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as new 


Tbe first non-Italian Pope for 
450 years was elected yester- 
day. He ' is Cardinal Karol 
Wojtyla of Fhiand and be will 
take the' name John Paul n, 
in honour of his predecessor, 
who reigned for only 33 days. 

The decision came as a com- 
plete surprise and met with 
a mated reaction From the 
crowds . assembled in St. 
Peter's Square. 

The new Pope was Arch- 
bishop of Cracow. He is only 
58. the sen of a factory worker 
and before becoming a priest 
he too worked briefly in a 
chemicals factory. 



aid to back 
i Roche 


He was consecrated ahishop § |H| WTj 

in 1958 and was made a IB 1^8 ill III I dm M 111 

Cardinal 11 years later by k/ W 

Pope Paul VI. 

peS'fe BY JOHN ELL'OTT AND BAY PERMAN 

cant because - . . relations 

PoiTnd n have h bcen stiSnedlbr A £46in package of State industrial aid put together by the Government in 
2» years, though they have the past six months led the Swiss pharmaceutical gronp Hoffmann-La Roche 
y™ p ™ ved m fhd ^ twu to announce yesterday t hat it would bui Id a £140m Vitamin C plant in Scotland. 

inhn Paul IF hat a Alternative sites in the U.S. export 90 per cent of its. output The decision to build a sewer, 
ihnu.h ? ntl elsewh ere in Europe have and reintroduce vitamin C manu- lack of' which has inhibited 

pastoral background I been rejected by tbe company facture to Britain after a ten-year development in the past, should 

he studied extensively in me afier the offer by the (jovern- sap help attract other companies to 

fields or philosophy: and ment or an Elgin grant under its „ 5 . ; fl , nn ,i lw j Clinn |.. w ..u an area trying to survive collapse 

Lh eulogy. Selective Investment Scheme on m ' keL Eurone and *» f traditional industries such as 

top „f 127.6,0 ro-iunal ..d. fh^^oonS 

S||C|R||rCQ „ rhis isj the biggest grant yei for vitamin C for the food and l *Roehe inn 

SuSINcba . . offered under the selective pharmaceutical industries is tfrffT n r i i n . . ->inno«,i 

' . ' scheme, and makes the total growing at 7 per cent a year. «*** Sw«"trlW WeS 

vvr ni packa - tf one o f the largest and Mr. Wi Ilium Gerard. Roche g—onv or A me ri?. -IViS 

\A/qI 1 assembled by the Department of Products managing director. v in'rv- aS 

▼ T dll OllTOl Industry, which is using its 1972 estimated yesterday that by the £5“* 

„ , _ " _ w Industry Aci powers to attract mtri-lSSOs Britain would have a nie rIiv lh? finanS im-omivS 

folio Q^« for «>en projects. balance of payments surplus of JjgJg hv the^KtfaotriS 

lailS '* There will he £20m expeudi- in trade in the product. the ha lance, but said the total 

. tur f by local authorities on The announcement is a con- package offset the disadvantages 

SI . . water and sewerage facilities, siderable psychological boost to of the Ayrshire site, such as the 

VXlllS Plus a railway spur. The factory Ayrshire’s G a mock Valley, which distance from the main 

jj 1 *' he next to a Hoffman-Lu has 12 per cent unemployment customers. 

1 rf-w K°i'he p ' ant Dairy, Ayrshire, and where 700 are to lose their The amount of special aid in Ire 

InCP |:| The deal, to be reported to jobs at a British Steel Corpora- given to Hoffman-La Roche, 

twv XJaJmi / - Parliament next month, was tion works in Decern her. added to other -id either 


BY JOHN ELLIOTT AND RAY PERMAN 


GENERAL 


calls off 

seal hunt 


Threat to 
trade 
talks 
by EEC 



falls 





rev; 



BY MARGARET VAN HATTEM BY MICHAEL BLANDEN 


years. - 

Pope John Paul. IT has a 
pastoral background though 
he studied extensively' in the 
fields of philosophy: and 
theology. 

BUSINESS 


Wall Street 
falls 21.92; 
Gilts 


■ ■ ■ h ■ ■ ■ ■ -m /v ymM - p 31 lABiry. wynmre. ana wnere /uo are to inse ineir l ne amouni oi special ain to lie 

kSVrCUL -SXU&&1 IflCP 11 / 7 T " e deal - t0 be ^Ported t0 jobs at a British Steel Corpora- given to Hoffman-La Roche. 

■ Iv/wV Vro Jmt t ■ - Parliament next month, was tiun works iD Decemher. added to other .id either 

The controversial cull of grey m w\u STRFET_f>1«uuMl EF° t K ed if y “Whitehall team The plan1 wll , pr0V ide about approved or under consideration, 

seals in the Orkney Islands 7 W ^ 3 ^.. [f. . t h - v .^jdiatns. 1.000 jobs during construction, means that £150in allocated by 

was called off by the UK Govern- at 8ia.l7-— | ts. steepe^Tjfall Minister of State for Industry, which is to slart immediately the Government to its selective 
ment last nieht in a major almot-t four years— doe ; to Mr. Williams said it would and be completed by 1983. and investment scheme may be used 

victory for conservationists • interest . .rates worries and br *ns “substantial industrial give permanent employment to U P . before the scheme expires 

c ... . c ” disappointment over Con- and balance-oF-payments benefits 430, nearly a third of whom will t*e*t summer. , 

Bruce MHlan. Scottish i Seere- nn nn rim fcisr and and W,H slrengtben our imlus- he graduates or others with Mr Williams said that the 

tary, said the Norwegian hunters c " ‘T-- * trial base in pharmaceutics 1=,.*' advanced qualifications. Government would provide more 

^e* n 6 withdrawn because ... The factory will he operated The company estimates that funds for the scheme 

0i public concern. ■ « wnirirjv - T . by Hoffman-La Roche’s UK sub- 500 more indirect mbs would be How Whitehall won the 

The cull has attracted world •'TOKiCe IVIWfi-llow. Jones sidiary. Roche Products. It will created by the plant. order. Page 16 


tary, said the Norwegian ‘hunters sressionai aenon on mexa*..wia ^ 
were being withdrawn because energy Bills. t 

of “ public, concern.” * . . ' . hv ] 

The cull has attracted world ® TOKYO: Nikkfi-Dow, Jones sidi; 
attention as the Greenpeace average rose 45.6S to sj new post- 

conservation group played a war high of 5.797.06, . ■ 

cat. and mousf! game with the \ ■ , 

Norwegian -jufal. ship. Kvitlngen • EQUITIES gave f resir gronnd 

r •• on suggestions of price cu^is 
Hope for tanker - and stricter Price Commission 

Hopes of prevepttpg 

pollution from the stricken fe g , 
Greek .oil tankr-r' Christoi; Biras . 

were rising as" gale force: winds. ITT/.Wjepftlat. OriHnaw ^ 

began 1 to abate: '.and- pnuipi^. index elasdtf ’only.- '• 

operations were Vteppetl up. 494.6. ■. - , 

There is also optimism that the ; . ‘ ' 

ship can be saved: Page 6 •’ - ' » rjLTS . ^dged tower :iu ■ ■ i 

V.':' . 1 : ’ . t Wh^jWdlw.- Tfir finvern- 



odak workers in strike 
ill over 5% offer 


BY NICK GARNETT AND ALAN PIKE 


Prentice out 


Reg Prentice, former Labour 
Minister, made a last-minute 
withdrawal from the contest for 
selection, as Tory candidate in 
Moray and Naim. Mr. Prentice 
said he bad . made his decision 
after, spending, the weekend in 
the area.' 

^ Dying? Telegraph 

r Lord Hartwell, chairman and 
I editor-in-chief of the Daily Tele- 
•- graph, warned that . the . paper 
was “bleeding to death V.jmd 
' that it -.would not lie very long 
> before bankruptcy ensued, A 
' printing depute has entered its 
l lOrh day. Page 8 



DIFFICULTIES FACING cum- at the mass meetings. Overtime to make an early approach to the 
panies in keeping jieuiemenis bans und a work. to rule have also unions with an offer of mure 
withiri-:;thc Government's 5 per been discussed.- talks, 

cent guideline were emphasised In talks with tbe unions yen- 

yesterday, when manual workers terdav. the company srressed the _ .i t „T: nen „ rt TfJ 

throughout Kodak’s UK opera- dangers to Kodak and its fSSSf r 

tions were recommended to employees tf the guideline was „,f. n * r jf! n ^ f 0 -i” s . „.^ n o n r ! n ^| 1 ^ 
strike '.indefinitely Troin breached and the Government 

■tomorrow '.after the breakdown imposed sanctions. The company ); or f h s ?!r IF * 1 
of pay negotiations. said its offer, already accepted ® company 

The con. petty h as offered I . 5 < nc ^med vlw of the di'spme. 8 ? 

wrs rt-i™ «e -« . w . Prfr 

rates., Bui unions representioe lhal strike, now in its fourth par*! to examine with the cora- 

the 8000 manual workers sav week, may have entered a pro- P aC - v means of improving pro- 

Kodak can and must pay ‘more longed period of deadlock follow- duction efficiency when Ford had 
in wage increases excludin’ 1 ln 6 the breakdown of talks on s’ven a reasonable reply .to their 
productivity. ° Friday.' entire Malm 

K The Transport and General Mr - Henry Ford II. chairman • Mr. David Ennals, Social Ser 

Workers Union, which has been of the Ford Motor Company, has vices Secretary yesterday told 

. _ , . . . leading . th«» battle aaainsr the 5 cancelled a visit to Britain leaders of 420.Q00 nurses that he 

- ; . ; bectinties Index closed per cpnt ^ an{ j British which he way to have made as would put their claim for a 15 

rftODBl economist 0.37 down at 68.76— Its lowest oitrgeri, is the largest union at part of a European lour this per cent ” special case ,r increase 


BRUSSELS. Oct. 16. 
THE EEC Commission today 
indicated it will not continue 
with the international trade 
talks in Geneva unless the U.S. 

} Administration guarantees that 
■ countervailing duties will not 
be applied lo imports from the 
EEC next year. 

Unless the uncertainty over 
the duties is resolved prompty. 
the talks cannot he concluded 
in November as was hoped, the 
Commission said here today. 

It was responding to the U.S. 
House of Represent atives rejec- 
tion yesterday or a Bill to which 
an amendment was added ex- 
tending President Carter’s 
authority to waive the duties 
This authority is due to end on 
January 3. 

EEC Foreign Minister;; meet- 
ing in Luxembourg tomorrow 
are expected to discuss the issue 
and may consider retaliatory 
action. ' j 

The Commission said todav it j 
regretted that the U.S. Congress 
had gone into recess until mid- 1 
January without extending the! 
waiver. It was also seriously 
concerned that Congress had 
approved legislation excluding 
textiles from the Geneva talks. 

“ The f act that legislative 
action can now lie ruled out 
before Congress reconvenes does 
not. we assume, exclude the 
possibility or a solution by 
administrative means.” ihe Com- 
mission added. 

Commission officials said after- 
wards they did not have any 
, ■'pecific action in mind but 
wished lo show firmly that tbe 
ball was in the U.S courL 

“ When people are hard pul 
lo it. it is aiuaring what their 
lawyers can find — they may be 
able to dig up some weird 
presidential powers, they added. 

Unless the Administration 
finds a wav to extend the waiver, 
the U-.S Treasury will he obliged 
by law lo impose duties on some 
subsidised EEC exports, mainly 
dairy products and canned hams 
The value bf produels Iikei> lo 
be affected Ls estimated at morel 
Ulan £40Dni a year_ 

Jurek Martin writes from I 
Washington: Mr. Robert Kfruuss. 
President Carter’s special trade | 
representative, and Mr Michael j 
Rlumemhai. the Treasury Secre- 
tary. met today to see if there 
were administrative ways round 
•he problem 

Carter seek« to nullify Congress 
stand Page 6 


THE DULL At: slid furl her 
yesterday as foreign exchange 
! markets adjusted in ihe weekend 
| news of the West German 
! D-mark’s revaluation within rho 
I European snake and to develop- 
ments in the U.S 

The increase in the D-mark’s 
value — by an average of just 
under 8 pei cent against olher 
i member currencies — relieved the 
pressure on the snake which had 
built up last m.‘i j k Member cur- 
rencies were qtmh-d within their 
new limits. 

It was taken a« an en- 
couraging sign f«r the current 
talks on a broader European 
monetary system, indicating the 
possibility of. making timely and 
orderly adjustments within a 
svslem of limited exchange rate 
niictuatinns. This ooint is likely 
to be made tu Mr. Callaghan, 
who visit* Bonn tomorrow.- 

However, the markets felt tbe 
adjustment announced late on 
Sunday night was not large 
enough to prevent pressures on 
the snake from recurring or tn 
reduce the movement of funds 
from tbe dollar into the D-mark. 

The dutlar was helped briefly 
in early dealings yesterday by 
President Carter's success at the 
weekend in gcttinc Lhe overdue 
Energy Bill through Congress. 

But the improvement was 
quickly lost, as the underlying 
adverse view of the dollar was 
re-asserted. 

The trade-wri .'hied deprecia- 
tion or the dollar, as calculated 
by Mo rean Guaranty at noon in 
New York, widened to a record 
10.H per cent, compared with 
j 10.2 per ceni on Friday The 
dollar slipped lo DM 1.8530 at 
i the close of London trading. 


against DM 1.S6 previously, and 

in spile of intervention it 
dropped lo SwFr 1.5192 i against 
SwFr 1.5265. 

The U.S. currency was also 
under pressure against the 
Japanese yen. ahead of the 
announcement of the September 
Japanese trade surplus of S2.lt bn 
— second only to Ihe record sur- 
plus in June. 

Pressure on the dollar has 
been one of the main factors 
u Inch bus led tn the growing 
strain within the European snake 
in receni weeks. The movement 
of funds has concern rated mainly 
on the strong European curren- 
cies. and afier Swiss measures to 
discourage inflows a fortuight 
us. n. aiiention switched to the 
D-mark. 

This pushed ihe West German 
currency lo its ceiling, against 
its partners in the snake, and 
required growing intervention to 
keep the rates within the official 
limits. 

In West Germany Herr Hans 
Mrit; huefer. the Finance Minis- 
ter. said the revaluation bad 
become technically inevitable. 

In the realignment, the D-mark 
was raised by 4 per cent against 
the Danish and Norwegian 
kroner and by 2 per cent against 
the Dutch guilder and the 
Belgian and Luxembourg francs. 
Yesterday, it was announced tbe 
Au«trian schilling hid been 
devalued by 1 per cenl against 
the D-mark. 

The pound slipped on the 
esrly strength of lhe dollar and 
was weaker as.unsi lhe D-mark. 
Bui il recovered against the 
dollar lo end wilh a gain of 25 
points at 81 9800. with its trade- 
weiehied index rising from 62.1 
to 62.2. 


on in 


r in New Vork 


Opt, 16 I 1‘m-lftn* 


* 1.4 j S l.« 5 ? 9940 j Sl.n?. 40 .‘€SP 
t n , -vr , r } l 0.65-0.46 ||. j 
^iiihiiiIm . 1 . 70 - 1.00 'i- ! 1 . 57 .|.al*li 
(? I,,. mi i £i S0-S.30 1 1« ■.J-L-i.d'- Sj. 


BY GUY DE |ONQU1£Hj 
- -** 

' MEETING ol KK«* : ir..jrve 
Ministers tn Loxcmlunu : vlay 
h-fi Germane alona -.miv lion- 
mark an* I Him NeffuM-land* in a 
Hear minnrily in Ihmr altitude 
towards kev a<;iccts «»f the r*rn- 
-»osed c\i-h-:Ti*.-M r.i«n nmchanUm 
he used in the Furnp^in 
Monetary System and the 
amounts of credit In umbo-pin it. 

The *hrpe Governm* j n , s w**re 
alone in resisring proposals that 
would impose an obiigatior. on 
strong — as well as on weak — 
currency countries to intervene 
on foreign exchange ir-irkels and 
take corrective measures when 
currency movements indicated 
that a change in their economic 
pntides was warranted. 

The Prime Minister and the 
Chancellor of rh*» Ev-heouer — 
rnrtified hy a marked shift of atti- 
tude among other EEC countries 


LUXEMBOURG Oct 16. 

In-.* arris- ihe monetary system — 
are j„ urge the German 

Gi-ver»n»rnt at thHr talk- in 
Bonn later this week to modify 
its iiosilinn on h»m the scheme 
should work in practice. 

The Germans. Danes and 
Dutch wore the only delegations 
to insisi rhat the amouni of credit 
available for drawing in lhe EMS 
should he effectively limited to 
much less than the 25bn Euro- 
pean units of account (£16.7bn> 
agreed by EEC leaders at their 
meeting in Bremen last June. 

According to calculations by 
other delegations the German 
interpretation of the agreement 
would restricr the credit avail- 
able to no more ihan IKbn units 
of account — and possibly less. 

Continued on Back Page 
Editorial comment. Pago 16 


’The ldT8 Nobel Prize for Econo- tevel since June this year. Kodak. month because he does not wish to his Cabinet colleagues. 

• m»« hw "nneto-Srof Herbert A Mass meetings at the com- to become personally involved in • bir John Methven. director 

Smoirof lhe USCtfn£"ie- • DOLLAR declined after a pany’s manufacturing, printing the dispute. general of CB1 yesterday 

Me Ion University : for his firmer start its trade-weighted and distribution centres are Ford management has already rejected the notion of controlling 
WrtS - into index widening to an ali-time “5S! &£* J« f “ *L 5*« r SSW 


dS3i,. SsL w-ithin ^4 ’JTiT 5 |I«,“»,T i ii“< niHm.Tir n ,in ^Teidcrs meet Government sanctions by offering He said on tteJStt Radio Today 

wision inaRzn^ pro G s to record o* pc r an . 1TI trininViY in thn i v cn-irnh Fnr S npr ppm «n hnsir ralftc with nrnrramnif» that hi* did nnt 


economic organisations.*' Page * . 

• STERLING closed 25 points 
Fire tragedy • np at $L9890, its trade-weighted 

MioKno , . _ rrootr chin- indff* improving to 62.2 (62.1). mendation from the company's rather arbitrary treatment From most settlements would have to 

htc er °wifp inri huhv union council would he accepted the unions, and is not expected be wel! into single figures. 

daughter, died when fire gutted • * J! n ■T'T : 

their -mansion at' Esher. Surrey, down at S224 c . The New *ork 

Firemen found Mrs. A veroff call- Comex October settlement price urf TrtTt 1 '■•j* 

ing for .help and she was rescued, was S227.10 if5224^0). Standard [%J ftj OAA MT C AAltll%t Afiiri Aft llfklr 

b.iit died later. . grade cash tin rose by £435— 111 OH/ dCCJVO VUIIllUUUl llCtS lllllV 

- - the biggest ever single daily 

Namibia talks inerease—to dose at a record BY JOHN WYLES NEW YORK, Oct. 16. 

Diplomats said the opening £7 ' 840atoime - 

session of the Pretoria summit on ^ DEPARTMENT of Trade said THE New York Stock Exchange share of trading volume in the regulatory complications. Com- 

Namibia had been in a -climate that the index of 'volume of retail i s seeking to negotiate an shares of the largest industrial modiries trading Is overseen by 

which was “conducive to coen- sales was provision all v estimated important diversification of its companies in the U.S. - the Commodities Futures Trad- 

proinise:"- But South Africa and at nos j ast month, representing activities through a merger Correspondingly, a merger ing Commission,' which is 

the five Western- powers have a j per ceiJt tigdinp on the with the Commodity Exchange would boost Gomes’s importance, generally held to be less buiden- 

not yet talked about the major average level of the. previous two (ComexL the largest of New Trading principally in gold, si I- some in the demands it makes 

stumbling- block, which is the months. Back Page York’s six commodities markets, ver and copper. Com ex has than the SEC. 

question of unsupervised elee- - • a According to top executives ridden hapily on the back of the For this reason, the com modi- 

tions. BackPage • TATE and liui is negouat- of both exchanges, merger talks world-wide boom in commodities ties trading establishment would 

ins w,th >, An Slo. Amencan are s?tl]l ai a very preliminary trading, but it still does not rival not welcome any move which 

JtricrHv Industrial Corporation the sale stage. Neither is willing to the Chicago Board of Trade, might involve closer SEC Involve- 

of the British sugar groups speculate oo the sort of organi- whose total volume is more than ment in its affairs. Comex has 

Car ferries - between Holyhead remaining major South African sation. .which might result from three times larger, and which recently been talking merger 

and Ireland resumed after the investment— the 5L6 per cent a merger but the motivation for deals in many more products. with the New York Mercantile 

weekend pay dispute. stake in African Pr^ucts. Back tfie ulfcs is already fairlv Tbe NYSE has been working Exchange, whose main trading 

Man burned himself to death »“d.Ncw s Analysis, Page -h apparenL on plans for a community mar- products are potatoes and 

outside a Queensland coal mine ^ %]TRTnFR rise in steei A reorganisation of U-S- stock ket of its own for some time, platinum. Mr. Richard Levine. 

protest at being forced to join follow a markets is extremely likely over along with the development or president of the exchange, argues 

J - * 9 imports is expected to toww ■ thfl nex , few years _ The NYSE options trading whose expansion lhat this would be tbe more 


again tonight in their search for S per cent on basic rales with programme that he did not 
agreement on pay policy. tbe promise of more in return accept a 5 per cent pay norm 

Kodak union joffieia Is said it for improved efficiencv. The com- because “everyhody. believes it 


up at SL9890, its trade-weighted V was unclear whether the recom- pany feels that Its offer received is something to be beaten.” Bui 


NYSE seeks commodities link 


BY JOHN WYLES 


NEW YORK, Oct. 16. 


a union liin^nn hVnfcVtpil Stockholders hext few years. The NYSE options trading whose expansion that this would be the more 

T—n and fn S! Iv^wommcnded I s .planning for an era of in the U.S. is currently frozen appropriale consolidation since 

Train service between and sharply increased competition, by order of the Securities and it will not serve the commodities 

Pakistan was stopped without prices For their steels, rep g Diversification into commodities Exchange Commission. industrv to have stock exchanges 

explanation at Iran _s request. the practice of a man o t . .trading would help offset any Acquisition nf Comex would riding piggyback on the rising 

Man aged 72 has been charged mumnura pnce - nack ragc • diminution of its present snpre- be a short cut for the big board, tide of commodities volume, 

with sending a. murder threat to g RUGBY Portland Cement Com- macy based on its 90 per cent but it may not be without its Lex, Back Page 

union leader David BasnetL pany pre-tax profit advanced 7.1 

Blue Peter, the BBC Television per cent from £5.S6m to. a record mm ^ mmb ■ 

i^S^bS£SrT C ’ celebrated 2^38 iSte 11 b . . CONTENTS OF TODAY’S ISSUE 



CHIEF PRICE GRASSES YESTERDAY 

(Prices ip pence unless otherwise .. . FA 


; indlrated). 

, RISES 

Albion - — 26 + 6 

Anderson's Rubber ... 54+9 
Barr & WAT. - A- :...16#xd+- 8 
Break SL -Bureau ... 85 + 5 
. Dixon m.) tos + 5 

. Edwards (L.G) -16J+ 5 

Fatm-.Ffeed:- 68 + 5 - 

Lambert -Howarth .... 34 + 6 

MWland Educational 223 + 5- 

Milford Docks 128 + S 

• -Mining. Supplies 106 .+ fi 

Peters Stores .:........ 48 -+- 3-. 

’IVaJlis 1 : 86 + fl . - 

Geevor J. ...... 153 + 5 

Parifie Copper- ......... ' .68 + BJ; 

• Ssift Pba ' .76 + S' 


_ FALLS 

Exchq. I2pc 1999-02 29SJ — f 

Ahglo.Aro, lnd 530 -30 

Brit Home. Stores ... 204 -5 

Dunbee^ombes 120-4 

Kan so me Sims ITS —10 

Redfearn NaL Glass 280 - T 
Simon Eng.. .......... J. 270 - 6 

Spirax-Sarce 162 - 4 

Steel Bros. 215 —20 

Turner A-.-Newall ...177sd— 54 
Anglo American Crp. 348 -10 
Buffels. - 753 

Kinross 3U2 -30 

Kloof ■ 542 -29 

Randfontein £31 — .1*. 

RTZ - 533 - 5 


CONTENTS OF TODAY’S ISSUE 

-European news 2JI Technical page '. 14 intnl. 

American news 4 Management page 13 Euros 

Overseas news S Arts page 15 Bfone* 

World trade news 6 Leader pagh 16 World 

Home news— general 8,9 UK Companies 30,32,34 Farm! 

— —labour 10 Mining 32 UK s| 


Intnl. Companies 36,37 

Euromarkets 36 

Money and Exchanges 35 

World markets 38 

Farming, raw -materials ... 39 
UK stock market 40 


Roche: International bard 

sell 16 

President Kaunda in a 

cleft stick 29 

Dettcsehemark revaluation 


inevitable 


Appointments . 40 

-Appointments A dm. - U 
Base Leuflas Rates. 38 

Business Opps 11 

Crossword 12 

EmorUInoieot Guide 12 . 

FT -Actuaries Indices 40 


FEATURES 

Arab Industrialisation 5 

Film and Video: Predictions 
and outcomes 12 

Grasping Spain’s state-owned 

bull by the horns 13 


Lotting 29 

Lu 44 

Lombard 12 

Men and Matters _ is 

Racing 32 

Sateroam g 

Share (nromutiop ... 42. 43 


Tddnr'c Events - 

TV and Radio 

Unit Trusts 

Weather 

World Vain oT £ ... 


Portugal and tbe EEC 3 

Whitehall and tbe new 
Motor rallying s spin-off ... 31 

FT SURVEY 

European motor industry 17-28 


29 interim statements 

1? Ruohr Prttad. dm. 38 

u Swot Bros. Hldos. ... 32 . 

41 ANNUAL STATEMENTS 

44 AGB JUseari* 32 

35 O-UU’.-pBpff Hldss. 34 


For preliminary information contact 

Richard Ellis, Chartered Surveyors 
64 Cornhill, London EC3V 3PS. Telephone: 01-283 3090 


Richard Ellis 


For latest Share Index: 'phone 0124$ SmSfi 










Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson I« 
number c 
were con> 
paicn agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was, had 
an urches 
himself, i 
Lady Fe 
M arcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pr. 
to hear 
Sir Hanoi, 
formal co 
On the 
against I 
council s; 
Royal Cc 
that ther 
Labour hi 
The Pr 
is one n* 
Iished tod 
In ano 
council 
against tl 
Daily Ex- 
picture c 
Henrietta 
death in I 



Financial Times Tue^rGcfofer J7I97S\ 



N NEWS 


fear 


'U'Il 


Si 132 


ds to 
ostrial 

aly 


Nobel prize for economics 1 

won by Professor Simon I for 40% 


Madrid moves closer i 




BY WILLIAM DULLFORCE 


STOCKHOLM. Oct. 16. 


BY RUPERT CORNWELL 


ROME, Oct 16. 


pay rise 

By Stewart Dalfcy 


to recogmsmg 
the Polisario Front 


to Prcfossor Herbert A. Simon maximising entrepreneur. 


1.3 per cor*;. me v.n:*t 
return this vejf r>Eu f:-.r anv ., 


•nter.tial unrest can only ! tion research are largely 


ho !ii.-;:ea 


the 0.4 nor cent inereavc r-rsis- -hr-vinr that consumer price? 


DUBLIN. OcL 16. . 

INDUSTRIAL ACTION by 
Ireland's police force; the 
Garda, by the end of this week 
seems certain after the Gorveru- 
menfs refusal to set up a 
special nay review body. • 

The Government has offered 
a speeded-up conciliation and 
arbitration service to consider, 
the par claim of about 40 per 
cent, hut the four Garda org- 
anisations are expected •" to 
reiect the proposals. 

Farther meetings between 
Hie Garda's representatives 


BY ROBERT GRAHAM 


MADRID, Oct-ltt 


tered in August. 

it coiii'.'n sitvsied-.c^.v .-f; a r the 
Engjnccrjsg V/.-.r;- Unv'i. ; h .■ 
1.5m member- *-f v.ii-.'h inti 
strong renr«.->''niati , *n in ' iTsri 
industrial conc-irr.: .--.ch rijt 
male ir a usee- setter in ;m. 


hi 1 fibril on Professor Simon's ideas. He psychology at Camegie-Melion in ser.sce amoas a fcv;. Farther meetings between 

wit «h£S!I is described as “an economist 1949-H5 were especially mfliien- Moreover. Professor Simon's Hie Garda's representatives 

i„thZlin the widest sense of the lial. These were Public Adminis- theories have been used success-! and Mr. Gerard Collins. Minis* 

, y'nf the ! word" who has had somethin? tratiun. Organisational Man, and fully to explain end predict the ter of Justice, are scheduled 

.. - * sJfll 0 ; important to sav in a wide range Organisations. distribution of decision-making, for tomorrow and the dispute 


figure at 


'-l**; difficult. . . statistics and operations analv^is. making a* e less elegant than the tion. to choose investment port-: The Garda have been 

■; r.j i ! nuiam. ui»™ oi laoour si ar ti n g , w itli his “epoch- classic profit-maximising theory folios and to select countries in . demanding nay increases ^to 
in in., i-r.-s’ s i- * c.'.nerrtone ot rne making” book Administration but they explain very well the which to make foreign invest- ; bring them into line with their 

. C : ‘! ^;Vinnn a PandniR. the Behaviour in 1947. Rrofessor systems and techniques of plan- ments. counterparts in Northern Tre- 

■ L-d -I s r i. inpn s Maria Pandora, ; tne [ Ian d and Britain. Ther sav that 

csiiaer Tre:t.*i.r- Minister, and is inti- i .n h . m h wait .naM 


d Illicit It. 1 

T he nuidins down of labour sia jsiic 
r,<*s j; -a cornerstone of the new i v ar , 
i:on>i.>i:c strategy laid down by 


forthcoming round ■ : ’ra;c c«:onM.u:c strategy laid down oy 
nczo;ialn<n;. Iia^ r-: ;-vd a S ’, rriinpn Maria Pandolfi, the 
nationwide rtrric ft.;- esu jo r Tre^.*i;r-‘ Minister, and is inti- 

lfi in support r.[ j-,5 a»jmtr:ii^. -rji-.-'v bound up with the sur- 
Thcsi- inciiirie r ; ridi: -lilp. in rival nf the present Government, 
the working week oe tween supported by all major parties, 
and 3S hours over ihe ^rye-year Sir. Luciano Lama, bead of the 
life of the n romr:-jt which Communist-dominated CGI1. and 
runs until 1981. and ...n average loaders of other major unions 
monthly i^cn-o^e L30.0W) have .shown some readiness to go 
liTfli. consitierab v in er.-'es# of aior.g v:ith the Government But 


Greek Left holds ground in pollj 


BY OUR OWN CORRESPONDENT 


ATHENS. Oct 16. 


The ficuri* be!r*'j laii.e.! ukom hy 

i he Giv»crnr.'.-:Dt. «•” ri 'i.- i eaters 

nf The most powzrKii union 
groups. 


lunicipal 


counterparts in Northern Ire- 
land and Britain. They sav that 
aftbongb they were well paid 
ev**n five v**ars ago. thev "have 
fallen behind their counter 
narts in Britain hv between 
?25 and £36 a week. . ‘ The 
average take-home «ay ■ for a 
Ga r da member is £65. 

The Garda are prohibited by 
law from striking hnt they 
hav#» aired the possibility of 
various . form*; of industrial 
unrest including not attend 5 ng 
ronrls- on da^s cff. ir^rictin? 


end. But they failed to obtain Both failed to obtain the re- absenteeism . is punishable hy . j h<> P un,herorpa‘ tr oIs ♦bey wW 


ContsEalsag Impasse in 
Belgian U’ditleal crisis 


BY GILES MEP.RiTT 


BRUSSELS. Oct. 16. 


increases in terms of vote per- quired absolute majority. law. j w, n ntng oTertime’ and 

centages which would have been If anything, the results show Political analysts a.?ree that- ^ #pnriine no the number of 
translated as a decrease in the that the Moscow-line Greek Com- the Government’s reevnt swing? ' Mrkine }ir k »ic i«ned 

government's popularity since munisi Party (KREi increased towards the centre of the Greek ** ! 

November's general elections. its strength in Athens to 163 political spectrum and the inch*-. • _ 

t . t v.,,, per cenr of the votes, from the sion in the Cabinet of liberal) TroHo ClIlMniTI^ 

«nn r om^ t nr n th 115 P cr cent it obtained in the politicians do ro« seem to have; X i«Qc SlirpiU3 

500.M0 of the 6.6m registered ge/ie ‘ a[ eleclions . paid the dividends expected in . ■ « , j 

Sif Sonic observers. attribute this term<; of voles. \ III S\VltZGrl3flU 

council L held h the Com- f ac r that there were about ' Also, the Government's recontj 


SPAIN HAS taken a further step 
towards the formal recognition 
of the f Algerian-backed Saharan 
Liberation Movement, Polisario. 
In so doing, further strain has 
been placed on Spain's relations 
with Morocco. 

Over the weekend the Govern- 
ment party. Union, de- Centro 
Democrat ico (UCDl approved a 
statement which said that peace 
in the Maghreb could only -be 
achieved “ by respecting the 
wishes of the Saharan people 
and their right to self-determina- 
tion and freedom* This state- 
ment, worked out by the’UCD’s. 
spokesman for foreign affairs, 
Sr. Javier Ruperez, was against 
the advice of ,tbe^ Foreign 
Ministry which in public, is still 
seeking to avoid recognition of 
Polisario since this would 
alienate Morocco. _ 

However. Sr. Ruperez with the 
support of his party pressed 
ahead with the statement — a 
statement which was a pre-eon-' 
dilion for securing the release 
of eight Spanish fishermen held 
by Polisario. A previous group 
of Spanish fishermen held by 
Polisario had been released on 
the initiative of the- Socialist 
Party which already supports 
Polisario. 


view _ of 'the : Parly, 
Government.’ it is lllwly ia jfifc 
instance to Tie attributed tenths 
.Government. Because. oTtbiih 32 
Foreign Ministry is said 4o *; 

: extremely angry at ^eh himfc 
mining of its authority.'.. >-:'^ r .g 
At best It Will make it difficun 
for Spain -to tell the Mera&ar** 
that it is now. abMlng^iw-tk. 
1975 tripartite agreanient-wia- 
Mauritania and Morocco,: 
specifically .excluded rgc ^n iSar 
. of Polisario and gave, de'rftitt 
sovereignty- 'of; ihe- - vfmgu 
Spanish colony .to -MauritjjnB 
and Morocco. ■ ; -Vvr.iSr 


In the past tw o- months Sttanift- 
policy has shifted towanfe shs 

port for a negotiated 

to the Saharan conflict ■ wtast 
would give some fbrin of' wwS 
nitioir to Polfeario. .St; Rilierm 
last month attended a 'poBsarfi 
congress at Tfndouf : iir 
The real fuss provoked -g 
UCD's action is.; more, pae 
principle;. For-Teasons .wMAV’t 
look ,'li^e •{ - JEfaiaig ' 

political . . oppprtun^mL^H^ 
kudos tor the" Party -.itf-rMftwSg ” 
of UCD’s congress whidi 1 - opens 
on October J9 — the Goyerhincbi 
Party has been vwlfiny ta ante- 
mine the authority of one ofia ’ 
key ministries, . .■ '.f ,»r 


Trade surplus 
in Switzerland 


Basque police protesters 
transferred by Suarez 


Should ihe present itieript to f orf p na H?in° Un ^ a cracy party, who resigned last have swung the vote of personal house r.r a pleasure craft or> tember last year, the Federal 

form a new uuilitiun goveiTimer.t T month as Minister of Culture, admirers and left-wingers, not buys -property) may have, cost; Customs Office said, 

without res-oriina to * -ecei'a! T c; “ tU tl Sr received 42.1 per cent and Mr. necessarily Communists. it a good number of votes. j imports in September were 

election end in failure, there -ire ' Su-Fr 3.41hn compared .with 

fears that tiic poiiiiral imp.'** ?S I, ilL s JS225? 


measures (under i .. - BERNE, OcL 16- 

r.me nf a Greek is! SWITZERLAND had a trade 
by tbe*size of car! surplus of SwFr J25m In.Sep- 
rent be pays, the 1 tember after a revised deficit 
■varus he employs.; of SwFr 156.7m In. August and 
ic own; a country ; a deficit of SwFr 30m in Sep- 
pleasure craft nri tember last year, the Federal 


"BILBAO, Octrlfil 


•1 


present crssis could dcvpjop Into details of M. Tindemaos' plan 


7 recovers 

Own Correspondent 
PARIS. Oct 16. 


French sea strike spreads 


BY DAVID WHITE 


PARIS, OcL 16. 


M Paul Vanden Boeymmts. the wing of the sSepTO. had tics • * backing in Atlantic. Channel and JSKS oK 

.a*? 011 • hy KmS reportedly hoped to overcome The Industrial Production Mediterranean ports. —has spread into the private sec- 

F.audouin with forming a new that opposition, but after three Index, based on 100 in 1970, was Unions, which Are fighting tor, where protest action is 
imennnn. . days of sustained talks has yet back in July and August to its against the employment Of planned this week in steel and 

M. vanden Booynants. a 59- to do so. May level of 127. foreigners at lower rates, warned shipbuilding. 


3.1Sbn in August and SJZObnin 
September last year,: while 
exports were 3£3bn against 
3.03bn and 3-67bn respectively, 
an office spokesman saicL - 
In the first nine mouths of 
this year Switzerland had a 
trade deficit of S*rFr820.9m 
compared with a deficit of 
SwFr 1.46bn in the same jear 
and period. ' - ■> 

Renter 


THE Madrid Government today 
began the transfer of 300 angry 
policemen who demonstrated 
over the weekend in- Spain’s 
Basque region calling their 
superiors assassins ---and 
accusing them of beuig soft on 
terrorism. 

Tn the most drastic .move so 
far by the Centrist Government 
of Premier Adolf Suarez to 
stamp out growing police dtssi- 
dence, the policemen and their 
families were, ordered out of the 
Basque area as two companies 
of reserve police were rushed 
in to take over in Bilbao. 

In Madrid, the opposition 


Spanish Socialis tWoTkets*-: |> ? rty 
warned the Basque-iimrest^fa 
threatening. post-Franco ‘‘ demo- 
cracy. • 

. The mass police transfer eame 
within hours, after TwUcrenim %% 
plain . clothes! . Snd ■hr.'tk^Dtiu 
beat on tdficial . cars-f of die 
military, -and Lilian ^ "g^eTnen-RC 
faUowiag a iuherai for two slant » ' ^ 
poifeemen . ^ 

The Basque scparaiirt'bwi^ 
sat ion. ETlWr- today 
claimed! the killing of tiw ieo; 
officers. And temrists'belleved 
to . -be -Basque^separatisi^-alwt . 
another.poHce victim, . thrir 2 Zfitf 
this- -year; a few mDesLi^ as 
the f uneral was heinr fiadr.-V- 
AP 










• 




rS I 


Sbp 




T^rTT/^T! 


Easier hanking la 
as aid to Arab inv 




“Sabena has some of 
the fastest connections 
with the Middle and Far EastT 


some of the fastest connections to 
the Middle and Par East, and you 
can begin tu. understand just how 
Sabena can answer business 
travellers’ needs. 

Take Brussels Airport for 
example. It is just a fifty-five minute 
flight from Heathrow, yet despite 
the proximity, the contrast could 
hardly be more marked. The sheer 
calm, comfort and efficiency of the 
compact single-terminal Brussels 


I airpon makes it one of the most • 
j civilised in Europe, with every - 
facility for the business traveller 
dose at hand. 

Such as the Sabena Business 
Club, with its office, conference and 
lounge. Such as the 7st class lounge.' 
Such as one ol‘ Europe's finest: 
duty-free shopping precincts. V ' 
The convenience doesn’t just 
snip at the airport. For Brussels- 
bound travellers there's ihe Sabena 



BY PAUL BETTS* : ' . 

A CALL for an/easing of bank- He stressed that there were a ated ~ . growth with -, 
ing legislatiop to facilitate number of conditions if Italy was uftempioympnt.V! B A' Ae empnj 
greater short-term Arab invest- to maintain its share of the sised = that mijt^ -isseSsc&ent; a 
ment in Italy was made today by world market These - included European^ -economieWliri)si»i3^ 
Mr. Abdulla Saudi, chairman of the condition that the more : pros- must take . .mtb ! account ^ the 
the Libyan Arab Foreign Bank, perous economies of the indus- Franco-German -proposal of a Sew.'' 

Speaking at the Financial triatised world should keep-jup economic 'nwiietary 
Times conference. jointly demand and that Italy should although be . thought itx imfcirt 
organised with the Italian state succeed at last to reform the both short-tenn /suid ' nieditU0'>. 
agency for the promotion of basic structural weaknesses of its term was difficuit to assess. . ;. l . 
&£nf l #fMcrm7 l0 «? t S».!i 1 i cS* economy, , namely the ever-, *• Clearly fh& tolention or tiva 


“The compact single-terminal 
Brussels Airport 
is one of the most civilised 
in Europe.” 


Sabena is uniquely placed 
to give a better service 
to the business traveller?* 


With the advent of widc-l>xlicd 
lets and lower airfare-,, flying h.ii 
become mure and inure accessible 
tu more and more people. Airports 
designed in the forties and til ties 
are less able to cope comfortably 
with die sheer numbers of 
passengers in the seventies. 

And, ••lenur-e. ir is the regular 
fiill-lare pjying business traveller 
who iiilfers m»«st ofall. Yet what 
c-«n Iv J- *nem help him V 
This F: « here Salx*n.i comes in. 
Sabcnu i-. uniquely placed to civ; u 


better service for the busTness 
traveller, because it is neither a . 

large impersonal airline, nor an 
overstretched small one trying to 
cope w ith a high proportion of 
tourists. 

Sabena, being Belgium's - 
International Airline serving the 
EEC capital, carries a higher 
proportion of business travellers 
than any other airline. • 

Couple this experience with a 
network giving an almost unrivalled 
coverage of Central Africa, and 


Sabot* ‘iflri 1 -,/jd menu n highly raltd. 


train, which whisks \nu from the 
station beneath the airport to the 
very centre of Brusset ■. to Brussels 
Central Station to lx; precise) in just 
16 quiet and comioruble minutes. 

So you see just how Sabena is 
tackling the problem of business 
travellers seriously, to make 
business travel less of a business. 


industrial development In the 
South (mSlID). Mr. Saudi said 
Italy now enjoyed a -ery good 
position in the Arab world. 

He added: “ The prevailing 
monetary and banking legislation 
does not help in bringing short 
money into the country . . . and 
before expecting a direct invest- 
ment in any country one has 
always to start with a short-term 
investment.” 

Mr. Saudi referred to the cele- 
brated deal between the Libyan 
Arab Foreign Bank and the 
Italian car group. Fiat. At the 
time, he recalled, he was asked 
why Libya decided to invest in a 
country with a sick economy like 
Italy. “"My answer was that we 
believed in the potential of the 
Italian economy." 


FINANCIAL 

TIMES 


should have. a stabilising elfettJr 
the monetary; ^sphere,;, and- thusj 
in -.time, have a positive 
upon economic growth S- . ..- : 

He added: ** If • -uieaiber 
Governments, including. ia'-Pjp.. 
ticulat, surplus countries 
Germany, are . real ly committed * 
to the'. fulT implications. af ;» 
European monetary system, a 0 ® . 
are prepared to pay the neecssart v 
price of making this system wow 
then the move, towards monetary-; 
union is clearly to he welcofflew 
The concern that exists amonf 
. some politicians, and an 
larger, number. 
about the way this .matter..-*?-, 
-expanding enlarged public, deficit being approached stems, 


The Outlook 
for Italy 


CONFERENCE 




: : 

r J> ir ii* v ii*>i.M a iM 







Since the Fi'at-Libya deal, two andl’tfae- continuing rise- in labour ever, from doubts as to whether:; 

years had elapsed, and although costs;' t . . the necessary, commitment 

not all Libya’s expectations had Italy,: be added, would "have to to .make-.the 
bee met. there were dear signs of keep- tip -'its export drive - in balanced 

improvement in the Italian member -nations of tbe Organise- AVthe s&me tiibe.^he ^ 

economy, according to Mr Saudi, tion of Petroleum Exporting Introduce thfe 
Tnflattnii now stood at about 13 Countries and - in developml quickly also: had possffiIaj3hwF.i 
per cent enmnared to -3 per cent countries, as well as m Socialist tenn implications, ior 

? f statesr .Ihe Tatter represented a state®, for it could have 
ira n w S fciL e ,f ^ ln majoY problem in -view of theiv ™ n destabilising v-.T-. 

IHifi had been transformed to an requests for export credit lines “rtain instances. Dr. PMzGa rsl^ - 

tu7mr 81111,1118 of 50016 S5bn and ^Italy’s limitations in this in partfcular,;- pointed Wifeljj fe 

m, c? v- fi e.ld. TWs i^ue would probably there had. «lppady..he en 

« S £V. dl b6 one. of the. major difficulties disen s^on. 3»:Tto_ whether.^™:; 

"oSlln LS w,a * 0 **- Slg - ° sso!a saM - SSSiy&S. '***¥& 

with very, attractive margins. A Th relation to Italy’s three- Mofeovef lie saidJ tbere'^ 

few years ago the Government year ecMpmJc. recovery plan, ^ 



Belgian world airlines 


(tflna.Eii 

ju.ifiwvi 

.HI .V-NP 

-JMFMC 

fA’-lf 

URCMPrU 

(■(iruiiii 

bvo:mr 

CiiiPifhOl 

OROOM 

ftr. .*:M» f 

FflJK. rwr 

rafii 

ttwauL 

Utui 

LI 0 iH 

iMnuu 

l*i UNI 

FiiDPin 

WiL'Hi 

MiNCIlijIK 

;juu 

MumcM 
NIC I 
pani-: 

BB.:b 

r.ToniuKU 

EmnwRr 

vsasaA 

LIlHJlA 

:aonfs 


syy* '>*£@52 


Kk-T 


Asia. 


paying such loans prior to giorno, said the question of the a v 

maturity, and durine the last two depressed South' represented the wa s W tblS^ ; 

years we have seen a stable lira core of Italy s economic policy, 00un drise l! re fati mi " 

m the foreign exchange and that, the 'Government’s L hah^hesMd^^' 

markets.” 6 recovery' programme aimed at „ ,®P u te happen espwuwz-.-^ 

The central theme of the con- creating a sustained process of decided, not-.to-eh - 

South. e «a^outtined to the^p^rf - e ^f 896 ? ^ c^th T* 1 ® ^° mmiSsi oner. and ; • 

ins address bv ' Si“ AnlonPo meot ***** f °r :t ? 6 Smith should GioUtti, a -member '-of 

Bi.«aslia. Italian Minister of'statp not rep^t earlier -uncoordinated mission-.of European -CwwflpW^- 
H-ridlngs r or state and undisciplined models. Sig. ties, dwelt -on (be prcblcas ™ 4 

The state sector, be said de Mfta- outitoed.the mam areas regional policy and tbe ket^V. . 


Holdings. 
The state 


Mm 




MONTS-U 
A.*JiWTJliG£ 
jITLMITl 
H6« r/lRt 

usica 


ABii’J-U 

ti.ru 

SLL'-rwm«A 
CV^bL-UCA 
OKkV.fi . 

IKi:? . 

DOlikLJ 

p:n^fi 

jn'iArtrkcyio 

tt'in 

W.-'.l 


Bucnx 

atWMT 

JIURU 

aw ujuwr 

MANILA 

srnntn jfi 

TOKYO 


Bangkok 
Kuala Lumpur 
Singapore 


Planned to investVlS.OOObn ov'er I n ^ over °°* ent ia-.of trarirfm- of resources, .i:’ 

the next five years whfrh was interve,» ,n. t — 


?S !!“ QnaI c t0 - an eventual 
recovery nf private and foreign 
investments in Italy. This prob- 
lem was tackled in a Daner 


lich was t ? nde f to int , erve f?:: ’ Lord Thomson stressed 

evpnh.ai riuded special ^public works in- need for the estabUshnieql oL»:- 
eventual vestments, infrastructure pro- real - 


ivate and' fS vestments. Infrastructure pro- real - European eomffiiOT^ 

Italy. This p%?. iecte-’fa*- a. series of. toJmciaL regional .stratSy,.aPd 

led in S incentives to encourage private .a major role swildk^flr® 


nresented bv Mr. John Davies and foreign mveatmenL , played by agrioilttffair 

_ rm - .11* 01-.-.:., turn «t.A ■ 


Britain’s Conservative Party The consensuS-Of the Financial tare and policy, i 

Shadow Fnreitjn Secretary, while Times : INSUD conference was Glolitti .^Jaftheff thaV w 

ihn Rimi.i.l _ ' > rani 'A. ' <tfkadamlCA. f. ' 


Jakarta 

Manila 


The .financial structures and that the prohleias of Jtaly and foal issue, was the ! 
credit policies in the develop- the Soufti could not be viewed, m the Commaffi^.-qf- & 


raent of the Italian South were in isolation- frorh ithe overall structurally different 
outlined bv two Bank of JtaJy economic nutlook.fm- Europe, the M r - Fernand - • Braun, 


uuliiu.u uv mu LJdiifi or /rajy »u(wmic ouuuw.ivr’ouiwi;, we wuiu -. j 

officials. Slg. Luigi Patria and immediate prospects’ of which directOrig«aera.T' .'for 
Sig. Vincenzo Pontolilio. were ' analysed;, by Dr. .Garret matket and industrial-' 

Sig. Rinaldn Ossola. Italian FitzGerald, former Irish Foreigh also discussed 1he! ; rt>l^ : *^,-T; 


Via Brussels to South-East Asia. Ask your travel asern 
to check the Sabena schedules; yotfU be surprised to 
d how quicklyvoull get there . . . and back 1 


Sig. Rinaldo Ossola, Italian FitzGerald^ former ^Irish Foreign also discussed 
Foreign Trade Minister, said that - European ;' industrial- 

on present trends, in theory at -deteifted some IQ; ' the .■ 1?ES: 

least, the volume of Italy's ex- tentati*^ "indications ti&L -unfltke reg ^ onS ' vV r.T:'',' 

ports was expected to increase their reaction,, to the. 1873 oil 


by between 4| and S* per cent crisis EEC ..member countries __ • ' . ' 

anniraliv during thft novr -throe, t a tulra. nsn - 




annually during the next three were -doRf-jlrepared to take con^Sy.^toSS*?5j_ 
years. ceried action -towurds ctwdto:- 'SZJf 'OZi ZSl-g'J ** ' 


2x?i 


m 











fit Off.* 


Si?*}*'/.-, 

- l 


stm 


l 4??HS 



financial .Tiroes., Tuesdav October 17 197 g 


EUROPEAN NEWS 


Special investment fund 


to 



economy 


BY ROBERT GRAHAM 

THE SPANISH government is 
proposing to set aside a special 
Pia SObo (£B60m) investment 
fund in the .1 979 . budget to 
stimulate the economy. How- 
ever, use of this money will be 
discretionary, conditioned largely 
by the Lrcnd in wages and prices. 

This cautious approach to 
reflation is the main feature oF 
the Government's budget for the 
coining year that wiJI shortly he 
submitted to Parliament. The 
budget anticipates u 20 per. cent 
increase in ordinary expenditure 
to Pin l.732bn. But the increase 
in spending will be much more 
substantial if the Government 
chooses to disburse part or till 
of the special investment money, 
which is being treated as an 
additional allocation. 

The Government calculation is 
that if inflation can be brought 
dawn to an average of 12 per 


cent, then the real Increase in 
spending will be -in the order of 
8 per ceni. The Issues of infla- 
tion and public ' funds In 
stimulate investment - are 
intimately linked w discussions 

now in progress,, both, between 
the political, parties and. between 
labour and management over a 
new social contract 

The outcome of these, dis- 
cussions. which it is hoped will 
produce wage guidelines, rnonov 
supply and inflal ion. large Ls, will 
directly influence the final 
approved budget. . 

The ordinary budget envisages 
a deficit of Pm 154bn. two-thirds 
oF which will be financed ty 
resort in public debt— an instru- 
ment which the authorities are 
bee inning to ' u?e much more 
extensively. The- -remainder will 

be funded by foreign borrow- 
ing. Th« special investment fund 
is expected to :be financed 


MADRID. Oct. 16. 

direel ly by the Bank of Spain. 

P*r 1979 the Government has 
decided to continue the practice 
"f presenting a separate budget 
for social security which covers 
pensions, unemployment and 
nalKinal health. The budget for 
this Ministry is scheduled to 
increase 24 per cent 10 
l*t a 1.590bn. With a budget only 
tO per cent less than total 
ordinary expenditure, social 
security spending has become a 
V! **l unmanageable monster with- 
in the Administration. There 
nave been frequent allegations 
in recent weeks of serious cor- 
ruption. which have led to the 
sacking of some senior officials. 
t In ihe coming year the 
Government hopes to make 
social security savings equiva- 
lent io 2 per cent* of total spend- 
ing through improved manage- 
ment. Also for the first time 
social security will be obliged to 
submit quarterly accounts. 


D-mark revaluation inevitable. 
Bonn Finance Minister says 


Lisbon suspends return of land 


BY OUR OWN CORRESPONDENT 


IN WHAT appears lo be an 
attempt iu defuse an Increas- 
ingly tense atmosphere in (he 
southern grain belt or the 
Alenfejo. the Government 
today temporarily suspended 
further returns of expropriated 
land to private ownership.. 

VUile-nee broke out a I (he 
weekend in the region follow- 
ing a decision by the Ministry 
of Agriculture lo proceed lo 
apply without any further 
delay the eontroversfal 
Agrarian Reform Law. Para- 
military police using 
truncheons and specially, 
trained dogs physically forced 


agricultural workers -out of at 
least four Commonist-con- 
l rolled collectives^ 

It was the first time that 
peasants and police had clashed 
in the region since Septem- 
ber 1977 when .the then 
Socialist-led . adminfetralion 
first attempted- to apply the 
. law. 

Police brutality was con- 
demned during ■ a '.weekend 
speech by Sr. Alvaro Cunfaal, 
(he Secretary-General of the 
Portuguese Communist Parly 
<PCP>. 

“ The Government Is. setting 
the Republican-guard against 


LISBON. Oft. 16. 

the workers and is creating a 
climate of civil war in the land 
reform area,” Sr. Cunfaal said, 
in one of bis most virulent 
attacks so far against the 
present administration. 

Meanwhile, President 

Ramalhu Canes is expected to 
resume his talks with the main 
political leaders early this 
week before deciding on a solu- 
tion to the country’s- political 
crisis. 

The present Government is 
theoretically functioning only 
in a caretaker capacity follow- 
ing its defeat in parliament last 
month. 


PORTUGAL AND THE EEC 


BY ADRIAN DICKS 

LAST NIGHT'S revaluation of 
the Deutschmark by a little levs 
than 3 per cent within the Euro- 
pean “snake” hod become tcchni- 
j cally inevitable by the end of last 
week, as Herr Hans Matthoefer. 
the West German Finance 
Minister, made dear in a state- 
ment this morniny. At the same 
time, it- bas been demonstrated 
again that the snake can handle 
necessary adjustments in timely 
and orderly fashion, which is 
seen in Bono as a desirable 
political objective in tbc light of 
today’s deliberation in Luxem- 
bourg. 

The point is also likely to be 
made emphatically to Mr. James 
Callaghan, the British Prime 
Minister, when he comes here on 
Wednesday for talks with Chan- 
cellor Helmut Schmidt and his 
Ministers, in which the centre of 
Interest will be Britain's attitude 
towards the projected European 
monetary system (EMSL 

The full technical background 
to last night’s snake realign- 
ment will be known only when 
the Bundesbank issues its weekly 
statement for the week up to lost 
Friday It has reported already, 
however, that some DM 2 4bn w;i« 
spent on intervention within the 
snake in the week up lo October 
7. 

Foreign exchange markci esti- 
mates of the scale of Central 
Bank interventions suggest that 
the pace accelerated to the prnni 
where the Bundesbank took 
in DM 1.5bn last Friday alone. 

Dr. Otmar Emminser. the 
Bundesbank president, said this 
morning that the bank bad had 
to absorb over DM lOhn in inter- 
vention operations within the 
snake during the past three and 
a-half months. 

Herr Matthoefer also expressed 
concern at the pace of monetarv 
growth, to which currency unrest 
bad been contributing Figures 
showing the growth of the 
money supply for the summer 


Constancio pdfs the case 


months are expected to be pub- 
lished' laler this week and 
indicate a sharp acceleration 
since the spring. 

German officials see the con- 
tinued weakness of the dollar 
as the main reason for the 
turbulence nf ex chance markets 
id recent weeks, though the 4 per 


plus in the first eisht months 
of this year — fullv DM 1.2bn 
above that for I he same period 
of 1977. Dr. Emminser and 
others have stressed that this 
was partly the result of improved 
terms of trade following the 
D-mark’s firmness against nil 
and other raw materials, the 


BONN, Oc-L 16- 

kets began seriously to anticipate 
the setting-up of the EMS. and 
until the recent defensive 
measures by the Swiss National 
Bank, the Deursche Mark had 
shown much less upward move- 
ment this year than last. 

From the end of 1977 to last 
Friday, the Deutsche Mark had 


SITTING IN his old vice- 
governor’s office at- the Bank of 
Portugal, Sr. Vltor Constancio 
looks happier and more relaxed 
than lie dill earlier this summer 
when the politicking and 
divisions of his colleagues In 
power forced him to abandon the 
crucial post . of Minister, of 
Finance. Slightly Shy /and 
unassunflng. puffing on his 'pipe 1 
with the casual air of a univer- 

’ sily don. Sr. Constancio is one oF 
Portugal’s more • -discrvqL. 
survivors. ' : ' ' ' 1 

Tomorrow, as president of the 
Portuguese Commission for 
European Integration he will be 
in Luxembourg at a ceremony 
marking furmal acceptance by 
the EEC Foreign Ministers or 
Portugal’s request, to open 
accession negotiations. Although 
full-scale Talks have been delayed 

• until next year, the ceremony 
effectively takes Portugal one 
step nearer to full integration 
into the European community. 

Ever since Sr. Constancio was 
made chairman of the committee 
in charge of making the first 
approaches to Brussels in 1976. 
politics, has always been the most 
compelling reason for felting 
Portugal in to the Community. 
After the country's chaotic 
revolutionary experience follow- 
ing April 25. 1974, acceptance 
into the European fold seemed 
the best guarantee Tor future 
political stability. Yet it is 
economics that will he at the 
centre of talks leading up to 
Portugal’s eventual admission. 

• Sr. Constancio. in that respect, 
remains the most obvious choice 


BY JIMMY BURNS IN LISBON 

for the job. When talking shout 
the EEC and wrhat if will mean to 
Portugal, he applies -the same 
economic logic as he maintained 
throughout his negotiations with 
the IMF. He passionately defends 
deflation as a necessary short- 
term solution to Portugal’s ills 
against the .criticism of some 
.Commission, economists who 
would pefer to see an immediate 
restweturing.-pf Poring^ agri- 
culture'- and industry anfi. 'cnr. 
immediate EEC aid. 

'“In order lo envisage a more 
rhclive -development [policy, we 
have first to^ reduce our deficit” 
Sr. ConstBneio says, adding that 
it was EEC member stales which 
were among those countries that 
made Future credit conditional 
on Portugal’s agreement with the 
fund. ■/’ 

S r. Conslancio is confident that 
Portugal has proved not only 
that she can agree to an IMF 
deflationary programme but also 
that, she is capable of sticking 
to it. And this is already having 
its effect on the international 
capital market and the external 
financing of the country’s 
balance of payments deficit. 

Nevertheless, although opti- 
mistic that there is now some 
Hght at the end of the tunnel. 
Sr. Constancio admits that 
Portugal will need time, probably 
as much as twelve years, before 
she can experience the kind of 
economic re Forms called For by 
the Commission, 

Sr. Constancio insists, that, 
given the country’s present 
balance of payments posiiion, it 
is si ill unrealistic for the com- 
mission even to suggest that 
the Portuguese Government 
liberalise present restrictions on 


capital movements, particularly 
regarding outflows. He refers 
too., in no uncertain terms to 
the touchy problem of textiles 
“We have been severely hit by 
the restrictions which the EEC 
has imposed on us with regard 
lo the textile industry.’ 1 

Sr. Constancio is less threaten- 
ing about other • aspects of 
Portugal’s entry into Ihe EEC 

-Port iigal’fi presen 1 constitution, 
barked up by legislation, make' 
certain- sectors of the economy, 
jsuch -jus hanking closed to pri 
vale initiative. As a result some 
experts . iit' Brussels have susses 
led that this might creole large 
difficulties if Portugal were m 
berntne a member Stale. Sr 
Constancio challenges tbi« 
assumption, and emphasises that 
the -Treaty of Accession and full 
negotiations will only begin 
after 1&80. the date already set 
for the' revision of the consti- 
tution. 

“One qf the great advantages 
of- membership is thar it will 
stimulate many positive changes 
In our institutions." he says. He 
reveals, for example, that the 
Ministry of Finance has already 
been “ stimulated ” into begin- 
ning a thorough overhaul of the 
country’s archaic tax system, 
which, until now. has been out 
oF line with the rest of Europe 
Concrete plans are in progress 
for the introduction of VAT. 

Sr, Constancio is similarly con- 
fident that the Portuguese 
Government will also be stirred 
into developing a regional policy 
(something which until no*.v ha 1 - 
been non-existent in Portugal) 
so as to draw from the Com- 
munitv’s regional fund. 





WESTMINSTER 
ASSURANCE 

is the time 
to think'Property' 



Thcreisno substitute for Property 
as an investment offering long-term 
security and the capacity to outpace 
inflation. 

An investment in prime commercial 
and industrial property - offices shops, 
factories and warehouses -is indispensable 
to anyone who wishes to create a 
fimdinentully well-balanced portfolio. 

Such propeny is essential to the 
industrial and commercial life oi the 
country and. as such, it enjoys a unique 
capacity to maintain its real value in spile 
oi monetary inflation-- . 

J iowever, for most i nyesiors the only 
wav to obtain a well-spread portfolio ol 


direct investments, in property is through 
a property bond. 

( ’.ity nfWfeslminsier Assurance started 
the property bond movement and therefore 
has more experience in this area than 
anybody else. i'heXYcsiniinsier Pn iperty 
Bond lias also shown the ^eady growth 
sought by investors and comfortably 
outperformed the Money Management 
Property Hond Index. 

The Bond also has life insurance cover 
and valuable income benefits to higher 
rate lax payers. 

L-i m murc information, o intact your 
insurance broker or write to us fora free 
copy ol the latest Annual Report on the 
West mi nster JVc iperty Fund. 



A SENTRY WSURANCe GRGUF CCMKIW 


HOW THE DEUTSCHE MARK HAS CLIMBED'^ 


110 h 


105 







NORWEGIAN 

KRONE 

DEVALUES 

8% 

AGAINST 

SNAKE 

CURRENCIES 

MONTHLY AVERAGES 

End 1972=100 

Wn 



H300 


-1220 


— (2-40 


260 


1976 


1977 


197S 


cent revaluation uf the D-mark 
against the Danish and Nor- 
wegian currencies and the 2 oer 
cent upward adjustment against 
those oF the Benelux countries, 
also reflect increasing divergence 
of inflation r::tes. 

The further decline of the 
inflation rale in West Germany 
to under 2.5 per cent and the 
growing number of other indica- 
tions of strength in the economy, 
have also played a oart In the 
D-mark's most recent display of 
buoyanev 

The most compelling indica- 
tion for tbv» outside world has 
been the DM 23Bbn trade sur- 


jrices of wheh are denominated 
in dollars 

Yet it has also been impossible 
to escape the conclusion that, for 
all the cries of alarm at the 
beginning of this year. West Ger- 
man exports have put up a 
remarkable . performance. 

New orders from abroad have 
been running well ahead of the 
previous year and. in such key 
industries as plant construction 
and engineering, seem to have 
held op well after some indica- 
tions oF hesitancy on the part of 
foreign customers early in the 
spring. 

Until foreign exchange mar- 


risen 13.1 per cent against the 
dollar, yet only 5.4 per cent 
against the weighted average uf 
West Germany’s 22 most impor- 
tant trading partners’ curren- 
cies. 

The Increase againsr the 
fellow-snake currencies was only 
1.3 per cent during the period. 
Since the other snake members 
account for 20 per cent of West 
German exports, the West Ger- 
man authorities seem justified m 
their -enthusiasm for the system 
for those who can keep up with 
it. and will doubtless press the 
point to Mr Callaghan and Mr. 
Denis Healey later this week. 


devalues 

against 

D-mark 

By Paul Lendvai 

VIENNA, Od. 16. 

AUSTRAL! today carried out 
a lie facto devaluation of the 
schilling against vis-a-vis the 
West German mark by 1 per 
rent but at the sa—e lime 
the schilling was effectively 
slightly revalued again?! (he 
Danish and Norwegian crowns 
and marginally against the 
Belgian franc and Dutch 
guilder. 

The schilling fell today to 
733 per 100 marks from 725. 

At a press conference 'Dr. 
Hannes Androsch, the 
Austrian Finance Minister, 
and Prof. Stephan Koren, 
President of the National 
Bank, stressed that Austria 
wanted lo weaken its link 
with the beut-"'ic Mark, while 
continuing with its bard 
currency policy. “This Is a 
signal that we are flexible 
without completely copying 
the mark.” Dr. Androsch said. 

In the first nine months of 
this year the schilling 
a predated hy 11.7 per cent 
against the US dollar and by 
2.7 per cent against sterling 
while drop in g 1.3 per cent 
against the Deautsebe Mark 
and 19.5 per cent against the 
Swiss franc. 

Dr. Androsch and Prof. 
Koren welcomed the revalua- 
tion of the Wert German 
mark and expressed the hope 
that henceforth the currency 
“ snake ” would be more 
stable. 

They stressed that in terms 
or inflation and wage 
increases, Austria's record 
this year hod been better than 
that of all the other countries 
involved in the latest currency 
realignment, with the excep- 
tion of West Germany. 

The consumer price index in 
September was only 3.4 per 
cent up on lbe position a year 
earlier and wage rates during 
the JannaryJune period 
showed a rise of U per cent. 


Meet the new Programme Controller 
for BBC and ErV 


' v ' * . . 


‘btiiLrj lluusc, 50 1 .cade uhall Si reel, Ijundno EC5A2RJ. 



THE PHILIPS N1700 VIDEO CASSETTE 
RECORDER. 

Our NI700 Video Cassette Recorder 
receives signals directly from your tele- 
vision aerial and records them. 

It works rather like an ordinary 
cassette recorder, but records both sound 
and vision, so that you can tape entire 
programmes. 

But you’d he wrong if you thought that 
the N1700 was for people who sit in front of 
the box all evening. . 

In fact, the N1700 has been designed 
especially with the selective viewer in 
mind. 

Because the trouble with being a selec- 
tive viewer is that sometimes you have to 
be a little too selective. 

You must know the feeling. Often, two 
excellent programmes clash and you’re 
forced to make a reluctant choice of 
channels. 

Omnibus or News at Ten. The South 
Bank Show or Match of the Day. Survival 
or Reginald Perrin. 

The N1700 solves the problem. 

Since it records the signals from any 
of the three channels independently of 
your television set, you can watch a pro- 
gramme onone channel while themachxne 
records the other for you to see later 

The only choice you have to make is 
which programme to see first. 

However, the advantages of the N1700 
don’t end there. 

.1 K- -*u. iii-.o-. tf.MM.~i .Urii : .r.-V. i. i'. * .uo/ft 


This may come as something of a 
surprise but the N1700 will also record pro- 
grammes while your television set is 
actually switched off. 

So if you happen to have some people 
over the very same night that the movie 
you always wanted to see is on, don’t 
worry. 

Simply record while the set is switched 
off. And play it back at a more convenient 
time. 

And that’s the perfect cue to tell you 
about the NWOO’S unique three-day clock. 

Say you went off for a long weekend 
desperately wanting to see a programme 
that appeared on the Monday. 

With the three-day clock facility you 
could set the machine precisely to record 
while you’re away. 

It will turn itself on, record the pro- 
gramme, and turn itself off. (Again, while 
your set is switched off). 

Finally, of course, you can also record 
programmes directly as you watch them. 

You record them on a range of cas- 
settes up to 2 l k hours long. Each of which 
can be erased and re-used. 

And the sound and colour picture 
quality are superb. 

But don’t take our word for all this* 
Visit your nearest dealer and ask for a 
demonstration. 


Simply years ahead-XJ^ 







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Report from Number One Wall Street 


How Irving’s Corporate Financial Counseling works for companies. 


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Emancial Times 



NEWS 


(Tax Bill 

strength 



BY STEWART FLEMING 


NEW YORK, Oct-16. 


MAJOR concessions secured by 
the business community :□ the 
Tax Bill enacted by Congress 
at the week-end are indicative 
of a continuing revival in Us 
political fortunes and a wider 
acceptance of key elements of its 
economic philosophy. 

Some of the most influential 
leaders of the busin e s s groups 
ere clearly immensely satisfied 
with the months of work and 
lobbying which has gone into 
the tax legislation. Thus Hr. 
Reginald Jones, chairman of 
General Electric and the man 
who has been leading the bust* 
ness roundtable ia its moves 
on tax policy, remarked: “I 
think the Bill that is shaping 
up is one which will be accept- 
able to business.” 

The Bill finally passed by 
Congress cut business taxes by 
S3.2bu and capital gains taxes 
for investors by $2 bn. It in- 
cluded. among other concessions 
to business, an overall cut in 
the corporation tax rate from 
48 per cent to 46 per cent, it 
made the 10 per cent tax 
credit on capital investment 
in machinery and equipment 
permanent, and it did not 
abolish the Domestic -Interna- 
tional Sales Corporation (DISC!. 
The DISC is a device which 


allows businessmen to defer 
about half their Federal taxi on 
export sales earnings. 

At one stage earlier in the 
year it looked as if DISCS, might 
be abolished, but business, in 
particular the influential Round- 
table, has fought these moves 
successfully. • > - • 

Other initiatives/ winch busi- 
ness feared 'could eliminate exist- 
ing tax' allowances, have -also 
been fought off. Earlier pro- 
posals to repeal tbe foreign tax 
credit which the U.S., and' most 
Industrial nations, give corpora- 
tions to avoid double taxation, 
have also not been taken, up. 
Similarly, previous attempts to 
5 rsrt taxing foreign corporate, 
earnings - before . they - are 
repatriated have not been incor- 
porated in the Tax Bill. 

While all these decisions can 
be looked at in isolation from' a 
political and economic standpoint 
they fit into a pattern favourable 
to business and of considerable 
symbolic significance. 

Thus tbe cut in capital gains 
tax, taken with the decision to 
make the investment- tax -credit 
permanent, *re seen in business 
circles as important steps to- 
ward s stumdating lagging capital 
investment and, through .that, 
beginning to tackle -declining 


oroductivity in U.S. industry. 
The acceptance of these ?*®P 8 
Washington's legislators is taken 
as indicative of a growing 
nition in political circles of the 
need to stimulate capital forma- 

^Business undoubtedly pees 
these victories as only the first 
step in continuing campaigns to 
evolve a more favourable tax and 
economic climate. 

There is still unease, however, 
about the process by which some 
of these decisions were made,jn 
particular the hectic last-minute 
rash to push through Congress 
literally dozens of complex tax 

Some economists question the 
timing of the BilL Thus the deci- 
sion to invoke a tax cut was 
made nine months ago amid 
concern that economic growth 
wouLd slow drastically this year. 
Not onlv has this not happened 
but, in addition, the underlying 
rate of inflation has risen from 
5 or 6 per cent to 7 or 8 per cent. 
The stimulative impact of the 
tax concessions, particularly 
those directed at the individual, 
is questioned even though the 
concessions in part offset tax 
increases coming into- effect bo, 
for example, social security 
payments. 


Financing for quieter aircraft 
falls foul of Congress logjam 


NEW YORK, Oct. 16. ■ 

THE U.S. airline industry was cial help- to airlines been non and new aircraft A spokesman 
trying to swallow its disappoint- controversial, but many legis- "for the association said today 
ment today at the failure of the i ators opposed It on the* grounds that the industry would now 

whiriTwould have ”Sn ***" airiine profits ^soaring have to decide whether to /try 

^vShblS or re^oukiDiL flfS and therefore, the Industry .again with the legislation after 
SSnSSte- *53ft PP ^ ^ ^ could afford to finance the new nthe new Congress is elected 
mqujeier a it crarc. equipment necessary to comply next month. - Things are a little 

wh,s bh,e 1,ere ,oday " headdea - 

as Congress worked feverishly come mt0 effect m 1985 ‘ The loss of the Bill has sigm- 

over the weekend to pass the The Air Transport Association Seance for some airlines but not 
energy and tax cut Bills. Its . estimated that between! $5bn for others since the pace of fleet] 
prospects would have been better and STbn- wou id need to be spent modernisation is by no means 
had the principle fo giving Snanr on purchasing quieter .engines even. 


Peace talks 
in Nicaragua 


Mexican Parliament 
suspends nuclear debate 


BY WILLIAM CmSLETT 


MEXICO CITY, Oct 16- 


3ZANAGUA. Oct 16. 

OPPONENTS OF President Anas- i 
tasio Somoza have given foreign; 
mediators proposals aimed at! 
ending Nicaragua’s civil crisis, ; MEXICO'S chamber of deputies, article of the draft allows .the 
according to an opposition; the lower house of Parham ebt. Industry Ministry to authorise 
spokesman. j has decided to suspend discus?. the exploitation and exploration 

The broad Opposition Front a! sion of its controversial nuclear of uranium. Deputies see this as 
coalition of 16 political groups.! legislation for, a least a month 1 ! totally unnecessary as this will 
agreed to negotiate with Presi-j for revision. . .. fbe. the. -function of tJramex, part 

dent Somoza’s Government only Tb b ^ nuclear oro- of the new reorganised' Nuclear 

JSS! PoS _TO* article ia likely 

is in line with 

^Dominican Republic. [ Mexico ,is . giving ta urioium 

« .«.« . 1 . fnllnu.’irHV inunctifretiAne 


Pierre Tradeim 




By-ekcrioiji 
test for N ; 


Trudeau 




By Victor Macftfc 


■S’" 


■-0-; 


OTTAWA, •Oct^aC” 

A .. MILLION.- Cahadkns £■* & * 
eligible to. vote .in. Jdadday’*! 
record IS; by-eleetiras m whsr.y.v 
expected, to be h criiieal pezaanqri ' 
test : for the ! Government ttf"! 
Prime Miziister Pierre Trudeau 
Advance indfeatums. are -Hm!?: 
the Conservatives could tafcg^a.- 


many as nine -.of the sea fr wfth 
only five going to the 
and perhaps one to the Social ' 
Credit: party. . ._ .. :'>.s 

Losses on. that ; scale by-.th&:. 
Liberals .would be interpreteffas’ 
a vote of Jack et coMti.etwe fe 
Mr. Trudeau's leadership 
Canadian electorate-^ lr-woaM/ ' 
also lead to increasing demands 
within the Liberal cancus.fior a'-’ 
leadership conventhm before • t r 
general election ^late - -mob,’'*'' 
summer. 

Mr. Trudeau,. 59 on "Wetoes- v • 
day, insists he will ? 

lead- his-' Liberal party mto the 
general jeleqtlopL- &$:.6!year ^ 

mandate expires nf July, 1978; r 

Mr. Trudeau, wants -to\ eon= - 
tinue as Prime 

Quebec .tfecfcdes: its TutOre^tclzv. At ; • . 
tibnsbip with'^theCatu^iKi ^n! ■ 
federation, ".'V 

Tbe Liberate' .win retain their 
majority he- the-" 264-seat- Hduw' : 
of Commons. even if : they Iqse_aU ’ 

15 constituenciK. ‘But Severe " - 
Government losses wdald ^Ve! 
Trudeau's oppohetits a ". 

psychological boost In tife'M#*:'. 
months. leading pp tn ihifcj 
eleefion. 


Conservatives 


lion 1 * w-ben Wa p^iSnt° r Somoza ! the “proposal^wouid , ; divfdV'‘the 
agreed to opposition demands to : Institute into three actions and 

lift Press censorship and other i workers fear tbe loss Oi joos. t , 

measures. i Deputies baye expressed concern reserves -. between . 306.000 and 

The latest proposals call for; tbat the Bill as.' written could 50b,0W tonnes. 


the President to resign and leave: Pave the way for, the exploration At the moment uranium which 
, e orzan i.! and explbitationipf the country's Mexico bought 


the country, and- for the organ!- 1 and expiouanonj.oi roe country's mko oougnt m Frances is 
sation of a “National Democratic.' rick uranium reserves by foreign being enriched in the U.S. to -use 
and Pluralistic - Government ^nd private Mexican companies, in Mexico s first nuclear powa 
which unites all forces: ! There have, been highly plant Reportedly the first ship-r 

They also demand implements- 1 nationalistic speeches during the ment of enriched uranium wilf! 
tion of the Front’s IS "minimum [ debates— Mexico ' was the first arrive fn Mexico next radnth; 
points to lav the groundwork for i country in the world to nationa- Mexico’s uranium is very dose 
a true democracy in Nicaragua," 1 II s ® its . hydrocarbons-^and also to the surface and so the coantry 
These include reorganisation of j Left-wing., demonstrations de- could. 'With the necessary tec ti- 
the National Guardian end to I manding safeguards that uranium oology,-- quickly become a major 
political repression, freedom for j will not fall into foreign hands, uraniiiih producer. The Nuclear 
political prisoners, a national! The proposal would split the Institute plans to forge ahead 
health programme, and tax and (Nuclear Institute into sections with training scientists so that 
judicial reform; j for exploration and exploitation it does not have to rely so much 

AP j research ■ and security. One on the U.S. for its technology. ' 


Brazil’s ‘palace guard 9 accused 


BY DIANA SMITH 


RIO DE JANEIRO, Oct. 16. 


SUBSTANTIATION has been scheming more accusers came been selected as - presidential 
giveD by an army major to forward, this time with allege- successor. Gen. Figueiretfo was 
charges which were leaked tions of “commissions" on then chief of the National 
recently alleging corruption, foreign deals paid into “secret intelligence Service (SNU and 
wire-tapping and manipulation bank accounts." i t bas s j nce become dear that he 

of the presidential succession by These accusations were drawn was chosen without widespread 


a “palace guard” surrounding from a secret report said to have consultation of tire military; 

Dm cirlnnf 1 hoon h tt 'Vi ■■ ■ * m - . > ■ 


President Geisel. been made by a former Brazilian Much of the initial dismay at the 

The accusations were made in a i^f che ^ senior choice has diluted since :Gen. 


a letter circulated to senior mili*. .°f Figueiredo has , shown himself 

tary officers by Gen. Hugo Abreu. Was ori i oI j a i» . de 2 ,ed> , l>ul publicly to have-an earthy, rough- 

former head of President Geisel's f" e Maj. Barreiros hewn gift for blurting out home 

military household. They were *^ 1 ? *. t ,i t n exlsl j d a “d had truths and projecting an image 
confirmed, and greater detail b€ S? 0 s „^J?H^,*F r i esi< i ent Ge . U5 ? 1 - of a . own committed to 
was given, by Maj. Adalto The presidential palace origin- democratising Brazil. 

Barreiros, former assistant to sf we ?£’ how ' ®° apparently overwhelming is 

the presidential public relations c ® ar JH at I 3 0t h ‘ s f° r speaking bis mind 

chief. only the Opposition, but also that, this week, when pressed by 

First Gen Abreu an* nnw me J?A r iL - P I ‘0'9 ov o rT > ir |® nt reporters about the accusations 
rirst uen. Aoreu. and now party Arena, are making detailed of widespread bhone-tsdoine 

p s. ssrsssss^ir&ff^s sss^iirasaeM 


leader Joe Clark, -39^ ai 
dent they, will make laige.^iB^ . 
in the by-elections _and bape if' 
win 10 seats, r 

leader of the New Demoeratic 
Party' is, also bpfimfeiicU;lJie'-3S... 
const! tuencies : range; frbre- New-' ■ . 
found] and on Tflir eaBt Joasf td*- 
Britisb Columblti bo the Vest • 
There' are sevefr': in* Ontario 1 
where ail partiesr are agreed^ 


next general election win beirtir 

or lost. 7-} T Si3 . . 

Volkswagen - 
strike ends - T 


NEW STANTOI^ Oet. IB .- 1 
A 'VVEEK-L'ONG STRIKED b?.' 
workers atr VoIkswageiaiE: oafftr._ 
U.S. production plant-ende^.- 
loday as -many membere flf fbe\ : 
United Auto WoUkers-i V* ™C-. 
returned tb their -jobs'/ - *' •/: 

. “.The workers; are back4n?w« 
numbers and produetibb, 
resumed," said: a yWispokean*®-'- 
at tfae plaiit which asse^Hef 
abou.i,3Q0 cars a day; 

The : 1,800 members of. : • 
local branch walked out last 
MondayTThe strike was unofficttl.V.' 

On Saturday, V&e rahk-andfflfc’. - -; 
organised, a vote in. which 
workers opted to return to-WW**-?- 
today. 3£W iroted to stay on striffev/ 
and abouij. 7.00 did not; v -<?^;' 
ballots. ' ... \.> 

Pending the letiinr ter . 

UAW international .-.reprertSS;;/ - 
tive Harry Davis and other. ' 
bargainers were to resume #lte/ 
over the Union’s first contract, 
with tbe German comaker.? 
Wages remain the key point. w .. 
difference. . 

The -walkout began after local" .: 
UAW members voted l^SStcrfl^ ' 
to reject an offer t^t would here ; - • 
provided a minimum bcuCw-' 
wage of S9.62 by 1981. * ■'»•?> 

The workers are bow -paid - ac. /,, . 
average of S560 an hour, whicp /> 
would have immediately 
increased to $6-60 under 
rejected deal. ’ /"r 

ap .... ■ v- : 




angri,y ? Din ^“ jrjE ,^s- 


lation until after October 16, 


military leaders hoDed to con- *^ hp immediate cause of the Brazitian phones were, indeed, 
SS tire matte? to Se SuSrv I® s *sn at!( ?5 s th , elr P° sts ai tapped ■ (but that he had not 
K tS has not ten SJ presidential, palace earlier ordered any bugging while bead 
fnrnm- irus nas not. oeen tbe ^ y?ar of Ge ^ ^ and Maj Qf ^ aodthlt It uws the 

' _ . . . .... was their disasreemeat easiest thing . to do in . the world 

Once Gem Abreu had made his with the manner in which Gen. —but also the hardest thing to 
allegations of palace guard Joao Baptisla Figueiredo had abolish. 


Space Shuttle likely in 1979 


BY DAYID F15HLOCK, SCIENCE EDITOR 


THE U.S. National Aeronautics sophisticated of the non-military higher orbit Dr. Frosch said he 
and Space Administration rates payloads, in the shape of Space- favoured-kicking it' into a higher 
its chances of launching its space lab. Alter visits to ESA head- orbit because— against all expec- 
{ t ai ?Lrl s quarters in Paris, to its main sub- ta tions— its systems seemed to be 
S “ nt «ctor in Bremen, and to i n good -shape, and the- satellite 

as rathei- poor Mr. Carter had Famborough, Dr. Frosch has mi-ht be' brought into - service 
hinted he would like NASA to concluded that-spacelab is about aeain. " -. 
aim for that date. three to six months behind No decision .whether to >te- 

After reviewing European pro- schedule— much the same lag as inhabit -fikrfab could be taken 
gress on space shuttle technology the space shuttle project itself. until astronauts examined its 
r n^ 11 admuustrator He had reassuring news for condition,- he said. / ' ■ . 

of N ASA ^ said in London that those who have been forecasting The- S09C©' Shuttle wiH be able 
there was a 75 per cent chance " that Skylab— an earlier NASA to pluck satellites out of orbit— 
that the space transportation orbiting laboratory— would fait a ^pabiiity- vrbich interests the 
system would make its fist flight out of orbit, perhaps on to an UJS. Department of Defence. Tt 
before he end of 1979. inhabited area. He believed that has contrftOted .a large proper- 

The space shuttle is a re-usable skylab would survive long tion of -tire j»rt»je.ctfs funds-- ..'-3 
rocket system designed to enough to take action to make But Dr. : J^oscB .emphasi^tb at 1 

launch payloads weighing up to the satellite safe. separattfr-Jintlitaiv - and^ ...edvir; 

a ^J^ Dn £, s earth orbit This action could he either science missions ‘would be,fl 0 wri 

i ■ Th f. ? u I°P e ^ n Sf>a-ce Agency, to *' deboos t *‘ it under control— to sim^fy - the-; -problems-.C^lL 
in \vhich Britain is. a partner, is that i& to steer it safely back to secqrity^oh the - experiments: for ' 
Duuoing one of the most earth— or to boost it into a the Pentagon.’' ‘V /■' 1 *' . " “ r :. /.7 


{WA FOirS 


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t 

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Jtfs oxiarniMic ihqr, . : 
people- make a ; 
conripony arid’ jpeapfe 1 
coused ppdripony to .. 
grow. Ab^PCOrp^qpfe’ 
vvork handecflicrt 
overage ar rhis... eddi 
one pnodudfig on.-..-. 
cmnucll ioveroge' af . . 

Si 94, CXX> Insdes and 
revenues. comi>aresr 1 
ro 1965, when eckri ■ ' 
MAPCO eaipk^ee’ ‘^--^-5- * 
produced'on averggedf/;^;: 


I 

i: 


S47,00tfri 
oind revalues.; / V : 

Investigate., Write - . 

■for oar owwit i 

;. . -i - / •• . • 


m 


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.3waotJs«g*'.i«B6 - - 

Mwse-.^se.: 









jJ, -V*-® | ,CLP 


financial Times Tuesday October it 197& 


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'1 




Syria spurns U.S. hopes I soviet steel Army 


assistance 


mourns 


for peace treaty support !° r t Ji dia 


, - BY-ROGER-KATFtSWS ; 

PRESIDENT. ' CARTER ' was 
‘^raaffltag” -if i, e thought that 
Syrian opposition'; to the Camp 
-David Mi die -East peace accords 
would' dlsr'pale as a . result- of 
Egypt and Israel .signing .s peaw* 
treaty. In the first offiriaT Syrian 
response to the U.S. "President's 
Statement on Friday.-' that the 
bilateral agreement, could open 
the door to wider negotiations. 
Information Minis ter Ahmad 
Iskandar retorted in an inter- 
view today: “This is wishful 
thinking' by President Carter. 
He knows in his heart of hearts 
that Camp David will nor serve 
the cause of a just and lasting 
peace in the area. 

“The" Americans' are belting 
on President Sadat of Egypt as 
a person. But not even some 
of Sadat's closest aides could 
accept his policy. Once Sadat 
has gone no-one in Egypt " will 
continue his policy. Not even 
his Vice-President Hnsny 
Mubarak. By playing this dirty 
role Sadat has. betrayed bis own 
peopie and he has done so 
without consulting anyone." ' 

Mr. Iskandar revealed that 
Syria would be bringing to the 
attention of other Arab nations 
a resolution of the 22-member 
Arab League providing for the 
dismissal from the organisation 
of any country that negotiated 
“any separate political military 
or economic agreement with 
Israel." 

At the summit meeting of Arab 
states, scheduled for Baghdad on 
November 2, Syria would be con- 
centrating on the' provisions of 


the Arab League Charter. And 
Mr. iskandar ’ pointed particu- 
larly to a resolution of April 
1950 which stated thar if a 
country signed a separate deal 

wirh" Israel then not only should 
it be removed from the League, 
but also all direct or indirect 
monetary- links would be severed. 

The Minister insisted, however, 
that’ Syria was not’ rejecting 
peace, which it sincerely desired, 
blit that it was convinced that 


DAMASCUS, Oct. 16. 

the Camp David agreements were 
not the way to achieve iL “ The 
three-card trick that Carter. 
Begin and Sadat are p laying will 
not lead to peace but will push 
it further away.’’ he said. 

Mr. Iskandar added that it 
was possible that there would bp 
talks between Syria and Iraq 
before the Baghdad summit in 
order to discuss the long-running 
dispute between the iwo 
countries." 


Sarkis calls for decision 


BY IHSAN HJJAZ1 

A CLOUD of black' smoke huog 
over Beirut today as a reminder 
tn Arab Ministers and officials 
who have been meeting since 
yesterday at the mountain resort 
of Beiteddm, 20 mites away, to 
find a way out of the Lebanese 
impasse. 

A brief artillery, exchange 
between Syrian troops and 
Christian Militia last night at 
Karantina at the north-eastern 
entrance to the cabital set an oil 
storage rank on fire: Each side 
accused the- other of violating 
the truce. 

According to Press reports. 30 
people have been-killed by snip- 
ing since the latest truce went 
into effect nine days ago. Roads 
leading in and out of :the capital 
and between Christian cast 
Beirut and Moslem west Beirut 
remain unsafe. 


BEIRUT, Oct. 16. 

Tension spread northward 
when militia supporting former 
President Suleiman Franjieh 
kidnapped 15 people in Al 
Batroun district. Voice of 
Lebanon, the Pfaalangist radio, 
said two of the abducied men 
had been found dead, one of 
them decapitated. 

President Elias Sarkis is 
reported to be pressing the 
representatives nf Saudi Arabia. 
Syria. Kuwait, the United Arab 
Emirates. Qatar and Sudan to 
speed up their deliberations. 

James Buxion reports: Sanaa, 
capital of North Yemen, was 
reported quiet yesterday after 
the crushine on Sunday of an 
attempted coup against President 
Ali Abdullah ai-Saleh. There are 
no details of casualties but 
Sanaa radio said the conspirators 
would be tried by court-martial. 


By K. K. Sharma 

NEW DELHI, Oct. 16 
JUST A fortnight before India’s 
Foreign Minister makes his first 
visit ia China in IS years, the 
Soviet Union has announced 
■extensive new aid to India. 
Rqssia will help build a new' 
] 3m-tnnne steel plant al 
i Vishukpaioam. Andhra Si ale. a 
major 300.0(10 tonne alumina 
plant tu exploit the huge bauxite 
reserves along the eastern coast 
and has assured India of 
immediate and long-term sup- 
plies of badly-needed coking 
coal. 

The new steel plant will even- 
tually raise India’s production 
capacity io nearly 15m tonnes 
although it will initially enable 
the country to produce km 
tonnes within 2 years. More 
importantly, if the coking coal 
supplies come early enough, they 
can prevent the entire lmhan 
steel industry from grinding to 
a halt. 

The steel industry is 
threatened with closure as a 
result of hooding of coking coal 
mines in west Bengal and Bihar. 

Chris Sbcrwell rcpurls from 
Islamabad: in another move 
against the Pakistan People's 
Parly, the military government 
today ordered the effective cen- 
sorship of eight newspapers 
known to be sympathetic in the 
party’s leader, the former Prime 
Minister Mr. Bhutto. 

The government's action marks 
a continuation of its recent hard 
line against the parly as Mr. 
Bhutto’s appeal against the death 
sentence moves slowly towards a 
climax. 

The newspapers affected 
include the official Pakistan 
People's Party newspaper. 
MusawaaL 


BY ANDREW WHITLEY 

IRAN'S martial law authorities 
today mounted a massive show 
or strength in the capital and 
major provincial cities in antici- 
pation of violence that did not 
come. 

It was a day of national mourn- 
ing for the hundreds shot down 
by troops in Jaleh Square. 
Tehran last month, un the first 
day of martial law. The call by 
religious leaders and opposition 
i parties for Iranians tu slay al 
j home, close iheir shops and 

} attend mourning ceremonies at 
mosques was highly successful. 

Bui the virtual absence of 
bloodshed on a critical day for 
the authorities has also enhanced 
Mr. Sharif -Ema mi's prospects oT 
staying In office as Prime 
Minister until next summer's 
general elections. Emphasising 
the theme of reconciliation and 
moderation, two Government 
Ministers today issued state- 
ments in sympathy with the 
mourning. day. 


In retrospect, the army 
appears to have over estimated 
tiie extent of .the threat 
from demon stra lions. Over 2.000 
troops were deployed throughout 
the sprawling capital and its 
suburbs. Armoured personnel 
carriers and machine-euns 
mounted on trucks guarded many 
squares. 

Periodically throughout the 

day. long convoys of army t nicks 
packed wiih soldiers, and led by 
armoured personnel carriers or 
British-supplied Scorpion light 
tanks, wound slowly through Ihe 
modern, business heart of 
Tehran. 

The university district, the 
poorer regions of south-east 
Tehran ami the suburb of Rev 
were particularly heavily- 
guarded. But the only reports of 
violence have been of minor, 
scattered clashes. with the 
casually figure unknown. A 
newspaper report that three 
people had died in a shooting 


incident in west Tehran was de- 
nied hy the Government. 

Tehran's main cemetery of 
Behesht Snbra was the scene of 
one demonstration. At its gate 

heavily armed troops searched 
all vehicles Suing in. presumably 
for weapons. Nearby half a 
dozen lorry loads of army ran- 
gers— professionals broug’Ht in 
to replace the conscripts who 
make up much of the army — 
wailed in reserve. 

The strike call was observed 
completely in the southern half 
of this city of 5m inhabitants, 
and closed most offices and shops 
in the business centre and in the 
north. But there was little ten- 
sion in the city. Many Iranians 
appear to have become accus- 
tomed to these regular stop- 
pages. 

On the other hand, there are 
increasing signs of restlessness 
among the business community 
at both the political strikes and 


TEHRAN, Oct. 16. 

the pay strikes in key Govern- 
ment sectors. 

All work has been stopped in 
the post office lor 13 days. A 
strike by Customs officials is also 
in its second week. 

Although several large Govern* 
mem departments agreed tu go 
hack to work at the end of last 
week, strike fever continues m 
the provinces and in the hospital 
service. 

Incumpleie reports From the 
provinces suggest ihal today’s 
political strike observed in 
nearly all lnwus [jeiii»n»> rat inns 
were reported in ihe w«*su-rn 
town of Zanjan j»hj there are 
unconfirmed reports uf sevt-r.il 
dead from police shooting in t lie 
south-western town of Dezful. 

Haidly any institutes of higher 
education are open and there is 
a strong possibility that the 
academic year will be cancelled 
in some cases. 


S. Africa power plant I New Zealand flood chaos 


BY RICHARD ROLFE 

THE SOUTH AFRICAN Elec- 
tricity Supply Commission 
fESCOM), which runs the 
Republic's primarily coal-fired 
electricity system, is to construct 
a new 3;600 Mw coal-fired power 
station al a cost or Rl.2bn. 

The power station, to be 
known .as llanga. follows the 
pattern set by the most recent 
projects, Matla and Duvha It 
consists of six 800 Mw units, 
phased in over a period of five 
to six years, and will he fed by 
3 giant colliery with an eventual 
output of about Him ions of coal 
per year. 

The llanga project was first 
announced in September, 1976. 
but the ensuing slowdown in the 
Republic's economy led to a post- 


JOHAN.NESBURG. OcL 16. 
ponenient. The plan now calls 
for llanga to he phased in during 
1986. when Matla and Duvlia 
have reached capacity. ESCOM 
has called for tenders for cool 
supplies aod will put out the 
tenders for the main plant, tur- 
bines and generators early in 
1979. 

In the past. UK firms have won 
large orders for comparable pro- 
jects. GEC obtained an RIOOm 
contract for the supply of 
generating plant to Duvhzu and 
Mac Alpine’s has carried out civil 
engineering work. 

A final decision on the siting' 
of Llanga has yet to be taken. I 
but it will almost certainly be in 
the Eastern Transvaal, near the 
existing power stations. 


BY DAI HAYWARD 

NEW ZEALAND'S worst floods of 
the century, which have left 
thousands homeless in the south 
'and caused damage estimated at 
STOnt. have heun declared a 
national disaster. 

Flood waters bursting the banks 
of a dozen different rivers over 
several hundred square miles 
have flooded towns, and thousands 
of acres of farmland, inundated 
airports, washed out main railway 
lines, cul power and other services 
and washed away bridges. 

Entire townships have been 
evacuated and thousands of sheep, 
iambs and cat tie have drowned- 
The meat industry is among those 
put out of action by up to 5 ft 
of water. 

Ma Taura, with a population of 
. 1 , 000 . is the largest town affected. 


WELLINGTON. OcL 16. 

Kelso and Balclulha were also 
badly hit. 

No loss of life has been reported 
but several people have been 
plucked from rooftops and Ihe 
Government has set up an 
emergency disaster fund. 

• AP-DJ reports Trora Can- 
berra: Australia's unemployment 
fell by 5.955 or J.5 per cent to 
3X2.661 in September from August, 
according to registrations with 
ihe Commonwealth Employment 
Service iCESL 

The unemployed represented 

R per ceni of the estimated labour 
force at the end of September, 
compared with 5.3 per ceni in 
September last year. Unfilled 
job vacancies registered with the 
CES increased by 6.2 per cent to 
IW.1S2 in September. 




m.’ w.r 


nHjjT! 0- 


i r 


ARAB INDUSTRIALISATION ^ ^ : 

Trying not to mix 
business and politics 

BY ROGER MATTHEWS IN BEIRUT 

ARAB REACTION to the outline. Aerospace - 30 per eent r It is 
peace agreements for the -Middle intended that the entire, missile 
East reached last month at Camp ^ouid eventually ^mamjfactur- 
David and the subsequent ®f* . ,n Egypt at a . factrty- near 
ornr ,„„ Vnxrnr'r tnr. Cairo and Swmgfire--fc- then 
changes among . Egypt s top , ikeJy , Q bc . mounted ^on an 

military commanders now seem adapted version of the American 
to he having an effect on Arab Motors Jeep. . ' 

efforts to establish their own All subsequent deali have 
multi-billion dollar armaments followed the shme joint venture 
Industry. This could have impor- -structure with- separate-" com- 
taut repercussions for both panies overeCeing each project. 
Britain and France which- have After Ewingfire came agreement 
signed valuable contracts with Westland and Rotls-Royce 

the Arab Organisation for Indus- n JL™ ? f n ri ^ ? 

trialisation. The AOI .was set up 

by Saudi Arabia. Egypt. Qatar ^! ue cou,d 

and the United Arab Emirates in n° Q t 

1974 to provide the umbrella .J? Qr | *5°“ 200 *** Lynxes 

under which the armaments in- w,th Rolls-Royce ; Gem engines 
d us try would develop. raa .v b p produced in Egypt, 

The link between inter-Arab 
tensions and the AOI is not yet ~ ^ U rL . 

fully established but there ar e ready-bu^t from Britain. Initial 
several pointers. First. Saudi ™ rk is *xpeetei to start within 
Arabia has been deeply con- four months in Eppt and the 
earned by the Camp David agree- assembled helicopter 

ment and might wish to review m *J' r ^ one ^ ear after that 
its range of financial support for , “ie most controversial of 
Egypt if President Sadat insists the AOI contracts came last 
on signing what would amount month when an acTeement was 
to a separate deal with Israel initialled with the Dassault- 
and becomes more isolated from Breguet eompanv of France for 
the rest of the Arab world.-' l{* purchase and assembly of 
Second, Mr. Sadat last week J"® Franco-German Alpha-jet 
sacked his military commander J* JL"; d 

and Minister of War General malow-tevel intercept and strike 

Abdul Gbani Gamassy, who as ™, l f- ^orae ** P, anes * he 

nSLl of Se r Am IKS aSd u r .s d enrisSid tKTV fuX“ 
a Hi&r rote in tt?e Aelr/pment will ta and I »rt 

of the organisation and its pur- f. a ’f!K UCted al H<?1 * dn - south 
chasing decisions. The other 

tbree members of the higher — — 

committee are Prince Sulton Bin SAUD , ARABIA, the world’s 
Ahdfl Aziz of Saudta Arahta. j arfiTOt 0 j| exporter, today 
Sbeikh Ahmed Bin Khahfa el gUghtly revalued the rial ap- 
Thaoi of Qatar, and Sheikh lvart j against the U.S. dollar. 


Khalifa Bin Zaid of the UAE. 


money market sources said. 


Third. Mr. Sadat this week., has Reuter reported from Bahrain 
effectively removed the execu- that the Saudi monetary' 
tive head of the AOI. Mr. Ashraf- agency told dealers that from 
Marwan, from his po»t by issuing today the selling price for the 
a decree ending his secondment, dollar would be 33L rials, 
from the- Egyptian Presidential The previous price was 3.33 
Office. Mr. Marwan then resigned rials to the dollar. Today’s 
his job and was appointed an revaluation means there has 
Ambassador . at tiie Foreign been a '3.8 per cent movement 
Ministry, according to the semi- against the dollar since July 
official. Egyptian newspaper 11: This has-been done in eight 
Al-Ahram. Another Cairo news- small revaluations, 
paper Al Akhbar said Mr. ■■ 


corruption and abuse of power. w« 

AOI is the most impressive (rated on -two factors. That the 
inter-Arab industrial venture of French aircraft was inferior to 
recent years and its elegant head- its m3jn r j VB i t the British Hawk, 
quarters in Cairo are the out-, t b a t only a relatively small 
ward symbol of what has been part 0 f would actually be - 
a. determined effort to cream off. manufactured in Egypt. The . 
managerial talent from other Alpha-jet did not help its ease 
industrial sectors. The four w hen three weeks ago it crashed 
participating . countries .’ have during a demonstration flight 
equal shares in the organisation ' near Cairo. The exact role 
although Saudi Arabia. Qatar and played by President Sadat when 
the United Arab. Emirates sub- he stopped in Paris on his way 
scribed the initial SLlbn capital M the Camp Davfd Summit Is • 
while Egypt pledged to provide no t clear, but it was thought a 
some industrial facilities and W ’ise political decision tr» avoid 
much of the skilled manpower. relying too heavily on one 
. So far four.major. deals have country jfor armaments pur- 
been negotiated covering jeeps, chases and the French were also 
helicopters, anti-tank guided offering the much more sopbisti- - 
weapons and jet fighter aircraft, cated high level interceptor, the . 
This bighly-ambitious programme Mirage 2000. as part of the 
is understood to be in the pro- Alpha-jet deal. The overall value 
ccss of being supplemented by of the French deal has not been 
. agreements covering electronic given but it could in time 
equipment, air-to-air missiles, approach flbn. 
communications' and guidance Not all ' work is, however, to 
equipment. take place in Egypt and the 

Apart from, the deal wflfa latest AOI project is under- 
American Motors of the U.S. — stood to involve the production 
which bas already led to the of surface-to-surface and air-to- 
first of 12,000 jeeps rolling off air missiles in Saudi Arabia- 
the assembly line in Egypt— together with associated radar 
all other contracts have been and control equipment, 
signed with Britain and France. ' .But the most difficult tasks for 
The initial British deal was -AOI still seems to lie in 
signed last year between the acquiring the right level of 
Dynamics Group of British middle management, of ensuring 
Aerospace. dBd the AOI for the a new approach to “ quality ■ 
Assembly and’then construction control " that is of critical 
in Egypt of the Swingfire anti- importance when assembling jet 
tank guided weapon. The value aircraft. The one thing that the 
of the contract is put at more organisation has never appeared 
than . £40m -and' the venture.: is short of is cash, a disability so 
controlled by. a Joint company, often faced in dealings with' 
Arab-BritislrDynamics, of which, tuber industrial concerns in 
AOI has 70 per cent and British. . Egypt. 




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Financial Times Tuesday October 17 197S 





Japan car talks start November 6 

Br CHARLES SMITH TOKYO. OCL 16. 

THE Japan Automobile .Ifortu- to respond pon u rely until tcry Anti-Monopoly Law Government approaches Mil 

facturers" Association i JAM At recently. " The Anti-Monopoly Law. how- after talks have been held i 

IWtL ro kj»ld t , *-o day# of The reason for its chance of ever, does not prevent i!:c industry to-indus try level it ca 


irtb Japan Automobile Jfjmt- to respond posi u rely until tcry Anti-Monopoly La*.*.- Government approaches MiTi 

facturers’ Association i-I.-VMAi recently. ‘ The Anti-Monopoly Law. how- after talks have been held at 

na .l - a?r ?u ro day* of The rejson for its chance of ever, does nut prevent t!:c industry-to-inclustry level it can 

laiKs with iti British opposite heart appears to have been Ministry of International Trade always claim to be doing so in 
number in,- Society of Motor "pcrsuasiun applied by the and Industry from “ ordering " order 10 ■■clarify' 1 the industry 
* c v? it»r ^ u re rs and Traders .Minisir: of International Trade Japanese car manufacturers to talks, not with a view to 
isiMMTj at the beginning of next and Industry in the af term jih of rest rain their export iu the UK conducting independent nego- 
month, a JAMA spokesman *aicl last months talks between the to certain levels. This is what nations. 

today. ynd UK MITl hsi* hi>pn tilling (ini'p \u<\ TK^ <hnrt>Tprm ^iniMtinn with 


U.S. official 
on export 
credit visit 


Carter seeks to nullify 
Congress stand on duties 


By Our Own Correspondent 
WASHINGTON, Oct. 16- 


BY jUREK MARTIN 


WASHINGTON, Oct. 16. 


•’•T ind,,*,-..' /L",. Tr ™ c , Japanese car manufacturers to talks, nut w.iti a. view w SFNIOR it s' Treasury THE CARTER Administration negotiations. The Administration five-year financing of -the 

s? , r.ts , a,sr« ,, ,«5 {rBarLsviMa sssr a.sv.'isa «-w! 

nKnl LK fi'ivemiiients J^l ^s ^enduing si last The short-term ^Mtton with . ££* « W Corsica l action which infects otter countries with Sorts. Had that happened, as 


meeting i.., discus* Japanese Aand on the U.gal pu-silinn that preserve uf (he EF 'Commission, continue holding down shipment? day of 
export* for several months bin *u»'h an arrangement would nol of member Governments. during the first par! of next Mr. 
the Japanese Association failed \iulaiv the lei ms nf Japan's However. if the British month as well. , the op 


nest week. 


clause grunting a temporary Carson City Coinage Bill " staff said this morning that a 
extension to February 15 was covering the issue of silver further meeting was planned 


Tokyo says EEC trade deficit is down- 


BY* GUY DE JONQUIERES. COMMON MARKET CORRESPONDENT 


LUXEMBOURG. Oct. 16 


t«ked on to the sugar bill, dollars This is a minor piece either for facer this week or 
ine opportunity on his irip to which passed the Senate but 0 f legislation which President early next. Mr. HolliDgs ts a 
l j ^lcr^al ' ona, ,H ‘ esl ' narrowly last in tie’ House. Carter could veto with impunity, valuable political ally of the 
m « if, i, 6 .h- t«c Mr. Robert blrauv. the sprrial 0r $j m piy no t si gn a t all. in President, and the weight of his 

spcpjfiralJy. thf- L.S- y**J*l> irade representative and Mr. which case the bill would die. arguments is likely to be 
to >ec a tightening or the Michael Blumenthal. the The Administration was appreciated bv the White House. 
cxlstJiis arrangement*, par* Treasury Secretary, were con- mucfa ra01 . e tioncemed that the But U.S. trade officials today 
iicuiariy in i.o rar as the level fernng today to sec if there were textile clause was going to be appeared confident that the 
°\.r e r^ es ^ concerned, administrative ways round this tacked t>n to the Ex port- Import President would, not succumb to 


-A SHARP reduction in Japan .* Yl'.57-i>n. a rise of IL’7 per cent tentative!'- concluded that the Assuming that the yen-dollar rales, be higher than the 
trade surplus with the EEC. In dollar terms, however, the statistics reflect a change in the rale remains stable, these fore- erally ara at present, 
measured in yen terms, took Japanese trade surplus with the terms of EEC-Japan trade result- easts envisage an overall current The U.S- is also anxi 


, n ' l' 1 /]? l he K^ p . r * rer fL n S lhal problem. This is a complex legal BllL providing a S40bo this pressure, 

yen-doiiar rates* be higher than they gen- area anf j officials wore loathe to r 


it. speculate on what device might 

anxious to j, e found Ihal would both serve 


tobacco multinationals 


BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


(£40-‘}hni. wh:ie iinpon? from ally' on the statistics to EEC lrat * p surplus with the EEC was believe that a further reduction! 


•!f ( W r 11’ per cini in rCreiw Minister* 


due lo Japanese administrative j n Japan's biiaierai trade surplus of the facf (bat it dislikes session. 


tn, pesai in principle at various AN OFFICIAL UN report has small fraction oE these pay-offs 

The U.S. has made no secret times during the last legislative accused the seven major tobacco have been uncovered in recent 


multinational companies who years, and those have mainly 


YWShn. Japan'? resulting sirr- minfurow. are purr led by ihe controls on exports. with the community should h**' "hat it considers to be the Approximately StOQm worth dominate the industry world-wide been in the U.S. ^duts to the 

plus fell IS per o«ni over ih<' rvasons for ih«> cfiffvrence The Commission is cautious possible during the" second half unfair financing edge granted 0 f EEC-proces:*-.! food exports *' ’ ~ ” “ 

- Period to Y63Sbn. in ir.idc per form anie between about assessing the outlook fur of this fiscal year. i pru Joels such as the European tn ih' 1 US. could be subject to 

This appari-nt improvement jp,, j.'.S. and the EEf. H is the trade balance and arc Bui beyond that, the OiiiiniiSi- A’rbus. Bui ii also makes Ihe the impu-?ition of U.S. counter 
-contrasts strung;, w.th a run- a-cnbuil partly m the fact that a sceptical wheihci Japan will be sion believes that the EEC. will! poini thol there are other vailing duties because of- sub- 


issiun is cautious possible d urine the’seeond half unfair financing edge granted 0 f EEG-proces;*-.! food exports of largo-scale bribery, price collu- "increasing rigour of the mvesti- 
ig the uuilook fur of this fiscal year. i prujecls such as the European in ib^ US. could be subject to sion. and deliberate concealment gative activities nf the Ui, 

balance and arc But beyond Him. the Outinns- A’rbus. Bui i» also makes Ihe the imposition of U.S. counter- of financial information. Securities and Exchange Coni- 


The report also gives compre- mission.” The report does not 


tinued rise in Japan's irade much higher proportion of U’.S. able Lu meet it? iatc.-t official face increasingly sharp com pel i- ureas, such as shipbuilding, sidies paid under the Common hensive details of the Mafia's provide evidence nf. improper 
surplus with ihe US., which u> export? is in raw materials, in forecasts, calling fur a 6-to-7 per tion on the Japanese market, where the U.S. enjoys no Agricultural 'Policy. illegal operations in the U.S., and payments other than those which 


illegal operations id the U.S., and payments other than those which 


said to ha vi- increased by 47 per which trade has rcceollj been cent drop in global exports and from V S. exporters as the receni ' market domination and where The second issue is tbe con- warns of a Alafia bid to penetrate have already been disclosed in 
cent to Y1.485bn. Japan '« global slow. a 9 per cent rise in imports rise in the value of ihe :-cn export credit rules do not gressional vote to exclude the tobacco companies through the U.S. 


surplu? grew even faster ny Commission official? have during the current fiscal year against the dollar takes effect, apply. 



“We only began exporting our flexible conveyors and' 
loaders five years ago 3 and exports now account for a large part of 
our business. Off-the-peg delivery is often imperative. Moving fast, 
opening up new markets, wed have real cashflow problems with- 
out ECGD bank guarantees. We get a very good rate of interest, 
too. In fact ECGD have helped us so much -both with export in- 
surance and export finance - that we almost take them for granted! 5 

Ron Narramore is a Director of Flexiveyor Products Ltd., 
of Tamworth (part of the Narramore andTozer Group), which last 
year sold £200,000 worth of conveyors in Europe alone. 





textiles from the Geneva trade legitimate stack acquisitions. ■“ Invariably all the tobacco 
■■■ ■■ — The report's findin g s are likely conglomerates, as most other 

< to increase the pressure for corporations, have received a 

1 ri ‘ Third World countries—who pro* bonus from the * pay-off coni- 

4vA duce more than half the world's pies ’ by computing their profits 

C supply of leaf tobacco— to try to on the basis of total costs, which 

QT curb the power of the tobacco are simply inflated co include 

multinationals. bribes" the report adds. 

-,4. The UN report is called the The failure to uncover such 

Ha ** Marketing and Distribution of bribery, says the report, is due 

1 J Tobacco" and was prepared by to "the - absence of rigorous 

k— the secretariat of the, standing public accountability of their 

UN Conference on Trade and corporate practices." It argues 

Development (UNCTAD based in that “ deliberate withholding of 

It- Geneva. information is seen in both deve- 

JL J One of its main findings is the loping and developed countries” 

extent to which the 6even major and suggests that such "data 
il"* . tobacco multinationals dominate concealment is assisted by the 

I .* the world market! The seven giant accounting firms acting in 

” companies are: British American alliance with corporate power." 

• Tobacco, the Imperial Group. Yet the report sees a chal- 

. Philip Morris. R. J. Reynolds, ieage to the tobacco niulti- 

I Gulf and Western, the Rupert, nationals' power from the Mafia. 

L 0 Rembrandt Rothmans group, and It estimates that the Mafia's 

American Brands. annual “profits” of about 

Thetr direct operations, some SlOOm from “cigarette bootleg- 

39 per cent of the market is an ging" represents some 3 per cent 

under-estimate of their effective of their total S25bn annual 

control of the market through “profits." Tbe bulk of net 

dominance of particular brands, income comes from " loan- 

the report says. To maintain sharking" and gambling, 

their dominance the tobacco followed by narcotics, porno- 

mutiination3ls spend some Sl-Sbn grapby and prostitution, and 

on advertising* hijacking, 

Tbe report states that Tbe report estimates also that 
"another component of world bath the legal and racketeering 
tobacco marketing is global operations of tbe Mafia in the 


corporate bribery or the * pay* U.S. tobacco market covers just 
[off' complex involving millions over a quarter of the total 
of dollars." It says that only, a market 


.-.v.v. v -4.' 


W. German investment up 


BY ADRIAN DICKS 


BONN, OcL 16. 



'.I ■ ■ ir 5 




f .-. ’ - 


4 : * y • .y/^ii;; 



DIRECT private investment 
abroad by West German business 
and industry is now running at 
over twice the level of foreign 
private investment in West Ger- 
many. according to figures 
published by the Economies 
Ministry here. 

During the first haif of this 
year. West German . private 
investment abroad was worth 
DM2.7bn (£71533®). up DM200m 
from 1977, while foreign invest- 
ment in the other direction was 
worth only DM 13bn — nearly 
DM 200m less than for the first 
half of last year. 

On a cumulative basis, too, 
West Germany is a growing net 
exporter of capital, with invest- 
ments in other countries worth 
DM 5>LSbn, now well ahead of- 
foreign investments in West 


Germany that now total DM 
50.5bn. 

The first half figures show 
little change in the preferences 
of . West German investors. The 
U.S ^ which was the- object of 
DM 723m of new investment, was 
the single most desirable country 
for West German investors, fol- 
lowed by France (DM 313ml. 
Belgium / Luxembourg (DM 
272m), Switzerland (DM 26Sml, 
Canada (DM 236m) and Brazil 
(DM 176m). 

The United Kingdom attracted 
only DM S3m worth of German 
investment 

Between them. Western 
Europe and America accounted 
for 92 per cent. The chemical 
industry was the leading inves- 
tor. followed by the hanks, 
mechanical engineering, insur- 
ance, motors, oil and gas and 
steel companies. 








Malaysia tightens rules 


BY WONG SULONG 


KUALA LUMPUR, Oct 16. 


THE MALAYSIAN Government 
has announced that fully-owBetj 
foreign companies wilt be 
excluded from tendering for 
government contracts from next 
year, unless they take in local 
partners. Currently most of tbe 
Malaysian Government purchases 
of foreign goods and large con- 
tracts are done through local 
companies, wholly-owned by 
foreigners. 

The Secretary General or tbe 
Malaysian Treasury. Mr. Tan Sri 
Abdullah Ayub said that from 
□ext year, only companies with 
■‘reasonable local equity and a 
minimum 30 per cent Malay 
shareholding" will be allowed to 
lender for Government contracts. 
He said this was to encourage 


local participation jn foreign 
companies which are currently 


companies which are currently 
doing business with the Govern- 
ment. 


Ur. Ayub said there has been 
an appreciable increase in 
foreign purchases by the 
Malaysian Government in recent 
years, adding that this trend was 
expected to continue in view of 
growing public sector expendi- 
ture and development. 


Foreign companies here say 
the move was not surprising, in 
recent months some of them, 
particularly those tendering for 
government contracts for 
vehicles, defence equipment and 
construction projects, have taken 
is local partners. 


Poland wants more exports to UK 


BY ANTHONY ROBINSON 


MR. STANLSLAW DLUGOSZ, 
the Polish Deputy Foreign Trade 
Minister, told British delegates 
to the Anglo-Polisb Joint Econo- 
mic Commission In Warsaw that 
Britain would have to increase 
import* of Polish goods as a pre- 
condition for -Ip creased trade 
between the two countries. 


project 


j— j Cover Jc*r investments overseas _J forjuil dc:at': caii a: your ioju! ECGD cjjLc. 

To mate .in !pr*in:nwiv own *<:i ?hc hy-.-.T, r>n Orh.icr. Hvr"rr '.':e«iir< Ouorantee Dcca-maa: -custjac renrsn:- rTS - j: C-;ibCo'.'.. BjiiA 4 '. used*. Mjnvheswr. Birmingham, 

Ornbri ire. Srii-tw, j-'-ndvn c . : hnd, ucyd-'-a ->r 1 o'-i:nh.m or Jcj n i-xjiic.-. imorojJUOR Swtjw.. ECC-D- .Ycirmir/cary Kci>e. l^nsM ECcP d 2 L. T-! . ci-dio 6699. £ ,ta. ^<S.. 


contingency 


COD 


tv.1.- British exports are currently 
of capital at a relatively high level, due 
including mainly to plant and machinery 
ir»n cavc*r exports for major projects tike 
ion wover the Wloclawek pVC complex tad 

the Massey Fersuwon Perkins 
Ursus tractor plant development. 


Such exports are not amenable 
I to the kind of restrictions which 
INSURANCE FOR BRITISH EXPORTERS, the Polish authorities have 


applied on a. wide range of less- 
essential hard currency imports 
recently in an attempt to reduce 
the Polish trade deficit 

According to the Department 
of Trade the UK surplus in 
bilateral trade over the first 
eight months - amounted to 
£34.4m although Polish statistics, 
which include purchases through 
London Commodity markets, put 
tbe Polish deficit at £l29m over 
the first seven months. 

Mr. William Kntghton. Deputv 
Secretary for Trade, and leader 
Of the 13-man UK delegation of 
officials and businessmen, said 
that British finds were increas- 
ingly seeking outlets for Polish 
goods. 











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Nationalised industry 


proposals criticised 


Telegraph 
‘bleeding 
to death’ 


Mra issues warning 
on danger to coal 



BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


says 

I ^Uni«.«v»nrt I THE BIGGEST danger, to J^ie. year, on an industry with ftUr ‘ " a"-' : ' rJ 

{Y CORRESPONDENT 00311111311 {future of the British .eta! UtaM the UK coal output. 'W«tA«w5 . 

■ industry lav to projecting _The Coal Board expected to ¥11*1 1* •-■' 

anae in institutional arrange- H would not object to a chnl By Pauline Clark. Labour Staff demand for energy, depressed bunch the }8-»n»nih ■ daw - 

ents It sue nested that each servant from the Department of . turoagh - world recession. Sir study. for two large pilot plauu ■ 

itionalised industry should be Energy being a part-time mem- LOKD_ HART\VEl , L. _ cbu.rrr.^n Derek Ezra, chairman of the on its new coaFeonverston gy Michael CassetC 

n bv a policy council respon- ber of its board, provided he was f hi e r executl T e of ■*** . Da H *;\ National Coal Board, said technology before the end ° £ Building Correspondent .-.'.'I 

Ti oy a poiK} lou hi. M rpadv to ta itp f U n (. 0 n«.r-tive res- Telegraph. yesterday warned tha«. vesterdav. the vear It was also consider- .. . 

mVoard acting as the eSlive ponslbiliiy foAhe Coloration's the newspaper was - in .danger * h would be very serious ins ipid' for finance from a new (ESTIMATES ■averag^ h QU se ' - 
thnrhv executive * evision ^ warns ^ if a of bleeding to death” as a indeed. \ii Britain was to fail EEC fund set up this summer /prices had so far'lhis year risen- 

ThA noliev council would in- result there were a serious con- , printers stoppage prevented into this trap, said Sir Derek.- In raining technology the Coal by .about 20_per cent were, likely 
,!iL e inrinVatirtn Roarrf mpm- flict of ituerest it would be "London editions from appearing giving the annual Coal Science Board accepted that n must pay. to prove .conservative* abcordine 


BY DAVID FISHLOCK. SCIENCE EDITOR 


By Richard Evans, Lobby Editor 


GOVERNMENT proposal* for the change in institutional arrange- it would not object to a enm 
reorganisation of the nations- ments. It suggested that each servant from the Department of 
lisud industries, set. out in a nationalised industry should be Energy being a part-time mem- 
While Paper published in April, run by a policy council respon- ber of its board, provided he was 
1 have run into opposition from sable for strategy, and a corpora- ready to take full collective res- 
• Boards in the public sector. tion Board acting as the executive ponsipilily for the Corporations 
nu-.ua K authority decisions. It warns, that if as a 

The White Paper recommenda- _ lj v counc j| would in- result there were a serious con- 


It would not Object to a Chnl By Pauline Clark. Labour Staff 


prices 


8y Michael Cassell, . - , ■ 
Building Correspondent 


A\ INCOMING Conservative 

Government would ji' 6 top . fc , *»,.«.» v . ......... » WH , U1 .... ^ ^ . .. 1 1 .... „ . ... . 

priority to negotiating a s ** tis »' ter# >hmtM have the power to ihc Govemment. hut some of the Government had rejected policy no ; part 0 f a large con- major international collaboration "sir^Derck was assisted by Mr. I yesterday t h a t . ai tbouaiwiV^iS — - 
factory Common Market deal j<6lie ;fic directions to the nationalised industries think it councils on the grounds that it igj omerate j t j, 2d no other to solve the industry's' technical Peter Trego lies, director of tlie | lieved the housing markctwouM 
for Britain's hard ? rc - ,c< J h>h ’ nstionaiis^d Boards rather than // rk under the nght c r ‘ interests to come to its aid. If problems. coal Board's Mining Research become more- stable, venr 

in? industry. Mrs. Mar-a.ct |hp present ones “of a general ‘•umsunc-cs. and C0n * d5€ response ^ $I opp a g C continued. ' the The Coal Board was spending and Development Establishment s tanUaV price increases haflhavn— *’• 

Thatcher, leader of the Upposi- . ch;* r^cte*-." The British Gas Coreoration ouuy. ship itself will sink. Bankruptcy , ali it could afford on research and Dr. David Dainton, director, occurring in-some -parts of - 

tion. promised last night. : Th „ riovernment sugeested to ,n . lts submission that it is But British Aerospace says will ensue. The time is no*, very and development— £20m a yedr— of** • the Coal Research l-countxy. .. 

In a message » o the e’e* orate , hp u - hilt Paper that 'in some ?- ppos ?° SSJ* the idea of a policy board was long." , „ and was now venturing into areas Establishment. . . ' '■ Prices had been, rising by be:-" - 

of Berwick and E.vt Lothian. j nt j ustrW5 3 C jvil servant from t,on * n , 6 #t r dJ iT aDa dismissed too readily by the Lord Hartwell urged bis *taR of development so long-term ^iat Mr. Tregelles beads a ^ staff of ; ^ eetJ 20 per cent acd^Oper erat 

where there i-* j ..y-ciection on the ,p 0n? orms dep3rttnem. and ^ lv Government. It believed that it to persuade the strikers taat ir i»ad to have Government more than 1.000. working during the first rune moatbTaf r - - 

Thursday week. Mrs. Tl.atcner s0a , e .j 1I)1?:f from the Tre^urv, pan ^ ula T. l> * powers 10 lssue would be worthwhile considering there was no money for ransom. . assistance. Improved mining techniques. He, this- year, with Load on, thoHotnl 

said that a Tory administration . houkJ he appointed to the sp f, cl ?i: n e £« ' . { , the idea further so long as the Talks between management; Tbe Government bad “made a-dealt with progress ^^rd^ j Counties and the South-east resmy ' 


ago, said 


said that a Tory administration 


would be no less roup in nego- Bnards atter consultation with heifw^iJSSiiuon ^should ^ eive 5 P° nsonn S department were 
liations with Britain s common _• {he chairmen concerned. Sl!f reduced in size and the sponsor- 


liations wtlD Britain s ^oramuii 
Market partners than the Labour 
Government. . 


' Government. It believed that it ta persuade the sinkers taat sr cad to have Goverameot more than ww. wor«mg I during rhe first nine moatWnf 
e would be worthwhile considering there was no money for ransom. , assistance. Improved mining ^'tht^ year, with London, the Hatno -^* 

the idea further so long as the Talks between management • Tbe Coverament bad “ made a dealt with progress towards | Counties and tbe South-east rwil- 
‘sponsoring department were and union officials represerrlng good start" this year, in ailocat- remote and automated mining taring the increase*. ' - 

‘ reduced in size and the sponsor- i 240 members of the National jag £S)m over five years towards operations. Dr. Dainton out- . *pjj e 6CaJe of ^ ^ f * 


tuk 7 reduced in size and the sponsor- 1 240 members of the National :ng £20m over five years towards operations. ur. uainron oui- ^ 6Ca]e “ of ite* 

The*.*’ proposals are criticised 5 °8 b 03 ^ were not an addition Graphical .Association, broke the-cost of constructing a senes lined tbe work of bis 600-strong “unfortunate . but inevitabS : 

XenationV nn ihe Whtte !L "S& tiTt iZ HHl to the existing two-tier structure, down last week with disagree- of Urge pitot plants. But it was research team on the new com- af ^ a ^ -i 

MtfM.rik.ri inrinur* ,,h - meat over proposals to introduce much less than the. U.S- Goveriir bustion, conversion and energy nriCA StahittTv ^cinta 107**^ TP. .,.' 


live and less obstructive attitude 
to EEC affairs in general. 

The tone of her messace shows 
how nervous Conservative 
leaders are at the impact being 
made on the Echini industry by 
Mr. John Silkm. Minister nf 
Agriculture and Fisheries, from 
his tough negotiating posture. 


because of Mr n ^lertcv by the Ontmons Select ^ tE I riShf to i ^Jk for a direct ion oot m be totrodiced .^ newspapers* disputes pn>, 

hip and less riDSt.u«me .nut t co mm j flee on nationalised in- direction in specific cases rather British Railways Board agreesj OK . , . . lor , -. 

dustries. than being asked to implement with the rejection of policy After -o aours 01 tciKS tas.ea 

NEDO alto called for a radical the Government's wishes. councils. i* 0 produce a solution on Tcjrs- 


Marginal oilfields face tax net 


because of their more ; . yesterd"^ . oy the Omutons S e,eet | MV e the riahl to ask for a direction oot to be introduced. oewspa P ers dl »? u,es — ^ — that tbe Governments atinotuwed 

live and / ( f s ‘ , e D 7;‘ , / , '; r ; , l ,uluac ■ Committee on nationalised in- direction in specific cases rather British Railways Board agrees !««“”• oe ,. 1V£ ; • -- ... intBUtion to .contain .pre^ f 

*o EEC nfTdir. in -.nera . dustries than bcinc asked to implement with the rejection of policy i A * te 5 “® hours of ^ T .-,11 ,- LMa - 1 ' restricting tbe volume of snort-. 

The tone of her mws.ee ^shov s radical the Government s wishes. councils. f produce a solution on Tburs- . IpHfp I IPrV 1 11010 VGF gage finan( L e has proved « W‘ 

how nervuiis Cunservatn c ; day, the NGA chapei tur.lon t/ V TT Vllvl f :11U IIV» VI counter-productive. . ; 

leaders arc at the impact being 1 * branch! declared that they 1 * . * ‘.‘People have been encouraged " 

made on the G-hinj industry by would not meet again tor a * • . to go our and -buy when thev V 

I'sHISHiSr Marginal oilfields face tax net & increases by 48% i3SSS%li: : , 

0 resisted management efforts to' .... .. real earnings, has‘piv»hHedjjrim 

,0 mN .' ,Y ^ ««■«»«« , KtSrlS! 

^zLtX, ‘f lhe fishiD* 1 1 MANY North Sea oilfields “ It is clear that the amount of The total tax bill as a per- ; between chapel and manage- • Thanet - yesterday ^rprvdnred'V^- 

it-c rnmmons parlv resarded as only marginal com- funds becomintj available to oil centage of resources generated [meat. : THE jewellery, trade has . But this figure masked the true figures to demonstrate the- way ; 

n ihi n a move mercial prospects will become companies from their current for Shell/Esso s Dunlin Field, for . Lord Hartwell said that for ; emerged virtually ' unscathed performance of the industry jin which most home buyers, hate' . 

L“*J tr wui* fish I no liable to pa y Petroleum Revenue operations in the North Sea will example, would go up from 1 0.9 many months; the management from -3. three-year ' period , m which had boosted business even been able tor accumniate^Cipilar — 
infinite .h. Tftr*«8 wni.W'Tax if higher rates proposed by be significantly reduced by the per cenj to toA per cent. Fori bad got nowhere with in-house w m C q incomes have been more significantly. Tbe tourist because of appreciating property 
tnieresTs tnat in. o • ! the Government are implemented proposed changes." BP’s Forties Field it would go ; discussions to end the chaos in severely squeezed and value boom in the UK had increasingly values. . •; - - ■- 

rnmmon- Maricet bareain ! next year. The availability off internally up from 73.6 i per c^.t to 77^ (the composing room. ; added tax at one time reached provided an important .siice of ^ AccordTng Id -a. SnfteVT nf . 

Lommon Marwei oargdiu. , According to a report prepared generated funds might have a big per cent Occidental s Piper Field The dispute started when a 135 n e r 'cent., according to a- WQl sales, especially ta London sodetv’s borrowers, home d'waets^- ' 
H ( ? r . raessage to mm ;,«« hv the Department . of Political toHuence on future investments from il per cent to 75 per cent, small group 01 NGA members s^rve? retailers. who bought their house 20 years • 

ttor^ret Marshall said ^ Economy at Aberdeen University, in the North Sea. In addition Union Oils* Heather Field from took action in support of a claim . The latest ICC Business Ratio lo 1975-76. almost all sectors I ago at an average Just under- 

Margaret Marsbaii.^ saia^^ uiat lJle hlgher rates of PR t would the relative attractiveness of 62.2 per cent tt> 63.4 per cept, and for more money to operate tele- , IjrV p«, studied 99 leadine com- suffered a setback when value I £2.000 have accumulated an ww- - 


_ - . , , , . . e .i. LJIH* ItfiCa 1/1 I IU "UUItl MIC ICI'HI»C UUI UV U K 4 - * iv vw.* (.wut, i | V | IW t/yClPlC 

tnere rouia tie no aouox , reduce the profitability of many opportuniiies in other offshore Conoco’s Murchison Field from! photo transmission e^uipme 

Conservative tartj s aeter- g e j^ s areas of tbe world could be a big 64.9 per cent - to 66.3 per cenl. I Other members blacked copy tl 


Conservative tartj s aeter- g e j^ s areas of tbe world coni a be a big 64.9 per cent to 66^ per cenl. .Other members blacked copv that 

initiation to support ip the lull The study by Mr Alexander factor in deciding where future Several oil company chiefs would normally have passed 
the interests of British fisher- 3nd Mr David Crichton, investment would go. have accused the Government in through the telephoto deoart 

;nr . n , , ... . sa> s that it is difficult to see what The present system of oilfield recent weeks of severely erodinc ruent. and then went on strike ia“jh e - J'hreo ' 't-ears^o^ "lasrOe^ ‘that followed ^reflecied"' better i fLSMTnow imve nmllV in^eaDi- 

* At stake arc the livelihoods efTecU , hp m tax system would taxation was far from satire- oil industry confidence in the when management stopped tbeir S r , n , a *u : T-mfver 48 t^dinl Sflons “ i talof over 5t2 50o“- ’ “ • ‘ - 

t !’»',on.l 1I .p.« # fdev l ln r en. .or>. hul I. W dlffioul. lo ,»»kc North Sea by brlnfiny forward pay. £• “S* JST5* 52JS£ 

sea and jsnore. as a ell a? u »ttal in ]he Ncuih bea as a whole- radical improvements to a the increase m PRT. Future pro- 

national food reserve. Fishermen •• Prospvtive returns to method that had been in opera- ject< would have to be seriously! 
will not find the Conservative smaller fields are certainly tion since J975 re-examined, they said. 1 W("i q 

Party wanting. The fisheries reduced. Whether this stops nr The report shows how the new a Recieic of the Proposed, k/llil n vl 

issue will he given top priority postpone? the exploitation of rates of PRT will affect the finan- Ownpes in North Sea Taxation. \ . 

in our negotiations in Europe such fields depends on. the cial performance nf a number Deportment of Political Eco-\ 

when we return to office." minimum acceptable return to of fields over the lifetime of pro- nomu. Aberdeen University, j UCUlUi Co 

Time was not on Britain's operating companies. duction. £5.00. I _ _ .. 


tions and diamond merchants, and the improved profitability ! average -"price ef jost' tinder 


when we return to office." minimum accepts bk 

Time was not on Britain's operating companies. 

side. While negotiations dragged! 

on in Brussels, over-fishing con- 1 

tinued. “ If we cannot obtain ! T J • 

early agreement from our Euro- 1 IflftlPP 

pean partners, it will be neves-. JLll.U-.l.V'V 

>ary lo bring in further conser- 

valion methods, hopefully in | RY coir chort 

unison with Brussels but if j BY ERl^SHORT 

nccessao' unilaterally." iTHE NEW FT-Aet 


Indices ‘accepted as yardstick’ 


Shawcross 

deplores 

industrial 

disputes 


; .oer. cent with the greatest fn- Manufacturing jewellers, • The. Alliance Building Society 
I crease in the final year, and although still the most profitable housing researrit unit '^aid yes- 
j profits increased by an hvera^e sector, had suffered a steady fall terday that although up to 75 per 
! of 30 per cent. V in. profitability over the three cent Jof all hoiisebuyers. JWeflthe . 

j It appeared, the report daUnSi years. involved jn^ 'a- chain ^pf purchasers 

' that products of intrinsic and Three years ago, they had a and sellers, few expenefice any 
! lasting value were attractive higher return on capital than the problems because'; of this- facto rr 
during times of economic -average for the trade,, but now A surveyi'eondtrtred ^vthe 
activity. ... " ’ the gap bad almost .disappeared. Alliance shows ;. that the -.time 


vauon meinuas. nupeiuuy in* RY coif' SHORT . | Mayrice Samuel son “'“V “ — j— •* — — 7" tne-same pe 

unison with Brussels blit if by er^ short . | " . . 1 Dlamun.d .merchants were the .. w * • h Jr 

.nevessao' unilaterally." iTHE NEW FT-Actuaries Gilt stocks, bad shnwn a very limited measure perform 3Bbe and pre- 1 INDUSTRIAL DISPUTES in the rudest ■ t con ^“ tor r( ,\°. were the moi 

! Indices have become accepted as picture of. the ailt-edged market, semed a compre/‘*nsive series ; Press and in the motor industry **?£[■ t w JUSl tbe report, 

_ J the universal yardstick for mea- „ . hflrh th _ of rabies, using both a nil tax : wre deplored . ywterday by . owra.. fromJE^m ^-£<3m. ,Th^ would bontir 

ERF to spend ™ S ^ ^ s 8SST cha: ™ ?n 01 ihe «'£■*£ 

£10m more on w 

truck mitniit ^ 1 ,f ~ 

truck output ! David Wilkie said that the old could be presented. / fund ^3035^ t0 t . ompa r e seC - ; newspaper mdustry-except thal . aawii 

_ method of calculation of the 20- The authors discussed how the tors of the gilt market with the at tbe Daily Telegraph— had j ■ flFffH 'VV H|Sil Ctlfll 

Financial Times Reporter year index, based on only six price indices should be> used to market as a whole. been unofficial “and the result ' - . J 

ERF, one of the few UK inde- S >- of sheer anarchy,” he said. ' j • j , , ■■ ai 

r.-endent truck manufacturers, is A In the motor industry, to ask ; IflSlTlPn TOlfl I Oi t4*1 

Tolkien letter fetches £480 luai!CU luiai Ul x 4‘ 

The programme includes a new -I- UllViCil iCliO JLd/V'l.lC^ tw"wO\/ imports was a counsel oi FINANCIAL TIMES REPORTER 

production facility at Wrexham despair. The UK could produce 

which it says should create more ; SOTHEBY'S yesterday held two John Field, on behalf of the National Gallery, is to go on cars> of a Quality and at a price THREE NEW COMPANIES in been given a] 

Lhan 1,000 jobs. -small but interesting sales, dis- National Portrait Gallery. public display as soon as fully competitive with foreigners. West Wales are receiving. invest- loan' to bui 

The present manufacturing ' posing of autograph letters for Christie’s disposed of coins for poss'ble. An anonymous- group -All we need is the united loans . from the Welsh factory; for 

base, 30 miles away at Sandbach/ £35.992 and objects of vertu for £68.280. wtrh a verj' good top of benefactors helped with tbe. d p tprm j n . lf f 0n to on th . Develcipmein Ayeric.v- worth a assembly. Tl 
Cheshire, has no further room ; £39.232 The top price among tbe price of £8.000 for a rare Royal purchase. - tnh - 7 h cX. h » .L • tt,ral £250,000. The money will cut delivery 

for expansion, but will remain : letters was the £900 for a col- It was the first time that the ; 00, *-°ra onawcrqss saia at ine, fael _ c ,eatv .‘several hundred months to t> 


ERF to spend 
£10m more on 
truck output 


But while the manufacturers 


i - ■ ,-a 


ICC Business Ratio report on; 
the Jewellery Trade: £55. ‘ 


Financial Times Reporter 


Tolkien letter fetches £480 


been unofficial “ and the result ' 
of sheer anarchy,” be said. 

In the motor industry, to ask : 
for protection against foreign j 
imports was a “ counsel of 
despair." The UK could produce I 


Three W elsh companies 
loaned total of ££m 


Dunlop s»te 
indus^T 
estate plan 


By John Brennan. 


FINANCIAL TIMES REPORTER 


A £10m industrial estate. » 
planned for 25 acres of surplus 
land by Dunlop Hoktings* Fori 
Difolop headquarters^ near Bir- 
mingham. .• . 

Bryan t-Samuei, the * (develop- • 


rhe company's main base and ; lection of 30 letters from George 
headquarters. Viscount Townshend. Lord 

ERF's output is 3.500 trucks- 1 Lieutenant of Ireland, about tbe 
a your. 90 per cent of which arei sla * e coun try in the late 

sold in the UK. Mr. Peter Foden.i century. - 

chairman, believes thal in the „.5I 0, 1 P interesting were prices of 


SALEROOM 


_ ... j i rar j n 111*1 ITTIji -haw 

National Gallery, is to go on ® ars> of a Quality a° d at 3 P rice THREE NEW. COMPANIES in been given an £80,000 investment menf v company ^burned ibintiy' by:- 

public display as soon *6 fully competitive with foreigners. West Wales are receiving invest- loan to build a 20,000 sq ft HryatAHoidings and iheSaiaueV - 

possble. An anonymous- group -All we need is the united ment loans . from the Welsh factory; for van and lorry Properties; has won a tendbr. to 

ry good top of benefactors helped with the 4 d e termination to «»t on wtih th<» D«ve!cipm»*n« Agency- worth u assembly. The company hopes to buv a 1‘25-year lease -bn DunkM# '. 

a rare Ro>al purchase. lob " Lord Shawcross said at the ' l ° ral £250 ’ 000 - money will cut delivery time from two surplus land. ,- The developed- 

It was the first time that the J 00, saia at ine. Pelp CIeaK . .several hundred months to two weeks when the backed by fihanee frdn Legal 

National Gallery' had bid at a Lucas Press centre in the| JO bs. boost exports aod build a new factory- is in operation. 3nd General Assurattcd Society. - 
U.^ public auction. Tbe Gallery National Exhibition Centre, Bir- j factory. ' The third investment goes to plans to build 500000 sq ft of ' : 


£* ,d that the nlcrere was 9 minghani. wblcb was being used The biggest inveptment loan Horte*. Chemicals, formed a year industrial buildings on the lamt 

significant addition" to its for the 6rst time ibis week by goes to Irtterhlock Masonry aqo. The £70;000 loan will be At today’s prices the develop- 

col lection. Its only other work visitors to the 1978 Motor Show. Units, of Guernsey, which has spent on launching a new poison- ment will cost £10m 

by auilet is a small painting formed a company called Pro- free wood preservative in West The land, dose to Junction 5 

entitled The Whisper.'- • VoViinlo uiorninn mason lo- make hollow concrete Germany. of the M6. comes with planning 

«. C Sr l W le i f, rst Sal “ nl *y sale at ▼ CHI Cl 6 warning interlocking blocks which need Since tbe Development Agency permission for the ira sq. ft 

Twichcnbatn. nroAD-nfiniT _r no mortar or paint was set up In Januajy. 1976. it industrial estate. * But Bryant-' 


BY ANTONY THORNCROFT 


<;hort-lo-mediura term the com- tfteu Iur 9 ,eiier °y xuirwu w . . . . . . enunea ■ ine Whisper * XT l • 

pany's^n.in t^rusnnust continue : the £1” jSi2.?wS5 « Christ i* first Saturday sale al Vehicle WamiOg 

to be in the home market. completion of The Lord of the fV™ l 2,. S ' r /S“ 3 "; V P aie , r South End House. Twickenham. __ ® 

He is concerned about forei r, n . ^ mgs and ^ he Silmanlllon, and > n Some even rarer L-- consisted of a collection of Eng- THE DEPARTMENT of Trans- 
vehicle penetration at the heavy ‘ for some letters by P. G. rouhle pieces minted 1 in plati- lish f UI7] i t ure and a small port yesterday warned operators 

end of the UK market a Lrend xv °dehouse explaining the origm nuui in 1830 and 1831. also amount of porcelain, and of insulated and rerngerated 

which British mamifaciurers are of the nam ® Jeeves." .. attracted exceptional prices pictures. . transport in the international 

having some difficulty to contain. - . '?* °£S^ SI"® ^ ,S00 and 1X450 Tho most expensive item was trade that French veterinary 


by Millet 


small painting 


Germany. of tbe M6. comes with planning 

Since the Development Agency permission for the Jra sq. ft 
was set up In Januajy. 1976. it industrial estate. But Bryant-' 


The £100 000 shares-and-loan 5“f' KW'?iilSS!S21 l, 2 w££ Sa “ uel - which hopes to start 

Sc" UK'rairiiri ‘SJJS Wodehouse explainins lhe orlsto nun in 1830 and 1831. also amounf'or'' pSVSilata "ud if iisul.ted' and refrigerated I deal aid from .be developmen. raSSnf frotnoibncoomo^nL T" 05 '™'’. 1 '”" work .ounj®. 

of the name “Jeeves." ..attracted exceptional prices, nifturos transport in the international i asency will be spent 0 n rrom P U0J,C companies speculative phase m Decemher, 

hj h vin« some diffleulty to contain : Among l f c °^ ect5 of ./ erl «- g° in S for £3.500 and £2.450 P Th n nio.st expensive item was trade P that French veterinary I machinery to produce an initial jj ^“aSiS^fSd'ed^y The ao!i | 3U be ! d ™, 
vl .,,h , Lm a rectangular Swiss gold and respectively. a William and Mary ^oyJer Inspectors had been instructed to j *J»WW flocks a year for tbe 5° ,n f ahead with large-scale 

Midway thiou^h this year, for . enamel snuff box of the early Tbe painting. The Winnower." veneered walnut rhP«r ^ nf refuse entrr to all vehicles not LI\ market. development 

example. ERF had won 12.3 periSih century sold for £1.100: a by the 19th.century French drawers whTch fetched £3 300 SnfSnrto? to the requreinenls' - n ” Coaehhutlders a newtv ■ -?X- 

SI- 0 ' ° ( A™ a v S H Jean H Fr H a f C0 T " hn * 3 Queen aST* S KdlaiTf a ToTcl SR T* j v • V r ; 

t..no-: But Volvo of' Sweden w'aV 5vc «& Tor ^Vtihoietie lf vS5t Beroef ln iew York S Anno ° black ° f P e ^ hable food «» ffs - 1 Swatuee. has will have been ’created. RedllUdaDCy fOF 


market leader with per cent. ' George, First Earl of Onslow by Friday 


£304.000 


on Anno 
the £ 1.600. 


lacquer cabinet 



Air Canada 
ally wide -body jets 
to Toronto. 


PLA plan to cut 1,400 jobs 


Clyde workers 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


MORE THAN 100 workers at » 
ship repairing company art. the 
Clyde coast at Greenock were 
told yesterday they are to Be , 
made redundant in 9ft days. 

The news was announced by • 
Mr. A. Ross Belch, chairman and- 


A DRAFT PLAN to cut 1.400 jobs only then release the first slice made it clear that it wants to Mr ' A .-. Ross Belch, chairman atta- 
in the Port of London within of the £35ra promised to the Se more than 2 000 jobs " o to director r of the - 

the next year was considered authority in August to help pa? the “ext two Sr three years? recently - nationalised .Scoff- - 
yesterday by a joint union- for restructuring the labour * ' Lithgow shipping group, 

management committee. force. Apart from the manpower Between 120 and 130 workers.. 


Lithgow shipping group. 
Between 120 and ISO workers. 


The committee has two more Registered dockers’ trade issue ’ tbe dr ? Ct plan ,ists sevefi w ‘ tb t be Scott-Lithgow drydocks . ; . . 
eettogs planned for this week, unions have alreadv etven hrnaH area s of review: port charges; company are to lose their joM t 


meetings planned for this week, unions have alreadv given broad areas °f re 91 ®'*' •' P°rt charges; | company are to lose their J0M-- 
after which the scheme will go to assent to the loss of 1,400 jobs a| ternatiye job opportunities, the j whd © the rest of the workforce 
a board meeting of the authority but unions representing steve- n * ed f ? r . ^vestment »* the or 150 will b e transferred to. 
for approval next Monday. dores and st»ff have shown °Pper docks; trade union in- J other jobs or retained for ship- 


dores and staff have shown more 


other- jobs or retained for ship" 


Sir John Cuckney, chairman of resistance. This is a key area to Y 0,Ve ™ent in marketing; traffic building purposes. 
- • • • y forecasts and cost reductions. Ro, '’ v 


More flights . . . First class service! 

This winter Air Canada, in conjunction Air Canada first class to Toronto - it’s 


the authority, said he now hoped be sorted out this week, 
it would he possible to put an The jobs last would be shared 


Mr. Belch said the company 
had no alternative bat to ntitke- 


with British Airways, has wide-body 
jets to Toronto every day. We also serve 
30 other Canadian destinations and 10 
in the USA. 

Relax in comfort . . . 

Enjoy the big friendly welcome you’ll 
get from the Air Canadians - it’s as big 
and wide and comfortable as the 747 s 
and L-1011 Tristars you’ll be flying in. 


the most businesslike way to get there 
in style. 

Contact your travel agent, or call 
Air Canada. - 


wuuiu DC pusaiuitr 10 pui an me JOBS lost WOUia Oe snared Cir said that withmit 3 ,T i 

acceptable plan to the board. He equally by . staff and registered Covenn entiendorsed ^lan ind I workforce redundant- 

also praised the unions for their dockers, and would reduce the access to the £35m grant the di-ydocfe *• 

tSSTSSL-aKS?!*..* .«? .^r.doc k ,_.,W force by i ... - 


weeks of negotiations which have more than a quarter, 
already taken place. The PLA has come 


ore tnan a quarter. which would require detailed been more deDrcsseri since the 

The PLA had compromised by aod urgent discussions with tbe 1930s P _ 


-A n raamofi ► _ - — - - "“J UUU UlgCU .1 UlAVUMH/UB "IUI UIC 

Agreement on tiic plan is not insisting on demannina Government."' But speculation 
necessary by the end of the targets beyond the first year of about receivership and liquida- 
montb. The Government will the plan- but the authority has tion was premature - . 


LONDON: 

01-7592636 

GLASGOW: 

041-3321511 


Housing corporation seeks comments 


Shoe orders 

up 4 . 9 % 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


MANUFACTURERS' deliveries 
of footwear in the- -first seven 
months of this, year were Kt P** 
cent lower in volume thao la -tb* - 
same period of- last year, hj*. 
orders during tbe first six month# 



CANADA 


THE HOUSING Corporation is new building and rehabilitation capacity and capability. Every orders during tbe first six month# ' 

asking housing associations in to associations , in London and association will be subjected to were up Jjy ft.9 per 'pent pvfir the . - 4 

England to comment on its pro- the north- west— enabling them a thorough assessment of past comparable *9?7 period/ wftk 
i»"o oi o r ftindlnc them in tbe to provide about 16.000 homes performance.- present policies, orders for June- alone-fitf' per rent 
18 auk an f QC ' al Fear. out of the England total of Just and management committee higher. Ct 

fh’ r D0l ^ 2b the De P a rtment of over 31.000. v capability . and control, as well British. Footwear . 

^S3STrt? t 5jr rt .S2SS£ The corporation .aid: "The « method, of .elecUng tenant..", lurera FederaMon-sWteto 


the Environment is not expected 
i® u°ui m - tbe cash allocation 
tQ lhe corporation 
until the end of 1978. it is being 

assumed that snnnnn ta-iii 


rpu; : — ;edi. .'y ivsiu 

Viinrlof, w ® u1d again give the association until 
oiggesi snare of resources for the fullest exai 


intil there has been regions and. individual assort a- of 12.7 per cent, .^gainst 
examination . of its U'o ns in February. ; / - .before.- ‘ /'■_ . - 


SJ i ^ ‘rrV 




9 



Financial Times Tuesday October 17 1978 



HOME NEWS 


Further 



rise 


by Ip a pint 


BY CHRISTOPHER PARKES 

THE PRICE nf a pint of milk 
delivered tn the doorstep would 
go up Ip to 13 Ap on November 
5, Mr. John Silkin. Minister of 
Agriculture mud in London ves- 
terday. 

But there would be no further 
iru-reases until next autumn 
“ short of actual. disaster such as 
a drought nr a Tory Govern* 
ment." the Minister promised. 

Almost half the rise, 3.96p a 
gallon, will go to the dairies 
which distribute the milk. They 
have to recoup losses made 
earlier this year and cover cost 
rises over the next 32 months. 

The Milk Marketing Boards wHl 
also take a. small share. . The 
balance will be shared by farmers 
whose costs for feed and other 
expenses increase during the 
winter. 

The Ministry nf Agriculture 
claimed that the increase would 
lead to a rise of 0.8 per cent in 
the food price index and add only 
0.2 per" cent to the retail price 
index. 

Dairy fanners had been doing 
quite well recently, the Minister 
said. The price rise, however, 
would not push them into •* the 
Rolls-Royce class.** He suggested 
that in future, they might not be 
doing quite so well. " I am aim- 
ing to keep them steady. To keep 
them in the same car." 

The price of ..milk was last 
raised in January. Mr. Silkin said 
that a price increase had been 
avoided for the longest time for 
five years. 

The Ministry said that in spite 
of Ute increase, dairy farmers’ 



Mr. JOHN SILKIN 
'.Vo Rolls jor farmers' 

prices this year would, have risen 
only 4 to 5 per cent' while their 
costs had gone lip jabout 32 per 
cent _ .. . . 

The 'price of 133p will apply 
to pasteurised * milk. Homo- 
genised, sterilised and liltra-heal 
treated milk will go.iipMo J4p. 
while gold top. Channel Islands 
and South Devon milk >111 cost 
15tp a pint. 

. The price rise will take effect 
in Scotland a month later — oo 
December 3. 


housing 

schemes 

‘unwise* 


I BY PAUL TAYLOR 

. THE HEALTH and Safely Exeru- 
• live has told tile district council 
1 Tor (he Convey Island area in 
: Essex, that it would be 
i " prudent not to approve 
! further housing developments 
j within one kilomcirc of some 
installations nri the island. 

Last nighi the Executive 
, rejected suggestions ihai it had 
j‘ banned " all new buildings in 
[an area near the British Gas 
; Corporal ion’s methane plant and 
i plums owned by Texaco and the 
j London and Coastal company. 

j The Castle Point council had 
| written in the Executive asking 
| it for views on suggested hous- 
ing developments in the area. 

Last night the Executive said 
its reply was in keeping with 
the views nf the lengthy in vest i- 
[gal ion into possible hazards on 
Canvcv Island published in June. 

Sir Bernard Braine. Conserva- 
tive MP for South-East Essex., 
yesterday said the Executive’s , 
comments were a “ clear admis- 
sion that the existing inhabi- 
tants of Convey are at serious 
risk.” Move than 30.000 people 
live on Canvev Island, some of 
them within one kilometre of 
the installations. 



Hopes rise in bid 
to salvage tanker 


COMPUTERS are being used by Tr Accles and Pollock to test 
new designs for steel golf club shafts. 

Professional golfer Hugh Lewis, is pictured at Belfry Coif 
Club in the Midlands, using a club fitted with strain gauges anil 
accelerometers for the computer test.. The company exports 
much of its equipment to Japan, U.S., South Africa and 
Commonwealth countries. 


£3.5m aluminium deal 


Occidental expects 
gas from Piper pj 
Field next month 


BRITISH ALUMINIUM has sold 
£3.5 in of aluminium to China for 
delivery over the next three 
months. 

Announcing ihe sale in Peking 
yesterday. Mr. Bonny 11 tiger, the 
company’s managing director. 


said he could nut specify the type 
or quantity of the aluminium, 
but said be hoped there would be 
further sates to the Chinese. Mr. 
Utiger is in China with a dele- 
gation of UK businessmen. 

This is the first sale by Bri licit 
Aluminium tn China since 1975. 


BY ROBIN REEVES 

| HOPES WERE rising last night 
j that ihe complicated operation to 
. iry In syvi* tin* crippled Greek 
tanker Christos Biias and pre- 
: von.l massive oil pollution of the 
: Welsh and Irish coasts would 

: succeed. In spile nf winds, 
j Rusting at times in Force R. the 
pumping uf ml from the damaged 
. (anker into the 30.00fMnn British 
j Dragoon, moored alongside, was 
| being stepped up. 

i Captain Ray Xewhury. Depart- 
) mem of Trade cn-ordJnator of the 
: anti-pollution operation ai sea, 

1 said lhat they were beginning 
i in feel ihe results of the hard 
work were beginning to bear 
; fruit. The SS.OOfi-ton Christos 
I Bitas struck rocks off the Pem- 
i brnkeshire coast on Thursday 
afternoon. 

She was in better condition 
last night than at any time since 
the salvors iirst boarded. “ By 
this evening it could be a sound 
ship." said Captain Newbury. 

He refused to speculate where 
the vessel might be lowed. This 
would he up lo the Department 
of Trade and would depend upon 
the tanker’s condition. 

The Christos Bitas was lashed 
securely rn the British Dragoon 
and was being watched by ijie 
frigate Eskimo and a Hntilla of 
detergent-spraying vessels. 

Helped by a slow zig-zag tow 
up the Irish Sea. to mainiain 
greater stability, it was possible 
to increase the oil transfer from 


the damaged tanker to a rate of 
up to 770 inns an hour. 

By last night almm 6,000- tons 
of the tanker's original 35.000 
ions cargo had been offloaded— 
leaving 24-25.000 inns maximum 
still lo gu. 

('leaning lip the estimated 
4.000 tons origin ally lost when 
Ihe Chrislus Ritas struck rocks 
near Uie Smalls Lighthouse was 
also proving successful. 

Yesterday morning, there was 
real danger of a breakaway slick 
three miles off Si. David's Head 
heing blown on i 0 the Pembroke 
National Park coastline of St 
Bride’s Bay. but an all-day effort 
by 15 spraying vessels succeeded 
in disposing of ihe oil before it 
reached the shore. 

By lale aflemnon. snraying 
vessels were reporting difficulty 
in finding nil patches to tackle. 
H was accepted, however, that 
the islands and rocks off the 
Pembrokeshire coast were 
heavily coated in oil with grave 
consequences for the colonies nr 
sea birds and seals in one of 
ihe finest wild life sanctuaries in 
Europe. 

Dyfcd County Council and 
local district councils were 
standing hy with up in 1.000 men 
in tackle the oil should any come 
ashore. 

It is understood the Depart- 
ment nf Trade has decided to tow 
the tanker into Milford Haven if 
Salvage attempts succeed. 

The Department Is looking at 


plans to set up a permanent 
"dirty dock” in ihe UK lo which 
slriken tankers could be toned. 

A decision on this issue, nr on 
the general organisation of the 
Department's anti-pollution 

measures, is likely lo be taken 
afler the appointment nf the new 
anti-pollution commander, 

promised by the Government fol- 
lowing the Eleni V incident 
earlier tili.s year. This appoint- 
ment is expected shortly. 

The Government may also con- 
sider introducing a shipping 
separation lane scheme in the 
Milford Haven area. 

While H is unlikely lhat Minis- 
ters will support a call from Md. 
John Prescott. Labour MP for. 
Hull East, for a compulsory pilot- 
age scheme u is likely this inci- 
denl will strengthen calls for 
statutory control of tankers in 
UK coastal waters. 

A Department of Trade marine" 
survey officer from Hull bos' : 
begun Investigations into Ihe 
caiiM? of the accident, and is - 
expected to pay particular atten- 
tion to ihe vessel's radar equip-' 
ment. 

• Wavcncy District Council in 
Suffolk vestevday disclosed that 
it is paying nearly £100 a day"" 
in - interest' charges on money- 
borrowed to finance beach clear- 
ing afler the Eleni V disaster 
in May. 

The council’s bill is about ' 
£350.000. 


THIS! 




Even the most hard working of firms should put its feet up now 
andagain. 

Which is one of the reasons so many of them appreciate having 



BY KEVIN DONE. ENERGY CORRESPONDENT : 

NATURAL GAS is expected tn Is already pcrfonninV.teelterthan 
Man Jlowing next month from expected. Production.. has been 
the Occidental group’s Piper helped by Ihe unexpected dis- 
Field m the North Sea. .. • . eovery of additional gas: in the 
The gas will give an added reservoir.'. ‘ • . * ?r 

boost to British Gas’ supplies The latest well makes. Clay- 
from the northern North Sea. more production less dependent 
It also represents the chief on "'-t he '• Piper- Field, and ’ 'it 
success so far for the Govern- reduces the supplies of Piper gas 
ment's tougher policy of needed for .pressure- injection to 
rutting down the wasteful help hft the oil frwniibe >Claj- 
flaring nf associated gas.- • mure reservoir.’ . ■ . . v 

The Occidental ernup. which SiS,^ iLffili/EI 

fncludes Gettv nil Allied Ibe Piper. Field 1 to British Gas 

Chemicals and the ’Thomson Jj}“ ^ht ^Prnri., 0 / 
Organisation, was persuaded to *j. fl 

invest in n SlSOm i£S0m) gas j 10 n sh ou.W reach* its peak in 
conservation programme, in , 51 . h . ,i„ no ', 

return for - permission in. 

increase crude oil production lme J 0,ns J{* e 

from i lie Piper Field to 300,000 ^ 

barrels a day. ... lo St. Fergus in 

i . n r Aberdeenshire. Associated gas 

nrShl !, 5 ^n"ViS froni Texac0 ' :i Tartan Field will 

yct deve,npLd 111 lhe alpi be transmitted along this 

tr . nTn route in the early 1980s. 
Meanwhile, production from Th -p; r. u ,j 

Vield*ha! P t«ceired b a suronshie p,an wiM afso boos * Production 

£222 SL itir SI35 r,f natural 8 as An addi- 

booht; from the Ia^st dev^op- tional 15ltl 5arreIs nf propan€ 
ntent well, w Inch came on streain am j g m barrels of etbane-based 
about ihree weeks ago. It is w jij be produced during 

tapping.- a new parr of the ml lhe Hfe of the fle i d . Output of 
reservoir witn a higher propor- jiq U i d propane will be doubled 
tion of gas and is flowing at about frora 5 50Q l6 moo barrels a 
26.000 barrels of oil a day. (j 3V . 

It has helped to push total fae N'GL has been hought by 
Claymore production lip to Norsk Hydro, the Norwegian 
llO.OOfi-l 20,000 "barrels a dsy .chemicals group, for use at its 
from 12 wells. This is rqual to chemical plants at Porssrunn in 
about lit per cent of current UK southern Norway, 
production. _ The Piper Field is 100 miles 

The field, which has estimated norlh-oasl of- Aberdeen. 11 is 
recoverable reserves of 404m being brought back into prndue 
barrels of ml. should reach a lion this week after being closed 
peak production rale of about for several days to instal the new 
170 .UOU- ISO ,000 barrels day. It gas equipment. 


Truck sales surge 




set up in Irvine, a new town whose attractions extend much further 
than the office and factory floor. 

To include all the delights of a place that’s slap up against the 


benefits importers 


BY KENNETH GOODING 

iMMERCIAL VEHICLE sale* 
ihe UK continued Jit a high 
el last month — th£v were 
arlv 26 per cent above those 
- the same month a year ago-— 
t importers were getting the 
iin benefit**. 

Imported trucks accounted for 
per. cent of the September 
rket, according to the figures 
•in the Sneietr of Motor Manu- 
timers, and Traders.. In Sep- 
ober'last year the comparable 
ire was just over 20 per cent. 

during the first nipe mnnths 
this'vcar commercial vehicle 
iiftntions at 199,919 were just 
3er IS per cent higher than 
the same period last year. 

Jut, whereas vehicles manu- 
lured jn fhp UK managed only 
0.2 per cent increase in regis- 
tinns to J56.4HS units, sales 
imported commercials jumped 
PS per cent lo 43.451 units. 

It the lighter end of. the 
rket, the Japanese companies 
- e made bie inroads in the 
e months in spite of the 
eement that shipments of 
it commercial vehicles from 
•an to the UK this year should 
exceed last year's level, 
tere is a total ban on direct 


shipments of trucks over 3.5 tons 
from Japan to the UIv) 

D3t. sun's sales of light com- 
mercials were up nearly 100 per 
cent to 6,308 by the end of 
September. 

Toyota's registrations rose 
97 per cent to 4,663. - 

Mazda’s sales increased by 
S8 per cent to 2.103. 

Only Honda failed to match 
the pace for its sales were IS per 
cent up at 2.552. However. Honda 
has been in the throes of phas- 
ing. out its very' small van for 
replacement hy a new model. 

The Department of Trade will 
certainly be watching the upward 
surge in Japanese commercial 
vehicle sales which has taken 
that country's share of the light 
commercial vehicle ■ market 
(under 3.5 tons! from 8 per cent 
to more than. 11 per cent so far 
this year. 

Significantly, only one manu- 
facturer seems lo have experi- 
enced a fall in sales in the 
buoyant nine-month period. 

Leyland Vehicle's registrations 
were down from 10,629 lo 10.445. 
But its sister company BL Cars, 
at the light-end of the market* 
pushed up sales from 33.342 to 
37,356 over the same mouths. 


Neave seeks opening 

MR. AIREY NEAVE, -the be made. ' 

Opposition spokesman on His talks nave included the 
Northern Ireland, is on a 35-liour official Unionists, the middle- of 
visit to the province. lhe road, non-partisan. Alliance 

Although he Is seeing Sir Party, _ and the predominantly 
Ronald . Newman, the.-. Chief Catholic Social Democratic 
Constable, and sciuur Army Labour- Party..-. ’ 
officer' the Plain purpose of bis Mr. Neave apparently is not 
visit is to- examine ways in seeing -the more extreme 
Which progress towards- some Unionist the Rev. Ian Paisley, 
form of. local ^elf-government can- on this visit ’ 


open sea. 

With a harbour that provides mooring for the sailing 
enthusiast. 

Rivers with enough trout and salmon in them to catch any 
fisherman. 

And golf courses that match any in the world. 

Facilities which, taken together, make Irvine one of the most 
attractive business environments in the country. 

And the only one in which leisure activities are more than 
matched by industrial incentives. 

Strong enough to have persuaded not only Volvo but over a 
hundred and twenty other firms to set up business here. 

If you’d like to find out more about what makes Irvine such a 
beautiful place in which to invest your future, write to our 
Commercial Director, Mike Thomson. 

And tell him you’re interested in floating a new company. 

IRVINE NEWTOWNo 


CURRENT DETAILS OF FACTORIES. SITES. OFFICES AND SHOPS AVAILABLE. TOGETHER WITH THEIR RENTS, ETC.. CAN BE OBTAINED FROM 
MICHAELS. THOMSON, COMMERCIAL DIRECTOR, IRVINE DEVELOPMENT CORPORATION, PERCETO N HOUSE, IRVINE, AYRSHIRE, KAU 2AL TEL: IRVINE 74100 TELEX: 778984 




'".V.- V--:1 s-V-4* 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson f« 
number c 
were com 
paign agai 
Party on 
1974 Gent 
The foi 
allegation 
lowing th> 
affair. Mi 
was, had 
an orches 
himself. 1 
Lady F: 
Marcia W 
The Pr. 
Sir Haro 
drawn sd 
Subseqi 
inld the 
did not 
prietors 
instructed 
round a 
material." 

The Pri 
to hear 
Sir Haroh 
furmal co 
un the 
against t 
council s; 
Royal Cc 
lhat ther 
Labour hi 
The Pr. 
is one nl 
jished tod 
in a no 
council 
against ti 
Daily El" 
picture t 
Henrietta 
death in I 




HONG KONG 


£20,000 plus 


accommodation 

Chief Executive 

(Designate) 


An imernafionsl company U.K leased are 
e*pandin -3 their activities in the Far East. The 
comoany are concerned with the buying and 
selling ol gsrmert'.s and tiles tar their 
European operation and have a turnover in 
excess *i £10m. 

The Chisr Executive v.'H be reop*. nsible for 
the operation of the Hony Fc.nct :ampany. 
buying clom and trimmings, li^u:ng with 
manufacturers at garments. loc : mg after the 
in lares "r •>* ‘‘ut-oire:: -.-.ho vi'ii Hong Kong 
-jnH de-l-n; . tho sales r*-:un-»- nan ts of the 

conspany 

A st-jn s 1 no.-/ leone ot producsicn planning 
to sales programme;. .i flair ior «>dminisiration 
.jniJ stotf rel itionsfiips, n'i-.pori. : e.\3ori 
I- no-.vledge. including international quota 
regulations, are oil essentials of me iob. 

A f nowledae of the -laihiiv;. :e - hlc trade 
would also he desirable although suitably 
qualified applicants without This 
bac'-tgrouno could bo considered. 

The salary and fringe bene 1 1 ; package will be 
negotiable to individual requirements. In 
addition to a high basic salary, housing, car. 
pension, sici- ness insurance, schccl fees, can 
form part of the pacr.jge Person..! tax in Hong 
Kong is J 5 : : o: salary. 

Applications in contidence 
The Appoinff.enis Morvjiar. iistir.j cn a 
separate sheet, an-, companies to .-.-ham you do 
not wish your applications so ::>e forwarded. 


Chetwynd 

Streets 

Confidential Reply Service 


Di'nnis Hou'.-. f.t.irs'ten Stret-t. 
Mime Hester M2 1HT 




up Exchange 




z 1 1 far. tic International Bank Limited is seeking a 
Foreign Exchange Manager to supervise foreign 
exchange and deposit trading, and to broaden the 
Banks connections boih in London and abroad. The 
Foreign Exchange Manager will also be responsible 
■for implementing Bank of England foreign exchange 
regulations. 

Candidates should ideally have a minimum of 
ten years dealing e/perience 3nd a sound banking 
background. 

This is a senior position and attractive salary 
and benefits will be negotiated to suit the person " 
appointed. 

Please write in strict confidence quoting Ref. 
FT 13 to: 


A 


John T. Cannis. Managing Director, 
Atlantic International Bank Limited. 
\ 65/66 Queen Street, 

A London EC4R1 EH. 


Swaziland 


a a 


A Chartered Accountant, preferably aged below 45, and with a 
minimum of three vears Co- operative experience, is required by the 
Central Co-operative Union of Swaziland. 

The successful candidate, who will be based in Manzini. will be 
responsible to the General Manager for providing periodic 
management accounting information and reports, supervision of 
staff and organisation and improvement of accounting systems. 

5alary includes a substantial tax-free allowance paid under Britain's 
overseas aid programme and basic salary attracts 25 l> o tax ■ free 
gratuity. 

Benefits include free passaoes. generous paid leave, children s 
holiday visit passages and education allowances, subsidised 
honsinq, appointment gram and interest - free car loan. 

The terms on which civil and public servants may be released if 
selected lor appointment will he subject to agreement with their 
present employers. 

For full derails and application form write quoting MC/849- FF. 




The Crown Aijrrii foe Oversea triwerrensnn dnj 

A a mem ira '.on., Rocniilmem DwiMOn 

__ 4 Mritbank. London SW1P 3JD - 


mssging 

■peetor 


’••• \ Financial Times Tuesday priofe' 


APPOINTMENTS 



LLEWELYN-DAYIES WEEKS, Architects, 
Planners and Health Service Consultants 
with world-wide projects seek Managing 
Director for their London Headquarters • 
office. Essential requirements are proven 
success in running project-based firms and 
in managing the financial and accounting 
function with total responsibility to the 
Board. Age between 40 and 50. Present 
salary should not be less than £10.000 p.a. 
Some* professional background in 
Engineering. Architecture or Construction 
and international financial experience 
advantageous. Future equity participation 
and partnership envisaged. 

Write with full details to 
Richard Llewelyn-Davies. 

4 Fitzroy Square, London W1P 6-1 A. 
marked Personal.” All communication*; 
will be treated as strictly confidential. 


EHGISEHUXS I.WESTNENT ANALYST 


*7j\ "rVW 


NAIROBI, KENYA 




QMIIHDGJL 

SB LIB. 

MINIMUM OF £8,000 -j- 

SUBSTANT1AL BENEFITS 


CIRCA.KE 10,000 
WITH FRINGE BENEFITS 


XiUKITfllX: 

:TRAHSWRT 

MlRSEWtf 

■V.VV. : : -A~ ' - s . 


Location: Nairobi, v.-nh short period in London 
prior to posting. 

The Person: A qualified accountant with several 
years experience subsequent to qualifying, 
partly in industry. He or she must be able to 
communicate with management at all levels. 

Tho Job: Financial Controller of a group of 
companies in Kenya with responsibility to the 
Chief Executive, also resident in Nairobi, for 
group cash control and forecasting, budgets, 
consolidation and monitoring of company 
monthly accounts ensuring systems and 
procedures are adequate. 

Appointee will have to become familiar with 
local exchange control and taxation matters. 
Salary: In the range of Kenyan El 0.000. with 
pension, life assurance and sickne&s schemes 
and other benefits. Four weeks leave per annum. 
UTQ Group : The UTO Group, a subsidiary of 
B ET comprises over 70 operating companies in 
1 9 countries providing good long term career 
prospects. 

Application will be treated in confidence 
and should be addressed to: — 

The Appointments Manager Ref LO 80 
United Transport Overseas Limited 
Stratton House 
Piccadilly London W1 X 6DD 


A major. City based imernarional 
Merchant Bank requires a Head 
ef internal Audit. 

Reporting to the Finarcia! 
Director you will control an 
autonomous and technically 
capable department. 

Functional responsibilities 

require yeur consultation cn 
policy matters: currently a 
major contribution is cc be 
made in revamping data o r s- 
cessing systems related ro the 
in-house computer installation. 
Relevant experience is obvious!* 
a prerequisite, however, a per- 
sonality capable of substantiacinz 
a demandin'' senior career posi- 
tion is paramount . The idea? 
candidate would attract *r. 
overall salary considerably 
higher than that quoted. 


In first instance please calf 
Philip- Griffiths on 243-3233 
quoting REr: 0382101 
Drake Accounting 
Recruitmenr Consultants 
Or mend House. 

63. Queen Victoria St., 

London EC4N 4UA 


BY PHILIP BASSETT, LABOUR STAFF 


BRITAIN'S largest civit service a Broad Left candidate at the Mi.raexpectjwHy large majoritijJ & 
union. the C:vii and Public Ser- elections in May. to esure that She -also, failed to retain ‘heel }\ 
vices Association, was !eit with- the interests of the 235,000 posiurui^as vjcejyresideai. ._ . ; 

out an. executive iast. night in_a members were protected. Elections.' ior. the. executing 

hitter dispute over electoral pro- He said that the Government completed^ the .success uf W 


cedure which has publicly re- should ont assume that because wingers, with - their canditJarejJi 
opened the union's deep political of its “internal difnctmies^tfte SCUDp i ns up 78 per cent. of 


divisions. 


• uhion would weaken its position votes cast tor returned" members* 
- - - ,u» Ruhr ever Oav i„-r* “l 


Mr. Len Lever, president, to. re-. “ . CUI I CQ ' conference Workers*. and Workers 

main =s e caretaker body until ;a »«** ,n ® sp ^ or i-fctveTrrn Revoiunonary parties look 13 of ? 
new’ executive has been elected. «l!ed - in November jst. year to. lhe ^ ^ 

The majority who refused were revue ihe l,r * 1 ® n ^ ™.; ‘ h . w _. Th^ week's ' crisis - 

Lefi-vrma candidates In the L dSiatal fe'flw 6v » con&tend^ ' 

umim-relwtta. in May. . Wsht wnstado def IJJ^y ^ ^ hom , firm ’ 

Mr. Lever raled last week lhat hlock vote which threw accountants which - acts' as 

rhe present executive could no out the' proposal by 116,094 voles unro^ ret urcuntr ofliwrs. : This ^ 
longer exist after a confidential V found that 20 branches 

repurt Found that the moderate- - ^ - annual conference had' not com 

•rice-president Mrs. Kate Losinksa , p bed -with new role's brought 

should have heid her position at SpaiTIIlg . at the rules ^revision cwiference^ 

rise election at the annual con- , ^..Kii-corf nil(m in November. The report said? 

Terence. She lost her seat then . A . less w f 1! 1jciat had votes been cast MsnSl . ^ 

•p Mr. Peter Coltman. the Com- of !h , e con f e . v nee. ^ ^ *** my to rule, Mrs. Loxinsk* wotdiSj^ 
ntunist Broad Left con didale. -A rule change « 'htch _tn«d€ ' • j ^ aV e e~daed in as ~v ic&o raUrinwW^ ^ 

The former executive is. ex- eninpulsory for branch^ 1o cast ahead- of Mx. GoUmari.^r 

'• »«“« »sy* &"■ V S,5 ihey Becau.P Mr. f 

normal executive meeting todav fo " ra 7' da ’^ y declared vice-president did not" 

Mr. Lever will asam ask the 23 n0 “' ,naled - stand in the elections fm* - V 


Mr. Lever will ata.n ask he 23 D ° s 7S bftwMn t H- Left and stand «o the elections f 0 7 » 1 

wno refused to stay on vesterday - R 4 ?gf at the union's executive, all 26 members wert- - l 1 

to remain, and :: thev refuse *•** “ ruled to be dismissed Tk» 


APPOINTMENTS 

WANTED 


ppfj 

U- 


SENIOR DEALER 

U^JSs negotiable 

A Inng established Bank requires a Senior FX Dealer 
with a minimum of 5 years' dealing experience for 
its recently opened New York Branch. The post 
offers attractive salary, conditions and promotion 
prospects and is likely to have especial appeal for 
expatriate U.S. citizens. 

Write Box A.651S, Financial Times, 10. Cannon 
Street. EC4P 4 BY. 


MATURE LEVEL-HEADED 
EXECUTIVE DESIRES 
DIRECTORSHIP 

•n a isTPany *-tr> s«-w»i isr*-?:- 
Cions a- otherwise. Inte-escn; «ra*h 
■* u>c C3jrc::»e r w e &ibc 

a* ten. iS.ODC v ia ivt^iS'e ‘9- 

:n*H;>n«iTt *1 'Mii-si ^-*1 
w -i se .. ;rjtetal!v ce-.i.de-ei anc 
rpipsnded co. 

W ’Ite Sox Aojl9. Fr-i anc-d Tiriei 

JO Conner. St'PM. £C< P 


to remain, and :: thev refuse * T ‘"nf^ vnee in May with ruled to be dismissed. The t*eW ' .- 

rhe meeting and subf^iumt a hiS ^wW-vHI -liicidcaiiS-, / 

^f^% a U ^Ure QeWel — “ whi chasse rted i hat *the m odierafe J 

Branches will re-hnW : eefierel mas«zjne D»y light had been pan a^io. plus - , ^ 

meetinqs for the election. Bn l t‘f un ^ et * the _ Rx^ht-wnog * ■■ - ; = 

t -, *e re^irts o ? the individual organisatmn TruenncL- The right wing is 'now exiled?- - 

biii’ots wits be sent to the union's-' Though the Ri?ht strenuously to recoup some ol^the poiiflcaLy: 
headqusners for scrutirieerrii"' ''pointed out that most of the losses-. It. -.suffered at *lhe : rule# 

- 'tr Ken Tfcoaias General monev had by then been repaid;, revision arvd. annua! cwiferchces:'. 
secretin', said 1a«t niehf that lie Wrs. Losinska admitted privately -by .seizing ifie- ji^portunitjr Hr-:-* 


PERSONAL 


HAMPERS 


OF GOOD FOOD & WINES 


We are seeking several 

LOCAL AUTHORITY BROKERS 

for a leading Money Broking firm 
Please telephone: Arthur Sidd all 623 1266 
JONATHAN WREN BANKING APPOINTMENTS 


Britain's leading packers supply- 
ing the great stares cf the world 
and leaders of industry. 


THE HAMPER PEOPLE LTD., 
5t rumps haw Norwich. 

Tel: 773837 

Telex: 975353 Hampers 
Colour brochure en request. 


Nurses 15% 
claim for 
Cabinet 


Dockers challenge 
pay guidelines 


By Our Labour Staff.' 

MR. DAYIU E.WALS. Secre- 


BY PAULINE CLARK. LABOUR 5TAFF 


DOCKERS’ leaders in Soiilhamp- In both cases, itiost of the. 


Ur>- for Social Services, told: ton will today pm the “ finishing dockers are employed 


representathes uf Britain's touches " tu a pay claim well in British Transport .Dod^TaaiA::' » , > 
426,030 norses and mldurives excess of the Government's which has made H"tter?ftar.as ' w "• 
yesterday that the Cabinet ' ' i/'mdellnes. - - ' V a S ra t ^orsa ni satiuh/Iif: ^ / 


LEGAL NOTICES 


- .-r-l.M'ui v Vi -nv iuia. u«ilii>x:i- h-inii 

in.: jiut-h iopv on yji'muai ol ihi- r. su,j:.:i 

■harpe lnr 'lie <anv? 

a™* Finsz SX * 00 ' 1 cu - ^ % s; *»» «.»». » «mj* aT , ^ ■« baii m «pp«roi 

i iie sa=ri6rh- J ni ' i.oirihn EC4 » »Ji«- no-i^- :n «r— ;iu diem to seek rises liiroujh c jj,„ n alihouuh no formal 

Nn U03UI3 ol HITS sniirnnr^ l»r me Hull? inn- r m mva-Mi en uj rtn TU: :«• ;c- mils productivity dir, Is. : ha . kpen marTp bv fJlP 

svii.xx pkorEHTits limited neafina ajo'p-iiio- '. r!w Tfce nurses are also seeking niulovurs Their earlier de- 

Mti iin-Miu in-i ignvar <in :h«* nrenna nt !n« sj»i Pif'itior. or. i* .1 Brm oamp a.- 0 1 . .... «».. i. i' - employers. tneir earner ue- 

ijndehwouds thanshuht iLiiKnuN- m ' ,sl wrvi> ° n or wnd bt p, " !# 1,1 lh ' ? ,:h “ *> rni nwv h- s; C ni*f! i-. *hc fo restore tneir position in the inBn ^ f or a substantial increase 
jNLfcH ° L miriiN K UM 1 JN lhllVM . l|;iin ,^ muMv-iu. wniOM of hi* : pvrwi or Srm nr h:s or >iie:r iaUckm earnings league which -put . Hlrpartv hfpn rpierfed hv I be 
mi uoM'B ui wa .,«iii*niion «« ib so The. iw»i-:l- nns' natr <>: ^ny' ar-fi mu«: n- v-rr-a c.r •• them near the upper ouarfile has airedoy neen rejecien ny 1 . ire 

hiimkc-hiist sumnisJhn!* » imit*u ( nj,n ' : ****** *>- or. cum bo cen- hr go# t, ««,w:.o.-.- cn-« v. f employers who have indicated 

HUH tc. Klin MiHXih UNu UMIT^U , „ Hrm , h- ^ aMr ,. ss ^ ^ , ... actl , ht . 3b0 r >rjn >.i , a . 9r Ih . v for female workers elsewhere . fh _ r .. nv mil ef be 


I .-I Jt 1 * - 4-J iU 

SOH--HOT in: Hrf* tVMIIiO'Wi 

VOTE— a.-r-r-jn »V, TiVl;<t- 

• III: -dr 0.7 -bt* h. ir-j.t r.- ja-. 

**tIi:|ik» fsiw «-rv<' *v». or s*r.^ V. c-H' 

•o Un na-iL-- :r. i. 

ns iiivn’Mi- rn »o rtn Ta:- :*n-:c- rails' 


yestcroay tnai me cabinet guidelines. . a Srate^mmerf •oreamsatwtfOtf / 

would discu-s their claim for a - The claim for a large increase intends tp : resist; any dalra- Tor: 

15 per (L-enf pay rise as. a f n basic rates is expected to more tharT-a straight 5 ffcr derrt’ _; 

special case outside - Mhe follow closely a 20 per cent -increase; tt enisdbys.- about 

Gowrnment's pay guidelines, demand Indued last week by dockers ,!n Hull and about 2LDD0/. . . 

Union and management 2.000 Hull d«icker> m the . first in Southampton, -out of -a total — 

representatives presented liwir ^ynificant challenge to the 5 per m a nual.labotir force of jtist Twer - - .. 
detailed ease for giving cenI rimiI b y Britain's doek S.flW). - 


NOTE— Any Dtrsun «m 1 n:-tn«l* ro I ?;*:»■ r.^w narai* anri ^rtdr.'ss of -n- seria.i 
ipo-.-ar in rhi- nvarina of The sw»i P^'iuor. | or. 1. 1 .1 Brra •t'-' njsvp a*' j«llr^s>- o‘ 
m-isi «ervp on or send b. p-k- m ihvrhu <jrm and mav b- sicn^f! *i-. *y.«. 


detailed ease for giving ! cen! j,, 
nurses a speeial award to allow , rkprk 
for the nature of ihcir. job Hij m . 
which makes it dtfficiull for . ivrt , r 
litem to seek rises through . hpll rI 
productivity dif.ls. ' u 

The nurses are also seeking „.. }1 ‘ 


The Hull ' and- -Sbiitfaainptpn - 


Hull dockers yesterday began dockers have, emphasised t!»ir - 
an overtime ban in support of frustration overpay by' dtawinj 
then claim although' no formalup claims' more Uianfwomcjittrs'- 
differ ha.s been made by the ahead of their January s«ile- 
employers. Their earlier de- m ent date.- - 'Shop; ■ stewards 4n . 


la restore their position In the 1 ,n 0 nri f t .r' * cnh.tantLT Vnrrpw e ' oaie. & . 

earnings league which -nut lf n " n ?; Hull said yesterday 


xn. IW3U0 UI WiS ] 

HUHLCKIM-I' H1KNISHIN.I MM1TEU ; 
Nn IHBinc m 107J. 

C'JLLiEN PAWN KNThitHKlSUN I 

LIMITED l 

Nn. iwaiiTi oi im I 

JBH-ERSi»N • Wlw. f Ulstii LIMITED ! 
Nn. UUOTH ol 197a 

MILVEKTUK HLADIT HIKE LIM1TEU ! 
Jlld in liie Walter of THE Ci.iMHANiEs! 

ALT. 19«. 1 


jhrm. and must be tinned OJ. *h>* swrso« | r-*ur o-cli«l» in *jn n .gj-- to:?- 

(■■r«rni. or his or iheir -yiUrlmr or anv* | lav ni November 1976. 

• md mus> h* n-rr'"-ft nr .-if >Mi:ed tvjv I ... — .. 

^ c, ? a n -‘ :n, ^ rt inmi '» I* KIR* cw-Rfflf irsnet- 

^rin. k^fn uf.^^triMTnoo jr 'ih.^nrh I 'bam.vo Division Comaan^i; Con- lr 
i d Vnr^h'r I97S 4 ^ H ’ h " >*»'*•» “* CATHO' IF FIFESiDE 

] M Nntvnlbjr ,g7S - *1 ilMITBD and m -h- Maw m 7h. 


them near the upper cjuartile S,fovere who” Save' Indicated step up thefr actipn ht'JaDt^tT 4 
frJfva^rKlS^ES -STS? settlement mStte if a settlement^-, hot been ' 

»d Miifde S lE H2. ft S > &f nlh,n Uie suirte,mes ' reached by lh ^^v? : ;r--. : ; 

1S74 Habfeury award. 7 1 


!n rhe HIRH 


" NOTICE " IS HEKfc'BY UIVEN nun | ^banri'n,- Division CumiM 11 . vk Court. In 
I'eitiimis lor ilw wiudmu-uu m tire jbnvr- ; 'h-: Manors of ’ 


LRT I'.F HTSTICE 1 '-ompimlM Art. !M* 


[ nuiuvrt OiinunniKi bi ilie Huh Uonri 
1 -o .losine here, no ih> a-'iin nan ■■! 
1 M'Jil^iilh.-r. KM 1 1 resell 1 eM lg Hie Mini 


} « ‘Jinn li> Uiv 0>MMl>>l»iNEIlS * 

I 1 UST'iMS ANP EXCISE Ol KlllttS K-:a 


no oorti ni 10 ; » 

SCElTBRHfST LIMITED 

So IWHSM ni : B7: 

TO H REALM LIMITED 
Nn W.W -I '.nr. 


NOTICE IS HF.KFPY GIVEN *har i 
**•■011011 for Ho- ivndir.4 up of ■!»•• ab-irp 
I -i.imrtt Corn pans- br Th*« Hish four o' 
t leviti'e vras nn :h<? 13lh la> • Uc:nh**r 
'07^ preK-mipd m •!» raid Co'jr hv I 
, H LAKE R CO L'VITEO «h<w. 

• o’eser.’il i«i ji fJ.,n 


1S74 Habfeury award. . 

Mr. David Williams, assis- 
tant general secretory of ibe 
Confederation of Health 
Senicp Employees ^hrt chair- 
man of the staff side, said 
yesterday that there would he 
no acceptance of, a ftp-ward 
corr.mil men! a_s in the case of 


House. ‘.IU . -11 Mart" Lint-. LuioJuni. Ei3K J r -APITAL ft SL'Bl'RRAN INVESTMENTS j -Jiarrtrti Falmouth. Conwan. ana 


• HE. mi>1 ihji 1 tic said 1'rtHinm ur? 
■Iirei-ird in lie iiuaril licinre Hie i!uur* 
MiUCii: ui Hie Kuvai Lnurl- nr Iil-ih- 0. 
Strand Lnmluii IVIMA 21.L. Oil Ihi- :>Ulh 
•lav ul •nlnlK-r. IB7S ami dll, i-rgdiltiT 
nr cmlntxiinri «l an> of ihe »aiB 


•Si xavf Peru IOP ’« -lirprted b - r,H.«r’ 


the police and firemen in their 
speeial awards last year. 


Offshore caterers 
recognise unions 


speeial awards Iasi year., 1 o.NE of 4hc largest catering “ The decision has. beerL made 

The propollsals are seen as ] firms, employing 500 workers. : *jn that recognition her granted 10 - 
being overdue from last year's ! jt North Sea offshore installs-, day. and diaCiissrpnSr^wiU follow 
phase three pay deal when a ; cions agreed in principle yestcr-. on negotiating -/igbte. It may 
honifs-in-Uca of productivity .- fj 3 y to recognise trade unions. \ cover all dolls,. 0 r it' may be SO - - 
demand was part of the I A full agreement specifying r per eenL We areldotog it step, 
nurses claim. lerms conditions and installa- by^lep 550 th a t evbryooe: involved 

j lions to be covered will be dis- filly understa mb. what has taken. 


L , ar( i i-ii..,-- 11 ^ ■•uuntoid '0 ‘he Murter ol THE COMPANIES 1 th-Inri- Hip Conn «rimc a* the R. v-i. 
■ui cnuri'. nr iinn-e '- ,:T ,B,S - Courts ol Jiis-kv Slranl. L-jitinr xrj* 

’l‘*A - L IhL- iUlh NOTICE IS HEHEHV GIVEN :«*. M L IP !.1- !3-h i|jy gl Nwr-rnh-i 197« 
|A“-v ,-iHiiMtit WeHliww tor ihi'-Winduie-m. ol *ho jbiwfc- | and anr cr-rfimr «r con’nhumrv o th- 

ol " an* of the *aiO Companies by -he Hub Cam- ol | «<i"i Compaq in»iri)us -r. iuronr ,v 

w or nmHMol l»v:u.v ira* -Ml Ihi* IHh (lav ot Ortohi-r I IIDPOSI- fhf making a! an Oru.-.- .in ir.v 


demand was. part of the 
nurses claim. 


of rh" aiirt ^-nmnani^T iviiuirtire ^ * vrnr '' ,hl ’ Cl1,irl slpl,lv ar ,he Rci >' al ul reunlai-d ubaro- ‘or th« sanre. 

!«. Z rJl nn , m ™ «l remlareS I Caurn af London WViA JUDGE & PRIESTLEY. 

’ha™ Mr ?h ST" 1 rcgulaind , LL on rh e ]3rh day .11 Nnvwnfcjr lani « « Eas? Sireer. 


chanw for ibr same. , nrt _ 

U V CLOAK. h "; 3 ,S r 

Kiii*t-« Beam Hore*e. “J opwn • 

myoMhr 

Loti'lnii. EC-.R iHfc. . h _ 

Srjiciior io ihe Feiuioners. niin^-I for 

• NOTE —Ain. ufrsnn wtm tnietirts m , hn p clr ,m 
1 appear oil thf hearinc of any ol Hre und.-rsiyiiL-d 
; -alrt Peiiiionh musi -rerve nn. nr **nti i u utllr y (J f 
; b-. im*i in. ibe afmve-namtfrt mil ice in r .. qllinnfc . s] 
| Wrilliirt ni Ills mlenilniis sn in d#i Tho , 

1 nuiiirc intt-J slate Hie iiuiih* anrt a«ldrvss j. 

.uf lire pereui. nr. 'I n firm, the twine ul, rt 

and jnlilress uf Hie Unit, and must he 
siuiierl hv the nersnn nr firm, nr his -ur Horf 

.. ilwir holiciinr *if jiiiv ». and miu-i he l^ 0l „ 

served, nr. i( iKw-tcd. uihm fa? sent hv R e r. 

onri in siimcieiii Uine m rcadi Ilw abnve- 
tMiued not laicr lhan 4 in. 1 m.-k in the 
.liteni'Hju nf the J7ih dai ol ttciober. 

I9TS. rtn 


and any creditor or eon'rihuiorv ol any 
of ihe said Cntnpame5 dvsimus ro suaporr 
«r opp-js.- thi- rnakinp uf an Order on 
my ol Ihr said Pennon* may appear ar i 


Bromley. Kcm. 

Rvl ■ JLT. Tel: Ol-W MSI. 
Solicitors for the Peuuoner 
NOTE —Anr person who i meads 


■he nnre ol hnarlm:. -.n person or by Ills iDp-iar on the !rear;ire a! ;h sa|t: F-H:iui 
.iiun».-J. far Hia- purpose' .mrt a ropy ol must se-rvi- on. or send *«y m j*, 

ihc Petnon will t* 'nrnished bi rbe j jhpvo-njm-ri ooiilv m -A-r:!iuu ni b:< 
iinrtersiuiicd iu any rrvnitnt or miuri miention sn 10 do. The nut ice mini mat. 


Phase 3 c 
for ships’ 
officers 


cussed Jicxt month by the com- pltee,” said Mr. -Thoars. 
nan v Scut Caierinq and Offshore Sir. Bill Reid.JchairtttM of tbfr^v 
Services of Aberdeen, and the Inter-Onion Offshore Oil Cohj- 
iwn unions. mittee, and Aberdeen district- 

Thu aureement was reached secretory of the TGWU,. said the 
after a threat of industrial actinn agreerbent was "an immediate • 
by the unions the Transport and . answer, to . the;, claim, an -agre®"- / 
General Workers’ Union and mem irf. principle of recognition^. • 
\’aiiorial # Union of Seamen, if and negotiating, rights; 
rheir recognmnn demands were Claimfi^ half , the company"! *. ; 


By Nick Garnett 


butiiry uf an> of *hi- «u<t (.'ornpaim-t bi' duo aiirtn-f, .ii >a> o. r^on nr a pi i as K THJfKE drni fnr Mpr- 1 ^*11 by lunchtime yesterday. 5110 work frirce Ihere, the unions - . 
r-.-niiinnw su-.h . npv on na.- m-.-ni oi the n :< finn ine n-m. : .vnd j.mr-w ni »h. l .' v ' , n m‘ rs ,'. hi«.h r.u ' The cuuipany had made its will prohabW - make " an imtral . 

'V’KUiJiurt ilur» fur HI- Mine urn: and must n., xihii.o h in-, p.-rvu ' nam Aav\ Ol.iccrs unlcn lull- ... .. ,„ h „i. Jlni y.,i, : oht .- f nr ill II • 

A. ELLERY. .,r Mr,... or h.s nr ih-lr ,..IUT.« ■ ir Within the period nr Pha** Fo-ll i f 1 " 101 ,, fnr fUl1 fOr All “ 

Unruu^n soiioiiur. ; inj musi be n-m-i or. • ires:t<! mns )s unrierstonri til h 3 VC henn «ant‘ t,iec ‘°* al . «8tonn aocietj. installations.'. 


Thi- Town Hall. 
Horniim Mfc i. 
I.onrt-m \V- iNX 
Her. WGM LT Ki. 


'ie sem bv dosi in iUlftcien; nin> >• 
r-aeb ih^ jbnve-narii-d iiui ihai 

lour o - c!o. I- in lire aiieruoa .1 o' Th- lu-r 
Mr o» N.nvniftiT. -1ST.'- 


COMPANY NOTICES 


in UK- HIllH COURT ITK JUSTICE 
Chanei-ry Division Loinoatiius Court. In . 

ihe Mailers ot \ 

No Ottllil ol 1H7*- i 

STATIC ENTERPRISES LIMITED j 

No. IHUI2; ul IS7o 

• ALVAR*'' ENGINEER INC LIMITED 

i and In ihi? llJU-r of tin- Compjiiii-s Act. 
HM> 

NOTICE IS HEREBY i.HVEN thal 
i Fi-ili Inns fur lire ivnuliriK Up or Ihi- itmvo- • 

' naiiK-d v nmnalileS by Tile Hwh Couri of • 

! Iiisil-c uviv. on i he Mr<l day m iieiohcr. i 
1 HITS. pr'.*s»'nif-iJ io Hie said Conn hy 
THE OlllMlSSliiAT.KS **F CUSTOMS : 

I AND EXCISE nl Kind's Rckhi House. I 
! 71 -41 Mark L.nie. London EC; E 711 E and j 
[ lhal lire sjkI Pdilninv art- rtlr-.clM iu hr I 
hi ard hi fore ihe Conn siiiiiic .11 rhe j 
Ruyul C«un-» "f Jusm-e. Sira [ill London. I 
WCTA CLL on th>- dlh day ol Xowmhi r ! 
IIITs. inJ jiff '-r.-rttiur nr conirihiitorv 
•■I any ol Ihc said Campunn-v <1e>iruus 
j lo silDiKirt or uiipnv* rtu- making nl an 
i»nli»r on any of tire said Pennons mav 
I jpp-jr ai lire nine uf hearinu In person 
1 nr by his Counsel lur ihar [MrpiKuv and 
1 a copy ol the Pt-Tiuoii will b>. lurnlshed 

• hv i he undersigned io .my rrr-diior or . 
1 i-nnirihinnry ••! any ol ihi- Mid Companies ' 

I reqiiirm-.i sueh copy on pjymi-ni uf Ihr- | 
reculal'd iharai lor The same. i 

I H. F. CLOAK, 
i Kino's Benin House. 

:I9 41 Mark Lane. | 

j I.nmlun El HR rlfE I 

| Sulleiior Hi the P ■imon-rs ; 

, NOTE.— Any pi-rsun vi-bu i mends rn 
, .ippear nn ihi- hearing ol lire yaui Peiifinii ! 
must y-rvi- on nr s<nd hy pus* in. Ihi ' 

I .ihove-nami-d nunc<- :n ivriiino ul his 
[ inu-nuon so iu dn The noiii-i- musi ytaii- 
! ihc uanie .md odd rev, ol ihi- pi-rson. ur 
] d a linn :he ndirie and address of rh-.- 
, linn and musi be slimed by the person 
- ur finn. or bis or ilieir vulicimr < if any* 

J jed musi he s- rved. ur. II posted, musi I 
j be Seiil htf PCM III suflie.eni i|m>- In I 
I reach the ahov-.-nanied iiui laier than ! 

[ four o'clock in the afternoon ol ihi-! 
I.'ird day .if Nev.-mber. lyw. 


AYER HIT AM TIN DREDGING MALAYSIA BERHAD 

(incorporated in Malaysia j 


NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN chat die second annual general meciins of members 
of Ayer Htum Tin Dredging Malaysia Berhsd mill Pe held ai the reg-s'e-ed 
office ol the Company. Wisma Bung. Raya. 152. jalan Ampang. Kuala Luuibu> 
Mslayna on Thursday. 9 November 1978 ai 12 noon lor the following 

purposes; 

To consider ino, if choughc Rc, pu* iho folloaring as ordinary resolutions: 
i. " That she Prshi and loss account (or the year ended 30 |u»e lf T s 
and the balance sheet of the company ac that dace and the consolidated 
profit and losi account far the year ended 30 June 1978 and the eonsoiidaied 
bman:c »!»■.*( , ih,c dale, togerhe- w.h she anneved report oi the 
di'ectais. oj and arc hereby app oved and adopted and that the finai 

dividend ol ISO cents per share, less tax ac 40 ... recommended therein, 
be and is hereby declared payable on 10 November 1978 to shareholders, 

registered at the close of- business an 20 October 1978." 

2 " Thai Mr. A. j. w. Ownon who retires from tho Board by rotation 

be and u hereby re-elected a director of the company " 

3- ” That Mr. J. G. Richardson who retires from the Board bv rotation be 

and It hereby re-e’ected a direcror ol the lomoany." 

" That _Y. A k. Tengku T* n Sri Ind-a Pncra who was appointed to the 
Baa'd since the last annual general meeting be and is hereby re-eleueo 
a director ol the company.” 

5 " Thar Messrs. Pe*t. Marwick. Mitchell and Co. be and a-e hereor 

appointed rhe company 1 *- auditor* ( or rhe oeriod until the conclusion ol 
the ne*t annual general meeting and chat the remuneration to be paid co 
them be fixed by rhe Board.” 

By way of special business to consider and. if thought fit. past the followin' 
which *i*i be proposed ai an o*tl T H4 - ^ "piO'iiTiOii: 

*■ " .Thai the remuneration' to be paid to the company's director* under 

a-ticle fl-5 o' rhe a'CieMs of association be fixed at a -are of 511.500 de- 
annum T-y the chat -man. and at a rare of 59.200 Per annum far each 
director f other chin chr. chairman j which shat* he deemed to accrue de die 
re diem with effect i’om I krtv 1977 until further notice.*'. 

A member enc.ri-d to attend and ware at the maetmg is entitled co appoin- 
one or more proaies to attend and vote in hi* itead. A proxy need not be 
a member of the cp-iipany. 

By order of the Board 

CHAM HON VEONG 

16 October ,073 ,0mC 

NOTES: 

I- A form of proxy to be valid must reach the Malaysian registrars' office 
at VV>ima Bun^a Pay a, IS2> Jalan Am pang. Kuala Lumpur. Malaysia, o- 


Monfd hs rhe Departmeni »f ; '".•■■■‘-n hi»i v..iuplciL, u.ik Their sironeepi presence Is; 
Kmnlovment ^ ' indiealed a lenrit-ncy in favour ihe Ninian and Forties Fieldb. 

‘ The Genera | Cnunei I nf British! '? r „ uni "" rocoHninon. said Mr. Effm-ts to bm Id membership 'in . 
'shipnina and the four unmn- Allan Thaars, the flenoral .roan- other fields can be exp.eciea ^- • 
i-ppresentins ihe cifJi.-ers are ~ er ' - vesler ^ a J' 'n Aberdeen. between now and November. .... 

being -nn'o’iPd h'.v ihp npniriinent — : : 1 - ' J-- ' ■■ .'* " " '• -j;.' 

SSS, s ''““ Hauliers plan to hlatlic r 

Employers and Ihe unirinb said - 

that the 4-f.hfiO offirers were ^ _ * „ _ d *4 . ' '' ' • 

cut-price competitors ■ ■ - 

i r thA .*nd of ju i v. hveaii.e* rhei i . ; .. ' 

l«sl deal wa- under Phase Twn ^ NINfc-POINT charter aimed at . The nine poinw include ^ 

Last year the nffic^rs. due fin , nddina'tfie haulaue industry nf rpfjuesr io almost rtOO haiilage. ;:v; 
a Pha.^e Twn ■--*tirtipi*ni- in .lone j eu*- price clearing house nprra- Cfimpames in. the." Hull 

inld had: in *he hope nf sen Uni — some' without their own v 'irh -which Uie unions 

at a hi'jher fianre. iransporf — was adopted by 2.0U0 adPeemeitis— Mo* ' establish ^ '--tnew ':_**; * 

They eventually agreed to :i mrry drivers whn met dt Hull ,,Vk,fr t'luannB houses ‘for excess 
• T"o deal to run frmn thi v K plerday. an .d return loads. 

end nf Ji-- and a !?: pm - mir Mr. . HualV Marshall Hull , eumpames uslfi? . ; cM^priee- 


Hauliers plan to black 
cut-price competitors 


at a hi'jher fisnre. 

They eventually agreed to :i 
• T’vo de-'i' to run from thi 
end nf Ji — and a l?t pn-,- tren 1 


irndudy-sty d^al from =Wem nraneh nWrelary uf The Trans- ywe |f. 

'ter. Their annual selilempni uor » an d General * Wurki>r*' — dnri lhe drivers' will • se«c ,- r . . ^ V 
tale was ali-nd to November & n .«n, wlitot. tod U00 membe» * '*"*»* «* ■'**<** 

r i a *h ,n "i rfl °t °ij Ce ih ° UI of t sr,?r at l,i e rndetrris. said they were ^lacKin^ - - r 

* u ou,or erap,Dye< isss^JS* ; 

Thi-* year'® dt-al ennwiiidatey a Vi?mSf S JltfeGuurri fnhc cii,USKS - . Insistence, r on; _ tinWB . 


■*|’- ,*™i - II'-. II vim— »n»t;tii-> nonit « In c-iFppiiui-H inhi J '-■ounen. iiRiiatBnce. • uii. _ ' - c . 

3 V pniif-v <tmniAiT |nTi tc a = parr ort es of aroctiee^ Jobs and rates of. pay.. for ..dnwrs. ;T 9l c . ..':L-'* ' - 
of the 10 per cent. There will be ... , _ . j . ' blacking of' .all eLearine houses 

tariiicr n- ■ - ■ 'm nn i-nm- :m-.- . e -J! J 1, ®vjdence, he said,- wiUiuut transpnn and also. <4 
; eave arrangements, medji-a! ihe- jr ivuies nr • cut-nnee established coniiiames which dis - . • •>: • 

n verance and rcdundan«'v pa\ clearing houses were forcing pose of their vehicles - arid let' "vt'\ 
nnpis. -faiamiilied ■■tniipanies uui ■>■ their work ouf tn suh^Nmiractnrs- . : j-. , S 

Thp seirk'tiienl was nronfiainn business. •• undermininjt ntliera a company waue register is- also, 'v 
by ivprt-sentaiive.s nf thi* Met- <nc * putting mbs In jeopardy. . to he established.- •••'•• -'re- r-; -j ^ 
chant Navy and Airlini* ontaer- — : — . ■ ■ . . 


We are seeking to appoint an analyst who is familiar 
with the engineering sector to take charge of our 
research in this field. 

Considerable working freedom is offered tu develop 
his. or her, own idea's and an active participation in 
securing business will be encouraged. Salary to be 
negotiated according lo experience. 

Please write with c.v. tn II. D. roster. Pidgeun de 
Smitt Salisburv House, London Wall. London KCL’M 
5RT. '• 


, Mil. IHUT-MO of mis ; Haul*. Pam, Sc-rer. Aihfe-d. * 

In ihc II 1UII CUUHT ul- JUSTII. K 4 B ham-* befar, C h« meebag. 

; Cham-vry Diviijnn Uompaniiw Uann In 1 2. Th*re a r» no directors' service c 

! 1%I SS V m '^‘L.reff ^THE ; 

! C wmS L B "'nKREETT UJVGN lhat a "fDMwlcr! kic” DEL C ni 8AGORZA N A 
J Pellliun Jar lh-.- mmllri^ up nl fill- jhon- 5-A. iEnhers 

! iijm.-d Cuuipany fa' ill- lliajh Court ol ,, . — _ 1 ~ — - 


the United Kingdom reancirt. Che- ter ConsolIdKod Limited. Ckjnc 
Hrtuie. Pi'k Spytr, Aihro-d. Kent TN2 4 8EQ. England not lot* than 
hour* befare (he rneebug. 

2. Th **’e a p e no directors' service conrraccs required by The Stock Exchange. 
London y be msde auallaMe.for insoecEion a: the meerlng. 


^-sociafion by far rhe hi^pusi 
■.inipn: the AmaleainHieti Uniitn 
•*f Eninneenrtc Workers: rht 
Radio and Eledronir unicer.- 
L'ninn; and the Merrantib 
Manne Service AsMiciatinn 
Averaee earninu- of nflicer* 


Hairdressers win new 
minimum wage rates 


US. OOLIARC -tionoOlMl 


raJ^Tr^S for '£ ?***.»'* Eor ?he Govemmeh^ T ^nftrrj&y ■ 

engineers and fourth offiwr. t.. f b «“* workers employed incomes policy, K 

U0.49n For DiaATPrs - ln hatrdressmjs were set yesier- The.- statulof?. minlrmW \\ 

day bif the industry. : wages . e *Perieoced ; hairdressers < out*. ts . V 

m , . council > ’ side London goes up from «■ ■! 

lVHUvla ICaUvlj T be -increases generally vary ta3.50 lo •* -*' \ - 

rlbrnonrl TCO/ heiween- a tout 1 3 and 21 per Tbc reie'-.fbr 'apprenileea-bi*^:- • 


Vftir 5 / oit C m?A-rw**luA I METROPOLITAN ESTATE AMO MiflPr^ 5 iparlorc < ' 0 ^ C ' '. ■„ tO. £ 37 , afld in, Londlfn.^ 

sIa^iKhe"’** 60 * 2 ** 1 * property interna honal n.v. IvIHEvIj ItaUclV) 3 be -increases generally vary £33.50 -to -£38.7 ' • i \ 

Dn ■ i tlArmnn helweeri" aboui 13 and 21 per Tbc rate'- fbr apprenilees'-b**^: 

rate notes 0 olie 1979 so i ao - 0 oo-ooo Eutoos-an com resitc unns Uvs»»mHO /O cent Bui_f_he new minimum fqr side Lond.OD is .being ralsetJ-'fiiJ® .. 

•8SWK ! «,!■: Z $£S waa YORKSHIRE MfXERS’ leaders! l"” 8 ' -SSf* in ' ■ 

. \Wr^lZu^ 7t> h3C M^'r.Ln 'Ltat H J R ^ v P G,VE t M . ,b4[ yesterday demanded pay rises ..fl short , of • -the . £44.50. From Uf50 to £B 3 l v : 

op&ir l *5?S “ , «^/us M Po v i. a ^ more ,h 3n 25 per cent under! ' ' ■ . ' ‘ 

Y-Ar'a-ANKor-ciiiiSA — b0 ^ s sch o n 'es. Tl ' lif l‘ : ' 

i Ul .~— i\ 9 ”' 1 ' 1 tai,,rar * They called for the hasit; rate- RatiPn?' m91u WnrkpPC' nilt' ■' - ; \ 

is h E 6 N rebv°g 3 iv s en isar » ***% sow <Sfohnr 0,dc i 97 B? w o™ n n , « nTl which bnnu««es are calculated 1 -OdUCty pidlH . nOraCiS pur • . 


|:;.rr:^ro^r ™ E 

•i r.ni:!. 1.111111011 l¥i::.v 2I.L. on thi- tr.th dividend no 3GS . ,s ma «Jc fa ‘ th- Holders" 

1I.15 nf Nm-iimhcr l°T>. anil anv t n-ritior NOTICE is HEREBY given ri»ar a 50th Oeiohcr. 197 

ur .-iiiririhii’iin uf rhe sari Conisuii# 1 ^ J!? i cents per snare uoon the 1 “L . JJri Corriiiions 


H.-MfaiN II. supintri nr Hi- mukiii, % far "SJ cuUn? ottr'fnd^l! I ^"2 ™ J""? I***™ 

nf .m 1 irrt-'r nn ihr i.nri I'-diinn tn.iv Rc ojyablo at th» flnr i | ls tvanche-. 1 -- M RrttfathlJrt A ! 


't. 1978, oursuAni ro 
r.rtinons ol lhe Bonfa 


nasic rate’ 
calculated' 


Battery plant workers out 


- v:f.- \ 


• .ipo- ar .11 Hu* linn- of tii..iriu-: 111 iteryin 2 n iJ r ^1‘ir Norombct 24 ’ora. Jo itvarp. 
' nr bv bh 1 ".oi 1 nil* I for ihai ourpos-. nnd s'a'r “ r 

;-i iwi-v ni th- Pfiltion will h- lurniriHxi Dn oe ""|? ¥ o rB <i“ot ih. 


fa the undenisn-d to jih cr«dlluf oc 


R C. FFAZEE. P resin ont. 


New Court. 

Swithin t Lane. 
LOnrlpn F.CdP 4ntJ 


Sons Uni 1 lco. 


reeded to bring bonus rates into' day after -the- -suspension ol .ten. .The^ 5 tfSse?| b S?^oi : 7 pKn 
line with increases ih basic pay.) women in ti. row over, manning re Hero Jjoti}' tqihBrrtH^..',::.: r r 


I6Ih October, la 70. 














Financial Times Tuesday October 17 197S 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE.. RECOMMENDED TO • TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 












1 H j 






PRIWE UMITED TRADING 
PROPERTY COMPANY 

Substantial funds available 
principals or retained surveyors/solicitors only 

djjplv in strictest confidence 
BoxNo.C27S0 . _ 

Finanr hI Times - 
10 Cannon Si. Londori.EC4 


GamWbwher 



This cash voucher, 
entitles your company 
loan immediate 

75% CASH 
AGAINST 
INVOICES 

to 





ames 


If you .ire a slureholder in an established and ., 
growing company and you, or your company; 
require between *'50.000 and jtTlKXUlOU for any 
purpose, ring Davids 'ills, Charterhouse Development 
. Investing in medium size companies as . 
minority shareholders lias been our exclusive 
• business for over forty years. We are prepared to . 
invest in both quoted and unquoted companies 

t currently making over .00,000 per annum 
pretax profits. 

CHARTERHOUSE 

Clurtirl iousc Development. 1 Paternoster Row, Sl Pauls;- 
London HCiM 7DH. Telephone 01-24S ?W). ’ ; ; 


BUSINESSES AND PRODUCTS WANTED 

We are a multi-million pound International Manufacturing Company 
with established marketing divisions and sales forces caiCmg on aiT 
major DIY outlets, (Srocersy Retail. Chemists, Supermarkets', Depari-' 
mencal Stores, General Practitioners,. Hospitals and Industry.- 
We wish to add to our well-known, product ranges in all-tii«c. 
areas, i.e., DIY Products, Household Products, Leisure Products. 
Ethical and OTC and Proprietary Medicines and Industrial Service 
Products.. • ' " 

Territories include UK and Europe. ' ' ’• .. 

We are interested in product or company acquisition, or licensing 
arrangement. 

Please apply to Boir G. 7762, Financial Times. fO. Cannon Street,? EC4P 4BY 


FOR SALE 

Well-established 

CONTAINER LEASING COMPANY 

Premises suitable far offices, sleeping ar’sanitary accommoda- 
tion. With or without new production .of containers. Offers to: 
Kramer & Feiev GmbH 
Pf. 1805, 1X7600 O Ben burg, W. Germany 


£100,000 + AVAILABLE 

Wc wish to acquire interest in Companies which are profitable 
and wish to. expand their activity. Our interest is in the 
following fields: . 

1) Companies involved in knitting and making up of. garments. 
2} Food processing with good marketing and distribution 
organization. 

Reply with basic details to UNIVERSAL IMP EX LTD.-, 

65 LONDON WALL. LONDON EC2. 


FOR SALE 

Well-established 

STEEL CONSTRUCTION PLANT 
(manufacturing premises- offices) with good permanent staff, 
approx. 150 employees. Offers to: 

. Kramer & Feier GmbH 
Pf. 1805, 1X7600 Oden burg, W. Germany 


CORRUGATED BOXES 
SHEET PLANT 

Production and commercial advice 
service. on a strictly confidential baft, 
is offered to companies, wishing to set- 
up a sheet plant. Our considerable 
experience wilf .give jrou .the oppor- 
tunity oi set-up quickly and to avoid 
most costly setting-up mistakes. 

In the strictest confidence 
Write Box G.27S1. Financial Time*. 

10. Cannon Street, E C4P 4BY 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
M Gw Road. EC I 
01-6M S434/S 7361 9936 


GROWING COMPANY 

seeks acquisitions of small Lngineorifig 
and other Manufacturing .companies 
with own product. Management pre- 
ferably to stay. Up to £100.000 
available. Alto interested m near, 
liquidation situations with cu-rent year 
losses of £50.000 plus. - 
Please wriue with preliminary details 
to: Box G.2754. Financial Times. 

. 10. Cannon Street, EC4P 4BY. ■ 


PRtYATE FINANCE COMPANY 

dealing '. exd naively. ' In . mortgage 

Situations require* ‘CaP'taJ Funding of 

op to fin o» a planned basis. Ample 
security and equity ayaffibfe.- 

Wrice Bo* G.ZJbU FinontM 7lm«, 
10. Capra n Street, EC4P 4EY 


EAST AFRICA 

Businessman- shortly working In 
East Africa - willing tc act as 
A**nt ior new or established 
busmeses k “ . . 

Wrirs Bok Ci.2743, 
Financial Times. 

TO. Cannon ' "Street, £C4 D 4?y. 


THE NATIONAL 
BUILDING AGENCY 

HOLIDAY CHALETS 

Supplier* a! Holiday Chalets or Kier 
for holiday chalets who supply to the 
Scottish market are asked to contact: 

The -Nation* I Building Agency 
40. Melville Street 
Edinburgh EH3 7UG 
(Telephone 031-226 57el) 


FACTORY SALE/LEASEBACK 
FUNDS REQUIRED 

Profitable company wekt fund* for 
expansion via Sale/ Leaseback of 
300.000 sq. ft. freehold factory find' 
in eastern England. Please advico 
extent pf funds preferably made 
available. 

Principals only please write Sox 

G.27S3. Ffnonctal Tfm«. »0. Connon 
Street. EC4P 4 BY. 


FOR SALE 

The following companies with unusual 
names: _ 

1. Tour Britain. Ltd. . Price £2-100. 

2. Hillbroofc Insurance Co. Ltd. 
Price £5,000. 

No assets, no liabilities, not trading. 

Phone Rushden (09334) 59327 


RESIDENTIAL 

MORTGAGES 

Up. to £10.000 - available, per 
transaction. No Endowment 
Assurance -needed. Commercial 
Funds also avialable. 

Write Box G.2582, 

- Financial -Times. 

1 ID.. Cannon Street; EC4P .4BY. 


: FINANCIAL COURIERS PLUS 

Financial' and Commercial • In* 

• formation • promptly delivered ,- 
explained and’ implemented, 
where- necessary- Confidential 
Worldwide 'Service by highly 

Qualified Personnel.- Wrire Box 

<3:2739. Financial Times. 1C. 
-Cannon Street. EC4P 4BY. 


ACQUISITIONS & MERGERS BY AGREEMENT 



Cash flow problemsPThen cash this! 

Need Cash Now? You've got it right there on vour 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House. New England Road. Brighton. Sussex BNl 4G.S. 

Telephone: Brighton I0273J 406700 Telex - 87.182 
Also Birmingham. C arditi Leeds. London. Manchester. 

A subsidiary of international Factors Limited. 


JAPAN 

MD of techno-commercial Consultancy 
viaiu TO* TO w.e.f. November 13 and 
is able to undertake Uriel assignment 
of an introductory or follow-up nature 
on behalf. of a European manufacturing 
or Importing organisation. Own Tokyo 
office located in Sh.njuku-ku. 

Contact: 

M. J. M. Newman at WoHcsey Palace. 
Winchester, or tel. 0962.o3l7JA« 


“TAX FACTS” 

(Incorporating Finance Act 19711 

Arc you aware and taking advantage 
of all claims, exemptions and elec- 
tions! 

" Tax facu " is a 40-page booklet 
especially tor business taxpayers writ- 
ten in layman's language by * iormer 
Inspector of Tuc.-s— now a fuli-timo 
Tax Consultant. It explains simply the 
main principles of Income Tax. C.G.T.. 
C.T.T., V.A.T. and Corporation Tax. 
It includes many cuy-lo-foiiow charts 
and tables. 

"Tax Facts” is £1.50 post free 
from Dept. 2. Mistave Ltd.. 5 
Buxton Road. Hazel Grove, 
Stockport. Cheshire, SK7 6AD. 
Tel. 06M83 2703. 



AMALGAMATIONS & INVESTMENTS UMITED 


COMPANY FORMATIONS 
WORLDWIDE 

Small active group m Switzerland offers 
confidential international taxation plan- 
ning. financial and accounting services 
and canauift in providing finance in 
certain ci ream stances. Please reply in 
full confidence to: 

Boa C.2674. Financial Times. 

10. Cannon Street. London. EC4P 43 Y 


THE RECEIVER AND MANAGER OF 

TEES MARINE SERVICE LIMITED 

.Boat Builders and Repairers 
Fabrication and Structural Engineers 

GRAVING DOCK, NORMANBY WHARF 
SOUTH BANK. MIDDLESBROUGH 

invites written enquiries for the acquisition of its business 
as a going concern. 

P.O. Box 75, New Exchange Buildings, Queen’s Square 
Middlesbrough. Cleveland TS2 1AB 


PETER J. GARRINI & ASSOCIATES 
LIMITED 

— the well-known industrial sales force — wan! lo represent 
go-ahead companies in the following categories: 

(1) Sub-contract Presswork 
i <21 Rubber Mouldings and Stampings 

; t3> Pressure Aluminium Diecasting 

If your ‘company is in one of these categories and is anxious 
to obtain large, long-term contracts from the Consumer Durable 
Industries, has a good Quality Control Department and is 
competitive, please contact: 

PETER j. GARRINI & ASSOCIATES UMITED 
130a Burnt Oak Broadway, Edgware, Middlesex 
' Tel: 01-952 6626 - Telex: 923598 


PRESSED STEEL FOLDED ‘DOMESTIC RADIATORS 

II in. 18 in, 24 in and 30 in various length single and double 
. radiators. 

Total quantity in excess of 10,000 radiators giving approximately 
275.000.sq ft of heating surface- 

For further deleila apply: 

A. C. PALMER & CO. 

Provincial Houir. 37 New Walk. Leicester LEI 6TU 
Telephone: (0533 1 54*818 


BAD DEBTS PURCHASED 

Wo purchase volume consumer credit accounts and 'bad /doubtful 
debts. Rater paid dependent on quantity and quality of file, 
immediate substantial funds available. Pleose contact: 

Mr. Wm. Beil, Director 
LEGAL & TRADE COLLECTIONS LTD. 

15 Moor Park Avenue. Preston PR! 1NX. Tel: 0772 22971. 

Office*: Ghujrow - Edinburgh - Preston - London - Dublin 


CONTENTS OF OFFICE 
offered cheaply all modem 

Largo d*iki (2). Clerk, desks (S). 
Typnu chair* {6). Swivel chai-f 1 24 I 
Acoustic Screens 1 10 I. Filing Cabinet*. 
Cupboard*. Drawing Stands. Plan 
Chests. Adler and Olympia Typewriter. 
Ring now 'Commercial" 

01-837 9663 

32* Gray's inn Road. London. WC1 


ONE MILLION POUNDS c-auitv. Business- 
man seek* merger or wishes 10 sell 
SO "a of major business in sioraoe 
leisure and piODcn,-. 0202 767879 
£.1 A WEEK FOR EC2 address or phone 
messages. Combined rates + tele, 
under ES a weei . P'ettiqc oHices nea- 
Stock Evctumge Messages Minders inter- 
national 01-62H 0898. Telex 8811725. 


-for large or small 
companies in sterling 
or foreign currencies. 


AskKcyscrl llniann Limited 


25 Milk Street.London EC2V &JF, 

Contact 

Walter Goddard. Business Developmeni Manager 
Telephone Ul-1506 7070 Telex 8S5307 
Regional nftlces in 

Birmingham. Manchester and Newcastle ■ 


KcyscrLllniann 

Merchant Bankers 


The last legal way to 
MAKE A FORTUNE 

No lunger is it possible lo build up real capital out of income. 
Our taxation system has put paid to that. The only legal way to 
make a fortune is to buiid up a profitable business. But to do 
this these days takes a lot more than appreciation of manu- 
facture and marketing. This is where the Company Director's 
Letter comes in. It specialises in the “wrinkles" of business 
life, the little techniques and appreciation That can make all tile 
difference between moderate and outsanding performance. 
Things like: 'The substantial tax advantages of incorporation, 
“llow to staff your business with public funds! *An extra 1{% 
on your money. *The real benefits of lax havens. *Ilow to 
make your staff work! 

Ki»r <t*-ialli> of a FREE TRIAL offer wniv or l.-k-phnnc now in: 

Company Director* Lellcr. DcpL ICX, 

13 Golden Square. London. W.l 

OT phoue 01-51)7 7337 C-4-hour answering service) 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rites lor U.k: a Continental Europe: 
>190 . . . 1 year 

VI 00 .... s Months 

v SO . . i Months 

Payable >n dollar* or equivalent in 

local currency. 

Del-very bv Jet Air Freight Ircm 
New York e»erv Business day. 
i Other area rales on request) 
Send order with payment to. 

THE WALL 5TREET JOURNAL 
i ntL-r national Press Centre 
76 Shoe Lane. London. EC-l. England 
Ann. Mr. R. Sharp 

Also available at major news 
stands throughout Europe 
ASK FOR IT 


WE WILL BACK YOU 

Do you need money for your 
business or venture capital for 
your project or invention. Wc 
are down to earth people and 
will look at any proposition 
which makes sense. Write in 
strictest confidence ro The Ghair- 
man. Box G.2759. Financial 
Times. 10. Cannon Street. 
EC4P 4BY. 


A CONSORTIUM 

o> com panics operating in the Con- 
sumer and Industrial Finance field, 
introducing balances of several mil- 
lion* per innum would like LO hear 
from Inirnucioni/Finaticc Homes 
interested in entering into discussions 
with rtic view to underwriting this 
business. 

Write Bor G.!7bQ. Financial Tunes. 
JO Cannon Street. LC4P 4B7 


WOULD YOU LIKE 

without trouble or financial risk — to 
Obtain the services of experts in sell- 
ing your goods in Argentina. Chue 
and Peru/ Director o> lone -established 
Export House visiting these countries 
in January/February decres additional 
lines on an tictlusive bas>s. 

Write 8 or C 2357. Finjnclof Times. 
10. Cannon Street. £C4P 4BV 


BUSINESSES FOR SALE 


TiftTil 


THE SMALLER 


For (urther informs lion co rtlacU 
K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

EL Sussex. 

Tel: 0424-430824 


GET INTO EXPORTS THE 
.EASY WAY 

Hundreds of concents lined tovermg 
every field. Don't miss rta oppor- 
tunity. wmte for yaur tree copy co: 

THE EXPORT MAIL 
- GULF EXPORT P.O. BOX 50 
STOCKPORT SK4 2TB 
Telex: 6(7822 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 per cent 
Lease 3 yean from £3.70 weekly 
Rent from £29 per month 

Phone: 01-641 2365 


IRAN 


A major distributor in Iran 
seeks to expand its product 
range through licensing agree- 
ment or otherwise. 

Write Box G1755. 
Financial Times. 

10. Cannon Street,' EC4P 4BY. 


HOTEL INVESTMENT 

LONDON 

HOTEL AND CATERING 
COLLEGE WITH ITS OWN 
LANGUAGE SCHOOL. 
TRAVEL AGENCY AND 
EMPLOYMENT AGENCY 

Skfks io join wiiti malor investor or 
uroup of investors from Middle Eusi 
in ruint vi-nturi- for Uti- purchase of 
London boti-i. Manx^etmiu k-jni and 
i-xc.-t-Ih.-tii pool of trained S'aff. Prin- 
cipals and Arab bank* — for details 
write Kox C.jrjS. Financial Timm. 
10. Cannon Sircw. EC-JP 4ET. 


HEAVY HAULAGE 
NORTH EAST 

TURNOVER £125,000 P.A. 

Low Loader Fleet with established custom for 
sale. Modern Trailers and Units. Depot 
available if required. 

Write Box G.2746, Financial Times. 10, Cannon Street, EC4P 4BY 


FOR SALE 

A Major Public Company is willing to negotiate the »:e of a sublidiary 
company which if not compatible with ita main itream of activities. 

The Company. 1 1 cuated m Southern England, has long leased premise*, and 
manufactures and markets a competitive consumer product to Multiples. 
Catalogue Companies and Wholesalers. The Company has Just emerged from 
a lengthy Period of product and customer mix reconstruction and is now 
trading at a break even level. Sales are £1.600.000. The overall market 
is sound and expanding. 

This Company will most likely be of interest to an entrepreneur who wants 
to be in at th; beginning of a rising trend. 

Principals only to- 

Box C.2747, Financial Timet. 10. Cannon Street. EC4P 4BY 


FOR SALE— DISCOUNT STORES 

PRE-TAX PROFITS £750,0«0 

Chain of RcVail Food and Nun-Food Discount Store:- in South 
of England with a turnover of approximately £20 million. 
N.T.A. in cxce:»s of £1; million with strong liquid resources. 
Enquiries from principals only to Box U.2726. Financial Timer. 
10. Cannon Street. EC4P 4BY. 


OLD ESTABLISHED SPECIALIST 
CONTRACTOR WITHIN THE 
BUILDING INDUSTRY 

Profitable annual turnover in excess of £1.000.000. More 
than satisfactory order book. Freehold premises. Write 
Box 731. Financial Times. 10. Cannon StreeL EC4P 4BY. 


BEDFORDSHIRE 

Luton J tiilei. MUian Keynei o mifea 
Ml S miles 

BROADRANGE GOLF AND 
LEISURE CENTRE 

9-hoie Golf Course.' -30-bay Floodlit 
Driving Range. A Tyrolean Restaurant 
and Bar*. Profess ioniHi' Shop and 
Changing Room. Steward's Bungalow. 
FOR SALE BY AUCTION 
I unlet* previously sold ) 
on Thur#Jw. lfith November. 1978 
AT A DISCLOSED RESERVE OF 
£125.000 

To inilude all equipment, 
fixture* and fittings. 
Auctioneer*: 

SAVIUL5, 

21 HbriJ Fair. Banbury. Oxon 
Tel: f0295) 1535 


. FOR SALE. Profitable business in Brazil. 

Modern, new ualood factory, canning , BUSINESS FOR SALE 

I sardines ana mackerel, with cold storaBc. I DU " . 

Write So* C 2752. Financial Times, 10 , Well established Frozen Foods/Grocery 
| Cannon Street. EC4P 4BY. busmen m good trading area, north 

WE HAVE A LIMITED and unrepeatable i of Bury. Trading u both Retail/ 
stock o! ivorv and lade carving*. TeL: j Wholesale outlet the business has the 


CENTRAL WALES 
INVESTMENT PROPERTY FOR SALE 
or 

COUNTRY HOUSE WITH OR 
WITHOUT INCOME 
Gompriies 4 bedrooms. 

Plui I mile salmon/tca trout fishing. 
Current return 10" under £75,000 
i ecu re*. 

Write Bor T.4S6B. Financial Time*, 
10. Connon Street. E C<P 4BY. 


NORDIC 

BUSINESS ASSOCIATION 

want surplus goods from the textile 
industry as well as the furniture 

industry. 

Pfetne send all Information to: 

n;B.A.. Farit 136. 

^50 7.3 Rabbatahede. 5wedcn 
Telex: RabbS 5191 . 


DIRECTOR recurred lor New Engineering 
group holding company. Excellent 
potentfar. investment of £ 60.000 re- 
quired, with 15“* return, lultv secured. 
Ideal tax situation tor investor. Tel. I 
Mr. Sparrow. 01-549 6660. 

INVESTOR REQUIRED 10 UOtide a 60“» 
mortgage on substantial freehold oro- 
. xwtv in. Condon. £ 1 50:000 required 
•• oifr .*0' vein." Tel. Denton A Co . 
01-549 9797. 


Dynasty. 0552 503794 or 0552 505356 


PLANT AND 
MACHINERY 


GENERATORS 

Over 409 sets in stock 
1kVA-700kVA 

■Buy wisely from the manufacturers 
with, full aft en- tales service 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


Wholesale outlet the business has the 
benefit of a Beer, Wines and Spinu 
licence. 

Total floor area extending to 2.300 
sq. ft o« r floors, plus private 
loading yard »lw adjoining plot of 
land with O.P.P. far additional shop/ 
flat unit .or extern ion^ to oxiscing 
premises. 

Fall drt ells on request: 
f, Wilkinson A Son 
061 723 2206 


BUSINESS -FOR SALE 
Money lending/ Finance 
Company 

Situated in North of England 
Good Growth Record 
Principals only 

Write Bo* 6.274/. Financial Times. 
10, Cannon Street, EC4P 4BY. 


FOR SALE 

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

Principal* only reply: 

Bos GJ717, Financial Tinics, 
10. Cannon Street, EC4P 4BY. 


CASINO 

Luxuriously fitted out and 
profitable casino in Midlands for 
sale. Replies, from principals 
only, treated in strictest confi- 
dence. Write Box G.27I8, 
Financial Times. 10. Cannon- 
Street, EC4R 4BY. 


EXTENSIVE DIESEL AND 
SUBMERSIBLE PUMP HIRE BUSINESS 

for sale 

Sheffield based. Five key locations ihroughnui ilie U.K 
Turnover approx, ilni. Approximately 750 pumps. 

Principals only apply in writing to: Turquands Barton M ay hew 
& Co.. Provincial House, 37 New Walk. Leicester LEi BTl). 
Please quote ref. 7541 


PLANT HIRE AND 
FABRICATION BUSINESS 

for sale 

Sheffield area-comprising: specialist tunnel and general con- 
struction plant hire throughout the U.K. .Medium range 
fabrications. Turnover approx. £650.000 Extensive workshops. 
Principals only apply in writing lo: Turquands Barton Mayhew 
& Co., Provincial House. 37 New Walk. Leicester LEI BTU. 
Please quote ref. 7191. 


BUSINESSES WANTED 


This company has decided on a strategy of growth 
by acquisition. We have an interest in the following 
industries: — 

(1) Heating. Ventilation, Air-Conditioning 

121 Electronics 

13) Electrical Engineering 
It is a firm policy decision that any candidate must 
be a going concern, possibly requiring additional, 
financial resources to carry out new product or 
market development, having an annual turnover 
within the parameter of £500,000 to £2 million and 
should be engaged in manufacture not wholesaling 
or distribution. 

If you would like to arrange a preliminary meeting, 
please send a brief synopsis of your company 
enclosing, preferably, three years' audited accounts 
to the following address. It is our intention to deal 
with principals only. 

Write Box G.275S, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


PRIVATE COMPANY WISHES TO ACQUIRE 
COMPANIES IN THE FOLLOWING — 

OR ALU ED FIELDS 

Internal telephones, fire alarms, burglar alarms. Telephone 
answering, public address, time recorders. Pocket paging, 
mobile radio. 

We are interested in either companies as a going concern, 
or more particularly companies that arc in financial 
trouble where either a receiver has been appointed or the 
existing shareholders would part with control in exchange 
for a substantial injection of funds. 

Replies treated in strictest confidence. 

Write Box G-2727, Financial Times, 

ID, Cannon Street, EC4P 4BY. 


PRINTING COMPANY 
REQUIRED IN 
SOUTH EAST ENGLAND 

Large print user requires 
.medium-sized printing company, 
existing management retained. 
Write Box G.2730. Financial 
Times, 10. Cannon Streec. EC4P 
4 BY. 


SALE OF FORK LIFT TRUCKS. Ovw 100 'I IB. Cannon Street. EC4P 4BY. 
med machines, finlsftca in manufacturer* 1 1 

colours, aim ready lor imincdfate I' -.T - *""” 

tWirery Urge UOC1* of diesels on ! INJECTION MOULDING COMPANY for 


pneumatic tyres, prices reduced to > 
so-co% at original cost, suck* must j 
be reduced. Priors negotiable Binning- 1 
? B T*. ^ Lift Truck LM- Hams Road, j 
Sahlcj. Tel. 021-327 594*5. Tutor 1 
337052- I 


sale as s^'IS. “"tern, a vear oio. 
£35,000 *£•£._ Turnover tor 1978-79 
cei for 35.M0. Souui « England. 
Selling Pr ICJ L„ £ ? 0 -5Pff- Write Bax 
G27bi>. f'J*5«r Times. 10, Cannon 
Sheet. ec<p dar. 


OLD-ESTABLISHED 
TIMBER YARD / UGHT 
BUILDERS MERCHANTS 
Busy High Streat potmen. North 
London. Annual turnover £140,000. 
Excellent cash trade. Freehold pre- 
mise!. Write Bo* G.2749J Financial 
Times. 10, Can non Street. EC4P 4 BY. 


WANTED 

Public Camp aiiy w»hine to purchase 
email private Property Company (pro- 
perties valued ai £250,000) by allot- 
ment of share* giving present owner* 
of company control and Board 
representation. 

Principals only please reply to: • 
Box (7.2748. Financial Tfmpt, 

10. Cannon Street. EC4P 4BY 


WE HAVE A CLIENT 
WISHING TO PURCHASE 
A MANUFACTURING 


In the UK with turnover Jin the range 
of £250,000 to £2m per annum and 
capable of expansion. 

The company should have produtrs in 
ita Programme which lend themselves 
to world- wide distribution, 

Pe&fy, in confidence, to: 

Whits, Salomon £ Co.. 
Chartered Accountants. 

I2A/I3 Well Court. Queen Street, 
London 6C4M *DS 
(Ref: AJN | 



















* 



Pr 

pr< 

ch 

BY MA 

THE PF 
decided tc 
allegation 
Wilson f» 
number o 
were com 
paign agai 
Party on 
1974 Gent 
The foi 
allegation 
lowing Ihi 
affair. Mi 
was. had 
an arches 
himself. 1 
Lady Fs 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
nrietors 
instructed 
round a 
material." 

The Pn 
to hear 
Sir Haroli 
Tornial co 
Ud the 
against 1 
council si 
Royal Cc 
mat ther 
Labour bi 
The Pr. 
is one oj 
lished tod 
In ano 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 


12 

LOMBARD 


Pay without 
guidelines 


BY PETER RIDDELL 

SPECULATIVE games of the 
“what if . ■ variety are a 
pleasantly self-indulgent way to 
pass autumn and winter even- 
ings. There is certainly no 
shortage of topics — from what 
would have happened if an 
election had been held earlier 
this month to what pay rises 
would he in the absence 
of an official linn*. Th»* Ford 
dispute might have turned out 
very differently if there had 
been an October election though 
the pay question highly un- 
certain. I» however, at least 
arguable that the rate of increase 
in 'earnings in the year to next 
.July would be little higher, and 
possibly lower, without a pha.-e 
four limit than now looks likely 
with the policy under severe 
strain. This is not stated as 
a forecast, or. as Mr. Hauerslcy 
would prefer, a fact, but it is 
not merely an unsupported 
guess. 

Kev influence 

mt 

There is obviously no hard 
and fast economic model of the 
determination of money wages 
in the short-term, it would be 
wrong to ignore the impact ot 
institutional influences such as 
the monopoly power of individual 
trade unions or. for example, the 
election of Mr. Mo«s Evans and 
his determination to establish his 
independence — *ls well as pres- 
sure? peni-up under earlier 
rounds of pay policy. But there 
arc also several specific economic 
influences on pay. On one side, 
it is possible to point to the 
moderating impact on expecta- 
tions of the slackening in the rale 
of price inflation and the sha r p 
rise in living standards of the 
last 12 months. 

Employers are also not operat- 
ing in a vacuum since, at least 
in the private sector, a key 
influence is the ability nf com- 
panies to pay such increases. 
Recent official figures has shown 
how profit margins have been 
squeezed this year and the 
corporate sector has had a large 
financial deficit: looked at 
another way. industry does nui 
appear to have a large cushion 
of not liquidity tn protect it from 
lame wage increases, as it had 
in early i974. 

There are drawbacks to this 
analysis: it is. lor example, 
a reliable that it is precisely 
when companies are financially 
most stretched that they will not 
want to fight pay claims and will 
concede mast rapidly. Differences 
in liquidity may allow some com- 
panies to pay large wage 
increases, and force up earnings 
generally, while companies with 


a dominant market position may 
be able to pass on rises in the 
form uF higher prices. 

The prospects were recently 
examined in a somewhat differ- 
ent way by the London Business 
School in its regular Economic 
Outlook. The school concentrated 
on the relationships between the 
exchange rate, world prices 
levels and earnings. It concluded 
that v. bile last year UK earnings 
levels were well below- normal 
relative lo the world price level 
and some increase could be 
justified, this is no longer the 
case. At present exchange rates, 
the wurld price level is likely to 
exercise a restraining influence 
upon wage increases: companies 
are unlikely to be able lo afford 
in pay more this year than the 
underlying world inflation rate 
plus whatever productivity 
increases are actually achieved. 
As lung as the exchange rate 
remains firm this might in 
practice restrict the rise in 
earnings to about 11 to 12 -per 
cent. 

This is a plausible, though not 
a conclusive theory, especially as 
these co ns L rain Is apply only to 
the private sector and the lead 
ha* often come from public 
sector settlements. Cash limits 
can. of course, exercise an 
influence, though, like monetary 
targets, they are not in them- 
selves a workable instrument of 
pay pal rev in the short-term. It 
i>. unrealistic in believe that cash 
limits and monetary guidelines 
will directly limit pay settlements 
in face of union bargaining 
pnwcr unless other economic 
factor? are 3l«o working towards 
moderation, as they are at 
present. So it is possible that 
without rigid guidelines the rise 
in earnings be below the 
14 to ltf per cent rise nf I977-7S 
and perhaps low enough tn 
ensure a continuation of single 
figure nrice inflation. a« well a c 
allowing some flexibility . in 
negotiations. 

Seen as defeat 

The problem with the Govern- 
ment's approach has heen that it 
i> likely to bring the worst of 
both worlds. The policy is un- 
likely lo keep the rise in earning* 
down lo the target uf 7 per cent 
and (he actual outcome may not 
be more than. say. a rise of 10 
to 12 per cent. But this will he 
seen as a defeat for Ihe authority 
of government and a strengthen- 
ing of uninn pow-pr with aii the 
undesirable appendages . of 
incomes policy being perpetuated 
luated. -lust a* with exchange 
rates, politicians and officials 
would be better advised to resist 
the temptation to try. to control 
market pressures all the time. 



Financial Times. -Tuesday Qc^l7ii§£ q 


Vr -r>£’’ 


PROBLEMS ASSOCIATED with 
change have dominated the 
minds of most people in the film 
and television industries, over 
the past 10 years. Some nine 
years ago. one writer on the 
business was saying that the 
real dilemma for decision- 
makers was whether to invest 
in the new technologies preci- 
pitating the change — and risk 
a serious loss through backing 
the wrong horse: or worse, to 
wait and see while competitors 
coolly cleaned up the market. 

The observations were mine, 
in this column, and it came as 
a slight shock lo read someone 
else quoting them last week in 
a forthcoming article about the 
TV rental business. As is often 
the case in the prediction game, 
history* has proved many of niy 
forecasts to be true but 1 he 
timing to be slightly wrong. 
Some companies did back the 
wrong horses, such as Rank 
within the EVR videocassette 
system l based on film, not 
videotape I: and Decca in its 
support for the TeD video disc 
player. Others did leave it loo 
late, perhaps, as witness the 
unassailable lead in video- 
cassette equipment now estab- 
lished by Sony and JVC and the 
failure of the Philips* system in 
North America partly because it 
arrived there too late. 


The Tideocassettc revolution 
is now with us, although nine 
years ago many cynics doubled 
it would even happen. But n 
has taken about three to four 
years longer than at least I es ' 
peered. The next chapter in the 
revolution, again behind pre- 
dicted schedule but defying 
those who doubled its arrival at 
all, is the commercial launch 
of the Philips/MCA video disc 
player. This will take place later 
this year around the 15th 
December, in one selected area 
in the U.S.. to be followed in 
1979 with national marketing. 
It is likely that the UK will be 
the next country on the market- 
ing schedule, some 14 months 
from now. 

There is now less doubt in 
the minds of those in the busi- 
ness as to what exactly is going 
to happen in the near future. 
The guessing element is now a 
minor factor. Videocasseite 
equipment is a growth business 
— U.S. video imports for the 
first half of 1978 were 23S.137 
units, a 289 per cent rise on the 
first-half of 1977. Philips claims 
that demand for its own VCR 
system (largely European t has 
outstripped supply in the same 
period. 

A symptom of the confidence 
in this market conies with the 
establishment by MCA and 


International Video Systems of 
a Middle Ess: videocasseite 
distribution company;' United 
Video International. This wiil 
draw on the huge MCA/ 
Universal s;uckpi!e of feature 
films and television pro- 
grammes. For the reenrd 
another nine years hence, 1 
doubt if the market, for 
pre-programmed material like 
this will survive on video- 


are -supplying clients at some 
time r or another with video- 
cassette copies of films along 
with the 16 mm and 8 mm 
prints.' Likewise most, if' not’ 
ail, of tlie film processing 
laboratories have opened video 
duplicating and/or - videotape-, 
film transfer services. . The 
latest entry has been 11 Kay 
Laboratories, which have- just 
started a tape-to-fiJni service. Of 


FILM AND VIDEO 

BY JOHN CHITTOCK 


cassettes, - with mass-produced 
video disc offering a cheaper 
and more convenient alterna- 
tive. This tviii ieaYe the 
videocasseite as mainly a 
recording medium, and also as 
a distribution medium for 
minority interest programmes 
where the number of copies 
involved (for example. under 
5.000) would be uneconomic on 
video discs. 

Sttil caught uncomfortably in 
the middle is the fiim industry. 
To some extent, it is coming 
to terms with video. 2 t least in 
the sponsored fiim industry. 
Many of the production 
companies now offer video 
production as vreii, and most 


the leading -processing .-houses 
in UK. only Humphries and 
Filmatic (both owned by -the 
BET group) and Universal Film 
Laboratory remain without a 
video commitment. - 

The UK bastion uf sprocket 
holes. Samueisnn Film Service 
— one of the world's leading film 
equipment hire specialists— is 
now well into video, and the 
only major enigma . remains 
Kodak, which owns a videotape 
recording head manufacturing 
company and produces some 
videotape in Paris but little 
efse. 

Confusion - continues to 
abound however. Whereas most 
of the pundits will . agree; that 


the standardisation battle^over 
videotape systems 15 s ettlin g 
-Sown to 1 straight between 
HJ? and JVC. Philips oft* 
'.{hue the battle with their own 
system (and a new one m pros- 
pect). Even Grundig are join- 
ing the fray with an incmnpat- 
ibfe version of the Philips sys-. 
tern— the Grundig SVR— which 
vields 4 hours playing time p|r 
cassette and is claimed by tbeln 
to have various quality advan- 
tages over the rivals. It is bet- 
ter. perhaps, not even to men- 
tion BASF's L\T? (Longitud- 
inal Video Recording) which 
still lurks near commercial 
reality with the promise of 
even 'greater tape economy. 

A theme is, however, emerg- 
ing Almost nine years ago in 
this column. I only speculated 
about it— “the ultimate dream 
is large-screen domestic televi- 
sion with all manner of visual 
services controlled by telephone 
dialling." The large screen is a 
long way off. but the rest has 
arrived. Vet it now goes even 
deeper than that. The emerging 
theme is the control of visual 
Information— —the ability to take 
pictures, still or moving, and by; 
reducing them to electronic 
signals tn allow almost infinite 
manipulation of those pictures. 
We are witnessing 4t already 
with viewdata and teletext and 
even with the fixed images of 


A&bp&Sp: 

■ i -• .*- fsx-jv±r 

Ste mbtictt picture fita as £ 
became involved in. the cfaai'^ 
tape*® 

transfer processes. V ' : ' ~ - 

One novel example of till 
. trend -appears^ a range- ofj£ v 
ducts recently introduced ta? 
new_ Brit i sb : company, : -HamSs 
Video , Services. ■ WtthM 
plug-fn units; television piaffe 

can , be processed . to- - yfrS 
information in forms other * 8 * 
mere light and ' 

automatic . measurement'"- 
dimensions Jri. the subjecr. rwt 
iaff$ of brightness Urten$tt£J 
any point in the scene, detecQe ■ 
of flaws, for example- era® 
responses- to movement fsoeh * 
articles, on- a .conveyor )_ or 
artificial colonring aecordtng f 
the brightness of- tones '$gH£ 
picture: : ■ ■■'"• -' -V . 

Perhaps thVnext Jertfk 
for speculating about the-fatm 
will be found by 
other old ideas ■’worthy /of * 85 ®. 
rectlon. For a sterter, -U^ 
the zoetrope, brie'bf 

methods ■ of viewing; -'omra 

pictures, _on a stn'BiO^'pg£&' 
paper:., the paper was; 
inside- a waiving 
viewed *. through 
dnuh.'' : ‘ Tt is 'egtremeTv Hfo^ 
hand operated add posts 
be mass produced evenqiLriait 
print 3ust-foeringreA%v.^ 
a: boom product in thefts, 
World. • • . • . 

... ; j •• ''t; r X. 


Hastings-Bass has chance 
of two Warwick winners 


WILLIAM HASTINGS - BASS, 
who will now definitely - ami 
Greenland Park at the top 
sprints next season rather than 
trying to get her ready in time 
for the 1000 Guineas (which to 
any event would probably ex- 
pose stamina limitations), looks 


RACING 

BY DOMINIC WIGAN 


set for a first and last race 
double at Warwick today. 

Pluvial represents him in Ihe 
opener. Division I of the Market 
Square Maiden _ Stakes, and 
Adorit — a rln*e relation— goes 
for the second division of the 
same race. 

Although Pluvial, a daughter 
of that prolific Vllmorin mare. 
Pelting, was a disappointment 
at Ascot last time out-^-she 
finished third of nine behind 
Celtic Halo and Hadon in the 
Michael Sobeil Stakes — it could 
be that she bad an excuse. 

Not only did she blow a good 
deal after the race, but it was also 
found that she had a rather high 
white blood cell count on her 


relum tn Newmarket. 

Provided that she can over, 
come a bad draw and reproduce 
her encouraging homework with 
Greenland Park on This, her 
third race course appearance. 
Pluvial should prove up to giv- 
ing that hitherto disappointing 
stallion. Habat, his second 
juvenile winner. 

For the danger. I turn to an- 
orher'who has shown a good deal 
at home. Explosiva. a half-length 
runner-up to Quibbling Streak in 
a £3.000 event at York before 
disappointing badly at Wolver- 
hampton. 

Explosiva is another well-bred 
sort: being by -Explodent out of 
Whispering Willow, a half-sister 
to (he champion Canadian grass 
horse. Victorian Prince. 

In contras! to Pluvial. Adorit. 
another daughter of Habat, has 
been having a busy time and 
tbis will be her sixth attempt to 
get off the mark. 

Joe Mercer, Adorit's rider and 
also partner of Pluvial, did not 
have the ride on the Hastings- 
Bass Ally at Linefield recently 
but he had plenty of time to 
weigh her up -for it was only in 
the final 100 yards that he 
hrouehr Sikhara with a late run 
to deprive Adhrit of the spoils. 

I- expect him. to try lo make 


all the running on Adcrit and 
expect Chukaroos half-brother, 
J 3 karoo, providing the chief 
threat. 

Two other possible winners cn 
an otherwise tricky card are 
Civic Commotion and Braemore 
The Neil Adam-trained Civic 
Commotion. 2 arey daughter of 
Town Crier, has shown Httie 
since running nut an easy winner 
of a maiden event at Folkestone 
last season, 1 shall be dis- 
appointed if •ihe cannot win the 
Prince Rupert Handicap off 
Ssf 41b. 

Chris Tbnm'.nn. who saddles 
Braemnre for the seller, could 
also turn out a winner nearer 
home at Redcar. There he 
saddles Never Sav Guy for the 
Hanging Stone Handicap. Gnde* 
a final decoration stage with 
drawal from Warwick's seller 
should win the Airy Hill Sel’i.ns 
Stakes. 


WARWICK 

2.00— Pluvial*- 
2. fin— Braemore' 

3.00 — One-Cal 

3.30 — Flying Optician 

4.00 — Civic Commotion-* 

4.30— -Adorit 

REDCAR 
2.1.1- — Godet 
3.13 — Never Say Guy 



t Indicates programme in 
- black and white 

BBC 1 

6.40-7.35 am Open University 
(Ultra High Frequency only). 9.38 
For Schools. College:-. 12.43 pm 
News. 1.00 Pebble Mill. 1.43 How 
Do You Do? 2.QU You and Me. 2.14 
For Schools. College* 3.20 Caw l 
h Chan. 3-53 Regional News for 
England (except London). 3.53 
Play School. 4.20 Felix the Cat. 
4.25 Jackanory. 4.40 The Space 
Sentinels. 5 .IM 1 John Craven’s News- 
round. 5.10 The Story Beneath the 
Sands. 


5.40 News 

5.55 Nationwide 1 London -and 
.South-East only). 

6.20 Nationwide. 

6.50 David Es>.ex (London and 
.South-Easi only). 

7.20 James Burke's Connections. 
8.10 Dallas. 

9.00 News. 

9.25 Play for Today. 

10.45 Tonight. 

11.23 Roads lo Conflict. 

11.50 Weather -Regional News. 

All Regions as BBC1 except at 

the following tunes: 

W ales — 1 0.00-1(1-20 am I Ysgo- 
lion. 5.55-6.21) pm Wales Today. 


F.T. CROSSWORD PUZZLE No. 3,798 



ACROSS 

1 Everybody found tn 
favourite bed (6) 

4 Made sailor appear vaguely 
lo be flowering (6) 

8 Waterproof a harrier with 
road material (7) 

9 Liberates one before a 
flower (7) 

11 Unrre tn enlist* (4. 6) 

12 Doctor returns In students' 
debate (4) 

13 Grub taken hy the French 
right lo Virginia (5) 

14 Drink to lead me tin 
maybe c S ) 

16 Back to front tn Surrey (8) 

18 Organ not recorded right (5) 

20 A road out (4) 

21 Game in company speeds 
smoothly (5. 5) 

23 Land in eastern U.S.A. (7) 

24 Complaint from master to 
student over song (7) 

25 Complete National Trust in 
Ireland (6) 

26 Average that i* appropriate 
for ungenerous person (6) 

DOWN 

1 Academy president goes to 
party in foreign gallery ( 5 » 

2 Pound ^breadwinner gives 
novice (7) 

3 Disappear with pa over tea 
somehow i9j 


5 Gents entitled to hospital (5) 

6 Provide too many staff for 
supervisor (7) 

7 Demand for defensive . . 

■ material? (4. 5i 

10 Reduce sire nf descending 
notes (5. 4) 

13 Was it Deal that became 
ravaged? (4. 5) 

15 Drink gets money out nf 
fish (4. 5) 

17 Cure Tor boring sailor (3-4) 

19 Scoundrel making large house 
fashionable (7) 

21 Born before king of tragedy 
became dim-sighted (5) 

22 Number one's □□ point of 
having row (5) -- 

Solution to Puzzle No. 3,797 


QQSQE1QQD QHEEE3H 
n a 
QQB 

□ □ d a a n c 
nEHBBnna cncaon 
n n 

BBS 

BOB Q a u 
aunann 
OH H n H B 
Q3 ona QHPirat: 
b ■ □ OHO 

an BHHQHHaia 
X !T G 0 E 
□0 BHHnnana 


6.50 Heddhv. 7.10 Pobol y Cwm. 
7.40 Dad s Army. 8.10-9.00 .fames 
Burke’s Connections 11.25 Rugby 
Wales “B" v Argentina (high- 
lights). 12.00 Dechrsu Siarad. 12^5 
am News and Weather for Wales. 

Scotland — 5.55-6-20 pm Report- 
ing • Scotland. 6.50-7.20 The 
Fiddler's Rally (the 1978 National 
Mod.). 11.50 News and Weather for 
Scotland. 

Northern Ireland— 3.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 6-50-7.20 Foyle 
Festival '78. 11.50 News and 
Weather for Northern Ireland. 

England — 5.55-8.20 pm Look East 
(Norwich): Look North (Leeds. 
.Manchester. Newcastle): Midlands 
Today (Birmingham); Points West 
(Bristol) : South Today (South- 
ampton): Spotlight South-West 
I Plymouth); 6.50-7.20 East (Nor- 
wich ) The 7.12 Ex- Yarmouth; 
Midlands (Birmingham) Copse 
and Maggots: North (Leeds) Life- 
lines: North East (Newcastle) 
Tuesday North: North West (Man- 
chester) Sit Ihi deawn: South 
(Southampton) The Brain Game: 
South West (Plymouth) Peninsula; 
West (Bristol) Day Out. 


12.10 pm Pipkins. 12.30 Treasures 
in Store. 1.00 News, plus FT Index. 
1-20 Thames News L3U Crown 
Court. 2.00 After Noon. 2.25 Born 
and Bred 3JUI Heart to Heart. 3.50 
The Sullfvans. 4 JO Get it Together. 
4-45 Magpie. 5.15 Emmerdale Farm. 
5.45 News. 

6.00 Thames at 6. 

6.25 Help! 

6.35 Crossroads. 

7.00 Botanic Man. 

7.30 Fantasy Island. 

8.30 Selwyn. 

9.00 Whickers World: India. 
lll.OO News. 

10510 Two Girls and a Millionaire. 
11-30 Lou Grant. 

124)5 am Close: A Pre-Raphaelite 
painting accompanied by 
the music of Brahms. 

All 1BA Regions as London 
except ait the following times: 

ANGLIA 

l.as pm Alisha &0Q Ahwn 

Analla. 7.M) siirneai. UJ» Rafferty. 
12J5 am I Believe. 


6.20 Emtneniale r«na. 7JO 
Lnis-crsitr Cl« lie ns:-. 1L50 Dae tagur. 

HTV 

I.JII p«n Recor; West LS 

K-aon B’aM Headlines. 2.B3 Hcnr=eparir 
5J0 6.M Reaon VVeSf. 6. IS 

Reptir V.'s:u& b.Ji Botanic Man. 7J» 
Thr-.- L:»ih Words. UJ8 7110 r-msrler. 

HTV Cvtnr-j -Wales — As HT\' 

S-.lTice eset-pt: L2B-L25 pm Penandau 
X Idion r Dydd. UB4.95 r.oniis- 
6 00-6.15 V Dvdd 10 J6 Din: Ond Hoddnr 
uj» World m Action. lua-UJO am 
Moynihan 

htv West— As HTV General Service 
p mxdi : 1 J 0 - 1 -J 0 poi Report Wes: liead- 
unes. 6. 156 JO Reporr Wear. 


ATV 


BBC 2 

11.00 am Play .Schools (as BBC1 
34S pnn, 

2-30 pm Tocair Ltd. 

3.00 Film as Evidence. 

3.30 Tlie Living City. 

5.20 Open University. 

7.00 Oicame. 

7J5 News on 2 Headlines. 

7.30 One Man and His Dog. 

8.00 One More Time! 

8.30 Roots of England. 

9.00 Roots. 

10- 35 Floodlit Rusby League for 

the BBC2 Trophy. 

11- 20 Late News on 2. 

11.30 The Old Grey Whistle Test 

LONDON 

9.30 am Schools Programmes. 
12.00 Chorlton and the Wheelies. 


12.30 pm Tn L‘ c Adrised. L2P ATV 
Xwfrt^sh. 3.55 Th- El. rmc Thratre Shou- 
505 Mr. and Mrs. too ATV Todav. TJ» 
t.umicrdale harm, ujq Ja 22 Concert. 

12.00 SoimrUim.; DrOerent. 

border 

rt-20 pm Pordt-r \*-ws. ZM Hnusepartr. 
S.15 Jonry qupi: b.oo Looharound Tuvs- 
tla.v. im Ennrvrdai-* harm. 11J0 Ski- 
ins H-nb Cina. 12.D0 Border X<nss 
Nummary, 

, , CHANNEL 

1.25 pm Uau: 1 905 Mr. and Mrs 

6.00 Report at Si>. 7.00 The Bcsi ot ihn 
Muppv-ls lOJa ''hanotl Late New*. U.30 
Pru-C^lehrnr Snoofc-r. i?-H am Com- 
mc-mair-s Pr-visions Meivoroloulonca 

GRAMPIAN 

1JS am i-‘:rst Thing 1J0 pm Gram- 
pian Nto-s Headlines s is Mr. and Mm. 
6J)0 Grampian Todav. 6J0 Souads or 
fniatn. UJ0 Pon-..-r without Glory. 
*2JS am fi>:-nr:(Siiins 12J0 Cramplan 
La 10 KJBh! Ileadlln.;5. 

GRANADA 

1.20 pm This is Your Ri£tM- U0 ftliai’s 
\cv m SOS Crossroads. M0 Craiuda 


SCOTTISH 

L25 pm Setra and Road Report. 5.15 
Baifink 5.20 i'jfwsroa-1*. 6X0 Scotland 
Today. 6J0 Muii Vour Problem? 7X0 
Fninv-rdilo Farm. 1IJ0 Lai. CalL H J5 
The Big BreaK. 

SOUTHERN 

1^1 pm Souinem Nou-s. 2.00 Uoiibt- 
parr.v 5J5 This Undersea Adrenur&« ot 
Captain Nemo. SJO Crossnwrts 6.0a 
D*r hy Day inrlodma So ut Import. 7.B0 
P.mmordalo farm tlJO Smnfcum News 
Extra. UXO PnvCclPhniy Snooker. 

TYNE TEES 

v.25 am The Good Word lolkrwed hy 
North Kasi Ne>6 Headlin-s. 1X0 pm 
Nonh Easi News and L 00 L around &A5 
Th-? Brady Bunch 6.00 Northern Life. 

7.00 E^irm.rdaJe Farm. HJ0 The Boh 
Ni-whan Show. 12X0 Epilosue. 

ULSTER 

1X0 pm Lonrhtim.. dJ8 tln-r Nc s' 
U-.ailllDcs 5U5 « jrloon 5X0 Crossroads 

6.00 Reports. 6.35 Th./ Mary Tyler Moor., 
Show 7.00 Emmerdale Farm U JO 
Badume. 

WESTWARD 

li27 -pm (ius llonpchon's Birthdays 
l JO Wesurar.l Newr Head lines IJS V>esi 
at t.rx 5JS Mr. and Mrs 6.00 Wc-srward 
Diary. 7X0 The Kr^r m the M uppers 
■ Vincem Price*. 10 J8 Westward Late 
News. UJO Pro-Coiehrily Snuoki r. I .*1Q 
am FarX for Lit.. 

YORKSHIRE 

XJO pm Calendar News 3 JO Calendar 
Tui-sdas-. 5.15 Vou're Omy Youns Twice. 
6.00 ijiendir .Emley Moor onrt Buimortt 
eduiorrsl 7.00 Emmerdale Karra, n m 
Tne Boh New hart Show. 


RADIO I 247m 

(S3 Stereophonic broadcast. 

7 Medium Wave. 

5.00 am As Radio 2. 1.02 Paul Purnell. 
9.00 Sininn Bau-s. 1L31 Peur Powell. 
2.00. pm Tony B1:i«. khuni. ajl Kid Jenson 
7.30 h blk 'W I S ■ • loins Radio 2 1 . 10,02 

lohn. Pi-.-! «Si. 12X0-2.02 am: As Radio 2 

RADIO 2 1.500m and VHP 

5X0 am News Summary 5.02 Tony 
Rraniliui 1 S 1 inclndina 605 p.iuse lor 
Thoughi. 7.32 Terry Wooan .S. Ini-hidme 
0J7 Kaunr; Bulletin slid 8.05 Pause for 
Thnuuhr. 10.02 Jlmmv Von 11 c 1 S 1 . i?n 
pm U'a8Kon>:rs' Walk. 13-H i p,le 

Murray's Open House iS> includuia L05 
Saons Desk. 2X9 David Hani'llun IS.. 
Iiiciudlng 2X5 and 3.05 Spurts Dusk 4-30 
WaaBoners' Walk. 4X5 Sports Desk. 4J0 
John Dunn iS» incIn<1m B 5.45 Sports D«-sh. 
6X5 Sports Desk. 7X2 On The Thim Beat 
•St. 7 Jo Folk - TS presenia Bandosus in 
• nncert 1 S 1 . 0.02 Tuesday Nigm j 3 Gala 

N'JpJir: Tour Martin Ip c»w«o with cunt 
Penny Lane 5. 9.02 Among Your 

Scuvpnirs 1 S 1 . 9.55 Sports PesV. 10X2 
Varteiy Club 11.02 p-«r CJayion inlro- 
riuces RMiird Mirtnythr. InelndlriB 12X0 
6 'ent. 2.00-2.02 in NV'vs Summary 

RADIO 3 464m. Stereo & VHF 

kK am Wtailu-r. 7.80 News 7-io 
fiTrnun? iS* 8X0 News. 8.05 Monnnc 
Cuncert IS >. 9.00 Sews! 9.05 This Week s 
Campos, r Brrkel'v. 9.05 PUinsonc nnd 
ihe Rise o( tu ru pc an Musii- <S>. ' 10X0 
Rrh filer Trio pirt T. MrC.ib- 1 S 1 . 1U0 

In Short. 11.20 FvhilVr Tnn pan t 
Memli Issohn. Brahms IS*. 12X5 pm RFiO. 
Welidi S/Oiphony Orchestra part 1: Hajdn, 


IHxMiiKjfT .S' 1.00 Wui. 1.05 The Art* 

V. orldwui. 1.20 Rnc Welsh SO pan 2 
Fr.mrk -Si. 2.10 Music at Si Georye'it 
Brtvi.ll .s. J .10 Mailer Cellists 3.55 

Liszt on Pilcnmaoe is. 5M .Ian Today 
* 6 - 5.45 HutiKiiard Bound «: onlv rmm 

•> - 16.30 News. 10,-35 At Horn.- Per- 

snnal rk-n- of l-g.'iiii- s «jpfcra •'Madam.- 
^un. rrty- 7 JO Th- Aff.of - - Mary 
Gardvn. B.OO Ln« from the Hoyal K.-sllral 
"all pan 1 . .inland. Hbdrlno 'S». 8J5 
ln«h Naiionahsm in rranstUon iralk bv 
Protestor K JJ , . ]. vnns) . &55 Live from 
ball i-rm T. p-rahms iS. 
9.S0 The Pr. lu.|. • b»lracTS-(ram Words- 
wnnh's auto-.iri-r ipiiu-al poem. 10.20 The 
Tno-Sonuia iS>. u.a Budapest Symphony 
nnh-sira -S. 11 . as Neva. 1UD-11X5 

Tonlzhi s Schiilii*ri Sons. - 

Radio 3 VHP only— 6 J5-730 pm Open 
i.ntvuryli*. 

RADIO 4 

, 434x11. 350m. S85m and VTTV 

b.W am Xem Rnettng. 4J0 farming 
' r, Mar: Magazine, including 
6.95 Prayer for the Dai'. 7X0 and 8-00 
Today's News 7 jo ^ 8.39 -Vuws H.-ad- 
Hnes 74S Thooshl for ini’ ' ay. S.95 
Ml' Appreiiteships. 9.00 Npwb. 4X5 Tues- 
** y Cal1 - tO-TO Ne-j < toXS Tn Britain 
Nmr. 10.30 Dally Serrkx-. Morplng 

SHiry 11.00 News u.i ThirtT-Minmu 
Hit am- UJ5 L-fe Talk Ahoui Me. 12X3 
N p ws. 12.02 pm You ami 'ourv 12.20 
Di-^rr Island Discs 12 ^ WeaflK-r: nrn- 
I*’* 1.00 Thi! World jI On.-. 
1 J0 The Archers 1.45 Woman's Hour 
inHudinj 2.SO-2X2 New 2X5 Listen -%nh 
dniher. 3.00 New-,. 3 x 5 Vanity Fair 
-s. 4.00 News, us ijardencrs - 0u- s- 

uon Time. 4JS Story Time. 5.80 PM; 


Ne«v ruuBanne. 5X5 Weather; pm- 
gramme av»«. 6.00 News. 6.30 I'm Sorry 
l ttoren't J 'Hu • S ■. 7.00 Now* 7.0S Tlie 
An-hers. 7 JO Kite on 4 8.00 Private Eye. 

Piiblir Inier.’Si" 8.45 ■Srl-no; Now 9.30 
Kateidnai ope. 4J9 M'earh -r 10.00 The 
World Tnmehl. 10 JO The Jarnp Es plans- 
ii.-n of I lines* 15 .. 11X0 A Poev a ; H.-d- 
r.me. 11.15 Tbe Financial World Tonieni. 
1L30 News. 

BBC Radio London 

206m and fl4il YJTF 
5XO am As Padio J. 6J0 Kush Knur. 
9.00 London Lire. 12X3 r.ra Tall ir. 
2.03 2Dn Sho wcaae. 4 03 Mnm- Run klo 
Look. Stop. Listen. 7 JO Black Lnndorv-rs. 
BJS All lhai Jaz?, 1Q4B L^id ’.igiu Lon- 
don. 12X0 Dose: .Vs Radio : 


ENTERTAINMENT GUIDE 


-C — TMrsa tsea-.rrs accast 'curia, p «mh 
carat Dv te'^abone or at Me Boa Otbco 

OPERA & BALLET 


COL15EUM Cremr earns Ol-Zao S259 
scsc.-.a:ijoi o:-asb 31 61 

ENGLISH NAltONAL OPMA 
To«'l jrfl Hr: 7 JO The .Serapi'io fhnal 
pn-s: loner ana sai 7.00 D 03 Carlas. 
T**i.r 7.30 soianmc. to* bakxMV seats 
a«an >ar all h-om 10.00 on- uay o' 
oe. - ’. Stalls cr Dress Cirri* ticket. 3-course 
a -a ra-te dinner at tfto CAW ’ ROYAL 
irci. s'ass o: vine. . ccrer. . service and 
VAT acorp or aiier.anv evg. pert tor iniv 
£12X0 per person. TeL. 01 -*J7 9090 


THEATRES ' 


COY8NT GARDEN. CC . '240 1066 
rGarcercrsrye Credit Cards £36 6903.) 

THE ROYAL BALLET 
r.-lvf-V & Fri 7.30 Maverlmq Sal 7.30 
So-enaoe. A Moom In ■ the . Country 
fa; ace. 6 b Ampin seats avail; »Or aH 
ceds. ’torn IO am on dav OS serf. 


SADLER'S WELLS THEATRE. -RowMrv 
A.e- EC1. - 01-737.-1672. 

ENGLISH MUSIC THEATRE . 

Ot; >9 Z* 2 6 28 Hunae's Lft Cuoana. 
Ort. 21 21 25 27 Rossi ui's Onoere'la 
An ccrtormances T.JQ. - - • 


HER MAJESTY'S. CC. 01-930 6606 
Prevs from Fri. 7.30. (Mat. Oct. 26 
at 3.00 1. Opens Oa. 31. 

BAR MIIZVAH BOY 
THE NEW MUSICAL 
i KING'S ROAD THEATRE. 01-362 74BJB ■ 
i Mon. ro Tnurs. 9 DO. Fr.. Sat 7 30. 9X0 
THE ROCKY HORROR SHOW 
DON'T DR£AM IT. SEE IT. 

LYRIC THEATRE. CC. ^ Q1-4 37 3686 
Evs. 8 OO Tnurs. S.OO. Sal 5 OO 6 30 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

av Edoaroo da Fiilopo 
Directed Dv l-RANCO 2EFHRELLI 
■TOTAL TRIUMPH." Ev. News "AN 
EVENT TO TREASURE 
IT FILL THE L 

YEARS. 

MAYFAIR. 629 3036. Evs. SCO S*t. 5XO 
ana 8.30. Wca Mats 3XO 
WELSH NATIONAL THEATRE CO. 

DYLAN THOMAS'S 
UNDER MILK WOOD 
"A delight." Gdn., Join us Nov. 9 ttw 
the 2Sth Anniversary Party. Show^B utter- 
Wine £10. - 


THEATRES 


LlMITtL SEASON SSi 


L - st 


VICTORIA PALACE- ~ 

628 4736-6. 834 13,, v . 

• f 

SMASH HIT MOSICAL 

tVAREHOUSC. OOTmar Ttann rw 
Garr 1 »i6 6808. Rove' SmAbm* 

„.. Comparry To« t 8.00. Stuafem iSSHr. 

ASURE ' O. Mir. • MAY ' SHRLtl ACROSS. THE 
YRIC FOR A HUNDRED -taiyiiB •roduft on •" F. Tima. Alt (S 
Sunday Times 1 t 60. Adv.. .lAwwyctC-. Iteepi 

MM r,- AIM C.. c In I abv 61. r ; , -■ ■ , 

Tl^SUWNYAI^lW 51 ^ ^_ 

i national' 'tmEATRB 92a' "2252. | WESTMlNStE* PtEA TRJC " 311 Mti 

OLIVIER touen stipej Tumor 7.30. . Tlrnr Ricr AND WEKUHTt •* t j B MW I i ' : aAl~Bi 
2.45 and 1 . 30 THE CHERRY ORCHARD; Amazinp TFch*,fo!or 
Dv Che)rbo» Trans bv Mttnaer Fravn._ _'f PAUL. JONES. Twite Dajy. 


THEATRES. 


A DELPHI THEATRE. CC. 01-SX6 7611. 

Opening November a 
Reaccec Price PrevnrwL Oil. Si h» no* 
A JI 7X0. A lac -Sa.*. Nov. 4 aL-4 om. 
BEYOND 

THE RAINBOW .. 

An .Lscnanlmo New -Muscat ' 

BOX OFFICE NON OPEN 
Cr-Cdl: Card BOCkIKi 01-836 7611. 


LYTTELTON .proscenium super-- Toni | 27.~ Tlfltrti;. £2." 

ana Tcmor 7X5 PLUNDER by Ben | 1? \.7 .. . 

Travers. . I WHITEHALL. CC. 01^80,6888,^5 


ALBERY. ese 3878. CC bkqs 826 iOT|l-3 
Iro— e 30 am. Party rates *Wn. Toes. 
Wed- ana F-r. 7.45 om. Tburs and Sat. 
4.30 ana BOO. 

A THOUSAND TIMES WELCOME H 

-;k r : 

"MIRACULOUS MUSICAL." Fin.*- Times. 
w«:n ROY HUDO ana GILLIAN BURNS. 
NOW BOOKING FOR CHRISTMAS. AND 


COTTE5LOE 'Small j unitor I urn}' Eves Bl F-TC 
«nrP S.I AMERICAN BUFFALO Dv David > 

Manv excellent cnean seatt all 3 theatres | / 

day 01 perl. Car nark: Restaurant 928 .. . o** GVfcAfSralvm - '• • ‘ 

2033 Crenit card noonings 92 B 5052. ! g iw at »40lifm - 

OLD VIC 92b 7616 ; WINOMru. ‘THEATRE. oL 

Derek Jacobi in IVANOV ' Cbevnov * I 
remedv with Clive Arlndcll. ■ Brpnai I 
Bru,-e Michael Dervson. Louise Pur.seii ) 

John Savfden:. Jane Wyman*; **JaeaB»'*| 
triumnii.” d. Teieeraob. . Todav 7.30. 

TWELFTH NIGHT 1 


T-fe -HUWy 8Xa-aMt-8BXQi- 
• Sanc’v 6.00 jmf | 0tt ?. -. 
PAUL RAYMOND' ; ^ . 

THE EtcpSrENQZW.lBt* 

“ ’ MCWJtRM *fpA j' - / . 

Takes to' vmM^WpWnfM nMT«)GK> - 


THROUGH 1979. 


5332 


LLDWYCH 636 64 C 4 lela. S36‘S: 

royal Shakespeare company 
repertoire. Tonichl 7.3a Mfiaoleion A 
Rjw lev's THE CHANGELING. With: AS 
YOU LIKE IT 'ne*l ofrt Tnmor.). David 
Mercer s COUSIN VLADIMIR (Wd oerl 
Fn.J RSC also at ■ THE WAREHOUSE 
Cs»e under w: 


Rooerr Eddisan “Drill Hm Fesre." Goar- perminibte on aur^staaA—Xv, MWL 
diad. Wrf. Thun. 7.3a ’ THIRD <JJtEAT«AR - 

CHE LADY^ NOT FOR BURNING . ' - ‘"1*^*. '■'W - .... 

Dvrvc Jacobi *'easv aod.v'rile autnoilrv ." ! 

E- Standard Eileen A’VlnS- '•n»e“mr 1 
.ehysiraJ Suidfte.*' f- Times. “A cent 0 ? ( 


m nertcrmance tram Robert Edd'vm . 
Mlchaai -Denison.' John 5a«-denr and , 
Brenda' Bruce stood uo the lauirbs." Gua>- 
alan. Frl 7 . 30 . Sat 2.30 anr 7.30. 
king LEAR wWi Anthony Ouavm opens 
Ort 23. THE RIVALS' returns Oct. 2b. 


WVaiOHAATCr 

flELA-nesk 


1 0»«N SPACE: 387 6969 Knmus Lest 
1 Taoe and Enduame bv BECKETT. Prev. 
( Tims. .8. Opens wea 7. -Sum. T«es- 10 
' Sun. B am. 


«». t.M M,' 

viA^iasm 



rttO»(i“ 



At the ALMOST FREE THEATRE. 9-19 
Pune* Si. wt. Tel. «S 6i24. 
Move 1 * ns Plav Theatre nisi Leon Rossei- 
ssn. 17. Oct.20 OcL. 8.30 o.m. 5>oe 
Show- Caie DebrtSL Pre>.e«s 17 Oci-20 
Ort. *1.00 o.m. 


PALACE. CC-- . 

Mon.- Thor. B.OO. E«T ana 
8.40 


i YOUNG VIC 928 6saS TsW’J 7 

ai 4 Voo 8 anii 7^0°HAMLET^ 

S4f 6 00 and) w[w , ACTION. MpS^- 


AMBASSADORS. CC. .01-836 1171. 
Red or ice Preview T 0.1 ®ht 8-00 Opens 
Tompr 7 oa. ' Suds e>«s. e.oo. Mats. 
Tues. 2;45. Sals. 5.00 & 8.00. 
JAMES GERALD 

BOLAM _ FLOOD 

WHO KILLED 

“ AGATHA ' CHRISTIE ... 7 


APOLLO. CC. 01-437 2663.- Ev«s. 8.00. 
Mat*. Thura- 3X0 Sat. 5.00 and B.OO. 
PAUL DANEMAN. LANA MORRIS; 
DENNIS RAMSOEN. 

CARMEL MC5HARHY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY" Times ■■ Verv 
ven. tunny — great entertainment "Now 


ARTS THEATRE. 01 -836 21 32. 

. TOM. STOPPARD'S 
DIRTY LINEN 

■ ■ «e IT. ' Sunday Time*. 
Mund»v IO Thursday 8.30. Friday and 
Saturday at 7.00 and 9.1 S. 


A9TORIA' THEATRE CC Charing Cross 
Rose. 734 4291. Man.-Tburs. 8.00 om 
Frl. and Sat 6.00 and 8 . 45 . 

BEST MUSICAL OF THE YEAR 

EVENING STANDARD AWARD 


Otx^ 7337. i Co IP Threnea Gtmt'* ENttMK, ..v ' 


PALLADIUM. . . 

Tuesday. No*. 14 tor 5 days tonly 
MARY O’HARA j. 
SWINGLE II A CHARLIE SMIlYlERS 
BOOKING NOW OPEN. 1. 


PALLADIUM. CC. OT-437 7T»J 
Ouenine Dee 20 <or a Season ' 

• • DANNY LA RU8 7, 

as “. Merry " Widow Twarkev In r 
ALADDIN *• 

ALFREO MARKS as Ebenew. - 
. O-lys WATLING. Brian MARSHALL 1 
and WAYNE SLEEP _ 

Preview December 19 al 7. 3D 


- . . . ' .. . r?. 

■ - . ? •iClNEMAS-'VV' r : X’ Aj, 

*BC 1 i 2 . ShattpmrT AaEjS 8 .,^?. 
Sao. Pert*. AU-^EATS BKRX ,. • .. 
T! DRIVER (A). WlL A 5 na. 2-1 5^5,30. 

2: ORIVEk (AL:Wk. & Son: IMfc! M9-; 
P-15. . - ' . . . 


— ^5^ — F camden plaza: 1 660 . ■ caiude" ; jwj* 

B.00 * 840. | 'RENAL DO ANO. CLARA <AAlrt*fflVP» 


PHOENUC. 01-836 229* 

MatF. W»d. 3.0. Saturdays 
"TIM BpOOKE TAYLOR GRAEME 
GARDEN make in lauah." Dalhr Malt 

THE UNVARNK5HFO TRUTH 

rnc H'* Comedy by Roycc Rvton. _ [ CLASSIC 1.-2, 


RENAL DO AND. CLARA lAAT 
Dvten am» Jean Ban. In 4 4raih 
Prooi. 3. SO and 7J8 dally. ' .^ .7 :V. 


'•LAUGH. WHY I THOUGHT I wmii n 
HAVE OIEO. • Sunday . Times. ■ SHEER 

DEI 'GMT " Er. Standard '■ Gl OPIOUS 
CONTINUOUS LAUGHTER " Time* 
LAST WEEpS. ENDS NOV 4 


PICCADILLY. F^rom 8.30 am. 


CAMBRIDGE. CC. 836 6056. Mon. to 
Thor. 8 . 00 . Frl.. Sat. 5.45 and 8.30 
. . tP< TOMBI 

EXCITING BLACK AFRICAN MUSICAL 
PulMlInq Musical •' £. NvvrS. 

Sear Prices £2.00-£5.S0 
Dinner and toa-price seat E9.so met 
FOURTH GREAT YEAR 


COMEDY^ CC. 01-930 2378. Rea. Price 
Prevs. October Z 3 & 24. 8 00. Ooenlna 
Wno October 25 il 7 30 Sub. evfs" 8 0? 

"■■i.Arf -MtnUZ •« »■” 

T. P. MrKENNA in 
MOLLY 

py Simon gray 


437 4506 

Crrdlt Caras 836 1071. Mon-Thun. 
8 00. Friday & Sat. 5.00. 8.15. Alr<end. 
• Dotnlnatlna with uirfrtterM quuo and 
humour nw BROADWAY STAR." D.Exp. 
SYLVIA MILES 

■ '•TopertnB per»onn?nre " Oalty Mali. 
VIEUX CARRE 
. 41 TENNESSEE WILLIAMS 
"Wnrlry like magic. " Financial Times. 

- There has hardly been a more satWyine 
evemau in- ttw West End .... the REST 
COMIC WRITING IN LONDON. 1 ' Obs. 
; Sex . running like an •■ectrir current-". 
F.T. SEASON. ENDS NOV. IS. 

PRINCE EDWARD. ' CC 01-437 6877. 
Evenmss o.OO. Matinees Thursdays ano 
at 3.00. 


days al 
EV1TJ 


by Tim Rice aod Andrew Liovtf- Webber. 
Directed by Harold- Prince. 


CRITERION. 330 3Z16. CC 036 J07I-J 
NOW IN ITS SECOND YEAR 3 ' 
LESLIE PHILLIPS 

In SIX OF ONE 

• * w, a«P n lauchs 

SECOND "HILARIOUS" YEAR 


QUE^N'A CC. ' 0 1-734 1166. 

Evsl 8X0. Weo. 4.00. Sat S.OO. 8.30. 

ROT DOTRICE. GEORGE CHAKlRlS. 

RilHARO VERNON. JAMES VILLIERS 
THa PASSION OF DRACUUA 
' OA24LING " "Standard. HIDEOUSLY i ODEON. LeiCUtor 
ENJOY ABLt AND GENUINE TERROR. 1 THE CHEAP DETE 
S. Time*. GOOD CLEAN GORY IUN.- i pie. Doors open 2 


3^4. flsrtprd *w‘3sf' 

, I'rt Bd iatel.-'S*' W* 

y teid_A__ Pray*.- CWkl^JiaJtyirK^fs- 


Tottenham . Coar 

U kid A Prow. 

1. THE DRIVER fAI. PrtXTS . -Z 
. 6.30l_ 8.40 Matinee. - All Wl> “St 
jHE%n.ewnimNES5 
12 . 00 .'- 1 . 00 :- • v. i&m - 

J2-- LAST 3 , DAYS? MM BrMkY"&aPc 
. ANXIETY: IAS*. Proyi- 1JD. 

8.35 " ’ . • ." * 

3. THE- 'TURNING POINT .CAT.; 

1.05 3.3<t, 6.00; 8 JO -L L. 

4. HEAVEN CAN WAIT fAJ. " **>$. 

;14X 5X5. 6.W, Mi:-.- i-.-z 


CURPOH. Ctirvsa Sirirt. -W,tiA9» J Sg^ 
YVES MONTAND .j.CATWgJJ^ - 
DENEUVE l« Le SAUVAGE fAL WfS- . 
«ib.tm*i>, Pree*. -Todav at 6.15 8 
only Tomorrow at 2-00. 4X5 
las* 7 Daw ?.. . t . : "• 


LdCESTER-SOlfARE TBEATW.r 

ttirit Douotkr In ■ Brian pe 
THE FURY no. see. PBrff Wl 
4 so. a in. 5m. 73-30.-7 AS s**» S2&. 
-♦or Even’ no p*rt:S»iuL-Fri. and all ^w_- 
Sat., and Sun r._: 


ODEON. Havmark-t (930 I7J6jC7^/. 
MIDNIGHT EXPRESS Oq. - 5M.'..»SSg 1 
Oly at 2.30. 5X0. 8.30 W- PTf.. 
bkbte. • ■ • • ■ 


Sqm. 

CTIV8 fAI. *" 

t.oo. «4S 7 4SV P* ',. 


DRURY LANE. CC 01 836 BIDE Mnn 
“ Da A M CHORUS , UNE na 5 “’ 5 06 

arw 


S. Mir. “MOST SCENICAlLY SPEC - 1 Ho 2.00 araff. Mon. 25-10.78-, 
TACUlAR ^4UW IN town. ' Ponen. — 

— — — ; — OOEON, Mamie Arch W2- 172 a 3 1*155 -. 

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Financial Times Tuesday* October 17 1978 


13 


':. : EDITED BY .CHRISTOPHER 


Robert Graham reports on how the new head of INI is attempting to rationalise his disparate State leviathan 



s State-owned bull by 



UNTIL Spring this year Jose 
Miguel de la Rica was a suc- 
cessful. businessman whose. sole 
experience was in the private 
sector. Outside the northern in- 
dustrial region of Bilbao— 
where he had made his reputa- 
tion. mainly in the domestic 
appliance field — he was a little 
known figure. 

Only those who knew him 
well believed he had the ability 
and stature to’ cope with the 
awesome task of taking over the 
presidency of INI, Spains state 
holding company, at a critical 
stage in its development 

He accepted the appointment 
in May — ■with some misgivings. 
His task has been to steer INI 
away from its old position as 
an. instrument ol state interven- 
tionism (of the most paternal- 
istic kind) to being a modem, 
holding company in a marker 
orientated economy. Thus he 
has had both to break with tbe 
past yet come to terms with 
the intricate mixture of socio- 
politico-economic motives that 
have led INI since its creation 
in 1941 to become involved in 
virtually every sector of the 
economy, to a greater or lesser 
degree. INI directly controls 67 
companies and indirectly a 
further 200, in sectors ranging 
from aerospace through steel 
and shipbuilding, to milk pro- 
duction. 

From the start Mr. de la Rica, 
dearly influenced by his ex- 
perience in the private sector, 
has adopted a firm market 
approach to INT's activities. This 
has led him to lay emphasis 
on three main points: consolida- 
tion of INI as a holding com- 
pany; improving the quality and 


the style of -management; and 
isolating those areas of invest- 
ment which should - he the 
interest of a state holding com- 
pany. . 

According to Mr. de la Rica, 
INI could no longer afford to 
operate as it had in the past. 
The central management of INI 
acted as a form of umbrella for 
what were effectively a. series of 
uncoordinated activities. “ There 
were companies whose- labour, 
financial, marketing and tech- 
nical policies differed widely 
one from the other, with little 
coordination or feeling that they 
were really part of INI.’* be says. 
As a result Mr. de la Rica has 
now drawn up common criteria 
so that INI companies adopt a 

much greater degree of 
uniformity, espe ciall y in budget- 
ing procedures and labour 
policy. This- in turn’- has led to 
a grea ter interchange of 
information among the INI 
companies. 



Priority 


More immediately obvious 
have been the changes begun 
in the style and 'quality of 
management. As a first -priority 
Mr. de la Rica has: set out to 
reduce the unwteldlysizc of the 
boards of INI companies.. Cur- 
rently INI . has some 850 
persons serving on /the boards 
of its directly control Jed com- 
panies, and a further -3.000 on 
those- companies it controls 
indirectly. ’ • " 

Often these boards have con- 
tained between 22 and 24 
members, many of whom 
pulled little, if any., weight 


Jose Miguel de la Rica, president 
of INI 

This reflects the old Franquist 
policy of allowing senior civil 
servants or the military to hold 
such posts as sinecures, to say 
nothing of more direct political 
posting of former ministers. 
Mr. de la Rica intends to limit 
Ihe size of boards in future to 
between 10 and 12 members. 
This will mean that at least 
a third of the existing board 
members will be pruned, and 
perha-ps more in view of his 
other intention of introducing 
better qualified people and 
placing a maximum age limit 
for members of the board. 

While recognising that INI is 
a government institution subject 
to its share of bureaucracy. Mr. 
de la Rica has begun to cut 
through red tape. More import- 
ant. he has begun to break down 
the old practice of pyramidic 
responsibility: decisions, often 
quite trivial ones, had to be 
taken at the highest level simply 
because individual responsibility 


Two models of the Seat 128 — the 1,2 00 cc and the 1,430 cc. INI has a major stake in the company. 


was discouraged. 

Here Mr. de la Rica is doing 
two things. He is encouraging 
the establishment of small 
flexible teams and promoting 
the concept of decentralisation 
in decision-making. Also, for 
the first time, he is introducing 
the idea of bonus payments to 
management to stimulate pro- 
ductivity and profitability. He 
wants INI to be profit 
orientated. 

He feels that unless such 
changes in managerial style are 
made, it will be impossible to 
attract the kind of talent he 
would like to see in INI. “We 
do have a problem in recruit- 
ment. I would like to recruit 
more from tbe private sector 
but private sector wages are 
more attractive, and as a public 
institution we have to ask for 
a contract lasting from three to 
four years.” he says. 

However, he has already 
attracted two key people from 
the private sector to work for 


the INI-con trolled steel concern, 
Ensidesa, which will be playing 
an ina*asingly larger role in 
the steel sector, and he has just 
recruited another top executive 
to take over the development 
of INI’s involvement in the 
electronics sector. 


Attention 


The electronics sector is one 
of the areas which Mr. de la 
Rica has singled out for special 
attention. “ We must become 
more involved in the electronics 
field,” he says. He also considers 
that INI should now concentrate 
on developing data processing, 
defence industries — a term 
currently covering warships, 
weapons and some electronics — 
as well as companies associated 
with regional development 
(especially agri-business and 
marketing concerns). 

Until now INI has bad no 
snch investment strategy and is 


well behind its European 
counterparts in promoting 
Spanish involvement in tbe fast 
developing fields of data pro- 
cessing and electronics in 
general. As for the defence 
industries — almost entirely 
controlled by INI companies — 
these are recognised to have 
been inefficiently run and poorly 
utilised. This was largely 
because the decisions were made 
by the military with little under- 
standing of business and 
industry, and whose incompet- 
ence was protected by Die 
blanket of secrecy that sur- 
rounds all Spanish defence 
establishments. 

Though a delicate operation, 
the ultimate aim is to introduce 
more civilians into the manage- 
ment of the defence industries. 
At the same time Mt. de la Rica 
believes INI should take advan- 
tage of the potential in develop- 
ment of tbe defence industries. 
"We have a good market here 


Rodriguez Sahagun, Minister of 
Industry. 

in Spain with tbe armed forces, 
the police and certain public 
institutions and we can break 
into certain export markets,” 
be says. For instance in tbe 
past little effort was made to 
insist on Spanish local manu- 
facture of a portion of foreign 
supplied equipment. 

Some significant changes have 
already been made. A special 
job of co-ordinator within the 
defence industries — and be- 
tween them and other relevant 
interests — has been created, 
while the heads of Bazan (the 
navy shipbuilding company 
owned by INI) and Casa (the 
country’s aerospace company 
controlled by INI) have been 
replaced. Bazan is INI's second 
biggest loss maker, and im- 
proved management techniques 
alone are expected to create sig- 
nificant savings. 

Just as there are areas where 
Mr. de la Rica feels INI should 
become more heavily com- 
mitted, other sectors exist 


where he would like to reduce 
INTs presence. This is especi- 
ally the case of the motor 
industry where INI holds 
important stakes in both saloon 
car production (Seat) and in 
light and heavy commercial 
vehicles (Mevosa and Enasa). 
He has been instrumental in 
instituting discussions with 
Fiat, which already has a 36 
per cent stake in Seat, to buy 
out INI’s own 34 per cent 
interest. Similar discussions 
have begun with Daimler Benz 
over Mevosa, and at least three 
multinational groups over INI's 
share in Enasa. 


Handicap 


The major handicap in all 
these innovations is the lack of 
a clearly defined government 
view of INI's role. For all its 
talk about placing INI to 
operate in a market economy, 
the government still basically 
regards INI as an instrument of 
state — no matter what Mr. de 
la Rica would like to do. 

The new INI leadership is 
also handicapped by the rela- 
tionship the Minister of In- 
dustry, Rodriguez Sahagun, feels 
his ministry ought to have with 
1NL He regards INI as under 
his tutelage, so weakening the 
concept of establishing INI as 
a more independent institution. 
While this means that INI will 
continue to be saddled with 
some involvement which is 
socio-economic and political. 
Mr. dc la Rica hopes that a 
streamlined INI has a better 
chance of coping with this dual 
rale. 



RELIEF from capital gains tax ’ 
for those owners of companies 
who . sell to their -workforces, 
will be the most striking recom- 
mendation in a report on Dutch 
workers’ co-ops which will al- . 
most certainly be published in 
the next month or so. 

The report was commissioned 
by the last Dutch, social demo- 
cratic, Government in early 1977 . 

from the existing Dutch Federa- • ~ ;••• 

tion of Workers’- Co-ops, The •>'. 

Associatie van Bedrijven op the belief that the Government 
Co-operatieve Grodslag (ABC); may turn out to be something 

The report will, of course, of a “ soft touch ” when it comes 
contain a wide range of further t0 a decision about capital gains 
recommendations: about the tax. liability ..in these eircum- 
- optimum legal form of workers’ stance*- That is because of an 
co-ops, 3bout the need for co- ad hoc official decision to excuse 
op members to be treated as liability, when a fairly rsiibstan- 
.normal employees in ‘relation to tial Dutch building and civil 
the country's social insurance engineering enterprise (its 1977 
and welfare arrangements and, turnover was FIs IQ6tft--^roughly 
perhaps most important in the £25m) was sold to' its work- 
long term, about ways in which force and - converted into a co- 
these enterprises can strength- °P in March-1976, 
en their management and thus The enterprise, a private com- 
their credit worthiness and pany owned by the Moes family, 
more general credibility with which converted itself into C ti- 
the Dutch banks and the Dutch op Bouwbedrijf H. Moes b.v.. 
public. But in the short term was told at the time when relief 
it is the recommendation for from capital gains tax was 
capital gains tax reLief when an granted, that its. circumstances 
enterprise is sold to its work- had been judged to be special- 
force and transformed into a And it was put about by the 
co-op which is likely to attract authorities that the Moes case 
the most attention both in the should not and would not be 
Netherlands and elsewhere. treated as -a precedent. 

The issue- of this tax relieE All the same it is easy to see 
■within the Netherlands is by no why the owners of Dutch pri- 
means academic. At least two vate companies which are con- 
building enterprises in the sideling conversion now see 
small and medium sized cate- themselves as having a real 
gory — the larger of which, chance of avoiding capital gains 
S tori mans of Tilburg, employs tax if they sell out to their 
around 159 people— have workforces. It is easy to see too 
reached the stage in considering why the drafters of the forth- 
whether -to convert themselves coming report - on Dutch 
into co-ops, in discussions with workers’ co-ops believe that in- 
-the Government on what their recommending this change in 
tax liabilities would be. the law they may be pushing at 

There are also grounds for an open door. 


a tax relief carrot 



BY ROBERT OAKESHOTT 

Tbe chances of at least one productivity. And the most tax relief for the owners of 

conversion in the building and important underlying factor companies which are sold to 

civil engineering sector next behind that was, in his view, their workforces and converted 
year are probably better than the slacker condition of the into coops, was in fact one 
even. That is partly because labour market. among a series of amendments 

the pioneer enterprise in this Nevertheless he also to this year's Finance Bill 
; category, the Moes Coop based expressed his belief that a which received backing from all 
on Zwolle in central Holland, is greater solidarity between blue three main parties in the House 
^giving visitors— and it has many collar workers and manage- of Commons, but which was 

—a cautiously optimistic account went was beginning to develop never debated because of pres- 

of its experience over the two in the Co-op. He also sure of time. Moreover there 

and a half years since its con- emphasised that the trade are at least a handful of small 

version: Profits have improved, unions, which had been early and medium sized UK companies 
And. though not spectacular, the supporters of the experiment, which are approaching a succes- 
improvement has been such that remained very much behind it. sion problem and which are 
the co-op. now expects that by Greater solidarity inside the known to be toying with the 
the end of this year it will have enterprise and the absence of idea of a co-Op solution 
repaid the FIs lm loan from trade union hostility might, be 
the Moes family which helped thought, explain the Co-op’s 
the purchase to take place in comparative improvement vis-a- 
the first place. Under the terms vis its competitors, 
of the loan ..agreement repay- In any event and partly be- 
roent was to. have been over cause of this comparatively 
five years. So the results since successful experience by the 
conversion have evidently been Moes co-op since its conversion, 
no worse than expected. it is the building and civil 

engineering industry which 

TmnrnvPmAtif Qffers ^ brightest prospect of 
u v ttiivJLll some significant expansion in 

In fact they have been a eood Dutch workers ’ ™~°V S over 

« “S hand £ “eS 

that whatever its potential, the 





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Co-op's chief executive and 


managing director. Ir. van der tna WD . arev 7 r us poiennaj, me 
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in the UK, is still very small: 
total of 17 enterprises are 



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FIFTH AVENUEAT61stSTREET 
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MANAGED BVTRDSTHOUSES FOSI^LTD, 
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enthusiastic about 
than its pre- 


AU the same there is clearly 
a fair chance that a combina- 


net profits between 1976 and a of 27- enterprises 

1977 if account is taken of tax cu JT ena - v abated to the ABC 
losses from the former private 21 a 

company which were carried , 0v ® r 1 £5 jJ n “J® 

forward into the Co-op's first for 5 e . le ? s 

year. Allowing for that * 15 P rob ? b . y 
adjustment the results the right” gov-, 

improved, according to Ir. van e .™“ e, } T m Holland 15 
der Graaf, from a break-even w , 
position in 1976 to a post tax ' vorkers oo-ops 
profit of FI 800,000 in 1977. And aecessor - 
for the : 12 months to end 

December he now expects that r. “■v - — *“* 

the corresponding figure will be tJon . Probability plus an 
Elfim. exemption from capital gains 

. . . , . a tax liability, especially if that 

. A good deal of the current is formally granted, would 
interest in possible conversion induce a significant number of 
among building and civil owners of conventional com- 
engmeermg companies, or so he panies t0 scrioU sJy about 

Jjfll®!? 3, stems J 0 ? 1 . the , fact selling to their workforces and 
that there is a high incidence converting into workers’ co-ops. 
ofioss^ andnovenrconvuicing If rou]d happen in pa^iir 
proi pect cif converting them to that private companies faced 
profits. at an early date. with- a “successor” problem 

Ir. van der Graaf believes would start considering the 
that the improved performance workers’ co-op possibility very 
of the Co-op is largely related seriously indeed, 
to manpower budgets and labour Back in the UK capital gains 



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And when you want to change your VCR for a new one, you’ll find it simple-and 
inexpensive-with Visionhire. 

Visionhire is the only national TV rental company to offer the Philips VCR. 

So you can put yourself fully in the picture at whichever of Visionhire’s 365 branches 
round the country is nearest to you. 



•Only Smooths advance rental required by law. 1 year minimum contract. 

Recording play backet material may require consent see Copyright Act 1956. Also the Performers Protection Act 19584572. 

VISIONHI 

\hu watch. We watch your interests. 










1 



FmandaT 'Hines Tuesday October 37 1W7S 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 
m PLASTICS 

Search for better 
forming method 


CONVENTIONAL injection 
moulding procedures Tor thermo- 
plastic materials are confined to 
those mouldings which are rela- 
tively thin and which have no 
large changes in section. Mould 
design is often made more diffi- 
cult because of a need to ensure 
relative uniform section thick- 
ness to enable accurate and 
sound mouldings to be produced. 
As section thickness increases, 
moulding cycle time rapidly rises 
and injection moulding is seldom 
economic with material thick- 
nesses in excess of 3 mm. 

Many possible applications of 
thermoplastic materials are ruled 
out because of the limitations 
imposed by injection moulding 
and processes which can extend 
the use of such materials are 
being sought. 

Increasing attention is being 
paid, particularly in the U.S.. to 
rapid production of thermo- 
plastic products by solid phase or 
melt phase compression forming. 
In these processes, thermoplastic 
sheet material is formed in 
heated tools to produce finished 
mouldings. 


PERA is setting up a group 
sponsored project to determine 
the influence of these forming 
techniques on the properties and 
performance of thermoplastic 
and reinforced thermoplastic 
materials. Economic data on 
forming procedures will be 
established and compared with 
alternative methods. 

Benefits resulting from 
successful completion of the pro- 
ject will include the facility to 
produce thick-section mouldings 
in thermoplastic and reinforced 
thermoplastic materials with 
satisfactory properties and 
performance. 

A bonus will be the capability 
of incorporating much greater 
variations in material thickness 
in the product. This will result 
in considerable reductions in 
complexity and cost of moulding 
tools and allow designers a much 
greater freedom to incorporate 
desirable characteristics in the 
product. 

Materials Forming and Treat- 
ments Dept.. R and D Division. 
PERA. Melton Mowbray. 
Leicestershire. LE13 OPB. Melton 
Mowbray (0664 ) 4133. 


Welds sheet or tiles 


SWISS-BULIT motorised hot air 
plastic welding equipment which 
can be fitted with a range of 
accessories for carrying out 
40mm overlap or tape welding, 
melt welding, and 4mm seam 
jointing, has been introduced by 
Welwyn Tool Co. 

Typical overlap and tape weld- 
ing applications include the 
manufacture or repair of 
marquees, sunblinds. tarpaulins 
(including customs sealing), 
roofing, damp course sheeting, 
etc. 

Scam jointing is most com- 
monly used to seal the gaps be- 
tween pvc floor tiles, especially 
in kitchens, operating theatres, 
and other areas where hygiene is 
important. 

The basic rig. called Variant 
has a compact, lightweight 
chassis fitted with a variable 
position hot air gun and an elec- 
tronically-compensated infinitely 
variable speed torque motor 
which is capable of maintaining 
a constant predetermined rig 
velocity under changing load con- 
ditions, such as when travelling 
uphill or over uneven surfaces. 


Both gun and motor may be 
powered by a HOv or 220 v mains 
supply. Two driven wheels are 
mounted at the rear of the rig. 
whilst the front wheel can be 
swivelled to facilitate turning, 
and is adjustable for height. 

Various plug-in heating 
elements are available for the 
hot air gun. giving a choice of 
temperatures up to 600°C suit- 
able for all common plastic sheet 
and foil materials. An extensive 
range of nozzles may be attached 
to suit any application, and these 
are selected in conjunction with 
the pressure roller, which is also 
interchangeable. For tape and 
seam welding, reels of the appro- 
priate material are mounted ver- 
tically on a spool at the top of 
the rig. 

Welding speed is variable up 
to 12m/roin. depending on appli- 
cation. type of plastic. and 
material thickness. For corners 
and awkward areas, a hand blow 
gun is also available. A power 
groover, hand chamfering tool 
and spatula are additional acces- 
sories for seam welding. 

Welwjn Tool. Stonehills House. 
Welwyn Garden City. Herts. 
3629121. 


& MATERIALS 

Stronger 
when hot 

MARKETLN G has started in 
Britain of Aero I or carbon fibre/ 
carbon composite materials 
developed in a joint pro- 
gramme between Le Carbone- 
Lorraine and SNT Aerospatiale. 

They are built up on the hasis 
of a high modulus carbon fibre 
preform used as the reinforce- 
ment and matrix of py roll tic 
carbon. 

Several methods are used to 
densify the fibres. One of these 
is chemical vapour deposition, or 
CVD. in which methane or 
some other gaseous hydrocarbon 
is decomposed in siiu around the 
reinforcing fihres. The deposited 
blanks can be graphitised at 
temperatures above 2.500 degrees 
C. 

To CVD can be added impreg- 
nation with furanic resin or 
pitch followed by graphitisatlon. 

Forging of the blanks consists 
of applying unidirectional pres- 
sure at a temperature higher 
than 2500 degrees C. 

Applications 3rc anywhere a 
user needs particularly high 
resistance to thermal shock, 
ablation-resistance etc., but can- 
not accept a weight penalty. 
One is in aircraft braking 
systems with temperatures up 
to 1.300 degrees C and very low 
wear on rubbing surfaces. 

One remarkable properly of 
the materials is thal their 
mechanical characteristics are 
double at 2.500 degrees C. com- 
pared with values at ambicnr. __ 

Lc Garhone-Lorraine. BP No. 
31. 41 rue Jean Jaures 92231 
Gcnnevillicrs, France. 

© HANDLING 

One man 


O NORTH SEA OIL 

Testing a 

sub-sea 

system 

COMEN SEAL has started the 
practical testing of the newly 
designed subsea wellhead instal- 
ls* Son and maintenance system 
• SWIMS l from the senii-sub- 
niersiblc drilling rig Kingsnorlh 
U.K.. approximately 10 miles off 
the euast of Aberdeen 
The lest*; will seek to demon* 
stralc the capability of establish- 
ing end servicing subsea well* 
from surface floating facilities 
using .guidelinrlcs-s techniques in 
deep waler areas. Compatible 
with nuwi wellheads mrrcnlly 
manufactured using split and 
single tren design, the system has 
been developed by contex Seal 


in conjunction with former Seal 
shareholders. 

The practical tests involve the 
sinking and cementing of a ino 
foot stump into the seabed by 
the Kingsnorlh l T K. Then. 25 
pngineers and technicians will 
install a dummy Christmastiree 
and perform guidelineless re- 
entry. workover and function 
tests utilising newly developed 
tools. 

The tests are expected v» last 
in the region of 10 days and will 
be attended by engineering 
representatives nf oil companies. 
The system incorporates a dual 
bore riser developed by Com ex 
Seal which not only installs the 
tree assembly but also provides 
a tie hack tool for completion 
and wprkover operations on high 
pressure oil ga.« wells. 

The system is controlled and 
monitored from a console on 
the surface facilities. 

r.omev Seal UK. Nord Centre. 
York Place Aberdeen. 0224 
572064. 


Detects 
leaks in 
pipelines 

WHEN LOCATING leaks hi oil, 
gas and other lines, it has often 
been necessary to carry out pro- 
gressive cutting, capping and re- 
testing. These disruptions can 
be avoided by using a service 
offered by the General Descaling 
Company. Retford Road. Work- 
sop. Notts SS0 2PY (Worksop 
3211/Cl. 

The service is said to be based 
on an "intelligent" pig which 
is inserted in lines from 6-inch 
diameter upwards, through the 
tp.sl pnd. and propelled by water 
pumping lo a preselected posi- 
tion. 

The pig is then statically pres- 


surised and acts as a seal 
between two adjoining lengths. 
In the section containing the leak 
there will be a pressure reduc- 
tion. 

The battery-powered pig 

measures the differential and 
transmits a leak-direction signal 
that identifies the section con- 
taining the leak. At the next 
position, another measurement 
is taken with the line under pres- 
sure: The leak will lie between 
the two positions showing oppo- 
site leak-direction signals. 

As long as there is a flow from 
a leak, says the company, it will 
be located to within 1/10 t»f 1 per 
cent or the pipe length. The 
size of the leak can also be deter- 
mined. 

Because of the. short search 
time, detection costs and con- 
structional delays are minimised 
— leaks that would take months 
to find by current methods can 
now be pinpointed in a matter of 
days. 


LAING 

for tomorrow's 
BUILDING, CIVIL 
& INDUSTRIAL 
ENGINEERING 


® CONSTRUCTION 

Aluminium 


field trials here for the last six 
months. Tarmac is using the 
beams for its trunk road/ 
underpass Brecon job (and is 
the first British buyer) 
McAlpine is using Aluma at the 
Co-operative Society's new 
superstore in Blackpool and 
Wimpcy sub-contractor, ArdmiU 
THE COST, availability and Developments, at Maidstone, 
transportation of timber, for use Kent, for a local authority build- 
as formwork in the British build- ing. 
ins industry, are creating grow- 
ins problems for contracturs. Cue 

alternative system — lightweight X * _ 
aluminium extruded beams with P yfsfieS T l6fr* 
a channel designed to hold -*-'***^'3 
replaceable timber strips—bas. 
hnv.'cver. heen in exigence in 
North America for sonic seven 
years. 


gutters 


THREE portable general purpose 
fork lift loaders aod two heavy 
duty industrial models, all 
manually operated, have been 
added to its MIT range by 
Ezi-Lift of Slough. Berks. 

The loaders have a lifting 
height of up to 1.06 mm and a 
loading capacity of 125 kg, yet 
weigh only between 23 kg and 
2S kg. They need to be operated 
by one man only and. being port- 
able, can be carried in a van. 

Both models in the industrial 
truck range weigh around 52 kg 
and have a lifting height nf 
1.06 mm with a loading capacity 
of 270 kg. Castor wheels on one 
model increase mobility and case 
nf handling, making it particu- 
larly useful where open floor 
space is restricted. 

A patented “ deadman’s 
handle" holds the load safely in 
position if the lifting ar.d lower- 
ing handle is. for any reason, 
released. 

Distributor is Market Place. *. 
Desn Court. Kingston Road. Tol- 
worth, Surrey (01-337 0912). 


The formwork system, suitable 
for wall forming, docking and 
flying forms, is called Aluma. and 
has now been launched in the 
UK by C.KN Mills Building Ser- 
vices., Winchester House. 53/55 
Uxbridge Road. Ealing, London 
WS 5SE (01-567 3083 1. 

The beam is extrudfd from a 
special aluminium alloy 
developed by Aluma Systems 
Inc., of Toronto, in conjunction 
with Alcan. Canada. 

One beam, weighing less than 
6kg to a metre has a span capabi- 
lity equivalent to a ** ten-by- 
four' timber. 

These beams can be used 
with frames, system support 
or standard props and. because 
of their strength-to-weighl- ratio, 
they allow larger spans requir- 
ing fewer props. 

Used as wall forms, the beams 
are up to 40 per cent lighter 
than tiriUer/steel equivalents 
and car be speedily and 
accurately assembled, says the 
company, to any shape or #!w. 
Thus, the cutting. w,»?*jce and 
skilful assembly ass«rt3h-d with 
stuctiiral timbers is eliminated. 

Although it has token the 
company exactly n year in 
complete Us agreement with the 
Canadians In introduce 'he pro 
duct lo the UK market, she 
system has been undergoing 


BEAMLESS aluminium liners 
which may he used to repair 
Finlock-style concrete sectional 
gutters have been developed by 
imperial Regen seal (Gutter- 
form). 3R Old Mansion Road. 
Oxford 0X3 arp <0865 48255). 

The gutter liner, farmed front 
unroated or lacquered aluminium 
strip, is said to have . a life 
expectancy of at least 30 years. 
The long lengths minimise the 
possibility of leaks and the wide, 
smooth inteiror sides and bottom 
of the liner discourage atmo- 
spheric deoosits. lichen and moss 
which, when they build up, 
cause spillage over gutter edges. 


Ladders 
safe on 


slopes 


WOODEN WEDGES, bricks and 
blocks to level ladders on 
uneven ground can be dangerous. 
Level mafic is a simple and 
inexpensive device which, when 
bolted to the bottom of a ladder, 
automatically adjusts the length 
of its legs tn compensate for 
uneven nr sloping ground, steps 
or stairs. 

The legs of the unit are 
tele«eopic and interconnected— 


as one leg goes up the other 
goes down. The legs are con- 
nected by a ” ball chain " made 
up of a number of steel bails 
threaded onto a stainless steel 
cable which passes through a 
tubular guide linking the legs. 

When 3 Levelmatic equipped 
ladder is placed in position the' 
legs adjust to suit the ground 
and arc automatically locked by 
the weight of the ladder— the 
heavier the load the more 
powerful the lock. When the 
ladder is lifted, the lock releases 
and the legs become free to 
adjust to the ground conditions 
at Ihe next site. It takes about 
20 minutes to fit and is main-' 
tenance free. Once fitted, it is 
automatic 3nd requires no 
action by the ladder user. 

Levelmatic is at 29 Alexander 
Street, London W2 5NU. 01-221 
6565. 


Accelerates 
setting of 
concrete 

ALL THE requirements o£ 
British Standard 5075 for plasti- 
cising accelerators for speeding 
the setting of concrete are 
claimed to be met by Cormfc FA 
manufactured by Joseph 
Crosfield and Sons. 

The company says ■ the 
accelerator is chloride-free and 
that it may be used in concrete 
containing embedded metal. 
Moulds and concrete-handling 
equipment are not impaired by 
its use 

A light brown liquid with a 
freezing point nf minus 10 
degrees C. it is stated tn comply 
also with all the requirements of 
Code nf Practice 110 concerning 
set a'-celeration in structural 
concrete. 

Details of test results arp avail- 
able front CroFfieJri's Cormix 
Division. PO Bnx 26. Warrington. 
Lancs.. IV A 5 1AB (0925 31211 ). 


Easy access 
to roofs 

CHIMNEY STACKS, dormer 
windows and sloping roofs have 
all inhibited the use of scaffold- 
ing for repair jobs, but there 
is now a lightweight, portable 
unit which has been designed to 
cope witb the problems of gain* 
ing access to protruding roof 
objects.. 

Known as the “ Readyscaf." 
the scaffold unit weighs only 
32 lbs complete, and comes from 
Ready Scaffolding, 2a Meadow 
Road. Sutton, Surrey (01-642 
4441). 

It is supplied with equipment 
called Clinometer, which is used 
to measure the angle of the roof 
to be worked on. Taking the 
numbered reading from this, the 
operator then first adjusts . the 
numbered uprights and leg 
sections of the unit io -the 
required settings while at 
ground level. 

The complete unit is then 
carried to the working area on 
the roof and erected in position 
with the specially developed 
ladder tie placed in position. 
This tie is also adjustable to any 
roof angle and ridge, giving 
complete stability to the unit. 

Boards supplied with the unit 
are added and a working plat- 
form, measuring, four feet by 
two feet six inches, is then 
created. This can hold loads of 
up to five cwL 

The company says that the 
system can easily be extended 
by adding more units for use in 
combination. Two units erected 
side by sid e give complete work- 
ing access to' dormer window's 
and side chimney stacks. Four 
units used in combination will 
give complete - all-round access 
to cenire chimney stacks. 

Tn prevent bricks, mortar nr 
tools From being accidentally 
knocked to the ground there js 
a s»l>ty skirting made of 
Paradnn synthetic canvas which 
gives added safety to each unit. 


• COMPUTING 

Eyestrain 
and the 
display 

ALTHOUGH many of the 
original claims that prolonged 
work with VDUV presents a 
health hazard have not been sub- * 
stantiared, or arc being dts- - 
missed as trivial, some areas nf 
doubt remain — including effects . 
on existing sight problems, and ■ 
the general ergonomic aspect of 
this type of operation. 

The Post Office is conducting 
a five-year study of visual effects, 
involving checks on 450 opera- . 
tors and a control group of simi- 
lar size. But results will hot be 
available till 19S2. 

The Ergonomics Society, work- 
ing with the Applied Vision \ 
Association, is to hold a one-day 
conference on " Eyestrain and 
VDU's '* on December 15 at 
Loughborough University of 
Technology. 

Computer users and systems 
designers, health and safety 
personnel and union representa- 
tives will find the event of 
interest. 

Further details from TFM 
Stewart. Department of Human 
Sciences. University of Tech- 
nology. Loughborough, Loirs. 
LE11 3TU. 


• PROCESSING 

Viscous 
fluid pump 

DESIGNED particularly for 
higher viscosity fluids, or for 
the dispensing of large -volumes 
oil for industrial applications, is 
a pump which can' be mounted 
in oil company ' standard drums 
or tanks. ..; 

An air-operated motor is 
directly coupled to the pump, the 
former being equipped - with 
rectilinear valve gear to ensure 
optimum- efficiency in the use of: 
air which may be from 3 bar up 
to a maximum nf 12 Bar. -* > 

The high volume pump is on*. 
nf several n?w products to be 
featured at the Motor Show, m 
Birmingham by * Tecalemit 
Garage Equipment Company, 
Belliver Industrial Estate. 
Roboroueb. Plymouth (0752 
701212). 


1 us 

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ls 

lc, 

al 

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of 
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ic 
te 
12 
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tr 
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p- 

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Senator 

The small circle of 
exclusive cars 
has grown a little 


Once, not so long ago, you could 
count the number of true prestige cars 
on the finger of one hand 

Now, there’s genuinely a new 
contender 

Prom one of Europe's biggest 
most reliable -and successful-car 
builders: OpeL 

The Senator is hardly inexpen- 
sive. But if you're in this land of market 
you’ll know the best never comes 
cheap. 

We give you a 3-litre, 6-cylinder 
fuel-injected engine capable of over 
120 mph and 0-60 in around 10 secs, 
without a murmur 


That’s something "both you, or 
your chauffeur will appreciate. 

So is the mood of shea: opulence 
that surrounds you. From the deep 
velour seats, the rich pile carpets, 
through to the tinted, electrically 
operated windows. 

Suffice to say, the Senator is 
equipped with everything you've come 
to expect from a luxury car 

When you do get behind the 
wheel (power assisted of course, and 
adjustable) you'll be confronted with 
rosewood grain instrument panel 
trim, Le Mans cassette/radio, a seat 
height adjuster for the driver plus 


everything else that can transform 
modem motoring from an ordeal into 
a pleasure. 

In purely practical terms, the 


Senator with automatic or m a nual 
transmission, can do a great deal to 
make the business of getting from 
A toBmore comfortable, more efficient, 
less time consuming. 

And do it in style. 

We suggest you get ' 
someone to ring us on 01-580 
5221 so that we can arrange 
atrial drive, or delivery of • 
brochures, now; or come and 
see us on Stand 477, Hall 5 
at the Motor Show. 

' Before the exclusive 
circle of Senators becomes 
even mare exclusive 





SENATORS 








I 

i 









- Ir 



. . 

ifvr.. ^ipi.* 
v °V 

> c %si„ 

Irl .« ^ 


* Financial Times Tuesday October 17 1978 

Victoria and Albert 



’s moving fantasy 


by DAVID PIPER 

^ no ^ dreanwrastle-worid wfre actually actual expenditure of near 4m. essays by tabard Hojer and (virtually the Baudelairian ■ 
11 me lonnidable excess of realised in towering and pin- It Was all too much; it was not Simon Jervis, with a catalogue, heroic uniform of modem i 

nis- career, and even though Vis- Darted stone, in carved wood, only mad. but in practice proved Tbe catalogue however is of the limes). One band is folded gen- 1 

conus film Ludwig has just gilt, silks and aH manner of certifiably insane. Certified. i,lustrations in tbe bnoklet i and welly behind bis back, as he 

reached London if slx years- late, precious materials, enhanced not alienated ‘forthwith incarcerated’ -? ese do J* ot r £55^ Uce , C u er L ?. onside J . ra before bim the depic- 

a household name in.Britain, but least by the advantages of the LuHuJ ‘ ; item in the exhibition (which tion of a scene of unbridled 

to bring to life the exhibition, new technology such as electric J? 8 , da * found has brief and unnumbered lasciviousness: in fact Tana- 

Designs for the Dream King, at 'light drowned in the Stambergersee labels). One or two of the most hfiuser in the Vemisberg. This 


him. Wagnerites of course are 1864 and his death ur 1886 With For thls scenario the exfaibi- Grotto in its first form at vides a poignant link with the 
informed of the capricious and an unahakeable belief in the j. ,on provides essentially a Neuschwanstein, about 1S75. real world. After it. the other 
demanding nature of Ludwig as divine ri"tt of monarchy, he-set fra sm*ntary blue-print, It is This is not to be confused with drawings, mostly unpeopled, 
the composer’s prime patron; stu- out to recreate Versailles, claim- t ‘°J lfine d to drawings and water- the two versions of the Grotto, seemed void, and their remote- 
dents of eccentricity pushed to ing the Bourbons as his true ,: ? !rj urs. entirely two-diraen- as elaborated and translated to ness from reality too gTeat, 
its extreme win recognise him as spiritual heirs, hut also merging sl0na L fioribundissima though Lindcrhof. in two watercolours even when realised like designs 
a star *ia- that particular dizzy into his overall vision the Ger- many oi them are. they do pro- by Heinrich Breling. 1881 — for that of the upper courtyard 
firmament, while there has also man Gothic past. the . rococo of v,d * the question whether this these are reproduced in glorious of Neuschwanstein. Tbev con- 
been one admirable recent popu- the Munich Residence, and the m ®ssaec might not he presented technicolour, one lit raspberry- stitute though a vision not to be 
tdu b !? gl ^P“yj“ EttSHs.h (Wilfrid Wagnerian present His sequence as sood if not better effect ice-pink, the other deep ice- missed, to be followed up per- 
5™«s P 1 ? Dream King, 1870). of castles became the sets, a sort ln book form. In their kind, pantomime blue (though actually haps by the planning of a 
Art historians may remember of solid-state opera of mad many of them are of high rigorously checked by Ludwig Bavarian itinerary for next 
tne extensive exhibition, in imagination, for a restless life of quality, but mostly of a kind for colour against the Blue holidays. 

Munich 10 years ago. of his fantasy as he moved from one that does not lose much in re- Grotto at Capri). The earlier 

achievement as patron of the to the other. The tedious chores production while many do need version, though less spectacular. and 4?h*rV at l l? e 

/? as of ^Ssb’P became insupport- fairly elahoratc verbal commen- I found most moving: it is S h? e r^Jl' Sanvn law Fpctival 

*«"?■ Ger ; aWc * as his creative imagination tary. At the exhibition you can brought to vivid if desolate life SVSn* Thk P w« riSn-S*™' aaf, y° Jazz r estival 
those who have not broke free, leaving estimates of buy (for a reasonable £2.95. but by the presence in it of the SimnS 
Ravelled m Bavaria may find it expenditure shattered ®n the to that must be added £1 figure of a prim gent of 1875, - es t e Packer 

hard to realise that a high pro- floor — m the vear' of his death entrance charge) a weil-com- seen from behind amongst the l n at Edinburgh: T TT 

N^nhMtare) le ?L fr h™ est ™ ates of 37 '°°S m2rk - - P ° S , ed and illustrated booklet, stalactites, standing in his bl^fe and Se^e^s to Vie™ lome H (*VTY\ J 

Schloss Nymphenburg) for his works transcended by a majestic including two illuminating frock-coat, top hat, slender cane additions have been mode 1 1 Wl lllC 

(notably, some of the wax 
. models for bronzes, too fragile 
j to go on extended tour, and so 
! visible Only here), while an 
: additional dimension is added by 



Woody Herman playing at Chichester 


Uaiut Kt-rfH-rn 


’ROCESim 

>C0US 

■ K 

l J fi nun,. 
S4 j pulllf 



Herman at Chichester 

by KEVIN HENRIQUES 


the presence nearby of the <= 1116 T five 'l ay ’ . se , ven ™. n £ ert 25 “ enthusiastic, tight, expertly “ Satin Dnil -' and - Beale Street 
great life-scale marble group of Sanyo Fes2n 'f 1 ai Caches- drilled unit mainly youngsters. Blues '—unlikely pairings such, 
the V and As resident *sSm ter ‘ vvh, - h end f d on S J“ day Wltb a scorching trumpet section as this are the real stuff of jazz 
and the Philistine ThkJSS * veni “*- was almost certainly and four saxes who vividly evoke festivals. Both veterans were 
understandably not been moved the firs ^ - ful y , commercially the jumping lyricism of the clearly moved by the experience, 
from tausual ‘position ?bit?£S £ P ?° SOred - ]azz £ s . Uv l a i t0 . be renowned “Four Brothers" of The other non-British group 
to hove been provided with a be ^ m . . tbls country. There was the mid-1940s. The band soloists was Colours, an international 
new (and still not quite satisfatN b ™ g eleclr0Dic £* ly Ger- 

tory) plinth, and its lighting in- IT a V fl rate ^ l ?°' ^ k of them „ was raan bass » st Eherhard Weber., 

tensifled in relation to the tell- oaverfof sSLe? Smio SJ5 1, P utlvc bamone-saxist Gary which was high in decibels hut 

ing contrast with the formidable f h e janinese compaify wSich SS2S“ trumpeter GIen0 «§ b t in emotional eontenL Bril- 

namini Vflirfimi, iiiet ine Japanese conipan> wmen Drewes. lianr hut Hinifaiiu 


□IS luveuuou ana ms siuil. ana c-jIpc -jnrt «inh«;iriiarv iremc T v 7 , viuu w iue uigniy percussive 

that of even his shop and his suc h aS r»ro“aramM et? there . recoverm S from an ex- septet Paz in which warm nltoist 

followers, especially i n the w as n o other Voure^of iScome tended journey caused by fog and flutist Ray War] eigh seemed 

medium of bronze, remain 5 0 . e “ . r ' ncome - (yes. she did sing “A Foggy Day redundant in front of the wail 

breath-taking while he is beyond . fmprewions gained during a in Chichester Town”) and intially of sound- built by the rhythm 

argument the crucial figure in hncf ^ , ” dl '* £ d * hat ,*2? men and percussionists. 

' * £m?. n »,n S ?n 1 3 t S, r . e _.l' w St5 raent, P even* though It seems' Entertainment finide There wss else en effective 


performance of Stan Tracey's 
Under Milk Wood Suite with 
actor Donald Houston bringing 


*r'' : ' ,'v 1 , I 1 .' 


CoHseifm 


Design for the upper, courtyard of Neuschwanstein, 1871 


[Elizabeth HaSi 


All for Paul 


by CLEMENT CJR.ISP 


ECO/Thomas 


European sculpture between ^ en t even though it seems Entertainment Guide There was a] s° an effective 
Michelangelo and Bernini. The « rn h^ ^hle that ih? leSuntl _ performance of Stan Tracey's 

exhibition is further a once-and- wUUhiw ?Vm2f los^Of course appears On Page 12 Under Milk Wood Suite with 

for-al! chance; it will probably sanvo IL n ? slt Jine^ for hES & actor Donald Houston bringing 

be impossible ever to reassemble nrnfi^ W ^depd S \r V mi^- surolus j- ,u v . the right measure of intensity to 

anything like so comprehensive J^ruek from this or fnfilre d ’ ssat3shed w,th lhe sound. Dylan Thomas's words hut never 
a representation and the chance Rivals it will be ploughed r h -Z wa * ll l iD ] ra ablate form, over-dramatising them. and 
has been taken by the organisers w^cb into the grass Vdok of Like good w me. jazz singers seem Tracey's quartet reminding us 
w-ith delimit, eagerness, and a S' in wavs vet^^ e derided 5 ? et beU " w*th age and the once again of music which has 
magisterial display of close g“ ^ w a ^f ^ publicity for divin e. M, «s V. at 54. maintains a become a solid part of British 
argued scholarship (the cata-1 f h a e n> c ° D ® ,which it rc?eiv^d remarkable consistency. Her jazz history. The Humphrey 

logue costly— -£ i— but essential evfenSvrtiM ind to begin to £ ia S DificenLly controlled vibrato. Lyttelton band and the Ronnie 

for all interested in bronzes). ^ Se the name Swyo sjmony- her range and techn, ^ al co ^ and Scott completed the 

is a dazzling experience; with iS in this country are a continuing wonder. Though roster of performers which was 

arguably rather over-lit (the maUi> ", Jazz j n uus coun»rj. Jllindful of the claini3 of Ella sane]v ma £, seaMe . Hn hke si mi- 
spots bring out a sparkle, to- Inevitably and unsurprisingly Fitzgerald the view must he lar events held in Europe 
gether with a most sensuous the artists chosen to perform advanced that Sarah Vaughan is Audiences for the concerts 

gleam, .in the bronze, hut lose were safe box office attractions, the outstanding jazz singer of the held in the Festival Theatre 

some detail in heavy shadow) particularly the visiting Amen- day. which seats just under 1,400. 

but displayed with great cans. The solid centrepiece was Equally outstanding in his own were alwavs enthusiastic and 

elegance; and very informative the latest version of Woody special way was Stephane appreciative. Whether this was 

grouping.. Bronzes axe by tbeir Hermans, "iouns Thundering Grappelli, truly. the effervescent a local festival outside the 
nature reproducible— re prod uc- Herd which performed at five nonpareil of the jazz violin. The theatre is debatable. InCbiches- 
tions of some of the models here concerts. joy this always welcome visitor ter itself involvcrent, r-articipa- 

were being made into the 1930s The laudable intention was to-f rum France communicate? by big tion or awareness of the event 


Thp 'rinuhip ur.ee rr,i..ht v,-,. Q uuiis cave uccn maue in urvnz.ea pan oi eacn concert aevoiea to a matched by any other livin'’ jazz historic licensin'* laws oreeluded 

,5' f i b S and’ Grunted ” eS ' resiD ’ wJ,ich sounds h^endous. different period in his bandiead- jSSSSl. * ' ?^SJ*Sl^m3«TSwS 

rofesquely. Faced with The "ask poser'* fertility "5 veus 1 so raanv 7116 :V “ r * howev t er >. 5 bath hi ^ r career. But at the three .con- His bringing violin pbnns is organised or spontaneous, in the 
[ composing a double-bass con- imontrovert i bfe '"malternlSeM ac ^ urate - acceptable in co our certs I attended this interesting as elegant, as poised, as beauti- totvn. But surely there could 
mo. Richard Rodney BenSeU ffilSTSS' T^S^nhonv H d 'fJSIWiS “I 0 " 1 * W 3 S"? - ' 0 .,? 5L“ “.’W ?avc _ hren aomcMvc moalo .. 


Paul Clarke’s death two years Fille mat GarrMe. This was tainer to have chosen that way. its slow movement, a set of 
ago inspired in his friends and from the production staged a Alternatively, be might have variations, has a theme graceful 
colleagues the desire for a finer detade ago in Ljublana by employed the extremes of avant- enough to adorn Haydn's famous 
memorial to him than bare Alexandra Balashova, an illu- garde technique — slapping [ ant i i a ter) London symphonic 
inscriptions on marble. Led by strious ballerina in pre- strings, glissando, freakish high se t; and its scherzo reinforces 
Patricia Ruanne and Kerrison revolutionary Moscow. and notes, electronics and the rest, its rough vigour by twice cheer- 
Cooke, they decided on a fund recorded in Benesh notation. _ Instea d he .has written a fully defying the accepted rules 
to provide teaching for young L reported on the staging in restrained, “straight" concerto of musical grammar. One could 
and gifted dancers, and with these columns: seen again in per- fin the Li-note method, or some- hardly avoid the image of the 
prodigious efforts in their own formances by Margaret Barbieri thing very like it i and I regret to composer giving a deliberate and 
time they have raised £15,000. and Stephen Jefferies, the pas h av £ found it merely tedious at naughty wink. 

The sum needed for the Paul de deux is a delight, full of an "f J™ performance on Sunday central "Trio” of this 

Clarke Memorial Fund is twice innocent bravura buoyantiv fjrc- scherzo, with its drone-baas and 

that amount - I would urge you sented by Barbieri and Jefferies. U*uw an accom^niniect oi evokes aUSc 

of your charity to send a coutri- The comic relief always needed ^ band I woDdcTedaecordlnely 

bution to the Fund at the Royal to separate the virtuoso numbers “ d nf d ihl if Mr. Thomas had placed fhe, 


Duuon to tne r una at the Koyai o wp™ .me v.r.u«v the eventua, winner ' nf the if Mr - Thomas had placed the 

Academy of Dancing. London, in galas came from Nola Rae a l d n oub ,e bai cont^ i ?2en fiv hrtd symphony as a purposeful fore- 
SWJ1 — and the gala at the niiioe of mad cap zanmess who «r vii J*'ri Hudec «« Df Beethoven’s Pastoral 

Coliseum on Sunday was yet battled with the Svlvia pizzicato > “ e c 5KhS| 0 va£'a bavin- Sinnphony at the end of the pro- 



Coliseum on Sunday was yet battled^ ^witb i the Spirts pizzicato c whoi ovaS'a having Symphony at the end of the pro- 

another step towards that goal- an ?- 1 |®®L probably won i emerged as victor it was he who gramme. Historically justified 
Svetlana Beriosova. beautiful in points. v ery jokey t0 °- \ va ^ tb ® 1 gave this performance with the though it may be to perform the 
red. made a touching opening appearance of Brenda Last, Peter “ English chamber Orchestra P^'toroi with a smallish orches- 
appeal, and the participation of Darrell and Gordon Aitken in under American conductor, tra (about 24 strings), the sound 

- many dancers was framed by Kenneth MacMillan s excursion Michael -Tilson Thomas. Though is odd today — and perhaps the 

excerpts from Prcsnigal Son in fof three bathers, Vatse eccen- ^j r Hudec was able to ezhibit lack of a rich, glowing tone was 
Ragtime, the ballet which is so inqMe. his prodigious and apparently responsible for some hurry on 

closely linked with Paul Clarke’s Sally Owen and John unflappable powers, throughout Mr. Thomas’s part, as though 
bright voung talent. Cbeswortb of Ballet Rambert its three movements, the music from the first “ arrival in the 

1 The " planning of the pro- presented Sara Sugibara’s Win- itself prevented any such country ’’ he was too concerned 

•: famine deserves every praise: daw Cherry GiUespie and Wayne exhilaration as I felt at Mr. with the bus back to Town. But 

the items are too manv to de- Sleep sang about pianos and then Hudec’s 'solo recital five 'weeks on its own terms the ECO is 

KTrihe m much detail hut there danced: Petra Siniawski brought ago. playing very attractively these 

: wetfe enough special' treats to a s0l ° ta rausic t™ [ anc ^ Mr. Thomas enriched the even- days, and in Mr. Thomas it has 

- SrfVeSm the most jaded gala Free, and Rina Schenfeld showed ing, however, by a beautifully a guest conductor worth culti- 

,-S£SSUr us a danre with a P iece of w00d - flowing performapee of one of vaung. 

. n,iiot And as the evening came to its those " lesser” Haydn sym- ARTHUR JACOBS 

•^.^From. : the. Royal Ballet endi ^ }ast duets were lbere 

^MMguerite, Porter and Mayne t0 tf C fc] e our pa i a tes even fur- 

a " , ada | 10 J rora tfaer. Niels Kehlet, star of the RODIld HOUSC 
- Michael.. . Chaim ley s *’if Tn ^ lon y Koval Danish Ballet, appeared 
/or Paiij Alfreds Thorogood and wi yj Lise gtripp in Flower Fes- “TTr ii 

fe » tear,, a n d Warsaw Music Workshop 

^ etT1Bon Cooke ip make some of us feel older than 

jGomxrp’s slow movement, were a boat in bedding Bouquet, Two important promoting The quiet interactions of min i- 

. . .flR:viery fine. Christopher Gable deserted the bodies for new music joined clmbaloms and humming glasses 

.’•^-Rohald Emblem with a support- drama to return to the ballet forces on Sunday afternoon to in Sounrtecope made a more 

"iiig. 'Cakt; from both Royal and stage and partner Lynn Seymour present lhe visit of the Waraaw potent effect th^ the more 


it you r 

itate Pe 






w 





ARTHUR JACOBS 


retirement co 
bring you down 

a bump. 





Warsaw Music Workshop 

Two important promoting The quiet interactions of mini- 


Leo Sayer 



1 Wrwere shown a duet from the triumphing by artistry over the Lutyens-Lemare organisa- and natural smind. 

:^Id®eriaI Russian version of La partnering difficulties. P on t \ was featuring Re group Acme (^emnm of sound 

./Trr.- in its current senes of concerts quality seemed to underpin 

including East European music, several of the other trifles — some 

- Palladium While the Arts Council Content- no more than studies, pre- 

^ ■ ' porary Music Network was paratory thoughts for a piece. 

launching the group on a nation- Vidovszky’s 78/5/28. a brief clank 
■ - T £1 ■ wide tour which will take it to of manually dampened piano 

S' \Q yP | Leicester,- Huddersfield. Bristol, sound: Serocki's Swinging Music. 

X-/VV V WJL Cardiff, Nottingham. Burning- an entertaining reduction of jazz 

.. '. bam, Derby York, King's Ljmn. to its purely rhythmic elements. 

- , r . . ■ , _ , .. _ K „ , ia and Wavendon — in all of which expressed in terms in noise; or 

: After the stiffness of Barry I find the frenzy, the Lhariie pj aces j t should not be missed. Kotonski's Pour Quofre. a 

Mamlow^ ^at the Palladium alt last Drake-like fooling of Ibe little ^he Workshop has had its curiously co-ordinated essay in 
week it was a rehef to welcome maD| jjard to take. ^Vhen Sayer present form of a versatile free playing — all these made one 

the. oh so- loose L60 b^yer on jj p j s | a - a “sjlly mood qnartet of cello, trombone, small point interestingly and 

SSSfS^S tonight M you sink a bit lower in clarinet and Pjano for some ten unpretentiously - 

“SSk-SS fe2n hte vour seat But when the down- >' ears and it was evident in I took strongly against Tilo 

tl^t Saver would keep ms your, seat But wnen tne their long, diverse but not Medek's “swan-song for. town 

•tends and arms and legs sniid mg is kept in check Sayer is in oyer-demanding programme that musicians,” Stadtfeifer, with its 

- *eet_a bit more in contact ™ z elass of bis own, switching there Is no common factor in ever-wilder eruptions from the 

to body: Moonlipfttnr ^is a saa f rwn pathos to exuberance, and the-music they play except the piano (which made something 

; song ana not at an lmprovea oy the eyes trans- inspiration provided by the very like smoke rise from the 

_ of mimes tnat mase a jj j s on ] y th e self^jarody. group’s four virtuosi. No less instrument) and Goreeki’s 

- cn»aae m R the unsure dawning, that stops than ten pieces were given, inter* Musuiuette IV, though each 

#’( hi" the international spersed with film of three more demonstrated the players 

totreof songs, ano a sure raiseno saperstar that bis material and (plus one superfluous repeat), prowess and patience brilliantly. 
X® fniiftw hi s singing demands. With a Pianist and director Zygmuot But HaLimta by Ivana Loudova 

very professional, \t rather anti- Krause has dearly formed and was a- delicious evocation of 

f septic, band in support he carried [nourished this group, and his Monday-maraingness: drifting 

-mr feel evening. His shout at the own two pieces contained the dreams rudely dispelled by a 

1 Md T radce both end 11131 been . the ra0St concert's most delightfully in- penetrating alarm dock. I hope 


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fa «ou, T*Sf topped^S denying to f talent, . and -bis Round - House -helpfully added Krause's two tittle experiments 

tSTiSj. Sth laver hOTOtoe ability. to deliver the very best inter-City trains)— interspersed in pianistic texture. Stone Music 

like a SSdtf 111 contemporary music. with the playing of quartets of and -Glcce Music. 

SS5dftlk>td3fcf- .. ANTONY THORNCROFT similar instruments by the group. NICHOLAS KENYON 



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16 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET. LONDON EC4P 4ffV 
Telegrams: Flnafltimo. London PSC Telex: 8*6341/2, 883897 
Telephone: 01-248 8000 


Tuesday October 17 1S78 


Unanswered 

questions 

BY THE end of this month, according to ihe declared 
timetable, the member governments of the EEC must 
take the fundamental decisions necessary to set up a 
European Monetary System. The Finance Ministers 
met yesterday to delve still further into the technical 
questions about the exact mechanism of intervention 
in the exchange markets implied by such a system. 
Unfortunately this barren dispute has taken up almost 
the entire time «»f those involved since the initiative 
in Bremen in June. As a result the Prime Minister. 
when he visits Bonn later this week and Paris next 
week, will have the opportunity to raise a whole series 
of fundamental questions which have yet to be answered 
— or even to be 3sked. 

National objectives 

The most fundamental question is simply what is the 
purpose of setting up a union in the first place. This 
is not p matter of ensuring that all the participating 
countries have the same national objectives in joining. 
In such a union some members may hope to find more 
reliable markets for their goods, and others more stable 
monetary conditions. However, it is important to decide 
on the objectives of the institution itself. It could be. 
as the Commission wishes, a step towards closer 
economic and well as monetary union: this raises 
questions about the co-ordination of fiscal and monetary 
policies which have not so far even been discussed. 
Failing some effective steps to secure convergence, the 
union will inevitably turn into a kind of European 
Bretton Woods, in which members can at best hope to 
find a source of balance of payments finance. 

Of course, this is not even a caricature of Britain’s 
intentions in joining in the discussions leading to an 
EMS. On the contrary. • the Prime Minister, like 
M. Barre in France, sees the act of joining as a public 
commitment to stability which may help 'to influence 
market behaviour, both in the exchange markets and 
round the wage bargaining table. Indeal , the fear that 
a refusal to join would be construed as a confession of 
weakness and provoke an immediate crisis provides 
one of the stroneest practical arguments for British 
participation. All the same, the’ outcome does not 
always mirror the intentions of those involved. 
Adjustments inside the present snake have been quite 
frequent, and cumulatively large in some cases. Officials 
who are aware that any system of obligatory inter- 
vention positively invites speculation speak of the need 
for early, frequent and modest adjustments inside an 
EMS. It is hard to see how a regime of frequent 
adjustment would impose discipline or discourage 
speculation. 

The reserve role 

Indeed, it is not only doubtful whether much would be 
gained by joining a mini-IMF; such an arrangement 
might very well have a short life. Inside the snake it 
has been possible to manage a cumulative movement 
of 17 per cent in the Norwegian kroner, for example, 
because this currency is not widely traded. A fear of 
a similar movement for sterling would pose very- 
different problems. Sterling is widely traded and widely- 
held. 

In as far as the rules for intervention are a central issue, 
the question of financing capital flows — and the related 
question of how far exchange controls can be justified 
inside a European system — are of far more substance 
than the present arguments over grids and baskets. The 
present debate is partly over the trivial matter of 
whether the weak or the strong currency authority 
should more actively intervene when market pressures 
demand it — in other words, whether the resultant debt 
should be denominated in the weak or the strong 
currency. This should only be of pressing concern to 
potentially weak members with low reserves. The more 
important issue is how much freedom of movement 
the EMS should countenance; but this is being debated 
out of its necessary context. Tight limits can only be 
maintained by economies which have converged. 

The central question which the Prime Minister should 
raise in his discussion is not. then, the size and terms 
of credits available, or the precise rules for applying 
them, but the question of common economic policies. 
Policies will have to be broadly consistent with 
membership of an EMS if the system is long to survive; 
real policy co-ordination would make the whole exercise 
worth while. 

There are three issues involved here: the linkage of 
monetary policies: the development of fiscal policies 
in a European context; and what has become known as 
the transfer of resources — that is. an effective and 
equitable use of the EEC's own Budget. The first of 
these is the most pressing question, blit fortunately the 
least difficult. Under floating exchange rate movements 
respond sharply to any errors in monetary management, 
and already the UK has been forced to tighter policies 
and Germany to more relaxed ones than would other- 
wise have been likely. The gap can be bridged. 

Locomotive theory 

Co-ordinating fiscal policy is likely to be more difficult, 
both because of existing prejudices and because the 
objectives arc less easy to define. Initially there could 
be strong pressure on the stronger countries to expand 
fiscally more than they would wish in order to take 
the sting nut of anti-inflationary policies in the weaker 
countries — the locomotive theory in a European context. 
The idea that one can deflate without reducing ihe total 
pressure of demand is an illusion which seems to die 
hard in such negotiations. On the other hand fiscal 
policies ought to be drawn up on a European basis. The 
need to avoid excessive deflation in total, and the need 
to produce convergence in performance, may require 
some relaxation from the strong countries, if not a full 
locomotive effort. Planning will also be complicated by 
divergent business cycles, which should be accom- 
modated, not suppressed. 

The question of the EEC Budget and the reform of the 
agricultural policy has defeated good intentions fur 
many years past, and clearly cannot be solved suddenly 
as part oF a hurried negotiation for the EMS: the most 
that can be achieved here is a serious declaration of 
intent, with a symbolically helpful initial gesture. 
However, fiscal and monetary co-operation should be on 
tht agenda now; and objectives for exchange rate 
stabilisation could then bear some relation to progress 
on the fundamentals. If Mr. Callaghan can widen the 
EMS agenda in this way he may set back the timetable 
bv some months— which seems likely in any case; but 
he will greatly have improved the chances of an outcome 
which is both technically durable, and likely to. make a 
worthwhile contribution to progress in Europe. 


WHITEHALL AND THE NEW ROCHE PLANT 


financial Times Tuesday October' 17 I ATS 

BY JOHN ELLIOTT 





T HE ANNOUNCEMENT yes- 
terday that Hoffmarm-La 
Roche is tn build a £14Um 
vitamin C plant in Scotland 
marked the end of several 
months of hectic activity fnr the 
UK Government which has been 
bidding since early this year to 
win t.h«? investment and jobs 
involved for Britain. Eventually 
it was a package of nearly £46m 
state aid that clinched the deal 
and stopped Hoffmann-La Roche 
reviving an earlier plan to build 
the factory in Switzerland, the 
company's home hase. 

During these months the 
British Government has hern 
engaged in a Fairly new sort of 
activity. It involves Ministers 
and civil servants actum as 
mternatinnal industrial negoti- 
ators, with Government indus- 
trial aid as their main weapon. 

Because of this the deal is 
specially significant since it 
shows two important ways in 
which Government aid to indus- 
try has developed during the 
past few years. I Both ironically 
stem from initiatives first taken 
by the last Conservative Gov- 
ernment: their future must now 
be in doubt if the Conservatives 
win the next general election 
and set about gradually dis- 
mantling the present intricate 
structure of Government sup- 
port for industry.) 

The first is a new role that 
has been developed by the 
Department of Industry- ,n 
attract inward investment tn the 
UK. building on the work of 
the Departments Invest in 
Britain Bureau that was set up 
in a small way by Mr. Christo- 
pher Chatawav w'hen he was 
Minister for Industrial Develop- 
ment in 1972-74. The second is 
the use of special selective aid 
schemes which have been built 
up from the Conservatives' 197*2 
Industry Ad and which are pro- 
viding £18m of Roche's £4Km 
State aid through -the Govern- 
ment's Selective Investment 
Scheme. 

The Invest in Britain Bureau, 
which now has about 40 staff. 


operates within the Depart- 
ment's regional support and 
inward investment division. 

From this base the Depart- 
ment has adopted a more posi- 
tive attitude towards attracting 
foreign business and the Roche 
project is one ■ uf several 
examples where it has taken 
the lead with Whitehall Depart- 
ments and other interests in 
preparing bids. 

One «f its first successes was 
winning a £lQ0m Hong Kong 



Industry Minister. Mr. Alan 
Williams: in charge of inward 
investment mailers. 

power station order fur turbine 
generators from GEt- anrl other 
equipment earlier this year. 

Negotiations on me deal 
started wilh a meeting in March 
last year between Sir Lawrence 
Kadonrie. chairman nf China 
Light and Power, a partner in 
the client company, which owns 
the power station. Mr. James 
Callaghan, the Prime Minister, 
and Mr. Alan Williams who. 
a-: a Minister of Stale for Indus- 
try. is in charge of inward invest- 
ment mailers. Specific pro- 
posals were developed later and 


Mr. John Lippitt, a Department 
of Industry deputy secretary* 
with general industrial policy 
responsibilities, played, a - cen- 
tral role in leading the UK 
negotiating team. 

The Involvement of senior 
Ministers — and even the Prime 
Minister — in major investment 
projects is nut of course aLl 
that unusual. Mr. Callaghan 
played a personal role in the 
negotiations that led a year ago 
to Ford Motors deciding to go 
ahead with a £l80m engine plant 
at Bridgend in Snuth Wales — 
helped with approaching £100m 
of State aid. But what is new 
is the idea of the Industry De- 
partment’s civil servants adopt- 
ing a leading interventionist 
role. 

The substantial carrot that 
the Industry Department civil 
servants can produce is the 
plethora of selective industrial 
aid schemes developed since 
1972. in addition to ordinary 
regional aid. to encourage 
industries to modernise them- 
selves. 

Then there are some general- 
purpose schemes covering areas 
such as energy conservation and 
process developments, the 
largest nf which is the £l50m 
selective investment scheme 
used for Roche. This was set up 
nearly two years ago to take 
over from an earlier acceler- 
ated projects scheme and its 
object is to stimulate invest- 
ment prnjccts of benefit to the 
l T K economy. Thus it can he 
used to persuade a company to 
build, enlarge, nr accelerate the 
construction of a factory that 
might otherwise have been 
abandoned, built on a smaller 
scale, or delayed for some vears. 
In the Roche case it meant 
persuading the company . to 
build in the UK instead of in 
Switzerland and to enlarge the 
size of rite project from an 
initial £40m. 

The Roche project brings the 
total support promised so far 
by the Government under the 


scheme tn £70 m spread across 
1 06 projects w*ith a total invest- 
ment of £7Q7m. A further 226 
projects are being processed by 
the Department’s Industrial 
Development Unit which vets 
schemes and then passes them 
for approval to the Department’s 
part-Brae Industrial . Develop- 
ment Advisory Board, com- 
prising industrialists, trade 
unionists and other outsiders. A 
total of £3 80m aid is being 
sought for these 226 projects 
which account for a potential 
total investment of £l.7bn_ 

Both these sets of figures for 
the projects approved and the 
outstanding applications indi- 
cate that there is normally a 
ratio of 1:10 between the Gov- 
ernment aid and total project 
cost — a ratio that the Govern- 
ment had to exceed in the 
Roche case, where there is £18m 
aid for a £140m investment, in 
order to secure the project for 
Scotland. 

The Roche aid is the largest 
so far under the scheme, 
although there are believed to 
be some other similar sized 
projects under consideration. 
The previous largest was £10 Jim 
aid for Unilever towards a 
£l00m. Thames Board Mills 
development at Workington, 
Cumbria, which also received 
£20m regional aid. 


Environmental 

complaint 

The story of the plant that 
Roche is now to build in Scot- 
land coes back some five years 
tn. 1972 when environmentalists 
baited a plan to build a new 
vitamin C factory' at Roche’s 
existing Swiss works at Sisseln, 
The complaints stemmed from 
the salts effluent that the pro- 
cess causes (which will be less 
serious at Dairy, near the Scot- 
tish coast) and waste steam 
from the plant’s boilers. There 


was. a series of court cases and 
by the time these were finished 
in 1973-74 the market had 
changed and Roche decided to 
postpone its plans. 

Since then - Si&seln has been 
a candidate for the plant along 
with other . sites including 
VIIlage-Neuf in Alsace and loca- 
tions in the U.S. and Italy. Then 
In May this year, at a time when 
Roche was considering a £40 m 
extension nf its- Dairy plant. Mr. 
Alan Williams sat next to Dr. 
Alfred Hartmann, the company’s 
deputy chairman, at a dinner in 
Basle eiven to promote the 
Department of Industry’s Invest 
in Britain Bureau. 

Dr. Hartmann raised the ques- 
tion of possible Government aid 
for a larger £100m project at 
Dairy and from this the £140m 
project grew. The British 
Government team, led by two 
senior Industry Department 
civil servants, and including the 
Department of Health and 
. Soria! Seruritv and the Scottish 
Office, was then put together 
and prepared its bids. 

The regional aid is fairly auto- 
matic on a proportional basis 
in an area like Scotland, but 
the selective Investment scheme" 
aid is hiehlv negotiable, and at 
one stage- three months aen if 
had to be raised tn placate 
Roche and so finished up ahnve 
the 1:10 ratio. At one stage a 
senior civil servant paid a flv- 
ina visit to Switzerland to sort 
out problems with the hoard and 
even at the end pf last week 
there was a last minute panic 
when the EEC Commission in 
Brussels failed tn give the indus- 
trial aid the go-ahead as fair 
nnder the Co mm uni tv’s compe- 
tition rules. Mr. Williams yw 
terdav wss hiehlv critical nf rite 
"rather inefficient bureaucracy" 
that had let the Commissioner 
responsible. M Vonel. hold this 
up until he was contacted, at 
the UK Government's request, 
hv Mr Rnv Jenkins, th^ Com- 
mission president, oh Friday. 


The problem .was that Roche, 
wbiefa thought it had a deal 

some weeks ago,, had . become 
impatient "and threatened to 
reconsider this week siting the 
factory in Switzerland H 
approval was not received. 

More State 
aid 

For Roche the development 
in Scotland is a useful demon- 
stration of a muhi-nartnnal 
boosting an area of high unem- 
ployment. It also helps to 
rebuild relationships between 
the company and the UK Gov- 
ernment after the valium and 
librium prices battle of a few 
years aao — in which Mr. Man 
Williams, then at the Prices 
Department, played a major 
mle. The comoany Is also set- 
ting far mnn* State aid than it 
could in many other piares 
although this is nartly needed 
to offset the fact that ihe 
British construction- industry 
will rake 25 per cent longer to 
build the factory in Scotland 
than would he needed :n 
Switzerland. Mr. Williams said 
yesterday that he and his civil 
servants are constantly told on 
visits abroad, especially, hv nil 
companies, that one disadvant- 
age that has to he offset hv State 
aid is the slowness nf Britain's 
builders. 

A spokesman for Roche said 
last jinzhi that withflut consider- 
able- Government aid' ff: would 
not have made sense for 1 Roche 
to develop in ' Scotland. Cer- 
tainly the Ministers and civil 
servants that hnve made un the 
new style, government negotiat- 
ing team, tm the protect con- 
stantly feared that Roche might 
return to Sisseln. Whpthet- as 
a consequence thgv raised their 
selective aid hid more than they 
needed ta may never he known. 
In . Whitehall yesterday-, they 
seemed sure they had -achieved 
a considerable coup., .- 



demand for vitamin C 


BY SUE CAMERON 


H OFFMANN-LA ROCHE 
pioneered the synthetic 
manufacture of vitamin 
C on a commercial scale in 1934 
and claims to be the bi quest 
producer in the world now. 

It already has two major 
manufacturing plants — one at 
Grenzach in Germany and one 
at Belvidere in the US. where 
ihe annual production capacity 
is lO.UOfl tonnes. The new plant 
at Dairy, which i.s scheduled jo 
come on stream in 1983. will 
have a production capacity of 
40 tonnes a day. 

Total current capacity for 
vitamin C production in ihe 
non-Communist world is esti- 
mated at over 30.000 tonnes a 
year. Bui demand i» on the in- 
crease. 

There are now 14 known 
vitamins: A. C. D, E. K. chn! inl- 
and those in the B group which 
lakes in thiamine. rihoHavtne. 
oyridoxine, nicotinic acid, folii- 
acid, biotin, pantothenic a>'»i 


and Vitamin B12. The, point 
ahont vitamins is that humans, 
monkeys and guinea p>.:s — alone 
among the animal kin adorn — 
cannot produce any them in 
i heir own bodies. Vet vitamin 
deficiency l» v»ds o> a whole 
raiic- of diseases. Lack of vita- 
min C cause* vui-vj, lack of 
B12 ciin-.es ppiniciou. anaemia, 
lack of K*2 or pyridoxin* can 
lead to beriberi and n short ace 
of vitamin A loads l»> blindness. 

Roche markets all (ht» known 
vi i ami ns and it manufactures 
all but three of them. The 
.M norest demand — mi a world 
scale — is Tor vitamin C. One 
reason for Hus is that as well 
as its pharmaceutical and nutri- 
tional uses, vitamin C. or 
ascorbic acid a* it is known, is 
also an antioxidant and is there- 
fore used m food processing. 
Ruche Products, the British 
subsidiary of Hoffmnnn-Ln 
Roche, reckons ihai about 50 
per cent of the vitamin C which 
will b* produced at its Dalrv 


plant will be used for pharma- 
ceutical purposes and 50 per 
cent will be used in fond pro- 
cessing. But in the interna- 
tional marker the chief use of 
vitamin C is as a nutritional 
additive to animal feeds. 

Vitamin C is added to fruit 
and vegetable juices to prevent 
them going cloudy and to pre- 
serve their colour, it is used as 
an anti-oxidant in beer, it is 
added tn wine. It is added tn 
deep frozen and canned vege- 
tables such as potatoes and 
mushrooms to prevent dis- 
coloration and it is also used 
as a flour improving agenL 

The raw material for making 
vitamin C synthetically is 
glucose which is usually 
obtained from maize. The manu- 
facturing process itself is a 
highly sophisticated one because 
it involves producing bulk com- 
modity tonnages to pharma- 
ceutical standards. 

The technology for manufac- 
turing vitamin C hap advanced 


considerably since the end of 
World War II and this has been 
reflected in a dramatic drop in 
prices. In 1950 vitamin C was 
selling for EH 7s fid a tonne. 
Today it sells for only £4.95 a 
tonne and these figures -arc. at 
current prices wilh no; adjust; 
ment for inflation. ‘ .' *'• 
The Dairy plant is expected 
to employ ns manv as 430 people 
and about one-third of them 
will be graduates «r highly 
skilled men and women. The 
production process includes five 
separate reactions and each one 
has to be carefully controlled. 
Frequent and rigorous testing 
is carried out at every stage of 
the process. Roche has decided 
thar Dairy will have a number 
nf localised control panels — 
rather than one huge control 
hoard such as that at the Belvi- 
dere plant One of the drawbacks 
to having a single hoard Is the 
time it takes to reach a rearior 
vessel and rectify errors when 
something sops wrong 


Roche is planning to export 
90 per cent of tlie vitamin C 
produced at thenew .Dairy 
plant and it claims this wtii 
contribute £38m a year to 
Britain's balance of payments. 
The ^company . already has .a 
manufacturing plant, ok .the 
TWfry sMe and 9Q per cent* #.; 
the vitamins Bl and B5 which 
are made there are also 
exported.-.' 

Roche's decision to site its 
new plarit in Scotland is an 
interesting one if only because 
its relationship with the British 
Government has a somewhat 
chequered history. Mr.' Alan 
Williams, Minister of State at 
the Department of Industry, has 
been negotiating with Rocbe 
over the Dairy deal, yet it was 
-he who was junior Minister for 
Prices, when the UK • forced 
Rnche to cut Its prices for the 
drugs Valium and Ubrinra. - 

The price cut was short lived 
and it is now thought that one 
of the reasons so many foreign- 


bwned pharmaceutical .com 
panies are attracted’ to Britain 
■--60 per cent of the UK industrv 
is foreign-nwned — is _thp Gov- 
ernment’s sympathetic attitude 
on drug prices. . Nonetheless. 
; pharmaceulic3l .prices are jpwer 

in, Br.itaih- than -in tire-rest of 
Europe..":' . ; •' 

■ One reason for this is. -that 
other' European countries, such, 
as France, tend .to be extremely 
• protective towards their indige- 
nous pharmaceutical industries. 
Not only are drugs felt to be 
an essential commodity but. 
some countries also believe it. 
is easier to enforce strict regu 
lations on medicine productior 
and advertising if they have, 
to deal ' with home-based indus- 
tries. 

•The UK does not have this 
hostile attitude to outside phar- 
maceutical concerns and unlike, 
say, Spain or France, it is pos- 
sible for a foreign group to 
wholly, own a company It sets 
up in 'Britain. 


MEN 



Firework row 
smoulders on 

" A quid for the guy” was the 
unexpected demand of un 
S-year-old who baited me yester- 
day. The 9.900 per cent increase 
on ihe traditional sum struck 
me as particularly ambitious :n 
view of his "guy”: ihis owed 
little to the finer points of 
taxidermy. 

Any sneaking admiration one 
might have for such enterprise 
is sternly criticised by ihe 
National Campaign fur Fir*, 
work Reform. ■■ We do noi 
approve of teaching children to 
bog.” they say. adding ihnt 
children should noi be en- 
couraged to talk lo stranaers. 

Such strictures apart, the 
\CFR tells me that this year 
it is sen dine out some ” prcMv 
friglucnim: ” posters showing 
the injuries fireworks have done 
to children. Last year one child 
was killed. accu'dim: :.•> 

Resina Dollar, ilie first In-ad <if 
XCFR. and the gm eminent 
figures show that 73” were 
seriously injured Tins figure 
excludes those treated by t'.Ps 
On the positive side, the P-CT 
totals were no less than rib per 
ceni In-low those in lfnwi. 

Thai was (hi- year the NC.l-'K 
was formed, and u ha- -on*-..- 
had smite minor -.luce.ws 
though it aryue, ihai ■jovern- 
merit reforms rn !978 did net 
y»» nearly tar •■mm ah. "It i* 
not worth sai-nficiny children 
merely for tradition*- <ike." 
say*- Mrs. Dollar. She complain - 
that each year the media only 
say "Come back later!" when 
she tries tn rouse their concern. 

She and her successor. Noel 
Tobin. are m«w Catherine 
ammunition for the ritual tele- 
vision confrontations with ihe 
Firework Makers’ Guild The 
NCFR would like a complete 
han un retail sale*, as exists tn 
various European nuinrrie*- and 

parts or the U.S. But the Guild 
says blandly that such demands 
wore first made over 299 year- 
ago and had been dropped 


because people started trying to 
make ri rework-: at home: they 
often set their houses alight. 

Adopting a generous tone the 
Guild tells nio that its adver- 
saries have dune well in stress- 
ing fireworks must be handled 
property But otherwise it thinks 
the :\rt-'R "very negative ’’ The 
\i :FR. lor it., part, argues tt 
has n-»t_ yet been negative 
enough. 


Flying doctors 

With abominable snowmen 
reputedly inhabiting the peaks 
and '-vU-inii.-u tinned denies 
adorning the u-mplc-s. Nepal is 
nut ju*f a cosy mountain king- 
dom for ns more superstitious 
liihahuant*. Now they are 
facing whar could be a new 
source i> r legend — a hovercraft 
which can «peed alone over the 
rock-, j,nd rapid- of some nf rhe 
r'ivr.- in that Himalayan 
fust tles.f . 

Tit- hovercraft is dim to be 
Iran- j.urT.-.| nut lo Kathmandu 
ne::t m mih and is parr nf a 
[itoi'-. : 1. 1 nnruvi- ihe country’- 
im-dnai ..-rvi.*.-*: it will replace 
yak - a-- ,i ••)<•.? M- nf transporting 
i tic -i. k i.- ii.i-nii.-il. The project 
i> led by ;bi- RAF ami rhe 
lm- i-pTafi ha- lii-cn de.-i«ned by 
1 'ut.-.ifty Lung lev Hi* work-5 lor 
tli” Mi-.«i«marv Aviation Fedlnw- 
Miiu a 'Uii.ildi- organisation to 
have I’m- >incti»r- it not walking. 
;ii lc.w living on the water. 


Low spirits 

Nnrv» i roubles are nn| eom- 
m_: singly ih-se days. On top 

j»r a - ■ rr----7 c and a fro-uv 
budget. Norwegians are now 
faced -m i h enforced ab-tmenee 
irom Ml alcoholic drinks except 
over. ; l,'.<+r f a'-tunvd ripple. 

A -trite production w«»r- 
k>--i< in tiie State wine and sptrtr 
uo>nop<i|i hulled supplies 
Uir'iiighnu! the country mer a 
•nonjh «uo. Sales personnel 
on lor a while, but there 
-•■•■■luo.j hi; I*- A* nne 

s-aicv-arl remarked: “All you 


could do was shake your head 
and look sympathetic." Most 
stuff have since been spared 
even this modest activity: the 
shelves are now totally bare. 

Doctors at Oslo’s emergency 
medical centre have been busy 
dealing with an inundation nf 
alcoholics suffering from with- 
drawal- symptoms and a public 
relations man showing the Press 
round n plastics factory last 
week had shamefacedly to ask 
journalists to bring their own 
rctreshmenls. 

The Slate monopoly also con- 
trols industrial alcohol, and out- 
put is threatened at plants 
making a wide range of pro- 
ducts. from hair spray to com- 
passes. although a light-bulb 
manufacturer discovered that 
metbs could be substituted in 
the production process and sent 
out employees lo buy all avail- 
able supplies. 

Norwegians are pinntne their 
hopes on the Purt that the Slate 
arbitrator Konrad Knutsen has 
called a fresh meeting between 
ihe .two sides ihis week. Only 
one thing ix worrying the dnn- 
ker> — Knutsen is a •teniuernnce 
man. 

Canterbury tale 

The law nf distress excludes 
certain kinds of property from 
the allc-ntiims of creditors — 
aiming them deer and rabbits, 
and. more strangely, loose 
money; also any axe which the 
debtor may be wielding at the 
time of the bailiffs' visit. 

But Canterbury city council, 
facing rent arrears approaching 
£3U.U90. has lighted on the fact 
that television does not figure 
in lh»„- ancient catalogue of tiFe's 
nece-Miies. Confident that inten- 
sive exposure to silence or the 
radio must force anyone into 
early submission. Canterhurv 
plans to start confiscating tele* 
vision-. 

”1 bet most nf these people 
ha»e colour sets/' says the 
council's leader Arthur Porter. 


“We should send in the bailiffs 
tu take them away.” 

It is an argument calculated 
to bring nut the Tory In every- 
one except the National Tele- 
vision Rental Association. 

’■Blighters” comments the 
NTRA’s director Colin Dunlop: 
Since a large proportion of the 
miscreants’ ‘ televisions are 
rented, it is not hard to under- 
stand his position. 

He tells me he has managed to 
soita^h similar schemes in other 
parts of the country. “We send 
councils a judgment nf a county 
court in 19flfi which came down 
in our favour," says Dunlop. “In- 
variably they send a courteous 
reply saying ‘we quite under- 
stand and we won’t do it’” His 
secret weapon is the obscure 
Law of Distress Amendment Act 
J908. 


Gentleman 

mugger 

An otd-world mugger who held 
up a man in Cleveland ot sword- 
point last week also tailored his 
demands to the prices or a 
gentler age: he wanted 30 cunts. 
When it turned out that the 
victim only had 30 cents, the 
mugger-cavaiier. in a rage, 
punctured the mao’s car tyrgs. 
He was arrested soon after- 
wards. Cleveland police said it 
was noi hard to pick him out 
from more conventional 
brigands. 


Singularly right 

Amid the heap of political 
flotsam 1 brought back from the 
Conservatives’ conference at 
Brighton, i.s a leaflet published 
by ihe Monday Club called 
Repairing Education. Policy 
Paper No. 3. It is a timely docu- 
ment, I find, arguing, inter alia: 
“Standards . of literacy and 
numeracy among 10-year-olds is 
a national disgrace.” 


Observer 



££ John Laing Construction areiuiiding 
BH Queerisgate—the newregfonai 
shopping centre in the heart -Feterborbqgh.- 
And I'm project manager. It’s got five department 
stores, 90 other shops, bus station and parkinq 
for 2000 cars. 

I moved from Nottingham with my family ancf - - 
we're all pleased to be here. Peterborough's 
cfefinitely becoming one of England s ; 

■ more attractive cities. 

John LockwoocL 


w 


Find out about Peterborough 
how.'Ring;jQhhCase. 
0733*^8931,' : ' 



. Development Corporate 
;P0 Box; 3 Peterborough PEI 1UJ 


IV 


J . 


I 


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Financial -Times Tuesday October 17 1978 


SURVEY 


Tuesday October 17 1978 


'*•:* -si 


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first ever Motor Show at the National Exhibition Centre in Birmingham 
which opens on Friday comes at the end of a year in which the European motor industry has 
seen momentous changes and at a speed which has surprised almost everyone. 


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France, Germany, Spain, Italy, 

Holland, Switzerland-just about 
everywhere in fact. For Lucas, 
the continental mainland of 
I Europe is very much an exten- 
! sion ofthe company's home 
market. 

Last year, over £200m. of Lucas 
| Electrical, Lucas Girling and Lucas CAV 
equipment was exported to Europe’s 
vehicle makers, fifteen Lucas wholly 
owned or partnership factories, in 
seven European countries, produce elec 
tricaf, braking, diesel fuel injection and 
aerospace equipment And Lucas service 
covers the European continent with 7 
service companies, 29 distributors and 
and 2,400 agents. 

Now, on the occasion ofthe British 
Motor Show, Europe comes to the 
National Exhibition centre in 
Birmingham, where Lucas will provide 
a home from home. 














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18 


Financial Times Tuesday October 17 197a 


EUROPEAN MOTOR INDUSTRY II 



year 



momentous 



THE LAST 12 months havi? 
witnessed momentous changes 
in the European motor industry. 
During this period, various 
moves towards Further rational- 
isation have heen set in train, 
while Renault has launched a 
new move into the U.S. market, 
and the links between tit*' in- 
dustry and Government have 
been underlined by the pro- 
jected deal between Volvo and 
Norway. The pace of change 
has unquestionably switched 
into a higher gear much more 
quickly than most people in the 
industry expected. 

The most dramatic develop- 
ment has probably been the 
5430m PSA Peugent-Citroen bid 
for Chrysler's European in- 
terests. This has caught the 
headlines because its effect will 
be to create a larger car eroun 
than any other in Europe with 
a productive capacity oF about 
2.2ra rehicles. Rut at the same 
time it underlines Chrysler's 
retreat from international 
markets, an>1 opens up new U.S. 
opportunities for the French 
group because of the possibili- 
ties of using Chrysler's distribu- 
tion network for its own 
products. It will also put PSA 
into the top flight of world 
companies in terms of rar nut- 
pit*. ranking number three after 
General Motors and Ford. 

Fn addition to rhi* bid. the 
other most significant develop- 
ments in the past year have 
been: 

1. The outline agreement 
between Volvo and tbe Nor- 
wegian Government under 
which the Norwegian public 
(underwritten by the Govern- 
ment) will inject about £90m 
into the Swedish company in 
return for 40 per cent of the 
equity. This scheme, which 
still has to be approved by the 
Norwegians, also provides for 
the development of component 
manufacturing in Norway 
related to a new “light car.” 
and for Volvo to be given drill- 
ing rights for Norway’s North 
Sea oil fields. 

This outline agreement was 
preceded by negotiations on a 
merger between Volvo and Saab 
to create a single, large. 
Swedish motor group. Although 
these have broken down, many 
analysts believe that the two 
companies will eventually come 
together, whether or not the 
Norwegian deal is finalised. 

2. Renault’s agreement with 
American Motors in the VS. 
This" deal will give ihe Stoic- 
owned French eomnany both 
access to AM’s distribution net- 
work. and facilities to make it- 
R1S model m America. Tlu< 
means that it will he able in 
insulate itself in fuMtre more 
easily a-jain-; swings in the 
dollar, min of the major prob- 
lems faced by direct importers, 
while solving the problem nf 
establishing a dealer netuork 
which is I he major difficulty 
facing an importer in such a 
big country- Renault is al«n 
negotiating with Mack, the 
American truck manufacturer, 
for. similar distribution richK 
in the commercial vehicle field. 

3. Volkswagen's opening of its 

new U.S. plant in Pennsylvania. 
Like the Renault deal. VI Vs 
derision to go ahead with U.S. 
manufacturing has been influ- 
enced by its need to avoid 
currency losses. The German 
company has been Ini very hard 
in this area in recent years as 
ihj Deutsche mark has appreci- 
ated at the expense or other 
currencies. At the same time, 
production in .Germany 

have been moving up so rapidly 
that it has now become cheaper 
to make the vehicles in America 
itself. Unlike Renault. W 
already had an extensive dis- 
tribution network in the U.S.. 
and these moves have been 
designed to protect ihi 3 . 

4. Negonalionc io put SEAT 
on a new footing in Spam. 


These talks, which could well 
end in Fiat taking over com- 
plete control of SEAT in Spain, 
a company in which it already 
has o 33 per cent stake, follow 
SEAT'S rapid sales decline in 
i ho last two years. This has 
been caused partly by the 
arrival of Ford and the launch 
of the Fiesta In Spain, and 
partly by the expansion of the 
country’s Renault and Citroen 
subsidiary plants. The Spanish 
Government has a large stake 
in SEAT, along with several 
private banks, and one possi- 
bility is that the company will 
eventually he nationalised. But 
Fiat, which has provided the 
Spanish company with its basic 


CAR PRODUCTION 

IN EUROPE 1977 


Passenger 


ears 

PSA PEUGEOT 


CITROEN 


Peugeot (France) 

676.109 

Citroen (France) 

667,280 

Total 

1.343.389 

CHRYSLER 


Chrysler (France) 

476.565 

Chrysler (UK) 

169.492 

Chnsler (Spain) 

96.435 

Total 

742.492 

TOGETHER: 

2,085.381 

VOLKSWAGEN 


VW |W. Germany) 

1,208.867 

Audi NSU (Host 


Germany > 

317,928 

Total 

1,526.795 

RENAULT 


Renault (France) 

1.259.038 

Fasa Renault (Spain) 

224,358 

Total 

1,483.396 

K!at (Italy) 

1,200.707 

GENERAL MOTORS 

Opel (W. Germany) 

922.304 

YauxbaJl (UK) 

93,237 

Total 

1,015.541 

FORD 


Ford (UK) 

406.633 

Ford <W\ Germany) 

542.750 

Ford (Belgium) 

305.589 

Ford (Spain) 

2 13 JUS 

Total 

1.468.240 

British Ley land (UK) 

651.069 

Daimler Benz 


(IV. Germany) 

409.090 

Seat (Spain) 

346.535 

BMW (W. Germany) 

284,771 

VOLVO 


Vultu (Sweden) 

171.800 

Volin far BV 


(Netherlands) 

54.000 

Total 

225.800 

Alfa Romeo ( Italy j 

''201.118 

Saab Scania (Sweden] 

i 76.49S 

Su-Jrra: Economic Intelligence Unit. 


designs ami engineering in the 
past, may want to bring it 
directly under us own cunt ml. 
particularly since it gives the 
Italian company a stake in 
Europe’s most rapidly expand- 1 
mg market. 

5. Two deals involving com- 
mercial vehicle interests are 
also expected to make a con- 
siderable impact on the car 
manufacturing sector. 

The first is the agreement 
between Fiat and Peugeot 
under which they become equal 
partners in an Italian State- 
aided scheme to build a new 
light van plant in south Italy. 
This will produce a vehicle 
more related in size to cars than 
commercial vehicles, and it 
seems that it will be marketed 
by Fiat’s ear network rather 
than its IV EGO commercial 
vehicle subsidiary: similarly. 
Peugeot says that this vehicle 
will nor he integrated into the 
commercial vehicle network it 
will inherit from Chrysler. 

This move sees the French 
and Italian companies trying to 
consolidaie and expand their 
position in the important light 
van sector which is coming 
under increasing attack 
throughout Europe from 
Japanese imports. 


Th** other commercial 
vehicle deal is between 
Volkswagen and MAN in \Vc«t 
Germany, and provides for the 
Joint development and manu- 
facturing of a vehicle tu fit 
be tween V\V* S LT van (its 
equivalent of the Transiti and 
the smallest MAN trucks of 
about 14 tons. Moves an? afoot 
t«.« establish a joint European 
distribution company for this 
vehicle. Clearly, this develop- 
ment will help consolidate 
motor manufacturing interests 
in Germany — V\V was weak in 
commercial vehicles, and MAN 
was an isolated larae 
truck manufacturer — while 
strengthening their distribution 
networks. The significance for 
the car industry in general is 
that the deal will eventually 
give Volkswagen the range of 
vehicle interests, from the 
smallest car to the heaviest 
lorry, which most manufac- 
turers now seem to be seeking. 

At the same time, European 
producers are running into 
capacity and . productivity 
problems because the growing 
maturity of the market is 
leading to a reduced rate of 
expansion of sales. This is 
making it less easy for indi- 
vidual companies to reduce 
costs by adding new capacity. 
In the 1960s. registrations were 
growing so rapidly — at about 8 
per cent a year — that producti- 
vity gains .mu Id be accomplished 
by expanding capacity and 
introducing more automation as 
it increased. Demand was also 
strong enough to shelter the 
weaker. Ipss viable production 
units, with the result that 
Europe entered the 1970s with 
a highly fragmented industry. 

This era is now over. 
Forecasts suggest a growth rate 
of between 2 and 3 per cent in 
future. The raw demand of 
the 1950s and 1960s has been 
satisfied, except, perhaps, in 
Spain, and much nf the future 
expansion will come from ranre 
marginal areas, -such as the 
demand for second cars. In 
addition. Europe has sufficient 
capacity already to serve its 
needs, and may have to plan for 
the disappearance nf some 
overseas, markets of the past — 
Volkswagen's . decision to 
produce cars in the U.S.. fur 
example. means ultimately 
200.000 units fewer hem? made 
at \VplM»urs in Germany. 

This year's figures, following 
the expansion in must parts of 
the Oiminent as markets 
recovered from the ml crisis, in 
1976-77. illti*i rales the point 
about stagnating sales. Registra- 
tions are steady in Germany and 
Franco, down in Italy and up in 
the UK. with the result that the 
lota! European market will he 
about the- same in total this year 
as la-d ai almnst 10m units. 

Predictions Tor next year 
point to a similar pattern, with 
sales probably rising in France 
and Italy, but almost certainly 
down in West Germany and the 
UK. 

On The production side, no 
European country is currently 
expanding quickly. Output will 
probably come out for the year 
at about the 1 l.2m units 
achieved last year, and f.’-o- 
casts for next year do not 
envisage much growth. 

The hi? question now facing 
the European car industry is 
hnw much further the pressures 
nf a more constricted market 
and rislisg development costs 
will pii«li the process nf ration- 
altsaiinn. Most analysis believe 
that the scope For root and 
branch amalasamafi'nns. of the 
kind which took pla'-n in the 
U.S.. will be limited by national 
political ambition-:. One of the 
most significant elements at' the 
Peugeot takeover -if Chrysler 
Europe, for example, is that, 
although it contains an interna- 
tional element because of the 
interests in the i'K and Spain, 
it re-established a strong. 


indigenous! v-owned. French 
industry. The VW-MAN deal 
shows a similar vertical struc- 
ture developing in Germany, 
and Fiat's progress in Hie last 
ten years has done the same 
thing in Italy. 

At the same time, political 
pressures in Europe seem to be 
pushing in the same direction. 
The Italian Government is sup- 
porting AlFaJtnmeo and giving 
big grants to Fiat to develop in 
southern Italy; the French Gov- 
ernment financed Renault and 
sweetened the path for 
Peugeot's takeover of Citroen: 
the Scandinavians seem to ^ be 
coming together to inject_ Nor- 
wegian oil money into Volvo: 
and the UK Government is 
suppnrtinc both BL and 
Chr-ster UK. 

Since it is difficult to foresee 
these national political interests 
in the industry being abandoned 
in the near future, it is unlikely 
that the European industry will 
slim down to the four or five 
companies which many econo- 
mists think desirable. In addi- 
tion. the presence of the big 
U.S. multinationals in the shape 
of General Motors and Ford— 
if no longer Chrysler— compli- 
cates matters further. Counting 
these companies. Europe 'has 
si.*- e J2 significant car-produc- 
ing businesses— or 15 if PSA 


Peugcot-Citroen is split into its 
three constituent groups (Peu- 
geot. Citroen and Chrysler 
Europe'), and Fiat and SEAT are 
counted separately. 

The alternative to complete 
mergers will involve the word 
which is on everyone's lips at 
the moment — co-operation. Com- 
panies in Europe will have to 
get together to pool investments 
and resources. This is the only 
way in which they will be able 
to accommodate the enormous 
bills for developing new ranges 
□F cars, and to face up to the 
U.S. challenge which already 
involves cooperative design 
ventures between their Euro- 
pean and American subsidiaries. 
There is no shortage of com- 
panies in Western Europe 
espousing this cause of co- 
operative development Sig. 
Giovanni Agnelli, the boss of 
Fiat talks about it continuously, 
and Mr. Michael Edwardes, the 
BL chairman, stresses that the 
UK company’s only way for- 
ward is .through similar develop- 
ments. During the last year the 
industry has begun to see some 
of these statements put into 
effect, and it does not look as 
though the pace of change is 
going to slow down at all for 
some time to come. 

Terry Dods worth 


CAR PRODUCTION AND REGISTRATION! 

(in ,000s) 


-MAJOR MARKETS 1976-AUG. 1977 


The overall picture for the British 
motor industry is not very encouraging. There has- 
been a big rise in imported cars and UK producers haye failed . 
in their attempts to improve productivity. 

Many problems in U .K. 


'O^O PART 


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PHONE: 0222 868416 TELEX: 497580 

GREAT EXPANSION SHORTLY in THE CITY OF CARDIFF 
ANNOUNCEMENT SOON 


UK CAR SALES have surprised 
everyone this year, not least the 
forecasters. Although in the 
past the British companies’ mar- 
ket research departments have 
gained a reputation for 
accuracy, this year they have 
consist™ ly underestimated the 
strength of demand. At the be- 
sinning of the year they were 
suc-'esiinq a modest rise on last 
year’s sales of 1.3m units in 
about 1.4m: but regiM rations 
nuw see in he heading fur 1.6m 
cars this year, and could well 
tup the record 1.66m achieved 
in 1963. 

All that has happened, in 
effect, is that Britain has lifted 
into i he upswing of the normal 
sales cycle a year earlier than 
most companies expected it to. 
Other countries in Europe, 
notably France and Germany, 
saw a similar expansion in 1976 
and 1977, as replacement de- 
mand fed through for cars which 
were not changed during the 
gloomy period which followed 
the oil crisis. Britain. like these 
countries, may enter into a flat 
period next year unless there 
is some unexpected stimulation 
to sales. 

In the meantime, the UK has 
become an attractive market to 
exporters looking for growth 
opportunities, and the continen- 
tal manufacturers, in particular, 
have not been slow to exploit it. 
fn thf_pattern now familiar to 
the UK mo lor manufacturers, 
rising demand has provoked a 
hig rise in imports, which have 
captured much more of the 
growth than the domestic manu- 
facturers Thu? by the end of 
August, imports had risen from 
427.600 units and a market 
share of 44.5 per cent in 1977 
to 571.600 and a market share 
of 4S.4 per cent this year. 

In sheer numbers. Continental 
producers have made the most 
impressive gains so far this 
year. Titeir sales rose during 
the first myht months by about 
90 units from 293.000 cars to 
,351.000. This group was fol- 
lowed by the Japanese, with an 
increase of about 32.000 sales 
from 100.000 units to 132.000. 
The EFTA countries and Conte- 
con have scored fairly evenly, 
with increases of between 5,600 
and 6.000 units to about 21,500 
each. 

The distribution of these 
change; in imports has been 
affected by two main factors: 
*he development uf the multi- 
national companies' policy of 
supplying many or their cars 
from their associate factories in 
01 her pan* o: Europe: and the 
new ri^reenu.-nr with the 
Japanese <in shipment limita- 
tions. 

Tiiy ch-myes in multinational 
pulley nave quite suddenly 
and Iijvm made a profound 
impact on ihe industry: by the 
cni of this year it is possible 
:hai about Jti per cent of total 
sale-; will }.e accounted for by 
foreign cars sold in this way. 
The key riafv m the develop- 
ment of this tendency in Britain 
was th* rescue agreement 
signed between the British 
Government and Chrysler in 

early 197ij. This laid it down 
as a maitcr of policy that 
*'» integrate its 

K faculties mure closely into 
its European u-.-iwork. thus 
opening th" door tu a free flow 
of (. hrysier's French and 
Spanish products mio The UK. 
rord an-J Vau.vhal). both of 
-.-■hum had been mming towards 
•“• , iri'pe?n integration in 
!"M- this a< the 
,u - 10 iiistr owu sourc- 


UK CAR REGISTRATIONS 

— 8 MONTHS TO AUGUST' 



1978 

% 

1977 

% 

Alfa Romeo 

8,651 r 

0.73 

5,887 

0.61 

BL 

268.369 

22.71 

24L370 

25.12 

BJHV 

7,645. 

0.65 

6,304 

0.66 

Chrysler 

78*140 • 

6.61 

57,488 - 

• 5.98 

Citroen 

22.736 

1.92 

16,874 

1.76 

Colt 

8.027 

o.68 r 

5,017 

. 0.52 

Datsun 

76.624 

6.48 

59.764 

6^2 

Fiat 

- 51.269 

• - 4.34- 


4^3 

Ford 

318,056 

- 2692 - 

- 241.571- 

- 25.14 

(ill Opel 

15,237 

L29 

12,279 

128 

G51 Vauxhail 

96.589 

8.17 . 

90,216 - . 

• 9JS9 

Honda ' 

14.538 

1.23 

10.263 

1.07 

Jeep 

224 

0.02 

— 

0.00 

Lada 

12.244 

1.04 

8,612 ' 

0.90 

Lancia 

8.545 

0.72 

6,123. 

0.64 

Lotus • 

414 

0.04 

327 . 

0.03 

Mazda 

9.816 

0.83 

8,726 - 

0.91 

Mercedes-Benz 

4,877 

0.41 

5.057 

0.53 

Panther 

156 

0.01 

. . 

0.00 

Peugeot 

21.942 

1.86 

16,512 

L72 

Polski-Fiat 

2.119 

0.18. 

974 

0.10 

Reliant ■ 

1.135 

0.10 

1.756 

0.18 

Renault 

50,552 

4J!8 

4L808 

4J35 

Rolls-Royce 

960 

0.08 

876 

0J09 

Saab 

4,365 

(U7 

3*531 

037 

Skoda 

6,88ft 

9-58, 

-..-7,4)29 . 

. 0^8’ 

Subaru 

1,029 

. 0.09 

— •' 

: oao 

Toyota 

2L753 

1.84 

I6JZ50; 

. L69 .. “ 

VW/Audi 

45.090 

. 2.82 

. -' 32,591. - 

. 3^9 

Volvo 

. 2L397 

1.81 

15,616 

. 1.63 

Wartburg 

2 

• 0.00 

' 6 ' 

0.00 - 

Others 

1.599 

0.14 

• • 1453 - - • 

0.15 

Grand total 

1,181,623 

160.00 

960315 - 

100.00 ' 

UK penetration by souree 


. - 



British 

609.978 

. 51.62 

... 533*327' 

55^0 

Coniecon . 

21.255 

li80 

. - .. ; 16.624 

1-73/ . 

EEC (excluding British) 

381.389 

.32.28 

293^40 

36.52 

EFTA 

. 2L762 

1M 

.. ,15*299 . 

1^9 : . 

Japan 

131,793 

11.15 

... 100.022 

J0.41 

Others 

15,446 

.1-31 

2.403 

025 

Total imported 

571.645 

48AS 

427*588 

44^0 


ing from overseas. Ford, for 
example, now supplies Britain 
with built-up cars from four 
countries overseas — Germany. 
Belgium. Eire, and Spain. 

On the Japanese side, sales 
have cuntinued to rise this year 
despite the pledge to limit car 
shipments from Japan to the 
same level as last year. But it 
could be argued that they would 
have gone up -till more had 
there been no agreement. What 
has happened is that the Japan- 
ese car importers have been 
able to draw on considerable 
slocks in the UK to ' ee: sales 
moving ahead: they have also. 
s« far. shipped out more ears 
rhan last year to replenish the 
supply Lies. But these exports 
from Japan are now beginning 
tu fail, and will be required in 
drop even more if they are to 
conform to the shipments deal. 
So in the las! few months of 
the year, ihe Japanese Import- 
ers will come under pressure 
to reduce their registrations, 
particularly if a further agree- 
ment is drawn up to limit ship- 
ments next year as well. 

Among »|ic Guneeon and 

EFTA importers, the must not- 
able Increases have ' een made 
by Ljda. the Russian manufac- 
turer which sells its vehicles 
mainly on price, and Vnjvo. the 
Swedish producer which has 
nnn%aed i Denver ry pflter- 
lively from Us slump last year 


with sales up by about 5,000 
units to * ',400. 

Among the smaller EEC 
producers, also, considerable 
advances have been made: 
sales are up significantly at 
Alia Romeo. BMW. Citroen, 
Peugeot. Opel and Lancia. 
Indeed, only Mercedes among 
ihts group has suffered a 
decline, and this is mainly 
because of supply shortages. 

Given these across-the-board 
increases, n is no surprise that 
the British position has not 
fared particularly well. U is 
difficult, however, tu untangle 


UK CAR PRODUCTION- 
WEEKLY AVERAGE 

1978 1977 ■ 

. Jan. -July Jan.-July 
(30wks) <30 wks) 

BL Cars 12.544 12,528 ■ 

Chrysler UR 3.424 3^42 

Ford 8.237 7.817 

Vaiixhall 1.884 2.151 

Lotus 24 2 ft 

Reliant 13 51 

TVR 6 7 

Others 76 68 

IVJtly. avge •_ ■ 

total. 2&208 22.884 

Total of 
recorded 

psodUCtn. 786.230 776.517 


the main cause of this. Part, 
of the’ reason is the dear, deci- 
sion of the multinationals to 
supply more of their UK needs 
from overseas, rather than tbeir 
domestic facilities. Bu; in the 
case of BL Cars, tbe ' main 
source of UK-manofactured 
vehicles, analysts- disagree as 
to whether its poor showing 
this year is due to low produc- 
tion or rapidly declining public 
■interest -in its ageing range of 
vehicles. 

The answer probabry. lies 
somewhere between . the two. 
Certainly BL’s production has 
suffered plenty of reverses this 
year, fin the first six months 
the group made, a weekly 
average of 12.544 ears against 
32,528. in the same period last 
year): mid equally clearly it 
Has. had some trouble in selling 
the' Marina this year, since the 
car has been offered at enn- 
sldable -discounts : f n . : a novel: 
“ run-out ** campaign . prepara- 
tory to the introduction of a 
hew model. j- .7 

Compared 'with BL,- Ford UK 
is currently- riding on the crest 
of a wive.; it now . has- a . model 

range in which no car is older 
than' three-and-a-htU f- years. H; 
is -also- making record profits, 
is in the process of -large scale 
new investments in the UK. and 
ha* a waiting list for its 
vehicles which easily outstrips 


demand. The Cortina and the 
Escort .are consistently -the 
country's best-selling cars, while 
the Granada and Fiesta are also 
in the top-. ten. 

Some executives in the indus- 
try believe that Ford could 
easily raise its market share 
now if it wanted to. But the 
company's strategy appears to 
be one of only limited expan- 
sion. It has done little in the 
UK to raise car assembly out- 
put in recent years, apparently 
• because .'it remains -sceptical 
-'about -the discipline of its 
British workforce, and has con- 
centrated instead on the 
development of its British com- 
ponent manufacturing Facilities. 

This policy does not appear 
to have been changed by the 
recently-announced decision to 
invest £lbn in the UK over the 
next four years. A good pro- 
portion of this^-probabl'y about 
half — is guing into the Erika 
project to build a new car to 
replace the Escort. About £ 180m 
will go into the engine for this 
vehicle, and the rest into devel- 
opment new assembly facilities 
and related projects.' Most of 
the rest of the expenditure will 
go into -modernisation projects. 

Like Ford, Vauxhail has 
reaped the benefit in the last 
two yeara of having a number 
of new cars to offer the public. 
The company is . not’ doing , so 
well as expected this year — its 
sales are only up from 90,000 
to: 97.000 as production has been 
virtually statics-hut it is expect* 
ihg a bdbsf later- in" the' year 
from the . introduction of two 
more up-market models. These 
oars, like its. new ChdvOtte and 
Cavalier vehicles, are just more 
evidence of -its increasing 
integration " with GM-’s Opel 
plants in Germany. They have 
-been derived from the Senator 
and Monza range, which have 
already been launched -on tbe 
Geatinent^and indicate the way 
in - which GM bas. also edged' 
away towards . investment til 
Germany and on. the. Continent 
rather than the UK car assembly 
industries.- / - ~ 

' Compared with- last year, 
Chrysler Jias, also made a con- 
siderable recovery this year; But 
its safes 1 , ate still quite limited 
— at 78,000 so far they are. only 
about 2AQG ahead of the leading 
importer’s.' Daisun's — and its 
.future is how back in the melt- • 
mg pot following the bid from 
PeugeotCjtroehl Thus it. re- 
mains an open, question' whether 
it will go through: with the plan 
to-, introduce.- another new car 
next year as laid out. in its 1976 
agreement with the 'British Gov- 
ernment...^ " 

The .overall picture which has 
emerged uf the. British industzy 
this year, therefore, is. not very 
encouraging. BL is continuing 
-to invest quite heavily; but only 
by dint of drawing on Govern- 
ment funds, and Ford Is not 
adding to assembly capacity.. AU 
throe of the multinationals are 
-now keeping .alive many of 
-thesr... ambitions in' the UK pjr 
■ importing cars, and other' 
importers are strengthening' 
their -networks- in . the UK.- 
Meanwhile none of the UK pro- 
ducers: seems ' able to raise, pro-' 
Auction. *br productivity .and, 
with the break-out of the recent 
,'Fbtd -strike, industrial reflations, 
problems have again edme into 
the forefront ■ This is. the. hind: 
.of 'situation' which a growth 
market - probably exacerbates' 
rather than helps. 

Terry Dodsworth 


e, 

hi 

ie 

in 

i<? 

if 



Production 

New 

Teelstrations 


Production 

New 

registrations 

t 

} 

i 


Cars 

Cars. 


Cars 

Cars 

i 

U^. 

Year 1976 

8.497.9 

84161-8 

ITALY 

Year 1976 

1.471.3 

1,187.6 

i- 

Year 1977 

9,213.6 

10,751.9 

Year 1977 

1.4403 

1^2 8L2 

% Increase 

+ 9.4% 

' +30.1% 

% change 

-2.1% 

+34% 

M 

1977 

7 ruths. July 6 ruths. June 
5.636.9 5,235.0 

Half-year to June 
1977 

776-5 

649.9 

b 

1978 

5.585.1 

5^51^4 

1978 

805.9 

579.4 

r- 

% change 

-0.9% 

+0^% 

% change 

+3.8% 

-10^% 

d 

iv 

: n 

rs 

>r 

FRANCE 

Year 1976 

2.979.6 

1.858 J2 

JAPAN 

Year 1976 

5,027.8 

2,449.4 

Year 1977 

3.092.4 

1.907.0 

Year 1977 

5,431.0 

2,590.1 

% change 

+3.8% 

+2.6% 

% change 

+8.0% 

+2.1% 

T. 

Half-year to June 
1977 

1.698.5 

1.039.6 

Half-year to June 
1977 

2,618.2 

1.195J 

it 

is 

1978 

1,659.4 

1^39^ 

1978 

2,961.5 

1^36.0 

B 

% ■ change 

-2^% 

.. 

%- change 

+ 13.1% 

+ 113% 

y 

WEST GERMANY 
Year 1976 

3,546.9 

2^12.1 

UK 

Year 1976 

1.333-0 

L285.6 

l 

i 

Year 1977 

3.790^ 

2.561.3 

Year 1977 

24516.0 

1^23.5 

change 

+6.9% 

+ 10.8% 

% change 

-U3% 

+3.0% 

i 

Half-year to June 
1977 

2.019.4 

1.45 L2 

8 mths. to August 
1977 

855,687 

960.9 


1978 

2.063.6 

1.502.9 

1978 

875.104 

1.181.6 


% change 

+ 22% 

+ 3.6% 

% change 

+2^% 

+23.0% 



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THAT YO 


THE WHOLE 


by leading motoring journalists, saw the start of a 
new era for\&uxhall. ' ; 

The extraordinary success of these cars can 
best be illustrated by the sheer number seen on 
our roads today Building on this success, we enter 
a new phase with the introduction of six new cars. 

The Sports Hatch, now available as a 1600 
or 2000, joins the elite ranks of the Cavaliers whilst 
the new Carlton 2-litre Saloon and Estate, and 
the luxury 2.8 Royale Saloon and Coupe complete 
a truly comprehensive range of quality cars. 

^&u can see where our future lies on Stand 
484, Hall 5, at the Motor Show or at your local 
Vfouxhall dealer. 'Wb think you’ll agree it’s 

looking rosy VAUXHALLSB 




THE NEW CAVALIER SPORTS HATCH 


Cliff 


*»> 


THE NEW CARLTON 


THE NEW ROYALE 








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Lady F; 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
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20 




EUROPEAN MOTOR INDUSTRY IV 




/ 




On the next three pages onr 
correspondents discres the performance of the lades try 
in the major European centres in the light of the major moves towards rationalisation 

which have taken place over; the Iast year. 


-i 









The Morris Marina 1300 coupe 


THE VEST 
industry's output 
estate vehicles 
per cent in 



l ** JVVUUU w - ■ OJ uv. » Vi • . UiC ui Uit _ P 7 VTTA 7 • *•/. -ki. ' ■ ■. 1 .. ~ m , — ■ 

months of this year. The figure that the industry's "analysts are cyclical fluctnatioas in the car Dentscbe Mark on dollar prices ated by Daimler-Benz and BMW. once bj-3 ‘ 
is rather more impressive than correct in that the boom has market Although plans are still rather- than, the fact, that its : .General Motors, wmeb^owns -c ent. , 



it at first appears for the motor inched its peafcTthere are no ^ the study phase, there is some ageing “ Beetle " model was los- Adam Opel, the Federal Repub- VteJianmir 
manufacturers last year were s j CTns nrodurtton will fall urgency to the scheme as the ing popularity. . . : He's second largest car maker,, me iUA. products has been ftfan . 

working, flat out at full ba “ ck heavily. The German balance sheet of the company is j te ^ p^rfonnwo* re- has been testing the West ,<2er- ton 
capacity. - public's love affair with the currently m 0re remin^ent of maills we ak ip com- man response tp the latest «* jes; J^JJ*** 

Car makers here have been motor rar is t0 con . a bank than an industrial com- parision t0 hs record la the American produce. The 

enjoymg a boom in the domestic The industry's most im- PM* . .. 1960s and early 197Qs.;Now it tLS. challenger, furthermore. gtaghto . 

martlet that has swept sales and p ress j ve performance this year Perhaps even more impress. re appears tjjaf its 'domestic .mar- appears to be coming rather to 

profits up to record levels Pro- wa at Volkswagen which has » the fact that V* has com- ^ nnt ^ r assauft its sooner than the German manii- k rniderstopd- that -the= . 

duetion capacity has failed to now more thgn regainc d its plotely tuned I around its loss foniftn competitors.; Domestic facturers expected it. Last- year year'sdehvcnes have^- 

. Mn tin f k MAmanfl Qfin ” . _ . miknUiAmAf ^ _ a _ _ ^ a mif . Ihd WtnmAMf u 


•keep pace with 
delivery periods 
lengthening considerably 
in the popular car market. 
Last year the country's car 


d ® mand * nd reputation which 
have been hy acraimilated 

eVCn Dftflbn in 2974 

powerful recovery with net pro- 



fits of DMlbn in 1976 — when it loss of DM 25m last year was imported cars, am nog the some cars for sale— the Camaro 


The Triumph Dolomite 1500 HL 


makers turned out some 3.55m turned inu. a DM -10m profit. sehwi rSfste^d Tn! ™r,s car and ibe Malibu VWhUe General Motors,^ 

units— 7 per cent up on the pre- w with D. Mexico a DM 33m loss this d ' f romM in S iloon-snd sales hive : £ 8n V®»R»t 

: 1 r yf ^ Ure de A ™!, h J’ Sa .he “ ;Xn^ofDM483m became a firs,, lud Sf^« ^ m onS^of ^ S SE? w encouraging tor the 

time exports, despite the . 19 — a couple of months DM 33m profit, while in the oercenL - US manufacturer. Both models challenge . b> fire 

strength of the deutsche mark. 1 h 0W ere r Se c ”n eern. U.S. where the group has “““ . _ . . _ ^rv European in mneept German . profinra^' 

FMMS SE323SS SSK$£ &&&& 

SL°S 'Ei&SS Ce year's Bm half results were •«-«. a modest net Although they are both. ^VS^SSSSSS^S 

little to complain about. even better than ever. The> had P^fit of umim. many in a large way and their American in styling terms, the 

This year domestic car n sen by a third on the perform- - aggressive sales strategy^ppears design requirement— forced on 

registrations increased by only ance of the first six months of . to be bearing fruit Detroit by the U;S. Govern- - • _ - - ^ 

3.6 per cent during the first 19 " to DM 265m. " ... ’ Registrations of Japanese- ment’s new fuel consumption .^{g BwhlbwSSK- 

half year, compared with a The group has so much cash But if Volkswagen symbolises ^jjg vehides Were up hy 53.7 and emission regulations — ' 
growth of 9.9 per cent during in hand— the' liquidity of the the resilience and strength of per cent daring the first-half of the first time brings American . fktnn 

the same period of 1977. parent concern ‘ alone the tndustt^ite^ hirto^ dso ^ ^ ^ C ars into the European le^ue! . 

Exports also went up rather DM3.obn at the half-year mark provides a graphic illustration for fte cbmoarable oeriod of The fact that they come with ^ 

• last year. Admittedly fteir-glice the standard American counterparts. at the poptiar eHd . 




last year. Aammetuy toetr -slice tne stanaara ad«r» - of thp trade— have beert-i^ ' 
of the market ’is tiiiy-4fU8a accessories' package Is an added in-;rauSi^. 


units in the opening sis months incentive for buyers who are nrnsrc »m m j^ 'kiaar^f«u'‘MS 
-but there is a-growin^aceept- used to paying.extrfi .for ereiy- '-!J?*SESSin 
anrebf Japan^e demgn. quaiity. thing from a cigar- lighter to ' ‘ 

and, above all. price among electric windows. ■ * • - ■ 

West German consigners. 


However;'. 

expansion: ;qf prodnctiqHr i^; 

While it will be the mass car more than competitive. A jo^ain^n^Ualliy^Sr'^^- 
producers who will -feel the Camaro. for instance, sells for ... . .-5i .t- vSy 
sharp breere -of Japanese com- DM 17.700-the price one ^ ^ttook /or Detrq^a^ 
petition, the upper end of the would expect to pay for a small, - ‘ ufiiy naTOfl 


‘ iV-.". 1 




Golden Strongtiox 


A lot for 



A lot of new features. 

A lot of value. And a lot of advantages 
for you with no increase in price. 

□ new aerodynamic shape to save fuel 

□ new detachable running gear 

□ new universal landing leg mounting. 

□ new relocatable under-run bar 

□ new simple removable rear light 
clusters. 

□ new impact resistant rear frame and 
front header rail 


So if you want a lot from your van trailers 
you want the new Golden Strongbox. 


STRONG 
BOX LTD 



Tidd Strongbox Limited, Marston Road, Cromwell Road Estate, St, Neots, Canibs PE192HD 

Telephone: 0480 74741 Telex: 32253. 


•" r Ws : : rviV4#£ '-V • 

• . . -Vi. J.T- H — , 



BOTH SWEDISH automobile Mr. . GyHenhammar himseH wage and price. v> . 

manufacturers^ Volvo and Saab- saw the agreement as marking wegian trade unions: 
Scania, have been doing better a -switrii from the defen^ye - postph aeme nt 
in 1977 with export sales off- posture Volvo had bad to ado^t 
setting the slump on the domes- during . the previous couple Ot nnvprnmavit iiSiSn 


^ Government has^been tryf^W 

ttc car market. The most yeare. as rising SwBdish coata^^g^ a KOUp bfi-bapks'#*- 

exciting event of the year, how- an f 1 a contracting world, car insurance companira to - 
ever, has been the bold deal ate- away at- its profit the Volvoshares.' • 

rwetrian con- • .. 

;The timetable: far'-tbe-TSgw^ 


under which a holding company margin^ . The . Norwegian con- 


jointly owned by the Norwegian nection pronrises to supply at ^ ; 
state and • nrimte investors is least part of- the Cash -Volvo- „ - -r. ... 


state and- private investors is ««• “* c t T , “/ v J u,vu fuVfcer delaVea'bv the - 

to take a 40 per cent stake in badly needs for product .deve- JjTgg . 

V°l vo - lopinpnL . • . The’ final terms .were' . . . 

export sales recovery j - . .. . byOct Qber .15- as .platmed.^ua';'- 

.. wth the devaluation of Contract- ' r : meaMTth^ii^tion-.^|i 
the krona has returned Volvo's ^ “ * ; : . Parliament «aBno£W'Mb''. 

car production, to profit while The final contract is not yet -imw • 

it must be assumed that the safely m harbour. The agree- 
profitability of Saab cars, which ment has mrpused conmderable ^ 


bare been running at loss for criticism, in Noway,, . mostly •' 

years, has also improved, ftom industrialisw and ' econo- 


Nevertheless, these advances do mists Hsut also from 1 opposition 

not answer the queaUons about politiiians. !Tbe_ Nm^glan SSgg fei^ ^^t..:- 
the loug^rm vdabUJtir ot two Federatiou rf Industty has 
relatively small manufacturers queried whether Volvo’s pro-^rt-thp- 
from a high-cost country in a rafee to create between 3*000 

and n^v^jobs. iq Norway ior th® jjjoment the: , 


challenging world market. 


The agreement negotiated by caii .Be fulfilled. At the same, that' Ml ^Gyileahamma?;^;: 
Mr. Pehr GyUenhammar, Volvo’s time,- ft points but, the agree- succeed in- bringing. ife- Vo % :; 
managing director, with the ment frould commit Norway W - ‘ 


Norwegian Labour Government share responsibility for main-bolder - — 
was a quick rebound after the taining “ extensive : industrial ‘ The pn^peets for c 


a *new . capital-strong 7 * 


breakdown last year of the activity and some 44,000 jobs in ^ ; 

ween the two Sweden.” . - - . 


certainly- been enhaoo 


merger talks between the two Sweden." 

Vo,vo The' Nbrwefdan G 0 vOTment 

stands to get SKr 7o0m f$170m) also faces difficulties In dispos- d nriiie tfie fiist piit 

in new share capital, a partner fiog of that- half of the shades year.- At^the half^way n 

WHO Will have Stmno Pinimi 


have strong 
resources and access 
tiai new source 
North Sea oiL 



pliaace .with the Government’s cONTINtiED ON^PA^E v 









’ ,J~.W ■ ' •" ' t 

















‘October TT-W78 ' 



j S. «'. J S *.” 

a •• , 


i i M M 

V-- ' A > v 


\ p: : . 
* W V* 


EUROPEAN MOTOR INDUSTRY V 


21 




a 




THE FRENCH motor Industry pared a lavish christening party 
js somp through one of the for .his" first grandson only to 

most important periods of strtic- find that the. guests have 

^ , lts history, declined the invitation: the 
tKJ J ?Q°c ltroen ‘ the re3u11 of market for vehicles, of more 
tf,5nj ?r ger of ^ medium- than 5 tonnes has fallen by a 
nauit Prt 1 ft nU fw lUI ^ rS i! cata ' Quarter over three years- to take 

French £2 the image of it back to, the level- of -20 years 
wnrirt^r vfi^ 100 '? to 1,16 a 8°: Prices are . 1 5#Q-_^ cent 
chasA Wth lLs pur " h® low their pre-crisis level and 

tmn?«?r!™.T Europ ^ ari oper * Renfl ult has opted .to lose 
Tb e °statM^ r ‘rf ♦ market share' slightly rather 

nanv m ? t0r com : than persist in a price war. MV 

?o bei? fi tt^n!^. 10 J g ^ d Iost FFr 2S0m iast'.bar and is 

negotiating r„ r tKSutlon h “ di " g for “ udl '«>» «'»■ 
and eventual manufacture of its “ commercial vehicles are the 
vehicles, particularly the' new had news, private "cars art un- 
18, by American Motors Corpo- d°. u btedJy giving, recession-proof 
ration, reflecting ironically -on ^dence of the place' they hold 
the fact that more than two in .the Frenchman's affections, 
years ago it was refused permis- In th e first eight months: of this 
sion by the French Government year only tbe scattered strikes 
io discuss the acquisition of at Re nault before the summer 
certain Chrysler assets because holidays prevented . output 
it would open up too great a reaching '2m. In the first half 
gap between the public and of 1116 year France exported 
privately-owned . French motor 8 ^°00 complete vehicles and 
sector. a further 250,000 for overseas 

On the components front, the assembly. Imports: were only 
disputed acquisition by the 215.000 and "the- penetration of 
Ferodo group of the Diicellier imported vehicles has- declined 
electrical components' company recently to around 20 per cent, 
in the face of the bitter struggle Renault's world-wide prod uc- 
hy Lucas to apply what it tion will rise to. 7,850. ^vehicles 
though was a water-tight agree- a day this autumn; of which 
men t giving it first refusal of. 6,400 will come out : of factories 
the 51 per cent it did not in France. It has filled out its 
already own -in the company has model range during the- course 
created for the - first time a of the year, . adding thb - four 
European scale French-owned versions of the Renanlt 18 which 
components group. Ferodo it looks to as its first' really 
faces, however, a formidable international car is. 1 ear- 
task in \yelding a whole string marked for overseas production, 
of recent acquisitions — some including in the :UJS.); corn- 
er them in very , wobbly finan- pleting its Renault "5-' “mini " 
rial condition — into an efficient, with ah automatic., version; 
*™ p - . .. expanding the . 14. into a -full 

in the^ commercial vehicles range; topping np the 1 exp'eiisive 
seciur, -Peugeot - Citroen has end of the range -jirtth the 
made Us entry into the heavier 30 TX; and adding - a GTL 
sector (all the French manufac- version to that evergreen not 
turers produced light vans) via far short of its 20th birthday, 
the Dodge activities which the Renault i 
2™ thtOaydxt met- Bat in .the sudden- .position 
chase. Renault, two-thirds of 0 f being the ch^Uengef instead 

“ raplete of the narhet leaderrwhere 
renewal of its range, is -discuss- hops, the : 

ing an agreement with Mack ?!* 
whereby the U.S. manufacturer VerniCTPal^ez^its 
would make available medium 
diesel-powered trucks through rirtaiiriv^t 
its American: sales network. SJSfiSF 

The contrast with a few years ^ . 

ago is remarkable. In 1973 r2I™tS£?!5 l 
Chrysler France accounted for 

about 15 per cent uf output and e ;? 0re °« ess 25?'*? 

a . half xmm Mr. Michael 


The big question-mark — dis- 
cussed elsewhere In this survey 
— is over the British Chrysler 
activities. 

The French company has pro- 
mised that it will maintain the 
integrity and .identity of the 
three component parts of its 
empire — Peugeot, Citroen and 
Chrysler, with separate dealer 
systems. This follows the. pat- 
tern it established with Citroen. 
When Peugeot acquired Citroen 
only a very small team of 
Peugeot men under Mr. George 
Taylor went across to the new 
acquisition to turn it round, and 
a similar discretion is to be 
expected in its treatment of the 
Chrysler operations. 

However, the three marques 
do now present something of a 
proliferation of models with a 
lot of overlap, and since the 
avowed purpose of the acquisi- 
tion is to rank in size with the 
U.S. and Japanese industry and 
gain the consequent economies 
of size, a lot of effort is likely 
to go into achieving the maxi- 
mum common use of com- 
ponents within a -homogenous 
model range, allowing for flexi- 
bility in adapting production to 
the demands of the market. 

The refusal of the French 


Government to sanction the 
increase in the Lucas stake in 
the electrical component com- 
pany Ducclher from 49 per rent 
to full control despite the pre- 
emption agreement Lucas had 
negotiated with the seller, DBA 
(JBendix) illustrates another 
element in motor industry 
policy. Over the past few years 
a series of ailing component 
companies have been brought 
under the wing of the Ferodo 
group in an attempt to introduce 
a French name into the world 
market for components. 

The complete acquisition by 
Lucas of Ducellier. according to 
the Government’s thinking, 
threatened to render these 
efforts useless by establishing 
Lucas firmly as the competitor 
to Bosch of West Germany with 
a high-technology, product range 
against which Ferodo could not 
compete. According to the Gov- 
ernment scenario the ambitions 
for Ferodo (particularly in the 
field of electrical motor control 
equipment) would have been 
destroyed as Lucas and Bosch 
fought over the European mar- 
ket, leaving the French group 
a casualty of the inevitable price 
war. 



Hence, Ferodo His now 
acquired, (at the laiest count) 
the voting rights if not the 
capital of the former DBA stake 
in Ducellier and is confident 
enough of its position to 
announce its intention to raise 


new capital to complete the licity) that it presides over a. 
acquisition. country noted for fashions, per- 

The French Government is fumes, good living and a certain 
understandably allergic to the bloody miudedness in foreign 
belief among many foreigners affairs. It would like to pro- 
(and promoted, incidentally, by ject France as a top-flight tech- 
much of France's overseas pub- nologica) nation intent as M. 


Giscard d’Estaing describes it, 
of being present at the 
“ important rendez-vous of his- 
tory." The motor industry, at 
any rate, is loyal to this 
ambition. 


What makes 


David Curry 


Chrysler easily the best choice 



RrriQTDATinM r,c Edwardes took over control of 

REGISTRATION OF CATO the. company:. _M. .• Bernard 


* • y . . wiiunm 

IN FRANCE BY MARQUE "anon,, the ■' h ead' ■ W?- Renault’s . 
.. x car division, says that previous 

(in percentage terms for the discussions had opened up the 
first six months of 1977) way wide-ranging:’ co-operation, j 


Renault 

Peugeot 

Citroen 

Chrysler France 

Ford 

Fiat 

VW 

GJtL 

British Ley land 
Alfa-Romee . 
Japanese 
Others 


33.5 and be recently commented that j 
1&0 be hoped that talks would] 
16.7 resume as soon as Mr. Edwardes i 
1L2 had established the main lines 
: 4.7 of BL development . 

3.4 M. Vernier-Pall iez describes 
2j ■ Renault's strategy as being i 

2.5 based on three principles: unity 
1.3- of marque and image; unity of 
1.2 the range; and unity of the 
1_2 commercial . network. This 
3.1- strategy had already taken the i 

__ company from a world-wide pro- 1 
duction of 565,000 in 1962 to 1 


'S 


d 








* & > 


AT .. rt 


"■‘MiV* 


Xi&iprJi; f,* : 





some 10 per cent t>f. sales. i.737m last year. 

Citroen which in 1^74 was to This year the . company will , 
iosp. PFr lbu; with a reputation invest some FFr 2.5bo to 
* 01 \ . nmoya^ ti^ on mode rinse existing factories, 

and Peugeot, with 'its tradition develop automation (particu- 
of solid but relatively conven- jj^jy welding and painting 
tional engineering, each counted robmots) and in the n — — 
as medium^sized corner^ with ^ ^ io new plant It is 

around 2U jper cent of sales aIi ^ extending . its overseas, 

m ^ keU , facilities around certain | 
Renault, with the national tor example, an 

nU5SI0 ^ u as an exporter and. Tberian pole in Spain and 
stiup-mpdow. for the French PortI1 * aI wh ich win eventually 
industrial progress not to jjg closely associated with 
speak of its more uncomfortable Frendl operations. ' 
role as something of a mirror - 
of French social changes — was Parnfiil 

well ahead of the field with a 

third of annual registrations But the.staj turn of the year 

and some 40 per cent of pro- j -course,. Peougeot-Citroeir. 
duction. • Ohe must be careful not to 

In 1975. came the upheaval of focus too strongly on the whiz- 
the rescue of the Citroen, group, kiddeiy of the 41-year-old chair* 
-which -comprised the^car manu- ma n-nf Peugeot-Cltroen (despite 
facturing activities of the the double-barreUed name, the 
Lyon-based Berliet commercial parent company is Peugeot) 
vehicle division. Peugeot, with Jean-Paul Parayre, who came - 
a Government financial dowry, into the group- with Government 
took the ■ car . interests, ; and " blessing- four years ago after '-a L 
Renault took 'Berliet to add to career galloping through the}, 
its own Saviem commercial upper ranks of the civil service, 
vehicle interests covering coi- Peugeot is still a traditional 
lectively just short of a half of company, and M. Parayre has 
the national market been tempted by the personality 

Peugeot fare the better. The cult: A directorate of three 
national market:- for* cars, has takes the final decisions;. -a Jot 
remained buoyant beyond the .of the leg-work oh the Chrysler 
expectations of ' the oil crisis takeover was done by his pre- 
pesslmists. Renault., took, over decessor, M. Francois Gautier, 
Bei-liet Several -years too late: . while the Peugeot family, with 
it wasjiffit. rn.'tihie to “walk into 40 per cent of the capital, hai 
the' worst recession 111 the ' Com-.- by no means retired to live off 
mercial' ‘ vehicle .sector for the gloiy of Its name, 
decades— a recession which is The" Chrysler takeover, for 
stili:: getting- worse.; ' IniijaHy $230m cash and 155 per cent- 
tnatntaining: - - the - - ■ separate in-PSA Peugedt^litroen, would 
organisations of the two sub- give the French group, this year 
sidiaries, Renault . has flnnlly .44 per .cent of the national and 
ihei^ed'Berilet and Satfem Jnio 18 per cent of :the; European 
Renault :-'.&dusfrraI'' Vehicles market. 'Hie "most desirable 
although:: the- , wo- marques asset, Is undoubtedly- the Slmca 
regain* id-b^ag, at leaa pri-ltie. French group, : with half a mil- 
homevmackeL'.vWhen its n.ew ]ipn cars 1 of output -based on 
range (rfrlight^vehides comes the more modest family car — 
out- next year. iUV will have, the {still- popular 1100, the sue- ./* 
remodeled the; entire -range, .cessful 1307/8,\ and- the. new’ 
based ‘ on' roakihg' Berliet. and ' Horizon. '.Simca’s profits .record ! 
SaiieiaiTehicles. compleinentary is patchy.".; . , 

wii^in a" . unified -range "anff.‘ : The a equisitioh of the Spanish - 
emphasising^ the waiinon use interests.of Chrjliler' will rein* 
oF:p^njK)nents- i : .-. .- overseas r. 

^-ah Jnyesurient the new 

rejnme in ^ ■ 305 is, 


Simplicity. Chrysler have taken all the mystery out of 
leasing. The Chrysler Leasing System offers you a complete 
service -ordering distribution, follow-up, service, accounting 
and invoicing. : 

Every financial directories different requirements from 
■ a leasing system. Check these Chrysler offerings against your' 
own particular needs: 

Country-wide network There are over 120 Chrysler 
Leasing centres-of which 50 are also van and truck specialists. 

Choice of vehicles The whole new generation of 
Chrysler cars plus the Dodge range for vans and trucks. 

All backed by first class service. ■'■ 

. One contract All your requirements can be met 
through one contract in one leasing centre- with delivery and 
service anywhere in the UK. " \ I 

Interchangeable outlets A vehicle supplied through 

.one can be serviced, maintained orsubstituted at any other. . 

Extra vehicles Chrysler Rentals can supplement your 
leased fleet at any time. 

Tailored plans Chrysler offer s wide choice of 1 ease 
Plans which can be adapted to meet your every need. 

Back-up The dealer network is backed up by Chrysler 
Fleet headquarters staff and Fleet Sales Managers in the field, 
who are always available for consultation, and by the Fleet 
Service Department for every sort of technical problem. 

Finance Chrysler Leasing System dealers can offer the 
. full financial services of Chrysler’s own Finance House, Chrysler 
- Acceptances Limited/Chrysler Wholesale Limited.to meet 
your funding requirements. 

Contact If you like what you’v.e read so far, you will 
want to know more. Ring John Leadlay on Coventry 303030- 
or get your secretary to send in the coupon. 


Take it easy with Chrysler Leasing 



Name; 


Position. 


gramme in (xiritoicreia 1 vehi<4eS mediptDrra ft»3 ’ "P-eogcot 

of FFf. 5bir (n our stretched 'IS bie-' the bativbone pf 

ovBr^len^r'thafl the-five^j^ars tite J oveT?eai ‘-presence in the 
originally' progfanmie'cf ) RlV-ris ^lpe : isray .'-sa/j.the-v competing': 
in the ‘unfortTinatG jiositicm of a Rpnanlt IS' is ther/pivot of the] 
proud, grandfather who has pre* states wned - company’s efforts. 


Company. 
■Address _ 


TeL. 


FT 2 








- .■ - r."K 7 *VTi , /S va* ^ ■ *#=-s i*:v 

_■- - .-'--t :.; jsv * ' ;_r v-"-. j’ “- 5 


[Financial Times :mssa^ 


EUROPEAN MOTOR INDUSTRY VI 


Pr 

pr< 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson r» 
number c 
were com 
puign agai 
Party on 
1974 Genr 
The foi 
allegation 
lowing the 
affair. Mi 
was. had 
an orches 
himself, l 
Lady F: 
Marcia W 
The Pr. 
Sir Haro 
drawn sni 
Subseqi 
inld the 
did not 
nrietors 
instructed 
round a 
material." 

The Prt 
to hear 
Sir Ha roll 
formal co 
On the 
against t 
council s; 
Royal Gc 
(hat ther 
Labour bi 
The Pr. 
is one ni 
lished tod 
In ano 
council 
against tl 
Daily Ex: 
picture c 
Henrietta 
death in I 


Signs of recovery in Italy 




TFTFttF APE PTnersinz of Metalworker? and Engineering into the troubled car group, and ing "n its more 
a aradua! recover* ««: the Union contract which has tradi- it is probable that IR1 will have Lancia range to 1 
Italian motor industry- After ii.mally set the pattern of to call on the Government for £***<-** un :he 


• prertiginu? vehicle? croup. r«*pr»- 

build up its >cnt;ns something of a '.ead. in 
e European the process of European 

industrial integration. 

», Fiat is now However, Fiat now appears to 
am Dieting its be intent in returning lo its 


najian ni.mir niuu,ni>. - . - — ■ -- , , , _ _ .if, marker industrial imecrauon. 

four vear« of crisis conditions, wasos m Italy and directly urgent funds to keep the Alia marker. 

thf* domestic market is involves the motor industry. Sud plant open against all At the same time. Fiat is now However. Fiat now appears :o 
expected tu arow by an And while union leaders have normal economic criteria. on the verge of completing its be intent in returning to :ts 

estimated 10 ner"cent this year nwrnlly accepted the need to Already ‘ a top management reorganisation programme primary vocation of the car 

with sales likeiv to total about moderate wage claims and reshuffle has taken place at Alfa started in the early 1970s. This business, currently accounting 

1.3m but while this figure is accept such issues as the Romeo, and despite optimism will transform the group into a for about 40 per cent o. the 

a significant improvement over principle of labour mobility, earlier this year — following a series of operating companies groups overall business. A .arge 

last year's total, it is still some there are so far limited signs lengthy round of negotiations UQ der the control of a central slice of the group's three-year 

200 000 short of the record sales that the union rank and file with the trade unions — that holding company to give each L3bn investment programme i? 

of 1.5m during the so-called .shares such sentiments. production could be rawed, the individual sector greater to be dedicated to car activities 

" *olden days " before the . . future of Alfa Sud still looks autonomy and flexibility. At a and the Turin group is also 

•nerev crisis. N£? a Otl£ltlOnS uncertain. shareholders meeting last seemingly looking towards its 


•• golden days " before the 

en, The explanation of the much ^ s.j,uii«iiuuo Against this still uncertain month, Sig. Giovanni Agnelli. Spanish associate. Seat, to help 

slewer recovery of the Italian In this sense, the labour situation in Italy. Fiat, for its the Fiat chairman, announced it return to the top positions of 

market compared to other negotiations will be clearly parti j, as continued its bread the creation of an independent the European car manufacturing 

European countries like France decisive for Fiat. Italy's largest p^ey 0 f spreading its interests car subsidiary incorporating league. Indeed. Fiat is currently 

and West Germany, which private enterprise. The Turin in 0 jher markets. While the Lancia under the control of the holding talks with Seat which 

turned out record production croup is heavily dependent on company has been engaged in a Fiat parent company. The car could eventually lead to Fiat 

last year, is m large measure the domestic market. Its sales ser j es of* deals with eastern subsidiary will be the last, new taking a larger stake in the 

the result nf the weakness nf currently account for as much European countries and develop- operating company to be set up Spanish concern, 

the Italian economy as such a* 56 per cent of Italian registra- in g wor i<j markets. Fiat has its in the reorganisation plan. Paul Rp«c 

ih.n niiiTur inHutilPV linn. 30 fi anv rp Demissions on _____ fi_i,. ..4 » n rha Viimnann luliink hue Mian IliA orusrinn nf f "1*1 JJCII& 


rather than the motor industry tion> and any repercussions on eyes finnly set on the European which has seen the creation of 

itself. the Italian economy as a whole community market. Its aim is a series of other such companies 

However, the Government is immediately wurk themselves increase its present 5 per for each individual industrial 
now attempting to introduce a down on the group’s Mnt s hare of the EEC market to sector in which Fiat is involved, 
long overdue recovery performance. about six per cent to compen- . _ h Fiats 

programme aimed, in part, at in much the same way. the sate the inevitable inroads of “ ™ n ir Pi-mr is 

promoting a general increase in attitude of the trade unions win foreign manufacturers on the ™ US pTSne.« 

cum., v... .-.rhov i. committed id a broad Eu.opean 



Tfte Alfosud from the. Alfa Romeo range 


programme* "atoned, in "'in^iTthe same way. «he "."“‘thT , Nimble 'ZZXTZ ^WPH 1 Q^l TU M Tl I 1 I H l Z I I ITf’ 

promoting a general increase in attitude of the trade unions will f are jgn manufacturers on the * h ® Vu-nnean L # W wLi-lull J.11CL11 L4-X CXV^X'.vXX \tf 

industrial output at the same be determining for Italy’s other itatian market. ‘EE VV4-XUXX ‘ 

time as containing tne m ain motor manufacturer, the r n re( . ent m0 athc Fiat has poncy to rationalise me ... • ... .. . * • 

continuing incre f e in labour Sl ^-controlled Alfa Romeo .a'^dTma^or public^' cam- ” r ^Te bi^U S Ind *D»™» PAGE FOU * . .. . . . *: “ .‘.” 

cost^ to enable industry to mam- car aroup. .Alfa Romeo, and paign in ths main community 22^ Si- ?-•:*" ' T ' 

tain export competitiveness. particularly its Alfa Sud plant markets to promote its cars. Y™el l Thas said hr favoured the SKr . M5ni v? * n!le 53565 had Around 135.000 . care were mature launching ironed -out, fiiml effort to pi 
The Government appears in near Naples, has been plagued already appears to have between Peugeot limbed 21 per cent to jusi over delivered to the final customer . the 343 now appears to be m a of rtr .prpdui 

recent weeks i>* have gained by chronic labour difficulties paid some dividends. In Britain c £ r ® en Q j France and the UK SKr 9b 9_ The P rofiI mar S in *n rhe first six months. "Volvo in uch stronger posrtioo to fulfil Scarria. Tfie' J a 


*' t /i. rj-JJ .-' t 


time as containing the m am motor manufacturer, ttie j n recent month?. Fiat has 
continuing increase in labour state-controlled Alfa Romeo i aunC hed a major publicity cam- 
cost'- to enable industry to mam- cnr aroup. Alfa Romeo, and p a jgn in the main community 
tain export compeiitiveness. particularly its Alfa Sud plant ma^ets to promote its cars. 

The Government appears in near Naples, has been plagued T^is already appears to have 
recent weeks to have gained by chronic labour difficulties pa fd dividends. In Britain 




support 


the which 


provoked serious aInn e, the Turin group has seen “ “European 

l nrnduplion levels. S». _ _l<nl than nca near Ilia * . . _ ' _ 


climbed 21 per cent to jus; over delivered to the final cus*kpmer . the 343 now appears to be . In'. a . of ,«r 

SKr 9bn. The profit margin in rhe first six months. “Volvo in uch stronger positioo to fulfil Scaifia. Tbe' J - ■abpri^. ;mef5gerr . 
rose to 4.7 per cent of turnover boosted sales outside Sweden by Mr. Gyllenhammar’s hopes .of with Volvo Tvas.largWj ^he^t .- . 


cnunrrv's political and labour distoriions on production levels. j ts market share rise over the but «uidh merser*; are in lhe 5660:111 quarter, still far some lliJOO cars or 11 per renL - capturing a larger segment of of- Mr. Mateos 

forces fur iis three-year Production at the Alfa Sud last eight months tn 4.3 per cent 1 Hmo n tt no nrp^- below the 10 per cent, recorded increasing its market share in the market for Volvo. Last Saab-Scanii's cfi'airmaift^iSdJwtt . 

Tki.t... ... ■ u.. at tne name r.me puinn„ prefr . tQ _ . pnne ;a n r S hii> _m . .... 1 - 


forces fur iis three-year Production at the Alfa Sud last eight months tn 4.3 per cent . .. ^ . . t .._ 

11979-81) programme. This has plant, representing an invest- with sales increasing hv 10 per r l! o n ^» li'a n carTnd ust rT io 1973 but 3 considerable sm- almost ? M its raariwls. This sain year's results were dismal. The pnunpted iiy: 
generated a degree nf qualified nient **f some £4UUm. has been cem compared to the same w j,j ch had t0 re5v mcrea!i l provement on ihe 19i 1 leveL offset the decline nf about Dutch factory at Born produced the.' Scania 1 tari^ r^t^ijp^TIfeyj-r 
optimism among industrialist!*, running at about a third of its period last year. , _ _____ indeed Fiat Car 53,65 by 22 per 10.000 cars, in -domestic sales, only 54,500 cars (including the had 10 “earry^.5^;*i^ior - ’ 

who nonetheless .stress that the capacity of some 250.000 cars a The group is also launching i 0 no areued a-ainst 66111 t0 a to131 of where however Volvo main- 46 and 66 models as well -as the - several. 

real test of the ability of the year. Over the past five years, on the community market this j aDa nese imports to Euro tc and SKr 4_9bn .This gain was largely tained its market share. , 343) and returned a loss of down of thS 

Alfa Romeo has built up as a month its new range of models. th e settin- up of a 10 per cent due 10 the benefits of last year’s Volvo has been pursuing an FI 125m tS57m>. - Saab en^t^^/^e'S^fo^' ; .. 

result of these production including the Fiat 'Ritmo* and jj mil Qf j a nanese share of deva5 “ 3 ^°n but also reflected a offensive market policy, passing But the new arrangement to 1 demdn^tra'bjj'i'ihat ' ! . 

problems huge losses of more the Supermirafiori 131 together EEC market five PW cent volume increase, on 10 its customers' ^ie major under which the Dutch -Govern- prod^' C^'iit prp^.V ' 


who nonetheless ytre^s that the capacity of some 250.0 
real test of the ability of the year. Over the past fi 
Government lo enforce its Alfa Romeo has built 
programme has yet to come. result of these pi 
Indeed, this key test is likely problems huge losses 
to take place during the next than LaOQbn. 


sure on the Italian car industry, 
which has had to rely increas- 
ingly on exports. Indeed. Fiat 


with new diesel models. 


the EEC market. 


This in turn was made possible part of its deyaiaatianr gains -ment 


total of some 6m workers, scheduled 
A r nnn'» thpsp is the crucial whether t 


ade available interest- though -the inve^mentyr 
gives Volvo a breath- j n producihg-aad marks 









. '■« • viv 

V « V , ,* 

rvi 




K you think of Repco only as the people 


■ -''•V- ^ adequate and the car- factories different policy from Volvo’s, over 9,ti^carv ffurij&i* 
«™ " ,H ownuina «« >"««“ “ f competii^. In price s*™,- mmtht. >S8»5j 

NiSf--’- ninacHr apa« Hianni. nni n ..» and nushinp For vnllimp -'it is 1 -^.fcAs «.?-55 


\ capacity, even though output hits and pushing for volume, it is market whfdkv 

-r been raised and more workers steadily moving up market into~- tnlf0 ^ rtcpr 

^ I taken on in -Gothenburg. The increasingly specialised models succeeded - in’ Tne»e*! 

reaJ P^t generator- remain with larger profit margins. The shar e from II.Jttfi££ 

the trucks and the aircraft cheapest of its new 900-. modeis dtI ring the' first 

engine production for -the • -is -some 2t> per cent more expert October the wmjtm 

itif r 1 i ^ \ Swedish Air Force. sive than the regular Volvo 240 cuffiriemir enc m^K 

Tl Vo] ™ still has to bring its car. 

V. Dutch car product ion' into profit, Saab is investing- about C3lPS a 
■ v although here too there ' has SKr I35ra IS30m) in new pro- 





Dutch car production' into profit, Saab is investing - about a * : 

although here too there ' has SKr 135m (S30m) in new pro- This fc 
beenaTadicaliraprccementthis ducUon l.dUtle* for .tie 9®. 

J2SJ5L? ,r#p ^. *i S2*,^SS?ea,2S?. J 


who made world ( 
see how we’re hel 

win. Stand 265,bi 


IOI 




ie whole industry 

kmal Motor Show. 


year. The European sales 
medium-sired 343 are and a longer wheel base; giving, ~ : 

reported to' have climbed by it is claimed; exceptional rpad\ TT w.flF-' 
a round 40 per cent during the behaviour. The turbo car. which w 4ha» TfifidficinaaiL 1 

first half of the' year.- while in was highly favoured Ip the. trade allowtnr 

tho Tlii»rh-Hni]t rar' nraec- anH tha QM milro iliV aiJOWHIg 1VT . L- 


box and with the production specialist market - 

problems occasioned by its pre- They tould also be seen as the 


V • . '■ , «' .V 1 r . 


Throughout Europe Repco 
became Known when they 
designed and manufactured 
Formula 1 world- 
championship racing engines. 

Today Repco's engineers 
channel their extensive 
experience into specialised 
automotive machinery 
design and manufacture. 

These machines, 
exhibited at the International 
Motor Show, Birmingham, are 
recognised for their precision 
reliability and sound profit 
potential, and are sold 
and serviced in the U.K. 
and Europe. 



The B48 Programatic 
Cylinder Boring Machine. 

This machine is f 
designed to bore in-line < 

and V-type 
car and truck E 

engines, ■ ;! 

including light * 

and medium ' J 

'diesels. | 

A conventional 
6 cylinder block can 
be completed in 
approximately 
10-minutes! 

An asset to any 
progressive 
reconditioning 
.workshop. 




RVR 2 Repco Cylinder Head , 

Remanufacturing Machine. ( 

This precision machine performs 
cutting, throating and relieving of 
valve seat angles, and recessing for 
valve seat inserts, or boring of valve 
guide inserts. It can also be used for 
driving the inserts into position. 

The machine has a multi-angle 
adjustment to accommodate unusual 
cylinder-head designs. 

It holds regular and compound angle 

valve heads. 


Clutch Diaphragms, Plates. 

Repco clutch diaphragms, sub assemblies, 
and clutch plates have a top-class 
reputation for performance and reliability. 

Many parts to suit MG, Triumph, Vauxhall, 
Ford. Sunbeam. Singer, Hillman, Humber, 
Austin, Austin Healey and Rover parts are 
covered in this Repco range. 

Brake Disc Pads, Master Cylinder 

Assemblies and Repair Kits. 

The Repco-PBR Brake group manufacture 
;T T- T . high-quality repair 


IIIIJP kits-, cylinder 

assemblies, disc 
* : pjj brake calipers, 
brake hose, cables, 
and pads to suit' 
e^^SSmanv British and 
European cars. 
See also the 

P^Tandem Master 
Cylinder on display . ' 


R503 Repco Clutch 
r Cover Assembly 

Machine. 

Designed to handle 
Sparge and small lever type 
Iffi clutches, this robust, 
jpn reliable and well proved 
§3 . machine also handles 
jj&g diaphragm clutch cover . 
assemblies. 

The Brand-new 472 
Wheel Balancer. ^ ^ 

operation— with faster - 

electronics, integrated solid 
state circuits, and a radical, new, 
patented spindle assembly which increases 
machine accuracy at low RPM. 

which Repeo can ' h 

assist you, -see us 

at the International 

Motor ShoW, Stand 

No . 265 . or contact us^^SHPnf 

at the address below. B 

59 St. James’s St., I 

London SWIA 1 LB, J 

Teh Of 1 493 3034 / 5 . ^ 

Re oco Automotive Eq ui pment ( UJO Ltd., . , 
P.O. Box 16. Wadsworth Road, 

Greenford UB67HD England. 

Tel; 01 998 1546. 


BESM39 












‘ "'vii . I 
' «: . *»; 


y •'V*-® I .-u 



Financial Times' Tuesday October .17 1978 


EUROPEAN MOTOR INDUSTRY VII 




|yggp*s 


X - * 1 



The next section examines the different 
market sectors and discusses the new models that hate 
been introduced recently- Manufacturers are now adopting a policy of attempting to offer to 

their customers a complete range of models. 

approach to model policy 


v 1 


iren 


OXE OP the most striking 
features in the development of 
model policy: among tne Euro- 
pean par- companies during the 
past iew years ha.s been the 
establishment of . a new. 
approach to model policy based 
on . otferuig customers a , com- 
plete range:' This- is a relatively 
recent mange: .Vwemy -years 
ago many c-uroptau car com- 
^auies made uuty one .basic 
model. In- the mid-ttoOs. ior 

example. Peugeot's suitress was 
based simply on the 203 model: 
and even more recently, wimi* 
Volkswagen had little more than 
the Jdeeue to oilei. Citroen was 
existing on a bizarre combina- 
tion oi us compact ZCV range 
and its large luxury US Series. 
Today, every European pro- 
ducer of note tries lo span the 
three basic zones ot small, 
medium ami large cars'. 

Tins strategy is based on the 
need lo aunieve large-scale 
manufacturing both to reduce 
casts ana ununiaia more euce- 
Uve Uistributiuu. un uie cost 
side, a wtue tuii^c 01 cats means 
fnai many cdiupuiieuis can be 
produced in longer runs (.and 
uaeretore more cheaply; be-, 
cause they can be useu in more 
than one model; on the distribu- 
tion side, a variety, of vein ties 
gives dealers the opportunity' to 
create larger ana more viable 
businesses. 

Tp achieve these aims, two 
distinct policies' have been 
developed and refined by Euro- 
pean manufacturers in the- past 
■ten -years. The first approach, 
popularised by Ford, has been 
one' of ruthless rationalisation. 
Although the company has 
recently expanded its coverage 
of the market by adding tne 
small Fiesta .mode] at -the 
bottom of its range, it still has 
only four basic models Hthe 
Fiesta, Escort, Cortina, and 
Granada) throughout Europe. 
The spotty lastback Capri 
model, which- has' proved, 
immensely profitable for the 
company; u?£s mostly Cortina 


parts except for a feu* body 
panels.- •• 

This policy allows. Ford to 
appeal to a fairly select execu- 
tive market at the top end with 
the Granada (designed with a 

very - close similarity lo a 
iMercedesj , and -tc the small 
family saloon market with the 
Fiesta. At . the --sane time, 
vemcles are driven r by a range 
of only four different engines, 
which may be further reduced 
in numbers when the new plant 
in South .Wales comes on- 
stream; and the company is be- 
lieved to have plans to build its 
future range of cars on the base 
of only two body pans uhe 
bottom pressing on a car which 
is the most difficult to make). 

Xu other company In Europe 
has quite achieved Ford's 
degree of rationalisation, 
although Opel and Volkswagen 
have moved in the same direc- 
tion. indeed another group of 
manufacturers, led notably by 
Renault, has sought to achieve 
wide market coverage* by an 
entirely opposed method of 
model proliferation..- Renault's 
concept has been to spawn new 
models regularly, fflling niches 
in the market and not neces- 
sarily abandoning ...its estab- 
lished vehicles. The -result is 
that today it has: eight extant 
models to cover- the same 
market as Ford embraces with 
four. ; 

Renault’s -approach has 
proved ideal for a company in 
a rapid growth phase. It has 
been expanding so quickly that 
each new mode] has been able 
to move the company into a 
new area of demand and it has 
had sufficient backing from the 
French State during this period 
not to have to worry tod deeply 
about profitability. 

Intrinsically, or course! this 
approach to model policy must 
be more expensive than Ford’s. 
But rt is not necessarily as 
expensive as it looks. Renault, 
for example, has achieved -a 
great deal of rationalisation ih ’ 


its cars under the bonnet — it 
uses a range of five engines 
only — and has reduced com- 
ponent costs by entering into 
a number of joint manufactur- 
ing agreements with other 
groups. Its use of hatchbacks, 
rather than a variety of saloons 
and estates, across most of its 
range also helps to cut down 
on panel production. 

The biggest dilemmas in 
model policy, however, have 
probably been faced by the 
specialist producers in the past 
decade. Their problem is that 
they are being attacked by the 
popular car manufacturers, who 
are all adding quality cars to the 
top of their ranges, while being 


unable to achieve more 
economic production runs or w 
offer tbeir dealers a variety of 
models. At the same time, they 
are now faced with the need to 
reduce fuel consumption. 

In Sweden. Volvo has 
approached this problem by 
moving into the modi uni -size 
family saloon market with the 
acquisition of Daf in Holland. 
In Germany. BMW has also 
given greater variety to its range 
by attacking Mercedes at the tup 
end with its luxury 7 series 
limousine, and designing two 
ranges of compart and medium 
size saloon models.. Mercedes 
itself is believed lo be consider- 
ing a move into the medium-size 


family saloon market smaller 
than its 20 n Senes, partly 
because of the need to achieve 
hotter Fuel economy results m 
the important V S. market. 

Thus, al present, there i* a 
dear move towards the con- 
vergence of the specialist and 
volume e*ar manulaclurers in 
Europe. Some analyst.; argue 

that this will ultimately lead 
to more mergers and industrial 
rationalisation, rather in the 
way that General Minors 
absorbed Cadillac, the US. 
specialist manufacturer, in the 
1920s. To a vena in degree, 
this has already happened with 
the takeover of Rover and 
Jaguar by BL in the L : K, of 


Lancia by Fiar in Italy, and of 
Audi by Volkswagen. 

The argument against this 
I reiul k that such amalgama- 
tions are intrinsically difficult 
to manage. BL has gone Bank- 
rupt in I he process. Lancia ha.-, 
Inst £15uin since it wa.- taken 
I IV..' I III the laie lyfttJs, and VVV 
al*i went rhr.iujh a difficult 
patch in 1W74-75. But if Euro- 
pean companies continue in 
pursue ihc principle of com- 
prehensive model ranges — and 
ail the pressures of Uie market 
are in that direction — it is 
diflictilr to escape the logic of 
further amalgamations. 

T.D. 


PERCENTAGE OF TOTAL CAR SALES IN 1977 


Country 

Britain 

IV. German} .. 

Austria 

Benelux 

Finland 

Denmark 

France 

Ireland 

Italy 

Netherlands .. 

Norway 

Portugal 

Spain 

Sweden 

Switzer laud 
All W. Europe 


Small cars Medium cars Large rare 


•Denotes nine months actual sales, final quarter estimated. 


The medium range 


ALTHOUGH. AS might hare 
been expected, sales of small 
cars did we)] after the oil crisis, 
the major lung-term impact 
seems to have been on the 
medium-car market. It has 
climbed steadily ever since and 
last year represented -17 per 
cent of the 9.86m cars 
registered in West Europe. 

In some countries the 
medium-sized car was well 
ahead of the rest of the field. 
In Britain, for example, it 
accounted for 59 per cent of 
total sales last year. In Denmark 
the percentage was 59. in 
Finland 64, Austria 56, Ireland 
69 and the Netherlands 61. 

The main reason seems to be 
that this is the type of vehicle 
which best fits the needs. of the 
average family, providing four 
to five seats, reasonable room 
inside, adequate luggage space 
and economy combined with 
reasonable performance. 

The land of car to fill these 
specifications is typically repre- 
sented by the Ford Taurus or 


Cortina (same car. dilTerenl 
name; which, in fact, (ast year 
was the best-selUng vehicle in 
this market sector in the whole 
of West Europe. It took 4.1 
per cent of total sales of cars 
of ail types. 

In European terms, in 1977 
the other popular medium-sized 
cars included the Volkswagen 
Golf, 3.7 per cent of sales; the 
Opel Kadett, 3 per cent: the 
Opel Ascona (or Vauxbal! Cava- 
lier in its British fans) 2.9 per 
cent and the Ford Escort with 
2.3 per cent. 

All the major manufacturers 
have at least one. model in this 
part of the market and it is 
extremely competitive. Bo only 
in a few countries is there one 
model which outpaces the 
others in sales by a reasonable 
distance. In Britain by mid-1978, 
however, the Cortina had a 
commanding lead with II per 
cent of total car sales compared 
with the 7.5 per cent taken by 
its stablemate the Escort 

In Italy, too. the mid-year 


market leader was well ahead 
o£ the real or lb? held. Tile 
Ftat 128 had 7 4 per cent of 
total sales and its nearest rival, 
the Fiat 13l. had 4.1 per cent. 
One company . also dominated 
the competition in West Ger- 
many. The Volkswagen Golf 
had 8.3 per cent, of total sales 
and the Passat 6.2 per cent, both 
above the Opel Ascona 's 5.9 per 
cenL 


Lead 


Elsewhere in the major car- 
buyiug West European coun- 
tries, the Taunus was Belguun's 
best-selling medium car with 3.6 
per cent of total sales with the 
Toyota Corolla taking 2.9 per 
cent in second spot. The Citroen 
GS held the lead in France in 
mid-1978 with 5.5 per cent of 
sales ahead of the Simca 1307/8 
with 4;?-: per cent. How long 
they will - hold this lead in 
France is .a .(natter for conjec- 
ture. ' Tfcd'- newcomers, the 


Horizon from Chrysler and the 
Renault RJ8 introduced only in 
April, have proved exception- 
ally popular. The Horizon 
clocked up 4.6 per cent of total 
sides and the R18 2.9 per ceni 
half way through this year. The 
Horizon actually took 6.3 of the 
market in the month of June. 

In the Netherlands by mid- 
1978 the Opel Kadett had taken 
6.7 per cent of sales with Ford's 
Taunus at 5.6 per cenL In the 
Government-controlled Spanish 
market, the Sear 131 had 8.3 per 
cent at the half-way stage, in 
1978 and the Sear 124 had S per 
cent. A feature of the market 
this year has been another 
Chrysler success. The 150. new 
to Spain this year, has captured 
5.9 per cent. 

The popularity' ... charts 
illustrate, once again, that the 
indigenous European car manu- 
facturers rely heavily on their 
hnme market to keep up their 
sales. In particular Fiat had 55 
per cent of its home market at 
mid-1978. and Renault 33 per 


cent of French sale*. Only in 
Spam. where both have 
associated manufacturing activi- 
ties, do they get anything like 
these tnarkev shares: Pial/Seal 
has 34.9 per cent and Renault 
28.5 per cent. 

In this context BL might have 
started the year badly and had 
only 22.6 per cent of the UK 
market half-way through 1978 
but this was far and away above 
its market share anywhere else 
in West Europe. Only in 
Portugal, where it took y.5 per 
cent, did its market share 
approach 111 per cent. 

Another significant factor in 
the medium car part of the 
market is the Japanese competi- 
tion. The Japanese manufac- 
turers have done particularly 
well tn some markets, in 
Britain at the mid- 1978 the 
Da Nun Sunny had taken 2.3 per 
cent of total sales and was the 
Tth-niosr popular medium car. 
.As previously mentioned, the 
Toyota Corolla actually held 
■second place among medium 


cars in Belgium half way 
through this year. And in the 
Netherlands there were two 
Japanese' mudels among the top 
10 medium cars, the Mazda 818 
having 3.5 per cent of the 
market and the Daisun Sunny 
2.1 per cent. 

As might be expected, there 
is an almost constant trickle of 
new contenders in the medium 
part of the market. Apart from 
Horizon from Chrysler this year 
I it sold more titan 100.00U units 
in the first six months in 
France and will do well in the 
UK now it has been launched) 
and the Renault R18. the 
Peugeot 304 and the Fiat Ritme 
entered the field in 1978. And 
Volvo’s chances of making 
better inroads into the medium 
sector should have improved 
now there is a 343 which has » 
manual gearbox as wefl as the 
Variomalic automatic change 
carried on from the old Daf 
days. 

Kenneth Gooding 


GKN makes tech 




gy work 


• .V. ." 


-AW; 




WM 


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• is ■ 


No matter what car or truckyou drive 
rv'^N&iwatterwhatagricultucal vehicle you work 
: - with, the odds are you've been drivings GKN 
for a lot longer than you think. 

Because GKN engineers make many of 


- and.on the road. 

, f ’ ‘ AH overthe world, in fad; more and more 
rriodem vehicles contain moresnd more - 
5 ppmponents bearing the GKN stamp. 

- Come and see us atThe Motor Show 78. 
We're on stand 92 in Hall No. 1. 

Comeandseehowweputadvancecf 
engineering into action and how we make 
/ technology work. 




mm 






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finite 


GKN Group Headquarters. 

RO. Box 55, Smethwick, War fey. West Midlands, 

Great Britain, B66 2RZ. Telephone: 021-558 3131. 

GKN London Office: GKN House, 22 KTngsway, London, 
Great Britain, WC2B 6LG. Telephone: 01-242 1616. 






pr< 

ch; 


BY MA 


THE PF 
decided tc 

ull'?2ution 

Wilson 0 
number o 
were com 
paien agai 
Pa ay on 
1974 Gem 
The foi 

allegation 
lowing thi 
affair. Mi 
was. had ■ 
an orcbes 
himself, f 
Lady Fa 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
fold the 
did not 
prietors 
instructed 
round a 
material." 

The Pri 
i'» hear 
Sir Haroli 
form a! co 
On the 
.irrjinrt I 

council s; 
Royal Cc 
that thcr 
Labour bi 
The Pr. 
is one oi 
fished tod 
In ano 
council 
against ti 
Daily Ex, 
picture c 
Henrietta 
death in I 


^ f 

Financial’ Times Tuesday dctofer 'X^ lirs 


EUROPEAN MOTOR INDUSTRY VIII 




Estate cars broaden their appeal 


ONE CAN either view it as a 
revolt against increasing 
standardisation which make?, so 
many cars look alike, or more 
and more people seeking a 
vehicle that will perform a 
number of jobs and hecause nt 
its individuality will be fun to 
drive. However, one views it. 
there can be no doubt of the 
growing interest in off-the-road 
machines. This is nnt especially 
because they will spend a lot of 
their time driving along forest 
tracks, across fields or up 
mountains, but because they fit 
better into a society that is 
increasingly being labelled 
DIY. 

The estate car. with its bigger 
load-carrying capacity took time 
to broaden its appeal with 
motorists partly because the 
country's ratio of car-owners 
was relatively small and the 
two-car family was just 
beginning to emerge, and partly 
because estate care were not 
widely available. It was also 
easier lo find artisans and 
others to enme and take away 
the tree loppings, to bring the 


bricks. =and and cement and so 


Owning a dual-purpose car 
could often avoid the need to 
rent a van fur the odd occasion, 
like taking the furniture home 
from an auction. 

Th.; :ap between a full-blown 
cMaie car and a family saloon 
lias be-'ii neatly bridged by the 
hatchback, but it still leaves 
many people looking for some- 
thing that will tow the caravan 
acres; muddy sites or the boat 
over the seashore. An off-the- 
road or ruuuh terrain vehicle 
which m one end of the scale 

will double as a family 

runabout and at the other cope 
with rugged farm and cross- 

country conditions, or he just 
the job for a one-man 

brick la; ers or carpenter's 
busino*- is answering a lot of 
different requirements. 

Unhappily a good many of 
these vehicles are imports, per- 
hsps because of the dominating 
influence "f the Land-Rover nr. 
in the «a loon-type class, the 
Range Rover. Both models are 
top of their class, and their per- 


formance is unexcelled. The 
Land-Rover is as much at home 
in the arid Middle East or 
swamplands of South America 
as the Range Rover is standing 
outside the office ur towing the 
sailing boat. Both are sophisti- 
cated machines and not cheap. 
What many people are looking 
For is something simpler and in 
the price brackets they can 
afford. A differential lock to pro- 
vide two-wheel drive, plus per- 
haps a winch tu enable it to be 
towed out of trouble, is all they 
are looking for. 

Chrysler’s Matra Rancho from 
France flatters the outdoor, 
rugged ego and is a useful 
vehicle for poor conditions, but 
it shuuld not be over-relied un 
for getting out nf mud. since it 
has a conventional drive which 
allows a rear wheel to spin. The 
French call it a “ car for all 
roads.” and this is as good a 
description as any. Some of the 
challengers in this field come 
from Eastern Europe, like the 
Lada Niva, a short wheel-base 
saloon from the Togtiatii factory 






1-. -V A- ■ 




•• 1 ' V . • 










j,. , . _ * * """ I ••.. > ?•. . 1 }•}<*■ 


Chrysler f s Matra Rancho-^the French call it a “car for nil roads 


what’s instrumental in our 
success - 


in Russia. The drive from the 
1570 cc version of die Fiat 
engine is taken back through 
the gearbox to a fore-and-aft 
differential having a central 
differential lock which can be 
engaged un the move. The 
change from high to low ratio 
can also be done on the move 
with some gear crunching, and 
is best dune at rest. An output 
of 50.000 a year by 1980 is 
planned. The Subaru from 
Japan is an interesting example 
of a two or four-wheel drive 
estate in which four wheel drive 
can be engaged on die move, 
and is partnered by a pick-up. 

The power unit for the models 
is a horizontally opposed four 
cylinder. 1000 cc water cooled 
aluminium alloy engine driving 
the front wbeels.Itruns on two 
star petrol. Another newcomer 
is the Portuguese, version of 
the Rumanian designed ARO. 
the Portarn, which has a 
Daihatsu 2.5- litre petrol or 
diesel engine, included in 
several European components 
are Girling brakes, it has been 
seen only by the trade, but the 
intention is to import 1,250 
next year. 

Flanking the Land-Rnver on 
either side are the Yak Yeoman, 
a 1 utility vehicle based on the 
1300 cc Ford Escort van from 
Manchester Garages ( Motor 
Craft), and . the Stonefield 
Vehicles duo from Scotiand 
with carrying capacities of li 
to 3J tons. In their very dif- 
ferent ways they complement 
the Rover range rather than 
compete with it. Significantly 
both are receiving official 
financial support, with the 
, Scottish Development Agency 
having taken a 75 per cent 
stake in Stonefield, whose chair- 
man is former Rover managing 
director. Mr. .Bernard Jackman. 
The Yak Yeoman is still in the 
pre-production .stage, with 50 
vehicles expected by the end of 
the year, of which 40 will have 
left hand driven This indicates 
the markets at which it is 
aimed, primarily the developing 
countries where' repair and 
servicing facilities are fairly 
rudimentary. 

By linking with Ford the 
vehicle is assured of world out- 
lets and service"“back-up facili- 
ties. The 1300 cc power unit 
comes complete with carburet- 
tor plan, belts, dynamos and 


other components. The rear 
axles are being modified to 
incorporate the Suredrive dif- 
ferential locking device de- 
signed by Mr. Bob Stocdley, 
Manchester Garages chairman. 
This is an indexing device in 
common use in plant and 
machinery. On a corner it 
allows the outer wheel to free- 
wheel. and power to both 
wbeels is restored when they 
are again rotating at the same 
speed. When one wheel spins 
on muddy ground power is 
transferred to the other until 
both are turning at the same 
speed again. 

This indexing, or raefceting 
occurs up to five times a second. 
The vehicle is also fitted with 
a winch, so that it can pull 
itself out of trouble. strong 
feature of the design is its sim- 
plicity. The chassis is in seven 
parts in tubular section with 
the idea that any reasonably 
competent amateur mechanic 
can take it apart or put it to- 
gether. The sis body panels 
are in TTs new lightweight 
alloy SupraJ. and the wing 
pressing fits any corner of the 
vehicle, while the dash panel 
accommodates both left and 
right hand drive. The original 
gearbox fitted with the Sure- 
drive weighed 148 lb, but this 
has been redesigned by Fairey 
Winches and now is down to 
38 lb. The vehicle weighs 
about 16$ cwt and should sell 
for around £3,000. A 1600 cc 
version called the Yak Yarn- 
man. is in prospect for the 
Australian market, Yarriman 
being aborigine for a willing 
horse. 

Like the Yak, the two Stone- 
field vehicles barrow major 
components from vehicle manu- 
facturers with worldwide net- 
works. The power units are 
standard Ford 3-litre or Chrys- 
ler 5-litre engines with automa- 
tic gearboxes allied to Ferguson 
Formula units made by Borg- 
Wamer that delver one third 
power to tiie front wheels and 
tworthirds to the back. A self- 
energising clutch automatically 
locks to prevent wheel spin. The 
vehicles are. as will be appreck 
ated from this brief description, 
sophisticated units of robust 
construction for civilian or mili- 
tary duties. 

A nearer competitor to the 
Iand-Rover is the Daihatsu, 





The V1V Polo GLS, neio for the 1979 model range 


with a 1600 cc engine driving 
the rear wheels and .looking 
rather like an eariy Land Rover. 
The free-wheeling front wheels, 
which save fuel (and reduce 
noise} are lockable to provide 
extra traction. At ibout £4.000 
it is some £300 under the com- 
parable Land-Rover price, but 
lacks some of the inbuilt 
features like aluminium panels: 


Other challengers from Japan 
are the Toyota Landcruiser, 
which, though withdrawn from 
the OK "is popular. in the Middle 
East and other markets, and 
the Nissan Patrol, like a- small 
Land-Rover. ' While, the orient 
is making strong efforts to get 
established in the UK cross- 
country or leisure vehicle mar- 
ket, the exchange rate with the 
high valued yen is a damper to 
sales. On the other hand- the 
lowly dollar makes it seem 
likely that Europe will see a 
growing number of Jeeps 'add 
Cherokees from- American 
Motors, Blazers from General 
Motors. Trailbusters from Chrys- 
ler and perhaps even ~Seouts 
from International Harvester^ 
While such examples are com- 
ing into this country in increas- 
ing numbers, and are well- 


appointed and sophisticated 
vehicles they are linked more 
closely with leisure pursuits 
than with the more rugged 
image of the Land-Rover. 
Its stable mate the Range 
Rover is likely to feel the 
impact more. 

The variety and numbers in 
which these imports are coming 
In illustrates vividly , . the 
rapidity with which the market 
is developing in volume -and 
range. While some -of them 
challenge the Land and Range 
-Rovers, it is sometimes' more 
apparent than real. The- Land- 
Rover has been around for 30 
years and the Range Rover for 
nearly 10. They cover fairly 
well-defined sectors of a very 
difficult market to get into. 
Rover’s strength can perhaps be 
illustrated by the reminder that 
it is one of the very few. If 
not the only company to have 
shaken off a - Japanese .challenge 
(from the Landcruiser). and to 
have come back even stronger, 
not least because Rover has 
been chosen as .the better 
vehicle.. . 

Alt ‘the. .earner production of 
45.OOlk5O.O0fl Land-Rovers and 
around 10,000 Range Rovers a 


year has been static tn& market - 
that has been growing by about • 
5 per cent annually and' nqw ‘ 
looks to'- be accelerating. At 
long last theHfirSl ''^ase.'pdstmg" ‘ 
£30ih in an overall ;£2S)ra- 
programme to iwxfeniise.'^ftdV 
expand, output has-been farced. . • 
This is; destpjVd . fa-increase 
.Rangei.Rover.prpdmrticii by .31... 
per cent' ^and Land-Rovet by. lQ - 
per cent: ’ 7: By the tijne^iSe-: 
project . • ha ■ been ; “ icon? pi ejttf ; ' 
production w IL. >imye ; beta 
doubled, to 1 90,000. , units' •. ;or 
more annually. . With “updated ' 
and more sophisticated vehicles 
that nevertoeJessf.wU'rasfa 
th ei r basic eo neepis. ' No- one ■ - 
going tp- take: Boverfs? 85-fpu*r? : 
ce n t of "business, with' gemefij--., 
ments or Hs dominant place,; 2a - 
the home marker awayy&fcout ; 
a’fight. • r " Werhave-ti^D^ga 
our t oes - to- protect -the sectors : 
of the market we arejn^tiie . 
future."?'-’ says.v^Srjvj^Bfy 
Hodkinson. ; 7 .-Land.:?; Burr’s 
managing directpr.j^-TWie^re-. 
not thinking of bran&Hg mfo 
new sectors.” . That 
to 1 .people. . 

Garages and Stonefi^Vg®^- 



' "■ ’ .'.’v-ltia'"- 

. - - • ■ ' 

. ■ ' . x'-.v. 

•. '4- •• • 





end of the market 






'-7. V:/* ' 




•Yv • • - ^ ' 


our RANGE 


our QUALITY 


our PRICES 



covers all requirements lor 
automotive dashboard 
instruments to standard 
and special needs. 




accepted by leading vehicle 
manufacturers all over the 
world for fitment as 
original equipment. 


are sure to offer you 
luxury on a budget. You'll 
be surprised ! 


THE BRITISH will get their 
first chance to see General 
Motors' contenders in the up- 
market car sector at the Inter- 
national Motor Show in Bir- 
mingham. On view will be the 
Opel Senator and Monza, to- 
gether with their UK equi- 
valent, the Vans hall Rayale. 
The Vauxhall Carlton, really an 
Opel Rekord under: the skin, 
will also be launched. ' "These 
are the cars with which GM is 
to make a determined posh into 
the market for “plash.” cars — 
plush that is in terms of size 
and interior trim. 

GM says boldly that the 
Senator-Royale models can take 
on Mercedes. BMW and Jaguar, 
a claim which clearly must be 
taken with a large pinch jof salt 
but which neatly illustrates 
GM's approach. Ford, GM's 
major rival in world terms, took 
the lead in Europe in this par- 
ticular marketing pToy. The 
Granada has been on the mar- 
ket long enough to' warrant a 
new version, launched in 
Frankfurt in September. 

The American groups rimply 
could not ignore a sector .of the 
European market which repre- 
sents not only about 25 per 
cent of total sales (actually 26 
per cent in I»77 or 1:97m units) 
but is also the most profitable 
end uf the business. 


top of their ranges to give them 
a very broad coverage of the 
market. ; 

The French'- trio (later to 
become a duoj Renault, Peugeot 
and Citroen followed the prin- 
ciples of this marketing 
philosophy- by developing their 
own executive cars. The result 
is that Europe has a large 
number of. companies offering 
quite similar product ranges and 
all attracting reasonable slices of 
the executive car market. 


In 1977, for example, 
Mercedes’ -models accou nted for 
3 per cent of total Western 
European car sales, at around 
295,800 units sold. The Peugeot 
504 range had a 2 per cent share 
-with around 197,200; OpeFs 
Rekord had 1.9 per cent or 
187.300; Ford's Granada 1.8 per 
cent or 177.5U0 and the Audi 100 
had 1.6 per cent, about 158,000 
cars sold. 


by the Austin Morris Princess 
(2.4 per cent) and the Rovers 
(all engine sizes) 1.9 per cent. 
Volvo had a useful L2 per cent. 

In West Germany the Opel 
Rekord accounted for 7 per cent 
of total car sales; the Mercedes 
200 series, 5.7 per cent; the 
Granada and Audi 100 each bad 
4.6 per cent; the BMW 300 
series 3J3 per cent and the 
BMW 500s had 1.6 per cent 

The Peugeot 504 topped the 
list in Belgium with 3.6 per cent 
of all car sales. The Opel 
Rekord 'followed with 3.5 per 
cent; the Granada had 2.3 per 
cent; the Citreon CX 1.7 per 
cent; the BMW 3O0g and the 
Mercedes 200s each had 1.6 per 
cent and Volvos 1.5 per cent. . 


Popular 


BMI ELECTRONICS LIMITED 
Own Howe. 94 Whiutadiof Rood 

Brutoi BU 21JX, fcn eland. 

Tel. 0272-35091 

(U.K., ScandbuvU, Inly) 


Responded 



INTERNATIONAL 
INSTRUMENTS 
PRIYATE LIMITED 

BANGALORE INDIA 



* A PRO TEC SOCJETE ANON THE 
UNITED 

A venue Vibcrt 1J 

Cam pMEale 217 • 

1227 Carwige/Gencve, Switzerland 


* SHORE BY 

U Mclltpad - 
Hllvcnum,' Holland 


* ANDREADIS-VROHIDIS * 
COM PANT 
- 53 Kallrolt Avenue 
Athens 410/1. Great* 


+ AMALGAMATIONS LIMITED 
Ivnkovaeln 24/1 
Belgrade 1 10 OS, Yugoslavia 


■it WALLACE CARTWRIGHT A 
COMPANY UNITED 
55/56 St. James's Sucre 
London SW1A 1LQ 
ConiMon Countries’ Salat 


They now also have “execu- 
tive” cars worthy of- the name 
io offer the fleet buyer who pre- 
fers to purchase ail his vehicles 
from one manufacturer. Ford'a 
chairman Sir Terry Beckett Fre- 
quently reminds us that .“Ford 
can supply everything a com- 
pany wants from an Escort for 
the junior sales rep. right 
through (o a Granada Ghia for 
the chief executive*" . 

The American ..companies 
have responded to tije market- 
ing strategies of the indigenous 
European producers in the last 
ten years. During this decade 
Volkswagen. Fiat and BL all 
acquired specialist ' producers 
which have been added .to the 


Of course, demand for larger 
cars is stronger in some markets 
than in others. It is almost pos- 
sible to plot a chart of those 
countries with Europe’s highest 
-standards of living simply by 
referring to the sales of big cars. 

The share of the available 
market taken by large cars in 
19 it was particularly high in 
West Germany (39 per cent). 
Norway «.39 per cent). Sweden 
149 per cent) and Switzerland 
i33 per cent). And last year 
provided a fairly typical demand 
pattern in all these eountries. 
There is one particular anomaly. 
Denmark's low percentage of 
large cars sold— 16 per cent— 
reflects a system which taxes 
cars by size and grows progres- 
sively steeper at the top end of 
the scale. The French perform- 
ance in this sector, too. "shows 
some impact of laxes which rise 
very sharply on cars over the 2- 
litre mark. 


It is interesting, in passing, 
to see how the individual models 
were placed m the major 
markets halfway through 1978. 

In Britain the Granada topped, 
the list with 2.5 per cent of 
total sales (nor just those in the 
big car sector), closely followed 


Tbe Peugeot 504 was also the 
most popular big car in France 
with a 5 per cent market share 
half-way through 1978. Citreon 
CX, 3.6 per cent; Renault's 
R20/R30 series, 3.5 per cent; 
and the Renault R16, 1.7 per 
cent, followed. 

With a 3.2 per cent total 
market share, the Peugeot 504 
was top of the big car list in the 
Netherlands, too. There was a 
big gap before the Opel Rekord 
came into the reckoning with 

2.6 per cent; the BMW 300s had 
1.5 per cent; and the Granada 
1.1 per cent. 

Publtcation of statistics in 
Italy is always well behind the 
rest of Western' Europe. But it 
is possible to estimate that in 
1977 the Alfa Rnmen Aifetta 
was -Italy’s favourite executive 
car with' 2.7 per cent of the 
market, followed by the Lancia 
Beta. 2.1 per cent, the Fiat 132; 

1.7 per. cent and the Rekord 
with 1.1 per cent. 

These plactngs might nnt be 
particularly illuminating except 
that they show that individual 
European markets prefer* local 
products • when . they can get 
them. They also show that, just 
as in the -small" sector of the 
market where the Mini still has. 
its adherents, . an ageing model 


like" the Peugeot 504 retains a range since -1875^:. It ■; 
great' attraction among the 275,000 cam last" .year a#*.-;?" 
bourgeoisie of Europe. -aiming for 285,000. — : 

The SMs brother, the Peugeot Volkswngim'jhas' settled ,^/ 
604, laiertauoly one of. the most a strategy wiacb'^yestfae.A^- 
interesting of the new- entries marque ' re^>onrfbiyty v tor:^ ? 
to the executive market in big, quality cai^ Prodac^a^-- 
receat' years and 1 appeals to the the hew 100 model tis. toMhh&V 
conservatism of many buyers m capacity ait nearly 200,000*0®*®.-- 
thi£ Sector- But, unlike the two- a year. - And; the Auffi 
otheriug French executive cars, been enlarged and" reiaiw®®®?,-- 
the Citrues CX and the Renault to considerable effect- ;.. 

30, it was not designed to' .be In Italy Fiat" has made. 
made on large numbers: '-a separate Orgarrisa ^ 

It is a.pUy that the various sible for a range of - 
problems and constraints which luxurious cars. In1he:VW-Ai^ ; 
have. ; bedevilled production of pattern. •’ . Total- - cspaaty.^JV; 
the Rover in the UK has not Lancia is about 80.000. 
allowed the ear to test its full but this includes Authblagc y^ ' 
potential in, Europe. There is the Mini-typ£' mariset-tbe ^?? ^ 
no doubt it appeals to the Gonti- in the middle sector ; 

nental Europeans because it as the new Gama, at the - 

followed a *Car of the Year the range. 
award with: a major Italian _ . ' : ' •' ';'f 35^ 

styling prize. ; OutpUl 

The policy within BL's Jaguar- __ , .. " 

ROver-i’numpti division at the , /Volvo s iwtential 
nw mem is tor Rover to take JS '250.0W) a year- ; >^ .., 

responsibility forTug executive Swedish neighbona.- . S^b, igk 
models. ITuimnii for snorts oars heeD losing money- on -“5 


responsibility for "big executive Swedish neighbour, Saab,-^, 

models, Triumph for.spprrs cars .^en .losmg moneyon 

and Jaguar for the top-ofThe- business and has. cut .ba^Jg.. 

ranger JHercedes-type vehicles. duCtio ° nbont 

Thenew-Rover plant has a capa-..*™”*® Mf-.- - -_l 

city -,of about: 15U.WW . units i leaves 

year, and Jaguar of amnil 4U.O00. “°t° ra be dealt^witft^ 

For ciiist of. chis year Rover was has tiansferred -S-.'J§SSS^£- 

working at only one-uurd of 1116 Granada to 

nominal capacity but output has Germany aniT ontppt^t^^^ 

recently, been increased and J 1 ® 8 - 

JRT execuuves.are .taking a new 

look at'Cononentbl distribution 

arrangements to. prepare for the S 

r* sir' ufhiMi - thord ' era oamiinh SenftlOr SM . 


day '.when, there are bnough 

Roveraavailable lo make a Euro 1 jSSajSSfes 

twan rp-Iaiinrh a m»inahia.nrn. lento) having S 


’in. spite of coi^nuous^ '-«brit 
a bout- 1 u ver-capaciiy '. in the big 
car secaor. bl Is not the . only 
company-to have -.become 
vqiyed in . considerable, 

expenditure recently. - t«ms. . Fdt. ' ' 

Meeoede^^ wtih a cuerwit S n |bslti«^ - 

manufacturing potential 
about *70,1)00. unite a S«ar ^ 
a 40-iaonth. vvaiUng list In JGep* IgS? 
many 'itself) Is expanding ter 
launctuBg a new .range Ofestate 
cars which .wfli: increase annual ■ JJJ? 

output to around 430.000., Else 1 3 - 

where in "Germany,. BMW 
remodelled the - Whole ’ of; _iis 















I \ JL*P 




Financial Times Tuesday. October 17 1978 


EUROPEAN MOTOR INDUSTRY IX 


cars retain their share 


Ai 




/ M 

i- 


^ 1,r0T>can ma rket Porsche range. ^Vest “European appeal in some eonntries than commanded more than 15.(100 preparations for its re-launch 
adiuonal sports cars of the sales of those types are roughly m others. Britain has consist- units sold. In this context it is were made. 


the 


Spitfire or 

■Bagheera is relatively small, 
representing only 0.3 per cent 

car sales of around TrarlitlATial 

2^Q0Q units a year. traditional sports cars had 0.5 Al first 

However, there are _ many : To deal with traditional sports per cent of the market. Switzer- stringent 
motorists who hanker after a cars first, demand' baa been land. 0.5 per cent, France. 0.4 States 


version of the Xl/9 first in and SLC ranges accounted for happens to be In this businss*. 

_ . , . htk . . - — - — - Britain before it goes on sale m 20.5 per cent of West European In 1973 the Mama bad 20.5 per 

type represented, say. by BLs -“6 same as those tor the ently been a very guud— rela- easy to understand why BL is In spite of thu, BL's share Continental Europe or the U'.S. tola] sales in the sector while cent of this sectors sales: m 

traditional sports car -t.utio lively speaking — market for determined to get the TR7 of the total West European sales The earlier version of the car the BMW coupes and 600 series 1974 it was 12.5 per cent, in 

uiuts or o.3 per cept of me traditional sports, cars. In 1977 right for the American market, in the traditional sports car has proved particularly popular took a 17 per cent slice of the 1975 it was 19.5 per cent. 1976 

market as a whole. • For example, sports cars of this With the vast majority of sales sector represented 2S.5 per with the British and after its action. saw it up to 34.5 per cent and 

of total car sales of arniimt JSaJ ~l r - vpe accounted Tor nearly 2 per made on ihe West Coast, con- cent. The Spitfire alone had a introduction in January. 1977. This did nor leave too much last year it was 28 per cent. No 

" * cenr of sales. Belgium, where vertible* are in great demand. 20 per cent share, having per- more than 3.500 were registered for other contenders. BL’s prizes for guessing in which. 

traditional sports cars had 0.5 Al first BL felt that the formed progressively better m the first 18 months, in spite Jaguar XJS is aimed at the years the model was given a 

legislation in the iince 1974. Comparing 1976 and of supply constraints at the Continental market as well as facelift - 

soft-top 1977. its market share jumped factory in Turin.. the U.S. but sold only 500 units Once again reflecting the West 

The post-oil-crisis slump in Europe last year. The same German liking for sporty cars — 


hanker after a cars first, -demand' baa been land. 0.5 per cent, France. 0.4 States prevented a 

sporty image yet have , to com- remarkably steady .although per cent, and the Netherlands, version of the TK7 being made from 13 to 20 per cent and this 

promise and settle for some- noticeably 'affected by’ the oil 0.35 per cent, also help keep available. Now it is sure it has involved * 50 per cent increase th 

thing, more practical- than a- crisi*- In 4973. for example, the average up in West Europe solved the problem and a con- in volume. The Spitfire is doing nhased out as are the rifrnen nlacec iii Fi.mn. where there 

small two-seater. Sales of cofipe sales throughout West Europe as a whole. vertible TR7 with other modi- exceptionally well i n West Ger- ?v d c ° up€ ^ ®' en , more MvereIy P hased out as are the c,troen p,aces in Europ ? wt,ere tner S 


is one of the few 


Of course, in volume terms 


versions of volume saloon cars reached 23,000 or 0.4 per cent 

which meet ibis demand are of the market In ,1975 they Europe reuresents nothing like 
much higher, around 295,000 slumped to a low point of 18,000 ^ j ui mai-tet as the U <; 
units annually and roughly 3,5 o? 0.27 per cent of total .sales. SucWir? tS? Staief can maiTe 
per cent of the total West- Last year and in '1976, how- all the difference 
European car market. Typical ever,, in this sector -of the mar- car. 
of such cars are the Opel Mania ket around .24,000.. cars were 280Z 
and the For <* Capri. sold, representing i» “typical” 

Then there is the luxury end 0.3 per cent of total sales in 


« in • . . , __ . . than traditional sports cars. SM and Alfa Romeo’s Montreal, are suitable roads and lack of 

Scat ons will soon be on sale in many m spite of BL s trad,- Sales „„i, s P or 0.32 per The Volvo 1800 ES is still .vspeed limits which make soch 

th ! U S - _ . __ ™ the car "*•*< cent It the Se, i. 1973 contender, however. motoring a joy for the enthu- 

siast — Opel's nearest rival in 
this sector Is the Volkswagen 


of the spurts, car market, the 1977. 


to a sports 
For example the Datsun 
sold around- 60,000 units 
in the U.S. last year while BL 
notched up 50,000 units with 


In West Europe, the BL range business there, 
is spearheaded by the Spitfire 
which is widely available OOIUpC till Oil 


plume tied to 12.000 or 0.19 per . . 

cent in 1974. But they bounced i^ODSlStCnt 


back just as sharply and have 
continued to improve, reflecting 


And there remains 


throughout the territory. The _ ... . cvnunuea to improve. rawiaiuK 

Midget and the MGB are not The Spitfire has some way to ab ,, ^ affluent of West eKOtlca ' not °nly of this sector 
for the moment available in S° before catching up with the Gernianv of ^ 2 4OO0 units but of the car business as a 
Continental European markets sector leader^ however. The sold last year f 0.31 per cent of whole - re .P r «e nted by Lotus, 


MOBS and TR7s and the Midgets and last year there was soft- Matra-Simca Bagheera had a 


Sirocco with 1S.5 per cent of 
the gales in West Europe. 

Ford's Capri, also a German* 
made car, has a respectable 
10.5 per cent, the Renault 


world of the Jaguar XJS and the This .type of veblele has more and Spitfires between them pedalling on the 

Small car battles 


tout n Germany M » serali - *““■» SSSllf^U per cent^d 

accounted for 17.000 of them. ^ 


■ntT Whue M accounted for 17.000 of them. dPmand for *e Fiat 128 and !» coupes over 

The rest of the competition Porsche, with ns 911s, 924s coupe versions of more conven- f 
comes tom Italy, in the shape »" ^ 928s «plured a, o per , tent rional saloon cars-lhe kind of “d^wlSf 

oi tho Alfa Romeo Spyder °* total West European sales of vehicle which allows the 


Lancia Beta coupe and HPEj 


* — - ‘"'“‘rj JHluci .. . ^ ~ , ‘eiutie wnu.ll diiuws HIV an j tho Air. 

series, the Lancia Beta Spider, ‘^ls type of ear The Porsche ordinary driver to fantasise just Alf et ta GT suid GTE? and to. 


Monte Carlo and Stratos. and company- is family controlled 3 ] jttle — has remained fairly "e„ r T»r 
the Fiat Xl9: from West Ger- and a private concern. consistent, there are more 

■FT\rp . many with the Opel GT and the In the 1978 model year— models to share the sales. 

OUT of the top 10 best- But in the 1970s the major panies are now able to make ins Hum 1 that is a natural part VW/Porsche 914: France with which ended in September— the i n each of the years from 

semng cars in western Europe manufacturers one by one have them in large volumes— Renault of the retail car market After other Matra models and the Porsche factory in Germany 1973 t0 1977 un j t sa i es and 

last year were small cars, lne followed BL into the mini has the capacity to make about the financial difficulties which Renault Alpine; Japan repre- produced 35,900 cars compared market share was 273.000 and 


This is a sector which 
interests the Japanese because 
of its size. Mazda's 121 RX5 
and the Mitsubishi Colt Celeste 


- - liny v upaviij tu UIOJVC HUUUL uie Jinyuvidi ULUJLUlUtrS wmun r. — ' umumi oiiojc Wflj *io.w>u niiu • c„|j . , (k . 

most popular was the Renault sector. The Fiat 127 was 400.000 R5s a year. Fiat about have beset large parts of the s e °I ed b ? the Datsun Z series: with 37.157 in the previous 12 3.87 per cent, 215.000 and 3.46 *" X!r 5,2215*1 

h4/o/b range wnich took 5.9 followed by the Renault 5, the the same for the 127, Ford up industry during the past de- Morgan in the UK and a hand- months. About 3,000 vehicles per cent 211.000 and 3.23 per 


ful 


per cent 01 total car sales last Volkswagen Polo, the Peugeot to 500.000 for the Fiesta and cade, the remaining groups have 

year. The Fiat/ Seat 127 was in 104 (which is now providing the BL something over 300.000 for learned the lesson that they around Europe but between metalworkers' strike 

second place with a 4.6 per cent chassis and drive train for the the Mini — and they are taking a must make adequate profits if fbe™ contributing only 200 units Stuttgart region. 


success has been the three-deor 
Honda Accord with a 6.5 


of other makers scattered were lost during the month-long cent. 297,000 and 3.97 per cent Jen* t * ma rk et sfolre ^aiihoiSh 
nd Europe but between metalworkers' strike in the and 291.000 and 3.7 nee cent marKe * snare lannougn 


share 01 the European market. Citroen Visat and the - Ford tough line on prices. 

Ford s Fiesta took 3.2 per cent Fiesta. 

0f ™«T» the 'oil crisis had 
an car saies. And the Volks- somethin- to do' with all this 

wageu Poio Derby and the Fiat But £at wL not is from tbe occasional market- 

Ub each had 22 per cent of the The makers ^ ■ aIso ———————— 

market and shared 3 oint tenth the development of 

pl tf e 'i. ' markets in soijtheni Europe 

Perhaps (lie most significant the people -'are less 

feature is the impact made by affluent aTld „e natural 
the Fiesta. Ford pushed the customers for smaller 'vehicles 
car into the whole of Europe 0n ^ marketing front too. 
with one big shove rather than ^ Mncept eac h manufac- 
taking the traditional industry tiiref should. offer a logical range 
approach and introducing it products, from ■■ the . small 
gradually one market at a time, inexpensive to the large. expen 
The F’iesta’s 'performance was s j{. ei gained ground In the same 
even more outstanding if you wfty that it has in the U5. for 
remember that . it was not many years, 
launched until February, 1977,' 
and it was then another couple fcdfAvre/ivc* ' . 
of months before double- IS 

shifting started in Spain._ ' H e re ers in the Eurtpean 
The <ar is also asaembM u ra , dtnvn the number, 

the tiK (Dasenham) Independent jpedaUri mani,- 

Gerniany (Cologne) apd natur- ^^^d 

f a hL»h ,i « d ranges to nmexge 

through 1 : , e . ■ from ihe jemaining groups. - 

markets. By the middle of tins .... . 
year in Britain it- had caught up Another .important' factor, in 
with the BL Mini and they each the rise of Ihe small cars, has 
bad a 4.8 per cent share of been the technological advance 
total car sales. Thev were well in component manufacture and 
ahead of anv other model in vehicle assembly processes 
tbe small car sector. Stronger and lighter materials 

In West Germany mid-way greater precision in engineering 
through this year, the F'iesta a0£ j longer tlife components 
had romped ahead of the local mak^ it easier to design more- 
competition represented by reliable cara*. And production 
Volkswagen's Polo and Derby engineers who. used to complain 
models to a 3 per cent market that it was difficult to put 

together front^wheel-dnve cars 
have simplified the assembly 
process. 

F-ronf-whee] drive is a natural 
in small cars. The front-wheel 


they are to invest in the future. In the past five years. 


Prices have moved up across For without that investment 
the board without any serious they will have no future, 
attempt to undercut — apart that ^ 

K,(j, 


Thanks to their very 


the and 291,000 and 3.7 per cent 
respectively. 

strong Best-seller in this part of the 


share against 22 per cent and 
2.2 per cent respectively for 
the VWs. 

And in Spain it took second 
place to the Seat 127 in the 


first half of I97S with an 11.8 drive, transverse engine formula 
per cent market share against produces the best possible space 
the Seat’s 13.6 per cent. Ford behind the engine. The hatch- 
has undertaken to export most back configuration gives the 
of the Spanish-built Fiestas and roost acceptable luggage space 
to restrict . its market share at Jh® back and the best aero- 
there in the full year to 10 per dynamic shape. Most designers 
cent. and stylists, have settled for 

Even in Italy, where the these.- solutions although 
small Fiats reign supreme— the notably, the Renault 5 still uses 
127 had 20.2 per cent of esti- an in-line engine unit, 
mated total sales last year and in larger models, the arsru- 
the 126 accounted for la.3 per ment for front wheel drive is 
cent — the Fiesta made an im- not so rtear cut since the brg- 
pression and moved into third ger transversely-mounted en- 
place in the small car. sector gines needed to pull them along 
with a 4.2 per cent share of require a wider wheel-base, and 


total car sales. 

The question now is: When 
will General Motors move into 
this small car sector? The 
rivalry between Ford and GM 
is intense and the North Ameri- 
cans study each other’s progress 


increased drag by presenting a 
broader front end. In any case, 
wider models need some sort of 
shape like a transmission tun- 
nel down the 'middle to keep 
them stiff. 

There is also great appeal for 


very carefully. Perhaps now the fleet operator in the tradi- 
that GUI's .Ope) and Vauxhall tional set-up of a longitudinal 
subsidiaries have launched their engine in the front driving the 
top-of-rh e-market cars, the long- rear wheels via a prop shaft 
awaited dive into tiie small car down the centre of the car. The 
pool will not be far off. Opel major mechanical parts in this 
in West Germany has design system can be readily removed 
and engineering responsibility and repaired — ideal for high- 


fbr GMV Eiiropeaii car opera- 
tions. so that is the company to 
keep pn eye on. 


Profitable 


mileage, hard-used cars. 

Last year 27 per cent of the 
9.S6m cars registered in West 
Europe, were 'in the *' small 
category ■ and certainly the 
Southern Europeans helped 
Tt is understandable that keep up tbe average.. In Italy 
Opel, one of Europe's most 52 per cent of the car marker 
consistently profitable car manu- was accounted for by small 
facturers. should have dragged ones; in Spain it was 47 per 
its feet and held back from a cent, in Portugal 45 per cent 
small car launch. This is a high- .and in France (partly Southern 
risk area. European) 35 per cent. 

To start with the customers This Is also a sector whi6h 
for small cars expect, in the was succeptible to attack by the 
main to pay less for them. But Japanese. The Datsun Cherry 
the sad fact is that it costis FIL for example, had 1.8 per 
nearly as much to m ami fapture ■ cent of the UK total car mar- 
a small car as a medium-sized ket by mid 1978; in Belgium the 
one. There are some savings on Honda Civic was the small ear 
materials bat the number of market leader with 2.G per cent 
parts is likely to be almost tbe -of total car sales while .the 
same and the effort of .putting Datsun Cherry had 1.4 per cent, 
them together just as great as The Civic also topped the list 
with a bigger car. " ■ in the Netherlands mid-way 

Other European «manufac- through this year with 2.5 per 
hirers allowed BL (then BMC) cent of total sales, pushing the 
pioneer ' the .sector Jloae with Fiat 127 , into second place the 
the Mini— launched in 1959— Fiesta into third and the Mini 
fnr many years because they down to seventh in the list, 
could see. that it would he diffi- In spite of this Japanese on- 
rult th make reasonable profits si aught and in. spite of the com- 
on small cars. . petition id the ^or corn- 

Apan from Fiat with its range panies are now making profits 
of baby ears 00 company madea- from their .small ears. ,e 
serious attempt to follow tho UK apparently arises from * 


This 

corn- 


group. 


bioation of Riremnstances- Com- 


The significance of the UK home market 

market compared with the rest West German ^ ....... ., 0 w.v. 

of Europe is reflected in Fiat's had dominating positions in this period reflects just how essen- ** 
decision to launch the new luxury sector. Mercedes’ SL tial modernity in styling 


some would argue about 
whether the Accord deserves a 
listing in this sector), and the 


demand other car market is the Opel Manta Toyofa Celica range had a 57 

□t share last year, 

Kenneth Gooding 


companies also and its success over the same ^, r cent share last year. 


Some people are never satisfied. 


Porsche, for instance. 

They couldn’t simply be content 
with creating the most enduring and 
beloved sports car the world has ever 
known. The Porsche 91 1. 

They had to keep on improving it 
Refining its power; flexibility, reliability 
and roadholding. And addirig even 
more luxuiy. 

Did that satisfy them? Hardly 
Because their attention next turned to 
the incredible potential of 
turbocharging. 

And so was bom the Porsche Turbo, 
the ultimate performance roadcar. 

A car which has drained motoring 


journalists dry of superlatives. 

Now were Porsche satisfied? 

Not vet The designers, engineers 
and technicians of Porsche’s research 
centre at Weissach were, in fact, already 
busy with Projects 928 and 924. 


Two very different versions of the 
Porsche Ideal Front mounted, water 
cooled engines and sleek, new shapes. 

First off the mark was the 2 litre 924 
bringing Porsche motoring within 
reach ofrnany more people. 

Next came the car voted Car of the 
Year 1978, the 4.5 litre 928 V-8 luxuiy 
sports coupe. Said to be the car by 
which others will be judged for the next 
decade. 

924, 911SC, 928, Thrbo. Whichever 
you choose, Porsche believe youll be 
well satisfied 

As for Porsche themselves: they will 
never be satisfied 


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Financial Times Tuesday October 17 1978 


EUROPEAN MOTOR INDUSTRY X 


The next four articles examine the main areas of 
technical development. Manufacturers are striving to produce 
more economical vehicles and they are also having to cope with moves 
to make the emission regulations tougher. 

Ways to cut fuel consumption 


THE REQUIREMENT to display 
on windscreens of new cars, and 
in advertisements, fuel consump- 
tion ligures for a set of standard 
tests — an urban cycle. 56 mph 
and 75 mph — introduces a form 
of standardisation that some 
motor industry sources believe 
will lead to mandatory legisla- 
tion on fuel consumption. This 
is already the case in the U.S.. 
where car makers have 
to improve the fuel con- 
sumption of their vehicles by an 
extra 2 mpg a year in five stages 
to 1985. 

In view of the traumatic 
period through which the V.S. 
industry is passing, the prospect 
of facing parallel legislation is 
enough to strike despair into 
some British manufacturers. 
The Economic Commission for 
Europe, in choosing two speeds 
(the urban drive cycle is funda- 
mentally allied to emission con- 
trol) is being more realistic. 
Indeed, in the UK there is 
limited exemption for small, 
specialist manufacturers like 
Aston Martin. There seems to 
be no fear, therefore of ECE 
legislating at a rate that would 
damage the industry by impos- 
ing too harsh standards. In 
designing cars with very good 
power to weight characteristics 
Europe is far ahead of the U.S. 

It is also worth noting that 
while at first glance the trans- 
atlantic requirements seem 
extremely strict, the consump- 


tion figure that has to be met is 
a calculated average of cars sold 
in each category, or model 
range, based on a previous sales 
year, or a declared volume of 
planned sales. If the worst 
comes to the worst, and it may 
well do along the line, the 
multi-nationals like General 
Motors (Vauxhall here. Opel in 
Germany), or Ford could meet 
their commitments by import- 
ing smaller European cars 
with low fuel consumptions. 

This is not to suggest tbat 
U.S. producers are talcing easy 
options : rather to state the tech- 
nical hurdles they face. An 
immense effort in money, men 
and resources is being poured 
into searching for lighter weight 
materials to improve power to 
weight ratios and tbere is no 
shadow of doubt tbat the results 
will be of immense value to the 
European industry in still 
further stretching limited fossil 
fuels. The question is what 
premium will the customer be 
prepared to pay? And bow can 
fuel consumption be improved if 
emission controls make it neces- 
sary to reduce engine efficiency? 
The 1979 emission requirement 
is already costing as much as 
SI. 000 in detoxing equipment 

Lightweight materials as 
alternatives to steel and iron are 
most unlikely to be as cheap. 
Moreover, a sudden change in 
technologies could have an un- 
pleasant backlash on supply in- 


dustries. The imposition at too 
quick a pace of highly desirable 
and no doubt necessary controls 
on foundry emissions is reported 
to have put 400 of them out of 
business. 


Anxiety 


Events in the U.S. are there- 
fore being closely watched here, 
not without some anxiety, but 
also with a good deal of 
expectation that some of the new 
tech oologies being developed 
will find their way across the 
sea. Certainly the scale and in- 
tensity of American research and 
development are exciting, even 
somewhat awe inspiring. One 
of the new materials, borrowed 
from the spaceship programme, 
is carbon fibre (CF), a resin- 
based reinforced plastic 
material with great potential as 
a weight saver. Finding out haw 
and where it could be used on 
a car is expensive. Ford has 
spent $2m on an all-carbon fibre 
car which it is using as an 
engineering tool and mobile 
laboratory. The 1979 model Ford 
six-seater saloon weighs around 
3.750 pounds. Although this is 
more than 750 pounds lighter 
than the 1978 model, a carbon 
fibre version weighs only 2.500, 
a saving of 30 per cent, which 
indicates something of the scale 
of possible savings. This experi- 
mental car is being used to 


assimiliate knowledge and study 
manufacturing feasiblity. 

Examples of potential savings 
are a bonnet lid in eft is 15 lb 
against 40 lb in steel: a door is 
12.6 lb (30.2 lb); a transmission 
support bracket in c/f is 0.5 lb 
(2.3 lb). Among the dead 
weight items carried for safety 
reasons are door guard beams 
to resist side swipes. A modem 
steel pressing reduces this to 
4' lb, but a carbon fibre version 
weighs only 2.5 lb. There are 
many other examples where c/f 
shields, cover and brackets 
could be used. Widespread use 
of c/f could, however. lead to 
extra nnise. vibration and 
general harshness which would 
call for extra sound deadening, 
and so on. There are also manu- 
facturing problems. In a modem 
steel press it takes 10-15 seconds 
to stamp out a part. In carbon 
fibre it takes three minutes. 

In the UK the BRD company, 
part of GKN, has snatched a 
world lead in the production of 
carbon fibre drive shafts, of 
which GKN is the chief sup- 
plier here. But while there are 
substantial weight savings, cost 
penalties tend to limit applica- 
tions to specialist vehicle pro- 
ducers. On the other hand if a 
c/f component can do the work 
of two steel components, as for 
instance in providing a single 
prop shaft instead of a divided 
one, then it comes competitive. 
Up to 60 per cent weight saving 


can be achieved with a compo- 
site shaft using aluminium alloy 
yokes. Currently the more 
practical solution appears to lie 
in alloy shafts, wwhich incur a 
much more acceptable 10-15 per 
cent cost penalty but are 40-45 
per cent lighter than steel. This 
kind of equation is of gTeat 
interest, not least to truck 
makers. 

Another area in which Britain 
has taken a technical lead is in 
the new 10-20 glass from Triplex 
Safety Glass which enables one 
to fit 3 mm thick glass in the 
doors instead of a more usual 
5 mm or, less common. 4 mm. 
The engineering possibilities of 
the new glass are to be seen 
at the Motor Show where the 
Austin Morris Princess with a 
glassback extension will be on 
view. This special model con- 
tains 50 per cent move glass 
area, extending the feeling of 
spaciousness. The Princess 2, 
which was the first car to 
switch to 10-20, also features a 
sun-roof only 2.3 mm thick 
which is opened by flexing the 
glass. 

Glass is* also in wide use in 
glass reinforced plastics for 
bodies for the Lotus. Reliant 
Scimitar, and three- and four- 
wheelers. Plastics together with 
aluminium and high-speed steel 
remain the three leading 
materials for weight reduction. 
Improved compositions and 
more detailed engineering that 


reduces the weight of ■ a 
given component, in whatever 
material, are also combining; to 
make vehicles lighter. 

Aluminium is increasingly 
widely used in the engine 
compartment for overhead cam- 
shaft covers, sumps, clutch and 
gear housings, and for bumper 
parts, water pumps, brackets, 
and otber components. Recent 
years have s£en a great exten- 
sion in the use of plastics both 
for trim and as engineering 
parts. A far from exhaustive 
list would include seating, 
grilles, fasclas, lamp parts, 
wiper parts, door ~ handles, 
bumper parts, scuff plates, down 
to the licence holder. High 
speed steel, used more In 
America than in Europe, finds 
its way into such items as body 
reinforcements, engine and 
bumper mountings,, seat belt 
anchors, suspension arms, seat 
frames, and several other 
applications. 


Comfort 


Part of the reason for the 
tremendous concentration of 
effort and resources on weight- 
saving in the U.S; is the desire 
to retain the traditional roomi- 
ness and comfort wluch in more 
fuel-free days put a huge, slow- 
turning engine into cars weigh- 
ing two tons or more. Saving 
weight, and often size, plus 


more critical designs, are lead- 
ing to rather smaller vehicles 
with the same interior room — 
a concept brilliantly realised 
by Sir Alec Issigoois in the 
original Mini. And when a 
vehicle is made lighter, it 
becomes possible to make con- 
siderable savings In tyres, 
wheels, engine capacities and 
other functional components 
without losing in performance. 
The' 758 lb Ford knocked off its 
1979 model to bring the weight 
down to 3,750 lb includes 200 lb 
off the body structure, 110 lb 
off the engine. 61 lb off the 
brakes, 39 lb off the rear axle, 
and so on, a fascinating 
example of the way in which 
techniqnes are. developing and 
accelerating. 

Weight-saving exercises are 
also being conducted in the 
truck industry, though here 
the objective is not energy- 
savings as in cars but to 
improve load-carrying capacity. 
Designers are constrained by 
a maximum gross weight set 
either legally or by design. 
As a generality only the more 
specialist operators, like those 
undertaking trans-Continental 
trunking, are willing or can 
afford to pay a premium for 
some of the possible weight- 
saving methods. Weight-saving 
in the truck business means 
less a dash for alloy components 
and more in clever designing 


to make them lighter without, 
of course, impairing efficiency. 
This also has the effect of 
paring costs. 

That is not to say lighter- 
weight materials like alumi- 
nium, plastics and high-speed 
steel are not being used in 
growing volume, but there can 
be problems. High-speed steel 
can be and is used in chassis 
frames, but n a long-wheelbase 
-vehicle it' could become a 
spring. It also has the draw- 
back that one cannot weld it 
because It has been beat- 
treated to give it certain pro- 
perties. It also complicates 
repair or conversion. 

Aluminium, on the other 
band, has more freedom of use 
for some components. Com- 
bined with a major redesign 
programme, Seddon Atkinson 
engineers have lopped some 
hundreds of pounds off the 
vehicle. A simpler bumper and 
lower cab saved 140 lb. while 
different axles allied to a new 
gearbox slimmed it by a further 
620 lb, with another 390 1b 
being lost from the new rear 
bogle. Aluminium is used in 
tiie front bumper, a saving of 
44 lb, and for the fuel tank. 
Some of this weight saving, how- 
ever. only compensates for the 
increased weight of bigger, 
more comfortable and sophisti- 
cated cabs of a kind drivers are 
increasingly insisting on. 


More controls 
on pollution 




Scope for 


POLLUTION HAS become so 
emotive that well-intentioned 
legislation, some of it arguably 
unnecessary, is reaching the 
stage where energy conservation 
is being reversed in order to 
meet increasingly severe con- 
trols. For instance, while one 
can accept without hesitation 
that lead is poisonous a univers- 
ally acceptable system of 
measurement that enables one 
to determine at what degree of 
concentration it becomes a 
health hazard has still to be 
devised. 

While a great deal of work is 
going on in this country, else- 
where in Europe, in America 
and other industrialised coun- 
tries, convincing clinical evi- 


dence is still lacking as to the 
part vehicle emission plays. 

A commonly agreed system of 
measurement is deemed neces- 
sary since chaos would result if 
regulations in various countries 
were based on different methods 
of measurement Europe is try- 
ing for universal standards on 
exhaust emission, as it is on 
safety standards, although this 
does not prevent any country 
from introducing its own legisla- 
tion. Germany did so. and it has 
cost millions of pounds and 
pushed up the price of petrol. 

In 1976 Germany introduced 
legislation which brought the 
amount of lead in a litre of 
petrol legally allowable substan- 
tially berow what was general 
elsewhere in Europe. When Ger- 


3 


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forwsigSsSiiffiBBg. \ 

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The Basic design feature is a singlB, immensely strong box 
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Less deadweight means reduced operating costs. And w 

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sy rr*-- 


many reduced it to 0.15 grammes 
per litre the generally accepted 
level was 0.5 grammes, since 
tightened to 0.4 grammes. It is 
believed that the UK and otber 
governments will need to be con- 
vinced that below this level it 
constitutes a health hazard 
before contemplating fresh 
legislation, for the German 
experience is highly indicative. 

Most people think of lead in 
petrol as the -substance that 
gives it its anti-knock proper- 
ties and that in some way the 
amount is related to the star 
system expressing octane value, 
with two star petrol containing 
less lead than four or five star. 
This is only partially true. 
Octane values are also deter- 
mined by which of the three 
principal refining processes 
are being used, where the feed- 
stock comes from, perhaps the 
Middle East or North Sea, and 
how the refining is biased. For 
example, there is an overlapping 
area where more naptha for the 
chemical industry can be ex- 
tracted at the expense of petrol 
for the pumps. Again, the re- 
forming process reshapes mole- 
cules and provides a much 
higher octane rating. The lead 
in petrol is there for the benefit 
of the engine to allow high com- 
pression ratios and therefore 
higher efficiencies. To an extent 
it is an alternative to a more 
expensive refinery process. 

The German legislation 
forced oil companies to make 
substantial investments to up- 
grade processes at their 
refineries to provide the same 
anti-knock properties as before. 
Because the upgrading processes 
depend on heat and pressure, 
energy requirements at the re- 
fineries have been increased. In 
carrying through the changes 
tax penalties were imposed on 
companies not able to meet 
deadlines, and those that did 
conform were allowed to charge 
a higher price per litre. 








New from Fiat, the Mirafiori Sport 


jxctcJ «&N»V. y : . ' . • •’ THE ELECTRONIC age has which wfll reduce fuel consnmp- 

* ■ ' Iff" already started in the car Indus- tion and help manufacturers to 

•• i- But A»-Wg question now meet the stringent Government 

is how far it will go. and how guidelines on vehicle economy. 
•I s : ■ N* °“ e ■ quite knows • In Europe, it is estimated that 

'i jjj e ^ l ^ er of t0 J bec ^ e of about 15 per cent of the new 

' X '■ : >' V V' * development In miczthcLKuitry cars? ftm example, use^ electronic 

V.' over the next few years and the ignition, and the new Citroen 

■ ■ - • f I '.V^ .*;* -. ability of the electronics Indus- visa, launched at the Paris 

v ^ e t0 d ^^ this * ear a ^ 0 

the Mirafiori Sport" lATST & 

^ controlled extremely computerised ignition system, 
specially prepared at consider; lives of the Transport Depart- ment the Bosch light meter for ugnuy, Thi* process is designed to call- 

able extra cost and the ment, any two governments can instance, there is correlation The main scope for the use brate computers to make ad 
prospect of such tough regula- sponsor legislation via the UN between them. of . electronics, however! is instantaneous analysis of what 

lions migrating to other parts Secretariat, and all other govern- European legislation does already dear. Electronics can is going on in the engine and 

of the world not subject to the ments are encouraged to agree not include NOX, and there is be applied In various, areas of on the basis of this calculate 
kind of climatic inversions that the regulation so that all no anticipation that it will engine control and fuel manage- the timing of the ignition to 
produce the smog, are being vehicles certified to that regular move so far down the road the ment in anti-skid devices which optimise performance. The 
viewed with apprehension, not tion are acceptable in their Americans have taken, although control the braking mechanism, techniques exist- for measuring 
to say resentment, since there is countries. However, for research is going on in the UK and in peripheral areas such as engine speeds, heat and so on*, 
a widespread feeling that they smreignty reasons the process on a collective basis between speed con troL They can also be and this can then be translated' 
are unnecessary in Europe, or is quite optional, and indeed engine and injection equipment used to give more precise and into controlling the engine so 
other parts of the world. the UK has refused to accept makers, vehicle producers and detailed dashboard information as to improve fuel consumption 

Leaving aside America and a number of regulations — on the Government. It is strongly in a digital form, and to sense and emissions. Some production 
Japan, which are special cases, noise because we had a stricter argued that if the U.S. Environ- and relay messages from road- of small series micro-com- 
the motor industry tends to l«*vel; nn seat belts because it mental Protection Agency side information outside the puters has already started at 
work to the highest standards of wa * thought ' we had better standards had to be met it car. Electronic systems, indeed. General Motors and Chrysler to 
emission control so that vehicles domestic standards. On the would penalise the rest of world have opened up the futuristic perform these tasks, 
that conform to them will be 0 }*er hand th « UK was ■“»"« markets, since the engines prospect of vehicles, controlled Electronics are also bein- 
acceptable in all other markets, the first to adopt crash barrier would be bound to cost more, entirely from outside, and wideJy used now in fuel S 
Where an engine is being modi- regulations, and accept regula- In any case, there is no clinical although -this Is an unlikely tion ^ems. interest in th5 

fipd. or a new engine being intro- tlons when the >’ come U P t0 eyi ?eoce that diesel engine prospect fbr many years to bus develoDed !»«... J S 

duced. it is generally designed domestic Sudanis While NOX emum are harmful; it has rome,scientistejiave mulled ^advantages Sf uSS injec- 

to meet the next highest level of em,SB,on levels have st,H t0 ^M st been tagged with an un- over, the possibility of- cars in tion, « t * h p 

controls still on the sidelines. j" tr " ri “ c « l ****** ■' Co ™f g"” 1 “ p . utaHo ” beca f e oi which .aUthe. driver does is to earburationm^ti»5ds,^o acSe 
Emission control regulations directive that from 1981 smoke emission. More informs- givejmtruchms on where be deafler fee , buraTand to St- 
are a comparatively new Feature must . . not . 0A t 00 diesel emissions will wants-to go. . - , - prove fuel consumption. El™ 

of life in the motor industry. ™ At present however,, the main tronfes can be applied to the 

and have involved individual petr,li or .£ e Jess ^ Ia i l 0-15 research now developments have been in the injection mechanism to measure 

companies in millions of pounds f^ mes ' ^ current German going on into > measuring fuel g e Ms of ignition and fuel inject air flows and decide when fuel 

in establishing research and le ^ e '- - , . - , . JJ#?' d SJ ??5Z. io “ r tion - Already, the ignition should be delivered to the in- 


the previous legislation dealing it is ‘ interesting to see the 

with the emission of sparks. h ; n k th . 


Tightening 


with a technique known gener- tfols exhaust. emissions. ' 
ally as Breaketless. Transisto- ‘"Further developments of this 


? em.».on W empirical way in which the But while control of exhaust uevwopmenta of this 

,ma '«*«•«■»» « being ball, U p. mission, U.htem^, there SS? ™ ^ 


Pollution 




i L-c'-.-* 



Carruthers 


^Hmove up with monorox 

j H. carruthers & Company Ltd. 

Peel Park Place, College Milton, EAST KILBRIDE, Glasgow G75 5LR 


Pollution controls are also 
tough in Switzerland, where 
environmental issue are sensi- 
tive subjects, and where legisla- 
tion is apt to he heavily 
influenced by referenda — and 
where there is no motor industry 
tn bear the brunt. In America 
some of the measures arc 
politically inspired and becom- 
ing so onerous that they are 
outstripping the technical know, 
ledse of how to meet them, 
quite apart from the Fact that 
they are running into a head-on 
collision with energy conserva- 
tion. There is no doubt that the 
special smog problems in Los 
Angeles or. for that matter 
Tokyo, justify especially strict 
control. The trouble is that 
while regulations outside Cali- 
fornia and in other parts of 
Japan may nnt be ai strict they 
have to be met since it would 
be impractical to limit vehicles 
to certain areas of the country. 
Vehicles for the American 3nd 
Japanese markets have to be 


In addition t» lead, or rather acceptable* 1 " is rather like su°ee«!tinE that on usea to.controi tne cun-ent then feed the information back 

oxides oF nitrogen commonly re- askjri; ; - what levels of exhaust se n^ation^ 6 grounds the rJ^tSht * 1 ®7j ro . nic . co, ? tro1 system 

ferred to a* NOX. the nther pollution (which is invisible but to be wider cuts of vehicle ^ i ln 3«^ process 

pollutants are hydro-carbons, or nnne the {ess pote nt) are accept- fuels. In overall energy terms mlchanlS* tor a 22mnf^? r i? gly « Bflscb * 

un burnt petrol, and carbon ab lo? ** The relevant British the maximum is needed from a Bt \2? n 2 ^SEh^JSh SL55 P,t8 German 

monoxide, the toxic gas result- standard was set after a long barrel of oil having subtracted ^ * - i h eleqmcal .company. - - has 

;ng from incomplete combustion. scries of observer tests, at. th? the energy needed to get it in Li fj!* 


stean trains. - what levels nf visible smoke j s another Aody^ ^ of^ opinion EmStES f** 115 *! 0115 and - 

In addition t» lead, or rather are al - ceD rable' , " is rather like <m°ee«itinE that on enpr<nr ran. usea to control the cun-ent (hen feed the information back 
nx-ide? OF nitrogen commonly re- a3kjn2 ' - what levels of exhaust se nation B grounds -ther^tSht control system 

ferred to a* NOX. the nther pollution (which is invisible but to be wider cuts of vehicle ^ ^ injection process 

pollutants are hydro-carbons nr nnne the less potent) are accept- fuels. In overall energy terms « Boscb ' 

u:i burnt petrol, and carbon ab le? ** The relevant British the maximum is needed from a Bt \5? n S SLS2? P,t5 German 

monoxide, the toxic gas result- standard was set after a long barrel of oil having subtracted P° mts . wtaeh both elet^ricaJ .company. - - has 

in? from incomplete combustion. scnes „f observer tests at the the energy needed to get It in ^ t<5 ^ the current and perform developed a piecte of equipment 
The first emanation of control Motor Industry Research Asso- the first place.' Loosening the meC i ia *^ I K sensor which 

wa- rho denied crankcase in ciation's establishment near present tightly controlled sped- c f5 S, ,.t n , d w ^. lc ^ a TO works by sensing the residual 

JP71. The ne'rt. and current one Nuneaton. Various levels were fication for some fuels would •®?5 onous * y su ^J^ ct to mecham- oxygen in the exhaust system, 

concerns only hvdrocarb"ns and agreed according to the ratio of help to achieve this, though 011 wear - . is V 16 * 1 ra l a y e fi 

carbon monoxide, which was acceptance. These are 25 per inevitably it would pose_ prob- r^. 

introduced m 19,.. It is known cent at the lower end, a0 per lems for the engine designers I lEHIllff tne Rir/cuei mixture, 

in the trade as ECE 15.01. The cent and 75 per cent at the and makers. They could not ■ •"*■■'' en S‘“ eer s believe that 

Economic Commission (or higher end. The existing level is be certain, for instance, that The advantages of the transis- ip® 8 ® stalled engine zn&nage- 

Europe works under the 50 per cent, although there is consistent specifications would torisied. method is. that it gjyes may eventually 

auspices of the United Nations talk nf moving up to the 75 per be held the world over. higher voltages and. produces “ an. almost complete eon- 

and is tr>ing to harmonise regu- cent level. While the levels of The various options opening greater consistence in the ignfc- • x °f c “ anic ^J u 555 Ioris - il- 

lations in Europe and those permitted emission are arrived up are leading to investigation tipn timing, both critical factors p* na j n 8 geYbox^This would 
with reqiiiaiinns world wide, at subjectively, measurement is of various types of alternative in. a period- in which leaner fuel th6 

tlmujh America and Japan obisined by shining a light into pnwer units to the petrol mixtures, are being- vised in tbe h ^^ a ting. the 

nave d:fT n rent ideas, a box of smoke and reading off engine, which is : notoriously effort to conserve energy. ’ fuel injection,; but choosing the 

T.V UK is almost on the eve what are called the Hartridge inefficient under pan load In addition, this twhholdgy ^c» P ^?f alar 

of imrodurmp the next amend- units. Those controls are sup- {unlike the diesel which does is reckoned to be more econoiS 

mrnt. which richmns the onus- ported by Common Market direc- not have this problem). One of 0 n fuel The <tisadvantaee deveIo P ed 

5 ,r,n Invel bv 20 per cent TV tjvns a „d resul.tinns so that thB5e , 5 ^aUfied chaiSO SooS^woula ^^'^n 0 ' 

amendment after that, m the they move in step, and were engines, which are good on transistorised components cost SteSeTSer?lS* e ri«S^™ 
early »n. will mtrodnee >n\ arrived at l.y presenting the emissions but poor on consump- more ‘ ’-fhe ' 

pmi;?;n n level? for the first rime obsen-er findings in mathemati- tipn. The next decade will be equipment they 'are aiiried':at' the wUE S 5 

ano tn.- amendment following cal form, analysing them and one of intensifying activity to Spacing, ind irTonS^rideS to be^nihS t /cmf 
;-ih tighten all three by a comparing with The level of find acceptable solution to 

Ih r h n , 1 1 ' J ”° f P " % rcn r T " ndvr uVi ob t J, nirat,nn of the smoke, sometimes conflicting problems, ahlgh premium.on ahy me'thpds gear.. ' ?' 

'11° nil**# nf Thi s Europpan While therp are a number of D - . , . r._ - - 

' dub," on winch sit representa- different methods of measure* irfitcr . L4Ut\Vl*lght vCbNITNUEb".ON'OP.POaTE-PA<ffi 






I 




Financial Times Tuesdav October 17 1978 



-ST .~v 

“ S \ 

' ’ / 




I 

; m ? 


r; 


TOO MANY Ores chasing loft 
fe-A' buyers resulting in cut- 
throat competition in the 

marketplace and ai best 
minimal profit for the manu- 
facturer. That, in a nutshell, 
is the problem the tyre industry 
is facing, wilh little .prospect 
for short-term improvement- 
Factors responsible, for this 
unhappy situation include: 

• Ever-advancing technology 
which improves tyre per- 
formance and increases 
potential life: 

0 The record number of 
foreign car imports into 
Britain. In the main, these 
cars come in oo tyres made 
in their country of origin. 
Consequently, demand of 
British-made original equip- 
ment tyros suffers: 

• A flood of imported tyres, 
some from Eastern Europe 
hut many from the mainland 
European factories of com- 
panies like DunJop. Fire- 
stone and Goodyear, which 
has Further depressed 

, replacement market prices. 

The most significant change 
in tyre manufacturing tech- 
nology has been the abandon- 
ment of cross ply construction 
'in favour- of radial ply. The 
'radial ply tyre uF today, uith 
bolti. of steel wire reinforcing 
and stabilising the tread, gives 
about twice the mileage c«f a 
crossply tyre. 


As original equipment for 
factory fitting to new cars, tin- 
cross ply tyre is virtually ejctinci . 
Jt lingers on in the replacement 
market, selling to highly cost- 
conscious purchasers who run 
old cars and care little what 
make of lyre they fit so long as 
Ji is cheap as possible. The 
effect - on overall tyre sales j.s 
obvious. . 


Replacement 

In the period 1972-75. when 
the number of cars and .light 
vans registered in the British 
Isles went up from 14.1m ro 
15.2m, ihc number, of replace- 
ment tyres decreased by 3m 
units ffrora 22.4m t» 19.4m). 

The rale nf decline, has slowed 
since then, but this year's tyre 
replacement factor, is expected 
to be 1.26 at best! The. only 
development likely fo halt the 
downward trend’is stricter legis- 
lation nn tyre safety. At present, 
it i> legal to use a tyre in 
Britain if it has a minimum of 
1mm partem remaining across 
three-quarters of the width of 
the tread. - .. The British tyre 
industry and trade, has been 
urging the Government to adopt 
a stricter siandard of Irnm 
paitf-m across jlw whole of The 
tread, to he followed bv an 
increase in the minimum 
pattern depth lo 1.5mm or, 
hopefully. 2mm. 


No doubt mindful that any 
arbitrary inrrcasu in motoring 

•■usts i> unlikely to endear it lo 

the motoring voter, the Govern- 
ment has. so far remained 
unimpressed by the tyre indus- 
try's- argument. Tlu* latest 
trend in car tyre design can be 
seen on a number of the 
imported car makers' stands at 
jhe National Exhibition Centre. 
This is the increasing popularity 
of ultra low profile tyres, only 
HO or fij per cent as high as 
rhey are wide, in the interests 
of enhanced performance and 
appearance. At present two 
firms are leading rhe field — 
Pirelli and Miehelin. 

Pirelli's new supertyre for 
volume produced ears is the P6. 
known as the Plus One Concept. 
It is so called because it is 
used in conjunction with a 
wheel lin larger in diameter 
than usual. This keeps the car 
at rhe same height above the 
road and avoids the need lo 
alter gear ratios, headlamp and 
bumper heights. 

The P6 improves handling, 
neenns response and cornering 
performance significantly. Un- 
like earlier designs of very low 
profile tyre, it involves no 
sacrifice in ride comfort. In 
fact, its sophisticated design 
allovis thinner materials to be 
used in i/s construction which 
makes it less, nor more, liable 
to transmit rough road reaction 


to the car's occupants. Among 
oar makers using P6. which is 

now bring made by Pirelli 
factories in Britain and Ger- 
many as well as Italy, are AJfa 
Romeo, Audi. Fiat. Opel. Saab 
and Volvo. As supply improve*, 
others will follow suit. 

MicheJin's super tyre is the 

TRX. -so far taken up only by 
Ford in Europe and the ‘u.S. 
and on a smaller scale hy 
Peugeot and Fiat. Unlike the 
Pfi, TRX demands the use of 
a special wheel, sized in milli- 
metres. nor inches, with a 
different rim shape. Its advan- 
tages are similar to those of 
the P6, though it seems to 
require greater modification to 
the car's suspension jf its full 
performance and comfort poten- 
tial is to be realised. 

Technology 

TRX is at present being made 
only in France but it will he 
in production in the U.S.A. in 
the near future and perhaps in 
Britain within a year. The flow 
of tyre technology across Lhp 
Atlantic has been almost 
entirely westwards in recent 
years as the European sub- 
sidiaries **f the American com- 
panies have passed on their 
radial-making expertise. But an 
American idea that may take 
root in Europe is the Uuy- 
rolling resistance radial tyre of 


special design, exemplified by 

the Goodyear Elliptic. 

This and other fuel-saving 

tyres are designed ?u run al 
much higher inflation pressures, 
which reduce roiling resistance, 
while preserving normal com- 
fort Goodyears Elliptical— 
its sidewalks are abnormally 
curved to presene flexibility 

al high inflation pressure 

originally required its own 
unique wheel. But Goodyear 
had rapidly to change their 
mind when the U.S. car makers 
objected to this unwanted com- 
plication. A compromise rim 
that fitted both the Miehelin 
TRX. which is a perform ann*. 
not an economy tyre, and the 
Goodyear Elliptic was evolved 
lo solve the problem. 

Having one special rim to fit 
two different non-standard tyres 
would appear to have com- 
mercial advantage in both 
Miehelin (which is out to topple 
Goodyear from the world's 
number-one lyre-making spot! 
and Goodyear itself. Bui there 
can be no question that Pirelli's 
solution of using a larger size 
of standard run is more elegant 
and economic. 

Dunlop coniinut-s in plough a 
lonely furrow with the Dctinvc 
runflau failsafe tyre, now over 
six years old. A simplified 
version was announced la?i 
week. It bas a thick iajer uf 


gel on the tnnrr crown which 
seals penetrations and lubricates 
the tyre's interior in the run- 
flat mode. The siring nf 
lubricant containers of th? 
earlier Denovo have been 
eliminated, bur a special two- 
piece wheel is still required. 

All the tyre manufacturers 
have made' runflat tyres. Only 
Dunlop has- marketed one and 
their technology is well in 
advance of any rival's. The 
car makers would like 
eventually to eliminate' the 
spare wheel and tyre. Whether 
they will turn to Denovo is still 
uncertain, though ns safety and 
convenience are beyond doubt. 
Only BU Cars have made any 
real commitment to Denovo to 
far. though two Fiat models can 


be ordered on Denovo in 

Britain. 

Truck tyre design is relatively 
sialic. The haulier is interested 
in high mileage, reliability and 
being able to extend the life 
of the tyre's casing by regroov- 
ing and remoulding. 

Jn recent years there has been 
a modest irend towards 1 using 
fat single tyres to replace twin- 
funuation tyres, especially on 
the rear hogies of articulated 
tankers, where they save weight 
and improve operating 
economics. 

True low profile tyres, only 
7(1 per cent as high as They are 
wide, have been used on the 
Leyl and National bus for some 
years and are expected to 
penetrate the truck market by 


the early 1980s. They allow the 
brakes to be bigger for a given 
overall tyre diameter, have 
higher load carrying capacity 
and improve vehicle stability 
and handling. But vehicle 
design will have to be changed 
to exploit the low profile truck 
tyre's advantages. 

Radically new car or truck 
tyres, with no casing reinforce- 
ment and made by injection 
moulding instead of labour- 
intensive building methods, are 
still a very long way off. The 
industry wants lo make real 
money out of its huge invest- 
ment in costly radial ply tyre 
building equipment before it 
ventures into new technologies. 

Stuart Marshall 


Electronics 





CONTINUED FROK PREVIOUS PAGE 


The VW Passat LS Estate 


Another application- of elec- 
tronics which is rapidly mov- 
ing into the era of commercial 
application, is in skid control. 
These anti-skid devices mean 
linking the wheels by way of 
sensors with an electronic con- 
trol unit which then interprets 
what is happening to the brak- 
ing mechanism on each indi- 
vidual heel. The idea ;» to 
prevent any one uf- the wheels 
from locking an<f thus creating 
a skid. Rapidly alternating 
electronic signals from the 
central device control the 
brakes to prevent them locking 
any of the wheels. Art anti-skid 
system of this kind. . jointly 
developed by Bosch and BMW. 
will become, an optional rextra 


nn the German car company's 
7-series saloon by the end of 
•ihis year: and Mercedes is also 
moving into this field. ' 

Finally, electronics are mov- 
ing into the ihstrumentation 
area, whore they, are being used 
tu give far more information 
than was previously, available 
lu the driver. On soriie up- 
market vehicles ihis. process has 
already started. The instru- 
hiontation inclndes -devices lo 
let the .driver know the. state of 
oil in the engine, whether the 
windscreen wiper system has 
water in it or whether the light- 
ing systehris working properly. 

In the US. some :eleetrwiics. 
companies are nowUmiarteting 
bolt-oniaccessories which, tfoc as 
litUe.as £209, provide thedriver 


with extra information such as 
the amount of petrol he has 
used on a particular journey, 
what his average speed has 
been and so on. . 


Cheaper 


Almost all of. these electronic 
devices are nuw known lo work 
satisfactorily on a motor car. The 
basic problem facing their 
future u«e is cost— and that 
conies down lb questions -nf 
developing the products so that 
they are cheaper lo manufac- 
ture. technical improvements in 
microprocessing itself, and the 
application, of mass production 
techniques which 'will make 
them suitable for the motor 
industry. ■* r . 


Partly because of these cost 
issues the possibility of joint 
development projects or even 
co - operative manufacturing 
enterprises are being investi- 
gated in these fields. In Franc,?, 
fur example. Renault and Ben- 
dix. the U.S. manufacturer, have 
talked about a joint project, 
and Renault is also known lo 
be talking to Bosch uf Germany 
and Lucas of the UK. Similarly, 
the Peugeot acquisition of 
Chrysler Europe may also help 
the French company in this 
field, .since Chrysler is one of 
the world leaders in electronic 
equipment, which it developed 
in one of its non-automoTiv** 
divisions for the American space 
programme. Fiat has also said 
that it is in! crested in pooling 


research and development 
efforts with others. 

The main companies involved 
at present are split fairly evenly 
on both sides of the Atlantic, 
including Lucas and Bosch in 
Europe, and Bendiv and Moto- 
rola in the U.S. There is no 
doubt that all nf them view the 
electronics field as an iuiportam 
part or their ruture develop- 
ment. .Standard electrical 
systems, of course, still have 
some time m run. But if the 
pace of development in The past 
five years is a guide to the next 
decade. Ihe electronics revolu- 
tion will havi- fi mdo men tall v 
taken sham? in rh» »"oiur car 
by the end of the 19S0s. 

T.D. 



The Volvo 343 l*L 





.Vvt' 




(jVJ&iS 




Automobiles have become price of petroL Add ta.that the 

indispensable to everyday fife. As rising charges for maintenance 
society evolves so does the need- and service. And the automobile 
for automobiles. At the same time industry suffers from increased 
we are acutely. aware of the costs for raw materials and rising 

•urgent need to conserve the 
earth's limited natural resources. 

And so the need for. economy in 
automobiles becomes 
correspondingly more important. 

Just imagine what we all are 
up against; Motorists must bear 
the burden of increased cost of 1 
cars, in addition to the increased 


labor expenses. 

What, then, is an economy 
car? Naturally, it must provide 
good mileage and economy. And 
it must be ruggedly built to last, 
yet it must also be easily 
maintained. It must be easy to- 
operate and perform well. A car 
must be designed and built as a 
total, balanced economic unit. We 
believe that this is the 'economy' 
car which motorists and society 
honestly require. 

At Toyota, we are keenly 


aware of such needs; our research 
and 1 development staffs are 
currently involved in many, varied 
projects that are aimed at just 
that. 

For example, as weli as 
developing an engine that 
provides better combustion using 
low grade petrol and an efficient 
power transmission system, we 
are experimenting with a material 
that would effectively replace 
metai and be both lighter and 
longer lasting. 


This pursuit of economy by 
Toyota is not something begun 
today, but initiated over 40 years 
ago when the first-Toyotas rolled 
off the assembly fine. This is 
because Toyota's philosophy is to 
build a car from your point of 
view. And this policy will never 
change as long as Toyota makes 


COROLLA 


Study of gas flow in cylinder to seek 
most efficient shape fbreombustion 
chamber. 













pr< 

ch; 


BY MA 


THE PF 
decided tc 
allegation. 
Wilson f i 
number a 
were com 
paign agai 
Party on 
1974 Gent 
The Foi 
allegation 
lowing th< 
affair. .Mi 
was, had ■ 
an orches 
himself. I 
Lady Fe 
M arcia W 
The Pr- 
Fir Haro 
drawn soi 
Suhseqi 
told the 
did not 
prietors 
instructed 
round a 
material. - ’ 

The Pn 
fn hear 
Sir Harolt 
formal co 
On the 
again -t t 
council s; 
Royal Cc 
that ther 
Labour bi 
The Pr. 
is one n( 
iished tod 
In ano 
council 
against ti 
Daily E.V; 
picture c 
Henrietta 
death in l 


- -. ' .r ’ T. ' 1'- ;V / 


Financial Times Tuesday 


EUROPEAN MOTOR INDUSTRY XII 




■Si 


'j 


Every large manufacturing country in 
Europe is now faced with an Increasing percentage 
of car imports. Among the major motor producing nations of the free world, only Japan 
has kept imports to a negligible share of its home market. 


Changes in trading patterns 


ymm 








- - — ..“ -V-V'-T-- -i.l-'i-k;-: f- 




THE IMPACT of the free trad- 
ing policies which followed the 
Kennedy Round agreements and 
the creation of the EEC can 
be seen quite clearly in the de- 
velopment of the European car 
industry. Whereas 12 years ago 
every large manufacturing 
country was importing only be- 
tween 5 and 15 per cent of its 
new cars, today this percentage 
has increased to between 20 nnd 
almost 50 per cent. A similar 
pattern has det-eloped tn the 
U.S. Among the big motor- 
producing countries of the free 
world, only Japan has success- 
fully defended its own industry 
against imports. 


pec* to continue, and partly 
because of more aggressive 
effort' from the importers. 

In West Germany and France, 
the "“her two large oar manu- 
facturing zones in the EEC. the 
trend towards imports has not 
heen >u marked, although it has 
heen quite positive. The West 
German manufacturers' share of 
ihe;r home market has fallen 
from S8.S per cent in 1965 to 
about 79 per cent, while 
France's has fallen from So per 
cent t».i 78. 


Vigorous 


Within Europe, these changes 
have been particularly severe 
in Britain. In 1965. just after 
the first rejection of the UK's 
efforts to enter the EEC. domes- 
tic manufacturers satisfied 95 
per cent of local demand. Bui 
by last year, when tariff bar- 
riers against the EEC had been 
completely dismantled, British 
companies were only satisfying 
about 55 per cent of demand. 
This slump has occurred des- 
pite limitations on Japanese 
imports, which have probably 
held the -Japanese share by at 
least 5 per cent, and despite the 
attempt to shore up the British 
industry with considerable 
tranches of public finance. 

A simitar change in the 
trading base ha? also occurred 
in Italy, although, in this case, 
it has nnt had the problem of 
sudden adaptation to the Com- 
mon Market to contend with 
The Italian manufacturers' 
share of their own market, 
traditionally dominated by Fiat. 
h3s fallen from S8.5 per cent in 
1965 to 6-1 per cent, partly be- 
cause of Fiats decline from a 
near monopolistic position 
which it was unrealistic to ex- 


The statistics also show un- 
equivocally that Germany and 
France have been by far the 
strongest competitors in Europe 
ilunn’a the past 12 years, with 
the French manufacturers ex- 
periencing the most vigorous 
growth of all. German pro- 
ducers. while finding expansion 
virtually impossible in the U.S. 
following the demise of the 
Volkswagen Beetle, have pushed 
into France. Italy and Britain: 
the French, with their attention 
fixed mainly on Western 
Europe, have pulled back the 
German lead in most of these 
markets and surpassed it in 
Italy, where they have almost 
20 per cent of the marker 
against 15 per cent by the 
Germans. 

If the French stake in Spain 
is also taken into account, their 
relative improvement against 
the West Germans looks even 
more impressive. Whereas 
German producers have no 
significant investment in the 
Peninsula, two French pro- 
ducers. Renault and Citroen, 
already have plants there, and 
Peugeot, will add to its capacity 
after its takeover of Chrysler 
Europe. The French share of 
Spanish sales could amount to 
about 500,000 units Uus year. 


Equally, the figures show the 
acute decline which has gripped 
the British industry in the 
period. Last year. UK com- 
panies’ sales in the main EEC 
markets were insignificant, 
making nonsense of the indus- 
try’s argument that entry to the 
Community would increase com- 
petitiveness and open up an 
entire new market. In fact, 
sales have actually fallen from 
what they were 12 years ago. 
In France they have dropped 
from 2.6 per cent of the market 
to 1.3 per cent, and in Italy from 

1.2 per cent to 0.5 per cent; in 
Germany they hare gone up 
slightly, but only from 0.3 per 
cent of the market to 0.6 per 
cent 

Outside Europe, the main 
change has occurred through 
the growth of the Japanese 
industry. This expansion, first 
led by Toyota and Nissan, the 
Datsun producer, but now being 
followed by the smaller 
Japanese producers as well, 
accounts almost entirely for the 
development of imports in the 
U.S. The Japanese share in the 
American market, which stood 
at an insignificant 0.2 per cent 
in 1965. against the German's 
4.5 per cent, has now grown to 

12.2 per cent. By contrast the 
Germans have slipped to 4.0 per 
cent, while the other European 
industries have stood stiU at 
less than 1 per cent each. 

These market changes relate 
very closely to the way in which 
production in the world’s motor 
industry has developed in the 
period. U.S. car output’ has 
slaved virtually static since 1065 
at just over 9m units -tlOm 
including Canada): which Japan, 
with a development strategy- 
based fundamentally on exports 
to the U.S., has lifted its output 
from about 700,000 units to a 
little under 5.5m. About 40 per 


cent of this output is now taken 
up by a much-expanded 
Japanese market, while the base 
for profitable exports is pro- 
vided by Japan's L2zn registra- 
tions in the U.S. The rest is 
exported all around the world, 
with about 600,000 units going 
into the EEC. 

In Europe, production ex- 
panded very quickly between 
1965 and the peak year * f 2973, 
when it approached 21.5m. 
Since then it has been forced 
into reverse by the oil crisis, 
only coming back to 1973 levels 
last year. The most significant 
feature of these changes is the 
way in wh'.h they have em- 
braced a sharp switch in pro- 
duction resources away from the 
UK, and. to a lessor extent. 
Italy, while France has emerged 
to challenge West Germany as 
the region's premier car manu- 
facturer. 

German production has gone 
up during the period from 
about 2.7... units in 1965 to 3.8m 
last year. But the French have 
advanced from 1.4m to 3.1m. 
Britain's output, by contrast, 
has gone dovn from 1.7m cars 
to 1.3m, while Italy’s, after a 
rapid expansion until the early 
1970s has slipped back. Italy 
now produces about 1.4: i cars 
compared with 1.1m in 1965 and 
almost 1.8m six years ago. 


Capacity 


The Improvement in the West 
German position reflects to a 
certain extent on the American 
multinationals’ policy of switch- 
ing their car assembly capacity 
away from the UK and towards 
West Germany, loth German 
Ford and Opel, the General 
Motors' subsidiary, have de- 
veloped considerably during 
this period, making up for the 


stagnation at Volkswagen which 
followed' the demise of the 
Beetle model. In the UK these 
policies have bad the effect of 
aggravating the decline in car 
assembly which has followed 
the unsuccessful scramble to 
rationalise the industry around 
a strong indigenous company 
based on the old Ley 'and and 
BMC companies. 

Daring . the same period the 
French manufacturers have 
grown under the strong encour- 
agement of their Government. 
This expansion has been led by 
Renault the State-owned group, 
which works closely with the 
Government and which has been 
encouraged to invest heavily 
and export vigorously. Estab- 
lished under State-ownership by 
General de Gaulle soon after 
the war, Renault first received a 
diTect injection of State equity 
soon after the General's return 
to power in 3958. Since then 
its expansion has been rapid. 

The other side of De Gaulle's 
policy was to fight against the 
development of the American 
multinationals in Europe. This 
received a blow when Chrysler 
took over Simca, but H now 
looks like being resolved in 
favour of a completely home- 
owned industry by PSA Peugeot- 
Citroen’s bid for Chrysler's 
European interests. If this deal 
goes through it will create the 
largest car group in Europe — 
yet in the mid 1950s Peugeot 
was only about the size of Hill- 
man in the UK and was effec- 
tively selling just one model. 

Although detailed trade 
fieures are not yet available for 
1977. the statistics up .to 1976 
indicate quite clearly how 
rapidly France's export potential 
has grown- By contrast. Britain's 
has declined, while Western 
Germany’s, after expanding until 






CAR EXPORTS OF PRINCIPAL EXPORTING^ NATIONS 


Year ended 
December 

1953 

1954 

1955 

1956 . 

1957 

1958 

1959 

1960 

1961 

1962 

1963 

1964 

1965 

1966 

1967 

1968 

1969 : 

1970 .. 

1971 

1972 

1973 

1974 

1975 

1976 

Source: SMJIT. 


UK 

France 

Germany 

. Italy 

Sweden- 

307,368 

81,339 

140,935 

30.155 

14li 

372.029 , 100,983 

244,126 

40,753 

2,365 

388,564 

132,859 

357,380 

69.397 

3.040 

335397 

151*436 

42L379 

78,388 

7,671 

424,320 

!■■ 218,565 

515.882 

110,953 

18,812.- 

484^34 ' 320,141 

648,332 

161,130 

31,636 

568^71 514,755 

737,861 

216,881 . 

43,848 

569,889 

.491,978 

841.033 

197,933 

49431 

370,744 

369,147 

878.160 

234,893 

45,596 

544,924 

469*897 

975,650 

305,429 

53.835 

615,827 

522,613 

1,217,269 . 

291,877 

63,192 

679,383 

441,949 

1,356,929 

313,097 

73,125:' 

627,567 - 487,171 

1,434^241 

307,534 

84086 

556,044. 

501,024 

1,475.547 

371,632 

104.892 

502^96 

546,980 

1.350,817 

404,401 

123:020 

676,571 628,586 

1,801,563 

557,695 

.138,767- 

771.634 

787.464 

1,875.114 

594,590 

141,775 I - 

699,339 1.06U06 

1,934,475 

632,128 

186^37: 

721.094 1,14S,625 

2.155,943 

640,193 

212,487 

627,479 1,240,028 

2.097,636 

659.112 

195,247 

598,816 1.340,007 

2.203,649 

656.286 

183.155 

564.790 1,297,565 

2.882,279 

686*244 

163,294 

516*219 1.233,451 

1.499,949 

662.310 

163,442 

495,796 1,326,845 

1,995,408 

696*409 

143491 


Japan 'V ; 


i 

45 
487 
2,357 ; 

, A*** 

7,613 
'1^531 
: Hjfal 
31.445 . 
66,865 
; ' 106,703 
— 153,098 
223.491 
40&250 
560.431 
. . .725,^ 8® . 
129*352-: 
1.407,340 

1*450,884 

1787396- 

2*539,117- 




25,514:144^ 

.38477 

46487 : ;ey^ 

3t420v 

.-■36 mi'.MM 

27456 3^ 

9km' f ?3v' 

ytisapiiwm 

■ ■ ; v' 


The British motor industry 
has still to overcome its labour relations 
problems. In addition to major strikes’ production is constantly affected 

by numerous minor stoppages. 


the crisis of 1973. has also stag- 
nated. The Italian' industry, 
under the determined effort by 
Fiat to gain an international 
position in the world’s motor 
industry, has also increased its 
exports despite its production 
problems. 

West Germany still leads the 
table, with exports in 1976 of 
almost 2m vehicles ' against 
France's 1.3m. Biit the German 
.position embraces a fall 'since 
the total of 2 Jim ^ exports 
achieved in 1973, and. may go 
down still further following the 
establishment of Volkswagen's 
plant in the U.S. earlier this 
year. . Britain. meanwhile, 
reached its peak exports in 
1969 with 721.000 units: Since 
then they have fallen to about 
500.000 in 1976 against Italy's 
700.000. 


The development of trade in 
the motor industry over the 
next decade will . depend to. a 
certain extent on the kind of 
policies which emerge from the 1 
present efforts to expand the 
world economy and keep 
free-trading policies alive. But 
even if the present liberal 
policies are retained, most 
motor companies believe that 
there will be much less scope 
for expanding fully; built-up 
vehicles in future than there 
has been since the last war. 

This is partly because most 
developing countries are deter- 
mined to build their own. motor 
industries, and partly .because 
it is economically more sensible 
to export, technology and know-, 
how over Jong distance than 
cars. In addition many com- 
panies are now trying to in- 


1 ; 1 -V, 5 \ . . 


siiiate ; -themselves •; -'aa&fr 
violent swings ip . the ni IrfeS* 
markets by esta hiLshtn^ - gwr 
seas, manufacturing bases: "to 1 
is what has ■ led -Volkswagen^ : 
set jp- its new; facte^lj- 
Pennsylvania MJktohig it 
in which.' it- co uld f: & ; 

money in the U&''$eofig2* 
the rise. corthe 
relative.' , to the '’dfljjftaFgf'; 
German Vjcbtiy>any; Vjjrijj Bja: 


Japanese. >ho are fi&aWtik 
a simSar -predicame^^c 
yen "rises' on 
change markets;' 
development of a ^Kgjtefejf 
-multinationals. . 

the most -.signiffcap^fease’JSj-:. 
the * Jaduidiy 
decade. : 






Labour troubles continue 


INDUSTRIAL relations remains 
une uf the most fundamental 
issues challenging the motor 
industry: the old complaint 
about no model range being any 
use if deliver}' cannot be 
guaranteed on rime is as true 
today as ever before. 

Major disputes immediately 
become major news. But con- 
tinuity of production and out- 


put targets ore equally affected 
by numerous minor stoppages 
of which little is heard outside 
the plant directly involved. 

The autumn began^’th two 
of the big four UK manu- 
facturers — Ford ai#/Vauxhali — 
among the first companies to 
face pay negotiations since the 
introduction of die Govern- 
ment's 5 per cent guidelines. 



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Telephones: 01-992 8497, 01-992 8762, 
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Cables: Globdiesel London W5 
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London Hospitality Suite: 01-493 7370 


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Serving the European motor industry 

High carbon, 
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Vauxhall unions rejected a pay 
offer in line with guidelines but 
agreed to cunlinue talking to 
the cumpany. Rejection of a 5 
per cent offer by the Ford 
workers led to immediate walk- 
outs which brought all the com- 
pany's 23 plants to a standstill. 

Deadlock in the Ford strike 
was broken when the company, 
following rejection of the 5 per 
I cent guidelines at the Labour 
Party conference, agreed to 
reopen negotiations in a spirit 
of responsible free collective 
bargaining — a move likely to 
have far-reaching repercussions 
for pay policy. Despite the 
return to free collective bargain- 
ing in negotiations, however, 
the Ford unions still faced a 
hard fight in trying to persuade 
the company to come anywhere 
near their claim for £20 per 
week increases and a range of 
other improvements. 

An aspect of the claim on 
which the unions were particu- 
larly hoping to make ground was 
a demand for a reduction in the 
working week. This was rejec- 
ted forcefully by the company 
in its initial reply. 

Ford says that a means must 
be found of getting its British 
plants “up to die European level 
of performance” rather than in-, 
troduce measures which it be- 
lieves would lead to them 
lagging further behind. 

Comparisons between the pro- 
ductivity records of the British 
Ford factories and those in 
Germany. France. Belgium and 
Spain are frequently raised in 
negotiations between the com- 
pany and its unions. Many of 
the productivity comparisons 
show tile British plants to come 
a very poor second, although 
shop stewards have complained 
that these fail to take sufficient 
account of the age of much 
capital equipment in British 
factories, particularly at Dagen- 
ham. Ford's biggest British 
plant 


Complaints 



Contact: Bridon Wire U<&Mmr£*^IM,Doncasler DM9JX 
ENGLAND. Telephone (0302} 4QW, Telex 547297. 


In a recent trade'union study 
the Ford shop stewards claimed 
that complaints about produc- 
tivity should also be set against 
comparative labour costs. 
According to the union figures 
total labour cost of a British- 
built Fiesta was S374 of which 
the British input W 2 S $215. In 
comparison, said the unions, the 
labour cost of a German Fiesta 
was S4S8 of which the German 
element cost $370. 

Comparisons with Europe can 
also be expected to arise now 


that approval has been given 
by the British Government for 
the Peugeot-Citrocn takeover of 
Chrysler's operations in Britain, 
France and Spain. British 
unions put strong pressure on 
the Government to secure the 
tightest possible guarantees 
from the French company, on 
the future of UK operations and 
Peugeot-Cirroen bas under- 
taken to sign a hew planning 
agreement and has given assur- 
ances on the continuation of the 
British new model programme. 

Peugeut-Citroen has said that 
It does not at present envisage 
plant closures or redundancies 
,in Chrysler UK. bur the unions 
will be seeking rabre detailed 
talks on the company's- future 
intentions now that the take- 
over has been approved. 

The French company will be 
inheriting in Britain a very 
different industrial relations 
structure to the one which has 
developed in its French fac- 
tories; where company unionism 
is strong. Union leaders are 
determined to develop - an 
organisation across national 
boundaries to try to influence 
the activities of the hew multi- 
national company and a series 
of international meetings are 
being arranged. 

The competitive implications 
of the Peugeot-Citroeh take- 
over of Chrysler UK. is leading 
some British union leaders to 
the view that there will have 
to be collaboration between BL 
and a European motor manu- 
facturer. A research report 
produced by the leading motor 
unions concluded -last month 
that Leyland was too small for 
the international league and 
that closer contacts with a 
European manufacturer would 
be.the best way of. giving it the 
size and capability .to compete 
effectively in world markets. 

Labour relations.. In Leyland 
continue to be dominated by the- 
unrest among toolroom mem- 
bers of the Amalgamated Union 
of Engineering Workers who 
last year staged one of the most 
serious strikes which the com- 
pany has ever had to face. 

The toolmakers are continu- 
ing to demand separate nego- 
tiating rights— something which 
neither the company nor their 
union is any more, prepared to 
concede now than sit the time 
of last year’s strike— and action 
on pay differentials 

After many months of warn- 
ings from the toolmakers’ un- 
official leaders that another 
dispute might be ealled the 
problem exploded around a 


strike by 32 toolroom workers 
at BL’s SU Fuel Systems 
factory in Birmingham. After 
defying repeated calls to appear 
before the AUEWs East Birm- 
ingham district committee and 
explain why they were disobey- 
ing an instruction to return 
to work the committee decided 
to expel the toolmakers — lead- 
ing to a decision by the un- 
official toolroom committee tn 
call another all-out strike when 
the expulsions took effect. 


.: .- ■■ -'tT':-. rt. 
■ • ----- 

• . •• 


i..-.- i. ^.T 





wm 


Showdown 


The expulsions were later 
withdrawn — avoiding,., at least 
temporarily, a showdown be- 
tween AUEW leaders and the 
unofficial committee. However, 
Mr. John Boyd, general secre- 
tary of the AUEW. has since 
warned that members who re- 
fused to accept the discipline 
of the union must be penalised. 
This applied not only to the 
32 strikers, said Mr. Boyd, but 
to the " small nucleus of self- 
appointed bureaucrats ” ' who 
were threatening to call other 
members out on strike. The 
TUG must insist he added, that 
no other union took into mem- 
bership any AUEW members 
who deserved to be expelled. 

These harsh words suggest 
that the power battle between 
AUEW leaders and the rebel 
toolroom, workers is not over 
yet Leyland could once again 
become the focus of a dispute 
over union power which could 
have an overwhelming effect on 
the company. 

Both the company and the 
union hope that the issue will 
eventually be resolved by moves 
towards pay parity which are 
due for completion by Novem- 
ber, 1979. This would give a 
common pay rate in all the 
toolrooms and put the tool- 
makers and other hi g hl y skilled 
workers at the top of a new 
company-wide graded structure. 
AUEW leaders have told- the 
SU strikers that they would be 
prepared to try to bring for- 
ward the implementation date if 
there is a return to work and 
if productivity justifies it 

In the meantime BL, which 
will be expected to keep within 
Government pay guidelines, 
faces the same pressure as Ford 
on the wage front The BL Cars^ 
unofficial shop stewards com- 
bine is pressing to create the 
“ £100 per week production 
worker." an ambition which 
would mean increases of up to 
£27 per week at some plants. 

Alan Pike 



tt V 16 n i 0t ? r ^ facifl g massive reorganisation bbtfr in tfe 

.^d throughout Europe. The results of this Teorg&U 5 ationv 
win m the long term have the .effect of making vehicle production ' 
an area with far more international co-operation. ' - - > . '■ 

The Financial Times maintains a close watch on all aspects: of : 

if- i ndu stry and a part of this coverage are the surveys 1 
which deal in detail with specific areas of the industry. ■ T ■■‘■Vi! 

1979 will see this interest in the Motor Industry continuing ahd 
expanding. Below are listed the titles and provisional publication : 
dates for Motor Industry and related surveys in the- ; Knanc&L: 
Tunes. ... : 


January 18 
March 9 
March 29 
April 30 
June 6 
July 18 
September 24 
October 16 


Trailers-- 
Tyres '• "■ , • 

Specialist Cars . . . . ’ ; \" 

Fleet Management and Financing. 
European Vehicle Components T 
Vans and Light Trucks 
Commercial Vehicles : 

/European Motor Industry - ; 










For farther ^details of these Surveys; V -J- ? 
Advertising Rates and Editorial Synopses - r •-« 
please, contact: 

. Richard Whits .. ; ;V : 

Bracken House, TO 'Cannon . Street: London j 
? Tel: Oi^48: 80P ^ ^ 

. . : -‘Ext-.; 20.1'-;; ; ^ v 


FINANCIALTIMES : 

EUROPE’S BUSINESS NEWSPAPER ; /' v ; 


The content and put 
are subject 


Vw 





1 


wj? -v- ;• 



Financial Times Tuesday October 17 T97S 


:- r * "•?*«**• v--, 





Kaunda in a c 



stick 


29 


8y MICHAEL HOLMAN, Lusaka Correspondent 


U£. imported Rhodesian chrome corded, the Bank of Zambia said 
until 1977. These and other acts in its annual report for 1977 
or omissions have Dr Kannda . s deci5ipn alluK 

UfeoMheSsllSbury the Rhodesian premier. Mr. Ian 

.non they s»y.v*ae a>e eo»l to Smiih. 10 visit Lusaka twice in 
Zambia of rancLons and re- thc j 3 mpnUls 

routing over the past Sve appareiHly fnljll(s , , anis wth 
exceeds £640m, Mr. Joshua Nknmo. co-leader 

Dr. Kaunda’s roite face could of tho Patrimic Front, has not 
cause him difficulties at the brnusln a solution to Che Rho- 
forthcoming Presidential and d es i ari prob]em anv <, Jos ,. cri The 
general elections on December visit* strained relations hetween 

I2 - _ . Dr - Kaunda and Presidents 

As .it is, there are doubts m Nyerere ur Tanzania and 
some quarters whether he acted Machel of Mozambique 
in time. Zambia’s internal Zambian ‘officials say the re^ 
transport mfrasmicture M poor. 0 pen.ng of the southern link is 
There is- a shortage of- lo *. permanent, and maintain that 
and roads are bad m rural artas^ Mr Sniith cxtneted no d 
The railways need quo _ Many obMrwff d £ ubt , he 



Kenneth Kawida 


motives, wagons and spa re pa rtf- latter. Since the Rhodesian approaching other sources of and build up stocks. It envis- 

bome *. ora baas of . last jears p r i mp 


PRESIDENT. Kaunda nf Zambia 
. .made the most painful decision 
""*rf his political career when he 
-'--esreercl to fall hack on the rail- 
i5»ay jink through Rhodesia and 
^«to South Africa for handling 
» exports of copper and imports 
: : of fertiliser. Of i he landlocked 
"pepuntry's 'two other railway 
*Tinks-. the Benguelaline through 
•i’Zaire is cut, and the Tazara 
dink to Tanzania is not in condi- 
jamn to handle Zambia's full 
'..needs. 

‘W The Government - owned 
■Zambia Daily Mail explained 
- Mr. Kaunda's reasons in these 
2-hitter words: ‘‘The politics 
j , involved in- the decision to open 
-!.4be souihern route . . . fare) . . . 
'[ the politics of survival brought 
by the fact that all the 

* people we "counted upon as 

* dailies have decided to abandon 
-.jjv’’ The comment reflects both 

* bitterness and the acknowledg- 
" jnem nr a dire economic crisis. 

' Senior officials argue that the 
’-‘dunlicity of the West has con- 
2 iributed to their country’s 

plight. They cite the Bingham 
—Report on deliveries of oil to 
Rhodesia, or the fact that the 


Pr inie Minister now controls aid. 
maize crop need to be collected Zambia's lifeline, to what extent 
by lorries which then must load h tolerate '•uerriUa w "* "" 

ar least 170.000 tonnes of ferri- .. . . businessmen 


aged a financing gap. after aid 
But the dew among roost deductions, of 1 04bn kwacha. 

What must also he taken inln 


is that the 


liser at ra lheads a^ dSve *** ^mbian bnr- SSKTHi link can se but account is the need to reduce 

o TSiI ftlSSS -TO. SS5« f h e : ' “ r - Nk0 «| h « »i d I that not resolve a0 econoinic crisis the Itmih arrears of pay- 

operationTas io c*35ddd ,>V b u lT 1110 P ro '» rt,ons <* ^ich 

before the November ruins if ^„ s at a World Bank_con- ^ces pU 


pay 

imports and for remit- 
profits and dividends. 

Z?mWai^Vte T rtir»Srtlt» ftae ns M.SfV'Sii ,he ra i!, wal ' meetlng7held Tn Pans The bin* was worklne on the 

a Km people without outside !ln?. h ^ ? Wl1 pass thera last June. A World Bank has ' s of the March figure of 

ohm people without outs.de wh ch we do not want to mss." 3naly5ls of , he problem . 480m kwacha, and arrears 

. . . , unless that was mere rhetoric. j nc r U ded two scenarios of Zam- remain at approximately this 

n£K52SE5£i£& could sU11 32£SMSS,SS SSS 

denials, that Zambia has been The eee'nomte benefit to Zam- t “he *SSS».™d he bC n“p 

importing sniall counts .of bia can be Mt a!!ainsf the {ion, ,n “ <" hover three months' imports 
coke from the Rhodesian mining possible political problems of J* That pushes infal foreign 

centre of Wankie. However, the re-opening the southern route. paper took into account pvchapoe needs over 1978-80 to 

If an S nr * w * u and the ferti- a drastic reduction of imports lhn unrier Ih „ first and 

Users come, it will avert a disas- « h > ch » ■» only iMnkmad m under the second 

about half of Zambia s. 55.000 jrous failure i»f the maize crop. **a!f of those in 19<o. scenario. 

Ss Sffl? y on- °fhat C °Sto TonniSnr fr0m th( i- i 00 ' 00 ? , Thc Br f scenario assun1 ^ Zambia's debt scnicc ratio 

• i j *’ u , L- 1 tonnes of copper combined with that in real terms imports would a. 

could not be concealed. re5 ,„ sr flllllre 5hipnlenll! wi|I rcmt i„ const.nt. Shortages nf has been steadily inerea-ms. At 

Most observers agree that ease the acute foreign exchanse essential imports would con- ™e end of is. < tne external 
even with the southern route shortage. The mines will be tinue and GDP would fall The public and publicly guaranteed 
open — and assuming that there able to import lubricating oils, current account deficit in 1978- debt fdlsbursed loans only) with 
is no rapid increase of fhe cop- equipment and spares. Above 1980 would be 560m kwacha, a maturity of longer than one 
per price — at least -two lough alJ. ir should mean that the reduced to 360ra kwacha after year amounted to $1.3bn. The 
years lie ahead. Government can keep io the deducting external aid at pre- cost nf servicing ir was equiva- 

In constant money values programme agreed with the In- sent available. The second lent to 19 per cent of the year’s 
gross domestic product per bead temational Monetary Fund scenario, similar to one put for- exports, whereas in the late 
fell from kwacha 198 in 1976 (IMF) in March in return for ward by the Zambian Govern- 1960s . Ibe serv ice ratio had 
to kwacba 185 last year, (about the offer of loans totalling ment. assumed sufficient expan- been 2 per cent. Zambia's 
£119 at present exchange Tates), 5390m. That in turn will stand sion of imports to allow industry capacity to service its debts in 
making it the lowest ever re- Zambia in good stead when to resume normal production the years ahead will depend on 


maintaining the regularity of 
its shipments of copper for 
export. 

In terms of internal politics, 
the border decision will be a 
major issue during the presi- 
dential and parliamentary cam- 
paign. Under the constitution 
only one man may stand for 
president. He must be nomin- 
ated by the United National 
Independence Party (UNIP) at 
its general conference. In July 
the former Vice President, Mr. 
Simon Kapwepwe. Mr. Harry 
Nkumbula. once leader of the 
defunct African National Con- 
gress. and a little-known busi- 
nessman. Mr. Robert Chiluwe. 
announced that they would 
challenge Dr. Kaunda for the 
nomination. 

Mr. Knpwepwe. a member of 
the powerful Bemba tribe, was 
seen as ihe main challenger, 
from a platform of economic 
pragmatism which included a 
call for the reopening of the 
Rhodesian border and immedi- 
ate denationalisation of certain 
state-owned industries. Mr. 
Kapwepwe in 1971 broke with 
President Kaunda and formed 
the United Progressive Party 
(UPP). It was banned in 1972 
and Mr. Kapwepwe and other 
senior officials were detained for 
several months. Last September 
he rejoined UN IP in what now 
appears to have been an attempt 
to challenge Dr. Kaunda from 
within the only legal party. 

Last month the UNIP general 
council, meeting to nominate a 
presidential candidate, passed 
a constitutional amendment 
requiring candidates to have 
been members of the party 
for five years, thus excluding 
Mr. Kapwepwe. The legality of 
the amendment is currently 
being tested. 

Some observers suggest that 
Dr. Kaunda's decision to reopen 
the southern route will boost 
his pnonlaritv particularly if it 


brings more goods in the shops 
by the election. Others believe 
that the electorate, resenting 
years of shortages, will see it 
as a vindication nf Mr. 
Kapwepwe. Should the new 
parliament reflect the latter 
view, s clash between parlia- 
ment and President Kaunda, 
Supported by the UNIP central 
committee, is conceivable. 

The electorate could also 
vent its reelings in the presiden- 
tial poll. Dr. Kaunda has to 
win 51 per cent of the votes 
cast, and although he is backed 
by the party machinery and the 
media, there will almost 
certainly be a Vote No cam- 
paign. 

Evidence of a military build- 
up in this front-line state co- 
incides with these events. In 
spite of denials by President 
Kaunda and Mr. Nkoxno. wes- 
tern diplomatic sources continue 
to claim that about 75 Cuban 
military advisers are in ZAPU’s 
Zambian camps. Russian arms 
shipments for ZAPU are arriv- 
ing regularly at Lusaka Airport, 
and Mr. Nkomo's army of some 
16.000 men — half of whom are 
based in Zambia — receives re- 
cruits from Rhodesia every day. 

The 14.300-strong 7ambian 
armed forces. Jackin e the com- 
mando and counter-insurgency 
canacity of the Rhodesians, are 
reduced to providing what pro- 
tection they ean to ZAPIJ cam ns. 
and to futile exchanges of fire 
across the Zambesi. 

A conventional response to 
the frequent Rhodesian incur- 
sions — such as air attacks on 
towns and installations — has 
been ruled out. partly because 
Zambia, while prepared to pro- 
vide what it calls “a reliable 
rear base ” for ZAPU, is not 
prepared to fight Mr. Nkomo’s 
war for him. Furthermore, the 
inevitable Rhodesian retaliation 
would “ internationalise ” the 
war. something the Zamhians 



1 


4 ;i -: -.v - ... 


•V ■ 


Simon Kapicepice 


believe Mr. Smith would wel- 


come. 

The possible shifts in Zam- 
bian politics in the months 
ahead are difficult to forecast. 
The pragmatic approach of Mr. 
Kapwepwe wins the support oE 
most of the business commu- 
nity' and undoubtedly many 
Zambians believe that the eco- 
nomic depression could have 
been reduced by timely and 
appropriate decisions. But there 
is also a powerful group in The 
UNIP central commitiee — the 
country's decision-making body 
— which wants to shift Left and 
to closer associations with the 
Socialist bloc. policy im- 

plies a live-and-lei-live an mule 
to Rhodesia and South Africa. 
Tile other carries the prospect 
of a major conflici across the 
Zambesi. What lies ahead is 
the likelihood that the continu- 
ing economic problems, the 
main reason for strain within 
the one-party system, will test 
the President's considerable 
political skills, and Zambia's 
reputation for tolerance and 
stability. 


Letters to the Editor 


Nuclear 


-power 

'•From Mr G. Hockley 


The Institute of .Chartered North America. It has achieved fand present stocks) and spare 

Accountants of Scotland super- rather less appeal, in practice, electricity generating capacity 

vises the training of its own The United Kingdom investor (there’s no need for nuclear) it 

students, and consequently there should note that an index fund, is almost criminal that natural 

is a closer understanding he- by definition, always under- gas should be promoted so 

-- - . • tween the teachers - and the performs ihe index. heavily— often in the very name 

-1*1, C S! ,0r .t , E! n L t r 0 !f r examiners. It might be argued The index has no liquidity. An of energy conservation!— while 

j c . -»hat this makes anticipation of appropriating fund always lias indigenous reserves are unlikely 

‘ th e questions easier, --but I some effective liquidity, to outlast the useful lives of 
support ni> contention th<>t. be ii Cve -that the -best-' exam. Although m theory tile time- appliances now being installed. 
:• questions could beset again and weighted return measurement with current supplies being in- 

u“ B r K „, again -without any ^ great disparity should adjust for this, it seldom creasingl.v augmented by im 
-vpI I hoVno L hi d r*h!^ in relative performance. I have does in practice. The reason is ports, at n much higher cost 

• ‘’Sr ‘»hp tw frequently heard argument that that the measurement interval is The commercial future for «uh 

Sirinrf* C a °mT»ri^ ^n« lhe E PS lish qualification i s - as tiio. large Uypically one month or stitute natural gas. as with 

aS fhe Scots, but never Ihe. one quarter). The index ex- nuclear energy, seems to recede 
■ - 'chlrici^rofescor ronverse. ir nothing- <H*e. tlm pcrfencw'-nii dealing cosL But from year to year. 

• asked us- to" consider 1 Survivors rauS1 ind'eate' that the'^Sebmish Tor a UK investor someone has Tax natural gas in the way 


qualification is not significantly to pay ihe 2 per cent stamp duly, that fuel and gas oil are taxed 


n tbe C< cnmm iTt ee^^Sc-* iIlf * rtor ' - - v - - ' In the\ performance returns this (the present 2 Sp/gallon duty 

‘menr ih-»i -ihonLhahr tiv nr • You dn not- have to be dorai- 2 percent is token into, account, couid also he increased es ar 
, 3 b ere e»er,ts-m s „ lU. Vy JlSh'?)" “ “ S eonser,-aMr,n me a e ure to 

r would have no significant effect resident ^ f > uallf l searcl ? 10 
yon the long-term averages.” Risk ^‘-bartered accounlanL 
•ipstiraate.s for nuclear power “■ Goodrich. 


Today’s Events 


GKNERAL 

Prime Minister nresides at full 
meeting of the Cabinet. 

Ministers and union leaders 
meet to continue search for an 
understanding on pay policy thi9 
winter. 

Second day of EEC Foreign 
Ministers' meeting in 

botli-r;. l*»u a „ 1#u I » «. ■ 

EEC working group on of »rt treasures on behalf of Group - Bro °ke Rond Liebig. Raine 
harmonising industrial truck Soviet Union since J967. Engineering Industries. Interim 

standards starts emergencyjhrre- sir Robert Mark and Sir John dividends: Central and Sherwood. 

- 1 '- -* “Threat of Crime to Erith and Co Furness Withy and 


figures 

Trust. 


only: Viking Resources 


conference on “What the UB. fishes September cyclical indica- 
Buyer Expects." tors for UK economy. 

Icons from I7th to 19th COMPANY RESULTS 

2SSS % t SS "W william Boullon 


**■ " — - on nuui 

day session to consider French McKay at 


unfiaterial action. 

Final day of Financial Times’ 
conference m Rome on Outlook 
for Italy. 

In Washington. U S. General 
Services Agency auctions 300.000 
nzs of cold. 

London fhamher of Conimercp 


Industry ” conference. Cafe Roval, Co. Kode International. Man- 
W.l. Chester Liners. Marks and 

Institute of Manacement state- Provident Li to Associa- 

ment nn Hs “Code for Non-‘ ,0 P of siemwen Hunter. 
Discrimination.” Smrax Sarco Engineering. United 

Tamers. Mestnnol Investment 
OFI- SCI AL STATISTICS Trust. Wettorn Rrothers. Wllmot 

Central Siatistical OFice piih-Rreoilnn i Hnlrlin-r^l Interim 


COMPANY MEETINGS 
Brasway. Penns Hall Hotel, 
Sutton Coldfield. 2.30. Brit. Elec. 
Traction. Connaught Rooms. Great 
Queen Street. W„ 12.15. Rritish 
Scrap Federal ion. Hilton Holef, 
W., 10.30 Centrovincial Ests.. 4-fi, 
Savile Row. \\’.. 3 . Matthew Clark. 
Winchester House, mo. old Broad 
Si reel. EC.. 12. Louis Mcwniark, 
143. Great Portland Street. E.C., 
12. Norton and Wright. Queens 
Hotel. Leeds. 12. Pitoo. Winchester 
House. 1 no. Old Broad Street. EC.. 
12. Regional Props.. Mayfair 
Hotel. W.. 12. Williamson Tea. 
Sir John l-vop House. 5, High 
Timber Sire*l. EC. 12 . 


Jgeneratinn and reprocessing are Goodrich Clark and Co., 
phased on accidental deaths of II. Hither Chantlerx. 
jpmployees during 1970-77 as Longion Green. Kent. 

^reported by British Nuclear ■ 

SFuels. Some of the sharpest 
JcriUcism was made by the 
JF lowers Sixth Royal Commission 
^Report on Environmental 
•Pollution in 1976 about the 
?.m unitor in 3 of health effects and ^ „ a , 

^statistical evidence (paragraph H aiul 

£74 >. and as a result this statis- PublujrtF O fficer . 

-Ileal evidence was not considered Transhe t InJormation Ofiicc. 
?by.the V/irvdscale Enquiry (para- 


Transkei’s 

land 


mirror the index struc- make up for the declining rea' 
ture deals regularly and in small cost), subsidise coal and coat 
amounts. .In many cases it will burning appliances — now that 
pay stockbroking commission at would be the making of a sen- 
the top end of the scale, rather sible energy conservation pollcv 
than deal ip economic size. If with the chance of a mator con- 
it docs not then it is not an trihution from minerless coal 
index fund. and renewable sources In the. 

For the real world investor, next century, 
there is a difference between the Incidentally, your “Managing 
bid and. the offer price in the Energy” supplement on the 10th 
market. An index suffers no was excellent I could only 
such penalty. register one fault in Kevin 

Index funds are intrinsically Done’s “ Fierce competition for 
anti-capitalist. A share index is suppliers." Domestic solid fuel 
an arithmetic device. It is an bils ousted Iron and ateel Into I 
Mr. third place among the Coal 


av«* enquiry \yara- Sir, — On October 4. U»». sorap - decrend ind niherc “■“« v-** «'•' 

Seraph 10.47). Figures for deaths Quentin Peel described the pro- l r £ ° n s th ® Boards markets, and is shnutmp 
iin nuclear power are biased posed resettlement plans of the "H* for more supplies. Why. of 

downward 

templnyeos who died after squatters.' from the Cioviroaiis f^iorial 



far - two reasons! South- African“.Govemment for Sffiiwtlra be^em them* k AorS a i* f“ e L s ‘ . onl> : domestJ , c F 03 ' 

- - “bo died after squatters, from the Crossroads f!;:-! 1 ', 00 ? nT «tSlnt ^anaoer * h °uld be in short simply is a 

Seaving the nuclear industry are camp to an area scheduled for nai ini?es ‘ I "vni manager q ues: t lon 0 nlv Hobart House can 
^excluded, and some of the effects consolidation into Transkei. Th ' _ • , ™i m cnei* answer. There Is a long-founded 

•nn workers past and present will .Paramount Chief K. D. at a tan- t . , -f, 1 AiirhoinrnVml suspicion in the coal distributive 

fcot yet be apparent The first zima. the Prime Minister of ^ isTva labie Vo make H nmre tr:,rie thaT we <7 es - Vm a rnal 

fcoim alnne is sufficient to make Transkei. was never consulted ifficieni Nn, C n^riiri tnerchaot as \rell as a conserva- 

3hese figures meaningless. about this disgraceful propustfi. pants in the market eouin them- t,nnist ' a r « heins ? squeezed in 

; Mr. Vey. .director of . mfnr- Building activities began in seiv^ witK as much fntormS a kind of ,ovin e strangulation, 
nation services of the UK Atomic secret -and the Prime Minister l^availahlV ^ D Come on. Sir Derek, fell un 

Energy . Authority in the same only learnt about it because the ' m* Damam rpfers to fhp fact there is plenty of coal for 
iissue continues to . rely on these preparations were taking place th a t-'i n «v, e Q » r j 0t i 1970-78 nnlv industry and commerce to waste 
islcadiug- safety figures. .. He less tba0 two miles from his own the u oner auartile of manager? ir the - v want rhat - “« d that r° ur 
^Iso slates there is no evidence farm - in e J Woodrow cn11ie n- managers will push a bit 

!br interference w-itb civil Paramount Chief Matanzima sample out-performed in the more good coal into the domestic 
Siberfies nor is there any reason sent a cab | e t0 tbe United equity sector Surelv this is not market when the price goes up 
^’ h - v IS -i/ ,UL if ar power) should Nations Commissioner for a disappoiotmem It* is a normal nn November 1. where it will L ' 

Refugees pointing out that this conSSfon market P-t to verv good use. . 






jraph 185/6 and^ the Windscaie r e se uie nient would involve Excellence bv definition is John Goodland. 

Str^’eV’s^sse-iinn^The^apparent separatjon of families and would above average. Trustees aim to Duicn House . 
Wr vei *, a.sserimn. Tne appa.ent creale an artificial but tragic se i ect rae u e nce when they Pyteiph. 


Jieressih - of nuclear proponents 


f ef “See problem by concentrat- select. an investment manager. 
t. as5 tho.r ,a, a I n d 1S cred»,d , th0UMn?3 „f hcIpleK , Dr , w s l ter G ““ Scon 
3 r^u i.i ejus on dependants of urban Africans j vn rv si™- 


Taunton, Somerset 


Statistics and arxu.i.c.u. “^dependants of urban Africans tvo_r and‘sime“ 
serves to cast doubt on their case ■ JT „ ■ hic i 1 c ou .h Af r i ca ! a P a 

3hn, a - greater use of nuclear Sg n g ffhrmd ovofto a neiili- >.- <*«*** Edmtmrpli. 

j.»r.rer will be 
■alternative;. 

C. Hockley „. 

From the Director, British 
Woodworking Federation. 

... c L. /n „„... K o.„ K - Sir, — 1 read with interest the 

that the land be Handed over to fron * '“T* J - Gootllana article in your energy supple- 

Transkei lo be used for agneui- Sir.— Are not some officials ment of October 10 concerning 
rure as it was originally a nd official spokesmen in danger the growing use of insulation, 
designated He. made it quite of being carried away by tbis but nowhere could I find any 
ciear that Transkei had no res- cra2e for energy saving at ail reference to the development of 
ponsibilitv for the inhabitants costs and in all directions. techniques of building which 

uf Crossroads, onlv a minority of We have plenty of coal and have insulation as an integral 
whom are XhOba-sneaking. electricity, .both having low Ini- part nf the structure itself. The. 

nn October 12. all traces of P°rt content .and limned export greater pan of the article! 
Hiding works were removed potential. Why industrial and appeared to be referring almost 
talk To mind the perhaps hoary from this area, and ihe South commercial users of these fuels, entirely to new claddings, etc.j 
juke about the undergraduate African Government confirmed ,n company with those on oil wnicb would make traditional | 
Who couldn't understand -wh>' that the land would be handed ?J r f 8“ should be warned of houses better able to cope with, 
economics paper set the same over to Transkei in June. 1979. as forceful .-Government inter- future adverse conditions, 
questions each jear. The reply uriginally agreed. vent ion should they fail to take One method lo which refer- 

fame: “The questions may be Paramount Chief Matanzima's ' adequate" energy saving ence is not made is the timber- 
pie same, but the answers are refusal to accept this proposal, measures is difficult lo under- framed house. This is now a 
ihvavx lUffrrpnf." and his actions in confronting slaod. Why the warning should well-proven and highly efficient 

the South African Government h a ve been delivered by the method of. building, used increas- 1 


. 7 hi intends to hand over to a neigh- 

sart-r man me bour j„g country. Chief Matan- 


zima demanded a meeting with 
„ Mr. Pik Botha, and this took 

^Senior LtcUirer in F.rnnfmncs). place on October 5 when Chief 


^university College. Cardiff: 
1 ‘ ' - 


Matanzima insisted that work on 
the township should stop and 


Energy savings 
at all costs 


Timber framed 
insulation 


I Accountancy 



vr 5 * 


£ papers 

from Mr. G f.edeboer. 
y Sir, — Mr. Scb* Iter's crie-de- 
soeiir. (October 13) regarding 
changes in examiner’s thinking buildin; 





^1 








rcr-* 


I'ht-ays different.' 

P. Ledeboer. 

*Pinizvoad:’ FrameictxKi hand, 
Rulwer, SMctinphomslirre. 


lExaminers 

^thoughts 


have thwarted attemnls tr* nut deputy chairman of the National ingly in rhis country. Itsadvan-| 
their separate development Enterprise Board (October ll) is lages are that it provides an easy, 
policy into practice on land also a mystery: can one. assume method of construction which, by' 
which is to he consolidated into ,h at firms which Tail to save its very nature, is insulated to 
Transkei, a ' counln' which energy -are in some special need siandards beyond that currently! 


rigidly opposes apartheid. 
Shirley Blytb. 

Transkei Information Office, 
35, Dover Street, WJ. 


Index 

funds 


%om Air. J?. Goodrich . 

Ssir, — One never ceases to read 
wmplaLnts about the problems 
df passing the examinations o£ 

% Institute of Chartered 
Accountants in England aner 
Wales, and these tend to ronedn- 
ttate on the difficulty of .predict- 
ing what the examiners are 
Thinking. _ 

efforts take into account the picture for trust ebs of invest- 
i&cd to establish whether the ment funds, 
candidate can do more than The index fund concept 


of NEB support? Indeed, it required by the building regula- 
would T» interesting to know lions. Once the building is 
how much Government money erected there is no need to fill 
has gone into the installation of up cavity walls, put in additional 
oil and gas appliances in publicly cladding or any of the other 
assisted industries or establish- methods advocated. The building 
merits. Switch ail public huild- is designed to conserve energy 
ings to coal and The war would and does so most efficiently, 
be won! In the very cold 2lst centurv 

Our huge stocks of industrial the owners, of timber-framed 
coal— distributed and at colliery houses will look back in grati- 
sites-^may well foree the clnsure lude on toe foresight of those 
of collieries with marginal who in the 1970s and early ISSfU 



You need more trailer capacity. 

But for how long? 

You can’t be sure. And you don’t want 
to tie up capital. 

York have a plan that lets you keep all 
your options open 

If s called the Rent with Option to 
Purchase Plan, or ROP for short 

And if s unique to York 

It works like this. 

To solve your immediate problem, you 

rent 

But not in the conventional and 
expensive way. 

The ROP plan gives you total flexibility 
because you get an immediate increase in 
load capacity without any commitment to 
buy. And without any capital expenditure. 

However, should you decide to 
purchase at the end of the rental period - or 
earlier - you get back the bulk of the rent 
you’ve already paid 

And the price of the trailer remains 
pegged at today’s rate! 

The York ROP plan applies to any type 
of brand-new standard York trailer. 

It operates from any of York’s 13 
factory branches. 

Ring or telex now for details. - 

You'll get the answers you want on the 

spot 






Rent with Option to Purchase. 


From Dr. W. Scott 

me «****,.,.,..* Sir,— Mr- D. C. Damant — .... t . 

I suspect that their (October T2) paints a misleading economics but with . workable added agntficsitilv to jhe housinc 

- - ■ reserves. ..wh’ch could thus he slock by -building this tj^je of 

lost for ever. That is the anti- construction, 
has-. thesis nf energy conservation. . D G. Worthy. 

rf produce what some account- been the, subject of fashinnabie lit the light of our coal $2, /Veto Cnvendixh Street, WJ. 
a»cy school has anticipated. debate in academic circles in reserves onshore, and offshore — • 



J 






4 



Pr 

pri 

ch 

BY MA 

THE PF 
decided tc 
allegation. 
Wilson fi 
number o 
were com 
paicn agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was. had ■ 
an orehes 
himself, t 
Lad’- F a 
Marcia W 
The Pr* 
Sir Haro 
drawn soi 
Subseqi 
fi'ild the 
did not 
prietors 
instructed 
round a 
material.” 

The Pr* 
to hear 
Sir Haroli 
formal co 
On the 
against i 
council s; 
Royal Cc 
that Iher 
Labour bj 
The Pr* 
is one nj 
iished tod 
In ano 
council 
against tl 
Daily Ex; 
picture c 
Henrietta 
death in I 


-. " T 'n Vtf -ft 


,*»r n 

r*.- ■.? - 



DIVIDENDS AMOOTiCED ; 

Dale Corre- -Totel- ‘'Tiitaf- 


BSG lap 50% but warns on Ford strike 


ON' TURNOVER up by over £30m 
from £l01.3m to £131. 9m pre-tax 
profits of BSG TnlernatioDal 
increased by £1.6rn to £4.Slm for 
the first half of 197S — a rise of 
30 per cent. Profit for ail of 
1377 was a record £7.74m. 

Mr. Harry Cressraan. the chair- 
man, says ihat the directors are 
confident the group has the 
organisation and management to 
continue its expansion both in 
the UK and abroad. 

Indications for the second half 
are that BSG will continue the 
pattern of the first period and 
also that, as in previous years, the 
second half uii! be more profit- 
able. 

However. This situation is 
clouded by the Ford strike and. 
he says, it remains for the group 
to do its utmost to minimise the 
effects of this industrial dispute. 

"The implications of the indus- 
trial dispute at Ford Motor Com- 
pany make it impossible for us 
to forecast the effects upon the 
group,” Mr. Cress man states. 
Included in the figures for the 
first half is a contribution from 
Brilax Weathershicldf from 
February 1. 1S7S, but the figures 
do not include Britax Vega, 
formerly Vega Auto Holdings 
which was acquired in .July 1378. 

On July 11. 1978. the bulk or 
the group's stake in " V " Ribbons 
was sold and figures for the 
period from this source are not 
included this year— the compara- 
tive halTs figures include profits 
of £210.300. 

Half jjj r Ve.c 

: c ' : ;ott 

•nun i’ail fi ioo 
Turnnvpr .. ti: ;„i 

Trading pr«b: j s;.i 

•so. of ji -it* Dr<.ii: — ■■ ; 

luiercM pa: - jh:r ;.-v. 

Prtflv before la* .. 4.EM 2.207 7.723 

l : K :«•* ... J!»7 7 ; 

'■•iKsca- . . -• : ".-.o 

profit ; ; 7:3 a’>.i 

Minorru-r . .. -if-! 

Emraord. dob::; - -.•• .>• .-j 

.Mtfibniabk- ’ 3*1 0 fir-0 .“ C91 

* ComDri-i.- 'iOT'ti; L-»; - ,-.i: 
a&’QCiatv £!M: lo-i .~n rale cf rja-.idi jr:e ; 
S40: K*: prnht on '.ajo of a irade in- 
TeTOnuiu xioi and vxciiar.ae sain-. r..ii 
dealt with Uirnuah reserve-. i! In. t Credits. 

Pre-tax figure was struck after 
lower interest of £1.60m against 
£2_12m and was subject to a tax 
charge. ED 19 adjusted, of 
£928.000 against £003.000 split as 
to UK £297,000 (£333.000) and 
overseas £ 631.000 <£300.0001. 

The net interim dividend pay- 
ment per lOp share. 0.9i(rl6p 
(0.7p). is up by the maximum 
increase permitted for the year 
— last year's final was 1.4323p. 

The directors state that it is 
their aim to Improve the return 
to shareholders as profits warrant 
and that they have made an 
application to the Treasury to 
achieve this objective .under the 
dividend mier relaxation rule. 

Within the motor trade the 
group's leasing business is con- 
tinuing its rapid expansion and 
.Mr. Cressman, says that We! ford 
Truck Bodies goes " from 
strength to strength." 

Subsidiaries in" the vehicle 
accessory and component division 
are continuing to expand their 
range of aftermarket products for 
cars anti motor cycles, he says. 
And the expanding market is sun- 
shine roofs in Europe and ihc 


IXDEX TO COMPANY HIGHLIGHTS 


Company 

Page 

Col. 

Company 

Page 

Col. 

Allied Plant Group 

30 

6 

Forward Techgy. 

34 

’ 1 

Be jam 

34 

3 

Parrish (j. T.) 

30 

3 

Brook Street Bureau 

30 

7 

Rugby Portland Cement 

32 

1 

BSG Inti. 

30 

l 

Senior Engrg. 

34 

2 

Campari 

34 

4 

Sime Darby 

30 

3' 

Close Bros. 

34 

6 

5teel Bros. Hidgs. 

30 

5 

Dorrington Inv. 

30 

4 

Tyzack (W. A.) 

30 

3 

Dowding & Mills 

32 

t 

Wood & Sons 

34. 

5 


t'.S. aivc-s the directors every con- 
fiticnce in the future development 
of Brims Weathershields. 

However, the economic climate 
for products in the industrial 
faiicners and steel manufacturing 
sectors of the group has not 
moved ahead as directors had 
hoped, hut fastener distribution 
is 'impro\iJtg. the chairman says, 
and ih<? expansion programme is 
continuing. 

Si.ec: fabrication companies 

continue to have a stable market 
arn ggain increased their contri- 
bution. Ruraboids. after a poor 
year :n 1377. is doing very well 
in aircraft seating, and the order 
book and prospects are excellent, 
Mr. Cressman states. 

Also. Hostess Furniture has 
returned tc profitability, and 
although demand has not yet 
full v recovered, the directors 
belie --- it will make its rightful 
contribution within the foresee- 
able future. 

© comment 

While BSC.'s manufacturing in- 
tcrc?5 J have overall performed 
it has been the motor distri- 
bution vide that has been the 
stror.c runner. Half time profits 
for the --'roup are 30 per cent 
higher which compares well with 
other distributors: vehicle distri- 
bution now accounts for 53 per 
cent of profits against 45 per cent 
hst year. 'Much" or the growth 
here reflects tbe growing demand 
for leasing, which at 13 per cent 
of sale< is treble the figure seen 
a counig or years ago Ail being 
'.veil P.SG could now be heading 
for about £11 m pre-tax but the 
• -;>e F'l-ils is a worrying 
feature. Fords now account for 
about 20 per cent of BSG's busi- 
ness and stocks arc running 
exlrenMv low. Moreover. Vaux- 
halls (the Cavalier is now popular 
with fleet operators) are also in 
short supply. Clearly the supply 
of vehicles holds the key to the 
outcome for 197S but what is lost 
this '-ear will presumably be 
made up in the nest with fleet 
operators merely delaying any 
change*. So while borrowings 
still remain relatively high— £ISm 
against shareholder funds of 
£23 m. excluding goodwill in the 
lost balance sheet—a possible 
prospective p.'c of 3.2 at 41 Jp 
i based nn a first half tax charge) 
and a yield of S.S per cent does 
seem an over cautious rating. 


W. Tyzack 
recovers in 
second half 

FOLLOWING THE £107,428 drop 
.to £117.790 at halfway, taxable 
profit at XV. A. Tyzack and Co. 
more than doubled in the second 
half to leave the July 31, 1978, 
year result up from £433,403 ! to 
£3414174. Turnover was 27.3 per 
cent higher, directors say. 

After tax of £284,448 (£230.914) 
net profit went ahead from 
£202,491 to £256.826. At halftime, 
directors said that while a. more 
satisfactory half year was ex- 
pected. the total profit would be 
well short of the .19.76-77 figure. 

The final dividend of I.0596p 
nef per lOp share rakes the total 
from 127-ip to 1.4226p. 

The group manufactures- preci- 
sion engineering components. 

J. T. Parrish 
doubled at 
halftime 

Following a depressed £52.000 
for the 1977/78 year, the directors 
of J. T. Parrish, departmental 
store and property development 
concern, report taxable profits 
more than doubled to £76.000 for 
the 26 week* to July 29. 1978 
against £37.300 Turnover tor tbe 
period was up from £1.61m to 
£l.Sm. 

The directors state that results 
to date indicate a satisfactory out- 
come for the full year. 

Sime Darby 
auditors 
supported 

Turquand. Youngs and Com- 
pany, the auditors which the .. 

board of Sime Darby wants to MB LESLIE MARLER 
sack, received limited support 1TH '* 
from Robert Fleming, the London 
merchant bank, yesterday. 

One of Fleming's investment 
advisers, who looks after invest- 
ment trusts holding over 800.000 


Sime Darby shares, said that the 
reasons so far given by the Sime 
Darby board were not soon 
enough. Sime has stated that it 
wants to take the audit to rival 
firm. Price Waterhouse, because 
of its superior international 
coverage. But Mr. Arthur t-lark 
of Fleming said yesterday that 
the board would have to snow 
that shareholders were suffering 
some harm from the use of 
Turquand. The auditors were 
employed by the shareholders 
not by the company officials, ne 
said. 

Mr. Clark will not make up his 
mind how to advise his clients 
until the Sime board officially 
gives its reasons for the sacking 
and the auditors send their 
reply. He emphasised that his 
views were not necessarily those 
of Robert Fle min g as a whole and 
that the trusts he advised were 
free to reject Ms advice. 

Meanwhile to Kuala Lumpur, 
Turquand intends to hold a press 
conference on Wednesday morn- 
ing to repeat its objections to 
the Jack of explanation for its 
dismissal. 

Dorrington 
advances at 
six months 

Pre-tax profits of Dorrington 
Investment Company advanced 
from £301.000 to £369,000 for the 
six months to September 30 19TS 
and the directors are optimistic 
that the second half figures 
should at least equal those 
achiered in the first. 

Turnover split as to gro=s rents 
and property sales finished the 
half ahead at £313.000 i £239.000) 
and £2,384.000 (£2.200,000) respec- 
tively. 

The interim dividend is step- 
ped up to 1.63p (1.4p) net per 
lOp share — last year’s final was 
1.6S94p from pre-tax profits cf 
£627,000. 

The market for residential 
nmpcHTy in London has been 
buoyant, the- directors state, and 
competition for the acquisition of 
high quality blocks of residential 
property continues to be intense. 

They have been able to com- 
pete effectively for new 
acquisitions and are satisfied that 
they have the resources to con- 
tinue to do so. 

Net profit came out at £177,000 
against £144.000 after tax of 
£192,000 compared with £157.000 
and the directors say that 
although tax has been calculated 
at 52 per cent, the actual liability 
may be reduced at the year end 
as a result of stock relief. 


Current 

' / o£ spending 

for 

, Ifet 

payment 

payment dlv. 

year 

year. 

Jr.t. 0.4 

Jan. 26 oi ' 


071 

.-..inL 131 - 

-Jan. 2 . L17 • 


42 

...int.-C.92 

Jan. 2 Or? 

• — - 

'2.13 

...!nt. 1.65 • 

JibV. 30 L4 

— r . 

.309 

_.... 3.91 - 

• -.Nov. 30 - 2 . 


* 9*1 

...tot.- 0 65 

- Xot. SO . O^S 

-T— . - 


...int. 2.73 

Dkl 19- 2.5- 

• — 

' «Av 

1.08 

— 0.91 

1A2 

: 157* 

...int. 0.61 

Xov.21 0.S3 

■■ 

. 068 . 


Brook St. - — .... 

BSG lull. 

Dorrington 

Forward Techno 
Sonar Eng. ... 

Steel Bros. 

IV. A. Tyzack .. 

Wood & Sons ... _ _ 

Dividends shown oer.ee per share net except where otbentfse -stated. ' 

^Equivalent 'after allowing -for. .scrip issue. TQd.'Capr- 
increased by rights and or acquisition issues. . iFar. .£5 moot 
£ Includes additional O.flOSS? now payable. 


- m 


air. Leslie Marler, now 75, is 
resigning as chairman of Marler 
Estates. He h*s - accepted an 
invitation from the: Board to act 
as a consultant. " 




BTR play an important part 
in the development of heavy 
electrical equipment through 
insulation products such as . 
Permali lariii nates. These help 
to support and brace the stator 
windings of large turbo- 
generators. Expanding use of 
reinforced laminates has 
contributed greatly to our 
growth in recent years. 

"V& supply thousands of 
other products to die 
engineering, transportation, 
energy and mining industries 
worldwide. Vital components 
for cars, trains and planes. Hoses 
of all types* Heavy-duty 
conveyor belting. Oil platform 
steel-work assemblies. Rubber; 
plastic and engineering 
components. 

Ve re confident: \ve ? ve got 
the right mix to cam on 
growing. Sales to key industries 
and worldwide manufacture and 
distribution. Above ail. an 
operating philosophy rhar 
actively encourages growth;’ . 


This generator rests on /liinstfaiul Inudurs of Fennali iteiusi/kJ tiuoii Liminace. 



I stands for growth 

BTR I. imitcJ, Silvertown House, Vincent Square, London SVV1P 2PL 




Slight fall 
at Steel 
Bros. 

A SMALL-decliae in -pre-tax nrafiis 
from £3.33m to £3.14m far the first 
half of 197S is reported by Steel 
Brothers Koldtogs. international 
trader and manufacturer, and 
arises from the conversion of 
foreign earnings into sterling, 
particularly in the case oi the 
Canadian dollar. 

The directors sdy the fu?i year 
profit is likely to show some reduc^ 
tioa from tbe record £S.76m of 
1977, as, in addition to exchange 
differences affecting overseas 
earnings, conditions ger.era^y m 
the Middle East have been less 
buoyant with the result mat a 
smaller contribution is expected 
from this source. 

However, subject to the effects 
of further changes in exchange 
rates from current levels, net pro- 
fits, excluding extraordinary 
items, should show little change 
from last year's comparable figure 
of nearly £3m. they add. 

Half-yearly profits attributable 
to ordinary holders were _ up 


was 4p. 


Turnover 

Profit before tax .. 

UK tax 

Overseas tax 
E xtra onL creCUS.. 

To nncortties 
Preference A vs. •• 
Attributable to Ord. 

f Debits 


• comment 

Steel Brothers has been stopped 
in its tracks by unfavourable 
currency movements, and full 
year profits will show a downturn 
for the first time since 1975. With 
foreign earnings accounting for 
around 90 per cent of group 
profits it was inevitable that the 
company was aonne to be hit. But 
the first half results— profits 6 per 


cer.d 

is lifted to 

per 

25n 

hare. 

-5 ait 

years 

final 

Sr: m»rrS5 

Year 

1ST? 

nr? 

:&T7 


£^y-i 

££» 

32J17 

‘5.'<U 



3J3Z 

6.-E5 

ei: 

3> i 

1.S1C 

1,5 

03 > 

LKO 



1.157 

_ ■ 1 

'JS 

335 

:3 


51 


l.sai 

4.070 


cent lower — disappointed . the. 
market and* the shares 'dropped 
20 p to 223p. A* further worrying 
factor must be the less buoyant 
trading- conditions ha. .the "Middle. 
East (53 per cent of profits) 
where Steel has a food .and cater- 
ing interest- Generally,, though, 
trading conditions were gobcj -and. 
foreign earnings were -Mgtier.nr 
local currencies: The' shares yield 
a prospective 5 per cent assumtog 
a 10 per cent increase in the divi- 
dend. The- high overseas exposure’ 
must mitigate, against short-term 
growth If Sterling ' continues 
strong. 

Midway rise 
for Allied 
Plant 

ENTIRELY DUE "to organic 
growth, pre-tax profits of AIEed 
Plant Group more than doubled 
from £92.000 to £206.900, on turn- 
over of £2.4Sm against- £L69m, 
for the' first half of. 1978. 

Mr. Michael Healhcote, the 
chairman, says last' November's 
reorganisation, including: an in- 
crease in share capital, has- laid 
the basis to expand existing 
activities. • • . 

** This internal expansion is 
gathering momentum and. can be 
expected to have a favourable 
impact on results for the full 
year,’* he sates. - 

In July, when reporting nn 
profits of £2424)00- (£226.000) -for 
1977, the chairman forecast a 
record year in 1978- 

Mr. Heathcote now adds that 
the directors, with farther growth 
in mind, are presently looking at 
propositions in areas alfied to 
existing activities. ■ 

These include hire of fork tiff 
tracks and plant for the con- 
struction industry, "structural 
steel engineering, heating -'and 
ventilating, provision of portable 
accommodation and housebuild- 
ing and contracting. ~ 

The net interim dividend is 
stepped up from 03p.to 0.4p per 
lOp share. costing , £36332 
(£30.000). after waivers of £3,643 
— hist year's finai was 0.405p. 



' Mr. Eric and Mrs: 

Brook Street Bureau of Mayfate. 

First half 
for Brook 


■IN THE first half of T9 78. Brook 
■Street Bureau of May ^ 2!^^ 
4han doubled its profits, , from 
£$57 486 to £738, 4S0, on turnover 
Jo percent ahead at £S.95m. 

And the current levels of 
trading continue to be buoyant. 
Mr Eric Hurst, who is joint chan> 
man with his wife Margery, says 
it looks Hke being a good year 
and the economic barometer _ is 
set fair. "We seem to he m for 
a fairly good run less there is 
some drastic downturn in the 
economy.” 

1H7S B77- 

TtaMWr »«Jg 8 jg*g 

Profit before tax ^ 

jgjSUSf sa ^. mm-wSB 

Interim dividend ' 8B ^ 9 ‘ SS.-W 

* uk corporation lax eshinaird nsios 

iur rrni rjte. 0 «rscas tax account's 
for ^4 per wot aroup ^.rae. r 
to assets of overseas subsidiaries (toss 1c 
UWT>. 

Brook Street is opening a new 
branch in Paris in January, and 
intends to open more in the ua' 
(there are already four there)- 
Over the next two years some 
£lm will be spent in the US. 

The interim dividend is being 
raised from 1.1 7Sp to L31p net 
per tOp share, and this is'- more 
than justified by the rapid growth 
of both profits and profitability 
coupled with the significant re- 
duction in the losses, of -the 
Australian subsidiaries — in tbe 
half vear they were S 12,000. 
against $120,000 a year ago.. 

To increase the share market- 
ability the 1 directors are proposing 
a one-for-two' scrip issue. 

In 1977. the group turned in a 


Hurst.. ' the" ^ 








■ ■ i'c 

. .-. - . 

- • ... , 

profit of 

dividend of .420^1. v . 

Emptoymeht'-agw^es-'^^^^ 
ing boom, tradous 
Brook Street te tiwy 
in less ithan- ^a. 
pre-tax .profits hmre ttonw 

The mate ■ factors :&$ 

unexpectedly Wgh-. i 

temporary , staff : pfcs v«5fbi^-S 
provements . in , margins “ 
higher through puL'Th^' ^ 
cut ' back' to- weatiier 
level of general economSe 
so the upsurge, -in, V 
been niet; hy-; exteto 
which is: : basically-. tea- - 
behind the: better ; 

Australian -operation ns 
ba ck- ttiwa rds the ^ blae In 
£70,000 . -Joss ' lasr » 

expected to- break '-c«Xk ; ' fir'®* 
year as a wh ol^. 
is described asfbuoyanT aisi! ^ 
good resnlt^is anth^arted. -Ifjjto 
annual dividend -is raaseC V “ 
per cent the. 
at Sap, tbmifih ' ‘ 
hinting at an 
increase* ■ 

NOYEMBEItireiiinf 
' AT WILLlAMf.i';/ fi 

' jacks: 

As the- ytorrfftf& : 

Jachs and Co. -has been chaw^ J* 
from June 30 to-Deoeifiser ; 

report and acconnt^: wifi 
with at an .4JGM . 1 n 
report. 

the Companies Act 

be held in lSTO.-lamrhas 

been convened for Novemhgtg - ., : 


, - *■ — ’ v -*• 




Firs 


• *, "J 

Jl T 


The Directore of The Rugby PortTand Cement Co; Ltd. announce that the 
Groupresultsforth9srxmonthstothe-30th June! 978 were as follows:- . * . * - 6; Z'fi£s0 : 

6 months to 6 months to Year to ; 

31 st Dec»mbet49^~^J 




IN' 

HR 

IM 

i 

POI 

H 


.... V ’.4y, 

■ifr 


Turnover 

United Kingdom 
Overseas 

Trading Profit 
United Kingdom 
Overseas 

interest Received and 
investment Income 
Interest Paid 
Profit before Taxation 
Taxation 

United Kingdom 
Overseas 

Profit after Taxation 
Minority Interests ■ 
Profit attributable to 
the Shareholders 


30th June 1&78 30th June 1977 

£'000 £'000 £'000 £'000 


£'000 


36,256 
. 11475 

47,531 

4,060 

T>841 

.5^01 


802 

(426) 


1,715 

914 


6,277 


2,629 

3^*48 

^163 

3,485 


1,475 

813 


31,433 

10.480 

41,913 

3,128 

1,839 

4^67 

.1,641 

(747) 

5,861 


2JZ88 

3,573 

146 

3,427 


• ^™p r fer 

evjm$3% 

,20335 

>8264 

4,068 


• . 2,784 ; 
(1,294) - 
11^822 


: 3;990 : 

1,833 



- 


7,661- : 




Taxation includes an equalisation chtirae "calculated on the same basis as last year; oKt^Z5CW300. 

(1877 £1.640,000) . ’ . . . - _ 

At the Annual General Meeting held on the 13th June 1978 it was stated that if tfie^^: 
rate of Advance Corporation Tax' was. confirmed at less than 34/66ths, - the Board's ^ 
intention wou/d be to increase correspondingly the dividends announced on tiie iHtt- f- 
April. . . ; 

The dividends to be paid on the 29th”0ctober to shareholders on . the register bn the ' ' ■ 
7th Juiy will, accordingly, be^sfolicnalfsiT- • T-' 

On the 25p Ordinary Shares: •V* j- 

Supplementary 1977 final dividerid£).027piashare costing. . .. - £19,008 

1 978 interim dividend 1 ,865p a share.costing . . . . . . . . . . £1,31 2&GV 

(1977: 1.671 pa share costing £T;1 76,384) , r?, 

Onthe5pPartfcipating(n/v) Shares^'-'. •« :-/;=- 
Supplementary 1 977 final dividendO , .028p a share costing . - ' £9*072- 

1 978 special interim dividend 2.030pashareoostmg .V • E657JVD 

1 978 interim dividend 1 .1 93p a sHarecostirig . . > . . .. ./ £386^32 

(1977 :1.069p a share costing £346,356) 7 

The interim dividends other than the special interim dividend with associated tax 
credrts result in an increase of 1 0 %overthe corresponding 1 977 dividends. f. : V - 

The dividends on the Participaiing ^n/y) shares are- the last to be pa id omhose'shai^' V 
I? l! Scheme of Reorganisetioh..there is now one class ofXapftaT cornprisiqS' - 

94,490,535 Ordinary Shares of 25p each. - ^ 

As announced in April the BoarcCintends, in the absence of ^unforeseen^ifCLTOStHic^^--. 
to recommend a final dividend for 1978, payabfein July 1979, at a level wbicb prbduce^.v;^ 
an increnui! nf ills! nupr 1 ? V nn *>.'1 ni-f ' ' 




'. * <•* ' 1* 
f. 7'J 




■r . * , V-; 


The Rugby Port rand* 
Cement CompanyLtd 
Crown Houser- • • 


The interim profit is the highest yet 
reported for. a first half year. This Was- ' 
achieved despite the fair in net lnterest . 
received which reflects the fail in iriterest 
rates and the. expenditure on capital 
projects in progress. AdditionaUythe delays = 
from MarchtoJim^in folly implementing ■» 
an i ncrease in the price of ce m en t oostihe. 
Company about £750,000. 4 *? ... ; r . 

In the United -Kingdom our certtent ; 
sales tonnages . were usefully . -hfeber;> 
this trend has continued into the seebrid 
ha If year. • .j z\ ■: 

Continued- progress 1 is. beirigVnfedfl'- 
with the* Rochester extension and. "the; 
Southam conversion, • ' f * : - 

Although .Rom River showmf '&pmeT 
improvement over the first half. last /, 

year, conditions continue to be diffictit inV 
the reinforcementindustry. . » &£ 


;. . In Western . Australia i.both Xocktwn.' ; 
. Cement ;and the Parmel ia Hotdf produced^^ 
Improved results, -but the beneffft:^^® 5 ’ 
. Group was reduced by the dSdirie in-the/- 
Australiaii Doliar since die. 30tii ^ 
1977. Good progress being inad^with^ 
Cockbum's nevyiime plantpto.cornplQ^i 
the /fina nci ng - a rran gemerts/ Cbckbtatt./. 
are raising A$1 4*000,000 by the issuepfi': 
--Debenturesat various rates and me^ritiesL,; 



:f 








\-i~ rs: ■ ■ 


’ *t7 v. 








» , / 4 - - ; , • -i 1^- xar* 1 A<r r — 1 














1 




I :.Jlp 


Financial Times Tuesday October 17 1978 

CHRYSLER PLANS HIGH-PERFORMANCE SUNBEAM 


BY JOHN GRIFFITHS! 





9 


1 ^ -I 

_ *>4 
£ 

: V^- ^ 


-5 ' / 

Irtay » 





’s spin-off market 





•iiSS* .... 












JJ - *3 ■ *« 


ieet 






•. •, - ’ ; •• i.—. 


£. S^f 8 

J\t 

i 'M * 


v* pa/vipf 

A Ubvi* 


ONE OF the. few concrete 
examples. o£ motor sport trans- 
lating- directly into sales iu. 
recalled by Sig.' Danieie 
Audetto,. com petitions manager - 
of 'Fiat The. Fiat team for’ the 
Singapore ' Airliues-sponsored 
l^ondon to Sydney rally ip 1977 
comprised three diesel-poY.'cred 
Mirafiori cars. They were 
entirely new to Singaporeans. 

But Singapore tasi-dnvers were 
so taken with them that within 

a few weeks requests for 3,500 .. . :. • *■ s '\ •■&*%?.*< . .• \ 

had arrived in Turin;' r - :.Ar‘./r- r >-■ ,' : >■■ 

Competitions ■ based, high- 
performance versions nf pro- 
duction line cars have estab- 
lished a niche for themselves in 
the British market, with salts 
this year expected to reach 
30.000. worth some £135m. 

The latest company moving to- 
wards a stake in. this market is 
Chrysler, which hopes to launch 
both in the UK and Europe *** 
a 2.3 litre Lotus-engined version Top left. Flat's Mirafiori Abarih Rallyp; top right. Vauxhalt's Cheveltc 2300 0S. a cheaper 
or ns Sunbeam hatchback, version of which is being considered: bottom left. Ford's successful Escort RS 2000; bottom 

'The launch will take place in right, Chrysier’s Sunbeam, .which is the subject of talks with Lotus. 

the months after this week's 

Motor Show, provided an engine conforming to World. Rally original expectations, and pro- lender for the world champion- 

siipply agreement with Colin Championship regulations— and duet ion so far I his year is close ship. 

-Chapman's Lotus organisation Unis *-n far not eligible for WRC u» the n.OOu mark. Nut leasr nf the nianufac- 

can be finalised. points— has already been in British Ley land is repre- tureK reasons for their 

. In doing so Chrysler will be action this year, i\5 best result senied m this market with its increased involvement is the 

following in the footsteps of being second place overall on now ageing Triumph Dolomite considerable expansion of media 

-other major European manufac- the Mille Pistes rally in southern Sprint. But with another, coverage of the sport. This 
'lurers. notably Ford. Vauxhall, France in -Inly. ' cheaper version of ihe 2.3 litre year f'*r toe first time the BBC 

Fiat and Opel, which make big- It will not. however., be seen Chcvette under consideration by has allocated Saturday after- 
engined. expensive versions of nn the RAC Rally, which; starts Vauxhall. a similarly cheaper noon programmes in all inter- 

their mass-market small cars, from Birmingham late next version uf the 2-liire Opel re- national events held in the UK. 

As with the other manufac- pionth. • While Chrysler has cenfly introducpd into the UK. But rallying has also cutne to 
tnrera, however. Chrysler's first given up motor racing to eon- Volkswagen's fuel -injected Golf be regarded as the most effec- 
reason f«»r producing the car centrate on rallying, this year's Gti and Renault's own candl- live way to boost the image of 
is nor directly linked In sales appearances have formed only dale, the Renault 5 Alpine — in mass-market vehicles, 
at all; rather it is to give the part of a development ; pro- be sold in Britain from early Despile this, all the nianufai- 
Sunbeam legitimate entree into gramme which. next - season next year as the Gordini — the toners point out the near-ini- 
the top level of motor rallying, should see Chrysler competing small "»upcrcar” market is possibility of translating the in- 
and the prospect nf reaping a tor outright WRC victories. hemming highly competitive vestment they make in the 
,Ticb publicity harvest provided The roadgoing Sunbeam, like and starting to assume some sport into an assessment nf its 
.‘by the top event in the world its immediate rivals, is certain importance tn manufacturers. affect on sales < Fiats outlay 
•.calendar. Britain's own RAC to bo pitched above ihe £3.000 ChrvsIcrV expected debut in ‘uvering its rallying i Fiat and 
Rally, plus the seven other mark, double the price of more World Rally Championship Lancia) and racing t Ferrari) 
World Rally Championship standard versions. The Chesette events will mean that all of programmes is variously e*tima- 
' events in Europe. sells for £5,300 and the Kadett Britain's four volume manufac le d at betwen £2m and £4m 

But the rules of the sport's for £5. J 00. while the 400 Abarth turcr? will be represented. BL’s annually). Mr. Alan Edis. direi- 
wnrld governing body, the Rallyes that Fiat produced were position is slightly different tor of product planning at BL‘s 
Federation Internationale do -snapped up in Italy, where from the oliicrs, however, in J«S«ar Rover Triumph com- 
1' Automobile, state that cars motor sport is a national that its vehicle is the VS-engincd P an - V - d° e? not a ? re e with a Con- 
eompeting in WRC events must passion; at a price approaching Triumph TR7 spurts car. This tinental catch phrase that “com- 
have similar specifications to £8.000. • -* fell victim to the Speke closure petition influences HO per cent 

those which can be bought by But while production of these resulting, in the cancellation of of private cars sales —“hut our 
.the general public. Further, the immediate relatives of the com- its planned launch on the U.S. ow » research does indicate a 
FLA insists that at least 400 petition cars has been' limited, marker this summer, 
sucb cars must be sold. less expensive but still very But BL says that ir managed 

This led to the introduction much performance-oriented ver- to get 4U0 of the cars, built !)■■- 
into the showrooms of cars sions have proliferated. tween July and November. 1977 

■which, at first, most of the nutnu-. !' Fiat will aim at this market —well hefuiv both l lie Speke 
facturers would have been con- with its launch at the Binning- closure and Us application to 
tent not to make at all: the Ford ham Motor Show of the Mirafiori the FI A fur i-ompctiiion *' type 
RS1800 (now discontinued). Sport — to be sold in Europe as approval" from April 1 this 
Opal's Kadett GT/E, the Fiat .the Mirafiori Racing— with, a year. 

Mirafiori Rallye Abarth and two-litre overhead camshaft ' Chrysler's move serves to 
Vauxhall 's Chcvette 2300 HS. engine and 112 mph capability illustrate the greatly increased 
But with the Sunbeam, Chrys- at £4.394. .Meanwhile, Ford has emphasis thai Europe's manu- 
ler is expected to go further just 'revised its own 'competitor fjelurer.s have come to place 
than other manufacturers in in- in this market, the tivriitre on motor rallying as a promo- 
rvirpo rating the competition- EstSwit RS .2000. in favour .'■optional exercise. And it was 

based car into its model line-up two versions, the Custom, with dramatically reinforced at the . 

and to give it a formal launch a raised interior specification to recent Paris show, where the 

as the flagship. of the Sunbeam boost its image of sophistication new. : .m id-engined and turbo- 

range. Chrysler’s competition at £4.400, and a cheaper version charged Renault 5 Alpine was 

manager, Mr. Des O’Dell, has pitched just below the pFiycho- unveiled. With 200 blip, the rar 

been evaluating a roadgoing logically important £4.000 mark, was one of the main talking 

version during the past few The RS 2000 has proved an points of ’.ihe show. It is to he 

months and it has recently been unexpected success for Ford, type-approved for competition 

shown to some major dealers. Made at tbc Saarhib plant, in by ihe end nf next year 3rd 

The competition car. while not Germany. . it lias far outsold js a1«n clearly a potential > on- 


cor relation. In particular. BL*s 
reinvotTcmcnt of the pa s* few 
years has .served i 0 lower the 
age profile of buyers who had 
been steadily moving into the 
older bracket." 

Xeverthele.^ a hnherto un- 
published study undertaken by 
Ford some time ago docs throw 
some light on how the man in 
the street has perceived motor 
sport in terms of wliat car he 
he decides to buy with hi* hard- 
earned cash. 

A survey taken among 1.191 
new car owner* in Britain. 
Germany, the Benelux countries. 
France. Sweden and Switzerland 
showed almost one-half pro- 
fessed to be " very " i, r “ fairly " 
interested in moror -.port — the 
figure for Bn lain was 43 per 
cent. Seventy-three per cent nf 
the sample considered that the 
average motorist derived 
“ much " or some " benefit 
from manufacturers' participa- 
linn in rallying, and 63 per cent 
felt events involving production 
car-based racing produced simi- 
lar benefits- In Britain. Tfi per 
vent believed rallying was of 
henefit. against 6S per cent for 
racing. 

To the question, which events 
were most beneficial to ihe 
average motorist. 3U per cent 
opted for rallying. 2fi per cent 
fnr saloon car racing — and 12 
per cent for grand pnx and 
other types of racing. British 
motorists awarded rallying 35 
per cent and saloon car racing 
2 1 per cent. Eighty-eight per 
cent listed tyres as the single 
feature most improved — 91 per 
cent in Britain — with road- 
hnldmg (87 per cent overall. SS 
per cent Britain >. brake* i85/ 
87). eneine performance (84/87 1 
and overall reliability t7B/S2» 
close behind. 

A source of considerable satis- 
faction to Ford. »u doubt, was 
that its own name was men- 
tioned — by fit per rent of ihe 
sample — a? Ihe manufacturer 
associated with inotursport. 
Twenty-six per cent named it 
as the most Micce>$ful in motor 
sport, and 25 per cent as the 
company benefiting most from 
if. 


The people with 
lie biggest stake in 


;■ • w*' 'f ;■ : JT::. { 
■ ■ t;- ; ; f- ; " ' ;.:| 

.. < ■ - 1 


S -: j 

gm 




~r 




2 WEST REGENT ST, 
GLASGOW 


■ A new first class fully air conditioned office building situated in Ihe 
heart ol Glasgow's established business centre. 

4 OFFICE FLOORS TO LET 
6.000 sq. ft. per floor, wall-to-wall carpeting, full lighting system, 
tinted double glazed windows, top quality toilet accommodation, 
private basement car park. 

Further information from joint agents: 

WEBSTER & CO., CONRAD RITBLAT A CO. t 
21 West Nile SL. Glasgow G12PJ. 3 Royal Crescent. Glasgow G37SL. 
k Tel: 041 -204 0771 Tel. 041-3323677 




According to a recent independ- CONSOLIDATED NET SALES 
ent survey,* in 1977 Toshiba ranked iBiiiionsof Yen) 

second among all Japanese com- t,600 | : : 

panies as the favourite choice of TSM j ; :. 

employer among the country's engi- j 

neering undergraduates. And with 

Japan's lifetime employment system, lJoo [ fell - 

choosing a company is one of the ' ; 

most momentous decisions .in a 1 . 200 !- — 

Why do so many of Japan's elite 1,,00 j 

students rate Toshiba and its pros- ^ 

pectssohigh? 

They know that Toshiba is a powerhouse of the country's economy, 
ranking 37th in Fortune's 1977 line-up of industrial corporations outside 
the U.S. A company whose worldwide activities are firmly founded on its 
massive strength in the domestic sector. A leader in fields ai diverse as 

® heavy apparatus, industrial electronics and con- 
sumer products, manufacturing giant power 
plants, electronic-control led industrial and trans- 
portation systems, advanced semiconductor 
devices, satellite communication systems, so- 
phisticated medical equipment, state-of-the-art 
audio and video equipment, reliable home appli- 
ances, etc. 

They know because they make it their busi- 
ness to know. Their whole future depends on it. 

BfMk( h' M p Gw« p 0tUtS • Nippon Recruit Centre Annual University Undergraduate 

flor Fiscal Yen Ending March 31. 19781 . Employ ment Motivation Survey. 1977. . 



i <3 h 


u A N 







is about matt. 

Every popular whisky is made 
from blending pure malt whiskies and less 

I pxnensive grain whiskies. 

The more malt (which costs 
at least twice as much as grain)- 
the more character it has. The more 
distinctive its taste. 

Teachers contains more malt 
than other popular blends. 

No wonder, then, that Teachers 
is Britain's favourite.* 

End of lesson... time for a test! 

Teacher’s. In adass of its own. 


’NOP Jan 197$ 




I 




. ow*e--- - / \ . ; 
.RoA<ct> ■ \ • 

V " yrfidvnrbt 

ywv .Ei^cWfiic 

’ \/ , 
x. . -:.\a2V ■ 


_ '• • ftew ' 
Aflemiui QrcDp 
v . 274. 




IS 




TOSHIBA CORPORATION 










32 


Financial Times Tuesday October 17 1978 


Rugby Portland 
7.1% higher 


AFTER A halving of interest 

received and investment income. 
1 pre-tax profit of Rugby Portland 
Cement Company advanced 7.1 

■ per cent from £-i Slim to a record 
£6.28m in the first half of IS7S. 

Stemming mainly Irom UK 
activities, trading profit was 1S» 
'per cent higher at £5 9m. on a 

■ 13.4 per cent increase jn turn- 
:.over from £41 9m to 147 53m. 

The directors explain that the 
fall m interest received reflects 
not only lower interest rates but 
also high capital expenditure. At 
toe same time the delay between 
March and June in fully imple- 
menting the cement price in- 
crease cost the company about 
£750.0011. 

As known the net interim 
dividend per 25p <h are is lifted 
from 1.671 p to l.S3Sp. and there 
is an additional ft.f»27p on account 
of 1977. The directors are fore- 
casting a 12 per cent increase in 
the gross total for the year. I 
year's net final was l *09p from 
-profits of 13.S2m. The interim 
dividend, together with ihe 
'supplementary payment, costs 
£ 1.31m (fl.lflm). 

Reporting the first half per- 
formance the directors say tfut 
in the VK cement sales tonnage* 
were usefully higher: this trend 
’has continued into the second 
half. 


Continued progress is being 
made with the Rochester ex- 
tension and the Souttoam 
conversion. 

Although Rom River showed 
some improvement over the first 
half of last year, conditions con- 
tinue to be difficult in the rein 
forcement industry. 

In Western Australia both 
Corkburn Cement and the 
Pnrmelia Hotel produced im- 
proved results, but the benefit to 
the group was reduced by the de- 
cline in the Australian dollar 
since June 30. 1M77. Good pro- 
gress is being made with Cock- 
burn's new lime plant: to com- 
plete the financing arrangements. 
Coekbum is raising A$14m by the 
issue of debentures at various 
rates and maturities. 



Six months 

Year 


1973 

1977 

1977 


£000 

£111)0 

raw 

Tnrni«®r 

47.531 

41.913 

K7.S37 

IK 

3B.2M 

Sl.433 

67.002 

■in'r'fi' ... . 

11.273 



Tmlm- profit 

5.901 

4. 907 

12.332 


4.000 

3.123 

R.704 

Or-r'ij« 

1.641 

l.*19 


tn:. aid mv. Inc. 

S« 

1 nil 

2.^ 

[r.r. p.iirf 

428 

747 

1 "01 

Profit before la* 

(k2T7 

S«rl 

13.822 

UK >3* 

1.715 

i.in 

.3.9W 

i>vnr«c.i- tea 

911 

013 

1.93” 

f 'r'lfit after tax . 

J.W1 

3.373 

7.99) 

Minxr.iy profits .. 

103 



Attributable 

3.4*5 

3.427 

7.661 


See Lex 


Reasonable start for 
Dowding & Mills 


r THE FIRST i wo months of the 
currcn year at Dowding and .Mills 
hare started reasonably well, Mr. 

. K. H. Sharp, the chairman, tells 
members, and the directors are 
hopeful that this trend will 
continue for the remaining four 
-months of the half year. 

As reported nn September 22. 
in line with their forecast of a 
record year. ihe directors 
announced pre-tax profits of 
XI. 74m <11. 43m) Tor the year 
ended June 30. I.QTfi nn lurnmcr 
ahead to £11.37m (£9 .urn. The 
dividend i* stepped up to 1.2p 
(1.075p) per share. 

The company has continued its 
policy in new build in us. plant and 
machinery which, as and when 
industrial activity improves, the 
chairman says will enable 
Dowding to increase its own 
production still further. Some 
£919.729 was spent during the year 
— half on new buildings and half 
nn new plant, machinery and 
vehicle*. 

Of the new project* in hand, 
work on the new factory at Fal- 
kirk is well under way and. when 
completed early next year, will 
place the company in a cnod posi- 
tion to increase its share of the 
market in Scotland. Mr. Sharp 
says. 

The Sheffield extension is now- 
finished and is in opcraiinn and 
is well placed to draw in more 
work from the industrial areas of 
the north. 

The extension In the Birming- 
ham factory' is nearing comple- 
tion and should be in production 
by the end of the year. As well 
as these projects Dowding has 
opened a small new branch at 
Ipswich to serve the expanding 
industries in East Anclia. "This 
is a Green field project and it 
has already built up a .substantial 
list of customers," the chairman 
adds. 

The auditors say that the valua- 
tion of work in progress excludes 
appropriate overheads and are 
thus not in accordance with 
SSAP 9. They add. however, that 
this exclusion does not signi- 
ficantly affect the accounts. 

A CCA statement, based on ihe 
Hyde guidelines shows pre-tax 
profit reduced to £I.35m t£lm». 
after depreciation £284.000 
(£245,000). cost of sales £47.000 


i £91.000) less the gearing factor 
£fi()./W0 (£92.1)00 1 . 

Meeting. Birmingham. Novem- 
ber 0 at noon. 


Improving 
trend for 
Lister 


After its tumround from a 
£0.4.Sm loss to a 1 1.43m profit in 
the March 31, 1978. year. Mr. I. E. 
Komherg. chairman of Lister and 
Co. says the current trading posi- 
tion is showing an improvement 
which if sustained, gives directors 
reason to look to the future with 
confidence. 

He says he is fully conscious of 
the need to conserve cash flow 
particularly as the group is still 
investing in new machinery when- 
ever directors are satisfied the 
return will be adequate. 


ISSUE NEWS 

Anglesey £3m 
variable 

vbsk cmf shr v bp cmf shr vbm 

A ‘placing has been made of 
£3m or variable rate sinck by 
the Isle of Anglesey Borough 
Council. 

The stock is dated 1983 and the 
placing price is £99J per cent 

In accordance with the require- 
ments of the Stock Exchange 
Council £390.900 of the stock is 
available to the market. 

CRODA DEFERRED 

Dealings in the new deferred 
shares in Cmda International got 
off to a reasonably active start 
yesterday. 

The deferred shares, which 
were offered by way of scrip on 
the basis of one-for-ten, opened 
trading around 33Vp and closed 
yesterday afternoon about 3 lip. 
having eased to 304p during the 
course of the day's trading. 



Mr. Field refuses to 
leave Dawson Board 


MINING NEWS 


Mr. Stanley Field, chairman of 
William Baird, has rejected a 
reque-t for his resignation from 
the Board of Dawson Inter- 
national. 

The request comes from Daw- 
son's chairman. Mr. Alan Smith, 
who takes the view that there 
are potential conflicts of interest 
inherent in Mr. Field's continued 
presence on the Dawson Board. 
“ Leading counsel has advised 
that Mr. Field's only proper 
course of action is to resign." Mr. 
Smith says. “ Accordingly I have 
written to Mr. Field requiring his 
resignation forthwith.” 

Mr. Field said last night that 
he has given “careful considera- 
tion to his position as a director 
of Dawson and. with the support 
of his advisers, he considers it 
would be entirely inappropriate 
for him to resign.” 

The resignation request is dis- 
closed in a letter sent by Mr. 
Smith to Dawson shareholders 
outlining reasons for rejection of 
Baird's bid. 

Mot only is there no com- 
mercial benefit to Dawson, we 
believe that a Baird take-over 
would be positively harmful lo 
both home and export sales and 
this is supported by reactions we 
have received from customers,” 
Mr. Smith says. “ Also employees 
have expressed concern at the 
possibility of Dawson losing its 
independence and the bid. if 
successful, could irrevocably upset 
the necessarily close relationship 
we have developed over many 
years with our specialist raw 
material suppliers.” 

He forecasts a dividend of 14p 
a share Hast year 3.75pL a sci*p 
issue of one new “ A " class non- 
votinu ordinary share for etch 
ordinary and each “A" class 
share held, and indicated that the 
company is in the prncww of pre- 
narinz a forecast of profits for 
the year ending March 31. 1979. 
If the bid fails, the “A" shares 
will be enfranchised as soon as 
practicable. 

“ Dawson's assets have not been 
revalued for many years, and are 


grossly understated.” he says. ” A 
revaluation of land, building and 
machinery is presently in hand 
and will show a very substantial 
appreciation on hnok values.” 

He points out that Dawson had 
£13. 6m in cash at March 31. 1978 
and states that “ Baird wants io 
buy Dawson with the equivalent 
of Dawson's cash." He points out 
that to finance the c.»sh element 
of the offer Baird's total borrow, 
ines will exceed 123. Dm. against 
net tangible assets at December 
31. 1U77 of £26.$m and asks Baml 
to explain how it will repay “such 
high borrowings." 

Mr. Field last night issued a 
statement saving that there is 
nothing in the Dawson defence 
document m cause Baird to alter 
its view that the offers it has 
made are fair. 

"The contents of the letter 
confirm and reinforce Baird's 
objection lo the Hacea< proposals. 
These are now shown tn have 
been even more than heavily 
weighted in favour of Hacaas and 
against the best interests or 
Dawsons shareholders than was 
apparent before the letter from 
Dawson." Mr. Field said. 

Baird's offer is due to close on 
October 27. 

Sec Lex 


AMERICAN ASSOCN. 

The offers by J. M. Huber 
Corporation for the ordinary and 
preference capital of American 
Association have become uncon- 
ditional. They will remain open 
until further noli-?. 

Acceptances have been received 
in respect of 1.8R4.H75 ordinary 
and 1,864.975 4 per cent nnn- 
cumulativc preference shares, 
which amount lo 96.2 per rent of 
the ordinary and 9R.2 per 
cent of the preference capital, 
respectively. 

In respect of acceptances 
received hy October 16. it is 
expected that remittances for the 
cash consideration due will be 
despatched by October 39th 

Huber intends to compulsorily 


acquire the. outstanding shares 
in American Association. 

Way cleared 
for Burmah’s 
Australian sale 

The way has been cleared for 
the Burmah Oil group to com- 
plete its ASSfim disposal of its 
major stake in the Cooper Basin 
natural gas and Moulds fields in 
South Australia. On August 31 it 
was reported that Burmah Oil 
Australia had agreed to sell a 
wholly owned subsidiary. Burmah 
Australia Exploration Pty. fBAE) 
to a group of companies headed 
by Rond Corporation Holdings. 

BAE’s assets are shares in three 
of the Cooper Basin partners — 
Santos 37.5 per cent. Basin Oil 
30 86 per cent and Reef Oil 66.96 
per cent. Santos has a 4.1 per cent 
interest in the Cooper Basin and 
Is the operator. 

The proposal hit a snag when 
Santos took an action in the New 
South Wales Equity Court seek- 
ing to block the purchase. Santos 
claimed that under agreements 
dating back several years Burmah 
had first to obtain the anproval 
of the Santos Board before it 
could dispose of its holding, and 
that this had not been done. 

Santos and Bond Corporation 
directors revealed resterday that 
fher had been holding discussions 
since early September and nn the 
hasjj of mutual assurances. Santos 
had agr^d to discontinue its 
legal action against Burmah which 
should enable completion oF the 
deal. 

It had also been agreed that 
three executives of Bond Corpora- 
tion would hr- invited to the ten 
man Sanros Board to replace the 
existing Burmah nominees. 

Bond Corporation stood readv 
tn make a “ valuable contribu- 
tion" to the continuing operations 
or Santos as an independent 
entire. A number of aspect® 
which previously concerned 
Santos had now been clarified. 


Tootal plans near £10m 
purchase of U.S. retailer 



(INTERNATIONAL TRADERS AND MANUFACTURERS) 

Interim Announcement 

The Board of Directors have declared an Interim Dividend of 2.75 pence 
for each of the 1 0.990.305 ordinary shares of 25p. each in issue requiring 
a distribution of £302.233. Dividend warrants will be paid on 19th 
December to shareholders registered on 20th November 1978. This 
interim distribution plus the related tax credit amounts to 16.42% 
compared with 1 5.1 5% in 1977. 


RESULTS (unaudited) 


Yearended 
31st Dec 


Six months ended 
30th June 30th June 


1977 


1978 

1977 

£'000 
SO, 123 

Group Turnover 

€.000 

52.317 

£.000 

45,012 

6,755 

Group profit before items 
listed below 

3.140 

3,332 

1.613 

1.830 

(1,167) 

Taxation U.K. 

Taxation Overseas 

Extraordinary items 

611 

776 

(33) 


535 

912 

94 

2^76 


1.354 


1,541 


4,479 Profit after all charges 
358 -Minorities 


Profit attributable to members 
Preference dividends 


Profit attributable to 
4,070 Ordinary Shareholders 



1,786 

174 

1.612 

18 


1.594 


1,791 

209 

1.582 

25 


1,557 


The small decline in group profit is more than accounted for by the 
conversion of foreign earnings into sterling which is particularly 
Important in the case of the Canadian dollar which had fallen from 1.82 
at 30th June 1 977 lo 2.09 at 30th J une 1 978. 

Overall group profit for the full year is likely to show some reduction 
from the record level achieved in 1977 as. in addition to exchange 
differences affecting overseas earnings, generally conditions in the 
Middle East have been less buoyant with the result that a somewhat 
smaller contribution is expected from this source. However, subject 
lo the effects of further changes in exchange rates from today's levels 
and unforeseen circumstances net profit attributable to members, ex- 
cuding extraordinary items, should show little change from the com- 
parable figure for last year of nearly £3 million. 


Steal Brothers Holdings Limited 
Sondes Place, Dorking, Surrey 




Tootal. the thread .textile and 
retail group, is planning its first 
acquisition in the U.S. since it 
bought American Thread in 1914. 
At that time anti-trust legislation 
forbad Tootal to increase its share 
of the American market even 
through diversification. 

Now. although formal approval 
has not yet been gained for a 
lifting of the ban, Tootal is 
planning to spend £9-Rm iS19JImt 
on a New York public company 
called Ups ’n Downs. 

Ups 'n Downs is a retail group 
w hich operates 153 fashion leisure- 
wear shops mainly m the Eastern 
states. 

In the year tn January it had 
sales of SSlm and made pre-tax 
profits of S3 .5m. A spokesman for 
Tootal said that Ups 'n Dawns 
was showing only low profits. Its 
profits have been as high as $6m 
but in the current year it will he 
hard work for it to meet $3m. as 
it ended the year on a low note 
which had not so far Improved. 

Nevertheless. Tootal believes 
the proposed acquisition to be a 
major step. The company had 
decided that its best method of 
penetrating the U.S. market was 
to buy into the retail end which 
could provide openings for 
exports for its textiles and 
garments both from the UK and 
Australia. 

The group had looked at a 
number of manufacturer/ but 
decided against that method of 
entry. 

Now’ it intends to concentrate 
on building up profitability at 
Ups 'n Downs and al.so to improve 
American Thread— at present its 
only significant U.S. subsidiary . 
American Thread itself also 
needed a better return on capital, 
the spokesman said. The new 
acquisition would justify a full- 
time senior executive in the US. 
who would divide his time 
between the two companies. 

The bid for I'ps 'n Downs, 
which has The recommendation of 
the B*nrd will probably take until 
early next year to complete. The 
key element in its success is 


Tootal’s option to purchase a 
40 per cent stake owned by 
Merchant Investors Corporation. 

MEYER BUYING 
INTO BAMBERGERS 

Montague L. Meyer, the largest 
timber group in the UK. has been 
buying shares in Bamhergers. the 
timber company which has 
recently received a £7 ,6m cash 
and shares bid from Internationa] 
Timber. 

On October 3. the day after 
the announcement of the bid. 
Meyer bought 25,000 shares in 
Bamberger* at 77p. and lOO.OOO at 
S0p: a week later. October 10. it 
bought a further 50.000 at fiOp 
and the following day another 
25.H00 at 80p. 

The total purchase or 200.000 
shares amount? to around 2 per 
cent of the Rambcrgers equity. 

Asked whether this was a 
prelude to a counter offer for 
Bambergers. Mr. John Meyer, 
chairman of Meyer, said yester- 
day: “We haven't yet seen the 
offer document for Bambergers so 
we will have to wait and see.” 

" But we like our investment in 
International.” he added- Meyer 
holds about 13 per cent in Inter- 
national. a stake which it has 
been anxious to build up to 
prevent any dilution by Inter- 
nation's bid for Bambergers. 

Meanwhile. International's offer 
document for Bambergers is 
expecred tr> appear towards the 
end of now week, and will include 
Bambergers" hdl’-ycar results. 

JAMAICA SUGAR 
TO WIND-UP 

In his circular giving details of 
the sale of Us sugar assets to 
National Sugar Company. Mr. 
H. C. Hart, ihe chairman of 
Jamaica Sugar Estates, says that 
although rhe proposals the direc- 
tors recommend are in certain 
respects not particularly favour- 
able. they are ihe best they have 
been able in negotiate. 

The chairman says that based 


on the unaudited balance-sheet 
at September 30, 1977. after 

implementation of the proposals 
but at a rate of exchange of 
Jamaican dollar 325. the value of 
shareholders’ equity is now 
£1223,573. 

The sale of Interests will leave 
the company with no business of 
its own but only its investment 
in subsidiaries and the directors 
propose an orderly realisation of 
the subsidiaries or their assets to 
enable the company in due course 
to be wound up. 

How long this will take is 
difficult to forecast, says the chair- 
man. who points out that to give 
an estimate of the likely proceeds 
of such realisations is impossible 
as the realisation of these 
interests will almost certainly be 
less than book value and any real 
benefits from these should be 
discounted. 

For the year ended September 
39. 1977. the company incurred 
an increased loss of £616^08 
compared with I209JS69 last time, 
subject to a tax charge of £9,776 
against a £44,722 credit. 

TRIDANT GROUP 

The 191.940 shares in Trldant 
Croup Printers purchased by 
Baring Brothers on Thursday as 
advisors to Argus Press, one of 
the two bidders for Tridsnt. came 
from tiie holdings of Chirit Invest 
ments which represents family 
interests nf Tridanfs founders, 
Jn addition Argus also bought a 
further 2 O.noo shares on Friday 
pi toon. The Chirit sale was 
at 

warren tea 

Warren Plantation Holdings 
says the issue of 545.000 shares in 
Warren Tea Ltd. I rhe Now Rupee 
Company 1 was 28 times over- 
subscribed. 

There were 152.000 applica- 
tion? and allotments have been 
finalised on the basis of support 
mg small shareholder? in 
accordance with rhe policy of the 
Government of India. 


Costs rise in the wake 
of the gold price 


BY KENNETH MARSTON. MINING EDITOR 


UU Textiles 



Textile group U.U. Textiles is 
attempting to solve its financial 
problems through a merger with 
a small textile wholesaler. E. 
Salbstein. The deal, announced 
yesterday, involves a complicated 
financial reorganisation pro. 
gramme which once completed 
will give Mr. R. A. Ratner. chair- 
man of Salbstein. and his family 
59.3 per cent of U.U. Textiles' 
equity. 

U.U. announced losses of 
£122.271 for a 61 week period io 
June 30 1978. compared with pre- 
tax profits of fl&jUS for rhe 12 
months ended April 3fi I1177. The 
group's accounting year »nct had 
been recently changed to .tune. 

As a result of rhe t'.t.’. 

showed a deficiency or net assets 
of £403.922. But after rhe im- 
plementation of the financial re- 
organisation and rhe merger 
with Salbstein. pro forma net 
tangible assets will amount 10 
£lm. equivalent to 43.7p per 
ordinary 25p share. 

To achieve this rhe following 
arrangements are planned: 

0 U.U.'s issued capital is to he 
reduced from £574.266 10 £145,566. 
• The outstanding £462.239 nf 
loan stock in a U.U. subsidiary. 
Sidroy. is to be conceited on pa>. 
ment of £2 OS. 003 in cash, and rhe 
issue of 360.784 shares or 25p 
each in U.U. 

B The acquisition of the textiles 
""holesfrling company _S-ith«*r*in 
through the issue of 1.355.9 th UU 
shares which represents the con- 
sideration. 

0 UU's principal hankers are to 
assign the group’s indebted nets 
nf over £lm to Salbstein. Ie*s 
£750.900 at the time 1 he re- 
organisation becomes effective. 
This will effectively reduce UL"s 
debt by £759.090. 

0 A term loan of £22.527 from 
the Department of Industry is to 
be waived. 


Although aT|pr reorganisation 
the Ratner family will control 59.7 
pc-r cent nf ihe equity, and there- 
fore under Rule 34 of the Ctiy 
Takeover Code n full offer Tor 
the company should be made, this 
obligation has been waived by 
the Takeover Panel. 

However, the Panel has asked 
Thai a majority of the indepen- 
dent *- hare holders, after a poll, 
should agree the proposals. 

The combined pre-tax profits nf 
the UL' gmun and Salbstein 
before any extraordinary items 
for the srx months ended Decem- 
ber pi l'.iTs .ire expected to be 
not less tht.n £29.009. In its last 
full fin.inci -I vr»;,r to November 
-io Pii. Salbsiein made taxable 
pmiirs of £:;ii.t;=u; nn turnover of 
£519.704. 

fc>.\| has been called for 
Novemner S. 

SHARE STAKES 

Alexander Hirwden Croup — 
K - v Crab, director, has in- 
creased hti beneficial holding by 
shares, and R. C. Comery. 
director, ha* increased his by 

, 9.1X10 

U a (sham's — Ess-on Pension 
lru>t has acquired an additional 
J.j.wuu chjrvs. increasing holding 
Wl" ikj:« per cent). 

r. ftaiclitTe Industries — West 
Bromwich Sprint nn October 12. 
bought further shares and total 
holding 1- 4f».3no (more than 

per cent 1 . 

, ^fn-tisl! (Jnijiriu Investment — 

. iherJoen Trq.i holds 30.999 
CTimulntiM- preference shares 
1 per oti «, 

A. Monk — I'rudenlial Assurance 
reports :har. a* result of rerenr 
sales, ’hey now h'nld less than 
3 P?. r r, ' n J the ordinary capital. 

•v interim limn Trust — Equity 
and Law I .if .2 .Wiiranrc Society 
has acquired a Jurtiicr 11D.U0Q 


share t. increasing its holding to 
I.3fi5.f)flfl f2Jv4 per cent). 

East Midland Allied Press — The 
iiem reported on October 19 
regarding directors' share hold- 
ings were allotments in a recent 
scrip issue, not purchases. 

Swinish Homes Investment — 
Iron Trades Employees Ins. 
association has purchased 560.000 
ordinary shares. 

Sun Life Assurance SocteL' - : — 
Kuwait Investment Office has 
increased its interest to 5.] 25.000 
shares iS9 per eend by purchase 
of 59.909 shares. 

Provincial Laundries — A. B. 
Millar, director, has sold 309.000 
slwro ( 7J5 per cent) in order 10 
take up in full his rights of 12 per 
cent convertible unsecured loan 
clock I9SK-S8 amounting to 
£29.740. Men tic 1 h Investment 
Trust has acquired 259.009 shares 
1621 per cenli and £40,339 nil paid 
12 per cent loan stock 19S6-SS 
lit per ccnti. 

I-ondon Merchant Securities — 
Lord B-jvne di -.nosed of KiO.'JOO 
shares on Octoher 10 and is now 
interested in 30.55S.653 shares. 

ASSOCIATES DEALS 

On October 13, Vickers da 
Costa (brokers to John Haggasi 
b«ucii> .-’.non Dawson International 
ordinary shares at 202p on behalf 
of :i discretional--.- ’•bent, 

A further 450.990 J. Compton 
Suns and IVrbh f (foldings) shares 
were bought on behalf of Van- 
Inna al 73(p. and L Messel and 
Co. sold 475.000 Compton at 73\lp 
for Allied Textile Companies, an 
associate of Compton. 


NO TROBE 

The proposed merger between 
\or.-k Hydro AS. and Vitiates is 
mu t” he referred to the Mono- 
polies Commission. 


THE continued advance In work- 
ing coats of South Africa’s- gold 
producers is underlined in the 
September quarterly reports 
issued by the Rand Mines group. 
After allowing for the previous 
quarter’s income ** bonus ” aris- 
ing from the changed method of 
payment on delivery for sold, all 
the mines have received higher 
revenue for their bullion produc- 
tion in the past quarter. 

Increased working costs, how- 
eer, have left East Rand Proprie- 
tary with an increased working 
loss for the quarter. Thanks to 
State aid. the mine comes out with 
a net profit albeit one sharply 
reduced from that of the previous 
three months. 

The other marginal producer, 
Durban Deep, has done well as a 
result of increased production 
coupled with a higher average 
gn|d price received. In this case 
(here Is a deduction for State 
aid over-provided which still 
leaves the mine with an Increased 
net profit 

Increased revenue from 

uranium has resulted in Blyvoor 
making a slightly increased net 
profit. Harmony has achieved a 
higher working surplus but the 
incidence of a sharply increased 
tax charge has left the mine with 
a lower nor profit than in the pre- 
vious quarter. 

The latest quarterly net profits 
arc compared in the following 

table. 

Scot. June March 
otr err. cCt. 

ROOD Raoo ROOD 

Rhrroor. ... 8.KK S215 e*W 

Durban Prep t!.R47 *1.330 »S»9 

E. Rand Pty **n *l.5K9 +«t 

Harmony 10.-HH 12.40 7.086 

♦ \firr rerripT of Srate aid. 
t After repayment of State aid. 


AYER HITAM: A 
BETTER YEAR 

Malaysia's tin-producing Ayer 
Hitam sees a brighter outlook for 
the current year to next June, 
provided that tin prices maintain 
their high levels. 

The chairman. Tengkn Tan Sri 
Tndra Petra, points out that ail 
three dredges are now working 
in virgin ground with a resultant 
increase in production. Output of 
tin concentrates for the past three 
months amounts to 453 tonnes 
against 362 tonnes In the same 
period of last year. 

In the year to last June export 
duty and tax took 78.95 per cent 
□f Ayer Hitam's croup profits and 
the chairman calls for some relief 
for the industry from this 
“ unreasonable burden.” 

He also comments on the 
diminishing supply of land with 
payable tin reserves in Malaysia 
and the fact that the company is 
still waiting for the authorities to 
approve the renewal of two 
important mining leases which 
expired in June this year. 

In London yesterday the price 
of tin soared £435 to a record 
£7.840 per tonne following news 
that the U.S. Congress had 
adjourned without passing the 
General Services Administration 
stockpile releases Bill. It thus 
appears that the proposed release 


Da you owd am o ut information on 
Umitad Companies, including Balance 
Sheets, prepared in 5 days at a am of . 
«JJV£3L50? 

You need a 

sttrq) 

For more information, write "Strep 1 on your 
* trting Gird and sand It to:— 

E.CS. Creamy (UK). Strew Hret 
Z7 Wmt Wav. BMtav. Oxford. 


Of stockpile tin cannot novr take 
place until next year. Ayer H it ani 
shares were 330p yesterday. 


AUSTRALIAN 
URANIUM HAS 
TO GO AHEAD 

Hie deputy Australian prime, 
minister. Mr. Doug Anthony, says 
that Aboriginal landowners’ oppo- 
sition to uranium mining will not 
stop development of die resources. 

In a speech at the owning of 
a magnesite mine at Fifield m 
New South Wales. Mr. Anthony 
said the Government was dis- 
appointed that native landowners 
in the northern territory were 
opposed to uranium min i n g. 

But he added that under 
government legislation allowing 
uranium mining. Aborigines could 
not withold consent for mining 
on their land. 

If the government, mining com- 
panies and Aborigines could not 
agree on royalty payments and 
other conditions then an arbitra- 
tor would be appointed to solve 
the issue, Mr. Anthony said. 

“ What we have to consider is 
to what extent we can allow a 
small group of people, a manipu- 
lated group of people, to stand in 
the way of a development of- 
tremendous national and inter- 
national significance,” he added. 


Pacific Copper 
tungsten deal 

CANADA'S Pacific Copper reports 
that its Australian affiliate com- 
pany has negotiated a contract 
for all Pacific Copper's share of 
tungsten concentrate production 
from the Torrington mine in New 
South Wales to be sold to BOC 
Minerals, a division of British 
Oxygen. The contract runs for 
five years and is renewable for a 
further similar period. 

Under the contract the first 
year’s minimum deliveries must 
be 525 short tons and a minimum 
of 747 short tons in year two. 
There are no upper limits on the 
amount of production that can 
be sold. 

Based on current world prices 
for tungsten concentrate the price 
per metric tonne unit under Die 
BOC contract would yield approxi- 
mately USS1S6 net per unit A 


TTrrtt is 1 per cent of a metric 
tonne and based on a concentrate 
grade of 70 per. cent tungsten, 
the net per tonne of concentrate 
would be $9,520- 

The above tonnages are mint- 
mum only under terms of the 
contract and production is 
expected to be substantially 
higher as early production is to 
be from an area with a much 
higher grade of ore than the 
overall reserves. 

. Start-up of commercial produc- 
tion is scheduled for March 1979, 
and the first shipment of concen- 
trates must be made to BOC 
Minerals no later titan June 1979. 
Marketing of the mine’s Topaz 
by-product is presently - under 
negotiation with interested buyers. 

Pacific Copper also expects to 
report shortly on, cash flow on 
the tungsten property plus other 
activities including results of 
negotiations with a major com- 
pany to develop the Mitchell's 
Flat coal reserves at New South 
Wales. 

Arco confirms 
coal deal 

THE U.S. oil major, Atlantic 
Richfield has confirmed that it is 
expanding its coal interest in 
Australia with the purchase of a 
stake in a large steaming coal 
project in Queensland, reports 
James Forth from Sydney: 

Arco has agreed to buy S and 
M Fox for USJ820m (£10 Am) from 
Universe Tankships. part of the 
Daniel K. Ludwig croup- 

S and M Fox owns 88 per cent 
of Blair Athol, which operates a 
100,000 tonnes a year mine, but 
has for several years been 
examining the prospect of a large 
export operation, based on an 
annual output of about Sm 
tonnes. 

An Arco spokesman said his 
company would work towards in- 
creasing output significantly for 
export Hie other partner In Blair 
Athol is Gondnc Rio tin to of 
Australia. 

The Ludwig group has now 
disposed of all its Australian coal 
interests, apart from the Sirius 
coking coal operation :n Queens- 
land. About three months ago 
British Petroleum agreed to pay 
AS16Sm (£9Sm) for 50 per cent 
of New South Wales producer, 
Gntha Developments, only 18 
months after BP bought the other 
50 per cent from Clotha for a 
similar amount. 


This Advertisement is issued in compliance with the 
requirements cf the Council of The Stock Exchange. 

YNYS MdN - ISLE OF ANGLESEY 
BOROUGH COUNCIL 

Placing of £3,000,000 
Variable Rate Redeemable Stock, 1983 
at 995 percent 

Application has been made to the Council of The Stock 
Exchange for the aboye Stock to be admitted to the 
Official List. 

In accordance with the requirements of the Council of The 
Stock Exchange £300,000 of the Stock is available in the 
market on the date of publication of this Advertisement 
and until 1 0 a.m. on Wednesday, 18th October, 1978. 
Particulars of the Stock have been circulated in the Extel 
Statistical Services Ltd., and copies may be obtained 
during usual business hours on any weekday (Saturdays 
excepted) for 74 days from and including 1 7th October, 
1978. from 

S.G. Warburg & Co. Ltd., 

30, Gresham Street 
London EC2P2EB 

W. Green well & Co., M. W. Marshall & Co. Ltd,, 

Bow Beils House, Bread Street 52, Cannon Street 
London EC4M 9 EL London EC4N 6LU 



AGB 


SERVICES TO MANAGEMENT] 


FURTHER RECORD RESULTS:— 


Turnover 

1978 

£11,035,113 

3977 

£7949,458 

Profit before Tax 

1,369,218 

1.008979 

Profit after Ibx 

599.072 

418907 

Dividends 

254,416 

127,466 

Retained Profits 

344,656 

291,441 

Earnings per share 

• &65p 

65p 

Dividends per share 

3.4p 

2.058p 


Points from the Review by the Chairman, 

Me Bernard Audley: — 

0 Himover up 39?o andpre-tax profit up 36% 0 

0 Earnings p>er share remain well ahead of inflation • 

0 Cash position continues to be satisfactory • ' 

0 Recent acqmsitions expected to contribute 

substantially to profits 

• Growth rate likely to be maintained in cnr m wt year • 

• One-for-three capitalisation issue • 


Copyssofthe Annual RepartandAcconnts 
maybe obtained frcmtheCcsxipany Secretary 


Limited. 

Z6 Shoe Lane, LcndcnEC4fl.3jB (£5-3633122) 


Individual Surrey? • Syndicated R ese arc h •CcBnputerSersices •Television and Radio ftndienee Measurement* 
industrial Market Research vBocfcMriidng *Ms andTectotol and Consumer Pab&alims ■ 

' ConferanrojjriSanmarGrgannars - -- - 





***■; . * . -t ;_J 


/ 







- - • - . . V ' . 

• -V.- 




’ - • Jf - -fc - . 




mm 






■W 


,A^ 






The exploration and develop- 
ment of improved techniques to 
meet our clients’ insurance needs is, 
for Bain Dawes, a continuous ‘ 
process. Sb, too, is the extension of 
our network of offices across the 
world. ; 

Nearer home, Bain Dawes is 
moving into new headquarters in ' 
London at 15 Minories, a dart’s glide 


.from Lloyd’s, the leading insurance 
companies and the City markets. 

By giving us a modem building 
with the most up-to-date facilities, 
this move will enable us to provide 
an even better service in the 1980s, 
and beyond. 


'r P --r r . w r ?. { ’A 

• I . \.l- '■ j • "j • ‘LX, 

;> . f 1 : - iv • j : .* iftfr . % * . 

£ 2 4 k L h k y. n h 5 * } : : ! : 

* * ,F-h fV-i-t < Kf 1 • 

■ yr*k 2?? r . 


' Bsin T.fVl irt : TYat*7>3t £Js-\iicjo H'MtnWniu T ? •L--. , T S,_ a V ■" _ . 


A Wwhrufthc hx/jut/h Grnfij). 


Financial Times Tuesday October 17 1978 




















Pr 


pr< 

ch; 


BY MA 


THE PF 
decided tc 
allegation: 
Wilson f( 
number o 
were com 
paign agai 
Party on 
1974 Gent 
The foi 
allegation 
lowing tbi 
affair. Mi 
was, had • 
an orches 
himself, t 

Lady Fa 
Marcia W 
The Pri 
Sir Haro 
drawn soi 
Subseqi 
l old the 
did not 
prietors 
instructed 
round a 
material." 

The Prt 
to hear ■ 
Sir Haroh 
formal co 
On the 
against t 
council s; 
IToyal Cc 
that ther 
Labour bi 
The Pr. 
is one oi 
iished lod 
In uno 
council 
againsL ti 
Daily Ex; 
piclure c 
Henrietta 
death in 1 


VT • • 

Forward Technology big 
dividend increase 


Campari ta 

longer view 


• ’’ ■ ■ V - 

' Financial Times 

mm A fr,can 

The high cpilllHSIlSS 




FOR THE June 3ft 1973 year lax- Technology's annualised pre-tax for 1977 when a 0.5$36p final was DIRECTORS OF Campari, the 
able profit of Forward Technology figures are a fifth higher, thanks paid -on record profits oE £5 -25m- active leisure group, are '"J?**:!* 


Industries was II. 37m compared to firm growth elsewhere in the 
with £1.43m in the previous IS electronics machinery division 
months. Turnover was £23.Sfim and also In the smaller distri- 
aqainsi £24.3m and the dividend buiion activities. The problem at 
tbial is up from 2n to KOOfip net Bader has been lack oF a decision 
Mr. Cordon Allen, ihe chair- from the U.S. on new automobile 
man. says the performance was lamp technology. JVow that Ford 
general!*- good, although adverse i the marker leaden has plumped 
results from Alfred Bader reduced for the Halogen system. Bader 
profits by some £200.000 compared can expect a sharp increase' In 


with the previous period. ^‘hnn-h ^ hi^ic" «n SALES OF food and freezers at uTtSSSSSSSn the basis e^er lawn. Mar m «e M. r. 

He says the downturn at the Bejan. G in the current year necessary to maximise the finan- **■#- 


Bejam 

growth 

continues 


active leisure group, are l"?k“lg gOAPD MEETINGS 

forward to the outcome of the 7 . 

current year with cautious t.« fMbww 
optimism. Mr. G. K. Bencher the “SSa 

chairman, says m his annual sta»e- r , c -j .x^sterm* 


xL'*> ; ',\'i 


OSis! i-ii:raiTO are R'a.f : 


-\ ;-vj_ by MARTIN TAYLOR .. . 

. - very expensive way <*£ ja.ay.-J^fferib.S^;a5.nn^^ 

and Lyles plans to i west which is a very toss - through- the^'seetotiM^Si - 

t its ■ majority holding-in raising ™° n ?v 1c , will be neeotiat- rather ihatt-a sevei^^^:^? 


e J gw Hat ^ materialise vvtnmjr Airfcatt ProdSffif^are the JtfM ^Tate and , J* 

?S C nLw re lSStment" a b"t hi JR SZJST “ “ ** *■*** tbe anxiety,,*^ ine with, the 


believes it prudent to take a today ' I ™,ti cmmw « ^ ■".r—. «nme or me nwu hwwww? •jracmy-^ann: ■ ww-^afi 

longer term view since rurther tmsrimt-cemi m swerwwi t. Etfih.1 hSfc^^xrrfShS'' ?friw«n Products at devaluatron-.the^raod- may: -^ I § 

interna! investment may be Far^xia?. Koto te»»L 1 someumes high cost ordains receives The Reserve fib -in -thatlWriOfL. . 


reminder of tne anxiety, mg «iui «= for emission to the SbtfirAlrfca* 


SALES OF food «d f,v*re of JESS 


lamp making machinery subsi- are proving very satisfactory, Mr. c ial return of its expansion pro- 

diary was ihe result or a tampon- on P™«* n« y eaiv 3ieam* luie. j D Apthorp. the chairman tells gramme. wwJE&S 

ary reduction in orders from the th E.?P3 e h j| °C. 4^?°^ members, ami in addition to the m the LTC where fiS4 per vent Finals _WJ 
industry- following the and KLN has lifted net borrow- hunches ooened „r turnover UeMy. Rata 


_ • ■ *. . 7 ’ : - . itetree market rate. The Misery 

_GEC. GuartUan.R°yaI_Ew* ! mge ? Bank does ' "gJSJSjic hange 


-tlrntTwriod^ 


JiTffi. . 1 The- contrefe 3 

exchange - : m*pan^-.: a tihum i K 'Tjiv-. 


industry 


turnover from breaches opened of the group's 1977-78 turnover 
j last year, the group is achieving of £13.Q2m was achieved, current 


IP'S 1977^78 turnover Ratae EnataKrtK bfaa i a . this year while Reid .Inter- happy, for »t£*ie»»C Afrfc»4>y/ «^S«teirts:^tSS 

Ss achieved, current future dates national -h»' recently- manager thecorapany being dl^os^^io. are 

bSJSt ; and the for- - N7V - 4 u> dispose of its 62^ per cent end up in 

book is saiisfacton . 2S«SL " o^ ‘A bolding m Nampak packaging to Last year Tate 8nd Lyle was which at present must* 

rr>C L" 2L - X-T s?. ftorlow Rand after take out 56 per cent Of ihrotlflhMh 


this year while Reid Inter- happy, for 

national -has recently - managed thecoropany b *? n ? f S Sftendb-^ ■ftWWwR 1 


anticipated demand. 

Attributable profit 
came out at £931 
£8S7.rtftn after tax 
i£403.n0l»). minori;;.- 
£21.nn«) I £49.0001 a* 


where the group has Ron: iRcnr?! — 


mmnanv w-ill hp ship »o redurp ‘" r - ^ iu a»«uai.#wre 

fju p h!? H Tm rroni a sale-and months leading up to Christmas ntuv seen its first eight monlbs C-^terfata Grew ... . 

Uub o> -i .m from a sdie-and- . fth f 0Derati0n . there is clear 21 '!™=^ .- - ~ 


preforraan: 


- -tt EaWera Preducr 

LTI win enjoy ^ adOTI B > cfe 

the leisure Miner *s:aii>r. — 

Warehousing xaitun <b. awi l * — 

staff are T«cr Sennlcr art 53 Jija.-n .. 

Float*— 


Oct. :s Barlow Rand after an . earfief allowed to take out o6per cenrot through; the -free ««L 
s? attempt to sell it had fallen the proceeds of its Irave been''snggesibite 4ba^ 

?V *3 throoeh. BL is arrutglng to another South African subsidiary. Orarafejart set 


reduce its exposure. 
The potential cos’ 


. is arranging to anot her South «nwniw«w Comra»ssB»n set upW mte'i 
nosure. . through the free e«hnnfie, conuyki- (nK^M 

ial cost of disposing August this year chairmanship Of Dr.-X^^l 



wm;e omy allowing ttwinvesunepL nurchase price wi .«...(«». — ~ Q r raww : 

through Ihe floating securities p“ t he whole the foreicn seller™ i 

Rand - market. A non-resident °" n "'peel lo receive securities 
may sell the Rand be receives _ antl f jr the bulk of the .assets, he 1 

when he disposes of. his direct L°. pU I 1 . 


dividend cover of 1.77 union v* ill ^ , vear’> 

fnrm the hn^o permd under cur- Vpfl|r|f* F IIQ the l 

rent Icai*lation for future in- kjClJIUl XjllUe comp 

rrpa=r«. The cover ii= increa'pd m *\r\ ■* ^ recon 

4 62 limps afier waivers hv Mr. ■«.■»» 4- I ft I m effpet 

Allen and hi< family or all hut ||p XU.1IH (MM 

n nnin ocr sharp nn 4.9Sm shares. r _ 

Mr. Allen's famdv -eflement h-»s a 1_ _ 

also wa»-ed navments nhnve fin Qj |1 3 iTTl [TIC 

on 1(12 -flO shares end Mr. .tnhn LJ.R.AA W w hicr 

Green has w.v* cd navme"' ahn-.e \\- 1T il TURNOVER up from 
4 7Rn on 12T.n«« «h*es. T-e Hi-.-i- rjtj.mm i 0 £2U.73m pre-tax profit 
dprd will cost f217 (inn i ffi.i dart i. 0 f senior Engineering Group maae 
Air. Allen says l^e ycoiiisition advanced from £2.Km io £2.73m 


£2. OS id against £2 J4m. left Ihe full ... ... 

year's figure lower ai £4.42m for « lucrative ''PP^p 1 ^- 

thc period ended July 1 .1978 SSa-SiLS” 1 *.! L 

ESS%2 15 iT 16-ip *S- i— » - •» 

<L.4o2p) per share. Following Ihe settinc up nf the 

During the 3 ear la freezer food (] ernjan operation, the Dutch sub- 
centres were opened, one of sidiary can now focus its atten- 


Wood and 
Sons ahead 
at halfway 


when he disposes of his direct i" " ' -. aS .. 

investment only to other'.-' boh- ,i lc budget last spring bai -at It 9 l ajh® 

resrdents through the po 0 l_ of _r urjlie< Rami could be con- ^ ' 

securities Rand, which Currently JJJ . int0 fr£ . e Rand if they move hack up AO a 
stands at a discount of; 36 per nu i into South' African L couhl-;bei«w lh?.; 

cent below the free Band. . . "J^mment or public utility sfeClr The rnajn ..argument ag&gttti 
In the case of Tate and Lyle and left tliere f«' at leatt five- might «rfcw.iit»a ! |r- 
the direct loss is hot as high os years 10 maturity. The -budget 
it would have been if it had left only one vehicle ^-frica. hnd JrigWy- 

actually bought free rand for the which the conversion could be ■ jScrtmUyA - apBiber 

acquisition of _ African Foods: made - « .*« ' ’S^S^aSffJS^iSS^SM 


d Air Id»^S 5 ff r r« 5 rfiBSi® aSt ^^^ n kponed.x^We J ^JS S Ta r \^t^n We which has^ "lo'ji held for seven 

Sd^M.^ 

an tSSS SPSS'S ® SJrt? STat '.S Krt^ltrlnp South Africa'. 

nffer re from an institution to nt»r- ”£& 'ISTJSr £S ' 4 Sst^eJuaf m^harehoMera 1 St^ per cent below its market vaiue, for pohncai reason s In any oase yay^ 

rhase 3 nrnoorty at ir« apnmxi- or( i ers on hand have shown a Total selling area increased in almost equal to sharenomers • . . ■ • .r- 1 . 7 

mite nook value nf £17 7m and 10 upturn ^Thil hi ^ been the year from 416.000 sq.ft in 132 funds of £3.6 Ira (£3.9Sm>. Of the Turnover was 115 per cent : ^--7 

wsm% si ■am i mm mmmmmmwmmmmsm 


22% improvement by Close Brothers 

A 22 per ce/tt increase :1n pre- pari ici nation during the year in The. cprnpwg is .ysurlafe^ 


mm. 


comment 


l:i -ipite of a temporary «ethack imenm dividend is lifted from bam. 

at Bader, where profitability fell 0.5S35p net to 0.651 6p. An addi- Meeting. Winchester House, 
hack to break-even. Forward tional O.OOSkp is also to be paid E.C.. November 10 at noon. 


tn £12.81ra and current liabilities man doumea irom u-wp net per . - - ... . v „ mi- -- more active - .-ffir tonic ' 

rose from £5.S9m to £S.02m. op share to 0.67p. Last rune a at the year-end compared with The directors state that in the ^ of Takemcr' and 

MnPtinrt Ahprmm Rnnmv nns2*D*final was paid or oeak net £ 3 ^m tnc year before. -The growth cnrrt -111 year they w*ll be looking n i e i„o 


Ilf.-,,- HVUI Mdllll LU WiWIll. -F I — . . — — — -ffc. 

Meeting. Abercorn Rooms. 0 2322 p “final was paid or peak net £3.om tnc year before, "ate 
Bishopseate. EC. at noon. profits of £253.189. was partly the result pilot 



Rand Mines Limited 


A Member of the Barlow Rand Group 


Gold Mining and Colliery Company Reports 
for the Quarter ended 30th September 1978 


was pertly the r^ul!6fTte bank's to co^ate furiheT SSS^SSSJttJS^SSS - 

• velopment of the company's 

money market activities.. . ' 

The increase in commercial 1S ConwUdatedLHfeRTKS^ 
loans and advances .has been . . . -- 

cautious and selective, the direr-’ YT1IJ7 C ATI/ 1 ' -"v’-:;7 r 
tors report. Rather than lend on 

positions of insufficient quality. The. Hi^. Go art has rnnfifiwiin r * : 
•. • they have, at a tim<r or generally', the reduction r 
slack loan demand, preferred not Catto and the ' 
to lend. However, they have both registered by October 3ft 4 : 
put out and been repaid short- The effect Is ihat siiareftjjttmS 
term loans during the year under, registered _on 'October' 

-' .- review, and they have contiaued- receive l ip-for - ; each - oaftory? 

'J.-:. 1 o- involve themselves in the share: ivarrehts wifi bedeSiatciic" 

financing of stock and goods.. on October 26. 


(AH Companies incorporated in the Republic of South Africa) : . 

Office of the Secretaries of the undermentioned companies in the United Kingdom : 40, Hoi born Viaduct, London EC1P 1 A J, 


ms* 


OIL AND GAS NEWS 



HARMONY GOLD MINING 
COMPANY, LIMITED 


DURBAN ROODEPOORT DEEP, 
LIMITED 


BL YVOO RUITZICHT GOLD MINING ?y 
COMPANY, LIMITED 


Beaufort Sea test! ^ 


ISSUED CAPITAL: RIS«« 322 IN 76 8SC 630 SHARES OF 50 CENTS EACH 
REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 30 TM SEPTEMBER. 1978 
OPERATING RESULTS — ALL PRODUCTS Quarter Quart*? 


Ore m.ilco »»■; ... .... 

Gel a produced <>B' 

Vield -g l> 

Uranium 

Pulp treated ■!■ 

Omd? produced 'M .... 

Yield uca (i- . . 

Pvrile 

Conremrate rraorered '!• 

Sulphuric arid produced •■-- 

Toial Revenue -R : mi’lec. ... 

Total CMIt iR i milled-- 

Toial ProM 'R : milled- 

FINANCIAL RESULTS — ALL PRODUCTS 

— TOTALS IN RDOO'S 

Re.erue— Gold S-Iver ara OvniHdium . 

— Uranium. Pvrile ana Sulphuric Acid 


Quarter 
ended 
30.9.1978 
1 Ml ODD 

a 07* 

3.34 


Quarter 
ended 
30 6.19711 
T 731 000 
7 590 
4.3B 


ISSUED CAPITAL: R2 335 030 IN SHARES OF R1.00 EACH ' 

REPORT OF THE DIRECTORS FOR THE QUARTER ENDED S0TH SEPTEMBER. 1978 
OPERATING RESULTS Quarter Quarter 


ISSUED CAPITAL- R6 -HP 302 •*" 2« P30 
REPORT OF THE DIRECTORS FOR THE 
OPERATING RESULTS 


1 266O00 
133 974 
0-106 


J 211 000 
131 1 08 
o.ioa 


R4S 769 
R13 603 


R*1 6S4 
R9 605 


Gold 

Ore milled it's 

Gold produced !►,»: 

Yield 'B i»: 

Revenue iRt milled' 

Com iR t milled'- ... 

ProM iRT milled': 

R?\cnue TROOQs*: 

Cost i ROOD 4i 

Pra6t <RO0Q'& r . . - 

Pert i e 

Pvfde concentrate sold H<- 

FINANCIAL RLSULIS lROOO‘31 

War king pro^: — Gala .... .. . . , 

— Pvrite 

Sundry revenue i.netr 

State Assistance claimed 'over provided! 


Quarter 

ended 

Quarter 

sreed 

Geld 

30.9.1978 

£0 6.1978 

Ore milled t»: 

S76 000 

£41 OOO 

Gdd produced -rs- 

2 332.5 

2 198 9 

Yielc <S f 

4.05 

4.0* 

Revenue iRt milled. 

23.72 

21.81 

Cos'. 'R *. milled > 

20.58 

20.01 

Prch: 'R t n-l'iee*- 

5.14 

1 80 

Revenue 'ROOD s . 

13 662 

11 797 

Cost • ROOTS': 

11 &S5 

10 B25 

Prcfit l R303S'' 

1 807 

972 

Uranium Oxide 

6 895 

7 323 

Pule treated T- 
Oxide orcouced 'kg' 


<5CO SHARES OF 2 pc EAC H - - ■r 
QUARTER ENDED 30TH SEPTEMBER. 1978 
Oudrter ‘ Ouarter 

ended . ended 

30.9.1978 • 30 6.1978 

494 000 476 000 

4 983.6 < ?66 T 

10-09 1 TD.4J 

■ • • S».90 67.67 

■ *°- 62 5®-« 

. . 27-23 29.18 

28 603 27 454 

15 128 1 1 5t>3 

. .. 13 475 1 3 891 


hit by weather 




■'>• T, 

- e “ 


BY ROBERT GIB BEN 5 


aiOXTREAE, CfcL&vf 




Y>etd <69 S'- 

FINANCIAL RESULTS «ROOO-»i 
Working profit: Gold 
Working nrofiC Uranrom 3«ide 
Sundry revenue tneti: . ■ 


449 388 
71 131 
0.1S8 


447 S3S 
71 519 
0 160 


BECAUSE OF heavy ice flows anti production curre'mlv- is' .aboS^ 
gale force winds Dome Petroleum WJ.000 barrals'bf cnnierflil7 r '^Xv 
will not go ahead with testing of * * tr.-f-'y-i 

its two-key discovery wells in the Mr. W.'-H. -topper, • 

deepen waters of the Beaufort .Petro-Csmada,- sayy ’his. jMOilffli^- 
Sea, above the Mackenzie Delia and Ranger 011 tCanada)'. 
tius season. The two wells are ; been asked. t^ niake -a ^&irfifiSPiv, 
Kopanoar M-13 and Ukalerk 2C-50 posal to the Chinese- Goi-enhnfflft'J 
and Dome have reported hydro- to participate 
carbon - shows in both- petroleum A njiTpratio o: J 

Testing of potential reservoirs Hbpper has - -iust ;jret^6d 

ltffll hp ' mnrllifit ail Tn ri i torwli - fl f WWV i 1 1 


RTS 47 S 
R2 984 
R581 


Rl 3 891 
Rl 923 
RS84 


TDlal revenue 
Costs 


RS9 372 
R43 208 


RSI 2S9 
R39 2S2 


Pr«hl before Unation and State's share of 

profit . .. 

Taxation ana State's share of or cm 


Pro5t aetone taxation and State's snare af O-OM 
Taxation and State's snare of P'cf:- 


R8 647 


R16 198 
PS 183 


Working orofi: . . . 

Sunary revenue — nctl 


R16 164 
R958 


R12 007 
R766 


Prolf after taxation and States share ol 
protit • ' 


Prght after taxafon and State's snare of crsSt 


Profit helore taxav-on and S-ate'S nhare of 
Taxation and State’s snare of profit 


'R17 122 
R7 028 


R1277S 

R32S 


Capital expenditure 


Capital experdirure . . . . 

Dividend declared 

Loan tew . . ■ 

Loan Lew Refund <1972J 


Testing of potential reservoirs Hopper has - Just .-.retarded; »1 
will be conducted early in the visiting Chinb 


ProM after lavatron and Stale's share of 


DEVELOPMENT 


Capital expend-turr 

Dividend declared 

Loan lew . . . _ 

Loan levy Refund n97j) . 

SHAFT SINKING 

Merrie^oiui! No 2A Uotast Ventilation 
Advanced — met-es ... . 

Deotn lo date— metres ... 


Quarter ended 36.9.1978 
S 297 metros 


Quarter ended 30.6.T978 
« 341 metres 


Quarter end. a '0 9 1978 
tO 099 metres 


DEVELOPMENT 


Quarter ended 30.6.1978 
3 799 metres 



Advanced 
i)n R-*C 
Homon 

Sa-nniea 

Gcin 

value 

Uranium 

Ovde 

value 

Cianncl 

W-dlh 

Gdcr 

Uranium 

Ox.d* 

n--*x 

M— r-i 

M— x 

t 

VC • 

.m 

r.rr.q J 

cm.sa t 

Riiil 

303 

255 

1 2 7 

0 249 

109 

T 381 

27.13 

Leader 

1 917 

1 722 

6.S 

0.189 

105 

684 ■ 

19.89 

Totals and Averages: 

Quarter ended 

JO. 9 1978 2 72S 

I 953 

7.2 

0.196 

106. 

768 

20 76 

Q i*rt*f frd“d 
30.6 1978 

1 353 

1 067 

6.9 

0.252 

110 

759 ' 

27 69 




Advanced 
on Reef 
Horizon 

Sampled 

Gale 

Valje 

Channel 

Wiotn 

Gdd 

Reels 


Metres 

Metres 

« » 

cm 

cm.g't 

Mm owl tv .. 


1 236 

1 026 

5.1 

8S 

437 

South 


. . 312 

282 

21 5 

14 

301 

Mam 


149 

111 

7 5 

82 

617 

Totals and Averages: 

Quarter ended 30.9.1978 . . . 

1 697 

1 419 

6.0 

71 

424 

Quarter ended 

30.6.1978 . . 

1 4 85 

1 344 

£.2 

71 

443 


Quarter ended 30.9.1978 
5 366 metres 

Advanced 
c*i Reef 
Honson Sai 
Reef» Metres M 

Main Reef — 

Caroon Leader 10. i 

Quarter ended 30.6.1973 
Mam Reef 24 

Carbon Leader — 


DEVELOPMENT 


Sa moled 
Met-cs 


Uranium 
Oxide 
Value 
ko t 


Quarter ended 30.6.1978 
S 095 metres 


Uranium 
Gold Oxide 
cm a t cm. kg t 


Those values represent actual results of sampling, no alig»|v,f navfng Seen made 
for anv adjustments vjhic" mav oe necessary when the or* rese-ve estimates aie made 
at too end of the financial year 


CAPITAL EXPENDITURE 


These values represent actual results ol sampling no allo«anc* having been made 
for an» adjustments whw;n mav be necessary when the ore reserve estimates axe made 
at the end ol the financial year. 

DIVIDEND 


There are commitments • for capital expenditure amountirg ;a R36 000. The 
estimates total capital expenditure for the remainder ol me current financial year is 
RI72 000. . 


interim dividend h*a. 4* o« 37 cents per share was declared on 14th September, 
1978 pavaO/e or or about 2nd Noremoer. 1978 lo shareholders registered on 
29m September. 1978. 

CAPITAL EXPENDITURE 


There are commitments tor capital expenditure amounting -o R9 087 000 whien 
includes P7 si j 000 lor me new uranium plant. The estimated total capital expenditure 
*o> me rema nder of the current financial year is R25.109 million which includes 
n 1 4.076 million lor the new uranium plant. 


GENERAL 

Dewatering ot me lower leeels ot the mm*, wnicn were Hooded at the end of 
January. >978, was completed during the Quarter. 

For ara on benatl ol the board 
O. T. WATT • Chairman! • 

N. A. HONNET ' 

6th Ocxoeer. 1978. 


Mam Reef 24 6 8.2 0.455 11 90 5.01 

Carbon Leader — 16 270.2 1.019 17 4 S93 17.32 

These values represent actual remits o* sampling, no allowance nav ng been made 
for any adlwtments which may be necessary when she Ore reserve estimates are made 
at the end of me finance. „ PEND1TURE 

There 'axe comm,ynents for cao-'tal expenditure amountmg io R2 300 000 The 
estimated total capital expenditure lor tnc remainder ol the current financial year is 

R,0 '° GENERAL 

Member* were informed m a press announcement on lltn August 1978 that 
on 9th August a fire had octurreo in a section ot the main o-criino convex or wnich 
transports ore from No. 4 snatt to the m-U. resulting in the collapse of a section ot 
me eonvevor gantry steelwork. A temporary conveyor was Immediately installed 
wnile me damaged section was being repaired. The main conveyer was back tn 
operation on 15«h August. 1978. The loss in milled tonnage was aoorovimatcW 
24 000 tons. An Insurance claim will be lodged in due course to cover the cost Of 
repairs as welt as the stand'»9 charges and »r. creased cost ol working during the 
period milling operations were affected. 

Fo* ano on benalf ot the board. 
D. T. watt 'C hairman! . 0l ,_ r __ 
N. A. HONNET . °"* e "" 


6th October 1978 


O' me P3 192 000 capital expenditure reflected ’or me ouarte-. RS44 000 was 
linanced Dv me epniumer loan for the new uranium planL 


WELGEDACHT EXPLORATION 
COMPANY, LIMITED 


WITBANK COLLIERY, LIMITED 


h'n O'' 7 “73. 


For ana on behalf ot me board 
D T . WATT 

R J. J FOUR IE . OI r *«ors 


ISSUED CAPITAL: R4 090 815 IN SHARES OF 45 CENTS EACH 


REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 30TH SEPTEMBER. 
1978 ON THE OPERATIONS OF THE COMPANY AND (IS WHOLLY-OWNED 
SUBSIDIARY 


ISSUED CAM 7.* R I v 615 39a fN ORDINARY SHARES Of R2 EACH 

REPORT OF TVE. DIREClQRS FOR THE OUARTER ENOED MTU SEPTEMBER 
1978 ON THE OPERATIONS OF THE COMPANY AND ITS WHOLLY-OWNED 
SUBSIDIARIES 

Quarter Querrei 

OPERATING RESULTS ended ended 

30.9.1978 30 b.1978 


CAST RAND PROPRIETARY MINES, 
LIMITED 


OPERATING RESULTS 


ISSUED CAPITAL: wx e*o a.iO in SHARE' Of Rl 00 EACH 

REPORT OF THE OIRECTORS FOR THE QUARTER ENDED WITH SEPTEMBER. 197B 
OPERATING RESULTS Quarter Quarter 


Tony sold— metric 

Working nront— cents per tar 
FINANCIAL RESULTS iRSN'il 

W pricing profit 

Net rail wav revenue 

Net sundry revenue — 


Quarter 
ended 
30.9.1978 
480 109 
112.7 


Quarp-r 
ended 
30 6.1978 
5A£ 489 
445. 1 


Tone sold— metric 

Working pront— cent* oe» to" . - 
FINANCIAL RESULTS tROOO'S- 
WOrkmg ‘proPI ... 

Nef sundry revenue 


1 791 S8S 
3B9.9 


i esj 24s 

53a 7 


drilling season next year. Dome -or senior Canadian bnsinE3Sffl^_ 
said. This indicates, that some i' x -. ■--*?& 

caring has been set and- the test- Hurity OD - expects^ toi-sp^ 
ing.wilf proceed next July. The about 830m by the end of-19K^ 
company have also said that ir the Uovdmmrier area: A«tj3g5 
cannot assess whether the wells AJberta^skatcfiewsm-borihstJ?j 
are commercial until testing is will have a total W'S80ft:w^a 
dpne. . .However, industrv sources the region ? at- the-- "yea^w 
in Calgary believe that there may according to Mr. James-E- 
be major reservoirs. Husky Oil's president. The «*W 

The Dome drill ships are being pany plans to -complete 205 
moved to other location x iti- the in Lloydm'mster this yeaF.' “*;«*• 
Beaufort Sea where shallow drill-. * Vj 

ing can be done. The shallow Pacific PetrotamT -has 
drilling season ends in early pieted two- more weH» 
December depending on weather West Pembina area-or AlbeW jj 
conditions. One of the wells- t&e 

* - * * f \l Brazr - J5-23-4frJ3. WaS. ^ 

The Royal Dutch /Shell group duced 1J10O barrels a .<Wi ”5 
has discovered oil sands' in a gas - imtial lestiog. Pacific 
field off the shore of the . East third interest m the w?fl-'- jgr3r 
Malaysian state of Sarawak. Canada .PtinKUD- '■.and'. 

Tests ace being conducted to Canada ^ hold , the 
assess tbe significance of the oil thirds. -- 7 .' ' ' y ' ! z.' 

indications round in. the Central The second well. Pacific 
Luconia gas province ■ about 120 Brazr 3--20-48-12 -W55I welf^^g 
miles front the coast. Additional ddeed gas -rates taring. 
appraisal welis will be required, to. testing bf AtoV - ,cuftic 
assess the extent of the oil deposit day; plus L 206 barrels -QL^^Sl 
and its commercial value. sate. Pacific and 

A unit of. Shell operates seven canti-dt. 5(i '-percent pf_ms^t?3 
producing fields in Sarawak Pacific .Petroleum - not,r .'r^3S 
waters under a .production-sharing- successful --'Oil , and gs® -. 
agreement with the 'Rational .ihree.-e&s. and seven OT.-. ® ' 

Petronas.. OH Company. PaBy - West - Pembina, -area. . • . 


RIO 830 
444 


PROFIT BEFORE TAXATION 
Ttiilion 


Rl 1 274 

2 SOT 


PROFIT AFTER TAXAIlQN 


GoM 

Ore millog -»•• 

Go'll D'lHV'fd If?! • • . • • 

' «lo '« ••• ..... 

-R : miMstf. 

Com iR t mi|i«c»i 
Prohx-'o»»' Ri m-ilvu-- . . 
Rovenuf iROOO'v* 

Co.t 'ROOO'v ... 

P-ofct-ioM. >ROOO >r 
FINANCIAL RESULTS 'ROOD'S' 
Wore mg orofit 'loss*- Goto . . . . 
Sundry tewrun 'W . . . . 

S: *le Awtuo cli'meo 


QU4XRW 

ended 

30.6.1978 


PROFIT BEFORE TAXATION . . , 
Tuatfoo 


88 434 
RIO 831 


493 ODD 
2 590-2 
5.35 
30.00 
34.51 
'4.51 ' 
14 791 
17 015 
•2 Z34| 


47 3 000 
2 5S4 0 

S 40 

29.73 
31.77 
'2.04* 
14 061 

1SD2S 

>964. 


PROFIT AFTER TAXATION 


Capital evDondiiure .... 

Drilling ana exploration ilncludetF- 
m nei iurfry revenue' . 

Dividend declared 


Causal evaenditure . . RIO 831 ff&Tso 

E>plor*tion empef diture— Included 

m net sundry re*emie ... 150 « 

Oivmend declared 4 423 

DIVIDENDS 

D ridend No 144 er 65 cents pe- snare was declared nn tarf August iv'x 
pavayie on o» about 25th Seotemoxv -978 tp shareholders registered on 
1st September .97 3 

CAPITAL EXPENDITURE 

There are tomml'-rents *ur cap.tai expenditure, net of Esto-n fundlnx in 
irspeci ol Duvna. as fodows. 


COURTNEY,POPE(HOLDm 


PREQMEVARY STATEMENT: FOH r ’ 
FTXANCIAL YEAR ENDED 31st MAY, l9^ r 



CAPITAL EXPENDITURE 

There are commitments for lanital expenditure amounting to Rl 173 000. 


R>3 3241 
R8B 
82 903 


Contra erect 

Autnor-xed but nst contracted . 

Other ureoosed e^Denditure On Duvha Collier* 


Th# audited rrault.of the financial' year-ended SlSt' Itfay. l 
is - as follows: '. '■ .' i - J:' . 7 . f iS 


Profit before taxation ora State's Share o’ 
profit .... 

Taxation and State's share o* profit ... ... 


inland market demand-. In August and September rtneneiKh) an 
abnormally large seasonal reduction and exports Rare been affected to some 
extent ov mechanical breakdowns at Richards 8a,. 


Working profit nas been depressed Iron tn« caceplloxiaity nigh level 
achieved in the previous two Quarters h v ■ 


Pront after taxation and State's share of 
profit 


Capital expenditure 

Loan Levy 


tbi Trie decrease In tonnage sold, 
ici Lower export realisations. 


GENERAL 

Demand I" the inland market reflected the normal seasonal reduction m 
Auausr and Seotemoet and exports hare seen affected to some extent h, 
mechanical breakdowns at R. chares Bar. 0y 

ouarter 'bv;"^ DroBt has * ho b **° re *«8 ,r a m the hfoti level of the previous 

■ai A surcharge Of HI 272 MO refulog to the Company's use of the 
Richards Bay Coar .Terminal: and ™ 


1978 - - j 

.ooo^^r- 

Vv 


Quarter ended 30.3.1978 
3 305 metres 


DEVELOPMENT 


U1 Year end adjustments to the open pit contract ana Increased provision 
tar replacements and renewals. 


<bi A levy of R214 000 paid to T.C.Ojk. lor marketing the company's 
products; and • 


Quarter ended 30.6.1978 
2 872 metre* 


Nee sundry revenue includes a dividend ol R544 ooo from Rtehana Bar 
Coal Terminal Company l Proprietary 3 Umfiod. 


Peers 

South 

Composite ............ 

Mam 

Mam Reel Leader 

Total* a«d Averago*: 
Quarter ended 30 9 197B 
Quarter ended 30 6.1 97B 


Advanced 
On Reef 


Geld 

Channel 


No-lisn 

Sampled 

vi ue 

Width 

Gold 

Merges 

Metres 

q'f 

cm 

cm, gi 

. 127 

129 

3.3 

84 

2?a 

26 

39 

211.8 

22 

4 7J6 

104 

1 IT 

4.1 

86 

362 

“ 

— 

— ' 

— - 

— 

757 

279 

io a 

7 B 

836 

239 

177 

4 2 

84 

34« 


Taxation has been reduced through tha high capital etprritfuarr and tne 
non. taxable dividend mcome. - 


«th October 19?8 


For mo an behalf of H** board. 

?■««»• : ' Directors 

P. C. HOWARD 


• ci FiiKToatlons in export receipts: and 

id' Increased year end provisions la- replacements and renewals. 

Net sundry reveetse includes dividends of Rl 330 000 and R349 aon 
tj*****6 from Richards Bay Coal Terminal Co mu any iPropfietarv) Limited ano 
T "e Transvaal Coal Owner* Association - 19231 ■ Proprietary) Limited. ana 

Taxation has been reduced through the • hi oh capital expenditure and the 
non-tavable dividend 'ncgnie. . 


9fh October 1978 


For and on behalf of toe board. 
N. ZOLEZZI 

P. C. HOWARD • D K,0r * 


Turnover „i\ - ... . .. . 

profit before Tax w--. 

. ?3T,S80 - 

.-o,. r>841-. 

Taxation — 

_v ' 274*' 

j4trEt- after Tax. 

“1 -S67 : 

Bantings per 20p share, (after Tax) 1 

i i-: T4>58p. 

Dividend ; (per -Share) : •• 

4«* -■ 1 ^ ■ 

• ; : ^Proposed -• Final ; 


' •5*'.. Staking. Total fdi.l£ear-Ik.^ 

ip:. 



1 After deducting £1 ^.OOtt ralief for '^0^' 

• Calfko' !wvtdl • Prn ft tf tiflfli' HV- . JlTlflFOS^ 


External Sales, and Profits bo th advanced, by 

over the tereJs for^ the pEevious year/ TSe je»r oas 
one -of . coitei^idation waff. <«'n tinueij ~ T ^ 

The current year ias stared J well,-aj)ti :or£ier^bbok5._^p 
bonze bhd export business, stand, at- flip? bigbesr'teve^ 

• th«t Compand - tnstbij. ^ 'AWibngfi--Ttiargins; ^re- 

under pressure, yourfi ireclors ^r e^confitfent-tbat- TI ? ^f ^ 
of unforeseen circumstenccs, profits, fbx^he .curreaLse^: 


!or any adjustmerrx wF-rff may I 
a* me end o' mo financial year 


■ lj onuwanfcT nffv-n^ n«w;n '’ijqa 

ore reserve ndmates are mane 


CAPITAL EXPENDITURE 

(„•>. a«c tt"i""ilmen-» 10' carilai <«wndiTnrr amo-jrtir.a io 0590 00 Q- The 
,-i.m.ira K.ui taoiUI caoendituic lor [hr remainder of the current financial vear n 

Rl b mill-on 

r-i ana an sen jir gi tn ( beard 
□. T. WATT 'C h a.rmap1 ; 

R. J. J FpURIE 1 Dlr*eiOrs 

blh OCCOCer I97fl. 


ceheral NOTES 

1. Gold development values quoted herein represent actual resnlu of n |,__ . , , 

■KCessgrs when estlmoisa ore reserves at U* e.drf ,H Se1S!l«tlve Sj^ rl * n,WWe . ha, ' ,n3 *«■ m *‘ ,? ^ ’-hicb mar bo 

2. All financial Ilium are subject M audit. 


Copies of these qvmrterlu reports are obtainable from the United ffrnnrfmn 
C?torter Consolidated Limited, P.0. Box ?>o. 102, Charter House. Park Street. Ashford, Kent TN24 8EQ. 




nj’l-r‘ f rV 


-' - ‘ L. r flit-J--’;. .1% 

jT-v V:- %”;• " 












SjJ^gD 


Of 


Financial Times Tuesday October 17 1978 



World Value of the Pound 


Dollar weak: 
D-mark strong 


THE POUND SPOT | FORWARD AGAINST £ 


, finish' 

Ori, 18 mr*»! Uay'* Clu*f 

! % :>1*i»tl 


t me numib ' % j-.a. | Threw tnou ill* % p.n. 


* H'JlI.sW'-l.jM ' 1.8985 1.3695 0.57-0.47 r.iini 3 14 ll.7D-l.50- imi iJS 

fiiitfdlr" ^ ' I0 | L, Z ' 4 J 2 ^ ,4 5? 0 l 2 -. i6 ; B ii 5 l6 D - 6Wl a5 " l l,, ‘i B Dfi a.H0.».*0".IHii; i.!2 

(■iilMrr . ol t -I.01-4.l4la <.l2; AAJj ! i ■-.uni-i i-Jlisj 8.74 !3J-2i r. imi 3J3 

Bt-l^iuni , t . g . M.10-&8.SO ; aB-W-ob.*-- i iar-15 ill* 511-15 1- ill. I 1 fil 

Wart K ! S ' 1 5‘SK 1 i , 4M 1 'I U,29A i 53, ’ 5i4,,n;, “^ 5 - 54 — a'ra 

I -.WMr-B I 70-170 t? dti f-lK.OloS-fll dis I— 13.JI 


«nUment In the dollar calculated by the Bank of Eng- Wife. ! 8 ! l«j?iS 2 lio wSil* ' £2 l ‘Vii '“gffSSl'Sta 

■ Sfrt? r Sl I unu, ? cted , b - v ** ,and - ^proved to KJitrom fi2.i b» ifi. "tBISS .fflSJSjl iS&ZjST "t£ EfffS.* 

! "h2 U w B a c ?^?-^ nCed reva,uatiC,n cr bavins stood at 62.0 at noon and £'“■*"■ *■ ? tf.92^a.35 I a.66,-8.86. 1 1^.34 .«• tin- , -3.04 it on>rtia 

, :he West German mark within in early dealing • . tv V>* I M; MiM**-** „.,*■! 4.61 «-7,.pm 

■ f ^European snake. Tlie success FRANKFURT— The dollar was |'y wi |J“. h*J' n 2T ul • M! 


I t~'3i "ft- «Jin 1—3.04 -£ 8 ore ilia 
.22* -i ® 3 j 4-2 j j n. |iriif 4.61 4-7 r. pm 

*5**01 3;-1jnvpui I 3.15 ‘7.-5,; ore u 
S-IULBvriH 3.82 '9.D5-8.B0 \| 
16-S«tvpni • 4-41 137-27^10 11 


3 f the US. authorities in com- fixed at DM1.8700 against DM1562 4 Wrt i M 15 il? 

. Jlefms the Energy Bill was seen previously. News of the US. »*<*Fr. ; 1 aiZS? isJ eSS 12 » fiuiteWiiir 

■35 only the tip. ir The real of the energy package helped the dollar ! 1 ** V "' 12,90 1 ^ w 1,17 

ccberc wos resolving inflation offset the remark's _ revaluation , I — ~ ~~ — ~_r~r 

ind the present within ih» u ,l. •pv- marker c.„_J a 7 r-tc ** ror convertible francs. 1 Slx-munih rorwanl do 

ridA ?> unsatisfactory wilflio the snake. The market . Financial franc til.ru-tilJML -R*tc for dm ; fMmmili 31 m& 001. 

. rape position. Consequently the greeted the measure with limited on uciok-r 12 should have been 3 om to ; 

- currency continued 10 de- enthusiasm but still kept one eye 'cios-.. ■ ; 

’l me after a slightly (inner start, on the more fundamental prob* 

\giimst the Swiss franc it fell to lems affecting the U.S. economy. 

. twFiN 1 Siofl.l IMSTmiUlU n.. uni Tup tu<ii ■ m mm. _ n _. ... 


-1K.010K^475 ... di!. I-1J.4I 
■8.42 (120-220 c. dis t. b& 
2.53 (6-0 lire .1H> •- 1.64 

3.04 ii urerin . — 2.B4 
4.61 4-7 ■'. f jiii ! 3.55 
5. IB l 7;.5j un> jjm I S.li 
9.82 ;9.D5-8.M yynr 9.75 
4.41 j37 27 cio f iui ■ 4.71 


TJie table below gives the 
latest available rates of exchange 
Tor the pound against various 
currencies on October 16. 1978, 
in some cases rates are nominal. 
Market rates are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rales have been calculated from 


Ihnse of foreign currencies 'to 
which they are lied. 

Exchange in lire UK and most 
of the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (S^ member of 


the- sterling area other than 
Scheduled Territories; ( fe) 
Scheduled Territory; (ol official 
rate; (F» free rale; (T) tourist 
rale; (n.c.) non-commercial rate; 
(n.a.) not available: (A) approxi- 
mate rate no direct quotation 
available: (sg> selling rate; <bg) 
buying rate: (norn.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.S. dollar parities 
and going sterling dollar rate; 
(Bk) bankers' rate; (Bas) basic 
rate; (cm) commercial rate; 
fen) convertible rate; ffn) 
financial rate. 

Sharp fluctuations have been 
seen lately in the foreign 
exchange market. Rates in the 
table below are not in ail cases 
dosing rates on tbe dates shown. 


Place and Local Unit 


Value of 
£ Sterling 


. „ . „ . ValuOof 

Place and Local Unit . f Sterling 


Slx-munth forward riollir J.40-2.2 DI- did. 


-iwFrs LSI 92$ compared with AMSTERDAM— The dollar , was THE DOLLAR SPOI 

?wFr* 1.52*55 on Friday. Earlier fixed, at FI 12.03S5 compared with 

n ibe day it had touched Friday's fixing of FI 12-0215. The Day's 

■.wFrs. 1.5430. The D-nurk opened ne "’ intervention rates were set ° IUHlllr lfc spread. ante 

it DM l.SCOO and cased to 31 Ft 1054100-110.835 per DM. 100 cuum-u s- M-u-saas 
IV 1.87T5 before donor weakness an d m early trading the D-mark 2.03S-1I 

JU'hed the rate up to DM ] £500 «« quoted at FI 109.30 per gS“* r 

ind a closing rate of DM 1.3530 DAr 100 111 early trading and eased o-aiarv i.suo-um um£li 

nrainsr the DM 1.1*600 nrevious'y 10 FI 109.10 around mid-day, well Port. Ksl 4s,uns.; 

nils w s despite intervention by " i ! hin . *be upper intervention 

%^-m tho .f i.™a. of ite RX.’S, JS£: 

igures at noon in New York the u ‘ n) . s reralation. the dollar Yen ibsas-im .45 ias.os-18: 

was hxed sharply higher against Ausinasch u.u-uas uai-u.i 

the lira at LSI 9.35 compared with Stria y ' T i-5?9o-i_54io 1.S2W-U 

r . . . : “ LS13.93 previously. Of the $16m 1 * u s - l «» ** Canadian 3 

inn-riM D tra Intervent n points traded at the fixing, the Bank — 

'00- DM Rate Upper Lower of Italy sold around SSm. The . 

P,^ r 36.235 34.645 D-mark and the yen were' also CURRENCY RATES 


THE DOLLAR SPOT FORWARD AGAINST $ 


S4.U-M.64 
2.0325-2.0335 
29^3-29^ 
5JL96MS.199B 
1.86*0 1.8678 
45. IMS JO 
8MJ041940 
4.97SM.9800 
a 2756-4.2775 

4.3266X3260 
ias.os.usJ5. 
1MUU7 
1. 5290-15385 


4 Rate 
35.43134 
37 £735 
6.36277 
92.2767 


Upper 
36J35 
37.91 S 
6.508 
94 375 


of Italy -sold around S8m. The .. _ 

D-mark and the yen were' also CURRENCY R/ 

up against the lira at L4S8.60 for — 

tlw D-mark, an all-time high, and . J**? 1 

compared with Friday’s rate of! 0cwberM D o1^T 

L4 37.44, and L4.42 from L4.37S in — 

renne of the yen 1 

VIENNA — The Austrian schilling ; Canadian doiisr ' .. ! 
was dfevlued by 1 per cent against ! Austrian st-ntliing .. i7.7n* 


loiters trade weighted average • IENNA— The Austrian sen ruing; Canadian dollar .. ! XJ3428 
lepreciabon widened to an ail was dfcvlued by 1 per cent against ! Austrian w-miiin* .. i7.7xo* 
ime record ol 10.R per cent from l ? e R-mark which means, after franc .... jmom 

’ridays level of \n2 pe r cent. tbe . D-marks readjustment.. • | SSSfSh^Krtr' tSu 

The D-mark's revaluation had r 5 va J, u ® tj . on of 1 £® nt against - Guilder ZMm 

n?eri anticipated for some time the Belgian and Dutch currencies . Freru* franc . ... sjasav 

>resontins itself os the most con- and - a ? P® r “ nl re ?l!* at £5 1 v« 

■enient move to lessen the ^SScSS The ’ “S 1 J& 4 . 1.4 “I 2SB 

iressure within the .snake. How- y[ urr f Jlt “2 s I Peseta 91.5691 

•ver initial reactions anneami tn a i io_.fla per 100 D-marks . svedisti krona .. 5.6202s 

*“ h vims wiiRs "if, : 

« °™ eb markets 


Special EiniN» 
Drawl as Unit of 


8.656336 0.68092S 

1J9738 U4572 


One month p.a. Three months p.a. 

S, Bled U -6.82c pm 0J7 0J!cdk»4.B2cMn 0413 
BJMJoctfis -m oJMascpm 0.19 
Media -2^4 fr-Ucifls -Ut2 

2JUJ-3. U«re dh -6J9 7.08-T.SOare dis -SJ9 
145-l^Opfpm 5.90 3.00-2-97pf.pm 6J9 

35480c 41s -2SJH WSOOcdU -Z7J8 
3 J54 JSIIrerfii -5.49 UJIJMire dis -5^5 
2-2S-2-7S«re dls -5.43 7.80-7J0ere dis -543 
•JS-445C ptn 842 8-254.85 C pip 0.U 
OJMJJDore pm 055 B55455ore pm D.C 
ULSOJKypm 5JS XX5-2.95y pm 6J0 
450.350grapm 552 L7S5J2SffrP Pnt 250 
L30-155C pm 954 35D-3.7SC pm 457 


CURRENCY MOVEMENTS 


Bank af Horpaa 
Easland Cturaoty 
Index chaokes*. 

Sierlinx 6257 -4L4 

U5. dollar — .. . 2252 -IQ-6 

Canadian dollar . ... 79.01 —785 

Austrian sctulUns ... 143.76 +17.4 

Belgian franc 113.51 +14.6 

Danish krone U655 + 55 

DeuiM.hr Mark 108.16 +«05 

Swiss franc 210.97 +99.7 

Guilder 122.69 +195 

Kronen franc 985* — 65 

Ura 5552 -48.3 

Yin „ 15656 +545 

Based an trade weighted changes from 
WsrtitnctMi agroMDooi Ccccmber. 19T1 
iBank of England lndex=100<. 


Affrhanieinn AUihBU! 

A list DM Luk 

\lgeria. Dinar 

. . • French F rant 

Vn,1on " ixiMuJilHnrla' 

\ogola Kwan* 

Anllgun !&).. t_ laitbrepn s 

irittnuiu .... Ar..Ke*«< Kre«r lia 
AilMJBita iS‘i . AUblr* IW U S 

tmlna !jrhlHIH|l 

4r«re». Parrag. Kw I>du 

fiaJuuaas IS) fla. 'bullnr 
faancfa>1e, hi?l Taka 
Hah ram iai... Dinar 
Haleur>. Uie-Spa. Pew-la 
Batbedii >9i.. Mitotic? si T 

Belgium U. Franc 

Belize M S 

Benin C.i'J. Fraiu- 

llemiuiUiiSi.. Bita. S 

llhiilan Indian Ku|«. 

tk'livia Unllviau Peru 

Hnl«t\anai$i.. Villa 

Hmni Cnuefn*;; 

BrVimtni,m L'.s. S 

Elnnwl (S> Brunei s 

huUmng l/?v 

Burma K>at 

Bnninrii Burundi Fran- 

Cftinero nJEtp L-F-A. Fren>: 

LnnioLa LaiMtiian S 

’ Lanary late.. Sjouiaii Fascia 


m SB. 55 
• itiin6T.75 
5.878 
<22 S3 
1.9890 

la.66i i -K > 

59 78 


Ecnnilnr siptc 

tip |< h|,-v|-luin f 

Ei iuni iin FMii-*ih 4 D Hut 

hijVl 'lUinw I'feMji* 

FaUUandU. ■ FlllllllllH u L 

i*an> !■> llamtli Kiuxjc 

Fiji It- Fiji s 

Kill la nn MarSka 

•■ra'irt Frrurd Fiunr 

Frl"l viiiAi* O.K_\. Kran. 
Fr.Guiaoe .... L.-ai Fram 
F:. Fin-. I#.... t.F.I*. Fra in: 

Gabon L.l'.x Kmuc 

Gauiliia {£>!... Uh.ssi 
U cllnam • . . , 

(Earn , u » ,l -"‘ rk 

lieuiM-b ALltI 
(inn mb |>. i.'M: 

(jlUinttAr tlti. U:l>i*ltai t 

€ ■ I |- \ii-l. I a. 1 In i 

■iiCHv. .... .. Lliai’hliin 

■fiveiMiin.. .. Ihiii-i. Knawi 
liieiM.imSi... L. Uinlnn.s 

Ij'i'u la . Ia*«. Kraitc 

Imam I *« < . 

ImmIMimIm. . 'Pm-t.-al 

U 11 1 lien Ui | .. Sill 

• ■iiin-i>l'i.-Hii 

i ■' hi arm. >.> i . lniiaiip-r< 

Hull I 

hr 1 l/ln| n« 

HunuKoiuc :S- U.K. S 

HuugMiA F,-nni 


iO- 49.pl 
!'■ 52.95 

ill 0- 7600 
Ti 1.50W 

it>/ 4.1JI9 
14u^D 


Place and Local Unit ‘ fisUrtins 

LiH-hi'n-in... Su is*, iraia- 6,0225 

LuseniUiunt - Lns Fimu- 5S.5& 


Place and Local Unit 


Macao 

Mdildni... 

Mulagaav Up. 
Malawi im..., 
MabiyxiB i>i„ 
Mnldlre la.i.-si 

Man'll)-. 

Malta 

Waninxiili*... 
VUnntaiiin ... 
Maiirlluih i>i. 

UpMiv 

3ll<iurl<iii .... 
M<-riai„ 


Paiain 

Fi.-n ug’«*>f-*:uiji 
Mli I moe 
knnirlm 
lillldttll 
Mai |{ii|-n, 

Mali Finn,, 
MhIi<>-j-.L 
l/ral Fi«n-.- 

(■uuiiiya ; 

.M. Ituper 
Mr:. I ail Pt’k.. 
I - . P.A. Pram- 
FiemTi Krauc 


Mon^tdla lu”nh ] 1 *i 6./655 |)i 

U'lihi-rmi L. umteanS ■ 5.575 

Mi -rial o. Lhrlwni | 75.0un) 

-U-MsinliiiTue- Mus. luaiido bS.USB 


£ 

.Vote Kate* 


I , : - - _ _ — Nniaiii n auiuuio Ul OMVVII riuiiuu .'in I.SH-I.DI'2 -V 

°°" 11 bad recovered 10 A1.9 j,o. compared with S1.53bn in .-August nrul* . , 37 5c-aB5- : 1B.88 1B.3B -jFranre \ 

IS Lrie (foliar weakened SO the In I>urlv IruHino thn Hnllnr MUK lirm-b Dra.-lima,.. J0.716 i3.44B SO SS 4< fl< 1 -miain\ 1 

•«*< "■“!> .iiahu? .uSiilr.- ‘•SS.liirii'fi; i 

Vent C JI lt EurDre! ,ft 2eri| t n^ iJi-Si ^ e J nand fo . r impOlt SBttleineilti, Kuwait liiiixnKSj O.^O-O.o-O bfTBMjif »>.Vffheii8^i8 i 

ien i, iSn- u r2rf* slcr '! n -» c, °5« , a before easing later in. the day. uivcn.i«mrst Hnu..-. ae3j-a8.4u 89.i2-d«.36 'viraai 

t Sl.9R8j-1.98H3. a rise of 23 After touching Y1 86.45 early on; M«iav>ia Doimr ■ 4.37i«-4.39i« ja.217 a.* 19 [Kuniun- [ 


1.6^4-1.658 iS.4315-833 5 ;lu,irin : cb.6-x7.5 

1.61,80 1. ■ 50 0.8. 36- .. feO tw- cinni c 1.6-62.6 

?.t6 7.67l a ,3.96/aa.bi VC 'Ur'nmai* 10.2»-JU.33 

37 5e-sB S- • 18.88 16.38 -Franr* - I 8.40J.S0 

70.716 ',3-448, so 55 St fl« , •nii«m i 3.65-3.76 

B.o4>t-9..'63 4 4.7255 -*.-.276. Iran • 160 -ltBu 

1.6 1*2 70.4u-70.o9 1 !b|jui I 371.381 


nd its trade weighted index as accounting for S576m. 


trading 


3.65-3.76 
160 -ltBU 
371-361 
4.00-4.10 
9.eO-9.90 
88 104 
141.196 
3X05.10 
1.971- 1.9814 
‘41.43 


R|tp efrpfi Pnr Arvm'lna N *tpp rara 


EXCHANGE CROSS RATES 


Ui"iii , DmiloisliaMkr*: Jajmnrae lenlFnxMi Kihiu . -ui«* inn 


Koui'-i 3i*rhni" 


| Uult.11 1 nil .1«> | II, Mil l^rt | . ••mlt LAtiih | If- f i-i r 


•1111*1 Sterling 
>. I'nllar 



l«|U* f erll 1. lap*- V Fvu>ir 
Cal' mafi 1 ms, Lav. I. » 

Ural. At .Up.. CU.A. h !am> 

lhad C.F.A. Frau-.- 

Chile ........... O. Frau 

China Kinnunbi \ 1 tan 

L'lilnnilnit 1% Few, 

tV,ni,q*v I b... I'.r.A. Inme 
l'«Ji*n(B'ilei. l.f.l. FiaiiL- 
12b*.... Ci Jon 

'.ul* 1'nlan 1 ‘i-vb 

Cvprti* i si.... l .V)*nrai: 

I'zcrliiH-ftiVPk Boruna 

Denmark Danisb Kn-na 

iijiimiit, Pi. 

l*tiniiinua «.S> fc. Cnnl>u,nn > 
Df'imn. Kep.. D-nniiican Pia. 


63.30 

1.6573 

<M>« 

«2i s 

Uk • 65.83 
331.00 
iF. 7850 
422 in 
4223S 
17.105 

1.4727 
0-7040 
1 v:unn 10.50 

: in- 10. 45 
' iT. 17.50 
10.28 
550.0 
5.375 
1.9830 


Iceland i«.. 

I ihIm I *.. . . .. 

1 n*i.>ni“ m 

2 in II 

‘•■t| 

Insli 12,5) ik... 

Im*c 

Iran 

■ l>«rl... 

Jamaica '-"ti.. 

Im)(>ii 

'Ii'pIhII 1 *1.. .. 

Kampuchea- 

Kunv* i"*... . 

kuim i.Xllii .. 

h<>iui ISllu .. 
huwail i*,ihi. 

Laoa 

I«<ai,p., 

lanailliii ^ 

UWiu 

Lili\a 


I kit'iM 
llul. Iluppf 
liii|>inii 
Ilia 

Imij I nmir 
I 11-J1 i 

Lira 

l -K.A. l-rank 
■laiiMk-ii Lk"ia/ 

-ini. Ian L>mni 
l(HM 

K> ll\H Mil. INI” 
M >41 

Wmh 

KUMMir UlllBI 

Ki|i I’bi l*.. • 

1 *i»iii-c L 

■*. AlrhKii lUifi',. 
I.llvrlnil ■• 

l.ilnmi I'liuir 


5.40 .~i 
1.U9 
1.7105 
72.081 
10.23 
5.375 
8.4525 
1.5? 90 
1.3530 
37.905 
67.419 
5.0715 
9.90*0 
6.9 b 
9.5575 
.'im ra.et 
I •.ii'-'ftt-Sd 

603.00 
la. 58 m 
825.45 
15b.O 
0.5855 

1.00 
3S..370 

1.628 
422 J{ . 
5.276 
363 1 — 
0.5*0 “i. 
2.5E8B 
14.720 
1.7216 ; 
960.49 
U.ii5 
7°5.8D 
6.9075 
iJ 15250 
1.9990 
0.66865 


Nauru Is Aum. Unllnr.. .. 

'£)«» .... lr|4lirC 
\L‘llin In (■nlMi'i 
Nuh. A ill 'It-. A 'll I Ilian liuiM. 
v w n«i9 6i«. , .v™;;;. rinllai j 
i.Zmibr-i 1*11 Ilnllar 
Mpniuiw.... i->nii*)« 

.N iu» , i llji .... I .F.A. f ran.- 
kiVHiin im,.., \H»m 
\.?raav Ai uj*. Kiuiii' j 

! 

Pakistan.. .- Pk-i. I(n).«v ; 

Kuril' inn Hull-* I 

Pa)'ua.\.li.iS> Kinn | 

Paraquat .. .. liiiamm I 

F|8'« li). . 

• Il \*MifrliiSi S. lriiifn Dllnr I 


PniintMiw . I’n. i--~' 1 

P"i -an nlv. 01 :^^S lll1f 
IV'iainl /.Ii'lx 


1.7005- 

23.B60 

4.0276 

5.5803 

146.60 

I./0D5 

1.8545 

15.?2 

422« 

1.2aS7zr' 

9.8575 


A- 0.6792 
-■ 1 A >548.88 
14.656 


X in 162.45 
■1 >62.46 


Koto an ia 1«n 

1 1 Iran, la Un-aotia Fram- 

SU Christo- 

phsrfSl. t Larltihean S 

Sc Helena >t. Helena £ 

Sc Lucw E. UinKheaii S 

St. Pierre I'. K.A. f-'ranc 

■>t. Vincvnit?) K. L'arltilieau S 
SxIvatiiT El ..lolMi 
Saniou 1 Aim.. L'.\ S 
yin Manns... lialiau Lire 
Shiv Tun if Pi!»€. E-cuiin 

■-Niii.il Aral ui. Uy Hi 

Senesai. C". p.a . Fra nn 

Se.iehellr-.. .. S. Hn|«e 
S{eiieLe‘neisi Leoue- 
Siuuapiire iSj. -BlimairfHe S 
Si'li.mrai l»i?) Snlonwai I*. S 
Ssraall S>m Shilling 

Sih. Atncais) flanti 
5.1V. Incan 
Thrrltoite, i >1 -. A. Hand 

Spun Ptoeia 

Span. Pon b lu 
sXurth Airlta Peseta 
Sr> Lnnkx is.l S. L. Hnpee 
Sltlau Kl-.. . Nintii £' 

•virinani ■». G liner 

'»vil«in'i9.i ].i>nncni 

KroiM 

Sw Iraerlin.l .. ra in Franu 

Svrw Si mb ? 

Taiwan >e«i Taiwan 

Tmi/anic iS... Ian. ^lulling 

I billan 1 1 tit lit 

I'l-o K|- • .K. \. Franc 

I'linua ir. iS>. Pa'ai.-ja 
I>lnu1a-ii.i.>..-|iui. a IntMeo 
I’miiKw .... Iiini-tati U'iibj 

I'airiiei lurki-b Lira 

I’lirk, A l !•.•*. 5 

iiiralii kurlrallan £ 

Ueuuda !■■?... I s. Miiiimu 
I'mieti staitT- 1 '.l. |i-.liar]^ 

i-'iiii>i«iv I msnav Prxi 

L Ul. X'liEmi,. I ..\.L. UlHiaiu 

I'.S.a.II I.'i ■nr.i l - 

I i-la-l » lit . t .K.A. Kmiiir 

Vatican Iranan Liu- 

1 1 'lit-. iK'ij, Ili»iiar 


Value of 
£ sterling 


• iitiiiB .49 
..-a/i->T52.79 

j 180.87 

• 6.576 
1.0 
5.375 

J 422 M 
5.575 
I 4.96 
I 1.9690 
I 1.628 
i 69.60 
i 6-63 

422*9 

15.55 

2.0 

4.555 

n.u. 

1 (A 1 12.620 
1.711260 


140.2 

I 50.89i..fi> 

1 A 0.7959 
I 5.5603 

1.716260 
6.6276 

• 1.0ZZ5 

' I A 7.8069 
. ll’i71.BD4 

I 14.72 

' SB.64 B.bili 
422 v 
1.3726 
' 4.7756 

1 0.7891V) 

• 48.175 
1.9890 

I 1.7006 

. I 14.400 

■ I 1.9890 

; ‘<,-iini5.i6 

mni 15.05 
1 7. 82 

1.51 
<22 s* 
1.628 
6.45 

\ L* 4.336 
. I*. 4.204 1' I 


r>.i-iu»Hi. I'u>e. bv-nito 1 


' in-nil-. 1 .-h. 

1. 1 irtllar 

1.9690 

K.-.l llltllf. ... 'I l|,|rt| kw-lllld l 


Western 



K-Illcll^- l,l»-. I'tH-. t-.M-ll.lu j 

83.66 

Somcm i»'.. 

NiIikhii Inla 

1.16899 

FueihiKiriv.. La. 6 





I^Aln* 1"TI.. . i/nla; U\nl 

7.52 

Yemen 

U»"i 

B.S8 vr 



) IIJ-->iHV»H.... 

) Umar 

57.1461 

Ira .le in Kn.-in.-li l-rnrii; 


Zaire Rp 

Zmr>; 

1.551109 

Khrararin I'hikifi^i,n i 1 

1.5783 

^Hiubla 

h'HAL-ha 

T-57H 


That aan ol the French commuRjiv la 
Afrli-a Connerly pan of French Wcsi 
Africa or French Eauaional Air lea. 
Rupcls per pound. ! 


Genoraf rates of oil and iron capons 

64.62). 

_Easi-rf on cross rates aaainsr RuasUn 
">uuble. . 


■* Rale is tin- Transfer marker icon- 
t rolled i, 

‘t- Rate is now baaed on 2 Barbados I 10 
the dollar. 

it Now one official rale. 


Thomas 



Travellers Cheques 


The accepted name for money. Worldwide. 


A memo*' *if Midland Banir Group. 


\U RO^CURRENCY INTEREST RATES' 


IW. IF 

Su-rima 

r.Jj. Di-llar 

(.Bi Indian 
Ihiiiar 

1 ■ .'I 

i Dinch Oalidei ■ itB Franv 

i Wert bennan 
Mar* 

, Frenuii Franc 

lla-Mn Lin 

Asian S 

iii-rwtura. .. 

9i-9S» 

tJi *1* , 

- ait»i 4 

; • 13- X 5 lil4 

d-alj. 

: 64s <«e 

10 13 


I -Hr> U- il «-r - 

H?a 

fra m.! ; 

Bli-Vi, 

13 15 t * 


» li- 

10 6 

9-9'j 

r-nili 

12*6 13 1 e 

9U i 

9.C9,, 

101* -IO** par- 



J4l : 5 >2 

flU-940 

n«: in- •mli*... 

13:-1 iJ-'j 

•i 8 10li> 1 

fl-lOra 

9a*-10l B •« . 

1 3.4-,,, ■ 

**v ■ t 

i4i 4 151* 

. : a io 

» ni -nlli-. 

l.s* »■* 

10, t K.> i 

lOri- 


f 

t.« lUi, 

-■» * 

lOi; . u 

it? ;nr. . ., 

I3*i I r 

10,', 1C,’, 

10. rV 

8 i a -9 be 

a ra-*'i 

1 U • 12 

131, J4i- 

ute i i. 


; Jhjoiih * 1 Yen 


The lollowins: nomfnal rales irere nnmed for London dollar Certificates of deposit: one month 8-20-8.30 per cent: ihrec months 9 iM50 per conr+ stx months 9.90-1 C. 00 
:r i-eni; one year 9-30-lQ.wi per d-nt. . 

Umc-icnn Eurodollar deposits- Two years 9; 91 per Cent: three yean 9Hi6-* u i6 Derail: four years Bni*-Bi5i6 per cent: fire Kean B;-9i per cent nominal downs 
ics. Shon- lerm rales are call for sterling. I’.S. dollars and Canadian dollars, rare- das call for KttQdcn and Swiss francs. Aslan rales tor closme rales m Snyrapore. 


INTERNATIONAL MONEY MARKET 

Canada lifts bank rate Weaker 

Canada raised its bank rate to increased the interest it pays on BRUSSELS— Deposit rates for 

record 101 per cent From 91 non-checking savings accounts to the Belgian franc (commercial) | A _ __ 1 _ __ _ __ 

»r cent yesterday, in the wake Si per cent from 7i per cent from were unchanged from SJ-85 per; f PnflPTll* V 
the increase in UJS. interest November 1. vent for -one-month to S^-Hl per , A-WaJIV* V^l.JIV' j 

lies before the weekend. This is NEW YORK— Treasury bill rates cent for 12-month. 1 V 

■e fifth rise this year, and re- rose sharply following the m- pviUS— Day - to - day money 

2rt:; the authorities 1 concern crease to a record S § per cent eas ^j to fl : per cenl {Tom 7 Gold losi 9} an ounce in ihe 

jout the decline in the value from 8 per cent tn ine federal cenl> One-month funds were ' London bullion market y&slerday 
the Canadian dollar aim in st Reserve discount rate last Friday. quoled at 7 i per cen , compared , ,p close al S224-224J. Activity wn 
ip already weakened U.S. do/lnr. Federal Funds were quoted «t w j (h 71.7^. per wnt on Friday; ! k *P f a! a minimum, with the lack 
he latest increase is designed tn a!5 per cent in early trading, ihree-month were unchanged at ■ ° r an y dear trend reflecting recenr 
?ep Canadian interest rales com- Thirteen week -Treasury bills rose -7^.75 per cen t- six-monlb rose to • activity within the currency 
.'tit ire and combat any further to 7.9H per cent from 7.SS per 73.7: pw c<sn j from -11.7.3 per| market. The metal opened »< 
Jtflow of funds that could nut cent tale Friday; 26-week bills in- p|?nt . an ^ ]2-monLl> were un- S 5 223J-224J and was fixed durim* 
irlher pressure on the Canadian creased to S31per cent from ftfiS changed at Bra-S.* per cenl the morning at $224,311 before 
jrrcncy. per cent: and one-year bills to * easing sJiahtlr ti be fixed in the 

ThP rnramnp nf thp Rank nf 8 - 42 n er cenl Crom S- 28 P er cenl - L KONG— -Chinese com- - afternoon at S223.40. 

The Goternnr of the wnk or p irst M 3 ti ona l Bank of Chicago munisr banks raised interest rales 
anada said thsi the mcrease gnd ^ ationaJ Bank of Deiroil on l,me deposits in the Chinese 
ould provide roum for necessary fnnnwert ot h<. r l-.S hanks m - vua n Interest rates for three- 1 

d]U5tment<; in Canadian jnteres, isin „ £he j r rate .. to 10 m onth deposits have been raised; ... l6 

nes, and that in present c.rcum- Js'nl ISe/dav! ° to 4 per cent from 3 per cenl; I Urt ' 16 (Xl ' lj 

■annes Canadas balance of pa>- % JISTERUA^I— Interbank monev ^ix-nionth To .4J per cent from 4lf»niii Bniioii ■■ rme 

ients and excliance rate situation _ k ‘ t __ t * declined as the Per cent; one-year lo « per cent. 

quires a widening of the 0 n the “LuSh ^om 5 per cent; two-year to *}]<&-. ; ; .... ; SSSLSSS& 

anAiTn ^ 3T1 ^ guilder following the reaJignmeni Pw!.™" 1 per cent, and I «,»,,« ... S224 r 30 ^ 6K54ib* * 

andian interest rate*. , he members of the European thfee-jear to 1 per cent from j ll’iisje* .ixtitun j 


I GOLD 


Canada raised if s bank rote to increased the interest it pays on BRUSSELS— Deposit rates for) 
record 10i per cent from 91 non-crhecklng savings accounts to the Belgian franc (commercial) | 
»r cent yesterday, in the wake Si per cent from 7J per cent from were unchanged from Si-Si per ; 

the increase in UJS. interest November 1. cent for -one-month to 8J4J3 per, 

lies before the weekend. This is NEW YORK— Treasury bill rates cent for 12-month. 

. le fifth rise this year, and re- rose sharply following the in- p\Ric__n a v - in - dav monev 
■Xl-j The authorities' concern crease to a record 8§ per cenl eas^hfli per cent from 7 ue? 
Tout the decline in the value from 8 per cent in the Federal JJmT Onemonlh fund™ were 
the Canadian dollar against Reserve discount rate last Friday. UU ot’ed at 7i oer cent comnared 1 
:<■ miady Vfflfcerwd U.S. dollnr. Federal Funds wm -illnlftl ,» ?"h “/"ft P? cSt - o™Fr”“ 
he latest increase is designed tn 3.J per cent m early Ira dm 3. ,hree-month were unchanged at' 
?ep Canadian interest rates com- Thirteen week Treasury bills rose 73.71 oe s ; K .monih rose toi 


t'W . ... $224.224 Jj S2244.2Jbi 

ii? 1 3ntI sidider following tlie reaJignmeni ?S[^ enl from Jil per- cent; and I 

andian interest ratt>. |he mera b e rs of the European tfif^e-jear to 1 per cent from j uniUB* .(£119.14711 

The Royal Bank of Canada and currency snake. .Call money fell ® per cen t- | Aiienna* fixing- . *225.40 ;s224.S0 

ornntn-Dom inion Bank uftc-J to t2-!4 per cent -from 16- IS per SINGAPORE — Bank of Negara CoW L „ Ul . UM12.726' tLiUMli 

ietr prime lending rate to 11 cent; one-month to lOJ-lOJ per Indonesia followed other banks; .twKntkaUi 

er cent from 10i per cent from cent from 17-1S per cent: three- in raising Jts prime lending rate; Kniserranj . $262'254 $251,255 

•morrow, m response lo the month to yi-SJ. per cent from by J per cenr to 7} per cent, while ■ «4:ii6-.--ii7i , i 11:1164 -117^ 

ark of Canada s action in raising 13:-14) per cenl: and six-month Bank Rationale dc Paris and : >c,v Maisss* 5W;-55i 

ank rate by a similar jmount to to SJ-9 per cent from per Morgan Guaranty Trust Co. of ; uu .^-ereuiH. «ua' 

'Ji per cent. The Royal Bank also ccdl New York made similar moves. aSl«-62<i >Ul«’ 

” Gwlil L'liin, 

. luumiatumally.. .. -- _ 

^JK MONEY MARKET ' K ^"“- SSKSegStB!,,. 

.T;l' _ Xiraitfoaereigjr' 56Dy«2 ,S60j-624 


» ri 1 -'* 


Full credit supply 


filti Snidviyii,. .. , 


•Id 16^-119-71 il'1186-l llii 
5SD;-65J ,S60j.62g 

i£50n-51fii i£iOI -5 U» 
*«-« 68 1. 664. 


-tt. «A£JL y 1 <20 ^ 1 *, s 

* * ' $10 hajjlt-i 5. 

Gunk of England Minimum bills 10 the discount hbuses and though local authorities received ' X ' s 
___ ‘ banks. £140m rate support grant. 

Lending Rale m per ce Hanks brought forward slight Discount houses paid, up to 8J 

(since June, I97X) surplus balances from Friday, per cent for secured call loans j 

and the market was also helped and dosing balances wore taken ! 

Day-to-day credit was in ?ood by -.ubslantiat net maturing at S-SJ-per cent. Tn the interbank _ 

upply m‘ the London money Treasury bills. . On the other market overnight loans opened at j mu nfcf RATES 
oarket yesterday and the Jiuthuri* hand sizeable revenue payments 91-9} per cent and fell to S}-6i : 
ies absorbed surplus runds by to the Exchequer outweighed per cent, before closing at 11 per : NEW YORK 
wiling u large amount of Treasury Government disbursemenbi, even cent. Pnnu- Kait 


' 1^0 lj 

iCBIMtli i£5f-52i 
5307-309 S407-5O9 

slSS-164 S 168- 1b4 
s 106-115 SI08 Hi 





♦ . # 



A word with the key Swiss bank 
could open the way for you. 






LONDON MONEY RATES 


Pnnip Kait 

j Fwi Funds ... 

| TroHMUT Bins na-KTOki 
iTreuuo' Bills iiv-ueeki 


^twliii" • 

I.Vitin<«tv ; inteflfltik 
m i 1 ui«imi * ‘ . 


te«il tessi A utli. | Kioarvs l Dim-Muni 

A <1 tin -illy u^joilaWP Uraaft • lompanv m,rww 
,lt-]*D>tra Isni-li- - Dcp"Mlr 1 lfrj>"»|l»/ ■l» , l«*ll 


■iiL-nijjlil 

•l"ia m4a.tr-; 

.‘lava nf 

'tai" 1 iwiicp..i - I B19-9&S I 
)n^ humiiIi .. . • ST 8 -B,; ; 'I Boj • lu 
«>■ lOH-lud, >1018-1034 1 

m.oiTiv., 10;; lUSa • tu.i-.lQ78 . 
"Mu. Hit 111 .. . J 11 Ia 107s 1 XI-IU 4 1 
'■nF-inimih«..j - 11 10»4 ■ 10 ;,; IU4 1 

)1-10» 4 10,,-Il.M 

WI.X-wn- ‘ - 


»ra.»7 6 : 97 S -I0l 3 
— i lOVlOlfl 
10*8-10lf UJln.jOSi 


^■nt-iiKini h-.-i - llllK ■ 10;,; IU4 ■ — ■ 10r a -lli H - . lUg I — - ; - 1 “ I ~ ' Piw-wim Hair 

}l-10a 4 lO^.-Il.M lOls-lptftj 10f>a- 1 1 *4 ' U'ft j — - - - I — I , UienUCbt 

'wi,vu,i>. • - llSg-llTj'- — — “ - "Bk month 

— — ---• — - --- — - ii-.i I.. . .. . i — n — — ■ — " — 'Thnu* nirnths . . ... 

Local authority and 'finance • booses seven days* nmlcc. others wren days' flan. “ LOdeer icrm local amhonl? niorfsait- , sj^ qjgniha 

arPK u ami rally three ji-jirs ptr eenn four years iC-lCf. per amu flvv yearn 12M3{ per a-nL -F Bank bill raa-s in lable. 

hu-. imr rates for prime- ua per'. Burin; rale for four- month bank bills 10« per lvRC lour-mamb trade bills IK per cl-di. - 
Appimimzio sellinc rum lur ont-moiWh Tn-a&hry bills M-K’ err .iwn: anil imO- month 3; si»i* per «ni: three mouth 

e-r rvui Approjdmaii- sclllns rare tor onc-momb bank blUa 9!-Si3io pur ccbi: tnn-tnonth iv-tOi]* per cent: ud three-' |A PAN 
iBBilh 1<I5|A Pt-r cem Ouc-mondi iradi- blUx IN per cent; iwo-monifi 102 per wn: and also ihree-month ?BJ per w«. 

Finance Hsbsc Base Rates uniMLshed by iho Finance House .Association > 9' oer rent from neteber l -let? Clearing tank ; Ditconm Rare 
Tenosil Rates iftor small sums ai seven days' i ml ice- S-7 per cenl. dearin9 'Bank Base R*«F (or iemJini 16 per ccBL .Treasury ; Call i Vncondioonil. 
Jills; a versa tender rales of dlbtoum -9-S3C3- per unL -Bills tharbmn Rale 


lUtv ' lOifl-11 

> 107fl-l Ua 

lOin-ltJTg ■ lOadlii 


. Big -958 

' Bl 8 -a,L • 


Fiwtra-J, . GERMANY 

. 1 Discount Kali- 

' _ ' ; orerni^n 

- _ .One month 

' __ Three monUis 

Six months .... 


FRANCE 


Underwriting. 

S:iv the word 
to the Swiss Bank 
Corporation. 

You could • 
view the subject in 
a new light. 

Because the Swiss Bank Corporation 
Is the kc}' name in Swiss banking. 

All over the world. 

The speed and efficiency of under- 
writing handled by us are the result of 
many years experience. Our expertise 
and placing power are worldwide in 
this field. And our reliability.' and stability 
are all that you’d expect of one of the 
biggest Swiss banks. 

Talk to us about underwriting. 

Or about financing, transfers, or foreign 




exchange. 

You’ll see 
why the Swiss 
Bank Corporation 
is a name to be 
reckoned with. 

A name that could open the way 
for' you... zAjA 




Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 

li,nrt Sk. 55." miilic-n Ccis'iC-mers' cfSOOSilS- 
- 0 ; 3 ' • milh ;- n C?pi:ai ano reserves Sir. 3.235 million Advances 

























4 



Pr 


pr< 

ch; 


BY MA 


THE PE 
decided tc 
allegation 
Wilson f< 
number o 
were com 
paign ayai 
Parly on 
1974 Gene 
The foi 
allegation 
lowing thi 
affair. Mi 
was, had ■ 
an orches 
himself, i 
Lady Fa 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Snbseqi 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Haroli 
formal co 
On the 
against l 
council si 
Royal Co 
that ther 
Labour hi 
The Pr. 
is one m 
ljshed tod 
In ano 
council 
against ti 
Daily Ex; 
picture c 
Henrietta 
death in 1 


30 


INTERNATIONAL FINANCIAL AND 


AMERICAN NEWS 





American Airlines well 


United 

earnings ahead after nine months 


Cleveland 
Cliffs to 
buy drilling 



N -.~-3 ' -/.n ' 

f.,y- V -‘N- 




upswing 


BY JOHN WYLES 


XEW YORK, Oct. 16 


By Our Own Correspondent 


NEW YORK. Oct. 16. 
UNTTED TECHNOLOGIES, the 
diversified aerospace and indus- 
trial products group currently 
in the process of a Slbn take- 
over bid for Carrier Corpora- 
tion, today announced a 24 per 
cent increase in third quarter 
income. 

Earnings for the period 
increased from ;?50.6m. or .SI. 09 
a share, to S62.6m. or Si-20 a 
share. 

Sales over the same period 
rose 15 per cent to Sl.obn. ' 

For the first nine months of 
the year, net income is Sim. or 
S3.56 a share, up from R146.4m. 
or S3.18 a share, a rise of IS per 
cent. 

Sales for the nine months rose 
11 per cent to S4.6bn. 

The company says that 
although the third quarter 
figures include the results of 
Ambac Industries, which was 
merged into the parent in July. 
Ambac did not have a signifi- 
cant impact on the third quarter 
or nine months results. 

The company's business order 
backlog increased by 35 per cent, 
it said, to $7.3bn. compared with 
S5.4bn at Lhe same stage last 
year. 


THE extraordinary profits surge 
enjoyed by the U.S. airline 
industry this year has continued 
during the third quarter, on the 
evidence nf a 71 per cent in- 
crease in net income announced 
by American Airlines today. 

As the first airline to report 
on the quarter. American's 
access is unlikely id have been 
atypical. With most of the 
industry reporting revenue 
passenger miles more than 20 
per cent higher than in 19/ 1 . 
Airlines like Delta and Con- 
tinental which have - more 
modem and more efficient fleets 
may have fared even better. 

American's load factor— the 


proportion nf total seats filled — 
was around 6 per cent higher 
during the quarter than in the 
same period last year, and the 
impact on profits has been 
dramatic. While revenues from 
the quarter rose IS per cent 
from $6 54. 9m to S772.4m. Net 
income leapt 71 per cent to 
890 J m (or S3_04 per share from 
S52.7m nr Si. 74 per share). As 
a result, nine months earnings 
have risen from SS2.5m or 32.67 
a share to S127.0Sm or $4.12 a 
share. Revenues rose 17 per 
cent From -S1.76bn to S2.07bn. 

American’s results confirm that 
197S profits for the 10 trunk 
airlines plus Pan American 


world Airways will substantially 
exceed last year’s record $630m. 
Many analysts would not be 
surprised to sec aggregate net 
income of more than Sibn. 
which is one reason why air- 
line stocks have outperformed 
the stock market for much of 
the year. Profits of the quality 
reported by American will put 
the industry in a much stronger 
position than anticipated to 
modernise its fleets and thereby 
increase its efficiency. U.S. Air- 
lines are expected to spend 
S22bn by 19S4 on fleet expansion 
and re-equipment, and the total 
is expected to exceed SfiObn by 
1990. 


contractor 


BY STEWART FLEMING 



SPURRED OX by * marked in . share, a «= of 155 


By David Lascelies 


Sharp advance by Signal group 


NEW YORK. Ocl 16. 


Burlington 

Northern 


SHARPLY HIGHER third quar- 
ter results are reported by the 
Signal Companies, the diversified 
maker of trucks and aerospace 
products. Net earnings for the 
quarter rose from S26.7m to 
$4 1.4m nn sales of SSSSm (com- 
pared with 3724 .Sm in the cor- 
responding period!. 

Earnings for the nine-month 
period exceeded those for the 
entire 1977 fiscal year. The 
present nine-month period had 


earnings of 3117.4m compared 
with 872.7m for the same 1977 
period. Total earnings for 1977 
stood at SlQ1.5ra. 

Sales for the third quarter 
were S86Sm compared with 
S724.Sm for the corresponding 
quarter, whereas per share earn- 
ings stood at 32.15 compared 
with 31.35. 

The nine-month period saw a 
per share earning of 36.10 com- 
pared with S3.66 in the same 


period in 1977. Sales increased 
lo S2.66bn from 822bn for the 
nine-month period. 

The company said lhe markets 
in which it is involved showed no 
signs of weakening. The largest 
contributor to the nine-month 
returns was the Mack Trucks 
division, which earned profits of 
315.9m in the quarter compared 
with SI 02m in the 1977 third 
quarter. 

Agencies. 


recovery 


By Our Financial Staff 


CPC International increase 


A RECOVERY at Burlington 
Northern, the transportation and 
natural resources company, has 
produced third quarter profits 
per share of 31.91 against a loss 
of 30.29 in the same period last 
year. A net proSt of S25.9m 
was returned for the quarter 
against a loss of U-79 a year 
ago. with sales up to ; 609. Ira 
against S721.Sm. 

Over the nine month period 
profits per share have risen to 
S7.07 against S4.2S. with net 
profits up to S94.45Tn from 
356.54m. Sales have increased 
only marginally to S1.69bn 
agrrnst Sl.fwbn. 

Burlington's improved per- 
formance follow? the agreement, 
earlier this year, to acouire 
Hart Motor Express of St. Jaul. 
and to merge it inlo its nwn 
trucking subsidiary. BN Tran- 
sport. The company also runs a 
transcontinental railway and a 
freight forwarding service. 


NEW YORK* Oct. 16. 
CLEVELAND CLIFTS Iron 
Company- one of the country's 
largest iron ore producers, 
has embarked on a major 
diversification p rog ramme into 
the field of oil and gas drill- 
ing. 

In a deal worth about 360m, 
the company is to bay np Tiger 
Oil, a largely privately-owned 
on and gas contract drilling 
company ■ based in Houston. 
The deal involves, the pur- 
chase of 4.55m Tiger shares 
from Hr. Edward Davis, owner 
of 95 per cent of the com- 
pany. for S57m. or 31253 a 
share. The remaining 250.600 
shares would be bought from 
minority shareholders at lhe 
same price. 

3Ir. Samuel ScoviL president 
or Cleveland CliEs* said the 
proposed acquisition “ rep- 
resents a major step in oar 
diversification efforts. We are 
continuing lo Investigate other 
areas, particularly is the 
energy fields as an extension 
and potential diversification of 
the company.” 

Cleveland Cliffs, based in 
Ohio, manages 13 per cent of 
North American iron ere pro- 
duction.' and is also invoked 
in Australian ore. The com- 
pany’s other interests include 
Great Lakes cargo transport, 
forestry product and . mineral 
exploration. 

Tiger Oil is engaged in U.S. 
oil and gas exploration and 
owns a number of land and 
barge drilling rigs. 


bryoKciU . u.\ py a- matted in- snare. r a med-in.tbe same 'banJone: industry 
crease in domestic business loans the Sl77.7m earnea in .. : 

and widening interest -margins, period or ‘ ; that the . net . jSsfenikltaL^ “ - 

Manufacturers Hanover.! ~tbe ’ The bank saj s mg J” 'rfSE SB 1 ; 

fourth largest Uncommercial JcaSS the rate earned quarter 

bank, today reported 2.TJ1.8. per proved loans and securiti Si.' ft S : t 
cent increase in after-tax operat- on domestic Joans m l i 

quarter™ 1 * 88 ^ 

riae is.iplineVj.h S £{J*» SSm&^iJS&fwSR 

SSWMSME 

C-S: business loan jojnme.^a volume and ggg? SRi 
Fnr Sr nSriP, "tw'hir,vc wggm in the same period \ ' Tics transactions; lx#®! 

mass's®: 

fro® SSSUm -pr _StiT- a £?",]£* “ Umfc of 

^or‘ Tiie first nitii . months .( nine months rt- 
the year, after-tax operating loss provisions .*[?“ • 

earnings are S13&2m, or S419 a S622Jm to $Sa.4m. a move in line 

' - 


Pemex decides to 


BY WILLIAM CHCLETT 



hlEXXqp'.ClTY^i^ 


PETROLEOS MEXICAN OS 
1 Pemex >, the State-owned oil 
monopoly, is expanding' so 
rapidly that it has decided to 
build a new port hi order to 
cope with its increased export 
orders. 


BY OUR FINANCIAL STAFF 


Up until now, all shipments of 
Femex's crude -oil exportfr-r-run- 
ning at around 500*000 .barrels 
a day this year compared to- an 
average of 202.000- b/d last year 
— have left from the port of 
Pajaritos. But the port is finding 
it increasingly difficult to 


manoeuvre the rising volume of 
exports expected to reach one; 
million b/d by 1980. As a raailu 
Pemex has decided- to build. -aj 
new port at Dos Bocas. a few 
kilometres down the south- east 
coast from Pajaritos in the slate 
of Tobasco where most qt 
Mexico’s current 1.4m b/d are 
produced. 

The Pajaritos .- port - was 
enlarged not long ago but IS stifl 
too narrow, only allowing entry, 
to small and medium ships up to 
60,000 tonnes. Last month there 


were . technical, idfficottfefc 
loading oh ^0,K^ ;jurie?a 
chide' for' Spam .'•'beause.^ 
size aritL depth 

AwronhagtoPerner; PaTttrJ 
" will he' w uaabjr io; aesje^fe 
. increased- trade -bet;;?* -iSip. 
Dos. .Boeas. T ‘port, -- which 
chases from -three others 
the ihbsVrfii liable- hecai 
enny anient ly near " i 

shore jiM fields sad alsa r ^ 
offsbqrc 'weU&“wbicfci 
discovered ha f wilpfe-ei 
izr the : hear^futdre.'-vi: 


CPC INTERNATIONAL. lh»» 
food and industrial products 
croup, announced net third 
quarter earnings of S1.61 a shore 
against 31.39 m the previous 
year. Net income rose to 338.13m 
acainst S32.91ni, while sales went 
up to SS25.5m compared with 
3721 ,9m in 1977. 

Over the nine-month period, 
net earnings per share have 
risen to S4.13 against S3.87, 
while income rose to 39S.21m 
against 391.59m on sales of 
52.36bn against S2.13bn. 

The company, which has sub- 
stantial interests in Europe, said 
that currency exchange gains 
totalled 33.1m during the last 
nine months against improve- 
ments of 32.2m for the same 
period a year ago. 

Commenting on the results. 


Mr. James W. McKee, president 
and chief executive officer, said 
current indications were that thp 
full year’s results would show 
improvements over 1977 in line 
with the trends indicated by the 
outcome of the first nine months. 

CPC achieved a net income 
last year of S132.9m on sales of 
S2.87m. The company is best 
known for its Best Foods suo- 
sidiary in the U.S.. although its 
non-food activities account for 
about 30 per cent of its busi- 
ness. Among its main products 
are Knorr soups and Mazo la corn 
oil. 

The group has manufacturing 
and restaurant activities in many 
European countries, including 
the UK, Germany, France, Italy. 
Austria. Denmark, Sweden and 
Switzerland. 

its European sales last year 


amounted to SIJShn. with net PnCS-flxiIlff fiflCS 
income rising bv 40 per cent to 
552-Sm. 




Studebaker- 

Worthington 


StudebakeMforthington, the 
transport equipment and elec- 
tronics manufacturer, made 
net profit Tor tbe third 
quarter of $2.44 a share com- 
pared with $1.72, .Vgencies re- 
port from New York. Total 
net was $I?m against net 
profit from continuing opera- 
tions of Sl3.9m. In last year's 
third quarter, a S1.19m gain 
from discontinued operations 
made the final net profit figure 
315.1m or $1.87 a share. Sales 
Increased to S 343 -9m from 
S2 77.6m. - 


A U.S. judze has fined four 
corrugated-box manufacturers t 
a total of more than $L2m 
after they pleaded no contest 
to charges of price-ring- 
conspiracy. AP-DJ reports 
from Houston. Tbe companies 
involved were International 
Paper. Hoerner TValdorf Cor- 
poration. Alton Box Board 
Company and Consolidated 
Packaging Corporation. The 
companies are among- nine 
named in a felony indictment. 
An additional five companies 
were indletcd on similar mis- 
demeanour charges. Stone 
Container and Boise Cascade 
earlier pleaded no contest to 
misdemeanour charges and 
have been fined the marimnm 
Of $50,000. 


NY insurance plan may 


BY OUR OWN CORRESPONDENT ' • ’ ~v 

ATTEMPTS ARE being made to and gi^e tile immediate go-ahead in syndicating! ,i» 

i • r_ ... .v. • i_~ .r ..,k nn tWfl l.u-c nrocpntixl nn. nut enrrt 


UJ acvci di UI0IIUO m-iauuar; X 1UC au»«. .Oft.....-.., — — ■— pai 

next year. The exchange; which have to approve the byelaws, but Taws ‘forbid : brokers 
is seen as New York's answer to it would normally have 4ff days Than 20 rcCTFoT a 
Llovd’s of London. : was to raise objections to thea^: ^ - "Mr. Lewis :sradfv-:?"^i 

originallv expected to start up The bye-laws are being drawn industry is - being. fonuflUi, 
earlv next summer; ' . up bv a 13-strong committee The com psnles.^are. ready S| 


SOCAL-AMAX BID 


UCiU, Jif. /Vinci L Dw'LCWU, PUU H19mauu« luuu^u » . o . - 

stated in an interview with the aiists on insurance^affairs: — -- 1 ; However, bther: w§. 

Wall Street Journal - today that According to Mr. Lewis. S3-5m the draftings 
the drafting of bye-taws has gone have already been pledged to believed to be.’-igaT- '' 
so well that he plans to- ask the capitalise the exchange, which, it Several matiers;,r«Bi 
state legislature to' by-pass the is estimated, will - , need about_resoiveu. and 
normal 45-day waiting . period $60m to get going. Participants rihBlM^'^^ 4 -, 


Wall Street waiting for the next move 


FT INTERNATIONAL BOND SEi 


WALL STREET has seldom been is rice. 


BY DAY 1 D LASCELLES, RECENTLY IN SAN FRANCISCO 

assumption that neither Socal Imperial Valley). 


Socal also pany we bought would prob- 




made a dramatic S1.9bn take- cent bocal bought this stake to one company souree. the Looking further afield, Mr. loss-making concern, n *uuiu 

over offer for Amax. a major m 19«o for investment pur- episode has made our directors Bell said: “We concluded that want to be able to transform it 

minerals and mining concern, poses only. But Amax s board very unhappy, which suggests 0 ur technolosv and skills lav in inm a nrnfitship nn« in 52J.A 


only to be turned down flat, turned the offer dowm within a that the first view may be the the area of "natural resources, fom- years. All these constdera- S wsiZr.ZZ 

Since then, everyone has been mQtter of hours, mainly on tbe correct one. broadly defined to include lion s. pluk the fact that the other £“**« «« s 

waiting with bated breath for grounds that it would create anti- _ But another reason for anti- mining, forest products and agri- oi] majors are on the nrowl for SLS 3 nTm" li. 


what happens next. But in vain, trust problems^ cipating _ action is Socal’s toy natSal 0rS rSourre ^^ompan/S eSb^ss^E..^..!..!! in 

At the company’s headquarters bocal retorted that there were declared intention to build up its behind Socal's decision to buy point tn a tiuht market and »rfd bib s» ss 75 

in San Francisco’s bustling m> anti-trust restraints. But in- non-oil operations as part of a us stake in Amax. “We felt we to the Impression that sS S HI ft i 3S 

Market Street district. Mr. stead of pursuing its offer by long-term diveretfiration pro- C0U ld bring something to that have another go at Amax. im 8 « ""“.r:; m 

Howard Bell, financial vice- sweetenmc it or appealing gramme. Though the company company," Mr. Bell said, “and ^ . *. -=**,, Eionn Jutland s ss 25 

president, receives a constant directly to the shareholders, has large and expanding oil this was confirmed bv what we * Fma ? c ®, f, ?r w Amax gaponflnaig b ss ..... . so 

stream of telephone calls from Socal simply expressed regret interests (for instance, it is saw. 1 " - * offer, nad it been successful, iSSl sf« wnnt ' 6,6 M iS 

Wall Street dealers keen for a that agreement could not be active in the North Sea under its d— «_ , .. . _ tvou la have been obtained in one * 

hint or scrap 
But he tells them 


Issued BM Offer, day week Yield 

t« -« tAO 

9*1 -U -01 
97S 9H -«* -01 
991 imi -+0 -+«U 
99 !“« 

97 -W 

xow. +b -01 
912 -+• '.-0* 

9U .-rOt. -Itt 
97| -Htt +01 
«J ”«* -« 

tn- toi-— oi 

952 -81. “«1 
9U -01 ..-Li 

tn -« -sa 

99 ■ ■ 

'991 


250 

25D 

70 


uers Keen ior a. l““‘ "jiccmnu wuuiu uui ue acute iu me ««uu oca uuucr us Cnral'? rlooicinn tn in fnr nut. • Fin! mid 9 8S ^ X0B 

of information, reached, and withdrew from the trade name Chevron) it shares - ht ' ^ 0 _|9 r ® 1 °5.*i vo « ays L M f'». BeU Hospital o/s 9 S3 25 

em all the same scene. the oil industry's common desire T i v,th . ** healthy cash flow, i-c indwrta b S3 m 


thing — no news. Socal is examin- Since then, there have been to plan. now. for the day when SjSSjf 1 omfnns^M^^Beirsaid ™ b! 90 


inc its options and will make plenty of rumours of pending the oil runs oul 
an announcement when the tune developments, based on the “ ~ 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave« London EC3V 3LU. Tel.: 0I-2S3 1101. 
ludex Guide as at October 10, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.65 

Clive Fixed Interest Income 114.20 


ALLEN HARVEY Sc ROSS INVESTMENT MANAGEMENT LTD. 
45 CornhilJ, London EC3V 3PB. Tel: OM23 6314 
Index Guide; as at October 12, 1278 

Capital Fixed Tmerest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 



Luxembourg 


W? are the wholly-owned subsidiary in Luxembourg of 
Eadische Kommunale Landes bank, a leading German 
bank headquartered in Mannheim. Our Eurobanking 
services include dealing in the 


Money Market 
and Foreign Exchange 


Our Euro-specialisl'; haw we trade in fued-inierest 
the proven adilitv 10 deal E^cuntie-?. 
successfully in lhe money To find out more about our 
markets both on an inter- Eurobantong services just 
bank and institutional basis contact: 

- and the skill to provide _ . . ’in- 
effective foreign evenange * “ fjiana 9 ,n 9 

cover lor clients a-^iva in 
international Itade. SyndicatedEu roloan-, 

Complementing ourmone'/ . j_ ottaviani - 
markets and lo-einn ex- Money market and Foreign 
change ooeralions. we exchange dealing; 
manage or participate in 
in ed-mteres* or roif-cver • • Dt H. Braun - 
syndicated Euroloana; and Security trading 


BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S. A. 

25c Ed-Fwol * RO.Bec 626 • Lyembium-v.i'a -Tsr.: 475144 
7'5i'2Chon< ! :47E.2i^ (Dealer-; 1 

T5i°v: 1 791. 1 722 •Daansrs;, t 793 , Credits) 


tactical options Mr. Bell said pa y for the acquisition out of the JSvSTsi 9 ^ 

As Mr. Bell explains it. Socal ,? cal . c COu . ld h ? ve 8®" e f ° r tiU- Otiierwtse. it would have j. n. p<*jitics- si si .. 
expects oil production to peak in ^' v ®” l t 5L at,un by borrowed short term to tide it ci^ei m 

the 1990s, so it has launched a £?' e ? p j ng "” v divisions along over the troughs in revenues x| Sfv.' ^ 
non-oii . e ‘ ines r - , f Exxon, the largest that characterise a business like x«. wm. b w 


plan to increase its .......... .. , . , . . . „ — - — - 

operations from the presen t-d a v company, which has entered Socal's. where dues to the oil # « 

5 per cent to 30-40 per cent by fields like electronics on its own. producing countries are paid in m iiaSm. w n 

the year 2000. This projection But Socal s biggest experiment hefty monthly instalments. xoreay 7i 33 

assumes that there will be no !_ n A™* , arefl - chemicals, has not Whatever the uncertainties S» W*. 


25 

20 

20 

109 

50 

20 

20 

75 

50 

25" 

75 

250 

175 


%* 

972 

ZOO 

9U 

96 

97 
« 
9U 
951 
975 
982 

m 

90S 

992 

962 

98 
9Bi 
902 
98 
97J 

963 
972 
9Z2 


9JS 

945 

94X 

84» 

940 
949 

941 
9-19 
944 

932 

93B 

937 

937 

938 
937 
936 


• V . .-'-iWMSi 

▼kb STRAIGHTS lumtf-.SW 0»WJb*.l 

AsUADev. Bk. 51 as: "15 ■■Ji.'.'wlm.. 

.MHtralU fi.B 80 » tJ»2 

BFCE *1 98 38 9M -. 

Euroflnra BJ 90 U t7 -fa-..-4*v 

Finland *7 88 '..4—. . 25 ,'f7Ir' 9ft _ 

-Morway-5.T S3 3 -IBJi.JOtlrOt 

Oslo. City jot -.6.8 * 15- . 

SNCF 83 W — .... ; ■' 28."." 91ft- ■ 9a...+*_., 

Sweden 63 » . 952 ,962 


+8 -93Z 
■«*:-+■ -02-938 


more lhn barrcls-a-day oifield * >e ^ n a happy one ( lots of ups 0Ter - Amax, though, Mr. Beil ocrtSnta^s^w ^ 
discoveries, but that Socal will ancl oowns'i and the company described his company's mood as om. Hydro N '7'"." us 
maintain its share of whatever was not to 2 »ve it another bullish. Jt has recently chalked 9 n !5? ? 91 93 •- 

is discovered. ■ lr >,' ^ „ it# . „ . up exploration success in the ranrtnm sj 


so 

125 

209 


Mr. Bell said that Socal was A second option, putting seed Middle East, Indonesia, Europe, umi*d KVn*dom m n 7.'. 150 
investigating different energy capital into new ventures, was and several areas of the U.S. 
sources, though none could ever also considered risky. This left Although agreeing that current Deutsche mark 

Kin nf -il f„n *Kn* the nntinn r .t n „inirhf nurnhncoc MtUIW-Mt nAKK 


984 —ft -« 9JZ 
«T -U +» ‘ 945 

9KV.-B1. — M • 902 
9ft' +« +ft : 939 
912 -pa 40J 93S 
9ft -»•-• 9.62 
9ft '-02 -4 U-09 

»JT 

99J I«U -ft; —ffli 9Jt 
W5 98i -04- +82 ■ 935 • 

972 .962 , +04 —02 9.48 

951 «t -Oi —.01 9.34 

954 9Si -ft -ft 9.S0 

993 MftVr-Bt — « “940. 
904 99* -T«. • r82 9.38 

974 9ftr +V : -ti 946. 

482 981 -M +0 939 

9ft -02 . -ft . .'9.21 

96i 97. +01 -0i 944 

98! 994. -64 . -6i 93S 

95} 9ST -04 -04 4.78 

464 961+8 -W 934 

971 49* +0t 9.60 

49i 100 -+B. +• 931 

971 982 '♦fl -01.. -9.08 

9ft fftv —04 +0 . 9J8 


OTHER-STRAIGHTS . Iwnd Bid Offer dB- -,. 
Alganeae Ht ft SS FL ... JB V • r -9ft +& & 
BAT* 88 LuxFT. 

Bayer tux. 8 88 LnxPr. 250 MJ ,9ft +« 

Mees t Hope 7 ft ft 

Brazil 7| 83 FL ... 

CFE Meatfco .71 » FL-._ 

CMarrv 0/8 Fla. HTB3 £ 
rGopaOufien Tta kua ... 

E7B Tl 88 IakFd -L 

EIB 74 B5 
EIB 81 8TX ’ 


7S 

55 

75r 


95| 

19 


962 .+** —_ « 
9 a +«-*! 




Oranieboom lW 50 _ _ 

Flnuioe for I«L 10-88 rj.' TZ 


■m- . Oft’ 

-TV ’T951’ 9M :+^^I| • . 
258 ft -83 ’fjKjdgp 

5-=a 

*■ ».-S =g-3 


Flol'd. lot ra. S SS tancKr Zfr Vg 


w '.+« :>. 
vn'.+ot--.; 
862:. - 2 . 




become as big as oil and for that the option nf outright purchases, production capacity Is excessive, sreAicim 


'drape on 



Finland Ind: Ek. 703 EUA: ' .15 . 
restemer Hid. BV 11 SS^ U 
. Neder MUdenb in Kt 75- 
iVenr Zealand Bi « FI. ^ Z5 - *« 972 
Norway 7} st.l.n^Fr..... .25*. ^6* -W ^8 

Noiway 61 ST FL W7. 4Sy; 9il 

■ OKB 85 SG- FI.- ......L .'.75 9I2' 

Panama Si 81 EUA .28- - _9H.. «7f :+« • -r* 
Rimanlt 7| US UxFr. -.-i/JM 19ft ~4M: 

RowtHw mi SB r w .. Mi -WT “i -^*4 

Banfc O^S lUSd. Uf.AS .' .12+ 462 T972 -W'T" 
Stiff Francp 7 93 EUA ..l - 22- "tW 47* +>; . n 

sraw IB* S8 *.... : ssy 

Swedish- 7nc. Eh S SB LxFr 5W> ; 998 10ft +l TJtfv 

WhliUrpad 1B> Bti £ 15 - 872 «S 

FUAT IHG RATE ' ' - j ' J 

NOTES Spread Bid 

Amprtcan Erpress K - -ft .9M .180: 

Arab InU. Bank M64 84_: M : '97'. 97* Wi; 2^ 
Banco Mac. Arseni. MS S3 84 !' 

.Bank Bandlmcr 1T8 8S *12 
Banfc of Tokyo MM »3 ' ft ■ 

Banqne Worma-M3( ys . 04' 

Bq.. EXt. d'Afe. M3. 77a 84 ! OI 
Bqnc. Indo « Suez . ft. 

Bn. inr. Afr. occ. H&5 ss. m . 


negotiating with a group of right business and big enoush tu some real increases — possibly an ,m - V s - 11 

Southern California utilities tn satisfy ihe appetite of a $20bn-a- average 3 per cent a year — after f ?rs « w Eur ” 0 ®* 
exploit some hot springs in year giant like Socal. “The com- that. etc 5 w 


EUROBONDS 


Lighter calendar for DM issues 


BY FRANCIS GHILgS 


EJ<*Ktnjbres-Bn»zll IU .... 
Eir Aauitsioc ft SS . .. 
7BJ 5 S4 .. ... 

Kobe, an- Of 5f 88 

UBtrt Services de Ele[ .. 

Mexico R S3 

Mrsuhlshl Perro sj 53 .. 

XlPDon SiccI 55 S3 

Norses Koatm 8 SO 

Norway 41 S3 

No nr ad an Ind. Bk. e 90 
FMmleo Brazil T SS . . . 

Philinpines 67 

. PK Banken 51 FH 


108 

100 

=50 

300 

150 

100 

100 

100 

150 

208 

1O0 

100 

100 

Z58 

125 

200 

100 

no 


THE CALENDAR of new Issues for an unknown Industrial terdar hi 'tWh trading, mostly bu«*W.“'prorince nt'n an JS or? 
of Deutschemark denominated address through Westdeutsche the result of the very r.eavy Ranrartnikw or .y ct so 452 »i 


international bonds will be lower ^ndesbank ’( November. 9). and amount of paper current!y”on s^Sia 31 ” 


an'div^wdrieh ? DM for a South African Deutschemark had no ner- I au '’™!” oh ?j n n ' • 

Ar its meeting l ^ sh BHF Bank ce ^'ote effect Dealers said iba r £ 

Frankfurt, the { cTr for P 10 " e y contioiied tn flow into DM Venezuela « »* 250 

»...««» sub-committee , e ,,t ! m for ,nl *r: bonds from abroad., 

decided on a calendar of " atJonal organisations 4wo will Th e second franc-denominated SE* S 1 J S "* NC 
DM 475m to which has to be n« a ^ n5ed Ba u k * international bond since this 

added a maximum of DM 770m f, ^ r Eq s C sector of hte market reopened ^iSr C J VmLr 4 Vi 

international Pi a Provisional DM 500m la*it month is expected to be aVwT . . . 

1 are not tech- !V r . world Bank .in early launched shortly, probably with Manhaitan ♦ nj . . 
in the calendar. i?^ u, f' er - On October 27. BHF th c Banque de 1'Union Euro- » ' 


In the month from 
than during thc 
have just ended, 
last Friday in F 
Capital Markets sub-committee 


thc month will N - wound uo by offer. The revaluation of" 


, 6 W 

lhe S:aton r.s-» 


30 

2M 

154 


18ft «W. “J* . t|£ ':*■!£ 

99J 18U -ft -ft «40 

434 ; 9* ■ +* ‘ 

481 94i ^ft ;«Jg 

48 4ir +B. TJ5 

9ft ,4ft. -04 —0*. S.9J 

100 10ft f-ft +« A-JI- 

1811 482 .-ft LTft.- .. 
<B 981 -ft -ft 

1974 97J +04 - 

1021 in ' -ft - +0 
1024 1022 ,.+Oi +8 SJJ: . 
1801 10H.+O +04 5J9 

962 4« -K -« SJ1 r 

1004 .10H +« +*. 5-2 

ft ft-rll — W 
961 963 • ,+B-r— M 747 %■- 
961.468+8. -ft 

,-Ht J-tt. -6J« , - 
+8 . • -81 8-« . - 
1DU lOfli +04 '+> '. 500 . 
965 971 .'+-0 +81 6A« 

1001 MX i i +M- +ft. 5-84 
t98l 98X-.+0- .-04 .5.65 
971 W-+0 ;.+0- 6.10 • 

97|- ■ n -ft- 6 JO . 
954 462 •-+:«. -41 6J* 


CCCE M3J5 re 
ECF -M3S 85 ... 

caas.* Man. O'S lift B3 _’ 
Costa BtRS M8i S5 
Credlr Msdoaal Mis SS ._ 


ti. 


97 t 971 
962 971 , »’» ; 

971 .981 BTI 
9 T 6 \. 98 * . !s 3 

«np.v«i* JT=lr/* 

991 98 J.» 4 ..SC 
962 ; 9 Ti.l 2 ?>-. . f 
H 97 rW 
ft: : - 9 ft ■ 991 
ft : TO: 972 2 * . 

U J« 1801 .18 
OI ■ 'TO TO.- ft*? 


ito - 


KnpgOT l M7 S8 

SFTE MS S3 L j.. . t**. 

Tshifeawaflms M5i SS:.. • ’ ft" . *..48Z • ■ 
r.hiMlansfcn M7JS 85 1 -96f * -TO 

Mldlami Inn M5J ai :..... 81.--'. 971 984 20A 

Xat. West MS* » ......' .01' 

Nippon rmfir Mil S3 U w* .X55 


. .OKB Mil W \ 04_-‘ TO'! . W/+ 

Offsnore Minins 96 • ft . .' -982 «2 

. SiandanT .Chari. M5.5 JO.l'iH'L 

• 5bnnlfmnA. Rain* u; 1 nt^‘ 


T -WjT-TOTiSgT-: 

Somliomo Hpivr VIjl'S3- 0ir‘ TO i 992 
Sundn'anabanhm Mfl Si ..‘ -ft .' ; f71 • 98 . 

. Urt. Overseas Bk. MS .SO' ft- ■ «i TO ajlL 
CONVERTIBLE ' . Car. .Cnv. L - L ' 

■- BOROS - . V. 

.. AsteV 51 93 .i-.ii...-.-*. .,. 5 . 1 . 9/71 628 JW. 

.BaTretTnt. Flo. A n im • .-M* : ttS 1 W ! jS-;-? 
n/ws.et 03 • ;gn9. 2M, ,j- 


- TO TO 

CpcaT-CDla Bom I op S] 4(79 9 "• -• 99T , -wa 

-- ‘ ' .Hi:. 




of issues for 
borrowers which 


uically Included m iuc cairnaar. — w “.'7"*. Z~' ~~1'~ w n.>nvn &uru- Council nf Fumn. ai 

From the first figure of ^ expected to 1 announce penne as lead manager. Tlie Sm 

DM 475m has to be subtracted l-0m for -the Council of name of the borrower is not vet l£ sr0F ' 3 88 

the DM 100m which Commerz- f ur °P ? - It appears that no firm known " ^ eanurk « 99 - 



off by the lead manager at the The ^ub-committee did not ing. When the market reopened 

last minute. Of ihe remainina k !? a t w ^ 1'ne corning revaluation in September the Treasury told IU 1 . Fln ,? 1 L 4i 99 •- i» 
DM 375m a DM 75m for the City nf the Dnutschohiark when it met French banks that the ralendir {SSSSSiTW 4 " x£ 

of Copenhagen is expected from week and the decision to of bow issues would allow fur "»*wnirtr ' efc'ss 


Deutsche Bank today. This will ajjnw for a lightening of lhe new one issue a month with interna- 4K ^ 


5 y the Vew 2ea ! and ^len.dar was taken hecausc tional organisations and Indus-' kt™. W ' 
!ssue, then by a private place- the weight of new paper in trial names alternating The nv 3 an 
ment for a Japanese borrower the market which it was feared French franc cennr ha< Kpi. n .Hydra ai re . 

through Westdeutsche Landes- could eventually unsettle, prices L H? Ifilli &■' 

bank t November ■). a D.\T 150m seriously. 


-CJWUSff*" 

liwrd 8W OTtw dw wvelf-YlcM . 
40 1M|> 1M4 4-ft'i+ft ' A6S 

40 100 1004 +01 +02 3.99 

100 95 954—01 +02 4.20 

70 2025 UJ +al--+K -3.74 
SO 97J TO '+W +ft S.8S •• 
65 tot; JJ0. , J1-+11 *26- 

80 1003 181 +ff +81 3.S7 .* 

75 ion unt HU +« AM 
100 10ft l0fi-.+8_ +8? 4^3- 

so io 2 i iaa +84 +01 42X.; 
loo 10a 782k: +«-' '+** 

80 1004 100£‘ -Oi . +0} 4.19 

25 mu low, -»--+« *•« 

80 Uhl. lfla-'+W +U *21 ... 
IN 103 unr +64. +04 BZH 
25 .1012 iat" + 81 . +81 
1824 18ft ~-U +04 
9« -9« +8 +8J, 

M 22 wa -«i. +U 

98 ft}" -+1 
imi' iN4 '+ftr. +« 

1021 ITO +0 . +8i 
ura aft* +». -1+01 


I'o-VAkBdo 41 93 6^78 ITO.-lNj 

N*nw industries 7 SD 4f79 .259, ^ TO._w- 
. Tvxa* fm.'-rtlr. 71 « .. KJ1 105 TO 

Thom lnr.,Fri^;7 M'. ^.«/lS , :3«W-.. 30a*. Hh 55; 
TiVfli lrii. Fin. S’, S» 9/7*:: ST 105 +*".-1-1 
-Tjrro bu Fro. 3 S4; 613 

• \9ahr. Optical Pit- i. if tMt 501 ■ ■“S-'S 

cw« comp it s' o« .. u.7i a®' -"aro 
UTBolys 3i SO DM ' ^4 10/78 W lift La 

.Tumh> 3- 99 DM ... .._.l|79 1210 • JMX «• 

KoolshlTolw 3i -Sir DM - .1/79 612r l0fti I» r 
Mnrara itan. a| Sn OM. -.31/78 aS4' -W* 

Xlppon .ur. 1SH8 DM — 12/78 508 • 


sanxjay E2cnnc-3i .ox . -.Mira .869 l** 

Sanro Eiecrru* 3* DM- *.t,urff -g; iSi 

- S*»lyo Samw s+.w MT ?. <J.'7» ^4275 ; , Mi 

StanJer .Etr+mc Ai Pit -.11778- 
Trlo-KemTOod 3t S« pUiOlTO- pi' Mi-, 

"i . : tnforwaflonT'kVoibblC-^+i rrPtW OVOfi^ 

* Only one- rnarfcot molter TOpBeMi 


‘ sfralotB- Bwnp*: -Ric •js-Hy-yff W+o 


1DQ 


70 

uo 


widened the ■■^wint.-.tsMwd , n mM 
. .'onrt's eacept Tor ¥n» bo|uh rt'trU,'"/“? 

. . ’ ;0n\wnel»'?e*9«®' «wr onc«» •» wwjr-w™* ‘gi-an, 
Floailap Hat* Kmm: th^nomtnaietl hi rwJW^^. 
wise HHftctttH*. ; .v ~ mmomm ctunyp-^. "SS*. 
: .«ipoii hemmes en*«i«e. spread ? 

.'Offered .nire:.tor V5 dtdlart.' -iftwosTpt-*®"* 
% *. tUMsthe osrm.-Ftftlw. rf -• - 

‘Tije 0owdsi^Pen8M»Bafofl-lO>d<iP fg jj); 

«1 . - Cfcs-'day^ C^hsnse-: tir 1 rb»S^.' 


3ft- 
3.98 
4 !» 

3.TT- . 

3JI . 

X96 V 

,3ft-- - • C*nwrWWe 

3.91 7 *-* rTnatcftfd 


pnccs very stable for the past ten days 

Tor Finland through Pn*;dnpr Prippc iq the feenndar^ - sector lh»* rropening'^the^ hnncT 

Bank (November 6). a DM 50m were off by about J per rent ,es- WasTaS al a steaOv S S j 





^ ^ ‘ ^ J ^ '' ^ 




t5'j3r%33 






pmur 



l 




i 






g^inanclai 'Times Tuesday October- .17 1 S75 


37 


IM KRNAI 10NAL FINANCIAL AM) ( OMPANY 






SERMAN BANKS IN LUXEMBOURG 


VI 

U 


^Agreement on disclosure near 


BY MART CAMPBELL. RECENTLY IN LUXEMBOURG 

FTER years of negotiations, ing via their Luxembourg subsi- Safeguarding Luxembourg's subsidiary were reported, show- 
.ennan banks and their super* diaries. sovereignly has been a concern ine that its balance sheet total 

uor y su tlio n lies are now close The extent to which German throughout the negotiations and rose bv 20 per cent to ibe 

. :J agreement on .the extent to banks report to their authorities German banks are in principle equivalent of DMl3.4bn on 

™* German banking subsi- on their Luxembourg operations being required to report to .the September 30. 

? ianos .. in Luxembourg should has been the subject of German authorities on their The operating profit hub also 
*P° n on their activity. . . tripartite debate for many years business in all foreign financial up bv 20 per cent, wherus 51 

The substance of the agree- between the German authorities, centres not just Luxembourg. per cent of Deuwche Bank's 

German banks' the Luxembourg Banking Com* Luxembourg is . of' particular Luxembourg leading was de- 
1 ^ u nes in Luxembourg will mission and the German banks intere&i to the German nominated in DM and 43 per 
mo the general part of the thcrusetves. Luxembourg’s- claims authorities because the German cent in dollars. 

. . -ports of their external auditors to complete sovereignty over its banks do much more of their in- The holding company which 

■ the German banking authori- bunking affairs has been .one ternatiooal busines through their Deutsche Bank set up in 
es. giving the same information issue involved. However, it is Luxembourg offices than else- Luxembourg the previous year 
many respects as their mother generally accepted among where. The Internationa! and uses for- warehousing inter- 
impames would .give in German banks that any problems business was relatively nnimpor- national securities currently has 
ermany German banks empha- suffered by German -banks jn tarn to German banks until re- holdings of some DM" 32O»330m 
se however,, lhai in no cir- Luxembourg would have to be cent years but has recently been arid' has not been substantially 
imstances would any names of picked up by their mother com- growing fast not least because different in size during the last 
omdiia! customers of what- panics in Germany and that lor of economic stagnation at borne, year.’ The holding company is 
■er size be mentioned in these Ibis' reason the German authori- The question of control by financed by Deutsche Bank's 

P&ris ' ties have a right to some lnfotma- the German, authorities of Luxembourg aub subsidiary. 

The information given is ex- tion. Luxembourg operations was one • The profit of Deutche Bank 

.■cied to include a break down At one stage the possibility of of the issues discussed at a Companie Financiere Luxem- 

** maturity of assets and a levy on Luxembourg banks to Press briefing by senior officials bourg SA rose by approximately 
.. ibilities. uncovered foreign create a fund to cover- against of the Deutsche Bank in 20 per cent in the year ending 
■change positions and a break- potential defaults was under Luxembourg at the end of last September 30 from I.iisFr 50Sm 
** n ? n u 3 rDuntr - v : by-country discussion but this possibility is week. The latest annual figures in 1977, AP-DJ reports from 
isis of the international lend- now dormant for Deutsche Bank's Luxembourg Luxembourg. 

Tir.v • 

I* Vi; 


Canon warns of slight 
setback for full year 


BY YOKO SHIBATA 

CANON, the Japanese camera 


TOKYO, Oct. 16. 


Canon raised its consolidated a gain of 14 per cent. The parent 
and business machine concern, net profil in 1977 by 33 per cent company covered exchange losses 
maintained a. double figure to ^ 27 per on exports by measures such 
growth rate In both consolidated JJJ ^ VcTfncome “nr^WTof as rai ' slhe M *° rt < jrK ’ es and 

profits and sales in the first half ;,br.ut YS.33hn. ihongh it expects rationalisation. In spile iff U o- 

of the year, although expanding sale., to rise by S per cent to favourable business conditions 

Jal a substantially slower pace about Y210bn. surrounding the camera industry, 

than in 1977. For the full year, it Profits per share in the first the company raised its domestic 
Cxpccls a slight fail in profits, half were Y46.3, nr 52 per cent sales by 10 per cent to Y3X.fchTi. 

Profits for the first half higher than on a non-consolidated helped by strong sales of the 
advanced by 10.8 per cent to basis. AE-1 camera. Its overseas lia 

Y4.9bn <$26.3nil. from the level Canon's stronger earnings in hilities, such as foreign-currency 
for the corresponding period the six months were attributed denominated bonds. brought 
last year, on sales up 12.4 per chiefly to its sales overseas, exchange gains' of Yl.abn as the 
cent to Y105-3bn ($563nii. which amounted to YS8.5bn for yen rose in value. 


Carpenter forecasts upturn 


SYDNEY, Oct. 16. 


Banca Catalana restructures 


BY DAVID GARDNER 


BARCELONA. Oet. 16. 


to 


individual shareholders, in . an The integration is likely 
attempt to build up a sizeable involve the redeployment of 
holding in the Catalan group, staff, but the president of 
A last-minute intervention by Banca Catalana has denied that 
Catalana foiled the bid, but the it will involve redundancies as 
group would still remain had been reported in the Press 
vulnerable, particularly .in view here. 

of the attractive prices Wing Meanwhile, it has been 


e Spanish banking system, the "^8 seven” national banks this 


fV.» 


VTALONJA'S MOST important 
oup of commercial banking 
teresls hasetl on the Banca 
kialana is to initiate a process 
gradual integration over Ihe 
•.xt six months. Although in 

te with the general trend _ .. MWl 

wards consolidation throughout .'announced that another regional 

bank, tbe Banco de Levante. 
had been acquired by the Liga 
Financiers. The Liga Financiera 
is a financial group in which the 
Garrigues family — one of whose 

Ipitfi-rdi Pujol, the leader of tbe regional shop window 'for its members is the present Minister 
’“Lvu;talan nationalist . minority in national operations. ' . .of 

jrliament. consists of the Banca The new group will have gross of which is the 
«»l*na. its industrial arm the deposits of some Pta 136bn Ford Espanoja 

(USSl.8bn) leaving it just 
within reach of the -national 
banks. It is believed that . in 
the event of fusion, the group 
will retain Ihe liceocc of the 

Banco de Barcelona- which . _ 

in May. the Martrifi-ba^efi would take over responsibility Lisa Financiera. The new entity 
m.*sa Grourt r-indt* ptiv'ate fnr a specialised area of the , will have deposits worth 

of group’s business. - Pta 24bn. 


jve is largely seen as a pre- 
ntative measure against at- 
npted takovers. 

The Catalana group, put 
.gether by the family of Sr. 


nen Industrial de Catalunya, 
d . three smaller entifies-includ- 
; the Banco de Barcelona. t T p 
fll now the structure of the 
urn's equifv had left it 
■Voscd to oir*-ide b’rR 


proaches to a series 


year. 

The Banco de Santander for 
example has paid more than 
generously for two banks here 
in an attempt to acquire a 


president of 
and former 
Minister of Justice — has a 
controlling interest. 

The Banco de Levante will be 
integrated with the Nuevo 
Banco, founded five years aso 
and bought last year by the 


Vienna savings 
tank opens 
vfilan branch 




3ir.j 


y Paul Lendvai 

VIENNA, Oct 16. 


Generate Oecidentale lifts 
net profits by 18 % 


BY OUR FINANCIAL STAFF 


HIGHER PROFITS- and divi- wbit 
deads :,fo£ tbe year tended. ^Junr'— — 


GO had unveiled interim 


Demag’s nine 
month sales 
rise by 9 % 

DUISBURG, OcL 16. 
SALES OF Demag AG, Ute 
heavy engineering arm of the 
Mannesmann group, are 9 per 
cent ahead for the first nine 
months of 1978. 

A spokesman declined la 
give absolute sales levels, but 
said world-wide order inflow 
was np 10 per cent aided by a 
17 per cent jump in domestic 
orders compared to a 6 per 
cent rise In foreign orders. 

Orders for the company's 
plant construction division 
rose by 20 per eent In the nine 
month period. 

Less positive, with only a 

1 per cent order rise, was the 
demand for standard products 
such as machine building and 
hydraulic products. 

Last year, sales rase by 9 per 
eent «n DM 2.32hn. larsely due 
to D'-mai’s export business. 
Orerseas sale* in 1977 rase bv 
13 per eent with domestic turn- 
over marine ahead by Just 

2 ner eenL 
AP-DJ 


Swiss canton 
bank lending 
beyond limit 


M ^ T ! By John Wicks 

i '2'"VTEN^'A-b-i?€& ''savings! fa^'ur^aTinou'ncccf by r.enfcr'il?‘ 5t The company, which controls! ZURICH. Oet 16. 

_k. Zentralsparkasse derl Oecidentale. the French foods, the Cayenhpm Foods group ini DUE TO the granting of loans 
■i pintle Wien, has recentlv financial group • headetiby the UK as w.ell as Grand Union and guarantees beyond the 

ned a renresr-mative atRvi- in ' S,r „ ” ames Goidsmilh. in the U.S. and . Genera le - - - 

an ■ After VdX ' c and " tnmarity . Alimenlairc ih France, recently 

an- making it the hr!,t iltlI erests. profits emerge at proposed that a significant share- 
rtrian hank to enter ihelFFr 102.4ni (USS24.1m) com- holding in GO ’^e transferred to 
i an market. [pared to FKr S6.5ra. a rise of IS the Hong Kong group’. General 


Setback for SBC fund 


. 'W director general of S sharTm v 

• trafcparfcasse, Dr. Karl Vak'FFr 10™. >F : 8 " 5 - ^ 10 • Sharply higher profits are 

.- ssed at the opening that the) Parent company profits last f °» r *A? ,C _ firsT | . half " f 

.n function of ihe Milan office [year were almost doubled at 0y L Air - Liquide, tbe 

. be the forging ol contacts ) FFr after tax. against French producer of industrial 

#een companies' assistance' FFr 21 - 5m - Half-way through the gases. For the six months, pre- 

tbe sroup reported a net tax profits emerge at FFr 239.9m. 

. the s.ttin 3 -up of subsidiaries p ro fit of FFr 52.3m: there was The figures are. however. 

'wiian or in Vienna and sup- [ qo comparatfve figure since this declared before “write-offs and 
■ r for the firms with regard , constituted the first occasion on provisions.** 
legal, tariff and transport 
Moms. 

' he office is not allowed to en- 

• e in banking business and!' 

• 'Vak added that ihe experi* 
es ro be gained in Italy wll 
J.-tho bank to decide whether 
jpen further foreign offices, 
iusiria's largest savings bank 
Sets art intensification of 

. dro-ltajian trade. Italy is the 
>nd iaTgest . market for 
itria with a share of 9.1 per 
t in aggregate exports but tbe 
■'Irian share compared to Ger- 
?>' and Switzerland is rela- 
4y small, 

lirthermore. Austrian sales 
enneentrated in a handx'uJ of 
Defies: timber, iron-steel, 

le. meat and dairy products. 
r> there is ample scope forj 
*.hcr expansion, Mr. Vak; 

?h3sised. 


BY OUR OWN CORRESPONDENT 


ZURICH, Oct- 16. 


A GROSS dividend of SwFr II during the year. S’ fhillScMhlet total 

per certificate is to be distributed This setback is attributed both f el i «iiphtiv law from 

by Intercontinental Trust, of to currency losses and to “pre- gjp_ an ofim to SwFr 5^?ra 

August. for the year eDded rs ana us 


peimitted limit, the Nidwalden 
Cantonal Bank of Switzerland 
has run into difficulties. Its 
losses are put at several millions 
of Swiss Francs. 

Both the Canton of Nidwalden 
and the Association of Swiss 
Cantona] Banks have expressed 
their support for the troubled 
bank, which is next to the 
smallest of tbe Cantonal banks 
in Switzerland. The Cantonal 
Government is to guarantee tbe 
future operations of the bank. 

Internal reserves of the bank 
are “either used up or. .at least 
heavily burdened.*' while pub-.] 
fished reserves of the bank are 
affected. according to an 
auditor's report. The bank 
whose headquarters are :n Stans, 
is said to have unbacked 
guarantees and loans equal to 
more than the legal maximum of 


BY JAMES FORTH 

CONTINUING PROBLEMS with ary dividend has been held at The board added that this year 
property investments resulted in 115 cents a share, requiring an there would be a departure from 

W. R. Carpenter Holdings, the unchanged A$4.97m. * — J * 

island trader and diversified 


normal practice and a quart erly 
The result was after an report would be provided at ihe 
i-j increase in the equity profits of annual meeting in November, 

industrial group, e *™ ‘ n 8 only ^^ IK .j ilt od companies. from which it was expecied would sub- 

AS335.000 (U.S.?391.(mXi i in ihe ASR41.000 to A.S1.49m. This staniiale the recovery in profit- 

year to June 30 compared with rcilecied an increase in the ability. There were already 

a record profit, of AS 10.3m in shareholdings in the paper positive indicators of improve- 

1976-77. merchant and food group. Dalton ments in results of the main 

The result was after a special Brothers Holdmcs. now being problem areas, 

provision of A$8.56m by the wholly acquired ’after a protrac- Since June, properly sales con- 
finance company niib-idiary for led takeover bailie tracts totalling more Ilian A $3. 7m 

Revenue for the year rose had been settled with a fun her 
almost 15 per cent, from ASlm pending, while loan 
AS t ?K »m to As'MSm. liquidations in the same period 

The directors forecast a stron2 amounted in AS2.7m. 
recovery in prnfiiahiliiy for the The spinning division was 
current vear and said this would expected lo maintain pmfii- 
he assisted hv the acquisitinn of ability following ihe Federal 

AS7.05m reflecting losses in the Dalton Brothers. The weaknesses Government's action nn import 

apparel division and continued in corporate performance had quotas for some textiles, while 

setbacks iD the Fijian opera- been identified and corrective the wine division had a busy ypar 

lions. action taken was already being extending its range of products 

Despite the setback the ordio- reflected in results. and its market penetration. 


of real 
doubtful 
provision 


losses oo realisation 
estate projects and 
debts, and follows a 
Of AS1.25m in 1976-77. 

Without these provisions ihe 
trading profit still plum-ed 40 
per cent, from' A$11.77m to 


Oil ratios delay Aramco deal 

BY OUR FOREIGN STAFF 

SIGNING OF the agreement on fee, invest their risk capital in market conditions brought 
Saudi Arabia's 100 per cent lake- exploration and lift the bulk of Aramco 's exports in July down 
over of Aramco-— the Arabian the crude. Saudi Arabia has not to 6.5m b/d. and though there 
American OH Company— -is being displayed much urgency over was a slight im prove m-'nt in 
held up by problems over the signing the agreement but the August the companies think the 
working of Saudi regulations on companies would like il to be eight-month average of fi.9m h/d 
nil production ratios, according finalised in order to end anoma- too dose to the limit for com fort 
to the respected oil journal. Pel- lies over their UA tax positions. The ratio ruIes affect some 
roleum Intelligence Weekly. The companies are entitled to : . . , 

The agreement, which was 7m barrels per day. and are element5 in th ^ Aramco lakeoxer 
reached in March. 1976. but never penalised if lifting drops below agreement and these may have 
signed, would increase Saudi 6.5m b/d. But last spring Saudi to be recast according to P1W. 
Arabia’s stake in the company Arabia instituted restrictions The companies have indicated 
from 60 to 100 per cent. The reducing annual exports of their concern over the ratios to 
American companies — Exxon. Arabian light crude to 65 per the Saudi Government. How- 
Texaco. Sooal and Mobil — would cent of rota! exports. The need ever. P1W says that the agree- 
continue to run oil production to lift more heavy mide which ment will “probably" be signed 
for the Saudi. Cavern ment for 3 is -harder to sell in current by the end of the year. 


The investment fund, which is amouuted at the end of August 
administered by the Swiss Bank lo SwFr 43.6ra against 
Corporation (SBC) affiliate SwFr 57.4ra a year earlier, with 
Socieie Internationale de 65.6 (76.9) per com of assets in 
Placements, recorded a fall in the form of shares and con- 
net profits from SwFr 13.79 lo vertible bonds and 20.S (15.8) 
SwFr 11.80 per certificate per cent in straight bonds. 


isurge at Bouygues 

brh construct ion group 
issues reports nearly doubled 
■; profits With a rise to 
' 25.18m (U.S.SH>.5m » From 
' 13.41'm Tor the first six 
■llhs of 197S, writes our 
anrial Staff. For the whole of 
;year. the company estimates 
1- sales will increase by a 
'-d. to FFr 4bn. 


Lucas signs Iran deal 

THE LUCAS Industries subsid- the Paykari, the Iranian version 
iarv Rists Wires and Cables has of the Chrysler Hunter car. of 

£ “«r ™Re*n n JZ 

agreement with the R«a Mauu- National, 
factoring Company of Mash ad, Iran National recently reached 
Iran foe the manufacture of agreement to build about 100,000 
vehicle electrical wiring Peugeot SC5 models a year by the 
harnesses. early 19S0s and Rists also hopes 

Reza supplies all the wiring for its wiring systems will be used. 


loans mainly concern two local 
manufacturing companies, to 
which the sums were granted in 
order to retain jobs. 


Dividend up 
for Guinness 
Malaysia 

By Wong Sulong ' 

KUALA LUMPUR, Oct. 16. 
GUINNESS MALAYSIA Be r had 
has again achieved record annual 
profits in spite of its unsuccess- 
ful anempt to gain a foothold in 
the competitive beer market in 
Malaysia and Singapore. 

Pre-tax profits for the year lo 
August rose from 15.5m ringgits 
to'20.6 ringgits t U.S.S9-3mj. with 
sales rising Trom 111m to 130m 
ringgits (SU.S.58.5m». 

After tax. the profits stood at 
10.8m ringgits compared with 
8.7m ringgits the previous year. 

A final dividend oF 23 per cent 
is declared making 3S per cent 
for tbe year, compared with 34 
per cent previously Shareholders 
are also to receive a one-for-two 
scrip issue, to capitalise on 12m 
ringgits from reserves and 
revaluation of assets. The new 
scrip will not be eligible for the 
final dividend. 


Abercom share proposal 


BY RICHARD ROLFE 


JOHANNESBURG. Oct- 16. 


Libya and 
Pakistan 
start joint 
company 

By Chris Sherwell 

ISLAMABAD, Oct 16. 
PAKISTAN AND Libya have 
agreed to establish a holding com- 
pany with an auibnrised capital 
of s’lOfmi to invent in agriculture 
and industry. The move is 
regarded as a sign of the close 
relations between the rwo Muslim 
countries. 

The two governments will pro- 
vide- the authorised capital on a 
50-50 basis, with Libya supplying 
$50m in ihe form of foreign 
exchange and Pakistan furnish- 
ing r he equivalent in rupees. The 
company will become an 
im purl am source of foreign 
exchange in Pakistan, where most 
of the investment will take place. 

Part of the first instalment of 
SlOm which will be made avail- 
able within the coming month is 
earmarked for the establishment 
of' a joint Libya-Pakistan ship- 
ping company and the formation 
of an investment banking 
corporation. 

According to Mr. Mohammed 
Nawaz Khan of the Pakistan 
Finance Ministry, who signed the 
company documents in Karachi 
al (he weekend, with Mr. Kiari 
Ahmed uf the Libyan Ministry of 
Industries, the company will also 
invest in fertiliser, sugar and 
other industries. 

Il is hoped that the new com- 
pany. known as the Pakistan- 
Liliya Holding Company, will be 
able to rai^e capital on the inter- 
national markets, taking advan- 
tage of Libya's high rating. 
Investment will be primarily in 
Pakistan, but Mr. Nawaz said that 
good investment opportunities 
anywhere in the world would be 
considered. 

It will he up to the Board of 
directors — which has six 
members, three from each 
country, and a rotating chairman 
— to decide whether to take full 
control of projects or companies 
or only a controlling interest. 
The first chairman will be Mr. 
Kiari Ahmed, whose term of 
office will last three years. 

This is the first holding com- 
pany of its lyne for Pakistan, hut 
the Government is also negotiat- 
ing the establishment with Saudi 
Arabia of a similar company. 


ABERCOM INVESTMENTS, the term funds. At the June 30 year- 
engineering group, has circu- end. the debt-equity ratio was 72 
larised shareholders calling a per cent and short-term burrow- 
meeting on October 30 to sane- ings amounted to 42 per cent uf 
lion an increase in its authorised the R29m total debt. At the 
share capital and the conversion present share price of 196c, the 
of R600.000 ( U.S.S697.000 ) of group is capitalised at R2Sin. 
unissued authorised preference Although no details have been 
share capital into equity. U finalised, banking sources believe 
approved, the proposals will that Abercom plans an RUnn 
enable the issued share capital issue of convertible debentures,! 
to rise by about 4m from the probably handled by Senbank.J 
present 14m shares. the merchant bank. The mostj 

The Board considers that it will recent convertible, by the fumi- 
be prudent, in due course, to tun? group. Russell Holdings, 
raise long-term equity-based carried a coupon of 11.5 per cent. | 

finance for the company in order but wilb the continuing drift | n shares will u.‘jse as of October 
to reduce short-term borrowings, interest rates, Abercom should he 
and maintain a balanced financial able to command slighily finci 
structure between long and short terms. 


Shareholders 
approve Triad 
bid for SPP 

By Our Own Correspondent 

HONG KONG, Oct. 16. 
THE TAKEOVER hid by a sub- 
sidiary of Mr. E M Khashoggi's 
Triad Holdine Corporation for 
Southern Pacific Properties 
tSPPt in which the Saudi 
businessman already has a stake, 
has won shareholders' approval. 

Shareholders of Southern 
Pacific have vnmd in favour of 
the HK SO cents a share offer for 
SPP made by Barriek Invest- 
ments. a subsidiary of Triad. 

At a meeting convened by the 
Supreme Court here — the offer 
was made through a legal scheme 
of arrangement — holders of 
6S49tn SPP shares voted in 
favour of the scheme and holders 
.il 241.666 voted against. 

The formal petition to sanc- 
I lion the scheme is expected to be 
i It card on October 24. the com- 
pany said- Trading in SPP's 


20. 


Hong Kong Bill details 
controls for quasi-banks 


Elbit plans share issue 

By L Daniel 


HAIFA, Oct. 1?. 


ELBIT COMPUTERS jn which offer 2.621.269 registered ordi- 
El ran Electronic Industries of narv l£5 shares l*> present share- 
Haifa holds a 42.8 per cent take holders bv wav of rights issue 
and Control Data Corporation and 246.000 such shares ro its 
one of 51.2 per cent, has pre- employees. The terms on which 
sen ted a draft prospectus to the the issue are to be made have 
Tel Aviv Stock Exchange for a noi vet been announced 
first issue of sbaTes to the public. Elbit. which makes minl- 
Thts wJM consist of 11.2m 


registered . ordinary shares of 


computers, reported a net profil 


BY ANTHONY ROWLEY 


HONGKONG. Oct- 16 


Rarrick's SO cents a share offer 
cum pan-' with a net tangible 
asset value uf HKS 1.25 a share 
r*»r SPP nTter a prr.nnriy revalua- 
tion which effectively measured 
ihe company's a««cis on a liquida- 
tion basis. SPP's shares are 
trading at just under the St) 
cents offer price and have moved 
tip sharply since the share 
quotation was restored recently. 

Of the 91.1m publicly-held 
shares in SPP. a total of about 
47 per cent is owned by Penin- 
sular and Oriental Steam Naviga- 
tion Company. Trust Houses 
Forte and the J. G. Boswell Com- 
pany. all uf which said at the 


:£1 nominal value each and 640 f0r year ended March 31 of 
registered ordinary shares of I£19-3m against ini.Bm on a 
If 5. turnover of !£373~m compared 

In addition, the company will with I£222m. 


JSTRIA’S SKI MAKERS 

The case for more integration 

,1Ng is not only the most winter Olympic games which exchange markets, particularly rankings — after Ski Rossignal of produces 650.000 pairs of alpine 
ular national spurt in Austria provides the basis for the against the U.S. dollar, coupled Frapce and the Austrian Fischer and 250.000 pairs of cross-cnuntrj 
also the basis" for an impor- emergence of the Austrian with stagnation on the domestic group — and a share of 25.5 skis was, for example, adversely 
t economic -arm. The industry as number one in the market has - sparked off intense per cent of the Austrian market, affected by its failure to produce 
Leslie ski industry, which is highly competitive world of ski competition and tendencies lo Less than 10 years a£o Mr. A. the so-called *' compact" model, 
med to be the largest in the manufacturing.. Output rose by price cutting among the Austrian Rohrmoser, the owner only pro- This year the producers will turn 
id. accounts for more than 16 per cent in 1976 and last year manufacturers. There have also duced some 40.000 pairs, out a “mid-ski." a mixture of an 
per cent of world output and jumped by 71 per cent to 2.5m been signs oF increasing inte- Evidently, tbe fact that Miss alpine and compact model. 

especially dominant among 7— — .. — 1 - ■' ■ ■■ ■■■ 1 ■ The competition among the 10 

higher price ranges. One with some 250 separate companies producing sltf equipment, the fragmented Austrian skiinduslry domestic producers is likely to 
; °f every two pa|« of ig ripe for a furt j, er round or rationalisation, argues PAUL LENDVAI writing from Vienna. This lo * d ^ year to more industry 

torn tta retatlvdl ? car curren '/ ^ J 01 * 5 aIe r ' ttrictlDg s<!fiog prices,, and earning growth is Uggtog hehlui the SSSE'SStf .IphS’Sfcf., the 
-n ~ “ lncr^fls^ id aemaotL * 


A TIGHTER system of official mation that may be required.' 1 
controls over the deposit-taking the inspect ion i>f the books of 
companies forming Hong Kong's deposit-taking companies, and a 
qu a si-hanking sector was an- requirement that such companies 

nounced hold a minimum proportion of 1 : lVl „ .v,, 

, The move «* for«h:, (lowed liquid esseh. in relalion to their] in favciur " 

in a speech earlier last- week b> deposits. 

the Governor. Sir Murray The Bill was published Iasi 
Maclchnse. wh«» soul that .0 Bill Otnunisswner uf Winking lu hold 

the new pus! of Guminissiuner or 
Lbqiosil-takinc Companies and tu 
be responsible for the new sys 
tern of. riel ailed supervision. 

A Government spokesman said 
that the liquidity requirements 
would- not - be defined or 
introduced until there had been 


would be introduced into the 
official legislatin' Council, pro- 
viding for a system of prudent 
supervision over Hong Kong’s 
234 riepo c ->.i,ikim.’ companies. 

The Bill was published 
in the Government Gazelle and 
implements decision announced 
by the financial secretary. Mr. 


Phillip Haddon-Cave. to the an opportunity to examine the 
Legislative Council earlier this monthly returns over a period 
year. of lime. The annual registration 

Supervision of the deposit- fee fur deposit -taking companies 
takins companies will be along goes up meanwhile from 
similar lines lo that already HKSIO.OOO to HK$30,000 
applied in hanks licensed under tUS!S6.3S2». 
the Banking Ordinance and will Stricter controls over the 
amend tbe Deposit Taking Com- deposit-taking companies follows 
panics Ordinance of 1976. slurp growth by the companies 

The amendments provide for in the sector, whose total assets 
detailed monthly returns by now exceed HK$25bn compared 
deposit -la king companies and with about HKSS.fibn by the 74 
“anv other more detailed infor- licensed banks here. 


THE LONG-TERM 
CREDIT BANK OF JAPAN, 
LTD. 

Negotiable Floating Rate 
U.5. Dollar Certificates of 
Deposit 

Maturity Date 20th October 
1980 

In accordance with the provi- 
sions of the Certificates of 
Deposit notice is hereby ^iven 
rhat for the six-month interest 
period from Iflch October. 1978 
to 18th April. 1979 the Cerrifi- 
cStes wiM carry an interest Rate 
of ten and nine sixteenths per 
per cent, i 10i1 ? 0 ). 

Agent Bank 

Manufacturers Hanover Limited 


*11. central European country, 
lore are some. 250 Austrian 


last winter season were down by 
5 per cent, although this estimate 
industry. Moser-PreelL the greatest woman however was disputed by the 


apanies which turn out a wide pairs of alpine skis worth gration within the . . 

ge of winter sports articles Sch 2bn ' (U.S-S148ra) and to Atomic of Salzburg is the first stt champion ia Austrian history manufacturers, 

lading over lm complete ski 681,000 pairs of cross . country Austrian ski company to embark has been using Atomic- skis Durinng the first six months 

dings and almost 15m pairs short skis worth Sch 340m. on the takeover of a foreign played a great role in the emerg- this year the Austrian output of 

"ski and climbing boots per About 80 per cent of the producer. Dynamic oF St. Etienne ence of this company as a market Alpine skis was up by 7.8 per 

Pun. But the structure is. output was exported, last year in France. leader. c*nt compared to ihe same period 

ainated by the ski mam:- with earnings reaching an all- The Austrian . company The takeover of "Dynamic in 1977 to 1.3ra pairs with half 

Hirers whose business in time high of Sch l.7bn- Some acquired for Sch 100m (ia addi- helped to make the Austrian Of it exported. The output of 

0 also depends on tbe 2m pairs of Alpine skis accounted tion to undisclosed commitments parent company competitive at a cress-country skis rose to 421.000 

sess of such world-famous for Sch L42bn. The largest regarding accumulated losses* SO time of shrinking domestic mar- pairs with 217.000 sold abroad. 
Strian champions as Miss European markets are 'Germany P er cent of the capital of ket. French costs were below But the prices have held rela- 

ser : Proell or Mr. Franz (Sch 406m j and Switzerland Dynamic last year. Output of the Austrian JeVeL while Aus- lively steady and ihe growth in 

ranter who in the last winter (Sch 270m) in tbe U.S- Austria the French .subsidiary this year trian know how also reduced the eaniiags is lagginS behind -that 

'son once again ranked as -has increased its market share doubled to I50.00Q pairs and ture of one pair of skis from four of sales. Thus, the pressures on 

liber one in the downhill from 28 to 36 per cent with should eventually reach- 220.000 to two hours. profit margins are likely to 

os; 492,000 paics, ..worth Sch 270m pairs. In Austria Atomic will Ibis Meanwhile, ' the domestic pro- increase. All this is expected to 

t is the massive international sold las! year. year turn out 800,000 pairs. dticers are faced with rising give an added impetus (0 the 

hliciiv, . particularly the However, .the steady apprecia- The company claims to take demand for new models- The tread towards concentration in 

ferage of World Cup races and tion of the schilling in foreign the third place in the world ski largest company .Fischer which this important domestic industry. 



Banque Nationale d’Algerie 

US$30,000,000 
Floating Rate Notes due 1982 

Banque Nationale d'AIgerie (“BNA”) hereby gives notice in accordance with 
the Terras and Conditions of the US $30,000,000 Floating Rate Notes due. 1982 
issued by BN A. that the rate of interest for the third interest period running 
from 17th October, 1978 to 17th April, 1979 has been fixed at 10 [ j %. 


By:- Kuwait Investment Company (SA.K.) 
(The Fiscal Agent for the said Notes) 


17th October, 1978 



Ssr 


Financial Times Tuesday October 17 1978 


WORLD STOCK MARKETS 



St. falls 22 on interest rate worries 


Indices 

NEW YORK-dotvjon-es 


I N \TSSTM ENT HOLLAR 
PREMIUM 

S2.6U (o £1—791°., 180! "ul 
Effective SI. 9890 3?'% (37;<7,1 


FRESH WORRIES over ruins 
rates coupled with disappointment 
about Consressional action on inc 
Inx and enemy Hills sent wiill 
Sired into its steepest fa" in 
almost four years in niodei'aie 
acti» ily ye-at-rtluy. 

The Dow .tones Industrial 
A\ erase, after touclimv a low for 
the dav of *74.39. closed a net 
21.92 down a) S7."i.l7. its larue-t 
one-da v fall since November t?». 
1974. TTte .WSE All Common 
Index retreated 1.13 to S-ii.SO. 
while declines predominated oicr 
cams by 1.374 to 2*19 1 £jdins 
volume picked up li> 24.. 4m 
shares from last Friday s m" 
level of 21 .‘.i 2 m 

Tlie Federal Reserve Into lust 
Friday increased U> Discount Rate 
from S per com in a record V- 
per cent, raisin" the threat or a 
new tightenin'’ of credit policy by 
the Fed. A Prime Rate increase to 
10 from Stj per cent spread 
through ihe banking industry on 
Friday. Investors are worried that 
nsins interest rates 
economic e.vpa iision jnd possibly 

lead m a recession. 

Analysts stun trader.- were fur- 
ther disappointed when the Dis- 
count Rate boost failed m 4Pj! r * 
any new life in the dollar, which 
lost nmre croui’.d and fe" fn ;i 
new record low :main>i the 
Deutsche .Mark yesterday despite 
the realignment on the joint cur- 
rency Hoot in Europe. 

The Federal Open Market uom- 


tninee nieeis today and analysts 
are expeenns further if/edit 
ucrhtenine to result. 

Investors showed disappoint- 
ment that U>e las Bill did not 
provide more relief, especially in 
the area of capital pains. They 
also indicated disillusionment with 
the Energy - Bill, which was far 
weaker than originally sought by 
President Jimmy Carter. .The dis- 
appointment sent many' institu- 
tional investors to ihe sidelines. 

Glamour and Blue Chip issues 
were especially h.ird-it. IBM. 
which introduced a new machine 
combining an electrocardiogram 
with a small computer. Mill fell 
s7 to 8279. Boeing, despite more 
747 jet sales lost 31 to Sfi.ii. 

Du Pont receded 3! to $132. 
Honeywell 2ft to SSHi despite in- 
creased third-quarter profits. 
SniUbklinc $3 tn SS9j. Johnson 
and Johnson 12 to $80; and 
.Merck li to 80 S;. Warner-Lambert 
managed to close unchanged at 
*28; after higher third-quarter 
earnings. 

Ramada Inns, the tendins active 
>hed 3 to $12. while Caesars World 
declined U to S41L The New 
Vorh SE reduced margin require- 
ments on both In 39 per cent. 

Citicorp, the second most active 
issue, lust U to $272. and UAl. 
shed S2 to $37: in active trading. 
LTV slipped 1 lo $lt»:. hut Lvfces 
.idded * at $111. Their Boards 
have approved a merger agree- 
ment. 

Coming Glass reacted SJ to 391 
■■Hid CPC International li to $32! 
tn spite of improved third-quarter 
net profits. Flintkotc. however. 


added i at SSSJ on better third- 
quarter resit us. 

THE AMERICAN SE Market \alue 
Index sustained a setback of 2.98 
to 1U7.S3 on volume of 3— 9nt 
share? l3.Hni>. 

Snnderlins Broadcasting w as a 
firm exception, rising J to S24J- 
Viacom International ha h 
cned its bid for Snnderling to S-b 
a share from $23.30 Viacom, on 
the New York exchange, lost 1. 
tn S2«i. 


Canada 

Stocks moved sharply lower 
over briiad front in another active 
business. 

Analysts attributed the decline 
in pan to the Bank Rate increase, 
announced Iasi Friday- and noted 
that the market was due for a 
correct inn after setting a record 
hicli last week. 

The Toronto Composite Index, 
down 32.7 at 1.290.0 recorded Us 
largest decline since November 
1H. 1978. Metals and Minerals fell 
44.7 to 1,149.1. Oils and Gas 41.7 
to 1.882.3. Golds 13.8 tn I.fiW.J*. 
Bank; S.73 to 392.28. Utilities 3.9k 
to 192.39 and Papers 2A8 to 
153 IK». 

Alcan Aluminium foil 2. to 
$391. Purl tic Petroleum CS2^ to 
C$43. Falconbridge Nickel "A" * 

».n C$341. Cnininco IJ to C$32! and 
Canadian Pacific I! to C$23}. 

Tokyo 

.Market moved sharply Forward 
in active dealings, led by issues 
with good earnings prospects. 

The Nikkei -Dow Jones Average 
rose 45.89P lo a new record post- 
war high of 3.797.08. The Tokyo 


SE Index advanced 1.77 to a 197$ 
peak or 438.11. while volume 
reached 400m share*. 

Canon rose Y14 to ' 4:js, 
benefiting from higher profirs, 
while also prominently firmer 
wore Iseki Agricultural .Macfii- 
nerv. up Via at Y27y. Komatsu 
V32 stronger at Y3f". and Ikuzii 
M otor. Y31 higher at Y401. 

Toray gained Y8 at Y14S. Fuji 
Photo Film YS at Y543 and Nissan 
Diesel Y10 at Y43n. 

Against the up' rend, however. 
Chimin declined Y20 to Y410 and 
Victor «»f Japan YtU to Y 1.130. 

Germany 

In a continuation of last 
Friday's upsurge. Bourse prices 
mainly moved higher, taking the 
Commerzbank index up 4.1 more 
to a fresh eight-year peak of 

Dealers said the revaluation of 
the Deutsche mark within the 
European joint currency float had 
no etfeef on trading, and no 
downward trend could be noted 
among export- tn tensive issues. 

Easier exceptions to the general 
uptrend, however, occurred in 
Department Stores and Motors. In 
the latter sector. Daimler Benz 
receded 4 to DM 331 and olks- 
wagen 1.80 to DTI 244.20. but 
Mercedes rose DM 1.30. 

Deutsche Bank advanced DM 2. 
while Bayer led Chemicals ahead 
with a DM 1 gnin. Siemens rose 
DM 2.30 in Electricals. 

Public Authority Bonds 
recorded losses ranging to 
20 pfennigs with the Bundesbank 
selling DM 0.8m nominal of paper, 
compared with last Fridays pur- 


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EUROPEAN OPTIONS EXCHANGE 


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BASE LENDING RATES 


A.B.N. Rank 

Allied Irish Ranks Ltd. 
American Exjirehs Bk. 

Amro Bank 

A P Bank Ltd 

Henry Anshacher 

Banco de Bilfian 

R.mk or Credit i Cinci*. 

Bunk or Cyprus 

Bank of N.S.W 

Ranriue Beige Ltd. ... 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd.... 
Brcmar Holdings Ltd. 
BriL Bank tif .'fid. East 

I Brown Slupley 

Canada Perm" t Trust .. 

Cavzer Ltd 

Cedar Holdings 

I Charterhouse Japhet... 

ChmilarJnns 

C. E. Coates 

Consolidated Credits... 

Co-operalive Bank 

Corinthian Securitie? . 
Credit Lyonnais 

r;ti ncan I.awrie 


1U 

10 % 
10 «r. 
10 ‘Ti 
10 “i' 
10 

HI "o 
10 "T, 
10 T, 
10 T, 
Ml •{, 

10 »«V. 
]0 *7, 

11 c, 

11 *7i 

10 'T. 

10 *r. 

1° Ti 

10 °r> 
10 “ 7 . 

in '7, 


■ Hill .Samuel --M0 % 

Htiare & Co T 10 % 


11 

10 

10 

10 

12 

10 

10 


Julian S. Hodge ... 

Honakunv & Shanghai 
industrial Bk. of Scot. 

Ki.-v-er UIJmann 

Knfi-.vsley & Co. Ltd — 

Lloyds Bank 

Lon dun .Mercantile ... 
Eda.-ird .Man son & Co. UiTi 

.Midland Bank JO % 

Sanitie! .Montagu 10 °Ti 

[ Morgan Grenfell 10 

National Westminster 10 ^ 
Nurwieh General Trust 10 % 

P. S. Ref 1 . on & Co 10 % 

Ri'.'.'ininster 10 ‘'k 

Rm> a! Bk. Canada Trust 10 °Ti 
Sft-hlesinger Limited ... 10 'T, 

E. S. Schwali UJ1 

Si.- t -uriiy Trust C«. Ltd. 1 1 '■ « 


The Cyprus Pr-pular Bk. in 


Eagit Trust 
Kn-jlish Transcnnt. .. 
First Nat. Fin. C«rp. .. 
Firsl Nat. Secs Ltd. .. 

V Antony Gtbh- 

Greyhound Guaranty . 

Grindlays Rank 

■ Guinness Mahon 

■ flamhrns Bank 


in 

11 

1 1 ; T. 

ii 

10 , 

10 T. 

.tin c, 
10 'T, 
in 17 , 


Shenlev Trust 
Standard Chartered ... 

Jr:ide Dev. Bank ... . 
Truster- Savings Bank 
rwentieth Century Bk. 

L'nifed Bank of Kuwait 

Whites way Laidlaw ... 

W"! I lams & Glyn's .. 

Yr.rkshire B3ok 

of 1 he Accenting 
i.ACim'i:. ■ . 

l iiincih d.'aoMis 


11 
io 

in «r. 
10 % 
n 

10 T> 

10 ^, 

10 

IlOUWR 


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n- T 11.1 rfrn"ftn>* I ' 


■iiinift nf Ein fkw 

up m T;-/. 


Chases of D.M 4— m. Mark Foreign 
Linns were tittle changed in light 
rradmg. 


Paris 

Stacks closed mixed with gains 
holding 3 slight majority after 
below --average volume, following 
Iasi week’s lower tendency. 

Brokers said a cut In the Call 
Money rate lo Hi from 7 per cent 
had improved market sentiment, 
as well a.* the fact that the French 
franc appeared to have been 
Nit Ic-a fleeted by the effective 
revaluation of the Deutsche murk 
against the other snake curren- 
cies over the weekend. 

Foods, Constructions. Mechani- 
cals, Metals and Oils were 
generally higher at the close, but 
Electricals. Chemicals. Public 
Services and Textiles were easier- 
inclined. 

Significantly firmer were Chiers, 
Denain. Carrefour, Cie du Midi. 
Cofradcl. Generate d’Entrep rises, 
Poe! a In, Moot Hennessey, Cit- 
Alcatel. Esso and Europe I- 

Declining issues included Prieel. 
Kali. ' Paris-Francc. Jeumont- 
Schneider, Nohel-Bozel. Lyonnaise 
dcs Euux, Sonuncr-Allihert and 
lmetaL 


rake-over bid by J^eko-WaUsend. 
gained 4 cents more 10 AS1-55 
against the downtrend. 

Blip, ex the dividend. weakened 
to ASS. 64. but Associated Concrete 
improved 5 cents to ASl^d and 
illver Emporium 3 cents 10 AS 1.74. 
In mixed Banks. BNS Wales lost 
6 cents to AS7-70. 

Amsterdam 

Shares improved across a broad 
front, helped by the joint float 
realignment. lower Dutch interest 
rates and passage of U.S. energy 
legislation. 

irVA advanced FI 5. white KLM. 
BSV and Bos Kalis showed gains 
or FI 2 or more. 

Algenicine Bank moved ahead 
FI 5.3 and Amro Bank FI 1.4. 

ADM. which is to merge v-’ith 
the ship repair activities of RSV 
unit NDSM. rose to Fi 125 bid 
from last Friday’s level or FI 103 

State Loans were very firm on 
interest rate considerations, gain- 
ing 2 per cent or more. 


{lu'u-trtnu — ' 876.17 MT.Oft 398.74! »I.Ul ».1.» 

U'me Wu*--\ M.M; M.M Bfl.W: BE.2l' B9.3& M.H' 0.4b . J- 

Z4SJ«i 243.81 260.12 249.6S; 248.38 76K« . '•J* fJI.H, 

L'lilitie' j I06.M; 106.77. 106.70^ 106.97 !06./fr 106.65 IJO.j* . mg 1 

r *3Sy"t "“'I 24.740 21.920 30. ITO! 21.7MI 29.470'. Ifl.770. . — — i- ~ ' I 


Australia 

Minings and Oils turned pre- 
dominantly easier, while Indus- 
trials closed on a mixed note. 

Diamond heavyweight CRA and 
most smaller diamond speculative 
issues lost ground as investors 
decided on a cautious approach 
to the larest Ashton venture pro- 
gress report. . 

Although the venture has 
reported the discovery of gem 
quality diamonds CRA. the major 
partner, fell 1! cents to AS3.U9. 
Northern Mining, which holds a 
5 per cent interest in the venture, 
retreated 15 cents to AS1 55. Can- 
Bo yd receded 7 cents to 49 cents. 
Western Queen 4 cents to 32 
cents and ATagnet 3 cents to 51 
cents. 

Uranium storks traded ner- 
vously in the wake of the latest 
delay lo ratification of the Ranger 
agreement, and Pan continental 
declined 40 cents to AS12.Q0 and 
EZ Industries 5 cents to AS3.15. 
but Kathleen investments rose 5 
cents to AS2.50. 

Renison Tin came back 40 cents 
to AS 1 0.90 on profit-taking after 
last week's good rise on higher 
tin prices. 

BH .Smith, suhiert t3 continu- 
ing speculation over a possible 


Price 

4- or 

lilt.iYId. 


»M. 1* ■ Dm- 

— 

% To 

<A-U 


Hong Kong 

Firmer-inclined in moderately 
active trading, with the Hang 
Seng index putting on 4.64 to 
043.78. 

Jardine Mnthcson added 20 
cents at HKS13-00 ahead of the 
interim results, due today. Hong- 
kong Bank hardened 10 cents in 
HKS2020 and W'heellock 2.5 cents 
to HKS3.45. while Hong Kong 
Laud. Swire Pacific and Hurchison 
Whampoa were unchanged at 
HKS11.90. HKS10.60 and HKS6-33 
respectively. 

Outside the leaders. Hong Kong 
Wharf rose 75 cents to HK533.73. 
Hong Kong Hotels 60 cents to 
HKS20.B0 and Cheung Kong 40 
cents to HKS13.7tl. but Hong Kong 
Telephone shed 50 cents to 
HKS34J23. 


Johannesburg 

Gold shares eased further In a 
small trade- foilowinfe an initial 
marking-down on week-end New 
York prices. Losses ranged to 
225 cents in heavyweights. 

Mining Financials declined in 
sympathy with gold producers 
Among Diamonds De Beers shed 
10 cents to R7B5 and Anamlnt 
50 cents to RSI.OO. However, 
Platinum shares improved on 
mixed demand with rises of up 
to 12 cents occurring. Other 
Metals and Minerals were, gene 
rally neglected. 

TTie industrial market was 
lower in- a quiet business. 


NOTES; ■iv(T». i as prices slrou-n below 
xviudi- S premium Itelsian dividends 
*rc jfir-r ftYiihhntrituc tax 
4 DM 30 ricnom. unlebs otherwise staled, 
ncidu b;is,-rt on o.-t illvidfnds plus lax. 
V Pia 50o rti-iHim. unless otherwise stated. 
4 , DKr mu di- nnm unleftb otbervrive staled. 
[. Su Fr iu« denoin. and Bearer shares 
iinli.-ss oihenrisv stated. 1 Y30 denom. 
unless oihi.Twise staled. 5 Price at time 
ot snsperuuon. o Flonns. b Schillmns. 
Corns d Dividend after pendtna rtphrs 


and or scrip issue. *■ Per snare. I Francs 
0 Oross div. %. 1 Assumed dividend aft' 
scrip and/or rights issue, k After local 
taxes, m \ tax free. « Francs: indudina 
Unllac dlv. p Nnm. q Share aoHl. s Piv 
and yield exclude special payment. 1 Indi 
>-aied dl* a Unofficial fiadims v Minority 
holders only, w Merger pending. * Asked 
- Bid. ( Traded. 1 Seller. ? Assumed 
xr Ex nqhu. td Ex drvidend. xc Ex 
scrip issue, ta Ex all. a Interim since 
•iictvased. 



H*Mr 1 * Iihu-x vhanspiil ttou. Auuuri £* 


“oSTlj U-U^ Sept. 29 ' ,TWag»ap^*xl 


ln-[. rtiv. yield 


5.92 


b.39 


5-48 


5.49 


,TAi?DASD AND P0029 . - 

% i 1 1 l ‘ I9T? Cnmpi* , i'ii 

I X \ Ts- 1 V- » °n 1 °io E = Httfl j HI 

.T„.u,^;T^' 71BJJ6 I16JW 116.W Mb.9B lib.® I1IW1 j i ^ j 

Wunu^lte i' m.Sl 1IM.6S' I85.B MM M* •' 1 L5-« 


: tLili’. ; ifiiJl :<lblt6i'|tU6fij« 


ftX-r. It 


(h:t. 4 1 beiil. £1 Yeara 3 pmppnw.il 


Imi "Sir. v’eM % 


4.69 


4.79 


4.8b 


4.75 


I t* b KhIk, 


9.81 


9.69 


9.28 


l>.nc U'.'i . b.'IM 


8.58 


8.64 


0.00 


7.76 


N-Y-SX- ALL CO MU Oft 


Buss and Fails - ' ~ 

Oct. 16 Oct. IS i Oct. 12 


tier. lift. '-h‘T. Ch-t. 

Id IS : 12 11 


Hian 


Ir.W 


67.80 58.83 68.08 ba.2B ou.au 

I 1 : 


48.37 

16 ji 


t.-ueira.ift: 1-909 ; 1,882 l.§83 

209 636 - 678 

Fan- 1.S74 883 I 774 

L'»9Miu:e>t 526 493 1 - 431 

X-m. Hiuli- - - ! . - 

New . — , — ' 


ttOSTREAL 


W7U 


On. i L1>.-t. 
16 : io 


0 - 1 . Oct. 
12 ' U 


Burli 


low 


IirtuatrlAl 

Cnmthnal 


- , 210.16 821 . £9 222, W 222.14 ili. IU) 
2ja.B5, 22i.3S 22G.6I 22B.S1 22b. 61 (12/10J 


162.aU ilfeg) 
170.62 (3QJi 


fOEONTO Co.n|.wi7 l*90.fl' 1322-7 1332.7 1,327.4 1332.7 1 IB M ■ 3«.2lS0li 


J0HABNBSB0RG 

(’Mill 

Indu-iruit 


247J 234.6 23S3 /62.3 
268.6 ZK1.5 269.4 ; 2c8.2 


272.11 (Ue. 
271.1 (E>.9( 


1BA.D i2ftii4» 
•Itf4.9 < l-Wu 


Oi*. 

16 


Pre- ' 197^ . 1-TfV 

Ti.uift Hiph | D'w 


1 '.ft. 
16 


Pte- 

niHit 


| lyid "| iVjr 

disi>. I L** 


4ustraiu' a i aoe.42 
Belgium ij* sa w 
Denmark '”* ^-58 
France ttb e 0.6 

Germany m 26i^ 
Holland t* -» >S.o. 
Hong Ron^ b4S.7a 
Italy *!»' i6-52 
lapan i«t:4S6.tl 
Singapore*** 3il.6« 


Ol-i.03 
At.0S 
94.61 
EOJ 
EoSlS 
tb.y 
639.14 
f IM) 
436^=4 
374.46 


(SU.tfi 

lOL.tc 

: ■ 144)1 
Bi.Cl 
l* IftTi 
££3.6 
1 16 li.'> 

iii'ii. 

iOt.iO 

■ (4 -at 

1 VtJae 

tSt* 

436.1 1 
l- U*i 
.414^1 

» 


lltfl 

AJ4S 
i'4a^v 
S4.00 
fls-fci 
4i b 
.SS!) 
756.4 
• li tn 
7b.Q 

i-l »» 

363.4> 
tJJ.lOl 
X.4o 
ilUt, . 

.4 .in. 

K2 Jj 
,u |. 


Ul 


S6Jb. Lto.IC l curt! 

; 1 (dAh * Mi ii 

, t! til 24 i 375.1c ;WbMu;jfc.f4 
|4/e) 

Swii. arid' - 1 36i.4 267 jj | x&.i 
r I 1 14*1 


Spain 

Sweden 


id. li 
*6L6 
120)7. 


tumh Dec. 1931 » ArrsTeniam tndmrr*al 
Ifiru 1 ft H^ns Sen* Ban* 3in/84 Bn Hanes 
Curmneraai* Ualiane 1977 i Tcavo 
New SE 4<VB» ft Strain nimia :»*•. 
t- Closed 1 MartiKt BE Wizm «<{tai-K- 
bntrr. Intnxstrlal UUSi iS«dw .Ran* 
rnrTWTmrwwv « rrmratlaMe 


MONDAY'S ACTIVE STOCKS ; 

Chance 

fitocha Closin* On 


(unices and base dates (all <ian» names 
iw i-xi-epi rfYSE AU Oinmnn - « 
Sianaardb and Moors — IQ and roranio 
UH— l.uQv Che last named nased nn 'hrji. 
• Ksctudirm omu». t UN inmumais 
sum industrials, ui Utllirtea « Mnance 
inn 2Q Tranaport 1 Svdney All Ontinarv. 
. Belgian SE 3LM2/M ” Cnpenhaaen SE 
1,1-78 r» Parts Rnurae 1WI U Cmnmerr 


tr act'd 

price flay 

Ramada Inin - 333 . -mw 

12 

— m 

Clucnrp nw.Jiiii 

2lt 

-u 

Valie-J EJecuic . . 266.400 

i4: 

— 

t:.\L 530.400 

371 ‘ 

-2 

Middle s. Utilities ■■ 223.000 

la! 

— 

Pan •Amcr Airways 207.400 

fi 

— s 

Purattrur . .. SK.soo 

2Si 

■ — 1 

Phillips Pctrahn. 179.089 

Ml 

— I 

Rcltancc Group 165.404 

■tfi' 

— 1 

Marantic l«7.4«t 


— 4 


GERMANY ♦ 


ft Eft. 

it'ta'v ' er-i/.-J,... 

n't" 

Bftft-.. 

IWftCI 

iMut-H 

Uavcr- Yfivinat'lc. 
i.:ii*lnt.\if.«.-'ri-; 
Comiuer/impk 

I.OHlHi II until 

LMunner. Bt'ii* 

Iteuuvm 

L'euuiu 

L'eul -.■'«! Hank.... 
UreviiierUunit .... 
Oftvi.eili.ifr/enil. 

I., lilrli.'fiiuin^ • 

Hapvr 

Hariicner 

Uve>.-I»t 

H.>ei».-li 

Hunen 

Kmi him Sal* 

kar'lR.ti 

Ksullu.-t 

Ulo.-kner I'll UO.' 

KHU 



l-lisle 

L-vietifirau I'Jfi. .. 

Lmhan-a 

MAN 

'iRIlUe-IIMIIIII 

UeiaiUic: 

'luiiL-iiener liui-k. 

Venial 

i'rousNu* l)U IftA'J 
Iti.eiii W'ol. tie . 
n-I.riln-j 

-it-metit 

?«i'i /ih-ker 

I li: "vri A -ft’ . ‘ 

'nrie 

V KHft : 

' erom-i " e-t bk 1 
''i^ii-tVR^eu. 


BB.D+O.a 

520.0 eO.ft 

328.6 -O.a 
143.5+0.8 

146.6 + l.U 

323.6 +2.5 

346m- 

15a +3 
236 

(4.3 — U.2 
351 -4 
272 + 1 

190 * 2 

319.5 +2.0 

206.8 +U.8 

184.9 +1.9 
242.5-1.3 

106 

Ib8 -3 
143.7. +0.8 

53.5-0.3 
170 -1 
154 -2 

336.5 -U.5 

262.6 

95 +1 

194 +4 

1 18.8 + 1.8 

287.5 +0.7 

..SBO 

101.5+1.0 

238.0- 1.3 
lt>2.8 -0.8 
270 + 1 
635 -5 

174.6 -0 5 

145.5 +0.S 

186.5 —0.4 
281 -1 

305.5 + 2.5 

372.0- 1.5 

125.5 

193.0 +2.5 

131.9 +0.9 
300 ... . 
344.2-1.6 


•31.2. 3.0 
28.ro: 6.2 

18-7t| 6.6 
W.7&1 6.4 
38. 12 4.1T 
. IB 2.6 


26.rt! 5.6 


38.1!' 4.0 

17 , 3.1 

11 ! a .9 
■38.121 4.4 
38.J2. 1 5-5 
9.381 2.5 

12 2.5 
'14.04, 5.6 
.16.7610.0 
‘18.75 0.5 


9.361 2.7 
14.04' 4.6 
3.6 

.,18.72 3.7 


,18.78 4.B 


26 4.4 

25 7.9 
9.36; 4.6 
. 12 2.5 
IB. IB 4.7 
■ 10 : 1.9 
18 ' 1.4 


TOKYO f 


I •Pita.-er 
Yen 


|+-H 


IIIV.Yr’. 
i . % 


ftsabl ftrillBk 330 

lii nr® 438 

1 . 8^6 

Lbinoa— 1 410 

Uw Mppon Enni; 589 
Fun Vboio . 545 

Hitw-bi ‘ 222 

Uonrta Upton .... 481 
Hwm Fo-vi .'1.180 

U lluh I 238 

I to- lokario— —... 1.860 

J».ft.-s 7V6 

4.A.L 2.930 

hamai Eie.-i.Pvr.il. 140 
kcnnai„u.„..._..J 385 
nutauv... — — 269 
kft-ukrOnunic... 3.390 
VuitiiiuhiiA Ini...- 751 
.Utiaulnahi Uani>. 281 
UlUuDialilHwrT' 119 
Uitaubtsfai Corp.. 431 

Unaui & Ijo 295 

UiUufcoubi 575 

Nippon Deoio. — i 1.660 
Mppca 5h id pan.. 804 
■Vimd heVora...; 868 
Ki'.w* — 1 1.540 


i+14 

-10 

•420. 

•+l 

+ 8 


14 2.1 

12 . 1.4 


.26 14 

..-20 2.fl 


18 l.a 


. 16 l. 
12 2.7 


18 , 1.9 


.-2 
;+6 ' 
■+io 


36 ! 1.6 

12 : 2.5 

30 ' 0.8 

13 0.8 


*+4 

-10 

- + 2 


i+1 

-1 


1 + 3 


j-io 


• 10 ; 4.4 

• 18 . 2.4 
16 | 2.8 

■■ 36 0.8 

; 20 1.3 
10 1.8 
12 i S.0 
! 13 , 1.5 
I 14 . 2-4 
! 20 : 1.7 
1 16 J 0.5 
■ 12 0.7 

• 16 I 1.2 

48 1.6 


25 1 6.7 
2B.I2' 5.0 

26 4.1 
36.94 5.0 
17.1b: 6.8 
17. lb, 4.4 
9.36. 3.6 

10 : 3.0 
25 I 5.1 


AMSTERDAM 

'>■1. IF 


Price 

Ki». 


+ w I 1I|V. Yl'l 

' - ; + : t 


ftli'+t ■ k- 1. A'l- .... 

ftk/»>l'i. An , 

ft .uuin link! Ki. 1C;' 
\MKV 1 K 1 . IJ’ — , 
ftninymiik 1 l-'l. Afi 1 

dijeak.iri ■ 

iftikaW wr 11 nF. 1 t>.; 

1 bill.™ Irilfl’le. 

Efiericr itiA'i...- 

KiiiimN.' . IIcr 1 vi 

r.iirConi 1-llF .ift#.; 

ft<iitai llnR-a.Icf- F. 
Hi'i'ilii 1 " . Ft. IS - . 

ll.-JSUI(ll. lFl.£p. 

riulilv, 1'jFi.HJti 
•v. I- It. it-.- lift".. 
I'll, 'lulll-1 lI'-V.. 
’.wt.lcii »H. IJi.. 
.val-Nijiilii'iFl.h.- 

* e t ft rvl Bh.Ff.A 

Ne-i .'I KlUh. FIjcu 

•.•li" 1 t |.JUl 

'Juein...., 

' * 11 ' •■iiinvien.... 
I'Rhlevii il>.A.i... 
l'iiih(e iti. Ui ... 1 

lijn-cfit c t- i.tl 1 
■MW. 

iti.uiD.v iFi.sUi ... 
■t.MvU'.' . 

IWIW I'l llclli 1 •». 

• wuveuMiru 

If’-lll l.qi.Fl-7. ] 

H'llii’li.'.ILl'I., ; 
L 111 level > Fl. Jt 1 ' . ■ 
> .ftii’i IJ«+. 1 II J. - I 
•V+-I .1 1 r. H VI *"!• | 


116.7 
a 1.6 

371.0 

89.0 
77.4’ 

97.0 
134.2 

73.2 

502.0 

142.5 
rl.a 

39.2 

101.0 

40.4 

23.3 
le3.7 

4a. 5 
26.* 
llu.8 

56.5 

209.0 

178.6 
a4.9 

152.0 
4U.6 
2 c. B 
74. a 

171.DU 

142.0 
1,43.4 
lal.5 
24a. 5 
lu4.0 

144.5 

125.5 

41.1 
406 


+ 2.2 1 *28 I 

t 0.4 1 - j 
+ 5.5 i.ft-dib! 
-2.1 au , 
+ 1.4 , A 256; 
+ 1.2 1 2b . 
+ 2 . 2 ! aZi 

- 1.0 j 26 ! 
+ 1.5 27 Ji 
+ 1.5 376 

94 .4 

+O .61 20 
+ 1 A' 

+ 0 . 1 : 

+ 0.1 1 

- 2.ij 1 
u-5 


4.8 


14 


+ 0.2 
T 1.2 
-0.1 
+ 3.7 
+0.6 
' 0.4 
T 1.3 
+ 0.8 
-0.2 
+ 2.0 


12 l 
6 
19 
12. a: 
46 
ul > 

22 1 

3b j 

23 


17 . 6.4 


+ 0.6 
+ 1.0 


..\25t 7.5 


>9.5' 3.8 
0.2 
6.2 


1.0 ac./c. 
+ 0.5 40 

— 0.8 4/n* 

+ 0.5 so.au. 
+ U.3 4JS±, 

SQJ.-U. 

+ 1 35 , 


4.0 


COPENHAGEN + 


Price 
IF Kn-llvl 


| +'■*- ;T»iv. TEi. 


ftieteinJBuhen 

ft'RU-ke tWHK 

ha*i ft vial I.- ft.*.. 

einan-i*uhcn 

Urv’^K^r'er 

r..r, Paj ir 

rii<ii'l+i'l«iik ... ■ 

i>. N 'iii'ii U..J*rA 

>,"•1 hiii-M 

"iiHia' rik 

c-ri’-nli + nL 

>'n + 111,1 viii k 

'•■i'ii. Hcreii^n... 

~ui+nr- 


141 

1261? 

Iau — fi 

1321, +l| 

366 -2 
87 


11 .7.9 

12 , 9.6 

12 . 7.5 
15 > 9.8 
12 3.5 


1K7I; -i; • 12 

6.7 

+'? 12 

3.6 

189 -1'; 12 

0.4 

US's —Da - 

- 

13Z <* .. — 

9.1 

l38fi 11 

7.9 

401 *12 

3.0 

1691;— II, 12 

7.1 


VIENNA 


tsaoyolttarcne.... 

'MB +3 

12 

2.4 

seVlaui Prelab 

955 : + 4 

30 

1.6 

T'biwriilo. 

1.360 i+10 

30 

0.7 



1.4 

latino Manns 

230 ; 

11 

2.4 

Laa&uUiemicai. 

**80 +3 

16 

1.6 

IUK 



0.7 

»ei. in 

119 t 2 

10 1 

4.2 

lohvu Manoe 

490 +i 

11 

1.1 

IvAyO bie+tPo:* | 

1.O40 

a 

30 

iiSift-OPaiivo.. 

334 +4 

12 

Lo 

loiai- 

140 +6 

1. 

3.A 

("fiulm ftftarp..... 

199 ,2 

1- 

3.9 

Inrms Motor. 

860 +3 

it 

1.2 

Source NtKko Securities 

Tokyo 

BRUSSELS/LUXEMBOURG 



PrV.-c j + ot 

OftT 

Fra. 

If id. 


j Pr,. ] - 

Nec 

1^ 

Anol 




wi 

U+rKtrt ■< 0" 

GelSMSEidI 

lie 

ro 


1 . 2 OO : 

100 

6.8 

L'oft-kertn.- 

459 -1 

- 


♦Jibs — 

4,326 l + o 

177 

7.b 

EiUutroiiBlI 

a.810 i + 30 

430 

6.3 

Fatnque .Nat..... 

3.U95 ,—5 

1/0 

5.6 

G.U, Inuo-Hm-... 

4430 1 + 10 

160 

5.9 

UevaerU _ 

1.368 t— 33 

85 

6 JA 

(■fiL'.Hiux U... n 

1.085 1—6 

HO 

6.7 

Uoftiukcn 

2.07a 1 

170 

6.0 

1 nieii-nj 

1.835 '-5 

142 

1.0 

KredJrtftjank ...... 

7.190 1 

290 

4 JO 

U U-j>aie Bebre..6.ug0 ; + B0 

J23 

3.3 

Hton Ud<linir*-».- 

.3.0*0 : 

S435 2.c 

I’d n<lhw 

3.395 1 — 95 

100 

5.3 

lien. Uuiuuejd.lOs —40 

200 

6.o 

.tien.Ueicique{3 040 —40 

140 

6.8 

3ft>tiiBi 

3.190 i — 85 

216 

b.f 

runny 

2 575 —25 

ft*. Ill 

8.1 

lim-tkiR bl«+'I 

2.735 ; + 25 

170 

b.2 

ft ft' a 

1.898 +100 

— 

— 

CTT»Mr>mBT*ilTWs 

820 -2S 

50 

b.l 

l let IK- Mon HgH((g.355 1 + 175 

- 

— 

SWITZERLAND * 




Pnw 1 +* nr i DkvjYm. 1 

IU. IB 

Fra. : -w 

* 

Jl 

A'uiiiimuni 

970 i-B 

8 

4.5 

dHft. -A' 

L515 1 + 5 

10 

0.3 | 

•.'imi I’e'lT'-Fr.lA.I 930 ;+10 

22 


LVj- hW Cpn 

693 \ t 10 

■AZ 

ESS 

IH+ list. 

562 

22 


. reiiii >uis'*> 

2.185 +18 

lb] 

3.6 

tiieeiioHail 31./75 l+S 

10 

m 

fK’iief f'CiTBej 

530 | 

6 

LSI 

rlnilnmn Pll>«-. 

61.000 

MOO 1 

Lb 

IK-, 

5.126 +25 

110 

1.0 



dl 


tft-JnK«'i i Hr.lJJ'.. 

1.380 

21 

l.a 

Nftiiie (Kt. ICHi.. 

2.985 —5 

‘idoj' 3.0 

Uo. Lin; 

4170 '+5 

+ 30./ 

3£ 

’’eriikoutfil-.A! 

2.645 : + 2J 

la 


rn+iii’ll’it.Wi 

300 i— l 

18 

a.U 

auftu 1 1 r. sxli . 

3.275 —105 

26 

ZJ1 

Unt Part I'-WCu. 

368 -3 

20 

3.0 

Sjaiiiwtier ft-* mt 

i 2ol 

12 

4J 

ou ;et 14 ft* r. 10 j 

298 +14 

14 

AM 

!i> it+air iKr. XO 

770 - 

lu 

4.5 

.-mu bnk lKr.HA. 1 350 

10 

2.9 

■’«i«/ltouFr. , fijOi l 4.0B5 ' + b 

40 

2.2 

Lniun Rank 

3.015 +5 

20 

3.3 

'■•irlcn ia».. 

10.400 t150 : 44 

■ 1 ‘ 

2,1 

MILAN 


1 Pnee . -}- .ir 

Uiv.Yul. 

I’i-I. IB 

‘ Ure , — 

Ijtt 


VMC 

69.75 -4 J6 



ila-loal 

649 -13 

— 

— ' 

I'l SI 

9.WOO — 40 

lw 6.2 

lAiftHriv 

2.081 —64 

18m 

7.a 


1 1 . 1 . 1+ 


• l^illdllelHit 

r»ii’ni'"W 

WlH 

^r>ni|rfni 1 

•Wr linimivr.. •• 

1 nir . 


342 

271 

o30 -l 

85 .. .. 

223 

236 


1 

9., 

38 


2.9 

a.3 

f.e 


rin-H+i 

Ifiiii.-eim.-nii 

f (<H»t- ter 


179.23— 5.79 — 
22.000 — 600. pmO: 
a 96 ~4 


2.7 

l kj’ 1 e .Tiu*wM™!^i.'!!!4a!7oo - 250 * 1 ^ 00 ; 2.8 


UnnimliMiti 265 


34 

4.3 


fivetti Pnv„.+.jl.4S2 -18. 

Mircl.l A -1,988 —17 i 15U t 

Pirelli ■jfa,. 1 1.052 — SO { 4S0; 

■nia 1'lsjwa I 958 t— 16 — . 


AUSTRALIA 


Oct. 18 


:+ v 

Aa*r. S l — 


BRAZIL 


«>■*, IS 


Price 

Lnu 


+ or jciruai l r UL 

- ;Div. a 


ft ft. M I L «» OSIIIMl —I 

ftiW* A ustnlia - 

vu^TiLst 

Vrnpol Expinnuim— j 

ftrapo 1 Pefinveum ~.—l 


AiwoL ULnerale._ A 

Si-'.-.-J 


ftwnc. Pulp Pc per 

ftaaoc-Con. In-iostriee j 

Aim. Fnimdackm Invent...; 

ft.N.t _.' 

Aurtlmeo 

AuM_ Oil Jt (in, ; 

Bamboo Creek Gold 

Buie Metai Inrt. ! 

BousmlnviMe Copper 

Ummtiiea iortn*trlea+ 

Broken Hill Proprietary.-'..} 

BH bomb 

uariloo L'nit&i Brewerv— -| 

vSdK lSll~....; — ' 

Cocfcburn Cement. ...» 

ft.jom> rtf. J . i ‘ 

Umr. Gobirteidf Aim... ..j 

Ucutainer tSli ... 

ft-onznic Kid Into | 

uMain Aiwt raiifc., 

Uuiivip Uuhber fSfl — 

fcdCOW 

KMer-atn ith 

Bmtwvour ttewxrrcev j 

bJL 1 n.iiwLrt»a, _ 

lien. Property Tni^ -j 

Unraen*ev... 

Hunker 

I ft-l Australia. 


t0.73 ... 

ta95 ... 

1 2.18 +9.0 
41.38 +W 
tO.06 +0.0 
11.56 • - 

ti.70 | . 

rl.85 ;+ 0.06 
#1.07 

f 1.67 .+0.0 1 
10.74 -OJB 
40.70 

*0.27 i _.... 
tl.24 1-0.01 
tt.61 -0.01 

t2-lW ...... 

tB.64«ff 

IL55 +0.04 
rL/3 ■ 

td:«a -o.o 2 

*1.26 

ra.45 ,+0/i4 
t3.60 |+0 J ' 
t2.75 !-0.Ui 
ti.69 -0.11 

Tl.dU i 

71.48 - : -Uj*2 
70.00 -0.07 
+2.52 


tO. 28 — Q.il I 

*3.16 -0.05 


IiuepCoifier I 

Jenamc* lodu+tne^ 


imiei iLiavul) 

Lenaani Ofi... M „..„.„,.... 

Meia» Eipintwinn 

illil Homings , 

Myei Emporium. i 

.News } 

Nuftotaa International 

Aunb Broken UMimtsIW f 

kMumviue. — J 

0ll SO*niu„. J 

‘Jtxer Kxpwrattiai ! 

t*tuaeer Con. rwc...... — .. I 

Adult £ Crif ifMI ’ 

H.U Sleuth 

routtaUiBii itiolna — 


apuuDb Exploration ........ 

1'ooth if 


I SI 

IVajUWB. 


*V oaten. Mining GX> «at»: 

ftV... w.+lh- 


tl.bS 
*2-35 ; 0.01 
10.65 1+0-0 1 
12.52 | ■ — 
tU. 13 ...... 

1L11 I— till 

ti.io i-a .02 
+0.38 i-CLOS 
TO.HQ +0.02 
*2.49 j-BJM 
ti.74 1 +11.13 
*2.70 1-0.06 
T0.9Q ML 03 
1 1.44 (-4J.ua 
tl.65 .-0.07 

tfl. 13 1 

+J.40 pOJtS 
tl.04 l+ujjl 
*2.00 


♦U.70 
*0.35 
*0.43 
1 1.06 
10.74 
*1.76 
+ 1.71 


j-O-Ql 

-a.oi 


(-0-.06 

hOJH 


PARIS 




+ 'I* 

UivJYi >. 

Oel. Id 


""" 

Fra.- 

t 

Htuile *o — 

Brj-H.! 

+ 3 

4iv 

j.6 

fttnqiwUccki'iVJ 438 

-1 

21.16 

4b 

ftir LlO'iide^ 

3 <2 

+ 1 

lb.r 

+.4 

ftquitaiae 

=5? 

+ 3 

au.toj i.j 


a26 

—2 

li.* 

2.0 

oBayaue* 

8c2 

-6 

42 

4.9 

is.s.N. Uernaa... 

851 

-9 

40.o 

6.2 


2.11.* 

+ 31 
-1.0 



vAi.B. 

+06.0 

3L-J- 7.8 

ft.. 1.1. Anal *i 

1.015 
439 50 

+ 23 

76.511 

7.5 

ft-'ie Hanonre 

-0.5 

12 

4.7 

ijiul' UfllllCI^; 

494 

+3 

lUti 43 

firedR Cr>m: FrVe 

■ 130.4 
73.00 

+ 0.4 

12 

9.2 


-3.16 - 

- 


652 


3J./5I 5.2 

1 Jn.i 

138 


14. lL. 10.2 1 


+ 0J3 

0.2t 

3.0 


64.10 

-3.9 

6.7 

8.9 


*/l.fi 

-U.0 




242' 

+ 1 

lb./< 

6.9 

iiiTi 'wmmm 

767 

+ 2 . 

lS.rl 

2.1 

Larouvl 

LH37 Ul 

3B.fc 

L* 

ilnanu Piigms.. 

535 

—4 

39.: 

7.5 


1,400 


3JL v. 

4.3 


598 

+ 11 

14.1 

2.1 


• >36.0 


5 • 

if.2 

tltnlMh 

207 

— O.b. 

lx* 

9.6 


102.5 


T.i 

1.5 

I ■ J 1 i • O M . i \ \ - . 


-5 

lu 

Ls 


01 J 

+ 3 

1 /JC 

3.3 

Cl«d»llt; 

Z32 

+ 6 

— 

— 

■Uuiio l'ecbuique. 

497.01+7 

47 

8.4 

•dct.’ute. 

37o 

—10 

au 

8.2 

itbuue PuuMaH; 

119 

-LI 

« 

|7.0 

il. tnniiln 

165.0' + 3 

14,0 

9 1 

lkia U>-«a'su>’i .... 

1.690, + 5 

49 

1.9 


306 

+ 3 

AOJ 

txJ 

leieiiieouiKiue-.. 

008 

+ 3 

4a. 

4a,. 

ibrnu'in Urenrti. 

it 64 A -3. 2 1X5.16 

3.7 


22 s 


— 

-* 

STOCKHOLM 


Pnw 


uiv. 

V«. 

ftta. 16 . 

Krouoi 


Kt. 

* 

fTwmrrwii 

!90 

-4. 

a.a 

2.0 


143- 

— 1 

6 

a.a 


. 86.51-0.5 

6 

o.S 


11? 

—a 

6 

5.U 


. 86.0 

J 

/.l 

~175vi 

231 

-4 

-1 

5.7a: 5 M 
10 , 44 


— 1 

b.d[ a.3< 


124 

— s 

. » 

.5.0 




a.o 

. 3.5 


87 

+ 2" 

4 

4.1 


. 56.0—0.6 


— ' 

Ui«Ddieilank(H]_ 

368 

+ 1 

lb‘ 

4.5 

UantJ*Mi 



8 



fe.j.5 

+ U.5 

— 

— 




s./s 

■J.J 

■S.K.L -b: bn-...: 

66A 

-lo ; 4.3 

3.8 

•kau-I Kualciiila .. 

161 

-i 

8 

>.0 

lanrtriih •B'fKrSC 80.0 

-+S.6-* 3 

8.3 

L il'ich"! HI .61. 


V — 


Tolvn ifir. 81.51 + 0.5- 


7.4 

n.;' - . : 





) .. . 





ft C 

■i» A. Jti, 



kiulik........... 

Banco .to Brazil ... 
(Mneo fcau P.Y._‘ 
Bciira.MioelkaDF" 
fiojaa Amer. UP..'- 
fcrrtw PP^.... 

PuefiiOP 

mm Cnu UP... 

tmp P6 

Vale IlmDiwHP.. 


0.99 


JOJAI 12.05 


1.96 :+o.oz;o.ie;a.i8 
Jj.jyttJis 


1 AZ 

1.13 i„.;....c*0fc*7X»7 
0.15 —OASJjav 16^34 
2.01 „....:J.ial5.62 

1.46 , , 

2.35 -0JIft'ra2*9.36 


■ — 0.6BJJdv 1 6 . 0 ' 

J.14 6.6! 
-O.ul,0.1tt0.l 

a.oa 

5.5B - i— Q-OO; £L26}4.50 
l.U : ;J.lfe‘lGJ1 


Turnover Cr 90.6m. Volume itJrdl 
Source: Rto de Janeiro SE. 


OSLO 


»rt. lfi 

PtK* 1 +-UX- 
Krone J — | 

ihv. 

A 

lid. 

Uerceu Bank 

Ba.'oo!+a^ 

9 

9.2 

dftirrexaatd 

66.26' — 5.00* 

— . 


Gre'luue.ijk 

li4.6k+0.3 : 

U 

8.8 

AOftftlOfc. 

300.0; +I/.5' 

HO 

6.7 

Kredittu*^>n 

U0 : ; 

11 

TU.0 

Sfmk UjnroKm 
slureimOil 

206.35-ID-75i 

18 

4.7 

95.25| +0.SB, 

- 7 

0* 


JOHANNESBURG 

MIMES 

Oct. 16 

Ana In American Cnrpn. _ 

Chaner CottsoBdated 

San Drtefuuteln 

EU>hiira 

Rjrmnny 

KIBTCB3 

Kbwf - 

R ostenburg Platinum 

Si. Uelena 

Switbvaal- 

Gold Fields SA 

Lfmon Corporation 

Oe Been Deterred 

Blyvwmuiacht 

East Rand Pur. 

Free State GedokJ tSSJO 

President Brand 17.00' 

President Sleyn 15ft« ' 

Sillfontetn 


+or— 

-LOS 

-6 

-0 23 


Rand 
7.80 
MOO 

13.60 
Ul 
6.10 '-O.M 

tf.60 -0.23 

18.85- '.■—#.23 
2.13 zd 

14.60 . —0.15 

10.M 3-0.40 

23.90.' -0.50 


6J8 
7sa. 
8.15 
6 JO - 


— B.OT 
- 0.10 
-8.07 


5.0S 


-1 .58 
- 0.10 
—8.43 
—0.15 


We Beam tfllflO " 


West Drieroarelc 

Western RnMinSG 

Western Deep 


«J0' 

38.00 

15.70 


■=^130 

-030 

-0J0 


a Ecr 


INDUSTRIALS 


3M 


Ansln-Amcr. Industrial 10.40 


4-25 


Barlow Rand 

CNA Investments tt.10 

Currie Pittance 

Dc Peers Industrial 

Ed Bars Consolidated tirv 

Edgars Stores 

EverReady SA 

Federate Volk^lPzsiiics 
Greaternjana Smmi ... „ 
Guardian Assurance lS.^ 

Rutcits ; ... • 

LTA 

McCarthy Rod way 

Ned Rank 

OK Bazaars 

Premier Ml Ulna 

Preiorta Cement .... . 

Pr-ntaa noldlnc: 

Rand Mines Pmoo-tles .. 
Rembraodi Group .. 

Rcteo 


-tH 

iiu 


0J87 
1UD 
3.03 
37.00 
2.00 
\X 
*3 80 
2-18 . 

2.10 "'—8.03 
2.!W +4,05 

0 B0 -0.01 


+iiD 


SAPPJ 

C. C Smilh Sugar 
SA Breweries 


Ticcr Oats nod NatL MU. It AS 


2.83 
♦7.70 
i5.73 
+3.J0 
1.32 
2 M 

3.41 
A.X6 
1.43 

2.42 

*i 711 +0.IU-- 

1.4.1 -0.01 


—thOS 

-pna 

+ B.12 

-KH7 

-RlH 

+ 0.01 


1.14 


CFnfsec 

Securities Rand US$0,725 
(Discount of 36.7%) 


- 8.01 


SPAIN ♦ 

Ocinher 13 

Asland 

Ranen Bilbao ... 

Banco Atlanrtro 

Banco Central 

Ranro Exterior - 

Banco General - .. 

Banco Granada ' 1 1.6U0) 

Banco Hlgpano 

Banco Ind. Cat n We> 
B Ind Medlierraneo.. 

Banco .Madrid 

Banco Popular 

Banco Santander . rt3Bl 
Banco UrauUo (i.BOOi... 
Banco Vlzcava 
Ban co g aragoxapo 

Rintnlon 

Samis Anda fuels 

Babcock Wltcex -ft.-.. 

etc . : 

Oracadoa 

tmnobantf - 

E l. Arapotws&s . 

Kspanota Zinc - 

tsxpi. Rto Ttmo 

Fecsa nAfln. 

Fcitosa M.Wfi 

Cal XredarttK 


Per cent 
. 123 

no . 

2» 

3M 

2M 

2M 

Uk 

246 

IBS 

196 

2ZL 

2S4 . 

342 

291 


- 2 


149 

438 

29 

St 


2 - 

6-~. 

r. 

j - 
3'- 


M 


-•3 


in — • 

S4SB. - isb 

64J# - U8 

12 — 

65 - 3 

i ini no veUMucx titan us — 

RulrnU n ' — 8J5 

thpntwrti 7V —i 

ritatTB - 46 - j 

Papetcras RrnnuiaB ... «s - a 

IVtruUtwr 124 — 

tvtroteos — 109 — i 

9arrw Pa patera M ’ _ 

smare as — 

SnueRsa i2i _ 

701,400103 79 JB - l 

Torrai Hosteach '76 -*j ' 

Tuhacro #0 — j 

t'Bloo Elec. - *S . + 0J» 



,r 


f 


1 



































■Financial, Tuesday October 17 -1975 


39 




FARMING AND RAW MATERIALS 


Tin soars as stockpile bid fails 


r-BJ JOHN EDWARDS, COMMODITIES EDITOR 


HN 


failed to 
aatdorlsrnc 
35.000 


BY RICHARD MOONEY 


TmtaJPuiSS TP SOa vf ed on Uie pricing Bill as a " sweetener to -in WMhfnqion expressed dis- discuss the International Trade 
S™ £ CI t‘ rT 1 ! 8 * *•««*■ Persuade the _ Administration to appointment at the failure Commission recommendation 

SSfond th. n «B 82 m 2* accept 3 higner sugar support between copper producing and that a 300.000 short ton quoti be 

I® Coe ? rBS S £ ad P r i ce f ° r domestic growers-. Consuming nations to reach an placed on imported copper, 

pass legislation In the event, the House o' agreement on ihe proposed inter- State Department officials said 
lonn ,21 Representatives refused .to national body to monitor the Clpec has already expressed its 

the strategic SJEisiSfp Ua from 5!ornach 016 Preposed higher world copper market, reports concern to the department over 

Stockpile. sugar price, and the tin stockpile Reuter. th* IT r recommendation 

JSffiJ - Was reiected as a b *' _ They said the nations at the President Carter bas until, WORLD SUGAR 

■ dailv iioXT SiS pr ni 0Ct TVid Am r.n ?£S* fa,k * decided 10 03,1 Ottotar 22 to decide whether ’ ' 

512 s * af . n Friday, tin prices Fell, another meeting of the Unclad relief should be eranted (o the 

■ j ce a t° nne - sharply on the prospect of. j 5.000 preparatory group possibly in us cooper industry and the 

'\«irtfe r Tn ^the dav CW *** a^ f ora!,biT wly ™ 79 ' and “ h « * h ^i^ fJnn tertieisSX. 0,6 

N = 3 T(? 10 upward^’ trend «. governments were urged to come Reuter 




SUGAR MARKET 




: . v' , 






U.S. Bill defeat 
cuts prices 


. — was this threat was removed yester 

leceterated -by an unexpectedly day prices reacted quickly and 
■"S® decline in tin stocks held violently, especially- when the 
- d .i u war shourjs. The stocks fall in warehouse stocks 
:t ’ » u . tonnes, reducing emphasised the present scarcity- 
■p*_ 3 I. holdings' to 1,340 tonnes— There was another heavy fall 
■mr lowest level since at least in copper stocks of 12.300 tonnes, 
ie early 1060s. cutting total holdings 'to -a- three- 

But the main influence on the year low level of 407,700 Tonnes. 
„narket was the news that any However, the stocks decline was 
- . novcs to obtanr the release of in line with market forecasts 
jurplus ' n -from the strategic and had to a large extent already 
itock plle will- - now. almost been discounted. 

• renaso'". have to wait limit the The failure of the proposed 
..'■ WBW Congress- reassembles next US. stockpile buying of copper. 

afler the November and general disinterest- among 
- q ®^° ns - . . , buyers, depressed the market and 

,-.' ra aers bad gone home on cash wirebars eventually closed 
Friday eyeing fully expecting £9.25 lower at £748^5 a tonne, 
•hat the last-minutee manouevr- Lead prices were boosted to near* 
?? • w _V on 8 ress the record levels in early trading 

idmimstration wonld secure following a bigger than antici- 


1. per ton rw 



16,000 



LH 

1578 

i 


SIMRIfUSl i 


AUCSfP OCT 


France 
backs legal 
action on 
UK fish 

By David White 

PARTS. OcL 16. 

THE FRENCH Government has 
thrown its weight behind moves 
to take Britain to the European 
Court of Justice over its 
unilateral conserved on ist fishing 


EEC beet chief 
hits out at 
cutback plea 


BY CHRISTOPHER PARKE5 


prices fell of the International Sugar .Agree- 
sharply yesterday as a result ment. 

of the defeat of the proposed Sugar dealers on the world 
sugar Bill in the U.S. Congress market responded by marking, 
on Friday night. prices down. Yesterday morning, 'BRITISH FOOD manufacturers' the FMF. and originator of the 

The House of Representatives the London daily raw sugar price i appeals for a reduction in the British appeal. 


hud passed a Bill based c>n a was fixed at £110 a tonne. £2 
15 cents a pound guaranteed below Friday'® level, and by the 
price while a Senate Bill called close the March position on ihe 


Common Market’s sugar beet " Whether you are happy about 
production, and a cut in prices it or not, Great Britain has 
lo discourage inefficient farmers, joined the Treaty of Rome and 


for a 16 cents minimum. London futures market was have been dismissed out of hand accepted without reservations all 

The Senate proposal conflicted quoted at £115.075 a tonne, down , in a vitriolic open letter from the implications of the Common 
with the declared position of the £7.10. ’ ill. Henri Cayre. the French Agricultural Policy." he wrote 

of the European 


fo /„ ‘he release of pated fall in warehouse" stocks— to the meeting to discuss wavs 
n “ 30 ; 000 to ? s for d ° w ° by 4.900 tonnes to 35.025 to stabilise prices * _ 

ons « th?“S a «2» 5 ; 000 ,onnes ' But the downturn in Peru i s expected to make some policy. 

SStribution \l the in»™5iS f° PI I? r J evel 2 e ? the upward proposals on stabiUsatlon M. Louis de Guiriugaud. 

>in CounSl n 5 nd h f S5?W b ?l specU3c delaiJs Foreign Minister, said 

hi ..her at £42J2.5^ a tonne were not yet known. today that France had written to 


Tin Council buffer stock. 

uisjncr in Mito- a iwune 
• ^ or,l,n stockpile after having reached £434 earlier. 


eleases had been separated from ? W J22"7 > .Mbala Mbabu. Zaire’s Minister the EEC Commission to this 


»rher ;-r ^Inc * tocks fcn by 2.550 to of Mines and chairman of Cipec. effect? 

.He sil vat and The nurchase^f L ?SiiSlwI lr he mlEr ’S° veni »iental council Speaking at a lunch of British 

' 50 000. tons of copper and IS 7«?n nnn^nnnme by ™. IB C °5 Per t ex,,orl,n 8 f ?bunlriesi and American journalists here.. 

a Senate Su'jar ^ " l, hres- ■ ■ . due to nieei U.S. Slate M. de Guirinigaud denounced the for this year at least. The out- a more important factor and a 

s.ar • U.S. stale department officials Department officials yesterday to faci that one EEC member was come will also result in a long major fail was unlikely until 

delay on ratification by the U.S. this was seen to have ceased. 


acked 


tons 
on to 


beet with disarming if not completely 

growers’ confederation. convincing, faith. 

And he has accused the Food The FMF wrote in an open 
Manufacturers’ Federation and letter to M. Cayre suggesting 
the Cocoa. Chocolate and Con- that the EEC’s acreage of sugar 

feet ion ery Alliance which issued beet should be reduced by more 


Carter Administration, which set London market sources! loader 
jan upper I’mit of 15 cents, and thought the fall was based 
iboth Bills included price mainly on “ sentiment," however. 

| escalator clauses which were They said the U.S. decision »n no 
expected to be resisted by the way altered the basic supply/ 

President. demand situation and they 

The House wanted escalation doubted that any signatories to | the call last month of speaking than 200.000 acres 
to lake account of any increase the Sugar Agreement would for ** multinational firms set up By cutting production of sucar 
in basic labour costs, while the decide to defy the quota restric-!m Great Britain, whose interests the Community could reduce 
Senate wanted escalation to tions simply because the U.S. 
cover increases in total costs. bad not signed. 

A joint House/Senare com- They admitted that the setting 
mittee eventually came up with up of a stockpile fund would be 
a compromise Bill setting the delayed but thought the 25m 
price minimum at 15.75 cents, tonnes stockpile envisaged under 
This was accepted by the Senate the terms of the agreement 
but defeated in the House would not have affected the 
of Representatives. Informed market situation significantly, 
sources claimed, however, that Yesterday's selling was seen as 
even if it had been passed by a disappointed reaction. Hopes 
both houses the compromise of the U.S. signing the pact had 
measure would have been vetoed encouraged the recent price rise 
by the President. and the disappearance of this 

The possibility of a new U.S. factor led many traders to sell 
domestic sugar policy being their holdings. But the sources 
agreed has now heim ruled out said Chinese buying had been 


State land policies Renounced 


_BY CHRISTOPHER PARKES 


blocking the whole process of an 
accord on fishing rights, which 
had been agreed between the 
other eight. 

Britain, he claimed, boycotted 
the Berlin meeting at which the 
remaining members formed a 


ie V ft^ 1 maritet * forearm 0 'land StP %I 0 1116 L r , ee mar &et in land, by the claim that if the State gentlemen’s agreement to comply 
til lead a^ricul ture^ in toTJiES m b e ? s fa ave already Took over it would not involve with the EEC Commission's fish- 

f “relS-ictioS SSoltertfoSS E«l^ atfe J mi i ch ^ ors ? »^lf in farming. ing quol a and conservation pro- 

eeline," iS^iStfS £"£S£ tSKjSt 2™%’ ^1*™' in * e - of P™ ,s < hfs » 


ent of the Country Landovraers’ “Th^rTs' onlv ’ SZEm?** 1 }° ref S» n fron l Denmark has already asked the 
|melatioiK. warned in London Goveranint SSliuD R " he 2$***“* “ d Comra ! ss ' > on f t0 * ke ^ * ct]oa 

e -^ rda >’ always makes things worse.” Tnd he llrn£ that Br ’ Uin ° VBr ,lS " 5lnc - 


*He denounced the nationallsa- 


farm tions on fishing in the Norway 



most 


success SS s *-; aid the , and Mtjonilts> . 


or so on the problems which rih’ / ^‘ cu - ■ ' , 

have made it increasingly diffi- !J?jy r Zj r !2 1 co " f f rence rec f n J> |VFW CRni IMIMITC 
cull for young farmers to enter ® 3 , ^ d for J^ take-over of big NtW UKULJIX UI> U 1 ^ 

the agriculture industry. ; land owned by the rvunDT HIIHTa 


ritam’s 

pro f b ! enis affectln ? the or n so eP «n l 'th?' problems' 1 wh?ch lu . tion a / Jop,ed b - v tbe 

luctu re of farming bad nothing ‘ ’ ' 

1 do wih financial institutions or 

'reigners buying land. Mr. Paul me agricunure inausiry, “ " " — “** rvunDT ni IHT a 

ofi- “The difficulties that caused ins t r t u t | on&. tXi UK 1 vliU 1 A 

They had arisen because of the Minister to set up the "This wa.s not because they were - mfw npijii Orr -ifi 

chnological factors which inquin.- really call for asimple^ 0 |“8 anything wrong or farming ^ India n Govern men: t hac 

— ^uld have had the same effect reversal of Government policy badly, nor did these owners allowed the addiSonS exDorl of 

id; no land fallen intb the hands towards privately-let land,": Mr.'.'tiW any special tax privileges, tonnes of erSundnSt 

" Thp e a ncu m 5 rS t0 j 16 iDd V— ’ Pa c* S ^ d ' “The truth as we all know is extraction, an official said. The 

X he answers .. .do not hem Speaking against the damour-Jhat- they suffer from totally new Quota is in addition to 
riner government interference for nationalisation of land, he vindictive taxation without any 550.IXK)' tonnes already allowed. 

" ^-meddling, or m - putting a said no one should be -deceived relief whatsoever.”. Reuier 


Bumper year for 
Indian crops 

NEW DELHI, Oct. 16. 

INDIA'S BUMPER foodgrain s'nce world prices are not 
harvest of 125.6m tonnes in 1977- favourable, earnings from ex- 
1978 was matched by peak pro- ports will not match the level 
duction of several other crops, reached two years ago. 
according to Government figures The bigger crop of oilseeds is 
released here. being seen with more satisfac 

Record outputs were achieved tion. The failure OF groundnut 
for sugar cane, oilseeds, cotton crops in the previous three years 
and jute Although the recent led to shortages and high prices 
Hoods are expected in cut pro- of edible oil. 
duction back in 197^-79. the Total oilseeds production in 
Agriculture Ministry feels the 1977-78 was 9 5-lni tonnes coin- 
country is “out of the woods” pared with 8 33m tonnes in the 
both ‘in foodgrain and other previous year, and an average 
crops. of 8.«m tonnes over the period 

There was a particularly big 1971-76. 
rise in sugar cane output, up to a Cotion production in 1977-78 
record 181m tonnes compared was 7.1m bales (170 kilos each) 
with 153m tonnes in 1976-77 and compared with 5.84m. bales in 
an average of 133m tonnes in the the previous year. The country 
period 1971 to 1976. is now self-sufficient in iong- 

Ther* is an unusually large staple cotton and has a surplus 
surplus available for export. But of short-staple cotton. 


jare very* different from those of the amount spom each year on 
the Common Market.” subsidising exports to the world 

The FMF’s notions about the market. 

European economy are described And by holding prices for beet 
as “completely out-dated.” its down, the Community could 
arguments “ absurd.” its claims drive the less efficient farmers 
“ pure fantasy ” and i Is statistical nut of sugar and also cut raw 
evidence as “ neither serious nor material prices for food manu- 
honest” facturers. 

The fearsome M. Cayre repre- Last year, according to the 
seats some 450.000 beet growers FMF. the EEC paid a total of 
who form arguably the most £400m to dispose of more than 
influential and certainly one of 3m tonnes of sugar outside its 
the richest lobbies at work in fronliers. 

the labyrinths of the Common M. Cayre pointed out that if 
Agricultural Policy. the 1 3m tonnes of cane sugar 

His main pnini is that the inipnried from the old Common- 
present world surplus of sugar wealth were included under the 
will shortly turn into a shortage budget heading of overse'is 
and that EEC exports will development aid. the co«i would 
become an asset to the EEC appear much less dramatic, 
rather than a financial burden. And in his parting shot he 
“Just because, for three years, took a swipe at rbe FMFs man- 
world production has been ners Load ins his postscript with 
higher than consumption, you Gallic venom, he wrote: “You 
think that the EEC should reduce will notice that my reply to your 
its exports by 50 per cent cn letter is written in English in 

the world market. This attitude case your personal ethics prevent 

is absurd,” be admonisbed Mr. you from reading another 
Cyril Coffin, director-general of language." 

World platinum demand 
‘exceeds supply’ 


BY JOHN WICKS 


Zurich. Oct. 16. 


and Canada have 
to fill the gap. 
Credit Suisse 
the problems of 


CREDIT SUISSE in Zurich. says South Africa 
world demand far platinum will been unable 
exceed supply by about 350 tons since ' what 
tins year. The bank sees produc- believes are 
tion as falling by 400 Ions to nickel mining in those countries 
2.450 tons in 1978, while demand have hindered a rise in output, 
rises from 2.690 to 2.800 ions. Main markets for platinum 

The reduction on the supply this year will be Japan, with 
side is attributed by Credit 1.200 (1977: 1.090) tons and the 
Suisse to lower sales to the free U.S. with 900 (800) tons of pur- 
market by the Soviet Union. chases. 

Supplies from this source are No additional impulses are 
said tn have fallen from about foreseen from these markets in 
700.000 oz annually to only about the present economic conditions. 
300.000-W0.000 oz this year, however. 


OMMODITY MARKET REPORTS AMD PRICES 

BASE METALS ■ 8SJ.S&®."A :?f 


'After "J!Sil l m" , kitIvr rll a . a '?;S J&. B j__? , "s-”: “Sfc. Tfritti."SnT^itS 'o"dMt ,i£3 SSS^lmim^Oa’iui'Mr' S* *” N.vr tn.p 'JoM. n 


. .ap Per— Lost 


Uvnd iirrii-*! on in ibu afternoon 


COFFEE 

A vi-rr qw*! morning srssinn caw o.««Maiii Irom- la.o w.-ek 


MARK LAHE- Market volume was o DO. Satsnmas— Spanla- Trays o Wi-fi 50. 
sparse air hough trading level* remain* GrapcfruU-D-jminwjn: 1 Cyprus- 
ciuaMaiii Irom- las’ w-ek Mllllno wtical * L'ltsrn I uJ-LjJ. |»ra L -li Jaffa I A 


PRICE CHANGES 

Price in tonnes unless otherwise staled 


.Markets 


Drexei Hurtiium £>«■• lao -Feb /Van* 


(is.no. IM2cwu« JO lt> 72 "O-J.L'O -S4 I e<i- 1 9>*. 
4H lb 3 -mM an. Stark Crnnson M il) SJ 



Oct. Itl + oi Us-nifi 
lUJr •' — 


"K- oecrine m «HlnnrnH( wkhnm mnin* ,im ^ r. ‘ . “!• were u, iqntr 'lie oar r-nmicai or"i-ci cu b- iwi-- uu. j 

tOioofc.- stocks However, the markrl P ? *?' * - Standard three bnsin-.-ss u-a* slow to pick up alter Ihe Dec 153 00. Jan. 

wn. ro .ease on ihe moniinB kerb and ffiLffl® m° n ** 17 ™ *- >'■- W. JO xvecW.-nd i*3 .30. 

■ - paypical demand, stop-loss ruyinjj -and Kerb: Stand aid. three months £7.520. la 


Crapes— Italian. R>x:oa J Jt-J HO. R|j,k Metals 


■tened funher m the aiicxnoan ... 
' =with Comcx to close around £7W on 
..--We kerb. - Turnover 20 050 tonnes. 


uhanls* buytfis saw forward standard 30. 
materia) surge from 17.250 to an >ll-nmc , _ ’ 
hlsb nf £7 .580 on the nre-markei with — rirmer 


hr low 


day * . CUKKEE 


4- Ml 1 Bu-inif.- 
— | Lb.'Ue 



SOYABEAN MEAL 


Hugina 2 3). l-rrnch Alphonse orr pound Aluiutniuni E710 

-OIL Spanish. Alnwrta 3. SO. Xvurt i<0. freu nwrkot 


IM SO ' siaroiob Ml “ July l3n-:5-I37.2a. Sept. 1*34.7^ 
Bananas— J a matcan . H<*r pound OIL Copper erh tt B« r i74e.25-9J5 *2746.75 soler MO*" ' ,!,rCh IJ< ' 0C ‘' l:lJ - 00 ' 

Avocados — Ken, a- Euere ID 24s 4 00-4 j0; ^nnmihs do. J. A £769.23'— 0.3 i£764.2s Copper— Ori hriSD ififi ini Nnv 

S. African: Kurrte 4 bO-3.50: Israeli: -150. c>.*b Cat bod* C'736.b -10.261:736 .o^.W, DtcbT »l S n USiStj rch euTn 

Capsicums — butch; Per 5 k.)o> 2.s0 e month. On. d.^757.75^-8.5 £753.75 sipt' S Dec' 

"55?n« : Tror ci/..-S2S4Jt76....^.„. MI1.12S ra.«. j« n S. M.Vch 7*^S. May 75.3S'. 


NEW YORK Oct IP. 
Cocoa— Dec. ltj SO 'MBSU-. March itU.lo 
> I03.hu-. Uv In.'.oO. July 1 02,40. Sept. 
16MU. Dvc. 137 l«. Salev 2»u. 

Coffee— -C" Con trace Dec |33..'*0- 
153-lKi ■l.'nt.&si. March 146.00-Ub.lU t'146.5$<. 


’> P.rii.’"~-P" 

»PPfa'« ! ontcmi : — 


.. ; ! ® j ■*- . — 

its bars ]_ 

..-b 753:5-1 -5 1 748-.S 

tontn - 1 775 .5 —3.51 76B-.8 - 
ti’tn’m. 754—5 -- 

tbodeB 

748-.S -4 i 736-7 


a.m. .,+ vr p2m. '+ °r 10 L413. with »be barkw-irdatfon widen tea Morvli 

OfUi-io! f — 1 1'nnfffi-M. | — to 123. However. Ute downturn in copper 

- ■ j saw the once ease 10 1*972 on rhe morn- Juiy... 

Hi?n Grade t • t! E : -f iur kerb. In the afternoon the market J ! P , * ,nl <i 
Ui«K 7B90-925.+ 6B2 7850-60 +455 MJ ftjrrter to 



—21. Oi lc6a 32 
-22.0' JoSO as 
-21.5 1h84-53 
-20.0: 1403 86 
20.ui labO-SO 
-22.Si — 

— OB.31 — 



|l— Ivl-l-ll 
C.r+t 

•*i 

- • ll* 1 !••■>• 

Ij* n> 

Octi»l-vr...._.. 
LfectPlI’**! .... 
eui^iwiT... j 

£l«>it<'*nni- 

118.00-25.0 
120.60-^1. 
122 44-V2.6 

-1-3.0 1 
+ 0.45 

1 + O.BU. 

118.00 
i2l.SJ 28.40 
i23.6U22.6u 


1403 before recovering >weui»«i...J 

—9.26 0 montn-.i 7570-90 . + 4B0 7665 70 +422 modestly to dose at £408j> on the late 1 

—8.b s*eri em'1.1 7925 .t- 675. — kerb. Tltmover 8.TT5 tonnes. Sales: 2.124 7T*iTt luis ol 5 tonnes. 

StaafiartL' ; > Marntna: Cash £A53. W. 54. SC. 38.5, 33. ICO indicator pnvts <or Oct. Y.\ tU.S. 

. canh .™ .. 788J-920 +568 : 7850-50 + 456 +J.1. three otODihs £413 14, 14 3. la. 14. cents per pouffoi; Colombian MiM 
-1D.2 s m.intio. 7593 60 ; +4s2| 7390-70 + <40 M- W.5. 10. Kerb: Cash £433. three A/abicas 173.50: unwjrbed Aratmac 


CiDin... 763-. 5 — 2.6- 7»7.5-8 —8.5 eotKeui’i.: VMu .1+670' — 

Vm'ut; 742.6 -4 . j . - . lull' £.. : 5 1935 L— 20 , - 

t-d-5 *68-71.025 .. .'e« Y-rt. 


months £41J. 10.5 10. 430. 73 


u. Index Limited 01-351 3466. Three months Copper 766.5-772.5 
1 Lamoni Road, London SW10 OHS 

L Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


COMPANY NOTICES 


BANK LEUMJ LE-1SRAEL B.M. 

LEUMI INTERNATIONAL INVESTMENTS N.V. 

NOTICE TO -THE' HOLDERS of U.S. do'lars 10.000.000 7 per cent. 
Guaranteed convemble bonds -1984 of Laumi imernatfonal (nvescinenu- N.V. 

The attention of hoiaers of the above convertible bonds It drawn to Che 
fact ' that such bonds are convertible into ordinary shares of IL I each of 
Bank ' Leumi le- Israel BH during the period from and including 1st November 
tn each calendar year .{ from and Including 19781 up co and including 30th 
June, in the next calendar yoar (up co and Including 30th )unc 19841 but 
ac no odta- time except as referred co In csnotclon 4 printed on the reverse 
of sueh bond! 

The conversion rate' at present applicable (as ad lusted on 8ch October 
1978 lor the one for five caul cat isa tion Issue of Bank Leunt4 le-larae 1 BH 
approved by the Extraordinary General Meeting of the Bank held on 1st October 
.1978) Is 5.261 ordinary shares of IL 1 of the Bank for every U.5. dollars 
1.000 nominal amount of convertible bonds converted equivalent co a con* 
version price of..|L 1.42 Mr ordinary .share ac dtg rate of exchange of 
(L 10.1026 equals U-5. dollar ) fixed by the terms of issue throughout the 
Cfa of such bonds for the purpose of calculating the conversion rate. 

The amotion of holders of such bonds is drawn to said condition 4 and 
Particular to paragraphs (A) 1 1 ). (A) (41. (A) (5) and (C) (7) 
thereof. 

Holden of convertible bond* who wish to exerelie their conversion rights 
-should apply to any of the conversion agenci named below for a necessary 
Mwtnion notice. 

CONVERSION AGENTS 
Bank Leumi f UK) Limited 
4-7 Woodstock Street 
London WIA 2AF 

Rank Leumi le-lirael (Switzerland) Bank Leumi le-larae)- (France) SA 

.34 OoridenjfpiM* 38 Boulevard dts Italian 

CH 8022 Zurich Paris 9e 




CLASSIFIED ADVERTISEMENT RATES 


emmercial and Industrial Property 
Is&ential Property . -i 
Wointaents • • 

Mfness & Investment-Opportunities, 

.Corporatioo Loans,’ Production Capacity, 

Business for Sale/Wanted 
dneatton. Motors, contracts & Tenders, 

PwscmaC . Gardening 

Jtols and- Travel 
«pk Publishers ’ . — 

Premium positions available 

r ■ tRlinh&nm size 40 column ems-) 

£1^0 per single column cm. extra 

■ For further details write to: 

■ . Classified Advertisement Man 
■ Financial Times. 10, Cannon Street. 


-per 

line 

£ 

single 

column 

cm. 

£ ■ 

4.50 

14.00 

2.00 

S.00 

4-50 

14JJ0 

555 - 

15.00 

455 

13.00 

2.75 ' 

10.00 


7.00 


r. 

C4P 4EY. 


l.KKU 


a.m. 


- p. lb. 

— 'I i>4 ii-l 


•+rn 


l.ijini: other mill Aruba-as 155 53. 
Bobustas 1«^ 19J5 150.49. Rohusiaa ICA 
1961- 152.58 Daily avi-ract 153.18. 


A uni ....„ | Ii5.fli»-2i 4’+0 43. - 

June.—..... .. 1*5 5 i-M.Si + O.So! — 

\ugukt 1 123. U 26.0; + 0.50' - 

«JutW 1 123.4- 24.8,-r-a.lO I24.M_ 

Sales-. 43 057* luu of 5 I nones 

SUGAR 



RUBBER 


grsnates—S oanisb Per bo* 40.60s 3.60- 
SS0 Walnuts— French- Per pound _ , . ... 

Grenohlt-S 0 40: liallan: Wvt 0 40: PlMlnum Uur tv..’lil30 I- ... . 6140 
I'alHornian: 0.5a: Utmesu: 0.3U. Brazils— free MsrKei ... .. K16- — 3.4 XJ34.7 

LWM P*c pound 0 55. Chestnuts— Quwtt.m er 'iffib.i >iao;25 *142 21 

Itt-tan: P,-r pound B.S8-8J8. - , 'i!«er rruv nt ZB7.9|.- 1-0.26 dtt4.4| 

English Produce: Potatoes— Per ii kilos Ammiili |3U5.7|- -0.1 -4B1.4) 

1 14-1 A0 Lettuce— Per ll round 0 7U Cof Tin Lush £7.840 .'+456.0 £7.L 8a 

LONDON DAILY PRICE iraw FU»ar» l *W. Wcbba 1 2u Cucumbers— Per tray a iwiilb* -E7.562 .» 440.0 C7 ,04a 

Oei . Nor.. Dev. £T|eiW a inline 1? 2*t tlf*v .-rno 2 tO-i »0 Mushrooms— Tun^vlru i.-, . . <14J.s»4 ; 8la7.0: 

Cjf for Oet.-Nw. Huumou. While su^ur Per pound OW-Uafl. Aoplep-Per pound W„-irtm 2B.-M tn. <142(47 ?14u«i 


' 433-4 +22.6. 423 -S +3.5 

. iDonibr..< 410.5 
eu'urvni J n34 

' ■ 71*4 J 35aLtt ; j - 30-55 i 

Z *NC— Fractionally muter. r anvard 
mctaJ opened ai £37H and moved up to 
£372 reflecting the ownl) lirraness of 
base-sieial prtevs before eosltdl back to 
close, a shade lower on balance at £36S. 
Turnover 4.900 wumes. 

Morning: Cash £360.3. w. 57.5. three 
months nr- 83. fisi, 66.6. 
xocmtli* 

£23 


EASIER opemm: on ibe London physical 
+ 10.6 404.3 5 +2.25 mortal. Good ratereot ai lower levels. 

+ 82 < — ciosinc on a drm notu Leuis and Peal' 

repurtetf a Malaysian cod own once of 
551 i255' cents 'buyer. Nov.i. 

Nv. 1 | hovnn fYntnvlAjrV Bu*ineu> 
R.-."?. i Cir*e I l io»e ! Done 


daily price lor On . Mur.. Dec. was fined 
it siia os mi: noi. 


Bromlev nn ii-(i iw Lord -Derby u 04-n fl.Y £m>- a»li 


tuioi 

Prut. .Tetler-m » 

LV-nun. ; L e»e ■ 
ton. ; 


l’it:« «uu» 
tiwl- 


Hll- IIH.,.' 

Done 


Co\ » Orange Pippin 0 UR-0 12. Worersier 
P.-armain 0 «t->-8-s. Rnwis 0 iil.fi 10. 
Pears— P-r pound Cunference O.OS-OII. 
Plums— Per pound Bush on. Marmne's 
Seedling -fl tri-n n Damsons— P^r pound 
» 15 Tomatoes— P*r 12-lh English 1-20- 
1.80. Cabbages— Per crate fi ?9-0 Rfi 
Celery— Per h-'ad 0 "M.nT. Caullfft 


Mormw Cash £360.3. 60. 57.5. three 1 enib-bi w! w.6.-«fl.86' 61.2MO.IO ^ lizr® JuSrfiuKf TSIt^ ifaTS McWs 2 70. Swedes-Per M-Ib 0 30. so.iuwaa l^BOu- , £266 

itomhB 1372. 88. S3. 66.5. Kerb: Three Dec.™.. 82JIJ-t2.MUl.B0-ol.B-i - ££ I nj bI’i tr. IslflOJi /?,!«, stJaw Tornlps-Per 2S-lb D.90. Parsnips— Por 

uonzli* £388. Aficrnoon: Three mooUlS Jan-llari 64.1&04.2& 65.50-tJ^b- 64.50-1 2.70 .oo’Se '4c l'a’an.**' 'Si >g.ih o.90-t 00. Sprouts— Per pound 0 05- GraiUB I 

*5. 67. SS, 67. 87.3. Apt-Joy] B6.85 cB.76 1 b6.M-66.B5 bB 86-66.26 ?'•*!'; hiSjgffl 0 07. Cobeuts-Per pound K.-m 0.45. Srwr - - - ' • 1 • 

f i.m. ' V* T+or j f5'!S “'S2i 2£*Sfc58'H. SS’a« 4, ’ W 4 ; 372 ’ 50 w ” nes ', ^ Cobs-Eacb 0.04JI.05. H-.me Tutuie,. . £83.4 . '-UKCM* 


£ pel ivinh: 

Deo 1 1 1 1.50-1 1.70 I IB. 20- 18.26 1 18.76-11.60 Per 12 Llncnln t **0-1 M Eifirtniot— Per 

iUrcli..'116.0O-li.15 1.2. 10-22Jai|«2 6i+i«.76 5*-lb ISO. Carrots— Per 28-lb (i.30-0.«>. 
JUv- — : III Ja .«^0U4 Ai-.6.7.!L4 JIi)- IZ. ca Capsicums— Per ponnd 0 30. Coorgeaw— 

Aug U18.f6-19.B0 I*6.a0e7.0 l2a.DU-18.90 p cr pound fi.lfi Onions— Per ns« l.wi. 

CM 1 1:1.28 . <.6Q'l2hAba7.76|k:7.7B-<1.7d Pickier* 2 70. 


L5S6.S —2.6 '1^2/. 12 

4 mi-uili- t?67.rfo — i.O Coo7 2 

Pi\rl»n.vr* »6i(3 I -;64a 

Oils I 

l>.u<aut i Phil 
Cm.iu'i-luui . 

Linseed Crude >v... £521 - T 1.0 £3kB 
Palm Malatan Sbubi<- [ — 2.0 i60j 


S8IO1. +10.05795 


Seeds 

liitm millltjh |5525i 5540 

Per 7s-Ib 9 so. so.tubesn iL'.S.j |S280ir | S266 


41 XL URh.-ui 


|,.m 

— I l-ni.lMuia i — 


I * 1 £ £ | £ 

..557.5-8.5 +2.5 356-7 -2.5 

nu>n(ln'..l 058.6-9 +4 1 067 .3 —1 
'mein..:.- o68.5 .+ 2.6: — ... . 

rnm.»«ij — ; *35.6-43 • .. ._ 


UcMJtvi 70.80 / 1.00, 63.90- /0.L0 70.00 Tate and Lyle ev-rtfloery price for 

Jen- Alai i 72.b0-i2.9a. <2.00-/2.10 i2.86-fl.6B granulated basis white sugar was £284.65 
Apr-4ii. /5.10 /d. 15' /5.90 74.08- fb.10-75.B5- isame) a tonne for borne trade and 
Iv.-.ppt.' f7.2j.ff.5-' fb.85-/8J16 /7.2vi5.BU OTJ 50 f£174.30i lor espon 

Intaraationai Sugar Agreement ‘US. 
cents per pound lob end slowed Caribbean 
pu«>— Prices tor Oct 13- Dally 9.10 
i0.fiO>: 15-day average S.99 <8.83i. 


Sales: 39 U97i lots of five tonnes and 
539 1 567 1 lots oJ 15 l (nines. 

Phjnueal closing pch-ea ibuyera* were: 
ALUMINIUM-~E<tsler dm balance after . Soot 6u tip mji: Nov. 61. .jp «6l.25>; 


Decline in 
nuality tea 


edein* up on die pre-market to £502 for- 
ward ntital fell back (0 elcse a shade 
easier at £598 J on the late kerp. Turn- 
over l.USfl tODOCS. 

Morning Three months £602. 1 5. 2. 1.3. 
1. Afternoon: Three months £800. 5893. 
W. Kerb: Threo tsontbs £599.3- 

Alumia'oi 

- "i** 1 - ft+or 
Official j 

.. P-J 1 ' 

Unofficial 

t+or 

SpCT ........ 

i montba. 

* 

60T-.B 

+ SJ 

£ 

599.5 

-US 


Axrln Mil jltnlct -r : + .‘n 
fGAFTAI — Tbe OwmIV-.J t.‘r+p — ; 


grains 

LONDON FUTURES 


cased la tun volune oo some trsdu 

selllui to trade 20 p lower where co mmer- Ueto««< .L 

dal buying support, mainly In tbe spot Upcetnner ...1 


WOOL FUTURES 

i Pence per kJipi 


Mvi.v 

Kreucb No. 5 Am £101 i ii.‘101.5 

WhuHl | [ 

Xu. I Kol rf[Tins'£94.55 I + 0.26^89.6 

Han Iff inlei : £80.75 

fcni-ii'b Alintuy : £91 -£dU.6 

(ww »liipinenl .C1.S61 —3.0 -L'Z.UBd 
future 31a i £l.a3A.a — 1.0 £4.041 

L-^ffc-e K'U urc- 

Xuf 't: 1.665.5 — 22.0 £1.6i2.5 

fortuo -A' Imfcx . 7o.B5>- tU. 1 /3 6i 


Bu mes- 
Ihiie 


,6.0-60.0 -*1.0 . 
,8.0-au.U -0.60 


Tb« dose was about steady. 5 to lip Slav-.: tin.u-fiu.o 

lower on the day Barley was generally July £54.0-45.0 

neglected, apart from buying Interest In October. 7S4.D-40J) 

HPV and Closed 25p to 35p lower, Acll tteuemiwr _. 566.0-45.D 

Mjuj»i ZJB.CM7.Q 


By Our Commodities Staff 
SUPPLIES OF top quality tea 
were all but non-existent at this 

week's London te3 auction. As .^riHx-i £iio -2.u £iua 

a result tea designated as l>i» .. 2 73|, • 47g j> 

“quality" bv the London Tea -Nominal. * New crop, t uncmoied. 
Brokers’ Assocf|tioD teu-hed oo .-JgT JfiS 

average only l50p a kilo com- xPei ton. : indicator price*, 


’ Cents per pound. ? m per ptcsL 
On prenan* unnlfldg] close. 


SILVER 


WHEAT 

BARLEY 

. IVeaterdarVi -{- or 

MYirll- rIOM ; — J 

Yesterday',; + or 
uioae | — 


- pared with 170p last week. 

— — Traders were at pains to point 

i ~ out, however, that the lower price 

_ reflected lower quality of avail- 

Saics: nu "i same' lot? oTusw kgT“ able supplies rather than slacker 
Sydney creasy ijn order buyer, demand. The market for other 


INDICES 


Oct. 339.6, 340.0: Dec. 346.8. 347.5-M7.0. 7: Z, “7-“ j 0 »tlnino nnlv On tn 

March 355.0. ass.#: Mav 359.5. sens: July nieaimn tea declining only r p to 
ntcj. 28i.b: Oct. 36H0- 3n.o: Dee. 372.5. 116p a kilo and plain remaining 


Sliver was toed 0.33p an wore tower Nov...f 88.23 -G.10| 80.66. ! + 0.2b 373.0. 372.5-372.5. 10: March 374.8. 3753. unchanged at Sip a kilo, 

r *POt delivery tn the London bullion .Un... S0.90 .-0.05: 83.40 |-o.J5 375.2-373-0. 6. Total ^les: 23. n tp . 

erktri yesterday at 297.9p. U.S. cent Mar., i *a.20 —0.1 i' 86.70 '^O-.Jil BRADFORD— Bualne-* was sllghUy im- supplies 01 quality re. 


for 

markei ... 

t-qul valenth of ihe ' iuisg levtLi were 
Spot 5S9.2C. 

500 3c. down 

4(K; and 
The metal 
59tict and ( 

530»ci 


Mai- 95.70 >—0.15! B8.15 - + U.I6 pr.irwl 


tea have 

to^'nmmr'e been lower this year because of 



bMA’Ek 

: Bu'lKm 

1+ or 

L.U.E. 

*+ »*r 

i-er 

; fixfnt* 


clort: 

— 

tnav cr. 

| t*rlee 

j | 





■ M7.SP 

j-0.26 

296. 15p 

,-2.25 

j tronthi. 

.|ipe.?i* 

j-fl-i ; 

a03.7u 1 

!— S-4 

->inofltlia, 

J 514. Z3p 


- 1 


12 mcnitre.ibj.lp 

F“i 


■••— 


65.70. May S62UH4.15. Safes: 88 lots. 

HGCA— Lacjiwa cx-farm spot prices: 
Feed barley— Cent. Scotland £78.30. Cam- 


MCiTlVrGCTADf CC 1 nls nas creuieu a auunaye 
MtA 1 / VtutlAfiLta Of high quality North Indian lea 
smithfield • pi nee per pnnnd»— which has therefore been com- 

“aiK ™! , . d j n e P ril: “ iD *«“* 


TTie US nunourr cocfficienr for the Eire luuuiiiHia-iii »* * ■* »»■, iwrvwiwi* 
week begiDiiing Monday October 2S ta 38.0 to 38.0. Veal: English fats 85.0 to Weeks, 
expected to lucre we id 1.281. 70.0. Dmcb binds, itin ends. S3.0 to i«-o. 

IMPORTED — Wheal: CWRS No. 1 134 tomb: EngUsh small 52.0 to 5&.0, medilini 

per cent,' - - -- 

Ntmbern 


FINANCIAL TIMES 


Ocf- 16- i.)rt. 15 iMontli Year i4>-> 


264.00 1863.05 ; iio4.39 1 g<S4.5B 
<Ras»: Inly I SK3 = 1d*T 

REUTERS 

6-^. f6 ' iX-t. 13 li-juiii ago Y5r i^i 

1516-5,1015.1 1+4.4.2 ; 1+04.2 

<Uu»«: S^it+mnn in misinji 


IK>« On. 

■ lo 


DOW JONES 

iVL 1 31 uutlr 

(*■' . | u^u ! 


Year 

Bpn 


TED— Wheat: CWRS no. 1 134 Lamb: English small a2.« to a.o, meomm fn pi 

Oct £94.55 Tilbvrr; U.S. Dark 52.0 to 56.6. heavy 4f.n W 52.6. Scottish Slintlnwer cron 

Spring No. 5 14 per cant, Qd. raedaan 53.0 W 56.0. heavy 4*0 to 5SJ, UUUUV »' 

_ — , — lfMfl frozen NZ YLg- 52.0 W 64.0. 1 «. • y TV ■ 

: English, under lOOtt* Jlj to «,!. nil 1T1 1 KHIinP 

ante 38.0 to 44.0. laviawis 37J> » Ull 111 Uiu tliUC 

MOSCOW, OcL 16. 


ment (East Coast). 

Malza— U'.S./Frepcb unquoted, Dec. £102 J08-l2Ubs 


.M r- T . . _ f iwra— fc-.a./rrwicD uuqnurea. ut-v. iiu+ 11 *v lv 

trapohlpmeoi East Coast: S. Africa 43.0. Crouse: Young best leach) 1S0.6 musluvy ucl id. 

S' Mr OCL -Nov. £BLM Clwgmr: s. lo 250 0. Partridscs: vmrag feaefil 2M.8 wpatuTO has™ « « 

aots. Three ipmUbb 365.7, African Yellow OeL-Nor. £61^0 Gldfieow to 340.0, LOOL WEATHKK, heavy rain 

ArtoniiTOipree imaita H^w-eagUsh Feed loh Ota. unquoted. "CAT coMMissiON-Avenge fatatock fall and disease have retarded 

sSs.fl wi ^14 “M«ns N«v (S 3 w East Cf«r. prlcw at r»pr«en:atlre_ martcets 

COCOA 

prices remained j n 


prlCKS remained ,n a narrow range f 1 : ” 

ihrOT shorn a' quiet day. cloatns at the 
lows, era and During repened. y We5T ***■ Statin* 

lalenu' v»i * ur Uunnen 
LULL' A " Coe* , — I In Ilf 


NCCA— Ractoiial and UK averoce Onob»r 18; CB cnrrle BT.Bp per kA.I.w. /ncratnA^whirh 

es-fann spot prices for week ending i“0.08). UK >Jieep ix2 Ip per kg.esLd.c,w. crop in the Ukraine, which 
October 12: Peed wbeat— S. 

S. West S3. 20. Easlvrp 83^0. 


.... 584.5 3- 3 84.05 AbO.fifej 73 . a 8 
Futmfaii364.4b 584.30j578.65)g27. 1 1 
(Averayc 1824-25-28=: lob) 

MOODY’S 


bales. 

'Cold— Oct. 227.10 1224.201. Nov. 228.00 
223.SU*. Dec. 22U.00. Keb. 233J0. April 
2J-.90. June 240 70. Aus. 244.50. Ocl. 
-Vj.ML Dec. 162.40* Keb .’50.40, April 
2--:u sfl. June '.’HJ0. Aug. :’«0 10 Sales: 
Iv.IWO lots. 

tLard— Clncaso 1 op*c 24.27. NY prime 
scam .'5.87 asked >23 75 traded*. 

maize— Dec. J3J-V3-.-.’ <23lti. .March 213- 
.M2: *24111. Mu 249 '-249j. July 2521-2525, 
S*-|*:. 2-i5!-255. Dec. 251. 

tPlallnum— vlan. S3] 00-333 DO * 322.1*0*. 
VprlJ 3J2.80-33J.00 * 324.00,. Jub' 31*520- 
335.40. Ud. TJ8.50. J+P. 341.00-541 J'O April 
u:. 50-554.00. Sales 1.759. 

'Silver— OCT. 591 70 *557.7(1' N*»v 594.40 
590.40*. Dec. 599.20, Jan. tjol.10. March 
H10 00. May 619 20. tub 426.70. Sept. 
(v-5.20. Dec. tvtO.20. Jan. 652.00. March 
bil.Sfi. Mur 672.10. July 681.50. Sales: 
22.000 lois. Hand)- and ifarmao -spot 
bnllinn- &Rfi.oo ijso.DO*. 

Soyabean*— Nnv. fi97-fi93 *fiB0f*. Jan. 
7te:-70li *5971*. . March 710-710',. May 

231-714. July 714-7134. AtUm 791. s t . pl . 
1*75 Nnv. WH-gfi-j 

Soyabean Oil— 20^0-20.95 > 26.23 1. Dec. 
:fi.B0-26.45 *23.861. Jail. 26.20-26. 15. March 
25.S0. May 25.55-25.60. July 25.10-25 12. 
Auc 24. S3. Sept. 34 35. Oct. 23.00-23.95. 

{-Soyabean Meal— On. 163.80 <]82 30i. 
D-.-c. lS7.6n-IS7.40 .1S6.10*. Jan. 1SS.50- 
1SV.60. March 1S9.5O-IS9.40. May 18B.30- 
mono, .loir isooo-iso.so. .\u^. iss.oo. 
Svni. mSO-lBbuO. DO. 193.50-183.00. 

Sugar— No. 11. Jan. 5.35 *8.55*. March 
b 14 -9.14*. Slay 9 JO. July 9.46 asked. 
Sep: 9.50 a?k«J. Oct. 9.66. -lari. 9.57 avked. 
March 9.50-9 «0 Sale*.: 4.500. 

Tin— ;i0.00-770 On ndm. i<t?0.i)0-f.5(i fiO,. 
■■Wheat— Dec 3524-3A3 *“5;.'*. Slarch 
^46: ■ ::47 ; *. May 344.. July 33+323}. Sept. 
71 bid. Dec. 244 nom. 
in NN I PEC. On. 11. ’-Rye— O ct. 103.U0 
^ .bid * 103.40 bid*. Nov. 101.00 bid *104.00 
Bee. bid*. Due. 105.70 bid. Ma.v 1I0.4U. July 
110.30. 

Oats — O ct. 77.10 bid * 77.701. Dec. 76.90 
77.30 a-kcdi. March *o2!0 aaked. May 
75.20 asked. July 73 20 atfced. 

-Barley— Oct. n.so bid 1 72.101. Dec. 
73 JO 474.101. Starch 75.10 bid. Uay 75.30. 
Julv 75.40 aiked. 

■} Flaxseed— oei. 265.00 i263JH)i. Nov. 

bid 1264.50 asked'. Dec. 282.00 bid. 
May 263.80 hid. July 262.00 asked. 

‘■‘Wlieat— SCWRS 13.5 per ctaii prtnein 
ennieni uif St. Lawrence ITS.?. 1 1 178.72 1. 

All cents per pound ex-warebouse 
unless Olheru-M? stated. *Ss per Iroy 
uiin*-* — 100 ounce luis- * Chirac* loose 
J*. per 1 no lbs— Dept, of Ac. nnces pre- 
ctoiis day Prime su-am fob. NY bulk 
■ink can,. I Cents p*-r 56 lb bushel *>t- 
iv.iR-boiisc. 5.000 bushel 1ms. ; ss ikt 
iri*y eun*-,- for 50 oz units of 69.9 per 
Ci-ni pnriiy delivered SY. *■ O-ms per 
1 ray oun*.*e ex.warehnuse. :[ nvu- - r - 
oiiiTtci in Ss a sbnri ion for bulk lots 

t*r 100 short ions delivered fo.b. cars 
Chu-aso. Toledo. Si. Louis and .Altqn. 

Cents per $9 Ih bushel un store, 
r Cents per 24 lb bushel. 7: Cents per 
4? Ih bushel es-warehonse, JR Cents per 
5« lb bushel e* -warehouse. 1,000 bushel 
lots, t! SC per tonne. 


Moody's 


Uct. I U..-L. :51iuith:Ye*r 
Ja I lz ®B° i»RV* 


Sple Cmnmn |975.5971.8 lB39.QjMB.3 
t December n. im = i n} 


Rise in U.S. 
corn reserves 

WASHINGTON. Onf Ifi 


Ll*-... .,181)8.0.07.0 ,t 6.5 1t12.ll- 1*35 

Uaioh I 55.. 2S.B -f.0 l*40.i. 25.0 

Mat 1 «1 .ut 42 0 —3.73 h.tf. -40.0 

/Uif- l:44.r-46u — B.O 1564.0 44.9 

X*| 1.44.0 45.0 —4.25' 1:50.0-45 J 

»«■- tj14jf.l6.iJ -d.D 1918.' -15.0 

Mar-h I SJ.'i-BflJ -11.75 * - 



Saks: I Mi lI^Hi.lou of 18 100m. 


X. Went 73.70. Scotbird 77 10 UK 73*1 Imponcd Produce: Lctnons-Ital.an' 120 SUnflOWer SCCd Hut the news- L , VE SPOOL cdttoii j n^^L 38 ?’ 510 ,!3 the w eek 

ebanse +100. tonnaae 2S.4SJ. Malting UK acw rra» MM 8. AfHcaa: 5 00- paper said 197S was the Third ment Vto* amtmmoJ T» and f hiD ' en “ e ° , IJctf ’ be r 6. 

barfey-5. S2.b0. S. West M.S0. 7.58: Cyprus: Troys 3.03-5 JDl Jaffa. 3.58. year ninnfn" fhal the Rpnnhlir^ Si vw ™ #l,nes ' C si,rs To(aI feedsral»S in thp 

Eastern M.M. P.. Midlands SUV. W. Mid- Oranaes-S. African- Valencia Late 4..T0- runn * I ?*» rnaI l “ e ^epuhlics “ WPlumeni east- reserves r«rh«l rifi™".* tne 

lands S0J8, X. Ea*f S1.70. Scotland B4.90. 5 4S: Branllan: Valencia Late 3.50: Crop was disappointing. &n?ra^uaUrt«i MU L.?Sf Ch,iSa, J n f . H® 1 m tonnes 

UK S2JKJ, ciuitse -40, tonnaae 17,445. .\rsenune: 4.69-5.40O Urusuayan: t29- Reuter ^upwn^ui n w!U> jj“ m Previously, 



^fOGKfXCHANGE REPORT 





; -V. . 

^ Sv *? r V ‘ i * •;••• : ; - 


~Jis: :■'. . 


Financial Times Tuesday October 17 1978 



Downturn continues on suggestions of price curbs 

Equity index aboye lowest at 494.6— Gilts fall again 


Account Dealing Dates only 432 contracts were recorded Mark* and Spencer became fairly Miscellaneous Industrial leaders 
Option compared with 646 last Friday. active in front of today’s interim rallied in the laie dealings to 

•First Declara- Last Account „ , ... results but dosed without altera- dose a few pence above their 

Dealings tfons Dealings Dav Banks quietly dull Eton at S2p. British Home, also lowest levels. Bcechani touched 

uranngs uons ueaiiu^a . "1 “J .^Ih Hu. rnmnr- AftKn in rinllu Kilt finished Tin- 


New Hme " dealings may take plate quotations drifted gently lower, rise of 6. week in rea'-rjon >0 The 

from 9 jo a.m. two business day* - owl cr. Discounts dosed easier for choice SmaJI selling in an unwilling dfcappoiuMn:? re=ii'tc Glaxo re- 

U’cekend suggestions that price 5 lower at 245p. market left Electricals with a treated further before 

curbs along with stricter moni- ® ul *~ iea « their interun state- string of small losses. Fnrwjrd clo.-mu unchanged at Eise- 

torms b\ the Price Commission au ® tomorrow . Jcsscl Technology closed 2 cheaper at where. Brook Sirei-t Bureau p.jr 

of com names which break the ana Smith St. i.*J4p Following preliminary figures, nn 5 tn Sop. after sTo. following 

five per cent pay limit could form ■ y . steady. Guinness while Racal Electronics. 323p. and the more- :h;«n-douMcJ interim 

pan of a compromise between 3 to _30p among Campbell and Islierwond. 123p. profits and proposed 56 per cent 

the Government nnd unions on , 3ncl ,as/:e ^ Qf 3 lost 5 apiece. Wholesale Fittincs scrip-issue. »■ hi;*.- Acilers'ins 

pay had a predictably dulling L,n v Gibh^ 1 r.nTiVl^.nrt 5 ave U P 3 ,ike amount at 220P R u bl>cr caim-d fi t«. Vn on .m-.il 
effect on slock markets jester- p " ® 51 P* and KI **nwort , n a restricted market, while other buving in a rhm market. Relvon 

day. Vi, . dun spots ■ included Dreamland. pBWS edged fori-:ir«l 2 to H4p 

'mmciiinn also subdued. 2 off at 35p. and Audio Fidelity. 3 j n response t«< Pi'*- comment 

The thought of re-imposition Further small selling and lack of e a«ie- nr 3Sn '"j ..r 2 ^ 

if *S1^JS£1Sb!2£ 3-SSS OpTS Child" 

S..S." IS,™ .^’KS*. .w™ !“*■" ««»» * ?“™ f»r the better end Betiey. IS*. Mlln 


Z*?- l Bass ttarTfoeton. lfiin and «2p. Awaiting Thursdays in- profits warning and Dnnbce- 

Ih 1 ^ n f n roc r U r ^ f rr n and Guinness, 156p gave up 1 ^’ and 3 terim results. Hawker Siddeley Combex-llar-t cheapened 4 to 120p 

rfoPwl n ereS ihi? Vnlp^mpni'? respectively Elsewhere *Geo G dri f ,ed off to 234p. but rallied to ahead of Thursday's mid-term 

SSio Sandema^ at Fridays without alteration at 23Sp. figures. Charles Hill «r Bristol, 

funding programme. pf 4 a J. b ££- fSffiired tbl Elsewhere, modest falls were Sop. and Vinten. lC7p. lost 5 

At one stage, the industrial interim statement. Distillers were fair ^ numerous. Among the apiece, 
sector seemed especially drab. a ] S o on offer, losing 3 to 196p for more noteworthy movements, Barr and Wallace Arnold A 
but with dealers reporting little a rwo-day renction^of 9. Ransomes Sims gave up 10 to Pained S at 169p xd following a 

genuine selling and only the Building descriptions! marked WBp, while Stothert and Pitt, favourable Press inention. 
opening of new hear positions at down at the outset, held steady at 230p, Simon Engineering, 270p. Occasional speculative interest 
the .start of a new trading the lower levels in the absence and Porter Cbadbont, 108p, all lifted Photax 3 to 40p. 
account, the market steadied of sellers. Bigger-priced Issues recorded falls of around 6. Trading conditions in the Motor 
later. After the official close of such as Richard Costain, 234p, Adverse Press mention left sectors were subdued. Garages 
business, leading stocks rallied and Taylor Woodrow, 408p, both Chemring a few pence cheaper -fod Distributors tended easier 
significantly as some of the posi- shed a few pence, but Allied Plant at lQdp. Against the trend, buying with falls of 2 marked against 
tions taken out earlier were hardened } to 18p following the interest was shown m Mining Caffyns. 105p, Cbaries Hurst. 88p, 
closed. interim results. An investment Supplies, which advanced 6 to and T - c - Harrison. 1 13p H. Perry. 


1 1 ruling concern about the deci- 
sion to change auditors. Jamaica 
Sugar, however, edged forward 
2 to 17p following details of. the 
deal whereby the company is 
-soiling all its sucar Interests to 
the National Sugar Company. 

Investment Trusts had an easier 
bias. with Rothschild losing 3 10 
200 o' and Caledonia InvcstmeriTs 
4 to 2(i«p. 

In Shipping. Lois closed a 
ppnny harder at 35 Jp following 
an investment recommendation. 
P and O Deferred also ended 3 
penny better at 80p.- while Furness 
ll'ffliv held steady at 234n in front 
of today’s interim statement. Else- 
where. further speculative interest 
in a thin market lifted Milford 
Docks 8 to I28p 

Dawson International. 2Cr2p. and 
the "A." 201p. both finished a 
penny cheaper following the 
dividend and profits forecast and 
capital proposals contained in the 
company's letter to shareholders 
rejecting the bid From Wbl Baird. 
4 lower at 178p. Elsewhere in 
the Textile sector. UU Improved 
i to 7p on the proposed financial 
reorganisation of the company 
involving a merger with E. 
Salbstein. Revived demand left 
Levex if higher at I6p and D. 
Dixon 5 dearer at 108p. while 
Albion responded to Press men- 
tion with a rise of 8 to 26p. 

South Africans lost ground with 
A be room Investments and Anglo* 
Transvaal Industries both finish- 


ing 8 cheaper at 98p and 113p 
respectively Plantations closed 
with a mixed appearance follow- 
ing a slow trade. 

Golds down again 

Concern over the Namibian 
political situation coupled .with 
the 50 cents decline in the bullion 
price to 8224.375 per ounce, 
prompted further selling of South 
African Gold shares. 

The Gold Mines index fell 
another 6.7 to 153.7 — its fourth 
consecutive loss and its lowest 
level since June 2. Also affecting 
Golds was a further downturn In 
the investment currency pre- 
mium. 

Selling of Golds was by no 
means heavy but the absence of 
any buyers caused jobbers to 
mark down prices throughout the 
day. 

Falls among the heavyweights 
ranged to £11. as in Raadfonlcfn. 
£81, wbiJe West Driefonteiu drop- 
ped a point to £22 and Western 
Holdings. 3 to £19. 

The easiness in the .UK equity 
market saw London-based Finan- 
cials lose ground. Gold "Fields 
fell 7 to 175p ex-dividend. Rio 
Tiii to- Zinc 5 to 253p and Charter 
3 to 151p. 

On the other hand. Platinums 
generally Improved helped by 
favourable week-end Press com- 
ment Lydenbtzrg added 4 to 77p 


FINANCIAL TIMES STOCK INDICES . 

rvu 0.51 "<VT. 1 Gel. | Ort- I .oil. | A row" 

— lie l ij . 12 I n j to i » j «g« 

U,wrf..Bi«t s«x..... ~ ~GB?79 W.06! 69.03; 69.63j 69.87' bfl.«7 76.65 

|T,M>I interori 70. 80 71.42' 71.71 71.74] 71^7| 71JB5 78:49 

lu.lu.lrta> 494.6; 496.2j B05.8 1 S04JBJ 008.5; 510.8 499.1 

Uo.4M.uc j 153.7! 160.4; 167.1, . 168.4' 168.6.' 167.1 174.0 

L.ni Uiv. Yield 5.44i S.42I 5.5 J. 6.55. o.ZS. 1 5^0) 5.40 


w-yiti. 1 j ‘ ' . I I 

Unl. Uiv. Yield 5-44) S.42I 5.55. 6.55. 0.Z8.' 5^8 j 

tani-wA-Irt^duiiV-i 15.08; 15.04 14.79; 14.83! 14.691 14.e,bj 

H,fc. Itano men rt» 8.78; S.Btf 8JS- 8.82; 9-0 ll 9.03 

1^.110,.-* m-ri.nl 5.153' 4,940; 4.3S3; 4.83fc 4.835] 4.5941 

K*„iltv iunifivw£ro I - I 90.71 1 75^6' 65.51 77.51; S9.56| 

b,,ulrv hargaliiH — ! 16.4 75 14.135 15 .3 IS 15.35Q: 13.65T 

10 am 432-Z, 11 am 4 £1 Naan 491.3. 1 pm <91.0. 

S pm 491.0. 3 pm 48l.«. 

Latest index W-3» S82h. 

* Based on 21 per cent corpora lion lax. t Xil=9.34. 

Basis 180 Govt. Se-.O. 15 W"=6. Fixed Inu 1M8. Ind. Ord. 1/7/35. 
Mines 12,8 55. SE Activity Jolr-Dec. 1943. 


HIGHS AND LOWS 


S.E. ACTIVITY 


Hluli j 


iiin-e i-onrnl'HKim 
Hutta ] L/tnr 


Ui-vi. 9e»... VB-aB 
tarii 

blsed Ini-... 81.37 
lUtli 


00.79 ; 187.4 49.10 

ib/S) (9ili56) idil-'iui 
70.75 I 15o.4 50.55 

ib.«) {126,11 47 1, li’bioi 


. — LMtll | 

; l»lit-Edaed .. 1 
■ ludurlries ... n 
Specuiarve...{ 

‘ 1‘otaiB -| 

I P-d-vAveroatl 


This was well illustrated in the recommendation lifted Edward 106p. while Wadkln continued however, firmed 3 to llSp follow- 

final cak--il-.io JMheFT Indus Jo ? cs ? l5 P- while news of a firmly at 154p. up 2. Birmingham '"a p*«s that as a result of 

S Ordmar sh'.re fodei which £ 0m . in u dustr ' aJ development in mat hardened 2 to UOp in «*■“ mmUfication* of n ess- 

re' isS j fall nr onfv 18 at Birmingham helped Bryant add a response to favourable weekend ' nt ? agreements the Inland 

JQJK - rl ’«4 Hiw- penny at 46p. London Brick Press mention Revenue has indi<-Mcd that it 

■ri ^ f,m“ ,n°^n i mnr °ved 1 lo 69!p: the inierim Press ^ su-’ZWtion ora bid fmm docs not Propose to pursue its 

•iL , ^ 1 - - PA' luUUs,. Falls m all r^vtllts are duo nrffthr»r Ritnhv ^r r> j _ . . . _ e nhioi-linn^ rft the ruRinrifiv s cl^im. 


FT-qunted imluslnais. however. p« ir tla: 
ouinumberi-'i ri.-o.-, by four-to-one. tn -51 . 

Stores and other consumer- 
orionhiied -ociinns Here not 


troubled by the ^limdo-.m in Sop- "'ici'"' fell awav to 38,in but on ^ art * crs nicked up 2 more at SWn a ^ e ^‘i\Un KC,i ‘ Saatcbi 

lemlier r»,I iJc. lh< former , c .,f Iered fi 1 ,* 5 indS, 2 "t liadms ProSfrtio. ewa imti- 

being content w await todays ne{ 2 cheaper at 3SS|». Leigh J2S r !SLS® ally but steadied i-a cicsi- UtMe 
interim tisure-4 irom .‘larks and interests eased 4 more to 126p: ex nected shOTt]>. Tate and L\le c h H p2ed. Rcgalian added 2 to ISp 
b pence r. Trading announcements las , vear the interim closed, without alteration at 172n and , ):jJ . es Es}alP<! ; : rjT >,.,| a penny 

in general, much fewer than announced on November 24. fol, °wm= news of the company s |0 17 , p both helped l»y .nvest- 
recently but occasional items Ahead of tomorrow’s interim negotiations to sell its South nient comment. Mirroring demand 
aroused interest. results. Farm Feed firmed 5 to " fr,c ^ n interwts to Anglo t h at developed late on Friday. 

Still lacking in confidence and ggp. Croda International were A men can Industrial Corporation: Mauntvicw Estates gained 6 to 
worited by interest rate possi- quoted ex the scrip issues at 81p. *h® latter finished 30 cheaper at 90p, but Dorrington eased a penny 
bmties. Gilt-edged securities while the new deferred ordinary. *?®P- Associated Dairies and J. t 0 555 p following the interim 
edged lower in reduced trading. a f {er a reasonable turnover, closed Salisbury closed 3 cheaper at results 
The Inngs closed around ■ lower at 31 i p after extremes of 30ip 24 2p and 225p respectively, 
but were improving in interoffice an( j 331 p . " Williatn Low, 4 easier at 93p, Oils Olliet 

flea lings. while the shorts prorided the only significant na =«ri 1 mnet and 

trimmed simitar Falls tn L and XA7«1K>- mnt-amnnt t„ Oil leaders passed .1 qu ICC ana 


OPTIONS 

DEALING DATES Northern, Pacific Copper, Shell 

First Last Last For Transport, Brocks, Premier Con- 

Deal- Deal- Declare- Settle- solidated' Oil, Regalian Proper- 

Sngs ings tion ment ties. Ferranti P. and O. Deferred. 

Oct. Jfi Oct. 23 Jan. 11 Jan. 23 EMI, UDT, Time Products, Cam- 

Oct. 24 Nov. 6 Jan. 25 Feb. 6 ford. Amalgamated Stores, $. 

Nov. 7 Nov. 20 Feb. 8 Feb. 20 Sherman, and House of Fraser, 

For rate indications see end 0 } while doubles were arranged in 

Siuire Information Service English Property. Barrow Hop- 
Money was given for the call bum, Brooke Bond. Glaxo. Brent- 
fn English Property, Consolidated nail Beard and Premier Con- 
Gold Fields. London and solidated Oil. 

NEW HIGHS AND LOWS FOR 1978 

Share* NEW UNVS (45) 

attained new Hwhs and Lorn for 1978. 


ex-dividend. R usten burg 3 to lOSp 
ex-dividend and Bishopsgate a 
penny to 106p. 

The fall tn the investment 
premium coupled with a decline 
in overnight domestic markets 
left Australians lower, across the 
board. 

A lone firm spot, however, were 
Pacific Copper, which advanced 
10 to 6Sp following talk that the 
company had signed an agree- 
ment with BOC to supply the 
latter with tungsten from its 


167.7) 165.4 
lB3.a 178.3 
42.0 38.1 

116.6| 112.4- 

165 V 166.7 
166.6! 160.6 
43.5' 43.4 

109.8, 107.3- 


Torrington mine for the next five 
years. 

Diamond exploration ' issues all 
fell away as did the majority of 
base - metal producers and 
Uraniums. 

Elsewhere, the surge in tin 
prices on the London Metai 
Exchange prompted a good 
demand for the Cornish tin pro- 
ducers. Saint Pxran and Geevor 
were both 5 higher at 76p and 
I53p respectively, while South 
Crofty put on 3 to 67p. 


LONDON TRADED OPTIONS 



ui lu&r 

.1 ilntnrt 1 Apil- 

' 

Ik'iuiv 

(■nee 

'isri v* 

ClCMU;| \ Cioring 

offet 1 Vot. 1 nITer Yol. 

1 1 

bquily 

Cn» 


out were improving in interomce 3tl( j 331 p. 
dealings. while the shorts 
trimmed similar falls tn \ and Walliq want pi) 
continued to rally after-hours. VVdlll!> 

Corporations were caught up with Secondary issues prorided 
Friday’s easiness in the main scattered features in Stores, 
funds nnd recorded losses extend- Weekend Press comment drew 
ing tn a point. buyers’ attention to Wallis which 

Early selling of ihe investment improved sharply to touch a 1978 
currency premium saw it dip peak of 97p before closing a net 
sharplv to 781 per cent before 6 up at S6p. Peters rose 3 to 49 p 

: 1 ........ ,l. i...... .. u.i.i.n -1 1 .r EVi.l-.i-v 


increment in Supermarkets. 

RISES AND FALLS 
YESTERDAY 


dull session. British Petroleum 
closed without alteration at 9l6p 
after haring been a few pence 
easier, but Shell finished fi 
cheaper at 570p. after Sfi-Sp. while 
dollar premium influences left 
RnvaJ Dutch ? lower at £44J. 


Up Dowd Same Elsewhere, Oil Exploration drifted 


levels hcl pod a ral ly to 79 i per iimfoan' result and Bamtere c 'ZZ ivt ^ „ with Triccntrol a similar amount 

cent fora rail of IJ from Friday’s hardened 2 to lt»2p on an invest- industrials us ms 72s off *'’t liWP- 

close Yesterdays SE conversion ment recommendation. Having Financial and Pro. » 232 253 _ ,, ,L, ,, - » ' U . 

factor was 0.7316 1 0.7293). recently rejected bids from both 1 S u fa,I c ^ f “° °ri«f hl7i' h in 

The generally dull conditions in Pentos and Lonsdale Universal. „ » « Profits setback. E'seuhere in 

equity markets tended to restrain Midland Educational gained 5 to ReaM issues S 17 22 Overseas Trader^. .ime^Djrb} 

activity in Traded Options and 225p on hopes of another offer. Totals — 221 lwo U 20 eased 4 to 99p so re.iectin.;, con- 


NEW HIGHS (27) 

CANADIANS ID 

Brzscan 

CHEMICALS (1) 

Farm Feed 

STORES <Zt 
Helene at London Wallis 

ENGINEERING (4) 
Birmingham Mint Mining SuodIIk 

Brown & Tawse United Engineering 

FOODS (1) 

Edwards (L. C.) 

INDUSTRIALS (3) 

Inter-City WhitCCrort 

Retyon PBWS 

PAPER (It 

Trldant 

PROPERTY (4) 

Country & N. Town Regalian 
Mountvfew 5 roc* Con*f nfon 

SHIPPING (tl 

Mlliord Docks 

SHOES lit 

Lambert Howarth 

TEXTILES (2» 

DlKon (D.i Levex 

TRUSTS C2> 

Camellia Imrt. Common Mkt. Trust 

TEAS (1> 

A ° lm DO ° ,r ' MINES d) 

Saint Plran Tehldy Minerals 

South Crolty 


BRITISH FUNDS (25) 

Treas. Tli-pc »979 EnrAqr. I3I.OC 1996 
Exchqr, 9':0C 1981 Exchgr. 10t-pc 1997 
Treas. 14oc 1982 Trees. 8 **bc" 1997 
Exchor. 9 'joc 1992 Trees. BAidc ‘95-98 
Treas. 12oc 1983 Treas. IS'-nc 1998 
Treas. 9U0C 1983 Exchqr. 12oc 1998 
Exchor. 12. DC 1992 Treas. 10>7OC 1999 
Funding 6pc 1993 Exchor. 120C *99-02 
Treas. 1*':DC 1994 Treas. 8 pc 200 2 -OB 
Treas. 9 pc 1994 Treas. 5 >3 DC '08-12 
Treas. 12 )<k 199S Treas. 3 DC *66 aft 
Treas. Bpc '92-96 Treat 2'ipC 
Treas. 1 S'.dc 1996 

CORPORATION LOANS (41 
G.LC 121? pc 1982 Blm. 9 Uuc *79-81 
Do. 12 i?dc 19B3 Glasgow 9l«pc '80-82 
COM ■WEALTH & AFRICAN LOANS (1) 
N.2. Tijsjc 83-86 

FOREIGN BOmiS (11 
Ireland Thoc '81-83 

CHEMICALS (11 
Leigh interests 

ENGINEERING (*} 

BlrmkJ Qua [cast Sykes CH.5 

Lane (Percy) Weeks Assoc. 

FOODS (II 

England (J. E.< 

INDUSTRIALS (31 
Hestalr • W Ribbons 

Trafalgar House 

INSURANCE (4) 

Commercial Union Legal A General 

Heath (C E.) Willh Faber - 

TEXTILES (1) 

CotfrtanldS 7 DC Orb. 

1 982-87 


Bl* 

JJf 

Linn I'nlnn 
Com fmon 

a,Ull (fUm 

Ipllhi G11M 

Courtaulds 

(.nurliiuiui 

L'oiirtauliis 

OEC 

one 

Grand Met 
firnnd Mel 

IU . 

ICl 

ICI 

ili Hr* ± 4[.. 
M-rta 2 5[>. 
Marita ± &|)l 
bbell 
■M.eii 
Touts 


BOC Inti 
Boots 
Bools 
Boots 
► Ml 

EMI 

I m peri 8 1 O’ 

ImpedilG' 

rt2 

KT • 

HTZ 
Torn ■« 


10 : 30 

3ta' 30 

IS 40 

6 . — 

13 ! ~ 

715! — 

31s! 23 


l 47 

Nnremlier 


| 208 
Pdhruarv 


140 19 
ISO 6 


240 22 
260 9 


.11 - 

7>a ~ 

at, 20 


3l« - 

13 — 

7 — 

3 - 

28 — 

17 — - 

8 — 

4 13 

41 10 

30 — 

19 — 


APR05XTIHENTS 


ACTIVE STOCKS 


Changes at Taylor Woodrow 


Mr. P. R. L. Drew. Mr. J. Millar 
and !Wr. R. P. lV'brlehouse. hav* 
been appointed to the Grst 
divisional directorships in th.-' 
history of the parent Board of 
TAYLOR WOODROW. 

TAYLOR WOODROW INTER- 
NATIONAL has appointed four 
additional directors — Mr. M. 
Angwin, Mr. G. Craig. Mr. W. 
Hoghlu and Mr. C. SthtL Mr. A. 
Jarvis has been appointed a 
dii'Llnnal director. 

Mr. J. Mason has been made 
managing director of TAYLOR 
WOODROW PLANT COMPANY. 

Increased activities across the 
r.nni?r have prompted Taylor 
Wondruv.' Ilosni's 'n fomi a wholly, 
mi vd >uhsii!ury— TAYLl *R 

U’l i» ffiRi IU’ Hi jMKS 1 SCOT- 
LAND l . The Hu-ml mn-ihlj ol Mr. 
D. Sinnuii. clijica-an. Mr. \Y. 
Gund he v.'. nun.ijiny director; 
.Mr. A. Sayers, dirermr and com- 
pant ■".i.'roi.ir;. aii-J .Mr. D. Tui inr. 
.tlr.’ Slmivih oil -j 1 rm: n and 
man a c:i:i'.: din-i'tor of the parent 
i":'.ipar.. •. im-ii }>a.- interest in 
S:ira<ot.i. Florida C.S. Taylor 
Woodrnw Homes has apnoinicd 
f«*ur dr. i*ionH dnvelors — lli'. iV arc 
Mr, T. rairclmiili. Mr. R. Pope. 
Mr. R. Pus! let li '.mile and Mr. FL 
Si en liens. 

Mr. E. W«mlno!i'!li ha- be -rime 
chairman or PIllLLirS CON- 
SL'LTAVTS. a Tailor Woodrow 
Group cop’o^iv'. 

E. AND n. TAYLi'iR iIN- 
St.TS A'.'TF. PE* ri-T;;(s;i. a member 
of the Tovler IVu-idro'v Group, has 
.-lo-minsed Mr. R- Murbey to its 
Board. 

+ 

Mr. Victor Matthews, deputy 
chairman and chief executi-e of 
Trafalgar House nnd chairman oT 
Peai'erhrooV.- \ ! e«cpaners. is 
nmnne leadins ind'.rsrrialist« in TS 
foil o' < xh'ivf nn^ounced hv Ihe 
BRITISH INSTITUTE OF MAN- 
AGEMENT. 

The others are Mr C S Aston, 
chairman. Powell Duffryn; Mr. 
R C. Hreketh-Jones. manasrino 
director. ROC Trtrprn3tionai: Mr. 
I. F. D. H : ll. chairman. Kn ik Save 
Discount Group' Mr J. M. Wnfher- 
cimnn. chpinron. S : rier Comnnnv 
(UKi: Mr. W. L P- ShanUfond. 
"■»n:»'';nn dreetor RICC Cihinc; 
Mr R. B Pohinson. chairman. 
Robinson and Sons- M". J. A. 
I.envpv. i1 : roc*or. S-nit*i and 

Veph-iv Ag»o»in»sd rntjipan’M- 

Mr R J French. "r--'in 
P^«*-nt : ve. I.oVe .mil Ell'oi • Mr. 
Penn's Turner. director. 

W. F. Nor’ne i^tpphioe Toolsi- 
Mr. A. G. French. "icr./-hnirmm. 
c-n-er Comoani' rjtKi: Mr. W K. 
Fraser. ivnna"''iii rocreipi-v. 
S"o*'i*h offieo- Mr P P. Lo**’'*. 
ripirman. Lake nnd Ei’tof Mr. 
T E. Sprntt. chairman and *«in- 
rt'rpc'or Safotvav Food 
Stores; Mr P. A. Thomnsnn. cHipf 
erecitttve. Nat'onal Freight Cor-, 
noration; Mr. G. N. Corah, chair- 
man anr» mint "l™2?± n .Z d ^ ctnr - 
Corah: Mr. E. ** Gr»ffithS rtepnrv 
chnirrean. J. S*>«n«hnry and C.n 
nnri Mr ft. I- Pecker*, srenn re- 
search co-oTd' n ^ rnr Fovil Dutch 
qu-n Gronn o f Comnanics. 

n-iin a tia t 'firs tion For RWT 
Fettowshin. whmh is bv invitation 
j s - -eminent aehiei-emenr " 
in the preettee of manacemcot 
-mi /or administration. Pronin 
1v hn hove made « nurstandins; and 

ori ’inal cf ,nrr > l,,,f ' on ' i " to 
Jn-t- nr nrim?*;"imi Vnn*ri«dge 
nr theory may also be elected. 


Miss G. Plaxlon. a non-executive 
director of PLAN TONS (SCAR- 
BOROUGH). has resigned due to 
poor health. Mr. J. E. Oates has 
been appointed a non-executive 
director. 

* 

Sir Charles Tronghton has 
joined the main board of WHIT- 
BREAD AND CO. as a non- 
executive director. He is currently 
chairman of the British Council, 
and was Formerly chairman of 
W. H. Smith and Son (Holdings). 
★ 

Mr. Ronald Marshall, director of 
maniifscHire nf DAVID BROWN 
TRACTORS. Meltham. has been 
nominated denuty managing 
director. The company is a sub- 
sidiary nF the multi-industry 
organisation. Tenneco Inc., of 
Hnurion Texts and operate® as 
an .'■fiillnle of another Tenneco 
suhsidi.arv. ihe -T f. Case Com- 
pany. oT Racine. Wisconsin. 

* 

STATE ROPRMF. CRVnGEMCS. 
nianufacturer of cryogenic stor- 
age vessels and equipment, has 
formed Statehoume Cryogenic 
Service? rn hand!** renair and 
servicing of cryogenic equipment. 
Mr. D H. Tan lam. formerly he 3d 
nf ROC I’rvnnrnducts. and later 
business development manager of 
ROC crynspeefl gases division, has 
joined the pgirH of both State- 
bourne companies. 

* 

Mr. P. E. Hutson succeeds Mr. 
Angus Maraueen as chairman of 
rhe RRITTCH BANK OF 7711; 
MIDDLE EAST on January ]. Mr. 
Miemmen will rontbiue as a 
director of the bank. 

*■ 

Mr. J M Buis i. sales director nf 
Anchor Chemical Com nan v. has 
hnen re-wlectert pnwiH»n' n r ihe 
PLASTICS AND Rt'RRER TNSTI- 
TLITE Dr. p. L Cleyg has heen 
re-eleetpfl chairman of coun»*il of 
■ the Institute for the year 1978-73. 
* 

Following the safe of the 
HAILEY CARAVAN GROUP to 
Black and Eds in Eton. Mr. J. E. 
Dorids-Smlth. managing riirec'or 
of Gnilev. has resigned from the 
Board of J F Nish Securities. 

* 

MITCHELL SORTERS, engineer- 
Inc gronn. announces ihat Mr. 
M R N. Moore has been appointed 
a director. 

■*- 

Air Vice-Marehal A. D. Dick, 
who retires shortly from the 
RAF become* serrplarv of the 
RRFTPSH ASSOCIATION OF 
oert NATIONAL THERAPISTS in 
January. 

* 

On November 13. the stock- 
broking companies Penney Cas- 
te! Jo and Co., and Carle bach Scott 
Young and Co., will merge to 
form PENNEY GASTELLO CAR- 
LERACH. The firm will remain 
based in Glasgow Four partners 
nf Carlebach Scott Young will 
ioin the partnership in the 
London offire. Pirhm'-s of the new 
enmna n y n ill be- Mr. A. J. B. 
Aqnew. Mr B. H. N. Carvalho. 
Mr H B. tL rn! I. Mr. It. N. Piup'-r- 
Randall Mr S. J. Casi^Vn. Hr. 
A. W. Farr. Mr 11. H Gnlbrafib. 
Mr. J. Henderson. Mr J A. I.rplne. 
Mr J L. Patersnn. Mr. J M. Tol- 
mie. Mr. J S Trotman, Mr K. F. 
Tulloch and Mr H, J. Whing. 


Rear Admiral J. D. E. Field- 
house is to be promoted Vice 
Admiral and to be Controller of 
the ROYAL NAVY, in succession 
to Admiral Sir Richard Clayton, 
in January. This appointment car- 
ries with it membership of the 
Admiralty Board of the Defence 
Council. 

* 

Mr. Dennis S. Kenyon, joint 
managing director of the T. W. 
Kempton Group. Leicester, hasj 
been appointed rice chairman nf 
the KNITTING INDUSTRIES 
FEDERATION'S Industrial Rela- 
tions Board, which forms fhe, 
employers’ side of the industry’s 
National Joint Industrial Council, 
covering over 70.900 workers. 

* 

Mr. Brian A. Johnson has heen 
appointed managing director nf 
WESTON HYDRAULICS. Birm- 
ingham. which designs and 
manufactures hydraulic cylinders 
subsidiary of the Butrerfield- 
Harvey Group). He moves from 
the Board of AE-^nvrad. 

tr 

Mr. Peter Lloyd has b«*on 
appointed director of marketing 
of CANNON ASSURANCE. 

* 

ECONOMIC FORESTRY (SCOT- 
LAND) has appointed Mr. R. I. 
Shaw as finance director desig- 
nate. 

* 

Mr. J. FL R. Marcroft has re- 
signed from the Board of 
MAURICE JAMES INDUSTRIES 
but continues as a consultant to 
the group. 


CONTRACTS 

Compressors 
and turbines 
for Russia 

An order for compressors and 
turbines worth n 2m for 
installation at Tomak and Gubana 
In the USSR has been received by 
ELLIOTT TURBO.MACHINERY. 
From Davy Powergas, the order 
is for two compressor and steam 
turbine trains, totalling over 
24.000 hp, and will be built and 
tested at Eiliott's factory on the 
Isle of Wight The maker is a 
subsidiary of Carrier Corporation. 


An expansion oi tbe secondary' 
radar capability by the RAF a't 
Spadeadam. near Carlisle, ha* 
resulted in a £130.000 order for a 
COSSOR ELECTRONICS’ SSR 700 
system. This includes antennas. 
transmitter, receivers and video 
processing equipment which will 
be installed to interface with 
existing primary radar. All equip- 
ment is designed and manu- 
factured by Cossor at Harlow. 
Essex. The system provides 
facilities For recognition or special 
reply codes, elimination of mutual 
interference and read-out of 
designated aircraft codes and 
altitudes. It will provide raw 
radar information for the 

Spadeadam air traffic controllers. 


Denomina- 

No. 

of 

Closing 

Change 

1978 

1978 

Stock 

lion 

marks price (p> 

on day 

high 

low 

GEC 

25 p 

10 

323 

- 1 

340 

233 

ICI 

£1 

9 

388 

- 2 

421 

328 

Shell Transport... 

25p 

s 

570 

- 6 

602 

484 

Beecham 

-5p 

25p 

7 

690 

— 

i43 

5S3 


7 

197 

- 1 

237 

184 

BP 

£1 

7 

01S 

— 

926 

720 

Grand Mel 

5ftp 

7 

100 

- i 

121 

87 

Marks & Spencer 

25 p 

7 

S2 

— 

94 

67} 

BATs Defrt. . . 

25p 

n 

256 

- 1 

384 

227 

Commercial Union 

25p 

fi 

136 

- 2 

164 

136 

Cons. Gold Fields 

25 p 

6 

I75xd 

- 7 

204 

163 

Distillers 

3Up 

e 

196 

- 3 

215 

163 

Imperial Group... 

25 p 

n 

82 

- 5 

89 

7U 

Midland Bank ... 

£! 

6 

342 

— 

390 

330 

Bowaier 

£1 

5 

191 

- 1 

212 

163 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial limes, the Institute of Actuaries 

and the Faculty of Actuaries 


EECE&T ISSUES 


EQUITIES 




• i inj.j.' -in i» 

■ • |i In.'' 

•C Vi'- »Kia1.' 


■SIS ! 


'.Ml I 

3.S 

9 0 

3. 

-b 


H.fc 

11.9 

9. 

..l270j.ru 

-8 

xb.rc 

II. fe 

2.i 

9. 

-1 32 


A l« 

i.i 

10.0 

11. 

..180 

+ 3 

- 1 

~ 

““ 

5. 


FEXED INTEREST STOCKS 


:~ = ■ -i cM l.” 



isj. nisi- i- i.-i in- Lf$,U'iiv. rn 

I0> C *|;-|.|3III Bn-. l'/% 1 'ti 

jijjJ u 1 iii'ii- tViii««iuk- hi. UKi 

1 07. | L>». -I kil . Wii 1-rl 

!I0|. • - . " * in - 

HO ( 105 H*lm» lt^ i-'uni. Pre/ ... 

4 ^ I" . 1 • II ll.il. I-,. I-. UC 

I (•., i.( ■:! mi. i ll'« Ii 'finm Irf (/n . Uk -Wl . 

iih, -i- i\,-n-in-i..ii .m.i l. heif«x V'xr. lUlr I-4U.. 

. Lni!i-iii -Jimp- V)ifn. KrvJ,^ 

lurj- •*.*: i ■ Ini-. • tUiiiMX lUa Hri. 

-jlli. ro i-. -ev. tin. Hn 

I’nn. IjiiiU'ine- (.'□»■. c6R9- 

I-.- I t- 1 ' K'4l' , "'--i' tv^v-n». lu;. 

, • 7 it L*in- l-*f i Moi. 141—^ 

• I. - i .- 1 r i- • i V -i Hii»- 1-* 

K-j 105 . Victi-r Fn,1*. 11% Cum. Prief. 

t-ji,; Ejlj Ui i K- in iniii'i i'im. 1^)9 


“RIGHTS” OFFERS 


I J. 3 1* p! 


uMfj i": 
... to 

... 110. 1 ...... 

liopl 

10*1 <■] 

- 98'S 

- 88, J 

- fo6f| 

-I 83 ! 

..iZOpnn — 1 

j-i 

d fosp! 

-I 9^1- k 


r ~ | 


ii?‘. -i nil ’ 

_ t .-a 

-c : i, 10| ' 

.1 5 IS I 1 S ' 

:Q-. .i II !• ’ 

y ^ io i -•«: 
16 to yj 2J. Kr 1 

-I ; 11. 

)IL I . U >1'- 

^ »L- >1 l> ll" 

-• K- IU 11 *> 

23 •> -t 1£> : 

Ur. - , 10i -.111 

t u. n u»; liv 

— _ ■J'i'n; 

IS: I 

0 II >ll 

is ■Si J, 3W 

1 1C - 1 . v» 

— — Itil-"' 


l l—. . - 

AillmirJi lladi'lcr 

i. ■ u 

-,'M Uaii-i.. 

Ss.-.v.'ii Huljf 

vrill-li I'rluliiiu.. 

■ ». I'iHii- Run* 

.IlllM 

l'< .'ill 

1 >min Ell nmln'iOi>l'nv. 

Huai lion Gnu,' 

lu. I Miiiita 

.'iKmibrk Hi,iilina» 

• wr; lie. 

I..IJI. X M -nnn.1 lnri._ 

i l-rtus..n .V.'.Li 

i (nlncr- J«r»ellcrw 

l.Vinini' Knitwear 

Mi-niri" fc.uu 

W.nnn-1- 

t i»k:rt«n .... 


<.ll>-IUi. f "I 

ftw — 

JC 

73 I 

asrus" 

j:::: 

- 

( 2 !!>.+■" 

141 1-2 

3u7 1—2 

.LnT*r-0»; 10l • 

1 86 1-1 

\ 92 Uva 

13 >2 ] 

— — as >i pm- — n a 

104 1—1 

19pm' -Us 

68 .'—I 

b.-ljl+lj 

356 -5 

36 —1 

' 1pm. ..... 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Igures in parentheses show number a 
stocks per section 


1 CAPITAL GOODS (171) 

2 Building Materials (27) 

'3 Contracting, Construction (28)- 

4 Electricals fl4) — 

5 Engineering Contractors (14) — 

6 Mechanical EngtneeringCED — 

■ 8 Metals and Metal FormingtlB)^ 

CONSUMER GOODS 

11 (DURABLEH53) 

12 LL Electronics, Radio. TV (16) - 

13 Household Goods (12) — — 

14 Motors and Distributors (25) — 
CONSUMER GOODS 

21 fNON-DURABLE) 1172) 

22 Breweries (14)— 

23 Wines and Spirits (6) 

24 Entertainment, Catering (17)>„ 

25 Food Manufacturing (19) 

26 Food Retailing (15) 

32 Newspapers, Publishing (12). — 

33 Packaging and Paper (151 

34 Stores (40) 

35 Textiles (25) 

36 Tobaccos (3) 

37 Toys and Games (6) 

41 OTHER GROUPS (99L 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6)..— 

45 Shipping (10) 

46 Miscell aneous (57) 1 

49 INDUSTRIAL GROUP (49S) 

51 Oils (5) 

59 500 SHARK INDEX 

61 FINANCIAL GBOUPII90) 

62 Banks(6) 

63 Discount Houses (10) i— 

64 Hire Purchase (fi) 

65 Insurance (Life) (10) 

66 Insurance (Composite) (7) — ^ — 

67 Insurance Brokers (10) — 

68’ Merchant Banks (14) 

69 Property (31) 

70 Miscellaneous (7)— 

71 Investment Trusts (50) — 

81 Minin g Finance (4) 

91 Overse a s Traders (19)— 

99 ALLSHARE INDEK673) ' 


FIXED INTEREST PRICE INDICES 


Under 5 years. 
5-15 years. — _ 
Over 15 yeara_ 


Moil, Oct 16 , 1978 


FH, . Tfcnr.. Wed., 

Oct. Oct Oct. 

23 IS n 


Eat Grass I' Est 


ttv. 

Yield * 
(ACT 
>833%) 

■TIE 

Ratio 

(Net) 

Corn. 

Rb9» 

Index 

No. 

Index 

No. 

Index 

No. 

.5.23 

830 

24LQ2 

24605 

24591 

5.48 

8.09 

20851 

2Q.96 

21032 

429 

7.74 

374.87 

38L66 

38335 

332 

10.64 

56029 

57836 

58031 

5.82 

7.63 

376.67 

38224 

381.76 

5.79 

7.61 

19024 

1B.15 

19257 

6-53 

836 

367.90 

17878 

1^032 

4.97 

838 

21344 

Z187D 

21826 

3.91 

9.96 

264 38 

26931 

26927 

8.10 

859 

18736 

18840 

187.78 

6.48 

7J8 

12860 

13010 

12934 

5.81 

864 

213.73 

217.78 

Z1728 

6J25 

933 

22936 

233.40 

23223 

520 

939 

28037 

28755 

28639 

636 

-1037 

26730 

27232 

272.44 

522 

7.09 

20836 

2U.96 

21L58 

436 

10.40 

22820 

23235 

232J3 

6.15 

722 

395.90 

39853 

39639 

7.40 

7.41 

14666 

14851 

14832 

4.61 

13.05 

200.89 

205.31 

204.00 

739 

724 

18672 

18822 

18658 

7.93 

5.08 

29039 

24236 

24426 

5.77 

5-74 

11437 

11620 

11636 

528 

831 

20865 

ZUL46 

232.62 

6.47 

830 

294J6 

29671 

29666 

3:89 

11.48 

26737 

269.97 

27030 

539 

638 

135.97 

139.95 

14028 

731 

.838 

417.93 

423.95 

424.68 

635 

735 

22532 

22934 

22932 

5.62 

837 



23028 

3.93 

7.95 



51475 

536 

-847 



25422 

5.96 



164.78 

16679 

16734 

633 

5.9? 

38627 

28639 

38617 

837 

_ 

20766 

20924 

20899 

5.42 

823 

15232 

155.48 

15639 

731 

_ ’ 

.131® 

135,21 

23601 

731 

_ 

12132 

12334 

12425 

5.06 

936 

wan 

33734 

34234 

5.98 


82.44 

8334 

83.46 

235 

5129 

25925 

26228 

26036 

739 

537 

10915 

10934 

10939 

422 

3133 

222.07 

22425 

223.98 

633 

729 

11228 

11438 

112.62 

722 

831 

324.75 

32846 

32805 

5.49 

— 

22831 

23L97 

23155 


Tues., Year 
Oct. ago . 

JO ' fffppnrc? , 


Index Index 
No. No. 


21454 202.06 
Z7I31 246.72 

187 A3 186.eS 
130J23 21985 


wncitn INTEREST 
'YIELDS 

Br. Govt Av. Gross Bed. 


FVL. Year 
Oct. ago 
IB (appracj 


Mon, 

Oct 

16 

Day 1 *' 

change 

% 

xd adj. 
Today 

xd ndj. 

1998 
to date 

103.75 

-0.04 


738 

132.79 

-036 

— . 

731 

11663 

-034 

* 031 

3X73 

12525 

-043 


932 

11048 

-023 . 

022 

936 


41 Medium 


25 years.- 
5 years.. 


7&L 6 25 years. 

rn 7f ffigh " .5 years — 

8 Coupons Ifl years. — — 

W2 9 25 years 

9j 06 10 Irredeemables- — : 


- ir-iuliy I.i-t tnr dealing free .>( siamp duty. t> FUore> 

•J'W i!i -.r-i r...— : -• '.'«iii:«! divl l-rxJ jnd yield, a Fwccast dlridend- 

r.j ...<• ... j •• i-n'il.iin > Dividend and yield bayed on omagecroh 

n ’"* r ‘ili-ial i.--; male-. S»r iV.V oGras.. r fc'iKUres assumed. (Cover ilhnirs 
" r f’ ,n ’-*- r -' -if rar?, ni* a** r.ia/ini lor dividend or ranting only for resold ed 
nil Mrrj- • or i" t’u-l'C. p'- Vi nee unUi^ otherwise indicated. I Issued 

t-odvr . i*i:i..i-ni to h"B»vr.- ordinary -.hares as a " rights ■■ “• issued 

c.ini'ali.j'ion. « K-minJiwi lo connection with re nr canty a- 

sir;..- :jv v .„vKr i : lr.— n.in t, .3 ^t *"* 1 -' 11 ,n former Dretereoce bo Wen. 

“ 31 ' r ' T u :|ft ~ tor folli'-iMidi. o Fronsaoaal ur gartly-uald allo tmen t leuers 

* «v:tn warranui. 


IS FrL Than; Wed. - Toes. Moo. Friday Thus, . Tro • ‘ 
— Oct. Get. Oat. Out,. Oct. f W Oct. ' ■ 

■ l 1 ^! ^ 1 , a - - ;* U M » ’ 8 6 

15 20-yr. Red. Ueb& Loans (IS) 88.70 03.09 57.26 97^4 67.68 67.70 67.70 67.72 57.70 82.09 

16 (nvestmeor Trust Prefs. ( 15 ) 6 U 3 i 3 j 62 SL 32 ats2 siia slbs 61.74 si ;74 91.74 M 6g ; 

17 Coral, and indi. Prefs. ( 20 ) 71.73 13 J >4 71^3 71.80 7 L 40 7 LSB 71.29 71.37 71.37 78 J 3 : 

t RedempUDn itaM. Higm — d lean roaed. wa daws and wlaa aad tmuMtagw dama ire mUkhd i.- bL— 

SSSit. icw «Y. u ^^!T s p 0 Si 52!“ Trwn ,h * ^ C aTnJ^ZL ; 


df&oA&A I 


1 






-VU, 




3 


Financial Times Tuesday October 17 1978 . 


41 


AUTHORISED UNIT TRUSTS 


Unit Trf. Mngrs. Ltd. <aj Framfingtcn I'nlf Mgt. Ltd (21 

Aylesburs ' °MB5Wt [-7. Ireland Yard, EC4B MMi. fll-M8fW7l 

37 fi -2-5 «* AmenPM _|SZ* 5601 +0« 0-21 

»5b«irlacwBC,» ¥5 J4iJ 44.4 -o.a 50 Umo l«*3 *•.£ 123 

.. tAbbeyliM-.Ttt. fr d. B7.7 WJ ~0.2 4J9 InraweiM. I117& IKrt 6.18 

lit iKcSSb'wC m3 j« 

.j&wltaa Free- Tst-l«.T 72s|-ii.9i Darircurt flMO I31M-I-3 2:« 

JAJD1«I Kawhn? Group? (arfg> 

Pmm W H <c, RattMi Rreniaoad. Fc oi p 
■ 01.-588 3881 or Brentwood iCtSTi 21 1459 . 
rjMuml Fund*. 

AUWlM ._.... [68-3 


Friends’ Prodt. Uatt Tr. «$».? 
FukanEnd Darlanc AMESOTiS! 

Friends Prov, l-ti_|45 Z 48 3[ -]4 

Do.AetUm.__ jai 62 -15f 


397 

3.97 


•.Snt.tods. Fund__. 60.x 

■- Crtfc & lot 36.8 

Elert. ft DHL Dev. 353 

X*AlU*dC1wUaI-,„». 71 1 

*mWO Fund..: lm 

HambpAcc FU—U2A9 
jEwcoM Foods 

Hg£K=fii 

yLn.&t Inc. j«8 

jatemaaom FknM 

SecsXd Amencn_ 

,‘i CiLA. Exempt* 

'Specialise Am* 
Bm&llerCo. s Pd. __ 

fcKlSmlr. Ca'3 Fd-_ 

Racovtty Sits. _-lU> 9 
EeLKlTn. &Cdtj-, ,.hw 
Dvarswu Enml nus. 160.0 
Bxpi. £mlr. Co'a 4(2462 



f jf C.T. Unlt lHanvas Ltd? 

3.05 J6. Ftaifaurr Circus TDD «MCMU 


flO.l 

5091 

1684 



its Rf-rnplor 

*<2 Do-Acc... 

53* «.T Inr. Fd Fn - . 

40 CT.UJSu Alien |M25 

G.T.JJDftnfcCcu ..te« 

fS XtERighr. 

- G.XFourVduFd.... 


0457 

E* 



G. i A Trust (aMR> 
t, Raleigh ftd.. Brentwood 
G.AA. 1341- ■ 


(BZfftSTaut) 
J64J-fl.4j 456 


2, SL Mao' Ait. EC3 A 8BP. 

it'Amencaa T»L (MB 

SndxhTcL I Ac* 59.7 
Commodify Share _ 1618 
Extra In rtaneTsL-. 25.8 
RJFSir East TruA .._ 403 

_ , _ High income T« — 123 

Anderson Unit Trust Managers Ltd. Jow™ Fund, tod 

15a. Fc* 1 church St, EC3M6AA- 033231 lSs£eSSVi£Z B? 

tsdanoaU.X. (55.9 SUx^ [-480 (zilntl. TA iAcc-> - . M B ' 


Gartmore Fond Managers V (aXg* . 

01-3833531 
3241-021 0-10 
M2 -0.6 333 
175.0 -I.J Jg 
277 -fll 838 
43 Jb -0.1 - C48 

670 042 

84.5 -*0.2 AM 
11422 “ 


15 2»-0xq 
97.bJ +06| 
J7.« 


3.36 

527 

am 


inefasefaer Unit MgtaL Co. Led. Gibbs (Antony) Unit Tst Mgs. Lt<L 
■ Noble St- EdV 73 A. 0 1 -633 «37«. 3. Frcdcri r k*a PL Ol d .Temr. FC2 01-5884111 


ate. tffmulily Fond. [175 


irbulhnot Securities Lid. UXcJ 

IT. -Quean SL London EC4R1BV 01SW5281 

T . jlneomrFd — [Z1D4 31AM-0« 1049 

ilcs lac. Fund ^ 


930 laiAC:.liie™»*__.»b ' 458n|-L5l M 
iaiA.G-Crowthtt-.Ml4 44JH . TJ. 470 
lolA-G, Far Ensr* -136 a 2sS -0M 45 

Dealing *Toc!. ttWe 


.RMMSiuB? 

•rrfercncoFuiKL- 250 

A-_-ciim C Dili i 288 

. 'KpHal Fund- 208 

■ommoditr Fluid _ M 9 

tramCahii. 93.4 

.5H% W'rirwl.U.>._. 568 

-TnAPropuFd. 18-1 

i lapis Fund 398 

ttecum. anibi 466 

Irowth Fund 16 1 

Accom-UnlU) 433. 

KnallerCo s Fn .. ZB B 
Maa-nApiU. F«t . 20.4 
EwdrwtUts.l_J 23 7 

WMTiW. M3 

. -kAmer.8iIiil.Ftl 5L9 


452 —04 
. 63.9 -0 4 

S! * 

. 28* ^1^ 

3003 -»0.X 
631 

193k _ 

«Zl -04 
562 

38.5 -05, 
*66 — 0 6| 
311 -OJj 
30 6 
23 4 
90.7 
34 A 


Govett (John IV 

77.IXMvdqmWnU.EC2 01-5886620 

S hir OcL 6.:. [144.8 15261- I 1M 

Do. Accom Unit - .. Il74 1 1835) ...I 188 

No* l dealing daf OtJ. SO. 

alia Grievvson MonaRanent Co, Ltd. 


■ 46 
886 
686 
1221 
12 21 


418 

4.68 

286 

2.48 

248 

240 

640 

3.83 

123 

226 

1-58 

2.00 


SUCrc^hHm St . Ear ZDS- 01-6864433 

Bantneton Oct. l;_ [2212 23121 436 

• Acrum. Uniui- ..12428 233 7 ^.. 4J6 

BtngAT.9iiOrL12-.nffi.9- 194 7* ,802 

i Amici Units. ,-_1220 9 OH —.. 8J2 

Endeni OcLlO M3 4 2440 m 226 

(Accom. Units. Effi* 226 

Gnvehstr.Ort is W4 1034 .... ZM 

(Amun. Umtsi [1032 1073 -284 

I.r..43r%!'„ Ort 4 .. [73 6 778 3BS 

(AcctJct Caiisj. [77.4 88.9 „..J-38B 


trchW Unit Tot. 1H Bs . Lt^» (» «■ SSSSSaS? 

FT. Hiph FWburn. WCIVTKL 01831 8232. ? 


GuanKan Royal Ex. Unit SfigxB. lid. 

II0M1 

Jehwny Fond_.Je8.4 ~948| . ..T ^ ^ -0.91-434 

Prices at Oct. 15. Next tab. day Oct. x& Henderson Adnnnstratios^ (aXcXg) 

relays Unicorn Ud.V teKcXg) 5 

OrT!r,| ,l ® cflrnHo - 2E2Ro * f< * d, W.B 7 - 01-SHSM4 UR. rnnda 

•JV-Mrorn America. ..134 1 36^ -0.4) 129 Cabol Recovery _ U« 50 91.-. [ 283 

- Jl.AU4.Acc 766 02 8 -10 181 Cap. Orwrtb Inr „.U0 512d| -Oti 383 

VAnaL’nr- _ . . M3 M2 -Oi 231 Cap Growth Arc M92 5=^3 -05? 2B3 

ft CapUal. »S 71S -flS 485 Xtveomeb Asfcd*— 067 33ffl riX3j 628 

...o. Exempt Ta U4.9 119.7 -L0 6.D1 High lunar F g~*» 

tx Extra Income .. 27.6 2984 -04 854 Hlch 1 n^vST 

onnmriU-.- WJ M«J -7 «g ci&ESSliirzB 

wn “25 Cnb«PrefAGiR«.r 

a i.cnerai 328 J5-5n -03 585 r - r , nr P ,. nrf , ' 

aGnuil]] Ace. 43 J. 466 -0 4 a no 5T™* t-TiP> hi 

AlacnPMTnt..... B86 ^12 *79 SffvS 1 r^™""Khj 

». Ftt. A7« T«.- ff5r7 15351 .. 71 473 38.4 

Cabot — .:. .. 

IntctnaUmval 

WldWIdtOCL 

Dm. 

Au«rflli*n 

European 


70 Sj -0.51 
63id -0-3 


Prices at SepL 2ft Ned tab die Ort. 31. ^SS***** - * 

13 Saasw^Bi 

n.Wldmde TsL |525 56a -041 ZOH ^i'HFldcOf L 13 — (778 


742 

825 


308 J - 4 1225 


2a» -o.ij 3.n 
0% 153 


European—.. 

Far East 

N. Am— 


n.Wlifwide TsL — [525 

tajjiFd-Inc M7 6741 -0.91 4.91 

9-Accnm p4JJ 77jJ -U)[ - 4.91 

arins Brothers & Co. JUd-¥ (aXx) 

;Leadentunst.E.C3. . 01-5882B30 

rattwiw. (1898 1975J ......( 1.98 SS*B»Sk 

3“ Japan Exempt.. llOl-S , 

TV.Am.Expt- Oct 13|X28B 1942| 

Ishopsgale Progressive StgmL Co.¥ am Samuel Unit Tst. Mgrs.t (a) 
Blahoputale. E.C2. - 01-5688280 4fl Beech St BC5P2UC 01-023 am ll 


XACCUOX : — [2373 24781 

Ken sub. day October ia. 



saiePr"OcU0._ 

■c. Uui«*SepC26- 
sntelnLOct 3... 

ccum.lOcl.3 

Next sub. day 'Ort 



fb» British Trua_ . 1546 1652-35 

(gl Inti Trust 384 #11 -03 

Ijy Dollar Trust B3J 813 -0J 

(b> Capital Trad JOB ' 33.0 -05 

(bi Financial Trust. 90.9 . 971a 

ridge Fond Managers* (aRe> chjsSSS^T?SiZ “9 - xu 

AH. Reels Rouse. Ring williasn SU EC4R IbtHigb Vfdd TSt-- JL6 33.9 

A (H-CC34C6L 


535 

282, 

J 2 

586 

7.98 


sencao A Gen 4 - [26 4 

■«W 55.6 

■~-p1laXlnc.t ffjt 

. Arc.T.— — 449 

1518 


^36 Intel# (aKg) 

.-u , 5.92 15.CbnJtopbceStniet.EC2. 0I-2*77»oi 

'“if 3 1 Wei. law. Fond (96B 97.91 -X.0J--.6M 

an ®*y Pnnd Managers Ud. (aKg) 

. . J"S S. Milk SL. E(2!V 8JE. 01-006.7DMJ 

aJlng' Tues. f*ed; tTburs- Prices Cto. KayEaereylArd-lEB HS-*M 2-35 

101102 Key Equity A Gen... 72.9 77 d -os 45e 

-. _ 4Key Exempt F4 .. 175 2 ‘ 3363] +33] S« 

itanma Trust Management falfe) Her income Fund. 83-4 .- oojs -oil 

rndtg BelUBK $ZZi3n }£. r £ -|Sw ' sS3~i3 


erritl Diet [17.8 

.Actf--. — J19.9 


JH 


ltol ...... 


1 


i 


Ml osier Food SianaKcrs Ltd- Provincial Life Jnv. C-0. Lid.¥ Save & Prosper coni i nursi 

«in*uvHc«.. Arthur si^ECO. 1*1 invt 2a!.R,Mvof»cwc.Ei-2 n!.247tB33 Scot bits ficcnrities Luj,¥ 

40 9[+0 4| 5 40 Prvlljic t'nll-. [69 2 . 9561 -I M 314 js- -lAs 062 4> o| -0 M 

5 35 Mlrh income.. Il25.i 2HD[ -fl 4 7 18 £S,| ..“-“B 6 57 7 -0 

1599 -u 

277 B| 


Mitiur-r rict, itj_ . 1 3a 1 

FJCmpt on ■» ...|10D 5 3 M5n( 

MUA Unit Tnu.1 Mgernot. Ud- 
Did <nitH.-i Ml VCI.S w 1 1 f aiG- Trrtt. r,^-™ ■- ~zv~ 

MLAL-nilc - ./47.B 50 Jj ... | 3 58 

Murray Johnstone U.T. Mgnt.* iai 


Acis. Fv t.ih'o 


39B 
705 
4 42 
209 


I 

Target Trl Mgrs. (Suollandl lalffal 
lw .\ihol Crvttifil.F-riin j. irit.jjjHtai 
T..r;« ijra-rKrSlt-127 4 29V.-0M 175 

Tantmlbiiai.- 420 452 -01 543 

EjiralnnsmrKiJ IbO 5 65 1| — O.il 989 


Hijoo strcvL gi a<coh', G2 211 n Mi-ci Asci ^ n ^ ler MunaRement Co. Ltd.¥ 

MJ European [834 C87J | i#i ThvSik.E\rhiin«tE(2MHn .4 _ 

Deullns nay Fnrtav. Ott-alrannten 11594 .... j #89 «'o 

Mutual Unit Trust Maaugers¥ (aMgl i«vmc..|l347 i389| | 760 i)xrrn|4 1licbVM-p| 

Afghan Avre.RraB7n;. ai-Md-wus Rriianre Unit Mgrs. UtJ.¥ 305 

JJ" 1 " 0 ' Sw Pluv- IS7 1 55 71 -0.3] 628 l- M-v .TunbndcoWclb. Kt. 0M2 22T7! 1 I.Vwto LhTi « 1 

70 8 7604-0 3 710 .‘Pmriun.lv Fd [73.0 »0| . . | 4 94 WwiClH 

Hu uSl E lk v P K J SeUnrUoT .Art-j-.tej 49.9 -0.2^ 5 58 Inml linnnh. 515 

WttM.W Highlit! [MB 65J4 -B.7J 826 Srijonk-T lm- (44Ji3 #744-0.1] 5 58 J nw - T--t I mi • ....27.2 

jNniond and Commercial Ridocfield Management Ltd. aSySJ? ,,, w ''"“ *1 

7;«»nrrtr Rt.Mancbertcr Ufll 2M A c Jl ITrt i C-.l: Trtua‘ " 31 

tn.omc(>L J. .. 11632 169 2) - • S5« Rlifecliolri InL Lri .nOLQ 1O0O| I 263 l^opvn* Sh«rro . . 271 

S?-*-- SS5 Ri.llcTicldlncome.lW 104 01 .. -.1 4B4 ApcclalNitTW. - «« 

13ta ... | 384 .... , , . . 1. K. linn. A.cum S-9 

167 U i.84 Rothschild Asset Managexaent tj*> u.h.t;ctii.Di.-4 K- 


33 s »». srs r “ T «- »«: 

TI:t:7«aLX |512 5J5iq [ 5^6 


Schlcsinger Trust Mogn. Ltd. ca)i7.i 

— 140. South SirwL DorVlng. .iJKW.IlW-tl 

3U 
2 01 
7 44 
416 
4 07 
912 


'lAccum 1 niL* 

Car*- ‘Vi n . . .[1328 
fA« 'utn. UniLxi- . jlbtb 


Matronal Provident Inv. Mngrs. Ltd.¥ “a-w caiviwjM? Rft . Mie4»urv. 


24 3-4 

-«n 

313 

-111 

291 

-07 


-0 3 

13 1 


45 £ 


3 ST 

-or 

9Sfl 

-0 3 

29) 


312 

- Db 


3!3>. -or 

24 flu . 

79 J hU 
34B«i -0 I 
2*6 -0? 

U.71 -t> 21 


Transatlantic and fim. Secs. Ca¥ 

f*l :e NfAl L. R>l kTlvlnflordlGMiSIffil 


298 
#04 
* 55 

i3"o4 

2 14 

213 
« 89 
499 


48.Grocf*rltuf» HSl. EC3P3HH 01-ffi3«s00 K C- B9»niEf'“*l..| 
K PI i.ih V.’n.7ri„ 147 2 5*31 ... « 4 An K ' . EDtty.ResTjSJ 

lAnum l.lnitAi- S7J 6141 I 4 60 ^G.JBnimpfuml.l 

NPJ O x-:^.Tni‘.t _ 131.7 14164 ". .. 225 

lAjrnm i.niwwv..[MJ.6 15sS 225 

SET 1 * t,n ^Tl. =a ■•'ext dculing Ort. 36. 

Pnctvs on tri. 4. Nut dealing Oct. 1& 

National Westminster* tai 

1SL CliMiwldv t>2V h£U.-0l-U06 GOtfl. 


,1727 

__ nisi 

N iDnxor Kunrl. [ID 3 
Nf. lnr|, rM.ilnr.lW8 
K v'. Iml Hd lArc.ffWB 
N Smile Cor. Kd| 137.6 


ffia - 1 - 8 

11 

167.74 


uMsaui j. Henri' Schroder Wagg & ( 0. Ltd.¥ 


328 
246 
7 IS 
141 
1.41 


13n.Chcapnidc.E.C2 

1 'upRal dcL 10 pljf 

1 Vrcum . -[135.9 

Inromr <EL 10 K06B 


capital (Accn mi _ 

Exim Inr 

Finaod.il ... _ 

Grwth Inr 

Inrofli* . . 

RMlflliulti' Fd... . 
UatnsMd Fd.tdi . 


[S?2 

735 

_ 

707 

76 0 


348 

374 


»b 

963 


37b 

404a 


74 6 

781 


SB2 

62.5 



<15 
743 
539 
640 
6JS 

532 AmonruflOrt. 
3.40 


=: 


I16 4J 
140 61 
211? 
317 2 
951 
1187 
36 2-t 
40 4 
lBbl 
2952 
22.44 


IH1M0.H34 
2.26 

» 

671 


k.irfiliua'fat. li 
1 V'< um I mu . 
B.irh Expf Si.pt ;T. 
IiurKfn.‘)il 12 ... 

■ An-um. I niL<i._ 

• ''ilmoi.hi i:< . . 

■ Vrcum rifiL’* . ... 

runhMricL II . 

■ Ircunv L'nilM ..... 
1* Inn ■ in III _ 
i.\« runt 1 a nii%i 

Marllvirui.itr Hi _ 
lArt'uni 1-niLn.. 
V.in l!«lh. Mrl :u 

■ \rrunt I’nlls- . 
Vnnliviirt. lu. „ 
Vjnj. ri<f(n ij 

■ V . t>m l‘ini«. 

WirSffMrl IJ! 

■ An-um. L'nILs . . .. 

V1H1 IH «a-l 13 


MllivnCuurt. lkirkiai! Surrey 50H 

N** ailr . ....^.1618 fiSdrf -0 61 486 
NcL-aar JUfh in.- .[50.4 SioS-Ob) 761 
Norwich Union Insurance Group lb) 

P.D. Be* 4. Noraneh.N ri 3Nc. oaro222nu SSiJK im 7 

[3686 J88.0J-.V0f 5 00 j3SSi&ZZ~Ma 


—0.7 

442 r.wuS.:iM,ui“:sB6i 

1.21 4S2 i.rpnraiO<4. II 81 

Rothschild & Lowndes Mgmt. la) . ^nm* — u< o 

SI Xrilhln- Unf. Lri a- EC4. 0I-8E64W , A “^gS Unltef" » 0 

New’i.'I.EkAmpt— K133B 141.0*# 1 3 45 ■Pn4cChaFdX*«aJ.[l« 6 

Phocs ob Svptcsabcc IS Nett dealing Oduber 'SpvcEN.iVt fa. _ 

J8 'RrcmoySepLlO.,. _ . 

Rowan Unit Trust Magi. Ltd-¥ (a) F r , , , A „ 

CW«. H ,cHw ! ,F I nrimrrSq,EC8 01^ 1066 M ^ S e Ltd ¥ _ 

1.12' a«..\n*uhssq,«rtbui*l. Ml Sf<.81Ui ,4rram VblIi. . - 

1M IlKomctDIl* - ..pj-5 55 8nl . .J J 90 
7M Accum. U mu- , M 9«3 .. .[ 4 90 

7 28 Deallnc d#7 Unliwvitfl 

332 Sebag Unit Tst. Managers l,id.¥ (a) 


794 
,1232 
909 
S3 9 
1839 
1326 
,1636 
546 
[600 
57 5 
(739 
’S3 4 
615 
52 2 
650 

Si 

632 

28 

P28 


63 51 
1310 

lOSfaj 
139% 
171.71 
57tf 
U 3 


61 bi 

78 51 
560 . . 
W 5 


SeurtiiKfM. n»._ 

Hirft Vld. Urt. 13 

i.vnim I'niLo 

Merlin Orl II .... 

1 Arm in Httiu> — 


liaio 

ij 


a ■ 74.0 

LB 3910 

4 6L.4 

s 66.6 

2 89 7 ...... 

f 1 110.7 - .. 


3JI lm. An-um "'{83.4 

T.vndaLi Managers Ltd.¥ 
ia.Caayoce Rnd, Bri^ut. 

liKvoriH ii ... 

lAci-wm. l'nil..> 

r'apHi.il «.A-i 11 

rimin.l-ni(‘i 
Exempr «a-l 11 . _ 


55 0 
68 J; 

79 li 

#6 9>c] 

80 J; 
763 

87.4 


534 

534 

3.99 

4 25 

4 25 

5 50 
550 
719 

719 
4 20 
4.20 
2 71 
271 

340 

340 

789 

6 02 
6.02 
496 
496 
781 

7.82 


232 

412 

344 

424 


332 


Ini E-irn pr-r. II 

1 Arm m Uni im _ . 
Prel on ll ' ... 
lAccum. UaaL'-. ... 


105 0 

310 4 


194J 

204 0 


1360 

342 8 


1924 

2022 


115.4 

1212 


iron 

172.01 

..... 

255 2 

2680 


289 8 
103 2 

109 4 


1302 

1382 



Royal Tst. Can. Fd. Mgrs. Ltd. 


PORcr*ail. Rckllxy.HM.-_Eq.-4 ■■! riOMW S*. « ari le Edlnboreb. 


:ietu>8 « : apiutl Frt. . g4 9 365^-0 


iroupTstf d.... 


Slrl 


4 00 
831 


Pearl Trust Managers Ltd. (aHgMz) pw"» ai iki. ii 'Next rival me OrL be 
MZH iKhiiciborTq.wrtvtEB oiAossui Save & Prosper Group 


j 5*“ Security Selection Lid. 

758 J5-IS. Linroin'M dji Field*. Wt-'Z. 01 Ki| 6P36B 


I’nvl GthTri Ace fi-.— 

UnvIq’.thTst Inc... Gl* 


Pearl Growth KtL . 
AccuraUnil:. . .. 

Pearl (nc ..... 

Pearl Unit Tp».... 


124 7 

266 

-0.4 

29.3 

lib 

-0.4 

330 

355*4 

-04 

36S 

395 

50-3 

-0.5 

472 

-Ofi 


4.74 
4 74 
701 
481 


82 Fountain. St, Map'-lL.-sier ntn 2M5685 fS 

Pelican Uni tr — .1686 952<d -*6| 4.69 

Perpetual Unit Trust Mngmt.¥ (a» , “L - , 

48 Hart SL. Henley on Thames M012OC8 iS ‘ 

P'petualCp.iiih )44 0 472) _ _1 -352 Uljb-l idd ._. 

Piccadilly Unit Trust (aMb) 

Aam Gtbbc Unit Trust HuufRi ud, 

•L FSgdwneii-a Place. Hid Jewry. EC2R RHI>. 

01 588 4111 

Extra income 

Small Co's Frt. 

Capital Fund .. , 

inr. Sms k \vteu. (45 8 


4. Great St. Helens. London EC3P SEP 
ffi-Tt Queen SL. Ediuburch EH2 4NX 
Dealings w 01 -6M 8886 or 03I-23G 7JS1 
six Save 8c Prosper Securities Ltd.* 
1 mi-nun tin al Fun#* 


40 -as 
285* -03 

nqSd-oij 


Private Fond.. . 

Accnmlo- Fund 

TcthKto^ Fund. [632 
Far East (-'d . . _ .{29.5 
American Fund 


298 

322 

-OBJ 

43.0 

443 

—08 

44.9 

485 

-16 

458 

49 9 

-16 

36J 

39 J< 

-1.1 

o7 2 

727 

-1 4 

tax 

684a 

-17 

29.5 

317 

-02 

255 

274 

-0.9 


988 

600 

558 

6.10 

SCO 

4.20 

460 

130 

U0 


m±r=Sl 

Unlv. Growth [71.9 

Fuad 

[56 J) 

Web Income Fan 

Hich Return 168.9 

Income 1435 

l'.K- land* 

UK Equity |446 

(Wnto Futnteu 

Europe _ . [92 6 

Japan . . ... 1D66 

S.LAiiaCnlhi-'ij- .HU 

VjS. P’5 0 . 

'Initial Launch until OcL S3. 
Rector Funds 

Commodity |7?.t 85 (H -1 

Eneoy- mj 76.1 

Financial Secs [725 77.'. 


mi = 


2641 . . [ 2 44 
23 o| .. | 244 

Stewart Unit Tst. Managers Ltd. (ai 
4.9. (Tisriorit-Sq. Edinburgh. (OI-226337J 
t Slews rl Amertcu Fend 

.Standard Unit. [67 6 73 9f —0 7| ) JS 

.\cciim. Uniid . . *,1711 
Viihiinml l : nii£ -p«.» 

2-22 ^Rtnnjt British CnHal Fimd 

3.81 Standard -JMffl 155 21 1 a os 

233 Aceum. UnlL. .fl66J2 lflfl &J . .1 

Dealloc tTd#«- * Fn "Wed 

602at-9-8t 712 Son Alliance Fund Mogt. LXd. 

Sun Alliance Hsr, HjWj an 

46.5J ^0.lf 9.S rrKelS^lyFdL^llSAJ 3085) -L] 
Target Tst. Mngr*. Ltd.¥ laitgi 


Srot.lnr Oct. tl ...life 2 
6roL Cap «V1 J I „J146 0 
> tecum Unllsi .. [1765 
lawloa Wall Grane 
1 'opttal Groaro ... 1653 
1*0 Accum. . -[692 

Ectra Inr Growth- 139 6 . 
no. Accum . . . _ .147 8 
Financial Pi-rtv. .. 16 6 
Ho Accum . . . .1205 

llichlpr Priivrily. [671 

rmentuilanal 00 7 

Special Sits [355 

TSB Unit Trusts (y| 

21 . Chantry Way. A ndoier. HanL- 




535 

57 6) 

9c.Aub Min 

35 a 

30.5 

to iirtr PaHfi.' _. 

690 

74 5 

In toll Inromr- . 


*»4n 


466 

50 1 

Do. Manx Mutual-- 

26.5 

265 


Dealm^s 


fbiTSR General 

qbi Do. Accum 

HW3 64]4l tb) TSB Income 

ill Exp Eq.TstIri.n_ (£2371 249.6f | 386 , 

1 b ■ Dn. Aci-unx [952 


355 


Ip026(d343» 


(CM 82188 


462 

49 51 

-06) 

595 

63 7 

—0.7 

626 

666 

-flb 

65 2 

69 2 

-05 

879 

9? 6a 

-0.4 

ft 2 

1015 

-LO 


4 01 
4 01 

7.04 
704 
2 05 

2.05 


47.H -05| 


Practical Invest. Co. Ltd.¥ IvHc) 

<4. Bloomsbury Kq WClA SRA in-823 88 SB Hteb-AOulxam Fuads 

PrwcUqslfkA. U _ 1X565 1685i8....| 409 select Internal. 1260 2 

Accum. Unilv J22B5 242.6) ...J 4.09 Select lomme (S*7^ SI 3^ 


I 



Target ContmodlQ-. 
Torcet FIrtandaJ.. 

Tarots Equity - 

Tweet Ex. Ort II _. 
♦Do. Arc Unlit — 
Target Gilt FUnd. . 
Target Growth _.| 
3 22 TiKdPvirtrFd. 


XL Tne 


Pralines- os6 5341 Ulster BankV (a I 

3S9 Wrrliu Street. Rellu-4. 
4 45 fbilTsler Girmih ... [39 8 
6 01 


136> 

4L7 

-05 

«U» - 

65 Zw 

-0 6 

1*5 

41.4 

-0 9 

222.4 

2341 


302.0 

317 9 


1164 

3221 

*01 

28.9 

31 1 

—0 4 

279 

300 


31.1 

334 


336 

361 

-0 7 

1654 

174 0 


302 

32 5a 

-06 

13.3 

14 6 


215 

22.9 

-05 


02323531 
42 7| .... | 4.98 

646 Unit Trust Account & Mgmt. Ltd. 


646 
300 
451 
0.72 
072 
3 24 
399 
811 
12.10 
451 


Fund.. |167 0 
ll. KINL..K8 


King William SI EC4R9.VR 
FnarsHse Kunrl. |167 0 
WielerGnh. 

Do Accum 

Wieler Growth Fund 

Kinx William Sl JOCWR PAR 

Income Umtr [d a 

Accum. Units J385 


176 0] 

0I-SS4SR1 
*201 «39 

34 6d 

*0 8 

459 

4a 6[ 

*0.^ 

439 


01-623 495 1 
*0.8 4J9 

*0.91 

439 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 


Woo. Fd. Ser.4— [1383 


♦Etjnlfy. Fd Scr 4 
VConv.TtL Ser.4 . 
fSScmey Fd Ser 4 .. 


368 

1137 

ii!6 


4031 

547 

1575 

1684 

992 

1408 

1303 

1381 

1455 

385 

119.7 

1275 


tjtCL , Jomn Crusader Insurance Co. Ud. London Indemnity &Gnl. Ins. Co Lid. Save & Prosper Group¥ 

1-85L ranis Churchyard. EC4. 01-2489111 Vincula Houae. Tower PL. EC3. 01-068031 lB2D.TbeF<»rlmjy. Reading 5835 r 99 

Gth. Prop. Ort. 3 — _ [735 83-2) — 4 _ Monev Manager — B45 3641. I — BaJ Inv Fd 

MjTflrxlblc. 514 333 -0 d — P^oSit ra 

Eagle Star Insor/Midland Assur. Fixed inxw«t_ [353 saol-o!) - g^Fd.--- 

L Tbreodneadle Si.. EC2. 01-5681212 The London 8e Manchester Ass. Gpi¥ r-SrmPcnxFd t'_. „ 

Eagle-Tiid. Units.. [545 565| -0.7) 603 WlnsladePark. Exeter. OMB-5S155 

Cap. Growth Ptmd./ ----- « 

♦ Flex Eielnpi Fd.. 

Aiuershom Road, High Wycombe MM 33377 Fd.1 


Equity Fund 

Equity Acc.... 

Property Fd. 

Property Ace. . — . 
Selective Fund ... 
Caovatlble Fund . 
VMoner Fund .... 
OPropi FtlSer. 4. 


BH 

,1497 

»* 

2531 
123 6 
LJI1 


Z Equity & Law Life Ass. See. Ltd.¥ 


idooECSSISQL 



01-038047810470 

Mm -051 459 Klejnwort Benson Unit Managers? 

3™ 




roeiaiseca .* 

JAGeocral f 

[AGrorih [73:4 

Growth fc6.7 

Kt-TtiSharai _W85 


.Rich me 


"ihABwrican — po 0 

SSgg^L-igl 


m 


oi-ezsaoed 


f %21 20. Feacharcb Sl, E.<"2. 

457 KB Unit Fd. Inc. -B9A ¥9 «... 507 

359 6KR UnitFAAr_ 1130 123.4 ...„ 507 

680 KB.Fd.tou.tM... MO ; . 642 4JS 

am KB Fd.InTrt-Acc_ 59 9 652 .„. 4.15 

-192 KBSaUrCaoKcdnc 496 52.fi „j„ 5.B9 

4.43 KB-SmCos-Fd-Act 495 52.fi 509 

Zja Hleh Ytd. Fdrlnc 96.9 .50 7 B OO 

-1« 3.70 High Vld-FtLAcc- }4 Sl9 50,7) — BOB 

-oj 20 L A CUnlt Trust Man^anent Ltd.?, 
37L The Stock Ecbaaee. EC2N lHP 01-588 2800 

JS LftCtoe-PA — |M59 1505J _...[ 807 

lg| qS lACJnt) *■ Cri» Pd 11062 1095] J LSI 

^88 3M ,JWB8 ®° Sws* L*d-T CaKci 

LR 257 


37. Queen's SL. London EC4R 1ST. 0123052811 


460 *Raw Materials — M03 
459 S’ Accum Unite!.. - «6 

241 ‘Growth Fund 572 

~Ltccnnx Unit*). .. 13.0 
TtGiUnBdWamaL 40 J 
^.-lieariran Fd. ... (44 


T 1340 

b British Life Office Lid.? (a) 

’ SKSS5iSi._:«; 

‘Prices Oec. U. Hast dnalinc OcL 1& 

«wa Sbinlev A Co. LtA¥ Lt ^ al & Generaf Tyndall Fond? 

- KSSfafk?' ia-caro7.*eto-d.m«taL mr***, 

J nits OcL 17 [22X9 

[TCI Oct 37 


Deal. £Mtx>- *TBeB- ttWed. *Tburr. “Fri. 


Prices at OcL 10 Valuation normally Tucs. 
Albany Life Assurance Co. Ltd. 

31. Old Budlnfttn SL. W.L 

SEquity Fd. Acc 

¥F&erfInLAcc.-._ 

(JGULHonerF d. Ae.. 
blntlJtwiJPdAcin. 

Fd-Aee. 

Inu.Aec. 


LPenAcc 

GTtLMciiPra-Acc..| 
trrl I J to PnFdAcC —I 

ProtxPonAcc. 

Jf pie to ? Jen Ace- 1: 

AhgV Life Assurance Lid.? 


»n.Q 

212. 6 


24L6 

149.0 


1160 

i»e 


1146 

120.6 


1105 

1365 


17314 

UZ.5 


241-2 

253 H 

. 

1302 

1896 


P * » * M 

mi 



128 7 


pT^i™ 

132.9 


214.4 

2256 



Equity Fd . 

Property Ed 

Fixed Interest F... 
Gid Deposit 
Mixed Fd. 


107.2 


Fd. [1005 

[112.5 



FlextblePund 

Inv. TruM Fund . _. 
Pro pern. 1 Fund .. . 
Gid.Depo4ilFd.__, 


242 7 


241.2 


ffi7 


1609 


1196 


1467 


848 


100.9 



4. Gt Si .Helen Lndn.. EC3P3EP 01-554 88 f® 

[1328 140j 

2597 1 

1227 X 
1252 U 
21LB 223. 

193 J 20L 
232 2 245 
W5 99 

[1011 106. 

Price* on Sralcmbcc 
t Weekly dealings. 


Prop. Pens Fd 

Gill Pens. Fd. . _ . 
Depot Pens. Fit. _. 



__ M & G Group? 

— Genera] Portfolio Life Ins. C. Ltd.? TfarerDuay*. Tower BlUEC3Rt?B0. 
~ • 8BBorlliolomowCL.WBlthmiiCron. WX31B71 

~ Portfolio Fond 1 149.9 J I _ 'Inbit 

“ PdntoaoCapiUl_.(422 44.4} 


CXCaxhFnnd 

Ci. EOTlhFand— 

Abmi Bbe, Alma Rd, Rrigxie. Rnsat«4D10L ci tort. 


AMEV Managed. 
AME?lttd. n B' . 
AMKV UonQr Fd.... 
aMEVEqmlv Fd_ 
AMEV Fixed tot. .. 
ABIEV 


25581 


1122 
1252 
. 96? 
1038 
11LL 
1U2 
1042 


96S +L1| — 

- ^ 5 - 

Assurance cm 


.'ensanee 

nvery 

toptocLto. 



23871-5 

3B 


«ata Trawx tai i 
4*jd — — ::&sl 

rib- Accum W79. 

wUt Income BT * 

Ji Income— 003 




37.1 —03 
20 4« -02 
SOI -0.2 
39.M -*0-2 
33 * a —0 2 
225b -03 
267 -0.7 
2X3 -02 
64.9a -0 ‘ 
24.0 -03 
M2 


Dia.Oct.il |63B 668T_... 

(Accum. Unite) — nil 84 


4.72 

4.72 


Next rob. day. November 15 

« ss Leonine Administration Ltd. 

5-17 2, Duke SL, London WIMflJP. 01-4865991 

Leo Dist-.. fC-2 86 5j -0® 

!« LevrAccum |90J 94^ -o9 

Lloyds JBk- Unit Tst Mngrs. Ltd.? (a) 

3U . Re*JrtnB : 5 Dept. Gorins-by-Scn, 

01-023 1288) 

564) -0B[ 448 
77 W — 03 4.48 
60S -Ofl 2,23 


147.9 

B 

«.* 

Fd 93-5 

— hn.Fd 1K.4 

AMEV SfcAPta.'B- U55 
Flexiptonr- ^.... 98.9 

AKEVlPmnUnsnm 

ArKrican WL6 

Income 2J97.6 

Providence Capital Ufe As suran ce 

Barclays Ufe Abbot. Cfc Ltd. 

252 Rondord Rd-, E.7. -. 01-5345514 

Bore lay bonds* [1H.7 137 fl 40« _ 

Equity B23J3 1293 

Gdi-edeod — _M83. 1141 -Ll 

Property — 1M99- 115.7 — 

Intcroxlioual 1955 100.6 -09) 

Pi5 1185 -Ll 
105.6 

, 3887 

Do Initial 99.6 UW9 

GUl EdxPjmaAK— 97 .1 M2_3 

Do toifinl ^ B.» 989 

Money Penn Act _ 1026 1080 

Da Initial 986 W* . ^ 

‘Current unite value October 17. 

Beehive Life Afisur. Co- Ltd? 


Gresham Life Ass. Soc. Ltd. 

2 Prince of Wales Rd.. B^nouth. 0202 767855 

“ * ' ]982 MS.« .[ — 

,110 7 1163 _.... — 

0129 1188 J — 

U87 124.4 !J _ 

900 1032 j — 


— Gl-Ppty. Fond 1 


Ex.Yie]dFdBd.* 

Family 7M0« 

Family 81 -86” 199.9 

GUI Rood*— 1074 112.L 

InlenatnL Bond—. 1082 113 7^ 

Japan Fd. Bd.* iU U.d 

Bfanaced Bd *” — 1468 154j( 

Per3, Pcnslt>n“* 252-B — I 

Property Bd.— 1651 173 41 

Recovery Fd-Bd.*.. 713 73.m 

Prices on -OcL 6 —OcL 5. — ‘ClcL 


57 

125 9 
153.1 
93.8 


Growth & Sec. Life Ass. Soc. Ltd.? 

Weir Bank Bray-rw-Thamea Berks. 0838-34286 Merchant Investors Assurance? 
~ £3.870 } .[ — 


13. 


Flexible Finance.. 

LandbankSee* — 5481 J J — 

ItandbankScs Ace 1181 121, a | — 

G. AS. Super Fd — j £7-982 ] J — 


Lean Hse^ 233 Hlftb St, Croydon. 

gnpmty. [ 

Property Penx 

Equity 

Eqnhy Penn. 


Schroder Life Group? 

Enierprise House. Portsmouth. 0705 27733 

Equity 1 2583 

Equity 4 2323 

Fixed Ini 4 1387 

Managed 4 1373 

Moucj-4 1090 

Overseas 4, 93 1 

TTopeny4 1592 

KASGori.Sect.4 1216 
B3. Pen Cap. B _ - 1234 
B S Pen. Acc. B. . . 135.4 
Mngd. Pen. Cap. B .. 211.4 
N=Xd- Pen Acc B 2S3.7 
F. InL Pen. Cap B 968 
F. Ini Pen. A«. B983 
Money Pen. Cap B . 968 
Monry pen. Acc a. 98 3 
Prop. Pen. Cap B- . 102-5 
Prop Pen. Acc. B....PM0 

Scottish Widows' Group 

PO Box SOS. Edinburgh EH165BU. 03 1-855 6000 



Money Il.-hflOA 

Maa Pcns-Acc CUa -083.2 


Guardian Royal Exchange MoeerMfe. 

Royal Rxehanse.E.CO. 01-2837107 PepSi 

Property Bends — [187.6 1958J | — Deporir Pens 

Managed — — 

Hambro Life Assurance Limited ? 

7 Old Park Laue. Loodon, W1 . 01-4WSG31 DUL Manned 


Fixed ltd. Dep..__ 

EqUlty .., • 

Property. — 

MmiafiedCop — _ 
Managed Acc. 

Ovenaas _ 

Gill Edged 

American Arc. 
Peo-F.LDepCap — 
PmFJDepAtt ... 

Pen Prop. Lap 

Pen Prop. Ace. 

Pen- Man. Cap 

Pep Man. Acc 

PwuGiMEdg Cap 


01-623 1288 Pen.C\hEdg.AC«..a2X5 


Pen. B-SCap 

Pen. 88. Acc 

Pen. D. A. F. Cap — 
Pea. D-AF. Acc. — 


035 Worthmc- West Sussex. 

604 Balanced 152.3 

457 Do LAccum u 1728 

_ _ _ — W midwide Oath. _ (56 0 

wda Life Unit TsL Mngra. Ltd.? DaiAccrau ^.4 

Jrt^SL. Rotten Bar. Hertjt. P. Bar 5 1 12E Tncome ' 

.Cea Dint „-pq 5 4L«J -031 4.40 

S«sl Accum 1488 SUf -8.4] 840 

tei-'Dtat U3 7 3533 -0.U 7.44 

feAmmm ]ffiA 47.71 -0^ 7.44 UoytTs Life Unit TSL Magi*. Ltd. 

wd (Janes) HngL Ltd.? ' 72 «0. GatebonMI Rd, Ayleabuiy (0985041] 

"* ” ' ' " * 180 6j J 3.«Z 


Income. 

Do. (Accum' [1186 

Rxtra Income — -—[633 
Do l Accum) 172-5 


75.6 -0.9 
90 9a -10 
1273 -13 
6E.3 -0.6 
77.9| -Oil 



IM Unit FA Mgrs. Lid.? faKO 

ne 

— J 


EE3R 6RJ. 01028 4588 
See also. Stock F.icUanie Deallnu. _ 
American fSlA X. 71 -0.3^ L» | 


jlB>i Houne, NewcasUe-npon-Tyne 211® < J ff”B-jR£ <t> 


Sdi-_. 




lAcctun. Unite) S65 

■ isl : ComcxxHty _ ■ HA 

B29 (Accum. Um tai J8.0 

829 Compound Growth U66 
Ccntemao Growth 67.9 
Caowrion Inc. .... 73.4 
Divkfond. — - — 1263 
01-3881815 (Accum Unitei ... 239.9 

688 European 53.7 

(Accum. Unrtxi 54.9 

Extra Yield. 903 

(Accum. Unite) — 124 4 
573 


- Accum Units. |ffi A 
. HWi Yield.; _...U33 -45 «n( — .( 

< Accum Ltoita —I56.B 58^ .... J 

■ -. deallne date October 18 

.. . Klties Official Invest. Fd4» 

SWom WaH,EC2N IDE. 

• ' 4U9 August U_Q«J7 — 

ML August 15.:. [276. 66 — | . ,1 7 

bTOUl (hits avail a hie to Reg. Chari Li 

; Chartertemae Japbet ne James Fiobv vvmSuKX ___ 

i< «ft*in Trust Managers Ltd.? (aKgj m.b 

■ ewSLRC21l4TP. . 01-332833 (Accum Unite) 

i m General 179-7 

nag (Arrum.Il nils' 7793 

pcs. High Income 1ZL7 

418 (Accum. Upltei_ ..188.1 
to Japan-.- - 1802 

- lAccum. umtsi m 8 

^deration funds MgX L Id.? (a)- Maramn - - ^ 

: Wriemy lam WC2A1HE 01-242 C282 VOX 

. .«bFund.. (47 J. 4U[ ! 386 (Actum Unite! 3189 

^npdliton Fund Managers. i3^?t»itM"~'jS.4 

- flnt Street. too*«SWlX9Ej 01-23? 8525. SfriindGeiL 

3. nbpotn .GCAJttllAB - »M-03j 4g 
.?* 1S80 5333 i «* J&ESgSw.- Z&* 

ASMOnat Unit Tit Mgrs. Ltd, Sprclnlloed Fnmh> 

■ JjB g wc Lan e. BCgV GBH- 01-4060382 Tmriee , U57-4 166J4 - 

-.. Am. a m i | _ . (Accum Unite) 3088 1 32581 

;■■ SgSSSS — Sl I _ Chan bond OcL 10 - _ 1098 

■ ■■ 3 _ Chardd on 10 — 157J 253- 

! ^T*°r aW - ,5e0 . T 1 — lArcim Unite). J97.9 20091 . 

-' «cent Unit TsL Mgts. Ltd- (*Hg) P«mEx.acL J8_ii4a4 i566|-i 
Cro*.Edi abarxh S. ui -2M48ai MannLUe ULmagement Ltd. ' 



-national Tau_ 
. *‘Rntrcc TbL, 
- > aCrowthTsL-. 


56 B —03 
589 -08 
M2 -0.8 

85.6 —03 

93.7 -0.5 
126J -0.5 


TL Lombard St- Ed 

Clk. Horse. On 2_ l 133.78 | .._..[ — 

Canada Life Assurance Ca 
2-4 Blsb St, Pooera Bar. Heita. PRar 91122 

EqtyGUiFdOct2_...[ . 633 I | — 

RetmL Fed. SopL-7-l 3261 1 „..J — 

Cannon Assurance Ltd.? 

l.OiympieWy, Wembley HAWNB 01-0028876 Heart* of Oak J37J 

Equity UidU .. — ,-(08.05 _ f— 0 J7I — 

Proprity Units — 00-36 — .... — 

Equity Bond/Exec.. Q2.B0 127B-013 — 

PropTBond/Exec... 03.63 14.42 . ... — 

aaL BdJExec/rnit OJ_55 1434 -005 — 

De posit Brad 1125 3314 — 

Equlte Accsm. 181 — -2 — 

Property Accum... 0302 — — 

Mngd ArcuaL UH -7 — 

2nJE.ju.tr 989 . 104.7 -1.2 — 

2nd Property 1068 113.0 — 

2nd Maaae«L___ 1095 1063 -0.- — 

2nd Deposit 981 103 8 — 

2nd Gilt 90.9 96_2 .. . 

2nd. American — .. 131 985 -08 

2nd Eq. Pszx/Acc. . 1822 10ai -13 
2ndPro-P®nalAcc.. 11L5 llflO .. . . 

id Med..PwnWAcdl94Jl 110 4-0 4 

1072 

987 . ... 

lOLfl -1.0 

43. D( 

30.5 



1580 


1662 


615 

..... 

177.* 


1430 

... 

1B7 

...... 

1302 


W5 

..." 

108,7 


142.7 


107.9 


105* 



01-6850171 InrPh Series 1 . ...hlB 7 110.71 

Jn%. pir. Series 5..._ 1045 no 0 

test Cash Ort. 18- .. 995 1M8 

ExL'l AccOcLi.. 1451 1513 

Ex. Ut Inc-Ocl ♦_ . 1414 1475 

Jlgd.Pen OcL J1 ....[Z77.6 2776J 

Solar Life Assn ranee Limited - __ 

1W12 Elj- Place Leaden E.CJN fflT, 01242 20OSfe 


NEL Pensions Ltd. 

Mi hoc Cam. Docking. Surrey, 

NelaEq.Cap [ffi.0, <B6j 

Me! ex Eq. Accum 120 7 127. U -2.1i 

Neiex Money Cap. 62.9 662 „... ' 

Jk riex Mod. acc. 67.7 712 

Nelex Gtb toe Cap. 53 9 567 

NriexGth Inc Act - 55 7 586 

N*1 Mxd Fd. Cap_ 485 51.0 

Nel Mxd. Fd. Acc. . 49.7 523 

Next Sub. day October 


_ Solar Mao ayedS... 

_ Solar Property s 

_ Solar Equity S . . . 

Solar Fxd InL S . 

Solar Cach S 

So lari nil S 

5011 Solar Man aged P — 

Solar Property?... 

_ Solar Equity p 

_ Solar FxdJ lit P 

_ Solar Cash P 

_ Solar ImLP .._ 


IBIS 

172.7 
115.3 
10L9 
10 L6 
ft303 
|ll3 7 
3721 
[114 9 

ML5 


137.7 -0* 
120.0 *0.3 
18U -13 
1214 -10 
1083 >0 1 
1060 .. 
1372 -09 
119 7 >03 
1GL2 -14 
1ZL0 -ID 
1068 :.-. 
107.91 +0 « 


OFFSHORE 
OVERSEAS 


Kc?6'. , lex fitoRL Jerti-c Uii •«■<« under Central 
A-sei Mnp l.i.l 
and under fapdirex SA 


llc-vander Fund 

(7 m.» NrJiy Damy, LuM-mlm^r:. 

-Uuaundrr Fund ... i Sl '■17.48 I ....! 

mm valuv Oclnbcr 1!. . .. 

Km)? Sc >ha\Sdn Mgrs. 

.\llpn Harvey 1 «S: Ross Inv. Mfll. i C.L) lOhanncCmsK.s: liii|irr..icrvi'.iA334 <7174! 
i.Lbjrini! i rntt-Sf !lchi*r. J>y. ■’ l. VaUiv Sl F^« Fart. tWffii £4799 

•iHKGiREilsKd .. [£1009 3010U. ... U L97 

\rbnthnot Sttnrities fC.1.1 Limited JjgWgfiS.iJJK 92sJ 

PO.BorSM,Sl Holier. J«fa>-. U\V72V77 Con c^r, -r'J 

xP.TaiJr^-- imo La w .4 4.13 SSis.'Siiw .1jl792 38 061 

,XI iwT 2 :u 1200 F,mInU - ! SLiU,5S WB » 

Seal deahns rime Oriohcr 2Ti 
IE-i>t&JnIITfl n'li illS 122x4 ...| 3.07 

. Nest deal ini: dac Ocinte-r zc. 


12 00 
12.00 


EurinvfcM. Lux, F. 
Gur-mspy Inc. .. 
Im. A'.-c um 
KB FarEo-i Fd. . . 
KBI nil Fund. -_.. 
KB J.-ipun Fund... 

Bank of America inlcitiaiinnal SJL SijncitoSmilda^’ 

14 Boulevard Royal. UiM.-mbourj L.D. 

Aldinvem Inromc [S UfiSI . .1 731 

Price-, at OcL. 1" Next aub. date- i.k-l 16 


Australian Selection Fund YV 

MorkiL firpnrtunilii-c. r i» ln*-h ’toun.' 4 
tulbtraili- 1-J7. Kent Si . Iiilnn 
L'SSl Shnrr« | JI-S15B | | _ 

Nv»L P>n-l vhIul- Oriober 13. 


Klciirwori Benson Limited 

id. Frnrhureh Si Ei.3 

K 1.172 
0 73.4 

1 90.M 

irsuw 

SI'SU 50 
St S4Z90 
SI-S13S4 
, 5VS53D 
20 JO ZJ 40j 


OI-fiSWM 


•L niiondsiD.Mi 


-n 


-0.9 e) 


-fl.ii] 


2.98 
4 18 
4 13 
145 
1.86 
05* 
069 
IM 
794 


SB art a* Loudon pa>ing ogenu uul>. 


Banqur Bruxelles Lambert 

1 Hue Dc la Rvccni" B icon iini..^|« 
[Renta Fund LF.. - 11.926 1.98^ . . | 


7.74 


Lloyd* Bk. (C.I.) V/T Mgrs. 

■ r li. Bot. 105 SI. HcliW. lc«r '*3427561 

UuydsTrt O'roay f60 8 64 0[-2.4[ 

Next dealing dale November 15. 


Barclays Unicorn InL iCh. Is.i Ltd. , . _ , , , . 

!. chonnc Crow, si Holier. Jen-. 053tTi741 ■ Lloyds Bank Inti. Geneva. 

>ro«u Innnic .. [46a 4931 . I 12 10 P- n - P* 1 ' 430 1211 11 i.SwiRerland 1 

L'mdutlnr Trust — [j' >liP I 3 70 Unj-ds tot. Growth liFOSO 3HRj .. . I Lto 

fit SU2T7 1K.C* ‘ ' - 


I'm bond Trust. 


808 Lloj da to L income. IsraJM JlUj 


650 


Barclays Unicorn Ini. (I. O. Man’i Ltd. M & G Group 

ThoinaaSl- Doufllas. Lo AL l«C-H{S6 Three ifunr.i, T->« er Hill EC3R 6RO. 0l-dM45SB 


160 

150 

8.30 

810 

88 

1.40 


Bishopsgate Commodity Ser. Lid. 
r.O Bov 42. HouALu. J.-i M. 

VRMAC *Oct. 2 . . JSIS2832 3813 
ANRHO-OclZ G3OT2 315B . ...I _ 
WKT-OCU2.. IC2 465 2614] | 2.01 

Originally issued at *510 and ■■; J.M. 


Atlantic On M 

,\wn. Ex. 'Jci 1 1 
6 Id Ex Acc fir 1 1 1 

Island 

lArcum Unite) 


Samuel Montagu Ldn. Agts. 



Bridge Management Ltd. 

P O. Box 508. Grand L'avmMi. C*i;To;in I>. 

V basin On 2. . i Y 17.876 [ I — 

PO. Box Ml. Hemp Kemp 

Nippon FdOci.U./SlanC rtOj { 073 

Britannia Tst. Mngmt. (Cli Lid. 

lOBalhSL.SLBclicr. Jersey. U634 73114 

R ag DnomiaMnl Fds. 

th Invciil 387 41 8J +0J 

Fd. . . . 93 J ltw 9 *0 1! 

V Knersy TvL . 129 7 140 2[ -2 ll 

■1 5 Tin. Sic. £232 2 44 -DO? 
loLSUR.Tst 0.96 0 99| 


acj.— im f 314. Old Smart m.. E l It 
0b-+=i811 Apo , loFd o,,.,! . 

I JapfeiaScpi 29 . 

1 17 Group OcL -I . . 

]|7 Jersey (X-l 4 
1 17 JsyflsaSpl.HT _ 


574500 

48 BS 


fftnitt 

1517 


5LiH2l 

1UV 


£5 61 

6ii 


(.11.30 

U89| 



Ol-lffl (U6C 
375 
038 
186 
068 


Murray. Johnstone ilnv. Adviser) 
163.Hbta.-6L.Glascrm.ira 041-2215521 

•Hope St Fd. I SUS4212 ■[...[ — 

-ii turn? Fund . ..[ SVK12 15 | J — 

.NaV neptanber 30 - 1 


Xegit SA. 

10a Boulevard Rca-aL T.tixemhourg 
NAV OcL 13 i SUS12.B9 I-H7.0S) — 


F5 Dollar Deoaml noted Fds. 

JunivsL $Tb 1 . . . [1US5 61 5«j-0-.G| 

[toLUiCb tot Tst |B.97 1 Doj-fl.Dlf 


TOO 
100 
1H 

3212 Negit Ltd. 

Bank i4 Bermuda Bldcx. U aim I ion, Brmda. 

— NAV On. 6 |L7 03 — | | — 

900 


Value Ort. 13. Next rteidinc Oil ZS. Phoenix International ^ 

[Brown Shipley TsL Co. i Jersey) Ltd. 77. st. rner Pori. Guenuwy. ■ 

Ip.O Box 583. Sl Holier. Jcrsf}’- 05.14 7(777. inuy- Dollar Fund.. I S2. 44 2631 .. . .1 — 9 
SlerllOK Bond Fd. - |t9.90 994f-a0fi| LLffi. 

[Butterfield Management Co. Lid. 

O Box 165. HannSion. Bennurta. 

temtress Equity... .|H'S2«3 2571 1 153 

^u ctress Income |SI : H« 2«| . , | 7.67 

Prices at OcL a Next sub. day Nov. 8 

jCapdirex SA 

PO Bex 178. Geneva. 


Inter- Dollar Fund- 1 12.44 263J .. . [ 

Quest Fond Mn(tnmL Uersei ) Ltd. 

P 0. Box 104. SL Heticr. Jersey. 0534 27441 
Quest KUcFxri Idl [ffi 2 90.7[ ... . | - 

OucsiiiuLSecs bi'3914 iw| I — 

Qucniml.Bd.. .... |a smi fine) . . .] _ 

Price at Ocl 11. Navi dealing Ocl 18 


(Inquiries: 01^06 tutii) Richmond Life Ass. Ltd. 


Vdirap*_ - 

Adirerbi 


~ondak ..... 

-'<*ndl* — 

imperor Fund 

tupano. 


543iW»2<a 


010433809 


34 9D 

n 


on 

-DJQ 


459 

427 

4.76 

496 

27B 


Sun .Alliance Fund MangmL Ltd. 

Sera Alliance House. Horsham. 040364141 

Exp FdJoLOct 11 .1053 2- 161.5) ) — 

IntBn.Ort 10_._ £1339 — 


Kiwi Key toi- Plan. 


Hearts at Oak Benefit Society 

15-17. Tavifiock Place; WC1H8SM 01-3875030 Smal] Co’s Fd. - - - 

^ gS-fisEL-. 

Hill Samuel Ufe Assur. Ud.? fSSSEpS 1 ™ 

NTATwr. Addiocombe Ed. Cray. 014M43S5 GillEd*ed Pd_. 


MPT Pensions Management Ltd. 

48 Gracechurcb sl, EC3P3HH. 01-6234000 Sun Alliance Linked Life Ins. Ltd. 

MaaagBd Puod . - „|ip2 163.71 . ...| — Run AHixncaHouxe.Hontham ■ 040364141 

Prices Ocl 2. Next dealing Not. L Equity Fund 11319 138.9| -241 

New Zealand Ins. Co. fUJL) Ltd.? PropertyFund^^'.r 1S2I 1189 Z* 1 

MllUutd House. Southend SS1US 070262355 KonaJEd.... . 1050 110 S *14 

Man^tel FnndT-T |U2 5 URfl -13 


1574 

1005 

[Si 5 

109J 
,117* 
105 0 


« Property Unite .... 
Prorwrty Series A . 

MarmKed Unite 

Managed Series A. 
«anased SeriesC- 

Xoney Cnba -. 

Money Series A-.. . 
Fixed InL Ser. A — 
Equity Senes A 


I16L2 

mi 

fm> 

1013 

ms 


— Pn*. Managed CA0-J1469 

— Ptu. Managed. A£a.R55A 

— PaxC’Icea Cap — 

— Pna G-trad. Act. 

— Pens Equity Cap — 

— Pra Equity Ace.... 

— PnaFxdJnLCop — 

— Pns.Fxd J dlacc. - m.a 

— Pens. Prop. Cap — [96.4 

— Fens. Prop Acc— -f97.8 


3? = 


1068 

013.9 

0Q7.2 

960 


2nd MpL PraatAce 1043 
2nd DopFeaa/Acc 101.0 
tod GIB PentfAre. 9L4 
tocLAmPMuuAec. 95 4 

L&ES3.F 40.0 

L&ESJF-2 |a5 

Current value October 18 
Capital Life Assurance? _ 

torperial Brace. Guildford. 

pSJS&^>u:l 3^:8 ^ - 

Cbarierhonse Magna Gp.? 

s ^&rSoSikSS5^ ^ B,e,cWeT - 


1693 

110.1 
180.7 - 

1066 

^s^ 11 - 

1B4J) . ^ 

iSi 3 $ Z 

Si ::r 

1184 .... 

1164 .._. 

112.9 .„.. 

1166 

10L1 , 

102-6 

182. 

103. 


_ Con. Depnxil Fd — |9lh 


-2'0 

-I J 
* 1.1 


1020 

1350 

1240 


10331 


Capital International S-A. 

(17 rue Notrc-Damc, Luxcmboarg. 
apttal tot Fund..-! .SUS1946 |+oj;i 

[Central Asset Management Ltd. 

FO Bc« 98 St. HeJicr. Jersey, 
oqniries 01400 7079 > 

penLAxxeuCap. -104.66 — f I — 

Kxysctex Japan [037.08 137.12[ | — 

[Charterhouse Japfaet 
PalenKMterJIo*’. EC4. 

IiSULI* 

DN5UI 

oh mo 
PR2210 
059 
;tS4LM 

Clive Investments (Jersey) JML 
0. Box 320. Sl Hcllor. Jersey. 0334 37301. 
t)iveGUlFd.iC3 1 1978 
1 vc Gilt Fd. (Jjy i.|9.71 

[Com hill Ins. (Guernsey) Lid. 

. o. Box 157. SL Poler Pert. Guernsey 
tntnLMan.Fd. 1177.0 1925] [ — 

Delta Group 

P O Box 3012. Nassau. Babwnax. 
pdlalnv.Ort. ID [VU52-22 233[ri).07l — 

bentscher InvestmenLTrnst 
IF'osttacb 26B5 Biebergaue G-10 0000 Fra nfchrrt. 

Con centra-.. [DM21 <1 228M*010I - 

3nL R^utratPuds _|DM67(0 MiOJ 4 — 

Dreyfus Intercontinental Inv. Fd. 

Box N3712. Nassau. Bahamas. 
IKAVOCLIO IIDS147I 17.76f _...J — 

JErosoo £c Dudley Tst.MgtJrsy.Ltd. 

O Box 73. SL Heller. Jersey. 053420591 
[EUXI.C T. (128 * Z365[ J 3.00 

nrobond Holdings N.V. 

Randetekade 34. Willemstad. Curacao 
London Amik lata!. IS Cbrtetapho- SL, Ed 
[TeL 0 1-247 7243. Tries: 8BI4408 

NAV per sham Ocl. 18 5US20.85. 

& C. Mgmt. Ltd. Inv. Advisers 
2 Laurence Pounlney Hill, EC4R OBA. 

P 1-023 4080 

eaLFd.Ort.ll [ Sl'SOfiA [rO.lBf — 

Fidelity Mgmt & Reg. (Bda.) Ltd. 

MX Box 670. Hamilton. Bermuda, 
fidelity Am. Ass.— I SFS29 05 
^ddilj InL Fund.. SUS2S.69 
'idelltyPac. Fd_. SUS60 95 , 

’idcllty WrldFd. . | SUS1682 [-OOg — 

Fidelity Mgmt. Research (Jersey) Ltd. 

A alerlop Hte., Don SL. Sl Heller, Jersey-. 

1534 2756! 

Series A 'Intnl.i. ..I £433 1 | — 

ierinsBlPoctfici f 10.40 I j — 

Jeriex D iA1aAss.1I 11916 | ( — 


Richmond Cd Bd... 
Da Platinum Bd - 
Do. Diamond Bd . 
Do. Em 97, '02 Bd — 


U3.D 

115 7 

-01 

1179 

124.11 

-05 

1522 

1602 

-17 

920 

ioo a 


163,1 

171* 

-0.fi 


0624 23814 


1052 


1365 


RotbschUd Asset Management (C.I.) 

P O Box 58 SL Julians a. Guernsey. 048) 20331 


O C -Eq.Fr. Sept IS. 
•l.C.lnr Fd Ocl 2 .. 
OCJntlFdt ..... 
OCSmCoFdSep(20. 

O C. Cpitunoduy' 

O.C Dir Comdlyj.. JS2880 


‘Pricer, on 



13 Next deallne Ort. 31 


2.76 

6.79 

124 

•331 

407 

066 


TPnees on Ocl R Next dealing OCL 23. 

Rothschild Asset Mngt. 1 Bermuda] 
PO Box 664. Et of Bermuda Bid, Bermuda. 
Reserve Assets Fd |SL'S9W 11 ID | — 
Price on Oct 10. Next dealing OcL 17. 


9m> 1 urn 

9M| ....J U0O Royal Trust (CD Fd. MgL Ltd. 


P O Box UM. Eoyal Tat. Hxe-.Jeroey. 0534 Z744t 

3LT.lotl.Fd. bliss 98 18621 .1 300 

B.T. ton. iJsy I Fd..fc 0 96o| j 3 21 

Prices al Ort. 10. Next dealing OcL 17. 

Save & Prosper International 

Dealing in: 

37 Broad SL.SL Heller. Jersey 0534-20591 

l'.S. DaHntvdenendnatad Foods 

Dir FxdtoL-*„...]9M 9R7| J 7.2* 

tolernaLGr.-t gffi - 8.71 .1 — 

FarEasiern*; K3.U 57.951 J — 

North American *4. [402 4JS| — 

Sepro-t - |l5.96 17.44] j — 

SterJinC-deaamLpalrd Funds 

Channel Capua]*-. 1249 2 26841 -31 2 39 

Channel Ij!anda0-Il538 163.g-2.ol 480 

vommod-* [U6i6 14j.fl +1 i) - 

Sl Drpoali hoos xoo.il . ..H 025 

SL Fixed— t [1143 120 d| . .. J U50 

-Felices oa Ocl a -Ocl 1L —Ort, 12. 

Schlesinger International Mngt. Ltd. 
41. LnMMteSL.SL Heller. Jersey. 0534 73588, 


SA.1 1 

SA O L 96 

Gilt Fd. .. |223 

toil. Fd Jersey 
Ininl.FdLxznbrg. ...|UR2 
•Fat East Filed M3 



■Next sub. day October 18 


824 

4.45 

1 2 -22 

322 

275 


Son Life of Canada (U.K.) Ltd. 
2. 3. 4. CockBpur SL, SW1 V 5BH 
Maple U Grib... „1 2141 

Maple Lf Maned... 135.9 

Maple LLEmy 134.1 

Pcrsnl PiCFd 2115 


.Schroder Life Group 
En lerprise House. Portsmouth. 
IilcrpsHaal Foods 

£ Equity 

SEqurly 

LFixeo InleresL — 

SFixed IntercsL ... 

£ Manse ed ........ _. 

SMunaged — 


070527733 


114 9 

1222 


1435 

1524 


1396 

1485 


107.1 

1139 


1292 

137 3 


124.9 

132.fi) 



UI-KJUSW 


mean»WLi3... _ 
T r.i/alcar SepL 30 . 

A 4682. Ldn. .4 ris. 'D unbar k Co. Ud . (toHmeFriOM^B ' 
PaU MaJL UmdonSWl75JR 01-8307857 
Fsl Vik Cm Tn .. J38H 40 « +1 

PsLVk.DH-Op.Tn . [W.0 


22® 

4.0 


Norwich Union Insurance Group? 

PO Bo* 4. Norwich Mil 3MG. 000322200 Target Life Assurance Co. Ltd. 


Managed Fund 

Equiiy Fund 

Property Fund... 
Fixed InL Fund. 


IZZ1 6 
[36L2 
1328 
15L1 


Deporil Fund (107 6 


— Nor Unit Ocl 15. 


2206 



Inperial Life Ass. Co. of Canada 


Cbnbse Energy «_ 

Chi-tbse. Money. ; 

ChrUL>« Managed.. 
Clirthse. Equity .. . 
Magna BW-Sor.._ 
Magna Managed _ 


g84 40.0 

29l7 SU 

34J 36.W 

34.9 36.5} 

1345 
Z5L0 


FeniFd OrL 13 - (71.4 776| ""J — 

Unit Linked Portfolio 
Managed Fond. — Ml 1S4 

Fixed Im. Fd [96.4 10L 

Secure Cap. Fd., — H7.4 
Equity Fond -[100.6 185 



Irish Life Assurance Co. Ltd. 
11. Finsbury Square. EC2. 

Blue Shn. Oct 13 _R»9 JOX 
Kan»edFund......tota 2485 

Ex*=nrx. Man. Fd —[1U.0 U6 l 0 
Prop Mod QcLl .— 1KI.7 19Ctol 
Prop. Mod. Glh (201.9 2125 


».* .tetonr. Fd 




«Hra — 



043850101 


tnS im St Geo-Tc's Way.' Stevenage 
-0 4J 875 Growth Units. L.f57 • 60 Bj ... -I 4 24 

Zail 19® Mayflower Mana g e ment Co. UdL • 

. r_^- . .. . . M * • 1*118 Crosbum St_ EC2V 7AU OIWEK^ 

-ofeUaDary Unit Fond Managers mcomeOcL 10 mis 117.71 .. 

,«««ffieidSt.BCai7Al.. 01-63844B3 totaral.art.lO .:-.^? I&3 " 

mrOrt.13 [1883 200.9J J 404 l^iterntj.OcLlO — r.fffi.9 48 » ■ ■■ 

Cv tVincbester Fund Mngt, Ltd. • Werctu? Gnnd Managers Ltd. 
lewises 01-0002107 W.GrMhnmSL.EC 

SfflncBwrfmU-IWJ) 20.71 -dll 468 Sftrc.Gon.Drt.il.- 
/Iwh'pp y 22-SJ — p j| 3 95 AV9- UlA Ofl IJ — 

'^.er OMHI2B2 S2J[-0J[ 3.® newjntarf.il.., 

fc Hadley Tst Mngnwt Ltd. 

WDtifleyTM-f7U 76.4| .— 1 3M - „ . _ 

Midland Hank Group 
Unit Trust Managers Ltd.?- (a) 
Coufttwjod Honse. Silver Stmt. Head 

“W 0742 79842 


[ City of Westnripster Assur. Co. Ud. 

RmgjUejd House. 8 Attlteborse Rood 
Crnyricn CIX02JA. " — 

West Pimx Plind ... 

MnnagaJ Fond 

Equity FVnd-.. 

FbroUBndFimd 

Monpr Fund 

GijtArd-- EST«. 64 6) -0 <| - 

PllLA-Pund 

Pens, toed Cap 

Pons. MnXd Ace. ... 130 
Pens. Money Cap— W7.6 
Pens: Money Acc. .. MLI 
Pen*. EqBityCnp.^ 55 0 

Pen*. Equity Ace _J57.5 

Fund currently dosed to new investment 

Perform Unite | 2184 | | — - 

City of Westminster Assur. Soc. Lid. 

Tek- phone 01-084 $001 

Pirn Units.. [1323 13afl [ — 

Property Units [540 56.7) | — 

Commercial Union Group 

SL HelcnX 1. Pn<Ser5h«ft. EC3. 012837509 

Yr An Ac OctJ4 _[ 5936 | | - fZBuSfoZZZ 



001.7 

21468 


267* 

284.B 


716 

762 



775 

B22, 


146.4 

ZS&J 


I&L7 

5111 




U1-O0045N9 
413 
4.18 
273 
273 

4.13 
•AI3 


Rkt Eqnlias Securities Ltd 
..jn Obey Unit Tract Mngrs. 


Do Annuity Uu — [ 18 S3 i ..—i - ro, Atcum- 

Confederation life Insurance Co. i n u imuai 

SO. Chancery lane: WC2A 1HE. 01-212 0382 Do AcCum •. 

' WJH 
BJ EH 

1996 

2572 

259.1 

141.1 


Property Fund. _ 
Property Fund (Ai 
Agn cultural Fund 

Aanc.FuDd(A) 

Abbey NaL Fund. 
AbbeyNaLFd. iAi 
01-6288233 tovesuneni Fund 
5-00 tovestenenl Fd lAl 

Equity Fund 

Equity Fund iA> .. 

14 009 Fund 

Money Fond iai ... 
Actuarial Fund-. 

King & Shazson Ltd. 

52.CortifaiIl.EC3. 01-8235433 ft Re lire Annuity — 

B "■‘‘ F 11 g■S^eSU :, £fir , - 

, . .... . „ . 9AU Weal her Cap. 

Langham Life Assurance Ca. Ltd. • ginv.Fd uu ! 

Lansfaam H a H almbrookDr, NW4. 01-3035211 ?SJ t Si'5 l «L u - - 
LaigrorA Ptea-KJ* ** J - 

- mJ£: pStc«rui| 

Prop. Pena, Fd - 

Legal & General [Unit Assur.) Ltd. 

Kwaswood Brase. Ktngavrood, Tadwortfa. L?L L 

g .9 *0.1 
3 -f 

122.1 -0. 

125 5 -0, 

009.1 -0.7 
U04 -0. 

1273 -0 

IM! -0 
105.4 +0J 
1BS4 


Phoenix Assurance Co. Ltd. 

4-5. King Willi am SL. EC4P4BR. 01-6280878 Dep-Jl d iac.. -- ■ - 

Wealth Ass. _|U3.9 12801 -1 7[ _ ^ 

EbV. Ph. Aw I 822 1 .....\ — SS; l pS5 , 5?i’^fi L “■ 

EbV. PlLEq.E. |B1.7 *ll 

Prop. Etpiity & Ufe Ass. Ca? cia pS^dcE.' 

IIP. Crawford StrccL W1H 2AS. 014880837 Prop.Fpn Fd Acc 
R. Silk Prop Bd. | 185 9 I ... 1 — Prop.Pen Fd Capi... 

71355 Do Equity Bd. J 7* 2 +l.a _ GuarPen FdAcc_. 

FlexKoaey Bd 1 1501 | ....-| ~ GuarPen.FdCap. 

/ P-A FCfLFd. AcC...._ 

Propert y Growth Assur. Co. Ltd.? D-APeoJd.Cap. 

Laon House. Croydon. CB0 IUJ 

JS? 


Tarcci House. Galcbonse P.d. Arlcxbui 
Bucks. 

Man Fond Inc 

Man. Fuad Acc 

Prop Fd. Inc — 
rrop. Fd Acc. _ . 

Prop Fd Inv .. 


(First Viking Commodity Trusts 

g- SL Geor*c's SL. Douglas. I o M 
B«24 4682. Ldn. ' 

01-030 5400 

23 

[Fleming Japan Fund SA 

B7. rue Nolrc-Dame. LuxerabourK 
rFlenung0eL2 1 5US6837 | ..._J _ 

World Fund Ltd 

[Bnnerfield Bldg. Hanullou. Bermuda. 

p-AV SepL 20 J SUS19&25 |*O02[ — 

[G.T. Management Ltd. 

Park tUe_ 16 Finsbury Circus, London EC2. 
Tef. 01-628 8131. TLX. 886100 
[London Agents (or 


J. Henry Schroder Wagg St Co. Ltd. 

12n. Cbcnpside, E.C 2 01-3884000 


r*6_ 

104.8 


11232 

1293 


1 112-9 

1182 


1 144.0 


111* 




1013 

1066 


966 

1017 


72.9 

79] 

-0 7 

505 

655 

—0 t 

130.4 

1371 


118* 

1251 



L31* 

1381 


1235 

129 ( 



163.6 



1626 


% p 

10L1 


95.7 

1001 


958 

100 ( 


55 

iooi| 



-Ll 1 


= 8 ’S 


7874 

;mb 

137 7 
157.5 
702 
69C 
1T9Q 
177 9 
143.1 
1422 
1176 
1H2 
1212 
iasa 

, i- 575 . , 

(mu A Aaraltlea U(L 
1383 145 « 

^ 7 1450^ 

1512 
US I 

1385 
1505 
1353 
UM 

1224 


Do AcCum 


960 
~7 
^26.6 
1302 
035.9 
fll9 2 
,1835 
104,8 
120 9 

UU 

poi 


Sf an aged Initial 

Do Awum 

Prop«r(y Inilial. .. 

Jto. Amun. — :„_|1029 
Legal h General (Coil Pruton* 
Rxcmpt Cash ton. . ' 

Do. Amun. .... 

Exempt Eqty. iciL.. 

Da Accom 

Exctnrt Fixed toiuHO-7 


,1002 

1333 

136.6 


Sgr-«i'l 4 WUi. Tr.M,y I.KSHCKM 'gSSft?®..,* 

■rifefcaRd. High Wycombe. 049433177 Da .Accum. - TO 7 

• 1 tm» - wiikj _n ci m 10 Grawtii— — 


.Ue.4. 72M-0M 


g! 


KnJay Unit Trust Mngt- Ltd- gSi: tu, 3 

<H12(H 1331 income...- — -1538 


JteStx«et,Gia8g(M>.. 


[InternatT ZSfl 
195 
— i_3M 
^ar^BroFlo. 27.6 

Units J20 

SSRS£"-!“; k “ 

ftlees ocl il 


J35-7 
Next dealing 


27.21 

'3if .... 
»C .... 
29i — 

34.7 
M.7 

55.7 


Oct SR 


231 
231 
-S2* 
217 
217 
4 00. 
4!M 


DP Accum 62 7 

Intenulloafa] 465 

Do Accum — —. « 7 

HiEbVleld M3 

Do Accom 70 0 

Equity- Exempt-— OjW. 

Dri Accum*. .D04.7«d 
•Pnccs ai Sect- ZS. Next dealing Ort. 3L 


7821 
901 
402 

432 ..._.| 
30.3 ■ 

. 33 Z 
57.9 
675 
503 
535 
69-M 

753 
U03 
110 5 


103 Bj I 
143TO 

120 3 

XZ3.7T 

136.M 

139.? 
Ko.g 
145 3 


lid. 


VEqi'Ky Pbnd 

9 Menaced Fond 

•PlPFnnd 

Psnal. Pea Hud-.. 

SutifgcLMnfidPn.:. 

Group Mom. Pea. 

Fntea lnLPon.-_ 

Equity PcnMon 

Property Pension.. 

Cornhill Insurance Ca. Ltd. ro. A^cmn 

32, CorpbSL KC3. 01-8385410 Excmp: atagd inttltitt 

Cap. Feb. Sept 15- [1350 — 1 ] _ Do Actum. — . — 1324 

GS Spec. SeptlS ‘ J _ Exempt Prop I niL . 97 8 

MnCUiFdSepC20 .jlSSJ 1C.5| | — Do. Accom. ....... 100,2 

Credit St Commerce Insurance .. 

120. Resent Sl, London WJB 5FE. 01-4387881 .Legal * General Prop. Fd. Mgrs. Lid gllt/nn djO . — U4J 
C*C itagd. Fd_ r _-jl220. ■ LJ2 9( ._..| - lLQuraa victoria to. EC4 S fIT . 01-2M 0878 Kw 1 


Man axed 

GtdMlEd. . 

Prooettai..-. : - 

Earn qv A merican . 
U.K. Equity Fund.. 

HJcfa Yield. 

GlilEdgod 

Moncr ■ — . 

Icieraaliooal ...... 

Fiscal 

Growth Cap. .. . . 
GrourfaAcc — . 
Fens Mned. Cap — 
P«ts. Mncd Arc 
PensGld.Dep.Cnp. 
PcnaGldDep Arc 
Pens. Ppiy. Cap. . .. 
Pona Pty Aee... — . 

Providence Capitol Life Ass. Ca. Ild. ^S'L E c? < Boad . .. 

30. L'sbridjte Read, W 12 81-0 01-749011 L -Cash value 


01-6800606 Transinternational Life Ins. Co. Ltd. r T Ph,li Pf |ne rd - -PisilN onl 

2 Bream Btdgs . BC4INV. _ O1-M56407 [Gartnmra Invest. Ltd. Ldn. Agts. 

Tulip Invert Fd. J 

I araa&™: 

Man Pen Pd. Cap . 

Man Pen Fd Acc. 
ilaugd JnvFd Inti 
MnRO.liri.Fd Acc, 


11499 

lliab 

1226 

126.9 
135J 
U017 

101.9 


157 

124.1 ... 
129.0 
1334 .... 
1«2.4 .. . 
106 S . 

107.2 


230 



Anchor -BT.'o its .. 
Anchor Gilt Edge .. 
Anchor lttL Fd. . . 
Anchor in Jm-.Trt 

Beny P»c Fd 

Bern- Pac Stria 

G.T Asic Fd... 

3.T Ana 5leriine ., 
G T. Brad Fuad .. 
G.T Dollar Fd .. 

G T. Dir. 1 Strlc > Fd 
G T PanGcFd ... .. 


BW 

S1S12B 

30.6 


115 
9.43* 
168 

. 32-7 

SUS58JIM 
[343 03 358X0 
^kkiui um 

0405 1722 

SUS14.29 
5US7A7M 

iusiTio 


»0O7l 


L8B 

13.47 

188 

099 

0.77 

0.84 

175 

117 

5.19 

130 


Senliy Assurance International Ltd. 
PO Box 326. Hamilton 5. Bermuda 
Managed Fund. [SUS2JB 2J3H J — 

Singer Sc FViediander Ldn. Agents 

20. Cannon Sl., EC4. 01-2489644 

Dekafonds . IDM2738 21 M I 5.86 

Tokj-oTsL Ort.2 — J SDS40 9O J I 151 

Stronghold Management Limited 
P O Boa 315. Sl Heller. Jersey 0534-71460 
CoratnodlD'TrusL ,.|ffi.l5 90O6[ | — 


Surim-est (Jersey 1 Ltd, (*) 

Queens Hwe Dun. Rd SL Hrtjer. Jay. 053427348 
.Araencan Ind.TsL..[£7 73 790|-O.O5( — 

Copper TrusL .... K1162 119H-0.M - 

J op. Index Tst [£1089 11 li[-0.1l| - 


0.87 


TSB Unit Trust Managers (C.I.) Ltd. 
Bay Bt el le Rd. St. Saviour. Jersey 053473404 

Jersey Fund [510 S3 71 [4 47 

Guernsey Fund ....1510 53 7] . .1 4 4T 

Prices on OrL 11. Next rob day Ori. 18. 


C. St. Mary A*e. London. ECS 01-2833531 
Kartraorr Food XngL i Far East) LuL 

Tofcyo Pacific Holdings N.V. 


Trident Life Assurance Co. Ltd.? 

Rensl ode House. Gloucester <M523ffi41 


Ztt' 


132 

155.1 
lfc03 

92.9 -03 
1195 -0 9| 

149.1 -2.4 

mof -20[ 

131 3 

i^r 051 

125.6 
132.0 
110.Q 

9B5 

for £ 100 prcimutn. 


Sdl MkLFd.Cai>... 

Sel Mh.Fd.SrtT.- 
P own on Equity .. 
Pension Fxd. tol ... 
Deposit Fd. Cap. . . 
Deposit Fd Acc ... 

Equity FW.Cap 

Equity Fd Acc 

Fxd. InL Cap ...... 

Fid In Acc. 

In tol. Cap. — 

tffloLAcc. . 

Managed Fd. Cap 
Managed Fd. Acc. 
Propmt>- Fd. Cap. ..f47 5 
Property Fd. Acc... [47 J 


1051 
135.1 
,1194 
[47 4 
U74 
|46S 
]46 8 
[47 6 
W76 
K6.6 
466 
47 0 

m 


B.l 

DU 

1392 

1230 

50.0 
sag 
443 
44J 
50 2 
58 2 
49 1 
49J 
*9J 
49.5 
581 

50.1 


-HI 


Tyndall Assurance/ Pensions? • 

18, Canynxe Road. Bn&lol 027232241 


3- Way Ocl. 18.. 
Equity (Jet. 12 . 
Bond Del. 12. 
Property ucl 5 

Deposli OcL 12 

3-tt’ay Pn .Sept- 21 
O'Scai I«n. Ort 12 . 
Mn PrJ-WOrt.2_ 
Do Oct 2 . 

Do. Bond Oct. 2- 

r>o Prop OrL 2 — 


1281 
17S6 
1676 
1089 
1297 
153 7 
823 
378-2 
J8G4 
1S1 2 
896 


Provincial Life Assuriu»« Co. Ltd. 

222, Biahopsgata E C2 . 01-W76S33 

Pror. Managed FtJ..J129 1 136 

**&+**■ gfcg i£j j 


Crown Ufe Assoraace Ca- Lt<L? L*CPrp. Fd. pet AI9B.7 . ms ._.. 4 — f*3.‘ Jhl F wui'll I |«A* ite 3 *" 13 

CiowsLrfe Hie. Woking, CUSl IXW 048ESCB3 >eM ^ *** * No7 - 1 


Vanhrirgh Life Assurance 

41-43 Maddox Si . Ldn. W1R9L4 
Alanaged Fd. .. .. 

Equity Fd. . .. . 

Jntal.rund... • . 

Fixed toterst Fd, . 

Propenj F.L 
Cask Fund. .. . - 


01-4991023 


0509 

158.9 

-0.91 

2438 - 

256.7 

-ZJ 

104.5 

noo 

-05 

1662 

175.0 

-1.9 

1477 

1565 


1W7 

127? 

■*01 


Warned Fund Acc. 


^ CORAL INDEX: Close 496-495 N.T. 493-498 


INSURANCE BASE RATES 

- .tJ*wperty Growth.-.. — 

'..tVanbrugh Ruaranteed 


tAddreee shown under Insurance hnd Property Bond Table. 


Inv. TsL Fd. UuL' -. 

Freed fnt Ftt Aer. 

Fxd. InL Fdmcm. 

Inira-l Fd Acc jtt. » 

(alert Vd. Hum . -|U76 
Mnuer Fd. Aec . 


icnr«nBrLto\.A_tua.7 — 


1072 

112* 

-0 5J 

1050 

1105 


1056 

111] 

-0 5 

995 

1043 

-1 I 

975 

102 < 

-U2 

98.2 

1031 

—0,7 

964 

1014 

-0 I 

96.4 

1054 

-III 

95J 

1U1 

-or 

1^6 

110* 

107.1 

-0.6 

-Ofi 

1040 

1094 

—0.6 

99| . 

. 1042 

I*” 

sL 

183.6 

art 

3237 

-0,9 

117 6 

123.] 

-09 

EJ 

1023 


950 

994 

*01 

104.1 

3095 

-0.3 

P-68.7 


— ■ 


_ Prudential Pensions Limited^ 

656 Life Ass nr Ca of Pennsylvania HoiboniBar».ECiN'2%‘H. 

- 3842 New BndSuWITORQ. . 01-4838385 E?ult FdSept20. Kg]* 

6 oz — i" »« i - WJSSar-BIS 

Lloyds Bk. I’nif TsL Mngrs. lid. Reliance Mutual 

7l.lamibardSL.EC3 01-6531288 Tunbridge Wells. Kent 

Exes ipu~ J99J . UiM -_4 7.77 Jtd Prop.Bds.---l 205 3 


Vanbrugh Pensions Limited 
41 A3 Maddox St„ Ldn. W lg SLA 0I-4WMS 

Managed [1010 ■ 1064) -02\ - 

01-4(69222 Equlhr 1088 114.fi * " 

78-101 .. -J - Fixed Intervel . Ml 1035 

ISAM J Prnpertj flM 104 


27.10) 


. 01-4W4« 

83 = 


(tUBrantaod see Ins Baw Rale*’ lahte. 


759 

LB8 


-,7^ LIoj’ds Lffe Assurance 
_ 20. Clifton « . EC2A 4MX 

448 


3I]litiL5ee!.30-...J 

— Op5-AT»r.OcL5... 

280? Ojw'A'Eqt.Oct 5 _ 

- OpLAraYOrtg-... 
831' OoS-A'Maa.Ort S . 

— Oj^SATJesiSeDCa. 


iidOfi^Mai! ::::: 

tl u&i zz\ 

Si ttl: 


Welfare Insurance Co. Lid? 

WB22ZT71 Wliuiade Park. Exmdt (092 52155 

-I - MonrvinHkcrFd.. .| 1092 I | 

_ ,« • For ulim- funds, plmae- rotor tu The London & 

Rothschild Asset .Management Maqrhcxtcf Croup. 

SiS5“ L T 1 pS?'“wiB Windsor Life Assur. Co. Ltd 



Japan Fd. . - .jT.fMr aM-009[ 050 
N. Ante nc an Tat . . [ITSIIM UM <4 JW L50 
toil Brad Fund . lltflDSB ltrW| -B15C4 5.60 
Gartmore lovnuanl Mnp Ltd. 

P O Box 32. Douglas. InM 0624 2391 1 

CTartmoro Inti Inc .123 7 25JJ ... [10 20 

Gnmnore Inti Unfa|74 8 79M ... J 2 JO 

Hambro Pacific Pnnd Mgmt. Ltd. 

B110. Cranaugfat Centra. Hong Kong 

FarEBBlOet.il.-. .|Mn0S)7 UMd I — 

UapwiFutid [Sl SMJi tt5[ J _ 

[Hambros Bank (Gnenuer) L UU 
iHambros Fd. Mgrs. (C.I.) Ud. 

IP.O BoiBS. Guernsey 0481-36521 

(c.I.Fund — . ■ .[ 

InuiL Bond SUSj 

ln». Equity SUS 

tol Srgs. ’A 1 WStUfl 
lint Svgs. 'B- JUSiliS 
Pnees on Ocl 

Henderson Baring Pnnd Mgrs. Ltd. 

(60S. Caramon Houm. Hong Kong 

{Japan Fd.OCL-1 ..|st.s2UB s.4« [ — 

'Pacific Fund-.. .. . | 51' SIB I . I _ 

Bond FtL* Ocl 13 SMS in 743 
Exclusive of any prelim, charge^. 

H ill-Samuel & Ca l Guernsey, l Ltd- 
8 LeFcbnv St , P«er Port Guernsev. c 1 
liucrnscyTst ... 1154.6 165.7} -3 5| 3.58 

Hill Samuel Overseas Fand S.A. 

17. Rue Noire- Dame. Luxembourg 

[ttsas ZLM-0.DTI - s. G . Warburg & Co. Ltd. 
Intern BliOruJ Pacific Inv. MngL Ltd. ao crojih^rasi^ecL 
|P«j Box R237. 56. Pm Si, Sydney, AusL ‘ "* 

UavpliD EqurD'ISL ISA2.43 255J | — 

b-E-T. Managers (Jersey) Ltd. 

[PO Box 101. Royal TsL Hw„ JeracyOSM 2744J 
Ucrfrej-Exani Tst ,|1910 204.0] .. ) — 

As ai Sim 29. Next nib. day Oct. 3L 

{Jardine Fleming ft Co. Ltd. 


tonmlr Managcmonl Co N.V., Curacan. 

NAV per share Ort 9. 5US73JC 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
I nu ml s ManJUtomeni Co N V . Curasao. 

NAV per share Ocl S. JMS33.43 

Tyndall Group 

PO. Box 1256 Haralltan 5. Bermuda. 7-2788 

0 season. II ISl'SLJI 13S J 6.00 

lAccum. LniL-,1 ri<.>5251 7U| ... .1 — 

3 -Way InL SopL 21 .fU SM 2t2t| ..| — 

2n«xSl-Sl Keller. Jmey _K34 3733U3 

TOFSL'Xt 12 K790 055 - 

lAccum. Share J). .[02.65 13 60 ... — 

.Vmencan Ort 12. W1.0 975 200 

lAccum shares) . [91.-0 975 ... — 

Jersey Fd. Ocl 11 .. [Z220 235 4 . fi.69 

iNoit-J. Acc tils ).. .[3138 332-B . 

(lilt Fund Urt.lt... X06 0 1060 . UU 

i Accum. Shores'. _ |W0 8 143.4] — 

Yictary none. Onielu. laleof Man. 6624 MM L 
MmagctJ SepL 21 _|136 l2 1«4| .... | — 

Uld. IntnL Wngmnt (C.I.) Ltd 

14. Mulcasicr StrccL St Hdier. Jcroey. 

1 1 b Fund ||USM2I 1BZJ [ 779 

Upited States Tst. latl. Adv. Co. 

14 Rnc Aldrrager. Lvxemhourg. 
li S.T3Llttv.Fnd, | SUS1U6 |-0J]| 0.88 
Net asseis Ocl 13 


01-600453$ 
Lonnv Bd-0cL13..L SUS975 [-Offil _ 
EnfLltiL Ocl 13. .. .( SUSIE 93 -8.17 _ 

Gr.SLVFd.And.31. DJS7.58 1 - 

More Ebd OeL Tl [Sl'SM47 1|» ...... Q 8062 

MerrMnyMhOrtS. ,}£I0 03 100^..-. - 


k&h Floor. Connaught Centre. Hone Kong 


UwdmeEnn Tat. .. 
Uardine J-ra.Fd* _ 

UardittoS.iLA- 

Uardinc Flora, tol . 
toll Pae. Sees (Inc i 
Do i-\rmm.i 


HKS353.70 
HK5412.61 
SUS19.74 
HK11246 
HKS14.7S 
. HKSU90 
NAV Sept- 30 'Equivalent S 
Neat rob. On. 13. 


200 

080 

180 


•-S872L 


Warburg Invest. MngL Jrey. Ltd. 

l.iryionngCroLf.Si Metier. Jay. C) 003479761- 
CMF Ltd. Sopt-28 . . ST511B 14», 

CMt Lid SepL28. E3459 347« 

MetaisTELSepL2I... CU38 1260 

TOT Ort. 13 - P.SUH JLH . 

TMT Ltd OCL 13 — D1A1 1I.40| .• 

World Wide Growth Management*} 

10 a Boulevard Royal. Ltucrabouig 
Worldwide Glh Fd| SU516.78 |-0.«| — 


- !*» * 
Next Sub. Ha*- ■ 


Lite (in. Ploor 

Rovai Insurance Gmop FuiureAsadGOna)., 

N-w Sal! nice. LiuTponl. 05122744=2 jSTC^n2I" h ! 

Bojalfehirid Fd —-4 “ Flea. lav. Growth 


Rof-al Albert Hje . Sheet Sr .WimNnr 68144 


f 740 -re no 77 91 

2200 

45.00 

usi^iiol 


MOTES 



:.J = 


(TfSwSi J °®5T e ' 1 P r,ce include* all ttpaw except acem's*^ ronrnteRion! 

b -^ ri ” - l - rlc .! ud ?- ali . «PCt | 3e« if boughi Uirourfi raanagere x Previous day s pnc*. 


n im II I II n Ml ill I 1 ! 1 Fll K " I MWII I 1 WfiUf II 1HMBT ff WlWTiT (f 1 irnFTiTlinFTi 1 I ■, f TTnTl iT'IrTl ~ 1 UII) S'.W^SV, 




Pr 


pr< 

ch; 


BY MA 


THE PF 
decided tr. 
allegation. 
Wilson ff 
number a 
were com 
pai?n ag3i 
Party on 
1974 Gem 
The fo? 
allegation 
lowing th* 
affair. Mi 
was. had ■ 
an orches 
himself. 1 
Lady Fa 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
SubseqL 
told the 
did not 
prtetors 
instructed 
round a 
material." 

The Pn 
to hear ■ 
Sir Harolc 
formal co 
On the 
against l 
council si 
Royal Cc 
that ther 
Labour bi 
The Pn 
is one ni 
lished lod 
In ano 
council 
against ti 
Daily Ex; 
picture c 
Henrietta 
death in f 


EXPORTERS - 


Financial 


•; • J ' ■ ‘ *Ti (7/5 \ts fe&T jl 

! u : ... i; 1 1 *j a 


FT SHARE INFORMATION SERVICE 


W ': '■ 1 iSKHrffiW. FACTORS OB 

" — - - - 'fa,-.- rnj: and Road. 

&.•;?!::» £ut 4G.< T?!: |Q2?3* 605700 

; * • .. £■■ — Cj’ tffr ie*ii 
! ‘ ; O.'jMJ.V-jK*-' 


BONDS & RAILS — Cont 


BANKS & HP— Continued 


priff + or IWv *i Bed. 
£ — UitKs Yirld 


IBS 

H;“li -l«re 


j* or* Hit ! ITM; ( 
i pr*« ! - • X* ! Cir] lir'%1 ME 1 ®S* ^ 


CHEMICALS, PLASTICS— Cost. ENGINEERING—Coiitusaed %?> J.. 

,19» [ J .. >«i Dir { ITTdj J jgg I . ' \ |* *1 LJESL* *22 § 

Si* Urn ) Sark t Trire < - , to JCnloisiPJEj HjgbLm*| / -Stock j ftiee [ - I *** l^* T l Grs l ? * T: 58 30' 


BRITISH FUNDS 


53 42 lima 1!4 %*>■ ... _ 

77 65 Ireland S.-pc'SH® 

88 32*4 Ireland 7* >pt ’81-31 

91 73 DoSHtfe-5l-96 .. 

43 265 Iapan-lpc’10 \ss 
•87 6Gfe OutyrlSdS ... 

1M 240 Peru Avijp:.. 

75p 75p SHI fiVjxMW) . 


— i !*>*- | Red. 


75p 75p SHI &ux 1980 . 
S99 S9JL Tnrfngw IS91 .. . 
PlMliPMtfl "unnfiVpc I9W - 


K«1 \ PMEUTunn S ; pe 1 SH .. ihbj 
97 J 9« lfrufiiuj3l.i)e ...| 97 

V S. $ & DM price* exclude 


■\::rrz' i"Jv-:s -ix: to 51 ve i ears) 

IW-; I- - ill.« I 1013 


AMERICANS 


*®p- hs it? S 3 7 j 

aOBffife 66 .■■■■ I b|l? g! 
o&Soro - 65 -2 *> &7J ii 


It '••-■• fiff Lfijlli 7 7} 116; 77 

«*£ i 3 E h ik * s met & s i 
fiSE £ « g f.b § & SIS? ?SE . H 

j . 3 S? Na&r m dL 


-"'sia;:' J:Sfcs )| 

EWfi £2?J KttBSMO.Z.1. jEOU j^£ 

1171? 70 K»ftS8WWp_ 

-41 Z7 - LuamosGp: ESp. -35 ’ 

176 128 Unfood»K. 129 SL 

p- 12 100 Uxfeu*^.; 122id ra: 

t r- .126 ' 9 > User Wrx, 2 ^J_. . 9 S -^4 jqn 

(3 » 157 72 ptw»aiir!ii -isr •. S’* 

aj 174 lar HhmiBL^. UK .. 

91. 75 SstfTtMteSaiL. at: ~S: S 

72- -22 SfafcanMiiOp. 7t= iZ. Zc-.t 

£4 97 55 pfcRi<DllV.)Ite . 92 ^ imm 


Htedi 

iPaDtiJOp 88 


IW-:i-.;ii-« 1013 im 1 
9 j-. 4- j 3^ 7» High Law | Stock 

T^T-v’- • ilOCS 10® 21J, J 13i; 1 43A — 

’ 3 66, 770 «N 59 l.KF5’«CfflTt W - 

rrA-: 5241 urn 56V j 22 \max$l „ . - 


r7.lI-. S24 11.05 56V 22 V 
9-.- 9.74 U34 9 w £ 221, \k 

e-:- 13 74 7 73 24V 11 A: 

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20V — *4 I BOr I - I 20 
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DRAPERY AND STORES 


KK 74 
103 £8 


38 1 30 


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m BHtaSito' 155 -3 t625 5.S 60 6.4 

» KKah- 46 t237 44 7.7 3.8 -« 


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85 42 76 47 fciaadc^ — j 73 

8.9 &8 95 ■ 70' jCntted ftanoltl 80.1^1^ 
82 89 67 ] 51 .HrsttoBWiaLiaii 56i u. j 
52 81 • • :" 


HOTELS : AND r 


-VI S2j60 J — 09 



7c-_ - , 3.59 10 79 1 M | 28*4 lEannit. 



JC1H.1V • JMi * -* i - r n a r M# - IV w g. wt aic«M. . ■ 1# ■ ' 

47 ..... dig H ?• 121 37. Srawiaa.50p" M9 . 

SseS^ 105 -2 TL31 6A 19 13J % 75 KamaliM’it&S ‘ % . . 

54 -1 2-81 3.g 7.8 *5* 215 Eadtoote!^ W-^i- 

kSchSOp- 82 . .. *M 3.9 83 48 23*? 15 S8fhartotlieiilp . 22 ; Ji-jl 

nl(CS0£16. 125 -1 - T n ZZ 270 W0 JftddteCOBMpl 250 ' 

itA)20p_ 165 .. .. a.51 48 5.0 4.5 4,- 35 NrtdoSk&pM., 35 

Air___ — 94 -J «.67 3 0 5 8 7.9 jg Narthatf^ftp. **.. ^ 

_Jntrktfln- 41 -1 t£-43 3-J B.9 3.7 jq Z5V P meectWtet. * W ' zl! 

fetStetW- 24 b ••• oh!4 4.8 87 35 45! aii WB-jSfaaSp. « 41 H z 

fflFnlQp- 21 — -iig 2 In H 170 J58: FJWta»Bolds_ IS'; : ;i 

ThuV 10p 22 0.89 3.9 M 55 87 53 Smyr^wip. ." • 7ft - -1 

nn&m- 65 «4^ 14 9.7 148 4^ a) . i' 

3? - tf 46 14 9. 118 2^ ? SwBftwfcSSu JT 



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(SBU 18 MssrALSi 21 

l 32 ! 20 Mjnl Ran. I'SSTfO Z 

4iv 26-^ Morgan iJPiUSJlS 3 

■Tv 12 XertmSawDlneSI. 1 

18^ 134 OwmvvDISMS 11 

Zih W4 Quaker CfflsL : 5S5- Iff. 

2&; 154 Reliance 5025 Z 

31^ 16*4 Sep.N Y.Cnri.S5.. 21 

17V 11 ResnordSS 1 

23- 144 Ruhtfen.-MirilllV 1 

36Ijj 255pSauil8F.;Jl 47* 

2S£ IffjJnidlOSJSI 2* 

l?i 114 SiageriSlOi 12 

33 Z2V .SnenvRandaa. 3U 
23V 1£| Tft*rito.SlV — a 

ZT-t 184 Teans.cc 2 

ltl 1331 0a*iriU.StlLfll4S. 14i 
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22 16^ Team 5625 1' 

40 22V nmelrt 3: 

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,414 214 Ltd Tech. RISj„ 3J 

24i 2 17*4 U8SWel51 11 

17 liV WooloorthsES;- li 


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22 .KswafeaTSjt 321 
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INDUSTRIAL 


\U ^zlA^Kfech 


Tffz AORestarchL. 
50 AatBfeft&rtHp 
33 Abbey 
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15 .. .. 51.16 - 4.U — — 1 ’ ’ 342 266 aFcr.^rs!] : 312 -6 . 837 q31 41 121 ™ <** fcraromtanes-- 

m i :- 5 es 6 a»fjDfla“f iHf I ^ f 

12V • BSc — 35 AND SCABS 41 24 DcVXV i 38 _.i 02 - 0i - 94 a Ftotavea^ 91 .... ♦7331 

17V -v $1.0b - 30 , 25 15 Pe’ereLcs. i 25 1+2 1068 64 42 5.9 2*2 20 Fnlice3fflniwv5p 25*? dl39 

(79p +J - — - 10? [ 84 lAbenfesnCcad.l M ! 1+4 631 39| S^J 4.6*220 355 Da !3p:Cnv 215 ! _ I 20.7 85 — 81 55 Fiandalnds — 74 +1 3.42 

ml -L ei«> ITltta Imx kjx H«tf7Al*!7r£r i UiV ci ?■ -n QQ M. OBf^nlWh, <0 .. 4_21 


91 I- ■ I ♦73371 2.7 


32V -V $130 - 2 0 30*2 20V 3eechtwocM0p_ Jl, 

ZV« -4 30c — 3.3 31 15 9erow:25D 24 — • 

30*8 -V 52.00 - 3J 57 45 BenfordJl I0p_ 47 .... t; 


.. .. *3.ZB 030.41159 

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1.83 14 9i^HS ^2 

::."■{ tiw ?9i is ri g 

i^l ttfi 73ib3ua 4.3 9^ ?20 


O 5.9 294 20 ft-aUHsHftuwvSp 25*? dlJ9 

sa — 81 55 iPianrixInds — 74 +1 342 

43 7i 99 65 pHntnLaOp— 92 «U 

9«2L7 92 82 fGaillDnag.lto- 85*4 M637| Z 

4.«43 20V 12 fcoi£B^d.l0p 14 034 

24188 IS 95Vraymea_J- 107 -2 820 

4jjlfl.7 fHV 675 KratgesKlOO— £8V 

9.11 7J 52 36 'CmSboikUiv. 47 dhl21 

53133 89 64 |n)Envl 67ai 430 


/.U 4./. SMi Vi 

7.2 9.9 226 174 

8.2 80 69 45 

9i 714 125 93 

55 9.7 79 63 

&1 43 *354 181 


U^EabberEi 


l utoSlZ 74 +1 3.42 4.(1 M A2 1% 145 feudnSrnlQTll 

SpT: 92 All 33 6.E 60 38 25 Bare* 

KlOp- ffimi M637 26U.2 S3 -259 179 BarSwBdlBft:: 

to&diSp 14 034 - 36 — 52 27 BarcsfReobani 

s y 107 -2 820 1.4 11.4 90 83 62 BaftAPsn&d; 

eiflOO £8V — — — — £3»% £29V Baiter Tmeng; 

WMa.. 47 dhl21 32 3.9 12.1 2G3 152 BeatsooOafc^ 

67ad 430 22 9i 73 743 583 Beechm 

.£1 265 -1 15.80 1« 9j 9.1 27 12J Z BegairGalOtt- 

FreasanSD 31 d2.03 13 -9.8ia8 43 23 


10 h+Sinkk i£ki££_ 

35V [Ladies P^deMp 58 ' .. thl%j 

7ff; {LeeCnvBr 265ir,+3 ffali? 9' 

119 lOberty 1 9B« +1 tt2:9M 6 

119 EkSOtVSflKL- 185rs +1 th293 6 

53 RJamct £ Jte_ 52 -IV 334 3.' 

54 GeirtamreiCf 133 -1 <221 U 


1SV -*a 51.60 - 4.4 69 60 Baa Bros. Sftr_ 61 +1 Jtrri73ib30i 4.^ 95 

15 -V SL40 - 4.7 © 61 Btekl^Ku— 7^-2 ;3.K 43j8|« 

• ■ ■ »2 QQ _ ''■* *’«** *i*'r» int — 7 . irfa I jl t. ho i 9 M £1 A O C 


-■•. 0;;= ’ M -> 122.45 I2.s?;i4ii 
riv ,i;.T . J 95 r *i ils.Ol 12.S,rp 




32 V !- : : 1—54 | - ! 




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CCr-.^DZATZON LOANS M 


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9i»? .. • B7f 111 


«s-w? .1 


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1 02 2.9 1 16V ^ 
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S_. ni ■ 143 4.a M. 64)74 146 EcnftUNfLOtfL'fl 


238 -1 


__ 159 +1 655 2.9 h.Z a4p09 T 79 
_ 25i a -u Jhd0.7 2M 6.H a5f58 45 


nap ir^2 -'2 nay, 

faefe! 24 +1 L83 Ll 

fiff- — 238 4.14 t: 

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nasSOp. 120 53.4 3J 

Machy- 30 *Z23 8J 


53 3b Zr.J ! HicilZ 45 +f 1 52 \ 8.7 

220 153 Cjme'.ti if 218 -1 (CRjllfli 2-C 


CANADIANS zS ill Bffiffi.- i 

15U +i« I $112 1 — | 3.5 190 170 FunE%HUt£L. I 
13V $104 - 5.6 43 22 f R.-i-rA Up. ; 

37*4 +V $4.2 I — 153126 20 Cai D-K-C’/jlCp. \ 


26V -V 20c - 03 51 40 fcirTUoiiB. 

10V +*2 $10 — 4.4 W M fCanw;-— .. - 


18V +V S3 48 — 3.3 108 6ff 2 Cereal Rjcd^o ^ 
14*i -,C 97c — 3.1 58 27 Caab-nCp-iCp . 33 

32 4*\i — 12.5 258 157 OsUir.R 234 

19V -1 W-14 — 28 48 3l C0MBy5-.de 5p_ 43 

535 p 40c — 3.5 104 62 CrresVyB!!*;.- 104 

ZP 3 -v 5QS2.O6 - 4.1 118 E0 CrwichiD.TCp- 115 
13-5 -V 69c — 2.4 73 tS Crouch 'rrcap— B 

SV .... 5160 - 19 105 84 Douoiasilnfct.M ® 

13V -V 90c — 3.1 162 100 DttruasGH-oOp 1« 


.. tt.,70 AS 4.3 67 UZ1 

.. S2.61 7 3 zohl.4 35 


3.9^165 *86 3GVpl*SBdlh 79 -1 ttfl 

AM 67 m I 73 BfapteaewisSOp. 120 53.4 


IL512.7 46 
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weSFp- 263 -2 2% 35 26 165 W 

R3l0p_ 112 -2 t2l5 5J 29 9.7 « 

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eBlIOF- 23 1 - - - 33.7 76 

... rCi.._ 58d]-l PL% 22 5.0 124 fj 
nStossIOp 49 i+3 61 31 101 1164 

; Cwt SQr Q ' _____ [102 

AiEreiL. 84 j-f 286 39 5.1 Ml « 


_ 87 -2 t4.7 
p 28*sai +i 2 0.78 


JllU) 39 28 

J 85 303 127 




_ 13V -V 90c — 

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3.1 162 100 ffprua;GH.50p 

29 1© 68 Eru-N 

5.8 26 13 (FJ»AC<cs!’n — 

— 79 60 FartlwHiCcns.! 


Z1 Lee(, 
5?. , Le^ 


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Prenrioni 3GV*3> 


12V BCc — 29103 68 |Enth ) W .... Li 20 13 ffitiiaiIIifiSi-!}p_ 18 

645p .... 80c — 5.8 26 13 lRPACfca£ta_| 17*? ... 0.51 38 AS 9.1 ab 21 RoHaflaP-— — 26 

755 d ...... _ — _ 79 60 FajrtloojhCcia 6 &S +V 113.55 3.4 7.8 60 23V 9 ^LSotsISsi 22 

26V ...... 9L6c - 16 g 19 Feb.InO. lCp_...i .Z7*£ -<-2 ^79 1C 9^ 84 s 9 Do.SWlS% 23 

229v -3 - - - 27 19 IVV.Vlfo 2S» . — rd!79 18 107 7.81199 llff 2 Sanne!;F. A'.!l 182 

237a -V $103 - 23 49 34 FsiLmtfiSid ?i*2 +1 t2j3 25 75 89 30V a Samcouriap— 27; 

22V +V S3- 30 - 3.8 35 a is rl _ _ _ - 1 14V 9 ShecuantfUto- Iff 

lBv -V 92c - 23 g O, “,r-. ^ 190 133 Srif9V.S.*A*S&, 159 

flS3 m, - if | | S ::::: ff iilpi m SS2£fc S 

— «»"•» f ' ! i* S 1 ■::: tel U ll bS § ISSt; g 


22V SI 30 — 3.8 55 21 FuklaaJowiun.j is rl - 

18 %-h 92c - 25 21 UV FYcntL- Fir !Lp. 2 - - 

^ iSI? r 1:1 8 9 RSS»5: S ::::. ^ i 

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S&SSEi pEANSS AND HIKE POtCH^E 1 f\$M ||| 

1S73 | | 1+ ori ttr ) \Td 31V 22>; |HAT. Grp !«?_ 2^;! .... 6(0.31 2iJlC2| 66 

Price 1 — I Net lCvrlGrtl PIE 


c::: 'Ziyujz* a axsw loaks ^ ^ 

=2? ■ «- -V 5?3 11.74 293 

Ll • • V. . t - S -j : £■£ 31V -V 674 1213 

*.i.:^T>7fc iaev .... 102s y 

i; ! - r-v-v 9.42 e.® 8! 150 

c •> ; :* - -rrir-y . 3?»ar -V 9-51 llmlrTps, risv 

- ? ; i?.- tej.Wx-a.-a. 5 * ..-.1055 

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^72>70. » j.._. 110 55 I 1555 465 315 

1 CO j | - 1 - £202 £157 

wo iso 

380 
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rv;’:!: : EksS hs& lai pis 255 

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• A.w/-;*X &P; -J; 13.03 2550,*" 

57’, V - Tt Vr ?/ 27V -V llM 12S7 

«- ;:•** it '-icvv::^ . ... 135 .... ,6£a - ^ ^ 

Pl 1 . fi-9 |-.^ :+r „ _K 1ft H Wlfcl W 0/ 


«-a { O |:v. 7-w.:i!ftL , tjt. | H 2 lltU 1 12.70 

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(TI :>«>: '2! „| KJOJ-I-V 1Z2.SI I 12.17 Rfl 




9? .... 1167 1250 83* 

p • 115= 12 50 [ 8b 


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3T 7.0l 5Jn35 m 
7^ 2J3 605^ M 

■fl43jTtoC§ yv 




22V 12V HurardSlnitrOp ’Cls: 610 


1 romr -*?•?“ BB 104 IDC.2*! Wn 1d9J2 0.7 10.0 20.6 

fJ 6 = = ffl 1 BBfclH :i fef I! II H 

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SS, ■ i- A&-& 3C t7 197 162 Ian-Sij.1 1W1 —.. d9.fel 13 8.7105 


li »»» 74 Waring* 

•ft J^ 45 .39 12V iWearwe! 

1-? l’5Si 24 19 WterfM 

5* IT Pal 90 “ 'Site* 

23,2«J 73 61 Wbolra 


H Esitet S* -- *1“ “ JISffl « fflSfiaaa 

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138 1« 2 -S 2 223 62 Z1 114 54 2 30 

73 SlaniwAG5pl 157 1-3 th3.94 25 3.E 115 49 35- S&fiamHnds.5pi 

^ felt ™ ^ x 9 e H 1 ?:?! I sa- 
il tgatw. J : M iU D » A I «= 

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62 Da ?LV. 97 -1 238 5.1 37 5J » Iffk MaMSp. 

11V WaHislOp E6 +6 bdLQ2 55 li 115 I® 1« P^kr-Hattoto,. 

74 Waring iCiflow 130 -2 359 42 4.1 7.7 B9 100 ^tCTpad.20p 

12Vfear«a5p — +J 2 - - - 356 J2 ® RattfR 


J£L_ 53 +h t334 

sa rial 

flhason&Rrth- 69 -1 4.76 
tnesGnmp lOp. 66d +V 3.63; 
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jnidGnwP—- 102 t2-94 

skatHaSm. 55 3.9 

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Siiead^^ 36 Sz54 

JflSdfFJli 67 -1 539 

*octa(Tl5p — 20 0.© 

104 2 tSs 

II,Hol(6ags — 215 431 

(angan&onzt. 73 " -2 191 


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tSL05 5.1 3.0 95 1» 2 13V Wunid»e5ji__ 

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61 58 *109 84 NeflUfenHdgs, 84d -1 M648 25 1151 4.0 146 




84 NduJosiHdKa . OAd -1 

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84 Northern Eng— 332 -2 


_ 36*? +j, _ _ _ 15.6 72 58 Pratt fF) 

, 23 ... .. L42 _ 92 - % 70 PtieaiBenl 

l. M td529 25 92 72 £89V £»V Pnp*\\Wim 

_ 78*3 -1 42-t 14 9.0 12 2 « 35 RCLF.Holdng. 


17D -t 
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5 7.m M 68 65 »i 18 

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37 .._.. 12.76 IfllUKU «2V BV 
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258 9.41 

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17 10 ionesahsdlOp. 15+2 - — - - JW g Ai^^SeclOp lffi -1 tL34 4.4 29 93 55 Richards tfLefc. 92d +V t3J87 4. 

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ELECTRICAL AND RADIO ff 

j © }AB.Eledxr^«c_l 122 J+4 15.66 I ♦ J 591 4> 1 

57 (Allied InsiwUBX [ 66 t4.19| 2« 95f(5ij 62 




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£17 012% - 6.8 - 

29 10-71 73i 3.7 51 

£215, 09.87% - 3.0 - 

16 — _ — — 

£317 Q18% - 2.0 - 

73af +1 12-03 2E 42 14.1 

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51 -3 2.23 - 65 - 

220 15 41 - 105 - 

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230 -5 1031 - 67 - 

190 9.76 - 7.7 - 

92 -1 4.97 - 81 - 

287 - — - - 

299 +3 hQ59r _ 23 - 

£2 h332 — at) - 

185 8.74 — 7.0 - 


~ t-i T £41Vl£14VU4fnrse5«LFlW £^0 fflbTW 42 4 114 

♦ * 226 1121 LaingiJohn.-.V. 211 -4 M525 tfi 3.7 88 175 

“ fl ~ 130 84 ishamilitl 123 d7.73 22 94 72 67 


86 [BSRlQp B8 -1 M.81 

135 [Eem: — 147 -1 434 


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ml 73 1 13 5l0 |*95 70 LeechtTPat^SL C7 -1 H4.74 Z0H6(5.9. 76 © 

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64 55 31 

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•••• — — — — 59 37 y.cNc’IG.'WJD '6 .. .. ' _ — — 38 16 CKfi«d4SiieD5(). M 0.64 3.6 25 19.6 2% 198 

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15.41 - 105 - 73 iSy 74 -1 ^53 35 5.1 (63) W9 S DateHect. 10p_ 173 -1 275 3.8 24162 ^ fi 

j-U 7, 9-2 r. 133 7i ££ina^ 137 -1 d5.se 3.9 6.4 4.4 515 390 dko. «q u_w zj 4.0 W3 ^ izI 

Jg-T'B, 71 1 7 4 6 84 57 tiFiHiEcU._ Cl -1 3.11 1.8 5.7 24J. 500 380 Da|A___ 440 +3 1195 2.1 4.1 175 147 M 

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"V 2 o 7 “ Z? - 48 38 ?4driI«e&.iiV- 42 -1 174 10 9.7 79 l&V 10*2 Dewhcnt'A^lOp 14 +V 1084 L7 8.9 102 129 sr 


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80 58 faatcliffeln<fe_ 78 .._.. 527 * 10.1 * 80 M 

91 57 tetfdIffi5l&R>_ 88. 1113 8.7 3 3 5.0 136 103 

90 73 ntettffdl&^iwny. 80 - i5.02 25 9.4 7.9 74 25 

“■dmaffoanl^) 61V -V 1154 55 45 42 £28V £20V 

«K*m 132 958 15102 (7 Si ^0 33 

JchanteofLwc. 92d +V J3J87 4.4 65 55 73 © 

_ _ 1 — - , yj. ..Jcft'as West 506- 60V .._.. 4.60 17114 8.0 38 27 

HI 83 j 62 [Robinson (Thoa.) 38 13.43 3.4 65 65 82 40V 

" fltork lOp 55 -3 WHL23 72 33 5.4 n ST 

mdenon Kvser. 66ni -V 4.45 17 10.1 85 70 47* 2 


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70* _1; Ia« ti 7 a -in? S SavflleaaOptt. . 29 ^ dL63 6 8.4 $ 198 140 

70 ..... 13.45 11 7.4 IBa 29 21 Senior EnVelOp 26 +b tll9 Zl 6,9 7# on 64 

. , n . g "I TL33 U t£ 327 97v ^ Serek^fL Z 3 a 46© 17116 8.2 170 IS 

Ti ,§? ”v~ 5-^ 2 -f 40 27 SbakespreJ. 6p- 29 — •_ 1® 25105 5.9 lgi? 51? 

Kras =1 5^ 17 6.4 115 g* ^^ Sds2to ~ l 26 “■ Mnsa«lMplffli 


3l 7Q32 a I 4 


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lRSers.5p_ 1*3 -2 HxC. 
Ttronklfip- 36 -2 147 
onlOp.— 14 — 


< 85*2 -U a 4663 17 116 R2 170 125 

espYeJ.Gp, 29 -.- 1.95 25 10.0 5.9 i8h Pa 

PranrisaSi- 26 2-68 1615.4 62 MQ 2 M 

ptofee — ^ 70 -3 451 17 512 95 500 230 

nEnfg — 270 -6 1759 4.6 4.4 72 UJ8 63 

- 1 m- ? li M 


99 73 IHeveriKcaL L*-! 91 -1 4.74" 2A 

60 32*2 53bu.-x j c a -... 82.44 3.8 

18 9 MUIenSUn-IOp 14 . L.... d0.76 12 

7« C3 lul»— MUr. I ■— r I ta 1C 


75 52 A 71 f. 1 15-24 ( 15 


S Si? “ in ~ 48 33 bloi&ficrere. 43 JZ74 L7 a5M- 4 »f« 

S SiZ “ S-5 “ 107 &i.V 102 -1 356 5.1 5.2 55 3W 159 


94 1-4 ims : a : Is m - *■&* -■ 

255 1-2 1 1923 4.s| 5iS| S.eKm ^ NewartluB £1 - 162 -2 


[ H 8.3 3.9LZ7 17 


1S5 [158 N’ewarJiili £1 .. 162 |-2 1 *51 7.Q 4 
108 79 Nanw=r.Ho’j*_. 92 l .. ...[ 4. (5 I 35l 7 


FINANCIAL TIMES 

EH AC SEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BT 
El: .nria! SS3S4I/2. 8S38S7. Advertisements; 885033. Telegrams; Flnantima London PS4. 
Telephone: 01-248 8800. 

ror Share Index and Business News Summary in London, Biraungham, 

■ SJverpool and Fianebester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


310 210 ;WLBnciK!p .1 3Z0 trL72 3.4 5 H 65 

58 *» OnneD^.--ICp. 56 2-7 0.9 72|(Z7Ji 

114 97 Parter Timber . i 118 _.... 608 10 82| 61.. „ . __ 

175 133 Pboenii Timber. I 1A7 -8 453 0.4 4.4WA6I145 197 

172 82 Pbcrons I 153 td4.68 5.1 AS 6.6 P« \233 

156 107 RSIC { 133x4 -2 15-86 25 6ff 85 

173 116 R«flar.d 159 ■ -2, 4.25 3.4 4.M 8.1 

% 70 /TcYdE IM iOp S3 _.... tcM.57 22 B.Z 1 LS 1 

104 94 Rcbms.tdrotf. lM ..— 459 17 tSli 


7.8 7.9 30 20 D(wdinB4M.3p 29 ._... 121 * 62 « Js 135 

7.6G.9I 39 19 Dremriand IOp . 35 -2 tftL29 32 55 6.6 fig 84 

81 14.9 261a 141 Z DotalierSp 26 -V «-01 15 5.3)13.9 31 g 

6.2lI5l90 130 EfflSto 155 +f 958 gfii 9.4 27.4 93 75 

85 10.4 006*2 £92 Daffa%Canr.-21 £98i 2 Q8,% 115 f8.9 — *1A0 105 

5.2 5.1 318 159 Herfcfflnps IOp. 3Q3 -2 fiZ55 85 U13.9 ? 0 53 

87 3.9 27 17 HectanicMaca 2ft — — — — Q®,. 710 

45 4* 145 106 Elec Rentals 10p 132 -2 5.08 25 57 All % 27 

7b 52 2JV lffa En-rffSars Wo_ IJj .... t0.3 4.0 2515.7 jm 2 ft 

56 65 201 142 EaroSfcilrt lip 130 H35 b4.0 Z9 17.1 4% 336 

7 2 C27JI 130 186 Fanrf!Efec20p 395n! -4V 16.7 3.6 2.516.4 95 ^0 

83 fcl 93 68 Fidelity Rad. 10p 91 5.21 14 8512.4 25 ?Qh 

4.4W6I145 97 FawriTttfc 50p 134 -2 6.91 <b 75 * S 2 b 

4h 6.6 340 233 GJiC 323 -1 4.07 65 L‘ 115 “ 

65 85 49 21 ffighLandR20p 47 -1 dU9 * 35 * 69 52 

4.0 8.1 UW 82 JonesStnnd — 100 4.69 14 7.0 4.9 211 160 

8.2/65)153 77 Kaielnt 142 -2 4.77 3C 5.0 7.6 ia 43 

6.4*7125 98 Laurence Scott. 102 -Z 5.03 12 7.4 53 na «7 


H f5gj 2% » 270 4 J7B9 46 4^ 72 g f ^ 

9 4 600Grcnn_ — 105 -1 404- 23 5.9 R9 Wlh dffl De 

Z4 65 9.9 15 a Snithl«ki5p, lff 2 1128 *3 b lfc B 

7c i7q yfi Spear A Jackson. 138 -2 d952 10 10.6 (137) 17 6 Di 

H^aiTa 38 29 Spe«erClt2pp. 35 d 2« 1.7 103 85 209 1M Dt 

ii in ,35 SpencffCensSp- 19 ; W)^ 35 45 305 *122 67 Dc 

ll 41 175Hn ^ — 162 -* -Mi? 4 2J 42 12.4 B5 63 Do 

§ Ills ^ w Tffl 1 a 

h 1 j ii 1 1 bbSe? 1 1 ]j? 9 h 8 ff feMts 7 ' 

Hill laEX'srftaaiti 


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DeLaRw^-: 4 g: r?;J 

oSteC^Sf £82V i, 

Diaroo^St-Mfc' . 17tr -V ® 

Dctoon Park 18p. 

OomflWfflL !flp_ - a*- ..*■ 


4.212.4 B5 63 DomHMgs. fflg_ 8L ..jU 
55 £38V £24V ftwerOoUfctS&I T33V rVf 

4.6 6.0 52 30 Grow Stagl (Wtfrt --•*■[ 
A3 5.0 *38V 26V Dufay Bitum lto . 31. ..~i 
SJ 7.4 162 12D Do^brt Com ! to 120 ' -* 


145 106 ; 
20V Iffa 
J01 142 , 


-Ahras.lto_ 56 
ssenDmUl_ 920 


3.03 3.9 


lUi $ $ 


!7Jl 130 186 F3r.Lt5lElec.20p 3Sri 
fcl 93 68 Fidelity Rad. 3®p 91 


omkii»F.a5p. 24 -V 097 3.41 6.0 72 n 49 

tilinFddes.L 96 1-2 4 JO 4.3 73 4.7 18 U 

uba Invest £l-j 376 f. 1ZL27 2*3 8.4 52 109 m 


— 88 -1 239 52 *1 5.1 279 SO 

iWAJlOp 22 142 * 105 * %. u A 

^glOo.. 68 +2 225 26 5.0 LU 50 39V 


1 2V^ 

- 8 : ; is \ “ ' 

Hhar tads 50p— ,268 :- — J.- J 


112 80 RoSi<aGn»r - : ‘C7 +2 3.75 Lfl 6.4^12.7107 64 77 +1 1d263 5.1 

33 20 (tacliiKun dipj IS} dhOH M 3^ 7.9P43 157 MlLEIeefaie — 230 -4 5.9 4., 


' ,7, g 26 UtdEn^glOp — 68 +2 225 2J 

1C * H ^ Utd.pD|I^: 31 tL47 3J 

i n Jq 52 W*±wh*Gnwp. 66 4.76 2J 

7- 5 ? 211 160 VkkeraEl — W -1 9.96 Z 

IS HHk £ Victor Phjdods- 135® —2 HL69 5J 

?? 5-5 138 82 W.GJ 132 -2 529 2J 


44V 29*; RcyeoGrcop .„ 4ffa*a A 1152 25 52^125 £35 £30% UnnliS £3f, -V ^10 4J 

48 M Rnbenxl «?5a) -ly t229 11 7.dl0J 218 156 Muutead — 2U -3 S-TO 3j 

90 66 RuatwP.CCEani 3i* z -* 2 1 m3.96 25 7 9^78 97 6T} 2 Newrom.I pcfa.— « -1 «88 3. 

L38 155 5GBCroap ITS -1 1553 3i 45 as 220 158 NewmarkLoms . 270 676 4 


188 155 |5Gb<iroap ITS — £ 1533 3.1 45 S3 ^ 158 Wwmart Lnm . Z/D 6.76 

40 31*a Sabsil ife IOp 37nl 1U>5 4.8 67 4.6 50 39 ^mmlR 3ln 46 287 

50 30VSStan*ftFuh£ C3 1*1.92 22 62 8.9 W Wb»|ta«toc_ 007 Q4 

55 M ISmriJiiftn « \n>m 46 72 5.0 145 73V PetbowHMgito 121 -2 bd4j 


5- g 54 M 156 109 
4.£ 32 75 icc nn 
48 17 17.1 JJ2 % 
36 3815.6 81 55 

3.7 03 3.6 to 38 
4.5 3.7 85 40 27 

H XI M .3 .»* 


SS BS'lSLtrT- 149 M 


nlntetriJ 149 -4 7.72^. 
JT(C*W.|_ 126 - ...- H6.6 
(T.W.1 | 77. +1 14.14 


I |-0 U-l 50 39*a 

7.1 65 64 16 

10.8 62 3 15 

S^-2 9- 
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■ 7.9 12V 4 

ji fi ^ ^ 


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IPteiTop" M rl 
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s^r 1 ft is i-i s-sL 1 * 3 122 

40 L~.-..IFtL0 5.0 3.71 8.0 1143 | qq 

7-3 211 43 31 




EDITOftl.-vL OFFICES 


.Vr- .icilin I’’’ I2SS5. Arw.U'rdam-C. 

T.-lt-i T-ITI I-! 3,0 Sft3 
i;:i— ...r "i.on 1 1- rjo House, 'learee Ri-ad. 

re'e- .'JSB'J 1H- l>2 1-454 fKCH 
Kma ;,;iU'js 1 1 lfq Kuussallee 2-10. 
T'.ies ..C.^'i42 Ti-I JIlhOQ 


Maneheflier- Queen's Huuse. Queen StreeL 
Telex 666813 TeL 08*^34 S081 


stanza 12Vp_ ‘139 +} 
» Ferries ,127V cV 
teffldg5.Mp -41 -- 


Pni.i*-!! Hue Dm-alo. 
Tui*_*\ idw Toi ai^-E»rrr 


tsiir.v ^ ' “O-A 2640. 

To! i?VI'J 

l>-ihiin l > .t." , illi.im Square. 
Tr!o\ JWI4 Tel 76-Vri 


Ei.-iwrci! 37 Cwrei- SipmI. 
T.-:-x 72=34 Tel. I Cl 1-236 4120 


r'-j.-ilifi'r: in SftJhnrnlaijer 13. 

T'.-iel 4i'!2G3 T-I 555730 
Ji !iinr..-^«w P*» fox 2128 
: rl’i A S -3tS7 Tel SI8-7545 
r i ihun f*rai*u Uu . 1 Te'.nu 18-IU. Lisbon 2. 

I oi.-v !2i.CI Tel .102 Srt* 

.‘•I .tlrul K-.i. roriC*t!a 32. Madrid 3. 

T'-l -41 *3772 


1 Mosccnv: Radovo-Sainotccbnaja 12-24, Apt. 15. 
Telex 7800 TeL- 200 274S 
New York- 73 Rockefeller Plara. N Y. 10019. 

Telex 6S3SO Tel i212i 541 4625 . 

Parrs- 3fi Rue du SenXier. 75002. 

Telex 220044 Tel; 236 57.43 
Rio He Janeiro. Atenidn Pres. Vargas 418-10. 

Tel. 253 4848 

HO me. Via della Merced*? 55. 

Telex 61032 Tel 678 3314 
Sloekhufm c,n Kvcnska Oujiblidrl, Ratlambsviuun 
Telex 17803 Tel. 50 60 88 
Tehran. P.O. Box II-16J9. 

Telex 213930 Tot- 682898 
Tokyo 8lh Floor. Nihon Kcizai Shim bun 
hullding. 1-9-5 Olemacht. Chiyoda-ku. 

Telex J 27104 Tel; 211 2920 


fi W- % liu'&3 ?■ 44 5.8 ^ S3 ffeuSS; Wvrl.^r 

a«30p. 1M $122 3i J MJ TO - m j£: &. 

fi-— rr- ZE -1 M f-J 4-J 130 87 PErgBsonlad _ 118- 'I ; gS^-* 


. *■" i? I 7 38 M M . r _ .. 

o * 3a 4> . 59 25 FittdkvftR.1- - 44 ' -2 J 

•15 H 7-1 4.2 51. 37 -W 

12 r \\ 21 39 ;_45 r -I'J 

In H H Sc 123 PtodtoC.ftW..' 58-; .... 

J? J,- 8 fi §^1% 53 - FbaartJ Al— _ IK* rf*-. 

4_ ?__6.9 * 183 1ZB Fofem Umen- ■ = -1 ’J 


r.tSL: 44 p2,vfl^ 


63 35 Wsmn4b« _L. 5S -3 3J8. B319.4 /w 4» Sony Lo loO-- \ 

125 95 SaSzKaw.... 152sd 1K2.B4 J.3 3^11.4 50- 33 gound DtHsn. ap. 47 . 


66 30 WMhncVProi: 60 fc-JX-SS 3.f\ 3 8109 43 33 


ua«i5p-_ 37 -2 132 I 171 53)153 


4b 40 Wliati:M;2Sp . 41 .- 2.61 

45 2S Wiit ph'sn !Syj 36 ... . 1.01 

.asen 7 57 S Coo. Ulp 551; ~h 3-66 

1*7 99 Wu*rti-ooiioil/* 143 +Z td2. 


fusj«i5p 37 - 

'A'NVap I 36 - 


riis s i 


Lf 


« '".'..I Zbl 3W9.H53 1S6 111 Tete Rentals— 142 -1 5.93 Zffl 621 23 

36 .... 1.01 AS AS 6.7 400 308 TTioniEIert 370 -2 1162 3.« 4.T1 93 


AS A2 6.7 400 308 Thorn Elect 370 -2 1162 3.« 4.7 93 

ZS 7.0 BS JO 52 TTikpeF.W.Wtrf 80 f { TZ.49 531 2-fi 20.2 

a.2 16 5 7 177 B8 UutechlDp. _ 166 435 i 36 14.9 


101 |63 fWimpeyivieo: _.| 75 1-1 J0.69 |13 ^ 14| 83 382 260 \CUL Science— 32S -4 M6.09; 


wUFAOOp 2W « - 134 tI H* I® 128 WM4MSf 

9diS.WJXb_ .43 d435 C3jl5j|34l U3 3} rnHa wiltSS Sp 111 1.^.1 J&Sli 

iseRoniaSiI.-2^ I 1 2 - 36 0-9jl2.i|a45i 860 485 FranffinMi^I. 685 j ‘ **«*■*•' 

76 61 Freuch-UioalOp -66 

*W». GROGERIES,- ETC. ^ >g 

zf 132 [112 [Alpw.5QB.DltSiJ15ff. f-l | d6.70| 231 63JU3 22Z 160 Ribbons ($1 — ^l : ZW'W- : 


WatMnpoD 2nd Floor. 132S E. Street, 
. N W. Wushinmon DC 20004 
Telex 44(040 Tel. <202l 347 B676 


Xc» York: 75 Rockefeller Plaza N.V. 100IR 
Telex 238409 TeL r£!2' 489 8300 
Pans- 3fi Rue du Senuer. 7S005L 
Telex 2200<W Tel: 236.88 01 


A D V EftTISKM ENT OFFICES 

Ei “n'lr,-. I i,i .—i Ciwvc House, noorue Road. Manchester- Queen’! House. Queen StreeL 

T-.i---.'. .r>K?Sa Ti-i. 021 HSI Pf02 Telex 668513 Tel 061-834 9381 

I'.-imt'iirv.l: ” ijtxr-se Sir^rt New York: 75 Rockefeller Plaza N.V. *C 

7.-!e'. 72484 Tel iV.l-22S 4133 Telex 238409 TeL rSI2: 489 8W0 

Krin'.-f.irt !m Sneh<enla*vr 13- Pans- 3fi Rue du Sonuer. 75002. 

'>.--82 Tel S&4667 Telev 220044 Tel: 236.88 01 

L-.-i- ■■*. I'-'riaanen* (inuse. The Hearlrow. Tokyo Kosahara Building. 1-6-IO Uchika 

Ve! <Ji2- -JiWSD? . OhiyodH-kU Telex J 27104 Tel- 2BS 405 

Overeeas advertisement representailves in 
Central and South America. Africa, lhe Middle East. Asia and the Far East. 

For funher details; please contact- 
overseas Advertisement Department. 

Financial Times, Bracken House, 10. Cannort Street. London EC4P 4BY 


-h» ou.at 
-5 5.89 
—6 Ndl3.T0 


CHEMICALS,' PLASTICS « fi 2 S =? fei 

cm *An ira, r*r-» _j I 24 14 WhitwoithEl.Sp +1 +V dffgl 

11 i ^ I ill B» H ms ■ - «- 

M 61 AU'dCotlwd top 72 -V LTD 3 S 35133 
n 60 Aarlm-CteBi.. 6Srt +1 td*.22 2.* 93 52 

£57 nov Bayer AG. UK 50. £53V 2i 23.9 ENGINEEHING 

275 122 Blagiien N'noKf-s 246 TJZlE L9| 7.i 10.6 , ____, __ __ 

■§ S1 S £2£!sr,ffi ! g t.’lf iTl! I S s MACHINE TOOLS 


106 83 WadiGdW 98 +1 455 23 63. 85 ^ JO te. gfaritltaz 77 +1 132* 3.6 M(A«1M 80 awesGrouC:. — 

30 20V WeUcoHWs.5p. 27 -V H15 8.1 6J 6.1 J£ 53 .4ss.BntFds.^ 74. +1 236 _4.0 4.7 7.7 71V : OiH^nirlOftw.. 65' 

65 42^ W^^Se._ M -1 it 16 S3 52 64 V* ^ AasMriM M2 -3 087 17.5 0.5 153 ® ,58 GkasSMSdi^: _W-. : L- |rE ,v 

124 14 wStSSttiEl.Sp +1 +V dOBl 35 55 7.7 71 W Ass.R*«ies£_ _49 ...-*%»■ U 4 } 4 7 ^ 515 illaxn &»«—_. 


Tokyo ICasahara Building. 1-6-10 L'chikanda. 
Ohiyoda-kU Telex J 27104 Tel- 295 40SO 


551 7.7 71 19 Asa-Fisberies- 49 ±10 35 . i 4.7 6*8 515 OlaxnSIto . : . . 

4.« 9.4 2^2 Arana Group 5p. 58V -V lip, 5.0 281D.fi 62 40 GnomeRwlo HJp 

7.9W12) 78 72 Banta(jqdnwt| 75 -..-td3.66 33 73 fi.0 25 17 GohtamXH)^. 

oe < Jl Barker fiOlOpt.. 13 . -V ' — — — 34.8 §6 65 Gwmrradft.-... 

85 66 Bao-IAIli : B0 1h2J8 4.1 4J 9lO 72 50 Grampian Hdga. . 

,95 62 Barrow Selling- 62 IQ1331 17 215 45 125 84 Granada 'A'—— 

157 119 Bassett (Geoi J28 —.582 2-6 68 i65i 42 .17 GrimshalieSto- 

. 77 48 BaflessYoritMp 76 +1 d366 2.6 72 5.8 72 37 Gtereodsfer' 

76 »r BeJamlDp 59nf +1 162 4 4.2 4 ^ IB S;«KS«ilGn. %. 

.-.I -ix-Sd J82 . BlW>y(Jj£i_ 2S5 -1 16.70 6.7 19 4.9 39 19 Hanrajaagrl^Lj 




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W; Pet^iiriiLK. V& 2 .. . VC°t ♦ 19.3 _ 5« 148 Aka.\hnmBimU 164 I .... 99 U 9J 5A 52J* 43 RrookeBond ^ ■«“ -4i tlffl 3S &7 3.9 .61 51 

*!?» 8405 SB6V - -v • 4* AUen'EjBaUmirJ 55 |+2 4-40 17 ll-J f6J* £V 48 Ca*iurScli>_ 57V +V 309 l.«S 35 (ID 95 66 

ftl pjt rnnlHAf kjLei in Til a-? r. t r-i* ai xn—tr-.- I n *» T CM ti Sll A l LL. i I '^ n ihir. b r if 4T£1 "3W LH «b 1.1 


3&L--57 


451-3 ASCRIPTIONS 


oMamarile from neu<agen>-- and brinksmlls wnrldu-iric nr on recular subscription from 
.ciib.-cnpiiun 'repanmoui, Fmuju >al Tinu-s. r^jrdon 


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65 42 |rjlonPlA«i-r 65|t ..... 4 58 10 105 SJl}?2 79 Ms HU*. 93 j£ -2V 1536 31 SJH 4| 35' 24 ■ Ewlmdd.fiL)^ 24^ ~t 1L44. 3.1 12 55 , .45 

68 36 FunaFeeL.- 63 +5 0.6; * 15^ 115 92 Aaain.J3.te51 _ 105 . ..5.95 2J .&H8 J .78 63 f!B.C_ 66 -1 4.06 .6 95 i 117 85 

394 3» nujosit . 333 -2 1UC4 6.0 6,1 W7 142 . A-.-ays. , 177n! -3 t5.9 3.0 5.W10J 14 8k Fislrer*Ai5p_u- 3fl ; ....... ft& I* 9i 149 

27 Um Iturteac.i i-V \2Ai*t -V 0.17 ♦ SO ♦ |l53 107 Sahcocfci^ 150 1533 2i 5.4)73 74 57 Fitch Lovell 20pu 63 -i 4J1 15 97105 82 « 


;03 LM MKQAI ft* lffz fistrelrdl Itlp_ 24V 1JS 39 7.g 6.4 lfc Si 
58 1K10.5 155*10? 79 [Aurora HWs _ 91j£ -2:Jt556 3^8^42 35‘ •» - 


W \u+ ilu-^c 0-17 ♦ J SIM a 107 SahcocfciW 150 1533 29 5.« 73 74 57 Rich Lovell 20 jl . 

.[234 [156 HLiA.Wddj^.l 21$ [-4 ?l*3.SlJ ?.t[ ilj 6,61^ A\ BaUej^C.EL^. 6V ...... Oil 0j[ 5J|tKS| 26 20 |iaas*Gao>er5p_ ^ 


••a, w 1? ii i'ltt* S ISRra^f f . 5 ; ; 

£ :! l J u1 '-8 SRKg!!;# P 

'8 -5 ■» aUis 8-|-Mg?fv|:S=i 

L 2f r :.[—.. tL25 Z9J 7^ 6.6 ; 74 . 59 tkab & % __.[ 74 ... . ^ 

_ • -1 ‘ , ■ '• 
•-. ' --. .- • • ■• • - • :• •* 

. . ..* .... .:. • v .r 


0®7 > \ *-*y 


•■ u-. - s-vi<ar.-,t. 







"I 


^ \ '‘JL'P 




INDUSTRIAIS-CcBtiaaed INSdR^CE-ConHntied 


_w* 

Ht" Lav 



I jh« 1 * 1*1 S* Jrwl™lr,T -Tl 

flD.f l&firil-H-J t7 77 ! 911 4dtl9 A 219 111 


_., |+ * Dh YTd I ■ M 

Pr,te ‘ " »* Cvr Grt HE ni^Lv 


PROPEKTY— Continued INV. TRUSTS-Contutmed FINANCE; LAND— Continued 

.1 M | M .MBLia9mH n -l “ I^MwUKUL^I m l^r-IBUBS. 


595 Bnre!ltaCrSl_ 5135 

22 BronarTl 25 ...... 

6 Bndga^T-.- 7 


Ml \ SSS IM 80 iKafcori k» ,130 

1-6 9.0*03 « 25 • )iK«U«kJ8p._ 43 

,"T TlJrv 43 25 rt D? Tom bi Ito. 43 

9* c?§‘Jl 25 ** Kilrh’n-Taytorlfti 86 


Stir I irui 
SU IrnlCfsiP/E 

sfiiiat, 

t05 1-1 L 7(14.4 


Japan; leader rn 
international securities and 
investment banking 


04 129 66 Brram50p — 125 c2.53 

ii a SSa=: £ --i K 3 
H Jj H ft f? ! 'Sft^z n : ± tt “ 

W — ao A 1C rMiMndwIr^n D7 .1 n 1-r 


* — ^ T‘ S?{? i5 1‘tfln'i ” «■ Santa 'RP.§fc 49 II. I'J" ♦WT 

sf- 4 ri SC H Sf-S SSffi* W = «“ - I 7 r 

ra ~ S- -a tO-86 10 34453 20 14 NJlldnvs. I3jp 17 -1 L43 1612.6 73 


17 -1 L43 


■ . r JK iU • — — — — • 

-ts* i a 0 raw, S,9 nL ~ 102*2 ~l’i J3.9S 4.0 5.8 48 ' 

-*§? »7| bhnnallqrEl 460 ~z 13.83 3.6 4 5 89 n , 

.■* .;■■ g P 41- t2.93 27 30.7 4 4 W 

:*.• 34 tL9e 15 8.7 9.7 ,1?! 

' . 3 j 7 Kdseylcds. ..... 136 328 6 6 4.6 50 HS 

'I ;• J7 J3 kennedy SmJOp 3B 183 « bJ $ 11? 

SI** 9 ® Ofi’t +** 116.M 2.0 23 05,212 

• 10? 7 ? 73 «33 1.9 89 £8 

.i • 3 Si K {■*£ 5* -5 4.a 24 76 53 

' '-•« M 'S-fotf'iBTt- 37 -1 ta2.M 3.0 105 5.5 MJ 

7d If h FLC,nL11 ^— “* i2 3 I t 96 87 40 

" • ■ W 53 Lawn* 67 3.22 4 73 6 « 

,? ' , i;j§ L£adln*.5iB_ 15S»d +t 2 t7.® 33 7 2 £L3 1»5 

: •• « ^anallSttC^ £» 1415 4.« 43 6.9 ,?1 

;.g 3§ 41 .„... tlSS J- 4 67 50 ^ 

. » « l^iii FobdiUp <V^4 ...... 179 2feS 6.0 59 

,'i - 70 36 L ^>han.;_ 48 . .. 3.32 2.9 103 13.9i Jg 

'■• ' !> _. , Fw Leinh Inis. »■?& Chemcals ?? 

• “*• iif I«sureCar |0p. 115 ». 7.3.25 2 3( 4.215.0^3 

m Lepuoup iilp... 147 1 3.46 86 23 7.1 ^ 

'.f ^2 S S9*dj— 2 td2<>; 3.E 49 62 “ 

S. a %£ ?l — M7 - 1 SA S-0 H-5 .&9 “ 

24j! 15 Lid«j|to 19 jv| _ _ „ _ 7tij 

** ^JaytWmr.- ,66 | 3.05 3.7 69 4.9 

“9 ‘g SSSSTr- 132 I- 1 ,J< “I 7 - 3 


LEISURE 


275 172 Lend Lea*n5 


uajz sS a 5 as 

J 3 ^^ 7 u3 iS rS&t 

3-S ir> 1 aa SU kd" 


land flea 93 +1 - 3^55 

faft lOpJ 308 +2 2.Q3 


_ 76is 

3.7 6« 4.9 ^5 
21 9.6J &.0 J* 


J? 24 I«Ltftlm.&p_ 36 -J 3 2.03 2.6 &4 7.0 «** 

• U 34 LongHnshfr IQp. « p3.60 50 5.7 3.7 70 

‘.■76 52 UflglonTftnS.. 75 -1 d3.B6 31 77 48 17 

; 92 6a LoBStbJel'mnsi- 87 W70 23 6.1 5 7 33 Id, 

2?2 '!“ UneiaanBrSOp 190«C tYL05 75 BS 53 K |w 

-.76 54 M.l.Dsit]iJp.„ M -1 tZ17 3.4 5.1 57 

-.,2 18 SiacaiiKUkUJp.. 26 Z03 O.ffiUS.283, kx/vt 

T S a*- 111 ..... 4.40 4 4 5.9 41 MOj 

— ® 60 MaeteLmeilp- M t390 L5 6.5129 

19 10 MrGeciy 17nf ->2 tfl 25 — 22 — 

15 UfficU) 23 ;..... ’32 0.7 8.6 25.7 _ 


I- - -;' 92 63 

Ti •* h 



« -1 \H2 


m 77 lSp^p m ~irm h ufa™. 3 “ 

311 7mm, 80 35 Lon Sftopl*rBp„ 76 -2 t3.QS OJ 6QrI7?i ^ g 

IS la I? 138 1M LjSSPH&SfcMp 12S -1 25 25 3.0 19.8 ^2?. « 

*3 S-3 WO 105 itSK.. ZZ 141 .... tL73 19 IE 44.0 3 * 


123 90 li'an. £ Foreiai_ 113 365 

143 102 IrsprtdiNi-l 129 -1 46 


ffi H « m % r se 


The Nomura Securities Co., Ltd.' 

NOMURA EUROPE N.V. LONDON OFFICE: 
Barter Surgeon] Half. Monk well Square, London Wall. 
London EC'Ys BL Phone: (01) 606-3411.6263 


MINES— Continued 


- 137? 

A Hiqh Lw 


CENTRAL AFRICAN 

| Flock J Prir* | + -"1 ^i’ I 


(TH 

rSTlOr'j 


155 IFiInmRJi.50c [ 168 060c I 4 (2L7 

, 15 nthod'aCtfb Iff*. 17 0.57 7 11 50 


« 


OILS 


t 15 Rhcd'cCoST' 

) 52 Rnantons. Ki‘ 

I M WankieCcl RKI . 

<; 10 jZamCprSbDO-4- 


33rf +1 09c 6 163 
16 - - — 


40 ;r in 5 b w « riu a isaisos ut 

74 205 c , 42128 69 Bu>h 4 112 -1 rtZ91 27 3.9 OUT, f? « 

70 ! a? 1 Ji.SJ "^lOO 72 Sami* IPwpsT!: 92 -1 M21 0 6 1UII » 24 

TOnl-i;" »aL* *Vll - *7 ifcoLMefnpTaOp lOSat -1 1?7 4 2.5 4 A S 3» 


SS^rirrt tqI V IS ?■£ 134 Bnt Bomeg 10 d . 158 6.84 15 65 15.2 £4 

“ 2 KS H i? 325 926 720 Bni Peirol m£l 916 12243 3.0 3.7 114 Ul 

■■%:•** i l 8.5 »? 76^2 65 to ft £1 71i 2 . ... 5.6^ «14 117 _ S20 150 

Japan Mtp_ 190 -1‘: — — — 502 89 42 Bu.-naH£:. 75 -1 — _ _ _ >*» 148 

slnars 79 -1 372 lffl 7.0 213 £A2J. rv.fttijimw on^ — .hi ~ 27 9i ? 


AUSTRALIAN 

10 I ....... 


17Gni — i» 
VftA -1 
56 -1 

63 

153z 

30 J 2 

55 -1 


24 I'umatuslnr. — 30 

3»2 Dan»ilnc.'iSjp> 44 i 2 


MOTORS, AIRCRAFT TRADES % S BS: i S 

Motors and Cycles isi 11“ &ura&£z Us 1... tBi 



w ar waSST w rtZB 1 m'Kmw }% ,1®-,-!“ i w 3so ^ SEfiBoriaJL" 400 Zi; " - r _ 39 10 

288 170 SWJlflMfirlnv. .. 270 -2 4 38 0.6 24 KB2 213 172 toBnlraft'^a. -WsH +1 H35 1.0 oJ»Ji44 112 rtOydemrol£l 112 L02 86 24 10.7,7 lVj 

76 31U swrrPmptTtiei 57i s -V 2 Qlfee *, U* HI ^ -1 arr VI ! c I2S 94 83 riinaugF«roL_ 93 b4.65 3.Q 7.6 6 J »?. 2? 

77 56 TownCenffe — 73 ...... 0JB3 12 1.1 732 ^ ^ ffSkSS? 2 2 j no? H I 38 24 KCA. 3Wj 02 15.3 0.4 16.6 Wi % 

37 1U 2 Ttawn4(1|yl0p_ 13 . OOl - - — .3 = P 2i H I ? S I 134 L43I0 145 ,|g 12 

139 82 rfcutordParfc 130 .>...4.09 <t> 4.7 * ^ 1 55 rfiSiSSl^wta 1 f? § ™ }-J 51 27.6 nO? 1 * £97 USlP>!4MSn83 £9ffi« Q14% — ei4.4 - 178 117 

24lj 18 UK Property— 22l 2 -i* 0.33 * 22 4> 60 g -h 428 LO 10.1 14. B 415 284 L4SH0 -OpT Jfo_ 370 -5 — - - - « 30 

303 240 tftdRedlftop„ 299 +t 5.25 12 2.6 498 . 1^3 -2 — — — — 45 13 Barnet KeSislftL 43 __ 70 30 

158 119 WanerBscae— 155 .»... |Z70 18 2637.5 & Bgjg^ ^rr *^33 1.1 5 4 264 306 178 inlEtpL I0p 202 -2 214 5.0 L6 28.6 ^2 750 

MO. ._.. 7.06 L2 33 39.9 Mg ^ ^ if. Hie In H8I »* P^^ftSs-at .16. ...... « 



129 -2 tQBc 1.4 3.9 
122 ... . - - - 

475 -25 

298 -5 |Q10c 22 * 

23ij .. . 

63-4 — _ _ 

4S -A 

125 -2 13.55 2 0 4 2 

33-1 - - - 

2 02 a) -5 Q9c 17 23 

34 - - - 

6*2 — 14 — — — 

115 -4 Q8c U 4.4 

14 1 2 -I? - - - 

30-4 

135 -4 tdlp L5 61 

26-2 

68 +10 — — — 

925 -Si - _ — 

23 -1 - - - 

473 -8 Q15c * L9 

ISO 

142 -1 Q3c 0-7 $ 

60-5 - - - 


TINS 




•. ■ » -i T<e.ii 'jj. 

EL32 noo JTsantoapcC^ £123 -l Q5°i 19314.1 — 

11*2 ; Stoumaaito.- 7l 2 — * — * « 1 46 

338 106 Mcniai: CniaHe 328 t536 2.E 6-4 6 A 3 p, 

OjarraJIfAbe!. — 46 246 3 A 2.0 4.9 w‘ 

H ?? UokiIW^IOp- 34 207 2J 9J 63 jffi lS 

“ 12 MormiOn IS 034 2i 33 165 ^ S 

73 55 Hyson Gg lflp — 62 -1 ml 02 0 9 24 i7L7- jh « 

'-- ?? % ££«i«Sw. 72 525 1.5 10.9 7.9 /□. 

W 46 J^haui(U*£j„ 66 3J5 27 7 6 7.3 cm? 04 4 

,54 32 NM.CTbnsK lOp 38 135 - 5-5 - jnf §5 

£94^ £58 M.CR.4% 83199.. £92 ...... Q4-K 119 M3 - <5 ^ 

;*91 72 UcprttitZamtaa £8 3.63 U 6313S r« 4£ 

•331 tf Nakit orerlOp 13 t203 6.7 25 83 « ' 5; 

-25 Ui 2 teBEqmjiIfipt- 2l*a 0-99 2.7 M 83 £. 

llg 77 Nonro IC6J7 --1 4 49 28 63 7 Zap 

• 28 17 Nonic.ScrslOp. jfitj S23 — i _ 

‘JESS ^ Sn-Svift5p-.I- 2$ -l 2 tl.59 13 3.2 33J yi 


Craoponents 


SHOPPING 


r “ 

:S I 

ik in 
^ >6 
A II 

76 58 


-1 2 71.31 3.H 13.0 7a, « 

Ow Finance Ce~ £164»i +j£ 09% — Jf8.7 — in?, I at 

0ffire6B«t- 124 -fl 2 lil4 3.7^ 511 62 Ki* ^ 

OtrmSOp. HO -4 tb307 3.^ « « “* ,8/ 

Owirfooeiaijc- 21 Q6c 2^14.4 L8 

MhSSRC 1 § II" 362 li « 61 % [ 6 J 



g <52.68 2.EJ 7.7} 5.2 309 [2S2 Brit* Com. SOp. 298 

45 ...... hi 46 43 8.5 3.6 3)0 112 ComnHnBraiaip. 150 

+ \t 2^6 * 54 * 180 112 nshccll- IV 174 

109 -1 15.24 ^6 7.2 6 2 343 206 Fume* Withy £1 234 

76i 2 -J 2 hL38 E5 2 . 7 65 157 100 RuatinjGttflnll. Ill* 

61 -1 3.73 2.6