe spreading of risk by taking in sortium. now carrying out full- The largest bilateral pro- generous attitude on the part will only hear of a takeover of a more equal footing, in inter- 

, m n Government, and no- new p artners are far more solid scale production of the Tornado gramme is that between the of the U.S. towards weapons the more economical West national aerospace affairs. In 

one more than Herr Martin gajng, multi-role combat aircraft, the privately-owned Domier com- purchases from its European German VFW plants, with the theory Bonn has a means of put- 

•Grnener, State Secretary in ^ f or ^ A310 itself, Gov- Euromissile group that has pany and Dassault-Breguet of allies than has been the case federal and State Governments ting pressure on VFW-Fokker 

charge of co-ordinating aero- erni u en t an[ j industry are both developed the Roland, Hot, France for the Alpha-Jet dose hitherto. carrying the cost of closing because of the ' massive 




-1 foundation on which this summer, mid partiy because be formed around the wishes of forces have now begun, as has permanent form of European shareholders, appears suffiei- lever has proved hard to use. 

should be built the more inre- of jj,' e success of the Airbus European Governments to implementation of a deal with integration. Attention in West ently encouraged by the flow of For a start, Bonn is hesitant 

grated European aircraft indus- consortium in selling. 'the larger develop an advanced generation 11,6 Inter-Arab Armaments Pro- Germany is for the present orders for the airbus and for to appear to be pushing the 

trj' of the future, and from b, 2 and BA4 versions of the of military types for the 1980s. curement Agency in Ciro. focused on the long-discussed sundry military projects to be industry around. Although it 

which this can develop into a a j r bus In principle tbs German in addition to these major Cornier 3150 stands to gain proposal for a merger between trying to hold out for something has the power to do this, both 

true competitor with the U.S. Government is now’ ready to «ro projects, Messefachmirt-B51kow- lar § e orders in avionics and MBB and at least the German better than what it regards as through financing of civil pro- 

The alternative to integration, ahead with funding the find Blohm, the largest of the West instrumentation when final interests of VFW-Fokker. With abdication to MBB’s term s. jects and through the awarding 
as the Germans see it, would be stages, of detailed design ^work German aerospace companies 

for the European companies to this, autumn, with a view .to and partner in all the consortia. 

■soldier on alone for a while, beginning production if parts has other bilateral programmes 

and then to find themselves by early next year.. That will within Europe as well as beyond 

obliged to become mere sub- be the beginning of an invest- it The latter include a* co- 


of military orders, it is com- 
mitted to the idea of a privately- 
owned aerospace industry that 
might, with good products, even 
achieve a measure of real 
financial strength. This posi- 
tion has, however, been greatly 
complicated by the large shares 
now held by State Governments. 
Bavaria and Hamburg between 
them now own some 46 per cent 
of MBB, while Bremen has 
recently bought a large chunk 
of VFW. In each case, the local 
political leaders feel they need 
a seat on the Board when, 
inevitably, the question of 
redundancies from the older 
plants comes up. 

A.D. 




ELECTRICAL 


CONTINUED FROM PREVIOUS PAGE 


. ing . that its operating surplus 
last year was only DM 8m 
f 33.8m). However, AEG should 
benefit from the improvement 
in the German domestic con- 
sumer goods market, a sector 
which accounts for about a third 
of its sales. 

However, this is a sector 
where margins have been under 
pressure for some time.- 

In the long term it may 
benefit from the cash which it 
has been spending on stream- 
lining its consumer goods and 
office equipment operations, but 
this also remains to be seen. 

. Overall, the most promising 
sector of the German, electrical 
industry has been data process- 
ing which showed a growth of 
nearly 30 per cent last year, on 
the 1976 level 

Although. the computer 
market is dominated by Inter- 
national Business Machines 
with about 60 per cent of total 
sales, a number of German 
companies are showing in- 
creasing strength iu the manu- 
facture of mini-computers and 
small business systems. 

Siemens, which has for many 


years supported a loss-making 
computer division, probably has 
about 17 per cent to 18 per cent 
of the market, mainly with 
smaller systems. It has now 
agreed to market Fujitu’s larger 
machine to supplement its own 
range. 


Strategy 


This agreement to market a 
foreign system at the top end 
of the range accords with the 
German Government's strategy 
of supporting the development 
of smaller systems. In its third 
four-year support programme 
(1976-79), the Government is 
spending some $625 m in match- 
ing research and development 
grants for companies making 
small systems peripheral equip- 
ment and terminals. 

The beneficiaries, besides, 
Siemens, include Nixdorf, 
Philips GmbH. Triumph Werke, 
Kienzle, Anker Werks and 
Matthias Hohner. Last year's 
increase in production seems to 
indicate that the strategy is 
beginning to pay off, although 
it is probably too early to see 


much benefit from the current 
investment programme. 

Data processing is an area in 
which German industry is just 
holding its own against imports 
with a positive balance of trade 
of DM 115m last j-ear. 

The largest export earner is 
the heavy electrical sector with 
a positive balance of trade of 
DM 6.75bn. The only sector 
which is a net importer is 
electronic components with an 
adverse balance of DM 113m. 

This reflects the weakness 
throughout Europe in semi- 
conductor manufacture and the 
consequent large volume of 
imports from the U.S. of 
computer memory and other 
components. German produc- 
tion of components increased 
by less than . 1 per cent last 
year. 

Siemens, the main integrated 
circuit manufacturer, seems 
determined, however, to stay in 
the business, and with the help 
of Government subsidy it may 
yet emerge as a profitable pro- 
ducer of standard components. 

Max Wilkinson 


Partnersin 
providing resources 
today to develop 
resources for 
tomorrow. 

The demands for new- 
techniques, for enormous 
capital investment for 
ingenuity and expertise in 
marshalling resources can 
all be met in partnership. 

We are involved in seven 
current offshore exploration 
ventures in British waters 
and also in the develop- 
ment and production of the 
Thistle field. 

Ouraffiliates participate 
with technical expertise and 
financial resources, as 
operators and non- 
operators, in more than 
twenty exploration ventures 
throughout the world. 



DEHNEXUK 
EXPLORATION AND 
PRODUCTION LTD. 

DEMNEXCHLAND 
GAS (UK) LID. 

DEMNEX (LONDON) 
LIMITED 

UK subsidiaries ci 
DEMNEX- Deutsche 

L'ddver«irgung5fies2S- 

schattmbH. 





. . in the finest royal tradition 








\ “Royal treatment” That may sound a 
-SSrJJf \ little strong today. But at Hypo-Bank we 
L — ■■ take it quite seriously We are Ger- 

many's oldest publicly-owned 
(joint-stock) bank, established in 
Munich by royal proclamation in 1835. It started a 
tradition: Royal service to our customers and their 
financial needs is basic to our banking philosophy. 

And as one of Germany's largest banks with 
480 branches, including decisive centers such as 
Frankfurt and Hamburg, and consolidated total 
assets of DM 54 billion, Hypo-Bank is appreciated 
as a leader in modem, responsive banking. 

Situated in the heart of Southern Germany* 
we are ideally praced to introduce you to the 
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Through our network of subsidiaries, a branch 
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For the royal treatment your business deserves, 
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Tel: (089) 2366-1 
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HUH 

BAYERISCHE HYPOTHEKEN- UNO WECHSEL-SanK 


r em 


in tJiefenebt SUcijal /Jiafiifwn 



H X ~ii ^asa.»'S 2 « » a tlKWana 


rrH-r— .- 


ch 


THE PF 
decided ic 
allegation 
Wilson f« 
number c 
were corn 
pai^n agai 
Party on 
1974 Gem 
The foi 
a! legation 
lowing thi 
affair. Ml 
was. had 
an orches 
himself, t 
Lady Ft 

Marcia VV 
The Pr. 
Sir Haro 
drawn soi 
Subsc-qi 
Mid the 
did not 
prietors 
instructed 
round a 
material." 

The Pri 
to hear 
Sir Haroh 
formal to 
Oo the 
a"ain>t t 
council s: 
Hoyal Cc 
that then 
Labour hi 
The Pc 
is one fl- 
ushed tod 
In ano 
council 
against tl 
Daily Ex- 
picture c 
Henrietta 
death in 1 



• T --JT 1 • ” ■ 7 .• &■'- 

, ■ i i-# . •_ .v 


Financial' Times Mon<% CfcieBer SET 3S?? 


WIST GERMANY XVIII 


Y 


CHEMICALS 



in the 


The underlying reasons for ordinary difficulties, said the the industry as a whole. Its best Th e industry’s _ 


had shown a substantial recovery 
in 1976. fell steadily from the 


tr the year as a whole at 197FS cerns-tend to more-or-less sector. In the first quarter of cularly in the bulk products against dumping practices -and. conceDffatcdMpitaiinvestineQt no greataeai^s been done 

>vel. mirror each other, there are the year the average drop in sector. In the opening five low-priced imports in order to and exhaustive rejarch_ ^ reduce to te **** 

.. .. . onQd grounds for honing that earnings was 25 oer cent com- months of the year producer head off moves towards protee- year, the West German. serar lnciuamg^tae doa 

modesfSeneral imnra?ementS paxed^ with the first three prices fell _ bade 1.7 per cent— tionism in some of the world’s chemicals industiy invested a down , of the- tatgGcittt- pfcm 


in 191V, 1 Cll Mcauii; nil lie UUJ» UlCaiia Ulili LUey «= .7 * ■=. — 7 - . ... throa nrirpe 

final quarter of that year until m hkely to stay' at around the modest general improvement is pared with the first tnree pnees 


the end of the first half 1978. dm 825m point, it must be on the way. mimvvrn where Yow^^s ve ““7 

However, despite the news remembered that in 1977 Modest or not, the improve- A j? 1 ^SJ^nnths of rather than the exception. Rationalisation has continued DM 45bn- 

that the industry in unlikely to Hoeseht saw its earnings plunge me nt is in stark contrast to the *SLS? Wo a Esnort nrices Jere under T™ “** I9Tte “ 

meet its own modest growth tar- from the recovery year 1976’s industry's position at the half- J^ey hwETS natura?lv vervheav/ oressure said the Jle - :t0 816 DnCPH 

gets for the year as a whole, DM 980m. Still, as Professor year mark. In July the in- ?Jf p 2^“ JS' b”und VCL monS p ^ons the. appre- KCSCa 

^ imarrM esss •ssr =s e = de ™w 

Hoeehst one of tee industry's ' *!“““ SSS. US *£? JSE»- .STS* e^Cart^evefthe best S^SSS^^SSi spending . 


months of 1977 a ieav y drop in an industry most Important markets. .- ' 

Admittedly first quarter 1977 where I w margtaare fl.e rule has contra 


total of DM 5.4bn. . ' wiiile In all these sectors, of cob* 
research spending amounted to the world market' is in;a;« 
mf A Rhn siderable state of -over-snar* 


,x> -It 'is perhaps, ironical tfcaTt 

Researcn German chemicafci 

This year .research, and fiHS W 


in the group is one of “mild Verband Der Chemisehei In- “ £ *? e ^JyJ2jS"5S Jabour On the ,Iahour de ‘“' s om ^, ^d tav^tmTnt hringingsomerfth^^- 

*£? J2E?- .STS* ^ Z£SZ* g S££ t *i best ^ , Ser t ^SgS 4 p52 spending is unlikely toideciine. 


£SsxsS §£££&§ ES2S ESHS 

covered since the first quarter marK -/ . previous veal’s iSel ^ formance which showed sales 3 ^ cent production growth 5ie“^xfaSrflinnriW its <»P ital ff’ stems from the 1'nsoS 

of 197S when they slid by 25 per As its two great rivals. BASF P revious 5 ears leveL > stagnating at about the same tar ^ ted for year. ' --5 The new 1 ,ar S au ?. :l>rlce quantities of the 

oont .minct tl>A tjn.’o in and F.nVf*r havp still fn reonrt. Pmfitc vihifh irirfnstTV-wirtp. 1 pvp! ms In thfl> rnmoarable ° L fvtilae benefits that WOtkeTS >, ac pnpmirazed the UIEQOTS . in - ' » : 


cent against tlic performance in and Bayer, have still to report. Profits which, industry-wide, level as in the comparable 
the comparable quarter of 1977. there are no concrete indica- had dropped by IS per cent in period of 1977. 


um- 


Our best seller since1S90 


The VCI contends that the throughout the Industry’ enjoy. tb p e ° industry to look * nto ^ estern 
low level of world economic ivhUe the chemicale mdX, eTthusiitSSfat the IT.S. I. ,'“i ^'pS^l 
activity is by no means uie is capital intensive Tather-than the nast couple of .years and JJULn,*® 


...and still going strong: 
the seamless steel tube. Spring- : 
" v'jboard for one of the biggest tube \ 
■ Y manufacturers in the world, i 

-.itneiuding welded tubes. Including r 4 
every type of tube, tubular, r 1 1 
and pipe, come to that fjy 

• Made of the optimum material V lS| | 

for any given purpose.!- 3PJ 

• We produce 473 steel grades f f i 

in our own plants. And iff 
supplement them with- other •#'•* |. 
steels and materials for tube 1 1. ! 
and pipe manufacture. 1 | JL 
Examples? , 
Titanium - Zircaloy ■ 1*;^ 


Mannesmann make more than 
many may maintain. • - 


activity is by no mean s ui e ^ capital intensive nather. than the past couple of .years and part ln -developi^ffie^^ 

sole cause Oa the mduebjrs labour intensive, these high 1 acquisitions as well as the con- bl . s rfjemicais Sdn^Sli 

problems. In many countries labour costs have a profound st ruction of production facilities the^k of 

there are distinct trends effe ct on the industry's ability there are absorbing the lion’s ® 

towards protectionism and price t o compete. . internationally, share of the industry's foreign Sant 
market control. Naturally the Quite frequently the cost of investment cash. '•t'tjy 

appreciation of the DM against fringe benefits doable the wage Although it is c laim ed that However, before 1 tKs irtfiS 

the other world trading careen- mete Pnr a I'nrmla r»F iron n- ;■ . . . .1 ie mnripnmnf ' tAv . ehiii4^Uclh 


the other world trading careen- cost s. For a coaple of.years in desoite the fall in the dollar’s is condemned' for short-^fe 
cies, particularly the dollar, has a row at .BASF, for. instance, val /, e capital investment in the mbs, it seeshs fair to argoe'^ 
squeezed margins and, altfaougn more than DM 100- in fringe chemicals industry in North it liad very Utile chdice m'^ 
it has had the effect of lower- benefits was paid out for every America costs some 25 per cent matter. If the West <3wa% 
ing.the costs of basic raw DM 100 of pore ■ wages. more t han in the Federal bad not supplied toe plants 
materials, such as oil, it has Although last year the figure Republic, there are no signs . of licences, the drdeis : would hM 
severely blunted the West dropped back to slightly below a j et UD ' in the pace of expan- been placed ' wiffi .eonipsQii 
German’s competitive edge. the DM 100 point, wages had, s i on ^ the market. Set, against nations and tbe_West Geitofi 
The industr}". however, was course, risen and the fringe [h e high initial out-lay are the would have had no ' help 
continuing to hold on to its benefit burden in real terms subsequent advantages of lower from the deals at j3h . T- 
mar kets and compete with its remained as high as ever. operating costs and improved . v '->** 

foreign rivals despite, its extra- In the view of the .YCI and ability to deliver; . •„ 



Or even know about. And not only 
in the tube and pipe business. ■ . .. 
More examples? - . 

Plant and machinery : V 
Hydraulic plant and equipment • 
- • Materials handling equipment 
and systems * Drive trains’ .and 
3 systems ■ Compressor plant • 

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THE GERMAN CONSUMER is Measured against 1970 values been much occupied with its an increase of 
a conservative person whose the improvement was a rather rescue of the ailing Neckermann sales space. ; • - 


• . ‘a.*:’ i 


K<hL'l^. - - 


SM 


$§£■+■■' ■ response to a recession and more modest 4 percent group, the large department In comparison .withvtiie M 

$?§&'... ■■■' rising unemployment is to save For the country’s major store a °d niail order concern., pa rtment : stores^ 

as much money as possible. At department store groups * the The picture at Kaufhof, West other retail Lng- sertow r &av 
rK.V/f 4 ':'-. the depth of post-oil crisis reces- pas t couDle of years have been Germany's second largest de- done consideraS^-Jb^er/'Ctedr 
i sions ' ^ rat e rose t0 ones of "sales stagnation/ Last partraent store chain, was rather operations,- sped^Bg r#^ 

16 per _ c ? nt an $* as . can he year turnover in the depart- less extreme. In 1977 sales narrow produdr'guwp mge 

>'■ expect ® d ’ xt was the retailer who m ent store sector rose by only went up by a mere 23. per cent, saw turnover.. rfseJIff^jper-pBCft 

• 1 su ^ ered - a nominal 2^2 per cent — a rate while the concern's sales space while maii-order -^tes-iose ' 9i 

Through 1976 the sa\ings rate which failed to keep pace with increased by 3.3 per cent. :per cent ',The .COTSU*er^CO 
remaine ^ the 14.4 per cent the overall increase in sales But Kaufhof, the sales of operative " stores,.saw 'thrnovjn 

l eve l was not until the space. •- which last year totalled rise - 7.6 . per cent,^ "WiiOi 

JSIi^S^vSL 3 ?! 7 ,?^ lt ^ At Karstadt, Europe's largest J-OSbn, did^. rather better specialised retailers 
r° pp< . ^ P er cent department ’store group, sales than Hertie which sqw sales rise 5.9 per cent sales increase,. - v 

■■nil “zzssri*-. u ....... **”“..*** ss ®? r 


Although there is clearly to DM8.4bn The group's sales DM 6 - 3bn » while its total sales store sector are tooki^^lip 
g more money in the consumers’ space, however, rose by 14.1 per area increased 1.1 per cent. At better this year, althpagtr safe 
pocket, sales growth in the cent during the same period. Horten, last year’s turnover im- growth is. unlikely to bfif.brt^ 
m retailill g _ . l,as been Karstadt ls probably not the proved by 0.1 per cent against taking. Kaufhof, for ins#?! 

I Si ^ eX “ nPle “ ^ *'“*• haS CONTINUED ON NEXT fA» 




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I sales expansion was uneven 
from product group to product 
group. 

The savings rate has fallen to 
its lowest level for years, but 
even so it remains high in 
comparison with those of other 
nations. Besides, tbe consumer 
has had very specific demands 
on his or her cash — one of the 
most important of which has 
been replacement of the car 
which was delayed as a result 
of the oil crisis. 

Domestic car sales are still 
running high despite predictions 
that the peak of the boom is 
past But although the motor 
industry’s domestic sales growth 
has slowed considerably this 
year, it remains the main 
beneficiary of the cash available 
for consumption. 

Figures issued by the Federal 
Statistical Office in Wiesbaden 
last month showed that growth 
rates yet again have been rela- 
tively unspectacular. During the 
first eight months of the year, 
retailers’ turnerved increased 
by a nominal 6 per cent. 


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At the intersection of Europe's highways, at the major 
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connection to the United Kingdom, Belgium, France, 

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To : Stadt K3ln / - 

Amt fur Wirtschaftsforderung" ^ Company- 
D 5 Koln 1, Am Hof 

Western Germary: i^AddrasS:-. - 

.. . ... Mr. J.A.Navbr 

international Trade Fair, Agendas Ud # Teteohbhe 
W Old Bond Street London W 1 X 3 DB '• .. 

Phone: 01 -tnqnoqft # 


Centre of Trade for 2000 years - make it yours 1 


Phone: 01 4090956 












' 4 ' 



iSincfeT Times Monday October 16 1978 

WIST GERMANY XIX 


MOTORS 




over 

rise 


THE West German ear manu- 
facturers will ions ' remember 
the past two years.- Order books 
have been, full to overflowing 
and the Federal Republic's 
dealers can sell every vehicle 
they can. lay their hands on. 

In the commercial sector, how- 
ever, the picture is rather less 
rosy. Demand has been declin- 
ing, particularly in the export 
markets and production, which 
last year dropped by 2 per cent- 
compared with the 1976 per- 
formance. has suffered further 
attrition this year. 

Last year the industry turned 
out just over 4.1m vehicles of 
all types — 6 per cent more than 
were produced in 1976. If the 
growth rate was riot as 
spectacular as in 1976 when out- 
put rose by 21.4 per cent, it 
should be remembered that not 
only did commercial vehicle 
production decline but a period’ 
of consolidation was expected. 

The car manufacturers saw 
output increase by 7 per cent 
to just under 3.55m units. The 
Federal Republic’s car plants 
were operating a full capacity 
and delivery periods lengthened 
for even the mass car 
manufacturers. 

Exports rose despite the 
strength of the D-Mark, with car 
and estate vehicle sales up 11 
per cent to 1.94m units. While 


W, .T ' 



v -The BMW office and factory iti Munich. 


The car manufacture?? are enhanced by a much higher 
clearly showing deep qoqcern at level of work intensity. 


the Americans could bite into 
the sector dominated by BMW 


the rate at which imports are A GM spokesman in Antwerp and Daimler-Benz whose order 
increasing. However^ with order claimed that the cars had been ' ' ' “ - 

boobs full, .their plants ronning brought in to draw customers to 
pci i-cui io l. mm units, wnne virn,all >' flat but and delivery the show moms to take a look 

car sales were still well below lengthening ; there is at its latest American models. ;ile wesi uennan raotor 

1973s vintage 2.17m units the they fan do to; stein the But while GM is keeping very manufacturers are Dying to off- 

industry still had good grounds ,nflows - 3“ iet about its plans, some set T j, ege difficulties bv 

^°L_ the .. mai4S m . 0t0 - r .“ a y iU : Ui e SerV p?elude to “ ste PP in « U P their rationalisa 


boobs are so full that customers 
are being quoted, irritatingly 
long delivery periods. 

The West German motor 


for satisfaction. 


This year car and estate facturers the rapid .expansion prelude to a major ti0n proprarames . ajj nianufac 

vehicle production is still mov- of Japanese shipments to the American assault on the quality turers frura Daimler-Benz and 

ing inexorably upwards. The federal republic are partial- car marKeL BMW at the top of the tree to 

Verband Der Autoraobil- larly worrying. By the end of ' Both cars conn* especially the popular car producers such 
indusDie, the industry's Dade the first half year, Japane$&car equipped for the European as Volkswagen and Adam Opel 
association, reported a produc- regisDau'ons'ih; West Germany market and are fitted out to are devoting a growing propor- 
tion growth of 4 per cent for were up by 53‘.7 per cent, on comply with Germany's sDict tion of the capital investment 

the first eight months when out- those of the opening six months regulations. Furthermore, the programmes to rationalisation 
Dut totalled 2.54m. - of -1977. major change that has taken WfiaeiiMe 


put totalled 2.54m. . -. of -1977..., . . major change that has taken measures 

The commercial vehicle sector Admittedly, there has been P lace . in JJ-S- fir design— Opel, for instance, is in the 
saw a further, heavy erosion of very little competition fromr-Uie •S®*" on D *‘ rolt by stricter middle of a DM 5bn investment 
its output which declined by 9 Japanese car makers in the fael consumption and exhaust programme which involves onlv 
per cent compared with the German, market ■ to date and ^ssion standards — has re- a very- small increase in new 
sanxe period of J977. - Under-, therr market share remains tiny ^. smaller. lighter production plant The bulk of 
lying the drop is a heavy fall — they sold 48,118 units herein which are much nearer the money will be going into 

in overseas demand for the the first six months. 'But their \ hose of , e EurQ P ean P r °- increased automation and the 

in/litch-D-c : ■ ’ ... QUC^FS. \ i i_ . 


industry's products. Exports in. marketing strategy is as aggres- 
the commercial vehicle sector, sive as. in other world markets 
which also dropped back last and there is little to criticise in 
year, were off by a full. 17 per the products from the quality 
cent in the first eight months viewpoint. • - 
to 103.800 units. The : West Germans fear that 


Styling 


elimination of bottle-necks in 
its existing factories. 

At the top end of the trade. 
German manufacturers for the 


A1*U , t ... uio.iuiauujtiS 1U1 Ult 

Although they are still very first time started noticing com 
American in styling and acces- petition from Detroit. Although 
, ... sones. GM beli.eves the new industry forecasts last venr 

SInWAr ’ Japanese pressure in the domes- look of its standard cars will indicated that there would hi 

ijIOWCj tic. market is bound to increase appeal to- Europeans. So far little competition in the 

Id the car sector sports have /aJw'n'the'u S l)ee " European market from the U S 

-wsrSE SS££ 

^ttJXTiSSSS fiSSiW SU£E brnasht fnrward *■ 

iSsL-wi.' vs = SHF r r“vr* ”■? 

Dwplte tile Orman „ - M ^ M 

hit bv the rise in the value of w Sh reputation. productivity in . rather shy of declaring it? inte.nt 

the Deutsche mark against the tlie industry is -claimed to be Q ^,J ery competitive j t has been testing the market’s 

dollar. The effects of this have considerably lower than in the. r?™”. sel]l . Dg for response tn the American 

also been felt at home where H S ‘ or J W 3n - According to P«ce one industry' 


*'• A- * 

U-Afc r. ' 




also been felt at home where - - v » -- 

imports Tiave shown particularly Mr. James F. . Walters Jr., the 
strong growth. -• . chief executive of Adam Opel. 

Domestic' registrations of pri : ther e j*5 industry can 

vate cars' increased by only 3.6 to 'improve -the . situation. 

percent during- the first half. Productivity standards in KV . utm 4III5 WJLS n0l 5| 
of the, year* compared .with 9.9 Germany lag behind those of matter -of generosity - as the 
per-cent in the same period of the U:S. primarily because there effect of the falling, dollar. 


m the 
■'5 new products. 


Sn far two cars have been 
offered for sale — the Chevrole 


would expect to pay for one of 
the: smaller! BlffWs. Not only „ i , cliru 

^uced its prices Caraarn sports car and thr 
rwiqe already this year: first by Chevrolet Malibu Classic saloon 
„Pf r an ^ -k pn ^- V P eJ Although the number of cars 
mi,c ^ a imported is very small, GM 
concedes that the reception has 
been very good. Indeed, onr 


L9f/.' Howev^, the proportion arp- fewer work days on the "West German ear induct™ 'J 

nf imports in tii e ni6r,d than calendar than-, in North executives concede thaUhp U S ltldu . 5:try _ so » r G - e stated that the 
1.5m registrations was up from America. , This, be said', was products; are likelv to offer real Smiediatelv*™ ^ 

19/ z's 21.5 percent, to 24.1 per also, true -of Japan, where oui- competition at the upper end 

cent. . put rates per worker were also of the market. Thev admit tii at GH 


RETAILING 




CONTINUED FROM PREVIOUS PAGE 

reported -'that sales during the 5m square me teres for .the... 
first half were- up by 419 per- Nearly- 90 per cent of the 
cent, while sales space rose by self-service operations, which 
just 1.1 per cent. like their hypermarket cuunter- 

Furthermore, for the first parts in Britain or France are 
time in three years it looks as often lucal on the edge of town, 
though the department store are competing directly with the 
groups will again start to in- department stores. They offer a 
crease their share of the retail similar range of products — such 
market as clothing and shoes, household 

In 1975 the department store textiles, giftware, household 
sector held a 10.4 per cent slice goods and groceries. Naturally, 
of the market. In 1976 this their prices are more than corn- 
figure shrank to 9.9 per cent, petitive, 
while last year it fell back to Not that, but the 

.a per cent specialised retailer has also 

One reason for this is that jj V ed pretty comfortably in the 
the classic- department stores p as t couple «f years, especially 
have been facing tough competi- w hen their performance is cbm* 
lion from the self-service de- p3re d wi'lli the department 
partment stores and consumer stores 

goods operations. Although the Jn lhfi first of this year, 
classic department stores have for esarap j e< ra£ ji 0 and . tele- 
oeen doing their best to cut v j s j on ^ops and those specialis- 
back and rationalise their large j irJ - equipment .saw 

and expensive staffs, -tneir over- increase by Ip per' cent on 
heads are obviously far greeter Uje ^ ^ of 1977 . 

than those of their larger com- the <nfluenK of ,. he 

Retitop. , World Cup played a conslder- 

opmLrmcrSsed Selr sales ' “ B by 

it Tose" m per St ^^^“ho^ did 
while the year before that theii well-with a sales ™e ef 
sales space expanded by a 11 Pf r cent Bicycle 
Phenomenal 23.8 per cent. went M per; cent, office 
At the beginning of this year equipment specialists mne per 
the self-service - sector '.coin- cent -. stationery -and witing 
manded more than 6m metres requisites seven. per cent and. 
manded more than Bm square furniture -sue per cent, 
metres of sales space, compared But despite this, the big boys 
with the classic, department sre. steadily encroaching on ihe 
stores’. 5m square metres, and small man’s territory. It is fore- 
35m square metres for the tradi- cast.. that by ,198a the chain 
tkmai branch shops-.- • -- - * stores; departmewr stores, mail- 


order groups, co-operatives and 
self-service and hypermarket 
operations will control some 47 
per cent of the entire West 
German retailing sector. 

This will leave just 53 per 
cent for the small shopkeeper 
and. medium-sized retailing con- 
cern. In comparison, the small 
and medium -sized businesses 
conlrolled. 74 per cent of Uie 
market in 1962, 

The process is already weH 
under way and industry' analysis 
claim, that the retailing sector is 
-deep in the throes of its largest- 
ever restructuring. 

During the past 15 years, the 
number of retailing businesses 
inr .the Federal Republic has 
shrunk by around 100.000, from 
445JW0 to 345,000 and, say the 
experts, this process is going to 
continue . despite the govern- 
' men t regulations protecting the 
small shopkeeper and the 
strength of’ the small man’s 
lobby.; 

There is little doubt that the 
concerns which have survived 
the 15 years* attrition, are con- 
siderably .more efficient for the 
experience. During those years, 
sales in the average business 
have risen by 290 per i-ent to an 
average, of DM 930,000 per 
business a year. 

•At the same time, sales space 
has Increased 119 per cent !u 
129. sq. metres per shop.. Last, 
but not least, the proportion of 
shops to residents has gone up 
by-39 per cent since 1962— from 


12S residents per shop to 178. 

However, it _ is becoming 
increasingly difficult for the 
small and medium sized shop- 
keeper to compere with the big 
league in terms of range and 
price. Furthermore, there are 
strong indications that the 
federal regulations which 
strictly contror opening hours — 
are being legally evaded. 

Retailing " operations are 
allowed at the main railway 
stations and airports to cater for 
the travellers’ needs. These are 
virtually unrestricted as far as 
opening hours go. 

Originally, of course, they 
were there tu provide refresh- 
ment to the wearj-. However, 
the larger . operations: have 
woken up tn the opportunity 
such sites offer and medium- 
sized. department stores and self- 
servicp- operations are being 
opened up offering a wide ranee 
of goods from clothing to gift 
articles, radio and televisions to 
groceries. 

As far as the authorities- are 
concerned, it is' almost impos- 
sible Jn tel! which customer is a 
bona fide, traveller' and, who is 
merely taking advantage of 
some after hours’ shopping, 

Although the mental image of 
travellers arriving in their 
underwear at the clothing 
departments of such stores may 
well raise a smile, this new 
development bodes evil for the 
small shopkeeper. 

G.H. 


C 






33 


DER SPIEGEL 

TOP PEOPLE 
IN GERMANY 


No other newspaper 
or maqazine reaches 
more decision-makers 
in business and 
administration than 
Der Spiegel, the 
only German news- 
magazine* 

"Source: LAE 78-comparative readership analysis for selected titles 
among decision-makers in business and administration. 


Fairs 




xhihitions 


Fair 
congrei 





1979 -w 

1979 

Extract from the programme of events 

Jan.26-Feb.4 

International Green Week Berlin 1979 

March' 3 -11 

13th International Tourism-Exchange ITB Berlin 1979 

Boat. Sport and Recreation Exhibition BSF Berlin 1979 

April 8-11 

BERUNER INTERCHIC - 114th Durchreise - Main SamDlina 

May 7-10 

PArC 79. 

International Conference on the' Application of Computers in 
Architecture, Building Design and Urban Planning (to be held in 
the ICC Berlin) 

June 5-9 

28th German Congress for Medical Advanced Training 

12th German Congress for Dental Advanced Training 

International Pharmaceutical and Medico-Technical Exhibition 

Auq.24-Sept2 

International Radio and TV Exhibition 1979 Berlin 

Sept.17-20 

_ Medical Informatics Berlin ’79 (to be held in the ICC Berlin) 

Sept. 19 -23 

17th Overseas Import Fair “Partners for Proaress" Berlin 

Oct.10-13 

biiro-data Berlin '79 

Exhibition of the Office Industrv 

Oct. 14-18 

BERLINER IN l fcrtCHIC -H6th Durchreise - Main Sampling 

Dec. 1-9 

Antiqua '79 Berlin 

Dec. 1-9 



Fair plus congress. 

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Company lor ExhibiHons, Fairs and Congresses Ltd. 

Box 191740.MeSSedamm22.D-1000 Berlin 19 

Contact address' 

Weslbourne Marketing Services Ltd. - 
Crown House 

Mordon Surrey SM*BEB. England - 
Tel. 01-5432832, Telex: 926 726 



Send me literature on 

C Berlin exhibition Grounds 

O internal tonal Congress Center 
Berlin 

O Daurschlandhallc/ 

Benin ice Palace 

Napne 


Company 


Address 



(dec) 



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0AMK Berlin 

Company lor Exhibitions, Fairs 
and Congresses. Ud 


Congress Hall Berlm 
Exhibition Grounds Berlin 
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po Eo* is 17 40 Messedamm 22 

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4 



Pr 

pr< 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number c 
were com 
paicn ayai 
Party on 
1974 Gent 
The foj 
allegation 
lowing th< 
affair. Mi 
was. had 
an orches 
himself. I 
Lady Fr 
Marcia W 
The Fn 
Sir Haro 
drawn scii 
Subseqi 
told the 
did not 
pnetors 
insLrucled 
round a 
material." 

The Prt 
to hear 
Sir Harob 
formal eo 
un the 
against I 
council s; 
Royal Cc 
that Ihcr 
Labour bi 
The Pr. 
is one ni 
lished tod 
In ano 
council 
against ll 
Daily Ex 
picture t 
Henrietta 
death in I 


34 




• Financial Times MoB&y-6t4(^Er^ 


WEST GERMANY XX 


MUSIC 


Standards high 
and low 


I HAVE before me a daunting, 
but by no means exhaustive, list 
of opera performances given in 
West Germany last week (for 
example up to and including 
October 14». 

From it I sec that among the 
offerings I missed were Der 
Fliegende Hof Zander (Tite Fin- 
ing Dutchman ) in Saarbrticken 
on Monday. Boris Godunov in 
Aacben on Tuesday. Utello in 
Freiburg on Wednesday. Fal- 
staff in Kassel on Thursday, ll 
Seraglio in U'iewboden on Fri- 
day and — rounding off the week 
nicely — Die Gbfterdoinineritnfi 
(Twilight oj the Cods) in Bruns- 
wick on Saturday, starting at 
5 pm and presumably, ending 
before Sunday. 

Attendance at all these would 
have involved some very hard 
driving on the autobahns (but 
that, of course, i.s what Germans 
do on their autobahns. Perhaps 
they are all making for the 
opera). It would also have in- 
volved considerable advance 
planning. For the German sub- 
scription booking system— the 
Ahonnement — ensures that 
those frivolously deciding only 
at the last minute that they 
wish to go to the opera tend to 
find all seats taken. The sense of 
disappointment is dulled only 
with fury at the scorn with 
which one is treated at the box 
office. "A seat for this evening? 
the last ticket for standing 
room went last week.” The Bay- 
reuth Festival variation of this' 


is: *‘a seat for this year? Very 
funny — though you might try 
American Express in Tokyo. 

But assuming you travelled 
fast, and had all the tickets in 
advance, that opera tour out- 
lined for last week would have 
been quite possible. It is doubt- 
ful whether it would have been 
wholly reconiniendable. For not 
one of the opera houses men- 
tioned is actually of the very 
front rank in Germany today 
t although it must be hastily 
added, to avoid furious letters, 
that most of them are fully 
capable or giving worthy per- 
formances). 


Missed 


You would, for example, have 
missed the Bavarian State 
Opera in Munich — which not 
only Bavarians consider the best 
of the lot. You would have 
failed to see the Hamburg 
company (which good Hamburg 
citizens simply know to be the 
best — but are too mindful of 
their reputation for balance and 
pragmatism to trumpet abroad). 
You would have missed Diissel- 
dorf. Cologne. Frankfurt and 
Stuttgart — in each of which 
cities you are bound to hear 
more than a word of praise 
about the local opera and more 
than one ironic dig at the 
bumbling efforts elsewhere. 

Which goes to show that there 
is an awful lot of opera being 
performed in an awful Jot of 


German cities for much of tbe 
time. With regret, it must also 
be admitted that some of the 
performances are just awful. 

Those foreigners are in for a 
.big disappointment who assume 
that because a German house 
has the ambition to mount, say 
Berg's tt'arEecJr or Schoenberg’s 
Moses and Aron, its standards 
must approach tbosc of the Met 
or Covent Garden. It is rare in 
any opera house anywhere that 
one hears, for example, perfect 
horn playing in the opening 
bars of Das Rheingold. Some- 
one usually makes a slip and it 
was unkind of Wagner to set 
such hazards so early in the 
evening, hut only in a German 
opera house, which shall remain 
nameless, have I heard almost 
every other note in the passage 
come out wrong. The perform- 
ance became better it is true — 
but largely because That was the 
only way it could go. 

That said, it should be 
stressed that standards at the 
very top in Germany are as high 
as they are anywhere. And it 
is surely good that so many 
people throughout the country, 
not just in a capital or a couple 
Df big cities, have the oppor- 
tunity of seeing and hearing 
live performances, however 
imperfect 

It is sometimes thought that 
this remarkable geographical 
spread of stage activity — not 
just opera — arose thanks to the 
relative decline of Berlin* in the 



post-war years and the new 
federal structure of the country. 
But in fact it harks back to days 
not simply before Hitler, but 
before Bismarck, when rival 
princes sought to prove to one 
another how very cultured, as 
well as powerful, they were. 
The rivalry today between the 
provincial stages and between 
the cities has a great tradition 
— a point worth remembering 
when discussing the West Ger- 
man “ experiment " with 
federalism. Culturally, at any 
rate, it is a form which suits 
the Germans very well. 

If any particular institution 
might be said to have taken 
over the role the princes once 
filled as patrons of music, then 
it is radio. Just as one city vies 
with another to become top dog 
in opera, so each West German 
regional radio network seems 
bent on proring that it presents 
the most balanced or the most 
progressive of musical fare. 

It is hard, for example, to 
imaging the -development of 
modern music in West Germany 
in the post-war years — whether 
in the strait-jacket of scrialism 
or the unnerving freedom of 
so-called “ aleatoric " composi- 
tion — without the radio stations. 
Herr Karlheinz Stockhausen, 
for instance, received a lot of 
help and encouragement from 
the studios of West German 
radio in Cologne. A whole 
sell oo I of composers owes a big 
debt to the enlightened direc- 


Sot an office block ~ but Frankfurt's new Opera House 




tors of South-West German, 
radio, whose symphony 
orchestra was and remains one 
of the most agile in coping with 
the frightening complexities of 
modern seores. 

Of course, by no means every- 
one approved of the “ ultra- 
modern.” Herr Hans-Werner 
Henze significantly took himself 
off to' Italy and. among other 
things, wrote operas. That is a 
relatively unfashionable task — 
but for a German composer not 
a basically discouraging one. 
He stands a better chance than 
most of his foreign colleagues 
that someone, somewhere .at 
home will be ready to put the 
things on before the public. ' 

J.C 



• 1 ■ .-X *'.'— ‘-C jos. 

>-s 

• • • --- .■ vi. 






1 * " 




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V 1 


IX 


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WHAT DO the Germans [Hse 
doing best in their leisure time? 
Some strenuouffforrix of activity, 
surely, since they are such work 
addicts. Hiking,- perhaps, or 
sports or going on trips? Wrong, 
their favourite pastime is watch- 
ing television. . 

■Ninety-seven per cent-bf all 
West German households.hav’e 
TV sets, -some nf them several. 
More than 40- per ient.oT them 
are colour sets. Seventy-four 
per cent of West Germans watch 
television every day-r*£o^ over 
two hours on weekdays' -and 
three at weekends... a j 

People spend move time view- 
ing and listening than they do 
reading the printed word. The 
average German .devoted nearly 
19 hours a y/eek to broadcast- 
ing In 1977.; while newspapers 
and magazines took up Jess than 
six hours, according to statistics 
released recently by Bertels- 
mann. Germany’s higeest pub- 
lishing concern. 

Early, this year no less a per- 
son than' -Chancellor Helmut 
Schmidt advised his cam patriots 
asainst" exaggerated and un- 
critical' consumption of televi- 
sion and warned that direct 
communication between people 
would' suffer as a result of it 
In an appeal for people to give 
up watching TV for one day a 
week, he said: “Television is a 
verv attractive and compelling 
medium. It is difficult to escape 
its lure and to make the effort 
towards otheT forms of com- 
munication.” 


• • - '- r ■5*15 

— •’ ' "jj? 1 

-fc . 4 - - ■ v 4 '-’ 

• • ...... 

But it is centrally organised' income from commercials 
.and broadcasts only one pro- they , are allowed to broaifc 
gramme for the .whole .of for 20 minutes on.. wejejbis 
Germany. Sine it has con- between 18.09 . and 20.603 
eluded radio agreements with. ; Yet ARD has already forea 
all German States, its con- a deficitof .DM . Jgl 
trolling councils .also reflect the ^F T folltnring snit,,bas rfirifo 
make-up of . the State Parlia- it will have-ar fibant^i" 4 * 
ments. ; ‘ . --- - DM 726tfr bytiiirt'tjtne." 

in 1964. ARD started serving a' 1 erimmisskm - Set ; 
a now channel/. This - was Prime Ministers . o f 
designed to fill" a specific gap. to scrutipis^ .radio 
Over the years ARD and ZDF ; cut these 
taken together have grpwiri-.to DM 686m, it.sooo 
becomc-the second largest media that .a, f urther/ ^jm ^af ; jacrea 
enterprise in the world; accord- was inewtable. 
ing to figures published by the fixed at. DM- I^rise^ann 
'central , committee' of the-, than 2ff 
Gennan. ; advertising Industry: from ne« 

The increase in size -lias been The'Veasoitefor:'l^;^t|t' 
accompanied by problems. . affairs : at^. : he|WQr^sl^to 
"First ., it "lifts- proved ‘impos- • - 

sibtc. to proriife. ' broadcasting merit, mistakes ■; . 015 yw tstfnf 
that."- is whbl ly 'independent of planning 1 .' griass-oVetSt^bff^ 
political influence. .Tile stronger the building 
representation of Ahe ruling . in the istse ijf ‘ - 

parties- In the radio councils has decisions ; ;havej often. : 
tended tu be reflectedin journa- haihpered by 
Iistic ; .. . appointments. - r . .. Radio agreement heiiyeeri ^ 

Bremen," Germany’s ' smallest dual stations. undertBe 
network, has recently provided system. ’ ' .sy; 

an extrprue .example, of hoW far 
political meddling can go.:..-; 

S^he,,; -It berame known;flfli cut 
summer that^a subcommittee pf . a ,, 

rial - Democratic Parlia- - •- ihrto-b.r 


In ord^t.totSgve.M. — 
and ZDF hive -both 


the .Social - Democratic Parlia- produ 'ctiori^ llistead mM 
gjtw group in the Bundestag Pepped up -ourehas^ <&&&- 
had drawn up n - new Radio 

?riL^ntTtSra el f 

gars sss&s 

system ta at stake. The Bill 

envisages replacing the head of Jff -froBt: 


Wilful 


world,, hardly dSers-.ft 
Fiji Islands'. \ 

0 economic. . magazix^ ofyX^ 


Although the television-free 
day may remain wishful think- 
ing on the Chancellor's part, 
anger at the declining quality 
of programmes, at the increas- 
ing influence of the major 
political parties on TV and 
radio broadcasts, and steadily 
rising fees could lead growing 
numbers df people to switch 
off their sets more often. 

When West German tele- 
vision got under way 25 years 
ago it soon established a 
reputation for high quality. 
To ensure that broadcasting 
could never again be taken 
over by the State as in the 
Nazi era. radio and television 
were made the responsibility of 
the Lander (the Federal 
States) and established as 
public corporations. The States 
adopted a variety of ways of 
arranging the composition of 
the councils which oversee the 
running of the networks. The 
key word here is proportional 
representation. The political 
parties in the State Parlia- 
ments. the , trade unions, the 
churches— in short, all socially 
relevant groups — were to be 
represented and to have a say 
in the choice of programmes. 

After the individual LHnder 
radio stations had formed a 
joint working _ group, ARD 
(A rbei tsgen einschaft der 

qeffentlich-rechilichen . Rand, 
funfeanafalten der Bundes- 
repitblik Deutschland), West 
Germany's first TV channel, was 
bom. Its nine stations televise 
separate regional programmes 
in the afternoon and present a 
joint evening programme to 
which they, all contribute in 
turn. 

To create a. much-needed con. 
trast; the . second . German 
channel " ZDF (Zweites 
Deutsches' Femsehen) \va$ 
founded H) years later. It was 
set up along- the lines of ARD 
’i.e^ as - a public corporation. 


Representatives od th^ 

councils of scientific institutes, r.^n^Tt - ... - . 

of women's committees arid bf fll . , •-•*•*££35 

the- Senate ^ ’’are to be dispensed ’ Growing' puhlit;.;CtHHP^ 
with. JTheiF seats .are to go to about endless repeti 
representatives . of welfare foreign . crime senals 
organisations, local trades handed slanted. 
councils and Bremen's, univec- forced the heads of ^tfl< 
sityr— all of them Left-wing:, radio and : television.; 

But what worries critics .of to try: to makf\ prt 
the. Bill most' of all is that more attractive at ibVb, 
joutna|ists_ employed by .Radio of jWs" year. .The . 
Bremen would be. given cb- failed, however, bt*C*U>&4 
determination ' in personn el .regional ■ stations- jbavej^ 
matters '. or.-, in programmes- to integj^tetthejxr-sp^ 1 ^ 
“This .would, go against the culture, - screncev..':li 
grain of : a public corporation;’’ politics, 1 foreign; affairs .«y 
Herr ; Bernd . Neumann^, the ever^rin-' ■ any-.; foim v 
leader of the Christian Demo- undertaking. . 
cattle opposition in the Bremen - To- manv German efiseri®? 
Senate, has .protested. . even within the' poJiti(Al par&® 

- The ‘ other major problem . fl, e oaiy remedy ..«em5:10'wj - 
facing the .networks. is money. . aboflsbl Jhe': mohopbly". 

In. principle ..viewers cover the. system and td force 
cost of broadcasting by paying jnegts through _the,‘pres^u*gv 
a /monthly- broadcasting Ileence competition ^vpiWhrESttew 
fee, currently DM 10.50. On top . . p.. v. ■ 

df. that 1 ' the stations have .some j. 






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FmanciaJ Times Monday October 16 1978 








> n 

* \ 

*•' sJ 


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i 





35 

in the Midlands 


BY ARTHUR SMITH, Midlands Correspondent 


THE MIDLANDS,- home of tbe 
car industry,, will display the 
prize which it has coveted for 
so long when the International 
Motor Show opens, at Binning* 
ham. on Friday. The-£45m 
national exhibition centre, set 
amid fountains and landscaped 
grounds, .will present the clean, 
confident face that the region 
would want to 7 portray to" the 
world. But what has . Seen billed 
as ‘'the best motor "$how- ever 
staged m Western^ Europe?— 
despite familiar, threats of in- 
dustrial disruption — will catch 
the West Midlands in fe mood of 
self doubt, with most question 
marks being placed against the 
long-term future of- the staple 
industry, vehicle assembly. 

The latest survey conducted 
by - the West Midlands Chambers 
of Commerce pci ntrasts with the 
optimism -of national, studies by 
suggesting that the national up- 
turn: in consumer spending has 
bad no , real, impact upon ..the 
order books of local industry. 
Mr. Gerard Coghlan, chairman 
of the Chambers, says there has 
been very little ' change from 
the position tbree months ago. 

Mr. Reg Par Ices, chairman of 
Brockhouse and of the regional 
council of the Confederation of 
British Industry, presents a 
similarly gloomy picture. A CBI 
survey showed that the region 
was “bucking the national 
trend.” The West Midlands had 
given no sign of any upturn of 
economic activity. Indeed, since 
July there had been “a rather 
disturbing decline of orders 
both at home and overseas.” 

Mr. Parkes points out 
that the region, tradition- 
ally one of the nation's most 
prosperous, has been slow to 
bounce back from each recession 
over the past decade. With its" 
over-dependence upon manufao 
turing industry — around 46 per 
cent of the working population 
falls within that sector — the 
West Midlands provides a good 


indicator of. tbe nation's real 
production performance. 

Hie amount of spare capacity 
varies widely between indus- 
tries and even between com- 
panies, . but there . has - been a 
gradual improvement , from the 
low point of just over two years 
ago when many employers were 
.reporting that output could be 
raised comfortably by around 30 
per cent. However, the con- 
tinued under-utilisation ;of plant 
and equipment, coupled, with, a 
lack of confidence that demand 
will - be .sustained throughout 
1979. is the main reason why 
increased consumer' spending 
has not been reflected in the 
Midlands' capital goods indus- 
tries. ■ 

Sectors like machine .tools 
and mechanical. handling equip- 
ment, under pressure from both 
imports 'and low demand from 
UK companies, see little im- 
provement over the next 12 
months. Companies in engineer- 
ing and' capital equipment,. still 
working at only around: -S5 per 
cent capacity, expect little 
change in markets. ' - 

Mr. Richard Wootten. . UK 
sales director of Tube Invest- 
ments steel tubes division," with 
15 Midlands companies and a 
turnover of more than £20Om, 
says the upturn in activity that 
had been expected about now 
had not materialised. Output 
across the dirision bad increased 
marginally over the past 12 
months, but the dominating 
factor had been the continued 
international recession- in' steel 
products. “Without exception, 
all companies are saying it is 
probably a little bit better this 
year but any bright spots fore- 
seen for 1979 are the result of 
particular circumstances rather 
than any improvement in 
demand.” Mr. Wootten v sug- 
gested that, if anything, markets 
might be turning down towards 
the end of next year. 

Mr. Parkes takes a similar 
view, pointing out that- while 


SOME OF THE ECONOMIC INDICATORS 


ORDERS 

Home orders compared with three months ago 
Export orders compared with three months ago 


PRODUCTION 
Companies working at 



Sept. 

June 

March 

Dec. 


0/ 

/o 

% 

• % 

0/ 

/O 

up 

35 

35 

36 

48 

same 

41 

43 

32 

32 

down 

24 

22 

32 

20 

up 

29 

28 

27 

34 

same 

46 

47 

37 

42 

down 

25 

25 

36 

24 


CASHFLOW 


full capacity 26 24 

80-100% capacity 46 39 

60-80% capacity 27 31 

at less than 60% capacity • 1 6 


22 

42 

32 

4 


27 

47 

23 

3 


Cashflow compared with three months ago- 

improved 

23 

Z7 

22 

26 

satisfactory 

59 

57 

■ 56 

53 


worse 

IS 

16 

72 

21 


LABOUR 


expecting workforce 19 

increase 

24 

19 

19 

26 


remain constant 

55 

6T 

63 

57 


decrease 

2T 

20 

18 ' 

17 


INVESTMENT 
Plans for new plant and machinery in 
next 12 months have been 


revised upwards 29 23 1 7 

unchanged 66 72 . 78 

revised downwards 5 5 5 


28 

69 

3 


CONFIDENCE 

Companies confident turnover will 


Companies confident profitability will 


improve 

55 

48 

48 

60 

remain same 

37 

4T 

42 

34 

worsen 

& 

T? 

10 

6 

improve 

30 

28 

27 

41 

remain same 

48 

47 

51 

43 

worsen 

22 

25 

2 2 

76 


Reculti all by pcrccotag* 


Number of respondents 301 

Source: the West Midland* Cham ben of Commerce quarterly economic survey 


opinions about the future are 
varied, no one is expecting any 
significant improvement. “In- 
deed, if the regional economy 
does not go up steadily during 
1979, we could be faced with 
recession once more by the 
1980s.” 

Mr. Eric Swainson, managing 
director of IMI, an inter- 
national engineering and 
metal manufacturing company 
with a heavy concentration 
of activities in tbe Mid- 
lands, attributes much of the 
blame for the region's poor per- 
formance to the vehicle indus- 
try. While UK car registrations 


are expected to reach a record 
level this year, imports are 
taking more than 50 per cent 
and BL Cars has proved a par- 
ticular disappointment 
The State-owned car company, 
though geared to produce 1.2m 
vehicles, is likely to have an 
output of little more than 
750,000 this year. Such a low 
level of activity works back 
through the component sup- 
pliers to the metal-forming and 
manufacturing industries. Weak 
international demand for 
tractors and commercial 
vehicles has also caused wide- 
spread short-time working and 


redundancies in the Midlands' 
forging and lyre industries. 

Mr. Terry Davies, managing 
director of the foundries divi- 
sion of Birmid Qualcast. with 
9,500 employees in the Midlands, 
reports that individual foun- 
dries’ output is varying between 
50 per cent and near maximum 
capacity. But there are signs 
that demand might be picking 
up. Mr. Charles Davidson, com- 
mercial director of Lucas Indus- 
tries, also takes an optimistic 
view. He believes the key issue 
over the next 12 months will be 
the success of Midlands com- 
panies in expanding export 


■sales. Lucas, in common with 
the other large motor com- 
ponent suppliers such as Guest, 
Keen and Nettlefold and Asso- 
ciated Engineering, have 
stepped up overseas sales to 
compensate for the weak 
demand at home. 

A cause of some apprehension 
to exporters, however is the 
strength of the pound at a time 
when there are fears that UK 
inflation may begin to rise once 
more. A number of companies 
are reporting that they are 
maintaining export volume but 
on reduced margins and the 
point could come next year 
when they have to withdraw 
from certain markets. 

In Spite of weak demand over 
the past few years, investment 
has continued at what the CBI 
describes as "an adequate level.” 
The disturbing consequence for 
employment, at least in the 
short-term, is that nearly all. 
capiLa] spending has been 
designed to improve efficiency 
and save labour rather 
than to expand capacity. Mr. 
Davidson of Lucas, which spent 
£100m last year and has 
scheduled £94ni for the current 
12 months, says that such in- 
vestment is essential for 
Britain to remain competitive 
in world markets. He believes 
that the real test is whether 
advantage can be taken of such 
developments to Increase 
national growth and redeploy 
the dislodged labour. 

Sir Adrian Cadbury, chairman 
of Cadbury-Schweppes. which 
has a large confectionery com- 
plex at Boumville. Birmingham, 
reports that investment has re- 
mained "surprisingly buoyant” 
in tiie face of poor markets. The 
drinks and confectionery busi- 
ness had not benefited from the 
recent consumer spending but 
by next year it was hoped pro- 
duction volumes would he back 
to the level of 1973. “It is not 
something to boast about that 
you hope to be back to tbe level 


you were six years earlier," Sir 
Adrian said. “When there is no 
growth in output one way of 
seeking improved returns is to 
make better use of assets. I 
wish there were more new 
development projects but you 
are not likely to get that in an 
economy which is so sluggish." 

Unemployment in the West 
Midlands, at 6.1 per cent, is 
fractionally lower than the 
average for Great Britain of 6-2 
per cent, and has shown little 
movement on a seasonally- 
adjusted basis since the begin- 
ning of the year. There have, 
however, been signs of an in- 
crease in vacancies over the past 
two months. Such flutters in 
the employment market have 
been experienced before, so no 
one is placing too much reliance 
upon it. But Mr. John War- 
burton, director uf the Birming- 
ham Chamber of Commerce, 
reports that smaller companies 
are showing some optimism and 
talking about the need for addi- 
tional labour. He points to the 
improvement in office lettings 
as an indication that the service 
sector might be expanding. 

There can be no mistaking 
the principal factor behind tbe 
current uncertainty about the 
direction in which the economy 
will move. “Neither com- 
panies nor trade unions know 
what is going to happen to 
wages.” says IMI’s Mr. 
Swainson. “They do not 
know how committed the 
Government will be to the 5 
per cent guideline, how genuine 
productivity deals must be, or 
whether sanctions will be 
imposed against companies.” 

A few engineering companies 
have already concluded deals 
within the 5 per cent guide- 
lines, but most shop stewards 
are delaying negotiations to 
await the outcome of the strike 
at Fords and talks between the 
Government and the TUC. 
Many companies, although they 
would never declare it publicly 


are building into next year's 
estimates a 10 per cent total 
increase in the expected wage 
bill. 

Trade union leaders in the 
West Midlands have already 
launched a campaign to co- 
ordinate action by shop 
stewards to break through the 
5 per cent limit and seek a 
35-hour week. But at this stage 

the move is not being taken 
too seriously by employers as 
there is little indication of wide- 
spread shop-floor unrest. On 
the contrary, there appears to 
be a growing recognition that 
militant action will lead only to 
a further rundown of jobs. 

A number of companies, 
against a background of 
tightening liquidity, have 
already indicated that they wiil 
not be able to concede even 
the 5 per cent. There seems in 
be a desire to seek genuine 
productivity deals, but Mr. 
Parkes points out that com- 
panies that look advantage uf 
that provision under Phase 
Three can hardly hope to make 
similar output gains for a 
second year. He also underlines 
the vulnerability of Midlands 
companies to any possible 
Government sanctions. Apart 
from direct State finance to com- 
panies such as BL. Chrysler. 
Alfred Herbert and the Meriden 
Motor Cycle Co-operative, the 
region has taken full advantage 
of aid schemes such as those 
offered to the found ry and 
machine-tool industries. 

For Sir Adrian Cadbury, a 
former chairman of the West 
Midlands Economic Planning 
Council, the wages issue is 
likely to be crucial for the 
region. “If earnings finish up 
at 10 per cent, then inflation is 
likely to go up again. If they 
can be held at 8 per cent, there 
is a real chance we could move 
into a period of continued 
growth. At this stage it is 
mighty difficult to make a 
forecast ” 


. r' , 


Letters to the Editor 


Air fares 
scramble 


tint) — the latter as critical as the Like General Cowley I had moles does not have to learn tbe same 
former both to small business in the rough grass and let them lesson twice? 
development and “.Industrial be. One morning a molehill D H Da j e 
democracy.” appeared in the middle of a , . 

If any content can be giyen to lawn. Something had to be done " firreh Crest. Htlderrtone Road, 
(ft . cerr quickly with whatever was avail- Meir Heath, Stoke-on-Trent. 


DireCt ° r ' UtaSy'to ‘no^meaning) then able. I poured a small Quantity 

vceanair i ravei workers’ liberties and choices of creosote into the run.. and had 

Sir.— This year’s air fares ca n. be secured only through no more trouble, 
scramble on the North Atlantic employers’ competition. . Robert Nott. 
is- reminiscent of the Clarkson’s The ' fiscal dynamic of -the Englefield Cottage, Hwrtmore, 
era to the holiday trade; when classical capital market is Godafrntng. Surrey. 

the end of filling aircraft seats furthermore vital to the con- ; ’ 

blotted out all other ctmsidera- comitant interacting dynamic pf t/11 . - 

lions, Including that of making entrepreneurial - . - management. I ^nOlCG Ol 

a profit! • In- essence the entrepreneurial. V 1AW ' VV *- 

Sir Freddie Laker opened up act is sustained by managerial _ rtn 

a -new market for the casual activities and, under content- W taUUUi y 

traveller, which was previously porary conditions, creative, rano- ’ 

S ped. The scheduled airlines vatlve and risk-taking managers From Mt. &. longe 
1 not have tried to compete, secure outside finance to become 


Safety at 
work 


From the Safety Ad riser. 
Engineering' Employers’ 
Federation 

Sir,— Philip Bassett's article 
“Unions' chance to cut acci- 


dents" (October 3) contains a 

. Sir,— If General Mulloy is win- good potted version of the regu- 

since (i). be was not after their entrepreneurial small businesses, his mole campaign he is to Iations which allow recognised 
business. and (ii) the very nature Industrial, democracy as con- be congratulated— and somewhat trade unions to appoint safety 

of Sky-train, with no reserva- <*ived by the Bullock Report env jed— and I hope he may dis- representatives at workplaces 

tions systems, computers, sales becomes a_ disastrous encora- c i ose more of his strategy and from October 1. 

forces/outlets, negligible adver- brance on the critical fiscal com- c ho ice of weaponry to others who He states, however, that 

rising, etc., renders it impossible pu “ lo ° c U are less gifted. My smoke bombs under the Health and Safety at 

for tbe scheduled airlines to °^ 1 ? f A 01 * 1 have * noticeably aphrodisiac work Act "employers are open 

shareholders. No sensible small rat her than lethal effect. 


^ Prjme^MinJsle r confers with XOtlSV^S GVGlltS ° fE^' dlvldemte Forward 

Ministers accompanying him lo JL UUflJ 3 C T Technology Industries. Rugbv 

Bonn on Wednesday to discuss „ , , Portland Cement W A. Tvzacic 

monetary proposals. self-financing incentive scheme. EEC Finance Council meets in and Co Q Vlp!/™ dividends- Bs'G 

Air: Anthony W.d^ood tma,' Int^^io^l'Torrin^nTn^ 
speaks at East Lothian and f„ C r 0 ^ p UutJ00k tor ltaIy opens London Chamber of Commerce ment Company. Senior Engineer- 
Prestonpans Labour Clubs, prior Fiftcc „ pedera, Election, in XorrKei"'’ l!-V- Gr °“ P ' 

Canada— governing Liberal Parly ° ,scusses ox ? ort opportunities. 


Holdings. 

I Holdings 1 . 


Wood and Sons 


to by-election on October 26. _ 

by<SoM° n |t Pontefract and "“J m Treasury log ^ureJu^bfi COMPANY MEETINGS 

and Berwic * and East Senary »££? talk, TfwK rtveSun*” .BtudS* 1 S ~ 

Lotnum. German Government in Bonn on Faculty 

TGWU and National Union of international monetary matters. Edinburgh. .cuoMoih, 

Seamen threaten industrial action pnreien Minister* of UK u s Lord M *y° r of London opens ruL » at 

in union recognition dispute with W est Germany and Canada talk Charrmgton’s new office block at ^ nnir- 

Scot Catering and Offshore to Sout^ Afriran Government in A " chor B *weiy. Mile End, El. • ? 0,f - European Open Champion- 

Services, Aberdeen. Pretoria. - OFFICIAL STATLSTICS 

Unions and management nego- Sheikh Yamani gives annual Department of Trade publishes 
tiating committee reports to distinction lecture to Fellowship September provisional retail sales Women’s International Tourna- 

unions at Vauxhalf Motors on of Encineering, Guildhall. London, figures. ment, Brighton. 


—<«««. cpnnT Pi " anCial ° iary ’ p3Se 7- 

Faculty of Actuaries meet in SP B 0 0 «7 ns: Henfy Rhjn<?y (Ulol0 

Chris Walker (Sheffield! 


ship— qualifying, at Kingswood, 
RAC and Cuddinelon. - 
Tennis: BMW Challenge, 


match the price, since they are rather than lethi 

already blessed (or lumbered) ^” n ^„ r r eEeneratI can ^ Seymour Tonge. 

High View, 
Kintbury. Newbury, 
Berkshire. 


article ^ o£ oSbe^O 7^°^ Horwitz . 

Sons 0 tlie Ct0 possibility ° V of g™** * Business 

MF A ."SET W “ 

e $be schedule? carriers should 311 ’ R ^ ent street - WL 

tiirn their attention to reducing 

fares for their biggest customer, 
the business traveller. The new 
three class structure is a sop to 
the businessman, to confuse him 
Into thinking he is getting value 
for money. . Let us- analyse what 
he 


Terminological 

inexactitude 


to two years’ Imprisonment 
and/or a fine not greater than 
£1.000 on summary convic- 
tion." Employers — or anyone 
prosecuted for a breach of the 
Act’s provisions for that matter 
— are not liable to be faced 
with a term of imprisonment 
except in a very limited num- 
ber of cases on indictment 
Imprisonment can be imposed 
as well as a fine, as section 
. ,, „ 33(3) of the Act makes clear, 

t-rom Mr. h. l.o te jf anyone is guilty of offences 

Sir.^-SamueV Brittan argues in connection with any of only 
(October 5) that as a prelude four requirements: contraven- 
to joining the new European ing the terms and conditions! 


The value of 
sterling 



gets for his extra £189 From Mr. M. Mitchell - - .. 

(November yearly compared to sir— You tell us f October 9. ““etary system the pounds of any licence; disclosing cer- 

November Apex return); free bmS’ Page) that the National ™ lu * ^ be , adjusted tain types of information; keep- 

drinks; free earphones; a Coal Board and tbe Central Elec- 'downwards) to a level which it mg. using, etc., explosives con- 
different menu; the intangible tri city Generating Board have w*D be able. to sustain in the trary to statutory provisions, 
“higher siandard of «iervice”; use agreed to subsidise tbe sale of market for at least three to six contravening the conditions of a 
of first class check-in facilities; coal to power stations at a cost months. . prohibition notice, 

and a separate cabin so he can’t “to the Government” of about . But this raises a problem in p e_ Arscolt, 
find out what the others are pay- £25ra. Tbe terminology is in- itself. In the recent past, inter- Rrrt(lrffna „ 
ing! Even the very best of res-, exact- L’etat e'est. moi. vendon by the Bank of England lVexlmmsier, 

taurants with immaculate cloak- m. R. S. Mitchell. seems to nave been at least as 

rooms, service, food, wine and The Old House, .-lldhanL 
cabaret could not justify t \ r . Colchester, Essex. 
charging £189 for a meal! 

Companies with large travel — : 

budgets should exert pressure on 
the airlines to come up -with a 
fare structure which is fairer to 
them; cosmetic changes in the 
style of service- are not enough.- 
Colln P. Boyce. 

Oceunoir House, 


Because we make, sell and service our own copiers 
we’re very careful about our image- 


swi. 


Exchange 

control 

From Mr. W. Platt 


much directed to dampening as 
to sustaining the value of 
sterling. Consequently, if we are 
to move to a rate which is 
different from that which the 
market would establish, bow is 
the pound to be kept there for CDCrCV 
the three- to six-month period 0,7 

when, by definition, it will be out From Mias ill. Watchom 


Electrical 


of line with its market value? 
Harvey R. Cole. 


Hint, SiT - — Mr. Finlay (October 12) 9, Clifton Road, 

133-137 Whitechapel High Street, dQ?s nQt signifi- Winchester. 

cance of a non-resident holding 
sterling: so long as he bolds the 
sterling there -exists a contingent 
liability to the foreign exchange 
reserves. Put it another way, if 
the Spaniard does not want ster- 
it for another 


El. 


Small business 


A currency 
system 


Sir. — The purpose of coal- 
mining tbe Vale of Belvoir is, 
quite simply, to provide jobs for 
miners. It would reader some 
hundreds of acres non-vi able for 
farming — and food is tbe most 
important productive use for 
land. 

The most efficient — practicable 
—way of generating farther eiec- 
tricty is nuclear fission using 


You can take the sharp, clear Image of our copiers 
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As companies come in lots of different sizes, so _ 

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by a reaify comprehens ive warranty we call 

our Total Guarantee Agreement. S £ 

-j ■ 


Hog he sells 

currency — be sells the sterling From Mr. D. Dale 
to a willing buyer (another non- sir, — Alhefforts to stop tbe fall f asT breeder _ reactors. There is 

resident) at a price. The more of a weak currency by borrowing much semi - hysterical anti- 
sterling being sold, or on offer are doomed to f alio re. In the P uc ^ ear propaganda perpetuated 
• - — - very “close-minded * 


regeneration 

From Dr. R._Hanoits 

attitudes' is ^ hJ^SllLila^LesKe "non-residents the lower the I93<te the Exchaiiie ^ Equalisation in * 

OfS hta fnftmiativeStiaa?of P ri « in tenr * °? *S beT 1 e “ rreD : Fund was swallowed up in no manner. 

the resursiue oreoccunatioo with cies - ie - sterling is devalued and time when the French Franc lost The Windscale Inquiry was an 
small business development our foreign currency rcserees the confidence of other countries, extremely thorough, painstaking, 
finance bv the banks aDd P other are depleted. Without these After the war. we were 3>nif.'-!t patient delving into the pros and 
financial institutions (October 10 reserves we cannot pay for our bled to death in our efforts io cons of nuclear and alternative 
MamSemSt pSge) 'In short imports. This is the valuable avoid devaluations of tbe po:-nd. technology including some bila- 
there has -been something of a property which is being removed Very -late-in the day we accepted rious suggestions of windmills 
response ’ but less than a an d the reason for having ex- the inevitable and allowed the in the North Sea and sugar beet 
revolution. - change controls. - - - — 

It is. becoming daily ?• P I att, w ,, fro 

evident that Britain cannot much SO, London wall, but. 
longer delay tbe launching of . 

another Industrial revolution. - 


pound to float freely thus saving jn the Lake District (page 35. 
ourselves from a far worse paragraph S.51). It is a pity 
economic fate. xhe anti-nuclearites cannot be 

It would be stupid in the ex- bothered to read it 

tfed ’ the ■ pounTt^the /he most disturbinf revelaUra 

stronger currencies o£ our ** af 

European neighbours. These 00 33- , -paragraphs ; S.40. 41, 

countries would then continue to % For j 

flood Britain with competitively Foundation Report on the cost 
priced goods and lend us the 1° 1*^® and health of coal-fuelled 
money to pay for them, while P<w e r plants. The report 
General our own industries continued to evidently confirms what many of 
suggests decline. This is the quick way tiviog in the vicinity {9 miles 

e T ,, y MW 

md mroUdO? meant annual dis- May I ask. him bow he manages opposite road : stick to a funy yea«-- 
tribution of J tb€ whole annual to see the -little blighters to floating pound and .tackle the Why is Mr. Wedgwood Benn, 

surolus of profits " to such shoot them?. And,, as -.for sur- heavy ^ob of rebuilding our Minister for Energy, keeping this 

shareholders; That distribution rounding, the garden with Industries by producing better Report unpublished? The public 

was both source ahd-information bottles; quite apart from danger and Th ® pound would h avc a right to know the risks 

for the continuum of re- to children, etc^ he must . oe then strenctnen Jtseif. of various technologies, 

evaluation of resourcMdocations much thirstier and richer ban Tbe Prime Minister had to 
Of investment funds. It was the 1 to be able to accumulate resign tbe 


The fiscal Inspiration for entre- 
preneurship can however come, 
it is roggested, not by way of 
an' attitude? change in the finan- 
cial fraternity but only through 
the re-creation of the classical 
capital market 

Basic to- that market was that - 

the corporate enterprise belonged Cowley (October -5) 


Getting rid 
of moles 

From Mr. It. Nott 
Sirr-My friend. 


_ Chancellorship M. Watchom. 

f bribe vast expan- enough empties. because be tried in vain to avoid 5$ Priory Road. 

found simpler solution- devaluing the pound. Surely he West Bridgford, Nottingham. 



,-y .«♦ 


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o-**« » Sf,a isa a ^ass.ffsaa'i a u-o «> «i« j*«i a-* tt »-o &*a * » 


Pr 


pr< 

ch 


THE PF 
decided tr 
al legation 
Wilson fi 
number c 
were com 
paicn agai 
Party on 
1974 Cent 
The foi 
allegation 
lowing th> 
affair. Mj 
was. bad 
an orcbes 
himself, t 
Lady F: 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
pnetors 
instructed 
round a 
material." 

The Pn 
to hear • 
Sir Harolc 
formal co 
On the 
against t 
council s; 
Royal Cc 
that thcr 
Labour bi 
The Pr. 
is one nj 
Ii?hed tod 
In ano 
council 
against U 
Daily Ex- 
picture c 
Henrietta 
death in 1 









COMPANY NEWS 


Dawson claims breach of 
confidence by Baird 



cfei* 



K ; :.' . 


BSC men 
River Don 


. .Financial Times Monday 




works to 


■‘X- "iy- 




BY TERRY OGG 




Mr. Alan Smith, chairman nf 
Dawson International is expected 
to disclose today that he has 
written to Mr. .Stanley Field 
requesting his resignation i»*m 
Dawson's Board. 

Mr. Field is chairman of William 
Baird, Dawson's largest share- 
holder, which is currently bidding 
for the Dawson shares it doc.s not 
already own. The resignation 
request follows the release by 
Baird of details of the frustrated 
Dawson bid for John Haggas, a 
Yorkshire -based worsted yarn 
spinner. 

The Dawson Board appears to 
regard the release of the details 
as a breach of confidence: it is 
an example uf the contlici* of 
interest inherent in Mr. Kield's 
continued presence on the Dausun 
Board, the Board claims. 

Perhaps- anticipating such a 
move. Mr. Field, in the letter to 
Dawson shareholders outlining 
the Dawson. Haacas proposals, 
says that a copy of a Press 
announcement containing the 
merger proposals “ was sent to me 
as chairman of Baird." 

*• The Board of Baird decided 
that, in view of the proposed 
terms of the Dawson-Haggas 
transaction. Baird should immedi- 
ately inform all Dawson share- 
holders of its opposition to the 
proposed Hnggas transaction and 
of tJie alternatne proposals which 
Eaird was willing to put forward 
to all other Dawson shareholders." 
Mr. Field says. 

The resignation call is just one 
nf a number of defence devices 
Dawson is using to beat off a bid 
it has dismissed as being “ totally 
unacceptable both commercially 
and financially." 

It Is also exported to announce 
a substantial increase iu divi- 
dends, make a more optimistic 
profit forecast and disclose that 
it is in the process of completing 
a revaluation of assets. 

But the main thrust of its 
defence is likely to be that the 
shareholders would be better nlT 
if the company was Jrfr to stand 
on its own feet than if it became 
part or William Baird. 

.Should the Baird bid be 
defeated. Dawson will almost cer- 
tainly proceed with the Harrgas 
transaction and it is looking 
closely at a second acquisition in 
the textile industry to round off 
its product range. 




BOARD MEETINGS 


Till, following companies haw noli fil'd 
dai-.-* u( Board nullings to iht s'Ol-Ic 
I' xcham 1 .-. Sucli RK-i-uuss arc usually 
held (nr Ur' purpose ur considering 
dii .dcrdi. Official Indications are not 
aiai'.-nic as 10 ivhoibi.T dividends are 
In;- run* or gnats and the sub-d, visions 
stio'i-n lx-icm- are basvd malniy on last 
year s mile table. 

TODAY 

lincrim,:— Allied PlalU. BSG tfllpr- 
rjliurj!. Brook Sirce! Bureau of Mayfair, 
□ornntiion Divestment. Rugby Portland 


Come n 1 Senior Enalnecnns. Sleel Bros.. 
Wood and Sons 

Ffnari: — Forward TecJmoJusy. w. A. 
Tyaadc. 

FUTURE DATES 
Interims:— 

Rorfci-lej- Hambro Property . ... net. 2B 

Central and Khecnrood Oct. ]7 

nerrard and National Discount . n L i. 19 
More O'Kerrall . . . Oct. 25 

Nidi - icon Twenty -Eight Inc. Tniw Nov. 2 

WVbsiors Publications Oct. US 

Finals:— 

Burudi.'iie Investments Oct. 19 

Equity laconic Trust ... Nov. I 

Peters Stores On 20 


A British Steel. -Corporation 
I plan . to get its most ' consistent 
i Sheffield loss-maker, the . 3.600- 
| employee River Don works, r Wck 
into profit by I9S1. has been 
accepted by the work force... 

The plant, which combines the 
UK's biggest forge with a modern - 
[ foundry and steel-melting . and 
i engineering facilities, has- been a 
[ consistent loss-maker. ~ I d -recent 
'years losses are thought to .have 
' exceeded £T0m: . -r-X - 

|. Now. after nine months lot 
bargaining.- unions have accepted 
a sweeping new business, plan- for 


River Don which wiir include 
* UOr ««rt'i.rni*ilion. together with. 

^ - PU. our house m 

agreement explain: V* 
the aim of employed witton 
the River Don and associated 
Irork-Tto make the works into a 
profitable enterprise, showing an- 
acceptable return on capital by 

modernisation is expected 

to bi accompanied by - vigorous 

product development to take the. 


iislanr ^ In : ’ot^ 

important; breaktKcnughs frS 

less steef casting and .Uje'h^; 
tion of Norflt.Sea,, 
have, been- achieved: :-v\. - ' * 
The huge plant' ■fcrcetTcljX 
closure in 1971-72 after 
able : pari of. 

between - BSC - and - private-® 
steel -maker and forver-?» 

- Brown. Substantial & 

iitiori blocked 'such pia»&^ 
since .-then' BSG tes Invested - 
stderably In .uprafing both^t 
and„f qurtdry. focilities. 

' L- < : .v L >- . . 


ID 




More support for development counei 






New pension retirement 
policy launched by Royal 


There was more support at, the 
weekend for the campaign to 
safeguard the North of. England 
Development Council, the future 
of which is threatened by plans to' 
restrict Its activities. 

Liheral councillors on.' the Tyne 
and Wear County Council, the job- 
hunting agency's biggest backer, 
want the organisation retained in 
Its nresent form: 

They have "tabled a motion . -for 
this week's meeting of the County 
Council deploring moves tto-'ciA 


its operations and criticisinR the 
newlv-fnrmed North East County 

Council's Association; fhr ' wanting 

tJj confine the NT5DC s role to 
promotion and publicity. . ^ 

The Influential - Northern. 
Regional Council of the Labour 
Party has already come, out in 
support of "preserving the NEDC 
until the Government approves 
plans to strengthen the Northern 
Economic Planning Council. 

But the campaign is sure to be 
resisted at the County Council 


; meeting- byibt'AtahontyVVff 
. labour TH-owp.'ywb Srh havafe 
voted -to withdraw ft* £8tm 
year- gramfniroi'the-, JfflBCk 
-year.. This follows ^IPciMvnf 
jnrganlsatlpn-'s ; -4d5br ts^r Q t» 
new' industry.. parricaJa*? 
number of overseas trade 
The pietttre has < 

even. nfore'by thf deeisi9q^ ! 

NEDC to goiahead wTth'aft^ i 

cation to the 

increased grant jof i£3Sii»5 
year. .,, V"-?;- - 




A NEW improved form nr pension 
contract for the self-employed has 
been launched by Royal Insur- 
ance. designed to provide the 
maximum possible tax free cash 
sum at retirement. Under the new 
form of Personal Retirement 
Policy the contributions are 
accumulated in a fund at a 
guaranteed rate of interest to 
which is added bonuses whose 
value will depend on the invest- 
ment performance of the fund. At 
the date of retirement at time 
between the 60 *h and 75th birth- 
days. the sura so accumulated can 
bo uecd cither to provide a pen- 
sion or a tax free cash sum 
together with a reduced pension. 

The new policy will incorpo’rate 
an nnen market option, which will 
enable the investor at the time 
of retirement to take the value 
of the accrued rights under ihe 
contract and purchase the pen- 
sion nn the open market, that is 
with another lire company. Royal 
slates that the value of these 
accrued rights will not be less 
than 93 per cent or Iho amount 
of the retirement fund, including 
bonuses. 

The investor has the choicp or 
paying premiums on a regular 
periodic basis or by a series of 
single premiums or a combination 
of both. Under Royal’s current 
bonus rates.: a man aged -IS pav- 
ing 16 annual premiums of £1.000 
each could expect on retirement 
at age B3 to receive a tax free 


cash sum of £12.072 plus a pen- fBlawMMiA ’ 

sion or £4,024 per annum. The *■■^*^^*■8™** TW)T 

contributions vvouid qualify for Bovd-Carpenter. chairman of Rugby Portland Cement, 

tax rate ef ** lhe mvcslors lop who is due to announce half year results today. 


Sime Darby row with auditors escalates 


The altercation between Simc 
Darby and Turquands Barton 
Maybew. the auditors which the 
company proposes to replace by 
Price Waterhouse, could flare into 
open battle later this week. 

Turquands plans to hold a press 
conference about the issue in 
Kuala Lumpur some time this 
week. 

The firm has already said that 
it does not accept Simo's stated 


reasons for wanting Prire Water- 
House to replace Turquands. 

Sime says that PW extensive 
worldwide representation will 
make it better placed to deni with 
the inlematlo'na! affairs of Sime. 

Turquands does not accept this 
as a valid reason and at a press 
conference earlier ihis month in 
London claimed that r-'ime must 
have other reasons for the pro- 
posed replacement. 

At the Prexs conference one 
director said that Sime had 


verbally given him at least one 
other reason. 

Turquands is now arguing 
si rung!;,- that shareholders should 
he given the full reasons for the 
Board's decision :o dismiss 
Turquands. ; 

Meanwhile, time is running out' 
as Sime is in the last stages of I 
preparing its accounts in which I 
the directors must make a recoin- j 
mendation one way or the other 
over the auditors for the current I 
year. ! 


IBM. the world’s biggest ’ com- 
pany. is abandoning pi Ifcair to 
develop a new northern, fegjojw I 
headquarter . at Bowdorr . In 
Greater Manchester JoThwing 
rejection of its planning applica- 
tion by the local authority. - 

The company had -been hoping 
to develop 20 acres on a, 100 acre 
farmland site owned - by the 
i Church Commissi oners hut .its 
pronnsa) ran into, very strong 
opposition in the area, one of Man- 
chester's most prosperous suburbs. 

The strength of. local opposition 
has now persuaded IBM not ro 
appeal against' the ..rejection , by 
Traffnrd Borough Council, of the 
application although fhe company, 
said yesterday it very much re- 
gretted the decision. Mr. E. R. 


Nixon, managing director of .IBM 
UK said the company had Had 
good business reasons for wanting 
to locate its northern marketing 
centre on the site which would 
have re-housed roughly . 400 
people currently working in three 
. other office blocks In the Safe area 
of Traffnrd. Total employment -at 
the proposed two-storey block was 
expected to grow over, the nest 
few venrs to fififi. 

“However we were also firmly 
of the view that we would have 
to be able to make a major contri- 
bution to the local community and 
environment. Had we riot. -been 
given the clear indication that we 
would find sunport for this view, 
we would not hare ' lodged Ithe 
application in the first place," Mr. 


• - •. • : 'v 

Niyon said.:, • ' '• 

The company favbured ifife 
because of its proxraity j^x 
Chester Airport only a-.fcw^ 
away.: And-lto : lbe- rinrionrsWi 
main line rail network:- fife ‘ 
at Bowdori was 4jRo 

close; io: -the : -existing, 
hare' made, it . -imnwifeatYi 
staff to move ; House.-.-' r~ 

IBM is now expected 
search, for an alternative - sSe 
the centre wWch actras-a^ 
ketlng support fedlitp ^^ 
activities in the north C 

and in SeoUamt' . ‘-'UQ- 


Powjer bi% 7 
computensed.; 


Stock control weakness at BL Cars 


Public Works Loan Board rates 


Effective from Octoher U 


Qmta Ih» repaid 


NiM-ntan loans A* redd 


LOCAL AUTHORITY BONDS 


Annual 


Authority 

cross 

Inlerrst Minimum Life of 

f telephone vHvibrr in 

interest 

payable 

sum 

bond 


% 


£ 

Yp.it 

Rarn'fey Metro. i«226 2«:!2-12> 

U5 

J -year 

2 sn 

a-i 

Bradford (0274 295771 

HI 

I -year 

500 

3-7 

Chorley (02572 3B11) 

111 

3 -year 

1.000 

3-7 

Knowaley (051 54S 6555) 

lii 

i-year 

1,000 

6-10 

Manchester (OGI 236 3y77) 

in 

J -year 

500 

2 

Poole (02012 5131) 

10) 

‘■year 

500 

i 

Poole (0201:: 3131) 

m 

i-jear 

500 

6-7 

Redbridge (0M7S 3020) 

in 

5-year 

200 

G-7 

Salisbury (072i 242Gu> 

n: 

1-year 

inn 

3-7 

Southend 10702 49431) 

ioi 

I-year 

250 

3 

Thurrock (0S73 5122) 

li 

i-year 

000 

4 

Thurrock ttl375 ol 90 ) 

102 

i -year 

noo 

3 

W rekin (0952 505051) 

1U 

yearly 

1,000 

5-6 


HISTORIC WEAKNESSES in 
stock control procedures for BL's 
Rover and Triumph Cars led to 
a major qualification of the 1977 
accounts for Briusb Ley land Cars 
by Cooper and Ly brand, the 
auditors. 

The problems, which are now 
said to have been solved by new 
inventory accounting methods, 
first came to light in J976. 
Apparently physical stocks could 
not be checked out in detail and 
theoretical values in the accounts 
also failed to tally with ‘physical 
stocks. 

Once discovered the company 
moved to put matters right with 
a new inventory procedure. But 
by the time the auditors came to 
look at the accounts for 1977 they 


could not be certain that the new 
system had rectified all the 
irregularities. 

Hence the heavy qualification 
accompanying the published 
accounts this April. 7'his read 
in part that until the new method 
was complete “it will not be 
known whether the amounts of 
fixed assets or Leyland Cars which 
have been incorporated in the 
-accounts arc accurate or. alterna- 
tively. whether some assets which 
are shown in the account* are no 
longer in use and therefore 
should be written off." 


dean certificate apart from minor 
issuer such as uncertainties over 
the costs of plant closures. 


FT Share 
Service 


Years 

Up to 3 

Over 5, op to 10 
Over -10. up to 13 
Over 15, up to- 25 
O ver 25 - 


hrSW 

121 

. 12 } 

13 


■"at 

M 

maltrr'CyS 

by EiPt 

At . 

» 

matHrityi 

31 1 

12 ) 

12 ! 

1=5 


w* 

122 

125 

13 

MV 

]£> 

12 ; 

135 

ml; 

. MI 

12 

13 

131 

135 

MV 

l*h 

13 ‘ 

134 

135 

131 


The audilors did not feci thai 
the qualification needed to be 
carried through to the parent 
company's accounts which won a 


The following securities have 
been added to ;he Share Infor- 
mation Service appearing in the 
Financial Times: 

Banco De Madrid Section; Over- 
seas — Spaim, Portsmouth and 
Sunderland Newspapers (Sec- 
tion: Newspapers!. 


•Non-quota loans B are 1 per cent higher in each case than r*pn- 
quota loans A. f Equal. instalments of principal. ^Repayment by h*lF- 
reariy annuity (lured equal half-yearly payments to include principal 
and interest). §Wiih half-yearly payments of interest only. . - 


soitthern” ELFxnta&t 
installed . n £2J5th compui^ r 
hancUe the hilfftig ipd aaM$ 
of its .2tn customers iatfl 1 jjf&j 
a ddi tiorial compider-hHsed "fa 
ties to ^sfst management cf • 

undertaking. - .-V 

The computer, a.4n.-meKh 
dualled 2970, from BritislfiB* 
facto refs .Trilerriatiflhal^S- 
piiters : Is' planried- tti: hefl&i 
to a Jtelecbramunicaiions nc«« 
so that .cusidmer irifonBatiqtff 
be received 
in pacb of the boardls 


RESULTS IN BRIEF 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £l,000-£25,000 accepted for fixed/ terms of 3-1Q 
ycare. Interest paid gross, half-yearly. Rales for deposits 


received not later than 3.11.78. 


Terms (years) -1 4 5 6 7 S 9 10 

Interest % 11 111 11 * 12 12} 1JJ 1 2j 12J 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road, London SE1 SNP (01-928 7822. 
Ext 177). Cheques payable to “ Bank of England, a/C FFL" 
FFI is the holding company for. ICFC and FCI. 


THROGMORTON SECURED GROWTH 
TRUST— B:-sul'3 I or July Si. :*:£ nat 
ulp'iidy hsumu. BrW: Government 
Stuck*, at nutate marker w.ae. S~, suns 
i rr. l^m ■. o-Jier mresunc-.*.' "rt?3m 
iC.TVm. Net curr.-ai ass::® . S225.45S 
I'al.'WT'i. On TV.-.-mse Ison- tLrov.ors 
Sopo (or nxnh .-r nrosri-ss m .-vsrr»r.: rear. 
M.-utinj. 23 tiltk 3;re«. 5C. NcT-.tsber i 
at 12 .TO pm. 

WESTERN MINING CORPORATIOH- 

lor Ihe year tfl Jan? 27. iSFs 
already r'narii. r.irenp m'tv p-op5r»*-s 
and devcksMti-ai SIS.ISm Plant 

emiipmoot property £nd *:709ir: 

■ Sl-.n34nn. Investmecrv s:«.3S!tt 
'5!i«73'ni. Meencg. SlciScarse on 
Xovcnitn-r 2. 


THE CAPITAL & NAtltitttii 

: \ "■'•v -c ’ . . - >■'^-'1.*^ , 

5 s TRUST : LIMITED 

- ^cretary and Hlaoager— Investment Trust Sendees 


Three year summery of results 

Gross Assets 


Gross 

Revenue 

rooo 

981 

1 , 1*21 

1,242 


JT/iCif securities hnving been sold, this announcement 
appears as a matter of record only . 


JVcic Issue 


$200,000,000 

(Canadian Dollars) 



Canada 


9.85% Debentures, Series DF, Due 2005 


To be dated October 12, 197S 


To mature October 15, 2005 


A. E. Ames & Co. 

Limited 


Wood Gundy 

Limited 


Dominion Securities 
Limited 


Greenshields 

Incorporated 


Merrill Lynch, Royal Securities 

Limited 


McLeod Young Weir 

Limited 


Nesbitt Thomson Securities 

Limited 


Pitfield Mackay Ross 

Limited 


Richardson Securities of Canada 


Bums Fry 

Limited 


Levesque, Beaubien 

Inc. 


Midland Doherty 

Limited 


Walwyn Stodgeil Cochran Murray 

Limited 


Beil, Gouiniock & Company, 

. Limited 


Rene T. Lsclerc 

Incorpm®® 


Equitable Securities 

Limited 


Mead & Co. 

Limited 


Morgan Stanley Canada 

- Limited 


Molson, Rousseau & Cie 

Umitee 


Tasse & Associes, 

Limitee 


Pemberton Securities 

Limited 


Odium Brown & T. B. Read 

Ltd. 


Brault, Guy, O'Brien 

Inc.. 


R. A. Daly & Company 

Limited 


Geoff rion, Robert & Gelinas 
Use 


MacDougall, MacDougail & MacTier 

Ltd. 


A. E. Osier, Wills, Rickie 

Limited 


Houston Willoughby 
Limited 


John Graham & Company 
Limited 


Casgrain & Company 
Limited 


Maison Placements Canada 

Inc. 


Andras, Bartlett Cayley 

Ltd. 


Grenier, Ruel & Cie 

. - Inc. 


Scotia Bond Company 

Limited 


Burgess Graham Securities McLean, McCarthy & Company 

Limited Limited 


SJViCO MONEY FUNDS! 

. 'Isajuj.; In' .'vfiiA ir? ' 

.• V .VT^n-j^rmt-mC'-v. 1 -nJ. 

W. i \sN ON 81 H£IT H4N /. \t 

Tc.tpIiunt'Mll-iSrWZ?- 


Rates paid for W/E 15.10.78 



Call 

7 day 


% P*- 

% p a- 

Mon. 

8.449 

8.528 

Tues. 

8.561 

8 542 

Wed. 

8.649 

8 545 

TTiurs. 

8 579 

8.521 

Fri./Sun. 

8J83 

8-540 


Year , Gross Ordinary Shares ''(less current" ,Kw ^ ; 

ended' Revenue - .Earned Raid liabilities) 

31st July . rpOO per shire per share : 

1976 981 ; ;3.60p :7>- . - 3^0p . 20,770^ 

1377 1,121 . . 4.16p , . \ 4.00p . '24585 

1978 1.242 4.66p 1-, 4-60 p . 2IL3U; : i.y 

Annual capitalisation issues haye;been made to 4t 1p v Ordinary - 
J' 1976 2.7436282% . 11)77 '2.9932126% ' 1978' 

The twenty largest equity holdings detailed in the Report and Accounts ORuaifK^iffl '■H* 
cent of the portfolio. - - ... 

In his statement SIR HUGH ST A C KAY-TALL ACK said: f We a re hopeful that" the 

of rising dividends will continue and that your company's ordinary, dividend will he . 


/ (iess current" ^ ^ 

• liabilities) 

. f'000 ? 

20,77o!4-^.l^h>;i^ 

24.2S5 y 

28^17, : i v :188p- 


ist equity holdings detailed in the Report and Accounts equal .293 
Olio. ■---■•■ • ... ---i; x. 

SIR HUGH MACKAY-TALLACK said: f We are hopefullhat’the trend^ • 
ds will continue and that your company's ordinary, dividend 


AER LING US, TEORANTA 
TJ.S. 520,000,000 8i PER CENT LOAN 1981 


To the holders of-S— 


NOTICE IS HEKEBY CR'E?,' that In carrytiK: out the owrot (on of the 
BiaSdus fund of litii NiTaeraber. li-78 in res-pect of liie above Liyin 


Bond* for t'.S. ^T:*iilW fcave ixen nirctia;ed and rne undPrrncntior.pd 
Bends amount in" to I’A S703.CC3 n-pi-a tl.ls dfl'/draivn DJ RICHARD 
GRAHAM ROs«SER ioi llMJre. De Pinna. Scorers A Jolin Venn’ 
Nmaj-v Piihii.’. fompaymem a r oar on the iath, November, ifljfi." 
Irom u Jiltli (Lue ail leresi t h cr«' n will oease : 


BOND ALAiBEUN: 


INDUSTRIAL ANDMIKIWG IVELOPMESTj 
.. BANK0FIRAN 

Floating Rate Notes due t984 


OTET-nO 

irnTTre 

jrxa: 

Mti j7 

errs "5(3 

loana 

WV»-7I 

?■*:- 73 

10113 J) 

Pi»«W 


iaii«(«3 


sea vox 

10)7873 

PatS; 13 

PMl.W 

loiaa.'OT 

Sfi3J.U5 

r-2i 

10U* 92 

»a3s>; fa 

SttS 

103M 


SSQ 

I0204'_M 

ssja-iB 

0358 

10236 18 

KH8 52 

S5fo«187 

inoH-tc 

9570 P654 

100M 

10C64.09 

M02.'7O 

10065 

10S0CM 

9bTCiG5 

3i.W7.Tl 

3 0333 25 

£sab.o7oa 

10OTV73 

30541 45 


1IVMT43 

lPjffl 

iWfBr-o 

HXjjl.05 

ia>-w 

10WT53 

1(B« 

JOXA 1WOJ 

lane 

ar»il3:32 

loere 

10M9 

1DH75 

10607/10706 





... • •. . • c <• * 


705 Bands .2 US. SI. 000 = U.6. STtB.000 
THE Btovtojeritloned Bonds with Coupons due ISth November. 1779 
h® nwnt l>n rtr after the ISifi Novembci- 

”®** 1 2®*”" J- KEancv scheoder wagg & ca. iTD..cmi^k 

V ,n $*. n n ’ C2 -J*i* , «n the hours ul ten and urn 
® vJojck. snd at l Jiier Ban t Ltmjiad. Ct-iit-ge Green. Dublin 2. Ireland 
AtaohaLtnn Bank N.A.. 1 Ch«e sEnhartan Pirn. N’cwYu. k 
IOOI.i. t'.SA and RmUrt bank S.A. Lu.-.i-ir.bourt'ei>l-e. J7 Rue Nutre 
Dime > CaaaPo9L'U0U«.t,uxnmboni--v-llle. ' n 

AU Bonds; numbcreil KJi to 1S28 incln^ve drawn for redemption 1-th 
N'li-omber. 19... and not yet repaid, mould b«- Indeed n t one ol tLe 
anore-mentioned f or rermyrruiLt w lihoul further delay. 

London, the S5th September. 1S7B. ... 


In accordance with the provisions of" the above no^^ 
Merrill Lynch international 'Sank Crmitsd; 

Agent has determined that, fair, coupon No. A. 
of interest for the next' period. . payabje oh the 
April, 1 979, has been fixed at' ten and nine sixteentt^ 
' -per cent (1 ()■& %) per annum. y 3 i<j 


Merrill Lyndtliiteniational Bank Lunited- .g 

AgentBaiik’!. J \.r. ";23 





Banca Commerciale Italiana Holding 
SocieLe Anonym e 

(incorporated in Luxembourg) • 


U.S. $60, 000,000 Guaranteed 

Floating Rate Notes 1981 

For the six months 

October 1 6th, 1 978 to April 1 7th, 1 979 
the Notes will carry an 
Interest rate of 10^ per cent, per annum 

Principal Paying Agent; . 
European-American Bank & Trust Company, 

10 Hanover Square, New York, NY 10005. USA. 

By: Morgan Guaranty Trust Company of New York. London 
Agent Bank 


Victor 


• i :■ e 

nnnnuusSsnnh^w^ 


- Capitalisation issue pf 764,674 10 pefeenu >: t . 
: Cumulative^freferepice. Shares of rj.each^, % 

The Cburicll of 'The Sldck- Exchange^has 
a bo ve-ihentloned-Prafe rS nce.S ftarestg tftejpff rp|a 
Paritlcul.ate-.bt the rights attaching : to'^hesS shBres ato 
syafiabie in the Sg^Stej|dUcid-Se^w.ahtijtppfeg^nBr] 
be obiainaft id wingusuai busifiess^ours-thany yf^^i 







m 


k' 


19 


Financial Times Monday October 16 1978 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


r ' ^ r ■ «<; 




UK DIVIDENDS 


ae - (‘ft! 


:\K^r t»;u 

»'• . • . 
s:3 i ; ^-V;K? 


i ^ 

* * -• V M 


LTV reduces reported net 
income for last four years 


LTV has restated its consolidated 
earnings and those of its subsi- 
diary, Jones and Laughlin Steel 
Corporation, for the years 1974 
to 1977. reducing LTV's net in- 
come for the period by $ 26 . 6 m 
and Jones and. Lauchlin’s by 
Slain, agencies report. 

The restatement was. made to 
correct accounting errors in 
Jones and Laugh 1 in’s statement, 
which used a " last-ifl, first-out ’* 
method of inventory accounting, 
LTV said. 

LTV said that its Board agreed 
to enter into a consent decree 
with the SEG stemming from an 


SEC investigation into , the com- 
pany’s prior reported earnings 
for several years. • 

Its expected signing on Monday 
of the consent decree would clear 

the way for the special meetings 
on December 5 by shareholders 
of LTV and Lykes Corporation 
on their pending merger. 

In . addition, to -*he : merger 
terms previously announced, the 
boards have voted to offer 
holders of LTV Series -A pre- 
ferred stock the option to 
receive two shares of the new 
LTV S2.60 Series B cumulative 
preferred stock for each share 


DALLAS, OcL 15. 

owned. 

Each share of the new Series 
B stock to be issued in connec- 
tion with the merger will be con- 
vertible into 2-3 shares of LTV 
common and 0-3 shares of a new 
LTV Series One participating 
convertible preference stock. 

• Our Financial Staff adds: 
LTV reports a consolidated net 
loss of $3S.7m for 1977, against 
a profit of $30.7m in 1976. In 
1975. net profits were $131m. 
and in 1974. Slll-7m. In the 
first half of 1978. net earnings 
of S8.4m were realised, 'in spile 
of a first quarter loss of 825 ra. 



Investing looks for gain 


BY TERRY BYLAND 

RECENT PREDICTIONS bn Wall 
Street of earnings this year of 
SllOm to $115m from City In- 
vesting. the insurance and steel 
products group, were described 
as “a good figure’' by the 
chairman and chief executive, 
Mr. Geo. T. Sharffenberger in 
London. He added that the group 
looks for a 20 per cent increase 
in sales to around $3,6bn. In 
1977. City Investing turned in 
earnings of $S2.5m on sales of 
$3tm. 

A significant proportion of the 
increased earnings will come 


from the insurance ' divisions, 
traditionally the group’s prin- 
cipal profit makers, which are ex- 
pected to push operating profit 
up by 50 per cent to 5150m this 
year. The in vestment, portfolio of 
the insurance side, now totals 
some £1.6bn and is expected to 
earn 8100m this year. 

Mr. Scharffenberger and" other 
board members are . currently 
paying ah annual visit to the UK 
where the group's operations 
earned $&3m this year, chiefly 
from its steel container and 
plastics business. 


The board is actively consider- 
ing a further acquisition in the 
UK which would represent a 
“ substantial investment” The 
group's international manufactur- 
ing divisions, which now incor- 
porate operations in 20 countries, 
are expected to earn some $4Sm 
this year from sales of 5480m. 

City Investing is also a major 
force in the U.S. domestic hous- 
ing — number four in the industry 
according to board members. It 
sees this as a strong growth 
sector. 


Yon Roll 
expects 
to stay 
in the red 

By John Wicks 

ZURICH, Oct. 15. 
THE SWISS engineering con- 
cern, Von Roll of Gerlafingen, 
expects to remain in the red 
during the current financial 
year, ending November 30. Last 
year net losses were cut to 
SwFr 100.000 after a return 
by the parent undertaking from 
a negative to a' positive cash- 
flow. 

In a letter to shareholders, 
the Von Roll president Dr. Paul 
Koehll says that the success 
of the eoneem's reorganisa- 
tion programme has been 
seriously impaired by the 
recent development in 
exchange rates. This had led 
to a. negative, trend in operat- 
ing " results after the first 
quarter, which Von Roll was 
now countering with '‘even 
more rigorous cost-saving 
measures.” Liquidity remained 
good, however, and corporate 
re-organisation and produc- 
tivity Improvement was 
conttnned- 

For the first nine months of 
the current financial year, 
'group turnover remained at 
1976-77 levels. Sales of the 
parent company fell by 4 per 
cent, as a result of the rise in 
the Swiss franc. Among major 
subsidiaries, profitability of 
the Swiss steel company, 
Monteforno. of Bodlo, 
deteriorated, . 


RECENT ISSUES 


EQUITIES 



The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in the 
following table. Dates shown are those of last year's announcements, 
except where the forthcoming board meetings (indicated thus*) 
have been officially published. It should be emphasised that the 
dividends to be declared will not necessarily be at the amounts or 
rates per cent shown in the column headed “Announcement last 
year." Preliminary profit figures usually accompany final dividend 
announcements. 



Slack 


| 

[ * * 

Q = 





FIXED INTEREST STOCKS 


1^23153 


Ehep) Vim ir i limn.- Ji 3 { Uunv. Frl.. 

asp Uenn Urn-, lift Pri 

JO lin*l«n IViiturui.rL, ’1% Pri. 

lOLy L'n-kct !■>.> lOiX Crf. ” 

Im.j. UoMiaU Dp U IX, a lUj£ Prt 

Hiti i nmitii HI 1 m Uui'JSiXLOi 

101 H.« n nl A WvihiJinm \t% Un». Ln. ote-eU . 
Sc Keiinnjjl.nl miM L'lu-lbCa Vnr. Kale ]■!& .. 

m Liulixm James F* Cum. Frei_ 

Sill- Hai-Au 11« Halifax ll>£ Pri 

«l>i. Ppip. jhv. lilt*, fcx Pri 

Elftpm Fmv. Lau nitrite. Luv. 

10? IflghtWiw? ItfJl.V-m. L-ii-v. 

Ti« .M-iiitituirk litijit lli-i. I 

'■l ruLlH-ly.le Var. Kak‘ i-kj 

£B1* W«i Kent Water 1% Fret. Ws5 _ 


RIGHTS” OFFERS 


_ Annoiraw- 

Dacc munt last 

year 

Aerow Nov. 3 Jut. 1.375 

AUlctf Irish 

Banks. ..Oct. 27 Ini. 1,8125 
Ahnari London 

Props. -Nov. 10 InL 1 
Anclo Am. 

Gronp ■ Oci. 19 Finals due 

Arbmhnoi 

Lalbam Not. ]■! inr. 3.95 

AS Foods NOV. X ]nl. 0 7955 

•BPB TndusirieB...N0V. lm. SJJ 
•Rk of Ireland Nov. 7 ini. 3 

Reediana Nov. 17 Int. 8.58 

•Berec OCL 27 ini. 1.0751 

'Berio-Icy 

Hamhro Prop Oct. 24 Int. 1 
Berry W twins . Orf. ii Final nil 


, Amicnince- 
Date merit last 
roar 

Hepwortli /J.i .. Ort. 2S Final 1.65 
■BiftUand Dist. ...Oct. 23 Final 2.087 
Bill Samuel ......Nov. 18 Int. LfiTS 

Hover! Mliam ...Oct. 24 lot. DJS5 

•Lainu fj.i Oct. 27 int. 1.25 

Land Sees. JUdv. is Int. 1.5 
London Brick ...Ort. 27 Int 1-2S7J 
•London and 

Northern.. .Nov. a lm. 03 

Lucas luds. Nov. 7 Final 6.038 

MaliiMon 

Denny Nov. 1 InL 1.25 

’Marks and 

Spencer... Oct- 17 Ini. 1.7 

Martonair Nov. 8 Final 3.738 

*Mcul Box ...Not. 21 ini. 6.6 

MilUter Assets ..-Nov. 8 Inf. L523 


Nov. 10 int. 2.5 forecast -Moihercate Oci. 23 int 


.. 13l£Dl 

- 104 [1 ...... 

.. 10 

,. 107|> 

- LlOi- +1 

. I’Jbi, 

. IOHe 

■ 3fcl 2 ...... 

- 84p 

. lOBu + it 

. 83 -i 2 

■ 2 1 J'Bl 

.117 -1 

■ 7k-l2 
. 98U 

-I 91, +U 


BnL and Comm. 

ShlDoiiut Nov. 17 int. 4.25 
•British Home 

stores OcL IS Int. 2.9 
•Brooke Bond 

Lleblc...Ocr. 17 Final 2.008 
Brown Shipley ..Nov. 10 Jiil 4 
•Canters 


Pearson iS.) OcL 7 Int. : 

Rea dicut InL ...Not. 9 InL 0.473 

Rcdland J«ov. 17 Int. 2.094 

Reed inti Nov. 1 Int. 5.95* 

Rothschild 

Inr. Tsl..-Not. 14 InL 1.3 
•Rugby Part. 

Cement... OcL 16 Int. 1.0® 


Superfoods.. ^OT. 1 fm. 1.2 forecast »mo Groop . ....'.".Not. 30 Int! l!sa 


&1EQIU3fi-TEROT CREDITS 



negotiations generate interest 


BY FRANCIS GHIUS 



Cater Ryder Nov. 9 InL 4.52 

Charter 

CaobilMafcd ■ Nor. 15 InL 3.825 

. Chloride JNot. 15 InL 1.34 

■Coaies Bros Oct. 19 int. 0.77498 

Coats Patous ...Nov. s nu. i.igOS 
Coral Leisure . Oct 13 lm. 5 5 
Court aulds ... Nov. 13 Hit. L408 
•Dawnay Day ... Oct. 13 Final 1 
De La Roc . . .JMov. 4 Int. 7 
nunrU.; StCL-la ...Oci. 1£ Final 3.298 

•Dupori .OcL IS lm. 1323 

-EDITS Oct. 24 lm. 3 

•Falrvltw Ests. ...OcL 29 Int. 
•Furness Withy ...Oct. 17 jdl 3 j 
•Gerrard and 

National . Oct. 19 Int. 4 
•Gin and Duff us. ..Oct. 25 InL 3.98 
GL Portland 

Eats.. . Kor. 14 InL 1 

“Hawker 

Slddeley . . Oct. 13 Int. V.S848 
Heath (C. E.> ..JVov. 8 lm. 1 452 


SaioBhury (J.\ ...Nov. 9 lot. 2.0328 
•SbeepbridEe 

Ena... OcL 26 Int. 1.2384 
Smith intis Jlov. ft Final 4-2603 

Smith < W. H.) -NOV. ID Int. 1.84545 

•Spillera _.Oct 25 InL 8.825 

•Spiras-Sarco Ort. 17 int. 3.6937 

Staflex lm Not. 11 Int. nil 

Stavdey inds. ..J4 ot. fl Sec. InL 4 

Swan Hunter ...Oct. 11 Final 3.85* 

•UBM OCL 18 Int. 1.7858 

Unilever Jlov. is Ini. 

lltd. Real Prop. ..Oct. ID Final 3.9 

WhHhread Nov. 8 Int 1.147 

-VVUmot 

Breeden . -. Ott. IB int 12 
Wood am tsl. Nov. 3 Final 4.S11 
“Vouehal 

Carpets OcL 35 lm. 2.D45 

- Board meetings intimated, t RlSftts 
Issue since matte. 1 Tax free. (Serin 
Issue since made from reserves. 


RANKERS are' following closely 
. the outcome of current negotia- 
tions between the French elec- 
tricity board, Electricite de 
France (EDF). and the leading 
French banks, the result of 
which could be the launching of 
a SJOOra 10-year credit with a 
.split spread over the inter-bank 
rate of just i per cent rising to 
4 Per cent. 

It is far from certain that this 
credit will be launched. There 
have been persistent reports that 
Japanese . banks have proved 
reticcnr ■ in joining In the 
management group. They are 
very sensitive to the criticisms 
levelled at them in recent weeks, 
especially by some U.S. batiks, 


who feel that the Japanese hanks 
are helping to push spread® down 
even more by their eagerness 
to participate in credits" bn terms 
which the UE. bankers feel are 
unrealistic. • 

Although the . outcome of . the 
proposed EDF loan is not dear, 
it will, whichever way it goes, 
constitute a benchmark .for the 
medium term syndicated market. 

It would represent the. first 
time a borrower had succeeded 
in obtaining a spread below; half 
a per cent in the current; cycle, 
and would suggest that the fall 
in spreads witnessed Jo the past 
two years is not yet over? : J _ 

Its significance would W more 


psychological for bankers than 
real, insofar as this credit would 
be used as a back-up line for 
commercial paper to be issued in 
the U.S., in other words it is 
unlikely to be drawn. The fees 
being paid by the borrower 
would be unchanged from the 
last time EDF arranged a back- 
up line for commercial paper 
earlier this year. 

The Federal Government of 
Canada is refinancing the major 
standby facility It arranged with 
Canadian chartered banks last 
autumn on more favourable 
terms. Last autumn it arranged 
a S1.5bn facility, which was 
increased last April to S2.5bn. 
for seven years on a split spread 


over the London interbank rate 
of i per cent for the first three 
years rising to 2 per cent. The 
standby fee on the undrawn 
portion of the loan was g per 
cent. 

The new terms the borrower 
is paying include a spread of 
i per cent throughout for eight 
years and a standby fee of j 
per cent. The amount SS.Sbn. 
is unchanged. At the end of last 
month S2bn of the total of 
S2.5bn is understood to have 
been drawn. 

Last May the Federal Govern- 
ment arranged a further standby 
facility, this time with a group 
of U.S. banks, amounting to $3bn. 


Renunciation date usually last day for dealing free of stamp datr. t> Figures 
based on prospertns estimate. 0 Assumed dividend and yield, u Forecast divLtend- 
covtrtoied on previous year's earnings, f- D ividend and yield based on prospectus 
w otter ojnaal estimates for 1979. & Gross, r Figures assumed. {Cover allows 
for conversion of n hares not now ranking for dividend or ranking only for restrict etf 
dividends. # Placing price to public, pt Pence unless otherwise Indicated. 5 Issued 
by lender. || Offered to holders of ordinary shares as a ** rlgbls." •* Issued 
by way of capitalisation, ff Reintroduced. 81 Issued In connection with reorganisa- 
tion, merger or take-over. g|| Introduction, n Issued to former preference holders. 
■ Allotment letters tor fully-paid). • Provisional or partly-paid allotment letters 
* wnn warrant 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. TeL: 01-283 1101. 
Index Guide as at October 10, 1978 (Rase 100 at 14.1.77) 

Clive Fixed Interest Capital 129.65 

Clive Fixed Interest Income 114^0 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 ComhilL London EC3V 3PB. Tel: 01-623 6314 
Index Guide as at October 12, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 



pr Curreiicv. Money and Gold Markets 


London fears the worst 


1 






29 Lamont Road, London SW10 OHS 

1. Tax-free trading on commodity futures. 

2 . The commodity futures market for the smaller investor. 


RASE LENDING RATES 


A.B.N. Bank 10 % I 

Allied Irish Banks Ltd. 10% I 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque BeUe Ltd. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 1 

Barnett Christie Ltd.... 11 % 1 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

Brown Shipley 10 % 

Canada Perm't Trust... 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10J% 

B Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

English TransconL ... 11 % - 
First Nat. Fin. Corp. ... 11J% 
First Nat. Sees. Ltd. ... 31 % * 

a Antony Gibbs 10 % t 

Greyhound Guaranty... 10 % 

Grindiays Bank tlO % t 

* Guinness Mahon 10 % 5 


1 Hambros Bank 10 % 

1 Hilt Samuel §10 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmann 10 % 

Knows] ey & Co. Ltd 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 

Midland Bank 10 % 

I Samuel Montague 10 % 

> Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley Trust II % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank oE Kuwait 10 % 
Whiteaway Laidlaw ... 10i% 
Williams & Glyn’s ... 10% 
Yorkshire Bank 10 % 

Members of |he Accepting Houses 
Commit ice. 

"-day deposits 7%, 1 -month deposits 

7-rtay deposits on sums of flO.OM 
and under 64%. up to C5.000 7)%. 
and over f25.900 7i%. 

Call deposits over £1.000 7%. 
Demand and deposits 7)%. 


BY COUN MILLHAM 

Interest- rates continued their 
seemingly inexorable rise in the 
U.S. and " Europe last week, 
contributing io the nervous 
inactivity which has fallen over 
the London money market. 

Discount houses are now 
running very short books, while 
London-based banks have become 
increasingly reluctant to lend 
funds except for very short 
periods. The six-month interbank 
rats rose above II per cent on 
Friday, about 1 per cent higher 
than at the beginning of the 
month, and the yield curve on 

CURRENCY RATES 

Special European 

October U Drawing Unit of 

Rights Account 

Sterling 8.653121 0.67V4U 

U.S. d'jllar 1JW71 1.3S3M* 

Canadian dollar ..... I.55%4 1.60225 

Austrian ttrtdlhnc .” 17.5BU 1BJM6 

Bvljinn rram.- 38.1357 39.7177 

Danish kraut 6.73900 7-00*13 

□talscba Murk 2.82006 151915 

Guducr 2*2JM 2- 73669 

French franc 5JS2637 5.75208 . 

Lira .- .....: C. 1057.95 IHU.71 

Yrn 2*2 2512JW 

Na.-wttaaO krone ... 6-44201 6.68401 

Peseia 9L2266 

aM-edrtli krona 5-62774 5-83779 

Swiss franc 1.98®! 24)6319 

THE POUND SPOT 

1 

Uet. 13 I ralt*| Dav's Cloee 


interbank rates and sterling The U.S. administration's 

certificates of deposit is almost response to t£e continued fail of 
fiat from five months through to the dollar .and- rising U.S. 
the year. inflation has done nothing to 

Meanwhile the Treasury bill improve confidence in the foreign 
rate has risen steadily. In mid- exchange market or world-wide 
.September Minimum Lending Rate money markets, 
was 10 per cent, and the Treasury Holland has been forced to lift 
bill rate stood at 8.8470 per cent, its bank rate twice in less than a 
indicating MLR -of 9f per cent month, and Belgium lifted one 
under the old formula.' Last week of its two key central bank 
MLR was still M) per cent, but the lending rates last week. Inter- 
bill rate rose to 9.8503 per cent mention to maintain the Dutch 
on Friday; .which would have guilder and Belgian franc, as well 
given MLR 01 lOi per cent on as the two other weaker members 
the formula abandoned on May °f th® European currency snake, 
25. w ss continuous throughout last 

The banks can see little week, 
prospect of a fall in MLR from Under these circumstances 
10 per cent, but see every chance market operators in London are 
of a rise, particularly If the preparing for the worst 
authorities should decide to - u - _ 

emulate the Grand Old Duke of ' THE DOLLAR 5 

York once again. In order to sell 

some gilts. The Government's .oouawr is nrwd 

funding programme is not the 

only headache either. Chase 2 J 

Manhattan led the way to 10 per BeUnaaFr 29 .s 39.54 S 
cent prime rates in the U.S., Danish Kr 5JH*549l!> 5. 

.while technical shortages of ^ 

money in New York have made ££!?• ^ SfSSn?* £ 
it difficult to tell whether the Nrwgn. Kr cantuLKui «j 
F ederal' Reserves target rate for Frew* vr 4i.2S9im.2MS <u 
Fed funds is still Si per cent or Kr tuzny&xsso t 

higher. vpn U 6 JD-U 660 19 

nigner. . - AasrriaSc* IMMUM U 

FORWARD AGAINST -£ ^%. s . 

One month % pju. jrh roe months % p-a. OTHER RAARKETS 


GOLD 


Goi>t Hull Uni (a fine 
ounce) 

Clo*e 

Opening— 

Uorntne Hiring. 


Afternoon sing.. 


Gobi Coina 
domestically 
Krugerrand 


, New Sovereign*.-.., 

Old Sovereigns 

Gold Cout 

• mlermu uinally 
Krugerrand ......... 

Sew SovereiRn*.... 

Old Sovereign* 


Oct. 13 I ( teV. 12 


S224*-2i5,j 3224(42614 
52i5J-214i S226J^27ls 
P 225.(5 . S227JM 
i£I 15.147 1 (£11i.G68< 

S 224.5 15225.55 

(£114-201 . |(£115.45G> 


8251-735 8262i-264i 

(£116*- 17ji (£117-118) 
S65t-b54 58 -651a 

(£42-4flj (£52-43) 

SSI 4-535 851J-852 

i£Sl-5Sb [(£31-521 


SL’O Kagle- 

SI0 Kogle* 

So Kiiific*.... 


5251-225 
lilllBi- 17* 
et0*-t2* 
<£4II4^1ti 
«bl*.52* 
£41-42. 
■SM.’-aOb 
S159- 164 
008-113 


5251-233 
■£i 16*-1 17*, 
se»J^2i 
i£ 30 4-3141 
S61J-63i 
(£31-A2i 
5509-511 
8160-155 
Sin?* Mil 


THE DOLLAR SPOT FORWARD AGAINST $ 


October B 
Canad’n ** 
Guilder 
BeUoanFr 
DanisliKr 

D-Mark 

Fort Bae 
Lire. 

Nrwsa. Kr . 
French Fr 
Kr 

Yen 

Austria Sch 
Swiss Ft 

-O.S. 


Day’s 

tpraad 

MJMUI 

2J259-2-DS40 

29JM1J4 

51625^54775 

U59S4174D 

MJ84&2D 

S13-9ttmS.75 

134104.9688 


J i % 

One tnoatb p.n. Three months pa 


8417-84L5B 

&S29MUH55 

27JSJ7J5 

S4375-5J723 

UR5-U6U 

4LW454W 

B3. 9 Q-B U I. 4 0 

4.74UM.M35 


8122011X8 81Z25412S0 

U6JD-U640 18610-33640 

1343-LUe I3LSW3J44 
L5Z7S-LSB5 LS2«KL5320 
cents per Canadian S. 


2D5-L25C dis -7.73 
3072c dls -8J7 
tWJDore dls -9J85 
Un-JJOpr pm 614 
35-Z80C dls —28.65 
3u754.7SUredU -MS 
2J0-3oredte -6-68 
0-48-0 JOt pm 012 
par-dlOore dls -0.2* 

X.07-fl.9Jy pm 614 
IJS-USjn pm 3M 
LSbUScpm 9M 


315-USc dis ■ 
21 -He dk 
9-9J0ore dls 

2.98-2.93pf pa 
130600c dls - 
tUO-Ullre dls ■ 
7.90-8. Wore dig • 
OJT-OJ7c pm 
par 

3JT7-2.97» pm 
S^-5.75arn pm 
3.71 -3.12c pm 



Our London Branch 


c.s. s 

- Cnm-iian S 
• fiu.iiler 

F 

Itern-b K 
It- ’lurk . 
Purt. Dm:. 
SfM«| Fei. 

. Lire 
A'ntin. K. 
Fict'.-L Kr. , 
^voii-h Kr 
.Yea 

Austru -Sob 
bw i-» Ft. 1 


l.fhTid-hta/tf 
2J 620-2.^530 
4.U14-«.t<2l 
a84u-55.4>.' 
i ID.2od 10.277 
3.55-4.70 
AB.rU-2t-.30 
1 159.40- 138.86 IS9.4V139.''5 


T.BS-1.5Si-.pm 
7.85>-.pm' 


1,616 i.ai 

J.B04 9.88 
8.42 -C.48t 
S.bB-t.tS 
566-576 
26.65-27.10 
3.024-3.07 


l.t>1 7- l.blB 
9.8 U B.82i 
B.C14.43 
8^84-6484 
A 70-572 
2516-26.85 
: 5.02^3.034 



Beletoc rate if for convertible francs. Six^nomb forward dollar 340-S.lBc tun. 
Tlnauclal franc 6S.BfV82.10. JU-moutli 5.65-5 45c pm. 


Areeiinna Fk*sii 

Amrrelin Diilinr. .. 
Finland llaiako..:. 

Urn /11 Cru/vin, 

Uret k llnu-biuH 

H“az K,oi“ Dollar. 

ta.tr KiaJ 

Kumnt Dinar] KD). 
lajaembnnre Frau,- 

DfHlar 

SnwZe^anil Dv-lbir 
baud! AraMn Itiyai 
Singapore Dollar.... 
Wulh A Mean Hand 


1.745-1.149 

I. 6995- 1.74.65 
7.840-7.855 

37.6 1-08.61 

70.950-7^.667 

9.3575-9.3800 

la7-14i 

0.533-0.548 

5B.3u-98.4u 

4.38-4.41 

J. B540. 1.6610, 
6.9&*.61 

4.534.34 

3.7151-1.7391 


876.43-880.49 
O.Bo55 .0390 
3.9670 3.9690 
18.r 5 19.44 
37.70 3c .58 
4,7?6u-4.7cli 
70.40-70.65 
0.it7u70-D.^/i BE 
29.36- IS9-38 
3.221 -2.5240 
0.9o33 0.9oc8 
3.3176-3.35110 
2. 19t. 0-2.191 
0.86 24-0. 0755 


Au-lrui 

Beigiuni 

Deneiarh 
France ,. wn . 
reimaii,* — 

I la I V ....... 

Japan ............ 

Xrtberiande .... 

("nmiga .1 ‘ 

pam 

pwitrerlanil ... 
Unilen 9iWe»„ 

Yugoslavia ..... 


£ 

Note Knle* 

i 6.5-i7.5 
bl.Sbfi.5 
10.23 1U.33 
8.408.50 
3.65-3.75 
160, 1650 
371381 
4.0CM.10 
S. 80-9. SO 
88-104 
IhI-146 
5.00-3,10 
1-9713.1.98 U 
«W3 



Rite gtrpi! fBf Areentla* !■ trap rpTP 


EXCHANGE CROSS RATES 





W'- 


Freiwii KreUL- lu 
iXk: Fritu; 

tiuLi-b Uin liter 
ila'ia'n Lira 1.000 

■ 1 . 4:1111 lian iHjiiar 

FraJH- lt'l 


mm rates 

NEW YORK- 

Prime Hate ... ............... 

Ped Funds . -.■■■• 

Trewnrr BUto <13-weekl 

Treasury BtDs iSB-week) 

GERMANY 

Dsartran; HAIft —-r- 

Overracht — —~- 

Onc mouth 

Three montiis- 

Si X tndDlUs — . 

FRANCE 

Discount Bale ...... 

firernifth! 

Onn jnoafh • — 

Three mcnihs 

Six mouths — - 



4.760 1 1415. 

1.326 \ 533.4 


LONDON MONEY RATES 


bleriing I<M3l TLocal Auth. 

Certificate iDtertuOk Anifaorlty | uegoriable 
uf Hejostt dopoiho j bonds 


Finance 

Bouse 

DeptejU 


| DiBfuuot ( 

CwnpBDVj (Darsei j Irwwury , 
Uepcwiie , riejpirii Uilist > 


Eligible 

Baulc FiuaTrade 
Ullls4> Billa+ 


tTvermRln...™ . — ' S-S 1 * 

&rtavn uotiee.. . — - - 

7 da.i'fc or • ■ — - 

7 dayV notice.. - EPa-S 

One numtb .... 9fJ-97g 958-10 

. IVc. nwatliB... lOig. 10 ,^ BSf-lOU 

Ifiree mrmilia. lOfi-lOig 1014 - 10f« 

Six [tir.nth* 1 0 j s - 1 0 la 10+fr-lUfl 

'.AracMunfb*.. IOIb-IO^ 

Mdo yew.....,, 10T8-10(i 10fj-lH8 
Two vm 


10 . 
1014-1038 

1 DIE- 1 0*8 1 

iue-iiBs ; 


978-1014 I 
lO-lOSgi 
lOtfl-lCU] 
1038- 101* 

1034- 11 i a 

1054-1138 


j 97 . 1-95 
lo-irfig 
10U-103a 

1073-11 


Discount Rate .—.; 

Call 1 unconditional) 

BUJs Discount Raw -v-.-r 


- Local . auUtonty and finance bou*es seven days’ notice 1 , others seven days' fixed. ■ Longer term' local authority mortsaae 
rates nominally three years UI-12 per cent r four yean 12-121 per cem; dye yean 121-121 per cent. 4 Hank bill rales in table 
arc huyiuii ratea for prime saner- Busing rare fur four-mam hi’ bank bin? to; per cent: four-month trade bills 102 per cent. 

Approximate seiUng rate* lor one-nronth Treaaurr bUte 89% per oem: and iwh-raonth 0u M per cent: three month 
91-9 Uk, per Witt. Annroonmaie selling ale »r ooe-momh bar# bills »*-8Vi6 per cent: two-month 91-9* per «m; and three 
nuunn iW per Get il ODMDOiitn trace DlUa ivt per cencr rwiMnooil] 1 d| per rent: amf also three month 10 } per cent. 

Ruxua Haase Baca Rates (published by the Fi n an c e House Aasociarioni M per cem from October 1. 1978. Cieartsa Bsofc 
. DoooEtt Rates (for small coma at -seven days' norice) 8-7 per corn. Oeartag Bank Base Raws for tending IB por cent Treasury 
KHls? Aver&se ■ tender rates of ozBconot m5o3 Pbt cool 


Ybu are coriaiiy invited ts visit 
the manage^ Mr. Akira Hnimia,iiid his staff 


Winchester House, 77London Wall, London EC2N 1BE, U.K 

Telephone: 01-638-2191 


TOYD TRUST BANK 

The TQyo Trust & Banking Ca, Ltd.,Tdiyo, Japan 

International Department; Address: 2-5, 1-chome. Nihonbashi, Chuo-ku, Tokyo, Japan 

Telephone: 03-271-7881 Telex: J22123 TYTBK1J 

London Branch: Address: Winchester House, 77 London Wall, London EC2N 1BE, U.K, 
Telephone: 01-638-2191 Telex: 885619 TYTBK LDN 
New York Branch: Address: 140 Broadway (37th fl.). New York. N.Y. 10005 U.S.A, 

Telephone: (212) 480-1234 Telex: 222675 (TTBCUR) 

Hong Kong Representative Office: Address: 26th Floor. Alexandra House 16-20, Chafer Road, Central*, Hong Kong 

Telephone: &-2656S7 Telex: 85198 TYTHK 




































V * IV? BUBS S*'5 9 3 * et bCO t«n r+.» er« 


4 



pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 

Wilson f* 
number c 
were con« 
paiiin a^ai 
Party on 
1974 Gem 
The foi 
allegation 
lowing th> 
affair. Mi 
was. had 
an orches 
himself. I 
Lady Fe 
.M arcia W 
The Pr. 
Sir Haro 
drawn soi 
Suhseqi 
told the 
did not 
prietors 
instructed 
round a 
material.” 

The Pn 
to hear 
Sir Haroli 
formal co 
On the 
against I 
council si 
ft oval Cc 
that ther 
Labour bi 
The Pn 
ij one nj 
lished tod 
In ano 
council 
against ll 
Daily Ex 
picture c 
Henrietta 
death in I 


38 




. •: . . t . r , • •. - .t " ....»■ ■ Vj.- . 

Pinajicial Times- ! 


MINING 


INSURANCE 


WORLD STOCK 


Pr BH South still 


defying 
its handicaps 


BY LODESTAR 

FROM TIME to time attention has considered a non-starter owing to 
heen drawn here to the possible the foreign investment impliea- 
bullisli implications for Austra- iwns- 'V? 1 *™ *?>"»"? *?»* l °° 


/plication: 

of Its *M'ake U !n° f the company by ha* 5®]* 

ih« r.nllins House mien .ion of takin 


lia's BH South of the buikiine up many other irons in the lire and 

I... anmn* n™ - denied *"*■ 


any 
over any part 


n roup's North Broken Hill Hold- of th« BHS P orlfotio .-, XBHH .j 1 ,?? 


inas which at -lime W last held ihe necessary resources, so could 
IB per coni of BHS. il ' L be " thf ! r u n ‘ n- " . . 

The toilers share* have suhse- Meanwhile, it has been reported 


fluently been a 'remarkably firm * *dney Jtat , BHS has-been 


i,p ejsirou*. wllma Western Minins and NBHH 

SSliSTSSS IS £.*££33 »" >¥ •!*> r'T 

„ ir Ihi romnani-* malar ‘“JSS" b "“ l " 'S5. “"SgE 

ShtlfvSmm ' QUt " rlSia ' Ul " si.' back cSmentfdly 

phnte icnture. ..„h await «-Pnt« The shares 


On top of that BHS has 
turned in another thumping loss 


_ and await events 
were ASI.51 in Sydney nn Friday, 
virtually the year's, best In 


for the year to June and is hni- Lo|uion ’ they w ere i:12p. 
ms io raise about A&aftm i *2Pm i 
by selling off part of its other 


by 
main 


★ 

aitraciion. its investment Three weeks aso . it was 
portfolio whi-.-h includes the im- «ugae>f*d here that West Rand 
port3nt 1 li.K per cent holding in ronsolidtited Kas the front runner 
ihe thriving Alcoa of Australia in for turning to account the 
which the other partners are the tin; m uni reserves or the old 
Aluminum Company of America Luipaards \lei mine now wnolly- 
with 31 per cent. Wolern Mining owned by the Gold Fields croups 
20 per com and NBHH 12 per cenL Cold Fields Property Company. 

There are two reasons why Agreement in principle has 

BHS shares have remained «o now been reached for such a deni 
buoyant in -nitc i«r all these providing a suitable sales contract 
handicaps. Firstly, there is the can be negotiated, 
foeline thn: once it has extricated West Rand will pay Luinaards 
itself Troin the financial entanclc- R:;m i£l.T4mi. which GFP will 
ment.s of the phosphate imbroglio presumably use for building up 
it will have enough assels left ji< investment portfolio in .South 
to become unee again n mining Africa, while Lulpaard-s will also 

investment company with growth be entitled to n quarter of pre-tax 

potential, a cleaned-up balance profits from uranium production, 
sheet <md «i rciurn to profitability ij j s reckoned that this could 
and possibly the dividend list in start in the second half of next 
the year to next .Tune. year. Capital expenditure of 

Secondly, as has been suggested aroU nd Rim is to he borne by 

here hefnre. there has always Luinaards as to 23 per cent. 


Taking some risk 
out of high rise 


BY OUR INSURANCE CORRESPONDENT 


been the P°ssibilify „ BHS Thc news pushed up the prices 


itself would become a take-over of bolh Wci4 ‘ R and and GFp par . 
IEzOL ® ticularly the latter which at 73p 


MY ATTENTION this week has the installation- of sprinklers to 
been drawn to a paper “Sprink- agreed standards — but so far it 
lers in high rise buildings'* has been the exception rather 
originally written for the Build- than the rule for insurers to 
ing Research Establishment by insist on the installation of 
Messrs. Nash and Young and now sprinklers as a prerequisite on 
included in the October issue of the provision of cover. 
Foresight, which is the journal But increasingly high rise 
of risk management. Before buildings and their contents are 
going on it is best (as in fact among these exceptions and pe- 
the authors do) to define the term cause of the very substantial 
“high rise.** ' values at risk, insurers are hold 

High rise is not synonymous lb ®t sprinklers are vital, 
with skyscraper. Depending on . 1“ this, perhaps, their resolve 
local legislation it may even be a is -being stiffened by regulations 
building only 42 feet high — this ® ucb as those applied by the 
is the Dutch Yardstick. In the Greater London Council compel 
UK buildings 'from 60 feet. SO llQ R installation 
feet or 100 feet upwards may be From the liability as P ec * 
categorised as high rise depend- unspnnklered high rise building 
ing upon which regulations apply. must pose a greater risk botn 
Filling out these measurements visiting public and em 

the authors offer two other deli- Pjoyees than does one with an 
nitions — a high rise building is effective system, but this is 1 
one of such height as to preclude counted as more than a naar- 

the rescue of the occupant* from i* 1113 * factor m the premium rat- 

upper floors by the use of fire bri- °f either kind of uabiltly 
gade equipment operating from ns *- 
the ground, or a building in ■ Be this as it may. perhaps as 

which fires must be fought effect of the 1974 Health and 

internally because of its height. Saf ety Act is increasingly felt, 

pressure for improvement will 


So high rise buildings are not 


whiefcM n ‘ th is'*cou n try * there has 

enthusi asm ^ both * J r “eV fi e pr I 

commercially. There are many There are of course fire pre- 


and em- 


meitium sized buildings which 


vention 


and 

other 


fire 

than 


became evident when NBHH 
started defensively building up 
its stake therein. 


could once again be offering a 
good .selling opportunity just as 


The attraction has recently been ,he >' d * d * " t h £?, 1*1 

summed up by London brokers r . dr ? 1 lum excitem ent first hit the 


Lainz and Cruickshanfc with the mar k<?L ^ ^ ^ 

Those who still wish to dabble 


verdict that ihe shares “ remain 

outstanding value as an asset play . . , . . . 

in the Australian mining sector.” '« lh« Australian diamond rush 
NBHH was naturally !h e mwc might be interested to hear 
favourite contender, but it has ine rather defensive philosophy 
denied any intention of bidding P u{ fonvard by one of the junior 
for BHS. Last week Peko- participants therein and in par- 
tVallsend became a front runner, ticular his answer to the charge 
hut here again there has been a that such concerns seem to be 
denial. One feels that the last keen enough on claim-pcgging. 
has not yet been heard of BH but less eager to do any actual 
South s suitors. exploration. 

The intriguing nature of the . }ou see. he said, you have to 
situation has been heightened by join in the latest claim-pegging 
one of the favourite guessing scamper whether it be for nickel, 
games down-under. This is as to uranium or diamonds in order to 
who will take over at least part .stimulate your share price .suffi- 
of the highly valuable BHS stake ciently to make it possible to raise 
in (he unquoted Alcoa of funds by a rights issue or a plac- 
AusrreJia. It is felt that one of ing. 

thc insurance companies could And until you have thc money 
be in the running. it is not possible to do any actual 

The American Alcoa is probing of your claims. 


protection 

come within the authors' paper S h rin )jir^ 

and for which, for example, the Perhaps be appro- 

reported research into New York f °F h lSh rise buildings, 

hiih rise fires may be relevant. 

Of course, high rise in New wiH jj®*°™ etr ^. th ® hl .?? rls S 

York means a lot higher rise ^ d j° s is ^h that for life and 
than here and in New York there g™K> !^^ fi F e ,P re “ utl0 .f 1 ? 
is a special building code for ? us * _ De . sa ^ 1 . ^* at ,F^ e . fi T e 
buildings over 100 feet in height, “ U, 5f d Ia 8 r llini , t , ed 
Nash and Young report on data °t‘i„^ an ® er c °lJ a pse of 
assembled concerning 600 « ture or spread of the 

sprinklered high rise buildings. fire and toxic gases 

of which 115 were offices, the through the building. No protec- 


necessarv 
will be 


wst ranging from factories and !?°v 5 * ess * fc - tIiai ? 
stores to hotels and flats. tblS i ^ 

In a 31-year period. 661 fires ac <^P^le. solution, 
occurred and sprinklers success- 
fully controlled or extinguished 
654 fires. 

Regarding the seven fires 
which sprinklers failed to control, 
in five the systems were com- 
pletely shut off. in one the 
system is thought to have been 
partly out of service and in one __ _ , " . 

an unspecified “extremely fH® LLOYD s* insurance market 
hazardous activity" was involved. J* supporting the operation 
This kind of data does not. on Drake venture by insuring, on 
its own. make a conclusive case special terms, the Eye of the 
for sprinklers in high rise build : wind, the floating base for a 
ing but it does provide very round-the-world voyage for young 
weighty evidence which no one people to commemorate the 


Lloyd’s backs 
Operation 
Drake venture 


in this country concerned with fourth centenary of Sir Francis 
these buildings can afford to Drake's circumnavigation of the 
ignore — lease of all insurers, world. 


whether they are providing fire 
and profits cover on buildings 
and contents or liability cover 
for owners and occupiers. 


The 150-ton brigantine will set 
sail from Plymouth on Sunday*. 

Arrangements have been com- 
pleted for the vessel to be in- 


Indices 


jt.y.sjg. all coaafQg 




NEW YORK-M^J«rcs 


■■ Ont. 

' 13 





Ostia vo, 


— uasa i » rr? 

to- 

481 rj: 




Falls... 


BS3 


Ori. CVJ. ■ Oct, ; t>t. 
U : 13 . H u 


Oct. 
: 9 


IS08 


.SluatCompUaf 


iadnstria^- 837 JB 8SS-74 331.42 SSI ^2 832.12 888.03 087.74 -742.12 .'_RBT. 

ft-'V) i (KSi'mtV, 

S"ma BAtd*-; 83-50 BE. 35' 88-21 S3J8 EB.S2! &0^6 j 88-73 . — ’ 

| • M'I« ' 'ALT) l 

Ttmaspwrt.— 1 242-Si 250.12; 24S-ES 2«t£S Z*S JO.' 24tB8i 201.42 j Vb * 1 278Jfc 

(SL'ti iff B{EBlh 

Uliiiuw 106.77 USJQ. 18&S7 U&7S KS.SS: HML® TtOJJS., 102.84 (.18^82-.! 



Tnrtinz vol." ' ' 

UOOSi . ZL920 50.170; 31.738- 25.470 19.72ft 27-380: 


ii/D 1 |22® 


■1343 

mss 

■tO-581 


JOHAlWESBD^ 

Industrial 


258.5 j BB-5 j ^.{.*7 

J 368L7-I -»eS.- } •• 


ZS3.4 


‘ • 43iu Osa.' 

*71-1 (!&S ; . 


* Jia si> oi index ciauued rrocs August Si 


Inri. dir. yield % 


Oft. 6 ' 3ept-E9 ; Sept. 22 ' (Tear ago spproxl 


6JS 


S-« 


5.50 


S.57v 


STAHDA2D AST) POORS 


Or. 

15 


CM. 

12 


Ots. 

1! 


Oct. Oct. 
10 9 


Oct 

6 


K78 


AtWnU»rt,;&5L65 l 66e^jgg» 

Belgian ««' 89.6olloi.i6 


Hkrb 


-Bmunarki-j «.6l 

U* i StohlJ- knr 


:lniiLiaJi; 71B-DB 116^3. HBJ5 1 ta.Sff I1SJDS n4J4| U3^i fdU2 ( L£C$4 f A52 


fCoapodie . I04.£S 104.65 155.39 IS4.4S 104 JS, 1BLS2 K&S5 I S6J0 j IZSjfiij . .MO 


aar» !oa^[4& **-**.-* 1 ** 


Oct- 11 


‘S i a Holland «5>. ^ , 

658.14 |638.b5 



France 




Urt- « i aepx. 27. j Xeari)0Dr(p{vrdx4 


Inddlr. .weld 5 


4.69 


4.79 I . 4.86 


4-75 


Inn. F't Ratio 


9.51 


9.59 


9.45 


9-S8. 


Lung G01. Bonn yieAt 


8.58 


Hong Kon^ i 

Italy 
Japan 

Singapore^/ 574 AS J S7622 j 4W-W> | 


*4oo wm,* « . om«wi ^ 
art I SjnteEr-an 




8.64 


868 


7.76 


38 Tranaport. . _ 

flBrfdM SB 3t/im 

W 73. n Parish 
frank Dec.. IKS. 

U7B. WJ 

CooBBarcteSe- tta 
New - -SB. *n/f& t>i 
c Closed. dMatfrto se tt n&&? 
b rtm im tosmel Loysa. 
CoimnSOo. n tinajrkflafrie- 



EUROPE 


lews 


AMSTERDAM 


I BRUSSELS / LUXEMBOURG - 


Od. 13 


Price 

Ma. 


+ or Dir. tfio. 


UUAl it •- Ail. ... 
Ikzo (Fi.- aDi._.... 
\ aemJSnklF-.Iti.. 
4U6V (Fk. Uj_., 
\mronank 

BUeunort. — u .... 
OokaVVeat miF.iO'l 

8 iifr nn ielten-re. 

iiipfvr-l ll l-fij)...; 

Soiu-N A. Bearer 

uirLumlKtlF'.iO:' 

li iuai BroeaUea I i' 

Ue'ntlien iF>. i*' 
Uounurteub 

diioicr U.IKi.UjL' 

n-l_jL ll-'i. liXi;_ 
(or. Mui<er ‘.E'a... 

Aaanieo |H. Ll).. 
\at.NeoImiFi.iwV 

'•euUeuBhtri.'A 

4M MulBiiiFIjO. 

Oeeit-.oii 

- 

van Omtnereik... 
('akhuen it^C-i_... 
rtnbin !(■. Ls...., 
■AtondiVer(Ji.K<.i 

liiUu; It I 

dCHlnco (tuaCft-.. 1 
iftniiiu iFl.Tu:.,.' 

ituia. UuicLtF'tf.; 

.'uivtiiuirs . ..... 

lenulirviF.^.,; 

>V1)U F*t.H .xlr.. 

unnereriF^A),'— i 

ik-.na uev. ■ «.f:; 

»V««r .r ir.Hvi-hfc 1 


Oct 13 


Price 

Kra 


1 14.5 —1.1 xX8 ! 43 

31.2 -0.2 - . - 

365.5-06 -ASSa. 7.6 
B63 -rO.4' 90.: 5.9 

76.0m .USiS 5.9{ 

95.8 -0.5 ” - - ’ 

lo2Jl -0.3 
723 r 0.1 

300.5 — US 
Mlj0--O.fi 


~ nsv. 

+ or* Fii 
- ! Sa 


Art m ; 8.400 \*«.v — 

KArLKrt MU’* .aWt 1.1 lit 


US. B. Cexen t„ 1 1 jiOO 
UocLerin .. — : . 440 




26 ; 5.4 ' SBliS -.. 4480 

6 j ' q.7^0 

2b 1 7.2; faanque'Aat.^-'djlOO 
27i [nno-Bm— .X^ZO 

fi.3 1 lievaert 1.40(1 


10O 


bn 
)43u 
—JlTU 


71J8 94ji- 4J3J OBLiBrux U 

38.6 —0.6 20 ■ 5.3 Uctoben — — 

99.5 -0^ : t4 . '3J ■ linenum- 

4U.3 t j 2 ■ — ' | iLiedieUnru^, 
143^—0.3 lx : La UvVaie 

Id 1.7 -0.7 : U , ! Fko Hold Inca. 

45.2—0.3 . 19 . 8.4 I IVuunna 


1.590 

2.875 


150 

85 

BO 

t70 


— 50 
-SO 
+ 10 

1-30 _ 

; 1.640 l ....-148 

. 7.190 i -.^90 

1O0O. I J348, 

490- -liauso 


2o3 _■ ll La 4.D i =«■ Oca. Banquei3,i45 +45 JAKj 

.Be.jn4uel3.w8O .i+IO M40 


109.6+0.3 48 4A< 3jbo._. „ . ... 

56.4 + 13 21 7.5} cokna — ^2lfy. 

206.3 -Q3 £C 5.3 ' W*W 


COPENHAGEN .* 


176.0 -0.5. 3d 4.1 
34 j -r 1.0 23 6.7 

i5o.b - : - 

47^ -0.2 — - 

26.6 -.0.1 IT 6.4 

■|2 Jb -IJ6‘ - - 

176l1 —13 A246 7.3 
141.5 -05 - - 

1x2.4 —0.4 S3 
130.5—0.2,33./:' 9.3 

245.0 -13, 20 ; d J 

1 1.4.8 - 1.3 Mi 5J; 

144.0—0.5 S4.3C OJ5 Andei»banken — 
125.2 + OJt b.8 ! Uaiu+e Bauk 

4 1.7 LO J Kasl AbuiUv to...; 

405 - 5 3.4 3.4 


ia — <3*215:. i* 10 Jilfi, 

«.c :...* :Z 6QQ f :+ 60 -JA2. Ib 


notion b<at+..;&7U9 

Lti8 -1.198 

L-nUla. ■ l.l*. f i— .1. 942 


tr? 


10 


lieiite l£jnt«Kue:2 I 160 t+80 ■ — 


MO 


60. 


YM. 

% 


43 

OJS 


7.6 

6.4 

5.5 

DAi 

5.1 

5.7 

6.0 

1.7 

4.0 

3.4 
2.b 

5.1 

6.5 

6.7 
.6.7 
U.T 
6-3 




OWl. 13 


Pnce - 1 -f atj Die.ir 1 1 . 
Rnmei 1 — . l-.i-l'* 


J41 


1 


VIENNA 


CM. IS 


IlCf 

f 


uu. v« 
I e 


For many years', insurers have sured at Lloyd's on a hull value 
offered substantial discounts for of £80,000. 


v.re-maruU'1 • 

Pen rm titer— 

se euia ' 

sernrem...— 

Stej r LMim er— .. 
»eii 


MlU!l»*ll 


342 1. 

271 9r 

c31 -2 . sB 

83 — 

2x3 ..._ Bj 

236 +1 I 


Fimn»naii)»wi 

dryxaener 

K«r. Rapir 

danfteitfraiik — 

U.VtD'n H.iKrML 

Aoril KaLei 

Oiterai-ni, — ...... 

FrsTatituia — 
PKivimJaDk..— ..i 
2j 9 > Berea -en.-.i 
Miuerfo* 


!- 11. 

t r I lit 

lawi4--. f -12 

1321s «!• -i .ld 
3SB12 -U* i, 12 ■_ 
■ 87 —..j ■— ■ 

1871,;.- , 

i«uu; ... 

117 J-2 

ls2>«! ! 

laSto—to 
4ui; ,-Ai 

W1../V4 


7 3 
9.5 
'7.5 
9.8 


12 I B-c 
12 
12 


X: 




b.3 


SPAIN * 

Ociaoer U 


Percent 


M9JUJ — 

Banco Bilbao •• 

Banco All a no co 0,000) 

Banco Central — - 

Banco Enenor 

Banco General — 

Banco Granada 1 1,000) 

Banco Hiapano .. 

Banco Ind. Cat. <1.0001 
B. Ind. Mediiemneo... 
Banco Madnfl — i — 

Banco Popular — . 

Banco Santander <2301 
Banco UrquUo 


123 
290 
2 » 
3M 
M 


- 2 
- 3 


Id* 

240 

US 

396 

221 


- 2 


342 

2a 


Banco Vizcaya 
Banco Zaragoza bo — .. 

Bankunloa ... 

Banus Andaluda — 

Babcock Wilcox 

C1C 

Drasados — 

ramobanif — ... 

E r. Aragonesas 

Espanola Zinc — - — . 
Expl- Rio Tiato ......... 

Fecra <l.0Ki> . — — 

Fenosa tt.onov 

Gay. Preeudos — 

Grano Vetera uez (400) 

Banco Cenerai 

Hidrola — 

Tberduero 

Otarra 

Papcleras Rennldas 


_ 2S4 


19) 

(DO 

029 

002 


— 2 
— 6 

— T 

- 2 

— 3 

— 3 


- 3 


Petrol r her 334 

Petroleos - U9 

Sima Pa patera 99 

Snlace 45- 

Softeflsa . ... . . 327 

Telefonica 79JM 

Torras Hostencb 70 


069 
042 
301 — 

56-50 — 330 

6459 - 059 

62 — ' • 

<5 

165 — . 

904 — 

71 - DJS 

T9 " .1 

96 -2 

4S - 2 


- X 


- 1 
-2 


9.1 
7 3 


18 'SaJ 
18. 7.1 


Z.fc I 


4.3! GERMANY ♦ 


WALL STREET 


NEW YORK 


117/1 

Nish 


-rml. 


1*1:1. 

Is 


39 ; 

32 i 
nS'-a I 
3ti« : 
36-4 ; 

52i 4 1 
2ui-„ . 
20* ; 
44-: 1 
27 m 
3Bi„ ; 
51 ! 

33Ir i 

19i< • 
52Tg 

621 j 

43 1 g 
3Zij . 
36 
24ij 
403e 
32ig : 
3 Hi 1 
7 1 

465. i 
53 '« 
37>, , 
64ia 
37 1 4 1 
23 ll : 
59>i < 

194g • 

31,8 ! 

2714 : 
23 14 '■ 
303 s ; 
1914 ] 
20i g ; 

46ig 

57 '4 
36ig ■ 
17>* ! 
34i fl 
61*8 ' 
27 '1 ‘ 
314? ■ 
29i 4 
39 >g 
29 1? I 
49 >s ! 
28i; 1 

40;g 1 
23i„ | 
45 • 

5*4 

26lj 1 
21 1 
74 1 

33 I 
31i< I 
3418 
18 h 
15Sg 
39 1* j 


26 
13 if. 

311+ 
221; 
22 
3Bi« 
16 5g 
17( S 
34 U 
ia-* 

22 Ip 

31 U 
22.0 


Ipi>. 

, Xrtnii Llle \ 

Kir |.n>iui I 

\iuuiA<iinilniinii 

' Kin* 

I K 1(4-5. .... 

1 Kheeheii.v IKibW 
; Kin*.! 1 (.mini 
llli>-l .Sl«ie-... . 

■ \lli- 1 hiiinrr .. 

A M AX 

I \ mum m 


9'g 
3Bij 
3454 
34^4 
23ig 
2i.’4 
2 Ur 
3l5g 
26-4 
lo&g 

3?a 

39U 

32 Jg 
28 ig 
57lg 
3770 
15. g 
24 1 j 
10 
2b5g 
171; 
17lg 
13*i 

81; 

13ig 
27ip 
4S I; 
235 d 
8'a 
15ie 

4414 
24 ia 
16 
1401 r 
34 
25ig 

33 
22 


Kiner. Airlmt- .. 
\mer. Bnii.l-... 
Vm-r.bn-1,1 n.j.. 

\m**r. tan 

Kmvr. L\aiMini* 
liner. I c . 

lnirr. Kter-i.Huw 
\iiihi. Kx|iii->.. 
Khimi .H.-nifl'n-. 
Inin. Me>li>n>.. 
\1n-1. M.rt..r .... 
liner. .Kill. On-.. 
\'iwi. '■iJiii'inr.l 

lin»-r. 

11111*1 . Ip . A li 

KinWek 

1 M t 

\ VI I* 


■ liiqw.... 
j Vin-lwir H 


km- . 
lulieii'pi Hiim-)i. 
Krnmt, 

i-miii-r Hi 


34. s 
28 
4 1 3e 
27ig 
35ij 
52 
18 
17+j 
36 ig 
25 >4 
36 Ir 
48 Ag 
31.'g 

17 

bl»4 
40 >4 
39sg 
29 
29 
23)4 
34>4 
29 1 s 
28 1* 
6SB 

45I S 

49la 

3650 

M 

3412 

23 i a 
3+s« 
17(2 
3U>* 
251R 
221 . 
29 1 2 

iO>4 


W7e 

Higli , li.»' 


<ln?k 


O-l. 

13 


64 1 2 
54i s ! 
36 li ■ 
30 

37 1 3 | 
421* - 
Zllg i 


45:? 
421. 
24-', 
21L 
29 Jg 
33 i s 
16lg 


Ivnuuu bi>M 

■.'HL'IntWlimMi' 

C-mne ' 

I'nelm .In 

1. iT'iriiZefien u-ti 
i.iiiiiinin- hmiiDp, 
nn i-p Wrivhl...! 


6U; 
63J* 
335g 
aa»R 
361* 
35 (a 
17ig 


' l anii 

1 Uh-aiul Hi 

' «■>. Ku lihp-.i 

• lull, L>*Ip I’Ri,., 
i"c 


31s* 

14 

33 

2'a 

SOU 

14i* 

25(g 

22Sa 

27-4 

25U 

9 

laig 

28'a 


Ii.iii Pn-lm-l, .. [ 
ilUil. I in- t«1.. { 
'Haiijjur I'niita. ..1 
.ftmik Aiiu-riira. . 

■ i(niikpi » ll. \.) J 

'lUi-m-t Hu 1 

.llaiM TintHip.r.., 

jilmln.-e K.„l ] 

Hn:i. .ii I Ik ken.-, .n 

16-it 4 H.ihpIi 

Upinlix 

Ueii^nel L'nii- - U'. 
Modi (pile. 11 'Im«i. 
Hlp,*k 4 llwkH. 1 

lktolll- ; 

-lV.i-a- Cjulh.Ip 

II. m Ini 

Lk.ra VVnrncr 

Umnill I in 

Ilniaum ■.!' ! 

• UriM.ti Mi«i« I 


icig 

45*i 

Db7g 

A*it 
13*1 
29'; 
58 U 
25», 
261a 

28 U 

3U>8 
25Jr 
42/g 
26 Sa 
38Sg 
20 U 
39 U 
45$ 
24)g 
1BU 
6833 
iKl 
29<a 
3sU 
167a 
156a 
35 


18U 
35 1. 
IB 1 4 
81 1* 
9 7a 
45U 

86 U 
36 
21 5g 
12i* 

32Je 

la 

20 ?r 

64J* 

64 

46ig 

17 


13r 0 

25U 

131 r 

lb’s 

5 

36 '« 
5UU 
31 ig 
14-0 
lOip 
24U 
LIN 

15.0 

45.1 
43ig 
36 
15 


Ml Fpi A llrtl 11.... 
iina.-kv.nv iila-.„ 


■lruii-n i.-k I 


llm-% 111 hi Ip I 

i'll-- .in IVnli-li 

Un rll Hi- 1 ■ hi .Klliii. 

■ ■in nHiuli 

-.i*Mi|il>-ilrM*l|t I 

..niunliaii Fac-iiii-.l 


.min. Ilnn.l.iipli.j 
.nnintlnn 


imei K l.mviai 
-.'aikr Ha»i« 

I JnL.-rviUnr Tin..i.- 

. I'Miiri- L-.r|ni,. ! 
| .L-nirul X 3. IV 


181 a 

317 B 

16>a 

20 

U&g 

4438 

74 1. 
355. 
21 
lUz 
32 
L24 
1600 
60 
56 U 
43U 
lb I* 


247g 1 
4B1-, , 
37lg • 
44 ig I 
27lg 
351; I 
581; | 
13U j 
371; [ 
29W ! 

sbi« | 

18 ig ! 

31*8 ; 
46l B 
22U < 
13 Ig i 

29 J* j 
26 I 
SOix i 

43U ; 
20>a , 

28 ig , 

49 

167 3 ! 

so-.g , 
25 ig . 
25lg 

26?g ! 
44 Ag 
24ig : 
33. ’a ! 
31U 1 
I6-1* , 
44 ig : 

GO j 


18Sg 

29 ig 
27w 
37 r s 
auk, 
291; 
42 

lOig 

18U 

19 t n 
45lv 

11-ki 

235* 

351, 

195g 

lui; 


• .‘erliiiiiU-i-l 1 

. ,■ >oriw Air mil... 
K Im>« .MiinlmllBii 
VIipiiii.ii. Bk.K > ; 
^iwpi.n*ii IViii.i. 
vlnf*Mes».vMeni... 
.. In gjn 

l-.ln V-ler 

Vnti-.. Mi in. rtm.... 


| ... it .4-* .'eivnv.... 

.im 1 11* r. -.lilii* 

jCievrUinl l-l lit ..J 

'LianUna ■ 

:<...i£iilC Faun ' 

^ ..Villi in. Albrtlali.^ 


22 li 

47 4* 

361* 

4alj 

24p* 

30 ‘4 

58i; 

1IU 

36*| 

28 U 

67»g 

lbJg 

30 

44^* 

1980 

Uig 


31S. 

49 Ig 

36-ig 

44 

141* 

24-.. 

I6J4 

29 

191« 

54lg 

461* 

51U 

305. 

33 . 

46)0 

13B 

23 u 
151* 
671* 
41 Ig 


19U 
34 
23 
221* 
big 
16 14 
151; 
23 
life 
38jr 
3190 
38 

22 Sg 

25 
36 1 g 
97u 
161* 
6 

41U 

33 


!linfui 1 

|Urh liuiii-tne- ..| 
Keeie 

:l»ei Klnntp 1 

[1 Jeil.Hin 

1 1. 'eiii -pi v Inter ... 
lipLn.il hill mu....: 
: liiRiniin>1 hnnirk| 
!Uii'U^4iune I 

[U'KIlHli-.lilll j 

|Ul*nrv(W*m..„.| 

•iknei 1‘iH-pn : 

ilkin 

Ilimvi. j 

'Ore-Hri 1 

J 'HI pm L 

Piti.-hei • 

iha-i Airline- | 

jba-Inmn Ki*lnk..i 
'Iferiin i 


31 Is 
44 4g 
das* 
421* 
121« 
191* 
la>« 
251* 
Ids? 
50 fe 
4a A* 
4 dU 
29j, 
31 
433* 
135U 
221* 
1270 
64 
403* 


325* ; 

18U 
363* ' 
597* : 

28i* : 

443* ■ 
3i; - 
2.6g I 
32-fe 
245* i 

32 ig ! 
59(0 1 
4050 : 
16 ! 
3253 I 
25 i 
391* . 

33 ' 
43 U j 


16U 
145g 
25i B 
29ie 
IBag 
2750 
li ‘J 
211 * 
251r 
18 
431- 
2s 
34 
121 * 
24 
Id 
18fe 
28), 
3000 


|K. li. AH 

j*' IKm' (■*», 

I Klim 

•hinpm.intrpf.iri. 

] r. 1 1 wr 1 A Ir fr'mbl 

icinlmrl 

| r.. 11.1 ;. 

Itiiifeiharri 

|r.*iriaik 

I hi It V _.... 

jhMX'Kl 

il'mix lili'l Cnineni 
|* ml. L)pf.t. Mum 
Fiierti.n,. lyre ... 
jr-i. Ami. 

|r r.\i Ian 

jr. 1 lilk. 4 p 

r-i.ri.lM IViner.... 
K-uur.......... 


325* 

I/'* 

33fe 
34i* 
ai»* 
38 13 
31* 
271, 
26 U 
W fe 
S25e 
361* 
3410 
131* 
32 
207* 
3170 
32 la 
39.0 


2BV* 

an* 

23U 

397g 

llig 

28lj 

33.g 

13*g 


20i; ir'.M.V.' .j i'i \ 2 

40*0 jri.nt Unli.r. 4D1* 

17 rivenH»t lick....] 2 A 

27 j* (.'..xian,.. j St> 

7fe nnk -in Mini 1 10 

18 Ir .-n-pfRi*l MuiPm [ 

241* 'l'iiipii*iil 

8fe |r'u^uo. ImU 


2/ U 
32)* 
1*‘* 


15l* I 
491* I 
life 1 
315* 
201; 
92 
57 
347* 
33i* 
66 1* 
20/0 
33<a 
31.'* 
31U 
810 
32J* J 
31/0 | 
44-4 | 


101 , 

34-, 

8/0 

111 ; 
37fe 
441* 
265g 
26>, 
67 fe 
17)0 
24 
SBfe 
22fe 
3)0 
23J, 
20 
s3*0 


: /J.A.F 

'(.mllliell... 

Ilicn.Aiiier. Int 

[I..A-1-K 

llJpn. (.Mine • 

j-ien. l/yru»DiK-»..i 
■lien. hie>i.ii(sl....[ 

'(.■•Ml. Kora I- I’ 

,'iienpml Mill,. J 

;'ipnei«t .Mu4on>.j 
'(•rll. Pul/. Ulil_.l 
lieu, si— 11 * 1 ....... 

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6170 
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6.07J U3. *May 7.B2 


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4.30 Affhico h*c.e 
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171, (BanK or Uontrem 
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3.75 Ukti.- keaourcea.. 
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52 JUeniauii Uine»_., 

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215* lUomuima Brwletl 

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287* 

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Price 

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25 Sg 
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1.39 j •* 1 lu.- Uoppei li 


151s 
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141; 
5870 
37 
20 


331; 

511, 

6fe 

3.8u 

U^J 

I9fe 

9/0 

10ia 

1.05 

V 

245, 

251, 

15 


1 -e-het-eiru euii 
ou. U«n. He'ii. 

■ tin, 

■eupuni ueit 
■'•HLf ban. 4 U 
Nw Unefeaii 
"owei Uaiml'i 

■'1 '.P 

Jn««; auireem 

lUnfterUi. 

Heed. a(enlKnu+. 

tlio Aigoio 

Koyoi Bk.oi Gan 
Koval I'rurt™-... 


+« 
*51; 
201; 
«• 
t.Zs 
M *0 
+ lfe 
aba, 
AUi. 
195* 
121 * 
371* 
37 
19 


lOfe 

341* 

life 

8fe 

& 

71b 

ia 

4.00 

49Vs 

214Sb 

1W* 

JOU 

16.0 
lofe 
9U 

38S, 

121 ; 

201 ; 


2b 1; 

13fe 

4.iu 

226 * 

4.5o 

23fe 

2.3o 

54 

16s* 

ldfe 

8*4 

10 

1D- 

7 


sceptre H’oeuropi 

MglUli.,.....,. 

jj/eii Luiwk.^... 
?i»rrinl>. Minei 
.’ietiena U. U....„ 
-Irapsoa — 

| -lee. ui Cana. (a. 

. teep Keen Iron.. 

|teucciUBiu.ia_. 
UoniauiltoiD.uk.' 
M nunCan PipeLn 
i'raua Mount Upi 

jinaec 

(LruoaGoa..™..,. 

l/i/j.-irts/e Miner 

28fe ! W*iker Hiram 

7UIg jWem Ckjeat inn.: 

13U lWartonUeo 


■Vfe 

50U 

lafe 

8i, 
5060 
trts. 
BBT* 
5.7a : 
491* 
22 fe 
IBS* 
0*8 
167* 
life 

eu 

38U 

111 * 


»B«L * Asked. S Traded, 3 New Stock. 



CHli_ 

AiuautVerHeb...: 

UMW . 

BASF 

Mayer 

Ha.ver-Hyiu.-_ 


87.8+1.4. — ' - 
519A + 2.0f>l^ 3.0 
2 29 US-. aBJtel 6.2 
142.7/ -u.4:i8.7t 6.0 


145J5 +L2|l8.7bl 6.4 

>91 * n 'not 18' A bi 


tfeyer. Vereimbk. 

U:r«lai 


a.lau\<«i.4rt4' 
Commerzbank—.' 
CoatiGummi.. 


+ 7 
+7 


128.12' 


j IB 


Uaianer-beaic- 


521 
364 
102 

256 '--0.5.26.06! 
,/4.5 +0.7 j ' — - 
355 +8 <58.12 4.0 

271 1 17 j 3.1 

IDS' tJ 'll 


5.6 


205 t2 -28.1*1 
183.0 —1.5 9.38: 


244 +1 
106 T 1 
170 -1 


5.0 


i 12 | 2.4 


53.8+0.1 - 
171 , + 5 1 9.31 

156 l I14.Q, 

337 ; + 2.5 : b5.4. 


UeSUwn j 

Uem»2 

Ueutsche BanLi.; 317.5 + a.I |b8.12j 4.4 

UrmioerHiuik »... 

Uvekertioff/Cemt.; 

0 ui etxiff nu na - ... 1 
Hapa* Lice*!— 1 

Har^^aer..’.— 

HlVCilll | 

H.-escb .'...j 

Horten 

Kail and Sal*..— ; 

haralsdl 

Kanifrod - j 

hJoekner UllUX'j 

KHU- - I 

hrupp ...( 

l+nrte 

Lmeaiima KX1._| 1.580 1 — 16 

Urn bum. | 100.5) + 3.0 

MAN .... ( 

lbaae>n»nii— I 


Union Elea ... 

STOCKHOLM 

■*- — ■*“ 

65 

• + iso 


MSSSM 


||£D 

jYvi. 

UW. 13 


lea 

Isa 

* 

Aua .VUiKcAD.. 

194 


0-3 

8.8 

Alfa Laval (IvrxO 

- 144 


• O 

o-b 


87 

+i 

b 

3.8 

Alma Copeo(KiSb 

. 12 1 


. .0 

6AJ 

Bilierurt 

56.0 


4 


C&itto—.. ........ .... 

179m 

-i 

^73 

3.2 

1 1^. j fn 

2*3 


10 

4.4 

1 y a pij . ||] . ► 

120 

— 

bJ 

3.2 


126 


3 

b.O 

rgmsmm, 

275id 

+4 

9.o 

3.5 


90 


■ 4 

4.2 

(image* rFrtttj*... 

65.5 

-0.5 



Morel — — , 

123 


8 

Bjr 


03 

-i 

• 


»ao.lviti ‘IT Krai 

250 


3.70] 

2.6 

S.K>. ‘B‘ Kre.... 

67.5 


4,3 

o.b 

-bond ImiLlirtn- 

152 

-2 

, 8 

3.4 

latktttUf TB’iKrtC 

625 

-0.5; 

3 

B.O 

ti-Mehoun^.:-—. 






61 . 

-3 i 

O 

7.4 


TOKYO V 




iV 

i5? : ;V 


A*ani (jIm* j a3Q 

Centui ' 4i4 

Omo— ; J, 905 

Uhtaoii ; ^."430 

tfei Fmno Hrinti 


jari'ffi 

W1 Kipum rtintl 688 

fryi Pbow ) : 5o7 >+ 1 :■ j 

HTtib-hi •• 1 sras 75 ; 


222 

Hvoiia Motor*' 1 461 a V-ff l 

Hw*Von.t;L^Jli48u 1+1A 
240. !-i 

-.<1.830 . Jj-SiT - 


tta-l'okarto— 

Jlu** 

l^AJU. — - 


KjuubI hU'L'Pi»iH30 80^1 lff“ 
:a53. U i4 1 ja i, 
huima 286 

'A <UV>‘ 


-miwiuiBax jii uw i+. - aoi . T - in.'. 

Miuubotu Hem : 112 ' Ui r*%ri 
Uiuootghi Uoifi, 4a*J t_~ . • 


AliUui A Ca—.'-j ..'895- ..+•! 

hi' - • 4L">W* J C. .icu 


Unemco-bi—T..- ' 5-fS l-au* 

> :w«n l.b6o J lot 

-V'ppeo SbtdnKi.:< 613 
■Ma-oo Solon.,.:'. 668 ~-£- i-l3r 
^one®--^.— :i,b5j- 

Bafi.- '-2 J ui 
wbiFnnliJ .951' a-Ai-.i-SBr 

UiiiW 

toeoiaUiemiiM .;- (*>7 : j-lO‘.i- toT 
— jO-[ au|j 
U7 I+l, % iut. 
vok.va JOanue— .; 48u l.+J.; 1 ' *' 


lokyoliiklP^re^'f;LOd^• 
kokyo-nuvn-^-i^affO -:+ l‘’V-itfh? 

*0 nr-: 1 • iia-.: :♦ 2 •-.t'.Liii 

uHlti* Cwjj..:...+ • 1*7 

1.TAU Mfeni:..:. E F57. 


.fr 


HONG K0NG _ 


. Hnpg Kdnc l ^ 


SWITZERLAND * 


94 1+1 I — J — 


117.01-0.3 
286.8 + 6.3 


Mm*iirp» 1.. 

Uiuwbener Uuok.j 

Neukenmnn | 

Preuaantt DU lOUi 
tibem Wen. hie. 

fe-frerlOK ...... 

j lemen 

s u>l Zucker | 

luv-en A.G ....... 

Voita 

VKBA -.1 

Veteuj-A We-tUk 
VotkawBuen ! 


239.3^+3.3 
162 1+1.8 
Sc9 +0 
M8 +8 
175 (+0.2 
146 i+1 
185.9,-0.1 
282 : + l.a 
J + 3.1 


28.18. 

IO 

18 


S5 

29.17 

20 


272.6 —0.3 ISfaJM! 


131 , ji 

300 I 

245.8 + 2.8 < 


18 

.25 


MILAN 


CMC. 

livtwi 

rt« 

i/y.Hnv 

lOalilet— i._.. ... 

uucemem i .... 

Itaupier .. .......... 

oUdinbanre— 

Jonceili-on........ 

rent Pn; 

Pirelli St lift....... 

Pirelli am— .... 

■Ola Vi«pom.„__ 


+ 01 


— hirer 




74 
662 
12.940 j— 40 
2.135 1-34 
185 ; — 5 
|22.B0.3,-85d 
400 


27L 

1.470 

2.005 

Z.082 


plo 

Uil 


974 1-13 


9.9 

6.0 

tM. 13 

Price 

f™. 

+w 

rore.Yk.. 

i * * 

2.7 


975 




3.0 

Bbu ‘A’ 1 — - 

1^10 

+ 5 

IO 


3.7 

Oil* (retfty Pr. iJt 

920 

+ 15 

-22 

2.4 


Ito. : Part Lert 

686 

-5 

22 


4.9 

Ua -Jtoe 

552 

— 2 

28 

4.U 


LYsiM. bursae 

2,170 

+ 30 

-10 

fl.7 







7.9 

rWber (Geuroei 

630 

.... 

. O 

4.7 

4.6 

tMEmui Prttort, . 

61.000 

+ 60C 

1101 

i Lb 

2.5 

Oo. Oman)— — 

6.100 

+ 20 

110 

Lb 

4.7 

lotetfood 8. 

3.626 

+ 50 

21 

2.9 


JduKNi (Fr.lOOi.. 

1.380 


21 

Lb 

1.4 

XeabelFc. IOOi 

2,990 

+ la 


2.9 


l*»- »W 

2.166 


*46.1 

4.0 


UcTUkuuHirjSM 

2,625 

+46. 

15 


6.7 

nremslt'tF.lCWi 

301 

+ 1 

16 

5.0 

5.U 

feadaz (Fr. 43j).. 

3.380 

+ 80 

2b 

1.9 

4.1 

(to. Pan Uertn.. 

371 

+ 1 

2b 

3 0 

6.0 

Sjftndier W FlOu 

801 


U 

4.2 

b.8 

^ujerU. (Pr.lOUj 

284 

+ 4 

14 

43 

4.0 

5 dimwit iFr. xtJ) 

7-/0 

-7 

lu 

4.3 

4.6 

.’wnw-RdK tFr.sX 

300 

+ S 

to 

€.3 


snUMltoi (Fr.-dnn 

4.620 

+ 10 

90 

8.2 

5.1 

Lirion Bank——.. 

3.010 

+ 85 

20 

5.4 


dunen Ini, 

10.250 

+ 125 

44 

2.2 

FZ 

** 

AUSTRALIA 






Oct. IS 


Aua: 9 . 

f Wl 

7.0 

XlMl'L (2 d mdu). 


40.73 



teW(r Au«raiia — 


KJ.BS 


2.7 

VMA'rtL SL;— .... 


18.17 



4mi»( Kipknlina 


tL30 


2.8 

Annpol Petmleiim. 


t0.85 

-ii.il ( 


Asnoa Mlneraig.... 


1L56 


— 

'•*». pulp Rfte.SL 1 

TL70 



130] 6.5 I V woe. (Jon. Inrlertrieii 

“ ind. Foandatton fnren— 

A.h.I. _ 

Audiixn 


7.4 


OSLO 


i>. u u 

Price 
h' Huiei 

* OI 

Uiv. 

4 

YET 

uersea back ..... 

97.76 

71.25 

116 

-1.2S 

a 

T.2 






282.5 
UU 
217. C" 
95 




(ippdlt kHwen ...... 

.Vorak HyilrohiT" 
'tareruaad 

-1 

—5.5 

—4 

ll 

18 

7 

10.0 

4.4 

7.4 


Au*l, Oil A Gao_ 

Bamboo Omk Gold 

Wue Metal fort ; 

BouxalnvIMe (topper 

Hramhitf Inrluptrfe- 

8 jt*eu Bin Fcoprtetare... 

BH boulb — 


tl.bO 
1 1-06 
1 - 1.66 
tU.78 
10.70 
tO.27 
n.35 
tl.82 
td+Kl 
T8.B0 ■ 
tl-51 


AntR'CTTTrtied 
vuun-jLiiiiii Rower i-f,;2&8a J 29.8 * 

S&&SS 2 : £3S' 

Uuurf Kuom Airo n dtL.+r.: 

Hoo* Koon hflajmc 

HtmirKuixeKowioon 

Hoag Kmg 
nuoKhungsaaqgbk 
HotHiKi'iueSbtao4«iKnt+' «uu jm 
Hoojr Konc Tek-pbuiifc ^ a3i»5 : 
liiit. (tiM/n Waan4i0iC__i. d30.'|-'. 
IruIior UnttBeh-i 17;1s0+r 


$itS 

MB- 

r,fpuK 



J amine ne*^.. .^1. .LIL " 7- 


Xew WorM- DeveiefiiRffii; 

K ubber Xrurt...7™-._...;. > 3^0 Ki-j 
ime u«rtr*..,-...^_. 

iwiiiiD. Pa^-. Viufj. — ..-.1.0.75 t.-038 . 
out hies lexti r '■ : -■ 

Wire Pavirr- A Id.oo , 

Waeeib Jr Manlen A 3.35 I 
WbeeiOL-k iJartUme Av~ i . 3.70j_ J 
IVln.iH I IT Mb4rtL. '. 3.67 

xd Ex-dividend. 


BRAZIL 


t Buyer- S Sew- •- • 
Susp; ; sasDcmiad . -> :• » : 

:• 


Out. 13 


'l ~t i* 

■ ( uv* I — TbiT'PtS 


AcPsit*..; 

Baaou do Bra*U _i 
Banco Iran **N-_ 
BeigoUtnrireOFj 
Uqu Amer. UP.. 
Petrobow pp..'.^. 
Plreirt UP.. ...... 

SounaUrur OP.. 
Ump PN — ; 


-f- 


Vme Kh Dire PPL ' 1. 11 


" lfel.Ol[jSS - » 

. -Ujaw.it',«3 : 


0J5 

• LS : !..— lajML. 

L15 1 l+MllJ-Wg -• 
3j(l i 

2.41 J-U^.lfAlw4 . 
L47..L.L:iil«j» 

2.41 

O.60 1-0.1*! 7JK; 


Source: Rio th? Jauatre Sfi. -.V? 


Turnover Cr.l 18 2ra. Vfiarte BMB. 

* . - X_. 

: -n 


JOHANNESBURG 


MINES 


+8j»2 
1+0.08 
HUM 
-ft. a i 


October U ■ . “w«4- ■M 

AruUo American Cotbo. /-® . ..'TW 

Ctorter CfrnnIMared ff(J» 

Eaa Drie/onwtn IMS V-M 

Harmony 8,481 -T/ty 

Kinross tiQ '.;rrt 

Kloof 1U» ' jH« 

RubictjDutr Pladnon* 2J0. ' 

St. Belraa —j-’- , 14 75- - -i 1 

SonUrvool 

Gold PteWa SA :28J8;+7.*’g 

Union' Corooranoi) SJ6- •:■>' Sg 

De Beers Deterred — — 
Blrvoorullzicftr .■ _ -'. r — 83'- 
Basr Raai Pty. 


+U-U6 

+9-06 


hjhwl 


Uoeftbani Uemeot 

itotok (G. J.r_ 


PARIS 


Oei. 15 


lleiiu* a* 

a.inqneUcniii '1 
\(r Llqinrie...., 

Aquitaine .... 
1C- 

Mu.vimo 

lipiTair 

Jwiwoiir....... 

.'.li.K. 

-1.1. A'UHiei., 
o'leUancaue...^ 
»JiiibSJeiluei_.>^ 
■Atdit Cora, (i'u 
JnoW Loire..-.. 

Uumez ..... 

•'t. Petroie*. 

U«. Uoeidantaip.! 
(metal 

»Mq«w JBorei 

L+lRrge 

b'Oieoi 

Legnuid 


■Baawoa PbetMX.. 
kifebenn "B'’.,*. 
Boot Benue** ev 
dMUluex 


Pbduney 
i^tuud.tticom — . 
ReugwiLCitreeu- 

itadw Teufaniqnr. 

tiedome - _.... 

linuae Poulenc — 

a. Ui>«jn ..... 

set* RoMtunra .... 

luez-. 

leienmanique.— 

lUanmun'bnnill. 

HlIKV 



Oda la ro«r'fSIi.._. 

•JOBXWC WjCUntO: 

uwain Anwre/ia— — 

Uuulopitubher {Sh ..... 

BblXtit: 


Kuiwte m tb. 


KflKteayoar.'tCeaaaieaa j— 

8J6. ludurtneo— 


-tUmeiwey- 
Houfcar . 


lul AurtTSiM 


Ioib^umt. 
nmhg* lorti 


l ivh|U»v!,iJ..,.. 

Lenuuii Uiiw— - — .... 


■ .91 VdoKimga 

Aljrpi KiTioortuiti i 


* uuiaaca . foten lounnoi ,i-. 
Aortb ttrc+mo HMtosa/bO 
[ UaaomgB. 

UU saueb. 


Uttar ItoiMDcaUan..— .— 

Pioneer ttoacrete.- 

<toufcftt& (JotrtMn-.'-.-L. 
a- L.-jSietob 


jOutUMkl Ml/iiojj— 

3 |Mi0Ma Krpjoratkm 

KSfin: ^=±r 


tVreienr tflmns UO fear*; 


J TL»3 


T3.60 


11-35 

+iu» 

+2.42 

-SJiS 

t3.8cl 

+B.lh 

T2.7B 

-(LOS 

14-80 

TLoO 

+0JJ7 

. TL50 

+oJui 

tO -8? 


12.52 

—9411 

10.29 


t3.20 

+0.W 

tx.oa 


+2^6 

+QA1 

HL84 


12.52 

. 

KU3 


1 L12 

mmma \ m 

■ 11.12 


. td.41. 


10.42 

13.33 

1L71 

12.75 

10.95 

■+AJK 

+02 

+0.02 

+8.06 

♦ L46 

hO.OI 

+ 1.72 

+d.03. 

:.f0. L5- 


10.49 

-»loi 

Tl.83 


’t2.8A 


10.71 

MJ.U1 

tO. 47" 


*0.44 

-Ml 

.' fLBb 


TOJ76 

kBJJI 

, 11 

mU?- 

+ L71' 



Pree Stole CedoM • • •- 
Premtem Brand i&OO. 

PrpsTdeni Stem".—.. 

Sultontnn . ■9ll9.- s >“! 

Welkom ' ' •- L. 

Wear DwfwttMn - ’ 

Western . Holdings - ' - ~ +»j» '• 
Western Dees. tlSfit ' 


INDOSTRUtS 


Barlow Rand. 
CTU- InveanneutB 
Cnrxio Klnancr •— 




-- BH V* 


tie .Beers liMostrlal— tllW 

Edears ConsoUdared Iov™_ '3H- : 

Ed Bara' Srorei. 

Ever Ready SA -ifl# 

Petteraie VniksfaelezaiiisS " ■ 146 : 


VoUobelianinsa ' ■ +“ -vi-g* 
Greatennans Stores J.tS •' 

Guardian Assurance (SA1 : .M* ' j 

Kuletia' . 21*. . 2^ ’ t 

LTA V— . .jiM' Tr+W 


McCartbp Rod way KLM T * 

Ned Bank 

OK Baeaars ; 7-fS 

Preiftief, ianilrig'l 

Prutorla .(tomeni - — 8-58 ■: 

Proiea HoWinus 


Rmo Mtncfi P rop erty — • . 

R(uafrran«ii 4?roup : "j-S%eS 


Re teg 


Sate H nlrt/ngy 

SAP PI 



C. L ff. Skntth SnEar — 

-SA.- Brewertet :. — . . 
Tlaer Oats and Natt. 

UtUseC ' JJ3 -, 


l * 


Sf^ritiesRana 

(Discount of Wff 


Ovwmur . onces exciting . I orgnuum. 


•■ ♦ DUAL denora. irateso otherwise stated.- 'w PUs. 680 flepooi- 
st«ed;-;-*JCf;;iW; '»eoan».-.imteB'iifli«wfte .-aneiL ' 5» ; - . 

otherwise -staled.'-' f Yen dO^detranL unless otherwise stated. '. i Frfce.-sf 
aBsaKW..- a Florins. . . aSCSillUK*.- c Cents, if Dmdeod-- after nefliUM 
and/or serf* tsane. d Per obaife. t Francs. ' » Grass dur. fet. h Awtnmd 
after serin r nghr» issue. • **- 
tncfudfmf Unnac - dt*. 
pamwnt. • 1 Indicated dty. 
oenoiite. ' YBM. .. . . 

dirtdemL xcEr scrip Issue. -a*«.slL''-*lBterfn affioe mcre»*t' . .'Xi 

V v - >- .-/.. m. <Y- 





.A- - 


-.it: 


.f- ";r:- r C 




































‘■u. 






\^u> 


'-financial Times Monday October 16 1978 


INTERN 


EUROBONDS 



BY NICHOLAS COLCHESTER 



CURRENT INTERNATIONAL BOND ISSUES 


rein on 



issues 


Offer 


AFTER the market" in Euro- 
sterling bonds had shed a dismal 
five points over' the weefe the 
German bankers came together 
in- 'Frankfurt op 'Friday -to give 
the ■ thoroughbred DM-sector its 
monthly grooming- .The Central 
Capital Market sub-committee 
decided upon a restrained calen- 
dar for the month beginning to- 
day. 

Excluding issues ' for supra-; 
national organisations like the 
European Investment Bank, 
wajeh are not subject to this 
Bort of seif-regulation, the calen- 
dar lists only DM 425m worth 
bonds, against the original list 
for the- previous month of 
DM 900m. 

'-Including -.issues ' for / these 
agencies, the total issue volume 
■will be close to DM Ibn. Yet over 
half of thisiviil.be prime nquality 
paper, and the total must be set 
agafrist the/ actual volume of 
DM issues last month 7 of over 
DM.-l.2bn. and against the 
rumours that were current in the 
market last ■ week that next 
month's total would rise to 
DM 1.5b n. 

The calendar leaves a clear 
impression thar after a -week in 

U.S. BONDS 


which fears of overloading pulled 
the - market down by - about 4, 
the sub-committee has decided 

upon conspicuous moderation. 

Bank oE America found itself 
-caught up in this-process of self- 
restraint. It . was originally 
booked for a DM75 m bond at the 
very end of the .expiring 
•calendar — Friday. • In view of 
the strength of the market, and 
in line with the Increase in the 
amount sought by Austria a 
week earlier, it asked for. this 
to be doubled to DM150m. . 

The market- then began to get 
nervous- about issue volume, so it 
was not until the subcommittee 
had deliberated on. Friday 
afternoon that Bank of America 
received .the final gorahead -ibr 
the increased amount.' Deutsche 
Bank wiiL now manage the issue, 
with Dresdner Bank as co- 
manager. 

It will be a 12-year buHet-aud 
the coupon of. 5J per cent -sug- 
gests that the offering price will 
be something below, 'par. 
Deutsche Bank is due to- an- 
nounce a DM75m issue nest week 
for another borrower,; ' as yet 
unnamed. 

■International scepticism- • to- 


wards the outlook for British 
sterling coupled, with a poor 
inflation, interest rales and 
week Tor the gilt marker, led to 
the severe shake-out in the 
market for Eurosterling bonds. 
The -prices of the Sears and 
Rowntree issues, for instance, 
both dropped 6 points last week 
and pushed their yields up to 
13 per cent. 

The week thus had the effect 
of increasing the return on such 
paper from inexplicably below 
to marginally above the yield on 
the thard to find) - equivalent 
Silts, and to not far short of 
the financing cost of holding in- 
worst could therefore be over, 
ventory of such paper. The 
but sentiment In the “ Gilt 
market suggests that a further 


downward drift in prices remains 
probable. 

With Ihe prime rate going to 
10 per cent, and with the dollar 
continuing its fall, it was an- 
other unhappy week In the dollar 
sector. Prices were off by 'up 
to i a point over the seven days. 
Yet. despite this and previous 

corrections, the market still has 
a magic carpet feel to it. Prime 
quality 15 year, bonds are now 
yielding 9.3 per cent, and this 
is- slightly below the current 
yield on floating rate notes and 
well below the six month Euro- 
dollar rate of 104 per cent. 

Two dollar issues announced 
last week were floating rate 
notes, which tend to become 
more attractive as the idea of a 
prolonged period of high interest 


BOHDTRADE INDEX AND YIELD 

M78 

OdiherU Octobers High Low 

Medium lam. 9fl_Zl £L2V . 9835 836 9944 (19/0) 9HJ7 <13 /IB) 

Long term 9236 IJS 92.42 B.K3 9437 0.9/4) 9231 (1 3/10) 

EUROBOND TURNOVER 
(■Bmhul value in 5m) 

U.S. dollar bends Other bonds 

last week previous week last week previous week 

Eureclear 9363 1326.7 496.7 3423 

Cedel ; 272.8 4613 3983 *L9 


rates in the U.S. takes root S. G. 
Warburg announced a $25m 
floater for the Swedish banking 
group Gotabanken on standard 
terms and with standard commis- 
sions. 

But Credit Suisse First Boston 
and Credit Lyonnais later 
announced a $75m FRN for seven 
yeans for the Long Term Credit 
Bank of Japan which matched 
Warburg's earlier, controversial 
Bank of Tokyo issue iu having a 
spread of i per cent above the 
mean of the bid and offer rates 
for six month Eurodollars, rather 
than above the higher of the two. 
The 2 per cent commission is. 
however, said to be “ classical " 
for an FRN of this maturity. 

The French Franc sector 
remained very quiet last week 
with the recent EIB issue ending 
the week at the same level at 
which it had started, 99; -C. Turn- 
over was thin but a weakening 
of the price of this issue had been 
feared by some as a mimher of 
bonds are held by German in- 
vestors who might have been 
tempted to sell as the Franc 
weakened against the Deutsche- 
Mark. 


Borrowers Amount 

m. 

VS. DOLLARS 

Maturity 

Av. life 
years 

Coupon 

% 

Price 

Lead manager 

yield 

% 

ft Canada 

400 

1983 

5 

• 

• 

Morgan Stanley 

m 

tt Canada 

fBanque Exterieure 

350 

1998 

20 

• 

• 

Morgan Stanley 
National Bank oF 

• 

d’AIgerie 

40 

1985 

7 

7411 

100 

Abu Dhabi 

7.64-1 

. tGotabanken 
§ Central Telephone & 

25 

1988 

10 

ill 

100 

S.G. Warburg 

6.09!! 

Utilities Corp. 
fLong Term Credit 

40 

1993 

““ 

7 

* 

Dean Witter Reynolds " 

Credit Suisse First Boston 

Bank of Japan 
D-MARKS 

75 

1985 

7 

551! 

100 

Credit Lyonnais 

532!! 

t**Estel NV 

50 

1985 

7 

*5 

100 

Deutsche Bank 

635 

' IVenezuela 

150 

1990 

9f 

64 

100 

WestLB 

6.5 

§ Maru da i Food 

Banque Exterieure 

50 

1987 


34 

100 

Deutsche Bank 

3JS 

d’AIgerie 

TOO 

1985 

6 

71 

* 

DG Bank 


Argentina 

t^Compagnie Financierer 

150 

1988 

8 

64 

* 

Deutsche Bank 

* 

de la Deutsche Bank 

100 

1984 

Si 

5 

— 

Deutsche Bank 

— 

••Eurofima 

80 

1988 

84 

54 

994 

Deutsche Bank 

5368 

Austria 

150 

1990 

94 

5} 

• 

WestLB 


Commerzbank Int. 

100 

1983 

5 

5 

994 

Commerzbank 

5.12 

Bank America Corp. 
SWISS FRANCS 

150 

1990 

12 

5} 

* 

Deutsche Bank 


t Malaysia 

KUWAITI DINARS 
iEIcctrobras 

80 

1990 

na, 

45 

100 

UBS 

4.75 

(g’teed Brazil) 

10 

1985/90 

— 

85 

1005 

K1IC 

830 

• Not ret priced. 

t Final terms. Placement. 

t Floating fate note. 

H Mnbmim. 5 Convertible. 


It Rcgfctarcd with UJ5. Securities and Exchange Oxnratnicn. 

Not*: Yields -are calculated on AIBD basis. 

1 Purchase fund. 



NOVO INDUSTRI 


BY ANDREW FISHER 


BY STEWART FLEMING 


The Fed’s will to control Ml in doubt 


KCftG 


PRICES on the New York bond 
markets firmed last week after 
a steady decline since mid- 
September. But -as they survey 
the dismal performance of the 
dollar qu the foreign exchange 
markets, inflationary trends and 
the continued surge in short 
term. Interest rates, there can be 
few bond market participants 
wbo can muster much confidence 
about the outibok for long term 
rates. 

.In the money markets, recent 
forecasts that the commercial 
bank prime rate would soon be 
hitting double figures were ful- 
filled on Thursday when Chase 
Manhattan Bank lifted the rate 
to 10 per cent. One measure- of 
the pressure in the short ' term 
credit markets is that at the end 
of August, the prime stood at 9 
per cent 

The strength of short-term 
credit demands and the .con- 
tinued resilience' of the economy 
in the face of historically high 
(but not yet record) interest 
rates will be factors the Federal 
Reserve's Open Market Commit- 
tee (FOMC) will have to . con- 
sider at its regular monthly 
meeting on Tuesday. .-In spite 
of a $2bn decMne in the narrow 


Ml measure or tax money supply 
in the latest banking, week, 
monetary growth' is way'-above 
the Fed's targets, and many.- eco- 
nomists argue that it is; building 
new inflationary forces faff 1979- 
What is . worse, perhaps, U that 
the Central Bank's deterinihati oh 
to control the money, stqqfiy is 
now seriously questioned. . The 
chairman of Citibank; Mt 
Walter Wriston. remarked, this 


weekend that the Fed had not 
bit its Ml targets for IS months, 
and suggested that it could do 
so if it really wanted to. 

The presumed current Federal 
funds target rate of 8? per cent 
could well be raised at this 
week's FOMC meeting. 

While the long-term, bond 
markets will be paying close 
attention to credit market deve- 
lopments. there are other factors 


which will have to be taken into 
account Some positive develop- 
ments are renewed purchases of 
Treasury securities by foreign 
central banks, reflecting their 
intervention to support the 
dollar, and indications today that 
the Congress could settle for a 
S20bn or so tax cut a less 
inflationary compromise than 
might have been expected after 
the Senate’s near $30bn proposal. 


47 



1 B| 

! 

IB 

■ 4 
• 




■■■. 

vs 


> 

a 

■ 

H 

wn 

| 

H 

J 

m 

■ 





BK 

m 

VA 

■ 

m 

■ 

m 

m 

Wi 


H 


m 

m 

■ 

m 

■ 

Hi 

m 

^'^3-Mc 

mih 



Treasury^ Bill 



E3_ 


• 



i 

: -i 





But there is already mounting 
scepticism about the value of 
the forthcoming anti-inflation 
package from President Carter, 
particularly the expected 
voluntary wage-price guidelines. 
Most attention is focused on the 
growing conviction that the 
underlying inflation rate is now 
in the 7 to 8 per cfent a year 
band, and showing no signs of 
slowing. - 

In spite of these concerns, 
however, bond market prices 
have still not declined to the 
lows registered in July. Triple-A 
rated long-dated utility bonds, 
for' example, are currently 
yielding 9 per cent, compared 
with 9.13 per cent in mid-July, 
according to Salomon Brothers. 

After the reassuring reception 
given to last week's corporate 
issues, a couple of more substan- 
tial offerings are coming to test 
the market this week. Common- 
wealth Edison , a large Chicago- 
based electric utility, is floating 
a $2 50m bond issue, and the 
nation’s largest consumer finance 
company. Household Finance, is 
raising SlOOm of debentures due 
1985 and $50ra of debentures due 
2008. The issues are managed by 
Goldman Sachs. 


Danish double debut 


NOVO INDUSTRI, a fast-growing 
Danish pharmaceutical and bio- 
chemicals company, which 
expects to earn DKr 110m 
(S21m) before tax this year, is 
making a double debut on the 
international financial stage this 
month. 

Having just become the first 
ever Danish concern to launch a 
convertible Eurobond issue, 
with a S20m offering at 7 per 
cent, it is now about to have its 
shares listed on the London Stock 
Exchange. 

When Novo DKr 100 “B” 
shares are added to the London 
Lists on October 24, it will be. 
the first time since before the 
last war that a Danish industrial 
company has ventured into the 
unfamiliar territory of a foreign 
stock market. 

Its reasons for doing so are 
plain enough. With 96 per cent 
of total sales (estimated at 
around DKr 950m in 1978) 
achieved abroad, its dependence 
on the state of the borne economy 
is tenuous at most 

Yet only limited amounts of 
foreign currency can be moved 
out of Denmark to finance 
Novo's growing investment pro- 
gramme. So far. the group has 
paid for its non:Danish invest- 
ments with foreign bank loans; 
it is now anxious to tap further 
sources of long-term capital. 


Novo has attained prominent 
world market shares in both of 
its main areas of activity, phar- 
maceuticals and enzymes. In 
production of the latter for in- 
dustrial use, sold on the open 
market, it is believed to lead 
the non-Ccimmunist world. 

It also ranks second behind 
Eli Lilly of the U.S. in the manu- 
facture of insulin and has bene- 
fit ted here from its special mono- 
component preparations, the most 
highly purified on the market. 

The company is keen to keep 
its investments expanding in 
line with its sales growth. This 
year's spending is being boosted 
from DKr 74m to DKr 170m, a 
level that is likely to be main- 
tained for the next couple of 
years according to Mr. Kare B. 
Dull am, executive vice-president 
in charge of finance. 

At present, Denmark is the 
manufacturing centre for most of 
Novo’s enzymes; these act as 
catalysts in biochemical pro- 
cesses and are used in the starch 
and detergent industries. Early 
next year, however, production 
is due to start at a new 811.5m 
plant in North Carolina, while the 
company also paid SwFr 13.5m 
tSSfirrO in May for the interests 
in this sector of Switzerland's 
Ciba-Geigy. 

Control of Novo is in the hands 
of the Novo Foundation, which 


owns ail of the “A” shares and 
enough of the “ B " shares to give 
it over 70 per cent of the votes. 

In terms of profits, the accele- 
rated spending programme has 
made 1978 a year of relatively 
slow growth for Novo. Its 
DKr 10a-115m profits forecast 
compares with last year’s 
DKr 103m on sales of DKr 864m, 
which was an 84 per cent im- 
provement on 1976. 

Looking ahead, Mr. Dullum 
comments that “our sales have 
grown at an average of some 
20 per cent a year, and we 
should like to see that main- 
tained.” Profits should also 
advance steadily, he adds. 

The company says no more 
about the near future than the 
bald statement in its bond 
prospectus that “prospects for 
1979 are judged to be good.” 
But based on past sales progress 
and this year's forecast, turn- 
over of DKr 1.14bn and a pre-tax 
profit upwards of DKr 130m 
would not seem out of line. 

At the net level. Novo earned 
DKr 73m in 1977. which indi- 
cates a result near DKr '80m 
this year, rising to three figures 
in 1979. With its shares now 
hovering around DKr 235. Novo 
is below its best levels this year. 
But rising bond yields have left 
the whole Danish market slack, 
Mr. Duilura points out. 


FT INTERNATIONAL BOND SERVICE 


- TV 'to shows the tOfl Jatest intenraUonal bonds tor which- an adequate secondary market -ciisii. 1%e- prices over the past 
week were supplied by: BondtrluJe. Kredietbank NV. Commerzbank AG. Deutsche Baiik AG. WestdeWsche Landesbanfc Girozon- 
tnfle. BOnqne Jm. Luxembourg. Xrvdietbank .Luxembourg. Alswnene Bank Nederiahd NV, Pierson Htfldnng and Pierson. Credit 
Snwsc/Swtss Credji Bank. Union Bank' 6t Switzerland. Alcrosd antLSmiibeis LuL. Bankers Trust Int/Lld.. BFDC. Citicorp lot. 
Bank Ud., Dakwa "Enrone NV, oalonTtesd Overseas Corpora lion. BBC Ltd.. Vlrsl Chicago. LitL. Go ldma n Sachs lm. Corporation. 
Himbros Bat* Lid.. Kidder Peabotjy-Xm.. Merrill' Lynch. Morttan- Stanles . Int.. Nesbitt Thomson Ltd,. Salomon Bros. Inc. Ltd.. 
Samuel Momasn and Co., Scandinavian Bank Lid.. Strauss Turnbull and CD.. Snm/iomo Finance Int. S. G. Warburg and Co. Ltd- 
Wood G undr .Lid. • .- • 


U.S DOLLAR 
STRAIGHTS 

Ana Akt 9* S3 

Australia 6 « 

Australia R.43 K> 

Australia BJ S3 

Beatrice Foods 7; S3 ., 

CECA S3 87 

CECA 8 W 

CECA K PS 

CNT 9 93 

Canada S 83 ........ 

Canada 8.M £5 ........... 

Canada 81 98 

Caiudair SJ S3 

DmnmJon Bnir Co. 9 


Change on . . 

Issued- Bid Offer day week Yield 
. as 973 973 +0 —01 9M 


Change on 

Issued Bid Offer day week Yield 


EIB SI 93 

EIB Si Sfi 

EIB 8) 03 

BIS n N ....... 

EIB 9) 98 

Elsam Jutland 9 85 — 

Eksoonfinans 9 SO 

Export DbvclpmnL £.6 

Finland « 83 ..... 

FMand 9 88 

Hospital O/S 9 83 J 

VC Industries 9 85 — 
lid Finance M W..— 
her Finance 0? 90 - — 

Ito-Yokado 9) 83 

3. C. Penney 8) 83 — 
Mac BlOcdel Si V3-_d~ 
.NZ Dev. Fm. SI 8S ... 
NZ Dev: Fin. SC 85 ... 

Nat. West 9 88 ' 

Newfoundland 91 90 ... 
Nord Urv. Bk. 81 US ... 
Nonces Kornm. 91 98 

Norway 71 S3 

Norway St S3 

Norway Si SI — 

Occidental Si 85 ... 

OnL Hydro Si 85 

Quebec Hydro B* -93 , 

Sweden 9i 98 

United Kingdom 81 65 : 
United Kingdom & 93 . 


DEUTSCHE MARK 
STRAIGHTS 
Aslan Develop. Bfc. 5) S3 

Australia 6 88 

CFE Mexico OJ 88 

Canada 4i S3 

Chase M anhattan 0‘S 6 83 
Commerzbank lm. WW 31 
Comm erzbank Int XW 31 

Council of Europe Si 

EIB 51 90 ...... 

EIB. 6 » ...: 

E3ektrobras-Brax£! 63 

Elf AouUaine Si 88 

IBJ 5 84 

Kobe, City of SS 8G 

Urin Servieos.de E3et .- 

Mexico 6 85 

Mitsubishi Petro 52 85 ... 
Nippon Steel 5i 85 

Norses Kotxrm 8 80 — 

Norway 41.83.... 

Norwegian Ind. Bk. 8 90 - 

Felruleo Brazil 7 88 

TtuUpci’ses 8] 85 

PK Brahen 53 88 

Quebec. Province or 6 90 
BautarankU Oy SJ 88 ... 
KJroh si S3 

Spain 6 $s 

statbil 6 S8. ' - 

Tabemautobalm Si 93 — 
Trondheim, City at 5! ... 

UPS Croup 53 S3 

Venezuela 6 SS ‘ 


350 9*1 

.... ITS 98 

75 9SJ 

.... 180 951 

50 961 

B 5 

35 7*» 

..... 75 9W 

.... 259 9W 

.... 250 961 

.... 258 - «i 

..... 70 961 

86 25 - 953 


<*i +8| +8 
981 +8 -03 . 9J1 

108{ -04 +8 
95S -8J -0* 

973 -01 -01 
091 -8fr +« 
loo) -w -It 9J2 
T« -01 —04 931 

WI-'+83 +03 9J6 

064- +03 -OS oua 
06 -03 -W 0 30 

971 -13 -83 9.00 
OK -03 -M +.92. 


9M 

A-oiao Dev. Bfc. 5S SS 

IS 

961 

tj: 

+li 

-u 

6J0. 

«3» 

Australia 6.B 90 .... 

50 

UftU 

IflOJ 

+0 

+0 

6-fcd 

9.U 

KFCE G.4 M 

30 

19bi 

97i 

+ UA 

+ 0 

6.92 

131 

EuroHnia 6 3 SO — 

10 

J96 

97 

+ 0 

+ 0 

b£5 

9-L3 


25 

tt* 

99 

+0 

+0 

7M 

9-32 

Norway 5.7 SI 

£» 

iBSi 

UM 

+0 

+0J 

405 

9.10 

. <nln. CHy of 8.0 90 ;.„„.• 

15 

<H6 

98J 

+01 

+0i 

•6.91 

9J2 

SNCF 6.6 SO 

20 

V7J 

w: 

+0* 

+IU 

6.M 

931 

Sweden 6 3 90 

40 

9U 

9b 

+01 

+0* 

6.97 


IPO 473 983 +0 ~«i OaM 

” 75 19K 903 -93 +tf 9.26 

100 OK 981 -83 -84 -938 

US -9Bi - 98T +83 +03 9.OT 

... UO 982 99} -K -02 9-56 

.... 25_ MS 97S +0 -03 

... 50 98*- 

83 US 9*1 

... 1B8 081 99 

180 98- 90 +8 +03 9.51 

25 : 97S _98S +0 +13 9 S* 

... 35 061 97 S +0 -OS 0.65 

... 25 . 073 983 -« -1 U M 

on 08C +8 -01 UL27 


... . _ 0 .« 

OSS +0 =-94 -9J3 

003 +M 9-83 

+0 — Oi 9J1 


20 

99i 

loss 

+04 

+■ 

9JS 

UO 

VTl 

90S 

-Hi 

—os 

9.W 

58 

ns 

9W 

—03 

-BJ 

«1 

20- 

-953 

951 

+0 

-os 

9j» 

20 

9 Si 

'952 

+r 

-Bi 

9-J6 

7S 

MO 

U04 

+» 


8.95 

SO 

JW 

991 

+01 


9J6 

a 5- 

97* 

97S 

+■ 

+• 

9.19 

75 

9 « 

99* 

+03 

-flj 

MS 

2S0 

954 

96 

+« 

+04 

9.19 

125 

196 k 

963 

-M 

-at 

9JO 

ISO 

983 

993 

+0 

-8* 

948 

75 

951 

. 96 

+0 

-w 

935 

125 

- 96* 

963 

+fl 

-03 

932 

SB 

994 

99J 

+■ 

-01 

937 

125 

99* 

low 

+84 

+04 

9SL 

200 

97* 

9« 

+0 

-Bi 

939 

ISO 

981 

98a 

+« 

+01 

945 




Chanse.en 



Issued Bid 
KB 961 
250 10U 

150 9X1 

688 983 

108 10U 
108 386 

100 M3 
M8 100 . 
250 9?S 

300 99 

ISO OS 
188 OS 
380 289 

no me 

150 983 

2» - vn. 
100 1822 
TOO 1024 
188 IBM 
250 . 97 
125 IBM 
188 ’ M01 

100 - Ml- 

180 . Oft 
150 "Vfi 
50 051 

38 1093 
200 96£ 

150 JJ8« 
70 982 . 

35 974 

65 975 

258 951 


Offer 

1824 

083 

0« 

IMS 

1061 

M3 

1003 

041 

903 

083 

951 

1083 

1023 

988 

1033 
1824 
3814 
m_ 
UBS 
ZOM 
96£ 
962 
98 . 
964 

loot 

-974 

1MZ 

482 

9?i 

08 

Ski- 


day week 
+« -8i 
+03 + 0 S 
-03 -81 
+03 + 0 ir 
+03 +04 
+0 +04 

-+U +« 
+ 01 . +0 
+8 -03 

+ 0 | +0 
+0 - 01 . 
+01 +0 . 
+0 +0 
+01 +0 
-M 

+8 -04. 
+8 -04 
— Bi —Bi 
+oi +«; 
+02 -01 
481 -83 
+1 +82 
-Oi -83 
+8 -83 

+01 -03 
+0 —63 

—03 — Olr 
+8 +ff- 
+0 -81 
+0 +03- 

+03 +0 
48 -81 

.+84 -OS 


Yield 

6JB1 

5^1 

7JK 

525 

5X1 

2.71 

5.W 

6.09 

6.03 

621 

7JB 

5.05 

4.94 

5.42 

7.85 

154 

5.18 

525 

5B0 

525 

5.05 

6.00 

7 S 2 

620 

627 

6.37 

524 

6.47 

Ml 

5.66 

622 

641 

6.60 


SWISS FRANC 

STRAIGHTS Uroed Mfl 

Ace» 5i W ,*W 

Artberg Tonne) 4 93. ...... 98 Wi 

Aaex as 93 — W- 95* 

Chase Manhattan 4 98 ... 78 

CVfiti 42 80 — 58 97 . 

Council of Europe 4Jr ... *5. J® 
Bankamerica 33 83 ......... 88 MB 

BMDE 5 88 Ti 

Denmark 43 » Mo UM 

Denmart-Mortgage Bant _88 IP* 

feta 4) 93 ...... ........ MO 102 

Enraiom 4i 93 88 BJM 

V. L. Smidth 4k Ta ...U - 25 ’• Ml 
Finland 4) 83 ® }£| 

iriid-UeebeiKteln' «L 2S - X®i 
la Fin. NV 43 M. 300 Wi 
Imatran Vbtma‘ 4 93-.-._.v 80 96} 

Manitoba. 4 93 - MO . -.*£? 

New Bmnswft* EPC M UM 

N«rag . r © ' -’-W X80- 

Nonws Koram 4t 90 MO ^ 

OKB 4 93 — 80. UA 

Oy Nokia 5 90 — » MU 

Quebec Hydro 32 83- 138 073 

Safe 4} 83 » MM 

s«a « 8* JS jm 

Voesf-Alpine. 43 93 108 1M 

Voraibere Kraft- 4 93 - 38 • J®- 

T»bm 4 W ...I WO MW 

World Bank 43 M 258- -MU' 


Change off 

Oiler day. week Yield 
IMS +01 +0* 4 A3 
DU +01 +0i 
951+43. +83 
IMS +04 +U 
■ 974 +8 . +8 
MM +8 +16 
Ml +« -12 

mu- +oi.-+r. 

•Wi '+« +31 
1923 -M +8-. 

IBS' +W +04 ASS 
-101 +01 +W Alt 

1B04 +94 +04 
M2 +0f +1S 
1024 +84 +0ft 
1054 -01 
ISM +84. 

964 +01 +11 4J3 

182) +« _+U . 3« 
974 +0 +1 - 3.0T 
Z8U +1F +84 ' 

U24 +81 +0 3.05 

.1081 +B1 -+« 3-00 

MU +0* +02 -'-421. 
.. 071 + 0 +14 ‘ 4 40 

2011 -o*. +V. A.n 
180 i —84 +.0i . .4* 
2824. +8 . —04 - 420 
1814 +0). +81 3X0. 
MBS HR--+8*- 3.95 
MU +0- +04 400 


+8.. 3.96 


4m 

409 

3.76 

508 

420 

s;ct 

421 
420 
423 


44 2 
432 
4JS 

3.03 


Change an 

OTHER STRAIGHTS Issued Eld Offer day week Yield 

AlKemene Bk. flit 83 FL 75 04} 055 +8 

BAT H 88 LuxbT 258 952 90S +0 


Bayer Lux. 8 6t> LnxFr. 2SD 061 
Mees » Dope 7 S3 FL 7S 95 

Brazil 71 8S Kl 75 041 

CFE Mexico 7J 83 FL 75 OSJ 
CiUrorp O/S Fin 10 83 £ 28 « 
CDprnharen 7 S3 EDA ... 30 05) 

EIB 72 SS LuxFr. 358 06 

ETB 74 Mi n 75 93J 

> EIB »: 38 r 25 01 

Oraujeboorn 18) M £ ....... 15 86 

Ftaanoe for tnd. 10 E8. £ - 12 87) 

f lnl d. Ind. I'd. 8 SS LoxKr 250 . 962 
J-- inland Ind. Bk. 7 93 EUA - 15 9S 
Geanner Hid. BV 11 88 £ .10 884 

Tv’ eder Mkidcnb. G) fa FL 75 953 

New Zealand ir, W Fl. ... 75 958 

Norway 74 « LnxFr. a.... 250 96) 

Norway M S.7 FL too 951 

OKB 6} 85 F). 7S « 

Renault 74 SS LuxFr 500 066 

Bourn tree -104 88 I 18 854 

Panama Si 93 EUAT 28 06C 

Bank O/S Hoi tf. Ui AS ... ' 12 9*4 

SDR France 7 93 EUA ... 22 061 

Seam 18) SS £ 15 . tSi 

Swedish lov. Bk. S 88 LxFr SBO 084 

WhilbreaJ 10 } 80 £ 15 833 

FLOATING RATE 

NOTES -Spread Bid ( 


Banque Worms MflJ S3- 


071 +■) 
05i +8 
054 +D 
966 +1 
885 -li 
06 +0 
07) +0 
9M -1 
Oli -li 
86) -2) 
88 -3 

973 +0 
063 -BJ 

«: -u 

961 +0i 
961 -Oi 
97) +0* 
06 +81 
92S +8) 
V7B -fl) 
854 —24 
971 -«i 
97J +01 
971 -hi 
851 -24 
092 -1 
882 -2 


-0) 
-Oi 
— 0 *. 
-0* 
-8i 
+0S 
-« 
+84 
+8i 
-U 
-54 
-ft 
-« 
- 8 ) 
-01 
-4J 
+ 01 
-0! 

-Bi 

-Bi 

—01 

-53 

~nk- 


7.71 

8^4 

8.59 

8.45 

9.88 

8.91 

U.73 

735 

838 

BM 

1135 

I2A3 

1218 

8.43 

743 

13-29 

7.66 
7.78 

8.67 
7X2 
Ui 
&ZX 

EU» 
8 AO 


-Oi 123 7 
-K 735 
-6 1X88 

-1 808 
-14 1238 


CCF M3! S3 


Ctnta Rica MS) 85 11 


— 03 

993 

99B 

28/10 

8 

8.85 

.. 03 

9*3 

973 

a/i 

91 

9jUh 

i.. Oi 

•w: 

983 

12/10 

0 

DJU 

S3 m 

97) 

98 

a/i 

91 

9J9 

- u 

97 

971 

25 /IX 

9463 9.03 

« 

97* 

981 

15/12 

9 

9.17 

S4 03 

97J 

983 

9/2 

9S 

942. 

... .flj 

98 

98t 

25/1 

93 

9J4 

S3 BJ 

96* 

97* 

12/1 


9.65 

... fli 

973 

973 

3/2 

9488 

9.42 

■ .03 

983 

993 

3,01 

83 

847 

85 03 

1971 

.97* 

9/2 

93 

9-35 

... 01 

972 

973 

27/1 

9-3X3 944 


Credit National Mai SS 

En petrol M7 SS 

SFTE SIS S3 

ishlkawajlma M5J 83 
Uubljanalca M7.73 85. ...„ 

Midland Inti. M5i S3 

Nat: West M5) 90 

Nippon Credit MS3 83 

OKB 51 BS : 

Offshore Mining -S4 

Standard. Chart. M5.3 90 : 
Sumitomo Heavy MSI 83 
SBndsvansbanten MB- 85.. 
Uid. Oversea* Bk. MB S3 


1884 
972 
088 
081 
081 
064 
08 
984 
901 
981 
08) 
96J 
■ 90S 


UN 

972 

901 

904 
002 
971 

oet 

982 

004 

905 
00 
97! 
90S 
08) 
901 


04 
8) 
ft! 

84 
1 
Ct 
84 
U 
04 
U 
81 
04 
84 
04 

CONVERTIBLE | •' Cbv. Cbv. 

BONOS date price Bid Offer 

Afdrt 51 33 0/78 628 1884 100 

Raker Im.-Fto. S) 93 lm 34 107 1073 

Knobs 6! 9.7 .... 2/70 116 08 083 

Coca-Cola Boldins 63 flrn 9 051 451 

Iio-Yokado hi 39 6/71 1473 l«i M52 

Tpxas. Int. Air. 7* 93 4/79 US 04S 05! 

Thom. Int. Fin. 7 88 01/75 JJi7 1022 103! 

Tyro Int. Fin. ?! 9ff . — 0/78 21 lW 1854 

Tyro lm. Fin. S SI -5/78 6L5 7« 751 

Anahl Ridfial 35 DM . — 12/78 588 90J 1B8J 

Casio Comp 5! 93 DM ..UflE VO. 1001 un» 
latmlya 3)’S9 DM ....... Jfl/7 8 980 U1S 1122 

JUECO SI 86 DM 1/70 1278 184) 1842 

Konishlroku 32 S3. DM 612 094 OU 

Mnrata Mam 34 96 DM ...U/T8. E54 
Nippon Air. 5.5 SS DM >52/78 508 
NlPPOO Shin pan 3! DM ... 8/78 738 
NtBshin Steel 4 96-DM 7/78 UO 

• Ricoh li H DM ..18/78 6X7 

SanXTO Electric 3! DM... 8/78 869 
SaWO Electric 34 DM ... .11/78 295 
Sciyu Stores 3J 88. MI .—9/78 1 TO 


18/4 lias 11.15 
U/l 0J88 9 41 
21/3 10 UH 
5/4 ISAS UL8B 
27/18 84 L32 

19/1 184 18-55 

28/1 9.438 9.61 

21/12 0J13 Oj 45 
15/3 01 ftS 
18/10 8 8.08 
19/1 9.438 956 

18/2 8.938 OJfl 

16/3 9^88 9-72 

4/4 1886 10.28 
4/11 8J13 S39 


Prim 

ZL87 

5JB 

147 

7jM 

3.33 


981 991 
901 1081 
1172 U8i 
1264 126Z 
1064 1062 
126$ 1274 
9SS 94 
U* 2183 


Chs. 
day 
-04 
+81 
-11 
-Bi 
+ 2 ! 

-01' 5.06 
-1! -338 
-1 292 

-0! 11433 
+ 81 1531 
+ 81 7.77 
-fl! 3.41 
-84 15 JQ 
-Bi 12.75 
-U -058 
+0 921 

—02 -3JJ0 
+04 —858 
-81 1027 
-2 859 

+0 3353 
+03— 2J8: 
-Oi 15 A3 
-« 9.99 


Stanley Electric 34 DM .31/78 SB 1B4J 1053 
Trfo-Kenwood » SB DM.. 11/78 7n 981 994 

* No inlonnation available — preriotw day's price, 
t Only oni- market mater supplied a price. 

Straight Bonds: The yield hr the yield to retfampUon or the 
mid -price- the "amount issued is la millions of current? 
pails except tor Yon bends where ir Is in billions. Change 
■ on wccK=CbMBe over once a week earlier. 

Fleating Rato Nans: Denominated In dollars tmlecs- other- 
wise indicated M=Mintnmra coupon. C.daie=Daie next 
. ttiupon trt'cnmcsfffccrivr. Spread =Sflarsin above six-month 
pftered rate for tf-S. dollars. C. cun = Tbs current coupon. 
C.slc!='ti«“ carrent ytokl. / 

Convertlhic bonds: Deanplnued In dollars unless otherwise 
indicated. ChK. dav^Fhanse on day. Div. date-F>ryr date 
for conversion Inio "shares. Car. prices Nominal amount of 
pond per share expressed In enrrency of share at- coover- 
slon rate Axed at issue- Prem=Perwmaye premium of the 
enrrent effective Price of. acqidrmA .shares via the hood 
over the most recent price of the shares. 

OTb«* Financial Tunes Lid.. 1978. ‘ReprodncHan In whale 
■or tn pan ft> apyrtonn not permitted witbont written 
consent. Dala -tfUtoUed by inter-Bond . Services. 


DOMESTIC BONDS 

Gloom in 
Dutch 
dealings 

BY JEFFREY BROWN 

DESPITE tbe steadiness shown 
at the close of last week, the 
Dutch bond market remains 
shrouded in uncertainty. The 
recent sharp rise in interest 
rates has significantly widened 
the yield differentials between 
Amsterdam and Frankfurt, but 
ae long as the present currency 
turmoil persists — creating up- 
ward pressure on the DM — 
dealers in Holland are likely to 
remain dismayed. 

Since the middle of September 
yields on longer dated bonds 
have risen by more than a point, 
while the Dutch bank rate has 
moved up by a full two points 
to 64 per cent in the space of 
two weeks. . 

The latest Dutch state loan, 
the fifth to be issued this year, 
was priced at 101 when it made 
its debut on September 12. It 
stands currently at 94.5 with a 
coupon of 7$ per cent comparing 
with 8} per cent for tbe most 
recent government backed bor- 
rowerer, the Dutch Development 
Bank. 

The present weakness of the 
Dutch market can be traced back 
to the budget (on September 19) 
with its hints of a sharp jump 
in the government funding pro- 
gramme. Then came the run on 
tbe guilder which, for the Dutch, 
became progressively more pain- 
ful once the Swiss Government 
bad put “ protective ” currency 
measures into operation, thus 
accelerating the international 
rush into the DM. 

The upsbsot is that the 
guilder remains within the EEC 
snake only with the backing 
of massive centnfi bank support, 
estimated to. have cost close on 
Fl lbn over the past four weeks 
Even against sterling the guilder 
forward market has swung from 
a premium to a sizeable discount 
since October 1: on- a three- 
month view of the Fl/DM rate 
the Dutch currency has clearly 
slithered out of the snake. 

All this is making for a par- 
ticularly sticky time in fixed in- 
terest markets. As the uncer- 
tainties mount, so it begins to 
look as though borrowers coming 
to the front- of the Dutch new 
issue queue are rapidly pulling 
out. 

Ironically, the most recent 
bond offering — Fl 400m over 
10 years at 8} per cent by the 
Dutch Development Bank — bas 
been very solidly subscribed. 
This has occurred largely as a 
result of the. way investors have 
been switching, funds out of the 
ailing secondary market 
Meanwhile, the latest new Issue 
across tbe border in Frankfurt 
has had a mixed reception. This 
is a DM 400m offering from the 
State of Hesse where tbe fine 
terms —61' per cent over 20 years 
act 995 — i has left the placing 
banks sitting on perhaps as much 
as a quarter, of the issue. The 
bond closed on Friday at a point 
discount to yield around 6.35 per 
cent, 



Area: more than 130,000 sq. km. 

Population: about 20 million with a per capita 
income in 1977 of 2,500 dollars. 

Private consumption in the same year: 36 billion dollars. 
These are the vital statistics of the Mezzogiorno, 
as Southern Italy is called. 

The region is an economic and productive reality that 
no business interested in locating in Europe can afford 
to overlook. In fact, as an evidence of the interest 
shown by the international business community, 
the Mezzogiorno counts 277 manufacturing plants set 
up with the participation of foreign investors. 

Expanding markets, availability and trainability 
of labour, incentives, infrastructures; these are the main 
inducements to choosing the Mezzogiorno, as well, 
of course, as its ideal geographical position between 
the Mediterranean and the European countries. 

The Mezzogiorno offers prospective investors cash 
grants up to 40% of fixed investment, soft loans, 
corporate tax wavers and a reduction in the cost of labor. 

Further information is available on request from IASM t 
Institute for the Assistance in the Development 
of Southern Italy, a non-profit organization set up to 
promote industry and tourism in the Mezzogiorno 
and to provide consulting aid to companies already 
operating there or planning to do so. 



IASM 


Viafe Pilsudski, 124 
00197 Roma 
Tel. (06) 8472 
Telex 68232 IASMROMA 

Milan office 

Via Ariosto, 24 

20145 Milano 

Tel. (02) 487636 

Telex 39125 IASMMILANO 


S * ii a.a ft t* wo « CAM r*.* arm- Ti'oi-n 1-/S « 


4 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson f* 
number o 
were com 
paign ugai 
Party on 
1974 Gem 
The foi 
allegation 
lowing ih* 
affair. Mi 
was, had 
nn orches 
himself. 1 
Lady Fa 
Marcia W 
The Pr> 
Sir Haro 
drawn so' 
Subsecji 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Haroh 
formal co 
On the 
against 1 
council si 
Royal Cc 
that tber 
Labour bi 
The Pn 
is one nl 
lished tod 
In ano 
council 
against tl 
Daily Ejt. 
picture c 
Henrietta 
death in ! 


40 


.Financial Times 16-^78 ... 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tsi. Mngrs. Ltd. fa» Framlington Unit Met. Ltd. fa) Minster Fund Managers Ltd. Provincial Life lira. Co. 

12-80. Gatehouse Rd Aylesbury. 8286TO41 5-7 Ireland Yard, EC4B5DH. 01-2488371 Minster Hse- Arthur St. EL'4. (114031050 222. Bishopscate^ ECi 


AMieyCapitoI |35 1 

Ahbcc Income. .142 1 

Abhcy Inv.Tfl Fd_ 379 
Ah'neyGen T*t. . W74 
Equiun Prat;. TstJM.S 


37-3 -0« 


40 3 
50f 
73 4 


33 

ifi 


4 IB 
576 
4 17 
411 
388 


Anrnnmn J52 4 


apitai T*a 

lr.ro me Trt. - - , . 

lnt Growth Fd. 

He AKUOl 



124 Minster Oct. 2- I38S 

327 e»cmptOct- 2— — 11805 


Target Tst. Mgrs. i Scotland I fagb) 

13. Athol L'incnt Edin 3. .0314230821 S'! 

qur — cjf -3.0S-- T ars«T .uuer.Ea£U'<27 9 30 Of ~-a2j 1.72 


Allied Harobro Group? laiigt 

Hwnhrn H r 4. HuHra Brentwood, fl-'r w 
ni-r.ua 38S1 or Bre-nteoud .<E77t 21K.0 

HilurM Funds 
Allied IK ...168 9 

RnL Ind-- i-und. jb6 7 
tilth Jr In 1 '. . . JO 6 

Elect ft lnd Dei [360 

Allied i'j [' ltd I ... [71 5_ 

Hamhrohund . 11113 
l.'ambroAcr rd..-|l25.9 
Imw Kawh 
Hich Yield E.1, ... |74fc 


jot MLA Unit Trust Mgemni. Ltd. prndL Portfolio Mngrs. Ltd.? tatfbXc) — t**! 

iB7 sail 


73 71-10! 
71. *1 -0 9i 
42 Jl -Ohl 


Hizh Income. . .. 1692 

-. [412 


A H Eq Ini. 

InUTBStnaM Funds 
International . .1278 
Pacific Fund ... -- 143 B 
Sec>s. Uf America .. IS6 7 

l 5 A. Exempt * . [90S 

Specialist Funds 
Simlleri.'o.'s Fd .. 
rad Smlr. Cn> Fd . 
Recovery Kits . .. 

Met Min * Cdly 
Overseas EnminR^. 
Expt Smlr. Co" 



Ltd.V Saw & Prosper eoniinned 

01-2476533 Scolbits Securities Ltd.? 

JaS-ijl 723 ImI Sl|-5B i* gl?S3 IS 

i ten c fcse-c.a; 43s ^enincoaatrd._:saa - A32[ ^03j 957 

Ho? 7~.' fax Trades futon Vnit Tst. Managers? 

a*® 236 '- ■*“ 

St =1 « .-BSESKS^TS 3sa».Es-s^ "T‘« 

„ . - .. ^»/«» tMdlraattBCOnm- 04.7 130 9! — 4 7M E.ewptliieh Yld.-5M 

Mutual Unit Trust Managers? (aKg) w _n____ 1T _ a . E»eooptMia.Lrtr»- fi 

R7BU. 01-6004803 “Glance Unit Mgrs. Ltd.* • ELitraTnc Ta. 30* 

-sa numu'i.T 25 Sfi.OI —0 41 Reliaar* Ht*J Tun bridee Weil*. W- 08KS3C71 income Dirt — 

|-S Mutual Inc. Ta. f 713 783d -2 ?| 7.05 DpportuniCy Fd [730 78.0] "nn! i|5 fTiinSSh* 1 'rl 

S'S Mutual Blue Chip- 444 «7 ■M — 0-2J 658 ScBdnteT.iAcc.i...[465 497] -0-. S57 Intfil rtrowiK- 

g “ Mutual High ynd.. [61.4 660«|-o| 819 ScUordeT.inc.^. p44rf 475a -02| 557 jSS«fJifclSj 

3.6Q National and Commercial Ridcefield Manatrement Ltd. -vnvielir .593 


■Alexander Fund . 

[37- me Notre Ml 

’aSM-bd-rW-^ « g&Jjir 


15a r, T ‘ Unit Managers Ltd.? 


K7rf™‘ 8 3J2 Transatlantic and -Cen. Secs.. Co.? .- 

380 -0 2! 201 S1-S8 Nesc Lmadwi Hit ' Cfcdaaio rd«f455 J651 


l«i Fi-Tbury Circus R2M7Dn 


1ST.* .ip lnc..„. . 

I Hi An' - 

■ : T Inc Fd Un 

*;1 V S *c-#n 

I' T .liipan t, iJeo.. 
pit Pen-s£.t.F«l__ 
C.T.Ial i Fund _ 
liT Four YdsFd_ . , 


1 1091 

[1684 

1425 

924 

145 7 

1163 6 

589 


„„ muiudk 

•KT-B* lS.CopUiaU Ave-.El.t2R: 
“ini Mutual Sec FIUE...1KI5 


Batr.ra.-iOct 12 794 

MKStsl'nib-' .-.;i232 
RortiHtpt SepCCT [90 9 
BarkcLOct. 12 ... .183.9 


I ■♦2-11 


557 Intel rtrowtii- 

557 in*. Tst Unis. 

."Market I-eodcrs 

•VII Yield 

061 236 RSI Prut *Uia Trust — f23J 

Income Oct- A — — 1632 169^ . — [ 558 HldcefleldliiL It'.| 10U1 108.01 1 20 SSSalS^T^ “i»5 

■ Accnm. Units! 223-6 -231-g - — I 558 Ridgefield Iacome.197 304 o[ 1 ^ *inlv ArrEEi.j232 

. Trrm22730C rA^u^D 4 ni^i"_~: 16L6 147“ ZZ.,\ 3.84 Rothschild Asset Management fgl vIk. exit. nU-—- 20.4 - - 

- ^ - 0 - 4 ! 431 National Provident Inv. Mngrs. Ltd.? w-so. Gatehouse R«L Ajlesbury J- Heniy Schroder Wagg & Calld-V ^So^ciSlm — ■ 

i64 Gartmore Fond Managers ? fal(g) 4a.Gt«cechurchSUK3P3 EH _ oiwsasoo N iai3 = i^l ^ 


G. & A. Trust (aHg) 

5. Rayleigh Bd, Brentwood 

l» IA P45 


8.19 SetdordeT.inc. __ [44 4 d 475. 

. . . Ridgefield Management Ltd. 

352 31.. St. Andrew Square. EtUnBurch03!-5&e Pill 3860. Kennedy SL,ftlanehC3tcr 
7.00 . mu 3692) 1 4«a nu_^i.u.i_. i>2 im . w 

£3l3 


Andersen Unit Trust Managers Ltd. 


S.St Mary Are. EOAHBP. 

i2 > Amen ran TjI. [295 

RntishTst.iAcc.j_ 60 8 

CoRRnwIily Share _ 

Extra Income Tst_ 
i2'KarE-TrtTniit_ 
ifiBh Income Tst_ 

Incnmr l-'und 

Ins Asenctes_. 


IfR. Fmchurch St. EC3M B.\.V 
Anderson U.T. . „ 153 9 38 lid 


(523 SCSI full Exempt Fd 


.1 480 


z'lnli TsS.iAce.1 


SI 

795 

M50 

904 

342 


SLT 

684 

177® 

2an 
42 W 
S70 

lira 

90 9 
37.4 


01-2833931 N-P.LGth.Un.TO 

n in iAceiun.Unitse.__ 

3'S NPIO'seas. Trust 

3 42 lAccmm. Umtsi** — (l436 152.0j --J 23 

' « m **Pnces on Sept 28. Nert_ dealing Oct- 25. 
050 ‘Prices an Oct. 4. Next dealing Oct. 18. 


N.C IneoOK Ftmd. 154.6 
N.C. IncL Fd. (Inc. i 90.2 
N.C Inti Fd. (Acc-1 924 
N.C. SaUr Coja FU 1587 


i20.CheaiHudksE.C2. 
I SI capital Oct JO- 

/■SJ i Arecm.' 

U5 Income Oct m. 



nu «ui 

>U40 2187 


Ansbacher Unit Mg ml. Co. Ltd. 

I Noble St . EiT\’ 7J A. 01-623016. 

Inc Mnnihl} Fund. |175 185i . ..{ 920 

Arbuthnol Securities Ltd. taifci 

XT paern SI Ixmdofi F.' _ 4R1FY n I 236 5311 


524 Capital . 

0 g9 Extra I nc. 

Financial 

Gibbs (.Antony) Unit Tst. Mgs. Ltd. Growth inv — 

3 Fredericks PI. old Jewry. Ell 01-5884111 pSXho| n VFVi- 

fa- 4.* I Income" [44.0 473*4 “* - 

>aiA»; i'.IWthtt,...[414 4451 

u iA G. Far Ea.it- . |» I 28 lj 

Dealing "Tues. It Red. 


J2 (Arcwn- Uaiuj 

General Oct 11 

Rothschild & Lowndes Mgmt. fa) gSgSftSfczffil" 

SL SwiUdus hma. Ldu_ EC4. . 0l-aM435S fAecam- Unltsi — - gag. 

3 B 18L Chcapside. ET2V 6EU. 01-806 0088. &^t-_gU QjD ' P3&GbaFdSc[£2S. gM b 

5M Capital i AOTimi <582 7SJ1 I 413 Prices on Sqkcmber 15. Next dealing October 


7951-01; 730 
283 -Si 431 
33 y -02f 981 
461- -Or. 9.06 

549—11: — ,.4crum Units* 11039 

5571 — 25J 2.97 i.'olmoOrt 13 1 132® 

295 -Oij 431 , Acrnna. Ujtits- (1636 

318 — Lf 4.46 CunMiinct. li:_.. 548 
515«j — i.tennUeBi ,__|600 

247 iCf ...... 3208 Glen. Oct 10 (575 

29 6: -JC, 232 l.lcctim. Urttsi — 173 9 

34«-0.l! 12 'KarlbvxroOct- 10 |S14 

».4cetaa.i:nit5i [U5 

219, —05. 485 Vaa-Gwfc Ort. W-P22 

“B 

.. - 0!_:r ? 0 5S’ VaSnTeeOctU^SS.S 

H££ i lAcemc.Cnits.1 }«5 

1«8I ! 226 WicfcTOcL IT fc32 

Z»fl 1 6.71 fAcccra VniiX — _ 752 

3172| j 671 Wick Dl Oct. 13 R28 

9SJ] -—I 351 po.Aacmn. . _|B.4 



Next dealing ^ -j.-v 

BastAIall TsfilTi-lIIS. 1Ha * 


■tale October 1& 

SmrilimA* oSiai" 

.Australian Selection Fund N? 
Lunrket c ® YouUS * 

Itruth waite. 121. Kttlt W. I^ie>- , __ 

'““"SKtS-i'w&SbJ iT* 


National Westmuster? (al 


8.1 

470 


Universal Fdidi- 


707 

34.8 

89.6 

_ 37.6 


174 6 
58 2 


760 

37 4 

963 

404a 

781 

625} .... 


70 

359 


IE 


SpecEc Oct. JO — gK.4 
•Recovery Sept. 10 .[2J62 


362rf j 

40.4: 

1B6.U ::~ 
29521 .T-J 
222.901 . 


Tyndall Managers Lid.? 


2^ Rowan Unit Trust Mngt Ltd.? (a> 

it ~ x-i v c-.-n niAnfiKH 


For tax amF- teds only 


1^ n.mpMrloM.BrisbL 

344 Income Get. II 

424 f Accent Units' 

CipOiOct 11 

i-Aceum. Units! 


Ultra Income Fd. 
llichlnc Fund ... 
*i l.-cum t.'nit'-i 
iWj'ii Wdrwl Ri 
Preference Fund— 
i Irram Unit 1 -, . . 

• a pi la 1 Fund 
I'aHnnuylity Fund ._ 

■ Arrum. Uni Li i 

ilO'iWHrwfU i_ 

FmAPrap Fd 

Giants Fund 

i Vrum. UmL-.i 

Growth Fund 

i Arrum. 1‘nitii 

Smaller Co’i Fd . _ 
EaMem&Inll. Fd.. 
,6^-0 Wdrwl.Ufs. 


U2 3 
429 
597 
571 
250 
288 
210 
649 
933 
56 B 
181 
401 
47 0 
365 
43 B 
790 
284 
217 


Formal Fit .1843 


.V Amer. 6 bit. Fd. 


Goveft (John)? 


119 71-2 61 10 42 

46 a -Q 3 a 79 IT I xindnn Wall. E.C 2. 

64S-04| 879 5hir<ilfi 11448 

C«. Accum Unit . . [174 1 183 51 , 

Nekl dealinc day Hd. 20. 

GrievpMm Management Co. Ltd. 
Hli'.rcinamRt .EC2F2DS. 

Barrington Oct. lt_[2212 
•Afuin L'n-.tsi .. 

Bui4.lf.Yd Oct. 12_. 

i Arrum UniLii. 

Endca- i>L 1A 

i Arrum. Unitsi 

t.mchcu- iIcl 13. — 

■ Arrum I'nlLM 

1a iBrdv Ort. 4- _ 


American Oct. I2„[TL0 
Securities Oct 10_ 1810 

05 NEL Trust Managers Ud.? <aKg> SSSSSftfflLSr gS 

Mill OB Court. Oorkuic. Surrey. 50T1 Merlin Oct 1 1 852 

Nelnar . . 162.4 65 6-1 -111 477 I Accum. Units) [il» 1 

Nei-torHlcfc lnc._|510 53b<4 -07\ 758 


Scottish Equitable Fnd. Kgrs. Ltd.? — 

635 City Gate Bse,Fh)ri»mySq..EU2. Qi-SWIMS 28 St Andrew* Sq . Eitcbcxb -J2!-S69!01 SSum Unite) —J 


532 

3.40 


74 R 

862^ 
110.71 


4.90 

4.90 


»nl. Fa . . CV-t 11 

1 Accum Units) 

prefcOrt.il 


{Accum Umbi__ 


61 5j -O 3 8 79 

26 2 -02 12 21 
41 g . . 12 21 

22. U ■ - 

-0 1 4 68 

-O.i 4 68 

468 

2tt& 
-0.3 2 46 

—0 fa 2.46 
-0 6 237 

-0 2 237 

385 
+0 5 123 

+-0) 


39? Income Urns _ — [525 55M ; 

Accum. Ucd.1 ElO 64® 

Deal me day Wednesday. 

332 Sebag Unit Tst. Managers Ltd.? fa) 
pn Bo* 51 X. Scldbxy. Hse^EC 4. 014365000 

u , a Norwich Union Insurance Group (b) «g SSSSMJ 4S IS 

152 « * * » - - — ’ — ■ am sxm 73 jj Scanty Selection Ltd. d« Wail creep 


use mw 


19*2 2*545, 

„ 

^36 (M 342ft 

|||m 

1924 -2022 


1354 12la 

, , 

163.3 1720 

", 

255 2 2&£3 

|||M ' 

289ft 304.4 


•W2 109.4 


1»2 1382 



158 


P O. Bov 4. Nm-Wich. VR1 3NG. 
OroupTat. Fd...— .[3715 391.0) -5.9J 


5 96 It 


Fd. 


31.9 


698 
1004 
61 1 
195K 
43 2 
506 
393 
472 
312 
30.6 
234 
907 
34.4 


i Oct. it Nl 


40 


4{ 126 
158 
4 100 


>242 B 
185 9 
J220 9 

mt 

'994 
103 2 
h36 


: Accum Units 1 177 4 


23Z 
253 
394 71 
231 
244.0c 
254.4 
1034 
107 3 *13] 

770 
805 


Pearl Trust Managers Ltd. (aggKzi pr,OM * - Nesrt dcaime Ocl 31 

ai-4«s8m Save & Prosper Group 

peat SL Helens. London ET3P 3EP 
68-73 Queen St.. Edinburgh EK2 4XX 
Dealings to: 01-554 8889 or 031 226 7351 

i Aim m. i nits 1 iwi ai:<| — o 7f 4.75 Save & Prosper Securities Ltd.? 

226 Pelican Units Admin. Ltd. (gHx) lntmwthw*! Fumte 

t84 81 Founlaip SL, Manc b rgt cr 001-2365885 E'? 

Pellotu. Units. -_|W1 95B»*-0g 486 K-StES« jgS 


74JI-1 3| 758 13-ia Li neol a* lea Fleids. WC2, 0I-S3I CS3&B CapIlalCrowtk [862 



Unr] GthTs Ace — 1248 
I'mllithTalBc — 121.6 


2.04 

388 


Archway Unit Tst. Mgs. Ltd.? fal(c) 
• L 


317 High Htol horn. WGiv 
AlchwacFoRd ...1368 92-31 j 5 62 

Pncei at Ocl 5. Next sub. day 12. 


Barclays Unicorn Ltd.? laKci(g) 

Unicorn Ho. 252 Romford Rd. E7 


Unicorn America .[345 

1*0. AUSL Are 775 

LYi Autt Inc— . 63 0 

Do Capitnl .. . .Ml 
Do Exempt Tu . . 115 1 
Do Extra Income .27 9 

Un Financial 63 9 

Do 5/10 _ . _ 

Pn. General 
l*o Growth Acr _ 

Tin Income T-4 . 

•Do Prf A'ni Tit 
FTicw At Sept 
Do Recovery . 

Do. Trustee Fund_|l20 4 
Do. Wirt wide T<a.. 52 9 



Guardian Royal Ex. Unit Mgrs. Ud. fi2S^«ES! ir w5 a*"** 
Royal EtrhangefEC3P3DN. dT^fflWIl 

n I mi 630. laC'UuardhiilTsL |954 989 — I el 4J0 

Henderson Admin strati on? (aMcKg) 

Premier IT Umln..i Ray lei £b R oad. Hutton. 01-5B8 411 
Rrenlwood. Essex. 0277 217238 Extra Income 305 

"■"W SSbs-bs m r8ii §s SKSSwT »i 

Private Fund 373 

Accundtr Fund - 685 
Technology Fund M 8 

Far East Fd 292 

American Fund .... 26 1 


3 88 Perpetual Unit Trust MngmL? fa) JntTOTdjipt FBBd 

848128808 High-Yield t5&8 

P'petualGp Glh. —..J44.0 472J 1 352 mdi Ibhuc FioA 

Piccadilly Unit Trust faKb) Men Return [696 

Antony Gibbs Unit Trust .UanaKera ltd. Income —[439 

2. Frederic It's Place; Old Jewry. EC2R BHD. IX Fnmf* 


40 

283 

76.r 


D7J — 851 


Special Siu.. 

TSB Unit Trusts (y> 


I'np Growth Inc. _ [08 5 
t'ap Growth Acc ...{49.7 
Income & Assctv. . |S5 D 
High I Drome Funds 

High Income [665 

I'atKX Eilra Inc ....[60 4 

Cabot Pret «H>Jt | 

Sec lor Funds 

FTnoacralL ITU {264 

Uil&Nnt. Rm [306 

Internal tonal 

Cabot ye l 

InternalioDal .365 

WldWidctVL 1.1 __ (77 8 
Dimw Funds 

Australian [41-7 

European MS 9 

Baring Brothers & Co. Ltd.? UMxl N^Am^! ...!"'_i..J§.l 

88. Lea den ha 1! St_ Era 015882830 Cahot Am. Sm. <58 3 

Stratton Tn . . |184 6 19! S . .. I 3 95 . • Exentot Funds 

Do Accum .-12316 24l5f . | 3.95 Japan Exempt pfllfi 105 8] 

Next -iuh. day October 11. N ,\mExpL 'Jrt 12. [ 128,8 134 zj 


R'tM-ln Fd Ine- 
1*0 Accum... 


97 0 -07 
155! 

Next sub da] Ort 31 

3 5001-061 548 

33021 -l.W 4 94 

57 a -O.y 2 07 


81=13 


504 

504 



33.01 —8.41 

45.1 -1 £ 

50.1 -1.0 
511 -0.9 
40.4 -0 5 

74.1 -0.9 
70. In -15 

32.0 

2B1 ... . 


lit Equity [455 

9 70 Orereeas Ftmdstu . 

570 Europe [92.7 

480 -j a 


26.41 „ , 1 2.44 Do Accum. i93 2 

23.^._! 2.44 Estra Inc. Growth-. CT 9 
Stewart Unit TsL Masagess Ltd. (a) 

45. ChArlolJcSG- Edinburgh. 031-2263871 Dn Accum. C05 

TStewnrt American Fond 

Standard Units — .102 715? { 137 5310 

SHE! = 

II? 4 us 

259 Accum. Units 11662 U»4l -D 455 

Dealinc tTnes. & Fn. •Wed. 

6LM —0.71 703 Son Alliance Fund Mngt. Ltd. 

Son Alliance Hse. Hmrfi aa. 040364I4Z 

74 9-0 9 8 09 Ecp£oTA.nrtlI_li2373 2WG ! 386 

474 —0 4] 894 VTrreFamilyrd -lISl 159.6! -1 :{ 351 j,,Do 

Target TsL Mngrs. Ltd.? ia*g> 

48.41-0.91 4.92 SLDteshamSt-ECL 



830 AtlonbcOcCIO. 


DcTaii< M in- S? *,*1 

Do. Grtr. PociTir — 6^.0 
Do. Inti. Income — 4X4nl 
TVs. lot Man Tst.— Mil 

Do. Manx Mutual— |ZR5 2851 -.-. — lAccuml;nilsl 

{jWsbopsgate Commodity Ser. LbL . . . , 

PO BoHi Douglas. it 0824-23811 Samnd JfnlagB Lda.Ag& -•-/ 

* 314.GMBraiiailL.BC2.- ' 


Uhaatiy War. Aadw.-er. Htotx, 0284 82188, 

Dealings to Q2B4 83433^ 



•S'SES-mw: 

4«0 U.S . . . 

350 •Initial launch until Ort 23. 

y ” Sector Funds 
14 


Target Gommodi D . J39 2 
9961-121 3 11 Target Financial- -A0 5 


213.7a -0.3] 153 THiget JE/juKy _ -[395 
5001.. .T 150 Target Ex Oct. 11. (222.4 
80 5) . 051 4Da Acc. Unite _ 5020 


r3073 

Target Gilt Fund — -U65 


DeaiiDc.i-c2965S4i Lister Bank? fa) 

«2Qi -OSt 356 Won ng Street, Belfast. 

65 7ri-05| 441 , biUlsSer Growth— 09.8 
4Z3i -iT 558 - . . . 

2342! ,7Z\ &46 Unit Trust Account & Mpnt.- Ltd. 


42.71 d -4.98 


Target Growth 


Commodny 1801 

Practical Invest. Co. Lid.? (yHc> FiScfni'SreR 

44, Bloomsbury Sq.WTl A SR.V 01023 8833 Bigb-Mnfmnm Uni* 
Practical Ort 11 — [^| lW3dj j 4.09 Select Intcmat. [2619 


Accum Units. 


4.09 Select Income.. 



328 Target Pacific Fd. «7 9 


1H Do.Relnv.Unlls — 

■t ia Target Inv 

TgtPT Ortll 


Tgt-lnc 00* 


TgLPref 


a 


gL Special Sits. _[ZL4 


293 


Si 

.65 4 


3I7.9J .. 
122.61 -OJJ 
315; -D> 
30 0- *cc 
33.4- *C.4> 


6.46 
300 
446 
6 72 
0.72 


Ring William St. EC4R BAR 
Fnars Use. Fuad _|165 0 
Wieler Grth Fnd._l325 
Do. Accum 137.7 


.. 01-6234051 

174 « ; 1 4.44 

335J J 4.49 

39 5} JZ] tun 


’74ni Wleler Growth Fuad 


133 


4J)i * 

331 3 — O.ibl 756 King WilliaroSLEC-IR OAR 

146i s 1210 Jarwne Units {321 

23.01 -C5j 4.49 Accum. Units [37.7 


t 


01 428 486 1| 

W=1 



Bishopsgale Progressive Mgmt. Co.? Uill Samuel Unit TsL Mgrs.t <al 


8. Bishnpsgale. E C2. 

R gatcPr— rtrtto ..|1%9 209. 

Arc Ut5-**.SepL28 (234 6 249' 

R'catelnl <3ct.3._.pfi4 196.: 

1 Accum. • Oct 3 . . .12045 217J 

Neal sub. day *Oct- IT. ~OcL 24. 


01588fCB0 45 Beech SI . ETZP2LX 

324 ihiFrttj.nh Trust 1582 

igilnt'l Trust., 387 

igi Dollar Tnirt 83 0 

ibl Capital Trust 30.8 

ibi Financial Trust 90.9 
ihi Income Trust- 282 
ibi Security Trust— 533 
1 hi High Yield TsL. |3L6 


324 

2J8 

2.18 


Bridge Fund Managers? laXn 
4348, Regis House. King William St . EF4R 

01^23^. inteL? <8Hg) 

'** IS. Christopher Street. E.C2. 


01^38 anil 
169 2] -25) 524 
41.4 -02 2 77 

88.1 -0.1 223 
33 9 -0.5 - 4 61 
973* -15 5.06 

302 -O.a 7.40 
57J —09 5 22 

33.5-0 3 7.98 


S.VR. 

American tc Gen ± 

Income*. . . .... . 

Fapluil Inc.t 

Da Acc. t 

Eremprf . . ... . „ 
InternU Inrt. ... 
Da. Acr t 


[25 8 
556 
4a 2 
449 
1515 
17 0 
19 9 


27 21 
60.4 
bub- 
472 
1610 
190* 
212 


Dealing Tues. 1 Wad. tThure. Prices Ort 34,5. 


139 

341 Intel. Inv. Fund I9L0 

533 Key Fond Managers Ltd. faHgl 

4.04 25. Milk St. EC2V 8JE. 01-0007070. 


01-2477243 
98 01-1. If 6.00 


404 


Britannia Trust Management taMgl 
3 tnnfton Wall Buildings. London Wall. 
Ismdon EC2M 5QL 
Assets 


Key Encnty InFd.. 
Key Equity & Gen.. 
ORinrExeaqttFd... 
Key Income Fuait_, 
Key Fined lnt FctJ 


02 9 8821-1.0| 

73.6 783 -151 

172010 1830* . ' 

86.0 914 -0.7| 

596 63.4 . _ 

1128 120 0 -0.8f 


314 

452 

5L4S 

9.B& 

1256 

5.49 


T*atne«ie. ..... 

Exempt 

Extra Income . 
Far East. 


Gold ft General. 

Growth. . . 

Inc. ft Growth — 
Ini' 1 Growth . ... 
lniestTrtjSharcs . 

Minerals.. 

Not High Lnc 

New Issue 

North American 


Unix Energy.. . . 



790 850 

-0 9) 

1" 

58.8 635 

-09 


615 662 

-09 


BUS 90.9 

-04 


412 44 4 

-06 


123 6 130 2 

-09 


413 445 

-0J 


23 0 Z48d 

-01 


662 712 

-0.7 

_ 

98 7 M&I 

-2» 

_ 

87 7 944 

-12 


743 79 JW 

-3.4 

... 

673 7Z4to 

-U 


«88 525 

-02, 


40.2 432a! 

-32 


640 905c 

-13 


382 413 

-0.7 


332 325 

-01 

... 

5702 5874 

-5 6 


14 9 161X 

-0.1 

. 

47.9 53.6 

-Oft 


35.0 37 7 

-0.1 


34 4 37.0] 

-0.4 


0l-638WiB.XK78 K*y Small «.Ws Fd- 

||^ Klein wort Benson Unit Managers? 


417 

462 

3.85 

671 

881 


20, Fenchnrch St_ E.C3 
K.B Unit Fd lnc. _ 
6K.B UmlPd.Ac ... 

K.B Fd. Inv. Tst u 
JtRFd.ta.Tst. Acc _ 
KBKmlrCo'sFdlnc.. 
KE.SmCas.Fd. Arc 
HighMd. Fd Inc . 
Htgh'Yld FrL Acc . [46 9 


014230000 


|C9ft 975 


537 

1133 123 ‘ 


537 

59 3 642 


415 

59 9 652 



415 

49 6 524 


5.89 

49ft 52 6 


599 

16 9 50 7 


am 

[46 9 50 7] 



A00 


2 18 L & C Unit Trust Management Ltd.? 
3 68 The Stock Ec banco. EC2N IHP. 01588 2800 
I AC Inc. Fd..... |145.9 150 5J .... I ft 07 

UiC InU ft Gen Fd |l062 1095)..... 1.91 


The British Life Office Ltd.? ta> 
Reliance Use.. Tunbridge Wells. Kt 0832 22271 
BL British Lite. ...[525 H5*«-0B 559 

RL Balanced*. _...bl2 54 7d .....T 5 62 

BLDfvidcnd* [43.9 47.0*1 | 937 

•Prices Oct 11 Next dealing Ort 1& 


Lawson Secs. Ltd.? tajtci 

37. Queen's SU Loudon EC4R1 BY. 01-2365281 

S law. Material* — 1403 
Accum. Units 1 — " 

LH iJrawth Fund. 

*f Ac cunt Uititsi.... [63 0 
ItGilt and Warrant [40 1 
tAmenns Fd .. 

it Arrum Unitn 

••Rlgh Yield... -_U88 

’‘lAccviu Unitii ._[702 

Deal. *Mo a Toes. ttWed. *Thurs. —Frt. 


[403 

458 



6M 

572 

61-2 


2.M 

530 

faar 


2.64 

401 

43J 


3.75 

244 

264 

.... 

050 

25« 

27.4 



050 

IBS 

5? 5 

+3.5 

10*0 

702 

. 753 

+i.C 

HUM 


Brown Shipley & Co. LUL? 


Mngrs. Founders Cl . EC2 


0149718020 


Legal & General Tyndall Fond? 

18. CanyxtgeRond, Bn«toL 027232241 


Financial... _. .. 
General... _ 
Growth Accum.. .. 
Grouch Income - . 
High Income.. . 

I.T.17_ 

Index 

Oirnw 

Performance. 


Exempt Oct 10- 


[227 4 
,|zsai 

244J 

3090 

1 

[ 4.62 

1 462 

jlsj 

374 

-0 a 

457 

19 4 

2064 

-0 3 

5.16 

|481 

510 

-0.5l 

504 

137 B 

acini 

—0 4| 

5.04 

1305 

33.lS 

-oa 

9J9 

[Z14 

227 el 

-O.R 

432 

M A 

27^ 

-0.4] 

436 

20.0 

215 

— 0 2 

310 

62 1 

65.&s» 

-1 

430 

229 

243 

-0.1 

6.02 

[622 

648 


457 




460 

4.41’ 


DIs. Ort 11 163 2 66 

(Accum.' Uultai- ... [BOO 84 . 

Next nub. day. November 15. 

Leonine Administration Ltd. 

2. Duke St_ London WIH6JP. 0M8Q9B81 

Leo Dint [829 873[ -UH 434 

Leo Accum [90 8 1 956| -1.4| 4.14 

j-g Lloyds Bk. Unit TsL Mngrs. Ltd.? (a) 

Registrar's Dept. Goriug-by-Seu. 

Worthing. We* Sussex. 


01 


Balanced— 

Do. 1 Accum. 1 

Worldwide Gwth. .. 


Income. 


Do. (Accum. 1 ... 

Extra Income 

Do. I Accum 1 173.1 


53 J. 
73.0 
566 


S7 Of -0.91 


[855 
119 8 
641 


61)5 

91 .W 

Sf 


-1.3 

-0t 

- 1-0 

—3.2 

-1-5 

—06 

-0.7 


4.43 

4.43 

Z17 

2.17 

598 

5.98 

747 

747 


Canada Life Unit TsL Mngrs. Ltd.? do.Vaocuitl i .... ...i . jhi 
243 High SL. Potters Bar. Herts P Bar 51 122 

Can. Gen Dirt ...[39 8 41.91 —0.U 437 

Do Gen Accum [49.1 51 7] -0^ 437 

Do. lnc. Dirt. 133 8 35M-J.4} 733 

Do. Inc. Accum |«5 47^ -05[ 7.4J UoytTs Life Unit TsL Mngrs. Ltd. 

Capri (James) Mngt. Ltd-? 7W0.Gatebpa.wlUl. Aylesbury. 03965941 

100 Old Brand SL. ECZN 1BQ 01-f«860Lrj Equity Accum. [1716 180.6] — J 3.72 

OSrinrM 2-S : H » * G Gna ** wow 

es on OcL 4. Next dealing Ort 1R Three Qaarv Twwr Hill. EC3J 


Prices 1 


See also Slock Exchange 


EC3R 6BQ. 01828 4908 


Carliol Unit Fd. Mgrs. Ltd.? (and Amcrieaa_ 

Milburu House. NewcasUedipon Tme 21 165 m 1 — " 

Sa&ratr.B ^ :::i 15? 

Do. High Yield M3 3 45 M I 829 (Accum UnJwi 

Da Accum. Units. [56 0 5851 829 Compound Growth. 

Next dcall ug date October 18 Coaversion Growth 

Charities Official Invest Fd* SSdSSSC^Z; 

77 London WalL EC2N 1DB. 01-5881815 (Accum. Unitoi I 

Income August! 5. [14217 — | | 6J8 European 

Accum. August 15. .|2766b — I ... | — i Accum. U nils i 

etlnautb. Only available to Reg. Charities. Extra Yield . 

For CharleriMKise Japhel see Janies Finlay p^SgSera. 
Chieftain Trust Managers Ltd.? laRg) ln" l Trti.:: 

1 1 New SL EC2M 4TP. 01-2832832 (Accum Vu la i. 

American iz«.9 25 71 -0.21 156 General 

High lacojne 43 0 463«| -0.4^ 896 

International Trt... iri260 280 I 234 

Basic Rcsrce Trt 27 8 29 9to -0 zf 4.18 

1 non. Growth TsL_ ]23.8 25.6] | 732 


Confederation Funds MgL Ltd.? (a) 


(Accum Units) 

Higb Income—. 

(Accum Units) 

Japan 

< Accum. Units i 

Magnum 

Sl'Tiancery l-ane. WCZA I HE 01-3420282 MidlSSi nl18 ' 

Growth Fund. .. 147 1 49.6] [ 386 i Accinv 0ntU,."_" 

Cosmopolitan Fond Managers. i^SmUnVim": 

3n Pont Street. London 5W1XBEU. 01-2358525. Second Gen. . 

Coxranpoln.Glh-Fd. (19 1 20 .61 | 4 70 I Accum. Uni tsi 

DolncomeFd. 150 .0 S3 0«t -*■! oj 10.90 Smaller Cos. 


(Accum. UrnUi f 

Craignmnnt Unit TsL Mgrs. Ltd., syeeuimi Funds 

»ao Foster Lane. EUZVflHH, 01-6060282 Trustee [159.1 

High Income [50.0 — j I — ‘^ccum.UiJitsi riUT 

North American— Boo — I ..._J — 

MldMountHlKhlnc.bo 0 — I ....J — £! , * ,1ftt H c V. 10 KS-S 

(Accum. Unltsi Q97.9 200.9 

Crescent Unit TsL Mgrs. JUd. (aHg) Pen*. Ex- Oct. 9 _[m«.7 15&.9I — 4 

4 Melville Crtrt. Edinburgh X 031-2284831. Mnnnl.if f Management Ltd. 



SS.'tatSia F tTZ:ELl m3^0'j| 1M SL George'* Way, Stevenage. _ tWB5B101 

Cw». H igh . Dirt -. 46.3 49.^-fi_| 868 GrowthUnlts [57 608] _....[ 

Crei' 55SS:~ISK 26-9 -O Jl Mayflower Management Co. Ud. 

.. . — I4V 18 Gresham SL.EC2V7AU 01J9088099 

Discretionary Unit Fond Managers jneam-ocLJo |iiuB U7.7I | a 12 

22. Blomlield SL. ECTUf 7AL. 01^384485 General Oct. 10 72.7 7b9 1 5.47 

rvielnc.Ort. U |1BB3 2009J+23I 4.64 LntenuJ.OcLlO (45.9 483i 1 3 00 

Mercury Fond Managers Ltd. 


E. F. Winchester Fund MngL Ltd. 


Old Jewry. EC2 
Great Wmrhertcr . 1141 
GLWinch'er O a*os|M.4 




014002187 30. Gresham St. EC2P2EB. 


Mere. Gen Oct 11. .1201.7 
Acc.UtS.OcL 11 — 267 0 
Merc. Intrirt I U... 716 
Emson & Dudley TsL MngmnL Ltd. Are. 773 

all. AriiRCtun SL. s wi . Ac™u^sStai:|l987 

Emson Dudley Trt. |715 76.4] | 3.81 

Far Eqaitas Securities Ltd. 
sm Abbey Unit Trust Mngrs. 


214 Un 

2841 ..... 

762 

82.2 _... 

256.7 

312.1 


01-8004536 


4 -IB 
428 
2.73 
2.73 
413 
423 


Midland Bank Group 

Unit Trust Managers Ltd.? fa) 

roummod Houae. Silver Street. Head. 


Equity & Law Un. Tr. M.? (aKbHcKx) ^^S«?ft^. f72.6 


A mershani Rd- High Wycombe. 0404 33377 Do Accum. 83.7 

Equity ft Law [68.9 7ZS*-13\ 425 ~Z S3. 

James Finlay Unit Trnst MngL Ltd. gSfejjnZZI »9 

J0. M.Weat Nile Street. Glasgow. 041204 1KII income |s3 8 


[25.0 


J Finlay Internal L .... 

Accum Uiul»._— 29.5 
J. Finlay Income— .. 55 0 
J Finlay Enroll a_ 27.6 
Accum Unite™— 32 JJ 
J. Finlay Fd.ln.Trt. 31.0 
Aecum unite __—|35.7 
• Prices OcL 11. Next dealing 


12721 

32.0 

38.0 
291 


S3- 

38? 


Ort. 


251 

Z51 

828 


Do. Accum. 


InteronanB] 465. 

... Do Aecum. 49.7 

227 High Yield 642 

227 Do. Accnm 70.8 

400 EquIO Exenpr I047«l 1 U05[ 


4JJ0 


[62.7 


Toll 0742 7984S 
78.21 — 05j 499 
90.1 -0 7 4.99 
402 -05 254 
432 -05 284 

304 -02 3.13 

332 -02 323 

STM —05 647 

675 —0 6 6 47 
M3 -0.4 2J4 
. .55.6 -a.fl 234 
69 On -06 828 
753 -0.7] 8.18 
569, 


Do. Accum*.... — ._[W47* 11051 — I 5.63 
■Prices at Set*, as. Next dealing Ort at, 


CORAL INDEX: Close 495-500 


INSURANCE BASE RATES 


t Property Growth. 
tVanbrugh Guaranteed 


..10U% 


- .9.87% 

TAdriress shown under Insurance and Property Bond Tabic, 


Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. London Indemnity&Gnl. ins. Co. Ltd. Save & Prosper Gronpf 

1-3 St. Pnu raChureht ard, EC4. 01-3489111 Vuimla House. Tower PL ,EC3 0:^088031 1B20. The Forburj . Keadins 58S5: 1 . 4. GlS: Helen's, Ladn., EC3P 3EP. M-5P4 8899 


Equity Fund 

Equity Acc . 

Properly Fd. . . .. . 
Property Arc. 
.Selective Fund... .. 
Convertible Fund .. 
VMnnce Fund... . . 

91‘rtjp. Fd.Ser.4 

e Mnn Fd. Scr. 4 - . 
V Equity Fd. Ser. 4- 


149.7 

159.9 

! 942 

1331 

1236 

1311 

1383 

36.8 


9Too».Td. Ser. 4.-1113 7 


f Money Fd Ser 4_ 


1116 


aax 

34 71 
157.6i 
1684 
99 2 
1402 
1302 
13&D 
145.3 
38 1 
119 7t 
117 9 


— Glh. Prop UcL 3 .™ (733 


832J I - 


Money Manager . [35 3 
M.M. Flexible. . _|31 b 
Fixed Interest. [H 6 


38?; ' — 

334!. ^ 


36J| ~-1 - 


Prices at Oct. 10. vaiyaiian normally 

Albany Life Assurance Co. Ltd. 


Tues. 


31. (lid Burllnotoii St.. W 1. 
OEqnllyFd. Acc _ 2020 

VFixedlnt. Acc Ml 6 

OUtilMonevFd Ac.. 1160 
flnlLMan.FtLAcm 114 6 

i.Fd Ace 1105 

elnv. Arc... 1734 
Equiiy Pen.Fd Acr. 

Fixed I. Pen Arc . 
O'tlNw PeuW. 

InllMn PnFd.\rc.. 
rrop PenAcc 


n I ^375982 SISUK” 1 

212.61+3.41 - 


Sal liti .Fd. [133.4 

Property Fd- 1597 

Eagle Star InsarfJUdland Assur. * — 1 ” SSSg¥dfrn.« Si 

l.TfareadneedleSLEXSL ni-5881212 The London & Manchester Ass. Gp.? ..tins 

Eagle- *d Units— |5S2 57 2[ -1.01 5.® Winslade Par*. Exeter. 

Cap Growth Fund .* 

Equity & Law Life Ass. Soc. Ltd.? Jgg^wr^, 

Aiocrftluttn Rood, High Wycombe 0494 33377 «ExpL Iot Tc. Fd 

Equiry Fd. fll9.3 125.51 -1.7| _ Flexible Fund 

— Inr.TruaFund. — 

— Property Fund- . 

— Old Deposit Fd.—. 


Ml 2 
1802 
132.1 
1223 
1263 


2«M 
122 ( +01 
120.6 +0.6j 
1163 
182 5 *14 
253 1 *4 51 
189 6 +0.1, 
1393 +031 
128 7 +0.7| 
132.9 

225 6 *lM 


Equity Fd. 

Propertv Fd. - 

Fixed Inlerext F. - 
Gtd. Deposit Fd |190J 


W 

1083 


1152 

113 9-0 4 
105 7 _ 
1191 —0.71 


24 27 
1412 
957 

160.9 
1186 
1467 
S3 8 

100.9 


I4L2 . 

1692 

3296 -DL4j — 
1316 J 

’ Eqni(yFensFd....gn3 ZD4.l-2.9i.— 

prnpTVusF i* \Z322 2*51 . , 

^ n - Gilt Pens. Fd M.6 . 996 -0.4^ 

- — Depos. Pens. Fd r _ lull 1065 _ 

■™^[ — *Pnce» on September '28. 

TU'eekiy dealings. 


-C6| - 


+04* 

+011 


Schroder Life Group? 

Emerpnw House. Portsmouth. 


M Sl G Group? 


Equity 1 — 


General Portfolio Life Ins. C. Ltd.? Three 0ums.Toucr Hill EC3HC3Q. 

60 Barth ok* mew CL. Waft turn C1W5. WX31SG1 01 4588 


Portfolio FumL^— ^ 349.9 


“ Portfolio Capital. 


4.a|::_"| - 


.Vmeri canFd Bd •_ 154 8 


Cor.t Deposit* - 
Equity Bond" 


M" pic Inv Pen Acc. [214.4 
AMEV Life Assurance Ltd.? 

Alma H«. Alma Rd . Reigale. Rel gale 40)01. 


AMEV Managed „„ 


AMEV MgdTB 1 . 

Monet Fd... 


AMEV 

AMEV hiquity Fd 
AMEV Fixed Ini - 
AMEV Prop Fd. .. 
AMEVMcdLPen. Fd. 
AMEV Mgd.IlM. BlM5 5 


147.9 

118.4 

}SS 

tW5 

1054 


l+l.<[ - 


+01 — 

- 


-04] 


Gresham Life Ass. Soc. Ltd. 

2 Fnnce of Wales Rd. B'raoulh 0202 767655 

G L Cash Fund. —.(962 10341 

G.I.. Equity Fund *1107 116 S 

ii.L nDt Fond 112.9 uaa 

G.L IntL Fund— 1187 124 9 

Gi. I^ity. Fund™- 988 10S.2| 


fXYieldFd.Bd.*._.|89J 


U9B 
145 7 


11701 

1999 


Family T!hTO— 

Fanulvfll-86** 

Gil: Bond—. . . ..[107 4 
InterasuL Baud*'., 1082 
Japan FdBd* -J6U 

MaaacedBd*** 146 8 

Per*. Pension*”* - 1252 8 
Property Bd" . .1165 1 

Brewery FdBd -.jn 3 



Prices on ■£•«. 4- "Oct S. —Ocl ’2L 


Equity J 

Flsedfiu.4- 
Manaced4_ 

Konev 4 

Overseas 4 

Property 4 

K ft S <3oct. SreH.4.. 

B S Fen Cap. 3 

85 Pen Acc ft ... 
Mngd Pen. Cap B. 
Mngd Pan Acc. B ., 
F. let Pea. Cep BI 
F. lnt Pea. Ace. 5 
Money Pea. Cap, B . 
Money Pen Acc B 
Prop Fen. Cap. B_. 
Prop. Pea. Ac r. B.. 


2323 
1387 
1372 
[1090 
532 
159 2 
121 h 
1123.4 
1354 
211 4 
2537 
968 
983 
96.8 
983 
[1025 
104 0 


2563 


(G052T733 


244.6 
■1462 
M45 


114 « 

_ 

IW.Hw 
128.1 ._ 
-129H — 
-i«a ... 
222M ._ 
267.2 _. 
DE-ffl 
103 2 
1K« 
103ffl.._. 
13811 
109.01 





OVERSEAS FUNDS 


Keyselex Slngt^^frsey 


Bomhcldi. 


A n_ HaraeY & Boss I«hl Mgt (CX> 


KeysetoirJnpan _ju466 5 M " 
CenL Assets Cap™. (USTjOS ' 


r ciitEAs^d^'inaOT’ J laiof+dOfl'iijw s^wMgw. 



«=f: 


Surinist Lux. f. 
rtaern sey I nr j— ™ 

Do. Accum. ^ 

_ _ KB Far East Fd™. 

Bank of America International fLA. rajgg^nd 


.deinwott Benson limited * 

2ft. Fenrhorch SL fO 


35 Hmileitud -rci 

Income..|ir711565 . 731 SIkjr* B ermuda — 


w gSS“.|'SSri l, SS l Lb.-5il.-orf. a. 


Slgncc Bermuda , 

DnHoodsfDKt {2005 ... 

~ -KB act as Londcn paying ag e nts 


m m 

5CS139a' 
STM2.50 
SUS4L9Z 
SUS1304 

2U9i:r 


°°S 


Banqne Bruxelles Landrert 

2. Rue De lo Regcm^B 1000 Brassed ' Ufocds Bk. fC.D VfT Mgrs. - • 

Renta Fund LF-. — FL926 L986| -7| p.q.Bo~kIS 3. SLHeRer.ftney - flsMj 

Barclars n»icora 1»t (Ch. 1^^ * 


frovs-SL Holier. Jisy. 

ISJSSBr'BSi-iBa. J 4 ™"-!** ■ 

- - ■><"«« 7 800 piare Bel- Air P.QiMagsa t mi ' 


Umooiinr \zTTXZTZ~ 

Uni bond Trust .JR'SCW 


Uavd&lnL Growth .f 
Uayds hit Income, p 


Barclays Unicorn f nL (L O. Haul Ltd. 
moma-.si.naugiiaUo.J4. ___ 0®*4«8 m & G Group 


Uidcorn AurtE*L.[aS. - ‘ 38^ ^O.sj 150 Three Qga^Tow regni g^RaBgbi ^ - - L ~ 


AH MAC "Ort- 
CANRHO-'Tct-i- ELBE 


COUNT “OcL2 — (0.465 2.6 
lirl^ln«ljy issued at *$10 a 


.1 ■ 838 AiirtEx- Ctet.ll &?S264' ■■ -7»d~ "~l i 

4o.7l 88 ■;wKx-Acc.ort.u-[Rsn« 'cS ij--"- :• 

__1 ' MO 1 ^*nd_ _ T _ : — ja69, .-10S3 .+0irc' , ‘ 

’..Ltd. 

0824-2381 


"£LOO. 


Bridge Management Ltd. 

P.11 , rox 506. Grand Cajiusir. Cayman la. 
N'bashiCvLZ — l ' Y17B76- l — I — 
G.PO. Box 5M. Hom hong 
Nippon FAUcLll-PUSiLB 22»i — J 9J3 

Britannia TsL MngniL (Cl) Ltd-. 

30 Bath St.. Sl Belter. Jereey.' 053+73 1 14 

Sterling Deoomtaitod Fds. 

Growth I overt Wi JlJ 

.Into! Fd. WJ1 1001 

K32 35231} Jersey Energy Tst .11314 143rlJ i 

UnitsLSTrtSts -teU8 -.84 T 
High IntSUg.Trt — 10 96 0.99m 

US. Dollar Denominated I Fda. . 

U nival STrt™.. — |SUS54 — J 


AptdloFd.Ort.lL_] 
2-01 Japfest Sept 29 

117GroupOet4 

117JerecyUrt.4 


HTJ«rirs«SpU7-^UM 



MHrray,, jBhttfdoae fttreTAdrisal- ' 
183. Hope St. Glasgow. C2. 

"Hope St Fd SUSO | 

•Murray Fund — jusaais 


NAV i 


NegitfiJL' 

10a Boulevurd Roys:, TuxambmiT - 

ISO WAV OcLJ0 J . SUSQA -| _*• 

too' 


IntUlgb lnt Trt. — 16.97 

Value Oct & Next dealing- Oct 16. 


Negft LUL - . - 

Bank of Bertlnufai HVtgx.'Banaboa. Bnw 

NAVQcta., — „[czia — ^ ^ 


Phoenix XnlenudEoMar 
Brown Sblpley TsL Co. (Jersey) Ud. JJw£2%Sg t ‘ 

P.O. Box 583. St. Helier. Jersey. ' 0534 74777. 

Sterling Bond Fd. -|L9.96 10-001 1L75 

Butterfield Management Col Ltd. 

PO. Box 195. Hamilton. Bermuda. 


Quest Fund Mngnmt (Jersey? Ltd . 
PO Box 1M. St HeUezLienq-. . . - 653470^* 
him. gwstSHf Fxdlnt.toT^'--. 9B7r»_l- 

Buttress Equity — gUS.48 521“®^ i 5 Qocrt littl . . 

2051-0 m 7-W PnrsaliV •• ■*»_ . - 


Buttress Income... [SUSL9I — . . 

Prices at Oct 9. Next sutx day Not fi. 


Price at Ort. IL Ncat doalhq- Oct UL' 


Capital International ELL 

3T rue Notre- Dame. Luxembourg. 

Capital lnt Fund [ SUS19JH J I — 


Charterhouse Japhet 

l.Paternoacr Row.EC4. 


Adiropa — 

Adi verba. 

Fondak 

Fondis 


DM316 
{*36150 
Did 30 
DM223B 


Klcbmoarf Life Asa. Ltd.. 
48. Athni Street. DoagUkAOJl. 
txiTbe Silver Trust l 
RicbmoadGdJBd_4 
Do PlaliimmBd.^.L 
Do. DianundBd.'-.i' 

01^483999 Do Em-HT/OEBd,— f 


'009(21 


Emperor rund.....».n 


H I spa no 


457 


PUSCJ4 


*’ 


4 78 Rothschild' Asset DUBagemear jej 

454 P.O Box38.St Jnhinj8CLGcreli*ey.W*I3(B : - 


Clive Investments (Jersey) Ltd. 

P.O. Box 320. St Helier. Jersey. OS343730L 
Clive Gilt Fd iC.l.i -19.78 961j j 1100 


O.CJESq. FF Sept 29: 
878 <ur.loc.Fd.Oct.Z_ 

O.CJnUFd.t^ 

. DC 

o.c.-c< 


CUre Gilt Fd iJay ).|9.71 


1L00 



ttC Dlrcamdtj-.T^j 

•Prices an Oct lZNanctdraRnit Ckt 3L' 
TPricet on Oet-fl-NeU. deattag Octal “I 


Corn hill Ins. (Guernsey) Ltd. 
Pa Box 137. Sl Peter Port, Guernsey 
Intel. Man. Fd.. J1775 19251 J 


Della Group 

PO. Box 3012 Nassau. Bahama 1 *. 
Della Inv. OcL 0__ISL'SU5 23j 


Rothschild Asset .MngL IBennttf, 

P ft Bok OM. BZ pf Bertnoda Nd . 3enoad ." 

Heserw AsartaKLJJOS?*' „9Jg _4 


Price on Ort. 10. Itert, dealing * 


-I 


Denise hex in vestment -Trust 
Portlach MBS Blebergaaae 6-106000 FranhfuiL 
Concentre ..._.|Nni3d 22.701^0 20f . 

lnt Rentenfanda..lDM6760 HJO - — 


Royal Trust iCR'Fd. Wgt lhl /. ' 

PO Box ISK, RhyalTsCHse^Jtorer’ 00*274* ' 
RT. tetT Fd . - .. 'leas’ -£l.3JL . 

R.TlnfL USV.lFd.&O . . , , 98? in OL . . 

Encea^t Ort- lL Nex^drallntOt n, 


Growth & Sec. Lift Ass. Soc. Ltd.? 

Weir Bank. flray-on-TlLune*. Berks. 062824281 Merchant Investors Assurance? 

Leon H ml, 233 High SL. Croydon. 0:486917! 


Flevlplan | 

AMEV/Frandiagina . 

American W15 

Income... - . 976 

Jut Growth . .JW4 , . 

Far Arrow Life Assurance see 
Providence Capital Life Assurance 
Barclays Life Assur. Co. Ltd. 


Flexible Finance...! £1570 

LandhankSres J 5451 

Lan^iankSc^Accluai 12L; 

G.ftS.SapcrFd._| £7.982 


ii 


Scottish Widows' Group 

PO Bo* 002. Edinburgh EHlfiaB r_ 031^556000 


"HfH r 


252 Romfonl RtL, E.7. 


Barclay bands'....... 

Equity... 

GUt-edural 

Properly 

InieruBiiopal .... - 

Managed- .... 

Money...— 

Man PeuBLAecum. .. 

Dalnlilai .. 

Gilt EdcPcnx Acc. - 
Do Initial-.. ...... 


W9.9 
1 1243 
'109.4 
109.7 

* 4 . 
113 6 
1003 
ft032 

W.9 


- 1.2 

—0.9 

+0J, 

+ 0.1 


Fixed lnt Dep-. - 

Equify .....— . 

Property, 


01-5345544 

336 g 
130.9 
1152 
1155 
1015 
1X96 
105.6 
1087 
104 9 

W« 

1080 

103 8 ... 

Current unit* value October l 
Beehive Life Assur. Co. Ltd.? 

71. Lombard SL.EC3. 01-6231288 

Blk. Horse. Oct. 2....I 131.70 | | — 

Canada Life Assurance Co. 

34 High St. Potters Bar. Hens. P.Bor 51122 

EqtyGtbFdOct.2....) 63 J | | _ 

RrtmL Fed Sept. 7 1 1261 | j ~ 

Cannon Assurance Ltd.? 

1. Olympic Wy„ Wembley HABONB 014KQfl67S Hearts of Oak 


Money Pens. Acc. ,-]102 6 


Do. Initial 


SB 6 


Property _ 

Property Pens . .. 
Equity ... 

Guardian Rfljal I Exchange ISiSSnfeir 

Royal Exchange, EC 3. 01-283,107 Depoait 

Property Bonds — [187.6 195.4J 4 — Deposit Pens. 

Managed..— — 

Hambro Life Assurance limited ? r^V^/Z: 

7 Old Park Lane. London. Wl 01-4990031 Inti. Managed 


1580 
1662 
613 
177 0 
1430 
1852 
1367 
1438 
1087 
142.7 
107.9 
1M« 


^ = 
M = 


-ox 

- 

+0 2 — 
£5i - 


fW.Pbr Senes I — 
Inv. Ply SeriesS — 
Tort Cash Ort. 13 _ 
Ex l’r. Ace Oct 4 . 
Ex. CL Inc. OcL 4 .. 
3lgd Pen. Ocl U ._ 


ua7 
104 5 


p45 S l 

m 


r.o.7 +t 

1100 +0L. 

IK t +01 _ 

1513 
1475 

■277.6 -0.: 


3 = 


Managed Tap - — 
Managed Acc — 

Orenieax 

Gil! Edged .J... .. 
American Acc . 
Fen.FIJlep.Cap. . 
Pm.F.LDejjAcc... 

Pen Prop cap — 
Pen. Prop Are. . .. 
Pen. Man. Cap — 

Pen. Man Arc 

Pen.GlUEdc.Cap _ 
Pen GilLEdg- Acc.. 

Pea RS. Cap 

Pen. US Act 
Pen. DA F Cap. 
Pen. D. A F. Acc 


177 0 
19L6 
1666 


1489 
1845 
1288 
125 5 
1041 
1292 
5ji 
[207 5 
269 B 
2134 
277.4 
1225 
230.2 
1261 
145 1 


133.7 +01 
2U17 +0 7 
1754 +0lj — 
1561 _... 

194.3 


^0 ^ - 
Hi - 


Solar Life Assurance Limited 
10 12 Ely Place London EC.IN6TT 013432905 


103 6 
1060 


135.6 
1322 

109.6 
1360 
160.2 
2165 
2841 

224.7 
292.0 
1290 
1371 
132 £ 
1526 


NEL Pensions Ltd. 

Milton Court. Dorking: Surrey. 

NelexEq.Cap. — |B9n 9361 

NelexEq Accnm... 1227 129.1 -05 

Nelex Money Cap 629 662 . 

N'elex Mon Acc 677 7L2 . 

Nelex Cth Inc Cap 53 9 56 7 . 

Nelex Glh Inc Acc. 55 7 586 . 

NHMvd.FdCap . 485 511 . 

NelMxAFd Acc...|497 523} 

Next Sub. day October S 


Solar Managed S. 
_ Solar Propertj S . 

_ Solar Equity S. 

Solar Fxd. lnt.S_i 

Solar Cash 5 +_ 

Solar IntlS . _ i. 
59H Solar Managed P._ 

_ Solar Propero P>_ 

Solar Equity P 

_ Solar Fxd.lru.F_— 

Solar Cash P 

_ Solar IntL F 


ii 

10L8 
1013 
,1315 
113 4 
173.4 

1115.9 

101.6 

1012 


138 B -1 Cl - 
11971 . .. - 
183 11 -2 51 — 
122 « -05 — 

ioa r 

107.1, 

13a 1 1 
119- 

182 61 +0.d _ 
IS.S-0 5 _ 

loam . _ 

107.5^-0 5 — 


Snn Alliance Fund nfangmt. Ltd. 
Sun Alliance House, Horsham 040364141 

Exp FdlnuOrLlI. .[£153 2 1615| | — 

InL3n.iLct.ia \ 0339 | J 


NPI Pensions Management Ltd. 

48 riracechurchSt_EC3P3HH. oi tC3 43io Snn Alliance Linked Life Ins. Ltd. 
Manned Fund ..._|1572 _ 163 71 ..J _ Sun Alliance House. Horsham A4Q3SI14I 


Pnces Ort. Z Next dealing Nov. L 


Equity Units. 

Property Un la .. _ 
Equ ity Sond.'Bxec. 
Prop. Bond'Excc. 
BaL Bd./ExeciLinil 
Deposit Bond _ — 

Equity Accum 

Property Accum. ._ 
Mnid Accum... — 

2nd Equity 

2nd Property...—.. 
2nd Managed..— 
Sod Deposit 


2nd Gilt... 


2nd. American. — W38 


2nd Eq. PensJAcc, . 
SndPro. Pena Arc. .. 

2nd Mgd. Pens/Arc 
2nd DcpJ'eos'Acc. 

2nd Gilt PensAcc. 

2ndAmFens./Acc. 

LftES.I F 400 

Ss 


11822 
□0-36 
1212 
tL3.63 
03 60 

190 
£1352 
1.675 


1283 

1A42 

14J9 

119.4 


1001 
1068 
100 8 


90.9 


1034 

1115 

104.7 

1013 

S3 


105.5 
113 0 
106.7 
103.1 
962 
995 
109.4 
1180 
1102 
1072 
. 967 
1020 
43.0 
3051 


-0.031 — 


“ 5 , 

- 0.1 


-05 


~ L7| 


Hearts of Oak Benefit Society 
lore. WC1H9SM 01-31 
-1372 39J| — 4 - 


Kiwi Koyliiv Plan. 

15-17. Tavistock Place. WC1H 9SH 01-3875000 Small Co’sFd 


Equirv Frol ■ 

New Zealand ins. Co. OJ.K.) Ltd.? p£^F^ _ 
Maitland House. Southend SSI 2JS 0702 62955 Ed-- 


Tcehnolocy Fd 

Extra tnc. Fd. L 

Hill Samuel Life Assur. Ltd.? f»?u FU*’™' 

NLATwr-Addlwauihe Rd,Crqy. 01-8864355 Glh Edged Fd 


♦Property L" nits. 
Property Sene* A .. 
Managed Unit* — . 
Managed Series A. 
Managed Senes C.. 

Money Unit* 

Money Sene? A 
Fixed InL Ser. A — 
Equity Series A ... 
Pm Managed Cap . 
Pns. Managed Arc.. 
I*nr.G'teccC Cap. . 
Pnu. deed. Arc .. 
Pena. Equity rap. . 
Pen* Equity Acc _ 
Pne.Fxif InU*Bp_ . 
Pns.Fxd.tnl A re ... 
Pens. Prop Cap .. . 
Fens. Prop. Acc 


1612 
1051 
1710 
1020 
98 5 
122 3 
88S 
93 1 

Nl 

1460 
1556 
1068 
113 9 
1072; 
1M8 
%0 
97.4 
964 
978 


+0<J 

*o.«! 

+03 


da 


169.. 

110 . 

182 
107 
103 
128 
104.1 
98. 

103 
353. 

1631 

1124 .... 

UW ..- 
1121 ..* 
114.6 
1021 — 
1026 — 
10L5 ...... 

1031 — 


1574 
[1023 
U133 
1993 
111 8 
U9L0 

. M49 

Con. Deposit Fd. [980 


162 Jj 

107.7] 
1295^ 
1B4« 

117.7) 
125 Jf 
110 
1032 


Deposit Food 
Managed Fund 


1332 
1064 
1129 
,103 7 
NB2 
112.6 


1403 -1 - 

112 0 -03 _ 

1189 — 

109 2 -0 5 _ 
103 4 .. .. — 

1186 -O.fa _ 


Sun Life of Canada fU.K.) Ltd. 

2, 3. 4, Cockapur S:.. SW1Y SB H 01 SCO 5400 

Maple LLCrth 1 214.1 

Maple L£ Mailed. | 1372 

Maple CXEqtv j 1351 

FerBnLFb.Fd.__. 2115 


Norwich Union Insurance Group? 

Po Box ft Norwich nr 1 3NG. 060322200 Target Life Assurance Co. Ltd. 

Managed Fund ' 

Equity Fund ... 

Property Fuad 

Fixed In'. Fund ... 

DeporitFnod 

♦Nor. lull SpU3_ 


ui-tuuow 

5 ]i 


219 7 231 2 

—1 

363.9 383.0 

-5.4 

1328 139.7 


1519 159.9 

-0.4 

1075 1131 


228ft 

— 


Tarcev Haute, G alehouse Rd. Aylevbun-. 
Bu ™- Avlesbuij (KSdiSMl 


Mas. Fund Inr 

Mas Fuad Acc __ 

Prop Fd. lnc. 

Prop. Fd. Are.... _. 

Prop. Fd Ini 

Fixed Ibl Fd. Inc. 


Imperial Life Ass. Co. of Canada 


L&ESJF.2 . 

Current value October 12. 

Capital Life Assurance? 

cE5£aS%Li? , ftL* , ” J “ = 

Cuarternouse nagsa Gp,y r/nii Linked Fwtfolio 

SLephenaon Hxe. Brunei Centre; Blrtchley. • ■■■• BH 

Millon KeynesOW«WHJ272 F | xed lnLFd_ i 1%4 


Phoenix Assurance Co. Ltd. 

45. King William SL.EC4P4HR. (J1JJ289678 SSPK^-yi- ” 

WenUhAsXw. Q155 12L7] .. I _ 52? HSrf'45. pSS * 

EbY.Ph.Ass 822 ..._. — pSPaS? “ 

Eb’r.PhRq-E. |81.7 Mil J - JKSSfSgJJ- 

Prop. Equity & Ufte Ass. Cft? ©RpSjS^ST 

119. Crawford Street, W1R2AS. 01-4860857 ProptPMi.FdAec.' 

R. Silk Prop. BcL_( 185.9 I j _ Prop^en.FdCap_h545 

71«3 Do-EquIU-Bd 769 1 _ Guar.Pen.FdAcc_P60 

Flex Money Bd I 150 B I J _ CuarPefLFdCapL 




36.01 

36M 


("hrthse Energy 

Chrthse. Money 

Chrtlue. Managed. 

CbnbBe. Equity .. 

Magna Bid. See [ 134 5 

Magna Managed.— I 15L0 
City of Westminster Assur. Co. Ltd. 
Rmgrtced Room. 6 Whltoborso Road. 


Secure Cap Fd. 974 

Equity Fund 108.6 


Propertj' Growth Assur. Co. Ltd.? 

Leon House, Crtiydon.CRS I LU 


95 7 

DAP™ FcLArc „ 958 
DAJ*t9LFd.Cap. 


95 b 104.U 

1232 129 7] 

1129 118 8| 

M4.0 

1310 


1015 

966 

735 

60S 

[1384 

1188 

1318 

D233 

fl55.4 


B5 


306 6J 
1017 

7?.«-oa 

1 sM 

125 « 

138 a 

i29.a 

163 a 

162 a 

lOLfl 
100 7) 

100 3 
100 5 


Drej-fus Intercontinental Inv. Fd. 

RD Box N3712rNaKsait. Bahamas. 

NAV Oct. 10 ULSU70 D1A| 4 — 


S are & Prosper InienudtQoxl 

Dealrng Itr. 

37BroodSt..SC. 

1*6, 

tdr.FxdliJt"t_. 

InlemaL Ur ' 

I>rEaalern-J 


Emson te Dudley TsLMgtJrsyXLd. 

P.O. Box 73, Sl. Heller. Jersey. 033420581 North American**: 
EJJ.LCT.-: |1284 3364 .....I 3M Sejro«t 





721., 


Eurobond Holdings N.V. 

HandeUade 24. Wlliemstad. Cnracao 
Innftra Aaerta: IubL 15 nirirtq pl ic r St, EC2. 
|Tct 01-347 7SM3. Tdm .8814488. 

NAV per share Oct IX JDS208S. 


C&teudft- 
Channel LdasSft-, 
Coranod._-rfeJi^J 
Si.Oeponrt. 




tills.-. 


StFhcedPrr. 


F. de C. Mgmt. Ltd. lav. Advisers 


•Pdicea onOcVR ^Oct-tt wtet',1^-7^ -- 


IX Laurence PnunteerHliLBOCROBA. 
01-823 4080 


Cent.Fd.OcL4 [ JUS642 . J 1 _ 


Fidelity Mgmt & Res. (Bda.) JU«L 

P O. Box HO. Rand Hon. Bermuda; 

Fidelity Am Ass. 5US29.05 
Fidelity lot Fttnd ..[ SUS25 69 
Fidelity Pac. Fd — | SU.S60 95 
Fidelity Wrld FU_J 3CS1690 


SchlesingerTntemathwalMsjft ltd 

41 ; La Mode St, sLBeUw; fcnuv - «•*?* ; 

&aj.l^ uii a-J.g 

S.A.QX, te jmT— I- **■ 

out Fd M ‘;nS 

Jnll. Fd. Jersey . M 
I ntnl FdLxmbit ^ giae. 


"Far East Fund — . .|10 3 



+0401 — 


■Neat antr. day October UL 


-0.03 ~ 


Fidelity Mgmt Research aersey) Ltd. 


Schroder lJfe Gimp ' 

Enterprise Houae; Po rt smou t h. 


fffflsnnf 


WatertooHse.. Don St. St Helier, Jersey: 
■H34 27581 


Ser lea A OntnL 1 __l 
Senes B (Pacific)— [ 
Series D CAtaAssj} 


Intornatiomd Fla*, 
fcgqufty tH4.9 


1433 

£1040 

£1906 


+0.05J —. 


l»tete^c:SI2 
SE1a«HnML= UOcViUX ■— i - 
£ Managed — B9.1-. W? - 
^Managed __p24.9 


First Viking Commodity Trusts 

8 SL Ceojge'a Sl. Douglas. I oM. 

0624 4882. Ldn Aeta Dunbar ft Co. Ltd. 

SXPaU Mali. London SW175JH 01-9807657 120. Cbeapside, EC2. 

Frt. Vit Cm. Ta. _ B7J2 39-2f I 2.40 

FsLVi.DbLOp.Trt..|6j.O 6601 4J 


T -• 


J. Henry Schroder ffigg * Ot- Ui. 

'i 01^804000; >. 


Cheap 5 Oct UL . 
TrafEdrerSeaLSS 


Fiend ng Japan Fund SJL 

37. rue Motre-Dame, Luxembourg 
Fleming Oct-2 1 JUS68J7 J J — 

Free World Fund Ltd. 

Botlerfield Bldg. Hamilton. Bermuda. 

NAV Kept. 29 1 JDS196Z3 |i!~| — 

G.T. Management Ltd. 

PwHt Rse_ Id-Fiiubuiy Clrcua, Loudon Erg 
Trt 0(5» 8131. TLX; 885100 
London Areals for 


Asian Fd. Ort 2iL- 
Darlina Fd. Ort 31 
Japan Fd. Oct S. 



Sentry Assurance] 

P.O. Box 306.^ flaiikon 5, -EfciwdS' . r 
Managed Fond 

Singer & Friedhmtkf .i^- AP 3 ^ > - “ 
.80; Cannon St, EC4 l 


Anchor ‘B’UnlU — 
Anchor Gflt Edge.. 
a or bar lot. Fd.. . 
Anchdrln. Jsy. Tst . 

BferyRKFd.. 

Berry Pac Strlg-~- 

G.T.Asja'FdL. 

GT. Asia Slerllll?.— 
G.T. Band Fund 
G.T. Dollar Fd.. 
ir.Tj^artflcFd. 


[Susy# _ ua-mjnj 


®J7 -MW-ona 33.47 


W/SS833»d 
gO-OO 358 8 C 
SHKJJII 1140k 
104.05 17 22 

SU514J3 +0.C£! 

SUS7.67id ^ 
5US17.27 }~0JjJ 


G.T. HiH lpp laa ra._PB5im ILK) +0091 — 


188 


188 

099 

0.77 

0. ' 


Stronghold Management XiWtrf 
P.O. Box 315. SLJaeUer/Jresey? rr ‘BSWr^, 
Commodity Truat^HBOS «(■+*; l—j; 


L75 Sunn vest (Jersey) Ltd. (*J, ; 

J17 Queens Hre. Don. Kd.Nt.Helier.Jxr- 

American IndTs. . 1EL79 7.*jlr “ ' 


087 


Croydon FR02JA. 

West Prop. Fund..— 
ManaxedFund — 

Equity Fund 

Farmland Fund— 

foocy Fond . 

lilt Fund— .„. 

PULA Fund 

Pens. Mngd. Cap 

Pena. MnBd. Acc— l_ 
Pens. Money Cap. —H78 
Pens. Money Acc.. ..(49.8 

Pens Eqolty Cap 1553 

Pons. Equity Are.— 1578 


Irish Life Assurance Co. Ltd. 

1 1. Finsbury Squ are. KTZ 
RlueShp Ort 13 
Maoasca Fund 
Excmpc Man “ 


p3 

m 

1255 

610 

171.0 

1243 

uo.o 


01-684 P6&L Prop Mod. Ort 1 


650 
194D . 

666 — 0.6l 


86.21 
132 1 
.650 
1744 
130.9 
136 b 

51* 

582 

60j 


-o-h 


=a 


Fund c urrently closed J.n now l.uvesljnonL 
Perform Uni 


Prop. Mod. Gth, 


rt 13. [78 9 '83.1J +0 9 51 

And .. 2361 24&9+4f — 

in Fd._ mo 3169 — 

CJcJ- 1 — 180 7 1«M — 

Gth 20L9 7125 1 — 


King & Shaxson Ltd. 

52. Cornhlll. El.-K 


Properl.* Fund 

Property Fundi A'.. 
Agrt cultural Fund. 
Aerie. Fund 1 Ai__ . 
Aobre NaL Fund- 
Abbey Nat Fd.iA). 
01-838835X Investment Fund _ 
‘ 580 Investment Fd.r.Ai. 
Equity Fund . .. .— 
Equ itjr Fund I A I — . 

Stone* Fund 

Money Fund 1 At 

Acluariat FXind — 
Gilt-edged Fund 
Gilt-Edged Fill Al- 
014354X1 ftRetlre AJiBnlty.. . 




2184 I 

City of Westminster Assur. Soc. Ltd. 

Telephone 01-884 0964 

Fim Units 11313 3389 I — 

Property Units 1548 567} — 

Commercial Union Group __ 

SL Helen's, 1. Undorabafl. EC3. 01 2837500 Equity Initial 

VrAn AcDcL14 J 5986 U081J — rio. Acoim. _. — 

Do. . Annuity Uw. _ 1883 [ J _ 

Confederation Life Insurance Co. 

50. Chancery Lane. WC3A IRE. 01-3420282 


I-a n g h am Life Assurance Co. Ltd. 

LugbamB&nolmfaraokDr.NWft 01-2035211 “ 

Wiap iSp) Man Fd |77.0 HS —J - MSpStSmUt 

Prop. Pens. Fd. 

Legal & General (Unit Assur.) Ltd. 

Kinrevrood _ House, Kinsswobd Tadwertlu Si^Soc-Cap. L't_, 
Sutrre KT2O0E1. . Burgh H oath 33456 


Cash fnhlaL — 

Do. Accum. .. 


CEquily Fund 


V Managed Fund 

.Fund 


VPIP l 

F’raaJ. Pen Mnad— 
StafigdJIiud.Pn. _ 
Group Mnsd. Pen. _ 


>1738 182 5 

[1913 2IW.fl 

1798 8JJ] 

1996^ 
2078 

259.1 

141.1 


Fixed lnt Pen 

Equity Pennon 

Property Pension 

Cornhrll Insurance Co, Ltd. 

32. Comhill. R.CA 
op. Feb Sept 15.J135 0 
SSpec. Scpt-15 — W.56 
MnGthFd SepCtO _. |lBS5 

Credit & Commerce Insurance 

1 20. Regent SL, London WiR 5FE. 


Fixed Initial 

Da Accum 

loti Initial 

Do Accum. _ 

Managed Initial.. _ 

Da Accum. _ 

Property Initial. .. 

Do. Accum. 

Lena! ft General IT 
Exempt Cash Inn. . 

Do. Arrum. ... 

Exempt Eqt>. Inn... 
Do. Accum. .... 1 
i-xenutt Fixed IniL 
Ud Accum . L 
01*0265410 Exempt Mngd Iniu! 

gf*. Accum. 


J 5.-1135 0 — j I — Do. Accum. 132."! 

krfefc sJd= fiSSK!lS£ 



1887 
1869 
787.4 
780 0 
157.7 
1573 
702 
69 8 
181 1 
1431 
1422 
1*2 0 
117 6 
121.9 
1219 
1852 
1475 


niujewi ft Anmdd 


1383 145.41 

m.7 135S, 

145.0 

133.1 
1512 
1351 
1525 
1385 
1503 
1353 
1349 
1224- 


□i-iraoosoB Transinternational Life Ins. Co. Ltd. 

"I-* - 2 Bream Bldgs., EC4I NV. 01-4056407 


-Oil 

-0J 

-M 


-i 1 
-lli 


Tulip Invest. Fd. 

Tulip Maned Fd 

Man. Bond Fd.. 
Man. Pen.Fd. Cap. 
Km Pen Fd. Arc. . 
MnnXdlnvFd Inti.. 
M ngd. I nv. F«LAre_. 


11499 

USA 

1226 

1269 

1353 

1012 

10L9 


157 1 
1248 
1290 
1335 
1424 
106 5 
107.2 


Trident Life Assurance Co. Ltd.? 

Renal ade Rouse, Gloucester (K5236S41 


WAV per share Oct 43057830 -il! 


es Ltd. 


Hanafitsi ... 

CiAMEd. 

Property- 

Equiry/ American ... 

IVK. Equity Fund.. 

High Yield. 

Gilt Edged 

Money 

International.-, 

Fiscal 

Growth Cop. 

Growth Acc 

Pens. Mngd. Cap .... 


Pens, Maid. Are..-. 
.GtdDep.Cop.. 


Providence Capitol Life Ass. Co. Ltd. 
30. Urtrtdge Road. WI28PG 01-7*9 9 1iL. 


Pens.G 

Pens CidDrjxAM. . 
Pena. Pptj. Cap__ 

Pens Ply. Act 

Trdt Bond •...„ 

•Trdt.GJ.Bond. j..| 


[1268 
I486 
1514 
P79 
^1137 
.143 J. 
1228 
124 6 
1068 

129.6 
1298 

134.7 
11186 
124 6 
1039 
1091 
1154 
1212 
373 


sa-i 


985 


160 3^ 
93 B 
120 $ 

xml 

1313 
113J 
1373 
137 4 
1427 

125.6 
1320 
110.0 

115.6 

1 0*1 
393 




-0 5 


Sei. Mkt. Fd. Cap. -. 


Sel. Mia. Fd St 

Pension Equth 

Pension F*d fni_... 
Deposit FdCap. — 

Deposit Fd. Ace 

Equity Fd. Cap. 

Equity Fd. Acr 

F«d foi. Cap__-_ 

■Fid lnt. Acc ; 

Inud Cap 


„ Managed Fd. Cap . 


9U 

108.7 

963 
314 8 


1353. 

139.2 


U94 

123.0 

— ... 

47 4 

500 


474 

500 


<6.8 

49J 


*6.8 

47.6 

476 

49.3 

58J 


466 

491 


46.6 

491 


470 

47 0 

49.5 

495 

— 

475 

502 


47.5 

501 

— 


•Cosh value for £100 premium 
Tyndall Assurance/ Pensions* 
18 r-anynge Road. Bristol 


Jntlmi.i Management Co. N.V, Qttaeok - ' ; ‘i ' 

NAV per sbaropcL'* _ • ;*.v" . 


N. American TM.— 
latL Bood Fund — ..(SDSlflJbl Zfl 
famuli Iiki i tun ill Mngt. Ltd. 

P.O Box 32. DtXiglaOoM. 0824 2381 1 

Guttmore Inti. Inc~gS.7 25 21 .„ |1D20 
G«tmo«tea.Grih{w.8 79.IJ 288 Tbkjw I>artlic Hldg* 

Harobro Pacific Fnntf MgmL Ltd, 

2110. Connaught Centre! Hone Kmc 

Far East Ort. -11.- — KHKiS D lfafctri I __ 

JjponFtliid'. [RKlIlfa UJtf J 

Rabbne Bosk .(Guernsey) Ud/ 

PdL Mgrs. (CL) Ltd. 

P.O. Baa BSL'GoflnMejr 

CX Fund J1544 

InteL Bond ■ SUB 109.75 
|int_ Equity _ 5USHJ9 
|InL SvteL ‘A SUB L87 

InL Sega. ‘B 1 SOS 126 

Ptnoea qn Oet 1L Next dealing Ort. 16 


3-Way On. 12 

Equ it j Oct. 12 

Bond Oct J1 

Property Ocr 5_ . 
Domett Ort 12 . .. 
3-UayPn.Sept 21 .. 
C'Seas Inv. Oet. 12 . 
MnPnJ WOcl E._- 
Do Equity Ocl 2._. 

Do. Bond ilcL Z. 

Da Prop. Ort 2 


1281 
in 6 

167.6 
U8B 
129 7 

153.7 
623 
170 2 
2804 
181 2 
898 


027232241 

= 


’-0 3| 
0 1 


Provincial Life Assurance Co. Ltd. 


Vanbrugh Life Assurance 

41^3 Maddox St., Ldn. H1R8LA. 


CftC Mngd. Fd_ 11210 13201 .... 4 — 

Crown Life Assurance Co. Ltd* 

Crown Life Hit, Wc*tn&GD21 UEW 048828033 


Prov. Managed Fd. 

_ , _ _ Piw. Cath WL 

014383081 Legal & General Prop. FiL-Mgrs. lid GilrFn ndM- 


Xangd Fond Are., 
ManCd FtLlncm... 
Mous'd Fd IniL 

Equity Fd. Are.. 

Equity Fd. locm 

Equity Fd IniL 

Propert y Fd Acc._ 
Property Fd In cm.- 
Propertj Fd lnlt_ 

IrtvTstFcLAcc 

Inv. Tst. Fd Incm,- 

Inv.TsLFd IniL 

Fixed lnt. Fd Acc.. 
•'xd InL Fd -Incni . 
tiler'L Fd. Are.. 


Kn 


107.7 

1055 

1061 

{99.9 

Bbb 

965 

965 

W55 

110S.9 

1031 

,1045 

^6 

®B4 


Inl+rA Fd. lncm,._'U)0-9 


Monrj Fd. Acc 

MotwFd Incra. 

riiart FdltKm.. 


ICrownBrL in v.a_ 11687 — - 


pi 

104.2 


U3J 
107.11 
1116 

103.4 

1032 601] 
104.0 

MLS . _ 
1015 7.59] 
100J 

iSJ m 

nos 

104j 
103.7 
124.6 
124.6 
102 3 
992 
3895 


ll.Qneen tlciocia St_ EC4N 4Tt 01-3480678 

LftCPra.Fd.OcL 4. |917 IflLS J — 

nest sub. day Nov. 1 


222. BLsbopsgate. RCA 
11291 

pwo 

Ills 8 

J im i 

Equity Fund. 1091 


Managed Fd__ 


Property Fund | 

Equity Fund. | 

Fxd. lnt. Fund N69 


01-2478333 Equity, Fd 0460 


1360 _ 

11L6 , 

121.9 .-0 4 
106 7 .... 

lids -ul — 

1021 ,_T 


w IntnLruhdi 


— Fi xcd Inters Fd_. [167 5 


— fESEwSJ 11 

— case puiki 


11518 


104.9 


147 T 
120.6 


159.8 
259 0 
1105 
1764 
155 5 
1Z7.0 


01-4(8 4323 
-lOj — 

-3 8 
-07 

-02 _ 
+ 0-1 — 


65$ Life Assur. Co. of P eiiim yleania 

3W3 New Bond SL.W170RQ- . 014838306 
-1990 10401 1 - 


ftdi LACOPVnha- 


Prndential Pensions Limited^ 
Hoi born Bare. Enysm 
EquiLFd.S«pL20-(E27JB 28 
Fxd.ItiLSeBt2O__Ja9.40 18i 
Prop FU. Sept. 20 _p636 27. 


Vanbrugh Pensions Limited 

4143 Maddox 5L.Lfln WIRSLA Dl-gniw 

Managed [1^2 1066) -0W _ 

Olefines Equity- IW9.6 ns.3 — 

I Fixed Interest |985 103 3 ' 

'"“'J — Property-. .. - — - MZ smjI 


759 


5.88 


Lloyds Bk. Unit Tst Mngrs. Ltd- Reliance Mutual 

3MfmbaidSLEC3. : -jf Ol-«a 1288 Tiinbn^c WdU. KenL 

Exm P* — 199.0 10424 f 7.77 ReL Prop. Bdx, | 


1 L 23 1J( W<h i Life Assurance 

30. Chiton St. EC2-\ 4 MX 
MULGLSupt.30- .? 
Op.S'A’Pr ijrt 


4.48 


1000 


8U 


gpS-A;K^gci.5 


onfiTA'.... 

Op.S'.CMan. nn n 

OpJ-ADcpUmptaB.! 



— 4 — Guaranteed see -Tn« Base Rates 1 table. 

Welfare Insorance Co. UtLy 
088222271 Winslade Par*. Exeter 0302-32135 

4 — 3ToneemakcrFd._ | 109.2 j —Cl 31 

Rothschild Asset Management ^"TtSEM SST"" 

Windsor Life Assur. Ca. Ltd. 


2053 


t London ft 


Noil* 


day 


Royal Albert Rsc-. Sheet St_ Windsor 68144 


RbFai Insurance Group 

Nch- Hall Place. Lit ertv*o!. IK! "+7441 

fioyal Shield id. __ [146* ' « 


Liloliw.pl ana 

364 

7261 


FtmiwAssd G liras 

• 22 00.. ' 


Futere.Avd.Gthib>. 

44.00 . 


Bet And Pens. - . 

caw? . 

IH ; n 

flex, Inv. Growth .. 

loss 

UL0| 



- IT 


Gartmore Invest. Ltd. Lrin_ Ajfts. TSB Unit Trnst Manajpgs ,(£t> 

ioar.jemey. - 


i SL Mazy Axe. Loudon, ECU. 01-283 3531 Bafiataile Rd- SL-Savioar. Jersey. - - - 
Gwomcv Fund ttn«L (Far Easu Ud. Jersey Fund -.Vi'.-USIB. ' ? 53.R— ■hTrf.V 

IW ^rillsoti Use^lO Rircouit Rd. H Konc ^^rntiey Fu t>d „ )510 53.W.:M- ” , „ 

HK&Pac. U.Trt—gTKtBl gjy | 1 90 Prices 00 Oct.. IX. Next nfi. da* ' 

Jfq»a Fd. — 2Ut 1 054 ^*5L- 

5^2 Tl *yo Pacific Moldings -JLT. 

Intuits Manogcmeut Co. N.Vj gig* r 


aendetson Baring Fund Mgrs. Ltd. 

[SOB, Gammon Houae. Hong Rone. 

Jnpan.Fd.OcL4 BUSSUB 2&«f ...!.J _ 

Pxafu; Fund* [ SUSX0 | J _ 

itonne Henri. Bond Fd. Oct 5 SUS1O809 
.. 'Exclusive ot any prelim, ebarxes. 


Tyndall Gamp- 

P.O. Box 12M Hadttou 

O'seaaOrt. l^+}3 

f Accum Ucidst—-*. SOSZIl »HS-«rlD| 

3-WayliiUSept.2l..mSDW ^r “ “ ' 

2J Hell.*. jm*r • ; 

1 TOFSI.Oct. 13.TZi_lE7.90 

lArcum Shares) |E32 65 Tsmi -.-il Vflt 

Amartean Ort. 12— (Sd) ' ; 9Ks4-ZS\ . 

(Arrum shores) |«.0 97M-*1J>|. tX/mz. . 

JoraayF d Ort. Ui pnV -'3i® +4Jj,- fr "(i'..- 
■NmiJ Acc. Uin.l-.m3i' •' -3325r+fta -Tii rt ' 
Gilt Fund Oct - m3 : 5 

iAceurtShstre«_;.|i4af ■ : . , 1W9W'.* ^ ‘ 
VfctoryBtatoe, Donritoh tofe<4«to«= Wffl-- 
Managed SepL 21 _D362 10.4\ 



Utd IntnL Mugnrot jCXl lit' ; .f 
14. Mulcatoer Street. St HeJior. Jersey- ; . 
UXBL Fund Jjusnus TH2? — -1 ■‘fZ ‘ 


BUl-Snbuel A Co- (Guernsey) Ltd. 

la LeFtebvro St- Peter Port Guernsey, CJ. . _ 

Guernsey TSt. 1 1605 171.91 -....[ 3.46 United States ToLThtL AdV- O- • ' 

mi;s ^»d_ov 0 ?gB si. SiSySSE i'ZEStfriZ* 1 * . 

[37. Rue NtiQ»-DJun e. Lu xembourg . .. net-assets ocLJffl. •. . ■ ■* T-.;.-, 

tfnraa .aisj +0.091 _ ■ . - ; fc . - - • 

&■ G. W ar burg A CoC-LKL . .V .Jj*- 1 ’*’" 
3tl-Grestian) fareet BC9. -. ’. • -- , • 

GonnvAdTtetUt’J^ HS-X-v V V-' 

?“8 tat qct. ul __ SUS19X0 tr. • : 

[j-E-T. Managers (Jersey). Ltd. MereS bd r -■ 

ro aw . 104. Royal TA Hse.. JCnt«y0534 T744I s ^?4!«M0cl&.SM« ~J ?9.^-r*fe .. .7 • 

aub*? dS^3L~ Warbarg Invest. ■H0w ^ £-' J gwr. 

tatoMutnu- 

kfth. Floot faauausht Cmrt. U<mg Kcme CKT Ltd.S«pt28_^*34 1«SS— %- : ‘c_ 


Intenrotienal Pacific lira. MngL Ltd. 

PO Box J32S7. 56. PlU.St. 

|j avail n Equity TsL: pA2i43: -2^+0-«t 


lardinaZste. Tat kj, 
lanliDoJ'MLFd.*— 

J^ntinqSEX--. _ 
lardhteFwmJoL _,i 
IntLrtefar+flnM 

Do.lArcmn.l__t- . 

NAV Sept. 30. -Equiralont StlSWiL 

- Next sub. Ort.-13. 


HKS353.70 

HraCQU 

H0S1 9M 

nrai4* 

I.HKSMJS 

LHKSM50-I 


UO.MrteUrsfcSopcSL: 

050 TOTOrt 

Oo TMTUrtOrtia-i;, 





10a. Boulevard RqyjJ. LowaubootK. ^ . ;i 
Worldwide Gte'Ftfl 'WfiSlJI;' H*! 






'vS, 7 


NOTES 




p pc rung prifC- IF-jDIrtriBrewi beAt* P PcriMDcj. 

prana um iiusnuirtt -e Offer «i pne« intludes nil crariCte^ 'cxeout i '-B««t^« ol, ? B S*i'-7'- . 
Offered priocjliriudes aU. e y p e nfex -if .hooeht 1 BnSSns ibfjigfcx 

ueroxn gnasfi'JMrT^-iR . ~ 


Net of tea ohTMHMd ca; 











T3iifiadFBEriseaKn£isianaJ by Missan Gt c nf d l &Co. S^mited on behalf gfNQYO IndnstriA/S C*NQVO“ ov “the C om p any” ) in connection. -with the Introduction to The StodfEzdange of D.Kr. aaZjaiWoonoauaalsnjssnitQEB Shares of NOVO andis issned ittadditumto tbsscqniseafiotsof The Stock Exchange. 

- • • ’ ’ : itdocsnOTconsamrciminritaiiwwanyptraoaiosubscabefworptirdiasanavsccuriuesQfN'OVO. 

This adTOtisgncm to beta app roved and its issue authorised by the Board of Director; ofNOVO. 

^ifficatrtttiasIteegaadetDAeCbWMSI 6, r fl,<»-n ri^tr-p- ir^n'rai nr upmiv robe admitted to'tac Crucial L m-TI^Ttn ^r argevpwnwl tn miniwwr»wi V-.pfr OatAer, TQ7S- 
Tfce 3 nfon«at 7 mT oi rt&e Camp^dy rot emt -fte fog ^P *toa nunmar ygfand aw e B &bm the fnU particulars of the Company contained in the statistical cards dretziated by Extel Statistical Service* Limited and should be read In the light of such particulars* 
■ Copies orthe SdtiSnsalcaitdsiaay beo *>r a ini , d diiro^iisiiaih n*ing<a} <w any s reckday (SmiaUy s m 71^ .•^»inHmg jath October., 1978 lroatflis brokers to tba&iiit rQtiacthQii ) naTw nwe^rAjTiTnkHiiinn^^’ anij imdimECaliyjm 




TRI AIS 


(Incorporated as a company with, limimf KaFriKly in Denmark) 


m 


rr»- 


•c-~i 


ova 


The Board of Directors 
K. Hoin-Nidsen j Chairman 
C.B. Andersen 
Alfred Blindbaek 
K.HaHas-MaBcr 
Bsstlvmea 
K.Hanerberg Olsen.' 
FoolB.Pcnlsea 
Hans Otto Pedersen 
Robert Pedersen 


Corporate Management 

X.HaDas-M0fls» President 

KfireRDaHton * ' Corporate Finance 
KiiaA.Htt& ■ • Enzymes Dwisunt 

Xaisjosdssco* . ■ CorporateResearck 

H, J unrfiee , Quality Control and 


Registered Office of the Company 

NovoAllc, 

EK-aSSoSagsysrd, Denmark. 


Auditors and Joint Reporting Accountants 


Bashers to the Introduction 

' -Morgan Gnmfell& Co. Limited, 

23 Great Win Chester Street, 
London EC2P2AX, 


Brokers to the Introduction 

Caccnove& Co^ 

32 Tokenhouse Yard, 

London EC2R7AN 


Rcvisionsfinn act Anijaayjeri sen, 
Dronnmgens Tviergade 5, 
DK.-13Q2 Copenhagen. 


Revisions fimmet C. Jespersen, 
Frederiksborggade 15, 
DK-I36 o Copenhagen. 


Legal Advisers 


OuaFty Control and 
Regulatory Affairs 


Consultant Accountants 


Kristian Mogensen, - 
Amagerrorv 24, 
DK.-1160 Copenhagen 


JanLesdily, . Pharmaceutic ais Division 
Mads0vJisai 9 Corporate Affairs 


Price Waterhouse Sc Co* 
Southwark TowdSj 
32 London Bridge Street, 
London SE19SY. 


Raker & McKenzie, 
Crompton House, 
Aldwych, 

London WC2B4JP. 





F\ iT? k »-r 4-vn 1 r T i 

























Net income ■,." .. .. ... .. 6.244 

Dealt with as follows': 

le e a l i a e w i • .. .. .. *. 667 

Investment fond .. ..... ... ..... -• _ 

Dividends .. .. .. . .. .. 5,625 

Xloagprffprlated ctming g [yi 

6,244 

Adjusted esssrisgs per R Share of DKr. 

icxiiusnBxralbasednpoii*. . 2 >j&. 

Minimum parridparion. of A Shares .. 3*38 

Marfmnm par riripn rinn nf A SJtUtfCl .. 3 * 38 ' 


BRIEF DESCRIPTION OF NOVO 

NOVO is the parent company of an international pharmaceutical and biochemical gr ou p 
of companies based, in. Denmark wnich specializes in the manufacture and sale of insulin and 
enzymes. In 1977 96 per ccnc. of sales were made otnside Denmark. Pharmaceuticals and 
enzymes accounted for approximately equal proportions of sales. 


NOVO is believed to be the largest manufacturer in the free world of industrial enzymes 
sold in the open marker. Enzymes are proteins which acc as catalysts in biochemical processes 
and have a variety of inrfnwial uses, e.g. for converting starch into fructose. Almost all the 
Group's tnanufaemringof enzymes tykr-c place in Denmark, but it also manufactures in Switzer- 
land and in January, 1979 expects to start manufacturing enzymes at a new plans in North 
Carolina, USA. 


Enzyme Division. 

Enzymes areproteins which act as catalysts in biochemical processes and have avariety of industrial 
uses. Enzymes may be produced by extraction from a nimal nr vegetable tissue or by fermentation of micro- 
organism 1 !. The Group manufactures its industrial enzymes almost exclusively by fermentation. Manufac- 
ture is based on raw materials of agricultural origin which axe available from many countries. 

NOVO is bdievedtp be thelargest manufacturer in the free wodd of industrial enzymes told in the 
open market and accounts for some 40 to 50 per cent, of such sales. At the present rime the largest users o£ 
enzymes are the detergent and starchindusmcs. Sales tn Theeft jnHturrii^wy^wiraiwiif 73 wr rwr. of the 
Group’s total enzyme sales. 

In the detergent industry enzymes are used in the manufacture of de t erge n ts for the removal of 
protein and protein-based stains in laundry. There was a sharp decline in their use in the USA in late 
i960 and early 1970 doe to concern, as to consumer safety with a consequent serious adverse affect on 
N OrO's sales and profits at that- time. An investigation sponsored by the US Food and Drug Administra- 
tion revealed in 1 97 1 that »hit concern was largely »<m.v<wrinri- Since then. NOVO’s «■!*» of detergent 
enzymes in the USA have shown some recovery. 


NOVO is the second largest producer of insulin in the free world. Insulin p r ep a r ati ons 
are used in the treatment of the disease diabetes andiron. NOV O’s insulin is manufactured in 
Denmark. 


In the starch industry enzymes, induding NOVO’s Sweetzyme®», are used to c un ve i t starch into 
high fructose com syrup C“HrCS’’j. HFCS is used as an alternative 10 sugar in the industrial production 
or canned fruit, soft drinks, ice cream, bakery products and sweets. The most important and expanding 
markets arc the USA (.where HFCS is competitive despite currently low sugar prices! and in Asia. In 
Europe the process is currently uneconomic dne to the levy imposed by the EEC on HFCS sales. NOVO 
believes itself to be the largest supplier of enzymes in the world lor conversion of starch into HFCS. 


Europe the process is currently uneconomic due 1 
believes itself 10 be the largest supplier of enzymes 


The Group employs some 2, goo people of wham approximately 2,400 are employed in 
Denmark. Some 575 people are employed in research and development, quality conmi ana the 
provision of ccchnologicBl services. 


The enzyme trypsin is used by the leather industry in thdanniog process to make hides s o ft 3*1,4 
pliable, while other enzymes are used inter alii in the textile industry to remove starch from yam; in the 
drinks industry in the production of beer, alcohol, wine and juice; and in the dairy industry in the manu- 
facture of cheese. 


Financial S ummar y 


Year ended 31st December 


The majority of NOVO’s enzyme products are sold to industrial customers in high technology 
fields. Accordingly, NOV O’s marketing organisation and research laboratories work closely with customers 
to identify new enzymatic processes and to develop them to industrial scale. Approximately 40 per rmt of 
the turnover of ihe enzymes division derives from a small number of large companies but no single 
customer accounts for more that 15 per cent, of total Group enzyme sales. 


JA2& 

7 M& 

“TiM 


1.107 ■ 15,343 8.664 

— v - 15.000 

UU 50 ' 1 U 893 IE , 433 

■ 23 . 300 , - 10.768 33 . 7 S 3 

34368 ' 33,01 Q 721637 


JXKr. DXr. JXKr. 

20-79 20-67 33-33 

15-87 16-28 26-59 


Sales .. .. .. .. 3B7 482 572 E 98 864 

Income before tax .. .. .. .. 9 13 37 56 103 

Earnings .. .. .. .. .. 6 15 38 44 73 

Total dividends .. .. «. . 6' 7 ID 13 15 

Shareholders’ funds .. .. •• .. * 326 ' 354 485 431 545 

AdtogdBShamoprice: ## _ = V 39 , n » 2 257 

. Low “ - 85 86 164 227 

Adjusted eazniegs per B Share. .. .. 3 - 3 B 8-13 15-67 16-20 26-59 

The above summary should be read In conjunction with the detailed information 
on. the Company appearing in the statistical cards. 


Research and Development 

Expenditure on research and development, quality control and technological services, exceeded to 
per cent, ot total Group sales revenue in each nf the List 8 years. In 1977 D.Kr. 9a million was spent on 
these activities and in 2978 over D.Kr. 100 million is expected to be spent. NOVO considers these expendi- 
tures necessa r y to m aintain in position as a specialised manufacturer operating within its defined areas of 
biology and biochemistry. Expenditure covers, wter alia, basic research, the development of new products 
and the monitoring of drug efficacy and drug and enzyme safety. Almost all NOVO 1 * basic research is 
conducted in 26,300 square metres of laboratory at Bagsvaxd near Copenhagen. In all, about 550 people are 
employed in laboratories in Denmark, representing almost 25 per cent, of NOVO’s employees in D enmark. 
Approximately 17 5 of the laboratory employees have academic degrees. Both basic research and technical 
support is undertaken at a smaller laboratory opened in 197 6 in Wilton, Gonnecticuu USA, which employs 
approximately 25 is born wry staff, 

NOVO’s research and development activities have resulted in amnnber of patentable in v ent i ons . 


The policy of the Group is to secure patent protection wherever practicable in all of its major nuAm . 
Although NOVO's rights under such patents are considered to be important-, NOVO does not regard ilS 
business u b ring materially dependent upon any single paternal any group oixdattdpncnzs. 


Summary of Net Assets 


Doag^term. assets -- «• 

Current assets ■ • 

Inventories . . ... 

Marketable securities 
Accounts receivable. . 
C-ysh an rf 


■ ■ SistDetn&en. 

197S IS7t 1975 1976 1977 
nSs.'OQQ DXr.'OOOD^r.’QMlXKr-'OOalXKT.'tm, 
,,. 408.256 443,246 501.071 531^5 567.488 


On 5th September, 197S the Board of Directors announced that total revenues for. 1978 
were expected, to reach approximately D JCr. 950 million and that it was expected, that income 
before taxation in 1978 wouldamount to D.Kr. 105-115 million.' 


1 SO.BSSl iMjzfi] h 55 . 84 i! 191.8491 24 T.G 1 D 

4 U 563 40 . 339 , 22.113 ; 37.083 3 EJ 53 

.. 84.591 99.6451 115^15 142.185 159 J 146 

18.441 6.368 54.129 11 . 6?4 23.948 

236 , 89 J 2 BW 7 B I 347 J 9 B 384791 459.857 


On 29th September, 1978 the Board of Directors announced its intention to recommend 
an increase ia the rate cf dividend oa the B Shares from 8 p er cent, for 1977 to zo per cent for 
1978 . 


Production Facilitiea 

In the years 1973 to 1977 inclusive NOVO has spent D.Kr. 317 million on new plant and equip, 
meat. Expenditure in 1977 was D-Kr. 74 million and in 197$ it is expected 10 be D.Kr. 170 million. The 
1978 expenditure includes a new insulin tilling plant in Denmark, an enzyme manufacturing plant in North 


Deduct: 

nni— wit UabflMei 

Accounts payable .. «■ 

Taxation 

Bank loans and overdrafts . . 
Proposed dividends.. •• 


95,534 ( 131 . 632 ! 140.368 


M 83.109 121,747 (131.1141 88*12' 


On 13th October, 1978 Ac dosing bid price for 3 Shares on the Copenhagen Stock 
Exchange was DJKr. 236 per D.Kr. 100 nominal amount of B Shares. Ax this price the total 
marker value of the B Shares is D JCr. 524.5 million, and the dividend yield before deduction of 
any -withholding tax is 3.4 per cent. - at the rate of dividend far 1977 and. would be 4a per 
ccnr. at the intended rare for 1978. 


Carolina, USA and the acquisition of an enzyme mamifa«-niri,ij>pi.-mr;w Syjrr^rlgnrf- 

Anaual m a intenan ce costs are considerable as manufacturing plants must be kept at high levels of 
efficiency and cleanliness to ensure the quality of product required lor ethical pharmaceuticals and foe 
industrial enzymes, some ofrvhich arc destined for the food industry. In X977 D.Kr. 40 million was spent 
on ibis activity and in 1978 D.Kr. 42 m illion is expected to be sprat. NOVO’s engineering and maintenance 
division designs the layout of NOV O’s factories and production, systems and supervises the construction of 
the new plants. 

At present the Group operates three large production plants in Denmark and five smaller plants hi 
Switzerland (2), Denmark, France and South Africa. The three large Danish plants are located at 


Kalundborg (967,000 sgnare metres site area), Bagsrmd (1 SS,Soo square metres site area ) and Copenhagen 
<4^,700 square metres site area) and produce pharmaceuticals and enzymes. The Swiss plants are located at 


Net entreat assets 


Deduct: 

Long-term loons •• •• •* 

Deferred taxation •• •• 

Minority interest* 

Net assets . •• •• . 

. . Representing 

Share capital •• •» «• •• . 

Reserves 

l^egsl reserves . .. .... 

Izmg-term assets revaluation reserre 
Investment fund • « •- 

XJn^propriatedJ Cta in ed earning s 
Shareholders’ funds.. .. .• 


) 5,62 5) | 7.4Z5I 1P.159| 12 MA 15,436 
JTbKS t] |^3n{ 238.770) l235.B87 | 257.012 

7 0.176 5 7jS8 108.528 147.094 222,845 
478.428 500.816 609J9S 678J8B 77EJ25 


(43,700 square meoca site area) ana produce pharmaceuticals and enzymes. The Swiss plants are located at 
Basle and D iningeu and manufacture enzymes ; the Ditnngen plant was acquired from (Jiba-Geigyin X978. 
The small Danish plant is located inHadtimd and manufacroret electronic equipment for diagnostic uses. 
The plant in France finishes insulin preparations and the plant in Smith Aina fin is hes insulin »np- 

bioric preparations. 


BUSINESS 


{159.823} {173^39} (215.143) (253,337) (215.7S7) 
8,088 7498 11.912 5.872 (8J3B) 

(741) (347) (899) (67 6) (851) 

326,150 333.928 -405.463 430.745 545,371 


In addition to production facilities, NOVO to a major oilot plant at Eagsvxrd and smaller pilot 
plants in the USA, S witz e rland an d Cop en hageo . 


(284,071) 

(13,437) 

(1,02 0) 

580,234- 


Introdoction 


135 . 60 B 135.000 203,047 203^47 284,104 


NOVO is organised into two product dnisums, for pharmaceuticals and e nz y m es, and into 
rirririons which rover corporate research; quality control and regula t ory affairs; corporate finance; 
corporate affairs; »nn - r, gin'* < * , ~ , T , g and Tn.w»«iann; . 


44/457 45,140 47^18 62,567 72.440 

88.676 88.679 88.386 88,154 69.665 

— _ — — 15U60 

88.014- . 65.109 65.309 76.877 . 104.762 

*32055 *333.826 *405.463 430.745 545.371 


The following table analyses the Group's stiles b 7 pxodnet division, for the five ye a rs and six. 

Tnrmrhr : tnHrd jCitii J tine^ 19jS^ 


Yean oust ?lsi Deemhr 


Tammacgitticfis . 
Enzvmes .» . 


SHARE CAPITAL, RESERVES AND INDEBTEDNESS 

Share Capital and Reserves . 

The share capitalandresecveS ofriieGio , opat30th.3tine,T97Sarcscj;outbclow: 
Share Capital 

A Shares mm «• •• •• •• •• •• •• *• 

B Shares •• •« . •*. •• •• •• •• •• •• •• •• 


Other revenue 
Total .. 


DJ MOO 
61,875 
222.229 
284 TTC 4 





2971 

2974 

2975 

2975 

2977 

213 

250 

2 M 

325 

401 

163 

217 

261 

259 

445 

381 

473 

553 

£84 

845 

e 

3 

13 

14 

1 ! 

38/ 

"462 

”672 

*"SM 

864 


“ 

' 

’ 

~ 

deal analysis of Group mIwi ofplutnnjoeuticils an 


Cmenttii 
auka Mm 
Jute, 1976 
22S 
220 
”' _ 448 * 

7 

5 sT 


Atagagement and Employees 

The members of the Board of Directors ("the Board”) and senior management (“Corporate 
Alansgemeu”) of the Company are shown above. 

The Board consists ar the present rime of nine members; two are elected for a two year term by, 
and can only be removed by, the employees; the other members are elected by the Company in General 
Alee ting for a term of three years. Kedrin g members may be re-elecred. However, Directors moat retire 
ft am the Boar dar the first ordinary General Aiecting fallowing the attainment of the age of 75. 

The Board meets zo to xz. times a year for the purpose of dealing with the pr in c ip al issues of the 
Company’s business asp resented by Corporate .Management and to establish, and review general policies, 
for the conduct of the Company's b usin ess. The Board also supervises t he man a gemen t of the Company’s 


Corporate Man a g ement is appointed by the Board and is responsible under Danish law for the 
day-to-day management of the Co mp any in accordance with such instructions as the Board may issue. 
Transactions which are not within the usual activities of the Company or which are of particular import- 
ance to the Company's development are referred to the Board. Corporate .Management is chaired by the 
President and additionally consists at present of the six members referred to above who arc each .Executive 
Vice-Presidents heading a division in the corporate structure. 


The Group employs some 2^900 people of whom approximately 2,400 arc employed mDemmtk* 


for theycarcnricdjlstD cccm bcfr 19773 — 

Sa ltt 


Reserves 


139 , 51 s 

756,674 

-580.234 


- Other reserves .. •- •< — ■ — •• «* •• ®“ •• •• 

Shareholders 1 funds •• .» •- . •• . •• ■- •• •• •• •• •• _^pM 434 

The A Shares ate not listed oa .any stock esdumge and mc dl tod fa- the NOVO 
Foundation which exercises voting control over the Comppy- The NOV O Foun dation is a 
-non-profit snaking jnsrinnKKi whose mam purpose is joaid soffit h umamranan or social 
objectives. The Foupdarick is not mvolvedmthe managtauenr of NOVO. • 

OB£C ^A Shares are entitled to 10 votes PgDJZ r. 100 nominal amormt of A Shares 

sdd^dthcB t- SSSLS'i 


Denmaik . . .. 

North and South America 
E.EC. (excluding Denmark) 
Best of Europe 
.Aria anrf Aucrt-aTaria . . 

Othec 


. (jnZSKr.m&iat) 
tnuetuketds Dtfrun 

Tout 

% 

28 

•6 

34 

4 

37 

138 

225 

27 

13 fi 

133 

289 

32 

117 

88 

215 

25 

62 

21 

73 

8 

11 

3 

30 

3 

481 

445 ” 

846 

Too 


Current Trading and Prospects 

The following is the text of the intfrim statement ofKOVO which was issued on 5th September 

I 97 SS— 

<( Tbe Board of Directors of NOVO Industri AJS has icviewid develspments during 
thefirsthalfoi'1978 and the expectations for 1978 ami 1979. 


McStg. Under the Articles of Assomation of the Company the total 
SSdpSStS Sto^prcssed as a ^ exccoi 
SlS^UWendnaid on. the B Shares expressed as aporoerozge of thei r nomina l aroowir. 

^ O SrSSoSer, 1978 the Company issued US SKbOOOppo 7 Pcr cenr.ComxrtiWe 
Bunds and after 15th April, 1979 and up to andmdadmg December, 

Stra BsEta conversion price subject m adjustnmnt m cermm ®)rems of DJkr. 259 P«- 
I)^ 1 joi»m^^anioimt of B Shares (with a fixed rate of esdiange ^iplicablet^KaLamversm 
of'theBonds of US Sl^D.Kr. 5 - 1435 )- 

of rite Group sr 28rit Aagost, 1978 (before the isae tdthe GonverablcBcmds) 
is secoac below: " 

J rssssSsr ' - . 

SSSSp :: :: :: " "■ ” " :: - *• .sb. m 

Unsecured loans - •yn 473 

Bant loans ■« - - — - ” '* 

Other loans .• •• *- •• •• ** *• * — 148,108 


Blumnacentzcal Division 

NOVO’a manufacture of pharmaceutical; is based mainly on the process of extraction, but rite 
processes of fermentation and synthesis are also used. Its product range includes ethical pharmaceuticals 
for the treatment of diabetes mcUitns and. infections and cardiovascular diseases. NOVO also mana- 

■farTm-rg Hgignfwrie aifta f)iniffal nugnm-t animal li-aM. pr rtrin i-r^. 


Total revenues in 197S are expected to reach approximatelyD JCr. 950 million, whidi 
compares with D.Kr. 864 m i l l io n in 1977. This in or disc is broadly in line with the budget 
except that sales of enzymes to the siarcn industry in the US are now expected to be on a 
level similar to that achieved in 1977. In the US the iu.c of iaosyrup produced from starch by 
enzymes is increasing. However, in 197S the rate of increase will be lower than previously 
expeacd due amongst other things to competinan from sugar stockpiled at low prices in 
1977- 


The most i mport ant products of this division are NOVO’s range ofmsolm p r ep a rations and NOVO 
is the second largest producer of insulin is the free world. The raw materials used for the nunufacturcof 
insulin are bovine and porcine pancreas glands which are available from many countries and which 
NOVO obtaipa principally from EoropcaadthcUSA. 


Capital expenditure 

During 1976 capital expenditure on production faculties, environmental pr ot e ction, 
and safety measures will amount to some D-Kr. 170 million compared wiihD-Kr, 74 milli on 
ini 977 . 

More than half of this amount is for a new enzyme plan t in the US, a new insulin 
fini n g plant in Denmark, and the acquisition in the spring ot 197S of a surface frnncnia Doa 
plant in Switzerland. The two plants wiUstanpzoduction early in X979, 


In recent years the emphasis of NOVO’s insulin research has been on the develo p me n t of purified 
insulin preparations. The result has been the introduction by NOVO of rbc Pro- Ins Lilia Erred hbujiai 
and, in 2973, of the MC (mono comp onenTj-iosnlin preparations, the most highly purified insulin 
preparations marketed today (ns measured by proinsulin-likc- imamaorcactivityj. The use of msulm of 
this quality significantly reduces the likelihood of the immunoiod. al ado-effects which complicate insulin, 
therapy . 1 limrai trials have indicated that side-effects like aUerric reaettuns may disappear and zhac 

fnqilin -rwpiiT fTnrTmmn yl^Tfrtwn-T l f.-illn yin g trarirffr ^ ^r 1 — incnlin- 


Capadiy casts 

In 1978 the costs of research and development and of control and technological 
services will exceed DJKr. 100 million compared with DJvi- 92 million in 1977. 


The number of employees is expected to increase during the year by approximately 
300. At year-end the total number of employees will have exceeded 2,900, some of whom 
will be employed in ihc new plants. 


JtaSOS- ***-e»— * 

Total long-term loans . 

Stort-tarmbKJrrovvirigs 
-n .aiM fa i 


NOVO is nowmaitoiagatangeof insulin prcpztations 0 1 MC qndity. These include Lcnte®MC, 
Semilente o> A 1 C, Mooourd® MC, Ulna-leme® MC, Rapitord i* MC and Acaapid® MC. In 2077 
AlC-insulin preparations accounted for 39 per cent: of the Group's insulin sales and Leare® insulins for 
the remainder. The proportion, of MC-insutm sales is expected u increase substantially over the next few 
years. 

Insulin and ttypsin scesmufactnred from organic material by e xtrarria n and purification. Similar 
te chni ques have been applied by NOVO to the development of processes for the manufacture of other 
produce. Thee indude Lywfibrin'Jl for the treatment of thrombosis and heparin for the prevention of 
blood dots and for the trracfflenr of heart and circulatory disorders. NOVO also manufa ctures glucagon 
which is used in the treatment Of insulin xhneir in thi-ripr, in the tr earmi-nr ftf fyrrain hr-orr 


PnfimbQil y 

2977 ^ ras an exceptionally good year for NOVO with fomwie before tnvatfa* 
increasing from DJCr. 55 million 012976 to D-Kr. 203 million. 

The benefits from most of 1973*3 navy apioi expenditure and from some of the 

increased capacity costs arc not expected to become apparent until 1979 and in subsequent 
years. In spite of this increased activity level the Board expects that the level of mcomo 
before taxation in 197S will amount to DKr, 105-115 mill. rm. 

. The prospects for 1979 are judged to be good.** 

Tie accounting bases and assumptions on which the profit forecast for the year ffldjfitf nrsg 
December, 197S is based are set out m ihc statistical cards, j 


NO VO is also a substantial nnan&ctnrer and suppb’cr 0? pci idllln Vand produces and sells tnher 

rihinlii-n in- horti human and ve w r i n ti u nw Knr-Ii 90 rffMinucvdo. nolvmvrnn# *n?1 t wraw rli'ni- In 


Bai&loaiis and overdrafts •**i " :i** * ■* 

T «^w^ir«"a *gtiagabIeiyitiunQiieyear •* 


antibiotics for both human sod veterinary use such as streptomycin, polymyxins asd tcmcydinc. In 
addition, it is engaged in the manufacture and sale of preparations for the Treatment of maiopausal 


di sard era (namely: Estrofeu® and TrisekvenssO and, as a result oi a recent acquisition, it is now also 
engaged in the development, production and maricrrii^ g nf jp^mimrarafprasc in nnriear medicin e. 


Dividends 

Although NOVO to over the past four veara paid an unchanged dividend on its B share capital, 
bonus and rights issues have resulted in total dividend payments to B shareholders increasing from 
P -Kr-7-zmilh onmrespeCTofi974 wD.Kr. 15-2 niilliimm reject of 1977. 

Oa 1 9th Scptcmber,i978 ihe Board of NOVO announced i» intention to recommend an increase 
in the rate of dividend on thcB Mures from 8 per can. inrcspect of 1977 to zo pci in respect of 2978. 


mnft ^ recent yia n NOVO has followe d a policy of replacing agents and distributors in its important 




levliaraumterL 


m Ic mort of NOVO’s major markets its phaanaceurical preprint axi- arc si»ld hy prescription only, 
id NOVu’s marketing activities are therefore directed at tin.- I'lciii-..!. pi<»foj:ivn, NOVO supplies 


Other Information 

(H The Company is involved as defendan k In litigation concerning certain of Ik products but NOVO 
docs nor believe nut Uin will maicruUi allcet thu Hnan.-i-il n r rh<> r«nim CnnK«, 


Miu I V J dUiVJUO me LUCICUTC UUCWWd 4 L l-u 1 ' 

phatEurisLi and hospitals either di rec t l y or through ptivatew public v/hrodaiers. 


j- ^ ■ 

ofbUlsriacouoted- 


In moat cf NOVO’s markets, public authorities restilatc tlic introduction, roarfcctiue aud rtidng 
afplumuccLdals. * 


V r,T~— * T- mi TV, ■ , ui-jaiwn concerning certain di irs piuuucra nut xnuvo 

docs not bcueve that this will materially affect the hnanriai Londition of the Gtoud. Further deaib are 
givm in the statistical cards. 

<®,„ Th c suristi’cd canb contain a summary of the ri b m-, » the A Shares and the B Shares 

of NOVU and of certain other provisions in tit.- Artiom 01 j v u NOVO. 


(iii) Residents and aon-reaidents of Dcnnmrl; are subiet 1 | U Danish withholding tax on drridrads naid 

by Danish companies at the rate of 30 per cent., subject to reduction under any applicable tax Beato. 
















r-’Fmanda! 'Kmes Monday October 16 197S 


«2 ' 


MOTOR CARS 



if you’re looking for something special, 
talk to the specialists. 


Experience our experience. 

A.F.N. limned Faieon Wodcs, 400, London Road, fsfewwth,. Middlesex. ' 
TefeohoneOI-SSOIOn Teie)trsn3S Also showroom 3t: 

12-16. Madrid Road. GuikHotd. Surrey. Telephone: Gu3dtord >04B3) 38448/9. 



COMPANY NOTICES 


ROVER SPECIALISTS 


i£/r££j?# 


MY 


personal 

EXPORT 

ENQUIRIES 

WELCOMED* 


JteLlVERv E I 


NIGH RO, WOODFORD. LONI 


TEU 01-989 6644 TELE* WSMIIl 


1970 4.2 JAGUAR 
E-TYPE F.H.C. 
Immaculate condition. 
Outstanding Investment Car. 
£5,450 

Tels CHEPSTOW 2940 


FF 100.000,000 
EUROPEAN INVESTMENT 
BANK 

7 1% Bonds of 1971 due 1981 

tloticc n hereby given to bondholder! 
thjt the amount of FF 4.000,000 
redeemable on December IQ. 1978 
■vu bough* into tha market. 

Amount outstanding: FF 72,000.000 

EUROPEAN INVESTMENT BANK. 
Luxembourg October 16. 1978 


ELECTRICITY SUPPLY COMMWIOM 
ESCDM 197I.BB SUS 20 000.000 

Notice it hereby given to taono- 
holduri ol the above loon that the 
amount reueemable on December tat, 
1976 i v. >US1,SOO.i70D ws bought 
■n the market. 

Amount outstanding: SUS1Z.SOQ.OOO 
The Trustee. 

FINIMTAUST S-A. 

Luxembourg. 

October 16. 1978. 


NOTICE TO HOLDERS OF 
'■ CHADE " SHARES 


ART GALLERIES 


CHANDE GALLERY. 6. Cork Street. W.1 
01-734 4626. Recent Painting! and 
Sculptures bv w. F. ZaC. 26 5epi.- 
21 Oct. Mon.-Fn. 10-5 30. Sals. ’0-1 


SUSAN SWALE'S SALOME. Fldd- 
borne Galleries. 63. Queen's Crane. 
N.W.B. SB6 3600. 


J.P.L. FINE ARTS. 2». Davies Street. W 1. 
01-493 2630. RAOUL DUFY drawings, 
watercolours 1300-1939. Oct. J0-D«. a. 
Mon.-Frl. 10-6. 


MARINE ARTISTS. Royal Society s 
Annual E»hb. at Cuiiahalt. E.C.2. Mon - 
Sat. 10-5. Until 1 pm Nov 3. Adm. tree. 


DRIAN GALLERIES. T. Porehester PUce. 
W.2. Recent Paintings bv KAL1MA 
NALECZ. 10-S. Sat. & Sun. 10-1. 


CLUBS 


EVE. 189. Regent Street. 734 OS57. A la 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.4S 12.45 and 1.45 and 

music ol johnny Hawkesworth A Friends. 


GARGOYLE. 69. Dean Street. London. W.1. 
NEW STRIPTEASE FLOORSHOW 
••AS YOU LytE IT” 


11-3.30 am. Show at h<idn>ght and 1 am. 
Mon.-Fn. Closed Saturdays. 01-437 6455. 


3 CONVERSION LOAN 
BONDS TO BEARER 

The Bank ol England give notice ' that 
new COUPON sheets lor the above, 
mentioned Loan will be available on or 
alter 1st December. 1978. in exchange 
lor TALONS. Listing terms lor talons are 
available irom the Cniel Accountant's 
a Rice (Bank Buildings I. Bank Ol England, 
2 Bank Buildings. Princes Street. London 
EC2R 8 Ell. and talons should be pre- 
sented tnu'e <or uxclunge bv Authorised 
Depositaries. On Behalf Of the holders. 
Irom the 24ih November. 1978. Taion* 
should not be sent through the nost. 

Authorised Depositaries arc llsteo in 
(he Bank ol England » Nonce EC1 and 
include most banns and stockbrokers and 
soiuitors practising In the United King- 
dom the Channel Islands or the isle ot 

Maas 


NOTICE OF PURCHASE 


USi 1 00. COO. 000 Barclays Dvcarscds 
In.cstmem uwoani B.V U':*.i Guaran. 
teed Bonds ig92 guaranteed on a 
subordinated basis bv Barclays Bank 
International Limited. 

NOTICE IS HEREBY GIVEN to holders 
oi bonds ol the above issue that 
liSsS.OQ 000 nominal was purchased 
During the period ending 15 Scatcmbcr. 
1977. 

union Bank of Switzerland iSecuritlrsJ 
Limned. 

London 
13th October. 1978 


METROPOLITAN ESTATE AND 
PROPERTY INTERNATIONAL N.V. 


20.000.000 European Composite Units 
■ -'EURCO''> 

3! LOAN 1 98B 

NOTICE IS HEREBY GIVEN tnal 
Metropolitan Estate and Prooertv Inter- 
national it v. has selected us Dollars as 
the currency oi payment in respect ot all 
Coupons No. S dated ISth November. 
1978 ore video no valid contrary selection 
is made bv me holders therco' on or 
be lore JOth October. 197S. pursuant to 
the Terms and Conditions oi the Bonds 

Principal Paving Agent: 

N. m. Rothschild & Sons Limited. 

New Court. St. Swtthm s Lane. 

London EC4P sDU. 

16th October. 1978. 


Societe d‘ Elec eric I re i&ODECi 5. A., a 
limited company m liquidation 103. 
Grand Rue. Luxembourg. Grand Duchy ot 
Luxembourg, advises- 

" Since lit December. 1 948. and as 
was announced at tnc t me. shareholders 
ot Cbmpania His pa no- Americana tie Elcc- 
tricidad 'CHADEi have had the right to 
receive SOOEC shares as follows. 

1 ccrtihcate ot S SOOEC shares per 
CHADE share- series A. B Of C: 
or n«r group ol 5 CHADE shares: 

series D; 

or per group ol 5 CHADE shares- 

series E: 

ana i certificate of i SODEC share per 
CHADE Chare- scries D or E. 

The right ol CHADE shareholders to 
receive one' SODEC share lor one CHADE 
snare is a debt-claim right sublcct to 
the statute ot limitations after a period 
ot rtiirtv years. It will tnus be affected 
Bv the sum ctr ol limitations on 1st Decem- 
ber. 1978. As Irom tlat date SODEC 
intends to raise a defence under the 
statute ot limitations. 

Holders o< CHADE shares. In order to 
avoid h tiding thomselies barred by the 
statute of limitations and thus losing, in 
particular, benefit ol the liquidation divi- 
dends and the liquidation distributions in 
respect of SOOEC shares, fa which they 
arc entitled arc tnus invited to come 
forward before 1st December. 1978. 

They arc reminded that tlwv can receive 
SODEC snares, as stated above, bv contact- 
ing— -tnrouqn the intermediary ol their 
bankers — the registered office oi SODEC. 
103. Grand Rue Luxembourg Grand 
Duchv of Luxembourg." 


DAIWA SEIKO. INC. 

This is to notliy EDR holders that we 
nave received Notice on Settlement of 
Accounts lor the fiscal year 197B 'from 
August 1st 1977 to July 31. 1970i of 
the Company. 

Cosies ol Mich Notice are available upon 
rennest at r*ic offices pt "r undermen- 
tioned Depositary and the Agent — 

Banoue Internationale a Luxembourg 
5 A 

2 Boulevard Royal. 

Luxembourg. 

Robert Fleming and Co. Limited. 

Depository. 

B Crosby Sauare. 

London. EC-3 A BAN. 


BADGES 


ALL TYPES IN HOST 
MATERIALS 


FOR CONFERENCE ANO 
EXHIBITIONS. STOCK AVAILABLE. 
ENGRAVING.' LABELS. 
NAMEPLATES 


.Mtrcrusifit Klto iu iiih n vu liable 
iKorponumK y»ur ■ uini. ni or loyo. 
Key nnu* Pjjht kimex •.aK-ndars. 
etc.. In van iMarknvns ■ BaUuoaijfc.T • 
Lid., CobboM Mint. London. W.12. 
Tel: M-7« 1151. 


BURNS HOTEL 

Barkston Gardens 
London SW5 (JEN 


NEAR WES T LONDON 
AIR TERMINAL 


100 rooms, private bath / 
shower. radio. television, 
English hrexikfast, restaurant, 
har — fully licensed. - lifts. 
Special terms to companies. 
Details • rod illustrated 
brochure im request 
Telex '27885 

Tel. 01-373 3151 or 79SI 


No. oir.iw nr 197 R 

In Ihe HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matter or MaRSTORE LIMITED and 
in the Mailer of THE COMPANIES ACT. 
IMS. 

NOTICE IS HEREBY GIVEN, fhai a 
Pv> 11 ton Tor ihe Windm« up nr ihe above- 
named Company by the Hicb Court of 
Jntiice was on the Ird day al October 
iB7S sres- nted 10 the said Court by 
RRADV MIXED CONCRETE iSOIITir 
raSTi f.f’frTED whose recisiemd office 
u at RMC House. .WS3. HiJh Sireel. 
Kelt ham. Middlesex, and that ih«* said 
PMilituj is directed 10 be h-ard hefon- 
rhr Cuuri sunns at fhe Royal Courts or 
Jus:kv, Strand, letndon. WC5A ILL. on 
ih>- 6 rh day ur- Nos rmb.-r 197*. and anv 
realtor or crmrribnfnrv of ttt- said 
CoRinunv desirous 10 support or oppose 
ihe mukins of an Order on the said 
Roman may appear af I be »I 018 01 
neartna. in person or hy his counsel, for 
inal purpose: and a m» of ihe Petition 
win he furnished by ihe uiidx-rsiuned in 
any i-rrdllor or contributory of fhe said 
Company renuiritis such copy on payment 
nf ihe n-uiilai-d charm- tor the same. 
vnuxr, ju.vls kmr * Co.. 

2 Suffolk Lane. 

Cannon Sireel. 

London EC 1 K OAV 
Soiiflmrs r.i r ihe Petitioner. 

NOTE— Any nersou who intends 10 
appear on ihe hearlfui of ihe sanl Peuiluii 
must serve on. nr send by pust 10 . ine 
above-n-jmed notice in wtmna of his 
intention so 10 do. The notice mnsi stale 
the name and address of fhe person, or. 
ir a firm, the njra* and address nf th-> 
finn and must be sinned by ihe peqwn 
or firm, or his or their solicitor f|f anyi 
and musi be served, or. if misled, must 
he seni by pnsr in suffixieni lime 10 reach 
ifa.< above-named nui later ihau lour 
o’clock In ihe afternoon uf the 3rd day 
ul November ISIS. 


LEGAL NOTICES 


No. ooaor.l of 1971 __ 

Jn the HIGH COURT OK JUSTICE 
Chancery Division Companies Court In 
1 be Mailer of MANViNE 1 HOLDINGS- 
LLM1TE.D and in Uie Metier Of THE 
COllFAN'lfcia ACT. IMS. 

NOTICE IS HEREEY Cl\-E.\'. that a 
Peurlon for ihe Winding up of ihe above- 
named Company by tbe High Court of 
Jus 1 ice was on ihe 27ih daj- ot SeW ember 
ion*, presumed 10 the said Couri by THE 
WHOLESALE FITTINGS COMPANY 
LIMITED Whose RfrCISlered UlBro f* 
situate at 313-333 Kainham Road South. 
Dagenham. Essex, and tha> the said 
Petition 15 Olrexled 10 be beard before 
Ihe coun slttins at the Koysl Courts ol 
Justice, Strand. London, WC5A 2LL on 
Hie uaih day of October lBTS. and any 
creditor- or eontrlbofory- of Ihe said 
Company desirous lu support or oppose 
the mult ine uf an Order on ih.- said 
R-dtiDn may appear at the lime of 
hi-jrlne. m person or by his counsel, for 
that nurpose: and a copy oi fhe Petition 
will be furnished by the undeMiRned 10 
any creditor or comrlbuiory of ihe said 
Company reoulnm: such copy on payment 
of ihe resulated charge lor the same. 
PTiLLARDS. 
fi.T-.5S Oxford Street. 

London W1R 1RD. 

SoliL-liurs far ihe Px-lltloner. 

NOTE — Any person who Intends to 
appear on the beanne of ihe naid Petition 
most serve on. or send by posi 10 . the 
abosc-naiti'.-d notice in wTimui of his 
lah'nrloo so to do The noiwt- must suic 
Ibc uante and address of the pe-rson. or, 
u .< firm the name and address of Ihe 
firm and must be signed by ihe person 
or firm or his or ihcir solicuor nf anyi 
and muw be served, or. if povied. must 
be sent by post tn sufficient itiu-.' la reach 
(he above-named not later (ban four 
o'clock 111 ihe afiemoon of ihe 2Tth day 
nf October UTS. 


No. 003179 or 1979 

In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Mailer of MUNSTER STU DIOS 
LIMITED and in ihe Manor of THE 
COMPANIES ACT. L9«. 

NOTICE IS HEREBY GIVEN ibat a 
Pillion for tbe winding up ol inc above- 
named Company by ihe High court of 
Justice was on ihe 9-h day of October 
1973. presented ro the said Court by THE 
DEPARTMENT OK HEALTH AND 
SOCIAL SECURITY. Stale Huifei-. Hlsb 
Ho! horn. London WCL anti ihai the said 
Petition Is directed 10 be heard before 
the Court sitting at the Rax- si Courts or 
Justice. Strand. London. W i'J, on the 
nib day of November 197S and any 
creditor or tonmbntonr of ihe said 
Company desirous 10 support or oppose 
the malting of an Order on the said 
Pennon may appear ai Ihe time of 
hearuu: in person or by his Counsel Tor 
fh.il purpose: and a copy or ihe Petition 
-.■dll be furnished by the undt-reivned to 
any creditor nr cnniribuiory or me said 
Cum pa nr requiring such ropy on Daymen; 
of the n.-Euiaied charge far ihe same. 

M. W. M. OSMOND. 

Siaic House, 

High Hoi born, 

London. WCL 

NOTE— Any person who Intends to 
Appear on the hearing of the said Peution 
must serve on or send by post 10 the 
anove-named. nonce In uniim: of bis 
iiKcnfton so to do. Tbe notice must state 
Ihe name and address of ihe person, or. 
ir a firm. Ihe name and address of the 
firm, and must be signed by the person 
or finn. or his or iheir solicitor nf anyi. 
and miLxi be served or. if posied. mnsi 
he si-tii by post in sufficient liuiv 10 reach 
ihe above-named not (aier than four 
o'clock m Ihe aliernoon of the I 0 :b day 
uf November 1979. 


NO. OULU or 1975* 

HI Ihe HIGH COURT OF JUSTICE 
Chancery Division Companies Court, in 
the Mailer or WEBSTER 1 BUILDERS' 
LIMITED and in lh<-' Maner of THE 
COMPANIES ACT. IMS. 

NOTICE IS HEREBY GIVEN. Ibat a 
Pennon for ibe Winding up of ihe above- 
named Company by tbe Hlsb Coun of 
Justice wag on Ihe 3rd day of October 
1975. presented to (ho said Court by 
MOREHELD TRANSPORT LIMITED 
whose registered office is at Bridge Cafe, 
Reading Road. Chmebam. Basingstoke. 
Hampshire. Plant Hirers Ud Hauliers, 
and that ihe said Petition Is directed 10 
tv- beard before ihe Coun suiinp si ihe 
Royal Courts or Justice. Strand. Loudon. 
WC2A 2LL on ihe 6th day of November 
1978, and any creditor or contributory of 
the said Company desirous 10 support nr 
oppose ibc making of an Order on the 
said Petition may appear at the time of 
bearing, in person or by bis counsel, for 
ihai purpose; and a copy of Ibc Petition 
will be furnished by ihe undersigned to 
any creditor or contributory of the said 
Company requiring such copy on payment 
of the regulated ebanze (or iho same. 

STONES PORTER * CO.. 

of 28(17. Parrlnedon Street. 

London EC* A 4A.W. 

Ref! 49 (EUR. 

AAenu (or 

Wafits Prance Se DalReiy. 

of 12. Cross Street. Basingstoke. 

Hampshire. 

SohcHors [or the Petitioner. 

NOTE— Any person who iniemfi Id 
appear on the bearing of ihe said Petition 
must serve on. nr send by post to. the 
above-named notice m writing of his 
Intention so 10 do. Tbe notice must stale 
Ibc name and address of the person, or. 
if a arm the name and address Of the 
firm and must he signed by the person or 
firm, or bis or tbcJr solicitor tif any; and 
must be served, or. ir posied. mast be 
seat by host In sufficient umu to reach 
ibe above-named not later than four 
o'clock In the afternoon of the 3rd day 
ol November 1978. 


PUBLIC NOTICES 


STRATHCLYDE 
REGIONAL COUNCIL 


VARIABLE RATE 
REDEEMABLE STOCK 1982 


For the six months from Mth 
October. 1978 to Mch April 
1979. tbe interest rate on the 
above stock will be 11. 6563 “a 
per annum. 

BANK OF SCOTLAND 
30 Bishopsaate. 

London EC2P 2EH. 


NO. 883137 Of 1978 
In the HIGH COURT OP JUSTICE 
Chancery VI run on Companies Court, lo 
the Maner of GNOME MARKE TING 
LIMITED and In the Matter of THE 
COMPANIES ACT. 1949. 

NOTICE IS HEREBY GIVEN. Uiat 
Petition far the winding up of ibc above- 
named Company by ibe High Court of 
Justice was on ihe 4tb day of October 
UTS. presented 10 the said Coun by 
ALBANY FOREMOST TRAVEL LIMITED 
whose registered office is at Lex House. 
i~. Great Cumberland PUre. London. 
W.1. Travel Agents a Creditor of the 
above-named Company and that the aald 
Pwhlpii is directed lo be heard before 
the Conn strung at the Royal Courts of 
Justice. Strand. London. WC2A 2LL 
■he eth day ot -November 1978. and any 
vrediior or contributory of the sold 
Company desirous to support or oppose 
rh? making of an Order on the said 
Petition may appear at the tune ot 
hearing, in person or by his counsel, for 
that purpose: nod a copy of the Petition 
will be furnished by the undersigned ro 
any creditor or contributory of tbe said 
Company requiring such copy on payment 
of the regulated charge for (he same. 

FRANKS. CHARLBSLY t CO., 

Rulion House. 

16ldfi6. Fleet Street. 

London. EC4A 2DY. 

Ref: PXM. Tel: 91-353 1383. 

Solicitors Tor the Petitioner. 

NOTE — Any person who intends to 
appear on the hearing of the said Petition 
must serve on. or send by past to. (he 
above-named nonce in writing of his 
intention so io do. The notice mnsi stair 
ibe name and address of the person, or, 
if a firm the name and address or the 
firm and must be signed by the person 
or firm, or hlg or iheir solicitor fir any) 
and must be served, or. If posied, must 
be sent by post in sufficient time to 
reach the a bore-named not lifer than 
four o'clock in the afternoon of ihe 
3rd day of November 1979. 


Ih the Matter of 
THE COMPANIES ACT. 1M8 
and 

In the Matter of 
BEDFORD MOULDED CONCRETE LTD. 
Registered Office: Hardwick Hill works, 
Kempston Hardwick. Bedford 


NOTICE IS HEREBY GIVEN pursuant 
io Section 393 of ihe Companies Aci, 
1943. ibai a Meeting of the Creditors 
oi the above-named Company will be 
held al Winchester Rouse, London Wall. 
London. ECS on 25th October at 3.09 pm 
lor the purpose mentioned io Section 294 
et seq of fhe said Act- 

Dated this toth day of October 1979 
By Order of the Board, 

J. E. Walsh. 

Director. 


Businessman’s Diary 


UK TRADE FAIRS AND EXHIBITIONS 


Date 

Current 

Current 


Title 


Improve Your Home Exbn. (doses Oct 28) 

Junior Fashion Fair International (doses Oct 19) 


Oct. 18—21 

OcL 20 — 29 

Oct. 24—25 


International Commimlcatiozuf 
SMMT Motor Show 
Electronic Instruments Exbna 


Oct. 24—26 

OcL 24—27 


OcL 24—27 

OcL 24—28 

OcL 25—27. 

OcL 30 — Nov. 3. 


OcL 31— Nov. 2... 


Nov„ 5—8 

Nov. 6—10 

Nov. 6— 10 

Nov. 7—0 

Nov. 13—18 

Nov. 13—18 


Environmental Health Exhibition 
European Offshore Petroleum Conference and 
Exhibition 

London Fashion Exhibition 
Business Equipment Trade Exhibition 
Management Services and Equipment Exhibition 
Midland Metal Sawing and Tube Working Machine 
Exhibition 

Equipment and Machinery Demonstration: Labels 
and Labelling 
Furniture Preview Show 
National Automated Production Exhibition 
Electrical Engineering Exhibition 
Fluid Handling Exhibition 
Public Works Congress and Exhibition 
ENPOCON — Environmental Pollution Control 
Exhibition 


Venae 

Olympia 

Royal Horticultural 

Society's Halls, SW1 

Cunard Int* Hotel, W.6 
National Ex. Centre, Blrm’bnj, 
Post House Hotel, 

Southampton 

Bournemouth 


Earls Court 
Olympia 

Cunard Intnl. Hotel, W6 
Exhibition Centre, Harrogate 
Addison Exbn. Centre, 

Willeohall 
Clothing Technology- 

Centre, NW4 

Olympia 

Belle Vue. Manchester 
Belle Vue. Manchester 
Harrogate 

NatnLExbn.Cent, Birmingham 
National Exbn. Centre, 

Birmingham 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


>e 

n- 

f* 

ic, 

al 

"is 

or 

le 

le 

>> 

ic 

;e 

IR 

C- 

■P 

ir 

« 

es 

P 

7. 

n 

e 


Current 


Current 

OcL 19—22 

OcL 21—25 

OcL 23—27 

Oct. 26—29 

OcL 2S— Nov. 12 . 
OcL 29 — Nov. 30 . 


OcL 30 — Nov, 3... 

Nov. 3— S 

Nov. 7—11 


Nov. S— 37 
Ndv. 11—19 


Nov. 13—18 
Nov. 13—18 


Nov. 20—26.. 
Nov. 26 — 30.. 


USSR Scientific Research Equipment Exbn. (closes 
October 23) 

International Wine Fair (closes October 22) 

Solar Energy -Exhibition and Conference 
International Ladies’ Ready-to-Wear Exhibition 
International Timber Fair 
World of Investment *78 
SNOW 78— Sports, Winter and Recreation Show 
INTERFEL— International exhibition of Leather 
and Travel Articles 
Electronics Trade Fair 
International Book Fair 

International- Sheet Metal Working and Forming 
Exhibition 

British Industrial Exhibition 
International Hotel. Tourist Equipment, and wines, 
spirits and beverages exhibition 
International Packaging Exhibition 
International Food Manufacturing and Processing 
Exhibition 

7th International Fisheries Fair 
Arab nil d (BOTB participates) 


Moscow 


Verona 

Verona 

Paris 

Sarajevo 

Los Angeles 
Basle 


Dietikon 

Amsterdam 

Beograd 


Essen 

Mexico City 


Geneva 

Paris 


Paris 

Oslo 

Bahrain. 


BUSINESS AND MANAGEMENT CONFERENCES 


OcL 17 
OcL 17 
OcL 17 
Oct 17 


Oct 17 
Oct. 18 


OcL IS 
Oct. IS 


Institute of Marketing: How to Manage Salesmen 
tor More Profitable Selling 
AGB Conference Services: The Threat of Crime to 
Industry and Commerce. Sir Robert Mark 
ASM: . Legal Implications of Engineering 
Contracts „ 

London Chamber of Commerce: What the U.S. 

Buyer expects 
ESC: International Leasing 
Henley Centre for Forecasting: Planning 
Consumer Markets 

Industrial Marketing Research Assocn.: Forecasting 
Demand for New Products 
SRI International: Computer Security 


Royal Garden Hotel, 

Kensington 


Caf6 Royal. W1 
Caf6 Royal, W1 


69, Cannon SL, EC4 
Carlton Tower Hotel, SW1 


Carlton Tower Hotel, SW1 


Oct. 19 . 




Forest 


OcL 19—20 

Oct. 19—20 

OcL 20 


Oct. 22—23 
OcL 24 .... 
Oct. 24 .... 


Oct. 24—25 

OcL 26 


OcL 26—27 

Nov. 7 


Institute of Purchasing and Supply: 

Products for the Furniture Industry 
ASM: Establishing Good Communication Systems 
Within the Company 

Management Centre Europe: EEC Legislation on 
Bankruptcy and Insolvency Procedures 
Abacus Conferences: Intervention by tbe MIC 
Commission in Operations of Trading 
Companies 

FT Conference: Finance and Industrial Develop* 
meat in the Gulf. 

AGB Conference Services: Trade Umon Recogni- 
tion— the Options 

Institute of Purchasing and Supply: Rubber and 
Allied Materials — into the *803 
ASM: Capital Project Evaluation 
Institute of Purchasing and Supply: Developments 
in the Food and Drink Industry 
British Council of Productivity Associations: Work- 
shop on Unfair Dis m issal _ . . 

Institute of Marketing: Sales Letter Writing 


Kensington Palace Hotel, W8 
Hyatt Regency Caspian HtU 
Chains, Iran 


Royal Lancaster Hotel, W2 
SL Ermins Hotel, SW1 
Brussels 

Kensington Palace 


Hotel, W.8 

Bahrain 

Piccadilly Hotel, WI 


Grosvenor House, Wl 
Cafe Royal, W.1 
Kensington. Close Hotel. W.8 


Waldorf HoteL WC2 
Royal Hofseguards Hotel, SWl 


CONTRACTS AND TENDERS 


TENDERS REQUIRED FOR THE PURCHASE OF 


CERAMIC IKES FACTORY 


AUSTRALIA 


TENDERS will be received by the Liquidator of Albaware Tiles & 
Pottery Ptv. Limited (in liquidation! until 5th December 197S, for 
purchase of 

BUILDING AND PLANT Tor manufacture of FLOOR AND WALL TILES. 
LOCATION: Lithiiow. 140km west of Sydney. 

Building occupies 2J13 ha, with similar land area for expansion. Situated ren trill. v 
to principal supply outlets of eastern Australia. Marketing and distribution system 
previously established. Production of tiles ceased after fourteen months production. 
CAPACITY: Decorated glazed floor tiles. 20cni x 20cm, 360,000 square metres per 
annum. 

Decorated glazed wall tiles. 15cm x 15cm and 20cm x 10cm, 720,000 square metres 
per junum. 

Most of the plam designed and supplied by SACM1 of ITALY. 

For full production, including manufacture of bisque, some plant still to be supplied 
to complete installation, and some structural work incomplete. Unlimited supply 
of suitable clay available UOkm from fat-lory. 

Full particulars will be provided to interested persons. 

•T. E. Walker, Official Liquidator, 

109 Pitt Street, Sydney, Australia. 

Telephone: (02) 2326566. 


CONTRACTS 

AND 

TENDERS 


RATE: £13.00 


per single column 
centimetre 


For further details 
contact: 

FRANCIS PHILLIPS 
on 01-248 8000 
Ext. 456 


MERSEYSIDE 
COUNTY COUNCIL 


Waste Disposal 


The Council has decided to give con- 
sideration to the role the Private 
Sector could play in assisting with 
the Authority's statutory waste dis- 
posal function by : 


(a) 


the provision and operation of re- 
source recovery facilities in con- 
junction with County waste disposal/ 
treatment plant. 


(b) the provision and operation of con- 
trolled landfill facilities. 


Contractors interested in submitting pre- 
liminary proposals should apply for further 
details to the County Engineer, 4th floor. 
Steers House, Canning Place, Liverpool 
LI 8JW not later than Monday, 30th 
October, 1 978. 


R. J. Williams 
County Engineer 


KAPIRI GLASS PRODUCTS 


ZAMBIA 


TENDERS FOR EXPANSION PROJECT; 


Tendon ir# invited for supal/ and commissioning of rwo bottle production 
lines. The factory was built by Coutinho Caro and Company Limited of 
Hamburg. West Germany. With provision to add one t*cr» production line 
per turnace. 

For comp* cabili ry with cm'. ting plane, similar equipment is required wherever 
partible. 


ELECTRICAL.- 


1 x South Wales Excric IIKV vwicch type CX 4 H’D OP* D SP'G CL 
1 x 1 250 KVA/380V Tran*former3PH. 50HZ. 

Poorer factor earrecuan unit, cabling ta all equipment. Original supplier — 
Balfour Kilpatric (International). 


COMPRESSOR: 

I x Srcrom Wade VMLD 1500/&0 compressor complete with control, to 
include pifcc connection to costing mam pipe. Original contract reference 
no. XQ 100516/d. 


WORKING END/FOREHEARTH FEEDER: 


2 v adapting present working end ior additional ?orehcarth Em tart type 
K« If I I;'. 

2 x Forehearch efractories Keel support except Forchearth Channel. 

2 x overhaul spares for Emhsrt !44D feeder. 

2 x firing and automatic temperature control For feederffareheardi. 

2 x cat wail: steel work. 


FORMING: 


2x6 section single gob I S. machine tyoe E?4” CD for blow and blow/pret* 
and Wo** complete left hand and right hand delivery, mould cooling fit", 
air receivers, piping and ducting 2 r complete Selsyn drive. 


2 jr Emhart typo '178' curved track ware transfer, left hand and right hand. 
2 x Shepper Lehr leader, part no. <02. 


2 x Sreln Atfcinton Susrdy Lehr same as serial no. 6206, |.8m width. 22n> long. 
Control equipment. 


INSPECTION (EMHART): 


2 x single liner type 2I3A. transfer plate type 222A complete right h»"d 
and left hand. 


2 x Inspection conveyor type 223. 

2 x visual rnspeetio" station type 2 D$. 
2 x bore *ni leak inspector type 254. 
2 x routing rabl« type 2f?A. 


Tendrrs should be add-essed tp: 

T HE GENERAL MANAGER 
KAPIRI GLASS PPO DUCTS 
P.O. BOX 96 
KAPfBf ffPOSHf 
ZAMBIA 

Th* closing dll* it 32 No*«mb»t, 1 V 5 . 



LEMBA6A LETR1K NEGARA TANAH MELA YU 
NATIONAL ELECTRICITY BOARD OF THE STATES OF MALAYA 
BERSIA AND KENERING HYDRO-ELECTRIC PROJECT 
HYDRAUUC, MECHANICAL & ELECTRICAL EQUIPMENT 


Tenders are invited from Manufacturers for the following: 
Contract No. 5734/12— PENSTOCK UNERS 
This contract comprise* the supply, delivery and erection 
of the following packages: 


2 . 


Package A: BERSIA 


3. 

4. 

5. 


Three (3) 18 feet diameter welded steel plate penstock 
liners, approximately 95 feel long, normal transient head 
of 156 feet. 


Eleven (IT) motor operated 2000 A, 300 kV disconnect 
switches. 

.Five (5) manually operated earth switches, 

One (1) sec of copper or aluminium bus work. 

One (1) sec of steel, structures including line take-off 
structures on the power station roof. 


Package A: KENERING 

K Three (3 ) 300 kV 50 Hz, 2000 -A, '7500 MVA, 7.050. kV 


Package A: KENERING 


I, Three (3) 19 feet diameter welded steel plate penstock 
liners, approximately 112 feet long, normal transient head 
of 1785 feet. 

Last date for Receipt of Application 15 Nov. ’.978 

Document Issue: About 1 Jan. 1979 

Tender Due: About I Apr. 1979 

Contract No. 5734/13— INTAKE AND SPILLWAY 


3. 

4. 

5. 


EQUIPMENT 

This contract comprises the supply, delivery and supervision 
of erection of the following packages: 


Package A: BERSIA 

]. Three (3) fixed wheel hydraulic vertical lift head gates 


5. 


(approx, size IS feet wide x 21 feet high) head SO feet. 
One (1) service gate and lifting beam. 

Six (6) sets trashracks. 

One (1) 50 tonne (approx.) capacity gantry crane (crane 
to handle head gates, service gate, trashracks and spillway 
stoplogs). 

Three (3) spillway radial gates (approx, size 40 feet 
wide x 46 feet high) with hoists. 

6. One ( I ) set stoplogs and lifting beam. 

7. Embedded parts for all the above installation. 

Package A: KENERING 

1. Three (3) fixed wheel hydraulic head gates (approx, 
size 14 feet wide x 27 feet high) head 60 feet. 

2. One (I) service gate and lifting beam. 

3. Six (6) secs trashracks. 

4. One ( I) 50 tonne (approx.) capacity gantry crane (crane 
to handle head gates, service gate, trashracks and spillway 
stoplogs). 

Six (6) spillway radial gates (approx, size 40 feet wide 
x 46 feet high) with hoists. 

6. One (I) set stoplogs and lifting beam. 

7. Embedded parts far all the above installation. 

Last Date for Receipt of Application 15 Nov. (978 

Document Issue: About I Dec. 1978 

Tender Due.- About 7 Apr. 1979 

Contract No. 5734/22— HIGH VOLTAGE SWITCHGEAR 
This contract comprises the supply, delivery and erection of 
the following packages. 


5. 


package A: BERSIA 

1. Three (3) 300 kV 50 Hz. 2000 A. 7500 MVA. 1050 kV 

B.I.L.. minimum oil, sir blast or single pressure 5F, type 


circuit breakers. 


B.I.L., minimum oil. air blast or single pressure SF6 type 
circuit breakers. 

Eleven (II) motor operated 2000 A. 300 kV disconnect 
■switches. . 

Five (5) manually operated -earth switches. 

One (!) set of copper or aluminium bus.work.- 
One (!) sec of steel structures including Jine take-off 
structures on the power station roof. • 

• Last -Date -'.for Receipt-of Application - 15 Dec. J97B 

Document' Issuer ■ * About 4 Feb. 1979 

Tender Due: About 1-Jun. 1979 

■ Tenders will he accepted., for :each .Contract* Package 
separately or both -Packages. as one Contract, 

Tenderers shall be manufacturers of consortia of manufac- 
turers of the . items described and should- have had previous' 
experience In tiie design and manufacture of equipment 
having the chiu^cteristics. described. 

Full details of manufacturer's experience and their technical 
and. financial competence must be forwarded with their 
application not later- than the dates listed for the receipt 
of applications to: - ■ 

- Project Manager 

Bersia and Kenering Hydrt>*Elettric Project 
The 5hawiffigan Engineering Company Limited 
•ij 620 Dorchester Wvd. West. 

• Montreal. Quebec, Canada H3R INB 

with copy to: 

Project Engineer 

Bersia and . Kenering Hydro-Electric Project 
Hydro Electric Division. 

4th Floor. National Electricity Board 

129 Jalan Dangsar 

P.O. Box 1003 ... 

Kuala Lumpur. MALAYSIA 

accompanied by. . a documentation fee of U55250, 
international bank draft or money order, payable to 
LEMBAGA LETR1K NEGARA TANAH MELAYU. 

Tender Documents will be issued by: 

The Shawinlgan Engineering Company Limited, Montreal 
The document fee will be refunded only to applicants not 
issued the tender documents. • 

Tenders shall be delivered at the head office of 'LEMBAGA 
LETR1K NEGARA TANAH MELAYU, 129 Jalan Bangsar, 
Kuala . Lumpur, Malaysia. The exact date and place for 
submission of tenders will be specified, in. the. tender 
documents. 

LEMBAGA LETRIK NEGARA - is not bound to - accept any 

application or -to accept the lowest or any render, 

LEMBAGA LETRIK NEGARA is not liable for costs incurred 
by tenderers in preparing tenders. 









/ 











“ . ***"• '= ' i- . - 






Monday October 16 1978 


P LAN 1 & MAC HINPRYt 
■ : ': SALKS .L ' ;'-S 


Description 


MODERN* USED ROLLING MUXS; wirerrod - 
' and tube drawing plant— -foil . forming machines 
- r .—slittjns— flattening and cut-to-length lipe — 
wld saws — presses— guilol tines, .etc. 

ROLLfNG MILLS 

5" x 12" x 10" wide variable speed four 
high Mill.- * - ■ ' ■ ■ 

3.5" x 8" x 9" wide variable speed four 
high Mill. .- 

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

1(7' x 12"’ wide fixed speed two high' Mill. 

17" x 30* wide fixed speed two high Mill. 

WO TON CAPACITY COINING PRESS by 
Taylor and Che Hen— virtually unused— fully 
automatic — 160 svpjn. x 24 mm stroke. 

IN LINE MACHINE far-simultaneous surface 
milling both rides of continuous and seml- 
continuaus cast’ non-ferrous strip up to 16". 
wide. 

9 DIE, 1750 FT/M1N SUP TYPE ROD 

DRAWING MACHINE equipped with 3 speed 

200 hp drjve, 20” horizontal draw blocks. : •• 
22" vertical collecting block and 1000 lb 
spooler (Max. inlet 9 mm finishing down 
to 1.6 mm copper and aluminium.) 

B BLOCK (400 nun) IN LINE. NONSUP WIRE 
DRAWING MACHINE in excellent condition 
Q /2000ft /mm, variable speed 10 hp per block 
(1968). 

24 DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton ( 1972). 

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

1970 CUT-TO-LENGTH UNE max. capacity 
1 000" mm 2 mm x 7. tonne coif fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE 
DRAWING MACHINE by Farmer Norton 
27" — 29"— _ 3 1 " diameter drawblodcs. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. fc. M. Max. capacity 750 mm x 3 mm. 

3 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp Drawblocks. 

2 15 DIE M54 WIRE DRAWING MACHINES 
5000ft/min. with spoolers by Marshal Richards. 

3 CWT MASSEY FORGING HAMMER 
single blow. 

9 ROLL FLATTENING MACHINE 

1700 mm wide. 

7 ROLL FLATTENING MACHINE : ' 

965 mm wide. 

COLES MOBILE YARD CRANE 

6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10" x.8* rolls x 75 hp ' 
per roll stand. Complete with edging rolls, . 
turks head flaking and fixed recoilcr. air 
gauging, etc. Variable line speed 0/750 fc/min 
and 0/1500 ft/min. . 

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

CINCINNATI GUILLOTINE 2500 mm x 3 mm 
capacity, complete with magnetic sheet . 
supports and motorised back stops. 
MACHINING CENTRE. Capacity 5ft x 4ft x 3ft 
5 Axes continuous path 51 automatic tool 
changes: 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third, 
of new price. 

4,000 TON HYDRAULIC PRESS. Upstroke 
between colum ns 92" x 52" daylight 51" 

ANKERWERK 400 TON INjECTION MOULDER 

UPSET FORGING MACHINE , . 

4" dia. 750 tons Upset pressure. - . 

2400 TON PRESS. Double action area 132' x 84". 

WtCKMAN 21 6SP AUTOMATICS 1961 and 1963 
EXCELLENT CONDITION; 

WICKMAN 1J" AUTOMATICS, 6 sp. Excellent. 

WICKMAN 1|" AUTOMATICS. 6 sp. Excellent. 

CINCINNATI CENTRELESS GRINDER. 

Excellent 

MAHO MHIOOO UNIVERSAL TOOLROOM 
MILLER. Table 47" x 14", Excellent condition. 
UNDNER JIG BORER, very accurate. ' 

SLOTTING MACHINE. 1 4" stroke, excellent. 

ARRIVED TOO LATE FOR THE LAST MINERS 
STRIKE I ! Unused Minneapolis Moline v , 
Brushless AC Generator, 80 -KVA's. ■ 


Telephone 


Telex 336414 
0902 42541/2/3 


0902 .42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
TeleX 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Tefe* 336414 
0902 42541/2/3 
Telex 336414 

090242541/2/3 
Telex 336414 

09O2'4iS4I/2/3 
. Telex 336414 

0902 4254J/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex .336414 
0902.42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Tetex;336414 
0902 4254J/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex, 336414 

0902 42541/2/3 
Telex. 336414 


- OJ-928 3131 
Telex 26T77I 

- Ql-928 3131 
Teler 261771- 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
■ 01-928 313| 
Telex 261771 
01-928 331 
: Telex 261771 
-01-928 3131 
Telex 261771 
01-928 3131 
. -Telex 261771. 
01.-928 3131 
Telex 261771 . 

- Qlr92B 3J31 
Tekx 26*771 

01-928 3131 
Telex 261771 
01-928 1131 
Telex 261771 

Luton 29771 
or telex 82446 


‘Perhaps fk Bravest man I ever knew...’ 



and he cannot bear 
to tarn a corner 


S dmoomddr SERGEANT “Tiny” G*t*r*e, DCM, was perhaps the 
^btaycstinaiiliisCplGQcIcverkoeW'. . 

Bat now, afterseerng service in Aden, after being booby-trapped 
and ambushed again more recently. Sergeant “Tiny’* cannot bear to 

tumacorner.For fear of what isontheother side. - 

It is tbobravest men and women from the Services who suffer most from 
mental breakdown. For they have tried, each one of them, to sire more, 

much more, than theycouldin the service ofourGountry. 

Welookafierthesebtavemenaiiid women. Wo help .them at home, and 
5n bospiuLWe run onr own Convalesced Home. For some.we provide 
wotk in a sheltered industry, so that they’ can live without charity'. 
For others, there is our Veterans’ Hcane where they can see out their 
days in peace. 

These men and women have given their minds to them Gauntry- If wc 

aie to hdpthexn, wc most have fonds. Dopleasc help us with a donation, . 

and with ategacytoo, perhaps. Thedebt is owed by all of ns. 

u Tkey T vcgive7tjnoretfucithey€oaId — 
please give as much as yozf can. 3 * 

€X-S€RUIC€S 

37Thurioe Street, London SW72LJ- 01^5848688 




Investment and innovation are the basis on 
which Daimler-Benz formed its policy to meet 
future developments and changes in market 
conditions. 

Against the general trend towards uniformity 
in motor car design. Mercedes-Benz models 
retained their individual character. 

Equally unmistakable have been the results 
of corporate efforts— once again, 1977 was a 
year of "Mercedes Quality? 

Yet again, Daimler-Benz can look back 
on a successful yean 

Turnover worldwide rose by UTS to DM 25.9biffioa. 
Net income earned by Daimler-Benz AG during the 
year increased to DM 445 milEon i.e. 13.5% up on the 
previous year. The Company's financial base was 
broadened substantially by an allocation of 
DM 217 million to the reserves. 

At DM 228 mil Eon, the total of dividends paid is 
almost the same as in the previous yean Including 
shareholders in Mercedes-Aotomobil-Holding 
AktiengeseUschaftthe Company shareholders currently 
number more than 100.000,of whom some 31,000 are 
on the Companys payroll. 

As u S-dass”yeac 

Production of passenger cars for the first time passed 
the 400,000 mark in lF77.*Ihus the increase lathis sector 
was not only above average in the long term, but also 
^yhen gxnpared with the previous year. The business year 
’’ 1977 was marked particularly by an exceptionally high 
level c$ capacity utilisation in passenger car plants. 

The S-class with a growth of 16% (all Mercedes-Benz 
cars wereup by 83%) was especially successful. High 
quality, progressive technology, and an individual style 
of equipment are incr easily in demand. 

Leading market position for . . 

: commercial vehicles. 

In the face of increasingly severe conqjetiticn. 

- Daim^Betiz successfully maintained its strong market 
position, and the exceptionally vide range of goods 
vehicles offered proved an advantage. With 348,000 
vansjorries. buses and Unimog vehicles, output again 
readied the high level of the previous yeat 

The newly introduced “Bremen’’ range of V 2 ns and 
pick-ups — which are distinguished by modern tech- 
nology.functiGnal styling and considerable economy, 
have succeeded beyond expectation. As a result of the 
strong; demand, production is being raised to mere than 
45,000 units during the present yean 

■ Co w m t l hffprL 

_■ Daimler-Benz employs 132,000 people mil German 
plants are! Its wholly-owned branch establishments. 
While the German motor industry as a whole regained 
the level of employment it enjoyed in 1973 only during 
J 977, the cumber of people employed by Daimler-Benz 
zbse by 5,000. or 12%,during this period. 

Expenditure on wages, salaries, social security 

contributions and provisions far old age totalled 
DM 5.9 billion. 

■ IlnaDy.jt is worth noting thatml977Dajmler-Benz 
. look on same 2^00 young people for training in 34 
technical arid 9 commerc ial Hitripfinas, 11% more t han 
in the previous year More than 6,000 apprentices are 
currently being employed by the Company. 

Investments to safeguard the fotnre. 

Daring the period 1978/1982, the invest me nt 

- - programme of Daimler-Benz AG provides for capital 
expenditure exceeding DM7 hOE on, mainly in the 
passenger car fiekLTUs clearly demonstrates what 
import an ce is given to continued dynamic development: 
safeguarding technological progress, continuing new 
fines, expanding pass e nger car capacity, conducting 

' intensive research. 

- ■ Most important of all is the safeguard!^ of the 
Company's competitive poation and with it theempkjy- 
roent of its labour force. In this connection it is quality, 
winch JEor Daimler-Benz has xnany sides, on which the 
greatest efforts <rf all are concentrated. Which is why so 
largpaprop o nipn of specialists and skilled workers are 
enployedm all fields. Because quality begins with an. 
idea— and that idea originates with a man. 

Te da btogcaT progress demonstrated by the 
Diesel concept, tbe power unit of die future. 

Daimler-Benz was the first manufacturer to develop 
a passenger car diesel engine with an exhaust-driven 
turbo-charge 1 : The ikw 5-cy Under unit with a power 

outpnC (d 1 15 HP has beea infuli scale prodnetion sinco 
the spaing cfJ ST&liistdied in the "S-dass" body; the ‘ 
300 SD is specifically designed to meet American legal 
require men ts and sales are confined to the US market. 
Using this new engine at a still further advanced 
: gage of development the test vehicle C. 1 1 1 HI broke 
9 world records previously held by petrol engined cars 
in April 197$. The average speeds exceeded 320km per 
hour with a remarkably low consumption o£ less than 
16 litres of diesel fuel per 100100.11015 Daimler-Benz 
once more underfilled its leading position in diesel 
. technology and demonstrated the power potentially 
available from this power unit of the future. 

New featoes in model policy. 

M»qy novel and interesting features marked the . 
sew small coup6 and the T-series introdneedai the 



International AntomobOe Exhibition in Frankfort. 
Designed for tourismand transport, this veisatCeT-series 
logically complements the Mercedes range. The first 
T-modeJs produced at the Bremen plant are now going 
into service. 

Jointly with Steyr-Daimjer-Pn ch , Mercedes-Benz 
engineers have developed a cross-country vehicle which, 
will go into production at beginning of 19^. Engines, 
axles and othcrunitsare being sullied by Daimler-Benz. 

High level or ex p enditu re on research 
and development. 

In 1977.DaimierBenz spent 4% cf turnover Ott 
"R & D”— research and development 


The mam aims— apart from further j mprovement in 
vehicle safety, both active and passive— included the 
reduction of fuel consumption and the prevention of 
environmental damage. 

Among research projects, the ‘'O-Bahn’’ or “guided 
bus" design attracted a great deal of attention when first 
made publk.lt is an integrated traffic system for public 
short-haul passenger transport, combining the advan- . 
tages of railbound traffic with the flexibility of the bus. 

Considerable progress was also made in methanol, 
and hydrogen research, and particularly in hydride 
storage .The hydrogen technology concept produces a 
form of energy safely stored and particularly Tree from 
environmental side-effects. which even today is begia- 
jnng to find practical forms of application. 


Progressive trend in UK. 

An important milestone in Britain— where since 
January 1,1974 the importation and marketing of 
Mercedes-Benz products has been the responsibility of 
a direct subsidiary —was the passing of tire “10,000 units ; 
registered" mark. Further capital investment was also 
undertaken in the provision of well-equipped training 
facilities and improved staff amenities: 

Total sales of passenger cars were increased by 10% . 
to 8.249 units, and of commercial vehicles by 19% to - 

3J62, in Britain during 1977. The company thuspaniri-‘ . 
pared to agreater than average degree in the resurgence 
of the British automobile market. Earnings were satis* - 
factory as sales jumped 35% to the equivalent value of 
DM 4 13 million. Further progress was made in. the 
consolidation of the sales organisation. 

The Outlook 

Demand remains high across the whole passenger 
car range. The Company has also maintained its strong 
international market position in commercial vehicles. 

Relying on its proven business principles and the 
extensive provisions it has made,Daimler-Benz once 
again looks forward to saliriactory results for 1978. 

This despite increased competition and the pressure , 

resulting from wage disputes. 

With the biggest order bock in the Company's 
hi story, the technically advanced Mercedes-Benz range 
can rightly expect above average market opportunities • 
in futu re. Other favourable trends are the continuing one : 
towards trading up and increased value of sales of 
optional equipment, together with a degree of customer 
loyalty that isprobably unique in the motor industry. 

In future, just as it has done in the past Daimler-Benzf * 
AG will look on the close link between investment 
policy and the long-tenu protection of jobs as a special I 
part of its social responsibilities. 


1977 


Daimler-Benz AG Balance Sheet at December 31 , 1 977 and 1 976. 

. (Restated to conform with presentation used in English-speaking countries) 


Assets 


Current assets 

Cash 

Marketable securities, 
at cost or market 
whichever is lower 

Accounts and notes 
receivable (less 
allowances) 


Dec.31.1977Dec.3i.197S 
in Thousands 
of DM 


DM 

857,799.726 


760.413 


810,290.785 486.461 


1,153,605.842 1.119.558 


Accounts and 
notes receivable 
from affiliated 
companies 

Inventories 

Other current . 
assets 

Prepaid expenses 
and deferred 
charges 


666.719.218 

2.246.679.223 


806,523' 

1.659,595 


967,892.985 731.910 


1.570.066 


2.435 


assets 

6,704,557^45 

5,566,895 

Investments and 
nfisc^laoeausassds 



Investments in 
non-consol (dated 
subsidiaries, at 
cost less reduction 
in carrying value 

400,431.337 

380,753 

Other investments, 
at cost or market 
whichever is lower 

88,960,956 

92.556 

Long-term 
receivables due 
after four years 

1.104,863 

1,009 

Total Investments 
and mbceflaneous 



assets 

490,497,156 

474,318 

Real estate, 
maettnery and 
equipment 



At cost less 

accumuiatecl 

depredation 

1M21OJ029 

1,786,959 

Total saeto 

9.101,265,030 

7.828,172 


liabilities. Reserves, and 
Stockholders’ Equity 


Currant liabilities 

Accounts.drafts. 
loans, taxes, 
payable, and sundry 
accrued items* 
Accounts payable to 
affiliated companies 

Total current 
liabilities 

Long-term 

liabilities 

ferf which owing 
1o Daimler-Benz 
Provident Fund 
GmbH. Stuttgart. 

DM 349.4 million in 
1977 and DM 348.4 
million in 1976] 

Reserves 

Reserve for 
pension liability 
Other reserves 
Reserve for invest- 
ments in developing 
countries etc. 


Told reserves 

Stockholders’ equity 
Capital stock; 
Preferred stock 
Common slock of 
DM 50 par value, 
27.140.630 shares 

Net income 
retained for use 
in the business 


Less— Treasury siock 
for employee stock 
purchase plan, at 
lower of cost or 
■average preferred 
price to employees • 
(1977: 99.750 shares: 
1976:100.542 shares) 

Total stockholders’ 
equity 

Total liabilities, 

reserves, and 


Dec.31.1977 Dec. 31,1978 
in Thousands 


DM 

of DM 

3.691,924.479 

3.218.725 

23.672.082 

20,481 

3.715,596,561 

3,229.206 

611.993.991 

598,289 

932,821.650 

857,671,060 

627.732 

708.245 

85,772.436 

74,910 

1.876,265,166 

1 <490887 

1,921.500 

1,921 

1.357034.000 
i. 358.955,500 

1.187.165 

1,189,086 

1.554,413.612 

1.331.922 

2.913,369,312 

2,521 .008 

15.960.000 

21,218 

2,897.409,312 

2,499.790 

9,101.265,030 

7.K8.172 


• Indusbc ol ibon-tcrm reserves in ihe .lmopnl ol 
1-3 bfllkmDMia J *77 and U billioQDMin JW6. 


Daimler-Benz AG 
Statement of Income 

(Restated to conform with presentation used in 
Eng(l6tvspeaking countries) 


Net sales 

Dividends and 
other income 
from subsidiary 
and affiliated 
comoanies 
Interest income less 
interest expense 
Other income less 
sundry deductions 

Tola] 


Cost of sales and 
other operating 
charges including 
sellrng.general and 
administrative 
expenses, 
exclusive of items 
listed below 
Depreciation and 
obsolescence at 
real estate, 
machinery and 
equipment 
Taxes on income, 
trade and properly 

Total 

Net income 
for the year 
Dividends on 
preferred stocks 
Amount earned 
on common 

Number of shares of 
common stock at 
DM 50 par value 
(exclusive of 
treasury stock) 
Amount earned per 
share of common 
stock 


Year 1977 Year 1976 
in Thousands 
DM of DM 

20412365364 

18,766.455 

21.518.262 

30.431 

161.612.899 

131.204 

98.338.845 

106.200 

20394/435370 

19,034390 

17306.724.954 

16.477,104 

725.921,410 

785.405 

1.715.031.986 

1.376.062 

20247378350 

13640371 

446.757,520 

393.719 

64,050 

64 

446,633,470 

393.855 

26.747.917* 26,454,904* 

DM16.70 

DM14.88 


* Adjusted for mcreiue in capital dock 

Copies of the full annual report and auditedaccounts 
in English can be obtained from Daimler-Benz AG 
Dept. GB A, P.O. Box D7000, SluttQart 



'a «,■**»- . w .■■■* t Li.-i.rw •>'/* a w ;• /V.W. v w*4b w f >*.v * * i 





pr< 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson f*. 
number c 
were com 
paicn agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing lhi 
affair. Mi 
was. had - 
an orches 
himself. 1 
Lady Fe 
M arcia W 
The Pr. 
Sir Haro 
drawn so> 
Subseqi 
told the 
did not 
pnetors 
instructed 
round a 
material.'' 

The Pr« 
lo hear 
Sir Harob 
formal co 
On the 
against t 
council st 
Royal Gc 
that I her 
Labour hi 
The Pr. 
is one ni 
lished tod 
In ano 
council 
against tt 
Daily Ex- 
picture c 
Henrietta 
death in ! 


44 



FT SHARE INFORMATION SERVICE 


Financial Times J 


BONDS & RAILS— Cont. 


Henry Boot Construction Limited 

Sheffield - . Tel: 0246-4101 1 1 


iBfci-nt 

Dot 


Sock 


Mar 


BRITISH FUNDS 


laiemt 


Slack 


Price 


TieJd 


May 1 
I ISA 350| 

1F.3J.A N\ 


Ini. 1 Bed. 


Hsng. K Aw._ 
Iceland 6i<pc TBHH 
JOJ Ireland 7,pc ‘81-83 

IS Do$4>e < S!-96 

10 Ijpan-Ipc'lOAss-. 

3iD PoepcKtaa 

lO Pern Awipc 

aiDSCLSjpc I960 

TunnSpcISSI 

Tunn ibpeUWi— 
I'nguar Jijpc 


31 Oil 


Price 

Las! 

DIv *o 

Rrt. 

£ 

Bj 

Gross 

VWd 

50 

to 

4t a 

5.63 

68 

W9 


1255 

82b 

W* 

7b 

13.09 

78b 

15 E 


13.01 

390 

16 

m— ' 

— 

70 

^0( 

6 

1125 

150 dl 

?lf 

3 

200 

75p 

3U 

6i ? 

8 67 

$94 *2 

25 

9 

952 

DM91 

17 * 

6b 

9.10 

97 

to 

3b 

360 


“Shorts" (Lives up to Five Years! 


9S, 
'ITS 
205| 
IX 
15 V 
3S 
14N 


ITreasniy Ilcpe 78ij._ j 

Treason- 3pe — 
Electric pc 74-T9 — 
Treasniy 10-rf* ~92 — 
Eleanc 31-rc T6-3S — 
iSreasuiySpc 198Wt_ 
[Treasure 3=;pc '8«t _ 


JSOjTreasu/yS.'PC I 


15D| 

25N 

laja| 

ISA 

12d| 

4A 
2IA 
J7\ 
23N, 
35Ja| 
15 A 
16S 
3501 


22S1 

i 


Fundings 1 * pc TMthi- 
Ex chequer I3pc IS8WJ 
Treasury U^pcISSlil. 
Treasury 3bps 1S7ML. 
Treasury&apc 1981ft- 
Ecrh.ffjpcUSI — 
lExch. P-pc 1981 . . 
EicJl3jjc 1981 — 
Areas. Variable 81 $*_i 
Eich.t2!ipcl98:s_ 
Treas^pcWMS^- 
Treasur- 3pel£i; — . 
Treasury 34pr 822 . — 
T re as Variable '6Sf§_ 


5Jupreasury ftipc'82... 


Ereh.P.pe l«2._. 
Each. 8lipc 1983 — 

Ewh 3pc '63 1 

Ureasuiy 12pc 1983^._ 


PM 
17M 
2831 
1M 
ISM 
3M 
14M 
151 
15J 
25M 
15J 
15F 
3A 
121 
4F 
21F 
17M 
22M 
1JU 
1SF 
18M 
35J 
SJ 
BUM 
5Ju 
2IF 
17.M 
1SJ 

121 
35J 
iat 
1M 
rsj 
u 

ISA 
I5J 
15J 
10J 
5A 
22J 
21 F 
25F 
14J 
15M 

23M 
JM 
22 F 
I7M 
SSJu 
1M 
21Ja 
15M 
ISS 
3N 
UN 
1A 
22J 
2] A 
lit 
l.V 
3PM 
20M 
J5J 
19N 
22Ja 
14J 
5A 
10M 
261 
22J 

IF 
U 
1A 

5A ... 
5JjlAJoO. Consols 2'jpc . 
1A 1 0| Treasnij 2'upc. 


3*11-44 
lii 313 


latufTreasuirffipc 53 J 

Five to Fifteen Years 

12D Exch. Iflpe 1983* 

lPJa Fmrtm£5bpc 'BI-MS 
lOJu Treasun-Sjpe'K-Sei. 

IN FnndingSipc 75-87:;. 

28Ja Treasu r- Twpe '®-S8^. 

1 J u Transport Spc TIME — 

150 Treasury 5pc BW9 

15Ja Treasure J3pc 1S9KJ_. I 
15D TreasuiylFiSTWi;™. 
lOJa Treasury U-*pc 199! — 

50 FuodjngWpcTT-SLit. 

22Ja Treasury 12J*pC 9£t_ 

2 LA Treasury 10pc 1991 

25A ' 

143u 


U.S. 5 & DM prices exclude inv. 5 premium 

AMERICANS 


Dividends 
Paid 

ilApr. QcLlASA. 


Slack 


rfAMFJPiCffltv.W- 
|A®aiSi_ 


ApJy.O Ja. 
MrJuSeDc 
J-ApJy.O. 
FMv An N. 
F.MyAuN. 
NrJe.S.D. 
Mr.Jn.S.D. 
M>AilNP. 
Sly Au. N'.F. 
MyAuN.F. 


American Express. 
Amec. Medic, Inr — 

Asarco Inc 

Baker Intel Coro. SI J 
Barnes Grp. S6*,. 

BendixCoro.55 

[Beth. Steel SS 

Brnwn'gFer.dSi- 
Brunswick C orpn.IL 
Burroughs Com. 55 
[CBS 5250, 


Apjy.OJa. 
MJn 


Caterpi 
(Chase irh in SIto_ 
tebewbrouahSl — 
(Chrysler 

(Citicorp S4 

fCirelnv.5125 
Da Cm Prf.BSU 

Colgaie-P.SI 

|CaUInds.Sl — 

Com. Illinois 5 10 

Cent Oil 53 


Etrh.IZvpcVC 

Treasury U'jpc’SSti— 


lhSjFundi ng Ppc MBtti. 


Over Fifteen Years 


23N 
151 
22AI 
17N 
25Ja| 
IN 
21 Jl 
15N 
25M| 
3V 
J5M 
1U 
22)3 
2IFt 
IS 
1M| 
30Si 
20N 
ISJal 
19M 


[Treasury 13^*pc 19S5KI 

tireasurvI4i-pc94S- 

Eub.l2-;pc 1994 

Treasury Bpc 94£_ 
Treasury IBpcVh — 

GasSpc’gD.ffi 

Exch. l^pc 1996 .. 
Treasury 12?4pc'95J:_l 
Treasure 9pe 92 9ftt- 1 
jTreasurylnitpc'JiK: .} 
'Etchequer 13-apc '96^ ; 
iRedemptioElpr LQ36-K . 
[Treasur.- 13 ; *pc 97^ . . I 
'Exchequer iOi; pc 1587 -I 
[Treasur- 8%pc l99T“ _[ 
T reasury 6!* pc '95-9&P; . 

Ureas. ISfcpe 982 | 

Excb_12pc 1995 .. 
[Treasury l^pc 19Ktet_[ 


.Treasure 10f.pcl8S8__ 
22T|Excb. 12pc ’SSMC» 

uiur " ~ 

50 


Fundi QB$2'pc9fMK — 
TreasuryBpc'E^i-. 

IQS Treasury S:pcT»l2t» 

28 Ja Treasur- Tipc '12- 15£. 
12D|ExdLl2pc '13-17 

Undated 

JAlCcnwMpc I 

IDpar Loan S;pe tt 

lOH'mv 3«pc 91 At 

Treasury 3 pr 66.^1; 


iron 

1105s 

9B^ 

V 

44*d 

ffils 

112 

lOOi'rt! 

1041] 

85 

74 

Sr 

fi 

82^53 

94 

36 

65-' s 

463, 

96 


15 b 1312 
I?.7 12.59 
25712.DD 
j « 11.29 


H4 


3961 


23.44 

12.94 

12^9 

12.60 

12.98 

9.97 

12.24 

12.00 

22.40 

1296 


In^.D. 
FJ1AJ4. 
1131U.A J.OI 
10.73 iMrJu.S.D. 
U 44 J Ap Jy.O. 
'vpJr.OJa. 
U.Ap Jy.O{: 
Mr.JeS.D. 
IMt.JilS.D. 
.Apr. Oct : 
i IMrJu.S.D. 
r MrJu-SJj. 
MJSD 
HrJeSepDc. 
[MrJu^.D. 
MrJeSJ). 
F.MyAuN. 
ApJuOJa 
lJaApJy.0, 
l.V F Mr. All 
MJnJi.D. 
Ja.OcJA. 
March 
J.AJ.O. 

FJUyAu.V. 
SD Mr.Ju. 
Mt.JilS.D. 

MrJeSD. 
HrJe^Jlec. 
Au VF Mv. 
lSa J'* ie.Dec 
Feb Bj An Xrt 
June Dec. 

I I. Ap.Jy.0 

MrJeSJ). 


ICnr*nZeJI.S5___. 
(Ctuler-EixmmerSa. 
Eaton Crp.SOjQ 
Esnart 
EncoaB 


Sperm Rand 5050 . 

TRW Inc. Silt 

Tran ecu 

Do.llT.Ln.5-Jt91 95 
resanjpt.rSSO.lPi_ 

Texaco SK25 

MrJuJSD. rone lac. 

Trausunenca 5! 

iUtd.TKh.SLS5 

Ui.SieeJJI^. 

iWnol worths S3i- 

Xerox Corp. SI __ 

tXonk»Inc.lOc 

jOJaLApJy. [Zapata Corp. 2Se__ 
&£. list Premium S71«9 

Conversion 


31-j 
31 ’* 
34i 4 

20 

19Ja 


^611289 


25 

25R 

iM 


11.69 
10 26 
13.02 
1235 
1297 


15F 


INTERNATIONAL BANK 

15A|apc Slock T7-82 | 81 [ 7.7| 6.18 I 


CORPORATION LOANS 


'Brnnliamgiipc 7981 „ 

BnswIT^pe^MI 

GLC 12-ipc ‘82. 

Do. 12‘ipc 1983 

filasgcaSbpc'SfygL... 
Hens. H,pc 7889 — _ 
Lhcrpool9Vpc'80«t_ 

Da3^pe LrmL 

Lon. Corp. 9lipc 8MB. 

IL.C.C SpcTB-79 

Do^rpc TT-ffl ______ 

Po5^pc'82-8t 


IF. 1A. 
lMy IN 
25M 25N 

10F 10 Aug. 

I5My 3 l.V 
22M 22N 

ISM 15M 
«JkJ.O. 

1A. 10. 

28F 28Aug 
15M 155 

15J 1EU 

id lira 
tor ion 

15M 15S 

10Mr. 1 OS. [Newcastle 9** pc 71MJ). 

15M 15N[Warwickl3A!SfiQ — 


5^1 
Do 5i/pc 
Do 6Vpc , 884»_ 
Da3pC20AfL _ 
Middx. 5>,pc 1980 
Newcastle 9> 4 pc TB80_ 


93 

891; td 

lOfl 

99’a 

907< 

91>2 

95 

26 

r 

E73 4 

79*j 

69‘; 

67 

231 Z 

923 a 

9SK 

100i a 


4.' 


14.4) 8.66 


25.41 


20711253 


19(13.73 


i* 

SI 


15 a 
144 


986 


2250 


20.29 

574 

1059 


20.48 

6J25 

6.26 

7.03 

R13 

1033 


13(13.15 


5.68 

9.68 
1244 


12.19 


UB8 


VaSJ.D. 
F.My.AiiN. 
AJv.OJa. 
[May Nor 
OcL 

F.MyAuN. 
(July Jan. 
'July Jan. 
JuXpJv.O. 
ApJy.OJa. 
F.MyAuN. 
Apr. 


23.93 [j an. July 


1247 

1254 

1229, 

12.12 


11.71 June 


12.75 

10 . 

10.44 

10.64 

11.47 

1243 

1102 

12-92 

1213 


COMMONWEALTH & AFRICAN LOANS 


ij 

1A 

ID 

28F 

15J 

1M 

IA 

15J 


W 

30J 

131 

30J 

30J 

30J 

15K 

20J 


1JI 


[Aust SJ^jc 


10|Da5<!pc'BI-82 


lira 

28A 

15D 

IN 

io| 

15J 


N2 4pc"»7B, 


Do.6pcT680 

Da Ti.pc 13-86 

SUl Africa Wipe TMI. 
Sth Hhod. 3jpc "ffi-70 . 
Do. Bpc "TMI 


LOANS 

Fnblic Board and Ind. 


941, 
82 tc 
1004c 
93t’ 
82 

89M 

53 

80 



Aerie ML 5pc '5M8 

Alcan Iffjpc m« 

(Met Wlr 3pc 'B' 

U SM.C.Spc 19BZ 

Da without Warrants- 


31 Mr 30 SI 
31 My 30 Nj 
1IJ 11J 


. U 
31 Dl 
IS, 

31D 
3U> 

3QJ 
15NI 

20Dtao.l4pc'83 — 



151 8.32 


155 


13.00 


IS 11. 04 


680 

10.11 


I1J > 31JfDa.ll; 
11J ID 
30 Je 31 Dl 
31Mr 30S 
31Mr30S 
28F 31A 


FFI13pc 1081. 
Do HpcTS. 


ICFC 5!]pc Deb. '80-62 . 

DaScpcDb.’BlJM 

Do. lOljpe Uns.Ln.a8_ 


pc UosJjl 88 — 
Do. llVpc I'nsLn. '9Q _ 
Da7><pcADeb. 89Se_ 
Do TtrpcADb. -91-94 _ 
~ ' :-A' ’91-04 


Ln. ■82-97. 


101 

101^ 

IF* 

93 

94 

96 

66 

621 Z 

74 

71 


30i 
210 
225 
75 
17.4 837 


117 


1287 

13.79 

1350 

686 


2157 

1199 

1270 


126 2147 
7.1 11.60 
7.81231 


1284 


1151 

1193 

1028 

11.76 

1137 

13.45 


11.58 
13 40 
12.77 

1270 


1242 

1280 

1297 

1150 

1230 

1250 

1250 

13.00 

13.00 

1280 

13.00 

13.40 


FOREIGN BONDS & RAILS 


Interest 

Due 


IJ 

1J 

D 

2M 

IF 

IA 


Stock 

AntnfagastaRIy — 

Do 5pc Prel 

[Chilean Mixed 

C«uianYiig.4i]pc. 




l.VjGreekTpr.As. — 


Do 6pc 28 Stab Ass- 
Do-ipc Mixed Acs.. 


Price 

Lrt]J»v't 

£ 

d [ Grass 

24 

871| — 

41 

303] - 

98 


411 


52 

50 

d 9r 

42 

32] « 


Bed 

YuU 


A94 

f607 

14.83 


Tired ewe Tire J] 

First Chicago - 
Fluor Corp. 5% 

Ford Motor 52- 

KSATX 

[Geo. Elect52*r 

[GiOeaeSI 

HoneywetlSljCU. 

Hutton EF. 

fSM.Corp-55 

{lnKenoll-RS2^_ 

iLl'.IcternatiaiiaU 

Kaiser ALPi 

Mflnf. Han. L55750 
tMotsanOFUiSStS 
'Norton Straw fuc. 5L. 
k)wras-nLS3.I25 — 
Quaker Oats L'SSa. 

Helianee S0L25 

Rep N'.V.CarpiSa. 
jRexnord - 
tRichdsn -MxrlLSUc 

SauIiB. F.iSl 

SheilOilSl 

Singer iSIO 


JaApJo.0. 

MarJnSpDc 

MrJe5.D. 

MrJeS.D. 

ApJy.OJ. 


20 N 

59 

34 

24tcid 

19»c 

23^ 

n 

17i D 

lot. 

11>4 

52^*d 

4H 2 

2SJ fi 

. 

20W 

ll%*d 

181* a) 

13S 
■26^ 
• 21V4 
20 V 
25*8 
391 a 
28J« 
191; 
361. 
899^01 

2 S? 

20 

& 

198 

W’ 

'X 

27L, 
123. 
18ts 
476p 
25 
121 
31yd 
267[s 
23 1 4 
147 

33». 

s fiS 

391 * 

685 pjf 
ll^ri 


If, 

46 

310 

2S9j 

34, 

U 

29J 

4« 

45 

14.9 
17.7 

28.9 
218 
269 
14J 
269 
298 

88 
269 
3 ID 
3J0 

17.7 
255) 

25 .9 
70 

46 
298 

IS 

129 

88 } 

2M 

4.9 

25.9 
267 

78 

13.9 

26.7 
218 
158 


u!ffl 

73 

20.9 
3I7| 
7.8T 

19.9 
9.a 

119 

— 98 } 

1L8 

117? 

L8 

210 

7| 

30S 

W.| 

a| 

11U 

29.a 


Dir. , 
Gross [Cvr 

80c 
5W, 
$2.20 
$1.60 
60c 
40c 
64c 
90c 
£228 
SLOO 
50c 
70c 

51.60 

52.60 
52.70 
5210 

52.20 
94c 

51.00 
S1J6 
51 00 
52 
5100 
$2.30 
SL44 
S1.4D 
5190 

651.40 
52.25 
5184 

53.40 
5110 
SLID 
5120 

£0'c 

siao 

52J20 

53.60 

52.20 
50.68 


4.9S1L52 


$3.00 
95c 
SL60 
5208 
5220 
76c 
SU6 
SI 20 
15c 
51 80 
88c 
51.06 

5180 
80c 
5132 
51. BO 
52-20 

10°o 

5100 

$130 

80c 

$ 2.00 

$160 

51.40 

52.00 


Fid 

Gr's 

10 

M.Si 

33 

33 

1573 

13 

13 

14 
4 2 
2.9 
14 

3.0 
1.5 
00 
37 
16 
4.4 
2.8 
6 3 
19 

4.4 

5.4 
3.7 

4.0 
33 

3.4 

3.7 

3.8 
4.D 
4.7 
43 
62 
33 
12 
5.8, 

4.4 

3.0 


24 

19 

3.6 

5.7 
19 

3.8 
31 
18 

3.9 
33 

19 

3.5 

29 

Jb 

31 

23 

3« 

4.8 

16.9 

1.7 

10 

3.2 
33 

4.4 

4.6 
16 
0.6 

1.3 


BANKS & HP— Continued 


Dividends 

Paid 


Stock 


Jan. SepLt>ba9OcFhx.20p. 

Sept. “ 

Ocl Apr. 

Dec. June! 

June Dec 
Jan. July 
June Pec 
Jan. Juiyi 
Aug. Mar. 

May Not. 

Jan. July 
Nov. J urtelS noth Si Aub 


Jan Aug. 
June 

Sept. Mar. 

J. A.7 F. O. 
Nor. March 


'Jternuy Si 
.MidJaadLl. — 

Po. 7V* 83-93,. 

Do lCViS3-S8_ 
MinSerApie?* _ 
NaL5lL.Aud3.Al. 
Sat. Cora. Gcn_ 

Nat. West f] 

[SeiiroderaCl 

SeertimbeMC£i. 


Sued c-. Turtil. 
Trade Dec. SliO. 

In ion Disc £1 

UH 7. 


A'elLc Fargo S5_ 
Win trust 3)p 


Price 

46 

113 

342 

£79 

£87>« 

60- 

225 

75 

27D 

445 

210 

80 

408 

5101; 

30 a 

42 

£Zll 2 

74 


I Last! Di» | |FM1 
! 11 j Net iCw'Grsilffi 




Rice } ri j 

530 1 677! 

. £133 ( 2tg 
390 --E.3; +1677 

! 45 I 2 I 126*335 

Aug. ^L Fast — r-! _« 1 4^232 
Duly Nir.-.SntBjSBS.aij_}K3*;i a_-.1j.Sr 
«Jan JiifclLafiWH.na.—IM 

; 97 !i£6'2l4o! 
285 7li31fi 
72 233+163 

63 IS. 6 * h3 39 

SliFeb. NOTj&TutTAg. idC J 202 ! 4.9; 1128 
fcnI Feb; Ifov.lS’.ewar.Pbsics.: 166 


Hire Purchase, etc. 


Feb. Aug-lCattfc-s -Edgsl HW 
May 


Aug. Jan 


Oct Mar. 
Mar. Sept. 


Apr. OcL 


CieE’cre FtlOQ- 
Credit Data 10p_, 
.._ w Lloyds 4 SfoL»pJ 
Feb. June Lud^cotFinlOpf 
Mwffgae STere. lira 
Pnjv.FinsnnaLl 
Strip. Credit lflp. 
SlnrLi Bldgs. I Op 
WagooFmonce- 


35 

£73 

■%* 

45 

13J 2 

105 

26 

33 

44 


Z15lhdL96 

155 QI2°a] 

iifi tixi 

3.4 gl-9 
873 

185 «.94 
ZLl h0.96 
77J 

ia.fl hlD9 


Ml 


.94 23| 

1.96 23j 

.Q9| 13] 


63} 68 
, .10.4 

23[ 7.rt 9.4 

S3 5$m 


73 


4.6 


BEERS, WINES AND SPIRITS 


Sept Mar 
Feb. Sept 
Jan. July 


May* Dec 
Jan. July 
Aug. Feb 
Jan. July 
.pril Au. 
.August 


Apr. 

Feb. 


Oct 

Uci. 


Not. July 
Aug. Feb. 
Aug. Feb 
Aug. Feb. 
Jan. Juiy 
May ClcL 
Aug. Feb., 
April Nov .j 
June Jan. 
Jan. June 
May Ang. 
Ocl. Apr. 
Mar. Aug. 
Jan. July 
Jan. June[ 
Dec. JuL 


Allied Bre*s 

85 

766 

14’9 

Anu) DalYIilp^ 

30 

71 

0 7b 

Bas$Cb3rgton_ 

163 

305 

14.91 

Belt Arthur 50p_ 

248 

17-i 

5.0 

B«ihai«i 

45 

37' 


BoddinEtons — 

93 


hZ65 

Border Brews 

88 

19 9 

355 

Brown ■Matthew’ 1 

120 

rf 6 

13.93 

Buckle -. '2 Brew.. 

50 

176 

ZE2 

BulmeplLP.i 

140 

w; 

6 70 

Burton “uod___ 

172 

747 

3.43 

ritv Lon. M - 

65 

77 

2.79 

Oarfc(Saaiira}_ 

140 

1R4 

5.79 

PvsJi3eTs50p-_ 
Gordon \LiWp_ 

199 

71 f 

7.3 

24 

T76 


Gough Bros 20p_ 

53 

7?h 

284 

'.reenaliWhiUqr 

122 

30.5 

1266 

Greene King 

307 

24.7 

737 

Cuiacess 

159 


+7.13 


142 

17< 

2.94 

iaversordraj__ 

146 

71 f 

2.26 

Irish DiSillm_ 

178 

26(3 

*3.35 

Macallan. Gbn_ 

410 



Mori and £1 

515 

305 

1264 


66 

174 

254 


Idb 

10.7 

2» 

3.46 

t3.05 

Vim 

128 

303 

14.08 


96b 

30.5 

4.00 

Wolv Dudles- 

226 

m 

15.83 

loragBrer A SOp 

162 

1 to 

323 


4.a 

6.01, 

2.4 5.0>12.9 
15 5.4(103 



BUILDING INDUSTRY, TIMBER 
AND ROADS 


Aberdeen run st. 
AberibawL'esL- 
(Allied Pilot 1 Op. 


an USS1^805 per Ei\ 
0.7293 (0.7195) 


CANADIANS 


MrJeSD. 
Jan AgJ.O. 
F.MyAu.N. 
MrJi 


June Dec 
MJe.S.D. 
SeDeMrJu 
F.MyAuN. 


BLMontrealSS 

14?3*r 

25.7 

51.12 


35 

Bfc. Nova Scot. _ 

13b>d 

7 If 

SI 04 




Bell Canada S2S__ 

37<d 

115 

542 



Box ValleyS— 

27i* 

R!> 

20c 


m 

BrascanS — 

10 b id 

29.5 

SL0 



4 4 

Can.Intp Bt S3 

lferf 

24.5 

SL48 


5f 

Can .Pacific $5. — . 

19A 

m 

9/c 



3 1 

Do.4pcDeb.E100. 

32 

155 

4“* 


12 5 

Gulf Oil Can.1 . — 

20li 

11.1 

$114 

— 

76 

HawkerSid. CanJ. 

535 p 

14JJ 

40c 



3.5 

HoHinirerH 

24 

28.1 

S0S2.O6 



4(1 

Hudson's Bar II 

ISAM 

255 

69r 



7< 

HmLB.OilG S2t 2 

S\, 

2 64 

Slid) 


75 

Imperial QiHj 

133 4 

m 

90c 

— 

30 


12 b 

45 

80c 

- 

2.5 

InlVatGasSl 

645p 

25.7 

Sflc 



5.8 

Massey Perm 

Pacific Pbl SLm_ 

is 

24.11 

li 

9L6c 

“ 

U 

Place Gas SI 

132p 

— 

— 

_ 


Rjo Algfna__. 

22 

6, If 

51. OR 


2.3 

Roral BtCan. S2_ 

21b 

10.7 

$180 

— 

3,8 

Seagram Co CSL 

19ij 

14.1 

92c 

— 

22 

Tor.Dom.Bk.Sl_ 

13m 

2.111 

%c 


3.4 

TrensCan. Pipe— 

10^ 

264 

103c 

— 

A3 


SJE. Iasi Premium 37^% (based on $23457 per £) 

BANKS AND HIRE PURCHASE 


July ‘ 
July l 


Dividends 

Pbid 

[Jan. 

Apr. 

May Aug.| 
Oct. Apr, 
Dee. June] 
Dec. June 
Mar. SeptJ 
|Juiy Jan. 
Mar. Sept 
May Aug. 
Aug. Feb. 
pan. July 
Nov. May 
A. J. O. Ja} 
Apr.OcL 
|Jan. July]! 


pan. 

M. 

Fel 


X 


Bay 

March 


, Shipley £1_ 
Ryaer£I_| 
N ov.jCliTe Dis’nt 20 p_ 
SepL (Can't Ans. (SA1 L 


iErown 
JulyfCaler 


pan. Apr 


June 
Nov.Amii 


April 

Dec. 

Dec. 


IougSlmg5UO 
ead Toynbee. 


July]: 

Sept Mar. 
June Nor. 


Feb. Aug 
(June Dec., 

May NorJ 
Aug. Apr.|Llq7<teU 


Stock 


ANZSA1. 


.Akem 
ABen J 


JCum'rbk 
KT«n.HbtKrli 
OctfCermthianiOp 
lCred.Fr*nwF 


— IDadsdieBaikW 
'F.C Finance- 
InmNaLlftt- 


June Dec.] 

May Nov. 

Mar. Aug.fCilli 2 tlBnK.U_ 


Grindlay*- 


JulyfHambroa 


Hill Samuel. 


EinfiiSbai 



brat 

Dh- 

Price 

a! 

Net 

312 

m 

tQ18c 

250 

10.7 

14J55 

026 

315 

28.4 

4.9 

mss 

218 

15i 

7.61 

160 

266 

10.23 

£20b 

437 

3.S 

305 

KS 

£197 

21 i 

Q10% 

16 

&5 

Q16% 

170 

/( 

7.47 

625 

126 

1Q30C 

263 id 

2)1 

m.05 

£264tfd 

340 

HU! 

7.E 

QS3.00 

03Z8 

258 

m 

9.41 

265 

3U.S 

iil7.17 

78 

25 

14.85 

210 ■ 
£17b 
£17 

? i 

Qlfic 

Q18% 

Q12% 

29rt 

21 F, 

t0.71 

ms* 

577 

VM* 

16 

Mil 

— 

£117 

- 

Q1B% 

73 

to 

1Z03 

7 

9(5 

— 

14i 

— 


124, 

876 

— 

175 

to 

8Z9 

54xd 

? ir 

2Z3 

220 

7j 

15.41 

22 

UA 

0.13 

130 

71 

279 

235 

J65 

1031 

190 

24.7 

9.76 

93 

Vkis 

4.97 

287 

•OTOT 

— 

296 


tiQ59c 

62 

to 

h332 

185 

10 ./ 

8.74 

49 

30 5] 

0A7 

62 

155 

344 

98nl 

2.10 

t4.18 

257 

24.7] 

19.23 


IFW 

cwIgi's m 


L5 

2L6( 

3.6J 

5T1 


73} 


2.4 


7.d 


4.a 


33| 


R7 - 
4.7 8.9 
9.2 — 
53 

9.5 

2.6 - 
5.2* 

S.1 
33 
66 
3.0 


15.2 
,12.9 

8“ 


1 

ZT\ 

6 a 

3.71 

3.0 

m 

4.21 


621 

"8 

33 

66 

7.7 

8.0 

23 

ao 

70 

2.0 

83 

64 

5.4 


81 


53 


5.0 


13J81 


4-6 


June Xnv. 

Jan JuJv 
Feb. Oct. 

Feb. OcL! 

Feb. Aug. 

February Baggondcc 
May Dec. Bailey Ben |Qp, 

Jan. Aug. Bambesgers 

May Dec. BarrattDer. lOp 
Feb. Aug. BeechwoodlOpL. 

— BraloxHOp 

May OcL Benfbrd U. 1 Op- 

Mar. Aug. Belt Bn».20p 

Aug. Ocl 31ocUws2Dj> 

OcL May Blue Circle £1 

Apr. Nov. Blundell Penn— 

Ocl MajiBreedon lime 

Brit Dredging- 
May Nov. Brown Jkm. 20pj 

Jan. July Brownlee 

Dec. May BonntHldgs 

Aug. Jan. Burnett&H 
Oct Apr. Bun Boulton £J. 
Jan. JuneC.Bobey'A’ll 
Nov. July Cal'nder-GMTi 

Jan. July Carr' Johni 

June Jan. Cantw ...... - 

May N ov. Ceseoi Eoadstone 
May Oct Comben Gp. 16p. 
Not. July ConairR.— . 
Sept. Apr. CraumyrideSp., 
Mar Oct ” 

May OctJTrouchGroap-I 
Apr. Oct thnglaiRobLlI. 
April Octp-wningG.H.50p 

Nov. MayiErith 

Dec. JuneJFJA Const n _ 
Dec. JunejFaircIoaghCons. 

Jan. JulyiFeb.IntL10p 

Jan. July] D&'A'lQp 

Nov. MayW Land & Bid 
MHlm<Jofcn)ll)pJ 
S’nuicisPkr. u5T| 
October frrandsWLB.il0p_! 
Jan. JulyjFrenchEier — _ 
Apr. OcL (GallilardBr 5p_ 


May GibbsD'dyA . , 
July Feb.Gl«waQU.«l(^. 
July OctGIossnpW.bJ. 
Feb. Aug. G"£h Cooper 20. 
Mar. SepL HAT. Grp. IQp— 

Feb. SepL Helical Bar 

Jan.' July Hend'sn.'A'Jflp, 
Jan. June HcwdecSLIOp- 
Jan. July Da 7pc Conv — 
— Heywu Wm.50jx_ 
Dec. June Higgs 6 EiIL_— 
Jan. July Hoveringham — 
Jan. July Do. Res. Vig. — 
Mar. Sept Howard Shut IQp 

Apr. Dec. I.D.C 20p 

Nov. May IbatockJohosen.. 

Apr. Ocl lot Timber „ 

Jan. July IBBohUocsIOpJ 

— J.C.E.G 7 

April Sept IarsistJ.1 

Apr. SepL JeuningjSAOjO. 
Feb. Aug. lahnsn-Rlcluidi. 
'July Dec. Jones Edwd. 1 0p. 
May. Nov. KentiJLP.ilOp-. 
Dec. July Lafarge SAJT00 
Nov. June Lai ng I John' “A". 

iJan. Aug. LathamiJ.lCl 

May Nov. IJwrencefW.i_ 
Aug. Dec. Leech WBLiSOp. 

'Apr. SepL Lct land Paint 

Nov. June LilievFJ.C.. 
Jan. July Loomm Brick 
Apr. Nov. Lovell i Y.J.L. 
July Nov. McNeill Group- 
Apr. Aug. Stenet&Slhns.. 
Jan. June Haulnson-Denny 
Nov. June Handera (Bldg)- 

Dec. Apr. Marrbwiel 

Aug. Mar. Marley 

Mar. Oct MariiflIIstH£xi„ 

Feb. Aug May & Hassell 

Mar. Aug. Hears Braf 

[Jan. July Melville 0. 4 W._ 
Feb. SepL MeTeriMonLL 

QcL Feb. Miftnny 

Nov. Hiller iSun i lOp. 


FINANCIAL TIMES 

BR.ACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/3, 883897. Advertisements: 885033. Telegrams: Fmanlimo, London PS 4. 

Telephone: 01-348 8000. 

For Share Index and Business News Summary in London, Binmngham, 

Liverpool and Manchester. Tel: 346 8036 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam; P.O. Box 1296, Amsterdam -C. 

Telex 12171 Tel: 240 SSS 
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Telex 338650 Tel: 02L-454 0322 
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Telex 8889542 Tel: 210039 
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Telex 23283 Tel: 512-9037 
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Tel: 938510 

Dublin: 8 Fitzwilliam Squaro. 

Telex 5414 Tel: 7B5321 
Edinburph: 37 George Street. 

Tele*: 72484 ToL- 031-226 4120 
Frankfurt: Ini Sachsenloccr 13. 

Telex: 416263 TeL- a55TJ0 
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Telex 8-8257 TcL 838-7545 
Lisbon: Prsica rla Alecria 58- ID, Lisbon 2. 

Telex 12333 ToL 382 308 
Madrid: tlspronceda 32. Madrid 3. 

TeL 441 6772 


KTancbcster Queen's Rouse. Queen Street 
Telex 668813 TeL 001-834 3381 
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Telex TWO TeL 200 2748 
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Telex 66390 Tel: (2121 541 46U5 
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Tel: 233 4W8 

Rome: Via della Mervede 55. 

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Tele* 17ms Tel; SO 00 88 
Tehran: P.O. Box 1I-1H7P. 

Telex 213930 Tel: 682t» 

Tokyo: Sth Floor, Nihon Kcirai Shimbun 
Bulldinc. T-9-S i.ncmacbi. (.'hiyoda-ku. 

Telex J 27104 Tel: 24L 2920 
Washington: 2nd Floor. 1325 E. Street. 

N.W.. Washington D.C. 20004 
Telex 440340 TeL- (202) 347 8076 


[Dec. JuljHRowUnson 10pr_ 
Not. " 

Nov. May 

Jan. June Rugby P.Cdjncni 
Apt Oct SG 

Dec: July Sabah Timber IDpJ 
OcL May Sharpe & Fisher. 

Dec. June Smart fJ.HOp 

OcL Jffay Soulhera Cml tip 

Joly Streetera 10p_ 

Not. Tarmac 50p. 


ADVERTISEMENT OFFICES 

Birminfibam: George Rouse. George BoadL 
Telex 33B05O Tel: 021-454 0S22 
Edinburgh: 37 George Street 
Tele* 92484 


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Telex 666813 Tel: 061-834 9381 
New York: 7S Rockefeller Plaza. N.Y. 10019 
Telex 238409 Tel: (212) 489 8300 
Paris: 36 Rue du Seatier, 75002. 

Telex 220044 Tel: 236.86.01 


Tokyo- Kasahara Building. 1-8*10 Uchiltauda. 
Chij ' ' " ' ' 


Tel: 031-226 4139 
Frankfurt: lm Sachsenlnger 13. 

Telex 16383 Tel: 554867 
Leeds: Permanent Mouse, The Hcadrow. 

TeL 0532 434969 Chiyoda-ku. Teles J 27104 TeL 295 4090 

Overseas advertisement representatives in 
Central and South America. Africa, ihe Middle East. Asia and the Far East, 

For further details, please contact: 

Overseas Advertisement Department. 

Financial Times. Bracken House, 10, Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls -worldwide or On regular subscription from 
Subscript ion Department, Financial Tlm«. London 


Apr. 

OcL 

Nov. 

[Jan. 

Jan. 

Jan. 

Jan. 


Nov. 
| July 
I July 
May 

F& 

Feb. 

Aug. 

Mar. 

Apr- 

Dee. 

July 

Jan. 

Jan. 


Apr. MUasmcrete 

May Hod.Engureers_ 

July Monk! A) 

, JulyMowlemrJL— 

S.fljlan. JuneNewarthillfl. 

J illy Norwest HoL<__ 
Aug. Feb. NMLBrick50p_ 
|Apr. Ocl Onne Devs. 10p_ 
Nov. July Parker Timber— 
Feb. Aug. Phoenix Timber. 

Jan. July Pwbins 

June Dec. fULC- 

Jan. Ocl Redland 

Oc L May R'ch'da Wai I lOp 
(July Dec. Roberts Adlard.^ 


Oct TayiorWoodrow. 
OcL Tilbin7(Tlg£l_ 
Ocl Traru&AraohL 
Aug. Tunnel B50p__ 
Aug. CBM Group.. . _ 
Feb. Vectis5toneI0p. 

OcL Vibnntam 

Ocl Ward Hides- 19p. 

July Werrine(on_. 

Nov. Watts Blake 

July Weabrick Prods. 

June Wen era Bros 

Apr. Sepr. Whatlmgs25p_ 
Nov. May Whitgh'ml2ijp . 
Mar. Ocl WimncCoD.lOp 
OcL July witeniiConiioUvi 
May OcL WlmperiGect.^ 


Zic: « 63 I 3.« 83| 
3 91 


410.4] 


M124 


13 6 . 2 | 


4^iMJiApr. OcL[PaGS2=R. & J.SpJ 101 




.jffl 


CHEMICALS, PLASTICS-rCont 

mm> r ( lias 1 . Kv > trar 

ej £ { See 'CiriOrslPTE 

! Dec. Slav JnOrehK D515 — 1 530 
June Dee. OS 


ENGINEERING-Contmued 

Sock . [-Price 


Dfridendi I 
Paid .[ 


I art 
id 


IHv 

Net 


J2?i[ 10j 033331 


Apr. Nov.lIsp.CccB.:. 
Feb. Aufi-i Do 


J ulV[L«Cb Jctsap-I- 1 130. ! 2tt- *M3 
Nor^ 51ar.LNor&t B ^7.30 — | 




May 

Apr. 

Nov. 

Ape. 


OcL!ri=p7£2=s£>-j 28 
OcL[Wa.-£c Be.- : IQp: ,27 
NI a yj H'd < «ao^e — [ 28S 
OcLii'casChecs J ffi 


DRAPERY AND STORES 


lV-\ 

Mae. AnrJAlErd2cuulI0? 
&(| 9.6iApc. OcLj-AmberDaylOp- 
Jan. J: 

Jan. June Da'A'ap 
I June JanJAui2otitaus ISp. 
Aug. Fen.[3akrr-3Sus. ISlp- 
lJan.-Juiy paste 
June SepL Beanie tJv.V, — 
May EeataDsIflp — _ 

aJc=&C«c.QCp 
Feb. Seitf. BoaninanEOsp 
Jan. June^bLo-:TexL5p_ 
Dec. .Kayffi: 

Jan. Julyt3riLHcz3e£us. 
Feb. Aug. iBnwn .V Sp 

UCL 
Oct. 

May 


112 

4 §- 

92. 

260 

126 

41rd 

20 

20 

W 

209 

<4 

180 


E.SM2.9*! 2.9j 
21SH2L51 
29135 
25-135 

7£d3^ , . _ 

S-f.fcdO-Sat 9 jQ{ 21 
1LT hi 3 
51=236 


Feb. JnnriteterPerfc^f. 

April {Burftadsai 
Map Nov.Utora 
Xov. J&yfe«tei*SaaL- 
_ . May Dec. r 
4.2,100 Feb. OcLIBeran 
_ 3-8118.9 Mar. Sefghm&dQiulisaL 
Xflj 3J X Jan- JgMB miEh ia.Sua_ 
&0 23 SB Aug. FetuBlaanPttffetHJp- 
7.6i 16)22.0 June Dceiglackw’dHt: 
3.4145 Apr. SepDgcmserErifc. 

7.4 7.6 May Dfitfemtanffm 
9S 72 Feb. SepLfflndao SBC II,. 
28! 10.4 Jan. OcL Bnitbraitmn ... 

STS a9 Jan. JolylaitSKwMp: 

7.51 61 Jan. WlyjffbtraseDtUUOp 
April r- ,4%l 

Feb. 


June Dec.jcasius-.SjlDpiZ} 34ttj llitfcLDS 
nr. Church 182 I 49! +3.42 


Oct. Apr.! — 

[Nor. J uly [C ccel ■ XZ2X 
Jan. Ja]>-)CcrasSac755p_: 56 
— JCahreii Dress 5p.j 12- 2 

May Nor tcarts A' j 122 

June SepLjCur^T ’ 197 

[July Jar_ CostozgiciOp-J 15 

[Jan. JclyjOeheiiiuaB ■ 94 

Jun. Nov. OewixT: top — 
liar. OcLjDroes PStsc 
June N"or.JaiisiG«fid5p_ 

Nov. JunetEinpire Stores 

— [ExectdetZOp — 

Jan. JnlyL c, aL'daIeTexLsp 

Jan. July Da-A'ap 

Jan. JulyjFise Art Devs. 5p 
May Octffcrf ’ jClia' !0p- 
Man. SepLfFccn!iu:erli>p_ 

Jan. JuWFoserBrtre 

Jane Dec.[Freera^)Lair- 
Apr. OcLjGeifcr . AJ..S1? _ 

Joly Feb.jGaWfcHgA 

Dec. JnneJ&winmBr.s?. 

June Xov.&snas -are — 

Mar. Dec’C-Ll'nrmal — 

Mar. Dec.! Do.-.VGrd 

Aug. Apr.jGrilLlietalC;. 

Jan. OcLiHant-'-ran- — 

Ocl! Da-.vv: 


Lisa. -Tia! 122tf 


Jen. 

Sept. !HejencLcn.i0p. 
June Det'Da UpcCnr-Pri 


Ttfccf 

135 

30 

180 

53 

354 

170 

370 

40 

78 

uf. 

318 

312xd 

53iz 

39 

38 

23 

215 

90 

29 


^*329 
126jhCJS 

4.91355 

2i?f4.61 

rrs *— 

Tf!t538 
, Z22! tL5 
! 2L£242 
Li fL93 
^.<jE539 
IL^tdZLO 
2i5;US 

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228ts2.Q5 
29) A2A 
SL5}t2^9 
2ilt6H3 

a?t-u7 
Lltf B.E3 
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1LJ837 
215! 837 
tL73 


April 

7 -\|q May SepL . 

Apr. Aug. Bnm'iTanmt. 
Apr. SepLBnwnlataeU- 

ttSfi?- 


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«|dl09f 22 
1211:063 j 61 
15 i, ' 3.38 " 
i -Jf.636 
1 ZXZ51 
7E| 152 
72,132 
2S9'D226 


June CardoEut 
3tefeBStSbni.TJ)p^ 
July Canirwir 
July ClM 
Feb. Chnay: 

^ .“•BBS*! 

Dhf fiE Rt 

^ 7 4 June Dec. CraraarieiOnu 
£-2 Feb. Sept. CooiTTShst^J 


JunejEepwcrth-J-Ms-l 70 
Apr. Ocl Home Cfcara lflp, 232 
Dec. JulyjHcuse of F rarer. 155 
Nov. JunejEntseofLerwe. 65 
Jtrtesl.TSE.ilSp-i 157 
Karel Mill 29? _ 
rtSuaifV Flogs 
Oct Apr. Laifies Pride 2)p 
Jan. JclyLee Cooper 
May Not. Liberrr — 

Map Nov. DoNos-V;- CrtLj 
SepL Apr. LnurcSS-lOp— 

Nov. Apr.*Mrl Fmutare Ifa 


Maple 10p_ 
SsrfcsiS 


JuMMaris 4 Spacer 

22.41 Feb. JuMMartre.Vews 
JujypifeRzia | J..i-. 
teduei.J'Kp— 
Feb. Jul7jjIidEaJC3La9p. 
[July Jan.pdothercEreI0p_ 
'July Feb. [NSS News I0p_ 

[June Decfansi Owen 

Jan. July ParefiseBlJOp- 
Apr. OcL ?awajniWJ*i — 
{Jaa. Apr. Pacts Stares 10p| 
■ PaE.- Peck Hip. 
Feb. SeptPreedyiAlfral-- 



4.61 53 


Da2S7sPL _ 
July Sarwipl'Hi’A'— . 
July SdiccourtSp — . 
Sherman (SHte_ 
Feb. July Smith W.a.'.V5fe. 
May Nov.SianleyAG. " 
SepL Apr. SMasDiscL . 
Oct Apr. Steinberg I0p_ 
Jan. July Stunrie^to. — _ 
Jan. July Him Prods. Kp. 

;Feb. July UDSGitrap 

June-Dee. UptouffiJ-A' 

Oct Slay VsntaaaaOp— 
Dec. Moy Wsda^A’SIJp— 
May Nov. Watta-tJas.) — 

May Nov. Da N.Y. 

June Jan. WallislDp- — - 
[May. Nov. WanngiCOluw. 

^ Jan. June tVeanreCSp 

44| 33(l0.4|Jan. Sept ffluuf JUDHIpi- 
May Nor. KUknsn Wartta. 
Apr. Oct [Wool Wurth 


43 


42 


23 7.4 
0.7110.0 


19 

13 

58 

165 

193 

1£5 


i* 

238 

193 

36 

220 

170 

114 

226 


IDec. JuneiBsmarTextop-. 
Mar. SepLjBaaCTiOp— . 
Mar. OcLEflybecklft — 
Dee. July&iciit; 

. Dec.picedAastta'A’-, 
Apr.. Sqjl RrtHtflDSSjUp- 
[Bjecillap — 
SACStoresl 


59ul 

46 

9 

85 



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15ii296 

3Cilt225 

ZStZ.99 


23' lHHi — 


33IPL96 


9 

67 

94 

43^2 

183 

16ft 

26 

22 

23 

187 

27l a 

13 

160 

ZfiOtC 

195 

18 

32 

197 

97 

127 

& 

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23 
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24.7, Z36 
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126 152 

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§ 5 1528 
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1 3! 

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f| 

A A 431^7 7 Mar - Aug.jCoraetaua2Bp'„ 

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Mac. July Kstsdr 
Oct May Deswiaer, 

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Sept DratoASculL— 
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int 77 June Dec. DwikL- 

82 n 2 1*5; PS 1 sSraiHWgj)— 
in s A Feb. July EOic 

"t o Jan. June Bag.- 

e’n 194 Jan. Aug. EsaI-Sd. : .-£:iei_ 
?C311 4 01123 May Oct SjpttdedHenL 
I 351 5ffl;65i June Fflnneri 6 W.i_ 
3 Mar. OctFtehlGHilOp^. 

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165 


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May 

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60 


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a (Una Jan. June Sannudr20p__ 
'‘^34 Jan - M ^ Ked m i e Bms. 

_ Oct Apr. Hegritt5p 

71 » Oct Apr. Mctalraajp 

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on Nov. July MaieOD20p 
7 ? May Nov. 2 dins™ 

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|i nL Apr. Oct Weepsem f . 

June Nov. NeulfjBlHdgi- 
Slay Not. Newman Tonta- 
Oct 


54| 

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2 a Sept Feb. Norton iW. E)5p. 
7 n 7 Jan. Aug Pegler-Haa'islejJ 

70 Jan. Jane Porter Chsd30p. 

ic'd Apr. Aug PraniFi 

^ Sent Mar. Priest (Bra) 

7 1 July pee.fProcreltV 


Hill .t Smith 


K Jane DecJ&qtosousSJp. 
* ,7,v — MarMffK-sid Matte— 
OctJHonden Group— 
MayjHnnt .Voscrwap 
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July Jan. JrakstCa*t«dl_ 
«7 Jan. Jn« IdmaniRith. 
i?e Dec. Jane JonesGrooplOp 
q c May . Ocl Janes Stepan _ 
Jane Not ZjbdGtrap — 


Oct Apr. Lake* Spot — - 
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tcS; July Feb. LeeiArttatnlS;. 
; q* Apr. July Let's Pooxxiriet. 
ao Apr. Dee-. Unread.^— 

q? Dec. Aug Ltoydij 1 H.j 

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toor&l 


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ELECTRICAL AND RADIO 

21015.66 4> 72f * |oa’ 

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281ljd213 32 
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1 1726 12 
1454 25 
434 43| 

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33 T« 

294 Ii.2 f 
522 1.7 

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I Apr. Oct Allied Insnlatara 
January Avdto~ 

Nov. May AntatedSeft . 
July Jaa. BICC50p— — 
Apr. Nov. BSB10P, 
qn July Jan. Berec 
* u Oct Mar Bent&MteWp- 
Jan. June BawttorpelQp— 
Jan Nov. Brocks lop— 
May Not. Bnlen‘A'5p — 

Apr. Sept CablcformSa — 
June Campbell ffflwd.i 

July Dec. Chloride Grp. — 
June Dec. CBfibtd& Snell 5p 
Aug Feb. ComeK.Sov.5p— 
April Not. Cot 0 Ironic H)p_ 
Apr. OctlCre u imlDp— — 


5.0 1 631 
63 45 

5.7 24.4 

9 ] to 

7.7 R0 
7.6 (3.91 

14.9 


Oct[ 

Do UpeCar.’S-M.I 
MaylDde Elect 10p— 
Dec.UJecca 
Dec.lDo-’A’ 


Feb. JuIyffteritroolDp 

Seirt. Apr4pewiun3t‘A r I0p 
Mac “ 

Ocl 
J an. 


Dec. Dottdiag41L5p 
June Dreamland 10p— 
July Dubflicr5p 


821(65] 


7.8 • 

155 

38.9 hi^l 
126 td203| 

477 — 

26.6 172 
210 +MS 
71 7.72 
210 2034 
38.9 8357 
265 1114 
12i 437 

26.6 tL50 
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116 

116 (5.29 

24.7 2a 
3.4 L01 

2L8 156 
18.1 14254 

25 859 


75} 20.4 


6.91 8.6 


Jan. 

July 

Jan. 


CHEMICALS, PLASTICS 


Mas- 

Dec. 

Jund 


AK20. 

[Aleinaielnds. 

Ida Pack 10p— 
[All 'd Colloid I 0 p. 
UnchacChem. ... 
[Bayer AG. DM50. 
Blagden Iff oakes. 
great Chens lOp 


Ape. Sept 
July Not. 

[July Nov.! 

Oct Apr. 

Nov. July ! 

Mar. SeptlBriLBenioIlOp, 


Feb. Aug 
Jan. July 
Jan. July 
Jan. May 
Dec. June 
Mar. Sept 
Mar. SepL 


Jan. 

Jan. July 
Sept June 
Jan. June 
May 
Feb. Oct 


Jan. 

Jan. 

[Jan. 

May 


Aug| 

July! 

July 

Not 


Aug Feb, 


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1 ' 23 69 87 1 

32 35 13.3 { 
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Carleat’apel lDp-_ 

Cawlin 

Cihad'orPA u 
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CoyiHorareiip 
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fr-stalaieSp 

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Oct ” 

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Jan. Aag BnergySens-l^-S 
— EnnnbPtn Int 1 %; 

[June Nov. Fontefl Elea 3)p 
July Jaa.FnWihBad.10p 
[May Nov. FwwariTedLSJp, 
[Mar. Oct G-E.C 


January Highland EL 20g 
Oct Apr. Jones Strond 
Jun. Eodelnt 
Oct Laurence Scoria 
OcL LeoHrfii_ 

July M.K. Electric 

KaarolaS3. 

Jan. July Mirtrhead 

(Jan. July Nemnanlnds 

Mae. Oct Newmark Louis. 
July Jan. NomzandELSIp. 
Mar. Sept Perian-£ls»er$>cJ 
Jan. July PethowHldgir 
May Dec. Philips Fin. sv 
Dee. JHay Philips Xj».FM_ 
Ape. OcL Pifco Hides. 20p_ 
Apr. Oct Da 'A'20y 
July Jan. FlexscySOp, 

Apr. Nov. Pressac lOp — 

Ape. Oct 


AUg 

IJan. July Rediffnaws 
Apr. Oct fiataflexG.Rlte 

[May Nov. SdwIesiGfD 

uly Feb. SonyCo. YSO 

October S*md Difisn. 5p. 
kpr. Nov. Idelusion 3p 
Apr. Not. Do-A'NVsi 

Dec. June Tele. Renialt 

Mar. Ocl rtanj Heel 
Apr. Dec.Th’rpeF.W.lOj# 
Apr- Oct t ; nitechlDp__ 

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Feb. Oct Ward i: Go! d _ 
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December VThrhterth El.ap 
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7.8 12.16 
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4.9 5.89 
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Dec. Apr. Raine Eng'g lOp. 

July Jan. » HP 

May NOT.jR’nsanesSlm.a 


SxQrgtat diffiiGAi 

9.5 cSn Apr. Oct R'dma B'tua lto 
8 J 5.2 Aug Feb. RenoldEl 
LS 02.8 Jane Not. Richards of Leic. 
82 91 Feb. Ang Bkh'isWest50p— I 
81 5.8 Oct May Robinson OTtosJ 

4.4 68 Not. JaneRotortcir 
72 0 July Jan. Senders®! 

3.7 7.B Mar. Oct SarilIeG.UL„„ 

7.4 U1 Nov. June Senior Eng'elOp 

6.4 131 Feb. Aug Serck 

5.9 75 Oct Apr- Shakesp'reJ.5p., 
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63 U .6 Jan. Aug Sbtt-pbridce^ 
25 19.6 Jan. June Simon £nn. 

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5.91105 August Smith (Whit) 5p„ 

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— _ July Mar. SpencerCItaOp. 

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Oct Tace 1 Op 

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23(15.7 Jan. 


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4.9 7.7 Apr. Oct Victor Products.. 

72 54 Jan. AugW.GI 

53 5.9 Nov. June WadkinS 
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33 35.9 Apt Jug Wart fr.WA._t: 

3.6 Dec. June W«aeWn»W0p_ 
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4.6 68 Jan. June 
7.0 19.21 Jan. Aog ffbew«Wim.Kto. 
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63 5.4 Jan. July Williams (WH 

15 132 Jan. May Win* A James _ 
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Ocl .ULfftbeiia 


621 

i! tJI^- 

May 


S-tess.SKEftv 


ENGINEERING 
MACHINE TOOLS 


Apr. Sept 
Apr. Sept| 
May Nov. 


19 5 _ 

i-u ?! savz. 


Feb. 
Apr. 

1 July 
|Feb, Aug 

“May 

Jan. Juiyi 
Ctet Apt 
May Nov. 

, Mar, Sept I 
Dec. July 
Xov. Mavi 
April '' 


AC.RUaehicsyto 110 


lAcrro.. 

Da'.V 

AdwestGroup 

Atr ^ n A||nE ^pwim- | 
Allen iD Balfour 

Alien ff.G 

AmaL Power— 
Andm.Fdjde_ 
Angto^triss— 
Ash&Laty^ — . 
lA5S.Bnri»J2l}P 
Assoc. Tonlir«_ 
Astra Indl IQp- 
Aurora HIds. __ 
AuainiJune*i_ 

Aicjjs 

Babcock iW__ 

[BaileyiC.Hj— 


134 

103 

310 xd 

164 

53 

54 
144 

68 

34 

146 

«?= 

105 

182 

150 

6ro 


13213.43 
230 15.8 
132 253 
132 233 
210 10.0 
- 9.9 
2LS 4.40 
2L6 284 
to 15.36 
2U 
4*75 
17.4fd6.73 
966 R— 
211 2.58 
24.7 L15 
3-4 15.36 
49 5.95 
155 15.9 
169 15.33 

it, oa 


Not. Bonks iSidnevC.'! 
• Barker 4 D. IOol. 

Apr. Oct Barri.AG.) 

June Dec. BomnrHillinfi. 

Jan. Aug Bassett(Geo) 

Feb. Sept Baileys York Up 
Oct April Be jam) ftp 

May Sept. BibteU.in 

29 4.7 1L4 Jan. July Bishop's Stores- 
4.4 32 8.4 Jan. July Da*A"N/Vf. 
42 28 1L4 Apr. Oct BlnebiriCmi, 
42 3.7 95 Sept Mar. HnLSoMr50p_ 
5.6 4.8 82 Man, Nov. Brit VentfelOp. 

25 9.3 5.6 Jan. June Brooke Brad 

17 124 15.91 Dee. June Cadbury Sch^g. 
33 7.8 43 June Jan, Carr’s Milling 
54 -5.7 17 „ - CartieraatoTZ 
ZS 52 0 . 91 May Oct cnffortSlries. 

— May Oct Da-.V'N/V 

Z4[ 721 9.0 Dec. May CullasKIp 

. d> Dec. May fia~A n 20a 

1 0 9.6 162 Jan- May Danish Bcn ATl 

14 7.0 64 — EcWdsdottC.ISiu. 

3.8 S .6 4.3 Jan. JttneEnatoitdCf.E.)Sp 

22 85 85 Jan. Oct iltxL 

10 4.9 103 Apr. SepL RtfcenA.lflp.— 

15 -5.5 7 J Mar. Sept Fitch Lw-diaig 
0^ 52l;Wi? Xov. Apr. Glass GlcrerSjL 


159 

76 

73 

245 

49 

62 

128 

75 

99 

2S6 

155 
115 

86xd 

156 
24 
48 t z . 
57, 
66 


44 
138 
136 , 
110 -| 
Ulj 
26 
67 
10 
64 
24 


34 ftOfifil 3J[ 75^^40, 

-674 

10 j unis) 

[_305 tQB34 
m 5.82. 

-103ril66 
14 162 


S6«d6.-70 
153 1324 
263 226 
. « 0-57 
132 $3.0 
74 


214-1670 
26a dZ63 
ffljfd2 J3 
22 

FJ th4L82} 
189 lfl.g 
^21 1250 
-25109 
Jto 12.67 
II.bd2.41 
17.4 194 - 
•13.4 194'- 

;S *3:-' 

17.4 ■«:« 
18,9 4JQ6 
3ft! 465^ 
7 J 421 ; 


26 

1 8212 
248- 
328 
-:41 

12» 

68 

. Feeder ]0 uJl-J1 30' 

Jan. Fennwfii) 365. 

3.#l 60) *7 i Ma ~ July Fasuaaulna.^. 110 

j Sj * Jan. Sept Faflnmaa20p_ 30 

s- 1 

Not. Junt FucanytEJ 183- 

Dec. July FosbcoMQjspP-v 153V 
tot „May FothenflIB«r*erOT 113 
MaJuSeDe Prsakfin Sfiirt#— 685 
Feb. NOT.FrerichThw.Wp 66 

OM-. Apr.PriedlairdDgt- 103. 

July 3r~ - 

Apr. 

Not. 

Not. Ji 
J uly Sec.t 
Jan. Adi 
A pril 
Jan. Ot. 

October 
May Not 4 
Jan. 3i 
Jan. Ji 
Apr. 


BJ/ 


Ml 

is3i-n\ 



i« 


brfIGptSp 

:a& 


0 ■■■363 

■ 42 90 
■213 43 
Mb* t&5] 

■,73 SJ AteSl OctJGt^pwrodslI 
Wm42 f Oct J r GtwebriIGM 
bW 3£ 4.9 Jan: 

3.9 2.5 11.0 Feb. AurI 
331X4 8.1 Nov. Apr. 

■ 14.0 « Dec-^fl 
*?■ 46 48 Feh. . July Hanson Trag 
75 -3 2 63 Mar. Sept Da>. peH 
133.83 40 Jam ; July HaiEreaflHPH 
11.9 82 AO) Jam* Aug RimsfPtLiffip_ 
3i 68 « May Not. asutoiaeSEd 
|2 || 8.7 I2y- Feb. Sritos&Bpsimj 
Ac 5.0 -65 - taMMaateH 

44 63 4.9 Doc.' JandHsr fSorannl 


4-713 


2-fl «S3 June Novi 
-3 A 9.4 -4.6 Dec. Ji 
— 24.7 May. 

32 -8,4 50 Dec.Jttfy. 
* 90 * July KM 

14 9.610.9 Nov. Apes 

15 9.6 W.7 Not, Ad, 
£9 7 j 6.6 Feb. 


Dec, Jul?[|ar"*Wrirt£l..-f'W 

. . I (S3 


)5p. 
irctam?^? 




Z>4 : 

U ■ 

23 i 




J_- - r— J MkrtV ■ 

Y**iC :S^ey3fSyS 


-I.' 


ivt.h--y l rT*r 




% 










\^Lp 


Or*-.* 




T’lnaicisi Times- Monday Gctbb^ 16 19*3 

INDUSTaiAI^— Coiitinned j INSURANCE-Continned | PROPERTY-Continued I INV. TKUSTS-Continned 


Doc. July 173 

Apr. SepL Hwwv 295 

Dec. July BoekmsiHTUp. 270xd 
Feb. rtct RwrardTeaas- 321; 
aov*. July Banting AMoe.- 328 
Jflay Nov. BnmtegblOp_ 179 
December FtocilfcswElKL- 03 


lest 1H* 1 YTd 

Price d Set ]Cn|Cr , s fyE 


P/E Pad 
123 NOV. Ju 


* Mvifikiai* w sir 

3^1 JW3 I 2.11 7.61 86 _ 


15.04 2M 7^10.0 NW. JtmJaiW^teJQp. 173 
t5J5 -2.51 Aug 3 IhwiGkis>20p_ 57 


Ipp— 179 189 1239 7.1 
piffiL © J5.SW2IW) Z, 


Oct July HroaBOltJ)Sp XA; 18.9 UJfc 3.9 53 73 Not- Mayffli 

Aaft-.OJa LCtattostmsj.. GW 2K lfS132 - 3.8 — >«L .*ajfa 

^ u fSt/ eb - P £ i- *73 JOi 1733 5.4 2,4 7.8 Tan- M*l«' 

April Sept Jmp. Cw3i.Ga5n 375 72*996 33 4.0 63 ?<*>- uetjSi 

Ma>- Nov tegal] lads. 10p_ 31 j< 187 ft 9.5 * Oft. Apf.W 

Jan. Aug Initial Sfcrures_ 93 7.B 1506 26 81 72 to 

Dec. June latcr^usop... 20 266.+0bl 27 4.7 12.0 June Deti-gi 

Jiar. Dec. Jans* <Johei_,. 54 ?12 d2.76 29 76 53 -April m 

Joqc Jan ha*lL\\kka^ 13U 10.7 dLD2 * 114 4 SOT. j* 

Stn. June antceM.SH^ 260 25.4 W67c 22 3.114 5 Hstoe 

Apr. Dec. Jaiuqae 31U -27 2 222 6 11} 6 Dec. Ji 

• _ . — , tarnua ft Baras, 10 11 75 — — 

<?*• Apr. ioimsonibrs.^.lM • 4.<« 13.9S 4.6 5.7 4.9 

Feb. Aur obnsoolWjT.fi 462 266113.83 3 6 4 5 44 

2£ JuDcJoMan.MOp. .41. 16.9 12.93 ; 27 10.7 .44 Jul? X 
May Pec Kafonasoo 10p— 34 174 +1.98 18 87 9.7 Sept F 

£“l*£ch*yhi<»i 100 12.6 3.28 6.6 4 6 5 0 7*0/ 

Apr. Pet Kennedy salOp 38 119161 * 63 * Jan. J 

No*. Apnl Smtow.-A.i3p,. £10>« 49+16.14 20 2.4 Qk2> Nov. Ji 

•Jan. Aug, L6M.g.Z<Hll£s_ 73 1D7 cR33 19 84 86 Mar. N 

Jan. Aug.J.rp.Hld* © 10.7 4 66 24 7.6 65 — 

Dec. Aug. LK. Ind l luvs— ' 40 305 1d264 3.0103 S.7 Apr. N 

Apr. Jan. LRO.tnj.JOp—. 36 211 223 1 6 9.4 8 9 Jan. Ji 

Mac June La*tc\ ct 3* 322 * 73 * Noe. A 

July Nov. Lead Indsaftj— 158 25 17.46 3 3 7.2 6J May i 

Jon. j^g. badeobaUsdug. 135 26.fi 1435 4.4 4i 69 Febc J 

Oct May LeBasi.Edi 41 1M 1185 4.4 67 5.0 tar C 

Nov. Mar.LebofiFnbdiflp 45>; 211 179 3.6 5.9 5.9 July 

Apnl Lebus Karris ... 48 133332 19 103 (19) Apr. C 

For Leigh inlc see Chemicals . June J 

Jon. Aug. Leisure Car JOp. 115 4.91 h3.25 23) 41115.0 — 

Mar. On. Lep Group fop— 247 Ei 3 46 8.6 23 7.1 Jan. Se 

Jan. July Leaner Prate, 3p 92 15.5td2.94 33 4i 63 Jan Jo 

Feb. Sept letrasetlDp 148 ZLJ 5.4 3.0 55 9.0 Oct Ap 

- LidenlOp 39J a 37? — - — _ Jan Ji 

May Nov. Lindsay* Wtns_ 66 25 3.05 3 7 6.9 -4.9 Apr. N 

Oct Mar. Ltodasnes — 143 73 934 23 95 AO Dee JM 

July Feb LonlStbLjCip. 3^5 305 203 2.6 8.3 7 1 Oct A 


"7% 


191 19 &8 7.5 OeL- June Pearl 5p 226 

12.99 92 1.4120 D«- JunePhwnra — — 242 
1239 7.6 2Q 163 Dec. . May PrerktenrA"-. ICO 
U321W) 23 23 193 Dec. May Do^B" — : — 140 
tL© 3.9 53 73 Nov. May Prudential 5p — 141 

«L52 — 3 6 — Nov, Mas RefcJffle3p 142m 

7733 5.4 2,4 7.8 Jan. May Royal — 348 

*996 3 3 4 0 83 Feb. Oct Strip Forb&JOp. 405 

187 * 93 * Oct Apr. Sieahffliw 105 

1506 26 a 1 72 to. July SonAHianee£l_ 540 

tO.bl 27 4.7 120 June Dec. BroUriP-~< 1M 
d276 2® 76 53 Apnl frmdiaHar.EDR 850 
dLDZ * 1L4 6 Nov- M*v rradeButiwur 175rf 
067c 22 3.1 MS HaJnieDe. T»velenS150„ £27;, 
222 111 4> Dee. JimeJWilUfi fiber — 245 qj 


25 3.38 

16^3.02 


Ifiileacinn | 


D*r.fciaiiDi.‘ldSccs_ 335 
J.HJLfcth. Srpr.lfiL Ptciland S0p_ 220 


lul] ^ I |THT 
Price a J N«4 ICrrlCr’sJPE 

7U 111731 - 


BNUenH 

Paid 


last Dlv 

ftiee d >et Or Gr* P/E 


FINANCE, LAND— Continued 


DiiWcads ( 
Paid | 


I Last! 


jq 77 70 — *: V L hi. i iuu«iuu Jup„ 

JHmR " f-2 “ Jan ' AprfirttT.R.lOp— 42 

l \\ P5, 51 - W - - lirccnroatap— 9 

25 879 — Ie — - Jun<? HamnierMii'A , _ 625 


173 — — — | _ Jan. July Brazil Ter. Ml- $135 15.13 Q5521 10 3 8 25.6 p»b Sent iKakiH ts . 1M 

153 *91 14 4 1 25.9 - BreparTf— 25 24.7 J jl 16 9.0 10 3 F * 43 

10.7 h? 95 22 2.0 J3J Tan. Aug. — 7 4.1 -VU" il 

34 149 * 5.4U ArMMM. Sba«<1«7 H fr2?37 __ | Klfr ^^P 86 


Price IT! S f C’vrJCrs] P/E j 


1L8 si)U0c 0 6 <4 ■> 

- (0 5 — 17 14 4 

- i05 - 3.7 14 4 


34 149 » 5.4 « Urr. SegBnttoAGen-; 218 t!67 1 ij |D 23 7 - h 86 Mll«2 190 I3I 3?| 

I 15 1 554 I Ll| L3|674 |mV NOT.BntF.ajg® Jr. .12 |. ?f| 0.7 M oil l l ?t I ”21 ^ I nJ 3 ?li?i l 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, Japan 


•ia«oc <g C7 <a TVIOimn Ul ' u war unnuasewc- Z3B 142 045 » 9 J.b « Apr. nov. lauo 2 id 4b 

«nS?!'S yl 12 LElsUHE Dec. June LonProvShplOp 112 UJ $0.82 2.6 Ll 523 - Do^. l25al 2.10 - 

!S««93 2 3 44 JUIv VwiABdiaTV'.V^.I © asl«7«ltil Dec. Lun Shop Proa.. 78 133 13.05 0 8 5.8 Ml' Sept. War. Cardinal Dfd — 111 7.3 13.9 

!7'3tl« Tg 87 Sent 741, MTUril 4 7^ 1-9 | ? Apr. Sept LyaKfl HdfiS A)p 126 78 2.5 15 3.0 20 0 An*. Apr. Carlid Ini-. US 72 3.91 

wSajia fcl 4 1 la %lv “taSstSE* ^162 13 H 2i Dec - JuneMBPC. 241 30S 1L73 19 1.8 44 0 Jiue Dec. r«Url B v.___ t.7 J* 5 t23 

es-a^s? - ”5? 5.U - JUiy . A 2s ii-? rp.3.79 66) 3.41 5 j 5 M»r!»pF.iai« -a*. m * _ dd a u-- rhm-ila.Inc.sl. 15* tdn .»ik 


■tu .0.0 \oi-. July S*.iJwr£e !up j 12*2 

— “ — July Dec 5f«.13lcw.-.V„l © 


4.5 fl6J4 ZO 2.4 rffi7. Nov. JunaWerirH 
113 d4.33 19 84 88 Mar. NoviCaaMnS 
10.7 4B(r 24 7.6 65 — 

305 td264 3.0 1D2 5.7 Apt NwJCmlLeis 

21S 2Z3 16 9.4 89 Jan. JuadCraapien 

3.* 322 « 7 j A Nov. AprJGra-aGrc 

25 17.48 3 3 7.2 fij May OrtjHTVNo^ 


EdffjLSOp. 92 
rftHBttes-, 177 
Sri209_ 104 
: ioi 


D.4 14.47 1 
17 « 5.16 4 

111 ZQ * 


DtalOPr- 119 25 609 

pttn'A-jto 39 15 5 2 23 

Group 10p 65i 30104 22 


TW , n -'P r - Dec. Lun Shop Prop- 78 133 13.05 0 8 5.8 314< Sept War. Cardinal Did — 111 78 13.96 1.0 5.3 27 5 vm- Uniti-j I rS uS Vrii- _1 I «■> 

3.1 7.0 69 Apr. Sepr li.WMHdgs iop 126 78 2.5 25 3.0 20 0 An*. Apr. Carliol lor 118 7J 3.91 11 4 9 27J i^h uci 61 ’18 4 99 * 12’ T 

IZ H 21 D «. Junt-SIEPC. Tt.JL 241 SOS f US 1.9 1.8 44 0 Jujo Dec. r«Urlov.„__ b 7 ]« S «34 11 5.7 24.4 UCl H KSOc' 111. - - _ I _ 51 

-2,5-5 — Marie rEoairs- 36 874 ♦— — — 454 May Own'll*. Inc. si. 158 15 5 U15.Q 1.4 9.5 a i un - iu 1 »: 0 jr, _ so 

i* j ssssfe * "KS? J° ss “ 1? a i tjha Aiis&jii §■ si's l »? 

a 7 yjiSiSsSSaSit 8* S >Sr «, 7, « » J * i" I* “ J. I- ife J. 

H ill-5 in fiSK***-*" SSJ« t Hi .. SifiLlCf ,S T. .n, r. T-..r. apt. *«vS3SSt V ul SSi 3 soli » 


MINES— Continued 


iss ?,s ^ 3 aHHac &ȣ*= v m sis 

38° l* 3ii fi 1 ?! }« Ian. July PropJlfds.ftlBv. 312 10.76.64 

SS-I 117 »ut*n «a H£i iaa - Aug PropTpait'siiiP- 105 26.5 HZ5 

Sfflyd'ito: 32 si In 73 l 4 1-2 ^ Ian. JuJy Prop. & Rev. 'AC 325 26i 574 

l8 H & U H ? 7 APr- Ori-gmSstlnvap- 1» 210 OJ9 


2t« 14J5 4.4 4 J 69 Feb. JuM 
14* 11.85 4.4^ 6.71 5.0 May . Oct 


L03fO.9) Apr. Oct! 

Juno Jan. 
4J2J15.0 — ' 

21 7.1 Jao. Sept. 
4i 63 Jan June 
55 9.0 Oct April 
— — Jan July 
69 -4.9 Apr. Nov. 
95 60 Dee May 
8.3 71 Oct Apr 


SVidWy'dMp, 32 

1WT64- 138 

InnUtX 13P J 54 

Jaliotiwideip __ 20 

^UB^VitlOp- 225 
’batattLcoJ:— 37 

SSRpnSc 70 

^raHoEdw^— 175 
SStTV'A'IpPL 71 


3 4 t6.28 25 69 87r r _ 
305 15.69 28 10.W 54 _ 

- 0 38 Z9 5.W 9.ll\nril 


aasiaaProp,5p 
Regalias 


44ni 210 2,03 6 69 6 May Bsc- City Aimers'll. 203 

87 254 tZD3 - 3J - Vov. June DtyBl Oxford— 73 

312 1 10.7 664 U2 3.2 395 Mar. Se^tt. OarerhoaseMp. 84 1 

26.6 HZ5 Z8 3.6 2Z2 - ClifWoInvslOp. 6 

264 574 16 Z4 395 Jan. May Clydesdale Inv_ 8O1 

2Zi 039 ©J 15 — — Da*B‘ , _ 79 

37* — — - — Aug. Hay CoHaiMl Seat Dfd. 267 

474 — — Feb. Ang. Caitfnent'] 6 Ind 198 


50p- 841; j 18*3.86 
0p_ 6 674 — 


5 * 14.13 1.1 6.0 23.4 
30335 I 10 6.|21.4 
18 Sj 3.86 LO 6.3 22.1 


CENTRAL AFRICAN 

I I liJill nir 


DivfdeB* I I 

Pul [ Stuck L 

No 1 :. May fTakrvi Rb 50c 

.May Rhrd n forp I t“-.p . 

— Roan Cone K4. ._ 

Nor. Ata v Uantiefol Rb !„ 
— ZaE.Cpr.SMM?-4_ 


Mr Hi 
N« Cn Gr» 




4*2 J 37*1 — 
36 474 _ - 


Jan. June Long&aMy. lfip 42 2 5*1.60 5.8 5.7 37 Jan Ju 

Am-. OcLtongKui Trans ^ 76 189 0386 3.1 7.6 48 April Sei 

Aug. Apr. LonaJilelajiTsL. 87 26b t4.70 25 8J 5.7 Dec ; 

Der. June Low* BonwSOp 194 17.4 HL05 25 8.7 5 4 Noven 

Jane Dec. K.T.Dan.Hto._ 65 25 1Z17 3.9 5 0 5B 

Jan. July IbeaueUn. fop., 26 126 2.03 081L6(2fljj 

May Sepr . Jfc'itluPh.Mp. 2U 78 4.40 4.4 5.9 42 Jll< 

Oct May MacfaElaiieGR-. 84 4.9 t3 90 35 6912.9 

fept Apr.McCleeirl'A—. 17*2 3.4 1025 — Z2 - 
July Nm. HarLdfontf.6ir.> 23ad 210 132 0.7 8.6 2S.7 

Aug. Mar. NKpb«nm<1>.l. 78 2*7 t2-68 3 7 5.1 80 — 

May Scpl Magnolia Group.. 125 189 M2.74 65 33 7.1 Mr.Je.) 

Oct Apr Man SbipCatT. 288 a 4 15.80 13 &2 13.9 — 

Feb. Met. Marlin* ind. lOp. 35 24.7 dL04 42 4.4 8.0 — 

Dec. Jun. Marshall Lir.'A _ 47al 21D tdQ.53 4 7 &0 32 Sept. 

Jan. July Marshall's I'niv. 142 126 649 3.9 68 4.7 Mu 


■ . y*4. 


3ESS: 6 = 674 - OILS - 

^ x 3 flf° I 1 1 2fl i 9 Jaa -„ tSSSSP^ & 117 *- -i= = AUSTI 

lS lU III In fa»2S Msv D« BriLBonTeniOp. 3M* 155 6 84 1 5 63152 — Anse*25c 

III I? 11125 3fa> BnLFwrolm.Sl 916 184 f22 43 3 0 3.7 11.4 Apr. BmicsmuLeiOToea. 

ffiSt i 9 ii 2 ife 3 - “ I s S? JiUL J"* lor* - 7 = = 

SE" S A? 5-5 H f'2IH Feb. Aut DofctajHE £6014 - cl** _ Oct May taxtaslh . 


168 18*Q60c 4 217 

17 174 0 57 7.1 5.0 

75 1274 _ _ .. 

35 17* Q9c 4> 165 

16 1174 — — — 


AUSTRALIAN 

:2ie I 10 I - 

nriUeMToea. 131 14' 


14 3 tQ3c 1.4 3.3 

122 *74 _ _ _ * 

500 - 

30 6 24_*;Q10c 2.2 t 

231; _ 

72 667 — - - 

52 - 

127 107 [355 2.0 4.2 

34 - - — _ 

210U :.10 Q9c 1.7 2.6. 


ln-dZii ,^'r ■— sfcvcuwcr aamun rropa. — u ,uui tuu u.n aiiuta. January cunauus uj» ju ZBJiju.Bl LD <1.0 38 3 ^ 

iVJ tk la “ Aug. Jan ScotMetropOOp 107 20.gi.97 + ZE * Feb Aug DanaefliULiraOpj 441, 24.7 3.15 1.1 105129 _ 

“<! cl r« Mar - Oct Second Hi vl0p_ 45J;. 18*1.93 2.8 63 63 - Da (Cvu )0p._ 6 - — _ - - n« J 

-*7 tltr 5 ? 5-2 Oe«- May Slough Eas 118 4*1230 10 29 285 An*. Mar. Debenture Corp . 681. 24.7 th2.44 11 53 25 7 '_ 

15 5 tl'w la o' 7 June D«. DalMCoarKD £168 uM Q104i 23A 16 J _ Aug. Feb. Derby Tfl. Inc. £1 216 24.7 113.63 0 9 94 166 Jui* 

77 3hinVc fi APf Aug. SloekComcran. 386 732 03 53 1.1 26.6 — Do Cap. 50p — 16C _ _ _ _ _ 


g, sr Hr» T^rirTV'VSftti 57 1*7 iam i'X £-2 Jet May Moucn KSIS li8 MJW m ZU5 Aug- Mar. ueoeniureiisp. osi 

fi 212* -Is 15 5 li'S ol 1 A 1 li June DalOSCoar.90 £168 12£ QlOdi 13.4 |6J _ Aug Feb. DerbyT*. Int£l 216 

U 4IB3-aL Si f'Z fl A^ril Sort '5 pT 15^te Z7 2 W I? S'? Apr. Aug Slock Cimv hot - 386 78 2 03 53 1.126.6 - DaCap.50p^_ 16* 

s;2'8 ii Z? i f T^I 0 SShiStE IBoI ni +1M \\ SI Z"5 ApriL Oct SunleyiBUnv 272 2L5 4.38 0.6 2.4 VM Dec. July DoomiaaiGen. 203 

T74«1<K R7 11 si si W H ?■! - SwirePropertics 59 - OJ8I2C * 41* Apr. OcL Drayton Comd.. 129 

3 5+9V? lo In 12 Xovember ( 2eCm ® u 5.7} 35 7.6 December Townrentre.— 73 Z8 11 0.83 12 1.7 712 May Dec. Do. Cans. 148 

if* vm ns if * -J i - ' Apr. i let Tonrn&L'uylOp. 13t 24 7 0.01 — — ~ Apr. AUg. DaFarEastera 44 

7J fS if co Ji TWnTfJTfR AIRPRAUT 1 r V T PAThl7C ^pf- Nor. ItatfordPatt. 130a 210 4.09 # 4.7 + Apr. Aug DaPromier — 198 

liifL 5-5 |-2,5i MWlVlfcO, AIKldKAf L 1 K/IUKS F _ UK. Property-. 23 4 9 0.33 * 2.2 l Nbv. AjaDnaHcalnr.Sep 62; 

{■ SS 15 »(„}*« l Mm*. April Old. RealPwp- 297 772 525 1.2 2.6 49.3 - Do.Caprtalil.. 220 

n,nVyr 7, t?,r. Motors ana Cycles Mar. Sept Warner Esuue- 355 ]5.5 t2-70 1.6 2537.5 Jan. July DnudeeiUw ... 65; 


k'CPVU: Svii l_ £12i B - — End*mour20r_ r 

MCjadwcaRr!!.. 34- — — — ^JwSrlieSI. 

CcannylOp 64 126 167 3.1 b.2 62 c — . Haocia Gold L _ 


26MHB5 L0 6 2 251 _ 

7.8} 4.57 1 2 5.3 243 ' - 


— ChanertaU5p._ 22b 3 67 — * Scpieraber Uarapir.4«s<iSp_ 

uly <’.e Fr P«ro«B_ £23 777 ftlUfr l* 7.7110.0 _ — . — 

— rmuffOim 400 - — — 1— I— Dec. Apr M III. Hides. .-dc- 


sfSi ■ — prCV-de Petrol LI 112 
— Hunting Petrol ... © 
i-?26f December KCA 37 


12 — 102 I 8 bl 14 1071 — Mount l.yell 25c — 

93 - b4.65 7.6 64 , Se*muAltK-~. 

37 20J2 0.1 153 0.4 1681 Jluie Nov North B. HiU5dc — 


Hi JQlOc 2.2 J 
6~67 2 >7 Z 

IP 7 [3_=r 23 7z 


^ na»S r rJrte- & 5 SS™ ^ Zfte iJi ssSirr^KSBZrrr ill r- - rar- _ - 


cCleeryL'A — .1 17*, 3 4 t025 - Z2 - Motors and Cycles 

[acLeflaa (P.6 IT.> 23d 210132 0.7 8.6 2S.7 ® , '-Jties 

— 24 7 tZ68 37 5.1 80 - iBllMp-i; 22 - I _ 

18.91d2.74 65 33 7.1 Mr.JgSJ). k^a.Jflkl wts-. 225 85 Q3< 

218 15.80 13 8.2 13.9 — Lotus L-arlOP— 48 675 - 


Dec. May Martm-BDck .. _ 53 
— MaUKams-Ptfc. £117 

Jtiae Nor. Mntuards25p 142 

Apr. Dec MedrainsterJOp. 30 
Oct Feb. Mem more Sf5-„ 17 
Jan. June Metal Bo* EJ 350 


12i 649 3.9 68 4.7 

25 14 06 - t — 
- Q7WS Z3J6.7 — 


>3 Q34c 1.7} 7. (A 7 7 _ 


LetasearlOP, — 48 675 — — — 130 2 
Reliant Mtr.Sp— 9 | 7 *5i — — I — 1164 
RoHfrRjywMlw.. U4^uU 2JD M5.24 2.-H 6.H11 0 
VofooElS) ! £12'; | 2b5| Q1296 Z.b( 5.6l 7.0 

Conmercial Vehicles 


Apr. OctWwnhmilnv.aipJ 340 218 7.06 

~ I — J ~ 1 — I — B affin 60} P- 231; 974 


231; 974 


— I — (June Der. Edw.Jnv.pl C1.J 234 33jJ T6B5 1 0 4.4 32.6 1 _ 


— |3p 2jj u ]y OcL|BinaiJD£sii.-l| 42 | M.4JL29 1 l-5( 4.6J2Z6 Feb. Aug 

Nov. JuE- 

SHIPBUILDERS. REPAIRERS 


VmmaurP.COp.l 24 37M — — I — — j an . JuI>1ElwtraIi».tst- 117 


113 tllfi AngfERE)®^!- 119 j 75)246 13.1 3.1| isfpec. June Swan Huni«£U 158 

allO^ if 2-1115-fi August |Fod i oii'90pi T - 62 J :47)?_35 62 8l|z2tMune Vec |v«qwr.._ 205 


KiissEl 11 mt* ft&SBsls Ifellilsi 

Mar- Oct Msanlo5pc8M<- £324 10.7 Q5%19.af4J — ... Components 


} 5.9 pan. May [Y arrow 50p 


71 

71'7tf 


158 

Vh 

696 

205 

7f 

rt.o 

343 

15j] 

+4.68 


r eb. Aug Elect 6 Gen 791; 

v"ov. Jun- Eng.tMernaii 87 

tet AjMdlEnj.6N.V.Trtitt. 76 
iept Mar. Ei®.i Sea. inv w 82 
an. Sept Equity Const £1_ 110 

.. . a n. ifln 


Promirr i'ms. ?pl 16 — — — — — — ^ co ..V?--'" — 

RasacrOil *111* ——— — — — Pannca Mftt* sp. . 

ReinoidsDiv-Tlrl 2 — — — — — Apr. OcL Priro-W all send 50c 


15 5 QBc 13 4 2 


7.4 iQlle 3.* 5.0 


199 Q15c t 
7.9 Q3c~ 07 


Mar. Oct MsanloSpcflML £224 10.7 Q5% 19.8 fAl — . ... iGXDpOll 

Jao. July MwS*SnaEie 223 1 1 ]j5 1536 2-B 64 84 S f I ^^5r 5 ’ T S^m“ fi 
OcL Apr. MomUlAbdi- 46 169 Z46 3.4 8J) 4.9 ^cb. July ^ 

Jan. . June MoasfRobUlOp. 34 10J107 21 91 63 5 l 9 r «JP 64 

■» T 15 164 0.34 Z7 3.3 16 j 

Jut JuneMjwflCalOp- 63 289 mLQ2 0.9 2.4 (7251 g 

Mur. Sent Nauhn VVCa^e 70 »- u ck i E in a -r a Aug. Mar. BhBUaEl W* — 04 


SHIPPING 


4.9) d2.68 3 8) 771 53 Dee. Aug Bril fcroiaSOp. 303 2661940 3.9 4 61 8.5 May Nov. FMdWvesilnc.. 391; Lo 12.44 1 0 9.2 162 

126 h!46 4.3 8 1 36 May Dec. Codudh Bros. 50p. 148 2.5 5.90 — 6.0 — „ — . Dj-Cag 59i ? - - — - - 

34Z26 * 5 4 4 Oct .May FisheriJi 174 2B.9 H55 7.7 1.3102 ^ Mar. G.T. Japan ___ l«rf 210 2.02 1.0 1.6 903 

305 1534 3.6 7 0 63 Dec. May Faroes* Withy fl 234 305 8.29 4.0 53 5.9 Nuv. Apr.GfflLfcCmwcL. 148sl 210 5.91 LI 6.0 24.1 


10P-. 63 


307[ 135 -J 53 
25 Q4%1L<*H.3 


' Mar. SeptNasbO FISkl 72r 70 525 15 TOO 70 Aug Mari Bhmael Ban*— 62 26 6 3.7? 2.6 9.0 5.8 OctU«wl»iJ.l.i20p- 

"Dec. June Nathan iB. 611— . 66 2i 3.35 Z7 7A 73^ cL June Bro*nBiatlOR, 2B 17.4 LOB 4 5.9 4 July [Leai'Seai. jrto- 

'Mar. Aug Nat Crit'nsi IDd 38 107 135 — 5 5 Mar. Sept Dana Cmp SL— . £215i 248 yil24c 3.7 2.9 9.4 I HU. JulyjLyle Shipping — 

May Nnr w P w |<v. uirtai - rqd 55 04961L9f4 3 — Sept, DwIySQ P .' . ■ ■■■ 263 218 4.50 4.0 2.6 14.5 luna OcL Man. Liner* 20p. 

October ' h'rorili&Zainbrh. ~88 71 R 368 15 A t ItR ^o- July DufllopSup— — 74 25 538 1.7112 67 — i8ei>t) Di L'nits 

120 NT +201 H ^ at D«. June pffl&fling- 172 25 2 89 4 4 15137 J'^J' piUonU<octs£l. 

Oct. Apr NegRnum ion* T\ 1. 71*0 0 99 27 69 81 ^ an - June HnffltSmitb IDp. 12 14.U 0.25 1.0 3.2 54 5 Nov, Mayjocean Transport 

AffiSSKi: m 2 mi%: 2 I £3 II !3 


263 

: 74 

Bits- 172 


May Nov. Family Inv.TK— 99 189 t4 5 1.0 68 25.0 

Sept Apr. First SeotAsi.- 97 ZLB 2.89 1.0 4.4 32JL .... 

.N'o\-. Apr. ForeimiCol — 177 2LE +3.83 L0 3.2 4681 
Jan. Julj P.U.GJ.TJROSl 48 266 4Q5*«c L2 68LL3 

4 6) 8.5 Hay Nov. Fondimesilnc.. 39>; 255 12.44 1 0 9.2162 

6.0| — — Do. Cop. 59i ? - — — _ _ 


TINS 


OVERSEAS TRADERS 


JVJ 3.0 /.Ul t>3 I'U.. ifuij ruiiico n liny Ll tin, JUJIO.E1 I njri aji 3.7 - — — — u.uiti.x w _ 

2L8 hi 38 85 27^ 65 M a". July Hniii:neGihstLfU 110 17.10 15J7 -I Aug Apr. GenftmaUdld. M 24.g+3.81 1.M 6M213 W 

26b 3.73 Z6 90 5.8P*^ Oct Jacobs ij.l.i20p. 37 4* dL88 7.7^ 7.fl Z2 Sept Mar. Genwal Funds... IK 24714.77 Lffl 3.9|38.3 K u " e 


218 4.50 4.0 2.6h4 5Uuna Oct. Han. Liners aw. 220 D5 538 

25 538 l.Tjj} 2| 6.7) — }Her>e) Die l : rut5 35 - — 

25 2 89 4 4 Z5 13.7 1 July MilfonU'octsIl. 120 305 272 


341? 677 — — — — — Da.Conv.10p_ 147 - — 

127 ‘ +4.97 85 6 0 55 J OcL Apr. jGen. Investors — Iliad 210 t4 06 

220 D5 5J8 2 3 3.5 161 Dec. JuneiGcn-Scouisb — 88 155 3 40 

35 _ _ _ _ 16 Jan. Sept Cm SrtJdrr. ir.-g 122 78 2.3 


Jan. J QjieiHimSinilb IDp-I 12 14.LU0.25 1.0 3.2 545^- MwfOcean Transport I 108 1B«&37 


May Oct[NorricSecs.]0p. 18>a 3.4 P-il — 

Oct AprilWibSwiftap 29ri 4.< fL59 U 

"Tlay Nos.fOwFhiaiieeCv^ £10® 155 Q9S. - 


Jan. Jane DHice&Eleci 127 15 

Oct MayOfrerMp 114 If 

Jan. June Owutone 12bc _ 21 15 

— - PJLA.iJ5oMinss)_ 56td 2J 
April Oct Parker Knoll ‘A’. 125x0 2J 
Feb. Aug. Pauls 6 Whites— 118 2f 

Dec. July Peerage 10 p 611; 30 

June N ov. (Pnntianri lOp _ 23 18 

Oct July Pentos lOp M2 18 

Jan. June PetroccnlZljp— 63 2 


May Dec. 
Feb. Aug. 
June Dec. 
Sept April 


30.5 h0.84 3 3 2.413Bj*n. July ?.tti.Ddd.£l— 88 

tB.34 4 3 4.0 68 Apr. Oct ReardnnSiaaOp 83 

75 1160 4.0 4 J 164 Apr. Od. Do'A'sOp 33 

25 3J.3 3.3 7.0 iSLi Jan. July BuncimuuWJ- 70 

26.6 3.86 4.4 5.4 5S 

17.4 4.47 2.4 7.5 82 . 


15 5 664 0.9IU.7 (156i 


210 oa 
210 01 
3CL5 628 


210 10 51 
210 362 5.7 
266 F660 3.4 


SHOES AND LEATHER 


lK 107 449 2 K nl 7, July Dec. KritfKEBrUOp- 52 30i hO.B4 33 2.4 13.B ja«- July ?.t0.Ddd-£L- 88 155 664 0.9U.7|»ii — 

*351 Z- ® + 7-2 May Dee.LncasIndH.Cl-- 311 ?.< +634 4J 4.0 88 Apr. Oct BeanfonSaaOp 83 llffl 01 - 0.2 — June I 

mT ji 5t« Ta b+iTtOcL July Supra Group 10P. 56 2 5 1160 4.0 4 J 164 Apr. Oct. Do'A'sOp 33 21M 01 — 0.5 — , , _ — 

riraf "is« T oo«. U «i HJ I«n; July mfont Breeden. 67 23 313 3.3 7.0 iSli Jan. July BuncimanWJ- 70 303^628 2117.7 41 JulyJa 

f?7 154 MT4 V7 40 7> Feb. Aug. Woodteadllj — 107 266 3.86 4.9 5.4 5S 

^ S 4” li ii !i ■“'TSSS* and^ iJritoors^ J “ SHOES AND LEATHER ^3 

5* I & jj s 8 u u j| a nuassc: if 2 uK i huhs g. i 

S' 2 Si 8® H J : S Ii RE 2si||§b; ! 3 y W JL aSlu9 1 ^ J ^ - 

m fjiM yafflsies: ^ si^So u a ysraffiaes: g 


« 3.4 4 Mar. Augki bsgov Slhidri.. 103 7 0 t2!44 La 3^34.9 JuJ L B 5“' — cm 

261Ui39i Apr. NovJGiendevan lnv_ W; 189 1.86 * [ 2ffl * i..V n £„ SHi-lVi?."?:' 


=1 8 : l = , °”- Feb “STSSi^; I? 5 17 1 “ i J4 i J s£: *S:!!SSSfc » 

2J17M 41 July Jan. GWwInr 121 266 5.08 1.2 6.3 210 January ?4 

^ July Goveu Europe... 68 305 1.8 1.4 4.0 271 np Su£ar "' 1? 

Mar. Sept Grange Tran. — 81 24.7 +2.13 11 3.9 34.4 


SJM 


ndandl0p_ 23 18.9 rt.67 5i 4.4 4.6 

entoslOp M2 189 +4.35 3J .64 60 J«t JulyO 

ttmconElap- 63 25 4J8 L41L0 62 AUg Mar.jl 

riDips Patents. 18 1175 B — — — 19.4 „ — 

fotnXeSOp 360 17.4 603 * 25 6 J 

lMngtonBr.EL 300» 24J hSJB 4.8 2.9 269 Hat. . 

sty Bowes Lp,. £70 305Q5i 4 % 56 81 — Jan- • 


Sept April Ptaaic Can. )0p _ 36b 71 tkU 

Apr. Notr. Polymark lOp 56*5 210 Z76 

Jan. July Portals-—:: 230 37418.0 

.Jan. 5epL Powell Dnff. 50p. 205 10.7 10.1 

Jan. Aag Press (Wm.t5g— 29>j 305 0.85 
Atig, April PrertigeGraap . 180 71 5.66 

Jan. JunePntcfaaniSis.3p 38»; 126 111 


ay Nov.BrU.CirABrt.10pJ 50^ 17.4 17.4 
an July CJIAAIfp — I ,23 10.7 +1.4 

UL July CnffyiiaKp— 1 107 ! 26.61 6.50 


85ni) 2J0l *45 3l| 7*3 4.8 ^"® DecjESbore...-- 


051?% 53 81 — Jan. July Caftm5^— - 
thdZl Z4I B!£ 7Z J® 1 * Se ?L CcJawreWEt— 
276 Z5 74 81 ,an - July CnwietTj6ii_— 
T8.0 30) 53 97 Jan- Ang. DaraGaafaW^- 


2.51 * (May NOT.iflflLtBAiiei.iupj 503; 17.4 17.4 23 b.DlljApr. Oct Umber. H1820p^ 48 

iaXK JaIypjIZRT«*i — 1 23 10.7 +1.44 22 9.4 72^- Oct NwhaldtBnri r n- 57 

13 -Pan. JuWaifrMKp 1107 265 650 23 91 72 A £^. “S2? , A » 

321; 247 d2.41 1 1 11 1 OZJi Ja 9* May PitlardGip 54 

43 126 +dl.73 4.6 60 33 F . eo ‘ Ang. ftodi-Sbi'A’- 40 


Sept Nov. PiOT.Launds.5p- 12 W 
Feb. Sept.mJD Groaplfit 79 


Dec. JoIyfRTD Group 
Jan, JuIyfRa^iniM: 
Jan. J imejkaodalls J. 
Nov. AprJRau&Orean 


P- 16tz 
jl. 38 

- 256. 


17.4(0.41 
7J L6 


.0.15 31 74 5 0 ,aa - June Doradgl'. 74 

85 40 43 77 Jan. July DnitairFersbsw- 46 

,66 3 2 4*7 98 August Giles fF.ai 49t; 

Jl 34 5 8 63 March QfonSeJdkror. 35 


_ ;itor HaneerJoralOft 49>a 174 d0.47 17.4 L4 5.4 
4.7 JaitJUne Harriwnfm- 115 15 J fd4.18 38 55 7.2 
2*4 Jan. -. July 108 305 t630 * 9.4 3J 

'g 


107 3 32 5 8 50 3'9lMar. Nov. Strong 6-Faher. 68 

4 9 t5 J 28 10 3 60 ^ Stylo Shoes 7S ZL0JL75 

30i t2J5 3 6 9 6(32i Se ^* Apr. TtnerWfiElOp- 41 4Mthll 

107 155 6 4 47 5 0 Sept 3la>- VantTOiia. 103ml 210 M4.02 

301 L27 1*5 5.4 1&4 February WeanalOp— . 28 2Al| +L33 


21D14J9 * I 9.0 

t4.57 4. 
0.73) 

14.97 
+230 
t3Z2 
284 
+1.9 
1281 
216 
4.73 
L75 


' Dec. July Guardian 
July Dec. Hambrw 
July Dec. HlDiFhi! 
94 Apr. OcLHooem 
54 — Da“B*. 

(,2 June fcofandl 


tangeTnut — 81 24.7 +2.13 

ILfteth’nlity-. 1031; 260 +3.93 

Teenfrinr lav lflo 30.1 L47 

[roshamlnr 64* 4 ZD 203 

roup Invest on. 70 2L0 1.9 

ttarman Inv.Tst.. 82>; 155 2.74 

lambros IDS 206 3.81 

UDiPhilipi — - 188 305 8.02 

lame Kids. -A '. 79 :u 4.6 


H ?•; ;2 E Dec. July TrifenL-ot 172 155 +1 34 5.8 12 15 6 Nor. Apr Ami Nigeria — 

Ii 2-2|?-5 - Ultramar 226 3165 — - - 63 Apr. Ocr AyerHiijnSMl — 

H r-fS-sJaU- July Do.7pcfnv.il- 138 10.7 7«i 243 73 — *Pr- «>' BeraUIin 

V2 ;5S 2 — WwteNaL IMi. 175 - ~ — - — -l»n. July Berjuntai SMI 

I S Iff — IV> ?id OrdlGr. 175 - Q15V — 45 - Feb. Oct Geevor 

II — WoodsideASOe.. 62 — — — — — — 'ioM4BaseIS!j>._ 

S 92162 * Junc_ D cc.G,pencC , Bt .,-. 

w iTd 9oj OVERSEAS TRADERS 

11 65 213 May African Lakes— 290 133 h3 57 19.0 IS) 2 9 - Jl|lv 

L0 3 9 38.3 June Aua.Aenc.50c.. 118 174Q3.5C 1 1 1 8 50Z J. 3 ";. Jul -' 5iV a '?& ',Vr" 

L0 Apf Oct Berijfort.S iB.i. 152 21S th4.19 4.6 4.1 58 - A J’ nI Mala' DredgincJMI.. 

jj "5*5 2^*7 Jun. JuIyB(riav*'niKii»p 61 305 629 1.1 355 .R4i 

10 5 8258 Jan - July Bo*: Stead ‘lOp'-. 591; 155 152 3.1 3 9 9 4 “a if. Se pt huUmfe 

^ “ NOT. June Finln, iJamwi- 98 189 u5.0 SD 7 8 5 1 <?>*• 4H 

L2 3 5 349 July Dec. Gill & fluffns _. 154 25 h4.43 3.2 4.3 95 &5L 1 

* * June GtNtigiJO — £65 305 012% 2.4 L9 22.4 ,^ ru f t !f..^"Sc ?'V>3Sw 

1 l 8 * Aug Dec. Hris'ns Ciw.£l. 550 206 422.11 2.2 6010.7 |f"- ’ tffclulu 1 ft? 

18 3*4A3 Apr- Sept. HolfniLlRlS.i 87 4.9 432 16 74108 June Jan ' e 

LO 13 463 s Apr. Inchcasei:i 383 7f 15.23 2.2 5.9 95 “ I 

12 63 210 January Jacks K bl 24 4 9 22.0 63 - 3.8 

f ‘ " _ Jamaica Suear 15 7"76 — — _ _ May Nu\. Tanlong ]?p_ _. — 

11 3 9 34 4 c,cL Apr. Lonrho I 61 189 6.65 2.316 3 (3.1- 5Kl 

1+ 4734? May Jan.MiifhdlCotls... 45l 2 17.4 3.45 1.7 114 i63i A *** OcLTronchSMJ 

13 3 9 un Apr. Not. Niger M Elec. £1 210ul 210+134 6 9 5 6 

30 47Tti Dec. July Ocean Wlsns 2Dp 85 260 2 92 2.9 5.1 7.7 ffiP 

f-r 71 Inr TW Ps--ui.Viu.klDn UK ij 17K 7 K k a 11 


iP - - - \-l Z Aug Dec. R-nj-ns Ci*.£!. 550 


24 189)2 81 13 17.4 

330TO 2 ID 4300c * 19.5 

51 8 a 14.0 4.4 12 3 

240 :4TQ110c 6 4.B 

150 7 8 5.04 5.S 5.0 

Ml; 10 74 — - - 

325 17 4 15.23 0.9 7.X 

230 1167 - — — ■ 

90 24.7 JUO 16 + 

8 * 07 - - - 

74 4 9 t}12l>c 21 3.6* 

630 10.7 Q125 *19 8 

435 !3.3tQ95e 0.8 4.7 

60 975WJ.75c 0.5 * 

‘ 74 276 6 60 1. 3 13.3 

245 Ub+QSQc 1.6 7 5 

71 49 2.03 65 4 3 

64 30 7 4 19 2.0 9 8 

220 4 9 sJQI45r 0.6 14Z 

310 1 4 lybllc 11 91 

205 26b Q65c 5.3 6.B 

70 974ZQ10C — 3.1 

88 24 7 660 0 8 11.2 

90 L'CNSiE 1 . 16 t 
225 (d LIBiQBBc 1.6 J 


COPPER 

50— 1 76 |1212|*Q30c| 1.9) t 


11 4 0 33 B A P r - Dee. Ps;iOR.2och.1Dp.. 185 3 4 +7.82 75 b3 32 . _ «* **!«, 

in ssSjApr. Dec.Do.AN.VlOn... 180 34 +7.82 75 65 3.1 Jl *ne DeafMeaanaBOaO— | 76 (1212|tG 

10 5 + mi Jan- Sept. Sangen J.E.i lOp. 40 80*4.43 13 * 72 

rt 5-5 Wav* - not. SSI 3? 8! ^ nil To 2T6 MISCELLANEOUS 


79 - - - - - 


inlAA+XR — ienaaugaraup . fli;; 
i5f 07 lfl'fc May Nov. aSime Darh> JOp 105 

_ _ _ Jan. July Steel Bros. 235 

| , n Jan, June Torer K'ems JOp. 56 


Jr ^ z » r H - S c.T'ra: £ S 

c. JunelndBiariaJiGen. 551; 305 Bb ? 1.1 48 29 5 sml U 

pt Mar. Intanart Inr — 79J; 21.tt2.66 11 5 0 265 Mar ' 5epL Dal?pcLlLlflp 64 

pt Apr. IntinSnems- 174 7.0 194 1.1 2.5 55.6 


Jan. JulyjReekttt fol.-SOp.. 1 498 15^+10.77 


uaaaB^!K!K«i 


July Feb.pedfcaraGIaa-J 287 


Jait. Jane ReedEn 
. -Jag Aug Reed lob 
Oct June RdyanPI 
, Jtoreb RenowBl 
Feb. OctRenvriekl 
_Kar, Sept ReBtaor„ 
. JaA.pAu. Reiunorc 


idEiec.jp—. 79 25 H79 2i 

Idlfll/ n 178 216 t&izf 23 

yonPBWS-. 112 70 4J6 23 

town Ine..Y5[L Z8tt 277 <32036 * 
wick Group- 46 187 1.02 

tamr, .205 _ 45 5.41 

more 70 M.7 (R31 


June Hint 
July lesnt 


5 7.2| 

L4 33 
.2 5.7 . 

-6 70W 


SOUTH AFRICANS 

Sept J.Uieman E0J0-1 104 | 2L2| Q17c I 
18«Q63c 


174 Q10% 350 (53 - iSept- Mar. AugfoAin ImHI 560 
25 d6 05 3 o)lD3 4.9 Feb. Aug. Ang. Tr slum 50c 121 26i 

30J 157 I 5tH 56 54 September GaldFldiP.2^ 73 Z10 

7.8 t4.21 zd 84 69 July Dec. Gr'tnms-A'ajc ._ 150 305 

218 b4 5 } 3 7| 80 44 Feb. Aug HnleU'sCpc.RL 102 266 

70 +250 1 55 O 30 D®^-. 5WKBaiaars50e-. 390 15.5 
■189 609 1 an 7 fijMarcbSflpL PamroselOds... 55 185 

2.10 tL52 6a73 J.7I — . getTrafongJ.^ 170 - 

1072 — —I — 2*3 Dee. July SA.Biews.20c_ 74 155 

_ — * | _ ) — „ IMay Nov. rigerOataBL— . 590 4.9 

25 th273 7J| 3i 4.0 May Nor.[Umsec 57 10.9 

4.4 +1.671 6ffl 5.9 .4.2 

2-1Q 4tfl.07f ^ 1.6 19.8 r mi i OTn il l PC 

|.4 QW +27,91 13 29 TEXTILES 

155 2Z3 3 1 I*] I - ! 4.4 Mar. (Allied Textile ._ 1 158 | 210) 


fj figf jgct A* 


- Apr. Not. Ricardo : 357*d 231 

July . Jan: Riley i£J.;I0p_ 38 11 

. Not. MayHnehweL- — 138. 3, 

'• .Dec. Apg RopnerHIdp — 40 10J 

Dec. Ang Oft A': = 39 10. 

■ "Jaif July Rotaprint 2Pp 38 21 

, .May Nov. Rovaa ABoden- 31rd 21 

i-Sjfar.- May Royal Worcs — 171 4.' 

..Dan. Sept Ru»adItA)I0p... 91 a: 

-r — RyanO-75p 13 17- 

.... July 5L4fobauiRiian- £27b 6 7. 

: Dec. Jane Sale Tthwy 303 18,' 

■ Jah. Apr. SawBront Maitet . 38 L3J 

Jaa. Sept. Sangm Grp — 8* 71 


SenfceGfe. 83*; 2L8 b4.5 
kero.: fia 70 *250 

JALJOB— ^ m . ,304 Aog. 

AptHa&rlCk). 32m 210 tL52 
- (NebtmDwWSp. 9*« 1072 — 

mneBtr.lOp 9>; — — u 


277 020% * I 001 A. OW .UCt UwlALyuo— A 81 
107 1.02 801 331 3.9 Ang. Apt. BtttdiesterlOp, 32i 

4.9 5.41 5iJ 3M 68 - . — Prison IWWSp. V 
107 (M.31 Lfl 9^109) _ — _ . 

g S SSr Sf MiSfc 

lisss 8 -a as ■ * feast 1* 

% IS" MiSljSS is? 1” 

210 1134 Si| 6.4) 30 . 

4.9 +649 0.8} 5.7(33.9 . v fllfCU A PTOC 


Dec. June Industrial 4 Gen. 551; 305 178 13 4.8 29.5 

Sept. Mar. Intautllnr. — 79J; 210 +2.66 11 5.0 265 

Sept Apr. Bn. in Success _ 174 7.0 294 1.1 2.5 55.6 

June Nov. {motors' Cap. _. 83 155 1167 11 3.0 450 

13 8 May Imh ne Japan.. . 166 54 0 86 12 00 16U 

93 Mar. Sept Imtoe See. HSS5- 121 22 tQ47c 11 4.6 M.7 

03nll 210IM4O21 BD 5 81 53 ~ teraeyEitPf.Ip 182 474 — — — — 

28 i 24.7 +133 1 ZH 7 II 8Z Nwf - Junt InwyGen.U— 246 155+0130 11 5.416.8 

jx | a/| TiJa | ao| i.n ac May Jo, Holding;^ .. 52 4.9 239 10 68 217 

May Nov. lovelnr.lnt.JOp 48»; 17.4 355 13 11J 123 

AFRICANS JuIy~Feb. SaoStoMpI 248 *5 6.09 11 62 El |, “ 

04 I 2L310UC 1 « 1 98) * Nor - Jon. UkeViewlnv— 97 155 Z44 11 3.8 383+ *JS. e 

60 I Mfl Q63c I Z4| 67| 61 . M^rcb Land -6 1*. Inr. ««; 37.2 IJ B 13 66218 


22 tQ47c 11 4.6 20.7 M J . 

474 _ — _ _ MvMeadc 

155+V.30 11 5.416.8 P*M ! Stock J 

17 4 3.55 11 113 12 1 August [AnglD-lndoriCS'n — ( 

17.4 335 13 113 123 SepU BertauCons 10p._ 


mlSrialQp 105 ** 174 zqTo q 2 2 2 . 925.6 MISCEU 

el Bros. 235 25 6 5 4 4 4 2 3 0 — Bwymin ... 

er Kerns 20p. 56 25 335 2.7 8.4 i.5.2) — Bunas Mines 1T ! ;P 

L8pcCni-.ti. £94 109 Q8®k 180 fR.b — Aug Feb. fans Murch. 10c— 

HjMtrc.lOp 65 34+hO.76U.0 1.7 7.9 November NonhsaieC5l 

i.l0pcLn.lBp 64 27.2] 0.4 312 fZ8j - Jan. JimeR.T2 

— Sabina lads CSl__ 

RUBBERS AND SISALS *£»*%£&«■. 

uciober luiontunitSl— 


575 - - 

311330c 2.6 

30 9 — — 

25 9.5 ZB 


25 61.35 * 2.6 

15.9 Q7c | Z9j 12 


Set CwlWs- 


Bird'Afncal 

Bradwall 10p 


2*, 7 2.79 4.7 4,0 . MtVTIIi'G 

109 355 * 52 NOTES 

7 64 - — - 

25 *1 72 1.0 4.4 I'nlemi otherwise Indicated, prices and net dividends ore La 


11 ft Jin A P r - Nov. CsstlefieldlOp 260 2bb s2B4 1016 peace end denoadnatlens an ZSp. Estimated pricr/carnlngs 

1+ N<ri-. June Chersonese lOp 52td ZIP *tal.4 12 40 retl* *««• cevers ore based on latest annual reports mad accounts 

la coid.Ujjjjy Dec. foils Plants lOp 43N»I 2J0Q3O * 103 ewA "here passlMe. are updated Ob ball-yearly figures. P/Es sra 

ll m tT? Jfin - Au ® Grand Central lOp. 11» 2 12 12 0.56 * 7.2 " “** *"** * Ml '■■WfioUont bracketed ngdrea 

10 113 133 Apr> July Guthrie £i 347 126 1523 16 6.6 »*? ” ***. d ! l,eram u . nUs, * M * d V ~° u 

— — — - April asuHdnsJOvEslMp- IDS 109 +4 0 « 5 7 j?fbrlbattan. Covers are timed on "luaiimm" dtsrrtlmUoa. 

§■? §■§— f Vm. Mav Rlehlsndt'USnr IfW li SjftHe _ a i?te«tare based, ramlddle prices, are cross, sdlnslnl to ACT of 


110 70 Feb. OctLon.6Lir.10p_ 28 266 0 60 13 3.2 365 ^“^“^“^“^' 

^1 Apr. Oct Lon.6Lanand -. 88 210 +244 13 40 316 KS Tft 

Mar. Nov. Lon.&Mantpwe. 1% 132 t5J3 1.0 4.1 365 

Nor. June Lon. 6Prov_ 117tf 2JH +3.45 1.0 4.434.4 Uarcn lb«n«o Brian IPp., 

Dec. July Lon. Prudential- 84 30.5 289 10 5.129.3 

6.9 May Dec. Lon.'ftS’dyde— 45 3.4 1.6 4 5.4 * rat 


11 ti ue vk. ^uunmuiuni«^i.„„ 

It is *t tlNovemberiMuarRirwldp,.. 


■ Apr. Oct Lon. tLcnnund .. 88 210 +244 U 45 316 

Mar. Nov. Lan.AMantzofie. 196 132 *533 1.8 4.1 365 


• ;Jan. Aug Allens Bros. 55 126 3.73 

“ _ • Dec. July Beale* 1 J )3)p 83 3L5 Z92 

f Z 3 ! 9 NEWSPAPERS. PUBLISHERS Ma ^ Nw. Beckman Aftp. 77M 230 4.98 

37 ♦ i+LHiJi m L4ASO, I UWLWULdlO June Dec. BUctwood Mart 241; 477 1002 

r, iTtt ,ft n- Aug.IAflOC.News 189 | 10715.90 I 39( 4.71 84 Apr. Sept BuodSLFjb lOp 31 126 264 

Nov. M*Q'{lkSf.BooJiF.20p. 235d| Z10| +408+ 75 26 7.B Dec. JuJ> Bright Uohni— 33 126 246 

- .nta-'i' I o I 111 11 1* 7.3 * — BrierayGipSP- V 4 074 — 

29 61 8.4 May BtiLEnkalon — 16 3" 76 — 


•: Jnn. Aug Scans Grasp: — . 107 10.7 552 27 7.7 63 

Jy.OJaA. SchTmabergern £62*« 153 QL40 * 12 * 

Fpb. July Scoims 77 126 3.29 25 64 75 

Dec. June Scot Heritable- 44 305 hO.W. 61 3.1 5.6 St a 

*\ Mat/ Oct ScoLiUtLlnvs-. 121 24.7 7J7 10 91 76 f* D ' 

JDec-Juiy ■ Sears fllfSgs 4CB; 155thL31 3.0 4.9183 ^- vL 

' Apg Mar SscurirwGp. 130 ' 49 J2.54 33 29165 ^ 

Aug. Mar. Do A'N-V_. .. 130 4.9 g54 33 29165 iSf 

Aug Mar.SsmrtbSenfoes- 132 4.9 0 55 42 4.0 6 i uct reD - 

Aug Mar. DuS-N V 132 4.9 p.55 42 4.D 65 

Apr. Oct Storm Were 20p 140ri 210 td2.44 7.7 2fi 7.6 ^ " 4np 

Apr. Sr-pt SiebeGonuan — 217- 70 5.67 4.0 35 83 ?P- r - 


677 aUK 19 62 128 

389 +104 35 53 83 SSJ* n« BMHUeaA' 

a) IS 17 “7 if® 0Slil«k..7. 4 O 


Dec July BeaIes.J)30p_ 83 305 292 66 53 3.6 June Dec Lowland lev — 57 .25 H13 U 5.6243 

USURPS May Nor. Beckman A. lOp. 77M 210 4.98 ♦ 9.7 6 Sept Mar. H6G Sul Inc. I0p 209 107M1179 1 0 91 184 

aJALMUeato June Dec. EUtkwood Mott 241; 477 1002 18 t DJ'i . .Dat^PilOp — 118 — - — - I 

5.90 | 3.91 4.71 R4 Apr. Sept BuidSLFjb lOp 31 126 264 3 6127 33 July Jao. DaSndDuHaclty SO 126 5.10 10 9515.8. 

+408+ 75 261 7.8 Dec. July Bright (John* — 33 126 246 18 111 60 , “ DaCafUp.-... 22h - — — — — 


TEAS 

India and Bangladesh 


7.7 63 1S£ 


Apr. SeptSidjeGonaan— 217. 
Pec" June SUenhnghtlDp- 107 
Jan. June SiBmortte A'lip ^ 53 
Jan. July Slk'rtijome <£->.. 23 

July Jaxv SiaipsomS i’A’- 112 

Dec July Sfcetchlcy 133 

Oct May SndlhftNephJfip 73 


33-55 4 2 4.0 65 
td2.44 77 26 7.6 ^ " Anp 
5.67 4.0 35 82 2^ j£, r 

5 i i s “ K: 


♦ 7.3 * — Bri gray Grp 5p_ 8-\ 874 — — 

237 29 61 8.4 May BtiLEnkalon — 16 ?76 — — 

d4.97 33 5.6 8 7 Apr, Sept 3m. Mohair 591; 104 +2.76 3. 

652 23 7.4 9.6 Feb. Aug. BulmerL'mb 3»p_ 59 305 336 3. 1 

475 29 4.9 79,Jan. July Cairdi Dundee i_ 26 675 — — 

29 4.9 7.9 Dec. May Carpets IolSOp. 66 1431 +1.67 Z‘ 
14 4.1 218 'Mav Nov. Cnn'gmViyeUa- 361; 109 t213 2 

33 4 6 66; October Cewdawlnd 30 24.7 246 1' 

4.7 4.9 65lDec- June Coals PaLona — _ 70 305 3.31 3.< 


— ) — ) 4.7 1 Jan. Junej)IaiL*S£ir®plBT.| 67 


— ( — | — I Mar. Sep.lMddrmalaT. 


305) - 
IA7 1B8 


ID 9 515S December .4 «am D mists 11 ... 

_ March Assam From leril. 

_ _ _ September Assam InriU 

in 5 8 250 Mar. Sept. Empire PlanulOp. 
11 j’cjja — LawnePlantsil.... 


475 
4.75 
128 

h23D( 3JJ 4.1 
in2.68 4.fl 4.' 
+4.57 28j 8J 


7.9lDec. MayjCarpetslnt SO® _ 66 1U1 +1.67 24 3.9il27- May Mont Boston Wp 55J; 
IB'Mav Not. Cnn-gmViyeila- 36J; 109 t213 23 67 <5.91 , — ^ Do.Wnts.El— ,33 

a 6: October Cewdawlnd 30 24.7 246 19 122 6.4 Jan. Sep. Moorgateluv — 101 


69 68 Apr- Sep. [Mercantile tav- 42>« 2LH1.27 14 4 5 246 .. — . - 

8.0 4.8 Sept MaySerchanlsTst-. 761; 18^129 LlB 5 7 2M *««>«- 

_ _ Feb. JulyiMonJES Invest — 501; lLdl62 [lffl <8 302 May Not. M oran £1- 


6.4 1 OcL M; 


701 4.81 Aug. Mar.lMoorwdeTrod-l 106 


+b!60 20 55 107 Slar. Sept CoartatiMs 12® 305 7.67 13 1 9.3pl.&j AprJly.Oct NewThrw.Ihc- 20 211 156 Jl.fflll.712j 

hide 3.5 2.0 9A3Jar. Sept Do.T%Deh817 £72 70 07% 20.2lel2R — — Do.^^ WJ, - — — — — 

10.5 3.5 16 6 — July- CrowtherJ.i 36 126 do 06 — j 27) — 1 — Da.NewWma- 2»; — — 1 — J — — 


155 332 .10 9.: 
15.5 dl-22 26 7.' 
155 3 87 3.7 5. 

260 15.49 21 6! 
ZLE td247 23 5.1 


03 0 a viui 

ji S'? Nov. Jul 
I i IlFeb. J 
1 5 ,1^ Jan. J 

m MSte-sssi- 


sssEsei w-j mm m m*p. i 0 *- 


Oct. May Sob?.Law20p— 62 jbI 210 

• Aug Feb. Somie,; 27- 10.7 

-Sept Feb. Satheby P.2 323 70 

May Not. SpsnwiG W.lHJp 10O U.« 

Jan. *Aug Spear (JJf.t 223 76.6 

May. Dec. Staffo. Potts 155 119 

, June Dec. •DaftytrCnvXn. £385 15 Ji 

Jan. Aug. BtaflsKlnt 8i z 317 

‘ Oct May Stag Fbnumre— 137 17.4 

Not. Apt. Sieetley,, 185 109 


183 
250 

Nov. J uoellM Newspapers I 370ul 
Oct MayjWebsOTPob 5p| 58. 
April SepLlWilson Bros. 20p. I 44 


- 41 2Lffltl08 3ffl 6ffl 5.1 March VegirSAJCSl. 885 37^ 011c 


3.4 0 89 12 2 4 511 Jan - J J J, l e l5- ,nc,<,H1<1 W s - ,0 P— 

Apr. Julyparreo Plains 

24.7 3 88 10 57 249 Sepwniber|WilliainsonU 

Zli +4.B2 1.9 68 219 C-: 

375 Qllc 0.9 0.6 1775 011 


Sri Lanka 


Si, iiJ SSsiZ: it , i toper cent, and aXlww lor ™loe of declared dlatrlbuUou and 
In ‘ 1 - Stt C nc ej riRb**- Swuntle* with denominations other than tierling are 
182 ^6 <4 % ? t 3 3 iaclnsln? of the Investment dollar premium. 

£5 SI i-2 1-^6 SterJing denominated securities which include investment 

54 /L8 90.48 3.9 13 dotlar preraiwa. 

67a) 2JW^2Z1 20 4.9 * "Tap ' Stock. 

85 13 i] +11152 1.9| Z7 * Hiehs and Lowe marked thus have been adjusted to allow 

for right!. 1 suites for cash. 

♦ Interim since increased or resumed. « 

S f lnienm Since reduced, passed or deferred. 

it Tax-free to non-resident.* on application. 

. 4 Futures or report awaited. 

nglaaesn tt rnl:*ted security 

O Pnee at lime of suspension 

255 3110 +9.65 5.9 5.6 9 Indicated dividend after pending scrip and 'nr rights issues 

302 1)2 123 ♦ 62 cover relates :o previous dividends or forecast*. 

LG1 109 7,1 1 3710£ + Merger bid or reorganisation in progress. 

27 17 JO +2.01 1.6 11 1 j N« voinparable. J , 

332 4 9 bl5 6 7 1 lotentn: reduced final an dor reduced earning* 

I25nl 210 135 26 90 irdiee-.ed. 

345 ’4 150 fc'7 f Forocasi dividend; cores on eaxuings updated by latest 

2h Ttri in 7S in a inienm -.tatenteot. 

1?*— ‘-tt Vj/i tt X C01 or allewt; for connersion of shares not now ranking for 
ire r» c 3tii7 dividends or ranking only for rosu-icied dividend. 

LbU 40 si 4i(|LL/ f; Cover does not allow for shares which nuy also rank for 

^ dividend ai a turn re dale. No P t ratio usually provided. 

V Excluding a final dividend declarauon. 


156 l.fflll.7 124 U.pr. Sept.|Luimva£l— 


218 1 135)5.58 1 15(38 * 


24.71 +3.78 10.; 


10.5 3.5 16 6 — July CrowtherU.i — . 36 126 dO 6 
+737 24 85 75 Prii. SepL Bawsoti foil — 203 . 24.7+3.7 

+4.43 16132 73 Feb. SepL Da 'A' 292 24.7 +3.7 

1903 4.6 61 64 Feb. OcL Dixon fDssidi — 103 21( 3.73 

608 40 49 06 Nov. Jnly Earir<C'fcM. lDp 25 2)5 201 

20 64 3.0 73 Jan- July Foster iJohni 45 155 2.54 

23 86 75 Apr- Nw.BoggssiJ.H0ti- 339 109 +0.7. 
43 3.4 JJ3|Apr. Nov. HicJangFsLSOp. 102 4.4 734 


April .M.Y.AGartioare. 451; 377 +0.41 O.ffl 13 1307 


243 +378 103 28 54 Aug D«. 1SC8 invert 73 ‘ 155 h2.96 lffl 61 245 May Nov.[BlantyTeEl.. 

2183.73 4.7 5JH 43 May Dec.Wr6AllamicS« 931; 17.4 274 llj 4.4 318 Feb. UcLjRiw&suiei. 


2J0 t3.92 10 9.4 167 

J0b837 4.4 ^39 13 7 SeptlWifoonBroa-SOp.l 44 

U.« +2.18 63 3.3 52 

n 39? V 38 J 7 PAPER, PRINTING 
iii® U D i zb . - ADVERTISING 

17.4 87 35 5.1 8.0 Apr. July) Assoc. P&per— .1 62 1 

101 16.U .4.4 53 4.5 j a T j u fJ Daftac&K J 022 


4.11 43| 3.4 103 [Apr. Nov. HicbngFsLSOp. 102 4.4 724 

td3.40 50) 3.4 7.8 J>^7 HlddBro&op 111; 305 0.76 

1439 3 3 5.7 7.4 U an. Aug Hiphams 52 116 3.06 


y., IBS las tb.hi .4.9 S3 4.5 1 Jan. July DagbpcCMv.- 

— Bast H£S1 44 9 75 Q54c 13 103 8.9tpec. June Auhawiborg — 

Ape. AngjStcrlutglndtZizp... .. 28 266 129 23 69 10.4)Dee. May Benuwe 

Apr. ~ Dec.jSiocifoke 65. 153 261- 4.0 60 Afibmje Jan. Brit PrinUnB 


3051 1293 1 4 41 73) 67 ‘ — 


Feb. OcL Duran fDavidi— 103 at 3.73 4.7 5.4 43 May Dec. Nrh. Atlantic S« 931; 17.4 274 11 4.4 318 Feb. 

Nov. July Earjy <C 1 ft M lOp 25 3)5 201 23 122 50 June Dec. Nthn.Awrieta. 1031; 305 289 10 4.235.4 

Jan. July Foster 1 John 1 45 155 2.54 28 8.4 65 P«L July Northern Sees— 129 260 350 12 43 31.0 

Apr- Nw.H3ggssiJ.li0p- 139 109 +0.76 * 0.8 4 Jan. Ang Oil ft Assoc. Inv- 59 24-7 2.13 13 5.4 25.6 

>Apr. Nov.HidangFs.50p. 102 4.4 724 23 106(491 June -Nov. Onmch far 61 305 155 1.2 3.8 33 8 

July HlcWBnR.5p_ 111; 30.5 0.76 26 90 6.0 Apr. Aug. PentluKl[inr__ : . 1241; 126 431 10 4.9 29.3 

Jan. AugHighams 52 116 3.06 3.0 88 57 Dec. Aug ftotSes. to SOp 63 126 284 11 67 205 

Mar. Oci. Hollas Grp5p 68 70 4.56 2010.0 66 Mar- Sef*. Pronncial Cities 26 70 150 di 8.6 J — 

Aug Feb.Hrantray 43 315 d337 O.SHOfllAi Aug Feb. RaebnlU™ 126^ 364+3.76 11 4.4 29.9 Aug. ) 

OcL. Mar. ni , fiwoithM.20p 30 2L8 150 50 7 5 29 Feb- Sept Rea brook Inv. — 37 riJ 210 1.24 4 50 * Aug J 

OcL Mar. Da'A'IOp 31 ZLB 1.50 5.0 73 3.0 AW- OcL Rights ft te. Cap M 34 032 — — ~ Aug. 1 

Jan. AugingramiH.UOp- 31 3J dlJl 00 63 314 Oel Mar RiterftStet-- 178 7E B.25 1.1 69 20.1 

Nov. May JerotneiUMgs.;- 53 17.4 M282 3b 8.0 52 Sept Mar. River P^elteL 151 7.8 +634 13 63 224 

Jan. Julv Leeds Dyers 72 Sfli h!53 50 3.2 8.1 Apr* Nov. RobecofcrjFBO £60 >4 293Q25 6% L0 52184 

Norember Leigh Mills 20a) 210 dl29 20 9.6(00) Apr. Nov. Do. Sub-Sty^ ttti 293 Q25.W 1.0 5218 J 

— Leiex5p_, 144* 174 _ — — _ — RoIiumNVFISO. £48>* 1075 _ Mav I 

Apr. Pec Lister £5 12.12 1.0 4 2.8 * — Ito Sob.StofE- 482 1075 s— — — — Fcbni 

jan. July Lj'lmS.i20p.__ 65 305 4.99 ♦ 120 * Ang Mar. Romney Tnm_ 94 24.7 269 13 4.3 325 , — , 

[jfav Pec. Maetoy Hagli — 47«J 310 d3. 35 0.9 105 163 Ape, Nov. Rosedunomilnc. 53J>al 210+434 1.0 210 129 Au& \ 


Africa 

1 620 | 

1 175jcd J 


5.71 7.4,Jan. Aug Highams 52 

35 103 Mar. Oct Hollas Grp 5p 68 

•lffl 73 Aug Feb. Hominty— 43 

^ . OcL Mar. nfewunblLOOp 30 

OcL Mar. Da'A'SOp 31 

Jan. Aug Ingram iH.>iOp_ 31 
Nov. May Jerome CHidgs.)_ 53 


11 4.4 310 Feb. GclJRiw Estates ) 175jd 210 ) 

10 4.235.4 

U 50 250 MINES 

a I? II CENTRAL RAND 

- (Durban Deep RJ— ( 367 1 675) 


a Tjlc tn-e. h rieurvs based gn proipertua or niherofftrlal 
e-Mitnaic c Cents, d Dividend rate paid or payable on pare 
tvjlcnTai jk n„ capwal. cover based on dttidenri on full capntd. 
■’TO *li: I c RedcrnpiiiTn yield f Flat yield, g Assumed dividend and 

-J-vj -.iJ-*- 1 •..‘tj e yield b Assumed dividend and yield after scrip issue. 


Ll 4.4 29.9 Au g. Feb. East Rand Prp.Rl_ 
• 5 0 ^ (Aug Feb. RsndfmfiiEsLRJ. 

11 69 203 A “ S - Feb ^ eStBandIU 


(W.W — Apr. Pec Lister. _ — 
1 6.ffl 9.4ljaEi. July Ij'lmS.iajp., 


6— | I |_ Mav Nov. BractenWc 

s— ( — ( — (— February East Dsgea RI_ 
269 1 1.11 4.3 325 -- ER.GiUW50. 


J Faiinenl Iran capilol s«iro«t. k Kenya, m Lnlenm higher 
■nwYTLT+yO lhan previous toiaL n Rights ianue pending q Earnings 

iTjUtirl UO based on preli tm norv h cures ■ Dnldend an d y 1 eld e tclu de a 

special pay mem. 1 Indicated dividend: cover relates 10 
prenciij dividend. P/E ratio based on latest annual 
vfilT A. AVriULl IXrMHSJ 1 earnings, n Forr-cart dividend cover bused on previous years 

rh»iw.ftl /-ci earning 1 - » Tas free up U> 30p in the 1. w 1'ield aDons for 

o /SL m 521 So- — currency clause, y Dividend and yield based on merGericrras. 

9tKardrrjxBl 33o — — — * 7>l vidend and yield Include a special paymenL Cover does not 

ndfontriEsLRI!. £32>a 26i|iQ350c 25 65 apply to special payment A Nei dividend and yield. B 

si Hand Rl — 142 2b+|+Q13c 67] 55 fTe/eruice dividend passed or deferred (.'Canadian. Efsma 

price 1 . F Dividend and yield based on prospectus or other 
+G* A GCTlPDILr D A am nfficial estimate* for J9WW. C Aaaimrtl diudendmd yield 

AViaS JL CiKTO JKisi^ SL# after pcnriim: scrip a ad. 1 or rights issue K Dividend and yield 

, . , bortii on prospectus .or oilier of final esli males for 


Apr, Aug Shwiull HJdi_ 114 12 t d6-09 -1.4 S-3jl32!jan. July BnuningGfP— | 73 ( 72.6 d3.86 3.. 

June. Nnv Sumner iFtlto.. 13ri 111 b0.72 Jan_ July Do.RcsncMg_J 63 1 IZi d306 3.: 

OcL May SauMnSfroJUiu 35uf 210 fUfi. 30^ 4.« 8.1 sov. June BirazI Pn)p--_3 99 305 « 95 3.1 


Feb. Ang SutcEffc Speak