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441 



$ a£?ii£ 


Defector Gold at 
shot new Mg 

dead Gdts 

in Paris gam 

^ * A (U Xv3 0 GOLD closed at a recor 


talks begin in 


BY MICHAEL BLANDEN 


BY PHILIP BASSETT, LABOUR STAFF 


VAUXHALL MOTORS faces the to the trade unon side, said that 
WIDESPREAD and determined possibility of an all-out strike tbev would want to end the 
BY PETER RIDDELL. ECONOMICS CORRESPONDENT centra! bank support failed to by its 26.000 manual workers in negotiations at least as favour- 

stem the growing pressure on the two weeks' time after the com- ably as workers at Ford. Fora 
c ■ • U.S. dollar yesterday as the p a nv refused vesterdav to had offered S.5 per cent— Vaux- 

cipnior Ministers are split about whether the UK should join the proposed speculative turmoil on the increase its pay 'offer beyond hall had offered nothing Uke mat 
• GOLD closed at a record high European Monefarv Svstem a? Mr lamec Psillaphan eppke fl^snranep*: ahnnf ^ rci ® D exchange markets con- 5 per cent. figure. 

oc $228| in London, for a rise * KT“ *? - ' JSUn ? S ^UagDan seeRS assurances about t.nued. » said though that Govern- The company's offer includes 


figure. 

though that Govern- The company’s offer includes 


<u in joonnon. lor a rise *.u_ _ - "n , . , , - . n 11 saia toougn max L.overo- me company s oner mmuuca 

A Yugoslav defector was shot °f 335 and In New York the '^ a y Die SCneme Will Operate in tWO days Of talks m JDOIin Wltfi Ciiaiicellor The dollar tell to new lows ment pay policy considerations the establishment of a craft 


dead to Paris as he called on 
friends. 

Bruno Susie, aged 38, a 
• journalist who had been living 
in London, was known for his 
opposition to the Communist 
regime in Yugoslavia, according 
to police. 

He died instantly after being 
vhot in the face at the entrance 
of an apartment building. The 
filler fled. 

He is the third defector to die 
tp suspicious circumstances 
recently. In London the Bul- 
garian Georgi Markov, died 
after being injected with a 
micro-dot baLl of puison. and his 
countryman, Vladimir Siinendv, 
was found dead after apparently 
falling down stairs at his home. 

Pope’s policy 

Pope John Paul II implied lhat 
he will have a liberal policy on 
social issues and a more 
traditional approach to doctrinal 
matters. He will be formally 
installed on Sunday. Page 3 


> per fine ounce - 


London 
.Gold Price: 


Helmut Schmidt of West Germany against several leading curren- had not featured in its negotia- grade for skilled workers, con- 

.. , , . _ . . civs, including the West German tioos. Its pay offer was based solidation of a relativities pay- 

t\ - e -j'V 10 an{ * Mr. catc °t stable exchange rates, developed as Britain would wish. D-mark and the Japanese yen. on the company’s own trading ment. and pay increases ranging 

Denis Healey, thu Chancellor of Mrs, Shirley Williams, the Educn- Both Mr. Callaghan and Mr. and the pound again moved tern- position and performance from £2.60 to £3.S2 for day-shift 

“SMJ"- ? tan .i h ? ll nn Secretary, and Mr. Roy Healey are now understood to pnrarrly above the JS2 level dur- 4 , trike bv Vaurh'ili u-nrkers workers— giving rales for a 40- 

day with the view that the UK Mason, the Defence Secretary, be mainly concerned with the the days dealings. wimiS rfnriirfhp/Sn L hSS hour week of from E66.40 to £83 

should join the proposed system Mr. Roy Hatlersley, the Prices problem of ensuring that aoy Tt . . .. . would do further serious damage an(1 , £4 ^ tQ £ggg for 

provided that the terms are Secretary, is keeping his options new svstem will !>•? durable and Uncertainty in the exchange to the coun&ys motor industry, n ioht-shift workers raising their 
riaht. open so far. that sterling can meet the markets was reflected in a re- a ready 11 . the fourth week of a l eek bate rate from 

-ss i&srs ras: t ^ 3 33 ? s hwe ditaw4 

yp virr&e uar.MSi si? sy* ^uXsnsss » ps Issnsr ss ^ jkt&js, rs- sss 

in (he last few days that the Kenneth Bcrrlil, head of the t0 be durable. the revaluation ft the D-mark Gainst Co vermSnt? s inSemVnt? S 

Cabinet and its kev advisers arc Cabinet's “think tank." Both Adrian Dicks writes front wihin the European snake or k * d ph G ® v |T"“ ents s ppLment£ ’ 

split about the merits of the nten are understood to have Bonn: Chancellor Schmidt is Hominy arrangement and The strike threat ea m* « TUP 

scheme and the divisions do not reservations on particular points. st iU expressing confidence that or President Carter's success in » Md JL wore ntoetlne Miniatars Rapkomiinn 

merely cut across traditional pro These views have emerged the proposed Eon-wean Monetary getting his energy Bill through in the '^. continued search for a AJdLfiLjj,! ULE1IU 

« n d an ‘i Common Market lines, from informal Whitehall discus- System can go ahead on Congress. general understanding on pay Vauxhall made a new offer 

'■ • ■■ Thus Mr. Eric Varley, the sions. But Mr. Callaghan is schedule. The West German authorities policy for the coming winter. yesterday of a supplemental 

October Com ex settlement price Industry Secretary, and Mr. understood to have blocked an Herr Klaus Boelhng. the nffi- gave their greatest support to the Union negotiators made it clear payment of 1.5 per cent, subject 


MAV JUN JU1 AUG SEP OCT 


apparently the expected group of and avoid commitments of prin- realistic to expect that it could 
Mr. Peter Shore, the Environ- ciple for as long as possible, at be put into effect by the target 


me strongest opponents are want 10 Keep open ms options ot inis mourn. u was aiso suonorL baric rates Vauxhall so far has j- — ; rv • 

instaTipri im’sunlilu P* Jo™ 811 ? .. apparently the expected croup of and avoid commitments of prin- realistic to expect that it could . . offered basic rate increases of Erector. Mid the company had 

installed on Sunday. Page 3 q GILTS showed gains np to I Mr. Peter Shore, the Environ- ciple for as long as possible, at be put into effect by the target _ r s . s l * h . e G . c , l ? r ' between 4^2 and 4.8 per cent. negotiated against the b.ick- 
nauioe 1 Anavotion to longs and the Government Secretary. Mr. Anthony least until it is clear whether date of January 1. rency s valu as measured by the Q| iff Keech! chairman of f TOl i nd °I I s per, | 0r o 1 !c" C H rt r!ic 

Davies Operation Securities index closed ^(£25 un Wedgwood Benn. the Energy any major concessions can he ex- In a telephone conversation on j rade-wetgh red average dep reel a t he trade union" sid* of the joint n,!? d d ' and '! s eniployccs hopes 
' ' - ■ - - • SeaultIe * W* np Secretary, and Mr. John Silkin. tracted ^ from the rest of the Monday night Mr. Callaghan and ft" « Ic « la i* d by Morgan „eao>f a tine" omminec sa ^ 3 er and a * piratio f ns ' tcverament 

thp Agriculture Minister. EEC. Herr Schmidt agreed that discus guaranty at noon m New York "meeting that the comnanv P^PO 1 ^*’ references had not 

On the other side, support in The Bonn talks are seen in sion should be moved to the poli- ^.1,1°, 3 r ° f ha d becn kiven 14 days’ notice f ea,ure d in the dtscussionb a. any 


. r Securities index closed (L25 up 

John Davies, Shadow Foreign a t gD.04. • 

Secretary taken ill during the 

- Conservative Party Conference. A rrmimvc ° n th e other side, support in The Bonn talks are seen in sion should be moved to the poli- "L 1 *. “ a /fir 0 ™ „ .. , 

. has undergone a neuro-surgical ® staged a “Mat general for British participation London as being crucial to the tical level, and should not dwell 1 j ' 5> . per ccnl on “ ie ' 

^'-operation and has cancelled Eli technical recovery, ana helped has come from Mr. Harold Lever, overall outcome, especially as it on the technicalities that have Previous aaj. 

engagements until the new year, by good itews from Marks and the Chancellor of the Duchy of is conceded in Whitehall that the dominated die Finance Ministers' The revaluation 
- • . . Spencer the.' FT ordinary jndex Lancaster, and a long-time advo- negotiations have so far not talks in Luxembourg. Deutsche Mark has ri 


Thieves threat put. on T.9 to 498.5. ' ' • v I 

city Ce dw5l"ers ^ agam^ SriwS. ® "S®Cll I 

because inadequate forces had ?P a 5 a tost the dollar at $13960, B 

more demanding priorities. Sir after rising above the; $2 . to. the ^ 

Robert Mark, former Metro- afternoon. Jtfr trade weighed 

P<jli tan Police Commissioner, index fell to 62.1 (62.2). . 35ie j a 

said in London. . doliarVdW»reriation widen^tf io . AffH ri 

Lebanon demand l ^ uo •*. : ll> dill 

Arab : foreign ministers 'ended 9-: STRt^&i etosed *2? - . 

their emergency conference- un aowq at 666.34 in heavy tradJi^V sV g JY O€ JONQUIERES 

fo? the aiSborilv ofthSxebanKe • 11111 STOCK EXCHANGE has J • 

Gorernmem to^be^^n-e^Shened. «« to charige its trading | TTIERE NOW appears li 


Trade talks now unlikely 
to end this year 


SIB* l H per ccnl on ** of strike action. The trade union , th 

previous day. side would be recommending its He said the company b.d 

The revaluation of the unanimous decision to the work- pressed 1 0 get a meaningful 

Deutsche Mark has reduced some force at mass meetings later tills productivity plan in opera Hon 

of the strains on the European week “ because that was the nest way 

snake, where it is now in the Vauxhall again laid great stress *• cnu,d lake corc ° r th e aspira- 
middle of the permitted range of on 3 produ'clivitj deal. The u o rii > of its emriio.xees. and its 
fluctuations wilh the Scan- union negoiiaiorf are receptive o wn trading pusil ion. 
dinavian members at the lop and t Q the idea and. with manage- The compan> had still lo get 
the Benelux currencies at the ment. have prepared a scheme, the benefit of the 4.500 additional 
bottom. but are not prepared to discuss Half it had taken on during the 

The Deutsche Mark continued it until the company increases Continued on Back Page 


The Deutsche Mark continued « until the company mere 
to gain against the dollar, how r - ils pffe r "n Ihe basic rates. 


LUXE3?®LHG. OcL 17.' 

The .Ministers resisted pressure Carter to veto or disregard the 


ever, touching a new peak at 
DM 1.S290 before closing in 
London at DM 1.83S0. compared 
with DM 1.S530 on the previous 
day. 

The dollar fell to a new low 


Mr. Jack McGowan, secretary 


SU toolnien face call lo end 
strike Page 12 


Kodak strike rejected 


XFSES*!‘"JmS£ , 2n WM Ihe Japanep yen 

? thoueh the Office nf Fair Tradine nA.nHMi n n« iih 0n n«ir.r, take more drastic action lo force aDuroved last weekend excluding I 1 ? 1 - 1 ’ al ' »?L«i The 


rebuildin" of* the army An '4' though the Office of Fair Trading negotiations on liberalising take more drastic action to force approved last weekend excluding a * ^he 

reouuQin & 01 me army, page 4 ggy, ^ restrictive. . Back trade can be concluded by the Americans’ hand. The pos- textile tariffs from the fraji-: alsogamed although IN 

Nobel Chemist ' *** mid-Decemhv. as planned. The sibili* of breaking " off negotiations. t fa led to reach previous record 

iwuci unemisi final rounff - oF tough political negotiations unilaterally was dis- The Community has long com- 'ejgs. f . 


BY NICK GARNCTT . 

IN A significant development is coupled with a substantial pr^- 
yesterday, union negotiators duclivity deal. Kodak is offering 


Dr. Peter MitcheU, aged 68, of » UK Government is -seeking to | bargaining will almost certainly cussed but rejected. plained that Ihe high level of U.S. The P Q f u J? d e “ ded 


‘gobations unilaterally was dis- The Community has long com- e>nHo j fh . Hnv failed to nersuade Kodaks xnOO a produelivlly-linked S per ccnl 

issed but rejected. plained that Ihe high level of U.S. ™ P° r u ° d ended toe day with ra,iea 10 Persuaae Koqaks ».uw ^ TeHse m hisjt . ratc5 togethl . r 

Mr. Edmund Dell. Trade Sec- tariffs Inhibits Etoopean textile a SJinjOfiO points ,on toe dollar manual workers to take a rigid ^ ith a straj . ht pay rlSt . inside 

retarv. who flew to Luxembourg exports. It has told the U.S. that ^ -.1.9960 a.ter touching S2.003. line against the 5 per cent pay the nav ?*iiid»»iiTte 


Glynn Research Laboratories, establish formal contacts with have to be deferred until next Mr. Edmund Dell. Trade Sec- tanas J uuibits European textile. * , qg-V ' _ e S 

Bodmin, CornwaU. has been OPEC, the Energy Minister has year. retary. who Flew to Luxembourg exports. It has told the US .Chat 1 . 

.awarded the 3165,000 (£82.000) said. Britain is now the 13th Thk became de-r todiv when directly from talks with senior the present offer of a relatively 

Nobel prize -for chemistry. Hia largest oil producer In the world, Administration officials j n small reduction is inadequate. e\er. slipped m - to 6_.l. Mass meetings of the coni 

work hn« shown how enerw i« At the same time Ministers are f orei 0 u Minisiers issuea a Washia[rton described the EEC’s Mr. Dell was assured in Wash- 


. Nobel prize -for chemistry. His largest oil producer In the world. vTrrpw.», a n Administration officials j n small reauci ion is inadequate v c - 31 

. work has shown how energy is At the same time Ministers are firm warning thit thev were not Washington, described the EEC’s . *J r - De J' was assured in Wash- — — - — 

.transformed within living cells, concerned at; the relationship orenar( ,d S tQ ‘ cnmnlete 6 the P° siti on as one of “magisterial wgton that President Carter t In New 

The prize for physics is shared between the. Government and S ei £_. AEreemenr P nn Tariff? reasonableness' ” would not allow this issue to 

by a Russian and two Americans. BP. Back Page ° EEC officials, however, hold o^truct completion of the 


line against the 5 per cent pay the pay guide! me. 
limit The Transport and General 

Mass meetings of the coni- Workers Union, which lias been 
pany’s UK labour force convmc- spearheading the battle against 


by a Russian and two Americans. BP. - BackPage 
Page 2 


ingly rejected a. recommends non the 5 per rent guideline, is the 
from their top negotiating conn- largest union al Kodak. 


I guarantees ne “^f tion ^^2“I out little hope that President GATT taJks^ but he appeare to 


Namibia formula. 

The Namibia talks in Pretoria 


President 


0 NEB has sold its subsidiary carter rieht 'lo waive counter- barter wiu ne aoie 

Thwaites and Reed, the clock- r,n imnnrtc tLmfiH countervailing duty waiver on his coinmnmeoi rrom me ao mini- 
ma kere which bullt and maintains 1 “ IV 9™ authority. They expect that stration to_vei 0 _ the amendment. 


Carter will be able to extend the have received less than a binding 
countervailing duty waiver on his commitment from the Admini- 


cil for an all-out strike from this 
morning. 


Mr. Peter Liddall. secretary 
of the unions' negotiating iimi- 


The .Namibia talks in PrelnrU bK imr£ jurt over £7R0M. be f| newe ? and t th f the ^ he wiU have to swk .. forma I re- The amendment was backed by 
are likely to continue for a third Boaril has lost £450 000 on *» a -°iL ^ ee ^*u t0 « e i X Sl u ^ e Qcwai from the new Congress powerful political interests in. 

unscheduled . day today ns textile-tanffS-from the final trade when it convenes in mid-January, the Congress 

- Western foreign ministers and jiay, 1977. ‘page 30. package. Such u request, if approved. The outlook for a renewal of 

South Africa seek a compromise The NEB plans a radical Their move follows the rejec- could still allow a successful' con- the countervailing duty waiver 
to salvage a United Nations plan reorgani ^ Uon ^ the UK tele- 1 tion by the U.S. House of Reprc* elusion of the negotiations, but is considered somewhat morel 

fr.r elections in the territory. comQ]U ni cations industry' with ^entatives on Sunday of a Bill to take effect the trade talks hopeful. It is pointed out that 

Back Page the jj e jp 0 f s tate funds, and has to which ■" ah amendment had package would have to be the Administration’s request was 

. - been holding talks with the three been added extending the Presi- ratified by Congress before the passed separately by both 

cstonenouse Tears 'main companies involved. Back dent’s powers to waive counter- end of next year, when the Houses of Congress, although the 

■fohn qtnrrphniicp The tailed and Page 18 vailing duties. His present Administration's negotiating two pieces of legislation were 

J L..I' ' authority for this expires on mandate is due to expire. not brought together before 

-fe™ deio nSofSrt !'• "iSil’ Jimoiry 2 - Tt e EEC a) S o wants President Congress adjourne d on Sunday. 

-But his family fears an industrial Jjotor? of Japan to take 200.000 
dispute at Hammersmith Hospital fo _ ov-iinder eneines a vear 

~ — M&S half-year profits up 40% 

sS,S.s&.lS|Ssl; S Hs * *********** 

■RottPritaKL 6 fr ° m cost* tbe^lectricity Industry pen- MARKS AND SPENCER is cash- the finance director, said yesler- The new credit scheme intro- 

Falmouth and Rotterdam. cost mg j„ heavily on the boom in day. “We find they sell not only duced a few months ano has 

Towers verdict • ■ Page li - consumer spending. Yesterday '** the West End to tourists but been a great success. Mr. Samuel 

towersveruiui announced a 40 ner cent a |s « in nur otn er major stores, confirmed >esierday that it 

The jury at the second inquest nflMD aH|« inereasn in interim nrnfi is f nr ^ t‘° mra st w ‘to the eqm- would he available at another 

on former boxing coach Liddle CuMPSnlES , ... • ^ _„ d c eD . valent results last year Is parti- eight stores at the beginning of 

Towers returned a ’’misadven- • FURNESS WlTH\ r pre-tax tember declared an interim divi- cu,arl - v n ,arkcd because at that next year. The scheme would 
lure ” verdict overturning the surplus for Ibe first half or 197S dendlu'b S3 per cent and saw its * lr P e * v °hime was being main- have been cxiended sooner, but 
'"justifiable homicide " verdict fell from £13JJ7m lo £5.70m. share" orice rise 5o on the day to l ®ined at the expense of tiic the existing nutlets were swamp- 
hrought in t\ » years ago and 29 and Lex 87n profit margin. Now that policy jng finance company's 

*et asid, earlier this year by ,j , _ . , has been completely reversed, administrative capacity. 

the High Court. 0 BROOKE BOND LIEBIG pro- . Marks and -Spencer has done Prices on individual items have _ . . 

, • . ^ 3X profits for the year to June particularly well out of no t been markedly increased, but The only poor results yester- 

: Dli4a«lv ' 30 fell from £49 33m to £44.72m increased spending on clothing the average price of products day were th"sc involving over- 

jsneiiy ■■■ on sales of £7565m against as personal incomes have risen bought has gone up through the seas markets. Losses were still 

British Caledonian starts a weekly £769. 15m. reflecting UK sales in real terms. Tbe company has introduction of the new up- being made in Europe and 
scheduled service between Gat- reductions. Page 28 and Lex taken advantage of this to intro- market ranges. Canada although Mr. Samuel 

wick and Benghazi ob November duee more expensive ranges such smaller food side, mean- was confident that problems 

i. Page J1 0 COURTAULDS is allowing Its as men’s eoats. suits, and leather W hi| e . has retained its ability tn there would be overcome in due 

Extensive damage was caused by fll.Bin bid for J. Compton Sons and suede jackets. shrug off the supermarket price course. 


Spnt | .-'1.0*0-9905 ■ Sl.9-W.9Ml> 
I m«nth IP.^-W .tin ! 0.EAj;..flP >|. 
5 month- LHi lW ill-' j l.70-l.40-ii- 
l»fin-wirS* i B.S04>.iu >1K ^ fl.VS.TO ii. 


The decision will encou race mittee. said j meeting of senior 
many companies to believe that shop steward* would now he 
they can settle with their work- reconvened to consider the post- 
force at 5 per cent providing il tion. 








BY JAMES BARTHOLOMEW 


Towers verdict W » \- 

The jury at the second inquest pAupiiiice 
on former boxing coach Liddle OumrAiflM 
Towers returned a ’’ misadven- + FURNESS W 
ture ’’ verdict, overturning the surp jus for ibe fii 
" justifiable homicid'; " verdict f e jj f rom £13^7 
hrought in ti » years ago and Page 29 and Lex 
flet asid^ earlier this year by 
the High Court. 0 BROOKE BON! 



r 

I/AV' 


an oil tank fire at the Raleigh and Webb to lapse, following a “We have many more items in war. Sales in the UK were up 
cycle works, Nottingham. rival £13.1m bid by the Vantona t j, e £5oto £S0 range than we did by the same amount as clothing 


cycle works, Nottingham. rival £13.1m bid by the Vantona 

. Renovated MG X JSL which set group. Page 30 
. up four world speed records in ' 

the -19505, crashed -during, a trial 0 CHASE MANHATTAN DANK 
at RAT Abingdon. . maintained its profits recovery 

.Chief engineer, of Norwegian oil' with third quarter profits up 6- 
supply ship was found slabbed in P«r cent to ?50J5m over the same 
■ bis cabin at Great Yarmouth. period last year. Page 34 


a year ago.” Mr. John Samuel. — 22 per cent. 


Details Page 28 
Lex Back Page 



CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHARGES YESTERDAY 

{Prices in pence unless otherwise Man.- Agency & Music 8Si 
indicated) Marks & Spencer -. .... 87 


_ RISES 

j j. Bxcbeq, 32% ’994)2. ,.£944 + i 
Etectronicg 130 + 8 
'^SHrinmgham Mint « ... 136 + 6 

/^Bdots. -262 + a 

r^rit-Horae; stores ... 210 + 6 

I ^SrOok St; Bureau .... -88 + S 

i£®*rton V. -173 + 6 

I ^entievnuflaT Ests. ... TH +^4 

|-^9awsoD-It)tL ...: 210 + 8 

rJ^eaSte iKid^Chem. ... 73+ 4 
'iStjtamnoa -Bros. . - 160 + 10 


j'^entrevindaT Ests. ... HI •+* f 

^spswson-IntL ...: 210 + S 

J^&aSte wd^Chem. ... 73+ 4 - 

■iSCtamnoa Bros. . 160 + 10 

-^£ourtauJdS‘ ; 121 + 1 

":^res Ests. 20 + 2J. 

-.2JSM1. 160 + u 

Snglish Prop. 405 + 2J 

! :Erith ; 104 + 7 

'Farm Feed 73 + 4 

Furness Withy 241' + 7 

, :;GUS “A" 314 +;6. . 


Man. Agency & Music 8S* + 55 

Marks & Spencer .... 87 + S 

Metal Box 352 + 6 

Moss Bros; 127 + 9 

Racal Electronic 332 + 7 

Regalian Prop. 24j + 61 

Spirax-Sarco 166 + 4 

Utd. Carriers 99 + 4 


99 + 4 

Utlraraar - 232 + 7 

Elandsrand 222 + 13 

Geeror . L... 165 + 10 

G opens Coni 340 + 15 

RTZ 259 + 6 

Southern Kinta. 230 + 10 

Western Hldgs £19j + i 

FALLS 

Edinburgh 7nd 8 - 11 

Jamaica Sugar 13 — 4 

Ricardo 330 IS 

Steel Bros, 200 - 15 

CRA 290 -8 

MIM 197 “ 5 


European news ...» ...2-3 

American, news ...6 

Overseas- news 4 

World trade news 7 

Homenews— general 8, 10, 11 
' . —labour 12 


System X: the need to 
shake 'phone makers 18 

The- -stale of the world's 

- nuclear industries 27 

Gardens today; a touch of 
autumn blues 16 


Technical page 14 

Management page 15 

Arts page 17 

Leader page 18 

UK Comnanies 28-31 

Mining 31 


FEATURES 

Airline mergers: new paths 
to growth - 33. 

Taiwan - China relations: 
softening of attitudes ... 4 

Canadian by-elections: blow 
to Trudeau's party 6 


Inti. Companies 34-36 

Euromarket 34-35 

Money and Exchanges 33 

World Markets i 38 

Farming, raw materials ... 38 

UK stock market 40 


Iraqi embargo dampens 
British orders ............ 7 

FT SURVEY 

Japanese international 
companies 19-26 


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FT-A(Hrtf«i Indices 

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Letters — 


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Lex 1 

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Unit Trusts 

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Weather 

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Scmor Eosfaeenng 

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Wood & S«i (Has.) 

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ANNUAL STATEMENTS 

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-Financial Tfifies Wednesday October 18 1978 



BL rift with 
Benelux 
sales chief 

By Charles Batchelor 

AMSTERDAM, Oct. 17. 
BL (formerly British Leyland) 
has suspended the managing 
director of its sales operallons 
in Holland, Belgian) and 
Luxembourg, because of ** a 
deep-seated difference of 
opinion on policy matters." 
Mr. Jan de KJeermaeker. aged 
41, has been managing director 
or Leyland Nederland, since 
1972. 

A decision will be taken on 
his future at a meeting of 
Leyland Nederland's Board of 
directors, consisting of BL 
executives, within a few weeks, 
the company said. Leyland 
Nederland Is fully-owned by 
BL International Holdings. Mr. 
Peter Morgan, aged 43, BL's 
managing director in Italy, 
will take over for tbe time 
• being. 

The disagreement between 
. Mr. de Kleermaeker and BL 
concerns future policy develop- 
ments and not past policy, the 
company said. 

Mr. de Kleermaeker has been 
with Leyland Nederland since 
the company was set up in 
May, 1970. Starting as financial 
director, he he came managing 
director in April, 1972 and was 
-appointed managing director 
for Belgium and Luxembourg 
In 1975. 

British Lcyland’s share of 
the Dutch car market has 
declined in the past year or so 
. but this has been due to a 
switch to more expensive 
models, such n* the Rover and 
Jaguar, rather than to a decline 
in overall demand. 

BL sold 12,607 cars in the 
first half of this year compared 
with 15,262 in the same period 
of 1977. Its share of the Dutch 
market Tell to 3.7 per cent from 
4.1 per cent ft expects to sell 
24,000 cars this year compared 
with 22,647 in 1977. 

Leyland Nederland is pleased 
with the development or sales 
but wonid like to see a more 
equal distribution over the 
company's range. Dealers con- 
centrate on selling the more 
expensive models because their 
profit margin is greater. 


riton wins Nobel 



BY WILLIAM DULLFORCE 

DR- PETER MITCHELL. 5S. 
Director of Research at the 
Glynn Research Laboratories. 
Bodmin, Cornwall, has won this 
year's Nobel Prize for Chemistry. 
A Russian and two Americans 
share the Physics Prize. Each 
Is worth SKi725,000 (£84.000). 

The Royal Swedish Academy 
of Sciences awarded Dr. Mitchell 
the Chemistry Prize for “his 
contribution to the understand- 
ing of biological energy transfer 
through the formation of the 
Cbcmiosmotic Theory.” 

This theory explains the 
mechanisms by which energy is 
transformed within living cells. 
It was received with scepticism 
when first launched by Dr. 
Mitchell in 1961 but over the 
past 15 years work in both his 
own and other laboratories has 
shown that it was basically 
correct. It is now accepted as a 
fundamental principle in bio- 
ener??tics. the study of the 
chemical processes responsible 


for the ener^v supply in living 
cells. 

The theory concerns the 
synthesis or adenosine iripba.s- 
pbate <ATP>, a compound in 
which energy is conserved dur- 
ing photosynthesis In plants and 
respiration. The processes by 
which ATP is formed were 
generally known by the 
beginning of the 1960s but the 
mechanism by which ATP 
synthesis was linked with the 
transfer of electrons remained a 
mystery. 

Dr. Mitchell suggested that It 
was based on ao indirect inter- 
action between oxidising and 
pfaosphorylating enzymes. His 
concept of biological power 
transmission, or “ pro ti city " as 
he has recently begun to call it, 
has since been shown to apply 
to other cellular processes 
requiring energy, such as the up- 
take of nutrients by bacterial 
cells, heat production and the 
movement of bacteria. 


Half the physics prize goes to 
Professor Pjotr Leontcvitj 
Kapitsa. S4. of the USSR 
Academy of Sciences, for his in- 
ventions and discoveries in low- 
temperature physics. The other 
half Is shared by Dr. Amo A. 
Penzias, 45. and Dr. Robert W. 
Wilson. 42, both radio astro- 
nomers of the Bell Telephone 
Laboratories, New Jersey, for 
their discovery of cosmic micro- 
wave background radiation. 

Low-temperature physics deals 
with the properties of materials 
at temperatures just above the 
Absolute Zero point of minus 
273 degrees Celsius. Professor 
Kapitsa opened a new epoch in 
this field in 1934, when he con- 
structed a device for producing 
liquid helium, which cooled the 
gas by periodic expansion. 

He has since played a leading 
role in low-temperature physics. 
Among other things he estab- 
lished the laboratory for the 
study of low-temperatures at 


Prize 


STOCKHOLM, Oct. 17. j 


Cambridge, UK 

Drs. Penzias and Wilson used 
a highly sensitive receiver, 
originally built at Beil Tele- 
phone Laboratories in the begin 
□ing of the 1960s for radio 
communication with satellites, to 
study the radiation emitted by 
single stars. galaxies and 
quasars. 

Their tests led to the surpris- 
ing conclusion that the universe 
Is filled uniformly with micro- 
wave radiation and revived the 
theory that the universe was 
created by a cosmic explosion or 
" big bang," of which the micro- 
wave background was the fossil 
radiation. 

During the past few years it 
has been found that this radia- 
tion is not quite uniform and 
that its intensity can be linked 
with the motion of the Earth 
and the Solar System relative 
to tbe radiation field. This 
opens up the possibility of 
u defining absolute motion in 
space." 


Gaddafy proposes Libyan 
aid effort for Malta 

BY OUR OWN CORRESPONDENT VALETTA, Oct 17. 
LIBYAN leader Cot. MuammarNATO pay the island an annual 
Gaddafy, has urged members of M£14m in rent for tbe use of 
tbe country's General People's air and ground military facili- 
Congress to sanction economic, ties. The 7,500 British troops and 
financial and investment aid For their families which until 
Maita. recently were based here spend 

in an address on Radio and another M£14m a year. 
Television, Col. Gaddafy ex- Col. Gaddafy said Libya should 
plained . Malta will lose an also offer jobs to Maltese losing 
annual M£14m (£19.2ml from employment as a result of the 
ihe closure of British military bases closure, 
bases next year, and since the in Parliament last night Mr. 
island has no alternative sources Mjntoff announced that Libya 
of income Libya should grant it had recently given the island 
assistance. Gaddafy added he g ve beUcopters and two gun- 
was prepared, if it were Felt boats lt had also up a 
necessary, to invite Maltese M£i^ m air company which wilt 
Premier pom Mint off or any operate executive jets, beh- 
other leading Maltese official in copters and an air ambulance, 
address the Congress meeting, bad joined Malta in creating 
wh|ch opens on Saturday, and at a joint fishing company. In 
which the first item on the addition, he said. Malta was 
agenda will be the Malta aid participating in a new company 
proposal. which will handle the repair 

Malta in effect will lose and maintenance of Libyan 
M£2Sm a year from Britain's vehicles and earth-moving 
military withdrawal. Britain and equipment 


Policemen arrested after 
rebellion over Basques 


SPANISH AUTHORITIES have 
arrested 25 policemen suspected 
of having taken parr in demon- 
strations and other incidents 
here following the murder of 
two colleagues by Basque 
separatists. Informed sources 
said today. 

The sources said the 25 are 
oow under military guard. At 
least 10 of them are expected to 
be expelled from the force, and 
more arrests are possible. 

The authorities cracked down 
hard on unrest in the Bilbao 
armed police force, which boiled 
over into virtual rebellion on 
Friday after gunmen of the 
Basque guerrilla organisation. 
ETA. machine-gunned to death 
two policemen. 

Several hundred armed police- 
men staged a sit-in demonstra- 
tion in their barracks outside Bil- 
bao on Friday evening- Tbe 
next day, senior police and local 


BILBAO, OcL 17. 

government officials who 
attended the funeral of the two 
men were abused by policemen, 
who pummelled the car of the 
anned police chief, Geu. Manuel 
Tim on de Lara. 

The sources said 13 of the 
arrested men, who included a 
junior lieutenant and two non- 
commissioned officers, were 
accused of provoking violent and 
public protests in their barracks. 
The remaining 12 are held for 
alleged abandonment of duty. 

The wekend's incidents in Bil- 
bao were the most serious in tbe 
traditionally Right-wing armed 
police since 200 riot policemen 
went on a looting rampage in the 
Basque town of Renteria last 
July. 

ETA killed five members of the 
security forces in the Basque 
country last week in a stepped-up 
campaign to provoke dissent 
within the police force. 

Reuter 



Surely, buying a computer is little like buying 
any other commercial nr industrial equipment. 
You define the task you want it to carry out. 
then purchase hardware capable of carrying out 
that task? 

Defining the task is one thing. Assessing the 
capabilities of the equipment to carry it out is 
another. After all, a production manager 
responsible for the purchase of a machine tool for 
his company, usually knows as much about 
machine tools as the vendor. This is not always 
the case when a company buys a computer — 
especially for the first time. They need the sort of 
experienced help they can obtain from our 
Professional Services Division. 

How exactly does your Professional Services 
Division help? 

Our analysts carry' out, in conjunction with the 
customer’s staff, feasibility studies, systems 
investigations, system design, programming, 
system implementation and so on. They do what 
is required to ensure that the customer gels the 
most effective hardware and software for the job. 

Aren’t there pleat}' of other consultancies offering 
this service? 

There are. But few are better qualified. The 
emphasis on the word qualified is deliberate. For 
example, it’s part of our policy to hire a specialist 
and teach him what he needs to know about 
computers, rather than hire a computer man and 
try to teach him a speciality. When a customer has 
an engineering problem that needs a computer 
solution, he’ll be talking to a Control Data 
engineering consultant who talks his language on 
his own terms. The same applies whether 
it’s accounting or scientific research. 

This policy leads to a better understanding 
of the customer's problem . . . and a 
better solution. 

Does that apply to all business, engineering and 
scientific problems? 

Yes. Everything from financial planning and other 
commercial activities, through to specialist skills 


in structural and civil engineering, electronic 
engineering and linear programming. 

Does this broad base of expertise help in any 
other way? 

Very often. We find that while helping an engineer 
solve a problem directly related to his prime 
function, we can help him with his budgeting, 
materials control — even complete project 
management. 

As your Professional Services Division is part of 
Control Data, aren’t its hardware decisions biased? 

We never provide an ‘unprofessional’ solution 
and are fully prepared to implement a system 
utilising a competitor’s products. 

What does Control Data get out of that? 

Our consultancy is often the ‘first service’ that a 
customer receives from Control Data. First 
impressions count. So we like to get it right. 

A soundly-based solution to a customer’s 
problem right now is the best recommendation for 
him to come back to us again for hardware or one 
of our other services. 

What about long-term support? 

Control Data is a major supplier of computer 
systems and operates one of the world’s largest 
data service companies. Its integrity and ability to 
provide long-term support for its products and 
services is well recognised. We are concerned 
about the continued successful performance of 
systems supplied and implemented by ourselves 
and welcome enquiries about 

intend to keep u that way. 

Far additional information on how Control Data 
Limited may help your business write for ibis 
36-page booklet. Control Data Limited, 

Z2a St. James Square. London. SW1. 


Jack Ward, Managing Director 
of Control Data, answers questions 
about the solutions 
provided by his company’s 
Professional Services Division. 



CONTRpL 

DATA 

More than a computer company 



Queen's Award for Export Achievement 
held by Magnetic Media Manufacturing Division 



Norway in 
fish protest 
to Russia 

Norway has protested,, to the 
Soviet Union about its inspection 
of three British trawlers fishing In 
the Barents Sea with Norwegian 
permits, a Foreign Ministry 
official told Reuters in Oslo. Soviet 
Inspections or the trawlers 
Corlolanus and Arctic Buccaneer 
on August 10 and tbe Sir Fred 
Parkes on August 27 dearly 
violated an agreement between 
the two countries signed In 
Moscow last year, he said. The 
incidents took place In the 
so-called grey zone, a disputed 
area resulting from the establish- 
ment of tbe 200 -mile economic 
zone by Norway and the Soviet 
Union. 

Swiss jobless rise 

Switzerland's total of unemployed 
reached S.090 at tbe end of last 
month, about 0.3 per cent of the 
labour force. This is a rise of 
3.2 per cent from the previous 
month and 4.4 per cent from 
September. 1977. It is the highest 
level since May this year, writes 
John Wicks in Zurich. 

Record reserves 

Foreign currency reserves of the 
Swiss National Bank reached a 
record level " of SwFr 25-2bn. 
(JES-Sbn) in the second week of 
October, writes John Wicks in 
Zurich. Switzerland's foreign cur- 
rency and gold reserves new total 
SwFr 37Abn (£12-3bn). 

Portugal and EEC 

Portugal's negotiations to join 
the European Common Market, a 
move that could eventually bring 
Portugal major economic benefits 
and steady its progress towards 
democracy, have opened officially, 
writes AP from Luxembourg. 
Portugal's entry .expected to be 
completed by about 1985, poses 
initial economic difficulties for 
both Portugal and the current 
Community members. 

Turkey devalues 

Turkey devalued the lira against 
eight European currencies by 
small amounts ranging from 
about 1 per cent to 3 per cent, AP 
reports from Ankara. Turkey has 
made a series of weekly adjust- 
ments in past months to maintain 
realistic foreign exchange rates. 

The lira's loss In value was 
heaviest against the Deutsche- 
mark, which increased in value 
to L13.25, from L12J3S. 


NATO planners 
to discuss 
nuclear projects 



BY GILES MERRITT 

THE SEVEN NATO Defence 
Ministers in the Alliance's 
Nuclear Planning Group (NPG) 
meet here tomorrow for two days 
of talks at which the European 
member nation’s future nuclear 
commitments will figure high on 
the agenda. 

Tbe degree to which NATO 
European allies develop nuclear 
capabilities by the* late 1980s 
that would replace those at 
present, contributed by the U.S. 
is scheduled for discussion at the 
meeting following the recent 
preparation by the Carter 
Administration of a list of 
military, options that might be 
considered. . { 

There are four broad alterna- 
tives proposed for discussion as 
ways in which NATO's. European 
nuclear strike capability could 
be developed. These range from 
deployment of the cruise missile 
to the' development of a longer 
range intermediate ballistic 
missile that would counter the 
USSR's SS2Q missile, and from 
the improvement -of the present 
Pershing missiles* range to tbe 


BRUSSELS. Opt. 17. 

increased use of submarine- 
borne missiles. 

The NPG talks, which take 
place at regular six-monthly 
intervals, are to be chaired by 
Dr. Joseph .Lons, the NATO Sec- 
retary-General. In addition to 
the Defence Ministers of the 
four permanent NPG countries — 
the UJS- Britain, West Germany 
and Italyr-the talks will be 
attended by those of Belgium. 
Turkey and Denmark, whicb are 
among the NATO countries 
whose membership of the seven- 
man group rotates every IS 
months. Also present will be tbe 
four senior NATO military chiefs, 
including General Haig, tbe 
Supreme Allied Commander, and 
Genera] Gunderson, chairman of 
the NATO military committee. 

The meeting is due to review 
the latest modernisation require- 
ments analysed by the “task 
force" of the NATO long term 
defence programme to maintain 
the nuclear balance ip Europe. 
But it is probably the extent to 
which European allies could 
increase their NATO role that 
will provide the theme of Ihe 
talks. 


Soviets arrest another 
unofficial trade unionist 


BY DAVID SATTER 

ANOTHER member of the group 
of unemployed workers who 
tried to organise the Soviet 
Union's only unofficial trade 
union has been arrested by the 
security police and was due to 
be transferred to a prison today. 

Mr. Vladimir Svirsky, a biolo- 
gist. was seized and his books, 
tape recordings and typescripts 
confiscated, according to Mr. 
Vsevolod Kuvakin, a witness to 
the arrest. The authorities said 
a case would be prepared against 
Mr. Svirsky, Mr. Kuvakin added. 

The independent trade union 
was founded in February by 43 
people who -lost their jobs after 


MOSCOW. OcL 17. 

voicing complaints about indus- 
trial abuses. The leader of the 
group, Mr. Vladimir Klebanov, 
a coalminer from Donetsk, had 
been sacked as a supervisor in 
a mine after complaining about 
inadequate safety precautions 
responsible for up to 15 deaths 
a year. 

In February, shortly after the 
trade union was formed, at least 
seven of the 43 founders were 
reported arrested. Mr. Klebanov 
was committed ' to a mental 
hospital and Is still fh custody. 
Mr. Valentin Poplavsky, another 
active member of the group, is 
a prisoner in a labour camp. 


Easier EEC loans urged 
for depressed regions 


BY RUPERT CORNWELL 


ROME. Oct. 17. 


A SUGGESTION that the Euro- lined the nee dfor what he called dent, ' Dr. Belllawwi, managing 
pean Investment Bank should an Italian, common project to aiif director of Vbitur . Finanriaria, 
make special . loans on. cot£es-;Tr„l ~Mezzogiamo, whereby publxd and Sig- Francesco Cosentlno, of 
sionary terms to developing sector companies worked in the C1GA hotel group, dwelt on 
areas -within the * Community, harness with private -and -foreign- the need for-a-chaztge of approach 
Including the depressed Mezzo- interests to tackle the problems to the region, 
giorno region of southern Italy, of unemployment and consequent In st e a d of setting up vast 
came today from a senior West political tension which bedevilled single plants (the so-called 
German official and adviser to the region. “cathedrals in the desert") 

Chancellor Helmut Schmidt But Sig. Sette said that the more should be done to en* 
Dr. Horst Sehulman, a policy near $10bn earmarked by state- courage small and medium indus- 
dt rector at the Bonn Chan- owned Italian companies for tries, agriculture, and tourism, 
cellery, made It clear that the investment in the South between whose appeal as a labor-intensive 
federal republic, which is bound 1878 and 1982 would only bear sector was repeatedly empha- 
to be the largest provider of fruit if the powerful trade unions steed. 

funds for the EEC's future did their best to ensure smooth Sig. Cosentlno said that the 
development, was ready to play industrial relations and pay cost per new job created by 
a full part io removing regional restraint. Mezzogionio tourist schemes, if 

imbalances Wage stability, he acknow- spm-off benefits were taken into 

He told the “ Outlook for hedged, was a delicate issue. But account, was only L40m 
Italy " conference organised in Sig- Sette was confident that the (£25,0001, a figure that public 
9 — - - — --r — V - — —■ 1 — J and private investment else- 

where could not match. 

M. Gilbert Trigano, president 
of the Club Mediterranee Holi- 
day group stressed the scope for 
new ventures in the south. But 
he appealed for greater incen- 
tives, including a lower rate of 
value-added tax, and selective 
concessions for off-peak transport 
rates. 

Another member of the foreign 
investment community, Mr. WU- 
liam Drake, of Penn wait Corp., 
said that the greatest single risk 
to the development of the area 
was continuing high inflation. 

If inflation in the Italian 


and the INSUD development 
agency for the Hezzogiorno that 
the Community had to step up 
the transfer of real resources 
from its stronger to its weaker 
members if the planned Euro- 
pean monetary system was to be 
a success. 

Italy was likely to seek long- 
term loans for this purpose, If 
only to make maximum use of 
the momentum generated by 
greater monetary stability for 
private investment, be said. 

'This is a task in which the 

ETB will have an important role . _ , .. . 

as lender of test resort . . If alternative of continued lugb un- 
loans by the bank are not auffi- employment in the area would economy is_not brought under 


FINANCIA 

TIMES 

l 

I The Outlool 
1 for Italy 

1 

CONFERENCE 


cientlv attractive then we Ieat * Hie unions to conclude that control, and soon, it could so 
•should seriously look at the cooperation was not only realistic seriously jeopardise our ability to 
Sblllty Tf concessionary but desirable as well. make a .profit that we would no 

Feans for specific regions SriS S1 *' GlnMo Andreotti, Italy's longer look favourably upon 
the interest rat? subsidy coverS Minister, wound up the Italy as a country in which to 

deference by - outlining the invest,” he said. 

by gran s from the eel budget improvement in the economy, ' Hie harshest words, however. 
Dr. Sehulman also returned to but warned agaonst false came from Sig. Claudio Signorlle, 
the attack over the common optimism. Net foreign invest- deputy secretary of the Italian 
agricultural policy, changes In ment in 1677 rose to L631bn Socialist Party, who saw. the 
which seem certain to be (£450m), from L77bn (£5Sm) failure of successive govem- 



monetary system. 

The burden of this argument on 
was that at oreseot the CAP con- 


administration 


public-sector 

the European monetary operated. 

cll „ n o _ - •„ ■ . t . system negotiations, Sig. “We are now in the absurd 

sumed over 70 per cent of the Andreotti said Italy would not situation of having a potentially 
t0 n budget, be strong enough to bargain for large flow of financial resources, 

the transfer of real resources but of being unable to help tackle 
fi!« e f2“ffi2L 2* unless it could deal with its unemployment .in tbe South 

£ e nf domestic problems. simply because there Is no policy 

wM4 made° O Kono m fc S!S “ - »*■ «>““ efflclenU,- 


{ Ti ltalian Communist Party, which Unless this defect v 

thffl moS mZfy now m v*>ns the present ad mini- right, . the Mezzogiomo 


was put 
would 



Sehulman .rejected any mca ox unions were committed to give state intervention in the economy 
giving «,nrf Parity t0 increased Investment should work, Sig. SignOrile said 

and priority in the south. that the big publie«£tor groups 

Si S- Napoiirano spoke realstio- must hot be political bargaining 
from joortbero and central alIy of the- need to. attract more counters -between the parties, or 

The consequences, he 
ould 
CAP'S 

’portion 'T & SB 5 SS B3&S ssva&ravutSiS 

Community cake . for regnal multinational companies. -.jMC'Sfepffi 
policies and a possibly disastrous gu. Cesare BomltL man aging- , - /T *”” 

impact on the whole process of director of Fiat Italy’s largest 
E ?, G ‘ntcfratDoru private concern, which for a long 

Dr. Sehulman s views were period attracted a huge flow of 


, ri foreign investment, which else, -their management would 
w Ir, generally ; tended to be more have more to do with bureau- 

b K profitable than its Italian counter- cracy than with normal business 

s J?« re o£ budget to part, to the south. . He gave a practice. 686 


taken up by Sig. Pietro Sette, southern labour to the north, 
chairman of the state-run oil pointed out that his group had tb 
3 roup- Erne Ntuaonale lira- bear ln mjadi in any investment 
carburi (ENI), w ho urged a p] an fo r th e south,- the existing 
Europe-wide approach to the excess capacity at Its plants .id 
central issue of raising the pros- Turin 

perity of the Community’s poorer gig." Romiti emphasised the 
regions. fundamental willingness of Fiat 

Slg. Senes answer was the. to invest ip the Mezzogiomo 
creation of a finance company pointing ant that the group bad 
for European economic develop- already spent LS.OOObn- (£l^bn> 
ment, grouping the major pub- „et 21 separate plants which pro- 
nely owned corporations of all vided 30,000 jobs. But he com- 
nine member countries. The plained at tbe inefficient way m 
new body could operate under which existing incentives to 
the aegis of the existing Euro- attract- industry operated. ■ 
pean regional funds. Many. speakers, including Prof. 

The ENI chairman also out* Gianni Zauflandr XNSUDV presi- 


THE LONG-TERM 
CREDIT BANK OF JAPAN, 
LTD. 

Negotiable Hea tin g Rate 
.US. Dollar Certificates of 
Deposit 

Maturity Date 20th October 
1980 

In accordance with the provi- 
sions of. the -Certificates of 
Deposit notice is hereby given 
that for the six-month interest 
period from 18th October 1978 
to 1 8th April, 1979 the Certifi- 
cates wifi carry an Interest Rate 

of tc ?,^ d e ^ i " e s * XTcenth s per 

cent (10pr%) per annum. 

. . .’ Agent Bink 

Manufacturers Hanover Limited 


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Financial Times Wednesday October 18 1978 



I I ROI’I AN NEWS 


Britain objects to 
£13,000 a year 


ithe new pope and the kremlin 


Major ideological challenge 


for its Euro-MPs ™ won * , MU1 

Pope is one of those unpredlcl- 
BY GUY DE JONQUIEfiES LUXEMBOURG, Oct. 17. HhMseTThe vie£ h of^luture 

A PROPOSAL, by leaden of the adjusted up, or down to take ■" 'he Communist 

political parties represented in account of differences between cl SL-J? * l< ! u F " !low, "S 
the European Parliament, which, the cost of living in different nd “at other dramatic 

would award future directly- EEC countries- The recoin- th R Pf r ? pec ^ e c j a ^ 1 1 by 
elected British Eura-MPs a basic mended salary would range from ® owo-Soviei rift and China s 
salary of £13,000 a year, has run £12,800 for Irish Euro-MPs to Iv.J 6 • Mpeh for closer relations 

into strong opposition from the more than £22.000 for the Danes. Japan and , \ he «™. ,l 
British Government. with British members earning n „ n f, up a whoIc serles of 

Mr. Frank Judd. Minister of £13,000. fut!?« 0 ~.. n,U ° n[y a . bo “ t [be 

State. Foreign Office, made it The party leaders made no ° f _ ev f n,s J. n the 

clear aFter an EEC Foreign recommendation on methods of JJ? ate? E fZ2 
Ministers meeting here today taxation or on tk level of develonment ft!? 

that the Government cannot allowances * of , the , Sovict * 

accept that British . Euro-MPs Mr Judd indicated today that " P ° WCr structure as a 
should he . paid significantly the Government would be pre- 

more than members of Che pared to consider a common . P r ovidns an ironical post- 
House of Commons, whose level of allowance being set for f, n P* 10 Stalin’s attitude towards 
salaries are at present £6.750 a Euro-MPs from all EEC coun- [■ buastjnn of Papal representa- 

year - tries, provided there were strict r ‘° p al ,H\ e „u Yal H l i p0 "' er cu . rv ‘ 

Salaries for direct ly-elecied controls to ensure that they ,:^f ncc , *“ Ich settled the main 
members of the European Parlia- were spent on* purposes for ,u ? r JD* p [’sl-war division of 
ment must be fixed at a level which they were intended. _ worl “: H<? . dismissed the 

innollv t- .V, -T-i .... lit; i Ciulrc SUhlecl With thf- Mrrfnnm 


BY ANTHONY ROBINSON, EAST EUROPE CORRESPONDENT 


around its periphery and in new 
continents tike Africa. 

And yet In what was once 
termed in cold war jargon ‘‘the 
battle for hearts and minds’" it 
is the Soviet Union with il> aged 


and where a form n { “historic 
compromise" has been evolved 
whereby, the Communist Party 
and Government effectively 
administer public affairs but the 
Church itself is the most vital 


Tfie Polish authorities have 
struck a note or cautious 
optimism In greeting the news 
or the election of the new 
Pope. writes Christopher 
P.obioski in Craeow. Mr. 
Kazlmierz Kakol, the Minister 
for Religious Affairs, said 
yesterday that Poland's ruling 
Communists expect relations 
between Church and Slate lo 
improve following the election. 
Tbe party and Government 
leadership have also .sent 


socially appropriate to tb<? coun- The report by the political SE2L" lh 3?5J w,th *be sardonic 
try which they represented and leaders was submitted to the many divisions 

should be taxed at the rale pre- EEC Council of Ministers. ! V?.A op f ? 

v ailing in that country, he said, apparently in response to a ii .°‘ * century later the 

The political bureau of the request for salary reconunenda- Union has even more and 

present Parliament. whose tions from the Parliament before vfS e^PPed divi- 

raembers are seconded from the first direct elections are held aeMJvVn a ’ JI S 5 

national legislatures, recently Mr. Judd indicated that tbe ** plcved strategic partly' with the 

proposed a system under which Government does not consider anrt '' p ,? wer f u fl navy 

Euro-MPs" salaries would be cal- proposals submitted only by the extended Its influence 

culated on the basis of do per part}- leaders to be adequate, and 

cent of the salary paid to an that it expects the whole Euro- TT 1 nr*k *■ 

EEC Corannissioner. pean Parliament - to discuss the | AHtl MOllI 

This amount would then be issue. O WB la 1 B dj( U I 


and rigid leadership and 
ideological stagnation which is 
on the defensive. Tbe election 
of a Polish Pope on the other 
hand has underlined the 
resilience of Catholicism as the 
alternative repositary of a 
universal doctrine based on 
Christian rather than Marxist 
values and national traditions. 

This is most obvious in Poland 
itself where all attempts in 
suppress the Church have failed 


telegrams or con grain lotions 
lo the new Pope. This -suggests 
that ibe Polish authorities are 
hoping to start relations on a 
conciliatory note towards a 
churchman who was noted in 
Poland when he was Arch- 
bishop Of Cracow for his out- 
spoken- defence of human 
rights and the rights of (he 
Church In general. News of 
the election of a Pole as Pope 
was greeted by the population 
here with enthusiasm. 

repnsilory of national culture. 

To a lesser degree a similar 
situation exists in neighbouring 
Hungary, another traditionally 
Catholic country. This was 
underlined earlier this year 
when Mr. Cyrus Vance, the U.S. 
Secretary of Slate, came to Buda- 
pest to hand back officially the 
thousand year old crown of St. 
Stephen. Tbe ceremony took 
place . in the Hungarian ’Parlia- 
ment, which was ringed by 


police, and kept very much as an 
official occasion. 

Next day however Cardinal 
Laszln Lekai celebrated the 
return of the crown with a 
celebratory mass and Te Deum 
in a packed Budapest Cathedral. 
Similar masses took place 
throughout ibe country. In 
Hungary, as in Poland, the 
Catholic Church has arrived at a 
modus vtvendi with the state 
following a period of outright 
opposition which characterised 
Cardinal Mindszcnly’s terra of 
office. 

Tbe Polish Church however 
under Cardinal Sleran Wyszynski 
has been consistently more forth- 
right in demanding the right and 
fad lines to propagate the faith, 
build more churches and play its 
traditional social and cultural 
role. The whole lhrust of Vatican 
policy towards Eastern Europe 
under the skilled diplomacy of 
Msgr Agostino Casiroli has been 
that of “making certain political 
concessions for pastoral gains.” 
In effect this has allowed the 
Church to strengthen its own 
position within society while at 
the same time allowing it to 
act as n force for social stability 
which the Polish government in 
particular has been grateful for. 



The Catholic Church in 
Czechoslovakia is strongest in 
the Slovak part of the country. 
But Czechoslovakia with its 

industrial and social democratic 
traditions is much more of a lay 
society than either Hungary or 
Poland. This is one of the 
underlying reasons why the 
strong desire for a less rigid 
regime expressed itself directly 
in a political form in the period 
leading up to and including the 
Prague Spring of IDtiS. 

Tbe Prague Spring was basic- 
ally the last attempt to reform 
the system from within by Com- 
munists them selves. It was not 
allowed to succeed. Since tben 
change has been limited essen- 
tially to piecemeal and prag- 
matic tinkering with the system 
in Eastern Europe, and virtually 


total immobility in the Soviet 
Union itself. 

The results can be partly seen 
in the declining economic per- 
formance of the Soviet Union, 
due in largo pari, also to :hc 
distortions caused by massive 
military spending, and the dra-nic 
decline in ihe $ti\io-t Union’s 
ideological and political attrac- 
tiveness as cither model nr leader 
of the international Marxist 
movement. 

At some slage in ihc not Ion 
distant fulun the Soviet Polit- 
buro will itself have to go into 
its own form nf enclave and 
choose a new leader. As they 
ponder the lalest events in Rome, 
and look around the present 
members of the Fnlithuro. their 
ages, health and ahilnies. they 
might well he hoping for a little 
divine guidance themselves. 


John Paul H— liberal on social issues, but traditional on theology 


BY JIMMY BURNS 


LISBON, Oct. 17. 


POPE JOHN PAUL D — the 

ttw . 1 ! . n- « v fifst non-Italian pope In four 

Portugal planning failure sj a SL r T u "ssEy 

^ policy statement implying that 

‘deters foreign investors’ sffi- «S £ Z 

BY JIMMY BURNS LISBON, Oct 17. Rene rally traditionalist ap- 

proach on theological and 

THE LACK of a medium term to leave intentions behind and doctrinal issues. Paul Betts 
industrial policy, coupled with a step into reality.” . reports from Rome, 

development plan is dissuading Dr. Vaz Pinto stressed that a Specifically, and with 
foreign investors from taking a number of major investments assigned prominence, he called 
more active role in the Porte- were presently being evalued by for a re-affirmation* of the 

guese economy, according to Dr. tbe Institute, but that a number policy emerging from the 

Alexandre Vas Pinto, director of of them were dependent on a Second Vatican Council. In 
the Foreign Investment Institute, more favourable political climat particular, he suggested no 
Speaking at an international climate. Investments currently alteration in the Increasingly 

bankers" seminar on the Portn- «“*»" n fSS£2¥ t S°« PK2K 1 ” n, ™ versla ! 1I1 . t|Ue,tlon ® f 

guese economv organised by the J R£ Bhn (£ ? 9 i ra) *5 “Sit Priestly celihacy or the 

Banco Portuguese do Atlarilico. S d Uhn*tTth! r 

Portugal's leading commercial ^ j 1 ? “ , 7"r bn '- t0 “ e \\T 

bank. Dr. Vas Pinto said last Sti value or investments » * • VlvilSlSIl 

niebt that because of the lack of ...T?.*, 1 ® 1 ? 1 


church’s traditional view on 
divorce and related family 
issues. 

Alluding to the tradition- 
alist doctrinal policies of ihe 
“ rebel " French prelate, Areh- 
bishop Marcel Lefebvre, Pope 
John Paul said: “ Fidelity . . . 
excludes arbitrary and uncon- 
trolled innovation or the resist- 
ance to that -which has been 
legitimately prescribed and 
Jnirodnced in (he sacred rites.” 

In a reference to eburetp 
state relations throughout the 
Roman Catholic world — an 
issue on whieh the new pope 
must be particularly sensitive 
given- the delicate relations 
between government and 


church in his own native 
Poland— the new pope insisted 
that the institutional church as 
such had no direct role in poli- 
tical life. 

However, in a remark which 
is interpreted a* applying par- 
ticularly to the Communist 
world and Latin America, he 
emphasised the need to ensure 
fundamental human rights and 
freedoms Tor all citizens, thus 
appearing to endorse the 
u politically activist ” involve- 
ment of many Roman Catholic 
missionaries. 

Overall and while explain- 
ing In his statement that he 
was not making any definitive 
declarations, the new pope was 
seen to reflect ihe fundamental 


philosophies of the papacy of 
Pope Paul VI in the areas of 
doctrinal, social and polilical- 
diploroatic affairs. 

He also laid considerable 
stress on the need to advance 
the spirit of ecumenism with 
Ihe other ehurcbes. “ We 
intend.” he said, “ to proceed 
along the way already begun, 
by favouring those steps which 
serve to remove obstacles. 
Hopefully, then, thanks io a 
common effort, we might arrive 
finally at full communion.” 

Despite the uniqueness of 
his election as the 'first ever 
pope from a Communist 
country, the general trend of 
Pope John Paul ll’s initial 


statement and the preliminary 
analysis or Vatican observers 
suggests that there are un- 
likely to be early and dramatic 
overtures between the Vatican 
and the Communist world. The 
new papacy is likely to endorse 
and reaffirm the gradual “open- 
ing to the East.” a dialogue 
between the church and the 
East European Communist 
countries launched un- 
speeiacnlarly some three years 
ago. 

However, it is noted here in 
particular, lhat Sig. Glanrarlo 
Pajetta on behalf of the Italian 
Communist Party had publicly 
welcomed Pope John Paul’s 
accession saying he hoped it 


would stimulate the dialogue 
between the church anil the 
Communists. 

The consensus in Ihe olher 
lay Halian parties was that the 
election of Pope John Paul 
was likely (o weaken tbe tradi- 
tionally strong, if recently 
informal links between the 
Vatican and the long ruling 
Christian Prmocral Party. 

On the other ’hand. Pope 
John Paul ll’s essential lack 
of knowledge nf and intimacy 
with the workings of Lhn 
central government of a church 
with an estimated 70(1 million 
adherents around the world >5 
thought likely to reaffirm tfie 1 
influence and authority of the 
Roman Curia. 


uiKiii iii4i uctduae "1 iuc idi.it ui __ t w: c ..... W . 1C 

S 2 - p : a vsys v£ 


W. German 

electrics 

decline 


!Xir "» «"|JI ST mecbaniralanS elfictecal C II 

H?’ D ° me industries, 16.fi per cent, hi the j _ 

instances, to Bntam. chemical industry and- HE per (TlOPllflP 

Portugal s medium terra econo- cent m tourism ULLllliv 

mic policy due to be presented Dr. Taz Pinto noted. two recent _ _ ,, . . 

to parliament this month, was developments which he thought by Gu y Hawt,n 

shelved following the collapse bad contributed in a '.positive FRANKFURT Oct. 17. 

of the So ci alist /Conservative way j 0 foreign investment in - i 

government alliance in July and Portugal: the application of a WEST GERMANY’S electrical 
the ensuing government crisis/ coherent short-term economic ntachraery. manufacturers a« 
...Dr. Vaz Pinto who, as director policy as a. result of tbe agree- not expecting a sustained upturn 
of the Foreign Investment Insti- ment with the International in business this year. -A 1 though 
tute is in charge of screening all Monetary Fund in Junejand tbe Production of rotating machinery 


BY ME TIN MUNIR 


ANKARA, OcL 17. 


. " direct current and generating 

' ' ; T — 4 = ^ • equipment makers has declined. 

__ _ ' S. ’ ^ According to Herr Erich 

Fresh Turkey-U.S. talks 

v Central Association of the 

BY MET1N MUNIR ANKARA, OcL 17. Electro-Technical Industry 

(ZVEH, output of rotating mach- 

TURKEY and the U.S. will open Prof. Okcun added that Turkey inery in the opening six months 
negotiations next month to re- plans for what he called of 1978 rose by a nominal 11 iper 

mould their relations which *> Int defence production cent to DM 2.4bn (SL3bn) 
mould their relations which schemes » and wou j d geek Ameri- against tbe production perform 

entered a positive era following can oapit.il /know-how and parti- ance in tbe first half of last year 
"he repeal of tbe arms embargo, cipation to develop its anna- But that, he said, was a result 
.said the Foreign Minister. Prof, menta industry. of individual export contracts 

Gunduz Okcun, in an interview The Foreign Minister said that for large machinery placed dur 
here. bis Government’s approach to ing last year’s upturn. 

“ We would like to revitalise Turkisb-American relations was In the direct current and 
and develop our ties with the different from those of previous generating equipment sector 
U S .” said Prof. Okcun. His Governments. According to this, bookings were falling and a fall 
impression from his talks with Turkish-U.S. relations would not in business was expected. At 
US. Secretary of State, Cyrus f he limited to defence but would the same time demand for high 
Vance, during his recent visit to be treated in a wider context voltage equipment bad been bit 
New York was that “a similar with emphasis on technical and by cutback of capital invest- 
political will ” existed in the U.S. economic co-operation. He said ment 

Administration. “There is no that defence could not be dis- Added to manufacturers’ 
reason to be pessimistic.” sociated from economics, repeat- other difficulties, it now seemed 

Prof. Okcun said that there ing an axiom recently coined by that relatively good perfomance 
would be two series of talks both Prime Minister Bulent Eccvit in in tbe small motor sector was 
Df which would be initially at connection with tbe future of tailing off. The third quarters 
the technical level. Turkisb-American relations. retains indicated that there had 

An American delegation would Prof. Okcuu did not elaborate been a marked weakening of 
arrive in Ankara to discuss a but hinted that his Government demand, stemming primarily 
new defence co-operation agree- would try to maximise not only from the dampening of business 
ment (DCA). A Turkish dele- American military aid but also in the consumer goods branch, 
gation would go to Washington financial so as to strengthen Last year things were rather 
to secure project financing from Turkey’s ailing economy. better although there was no real 

the Eximbank and similar Ameri- -Prof.' Okcun would not say increase in volume production, 
can institutions. Both talks would what amount of credit or aid However, the industry's -output 
start next month but definite his Government was contem- in value rose by a nonimal 2.1 
dales had not yet been fixed. plating. per cent to DM 4.4bn (S2.39bn). 


Moscow pressure on Romania 



r is your passpo 

9 * . * e 


BY PAUL LENDVAI 


VIENNA, OcL 17. 


[Normandy 




THE SOVIET leadership is Minister, to Bucharest was part Sunday after the departure of 
exerting growing pressures on of the preparations for a pro- the Soviet delegation spoke only 
Romania in a bid to intensify jected Warsaw Pact summit about a “sincere and comradely 
military and political coordiDa- meeting which is now rumoured working atmosphere” without 
tion within tbe Warsaw Pact, to take place in Moscow before making any reference to an 
According to East European the end of the year. This was agreement let alone an identity 
observers, the visit of a high tbe first high-level contact of views. In addition to taking 
level Soviet delegation led by between Bucharest and Moscow an independent line in the Sino- 
Mr. Andrei Gromyko. Foreign since the visit of Chairman Hua Soviet dispute, President 

1 — - - — Kuo-Feng to Romania last Ceauseseu was the only East 

AugusL Subsequently Soviet Bloc leader to publicly support 

f r: - criticism of the visit was politely President Sadat’s peace initiative 

but firmly rejected by the last autumn and to refrain from 
Romanians. attacks against the Camp David 

Mr. Gromyko, accompanied by agreements, 
two top Soviet Party officials in The communique explicitly 
charge of relations wm- re f erred t0 ** a w j de range 0 f 
“fraternal parties," Central problems” concerning relations 
Committee secretaries Mr. Boris between the two countries and 
Ponomarev and Mr. Konstantin their parties, which were dis- 
Rusakov, conducted negotiations cussed along with current issues 
with a Romanian delegation oftbe international situation and 
headed by Deputy Premier Paul the world communist movement. 
Niculescu and including Foreign Diplomats in Bucharest also 
Minister Stefan Andrei. The speculate about the meaning of 

bu Soviet delegation was also a cryptic reference to the “deter- 

Kormanfiv - received by President Nicolae minalion of Romania and the 

miemay Ceauseseu. Soviet Union to work together 

Tbe communique publis hed on Qta er Warsaw Pact countries 

— ■ ' — — — I to increase their contribution to 

- — 1 the cause of detente and security 

LEASE A RACEHORSE || Meanwhile Romanian Deputy 

FOR ADVERTISING ZSttSSTSS?* 

run fill W til l IWIIBM understood to have discussed 

peri., o problems connected with Soviet- 

vcimlo Romanian economic cooperation 

NEWMARKET BLOODSTOCK AGENCY and trade exchanges during his 

\icwMftprn* ci iFFflLK GBit 9BD recent stay in Moscow. Romanian 

NcWMARKET, SUFFOLK CBU VBB Officials in the past frequently 

TELEPHONE NEWMARKET (0638) 3434 complained about tbe late 


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Financial Times Wednesday October IS 1973 



Lebanon crisis meeting calls fo 
disbanding of all militia groups 


__ B T WSAN HIJAZ1 

foreign MINISTERS and offi- 
cials from sis Arab countries and 
Lebanon today called for 
strengthening the central 
authority of President ELias 
Sarkis and disbanding ail militias 
as part of measures to end the 
four-year-old Lebanese crisis. 

Officials from Saudi Arabia. 
Kuwait. Syria, ibe United Arab 
Emirates, Qatar and the Sudan 
declared that those co-operaiin? 
with Israel must be prosecuted. 

The resolutions came in an 
eight pnint declaration at the 
end of three days of talks at the 
mountain resort of Beiteddm. 


some 20 miles south of here. 

Informed sources said the 
declaration inferred extension of 
the mandate of the Arab peace 
keeping force which is due to 
expire on October 26. Jt made 
no direct mention of new security 
mea.-ures expected to he applied 
to strengthen the 10-day-old 
cease-fire between Syrian troops 
ami Christian militias. 

Meanwhile President Sarkis 
cent Mr. Salah Salman, his In- 
terior Minister, to Khartoum to 
urge President Jaafar Xumeiry 
tp reconsider his decision to with- 
draw the Sudanese battalion 


serving with the Arab peace- 
keeping force in Lebanon. Beirut 
Radio reported. 

The move indirectly confirmed 
reports here that the Foreign 
Ministers would endorse a 
security plan in which Saudi 
and Sudanese troop* of ihe Arab 
force will play a bigeer role. 

Informed sources said the pro- 
jected security plan provide' fur 
deployment of Saudi and Suda- 
nese forces in Chris nan areas in 
place of Syrian troops, which will 
be withdrawn in two stages from 
Beirut. 

David Lennon adds from Tel 


Zia-Bhutt© struggle gains pace 


BY CHRISTOPHER SHERWHA 

GENERAL ZW-UL-HAQ'S mili- 
tary Government has Imposed 
further severe restraints on 
political parties in Pakistan with 
the announcement last night of 
two orders which provide for the 
banning of parties whose 
ideology is “un-lslamic." 
Although the precise meaning of 
this term remains undefined. It 
is thought that the orders could 
affect any party which fails 
specifically 10 embrace Islam It 
is unclear, however, whether the 
orders are specifically directed 
at the Pakistan People's Party of 
the former Prime Minister Mr. 
Bhutto. 


Parties may *1«> he banoe-d If 
they act in a way prejudicial to 
Pakistan's integrity and security, 
if they undermine public order 
and morality, or if they are 
foreiga-aided. 

The Government regards the 
orders as assuring people's fun- 
damenial rights in advance of 
any election next year by specify- 
ing the conditions under which 
they can associate. 

They come at a time when the 
Military Government has moved 
quickly to head off any possible 
threat of trouble from Mr. 
Bhutto's supporters. The Pakis- 
tan Supreme Court is now ex- 


ISLAMABAD. Oct. 17. 

pected to retire next month to 
consider its opinion on the ap- 
peal against his death sentence. 

Signs of what might be in 
store first emerged four weeks 
ago when people began deliber- 
ately infringing martial law- 
regulations by chantmg slogans 
in support of Mr. Bhutln. 

Following the incidents, the 
government cracked down by 
arresting senior PPP officials and 
rounding up district and local 
leaders. 

Estimates of the number now 
held range from several hun- 
dred to a couple of thousand. 


BEIRUT. Oct 17. j 

i 

Aviv: Following yesterday's rally 
in Bethlehem of West Bank 
Palestinian leaders it now seems 
highlv unlikely that Mr. Harold. 
Saunders. U.S. Assistant Secre- 
tary of State, will find any . 
representative West Bank leaders; 
wiilinc to meet ,, ’ith_ him when , 
he arrives here on Friday. ■ 
Speakers at the nice tine con-j 
domned the Gamp David ; 
autonomy proposals for the West [ 
Bank. 

Mr. Saunders l« muring the! 
Middle East to try m generate: 
support for the Camp David] 
framework agreement. '. 


Engines loan 
for Zambia 

By Michael Holman 

LUSAKA. Oct. IT. 1 
SOUTH AFRICA is tn loan] 
Zambia four locomotives In an | 
effort to ensure that fertiliser! 
imported through the country’s f 
southern route rcache? maize 
farmers before the summer rains, 
it was announced here today. 

Although over a week has 
i passed since President Kaunda 
reopened the route to bring mi 
fertiliser. lubricating oils. | 
machinery and other goods, as! 
well as ro carry copper exports,! 
.little if nny traffic has moved on. 
1 the Zambian side of the border. ! 


Egypt ready 
to sign 
Sinai oil deal 

CAIRO. Oct. 17. 
AN OIL CONCESSION agree- 
ment is expected to be signed 
next week by Egypt and a 
Uj>. company For prospecting 
in an area ol the Sinai penin- 
sula. which Is still under 
Israeli occupation. 

Announcing the move today, 
the official Middle East News 
Agency did not name the UJS. 
company involved hat said Its 
agreement with the Egyptian 
General Petroleum Organisa- 
tion would cover 500 square 
miles in AI-Tur area in 
southern Sinai overlooking the 
Go if of Suez. 

Under the Camp David 
accords last month, the area in 
which Al-Tur lies will be 
affected by the first Israeli 
withdrawal to be completed 
next year. 

The news agency said that 
the U.S. company will under- 
take to spend S50m on pros- 
pecting over nine years — the 
duration of the agreement — in 
addition to making a $5m 
signatory grant to Egypt 

Meanwhile, the death Is 
announced of Sheikh Abdel 
Halim Mahmoud. 

He was spiritual leader of 
A!-.\zbar mosque In Cairo. 

Mahmoud, who wras 68. sup- 
ported President Sadat’s peace 
initiative with Israel but was 
insistent that east Jerusalem 
should be returned to Arab 
control. 

Agencies 


Japanese warning about EMS 


BY OUR OWN CORRESPONDENT 


' MR. MICHIYA MATSUKAWA. 

: adviser to the Minister of- 
Finanee, today questioned 
whether the still to be finalised 
European Monetary System 
fEMS) will be “hostile- or “sup- 
plemental” to the present mone- 
tary order, based on the Inter- 
national Monetary Fund fIMF). 
He felt, however. Europeans 
would show the wisdom of choos- 
ing a supplemental role. 

it remains to be seen whether 
the European countries can pro- 
duce among their own diverse 
economies a “key” currency. Mr. 
Matsukawa told foreign corres- 
pondents in Tokyo. But regard- 
less of how good the monetary 
system is it will continue to float 


against third currencies like the 
dollar and yen, he said. 

He predicted it will be an 
extremely difficult task to create 
harmony among the European 
currencies involved because or 
varying rates of Inflation and 
other individual political factors. 
Mr. Matsukawa. until recently 
Vice-Minister for International 
Affaire, indicated that Japan 
would consult European coun- 
tries on features of a new system 
which it feels will lead to mone- 
tary instability. 

On other monetary matters, 
Mr. Matsukawa said the present 
currency market is “still ex- 
tremely unstable ^ but that the 
instability is largely the result 


TOKYO. Oct 17. 

of psychological factors in a 
market which chooses to ignore 
an improving trend in world 
balance of payments and trade. 

He said the key to the future 
□F world economic development 
and monetary stability was 
whether the U-S. slips Into 
“ vicious inflation ” and suffers a 
rapid slowdown in its own 43- 
month old recovery. 

Mr. Matsukawa cautioned 
Europeans who believe that a 
higher rate of economic growth 
in Japan should lead to any 
quids Increase in European im- 
ports to Japan. A better 
Japanese performance will bene- 
fit the much closer nations of 
southeast Asia, he said. 


Shipbuilders look to nuclear fleet 


BY OUR OWN CORRESPONDENT 


A RATHER noisy drama in a 
corner of South West Japan 
could have decisive significance 
for Japan's shipbuilding industry. 

Japan's first and only nuclear- 
powered ship, the 10.400-ton 
Mutsu. arrived at tbe dockyard 
of Sasebo Heavy Industries 
fSSKI in Kyushu for repairs 
which are expected to take three 
years and cost Y5.4bn (S29ml. 
Tbe controversial ship was 
greeted by thousands of demon- 
strators on land and sea. who 
were restrained by almost as 
many thousands of riot police. 

Opposition to Mutsu from 
fishermen, local residents, anti- 
nuclear groups, environmental- 
ists and radicals has been intense 
I for most of this decade. Emotions 


TOKYO. Oct. 17. 

reached a peak when the Mutsu 1 987— some 18 years behind 
began leaking radiation during schedule. Flans to build a 
its maiden voyage in September second ship have been debated. 
1974. The Government, however, Japanese planners hope tbe 
has pressed on doggedly, under experience of making the Mutsu 
pressure from the competition in ... ^ eomoeacate 

the U.S., West Germany. France vortc wiu more man compensate 

and Britain, all of whose nuclear * or Japan s lag >u nuclear ship 
ship programmes are well ahead, theory. With this experience. 

The Mutsu cost Y7.8bn to Japan would then enter world 
build and was completed in 1972 markets with reliable, low-cost 
at the Tokyo dockyard of nuclear ship.. These would be 
Ishikawajima-Harima Heavy built in lots of five or six at 
Industries (IHI). Its nuclear first and then by the tens if 
reactor was supplied by a Mitsu- world demand and such other 
bishi Group company. Today, factors as the cost of oil justified 
the ship would cost Y50bn to thp effort 
build Current land heavily Repairing the Mutsu has been 
revised) plans call for the final a boon for SSK. which once pro- 
completion of a safe and work- duced some of the largest 
able version of th e Mutsu by tankers in the world. 

TAIWAN-CHINA 

A slight softening 
among hardliners 

BY MELINDA UU. RECENTLY IN TAtPS* 

CHINA'S RECENT conciliatory Taiwan — albeit indirect — not 
gestures towards Taiwan created only exists but increases yearly, 
a flurry of excitement among The overt import of Chinese pro- 
western diplomatic observers and ducts is prohibited tn Taiwan, 
prompted Taipei’s reiteration of But a growing amount of mai fl- 
its stubborn no-negotiation land goods reaches Taiwan after 
policy. Taiwan’s unchanging being “laundered'’ through Hong 
official line M as most dramatically Kong, where labels of origin are 
expressed by Kuomintang party removed. According to official 
Chairman Chiang Ching-kuo in Hong Kong statistics, between 
1976: “We shall have nothing to January and May of this year 
do with the leader of the Peking the value of traceable Chinese 
regime, except for battlefield re-exports to Taiwan via lhe 
contact in tbe sbape of a bullet" British Territory totalled 
Although the pragmatic trend HKSTS.Sm, compared with 
in Poking seems to favour a HKS49-3m for tbe corresponding 
peaceful negotiated settlement of 1977 period. A significant amount 
the 29-year-old Taiwan issue, is also smuggled by sea and air 
China's official attitude has not into Taiwan. And so far this 
real changed either. Peking year China's imports from 
maintains it will liberate Taiwan Taiwan via Hong Kong reached 
in a manner which brooks no HKS154.000. Recently a Peking 
foreign Intervention. Chinese representative in Hong Kong 
officials pointedly refuse to encouraged the colony's pro- 
eschew the possibility of using China businessmen to increase 
force to reach this goaL The their re-exnorts of mainland 
official Peking Press, meanwhile. goods to Taiwan, 
continues t 0 carry barbed The representative was Chi 
attacks against Chiang Ching-kuo, Feng, deputv director of the 
often couched in hostile terms official Now China News Aeency 
which would seem to sabotage which functions as Peking’s 
the possibility of bilateral talks, closest emhassv in Hong Konc. 

Nevertheless, the process at Local Hong Kong newspapers 
lessening tensions between the also quoted Chi as saying tbe 
two sides has already begun. The use of force was “the last resort 
most likely scenario for resolv- to be actively avoided” in the 
ing the China-Taiwan stalemate eventual reunification of Taiwan 
involves gradual expansion of and China. Chi reportedly sug- 
casual contacts. evolving gested the process would involve 
— ■ — - — trade and cultural contacts, mail 

CHINA. LAYING down fresh exchange and mutual visits by 
accounting procedure regula- government representatives, 
tions for state enterprises, has Some Taipei citizens also pri- 
warned that past mismanage- vately advocate this dovish 



||p:r .|gp «■'***' 

jgtli -Vf . -.mm*-- : .j#- 



government representatives. 
Some Taipei citizens also pri- 


V > - ’• «. 


so that now you can g 
part of the world. Ar 
tions network that 
. gathering, financial it 
' . /“.But best of at) v 
total commitment to 


meat of accounts bad opened approach. But t 
the door for * graft, then and eminent is well a 
speculation.” Reuters reports ceived Taipei tilt 
from Peking ful talks with P 

Quoting from the new regu- to accelerate U.S. 
lations. the official people’s for tbe American 
daily newspaper said to-day TaiDei to Pekine. 
“accounting personnel have At present U., 


vately advocate this dovish 
approach. But tbe Taiwan Gov- 
ernment is well aware that a per- 
ceived Taipei tilt towards peace- 
ful talks with Peking is likely 
to accelerate U.S. moves to trans- 
fer tbe American Embassy from 



and advice hts yours for the asking. ' ]' 

So whether you're growing coffee in Guatemala or distributin 
it in Hamburg, come to us tor any kind of banking assistance you 
may need. And see how ; sfjrg 

much more you get at BAN KO F AMERi CA '853 

BanK of America. World Banking Division. 

On the spot when vbtfi need us. 






? “accounting personnel nave At present U.S. concern for 
the right to demand that Taiwan’s security in light of 

departments and personnel Peking’s refusal to eliminate the 

concerned must possible use of foree against 

carry out the plan and budget Taiwan— is the major stumbling 
approved by tile state, and block to complete normalisation 
abide by Bnaarial and Sino-U.S. relations. Hoping to 
JU “ I delay U.S. derecognition as long 
accounting regulations. as possible, Taiwan officials 

i ■ — studiously avoid any action 

: eventually into official com- which might be seen as a 

| municatiou- According to the deviation from their adamant 
Chinese sense of time, this could no-negotiation stance, 
take decades. A more realistic perspective 

Of particular note -was f 0r this poliey is evident, how- 
Peking*s unprecedented willing- ever, in the several Instances of 
ness in August to send repre- past low-profiles arrangements 
seatatives to a physics confer- between the two sides, such as 
ence in Tokyo where scientists mutually observed airspace 
from Taiwan were also present, guidelines. They onlv need look 
The meeting followed high-level to the offshore island chain of 
discussions in the foreign Quemoy, L4 miles from Corn- 
ministries of both Taipei and munist territory land 200 miles 
Peking, and ended China's from Taiwan) but occupied by 
29-yearoId policy of boycotting the Taiwan military. Here in 
international conferences and 1968 both sides entered into a . 
sports meetings attended by peculiar alternate-day artillery • 
Taiwan delegates. Recently, shelling agreement, ostensibly to 
Peking also granted permission allow the civilians oh both sides 
for Thai International Airlines to go about their fannwork in 
to fly to both China and Taiwan, peace, every other day. 
reversing Peking’s previous China is neither physically nor 
Policy- , .. psychologically prepared to 

Chinas accelerating pursuit militarily invade Taiwan. Peking - 
of commercial and educational representatives in Hong Kong 
contacts with Japan and the have gone so far. as to miggert 
West will multiply the proba- Taiwan's current autonomous 
bility of informal encounters existence could continue for 
between residents from both decades even after official con- 
sides. particularly individual mots evolved, 
confrontations in third-party ! Taiwan reciffante 
countries. This, will be especi- ad vorafe ■SffifKfkiS 

!'! y'r nT a 'n WnS t0 '° U S ^l 

Through its plan to send ment ^ Communist spies under 
thousands of students overseas. Taiwan’s martial !aw P Ri.i thl 
particularly to the U.S. which norSllyJSfeTaJwan Pra, |S 

tali"™™™ * nonetheless not t otal“de™,d S 

fr ^ m Z?- e an h.w 4 ■- . an occasional daring deviation 

Taipei s hard-line attitude f rom the Kuoutingtang partv line 
caused some observers to Last year a rnaslifiwHiaViTm 
speculate whether Taiwan would Taipei inSazine — ISSwSSfti? 
try to avoid such contact* at aU banned for its indiscrewSub- 
costs. But the Taiwan govern- jxshed an article saying “T&iwan 
meat has become more prag- ha S no oil . te* Chines! mainland 
matic since its 1972 expulsion has oil. There should be 15 ? 
from the Urn ted Nations and to exchange between the haves 
the subsequent diplomatic and the have-nots ” . ; 

migration From Taipei — 

Peking. A local Taipei news- 
paper suggested a more flexible 
approach: “We should not treat 
the Communist Chinese students 
as snakes and scorpions and cut . 
off contacts with them. On the 
contrary- we should use initio- ■ 
tives to persuade them, convince 
them and win them over.” 

In addition. commercial 
exchange between China and 


rTelex...Tel 


OUR TELEX SHAKING SERVICE 
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Financial Times Wednesday October IS 1978 


131*226 3885. GLASGOW 041-221 4456. 
■56LS0UTHAMPT0N 0703 32044. 






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Financial Times Wednesday October 18 197? 


ami. ki Can news 


s Li* 


CANADIAN BY-ELECTIONS 


Voters deal heavy blow to Trudeau’s party 

DV ft^BPnT i bJMkirftCAl 


BY ROBERT QIBBENS IN MONTREAL 


THE ELECTORATE of English- 
speaking Canada dealt a heavy 
blow to Mr. Pierre Elliott 
Trudeau's Liberals in 15 by-elec- 
tions held on Monday. The 
party must now face the real 
possibility that it will be beaten 
by the Progressive Conservatives 
in the general election to be field 
By next July. 

It Ls generally agreed that that 
election will be lost and won in 
Ontario, the most populous Cana- 
dian Province. The Liberals did 
especially badly there on Mon- 
day. Or the seven Ontario con- 
stituencies that voted on Monday, 
none returned a Liberal, five 
returned Liberal members at 
the last general election. 

The main campaign issue h3S 
been Mr. Trudeau's management 
of the economy. The decline of 
the Canadian dollar from above 
patr with the U.S. currency less 
than throe years ago to below 
S5 U.S. cents now gave rhe 
Tories, under their young leader. 
Mr. Joe CJark, plenty to criticise. 
Earlier this year. Mr. Trudeau 
sensed that this issue was going 
to overshadow the other bi? 
question, that of national unity 
and the future of Quebec. After 
rhe Bonn summit, (he initiated 
several medium-term budget eco- 
nomies. presenting him self as a 
man converted to eonservatipe 
be kefs. 

The message was carried into 
the Ontario ridings before the 
by-elections, and was also 
designed to respond to the more 
conservative mood across tiie 
country. The Government tight- 
ened up unemployment V dur- 
ance. reducing benefits front 
two-thirds of basic salary to 60 
per cent, and toughening con- 
ditions for new’ claimants. It also 
announced spending cuts of 


C$2.5bn to C$3 bn in the next 18 
months, to reduce the federal 
budget deficit, and announced 
more cuts in the federal civil 
service. 

Mr. Clark came back with a 
promise to make mortgage 
interest deductible from home- 



■i m 

Mr. JOE CLARK 

owners* income tax (something 
traditionally done in Britain, but 
not in Canada). This proved 
attractive to middle-class voters 
in Ontario .They feel that they 
have been squeezed financially 
by Liberal economic policies. 

Other problems for the 
Liberals included a rate of infla- 
tion rising to neary 10 per cent 
in the big cities, after a period 
of wage and profit controls of 


doubtful efficacy. The unem- 
ployment rale is stuck at about 
8.5 per cent, despite a good 
record of job creation. The un- 
employment rate in Newfound- 
land is about 17 per cent, which 
helped the election of the New 
Democratic Party in Humber-SL 
George, formerly a Tory seat. 

Mr. Trudeau's leadership must 
now be seriously questioned 
again in the Liberal party, 
alt bough he says he will con- 
tinue because too much cannot 
be deduced from the by-ciocrions. 
Although speculation is increas- 
ing about the possibility of bis 
resigning, and a new leader 
taking over, the Liberals may 
feel that this might not help 
their cause. There does not now 
seem any credible alternative to 
the former Justice and Finance 
Minister. Mr. John Turner, but 
there is very little time available 
for the full process of finding a 
new leader before the spring 
general election. 

Many observers believe Mr. 
Trudeau will in fact stay on and 
lead the Liberals into the spring 
election. He can perform with 
brilliance when the odds are 
heavy against him, and he made 
a dazzling speech, with all the 
old fire, in the Commons last 
week. 

The Liberal defeats appear to 
show that not only has Mr. 
Trudeau so far failed to persuade 
English speakers that be is the 
man to put the economy right: 
they also seem to have dis- 
believed. or at least ignored, his 
claim to being the man who can 
keep Quebec in confederation. 
That was a claim which worked 
in the months after November. 
1975. when Mr. Rene Levesque's 
Parti Quebecois was returned to 
power in Quebec. At one time the 


tactics worked so well that, judg- 
ing by public opinion polls in 
1377. he could have won easily if 
he had called an election. But 
the mood did not lasL 

Monday's results show how 
deep the political gulf has 
become between the English and 
the French-speaking provinces. 


CANADIAN $ 


J FMAMJJAS 0 

1978 


Whereas no Liberal won outside 
Quebec, in Quebec itself, as the 
result of a concentrated effort, 
a Liberal actually snatched the 
constituency of Ste. Hvacinthe 
from the Progressive Conserva- 
tives. 

Looked at another way. the 
Liberals have Tailed to succeed 
with their policies in the 
English-speaking areas of 
Canada, and the Conservatives 


have failed, at least so far, to 
make break through in Quebec. 
The Liberals seem to be beading 
for defeat in the general elec- 
tion. and their popularity in 
Quebec cannot change that 

The Conservatives, if they 
are really to form the next 
Federal Government, will have 
minimum representation in 
Quebec unless, by some miracle, 
they can build up support by 
next spring. 

Unless both parties can resolve 
the impasse, the situation is ripe 
for exploitation bv Mr. Levesque 
and his separatists, who for years 
have been arguing that Quebec 
does not have a sufficient say in 
the present federal system. 

The Conservative approach has 
been that the Federal Govern- 
ment should negotiate greater 
autonomy in certain areas for 
the provinces, to make a “ new 
confederation.” The Liberals say 
that the separatist forces must 
be contained while more limited 
changes are made to the con- 
stitution. 

There is good reason to doubt 
whether the electorate at large 
has become very interested in 
the constitutional niceties. The 
economy was probably the over- 
whelming issue for most There 
is also a distinct trend in the 
country to vote against the 
Government. The Liberal 
Government of Nova Scotia was 
the latest victim. 

Later this week Saskatchewan 
will get an opportunity to add to 
the pattern. There Mr. Allan 
Btakeney's Government of the 
New Democratic Party, which 
practices a mild form of soci- 
alism, is. also thought in danger' 
of falling to the Progressive 
Conservatives despite a uranium- 
based local boom. 


U.S. output Egypt and Israel 

rises in moye rapidly 
September . _ A . 

b, jure. M.rtin towards a treaty 


rises m 
September 

By Jurek Martin 

WASHINGTON, OcL 17. 
INDUSTRIAL PRODUCTION 
in the U.S. rose by an estimated 
0.5 per cent last month, the 
same rate as In August and 
close to the average for the pre- 
vious five months. 

This denotes that the 
economy is still expanding at 
a reasonable rate, though a 
clear pattern has emerged 
showing that output of bus iness 
equipment and construction 
materials Is moving ahead more 
rapidly than that of consumer 1 
durables. 

In September, for example, 
business equipment production 
went up by 0.6 per cent (a 
smaller ir crease than In pre- 
vious months’). Consumer 
goods, as a whole, only rose by 
0.1 per cent, while consumer 
durables fell hv 0.7 per cent 

This was largely hoeause ear 
assemblies dropped to an 
annua! rate of 8.9m nnits. from 
the 9.4m units of August 

Fiji, Costa Rica 
telephone links 

TELEPHONE CALLS to Costa 
Rica and Fiji from the UK can 
now be made by direct dialling, 
bringing to 78 the number of 
countries on the direct link. The 
standard charges will be £1.05 a 
minute. 

U.S. COMPANY NEWS 
Recovery continues at Chase 
Manhattan; Acquisitions boost 
Philip Morris; Substantial in- 
crease for Republic Steel ' 
Page 34. 


BY jUREK MARTIN 

PEACE TALKS between Egypt 
and Israel appear to be moving 
towards a rapid and successful 
conclusion. 

The two Defence Ministers. 
LL Gen. Kamal Hassan Ali of 
Egypt and Mr. Ezer Weizman of 
Israel, said on television that 
they > thought essential agree- 
ment could be reached by 
tomorrow. 

This could enable the Israeli 
Cabinet formally to approve the 
treaty as early as next Sunday, 
and for . the two delegations to 
initial the agreement soon after. 

The White House announced 
today that President Carter 
would see . both Defence Minis- 
ters later ioday. which may be 
taken as further confirmation 
that few obstacles remain. 

The two sides have been work- 
ing in formal and informal ses- 
sions from an American draft 
treaty, put on the table last 
Friday. 

Although a thoretlcal news 
blackout ls in effect, the U.S. 
official reporting on the talks has 
confirmed that the differences 


WASHINGTON, OcL 17. 

have appreciably narrowed in 
the past two days. Most of the 
work has been done by legal 
experts polishing the final draft 

The U.S. official has empha- 
sised that there Is no " legal 
link" between the Egyptian- 
Lsraeli treaty and agreement on 
a new regime for tbe West Bank 
and the Gaza Strip, although, as 
President Carter pointed out at 
his Press conference last week, 
the two are clearly inter- 
related. 

There have been discussions 
here ** on the side ” about the 
West Bank and Gaza Strip and, 
of course, it remains likely that 
the final treaty between Israel 
and Egypt will not be put into 
effect until there is evidence of 
progress in solving that far more 
contentious problem- 

In fact, the Camp David 
accords spelled out with some 
precision the main areas of the 
bilateral treaty, leaving the 
negotiators to work on the 
timing of such items as the 
Israeli withdrawal from Sinai. 


Keeping pressure on 
the Teamster chief 


NATIONAL GIROBANK 


The Greeks had a word for it— ‘Guros’ 
meaning a ring, circle or revolution— from which 
comes the word ‘Giro’ to describe the rapid 
transmission and circulation of money around a 
single centre. 

Spread today throughout Europe and 
elsewhere, the Giro principle extends back to the 
ancient civilisations of Mesopotamia, Assyria, 
Egypt Greece and Rome. 

Some 2000 years later, on IS October; 
196S. National Giro was established in the UK. 

We may have been late starters! and we would not 
claim to have caused a ‘revolution! but we have 
achieved much in the last ten years in providing 
banking seances to an ever increasing number of 
customers. 

National Girobank Services 
10 YEARS On 

We have helped to speed the transfer of 
funds and reduce costs. 


Rent payments (Millions p.a.) 


number of Accounts {Thojsands^- 


X: 

*;£<>- 
_ - J ■"?{•-■ 

S V' V \, - » "1 

i* . -f . • . - 


W: 






393 II 




74 1 5 


Corporate Deposits i£ Million p.a.) 


11000 




- - r . 

» ** 


3500 |r. 


1700 

1200 rrm 
600 FTT--*: : 


' v 


72 73 74 75 - 76 77 78 

SEPT 

Our seances are now used by eight of the 
top ten and thirty of the top fifty organisations. 

More Local Authorities and public 
utilities use Girobank 

An increasing number of Local Authorities 
and Public Utilities are using a wide range of our 
banking facilities, particularly our successful rent 
collection service for local authorities. 


This seaice is safe, more convenient and 
provides operational advantages to the local 
authorities. Hence National Girobank. through 
more than 20.00U post offices, open long hours, 
5 days a week and Saturday mornings, now 
handles over 40 million rent payments a year on 
behalf of more than 150 local authorities. 

“'ITie introduction of Giro as a method of 
rent collection has been an integral part of the 
housing management reorganisation in 
Manchester. I cannot speak too highly of the 
dedication and determination of the Giro staff in 
providing us with a 100'! o successful service week 
in week out. (Graham Good head. Director of Housing, 
City of Manchester]. 


continued Expansion of Personal 
Services 

National Girobank provides a free and 
convenient way for the payment of most regular 
household bills such as Gas. Electricity Telephone 
and many others. 

Wa continue to improve and expand bur 
range of services for the personal customer, and 
these now include Deposit Accounts. Budget 
Accounts, Personal Loans and Bridging Loans. 

More and more individuals a refusing 
National Girobanks convenient banking services. 




'mm m & gm P* re 

68 69 70 71 72 73 74 75 76 77 78 

SEPT 

Customer balances have increased 
steadily over the last 10 years to £300 million. 
National Girobank now handles over 250 million 
transactions a vear. 

300 


Customer Balances (E Million) 




142 



rffas 

m 





59 

44 fM, 


22- v"£'. #■>» ^ % 

HT7 




63 69 70 71 72 73 .74 75 76 77 78 

SEPT 

In 10 years, National Girobank has 
developed a wide range of highly competitive 
services. From the strong base which has been 
established we look to the future with confidence: 

Find out more about National Girobank. Write to 
the Public Relations Manager, National Girobank, 
10 Milk Street, London EC2V8JH (01-600 6020) 
or Bootle, Merseyside GIR 0 AA (051-928 81S1). 



NATIONAL 



BY JOHN WYLES 

THE In ter national Brotherhood 
of Teamsters has long been the 
largest and most controversial 
organisation in the U.S/ labour 
movement. It has been a target 
for political investigation sioce 
the late 1950s when Robert 


NSW YORK Oct 17. 

trustees of the fund over the last 
three years and charging them 
with failure to exercise fiduciary 
responsibilities in making 15 dif- 
ferent loans including S30m to 
a subsidiary of the Hyatt Cor- 
poration and S25m to Las Vegas 


Kennedy tried to expose links interests. 

with organised crime, and the Although technically separate. 
Carter Administration is now the central states health and 
launching its own attack on welfare fund is administered by 
some of the union's most tradi- the same trustees and the Labour 


tional practices. 


Department has acted because it 


Mr Ray Marshall, the Labour learned that the trustees 
Secretary, yesterday filed suit in intended this week to extend the 
a federal district court in contract with Mr. Dorfman’s com- 
Chicago to prevent the pany for another three years. 
Teamsters’ Central States Health The department's suit seeks an 
and Welfare Fund from renew- injunction to prevent this and 
ing a contract first established alleges that the trustees violated 
in the early 1950s with an their fiduciary responsibilities by 
insurance brokerage run bv Mr. contracting with Amalgamated 
Allen Dorfman, a Chicago Insurance for services in a 
businessman. - - manner that violated the law’s 

One of the most important “ normal standards of prudence." 
aspects of tbe suit is that it covers more .than 

maintains pressure on the 200.000 Teamster members in II 
Teamsters' president Mr. Frank states. It collected 323m in con- 
Fitzsimmons. Mr. Fitzsimmons tributlons last . year and 
assumed leadership of the union distributed 8193m in benefits, 
when its then president Mr. . T* 1 ®. congressional committee 
James Hoffa. .as seat to prlM» .£™2£« U °"' ‘n *Wch Hobart 
in T9fi7 'After re?ainine fiis ‘ Kennedy starred in 1959, heard 
freedom* in 1973, ^Mrf^Hoffa that Dorfman's company 

a rraeared to he " brerjarina for bad received S3m in. comm issipns 
a ieade^hiD chanen^e Wbkh from the fund between 

yaffiL sStodiiaSS 1950 *“<* 1958 ° f which 

was toresrai iea ov- n is aisappear h A u pie#*™** hv the stan- 


anee in July, 1975. 


bad hsen excessive by the stan- 
dards set by the National Asso- 


•Mr.. Fitzsimmons, who was a £7' Insurance ComS* 
regular visitor to the Nixon • 

White House, but to whom no 8 °. ers ~ • '■ 

welcome has been offered by this 

Administration, could play a F n e TirlfPC 11TI 


If phase two of the 


Gar prices up 

DETROIT, Oct 17. 


anti-inflation programme is Chrysler corporation Js 

raising the prices of the 


to have any chance of j,p ln ™-b n ilt Dodge sod Ply- 

success it must secure a mouth sub-compact cars it sells, 
modest pay settlement for Some optional equipment will 
the teamsters. ai*° cost more. 

• The increase averages S114, 

or 2.4 per cent, while average 
pivotal role In economic develop- optioils will g0 up by $30. or 
meats next year. He will start 49 per cen ^ 
negotiating in December on a . - xtp Wo most expensive 
new master freight agreement ^dels, the Plymouth Sapporo 
for about 500.000 lorry drivers. anfl ^ Dodge challenger, aro 

P , haS f 0 « „S e w.£ a fff to *e Priced at 86466 and S6467. 

Administrations anti -inflation A( the low end of the markflfi 

SSSSfbT sucSss lt mu« secS ^^to ^ 

l “ od ^ The «rsa^ made by Mltsu- 


modest 


settlement 


between the Teamrtere and .the bishi Motora> io which Chrysler 

But Mr Fl^lSdT whd.is has a 15 pcr rent 

70, is already extremely upset 

by the buffetings he has received Pnnnino noth 
at the hands of Mr. Marshall's * CU1U1JC ytUU 

last year^ he resigned^ as goes 50 miles 

CenSfitdte plr,sion a TuS 50 HTLES Calderdale Way 
The fund has assets of S1.4bn rj* gowned on Saturday by 
and its administrations and in- p. ord r ^^f^ ey ' T ' ha F n ? an °f 
vestment onlfev has lonv heen the Countryside Commission— is 
SWK g the longest recreation footpath to 
Mr. Fitzsimmons was warned created with the commission's 
that the Department would use „ 

its powers under the Employee “ 

Retirement Income Security Act 

to impose its own^ ^ Board of SI *** d ®S? d 


srs-ssrir sxmssk-sii r 

cumbents were guilty of. fidu-. 

otber expenses — including 
« materials costs— of two footpaths 
rSi officerB en,t,loyed by West York- 

.h flfl shire. The way is Jinked to other 
existing rights of way and to bus 
"SftJff Mr services, so that short sections 

ss » ZL szmmsL 

loan to a business. man who had 

already borrowed more than .-. >% ■' 0 

Stihn fmm the. fund since I«M/ .- J /jn^VO yJ tTN- .. 

However, Mr. Dorfman does f 
not. feature- in' the case brought * • V Kjl, . 

by the Labour Department in r* 

February this year, against WASHINGTON, 'D.C. 


societies 


amenity 


Carter may act 
on UN budget 

PRESIDENT CARTER might per- 
suade toe U.S. Congress :to 
reverse., an amendment which 
reduces the U.S. contribntion to 
the regular UN budget. Ameri- 
can- officials -said. 

Hie.' officials said Mr. Carter 
could present toe amendment for 
reconsideration In January. -Mr. 
Carter has said the congressional 
vote, made it difficult -for- -toe 
United. States to. oppose similar 
Soviet action. 

- The amendment cuts ; S27m 
from the regular UN budget and 
prohibits American donations to 
the technical aid programmes of 
the UN and its 12 specialised 

agencies. . 

Reuter 


WASHINGTON, D.C 

A Renaissance of 
Qraciousness 

. . A luxury hotel En the great 
European tradition. Elegant, quiet, 
unruffled— never a conv mKnn. 


THE MADISON 

TP iiriifttfftw 'r Comet JEBmr 
ISthlc MSuMS^N^Wad^vnc^lXCSOOtf 
Trfex «24S ' : -■!* 

- orsee your travel agent - * - 
WilrsMU 2. Coyna, "Proprietor 



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'com- 









?A a y^ci'aI Tillies Wednesday October 18 1978 


f WORLD TRADE NEWS 


ah 




" r~* R w ? ? »« - 


phi 


o 


performance 


BY GUY HAWTIN 

BRITISH EXPORTS to West 
Germany during the first eight 
months of the year grew at a 
s.ower rate than those of West 
Germany to to the UK This Is a 
reversal of the trend over the 
past two-and-a-half years but it 
may be explained by the fact that 
toe summer months are always 
slow for British exports. 

British exports to the federal 
repuhhc totalled DM ~7.7bn 
fSWohnj in the opening eight 
n r°?a , of the year— an increase 
or lo.i per rent on the previous 
years performance. In contrast, 
German sales to the UK rose by 
1# per cent to DJI 10.76bn. 

Even more distressing for 
British trade officials. perhaps, 
is the fact that non-oil exports 
3L« w « by onJy 12 P er cent from 
DM 6-llbn to DM 6.63bn during 
the period under review. This 
is of particular concern as sales 
of North Sea oil in the Federal 
Republic have been inflating 
British export figures tn West 
Germany considerably for the 
past IS months. 

During the first eight months 
of the year Britain’s share of the 
Weft German market has gone 
up from the 4 S'. per cent re- 
corded in the comparable period 
nf IS77 to 4.9 per cent. However, 1 
West Germany’s share of the 
TTK rnmorts market has risen 
from 52 per cent to 5 9 per cent < 
during the same period. 

There ft “i ires. abstract by ■ 
British Embassy trade staff from i 
statistics DrndHeed hv the i 
Federal Statistical Office In i 

Wiesbaden, are only provisional. \ 
Changes may become apparent I 
when the complete breakdowns 
ar» published in a month's time. : 
The first seven months' figures : 


—which provide a' complete 
breakdown of British exports — 
show that during this period total 
UK exports to the federal Repub- 
lic expanded by 1SJ. per cent 
from DM 5.72bn to DM 6.75bn. 
At. the same time Britain’s share, 
of. the- West German, imports 
market rose from 4J2 per cent to 
4.8 per cent 

They also show ' that British 
expons of North Sea oil have 
been taking a larger and larger 
share of the German Petroleum 
market During the first seven 
months they increased from 
DM 427m to DM 747.5in — and 
this at a time when- the 'D-mark 
was increasing sharply against 
the dollar in which oil- prices are 
calculated. 


FRANKFURT, Oct. 17. 

5 w Ba ? C0Ck Bau - German 
Babcock Construction subsidiary, 
oas been awarded a $233. 7 m 
cod tract to construct' five hos- 
pitals iri Libya. Contracts for the 
t Lira key projects were placed by 
the Libyan Secretariat of Health. 

The five hospitals' will be 

constructed on five different 
sites. Including two in ■ desert 
oases GOO kilometres away from 
the capital Tripoli. The hospitals 
will have a 135 bed capacity and 
“e contracts also cover the 
complete technical and medical 1 
equipment of the installations, 
as well as accommodation for 
the medical and nursing staff. 

The planning for the five pro- 
jects will be undertaken by ICO 
Pape of Hamburg. 


Dealers ask 
Datsun to 
lift quota 
on cars 


TRADE WITH IRAQ 


Semi-embargo is beginning to bite 


By Charles Smith 


Magirus extends range 


BY KENNETH GOODING 
MAGIRUS DEUTZ, part of the 
pan-European Iveco group, is 
launching four new trucks oo 
the UK market and is aiming for 
total sales of 1,500 units next 
year in Britain. 

Magirus. a West German con- 
cern, first entered the UK market 
for on-road trucks only in 1974 
although it had been selling its 
on-off road dump trucks in 
Britain for some time before 
that. By the end of September 
this year it bad sold 610 units, 
nearly double the total sold in 
the same nine months of 1977, 
and is aiming to sell 1,000 units 
by the end of 1978. 

The new- to- the- UK models are 
a IB-tonner, which made its debut 
at the Paris Motor Show recently. 


two new tractor units plus a 
slx-wheeler. With these new- 
comers. Magirus has a range 
from 5.7 tonnes to 50-ton tractor 
units at prices from £6,000 to 
£40,000 in the UK 

The rapid build-up and 
increased penetration in Britain 
reflects to some extent Magirus' 
involvement with lveco. which 
links Fiat of Italy, Unit: of 
France and Magirus via a hold- 
ing company which is 60 per 
cent controlled by Fiat. 

Whereas Fiat supplies trucks 
with water-cooled engines 
Magirus’s rouge incorporates i 
air-cooled engines from Kloeck- 
ner-Humbolt-Deutz, the German 
concern which owns the rest of 
Iveco’s shares. 


Threat to 
chemicals 


Mexican oil for Japan 


By Sue Cameron 

THE WEST European chemicals 
industry will come under grow- 
ing pressure from its East 
European and U.S. competitors 
during the next few years. Sir 
Raymond Pennock, deputy chair- 
man of Imperial Chemical 
Industries, told the Society of 
Chemical Industry conference at 
Aix-en-Provence. 

Sir Raymond said the increas- 
ing strength of this" outside 
competition could already be 
seen in the “ massive " chemicals 
investment programme in 
Eastern Europe which was based 
on buy-back deals with- the West. 
He estimated that these deals 
would increase Comecon coun- 
tries' share of world chemical 
trade from the current 22 per 
to 28 per cent by 1985, 


BY WILLIAM CHTSU-TT 

THE FIRST shipment of 300,000. 
barrels of Mexican crude oil has 
left for Japan, as "part of an 
agreement which could lead to 
the establishment of a. .regular 
trade in oil with Japan. The 
shipment was worth $4bn.!- 

Petroleos Mexianos fPemex), 
the state-owned oil monopoly, 
already sells oil to'- the U.Si, 
Israel and Spain and is interested 
in diversifying its market as 
much -as possible. . 

The Mexican president, Sr. 
Jose Lopez Portillo," will - make 
an- official vist- to . Japan and 
China beginning nejrt week and 
one of the main topics. 0£ -dis- 
cussion in Tokyo witf he the kale 
of crude. Japan is potentially 
a very rich" market for Mexico 
as it has to import VirtuaQs all 
its oil needs. *' 


MEXICO CITY, Oct. 17. 

. Japan is interested in selling 
its technology to Mexico particu- 
larly in the field of 
Petrochemicals. 

O Last week Pemex signed a 
tentative agreement in France 
to sell 50.000 b/d of crude 
beginning in 1980. Peraex’s 
exports of crude this year have 
more than doubled from last 
year and are running at an 
average of about 500.000. 

• Venezuela and West Germany 
have signed agreements for joint 
study of the production and pro- 
cessing of heavy crude oil and 
of Venezuela's nuclear energy 
potential. 

Venezuela has estimated 
reserves of 700bn barrels of 
heavy crudes in the Orinoco 
basin. Ten per cent of the total 
can be extracted with existing 
. Reuter 


» TOKYO, Oct. 17. 

f A GROUP of 30 Datsun car 

• dealers from the UK has arrived 

■ in Japan to demand the - rein- 
i statement" of car shipments 
l planned for October and Novem- 
i her by Nissan Motor but now 

* cut back under pressure from 
I the British Government. 

i The leader of the group. Mr. 

I Peter Fletcher, told the Finan- 

■ cial Times that a strong protest 
' about, the cuts had been lodged 

with the Ministry of Inter- 
- national Trade . and Industry 
' (which has been dealing with the 
British Government on the car 
issue). 

A second meeting with MITI is 
planned for Thursday when he 
says “the indications are that 
we may get a favourable res- 
ponse.” 

The Datsun Dealers Associa- 
tion, of which Mr. Fletcher is 
chairman, consists of 450 family- 
owned companies throughout the 
UK which have been handling 
retail distribution of Datsun 
cars for the past 10 years. 

Mr. Fletcher claims that more 
than 20,000 jobs wiil be 
endangered if Datsun car sales 
in the UK are permanently cut 
back as the result of export 
restraint arrangements made at 
Government level. 

Mr. Fletcher is pressing fnr 
the restoration of at least some 
nf the cancelled shipments, and 
for an increase in November 
shipments from the present limit 
of 4.500 cars. 

His arrival in Tokyo coincides 
with the release of figures for 
September shipments of 
Jaoanese cars to the UK. These 
show a moderate rise from 
August in Passenger car ship- 1 
[merits (11.661 units as against 
T0.020 units),, but a decline in 
I the number of commercial 
vehicles (770 units down from 
the August figure of 1.505 units). 

The September figures for 
passenger cars and commercial 
vehicles are lower than those for 
the same month of 1977. I, 

Car flood must stop. Page 11 I ’ 


U.K. EXPORTERS are now 
finding that, the directives 
issued by the Iraqi Government 
limiting trade with Britain are 
beginning to bite. These diree- 
tives to ministries and State 
organisations, placing an 
embargo on trade with Britain 
r except in special circumstances. 
1 were issued by the Baghdad 
. Government in response to ibe 
s expulsion of 11 Iraqis from 
. Britain in July. 

■ ( With Iraqis oil revenues, as 
i J the second largest Arab oil pro- 
ducer, totalling S9.0hn in 1977, 

- there were hopes that British 

- exports would rise. They were 
t worth £167m last year hut in 
I the first seven months of this 

■ year they totalled £l 23.5m. a 2S 
per cent increase on the same 

! period the year before. Most of 
the orders were for machinery 
and vehicles. 

These exports consisted of 
small contracts. No British com- 
panies have been successful in 
bidding for major projects in 
the past and many of them have 
been wary of going for the 
bigger schemes. Wimpey’s bids 
for the SIBbn Baghdad-Hussiaha 
railway and the Umm Qasr civil 
port development in the south 
of the country were considered 
a test case. Whnpey was origin- 
ally optimistic about their 
chances but at the beginning of 
October the railway contract 
was given to Mendes Junior of 
Brazil. 

It is not clear if the semi- 
embargo on contracts with 
Britain played any role in Wim- 
pey losing the contract but bad 
political relations between the 
UK and Iraq cannot have helped. 
Such Government directives are 
usually sporadically applied, and 
limited by Irak’s keen sense of its 
own economic interests, but some 1 
of the smaller exporters say that 
they are now losing contracts 


BY PATRICK COCKBURN 


Dealing with Iraqi Minurtries 
and State organisations— 95 per 
cent of Iraqi trade is Slate con- 
trolled — has always involved 
prolonged negotiations. Thyssen 
of West Germany once made 63 
separate offers before clinching 
a deal. In ibe years immediately 
after the 1973-74 oil price 
Increase this led to British com- 
panies going for easier and more 
remunerative contracts in Iran 
and Ihe lower Gulf. Only in the 
last IS months has this attitude 
changed but the new directives, 
nonetheless threatening because 
of the uncertainty surrounding 


as fast as the growth of their 
exports. Japanese companies in 
Baghdad, however, are worried 
that the rising value of the yen 
is malting them progressively 
less competitive. 

Worst hit by such demands 
have been the West Cermans. In 
the past they have been Iraq's 
largest supplier. West German 
companies have won such im- 
portant contracts as the trans- 
Turkish pipeline, linking the nor- 
thern Kirkuk oil fields with the 
Mediterranean, and the Slbn 
petrochemical complex in the 
south. But officials in Baghdad 


No British companies have been successful 
in bidding for major Iraqi projects in the past 
and many of them have been wary of going for 
the bigger schemes. 


their application, will probably 
discourage some companies from 
bidding. 

Were it not for bad political 
relations. Britain should be well 
placed to win contracts in the 
Iraqi market Imports of Iraqi 
crude in the first half of the 
year were running at about $4Sm 
a month which is twice the level 
of exports. This is important 
because the Iraqis plan to 
increase oil production from 
2.5m barrels a day in 1977 to 3.5m 
barrels a day by 19SG. The 
Government in Baghdad has 
vociferously pointed out to its 
main suppliers that if they wish 
to win major contracts they 
should increase their consump- 
tion of Iraqi crude. 

The main pressure has been 
on West Germany and Japan as 
the two largest exporters to Iraq. 
The Japanese have responded to 
this and their Iraqi oil imports 
are increasing, though not quite 


noted that West German imports 
of Iraqi crude have dropped over 
the past two and a-half years. 
Their exports were worth S65m 
a month in 1977 while oil imports 
were running at only $10.5m. 

Early this year the Iraqis im- 
posed an embargo on further con- 
tracts with West Germany until 
they raised their consumption of 
Iraqi crude. The West Germans 
argued that they could not put 
pressure on the oil companies to 
change their purchasing arrange- 
ments and in aoy case the Iraqi 
crude was too heavy for German 
refineries. The embargo against 
the West Germans has only 
begun to bite since July, but so 
far there are no indications that 
West Germany will bow to Bagh- 
dad's demands. 

Given Iraq's bad relations 
with the U.S. — diplomatic rela- 
tions have not been restored 
since they were broken off in 
1968— there is a limited number 
of suppliers for sophisticated 


1 plant to whom the Iraqis can 
turn. They are, however, pre- 
pared to waive any restrictions 
where their own interests are 
concerned. 

Iraqi Airways is almost 
entirely supplied by Boeing and 
some of the contracts for the oil 
industry- have gone to U.S. com- 
panies. At the same lime trade 
with the Soviet Union has tailed 
off since the early 1970s when 
the Government needed economic 
help in dealing with the after- 
math of the nationalisation of 
the Iraqi Petroleum Company 
(IPO. Soviet companies are 
now mainly involved in dam and 
power station contracts. 

Thus should leave the door 
open for France and Italy, the 
two largest consumers of Iraqi 
oil. The Italians have so far 
been unable to capitalise on this 
though Fiat is leading a consor- 
tium of companies in the 
running for 8500m worth of con- 
tracts. The French have made a 
strong diplomatic drive for good 
relations with Baghdad. Raytr nr vi 
Barre. the French Prime 
Minister, visired the country last 
year following on previous visits 
by the former Prime Minister 
Jacques Chirac. Despite the gun- 
battle between Iraqi security 
men and French police in the 
summer, relations have remained 
good. 

The strong French diplomatic 
position has yet to be translated 
into a major increase in export 
orders, and French trade with 
Iraq is still heavily in deficit. A 
major arms deal has long been 
discussed. The Iraqi array is 
almost entirely equipped with 
Soviet weapons but Baghdad has 
spoken of diversifying sources of 
supply. French helicopters, such 
as the Alouette. are already in 
service and 32 Mirage FIs have 
been ordered, but so far there is 
little sign of the major deal the 
French are looking for. 


India in fighter engine 
deal with Soviet Union 


Fokker in French talks 


BY K. K. SHARMA 


AGREEMENT HAS been reached 
with Russia on supply of a more 
powerful engine for the MiG-21 
to be built in India under 
licence. This follows talks with 
a Soviet team on ways to 
accelerate the indigenisation of 
the improved version of the 
aircraft 

India already makes the MiG-21 
in a three-factory complex and 
has tried hard to get a better 
engine to give the aircraft 
greater thrust in combat. This 
has now been agreed to and the 
improved version should be in 
series with the Indian Air Force 
by 1980, 


NEW DELHI, Oct 17. 

This is two years before the 
Jaguar will be built in India 
under licence from the Aircraft 
Group of British Aerospace, 
which has just concluded talks 
here. 

The company's team was led 
by the Aircraft Group’s chair- 
man, Mr. F. W. Page, 

Mr. Page confirmed that 
British Aerospace has offered the 
Harrier to the Indian Navy and 
hoped the vertical take-off air- 
craft would serve its needs 
adequately. He did not disclose 
details but it is understood that 
the Government has decided to 
buy 20 Harriers initially. 


BY CHARLES BATCHELOR 

A DUTCH delegation flew to 
Paris today for talks with the 
French aircraft authorities on 
proposed co-operation between 
the two countries' aircraft indus- 
tries. The Dutch .team was 
headed by Economics Minister 
Mir. Gijs Van Aar dean a and the 
State Secretary at the Defence 
Ministry Dr. W. van Eekelen- 
They were due to return to The 
Hague late this evening. 

The Dutch aircraft manu- 
facturer Fokker is to seek closer 
co-operation with the French 
aircraft industry now that its 
links with the West German 
Vereinigte Flugtechnische Werke 
(VFW) are to be loosened. The 
West German government does 
not appear ready to accept 


AMSTERDAM. Oct. 17. 

Fokker as a partner in the 
merged aircraft company it is 
now creating from VFW and 
Messerschmitt - Boelkow - Biohm, 
Mr. Frans Swarttouw. chairman 
of Fokker, told a Press confer 
enee here. 

Fokker is thus seeking to 
strengthen its links with the 
French aircraft industry. A 
French aircraft; the Breguet 
Atlantique made by Dassault, is, 
together with the Lockheed 
Orion, a potential successor to 
the Neptunes currently in use 
with the Dutch Navy as recon- 
naissance aircraft. The Navy is 
in favour of the Orion, which is 
also cheaper than the Atlantique. 
but Fokker favours the French 
aircraft 


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Lever Brothers Sg 

pledge to peg S„ Gr “ 


Economic indicators ! Neave 


soap prices 


BY PAUL TAYLOR 

LEVER BROTHERS, the 
Unilever subsidiary, has given 
assurances to hold down the price 
of its soap, detergent and other 
related products for at least nine 
months following a Price Com- 
mission investigation. 

The Price Commission report 
published yesterday shows that 
the company has pledged not to 
increase prices before July 30 
unless it encounters unforeseen 
cost rises or other exceptional 
circumstances. It will affect 
leading products Like Persil, Omo, 
Lux, Vim and Domestos. 

The other major result of the 
Price Commission investigation 
is that the company has said it 
was willing to reduce consumer 
confusion over temporary price 
reductions fTPRs) by marking 
the recommended retail price on 
“money off' and “price marked" 
packs. 

Lever notified the commission 
in June of its intention to raise 
the price of soaps, detergents 
and related products by an aver- 
age of 4.S per cent 

This price rise has already 
been allowed under the profit 
safeguard regulations, but the 
commission said it wished to 
investigate the increase, particu- 
larly because of the company's 
policy of offering TPRs. 

The Price Commission said it 
had decided some price restraint 
was appropriate because com- 
petition in the washing powder 
and detergent market was 
largely confined to two 
companies. 

It is also investigating a 
similar price increase appli- 
cation from Lever's main 


competitor, Proctor and Gamble. 

Lever's 13 per cent return on 
capital before tax was adequate, 
but might be difficult to sustain 
if the company was uader 
greater competitive attack, it 
added. 

Much of the report concerns 
the question of the company’s 
use of TPRs. The commission 
appears to have steered a mid- 
course between the enthusiasm 
expressed for TPRs by Lever and 
the opposition expressed to them 
by consumer organisations. 

It rejects the suggestion that 
these '* bargain offers " generally 
confute housewives but accepts 
that many retailers dislike them. 

Misnomer i 

The word “temporary" was a' 
misnomer because TPRs were, 
“so extensively used,” but the 
commission was “unable to' 
conclude that their use is, 
clearly against the consumer 
interest." 

If recommended retail prices 
were included on soap and! 
detergent pack, and were care-| 
fully defined, confusion might be 
avoided but the Department of 1 
Prices and Consumer Protection! 
should undertake to discuss the 
issue in greater depth with Lever 
and other companies. 

Lever said yesterday that it 
felt the report was in the main, 
“a favourable endorsement" of 
its approach to business. It 
would co-operate with a further 
study of TPRs but said it was 
"most concerned” with the 
commission's views an adequate 
returns on capital. 


£179 US. holiday offer 
in Cosmos list 


A 12-DAY package holiday in 
New York for £179. offered by 
Cosmos, the tour operator, is 
the latest development in the 
transatlantic fares battle. 

The company's lowest-price 
New York all-in tour is margin- 
ally dearer than other discount 
travel-only fares. British Air- 
ways' APEX fare is £149 and 
the Laker Skytrain costs about 
£139 return. 

Cosmos offers several other 


package tours in the U.S.. in-j 
eluding the Old South and. 
Florida, and the West j 

The company, like other tour! 
operators has introduced free, 
compensation for holidaymakers 
delayed by industrial action. 
Customers may also cancel a! 
holiday of eight days’ duration 
or less after 24 hours, and an 
11-15 day holiday after a 36- 
hour delay, and receive full 
compensation. 


oil switch 
from Greek 
tanker 

By Robin Reeves 

FALMOUTH and Rotterdam 
have both offered to receive 
the crippled Greek oil tanker, 
Christos Bitas. for dry dock 
repairs, should the salvage 
operation off the Welsh coast, 
which entered its sixth day 
yesterday, prove successful. 

News of the offers emerged 
as the tanker was being towed 
down the Irish Sea in search of 
calmer waters to resume the 
offloading of the stricken 
vessel's oil. Gale force winds 
and heavy seas had earlier 
halted pumping of (he oil into 
the 30,090 ton British Dragoon 
moored alongside. 

A final decision on the 
tankers' destination may not 
be taken until ail, or most of 
the oil has been pumped ouL 
The vessel was yesterday re- 
ported, no longer to have a 
lisL But she was still lying 
deep In the water, with a 
draught of some 60 feet. 

For the first time since the 
tanker hit a reef off the Pem- 
brokeshire coast last Thursday, 
oil was reported coming ashore 
along the Welsh coast 
Coastguards reported “minor 
pollution" on beaches from 
Newquay, to Caldey Island. Al- 
ready treated with detergent, 
the oil should disintegrate 
within a few days. 

Output policy 
is real issue, 
says Thatcher 

By Our Lobby Staff 

THE CONSERVATIVE Party’s 
internal differences over incomes 
policy were minute when set 
against the “real issues" facing 
rhe country, Mrs. Margaret That- 
cher sa id yesterday. 

Speaking while campaigning in 
the by-election at Berwick and 
East Lothian, the Tory leader 
said: "To bear some commenta- 
tors and to read what they say. 
you would think the whole of 
Britain’s future depended on 5 
per cent. What absolute non- 
sense.” 

Mrs. Thatcher said that coun- 
tries like Germany, South Korea 
and Taiwan were tremendously 
successful but had never had an 
incomes policy. "They have an, 
output policy — incentives for 
getting up output. That matters 
far more than 5 per cent," she 
said. The output policy included 
lower taxation and a tighter con- 
trol of money supply. 

“We have become a low wage, 
low output economy." she said. 


point to recovery flexible 

continuing next year on Ulster 

BY DAYTD FREUD councils 


BY DAYTD FREUD 

FURTHER SIGNS that Britain’s — 

economic recoverv may continue following the gain in August; BY STEWART DALEY 
through the earlv'months of next which came after a steady down-' 

year emerged in official figures ward trend for nine consecutive ■ mt>. AIREY NEAVE. the Opposl- 
rel eased yesterday. months. . ■ iion spokesman on Northern 

For the second consecutive This moex also must be treked. resterday finished a 

month, cyclical indicators, pre- with resene because i. re » :e f ;3s-hour visit to the province, 
pared by the Centra! Statistical neavily on toe performance o- v-^ere he saw leaders of the 
Office to provide advance warn- tnestGrc* market and a -so political parties in a bid to gain 

ing of turning points in the eco- on *y two of Us four coiupone-ts; gupp^ f or Conservatives' 

nomy. suggested an increase in areavaiianie. . : tentative plan for regional 

activity in the New Year. T^s means tna t Jie r ‘ s ® H ; councils or a new tier ofJocal 

7 h, S h sha re index. accompanied by a I Mr. Neave said he wants to 

six months ahead, rose m August, slsgb* fall in short-term interest ! examine wayg of filling the 
** “crease m July— rales ; v; fli cn are - u inverted J vacuum in local government 

though the figures must be f • . j between the effectively power- 

The index of coincident indi-jiess 26 district councils and the 
mI, >5’“'° °l - L, nr h nnZ 03 f ors continued to rise in; all-powerful direct rulers from 
contnDU ‘ e August, due to a small increase ■ Westminster, 
t thpr - in both the volume of retail sales, An independent inquiry might 

,s base L^r and manufacturing output. ' I be the way to solve the problem, 
fore on nses in new-car registra- . , , . -Mr v« 3 t« indiratrri 

tions and new hire-purchase Inclusion of the tnree measures ; “SSt Sh«P 
credit of gross domestc product for thei saia tna > n o 

The index of looser-leading second quarter into the of ^ i^^ate Return 

indicators, which looks ahead on confirmed its upward movement: J® j ^ the 
average for- about a *ear. also through the early part of the i Sjojiaant ™ 

presents a fairly oplim.sUc veer. | ?s^e ^“surf a We^ilS'er 

— ' j meant that in key areas like 

j Planning and ' ' education 

Y • -■ -■ I® .Northern Ireland was not get- 

Insider dealing Bill ^ 

” { He conceded that the Con- 

m tservarive plan for regional 

for next session ~ *: 

JLV ** “vAi county council, had met with 

stiff opposition, particularly 
BY PHtUP RAWSTORNE from the main Catholic party. 

the Social Democratic and 

A NEW Companies Bill is to he A referendum on devolution Lai50ur Party * j'- ■' 

included in the Government’s will be a key feature cf. the . .. 

legislative programme for the Queen’s Speech. la opening A 13 JOritY . • . ' 

next session of Parliament. The debates the Government, which! „ crW T> “* .. 

! nrnm-amma K- ...tlinari ir> -^ill roir ho-Jr!!" on Sp«fri«h I 1D 6 bULP fife DOT the 


picture# It rose in September. 
Following the gain in August 
which came after a steady down- 
ward trend for nine consecutive 
months. 

This index also must be treated 
with reserve because it relies 
heavily on the performance of 
the stock market and also because 
only' two of its four components 
are available. 

This means that the rise in 
the index was caused by a small 
increase in the FT-Actuaries 500- 
share Index, accompanied by a 
slight fall in short-term interest 
rates, which are used in inverted 
form. 

The index or coincident indi- 
cators continued to rise in 
August, due to a small increase 
in both the volume of retail sales 
and manufacturing output. 

Inclusion of the three measures 
of gross domestic product for the' 
second quarter into the index 
confirmed its upward movement 
through the early part of the 
year. 


Insider dealing Bill 
for next session 


BY PHILIP RAWSTORNE 


BY JOHN LLOYD 

A GOVERNMENT 

(erday 'ennased the lw™. 

Tripetricitv Generating Board for 

ESg? °> fashioned mito - 

^Mr^Alex Eadie, a junior 
minister at the DqtfM gt 
Energy, said that the UEGBs 
view that the National Coal 
Board was unable to produce 
jfoaT efficiently and in suffime^ 
quantities was “ exactly ihesame 
3 = it had said in the sixties. 
I*en oil was cheap and coal pro- 
Section was falling rapMUr. 

Mr. Eadie's criticism which he 


of t E^rgy^ W civil servants 
f orms to the dissatwfMtion v^h 
the CEGB voiced by Mr. Anthony 
Wedgwood Benn, thS Eu«gy 
Secretary. 

Mr Benn yesterday said the 
electricitv industry was **7 U ?§ 
out for reorganisation. He said 
the Government was^ committed 
to the Electricity Bill, which 
would increase the powers of 
the Energy Secretary over the 
industry. ' 

The Bill was published, ra 
draft form earlier this year, .but 
was not introduced m Parlia- 
ment because the Liberal Party 
had indicated it would not 
support it. - ___ 

Mr. Benn believes the CEGB 
has too much freedom in its 
choice between coal, oil and 
nuclear power as power station 
fuel and that the exercise qf 
the ’ choice effectively dictates 
the country's energy policy. 


«M-t hit V». 

period when oft contmuea V h! 
competitive wdth 
to be over the next 13 y«S 5 £: 
Government should continued 
subsidise coal -hma a 
istatbons.. Lasrweek. the'GoS 
-meftt- aunotmeeff a suhgidv^S 

become a high-technology 
wage industry. , ■- 

He added; that Tie. hil ’w 

1 ahhiit tHa 


but hie maantained it 
4oo early, to judge it 

sriHsmb has -so far yielded Binih 

increases to .outjKit per 
.over the industry,. 

He thought' the real breat' 
■through in - productivity- wrow 
. only come.-as live larger; mod mi 
pits replaced the older mt* 
and as new teciinology ^ 
introduced. ™ 

-Investment in the ^r es - now 
running at about £4tra— w® ^ 
half of what was needed if -ft! 
industry were to satisfy tutmr 
demands. 

- Mr. Eadie# who was resDmslhfr 
Tor a £43 m programme, intot 
duced in May this year* *iW 

-at substituting eoal-derived-faeis 
for natural oil .add gas by the 
end of tlje century, believes that 
Government ■ support is essential 

if the Industry is. to produce 
enough coal to manufaetore nib. 
stitute oil' and &bsl 


uci a., wca cLSXCtru uv tut: Vuiuiuci a. *** 

yesterday. announce a firm dale for .the;*^ 5 ™°, na 4 

The company Bill is expected referendum, probably to March the pnndple of 

to be based on the Government or April next year. - Si 

White Paper published this year. : Northern Ireland this would 

It would cover insider dealins. - au tomatI c loyalist domi- 

directors’. interests and , nation because of the way the 

employee’ ^hto to information. Rise ID demand i 


Agents’ tribunal told 
of gambling and lunches 


employees’ rights to information. ... urmflim. x. . ■ ■ 

Bills on housing, education and 111 utinauu , ^ - Neave who was accotn- 

National Health Service reorsani- PZ J“ r - .John Biggs- 

sation will form the core of the IOF. GXGCUtlVGS 1 Davi son, the Conservative second 
Government’s programme for .spokesman on Northern Ireland; 

what will be the last session THE DEMAND for UK execu- ; maintained that he was flexible 
before a General Election. trees rose again in the third: or. the local government ques- 
Mr. James Callaghan, the quarter this year according to'tion. 

Prime Minister, has' promised MSL, the management consul- ; "IThat we would like to do i& 
laws to bring in a council tenants' tants, who keep an mdex cf job set up an independent taquirv 
charter and to give more recruitment advertising. ;fo' see how we can get round 

influence to parents and teachers For the three months to the the problem of - automatic 
to running schools. end of September, the MSL index i majority rule. . 

Health Service reorganisation, rose from 107 to 109. The com- He rejected the plan for.. a 
subject to the recommendations pany said this meant demand for ) non-legislative assembly which 
of the Royal Commission, would executives was the highest to four : has been dusted oft by Mr. 
seek to make management more years. The demand for com-: Mason, the Northern . Ireland 
responsive to patients’ and puter specialists and accountants 1 Secretray. and presented to 
employees' needs. was particularly strong. , 1 politicians in the Province. 


for executives 


FINANCIAL TIMES REPORTER 

APPOINTING A gambler as head 
of the Crown Agents’ sterling 
money market opera tions’ seemed 
very strange, Mr. Peter Nowers,' 
an official in the . organisation 
until his retirement in 1976. told 
the tribunal investigating the 
agents’ £ 22 4m losses yesterday. 

* The tribunal heard of Internal 
complaints about the lifestyle of 
the late Mr. Bernard Wheatley, 
the money market manager who 
was committed for trial on cor- 
ruption charges shortly before 
his death last year. .i 
Mr. Nowers, formerly agents* 
office fund accountant, said that 
his protests about Mr. Wheatley 
went unnoticed. He said that 
lunch bills as high as £35 in the 
earrly 1970s “sent my blood 
pressure up." 


Talking of Mr. Wheat! ei, Ml 
NO wers said: " It did strike me a 
a ■ very strange' appointment "to” 
put in control of faifly fafleteite 
sums, large . araoupts,. so meow 
who - was JenoWtr^ ttr rije^ j 
frequenter of: gambhngrii*£” 

. Mr. Nowers queried expensfli 

with mem hers -vof tte-Vagettb’ 
financial directorate. ■■■Se- gaii- 
“ I wa& given to- Understanfi tlat 
the Crown AjgsndriGtW- 
Wheatley. whathejratooEsfdertf • 
to. be worth: as inoneyiaarfei 
operator.and htOtttthealWMd 
some Jndnlgencdv.^fiflr■pD&xt.' , 

: He had. qxplato^l his cmieera. : 
about the^way Ifc- jmck-tix 
Crown Agents were hei|*;r® 
to Sir Stephen TsoJict.^wm . 
chairman: He .rec38«f®3Bafer 
being takexu . 




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. 2 ; Boeing 737-200 ... 

?. serving more destinafton# « , 

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^Pancial Times Wednesday. October 18 1978 


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A Platform 
to stand on, 


. Remember, little more than a deckle ago, 
when many people doubted there was oil 
beneath the North Sea? But then the huge 
drilling rigs began probing thousands of 
feet beneath the seabed and the even more 
massiveproduction platforms began to 
appear. And today, the first chapter of the 
North Sea oil story Is ending happily with 
self-sufficiency in sight and a problem for 
Britain which many other nations would 
love to have: how to spend wisely the 
hundreds of millions of pounds received 
each year from the growing revenues of 
taxes and royalties. 

Nobody pretends that the oil won’t 
run out eventually. It's no 'cure all' and no 
windfall. But this much is clear: Chapter 
one in the North Sea has been a success, 
with eleven fields in the U.K. sector already 
producing more than half the nation’s 
requirements. Chapter two, the effort to 
Increase and prolong supplies through new 
discoveries and the development of 
economically marginal fields, can be 
successful too. 

But it will require the resources and 
efforts of the private oil companies, with 
ehcouragementfrom-the government. 

- . It will- require a public policy that 
cbntinues fair treatment and economic 
incentives. 

That’s the platform we stand on. 

What did It take for Britain to come so 
far so quickly? The keys to success have 
been: 

Technology 

Drilling and production techniques used In 
many parts of the world were brought to the 
North Sea but they were sometimes 
inadequate to cope with the great depths of 
water and the ferocity of the weather. New 
Ideas were then tried out as oil men pushed 
back the frontiers of known technology. 

Skills 

-Behind tne drilling rigs and giant producing 
platforms lay human prowess in everything 
from geophysics and geology to deep sea 
diving — jobs that the oil industry was in a 
unique position to fill with highly 
experienced specialists, and which British 
people are-filling In growing numbers. 


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Risk-Taking 

Much of the cash that must be spent is ‘risk 
money’: funds advanced in the hope — 
sometimes a slim one — that petroleum will 
be found. At today's prices, North Sea 
'wildcats’ — exploration wells — cost £3-4 
million each. Yet only one in 20 has so far 
found enough oil to justify production. 

Investment 

Even greater outlays of capital are essential 
to producing oil and gas. The companies’ 
capital expenditures in developing 
production will exceed £7,000 million over 
the years 1972 to 1978. And even this does 
not include the vast sums expended in 
discovery and appraisal costs before 
development began. 

These four elements — technology, 
skills, risk-taking and an investment that 
will reach £320 million by the end of this 
year — account for the success we and our 
partners have had with the Beryl field, 

95 miles southeast of the Shetland Islands. 

In the weeks ahead we shall be 
describing the challenges we have had to 
meet in order to evaluate and develop the 
Beryl reservoir and bring the oil safely 
ashore. The lessons of Chapter one provide 
our platform for Chapter two: the resources 
and efforts of the private oil companies, 
backed by fair treatment and economic 
incentives, will give the nation a fair chance 
of continuing oil and gas supplies far into 
the future. 

First in a series on the challenges of North Sea OH. 










4 



Pr 

pr< 

ch 

BY MA 

THE PF 
decided tc 
allegation 
Wilson ft 
number a 
were com 
paign agai 
Party on 
197-1 Gem 
The foi 
allegation 
lowing th« 
affair. Mi 
was. had ■ 
an orches 
himself, l 
Lady Fa 
Marcia VV 
The Pr« 
Sir Haro 
drawn soi 
Subset] i 
mid lbe 
did not 
prietors 
instructed 
round a 
material.'' 

The Prt 
to hear 
Sir Harolt 
formal co 
On the 
against t 
council s: 
Toyal Cc 
that ther 
Labour hi 
The Pr. 
is one 01 
itshcd tod 
In ano 
council 
against tl 

Daily Ex; 
picture i 
Henrietta 
death in I 


10 . 




Sfoancial T5mes WeSiesaay. ( 


The world’s most luxurious 
jet-liners. 

All of our flights between 
London and the Kingdom E>‘ 

spacious -.vide-botEvd 1 nMatt »‘*r 
747s. So! here’s 
plenty of twin In 
.■dietch i.*ut--anii 
enjoy the service. 




MSSSfGER SERVICES EUROPE^SAUK ARABOl 




Personal in-flight travel kits. 

AH first-doss guesfs receive u epedai 
kit- with the compliments of Nudia; 
it includes eye-shades, slippers curi 
freMvcn-up tissues. 

Haute cuisine for high flyers. 

I r they rated airlines the .-ante v.-iy as 
restaurant*. Hi«?n we count os 
the world’s first cordon bleu 
airline 

A quick getaway on 
arrival . . 

At Jeddah Airport we"’ e 
iii"={ fjpcivi-d a superb nev- 
bausjaye hundii: ig area, jviw 
customs control and new. 
airport lounge. 

.So on anivai, you can be 
on your way faster titan ever 
before, 


Exclusive Saudi 
Arabian inter-city 
service. 

Saudia interna! flights 
link-up wilft 2d cities in 
tl io Ki i ig«.{« mu - using 
modem 7U7 jrfs. 

And our Arabian 
Express pit es a fast, 
no-reservalion sen ico 
between Kiyadli, Jeddah 
andDh.iiir.iu. 

Wove ai^n daily flights 
{hr* lUiSn-'tS the Middle 
East and Gulf stales 
besides rrequenf services 
SoPateAin .»nri Itnli.i. 


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home news 


Mersey docks plan talks 


BY RHYS DAVID 



Me re tlie only airline to offer films and music on ail 
flights between the L .K. and Saudi Arabia. Armchair 
controls give a fell programme of entertammei.L 
. Exclusive daily flights 
to the Kingdom. 

We've iu flights a week 
from London ( 7 of tl lem 
non-stop.) including 
exclusive flights to Riyadh. 

And every day, we've 
late-morning departures 
from London that dove-tail’ 
v.ilh incoming flights from 
within the UK. 

For out-of-town travellers, 
it can mean one night less 
away from home: 



Saudi Arabia’s 

second great national asset: 



iudiafr 


SAL'S) ARABIAN MRUNC5 .C'7’-. 

Key to the heart of the Middle East 


F'.t re*?ntf.u.is plans f^ephcsie 
London I l-y.d 7777. Manchester U9&3 8375. 


PRELIMINARY ta!*s have 
begun between Merseyside 
Countv Council and the Mersey 
Docks’ and Harbour Company 
after the touacil's decision ;n 
try to acquire about 400 acres of 
disused dockland near ihe 
centre of Liverpool. 

The council's policy commit- 
tee has given Its oncers a one 
month tarsei to negotsa's the 
deal, intended to release land to 
the south of the pier head for 
redevelopment. 

. The scheme has _ beep 
described by Sir Kenneth 
Thompson, council leader, as the 
most ambitious initiative so far 
aimed at creating ar.d maintain- 
ing employment on Merseyside. 
He said they would be looking 
to central government for sup- 
port for their plans which were 
in line with inner city policies. 

There are some si^ns. that the 
country's proposals could run 
into opposition from the Liver- 
pool City Council. City council 


leader Sir. Trevor - Jones, 
wanted yesterday tfcat- the 
county s hid for the - land would 
delay talks with ' .private 
deve.opers anxious to Jbidld 'on 
parts of the site. i- 

Details of the council’s bid 
have yet to emerge but it seems 
the county is planning to buy 
so xe land and - . leasing' -• the 
remainder, with the "option to 
bny as development proceeds. 
The land has been awaiting 
reaeveiopment since 1972 when 
the docks company concentrated 
its declining general - cargo 
traffic in berths north of the pier ■ 
head. Since then.' parts of the 
south docks' system have been 
let. and there are now ab6btv;L20 
companies there em pi ovine 

some LQOO people. 

Proposals have already been 
pul to the planning authorities 
to develop parts -of the .site 
mostly at the northern end 
c ; osesT to the city centre, but 
none cat. so far reached the 
building, stage. . 



The council itself has difr 
closed plans to develop a major 
international maritime museum 
in part of the docks system, and 
two private groups have put JJ 
planning applications. Gerald 
Zisman Associates, a Lona°^; 
based' property group, wants to 
develop a trade. Industnal apd 
export centre, costing possibly as 
much as £100in. It is reported 
that it will soon be putting in 
detailed proposals. 

The possibility of delays to 
this proposal, as a result of the 
county council's intervention. -is 
apparently worrying the uiy 
Council. . : . 

Another scheme has been put 
forward by Pavilion Recreation 
Of Malvern. Worcestershire, for 
leisure, shopping and office com- 
plex costing possibly HOm. 

The county council pas nm 
revealed how much it will spend, 
and has stressed that the project 
was being spread over 20 years. 

Sir Kenneth has said that be 
estimates that if the cost cf 


to as«p?. ! .the getufty eouj*» a 
would ^oot haw tv me& w* 
than 10 per ccat^rf sfcecakH? 

The docte corapatryjs. estate*' 
and legal officers vrilTnow hotdfli% 
detailed talks vrith^ircoun^SUt^ 
parts in the cowityr council HitfR 
so Jar the company's reaction t2T 

been cautious. At jias said .fiS - 
although it is. as anxious as 
county to see. the redevehroaiM' 
it was obliged to.aci faftiie share 
holders’ best : interests. 


it needs to te^appreciaiW 
that the - Mersey 'Dotis ' aru 
Harbour Company, is a - prtvsS 
company with a responsibijity-ff 
its shareholder? who have 
60 tier . cent of their.investnjctf 
after -a capital reconstriictS 
decided by the - High Cadft 
Included in The scheme was-sfei 
creation; pr a . £2Dm dahV 
form of loan stock trbidu-it waj 
envisaged, would be repaid ^ 
shareholders, mainly; fnafi 
proceeds or the sale of iand,** 
company said. 



County will 
Tyne port take-over 


BY AHY5 DAVID, NORTHERN CORRESPONDENT 


TYNE AND Mx-AR. the county 
centred on Newcastle . upon 
Tyne, will discus: e monos 
today calling for the take-over 
of the Port of Tyne Authority, 
the publicly appointed body 
that runs the local docks system. 

The proposal comes from the 
minority Conservative croup on 
the council, which argues that 
he financial assistance provided 
by the county tu the port 
authority over recent years 
justifies direct control. The 
ruling Labour group has not 
decided over the proposal but :s 


thought likely to support lbe 
dea. 

The port has suffered severe'? 
over recent years from the 
decline of its " former basic 
rades. such as coel arid sr«i. 

was forced to turn to ’.be 
council for help ir. 1975 when 
faced with the loss of some 
North Sea traffic when Olser.- 
Eergen Lines, sailing to and 
from Norway, proposed :o 
concentrate operations on 
Humberside. 

Tne county persuaded O'.sen- 
Sergen to change its mind by 
agreeing to reimburse part of 
the dues on passengers and cars 
using the company’s ferries 2 nd 
by contributing towards the cost 
of a joint promotion scheme to 
stimulate traffic from Norway. 


The company in return has been 
operating four sailings a week 
in summer from the . Tyne .to 
Norway. It has designated the 
Tyne its main UK port fur that 
traffic. 

t Similar agreements 'covering 
reimbursement of dues were 
subsequently negotiated' tvith 
DFD5 and Tor Line fbr services 
tu Denmark and Sweden.- and. 
the county council- has paid £Im 
towards the £l^m .cost of an 
additional roll-on roH-off berth, 
for Scandinavian services at 
North Shields with the Depart- 
ment of Industry providing the 
balance. . r. ■ 

The subsidies .in the [present 
year or. all Scandinavian services 
are costing Tyne and Wear -rate- 
payers about £2291.000 and a 


from 12.393 to 18.000. N'isitors 
from Denmark are up over the 
period from 20.000 to 50,000 and 
this year, in its first year of 


Consumers 

want sav 


on water 


Financial Times Reporter 


THE National CdiiOTmerCohiiJf 
said' yesterday that ‘at , feast tik- 


operation, the S wed WTserv fees! ite mShSTw! 

1,k „ e r water a ul hprl lies sbqyl d he:q» 


On all. the services roughly | sumer reoresen ta lives. It 
nac;pnr>prs' in in e ■ ca ijed for !a separate 

Water Consumers' Cnn wril / 


In a Irter to Mr. Roy 
t ers ley. Secretary for. Prices ae 
Consumer Protection, the cm» 
cil has complained that 
rights of pensioners and count) 


urrher contriburioh is being 
made by North Tyne District 


been Scandinavian or German, 
with only 30 per cent of the 
traffic accounted for by. Britans 
holidaying in Scandinavia- ...A 
further development next year 
might be a new service linking 
the Tvne with Hamburg. . _ 

A further argument in favour; tenants ..have .. ; not :: * bfta 
of a take-oi er is that the local ; adequately prottHaed sbire>t& 
authorities would gain access to : authorities _ have . changed'^ 
land within the port area that : direct billing. U has also clabti^i 
might he used for industrial : amhorities do not give the cw 
development or environmental t sumer • sufficiently ..Sisal# 
improvement. The port authority } methods, hf payment. : p 

has been anxious to retain the ; Before the inlroductW 1 '^ 


Council, which covers North 
Shields. The county claims, 
however, that the. cost is more 
than justified by the increase 
in tourist traffic to the area aiid 
Lie estimated extra £14m-£20m 
token by fecal shops, hotels and 
transport services over the past 
two or three years. 

Passengers on the "Norway 
rente are expected to total 
146.000. an increase, of almost 
half on the 100.000 visitors in 
£975-76. Cars have Increased 



w-ith the port authority to see j ^ ^ow appdared to'he imwR 

“A 


re 


Mr. David Campbell 


Tyne and Wear on its hoard; 
reluctant to accept the proposal, 
the county council might -have 
to promote a parliamentary Bill, 

Alternatively, it might ask the 
Department of Transport to 
reconstitute the port authority. { for; the Environment!: t 
giving its local councils a culture Minister- and'::, 
majority on it ’• i authorities. : l-‘ : 

— — rr ~. — : — : . 


discretitm of the 

. Regional water authorises.' t 
England currently consist .(£4 
chairman and mentbers .appofr 
ted by the Secretary of f 


MR. DAVID , CAMPBELL, . a years ago in partnership with his 
senior partner in the stcckbrok- uncle, the iate Commander Colin 
ing firm of Robert Escsmbe Campbell. Robert Escombe 
Campbeii and Co. has died Campbell was established in the 
suddenly at the ace of 45. City in 1882. Mr. Campbell 

He joined the company 20 loaves a wife and three children. 


APPOINTMENTS 





-nr.« 



:■ 



The unaudited trading results of the Group for the first half of the financial year ending 31st March 1979 are announced as follows:— 

26 Weeks Ended: 


SALES 

(excluding Sales Taxes) 

UK stores: 

Clothing and other merchandiss 
Foods 

Direct Export sales 
outside the Group 


Overseas stores: 


Europe 

Canada 


TOTAL GROUP SALES 


30th Sept.- 1978 1st Oct. 1977. 

Inc/(Dec) 

£000 

£000 

% 

433.100 

356,494 

21.5 

205,191 

167,893 - 

- 22.2 

13,200 

16,556 

(20.3) 

651,491 

540,943 

20.4 

10,539 

8,149 

29.3 

26,155 

30,022 

(12.9) 

688 , 1S5 

579,114 

38.8 


PROFIT BEFORE TAXATION 


26 Weeks Ended: 

30th Sept. 1978 1st Oct. 1977. Inc/(Dec) 


UK (Before Profit Sharing) 

Europe 

Canada 


GROUP PROFIT BEFORE 
TAXATION? 


TAXATIONS 

uk f; 

Overseas > 


GROUP PROFIT AFTER 
TAXATION 


Loss attributable to minority interests 

N ET PROFIT AFTER TAX 
ATTRIBUTABLE TO 
MARKS &. SPENCER LIMITED 
Earnings per Share (Pence) 


The total value of Exports from the UK, including shipments to overseas 
subsidiaries, was £21,153,000 (last year £25,027,000). 


£000 

£000 

ro 

76,261 
loss (482) 

■ loss- (2,835) 

55,277 
Toss (479) 

loss (2,783) 

38.0 

72.S44 

52,015 

40.2 




"34,300 i 

1 ID! 

34,310 

j24,700 i 

1 (217)j 

24,483 

. 

38,634 

27.532 


1,176 

1,065 


39,810 

28,597 

39.2 

3.06p 

2 . 20 p* 



STATEMENT BY THE CHAIRMAN 

The Hon. Sir Marcus Sieff. O.B.E., B.A. 

We enjoyed good increases in our store sales in the UK during the first 
months of the current financial year; in particular at stores which have 
been extended such as Chester, Oxford. Norwich and Burv St. Edmunds 
Margins have been maintained and costs are under control so that the 
final trading profit is substantially higher than last year. We anticipate 
continued good progress during the second six months. 

No provision has been made for deferred taxation. Only taxation 
estimated as actually payable has been charged against the profit and last 
year’s charge has been adjusted accordingly. 

Exports of ready-made clothing have been disappointing. Tariff 
barriers and quotas in some countries have prevented us from developing 
our business as seemed likely a year ago. We are exploring other areas of 
the world and have achieved some initial success. 

European results are encouraging. We have taken firm steps to stem 
the losses at our Lyon store by reducing footage and are expecting good 
results from the forthcoming extension at our major Paris store in 
Boulevard Haussmann. The costs of reducing our operations in Lyon 
and of the development in Paris totalled £976,000 which has been 
charged against the six months' results. 


iSffilichaet. 


*The earnings and dividends per share.figures for last vear have been 
adjusted to take account of the scrip issue made in August 1978. 


London Transport 



- The sales ramparisons in Canada have been distorted bv exchange 
r- J rat ! S ’,^ hlch P ia JL criaUy different from last year. Expressed in 

Canadian dollars, sals in Omada nave increased by 7%; Trading in the 
Marks and Spencer Division has shown a considerable improvement o ver 
the same period last year. Whilst we- are opening new stores in suitable 
shopping malls, it has been necessary to bear the costs of a number of 
closure in unsuitable locations and to provide for the expected cos! of 
some further closures which will take place in the furore. The rota nf 
such costs amounted to £1,1 18.000 and was charged during the half year 

SSwS 8 " S ~ P '° P, “ and D ' A,,airds - ^ominuelC 

. to h* *? c to increase substantially our dividends r or the 

i > iT^T he hav * accordingly declared an interim dividend of 

1.15 pence per share, costing £14,946,000, compared with 0 ‘ 

last year, costing £1 1 ,033 000. Together with taSSSd £ S 
this represents an equivalent gross amount ofl .71 64 pence Mr sharp’ 
compared w,.h 1 2879 peace Iasi year, an inwease o 33 V 
The interim dividend will be paid on 12th Januarv 1979 ,‘ n 
shareholders whose names are on the Register ot' Members 

at ihe close of business on 17th November I 9 ?s. 


MARKS & SPENCER 


Mr: ' Patrick Elliott has been Jri . his' earlier career wM 
appointed . LONDON TRANS- Richardsons ‘ . “VYestgarth aw 
PORT’S chief ' estate manager Vickers he was- involved in .iw 
designate. - lb succeed Hr. Ian 'development " of marine die« 
McGilllvray on his retirement engines and nuclear reactors. • 
early next year, afler 42 years’ - * . - 

service with London Transport. 

Mr. Elllou wilJ be responsible for . Mr. H. B. Stadler. chairman am 
management and development cf : managing- director of R.. AND A 
ail London Transport ^property. -.KOHNSTAMM,- .Beckenham, -Wfl 
He .was - previously ,i xenfer Jtelinqnish.'his position as mafias 
partner .« Clutrons, chartered director on December 31, hu 
surveyors. . and; before that, was will continue as chairman for.®* 
property controller of the Unilever present and: will retain his .ora 
Group. •- • appointments- within the group 

. ' - * During 1979 ■ he will transfer t< 

__ .. 7 - . tfte.gro up's bead office* in 

4 . 5 ?* r Joined and assume responsibility for J 
SCANDINAVIAN. BANK, 'London, range of administrative dalles 
as manager for Latin A nierica. From January 1* Mr. J N. W. 

He has also been appoihtol has accept^ .-Ihe " position’ '.-P 1 
associate director — Latin America, managing director of ' R. and .A 
tor Scandinavian Pfnance. Ber- Kohnstamra. which at his rajiaSl 
muda. may be hmUed 10 a period of- tvt 

* . . years..' Mr. . Palmer has been -3 

Mr. K. Paul Benttey has joined 
Thomson Welding and Inspection -rSulSSS 1 ' i»74^ 

(part of Thomson Welding Group of Rltard Graup sulce 19 4 ' 
based ■ in Inverness) to form a • * 

consultancy in -management for ALUMINIUM'- BRONZE C01E 
quality and safety and high PANY. Walsall, a . member of 'UP 
value technology. Known • as Laird- Group. : announces thi 
THOMSON CONSUIjTANTS. the appointment or Mr. P, Slnllarkey 
new enterprise; operates from a Ac chief executive- He 
regions! office in Cambridge. Mr. previously ., chief executive for 
Bentley was previously director of. Phoenix Castings-" Coventry. * 
quality and safety in ihe Greens member of the Adwest Group. 
Economiser Group, Wakefield. . ^ . 

' * . . 1 ■ Mr. Leonard Griffiths hW 

In the STEWART .WRIGHTSGN, been appointed to the -Bpato 
insurance broking group the fol- of GAMMA ASSOCIATES, .U*® 
louing. appointments have been Nottingham-based '• computed 
made. Stewart Wrightson Inter- systems group, as commercwl 
national Group-^Mr. I*. C Meth- director. Prior to hLs appwfj*' 
Icy. chairman, Mr. J. 1. Mehriens, ment he had been achTslng. t™ 
a directori Mrr.'W. D... Engeham, group as markPling consultant 
chairman of Stewart. Wrightsan ! . ' ' * 

1 Marine 1 , in addition" to being . m « TI5 ri civivr Pnmsev, 

S5a^Sr.5SS 

(Surety and Specie), Mr.. A. ^ r. Wrapson as contracts direemr 




5S5* JHSH!*., and Mr. tan R Burton W com paoy 


Stewart Wrightson tMuririe> add a sen-etarv 
director of The Intemaliftriat . 

Group, and ..Mr. A. I)r tfelderfield. -> ^ J' . _ ' . ' - . . veco. 

chainnarr "of Stewart 'Wrightson 15 ^ E ipi n , 

(Development). Stewart Wrieht- COMMIT NIC ATION- 

son Group (Bermuda)— Mr. Y. A. ° 3R ^iHTION <rormerly Ass®- 
3L Bray, chairman, to be resident .e-ialetT Television Corporation), a* 
in Bermuda. Stewart Wrightson executive assistant to. Mr, J. Gin, 
Insurance ' Agencies “ Oninmile -deputy ; chairman and deputy clurt 
Underwriting Agencies— .Mr. 31.. K.. executive. Mr. Cocks will be. I" 
Henderson.' chairman,' arid Mr. charge of group liaison world-ww* 


[rom the. group. _ 

•- \ii- m * 

Air.'- Aten- K. nay 


lion's subMdiari.es. 


Jfaje hr’eri - Mr. -M. it Wjiui- . is. appointed 

aopointed treasorpr of -NATIONAL Ut 

WESTMINSTER BANK’S domestic department. BP CHEMfOALN 
banklrig dlyiston. • Previously ^P^cing^ Mr. -5 

depoty" treasurer^ he succeeds Air, H who will he trans-. 
Douglas ; Edge-' wiio retires' on' ferring . to -BP^Thadings engioe® r • 


October R-:. 


ing department. 


Your family is our business 


" Mr. Alan Kaye is now chains an 

The BATH; AND PORTLAND oj the mining, machinery division. 
GROUP announces the appoint- of ^ DOBSON PARK INDUS- 
ment of Mr. J. A; G. Clarke and TRIES ‘GROUP following to® 

Mr., ft. *•’ A., Metcalfe, as joint appointment of the previous chaic- 
managiBg directors.. .. • ■ - ; man, Mr. 'J. J. Francis, to thf 

Until this.-hPyi appomtment, chairmanship of the Kango dirl* 

Mr.: Clarice tad.;been .mat»ag.in^ ston ; Mr franc Is ts^iso grouP 
director -of. S- Jiufidfeg -deputy chairman: . Mr. Kaye was 

and civil 1^7 previously chfef executlve of tM 

Margies .Pfegway, mimng.machinery division. Mr. T- 

Prevwus^ h^ i^d bojn Joint Po , tarfl to chairman of. the iW' 

managfeg TVlr. R. j.. na ti 0 nal mining machinery dlri* 

Ridgway- for >;two years. -He. was 0 . . 

appplrltod Hr .thfr mim .-Board jp 
1B75 V • 

Mn-WetcalfeewasiPFeviously/a : t WELLMAN - 'INCANDESCENT' _ 
manjglng.' director . .oT '.Initial Smethwicfc. has appointed 

4ervic^-a .cbmpany with . textile.' Bernard H.-LIBerman 'Rt-dhertof 

rental ;,and engSieerliig interests, — chemical engineering dirisioo*- ^ 


J.' 








n 








J - ;■/: ’ ;*■ t ‘r’r.i'-l * 





-A 






F ^ 


art 




I jlUs 


^inaDdal Times Wednesday October 18 1978 


HOME, NEWS 


Expand export 
role, design <™"jf 


teams 



BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


By Our Midlands Correspondent 

INDUSTRY IN the went w— . ^ | BY KEVIN DONE, ENERGY CORRESPONDENT 

Midlands has so for this year I THE PRICE of oil will have to 

Som nvpH?«rr a f U v, d - ° f 'a* BY i0HN BRENNAN ' PR0PERTY CORRESPONDENT increase by as much as 30 per { THE Government is likely to use Limits oo possible production 

available hv nil f / C l!. ,lies . ,nade eenl ovcr lh . e . n ® xt Bve rears 'Tits powers Lo control the rate at cuts were defined, however, for 

barn.— one of the clearing , ^ ARCHAEOLOGICAL “dig” not start until January at the ? n energy crisis in the late 1980s I which North Sea oil reserves are each field when development 

° Mf Amhnmi i in the cm- Of London could cost earliest. ' ! «lepl«l«l once the UK is self- plans were approved. 


City dig could 
leave £lm hole 
for insurers 


BP chiefs 
bid to beat 
1980s 
fuel crisis 

By Sue Cameron 


Government likely 
to limit North Sea 
oil development 


BY jOHN BRENNAN, PROPERTY CORRESPONDENT 


{ °nsui S 

•• ant * 

un w atf 


tee. ...u.iivaie mu npuri. ine naau- . w7 ' Xu" - reur-inoiun aeiay on ns iiam eventual claim couia ue “ in the 1 "“,1 T . X , u • excess ot our national require- Z V. “ * ; , — 

The report describes the scale C,a l ,0 v °L Consul tins Engineers I wJnisiershire and fiSS 1 Watli " c Court ° mpe dcv ^p- order of £lm. : ZL bu L ' r °“ d , encoura ee. m ents lo the point or exhaustion. 5!2 lnn J ro 2 u 2 ,on * H , 3 

of BHHsWonStS?- the b,,rcau should> a ^^’l6hire ^ nd SU,ff0rd ' ment in Cannon Street. It is understood ihat rover for, ^ ? investment and : withoul havinq aiiy direc , a]tern developed field and to delay 

overseas as SJ toSSfcntSSS ,ns tte committee, ^eonsu It 60 ^; { ESN co-operated with the ESN’s archaeological finds in - ^ development or other fuels. lati ve readily available .” development 

Siat conun^ed^ Som ne“to £? mbers to determine wheth.er a i .£ lo R r S7 a lf In ? *** ! Museum of London by opening suram-e has been spread widely If oil price rises were lo have: H told the Leith Petroleum JfJJe 1 of 100 per ' cent 
the UK balance ofpavmeuts in ,,« eariI i"v b0US .K 5ho “|d ^ ® e * ! conmnn^ntf V* lh u : its Watling Street site to the through the insurance market 3 significant effect they would Club in Edinburgh that the UK .if. en i e ^ 10 H ie ® r, i ls |L 
1977 It comments ^hat signifi- up ,\ m ? tcb,n S th & needs of con- p industry that ca *h museiim ' s arf .h a eo logical depart- and that no individual insur- bave 10 “more than sufficient would reach pet self-sufficiency Corporation and the British 

cant" scope^emc^ris *for further' su N aD *p for staff to work over-. j| 0VJilabIe For new ventures. amre company or Llovds* !yndi- to offset the erosion of the crude in crude oil in 19S0. Production Gas Corporation to find out 

penetration oT eSon markets s £? s w,tb \ be availability of “»»-"*“«* there was a wide dis- arch* eologisls who started cate i-arieTa high proportion or P rlce in rea ' terms which since from ihe North Sea is now run- reserves before the need 

JSi m™erts thatrabllMBCtor able ,taff Uom the pubhc scctor -l"fSf n y , bc i wecn lhe ,ar se and I excavation work in Jufv ISd the risk 1974 has been at least 20 perl nine at about 1.1m barrels a day. for Production, 

consul tancy work might flturc Elsewhere, the report, com- j nf be finished b£ September But Despite the delay. Mr. Sadler cenL " (and meeting more than haU the Mr. Antbony VVedgwood Bonn. 

s? Ls s r miiieD,,y ,n over - St KAns xr.f p on]y srt ^ ; *5*2 1 »• ^ssrst^ or future that . s r Smi 

JEMALS SfJMawa M 


now seek to develop a strong 
export role. 

Wasteful 


point w nere mey are uiree uran »«*my cunaianu ai aooui'ua.v mm me ounaing group 3il one 0 | •• nrL , at af C heolo''ical 1 

as long as they were 10 years, 13 to 15 per cent. Higgs and Hill had been con- interest as it has been constant I • There had to be sufficient oil 1 

ago and that the trend is .eon- j On a replacement cost basis, tracted to start work on the occupation since the Romans "'Price increases lo 'persuade, 
truing. ' ; and a«®r Providing for stock scheme is 100.000 sq feet of new The museums team has Jn-I countries to invest in alternative 

.The committee calls, on the , appreciation, the trend had been and refurnished buildings at the covered remains of l-i century ' energy sources and in cnergv 
Government to try bard to re- 1 downhill, with “□ precipitous; end of September. The DoE Roman building. Sa\on founda-i fonservatiun and efficiency: 


Tt comments: “Individual government to try bard to re - 1 aownnm. with “□ precipitous; ena ot September. The DoE Roman building. S 3 \on founda 
enterprise and the impartial ser- «“«■ the pre- cons miction period j Fall to an average of only 1.6 directive means that the 21 tions. and sections of tht 
vice provided by consultants are for big civil engineering schemes < per cent in the three years from month building programme win Medieval city. 

valuable a‘-iccts of export sue- and suggests more generous 1974. Last year was better ai| - 

cess -nd deserve encouragement, compensation and speedier, pay- 3.2 per cent, hut nobody could i 

Nevertheless, concerted effort ment to people affected by such 1 say investment was being) T)| • j i i « 

should also have an important Projects. . | encouraged. I |^prir||J QllACtn TlAfrOl 

place in r-’^loiiing the UK's ex- Design and Erport Cuut, Indeed, with a higher level j “*■ Vlivu U1 

port oDpor limit ies, especially Engineering “ Little Neddy,” of inflation expected in 1979. j ■■ i • p 

where British expertise in de- Strrtioneri/ Office. £339 postage the re3l return is likely to fall Wgll All If All AlllAT 

sign and operation is divided puid. Mr. Rudge warned. " *** WHU iSUUll UU Lllivl 

between different organisations . : - BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 

and where large sales of manu- # , 

factured goods are in prospect KAflCIAflArC TA TBOBifl DEMAND FOR fuel from the Sir Nevil stressed the need for 

The committee observes that A ClltMUUCl lAJ liC OdlU transport sector has recovered energy conservation and said 

public-sector design consultants r . strongiy th U year, and a period the oil companies were keen tc 

v; ho carrv out overseas work QfTOlIl ¥ reatl .'l cy cheap petrol and help develop more efficient. 

worth 'about £S 0 m each rear- UUSllla 4 H dill derv could soon be at an end. Sir motor vehicles, 

have in some cases joined by pbic wobt ' & Nevil Macready managui? direc- They were also experimenting 

private consultants, contractors. BY ERIC SHORT. ' Sir^vH tSli’thp' .nmiS’Rnad ^! lb ^emative fueis. such as 

and manufacturers to compete THE GOVERNMENT has again The payment of a bonus to : Hai f a p^ ^ liquid petroleum gas. alvhohols, 

for overseas work and that the decided to pay a. Christmas pensioners at Christmas was first ■ EStbouraJ that li thJ first bat t er, «-, solar power and petroi 

possibilities oF similar co- bonus to pensioners, widows and made in 1972 under a Conscrva-i e i E ht months of the vear oetrol denv f d fr p m eoal ; Bu f conven- 

operation on a much wider scale t h e disabled and ' chronically live Government, when it was demand had risen bv nearlv T L JOna J t ' c,nlinue i0 

should be explored. sick. . also £10. It was repealed in 1873) per rent and demand for dSv by be * the . , } feb l ood ?, f r u oad trans ' 

Such a move, the report sug- The amount will be the- same and in 1974. the 1974 payment ! almost 3 per cent compared S? rt at , east urm lbe end of 

pests, would avoid wasteful as last year— £10 tax free— it being made under a Labour ! with an overall recovery of under ^ century ’ 

competition, although it accepts was announced yesterday by Mr. Government. j i pe r cent in demand for oil. 

that some export competition David Ennals, Social Services However, payments were then; Supplies would start to tighten 

between public and private Secretary. ; . ' stopped by the present Govern- 1 in the early 1980s and could Aormnn cnrrmr 

sectors cannot be avoided and People receiving the bopus will. me nt on the grounds that they 'lead t 0 shortages in the second vJCIIlMl! 3lSI YCj 
may stimulate efficiency. ' be in the same .groupings as last were arbitrary and unfair. Last 1 half of the decade. Oil com- TN OUR survey of West Germany 

The committee accepts that year, but a record number^ mojre, year a bonus of £10 was paid i panics would take the opportun- published on Monday a phoio- 

some harriers may obstruct in- than 10m, will qualify for the again. iity to price ahead of inflation to graph captioned Matthias 


hard lo re- ) aownnm. with “a precipitous; ena of September. The DoE Roman building. Saxon founda-, conservation and efficiency’; , SAAB earnings in UK 

■Upn period j fall to an average of only 1.6 directive means that the 21 tions. and sections of the • Governments had tn avoid ■. _ ^ ® A 

rigs!' — «- ssisftH-tS almost double at £19m 

™ — ! Period of chean netrnl ’ ss “ , ’“ — 

port Ciuii; "Indeed, with a higher level i * ”11 v#JL L'llCTitU IICII UI • A balance had to be struck SAAB’S REVENUE from car The target for next year is 

s Neddy.” I of inflation cxpecied in 1979 1 •H 1 i • n between environmental concerns ! sales and spare parts in the UK S.OOO units, compared with a 

39 postage', lhe real return is likelv to fall Will PMH CAftYI All Phfl AT and energy development; (nearly doubled to £19.6m in the SSS^. 11 - 32 * UT \\ ts r e . ached tn 

‘again." Mr. R ud ge warned. YY 111 C11U 3UU11 UU UilCl • The Organisation of Petroleum I first nine months of this year. „ lIt 

— — ■ • BY IAN HARGREAVES, TRANSPORT CORRESPONDENT Exporting Countries needed j conipar cd with the same period 0 f i is II UK dealer ships and 

|Ajw f A }^A rtoirl DEMAND FOR fuel from the Sir Nevil stressed the need Tor to relax self-imposed 8 oMprodu^ last ,, y ” r ;, in . sp,te of * ° nl> hutinn* dl? 

[CliS lv Uc O wlO transport sector has recovered energy conservation and said tion limits in the near future moderate price increases. TrVhllinr 1 '™™ h « k!iL e i dlS * 

r . stTonglv this year, and a period the oil companies were keen to while longer term alternatives The increase reffccts the tck ir. a *h^ aS nk'' 1D aealcrs - 

aijo flAtlll^C onroin re ‘ atl u s ‘ y cheap petrol and help develop more efficient. wcre developed: Swedish group’s determined The' comnanv wants anoihpr 30 

IdS DUflllS aHalR derv could soon be at an end : Sir m0 ior vehicles. « The U.S. and some other move into the more expensive to comniefe ihat Jotidc ! 

' ' & Wa^y.managms dtrec- They were also experimenting countries had to alter policiS segmeni of the market. louidbean ideal nctwork 

! l ° Si^NevH told’ tha annuS’RMd ^ ,lh , alternative fuels, such as which were preventing their oil The sales value is certain to Arrangements have been made 
has again The payment of a bonus to liquid petroleum gas. alvhohols. and gas prices nsinc lo world go. on rising fast, because a with United Dominions Trust for 

Christmas pensioners at Christmas was first rin Eastbourne that in first bat ‘ eri f s * soIar Power and petrol levels. price increase averaging 4 per dealers to have access to the 

' - I. mm ^ 11,1 oasuiuume Uiai in IOC nrsi rtonvort fpnm Ri.r nnn „ an n , - . . ...... rant nn lh» avclnn DO .... ... 


BY KENNETH GOODING 


the lines he had described. § eT 118 “ rst supplies of the new arrive. 

900 senes. The company has spent £20in 

; Compared with the new prices at its main plant at Trollhattan 

f^U^r*** [ or t 1 !* 99 series, which range In -Sweden on a fully-automated 

UflG8p impOrtS from £3 - 842 f or the two-door GL bodyshop for the 900s. This has 

. r „ model to £7.137 for the five-door increased capacity from 100.000 

tniinnrv Turbo, prices for the 900 series units a year to 120.000 and com- 

. f J - T , are expected to begin at about pares with output of S6.000 last 

A WALSALL foundry is to close £6.000 and progress up to £9.000 year. 


Jfy 10 P rice abead of ‘Ration to graph captioned Matthias with the' loss of S4‘jobs. The for a five-door Turbo 

finUTlOP V nffc hnro ml CoornMM u-ie in n j . ■ ^ *1. . Oi ... ‘ U L- . AU1UW. 


r If, 

i l . 


neyona certain limits by public iioem, charged, on the coatm- bonus but they were disappointed fallen since 1976 and were now management services division nf profits. The company says it has distribution 

sector consultancies. However, gency reserve, ..and the money that the Government did not at their lowest for ten years. But National Westminster Bank on been hit by the Import of expected to 

it believes that such obstacles will be paid. m -the week begin- increase the amount to £20 as as the world glut or oil ended. December 31. We regret the cheaper products from the Far In Saab’s ca 

must be overcome if UK design mug December 4, they had expected. prices would certainly increase, error. East 4845 to 63 

: :■ # • ■■ . : ■ “ " ~ 

JvU ' r- •>?: A i f t •. f .■ ' 


e-door Turbo. • Mr. Doug Hoyle, Labour MP 

tias been a shake-up in for Nelson and Colne, said 
gement of the UK sub- yesterday that Britain’s car 
nd big chaoses to the industry was heading for 
on network which are disaster unless Japanese car 
to lead to an increase imports were strictly controlled, 
car sales this year from He demanded an end to the 
B.300 units. “ limp ” attitude towards Tokyo. 



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Pr 

pr< 

ch 

BY MA 

THE PF 
decided t«: 
allegation 
Wilson ft 
number a 
were com 
paign agat 
Party on 
197-1 Gent 
The foi 
allegation 
lowing thi 
affair. Mi 
was. had 
an orches 
himself. 1 
Lady Fs 
Marcia W 
The Pr- 
Sir Haro 
drawn sol 
Subsc-qi 
fold the 
did not 
prietors 
instructed 
round a 
material. " 

The Pn 
to hear • 
.Sir Harolc 
formal co 
On the 
against t 
council s: 
Royal Cc 
that tner 
Labour bi 
The Pr. 
is one nl 
iished tod 
In ano 
council 
against ti 
Daily Ex- 
picture c 
Henrietta 
death in 1 


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jfraaaeial iiines W edoeSda^ tKasiiet ‘ : '-f 


LABOUR MAYS 


II . 

Union low; SU 


pay plea 
rejected 
Booth 



to end 12- 


BY ARTHUR SMITHS MIDLANDS CORRESPONDENT 


by 


By Nick Garnett, Labour Staff 


UR ALBERT BOOTH, the 


; LEADERS OF the '32 Tobimsimns levels from No vein her.. 1 tfhis : - The company is beljeved .t 
:at SL Fuel.Systmns are expected vear and the strike recommenda- have made tr clear, fim . parit 
.to recommend an end to their 12- tion had been deferred until the payments would have to be sej 
. week strike today before winning position could be clarified by the financrog. At least 72)00 voluntar 
a penny of their pay demand, company. . . redundancies would be necessar 

Obviously, we are a lit lie bitter Mr. Benbow said reports -from and. management would have t 
and feel betrayed." one of their the joint negotiating committee see whether promised prodot 
leading spokesmen. Mr. Albert «ic*ested that the company was tivity improvements wer 

^ five-grade _ pay achieved .before diaking tft 


Employment Secrororv. ha5 ; B,nbo*^aia J™ p ”^ racing from £(5 per payments. . 


Genera? and : ?&*£*** by Mr. Roy Fraser's week for’ labourers up to £84-76 Talks wither the joint Begi 

foT unpfficia l toolmakers committee * — -«-;•»<*» tiatino commiftp snm** ♦- «- 

couSi %£ 2 ££; “ ** -s- »«• 


tiadng committe.. appear to b 
deadlocked with, seme rKa 

Discussed 

- -P^iJSSr^ AM asfcin-Vor " 5MJMS- WSSfSfc ■£ 

Mr. Booth replied by letter to; improved differentials appears to fhnu^ht tbe 32 would accept through has been: raised -by a 
tbe request from Mr. David be crumbling as details leak atiiv " and return t 0 work, ixrf ormal talks scheduled to tak 
Basnett. the union's general 1 about earnings levels that might ^ ', he money was not' forth- place ‘ this weekend betwee 
secretary. He is understood to he forthcoming if central negotia- bv . November . 1, they senior BL management s vij 

have said that he was not in actions beb*-een the wraons and ™‘". ri £ L,r,D Drt a n all-out strike by stewards and national . nnin 
position to intervene m such; company are rocce^ftd. •: Xe mo 'makers’ committee. . leaders. Th e . gatheriBg..*: 

settieraents, and would be w-JuflS The trol makers faded in four fi-ures cited by Mr. arranged in : the wake. 

to do so only If a senlemeni was - hours of talks in Birmingham a p pear to be those disr Feugot - Citroen takeover i. 

outside pay guidelmes. yesterday to for Ben ow app.^ nego tia. Chrysler in order to efiscnss 

Last year, Mr. Booth pepped in iheir stinke Jjo ns should it prove possible to wider issues confronting: tbe UKi ' 

S 5 T 44 * -tte SS5 S-.-^ .-f 


minimum rates significantly ; another unofficial body ciahnlnR same 'job— by Novemher The informal- talks could nri 

SRI lieu .. _ a — —a—— j to ivinnlkff tHflik t-fl- 


above Phase Three ‘s I O' per cent, .'to . represent 10fl00- 
although the councils are, in ( w^rkera wiuun BL^Cars^ 


thic: year instead of 12 months vide an opportunity to' aduev 
aimougn the councils are. , n ; w*™™ .wm u.. ^ :«*!=■ ■ iS?r a" orleinally planned. At some agreement about th, 

BSfSS?- 0 e 5 “ pe 1 SSSa r «S 4 if? & .! pre«ent,' .he chances of tha. seem rcfpmeOaJ sWctme propose 

provoked” ! factories about possible earnings remote. tor bl, i^are. . . 

Mr. Basnett had been hoping; 


J 


that the Employment Department ’• 
would protest during the ; 
statutory period for objections 
at wages council settlements : 
which the unions considered too 1 
low. 

The union is expected to issue 

new statement on its attitude 
to low pay. It has already called j 
for sanctions against employers 
who pay less than £44-50 — the ) 
low pay threshold in the incomes 


Humber workers 
seek wage talks 


FINANCIAL TIMES REPORTER 


HULL. Oct. 17. 


policy White Paper. 


■ UNION LEADERS representing is withholding nearly £lm as a 
■ ., nM . • 1#.. ... r.tiiira tn reach 



Jneers at 

which it approves as part of its^over a threatened wage cut an hour-long mass meeting yes- 
campaign against the wages! unless productivity, improves, terday decided to acept their 
council settlement for licensed i They want discussions with the union leaders’ advice to seek 
hotels and restaurants, whieh pro- ! Bridge Board, their consultants explanatory talks immediately, 

voked the letter to Mr. Booth. \ Freeman Fox and Partners, and The main cause for complaint 

It is thought that the union jibe con tractors, British Bridge is that cable spinning is behind 
might attempt to secure improve- i Builders. schedule. The AUEW, repre- 

ments in the operations of the j The loss of earnings through senting the men, blames 
Employment Protection Act's 'withdrawal of the hourly bonus, mechanical breakdowns and bad 
Schedule 11 which provides for j amounting to £50 a week for weather. particularly .strong 
payment of comparable wages in (some men, was threatened bv winds, for the delays, 

comparable areas and industries. ! the contractors, British Bridge The £6Sm bridge is two years 

i Builders. They are themselves behind schedule and the open- 

l rn conflict with the Bridge ins date is now late nest year. 

Board over productivity. The Bridge Board complains that 

_ , Certificat : on of work done is low productivity considerably 

reOIV TO j being refused, and the' Board increases their interest charges. 


Girls lose 
race 


Ford stewards 


pay letter 


SHOP STEWARDS at Ford's! 
strike-bound car pi ant at Hale- : 
wood. Liverpool, have drawn up- 
a reply to a letter sent by the! 
company to all its employees in; 
Britain after pay t aJks broke • 


Post Office productivity 
scheme runs into trouble 



!V, 


TWO WEST INDIAN girts tifej 
alleged race bias by a: com 

company employer said col 

girl job. applicants could uq : 
answer a simple percentage 
question, yesterday Failed “iq i 
move to re-open their discrian 
nation complaint ' 

The sum that Mri Euggni . 
Levine set for joh-seariihlng giit-* 
was: “What is eight per cent V 
£100?” ‘ ; - ' p 

The Employment Appeal h 

banal in London was told yes" l ' 
terday that when asked by r’“' - 
careers officer why be wanted tr , . 
know if a girl being sent to - 

was coloured, Hr. Levine repliec 1 
that all the . colonmi giris ltf 
had seen so far -could, ha* 
answer the simple qoestimi- '■*' ; i 
- Mr. Levine told- the oflicer*' ‘‘ ; 
“ Surely there must be so!ne.«f 
our own girls who are out «i ^ ~i\ 
work— there are-thousands oat \ of v 1 
work." . ■■ ' • : . 

. An mdustrial tribunal at Lee& •,*, 
last January dismissed dams bj , * 
two of the girls interrie\^ed. Hta* “ 

Una Dawkins. 18. of Hilbk Hace, 

, Leeds, that they were victims (rf 
{unlawful race discrimlnatioft-r- 

Of 12 girls seenby MriL«l(W , s_ 

E5LL. : - 'Business 


BY jOHN LLOYD 

down last Friday. Copies of the! THE AT miPT by the Post 2.7 per cent on gross pay (includ-j ^ _ 

reply will distributed to-. Office to negotiate a productivity in§ overtime and other uncon- company. r . ... 

morrow to Halewoods 11,000 , sC heme for its 400.000 staff has soiidated elements), while postal I Machines (now in Hqaidanoitf ,10 
production workers when they ;ru h into opposition from the workers receive one of 0.7 per were coloured ' , 
collect their strike pay. j Union of Past Office Workers in ceat „ i The appeal tribuaal'siJr^Ment 

in^niS^n C f^ 0 p P ni I particular. However, postal workers have Mr. Justice Slynn *«;anafc*r 

2" Vh” 1 mAii£f St .v,roi T , Tbe «2. pposItlon c . omes 35 the a hieher proportion of overtime mentis made by tbe^smmM 

rfA_ h?r^' Pos!T ,_ 0ffic ® ls P uttjn 3, pressure and unconsolidated awards and it seeing the girls were ftte same m 

rf *?n fh?n~^riSLn^ d * on the “"ions to settle pn the is thought that the bonus would each case. None came*6P to 

p r opose<i a * re€n t^ lt b >' **>« e nd be worth about 2 per cent of the j company requirements; so nocne 
Suprt r« d h nnf»i J t f e f 10 ^' The corporation average basic pay for them- (was appointed to the den«!l jpt 

LnfnV : Warits benpfit s s ° f J w ’ heme The ‘ Union of . Post Office on offer. There was no jnfnoge 

factory settlement has been f 0 De reflected in the accounts Workers fee*;, that the differen-| ment of the Race Relations Art. 

torthe present financial year. tial between the postal and tele- 
The scheme— known as “ Over- communication businesses is too 
lay because it will complement wide .and that since the award 
existing productivity schemes — is a percentage one, it will dis- 
diseriminates between the postal criminate in favour cf the higher- 
and telecommunications busi- paid. 

nesses for all staff beneath top The Post Office Engineering 
| management Union- while, it accepts the level 

It proposes that workers in the of award, is also unhappy that 
telecommunications business re- the awai-d is a percentage rather 
ceive a productivity bonus of than a flat-rate one. 


reached. 


Offer rejected 


MORE THAN 4JKJ0 production 
workers employed by Scottish 
and Newcastle Breweries have 
rejected a pay offer within the 
Government’s 5 per cent guide- 
lines. 

Leaders of the Transport and 
General Workers' Union are due 
to meet the company later this 
week to resume 'negotiations. 


Fire stations in dang e r 


TWO OF the oldest fire stations his committee he will be 400 men 
in Merseyside may have to rinse short with the introduction of 


Str ik e goes on 

„ . . [down because of manpower short- the 42-hoar wcekfoHmving the! Coal- Board and the Nationa 

ABOUT 400 inspectors at thp; aae. They are the Hatton Garden fir«*nen's strike last year. ‘Union of M ine workers. A U»- 

Government's Royal Ordnance 'station in central Liverpool which Tie stv*. there would be no I Board spokesman said themes 


Engine winders 
threaten to 
stop 10 pits 


ENGINE WINDING men art 
threatening to close down cm 
lieries in Notts for one day nen 
week. , ■ 

A claim for extra shift allow 
a nces was rejected by ™ 
District Conciliation Board 
made up of officials from tn* 
Board and the Nationa 


factory at Birtiey. Tyne and for many years was the head- alternative but to close two offal ten . pits were planning thej 
Wear, decided yesterday to con- j quarters of the service in the citv. the 32 stations in the countv and 'stoppage for Wednesday, 
tinue their three-week strike ; and Strand Road a' Bootle which take 10 pumps off the road. He! The threat comes .as rainera 
over pay.- About #00 of thein serves the north docks. has Guaranteed that engines will (in Yorkshire are claiming for a| 

colleagues have bpen laid off as' Mr Sidney Rankin, riiief of the still be able to reach fires within f 27 per rent rise on their stae-j 
a result of the stoppage. i Mersey county hrigade, ha? told the Home Office time limit. ‘dard bonus payments. 


NEWS ANALYSIS— THE DAILY TELEGRAPH STRIKE 


Bankruptcy warning to employees 


BY ANDREJV TAYLOR 


LORD HARTWELL, chairman 
and editor-in-ebief of The Daily 
Telegraph newspaper group, this 
week warned employees that 
bankruptcy could be just around 
the corner unless a damasine 
dispute with the group's National 
Graphical Association print 
workers is settled soon. The all- 
important London editions of the 
Daily Telegraph have not 
appeared since October 3. though 
cash is flowing out of the crouD 
to pay its journalists and the 
bulk of its other staff. 

Accounts for the year to 
March 31. 1977. show that Daily 
Telegraph Ltd. — which includes 
the Sunday Telegraph but no 
significant non-newspaper in- 
terests — is ont in the finest finan- 
cial health to cope with the cash 
Row problems that mount. during 
a prolonged stoppage. 

Although the next accounts 
For the year ending March 31, 
1978. should show some improve- 
ment. the Daily Telegraph man- 
agement says that its position 
has been materially weakened bv 
the stoppage. 


True value 


The 1977 balanee-«heet shows 
that the group had net debt of 
£4.im — including 12.56m of 
short-term borrowings — against 
tangible shareholders' funds of 
only £3.9m. 

The latter figure does not 
refiecr the true value of the 
group's properties. Thes are in 
the book balance-sheet M EJ.Sm. 
out this represents valuations 
either at cost nr at I960 values 
which substantially understates 
their current worth. On top of 


this, investments tn the hnofc at 
£i.23m were undervalued bv 
around £670.000. according to 
directors’ estimates. 

The asset backing of the 
group, therefore, is stronger 
than might appear at first glance. 
All oF which would be very help- 
ful in a break-up but not so help- 
ful when it comes to dealing 
with the immediate problems of 
cash flow. 

Lord Hartwell informed em- 
ployees that the Daily Tele- 
graph's wage bill is running at 
about £750.000 a week. On "top 

or this, creditors still have to 
be paid while sales revenue and 
more 'mporfantiy. advertising 
revenue is bene Inst. 

Mr, G. P. Wooley. conipanv 
secretary, said yesterday that 
the strike had so far cost the 
group more than £l m in lost 
prefit- «'ith no mnnev coining 
into the business, fhe group has 
to rely on borrowings if it i S to 
remain in operation and con- 
tinxi6 to pay vases. 

Soup's total wage bill *n 
1977 was almost £14.6r.i. shared 
out among an average of 3 266 
employees. The group i s now 
under pressure to give ntore 
details about its payments to 
employees following allegations 

from some journalists— members 

of the Institute of .1 o urn a lis le- 
thal the group operates a secret 
pay-mil for some workers. These 
include some Print workers 
whom the journalists allege 
receive salaries of £14.500 a ve a r 
The Stoup's problem? are made 
worse by the fact tht— unlike 
other national newspaper groups 
which also have oil and' other 
interests-— it cannot rely on in- 


come earned elsewhere to help 
it over a sticky period. 

Income is almost ' entirely 
derived rom Daily Telegraph and 
Sunday Telegraph- business. The 
latter has continued to publish 
during the dispute hut the group 
does riot reveal what contribu- 
tion _to profits— if any — the Sihk 
day paper generates. 

The 1977 accounts for the 
Sunday Telegraph says: “The 
whole of the net expenditure is 
recovered -under agreement with 
the bolding company and. thus, 
there is neither profit nor loss on 
trading for the year. w 

- - Some respite should come when 
fhe Stroup completes its sale-and- 

- lease-hack of offices a> 135 Fleet 
.Street. and .the newly acquired 
site at Shoe Lane which was 
bought from the Liverpool Post 
and which fs being developed. 

Terms' have been agreed in 
.principle an dshould .create a 
surplor of £Sm. However, this 
money has-:already been ear- 
marked for The group’s plans to 
introduce sew technology which 
tbe ' group esefamted two years 
ago -would cost about £12m. 

In any industry- strikes and 
disputes have- a major Impact on 
company finances but nowhere 
more so than in -the newspaper 
industry. Car factories at least 
can-makeup lost production with 
workers prepared to do overtime. 
Wbcu a newspaper fails to print 
it is very difficult to recover lost 
revenue.' .- - 

Telegraph executives point out 
that, traditionally,;, about- -70* per 
cent of .revenue Jo :a quality 
newspaper is generated from 
advertising’r-the 'remainder from 
salea>7u a recessioo. the level 


of advertising naturally falls and 
at present the Telegraph 


estimates that about' 58 per cent 
of its revenue comes from 
advertising. 

-In its 1977 aewunts. the group 
reported that disputes during 
the year had trieant the loss of 
12m copies, costing the group 
£500.000 in lost profits. 

In recent years the Telegraph 
group profits have Improved 
aFter lasses of nearly £2m. and 
£1-4 m iq 1975 and 1976 respet 
tively. In the year to -.March 31, 
the group moved into the black 
with pre-tax .profits, of almost 
£760.000 and indications are that 
next profit figures will be even 
better. 



Overdrafts 


4\] 


The group says that the balance 
has' also improved . since 1977 
and the next figures should 
show that bank overdrafts have 
been reduced from £2 56m to 
£l.2m. 

In addition.- the balance-sheet 
should show net current assets 
of £24m. after a net current 
liability of about £338.000 in 
1977. However, these figures 
were taken before the latest 
round of industrial disputes hit 
the Telegraph. 

Meanwhile,, there are . the 
longer-term considerations that 
any newspaper faces during .® 
stoppage. Will readers now buy- 
ing copies nf other newspapers 
to ftll-tn their breakfast readies- 
return' to the fold when the 
dispute Is settled? Equally, will 
advertisers become disenchanted 
and look elswbere? 


i:h 


**iV 



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’ .“T. 




.*> 






W-U. l jJL£> 




;s- 


[■iris It 

1 4 

appeal 



The Financial Times 



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- • 







aiiifeiiiwfr 


(3c; i « 


:«reser 


Pr 


pr< 

eh 


BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number o 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing ihi 
affair. Mi 
was, had • 
an orches 
himself, l 
Lady Fa 
Marcia W 
The Pr. 
Sir Haro 
drawn so> 
SubseqL 
tuld the 
did Dot 
pnetors 
instructed 
round a 
material." 

The Pri 
to hear 
Sir Haroh 
furiual co 
On the 
against t 
council s; 
Royal Cc 
that ther 
Luhour foi 

The Pr. 
is one ol 
lished tod 
In a no 
council 
against tl 
Daily Ex. 
picture c 
Henrietta 
death in I 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


MATERIALS 


Safety glass plant 
starts operation 


PLYGLASS HAS expanded into 
the production of Sat laminated 
glass for safety applications in 
hospitals, hotels, stores, schools 
and other public buildings, and 
for security purposes in banks, 
jewellers' shops, museums and 
art galleries, as typical examples. 
Multiple laminations can be pro- 
duced to resist attacks by fire- 
arms. Colour can be introduced 
in the glass and/or the plastic 
Interlayer to provide a high level 
of control over solar heat and 
ultra-violet radiation. Laminated 
glass also achieves lower noise 
transmission levels than ordinary 
or toughened glass of the same 
total thickness. 

A new £lm production facility 
has been laid down at the 
Alfreton factory of Plyglass, 
where it is now coming into full 
operation. 

All the machines, handling and 
inspection equipment for the new- 
line have been supplied by Tam- 
glass Oy of Tampere, Finland. 

The facility has two production 
lines: one semi-automatic for 
standard glass sizes and thick- 
nesses. the other a manual pro- 
duction line for variants and 
short runs of multiple lamina- 
tions for bullet-resistant panels, 
armoured vehicle windows and so 
on. 

As raw glass sheets enter the 


facility the exact dimensions are 
checked and the material Is 
inspected for quality. Sheets are 
viewed against a strong light pro- 
jected through a diagonally lined 
grid. The resulting pattern 
reveals whether or not both faces 
of the glass are totally parallel. 

Inspected and approved glass is 
transferred by vacuum lift and 
tilling table to be an automatic 
washing/drying and preparation 
area before it enters a clinically 
clean air-conditioned room in 
wh i ch the glass sandwich is 

assembled. 

In this room, a polyvinyl 
butyral film is fed automatically 
on to the lower sheet of glass. 
The film thickness can be 
0.38 mm, 0.76 mm or multiples 
depending on the end nse of the 
glass. A three-directional vacuum 
carrier than positions the second 
layer of glass on the film to form 
the sandwich. This system allows 
assembly of laminated glass, up 
to 2.5 by 5 metres, without any 
fingers contacting the compon- 
ents. Plyglass ran also produce 
wired laminated glass in this 
way. 

Any surplus film is then 
trimmed off and the assembly 
leaves on a roller conveyor 
through an air-extraction tunnel. 
In this unit, strictly controlled 
for pressure, temperature and 



• GRAPHICS 

French move on plotters 



PURSUING French .Government Bowever, in 1977, Vartan <Bs-| 
policy to penetrate the US. posed of the major part of its I 
market through strategy take- information - systems group—! 
overs. Benson Is to absorb that o-- cent 

section of the Variau oigamsa^ re ®P onfilbl ® 

lion in the JUS. which produces turnover— to Uiuvac. leaving the 
graphics equipment. . . electrostatic print er-pl otter .sec- 

In exchange, Varian takes a tibh with its $6m turnover store 
minority interest in Benson, both or less high and .dry-. • J 

transactions- being - subject to The move will toke Benslm * 
board and - Government agree- earnings in this sector up .to 
meat - about $20m annually which 

Benson SA claims French- «twt places them at around half those 
European leadership in graphics of Calcomp- The latter company 
products with SO per cent of the too has an. important French con- 
Frencfa market, 50 per cent in nection since it has an agree- 
Enrope and holds some 17 per ment with the SEMS group under 
cent of the world market which the latter supplies an 
Varian Associates, specialists extremely powerful and versatile 
in irigb technology equipment French-designed and bunt muu. 
is a manufacturer of instrumeo-' for use in Calcomp s graphics 
tation for telecommunications, products world-wide. . 

industry and medicine: Its 1977: ' Benson Electronics,- _Bush 
turnover was $352m against House. Prince ■ . Street, Bristol 
S341m in the previous year,' ' BS1 4HU, 0272 290651, ' 


For Industry 


instoni 

Conttut ( w > ivyf Effiriettty 


Cass Electronics limited 
PbmSgUm S 2 SB tsristurmtiau 


• CALCULATORS 

Multi-step 


machine 


• SECURITY 


Guardian on the boat 




Pre-Iammated units are moved to an autoclave on an air-cushion transporter. 


d well-time, any air is removed 
from the sandwich and it 
becomes a pre - laminated 
assembly, sealed and ready for 
the final operation in the pro- 
duction process. 

The pre-laminated glass is 
transported on a vibration-free 
air-cushion vehicle to an auto- 


clave for the most important 
phase of the laminating process. 
In the autoclave the glass is sub- 
jected to an- automatically con- 
trolled temperature/pressure/ 
time sequence which clarifies 
and cures the plastic and results 
in a permanently bonded pane 
of laminated glass. 


The edges of the glass can 
then be shaped and polished and 
the pane finally cleaned ready 
for delivery. 

Plyglass, now the UK’s largest 
maker of fiat laminated safety 
glass, operates from Somercotes, 
Derbyshire. Q77-3S3 332L 


A DEVICE which should reduce 
boat owners’ anxiety about theft 
from their craft of items -such as 
outboard motors, dinghies and 
fittings has been put on -the 
market by Goudoiastic of 
Pershore. 

The standard unit is supplied 
with four sensing switches which 
can be fitted to floorboards, 
hatches or portable equipment. 
Optionally however, devices 
such as pressure mats and roving 
cables can be connected. ' 

In addition the unit can pro-, 
vide warning about bileg flood- 


ing. engine temperature excess, 
ofl pressure drop and low battery 
voltage. Thus, if there' is' an 
engine fault, warning: win be 
given and in the case, of bQge 
water level, a pump can be 
started automatically. • . 

Loud external audio alarms 
can also be fitted in conjunction 
with the burglar alarm. . 

More from the company at 
Birlingham, Pershore. Worcester- 
shire WRIO 1 BR (6386 750732). 


ENTERPRISE programmable; is 
the name ebosezz for the newest 
machin e from Sinclair Ha'iSonies, '. 
for which ability to handle pro- ' 
grume up to 79 steps is claimed. .- 
• It is provided with-. a; three..-/ 
volume ■ library of 316 rontines Y 
for use in general finance, mage.- ’ 
matics, physics, electijmks and :. 
engineering. ' - • - 

Eight-digit red', display has 
fully floating decimal, point or 
fixed scientific notation and- the* 
usual functions are provided.. . /■ 
' Sinclair Radionics, London . 
Road, St Ives. PE17 4RL 0480 
64646. -■ - 


• By- agreement between the * 
Financial Times and tfe-BB C, 
information from The Technteai ' 
Page is available for- use by the \ 
Corporations External Services ■ 
as 'source material for r its .over- 
seas broadcasts. 


% INSTRUMENTS 


COMMUNICATIONS 


Automatic 

routine 

analysis 


handlers, data reduction systems 
and input/output devices — 
enables many different arrays to 
be assembled to meet users' 
precise needs. 

Advances iu counting elec- 
tronics. plus a fast-acting 
vacuum system and a new con- 
tinuousfeed sample handling 


Radio phone 
for small 
companies 


• ELECTRONICS 

s&sr ssrz *25: Powerful transistor 

and straightforward, and ensures A VTT VIXUI t*. 1 IJ IiJWA 

that the most efficient use is THE FI ELD effect transistor, their own efforts to produce 

made of each unit originally developed for low similar devices. 

It will operate on all UHF and power signal handling in inte- International Rectifier dalms 
VHF bands and is available with grated circuits, has now moved that it is “the only power, semi- 
or without selective calling into the high power switching conductor specialist to introduce 
capability and with “pilot” tone market with the announcement a power MOSFET," and that the 
facilities compatible with exist- by International Rectifier of a power levels achieved are more 


HYI 


T 

l 

II 


NEWTOWN 


for oxide silicon) that is able to parable units previously avail-] 


PHILIPS HAS a sequential method, give high measuring MOBILE radio telephones de- facilities compatible with exist- ^in.eroabon^KemRerofa p^verieveis actuevea are more. 

X-ray Buo™ spectrometer ^ STS f or Sff-I. KWwB.' 

system that combines research j mDr0V ed. while internal mpdium -sized Indus triaL com- selective calling have a signal handle over one kilowatt in able. 

flexibility and the possibility of temperature control enables the SS afld Statical lamp to indicate when a call was gening power supply applica- ~ 

tully automatic routine opera- instrument to be used without a oreanisations who nrevimis could received while the driver was “mis* - • ; posaoie a signmeam reaucuonin 

lion with price performance conditioned laboratory environ- no t benefit from having radio absent from fais vehicle. This reSbSftv and e^enw In 

that makes it a practical Incorporation into exist- equipped vehicles, have been informs the dnver to call h s that “ vriTl I StiSrSch aTSw ^pphej 

analytical tool, even for small **J*"*fm g lJg3F& “9* by ^ ° f ^ return. 1 UP ° D HE H? SuVS 

'»™ companies. ESSjJT SiSSS" LS. of Mrihtt. A^modeis wil Ibe avaiiab.e “1^5 “ffiJSS. Hnrst Greet, Oxted. 

PW1400, available from Pye face for connection to users own enables the Home Office with 6, 10 and 25 watts trans- ^ ^ forced to speed up Surrey RH8 9BB (01-888 3215). 

Unicam of Cambridge operates c ?° ice computer system. Com- appr oved Stornophone 5000 to be milting power, but this can be wUi n0%v “ iorc * A 10 speed up bmTey 

. . ° “ ' _ . plete software, support is avail- moved easily from one vehicle easily adjusted (upwards or 

under microprocessor control a jjj e f 0r Phiu ps and DEC mini t0 another to meet individual downwards) fb meet individual a RETAILING 

•jnd has manual controls. All computers. . Other possibilities opera ting requirements. This user requirements. The units ^ 

functions are pre-pro?ramraable. range from basic print-out of g j ves aj, a( jded advantage to have built-in protection circuits rx» 11 • 

with simple commands entered intensities, through connection oeprators who want their entire for supply input conditions and I IJCliPIlCPr nrOlllPITl 

via a keyboard printer or VDU. of f .programmable ; calculator^ flee t of vehicles to have radio transmitter power- output func- piUUltiU 

on-line linking to a central communication capabilities, but tions. ONE BRANCH of the Co-op has But only one type is on issue at 


• RETAILING 


Dispenser problem 


Modular construction— with a computer, 
choice of generators, sample Pye Unicam on 0223 5SS66. 


ONE BRANCH of the Co-op has Bat only one type is an issue at 


who may not require all the Storno. Frimley Road. Cam- written to Technical Page con- any one time. 


vehicles to be equipped con- berley. Surrey. 01-882 4944. 







ceraing a problem of token The problem arises when the 
counting and pre-packing which tokens have to be counted out 
has, so far, not been solved by to meet the customers’ requests., 
existing manufacturers of fee Seven and 14 are popular- mun- 
appropriate equipment hers; corresponding to one or 

It goes like this': the Society two pintas daily. Bat coanting 
sells dairy tokens to customers them out manually is- time- 
in its grocery shops. The user consuming and a dispenser 
pats out the appropriate number would be welcome, 
each night and the milkman next F ailin g this, the Society would 
morning not only automatically like to prepack in multiples of 
knows what to deliver, but also seven or 10. But makers of the 
has' no- accounting routine to relevant equipment say such 
perform. At the same time, the packs are too small and 30 up- 
Dumber of tokens collected on wards are what their machines 
each round is a close approxima- will handle, 
lion of average needs. Since one token is worth 12§p 

Two sets of the plastics/ this means customers would be 
metallised tokens are issued, to f„ rced intt, handing over 30 x 
cover changes m milk prices. i 2 ’ p or £3.75, at the least, each 
■ ' — time tokens are required. 


★ New leasehold factories and serviced sites - 
are ready NOW. 

★ Govemmentgrants are available and 
substantial rent concessions may apply. : - . 

it New motorways, fasttmnk roads. High 
Speed Trains and modern dockslinkydu : 
with allyoursuppliersand markets. /. - 1 - 
ic New Town housing availability. 

Cwmbran isoneofBrltaizrs most successful . 
industrial developments -little more than 2homa : 
from London by H4 or lihenns by High Speed Train 
and 1 i horns from Blncin?2iambyxall or motorway. 
CwmbranBevelopment Corporation has already 
buflt an diet more than 130 Victories, and tha 
current buHding programme provfdes^ 3, wide choice *. 
of modem, leasehold industrial premises in 1978. 

Fully sarvieed. l e asehold sites are also avaflalfla. 
tVe have 45,000 people, excellent hoosin?, schools v _ 

and amenities, thriving Indus toy, and a splendid - - 
shopping centre - a magnet lor the r^on. - 
Get thefheta about industrial opportunities ' ' \ 

and Government grants at Cwmbran. HouringwilZ' 1 
be provided for all workers in new industry, and 
the key men who come with you Initially will ba 
housed immediately. 

Please icrite, phone or use theemrpov. TODA Y. ' . ^ 




H~W. Hewlett General Manager * 

• CwmteanDevHtopme ntCo niatatiigiCwinaran Gwent KPtSSJaSriifc; 
Telephone Cwmhran S7T77 . ” ] 

PIpncnww^i^Tnp tnff -iimt inn npyyi H jn i It . lw , "V.-^V 


electricaSwire&cable? 


9 SERVICES 

Laboratory 
open to all 


Rembrandt,’Self.-portrajt' (1631), Rijksmuseum, Amsterdam. 


Rembrandt country is Rabobank country. 


THE CONSIDERABLE labora- 
tory facilities of Foster Wheeler 
Power Products in Hartlepool are 
to become available to industry 
on a contract basis. . 

Areas in which fee laboratories 
are expert include quality con- 
trol, fee assessment of material 
and product specifications, metal- 
lurgical and weld testing, and 
fuel and water chemistry. 

In chemistry, teams are able 
to carry out conventional wet 
analysis to any standard method, 
and also have available atomic 
absorption and a visible/infra- 
red spectrophotometer; “Parts 
per million” metallic analysis 
can be carried out 

Solid or liquid fuels can be 
assessed in- terms of moisture, 
carbon, hydrogen, nitrogen, vis- 
cosity. flash point and other para- 
meters. Analysis is offered of 
water in boiler and steam genera- 
tor suppDes and pollution inves- 
tigations can also be carried out i 

For metals, the unit can per- 
form tensile, impact and harness 


Any manufacturer who can 
provide an appropriate dispenser, 
or a packer which will turn out 
packs of seven a rime should 
communicate with Mr. Alan 
Wright Secretary, Portsea Island 
Mutual Co-operative Society, 110 
F ration Road, Portsmouth 
POl 5DB. Portsmouth 22211. 


NO MINIMI 
ORDER 


NO MINIMUM ?:■ 
LENGTH n. 


LONDON 01-561 8t18 ABERDEEN«m32355/2 

MANCHESTER 061 -872 4915 


' TRANSFER CALL CHARGES GLADLY ACCEPTED 
3* HR. • EMERGENCY NUMBER 01-637 J567 bet 409 


over 

since 


*1 1 i iT* 



JHT embrandt found his inspiration in Holland, other major European cooperative banks. This, together 
yet created art with a worldwide appeaL The Central* with the support of London and Continental BankcrsLt<L 
Rabobank also finds its inspiration in Hollands. has strengthened our operations by giving international 

yet increasingly provides services in the world at ferge, clients unparalleled on<he-spot service. 

With a strong agricultural background, i , . ... " ‘ l i 


meters. Analysis is- offered of The Comoanv Lc Fiat- 

water in boiler and sttffm genera- ‘ B Mat. ; . 

tor suppDes and pollution inves- iNot hat cars. Not Rat commerdaL 1 ’. v! 

ligations can also be carried out. vehicles. .-.V'V 5 -; 

For metals, the unit can per- \ A/ e ._,, , . . K- “.**■ 

form tensile, impact and harness VVe are I - ia ^ Industna! and Marine Engines, 

testing and also has a- scanning One of the world's major producers of • 
electron microscope. diesels «*nr» 19 fl 7 r 

Mnr« frnm the laTinratm-iae ot U '“615 Since 17 U/. .■ 


electron microscope. 

More from the laboratories at 
Brenda Road, Hartlepool, Cleve- 
land, TS25 2BU (0429 66688). 


the Centrale Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion 
Dutch guilders (in excess of US $ 26 billion) in 1977* 
This makes the Rabobank not just one of 
the largest banks m Holland and one of the 35 largest 
banks in the world, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 


Growth of balance sheet totel 
and international activities. 


hte ma tionaL # 


^Organization. 


The Centrale Rabobank is now expanding 
worldwide with a full range of banking services. 

To accelerate this expansion, we recently cofounded 
the **I Inim Banking Group", linking us with five 


1 . . . 

*72 "73 "74 *75 *76 *77 


In addition, we are active 
in the Euro-currency and Euro- 
bond markets. Our international 
transactions in foreign currencies. 
Euro-credit loans and 
participation in new issues, are 
showing a remarkable growth. 


Centrale Rabobank . International Diviston. 
Catharijnesingel 20. P.O. Box 809 S, Utrecht. 

The Netherlands Telephone Q30-5626lJ.TeW, 


Rabobank Q 

Dutch Masters in Banking. 












Up to now, Ripply of our dlesds lb the 
U.K. has been restricted. Now wearegesred .. 
up and ready to meet demand, with a wide 
choice of engines tailor-made to yoor 

requirements from the largest rangeayai 1 aWe. ; . 

50 hp to 540hp to cover every industrial find ; 
marine application, with or without anidlteiy . -. ' ] 
equipment. - “ ' . ,: . v 

Rat Diesels have become renowned the. ; v j 
world over for their power, reliability, 
performance and quietness of operation. . ; ■■ 
Add to this their superb engineering arid 
long life and you’ve got a powerful argSnerit 
for specifying them. You can rely on our ~ i 
delivery dates too, with prices that are very: . . 
competitive. : • ^ ‘ 

And it is reassuring that your customers^' 
will be well served by the Rat worid'wde ’ ' ’ 
spares and service organisation. 

Whether your need is one ejgtaeor ■■ 
many, contact our nearest distributorsfor 
more information. > .-- ‘ :* 



N 


50HPTO 540 HP 



RAT-GM 


Industrial and 
MameDfesds 






Thes> Rat Diesel PomrSptdabos ar»tt y tw « ftfaSt : ' . 
NUUSTOM- B®USTWAL*MAM« .- KajSTTtiAL »'HAWNE_ _ 

5*3 2a» B8, Oatni Wjv, CosehrfctodnsiWEa^fc WDUtalJ •• ■ 

U:(Oi4j4U615 Pe *lgtoe DE5S4CTi. 

T«fcff7n«)38H. :. : * 


-HABNE- 

QuxyWatKMMSnfba : 

. tiaiud. Oiij-Vifett 
«A«Oui>lta»L 
PM^DerotBHlSlHX. 
■bkpBKSSiaoo.. 


■ M 

WhimlMMlfalW 

23FanStroa, ~ 
Sdcenbt^mw '' 


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pr{ %J 

rn r. l • t! * 



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gf?S35. 

C*fi 2 Hh , 




Kdancial Times- Wednekay 


The Management Eage 



' ' : '-''tk,-;- it 








Selecting and promoting 
| without prejudice 



New initiative to promote 


A. LOT, of companies .pay lip 

service to equality erf oppor- 


ledges that this is opposed by [I RCI IQQFI Q 
some groups on the grounds ' * l*rfwwfc«i vl 


, -, . ’ . -•» “ f . g-~^ m Hiuups an me grounds 

?- r wo “* n an ? for Jason CriSO on that it may arouse suspicions 
racial minorities. After all, ifs ** of unfair discrimination and! 


BY CHRISTOPHER LORENZ 


Director Genera! and Clerk to 
the Greater London Council. 
The secretariat will be supplied 
by the Commission, and the 
conference will meet about once 
a year. Several specific 
technical items of common 

interest were named in 

Luxembourg — all possible 
subjects for demonstration 

projects — including waste 
disposal systems. pollution 


10 years since the race relations .■ Q now; ont\ may be misused the IPM WITH EVERY European their cause than the clarion organisations in the Community, tion in the Community, with monitoring and control, vehicle 

act was passed and three since tt XiCW ailLl" believes the arguments f 0f I government frantically study- calls which regularly resounded one each from France, Germany suggestions of ways in which it management and design, and 


the Sex Discrimination Act. 


Deneves the arguments for government uouuuuijr »uw»- «w» »> 
records are more persuasive: “8 Jikdy impacr of new around 


. mj “*• wcjw mscn&iuiauoo -Ad. »• • « » ■ • records are more persuasive 1 me iuu:i y i«“F*«n- «» aixmuu «.■**■ Community, and the UK. have approached might help. — — — 

iloh* Bu t as the Institute of Per- QlSC nmin atlQTl that it shows up any racial technology and Third World apparently to little effect, until the Commission for funds to The report's underlying thesis ** aU * !“! > car ' s re P° rl hy 

Mjjfo sonnel Management points out barriers which may exist either competition on future trade and a year or two ago. help finance a new joint opera- was fj, a t the Community's tbe Comrais5 i°u £t«u’ 'made over 

" . > 4 * m a lengthy paper, published COOP OT POTldllCt through discrimination or in the employment officials of the A new initiative of potentially tion. which would assist small relatively poor rate of industrial 20 suggestions for Community 

yesterday, there is still “ wide- VV ' VAV ' yjL wiiumvi method of recruitment EEC Commission have had a considerable significance came companies to make the quantum innovation was becoming a action on industrial innovation. 

:* spread evidence of racial dis- ■ ■ ■ It recommends the Com- S 0,den opportunity this year to to public light only last month, jump in development from matter of urgent concern M* 11 * were concerned with the 

advaatage both in . obtaining mission for RaeiaJ Equality’s revive their clarion 031115 Tucked away in the announce- serving their national markets especially in view of the slow- need for S reater information. 

Jobs and hi promotion _ . system of classification and sa'vs for cross-frontier cooperation ment that a "Standing Techno- to going Community-wide. down of world ertinomir growth both about the detailed factors 

prospects.” Similar dis- On more conte^ issue ^ wher ev er possible X « technologically advanced in- logical Conference of European Though n0 decision on the iwell « iSi^SSSSSS: Innovation and 

advaatases apply to women, it roMiperatioo of trade unions d H slrie ® : aerospace computer. Locd Authorities had been approach has ye t been made in from the Third World in tradi- ?^ ut ^ flow. of relevant 

■adds especially m management should ** s °ught. The best way microelectronics, lelccommum- established at a meeting m Brussels, the possibility of some tionai sectors of mdustrv. and ’“formation to businesses them- 

opportumties. ** 10 include ethnic origin on “ fl “ s “<* the a Luxembourg, was a statement 50rt of community initiative io from technologically advanced J* 1 *** improving contacts 

™ e K . reaS °, n 15 Dot th ^ t aU £L5“2L ‘BSSSSn The' lhe a PP |ioa tion form, although wet * used E ° by w i tbout tha . 1 J he r ? eet ^ S had been held help improve the flow of veo- countries in newer products and benveen bu > er f a " d sellers of 

Britfeh employers are misogy- ^°_ versy and bitterness™ the there shou , d fafi nQte Jain _ 0 r more of them being the “within the framework nf the ture capital in member states— services. new lechnical devices, for 

nists and racialists— although u f- ; . > '■ in? that the information is subject of a call to arms from Commission s examination of and u^Vebv foundation and example, nr assist a nee in the 

no coubt a good few are— but TTnfajr discnminatoiy acts in nP(ided for monitoring purposes Br“»e |s - the problems of industrial development of small firms— is Wacfo Hknncol ,,hnK “ f ‘^penally Lurnpean) 

that by failing to take positive the P ast cannot be remedied b> an{ j w jj s ^ guide Yet surprisingly little has innovation and innovation unf if»rJ?nori t Q be one of a mim «Slc QLSpOSHl patent applications 

X2? One particular problem which been beard f™ m Brussels policy/' _ _ , whldi have S The report, produced just H was as a result of this 


construction techniques. 


niste and racialists— although U -S- . ;■ i„g that the informatioo is subject of a call to arms from Commission's examination of and dierebr the foundation and example, nr assist a nee in the 

no coubt a good few are— but *U n faj r discnminatow acts in ^ nPe ded for monitori ng purposes Brussels- the problems of industrial develonment 0 f smal! firms— is Wacfo rUcnrhcal ‘‘ling of i especially European) 

that by failing to take positive the past cannot be remedied b> ant j w jj s ^ guide Yet surprisingly little has innovation and innovation un fjprs?oori to be one of a mim «Slc QLSpOSHl parent applications 

SST Sr^is^^^ToS^s^k t*ne particular problem which heen heard from Brussels policy." ber o?sSeSs wh°ch have be^n The report, produced just If was as a result of this 

they may inadvertently he ™ Jh»s benefit those wno seek con , parues facGt wf]ere , hey 1MV recently about these “Indus- Even for many close discussion for several over a vear ago underlined the report that discussions began 

PoiSTtTfolI; 2SJ ^LKS" STS? ^2 SSm' w - he - Unwiltinely discriminator^, tries Of the future '-m pubUc. observers, of the Brussels scene. n]on th. between the Com mis- ways in which public autiiori- early this year between Commis- 
poirts to four mam obstacles ,s ,n asseasm° overseas qualifi- at any rate. this was the first indication that sjon Md experLs from raember ties influence innovation— not sion staff and experts from 


which need to be overcome in future," says the. report, 
el i mna ting discrimination in The IPM gaide offers at! 
employment : and recommendations ii 

A lack of will or “ laissez number of areas of recruitz 
fain comolacencv: delavin? and selection and points 


particularly those from sion's 


fam ; complacency; delaying and selection and points out underdeveloped countries, are have been so over-worked deal- nology, which have hitherto th® Commission gave tQ encoura o e innovation. But it study of about 10 subjects, with 

tactcs lack of professionalism, that by improving these. e, vastly inferior or that certain fng with the "crisis sectors” — been largely sector-by-sector. Guido Brunner, the Com- warP e d that, in some member a view to making policy recoin- 

, largely to overcome this in order to allay .fears, minority groups tend to claim including steel, shipbuilding missioner responsible for countries, manv existing mendations in some cases. 


sion and experts from member ties influence innovation — noi sion staff and experts from 
countries’ Industry Ministries, only b? their creation of the member states’ Ministries of 

rru<> „r * economic environment, but by Industry. Jr is understood that 

^1? S ; Si Purchases of equipment and by the participants have nn-.v 

general and specific measures decided to concentrate on the 
year, when the Commission gave tQ encoura o e innovation. But it study of about 10 subjects, with 
Dr. Guido Brunner, the Cora- wanie£ | that, in some member a 'icw to making policy recom- 
missioner responsible for countries, manv existing mendations in some cases. 
energy 1 , research, science and . . 


miN. loner re.ponsioie ror TOUn tries, many existing mendations in some cases, 
energy, research, science and measures were nut consistent The subjects include- existing 

iniUaUves JTBSi “ mUtUa " y .n'-"" 1 

trial innovation rem forcing. munity measures: banks* 

Proposing a wide range of venture capital activities: fiscal 
under the coordination of one Community initiatives. the practice: flow of technology in 


-a code for non-ducrimina- prising from -the anti-dfscrlxnina. there is a lack of central source posals for the encouragement win the support of raember trial innovation. Pronosin" a wide rano- nf venture caDHal artivities fist-al 

SFlLi for companies* aim laws." bv • - of information on this and it of more technically advanced governments to the cause of a Under the coordination of one ComZnire initiatives the 

onrerruitment and selection It ranges from job desmp- suggests that perhaps the Com- (and potentially employment- community-wide innovation of Dr. Brunner’s senior staff, report’s verv first <m°sestian and out of tiiV Communitv 1 

procedures which will help dons and advertising to "un- mission for Racial Equality and creating) industries. policy, the new local authority Mr. Raymond Appleyard. was for “ the a^rektion oMhe possible c^nneraUve S™ hv 

Tr^dure? dlscrimuiato ^ Ind D q e P artment ^Education But some members of tiie grouping could become just the director general for scientific most dispersed pa?t oi public small- and medium-sized firms; 

-r j. and testing. On unofficial blocks and Science might consider directorate are still heave nng first piece m a complicated jig- and technical information, a demand in order tn induce and that fundamental Tom- 

„?f m 3dd '^ on tbe ^sLtnte dlso the guide waim that some stepping in to fill this quietly away at plans for assist- saw of innovation-boosting group comprising members from industrial innovation- that ntunirv theme " a«**re°aUon of 

re^nmends that companies employees may be acting a deficiency. ing th e development of specific initiatives, in some of which- a wide range of Commission Se lic.1 " nd SibnatiwiSl nk^kS market^ 

positive programme bamer to recruitment even On interviewing, the report growth areas within, for as with (he local authority directorates was established. In regional authorities ’— in other 

towards opportunity though they have no authority, warns bow fallible a device It example, computing. If little forum— the commission might particularly close liaison with words to pull wether a host 1116 , e ? L ’ epI, ,°^ °1 tbe 

ratter than taking a " kussez It cites cases where a - We- is. especially in the hands of the has been heard of this in the play a purely advisory role the Commissioner for industriS of often small and disoarate P0SS i We prov|sion ° f ftmd8 [ or , 

fairo attitude. Part of that phomst told a mal^ applicant untrained. It. therefore urges Press, it is partly because The second piece of the jig- affairs. Viscount Davignon. and markets in order to increase 3 E “T opea f ' entvr e capital 

prtCTamme should include a that the job was really intended companies to provide training officials have now realised that saw could fall into place before his senior officials, the group the economic return for new operatl f ,ni this may all seem 

pokey statement of non- for a woman, and where gate- for all those who have to con- a "softly softly” approach is very long. As the Financial then prepared a report produST pretty low-key stuff. Its sijmific- 

distrinunation by top manage- keepers have turned away black duct selection interviews to more likely to win national Times revealed on July 31, three analysing the problems P The report specifically an( jf. 1s t H °f ol d- first that rhe 

where applicable this applicants. reduce the effects of “inter- governments and companies to of the leading venture Capital surrounding industrial inno™ mentioned the pn« S ibimy of a s ' ud,es a " d f d,s ?. u,S \° h n * ™ 

shduld be done in .agreement " It is important to recognise viewer bias " Only trained int-r- p a b ui siriai nnnva menunnea i ine pnsmnyotj bemg conducted by the Com- 

wlth the trade unions. -And the this potential hazard and to take viewers should mrJnrt nr*. r ,Li a..,u n,,sslon and member states in 

statement should be widely positive preventative action if l?minary selection interviews or ~ 1 “ 111 1 - rrmtmnnnOv rn S thS ^ ose co ' opera . liDDi rather than 

_ _ . ^ _ P 1 . *_ i . least no inter- BUSINESS PROBLEMS BY OUR LEGAL STAFF continuously to s ^ ud >‘ their by f j Ye Commission in splendid 

recommends the lastitute. tion are to be - .avoided,” views should 'take place without - products praeesses and iso,ation ’ a * sn often 00 other 


— I — — — ^ w wu>v pipvu w iu mill 

Also companies should intro- cautions the IPs?. The key " a trained interviewer in atten- 
duce effective -monitoring positions where this ;Kap- dance and contributing to the Coffinn l nccflr 

arrangements : c£ recruitment pert; are’ -telephonist, -gate- final decision,” says the report Oclllllg lUSSc2» 

policies and procedures based keeper, receptionist,, personnel * Tmcards Fairer Selection— 

or adequate records so that' it secretary, and line manager; a Code lor Non-discrimination. Oagincf ggjnc 
can be chected whether the The Institute “xtronehr a^vn- mice £3 of ux ann n&n » 


In fact there is nothing In in the sale of property? 
section 44 of the Finance Act The law does not prohibit a 


regulations and needs for new isolation, as sn often on other 
products. processes, and j ssues j n the past. Second, the 
services. to discuss w,th process nf study, consultation 
potential suppliers, to exchange recommendation over the 


. , , , * “““ law uucD nut piuuiUH a pvnpripnnp nF arfvanrprl tpphnrv . 

197k (derived from what was solicitor from acting for both ad\anced techno- nest f ew years may produce a 

originally clause 35 of the Bill) vendor and purchaser. However 0& \’ sponsdr demonstration miIC fi greater Community con- 
wbuh limits one’s existing right since Jamiry 1. 1973 the Law P r °l ecl5 " elc - sensus on how to deal with one 


can be chected whether the The institute “strongly ^advo- price £3 plus 30p p&p is avail- »“ IUJ M«iw T «« ?* e l MI I } . I? J. , * . sensus on how to deal with one 

«*“*«!£ ?aoptto n .of . ««. ob!« mnjke hJS, Of Ver- CM y™ «1 TO on *e m S?i SPSdSiiSi of SfV SttSf jSSKt .J"** JS2K* fL ."“S.""?! 


publicity shrnld be given in of recording racial or ethnic sonncl Management. Central tinder No Tax to Pay(Aus. 9) yean.* Stowable ' losses "7o far S?Pnr whfS hS ni£,.I v “ on,b s deci ^ nn u } n strategic questions for the 
house journds about the pro- origin of applicants, for jobs. House. Upper Woburn Place, please, to include the situatitm as they have not been allowed established Se^or where tX V! i b,!,,> \ of European 

***** of ^ Prosramme. Although .the paper acknow- London WCJH DHX. where there are losses on some as . a deduction from chargeable property is of a value Dot exceed- JSl ' ™“’ i? Dd i!L?* encourage 

■ . • — ordinary shares and gains on g ?, DS ^ PreV,0US ^ «J»0. or where the parties sh,p of S,r JaraeS Swaffield - Profitable innovation. 


Although '.ther paper acknow- London WC1H OHX. 


P KEBMT LIMITED 

HOUSING. + PROPERTY DEVELOPMENT 


.. ' f-i'i. 



Vsar and bA 3Bth Jum - 

Salas 

Trading Profit 

Interest Paid 

Profit beiore Tax 

_v 

j 1978 -_ 

£OOB- 
. 13,674 

1.700 

594 

1.106 

1977 
£D00 
9.038 
■i 1.526 

7D3 

818 

Profit after Tax - 

“ 

922 

• 410 

Cost of Dividends 


242 

. 221 

Profit boforolax as % at Sales 


8.3 

9.0 

Earnings per Share After Tax ,? 


H.Sp 

3.7p 

Net Tangible Assets per Shwa 


7D.4p . 

5B.8p 


I where there are losses on some aeaoc " on . ,roin cnargeaDie property is of a value not exceed- 
o^lnory .tans ,ni gnms on J™ SSi™’ Pre ””" S ^ “CiV wh*,™*.^ ” 

sszjsasrjsr- irwa rs 

so arrive at a net figure for the columns last year. 

gains, although this might be * 

wonl^b^n’o S uiwftr ev"S Vendor and No legal responsibility cart be 

without the losses. For example, accepted by the Financial Times 

in the case cited, suppose there mirf'ilSICPY f° r the answers given in these 

had been, in addition, losses on F U1 cofomns. All inquiries will be 


encourage 



* Group Profit up 35.1% for the yea rat £1,1 05,702 on sales of 
£13,674,235. 

# Final Dividend again increased to 1.6p per share making a total for the 
year of 2.26p (1 977 ZQ6p). 

dn Balance Sheet goes from strength to strength and shareholders' funds 
now sta nd at £7,550,806. • 

4 s Furtherdrop in Group indebtedness to £2,1 34,1 49 and gearing now 
only represents 28.3%af shareholders 1 funds. 

4 : Prime developments are in the pipeline and with the strength of the 
Balance Sheet behind us, l view the future with confidence. 

M. P. KENT Chairman 


would be no tax liability even Vendor and No legal responsibility can be 

without the losses. For example, accepted by the Financial Times 

in the case cited, suppose there Iliirf'ilSICPY f° r the answers given in these 

had been, in addition, losses on P U1 'LUaatl columns. All inquiries will be 

!^ e ® f r V3£| dln w , X.,iH S ^f 1 K S May 3 soUritor act for both answered by post as soon as 

ohSo^to JjKeILsS partial,, vendor ana purclMiOT. pnrrfWe. 

the £500 other gains and there- 
fore show a total taxable amount 
of £1,600 only (CGT nil as when 
the gain was £2,000), or can one 
elect to exclude this £400 from 
the account and carry it forward 
; for potential use in later years? 

It is not really a question of 
electing to exclude losses from 
being deducted in any particular 
assessment (at least if you are 
using the word “elect” in its 
formal sense). The point is 
whether there is any prohibition 
on the deduction of previous 
years’ losses where they could 
have been deducted in previous 
years’ assessments, but were not. 


l 1 11IB 


DO YOU ALWAYS COMMUNICATE 

^■;;fv(^s^ages:c'ap tie^dejiveredjast'ef;: 
T- .L^-iri'^heaae-'-v^TKlGA&e:;::^ ; 7 
’■ Acom m un .tea tip n s^ystenjs'ATd'.rTnC. 
~ ’*out H cjvv- ; t ?a.e : E le ct'rorV ib.^ 

.. /jMai'b.ox. cADChel^^Pp^comppcy' 7 . 

' d ciZG^.S B-io c ; ’ -Ci- '■ 


Church’s smooth your 
path this autumn. 



J|.;W 5 V * : 
to. : - ■ '-1 




IN FORA HARD WINTER? 

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BY MA 


THE PF 
decided tc 
allegation 
Wilson U 
number a 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was, had • 
an ci rch&s 
himself, t 
Lady Fa 
Marcia W 
The Pr. 
Sir Haro 
drawn sot 
Subseqi 
Told the 
did not 
prietors 
instructed 
round a 
material." 

The Prc 
to hear 
Sir Ha rol» 
formal co 
On the 
against t 
council si 
Royal Cc 
that ttaer 
Labour l»i 
The Pr* 
is one oi 
iished tod 
In ano 
council 
against tl 
Daily Ex', 
piclure r 
Henrietta 
death in I 




1 


ra, 

LOMBARD 


jftfcandial Bines- 1 


Now VOU S66 it 

now von don’t sjst,” ; t t-zz ssxsz 

lit# fl J HU UVFAA . «/ in the leaves cut off now from ^ asts P nn 8^ s v * lte 311(3 P nmro ‘ e ' two germinated, in the Essex have a sramy place, the lightly and yon will do no harm , and wi^When-yoft plaat it, tt 

the main circulation of sap, J’ ellow azaleas. garden of the formidable Miss foot of a. south or west wall. But they will appear again from will a^tenrefusetp expand for 

BY ANTHONY HARRIS *?*£*£& *-7 — ‘ ,.. . fSfSlP: 

Antidisintermediationisin. There It l.aemof «tti*ror,tbMi*li. 2SrSft«briUI»mret Stt» ,h * ““L 1 ? 11 * * r ? r GARDENS TODAY -• moSS'-Zou'S^ t» wilt rath 

? iszx pvtms s.Msws2 f °5 . by »»». .a* rox , - S*.£ — a^’sa; 

student of the banking figures is 3<»“3 on That depends on of garden crab- apples now sold plumbago, as we know it. sells .•■•'■-. planted them. ywi ^ flowers sparsely. Its leaves hirh 

will know what it means, it is hov f mte rest rate policy is being as Bonfire and so forth. But correctly as ceratosugma trill- . leave them a ^ , te charming shade of reS hi**' 

,ss, ss ttsyjKMs rrst 

g-*g~S««55SS Snd , ^r w S s“ re U, *e e do n ,tam ““ e«“"t^ Ul C en™?v 0n Along =U «or st^dt no«-,d V s isataost SS£fb?ttete«?S '« ^ 

SSs &rA»5‘£S2fS si rsr^sisrsv «5K3SS 

rssSB’SK'SESSW i*5.hj - a* ^. be,t ^ c, “” r ?.» "ssj; •ss.^s £^s^.2gsLJ5srf ss-s?*?! ““.>■!«** t*- 


A touch of autumn blues 


:• _.c . •’ V?.-!- <-f .i:\’ I 


! in the leaves, cut off now from 


yellow azaleas. 


w the main circulation of sap, *' c “ uw 

BY ANTHONY HARRIS respond to them by blushing a if you are starting a new 

bright red or orange. There garden or a van ting to brighten 

Antidisiraermediationism. There It i? a case of either or, though. ^ forrtie^rilli^f^eds fa the **** sunn -T. fI ? nt °. f ■ vo t ur 
is a word for you; and although The corset does nul necessarily Sl.L2.r2L iSf - v ° u . would b ® wue J° f °!° 

i : ■ j. mom ?nat mtrnrf iMdi* II 0W6rJD2 CllOTTlCS SUy Tufi SOnS f heir ttrmnfiac Tho hfff? t 


GARDENS TODAY 

BY ROBIN LANE FOX 


a certain noint- Therefore outam i mean — * * , — *«ue uuwer was m.H iuuuu ■ ** aujciouc uieui uum nua-Apnu . .. *u oir slmutY h» mmwl \ ■ - - 

ae« rt !ScS^”5 , ed to he done that you know what they conceaL some of our late autumn G . F . Wilson in 190S. It had lat&July and mid-September. A like the stems oh a Fuchsia, as y® 31 aad ^ Th^ 'Sa?' hfc 

through the banks is a™ done A1 ! ^js is very shocking to the flowers, none of which if spread into ti, lck dumps all branch or two would have been they will help to protect the > m fit v , in wel1 . iJfJSiJl’iSS seS^rS^n? ^ S^lr?? 7 

in oa«er ways. The banking cunvinced monetanst-^r rather possible, ought to be Ignored. over the sides and lower slopes a better collection from the Min Ka in plant if the frost is very enjoy the same dry place below stta*shm1^ w? bin? 

figures are no longer a good Taking my leave recently of of this d«y. and inhospitable Valley. When you see it this sharp. H you cut tb™ b^t£ 3 **a!L _ ^ 

guide to the growth of credit HViUv - raeKu?' ts a ? uSSv two fine overseas gardeners. I gorge, lighting it up each month, three feet high and set soon, yon will hasten the yoimg For m? forei 3n sardenere. crpcusw,. not 
Now one can understand the SSificant m of the^oSi made the usual noises about the autumn as if true blue speed- with those marvellously hard from «, j™ frie P lumba S°- 1 suspect, may have 

frustration of analysts who can- How much does U pleasures of seeing "the fall well had suddenly settled on and clear cobalt blue flowers, fa 'mZZH'ZJZ? come in 3 

fhnJ !f I !n!i t c n fi ;n innSi nZ matter, though, to the practical back home." No. they replied, the dry craters of the moon. No to which the late autumn butter- f ' , sp ^ U m ***** variety.. Ceratostigma Tl urn- your fleers. R. 

- d " d Cl J p.?9, man? Not as much. I fancy, as the fall was not what thev doubt it still grows there, blue flies, the Red Admirals and A later frost can hit this too boginoides is often sold in this only yellows , rust- reds ancfalfe 

thnf' « no evcu«e **»e current fuss would suggest. most lv j s hed to see. They would and unseen since 190S: one of harmonious Painted Ladies, are hard. Quite possible new young country, too. but I .have never mg orange- leaves. . ~ 
tiRBuicani. dui du wiu.e Consider one detail first. The • v; . 


. | vuuiiwvt >#uv Ubl 1 ||| OL< A II k. 

for exaggerating the proolem. *■ uistnrtion ,f is likely to be 
or getting the technical analysis lh g replacement of non-banks 
wrong. Some analysts are bnJdi:3iJi of CDs with other 
making a great fuss aoout the assels . But does this really 
growth or acceptance credit, for miJt * ier ? n j S at leasl argua ble 
example; but it is almost ludi- th a t CDs should never have been 
crously misguided. included in the money supply 

AHamaHl'P in ,ie first P la «, if you axe 

nail v C interested in measuring liquidity. 

It is true, of course, that They can only be spent by sell- 


Henry Cecil can bring 
trainers’ title nearer 


SALEROOM 


BY ANTONY THORNCROFT 


acceptance credits are an alter- ing them to someone else with ' . ' , 

native source of finance for liquidity to spare. And certainly HENRY CECILS search for could pome from Canyon Ride was, and I intend opposing her 


Volume of 16 th century woodcuts 

makes £19,500 


r- 

J. -■* 

-_ ir=vV = - 


ass c^, se ^ n z sr ■csra.-stsss - ss zzisssgsrsLs s 

straight loans; so <ll.i a »n»V Trsasnry _Bills. One .might re- ^en Place trainer is prebahly >~Pn»lnB sort from Ian Bald- Future Forest, repnrtefily haeh paid at a &th*rt 1M ' to an Ita i a h Sod fautS. 


acceptance 


fedSXl?®!^ SWiTOT i^.Kiugsciere stahie. ,hich -^h-t.^ ^ ^ 5K 

Sae7°nt pr\ s TSpif t,J"n^-d«^i?eJ?uSr?;f S. ,SD '"" k ^ ““ racing &**&£ WSS^ SSfUTJPKVS - S? ta *SMJ , S5r#S KSg 

CD^ held ^Jnv»toi2 f **re ? Mrt nmney is anymore misleading Here I expect to see the KMvINl* Wfctherby, where I*m A Driver, books which Sotheby’s acquired (the 

S D 5»e moiwv suTOlv”ccTOtance the old undistorted one. champion trainer-eleci score with BY DOMINIC WIGAN Laeu. Cumbria and Lord Grey- In the Eoneyman QoUeettUL. of Northumbrian^, and ^VSffSS^uiSS!?nii&^ 

ILSf both Etoile des Indies in the stoke appeal as likely winners Toe auction bouse paid well Orientum paid £13.000 for Views duced locally, between ISigmtf.. 

n ^ r "» h n m AnoJ C* Jlf c mortnf seven-furlong Maple Nursery for Ton v Dickinson. Denys Smith, over 51m for the coUection of of the Chinese Impenal Palaces, sold • Mltecflyely ^for;. 

vnnuhid LxlUS market and with Sister Connie in the often throws up a good-priced Arthur ' Stephenson and Gordon mainly scientific work, whleb by Rip a. with 32 plates, the first £? 11,000 yesterd ^. , , ’Hie; top.- . 

i C ^wT- e tA a ?!liuhori -inrsv hmarfi - it h n furlong longer Chestnut Maiden winner here: while ihe Barry Richards respectively. ^i-iU be sold over many years, to be printed in Xhma -^-^ pnee was ^he £^ffi)0£or. ani8K^ 

-s Eh a i the published figures ,or .dore broadly it must be g takcs s qq minutes later Hills-trained Gilt is by Majestic — -—- ■■■ Its nurehase has artmsed opposi- Christies, South Kensington, laprovKkmal made from a#ost ; 

acceptance credits show this pro- stressed that the distortions a ™ s ij” Prince out of Clear Ceiling, a HAYDOCK .. tion ' because of Sotheby’sdual completed the sale of the con* mark and signed by W.-B. Bam,--. 


RACING 

BY DOMINIC WIGAN 


and with Sister Connie 


win oe s«iu over many years. io ue puuicu *u " 7 , . . 'v^ 

Its purchase bag aroused opposi- Christie’s, South Kensington, la.-provislouai-made from a^ost 


cess at work. These are the apply almost entirely to M3, and Mr. Louis Freedman's chestnut ^ sister to tbarsreat ebam- 2.00— Prince Of Arabia 

rrprfi}; h»IH infido tho hanbim nnf tn .inv narrnu/or mpagurp nf Kashmir II Colt. Etoiie des 9 an IWniU IW Ti»Na 


sold yesterday, and Breslauer was £43,546, and yesterday a pair of £171000 for a St Demetri&of . 
acquired a first edition of- a of George III rosewood -card Thessabnica, a Macedonian kon 
1517 woodcut book, by Pfintzing, tables doubled- their .estimate at. of the gth century. - /- . " . . ' 


. , , ; ; , , : r [■ - Vaehmii. IT #.«lt Vfnila rlac lull 51Sier ID lUSl ■ SR'3i CUdIU- " “^T rcue 25 UUIU VenQOr ana leuis OI awiuuiiuu uau, uuug 

credits held inside the banking not to any narrower measure of Kashmir I . colt. Etoi. e des A pj easiire 2.30-DetoiJe Des Indies*^ auctioneer. - borough, by order of the Earl 

sy o em u * u . , money, such as is used m every ^“S' 5 .Although the five-furlonc W»l- 3 jW-Fnture Forest The non-scientific books Were Lanesborough. Monday’s tot 

But the figures which analysts other country with a monetary n n rfSi f tS e a h ™h *i25dv nut Stakes has attracted only &3Q— Haddfan . sold - yesterday, and Breslauer was £43,546, and yesterday a pa 

need to justify a fuss rather man Policy. M3 is a reasonable jjjjjjjj »S?Sni a 5> a f53?B 5evei1 runners, it may produce 4.00— Sister Connie* acquired a first edition of - a of George UI rosewood -ca; 

a grumble — company holdings of measure of the banks lending , tw °. , 15 ? Sf® i 8 the day's most interesting race. 4^3 — Mo re ^ Ple asure 15^7 woodcut book, by Pfintzing, tables doubled, their .estimate 

accepted credit, the size of capacity— what the Americans current haul of 103 successes. Model m f fnc to WETHEBBY ZzZLZl ■ — — ; 

parallel markets — are not known call a bank credit proxy— and The easy odds-on winner of a conC ede 101b and I3lb m‘ Future 2.15— Sovereign’s Jubilee . — — ____ 

at all. Indeed, it was because wa, invented basically to check maiden event at Warwick in Foresrt and Amaranda res:-?c- 2.-t5— I'm A Driver tL' 

the Bank of England was worried nn the Government s progress in Ju5 >- Etoile des Indies then tjvgiy. Th e Harry Wragg- trained 3.15 Laen M ill Tto ~ir" ^ 1 Mil?i 

ahout its ignorance of these funding the necessary proportion followed up with a less comfort- Amairmaa, rated by her" handler £45 Cumbria* 4 ** H L JjA£lil a SaE. 

figures, as much as because it nf its own borrowing. Its im- oMe Wolverhampton success as the f astest g^y lo ^ave been 4.15 — Lord Greystoke 

wanted to shake up the banking portance is to the gilts market, over Dismantles ^ his js no j: the fnrcc s ^ e 4^45 ^Romany Light cc— Th«e stunts aramt «rt»io -criwit THEATRES 

system, that competition and Unfortunately it is a rotten Although he b2s since failed r “* Br «>««»* or * -jw box one*. __ EEHWICH theatre, oi-asa 77« 

credit control was introduced in measure of liquidity and. what to score, the Warren Place has _ : _ „ OPSA « rallft Prew - Ton t - fl 0 °- 0pwu V nor 3 ^ 

1971. The banks were encouraged is more important, it tends to been tackling useful company Hs^nPr-rPtlt POUFUMl hOlTlPS C9ll Dawd 

to win back the lending business rise sharply when you drive and it will be disappointing if he 1WI1 v L,uuvu uuiuw vtul safla - s ^vw H l^ hl 7ini?^ta , r ro !!?' 

and so make it visible. interest rates up. The whole cannot shrug off the steadier of HOMES AT higher rents for meat at St Katherine’s Dock, nwSsH national ora» an audience Called edouard 

That is why the corset is so corset nonsense was only neces- flst 7lh against what appears to people with higher incomes are Tower Hamlets^ subject tn discus- Tamcr.^M ^i&nSh? D ?!so^ f fe ^ °** Id 

often a subject of satire in this sary because we have an M3 be a field of otherwise moderate being recommended to the sions with the borough couudL jg* ,WS?” ”** 2 Vo -9 ^ c? 8 i 2 Jo ^ «* 

column. If credit demand Is policy instead of a monetary performers. Greater London Councils housing Higher rents have been _-e w* alii*. .• ” Geraldine wcew«t . 

being restrained by high interest policy. If we also looked at M2 Sister Connie, another well- management committee in a for a pilot scheme for t wo cowtr garden, ol- . 240 loesT nigelTstooc v 

rates, there is no need for it: but — a much better measure of bred sort, being a full si sler report out tomorrow. tower, blocks on the Lincoln W ? 3J nnStT** "" ’Hinnwint ■ 


CC — These trjotrms a t c eut certaJo -credit . 
cards Or telephone or at tbe Box OIBca. 


THEATRES 




OPSIA & BALLET 


COLISEUM. Credit Cents 01-240 5Z5S. 

Rescnmtio.-jj. Ot-836 5161. - . . 
CNGUSH NATIONAL OPERA- ' • 


GREENWICH THEATRE. 01-850 77! 
Prev. Ten't. 0.00. Opens Tom or. 7.( 
Subs. ergs. 0.00. Mat. Sat. 2.30 
Siephame Beecharn. David Ounce. 
Susan Hampshire. Jeremy Irons. 


David Robb. James Taylor In 
AN AUDIENCE CALLED EDOUARD 
by David Pawn all • 


rates, there is no need for it: but — a much better measure of bred sort, being a full sisler report ont tomorrow. tower, blocks on the Lincoln , Eg&J g 6 wmj 

If it is being masked by the banks* liquidity — and Ml, the best guide to Connaught, who would prob- Rents for the homes could he Estate, Tower .Hamlets, which T 3!KOr s Fr - m*s roe. mt tjo Mm- 

pffrnit! tr. ItPPTI WlthlTI thPlT Umits fnt 1 TUnTTPC lTltPfDtt MtPQ 3Tir) thp nM«r Vi n ira run A'lt n RAtnFANlflhVn fmm nnn.tViirft - tn tik'A.tViivfte nrn tn nnro iTTinr/iTTOmorttr *4TUr S®f(£Mdl_i - A Mootb-- In 


GERALDINE MCEWAM . 
CLIVE FRANCIS * 
NIGEL. STOCK ' V 
PETER PAUL 

BOWLES - HARDWICK 

and FEN ELLA FIELDING 
LOOK AFTER LULU 


bSPIVib 





1 J f fly- 

K** a I^FTF~ 

IjJ * m j 



by NttT COMM 
wltli GARY RAYMOI 


.. ' — ' - — —9'. UV.-....V . w uvvuu.i- iv* int iiiuuubvcu in w>uvu u nmi juuiij, vuituipu nia uul lie J Torcor 7.30 British nmnrmnl lliiiia* I 

The corset is either unnecessary antidisintermediatiomsts would appointing Salamis in the maiden Tharaesmead and. for some of considered for. the- flats, aad l jjwseNiie .ueigK zs. zb. isj— 

or damaging. shnl 1 HO nvant Worn oraatar thronte *ho Aim hnmae nn n naw rlnanlnn. ilnaf will Vu> h«nnut 1 9*?* . s 5-II , “9_"^ i tfY.C! , ®*IBMA L | KJ 


HER MAJESTY'S CC. 01-950 6&C 

frtm. from Fri. 7.30. (Mat- OcL ' . 
st 3-001. Ope ns Oct. 51. 

BAR MITZVAH BOY 
THE NEW MUSICAL . 


shut Up. 


event Here, greater threats the 300 homes on.a new develop- dogs will be banned. 


ICS ROAD THEATRE. 01-352 741 



r-’ ’'...C'i.. , . Ji I k E^! s5m: satjs^o^i* 

T : V. i-.'PUWR IGHT - I .FINLAY" .. 




t Indicates programme in 
black and white 


Wally Gater. 4.25 Jackanory. 4.40 
Animal Magic. 5.05 John Craven's 
Newsround. 5.10 Touch and Go. 


B BC l 

6.40 am Open University (Ultra 
High Frequency oniyj. 9J3 For 
Schools, Colleges. 10.45 You and 
Me. 11.00 For Schools, Colleges. 

12.45 pm News. 1.00 Pebble Mill. 

1.45 Over the Moon. 2.01 For 
Schools, Colleges. 3.53 Regional 
News for England (except 
London). 3.55 Play School. 4J0 


9-55 SportsnighL 
1L20 Tonight. 

12.00 Weather/Ttegional News. 


5.10 Ivor the Engine. .AH Regions as BBC 1 except at ^GuiSncT 3^0 The 

a.40 News. the followm gtimes.— , Ro|f Harris show. 3 JO Tell Me 

5J5 Nationwide (London and - 1 Y !K5iP- Another. 4J0 The Sooty Show. 

South-East only). 4.45 Shadows. 5.15 Batman. 

*■ . _ Bilidowcar. 5 -t 5-6^0 Wales Today. 5 15 M ew c 

CM \9tmnw1rip s tn u.jj:... i- ,e n....u v- t?: ip__ “'•* -Yews. 


.THE RAINBOW. 

Ait Encfiantma New Mu* real 
BOX OFFICE NOW OPEN 
Cred.t Card- BogfcWBS-,-01 -Z3B . 76 1 1. 


iffizs 


Bear. 12 JO .pm Pipkins. 12J0 - - GRANADA w ' 

Sounds of Britain. 1.00 News plus ije Pm m! is viriSll 3JB star. -- 

FT index. 1J0 Thames News. 1J0 on it*, sm tniifa Kevr^^-c^rSdiC 

Crown Court. 2.00 After Noon. Aw Granada Repons... A30. Kr- and Mrs. Wee. ana- Frl. 7.45. pm, Tnurs.. mi sat 


-TO iJREASURE," D. Mir. “M/ 
The LYRIC FOR A HUNOR1 
■YEARS." Sundav Times. 


Mayfair: ejs 303 G. evs. *oo. sat. sj 

and C-M. Wed. Mats. 3.00 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
*' A deilflhL" Gdn. join us -Nov. 9 f 
the ZStn AnmversarY Party. Show-Bulli 
Wine £10. 


South-East only). 
(L20 Nationwide. 

6-50 It’s a Knockout 
8.05 Secret Army. 

9.00 News. 

9.25 The Fall and 
Reginald Pemn. 


F.T. CROSSWORD PUZZLE No. 3,799 


Bilidowcar. 5.55-&20 Wales Today. 5 
850 Heddiw. 7.15 Pawb Yn Ei Fro. 2 Thames at 6 

7.40-8.05 Tomorrow’s World. 12.00 L*™ b- 

New's and Weather for Wales. ■" e p ' 

Scotland — 1 1.00-11 JO am and ■■J* Crossroads. 

of 2.IIWJ8 pm For Schools.- 5.55- 7 -°° Lingalongamax. 

820 Reporting Scotland./ 12.00 7J0 Coronation Street 

News and Weather for Scotland. 8.00 The Morevambe and Wi 

Northern Ireland— 3.53-3.55 pm Show. 

7nn Northern Ireland News.' 5£5-&20 9-00 Born and Bred. . 

(77 Scene Around Six. 9.25-9.55 Spot- 10XK) News 

— 111 J ^2 ft ^£ rn 10M Mid-week Sports Specia 

W Ireland. 12.00 News and Weather 1L40 Late Night Theatre. 

J f°r Northern Ireland. 12J5 am Close: A Pre-Raphaeli 

n England — 5J5-6J0 pm Look painting accomanied I 

■ East (Norwich); Look North the music of Brahms. 

j (Leeds. Manchester. Newcastle): All IBA Regions as Londt 

r Midlands Today (Birmingham): except at the follow ing times: — 

b Points West (Bristol); South 

P ■ Today (Southampton); Spotlight ANGLIA 

— 1 South-West (Plymouth). US mm aiujij Nows. 2.0s Uowemn 


UjN~'2|ikv • " 20 ana B.oo. ” A deilflhL" Gdn. join us -Nov. 9 r 

• - A THOUSAND TIMES WELCOME IS . the ZStn Anniversary Party. Shovr-Bufli 

ffTV. . . LIONEL sARrs . Wine £10. 

12a an . Repair Was . H l auIIix»s. US " miraculous^r^cal'" fu* Times. . T ooi2ht VI 

Repr<n Wales Headline?. 2J» U^H> ■A'tf JpUJ-lAN burns! Somalfw*' 2*35 6^7 -0 THE B ^CHERK 

Vniu-M-ir. 520 TSc Electric Theatre OW BOO, U5|S J ^2g CHRISTMAS AND orchard dV Chekhoi train, bv Micha 
Show. 5-20 pm Crossroads. 6.00 Rejwn — = -■ »»ra. Fraire- 

We*L 6-15 Report Wales:-' 630 Emmtrdale . A i£2 ,yCH i'. 836 Info. B3S 5332 LYTTELTON 10 roscx^jlum stage!: Tonis 

Farm. 7J» TBe Quiet Wars of Wales. 1L30 COMPANY in bv Bwl Tr3rers - Ttm,l: 

The New .Wcoaers' 4 7.50 as YDu UKC IT.- "It would cOTTESLaE" (smaH auditonuni): E*i 

HTV Cymm/Wirie»-A8 HTV Ceaeral you* lIhI* “e RSCs As AMERICAN BUFFAI 

^nice eaoeat^UfUB p« b Pmawflan W b I«iw ait S air 3 tiintr 

Neu-yddlon y Dydd. «20AA5 Rydiv I am FnJ. Midaieson & Rowleys the dar of oert. Car park- Restaurant 9: 


LYTTELTON iproscenlum staaei: Tonis 
7 as PLUNDER bv Ben Travers. Toms 
7.A5 Plenty. 


Many excellent cheap sells all 3 theatr 
dav Of oert. Car park. Restaurant 91 


*•“ s h h ; w M “ rKimb ' “ d "htv -^ss JrST™.™, fc*. s ttsteRSi M b " k " a,i S " 

9-00 Born and Bred. Kr. M «”“■ A ' iw1E"wf 1, B l , T IBf , gi. , - 1 » v '! _ 

Kr',v’ ~ 

f^/^/vn n ri v w 4hnw irata noAr.fi n— *Jde 


10^0 Mid-week Sports Special. 


SCOTTISH 


PROSPECT AT THE OLD VIC. 
TWELFTH NIGHT 

Robert Eddfson “ brilliant Feste 
Guardian. Today. Thurs. 7.30. 


Show 1 Cafe Debruj. Preview^ 17 'on .3n THE LADY'S NOT FOR BURNING 
Oct. 11.00 pm. 17 °«-20! Jacocl - casv & virile authority 


iL*iw Late ?Jignt Theatre. 1.25 pm ^ewa .and Hoad Report. Z.M nsaSnSi — E. standard;- 61 

12^5 am Close: A Pre-Raphaelite Women Only. 5-28 The Electric Theatre Openf^Tw.iE^t' 7.00 Subs V21' 

patotin, ..couufid bjjtessa.- WSS JflL. S® 1:88: HeSi'3 


the mi lsir nf Rrnhrnu 5 ' ffl Crossroads. 6.00 ScoUand Today. 6 J 0 

... ro. n, t^ ,c . of Brahms. Re pan. UL 30 Late Call. X 0 J 5 Feature 

Ail iba Regions as London Film: Rcmrn of -the Cuofishier.” 


JAMES BOLAM 
GERALD FLOOD 
WHO KILLED 
AGATHA •* CHRISTIE 


Derek Jacobi ~ easv & virile authority 
E, Standard; Eileen Aik ms “rivetli 
physical flnldlbr-". Financial Times, 
aern of a performance from Rohe 
Edd’son . . . Michael Denison. Jof 
Savldent and Brenda Bruce scoop up tf 


AGATHA ** CHRISTIE . . . 

SOUTHERN APOLLO. CC. 01-437 2S63. E »P5. 0 00 ™ E WIVAL5 rMur "» 00 21 

U0 pm southern ww. Ml. House- ^^ne^n.^n^Sio^k® 00 \SSi tS C MI 

iro - . 3 JO Tandarra 5J5 The Undersea PJPSl'S RAmsden S ‘ and Endpauw- ouens Ton’s. 7.00. Sub 


-laughs." Guardian. 

Frl. 7.30. Sat- 2.30 ft 7.30. 
KING. LEAR wttfi Anthony Quayle opei 
Oct. 23. THE RIVALS returns DO. 21 


BBC 2 

9 A0 am Open University. 

10 J5 Gharbar. 

11.00- Play School (as BBC 1 
3.55 pm). 

11.25 Open University. 

528pm Open Universily. 

7.00 News on 2 Headlines. 

7.05 May I Have -the Pleasure? 
7 JO News on 2. 

7.35. One Man and His Dog. 

8.05 Gardeners' World. 

• 8.30 The Money Programme. 
94)0 M*A*S*H. 

9J95 Play of the Week. 

1L0O My Kind of Movie; Anna 


A NOT I A Lffl pm Southern Weirs. 2.tn Honse- 

i x v 4-1 *"■««• <> panj. 3 JO Tamtam 5JL5 The Undersea 

sio^ThTcM^e H^rii w tf sto“s!is Advennires of Captain Nemo. 3JO Cross- 
Mr and Mra LM h™« ^ msds - tw nay *>F Day. 6J5 Scene Mid- 

^ w* ■ Scuih East : area onlri. Ura 


CARMEL MiSHArdv 
5MUT YOUR EYES AND 
™iNK OF ENGLAND 


and EiMflPw. Opons 
Tar™San. at B.OO. 


01^37 6B3f 






■■p|T?Jri4WUU 


E . ' n : rj m 




|7j ? I » (j i Ml Jflf jJMTTirTTJ 





Chopper sauao. 1US ap, Bis ^ " 


ATV TYNE TEES 

T-20 pm ATV Nou-xilesJc. 3JS Comedy 9JS am The Good Word. foEmred by 


wv iuiwv — great enteral nnum,” N.ow'. 

ARTS THEATRE. 01-B3E 2132- 

TOM STOPPARD'S 21 
mi. . „ dirty linen 

tu.-. *S?JV S“"*.v Times. 


Break : Gold la Where You Find It. SJ5 North East News Headlines. U0 put xonh j S*g”fy. '? y T 5ii rs ^i 1, _ 3 - 3 0- Friday a^j 

You’re Only Younj: Tuice. ATV To- East Nowb and Lookaround. 2.00 wpnwe -S£S! J< 7-00 ,nd 

day. U.flD Ghost Slory. 


Only. 3J0 Survival. 5.15 Happy Dll's. 6.00 1 a , THEATRE, cc. Chari no c™ I 

Northern Life. 11«9 George Hamilton IV. | 5“ a > , 4 t 9 nA Mon-Thurs. BJJO^S I PALLADIUM. 


JESUS CHRIST SUPERSTAR 
i}Y Tim WIcp and Andrew Lloyd-Webhei 

PALLADIUM. ecT 01-437 737: 
Tuesday -Nov. -14 lor 5 days only 
MARY O'HARA 

SWINGLE- II A CHARLIE SMITHCRS 
BOOKING NOW OPEN. 


E OF THE 


BORDER am El)ll0BU *- r ‘ - B^ST MU?ic°AL a O d F Tril' Y EA R _ 

ULSTER EVENING 5TA*ndard AWAwn 

stones. EJM Looharnund Wednesday. U.40 L23 pm LancbHme. 320 The Electric _ CC. 63G 6CS6. Mon to ; 

Powe® Without Glory. 12JB am Border Theatre. Show. 4J* Ulster News Head- T " u ' 8 00 - F lL jtl-— .5 -45 and b.'sK ! 
News Summary. lines. 5J5 cartoon. 5J0 Croeeroads. -*» exciting biack ah can 

Reports. L35 Tin* Bob Xmvb.rt Show. 1L30 -PoiMtmfl m5moS?' C « 1 " N ^* ,CAL I 
fH ATVNPT and Sm. IL45 Bedtime. Seat Prices £2.0Q-£5.sS e ** I 


Fn * 6-00 and BAS. 

BEST MUSICAL OF THE YEAR 
ELVIS 

evening standard award 


CHANNEL. 

148 pin . Channel Lunchtime News and 


“ ..n' BLA f. K AFRICAN MUSICAL 

p, ssrwsflg!ta.&. j;* “ 

D,,W<T R3U R TH^CR E C AT *g' S0 • 


ULADIUM. ' CC. 01 -437 7373 
Opening Doc. 20 for a Season 
DANNY LA RUE 

as Merry " Widow T wan key In 
. '.w. ALADDIN 
ALFRED MARKS ■■ A&ANAZCR 
CHty# WATLING. Brian MARSHALL 
..and WAYNE SLEEP 
Preview December 19 at 7.30. 


V'TYNDHAM'S. 01-835^3028. 
Bkgs. 836 1071 from.. 8-30 am _ 
Thure. B.OO. Fri. and sat., 5.15 and * 
» J‘8NO I RMOU SLY { RICH 
„ VERY FUNNY." FreilnO N 
Mary O M alley's smaAK-nlt .. 

■ -ONCE A CATHOLIC 
supreme comedy on sw and 


PHOENIX..- 01-836 2294. Evgs. at 8.15 
Mats. Wed. 3 0. Saturdays 6.00 ft B.40 
■TIM BROOKE . TAYLOR. GRAEMI 


GARDEN: make os lauflh." Dally Malt 
' THE UNVARNISHED TRUTH 


ACROSS 

1 Fat and having everyone la 
haul (6) 

4 Article in flight seen through 
a window (8) 

9 Assemble gun going to 
female (6) 


5 Airman he follows in pain 
in (4) 

6 Left to suffer pain and 
gh become depressed (8) 

7 Grumble about game (6) 

to 8 They accept gold in specula- 
tion (6) 


"‘J ruuu ui aiwie; /Ulna p?' • Luncnmne nm aiia iirrcru; i nr» ruuRTH GREAT 1 year — GARDEN make w lauflrr.” Dally I 

Raeburn on “Citizen Kane ” ^Tmi S On Whore. 32S winter l>. SJJ WtSiWAKU COMEDY " CCL ni-otn " . ' THE- unvarnished TRUTH 

11.95 Vanessa Redgrave- a lnnl, Emmetdftle Farm. 6 00 chanael News. <00 12 . ZT pm Gt» Rooeyhon's BlrOKlays. 120 P^Toao&r 23 aTS 

ni . ° k F,rfit MJ8 Channel Laie News. West ward News Headlines. 3JS Winter la. Wed. OrtSSr 2s « 730. Z ' •??£ 

at her career, with Ulus Ira- il* s.wji.t. 1230 am' News and 5JL5 GmmerdPle Farm, too Westward Maw. THur. 3^0. sati. s.is ^Md"B 8 30° .»tlre»ff®Ev.^sandai*^GLom 
, f 101151 ..WeaUlcr In Frehch, roIlowed'hF EpUosue. Durr. 10J8 Westward Lale News ILOO T B,L o ,£ M) l i , JU£ , i AW CONTINUOUS \aughtSJ.” Time 

11:40 Late News on 2. s.w^.t. 13.30 am Faith for Life. ' T - p - In Tlas t weeks, ends nov. a. 

11.55 Closedown (reading). ' GRAMPI.4N vnPk’cirrDc ay .. simon CRAY I PICCADILLY- Erorn B3D anT 437 4! 

4.25 am First Thins. 120 pm Grampian iUKAoULKE criterion. 930 32lbT‘cc. 836 tdti x~ Credit Card* ra8 . 1 071 . Mon-n 

T niVTMlN ^'“■■3 Headlines. 120 The Koll Harris UO pm Calendar News. 3-20 Stars on NOW •" its second year 7 ou«o e 

LU11UUJ1 Show’. 5JS EmmerdaJe Farm. 6J» Gram- lee. 5JS Mr. and Mr™, ua LESLIE PHILLIPS ■■ IRmilMtofl wftt. ou rio 


L1.55 Closedown (reading). ' GRAMPIAN Yr»5?l<r«Hn?rt 

_ 4-25 am Firm Thins, uo pm Grampian X UKAoUlKb 

F ONTiniV St'" 3 Headlines. L20 The ' Koll Harris 1-20 pm Calendar Neva. 3-2B Stars on 

4-iV^l 1 V Show’. 5J5 EmmerdaJe Farm. MO Gram- Ice. 5J5 Mr. and Mrs. MO Calendar 

9.30 am Schools Pro era mm es Today. lO.JO ColnmMi. 12J15 am tEmley Moor and Belmont editions* llAO 

1 aa . * ■■■mvG, ‘KPiiPTflnTlQ 1 7 919 OmnibibN V ern Ikaldltvf flema ISni.ivAA DaBiviMin ril_— V 


^ MOLLY 

hr SIMO N GRAY 

CRITERION. 930 321bT‘cc. 836 lnTl.s" 
NOW IN ITS SECOND YEAR 7 3 ‘ 
LESLIE PHILLIPS 
. In SIX OF ONE 


' t THOUGHT I WOULC 
Sunday Tinm. SHEET 

Standard. “ GLORIOUS 

5 LAUGHTER.” Times. . 
IKS. ENDS NOV. A. 


B.00 The Adventures of Rupert SSSS" erma * *" Bl * w SSUSS'SrtSSff ' ’ ' c,e ” L * i " e 


and a HALF-DOZEN LAUGHS 
A MINUTE” 


10 Good French polish put II A rag man is an example of 
round lower half of leg (4-4) j* Wj . 

12 Found encircling nasty bog 14 Most trite stories in the 
and unable to travel because ?ir e j ft T ( V r, 

of the weather (St Bird looked awry (44) 

13 Money-bag right for ship’s Jf Court risk on railway (8) 

officer (6) 19 Soidterc believe with besita- 


RADIO 1 

. IS) stercopbanlc broadcast 
t N odium Wave 
(H) Binaural Broadcast 


SECOND "HILARIOUS” YEAR 
DRURY LANE: CC. 01-836 SIOR Men'! 
* D S*t B OO; Wed. aim sic. 3.on 


247m Midweek Chnlre. part i tSL 8JU Nows. Mother. 3J» News. 3J5 Afternoon Theatre j ~ 


A CHORUS LINE 


PICCADILLY- Erom 0-30 'am. _437 a SOS 
-Credit CirdP • 83B. 1071. Mon. -Thurs 
B^oo/Frtday ft. Sat. S-OO. 8.15. Air eond 
*■ DotnlnaUnfl with unfettered oust a and 
Svmrour. tba BROADWAY STAR," D. Exp. 
SYLVIA MILES 

“Tpwarleo Mall. 

.. .-by TENNBSEE WILLIAMS 
*■ Wane* like maaje. Financial Times. 


cinemas! 


2-00. 5.15. 


«tnwre Has hardly. been a more satisfying 
evening In the West End ...«ae BEST 


5.00 am As Radio ?. 7.02 Paul Burnntr. AHehurKli Festival *78 concert 1S1. 6 JO My Wordl fS». 7J0 News. 7J5 The ._ CALCUTTA I 

9Jfl Simon Bates. a» Peter Potren. too 7ZZT J? adJo s ”nu*iony OreUBsrra Fran*- Archers. 7.20 Cbecftpolnt. 7® Schnben. Q«*«r Man. I 

pm Tony Blarfcburn. «J1 Kid Jeosea fun -. Concert, pan 1 : Brahms fS’>. 1200 a portrait In words and music *51. 8.45 — gtw_ sensayionar Year. 

T 30 Listen to the Band fS' notes Radio S" 1 J nll ? rt ' al Readtov. 12.15 - Concert, part Oil Rla. Sound portrait of a visit to a PHIS 6 YMK ‘ S - Cc! Qi -ase sTai - 
5i B.OO As VHF. 1IL8Z John Perl <Si. 12JM- ^ News. 1.05 Concert Hal? North Sea oU rip tS and Bi. 9J0 Balleto- f”’ P 5 rh5 E p f£r ,ew * 1ron ) 19. Mon' 1 

2JI2 am As Radio 2. ,s ’ ?;?? Chamlwr Concert tSi. 250 Bush mania iSi. 9-J9 Weather. 10.00 The World 'obmi? m S i £° and 0.30. ' 

VHF Radltc l and 3—5.08 am With crUo an<1 plana recital ISi. TortUhL 10 30 An Actor in his Time: TOM FELirrev 


wa« 


Ewnlmri 8.00. Matinees Thursdays and 
- satnrdaiisAt SiOO. 

' EVTTA ‘ 

by Tim Rice ijhj Andrew Ltevd- Webber: 
Directed . ty.'Harold -Prince. 


ad M'ficj f Soldiers, believe with hesita- 2ja »» Radio 2. Chamlwr Concert IS'. 258 Bush mania iSi. M» Weather. 10.00 The World 

Officer (to) L f9 VHF RadlK l aid 3-5JM am With 3 f £ ct ?° n'aoo J«ltal IS' TnntehL 10 30 An Actor in his Time: 

15 Stake in elephant enclosure upu * rescuer to) Radio 2. includitiE U» pm Good Uatenlnc. ?^7 „k es '.5 arohlr * P 11 ” 'Si. ■ mo French Sir Jirtin GieRlnd talks ahout his Ufc In 

22 Ringing Visitor (6) S-» Liateo to the Band iSi (rnntimied 5? IT , ^ r _^ I,ISl . c 'S'’.5-CS EulUBw a Lterary fbe Uleatre. 1L8D A Book at Bedtime. 1U5 

_ J. .. , . . .. tr: VI T icfpn on hn-irri tn thA n, «R Radio 2. 7 noi. 8.15 Remnrlnl ,Sl 5l ® llnnnmrard Bnund The Financial World Tonigfcr. 1L3V News. 

16 Vamly conld make the Times 23 listen on Hoard to tne Sen?nade fS)- W impresanS* olS { ™, n bJS >- »J0 *»jus At - t . 

go wrong (7) cuppers (01 sooru? Desk, ifl.00 with Radio 1. liww.u ?J"L c - fc r « ,ial 7jB . K V^ L * ar BBC Radio London 

9ft TTfhiMllv rinrtnr must Start 24 Old car gets right into a hole With Radio 2 Through Hie Ases by Martini Jenkins «S». 20fim amHM q \TT17 

20 ihtntcauy, aoctor must »wa A A n irvrn T 1 500m am! VTf»? 8 -® BBn Smiphnny Orchestra Concert. ,, 

to recover (7) ", 1 s Solomon and The Bakke « £ *2232*. 


■ A comedy br MICHAEL FRAYN 
DUKE OF YORK’S. CC-~01-836 sia 2 - 

TT,ur VS;‘ 5*P- p** 1 *- Final Week. • 

BEST of the FRINGE 

Naughtiest Girl In the School" 

9 JO 


,v p 27 Give notice Of conflict to the! 5.00 am Kmn Summary. 5.B2 Tony caeo ifalb by Kenneth Kai*). 1-« BBC ^ c ^ rldon « ,B3 P !T ^.i 0 - 2X13 

21 Has she nothing to fit tne north (4> j Brandon «S>. including fi.lo Panw for so Mfi 2: Schiihrn. lojg'Thc Dclbcl ■ ** Showcase. Home Run 6 JO Look. 


legend? (4) 

25 Trembling like swimmer (fil 

26 Alienare Oriental with un- 
usual following (8) 

28 Jump? Yea, right! But not 
ever) - year (4-4) 

29 The way to bore a flower (6) 

30 Tear round the team at home 
(S) 

31 Entreaty for each accepting 
fish <6)‘ 

DOWN 

1 Sporting competition for 
naval vessel? f 3-2-3 1 

2 Having kindled one crowd, 
go to court (S) 

3 Shakespearean king couid be 

no bore (6) 


SOLUTION TO PUZZLE 
No. 3.798 


fciaaaMH cjhsshgj 

h a n ... u n n 
\zmantmn .- QHQSHnn 


, 0_0 Q 
IEjSQ EH 00 
■' 0-0 
H00EC1 
a a 
lannsna 
0 n 



Brandon «S>. including fi.lj Panw for so «»rt 2: Schitecn. ujt'Tbc Schd ■ Shdwcj*?. «J13 Home Run 6 JO Look. 

Thought. 7J2 Terry Wopnn 1S1 inrludinir Flint of turn mius hy i aD KTenneilr. HJ5 SI °P- Llaten. 7 W Gunners to Europe: Live 

S37 Racine Bulletin and R45 p.iu<l> fnr Vivaldi Flute rerlial iSi i£25 The Ana JwwraKc °f Haan* spur v. Arsen jL 7 JO 
Thouchr 10.02 .itmmy Younc »Si. i>-ii pm Worldu-nj*’ ll.as x^* v s ” w Schubert " ,3rt: Londimers. B_SJ in Concert : The 
WajsKonerv Walk. 12-39 Pn? Mnrr.iv-; Snm: <Si T rtawical music scene 30.K) Lai.; Mcht 

Open Hnnse iSi. Irtclilflltw M3 Snorts Radio 3 VHF only— 4iHMf8 am. t25- London. 12.00-CJosn : Ay Radio 3. 

PS*- 2 .-? DavW Hamilton fSi indudme 7J0 pm Open univereiiy. j t _ j 

J ® find 3A5 Snorts Dc«. (39 Waeunners’ - \ LOllCOa BrOffdCdStillC 

Snnris De*k. 4JiO John Dirnn RADIO <1 *1 261m nnri ST1 imr 

tSMnrtndlne SAS Spnrm Desk. «JS Sports * 1 enn SS.!? ^^2 llr. 


n 0, 
nanQu 

a a 


UtS*' 7-52 Situ? Romethlne Simple (S 
Listen In Uw Band fenntinur 
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I f5iiaiic3ftr Times Wednesday October 18 1978 

Television 


17 


The BBC plays its joker 


by . CHRIS DUNKLEY 


Aldwych 


The Changeling 


bv B. A. YOUNG 


Three pages of the programme 
are given to descriptions of mad- 
ness, one to an engraving of the 

For sheer Machiavellian cun- manoeuvre ITV into competing is that having made fwn such the episodes T have seen, as Prnpre«s "° a., ^ 

tt'ng you have to hand it to the so hard over the weeks smallest tremendous series, the BBC and though the makers first lit upon; * ’ ' ' dr as> 1 

BBC. Somehow they have man- segregate peak-time audience its producers will insist on some modern chunk of tech- can see * Middleton and Rowleys 
aged to get everyone inside the since it is proportions which continuing to use the formula oology, then thought hack, great tragedy is not about mad- 
world of broadcasting, and even matter -to the BBC but actual even when the law of diminish- through all the previous inven- ■ ness at all. though it introduces 
a few outside, to rush around figures which matter to ITV. ing returns sets in. tions and discoveries necessary’ scenes ir» a madhouse 19 provide 

arguing about questions such Mosr Machiavellian of all. In The Age uj Uncertainty to Its development, before put- i an interesting location for two 
25 tiiese: however, is the BBC’s choice of Malone and GiJiing moved on to ting the process bark together (amorous young men to disport 

Will Bruce take the Saturday night (and the BBC did choose economics and. while J. K. the other way round and forts- themselves in, and brings a party 
audience with him to ITlTs ir. back in the days when BBC 1 Galbraith proved an impressive ing their trail back to ihe 1 of lunatics to Yermandero's 

hopefully entitled Big Night or was controlled by Bryan COWfiill enough presenter, the series modern item via all the most] court to dance a madman's 

will they stay loyal to the old who now runs Thames Tv), suffered from ton many clock- obscure by-ways possible, solely ! morris at bis daughter's wedding. 
Genenrftmt Game under its new Saturday night, as any saver- work cornfields- Last year in order to make each pro- .‘The asylum only plays the same 

ho=t Larry Grayson? Or watch tiser is only too acutely aware. Montagnon turned to religion gramme a ** detective story.” 1 part in the play as the ballet in 

both? is the one night of the week and mounted Ttic Long Scorch. There is li ' - 


-At nine o’clock will viewers which is followed by an entire which set out to ask questions hacking a 
stick with, the cynical but oddly day of closed jhops. 
attractive, wisecracking, crime- Thus 


little difficulty in- an opera- 
part from “frilly! Yet Terry Hand's production 


If 


rlosed shops. rather than answer them, an knickers ” (however doubtful the seems “as If his wisdom had 

„ the BBC has managed to exercise which may be morally very existence of such garments; found a mirth in madness." The 

busting, machismo duo Starsfey inveigle ITV into expending all admirable but is not very satis- in the 15th century) to com- arrival of Alsemero at ihe start 
nvd Butch as they go vroom this much publicised effort not factory as the basis of 13-part pulers- The trouble is that by I has a twirling and dancing train 
vroom through piles of card- only on the week's smaiiMt filmed blockbusters. the same token any two 3rbi-;of attendants, and Alsemero's 

board cartons; or will they audience, but on the very night Last night BBC1 broadcast the trarily chosen artifacts in his-j friend Jasperino seems near to 

switch to the cynical but oddly when advertisers least want to first of another series produced tory can be connected:- the! a song and dance before he 

unattractive. wise-cracking, buy -time. by Mick Jackson and David woodman’s axe and the moon speaks his first lines. The 

crime-busting, machismo duo in Ten years ago Peter Montag- Kennard called Connections and rocket for instance /oak ttra- audience has hy ihen been 

The Pro/eninfMli as they go non produced a series for BBC this time the subject is tech- bers. ships. American colonists conned into the belief that thov 
vroom vroerm through disused televismn and in the serious oology — or perhaps “Invert- etcetera* Try salt and the Man- '.are seeing a comedy, and gieale 
warehouses in the London docks? programme business nothing has tions” would be more accurate Chester Ship Canal, using Roman 1 happily at such neutral scenes 
Will a whole new generation been quite the same ever since. —and the presenter is James soldier’s pay as a hint. Or a; as Vermandero’s acknowledge- 

want to watch old timers Jimmy The hroad concept was simple; Burke. wooly nisimmoth trap and an off-lment of an old friendship with 

Edwards and Charlie Drake on a single urbane and personame it looks to nte. after pre- shore drilling rig with no hints, j Alsemero's father. 

ITV as they re-hash the material presenter with a wide and deep viewing last night’s episode and Such tortuous contrivances The Changelmg is a dangerous 
first used in Th<* Gliiras and The knowledge of his subject and a three others. Ilka a bright, have two unfortunate effpets. I play to treat like this, for many 

Worker to amuse their parents fl air for the didactic would be colourful sometimes Ingenious First they often appear to be \ lines can be made to raise a laugh 

all those years ago. or will thev enabled, jd a series of 13 and often entertaining series, designed to score points off the! instead of raisine a chill The 
nrefer Little And Large on elaborate 50-minute programmes, reminiscent of Burke's 1976 viewer — never a good idea.' - — 

BBC1 however desoerately over- filmed on a world-wide senes of programme The Juwtmiinp of Second, thnv frequently focus 

stretched Syd Little and Eddie locations, to convey his view of America. There are many odd attention on the programme's 

Largo appear to be after about onc of Ihe major attributes of snippets of knowledge to be technique and overshadow its 

10 of their 30 minutes using mankind. ' ' Sleaned from it: how a water content. , 

material which looks as though The presenter was Kenneth clock works, for instance, or the Thus the SurriLors style lEinrys James, his lcfi cheek Bland. Characters whose Ru Iter's half-tough, half- be, played otherwise— guests at 

it came straight from a talent (now Lord) Clark: the subject way in which castle design disaster scenario in last night's ( covered wih suppurating sores, qualities are honest and straight- sympathetic asylum-keeper and supper upstage while Pi racquo is 

' ~ - -■ -* •- — *— * " • - speaks some of these lines as if forward are honestly rendered; Jill Baker's lecherous lady of the murdered downstage; De Flores 

he were playing in a Victorian Julian Glover is a handsome and bedchamber, Diaphania. Arthur and Joanna copulating centre- 

I- Yet Burke’s inexhaustible doned” ears on "a"*' motorway, i melodrama. “Ha ha. me proud dignified De Pt racquo. and if is a Why brow's mud-doctor makes so stage while the search for 

v supply of boyish glee (often achieved the opposite of its sup- j beauty!” you can image him say- shame that De Flore* should little impression that bis final Piracquo goes on all round them. 


villainous De Flores. like many 
another Jacobean villain, must 
spend much time pretending 10 
be honest in front of those who 
are not privy to his wickedness, blood-red 



Emryi James and Diana Quick 


Lo.'iiortl Burt 


leather hy Judith moral touchline, save for Barrie splendid the production could 


contest at the Goat and Com- was fine art, and the series was. changed to deal with gunpowder programme, with Burke wander- 
passes? of course. CiFtltsatipn. and cannon balls. ing among a collection of “aban- 

W-iii lTV's pew Ameriran im- That it became one of the all- 
port Tipist In the Talc stpal the time smash hits of serious tele- 
audience from 

Dair 

Will the 
format Saturday 
take -the logics] 

« ; mMv 

F’TTpfl _ _ _ _ _ 

nf sojiiirfns a s''n 3 »«* viewer away The BBC was natilrafly- Keen tion and sheer thought v-hich so attention was dlveVled "entirely 1 enough, with a handsome set in 
frem Parkinson anywsv? ' to repeat such a magnificent clearly underpinned Clark's and tn wondering who had created ! 

And so on. with every succes- achievement and a few years Bronowski's series and gave this phoney set up and where J 
sire problem coming back in the lal R r Adrian JUakrae, _Dick them their power of insight and how. All Burke's words were) 



r change its title to Terra leading purveyor" of quality tele- substitute for the entire life- disaster leavp bonnet, hoot "arid Hands wants the play mier- Diana Quick as Joanna is pretty their voices to indicate insanity, leaving Vcrmandem to extricale 
? Does it stand a chance vision, to the rest of the world, limes of ctinsidoralinn. delibcra- all four doors open?) that one's i preted. it is done competently bin in no way evil. Somr impressive siage-prctures himself from the crowd further 


Things are not so good on the now and then to show- how back. 


4 


end to the vamn underlying ques- Gilling. Mick Jackson. David If Clark and Bronowski lost. 

rion: who vrill win the exeat Kennard. and David Paterson tended to sound a little like None of which is to suggest 
Saturday night ratings battle? helped the late Jacob Bronowski professors, Burke sounds more that the Civilisation formula can 
E-.it what (I hear yon cry) is so f0 follow Clark's triumph with like the student teacher who is never be used again; perhaps 
Machiavellian about that? The Ascent Of Man. which dealt just one chapter ahead of you David Attenborough's massive 

To appreciate the cunning vnu w **b the history of science. in the text book. 13-part series on the history ofj 

noed' first to realise that, as com- Some said that this failed to More important, however, evolution. Life On Earth, due in i 
m on sense suggests, total peak- m3tcb Clark’s victory, bnt than any personal charac- January, wili deserve to stand 
time audiences on Saturday Cfrilwo/ion and The Ascent Of teristics is a failing of the alongside Clark’s and Bro- 
n ip hfs. are not larger than or ^ aa seem t0 me to stancTas twin series as a whole: it is over nowski's series. Connections, I 
even equal to, those on other P^acles of success. The trouble contrived. It looks, throughout am afraid, does not 
nights, but actually rathpr ... \ 

«ma!ler than average. Though 
larger numbers than usual are 
viewing very early and very late 
on Saturday evenings, in ihe 
hours that matter, between 7.30 
:md 9.30. there are fewer than 
usual, doubtless because Satur- 
day is the traditional night to. 
pop out to the pub. the pictures, 
or ihe Palais. - 

So ITV and the BBC are fight- ; 
ing their Famous battle not over 
(ihe week's biggest-peak-time 
audience, but over the smallest. 

But again, where ds the cunnfing 
in that? 

It lies in .the differences be- 
tween ITV and the BBC.- It is in 
the BBC's interest to win or draw 
for even to lose, provided the 
loss is narrow), a regular, heavily 
publicised, ratings contest The 
prize is' propaganda to reinforce 
the BBC’s continued claim to the 
licence' fee which they currently 
want raised from £21 and £8 for 
colour and monochrome respec- 
tively to £30 and £12. They feel 
they need to attract about 50 
per cent of the audience to 
justify that claim. 

Obviously ITV are equally 
keen to win the battle for 
viewers, because the higher their 
ratings the higher they can pitch 
their advertising rates. Surely 
it is cunning of the BBC to 


Albert Hall 


Cologne Radio Symphony 


by DAVID MURRAY 


The Goethe Institute's special Symphony drawn from it served accomplished sextet. Edith are superimposed borrowings. 




ff 4r . "> -t: , 

v " ■’ 

■a* . * 

Patricia Brake, Ian lavender and Jimmy Edwards as The Slums 


Elizabeth Kail 


Consortium Classicum 

by NICHOLAS KENYON 

The 'Seventies missed the ample opportunity for the talents 
Twenties by a Jong way on Mon- of the group— especially for the 
day night, in the contribution of chirrup? clarinets and bounclag 
the German wind ensemble Con- bassoons in the Gavotte. These 
sortium Classicum to the Goethe players are clearly not dull 
Institute's extensive programme ensemble players : each solo con- 
of cultural events. Only one tribution had a sparkle and a 
piece celebrated the 1970s. and character of Its own. and the 
that not very derisively; Dczett delightful buffo finale with its 
1977 by Helge Jams turned out minor-mode episodes and 
to be an unobjectionable- piece of chorale-like treatment or the 

trivia for this talented octet plus theme fairly bubbled with life, 
flute and double bass soloists. Would that the Concertino 
Obsessed by-a couple of unison of yinzenz Maschek (1755-1831) 
fragments — the first, marked j,ad been anything like as sen- 
Inuto Lamento slow and striv- gjbl balanced as the Haydn. 

Ing; the second, comprising the TWs p | ece of early 13th-century 
Frnole o ApjjewJtt. P^jky Bohemian nonsense, revived 
angular— it did little with them presumab jv . because or its 

rp curious instrumentation for two 
in . the various pianos, clarinets, horns, bassoon 

i The t 19.0s were overlooked povertv 0 f invention and lack of 

^her ,n f ^ vt,ur ?^ harmonic sense it would be hard 

great C minor Serenade, and two sitrpass . Tinselly flurries of 

works which the leader of the r sra i ps -, n A endless 

BSSHSS &£££ \ 

inter pares while putting his tune you first thought of. A 

name first on the list of partici- 1 J >sle le o^aved 

pants) bad unearthed. Haydn’s which could have plajed 

Divertimento in E flat was an Dvorak s Serenade and savea 

attraSre! w>llSiade work, which themselves the cost of two , a “ dark “ Old Vic during the duction at Elsinore with Derek 

provided in its five movements Steinways. first three months of 1979 when Jacobi, the out-of-Lon don_ end of 

ren novation takes place but 8 activities are flourish- 

... . . . ing. It now feels it deserves more 

tnxrat tfamgs later are promised 8U p port j n London, and plans are 


Albert Hall 


Johnny Mathis 

by ANTONY THORNCROFT 

“Welcome to the Johnny can slur away the lyrics and still 
Mathis Show" said the anony- produce an interesting aod agree- 
mous voice at the Albert Hall able sound. His main problem is 
late on Monday night. It is his selection of songs, most of 
deadly that word “show” for it which are rubbish of the most 
means that there going to exalted variety’, 
be an hour of rather tired hors in any group of tbe most 
d'ouvres before tbe big man embarrassing and unreal songs 
turns up : and so it proved. of all time you would find many 
When he' finally sidled on stage Mathis stand-bys. Tbe early 
through a rather anaemic musi- works such as Misty and A 
cal introduction the joy in the Certain Smile now have a certain 
packed hall was unbounded. A period charm, but when the best 
woman walked purposefully to of his contemporary sources is 
the front to receive a touch on Barry MantioWs Cocacabana you 
tbe band; the undeniable hold know the depths. There is the 
that this musical veteran has odd redeeming number — bis 
over a British audience was as recent hit with Dencice Williams 
Brin as ever. stands out like a good deod in 

As a performer be has some of a naughty world although it was 
the vulnerability of Johnny Ray; strange to have her recorded 
as a mover around the stage he voice as an accompaniment — but 
has an undeniable presence; as in the main the niceness of tbe 
a singer be has a remarkable man went under to the awful 
voice with such a range that be ness of his material. 

* 

Old Vic goes ‘dark’ 



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by Toby Robertson, artistic afoot to turn the refurbished Old 
director of Prospect at the Old Vic into a centre for ballet and 
Vie. The company is hoping for opera as well as drama. 

Arts Council support to ensure Much depends on the £1.3m 

the success at its London base 3 PP= al - »ut future plans include 
. “ k “ . .. a change of name (perhaps to 

that it receives from touring in ca]1 it Old Vic Company), 

tbe UK and abroad. and to make the cosy theatre on 

With house records recently South of the Thames a rival in 
broken in Hull and Edinburgh, popular affection with the 
and visits planned tn the Hong National and the Royal Shake- 
Kong. Arts festival and Aus- speare. 
tralia, -as well as a Hamlet pro- ANTONY THORNCROFT 

‘Play for Today' publishing venture 

Eyre Methuen are embarking and titles of the plays already 
on a new drama publishing veir scheduled . are: Mike Stott's. 

“ s '“I™, » -s? 1 * SS3, JoiifjSsij- nSS: 

with the help of the BBC TV ^ Vac jav Havel’s Sorry . . . 
Drama Department, lor each of (Audience and Private View), 
the. ten plays in the new series Leon Griffith’s Dinner at the 
of Plug jor Today to appear on Sportino Club. Jehane Markham's 
bookstalls and in bookshops Nina, Tom Clarke’s Victims of 
simultaneously with .the televl- Apartheid John Esmonde and 
sion screening. Bob .Larbey's .4 Touch of die 

The first play was transmitted Tiny HncketU, James Duthie’s 
last night and the authors Donat and Solly. 


c place on Sunday, when with opera, which bad its stage pre- n , uc t, more will surclv be heard) from an a na i>'Hc point of view, 
the collaboration of the English miere in Cologne two years later, rarried the principal parts; though Berg’s symphonic im- 
Bach Festival Trust and the Even in these concert cxiracts Gwendolen Ri Hebrew displayed P Btlls ar| d breadth are hardly to 
Westdeutscher Rundfunk the the music makes great demands a penetrating) v clear deep con- detected in it— perhaps the 
Cologne Radio Symphony Orcb- — an enormous orchestra, six tralto. too and* Barbara Srberler ful1 musico-dramatic panoplv 
estra was brought to London for vocal soloists and much extra an( | Claudio Nicolai maintained neeti s to be unfolded for a corn- 
one concert Strictly speaking, percussion (stationed strategi- the high standard in smaller Prehensive shape to emerge 
neither the Seventies nor the cally about tbe Promenade on ro j es strongly. 

TwentiK figured in it— Bernd Sunday). Except for the opening The conductor Hiroshi Wakasugi’s performance of the 

Alois Zimmennann's opera Die Prcludio. a menacing wall uf Wakasugi balanced his large Stravinsky Rite persuaded one 

■ '* rtU “” ' ‘ ■ ' '■ ' " Ziinmermaon must have 

have 

sky’s Rite of Spring is 65. (The Soldiers) less than its well as properlv shattering nervous impact, but few so lucid 
The concert was not less lyrical passages. Hence the six climaxes. Like Wozseck. Zint- and so seductively musical. The 
interesting' on that account, singers (as against the single mermann's opera is constructed Cologne Radio Symphony dis- 
Zurunermann's opera has Dot yet soprano of the Wozrecfe Suite j. partly upon old forms— the suite played a beautiful command of 
had a British production, though who perform three major scenes includes a ricercare and a the music; the elemental tunes 
it was seen at the 1972 Edjn- from the opera. chaconne — which hardly make of the score underpinned it like 

burgh Festival. The Vocal Cologne brought a remarkably themselves felt as such; there ancient, Jmpassire chants. 


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FINANCIAL TIMES 


BRACKEN' HOUSE. CANNON STREET. LONDON EC4P 4BY 
Telegrams; Flnanilmo. London PS4. Telex: 885341/2, 883897 
Telephone: 01-248 8000. 


Wednesday October 18 1978 


A humble but 


useful role 


ECONOMICS IS generally sup- 
posed to be in a bad way. Its 
study has not prevented us from 
drifting into a combination of 
inflation and recession, or even 
warned us of the danger of what 
was supposed to be an impos- 
sible conjuncture. It offers little 
guidance on urgent policy 
questions such as incomes 
policy or the rules for inter- 
vention in the exchange market 
— merely a confusion of con- 
flicting advice. It offers no 
answers at ail on such practical 
questions as whether new tech- 
nology will cause unemploy- 
ment (or has already caused 
it) and for how long, or 
whether the Euromarkets 
create money. 

View expressed 

Faced with perplexities like 
this, many laymen sigh for a 
new Keynes, who will make 
everything clear. The commit- 
tee which selects the Nobel 
laureate clearly has other ideas. 
They have chosen Professor 
Herbert Simon, a man whose 
work on decision-making is so 
specialised and technical that 
few professional economists 
know it at all well. Its message, 
if a lay message can be ex- 
tracted. is that the actor? on the 
economic scene arc not nearly 
a? rational as theorists like to 
assume — because rational be- 
haviour can be expressed in 
neat equations while irrational 
behaviour is much more 
recalcitrant. For those who 
hope for quick enlightenment, 
it may even seem an obscuran- 
tist award; but the Nobel com- 
mittee is not in fact engaged in 
spitting in the eye of main- 
stream economics. It is expres- 
sing a view of the kind of work 
which is needed if the subject 
is to advance. 

Economics, like other indus- 
tries. responds to market 
demands and technical possibili- 
ties: and in recent years the 
market has demanded forecasts, 
and the computer has made it 
possible to produce them faster 
and in more detail than can 
have seemed possible a genera- 
tion ago. Economic forecasting, 
like weather forecasting, is of 
far higher quality than most lay- 
men realise; when it is remem- 
bered that it is based on 
statistics which are themselves 
partly guesswork, it is remark- 
able that the errors made are 
not much larger. 

Unfortunately this intellectual 
achievement has proved quite 
largely barren for its main sup- 
posed purpose — as a guide to 
policy. First, policy interven- 
tions can themselves invalidate 
the model: attempts to control 
the money supply, fc«r example, 


change the relation between 
money measures ana such policy 
objectives as less inflation or 
more investment. Even where 
this is not so, the unavoidable 
margins of forecasting error 
are often bigger than the 
changes policy is aimed to pro- 
duce. 

In any case, even if forecast- 
ing and policy simulation were 
free from error, the usefulness 
of existing models would be 
limited. There seems to be a 
perverse law which states that 
if we could (as we cannot) per- 
fectly control the things 
analysed in the ■ models — 
domestic money, effective 
demand, the fiscal balance and 
The like — then problems which 
arc not analysed in the model, 
such as offshore financial mar- 
kets. resource cartels, trade 
union politics and environ- 
mental fanatics will in part at 
least invalidate both the 
starling assumptions and the 
results. 

Diminishing returns 

Whatever the reasons, we 
seem to hare arrived at a point 
where the application of ever 
more sophisticated computing 
to what is at heart a very 
simple and unsophisticated 
model of human and economic 
behaviour is showing rapidly 
diminishing returns, it may be 
time, as die Nobel committee 
implies, to look at the founda- 
tions again. 

This is not, thank goodness, a 
matter of starting the subject 
afresh, but rather of trying to 
assemble a great deal of work 
which is already in progress 
into a more coherent whole. The 
notion that man is not always a 
maximising animal, that 
markets are not always cleared, 
that economics must be con- 
cerned with power as well as 
inputs and outputs are not new, 
and much work, ranging from 
painstaking surveys to the most 
rarefied theorising, is waiting 
to be assimilated. 

The new truisms inside the 
profession are not those .which 
translate readily into politics — 
demand management, or mone- 
tarism. or planning — but are 
concerned with re-launching the 
study itself. Macro-economics 
needs better foundations in 
micro-economic analysis. The 
task of economics is not to 
prescribe, but to understand. 
No-one will win an election on 
such slogans, but they do hold 
out hope for a better under- 
standing — one which might fit 
economists for the humble role 
Keynes hoped for: useful tech- 
nicians, able to tackle the real 
problems. 


I T seems hardly possible that tomer and the chief overseas 
the present structure of salesman. 

the British teLecommunica- .Yet the new computerised 
tions industry can last much exchanges are so complicated 
longer. that manufacturers selling 

This is chiefly because it will 

have vets- little hope of regain- | arlv i^less SIve^ped'cour, tries 
mg a foothold in export markets which require a complete 
unless it is reorganised— a sys£em ^ ^ operating know- 
rather gloomy proposition which how t0 ith it P 
is accepted by most people in . . - , 

the industry, and is the main This is me central dilemma, 
reason for high-level talks now which the NEB is now HyraS to 
going on between the National 50 ^ v ®* f° r example, GEC and 
Enterprise Board and the three Plesse - V were competing m an 
companies making telephone overseas market, how would the 
eouinment. Post Office decide which com- 

e< L. . .. . . , , _. pany to support? One possible 

These talks have involved Sir solntion discussed 

I fsHe Morphy, chief executive wou i d ^ ^ djvide the mar kets 
of the NEB. Sir Arnold Wein- between the three companies 
Istock, head of the General ^ let eacbtake L he lead in 
Electric Company, Sir John 


Trudeau takes a 
hard knock 


System X: the need 


to shake up the 


’phone makers 


BY MAX WILKINSON 


• ’• -*■ / "i 1 . 




?i -. • ’• 



•• 

l.Ky.ft-- 


■ - U'- 

•• ; . 

: 

ri"/V' V, 

.".•isr'vx- 




: Relative sizesand 
manpower ratiosneeded 
to make them 


v 


/rrmr:-: 


I 



Electromechanical 

Strowger 


TXE4 

first generation 
electronic 


tystemX 
1990 fully 


r r r r r r e r. r r 


r e 


one area. 


Lines on 
a map 


However, that does not seem 
workable because of the enor- 
mous size of some of the inter- 


Clark, chairman of Plessey, and 
Dr. Kenneth Corfieid, managing 
director of Standard Telephones 
and Cables, the UK subsidiary 
of ITT. They have been kept so 
secret that few people in the 
companies involved know their 
drift. 

The Government is also _ _ 

involved because it is anxious to national contracts, the largest 
streamline the industry in good o{ wblcb are measured in 
time to take advantage of export bI1 Hons of pounds. The com- 
opportunities which it believes panies C0llld hard j v agree t0 a 
will be available in the 1980s. By division of these mar kets simply 
this time the Post Office’s new by drawing lines on a map, 
computer-controlled exchanges, because they would all fear 
the long-awaited System X, will bein g excluded from the most 
be available. Although some i ucrat ive regions, 
people are openly sceptical _ . ^ . . 

about the market possibilities Even ^ companies could 
for System X. a study commis- a § ree on * carve-up of world 
sinned by the Post Office from raar { c ® ts * disputes and de-ays 
the U.S. consultants, Arthur D. " ouId ** a ? most . inevitable if 
Little. • is moderately the , tee , were all 

encouragin' 1 making different parts of the 

, r ‘ . „ system for each other. 

However, the chances for the in theory the companies 
new British system hardly look could exchange designs so that 
rosy if its development and they could each manufacture 
production are to remain most of tj, e system. This 
divided into three equal parts exchange of know-how has in 
between competing companies. tbe past been part of the terms 
As present none of the three under which the Post Office has 
companies has the detailed awarded development contracts, 
expertise to produce the whole But System X is so much more 
system. The three have separate complex than previous equip- 
marketing organisations and m ent, that it is unlikely that 
different overseas strategies. any of the manufacturers could 
Only the Post Office has a make a full range at least until 
complete systems capability, the late 2980s. Even then, con- 
and it is the Post Office which tiiraous development of the 
is exercising detailed control technology will make it 
over development schedules, extremely difficult and expensive 
But.it does not have the over- for all three companies to. keep 
seas marketing organisation up to date with the techniques 
needed to compete in the big being introduced by their corn- 
league of international competi- petitors. 
tion. Even if it were to develop These potential strains would 
such a novel role, the relation- clearly be fewer if the number 
ship with three independent nf manufacturers were reduced 
suppliers would be difficult- three .'to two or even to 

The Post Office’s record in one. An eyen more compelling 
helping manufacturers to reason for seeking mergers is 
develop an exportable product that the whole character of the 
has. in any case, been extremely industry is changing from an 
poor. None of the exchanges emphasis on manufacturing to 
whose design it has sponsored tbo design, and development of 
in the last decade has been computer-like systems, 
exported in significant num- As the old electro-mechanical 
bers. Evea if System X proves gear is phased out, whole fac- 
attractive to foreign customers, lories have been closed and 
it is hardly desirable that the many thousands of jobs have 
Post Office should be, at the disappeared. In 1973, the tele- 
same time, the principal cus- communications industry 


employed 90,000 people. By 
1976, it was down to 75.000 and 
it is now around 65,000. 

This trend wSI continue as 
complicated mechanical switches 
are r replaced by electronic 
circuits which can often be 
assembled automatically. In- 
deed: the reduction of jobs in 
the purely manufacturing side 
of the business could be 
startling. Dr. Corfieid. of STC, 
says that after the electronic 
TXE 4 exchanges, the next stage 
of switching technology (System 
X) will require only a tenth of 
the present number of produc- 
tion workers as exchange equip- 
ment is reduced to a 15th of its . 

present size. Looking ahead, be - • . - • 

thousandfold*^- Weinstock could certainly be making electro-mechanical or - even ^ strength^; -these' Boles 

crease fiSTST-S espected^ to oppose sS a equipment. Although the com- wWJ e^sufficie^lly dtlunng ^ 




26 PEOPLE 


10 PEOPLE 


volume/** hT*addetL However, bybrid arrangemant - = p^y says 'it expects to be able co ** oli 
skilled designers, computer The third possibility — which to reduce the labour force The proble^ of re-orgaaising 

and engineers the NEB would like to achieve. orn rf lia nv mainly by natural telecommunications-.-- in. 


programmers. 


will probably be needed in —is & merger between Plessey’s " 0 ' it still bas a ] ong way dQ , s ? > ' l -- in 4® a t pf y 

greater numbers. and STC’s telecommunications estimates su* reiated to thd ftmg tcrm fiiinre. 

4 mervor in rhporv interests. The plan appears to t0 ®°‘ outside estimates sug 0 f Plessey, The company may 

A merger cou.d. in tneory , a it may need to cut its pre- W i$b to continue' on ‘iu 


at least. helD to make more oe 10 tr >" t0 persuade ITT to Sest It ma> need to eui ic 3 _pre- wish to_ continpe ott ilA way 

rational use of the^ skied relinquish control of alt or part sent labour force by perhaps unchanged. A regrouping which 

engineers while he’pin* 1 to of STC 50 that » joint: company 50 per cent. Any upset in the deprived --it -of its lejetonuhinii- 

achieve a sensible run-do^ii of TOll!d be formed in which the market could therefore hasten catiotB .. business would prob. 

manufacturing ol'ant shareholders would be the NEB, re^d^des. ably Jhave ti^ other interests 

The NEB has cons^e-ed ITT and Please y- ^ big ques- several uncertainties remain, eleeiromrg. 

The NEB cas cor^de eci ^ ^ exactly how this could.be which u whether °^ en to a hid 

three mam poss.b.Uies f o r achieved and who would control rh „ iant - j*r eould be ner- Al^matiyely, the. Ni3 

meeung these diffittLHes, new group. ^ 3de ' d p,rt »ith ranmirof "* sh . ^PJt PleWs 

The first and most obvious The head -of Plessey’s tele- c T r CV en though it has talked “Jbtary and components -.parts 



question 

out of pany, therefore. Dr. Corfieid of is the central and most deUcale-of 


the-".' 


e-orgardsation 
teiecommii n;ca tiros 


there are STC.'who^ ^has a High reputation par t of the current round of industry, will depend as much 
objections in the industry, would seem to talks. The Government could on .political. will as 1 oii the coin- 


cannot be dismissed 
hand. However, 
several strong 

besides the expense. The Post be a natural candidate for: the not ajiow the American ITT to merctal and - industrial argii- 
Office dislikes the idea of top job. Whether this would control a merged Plessey -STC ments in itsEavour.The Govertv 
depending on only one supplier: be acceptable to Plessey ; is conglomerate partly because of mvnt would need to tike a 
a nationalised company would another matter. Sir John Clark. Plessey’s defence interests, and fairly decisive attitude’ to over- 
probably lack the marketing chairman, and his .• younger partly because .it would not come the many vested interests 
drive to compete successfully brother Michael (deputy chair- wish such a large part of the involved.: However: because Ifie 
in overseas markets. It might man),’ now. have oniy : a rela- UK telecommunications . in- industry ■ depeuds tetgely 
also have more difficultj’ than a tively small shareholding. but dustrj* to be controlled by a ptibtic sector .for its reveries, 
private emplover in reducing they certainly inherit a strong foreign company 
the labour force; and lastlv a family tradition because It was 


monopoly in “public** switch- their father. Sir -Allan, V who 
ing could have an undesirable built up the company before 
effect on the growing market for the war and laid the founda- 
private automatic branch ^ ons present, size 
exchanges and related office The Government strategy for 
equipment merging the two turbine 


the Government and- .the N£B 
can clearly exert a /powerful 
l e verage rf they'wish.. • y -i ' 

' Tinm is not on the. tnduatrr a 
side. Many of the major, iwn- 
tracts for t el ecomxtfaakra tioiis 
equipment in the -developing 
Even though STC takes pains world will -be coming up. in tfee 


Conflicts of 
interest 


i-a w VvUl 1U nail LUIUluc Ilik.J 

The second possibility which generaD3r companies’- opera- to sepa rate its management and next five' to ten years.: - 
has been ranch discussed is the^ -pons wo years ago_^ended research from its parent com- R - 

setting up of a joint telecom- “ many observers believe an ^ari^Se 

m unications mai&eting ' cam.- A ' not conflicts of interest may arise 

pany between GEC, Plessey and S 00 ?™ 11 of o^e of thd.-co^ when System X comes on to the 
STC. This could be allied to torolle Papras. _The, wofld market in direct opposi- 


the proposal for Britel, an over- eL? e Gov6TD - tion to ITTs new System 12 . f ro P like 


seas 


S ment. and .the NEB to secure «mputer ron^roTled StaSgS the : MdT wf* 
discussed between the M ^ rationalisation, in rather However, a continued close Ericsson of Sweden. ITT artf 
oE Cable and Wireless and simi ? ar aremnstances, is stiff link with ITT may also be desi.r- tht Japaiese. The development 
International Airadio. The m officials ears. able, because leiecnmmnnica- System X is five years behind 


in the world’s telcomiunmca- 


difficulty with this idea is that In particular they have to tions technology is moving so t , m ,.» # cn 

it is hard to conceive of a recognise that nobody is keen fast, and the worldwide Jfn 

marketing company being to take charge of. a merged com- petition is so strong, that.it is J* f_"“ 

successful unless it also has pany if his first action may have now doubtful whether the DK 
control over prodnetion and to be feesacking of large can continue indefinitely to go-; it «^Jy' • SS 

thus of price and delivery numbers of workers. - ' alone With .. a. completely strong, wel or?.ini6ed manafac- 

schedules. At the same time STC now employs 13.000 independent system. .In the part firing industry, _ must 



company which they did not down. Plessey employs 19.500 wide expertise and experience. do not even now ‘ appear V** 
individually control. Judging in its UK telecommunications It may be that a deal could be bright However .they coaia 
from his past record. Sir Arnold operation, many of them still arranged which would preserve become much worse. 


WHEN MR. JOE CLARK, ihe 
dark horse, was elected leader 
nf the Canadian Progressive 
Conservative Party in February 
1976, a malicious columnist 
dubbed him “Joe Who?” The 
answer to that question was 
given on Monday by lm 
Canadian voters in an unpre- 
cedented day of 15 by-elections: 
Mr. Clark is the man who less 
than a year from now may be 
the Canadian Prime Minister. 
■May he — not will be: the real 
battle is yet to come, and Mr. 
Trudeau has Toushl back before 
1mm tight corners. 

But the corner he is in now 
is lighter than those oC the past. 
The decline of the Canadian 
dollar in the past lw» years, 
however much one may argue 
that it has been good for 
Canadian exports: the return in 
1975 of a provincial Government 
dedicated to separating Quebec 
from Canada; a rate of inflation 
that has barely come down 
during three years of wage and 
profit controls: and Mr. 
Trudeau's inability to retain the 
sendees of many of his more 
talented ministers, including 
iwo ministers of finance: all 
these add up to a position from 
which it will not be easy to 
make a comeback. 

Mr. Clark's prescription for 
dealing with inflation and the 
exchange rate is essentially one 
of economies, cutting down 
government spending, and cut- 
ting down the huge budget 
deficits that otherwise are 
certain. The approach is 
evidently popular. Mr. Tru- 
deau, reversing Sir Robert 
Peel, has set out to steal 
the Tories* clothes. Monday’s 
results clearly show dial the 
electorate was not convinced by 
the image of Mr. Trudeau, once 
the Golden Boy. turned stern 
housekeeper. But his comment 
“wait and see*' after the debacle 
nn Mundav must not he shrug- 
ged off. There are some indi- 
cations that the economy may 
have reached the bottom. But 
little time is left before the 


election in 1979 to demonstrate 
such an improvement. 

Another thing that the elec- 
tion has shown is the deep 
division that runs between 
English-speaking and French- 
speaking Canada. It is not 
really a division between those 
who want Quebec in or out of 
Canada. What Monday showed, 
or rather demonstrated again, 
is that political loyalties follow 
different patterns in the two 
founding nations of Canada. No 
Liberal won outside Quebec — 
but no Tory won in that pro- 
vince. That is a challenge to 
Mr. Clark, but also a severe flaw 
on the unity of the country. 

Quebec - 

The Conservatives have 'not 
done well in Quebec at federal 
general elections since Mr. John 
Diefenbaker’s great but short 
lived triumph in 1958. Mr. 
Clark With his well meant but 
hardly fluent French may 
have difficulties in drawing 
Quebec onto the Tory side. 
There certainly is no evidence 
that the Quebecois have -been 
especially interested in his plan 
for giving the provinces greater 
political powers as a means- to 
quieten discontent in Quebec, 
or in the West, where the sus- 
picion is widespread that Canada 
is run for the exclusive benefit 
of the East.’ But Mr. Clark may 
at last have found a credible 
standard bearer for French 
Canada in the person of Mr. 
Robert de Cotret, a bilingual 
economist who won an Ottawa 
constituency. 

Within his own party Mr. 
Trudeau will now face the fury 
of those who blame him for not 
dissolving parliament from a 
position of strength in the polls 
last year. In the short run he 
will bang on with the argument 
that it is. too late to. switch 
leaders. On the day of the elec- 
tion itself he will have t'o hope 
that devaluation has worked, 
that he still looks the contestant 
more likely to keep Quebec in 
line — and on that " Joe Who?” 
jibe. 


MEN AND MAHERS 


Searching for oil 
in the stars 


Britain, the Saudi Arabia of ihe 
EEC. was the thrust of the 
speech delivered this week to 
engineers at Guildhall. A 
heady message, particularly 
when the speaker was none 
other than Sheikh Ahmed Zaki 
Yamani, Saudi Arabia's Minister 
of Petroleum and Natural Re- 
sources. But there the message 
was: 'The following 10 years 
seem to promise a strong likeli- 
hood of a brisk demand for oil. 
This demand will be accom- 
panied by mounting pressure 
from the consuming countries, 
in order to secure additional 
supplies in quantities that, may 
by far outstrip the need ..for. 
exports of certain oil produ cing 
countries. Both the United 
Kingdom and Saudi Arabia aTe 
good examples of such produc- 
ing countries.” 

If that was a novel comparison 
for the sheikh’s 600 listeners, 
there were some other striking 
suggestions, not least that the 
oil price increase of 1974 had 
not been the main cause of the 
recession bnt instead “.struc- 
tural elements inherent in ihe 
economic forces which prevailed 
in the industrialised countries!” 
And, further, that “what seemed 
to have constituted, to -'some 
observers, a threat to the 
economic well-being of certain 
industrialised countries, par- 
ticularly Great Britain, has in 
lact turned out to be a blessing 
in disguise.” The sheikh's jus- 
tification for this unusual line 
of reasoning was that it spurred 
Britain to increase North Sea 
exploration. 

.It was also surprising to learn 
that the hard-headed sheikh pro- 
fesses that astrology is one of 
his interests. Surely the ulema 
of Islam would frown on any 
transfer of faith from Moham- 
med to the stars? “ Oh no” one 
Moslem told me. "The Arabs 
have always felt proud oF their 
discoveries in astronomy.” Jt 
seems that the Saudis are just 
as superstitious as we are, and 


their newspapers carry horo- Department of Health, I am 
scopes. Perhaps it is to these told, but have always been 
that Western economists should turned down on grounds of cost, 
turn if they wish to see into 
the future of Saudi oil policy. 


No prizes 


I asked what REDS' charges 
were, to be told that they will 
be £15 in the daytime. £25 at 
night, and £40 if REDS’ mobile 
surgery calls. A spokesman 
said that the charges were 


Barron's this week make their reasonable by comparison with 
lead story a competition — first some smaller existing services 
prize a copy of the collected in central London. It all 
speeches of Jimmy Carter, depends on the pain. 

Second prize two copies. Bur it ■ — 

is a competition which no one 
can win and only the weekly it- 
self can lose. . 

. The task set wjh ■ -'finding the 
mistake in Carter’s recent hand- 


Kindred glooms 

IF you have Wall Street stocks 
prepare to shed them, the 
Philadelphia stockbroker and 

5±S2S 


rose 0.9 per cent iff September 
fan annual rate of 11.4 per 


P ri « I*™ *r finished .ends eerily 

before the end of May next 
*v, _ year. Two. years from now. 

cent). Barron s finds the Presi- acs PrtKl o’Hav as he nassed 

dential arithmetic a'iittle want- a 5!*™f ° 
ins It writes that -it has lone through London yesterday, the 
ltx **‘ 11 wmes 2t nas Ions Dow Jones average will be down 

to 700 and there will be woe in 
the land- 

O'Hay has been uncannily 
accurate in the past. His longest 

add and ,ubua«-; Multiply add 

Hivirfo •• Rni ii.,:.'. ic « Aiu- in s t a rted in April 19i2. when he 


eschewing equities and mopping 
up the Treasury bills so thought- 
fully provided for them. 

Against this background 
there is only one way for share 
prices to go. and it is not up, 
says O'Hay. He thinks the 
scenario will only change if in- 
flation takes off into the strato-. 
sphere, investors lost faith in; 
the rate of return on long dated ; 
bonds, and the weight of insti- 
tutional cash has to seek a fresh 
home. 

At this point our discussion 
took a turn unfriendly to US. 
investors. It might he necessary 
at that point, suggested O'Hay. 
to “shut U.S. investors out" of 
foreign exchange operations to 
ensure their support for the 
home slock market. Our 
Treasury could tell him that 
does not necessarily work 
either. 


.argued that those feeding at the 
public trough should take a 
mandatory course ini economics. 
Now it says •• To heiic with eco- 
nomics, just teach the fellows to 


Then I called a rally of close 

~ — ■■■;......— 'to 1000 by tile end of October. 

and it happened. I said the 
Agony service Dow . would ' be at 790 by 
A new 24-hour dental service. December, and it was. I called 
launched in London (last night, a raJJ y ^“Sh spring of 1974 


conspiratorial ““ a ““apse until August. 


the walk-on-water 


is given a vaguely conspiratorial • • 

air by the name, REDS; and the - T “ at „ was 
requirement for dentists to 
avoid anything that looks like V Ha *' stumbled when Nixon 
advertising. r resigned, and he thought it 

All that" I can glean from would be “good for the 
behind the veils of wtdter-than- country.” That may have been 
white discretion is ‘ that the so < but the stock market 
privately-run Radio -Emergency lapsed. ...- 

Dental Service is the brainchild But O’Hay's outline of the 
of a Harley Street Practitioner, U.S. future at least deserves to 
aad that it is hoped extend be taken seriously. .It may 
it beyond London “as soon as raise nightmarish memories for 
possible/’ Patients are to be British readers. Wall Street in- 
put in touch with the service vestors, he says, seeing short- 
v » a radio link. term interest rotes soaring and 

Similar schemes have been every prospect of inflation 
previously suggested to the shortly doing- the same, are 


Lather over 

A new category of worker has 
joined the British labour force 
— the shampooist The Hair- 
dressing Wages Council, which 
sets minimum pay rales for the 
industry’s 135.000 snippers, 
primpers. and now shampooists, 
has decided after years of argu- 
ment that the time has arrived 
to create the new title. 

I am told shampooists wii] be 
mainly drawn from the ranks of 
former professional hair stylists, 
who have come back into the 
industry after a lengthy absence 
and are not in tune with the 
latest techniques. 

Despite the new title, pay will 
lag behind that for experienced 
hairdressers — whose newly- 
agreed rate is £37 _a week. 



Men's model 
(Ret: 3748); 
___ Matching 

Cufflinks aiSO ■ 
: featuring 
Golden Ellipse 
and 18 ct blue 
coloured gold. 


Unmistakable 


Cast-iron 

A colleague browsing in a Lani- i 
beiL street market tells me that 
nothing impressed him more 
than seven words printed on the 
box of a clockwork iay front 
Hung Kong: “Guaranteed to! 
work throughout its useful life/ 


Golden Ellipse arid 
18 ct. blue coloured - 
gold. They, invariably 
identify; Patek Ftoifippe 
designs. They tell you 
that the watch was 
finished entirelyby 

hand, in ihe tpanner '.. 

practised -by Patek PhrHpp 

since t839.:The Gofden . 


mm 



Ellipse was derived by 
Patek Pbifippe from 
the Gofcten Section, 
the principle which 
already- inspired the 
riesignoftfie 

Parthenon: The blue 

coloured gold of. the 

dial Is a . bit of alchemy 
sighed Patek Philippe. 


mtm pumm 

■Q^phdpy th&c&ftsmanli touch ; 


Observer 


Ca^sue- bhef fe et jeweilers lrdhfc- Patek : Philippe. Oept F. 
- - ^POAB^.355Maideribe3d v ^ Berks ■_ 


i/V;. 

* m 2 

K 



J 


9' 


/ 


,- r 


1 17.- 1 ’+* 




^naiLc&l . "rimes Wetesilay October 181978 



Wednesday October 18 1978 


SURVEY 


a? 



After Japan’s slow and uneven record in overseas investment, 
the revalued yen now provides an overwhelming incentive 
for Japanese industry to invest abroad — particularly in 
the United States and, to a lesser extent, in Western Europe. 


WITH THE exception of two 
years immediately before the 
1973 oil crisis, when the flood 
gates opened briefly, Japan has 
yet to- establish a very brilliant 
record as a foreign investor. 

Overseas investment was 
severely restricted by the 
Government from the early 
1950s until I960 when the 
system of subjecting all but the 
smallest overseas investment 
projects to formal scrutiny by 
the Ministry of Finance finally 
began to be dismantled. 

In 1972, official discourage- 
ment of foreign investment gave 
way to active encouragement 
with the result the value of 
investment projects approved 
by the Government increased 
2.7 times in the first of these 
two years and another one-and- 
a-half times in the second year. 


Changes 


After 1973, when Japanese 
business retreated in the state 
of shocked apathy from which 
it has yet to make - a full 
recovery, the vigour went out 
of the nation’s overseas invest- 
men* * drive and— ~until now- 
stayed out. 

Investments “approved” by 
the Finance Ministry declined 
by 32 per cent in 1974 and only 
recovered (by -37. per cent) in 
1975 because- of the drastic 
impact of inflation on the costs 
of individual projects. 

The last two. -years have seen 
an additional 5.5 per cent 
recovery. In 1976, followed by 
19 per cent fall in fiscal year 
1977 tending last March) in the. 
value of projects passed by the 
authorities. 

This uneven trend in the 
launching of new projects 


contrasts with the steady .wind- 
ing up of some of Japan s 
less profitable pre-oil crisis 
investments. 

Japan's rather half-hearted 
progression towards the status 
nf a fully-fledged- .. overseas 
investor has brought it fo a 
point where it ranks marginally 
behind West Germany in the 
cumulative value of its 'invest- 
ments but far behind most other 
Western industrial countries, in 
terms of both the absolute 
value . of its investments . and 
their ratio to gross national pro- 
duct and foreign trade. 

As of late 1975, Japan's over- 
seas investment balance totalled 
just over $15bn which, was 
equivalent to 3.1 per cent of its 
GXP and 27 per cent, of its 
exports for the same year. 

Britain's investments . in the 
same year were worth "more than 
twice Japan's and were equi- 
valent tn about 16 per cent of 
GNP and 88 per cent of exports. 

The other' distinguishing 
feature of Japan's performance 
as a foreign investor lies in 
the character and ' distribution 
of its investments.' By and 
large. Japan has concentrated 
on the development of natural 
resources and on the establish- 
ment of small-scale manufactur- 
ing ventures ; in ' developing 
countries (particularly South- 
East Asia) whereas Western 
industrial nations — especially 
tire U.S.— have established fac- 
tories on the territory of other 
developed nations. 

Japan’s investments ini the 
U.S. and Western Europe up to 
the time of the oil crisis and 
for some years after '-were 
channelled -mainly into ; com- 
merce, bank and related; i'ser- 
vice” sectors^-in other words. 


they were designed to. reinforce 
the Japanese position in world 
trade rather than to provide the 
foundations for an overseas 
manufacturing presence. 

The story of Japan's overseas 
investment efforts might have 
ended on this not very encour- 
aging note but for rhe fact that 
the emergence of an embarrass- 
ingly large Japanese current 
account surplus and of the yea. 


situation in which a wide 
range of industries from tex- 
tiles and aluminium to chewing 
gum and soy sauce — are more 
costly to operate inside Japan 
than abroad. More important, 
it has created a situation in 
which the U.5., and to a lesser 
extent Western Europe, have 
become potential low-cost invest- 
ment sites far Japanese indus- 
try. 


impact on Japan's overseas 
investment performance. In 
fiscal 1977 lhe value nf 
** approved " investments in 
manufacturing rose slightly (by 
4.S per cent) while investment 
in commerce and resource 
development fell sharply (by 
14.9 per cent and 54 per cent 
respectively). 

These figures, however, prob- 
ably offer no more than a hint 


When Japan's manufacturing 
investment starts growing again 
it will initially locus over- 
whelmingly on the U.S., since 
this is the largest overseas 
market for Japanese goods. All 
the major Japanese television 
manufacturers are now either 
manufacturing in America nr 
planning to start doing so in the 
fairly near future. (The last 
major company not known to be 


Stron 

g boost i 

br 

new 

invftstme 

nt 

By Charles Smith, Far East Editor 



as one of the world’s strongest 
currencies, having transformed 
the prospects in the very recent 
past. 

The Japanese Government 
sees direct overseas investment 
as one of the major forms of 
long-term capital export by 
which the basic balance of pay- 
ments can be restored to 
equilibrium some time during 
the early 19S0s. 

For Japanese industry, the 
revalued yen (worth 53 per 
cent more in terms of the dollar 
than at the start of 1977) pro- 
vides an overwhelming incen- 
tive to invest abroad. 

Yen revaluation has created a 


This situation harmonises per- 
fectly with another set of cir- 
cumstances which have been 
forcing Japanese manufacturers 
to look seriously at U.S. and 
European Investment projects. 
These '‘circumstances** are, of 
course, the gloomy conditions in 
.world trade which mean that 
producing on the spot in the 
U.S. or Western Europe may 
be the only way to circumvent 
barriers against direct exports 
from Japan. 

The combination of a high 
yen. an embarrassing current 
account surplus and the threat 
of more troubles in world trade 
have already produced a modest 


of what may happen in the next 
few years. 

Officials at the Ministry of 
International Trade and Indus- 
try say they expect a “big 
change ” in Japan's overseas 
investment activities during the 
next two or three years with the 
accent on manufacturing invest- 
ment In developed Western 
countries these expectations are 
backed up by the results of sur- 
veys of company investment 
intentions which indicate that 
investment projects timed for 
realisation in 1980, or there- 
abouts, are three to four times 
more numerous than those 
scheduled for 1978. 


planning a U.S. venture — Sharp 
Corporation — was reported 
earlier this month to have 
started looking at possible sites 
for an assembly plant.) 

The top two Japanese motor 
manufacturers. Nissan and 
Toyota, are also known to be 
studying sites in America. So 
are a wide range of other manu- 
facturers in industries ranging 
from food processing to 
industrial electronics. 

In weighing up the pros and 
cons of acquiring a U.S. manu- 
facturing presence, Japanese 
companies seem to be relatively 

imwnrrind' hr i-Hn nnp<rtinn of 


whether or not they are likely 
to be welcome. 

Enough companies are 
already firmly established in 
various parts of the U.S. (start- 
ing with Sony Corporation’s San 
Diego TV plant in 1972) for the 
point to have been made that 
American workers react well to 
Japanese management tech- 
niques. There are, in fact, no 
serious political or psycho- 
logical barriers to the growth 
of a big Japanese manufactur- 
ing presence in the U.S. — a 
situation which is in sad con- 
trast to attitudes in some parts 
of Western Europe. 

Europe ranks as the second 
major priority for would-be 
Japanese investors, including 
major consumer goods exporters 
such as the TV manufacturers 
and the motor industry. But 
questions of how. where and 
when to invest in Europe seem 
a lot less straight-forward when 
viewed from Japan than the 
same questions applied to the 
U.S. 

Linguistic and cultural diver- 
sity is one problem. Another is 
the delicate question of whether 
Enrope itself really wants 
Japanese investment — or. still 
more confusingly of whether 
some countries want it and 
others do not. 

The present assumption nn 
this latter question seems to be 
that Japanese industry, by and 
large, is not welcome in France 
nr Italy (where language also 
acts as a deterrent) and not 
very welcome in West Germany. 

At the opposite extreme, the 
Benelux countries and Ireland 
are seen as trouble-free loca- 
tions for Japanese factories, 
though with the disadvantage 
of possessing small domestic 


markets. 

The UK occupies a pivotal pos- 
session in the investment plan- 
ning nf Japanese companies 
interested in Europe. Its large 
market, relatively low wages 
and ample industrial infrastruc- 
ture are seen as advantages. 

But there are doubts whether 
Japanese industry is really wel- 
come — despite the fact that 13 
companies, representing a total 
nf £12m worth of investment, 
are already operating in Wales 
and the north-east with what 
seem to be reasonably successful 
results. 

The doubts were not exactly 
diminished a year ago when 
Hitachi, one nf the top Japanese 
electrical manufacturers, 

announced that it was postpon- 
ing a project to build a TV 
manufacturing plant in north- 
east England after running into 
severe opposition from local 
industry and from trade unions. 

Reassured 

One year after the " Hitachi 
affair" (as it is still labelled in 
Tokyo) the Japanese seem to 
have been at least partially 
reassured that the investment 
climate in Britain is less hostile 
than had been feared. 

' Hitachi itself is believed to be 
reconsidering its original plans 
and there are repons that half 
a dozen nr so other major 
Japanese companies are taking 
a " serious" look at the UK. 

Final decisions on most of 
these projects may well be 
delayed until after Britain's 
next general election. But the 
trend is towards a greater 
Japanese involvement in Euro- 
pean industry and Japan— for 
one — believes it will be to the 
good of both sides. 


• ... 

. v.tf. ■■ 

• ;■ ,i-. vi. •” 

. •■•••■* "■ 



In organizing projects around the world, 
Mitsui has often -confronted seemingly insur- 
mountable problems. But we have inevitably ■ 
coped with these problems, and solved them . . . 
with people. \ . . 

Computers, bulldozers, calculators, cranes, 
factories, or super-cankers, all aremerely tools with 
which to solve .problems. None would be of the 
least worth without skilled operators to run them. 

People build the Middle East’s 
largest petrocloemical cotnplex 

In 1968, when planning began for this'$1.8 
- billion complex, Bandax-e-Shahpur was just low- 
lying swampish coastland, completely without 
infrastructure of any kind 

Still, tire potentials of the site outweighed the 
problems: So Mitsui men, in concertwith the Iran- 
Japan Petrochemical Company (IJPC) set about to 
solve those problems. 

Basic improvements were quickly made, and 
the life support system for the initial 250 IJPC em- 
ployees went into effect 
• . . . IJPC built Jetty No. 2, and in poured millions 
of tons- of equipment, plants, machinery, and— 
most important of all -the skilled personnel to 
run them. 

;Moredian 12,000 men and women from 23 
different countries worked together at Bandar-e- 
Shahpur, Iran. People chosen by Mitsuiand our 


r**vry* 







partners in the project to build this huge petro- 
chemical complex where nothing had been 
before. 

They did it The complex is now up, with 
only the details remaining to be installed. 

In 1980, millions of tons of petrochemical 
products per annum will flow from Bandar-e- 
Shahpur to Iran and the rest of the world, pro- 
duced by skilledpeople who were trained at Mitsui 
facilities while the complex was being con- 
structed. 

Mitsui people are ready to serve you 

Iran called on Mitsui to help organize and 
construct the biggest petrochemical complex the 
Middle East has ever known. 

We were successful. Because we know 
where to find the people to solve problems . . . 
anywhere in the world. And we can do the same 
for you. 




Ircq 

Bandar-e-shahpur 


Afghanistan 


Pakistan 



i Contact y<mritearestMitsuiofftc«: i 


St MITSUI & CO.. LTD. 


3 - 1 .DhtPin«^>cft^.Cnivod«+o. Tokyo, _____ 

Dipt. PR, C.P.Q. Box 822. Tokyo Cet>l« MITSUI TOKYO TH»»: J22253 





MITSUI & CO. 

X-X EUROPE GROUP 


r.-iNW 8 Co Ein» uo. 

T C'Sun. 1 1 . Ouwi I'emrij Goad. Laron EC 4 N 19 
TtOXn^OD-m?. Trte>; 885 Ui 


Western Europe 
London 01-600-1777 
'Dublin DT-7751 79 
•Athens 3602425, 3619738 
Oslo 412944/5, 4 13479 
Bergen 06-2I66SO 


.Stockholm 108) 2346-70 

Helsinki-629584, 629586 
DQneidorl 873S1 
Hamburg 248491 

Munich 397021 
■Vienna 57-464)1, 57-71-26 


Brussels 511-91-20/9 
Amsterdam 244236/8 
Paris 723-78-71 
Milan 730251 
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Madrid (1) 455-3500 


Valencia (96) 154-6200 
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Eastern Europe 
•Berlin 2071896,2071149 
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•Bucharest 143783 
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Africa 

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■Representative Office 



4 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided it 
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Wilson fr 
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death in l 


A few words 

about Tokai Bank’s expanding 

international operations. 


As you might know, 

Tokai Bank is one of the 
leading banks in the world 
with over 15.000 employees 
and 200 offices established 
i in Japan itself X 


It probably doesn’t surprise 
you we’re modem , 
progressive, and one of 
the first banks in the world 
to utilize on-line 
computerization in our 
\ banking operations. / 


What may 
surprise you 
is our commitment 
to international 
banking. 






ft 



p. . 

wJ 


Zl & 


JOT. 


/At present we have over 
j 20 offices and affiliates 
* around the i vend, and we just 
opened in Toronto. And X~ 
^ recently opened 
\ in Hong Kong. / 


Currently we're sewing 
the world through loans . 
And also /ending 
something as valuable 
as money’. Financia/ 
advice gained through 
over 100 years 
of banking 
experience. 


/ So don’t just 
think of us as 
a Japanese Bank. 
Think of us as a 
bank that.senies 
Japan and 
the world / 


i&o 







Sn TOKAI BANE 

tV TOKAI ASIA LIMITED 












7 




^ v "'"Wr w v ‘8E3 


v»rv. 


> / • ' 


i -tfa 










Financial handiwork 


mm rm 


.. Sumitomo Bank. 

Where up-to-the-minute computerization 
helps make business 
easier and more efficient. ftv," ' 
But helpful hands 77' 

will always play a prime part ft ft 
. in getting a project done. 


Gdmmerce 



the 



AS THE rest nf this survey taring investment and resources 
makes abundantly clear, development (The commerce 
Japanese manufacturers nave sector accounted for 17 per cent 
not, historically, shown them- of total Japanese investment in 
selves to be very adventurous Asia at the end of 1976.) How- 
so far as attitudes to foreign ever, the relative lack of promi- 
in vestment are concerned, ner.ee of a Japanese commercial 
Japanese traders are the exact presence as such in the d eve lop- 
opposite. in? world should not be taken 

The top nine Japanese t0 .inactivity on the part 
general trading houses probably . b ‘S trading companies, 

have the most extensive inter- 15 « the «Se That much 

national branch networks of of manufacturing investment 
anv group of business organisa- 30 ^ resources development 
turns in the world. (The only earned out by Japan in develop- 
i possible exceptions are U.S. or mg country has been initiated 
European multinationals which or * nan eed by the trading com- 
ihave no exact counterparts in P aaies - ^ 

Japan and whose international Companies like Mitsubishi 
operations are by definition Corporation, Mitsui and Co., 
much more self-suiSeient and C. Itoh and Co. and others have 
thus much less amenable to thus played a dual role in 
head office control than the furthering Japan's economic 
overseas branches of s Japanese interests in the outside world, 
trading house.) They have provided the channel 

Because of the proliferation 
of trading company branches *£» » ' ° 

XSTOSTMS -» t0S ^r 

commerce ranks as one of the fZ„ nrte 

most important categories of JaptnJS 

Japanese overseas investment ™ «trc SiilSS 


sTThl lo-fi _n“n. industry has invested (to the 

inraraimr hrnari'v SSftn2 £ ralher modest extent (hat It has 
investment, broad.y defined to d . } ^ the developing 

include banking and certain “ft ft ’ y ° 

other types of service* as well 

as overseas offices of trading n ooconc . . . : : ft. 

companies, accounted for just KcdSODS 


under 40 oer cent of total _ ... 

Japanese overseas investment. . J* 

with a cumulative value of become involved m the pro- 


Hoad Office: 21-24, Nishiki 3-choir.e, Naka-ku, Nagoya. Tel.: 052-211-1111 Overseas Network: (Branches & Agencies) New York, Los Angeles, London, 
Frankfurt; (Representative Offices) Toronto, Chicago, Mexico City, Sao Paulo, Paris, Tehran, Sydney, Singapore & Jakarta; (Subsidiaries) Tokai Bank of 
California, Tokai Bank Nederland N.V„ Tokai Asia Limited; (Affiliates & Associates) London, Paris, Bangkok, -Manila. Hang Kong & Sydney 


m i Lit a Lumuid i.:ic % aiuc _ - ' • - - 

e- ir, #u A nionon of overseas niamrfaefur- 

m “ d resource investment for 

of establishments, 60 per cent f reas0Bi ^ 

«« fuudSal il that 
up by Japan as of ae t 19,6 JapaHese industry, tjpiraliv. 
were id the commerce sector. ““ f.’ ^ 

. , . aims id spread its Fiats. In 

The pre-eminence of commer- otber wordSt u a textite' com- 
cial investment over other types panv or an electronics manu- 
of Japanese overseas investment facturer decides to -.open, a 
is most marked in other factory in a developing country 
advanced countries _ where ^-hose political future Is even 
Japanese general trading com- m :idty unpredictable, it is lively 
panies have their biggest and t0 want a “friendly” trading 
most costly overseas represents- concern to shoulder a portion 
tion, but where Japanese, fac- C f financing burden, 
tories are still thin on the ^ second reason why trading 
ground. The extreme example concerns have played an indis- 
of this situation is Western pensable role in investment in 
Europe where no less than -80 developing countries is that the 
per cent of the cumulative value 0 \-erseas branches of trading 
of Japanese investment to date companies can provide services 
K ,i n seclor oBc “ u *’ ranging from intelligent 

labelled ** commerce, services reports on local politics to in- 
and others,” with a mere 10 per traductions to potential business 
cent of the total in manufactur- partners without which no 
ing. (The balance is in investment project would be 
resources development, though likely to get off the ground, 
the resources concerned may a ’ final reason for trading 
not necessarily be located in company involvement is the 
Europe itself.) *• trade-related 1 ” character of 

In Asia, and particularly in almost all Japanese Investment 
South-East .Asia, investment in in the developing world. A 
trading company branches has trading concern which takes an' 
taken a back seat to manufac- equity stake in an overseas 


manufacturing venture would 
normallv expect to be given the 
job of importing from Japan 
the machinery needed to launch 
the new venture. It would also 
probably expect to handle the 
export of products from a new 
factory once production got 
under way. 

The involvement of trading 
companies in overseas manufac- 
. turing and resource develop- 
ment ventures explains why the 
investments of the top half- 
dozen or - so concerns are on 
such a vast scale — probably 
considerably larger than, the 
investments of even the biggest 
companies in the manufacturing 
sector itself. At the end of its 
1977 financial year Mitsui and 
Companv had overseas, invest- 
ments w‘orth Y 247 bn (well over 
51bn). This figure was the 
equivalent of about 30 per cent 
of Mitsui's total investments — 
in other words nearly one third 
of all the money invested by 
Japan’s second largest general 
trading company up to the 
beginning of this year was out- 
side Japan. 

Mitsui would appear to be 
leading the other general 
trading companies in the foreign 
investment stakes, but all the 
top half-dozen or so companies 
are heavily involved. Mitsubishi 
Corporation had Y144bn 
of overseas investments in 
Mar ch 1978, while the figure for 
Marubeni (now the fourth 
ranking trading company) was 
Y125bn. Sumitomo Corpora- 
tion, the fifth ranking general 
trader and a company noted for 
its relatively conservative 
management style, had Y59bn 
of overseas investments at the 
end of fiscal year 1977. By 
contrast, the biggest overseas 
investor among Japanese manu- 
facturers was Matsushita, with 
a cumulative total of Y52bn. 


sectors by trading companies in 
the recent past. . -ft ... 


: There also seems to have been 

a slow-down in commercial in. 
vestment in the opening of. 
new-, trading company branches 
or overseas subsidiaries),. This 
reflects the. fact that most of 
the ’ big traders air cad? have' 
such extensive' overseas net- 
works that major new invest, 
meats are . not necessary. . The 

only significant piece of ‘^vii^in 

territory ” ft>r. the trading com- 
panies today is the' People's 
Republic of China -— which does 
not yet permit -the opening nf 
branch, offices? China, could 
relent on this point 'in the not 
too distant future,.® which case 
all the major companies win 
certainly wish to open branch 
offices in Peking, -and possibly 
in other. cities !...- 


Poised 


During the past two years or 
so the big trading companies 
have had reason to regret the 
enthusiasm with which they 
poured, funds . into overseas 
manufacturing in vestment and 
resources' = development in the 
period up to and immediately 
after the oil- crisis. Returns 
on manufacturing ventures have 
been disappointing in all but a 
handful of cases, while resource 
development seems in retro- 
spect, to have been pushed too 
far and fast for the actual needs 
of the Japanese economy. The 
realisation of these discouraging - 
facts- has led to a sharp fall is 
overseas' investments .in', the 
resource and manufacturings 


• The trading companies seem 
ta be poised to- play their part 
ih • ■ the : nest v round - of 
Japanese manufacturing invest- 
ment which is likely fas 
explained elsewhere in this 
survey) to be directed towards 
the E r .S. and -Western Europe. 
What, is- -less certain- is-.thk 
extent to which their sendees 
will be-, needed by manufac- 
turing companies during-, this , 
new phase.- - t 

Motor v ' 'manufacturers v or j 
electronics companies eontimi- 
plating-: major - prpductttn 
ventures' m the U.S - . 'dearly do 
not have the- same need for ; 
trading company expertise ..on ! 
local political conditions or for '' 
introductions to‘ prospective 1 
business partners that might [ 
exist if they were trying to gain. 1 
a foothold somewhere in 
South-East Asia - orft-Lafin 
America. 

The upshot seems to be; that 
trading companies win bare' to 
re-think' some of their; tradi- 
tional attitudes to. overseas 
investment if they are' to play 
a leading part in the- netFpftaie 
of Japan’s ec onom i c , irderfiatipn- ~ 
aUsation. Trading companies, 
however, have already shown 
themselves to be - adept . at 
adjusting themselves to . pew 
situations and creating fresh . 
demands for their -rervica.' 
when . .old, . ones start -to 
disappekrJ There Is no reason vj) 
to _ fl3ink that they will fafl to -si 
gain a share of the action wWn 


Japanese, 'dveiseas ... investing 
starts to. grow again. ; " 


Charles SmM 


Raw Materials 


• ■ ft • v — - . ,-r-ft ' 




Getting key supplies 


VVji -- 




on a 


dfih Sumitomo Bazik 

. Onka.Tokye.'KyetQ, Kobo, Nagoya and othar nujor cilidMfl Jwni ' 


London, Dusseldorf, Brussels, Vienna ">»• ' 

NflW York, Chicago. San Fran risen, Seattle, Houston, Hong Kong.sStgapore, 
Jakarta, Seoul. Sydney, Mexico City, Beirut; Tehran, Cairo ' . . 





mm 






JAPAN’S ATTITUDE towards 
securing its vital supplies of 
raw materials has matured con- 
siderably since the oil Shokku 
of late 1973. 

At that time, panic stricken 
by the oil shortage and the fear 
of unilateral price hikes by pro- 
ducers of other key resources, 
the Japanese rushed headlong 
into resource-related overseas 
investments and long-term 
supply, contracts, with precious 
little regard for the medium- 
term supply and demand out- 
look for the resources con- 
cerned. 

The worldwide economic 
slowdown which followed the 
oil crisis brought with it a 
slump In Japan's own raw 
material import requirements, 
and a fall in raw material 
prices. 

Tbe result has been delays in 
completion of the investment 
projects, some of which have 
come to look rather foolish in 
the light of subsequent develop- 
ments, and wholesale renegotia- 
tion of huge contracts for long- 
term supplies of iron ore, 
copper, nickel, sugar and other 
materials. 

Depending on the strength of 
the suppliers' bargaining posi- 
tions, Japan has either cajoled 
or bludgeoned them into accept- 
ing lower prices and smaller 
shipments than contracts 
originally called for. 

The deals into which the 
Japanese entered may have 
served to make Imports of some 
key resources more secure than 
they previously were: more than 
50 per cent of Japan's imported 
iron ore and copper now comes 
from development projects in - 
which the Japanese own a stake, 
and the percentage for -coal Is 
also expected to rise to over 50 
per cent within a year or so, ■ 


i from only 30 per cent In 1975. 

But at the same time, some 
of the deals have simply forced 
: the Japanese to expend con- 
siderably more on their supplies 
1 than they would have needed to 
pay. 

The most famous of the con- 
tract renegotiations was un- 
doubtedly that of the five-year, 
fixed price sugar supply deal 
with Australia agreed in late 
1974, which originally provided 
for annual shipments to Japan 
of 600.000 tonnes. 

When the bottom fell out of 
the sugar market, the Japanese 
announced last year they would 
no longer honour the contract 
unless the fixed price were cut 
from the originally agreed 
AS405 per tonne— about three 
times the prevailing world mar- 
ket price last year. 

The result was months of bit- 
ter wrangling, which did 
Australia-Japan relations no 
good at all, followed by a com- 
promise agreement on a mar- 
ginally lower price, and a 
prolonged period of delivery. 

Many Japanese Government 
officials and businessmen still 
retain a very keen sense of 
Japan’s vulnerability to short- 
ages in supplies of raw mater- 
ials. 

Reflecting this, Japanese 
busi ness is certain to continue 
investing overseas to ensure 
stable supplies of &ose 
materials. 

. But the experience of the past 
five years has given them 
reason to be rather more 
cautious In their approach, and 
somewhat more confident of 
Japan’s negotiating strength. 

. They have . learned, for. -one- 
thing, that it was not possible 
for . producers of resources 
otfier than oil to bank' together 


into an OPEOetyle cartel, and East and a further’ IS per cent 

force the price increases which from Indonesia. 

were once feared: . v . ft. . . -The Government has two main ^ 

They have -also learnt that aims"; - The most fundamental is tft 

Japan is- sometimes in a position ’.to - conserve overall energy us®! 
to pick and choose among pn> while at the same time reducing 
ducer countries competing for, the. ratio of dependence on oil 
Japan’s Investment capital and An energy supply and demand ^ 

huge domestic market . ; . plan drawn up by the Govern- 

. .ment last -year 'called for econo* 

Austria, for example, at mies fr industrial and 
least under the preset, govern- home e^rgy'use, to keep tbe 
ment, would dearly -like Japan naUon!s fo ftr energy requhe- 
To Jf 1 ^ d *reet mvestment , me;nts . - 1S85 down to iba 
profile m that country beyond equivalent of 660in kilolitres of 
the small minority .stakes, ra 0 jj ■ . 

development projects 'it has ft-. Th to 'would be up from 390m 
taken in the past . . ft .fr yfr pirn’s base year /of - 1975* 

Here the Australians. have had ^ but below the- 700m projected 
to compete, with regard to iron without conservation, measures, 
ore, for example, with Brazil,' The plan further advocate* 
which many Japanese busfresses aggressive promotion of non-oil 
appear to prefer ^ to Australia, energy sources, to hold 1985 im- 
both for cost reasons, and be- ported oil requirements down 
cause of Australia's history of to 432m kilolitres, or 65^pe c 
supply, -[bottlenecks caused by cent of projected energy. needs. 
Industrial unrest . The second aim is to incress* 


UA and Canada are also ?• amount of lmported oil P™; 


me u-x ana uamaa aie aiso . . _ . . nn „irumies 

favoured by Japanese businesses .^ d e 3 S by or ^ 0 P ught 


contemplating investments 

ncnnrMC atf/T T0«Minw.nrnw«. wa1, ui jvnoiuiutu a 


resources and resouree-proress- 

. Only about 13 per. cent of 

The situation, and the pros- imports now come into this 
peels, in some key areas are category, deemed to] be more 
as follows: •: secure than oiT from other 

• Oil: Here there s Mttle son roe$. The hope- is- re 
chance now of the Japanese' ^ percentage to 50 per cem 
being able todo much r.pn*i^ by_1990. > \ .ft, ft. 
and choosing " among sappHers. Japan. . could be? imipea 

Japan's crude oil ' imports, enormous^ by , any Impo™ 1 
which . cover 9SL.IW5 cent ; Of . oil - oll-flnd ^in- the East-China sea, 
remfreinents and mare - than ^70' where ? some . 
per cent of total .energy needs, vast reserves to exist f Jiuw 
ambanted tb 275m -Inlolitres in . dictixra. over .tbe area, is-divld^i , 


Si 


the fiscal yqar.' ended laa March; , among Chin^: Japan and- Korea- . 
Tbis^ vm down'from .390m 'in • Coat Diyeraficatioii _ 01 ; 


1978 r but the- doilir bill. «dareff energy sborces; heralds a. sharp ■; . 
fa ^ Thn from. ^8.7 bn. .v. . .. frcrease .in. iinporiteiof steaming ; 

.. About. SO' per ' certi ftrf! the- obal ..La^t year’s Goyerwn*®* . i . • 
imports come from 7 theJMIddIe. plaja': forebasi / Coal could m , .. 

. - V ™ CO ^rriNU£p ON bffiXT PAGifift.* r ^ —ft iK ' 


■■ 


g>T 


'rr^- 










Financial Times Wednesday October .18 1978 


JAPANESE INTERNATIONAL COMPANIES ffl 


Aluminium 

Locked in the grip 
of recession 

THE RUGGED mountains of industry would be able to smelters had accumulated a disease — the hi ah eo«t of energy 
Northern Sumatra are covered weather the recession by resort- Y67bn deficit. That figure is in Japan — is essentially incur- 
w»rh thick virgin jungle ins to its . traditional expected to almost double to able. 

constantly enveluped in a cool, anti-recession measures. Excess YlrHJbn by the end of this fiscal lt fnr this reason that in- 
eene mist that conjures up production would be stockpiled year. JJL? i ea derT,^X dcvelnp 

vjsmns of the prehistoric past in preparation forlhebuomm To takc snnie pre s SU re off the merlP L mvrseas production 
Working their way down the aluminium demand that domestic smellers, the Govern- facilities near cheap energy 
bank of the. turou lent river is inevitably iniJowed every nient moved to limit imports sources as their only hope for 
a uniformed and heimeted recession. by introducing a bi-annual the future 

Japanese survey team, mapping The rapid appreciation of the quota system from April. This nv»r 

out *hc location »f a future yen that lias occurred over the year. The quota has been set Ja P at,es | f »n\estment in over 
hydro-electric plant. past two years has shattered at 2 i»0,Wh> tons for the April- ® t>a * a i ^ ull h ni “ n ’, !>n ? etl , n i : [ a „ l *' 

The engineers arc laying the any hopes ibat this time that .September period and 2211.000 HrZlri vumSZt 

groundwork fnr the massive policy would be effective. As tons for the October-March , s, 7 ^ n , , 

Asahan Development Project, a the strong yen steadily priced period. altd , ler !" e 011 crJ>,s - 1,1,1 oi 

venture that promises lo Japanese aluminium out »f the While the quotas will assure 

guarantee a long-term. Iow-rust world market. Japanese domestic refiners a local market X Eras olan't n 

supply of aluminium for Japan, smelters watched their export share of at least 70 per cent \w a f h? A I 

While Japanese engineers aTe business disappear. Inventories they certainly will not be niant in rmada " ^ 

constructing modem aluminium continued to mount,' reaching a enough to bring the industry " 

smelting facilities in Indonesia, P pak of 291.219 tons by last back into the black. * Three more are now under 

the aluminium industry back January. To h e j p (he industry back on construction. including live 

home is labouring in the grip Aggravating the industry’s its feet, the Japanese Govern- Asahan project in Indonesia, the 
«f a chronic structural problems is that, while electric nient passed the structurally Amazon P™ieet in Brazil, and 
recession. power rates in other countries recessed indiisLrv bill the Venalum project in 

Once a shining example of r»ise after the oil crisis. Tin* bill empowers th E Venezuela. 

Japan’s ability to develop ***ey are still much lower than Ministry of International Trade Assuming the Japanese can 

efficient. capital intensive 171 Japan. Electric power now an( j Industry (MITI) to help complete negotiations for a 
industries, the aluminium £ nsls roughly Y4 per kilowatt rehabilitate four structurally sixth in Oregon in the U.S., total 
industry is now trying to [) our ln Europe and per recessed industries f aluminium Japanese investment in overseas 
survive on Government charity kilowatt in the L.S. • ‘ smelling, electric furnace steel- aluminium production facilities 

m the form of an authorised • making, shipbuilding, and svn- will come to Y7U9bn. 

carlzl, .uhsid,spd loans, and ITlCeS theuc fibre manufarturina) The annual production cap- 

Unp0rt qUOlilS Lower power charies have "! rnu - h , ,h, ‘ fl ™ m " » r sm P- aeity of these sht plants win 

nF T ^ ■ allowed foreign bfiimj mum E" ns ™ L ' SS raparily. the total 1.335,000 tons when the 

Of Japans numerous energy “ & production f ' > ™ a ' ,orl P™ d "«ion cartels. last onc ,, completed in 1984. 

§Sr&£ SSK2H — J-Sfvasrrs 


ment Bank. 

In accordance with the new 


estimated 691.000 tons will be 

in 1972 now hover, n5 around Y284.00O “ ported to Japan in 1985. 

ln iy,J - ncr inn rap hdnw iHp pVfihiatcd law - Falr Trade Commission 

Because Japan relies more nn break even noiht for Japanese authorised the formation Japan s most ambitious effort 

fuel oil for power generation smelters of V371 (Kid ner ton of an anti -recession cartel for tn develop overseas aluminium 
than any other ' industrialised Given the larze nrice aluminium smelters in early smelting facilities is the Asahan 

country i the others use more differential between - foreign S ^ Pmb * r - , , . . De '«; lo P raeT11 vrwet. 

coal), electricity rates have an d domestic aluminium. ^ ie Frf - W, N permit six This development calls for the 
soared, jumping from Y3.5 per imports have predictably risen ni£l -1" r aluminium smelter? construction of a 513 megawatt 
kilowatt hour in 197.1 to Y8-9 from 358.1)00 tons in fiscal 1975 f Sumitomo Aluminium. Nippon hydroelectric power plant on 
per kilowatt hour in 197B. lo 472.060 tons last rear, or' 28 L >2hr Metal. Shows Light Metal. Northern Sumatra’s Asahan 

• . j ’ ' .■ Qmnitziinzi Tmn Aluminium Rii’^r anti a 'W? IlfUl t.-.n now 


To Future 

Generations, 

Security 


With electricity charge-? per cent . of the domestic Sumitomo Tuvo Aluminium. River, and a 225,000 ton per 
accounting for approximately 40 market Mitsubishi Light Metal, and ywr aluminium smeller, down 

per cent of the total production With the Japanese Smelters Mitsui Aluminium) to limit stream 
cost of aluminium, the effect forced to sell aluminium either production of aluminium ingots _ 
on the industry's international at a loss or not at all, the tn 540.000 for seven months Jp J|£ 
competitiveness, and hence industry has piled up' some fr° m September I to March 31. 
profitability, has been frightening losses, ; 1979. This figure represents a Infrastructure facilities 

disastrous. By the end of March the 16.1 per cent drop from the include the construction of a 

For a while it looked like the seven major aluminium previous year’s production. &mal! town, roads, power trans- 

■ On the heels of the FTC's mission facilities, and a 2.5 km 
decision came an announcement Pier that can handle ships up. to 
by. the. same six companies that 16,000 deadweight tons. The 
they’ would freeze or scrap project, is now expected to be 
530.000 (35 per com) of their completed in 1984. 
combined 1.540.000 ton annual The Asahan Project is now 
capacity, from the beginning of being constructed by PT Inaium. 
the nexf-flMia! year. The move a joint venture between 
will cut the industry's overall Japanese investors and the 
capacity by 32 per cent. Indonesian Government. In the 

As it has done with other in- original scheme worked out in 
dustries in' trouble, the MITI 1975 the Nippon Asahan Alu- 
has put pressure on the smel- minium Co., representing 
tere to consolidate. The first Japanese aluminium smelters, 
move in this direction was taken trading companies and the 
by the Mitsui Group when it Japanese Government, provided 
acquired Nippon Steel's share 90 per cent of the capital for 
of Sky Aluminium, bringing its PT Inaium. 
share in the ailing company up Since then, the project has 
to 27.25 per cent. been hit by inflation, cost over- 

The move is expected to lead runs, and currency fluctuations, 
lo cooperation between Mitsui and its estimated cost has 
Aluminium. Sky Aluminium and soared from $812m to S2.16bn 
Showa - Aluminium. whose at the present exchange rate, 
parent company, Showa Denko, lu August an agreement was 
already owns 27.25 per cent of reached between the two coun- 
^ Aluminium. tries whereby the Japanese pru- 

Many industry observers feel vided additional loans and the 
that if MITI continues its drive Indonesian Government in- 
fo consolidate the industry creased its equity stake in PT 
eventually there may be only Inaium to 25 per cent 

aluminium- refiner? Japan . s orher big overseaB 

mTi* pan L. u. * aluminium project involves the 

^ ab k* t0 - l L ear l ^. e development of alumima pro- 
the cessing and aluminium smelting 

JSSL pressure to con- facilities, near the mouth nf the 
sohdate. import quotas, and Amazon River. • 
recession cartels. However, the _ . 

fundamental cause of the Stephen Bronte 


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Jtptn'l 7Ih ccnsur/ 

Hmjile lln?-) the p«: 
lo the prcKtt! w ith 
die Mlcmn hcat-n-. 

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a fully integrated banking service 


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New York and Los Angeles Agendes - 
Singapore, Sydney, Saa Paulo, Hong Kong and Houston 
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joint Venture Banks: RT. Bank Perd ante, Jakarta, 

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Raw materials 

CONTINUED FROM PREVIOUS PAGE 


supplying 12.4 per cent of total 
energy needs In J985. with 
steaming coal imports ar 16m 
ions, up from just 950,000 
tonnes in fiscal 1977. and only 
500.000 is fiscal 1975. 

Australia and China will be 
major suppliers, together with 
South Africa. India and Canada. 

Mitsui Mining Company has 
set up an overseas subsidiary 
for steaming coal exploration, 
and the Government is ready to 
provide financial aid to 
developers to promote steaming 
coal projects abroad. 

Coking coal imports last year, 
at 55.9m tonnes, were little 
changed from 1973. and. given 
the recession in steel, demand 
has remained depressed this 
year. Japanese steel firms have 
negotiated major cuts in both 
the volume and the price of this 
year’s imports from the U.S.. 
their, number two supplier. 

They have also pressed the 
number one supplier, Australia, 
for lower prices., saying the 
terms of . existing long-term con- 
tracts have simply become 
“unrealistic” . 

• Liquefied natural gas: Under 
the . Government energy plan, 
liquefied natural gas imports 
will’ soar to 30m tonnes in 
1985, .'from . 5.06m In the 1975 
base year. 

An. increase ..of tbls magni- 
tude impttM investment oveifc 


seas on a fairly massive scale. 
Existing supplies come from 
Brunei and Abu Dhabi, and two 
major projects are under way 
in Indonesia. Japanese utilities 
will take all the output from 
the Badak fields, plus half that 
from the bigger Arun field. 

The. future could see major 
Japanese investments in de- 
velopment of the huge gas 
deposits on Australia's north- 
west shelf, and of those in 
Yakutsk in the Soviet Union. 

• Iron-ore: Imports of iron- 
ore .winch, like oil, covers 99 
per cent fli Japan's require- 
ments, amounted to 125.9m 
tonnes in fiscal 1977, down -from 
137.5m in fiscal 1973, while the 
dollar bill rose to $2.5bn from 
S2.Q8bn. ' 

•Again, because of the still- 
stagnant demand for steel, and 
excess world iron-ore supplies, 
the Japanese have been able to 
negotiate cuts in prices of im- 
ports from both Australia and 
Brazil, respectively the first and 
second biggest suppliers. 

Japan has agreed as part of 
Its trade surptosHcutting “ emer- 
gency . import ” programme, to 
pay in advance for 2.77m tonnes 
of - Iron-ore pellets from the 
Robe River Development Joint 
Venture, in - which Mitsui, and 
Co. has an interest 


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Metal casting techniques were introduced into 
Japan around 300 BC. and by 750 AD this tech- 
nology made possible the casting of the 250 ton 
Great Buddha in Nara, Japan. When Kubota 
started in the casting business some 88 years 
ago, it was with the technology developed over 
many centuries. Over the years Kubota has 
refined and developed new and more efficient 
ways to cast, like our centrifugal cast steel for 
Cargo oil pipe that resists corrosion caused by 
crude oil and sea water. 

Kubota also custom makes reformer tubes for 
many complex purposes. The advanced centrif- 
ugal casting method is also employed to make 
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the cast. 


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made by our revolutionary DPM process and we 
made a 30 metric ton one-piece pump case for 
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Noel Mortimer 







4 



Pr 

pr< 

ch; 

BY MA 

THE PF 
decided tc 
a! legation. 
Wilson f« 
number a 
were com 
paign agai 
Parly on 
1974 Gem 
The foi 
allegation 
lowing lh« 
affair. Mi 
was, had < 
an orches 
himself. { 
Lady Fb 
M arcia W 
The Pn 
Sir Haro 
drawn sol 
SubseqL 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pn 
to hear 
Sir Harolt 
formal co 
On the 
against I 
council si 
Royal Cc 
that thcr 
Labour bi 
The Pr. 
is one oi 
lished tod 
In ano 
council 
against ti 
Daily E\~ 
picture c 
Henrietta 
death in l 


23 



decisions depends on 
haviiigthe right 
connections. 


And the right connections are particularly important 
whenit comes to arrangiiig international corporate finance and 
foreign exchange. 

Bank of Tokyo have almost a century of experience in making 
life easier for the businessman. 

For instance, we have branches and connections spanning the 
length and breadth of five continents. 

And we have a reputation forbeing one of the world’s 
leading speciali sts in servi ng the needs of international business. 

Once you’ve got Bank of Tokyo working with you, 
operating on a worldwide basis can be a much smoother and more 
profitable business. 


JAPANESE 


Financial Times Wednesday: 



The United States 


Still the main 



yy BANK OF TOKYO 


I.ondnn Offices: 2^ •- ' Mnnrgale. i undnn RCTRbDH. Tri: n l-ii3S l'J71 
and 1 Hanover Square, London WiR £tRD 

lbur international connectiot 



DURING the last six years 
(fiscal 1972-1977), Japan's 
licensed investments in North 
America soared to S4.22bn. a 
five-fold increase over the pre- 
ceding six-year period. 

For a variety of reasons. It 
seems safe to predict a fairly 
rapid continuing increase, and 
also a sharp rise in the propor- 
tion of the investment directed 
towards manufacturing. 

According to Ministry of 
International Trade and Indus- 
try (MITI) statistics, manufac- 
turing accounted for slightly 
less than e quarter of the 
S5.40bn of outstanding Japanese 
investments in North America 
at the end of fiscal 1977. 

Of the remaining S4.14bn 
invested in non-manufacturing 
ventures, 82.6bn went into com- 
merce, banking and insurance. 
These figures* reflect the offen- 
sive character of Japan's over- 
seas investment strategy in the 
past. 


Supplies 


In the developing countries, 
which have taken close to 60 
per cent of total Japanese over- 
seas investment, the primary 
aim has often been to ensure 
stable supplies of vital raw 
materials (although, of course, 
another aim has been to set up 
manufacturing facilities to take 
advantage of cheap labour). 

In the developed nations, 
notably the U.S.. investments 
have gone heavily into com- 
mercial and services facilities, 
with the primary aim not of 
obtaining a great return on 
capital, but of securing and 
expanding markets for exports 
of finished goods. 

Today, at least as far as the 
advanced industrialised nations 
are concerned, this strategy is 
rapidly outliving its usefulness. 
Firstly, defensiveness in future 
will more logically take the form 
of increased investment in 
manufacturing, designed to ease 
trade frictions by replacing im- 
ports with local production, and 
creating rather than destroying 
overseas employment. 

Secondly, and rather more 
fundaraentily, the surge in 
Japanese domestic labour costs 
and in the value of the yen have 


in most cases dosed the gap 
between production costs in 
Japan and other developed 
countries, and sharply cut the 
export price competitiveness of 
key Japanese industries. 

For many Japanese com- 
panies. the U.S. is far and away 
the most attractive of the 
developed nations for overseas 
manufacturing investment, quite 
simply because it already repre- 
sents the biggest overseas mar- 
ket for their products. 

The U.S. also offers political 
stability, a plentiful supply of 
land sites and raw materials, 
and the English language, the 
only foreign tongue in which 
the Japanese usually have any 
proficiency. 

Japanese companies which led 
the way with major manufactur- 
ing investments in the US. in- 
clude the Sony Corporation, 
with its colour television plant 
in San Diego (and. more 
recently, its Dothan. Alabama 
video tape cassette plant), and 
Matsushita Electric Industrial 
Company, which several years 
ago bought from Motorola its 
Quasar Colour Television Pro- 
duction Division. 

Four other electronics firms- 
— Sanyo, Hitachi. Mitsubishi 
Electric and Toshiba — b2ve 
since decided to take the plunge 
into manufacturing colour 
televisions in the U.S. 

While the record of achieve- 
ment is uneven. Japanese com- 
panies have clearly gene to 


great pains to adjust to unfami- 
liar management problems In 
the US. 

Sony demonstrated consider- 
able ingenuity and flexibility in 
overcoming union troubles on 
the way to making the San 
Diego plant a successful opera- 
tion. 

la another area, the Kikko- 
man Shoyii Company managed 
to overcome strong initial hosti- 
lity to its soy sauce plant iii 
rural Wisconsin. / -- 

Today a workable blend of 
U.S. and Japanese management 
techniques appears to be emerg- 
ing, largely because the Japa- 
nese have had the good sense to 
leave some of their traditional 
business management methods 
at home. 

The basic Japanese manage- 
ment philosophy of involving 
the employee in all aspects of 
corporate life, and of working 
to ensure ■ that he feels •' he 
belongs, appears to be a highly 
exportable one. 

In many Japanese-owned 
plants overseas, the willingness 
of management to spend time, 
on the shop floor has won the 
respect of workers previously 
accustomed to more elitist 
managerial attitudes. V., 

But tittle attempt has been 
made to export -fundamental 
Japanese company concepts 
such as lifetime employment 
guarantees and decision by con- 
sensus. • . 

A major problem could be 


that of providing sufficient job 
incentives for U.S. eniployTOS 
on the higher rungs of the cor- 
porate ladder. 

The intricate consensus- 
building process still plays a 
major part in the Japanese head 
office in framing decisions which 

affect the company world-wide 
—but participation in that pro- 
cess calls for a familiarity with 
"Japanese ways of thought and 
personal contacts — not to men- 
tion the extremely difficult 
language — which no non- 
Japanese executive could reason- 
ably hope to acquire. 

In addition, the Japanese 
system of seniority based on 
age, at least in the head office 
where power is centralised, 
could discourage ambitious .US 
executives from. joining 
Japanese firms. 

Some Japanese corporations 
say they would like to-instal 
local nationals as presidents and 
top executives to run. their 
overseas operations, but com- 
plain that they have difficulty 
finding the right men. ' 

The problem could become a 
pressing one in view, of the 
tough measures which can be 
invoked in the U.S. against dis- 
crimination in employment 

Vehicle manufacturers look 
sure to be prominent among the 
Japanese companies which will 
in future be testing the export- 
ability to the U.S. .of their 
management methods— and not 


just of their product* - . 

Two mbtorcycTe maker* 
Kawasaki ' and Honda, are 
already mahufa<*ying or plan* 
ning to "manufacture . inbtor+ 
cycles - in the; .US. and- Honda 
. could decide to expand into car 
production later. ; *j ; ‘ • " _ - ' • 

Behind thein-ai^rthe‘ two 
Japanese ' autwfiotite giairtv 
Toyota and ftisSan, whlch rafe 
widely expected to: ; take . sto . 
plunge into US. raarinf achyinV 
*n the not-tOo-cU^ant' ¥ufrrre. :> 

Japan’s total -overseas . 
investment^;' in %• fiscal". 1977. 
dropped Ifr per eefct- ftom-the ; 
year before to S2#lba, reflect, " 
ing the . . reluctance . of many 
Japanese companies tb invest 
either, in resource develdjiiofeat 
or manufacturing ventures, «t 
a time when they were suffering 
from excess capacttyrand worlfl 
economic ponditipns were" so - 
uncertain.^ , 

None the less; investments- in 
North America were dwn only 
1-9 per cent, to S735m-~<aad 
those In the U.S: alone actually 
rose . 3.5 per cent to SSifini. 

. tVhen "economic- ms eenaitfties 

In Japan and '-in- the rest of the 
world" clear up, -an upturn in 
overall - Japanese overseas "in- 
vestmenf can" be confidently 
predicted. ‘ v 

And r as the above statistics 
indicate,- the! U.S. appears. sure 
to be a TMjw; recipient : 
country. . • ••:"•:• 


Noel - Mortimer 


Europe 


Ireland heads the list 



Mitsubishi Trust offers/ 
made-to-order banking service 
based on a thorough combination of 
vital factors. Nearly half 
a century of experience. Unlimited 
banking expertise. Long-established 
stability. A highly trained, 
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When you deal with Mitsubishi Trust 
this combination works 
to your advantage. 

It’s what has made us first in 
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trust banks. It s the combination 
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THE PACE and scope of 
Japanese manufacturing invest- 
ment in Europe is bound to 
increase over the next few 
years, but current attitudes and 
conditions on both sides of the 
world make it unlikely that it 
will play a major role in mollify- 
ing - strained economic ties. 
Despite the attention paid to 
Japanese businessmen making 
inroads in Europe, such invest- 
ment represents only about 5 
per cent nf Japan's total over- 
seas manufacturing spending. 
A forecast made last year 
hefore The sharpest gains of 


NUMBER OF PRODUCTION AND/OR ASSEMBLY PROJECTS IN EURpPE, 

End-march 1977 


ing of corporate plans- 
shovvs that Europe's share may 



West 

Germany 

UK 

Ireland 

Frwce 

Italy 

BfllgHRi' 

Hathsi- 

tanri 

Snin e«rtas«l Crest* ;• 

;• ' Tatai 
. tsafi* 

TMal srekets 

Foodstuff 

1 

1 

2 

. — 

_ 

_ • 

— 

T 

1 



Textile 

— 

— 

1 

1 

— 

— - 

— ' 

1 

3 

. — ^ . 

2 - n 

Chemistry 


2 

— 

3 

S 

4 

2 

2 

.1 

2 

24 29 

Iron and steel 

— 

— 

— 

— 

— 

1 

— 

1 

• f— ' 

I- 


Non-ferrous metal 

— 

— 

1 

— - 

. — ■ 

• -— 

— - 

— - 



U - 

industrial machinery 

11 

4 

— 

1 

3 

2 

3 

.3 

■■■— 

-: . - 

27- 42 

Electric machinery 

4 

3 

1 

— 

•— 

3 

— 

2 

I 

T.v — 

14 24 

Transport equipment 

— 

— 

— 

— 

— 

1 

— 

— 

1 

I 

3 6 

Precision machinery 

1 

1 

— .' 

— 

— 

— ■ 

, — . 

2 

1 

. . • 

S| - 40- 

Other manufacturing 

2 

— 

2 

2 


1 

— • 

. 

• — 


V 

Total manufacturing 

19 

11 

1 .- 

7 

11 

12 

5 ; 

14 

8 

,4 . 

■f " 

98 . 188 


actual’v have declined bv 1980 Soaree: Hade from the detailed information about each project surveyed i in. Oriental 

Several members of the EEC Econon,,st ’ jbi<L : 

have stepped up efforts to /•' \ 

attract the Japanese, hoping to 


reduce local' unemployment "and m °Uvated primarily by the munisL An investment promo- plantain South Wales; Managers 
improve their trade' balances. 11,131:105 t0 enlarge sales, while tion officer froim Europe in at these plants report 'that 


have 1,16 second - most important Tokyo observed that “it Is absehMsm add empibj'ee'turn- 


H 


The MITSBBISHI TRBST 

and Banking Corporation 


The efforts, however, . .. , __ . . - ....... * 

shown mixed results. One ra °B v ®tion (32 companies) was easier for Europeans to make over, though high and somewhat 

botched attempt by Hitachi to defence of already established deals among . themselves worrisome. ‘ toy , Japanese home 

bui?d a colour television plant markeis - followed by a desire nothing to do with economic standards, are lower . than the 

to export to third countries (23 0T gD oa business sense, it Ms national average. Conditions in 

concerns). Sixteen cited lower more to d0 with- culture." the Zipper plant in Runcorn, 

laoour costs; la named more The cui^ai gaps between near Liverpool, aren't Quite as 
t-nrpp thp^ dU 5pMiH Japanese and Europeans haven't flood as the highly mechanised 

to JaoS trom Eurooi d ^ prevented a number of Japanese and comparatively poisy work- 

to .Japan from Europe. manufacturers from oneratine «»g environment has pushed 


in the UK. with official support, 
may have even helped dis- 
courage new moves into Europe 


by already cautious Japanese 
executives. 

At present, Ireland claims to 
have drawn the greatest share 


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Hans: Z1Z-73M30Q. Cafa te: B ISITRUST NEW YOHK. Tfex: CS07B UTA5 
UL LOS ANGELES REPRESENTATIVE OFFICE: 800 V.ea 6&SlrWI. &DB 
OOCLLai Angelas, Cdfum 90017, ILSA. Phone: 2IMffi9D0L Cafafa: 

HTBC & SCHRDDEa BANK: Rta 

“i sir ® ■■ °* 


from operating 10 fl 

The Japanese are extremely plants in Europe with a great A^enteeism. higher fo* 11 “ e 

of manufacturing investment wary about how welcome they degree of success, in some cases industrial average. 

(ir value terms) among its would be in many European with seemingly ; fewer manage- Japanese . executives are 

fellow EEC states, outbidding countries, even those where ment problems than local cbn-" generally given high marks by 

Belgium, the UK and the some -Japanese have successfully cerns. In the UK, Japanese local employees, but a long-ierm 

Netherlands. Other countries. mdustries^m the past, companies have carefifllyreSidence in /a foreign country- 

like France, have less active The problem is," says an in- avoided trade union problems once popular as a means of pro- 
programmes to attract invest- J* 1 ? 311011 ." lrade official in by settling for essentially one motion— has become less: attrac- 
ment from Japan, but it along from the Japanese uniorijshops,'as is the case with ; 'tiv'e for personal' reasons, 

with West Germany and Italy enterprises which want to Sony and Matsushita's television particularly the problem of 
*t viewed as particularly “* ve Japan aren t welcome in CONTINUED ON NEXT PACE 


The YS. Line fleet 
is an active one. 


Steady growth over 60 years has built 
an operational fleet of 1 70 vessels for 
Y.S. Line. This diversified fleet has 
enabled us to reach new' heights in 
service and experience, so today we 
can claim to have one of the world's 
finest shipping operations serving 
practically every need in ocean trans- 
portation. 


•Contflinerehips *Cargo Liners 

• Heavy Cargo Carriers •Tramps 

• Lumber Carriers •Timber Carriers 
•Chip Carriers «Coal Carriers «Ore Carriers 
•Automobile Carriers «Ore and Coal Carriers 
•Ore and Oil Carriers«LP.G. Carriers •Tankers 


mY.S.LINE 


tamashita-shinnihon STEAMSHIP CO..LTO. 



aren't viewed as particularly - 

attractive environments by Europse, and the ones that are 
Japanese businessmen looking welcome either can’t afford or 
towiard Europe. don’t want to go." The only 

Japanese industries where busi- 
TpflflTlQl ness * s booming enough to 

generate enough funds to con- 
The UK, some say to its detri- sider investing abroad, like the 
ment, manages to frequently mot °r industry, will face deep 
send teams with regular diplo opposition in the markets where 
matic and ministerial represen- their exports have shown some 
tatives in a confusing display of success, tike the UK, and stir up 
enthusiasm for certain kinds of strong local opposition as a 
investment from Japan. resu It- 

I reland, which offers foreign Given a choice between 
manufacturers tax relief until Europe and the U.S. as a site 
1990, free cash grants, loan tor new facilities, the Japanese 
guarantees and other incentives, businessman inevitably feels 
has centralised all its efforts in m °re comfortable with the U.S. 
the Industrial Development ^ huge market potential. 
Authority (IDA), which perhaps ' A ’ , *hin Europe the UK is felt 
helps explain why it has ^have advantages over other 
received an estimated £80- EEC states, because of the lan- 
£I00m in fixed capital invest- ^ ua ^ e problem and a large 
ment in the past five years. mar ^et receptive to Japanese 
while the UK figures its fl° oia s. 

Japanese investment in manu- , Businessmen in Japan have 
facturing at about £12m. bcen wonied by the strength of 

In Japan, government officials S, ommm iist Parties in various 
businessmen aren't optima- Eur °P ea n countries, the advent 

tic over the nrnuwM, fw- Of labour oartiHnatnn 







v-S' 


tic over the prospects for major of la bour participaton in man- 
industries moving toward a “fluent in West Germany, op- 
European manufacturing base. Position from local industries 
The trend is toward small- and an{i or unions, fears of racism 
medium-size companies, parti cq- even the number of differ- 

iarly in the light electronics e "t languages and 


One of the leading 
Mutual Arnifs 
In Japanese securitfea 


to e^lorethe European SAMUHAI^^.tlD^^ndu^Swfesl^ta^nsored 

market, it is almost a pre- toms from one country to the attd manag«j-f3y a group of Jeading- Swiss pnvata and com- 
condition that the company has next 7 ■ • * ' • * " - - • ' - - ^ 1 • ■ 


Head Offica: Palacesids Building. Toicyo Japan, Tel. t03) 283-7500 

London 0«»»! Swvinwn Houw. 154-156. Ftnchurch Stw, London, EC3M SAL. United Kingdom T«l" (01) 623-1 67T/3 
Overseas OHIens New Vork, Son Francisco, Loi Angeles, Seattle, Chicago, Vancouver, Toronto, London, Dusnldott. Kuwait. 
Teheran, Sydney, Melbourne, Nakhodka and Hong Kong • 


Eu d rn^? ? e m tQ Addin S Japanese worries to 

A of Ja P*nese 3 general lack of knowledge 

, Wblch 8X6 invo]ved abont Ja P®n among European^ 
w A survey showed maiS in 


merciaf banks with independent inyesCfnent advisors i.ln Japan 


products in Europe showed that Europe “thi nk" ” con servati velv I - Gairust SA. 22 rue defa b]^ r j23T Geneva 11 
w »ut of 1S8 reloading were ruled Japan was somehow cm2 • " ^ ^ ^ - 





rr^r 


3 




1 







:s if ■' 



: Financial Times Wednesday October IS 1978 


JAPANESE INTERNATIONAL COMPANIES V 



South East Asia 



in the cash 


m a f te , rthe L lnn cns * s in tfa°s« countries private sect or alone to under- make all of the decision* in 

li JSP “ haie falJen * reatJy in ' en take - Examples are the Asahan Japan. The Japanese were 

seems well on its way to lertns >n thp isnrt *T>ar: • aluminium » , : 


fc 0 ™«iinfT ,T icrms in mst year. aiummium and hydroelectric accused of possessing a " busi- 

^ e c ma .L n = - e ? m ' miC B > Gilding plants within a project in Indonesia, and petro- ness first" mentality and en 
in " “®“ ■“”* country companies can bypass chemical projects in Singapore, gaging in ruthless business 

Japans investment in the import duties quotas and other The Government 


including the 


Association uf'w'hFa^ «n«® u,1,tI * ,K «»>vernmeni has also practices. Inability to learn 

rciitonl * iwi5?i ™ “ restrictions. Since they are in offered $lbn in financing for difficulty foreign languages and 

.|7_ effect ” Incal " Companies five joint. ASEAN projects nrn- customs prevented the Japanese 


Philinnfnre Z , prOJCCtS pm- 

Tn i • because they are predominantly Yided that they are shown to from integrating with the local 


StosS ^ Iab ° U ; V be viable These J—S. 

a S? ESd ’ of fill wt? unllkeiy tu face restra ^! s Jnvlude produciion facilities for Anti-Japanese feeling 
reorcsentin" '*0 6 Der Uni of ° n " ,aTkcl Khar V s or diesel engines in Singapore, fur burst into violence on a nun- 

Jaoan s total overXIs i, 1 » 1 P od:m ^ r ’«s to sales growth, urea in Indonesia and Malaysia, ber of occasions; Students de- 
japans loiai overseas lmect- iotob Jh* tu.:i r„.. 


ment. 


In fiscal 1977 alnn* ihp Sijlce the early 1970s the soda ash in Thailand and super- monslrated against Japanese 
ASEAN nations have placed a phosphate fertiliser in the economic domination in Thai- 


Japanese poured $636in into the H-iT C!;,! 

ASEAN countries *>■» finer rent h,sh Priority on economic Philippines, 
ffthdr ouS touAdTn™,! «ny«h. .n d «te l^ uah* * tonmrta 


Each project will land in 1972, and when the 
BO per cent hy the Japanese Prime Minister Kakuei 

technology and have created a host country and 10 per cent Tanaka visited Indonesia in 

Atthm.-K tw t number of incentives to lure by each of the four ***** *" u 

Japan ' se capital from Japan. The A5E.AN natmna. 

nave a sizeable presence in arpiv nnvpmmpnu have 


novenum of"j.2S l tarBMf ? 1 * wrfLudy created™ endear tax ^ 

Z Z Lnl = Japa r nes f “P ,tal shelters for specific industries. ReSliltS 
rntcnT exempted expert income from 

nont restrictions 
□vestment were 


There is no doubt 


other 1974 he was mobbed by angry 
crowds. 

In recent years the Japanese 
have made a concentrated effort 
to improve their image in 
South-East Asia. Tbe Japan 
that Overseas Enterprise Association 


span’s total overseas invest- 
ment amounted tu only $2.G74bn 


Govern- ] oca ] taxes agre j»d to restrict 

“ n . the entry of potential competi- Japanese investment has stimu- tJOEA) was founded in 1974 

? nl - . ° tors and promised to construct * ared economic growth and for the purpose of smoothing 


supporting infrastructure. 


nd that was for the must parr Singapore. Malaysia and the rj; ouuu . tl * *• **«•«=« « y ««. HJ ui ^pa- 

uncentratsd in afcwlarJe Philippines have created free Z ?™ ,e f "T 


expanded employment in South- overseas industrial relations. 
East Asia. But the sudden Financed by 350 major Japa- 


iim-f-niraffri in ■> I--,,- nimppines nave urairu . .. ; _ — — , — i — 

lovernment-sponsored resource ex P° rt industrial zones that are lnt0 the region has created a tors, the organisation helps to 
-ponsored le.jiurce open to Japanese joint venture? number of social and political prepare Japanese managers 

lhe and subsidiaries. Some coun 


I S| 

iiJV 


levelooinent broici-tVin RmtII open to Japanese joint ventures « «hmj im pomicai prepare 

laska! Ind«?ueiia and the and subsidiaries. Some coun- ^^ euis - Many Japanese joint appointed to run foreign sub- 

Jiddle East lhe tries, notablv the Philippines. ventu r! s and subsidiaries were sidiancs aud joint ventures 

It was not until the have gone as far as t* suspend sn efficiently organised and through training in language 

-tmilh^onian a^reemem set Ihe ,ncal labour laws to the benefit managed that they often put courses and seminars on local 

najor Western ciireen-ies ° r manufacturing com- Purely domestic competitors nut customs and business practices. 

..J,- _ : n ia -, njes nanies of business. The end-resu t was However, officials of the 

BSvSSS 

Ippreciating, mamflSSSli ment in SonlTKaxt companies. ^ '«ling in 

nvestments in lov-cost Snuth- Because domestic markets have The Japanese often concen- * T 

Sast Asian industry suddenly become saturated with goods Trated their investments only re g io P n dD ^ ,Sm‘nS to eS»?d 

-ecame very attractive. manufactured by Japanese sub- in the most lucrative sectors of a i fhoue h not as ran idlva^th p 

sirliaries and joint ventures for the economy, leaving the mar- “““““g “ 5 »P ,C '*** ln 

the purpose of import substitu- Jginally profitable areas to the ^ 

t u i tinn, there is now more locals. These profits were then “Sj? S r i a " c ® ? f 

In the early stages nf the cmp hasis on the production of not reinvested bul repatriated lI “ ; 

'a panose thrust into South-East ?00C is for re-export. Some host the homeland. Investinent JinTi! w kL J I d “ i 

«»a investments were concen- countries are insisting that tlie was often made for the purpose ^ 1st r a live « ” tn r l d e 

rated in Labour-intensive, low Japanese reduce their owner- of import substitution based on “i,® ! 1 h 

ethnology areas, particularly sh f p in some enterprises, lead- the local assembly of imported /m-Seni Howe^rTh^ 

textiles, electronics and ilirT tn the “ localisation ? of components for local sales. **“ in ' estn,en ts. Howevei.the 


Integration 


pnmaiy destinations of this 


worsening the host country's M „ r a ,, - T 
trade balance in the process. nevi fluw of { apa “?. se ca P ,lal 
Major problems surfaced in ^ UA and the 
relations b.,«™ Japanese ^ ™ 


t- 

Europe 


; in dry grinds, investments in Japanese foreign investment, 
hese industries reflected a new 
niernatinnal division of labour 

n which the Japanese supplied {’'‘/ymnpf itlVP" 

he technology and management t t management and local em- . ■ 

nd the developing countries Exporters in South Korea- and ployees. Many Japanese parent n ‘ n ' eSt m the US ‘ is 

•rovulcd the manpower. This Taiwan have become" so 'com- companies refused lu delegate ° siron ^ A . _ 

^i-up resulted, in .a vertical _jjetitive^ \that they, .are now ptit- responsibilities, preferring to J>tepneO Bronte 

.itegration of the economies of ting pressure on Japanese vein- 
■apan and the Asean countries tures i n South-East Asia^ 
lai led to both prosperity and especially in textiles and eje<s 
roblems for the companies in- tTonics.. To fend oft thife threSt 

ed * . the Japanese are bliving to isase 

Japanese investment was not th e technology level of iheir 
course solely m the manu- ASEAN investments, relying, 
jrmg area. The resource-poor more heavily on added value 
apanese were also interested in an( j | ess on cheap labour to 
mng up a long-term supply of j^eep a competitive edge, 
aw materials from South-East „ . , s .... 

sia. A considerable proportion , The resu! . t has been a shift 

f Japan's South-East Asian f ™ m a i vertJ ”J Jy t0 a j 1 * 120 " 1 ' CONTINUED FROM PREVIOUS PAGE 
l vestments are in joint ven- a . IJy i"le*rated economic rela- 
ires organised to procure nil J?- onsk! P between^ Japan and 
nd gas from Jndnnesia, tin and , l ou ' .f™ 3 educatin e school-age children businesses want the headaches 

■ibber from Malaysia, timber i « lories mtiie to rid wHo raay return t0 Ja P an lalt?r of a «I uirin S possibly outmoded 

:nm Thailand ami a variety of a^ " re them the te^ with a crucial disadvantage in Production facilities, and exist 

[ineraiprodS: nolo^ Stl ? ft taS* been Japan’s highly competitive ^ Pr " 

Japanese companies certainly seekjng ‘ -• education system. in modern facilities, 'utilishlg 

ave — or had — an ahundance of There has also been a grow- ine- increasingly attractive their own technology and know- 

'aasons to invest in manufactur- ins official presence in Japanese alternative to direct wholly how. 
lg facilities in Suuth-Ea>t Asia, investment in South-East Asia, owned investment in facilities __ „ 

esides Uie obvious advantage TTie Japanese Government has in Europe is buying into estab- meu a uoyern ment urea tiled 
; the wage differential, taken an active role in provid- lished European companies, or a SIS11 01 re f ,ef when Toshiba 
ipancse companies ha'-e heen ing equity and loans through its creating joint ventures with ~ ,or P-' a major Japanese elec 
•>!** to profit from the fact that Overseas Economic Co-opera lion local partners. This alternative, . ? D!CS maker * announced a 
.ost South-East Asian Fund fOECF) for large projects however, is less attractive from J°j nt . v enlure agreement to make 
juntries tie their currencies to that are of strategic value to the Japanese point of view than ' . V1S J 0 J! S Bank Indus- 

ic dnllar. meaning that produc- - Japan but are too risky for the the Europeans. Few Japanese , ies following a few months 

■ ■ ■ — after Hitachi withdrew its 

government-backed plan for a 


YKK sappers 


are 




produced In Britain 
and 

many other West European countries. 
YKK zippers 


are 



distributed inside and outside 
Western Europe. 


* * * 


(33 YKK manufacturing plants are now operating 

in29countri«aK»BTcitheworld.) • 



YOSHIDA KOGYO.KK* 

Tdtyo^Jqan 


YKK Fasteners (ILK.) Ltd. *LONDON (office) Sophia House 76-80, Qi? Road, London 
EC. 1Y8QX. Tel: (01) 253-2077. -RUNCORN (m^. plaid} 340 White House, industrial 
Estate Runcmn, Chahira Td: 092-85-77994. 


wholly owned television sub 
sidiary because of local industry 
and union opposition. Other 
Japanese electronics makers are 
also known to be discussing 
joint ventures in the UK 

Japanese observers were sur- 
prised that the Government had 
given any encouragement to 
Hitachi in the first place, con 
sidering the existence of two 
other Japanese television 
makers already. Matsushita, in 
fact, had been told it would be 
the last Japanese maker to be 
allowed in five years ago. 


Atmosphere 


After a spun of Japanese 
investment in the early 1970s, 
the atmosphere in Europe has 
changed over tbe past two years, 
the Japanese say. The change 
has been for the worse as trade 
frictions have spurred threats of 
protectionism if Japanese 
exporters didn't limit their 
market penetration and if Japan 
didn’t substantially increase its 
imports of goods from the EEC. 
The worst appear? to be over: 
while- Japan-EEC trade 
continues heavily in Japan's 
favour, there has been some 
improvement in areas like 
imported European manufac- 
tured goods. Steel, motor 
bearings and electronics exports 
from Japan are controlled or 
limited in various EEC states. 

Few in Japan expect that 
Europe would be suitable for a 
major investment in manufac- 
turing' motor vehicles on a 
large-scale, for example, for at 
least the next five years. 
Ironically, there is reason to 
doubt that the psychological 
and economic barriers which 
remain between Europe ‘ and 
Japan will be dismantled with- 
out a steady increase in 
the Japanese manufacturing 
presence in Europe. 


Richard Hanson 






In rite long term, the best choice 

THE 


LONG-TERM CREDIT BANK 

OF JAPAN, LTD. 


Head Office: Dten-.achi, Tokyo, Japan Tel: Jl 1-51 ^ 1 Tetex: J2JJ10S New York Branch: 140 BroacKvay. New Yc-ti . t:.Y. 10005. U.5.A. 
Tel: 797-1 1 70 Tale-..: 425722 London Branch: 3 Lombard Sir&ei. London BC3V C-AH. U.K. Tel: 623-9511 T-sIf-: 355205 
Los Angeles Agency: 707 Wilihiro Boul^.-ard, Los Anneles, CaliforriiaQOOl?. I'.S.A. Tel: 4S8-1766 Telex: 673553 

Amsterdam. Sydney, SIo Paulo, Singapore, Frankfurt, Paris. Hong Kong, Brussels 



Perhaps you've a product that isn't 
selling as well as you think it should? 
Or you've a service you think the 
Japanese people would like? 

To succeed in Japan takes effort. 

' But, for someone willing to make 
the effort, it can be a very 
rewarding experience. Japan's 
consumer market is one of 
the world's largest and most 
dynamic: quality goods from 
ail over the world are one sale 
throughout the country. 

For goods to sell, they have to 
be known. The goods which are 
selling best are those known best 
by the Japanese people. It doesn't 
matter how good a product's 
international reputation is, if it 
isn't known in Japan, sales will 
never get off the ground. 

In 1978, our advertising 
research institute conducted 
a poll among 2,000 
consumers selected 
at random just 
to see how 
well Japanese 
people 
recognized 
the names 
of certain 

overseas products. Jaguar cars 
had been heard of by 66.0% of 
the consumers polled— this 
compares very ' 
favourably 
with the 
89.3% 


who had 
heard of 
Japan's 
own best- 



selling Toyota Carolla. 66.9% had heard 
of Cutty Sark whiskey, 96.6% had heard 
of Lipton's tea, and 77.9% had heard 
of Burberry men's coats. In the luxury 
field, 67.9% had heard of Rolex 
watches. 

People get to know brand names in 
many different ways, but the most 
important is advertising. And we are 
a leading medium for the 
advertising of international goods 
and services in Japan. The 
readership of our economic 
daily, Nihon Keizai Shimbun, 
1.7 million, are the sort of 
people at whom advertising 
should be directed. 33.8% of 
the readers had incomes of 
more than $25,000 in 
1978 and almost twice 
the national average had 
graduated from 
university. 
Whether you're 
advertising 
a product or 
service or you're 
placing 
an announcement to 
boost your company's 
image, Nihon Keizai 
Shimbun and its related 
publications will make sure 
that your advertisement 
gets seen by more management 
decision makers 
and more 


of the 
people 
who set 
the trends 
in Japan. 


LIST OF NIKKEI PUBLICATIONS 


Name of medium 

Circulation 

Readership 

The Nihon Keizai Shimbun 
(Nikkei Economic Daily) 

1 .733.095* 

Top' maniqemsnt 

The Nikkei Sangyo Shimbun 
(Nikkei Industry! Daily! 

157.034* 

E\«utl--e lei si 

The Nikkei Hyutiu Shimhun 
(Nikkei Marketing Journal, 5/WI 

227.024* 

Top retailer 

The Japan Economic Journal 

23,913 

Internationa! 

businessmen 


(•May '78, ABC Japan) 



Japan's Total Economic Information System 

The Nihon Keizai Shimbun, Inc. 


1-9*5 Otemachi, Chiyoda-ku, Tokyo 100, Japan 
Tel: 03-270-0251- Cable: NIH0NKEIZAI TOKYO 
Telex: NIKKEI J2230B, J24798 


London Office: The Financial Times Bldg.,10 Cannon Street, 

London E.C.4, U.K. Tel: 248-2019 and 248-7694 

Advertising Representative: Publicitas Limited, 525/527 Fulham Road, 
London, S.W.6 1 H F Tel: 0 1-3B5 7723/4/5/6/7/8 


I To get a sampla copy of Nihon Kaizal Shimbun, 
I pIcMe fill in this coupon and send it to 
I Marketing Dept., The Nihon Kozai Shimbun, 
j Inc. 1-9-5, Otemachi, Chiyoda-ku, Tokyo tOO 


I NAME 

J POSITION 

COMPANY - 


I 7 


ADDRESS 


FT Per. '78 











a 


Hands Across 
the Oceans 



Mitsui O.S.K. Lines Links 
Japan with the World 
through 30 Liner Routes 


A fast-aciin? network of 30 regular routes, including 8 
container ship routes, mate up Mitsui O.S.K. Lines’ 
Liner sertwv. 

This network, the largest in the world, links Europe, 
Africa. Oceania. North America, Latin America and Asia. 
Our prompt container vessels run from the niaior ports of 
Europe and the Mediterranean to Tokyo, Kobe, Hong 
Kong. Singapore and Port Kelang. 

Mitsui O.S.K. Lines has a fleet of 352 vessels ready to 
meet every demand, including heavy lift carriers, tankers, 
car carriers, iron ore canters and other specialized 
carriers. 

The car:o versatility of this fleet mates a significant 
contribution to international trade. 


Mitsui OSK 


^ Head Office: Tok-.o. Japan 

London Branch: 1 2 20. Camomile Street. London EC3A 7AL 
Representative OHices in Europe: Dusseldorf. Hamburg. Rotterdam. Paris. Milan 
U.K. Agents: Brown Jenkiiuon and Company, Ltd. London; Tel. 01 -&9 1-4222 


. Financial Times Wednesday October IS 1978 

JAPANESE INTERNATIONAL COMPANIES VI 


Investment 


New moves overseas 


ALTHOUGH TAP AN' almost 
certainly over-invested in the 
expansion of its domestic indus- 
trial capacity durmz the years 
up to 3974. it has been strikingly 
timid up to now in its approach 
to overseas manufacturing in- 
vestment. 

As pointed out In the intro- 
duction to this Survey. Japan 
ranks well behind other ad- 
vanced countries buth in the ab- 
solute amount of its ‘overseas 
investments and in the ratio of 
those investments to GNP and 
to international trade turnover. 
An equally striking gap exists 
between Japan ami the indus- 
trialised west in tbe extent to 
which overseas investments 
have been channelled into 
manufacturing ventures (rather 
than into resource development 
or commerce). 

At the end of 1976 when the 
Ministry of International Trade 
and Industry (MITI) conducted 
a detailed survey of the Japan- 
ese investment scene, about 31 
per ceDt of total overseas 
Japanese investment was in 
maufacturing, whereas West 
Germany, for example, has over 
three-quarters of its foreign 
direct investment tied up in 
manufacturing ventures. There 
are signs that Japanese indus- 
try may start to catch up in the 
overseas manufacturing invest- 
ment stakes during the next 
few years, but there is much 
ground to be covered before the 
Japanese manufacturing pre- 
sence equals that of other ad- 
vanced countries — particularly 
in the advanced countries them- 
selves. 


Japanese investors — unlike 
U.S. investors in the developing 
world — did not. and still do not, 
insist on a high degree of 
control over their overseas 
manufacturing ventures. The 
average stake held by Japanese 
parent concerns in overseas 
manufacturing ventures as of 
late 1976 was 56.1 per cent, with 
the remainder of the capital 
held by joint venture partners 
in the “host” countries. 

A major reason why Japan 
has lagged behind as an 
investor in overseas manufac- 


turing is that foreign invest- 
ment was severely restricted by 
tiie Government until the late 
19611s, primarily in order to 
protect the balance of payments. 
A few major investments were 
undertaken in the 1950s and 
early 1960s under direct 
Government sponsorship, but 
these were mainly in resource 
development (e.g. the Arabian 
Oil Company and the North 
Sumatra Oil Development 
Corporation, bath established 
in the early 1960s). 

Japanese companies did not 
begin to establish overseas 
manufacturing ventures in 
significant numbers until after 
1969 when the Finance Ministry 
began to lift restrictions on 
direct overseas investment 
When they did so, they directed 
their attention mainly towards 
South-East Asia and Latin 
America, undertaking projects 
that were meant to take advan- 
tage of cheap labour and 
plentiful raw materials. 

Something of a rush of 
Japanese investment into South 
East Asian and Latin American 
manufacturing ventures 
occurred in 1972 and 1973 — 
years when funds were plenti- 
ful and when Japan ' itself 
appeared to be running out of 
labour, as well as of places in 
which to build new factories. 
From 1974 onwards there was 
a reaction caused partly by the 
global recession which followed 
the 1973 oil crisis and partly by 
the extremely poor results, in 
terms of sales and profits, of 
many overseas manufacturing 
ventures. 

The ratio of profits to capital 


of Japanese-owned factories out- 
side Japan (or rather of those 
covered by the MPTI survey in 
question) fell From 4.4 percent 
in 1972, when the investment 
rush was getting under way. to 
0.3 per cent in 1975 (by which 
time only 53 per cent of all the 
ventures covered by the MITI 
survey were reporting profits at 
all). Profits in Japan itself also 
deteriorated sharply between 
1973 and 1975, but not as 
sharply as those of the over- 
seas manufacturing subsidiaries 
of Japanese companies. 


Reaction 


Disillusion witb the results 
of the 1972-73 manufacturing 
investment boom produced a 
sharp reaction in the number of 
projects implemented in 1975 
(the value of projects approved 
by the Government actually 
halved from $l.52bn in 1973 
to SS79m in 1974). In the last 
three years there has been a 
modest recovery in overseas 
manufacturing investment in 
value terms, with the approvals 
figure -touching Sl.OTbn in fiscal 
year 1977 (ending last March). 
This, however, reflects the im- 
pact of inflation on the value of 
individual projects and should 
not be considered a pointer to 
any real recovery — as yet — in 
the actual rate of investment in 
manufacturing. 

Another aspect of the situa- 
tion. not covered by Govern- 
ment statistics, is the winding 
up or closing down of existing 
investments in some developing 
countries. This, apparently, has 
been going on on a substantial 


scale, although Japanese com- 
panies who decide to write off 
their overseas investment natur- 
ally do not draw attention to 
the fact more than is strictly 
necessary. 

The positive side of the over- 
seas manufacturing investment 
picture is that plans for future 
investment projects (l.e. for 
some two to three years ahead) 
are once again on the increase. 
This has been verified by yet 
another of the numerous MITI 
surveys on the Japanese invest- 
ment outlook and appears to be 
due overwhelmingly to a single 
factor — that. yen revaluation has 
transformed the relationship 
between manufacturing costs in 
Japan and those in tbe rest of 
the world (including developed 
countries like the U.S. and the 
UK). 

The MITI survey indicates 
that tbe number of Japanese 
manufacturing companies 

which expect to invest abroad in 
1980 is nearly three times the 
number that actually did invest 
abroad in 1976. It also indi- 
cates that 60 per cent of over- 
seas investment ventures are 
likely to be in manufacturing, 
compared with the share of 30 
per cent of existing investments 
which is accounted for by 
manufacturing. 

A final, and highly signifi- 
cant finding of recent surveys, 
is that Japanese would-be 
investors are now directing 
their attention towards other 
advanced countries as well as 
towards more traditional invest- 
ment " destinations ” in (he 
developing world. This is being 
done for three reasons, of which 


the first is the already men- 
tioned factor of yen revalua- 
tion. The other two significant 
factors are the rise of pro- 
tectionism in . developed 
countries (which Japanese 
investors hope to counteract, at 
least in part by the establish- 
ment of on-the-spot manufac- 
turing ventures) and the reali- 
sation that investments in 
advanced countries often tend 
to yield higher profits than 
those in developing countries. 

In considering manufacturing 
investments in the developing 
world Japanese companies have 
to consider “ political ” 
questions, such as the extent 
to which the Japanese style, of 
management is likely to he 
welcome in sophisticated 
western countries, as well »as 
more straightforward cost 
factors. There is evidence that 
the Japanese business world is 
more confident at present than 
its investments are welcome in 
the U.S„ where quite a number 
of success stories have already 
been recorded, than in Europe 
where Japanese factories are 
still very few and far between. 

Even so it seems certain that 
the plunge will be taken during 


the next few years, with |he 

«ns 


main flow of investments bet 
directed, in all probability, to 
countries where English - is 
either the native language., or 
is at least widely understood. 
If all goes well Europeans may, 
by the early 1980s. have come 
to regard working for - a 
Japanese employer as not much 
more nut of the ordinary than 
working for an American. 


c. s. 


Textiles 


Uncertain prospects 


T-. '■>? * 



Taiyo Kobe Bank is a dynamic bank. 

A growing bank. A bank that makes it a point 
to stay on the move. In Japan, our branch offices 
reach out to over 300 locations nationwide. While 
around the world we go to key financial centers. 
So no matter where you do business, chances 
are good we can lend a helping hand. ICyou travel 
as we do, it’s good reason to get together. 

You'll be traveling in the best of company.. 


A name you can bank on. 

TAIYO KOBE BANK 

Formed by J merger ot Bulk or Kobe and T*lyo Bank 


MwrO Oll.cr ■ .'ilr 

On w. W’iCflc M-a -.i l, 

i m.-w. 


• ^ -*■ 5 >r», 


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Room No. 56034 'jjninjr. h.-vjsc Ha. caT.ri Road. Ht»n$ Konq 
T«l S-2561': 73' 06 TYKBr- H\ 





Moving thirties efficiently round the world means more than a lot 
of ships und space. 

To Showy Line it means a large measure of care ana consideration to 
even- customers ' wishes and for even- type of product, whether 
it is a Ming vase or a milling mat / line. 

Through our many nyv of containers on the hacks of some of the most 
modern enmainenships Showa serves the world. 

We i are about the important things that will ultimately rive 
the customer the kind of service that will enable his products 
to reach their market faster, easier, sajer. 

Call Shown when you consider your con petty ' s products desave 
an extra measure of care. 



■eqjW!*””' 


\®\ SHOWA LINE 


Head Office: IWurofnachi Bldg., 1 . Muromaehf 4-chom?, Mihonbashi. Chuo-ku. 
.Tokyo 103, Japan Tel.: (03) 270-7211 T«;e«: J22310 


Representative Offiees: London. Vancouver, Seattle. San Francisco, Lf* Angeles, 
Chicago, New York, Hong Kong and Teheran 


IT IS A STORY that has by 
now become familiar. In order 
to fight off an onslaught of 
cheap iraporfs. domestic manu- 
facturers announced their in- 
tention to file an aoti-dumpiog 
suit. 

However, this time the cries' 
for protectionism, instead of 
coming from the U.S. or the 
EEC where domestic producers 
have resorted to legal action 
to restrict Japanese exports of 
steel and colour television sets, 
came from none other than tbe 
Japanese themselves. 

In late September. Japan's 
nine major manufacturers of 
synthetic fibres indicated that 
they would file a complaint with 
the Ministry of Finance charg- 
ing that manufacturers in tbe 
U.S.. Soutli Korea, and Taiwan 
were dumping acrylic staple in 
Japan. 

By selling acrylic staple for 
Y300 per kilogram in Japan. 
YIOO below the domestic 
manufacturer's price, foreign 
synthetic textile producers had 
been able to quickly win about 
10 per cent of the Japanese 
market. 

The Threatened action would 
mark the first time that a 
Japanese industry had sought 
protection within the GATT 
framework. 

Alihough it is unlikely that 
the MOF will pursue Lhe matter 
seriously in the international 
political environment, the action 
gives some indication of how 
badly business conditions have 
deteriorated in the Japanese 
textile industry- 

while only seven years ago 
ihe Japanese textile industry 
was powerful enough to spark 
a trade war between the U.S. 
and Japan, textile manufac- 
turers are now perhaps the most 
vulnerable sector of Japan's 
industrial structure. 

Japan's synthetic fibre pro- 
ducers are being confronted 
with a number uf unpleasant 
realities. They are dependent 
on the domestic oil refiners for 
the supply of naphtha, their 
basic raw material. 

While the appreciation of the 
yen should in theory translate 
out imo lower petroleum, and 
heee naphtha prices, the oil 
refiners have so far refused to 
pass these foreign exchange 
gains on io petrochemical and 
synthetic fibre producers. 

Pressure from the industry 
finally forced the Government 
to intervene, and naptha prices 
were marginally reduced. The 
price of naptha is stilt being 
holly debated in Japan. 

The refiners* intransigence 
over the naptha price means 
that the synthetic textile manu- 
facturers are suffering all of 
the disadvantages of the strong 
yen. but are getting none of 
the benefits. 

Companies that once exported 
up to half of their production 
have watched their overseas 
markets disappear because of 
their inability to maintain com- 
petitive prices. The loss of the 


export markets has bten the 
major factor behind the tailspin 
in the industry’s sales. 

The beneficiaries of the struc- 
tural weakness of the Japanese 
textile industry are textile 
manufacturers in Taiwan and 
South Korea, who have been 
rapidly expanding their own 
production capacities. 

Taking advantage- of the low 
cost of domestic labour, special 
tax incentives, and the creation 
of free export industrial zones, 
these carve out a hefty share 
of the world textile market at 
the expense of the Japanese. 

Spinners of natural fibres are 
also seen having a difficult time, 
although they do not have the 
same problem with high cost 
raw materials as the synthetic 
textile industry does. 

Spinners import their cotton 
and wool stock fibres from the 
U.S., Australia, and other coun- 
tries wit!) prices fixed by dollar- 
denomiuated contracts. 

The falling cost of raw 
materials has helped domestic 
sales somewhat, but the indus- 
try still must contend with a 
steady drop in export 'sales 
because of high production 
costs. The situation has led to 
a production overcapacity prob- 
lem that is no less severe than 
for the synthetic textile 
manufacturers. 

The necessity for a major 
structural readjustment of the 
Japanese textile industry is 
evident in the bleak business 
results turned in by the leading 
companies. 

To help the industry back on 
its feet, the Japanese Govern- 
ment is employing the tried and 
true formula of enforced pro- 
duction cutbacks, tbe mandatory 
scrapping of excess production 
capacity, and industry con- 
solidation. 

The Ministry of International 
Trade and Industry (MITT) gave 
“ administrative guidance " to 
the synthetic fibre industry to 
cut back production until the 
fair trade commission (FTC) 
authorised an anti-recession 
cartel from April. The cartel 
requires production cutbacks oF 
25-30 per cent for polyester 
filaments, polyester staple, nylon 
filaments, and acryl staple. 

Cotton spinners have been 
operating an FTC-authorised 
cartel since April ■ last - year- 
which calls for 15 per cent 
production cut and scrapping 
of 20 per cent of the industry's 
spinning capacity. 

A consolidation trend has 
already begun within the 
industr y, w ith encouragement 
from MITI. which may eventu- 
ally see the top synthetic fibre 
producers coalesce into four 
large companies. 

Last November. Mitsubishi 
Rayon and Tovobo set up a joint 
sales company, named DIA 
Fibers. Asahr Chemical and 
Kanehn followed by founding 
the Nippon Synthetic Fibres 
Co., which will handle joint 
sales for three main products. 


Teijin and Unitaka went a 
step further when they 
announced a plan to team up 
on joint sales and production 
in April. A possible tie-up 
between Kuraray and Toray, the 
last two large-sized synthetic 
fibre companies to remain 
independent, has been widely 
rumoured. 

However, there are complica- 
tions that seem certain to 
impede the consolidation 
process. Conflicting Zaibatsu 
affiliations will make some of 
the proposed mergers difficult 
to achieve, as in the case of 
Teijin and Unitaka. 

So far, a total of 3.543 textile 


firms have been granted 
Y39,73am for the development 
of new knowledge-intensive 
industries, the scrapping of 
excess equipment, and the joint 
use of production and stock- 
piling facilities. 

Earlier this year. the 
structurally recessed Industry 
law was passed to help the 
major synthetic fibre producers 
achieve similar targets. 

* The most conspicuous 
element of tbe restructuring of 
the textile industry has been 
the large-scale • transfer of 
production facilities overseas. 
Realising that any labour 
intensive industry in Japan was 


CONTINUED ON NEXT PAGE 


In Clwyd today 



went to work 
as usual 


Qvj'd's multi-skilled 127,000 strong workforce 
has preserved quite a number of old-fashioned virtues. 

Among them is .the idea that a fair day's pay is a 
good return for a lair day's work. Which . is why 
Clwyd can justly lay claim to one. of the best labour 
relations records in Britain today. 

It’s only one of the factors that convinced, such 
diverse, internationally-known organisations as BICC, 
-Dunlop, Kelloggs and Pilkingtons that Clwyd. was the 
right place to invest. . 

Among other factors are 'Clwyd**' excellent 
communications — easy access to road, rail and air 
.networks and proximity to the north-western seaports, 
'readily -available factory unit* or sites and extensivft 
financial aid-. 

And one more of CIwycFs quaint bid- t *— 
fashioned virtues— it’s an outstandingly ■£ 
pleasant place to live and work. ix 

Get the facts on Clwyd. W’riteTo Wayne */ 

S. Morgan, County Industrial Officer, Shiro 
Hall, Mold. (Tel: Mold 2J.21J for a free 
colour brochure. . 




-atthepeah 
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Yy ^lancial'-Thaes Wednesday: October 1$' 1 mr 

'JAPANESE INTERNATIONAL COMPANIES VII 


Electronics 

Production boost 

JAPAN'S LEADING electronics the eighties are likely to be The Japanese firms' advance exports to Europe 6f their home- 
inns nave been fairly quick to newer consumer products, such into European manufacturing use VTR's. 
ee the need for overseas pro- as video tape recorders tVTRs), has been mure hesitant than Their opponents are keeping 
■lucuon facilities, to cope with and more sophisticated that into the L'.S., and thus pace. 

,jie threats posed to exports by .successors, and non-consumer there still appears to be con- Victor Co for example 
-ising domestic wage costs, products and application^ siderable scope for increased (which was the company respon- 
irotecuonism. and the surge in It is far from dear at present investment — particularly in sible for perfecting the tech- 
ne value of the yen. that the Japanese will fluickly view of recent moves by Euro- nology of the VHS system 

.In the U.S., Sony Corporation want — or need — to move over- P*ari electronics manufacturers marketed by the larger Malsu- 
tegan producing colour tele- seas to produce their key to curb imports of colour TV S hita Electric, and by the other 
IM i°o-o eLS a , 1 its 53,1 Dieg0 piam Products of the next decade. tubes From Japan. firing j n the alliance!, has this 

n 19i_, well beforp any of the The U.S. has so far been the Hitachi, which last year aba n- year begun to supply home-use 
nreats assumed their recent main focus of the Japanese doned its plans to manufacture sets to Thom of Britain and 

companies' investment atten- in Britain in the face of strong Thomson -Brandt of France, 

fion. for the very good reason trades union resistance; has under long-term agreements 

that, for most of them, it is since denied reports of a pns- which provide for local prodtte- 

vasily the most important sible deal with General Electric lion by the European. Arms, wiih 

foreign market. to take over its UK television Victor's technological help, at a 

Sony, which says labour costs production interests. later dale, 

at San Diego fell below those u ■ ■ The Japanese firms appear 

in Japan at around the time jLlODltMTIS confident they have the competi- 

tlie yen rose beyond 240. per tion from Philips — the only 

dollar, is busy expanding .the Despite the ^ obvious strong European VTR producer — well 
a Japan-U.S. Government- California plant's production at attraftioiK of European produc- under control. 

?ve}^agre«?ment ro a maximum a cost of $Mm (following start- fion bast ' s - which allow them to Depending of course on prn- 
T l.»5m sots annually. up in 1972, production had ^ el around EEC tariffs, the tectionist and other trends, it 

In Europe, both Sony and reached 400,000 sets a year by " ap3nc * e Hrm5; may continue to could ^ a fairly long time 

= - , . 1976). ^ he,d ba <* b - v linguistic and before the Japanese companies 

Sony is also expanding audio J^ral Problems, fears nf f ee j the nee d for overseas pro 
and video tape production' at its disputes, and — most duclion of VTR's. 

Dothan, Alabama facility. fundamentally, perhaps— a Jin- while they are now hoping 
Monthly nroduction caoatitv serlns feri,n 8 *■* thcir invest' for rapid expansion of both 
of v“d£ mem presente is .till nol relly domesUc end oversees «-= 


iroportiDns. 

Since then, five other industry 
. earJers have taken the plunge 
ntn U.S.-based manufacturing 
if c-nlour TV. 

Tins year, for the first time, 
“V production in the U.S. by 
■ apanese firms will exceed 
a pa ns total exports lo the U.S. 
.aarkel. which are now limited 

iV 


fatsushita Electric Industrial 
<ave for some years had their 
wn colour TV-raaking plants in 
he UK. and this year. Sanyo 
Electric and Toshiba Corpora- 
ion gained footholds in Euro- 
pean production, the former by 
rquiring a 30 per cent stake in 
• laly’s Emerson Electronics Spa, 
ad the latter by sotting up a 
tint venture with Britain's 
ank Organisation. 

increase 


IS I ' * ' "" ■* — ■> uuiucsuc «»u uiwwm VTR 

evDected to hp doubled to we J com ^- „ , demand, they are well aware the 

500 000 bv the end of this'vear - ■*” otber arfi as or the world, growth will be considerably 

Matin- the olant the biraest i° 1Dt inanu ? cturmg ventures in flower than was that for colour 
maxing tne plant tne mggea. Singapore have proved to be an TVs 

world 'The rampanv P sayV" a f tr f Uve wa -V for Japanese (^ e industry esUmate is that 
r S ic elet ' tronit ' s companies to lap the it w jji take about 10 years from 

Pan of the plant s output js gr ° win g markels 0 f the five Re start of domestic marketing 

nmrkef XP ° rred t °‘ the Eyropean member countries of the Asso- itl 1975 t0 ge t VTRs installed in 


■I*. - elation of South East Asian 50 nor cent of Japanese homes. 

Ma.siismta Electric Industrial, Nations ( ASEAN). ■£," Sour TV by compari 

The VTR is seen by the son, took 10 years to reach 90 


•■erseas sales or manufacturing 
?nture. or of the expansion of 
■listing overseas facilities. 


P»« A- after buying ** ™ 

idustzy s move overseas has colour TV plant in 1974 almost » lhe VTR 1S a 

een stepped up since the yen doubled production from the Japanese ,ndustT >‘ as lhe next P«r cent penetration, 

egan its steep climb in value startine level 10 fioo non sere last n,ain!jU y consumer product to The two Japanese VTR pro- 
round the beginning of 1977. y ear ’ , fo]Iow colour te i evision setii duction g^ps see m to have 

hd since the Japan-U.S. agree- The enmpany originally' and the saJes ■ war amon S invested in ample production 
tent on a volume export ceiling imported picture tubes from Japanese firms has already capacity at home to meet 
•ok effect in July last year. ' Japan but switched to GTE sp JL ead overseas. estimated domestic and foreign 

So far in 197S. hardly ' a Sylvariia Inc. when - export Total Ja Panese VTR- produc-. demand for the time being. 

ionth has gone by without the restrictions started. t * on va ' ue topped YlOObn last And production overseas 

innuncement by a Japanese The more recent Japanese . year would require fairly heavy 

.ectronics company of a new entrants into U.S. ■ colour TV Domestic demand in 1978 was capital outlays— and a fairly 

manufacturing are Sanyo- Elee- es 'imated^ by the industry at sophisticated and well-trained, 
trie, which bought a plant in * r °und 500.000. compared to labour force. 

Arkansas in late 1976 from 700000 in the U.S. This last point could be 

It should not be assumed, Warwick Electronics: • ilitsu* 1 With exports starting to crucial in determining the scale 
iwever. that the overseas in- bishi Electric, which ’: began Europe, the year's production of future overseas manufactur- 
sstment rush will continue — at production at a California plant volume could almost double to ing investment by Japanese 
;ast as far, as manufacturing of its own early this year .(and ar °V/ ld 1 -3 m sets - electronics firms. 

?ntures tas opposed to sales has since announced plans to Tbe Sony . Sanyo * Toshiba The most probable boom in 

utletsi are concerned. double output to 10,000 sets a grouping — producing -Beta- electronics in the first half of 

Sony, for one example, already month by the end of 1978); n,ax -" "betafonnat” VTR’s— the 1980s is not In consumer 
_ _ produces abroad about 30 per Hitachi, which reached an agree- nave tied up in the U.S. with products but in electronic parts 

/ *Ti ?nt of its overseas sales ment with General Electric Zenith Radio and the retailer —such as integrated circuits— 

i i l > which account for. 60 per cent Company to form , a 50-50 joint Sears Roebuck, while the Mat- and j n industrial product 
; v » Wf total turnover!. Sanyo venture for colour TV. produc susbita Electric-Victor -Co- applications of the new 
lectric. for another example, tion and marketing, perhaps Hitacbi-Mitsubishi Electric Alii- electronics age. 
aiming to boost overseas pro- beginning this autumn; and ante has reached marketing -p or a considerable time into 
notion to 30 per cent of total . Toshiba Corporation, which is aareements wit^i F.CA . Cqip. the future, the Japanese might 
"irnover within this year. ' building a new factory in Ten- GTE Sy Irani a, Magnavox and find jj, e 5^ w ^. t0 exploit that 
. Manufacturing investments nessee, and also plans to start General Electric. boom is to use its own labour 

• rmeas so tar have been made' ^p by the end of this year; . In Europe. Sony has set up force arjd com binaUbn of 

. large part to protect and . T T olal colour TV product, on this year a Dutch subsidiary to UcenaIng and marke ting agree 
Maintain foreign markets for b - v Japanese firms in tbe L.S. is handle European sales of broad- merjts t0 ^ and j ncrea6 e 0 ver- 
le Japanese firms’ leading con- considered by industry sources cast video equipment, while , 
imer product® of the seventies sure to t0 P 11 5m sets 1 this year, Sony Tind all the companies in 
-most notably colour TVs. but and ,Uce, >* t0 exceed -2m in 1979. its VTR grouping have begun 
•so others including audio 
inipment and other home 
jpliances such as refrigerators. 

. Increasingly, these markets, 

. the developed countries, are 
•ing to consist of replacement 
. ?mand. 


seas market shares. 

Noel Mortimer I 




This does not mean there will 
. >t be a need fur some more 
arket-protecting manufactur- 
- g investments, both in the 
•veloped countries themselves 
•and in less developed coun- 
ts— to lake -advantage nf 
wer production costs for 
(ports, and to tap the. LDCs 
'mb growing markets for the 
rae products. 

But the fastest growth areas 
r the Japanese companies . in 


CONTINUED FROM PREVIOUS PAGE 


doomed, the large textile 
companies aggressively antici- 
pated ■- in the overseas 
investment boom of the early 
*70s. 

The industry’s target was to 
achieve an international vertical 
integration in which the 
labour-intensive aspect nf 
production was assigned to low- 
waged Asian countries. 


South Korea. Taiwan, 
Thailand and the Philippines 
saw enormous investment by the 
large . Japanese textile 
companies which now rely on 
overseas production for up to 
half of their output 
Leading the overseas thrust 
is Toray, ' which ' has been the 
driving force behind Hong 
Kong’s Textile Alliance (TAL'i. 


Opeoi 

tdtf, 

iisiw 


£ aSafe 


m 




mm 


m 










jrfWwicesL;' -■ — * . 

in. 


... 




Alsb esttebd quite 5W»»c^ outside the Gtoao: V^if^cObfichOTt M ' . 
' gtvjpjkyMi( fdjrice In financing* medajm-1*rm financing andT . 

'. seft^tiy a*.weir'» normal commensal 'baling, in the 
v'M^.w^««e4eDss Japanese iruJusttiat-aetivitiw are cdiwatpedt- 
s ■ Neajtess to say, our services are backed up -by a thordtij^) 
rtseqrch capability, aworfdwrde network and, above all, the best of. 

; personnel to eepb with any project anywhere. - 

Total Assets : . 5,140,113 million (U$S23,VT7 million) 

Capita! Funds . . AM 11,51 5 million ( US$502 minion) 

(as of March 37, 1978; US$1 ^¥222.35) 


^ - 


^ ; u-. jl. 








MITSUI TRUST 

THI WJTUil men A MUKlf+C OX.’, PVT* IIMOXO 


London Branch: 99 Bislmpsgata.. London EC2M-3XD. Telephone: 01-638-0941 Telek: 888679 MTRUST G 
-able Address: TRUSTMlT L0ND0N EC2 .Generir'Manager: Saburo'ltoh ‘ '' 

Slew York Branch: -Telex:. Z22401 MBC0 -UR -Cable Address: TRUSTMlT NEW Y.0RK . . 

5in§apore RBpiesentativfi- Office: Telex: 23796 MltllfTB RS- Cable Address: MITU1JRUCT SINGAPORE 
?ead- Office; Tukyoi Japan Jetex?J26‘397 : Cable Adress: TRJJSTMIT TOKYO.,.:- C /••. . 

d .i • ’ • • ' " ; " 


Toray's aim is to build TAL 
into an internationaUy 
integrated textile group, 
capable of manufacturing both 
synthetic and natural fibre 
products. TAL has acquired 
plants in Hong Kong, Thailand, 
Malaysia and Singapore. 

TAL is 49.9 per cent-owned 
by Toray, with the remainder 
held by Jardine Matheson (11.2 
per cent), C. Itob and Co. (9 
per cent), and Lees Investment 
(6.4 per cent). 

Unfortunately, Toray’s TAL| 
venture was poorly-timed. A 
major stock building and capital | 
expenditure programme was I 
completed just before the reces- j 
sion, and the venture has since | 
then been burdened with excess 
capacity and unsaleable stock-! 
piles. 

As a result, TAL has lost overj 
$65m in the past four years. But 
Toray officials are optimistic | 
that they have turned The i 
corner this year, citing the sale j 
of some of TAL’s more un- 1 
profitable subsidiaries, and 
expect to make a profit in this] 
fiscal year. 




\xJLf> 




25 - 


CREATIVE TRADE IN ACTION 


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Creative trade means going beyond traditional 
import-export transactions. By backing major 
development projects around the world, 
Marubeni is initiating new trade flows, 
equalizing the distribution of resources and 
technology, and trying to raise living 

standards for all. 


At yoer savice with 125 offices in 78 coantrie* 

Marubeni 


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Means Better Service. 

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pediting the onloading, offloading and forwarding of container cargo. 

Or maybe you need a specially designed container. From horses to helicopters, 
wines to wire. NYK’s 90 years’ experience culminates in our containerization know-how. 
The NYK container s ystem . Lets you move faster and more efficiently when your 

markets shift or new trade patterns emerge. 

NYK. You can’t beat 
system. 


Results 


Id the past Few msnths there 
have been hopeful signs that all 
of the various rescue measures 
undertaken by the Japanese 
Government and the Industry 
itself were finally producing 
some results. 

Domestic prices for synthetic 
fibres have sharply rebounded 
since the beginning of the year, 
while natural fibre spinners 
have been able to improve their I 
position because of the lower* 
cost of raw materials afforded 
by the strong yen. • . 

The top seven synthetic fibre 
manufacturers are . predicting 
combined net profits of YS.4bn 
for the fiscal year ending March 
31, 1979. Although these profits 
will have a targe non-recurring 
element derived from The sale 
of securities, property, and fixed 
jets, the improvement over 
previous years cannot be ques- 
tioned.. 

However, despite the upturn 
ia conditions this year, the fun- 
damental structural problems 
nagging the industry still are a 
long way from being solved. 

C.S. 




V 


NIPPON YUS EM KAI5HA 

■ Ht*4-OfH«»: Tokyo; Japan* • 

■ Landed Branch Qfflce: Beaufart Mouse, 15 SI. Bakriph Stoat, lendan.^gCSATMlt, England Yal: (Ml ?tS-2fi89 Telax' 884295-8 
Otfw 0«r*B*s Officer fn Eurepr. B Diiika*kfiirfTd; W15f ■HambWB'Tat:S5 93-'1 f tariaTai: 285-1990 »||flafl'Tai;80334S 


J 









Pr 

pr< 

ch; 

BY MA 

THE PF 
decided tc 
allegation. 
Wilson f» 
number n 
were com 
paign aaai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was, had . 
an orches 
himself, l 
Lady Fa 
Marcia W 
The Pn 
Sir Haro 
drawn sol 
Subseqi 
ml d the 
did not 
prietors 
instructed 
round a 
material." 

The Pri 
to hear 
Sir Haroli 
formal co 
On the 
against t 
council si 
Royal Cc 
that ther 
Lahour hi 
The Pr. 
is one m 
lished tod 
In ano 
council 
against tl 
Daily Ex-, 
picture c 
Henrietta 
death in I 



Car makers under pressure | | 

JAPAN'S MOTOR companies, use the export capacity in ground fast in Asian markets, upgrade the p quality" corn- piston-engine). signing a. sports car (though ft will fare from now cm Is. an answer will In evita bly .be n no ri- 

unlike the cars they produce do existing plants to present a there are obstacles in their path ponent of their exports in the As a result of booming CTLC wili not be ready before 1980) open question. . Clearly; the Knock-down a ssembly plants fta 

not look alike. That practically challenge to the leaders on if they want to repeat their hopes that profits will be sus- sales in America the RX-7 sue- and Honda will brag its most strategies of the second-ranked Asia) and- integrated, naimfcfe; 

every one of them is scoring their own Japanese turf. Asian successes in America or tained on a substantially lower cess is icing on Toyn Kncyo's expensive car ever on. to the companies like Toyo- Kogyo, hiring facilities;; (in-. Anterfcg 

major successes in export mar- Mitsubishi now reckons it Europe. volume of unit sales. The evi- cake and has already grown to market next spring — an - up- Mitsubishi and Hond a a re and/or Europe). 7 V . 

kets in 1978 is not reason can let up a bit at home and Just as Japan's car companies dence so far, is that the experi- be 30 per cent of a great]:.' ex- graded sports version of the geared to Taking substantive . Fto the preS8nfv bOwewa*- 

enough to lump them in the lake some of tbe American look different from each other, ment is working admirably, panded sales volume. Mean- Accord (but to be priced con- shares of export and domestic companies - like Nfesanr. »nJ 

same basket— although this has market (it has been doing the industry itseir is under Toyota's Celica costs twice the while. Toyota plans to marker siderablv higher, according to markets from the “majors”— Toyota have thfeir hands f^ 

clearly been the tendency in especially well in West Ger- intense pressure to make the price of Its best-selling Corolla,- an upgraded Celica XX in the industry sources >. There are Toyota and Nissan. Given the cop tag with.tbesffcen,'je'igie 

Europe and the U.S. The scale manyi. If not in the same switch 

nf their operations differs -mat both are headed for the 
immensely. Toyota is a Y2.5<JUbn £ aiue destination, 
a year business — Honda's car Toyo Kogyo. the makers 

sales in 1977 were jus? under Mazda cars, is a case apart, » IUC 1S U1C ^mL-rican mmnr pncea at about twice the standing success. ?ne -tji. is na=y now aa wrung. • Japan is occomios progrts saivi .y Tlrtiioloc 

Y480bn. Workforces range from h<n»n? invested heavily before industry's push into the small family-sized GLC (which has a In America even Isuzu :i de* How each Japanese' maker prohibitive. The industry’s JJOUglaS 

ihc srualle.-t among the prin- |h>- till crisis ;n fuel guzzling car business. Officials at 



cipal car makers i Mitsubishi's rotary engines. Toyo Kogyo saw Toyota and Nissan talk openly 
22.0U0) tn Nissan's 56.40U. i«i exports collapse in* 1973. of the severe damage this could 

Above ail Japan's car makers Sales in America fell fmm do to Japanese small car 
show drastically different per- I lfi.iit'O units to a third of that exports by 1980. 
fn nuances where :t most counts number, and the share nf But the pressure is not only 
— product iv it v. At ir.e iast munr rotary -powered. cars ;n the total coming from America. It is a 
on° Tnvqta emplovce accounted foil meantime from SO per cent consequence of the changes 
fnr S3 'vehicles rolling off the 1,1 20 P« r «nL inside Japan's own motor 

gmups assenihlv lines each _ industry' — above all, the shift 

year. That performance i* un- K\DOrtS from ll ? w t0 hi5h labour costs * 

rivalled even at Ni^aa. which * According tn the Japan Auto- 

build only about 4 Dalsuns per Neither Isiuu nr Fuji Heavy mobile Manufacturers’ Associa- 
worker. And although Toyo Industries is keyed to car pro- turn (JAMA), in 1972 Toyota’s 
Kogyo has revived fmm the duction. though both do a big per capita labour costs were 
worst of its troubles and now truck export business (29 per little over half of Ford's in 
boasts a productivity ratio of l ' cnT at Fuji and 33 P er cent America. By 3976 the same 
about 30 Mazda? per employee, at Isuzui. As a result strategies reckoning put Toyota's labour 


Steel 


Demand 




■■ ? ■ 



schemes overseas, pelletised iron ore plant- He 

man was ‘under 19 car?— pour high-volume low-price market- Ford ™ * 

by any international standard. Without doing any inflation 

Toyota and Nusan — the ., : Bo;h ^ ompanies f 13 ™ another sums, the 1876 manpower costs maiDta,ne<I 
majors — be twee 
per cent nf 
market, and 
slight edge ov 

S ’ a ;‘ __ ►»“=■» «»-»* s«as insiMru on Keeping avor-jnis ahntit nn a nnr uiirh .. , 

Momrcycie maker Hnnaa hit i WU cars nut of the American P markets. the original 40 percent sider each holding a 24:5 per however, the Japanese are Vhp hnm ma .- - • . : * 

thp jackpot with C\w and market. In recent talks, how- , German. .. Japanese steel output in fiscal Tbe capacity of tne complex cent stake. and Siflerbras the hardly rushing to make further ™ s I?. e 

Accord cars. Honda'? target ever cu s „nn.«ed that Labour «« sum * ■« never 1977 en ded last March totalled is due to be expanded to 3.5m romatari-r - - in the knnw.hnw 

■a as a 
Toyota's 
especiall 
wise Mi 

up independent! 
and wanted 

leaders* heel. — _ — , — . 

unnWa'c •« a 7.4 per cent eauitv stake in P e 3§ed Japanese car industry year’s 34.28m tonnes because of output 


as recently a* 1973 output-pe* m exporting cars are not geared costs at $14,400 a head and JAPANESE STEEL firms may mates by the Japan Iron and been considerably delayed), is and-import 

p • ' • • • - - "s at S 15.000. have overinvested in production Steel Feneration. Most ot that the 82. . bn Tubarao project, also so that iron ore supplies from Mauritania. . •:>* 

capacity at borne, but they have is accounted for by the 2.4m in Brazil. development projects lu which j n Mitsui and Co jhg 

a fairly cautious tonnes per year Usiminas steel Sources at the BraziUab state the Japanese have a stake now trading company, ameunasM? 

" -c $33 rn order Jrom the Inu^anfr 

Steel Company of Trinidad auf 
Tobago for' electric furnai^jr 
and contitrucms - casting syfeff n& 
-use in! .a., steel plant- then: 
now being built. -j • ' JM 



Investment* in overseas develop- r *Sj. <!QU T e ^ 

ment projects. field is, Jtro^ver. (.lima. Mijof 

T _ _ ■ Japanese steel -campames,- ]^, 

so™** price reductions thi.ye.rjn 

- 

Brazil, the tion. It is stall believed that StaHnSlfli in 1880. with firatstage capac® 



with " is clear - th , e Americans, year was estimated by the Inter- which Kobe Steel has a 20 per would be to keep costs down. raajor ro ie for themselves over- become c loser a fter the Signiag 

cent stake and Tokyo Boeiii. a and would not affect Kawasaki's §eas in .supplying know-how and this year- -of r the : peace /and 


* 3 and sales to Britain at the previous “cheap” component 

Mitsubishi No. 3 in nomestic year's level!. Japanese car exports 

sales Honda now has its j n short, neither company is inevitably disappear.- But how which 

American market and is completely ils own master in soon? 


Japanese comnanv had lo con- Leune ain l ' 0,nc,ae with ur, “ « ciear. mr Americans, year was estimated by the Inter- 

ctf : fra .; ^ HrsT P .m"j a D a n Ministry of mternational Trade wHh a home market twee the national Iron and Steel Institute . 

Meanwhile Honda ha< become ?n- 0 Ind “ slrj ! s decisiun oarl . v i n SIze of Japan s. can also make (USI) at 674m tonnes, compared Japanese trading firm, a further or Fmsider's slakes in the equipment ^ to "less"* developed friendship -treatv^ The QhUttCi 

* leanAn,le Honda ha ' oecome I9J8 to restrict each company's cars more cheaply. Hence the t0 capacity of 850m tonnes. 10 per cent. project. The plant is scheduled countries Earlv this -JEt have already 

,n The production of steel* Japanese steel firms also have to start up in August 1982. with Nippon Steer announced it had with Japanese . steel 

must making plants overseas in stakes in a number of steel pro- an annual capacity of 6m tonnes won orders from both Brazil 'for co-operation ' in - - fenildln?. 

how which Japanese firms have duct processing plants around of steel slabs. and Portugal for steel-making another major stefel plane 5 "*: 

evnectPr! hv Hip end of this a:' * r — r”: , J stages is equal, of course, to South East Asia. On the resources investment equipment, and Kobe Steel won Chitting in theNorthm’aftK-- 

vear ‘o annoiim-' n'an- io hui'rt e ? r business. And although It is already happening. The only a tiny fraction of domestic One major project for the side, the Japanese companies a Y30bn contract from a Vince «f Hopei 
ars^-spmlX nbnt ' and^hpn cHf 11 5 tje J ,1 . m and ^ u ?‘ s JMJor c *r companies have em- production. The figure is about future which still appears to be have moved in recent' years to Kuwaili-Mauritanian joinTven- ‘ „ • . 

a I S. a-?5embl> plant and then Subaru models are saining barked on ambitious plans to 3m tonnes, according to esfi- on the tracks (ai though it has ra-se the number of "develop- tore company > bSild a By St ' 



we 



. • '- yfefe?- 


. 3 Mf 




Toyota versus the accident dflemiiM. 


.-iryi 

.•f.vj 

::'a 


As long as there are cars on 
the road there will be accidents. 
It's unfortunate, but true. And 
while we cannot prevent 
accidents entirely, there is much 
that we can do. Building cars 
which maximize passenger safety 
and minimize potential vehicle 
damage are the on-going 
objectives at Toyota for ail 
Toyota automobiles. 

Some five years ago we 
initiated our Experimental 
Safety Vehicle program 


specifically to help engineers 
continue their research pn traffic 
safety. So far, $6 million Jias 
been invested in the project and 
over a hundred ESV's have been 
produced. ' 

The Energy Absorption 
body, frame and bumper system 

Toyota £SV rotlovar test 


of the ESV's can withstand the 
impact of a frontal collision up 
to 80 km/h. Occupants are 
protected by a gas bag which is 
triggered by a Radar Sensor 
Computer to inflate priorto 
collision. To assist the driver in 
emergency braking situations, an 
Electronic Skid Control System 
prevents lateral drift on slippery 
or unstable road surfaces. 

Road tests continued and the 
ESV's have proved their. ' 
life-saving value in head^nand 


rear-end collisions, side-swipes 
and rollovers. This research has 
contributed immeasurably to the 
overall safety of all Toyotas now 
on the road. Nevertheless, 
accident prevention is still far 
preferable to collision resilience. 
A prime example of this kind of 
thinking is Toyota's Electro 
Sensor Panel, an information 
system which monitors, detects 
and warns of any malfunction in 
the lighting, braking and fuel 
systems. 


Accident dilemmas remain. 

But our commitment is to solve 
them. We have been thinking and 
operating this way for over 40> 
years since the first Toyotas ' 
rolled off the assembly line. This 
is because Toyota's philosophy -is . . 
to build a car from yourpo[ntof 
view. And this policy will never 1 " 
change as long as Toyota ;mak^s 
cars. 


COROLLA 



-:vi 


--.u 


People who care buHdkig for peopfe who core 













I \JLf> 


StraneM Ttaes Wednesday October 38 1978 


: a 






BY DAVID FISH LOCK, Science Editor 

rHE KE\VS ttiat Iran is seeking fresh contracts have aJroady policy of the U.S. adminislra* irradiated by neutrons, can be Westphalia to . withhold further highlv radioactive waste for 

o cut its nuclear power budget been signed by at least one L-S- lion, which has striven hard for transmuted into enough plulo- licences for the 300 MW perm'anent burial in salt be- 

s undoubtedly a serious blow eo J£P an ?: . 15 . mon ths tu persuade other niura to provide for two cen- tierman-Benelui demonstration neath the site. The total cost— 

o the main nuclear exporting ■ „ .° rst «^«.esmliinon nations to abandon reactors turies of energy consumption in fast breeder at Kalkar. under most of which is expected to 
- lotions, including the U S 'West Siiw XE ? l *5 i . ng < A lulon ‘ um fueL France. construction since 1972. unless be met by the 12 nuclear utiii- 

Germany holds “ letter*; of £,» .WS r Bu£ . , . n tw0 y fiars befMe Depleted uranium thus it is redesigned as an “inciner- ties participating in DWK— is 

•menu "for the buiIdJnj2 of four !?"L> eStab li? e ? ll f -„? lf c ™7 y ^ M ^, vlUe 15 Bcbeduled ,. t0 represents a tremendous mine ator" rather than a breeder of put at nearly £Sbn by the mid* 

nore TtianK in rh» .in ^. orid ® mo ^ impressive dis- reach full power— French in- of fuel— “our only one," as M. plutonium. Local politicians are 1990s. 


ip/ 


ion The French v/hn are al*. , “ ,v T" w ue uwoing oeen very cautious — we ve use tne rrenen, tne tier- Germany builtls no more 

.uilding two in Iren, had honed ^ ortm . g natX f^Ti!^ ^another fast-breeder reactor never tried to beat records”— roans have plans for a big pro- nuclear plants, it will still need 

or more EutTheUS nuclear absent ^£ w °ni wa® that they of the same size. In fact, it in developing the fast breeder, gramme of light water reactors. Corleben to sendee its existing 
ompacf« dsn belief baVE , WoMcms fulfilling their jnU make two bids, says . , reactors. Because the reprocess- 

St s? CU re enough orders ° W ?, Iarge , dQ f e S C Georges Vendees, the CEA mm -,m ■■■■■■■ m 1«« plant is not expected to bo 

rmn Iran this vear to oush ^ planl * West , Ger ?“ y d,rector responsible for the on-stream before 19S9-9U. the 

heir talfy ofunit^sold in 1978 ^ rance ’ wbose national dis- project. One will be for a ‘ 1 utilities have aireadv been 

o the biihLt fl" S-e si^M 1974 5 repeat of the reactor, probably S,,B ... _ DK * ' . 588 obliged to place larse repro- 

^At the N^S^hibiUon of ejdllbltlo °; are » have on the same site which- . cessing contracts with the 

tuclear technologv — which | P ®?p weI1 over ~ m ap according to M. Jcan-Claude r - s£ ~-i I ; : T ~! N. French. But the utilities will 

ecenlly ended in Basle— h eny - director-general of j fuj j . ' • ^.vj ! V surely demand firm assurances 

he roost confident exfai- T T j es> rramatorae— j s a good nuclear , ; -^J __ ! \ f ] ^at the protect will proceed 

.itors were the French. The Unified effort - X . ™ h,ch could accommodate ' :-v :\;B . . — .izS . . - v : ' rf [7S before they commit the £300ra 

Americans in spite of an w v “ v _ at least one more.” The £.. • rJi jh — or so they expect to invest be- 

droit use' of mirrors to make telex's national displays alternative bid will be for a 7 j .j.L.-r JU.7 ■lf w f — fore construction even begins 

t appear that there was more tead . t0 refiec l the degree of series of such reactors, four to /f'f't •> * * 1 7 . T-: _ on ,he Corleben site. 

o their national exhibit than “ofidence ■— or _ uncertainty six altogether, spaced at two- V ' -’v V 1 ’ ; C-A •' r-.\ \ Less controversial so far than 

here really was, were uncharac- eac ‘ 1 nation aboutthe future year intervals to take fullest * ------ ' ■ ----- ■ ■ ' » Gorleben. but in the same 

eristically muted, except when ° f " uc,ear P Qwer - f e W®st advantage of economies of scale Land a s the fast breeder 

.. . r nnilhtr luarn In kn rnnnil amnno in ... Til. , - - 




lie U.S. Ambassador from dQubt - s were-lo be found among in manufacture. Electricite de He is scornful, however, of those But of 16 nuclear stations project, is the site chosen for 

;erne made an impassioned ? e , Frpnch * whose exhibit France may wish to wait longer who deliberately hobble the ordered, six have been frozen Germany's first commercial 

ppeal to other nations to “buy ” a P. d . tbe ma ^ n a ‘ s ' e °?_, tbe before accepting either one of development of nuclear projects by licensing problems, in one enrichment plant. The German 

vmerican and help strengthen ex h*bition and skilfully - ulus- these bids. But if mi, he says, such as the fast breeder and case after the utility had in- utilities are worried by the 

be dollar. • _ irated. how effectively they have it will be made well aware nf then assert that, because they vested DM 500m ( about £125m>. apparent ease with which other 

No home sale has yet been brousht research - manufacture the risks it is running from «« progressing more slowly. The other nine, however, will countries can interfere with 
nnounced this year by any of aad user together in a unified disruption in the continuity nuclear energy is plainly in bring Germany’s nuclear fuel imports— last year the U.S. 

is four U-S. reactor companies. effon . lQ secure Independence of work by its contractor, technical trouble. He also re- capacity to about 17.000 MW blocked deliveries. and 

ales for the years 1975-77 from .-imported • oil . feir .French Novatome. and not least in the Jeets charges that fast breeder (compared with about 10,000 unilaterally demanded renego- 

.‘ere, respectively, four, three electr i cit y- .. continuity of work Dn safety, development could contribute to MW in the UK when all plants tiation of their uranium 

nd four units. But the fac- ¥ ore clearl y than any other g ut as M Venclrj-es sees it, the proliferation of nuclear currently under construction enrichment contracts — and they 

iries still carry a heavy back- nati °n the French seem to t h e UIK j er iying reason why weapons— “why should anyone reach full power). have urged Urenco, the Anglo- 

ig of orders from the boom understand the crucial, impor- France wants to press ahead want to go for so difficult and More ambitious than anv of German-Dutch group, to press 

ears of 1972-74 when, respec- tance * in a technology as ra pjdiy with the fast breeder is slow a wav?" these projects— indeed it is ahead quickly with the proposed 

.veiy. 3S, 41 and 26 units were advanced as nuclear engineer- ^ai this is the way to exploit The German tradition at Germany’s- most ambitious Pl^t a * Gronau. A licensing 

i'd ere d. ing— with its long lead times ^ full its uranium fuel, of Nuclex is to stress engineering industrial scheme — is the decision has been promised by 

The U.S. companies dropped smooth continuity of. which France has only small achievement, and once again plan to build an Entsorgungs- J un e> 1979. Urenco hopes to 

•nw. however, that the tide orders for manufactmang indigenous reserves. The 36 big this year substantial hunks of zenlrum, or integrated nuclear ^ ave * ts fi rs t f> as centrifuges 

mild begin to turn just as industry. Their flagship is jjght water reactors already highly sophisticated machinery fuel services centre at Gorleben on-stream there in 1983. 

«nn as the American mid-term Superphenix (although , the ordered by Electricity tie France were displayed. In comparison close to the East German The political imponderables 


displays of the French 
(Framatome) and German 
(Kraftwerk Union and Brown 
Boveri) nuclear reactor design 
and construction groups, the 
Nuclear Power Company's effort 
was conspicuously modest. In 
fact, it was upstaged by the 
minuscule exhibit of *RolIs- 
Royce. making its debut at 
Nuclex. which presented the 
only project engineering on the 
UK exhibit. (For hs pains 
Rolls-Royce was licked mT by 
some UK nuclear leaders for 
“ rocking the boat.” by 
producing fresh plans). 

Early this year the company 
announced it believed it had 
project design and management 
experience to build light water 
reactors in Britain. The ex- 
perience comes from 20 years 
helping to build 16 pressurised 
water reactors and 30 reactor 
cores for the Navy. At Nudes 
it took the claim a. step further 
by announcing its ideas for pre- 
fabricated nuclear plants of 
200-500 MW. assembled like 
submarine reactors at specially 
equipped shipyards, and floated 
to coastal siles. The accompany- 
ing sketch shows how it is pro- 
posed that these barge-mmmipd . 
reactors would be cemented 
into an artificial creek. 


Fuel bill 


ur'ear capacity — although for- fast-breeder reactor, in the uranium which has yielded up balked at every turn by local will receive, store and repro- bigger and bolder than in 

tally endorsed by President Rhone Valley. It is being built part oF its energy. But thia licensing authorities. The latest cess spent nuclear fuel, extract previous years, and dominated 

zrfer — emerge as an election — and built fast-^-in - dear quantity of depleted uranium, setback, on the eve of Nuclex, the plutonium for fabrication by British Nuclear Fuels. But 

sue. But the chances are that defiance of the current: nuclear packed inio fast reactors and was the threat of North Rhine- into fresh fuel, and solidify the in contrast to the confident 


The scheme has some clear 
attractions for UK utilities. The 
Central Electricity Generating 
Board stressed in Basle its 
estimate that completion of 
each of the three advanced gas- 
cooled reactor (AGR) stations 
it has under construction will 
lop £90m from its annual fuel 
bill. Played down publicly were 
the almost insuperable labour 
relations problems which the 
Nuclear Power Company is ex- 
periencing in trying to manage 
these projects — the biggest. 


most Complex, most easily dis- 
rupted industrial projects in 
Britain today. No one any 
longer can confidently give com- 
pletion dates for the AGRs. one 
of which— Dungeness B— will 
certainly not be finished in less 
than 16 years from its start in 
1965. 

Above ail the Rolls-Royce 
proposal affords an opportunity 
to take a high proportion of 
nuclear plant assembly uff-site 
and into the more easily 
managed environment of a 
manufacturing plant. It also 
solves a problem fur the 
smaller utilities — such as the 
South of Scotland Electricity 
Board — which claim that the 
1.200 MW pressurised water 
reactor wanted by the CEGB 
is tnn big a unit for their system. 
And it could be a convenient 
way of reinforcing the 
peripheral regions of a large 
network — meeting the kind of 
problem of power shortage 
which the CEGB faces in south- 
west England. 

Sweden and Austria have the 
sort of problems which the UK 
nuclear design and construction, 
industry niivM well envy. They 
have completed nuclear plants 
needing only government 
approval to operate. In Sweden 
they are in addition to plant 
already installed, since the 
country already is among those 
with the highest proportion of 
nuclear power on its national 
grid. Belgium leads with 22.4 
per cent, followed by Sweden 
with 21.7 per cent, and Scotland 
with 21 per cent. 

Nuclex was stirred up by the 
news that the Swedish Govern- 
ment had fallen over the issue 
of whether to bring the existing 
now reactors on stream. The 
episode clearly showed how the 
nuclear industry is hemmed in 
by environmental and political 
considerations of every kind. 


tetters to the Editor 


'TrtlyS**** n *J A - unlikely that either the fiscal oc intensive industries are doomed There is no longer a single greatest assistance to the most 

" J. flKinS a WlUcF monetary controls now proposed, in countries with a high stand- figure, such as historic cost highly valued properties. 

• ° will work without the support of dard of living? Surely we are earnings, which shows buth the Domestic rates as at present 

View ■ - - the people expressed through entitled to expect that academics, shareholders' gain in wealth and administered represent a local 

-- . “pay norms "and “sanctions ” -independent of public reactions, the amount which may be safely property tax paid by some 9m 

rom Ihe Economic- Adviser as alternatives to even stricter — should explore the implications distributed to dividends or to householders with a yield not far 

urge and Co. and more tedious to operate — of this situation. other purposes. The monetary short of the yield of corporation 

Sir,— An important point judicial legislation. If the unions Take the case of the British adjustment is relevant to the tax. Imagine. Sir. the outcry 
pitted from Samuel Brittans need more flexibility, ^riiat other,. cutler, for instance. Doubtless first of these and not lo the from businesses if corporation! 
aaiysis (Economic Viewpoint safeguards of comparable effae- his products contain an element second. It is because no such tax was levied with as little 
ctober 11) is that British mone- tiveness can they offer? "Without of imports. For certain the cut- figure exists that there has been reference to ability to pay and 
iry. wage and price policies can a ny firm programme, .! respect- ler. like the rest of us. is a so much disagreement over the as little uniformity in the valua- 
ever be circumscribed by - fully suggest, there is no case for personal consumer of Imported monetary adjustment in Inflation tion of assets as commonly and 


„ omestic considerations. Thirty “three cheers ” for anyone. 
: er cent of British manufac- a. G. Horsnail. • . 

-ires are exported and 30 per Burge and Co.. 

mt of UK consumption is 25, Worship Street, £CZ. 
lporled: “ invisibles" constitute 
further movement of -about T Tnfiorcfcmrlincr 
6bn in and out of the country 
id there aT& complicated factors 
volving the movement of inter- TvO-lllY 
itional investment funds. All // 

' these items are vulnerable. From Mr. D. Howell, sfr 


personal consumer of Imported monetary adjustment in Inflation tion of assets as commonly and | 
food, cars and motor-cycles. TV adjusted accounts. automatically afflicts household 

sets, shoes, etc. But if these This conclusion is supported ratepayers. At least a tax allow- 
imports cannot be paid for by by other accounting problems ance would have some effect in 
exports,, how long can this situ- .under discussion such as that of . redressing tbe grosser inequities 
atiem continue? It seems ob- deferred tax. The market itself of the system, 
vious that British cutlery cannot j s probably wiser than Professor Michael Alison, 
be exported in large quantities Modigliani believes but even so House of Commons, SW1. 

if it is unable to compete on the n jj highly undesirable to * — 

home market attempt to cobble together an . . - 


GENERAL 

The Prime Minister, Chancellor 
of the Exchequer, Secretary of 
State for Trade and Minister of 
Agriculture start .two-day visit to 
Bonn at invitation ' of Chancellor 
Helmut Schmidt — discussions will 
include the European Monetary 
System and reduction of EEC sur- 
plus farm products. 

NATO Defence Ministers’ 
nuclear planning group starts 
two-day meeting in Brussels. 

CBI monthly council meeting—- 
to debate support for Government 
pay policy, and inflation. 

Mr. Olla U listen, Sweden’s new 
Prime Minister, presents his 
cabinet to tbe Riksdag. 

Prince Charles attends Indus- 


Today’s Events 

trial strategy sector working party 
on Industrial trucks at the 
National Economic Development 
Office, Millbank Tower, SW1. 

Mr. C. Fred Bergsten, U.S. 
Assistant Treasury Secretary, 
speaks on the “ International 
Economic Outlook— the U.S. View" 
at Chatham House. 

Vauxhall pay talks resume at 
Rugeley, Staffs. 

OFFICIAL STATISTICS 

Department of Employment 
publishes basic rates of wages and 
normal weekly hours for Septem- 
ber, and monthly index of aver- 
age earnings for August 


COMPANY RESULTS 
Final dividends: Dawnay Day 
Group. Kalamazoo. Modminster. 
Sun Life Assurance Society.- In- 
terim dividends: British Home 
Stores. Brown and Jackson. City 
of Oxford Investment Trust. 
Duport Farm Feed Holdings. 
Harrison and Sons. JesseL Toyn- 
bee and Co. Marshall's Universal. 
Securities Trust of Scotland. 
Smith St Aubyn and Co. (Hold- 
ings!. Time Products. UBM Group. 
Websters Publications. 

COMPANY MEETINGS 
Cbristie-TV ler, Angel Hotel, Car- 
diff, 12. Robert M. Douglas, 395, 
George Road. Birmingham, 12. 
Waring and Gillow, Hallam Tower 
Hotel. Sheffield. 12. Whitworth 
Electrical, Great Western Hotel. 
Paddington, W, 3.30. 


S? Ai a 

•5-3 Hs 

SW XZ i* V 


itional investment funds. Ml , * „ We are told that tourism is eantinsR figure: or a" price/eani- Definition nf 3 

these items are vulnerable. From Mr. D. Howell BfP now a major earner of foreign ings ratio where one does not *-**** IJIItltJU UI a. 
rrther. to uncertain “leads” Sir, — Mr. Ballisats hopes for exchange, but do not tourists exist ’ *»»%**» TI 

id “lass" overseas as well as the expansion of employee share themselves rohsinne imports, in x). C. Daman t SOlSil COIUpSIiy 

r UK market needs. ownership schemes (October 13) the fond they eat. the smir«nirs ^j| TP Investments From Mr A Owensmith 

I am concerned with the should certainly be encouraged they take home? Anv question- 2 , Royal Exchange E venue. EC 3. * Sir— Mr MitchriUOctober 101 

most total Jack of discussion In this direction one of Um ins of individual cases is not 1 u ‘ attempts to define a “ com- 

jont the effects of UK price answers, although admittedly only complex hut liable to arouse Danv” and comes to the not 

id wage inflation on the rest of only one. to Malcolm Ruther- passionate indignation. Clearly unreasonable conclusion that this 

eworld. Surely this point is ford’s assertion, on tbe same academics not dependent on 0. A ^. A k onS rirca £100MO of 

important as any other of the page, that the two major parties public approval for their living. SCGDC TOr Smover Or another mm nf 

imestic considerations we hear now share a common mood of aye the only persons ha a pnsl- . th ’ „ ri j rinn roanm 

much about? Yet. so far as I deep disillusionment about the tion to examine these delicate eCODODllCS to the wind of chanm " we are 

n establish, none of the major future. .. , , but vital matters. r „ r SI told the aim S one of ?hl 

takers at any of the three m fact I do not think that U W. C R. Whalley. From Mr. F. P&e. maior , ? oin?sto** hSnlS Concern* 

ililical party conferences or the the position at all. Nor do I I0S. High Street. Hungerjord, —Sir. — The letter from Mr. G. thl 5 nnort nf^ Small hi.si 

TTnii.n rnmrrncc VlTTP . tha accnaiatori irieui thfif Rprte lOafal... 1-0. J r....- .. I __ ,n S LU C l IU bUiaii HUM- 



most total Jack of discussion In this direction Lids one of tne j ns 0 f individual cases is not 

mat the effects of UK price answers, although admittedly only complex hut liable to arouse 

id wage inflation on the rest of only one. lo Malcolm Ruther- passionate indignation. Clearly 
e world. Surely this point is ford’s assertion, on the same academics, not dependent on 
. important as any other of the page, that the two major parties public approval for their living. tSC-Opv IC/a 
imestic considerations we hear now share a; common mood of gj-p the on ]y persons in a pnsi- . 

much about? Yet. so far as I deep disillusionment about the tion to examine these delicate economies 


n establish, none of the major future. . . but vital matters. 

■ takers at any of the three in fact I do not think that Is W. C R. Whalley. 
ditical party conferences or the the position at all. Nor do I 105. High Street. Hungerjord, 
rade Union Congress have accept the associated view that Berks. 

uched on this important issue, nothing has changed at all in 

The UK is a leading member four years, that nothing has .■ 

! the Organisation for Economic been learnt by the British Skflfirlflincr 

a-oneration and Development people, that the wheel has turned lJua A fVilllg 
hieh is charged with worldwide f u n circle, and all tbe rest. wo+zm* 

inccrns. Yet. UK export prices On the contrary, although »Yalx?r 

r .V' ivc risen bv two and half tiroes there are fearsome struggles fv**, vr D Tonae 

nve mid-1973 t measured by ahead it needs only common Sir— Reearriine -n 


economies 

From Mr. F. Pike. 

— Sir, — The letter from Mr. G. 


£ Une *„!?? 0 ™ r “Ivl?!?, no ,M° newes “ is to invest in companies I 
far enough. The authority of the w f,ich are earning £50,000 a year 
Government to borrow .n exews pre . lax - pro fits” T believe ihai 
e ® c * 1 i' ear should be the these facts susgest that the wind 
s fH Df striet control by Act : s blowing in the wrong dircc- 
of Parliament. Any Government jj on i 65 
which exceeds this threshold A ^ t n>vc-n smith 
desen-es to lose the subsequent gj p urih Hcnlfi Roa ^ 

Pl^ftinn Thu Hiuni^llnr ic wrv n * .. 


nve mid-1973 t measured by ahead it needs only common Sir.— Regarding your item on clod ion. The Chancellor is very Ensom Wren 

*A -narfment of Trader -mdiee^L observation to see that there has sparkling spring water last Satur- *3 u 'ck to call for higher produc- ^ 

h<s magnitude :nf rise is sub: begun to be a heartening in- d av - ujgy we {^£0^ vou that the tivity from the industrial sector, . 

Vv) -i mi ally more than in aPy other £. rea se i B ■ the genera] under- on j v natural sparkling sprin" but w * * ls <> have the right to InVPQflElO' ffir 

,r iradina Twtinn. with one s ^ n ding of economic realities, wafer in the British Isles is expert a very much higher pro- luttauug, xvi 

i^f iwblp exception. ■ that " profits " is no longer any- called Catlev Abbev Nalural duclivily in the public sector, «« 4-5 ,.,«***£*« 4- ’ 

i Sfr Mv European, colleagues are jj-^g jfk e sac b a qiny word. Seltzer, bottled deeo in the Lin- is. better management at IClIJ Ciilclil 


Mv European, colleagues are t ^ing like such a dirty word. Seltzer, bottled deep in the Lin- fiial is - better management at rclU&fflcflE 
r unned by the barrage of UK that differentials for skill are in rolnshire fens on the site of an lower cost. From Mr. S Greenslade 

t ress reDnrts. at the nrerem time; strong demand, and that the ancient Gilbertine abbev. Until w ser a better return • Sir— Adrienne Gleeson's article 

iggcstin^ new .wagp rtninis in d es j ri , to. -own a bit as well as. This water is unique in that on our tax revenues, ins difficult on 'investing for retirement 

10 r cr ceI ? 1 Iian „ eani a bit. and keep more or it. it is the only seltzer water in the lo, see a case for higher Indus- (October 7) was a useful survey 

i t\ hil*? OFA.D inflation rates are ^ pressing up against, all ihe UK and its mineral content is trial productivity as such. It hut her omission oflife assurance 

lSM bc,ulf! P er cent and unenipiny- Ooverhmpni-made obstacles to such, because it comes throueh would only be spent on a massive bonds when discussing tax mitlaa- 
X? f 8/iicnt levels are believed to ex- these ambitions harder than a lithium type based bed rock; inflation of tbe bureaucracy. ,i on wa . uiaior eaD 
£ ^ ' ?ed lfim. They do not foresee ever ihafit is of an antidepressant F. K C. Pike. SiDEle nreSm SSds and The 

mv any sensitively agreed wage . j see this not as a reason for nature. Maybe we ought to be oy, Tfie Shires. Luton, Beds. associated 5 t"?r cent tax free 

fimmrt wbicn are lmKea pessimism but as confirmation selling it to companies or Board- ■— withdrawal Farilitv can be a 

t ..if’ I* 1 1h ^ ah^btv °f T rs companies ^j at country is readier and rooms for rheir meetings when . B simple and effective method of 

nd.tbr countrj- to i*hv will °vcur r j per now than it has been for figures are not too good. Tintpriflff WlfH reducing .in investment sur- 

5P!B v ' ' blithe iinirn^ prefer tn stay. a _5 ong time past fnr an advance David Tpnge. ... 1 lUACI lIlg WHO f jah |"tv and S there 

supervTnoiv of* Vj® -to' saner economic anil social Imtovatine Prime Movers, Irtnol raioc - areundoubted'lvpitfaUstnotablv 

n applies to. polities. Then ce r la inly include CfiaperFap^ . lOCai ratCS . ?he“stina^ tbeuYl “od enraah- 

From Mr. M. ' Alison, MP 


measures to permit much wider . Martin Dales;. 
MBf^oW/.cnn^nt. f 311 - 1 personal ownership, of all kinds \\ oowali Spa,. Lincoln. 

a * -( homes and businesses, as well — -• — 

fe'gfcfflmatiye: .to morterir- pa> ^ other asseLsi. Of course. ..... 

.- .agreements 1 "" u " n Non-existent 


ifc-altariaatiye: .to moderir- pa> ^ other asseLsi. Of course.-- .... 
^ISW&iJSfT^jt/a rett’rt-inee to cau ti 0 n wilL be needed in buiid- Nnil-PYlctP 
:wiHJnr -r.u^reements t Qa ^ new mood. But f CAiaiCj 

^l^ie^^Eufepean tnqnftar? ^ js a mjstajte fe confuse finiiroc 

vspew^ar^alsn^cHi-^ a lack or anv rale on tj, e con- ligtirea - 

^ servaUve side— with disillusion, from Mr. D. Damant. 
Unem ' David Howell. Slr^-Tbe excellent 

House o'J Commons. SWl.- by. Lex , ( October 16; 
•TTO'^.WelfecJlP Of cominuinc remarks 'bv Professor 1 

’Mf' '■£. Tmilrtffis and • attheBraLlseonfere 

exports _ 


rooms mr rneir meetings wnco . . # _ simple and effective method of 

SKIT' S Dt tM 5 IinJkenng with ..^ud nB « SU r- 

• v ■ . charge liability and, while there 

^*° herSf Inrsil rafpc • are undoubtedly pitfalls (notably 

uS&SST*- IVCdli Idiw. the “ sting in the tall " on encash- 

WooStaffsHi. Lincoln Frtm Vr - ar - Aliaon, MP these can often be avoided. 

noomau s pa,. Linco ln. Sir.-Your leading article of Any competent life assurance 

October 33. “Tinkering with b 1 _ rak ?!\ wh ?. understand* bonds 
• X.T • « . , local rates" featured a fair should be able n> guide his clients 

Noil-existent factual analysis but drew f felL th , e worst of them unless 

pm unsatisfactory conclusions. ^ ax iP VL ‘ls are purtirularly high 

lisures - • Thus you accepted that a system on earned income.. Despite this 

r^lah-VT^ of ^ allowances, of the sort I we still not being used as 

f ™ , outlined to' the Rating and Valiia- widely «s they should. Estate 

Sir, — The excellent comment conference, “would be^ .duty used to be u-alledrihe volun- 

'« 5 repressive than the present JZ. 'JS*2L p f? p il} 11 ? 


^ M d domestic ratepayers’ subsidy." Jayeriment surcharge « now a 

at the Brussels conference of the But one Qf t *, e „ a j n reasonc vn U voluntary lax. but their advisers 
European analysts might have 7et out for rejeTSli-^uch l ta? are not telling lffem>hat to do 
emphasised a little more some “loJSn^hJTlt^oJw In orli about ^ 

v In Froferaor cjpIe sbift the fun( jfejj of i 0( !J, Regardless r»r tax. property 

Modigliani arsumenL For sen .ieee even fiirther intn th* bonds merit greater attention a.% 


•V 



jrsiieeial concern. From M r Ift. Whalleji. . -t,. arsumen r services even further, into the bonds mem g rearer attention a.- 

Fe5^rFi»nrti ? jwffrip>bm.the«5 .; Sit.—' T he respective situations .xample^.Tnie. moment the - n hands of central government— “lyestmemsin ihcir own right 
ktfijK aire..fla'ir»h"' 'flUkoJiv K'qf Messrs. A. J. Jl- Price {Octo- P" ."J* : J rate applies surely with equal force but again Adrienne Gfeesup does 

LyiST rnr oHienlffll «»moiiev nf her. 2j and N.iBilitch (October B) sales will .grow at the .same rate. l0 rbe option, you cited as a not .mention them. -Their stable 
fi»e!t^mi'^*jiinTp : tn'i>hlnprv «"v must comm arid the sympathies and assuming a constant mark possible alternative, i.e. tbe in- growth characteristic make Jthera 
bori^ikpfarmikartnfc tn tors or ' all 'those ' not directly con- “P- tne profits : . . will also begin creasing of the Tate support ideal for teaming with carefully 
toans ibTsome of the«e .ceriied.. They; epitomtse the situ - . lo grow_at fee same rate. grant. And at least a tax allow- selected. unit trusts to provide a 

rouniries- ariH>eiP rf written nff.ation of. ifaef British. people as The fact is that wirh corn- mce for rates would leave in- rising income and protection 
w, .for exasmle. West German a whole. - ’ , petttion.and, . more- part ictilarly. - tact actual cash nexus gainst inHaiion._ Certainly they 

GdvAriimentsilh- order - -Our.' msi^ufartures . find * n ‘ ° n pn . ces : between a rating authority and a ca n fall as 19<4 . proved but 

• T . - . ■ - - — j r Htt 1 Pfl IPmriCm? ft> uninln tn ri Iffii uni ' -» ■ _ cnnitikn J <.n' afbrt vahaUA. 


'6)orteostius^HV-inean inflation tera;cobn|ries. The labour costa w .toe. wonc.suDnuirea to reaened. however-^Uiat existing in® property -wna cimcepr is- now 
■at^are.now^rf ^bqnana renub- of the - latter Are. determined tne conference,, balance sheets subsidies and reliefs- to house- cojpwgrbr aye and with.coiti- 
ic^nrijboMons; 'This eeon'<^ie against, a 'background -of Asian are undermined and eventually holders more than, offset tbpir^flies such as Norwich Union, 

. 1 ".'v 1 . - n- iDJiTrnmr *rhic le'iunnmglr (ho V 1 J •/_ • . C.._ i n: Dhnaniv 



Its a reasonable assumption that 
any businessman planning a trip to South 
America would rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few r major South American cities that 
is exactly what you could end up doing. 

Fly Aerolineas Argentinas, after all 
w-e know the interior of South America 
better than anyone else. 

We fly 747s and 7Q7s direct to Rio 
and Buenos Aires with connecting flights 
to 46 other South American cities. 

We have up-to-the-minute infor- 
mation on flights, times and connections. 

And you can book everything here 
in England. 

So, next time you’re fly ing to South 

fly Aerolinea 
Argentinas. 


A . • ' 


28 


COMPANY NEWS 


UK business lifts M & S 

40% to £72.9m midterm 

THOUGH losses in Europe and P adjusted). The net interim locations. These closures together 
Canada again totalled over J3m dividend is effectively raised to with provision for the expected 
for Marks and Spencer in the I.lop (Q.Sap) and costs £14.95m co*t of some further closures 
half-year to September 30. 197S. t£U.G3m). which will take place in future. 

UK performance showed further TTie directors expect to substan- amounted to costs of £1.1 2m being 
growth. Group pre-tax pro Ills tially increase the dividend for charged in the half-year, 
advanced 40.2 per cent from the current year. Last time a final Progress remained good at the 
£V2.02m to £72.94m on sales, of Li7215p was paid from record group's other trading divisions in 
excluding sales tax, 1S.S per cent proGt of £121. 6m i£107.82ml . Canada — Peoples and D'Alliards. 
better at £6S8 19m. against The results in Europe, where it is now proposed to amalgamate, 
JE37n.llm lhe deflcit was £482.000 (£479,000). a s from February 1. 1979. the 

Export turnover was dmvn 20.3 were encouraging and firm steps Canadian trading and non-trading 
per cent from £1 6.36m ip have been taken to stem the subsidiaries into one public 
£l-12m. and the total value of losses at the company's Lyons corporate entity called Marks and 
exports from the UK, including store by reducing rootage says Spencer (Canada) Inc. This new 
shipments to overseas subsidiaries the chairman. company would have Marks and 

was reduced £3.S7m to £21. 15m. Good results are forecast from Spencer. Peoples and D'Alliards 



rinantial -Tiines Wednesday. October 18 1978 

Tea price hits 
Brooke Bond 


REFLECTING a reduction in the 
UK, profits before tax of Brooke 
Bond Lirb'g were down from 

149.33m to J44.nm ta^the ,gg djBej8 « ***** » 


BOARD MEETINGS 

The foBowms companies bare mwiflwl 


Freddie moiumU 


ended June 30 . 1978 . Salt* T-d, ' *' m Jt“JS£ 

amounted to £ 756 2 m compared for the purpose of considering 

£ 7 B 9 . 15 m. dividends. Official Indications are not 

Although there were vanations p”w v ^irt >e thg dl «£divisi"na 

in different areas, overseas profits shown below am based mainly on last 
remained steady overall, the year's timetable. 

directors say. The 1 ^ interims: British Home Stores . Bnw n 

was mainly due to the difficulties ^ JackSOT _ aty 0 f oxford Investment 
in the tea trade as commodity Trust. Popart, Farm Feed. Harrison and 
Drires Tell from the high levels Sons. Jewel Toynbee. Marshall’s Uniwr- 
ia 77 sal. Securities Trust nf Scotland. Smlrh 

ol . St. Anbyo. Thtw Ptortnrrs. CBM. UmH 

However, high standards Of Carriers. Websicrs Publications. Wilmot 
husbandry on the groiqj’s tea Breeden. 

estates helped ‘I produce near- Finals: C. H. Bailey. Downar 
esla ‘^ net pen . > l ~~. Halaxnano. Med minster. Sun 

record yields in all areas and Assmaa 
minimised the effects of the sharp future dates 

fall in the tea price, the Board inre rto: 

Aonascntnia - N®*. a 

statea * Year Asaoriated Leisure O ci. 24 

Tear Fidelity Radio Oct. 3 

Francis Industrie* Oct. 37 


Dav. 

LHb 


per cent at £433. 1 m i£356.4fm) Boulevard Haussman. The cost 
and foad« 222 ncr cent hicher of reducing lhe Lyons operations 
at 1203.19m ( £1 67.89m i. Good and of the development in Paris 

increases in sale:, were seen, in amounted to £976.90(1. which has 
particular, at the stores which been charged against the six 
have been extended such as months figures. 

Chester Oxford Norwich and In Canada, where the deficit 
Burv fit. Edmunds. was held &-S4m (£2.78rat. sales 

Margins have been maintained a PP*3f 122 per cent lower at 
and costs are under control and £-6-1 6m (£30.S2m). In fact, they 
the director* anticipate further were . per cent higher before 
good progress during the second exchange rate adjustments, 
six months, says Sir .Marcus Sicff. -Marcus says that trading Ovorwas ^ 

the chairman. hcre showed a considerable s Brofl , 

Tax for lhe half-year took improvement but. while new « 10 onii loss 
£3421/n i£24.4Sm) leaving a net Mores arc being opened in suit- AtmbouWc 


from July 31 to January 31. 

HaU-yrar 


Sj'cs (ex sales taxiAi 
UK .-iotimu «lc. 

US loots 

Ex purs 

Europe ... .. ........ 

Cjnjdu . 

Prv-u* proh* .... . . 

UK* 

Europe loss 

Canada loss — 

UK tax ..... 


19T8 197 

£000 £000 
ess.lld 5T9.U4 
4XVI00 430.494 
101 187A93 
13 400 16. jj* 


10.39 
36 I 3 S 
73.944 
7 S. 2 S 1 
4 S 2 
3 .S 35 
34 . 30 U 

in 

> 644 
1.176 
33.610 


Spirax-Sarco up £0.4m halfway 
and sees peak for year 



1977-78 

1978-77 


£ 0 M 

moo 


756.202 

769.154 

Trading profit - 

48.994 

57 JSI 


7342 

7331 


3,066 

721 


44 , 7 U 

mjss 

Tax ....... 

20.924 

19,496 


23.794 

•9333 

Minorities 

2^38 

J 388 

t Extraordinary debits 

53 X 1 

H 31 S 

Attributable 

15.623 

32.353 

Dividends 

7375 

6.718 

Retained 

7.888 

2 S 335 


surplus or I 3 S 63 m (£27.53m> for able shoping malls, there were a tBeiorc prom sharing, 
earnings per 23p share of 3.06p number of closures in unsuitable " ex 

Central & Sheerwood maintains 
impetus and heads towards £5.5m 


S.149 
30 0 = 

S 3 013 
33.277 
479 
2.7S3 
24.7M 

_ril PRE-TAX profits of Spirax-Sarco 
i M 3 Engineering, international energy 
23337 control group, increased from 
£2 23m to £2.67m for the first half 
of 1978 on external turnover ahead 
to £1723m against £M.39ni. Profit 
for 1977 was a record 15.1m. 


M 3 HI nson-Dr my No*. 2 

Manlclpa! PrnpertlM Ort. 19 

New London Properties — - On. 19 

Pbotax i Lon don i . . — . On. 27 

Press fWIBbum ***■ & 

shlinh Spinners — 1 

Unifies — — Oct. .5 

Finals : 

Poehln’s 

Pp ~ ac --------- = - S3. 5 


» ST^SSS 1 £-«• W- Cement o g; « 

in Indian companies Slim full » and profit * , H 

on disposal of subsidiary and associated . Amenaeti 


Company 


INDEX TO COMPANY HIGHLIGHTS 

Page Col. Company 


Commenting on the six months Abwood 


figures, Mr. A. C. Brown, the chair- R - . t o ^7“ 
man. says that although world Bld * * Dca,s 


29 


2 Kode Ind. 


JPage_ 

29 


Central and Shecrwuod forecast 


lion within its markeL 


products in 


remains confident 


tun m yea, «™.t « ** ss -ssarasruK t*. s ^«, *su „„, inU c „ mak , 

least £5.47m. compared with a sions performed well but the big manufacturers but also supplies prog ress during the second hair 
record £4.71 m last time. And they jolt, to the figures came from first Ford in Germany. With the first or and secs a satisfactory 
remain confident that growth will time profit contributions from a half momentum, a full year figure advance for the full year, 
be sustained. 


Bids & Deals 

30 

3 

Marks & Spencer . 

28 

1 

Boulton (Win.) 

28 

5 

Medens 

29 

1 

Brooke Bond 

28 

7 

Raine Engrg. 

29 

3 

Central and Sherwood 

28 

1 

Scot. Northern In*. 

31 

3 

Crellon 

28 

5 

Siemssen Hunter 

29 

1 

Erith 

29 

1 

Spirax Sarco 

28 

4 

Furness Withy 

29 

2 

Utd. Carriers 

28 

7 

Herrburger 

30 

8 

Wettern Bros. 

31 

1 

HTY Group 

31 

4 

Zenith Carb. 

28 

2 


companies CD .000 i£5.Mml. I Credits. 

First-half profits showed a rise authorities for the issue of shares 
from £ 1628 m to £22.65m but the t° tbe Indiarn public as part or 
directors warned then that trad- the reduction in the groups 
ing profits for the year were interests under the ^oreigTi 
expected to be lower. ' XegOgion Act did not 

The year's profit is after reflect the book va lues of the 
CoL interest of £724m <£7.S3ml and underlying assets. Pnwirion has 
3 a £3. 07m profit on sales of land b® 60 made foe th® expected 
and buildings against losses of loraes. 

£21,900 last time. The trading 


higher if the overseas companies' * ea ^, 7?„ e 

been convened at 

Reliefs and allowances carried 
forward for offer against future 


profits had been converted -* au,uuj “ ”* ““ deferred 

1977 exchange rates. 

Earnings per 25p share 

shown at’ S.34p against 12.77p. A - r n< m 

final dividend of 22543S3p makes ££ fit f,n 


•_r— ------ _ . _ number of projects, including the around Ea.am a l rs ^ p rob ah ^e. interim diridend is stepped space in Cheltenham, to help ance overseas to the less energy- 

First half earnings per op snare g rs t of the latest senes of giant The shares moved up Ip to .>bip U p f rpIT) an equivalent 1.84rjS.>p ro sene lhe growing markets, and conscious Governments in areas 

risen from walking draglines used in open on news giving a P r ® s P®^'y- 2. In not per 25p share and an the croup’s Brazilian subsidiary where it operales. TTiere is 

1.9ip and the cast coa j mining. A second will p/e of fi.o and a prospective yield additional payment of n.0393p is has moved from it? old outgrown 

is effectively help boost the second half results, (assuming annual dividend is in- announced for 19. , on tf?r? factory to new larger premises. 

- -- * — The p or< j strike, if it continues creased by 20 per cent) of a.U per 

for much longer will start to hit cent. 


are shown to have risen from r.«i 
adjusted 1.39p to 
interim dividend 
increased by 20 per cent from 
fl.562op to 0.675p net. Last years 
total pavmcni was equivalent to 
l.I7(l?35p. 

Turnover for the Hr--; six 
months moved ahead from ‘*.11 2Sm 
to fSfl.Ulm and rhe laxable 
surplus finished £0.73m higher at WITH 
£2.74m. Pmlir was struck after s4m 
finance and adir.inisiratmn cos Is 
of £ 262 . 1)00 «£ 20 '.i.niirti and i< 
suhjeet tn tax of £l.4:ini tEl.iKimt. 

After mine riiy profits **f 
£3 1.(100 i£.i.».0«Hi and ext.-i- 

nrdinai? debit* ml if II. rum ». lhe 
alt rib' i table balance emrrced .it 
£12ilm i CO.SSni) 

The company’s interests ho in 
engineering, printing, publishing 
and financial services. 


a total of 3 08826 p axraiust » n ^ and ElO-lm — £10.Tfn>Jin 
1 j-ww-op against ove rscas companies. -The 

“ T?? P Board states that SitWroS ££!R& 

syfflr * jar jsrjffi- 

oAissrfcSft'iasa 

from the group figures from the ?5£y l, < .i-h!iMi* t S« ISTam^nd 
e r d thft AP nmn^l ^n^the 6 eSwm ACT of £ 12 . 6 m. for which ’relief 

s- s-sL5^ t sr M 


Zenith six month fall 


reduction in .V.T — last years 
final was an adjusted 2. 59. ip. 

?h monihs 


comment 


• comment 

Witha 3d per cent interim pre-tax be 


TURNOVER lower :»l 
against £H4Sm. profiL- 
bvfore tax nf Zcniih Carburetter 
Company <|rii|iped from iSSu.dlMl 
i o SJ4n.(Ht0 for the fir'd half nf 
HITS. I..T-1 year, a record £ 1.32m 
••i.w achieved. 

In the Iasi annual reimrr. (he 
direct or.-, said that while there 
were signs of some increase in 
ihe low output levels of lhe first 
quarter, it did n<U appear possible 
(hat this would reach lhe level nr 
the start nf 19# • and it was 
unlikely that the company would 
able io repeal lhat year’s 


results in 197S. 

Half-yearly profit' were struck 
after depreciation of EJ3 *uxhi 
r £22il.0ilO) and lower imeslmcnt 
income and deposit interest 
amounting to S’.Sn.OOO ( £251.000 1. 

Tax takes ElfiS.OOu i£445.00il» 
leaving net profits down from 
)'43j.0iii) to IITMOD. Earnings per 


Eviernaf mrnnver . 


f ••"ii 
/r?:i 

is:; 
moo 
i ■t.sn 

Tradmu prom . . 


2 : 1> 

2.*iS 

Infi-resi payalile . .. 




Profh before tax .. 


2.473 

2.230 

Tav 


1 -JVO 

l rtKS 

N<«l pnilii 



1.1*4 

MJnnnliON 



37 

\urihiH.ible 


tJir* 

MH 

Di\ irti-n-1 


■rj.; 

'.13 


change, while returns from the 
relatively new ventures in Singa- 
pore. Korea. Holland. Sweden and 
Austria should come through 
Spirax-Sarco continues to prosper before long. At home, a wide 
with pre-tax profits and sales spread of customers cushion 
both one fifth better. Growth is S pi rax against downturns in any 
now admittedly slower than in one sector: bad times even en- 


seen against generally 


obviously «cope here ft attitude, To a ^ per ^nt- 

owned associated company. 

The prices set by the Indian 


to set against 
liabilities. 

Sec Lex 


difficult For some time the shares have 
engtn- enjoyed a premium rating but at 

. . -- ig last 16Gp the prospective fully taxed 

The .aroup is still abi'.rbmg lhe year's trend, most of the profits P-e of 11.3 (based on profits for 
costs or its newer '• verson*, opera- increase has come from the UK. (he year of £«m> is beginning to 
lions, notably in Europe and the which accounts for roughly half look high. They are well 
5i)o share fell from 7 4n to 3p. f ar East * an<1 '' '! eonl,nue sroup turnover. The company supported, however, by a yield of 

qlfotcd^ investments* ° pen,ti ° nS 

The company docs not pay opcn«l- 
interim dividends. Last year. ^ Since June 30 Spir.jx has coni* 
single net payment or 4.39775p pleted a n d o c c u p i e d o OntKJsq ft 
u is made of new production and warehotoc 


IJtd. Carriers makes 
first half headway 


Crellon loss more than forecast 



INSURANCE COMPANY OF 
NORTH AMERICA (U.K.) 

LIMITED 

INA U.K Holdings Ltd., through its Chairman, Charles W. H. Ingle, announce the 
formation of this new British company to handle the Marine, Aviation and Non-Marine 
business previously controlled by the branch operation of Insurance Company of North 
America as from 1st October 1978. 

The incorporation of this company cements an underwriting association with the United 
Kingdom market developed over the last 40 years and reaffirms the Corporation’s commit- 
ment to the market by total identification. 

The new company, with a capital of £15 million and combined assets and free reserves 
of £55 million; will have its Board of Directors composed of J. Alan Hawtin, A.C.IJ.. 
Managing Director; G. L. Brown, A.C.I.I.; A. W. Frost F.C.I.I.; R. H. Green. F.C.II.; 
and C. W. H. Ingle, F.CJX 

Other U.K. corporate interests held by ENA U.K. Holdings, Ltd. include: 

INA REINSURANCE COMPANY (UK) LIMITED 

and 

THE CONTINENTAL ASSURANCE COMPANY 
OF LONDON LIMITED 

INA U.K. Holdings, Ltd. is a subsidiary of INA Corporation, Philadelphia, Pennsylvania, 
one of the United States’ largest diversified financial institutions with assets of £4.7 billion 
and annual revenues of £1.9 billion. INA Corporation has major interests in insurance 
and insurance related services, health-care management and investment banking. 

INA House, 8 Lime Street, London EC3M 7NA 

PHONE: 01-626 9541 01-626 9561 (MARINE AND AVIATION) 

TELEX: 886860 

and 

BIRMINGHAM - BRISTOL - GLASGOW 
LEEDS - LEICESTER - MAIDSTONE 
MANCHESTER - NEWCASTLE - READING 


REPRESENTING an appreciable shows a 10.32m advance at £l.32ni, 
increase in traffic carried by _h_ ir „l nn 

United Carriers, pre-tax profit for Mr - Grabs™ Millard, chairman, 
the 26 weeks to July 29. 1978, says the increase m consumer 

spending, forecast at the time of 
hie last annual statement,, is 
materialising, reflecting a true 
volume growth. He adds that he 
i sconfident full-year profits will 
be satisfactory. For the last full 
A WORSE than forecast trading negative result Mr. Rose points £33,000) left the net deficit at ye^T profits totalled £2.25m_ 
loss of £705.000 «s reported by ouL £580.000 (profit £288,000). The net interim dividend is 

w ioy LmnaraH ^ Thls year the new Board bas ■ At year end net liquid funds stepped up from 0.688S6p to 

fa-T'rimS ^thp taken 8 different view of stock were down S.07m (£383,000) with 0JS297, which includes 0.02463p 

SS £° hS, ^ *» and to some extent this has been bank overtSta up in respect of the reducUon m 

pre-tax defied came highlighted by the negotiations on E fl.Sm^nd th? balance sheet ACT The cost 

stock values arising out of the showed net current liabilities of (184,000). It is the Board s mten- 

tioD to increase the anal payment 


£913.000, against 


sgas* nssssr* jsfesrv" » sss, zjzsvsr _ 

Sm tower Ertraordmar? deblta arnoonted ^ 

profit had slumped Iron. 1184.000 Set adSt H25WM) Mmprmw years final *as LWasp. 

to £ 5 , 000 . ro 5 y- ars s 10 ™ adjust this Q f rationalisation pro- t,, , th ■ t ha]f —jg 

' ments, and losses on sale of ^ nM A f 1441 ; n(V) losses on dis- Turnover tor ine nrei wu rows 

The company is expected to branches which were not JJ f sals °f Investments in asso- ^SatSo 

operate profitably during the envisaged in the eleven-month g^es of £83.000 goodwill written ^ 4 * > - 000 ® omp “^. d 

second six months of the current management accounts. off a t £272<000 and £6,000 losses a P d ea fZ U J! ?S „ 

S states?’ W ^ “* Chat .Th- accounts worn tbc prto- 2 dispS^S? sutaidSde, -g™ “ ^ 6SiP “ 

• In R De ^ m ^M yei i r i he retir ; eShna^or ’theyertf bosses was V e^n2I? 0 ¥rust , held 1 S2* i2r A revaluanon of the company’s 
tng Board of (Erectors had warned constnjcteeL current first Z^^neSTL^lsk 1 ^ rent freehold and long leasehold pro- 

svssrswss&rar jssss « 

TYlls tkp new Rns rH fo j/j i from 19 to 12 and the directors Trnst 7 * 7B per cent- some £700,000 and this wiU.^be 

M thL*taSi! h 3 hope that b y year end this Meeting. Winchester 
debtor co?£?l ISd tow sales to wm be showln - sma11 on Nowmtar IGjit n« 

the second half would not be p 

finally quantified until year end . The electronics division which 
stocktaking was completed but incorporates Micro Processing is 
they estimated the possible loss at making profits with every sign of 


House, EC brought into the accounts during 
noon. the current year. - 


£665,000. beins able to expand successfully 

In the last three years the basis now that some of last year’s con- 
of the profitability of the eiec- straints have been removed from 
trical division had been as a result *L lhe chairman adds, 
of stock profits rather than in real The loss per lOp share for the 
terms. This method of accounting year was ll^p |5.Bp earnings) 
had given rise to profit and, there- and no dividend is to be paid 
fore, tax and dividends although compared with 1.505p for 1976-T7. 
in cash flow terms there was a A tax credit of £333,000 (charge 

Second half boost lifts 
Boulton to £1.37m 


1 V 77 - 7 S + 1975-77 

t t 
M. 219 . 45 S lS. 030 .Mfi 
1 .S 1 M. 33 J l_ 3 K« 34 i> 
JSB.XIH 299.464 
l-i 77 .UI 5 UKjfcfl 
207 . 11 * 285 918 


A SECOND half boost from 
£422.907 to £794.119 has taken ___ 
taxable profits «.f William Boulton tSSSTw*""" 

Group up by nearly a half to a Drpjvi+ajjun 
peak £L369.S99 for the year ended Tradin* profit ... 

June 30. 1978. against £918.163 interest dunsc* 
previously. Tumnver rose from bc * ore ^ 

£18.050.046 to £20,219.458. i" prom 

A final 0.779p net per lOp share Extraum. credit 
dividend effectively raises the Minority im cren 
total from an adjusted 1.092p to otv+rivnOa* 0 

l-3I9p. the maximum allo wed. <Fwirra rctutri alter adiustmeot io 
Net profit ca me n ut at £877,804 pmats. 
compared with £887^0G after tax Boulton manufactures mac- 
of £492.095, Hsalnst a low £30567. hiner>’ for the ceramic, chemical. 
After an extraordinary credit of food, pharmaceutical and process 
£15,868 (£40.496) and minorities, industries; is a non-ferrous 
the attributable balance was founder, general engineer and 
IS81.370 (£90S,0fi7). high duty iron/ounding group. 


492.095 

&77.SU4 

12. ^WJ 
W1.5W 
333 JQ 4 


913 .U 3 

30.267 

SS7J96 

40 . 43 C 

20^33 

908.907 

347.6S7 


DIVIDENDS ANNOUNCED 



Current 

Dale Cnrre- 
of sponding 

Total 

for 

Total 

last 


payment 

payment 

div. 

year 

year 

IVm. Bonlton 


0.73 

Dec. 7 

fi.sn* 

] 

1.09» 

Brooke Bond 


2K5 

-Ian. 2 

2.01 

309 

2.76 

Central & Sheerwood 

int. 

0 6S 

Dec. 8 

(136* 

— 

1 18* 

Crellon 


Nil 

— 

0.91 

nil 

1.51 

Erith & Co 

.mt. 

2.02(j 

Nnv. 25 

1.81 

— 

5.45 

Furness Withy 

■inL 

3.85 

Jan. 5 

3.5 

— 

8.24? 

Herrburger Brooks 


1.12 

Nov. 2-S 

1 

1.12 

1 

Kode Int’l 

inr. 

1.S4 

Jan. 4 

1.H5 


4.7 

Lowland Drapery ...**int. 

1.4 

Dec. 11 

1.3 

— 

5JJ7 

.Manchester Liners .. 

.inL 

1 

— 

1 

— 

5.1 

.Marks & Spencer 

.int 

1.15 

Jan. 12 

0.S5* 

— 

2.12* 

Mcntmore IMnfg 

.int. 

n.i6 

— - 

0.1ft 

— 

022 

iH. F. North 

.inL 

0.14 

Jan. 3 

0.12* 

— 

0.45* 

Northern Industrial 


3 

Jan. lfi 

2.7 

4.65 

4.2 

Provident Lile 

.inL 

4.1 

Jan. 1 

3.7 

— 

8.17 

Raine Ene 


0.59 

Dec. I 

0.39 

0.S7 

0.87 

Scottish Northern 

-mt- 

12 

Nov. fi 

12 

— 

3.66 

Siernsen ilunier 

.int. 

1.53 

Pec. 21 

1.37 

— 

2.79 

Spirax-Sarco 

.int. 

2.1 

Dec. 8 

1 .85* 


4.48S* 

Uld- Carriers 

.int. 

0.9811 

Jan. n 

(1.89 

— 

2^1 

Wettern Bros 

.int. 

2.07 

Jan. 4 

ml 

— 

2.07 

Dividends shown pence per share net except where otherwise stated. 

M Equipalent after allowing 

for scrip 

issue. 

t On 

capital 


increased by rights and/or acquisition issues. £ Includes additional 
0.071 p now payable. 5 Include? additional 0.0"93p Tor 1977 now 
payable. E Additional 0 05.11 p for 1977 now payable || Includes 
additional nt)2463p in respect of reduction in ACT. "* Gross 
throughout 



[F’KSWDEIlRDTr WM 

ASSOCIATION OF LONDON UMI JED 

266 Biaiopsgate London EC2M-4QP 01-2473200 

INTERIM STATEMENT 

DIVIDENDS :’j 

The Directors have declared an interim dividend for 1978 qjn 
the “A" and M B" ordinary shares of 4.1p per share f 1977— 3 Jp 
per share’) payable on 1st January, 1979 to shareholders on the 
register on 8th December, 1978. 

LONG TERM INSURANCE BUSINESS £ 

The new business figures for the first nine months of 1978 npt 
of reassurance were as follows: — - 

9 months 9 months 

to to • .1 

30th Sept. 30th Sept. 


1978 

13,573 


1977 

10.973 


Year 

197* 

14,980 


Number of new policies 
New Life and Annuity Premiums 

Annual premiums £L47?,0Q0. -£1.623.000 £2364.000 

Single premiums £ 468JW £ 393000 £ 968.GGQ 

New sums assured £ 159.0m. £ 126.0m. £ I76.9m. 

New annuities per annum £ 807JJM £ 266.000 £ S02.CQO 

The improvement in new annual premiums was 45% for life business 
and 67% for pennons business. The increase in with profits business 
continues and 62% of the new annual premiums for the current yt»r 
are in respect of with profits policies compared with 45% In 1977. 

GENERAL INSURANCE BUSINESS 

The unaudited results for the first nine months of 1978 for tK$ 
United Standard Insurance Company Limited and Vigilant Assurance 
Company Limited were , as .follows: — . r 

. 9 months 9’months 

to to Full - 

30th Sept. ’ 30th Sept. year t 
1978 1977 1977 ' 

Premium Income . £3,400,000 £3,300.000 £4,306.000 


Investment Income £ 

Profit on Sales of Investments 
during the year transferred 
from investment Reserve. 
Underwriting results 
Expenses and Exchange 
Adjustments 


253,000 £ 250 D00 £ 336.00% 


— — - £ 200.00th 

-£<183,000> £(195.000) £(518.00CF) 

£( 10JW0) £( 25,000) £( 1,03?) 


Pre tax profit 


£ 40,000 £ 30.000. £ I7jC0a. 


The underwriting experience of the Motor account is satisfactory. 
The Property and Accident account is beginning to benefit from' 
the recent Increase- in. premium . rates Yor household contents 
insurance, while retailers business’ continues to be very unsatis- 
factory. The .greater part at the underwriting lasses in 1977 ang 
in 1978 to date have been due to the dosed accounts, mostly 
reinsurance business, all of which ceased t qf- be written In 193% 
or previously, and It is anticipated that these accounts will not 
.significantly affect future results. •; 

It must, however. Jm- emphaslsed-tlnt die results of part of a year 
do not necessarily provide an indication of the results for the 
full year. . 

In My. 1978. a further £200.000 ■ share capital, was subscribed 
by the parent company, increasing the Issued “share, capital of 
the United Standard Insurance Company Limited to £1.200.000. 

17ch October, 1978. ' 


$ 


er. 
ash 
■e-ss 
* ’’at 
■^ur- 
re: 

!U 

iw 

4n- 

*;• : 
JD- 


re- 

tsc 
i«P 
: a 
;n: 
ffe 
.«P 
lie 
■So 
Uy 
re. 
^r- 
'a 
its. 

ue 

is 

la 

in 

id 

(N 

l d 
er 
ch 
a 
3r 


id 

ig 

ie 

y- 

v 

** 

s- 

3f 

is 

¥*- 

Ds 

% 

tt 

is 

7 

► 

k 

it 

i- 

•t 

-t 

1- 

*. 

a 

3 

s 

9 

C 


\ 


1 . 











-Vi—® 




1B:1973 

Erith 
profits 

b^x running at 


-29 




m first six months 


r; peak level 


PRE-TAX profits of Fnreess 
Withy and Co. slipped sharply ha 
the half-year to June 30, 1978, to . 
_ "Reiter sales at Erith aid -compared. with £182 id in 

'builders’ merchant. In April. May * e s2 ™« period last year In spile 

- jind June, brought profits for the ? f 6 falriy stable trading per* 
■first half of 1978 hade to sllcbUy fonnance in the shipping division, 
above the record level sees jn the ?j r James Steel, the chairman, 
first six months of 1976 Taxable *°ld there was unlikely to be any 
profit advanced from £253.000 to ^ange in this pattern in the 

- £509,000 and ihe current confi- second half. -Last year, the_group 
\ ' dencc in the industry indicates- returned Dre-tgx profits of 120-7ra. 

• that the present trend will con* TOrce factors caused the reduc- 
' -• dime at least to the end of the Aon In . profitability: poorer 

year with profits ahead of the performance from ' associated 
£782,000 in 1977 says jtf*. G. companies, notably Overseas Con- - 

. fisher, the chairman. talners and Kingsaorth Brining: 

’ Thu j- *u t. _ reduced profit from ship sales as 

„JS,L u1 S a BJ!L t feJ ,al£ :? ear waS 0Kl y one vessel was sold in the 
^■mainly in sales from the-, com- period and imMstment 

**& joints C 


period and reduced Investment 
to the increase being" ehiefljin 2,“™ . .“djE 

. SHSESS £ 

- h9E amiinnn/t !* »•> . -l. „ . .unucr nay. . . .. . , 

Forty per cent of the groups 



profit), Brantford International 
£34 (£60). Houlder Offshore 

- £1.037 (£333 loss); Non-shipping— 
•/ Furness Houlder tlnsuruncej 1464 
; (£463). Furness Withy (Engineer- 
; ing) £225 (£67), Saxon Inns £183 

(£154). Furness Trinidad £514 
(£402), other activities £27 (£3G7) 

Following the conversion of 
substantial foreign currency loans 
into sterling, the group's share of 
. unrealised exchange losses of 
associates brought forward from 
19*7. amounting to £2ra, is to be 
H-ritten off in. the current year 
accounts. 

Depredation charge took £5.7m 
(£4.5Sm). After tax- of £2.32m 
(£4 ,35m) and minorities, attribu- 

- table profiTs emerged down from 
£8.47 in to £3 .OOm. The interim 
dividend is lifted to 8.S5p (3. .Ip) 
net per £1 share, with an addi 
tional 0.071 p for TAT? on ACT 


|«ME5svifl9-»lcV¥»' M v ui. «**• ESS^Ur* - Mnd 

* r profits in the- period came- fTom g ' : j ■ i ■ < - ■ ■ -i 1 g«5p Although trading profits were 

.. The directors expect early con- non-shipping interests and Mr. higher at.£3.19m against £2.U6m 

tnbution to profit from the new Brian Shaw, the - company's ■ f the taxable figure of Manchester 

depot opened at Letcbworth on managing director, said the busi- “ ' Liners, its 62 per ccnl-owned 

September 1. • ness was now in a position to Sir James Steel, chairman of subsidiary, fell from 1131m to 

The net interim dividend per carr y lo»s-makini» shipping areas, Furness Withy ... no change £0 ^ m for hajf i97 ?- 

25p share is raised to 2 0158P * uch « bulk carriers, m the «_ H k«ir The . resuJl was struck after 

(ikpjand costs £93 692 in interests of flexibility and profits- . ,n paITern ,,ke, F- depreciation of £l.44m (£935,000) 

addition a payment of 0 055lp is bilily when the recession ended-- and interest payable of £932,000 

to be made following the retfue- When that time came, the com- too many unwarned merchant (£f47,M0i. but included £10.000 
tion in ACT. The final for 197? Pany was in a position to step ships during the recession. t£ ii 00 ? ) “* ves S n *? t in 9° rao - 

up investment and H. was not on the non -s h i pping side, the 7170 interim dividend js kept as 

beyond the bounds of. reasonable company said it was urgently *P **et P* r 20 p share— -last yey s 


was 3.64099p. 

RaW-Tear 

S' 

1978 

1977 


£000 

iOM 

-BaWt 

UJBSt 

10.435 

Trs iHc* profit 

530 

393 

BaJfc lm?re« ..... 

33 

<7 

Interest referred 

A 

5 

Profit Mere tax .. 

5» 

353 

Tax 

2SS 

193 

Net profit 

5M 

170 


Furness 4s also ' considering chain, 
further investment in its offshore The 


urougn *ne iiu» whHe the ebtame of container 

interim renort shows carryings on the North Atlantic 

now that the Uncle Jonn a sharp drop in associates’ con- jjff Jaded 

tnersible, currently on iribu lions, from 13.68m to £1.85 m. *re depressed with the added 

»*««« to Shell, has umied depressed profits from sale of jlnX^^whieh* *hnrp 
Houlder Offshore’s £109.000 loss ships at £150,000 (£2 ,39m) reduced ttaminrf th» SiSmm 

last year to a £lm profit m the investment income of £1.0Tm *“ e P 0110 ^ “le directors 


first-half of this year. 


I £2 .28m i and 


interest 


higher 

Houlder Offshore, which Furness charges, £3 .8m <£3.27 m), refle cl- 
owns jointly with Etterman Lines, ins investment in new ships, 
is seeking a five-year contract Turnover fell £lm to £95.3m 


with SfaeU for this vessel and but trading profits increased e^Vlua lion 

and could be m a position to slightly from £6.21m to £6.68m. ^ bLi^iS ^ore stabll 

build a mark two verson on a A breakdown of trading profit 15 ““uung. more i . 
speculative basis if this issecured- (in £000) shows; Shipping— 


Siemssen, 

Hunter 
ahead 

SS. T *SJS? s lEXUr nSS With? 

p?^ 1 ? o.^, gif. J° vent their shipyards tuening . out. (Chartering) £229 joss (£185 

Abwood Board under fire 
from a major shareholder 


state. 

In the Mediterranean the com- 
pany had a very bad patch due 
to a surge in competition affect 


Warehousing and road haulage 


. Mr. Shaw sa* be *aa raere ^ 17nerawi pP l„T SSrSSoSScJTnd 

misuc than a year age about the Houlder bulk shipping £392 ioss i5SS ri ?!. rt °Sdhu^ is dS 
duptung areno. especially. abont l£113 proni). .Manchener Liners u d0L ” g 


gt3A9m, Siemssen Hunter ex 
panded trading profit 33 per cent 
for the first six months, of 1978* 

However, because the 49 per cent* 

Dwned Siemssen Threshie and Co. 
was sold in June, there was no 
Contribution from the associate, 

»m pared with £59.000 lost time, 
leaving pre-tax profit only £46,000 
aigher at £422,000: 

Mr. Roy Siemssen, the chairman, 
joints out that the seasonal the DIRECTORS of 
tature of the company’s trading mp pHi. Tools came 


year. 
See Lex 


c 

n 

A JL 


i i 




13 


1 

ail 


Adwood grant would cover 25 per cent of In spite of the continuing de- 

— — — _ In for the capital expenditure and he pression in the steel industry, 

nlerests is such that the greater detailed questioning and criticism had assurances from the com- steps have been taken which 

ui iart of the total profit is earned from ju r . victor Balding, a major pany*s bankers and a finance should ensure an improved result 

jjjn the second half. The group shareholder at yesterday’s annual house that they would support in the current year from the 
Uimports and distributes cigars me etin" ’ • • - the company. Moreover be bad group’s steel and engineering m- 

and other tobacco products, and _ , confidence that the companv terests, tbc directors say. 

™ ETStoSlT* 11 * > ™lr t0 'i°rih ifSf.SSte ^? n i e ™ u '' U,e ^” f this “ Then, h. every eupechUiou ay 

||] S _ , , . : complained at the last ASS* of pei ^ irure ; WI w , J well that the house-buildmg sub- 

»i., Sales in all divisions are running the company’s perfor mance and - After the meeting, which lasted stdianes should achieve another 
tfhead of the levels achieved last the repeated- refusal of the Board close to an hour, had passed satisfactory result. 

'ear, when the surplus reached a , 0 asr8e to a reverse take-over acceptance o( the accounts with 

•' j ,0 5P 2? - saies , °z of his own engineering company, a vote (on a show of hands) of JS 

J4.bom, and the directors look After Mr. Alan Peck,. managing to one, Mr. Balding issued 

• STlfi* t0 a satIsfactory director,- made his opening re- prepared statement which 

. “ u,t ‘ marks to yesterday’s meeting on prompted a hurriedly written 

The net interim dividend is the j current encouraging trading re ply from the Abwood directors, 
stepped up to lfi25Sp (L3662p) conditions both at home and ra _ . „ _ ... 

' Jer I0p share and costs £86819. its drive into the US. market, 3fr. „ h J S * o , V 
The directors anticipate that the Balding started questioning the J?® ld % I 

• inal payment wiH also be^ raised directors . . - *• ^ 

• >y the maximum permitted. His main lme of questioning £5 nt “ e capJtaL In the 

Net .profit for the half-year was concerned .the treatment of Gov- *!* 

r. 202,000 - (£178,000) after tax of emm.ent, grants in the accaunty. to . h ? t: *. afL . jat ® r ® s t ® only '■* 

220^)00 (£198.000). and the ^illty of the c«np«iy,lo « 

The, £83, 000 surplus arising from finance the hefty capital expend!- "'it 

'ho sale of. the holding in lure programme amounting to company .is drifting a lon 0 . it 

ieznssen Threshie, tobacco leaf £190,000. ffmliri 

lerefaant and broker, to Standard He said that in' the amounts ^ Therefore 1 J* oul ° 

ioramercial Tobacco Qo, Inc, of Atwood’s plant and “«chmery thM Eoard gives me an 

lew York, for £256,000. is shown were shown with a value of only 

s an extraordinary gain, leaving £44.000. ” ““ft.* ®“ 2£*2?EK 

- . be' attributable sum better at Mr. Pack replied that it was *°..t h f 1 ,r ,® oar d expenses only 
285,000 (£178,000). difficult to quantify the full effect i£ 

of the grants, but -said that some the compapyto get movin 
£10.000 had been received in res- ra P ,dly "•* PU^ 1 " 

-MEDENS TRUST ' ** cl of half «»-.*»*» of a con- - In a wntten .« vly the Abwood. 

sultancy assignment aimed at 




ended 30 th June 1978 



1978 

1977 

1976 


£000 

£000 

£000 

Sales outside the group 

756,202 

769,154 

591,465 

Group trading profit before interest 

48,994 

57.181 

31,841 

Taxation 

20,924 

19,496 

12,865 

Profit before extraordinary items 

21,456 

27,935 

12,001 

Dividends paid and proposed 




Interim of 0.83I875p net 




(1977 0.75625p; 1976 0.6875p) 

2,139 

1,556 

1.414 

- Final of 2.254385p net 




(1977 2.0Q757p; 1976 1.7S7p) 

5,796 

5,162 

3,676 


7,935 

6,718 

5,090 

The total gross dividend for the year is 

equal to a rate of 4.60636p per share, an. 

increase of 10 % over last year which is the maximum permissible. 


Earnings per share on the net basis 

8.34p 

12.77p 

6.17p 


Annual Report • 

The annual report will be posted to shareholders on 10th November, 1978 together with 
■ the notice of the annual general meeting to be held on 8th December, 1978 at The London 
Press Centre, 76 Shoe Lane, London E.C.4. 


directors said that “ there are no 


Addressing holders at- the AGM improving the company’s perform- *(,° r 

. ( Medens Trust, the Brighton- ance. 

ased instalment finance group. He added thar the grant was 
lr. J. A. K. Collins, chairman, included in -the pre-tax profit of mndrfflrinp 

ild the company was currently close to £45.00^. Eut if it had not 

xpanding its group balances to been for the grant the company ^n£S? ijn Sur neit 
teet increasing overheads, and would not have -gone ahead with ’rlfii 

ssults for the current year should the consulUucy; so profits would co "r' 

e as least as good a/ last year’s have been higher. conadmtooH to 'terter la setve 

jbriahtially- improved level. Mr. Peck said a Government mEraber made b - 




, T 


PUAt^ 

IMMEDIATE 
DELIVERY 
AND NO 
ROAD TAX 
TO PAY! 


Yotrdon*t even need a bcence to test drive 
the latest PUNCH 

If you are under 85, can read a number plate 
at 6ft in daylight and are not subject to 
sudden fainting fits, 
the *78 MOTOR NUMBER from 
Punch Britain is fbryon: 

STANDARD FEATURES include Punch 
Books of the Road, full specification of more 
pointless accessories than any other 
maga-wno. , a read iest of showroom patter 
and factory-fitted cartoon extras designed to 
meet the latest international humour 
standards. 

TEST DRIVE THE NEW 
PUNCH MOTOR NUMBER 

It-’s in newsagents 1 showrooms NOW 25p 




Kode well 
ahead at 
28 weeks 

ON SALES ahead from £2.S5m 
to £3.73m for the 28 weeks to July 
14, 1978, Kode International 

announces taxable profits well up 
from £402,082 to £608,025 for the 
period. Profits for the whole of 
1077 were a record £864.408. 

Mr. W. D. Tu'dor, the chairman, 
says that the trend noted 12 
months ago to a more even 
spread of profits throughout the 
full year has continued, and is 
expected to be reflected in the 
profits ' for the remaining 24 
weeks. .... 

The prospects for the group 
continue to be encouraging, he 
adds, in the light of the satis- 
factory order intake and further 
investment - in plant, product and 
management.' 

After first-half tax of £316.173 
against . £209,883 earnings are 
shown as 6.74p per 25p share com- 
pared with 5.425p and the net 
interim dividend is increased to 
1.8425p fl.65p) — last years final 
payment was 3.05p. 

Kode manufactures, distributes 
and maintains computer peri- 
pheral equipment 

33 weeks 
1S78 1877 

Seles 3.738.974 2.S33.4S8 

Prefk before tax «2.0t2 

Tax 316,173 209.B83 

Not Bt-oBt 291.852 193.909 

Dividends 80,953 71,415 

£0.5m fall 
at Ralne 
Engineering 

FOLLOWING THE sharp down- 
turn from £395.000 to £103.000 in 
the first 'half, Raine Engineering 
Industries finished the year to 
June 30. 1978. with pre-tax profits 

Of £282(000 compared with 

£838.000 previously. 

In their interim report, the 
directors said they did not antici- 
pate that -the year's profit would 
match that or 1976-77, but a better 
trading pattern was being experi- 
enced in- the second-half..' 

Earnings per !0p share are 
shown at l.lQtip I2.273P). An un- 
changed ftnsd dividend of 0.3852p 
maintains the total at 0.87l2p. A 
total no; less than the previous 
year’s was expected, 


Furness Withy Group 


nterim Results 

Unaudited for 
half year ended 

Year ended 

irthe half year ended 30 June 1978 

30 June 

30 Juno 

31 December 


1978 

1977 

1977 


£m 

£m 

£m 

TRADING PROFIT 




SHIPPING ' 




General shipping 

3.1 

3.0 

5.3 

Bulk shipping 

10.6) 

0:3 

0.5 

Manchester Liners 

1.7 

.1.7 

2.8 


4.2 

5.0 

8.6 

OFFSHORE 

1.0 

(0.3) 

• (o.i) - • 

OTHER ACTIVITIES 

1.5 

1.5 - 

2.7 

TOTAL TRADING PROFIT 

6.7 

T? 

1L2 

PROFIT before fax and 




extraordinary items 

5.7 . 

13.3 

20.7 


Own trading profits maintained in period of shipping depression. 

# Group profit before tax depressed as a result of reduced 
contribution from associated companies, sale of ships and 
increasedfinance charges. 

Offshore oif support services and non-shipping activities 
account for 37% of trading profit. 

Results of second half of 1978 expected to be broadly in line 
with first half. 

■jfc Interim dividend increased by 10%. 



r 


@ Furness WithyGroup 


One of the big names In British Shipping 

Furness Withy & Co. Ltd., 105 Fenchurch Street, London EC3M 5HH 

If you would like to receive a copy of the full Interim Statement please fill in and post the coupon below. 

-To: The Company Secretary, Furness Withy Group* 

105 Fenchurch Street, London EC3M 5HH 
Please send me a copy of the Interim Statement 


~i 


Name- 


Address. 


1 — 1 






Pr 

pr< 

ch 

BY MA 

THE PF 
decided lc 
allegation 
Wilson ft 
number o 
were corn 
paign agai 
Parrv on 
1974 Gem 
The foi 
allegation 
lowing ihi 
affair. Mi 
was, had • 
an arches 
himself, t 
Lady Fa 
Marcia W 
The Pn 
Sir Haro 
drawn sot 
Subseqi 
told the 

did not 

prietors 
instructed 
round a 
material.” 

The Pn 
to hear ' 
Sir Harok 
formal eo 
On the 
against t 
coil oc il si 
Royal Cc 
that ther 
Labour bi 
The Pr* 
is one ot 
lished tod 
In ano 
council 
against tl 
Daily Ex, 
picture c 
Henrietta 
death in I 


30 


• v •■'•'j; '• * r;-'?.’ 

Financial Times ' Wednffid^-Q< 



LIMITED 


RESULTS FOR THE HALF-YEAR ENDED 
30th JUNE 1978 (UNAUDITED) 

Half Year Half Year Year 


Jane 

1878 


June 

1977 


December 
1977 



law’s 

loWs • 

£000’s 

TURNOVER 

29,727 

26,041 

51,629 

TRADING PROFIT 

2,783 

2,898 

5,439 

Interest Charges (Net) ... 

56 

82 

139 

PROFIT BEFORE 

TAXATION 

2,727 

2.616 

5.300 

Taxation at 32% 

1,418 

1R60 

2.786 

PFOFTT .AFTER 

TAXATION 

1^09 

1,236 

2^14 

Minority Interests 

1 

— 

>) 

GROUP PROFIT 

1,308 

1.256 

2^12 

DIVIDENDS PER SHARE 

0.6516p 

0.5S35p 

1.1750p 

EARNINGS PER SHARE 

1.76p 

1.69p 

3.3Sp 


Trading Profit in the six months to 30th June 1978 was 
£2.783.000 t £2,698,000 for 19771. Turnover increased £3,686,000. 
some li°n up on 1977 but due to the continuing competitive 
trading environment in all Divisions profit margins reduced 
overall by 1% to 9.4%. 

There have been vigorous efforts throughout the Group 
to increase sales and to penetrate into world markets. Order 
intake during the first six months of 197S exceeded that of the 
comparable period last year and orders on hand have shown 
a further upturn. This has been achieved despite the present 
difficult economic situation and the Group is well placed to 
take advantage of available opportunities for growth. 

The Directors have declared an Interim Dividend of 
0.65 16p per share which together with the tax credit of 33/67ths 
amounts to Q.9725p and compares with the Interim Dividend 
for 1977 of 0.5S35p (0.8S41p with tax credit of 34/66ths). 

As a result of the change in the rate of tax credit for 
1978/79 and in accordance with the resolution passed at the 
Annual General Meeting held on May 18th 1978, a Deferred 
Final Dividend for 1977 of O.OOSSp per share (0.0131p gross 
equivalent) will be paid with the Interim Dividend. 

These Dividends will be paid on 30th November 1978 to 
Shareholders on the register at the dose of business on the 
13tb November 1978. 

16th October. 1978. R. Smith, Chairman. 


SENIOR HOUSE • DERBY ROAD # WATFORD 0 HERTS 


BIDS AND DEALS 


Dawson’s circular causes 
problems with SE 




fCai '■ 


Lj r., • - 


— , Vita Company-, Sian- Caligen 

Chester based robfrer aatr -plastics Breda, 


based : l in we., tkt-li I 
t rjsh Vita ■ involved ki a' battle.??: - : 


u| Qtt r gasen: tapper aaq-fKasDCs arena, Holland. 
group, is buying. CaTfeen Foam intends to use the Holland. ol£. . 
for £2m cash from Cabin's joint shoot as Its. fulnre ® 

owners Tmmeeo InternatJornd of development in Europe. 

B u*s*** lOTSl-aad ToatiLTte caheen showed assets 

wm represent British pxJSm in Its last accounts ignpr? w 
Vita’s “first-mainstream entry into tjTany potentiia llabifity for. - .. 

The discussions are expected to E urope^-aCT tM-^ng to the croup’s dwerred tax. Independent vahia-- 


BY- TERRY 0GG 

DawsM intematio^I yester^ D IS m 1 SS^riiin^ docurnratro be*ropcU»ded ' ^ith^lhen^Tfew chief jgeentive Mr! Robert oTc^enTiHtOres^rin land 

5£5S I, SBSS? aSL ofniS^Ex! its SaraSSders ^-hich did not weeks when a further announce- . Callgea, w^ bM. ^ . annual bondings .showed that net; 

the ment will be made. 

The Wellcome Foundation 


row with the London Stock Ex- its shareholders 


change over Us decision to send have the official nod from 

irs shareholders a circular that Exchange. The Wellcome Foundation is 

had not received the Exchange’s It is tins action thatthreatens owned by a charitable trust set 

*“ — up in 1936. 


CQURTAIH^S 1 -; 
ABANDONS BED 
FOR COMFTOBf 


anorovaL to broaden the issue. The quota- 

Ift a letter to the Exchange, tions department wffl now 
Dawson directors expressed their probably have to consider tee 
the incident had more general principle of what 
happens if it gives an informal 


industries. 


CoartaaMs . Ifta atemfe^vj. 

• The valuations took piace m £UBni . hid for : coatreT^Sft 1 . 

and prior to completion of^the deal Compton Sons ’war 

Callgen will pay a dlvidem! at uniform mamz&Kdacexf ; - ' 


regret that ... 

occurred but pointed out that 
they had an overriding duty to 
their shareholders to disclose 
material information concerning 
William Baird’s bid for the out- 
standing shares in Dawson. 

Dawson believes that directors 
must decide what Is a material 
fact and. - if ‘ information is 
material, they have an obliga- 


ti irection to a listed company and 
this Is ignored. 


JFB CUTS STAKE 
IN MITCHELL 
SOMERS 


fwtjw ar 

polyester fl»ms as yet fstiriy f 5 ™™* 10 


HmitPrt 

■ In . its last financial, year (for 
the 22 months ending January 1. 
1978) CaEgen made pre-tax profits 


holders. 



LEGAL & GENERAL 
IN VS. 

Legal and General 


T J rnM. t rro> of G24BQ0..Profits before tax for 

Johnson and Firth Bnrwn f JFB} ^ months of the 


ssa^“ imomt ,o * romid 


trumped the CourtsuJds 
week with a higher 

PARK PLACE STAKE ^Courts ulds- htd ; M|b 
fM A & C. BLACK . acceptances jn respect ' ofcija-W 

IN A. « ^ _ -wdriidi represented. 12 

Training and management co n- the ordinary' shares aari }*$ •&' 


has the effect of reducing JFB’s 
Assurance investment in !IDtcheit Somers t h» 


menus has Compton We&u -- - . 


^ holding 1102^00 ^axes^in _b^ - in vtew'of.tte 


yahtonh 

cm 


material, they have an obiiga- Society, the largest pensions com- from 2SJS per cent to 20 per cent. and aSMc" the IK ‘■«®wk by 

b°«. ¥ nd ®. r . tJ,e .9™ Takeovers pany in the UK, has extended its JFB intends to keep this sake. JJJ mecting at ^ . 

60 A director of Park Place invest- offer was betog allowed 
menSsaid yesterday, "we hke and that the relevant 


Code to disclose it. coverage of pension arrangements 

The row stems from the mclu- fbr multinational companies by 
sion in the Dawson defence docm- linking up with Metropolitan Life, 
ment of a sentence which may be of New York, the second largest 

defamatory. * 

Under the listing 
Dawson is required 


agreement, 
to submit 


US. insurer. 
L and G 


Tesneco’s main acthrities frespec- 
JFB has for some time been lively, textiles' and' oil). British 
rationalising its in vestm ents and Vita is anxious to buy as Callgen 
the intention has been to main- wUl extend its - involvement in 

tain Mitchell Somere as an.asso- polymer technology. ’ •’ • our the"c^p^ certlficates -antf.otiwr 

c — 2. - Ttfis mill' 


o^rnv^torot in A ud C Black acrarp^nce'.. and 


, ciate which requires a m i nimum CaligenV headquarters are ana *»= •*« of title lriH-be: returned IS 

has established an 2 o per cent holding. The addi- based at Accraigtmi, Lancashire, to see rwhat .£ 


« icmuucu w ouuui.c - , 20 per cent Doming, ine aam- oaaea at Ac grogt on. lancaaiire, “r^ what comes of it but holders assoon 

proofs nf documents to the Quota- “ternatioral network of exper- taonal 3^ per cent served no and it has a European subsidiary have to see wnat comas qi-ix.iiw . .. 

tions Department of the Stock icnced and able insurance com- «"«'««’ «n rfew «r ^ : 

Exchange in time for them to be 


panies, whose knowledge of em- 
ployee, benefits in their own coun- 
tries can be rapidly called upon. 
The network covers countries 
such as France, Japan, Germany. 
Netherlands, Belgium, Ireland 
and Switzeriand. 

The company has found that in 
devising employee benefit 


examined and approved prior to 
final printing. 

When Dawson submitted the 
first of the proor copies, the 
department raised the issue of 
possible defamation and told the 
company the document could not 

be approved in that form. A . _ , . . , . 

second proof was submitted with schemes for., personnel working 
some changes made and with the overseas; it is particularly diffl- 
off en d in g words apparently acci- ctfft to co-ordinate schemes to 
dentally left out A third and final J**® account of local conditions, 
proof was submitted with the sen- *■ ^nd G finds this intemationaily 
tenee re-instated and the depart- co-operative approach enables it 
ment again considered its post- 1° and solutions more rapidly and 
tion. economically than a series of one- 

The problem faced by the 03 negotiations in each country. 
Quotations Department was that 
while the document conformed 
with the listing requirements it 


NEB sells Thwaites 


useful purpose in the view of 
JFB. . . 

JFB originally bought 3,652J95 
Mitchell Somers shares, mainly 
some four years ago, at an 
average price of I5|p per share, 
totalling £360.000. - The sale 
releases £300,090, including a 
surp. r 

£ 220 . 000 . ... - __ . 

after consultation with Mitchell which hufft and still maintains Its own. ------ 

Somers and were purchased by a Big Ben, to F. W. EIfiott (Bold- based m Hastings and Croydon, 

lugs) for jost over £78,000. 

Thwaites and Reed has cost the 
NEB almost £450,000 since it was 
bought for 240,000 In May last 


The National Enterprise -Board The merger with ] BIHottcDMies 
has sold Its wimXrSwSd sub- after five monfts ^ orardun^to ta p .Sd««flwg 




pension fund. 


AGB PURCHASES 
SECURITY GAZETTE 

AGB PobH cations, a whnBy- 


year. inctading the loss that is production, 
being made on the. disposal production. 


manufactures wood-c® clocks -SHARE’ STAKES 
and a number of clock parts. It • . .. . ■ .. .. . 

feels that Thwaites and Steed s Home. .Counties 
range of reproduction carriage County Bank: has 
clocks will complement its own 3}p.QW>_ aharea worat 


interest front n 


WELLCOME 


R^Lb m the first place becanse" rt” be- under the ~NEB’s rirort r «eurard^ ■ 

2^“^ th^SS n ^°f4‘ !ieved - il . had conriderable expon ship. The „chairhmn _ airf_ ^lef Sf 0 ^£ en ^ B1 - 


a 

of 


AGB 


Thwaites and Reed baa suffered 

The NEB took the company over from management problems »• 
in the first place because it he- under the NEB's short Steward- EKPWSLVm® 5 * Jom^y .intlMI 



. . — - . . _ - - ,i.„ i Li j : j.t jt *u„ u =' r =u «*■ fcuuow«aiHe expuu snip, me ■■ L_ 

co ntained a sentence which it felt The TAeDeome Foundation, the 5 ons -/ OI ^_ tb L_^?^ r F Iia5e 01 t£ie potential which could be brought executive. Mr. Geoffrey ' Buggin*. October 


might Involve the Exchange in a private British pharmaceutical Security Gazelle Ltd- our by investment. But 

possible defamation action. The company with sales last year of Security Gazette publishes a and Reed, which buys most „ 

Dawson directors, on the other £34 Im, is negotiating to buy the magazine of the same name in the parts from outside suppliers 

hand, saw the sentence as a Jensen Salsberv Laboratories area of crime and fire preven- merely assembles .clocks, 

material fact which their share- division of Richardson Herrefl tion, risk management loss proved too small -to'- ran 

holders were entitled to know. Inc. control. economic nniL • 


was ' interested ’ 


ANGLOVAAL GROUP 


An companies mentioned are incorporated in the Republic of South Africa. 

^ financial figures for tee quarter and progressive figures for the current year 
to date including those of Lorame Gold Mines. Limited, are uhauefited. 

Rate of exchange on 30 September 1378 R3,0D = £0,58. £1,00 = R1.73L 
Dm^opment results given are the actual sampling results. No allowance has been 


Mining companies' reports— Quarter ended 30 September 1978 Shareholders «cassary ° **» corresponding oie reserves. 


*« . r ® quin ’ n9 “£?•» of *»? repots regularly each quarter, should write 

W1R 8CT 8 ^ n6S ' An9k> TransvaaJ Tr *»»8s Limited. 235 Regent Street. London 



Prieska Copper Mines 
(Proprietary) Ltd. 


Issued capital 54 000 000 shares of BO cants each 


Operating results 

Ore milled ......... .t 

Concentrates produced 

Copper t 

Zinc 

Concentrates despatched 

Copper t 

Zinc % 

Financial results 

Operating profit 

Non-mining income ....... 

Interest paid and stores adjustment . . 

Net profit 

Loan repayments 

Capital expenditure • ....... 


Development 

Advanced 


Quarter 

coded 

30 Sept. 
197B 

Quarter 
•ndtid 
30 June 
1978 

Financial 
. Y®*r 
ended 
30 June 
1978 

764 000 

758 000 

3062000 

29 023 

32 471 

28 552 

3T 312 

127 701 
139 693 

30 660 

34 934 

33 703 

39 552 

123269 
130 406 

ROOO 

ROOO 

ROOO 

3 300 

308 

1 692 
389 

7 280 
961 

3 608 

438 

2 031 
450 

8221 

2234 

3170 

1 631 

5987 

47 

752 

2830 

1023 

4267 

3233 

799 

3859 

7600 

6 990 

6230 

28 200 


Hartebeestfontein 
Gold Mining Co. Ltd. 


issued capita / 11 200000 shares of R1 each 


Consolidated Murchison Ltd. — continued 


Quarter 
* ended 
30 Sept. 
197* 


■ Operating results 
Gold 

Oramillod .. 732 000 


Quarter 
ended 
30 June 
1978 


Financial 
year 
ended 
30 June 
1978 


Financial 


Despatches, which vary from quarter to quanw, are brought to account at their 
wtimared receive Wa value. Operating profit takes Into account adjustments fa Bowing 
nnal price determinatione on despatches made during previous quartan. 


Taxation 

No taxation was payable os the Company has in assessed lose. 
Capital expenditure 


Outstanding commHmsnts at 30 September 1978 are estimated at R735000. 
(30 June 1978: R364000). 


Eastern Transvaal 
Consolidated Mines, Ltd. 

issued capital 4 31G 878 shares of 50 earns each 


Operating results 
Gold 

Ore milled .......... t 

Gold recovered kg 

Vie id gA 

Revenue R/t rnffied 

Costs R/t mifed 

Profit R/t milled 

Revenue ......... ROOO 

Costs ROOO 

Profit ROOO 

Financial results 

Working profit — gold mining. ... 

Non -mirring Income 


Quarter 

ended 
30 Sept. 
1878 


Quarter 
ended 
30 Jane 
1978 


ftnimtal 


30 June 
1978 


85 950 
54026 
03 
34J33 
20.20 
14.73 
3002 
1 738 
1 268 


84 600 
513J8 
V 
41^7 
1940 
21.74 
3498 
1 659 
1 837 


339 300 
2 119/40 
6J2 

31.74 
iaoo 

13.74 
10 797 

6105 
4 662 


ROOO 

1 268 
100 


1 837 
217* 


ROOO 
4 662 
386* 


Prospecting expenditure, grassing of 
mine dumps and stores adjustment 


1 3S8 


2054 


6 058 


71 


264 


383 


Prort before taxation 
Taxation 


1 295 
592 


1 790 
•221 


4 670 
1 623 


Profit after taxation - 


703 


1 569 


3 047 


Capital expenditure . . 

Dividends 

Transfer to general reserve to fund Stare 
loan levies 


188 


829 
1 079 


1 151 
1 511 


363 


363 


188 


2 271 


3 025 


Slate loan levy. 


83 


43 


240 


”711080 figures include profit from farming operations for the financial year. 


Development 
Advanced . . . 
Sampling results: 
Sampled . . . 
Channel width . 
Channel value . . 


1661 


f 222 


6 248 


. . m 

. cm 

- o/r 

cm.g/t 


846 

•204 

22J5 

4640 


856 

192 

243 

4 678 


3308 

176 

20.4 

3588 


State aesteta nee 

The Company re mains classified as en "assisted urine" in terms of tire Gold Mmw 
Assistance Act, 196a 


Dividend 

Final dividend No. 56 of 25 cents per share, declared in Jum 197& was paid in 
August 197& 


Gold recovered 
Yield .... 
Revenue . . . 
Costs . ; . . 
Pndfr .... 


-kfl 
. . - g/t 
,B ft milled 
. R/t milled 
R/t milled 


Revenue ROOO 

Casa Hogg 

ROOO 


7832/15 
10,7 
81,73 
34.54 
27.19. 
45184 
26 282 
19902 


733000 
6125.48 
11.1 
64,87 
32.03 
32.84 
47 562 
23 477 
24075 


2523000 
32625*7 
11.1 
54.80 
31,47 
23.33 
160448 
92132 
63 314 


Uranium oxide 

Pulp treated I 

Oxide produced kg 

YWd ■ - . k£rt 


732 000 
85 689 
0,12 


735000 
85 888 
0,12 


2945 000 
364 973 
0,12 


Finxncial results 

Working profit — gold mining . . . 
Profit from soles of uranium oxide and 

pyrito 

Non-mining income . 


ROOO 

18902 


ROOO 

24075 


ROOO 
68 314 


3478 

1332 


3555 

2870 


10 955 
4 997 


Interest paid and employee service 
benefits „ „ . 


24712 


30600 


84 270 


73 


312 


606 


Poofit before taxation and State's share 

of P*°fi* 24 639 

Taxation and State’s shore of profit. . 


13 352 


30188 
16 810 


Profit after taxation end State's share of 
profit . . • 



11 287 


14378 


43 614 


Capital expenditure . 
Loon received . . . 


2 282 


4665 


Loan repayments 

Dividends . 

Transire to general reserve tafand State 
loan levies .......... _ 


4666 
72 
19 BOO 



8553 


8653 


2 355 


32890 


39 963 


State loon levy. 


1 418 


1 102 


4286 


D rera l o pn tem 

Advanced m 

Sampling results on Vaei reef: 

Sampled ........ ,,.'m 

Channel width cm 

Channel value — gold .... g ft 
entg/t 

— unman oxide . kg/t 

<mkg/t 


13 372 


11 622 


44 893 


2 866 
58 
27.5 
1 588 
041 
23.77 


2 534 
54 
323 
1 745 
0,55 
2081 


9466 
50 
340 
1 715 
054 
2735 


Ofridend 


Rwldlvkhmi No. 45 of 175 eents per shem, declared In June 1970 was paid in 


Cepftsl expenditure 

Creritai mpendtture (or the year ending 30 June 1979 is estimated at H16 000 000. 

30 Sept8rabar 1978 •• « R3 394 000 


Consolidated Murchison Ltd. 

Issued capital 4 ISO 000' shores o# 10 cents each 


Capital expendfaire . 
Dividend ..... 


Quarter 
ended 
30 Sept. 
1978 
12 


Owrter 
ended 
30 June 
1978 
• . 95 


9 month* 
ended 
30 Sept. 
1978 
' 249 


has Hyde- Mr. Hyde will remain wth 
as an the company, bat Mr:.; R. VT,... 

Elliott, who Is chairman and man- T- t tetwtor,^ 

aging director at Elliott, will fill 

both these posts. at Thwaites and ^gkwnod_MortOTi f ard ; Sa 
o-pri (Holanigs)r Mr...jK. nt Hamlte 

and Mr. A. ; 34. Leggate. dimtor 

TECALEMJT DEAL . . if 

COMPLETED director, have - h 

Following receipt of .the shares. 

necessary consents from France Firnriq. and Sons: Mr. 3&F 
the acquisition by Tetalemit of Turner, rtwir wian- .tiwi giiV jep 
a 70 per cent interest in shares at'lQQfP" “ , rV.i rfTT 4 
Fogantohtbe for FFr 13.8m has Stenhoase Hhidi^s:. A~hust ( 
been completed. whit* Mr. W. flL 

rj . \nxarv • — is a triisttfer.bou^tt 

HANTMEX ' ^ at- 104P yesterday. : v.-i-i-ai ' 

Haitimex . ' Corporation, . the Allied Plant. ^ Group: SonfftTVai 

photographic and leisure goods shire Pension.-: Food.:: bar:* 
group, has,;' sold International 100.090- shares iednei^- fe&Sa 
Merchandising Associates, a sub* to 631, S6« shares. (431 ptt tjeat) 


12 


95 


249- 


Saia loan iawy. 


W 


Hoskins urges T albet^ 
holders to rejeet bi(||||: 

:'r BY TIM DICKSON 


Gnwral 

T ho An timony Produca plant which had" bean dossd liar three months, resonrad 
oporeoons at ow beginning of August. Sales continued to be depressed during the 
quarter and are expected to improve only moderately during tire fourth quarter. 


Capital exp e n di t ur e 



wS 1 "iSreTm ooooooT 31 D8 “ rafaw 1978 * * tiraHttd « «*o ooo 


Chroamrir^o»nniitn»ms at 30 Seprentber 1978 are estimared at R 1 000 (30 Juno 


Loraine Gold Mines, Ltd. 

issued capital 16 366 986 shares cl R1 eacb 


Operating refutes 
Gold 

Ore milled 

GoMrscavreed . fcg 

g/t 

• • • . . .R/t miRftd 


Quarter 
ended 
30 Sept- 
1978 


Quarter 
ended 
30 June 
1978 


Financial 

YW 

ended 
30 Sept. 
1878 


YuM 
Revenue 


Costs 
Profit . 
Revenue 
Costs . 
Profit . 


.R/t milled 
-fi/l milled 
. . ROOO 
. . ROOO 
- - ROOO 


349 000 
1 857,28 
83 
3239 
32.0t 
058 
11 37B 
11 171 
204 


313 000 
1 73950 
55 
32.83 
33^5 
(072) 
10 277 
10 603 
(226) 


Financial results 

WortU nq pro fit — gold mining . . . . 

Stem assistance 

Profit from sales of uranium ends and 

pyrite 

Non-mining income ....... 


1 290 000 
7 34Z90 
6.7 
31^5 
3238 
(1.03) 
40 702 
42032 
(1330) 


ROOO 

204 

60S 


ROOO 


(228) 

811 


ROOO 
(1 330) 


3628 


122 

170 


130 

158 


455 

601 


SHAREHOLDERS ot T&Ibex businesses in 
Group have been urged to reject He adds; "ft Is : 
bid plans by their company for no coinplenientary 
Birmingham-based contractor claimed from .1 
Hosldi^ and Horton. activities in 

Taking, the unusual step of materials .. for 
writing to another company's industry which prodaafcjtt r .» ; 
shareholders, Hoskins chairman, major part at thfi grflpp'rtWfe - > 
Mr. James Uoyd, daims his ptoflt in 1977” j, - .. 

employees "are totally against On employee oppositiwvi* 

| any- takeover hy Talbex.” Lloyd says he has been raftiS® 

ffis letter follows " unsolicited ” in writing, by onion and ndHBIf- 
approacbes by Trihex to the representatives thaf - . 

Hoskins Board : which have totally against tee :takeflWRl±. . 
already been firmly rejected. Finally Talbei Sbaretokteri'? 

311 advised that df ther-. graW % 
EGM. which will be held later board -a complete disetetaa^ 
th^s month, when TaJbex share- the bid bn any twani 
hedders will he asked to authorise fit. this "conld.tove\a-d«»® 
^Wd fof^tee outstanding equity, effect" on the value ’of W 

“S , in k sl, « £ ?« te ?!?L as Investment In Taibex." :m 
the directors think fit. Talbex _ . , - , .'■■sk- 

already owns 29 B per cent of letter • - conclude s 

Hoskins. ■ - reasons for tee- j»roposed iffiB 

Mr. Lloyd’s letter explains hi Hremaillt masslweiIy_^Mcyre^» - 
greater detail, Hoskins' view that ^ ast month TaJbex 
there is no commercial logic to P er c® nt Hoaaro 
a merger. . Bahamas-based Artec Bank SB 

He states that there is “no ”>8 TaJbex^ totai rstafce, 
common ground ” between the Hoskins to 295 per> <xnt ^ 
two- companies’ activities while TaJbex, meanwhile, is 
Talbex’s general remarks -about cent owned by Artoc, whtcftj 
activities . 'which are - : com- strong - Middle - Esslctma txQ- 
plementaxy in basic purchasing, and bas agreed tolsappor t 'E^ 
production and ■ management *)’ particular. “by^'toeanS^ 
skills and the suggested market- underwriting or snl 
Ihg-and dfstribution benefits “ can raising of additional 
be : apfdied . to almost any two : capital or loan" gjqrttaL r 




Employseswvkrebwre&rendstena 
adfeistinant 


i ira 


117 


Profit 


Capital expantfimre . 


81 


871 

3352 

— 

117 

871 

3235 

202 

339 


Yearlings up 
to 11% 


(£4m>,- Northavon District 0# 
cil (£Jta), Presell District 
cil 


.A 


D 


DavaloDruant 

Advanced ........ 

Sampling results: 

”8" reef 

Somptod • 

Channel wWth . ^ 

Channel value s /t 

....... cnLg/t 


4120 


3 810 


15 086 


Herrburger 
Brooks profit^ 
down 13% 


.-.^sr . 

•-'4 


tl 


170 

66 

IM 

880 


276 

28 

105 

292 


750 

42 

17,6.- 

734 


On turnover up by it pat 
from _£3-l7m - to £43Sat 
profit' oT Heirbtfget ^® 4 


Operating resuha 

Ore milled t 

Antimony eoncantnOK plus cobbed Ore 

produced t 

Antimony concentrates plus cobbed ore 
sold 


Quarter 
ended 
30 Sept. 

1878 
150 230 


Quarter 
ended 
30 June 
1978 
148100 


8 months 
ended 
30 Sept. 

1078 
443 650 


Sampled 

Channel width 

Channel value g/t 

........ cm-g/t 

Elsbuig reefs 

Sampled . . m 

Channel width 

ChenneT value 



Total — aH rests 

Sampled 

Chennai wWth. ....... cm 

Channel value B/t 

....... cm g/t 


358 

9 

6&S 

635 


610 

9 

63.6 

604 


1 448 

io- 

61,6 

616 


86 

144 

6.2 

691 


92 
144 
8.0 
1 151 


648 
122 
103 
1 315 


The coupon rate on the local 
authority yearling bonds has shot 

up from ,10| per cent to 11 per 

cent this week. This is the highest 

level at which tee one year bonds 

have been issued since March 
1977. The bonds are placed at par 
[and mature on October 24, 1979. 

rrhis week's Issues are: Cam- 
bridgeshire County Council (£}m). Nottingham-based- 
! Borough, of Cynoh. Valley (£4m), piano actions.- keys ^aud 
Warwicksh ire. ..County Coundl- slipped; by 13 per'"' 

fJElirn), Metropolitan Bo to ugh of £350.945 to £217Jffil 
Wigan (£liri). ?London Borough to May SI, 1978. -•?:/ 
of Barking (£|m) t Borough of But after tacf : • 

Thant esdown : (ffm), Lochaber £129,738 'to £81,481# 

District Council (£4m). City of improved from ^£12 
’Wakefield Metropolitan Borough £135.600, giving earnings. 
District. Co one if (£im). Binning- share of 9.7p (9.55p). ' 
ham District Council -4£lm), City The net dividend- goes 
pf Dundee District Council (£1 mi. lp to r.H686n a share, abe^ro 
Colchester Borough Council £135.600 f£121JZ07L - 



614 

41 

15.6 

630 


873 

29 

19J2 

553 


4130 


4 002 


11 619 


1 971 


7 435 


Financial results 

Solas of antimony eoncrenmaa less 

realisation charges 

Gold and slhrer sales 

Smdry mining ineoma 


ROOO 


ROOO 


ROOO 


Working coats , 


Wott ing loss - 

I n terest reserved . . 

Finance charges #W scheme rebate end 
sundry non-mining Income 



1 485 
255 
29 


6 604 
590 
75 



7 269 
3 573- 


2 304 
238 


278 


278 


Ore reserve 

The uial ore reserve at 30 September 1978 was estimated as follows; 

El^xflO A 6 B Basal 
reefs* reefs real 

s^SVidte::::;:^ 1 305 ^? «eooo 

v , ' ,t 12.0 n.a 


2848 

44 

18A 

BOS 


BUILDING SOCIETY INTEREST RATES 
IGREESWICB LQltDOl MUIHAWK M 


cnLgyt 


Total and 
averages 
2338 000 
110 
U2 
1 452 

nf!Si n ^ d . 0d in thB afaov ® m ^ massive Uwna 

of 409 000 ions at an average value of 9.1 yams per son. 


(buu sazi 

!8l - Greenwich Hlah Road, 
'.Greeavlch, SEJB SSL. 


- (OKA95 43211 - 
. 1507 Ctnsvnck High itood. 
London -W4 2NG. 


1 897 


1 227 


938 


Deposit .Hate;. 6-46%, Share Accounts 
6J0%^ .-.Snb’iin. Shares 795%, Term' 
trea i rrs. *% above sfrnre rue, 
.3 m. 1% above stun rate. Interest 
paid Qaarteriy on sbarte/urm shares. 
Mon [Mr tbwbim Shares cn%. 


a total 


Subtre. Shares SJ*. ■ . ■ 

.Deposit Rale MS. .Share AcaHBrtf 



_ • •• • . • w . 

v3 



Taxation 
No taxation i 


Capital expenditure 


Capital expenditure 

Capital expenditure lor Shi y«f ending 30 June 1979 « eedmeted at RSOO 000. 
Outstanding commitments at 30 September 1973 are euimered at R22 000 (30 June 
1978: R40 000). 


Proepecnng and invesagottoru 


1 054 


1 055 
( 3 ) 


1 788 
6 


Capital expenditure forth* 1 979 It estimorad atR 4 oqq 




(30 June 


Loos bolore taxation 
Taxation 


1-054 


1033 ' 
(59) 


1 784 


Lab after taxation 


1 054 


i 794 




18 October 1973 


.. ^ -ARGENTINE REPUBLIC = - 

PROVINC1AU GOVERNMENT OF MKTVDOZA 


t Aai - 

A :/J l , 


PKQDUCTION OF SULPHURIC ACID CEMENT PRODUCES '* 
: . I. FROMt PLASTER OF PARIS • '-/&l " 


Wc are lnterested In ..proposals -from enterprises tor. ■ 

: installation and exploitation Of a plant for tbe above jiro*ip“> 
•vtlML;;ipcatetr : ru Ttfalatgue (Priivihce of Mendoza, Argenfflfe). V 
i:tet -.^coortance with Decree No. 2US/7a.- • .•- • i ^1- \ 

Please .write to: - '- ‘ju r\ 

. V’ SOBSECRETAR1A INDUSTRJA, C0MERC20 Y MlNESMi r . . . 
r Palada de. Gobterno; 6° niso, .• •• - >.*•' 

'565a ^Mendoza, .r 4 - - ■ - V. t . J*- 

REPpBUCA ARGENTINAr" - . ■’ * . ^ ; 





vTv 


. :• 2-0 


















. Ffeandai Times Wednesday October IS 1978 



Profits pick up 
at 


f r .. 

r/'-feT,. 

:*8av;Hu 



nine had received an offer from 
an unnamed bidder. South Roode- 
poort shares were around 105p 
when dealings in them were sus- 
pended on September 29. 


No 5-day week 
for miners yet 


BY KENNETH MAR$TON, MINING EDITOR Fou /roman «, “ 

*piiOWING more than two years 
“ in y estimation, the Franszen 

of Inquiry Into a five. 
„ .. . . J week in the South 

a small investment n and not in- “““ff industry, headed 

_ - - - — dicative that NCC wiU diversify ■ y tn e former senior deputy 

: “f - t0 ,£® 1 " t£S.5m) from strongly Into other minerals. The* governor or the South African 

— 1976-77 as a result of mine -has been operational s l nr e Reserve Bank, has- come to the 
- April 1877 and pos&esses^anffl- conclusion that 



r,;:- : ; Per-zmc mine which in the year 
\- v . '■ 10 1 ? st J une suffered a fall in net 


present 

fortnight's 


_ «™i! test q uarter , however, cienOy attractive ore reserves "to s £ stc , 1 ? of . 11-shift iorougms 
'S?«p P virt ^^ Iy douWe sustain activity for several years, should continue,- reports Richard 
(those of the preceding three he added. ^°Jfe .from Johannesburg. 

: mnnt he «* di n. . Th. • • * _ . 


The commission established 
that, as win be familiar to readers 
of gold mining company chair- 
men's statements, even the . com- 
promise 11-shift fortnight has led 
to lower, production and higher 
costs. 

Its finding specifically were that 
output by black mine workers fell 
r Qftm ?* *** 08,11 the year to last 
I'Sam March and that a further 129 
u» white and 7,588 black 


W. 


■ months at K3.17m. 

Although Prieska’s September H. yn X » 

*' quarter shipment of copper and MfM maKGS 3 
•zinc concentrates was less than- ^ ^ u- 

; to the use of a smaller vessel,. - good start 

, SyA C !!t?-"fii.5 Ce Srtc AUSTRALIA'S- MEM Holdings has 
patches and also enjoyed higher made * better start twite .current 
: rtnc prices coupled with some im- ^uartir 
. prove ment In those for copper. net ..? f 

.. The group's antimony-produc- ;{F n u compared wiih^-r — mm c ana y^mss mack mine- 

Ing Consolidated Murchison has f 3 ^ ie Period of last yea*.. On workers had to be engaged. This 
: made another quarterly loss. Sales tiae latter occasion there was also led to an additional R30m 

■ of -antimony concentrates 1 were * J’rofit of A$7m on the. sate of f£i7Jm) In production costs. 

- better, but the revenue obtained the company's stake, m Tnaiss while other costs related to the 

. for them was still below the level _ . ll-ahift system were put at R8nu 

Att working costs. The sales were „ MIM **** “at copper^ and Last year the sold mines 
well short of production and they suver sales rose dnrmsrJhe latest employed 36.000 white and about 
are expected to improve only quarter while those of lead and 370,000 black miners and total 
moderately during the current ®“ c . were relatively steady, working costs were Rl-59bn, of 
quarter. Shipping schedules mprovea the which labour totalled roughly 

The group's gold mines, in com- copper sales volume and - savor haK. The Franszen report says 
„ mon with the rest of the South wer e given a boost- by the that the five-day week would 

- African gold producers, lacked accelerated treatment of Stocks or affect production much more 

jhe. previous quarter’s bonus in-process material. MIM shares seriously tban the 11 -ah lft fort- 
revenue arising from the change were I97p yesterday- ' night and that production loss' 

v3n tbe method of payment for without Saturday working would 

bullion. But Loraine has done W Blnfimirn be not less than 12 per cent 

-well with the assistance of in- YY • JT 1 0.11111111* A fall of this magnitude, it says, 

• 1 \ir creased production and lower lw-murt toe dramatic y 001 *! have serious consequences 

55*25? SSL.Sgn £=J2& . 

.ber 30 comes out at R324m 
•against R2.56m in 1976-77. 

Hartebeest. on the other hand, sn . _ .. ~~s scoQTno 

- ‘ has suffered from lower produc- f TOUm worldlie ' veek - 

- -■ tfon and faieher costs in the compared with a loss DTKaiu.yuu 

ana nigner costs in the ^ the previous year. .Thfr mine pniTlMTI-ITD 

milled LOGm tonnes- of ore Against nuuiurur 

L3lm tonnes in 197B-77 and its The Zambian Government has 
sales amounted to B2i42m against now raised its bolding in'N chan ga 
R1955m. ' .Consolidated Copper Mines to 

The estimate of recoverable 60.003 per cent from- 51 per cent 




HTV advertising revenue 
ahead by 20% so far 


'.September quarter. Its: reduced 
- -net profit for the period is shown 
with those of the other mines in 
.-i the group in tbe following table. 

Sept. June March 
otr. 


Hiripbeettfonfeto . 

• ' Loraine 

'. ;Cons. Murchison _ 

Priests 

- ■ East Transvaal ... 

- T After receipt of State aid. 


Roro RAM materials from the matte ..pro- in return for writing-off K57m 

11,287 W.S78 11,796 duced was: platinum : 24.48 kg (£36-2tn) in short-term loan to 

tgn tc» (2,433 kg), nickel 1*383 tonnes the company. The bolding: of 

s^TD inf IM fUMO tonnes), copper 856 tonnes Zambia Copper Investments in 

"JiJ l.»SO non .wl fiaHarfinm Mi>K,nM will *K.._ (-H ■«« dm 

70S 1.669 


'Loss. 


(1,022 tonnes) and 
951 kg (1J01 kg). 


KAISER’S GOOD 
THIRD QUARTER 


RANDFONTHN & 
WESTERN AREAS 


paOadimn Nchanga will thus fall to '39997 
- per cent from 49 per cent. Recon 
struction proposals are also in 
hand for Roan Consolidated 
Mines. 

* * ★. 
Muscoctao Explora tions has 
The new Cooke gold and ura- arranged a private placement of 
-CANADA’S major coal producer, nium treatment plant of Johan- shares to provide funds for 
.7- falser Resources, reports record wsOmre Consolidated’s Bandfon- mineral-resource projects In 
bird-quarter consolidaeed net teta mine was commissioned dur- Quebec. Subject to -the approval 
: > ; .--ncome of C$21 9m (£9.lm), or jn ? the September quarter but of the Montreal Stock Exchange 
Scents per share, compared with because of mechanical problems and. of the Quebec Securities Com, 
■estated 1977 third-quarter profit full production is not expected to mission. Bradley Resources 
- >f C$1 3. 6m, or 51 cents per share, be achieved by the year-end. Corporation of New York has 
• .-.'ales for the 1978 third quarter During tbe past .quarter the agreed to purchase 500,000 

•“were a record -CflOl^m. - • m ine has raised its .goMP output Treasury shares at 40 cents pejt 

.. Strikes at other producers -were in the facie of a lower ore grade. ' share' as an investment and has 
, i favourable factor, resulting in Uranium profits have also risen, been granted a three-year option 
ncr eased Kaiser shipments. For but so have winking costs. On on a further 100.000 shares at 50 
he first nine months, Kaiser has balance, however, the mine has cents per share. 

. t t| aised consolidated net income to come out with an increased net • * * ’. * 

‘ v » •;jf r -*46-9m, or 1.7a per share, against pTO a. ; . . The Federal government will 

• v * wiv-estated earnings of ^44.3m in Westen.. Areas has- enjoyed .a hot - give short-term 'aid to 
, s ® me Pfriod of 1977. better gold price ($212 per ounce) Australia's only asbestos miner, 

~ i.'.'. Strike actions, affeefang major increased production and lower Woodsreef Minerals. An indus- 

f * f i u { i Sjji-oal producers in the U.S. and posts. The benefits, however, have tries Assistance. (Co mmis sion 

v. . w i •.ikiisteaha gave Jvajser^an oppor- ^ swallowed by a sharply (IAC) inquiry has not been able 

advantage of a increased tax charge. As already to...' establish, that WoodsreeFs 

?mporariiy^ strong marhet Htua- reported, the mine is preparing , proWems were short-term and 
~ - t h r f.T m t0 J 0,T1 ^ ^ ot vxanium: pifc- tlnK>- the Government does -not 

■ - e .ducers. . . consider It is justified in joining 


ompany’s primary market 


Handle ntt tn 

Western Areas 


S. ROODBPOORT 
PAYING 60d 


Sene' J«me. Wsurti the~New South Wales government 
RDM xSor '•mob in giving direct financial support 
ibsi4 1SJ57 is^st Woodsrccf’-Mines' is 57.5 per cent 
7 , dbs Z3i«- 3,432 owned by Woodsreef Minerals of 
Canada. 

Near the end of November in 
Santiago, a call for public - t'efiderrf 
will be put out fbr tbe sale of the 
A special dividerid of 60 cents Los Pelambres copper deposits, 
(35p) has been declared by which -are -reckoned --to- -have a- 

South Roodepport Main Reef potential as great as those at 

- od ns trials group, adds tungsten Areas. It is payable about October Chuquicamata. Recoverable ore 
: b NCCs existing natural re- 31 to shareholders registered on deposits at Los Pelambres, 
Ources interests in coal and oiL October 19. Tbe company last 12,000 feet high in the Andes, near 
Mr.. Ronald Middleton, a Car- declared a dividend of 20 cents the Chilean city of Salamanca,- 
-hek Fell director, said that NCC .at the end of 1974. total 420m tons. An Investment 

xpocled to make a significant Early this voiith it was reported of , $400m (£201m) would .be 

ontribution to tbe engineering that, the old South African grid required. 


N. CARBONISING 
BUYS UK MINE 

Britain's only tungsten produc- 
rs, the Carrock Fell mine in 
himbria, has been acquired by 
National Carbonising in a cash 
ieaL Carrock Fell Mining, fonn- 
rly . a member of the Associated 


Wettem Bros, 
restores 
ibterim 

• Following a return to profit- 
trility in the second half of 1977, 
! fettem Brothers, ■ the construe^ 
- on . materials group, . reports a 
re-tax profit of £105,000 for tbe 
. rst rix months of 1978, compared. 

Ith a £90,700 deficit in the same 
■.'.eriod last year. 

“Also, Interim payments are 
-''sstored after one year's absence, 

. jth a dividend of 2.0671p net per 
' 5p share— the same as last year’s 
nal which was -paid from a 
32.000 taxable profit. 

.Mr. J. H. Wettem, the ebair- 
I'pan, says those areas which are 
: ; not -. performing • to the 

i - . .Irectors’ satisfaction are being 

/is -tesebr examined and, where 
• - ,-ecessary, changed to produce the 
■ ) '-esired results. . 

A.-a\Ti [ ”rrr ~. — : ^ — : — : — - — 


ij rrrb- 


Two 'important innovations bave 
been introduced in recent- months. 
Mono Concrete, a subsidiary, 
having .studied tile, problems of 
land erosion, is well placed to 
market -suitable products to fill a 
large demand in this sector. 

While, Wettem • Electric has 
added to its range a new service 
cable joint for industrial use. The 

- development of a medium voltage 
jointing system. . is proceeding 

- satisf a cto rily, the chairman states. 
Tbe fruits of - this effort are ex- 
pected to materialise from 1979 
onwards. ... 

Plans to expand and Improve 
tbe group's ' total operation are 
continuing to make progress, be 
adds. 

External turnover for the 
period advanced from £3£7m to 
£4.78m. First haK profit was sub- 
ject to a deferred' tax charge of 
£55,000 (nil) and an extraordinary 
debit this time of £55,900, relating 
to ithc ; medium voltage . jointing 
system Bevelapment Tbe interim 
dividend absorbs £34,7S7. 


Scottish 
Northern Inv. 

Revenue at. Scottish Northern 
Investment Trust for tbe half-year 
to September ‘30,- 1978, amounted 
to . . £1, jl1,212.-. before tax of 
£371,900, This:.' compares- with 
revenue of £1.049,012, before 
£391,640 tax, ~¥br tbe first six 
monthSTto August 5, 1977; - 
At -■ haK-time investments 
totalled £63.42m (£5 5.84m) and 
net [asset value per 25p share was 
144.92p (120^8p). Net ' revepue 
emerged at £73 ft3i2 (£657«372) for 
earnings per share of 2-05p 
(LSlp)... 

The net fpterim dividend. Is 
maintained at U2p. A final of 
2.46p- was paid -last time from 
record - revalue' of £2J7m. In 
June^-the -directors 'said their fore- 
casts 1 for- the current year indi- 
cated that tt ought to be possible 
: their 'recent policy of 


to continue 
progressive dividend 


increases. 






. I*‘S 





Interim report for seven months ended 31 sf July 1978. 


TURNOVER 
DIVISIONAL PROFITS 

Holidays Division ... 

Motor Division, 


7 months 
1378 

•• .-£ 

33*37,000 


7 months 
1377 
“£ 

20^39,000 


12 months 
1977 
£ 

47.589,000 


Computer Bureau Division 


Deduct Parent Company Interest and 
Expanses Lessother Income — 


-Profit before tax — 
Taxation Estimated . 

Profit aftartax— - 


Earnings .per Onffinary & 'A' .OnSw 
Share of 2 Sp „ • ■ 


683 . 135 . 

402,751 

224,101 

453/488 

342,132 

167,587. 

834,019 

582^12’ 

304,585 

12Q&987 

963,205 

1,721,41 6 

78,126 

60,815 

f 26,1 34 

1 ^ 31^61 

4i&ooa 

902£SQ 

258^00- 

1^95^82 

■454,552 

8 flW 61 

644*390 

1 r 14a73p 


20*71 p 


1 G 33 p 


28 JB 0 p 


Chairman, J. MafcofaiBartstates, ; m \ m 

"For th9 year I anticipate a profit apiiroxima^ 


better than 1977. A scrip issue is to be proposed/ 



.SO FAR this year advertising 
revenue at- HTV- -Croup is show- 
ing a one -fifth increase, Mr, Ron 
Wordlcy, director of television, 
said yesterday. There was no 
rate curd increase in the pipeline; 
he added. 

Discussing the annual report 
and accounts, which was posted 
to shareholders yesterday, Mr. 

LWordley -revealed that budgeted 
[programme costs Jar the current 
year amounted to just over £5m. 
compared with £3.5m in the 
previous 12 months^ Tbe number 
of broadcasting hours 'was not 
expected to' be very different 
from last year's total of SSL 
In his annual statement, HTVs 
chairman, Lord Hariech. says the 
directors anticipated another 
year of expansion on the tele- 
vision side while the other sub- 


sidiaries should benefit from the -house accommodation in Cardiff 
.improvement in the country's for JEO.Slm. 
general economic situation! ' Exports for the year rose from 
As known, pre-tax profits for }° Y llh more Ulan 

the vear ended July 3L JOTS, rose ha r lf fij>‘ng to the Americas, 
from £2^m-io a record £32iin *L0Td Harlech expresses serious 
sales of £2S* v 6Sm.<£20.35ml. Tele- reservations about some of the 
vision activities accounted" for"?*??®* 8 -* °* : ' t “ e Govenunents 
profits of SSASSm (£154ra) while While f p ?P er ® n broadcasting. He 
fiae art earned £0.fi2m If 0 52m). says It is an unm decision to 
publishing and stationery £42.187 “ entirely new body, 

(nil)" and - - property and leasing'. lhc Open Broadcasting Authority 
£0J3m [ 10-23 m). to -operate the fourth channel 

* , . . • ..rather than giving- the responsi- 

In his annual statement. Lord bjatv to the IB A. • ' 

Harlech says that television “The obvious, simple and 
advertising revenue showed an ia« cheaper solution would be to give 
crease of 28 per cent during IDu* the IBA a directive setting- out 

197B. This has- enabled the group the broad objectives to be 

la spend- an -extra £2.6m. on pror achieved by a fourth channel and 
grammes and to invest a. further Rive that public authority the res- 
£0.7Dm on ca pital improvements, ponsibility of providing- a 
In.-'. addition HTV was buying genuinely complementary service 
50,000 sq ft Of newly-built ware- to the existing I TV I." he -states. 


31 


APEX PROPERTIES LIMITED 

(Property Investment and Development) 

.... 2 FOR 1-SCRIP ISSUE 

■ Salient points' Jroih.the statement of Mr. John de Verp Hunt, 
the Chatrman, presented at yesterdag’s Annual General Meeting. 

Although gross rents receivable increased from £814,845 to 
£883,934, there-hfas"- been z slight fall in pre-tax .profits from 
£422,116 last year to £405,703. The recommended final dividend is 
2.7p per- stock r unit making a total of~S.9p for the year, against 
3.4Sp'last year; and ts covered 1.42 times by earnings. 

Although tiie next major rent review will not be until 1981 
the.-pro-tax -profits earned in 1977, will be fully covered by rental 
income in the year ending 3lst March 1979. before taking into 
account any - interest, receivable. Your directors consider 
that the Group’s properties have a market value of about £5m in 
excess pf book figures. : 

W. has .been decided' to recommend to stockholders a 
capitalisation of part of the amount standing to the" credit of 
Capital -Reserve by means. of a scrip issue of two new stock units 
of ten pence' each fully paid for every one held. This wHl increase 
the issued share capital from the . present 'figure of £359,033 to 
£UD77,Q9S and- enable the-company’s stock units to attain trustee 
status. . 




Cksaasoltcfasted. Invent ns-Ctsi 



(AH companies mentioned are mcorporataiin the Republic of South' Africa) 


MMG COMP ANIES* REPORTS FOR THE QUARTER ENDED 30th SEPTEMBER, 1978 
WITH COMPARATIVE FIGURES FOR THE PREVIOUS QUARTER 


jRaudfonteln 

Tha Racdfontein Estate? Gold i Enins Coiqpaqy, Witwatcranuid, T.rrmiwT 
Issued Capital: RIO H27 106. ^ 

(Divided into 5 413 553 shares of S2eack}~, 


OPERATING RESULTS 

Gold ‘ - 

Ore raffled — tons . . . \ ^ .> . -.- i 

Gold produced' — kilograms -. . - . . , , . 

. Yield — Etani3 per ton . . ..V.. , . .... . . 
Total revenue — per ton milled . . . . . . . . 
'Wdridnscost — per ton milled . . . . . . 

Operating profit —per ton milled . . . 

FINANCIAL RESULTS (ROOO's) 

Revenue from gold .............. 

Working Cost 

Working Profit ... 

Tribute revenue ............... 

Net sundry revenue i i ....... . 


Quarter ended 


20-y.TS 

45SOOO 
5 221 
11.4 
RO,4d 
Xil,I9 


30.6.78 
Sit nno 

4.J78 
14.4 
RSI .03 
JE2.61 


Nine months 
' ended- 


107SO0D 
■ 14 1*0 
18.1- 
J171.0U 
JJ23,'jS. 


Operating Profit . . . 
Net interest payablo . 
Net profit on uranium 

Profit’* 


* ? 


R-11,29 

£59,02 

£47,42 

£29 683 

£25 237 

£73 793 

11078 

7 031 

25 373 

.18 607 

18 206 

EC 420 

57 

7 

70 

250 

144 

535 

^ 28914 

IS ?«“7 

51023 

464 

2-19 

WS 

' 1463 

17-1 

1 565 

£19 913 * 

' K182K2 

- E5t 733 

£17 133 

KI9S77 

£32 122 


- 

B1Q 827. 


Capital expenditure ..... 

Dividend declared ...... 

Note.* 

A prorisioafar taxation is not required as tbe company bas an estimated f brt a S - 

•purposes/ 

DEVELOPMENT 

A total of 9 389 metres was advanced daring the quarter (8 635 metros)* 

SAMPLING RESIDES: 

UE1AREEF; 

Sampled — metres . . , -f . \ . 

Channel width — centimetres . . 

Gold 

Av. value —.grams per. ton ................ 

— e n ntunet r e gram? per ton • ^ • -m- « 

Uranium . . .. . • * - ■ - 

Av..valpe- r |dIii5ains'pCT.ton . .... . i C.' 

-- centimetre kilograms per ton . 

AREA RESULTS: 


Western Areas Gold Mining R jiwiMn y Mmit/J 
Issued Capital: E40 306 950 ’ . . . 

(Divided into. 40 950 units of stock of Rl each), 

opeRating results ~ 

Gold ■ 1 

Ore milled — tons .............. 

Gold produced — kilograms * . ■„ . 

Yield — i. grams per ton 1 ; . . 

Total revenue — por.toq milled . 

Working cost —-per ton udUed v ‘ 

Operating-profit per tan milled ........ 

FINANC[ALR^m^(R^ 

Revenue from gold .............. 

Working cost ........ 

Working profit , , . . 

Sundry revenue'. ... 

Operating profit . . .; 7 . . /, 7 

Net interest receivable ............ 

Profit before taxation 
Taxation. > . 

Profit ................... 

Capita! expenditure - . . 

LnanJjevy 

Dividend declared .............. 

DEVELOPMENT 


Nine months . 
j ■ Quarter ended ■ ■ ended ‘ 
XO.9.78. . 30-6.78 30A7£k 


.......... 


1072 000 
6 003 
o.6 
. -BXk59 
23,95 

1827-000 
: - .5751 
5.6 

- £31,66 ■ 
21,15 

3090000 

17402 

5,6 

£3<k92 

24,09 

£9,65 

£7,41 

H6.S3 

£35 672 
25 674 

£32187 

24 804 

£94860 

74440 

l /9 998 

; 238. 

. 7 S83 
• #’ 229 

30420 

689 

'3L0 236' 
300 

7612 

272 

21109 

789 

10 536 
•. '3&0 

7884 

r. i fire 

21868 

4065 

£7 086 

£7314 

£17 833 


fis 337 
R465 
B3225 


Quarter ended 




* 

« .-*■ r 


30.9.7S 

3091 

154 

10.4 

- 1 603 

- 0,253 
38^6 


30.6.78 

1776 

15? 

13.0 

1976 

0.306 

46,51 


Advanced' — metres ........... 

Sampled— metres .............. 

Channel width cyptimetra ........ 

Average value -ri gnuns per.ton.. ... . .... v • 

centimetre gramsper trm 

SAMPLING RESULTS: INDIVIDUAL REEFS 


£2-531 - B5 19S 
£390 £69 

. , — . £3225 

" y Nine months 

Quarter ended ’ ended 

30.9.78 30.6.78 30^.78 

,-.D353 - . . 9J96 27963 

1047 1389 3942 

183 188 ITS 

7.8 6.9 7 A 

1427 12 W 1317 


Quarter ended 
l- 8 30.9.1978 


Total Venter*- Elbburp El-JrarC 
All dare Mudva IndM- 

Ueafn Contnct Aodd * dual 

XecT Beefs 


UE1AREEF 


. . Quarter ended 


. Cooke 
' No. l 
Shaft 
900 
• -264 

Cooke 
No. 2 
Shaft 

1 191 

; m 

C-obke 
No. 1 
Shaft 
m a 
• It 5 

. *• 1W 

I- 7,3 

-16.2 

; • -3 447 

.V 955 

2 573 

' 0,160 

0.351 

0.199 

. 29,-M 

1 i3,S8 

32,81 


30 . 6.78 


Cooke 
No. 2 
Shaft 
864 
139 



Quorier entil'd 


30.9.7s 

3U.6.7S 


57 


• a a * « • 

* 3^1 ! 

- - 

. . .- -• • • 

5.7' : 

' 6.6 


• I7 f S 

L511 


0.M7 

0.419 

- - . ■. 

104.15 

- 05,95. 


• 8ampledr^teetfcs ...... 

Channel width — centimetres 
Gold 

Av. vabu —-grams per ton * . . • 33,3 .• 7,3 162 9,0 

— centimetre grams 

per ton . . ---2 447 ;; B55 2573 1231- 

Uranium 

'Ay.'val^c— -kilognuns jwp loti- . -*• tf,160 0,351 0,199 .. -.0,439 

- • — centimetre kilograms . 

; -jparUin ........ . 29,44 ' 43,58 32,81 61.02 

Note: m 

In addition to the above, development at the Cooke KB,2SHaft on the E8 reef gave tbe 
following results:— . - 

Sampled — r metros- v .... • V 

Channel width — .centimetres ..... 

Gold ' ’■ 

Av. vahm— grams per ton , 

— centimetre grams per ton ", ; 

Uranium 

Av; value — kilograms per tan 1 - .... 

— centimhtre kHogroms per ton 

The values shown in the above tabulation" air the actual results of sampling develop, 
merit work on reef. No allowance has been made Tor modifi Kit ions which may be neces- 
sary when computing ore reserves. ' - 

The known variable nature of the JJoH and nranjum deposits in the Cooke Section has 
indicated that fairly wide' fluctuations nru to be expected as the Mine is opened up. 
The above results are'cojgflibteht with our crpectabons for the ar^as prEicnUy, being . 

• des dpped. c ' - ' 

PRODUCTION 

Ore mined at Cooke No. 2 Ehaft and at S.D.3" shaB: is now-bning treated for both gold 
and Ttfdnium at the Cooke" Plant. Ore from Cooke No. 1-shalt is stiU being treated at 
MiUsite Plant and is being supplemented hv ore from Cooke No. 2 shaft. 

Broken ore from Cooke No. 2 and S.D.32 shafts, hr excess of throughput reqpiremcmts at 
Cobkaplnnt, cuntinnedto be stockpiled at that plant and at No. 16 shaft. 

At Bandfomein. Section de-watering operations have exposed 24 level and additional 
f apl it i ea are bang prepared to de-water down to 36 level. 

GOLD AND URANttJM RECOVERY PLANTS 

The Cooke plant" Waa comntistioned during the quarter and production of gold and 
uranium commenced. Due largely to -various mechanical problems' progress towards 
reaching dm plant's rated capacity has been slower than anticipated and consequently 
fiiU production fa unlikely to he achieved by the year-end.- - 

The MilMta uranium plant operated at close to its designed capacity and at pro- 
gressively higher recovery efficiencies. This plant is now operating at its designed 
capacity amiat near optimum efficiency. - ; :■ . i* v" ■?■:* . 

URANIUM PRODUCTTON 

The Millsito plant-treated 276 000 tons (366 000) for uranium during the quarter and 
730rotopaWerc3rentedntpc»ok?plaq.tin September. The total of349.nuium& treated 
resulted in the production of4o 600 Id logrii ret: wufdrnum oxide: Total uramum recovery . 
is expected to inmrove ns greotof treatment throughput itacf effldfriicies are achieved at 
the Cooke plant- 

GOLD RECOVERY 

Due to the tonnage throughput at Cooke plant being aomawhat lower than anticipated 
the pT.oj3ortionaSely greater input of high grade Cooke No. 1 shaft ore resulted in the 

is expected to stabilise at a lower level towards the middle of 1979. 

CONSUMES LOANS 

! , is third tranche of the consumer loans was received on the let July, 1978 «nd was 
wtifljwifl in ifg o n firot y to repay tbflUfi. ^0,6 millinw Iriilpiig lnan Jiia tm that date. 

CAPITAL EXPENDITURE ■ - - 

Increased expenditure was incurred at the Cooke plant due to mechanical moblems 
related to commissioning, which extended the period of trial etiiiiWa until tine end of 
August. 1978. 


Avt Value — grams per 
ton .... 

—centimetre 
gramsper 

" ■ ■ * ton.. . . . 1427 639 14S6 1453 


Quarter aided 
30.6.1978 


Total VMjtera..EUlmflc EUbCftr 
AU dorp Maarive llldivi-, 
Boa Contact Seda dred 
Reef BeB 


1 W7 

21 

345 

681 

1389 

111 

498 

780 

183 

10S 

208 

173 

188- 

KB 

'302 

190 

7,8. 

6,1 

1*0 

• M 

6£ 

uja 

6,3 

7,0 


1297 1133 1273 1330 


The'values shown in the tabu lation are the- actual results of sampling development 
work tin reef. No ajlownnce has been made liar modifications which may be necessary 
when aim puting ore reserves. . • • i -. 

included in tile comparative development result* -5* an advance or 181 metres m the 50 
level twins (246; met res), being developed; from South Shaft towards the site oT the - 
pauxwed S.V.3 subcortical shaft. Brotaess in- both ends now totals 2 619 metrosAteo 
included is exploratory development from the North Shaft on 45,48 and 50 levels UrKords 
the area on the. Middle Elsburgrecf horizons, delineated; hv drilling as being the most 
favourable for possible exploitation. An ndvonro-of 732 metres (953 metres) was achieved 
for the quarter and progress in these three ends now totals 2 292 metres. 

PRODHTCTION 

the quarter was adversely affected by a delay in the hoisting of ■ 
, which has. resulted uLthoioss of approximately five days pro- 


The mill throup 
onr:it theJ 
duction: 


exploration * ; : 

Exploraioiy drfi&jgTfrbm Tmdecgratmd to ascertain the potential of the Middle Ekbnrg 
Reels continued during the quarter. 


1 Borehole 11 


Beef 


..Channel 
~ "Width 


Average Value 
Gold ' Uranium 


■ -4fl Level - 
No. 3-. 

? 4.SLevci : 
No. 4 
48 Level 
No. 5 
48 Lrvd.- 
No. 6 
60 Level 
No. 1 
60Levdf 

No. 4 ' 

‘50 Levet 1 
No. 5 


50 Level 
No* 6- 1 
,50 Level 
No. 7 ; 
SO LeveT ’ 
. >’o-8, 

To Level" 

' No. 4 - 


ES 

UEIA 

L9E/C 

•UE1A- 

3i9E;G 

UEIA 

ef»e;c 

l.rBLV 

EPE/C 

UELV 

LSEfG 

E9 

E8 

UEIA 

E9E/C 

E9 

E3 

UEIA 

E9E/C 

UEIA 

BDEL'C 

UEIA 

E9E/G 

UEIA 

E9E/C 


centinHAFes 

Kit 

CTII.g/t 

kp/t 

cmJqr/t • 

. : •* nno 

-M ' : 

‘310,0 

0.30 

' 30,00- 

67 

(1.8 

53.6 

0.4» 

32J6- 

15 

Not Intersected 

1.5 

£2,5 

2,17 

374)5 

56 

n *r 

X51.2 

1,34 

750* 

•- NotTntedseetaf — 

■ 




v, , 107 

Not Intersected 

Trace 

— 

0,32 

34,24 

100 

n.-t 

40,0 

0.48 

48,00 

an 

Trace 

— 

0.14, 

9,90. 

70 

Not Intersected. . 

Trace 

' — 

'0.05 ' 

3,50 

: 125 

■ 1.1 - 

137^ 

ojrr 

1105 * 

100 

. Trace 


009 

2900 . 

, 131 

Not Intersected 

Trace 


0.26 

34,06 

300. 

• 1.2 

3600 

0,56 

168,00 

., .115. 

' 0^ 

10SO 

0,62 

6900 

. ... 210 

Not Intersected 

: 02 

420 

0,29 

6000 

99 

Not Intersected 

1.3 

128.7 

1,07 ‘ 

105^93 "/ 

.135 

Not Intersected ' ' 

- 2,1 

283,5 

1,01 

136.35. 

335 

1.0 

135.0 

0.75 

10105 '■ 

245-- 

8.8 - 

1247,0- 

0,06 

8,70 

■ . •• i!70 

1.4 : 

238.0 

0.0s 

13.60 


'.Kotcss j 

The UEIA reef is situated in tba hanging wait of the crosscuts on 48 and 50 levels from 
which tbe down holes were drilled and will be the subject of further drilling at a W«. 
date. 

The E9 re^hund fa dfatinctf rarathe ESE /C hand. - ' 

Reef intersections inthe4StindS0 level haulngas gave the following resulta.No results 
trean reef development have yet ' been obtained. 


Borehole 


Reef 


48 Level 
GO Level 


UEIA 

E9E/C 

UEIA 

E9E/C 


Channel Average Value 

_ Width Gold - ' Uranium 

“ntonetres g/t enug/t kg ft cmJsg/t 


200 Trace — 0.11 2240 

135 1# 162,0 0,78 105,30 

-325 Trace — 0,16 18,75 

190 0^ 67,0 0^1 163B0 


udp^tn. . . _ 

197S there warn capital cumnutincnls amounting toBSOGO OfW. 

For and on behalf of- the board, • 
'• * - B. A. SMITH /Kwirfnr* 

F. J. L. WELLS' 


Tntawvl Th pitnl r Rap a n ^ fW> . 

^ (Dipidaij/. 3P 203 000. units of stock of Pi each) 

RESULTS, FOR THE QUARTER ENDED 30.9.78 

. Stockholders are advised to study the operational results published by Weston Anew' 

finlri Mrnrn^r fVMyip-my rfmitwj , 

‘ Nine months 

' ~ Quarter endof ended 

• SOAtd S0.ff.7S 2Q.9.78, 

DIVIDEND DECLARED (ROOO's) • 'NII_ Si 671 El 571 

, '.V r .■ Ite and on behalf of the board, 

. R- A, VON v Vl fcll .IJ GH t »- . 

- F. J.L. WELIB' 0 " 1 * 1 ®" 


URANIUM SALES CONTRACT 

As stated in a company announcement dated 25th September. 19 7S your Board baa 
reiuestaUbe Nuclror Fuels Corporation of South Afrief (Ptyl Ltd. (NUFCOft that 
thvjr endonyour to obtain a longterm sales contract on behalf of the company. 

. Concurrent b' with this n-quivt l oNUFCOR it has been deri.led to expedite the develop, 
ntcntnf ore reserves on Iho uranium bearing Middle ELsburg reef horiron ami to pvamn. 
in detail how best to exploit these reserves. . . 

CAPITAL EXPENDITURE 

Net espenditureoB mining aiete daring the quarter amounted to K2 628 000 with other 
caiMtal expenditure dunne the quarter amounting to B393 000 bringing the total net' 
expenditure on capital account at-30th September 197S to R2B 311 000. 

At 30titfieptemher 1978 thore were capital eomodtmettto amounting to S3 050 000. 

Fear and o n beh alf of the board, 
P. A VON WIELUGH 

■ ' ■■ *• ' f: j. l. wells Dm ° m * 


; Limited 

*■ S 


lTOctobiy. 1978" - 

Joh auu e shu rgCms oKdntii d 
ConadidatedBmiid 
- dohannefibtn^ 2001 
P.O. Boa fflO , Johanneghnrg 2000 

Cppia9' orthe aboro roporta. are obtainable jfaar the Luxton-fieoeteiiu: 
Bamato BroUiss Lnnjtod, 






The Financial Times 


Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 

allegation. 

Wilson If 
number o 
were com 
paign agai 
Party on 
1974 Gem 
The fOT 
allegation 
lowing th« 
affair. M> 
was. had • 
an orches 
himself, t 
Lady Fs 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Suhseqi 
mid the 
did not 
prietors 
instructed 
round a 
material.*' 
The Prt 
to hear 
Sir Harolr 
format co 
On the 
against L 
council si 
Royal Cc 
that ther 
Labour bi 
The Pn 
is one ot 
lished tod 
In ano 
council 
against ti 
Daily Ejc, 
picture c 
Henrietta 
death in ! 








Everybody knows how North Sea oil 
revenue should be spent industrial investment, 
social services, education. 

Nobody though, seems to know where at 
least half of it will go. 

It will be wasted. £2,000 million down 
the drain. 


For that is the 


wastes 


materials handling. 

The real pity of it is that it’s unnece$$j^ 
For here in Britain there’s a company^ 

which makes and sells a wider range of storage 
equipment than any other in the world. 


storage and materials handling 
efficient ones. 



We tripled one company^ 
capacity without increasing their 


one year on stock orders alone. 


; *-jcv ... .. 


best answer to the problem. 

First though, you can read 100 of 
our case-histories in our “Book of 100 Answer^ 
It could help to decide whether our * 
North Sea oil revenue is the start of Britain’s 
industrial revival Or just a drop in the ocean 

©DEXIOir $ 




_i uiifco itreuiuiaUcij-. OcluiJtii io ibi& 


Currency, Money and Gold Markets 


S> 


Dollar slumps 

The L\S. dollar fell to record against the Dutch ' guilder at 
lows in . 


THE POUND SPOT I FORWARD AGAINST 



SUll % 

ac 0 < 

m §« of 5 

: w otld ' 

5 cie„ 

^ems, 


market once 
d^pilc determined 
nea vy m t erven uori 

TSE- -SSS 

months'. 

touched a record low of DM 1.S20O 


^rt. Rw. 
»l*n. Pea. 
Lira 

Nrwgi.. K. 
r 'Vii.-h rr.' 


ra-iTo, 


-16.14200-4011 . 


acain^L 5,e D-rasA ™ u * 1 * and ** French fm alaaj^U. hr. 


DM 1.5380. A lowest ever levs( 
was touched against the Japanese FAHIS-J The dollar fell sharply] 

yen. at Ylftl.io. and the dollar's against the French^ franc io be 


n« : 
S** 1 to Fr. 


'lsi.dn-iii.'iB jisb'oa 1 «lm | si- in V.Tu l-a^r.iS-Kb .V.’iil -JuS* 

l.rSI-I.Si? :].tSZj l.tSSd B-5 lirerin. 1-8.39 1W-S* lire rfi, ‘-2.09 
BJli-d.£2 H ' ! 3i-5n tar din &.M 7 9 vrutliB ‘—£.49 

1.Q i!.4S |2*« -lAa i - . |ks| 6.96 ,3-7 *-.11111 6.75 

6.6fl-B.aS 1 2J ;uri-|iiii 1,76 ■•»! |«i ' 2.66 

f 62 -U 5. 10 2.84 \1111 9.7b i».CD~t>.7U v i-m. S./5 
26.7S-2S.6b ; 5.57 «-« jrn-' nin 6J2 

fl.0l-i.te JV25, 1-. (•in: I2.S5 JlOSa-iSu 15.10 
1 1 i 


S.794.67 
B.AMMfe 
8.67^-a.rO 
£fO-57D 
26.7b.S6 9b 
£.00-4.05* 


THE DOLLAR SPOT 


finishina level of Y1S1.7D «« S at nUDWaoHj nmS franc V&SS; 

a record for the dose. pared with FFr -£2710-4.283(1 pre-j 

in term* viously. while the D-mark 

SB m 3 ? m t IS? fiS "JBJSg"" 

before dosing? at SwFr J.50K. FFr - on 

compared with SwFr 131921 Mona «J- .. , 

previously. Closing levels for the . J^-‘ A ' N 'T ln fair . 1y * c ***l,5 a ft j?5 1 n 
D-mark and yen on Monday were the D-mark rose to a record high t October it 
DM 1.8530 and Y 18350 Jjf L442.18 against the Mra al the j carumi s» 

thb „ . fixing, compared With L4S8.60 - •• 

intervenerf hpav-4iI f ?^ 0 «.ln«^H k previously. The' Dutch guilder also 
intervened neaiily to support the Imnmvw? ri«in? tn tjim gt from . 

dohar. particularly during, the i^^wSje^thc franc 


r d,f ’ f *. ,0 _ r L’jnreriJbii! Irani,’*. • six-month forward dollar S.EMi.lTe pm. 

1 12-mDmb 5.7fr-i.coc did. 


Dor's 

spread 


Close 


Guilder 
Belgian Fr 
Danish Kr 


?™?™i S «™n i ns- ** 

•ss* ««h^ssTi^ d r« i ssa z 

sssari? jssf^g ^ aL? £!*=“*' «= 

n r Vpu. York row nhm-i> Ifin nor HlontTlB. The o.S. currency, o*- Ausirta Sch X3 .42-13.50 13.U-U.U 

rentoncearaT tencKni iff 7 c,ined *" ar the fixing. Swi» hr iWtSu ummlmb 

Sr cen“t K. SSXSk with *«» “«»i £*■ * L’.S. «n U *r Co^iUan a. 


84JSM.55 

2JU7V2JTUS 
2SA6- 29.21 
UUS-5.1045 
i-MJa-uase 

44.6fl-44.TO 

413^5-115.00 

4-WM-V3U 

4.2275-4.2150 

4.2925-4.3045 

l®UW-ia3.15 


W M 

2.0UD-2.0U5 

29JW-29JB 

if 1 Q7S - 4 mm 

1Q»I,C8 

44.n-fl4.40 

8132M14J10 

4.9170-4.9140 

AJ29O-4J330 

1-2925-4. 29W 

IddHlUO 



-^orage 





* undent 

?rsa-j 

^^naaiit 

r o\idesA 


i 100 of 

4’ 1ft A 1 

* iuu.Ans 
lether oe 


flfl.7 per cent previously. The s,nce January 13<B 
dollar's depredation, on a similar ZURICH — Support for the dollar j 

basis, widened to a record 11 per by the Swiss National Bank] 
cent form lO.fl per cent. helped the dollar to Improve 

Sterling's trade-weighted index, slightly against the Swiss franc in . 
on Bank of England figures, fell early trading, although the U.S.i 
to 62.1 from 62:2, after standing currency was generally weaker! 
at 62.2 at noon and in the against other major units. At mid-: 
morning. The pound opened at morning, the dollar rose to- 
81.9970-l.0900. and fell to a low SwFr 1J5090. from an early, level 
point of SI.P9IO-L9fl20 in the of .SwFr 1.5060 but fell below the 
morning. Ln the ufternoori, it SwFr 1.50 level during the after- 
rose above S2 again, to a noon. 

5irjk|K po ' nt .°f S2. 0000-2,0010, ANKARA— Turkey devalued its 

?“’*- hen e?*ed to ch** at SJinioS- i ira by ^,1 amounts against 
1.996a. a rise of *®P®* n ts on the eight European currencies. The 
fhit iht rke « s ?, urce! | suRficstcd Jos® i n value was heariest against 
nrniv»hu) e i«i?™ k En £land the D-mark, where the decline was 

i? , pus , h up 8 wr cent. Devaluations against 
JjLSSlT » a !n .i h 5 “*? other currencies ranged from 

th3t , thB F ederaJ abQnt ! ^ ^ t6 z per cent. 
Resene may have also supported .. 

the dollar. TOKYO— The dollar fell sharply 

FRANKFURT— The West Ger- against the yen. to close at 
man Bundesbank bought 827.15m YJS3.37J, compared with YiSS.Jo 
as the dollar was fixed at a record on Monday. It opened at Y 183-50, 
low nf DM 1.8408 against the and recovered slightly before 
D-mark yesterday. The previous lunch, but lost ground towards 
record low was DM 18620 at the the end of the day, in anticipation 
fixing last Fridas'. Yesterday's of a large balance of payments 
intervention by the central bank surplus for Japan in September, 
was the heaviest in recent months, following the trade 'surplus of 
and was necessary to prevent the $2-109bn for that month recently 
dollar falling below the DM 1.84 published. The balance or 
level. Before the fixing the dollar payments figures are due to. be 
touched a best level of DM 1.8470. announced today. 

The Swiss franc gained ground It was suggested in the market 
at yesterday's fixing, rising to that the yen may come under 
DM 1 .2195-1.22I5 from further upward pressure if tbe 
DM 1.2180-1 -2200. while sterling realignment of the European 
eased to DM 3^680-3.6820 from currency snake reduces . the 
3.693 0-3 707 0. speculative buying of the D-mark, 

.AMSTERDAM— The dollar fell and the weakness of the dollar 
to a post-war low of FI 2.0105 continues. 


FORWARD AGAINST 5 


One mott* 


p.a. Three meniii* pj. 


M3-MC 4lj -0 27 ISHMcpro 0J3 
OJMJScdl* -20# par-taoc dis -0.19 
9-14C dls -2J5 U-Ucdls -1.04 

4.7S-SJ2Soredis — 12L27 U-U^Ooro dfj -7J» 
lJJft-0.95pf pm 6012 MMXpIpB b.45 
35-UBc di> -21.74 13O-5D0C At -2902 
3-4 lire db -4.49 10-XUHirc dls -MO 
2.«UUB»re dls -8JW 7JBMLSQarc dls -LU 
oa^aaoc pm oju ftso-aaot pm oar 

ixr-oa8ore dia — 0J8 par-0.2Btjro dls — OJH 
LlS-LWy pm *05 3a6-J.OO> pm 6.52 
4J0-JJ0HTO pm 3M 4.7S-7-2Ssro pm 237 
JU&L20C wn 9.21 3JU-3.77C pm 9.93 


CURRENCY RATES [CURRENCY MOVEMENTS 


October 17 

Spec!*! 

European 

— 

Bank of Morgan 

D rawing 

link of 

October 17 

England Guaranty 


Rights 

Account 


Index changes % 


l .S. dollar 
CanartUn dollar . 
Austria o srhillinK 
Brlirtao franc . .. 

Dankh krone 

ntuwcbe SI arte .. 

Guilder 

Frrncii franc ... . 

I.lra 

Yen 

Non-cKian krone 

Peseta 

Su-edisti kroDs .. .. 
Swiss franc 


4 LOW* 
sai£59 
1.97071 


453844 

5JCU5 

235379 


0.b54*» 

0482520 

Sturltns 

as in 

- <n_o 

1JOSV7 

uon 

U.S. dollar 

81.56 

- n.o 

1.542*7 

1.U3S* 

Cnnadlun dollar — ... 

78-52 

- IS.4 

17-502 

18-3786 

Austrian ficbJJJJng 

145.S1 

+ 18.1 

38JHU5 

34A478 

Belgian franc 

113.43 

+ 15.1 

A.712H 

7.00291 

Danish krone 

117-36 

+ AS 

2.40403 

230708 

Deutsche Mark 

14433 

+ 4L0 

2.52555 

2.73480 

Swiss franc — 

21244 

+100.7 

4 53fl3j 

5.76470 

Guilder 

122.36 

+ 14.0 

1052.73 

1US-87 

French franc 

4840 

- 64 

240.037 

247.708 

Lira 

55-OS 

- 484 

542341 

6.71336 

Yen 

15S JH 

+ 56-2 


Based on trade weiBbied chanaes from | 
Waabuiffieo asreeqwni recember. 1971 1 
iBank of Enfiland lndex=J00). 


OTHER MARKETS 


On. 17 i 

i £ 

1 * 

1 

i ' | 

£ 

Xnir Kme* 

Arseni him | 

1 1.766 1.77 

ltB4. 7B-886 77 


■•6.5- 7.5 

1 AuttraliH LAihar....| 

Fiiilonrt Mu uLn i 

Bw/li L’nirHiM 1 

i 1.7050 1.71D0!0.B- 50- .w 61 Jut, alum..-. 

1.66-8.00 5.s416-i.5435 Uwinuira 1 

1 J7.fiO aBBO 18.94- Lb 44 (Prance , 

61.0.62.0 

1 10.2a 10.30 

< I reek Dni-hnu.... 

! 70. 506 -72.&S 3 1 do.32- at IB 


3.62-3.72 

<lnue Kmiu LimIIsi. 

a.441a-B.46l 3 


160 ->■ 3, 

Iran Rial ; 

li7 145 

1 68 64-11.64 


1 364-374 

Ivunrali DimuiKLn. 
luiaemlNMire Knnii 1 

o.6aa-o.>-2 
| 58.05-58.15 

|0.. 665-0.. 715 
! ZH 09- -4- 11 

S'cilhcrlanria. | 

3.97-4.07 



i2.1BO0-2.1S30! 



NtvlMlmiil Lh41sr' 
Niurtl Amtua lilraij 
Slno«ic i re Dnllxr....! 
Soul h Ar'rinnlfanil! 

1.8545- 1.8615 10.9289-0.93 15 | 
6.55 6.65 13 2715-3.3216 

4.52I 4 j 4.341 4 12.17 10-2. 1730 
1.7217- l.'#47Bi0.c 626- B757 1 

|Min 

witwhiri 

United Slate-" 

Yususlavbi 

142-147 

2.98-5.08 

1 1.9975-2.0050 
! 41-43 


Rate *tw fur ^rprtehit *• •»» -jIp 
R ace for Arceotlna on Moadar (Ocioher 18) shoald have been 1.727-1.751. 


at 


1 1 


■T^ 


ontaiE 

LtiC uu 


EXCHANGE CROSS RATES 


l 1 


oi mnu 


Get. 17 

; Knun.i Merimif'. 

l'.-. Unuai 

■ UeuiaeheVaia 

1 JsiMuutac Yen j f-nmcU truiu 

: r'nin 

Uutcfi ir'iliin 

| i CiVisui Lira 

| Ltnirin Ltolla 

b* r i-i v 

Pound riterimg 

: i. . 

1.996 

i 3.670 

\ 463.0 - 

6.455 

a.016 

4.L-28 

It 33. 

4.456 

08.10 

U.6. Dollar 

I 0.501 . 

. - 1- 

i 1.638 , 

|- ltfl.0 

j 4 - Sf36 

1.311 , 

2.018 

813.5. 

1.120 

2H.11 

Dwlacrie Marti 

; ' 0.272 -■ 

0-544 

1 1. 

9a:9i' - •; 

2.3D4 | 

! 0.r22 ! 

1.007 

442.3 

0.C42 

lr-83 

Jnpaoese Yen LOCO 

!. 2.766 } 

- 5.499 

| 10.11 -! 

iiwo - ;; 

2329 | 

S.305 | 

11.10 

4472. 

6.490 

160.1 


i 1.133 > 

2.361 

4.341 j 

429.3 : i 

[ 1G. i 

3.566 

4.763 

14-20. 

2.7b 7 

68.72 

Swim Franc 

; . . 0.552 . 

0.662 . j 

; 1.217 ; . i20.4 ;; - j 

i - a " 804 i 

*■ i 

. 1.336 

538.4 

0.781 

19.27 


0.248 

"0.496 1 

0.911 

90113 - 

" "2.099 

0.749 

1. 1 

403.0 

U.5P5 

14.43 

lul(*n Lira 1.000 

j 0.616 h 

1-230 | 

2.261 

.223.6 -.i. 

| 5.209 t 

1.857 

2.481 j 

1000. 

1.451 

35.79 

Lvuadlan LVumr 

! 0.424 i 

0.847" ( 

2.558 

154.1 •*.' 

1 ‘ '3.689 " f 

■ 1.280 

1.709 

689.0 

1. 1 

24.66 

Ke'civn Frartr- Ift" 1 

1.721 i 

3.455 * 

6.417 i 

524.8 

14.55 I 

5. 189 1 

6.932 

»794. . 1 

4.066 I 

to • 


EURO-CURRENCY INTEREST RATES 


* 


Get. 17 

Sterling 

G.S. DoHar. . J 

DuClar 

Dutch bihuicr | 

Swiss Frauc 

Wek (.icrouui 
Mark 

1 

{ French Franc 

Italian Lira 

Asian 9 

Jafwnesc Yen 

TShort- term 

13>«-13>4 

bl*-9 j 

6W-9J* 

. an i 

law-l* 


j 64»-7 

9-12 



» day’s houee 

101* 

bl£.9l 8 

au-si* 

10 11 ! 

inr lg 


! 7«* 71* 

12-15 

9-01* 

2i ( 

Month 

12 12la 

9)1-912 | 

0)4 9ifl 

lOlg-lOJfl ; 


fii'3)* 

< rii£ S3* 

134 141* 

914-9.58 

2y b-2rS 

Ibiw months.. -i 

- 13-1412 

lOA-lQ.i I 

sSg-10 

lOia-10* 


3>2-3&b 

; 93* 10 

14 16 

101* 1QI* 

314 36* 

tux monihm_.... 

13ly 14 

10,-L-lCn 1 



i*-to 


! 9;«-io>e 

1414-161* 

IOi 8 I.I4 

3 Hr 

One year 

15>a 13&a 

l B W' Hir'd 

83* -9 ! 

Vi r 

3rj 

1 lOls-l 3, 

14l a -151 2 

101* 1U* 

31* 3B* 



_s/. _■ The foDowlna nominal rales were Quoted for London dollar certificates of deposit: one month fcSO-9.30 per cent: One months 9.75-3 S5 per cent: six maths 10.09- 
’^2i" 16-10 per eenl; one scar 9.95-19.05 per cent. 

%£ Lone-term EnrodaBir deposits: Two rears 9I-9S per. cent! three rears W-M per cent: four rears 9J-91 per cent* five rears 9* -91 per cent nomloaJ doship rstea. 
SrorWerm rateu are call Cor we rung. U.S. dollars amt. Canadian dollars, iwo-day call for ganders and. Swiss francs. Asian rates for dosing rales Id Singapore 


R NATIONAL MONEY MARKET 


New York rates steady 


-^Tifiwury bill rates were - AMSTERDAM — • Interbank Monday while longer term rates 
generally mixed with 13- week bills. money market rates showed a were unchanged at 7$ per cent 
quoted ai 8.13 per cent compared slightly less pronounced reverse for one-month through to 8ri- 
Lili an average of 8.203 per cent yield curve with call money S’g per cent for 12-month. 

nnctipn- and 26-week bills quoted. at K-IG per cent against BRUSSELS— Dunoait rates for 
to 8.60.. per cent against 12-14 per cent previously and one- ^ BelgSnTranc^ Icomrr^rciS) 

T* r Mnt anction. One- moni^i money at 10-HU per cent were Quoted at8’-'i ore cent for 

vr?7>-^SJ}W.-WI Is rose to S.44 -per cent- compared with lOJ-lOS per cent ™ l tor 

&J2 per cenL One-month Three-mom h funds rose- to 9M08 wmi^Sr^^raies unSnS 
^te«rMacates of deposit rose to 9.05 per cent from 91-9? per cent as K,S?o iS? Si « 5l for oS 

■ ^Percent from 9 per cent and two- did the six-month rale at 85-91 J' , ™ ugn 10 per cenl lor one 

• >month certificates were also finner per cent from Sl-9 percent ROME— The Italian Treasurv is 

v.-ral »20 per cent against n.l5 per FRANKFURT — Id the interbank iq offf r iT 5 ^dlionf milfion 
. '.Rentas were the threo-mnnth at market caU money was unchanged m niion1 ofbllfsat Its StolSr 
cent. from 9 -38 per cent, at 3.1-82 per cent asms one- at its October 

- ’ Federal funds were trading at month money at 3. per ee nr. hillso onsSt of 

percent geheralfy in line with The three- month rale eased to S’thrS mon &, Silli * ^nd 

(Lrf^e authorities’ presumed target 3R5-3 95 per cent from 3Jh-4.0o Jr ^ and 12-month 

_P^rare. The latest rise in the dis- per cent and six-month funds ^, s VI f thp maturin” hluT the 

a^V^.TKMint rate to 84 per cent appears stayed at -4.04.1 per eent One- gjj Jr ItafyTioIds IA16bn W 

hn-e temporarUy taken the year money was slightly cheaper **"* «.!? "!. I,? « 

'.-r^gteaai -out of the upward" trend at 4.0o-4J5 per cent compared HONG KONG — Conditions in 
- - W-"- ■ - -^v5n- rates with most people sluing with 4.1-42 per cent previously. the: money market appeared to 
- i :-v--^ '-^^iAhacic and waiting for what they PARIS— Day-to-day money was be easier with call money at 7 
as an inevitable discount rate slightly firmer at 7 per cent com- per cent and overnight business 

: . n«Hai4 u>ith fiZ niu mnl nn 


GOLD 


Record 

level 


Gold closed at a record high of I 
$227i-228}. a rise of S3J, in fairly f 
active trading relleutin^ the weak- [ 
ness of tbe dollar. The metal ; 
continued to rise Immediately 
after the London close, touching 
£2881-2291, on short covering 
ahead of the U.S. Treasury gold 
auction, but then eased back as 
the market settled down. Gold 
opened at 3227 1-228 i yesterday, 
and fell to a low point of $227- 
*227}. but then rose steadily until 
the close. 

In Paris the 121-kilo gold bar 


Per cent: 

yr.-Z. C&.'rJXyJ&i ?fi,. • ' 

MONEY MARKET 


pared with 6i per cent on dealt at 5 per cent. 





assistance 


Bank of England 
.Lending Rate 10 


Minimum - 
per cent 


outside official 


for secured call loans at the dose bills maturing 
and small amounts picked up as hands, 
low as 6 per cent. Opening rates ,In the interbank market, over- 
uere in the region of SJ^SJ P* r n *5ht loans opened at 9-9} per 


I Ort. 17 | Ort. Ib 


(since June, 1978). _ ... 

. 3 pp« r.d .. -n. d toua.n 8 . per cent »-n g . gjt^ndtouched Mjj-— «- 

The market was faced with 


be in short 'supply in the London 
money market yesterday and the 



Rates tended to case to 8J-8} per 

, ... , cent where a lot of business was 

authorities intervened by buying sizeable excess of revenue Iran*- seen, and after briefly touching 

a large amount" of Treasury bills fers to the Exchequer over Gov- 8}-B per cent, fell away to around 
and a small number of corpora- eminent disbursements and a 5 per cent at Lhe close. Longer 
"lion bills, all direct from the dis- slight increase in tbe note clrcu- term rates tended to firm, rcflect- 

cdunt houses. Total assistance late. Banks also brought forward ing market fears that ihis week 

was termed as large and appeared balances a modest way below may see MLR at 71 per cent 
to be overdone with discount target On the other band there Rates In the table below are 
itouses paying around B% per cent was a small amount of Treasury nominal in some cases. 

London money rates 


Ort. 17 
197S 


iA»i 


iierlius ; . . — -- - 

(jfrttticaie i InwrtanJc j AoUmrlty ■ neartMXc 
of <le|A.*it I r ’tiapoflJtB J hoods 


L>X9ti AglhJ Fmjujce 



Overnight .1 — 5-91fl — 

2 dayi notice..] — j - fll2-98s 

idavsor i ! - — 

• d«y» - [ 9ifl-9ts . B6a-W< 

Onemnnib — f lOig-fiTa I 934-IOig &hrB7a-- 

Twu in«iim...j lU^lb^r I 10»4'10 tk — 

three ICM-lOflt j lWi-llig lOSg-lOSfl. 
Six nfinths... f 11 la-11 | lltB-fl’B lOlj-11 

^ine inonthB-.| 11- 107a j llle*lli% • “ 

One j-aar. — . ll-107e | UVllft IO19-H 

am non ' • " I •'! lsa-1 IT® 


"104014 

IOH-IU4 

.IOI9.II 

10V11U 

1070.1112. 

107B-12 


Ueposii* 


j j ffbuxunt i 

lOompenyi nuutuA . ] 
I DepuadU. j tk»j«8lt 


10>4 

10 l s 

Ills 

1134 

USE 

llaa 


9M 

9^4 

1039 

11*2 


I _ 


[ Eligible ! 

Tnanary i • Bank IfiseTradr 

h*Jla» i BlllaO Hrlle* 


OeM Bulloa (» flue j 

ouncei ] | ! 

$*** |SS87J-82Bi ,8224^245* 

Opening 9 227; ^28 !59S6^-22«l 4 

Moralns fixing iS229.DD ;S224-ZD 

, |»l:| 14.088) neilS.569) 

Altern non l)xlng„„.'S227.76 I822S.40 

„ „ , , '£114.105) :i£112.78B) 

Gold CoIdb.,... [ - i 

liumcaUcaiV? I 

Kragerrand.l — 1S&84-S5B IS252-234 

„ , ji£117t-11Bii£il^-l175)| 

Xe» Somrtsnfl..:„.!Sfl4^«i ;5S53 4 -6W, 1 
, jl£921-fiSJ) "iKc2.631 

Old Sovereigns fseSj-Bfli JiS£2-M) 

:(*aiiJ2i) liau-Bi) 

Geld Coina i 

ImernaiionaXIv.....! — — 

K™#m»ad.- $2553-25 6] Is250-2G2 

_ e . j(£ll?.118j {iJUIfitf-llfinl 

Sew Sovereign*. |S0i;-85£ 503-821 | 

(£51^2, !«3B*-3I« 

Old Sovereign* 'SMi-filj 8B2-B4 

. w i(£31^32j) |f£5U-32fl 

SSOEaglev..- jS50Bi4lli 15S07-C08 

fP&P'e*- -....15186-168 |S168-1E4 

86 'SIOTa-WU -SlOfi-llB 


was fixed at FFr 3 L000 per kilo 
in the afternoon ($227.86 per 
ounce): compared with FFr 31.123 
(S228.72) liL the morning, and 
FFr 31.025 (S225.62J Monday 

afternoon. 

MOREY RATES 


6-0 


9*9-0 

91b 

ft* 

9ln 


NEW YORK 

Prune Rare 

Fed 

Treasury Bills ri3-weefci 
Treasury Bills CB-n-edO 


uu 



All these bonds havms twn sofd. tfus announto- 
ment Appears as a matter of record only. 


JUSCO CO., LTD. 


Osaka 


'JVVWjl 

3%% Convertible Bonds due 1986 


WESTDEUTSCHE LANDES BANK 
G1R02ENTRALE 


NOMURA EUROPE N.V. 


ABU DHABI INVESTMENT COMPANY 

CREDIT SUISSE FIRST BOSTON 

Limited 

KUWAIT FOREIGN TRADING, CONTRACTING 
& INVESTMENT CO. (SLA.K.) 


BANQUE BRUXELLES LAMBERT S. A. 

DAI-ICH1 KANGYO BANK NEDERLAND N.Y. 


NEW JAPAN SECURITIES EUROPE 
Limited 


CREDfT LYONNAIS 

HILL SAMUEL & CO. 
Limited 

SWISS BANK CORPORATION 
(OVERSEAS) Limited 


959-094 [10I|-I0A{ 

ilOiylDAI 

10-10 1 a 10ti-10Tj 
. - lllrifllfle 


{GERMANY 

I Discount Rata 
lovenugbi ..... 

I One raomh .... 
Tbree montbs 
, Six months 






IOJ4 
II 
IH4 
11*2 

I j FRANCE 


tHfcoum Rate 
Ovcmlshf 


-Local autftorliy and finance hmsea sevtu dart* notice, otbers M«o days' _ * Ivwgar-rtrm local amiiority morigasc I nno mmin 

rates nominally ihree years 111-13 part cent: . four years 12-12? Mr Miu: five years 121-121 wr cenL 9 Bank bill rales in table I Three months" 

are buying rates for prime paper. Buying rale for foar-monlb bank bills lla-ili pcrceiu: four-month trade bills 11) per cem isia rnaailu’ 

. uniml . Vusm , KHI . U ... rant - 4 nri htflMtllMtll 9 ll << 'Hup mnl ' ,hnu U 1 _ I T *^ 


.Inpraslmaie sellrtiR rates for ono-momb Treasury bills 3J per cent: and two-month 9U&. Per cent: three month 62752- 1 
FI per cent. Approximate -selling rale for one^aentb bank MBs 91- per cent: tv 0- month 9 S *6-9J per cem: and Ibree-nMnilb 
IflUn, per cent. .Dne-momh trade bills ID) per cent: two-month Uf per cam: and aUp ihree-rnonin U per cent. 

Finance Hbuh Base Ratos f published by tbe Finance Bouse Association) W per cvtrr tram 0 no her 1. 1 Ks. Cleartna Bank 
Deposit Rates (for small sums ai seven days* notice) 8-7 pec cent. Ciearliu Bank Base Rates for lending id per cent. Treasury 
■His: Average trader rates of dlseowit B&o? per cent-* 


JAPAN 

Dtacbmat R»tr 

Call lUnconditlRial) 

Bills Discount Rate 


10 
MS 
8-13 
fu 0 


i 

U5 

3A0 

3.98 

MO 


U 

T 

7J25 

7.4375 

7A1S 


JJ 

4J7S 

4.63 


Alflbfl Bank of Kuwait (K.S.C.) 

Algeimm Bank Nederland N.V. 
A.E.Ames&Co. 

Limited 

A matardam- Rotterdam Bank N.V. 

A wo dat w l Japanese Bank (International) 
Limned 

Bedie Halsey Stuart Shi o Ida 
Incorporated 

Barca Commercial?: Italians 
Banca del Gottardo 
Banca NadonaJe del Lavoro 
Banco tH Roma 

Bank of America International 
Limited 

Bank Julius Baer International 
Limited 

Bankers Trust Interna ll anal 
Limited 

Bank Meesfi Hope NV 

Banque Franeaise du Commerce Extdrieur 

BanquB Generate du Luxembourg 
Soaoto Anon yn ic 

Baoque de rindochine et da Suez 

Banque Internationale a Luxembourg S.A. 

Banque Nationals Oe Paris 

Banque de Neuffize. Schkimbew; Mallet 

Banque de Paris et das PayS'Bac 

Banque da Parts el des Pays-Bas (Suisse) SJL 

Banque Populaire Suisse S. A. Luxembourg 

Banque de I "Union Europoennc 

Bayatfeche Hypotheken- und 
Wechsel-Bank 

Bayarfeche Landesbank Glrozentraie 
Bayprfeche Vereinsbank 
Bergen Bank 
Berfiner Han dels - 
und Frankfurter Bank 

BT/th Eastman Dillon A Co. 
kilemational Luniled 

B.SJ. Underwritoia Limited 
Calsae des Depots et Consignations 

Chase Manhattan 
Limited 

Christiania Bank og Kredllkasse 
OUcorp International Group 
Commerzbank 
Akbengeselliciiaft 

Coponhegen Hendelsbank 

County Bonk 

Limited 

Credit anstaft-BankverEirt 
Cr*dtt Commercial de France 
CredUoKoUano 
DaHctil Securities Co-, Ltd. 

Datwa Europe K.V. 

Richard Daus & Co. 


Den Danoke Bank 
ai 1B7I Akliesalskab 
Den noraka CrtKBUunlc 
Deutsche Bank 

Akbenge&Bnsehaft 

Deutsche Girozanlzale 

- Deutsche Kommunaibank - 
DC Bank 

Deutsche Oanoaeenecliaftabank 
Dfflon, Read Oversees Corporation 
DmdnerBank 
AktiengeseUschaft 

Drexel Burnham Lambert 
Incorporated 

Euromobillare S.p.A- 
European Bankinp Company 

Licued 

Robert Fleming & Co. 

Limited 

F 141 i nt s motion aIRn once 
L>miied 

Glrozentraie wid Bank 

der oalerralchlsctien Sparkaasert 

AMienQoaollschatt 

Goldman Sachs International Corp. 

Gxcupemenl des Banquers 
Prtvea Genevois 

Hambras Bank 

Limited 

Hessteche Landesbank 

- Glrozentraie - 

EJ=. Hutton A CalLV. 

Industriebenk von Japan (Deutschland) 
Akliengasellschatl 

International Credit Affiance, Limited 
Hong Kong 

KraaHs-Osake-Pnkld 

Kidder, Peabody lntamatkmat 
Umiled 

Klefriwort, Benson 
Limited 

Kredletbank N.V. -. 

Kredtotbank SJL LuxemboorgeotM 
Kuhn Laeb Lehman Brother* Aeta 
Kuwait International Inve st ment Co. soJc. 
Kuwait Investment Company (S.AJC) 

Landesbank Rheinland- Pfalz 

- Girozenlrnle - 

Lloyds Bank International 
Limited 

Manufacturers Hanover 

Limited 

McLeod, Young, Weir International 
Limited 

Merrill Lynch International & Co. 

B- Metz tor seeL SohnA Co. 

Morgan Grenfell & Co. 

Limited 

Morgan Stanley international 
Limited 


National Bank of Abu DhaM 

The NBdwSaaqftiecCoL, (Europe) Ltd. 

Mppon Eiavpean Bank sa. 

The Nippon Kangyo Kakumaru 
Securities Co^ Ud. 

Nomura Europe GmbH 
Nomura mtenmUonal (Hong Kong) 

Limited 

Norddeutsehe Landeabank 
Gtrozentrele 

Okesan Securities Co, LUL 

Orion Bank 

Ltmlled 

Osakaya Securities Co, LM. 

Ptoraen, Heldring & Ptorson N.V. 

PKbenksn 

PostipenkM 

Priyatbenken Akttosefakah 
Renouf&Co. 

Salomon Brothers International 
Sanyo Securities Co, Ltd. 

J.Henry Sc hr oder Wagg A Co. 

Limited 

Singapore Normna Mer cha nt Banking 

Limited 

SkencSnavkikaEnskHda Banked 

Smith Barney, Hants Upham & Co. 
Incorporated 

SodeUGtonirato 
Societt Generate de Banqua SJL 
Sparbanksmas Bank 
Strauss, Turnbull A Co. 

Sumitomo Finance int e rn a tion a l 
Svenska Handetobanken 

Taiyo Kobe Finance Hong Kong 

Limited 

Trident International Finance 
Limited 

Trinkaua A Buifchardt 
Union Bank of Finland Ltd. 

Union Bank of Switzerland (Securities) 
Limited 

Union de Banque* Arabes et Franeahes 
-UJLAJF. 

Verband Schwaizsrischer Kantonabanken 
Verekn- und Mtostbardc 
Aktiengesellschatt 

J-Vbntobd&Co. 

wmgd Securities Company 

Limited- 
VtestLB Asia 

Limited 

Wexrd Gundy UmKsd 

YamaicM International (Europe) 
limited 

Thmatane Securities Co, Ud. 




are coming 
are coming 

and the Hermans • . . 



and file Swiss . . . 
and file Canadians . . . 

to file World Trade Center . 
the iogicaS place to trade 
INTERNATIONAL 
CURRENCY FUTURES 


Thsie’s no need to lock further than the very center 
of international trade and monetary activity. The 
World Trade Center. Where the New York Mercantile 
Exchange is about to initiate trading in futures 
contracts covering five of the most vital free-world 
currencies. 


British Pounds Sterling. Deutschemarks. Japa* 
nese Yen. Swiss Francs. Canadian Dollars. 

These contracts demand the attention of any- 
one concerned with managing the risks of interna- 
tional exchange ... anyone interested in the 
potential for speculative profits in currency futures. 


Trading begins 

OCTOBER 25th 

In British Pounds, Deutschemarks and Yen. 
And on 

NOVEMBER 8th 

in Swiss Francs and Canadian Dollars. 

Trading Hours: 9 a.m. to 3 p.m. 

Contract Months: February, May, August, November 


If you’d like to know more about this important 
tool for risk hedging, asset protection, or speculative 
investment. . .or about any of the other commodities 


trading on the New York Mercantile Exchange . . . 
just mail this coupon. 

Or talk to your Commodifies Broker. 


nyme 


NEW YORK 
MERCANTILE 
EXCHANGE 

Commodities Exchange Center, 

4 World Trade C 
(212) 938-2222 


^ World Trade Ceriter^ew York, N.Y 10048 


NEW YORK MERCANTILE EXCHANGE B 

Commodities Exchange.Center 
Four World Trade Center 
New York, N.Y. 10048 

Please send your New \brk Mercantile Exchange Booklet on interna- 
tional Currency Futures and other commodities; 


Name- 


Address. 
City 


.State. 


-Zip- 




4 



Pr 

pr< 

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BY MA 

THE PF 
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Wilson ff 
number u 
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paign ag3i 
Party on 
1974 Gent 
The foi 
allegation 
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The Pn 
Sir Haro 
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NORTH AMERICAN NEWS 


Chase Manhattan revival goes on 


BY STEWART FLEMING 


NEW YORK, Oct. 17. 


Republic 

Steel 





INCREASED INTEREST. inc om* 
and lower loan loss pror.rtons 
have helped Chase Manhattan 
Bank, the country's third largest 
bank, to maintain the pace *>; 
its profits recovery set m the 
first-half of the year. 

Third quarter pronts from 
Chase are up 62 per cent from 
the same period of ?a. ct . year at 
$ 50.3m or SI. 41 a share before 
securities transactions. In the 
third quarter of list year, income 
was 831.1m on 91 cents a share. 

The third quarter figures 
represent a 7 per cer.t profit? in- 
crease compared with the second 
quarter. 

For the first nine month's of 
the year, earnings before securi- 
ties transaction.? arc 59 per cent 
hizher at S138.5m or 53.92 per 
shire against 587.1m or 82.65 per 
snare in the same period of iast 
year. 

A big factor in the improve- 
ment in the bank's profits ibis 
year has been its recovery from 


the heavy loss provisions it was 
forced to make, in 1976 particu- 
!a p ly. largely because of the 
loans It made in the real estate 
market which subsequently 
became depressed. 

For the nine months, the 
hvnk’s provision for loan losses 
has been reduced to 8126.2m 
compared with $171.5m. Loss 
provisions made in the first nine 
months of last year. Third 
quarter loan loss provisions are 
540.4m against S50-2m in the 
third quarter of last year. 

There has also been a steady 
reduction in actual loan charge- 
off. 1 . which were SI 04.7 in in the 
first nine months of the year 
compared with S159.8m in the 
1977 period. 

I r. addition, the bank, in 
common with several of its com- 
petitors. has been experiencing 
improving net interest income as 
n result nf rising loan volume. 
This has for the most part come 
from overseas lending, however. 


Domestic lending remains slug- 
gish at the New York City banks, 
with one or two exceptions. 
Manufacturers Hanover. for 
example, has pointed to in- 
creased domestic lending as a 
factor in its rising profits. 

In percentage terms. Chase's 
figures are showing higher in- 
creases than the 20 per cent or 
so profit rises other commercial 
banks have been reporting, but 
this largely reflects the recovery 
element in its profits. 

• Agencies add from New York: 
Citicorp, the second largest of the 
U.S. commercial hanks, made a 
strong upturn in the third 
quarter of this year. Operating 
profit per share has risen from 
70 cents to 96 cents, and total 
opera line net profits from $S7.Sm 
to 8119.1m. 

For the nine months to date, 
operating profit oF 82.93 a share 
compares with 82.30. and total 
operating net of 8363m with 
S2SSm. After securities trans- 


actions, per share profit shows a 
rise from $125 to $2.S 5. 
vbgfcqj cmfwyp shrdlu etaoia b 

Bank of America, the larzes? 
bank in the U.S„ announced a 
rise of 33 per cent in operating 
net. profit to S147.3m. or 81.01 a 
share against 76 cents iast time. 
For the nine months to date, 
the bank has turned in operating 
net profits of $3HSm. or 52.52 a 
share against S2S6m. nr 51.97 a 
share. In both cases, the figures 
are virtually unchanged after 
allowing fop securities trans- 
actions. 

At the nine-month stave, loans 
outstanding are quoted^ at 
S45.9bn compared with 83S_5bn a 
year ago, and deposits at $71.5bn - 
against S62.3bn. Assets are 
shown as having increased from 
S77.2bn to S89.1bn. 

Mr. A. W. Clausen, the bank's 
president said that the improve- 
ment in the net interest margin 
continues to be the most signifi- 
cant factor in this year's overall 
earnings growth. 


earnings 

soar 


Morris in third quarter 


By Our Financial Staff 


Improvement 
for Warner 
Lambert 


Merrill Lynch moves ahead 


THE RECOVERY at Repnhllc 
Steel Corporation. fourth 
largest of the nation’s steel- 
makers, took a substantial 
leap forward in the third 
quarter, when net earnings 
jumped by 200.6 per cent to 
820.6m. or $1.89 compared 
with 62 cents last time. Sales 
advanced from $75L3m to 
SS6S.lw. 

This brings the net earnings 
total for the nine months to 
date to S71.7m or $4.43 a share, 
against S26.lm. Sales have 
risen from $2.1Sbn -to SLSlbit- 

At the second quarter stage, 
when net earnings had 
recovered to show a 41 per 
cent gain to S3 1.4m. the com- 
pany president. Mr. William J. 
do Lancey, warned that the 
outlook depended heavily oh 
the future level of steel 
Imports. 


BY DAVID LASCELLES = 

PHILIP MORRIS, the "major 
cigarette and drinks : producer, 
moved into its 14th year, of un- 
brofce earnings growth to-day 
with an announcement of 
increased revenues and net: earn- 
ings for the third quarter of this 
year. ... - .. 


Net earnings rose 2 2-3 per cent 
to 53 15-2 m, equivalent to $1.91 
per share, from 594.1m or $1.57 
per share is the same period last 
year. 

Consolidated operating reve- 
nues were up 32J per -cent to 
SLShn. Much of this growth, 
though, appeared to come from 
beverages and non-domestic 
cigarette sales, : areas where 


Philip Morris has recently made 
new acquisitions ■ . 

According to the oompsmy, tgtit 
sales of Philip Moms TJSA, 
which produces brands tike 
Marlboro. Merit and Benson and 
Hedges, were substantially the 
same is in 1977. though their 
market share improved. _ • 

The company added, Philip 
Morris International's sales main-, 
tained their strong performance 
and also reached a record high. 
This dfd not Include sales 
attributable to the international 
business of Liggett Group, which 
Philip Morris bought in mid- 
summer. . , ... V . 

On the drinks side, sales . of 
Philip Morris' Miller - Brewing 


NEWj YO^ .Odt j£- 


Company cotititiued ^r^' *w 9l 
capacity shortages now -fcxtef w ■ 
all breweries: New brbwerles a™, 
being built -in “Cailfona^S 
Georgia. , j. ^ .™., . 

! . ThiiTqnaxteralia 
first fnU 'resuTts bf 


Company, which ?PhiIIp -;Borrfcr 
acquired -. early, .^nthfev- - - 


JSales Tienciwere- higher &&&*- 
pany. said. 


Third -quarter "refits' 

Philip. ' Morrisi! .nine 
operating' revenues'- ____ 
against iKtSbrt last cess,- JiiSlS" 



« a ™“Ss to$307m gainst 
equivalent to $5.10 "*— • 


equivalent to 

compared. «r.tir S4.I9. _' - ; > 7 r !?4^r' 


Crown Zeilerbach lower Boise Cascade 


BY OUR OWN CORRESPONDENT 


NEW YORK. Oct. 17. 


NEW YORK. Oct. 17. 

THE DRUG and cosmetic 
company Warner-Lambert has 
reported an increase in earnings 
for the fir.^l nine months to 
S15S.03m tor S2.I1 per share) 
from 8152.25m (or $1.91 per 
■snare), according lo Mr. Ward S. 
Hj^an. president and chief 
executive. Sales were also up 
to S2 06bn from SI. Saba. 

.Yet earnings for the third 
niis r ter also increased to 860.79 m 
from $53. 7m, whereas sales for 
the quarter were slightly in 
excess of 8730.11m compare! 
with 3646.03. u for tile same 
period in 1977. 

For the last nine months, sales 
increased 11 per tea*. 

Agencies 


TWO MAJOR New York securi- 
ties firms today reported sharp 
rises in profits, reflecting the 
surge in both volume sod prices 
on the stock exchanges during 
Inc summer months. 

Merrill Lynch, the industry 
leader, reported net earnings for 
the third quarter of $32.4m or 90 
•rents a share against Sll.lm or 
32 cents a share for the same 
period last year. Revenues were 
$ 413.7m compared with S29S.2in. 

Mr. Donald Regan, the chair- 


man. said that the main factor 
behind the earnings rise was the 
market rally which began in 
mid-April. Commission revenues, 
he said, rose by S2 per cent. 
Revenues from other transactions 
also increased, except in the 
area of Government securities 
where there was a decline. 

He added “ In spite of an over- 
all decline in the level of cor- 
porate financings, our investment 
banking revenues gained ground 
in both the third quarter and 


first nine months.'* 

E. • F. Hutton reported a 1 77 
per cent jump in earnings dur- 
ing the third quarter. Net income 
was Sll.lm 181.61 a share) 
against S4m (69 cents a share) in 
the previous third quarter. 

According to Mr. Robert 
Foman, the chairman, the active 
stock market and “substantial 
contributions” from each oF the 
company’s major business activi- 
ties made the quarter a fine one 
by any measure. 


Champion 

International 


Solid growth at Eaton 


Allegheny 
Ludium deal 


Allegheny Ludium Industries 
of the TJ.S. 3n<i Wilkinson 
Match of the UK nave reached 
agreement in principie to acquire 
IITL Industries of Pasadena, 
California, for cash and stock in 
Allegheny Ludiuin. Wilkinson 
is owned as to 44 per cent by 
Allegheny Ludium as a result of 
:he former company's controver- 
sial i.ikeover of True Temper, thJ 
garden tools subsidiary of 
Allegheny, earlier this year. 


YET earnings of the transport 
equipment group Eaton Corpora- 
tion for the third quarter rose by 
20 per cent to $150. Net income 
was up from S26m to S31ra, on 
sales ahead from $522m to S721m. 

This result lifted nine months 
net income from SSOm to SlOOm 
on sales ahead from $IJ>7bn to 
Sl.Sbn. Earnings per share moved 
up by 25 per cent to S5.74. 

The recently acquired Cutler- 


NEW YORK Oct. 17. 
Hammer contributed S2.3m or 13 
cents a share to Eaton's third 
quarter profit The whole of 
Cutler-Hammer's sales for the 
months of August and September 
were included, but because Eaton 
only acquired 62 per cent of that 
company’s stock in early August, 
profits for the quarter reflect 
only that percentage of Cutler- 
Hammer's earnings, reduced by 
amortisation charges. Agencies 


Sharp rise at 
Libbey-Owens 


Honeywell higher 


Honeywell, the computer and 
control systems company, had net 
earnings for the third quarter 28 
per cent higher at $2.05 a share. 
Agencies report from New York. 
Net income was ahead from 
533.68m to S43.S7m on sales up 
from $71I.6m to SS67.1ra. 


Merck earnings up 

Merck, the pharmaceuticals 
group, reported third quarter net 
earnings equal to $1.04 a share 
compared with 92 cents, accord- 
ing, to agency reports from New 
York. Net earnings Were $78.4m 
compared with STOm. Sales rose 
to $196m against S130m. 


NOTICE OF REDEMPTION 
' to Holders of 


G.T.E. INTERNATIONAL INC 


8 1 % Guaranteed Bonds 1986 


NOTICE IS HEREBY GIVEN that pursuant to Section 5 (a* of the terms and conditions of the 
Ii'-uc v, hereby 5290.0 cc principal arc to be redeemed at par on ijth November 197S the following 
Bond icriii numbers have been drawn for redemption in the presence of a Notary Public at a Drice 
equal to 1C ; ; . of the principal face amount. 

BONDS OF $1,000 EACH 


39 

i -:9 


32^2 

J}~7 

545- 

671-!’ 


5>-ti4 

9*73 

10559 

1 1445 

i=34F 

156-2 

14554 

?3 

1 1 “7 

■ ; 

" "9 


ff ' 4 

6'cro 

Th'i2 

Kc:= 

9“ ib 

1C 023 

114S9 

123S5 

13716 

14598 

134 

i'?: 

21 } '. 

J 

J444 

5::i’ 

fi*2J 

7"“5 

S>bb 

Q-bl 

1065 b 

i»f?3 

1=4=9 

13739 

14642 

T--i 

1 = ':' 


* 'L ■: 

44-7 

* VC-2 

f-St-y 

—k 

>■•/«» 

y-sC'4 

10701 

11506 

12473 

13S04 

14703 

-ir 


2<17 

Bf *S 

453f 


DM 1 2 


S' 163 

9S4S 

10T44 

11041 

12516 

*3*47 

14747 

I-* 

T-4.-4 



JO32 

r"-4 

ovrf 

736: 

9CI6 

9Sy= 

IO-TSS 

110S4 

12501 

l?S9I 

14S19 

3 »:• 

UTe 

lin 

563b 

4^7 



7?ii 

9=59 

9938 

I09.W 

1172S 

12604 

13935 

I4S02 

369 

i: -2 

26-0 

3713 

4741 

;SS5 

70 J3. 

7955 

9104 

9979 

10S76 

1177= 

12648 

13979 

14907 

•i - ” 

J.'TS 


3756 


6240 

7CS6 

7999 

9147 

13024 

10919 

11S16 

1269s 

14028 

14950 

5-= 

1619 

=7“9 


4S45 

61 19 

7151 

S043 

9191 

10267 

IO964 

liS<9 

1=855 

14073 

14994 

5:0 

166 f 

2S2.4 


JO4S 

6:63 

;i“4 

?IOI 

9=55 

101 1 1 

H007 

119 04 

13079 

14116 


6: + 

irss 


ayiS 

jout 

p:o 7 

7>tS 

*147 

9=79 

1015s 

IICSI 

1 1947 

i.3i=4 

I4I59 


6?i 

1 Si- 

-y»5 . 

3>* - 2 

f '75 

o2JI 

7-97 

S:ai 

93== 

10199 

11095 

' H99i 

13167 

14204 


71 • 

iy- - 

:<i;6 


«:S; 

6:y4 

734t- 

S21<> 

9567 

10242 

11179 

1=035 

13306 

14=47 


7*>4 

1937 

3^25 

4i 04 

5!53 

<S5?9 

73S4 


0410 

13297 

I11S2 

12379 

I35S7 

14:91 


S11 


;c<)Z 

-Il<9 

5*73 

6;?2 

74=3 

S-5S3 

9453 

10340 

II327 

12122 

1343 r 

*4335 


K+ 

--75 

3i«4 


:~'4 

652S 

“J7- 

Ss _ o 

O49S 

XOftSj 

1 1 270 

12167 

13474 

T 4379 


911 

nr? 

TJ;-C 

4-'l 

5207 

t>f70 

75 id' 

S>di4 

Qf 41 

1042 s 

11313 

12=13 

15519 

144== 


y-[ 

= t£9 

3 , ‘.'4 

4Zbb 

5? 3« 

6614 

,7<00 

So 7= 

958s 

10471 

H33S 

I==53 

XS?S4 

14267 


1015 

iz:ti 

5-57 

45-9 

55yS 

btiuz 

:&4 

S721 

96=9 

10515 

U40X 

12298 

1362S 

14510 



Bonds not listed above arc not affected by this redemption. 

Bonds so designated for redemption will become due and payable on 15th November 197S in the 
currency of the United Slates of America ar the oflice of the Paying Agent Manufacturers Hanover 
Trust Co. Corporate Trust Office New York, or at the holders option at Manufacturers Hanover 
Trust Gi. 7 Princes Strecr, London, .Manufacturers Hanover Trust Co. Frankfurt, the principal 
office at Banque International a Luxembourg;, Luxembourg^ Banque L’European Paris or at Soc 
Generate de Banque S.A. Brussels. 

Payment of the redemption price of the Bonds called will be made upon presentation and 
surrender of such Bonds with Coupons No. .8 and subsequent coupons attached! Coupon No. 7 
should be detached and encashed in the usual manner. 

Interest on the Bonds drawn will cease on an'd after the 15th November 1978. 


G.T.E. INTERNATIONAL INC 
by Manufacturers Hanover Trust Co. 
Paying Agents 
New York. 



We are pleased to announce that 

Julien Uribe-Mosquera 

.Institutional Sales 
and 

Robert Fisher 

Trading/Institutional Sales 
are now'associated with our London office 


Oppenheimen & Go.Ltd. 


Portland House, 72-73 Basinghal! Street, London EC2V5AJ 
Telephone: 01-606 3271 


By Our Financial Staff 
LIBBEY - OWENS - FORD, the 
glass, plastics and fluid systems 
company, has declared third 
quarter profits of 82-10 a share 
net against 94 cents a year ago. 
Earnings were up sharply, from 
$11.7m to 821.5m, while sales rose 
from $233.2m to $265. 5m. 

The sudden rise in earnings has 
resulted mainly from a capital 
gain of $ll.Sm on the sale of its 
shareholdings in the Nippon 
Sheet Glass, which it disposed of 
in July to the Sumitomo Group. 

Libbey-Owens-Ford (LOF) was 
a founder shareholder in Nippon- 
American Sheet Glass, Nippon 
Sheet Glass's predecessor, when 
it was established, in 191S. Five 
per cent of this stake was sold to 
Sumitomo in 1971. and the 
remainder this year, 


By Our Financial Staff 

CHAMPION International, the 
paper and plywood manufac- 
turer. achieved a rise in operat- 
ing profits to $1.13 a share in 
the third quarter compared 
with $0.91 a share last year. 

Operating net profit rose to 
$56J2m against $45. Sim in Che 
same quarter last year, on sales 
of $895.5x0 against S8D2.7m. 

Over the nine month period, 
operating profits rose to $3J4 
a share compared with $2.34, 
while operating net profits 
went up to S156.6m against 
SlLTJhn Sales rose to S2.6bn 
compared with S2.4bn. 

The company said that the 
results exclude income from 
discontinued operations of 
$959,000 or $0.2 a share in the 
third quarter of 1977, and 
$5.4m or $0.12 in the first nine 
months of Iast year. 


BY OUR FINANCIAL STAFF 

CROWN ZELLERBACH LOWER 
STRIKES by pulp and -.'paper 
workers are blamed for a sharp 
fall in third quarter profits at 
Crown Zeilerbach, San Francisco 
based paper, packaging and 
wood products group. 

Earnings per share dropped to 
30 cents, compared with SL12 a 
year ago, while profits fell to 
$7.6321 against S2S.7m Sales 
were also down, at $ 600.4m 
against 8613.3m. . 

Over the nine month period, 
earnings per share fell to $2.62 
from S3.23. while overall net 
profits dropped to S66.9m, against 
SS2.4m. Sales in the nine month 
period rose 15 $1.84bhY compared 


with $1.76bn a year ago. 

The company said that tbh 
strike by workers in the indus- 
try has hit about 40 per cent 
of its North American pulp and 
paper capacity. Tbe mills 
affected by the dispute are now 
operating at about 40 per cent 
of normal production, / 

Apart from the strike^ which 
began in early August other 
company businesses are perform- 
ing well, Crown Zeilerbach said. 
The dispute arose when union 
negotiators turned down wage 
increases of 10 per cent In' the 
first year of a proposed two-year 
contract and 9 per cent in the 
second. 


sets record 


NEW YQRK.T3ct it ^ 
BOISE CASCADE, the napo^aa 
building materials group, - w : 
enjoyed its best three 
ever. Third qriarw’ : earhfatik 
advanced from a cbrzespq^^; 
S3lm or $1.95 a share hffigpwr 
or 51.18 a share, Satb'advajiefor 
from 8605.3m to S68C5m. ' 
Total earnings fhr‘ ; . ' aft*? 
months were 5101.98m, eqaal^ 
$3.77 a share compared iitr, . 
887.67m or $2.97 a share for lim 
same period in 2977, ; *■ V.7rft 

Mr. John B. Fern ph atvw^ . 
attributed tbe record' nS 
months* performance to awS* 
markets for paper ant) {miMfe? 
materials. 'Agencies. • 

. . I — 


RESULTS IN BRIEF 

Union Camp makes 


American 
Cvanamid gain 


By Our Financial Staff 

AMERICAN CYAN AMID, the 
diversified producer of chemi- 
cal, agricultural, medical and 
consumer products, announced 
a rise in third quarter net 
earnings to SO-75 a share, com- 
pared with $0-67 a year ago- 
Net profits were SS6m against 
$3i.9m a year ago. while sales 
rose from $ 604.6m to S6 72.5m. 


NET earnings of tbe . paper, 
chemicals and bonding materials 
group Union Camp for the third 
quarter rose by 12 per cent to 
$1.37 a share. Net income was 
up from $29 .Sm to S33.2m, on 
sales of S 3035m against $277. 2m. 

Another company with 
interests in building materials. 
Lone Star Industries, had net 
earnings of S1.47 compared with 
SL01 a share for tbe third 
quarter, while Louisiana Pacific 
Corporation, the wood products 
and building materials' concern, 
rose sharply from Sl-63 to 32.10 
as bare for the nine, months 
period. 

Also reporting for- the nine 
months were Lenox Incorporated, 
china and jewellery, little 
changed at S1.73 against $1.70. 
insurance brokers - Marsh' ' and 
McLennan, ahead from $L44 to 


S1.S0, Jos Sehiitz Brewing Com- 
pany, down from 85 cents to 45 
cents, and the utility Southern 
Corporation, down from $1.66 to 
$ 1 . 20 . 

The wood and paper concern 
Olinkraft, currently the subject 
of a bid approach from Texas 
Eastern, moved up steadily In the 
first nine months from $259 to 
$3.16 a share. Rohm and Haas, 
which produces chemicals, also 
moved up for the period from 
$2.54 to S3 .29, while. Ftiutkote, 
which manufactures building 
materials, advanced .from 32.62 
to 84.32. 

Further advances for the first 
nine months are reported by the 
bank bolding corporation First 
Pennsylvania, up from $1.63 to 
$1.69, Gould Incorporated, elec- 
trical goods, ahead' from $2.89 


progress i 

/ NEW YORK* Oct 17:^ 
to $3.05, KnlghtJHdder 
papers, from SL25 to $LSf 
Wheelabrator-Frye, envi ronmen t ■ 
control, from $L98 to $253, and 
the bank- - holding" comjjm 
Western Bancorp, 523§an 
$3.31. 

Two companies " reported^ < 
the first quarter. : Cooli; : 
tries, involved in bgricultiire'aai , 
flooring, moved ' sh2rplv"d6w- 
ward from $4:87' fo 
schoolbooks publisher Jos 
Incorporated edged npmaxdk'j 
9 cents to 11 cents. ^ 

For the ftiff yew. .moterit 
ponents mathtfacturer--;. Ee__. 
Manufacturing made - 

share compared with- StUr ifbflr 
for the 40 weeks : tp-0dbfai»^. 
Corning Glass Woitta .■ mxvi. 
ahead from $4 to S4.64a shinL r.' 
Agencies. '••• •* ■'.■•'•Ajic ■. 


EUROBONDS 

Bad day for dollar sector 


BY NICHOLAS COLCHESTER 


THE dollar rector of the inter- The Bank of. American issue 
national bond market had — DM 150 in until 1990 wit ha 
another had -day yesterday, coupon of 5J per cent— is going 
Prices opened lower, after a well, and one dealer cited a pre- 
weak finish to trading on Mon- issue price of 93$ — 995. Deutsche 
day, and by the close they had Bank yesterday announced pre 
fallen by an average of about « limlnary details of its DM 75 ra 
per cent in active trading. bond for tbe City of Copenhagen 
The poor performance of the It will be a 12 year bond with 
dollar on the currency markets grace period of two years to giv 
was reinforced by the increase an average life oE 7j years. The 
to 9} per cent, from 9i per cent, coupon is 6 per cent and the in 
of the rate market participants dicated offer pric ewill be 99i 
are charged by the Euroclear On Thursday, Deutsche Bank is 
clearing system' This brought expected to announce a private 
the continuing rise in US interest placement of DMSOm of con 
rate borne to the market. One vcrtible bonds for Olympus 
market maker told of conspicu- Optical, the Japanese manufao- 
ous Swiss selling. It was prices turer of photographic and optica] 
at the short end of the market equipment 
that suffered most Tbe same bank yesterday set 

White Euroclear helped tbe the terms on the convertible for 
dollar market down, it did the Marudai Food — an issue for 
opposite for the Eurosterling which demand is said to be 
market, which has recently been strong. The DM 50m 1987 Marudai 
the scene of a savage shake-out convertible has a coupon of 3^ 
Euroclear reduced its sterling per cent The conversion price of 
fees from 15 per cent to 13 per DM10.33 per share, or Yl,033 at a 
cent removing most of tbe gap fixed conversion rate of Y100 to 
between this aod the yield on the D-Mark, compares with the 
Eurosterling inventory. The closing price yesterday of Y955 
market bounced back up by The shares were standing yes ter 
about a point yesterday, although day at their high for this year, 
prices moved very variably. • Tbeir 1978 low was Y761. The 
In the DM sector, prices were first date for conversion 
unchanged after tbe fall oE about February 1, 1979. 

4 of a point on Monday. Tbe The first-ever Eurodollar float- 
secondary market has not been ing rate note issue to be arranged 
encouraged or depressed by the and signed in the UAE was con- 
weight of new isues scheduled eluded yesterday in Abu Dbabi 
for the next four weeks. The for the state-owned Algerian 
total volum of DM 1-2 bn will bank, the Banque Exterienre 
require some digesting, but it Is d’Algerie. Tbe issue is for 
less than had been feared, is U.S$40m and has a seven-year 
largely prime quality paper and bullet maturity. The lead mana 
is scheduled in a way that leaves ger was the National Bank of 
some breathing space. Abu Dhabi. 


«*• ■ 


FT INTERNATIONAL BOND SERVtQ£ 


, • : 


The list shows the 200 latest international bond issues for which an adequate seconwJ«w*?V * 
exists. For further details of these or other bonds see the complete list of Eurobond prices 
op. the second Monday of each month. ~ ■ 

cwweNv 


U.S. DOLLAR 
STRAIGHTS 


Change n 
Issue* 8W Offer day week Yield 


YEN STRAIGHTS - J«s«ll BM Offer !(»; 


U.S. QUARTERLIES 


AMERICAN HOME PRODS. 

NORTH AMERICAN PHILIPS 


Revenue 842.4m. 

Net profits 92m. 

Net per share... 0.5S 

KJac Months 

Revenue 2. 42 bn. 

Net profits 259.5m. 

Net per share... 1.64 


s 

733.6m 


Revenue 530m. 

SQ.6m. Net profits 14.8na. 

0.51 Net per share... 1.13 

Nloc Months 

2.13bn. Revenue 1.57bn. 

229.6m. Net profits 43.1m. 


s 

497m. 

13.7m. 

1.06 


1.45 Net per share... 3.34 


1.38ba. 

39.9m. 

3.09 


HEMOREX 


TRANE CO. 


Third Quarter 


1978 


1977 

S 


Third Quarter 


2978 


Revenue 152 6m. J14.1m. Revenue 

Net profits 9 9m. 14.0m. Net profits 


1.25 


Net per share... 

Nine Months 

Revenue 450in. 

Net profits 37.Sm. 

Net per share... 5.18 


146 . 5 m. 

7.12m. 

127 


2.05 Net per share... 

Hint* Months 

326 m. Revenue ... 

40 6m. Net profits 2Q.P7ni. 

6.07 Net per share... 3.75 


1977 

127.2m 

5.90m. 

1.04 


41fl.9m. 359.2m. 

17.29m, 
3 09 


OSTERREICHISCHE KONTROLLBANK 
AK1TENGESELLSCHAFT 
U.S.$50.0fl0,000 Guaranteed Floating Rate Notes 1988 
Extendible at the Noteholder’s option to 1993- 
Notice is hereby given pursant to Condition 3 of the Terms 
and Conditions nf the* above-mentioned Notes that the Rale 
of Interest (as therein defined) for the Interest Period fas 
therein defined) from * s, h October. 197S in JStb April. 1978 
is at the. annual rale of 10 i*. Per cent. The U S. Dollar amount 
to which the holders of Coupon No. 1 will be entitled on dulv 
presenting the same for payment on 18th April. 1979 will be 
U,S.$53.40 subject to appropriate adjustment thereto for the 
making of ‘other appropriate arrangements of whatever 
nature) which we may make, without further notice in the 
event of an extension or shortening of the above-mention “d 
Interest Period. 

_ , o _ EUR0PEAN ba KTONG COMPANY LIMITED 
ISth October, 1878. f Agent Bank) 


Asa AkL 3j gs 

A u:. -Tali a ? S2 

An*iralla S.« ?3 

Australia 91 93 

B- Foods 7« S3 

CECA «: S7 

CECA. 9 K 

CECA 9S 

CXT 3 S3 

Canada f S3 . 
Casada S/.’n S3 
Cauda Si 9S ., 
Tanadair SI S3 


95J 

"7S 

99! 


Dominion Brcdte Co. 9 SS 25 

EIB Si S3 108 

E!K Si 3« 75 

EI3 3i 93- 190 

EIB 9| 93 .... 125 

EIB 9t 93 198 

Eisam Jutland 9 55 Z5 

EKsponUnans S S6 50 

Espon DevrlpmuL S.d S3 125 


25 
350 

ns 

75 

uo 

50 
25 

25 995 99J H» 

IS 97J 18 i -OJ 

....... 250 7981 97 +0J 

asa vm» %j 

250 t95 " 

73 9&1 


V7i — M -8J 
981 -0J -K 
9M +0 -01 

1096 —8 
95 — 0! 

«*i -01 

98i -01 


-W 
-il 
-81 
“0| 
-1 • 
-K 
■HU 
+01 


9.71 
9JO 
905 
901 
9-19 
900 
9J5 
9-28 
9 M 
9J0 
9-05 


Asian Dev. BB- if SS 

Australia s.*> M 

BFCEA4 89 

Eurnfima 6-9 94 

Finland 6.7 SS - — 

Norway 5.7 S3 

Oslo. CHx of « 6 M 

SHCff fi.« 90 . 

Sweden 6 J 98 


15 97| 

53 turn 

38 964 

10 9« 

S 97J 
25 1031 
IS 98J 
28 98 


:«2 


l£ +f W. ’MJ 

TC--F0 w.m. 

981 

fSf 


« 954 - "9ft|." 


Finland SI 83 

Finland 9 S8 

Hospital O/S 9 S3 

I’C Industries 9 85 ... 
I tel Finance 9J 8S .. 
tret Finance 91 90 .. 

Ilo-Ycrfrado 96 St 

J. C. Penney 8* sn 
Mac Blot-del Pi 93 ... 
NS Dev. Fin. Si S3 ... 
N Z Dor. Fin. 81 S5 ... 

Nat Me?r. 9 86 

Vu-foundlaud 96 99 
Nord l> r. Bk. St SS 
*.ori.’S F.-Iinm. SH 9S 

Norway 71 S3 

Norway $j 63 

Norway SI S3 

Occidental 8; S3 

Oni. Hydro 8i S3 

Quebec Hrdro 9J 93 ... 

Sweden 9} 98 

UK Si S3 

UK Si S3 


U» 

100 

...... 25 

...... 35 

25 

20 

. — 23 

100 

50 

20 

28 

TS 

58 

25 

75 

258 

125 

150 

.... 75 

125 
..... 50 

125 

200 

— 158 


W* 

976 

981 

TO4 

984 
99J 

9« 

973 

983 

985 
98 

974 

984 

973 
981 
991 

974 
97| 
9«: 
Wi 


% -04- -M 9J3. 

?K -0) -« 9.44 


953 —84 • —8| 
981 +0 -04 

99 HU' -0» 
903 -04 -0* 
« -04 +0 
991 — 04 +0| 
974 -Bi . T |I. 

9« +& +0 
90S. +o -a* 

“Hi +8 ,+14 
97J -« -24 
98i —01 —OJ 
973 —83 -14 
97 -04 -1J 


9.92 
9J7 
1 JO 
931 
942. 

941 
945 
9J8 
945 

942 
949 
949 

, 9-73 
1005 
1049 


20 

30 

250 

75 

25 

15- 

72 


1801 +0 ' -Bi 936 
974 — B| —04 945 
9H -II -1 9^ 

953 -M -2 \ M9 
953 -9i- -l ’ 9AB 


99| 

984 
9K 
984 
90J 
98 

983 
95 
953 

9®1 99| +8 -M. 948 

99i 993 -Bl -04 .932 

974 902' +» -rOi 948 

984 98S —01 . fflOi 9J» 


300 -04 “03 
9« -« —02 
976 -OJ HD 
-974 +0 -+«. 
95 -0* ’ -Ot 

94! -m -K 
99i +0 -81 

95! -8t -H 
9W -05 . -02 


943 

9.«T 

122 

942 

9-29 

925 

948 

942 


OTHER STRAIGHTS 

Alee clone Bk. B} 93 FI ... 

BAT. 8 88 LmFr 

Bayer- Lax. S SO LOsFr ... 
Mees and Hope 7 83 FI ... 

Brazil 74 S3 m : 

CFE Mexico "71 83 Ft ..... 
Citicorp O/S Fin.' 10 93 £ 
Copenbajzeo 7 83 EVA .. 

EIB 7J 88 LUX Fr 

EIB 74 85 FI 

EIB 9} 88 £ 

Oranjeboom 106 00 I ...» 
Finance for Ind. 10 88 £... _ 
Finland l. Fd. 8 38 UnPr SO 
Finland Ind BX 783 EUA Z5 
Gestetner Hid. BY U 88 £ 18 
Neder. Mldtfenb. 6J. R3 FJ .75 
New Zealand SI 94 FI ...„. 75 

Norway 71 SS UtxFr 250 

Norway 64 83 FI 288 

OKB 84 93 n 75 

Panama 8* W EVA 20 

Renault 71 LuxFr 509 

B own tree tot «? £ u 

Ranfe O/S Hold Il». AS _ . 12 
SDR France 7 93 EVA ... 

-Sears 104 SS t 

. Swedish I. Bit. 8 S3 LmFr 
.Whitbread 1W. B9 £. 


Issued BW Ofta- da» 

75 «J 954+81 

258 -. 95T.. %Jr +m . --Wf 
253 962 971 

75 '951 964‘ rrfli . 

75 95 . 958 4*' , 

7S m . 96 - 


-8M 
96 ' 
96S 
931 
89 . 

m 

8 H 

m. 

964 

-86t 

964 

962 


97 -+Bi -0* -iH- 




974 

S*. 

-W4 .+u ;^ 22». :: 

871+8* 

m +iv-4r»» 
973 

97, -+04 -fett.-T*- 


9M flte+iLi+Bi 
9S| 9ft -« —Of ' -7^. 


922 9« 


22 

15 


973 

964 

833 

“96; 

9ft 

151 

991 

»- 


90 +« +® - 
97» +84 -W ,??: 

97* +0 '+. IW-t 
9IJ +8 . .-09' 

int +04 +« 

8». TlS. 


DEUTSCHE MARK 
STRAIGHTS 


Chanson 

ls»wl BM Offer day Week Yield 


196! 

1023 

97* 

98 


Aslan Develop. Bk. 31 88 108 

Australia 6 98 250 

CFE Mexico 5| 88 159 

Canada « tt UO 

Chase Manhattan 0 5 6 93 188 wi 
Commerzbank Int. ffW 34 ICO +196 
Commerzbank fut. XVV 34 189 «3t 

Council of Europe 64 zoo 

EIB at 90 2SS 

EIB 6 90 380 

ElrtOrobras- Brazil ft 150 

Elf Aquitaine Si S8 100 

IBJ 3 84 job 

Kobe. City Of Si 86 200 

Webt Sendees de Elet. . 

McxJeo 6 S3 

Mitsubishi Petro. ft S3 ... 

Nippon Steel 5* 85 

Moraes Knmm. 6 39 

Norway 4* S3 ™ 

Norweaian Ind. Bk. 8 98... 

Peiroleo Brazil 7 88 

Philippines 61 S3 HU 

PK Banken 5i 8S 1 » 

Quebec. Province of 5 95 ia 
Ractaninfckj Or ft SS so 

RlCOb 3; S3 30 

Spain 6 99 ” mb 

Stafoil 6 5B UO 

Tauernaototuhn 34 *t . to 


97 

1824 

98* 

93! 

1014 


+«' +0». 
+ft. +06 

+o- .. -0 
+w 


150 

20D 

in 

uo 

u» 

259 

125 

100 


10ft -XI -ft. 
834 .+0 —01 

1001 +«* +r* 
ft . +0 -ft 

991+8 +0 

98* +0J.+01 
951 +0 : —84 
10W ft .-Hi 
+« 


JL95: 

5.69 : 
7Jft 
548 
540 

2.76 

5.76 
6JW 
UZ 
602 
7.03 
SAW 
4.9T 


Trondheim, city or ft 
l r DS Group 3: S3 ... 
Veoezoela 6 S3 


35 

65 

258 


130 
9« 

974 
984 
9ft 

UO 

101} U21 -’+84 +9. ■ S40 
W* 9ft +ft - -ft 7 
197J 973 +8- —8S .£« 

1021 1854 +0» +0 S3* 

1024 ’ 18ft . +84 . +8fc S-26 
UQi 1(04 +fil +03 SJ9 
97 971 +ft ' +8 537 

UOJ lOOi +0 +ft S.9? 

994 99| +0 +84 -7.07 

95 963 -ft +84 7^9 

9S 961 —84' — 84 _.6J8 
97j 98 -04 +0 , 6J» 

95} % — Oi -8! -*;» 

tlOO 1001 -Of — W . SM 

964 974 +ft +« M 2 

1«* IOCS -W '+0 5.91 

199J 99 +01 +0S 5 « 

974 ft +ft .+« dO# 

97! 98 +D -ft- €39 

954 9SS —04 . —88 6M 


FLOATING RATE 
NOTES 

American Express SS 

. Arab Inti. Bank M6-» 33_ 
.Banco Nac. AnenL MS S3 
Bank Handlowy M3 S8 
Bank of Tokyo M -ft. 93 
Banque Worms Mai S3 ...- 
Bq. Ext. d'AtS. MS-373 ft 
_.Bque. Indo el Suez MS} ... 
Bq. Int. ATr. flee. 116.5 S3 

.CCCE .M3J5 98 

CCF U5I S3 

Chase Man. O'S iO* KJ. . 

Costa Rica MS4 S3 

Credit National Uo) SS ... 

Eo petrol M7 S6 

■SFTE- MS 33 

IsWkawaJImB M3I S5 


Spread BM Offitr.Cdan C«*B Cartfr 


Udbljaoska M7.73 SS ~ ' 1 


m 

96S 

97J 

n. 

971 

973 

974 
9*. 
964 
971 
98i 
97* 


'■OAK. 

& 


MWl and inn. M54 33 

NaL' West. MS} 00 

Nippon Credit itSi 83 

OKB - MSI ft 

Offshore lUBjoa' SB 
Standard Chart M35 » 

. Snadtamo Heavy M54 gj 

StmdEvallsbuiken mb 85 
DHL Overseas Bk. MS 83 


84 

04 

si 

01 

ft 

u 

af 

Oi 

01- 


20/1* O': 

9TI n/1 91 

w .an, 

97} »n wf*: 
m m u*?*** : 

981 15717 9. 

TO 9/2 9| . 

981 25/1 «.^- 
,9K 12/1 
974 30" 

991 3fll »>!*;■ 
... 90 27/1 

loot -1802 'JO/4 
til 973 nn\ 

99- ■ 2E/3 » ' •»-.-■ 
Ml S/a-M**** 
Tina « ,-fgr . 

981 20/1 

9W 15/3 * JLggr 
W 19/1 . 

97i vtn *2 ^5 - 
994 . «■: 

TO 98 4/4 ««» :• 

9 W 9» 


s. 

TO 

TO 

971 

« 

TO ’ 
984 
-ON- 
TO 


CONVERT! II LE 
BONDS 

Asics Si n 

Baker Im. Ftn. 54 83 1/79 

Boots BJ ft 2/79 


Cnv. Cite, 
data pries 
9/79 bb 
M 
ZOfi 


SWISS FRANC 
STRAIGHTS 


esa ii/ S3 . 
WSvrs Tuno?l 4 53 
A«ca i{ r. 


Cbasgs on 

Issued Sid Offer day Week YlaW 


5 IM 10ft -81 +8*: 4.71 

ft 190 1001 +0. +84 S.9* 

cd™Si 4 S/ W EaS5e" 4S S Z iS 4S « - S 

BSS^fyw 13 - ® Si aS +« +1 

Denmartt-MiWdasf Bank 80 

FIB 4* 93 ua 

Eoratom ft 83 on 

=■. t. Smldth 4} S3 c 


ft 


Finland 4} 93 

IT7B4:91 

Hiid-Uerbcnstelo 44 
Cl Fla. SV ft 9:i 
I-natran Voima 4 93 

Manitoba 4 9a 

Vf* BrnnsWiick SPC 

Vt-ras 4 P3 

Vorui-s Romm. 4! OT .... 

OKB 4 93 

Oy Nokia 5 OT 

Quebec Hydro Si 93 

Sal- 4* TO 

Seas 4i 8$ 

vocst-Alptne 44 99 
V w a Iters Kratt 4 93 

VIMKM 4 93 . . 

World Bank ft 83 


99 

UO 

25 

im 

SO 

us 

us 

70 

180 

80 

23 

UO 

38 

15 

IN 

30 

IN 

SO 


IMS +8 

ia a -tv. 

1023 -« 

1014 +04 

1» +=» 
107i +81- 


+04 CB 
+1: -US 
+1S «M 
+« . 0.15 
+M ' MO. 
+11 0J9. 
rx - 
3.73, 


1MI 

m 
1024 
in 
100 ! 

1021 

IN! IBS r-9i +M 
1035 1BK -oe -+®t „ 
l(K 1038 +«r.+14 -3.93 
96J TO +0 1, +84 «Z 
103 1034 +S| . +H_- 3.72 

ft W +8 3.9* 

i Dai 100! +0 - +« 

uzi »» +»• +83 
1001 MO! -Mli +N 
mil 202J .+«■ +w 

971. 971 +W +« 

18U. 182 +« . +JI 

low a»r « : tl . 

1024 INS +B£ +» «r 

UN UOZ -B -N 
U8i UN ff»l -WH 3.94 
10U U2 +» +» V* 


Coca-Cola tattling BJ ._„ fl/79 « 

Uo-Y o kado ft 93 6/78 K73 

Novo IndBBZrles "7.88 4/19. 255 

.Texas int. Air. 73 « am iajs 

Thorn lot Fin. 7 RS 11/78 J47 

Tyco Int. F*n. Si 5® 9/78 2J 

Tyco Int. Fin. 5 ft 5/78 6U 

Anaii] On! leal ft DM 12/78 588 

Casio Coiej. 3j S3 DM .11/78, sal 

IZOmbra ft W DM J8/T8 989 

■IWCtt 34 91 DM 1/TO 1270 

Kmtahlrnko .» S? DM _. 1/TO 412 
Moral*- Man. S{ ft DST . 31/78 854 

fflPPOD Air. J 5 S8 DM 12/78 588 
Mppon Sb.nptn 3! DM _ 8/78 738 

NlMhin Steel J ft DM 7/7* in 

Rlcoh-34 ^8 I’M -.. -14/78 m 

Ssnkyo K feme- 31 DM. 8/78 sm 
S anyo BlH.trtc-33-DM . -11/78 295 
Selro-Storos 31 88 DM ... 9/71 127S 
Stanley ElN-tr tr 34 DM . 11/78 CZ3 
Trlo-Ke nwo o d 81 88 DM..A1/78 711 


■ '<*■» -■ nh : 
Rid Offer to 
MB MM' 

1M 207 — « : 

98 994 +« • *» ' 

m 9B -5 *£. 

MM MM 

TO W-CI.JS,: 

923 931 

M2j TO -Oi 

l® 3 * '*KE rS «2’S 7 
75 m iff ' 

^ s; ^1|. 

ua “ft - i£ 45 : • 

iwi uki -ft .. 
992 1881 -ft- . JS - 
994 99J +8 

991 UN 

mi tut +*.-5*5 
i32j bji +M:r*S'. 
am io7 ''— ft 
127J 1281 
95* 964 « 

“94 U« - +S “fS v 

to msi .t« .2£2 . 
W* Iff -ft ® 9 . 


3.95 
Iff. 

3.96 

zn • 

193 " 

4JI7 

ze ; ' 


4 No -MOrmgtloit available — presto as day's tfftce-- 

SMiohc -° a3 - y n 2 r ^ t . Da £ Hr “PBdwl a price. ” ' ' 
rift* : te rteM to redeapta oft jN 
. e My kti. the amoanz issued ta In mllUons of ew**?** 
-.tudni except for Yea bonds where u b Ic bUHoaft. -<*“»» - 
0V V prtcg » *«k earlier. . ‘ ' 

De nomino iod in dollars unlesi 
. .wise Indicated, M= Wlntoram coupon. C. date = DM* 

^ 0I ^ S Soread =M«r*rtn abort Jigawna 

- ft nars - CjmnaThfr. curreot aww«-.-. 

C.yld^T bp currant yield. . .. - . .. 

In dollars .; 

- indicated. CbK, day = Change on day. Cm?. da»=P«sf£^ ■ 

. tor conversion uro shares. Cot. price = Nominal vtmittt «...- 
- ^! WW3< l bl currency .of spare at 

■ton rate fixed at isstw. Prera= Pereem bkt nrwnBBU ' 

i.- current effective price ef~ acquiring ^shares Tie Uff**?. 

■ ever -the most recent twice of the shares. . , ; ' * ' 


TUbm ltd.. 1278. Reproductlob InjJ*-. 
or to part in any form not permitted vUhout YTtf*® 
-consent. Data supplied by lata - Bond Services. . 




A- 














3 


4*faaiiiaal Times Wednesday Ortober 18. 1978 


35 


INTERNATIQNAL 1 1\\\( l\L AiND 


AIRLINE MERGERS 


New paths to growth 


BY JOHN WYtES IN NEW YORK 


MERGER MAMA ' has been acquisition rather than by direct lay would be S156m or S32m less 1 

. the notable feature u£ the U.S. investment than the cost or tbe ten new air-' 

. inrporale scene this year and Mr. Frank Lorenzo,. TXTA's craH. 

• aas already resulted in 5S take- president and chief executive. TXlA would, in fact, be taking a 

> vers . D \. &1 99 m or more wm* ha* toM the CAB that his goal 'ontn.l of a 52 aircraft ' 


Mortgage 
Bank seeks 
further 
rights issue 

By Our Financial Staff 

RIGHTS i»su« to raUe 


Profits warning by Suez Finance 


BY DAVID WHITE 

C.OMPAGNIE . Financirre 


PARIS. Oct. 17- 




, . . , .. _ • - The second half of the year is after a slight drop in net profit capital to back up growth, but 

jsiuez ho. ding company of French being marked by several big in 1977 to Fr 77m. H. Captain said no decision had 

Suvz banking. industrial and financial operations, and in par- On the other hand its clearing been taken on the subject, 
property group, has warned that ticular the company’s eontribu- bank. Credit Industrie! et Com- © La Caisse Rationale des 
;iU net profits arc likely ;o i Ji: lion [ 0 a f r 600m. capital in- mercial. was in danger of seeing Telecommunications (CNT) and 

plightly lower this vear than last crease by $aim-Gobain-Pont-a- profits drop hack because wages La Caisse Centrale de Credit 

, but has promised snroliulder? the Mousson. the Glass and chemicals nod costs were increasing at a Hotelier Commercial 

j same dividend. giant. Suez is the biggest share- faster rate than its domestic trlel plan to issue the Frr l.obn 

M Michel Caplan '•mm holder w «lb a — per cent stake, banking activity, closely linked of domestic bonds next week, 
- 1 M. Capbip said he expected a to the overall trend of the Reuter reports from Pans. The 

issues were delayed by the issue 


wred with 41 In the whole of isVat^uire a £ p«" cent hold- which is aiuongThemS modern I po^T^yen^e^vpotheK ! ^ar^^esuTt.^ which^shoied ^ s ‘ mi ‘ ar ^sic^erforaance for French economy. - . 

.a*l .-ear. The galloping trend :qg in National, and thereby in the U.S. whose market value SSdwi-chsoSank threading , small increase in net earnings the Saint Gnbain group this year ^ M. Caplaintold a meeting of on October .10 of FFr 3bn in 

diSlanlianyimoncace hank in ‘ Havana. • lo Fr 171m tUSAUb in i from 3S ,a * U tt,th 


Sll ’ 

book 


o a Single airline, sh^n on National’s balance lhat lhe bank hab lapped share- exceptional gains, 
.chosen because it she? and exceeds the open lhofders for frestl finanw? , n j eM ln hls . ner t , 
Lary, a mediuraand maiket price of Nationals com-j.han a war. Last November a £ ,s L‘l.fL. 


rewards concentration of cor- control, and ro combine the is. says Lorenzo, 
ttorato power is causing' some Miami-based carrier with bis own higher than the 

imety to anti- trust officials. operation into 
At the heart of this concern is National was 
he growing realisation in Wash- is complementary 

ncton that for many -corpora- long haul operator while TXlA mon shares 
ions mergers represent a much is shorthaul. sum.” 

nore attractive path to growth “No other alternative avail- He esiini 

hart the aliernative of direct able to TXlA would satisfy its ment to be r .. 

nvestmcnr in new assets. -- objectives at a price as econo- share which means that “ TXlA ! at DM J75 a share— was made! 
The rea5ons are not difficult * vnuld purchase a majority share; necessary hv ' the hank's 

(• establish: several 'Cars of ■ f, 1 National Airlines for sub-- “increased business.'' The bank* 


satisfactory develop- financial analysts that h an kins, government bonds, 
as. where 52 per cent finance and insurance accounted The terms will b 


be 3S originally 


to sharohnlriot-c aeliviTioc 


Ia*an\el.u??“ bolstered by 0 f total sales were made, but con- for 65 per cent of earningsT Tn- planned with both bonds for 15 

tinuinE nroblems in its French dustrial and portfolio holdings. years carrying coupons of 10.30 

which made up more than half per cent. The FFr SOOrn Credit 

e is state guaran- 
yield 10.27 per cent 
00m CNT Bond 
per cent. 



r.i 


jCarh or ■ ■ 

elatjvoly depressed stock 

hari'.eu make possible the hack ®f official impetus 

J (\ Pfrty acquisition of plant and into a freer, less regulated 
4 ' -e quipment at prices often suh- world, a number of airlines lo make the important point lhat 

L'i\ “i... 'taniially below their iruc value have decided lo take. the. his airline could not achieve its 
I C0if»’biie at the same time offering plu ng e and sec whether thev growth objectives as speedil> 
‘investors in the target company can convince the authorities of a Z* d ««n®“*wl»y if h pursued 
n attractive premium over l heir need to combine lhe path of ordering new aircraft 

aarfcet price. * nei ^ M t0 con,DI - and seeking authority to develop 

The airline industry is one of. — - - — new routes. 

he last major sectors to have _ While not spelling out the 


Manually less than il would have! balance sheet total after nine! 
to spend on ten new 727-2Q0s." monihs of this year was about j 
Finally. Mr. Lorenzo goes »n 1 12 per cent higher at DSf 4-LTbn.j 

‘while claims on customers in j 
hanking business rose by about 


Former Credit Suisse 
chief sued for damages 


MEDIUM-TERM CREDITS 

Banks look askance at 
EDF $3O0m facility 

as. £22- f sss ‘ I 


ZURICH. Ucl. 1 

three 


againsi 


German banks are j per cent spread throughout 
to be refusing lo with four years' grace. The 
major EfiQOm rearrangement fee being paid by 


business year ever in 1977. The 

iiccumbed tn merger fever, not m i ej i rhit nt srmiirmc fi nat ? c, al advantages in so much l report taken from an analysis 

■ccause airlines have seen no National " he adds * 4 ^ detail. Pan Am’s hunger for {of earnings bv the Wen German 

drantage in consnlidation h U £ * if ttu uerMn m- m emnd Na,ional ^■■'imHai’derivaritmj.iFpdcral Bank, suggests That 
esulaiorv wH h.. .™ A i*".i2- tr ?n his tesiimonv to the C.\B \ operating results of German 

hank.s reached DM 11. film in 

and chier executive, stresses the I 
urgent 

be industry out into a freer, less ‘i n ’l9si‘ f or^l him ES" [° n r d l a S! 

egulated world, a number of each and five in 1982 for Sl7.5m ftll2drtlI?cS i 

to create a 

from scratch.” 

region Amtiino 


as made it difficult. However, j* would savs Lorenzo need a ‘^ r j V.* I . ,am Seawell. chairman 
' Civil Aeronautic s liinYmim ^UbSSTmoo^ Jg 

loard and the Congress pushing Assuming that five aircraft could *' Tl rl n r c , 


cKUMusa worm, a numner ot eac h and five in 1982 for $17.5m the h iion dollar 
■rliocs have decided lo take the each, then TXIA's total invest- }. he 
lunge and see whether they can mem. allowing for spares and ioinKSmiSm 
onnnce the aiiihonties of their training would be in the region Armiinn'th^t\ 


BY JOHN WICKS 

pofnt r ei e rmt!° ^ W,7bn - " ^ITHE FORMER presidcn. „i the proceedings 

AP 

fn rt - J i V ^«i» t r <jC m?Mi^.e bJ rhtir° hB^' 5UBd {or damages f or alleged ceedincs am now expected , 0 participate in a - - 

! " SKt negligence in conned. on with come lo court next spring. ! ten-year standby facthiy for the borrower is i per cent for 

the irregularities involving the Under Swiss corporate law. Electricity de France because the managers and , per cent for 
bank's Chiasso branch which shareholders or creditors of a the spread is loo low. the participants, 

were uncovered tn the spring of company can bring a suit of this The suggested terms for a Meanwhile a Yugoslav hor- 
iast year. kind in cases where persons [°' jn winch would bf a haefc-up rower. Primrdna Banka Sara* 

n-iniinpc nf Sw Fr 10m is'HSmi responsible for the administra- » or an . is 'y £ ‘ t T ,m ! nc ! rci3i jevo. has obtained a S20m 12- 

. , ®_ . : • Tion. manaeoinf-m rir mnirnl nf paper in the U.S. tnclude a vear credit with five rears' grace 

spread of ? per cent above the f,n a spread of i per cent through- 

inierbank rate, rising to ? per nut. Joint lead managers are 

cent. Such a sprend would be Credit Apricolc. Daiwa Bank and. 

Vi ! „-iiH I*. rn>dit SuLs-i- against me avtenaant — in in is | low'esl reached in the current Tokui Bank. The reason this 

19ifi outpaced the 11 per ceni j paid to Credit buu,. l. case former Board pre sideni ! downturn in borrowing costs in borrower was able to break 

growth in busmew volume. thc : D „ Meister. who u a Zunrh Schulthe^s— recourse mav be : lh,s market. The lowest so far through the 1 percent harrier is 

Federal Bank said. lawyer, lodged this suit with the had to the persona' liability ofi is a spread of ! per cent. ihai this financial credit is co- 




Italian fears 
on easy credit 


Upsurge at L’Oreal 


BY OUR OWN CORRESPONDENT 

THE SUCCESS of recent new man 


1 rent above 1976 duo lr.ra.-lv ,o| president in March. 19... He Lh.asso branch to the Llechten- 
ian increase in hu«incn nf 5 S subsequently gave up the title 
ner rent The interest margin.^ honorary prudent accorded 
l»eni«Uv fell tn 2 05 ner rent in . h '"‘ 

1977 frnm 2.09 pp r cent in i 9 T«t. , mS- The action that Dr. Meister 
»>.« FnHopfii Rani- an»i<-«<« <aid i !S bringing is a civ i! suf and 

has nothing in dn with criminal accounts. 


PARIS, Oct. 17. jibe Federal Bank analysis said, 
of the group, said ' the 



Sprecher safes revised 


ZURICH. Oct 17. 
amouuied 


split spread of It per 
for the first three years rising the first five years rising tn 
to 1J per cent for the remainder \ per cent. The agent bank is 
with three years’ grace. The Qatar National Bank and Chase 
lerms of the new loan which j$ Manhattan is in charge of the 
' for the same amount include a documentation. 


to 


MILAN. Oct. 1 

FnifilUXrA np>p< q waminri products and growth in overseas results confirmed earlier fnre- ) 1 sa\vait< 

' , its annual report that^as? 1 distribution helped the French casts that L’Oreal’s net profits | U Q U,Cn,ni,Ca aWa,IS 

• edit conditions in the ftalian cosmetics group L’Oreal. to for the year would be around: cash rescue 

. -opomy are producing “ dts- • bolster its net profits by a. .third . FFr 209 m. asharp increase from . Liquichimica workers at the! BY OUR OWN CORRESPONDENT 

• rtions”in investment patterns.. ,n the first half of this year. ’ last years FFr loom. 'company's Augusta plant in THE SWISS electrical engineer- group turnover 

he bank says low- interest rates' .Foreign subsidiaries were \ Sicily have again gone on strike. I mg concern Sprecher and Schuh Su-Fr 477m. IMrYFAfl/ AfTian oall Qlfl 

ere making it possible for loss- . reaping profits at a faster rate Lrow-tb abroad, was parti- j abandoning maintenance work/ AG. of Aarau. has revised it* Erhart. who said the revision' l * UI W C^lall La 11 IUI <11U 

aking companies to recapitalise! th the group's French opera- cularly marked in Lalin!j n protest at the continuing estimates for 197S turnover, ln had been necessary jn view of OSLO. Oct. 17. 

lemsclves without acting to j Hons, the company said. Net America. Australia and Japan, failure to find a solution to tiiejan interview, company director foreign-exchange developments. ‘ TIIE QUESTION of measures tn today 

irrect “unsustainable situa- ; warnings in the first six monttts Among the overseas perfor- 1 group's financial problems. . Leopold Erhart says that lhe e«li mated that cash flow would stimulate the Osin Stock Ex- In the long run it is right that 
ons." | rose to FFr 101m (S23.6m> from mances which have contributed .Reuter reports from Rome. A 'group will this year probably this year be rather less than the. change ought to be revived in the supplv of capital to industry 

The solution is to slow the FFr 76m in the same period last to L'Oreal’s rising profit the request from hanks m the state emerge with sales of between SwFr 32.5m booked for 1977. 1980 when the current 15-month is made ‘as attractive as other 

?cline in the rate of return! year. Group sales in the same company said that the losses I fund for financing industrial do-; SwFr 470ra and SwFr 480m— Prospects for 1979 are “less! freeze on ail types of incomes sorts of capital investment such 
i investments, as other: period showed a 15 per-cent suffered last year by its Italian : velopmcnt in southern Italy, and not of more than favourable.” whh new order; and prices is over. Mr. Arvid as bank deposits and betUng, he 
■untries have done. Mediobanca > expansion. ‘ subsidiary- Saipo were sharply i Cassa per il Mezzogiorno, for SwFr 509m. as had formerly value some 5 per cent lower i Johanson. chairman of Parlia- declared. 

M. Francois Dalle, the chair- down. 


iceests. AP-DJ 


: cash has so far gone unanswered. ! been anticipated. In 1977 than the SwFr 502m record ment's Industry Committee said Reuter 


— • * W <W«i 


• ^ *• « v ^‘ 
fr sv - •• f 


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il' /\ 


.... . f 

: S V' 

... «y,.fw.v ..... 

".4 ■' >'.’/% 'Ci'' 

- - s': Zf ■ ' * • 

- . . A' , : 

- .VvcS^Wa.--' . - 




*• - '• 


I. '; • V 



Our Sikorsky 
helicopters help 
make offshore oil 
production Just a short 
trip from home. 




-fr” % ■ . 


ip give 


our sales a 
powerful Sit 


v. A - > ■ 


• 1.® ’ 
1 v A 


' . .. . -| .. * 


'..u. 


:• 





j -7 -> . 
•»>■ s ■ - • 


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vty.y 




... . * 


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v . . . • T » 

: ■ • .. .....\ fr'**-' 


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■: '■ : + V. " v . . 

*■ < v ^ ‘ ^ • ■ 

■ ^ j’-f >* ■■ 


ii' ,Si i 


>. ..\VS 











UNITED 

TECHNOLOGIES 


Pratt & Whitney Aircraft Group • Otis Group 
Essex Group • Sikorsky Aircraft • Hamilton 
Stanciard * Power Systems Division 
NordenSystems • Chemical Systems Division 
United Technologies Research Center 
United Technologies Corporation 
Hartford, .Connecticut 06101 USA. 

linked Technologies common stock is traded 
on the following European exchanges: 
Amsterdam. Basel, Brussels. Frankfurt. 
Geneva, Lausanne, London. Paris. Zurich. 


iftsss? ,V- '• «... 


*■■4- 




36 


Financial Times Wednesday October IS 1978 


• 1978 MB No. 494 

INTHE SUPREME COURT OFHONG KONG 
MISCELLANEOUS PROCEEDINGS 

In the matter of Southern Pacific 
Properties Limited and In the matter 
of the Companies Ordinance (Chapter 52) 

NOTICE IS HEREBY GIVEN that a Petition was on the 
J3thday of October, 197S presented to the Supreme Court of 
Hong Kong for 

fl) the sanction of a Scheme of Arrangement dated 20th 
September. 1978 between Southern Pacific Properties 
Limited and (i) the holders of its share® of SO. 50 each other 
than those which are beneficially owned by Triad Holding 
Corporation SJL. Peter Munkund David Harrison Gilmour; 
and (ii } the holders of its shares of SQJ50 which are beneficially 
owned by Triad Holding Corporation S.A.; and (Hi) the 
hoJdereof its shares of S0.50 which are beneficially owned 
by Peter Munk and David Harrison GUmour; and' 

(2) the confirmation of the reduction of the capital of the- 
Company from HKS7!vl5 0.000 to HKS2.685.946. 

AND NOTICE IS FURTHER GIVEN that the said 
Petition is directed to be heard before The Honourable 
Mr. Justice Li at the Supreme Court at Battery Path, Victoria, 
Hong Kong at 9.50 a. m. on the 24th day of October, 1978. 

ANY Creditor or Shareholder of the Company desiring 
to oppose the making of an Order for the confirmation of the 
said reduction of capital should appear at the time of hearing 
in person or by Counsel for that purpose. 

A copy of the said Petition will be furnished to any such 
person requiring the same by the undermentioned Solicitors 
on payment of the regulated' charge for the same. 

DATED thisITtii day of October. 197 8. 

DEACONS. 

6th Floor. Swire House. Hong Kong: 

Solicitors for Southern Facific Properties Limited. 


ART GALLERIES 


CHANDE GALLERY. 6. Cork Street. W 1 
01-734 4626. Recent P4i;it>n» jna 

Sculptures, hv W. F. SAG. 26 Sent.- 
21 Oct. Man— Frl. 10-5.30. SlU IQ-1. 

FINE ART SOCIETY. 1<B N<!~ Sana St. 
W.l. 01-629 5116. MAXWELl ARM- 

FIELP. 

J.P. L. FINE ARTS.' 24. DinCS Street 
W.l. 01-493 2630. RAOUL DUFY 

drawings, watered I eurs 1900-1939. Oct 

IQ-prc, 8, Men-Fn. 10-6. ___ 

MARINE ARTISTS. Soval SoOKY s 
Annual E*hb at uu'idhjll. E.C 2 Mon.- 
Sai. 10-5. Until 1 pm Ne». 3 Ad pi 'rrc. 

SLOANE STREET GALLERY. Recent 
Snilnturcs br ALEXANDER. In 5't>ne 
Marble Brens* ?nd fllicr i*:h fict.. 
30th Nor. Mon.-fn. T0-S 30. Sal. 10-2. 


SU5AN SWALE'S SALOME. Flelabornc 
Gaucries. S3. Queen's Grove N.WJ5, 
S3 6 1600. 


THACKERAY GALLERY. 16 Thackeray St.. 
Kensington Sq.. W8. RODERIC BARRETT 
until 3 Nov. 


CLUBS 


EVE. 189. Regent Street. 734 0557. A la 
Carle or All-in Menu. I tree Soectacular 
F'aur Shows 1045. 12.45 ana 1,45 ana 
music pi joannv Haw kiwartti 6 Friends 

GARGOYLE. 69. Dean Street Lonnon. W.l 
NEW STRIPTEASE FLOORSHQW 
" AS YOU LIKE IT - 
11-3.30 am. Show at Miiinip^r anri I am 
Man -Frl. Closoa Saturdays. 01-437 &»55 


SOBUAME (HOLDINGS) LIMITED 

Extracts from tfic circulated itatcmcni of the Chairman and Joint 
Managing Director, Mr. Charles C. Redstone: 

The resales an particularly disappointing because there were grounds 
for reasonable expectation that the year would be an improved one. 
In both our Laundry and Engineering divisions the accounts reflected 
distinct improvements and had a similar situation prevailed in the 
Tobacco division we should indeed be unveiling a very much more 

cheerful picture. 

The results of improved productivity and the elimination of poorly 
priced services have resulted in a much better profit situation in 
the Laundry division. A substantial modernisation programme, now 
nearing completion, will give us a much better facility and will 
enable us to take on work which up to now we have not been able 
to handle. 

Despite the continuing low level of activity in the engineering sector 
in general, our Engineering division finished the year with a much 
improved performance and a much heavier order book. 

We believe that the situation in the Tobacco division and indeed 
generally, is on the upturn and trading in the first few months of 
this year has indicated a marked improvement. 


PAN-HOLDING S.A. 

LUXEMBOURG 

As of September 30. 1978. the unconsolidated net asset value 
was USS 95.776.325.8S, i.e. USB 136.82 per share or USS 10 
par value, showing an increase of 23.6'.% since December 31, 
1977. 

The consolidated net asset value per share amounted as of 
September 30. 197S. to USS 153.58. 

The dividend for the year 1977 amounting to USS 2.35 per 
share was paid on July 3, 1978. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
index Guide a* at Gctubei 10. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.65 

Clive Fixed Inre -est Income 114J50 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
•15 Cornin' 1 1. London EC3V 3PB. Tel.: 01-623 6314. 

Index Guide as at Orta her 12, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 



-4-7 of Hi * sc securities hove been sold. This announcement appears as a uiatlcr of record only. 


Not a New liiiie 


October i j, 1978 



2,250,000 Shares 

Minnesota Mining and Manufacturing Company 


Common Stock 

(without par value) 


Kidder, Peabody & Co. 


Goldman, Sachs & Co. 


Bache Halsey Stuart Shields 

<mmk 

EL F. Hatton & Company Inc. 


Blyth Eastman Dillon & Co. 

jDamnlK luiiuMil 


Dillon, Read & Co. Inc 
hazard Freres & Co. 


Donaldson, Lufkin & J curette 

Fworlthw CorporallM 

Drexel Burnham Lambert EL F. Hatton & Company Inc hazard Freres & Co. Lehman Brothers Kahn Loeb 

ImrimiM lowrronH 

Loeb Rhoades. Hornblower & Co. Merrill Lynch White Weld Capital Markets Group Fa ine, W ebber , Jackson & Curtis Piper. Jafftay & Hopwood 

M.iriu L,iirh. I'lmr. I>wiw* i*mltk ImTmkl Im^nirf limymM 

Smith Barney. Harris Upham & Co. Warburg Paribas Becker 

Iwrtmuf iKnpmM 

Bear, Stearns & Co. L. F. Rothschild, Uuterberg, Towbin 


Salomon Brothers 
Dean Witter Reynolds Inc. 

Basie Securities Corporation 


Atlantic Capital 

C nrpAratlaa 

Daroa Securities America Inc. 


Alex. Brown & Sons 


Pain , Kalman & Quail 


Wertfaeim & Co., Inc. 
Sfaearson Hayden Stone Inc. 
Oppenheimer & Co- Inc. 


Robert Fleming 
New Court Securities Corporation 
Thomson McKinnon Securities Inc. 
Banque de Neuftize, Schlumberger. Mallet 
Societe Bancaire Barclays i Suisse i S. A. 


F. Eberstadt & Co.. Inc. 
Hudson Securities, Inc. 


A. G. Edwards & Sons, Inc. 


Klein wort. Benson 
Nomura Securities International, Inc. 
Tucker. Anthony & R. L. Day, Inc. 
Banque Nationale de Paris 


Baring Brothers & Co., 

Umli-d 


EuroPartners Securities Corporation 
Moseley, HaOganen'& Eatabrook Inc. 
Scandinavian Securities Corporation 
Wood Gundy Incorporated 
J. Henry Schroder Wagg & Co. 

Unit— I 

Vereins- und Westbank 

uti*wwiinkiri 


Morgan Guaranty Trust Company 


OF SEW YORE 


announces the opening of a branch office in 
St. Heller. Jersey \ Channel Islands. 

Telephone ( 0534) 71566. 

WILLIAM A. NOBLE Vice President and General Manager 

Until November 13 the branch's address is 
c /o Messrs . Bedell and Cristin , Xonnandy House. 
St. Helier . Its permanent address will be 
Queensway House, Queen Street St Helier . 


INTL. FINANCIAL AND C OMPANY NEWS 


India boosts overseas investment 


BY K. K. SHARMA 

INDIAN . companies are to be 
allowed to finance substantial 
participations in joint ventures 
abroad by way of cash remit- 
tances. under new Indian Govern- 
ment policy on investment 
abroad. 

Until now. Indian companies' 
equity participation in such ven- 
tures has been limited to the 
extent of the valne of equipment 
exported for the project. The new 
policy will enable them to in- 
crease their equity not only in 
manufacturing concents, but also 
in those with marketing and 
distributive organ isationa. 

Tbis means that the Govern- 
ment recognises the need for 


Indian companies to operate 
abroad like companies based in 
other countries. It is significant 
since it could lead to similar 
concessions to foreign companies 
operating in India. These are now 
required to “ Id d ionise ** their 
equity holdings to the extent oF 
60 per cent under . the 
Foreign Exchange Regulation 
Act 1 FERAL 

The new policy for joint ven- 
tures is contained in guidelines 
for investment abroad in the 
fields of trading, marketing, con- 
sultancy and specialised services. 
These are expected to help 
Indian exporters to face com- 
petition in sophisticated markets 


In developed countries and to 
provide them with an additional 
means of improving their export 
performance. 

The decision is based on there 

being in markets of developed 
countries a growing tendency to* 
wards increased margins at 
wholesale and senoi-whoJesale 
and at retail levels, affecting the 
fob value of exports. 

Up to July, more than 300 pro- 
posals for joint ventures abroad 
had been approved since the 
beginning of the year. Of these, 
about 100 have already started 
operations, and others are in 
various stages of advancement. 


NEW DELHI, Oct. 17. •* 

Joint ventures have beei* 
launched in both the developed 
and developing countries iir 
South East Asia, South Asia.- 
West Asia, Africa, Europe and 
the Americas. i. 

Industries in which they have 
invested include light engineer? 
ing, commercial vehicles, tes; 
tiles, chemicals, pharmaceuticaisf 
plastics, oilseeds crashing ana 
refining, consultancy, hotels and 
restaurants, as well as pulp and 
paper, sugar, leather and rabbet 
products, trading, steel products; 
non-ferrous metals, glass ana 
glassware, food and food pro? 
cessing and exploration fo$ 
minerals. c 


Hong Kong 
China banks 
raise rates 


By Ron Richardson 

HONG KONG, Oct. 17. 
THE 13 Peking - controlled 
banks operating here have 
broken ranks with their 
fellow members of the 
Exchange Banks Association 
—the cartel of leading banks 
which co-ordinates borrowing 
and lending rates — and raised 
rates on many or its term 
deposits. In a joint statement, 
the 13 banks, led by the Bank 
of China, said that they were 
increasing most renminbi 
(Chinese currency) term 
deposit rates by 1 per cent 
Immediately. 

The Chinese banks accept 
term deposits in Hong Kong 
dollars which are then eon- 
verted into Chinese currency 
for the duration of the 
deposit Depositors receive a 
slightly higher Interest yield 
than on normal Hong Rung 
dollar deposits, while having 
a guarantee against any 
exchange rate loss. At the 
same time, China gaius an 
additional pool uf convertible 
currency in ils foreign 
reserves. 

Although the move does 
not alfen fnnds held in Hong 
Kong dollars, which make up 
the largest portion of the 
Peking banks' assets, it is 
tangible evidence that an 
imoortant part oF the banking 
industry Feels that the general 
interest rate structure In Hong 
Rong Is too low. 

There is a widespread Feel- 
ing here that the Hongkong 
and Shanghai Banking Cor- 
poration, which directly and 
through Us subsidiaries con- 
trols more than 50 per cent 
of ail deposits In the Colony, 
has for several months been 
using Its power to keep 
interest rates down. But the 
going interest rate slraclure 
has caused problems Tor the 
many Foreign hanks with small 
operations which do not have 
access to large retail deposit 
bases. 

These banks have to rely on 
interbank borrowing to gain 
Funds for lending— and for 
several months interbank 
rates have b'e” at a premium 
of several percentage points 
over the 6 per cent prime lend- 
ing rale. As a result, they 
have been Faced with the 
choice of operating at barely 
profitable levels or seeing 
their customers switch away. 

At the last meeting of the 
Exchange Banks Association, ! 
the representatives of the J 
foreign — mainly American— * 
banks are understood to have 
pressed strongly for a rise in 
rates. 

This was again rejected by 
the Hongkong and Shanghai. 
Now that the Chinese banks 
have publicly shown that they, 
to. think interest rates should 
rise, pressure is Increased for 
an across-the-board rise in 
rates at the next meeting of 
the cartel, on October 26. 


Western Mining under fire 
over registration proposals 


BY JAMES FORTH 

WESTERN MINING CORPORA- 
TION, the nickel and uranium 
exploration company, baa come 
under attack from the Australian 
Shareholders* Association over 
proposals by the company to 
alter its articles of association. 

The proposed changes relate 
to the rights of directors to 
refuse registration of shares, 
the rights of shareholders in an 
annual meeting -and the power 
of the chairman in the meeting- 
WMC shareholders will be asked 
to vote on the proposed changes 
at the annual meeting In 
Melbourne on November 2. 

The moves were prompted by 
a rowdy six-hour confrontation 
with anti-uranium demonstrators 
at last year's annual meeting. 
WMC has a uranium deposit at 
Yeelirrie in Western Australia, 
for which it has announced 
plans to brinei in Exxon and 
Urangesellschaft as partners. 


and a promising copper-uranium 
find at Roxby Downs in South 
Australia. 

At last year's meeting, which 
was twice adjourned in an 
attempt to restore order, demon- 
strators threw streamers over 
the directors, blew whistles, 
waved banners and generally 
tried to disrupt the proceedings. 

The new articles are aimed 
at restrictifng such protests but 
the ASA believes that they could 
also restrict the rights of share- 
holders. One of the proposed 
changes would invest the Chair- 
man with the power to demand 
cessation of debate or discussion 
on any question, motion or reso- 
lution being considered if he' 
considered it necessary or desir- 
able for the proper or orderly 
conduct of the meeting. He 
could also adjourn a meeting 
without first seeking approval 
from the meeting and adopt any 


Jardine Matheson ahead 


SYDNEY, Oct. 17. j 

procedures he considers necc*? 
sary for the “orderly casting 6t 
votes." In a letter to WMC thq 
ASA said it was dismayed t4 
learn that one of Australia'S 
major public companies was 
seeking to amend its articles to 
reduce shareholders’ rights. Da a 
ticularly in respect of share! 
holders’ meetings. \ 

The ASA said It was “ implac- 
ably opposed ” to the -hainnaa 
having unlimited power to cm* 
dude debate or discussion at;i 
meeting. , * 

“ Such a decision riebtiy 
rests with the meeting itself. If 
shareholders can only be beard 
at the whim of the chairman ibdn 
the concept of an annual general 
meeting is completely super- 
fluous.” the ASA said. The ASA 
intends to oppose the changes at 
the annual meeting If WMC dobs 
not withdraw the proposals. i| 

•I 


il 


BY ANTHONY ROWLEY 

JARDINE. MATHESON and Co., 
the leading Hong Kong trading 
and service group, raised pre-tax 
profits by just under 7 per cent 
to HKS 192.2m (U.S JS 40.72m) in 
the first half of this year. Net 
operating earnings rose 7.1 per 
cent to HKS 120.1m 
(U.SS 25.44m). . 

These are the first detailed 
interim results to be published 
by the group, which has now 
come into tine with the mare 
stringent listing rules introduced 
last December by the Hong Kong 
Stock Exchange. 

Mr. David Newbigging, chair- 
man and senior managing direc- 
tor, said that trading results up 
to the end of August and pros- 
pects for the rest of -the year 
indicated that “the same level of 
earnings growth will be main- 
tained for the full year." 

This indicates pre-tax profits 
of about ' HKS 515m 
(U.S.S 109.11m) this year against 
HKS 482m (U.S. $ 102.11m) last 
year. 

Jardines’ Board has declared 
an interim dividend equivalent 
to HK 20 cents a share (HK 19 
cents in 1977) in scrip form with 
a cash option. The final dividend 
is expected to be the equivalent 
of HK 51 cents, making a totai 
of HK 71 cents for 1978 against 
HK 07 cents last year. 

Group turnover in the first 
ball of the year reached 
HKS 2.308m — a rise oF just under 


15 per cent over the correspond- 
ing period of last year. 

In Japan, we have gained from 
the strong Yen while our busi- 
ness in South Korea has pro- 
gressed well Jardine Matheson 
(South East Asia), operating in 
Singapore and Malaysia, which 
has recently become a wholly 
owned subsidiary, performed 
satisfactorily, Mr. Newbigging 
said. 

The operations of Jardine 
Davies Inc. In the Philippines 
have been stabilised, although at 
a low level, whereas results from 
Matheson and Company in the 
UK were good. 

The Southern African sub- 
sidiary, Rennies Consolidated 
Holdings, reported a 35 per cent 
increase in earnings for the first 
half year of the year and it is 
expected that. the full year’s re- 
sults will show an increase. ' ■ . 

According to Mr. Newbigging*-. 
“The company’s main operating 


HONG KONG, Oct 17. 

area continues to prosper anfe 
bur Hang Kang interests bavt> 
shown good results, with thfe 
exception of our industrial activi- 
ties which have had a very podf 
year." J 

Action was being taken tit 
eliminate losses this year tip 
Jardine Industries, which became 
a wholly-owned subsidiary of 
Jardine Matheson two montHs 
ago, Mr. Newbigging sail}. 
Jardine Industries, a trading, 
services and light manufacturing 
concern, has incurred heavy 
losses on its “concept 2000V 
project specialising in toys anil 
light electronics. 

The company increased its 
equity in Transport and Tradiife 
Company in the Middle East to 
40 per cent, which brought total 
investment to US$80m. Prospeck 
for the Transport and Trading 
Company, operating principally 
in Saudi Arabist and Kuwait, 
were encouraging. 


Record rise for Clyde Industries 

BY OUR OWN CORRESPONDENT SYDNEY, Oct 17. 

CLYDE INDUSTRIES, the heavy one-for-five scrip issue, which 
engineering group, is planning its comes on top of last year's one- 
third annual free scrip Issue for-faur handout and a one-for- 

after a 23 per cent rise in profit U ire f l ‘ s ™ 8 ll ' D 

tn a record AS7m f u s « lm) in dend ls stead y at 10 cents a share 
to a record A5»7ra (U.bSS.lm) in ^ Iatest year an(J ^ Board 

the year to June 30. The higher e .vpects this rate will be held on 

eanungs outpaced sales which the increased capital. The pav- 

rose 12.4 per cent to A£130m. 0 ut j s almost three times covered 

The directors have declared a by earnings a share of 28 cents. ■' 


East Asiatic 
to buy River 
Estates equity 

By Wang 5 ulong 
KUALA LUMPUR. Ocl. 17. 
THE EAST ASIATIC Company 
of Malaysia has reached agree- 
ment to buy the equity of 
River Estates, which is one 
of the largest privately-owned 
estates In the East Malaysian 
stale of Sabah. 

H is to pay a cash considera- 
tion cf 29.74ra ringgits 
(U.S .SI 3.4m) to the owners of 
River Estates, plus an amount 
equal to onc-i'.ird of the after- 
tax profits from funh-r opera- 
tions for 1978-79. 

RIi er folates is owned by a 
UK family, the DarrcHs, and 
has 8.500 acres planted with 
matured palm oil. as well as 
22.600 acres cf unused land in 
Sabah. It a) > has Umfc.i- log- 
ging rights on some smaller 
land lots in the state. 

For last year. River Estates 
produced 8,650 ions of palm 
oil and 1,460 tons of kernels. 
It made pre-tax profit of 
7.1m ringgits in 1977 from 
palm oil and timber extrac- 
tion. and a similar profit is ex- 
pected this year. 

EAC ?7alaysia said a recent 
valuation of River folates, 
which has yet to he approved 
by the Malaysian authorities, 
puls the net tangible assets of 
the company at 32.Sm ringgits. 


apanese overseas 
CD issues double 

OVERSEAS FUND raising by 
Japanese commercial banks in 
certificates of deposit tCDs) 
rose to abuut -S6.3bn in 1977. 
almost double the previous 
year's level. Japanese banking 
sources said here, AP-DJ. 
reports from Tokyo. 

In the first six months or this 
year, tile total value of CDs 
issued by Japanese commercial 
hanks in overseas financial 
markets reached about S5-9bn. 
It was said. 


This announcement appears as a matter of record on!/. 

THE LONG-TERM 
CREDIT BANK OF JAPAN, 
LIMITED 

U.S. $15,000,000 

Negotiable Floating Rate Certificates 
of Deposit- 

Maturity Date 13th October 19 81. 

Managed by 

Nippon European Bank S.A. . 


October 1 9 7B 


WOOD & SONS (HOLDINGS) LIMITED 

Earthenware Manufacturers - 
INTERIM STATEMENT (unaudited) 



Half-year ended 

30th June ■ 

1978 1977 

£ £ 

Increase 

Year ended 
11 sr Dec. 
*.977 
c 

GROUP SALES 

2096.000 2.054.000 

11*%. 

4,209.088 

GROUP OPERATING .PROFIT 

Deduct: Depredation, 

Directors* Remuneration 

34L0OQ 

309.000 


' 457.902 

Audit Fees and Interest Charges 

101,000 

95.C* 


S8-i7i3 

GROUP PROFIT BEFORE TAXATION 
Deduct: Estimated Taxation 

241,000 . 

15,000 

214,000 

8,000 


253,189 

15,797 

GROUP PROFIT AFTER TAXATION 

226.000 

206.000 ‘ 


237 J92 


“It gives me pleasure to report the improved half yearly figures. An Interim 
Dividend of -67 p per share (1977 *33p per share)- wifi be paid on the Issued 
Ordinary Capital of the Company. Warrants will be posted to Shareholders 
on 20th November. Our strong order, position denotes continued growth 
during 1978.” 

16th October. 1078 ' H. FRANCIS WOOD, Chairman. 


feh 
css 
« at 

re.- 

uf 

Its 

»r 

in- 

pt. 

To- 


rn- 

jm 

tie 

up 

a 

*nt 

,-«P 

'So 

v? 

re. 

ar- 

•'a 

As. 

tie 

is 

id 

m 

id 

tt- 

id 

er 

eh 

a 

?r 

fr 


Id 

13 

tte 

y- 

iy 

is 

s- 

if 

is 

to- 


il 

vs 

7 


y 







e 









So we’ve moved to a big new building 
in Andover called Keens House. 



TSB TRUST COMPANY LIMITED 

•v ’ . PO Box 3, Keens House, Andover, Hants SP10 IPG. 

Andover ( 0264 ) 621 SS. 










38 




Financial Times Wednesday October 18 1978 



Dow closes 


lower after heavy turnover 


Indices 


NEW YORK Jo™ 


INVESTMENT DOLLAR 
PREMIUM 

sa .60 to £ 1 — rs;% 

Effective SJ.9W0 35 ' s % (3<%) 
WITH CONCERN over rising 
interest rates and persisting dollar 
weakness continuing to under- 
mine sentiment. Wall Street took 
Monday's sharp slide a good static 
further yesterday in much heavier 
trading. 

However, the market ended 
above the day's worst, with the 
Dow Jones Industrial Average, 
which fell 22 points on Monday, 
retreating afresh to S5S.ll before 
finishing a net S.83 lower at Stiti.34. 
The NYSE All Common Index 
closed 91 cents weaker at S5B.S9. 
after touching $36.72. Falls were 
a«ain widespread and nut paced 
gains by 1.351 to 143. while turn- 
over showed a substantial increase 
to .IS.Olm shares from the pre- 
vious day's total of 24.74m. 

Expectations of further credit 
tightening after yesterday's 
Federal Open Market Committee 
meeting added to concern about 
the already high level of interest 
rates. 

Last week, banks raised their 
Prime Rates to HI per cent, the 
highest level since 1975. and the 
Federal Reserve boosted the Dis- 
count Rale to a record 3} per cent 
Irom S per cent. 

Federal Reserve activity in the 
Government Securities market 
yesterday may have reflected 
further credit tightening, but 
analysts said th outcome was still 
uncertain. 

Michael Met?., of Oppenheimer 


and Co„ said the escalating cost 
of money Is creating ■* consider- 
able cynicism about whether we 
can solve our (economic) pro- 
blems without a credit crunch." 

Another worry, analysis added. 
v:is the record level of margin 
debt reported by the New York 
Stock Exchange on Monday. They 
sdid rising interest rates could 
dry up margin buying. 

-•VTnorex dropped 10J to $38?. 
reflecting a sharp fall in third- 
quarter profits, but the company 
is expecting better fourth-quarter 
results. 

Pa nv_m erica n shed \ to S7j, 
Eastern Air Lines 11 to $11 and 
UAL 2J. io $352. all in active trad- 
ing. Airlines were the subject of 
bearish Press comment 

TWA lost 1; to $211- despite 
reporting higher third-qiiarier net 
earnings. 

McConnell Douglas, which has 
reccited a SJ40m order from 
World Airways for three DC-IOs. 
declined 5 to 531;. 

Caterpillar Tractor finished 
unchanged at $58! after improved 
third-quarter profits. 

Philip Morris, on increased 
third -quarter results rose i to 
*71 

.Merrill Lynch eased J to S19J. 
failing to respond to a jump in 
third-quarter earnings. Ajnic, 
which is holding merger talks 
with Merrill, reported higher 
third-quarter net profits but sbed 
, to S22J. 

Hanes provided a bright spot, 
advancing 3; Jo Saflj. Consolidated 
Foods, down J at *232. is to offer 
SCI a sharp for the Hanes stock 


not already owned. 

Teledyne retreated 31 to SlOOi. 
IBM 1 to $2795. Disney 17 to 5414. 
MOM 2i to 5435. Caesars World 
1 ; to $392 and Bally Jlflimfnctur- 
ing 32 to S44 

THE AMERICAN SE Market Value 
Index dropped a further 4228 to 
163.55 in a large business, the 
heaviest one-day fail since the 
index s inception in September. 
1973. Volume reached 5.02m 
shares (3229m i. 

Resorts International "A" lost 
2' io S442 in active trading. 
Amdahl fell II to *oli despite a 
rise in third-quarter profits. 

Active .McCulloch Oil eased 7 
to S51. The company reported 
that a Californian well flowed 
13.6m cubic feet of gas per day 
on lest. 

Canada 

A further sharp setback- 
occurred in active trading, leaving 
the Toronto Composile Index 
down 13.1 more at 1,276.9. Oils 
and Gas receded 2221 to 1,63922. 
Metals and Minerals 11.0 to 1.129.1. 
Utilities 2.3S to 190.21 and Golds 
4.1 to 1.660.7. The Banks sector, 
however, showed some resistance, 
gaining 0.85 to 303.11 on index. 

The Real Estate Index fell more 
than 54 points, as Nu-West De- 
velopment “A" declined CSI to 
C$19. S. B. McLaughlin i to C$8} 
and BnunaJea 2 to CS13J. 

Westingjhousc Canada shed C$1 
to CS2H and Canada Trust Com- 
pany “A” U to C$25 i after both 
reported lower third-quarter net 
profits, but Pro rigo rose I to 
C$201 on higher earnings, and 


NEW YORK 


• •**. Oct. 
17 • 16 


Abbots 

Aetna Life & IV 

Air prodiM* 

A IcanA lu minium, 

AU . V *. 

Alleg. Luriluro.... 

AJtegbeuv Pi>i*er. 
Allied Chemical. 
Allied Store*....... 

Alii* l.halmer* ..., 

A MAX : 

Amend* Beu....! 

Amor. Airline*.. 
Amer. Unnil! — 
AmerJ5midm.«r... 

Amor, tu 

Amer. Cyan* mid. 
Amer. UiM.Te:.. 
Amer. Elect. IW 
Amer. k\|>r«'.. 
Amer.Ui'tue L’n*i 
Amer. Medical.. 
Anier. Mature ... 
Amer. Aat. iin.. 

A mer. Slantor,! . 

Amer. Morei 

Ainer.Tei. A Tel. 

Ametek... 

AMT 

AMP 

Ampei — 

Anchor HottiQK- 
Anheuaer Bunch. 

Arm co 

A.S.A 

Aramei* Oil > 

AjWCV | 

Ashland Oil 

All. I.'ichu* W.. ; 
Aiiro Limb Pro... 

A VC • 

An» • 

Avon Product*... 
Halt, <hn Elect...- 
Hanjtor Puma.... 
haul. America. .. 
Ha often Tr. S.\: 

Barber t Hi I 

Baxter Ttaveovr. 
Beatrice Food—..; 
Becton Dickenson 

Bell A Howell 

Bendix— • 

BenguetCona •£»’ 
Bethlehem BteeU 
Black i Decker- 

Hnalnp 

Boise LJsoade ■ 

Borden ■ 

Bon- Warner 

Bound lot 

Btascan -A* 

Bristol 31 yen 

HPetADrlt R....| 
B roc Irony Gian.., 

Brawnrii.-k i 

Hucynu Erie 1 

Bn lor a Watch.... | 
BurliQRtijn Kthn.. 

Burrougku. ; 

t.'axnpbellb<'ni|i....| 
Canadian Pacific.) 
Canal Kandolpb... 

Carnation 

Carrier* UeneraJj 
Carter Hawley-..! 
Caterpillar Tract >■; 

CBS 

Ce laneae C-orpn . . .■ 
Central * S.W....I 

Certamteed 1 

luau AtrvnlL...! 
luibaan Manhattan: 
Chemical BL.N1' 
Cbwbrgh Pond.: 
Cbesaie System... 
Chicago Bn tlgr...} 

Chrysler... , 

Line. Mlbu-rou.— , 

Citicorp 

Cities Service — 1 
Citv Investlnc— ., 
Cleveland Cliit-.. 

L«caCoia ! 

C olgate Aim i 

Collins Aik man.. 1 

Columbia Gas ' 

Columbia Piet. ' 

Com-lnaCo.otAjn: 
Combustion Eng.' 
Combustion Eq.. I 
C rn'wtb Hdianu . 
Ur-mm. Sated lie. 
Cornpu ter Seienc. 
Conn Lilelna-....' 

Coarm: 

Lon Edison VY„ 
Couiui Fools..—' 
LVra-al 5aUia»—, 
Cotuumer Power- 
Continental tirii., 
CimUnental t»il„- 
Continental Tele 

Control Data 

Cooper Indus 


I conuiutti 
- ' CPC I in '-n't Iona I 

i Crane 

[ Cnx-Ueii Nat.... 
Cn-wn /ol ierlaidi 
I Cumuniir hoffine 
. Curt is* W rli-hl . 
i 

' Dana _ 

; l>art Inrtu-ine-..' 

Deere 

I id Mt-nie ■ 

Deltona 

Dentspiy liner... 

1 Detroit fcdh-Mi,... 

; Diamond >ba mrk* 

j Dicrapiioue 

j DlniialE-iniT’ 

I L'ianev i Waif.... 

I liover i.v-rj-n 

j Dow Chemical, . 
Draw 

• Dit-ser 

iiup-int ] 

ta^ie Pilcher 

| kail Airliner.. ... 

; Eastman ki-ist.. 

| Eaton 

: k. i.-.a is 

kl Paso Nau *iat 

Klira 

, KmeovnM'fdni'' 
bniert Aithr'iiibl 
tmluiii 

: km. i 

EnjielbanL.. — .... 

1 hi mark 

. Btbvi - 

E*smu 

• Kairclnkl Camera. 

• Fed. ueix. wwb 
j firestone Tvt» ... 

, Fat. Nat. Ewl-m. 

; Final \ an 

I Font tote— 

1 Florida Pbwer.... 

I Fluor. 

| P-M.C.. 

i F«nl Motor. 

; Foremost Melt... 

i Fashoox 

: rmitbiio Mint 
, Freepost Mineral 

Fruehant 

Ftldua 1ml*- ...: 

GJLP 

l Gannett.— . 

; Gen .Amer, lot—! 

IO_i.T>. — 

: Gen. Cable. 

> Gen. Dyna mica.-: 
Gen. Kloemca..,. 

Gen. FV-oda 

iiienenl MilL-, ' 

iiieneral Mntora-, 

| Uen. Pub. UtiL.. 

; Gen, Bignal„._. 

J Gan. TefJBIect... 
j Geu.Tyre_..„„ . 

( GeaesuD—. 

| GeorRta Hwnfio... 

j Geosonire 

i Getty Oil 1 

' Giileae — „ 

I Goodrich B. 1'.... 
Goalyear Tire... 

IjoqH — .... 

Grace WJL , 

G rt- A tla u PacTes 
UlL N’orahlroo-i 
rireybouitri..— . 
Gull i: t Vest era. J 

iuuiiou : 

■ Haliburton... 

1 Hanna Mining... 

I darnucblegrr.... 

i 1 HarnsLOrpn. 

Hein^ H. 

Heubein , 

j Howie Fenkmnl...' 

! HoUday Iona 

I Humestake.— 

I UoneywcJL........ 

! Houver 1 

i lliMp-Corp. Ainerl 
Honaton NnuGa-- 
H not f Pb ^iJCb ml 

HnminE.F.i | 

I.C. lndnstmes 

liiReraoJI Ha nd .... 
Inland St eel...— .' 
j losllcio— , 

{ Itul. Flavours.—. 

! Inti. Harvester^. 

1 lull. MiiiACheni 
Inti. M.ultUboi1s..: 

InlL Paper ! 

Int. I locator 

I DU Tel. * Tel 

Iowa Beef — , 

j 1U Inemaiiijnal.. 

| Ilm Walter 


58 ■ 591* 

5Us > 52i 8 
30?£ ;■ 33$* 
sail ‘ 28X) 
341* 351* 

351* 353) 

161* ! 174 


Johns Man vine..] 
Johnson Johnson; 
Johnson Crajlrol- 
Jpi'Manu laol ur 'c 
I K, Mar G-rp.— .. 

< KalaerAtumini'Di 
I Kaiser I ibiinlriii 
Kaiser aloel.— ... 

Kav 

Kenneci-tt ..„ ._ . . 

I Kerr JlcGte ! 

Kldde Waller I 

! Kimi-erlv Clerk.. 1 

• hoppers...^ " 

i Krait J 

| Kruiter Co 

runaway Tran*.. ..I 
Levi Strauss.—,.! 
Llhhv t»w. Foni.1 

Lmjjet Group... .. 

Liilv i Kui-. 

I Litton indtiM 

J La-khwil Aiiwf’tt 
G'Ocaiar Iodine . 
Lin/ Ulanil Llii. 

| Louisiana Land...' 

! Uii iiMji 

J Lin.-kv Si tires 

i l .' k ( i " iiD 2 d ' nD . 

I MscMiilan 

j Maev li. H 

I Uiu. Haumer.... 

! .llsjen 

I Marathon Uil..-.. 
i Marine Midland.. 

! Uaishali Field.... 

1 May Dejif.siwe* 

, MCA - 

McDermott.—.. 
Mellon cel I Dour 

lkGra« Hill 

l Meiiiore* 

; Meu.-k 

Meit in LvucO .... 
Mem Petroleum.. 

MUM 

Mmn.Min**Mij; 

! Mobil Carp.— 

; Monsanto — ‘ 

; Morgan J. P | 

I .Mulnroia. 

Murpiiv Oil ...... I 

Aabhtco— i 

a a ict> Cbennnaij j 
Aatlonai C4n_— i 

-Hal. Distil lent i 

am. Service Ind.l 
National Steel—; 

Naloniaa— 1 

AC«- 

Neptune Imp 1 

New Knicland K».. 
New Liiclanille . 
Niagara Mohawk 
Niagara staare. ... 
N. L. Indnotrwa. 
Nfirtolk.tWeslern 1 
North Nat. Gas... - 
Ntlin. Staten Pt*i' 
Nth west Airlines I 

Nib weal Bancorp 
Notion Simon — 
Occidental Petrol 
Ujylvy Mather — ! 

I uhio Edison I 

i Giro ..—I ' 


Overseas ohlps...! 
Owens Com inx...i 
Oweua Illinois...., 
Pa-.-llk- Gal.—; 
Pacific Lighting- J 
i Pan l*wr. * lAs-! 
j PanAnj Weml Air 
Parker HaaniritiJ 

I Pethuiy loti .] 

J Pen. P«r. Jc I \ 

j Penny J.C — i 

Pennzoil — ,.j 

; Fp.tp.es 

I Per.plea Gas ; 

Pepsu-L-.—. — 

; L*vrktnriSljner.T...i 

I’fi-er —I 

Phelps Oodj;e— 
I'btladrlpbn Ele.1 
Philip Murris.....! 
Phillip* Petro'mj 

Pllabury — j 

Pitney Bowes | 

PkUstoa..._ ; 

Pieuey Ltd AIM.'I 

Polarr-al i 

Puiomnc Kiev—.. 
PPG Indintrlea-' 
i Prou>r GnmOle...' 
i Pub ser Klees — . 

i Pulman — 

I Pure* — : 

yuaker Chits 1 

I K* pul AniezicanJ 

Kaxtheoa | 

IICA , 

Uepiibllic Steel... I 
, KeaortB Inti 


Berloa , 

Iteynohls Metals J 
UeynoWs 1L J..«. 
Uiob'scn Uerrell.; 
Ifoctwell lm«r_; 
Uobm* Haas I 

Rural Dnlcb | 

ICTE.. 1 

Kina Tort [ 

Uuler System 
Safemir sroree.. > 
at. Joe Minerals.. 
SL Regia Pater... 

I Santa Kelnds. 1 

Saul luresL— ..... 

Saxon Inds - 

schllt7 Bwtrlne-. 

Si'hluinbenrar .’ 

■sCM 

scut Paper 

■ icmIi Jlro 

1 3«HderDiio.La|j 

i sea Container 

I Seagram 

MWlc.'li.L’.l 

l.ijebuck.... 

i SKDl'U 

I -shell Oil 

! abeiiTansifcirf... 

' SlVTMl 

- SeanlrOup 

, aimpiirtrv Pki.... 

. sinirei 

smith Kline,.— 

vBiirun 

| Soulbilunn 

wuthemi'ai.Ei. 

southern Co 

smn. Not. He 

xwDieni FXcifk- 
SoutbernBailwai . 

Southland .... ■ 

s'w't Banshares. 

Sperry Mmcfa > 

Sporty I (and 

sta intend Brand.. 
sbt.UilCaliiomiB. 
Stn, OU indtaua- 
SuCOUOlua — 
Sttult Chemical. 

Sterling Drug. , 

Studebator^.. ; 

Son J 

sunntand — ! 

Syntnx 

technicolor.... ! 

lektroolx... 

le^dynn. j ! 

lo'tt... 1 

leneco.. — ...j 

> e-opoPetromnr. 

lexaoc. 

le.xaagult..— ■ 
i mas boatorn-..; 

• exar Inat'm 1 

lexaaUH iGu... 
tesas l-tinue* .. ' 

llflMk too- 

tunc* Mlcroi 

L'm km w.j 

irons .— ... 

_l nimnfF w..,. | 

iransoo. ..... 

Iran/ Lmon 

Iran-way lotr'a; 
Iran- World An J 
Fuivoiom ; 

Tri Continents ..- 

In ton Oil A Ua>.| 

IHW i 

J-tb C-entuiy Fox! 

LVAJ 

L'AKLG 

LG I 

Unilever 

Unilever XV......; 

Cnun Bancorp,...' 
Union Carlrtde—.: 
Canon Commerce 1 
Lnkm Oil Galil... 
Lojod Pa c i fi c — 

Umroyai 

United Brands _ 

CS JJaoa'rti ; 

: 1>S G,rp»uni_.._.J 

JUa Shoe 

■ rs sccci ....^ — i 
US Teclmc4oRie«.! 

GV Indiulnes : 

Virginia Elect. 1 

WugTec a... 
WirnerAX.nimii .1 
Warner- Lambert | 
Wane-Man'mvnf 
WvlU-farno J 

{ Wwiern ltanr-.-rj . 
WeauraN. Aruei! 
Western Union. . 
Weanuuh'iie Kle > ! 
Wravaoo- 

W eyerba euser 

Whirlpool..- ; 

White Lt>n. Ind..l 
William Go.—....! 
Wlsoonaln Bleci.J 


Consnmers r.lass. which raised its 
dividend, gained I to CS23. 

Tokyo 

Shares often improved afresh 
in a heavy turnover, spurred on 
by active buying by institutional 
investors and major investment 
trusts, but the fresh yen appre- 
ciation caused .some export- 
related issues to decline. 

The Nikkei-Dow -lone? Aventre 
advanced 40.57 more to an. ail- 
time peak of 5JW7.63. while the 
Tokyo SE index closed 1.32 higher 
at 437.43. Volume expanded to 
550m shares HOOmj. 

Public Works issues. Textiles. 
Chemicals. Machines, Shippings 
and Real Estate-, rose throughout 
the day in active trndins. 

Also upsettine expon-orientated 
stocks, however, was Monday's 
announcement of a large Japanese 
customs clearance trade surplus 
for the first half of fiscal 197S. 
TDK Electronics lost Y30 to 
Y2,0fin, Pioneer Electronic Y40 to 
Y1.50Q. Matsushita Electric Yfl 
to Y745 and Canon YS to Y43Q. 

Germany 

In a technical reaction to its 
recent strength and also unsettled 
by the uncertain foreign exchange 
market situation, the stock mar- 
ket retreated over a broad front 
yesterday in ligLt trading. The 
Commerzbank index came back 
8.1 from its new eight-year high 
reached on Monday to close at 
855-3. . _ , 

Among generally weaker Banks, 
Bayeriscbe Hypotbeken - trod 
Wechsel Bank, which announced 


W.iolwarth 20 ig • 21* 

Wrlv- — ■ 5?a | 6 

Sato* ' 33* 541* 

Zapata 

Zenith Radio. I4i« , *5lfl 

U.S.TnaMSlfc* ^4i 6 j tMSs 
GdTreas4i*76/0:- 1001* t804 

ILS.WMavWIK. 8.15% ) 8.00* 


a one-for-six rights Issue, lost 
DM2. 

Ln Electricals, Siemens receded 
DM 230. while Motors, had Mer- 
cedes down DM 2 .80 and BMW 
off DM 2.50. Elsewhere. Metall- 
gesellschart fell DM 9.D0. Neeker- 
tnann DM 5.5(1 and Krupp DM 350. 

Trading on the Blond market 
was fairly quiet and Public 
Authority issues sustained further 
losses of up to 40 pfennigs. Mark 
Foreign Loans remained fairly 
steady, however. 

Paris 

An easier bias prevailed yester- 
day following Light profit-taking, 
with confidence partly sapped by 
the depreciation of the French 
franc on the foreign exchange 
markets and the overnight weak- 
ness on Wall Street. 

Banks, Foods, Motorb, Engineer- 
ings. Oils and Chemicals lost 
ground, but Properties. Stores and 
Transports were firmer-inclined. 

Suez, which said it expects to 
maintain the dividend tliis year, 
rose a point to FFr 307. 

Generate Occident ale, however, 
despite reporting higher consoli- 
dated net profits for the year, 
receded 2 to FFr 270. while 
L'OreaL failing to respond to In- 
creased interim profits, sbed 5 to 
FFr 702. 

Significantly lower at the end 
of the session were Siomord. 
Moet, Hennessey, General D'Enter- 
prises. Perrier, Paris-France. 
Carrefour, CIT-AIcatel, Esso, 
Nobel and Dollfus-Mieg. 


CANADA 


Abltibl Paper 17 ig ' 17 r 

Arnica K»e i»- . . I 7< 

Vkteu.Vlunilniiini. 39 !j 39 i 

Xlrtuuiiteel 24 . 25 

.VsLertiM 451; 471 

bank or Moatrcwi 25 25." 

Hank Nova 5crtui 21 -a 217 

Itentc lintoum*.., 4.25 ’ 4.5: 
Bell Telephone...’ 61 i* 1 617 
IW Valiev lo-t— 42 i 

UH Canada. • 17'!- 1B( 

Untni. 17ij 175 

tJnno>.... s7.50 7-5i 

Gkksary Power.. 385a 38 J 

GamfVnr Mine*... 15 -i, 15- 

i iniailn IVnieiii . 12R - 125 

l va inula MV Lmi> 9-i 9: 

Lio.lmp Utv'i.i 1 39^ 30 

l.‘ana.iw InduM.... 21 22 

Gan. Pacific 23 Jp 235 

i Can. Pacific I m 23>s 231 

Gan. sjnper Oil... 63 1? 63i 

LkrliBfiO'k'eeiP.. 4.05 . 4.2 
Gakkinr Aahealre. 10 10 

Gb>eitain_« 26ij 27i 

Gi‘imnco_ 31i» 321 

Umh. BawinrsL.. 351* 36 

G-Risiimer Gaa.... 18 , 18 

t LWba Uesouroe- 5>a 5i 

Gostaja 131; X3i 

Daoa Devea 13 13 

Uenlooa Mhiea... 78 791 

LkMne Mine, 1021; 103 

DonM HttrotaUBi 83 821 

Dean in kw Brkljtv 26** 27 

lAanrar. 22 U 23 1 

I taipitnl__ ' 16 16! 

Fa Icon 'go Nickel. 333* ■ 341 
Fort Motor Can., 81 ! 601 

U«natar.„ HM ...>. 34aa r 343 
Giantlfei'w knife. 15 . 151 

Gull Oil Canada. I 31?* • 32! 
Haw iceitfid.Caji.i 9'. 3 • Oi 

Holllncer. 40Sg 41 

HomeOll *A* ! 40** i 41 

Hudson Bar Sine: 223* , 22! 

Hudson Bay, 23 -22; 

UodaroOilAGiH 431* 43! 

I.A.G. 19J« 19e 

Inwsro 36i* J 37! 

tnii»ri»> on.— 22U ' 23! 
locr-A'.. 21la I EH 

tnrtai 141; 141 

Inland Nat. Gw.. 11 111 

IntVvl'ipe Lira 17 16: 

ivaucr ltesf«rt» 15ij IS: 
i*un Fin. Carp.. 8i« 81 

UjMaw Cam. ■if. 4.50 4.6 

Mcroii'n Bioedl... 23>2 24 

Maaey heruukon 12G 12! 

Melnlyre 27 4 28 

Moore Corpo 35>a 37 

JlououniuAMeUi 3 '00 3.1 

Arao.m Aiinet„ 36 36’ 

Awetn Energy.. ■ 161a 161 

.Vion. le'acom..., 384 ' 385 
; Dabwooo Lmrl'n-J 4.35 ; 4.0 
: Fa me Copper M. I 2.04 . 2.0 

! ■.'•citlcl'etroreoii • 413* ; 43 
I Fan. Can. Fet'ro j 34 k: , 341 

Fation ' 20>( I 201 

[ i‘«>p<e« Deid. a. J 5ia I 5: 

I Fiaoe Can. It tJi .] 1.95 ; 2.0 
J i*-HO«rDera>o|inil I 25 1; ) 26 1 
i .'nw«-r Corporal '(■] 195® • 19. 

j Price.... [ 22H I 22: 

j sJueivo Sturneoi-; 2.00 , 2.0 
! Uabj^rtni ! 18 1 18 ; 

G»J y i bouse.. I 111* I H 1 
. KiO ACmi—.— -I 37 | 37: 

; Kovm Hs.w Can. 37>i I 36 
! Irnat..«...J 18ia ! 19. 

scepfre K'souiwr 63* ! 7 

1 30«Rnunf I 3 lag { 32: 

f shell Canada^..) 15 15: 

| sherruiG. Musas 71; T 

1 siebeoa 1 j. G : 363* ! 36' 

j slwpson 6>* . 6' 

I steel 0 1 Gauada.J 273* { 28 
j steep L’lsefc Iron- 1 3.70 1 3.7 
I Texaco Canada— ■! 48 3g 49 
! L'orontoikwn.Bk.] 224 21. 

; £rau &C&U Pipe Ln! 183* 1 17 1 
! Trails Mount Opri 9 9 

; 1’ruec IS? ! 117 

• CaiiaGa; 114 I 1H 

; Gul.rinoiieMineij 8lg 1 T 

! Walker Hirara— J 371* \ 37: 
(Veil Garf’llioi 111* | 11 

WnloaGtu..— ! 204 > 20: 

tEn itokan. • Trade*. 
flHew ■«*. 


EUROPEAN OPTIONS EXCHANGE 


i (W. 

1 ' nl. Last 


■fun. 

Vol. . Last 


A|w. 

Vi.l. ■ i^st 


F.Z7.50 1 

F.30; 

F.32.O0 

K.35 

F.75.901 

S5- 

S 6 O 

S70 

N25 

530 

r S60 

F.32.50 

F.35 

F.37.50. 

F4C 
FAS. 
5860 
&Z80; 
S3O0I 
F.152.40. 
F. 160: 

F. 161.901 
F.170 
F. 171.40! 
F.181; 

F 190.50 
F.93.90. 
F.Ua.90, 
F.22.50 
F.JS5) 
F.27.50! 
F.30, 
SSO 
F.130 
F.140 
$25 
F.1BO 
F. 130 


101 : 0.10 ■ 




10 E5:, 

5 13? 

4 6 

2 17 

14 12.90 

5 11.50 

B 10 

21 8.20 

3 , 5.50 

SO 3.20 
5 13.40 

2 . 3 

22 2.80 
203 - 1.50 
152 0.60 

72 3.90 

5 1.50 

7 i, 
10 5.30 

l- •? 

I O'- 


- F. 3 1.10 
4.U0 . 

5.50 

2.10 

— F.76.50 
-- *? 5 1 1; 


41* «36*« 

4». #63 r? 

- F.59.70 


5.50 ' 

2.80 

— S27B*a 

114 - 

~ F.159 


BASE LENDING RATES 


TOTAI. TOLOIK IN Cfv HlACTs 


13 .13.20 


— ) _ F. 109.50 


5 6. BO F.129 

27 3 

4 II* f22n, 

- F. 12 3.80 

19 3.30 = 

MmY 

I - ' - 

I - - S86J* 

1292 


A.B.M. Bank 10 

Allied Irish Banks Ltd. 10 
American Express Bk. io 

Ainro Bank 10 

A P Bank Ltd 10 

Henry Anshrrher 10 

Banco de Bilbao ]0 

Bank or Credit &. Cmce. 10 

Bank of Cyprus 10 

Bank of X.S.W 10 

Banque Bei?e Ltd. ... 10 

Bunque du Rhone 101 

Barclays Bank 10 

Barnett Christie Ltd.... 11 
Brernar Holdings Ltd. 11 
Brit. Bank of Mid. East 10 

i Brown Shipley 10 

Canada Perm't Trust... 10 

Cayzer Ltd 10 

Cedar Holdings 101 

I Charterhouse Japbei... 10" 

Chou la irons 10 

C. E. Co3tes 10 

Consolidated Credits... 10 

Co-operative Bank -*10 

Corinthian Securities 10 

Credit Lyonnais 10 

Duncan Lawrie 10 

The Cyprus Popular Bk. 10 

Eagil Trust 10 

English Transcont. ... 11 
First Nat. Fin. Corp. ... 11? 
First Yal. Secs. Ltd. ... 11 

E Antony Gihbs 10 

Grey bound Guaranty... 10 

Grind lays Bank ,.T10 

E Guinness Mahon 10 

lHambros Bank 10 


■ Hill Samuel 510 % 

C. Hoare Co tlO % 

Julian S. Hodge 11 % 

Honakoog & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser UUmann 30 % 

Knows ley & Co. Ltd 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 ^ 
Edward Manson & Co. 111% 
Midland Bank 10 % 

■ Samuel Montagu 10 °n 

■ Morgan Grenfell 10 ®o 

National Westminster 10 ^ 
Norwich General Trust 10 

P. S. Refson & Co 10 % 

R'-'Ssminster 10 Vn 

Royal Bk. Canada Trust 10 % 
Srblesineer Limited — 30 

E. S. Schwab lll^ 

Security Trust Co. Ltd. 11 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 

Trustee Savings Bank 10 % 
Twentieth Century-Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteawa.v Laidlaw ... 10i 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 30 ®o 

■ M-ra'ii'rt of uie AcwPtias Houses 
C3,nir.,i;,:r.. 

* r-ila? c -posns 7"„ l-mondi dcooslla 

• 7-i jy d'.posi;s on sums of tlO.OTO 

um.*r •_ Qp to £2j.0uu (5 ',, 
.c.j v-or iiS.win t’" 3 . 

; C.i.; <j..p(rtiui ovv-r n.OM 7'i. 

! D-uju'I d>:ou,lts "'I. 


Australia 

With senDment further damp- 
ened by poor overnight Wall 
Street and London markets, 
Australian stocks closed predomi- 
nantly easier after slow trading. 

Howei-r. there were some 
bright spots in the Uranium sec- 
tor. reflecting reports that the 
Federal Government is consider- 
ing new moves to resolve the 
deadlock over uranium mining. 
Paucouiinental picked up 30 cents 
to AS 12.30, Kathleen Investments 
10 cents to AS2.60 and Queensland 
Mines 5 cents to A$>3.15, but Peko- 
Y/altseud declined 6 cents to 
AS3.90. 

Another Arm exception in Min- 
ings was Pacific Copper, which 
advanced 10 cents to So cents, but 
Broken Efill South, strong of late 
on take-over speculation, came 
back 5 cents to ASI.SO. fifIM lost 
4 cents to A$2.45. 


KOTES: overseas puces shows Deiow 
exclude s premium. Belsiao mridends 
arc after with hoi dins rax. 

+ DU SO denom. unless otherwise stated, 
yields based on net dividends plus tax. 
f$ Pta 50o denom. unless ortwrtvlse stated. 
^ DKr J0B denom. unless ottorwue staled, 
•ti SwFr 500 denom. and Bearer shares 
unless otherwise stared. H Y50 denom. 
unless otherwise stated. JJ Price at Ume 
■it suspension, a Florins, b Scfaffltnss. 
e Cents, d Dividend after pesuUna risbts 


Diamond stocks lost further 
ground as investors maintained a 
cautious approach to the latest 
Ashton venture progress report, 
CRA retreating 0 cents more to 
AS3.B0 and Audlmeo 4 cents to 70 
cents. 

Industrial leader BHF receded 
a further 14 cents to ASS .50. 
while CSR cheapened 3 cents to 
AS3.40 and Bank of NS Wales 
dipped 4 cents more to AS7.66. 

Among Buildings and kindred 
issues, Jennings were down 8 
cents at A81.03, but Associated 
Concrete further strengthened by 
S cents to AS1.93. 

Hons: Kong 

The market turned easier tn 
moderately active trading, largely 
on Jar dine Matheson's first-half 
results, which did not fulfil 
expectations. 

Jardine Matheson declined 50 
cents to HKS17.nO. Swire Pacific 
30 cents to H K&IQJ3Q. Hong Kong 
Land 30 cents to HK$1L70, Hut- 
chison Whampoa 10 cents to 
HK$6.25 and Wheel ock S cents to 
HKS3.40, but Hong Kong Bank 
rose 10 cents to HKS20.30. 

Elsewhere, Hong Kong Hotels 
receded 50 cents to HK520.40. and 
Hong Kong Wharf and China 
Light 25 cents each to HKS33.5C 
and HRS30.50 respectively, but 
Hong Kong Telephone Improved 
50 cents to HK334.75. 

Johannesburg 

Gold shares generally rallied 
following the previous day's set-, 
back, although trading was fairly 
light. Inhibited by caution over 
the South West African talks 
being held in Pretoria. 

Mining Financials, followed 

go4d producers higher in later 
trading, but gains were modest. 
Among Diamonds, De Beers 
improved 15 cents to RS.00, 
while Anamint gained 50 cents 
to RBL50. Platinums rose afresh 
to close at the day’s best levels 
with gains ranging to 7 cents. 
Copiper shares were steady in a 
quiet trade. 

Industrials were mixed with a 
softer -bias. Metro Cash, in 
Stores, hardened a further 50 
cents to R16.00 on further 
consideration of the results. 


1 

[ art. 

i OCL J 

| Oab. 

16 ' 

; 13 ! 

1 12 


alawG'impIirt'n 


Histl I WHT 



24,740] 21.820:50.1711 


* Dmub or index ctenci^ tram Aatfuat 24 


Ind. div. yield % 


STANDARD AETD POORS L ‘ 



i 

! . Oil) ‘l 

106. 

7 S 1 10 .M 1 

. (3/1 1 

■10LW 

<b aa 

L-U. 

S5.47K —"I 


1 Ort. 

Oct. 

1 16 

IS 

113.08 

11546 

[ TO. 61 

KM. 66 


1978 jSinre Compilatii 
HI (Hi | Lov j Ruili ) ta» r , 


fGouipoaire 


lull div. yield % 

tart. PiK Hack) 

Long Uov. hood ylaM 


ALL COX3B.OS 


IlkSd 115^ I1BJ1 i 154A4 | U* - 

°l ' ; ( 12 , 9 ) .-( 5 ‘ i ) !( 1 Di /* 3 ) i { 50 / 6 / 3 ^ 

185.88 184 At WSEJ3 ■ 85.90 j 1KA6 4.40 _ 
l ' i iiaa | (6<3) itU/l/SS) . 


I Oct-11 1 Pci. 4 
I 4.69 ! 4.79 


9J9X 

6.58 


jtept 27 I Year auu ra ppros-i 

4^6 4.7 S 

9.43 9728 


i 



EJ78 

16 ! 

1 13 { 

12 

Hi«h 

Lovr 

67-Baj 

65 AS 
owt 

48.57 


Rises and Falls 

iOrt.1T Oct. Ifi ; O ct. IR 

laaua traded 1^233 1.909 I 1,BS|: 

Rises ' 143 I 809 636., 

Falla ; 1-561 1,374 | 85|J 

Cnrtra«M!»i ‘ 229 ! 336 j 493 ■ 

Jietr Hij-ha... 1 — i — : a “- 

Kqvt Lnn.^.— ! — ! — I 4-; 


H05TSEAL ,ttr. 


:* f 


IndafltHal 

Gombfoed 


•Oct. OCU I Oct. Oct. 

17 16 { 15 | 13 j High 

21UM 214, BSj 210 7% 221.45- 222.14 (U<!0) 
217.Se) ZZS^fij 226.35 226.51 226^1 (12/10) 


1E2JW (16,0 
170^2(50/1) 


TORONTO Compreire; 1278^, 1230 j] 1622.7, 1352J >552-7 (12d0) ■ B38 J <30il) 


JOHANNESBURG { 
GomI 

Industrial j 


2S1.2 247-9' 264 JB ■ 268A WHO (14/6) 183.0 180/4) 

268A 2b8.Sj ZB9J5 | 565.4 | 27U (li J/3) f 194.9 (L5/3) 



Amsterdam 

Stocks generally slipped back 
a little following the overnight 
falf on Wall Street and the 
renewed decline in the dollar. 


and/or scrip issue, e Per scare, f Franca. 
a Gross drv. %. t Assnud d lvi dco tl after 
scrip and/or rights issue, k After local 
taxes, m b tax Free, n Francs: iodadlno 
Unilac div. p Nam. a Share spilt, s Div. 
ana yield exetnde soecfai partMiu. r Indt- 
caied dir. a Unofficial trading. V Minor! ry 
holders only, v Merger pending. * Asked. 
t Bid. (Traded, t Seller -•Assumed, 
xr Ex rights, rd Ex dividend, xc Ex 
scrip issue. xaEx sD. & interim since 
Increased. 


AnsEraliaflft 

I 

Belghun li' 1 
Denmark (**1 
France Ct+J; 
Germany (1 t- 
Holland ttf> 
Hang Eong 
Italy dli. 
japan (av 
Singapore^) 


564.56 < &58.4E ; 665.79 • 411.19 
; 1(22/9) - (1- 3) 

SS^Cr 92^9 10 LIS i 90.43 

I ' (fc/tf : 

93 60- 94-32 ; 98 dta . 95^0 

: ! <L4,o) (17 10) 

80.9 ' E0j 6! aiJO ' 47.6 
i (4/10) I 16X1 

8£JjQ [ 865.6 | 663.6 ! K9A 
i ’ ,(16/ Ufl i (17/5) 

£7.5' tbJJ 95.1 ; 76J0 
(li/3) • (4/4) 
638.67 643.78 ! 7CV.70 , 383.4) 
(4/91 (13.24) 
76 A9 7632 2233'. to.45 
1 . dr 3) ; (10,1) 

437.43 [ 436.11 <37.43 364.04 
i :(17.10); (4. ID) 

372^9 ;5iLSS;414J)0] 1202J3 
r ! (S/flj 1 (9ilt 


SS^O t 98^9 f 
93 60; 94A2 : 


®5id| 863.6 


638.67 643.78 1 


372^9 ‘ 5i LSS; 


Indlcea and tume dates (aO base values 
100 except NYSE AO Common -60 
standards and Poors— u and Toronto 
suo— 1.008. tin las named nosed on i«W. 
• Kxdudlm nauM. 1 4M indnstitals. 
1400 industrials. 40 U turtles, 40 Ftaance 
ana ID Transport. I Ssdnev AU Onunarv. 
., Rebtun SE 51/12/0 ”■ Copamagen RK 
1/1/73 v* Parts Reonre 18m tT Omrnw 


Spain uOi 9a A j ' co UO./c aV.cd 
! 1 (9/5 1 i (I7>3i 

Sweden w! 3G6^W j 3TL24 ! 40?JX’ -52 eH 
• I (4,fcj lA/li' 

SviteerUU/. 2£S£l 267.4 | 323.7 2MA= 
I t 1 (K/2 ) r-f-sv. 

bank Dec. 1938. H Aiasuadiun lraianri|i) 
WJp n Hana Sena Raiw 31/1 /M in H»nra 
C o mmeraale Italians 1072 t rtiVD 
New SE 4/1 /Ob osttaita rtnwa i<ma 

rOoeed. 1 BSadctd SE 30/1 W* 
bojni m amma ) i/i/as iSwtw Rantr 
Coraoranoa ■ (TnaraUabie. <■ 

TUESDAY’S TCTIVE STOCKS • 

CiUDfeO 

Stocks Change ail 
. . traded pri.t dari 

Kama da Inns ?8bAW mi 

Pan- Amer. -Vlrwars 387.400 ~ I 

WesunKhousc Eke. X4.IMII 25! -t 

Reliance Group 332.7M 341 4-3 

Eastern Air Lrtics... SS-MAri) 11 - 't 

Cmmtal Air Lines 2S8A0« lil —il 

UAL ■.‘so.noa 33: -2»- 

Dow Chemical C73.SM -U 

BaB7 Mfe. 2333W 44) -3i 

Holiday Inns 250.M0 2K — l 


GERMANY ♦ 


TOKYO >8 



MC LB -D.Bl 

Securities Bawd! tJJEL$0.73 . 
(Discount of 36^1%) 


SPAIN * 

ZA Oct 17 . .. .. ; 

9.6 Asland 

7,4 Banco Bilbao .' 

Banco Ailantiro (l a 00fl) 

5-* Banco Central 

Banco Exterior 

Banco General . 

Banco . Granada (1.000) 

Banco Hlsnaoo 

Banco ind. csl fi.oooj 
B. Ind. Medlicrraoeo ._ 

Banco Madrid 

Banco Popular 

Banco Santander (230> 
Banco U run llo a. 000) 

Banco Vizcaya 

Banco Zangmao 

Bsakunion --- 

Banus Andalncia „ 

Babcock WUcox 

iHI S&js-r^rr: 

K l HQ InmobauiT , 

6 6.1 §■ *• Araponesan 
(Its Esponola Zinc ----- m 
u4 I 3 6 B™ 1 - ^ ™0 - - , 


Hb! Ill (LOMU 43 — : 

in | 44 Tenosr <1JXH)) 42 

«5 Oaf Prertados 45 _ 

5 ', Cnipo Vc) ozones (408) us 

4 I JJ^ rducro — 7S - a 

Olarra 44 _ 2 

Paovleras Rennidas 43.75 — 1 

n'lrallhsr. ..j EH _ 

Peitnlcos im — 5 

Sarrlo Papaiea jq 

Sniara os + 1 

SoRcflea 027 — 

TekHTonrca 7V — n 

Torraa Hostcnch 76 ' — 

Tnhares. ... 52 , 2 

Union Klee. — j *5 ■» 


Per cent 
123 — 

284 -4 

333 _ 

30X — 3 ■ 

265 — 4 

266 — 

144 -2 

240 — 6 « 

182 1- 3 

IK — 

221 _ 

248 - 4 

MS — 

’291 — • 

24S - 6 '• 

262 - 4 ' 

145 p— - . 

1W _ 

2* — 

82 — 

=8 - a 

78 +1 

46 - 2 

1B1 — 

53 — 3J50 ! 

43 — 1.58 1 

62 — ! 

65 — 

US — 

78JB -0.75! 
7S - 4 

84 - 2 

0.75 - 0.25 

ia - , 

184 - 5. 









































































i* 




^D^^JTimes'^ednesday October ’laiksffe- 


l:A R MING AN D RAW M VI I K I VI . b 




UK 



by fish policy 


BY RICHARD MOONEY 


U S. still 
backs 


[TOBACCO FARMING 


. 1RITAKV WILL continue with 
ti uni mat era] fisheries conserva- 
* ion policy in defiance of a call 
^■y the EEC Commission for the 
>. ■aeasures to be shelved while 
Nlrussels considers the situation. 
•> On September 29 the "Co minis* 
‘v 1011 requested that national 
Pleasures proposed — and in 
□me cases already implemented 
-by the UK should not go fur- 
, ’ tier and asked for more iofor- 
. • Nation on Uie reasons for their 
llroduction. 

' But in a letter sent to the 
!oimnission yesterday Mr. John 
v iikin, the UK fisheries minister, 
taVstated the reasons for the 
pleasures. Officials confirmed 
f-s. iere was no intention to wiih- 
*' 'raw any of the existing conser- 
'> v ation measures or delay the 
... ltroduction of any not yet 
'-.Derating. 

V The measures are: reduction 
-.jf the permitted white fish by- 
„ ^tch in smail-mesh fisheries; 

. Insure of the West Coast of 
' cotland herring fishery; exten- 
sion of the Norway pout box in 
! ie North Sea within which 
shins for fishmeal is prohibited; 
s, - 70mm net mesh minimum for 
^eampi fishing; and closure of 
ie Isle of Man and the Mourne 
^erring fisheries. 

< Mr. Eamotvn Gallagher, head 
''f the Commission's fisheries 


Kenya grows its own 


directorate, said in Brussels 
earlier this month that he was 
certain Britain would be brought 
before the European Court over 
the measures. 

He said the rase of Mourne 
fishery was the most lftciy for 
legal action. Britain bad kept 

this fishery open despite a Com- 
mission call for its closure and 
when it was finally closed had 
allotted a further 400 tons of 
herring to British skiff fisher- 
men, he claimed. 

He said British action on this 
fishery illustrated the "anti- 
conservationist and discrimina- 
tory aspects of UK fisheries 
policy. 1 ’ 

In its letter of September 29 
the Commission complained that 
it had not been given adequate 
notice or the intended closure 
of the Mourne fishery. It- bad 
been notified on September 18 
and the fishery was closed the 
following day. The Commission 
also said it had proposed . the 
closure of this fishery almost a 
year earlier. 

In its reply the British 
Government admitted that the 
Commission had been given 
short notice of the 'Mourne 
closure. . 

“ But it was necessary to. take 
urgent action to protect the 


stocks because of the appearance 
of large trawlers (mainly from 
Northern Ireland) off Ihe coast.” 

Jt was also necessary to give 
the skiff * fishermen a short 
breathing space because of the 
social and economic circum- 
stances of the region, the letter 
said. 

-UK fisheries officials pointed 
out yesterday that there was 
some precedent for allowing 
social circumstances to override 
conservation in the European 
herring fishery. 

In the spring of 1077 the 
Dutch were allowed to catch 
1,500 tonnes of '* protected '* Tier- 
ing so that ihe “maatjes" festi- 
val could be celebrated in the 
traditional way. and last Decem- 
ber French fishermen were 
alloted an extra 600 tonnes for 
socio-economic reasons. 

On the discrimination question 
officials claimed the extra fish 
were available to skiff fishermen 
from any EEC nation, but they 
admitted that the 35 foot vessel 
length limitation effectively 
ruled out non-Irish boats. 

At least one vessel from the 
Irish Republic participated in the 
extra 400 tonnes catch, they 
added. 

The Irish Republic closed its 


own section of the Mourne 
fishery earlier this year but the 
Ministry officials claimed reliable 
sources reported that 350 tonnes 
of Mourne herring had subse- 
quently been landed in Ireland 
for fishmeal production. 

These were mainly immature 
fish, whereas the British skiff 
fishermen were more selective 
and did less ham to the fishery, 
they said. 

The UK Government was sur- 
prised that the Commission 
should question the halving of 
the by-catch limit to 10 per cent 
because an *' identical ” measure 
was introduced by other members 
of the EEC. and approved by the 
Commission, at a meeting in 
Berlin late last year. 

It disputed that its decsion to 
keep open the Clyde fishery while 
closing the rest of the West Coast 
of Scotland to herrinR fishins was 
contrary to scientific advice. 
“ICES (the Internationa] Council 
for the Exploration of the Seal 
are aware that the Clyde stock 
has been manaced separately for 
some years, and has not stated 
that a" closure of the fishery is 
necessary." 

ICES support is also claimed 
for the Isle of Man closure, the 
larger scampi net mesh limit and 
the pout box extension. 


sugar pact BY JOHN WORRALL IN NAIROBI 


By Our Commodities Staff 


Surge continues in 
platinum market 


Brazil increases 


THE CARTER Administration 
Is seeking ways to help keep 
the Iniernatiimal Sugar Agree- 
ment (ISA) afloat desr'te the 
continued Liuence of U.S. 
membership, -officials said In 
Washington yesterday. 

The Agreement was dealt a 

severe blow last week when 
Congress failed to agree on a 
domestic sugar policy before 
going into, recess. Without a 
domestic policy ratification of 
the ap-p-nt by the U.S. is 
impossible. 

The officials said they were 
exploring the possibility of 

“discretionary action.” but- 
they declined to go 'nto detail 
on v ha< form this might rake. 
“The IIJS. doer not want to 
sec 'he ISA fall,” one official 
said. 

The 'ministration plans to 
press for quick action on a 
U.S. sugar programme and rati- 
fication of the agreement when 
Congress reconvenes In Janu- 
ary, he added. 

A major impc mem 10 the 
ISA nev is that member 
nations are not collec"nT fees 
to finance the stocks, while 
producing nations are holding 
stocks in expectation of financ- 
ing. 


KENYA has become a tobacco- 
producing country recently and 
has found it can grow a good 
crop very successfully. Kenya 
consumes a great deal of 
tobacco, mainly of tbe flue-cured 
variety, and has a large factory 
in Nairobi run by BAT (Kenya) 
producing up to 400m cigarettes 
a month. 

British American Tobacco in 
Brirain has 80 per rent equity in 
BAT (Kenya), and the Kenya 
Government holds 20 per cent 
through the Kenya National 
Security Fund. It is the only 
cigarette manufacturer in the 
country. 

Up to February, 1977. the bulk 
of tbe leaf used in Kenya came 
from the Tobacco lands of Tan- 
zania under one nf those 
convenient and mutually profit- 
able arrangements under the 
East African Common Market. 

WhPn thp Common Market 
coilansed in February. 1977. with 
the demise of the East African 
Community, and Tanzania closed 
its border with Kenya, the 
tobacco trade ended, depriving 
Kenva of 3.000 or so tons a year, 
fn addition, supplies of tobacco 
from Uganda started dwindling. 

Only a tiny amount of tobacco 
was being grown in Kenya, so 
BAT was forced to so overseas 
for the bulk nf its requirements 


and is buying leaf from the US.. 
Canada, Pakistan, Thailand and 
Korea to make up for the short- 
fall from Tanzania and Uganda 
and maintain its level of produc- 
tion. The cost to Konya in 
foreign exchange is considerable. 

It was apparent to BAT and 
the Government that it was 
essential- to institute a crash 
tobacco-growing campaign to 
make the country self-sufficient, 
and further the cause, to which 
Kenya is dedicated, of stepping 
up the level of rural incomes. 

The country was not exactly 
without experience of tobacco- 
growing and have been about 
150 tons a year produced by 
small fanners since 1973. The 
tobacco-erowing areas are mainly 
in South Nyinza. Bungoma and 
Busia. nn the Uganda border, 
and at Meru on the slopes of Mt 
Kenya. 

The company is following the 
trend in Kenya agriculture — 
encouraging the small farmersr- 
which is already apparent in the 
tea. coffee and sugar Industries. 
Such farmers in the key areas 
are being ecouraged to produce 
tobacco as a useful casb crop to 
supplement to their other crops. 

After only two or three years 
of operation, small fanners are 
producing some 2.200 tons a year 
of mainly flue-curcd. hut also 


small quantities of fire-cured 
tobacco, which, with foreign 
imports brings BAT up to its 
required 5,000 tons a year. 

Tobacco is grown on plots of 
an average size of one acre, but 
a few are as large as eight acres. 

Technical advjce on fertilisers 
and chemicals is given to new 
farmers by BAT and Government 
extension officers. Crop finance 
is partly provided by the Agricul- 
tural Finance Corporation and 
partly by BAT. 

Seed is provided by nurseries 
run by BAT. and farmers build 
their own mud and wattle cur- 
ing barns. In a country where 
timber is scarce, farmers are 
encouraged to plant fast-growing 
eucalyptus trees for their firfiP 
wood requirements. 

The Ken) a tobacco season it 
about seven months from seed 
to harvest and one crop a year is 
grown. 

Tbe company is continually 
adding to its small reciment of 
tobacco growers, but careful con- 
trol is maintained to acquire tbe 
right type of grower. “V/e aim 
to be self-sufficient in tobacco 
by 19S2. and providing we do 
not have a disastrous drought 
like we had in 1976 we believe 
we can make it." said Mr. Tim 
KalnkL the leaf director of BAT 
in Nairobi. 


cocoa areas 


BY OUR OWN CORRESPONDENT 


Veto sought on 
beef laws 


Starch makers want new deal 


BY OUR COMMODITIES STAFF 


REE MARKET prices for increases registered on_Monday. 
Itainum continued their relent- In Washington, the u.S. State 
;S5 surge upwards in London Department said it would seek 
L-sterday, spurred on by fresh early action wtafsn the new 
icreases in New York overnight Congressional session begins In 
nd a Swiss bank's report saslng January for approval of legisla- 
iat global demand for the metal lion -allowing the U.S. to contri- 
ill exceed supply this year by bute 5,000 long tons of tin to the 
.,50.000 ounces. Internationa] Tin Council buffer 

Yesterday afternoon’s fix saw stock. . 

■ie price rise to a new high of announcement followed 

170.15 an ounce — up £8.15 on <j e f ea t i n the House for a Bill 
,e day. containing an amendment calt- 

ivanced to S340. up S16.75. in _ for the contribution to the 
Traders said Swiss investors buffer nock and for authorisa- 
id speculators were among the tion for the U-S _ to jell 30.000 
list prominent buyers with the tons of Uti from the nation's 
ipanese putting in only a token stockpile • - 

^Weakness of the dollar and the 

mtinued absence of Soviet “Jfbu.Zaure Minister vof^Htnes 

-Base mSal^h^d a b q°Siete P r rl d e ay jjj S^SSk 

TiS%^fh n arSM1; n S.e the Interna- 

EJliS “to YSgKncrease 1 in tlooglTJ.fc < STSooSooTSS 
-‘ices on tbe Penang market but mfdaUM /or a 300.000 

.a rises stopped and were ton ‘ * uota on reflned 

•versed as trade selling took copper imports. . 

feet Mr. Mbabn said the proposed 

. Cash standard tin lost £50 a quota would adversely, affect 
one on the day with three economies of. CIPEC nations; 
onths metal managing only a decrease their foreign exchange 
.50 advance after the specular earnings, and restrict trade. , ; 


BRAZIL WILL bave increased its 
cocoa area by an estimated 
93,918 hectares to about 532,000 
hectares by the end of 1978 
under its long-term expansion 
programme, Brazilian cocoa 
sources said in London yesterday. 

This is slightly less than 
originally planned when the 
programme began in 1976, but it 
can be considered good progress, 
Brazilian delegates to the Inter- 
national Cncoa Organisation pre- 
paratory committee meeting said. 

Meanwhile. 12.000 hectares of 
existing plantations will have 
been renewed by the end of this 
year, the sources said. 

Brazil has increased its 1979 
area targets to compensate 
partly for falling short of its 
intentions in the first three years 
of the programme. 

New plantings in 1979 are now 
planned on 50,615 hectares and 
renewals on 10,714 hectares, 
according to figures issued by 
Brazil’s Cocoa Farming Recovery 
Plan Commission. 


If these new targets are met 
the amounts by which new plant- 


ings and renewals fall short of 
original intentions will be an 
estimated 16,067 and 7.254 hec- 
tares respectively hy end 1979. 
against 20.882 and 7,965 hectares 
respectively a year earlier. 

Under the expansion pro- 
gramme, Brazil plans to increase 
cocoa output to 700,000 tonnes 
by the early 1990s compared 
with about 257,000 tonnes in tbe 
crop year I977-7S, from October- 
September. 

Meanwhile. London cocoa and 
shipping sources said no delays 
were expected in the shipment 
of new crop cocoa from Ghana 
this year. 

Rumours in the past few days 
suggested that oil shortages up- 
country in Ghana and delays in 
loading at the ports could bold 
back supplies of new-crop cocoa. 
The main crop season started 
last week. 

Although some traders said 
oil shortages were again affect- 
ing delivery of cocoa to the 
ports, the general consensus was 
that this is a recurring problem 
and not one likely to produce 
any extraordinary delays, 

Reuter 


CANBERRA Oct. 17. 
AUSTRALIA ' ill ask U.S. Presi- 
dent Ji . my Carter to veto legis- 
lation which restricts beef im- 
ports. Mr. Malcolm Fraser. 
Australian Prime Minister, told 
Parliament on Tuesday he had 
written U> Mr. Cart - ■ r skint* hint 
to do so. following passage nf 
the legislation by the U.S. 
Congress. 

Mr. Fraser said short-term 
1 prospects for the Australian beef 
industry were late- than they 
had t--*n for many years, but 
the medium to long-term effects 
of the U.S. legislation were poten- 
tially damaging to Australia. 

Mr. Doug ; Anthony, deputy 
Prime Minister, told Parliament 
he was "very concerned r-d dis- 
appointed" the U.S. Congress 
had not passed legislation to 
allow it to operate as a full mem- 
ber of the International Sugar 
Agreement 

Mr. Anthony said the U.S. 
failure to puss the legislation 
would not stop the sugar agree- 
ment from continuing, but it 
would not allow a proposed 
stocks financing .fund to come 
into operation. 


COMMON MARKET maize pro- 
cessors want the Community to 
set up a new, long-term policy 
for the starch manufacturing and 
processing industry. This should 
allow it to escape the uncer- 
tainties of the ad hoc provisions 
which have been introduced from 
year to year since the grain 
price crisis of 1973-74. 


The main change sought by 
the industry is a new scale of 
subsidies or refunds to help 
offset the Community's import 
levies on maize and to enable 
the grain processors to compete 
with the potato starch industry 
based largely in Holland, France 
and West Germany. 


fund at the rate of about 100m maize a year, is among the 
units of account a year. biggest in the EEC. Its output 

The proposal put to the supplies a wide range of indus- 
Coramission In the hope that it tries, with most of its products 
may be adopted at the price absorbed in the form of starch 
review negotiations next Spring or glucose syrups in the food 
suggests that “ in normal condi- business. 

tions" the refund should equal Mr. Wright's organisation fears 
the difference hetween the EEC that pressure being applied on 
threshold price for imported the Commission to phase out all 
grain and the intervention price refunds to starch refiners could 
for Community produced maize, lead eventually to stagnation and 
At present values this would decline in the industry, 
be worth about £25 a tonne of 


Mr. Richard Wright, chairman 
of the British Maize Starch and 
Glucose Manufacturers' Associa- 
tion, said yesterday that at 
current prices the existing refund 
on maize converted to starch was 
worth about £18 a tonne of 
finished product, compared with 
an import levy on grain maize 
worth about £70 a tonne in the 
same terms. . ' 

• Because of this disparity the 
British starch industry was a net 
contributor to the EEC farm 


finished product. 

Other starches, the maize 
grinders say. should benefit from 
equivalent refunds. 

■As things stand. Mr Wright 
said, potato starch producers 


Wool sales 
trial soon 


SYDNEY. Oct 17. 


have a £8 a tonne price advantage A WOOL INDUSTRY group 
over maize processors. examining the feasibility of cen- 

Maizo provides 70 per cent of tralised selling has arranged for 
all the Community's starch needs the Adelaide wool sale 'on 
and the Community organisation Novemher 22-23 to be held in 
— [’Association des Amidoneries Melbourne, ebairman of the 
du Mafs— which has taken up the- group Mr. J. J. Doohan. said here, 
question with the Brussels Com- The group will also -consider 
mission, says that without a new holding a Brisbane sale in 
poliev product costs and prices Sydney. 

will continue to rise. Under the proposal, only eerti- 

The British £160m-a-year ficates of objective measurement 
starch’ and glucose indiistry.and samples will be required, at 
which uses 930.000 tonnes ofpoint of sate. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


l-n.- 7 (t+n. cathodes, three months £757. Afternoon: SILVER Expensive purchases, were recorded In MfcAI / VEUJbTA BL1£> 

Unofficial j — Wlrebars. three months 1763, 6SJ, 70. Silver vu fixed 0.B5P an ounce Maher .R W _P! U 5£L 

— _ . I „ 70 J. 7L Cathodes, three months £759. for apot delivery In the London bullion Interest In American -tspc cotton. Scotch killed aldtt 51.0 to 37.0^Klre hind- 


MEAT/VEGETABLES 


UPPER— Barely changed on balance : ~ TJ - 

. — the London Metal Exchange: Forward J ■ 

tal moved up to £773.5 on the Ore- 747-8 :-62.fi 

■ risci reflecting the strength of the j month- 768.6-9 1 — 6.5 
lion price and covering against 74B p 6 

■slca] buying. However, tWa trend was p. at nQqw 734.5.5 '_7j 
. creed in the rings as profit-taking imoarhi- 756-.B '—7 
cbod off stop-tosa selling which nenJ'm'ntJ 735 1 — 7.6 


PRICE CHANGES 


Price In tonnes unless otherwise stated. 



Quarters 68.9 to 63.6, forequarters 35.0 to 
38.9. 

Veal: English fau 62.0 to 68.9, Dutch 
muds and ends 83.0 to 88.0. 


A .; Kerb: Wlrebars, three months £769.5, 69, market yesterday at 298.85p. U.S. cent 2 hii ” 10 ,oreqoarlcre ■“-"‘t* 

749-50 -1.26 “■ • 7-5 ‘ 7.6^ th^nS 1 RTJRRFR VM,: “*** f * u K - B 10 Dutch 

770.5- 1 1—1.5 - f _ TXc: ste-raonS MMeTro Me; anl IVUDOHlY mods and ends 83.0 to 88.0. 

- — ...... TIP Marginally firmer for forward xj-momh 842.9c, up 7.9c. The metal STEADIER opening on Ihe London Lamb: English . anaD 52.0 to 58.0, 

K “W™* 31 2S8J - 29Wd and nn rttridpl niartwt. Fair interest throughout medium 52-0 to. 59.0. heavy 48.0 to 52.0. Wnfaln 

7X7-8 : + -76 may . warn J”** 1 ■**"? to MM-MOJp iSBMOOjc) at the dose. the day. mak; Lewis and ^ medium 50.6 to 50. heavy 48.0 to “SrmS 

758.5- B .+ 1 £7.600 on the ore-market, but this Wend Peat reported a Mal awian gpdown price 52.0. Imported frozen: NZ YLs 52.0 to p™ „ 


Oct. 17 +or JUnotfa 
1978 — ago 


was reversed as trade selling lowered the 


cneo on stopHow -u.cn Mi .nj H -Wl » : price to £7.579. II Stayed around this SILVER M..t.1no 

■ressed the price to 1766. Values - : T™ - J ^ sej . level for most of the day until weakening per iixing 

,V overed modestly in the afternoon in Amalgamated Metal Tramng reponea ^ |jM . ia te fc er i, to dose at £7,565. Turn- tmv o*. I price 

^ — issisT 

late kert) with forward metal finally MJi *7. K , KJi a, ra j}. Cathodes, cash . ] s.m. 1+ or) tun. H- or 

7Z. Turnover 17.000 tonnes. £735. 315. three months £7575. 57. 56. TIN Official 1 — [L’nnffl.’uii — * 


t-orj LJrf.E. 1+ a 


t.R- 1 !S= 3B t?“ sssjgi — =“■“ - tS precious 

!T«s I Apr-Jne M-10*6-M M.W-JJ-76 jB.9jM.00 i mwte d Produce: Lcansne-ttaJian: 1-BO 1 1-93 the continuing weakness of the dollar. 

M 7M0-8™ +* 7 -5 LM E— Turnover 2S8 tlZl) lots of 19.000 f v-ttep* B8.55-68-4^ 6B.M.E8.5B uo/JlO a new crop 5.5041.50; 5. African: 1 1 Copper cloud steady on mixed trad and 

7060 . 66 oas- Morning; Three months 306.7, W. Wot- Dec 7D-4B /0-MI 70.88-n.00| 7i.M 79.«0 5.00-7 JO; . Cyprus: Trays 3.00-3.50; Jsffa: Plat innm trey twJfi 130 ici30 Commission Houa aciivlry while sugar 

Standard „ . ■jjon.Bnn L_<ui * J - Kert: ' n,roe monl118 W8X. After- Jan-Mar 72.Bu-72.bB re.90-72.9b. /LM 3.50. orange*— S. African: Valencia Late Free Market £170.15 +8.1 6£154. 7 ™ T ? ,ln,,t ^ «» eas ^ on carryover specu- 

7 «E ?qS Tfl 7S«A?30 lr|°B n® 001 Thrw months 307-6. 7^.306.387.9, AprJne W- 70-74 - 16 <30-5.45: Brazilian: Valencia Laie 3J0: Quirkvllver |76tb.j SiaO/aa 1 61^2,27 Pi)! 0 - U 'jJ uda, ‘? n foU °Wlnf: yesterdai-s 

T!* 7 ®' 5 7560-70 +Z.5 7^ 7.7, 7.0. 7,3. Kerb: Three months Jy-sepu 7B.M-7B.BK 77J5.77.60. — Argentine: 4.S0-5.40; Uruguayan: 4.30-5.00. stiver troy .« ZB8.85i. +0 95 5a4.dii i Unn d t^ Un<; ' c:o,:o;, revers «l its recent 

turnf iSS ” 397.3. 7J. 7X. 3MJ. 6.6. L ... » Smaomas-Spania : Treys 4.5M.00. s ""i dO^slp ZoM A91.4n SfSS 1- mfod 00 Coraraisstoo House 

tmiuE.. 1S1B81 +M — Grapefruit— Dominican: 3.60-4.80; Cyprus: Tm riAsb £7,790 +M.0£7Z8o short coverings and trade arbitrage buy- 

Aevr York - ^/)TQA Sales: One 1 39. tots or five tnones and 4. M: Cuban; 4.0W^0; Israeli: Jaffa 4J6- S mSkZZ ” £7.565 +8.B £7;ll« jn ■■ rtpor,a Bache - 

MrotiMf- ' Siandarefl. retvh £7.ftso 6S 60 v 173 1 530 1 lots of 15 tonnes- •' 4J6. App ta i— French: New crop Golden TunuMen . 6192,94 ........ 5157.B2 — ^ec. 163.55 1 162. 801. March 

three months X7,590, 80, 75, 70. Aftenwan : Prices fenwtrb continued long Uouida- physical closing pnees -thuyers) were: DcJJcious 20-lh _72 2.00-3.10. 64 1.80-1.90: Wi.lfnira 22.04 df.l 8 142.47 8140:44 J®-' 3 May 163.50. July 163.10, 

Standard, cash £7,885. Three months £7.560. Bon. GUI and Duffus reported. Spot 90.25p t60.75>: Bov. 61 Jp f6L75i; W-IhLWW.M. Stark Crimson 20-tb 84 3.40. Zinccanh. £395.6 —1.0 £527.126 SeBl - 1B 2 W. Occ, 158.30. Sales. 1.024. 


J. Index Limited 01-351 3466 Three month Lead 393-398 

" Lamont Road, London SW10 OHS 
. 1. Tax-free trading on commodity futures. 

:• - 2. The commodity futures market for the smaller investor. 


djqh Grade £ c • * r 

CWi 7850-60 -5J5 77BB-B0D (-50 

t month*. 7995 605 + ZD 7*80-809 +27.5 

ieniem'l. 7B60 —66 — j 

standard ' I _ 

i .k»h 7850 60 — 45 7780-800 t— 50 


12 months! 331. 7 p 


the day, chwtag uncertain. , Levds and scotch medium 50.8 io 56.D. heavy 48.0 to Aiurmnium- £710 £710 

1e5 t a^SS^^ 0Wn S n Imp0md tTma: NZ 5= 0 “ Pr^^irit^ ^ i lM (ZljsiOTO/SO 
of 253 . 251. cema htget Nov.i. 54-0- , Copper au.h W Bar £749.6 + 1.2B|£746.76 

I 5 month* do. do. S770 76 + 1.6 (£764.26 

tin. 1 Yesterday"* Previous' Buslnere J 0 ®-™ !bs *-0 to 45.0, 120-160 lbs Quh rvuhreie £737 2: +0.7fiU:73B 

R.S.S. Close Cloro flow « • i mornbs do. do. £758.75 +1.0 £1S3.7b 

— — -sno^' ^ ^ m BiiM Trny oe. 5224.2 75 S2ll.fl* 


Gold rises; 

Copper 

steady 


iWhhw: Young (each) =80.0 to 240.D. “-“{So. 


COVE NT CAS DEM — Price* in sterling Nii^ei _ 1 ; 

per package cccept where stated: 7a*U*rt*li«fili S1.78 $1.82 

Imported Produce: Lmu m Italian: l.BO' I 1.93 


■*bu — >.apa. NEW YtVRtr rwr iv. 
400.5 L-4JB £555.575 PRECIOOS metals dosed hi«S Jnth 

, - , . ■ sold recording new life of contract highs 

'}-2® **■"“ °P renewed speculative buj-ins following 

, - BQ I trio continuing weakness of the dollar. 

■ Capper dosed steady on mixed trad and 

130 .. . Lei30 Commission Hous activity while sugar 


AUCTIONS THIS WEEK 


'."to (ODu ro — -to f fou-ovu — JV TUmi months 307JI 

iretmthjJ "7570-5 1+^ | 7960-70 j+2.5 7 y 7A 7 _ 3 Kert> : 


-wRtem'tJ . 7860 ^69 - 
tmiuEJ 181981 +«i — 

.New York! — I 1 


397.=. 7J. 7-2. 3MJB, 6.6. 


Mrniag; Standard, cash nfiSC. 65. 60. 


Wednesday 18th October at KUO ajn. 

RNE FURS 

Wednesday 18th October at 11 ajn. 
DECORATIVE ARTS 

Incl- a Roxwiberg eggshell porcelain vise; a coilecdan of Moorcroft- 
MKintyre pottery: Gaile cameo & enamelled glass; i Tiffiny tavrile 
glass dish; Alphonse Mucha lithograph. ... 

Thursday 19th October at 11 am. 

FINE CARVED FRAMES & EUROPEAN OR- PAINTINGS 
Thursday. 19th' October at. 230 pan. 

ENGLISH & CONTINENTAL FURNITURE, ORIENTAL 
CARPETS & RUGS 

fnd. e Dutch oak ehesc e. 1600: Geo'. 1 oHboy: Geo. II pH 
mti-Tor; Geo. Ill walnut bureau; set of 6 Geo. Ill mahogany chain 
in Hepplewhite style. 

Friday 20th October-at IT ajn. 

RNE CHINESE & JAPANESE CERAMICS & 
WORKS OF ART 

Ind. an emerald green fadeiu jin sceptre. 19th C: a rere carved 
celadon dish. Northern Sung Dynasty: a rare Korean celadon Incense 
burner, .early 12th C: » rare Polychrome dish, 6 character mar* of 
Hriian-fi, late 15rb/carJy Ifitfa C 


75. TO, 75 . 80. 75, 70, 60. 

Kerbs: Standard, three months £7.575. 
79. 65, 60. 65. 


jCevSerrin’rai + or 

now> r — 


m WJ. Aiicr- -““ 7". .ri ;r„ ~ wnran: Valencia Laic j-ree AlarKet £170.15 +8.1bXlo4.7 ; 

" r -£’ m j Slya'li 7470 ' 74 " 88 4.30-5.45: Brazilian: Valencia Late 3J0: Qumkallver (76lb.j SiaO;M5 31£2,27 !f' lvi 

i: Three months jy-oept- 7B.bB-76.B0 <7.25-77.00' — Argentine: 4.S0-5.40; Uruguayan: 4.20-5.00. Mirer troy ■■*.., .... 2B8,85|. +0 3B ^84.4ii j M 

- - ! Tra,s „„ im.uith. 306. 55 p 4 -o!bB J 91.4p “ 

. • _ Grapefruit— Dominican: Cyprus: Tin Ltssb ^....£7.790 +M.0£7£85 

Sales: One <SSi lots or five tonnes and 4.M; Cuban: 4.00-4^0; Israeli: Jaffa 4J6- 3 month* £7,565 +2.5 £7|045 jns ' 

^ 173 ( 5261 lots of IS mows. :• 4JS Apphre-Frend]: Ncw crop Golden Tungsten b) 5142.94= 5157.B2 

ed long liqulda- physical closing prices -thuyersl were: Delicious 20-lb 72 2.90-2.20. 64 l.aO-1.90: W.ilinira 22.04 df. S 142.47 3140:44 

Spot 80J25p (W.75>: Bov. 61J5p (6L75»; ^lb3.8«K 30. Sl^ Crimson 20-Ib 84 2.40. Zlur-cvsh £355.5 —1.0 £027. 1» Sepl - 

~ofi Buaiueaa Dot 63L5P 163.0 1. . 72 2.70. Granny Smith 2.00-2.00-2.10. Pears Jmonlha £566.62 -0.625 £337.25 Cb# 

-I »™ S £ — ” 7 ‘ -- |S “ 

SOYABEAN MEAL ™“* . m 


LEAD — Lawer on balance. After open- jSiSi ""bsd'i.mmIj 

mg at £407 and moving ahead to «W on - I? n?i iSlv'tssi 

rhe pnwnariret ' forward n»»J .. came J^S n ti’1 SStSi 


i» I SetlL 1B2 w. Doc. 158.50. Sales. 1.024. 


rite prv~marnet fonraro nuriaj came Nolnn inn 

under heavy selling pressure following m n i&SoiSa 

proBt-taklDE- Commiasdon House seffim; =J«- IfoRLin'n 1 7 n ™ rSn 

and step-loss sdllng which di-pn-ssed the ~ ! !S’S"{2 "£ b'Si iflas'n' 08 ' 0 

mr. m rat M MU nnlni. In lhp after- H«n-n J BU.S 18-B o.50 1885J1 


tmre lo £203 at cne point. In the after- » «n-n u w .a m -u r-u.au ibkui 

noon values recovered with forward Sales: 3.U2 (LOSS) lota of 10 tonnes. 


tor* in Sore C at tntor«ati«Bal Coen arpnmdon. DaDy April 124.7 J-*4.ij i olji U4iB644.2ll Jt ' r,h ' r: _. 

Soa f T^u^r m BUI “ Price for OcL ie lf®.«3. Indicaior prices June Ici.aj-M.ff + O.Ra I24.4U Sl ^ ntsh: Cuerorey: 1M- QrtunB 


£398. Turnover 10,650 tonnes. 


LKAD 

ium. 
Onikiie . 

+ nr 

p-in. 

llnnffieia 

+or average. 1T0J9. tD^. 





LUJrrliH 

Lfaab.^.... 

417-a 

-16 

419-21 

—2.5 

a inoulba.. 

397.6-8 

-12.5 

400-1 

-425 Xeuwntoy’a 

-ett’mebt 

418- 

352.5 

1-16 

1 -36^36 ! 

COFFEE Cl<we ■ 

Monttag 

: Cash £419, 

£ per lorme 

18. 17.5, three 


. . lVraieitl»»J. + „ 

•touameM 

Done 


llperrcnne ’ 



1I9.00-9B.6 j.1 n 


Ltocenilwr .... 

FebruArf 

April 

W1.7U-.l.B' + i.o 121 .90-21. 20 
125 5 )-2i.7Jj. I.to 123.80- 23 JU) 
124.7 4.1 +0.75 124.S0-24.2fl 




Ocirtier 

123.5 26.0 40.06 

— 


Delicious Jumble pack 3Mb 3.00-1.10. Pears Hnaiucere *675 1*625 

—French: Alexandria 2-80: Per lb Italian: ns , 

WUHams 0.1+0. IS. Grapes— -Italian; 

Reulnti 1.80-1 .BO. Black Regina 2.60: Locnnut, <PhU) f818a +8.0 S795 

French: Alphonse per ft 0.14: Spanish: ^reurMnut .. 1 : 

Atmerla 3 80. Negri 2.58. Banonaa— Xjnwcjl Lrurte ‘vt- £326 +5.0 £3 

Jamaican: Per tl> O.M. Avocados— Kenya: Malayan ,620 jc + 

Fuenc 18/34" 9 4.00-1.50: S. African: Fuene | 

4.00-4.50: Israeli: 4.50. Capsicums— Duuh: - , j 

Per 5 Idles 3.80. Onions— Spanish: 2.80- .. I „ 

3JSD; Hungarian: 3.00. Melons— Spanish: f 122* + I B A°iSf2 

TeHow 004 2.7P3J0. Green 3.00-3.20. dojalicnii lLJi.) M ... 3286(0 +6.0IS266 

Tam aloes — Dutch: 1.80-2.00: Jersey: l.CO- , , , 


Sales: 205 1 48 j lots Of 5 tonnes. 


2.M. Dates— Algeria o: Per glove bor Uarmv ........ 

0..43-9.35. Pomegranates— Spanish- Per H< >ine Put4iree.„. £83.5 +0.1 

box 40/60's 3.60-3.80. Wain-ils — French: Mni/c- • 

Per lb Grenobles 0.40: Italian: We: 0.40: Fn.-m.-li So. 3 Am 
Californian: 035 Chinese: 0 30. Brazilc — Wlirei 


SUGAR 


camornian: 035 Chinese: 0 3U. Brazils— Wliret 

LWM Per lb 035. Chestnuts— Italian: An. 1 K+4 »prln*J£94.55 

Per lb 0.20-0.30. HanlWinteH 1 


— Done 


‘er lb 0 JO-0.30. HanlwinteH ; j - li'an 7 

English Prodnce—Potataei: Per 25 Ulos Xn«lL-li u,l| tagl|*91 L— ....IMI9.S 

.10-130. Letmcc— Per 12 round 030. u “?'“ »lilpmw»t — (Ll,B52i|— .18Jt£2,08ll 


months £396. 97. 06. 96. 03. OS. 94. *3. 94 November-.l lblB-21 j— I6.0I 1 b 2B-01 -,, »Uy Price fw Ott, Noy.,- Dec. was fixed rooms— Per 


Im. 5, 96. 04.5, «. 97, 07.6, 88. U.S. ' * January...!' 1544-46 — I8.’s[l364 5a al 7113J0 <iU 5.001 


LONDON DAILV PRICE' (raw Bnzarl 1.I0-130. Letmcc— Per 12' round 030. illipmeut — i£L,852_&(— 18-6 i£2, OSD 

Oct, Nov.. Dec. IlOT.Otr { flja.00 1 a tonne Cos 1.09. Webbs 1J0 Cumumburv-Per „ P“ture £1^114 j— 11. &£2,lMt 

elf for Ocl.-Nov. sfilpmaot. White sugar tray 12/2 4"a new crap 2.40-2.80. Mush- Coffee Future 

dally price for Oci-« Nov-,- Dec. was fixed reams— Per lb 0^04.65. Aimla Per lb „ M,,v y; £1,545 |— 16-btt: 1^52. 


0.6SS^537JS I51j0+0 043.70). March 

6625 143.00-O0 1 146.921. May 138.75. July 134.75, 

Sept. l3+,a,. Dec. 128.00-132.00, March 
ft n C 705 134.00-130.00. Sales. 616. . . 

’ 9 . Copper-Oct. 60.90 < 66.30 ■. Nov. B7JM 

.5 0 £326 !6..20». May JI.50. July H.45, Sept. 72.23. 

S5: 73 ; 3 y- J . a,L T 3 - 10 - «»ch 74.45. May 
73.2a. July 76.00. Sales. 6.000 lou. 

Cation— No. 2: Dec. 68.0J-6S.10 ( 67.37). 
March 70.4o-T0.4r (69.72 1. May 71.55- 
■16 118540 n ^ Julv n - w ' ° CL 67.6M7..S0. Dec; 

6.0 IS 266 66.01). March E7.70-68.00. Sales, 5.050 bales. 

■Cold— Oct. 228.70 £227.10). Nov. 23 50 
'228.00 », Dec. 231.10, Fub. 234.80. April 
238.30. June 242 JO, Aug. 246.10, OcL 

OJ Cflria 2“-?®" ? cc - Feb. 357.90. April 

O.l £oo.4 262.10. June 266.30, Aug. 270.50 SaleB. 

20 . 000 . 

— £101.5 tLard— Chicago loose 24 j 0 434.371. NY 

£89 5 primi ‘ 26 -°° 'traded). 

ZT^ao!75 I Maize— Dec. 2301-228: (2321). March 

I ffftp 4 <24211. May 246J-2461, July 230- 

lS^LZZ.OOO ~* 1 '' ScDtl Dee. 359. . 

11.6X2,041 . S f! at i'^ U T l— Jarl - 337JOJ38XO 1331.40W 

April 338.50-340.00 1332.59), July 338.50- 
18.bU:l^i2.5 Mt^. _0o. 344 JO-344.50, Jan. 345.00. 


JI793 


Kerb: Three months £398. B8£. 09. 99.5. March-.— 1443 45 I— W.Oj W65 36 

80. Aftemoea: Three months £400, 398. May 1430-61 |—7.o 1 139x70 

401, 4QZ.fi, 402, 400. Kerb: Three months Jure 1336-43 —12.01 13 50-40 

£400. 399. 98. B7.fi. 97. 98, 95. 84, 95. 96. -eptomber „ 1312 20 i +1.0 1-25-10 

B5J. November... 1290-10 I +3.0 — 


Bra m ley fl.i 15-0.90. Lord Derby 0.0+4C5. £"*“* 75.D5 b 173. 6c J49J0J40.90. Sales. 2.414. 


1443 45 I— 1I.O; 1465 35 Prices held ven- stesdy In emtet trading C«"® Orange PlPPln O.OM.12. Worcester Sww p PS'S fefsiP ™ ™ 

15SO-61 1—7.0 i 1394 70 conditions. C. Czariufcow reported. Pearmaln 9.954>.»f, Hussets ".074 10 . mT:— ? i9 7 H 3,0 "a.??* - JJS5*" 6 °L W - MarcJl 

1336-42 j — 12.01 1350-40 — ^ ; — Pears— Conference G.OMI.li. Pluma-Per ^ ■*ltop» _ Me hUo- 4_7ap 1 I373p SJO-M. May 618 JO, July B27J0, Sepu 


ZINC— Uttfe changed and mainly Hales: 2.651 |2J24> lots of 5 tonnes. 

roBoctlDS tile trend in lead and copper. |[q indicator prices for Ocl 16 fU.S. 
Forward metal held steady on the pre- per poondi: Colombian MtM 


THE.4 DCirWEHt SAMDWl | HtS 

Montpeter Galleries, MonqteHer Sm^.Kn«hisbrid8e,Loodoo SW7 1HH. 
Tc k pf io n e : 01-584 9161 & 01-589-4577.Tctex: 916477 Bonham G. / 


Sueur ; 

Pref. Yeawstlay'"; Provinu* - -thauoe 
Cnmm. C(o«e j Clove Done 
Con. 


lb Bush 0.08. Marjorie's Seedlins 0.17. 'Nominal. tNew crop. tUnqnoted. ?„ ee - 

Damswts+-Pt-r lb 6.15. Tomatoes— Per m June- A uk. RJuly-SepL 0 Sc pi- slOct.- 67 3-90. July 683.50. Sales. 

J2-lb English 1.40-1. B0. Cabbages— Per Nov. r Nov.-Dee. u Nov. to Dec. x Per ion. ????? 3,1,1 B 2X01 321 snot bullion: 

crate 0.80-0.98. Celery — Per head 0.07. 2 indicator prices 0M.00 isse.ooi. 

CanUnowers— Per 12 Lincoln 1.20-1.40. Soyabeans— Nov. 688-690 ( 696). Jan, G9S- 


BeetrwK— Per 28- ib 0.60-0.70. Carrot*— 


i-otwaro metai nem manr on wepre- per poantji; Colombian MtM Dec. 1 UJ0-llAllMILn.nl 11J0-0M1 P*r 241b 9.5M.70. Capsicums— Per lb 

market aroimd nM but tten di PP^ to Arablcas 1J3.B0, unwashed Arablcaa March. .,114.4+14.4 |116J10-1B.1KI1 S..b., 0.75 OJS4.30. Csurgettes-Per lb 0.1S. Onions 


J£2. ?5?_ r “ closlna at £3*4. Turnover 154 . bo; other mUd Arablcas 15523. May... J 116.4+ 16-5 H/.*5 -i/-b 0 117.&O-1S.O0 —Per hag 1.70. Swedes— Per 2ft- lb 0-50 

7JC5 tOOnCB. Rnbnslas 1CA 1B7B ISL49, Robustas ICA Auir [l 18.00- 1*.25 I18.76-1BJM) 1 iB_.fr 14 -^j Tornli*— Per 28-lb 0.96. Parsnip*— Per 

1 — r i —== — 1868 1KL3B - DaU5 average 153.18. oa IM.90-M.9a m.2fi^ii0 12 li6-17.no 2»-Ih 0.90-1.00. Sprouts— Per lb 0.05-0.07. 


a.m. 1+ or] p-m. |t-H»r 
Official I — tinrtfflem. — 


INDICES 


Uli VM.90-M.9a 121.2541^0 121^5-17.00 Ss-l* 0.90-1.00. Sprouts— Per lb 0.050.07. 

/lwr nfflmai iinAf.,. _ Dec. 124.DtV24.90 W4Jd-M.7fi l*2j0-H.tB Csbtmts-Per lb Kent 0.400.45. Cent 

ZiNO Official - UKw. - DRAINS Mareb^ I.B 0 ^. B.o 3 1294^8.73124.6 - 24 JB Cobs-Each O.IMO.115. 

. /L , ¥ LONDON FUTURES f GAFT A>— The Sales: 7,689 77.885) Into nf fifi tonnes. MEAT COMMISSION. Average fa [stack 

caah.. ...... 353.50 [-4.2S 555-5 —1 market opened I0p tower, good com- Taie and Lrle ex-refinerv nrt»w fnr anen at representative markets on 

j months.. 36441 -44B 366.o-.7fi-.63fi merefad buying support was seen in the October 17: GB CarUe 66 67p per kg.I.w. 


COMPANY NOTICES 


-■meet. 354 +4^i - . — spot months which remained firm through- b tonne^or torn! : ^“5 13L9p * r kk-Mtd.c w. 

Pnm.wH - ... ->33.5-4.5 I . — oat to close 5 to 15p higher. Very lime. inTZfiOi for^ «nSS •— s.0) : GB Mbs 64.4p per kitJ.w f-Lf> 

__ _ - '■ . • interest was iSiowti In the distants which nWa0 ' n72 “ exoan - England and Walea-Cattle numbers tip 



JOHANNESBURG CONSOLIDATED INVESTMENT 
COMPANY, LIMITED 

(Incorporated in the Republic 01 South Airica) 

“"""notice TO SHAREHOLDERS 

ANNUAL GENERAL MEETING . 

Notice IS HBREPV GIVEN that the annual genoral meeting °L 1 PT? J . na n 
iharenaiders of Johannesbarg Consolidated Investment Company, Limited Iwill 
be held in the board room. Consolidated Building. cor»«r. Fo« and 
Streets. Johannesburg, on Thursday. «h November. 1S7B. at .12 noon lor 

, To #l ?«cllve ,r iSd e «foM the areuu annual financial statements for the.vear 


Momato. CaKhES54.ltoT» months OSJ, ctoserJ s J0 1Sp Imrer M ta ^ Intmatlosal Sugar A ore emewt fU^. 2 3 per ceai. average pnee 83 52p l +0.13): 

fSie 64, fir 5, K * rt> ' volume, ACL1 reported. cents per pound fob and mowed Caribbean sheep down 92.3 per cent, average price 

£365. Aft grpoon : TTiree poni— Prices tar OcL II: Daily 8.83 IK. Do (-2.1 1; plus no 13.2 per cent. 

« J, M, H,L Kerb: Three months 1365.5. wheat BARLEY i9.l0); 15-dasr average &B3 (8£t). average price 64 4p r-lBi. ScoUnml— 

nf«A*vrf.e , at+.«. V«-I.,.v±» Cattle down Sfi per cent average Price 

MT .h ^ *«wrisj «j+ nr 7B.77P t +0.671 : sheep down 8.4 per cent. 

I ALUMINIUM— A shade easier with _ Z tU "* ~ WOOL FUTURES V7*** ^ 

modest getllog being WfU absorbed in I TT A s.< per cenL average price «4.lp (no 


FINANCIAL TIMES 

^ ,|T i- 17 | Oct. Tg sfonth t0] Veer ag 

263.09 IZ64.0Q lt54.4 234.31 

(Rase? in * 1 nsa=ioe> 
REUTERS 

OcL 17 TDcL 16.Jilnnth sari Tnyr mm 


384.00 1 586 00,. 

Soyabeans— Nov. 688-690 ( 696). Jan. 698- 
89S i7«', March 706- 7WJ, May 7064-79^. 
July T0T-707J. Aug. 699. SepL 67W7SJ, 
iiay 665+64J. 

Soyabean Oil— O cl 36.60 MJ8). Dec, 

2S.1D-26.1S <28.52'. Jan. 35.85. March 25.60- 
25-55- May 2S.23-25.3S, July 25.05-25.00, 
Aug. 24.70.-5.73, ScpL 24.20-34.30. Oct| 
23.7S-23.8S. 


LI | WU insinntn )M Ynar tgo 

ZS14.3 1 13 16.fi] 1476.4 1408.7 

■ Base: September in. 1831=100) 


[£397. Turnover U7S inanefi. 


}+er p-tn. 
Unofficial 


Mtoth 

YortJWrtey’n 

ctoae 

+ nr YewuBtlay'i 
— ew*e 

+ "f 

Sot... 
Jan „ 
ilar_. 
ILay „ 

88.35 

90.95 

9o.20 

95.70 

+0-15 80.70 

+ itJJ5 Od.BU 

B8.U0 

+ 0J16 
+0.10 
-O.ttfi 
-*-u, 16 

Business done— Wheat: Nov. 89-3348.10, 
Jan. 91.10-90 JO, Man* 93.40-03.10, May 


WOOL FUTURES 


DOW JONES 


liow l Oct. 
Jones 17 


Oct. Month 
lfi agn 


re pons Bache. 

■ Pence per kUo) 


dpi* — [SttA.07 383.163B0.1 


\ uaUr» 1 i»n VeM«'i.v'")+ 
fireeay Wool L'tns® — 


ot those retiring hi terms of tiie art lc tot o* 


3 T^onmt to -accordarKC with 5ecttm 231 ot tbe Compantol Act. 1973. 

*■ a nSnirai antiSriw to the dlreefors to allot and Issue the 44.400 ui»- 
touS^rtlwre shares of R2.wch.ln theeanitM .of the Company upon 


such te rms and conditions as they may determine.' ' 

The transfer Mold and reflhwr ti members of the • Company will be 
rioted hwi 3rd November so 9th November,' 1970, both days *nriurive. _ 
Any member ot the Company entitled t d itt wj and., vote at the meeting, 
fa entmed to apoomt a p™*t or oroxiec to attend and sprat arto. on a poll, 
to vote In his stead. A.prexv need not also be a member of the Company- 

Holders' oishare warrants to bearer desirous of- attending to- person or 
br proxy or of votin g at foe meeriw aro roauired to comply with the 
ot the Company l e to rin o *0 share warranto. Cooks m ** reouiatfons 
are available on ipolkaUon. _ _ ^ . 


£ , bajmwm OBH. »w. a-tr-zjf — nvr. ~r „ _ 

*" -.88.86410,80. Jan. 83.«MS^, March 85.00- £ l «“ rl « r - — • 

r- _ JT _ «s- “**“ 8 S £5, May 88 . 00 -SS.Ii . Sales: 84 lots. Harcn ZM.B-MJ — 

i nuw&bt,. 696->fi —6 596-7 -2.75 , , , .. _ m May Idfl.tMO.D — . 

IMPORTED— Wheat CWRS No. 1 13i Tta; <54 0-45-0 _ _ 

- ;»ZT — —— — 7-77 \rr~r per earn; Ocl £94^6 Tilbury: ux! Dark — ^i'n -t n n . ”* - 

ftoTLtaSI. Sri.1 eef 0161,1 Nortteni Sum* no. 2- 14 tier cent, ocl JSSE SaJiS — 

On nrevftnn unnffldal chwo. £ra _ SSi Nl „_ tranship- — _ 

ICaramg: Three months JSflC. 95, 955, mem f Kasi coast). t*. ■ . . 

96, 67. 96. Afternoon: Three months Bartoy— English Feed fob Oct 133.50, Sales: Nil (Samo) lots of kg. 
£598.5, D 6 . 99 JL Kerb; Three months £587. Nov. f83JM East Coast 

H GCA— Location ox-farm spot nrices- SYDNEY CREASY fin order buyer, 
linn? ^ harfoy-NE England S, Berks 

II I I rl and ftrnn 7*411 Fanil iahaal_VW hnlmd OOt- 340.0-341.0. MU.IK+U.B, 1, DeC. 546-8- 


GR 1 HSBY FISH— Snpply 9«)if. demaml 
good. Prices at ship's side lunproceBscdi 
per stone: Shelf cod £4.08-13.30. codlings 
£2. 56- £3 .26. Urge hsddock £4.00-14 50, 
medium haddock f3.80-f4.20, small 
haddock C.5C-CT.TO. Lame plaice £3.06- 
£4.70. medium plaice E3.M- 54.78, best &maU 
plaice Q.3W3.90. Skinned dosfitfl Hired 
£7.00. .fmedluml £4.60. Lemon rolei 
f large) £7.60, (medlwm £$.50. BoeRfish 
£3.70. SaltiM £1.33-0.79. 


WOODY'S 


tfi-L IMnnth y«r 
Moody’a 17 16 gg 0 ^r. 

fiple OoiDPttvifi77.8 l974.ff IftM.B bm a 
fDeeemhrr «. 1981=1081 


By order of the board. 
RL B. APPLETON. Secretary. 


JUTE 


and Ox on 76-40. Fend wheat— MS Enoland 


bwd-btd kto.. Kenst fob Bangkok, COTTON ' " ^ said here. If comprises 11m losses suffered in flooding over 2 eBS JS % ifii ™ 8B - 

a “e A gS Plrm. C. and f. Dundee LIVERPOOL COTTON-Spot and Mb SJ’mtSTuu SUffVi 01 Wlieat “ d 6ffl t0nneS fh ? ri IaSt few Mo Hanoi % Ceots^ "5? 

OeL 40-lnch 10 -os £10.92, 7J az B.M.- mem sales amounud to 887 tonnes, bring- 190.0-92.0: Oct. l93.M5.fl; Dec. 1SQ.M6JL" „ r ‘ ce * • S* 1 ®- « i h Mit)w!i e fl v I' a J5“i? use ‘ ^™ nis V* r 

"B“ twins £38 . zl fog tbe total for the week so for to i a*7 Man* m.Mi. 0. TbtoJ sales: Nfl. Reuter Reuter tot,. SUC peTfoMer 1188 ’ 1,900 1)1131161 


347.5, 347.5-347.0. 9: Man* S5tS-3563. 


RISE IN INDIAN 
FOOD GRAINS 

MADRAS. OCL 17. 


VIETNAM PLANTS 
MORE RJCE 

BANGKOK, OcL 17. 


h Soyabean Mcal-Oct. 1S2J0 flfi3^0)s 
Dec. 1S8.00-1S8.30 I187.50i, Jan. 1S6.90- 
187.08, March 1SS.20. May 188.09-133 50, 
July 188.20, ■ Aug. 186.00, SbDL 1SL2D- 
134.50. Oct. 1921.1)0. 

Siisar—Jan. s.TO-SJO iR.73). March 
S.974.M <S. 98), May 9.11.8J3, July BJ8- 
9 30, Sept. 9.45. Oct. 9.63-9.54, Jan. B.75» 
9.80. Man* 9.95-9.10. Sales, 20.000, 

Tin— nO.00-72S.Ob (710.00-720.00;. 
""Wheal— Dec. 351-3501 (353). March 
348-31*1 >34S3 *, May 3451-345, July SB*. 
332. Sept. 33M, Dec. S«i. 

WINNIPEG, OcL 11. 3!Ryc— OCL 103.00 
bid 1103.80 bid'. Nov. lM.Oo bid (1M.D0 
bid*. Dec. 104.90 bid, May l09.G0, July 
1W.80. 

ttOalfi— Oct. 78.90 (77.10 bfdl. Doc. 

! 76.90 bid (TB-SOi, March 75.00 asked. May 
7450 bid. July 74.70 asked. 

ttBariey— O cl H.50 (71.60 bid), Dec. 
73.80-73.10 bid 1 73.10), March 73.10 asketL 
Mar 75.20 bid, July 75.30 bid.. 

S Flaxseed— O cl 20.650- (30.5N1, Nop, 
266 00 bid 1284.26 bid i. Dec. 263.00. May 
265.60 asked. July 202.50 -bid. 

lEWheat — 5 CWRS 13.5 per cent protefo 
enntem cif St. Lawrence J78.S! (173.72). 

AH cents per pound ex-warehoueo 
unless otherwise staled. *Ss per tray 
ounce— ! 00 ounce lots, t Chicago loose 
ss per ldD tbs— Dept, of As. prices pre- 
vious day. Prime steam fob NY bulk: 
tank care. ; Cents per 56 lb busbel cx- 
wn rehouse. 5,000 busbel lots. 5 Is per 
troy ounce for 50 az units of 99J per 


Registered Office 
Gonsolidatad Building. .... .. 

earner Fax and Harrison Street*. 

JonaanesburB 2001. 

rP.O. Btsv S90. Johanna* burg. 2000 J 
‘ London Secretaries; 

Barnato Brothers United, . - 
gg. Eiihopesate. 

-London EC2M 3XE- 
13»h October. 1§7B. 


tn 





.V - 


40 


Financial Times Wednesday October- 18 197S 


STOCK £X( HANG I ! REPOK 1 



Marks & Spencer’s excellent interim results aid movement 


FINANCIAL TIMES STOCK INDICES 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealingg tions Dealings Da; 
Oct. 2 OcL 12 Oct. 13 Oct. 24 
Oct 16 Oct. 26 Oct. 27 Nov. 7 
Oct. 30 Nov. 9 Nov. 10 Nov. 21 

• " New time " dealings may take rIm* 
Awn SJO a-n. tm business days earlier. 

Stock markets yesterday sraged 
a modest technical recovery 
despite worries about the current 
Impasse on pay and fears con- 
nected with U.S. and domestic 
interest rate trends. Although 
business was slow, leading 
equities closed at the day’s best 
while longer-dated British Funds 
regained Monday's falls and a 
little more. 

The rally, which first became 
apparent late the previous even- 
ing, was not immediately resumed 
because of Wall Street's sharp 
overnight reaction. Sellers were 
In reticent mood, however, and 
occasional demand soon made its 
presence felt on leading indus- 
trials. 

In the absence of any fresh 
economic pointers, the market 
was heartened by Marks and 
Spencer’s excellent first-half 
profits and statement on dividend 
prospects. Trading announce- 
ments from other companies con- 
tributed to the better tone and 
the FT 30-share index, which 
began l.B easier at -193.0, closed 
a net 3.9 higher at 498.5. 

Overall trade was curtailed by 
a disposition to await reports on 
yesterday's resumed talks 
between the Government and 
unions. The number of bargains 
marked fell to 4,582 as against 
5,133 on Monday. 

A more confident opening in 
the Gilt-edged sector proved 
premature and initial gains of 4 
among the longer maturities were 
lost before renewed investment 
demand coupled with bear-cover- 
ing restored the firmness. Further 
progress during the day. which 
left final rises of }. encouraged 
a steadier tendency in the shorts 
and the latter closed generally 
higher, after having been ft lower 
in places. 

Corporations were not too 
impressed but often gained a little 
ground, while small interest 
brought selected firmness to 
Southern Rhodesian bonds and 
the 6 per cent 1978/SI issue 
moved up 5 to £85. 

Vague talk in the investment 
currency market of an imminent 
change in exchange control regu- 
lations sparked off fairly heavy 
institutional selling of the pre- 
mium which fell away from an 
opening level of TSJ per cent to 
touch a day s low of 76 per cent, 
before closing 2\ down on balance 
at 76; per cent. Yesterday’s S?£ 
conversion factor was 0.7369 
(0.73161. 

Interest in the Traded Option 
market centred around Marks and 
Spencer following the encoumc- 
ing interim statement. Of the 


overall total of 647 contracts com- 
peted. 157 were done in Mai&s 
and Spencer and prices of its 
October 70, and January SO. series 
jumped 4 to 17p and 31 to 12p 
respectively. 

Firmer conditions returned to 
the major clearing banks but the 
volume of business again left much 
to be desired. Lloyds, 260p, and 
Midland, 347 p, gained 5 apiece, 
wmie Barclays added 4 to 342p 
and NatWest 2 to 270p. Merchant 
banks, however, continued dull 
with Guinness Peat down 5 more 
at 225 p and Bill Samuel, a couple 
of pence off at 90p. 

Business In Breweries was 
quieter and more selective and 
prices turned a shade harder. 
Revived speculative interest lifted 
Amalgamated Distilled Products 4 
to 32p. 

After a hesitant start, leading 
Buildings steadied and closed on 
a firm note. Blue Circle finished 

4 up at 278p, while further con- 
sideration of the interim profits 
left Rugby Portland 2} up at 79p. 
Satisfactory half-year returns 
lifted Erith 7 to a high for the 
year of 104p, and the mid-terra 
return to profit prompted a gain 
of 2} to 87jp in Wettern Brothers. 
Awaiting today's interim state- 
ment, UBM firmed 3 to 73p. With 
a bid, currently worth T94p, 
already tabled by International 
Bambergers firmed 2} to 80 ip 
excited by counter-bid possibilities 
after news that Montague L. 
Meyer has been adding to Its 
original stake in Bambergers. 

ICI recovered from a dull open- 
ing to close 4 up at 392p. Institu- 
tional demand lifted Coalite and 
Chemical 4 to 73p and. awaiting 
today's interim statement. Farm 
Feed gained a like amount to 72p 
far a two-day rise of 9. 

Marks & Spencer good 

Leading Stores were given a 
boost yesterday by the much 
be ner-than -expected first half 
profits from Marks and Spencer 
and the accompanying statement 
on dividend intentions; M and S 
closed 5 up at the day's best of 
87p after an active trade. British 
Home, with interim results due 
today, gained 6 to 210p while 
Gussies A ended a similar amount 
dearer at 314p. Burton issues 
encountered renewed speculative 
support on revived bid hopes, the 
ordinary dosing 5 higher at 183p 
and the A6 to the good at 173p. 
House of Fraser added 3 to 156p 
and Molhercare 2 to 170p: the 
latter's mid-term results are due 
next Monday. Secondary issues 
had scattered firm features. Small 
buying in a thin market prompted 
a rise of 9 to 127 p in Moss Bros, 
127p, while Empire added 7 to 
lS2p and Owen Owen firmed 4 to 
123p. House of Lerose improved 
2 to 07p in response to an invest- 
ment recommendation. Still 
benefiting from Press comment 
Wallis appreciated 2 more to SSp 
while Midland Educational gained 

5 afresh to 230p on hopes of 
another offer being made follow- 


ing its recent rejection of bids 
from Pen [os and Loos dale 
Universal. 

Press conuneirt highlighting 
the company's attractions created 
a fair amount of interest in EMI 
which closed 5 higher at 180p. 
Elsewhere in Electricals. Racal 
revived with an improvement of 
7 to 332p. Other firm spots 
included AB Electronic. 8 to the 
good at 130p. 

Apart from Vickers, 2 firmer 
at 186 p, and GKAI, a shade dearer 
at 2B6p, the Engineering leaders 
barely stirred from overnight 
closing levels. Elsewhere, Birm- 
ingham Mint continued to benefit 
from Press mention and put on 



6 more to 136p, while Spirax-Sarco 
responded to the half-yearly re- 
sults with a rise of 4 to 166p, 
but the sharp fall in annual pro- 
fits left Rains Engineering lj off 
at 12p. Fresh demand was forth- 
coming for Mining Supplies, up 
2 further at lOSp, while R. Cart- 
wright finned 4 to 77p and 
Peso utter a similar amount to 
130p. Whl Boulton, up 1} at 22]p, 
reflected satisfaction with the pre- 
liminary results. Laird Gronp 
closed a similar amount higher 
at a peak for the year of 103Jp. 
Other bright spots included 
Untied Engineering. 3 up at Tip, 
and Bfrmid, a few pence firmer 
at 54 Ip. W. G. Allen were quoted 
ex scrip issue at 48p. 

Brooke Bond finished 14 harder 
at 49In, after 50p. following the 
be tter-than -expected preliminary 
figures. Elsewhere in Foods, 
Be jam edged forward 2 to trip 
on the optimistic tenor of t?ie 
full report and revived speculative 
interest lifted W. J. Pyke 3 to 
51 p. Tate and Lyle hardened 2 to 
174p on further consideration of 
the company's plans to sell off 
its South African investment in 
African Products to Anglo Ameri- 
can Industrial; the latter fell 
another 30 to 500p. Baileys of 
York were raised 3 to 79p, while 
small selling in a thin market left 
Lockwoods 9 cheaper at H3p. 
Louis C. Edwards, at lap. Save 
up 11 of Monday’s gain of 5 which 
followed a press suggestion of a 


forthcoming bid from Gulliver 
Foods. 

M. F. North responded to sub- 
stantially improved first-half 
profits with a rise of a penny to 
25p. Other Arm spots in the Hotel 
and Catering section included 
Queen's Moat. 1} harder at 42>p. 
and Prince of Wales, 3 better at 
72p. 

Mi sc leaders improve 

Miscellaneous Industrial leaders 
recovered from a dull start to 
close with improvements ranging 
to 10. ReekJtt and Colman closed 
that much dearer al 505p. while 
Metal Box. 352p, and Boots. 202p, 
rose 6 and 5 respectively. 
Beech am rallied from 6S8p to 
finish 3 higher on balance at 693p 
and Glaxo also improved 3, to 
573p, after 50Sp. Turner and 
NewaD remained friendless at 
174p, down 3. Elsewhere, United 
Carriers gained 4 to 99p on news 
of the higher interim profits and 
property revaluation and Brook 
Street Bureau improved 3 afresh 
to SSp on further consideration 
of the excellent first-half earn- 
ings and proposed 50 per cent 
scrip-issue. Vinten added 6 at 
143p as did BTR to 348 p. Profit- 
taking after the recent strong 
advance on earnings growth con- 
siderations brought about a fail 
of IS to 330p in Ricardo, while 
mild disappointment with the 
interim result and a further de- 
cline in the investment curreivy 
premium brought about a fall of 
10 to 252p in Jardine Matbeson. 

Interest in the Motor sectors 
failed to expand and The few 
resulting movements were mainly 
smaH and irregular. Among 
Garages and Distributors, Tate 
o£ Leeds revived with a rise of 

4 to 75p. while Pennine hardened 
i to 11J. 

Yield considerations directed 
attention towards Management 
Agency and Music which firmed 
5} to 881p. 

Leading Properties closed 
steady to firm in a small turn- 
over. English stood out at 40}p, 
up 2J following late interest 
Regalia a firmed 61 more to a high 
for the year of 24ip and Dares 
Estates 2 { to 20p, both helped by 
speculative activity following 
investment comment. Participa- 
tion in the £10m industrial 
development in Birmingham 
stimulated a belated response in 
Samuel which added a couple of 
pence to 94p. Centrarincial issues 
found support the ordinary 
improving 4 to 91p and the capital 

5 to 9(lp. Other firm spots also 
included Law Land, 3 up at 49p. 
and Town Centre, 2 belter at 73p. 

BP give ground 

Trade in the Oil sector was a 
little brisker than of late. U.S, 
selling left Its mark on British 
Petroleum which eventually 
settled at 9D6p for a loss of 10, 
but occasional buying interest 
lifted Shell 4 to 574p. On the 
other hand. Royal Dutch were dull 


again in sympathy with the dollar 
premium and closed i lower at 
143). Outside the leaders, a late 
flurry of demand after the recent 
setback prompted a gain of 7 to 
232p in Ultramar. 

Jamaica Sugar featured with a 
reaction of 4 to 13p on further 
consideration of the details of 
the sale of the company's sugar 
interests to the National Sugar 
Company. Still reflecting the dis- 
appointing interim statement. 
Steel Bros, lost 15 to 200p for a 
two-day fall of 35. 

Foreign and overseas-orientated 
issues lost ground on the sharp 
setback on Wall Street and on 
do liar-premium influences in a 
busier Investment Trust sector. 
West Coast and Texas eased 2} 
to 74p, while losses of 1} were 
seen in American Trust, 434, and 
City and Foreign Investment. 
73 A p. UK issues, however, dosed 
on a firm note. In Financials. 
Edinburgh Industrial lost 1} to a 
1978 low of 8p in belated response 
to the recently announced results. 

Furness Withy figured promin- 
ently in Shippings, rising 7 to 241p 
despite the sharply reduced first- 
half profits. 

Primrose, 5 cheaper at 47p, pro- 
vided the only significant move- 
ment in South Africans. 

Overnight consideration of the 
company's defence against the bid 
from Wm. Baird stimulated 
interest in Dawson International 
issues, the ordinary moving ahead 
to close S higher at 210p and the 
“A" rising S to 210p. Wm. Baird 
finned 5 to lS3p making the offer 
worth 20 2 p per share; J. Haggas 
advanced 10 to 148p. Elsewhere 
in the Textile sector, David Dixon 


continued firmly at llOp up 2, 
but news of the planned JE9-8m 
purchase of a U-S. retailing con- 
cern had no apparent Impact on 
Tootal, unaltered at 46}p. Among 
Tobaccos. Slemsseu Hunter 
closed 2 lower at 61p following 
the half-yearly results. 

Golds better 

South African Golds staged a 
modest recovery in the wake of 
the firmer bullion price, which 
was finally 53.75 better at an all- 
time high of $228 1 25 per ounce in 
front of the U.S. Treasury gold 
auction. 

The Gold Mines index, which 
had lost ground for the previous 
four trading days recovered IB at 
155.5. 

Gains among heavyweights 
ranged to j, as in Randfoutein 
and Western Holdings at £31} and 
£19} respectively, while in the 
cheaper-priced issues Elandsrand 
rose 13 to 222p and West Rand 
Consolidated 6 to 140p. 

South African Financials, how- 
ever, were affected by the lower 
investment currency premium 
with falls of 4 common to UC In- 
vestments, 216p, and De Beers, 
392 p. 

The better trend in UK equities 
coupled with the recent strength 
of base metal prices prompted a 
good demand for London- 
registered Financials, and par- 
ticularly for Rio Tinto-Zinc which 
advanced to 282p before closing 6 
firmer on balance at 259p. 

The fall in the investment 
currency premium coupled with 
a further downturn in overnight 
Sydney and Melbourne markets 
caused widespread losses among 
Australians. 


- 

oa. 

n 

Oct. | 

19_ j 

«>t. | 

13 j 

Oct- T 
13 1 

tvc. t 

ll ;. 

Oct. 

10 

A year 
mqo 


69.04 

63.79 

69.06, 

69.65- 

69.63; 

69.87 

77.11 


70.88 

70^0, 

71.42! 

7L.7L' 

7L74, 

71.67 

.78.69 


498 _S 

494.6" 

496.2, 

505. S 

604.-2 

609-3 

613.1 


165-6 

153.7: 

160.4. 

167. lj 

168.4i 

168.8 

174.5 

Out. Dlv. YleJd— 

6.41 

5.44, 

5.4-2 

a. 33' 

6.35; 

o.29 


Kammau.yn-t?, (fniqn 

16.01 

i5^e[ 

16J34j 

14.79 

14.83; 

14.69 

15.61 

Pin Ratio (net) 

851 

B.78! 

e.ao; 

ass, 

8.92 

9-01 


Dealtnge marked ->•» 

45831 

6.133! 

4^40 

4,355! 

4.85Sj 

4.835 

5.280 




69.03! 

90.71' 

76.96; 

65.51, 

77.61 84.05 

Kgultv barualna totals 

- 

16.5131 

16,4751 

14.133 19.3181 18,3301 15,918 


u am wit. u 

B BID 433.3. 3 pm 459,4. 

Latent Index BJM BOCA. 

•Based on 53 per cent conmnuuin t£t tNil=®.SS. 
Bads 1» covt. Sacs. 1S/10CO. Vixal na. 1*3. 

Mines m'Sj. SE Activity Jnly-Dec. 1342. 


lad. OrtL 1/7/35. Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 


Govt, ticca— 
Fixed Ini — 
lad. OrtL. 
□old Mines. 


10TB 

High 

lew 

78.58 

□8.79 


(5/6) 

81.27 

70.73 

(9/U 

16*S) 

635.5 

433.4 

<M*J 

(2/3) 

206.6 

130.3 

(14/8) 

(5*1) 


Since UooipiUUan 


Hi/b 


127.4 
tViLoE) 
15U.4 
20(11.47 
84U.2 
14, ■9/77} 
44Z.5 


lilW 


49.10 
li, J-‘7bi 

90*33 

li-l/TOI 

49.4 

126/6#*)) 

, * S - 5 
k26/10/71> 


Oat 

17 


— tidily • 
liilt-Krtged .J 
iDtlu-ttnra .... 

Speculative...! 
Total* .......... 

nnlavAveiBcej 
GtiuKJced - 
IndustrmJu — | 
Speculative.. 
Total* ..- 


172.3 
iso.aj 

4B.a 

104.3 

164. si 
44.3 
108.6] 


OcL 

IS 


167.7 

183.0 
42.0 

116.8 

163.1 
166.8 

43.5 

109.8 


Continuing profit-taking lowered 
Conxinc Riotinlo 8 more to 29 Op. 
Of the more speculative diamond 
issues. Northern Mining fell 6 to 
104p and Haoma Gold S to 45p. 

The reduced quarterly net 
profits from MW Holdings saw 
the shares dip 5 to 197p. The 


record rise In the tin price on 
the London Metal Exchange on. 
Monday prompted a fair London 
demand for Tin shares. Geevor 
advanced 10 to a 1978 high pi . 
165p, Southern Kin La the same 
amount to 230p and G opens Con- 
solidated 15 to 340p. - ■ 


OPTIONS 

DEALING DATES Transport BP, Hardy and Co. A, 

First Last Last For First National Finance 9$ per 

Deal- Deal- Declara- Settle- cent. W. L. Pawson, Consolidated 

ings ings tion raent Gold Fields, Cadbury Schweppes, 

Oct. 10 Oct. 23 Jan. 11 Jan. 23 Associated Leisure, Wheway 

Oct. 24 Nov. 6 Jan. 25 Feb. 6 Watson, Lonrho, and Grand Met- 

Noy. 7 Nov. 20 Feb. 8 Feb. 20 ropolitan, while doubles were 

For rate indications see end of arranged in English Property, 

Share Information Service Town and City Properties, Tru- 
st ocks favoured for the call falgar House, Queen's Moat and 
were English Property, Shell Dunlop. 


ACTIVE STOCKS 


No. 


BP 


Stock 


BAT Inds. 
JCI 


RTZ 


EMI 


lomina- 

' of 

Closing 

Change 

197S 

1978 

tion 

marks price (p) 

on day 

high 

low 

£1 

12 

906 

-10 

926 

720 

25p 

12 

87 

+ 5 

94 

67} 

25p 

10 

314 

+ 6 

340 

256 

£1 

9 

342 

+ 4 

36S 

296 

25p 

9 

574 

+ 4 

602 

484 

25p 

S 

290 



346 

267 

£1 

8 

392 

+ 4 

421 

328 

50p 

7 

573 

+ 3 

648 

515 

£1 

7 

44 

— 

43} 

20} 

25p 

7 

259 

+ 6 

263 

164 

25p 

fi 

85 

+ 1 

94 

78 

25p 

8 

693 

+ 3 

743 

583 

£1 

B 

75 

— 

S9 

42 

25p 

6 

138 

+ 2 

164 

136 

50p 

6 

160 

+ 5 

190 

130 


LONDON TRADED OPTIONS 




Gptob 

*r 

January 

April 


O >tion 

Ex'rnn 

inioe 

CLoting 

offer 

YoL 

Closing 

oBt-r 

YoL 

Closing 

offer 

VoL 

Equity 

pllM 


850 

60 


96 

a 

123 

_ 

909 p 


900 

15 

11 

58 

5 

90 

— 

li 


950 

1>S 

— 

31 

16 

60 

— 



160 

21 

— 

31 

— 

39 

3 


Cons Gold 

180 

3 

2 

16 

— 

23 

— 

•• 


200 

*e 

— 

61 S 

2 

IS 

— 



130 

i? 

— 

4 

10 

71* 

s 

izip 

ft EC 

300 

26 


40 

5 

51 

— 


GEC 

330 

3ij 

2 

22 

3 

33 

1 



360 

1 

— 

9 

17 

20 

— 


Gmail Diet 

100 

11*9 

— 

19 

13 

21 

— 

1 10p 



110 

2 

20 

91* 

12 

12i* 

6 

nu - ,4 - 


120 

>4 

34 

6 

14 

6 

— 

-I 

ICI 

330 

63 

25 

73 

— 

76 

— 

391(1 . . 

ICI 

360 

33 



44 

.am 

50 

5 

■■ 

Iff 

390 

6*a 

25 

23 

*— 

30 

1 

M 

ICI 

420 

i* 

— 

111* 

5 

16 

15 



180 

52 

10 

56 

— ' 

61 

— 

23 lp * 


200 

32 

— 

37 

2 

43 

— 


Msrfci A 6p. 

bO 

28 

10 

30 

— 

33 

— 

87 p A 


70 

18 

60 

19 

— 

23 

— ' 

«• 

Hurts 1 5p. 

80 

aig 

34 

12>2 

14 

151* 

4 

tl 

Marks A Sp, 

90 

lj* 

15 

7 

15 

. 9 

5 

». 

Marks A Sp. 

100 


— 

21* 

6 

5*2 

4 

— 

Shell 

550 

23 

6 

51 

— 

63 

— 

B73p 


600 

Ik: 

— 

22 

13 

32 

10 


Totals 



244 


158 


58 

. 



November 

February 

May 


BOO IatL 

70 

3 

... . 


25 

8 



70p 

Boot! 

200 

10 

15 

17 

30 

23 

20 

leap 

BonU 

220 

Hi 

— 

8 

5 

14 

■5 

„ 

Boots 

240 

1* 

— 

31* 


7 

— 


Boots 

260 

la 

— 

1 

10 

31* 

— 


Bill 

140 

22 

2 ' 

27 

3 

32 

— 

159p 

K.Vlt 

160 

7ia 

3 

14 

3 

21 

am 

• t - 

KMl 

180 

2 

15 

7 

7 

12 


82p ' 

imperlalGp. 

BO 

41* 

6 

7l 2 


8 


RTZ 

220 

43 

2 

53 


63 

— 

260p 

RTZ 

260 

12 

10 

23 

20 

33 



RTZ 

280 

3 

5 

15 

1 

S£ 




Touis 



58 


104 

1 

25 



COMPANY NOTICES 


RENOWN INCORPORATED 
NOTICE TO EDR HOLDERS 

On 72th September., 1578. the Board of Director* Of the Company met 
and issued the following report: — 

SEMI-ANNUAL BUSINESS RESULTS 
(Unaudited and on a consolidated basis) 

Six months ended June 30tfi 
Millions of Yen 


Net Sale* 
Other. Net 


Cart and Expenses: 

Cost of Sale* 

Selling. General and 

Expense* 

Interest 


76.986 

994 


73.133 

842 


Administrative 


income before Income Taxes 
income Taxes: 

Current ................. 

Deferred 


Income from Consolidated Operations . . 
Equity Interest in Earnings of Associated 
Companies 

Net Income 


77.980 

54.S6B 

18.795 

S11 

73,975 

S1.B29 

17.313 

630 

73.874 

€9.772 

4,106 

4.203 

2.41S 

2425 

65 

85 

2.483 

2,510 

1.623 

1.693 

Z93 

199 

1.916 

1.892 


17.64 


Ten 


18.83 


Per Share: Net Income ... 

NOTE: 

It is not the policy or the Company to pay Interim dividends. Accordingly, 
no dividend will be declared or parable lor the Semi-annual period ended 30th 

June. 197U. ROBERT FLEMING 4 CO. LIMITED 

□aoctsKary 

London. 

iBih October. 197B. 


LUXAM TRUST SA. 

Societe A no nr me 
(In voluntary liquidation) 
Commercial Register 
Luxembourg. Section B No. 3.374 
LIQUi DATOR'S NOTICE TO 
SHAREHOLDERS 

In accordance with me resolution 
passed at the shareholder*' -meeting on 
11th January, 1978. the dissolution 
of the comoany will be Imolcmeimsd 
as follow*' 

A Itrst and final distribution <rf 
U.S. Dl9. 3.18 per share 
will be oald on or alter 20th October, 
1978. to each holder ol bearer shares 
on presentation ol mis certificate with 
coupon No. 2 attached at the offkcs 
of Banque General* on Luxembourg. 
S.A., 14, Rue Aldrinoen. Luxembourg. 

Holders of bearer shares should 
lodge their certificates coupon No. 2 
attached at Dannue Genera la du UinCfli- 
seurg. together with comp let* pay- 
ment Instructions. _The share certi- 
ficates will be retained bv Banque 
Generate du Luxembourg. 

To registered shareholders a dollar 

SDrSSJSJRM J2M25W! 

the h« and "--'^KSuTdATOR. 


«* TT -a^E R D EHOus “ 
U»^ C « l E «r l5 o. H 0 E r R dfn a aTv ISSjiUg 

will be closed 1*0111 30tl» October tp 3rd 
Nmmberl97B both dates Inclusive 
STS wr™ M *r^«in9 DlvjdCjW 
Warrants parable on 2 Alb November 

197a ’ Bv Order of the Board. 

K. M. GRAY. F.C.A.. 

Secretary. 

Anchor House. 

InglMy Road. 

Bradford BD99 2XG. 


PROVIDENT LIRE ASSOCIATION 
OF LONDON LIMITED 


“A" and " B " Ordinary St 

NOTICE IS HEREBY GIVEN (bar tile 
Directors have declared an Interim Divi- 
dend lor 1978 ol 4.1a per share. wwabie 
on the 1st January. 1979 uoon the "A" 
Ordinary fYodngi and the " B " Ordinary 
iNon- Voting) Shares of 25e each 11977: 
3.7p). 

^ Registered Shareholders 
The dividend will be payable to the 
Registered Shareholders whose names 
appear In the Register of Members at the 
close of business on the Btii December. 
1973. 

Share Warrants to Bearer 
The coupons to be presented In respect 
of the above Dividend arc numbered 187. 
Thev must be lodged tor examination at 
Barclays Bank Limited. City Omce. 170 
Fmchurch Street. London. E.C.3. at least 
five dear om prior to payment. 

Bv Order Of the Basra 

R. A. F. Ostlme. 
Secretary. 

Provident House. 

266 Bishoosgate. 

London EC2M 4QP. 

1 7th October. 1978. 


DAIWA SEIKO INC. 


NOTICE TO EDR HOLOERS . 

. TaJErBar »“ snjr s 

sisssr ^L? ,e s°"® “-& r d ecom o; 

vflrxTS per share, cor responding to 
dividend rate of IS per cent 
MildtD nil EDR Holders on 
S? xt*31st July- 7978. upon pro- 
of Coupon No. 3 on or after 
*9ntation jPT_ Tlw General Mcct- 


PROV1DENT LIFE. ASSOCIATION 
OP LONDON LlMfTED 


J3"J fforwwiy 3«i gross) Camulative 
Preference Shares of eg aut 
NOTICE IS HEREBY GIVEN that 
the DmdHid for the sin months ending 
31st December. 1978 of B.75n per 
share, without any lax deduction, win 
be payable on 1st January, 1979. 
Registered Shareholders 
The Dividend will be payable to the 
| Registered Shareholders whose names 
' appear In the Register ol Members at 
the close ol business on the Bth Decern. 
'.Her. 1978. 

Share Warrants to Bearer 
The coupons ts he presented in respect 
of rhe above Dividend are numbered 189 
They must he lodged tor examination ar 
Barclays BjnV Limited, Cltv Office. 170 
Fcnchuneh Street. London. E.C.3. at least 
five clear day* prior to payment. 

Bv Order ol the Boars 

R. A. F. Os time. 

„ . Secretary. 

Provident House. 

266 Bishops Tile. 

London EC2M cQ P. 

17tn October, igra. 


LEGAL NOTICES 


.Vo. OOSM8 Of 

Tn the HICK COURT OF JUSTICE 
Chanrory Division Companies Coon. Id 
the Matter or CAD AC • LONDON > 
LUHTF.n and In (he Mailer ol TUB 
COMPANIES ACT. IMS. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Winding up of ih<? above- 
named Company by ihe Hicb Court of 
Justice was on the 12th day of October 
WS. presented io the said Court by 
STEATITE INSULATIONS LIMITED 
wboac poKlsiered office Is Haslcy Bouse. 
Racier Road. RlnoJocbam. West Mid- 
lands. a creditor, and that the laid 
Petition Is dlrerted to be heard before 
Hie Court sllllns at fbe Roral Courts of 
Justice. Sr rand. London, WC2A 2LL oil 
the I3tb day of November 1978. and any 
creditor or contributory of tb» said Com- 
pany desirous to rapport or oppose the 
mikin* of an Order on tbe said Petition 
may appear al the time of beantur. to 
person or by bis eoansoi. for that purpose: 
and a copy of tlw Petition will be 
fumlsh.-d by die undersigned to any 
creditor or comributory of the said Com- 
pany requiting such copy on paiTneju of 
tbc regulated ctiame for ihe same. 

J. E. BARING & CO-, 

74. Ctrancers Lane- 
London. WC2A JAA. 

Ref: JAH. 

SNicliors for tbe Petitioners. 

NOTE— Any person who miends to 
appear on tbe bearing of the said Petition 
must serve on. or send by post io. the 
above-named notice lit writing of his 
intention so io do. Tbe notice must stale 
the name and address or the person, or. 
1 / a Arm the name and address of die 
Ann and must be sUnc-d by ihe person or 
Hrm. or his or their solicitor Ml anyi 
and must be served, or. if posted, must 
be sent by post in sufficient time to 
reach Ihe above-named no: later ihan 
four a'docfc la the afternoon of ibc 
loth das of November 1978. 


PUBLIC NOTICES 


WALSALL METROPOLITAN 


BOROUGH BILLS 

£4.300.000 Bills Issued 18th October 
1978 due 17Di January 1979 at a rate 
ot 10i%. Applications totalled 
L1B.700.000 These are the ontv RIUs 
outstanding. 


Oldham Metropolitan Borough 
£3.100.000 bills issued Ifitn October 
197B due 17th January 1979 at 10>i,»_. 
Total applications £11.200.000. Total 
outstanding £3.100.000. 


Grimsby Borough Council 
£500.000 Issue on lath October 1978 
due 17th January 1979 at an average rate 

ol lOi pj. Applications totalled 

E4.0ao.ono. Total bills outstanding 
L500.000. 


Borough of Blackburn 
£800.000. Issued on 10th October 1973 
due 17th January 1970 at an average 
rate ol lO-V. Applications loaned 
LB-OOOJOO: Total bills outstanding 

£900.000. 


~r{T — rf ■ntmr- 1978, ■ nr uchtibi i**«n-i 

win be held on the 

[fftft OcS SrTl i7B. to * BP rove the above' 

|ING & CO. LIMITED 
sltanr. 


Bath County Caoncil 

£375.000- issued on ISOi October 1978 
flue 17tii January 1979 at an averape 
me °l 10‘i: p.a. Applications totalled 
£3.375 000: Total bills outstanding 
£379.000. 


CLASSIFIED 

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uh. ni nased to confirm that copies 
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Of the 1977 ol Dal Nlpoon 

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NEW HIGHS AND LOWS FOR 1978 

» 

ELECTRICALS 'ft* 


The following securities quoted in the 
Share Information Service yesterday 
attained new Highs and Lows for 1976. 

NEW HIGHS (33) 

BANKS (1) 

Trade Development 

BUILDINGS (1) 

Er'lh 

CHEMICALS til 

Farm Feed 

STORES (3) 

Helene ol London Midland Educational 
House Ol Lerose 

ENGINEERING (El 
Birmingham Mint Laird 

Boulton iWm.l Mining Suoolles 

Cartwright tR.1 United Engineering 

FOODS (21 

Hatleys of Yorkshire Pvke (W. J.) 

HOTELS 11 > 

Prince of Wales 

INDUSTRIALS (5) 

Fothergill A Harvey Sandhurst MktB. 

Hay (Nor man i Stag Furniture 

Rcstmor 

PROPERTY (S» 

Country A N. Town Imrv Prop, 

Dares Ests. RegaHan 

Ests. A Agencv 

TEXTILES (4) 

Dawson inti. Dlsron (David) 

Do- A Haggas U-t 

RUBBERS (1) 

Chersonese 

MINES (3) 

M Incorn Hongkong Tin 

Geevor 

NEW LOWS (13) 

„ CORPORATION LOANS (1) 

Glasgow 9ijpc '80-82 


BUILDINGS (2) 

Higgs & Hill ^ Jennings 

Motorola 

ENGINEERING (1) 

Sykes (Henry* 

FOODS LSI 

BishODS Strs A N-V Low (Wm.) 
British Vending 

INDUSTRIALS (2* 
Hanlmex Hill (Charles) 

INSURANCE (1) 

Heath (C. E-i 

TEXTILES ID 
Courtauifls 7 pc Deb. 

1982-87 

TRUSTS (1) 

Edinburgh Ind. 


RISES AND FALLS 
YESTERDAY 


Up Down same 

British Funds .... 64 5 7 

Coro ns. Dom. and 

Foreign Bonds 16 7 34 

Industrials 388 339 185 

Financial and Prop » Ml 30 

Oils 5 11 20 

Plantation «... 6 2 23 

Mines 68 33 39 

Recent Issues — « 8 a 


Totals 5M 546 1^37 


RECENT ISSUES 


EQUITIES 


S- . f f -■ 19<r : j 

l*aue : g “ ± = g — — | Block I 

Hnre ~~~ T— . i 

f! • — 1 High Low | 

5js„: 

s ? &, 

I 

H 

*! 

c 
> c 

1 

ol 

= C- 
-Z > 

lih 

SMp* 

775 i F.l*. '27/10: . dOO iBrUl>tiAiuin*lum.New:B17 , 

101 F.K <22:1 1- too j jte IFerrann New J365 ' 

101 .Mi ,22/lC 50)pm 240pm i Do. Nil Paid 

• r ;F.P. 24/13 J)i»!)biw(VMGm Mrini 321*' 

“■ | P-P. ■ — | 122 jlOO |Uighrwiw Jl20 | 

| f ip 

I ^B*p» 

3.4 

11.6 

11.9 

1.3 

9.1i 3.5 
2.4j 9.6 
2.3 9.8 
9.8IIJS 
| - 6.0 


FIXED INTEREST STOCKS 


if '!ij] 19T- ! 

j 



j block 

3 r 

1 ■“= j High j Low 


- ~ 


i-i ’ - 
» l-l 
“ . F.I\ 


HHu 

BIO 

EBMli 


B991i 

M7i. 


ui 

k.H. 

K.P. 

Dll 

f.P. 

CIO 

F.P. 

-Eli) 


Id. 10' lap: Ltiai* tuiilidmoh.- I^i L-niv. Ho 

4-1 lUflgi tu inn* rr- Wsienftirh- 'j, Frl. I-«J ..... 

1(12 110 [ 106 Hal ma 11^ Cum. Prvf — 

tfaol-' Cif-lj- ill v uin n i '4 t-i L'yi-JP.skMJe 

tJ-12, I->|a«' iul .H -irer*! aWvwilnni Un-. Ln. ?*wil 

— ^918, ■— t Kate l-fda. 

,26i 10 £2&pm£Wpm Pp,*v. Laundries 12%Cqv. S0/68 

— li . Ii» ItUcntwIM.- lo^t-.-liv. L 1.^ 

tO>I - • 7 •■wnittiwvri* t.'i-r* i ijl It*- •. I 

17/11. 106 j 103 .Victor Prod*. 11% Cum. Pref. 

. 46*1; Git! AUe Wevi Ken* Water i) Frol. H-4 


+ O. 


109p! — 1 

l£26i 2 ! 

,101 |-l* 

; 9617, . — 

:30 pm! 

.120 | 

i Wi? 


“ RIGHTS” OFFERS 


i- iiri =_ . Ueuuuc. 
I'ritv: § j • Date 


W/e 


High U-w 


'.in-in. 

Price 


saa 

3 . 

44 
13 
116 
<69 
100 
65 
7 a 
10 
77 

03 

38 

40 

42 

<00 

<3 

12 


r .i . 

t'.r. 
t.r. 
F.P. 
; F.V. 
! F.P. 

' P.P. 
t P-P. 
F.r. 
Si I 
1 F.P. 
r’.P. 
' F.P. 
Nil 
F-I . 
I.P. 
i.r. 

N : 


i a- 9 A I 10 


27-10 
13.1 
< 4,11 
. lO'l 
3U.1H 
3,11 
17ill' 
dill 
10 11 ' 
27.10' 

.27.10; 

47/10 

<7-lC 
p.ll 
U. II 


Ai 9 

30. -. 
a9.e 
18.-10 
41 '9 
8/10 
i 6/10 
' 6/10 
25,a 

lip. 
6/ 10 

29.1/ 

O.lL 

49 v 

■ >i) 

5J7 10 


17(11 l'si-' 


7r »• Ismii-i-n rr- 

jtpm Si Si'm \stl-nry .t Mn-ieler 

mxj ' • - 

■Jb. Ill' rt«i •••>« Han-- 

14 —j l>l4*.-k*<-.»» !I,.l-e. 

tj. •' Il||il4l l‘ll||llll~.. 

IP Lj:-.. Wares 

144 ■ I;.- bum- 

AIM i Un-,.-t. 

ItO • K*> Uniat tilt 'rum i*. -Oj^Cov. 

30 64 (.rv..,. — 

961j r4 : Initial bervioeH 

l« i iO<->tiKiini-:h Hijlriin^-, 

la* stnlw. 

[O 97 ly-n. a ilutluhl Ind 

2b, -n ■ ri*n* I'f'-u i'V.I.i 

•HI ■» Ifcnoyr. .leu eilet/,} 

*3 lioi ail., Kim wear 

J.-ii-ni.t,- Pn« 

J' W.-r--' 

i|.iu l.irk -iM-n 


7 3 ■ 


. 33irt*iu 


. 3S3 

-b 

• : 21U 


64 . 

-2 

• 621* 


‘S 

1 

1 141 , 


• 1 307 


%, 101 f 

Mb... 

.1 60 ' 

—2 

921* 

+ i* 

J 13 >2 



FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Facility of Actuaries 


EQUITY GROUPS 
QtOUFS & subsections 

Figures in pare nthes es show number odF 
stocks per section 


Index 

Na 


1 

2 

3 

4 

5 

6 
8 

11 

12 

13 

14 

21 

22 

23 

24 

25 

26 

32 

33 

34 

35 

36 

37 

41 

42 

43 

44 

45 
40 


49 


51 


59 


CAPITAL GOODS (171) . 
Bu il ding M aterials (27). 
Contracting, Construction (28)- 
Eflectricals(14) 


Engineering Contractors (14) 
Mechanical Engjnegrin gf TZ). 
Metals and Metal FarmragUfi) „ 
CONSUMER GOODS 

(DUBABLEX53) 

U- Electronics,. Radio, TV (IQ _ 
Household Goods (12) 


.Motors and Distributors (25}-~. 
CONSUMER GOODS 
(NON-DURABLE) (172) 
Breweries (14). 


Wines and Spirits (6) . 
Entertainment, Catering (17) 

Food Manufacturing (19). 

Food Retailing (15) 

Newspapers, Publishing (12)- 

Packaging and Paper (15). 

Stores (40) 

Textiles (25)..— 

Tobaccos (3). 


Toys and Games (8) 

OTHER GROUPS (99). 
Chemicals (IS). 


Pharmaceutical Products (7).. 

Office Equipment (© 

Shipping (10)- 


Mi see ligneous (57) 


INDUSTRIAL GROUP 1495) . 


24021 

20R50 

37L01 

55852 


375.65 

18932 

16754 

214.08 

26258 

184.96 

32802 

21424 

229.45 

27884 

26814 


20830 

.22932 

39321 

145.62 

20323 

184.44 

23632 


1113.7 

20844 

295.69 

26853 

134.96 

422.47 

22336 


Oils (5) . 


580 SHARE INDEX. 


22633 


mm 


250.09 


FINANCIAL GROUmoOl . 

Banks(0)_: 

Discount Houses (10) 

Hire Purchase (5) . 


Insurance (Life) (10) 

Insurance (Composite) (7) _ 

Insurance Brokers (10) 

Merc bant Banks (14) 

Property (31) 

Miscellaneous (7) - 


Investment Trusts (.50) . 
Mining Finance (4) . 


Overseas Traders (10) 


99 ALL-SHARE IN»EXifi73) 


16436 

187.20 

20655 

153.78 

13052 

121.12 


32864 

8057 

25832 

108.46 


21956 

110.97 

322.85 


227.92 


ies., 

Oct 17, 1978 

Mon, 
OcL ’ 
16 

FA. 

Oct 

13 

That, 

Oct 

12 

Wed, 

Oct 

U 

Tear 
ago • 

1 approx.) 


Est. 

Grass 

Esl 





. P* 


Pnmfnpn 

Dtv. 

P/E 





. 

Day's 

Yield ‘J 

Yield t 

Ratio 

Index 

Index 

Index 

Index 

Index - 





Na 

Na 

Na 

Na 

Na' - 

' % _ 

Corp. 

a£33%) 

Corp. 


TaxS% 


TtaSflt 






+0.4 

16.09 

531 

654 

23921 

24102 

24605 

245.91 

21634 

+L0 

1656 

5.43 

617 

20651 

28851 

211% 

210.62 

204.98. 

+0.4 

18.70 

427 

7.77 

369.70 

37407 

3SL66 


352.92 

+0JL 

12.98 

332 

1055 

557.95 

-56624 

57856 

58058 

47188 

+0.6 

17.68 

5.79 

7.67 

373.55 

37657 

38224 

38176 

30651 - 

+0.4 

1751 

5.77 

754 

18656 

19024 

19315 

19257 

16539 • 

+0.4 

15.93 

649 

669 

167.01 

167.90 

370J8 

170.42 

159.9*/' 

403 

16.04 

4.96 

671 

213.42 

215.44 

218.70 

21826 

20787 

+03 

1451 

359 

10.01 

26133 

26438 

26931 

26917 

253.90 

-0.4 

X6J0 

612 

655 

185.70 

18736 

388.40 

187.78 

189.68 

+0A 

1959 

647 

718 

12735 

22850 

13010 

12954 

12382 

+L2 

15.42 

5.76 

673 

21153 

213-73 

217.78 

21728 

20676. ■ 

+11 

1450 

618 

9.42 

22735 

.22936 

233.40 

232.13 

21836 

+0R 

1527 

516 

9.77 

27657 

280.67 

28755 

28659 

242.70 

+0.9 

1356 

650 

10.76 

26534 

26750 

272.62 

272.44 

.25835 

+0.S 

18-58 

520 

7.13 

20720 

20836 

91196 

m ot 


+1.4 

13.16 

4.49 

1058 

22602 

22830 

23255 

232J3 

23127 

-0J. 

19.45 

616 

722 

39323 

395.90 

39853 

39669 

342,76 

+05 

1759 

736 

7A5 

24436 

14666 

14851 

14852 

13610 

+2-6 

1058 

449 

1339 

198.08 

200.09 

20581 

20400 

195.98 

+05 

18.05 

758 

719 

183.55 

18472 

18822 

IBftPI 

177.91 


2350 

7.93 

s:o8 

23632 

24039 

24256 

24416 

23533 

-02. 

2039 

5.78 

5.73 

11134 

114.07 

11620 


inn)f; 

+0J 

15.05 

5.85 

656 

207.05 

20855 

21146 

21162 

204.01 

+0.9 

1554 

641 

637 

29313 

29416 

29671 

29666 

280.66 

+0.7 

10.61 

3.86 

1156 

26668 

26757 

269.97 

27080 

0.00 

-05 

1850 

5.63 

662 

13604 

135.97 

13995 

14018 

13230 

+12 

14.71 

722 

668 

417.48 

417.93 

423.95 

42468 

49050- 

+0.7 

16.83 

631 

7.90 

22191 

22582 

22984 

229.82 

20936 : . 

+05 

1555 

558 

664 


22649 



215.75 

-02 

13.69 

3.94 

7.93 


51430 


514.75'] 

510.46 

+05 

15.27 

533 

653 


25053 



24011 

+0.8 

— 

5.92 

— 

163.08 

164.78 

16679 

167.04 

17484 

+12 

24.97 

626 

601 

185.07 

18627 

18659 

18617 

183.01 

— 

— 

837 

— 

20655 

207.66 

209 JA 

288.99 

229-10 - 

+L2 

1554 

536 

633 

15198 

15262 

155.48 

15669 

189.99 

+L6 

— 

7.20 

— 

128.42 

13L45 

13521 

13601 

1518$ 

+1.0 

— 

724 

— 

119.91 

12132 

323.64 

124.25 

15101 

+05 

14.44 

5.04 

9.91 

32725 

33250 

33754 

34234 

330.68 

-L0 

— 

604 

T- 

8L35 

82.44 

83 JH 

83.46 

9L9ff ' 

+03 

334 

2.84 

51.43 

257.66 

25925 

26218 

26056 

23161 - 

-02 

23.28 

7.70 

556 

10858 

10915 

309.64- 

10959 

10780- 

-03 

3.17 

4.73 

3152 

220.33 

222.07 

22415 

223.98 

19780- . 

+L7 

1645 

642 

7.41 

109.12 

11228 

114.08 

112.62 

10328 

— 

15.09 

712 

830 

322.96 

32475 

328.46 

32305 

28626': ’ 

+0.6 

— 

556 

— . • 

22651 

22851 

23197 

23155 

22136 


FIXED INTEREST PRICE INDICES 


Ml; 

3.-^ 


• Sfitgiinit ...... 

' 104 ; 

20pm +1 

' 70 . i-S 

53 ly 

334 -22 

ib 1 ... . 

l|-Tll 


K-n'inciati-u* hat* usually IlM fur dvaiinu fret **i yiaiup duty o Kignre- 
ua-rd i,n qrocpi-ctii^ tc-timaiB. g A?-.nm«I divirir-nd anil yield a Ko recast divuteod 
• l,5l, r bawd or* prcvioos year'* p Dividi-nri and yield Based on prosperin'. 

a oriJyr offlciai d,timarto -or T9^5. u C'uh r Haitrs’i aiwmed i Carer allows 
™ r cunvurii/in ni shares noi now rantsing !ur dlvideiid or ranking onL® fnf reaulciefl 
‘ivi'l-nd . ; Hlaonj pno? in puhbc. pz Pence unU>.s nihcrwise indicated. 1 1sviwd 
•/> , Offered io holder* m ordinary iharcs a. a - rlcfiis." ** Issnen 

hy wa> if caDiuJiMiitnn. *? Riinir'-.d-icv-l. V! Ispj«J in connrcHun vvifh rroruanixa 
J!?™, or lalif^iver. ■ ■ fr-rr-d-j-:,..,, _■ in former firefirencc ImMerb 

■ aiit^d“h* letteri lor fully-piuL. • Pzorv4on*l ot partly-piKl -itnime" 1 ' Mun 
A wnn wamuua« 


British Government 

TWSL, 

Oct. 

17 

Day's 

change 

% 

sd adj. 
Tod»y 

xd adj. 

1978 
to date 

1 

Under 5 years 

10310 

+0.07 

022 

7.60 

2 

5-15 years 

11326 

+0A2 

— 

7.61 

a 

Over 15 years 

13669 

+051 

053' 

17 9ft 

4 

Iwcriecmalili— 

1»1? 

+0.77 

‘ — 

982 

s 

All stocks 

11055 

+033 

029 

935 


FIXED INTEREST 
YIELDS 

Br. Govt Ay. Gross Red 

Toes, 

°*t. 

17 

Mon., 

Oct 

je 

Yesrr 

- . .... 

(appro&j ■ 

1 

2 

_3 

law ' 5 years. 

Ccmpons 15 years,. 

25 years..— 

922 

1123 

1289 

925 
. 1130 
1216 

623-r 

946 ~ 

1027 - . . 

4 


1226 

12.46 

22.46 

1231 

1252 

1252 

8.85 % 

1028 ■ \ 
1054- 

5 

_B 

Coupons 15 yea/^a. , 

.25 years.: 

7 

8 

High 5 years, 

Coupons ■ 15 yvmihi 

ffi years.—- 

2251 

1383 

3355 

1236, 

1350 

1322 

“ 

1124— 

U3»- ' 

Io] 

Irredeemabtea 

TUN 

U.94 

1031 




Tuesday, Oct. 17 

filcnduy 
Oct 
. 10 . 

i 

Prt 

Oct. 

. 13 , 

Than. I 
Oct , 
. 12 ; 

. • - 1 

Weri- 

Oc*. 

U 

Tom. 
Oct 
10 ; 

Man. 

Oat. 

B 

PrwUy 
. Oet. 

S 

Twi 

, W. 

fqpitvx). . . 

1 

Ind** 1 Yield 
Na | -% 

15 

16 

17 

20-yr. Red- Deb & Loans (15) 
Investment Trust Prefs. (15) 
Coml. and indL Prefs. {2Q) 

66.69 | 
6L25 

78-00 

T 13.09 

15.62 

12.98 

66.70 

61.23 

71.75 

57-2S 

5L38 

7L65 

B7.SM 

5132 

71.60 

| 57.66 
51.65 

-7L4U 

57.70 

61.-6S 

71.89 

57.70 

51.74 

71.29 

1 57.73 
5t:74 

9137 

62.13 • . - j . 

56,71 : 

78.44 ' " 


t Redemption yield. Mata and lew* record, base data ami wines and cwnUtnent Chances are hj 

tow- A list of lha cbiKtttnents is avaQabte from tits Publishers, the Financial Times, Bracken Haute. Cannon sESSL 
London. 6C4F *SY, price Up. by pest 22j>, — ""Sfw 


A 



r 



“f$ ^ • - • • 


J r - 




I xLp 





STnamW Tfmesr Wefinesslar Octoter T8 T9?S 


j*r 


AUTHORISED * UNIT I TRUSTS 


y Unit Tst. Sngn. Ltd. fo> 

. janhouw HeL Ayfortufiy, iesM HH 1 

.CAplial pit . 3751 + 6.11 4 *J 

. Income.. _W 11 *»S*o 3 . 5 PJ 

-fair. TsL Fd. 37.4 J 4 JI — 0 3 J a a 


FtattUngtoa L’nil Mgt. Ltd. (■) 

3 - 7 . Ire Lunl Yard Ei'-ili 5 UK. . Ol-ZttfiOTj 


• Gen. Tat ....... 

Proc. 


' 724 / -Olf 3.9f 


Arocnrea. 

Capitol Tst. .. 

lueoneTn. 

I a:. Growth Fit., _ 


B 2 J 

141.0 
1117 6 

125.0 


Si 

249 

125.1 

133 

137 . 


_j Ul 
323 
6 JS 
2.64 
2M 


d Hmbn GroopV (afigj 
»B». Button. Brentwood- rjwc. 
: 3851 or SKiUMmod (02771 SI >459 
xri Fuads 
!«._ was 

Hfc. Fund 64,4 

tlm.. fB .7 

h lad. Dm.S 7 
.711 
m.7 
13.5 




Do. Accum. .__.... ]I 298 

Friends’ Prordt. Unit Tr. Mjin .0 

HTbamKnAPnfktne OROSMS^ 

Fneods Prw. L'ti-.WS 3 ««l-* 04 f 3 K 

IStLAccum. pifc k2.fi +O.S 3.97 

C.T. Unit Managers Ud .0 
iaFtnstaiycui!UECsi 7 DD - oi-eawnaij 


G.T. Gratae E 

Da. Acc.. 


17 

174 


.otimsj 127.4 

•Fund.. 149.1 

>f America,. BS .3 

Scnoplt. _J 9 bZ 

{■a* ranch 
V Co.'s Fd ._ F 402 
i!r. Co's Fd . 49 $ 

eiySite 100 7 

Id. & CTdty . UJ 

-as Comings 601 
•-. imlr.Oo'S— «| 24 S.O 

. non Unit Trust Managers Ltd. 

ztftaschS* .EC 3 M 6 AA CC 39231 

■on V.T. .{ 53.4 5 SJU 4 i 4 00 

. acber Unit MgxaL Co. Ltd. 

, e St,' EC 2 V TJA. 
jnthty Fund. 1175 

tbnot Securities Ltd. (al(c) 

Sen St. Loo don EC 4 B IBV 
nunc Pd — fUO .5 
. .Fund. „kz.fa 

lm. UsiLsi ! 59 l 5 

Wdrwl.Uta.lSia 
ence Fund- 


c r ise, to i.’n....U«J 
G.T.nii.ttiea „.|U 7 d 
G.T. Japan & Gen... K 8 
4 GL?rosJvFd.._h 45 7 

GT.Ini'LFuird H 641 

GT Four YdiFA_l 589 

C. Sc. A. Trust (al(g> 

5 . jRayfeigh ltd. Bienlraod 
G i A. {343 

Guelman Fuad Managers fl (aMg) 



m ii.jiiraoq 

3 U| * 02 ] AE 3 


Z St. Mary Aae LC 3 ABHP. 

It, Arovn raa Tor ...,U 87 

Krili'ti Tu 1 Act i, . 159.9 


M-S 3 S 353 U 




n. until 1 135.8 

/Fund Jar* 

jdity Fund ...j&l.fl 

5 Units) tea 

'■drwLU 1 .-. B 6 0 

TOp.Frl 1)78 

Fund 139.4 

a Units; Mia 

I Fund.. ptl 

6 Units) M33 

tCp's FA .71257 

II Blind Fd. . 127.9 

drwLUtil | 2 X 2 

nFA -W 3 

sc & bit Fd.BD.fl 


C omic u dity Shore ; 

Extra Income 1 st — , 

4 nFarEaMTrua 
rfl£h lueoni'' I tL . . 

[ ncf'iBf Fuad. 

la^Aseaciei ...—*. 

lay ELxr mp : Fd , 

(Hind. TsL iAcc I ~]34 2 

Gibbs (Antooyj Unit Tst. Mgs. Ltd. 

01-423 837 «. 3 . Frederick s Pi. Old Jewry, EC 2 01 - 6 £ 8 * 1 U] 
lffi| — J 9 30 m A.G. income". _J 42 . 6 _ 4544 .-.J . M 

1 a ) A.C. GrmttbtT ... 140.4 <53 -XM 528 

ItlA. C. Far East-... | 26 .<s 2 B ol J 05 

Deo) I ns -Toes. TW 

Govett riebnJT 

77 . London Wail. ECi 015886624 

S-hir.Octfl 1144.8 152 G „._J LM 

Da Amn Unlt-Jm 1 ISSS ..-.J 1S9 

Xml dealing day Did. 20 . 

Grieveson Management Co. Ltd 
58 Gresham SL. EC 2 P 2 DS. . 014 D(M 433 | 

iunrlnglon Oei_ ! 1 , 122 X 2 -m ;| 435 

1 Arran. Units) . . . 5*20 253 7 ... .1 4 J 6 

BtntB-Vd Oct 12 _.pB 5.9 194 7 a - i U 2 

'Acrum. Unitsi 020 9 2314 4 102 

Endcm-. 0 cl. 17 . GB 54 24 S Tit +S 2 J ZJt 8 

CAcxtnm. I'nio; EMS 5 259.1 +S3 XX 

timchMT Oct 13 {494 1 D 34 ZM 

lAccnm. Uni’s* UB32 2073 ... J Z* 

Ln.iBrtlt. Ocl 4 .... |J 36 77.8 -..J AM 

l.^scum. rmtsv 177.4 BO i I ' 3 , 



l r n»t Tat. Kgs. Ltd¥ ( aHe) 


th Holbom. WC 1 V 7 M, 01 -MI 8333 

„ Fund »a 4 94.01 532 

es at Oct 1 Z Next out. day Utt 19 . 

ays Unicorn Ltd.V (a/fcKg) 
nHoar-: Sonrford Kd. E 7 . 01-334 95 M 

n America . 

-At ACC... 

at. Inc 

pltal 

3 mpi Tst 

ara income . 
linctai 




Guardian Royal Ex. Unit Mgrs. LtdJ 

Hoyal Btrtmngc. EC 3 P 3 DX. Ot-OMflOUl 

iaSJCiwnlfciUT»L.f 95 a 9571 *031 430 

Henderson Adadnstratconf {aHcKg) 
{Premier CT Arjimiu 5 R^y/eigb 1 
Brentwood. Essex. 

I X FUnrfs 

(.'abut Recovery 

Cap. Grtmthloc. . .... 

Cap. Growth Ace _.[ 49.5 
Income A Assets.... 134 7 
nub istwv 


High Income. _.._TfiS .9 
Cabo< Ewra Inc. — 59.9 

CaholFreLAGilr J 5M 

Sector Fnads 

FinancenJiS: 1 TD {26 2 

Oil A Not Res 1333 

f Manual mil 

Cnbot 

Intern B^mal 

WM.WldeOcLia.... 

Overseas Funds 

Australian 

European K 5.7 

FarESstl |B 9 .a 

N. Am. 


•s ■( Sept. ». Next sub day Oct. St 

eater* “ ...... 

in e# Fund.. 

dwtdaTai . 

kFdLloc @ 4. 7 

turn. ...| 74.0 

ig Brdbtn & Co. Ltd .9 (aHx) 
drnhaHSL.E-C 3 . 0 I- 58 S 2830 

bTsL { 184 .6 1975 J 3.98 

XBL { 237.8 247 . 1 ) j 3.98 

Next sub. day Octnber 23 . 

9 >sgMe Progressive MgmL Co ? mn Samuel Unit Tst. Mgrat (■) 
3 paeatc.C.C 3 . ° 1 '? 8 fS? « Beech SL.ECZP 2 LX 01 - 628 Will 


Cabot Am. Scl. 

KrSiTipf F u r ra^Ty 

Japan Exempt .11013 

NAmExpL Get. 13 .J 12 &B 



Minster Food Hmacen JLtd. Provincial Life lnv. C«. LldV Sane A Prosper continued 

Minder Use., Arthur su EC 4 . oidS 3 {n») 222 .cidiopsRflic.Ri J us. SiT axs Scot bits S« orities Lid. V 


5.20 

535 


■Prolific I. ml. 
Ilifih Inuumi.' .... 


JflS .6 
125 4 


« 9<4 -a 71 


13 «J|- 4 j} 


3 17 
716 


■Volt-! LI 

S«x>icld 

Pnidl. J’ortfolio Mngrs. Lld.V Jalibhci M£i 

HoUam Burss-EClN SKIt 01-4019223 Scot.Ex. Ykl.* 6 , J 182.3 


Prudential ...|1383 U 65 J *Q M 438 

duilter Management Co. LltLV 
ThcStk Eichanco. EC 3 X HIT 0100417 
yuadrmtCm.Fi I 11 L 2 US 9 id . ...I 
UuudnntliMOtnf- 1134.7 138 Ml J 


•Ptti-cs at ScpL 


489 
7 60 


Minster on. iw_. 1309 4041 . .{ 

EwsnptOcf.S.. . |l«J 5 lojjnj 4 

MLA Unit Trust Mgemnt. Ltd. 

OMQuocnStrcd.SWlKSUG. RI-S 307 XU. 

MLAl'mU. |463 457 ^- 16 ) 3 70 

Mturray JohoBtone U.T. Jig ntf (a) 

IBHopcSirm. Glasgow, GS 2 UH 041531 M 2 ! 

MIEuropemL. . |B .8 882 ] - 0 XJ 292 

Dealing lrtv Friday. 

M utual Unit Trust ManagereV ions) 

15 ,Copihail Am.. EC 2 R 73 D. oiASdAi Reliance Unit Mgrs. Lli 9 

UunalSrc.Plua.„ra.l 55 W- 0 .JI 6.29 Rdlnneo Use.. Tnnbndee Wells. KL IW 02 JS 271 ihCOroTjisTJ - .^Z| 42 a 
75 . 9 d -oil 701 Opportunity Fd — {703 7 S 4 | - 7 . 6 ) 5.47 Inc. 10 '- \VdrwL_ . 3 L 9 

W. 3 -o 3 btA SrSfcrdi-T iAcc 1 . W 6 J 49 ^ - 0.3 559 lntnl Gmnk - - - 5 B .9 

Muuul High \ltr,.|hL 0 i&M, 02b SUdurdcT.lnc ..... | 44 id 47 j«| -fl.ll 539 Im.Tri. Unite 273 

Notional and Commercial - Ridgefield Management Ltd. t& 

S(,u Arv. Kdinbuixh 03 T 35691 S 1 n&«. Kmoidv 6 t . B^incbester 0013388521 Prel AGdiTUin .- 231 
---UtU ItM .. I | 3 a RidccfleJdlnL IT.IWin 10501 . ... I 2.63 Propertv Shores .772 

||2 Rldceflcld I»hk |47 104 51 - .| “04 - B-S 

aM . __ _ — l- K, Orth AcniEZL 22 .™ 

. J.M Rottedtild Asset ManagetnenMg! rK.Gifli.Disr -J»J 
National Provident In v. Mngrs. Lid.V 73 - 00 , Uaieh«u«i Rd„ Adcshmy 



397 
7 01 
4 43 
204 


Target Tst. Mgrs. /Scotland! laHbt 

1 W flthol CrrU'enl. Ertin 1 iC 1 . 3 MC :.3 

Tarcrt .Vmcr EaiiiH 27 0 740 ; - 05 - 

T.irgel Thistle . . fo.| <5 5 ! -OJi 


E«ra Inenme Fd 


«s s, *u Jl 
U 0 t r 0 :] 490 

5 Si Trades Union Unit Tst Managers? 
ufi.a-.xid sejfdl elcz n:-(C 88 on 


Scales in ger Trust Jlngre. LML ia>(z» tuutcclz su hski . "...{ $26 

3.20 Transatlantic and Grs. Secs. Ce.V 
2.05 91 SSNewlxxiilnn Hii C 9 ebiufnrd 034 S 5 !d 51 

1 JS 


140 . Suuih S: reel. Dorid ot 
ARLF-semH- ---{229 

A/a.Grnuin ) 28 * 

lUi-mw High Yld _BW 
Exempt Hkt Ldri..f 270 
train. 


Extra Inc Ts._. .- 


B 03 


lAeeum Unite). 

CupLOct. 4 - 11 S 20 

LAccnm. Unite) |i «.6 



UnrbicanOrLlZ . 
<Accum. Unite.':. . . 
RaA Espt SeptZT 

BuckmOcl. 12 . 

1 Arcum. L'nlteJ 

Colmo/let 12 . .... 

lAeeum L'nitist 

FunbldOci u ... 
/Accum Unite' . 
Gleb. OcL 17 . . - 
lAcrunL I'nlUi. 
Marlboro OeL 17 .... 
■Aecum. I.iniui . 
Van. Girth. <■«. 17 


- w Jii'. Income Fund . 


N.r, IdU Pd. (Inc M 64 


Si'. Inti FtLlACC , 
N C Smllr Cara Fd| 


MO 

1573 


Rotbscliild & Lowndes MgmL 13 ) 



'Aeeum. I'nitsi-. — 

U( S »1 chuu Lana Uto. . EC« 0 1 - 06 4358 ^leeiSaSalteV — ! 

!S>w Cl Exempt ..|£ 1 SS .0 1410 «f .... J 345 "Pn&ChaFdSrniaB. 
Prices on SepieiPbar 15 . Non draunc Gciober "hpwEb Otl 10 . „ 

16 . " " 


48 L Grocer h lire b St, EC 3 P 3 HH 
NFJ Gib U ilTsI... 147 2 5031 

lAcnuo. L dIL'--- .1377 6141 I 4 60 

NWty«aLl 7 uBl .153 7 1413 d ..l.J 2.25 

LAieumUuiUi- . |M 3.6 IS! « ] i 2 S 

"TOcrs on Sept, za Xoxt denlroe OcL M. 

"Price* on Ocl 4 . Next dealing Oct 15 
National tvest minster? ( 8 ) 

im. cbeapsidn. ECSV SEE. Oi-COfi eun 

Capital iAcciun .1 

Extra Inc 

nuxdd.. 

Growth lnv 

Income 072 

Portfolio lm- Fd.. ..pio 
Universal FdJdi, . 156.6 
NEL Trust Managers LUL 0 (aHg) 

KUuwCmm, Dorking, Surrey. Mil 

NelsUr ( 62 i 65 - 4 M «0 4 l 4B2 

KcteurHicblnc... |sOA E 3 z 3 -* 02 | 7 59 

Norwich Union Insurance Group (fa) 

P.a Boc 4 ,Nor-wldl..N'CJ UNG. 00032330 rimtalFd. IM 7 

Group TbL Fd. {3703 3398 ) *1 fl 5.00 SSSs F±. '.Ma 

Pearl Trust Managers Ltd. (a)(g)(z) Pnect at ocl 12 . Next dealing Ocl 31 
35 c High Hoibom. wnvTEB 01 - 40 SM 4 I Save & Prosper Group 
? 5 S?J?r£ 5 l,M '"l 2 £? 25 * 3 + 0.11 *.» 4 . Great Sl Hricos. London EC 3 P 3 FJ» 

Amun Unite 24.3 316 I "J 4 73 fis.^ Queen SL. Edinhtireb EH 2 4 N 5 

367 ^ D^llnffilo: 01 JS 4 fi» or 031 52 B 7351 

{Accnm Uniui — ( 47.4 5 l.fl| +031 4.n Save & Prosper Securities LtdP 
PaUCfUl Units Admin. Ltd. (ggX) IntonuUonal Fonda 

81 Fountain SL,Uaiu: heater D 01 - 238 MBO CajruteL.^. jg 5 2 48 S 

rih. . J 7 D 5 7564 



59 j 2 -li 

-L« 


iS 


Rowan Unit Trust NsgL LuLV (a) 

CHi Gate Hoc. Flnabiuy Sq, iXT 3 . 01-6001083 


70 S 

7.28 

332 

332 


Rucoicn'Sepl 10 .| 2 Ua Ultj 

For tor exempt funds only 


2 ® Tyndall Managers LuLV 
402 15 Conj-ngeBowL BrlstoL 

(1050 Ui 
194.2 Z& 
136 Q 1 « 

192.4 2 tE 


344 

404 



n.o 

748 



1790 

189 ( 

-n 

HlRh VIA Ort 13 — 

584 

6 Lt 



12.4 

86 .« 


NcrilDOcLil.. — 

852 

-HJ 


(Accnm Unlui 

1051 

1167 



Royal Tst- Can. Fd. Mgrs. Ltd. 

54 . Jermi-n Street. S.W.L 01 -G 20 82 S 2 

' U '"') 


Income Oct II. _ 
i.tltun. Uoiui— . 
Capital Ocl II. „ 

Scottish Equitable Pud. Mgre. LuLV «A ccum . I'mit; ._.. 

28 St. Andrews Sq.. Edlnboigh tci sseoin; giSS'Kto* — UWO 

5 ® loco** I'll*. -1 61 5 .Q 1 lSLESi.O?Lil..; ,W 

Accnm. Unite— — p 9 J . 63 . 1*4 -1 8 j 5 81 lAccum. Uoito. . 

DeaUng d*y WedncsdAv. iTriOcLll .. 

Sebag Unit Tst. ManagerB LULV is) • Accum Umtn 
PO Box 51 1 , Bcjdbry. Hot. E.C < 

Sebag Capital Fd. . gfl .9 363 ; 

___ Sebag Income Fd._pl _ 7 33 . 

3_55 Security Selection Ltd. 


130 2 


758 15 - 19 . Lincoln's Inn Fields, WC 2 . Ol-EBI 0836-9 CapJS^romh!!!!^ 


I'nvl Cfh Tst Acc _ B 4 A 2 & 4 j 1 2 44 

UnvlGlbTMlnc.. .pL 6 230 ) I 2«4 

Stewart Unit Tst Managers Ltd. fa) 


Do Aeeum . . 
Extra Inc. Gro«rt h._ 
I<a Accum. ... 

45 . Chari rttrSq. .Edlnbnrgb. 031-2263271 Da/SSrofT-” 5 '' 


m~d 


*^*OcUD_J 196 l 9 209.71 

i.-^cpL 26 _C 34 L 6 249 . 9 ) _... 

fni. Oct 17 .. 5 E 3.8 1 «J - 0 . 

o oct i 7 ime zitfl-o. 

>«n sab day "Oct 3 L "Oct 

e Fund Managers? (age) 
Regia House, King W illiam 

ten & Gen. t- 126.4 27.0 .... 

l" 52.9 37 . 4 s - 3 . 

’ InC-T M 2 42 . 8 a 

tt 44.9 475 

tt 15 L 0 16 LI 1 

LInc .1 njl • 190 * 

tT- JI 4.9 __ a 2 

g Tncx 




iblEriUeh Trust 1543 16501 - 5 fl 537 

UDlEI-must 37.5 . 403-54 256 

i xi Dollar Trust E 85 

Ih) Capital Trust—. 303 
(b> Financial Trust 90.6 

<bilnona>e Trust 28.1 

rb) Security Truer.. 532 
Co) High Vicld TiL.. { 3 L 5 

U 6 TtdeLV fafag) 

5 u 9 15 , Christoph or Street E.G 2 , 

1 4 J Intel lnv. FlrodJ ( 90.0 

533 Key Fund Managers Lid. (axg) 

Q 1 - 6 Q 67 D 7 IX) 
335 


256 

458 

51 

7 .® 

534 

853 


‘ 01 -Qt 773 o[ 

97.61 .,_4 6 JI 0 


4 « SxMTltSUEtXVeJE. 
«L tflmn. Priite* Oct Key Energy ln.Fd.-JB 5 
10 / 11 / 12 . BefEguitj-drbmi-raa^ 


tula Trust Management («Mg) Ke? Tn com c Fowl- ■ ^ g 


CMBPlFtL. 

mneFund- 

K«y Fixed latFd.. 


on Wall BuQdiOM London WuU xwXnnr-rfiM'lrot 
»ECaM 5 QU^ ' 01 - 080478/0479 ZwSimnCo*P«L|I 123 

M 3 ) 


ta ss 

535 




•e «. -or. y /*jg 

i\uS 



rowth — 

rarest — 

- fstShares 


oi-AsauoJ 
529 
111 
435 
435 
.589 


Jb lac.. 835 

lie 37.7 

merfean— , 28.7 

I anal 561 2 

Dimes ... 14 . 

* 7 - 

-linage. 345 

tergy — . — [ 33.9 

•ritlsfa Life Office LULV la) 

« Hso, Tuntoidgo Wolla, Kt 0083 22571 

ishLUa 1 K .1 550«5 +621 5 63 

meed* MJ 5 -LflnJ -0.7\ 555 

dend* „|OJl 46 ^- 03 ) 952 

«es Oct UL Next dealing Oct 25 . 

I ShipScy St Co. Ltd.f 
Founders CS.EC 2 01-800 ffi 20 

4.72 
4.72 

455 

507 
5 . 05 . 

5.05 
9.40 
4 J 4 
439 
1 L 3 
4.36 

6.05 
457 


4-58 Klein wort Benson Unit Bfenagen? 

20 . Fan church SL, Z.C 8 . . • . • 

JLB. Unit FU. Inc. - tel • 993 

UuttFdAc 1153 125.4 

EH. Fd. lnv. Dan _ 993 - 642 

K-B-FdOU-TuLAcc. 59.9 653 

KBSmlrCo'iFdluc.. (95 525 

KB-SplCosTOLACC. W 5 525 

High Yld. Fd. Inc— 469 -' M .7 

High Yld Fd.Acc _(469 583 

zS LAC Unit TroGt Management Ltd.? 
S .74 The Block Ecbange, EON 1 HP. 01-988 2800 

LAC Inc. Fd 11459 ISOS ..._J 8 M 

1 *C InflftCeoFd . {1862 HH 5 J — 4 L* 

Lawson Sees, Ltd .9 (aXc) 

37 . Queen's Sl, London EC 4 & 1 BY. 014080281 ] 




„ :w. Mat erials — (403 
L- Accum. Units)-.. kS .4 

•Growth Fluid -1572 

•(Accum. Uelnu_.i 655 
TtGllt and Warrant 139.7 

^American Fd. B 4.4 

KAccmn Unitsi— [ 25.4 
"High Yield 


MU 

632 

42 .E - 0 J{ 
264 




5.79 
5.79 
2.64 
264 
L 77 
S 30 
050 
10-50 
10 60 



SKI:::] 


372 +03 
285 a -H 5 J 
SLO +02 
40 . 0 » +03 
329 n ..... 
224 a —03 
.269 +02 
. 30.9 -04 
64 7 s -03 
23.4 - 0 J 
64 .! 


"fAccum Units) ... |782 „ 

Deal. AMoo. *Tuev ttWed. fltum. "Fit 

Legal A General Tyndall PundV 
IBCanyngeBosid.BrisuiL' 087232341 ; 

' 66 fl .1 460 

»LB| .-..J 460 
;y. November 15 . 

Leonine AdnanigfaatUn Ltd. 

2 , Poke st. i -o n d nc wmfljp. m-ABSsau 

- • 457 

4 .J 7 


Dta.Ort.ll.. 

(Accum Unite) 

Non sub. 


Leo Dint U 2.4 - 86 . 71+021 

Leo Accum __| 90 a 94 . 9 J +(Ll) 

Lloyds Bk. Unit Tst. MngntXULV (a) 
Rc g itro r** DepL. Oorlnefay-Sea. 

” , est Susses. 


-_ 7 ort.l 0 _.. |U 2 
a Lift* Unit TBL Mngrs. Ltd-V 
■ St, PoOcrs Bar. Herts 


nlMst 

. .Accum 

^ Dial 

. Artmc— . 


P. Bar 51122 
41 S+ 0.3 43 S 
Si^a+ia 438 
35 . 6 m +03 762 
47 S+ 0 .l| 7*2 


Worthing. Wi 

Balanced — -tS - ® 

D<x (Accum.) 726 

Worldwide Goth ... 53.7 

Do (Accum) — 703 

Income — MB 

Do.iAccumj 118.9 

Extra Income &S .7 

Do. (Accum) 725 


02 -a 

56 . 71+031 


788 


91 On) 


m 


+ 0 .« 


u n 


+?2t 


127 - 8 ) + 03 ] 


+ 03 ; 


455 

445 

226 

226 

6.06 

6*6 

757 

757 


(James) MugL Ltd-V 
Broad SL.EC 2 N 1 BQ 

S 3 — 0 - 5 ) 7.13 
1 s on Oct 18 . Nest dealing Nov. L 


Lloyd's Life Unit Tst. Mngra. Ltd. 

72 - 80 , Gofefaoose Rd. Aylesbury. O 2 OS 5041 
01 -MS 8 D 10 Eqully Accum p 716 1806 } .| 3.72 


/teHouaciNwteeUfrupM-Rn* . 211 ® 


Unit Fd. SSers. LULV (aKc) 

poo -A im 

7 »3 

=J 


Three Qaayt Tower HUL EC 3 R «HQ. 01628 4583 
See also Slock_^(tenge.I>paJ)iMa. 


M 96 

i _|®6 


■ -'nut Units 

-h Yield HBJ 45 

>nm Unite — [560 5 _. .. . 

- Nut dealing data October 18 
■ iea Official Invest. Fd* 
~ WLWalL EC 2 N IDS. 


IS SSt 

829 (Accum. Unite).-.. 


E 29 Compound Growth. 1 X 156 

Conv-f-roion Growth] 63, 9 

Ccnvcrdon Inc — ITO v 

Dividend— IJ 25.6 

(Accum Unite) [ 

European .... 

""Accum. Unite! I 


01-583 IBIS 

_ _ | L 3 

- ' August 15 . | 2766 & — — * Accum Unite! 

' th Only available So Reg. ChnrttieA .I^lra Yield.... - — 
‘ •-. nrterhooK Japhet see James Finlay Fi?eSt«m— .I^- 
r'.^n Trust Managers LttLV (aKg) 

- ' K-EC 2 M 4 TP. 01-2832822 .Accum GniUI— 

• — ■ General . — — 

LAccnm. Unitsi-— 
High Income.. 

J tecum. Unite) 

span-. — 

(Accum Unitsi 

Magnum 



. an 

- cqdd - _ 

■flenalTtt— 

Bewcn. TSt |275 

_ ' w«thTsL 7 n »5 

fietatftm Funds BSgt. LMLV (■) issssrasisi 
. : knv Lotte. WC 2 A 1 H£ 01 - 242 02 ffl 

FmcL — ^.|463 48 . 4 J - 12 J 3.96 «Accum Unite) — .. 

(Accum^'nitei Z\. 
Second C 


: zpoiitan Fund Managers. 


Sreet London SW 1 X BBJ . 
tUn.Gth.F±lltB 20 - 
■aeFdL [500 536 * 


02 - 2358525 . 
I 1 4 S 3 

! 4 


«t 


lAccum. Units) 0792 


Small cr Cos. 

(Accum Units! 

-mnant Unit Tst. Mgrs. Ltd.. . Speriallsed Funds' 

• iter Lane. EXSV 6 BH. 01-6000282 Trustee 

m- lean I I _ ■ ACClim UnllS)_ .. 

SSStaZISlI - I "' - Cimnbwid Oct 10 .. 
■ jntHighlnc. J 4 d 6 +.« Umtsi. .. . 

Peas Ex. Oct >& — 


582 


2382 

Si 

B 9.8 

1235 

592 

6*5 

665 

ffl -3 

1785 

277.7 

ULB 

3568 

11812 

1 B 2.9 

71«3 


275.5 

137.0 

501 ® 

lixa 


177 1 

|2253 


-12 
— 0.4 
- 0.4 

125 4 -13 
73 A - 1.0 
753 -05 
1363 -10 
2584 -14 
56.2 - 0.4 
581 - 0.4 
95 - 6 * - 0 J 
1315 - 1.0 
63 1 - 0.1 
69.7 -01 
703 - 0 i< 
B 66 - 0.4 
193 7 | —13 
30131 -21 
UB 2 -OB 

198.9 - 1.4 
19 B .0 +L 1 
194 A +12 
234 7 - 2.1 
2962 -2 6 

199 . 1 c -12 
337.1 -to 
960 -35 
99.1 - 0.4 
1994 -L 5 

302.9 -Z 2 
198.4 -! J 
2422 — 1.7 


_ 164 . 9 b - 1.2 

9 3236 - 2.0 

1096 . .. .. 

Charifd. Oet !7 — fl 5 S 2 1575 -I-’ 

193.0 


195.7 

1484 


1566 ) 


-2.3 


2.00 

260 

L 68 

168 

4.63 

463 

36 S 

264 

7 ® 

7.65 

7.65 
333 
333 
809 
809 
239 
259 

4.66 
4 j 66 
562 
562 
809 

an 

202 

202 

412 

4.12 

6/41 

641 

327 

327 

465 

4 ® 

18 

623 

628 

1 D.B 9 

7.65 

763 

554 


| 424 


"ent Unit Tst. Mgrs. Ltd. taHgl 
'■ Lie Cres^ Edinburgh o ( 01-2284031 ManoXife Management Ltd. 

-SfcK IM St Ceorfie'f Way. SU^nsge. 0*3858101 

--'igh DiaL. a 6 n 493 8.75 Growth Unite. — ...p 7 

• SS 1 ’* — X 4 ^87 lol L 96 Mayflower Management Co. Ltd. 

.• *SO. 1»9 .^■' 1 ^ !■« O 14 OTB 0 W 

• ctiouary Unit Fund Managers u come Oct 10 tuoa U 77 ] 1 a 12 

nQeM SL. ECZM 7 AL. 01 - 83844 S General Ort- 10 — 

Oct 15 HBS 3 2 M. 9 | I 4.64 Lnlemli. OetlO .. ..|45 9 48-1 .... 

Merrnxy Fond Managers Lid. 


547 

300 


'Winchester Fund Mngt. Ltd. 


vy.Ecz 
flncbencr... 
ch 'er O’: 


hi AM 3)67 aaGreshHUiSt.ECaPIEB. 
20 7 ! ..( 468 Mere. G«l Oct . 18 , ( 28 6.0 

“i- -I s * fissa.afcB* 

»* IXHllW tu. Si, 

SS”i im-TIS 


01 - 800 45 S 


2192 ] 


259 L 3 + 53 j 


757 

SL7 

i7 


•461 


+03 

+05 


4 JW 

458 

258 

258 

403 

403 


Far 

see Ab! 


Seewitto Ud- 
Unit Trust Hngn. 


,. y& Law Un. Tr. M-V UMK 4 . SSS6SSEZ.tt* 

Dam Hd Hig ti Wycombe. «M 33377 Do. AMUnt — . — I 8 L 2 
: ! 6 Law. ..1685 720*4 .+ 0 Ji 

8 Finlay Unit Trust Mngt. Ltd. 

. r«t KUe street. Oasgew. 01120*1021 

L{25 6 im . ... 

38.0 

295 

347 ... 


9 : 295 

. *y Income 35.0 

- ice* Oct 11 , Next dealing Oct 


Midland Rank Group 
Unit Trust Managers Ltd.V (a) 

SSSSite Silra ' 

SuUS 
5.83 

Growth..- - 365 

Do Accnm 395 

Capital- 272 

BaOwim 30.4 

Income — ~ 04 

Do. Accnm 623 

IntcnKHiOMi.-.-)- 65.7 

DaAcfura 485 

Bleb Yield. — . 0.7 
Sa Accum — _. W* 
fiowilrJBMPl*.. - JOJ'M 
tv,, Accum* . — 1047 s* . — _. . . 

Prices at Sept 28 Nett deOfadS Oet 3 L 


77 ,i +03 
S 9 A + 0.4 
396 -03 
485 -03 
289 - 0.2 
32.7 —02 
57 5 +02 
670 +03 

49.4 — 0.6 
5 L 6 - 0.6 

686 a +D 0 

74.5 + 0.1 
■ 110 ^ 

1165 


258 

228 

305 

318 

652 

652 

238 

238 

823 

803 

5.63 

5.0 


CORAL INDEX: Close 498-503 


insurance base rates 

♦Property Growth ..—lOV^ 

T Vanbrugh Guaranteed — — 10 . 25 % - 

• ■tAddrea 1 ' shown. under Icauran^e and Property BjCwd Table 


Ptdlcan Unite {68 6 952 al ... | 489 

Perpetual Unit Trust Mngxni.v (a) 

48 Hart SU Henley on Thames 049126868 

P'peUinlGp.Gih 1 * 4.0 473 ] 4 332 

Pieeadilly Unit Trust (aHb) 

Anhmr fifhb* Unit Trust Haugen LuL 
oi PU ’ Ce ' 01d Jpwrs '- EC:m 8 RD 

Extra (Dcomrt. 

Email Co’:. Fd.. _ 

Capital Fund. 

lot Eras. 6 Assets.. 

Rrtraic Fund. 

AcrnmUr. FnmJ.„.te 7 .i 

American Fund. ._ 


305 

418 

«*E 

(55 

364 


24.0 


324 + 00 J 
443 

40.4 -00 
495 

39.4 + 0 J, 
725 -0Z 

684 m . 

315 - 0.1 
287 — 0 . 7 ] 


950 

6.00 

550 

6 . 1 D 

5.00 

430 

4.80 

UO 

288 


Univ. Grtnrth. 

Iw i'i f f/ itnf income Pud 

High-Yield @ 6.1 

Hlyh Iiiubr FUnds 

High Return (690 

Income K 3 6 

U.K. Funds 

UK Equity - J 44.9 

FnndswJ 


- 0.1 

- 0.1 

>04 


223 

3.82 

202 


^L-J 


135 


«D 5 

445 


High Inc. Priority . (67 1 


InlernnHonn] 

Special Site . 


U 3 ^ + 0.11 



Practical Invest. Co. Ltd-V (fXc) 

4 t BltXHnsbury Sq. WCI A 2 RA 01-8238000 

Practical Oer.l 1 . .11585 16 fl 3>4 .... J 4.09 
Accum Unite 12225 BUM J 4.09 


703] -2 

Inlrial launch until OeL 23 . 
Sect* Funds 

Co mm odity 

Energy. „ 

Financial 

Hlgh-Mnimaa Funds 

SclKlTnimuL. .. {2583 
Select Income . — _ 04.9 



tSIcwuk American Fnad 
Standard Unite. — W 75 " TIP 

Accum Unite - ..[724 7751 

Withdrawal Unite. lM .0 575 ) 

-St esrar. British Capful Fond 

Standard 11*26 156 

.Accum Unite J1SA2 _I 0 O 

Dealing true*. 8 Frt 

701 Sun Alliance Fund Mngt. Ltd. 

Sun A! lienee Use . Smsfanm 
Ebcp EfeTa.Oct.il. JC 2370 249 6 ! 

Vrfie Family Fd._ 1102.0 loasl 

Target Tst. Mngra. Ltd-V iaxgj 

3 J, GrrsbamSU £C 2 Dealings QZ 866 MJ Ulster BankV <ai 


S 5.0 

Ea .9 

398 

• 7.9 

165 

ZD* 


Ui 


TS 8 Unit Trusts fvl 
21 . Chantry Way. Andoter. Hants. 030*62189 
DeaUnuio 0284 63432-3 


ihiDo Accum— _ 

0403 m » ! 

+■“ TSR Scottish.. 

*35 L kilVi Am.n, 


463 

496 

+01 

596 

638 

+ 0 J 

62.6 

66.7 

+ 0.1 

653 

693 

+03 

B 74 

9 J.oS 

- 0.6 

W 3 

100 6 

- 0.7 


400 

4.00 

7.03 

7 D 3 

206 

206 


Funds 

S?.-rzrBB 

rial Seen— 1 72.4 


l| foil 


Target Commodity. 
Target Finandal... 

1-52 Target Equity 

l-Sfii Target Ex. Oct. I 8 -. 
052 ODo. Acc. U nils 


Target Crowtb ... 
Target Pacific Fd. . 

Do. Ren nv. Unite 

Target lnv... 

Tgt Pr Ort. 18 . 

Tgi. Inc 

Teu Fref. 

T£l Special Site .. 


322 

1.73 

324 

2 .D 4 

724 


I 


387 

683 

6 &| 

"Si 

+ 0 J 2 

[385 

4 L 4 I 


m .7 

227.0 

-7 1 

2929 

3082 

-96 

1163 

1221 


298 

3 X 2 

*0 3 

27.9 

30.0 


ni 

338 


334 

35.9 

-oi 

UZ 2 

ITU i 

-J .3 

»3 

32 . 4 c 

-01 

153 

U .6 


212 

22 7 

-d'z 


359 

4 -W 

6.01 

666 

646 

300 

4.50 

872 

0.72 


023235231 
4151 - 12 ] 5 .12 


Waring Street. BeUa«. 
ibiUlstcrGnrath _{386 

Unit Trust Account & Mgmt Ltd. 
Kmg tVdliani SL EC 4 R 0 .VR 01 - 623*951 

FrianHse. Fund. 1167 0 17601 ] 439 

WielerGnh.Fn 8 . b 25 BM i 439 

Do. Accum UR 5 40.4 -4 439 

4 07 Wider Growth Fond 
813 King William Sl EC 4 R 9 AB 

Income Unite [324 

Accum Unite 1385 


12.10 

.455 


I 


34 Ax 
40 ( 


01 - 6 C 3 4951 

| 439 

*39 



Abbey Life Assurance Co, Ltd. Crusader Insurance Co. LUL London Indemnity &GnL Ins. Co. LuL Save & Prosper GnrapV 

1 - 3 SL PauTs Churchyard. D 24 . 0 I- 2 +C 91 11 Vincula House. Tower PL, ZC 3 . 01-8308031 1830 . The Farfatur, Reading S 635 1 1 a a t st Hele n i Inytn : rraP aiFP iw.sm whuq 

Gth. Prop OcL 3 |735 832 ] j - gj iH = ^ 

Eagle Star Znsur/Uidland Assar. lulr,raL — &50 *** “ DJ ‘ " 

rand Aflil l.ThrcadneecfleSl.ECU. 0 I- 5 B 91212 The London & Manchester Ass. GblV Comp-Peru^TOt. ... 

13 o: 3 +oi| — EaglclMid. Unite... J 5»8 568 ) + 03 | 650 Wirriadc Part Exeter. D 3 H&S 21 S 5 


Property Fd. (1505 

Property Ace. U 604 

Selective Fund 1935 

Convertible Fund J 133.2 
B 


3951-05 
3*3 -o.c 
157 .g +03 
16871 +03 


985 


Woncy Fa ltd H 23 .B 

VPTOPl Fd. Ser. 4.^0313 
99 faaL.Fd.Ser.* .|l 366 

VConv. 78 Sot. m 38 
money Fd. Sor. 4 _JUlfl 


1383 
1435 
383 
1195 
117 7 


- 87 t - 


+ 52 l 

-05 

^4 


Cap. Growth Fund. 

Equity & Law lafr Ass. Soc. UtLV 

0494 S 3377 *Expt- lav. Tst 


— Anwrahnm Road. High Wycombe 


Pricos at Oct 17 . Valuation normally 

Albany Life Assurance Co. LUL 
3 LOId BttrfJngion Sl W 1 . 01-47 

Fd. Acc.. 


Ifeuity Fd — . 

Property Frt ... 

Fixed Interest F _. 
Girt Deposit Fd. . 


InL Acc 

OGtiL Money FcLAc.. 
9 UUUfan.Fd.Actn. 

f Prop. Fd Acc. 

VM*pte lnv. Arc. 


202 c 

2126 


14 X 6 

149.0 


1180 

1220 


114.6 

120.6 


1103 



173.4 

1823 


24 L 2 

2538 


1833 

IflBft 


132 ) 

1393 


1223 

1287 


I 2 SJ 

1329 


baA« 

2258 




11187 

1045 

107.7 

100.7 
1125 


P&edLPwLAcc 

CttUfon-Pen JVcc. . 

InOJJUi-PnFdAec _ 6223 
PtoplPcilAcc.._ 
irptt)lnv_Pen-A, 

AMEV Life Assurance LttLV 
Alms Hn, Alma BtL. Rdeate. Reigab- 4 O 101 - 



Flexible Fund 

lnv. Trni Fund 

Prop e r ty Fund-— 
Gld. Doped tFd. 

M A G GroupV 


2427 


2413 


9 S .7 


160.9 

ftlM 

1198 


1467 


MJ 


100.9 



Gilt Pens Fd. 

DopaxPemLFd.t 


159.7 
1225 
125.4 
211 8 


169 .: 
129.1 
132 .: 
223 
202 . 
2 * 5 .: 
9*.4 99 . 

J 10 L 1 1 L 

■Prices on October 10 . 
tWeeldy dealings. 


-fl.U 


+ 5 d - 


— Genera] Portfolio Jafe Ins. C. LULV TTjrae&uw« 5 ,T<iwcrHniEC 3 RSBa. 

— K 0 Earth olumev CL. Waltham Crocs. WX 3 I 9 T 1 0I - aaB * 53S 

~ Portfolio Fund I 149 9 I | — 

~ PorUoUo Capital ...(<22 44 . 4 ] | _ 

— Greshaa life Ass. Soc. LUL 


Aoeri ea.-tF<LBd.*_ 
Conr. Deporit~_ 
iqnlnBRui**.. 
ExViridF'>LBd.'_ 
7 frr®~_.. 
81 - 8 C** 


_ 2 Prince of Wales: RtL, B ‘mouth. aSX2 767 K 55 GUlBOdd - * 


AMEVManoccd 

AMEV H£d. 'S' 

ASTEV Money Fd. 

“ 5 V Equity Fd 

AMKV Fixed InL. 
AMEV Prop Pd. 


147.9 

1184 

1065 

U 84 

91.8 

983 


MgVitaSta i-v .pr.:;,t: 


AMEV ludJPen.* 8 i: 
FiEXfplam 




1 552 

1245 

1122 .... 

125.2 

96.7 . 

1032 .... 
1113 .... 
1112 ... 
1042 — 


GX, Cash Fond 982 

Gl» Equity Fund — 110 7 

GL. Gill Fund 112.9 

GJLInll Fund. 110.7 

— G.U.Ppty. Fund ( 98.0 



Japan Fd Bd* 
Managed Ed."*_ 


— Piopert y Bd**.. 


P *8 

S 7 * 


U 9 B 

125.1 


3 . 45.7 

1 S 3 J 


B 9 J 

931 


1703 . 



1999 



107.4 

1121 


1002 

113 1 


08 

W .4 


1488 

154 J 


2528 



1853 

1734 


7 X 3 

7511 


IX “Oct 12 —Ort 


Growth & Sec. life Ass. Soc. LtdV 

Web* Bank. Bray-oa-TbanKs, Berts. (XB 8343 M Merchant Investors Assnrancef 

Leon Hws .. 233 High SL, Croydon. 01-6869171 


AXEWTmdlagtan 
American. 

Income. - 

luLGronth. ... 

. For Arrow life Assurance see 
PnrUa» l^pfiol Life Assurance 
Barclays Life Assar. Ca Ltd. 


Flexible Finance 
Landbank&ccs. 
lamdbiuik ocs. Acc. 
G. AS. Soper Fd 


"“I 3 

l«rJU 81 
L .. I £7 


w , 

' 9^1 


Schroder Life GroupV 
Enterpnre House, Portsmoath. 070527733 

Equity 1 

Equity*— 

Fixed InL 4 . 

Menaced 4 

Money* ... 

Ovcraeas*. 

Property* ....... 

KflS Gan. Sect * _ 

B-S. Pen Cap. E. 

ES. Fen. Acc. 8 . 

Mn£dPen.CapB_ 

Mned Pen Ace B.. , 

F. InL Pea Cap. B |965 
F. InL Pen. Acc. R[ 

Money Pea Cap. B . 

Moony Pep. Ace. B. 

Prop. Rea Cap. B 
Prop. Pea Acc. B_ 

Scottish Widows' Group 
PO Box 002 . Edlnbwith EB 16 SBU. 03 I- 65 S 6000 


2503 


2323 

244.6 

..... 

1387 

M 8 I 


137.2 

144.5 


1090 

114.1 


93.1 

90.1 


1592 

167.1 


12 X 6 

1 M 1 


1234 

1296 


1354 

142 J 


21 X 4 

Wfi 


2 S 3.7 

2673 

. . 

968 

202.1 


908 

M 3.6 


968 

1020 


98 3 

1033 


1023 

1048 

U&O 

1096 

.... 


S 3 Z Branford Kd.E .7 

Barolaybonds* IU 87 

Equity XBM 

GUl-edeed ....p 

Property 



Moray W »3 

MaaPensAccum , U 15 

Do. Initial 982 

GUtBdePmxLAcC-- »8 

Do. Initial 92.7 

Money Pena Acc. ~ M 2.7 

Do. Initial 987 ^ „ 

•Current nrots value October l”. 
Beehive life Assar. Co. LttLV 

71 .U*nbanja-.EC 3 . 

Bit Horae. Oct. 2 | 133.70 (...) — 

C an ad a Life Assurance Co. 


01 - 53*5044 
137.61 . .. — 

129 .* - 0.1 - 
114.2 + 0.1 — 

125.7 ... — 

99.5 -LI — 

118.4 —81 — 

1855 ..... - 
1072 -15 — 

303.4 -15 - 

100.9 - 1.4 — 

975 -13 — 
108-2 +02 — 
10391 +Oilj 


Property— 

Pro petty Peru 

Equity. 

Equity Pena.. 

Guardian Royal Exchange SSSSSS^wi" 

Royal Exchange. ECJ. Ol-Z<n 7 T 07 Depooit— .. . 

Property Bonds — | 1 S 7.6 195 . 4 ] ] — ■ Deposit Peoa — .... 

Managed 

Hambra Life Assurance Limited V nS ~ 

7 Olrt Part Laoe. London, Wj ' 01 - 4 S 9003 I 1 «L Managed 


1580 


- 1682 

„„„ 

613 

, M ,, 

177 0 ' 


14 X 0 


185 7 


130 7 


143.8 


108.7 

Hl .. 

1*27 


1079 - 

M111 

1058 . 




— lnv. 


InvJ^r.Si 


UD .7 

1 T 0 . 7 ] 


IXN 5 

110.0 


993 - 

104.8 


1451 

15 X 3 


MX 4 

1475 


2776 

2776 



ExULAce.OcL* — 
Ex UL Int Oct 4 — 


Solar Life Assurance Limited 
30/12 Ely Place London E.C. IN 6 TT. 012*22005 


SoI.tr Managed S 


Fixed InL Dcp 

Equity .... 

Property 

Managed fnp..„ 

ManosedAcc 

Oveneas. 


[ 127.0 

1 V .5 

1686 

1489 

1345 

1288 


Gilt Edged 1255 

American Acc. 1041 

PeaF.LDcp.Cap_.. 129.5 

PeaF.L DejxAcc 1587 

Pea. Prop Cop. 2087 

Pen Prop Acc. 27 L 6 

Pen. Man. Cap 214.4 

Pea Man Acc 2789 

PeiuGlllEd* Cap— 120 7 
0 I- 6 C 3 1288 EjJ'Ss* Etls-Acc.. 32BS 

Pen. BS. Cap. 1261 

Pen. BB ACC. 145.1 

Pen. DAP. Cap _ 1035 

Pea DaV.F.Ace. 1080 


133.71 

20 L 7 

1784 

1565 

19*3 

135.6 
1 * 2.2 
109 a 
1384 
1655 

219.7 
235.9 

225.7 
293.6 
127.1 
1353 
1325 
.1526 


NEL Pensions Ltd. 

Milton Cram, Dorking. Surrey. 

Kelex Eq. Cap 109.0 93 , 

Nelea Eq. Acctun . -11198 
Nolo* Money Cap. ..1629 
Ndrt Mon. Aec.| 67.7 
NeJex Gth Inc Cap- 153.9 
Nelex Gth Inc Acc - 155.7 
Nel Mxd. Fd Cap~f 4 fl 5 
N«J Mad Fd Acc -( 49.7 

Next Sub. day Ortober 



- 0 . 9 ] - 


SC 19 
P 0 t 9 

soil Solar Managed P — [1302 


Solar CoshS 

Solar Inti. S 


_ Solar Property P.. 
_ Solar Equity P-. 


Solar FxdJnt P — 
Solar Cash P- 


Solar Inti. [1008 


1725 

1152 

1015 


137.61 - 0.1 
120 C ... 
1023 +05 
1216 +02 

1083 

1072 — 0.6 
1373 - 0.1 

119.7 

1817 +05 
1213 +02 

10 S.Q 

107 jJ -05 


San Alliance Pnnd.fifangmt. Ltd. 
Sm AUiimc Home, Bonham. 04036*141 


Exp. Fd Int OeL 11 -10532 
InLBn Ort. 17 1 El 


£1350 


16151 


i- 4 in| - 


SB Blfib SL, Putters Bar. Herts. P.Bnr 511=2 

I I = 

Cannou Assurance Ltd-V i 5 -i 7 .Tmi««;k Pisco. wciiissM oi^fnsoso SmaUCo'xFd 

1 . Olympic Wy.. Wembley HA 90 NB 01-9028876 Heaite of On* .— | 37.2 393 ] ... | - Technology Fd.- 


H earls of Oafc BeneHt Society 


NFI Pensions Management LUL 
48 .QracechurrhSt-EC 3 P 3 HH. 01-0234200 Sun Alliance Linked Life Ins. LUL 

Sun Alliance House, Horsham 0 * 038 * 1*1 

Equity Fund U 323 13931 + 0 . 4 ] — 

FlxedlnleredFd _ ( 104.9 11051+02 

New Zealand Ins. Co. OJJK.) LULV Property Fund— .lu 29 mV 
Maitland Houro. Southend SSI 2 IS 07 D 2020 S 5 Intrant loon) Fd. -OD 3.9 109 . 4 ] - 12 ] 


- Menaced Fund _-.p 57.2 1532 ] .] _ 

rrleee OeL Z. Kail dealing Nov. 1 . 


Kiwi Key lnv. Plan . 


Equity Unite (£ 77.94 

Property Unite: — p 036 
Equity Bond/ Kmc_. £11 92 
Prop. RandflBxcc —[5353 
BbL Bd./Tjtcc/Unlt.l£U -53 
Deposit Bond _ — .MU 

Equity Accum' 1186 

Property Arcum' — 1 Q 3 12 
Mngd Accum 1 - 1563 


2 a 3 &iulty 985 103 . 7 ] 

2 nd Property 1 K 8 

2 nd Managed 1003 

-- 

10.9 

2 nd. American 91 A 

2 nd Eq. Pepsi Arc.. UU 2 
ZndPm Pena) Ace . -11115 
■Vntl ugd 


2 nd Deposit — 
2 nd Gill- 


77 M 

14 43 


U 8 « 


1073 
U&O 
130 J 
1072 
987 
98.9 
425 
130 0 


-Oil 

- 0 « 


-5 

. . , -L 0 ] 
U 3 .« _ 

11183 - 0 -^ 


PWafAcc 1040 

2 nd DepPesialAcc. U 13 
2 nd GUtFens/Acc. ff* 
ZndAnLPbnalACP 933 

LiESXF 595 

X.& ES.LF .2 mo . _ 

Carretrf -valno Ort. 17 . 
Capital Lite Amnacef 
Cool slon House. Ghnpel Ash WTon 

Key Invert. Fd 1 105.03 I 

PocenmhorJnrJ'il ,| 107.41 | 

Charterhouse Magna Gp.V 




Extra Inc. Fd. 

HiU Samuel Lite Assur. Ltd-V F«rE 4 ^'d d _~r 7 

NLA Tver . Addlwombc Rd,Croff. 01 +»»-l 35 S -• 

Con. Deposii Fd 




i Property Unite .. 

[1513 

169.3 




JTopcrtj Series A .. 

1051 

110 . 7 l 




Menaced Unit:' 

1717 

150 7 





1086 




Managed Senes C . 


103.0 





ft'** 

1288 




Money Series A__. 

988 

104 0 




Kned InL Ser. A—.. 

92 * 

ITS 




Equity SericuA — 

969 

102 Q 

—03 



1468 

153 . 7 ^ 



Pni. Umuced Acc.. 
Pus. deed Cap — 

1556 

1*3 H 




1068 

112 . 4 ] 

. .. 



Pus- Gteod. Arc. — 

11 X 9 

119.9 

.... 

— 

Pens. Equity Cap — 

U 78 

1121 


— ■ 

Peas. Equity acc _. 
PuPidJiitCqi. 

1008 

96.0 

114.6 

10 X 1 




PtteFxAluLAec 

974 

1826 

.. 


Pram. Prop Cap _ . 

96.4 

10 X 5 

laxaj 


— 

Pens. Prop. Arc.. 

078 



1505 
1005 
1115 
973 
106 4 
117 4 
1050 
95.0 



Deposit Fund MLZ 

Managed Fund _ [ 112-2 


m 3 -oj] - 


Sun Life of Canada fU.K .1 Ltd. 

2 . 1 . 4 . Cockspur Sl. SWIY 5 BH U I 8305*00 

Maple Lf. Grth f 2141 

Maple IX Mangd-.l 1359 

jfaple Li. Eqty . — ( 134.1 

Petal Pn. Fi .. _. J 21 1.5 


Nonrich Union Insurance GroupV 
T*o Box 4 , Norwich NRiiiNG. nnwwmi Target Life Assurance Co. Ltd. 


Managed Fund ( 219.2 

Equity Fund 1362.8 

Property Fund 

Fixed InL Fund 

Deposit Fond 

Nor. Unit Ocl. 15 _. 


2303 ] +051 - 
381.-4 +Ln - 
1329 I 39 .f +D -3 — 

1515 159.4 + 04 ] 

11075 U 3 l 2 . 

2205 


Target House, Gatehouse Rd. Aylesbury. 
Bachs Aylesbury ( 028815*41 


Man. Fond Inc— — - 

Man. Fund Ace 

Prop. Fd lie. 

Prop Fd. Ace 

Prop. Fd. Inv. ..... 

Flsed InL Fd Ine.llBL 3 


Phoenix Assurance Co. Ltd. 

nSL.EC*P*KR. 01 - 426 0 H 7 B gSKtaSS'pSr 

'"“j ~ 


[ 99.6 IW.ffl 
toi 129 .T 
U 29 UBfl 
. 14*5 

mo 


4 -S. King WJ Uiam SL. EC 4 P 4 JTR 

Wealth Ass 

EbT.Fh.An . 

Eb'r. PliffeJL 


Stephenson Hse. BnucI Centre. Bielcltlry. 

Milton Kcyncs 0808 «nS 72 Fiaedimra 


Imperial Life Ass. Co. of Canada 
rjpnCSflSiI impertaJ House. Gnild/ord 71255 

■ -I — Grt. Fd Ocl D 1775 84 . 4 ) I _ 

I — Feea-Fd Ort. 13— 1714 77 6 | J _ 

Unit Linked PortieUo 
Menaced Fund 


ReL Plan Ac. Pen. .IS .0 

ReLPla. i C ap . P cn^- U 4 

MaaPen-FiAcc...- 130.4 
U an. Pcn-FVl Cap. — 1388 

Prop. Equity & Life Asa. Co.V Giu^Fd^Sp"'” iSJ 

1 18 . Crawford Street WIH 2 AS. 01 - 4 S 80 SS 7 Prop. BeuJd Acc. 155.4 
r_ silk ProtL Ed. I 1859 I .... J — PropLpenJW-Cap . 1545 

DaEquiSScl '■ 782 Z f- Cu*r.Pen.FdAii^ %-0 

Flex Money BdZ.I'l 1508 - GuaETOteFdCap. WT . 

Property Growth A.*sur. Co. Ltd-V DA.Pen.Fd Cun .....|955 


IDS .6 . 

1017 .. . 

793 + 0 21 — 
65.7 . 

1373 . 

125.0 .. 

1383 , 

1292 . 

1635 . 

162.6 
10 U . 

100.7 . 

100.8 . 
too i| . 


Chrthse Energy ...... 

Cfarihae. Honey 

Chrthse Managed'. 


38.4 

29.7 

345 


fbnluo. Equity B 4.9 


ISagnaBldSoc.-^.. 
M agna Manoncd^.. 


134.5 

mo 


40 . 4 ] 

317 

360 

364 


W .4 

Secure itep. rd. - -[ 97.4 
Equity Fund.. ... |lfl 0 6 


Leon Umk. Croydon, CRH IUi 

Property Fund ' 

Property Fundi At . 
Agricultural Fluid 


Irish Life Assurance Co. Lid. 

~ IL Huabury Square, ECl. - 

cifiTof Westminster Aam. Go. Ltd. ESSSnwJ*": ©?2 2 « 

RlcplKKl House. B Whiteturso Rond Eieurn. Hon. Fd.„.flll D _ 116 


Toy don CROZJA. 

West Prop. Fund 

Managed Fond : 

Equity Fund 

Farmland 1 
Money Fnn_ . 

Gilt Fund- ... 

PULA Fund 

Pena. Mn&dCap.... 
Pena Mnj;d. Acc._ 
Pena MoiKS'Cep. ... 
Pena Money Acs... 
Pena Equity Cap._ 
Pres Equity Arc... 

Fund curroncty c 
Perform Unite .... 



6551 

TOiui 

132 .lf 
64 . 51+011 


174.4 
U 0 J 
1388 
501 
52.4 
573 

r _ 603 

owd In ncui Investment. 

ZU 4 | 

City of Westnuater Asbut. Soc. Lid. 

Tidephone 01 -OM 9664 

Fin* Unite 11323 1389 ] I — 

property Unite pi n 58 71 | — 

Conanercial Union Group 

SL Helen's, I.DndenlUR.'ECS. 

Vr aii A rpn. 14— .1 S 986 ] . j - 

Da A anUity Ufa — | '1883 I I - 

Confederation Life Insurance Co. inti initial 
3 d. Chancery Lone. WC 2 A 111 E. Ul -2420282 KL- 5 *?W. 

v Equity Fund " 

OManaged )Hnd _[ 19 L 3 


Aenc. Fund rAu — 
Abbey NaL Fund. - 
Abbey NK. Fd. « A! . 
01-6288253 Investment Fund... 
5 00 Investment Fd (A i. 

_ Equity Fuad 

_ Equity Fund lA*.. .. 

_ Money Fund 

_ Money Fund lAi 

Actuarial Fund 

Cilt-edcedFund. . 
GlIlrEdcedFd l.\J.: 

01 - 823 M 33 O Retu e Annuity 

Bond Fd Exempt -.Ml 95 10327 ] _ *lumed. Aunty... 

Next dealing date Ocl 18 


01-684 BM 4 . Prop Mod Oct.I — {UO-Z 



_ Prop Mod. GUl 


King & Sbaxson LUL 

SZ.CorohiU.KC 3 . 


Proa, finnrth 

All wThcr ,vt l'-ia! 
VAUWeotlxa-Cap.. 

Langbam Life Assurance Co. Ltd. Wuv.Fd.ut 5 _ 

LxnE-uunlU.IIolmbrookDr.NW*. OI- 209 SZI 1 cSJ^SnaKd - ” 
LanBhara^VP l i»n..tt 7 0 7 D. 5 J ...I - Cot. Pba Cap “ C l] 

UFrop. Hood U 452 15251 .. . I — Man. Pens. Fd 

Wisp ISP) Man Fd |775 « 13 | - - I - Cap tl 

Pi-op. Penjt FrL 

Legal A General (Unit Assur.) Ltd. 

Uiigvvrood Hoti«. Kjo£<!Wood Tad worth. Ride SneCnn i;l 
S urtey KTSufiEl'. , Burnb Heath S 34 M 

■ W 8 fl un.if 

PW 7 153 


1887 
1869 
7874 

780.0 
157.7 
1573 
70 2 
693 

180 A 

1792 

143.1 
1422 
117 6 
1212 
1212 
1852 
147.5 

5 Anualbes Ltd 

1383 I 45 . 4 J 


allRUy 

Cosh initial . ... 
Lk- Arruin . .... 
01-283 7500 - Equity I nlUnl .. .. 

1 1*0 A mum _ «. 

FiN«d Inrtial 

lm. IfTiint . 


123.7 


1455 

133.1 
1512 

135.1 
1525 
1385 
1503 
1353 
13*9 
122.4 


U 551 


oi^aam Tranrinteruatlonal Life Ins. Co. Lid. 

2 Bream Bldgs-. EC 41 NV 01 - 40564 F 7 


a: 


an p Fund 

PsnoL Pen. Mngd_.. 
Staifgd.MRad.Pn. .. 

Group Mngd. Pen .. 

Fixed InL Pen .._ 

Equity Penilon 
Property Peualta- 
Corahill losaraBCC Ca Ltd 
□ 2 . Cora hi II lE.CS. 


173.8 ln ?-5 


19 X 3 «03 


<215 


795 83.5 


795 83.5 


199.6 ! 

... . 

2078 


259.1 ' 


14 X 1 1 



Cgp Feb.SepL .U_ 

GSS - - 


Managed Iniliul . 

I*o Accum .... 
Prnpculj Initial— 

Do Accum. , 

Legal 8 Genera) (l) 
Exempi Cush Ini L 
Do Aetnm . ...,. . 
Evwnpl Eqty. lull . 

Do Atxuiu . . . . 
Exempt Flxci! fnlt 
Do. Ahuii. 

OI- 82 BM 10 Exempt Mogd IniLl 

_ tu>. Accnm 

_ EsonptProp-IniL W 7.8 
_ Do Accum 11082 


127.1 
[1307 
J 118 D. 
119 3 
1022 
0035 
pLo 

11244 

100.1 
0030 


hit Pensfaaui 


1978 

11002 

,1333 

1»6 

114.7 

fU 75 

1 B 24 



Gift Edged 120.9 

Money 1246 

Internstloual 108 J 

CnnthUp 129.8 

Growl b Acc _ .... +34.7 
Pens. Mnfld. Cop. _ 1186 
Pens. Vnpd. Acc ... 1246 
PenaGtd Dcp Cap.- JS ? 
Pra».GulXieaAcc 109.1 
Pens Pray. Lap -..1154 
Pens PI) 3 k 12^2 

Providence Capitol Life Ass. Ca Ltd. -Trdi GJ Bond” 975 
0 ! - 74001 1 L 

Srf.MkLFiiO 


Tulip Invest Fd 

_ Tulip Maned. Pd._ 

_ Man. Bond Fd 


157 4-0 4 

1183 1245 -OJ 

122.2 1286 - 0 . 4 ) 

Man. Pea. Fd Cop. 1127-0 - }Di + 0.1 

Man. Pen Fd. Acc .11355 1425 +02 

Maned Inc Fd InU .[ 100.9 1062 - 0 J[ 

MagdlDT.Fd.Acc |l 01.6 IKS 7 ! — 0 3 | 

Trident Life Assurance Ca LttLV 
Rensladc Honse. Gloucester 0*52 36541 


OVERSEAS FUNDS 


Alexander Fond 

37 . rue Nntre f'afrtc. tuvi-mHnnrg. 

Alex Jidt-r I'unil .i SUS 743 i . ] — 
NK isna value Uriubor II 

Allen Harvey & Ross lnv. Wcf. (C.f.j 
I Chnrinc Ctw+. St Hdli-r. j;-, i'i. OC+ 7 T 74 ) 
AHP. GUI Edg Fd - lOO 09 ID 10 ] ] 1 1 97 


Ecyiffle.< Slnrt. (.icriej Ltd.)- 
wee under rvaunl .W-W Mngt. Ud. 
and under Capdlr-.-x SA 

King & Shaxson Mrt*. 

iriiarlnBCrtroi.-'i Hciit-r.Jrrv+ <Ttt;i 7 T 74 l 
Valley Mml Sl l'der Purl. Urns). ifKRl) Zi"**! 
1 TliWtRlve. tiounln-s i.O M. ine-D-iWO 

“ — S 67 n; . ...| 12.00 

106 J -0 1 12 25 
525 d ...I 12.03 


Vi. t«lUEln-> 
' 47 i.pS 
K. .[1036 
rn.^ 1 1923 


Arbnibnol Securities iC.I.t Limited 

P.O. Bul 2 H. SL Hcliw. Jersey. n .534 72177 
Cap. T«. i Jciwvij...]ll 7 0 12101 | JI 3 

Next dralJnc dale OcKjhcr 24 

Gov’t Sec».T« {98 100 | | 12(10 

Next deallnr dale nrrooer 2 T. 

Easulrfqli Trt.(CIi.,.Si 5 . _ 122>4 ... I 307 Kleinworl Benson Limited 


■SU t Fund i Jer*y i - , 
RihTnwlil.p.M* - 
Gilt Fad Gcera^Mj 
lull. GevL Sees. Tst. 
Firdhierlinf'. . . Iil 7 03 
FI IK InU. -. ISDSMLH 


Jwort deal Inn doe Cirtoher 2 G 

Australian Seiection Fund NT 
Martel Opportunities e,o In^h You ns & 


Culhoaili 127 , Kent SL. Kyrtm-y 
U 5 S 1 Shan* — - I SUS 158 | 

Next rad raise October 1 A 


I — 


. (VO u.nltwlh F«l_ 

Bank of America International S-A. SiWt Bermuda - 


3 ). Fer.rhurrh SI . EC 3 
EurlnvTA. Ijiv. F. 


KB Far East Fd. ., 

KKIntL Fun*] 

KB Jason Fund -- 
K.B.LTsrt 


3 L-B«ilteard Royal. Luscmbours K D 
Wldinicst Inromc [H'SUSiS JI 6 Z 3 I | 731 
Prices at Oct 13 Next mb. dale Oct 18 

Bauaqne Bruxelles (amber: 

8 Rn* De la Recrace B 1000 Brasuri* 
RcuibFdoiILF.- IL 915 L 97 C| -U| 779 


looai-oon - 

lW.ifl +0 711 — 


QI-KSOOno 
2.B- 
4 IS 
4.13 
1 *5 
186 
058 
0 64 
169 
MZ 


U&s 

i-Ifl 

69 0 734 


051 90.6 



5 l.iS 13 .B 4 

.... 

SriSIZJO 


Si.i 542.90 


SISO 3 04 

_ . 

SUS 5 -J 0 


2015 n.cai 

-as! 


■Uni!nnrisiDM»— . ... 

•KB ocl as Lficdon pr.yirc agente jnb‘. - 

IJoyds Bk. fC.Z.) U/T Mgrs.' 

P n Bax IBS. SL Heller. Jerery " 3*4 27 S *1 

Lloyd? Tst iT-serv f 600 MOid - I 1 .Z 1 

Next dcaliaii date Mu- ember 15 . 

Barclays Unicorn Int. fCh. h.i lid. _ , _ .... „ 

l. (Tjarin* Greet sl Heber.Jrt* o.'vL) 7 ^ 7+1 Ltfljrds SattK Inti. t»encva. 

• I iz .10 PD Boa 4 fla 7£11 Genote 11 iFviterlanJi 
i 7 o uorrtsinLijrowN.i r-na a jgjoj t lm 


DversKiH Income ...]465 
L'nldollarTrirS — 

U nib ond Trust . - 


1 - 01*1 80 a LJnytb InL Income. ISTO&B 


650 


Barclays Unicorn rot. I I.O. TUani SJd. M£G Croup 

Three- QuWs. Tower Hill EC 3 REDQ. Cl -C 6 VS 8 
l 1 sa AllontteOrt 17 . .ISU.C 20 7 5 Oj- 0 J) 4 j — 

ffl 3 -Lo! *3.< 


I Thomas SL. Dougins. I o.M 
Unicorn AuhL ExL .153 5 57 6 

Do. Adi*. Min. 34 6 . 372 

-'o.Grtr. Pacific.. .. M D 7*3 

Do. Inti Income—. 4 Q 3 < 3 *n 

Da. I.ef UanTa... 466 SOI 

DO Manx Mutual... 26-5 285 


15 Q 

IM 

810 

88 

140 


Allan tic <Vt .... 

Aurt.Ex.Ort.il Sl’fii* 

GldE-xAcr Ort 11 . 

I.Jand 134 C 1451 

lAccnm Unite) U. 9 C 2 2 GB 9 


-LO . 1 * 3.44 
-li] 93 . 4 C 


Blsbopsgate Commodity Ser. Ltd. 

P.O. Box 42 . Dooglab. I AN. 0674 - ZI 9 I I 

ARMACOcLS WM 8 J 2 MJlf ] - 

CANRHO~Oct. 2 --Ia. 09 : 11 SH - 
COUNT -Ort 2 — E *65 861*1 j LDl 

OrigLually issued at *510 and —Lino. 

Bridge Management Ltd. 

PO Box 508 . Grand Cayman. Carman f*. 

NTWfihiPcLC 1 Y 17876 | .. | — 

C PO. Box wo. Hong Kotie 

Nippon Fd OcLU -WS 2 LB CR| . . j 0 73 

Britannia Tst: MngmL ICI) Lid. 

’30 Both Sl.Sl Heller. Jersey. 0 T >34 7^114 

Sterflnx Itenaisf tuied Fd*. 

1 fourth Invest. -- 



,7 

lntnl. Fd WSJ 

Jersey Energy T«t .U 29.7 


41 Bf 

loo M 
i-» j: 

o'Wj 

UJS. Dollar Daambutcd Fib. 
1 'niwsl STsL.. J 5 USS 63 S 93 

laLHigh InLTM — [897 l.fifl 


Jersey EnurgyTtt. .1 
L'oiv.l STcOUk --I 

High UU. 5 Ug.Tflt.- . 9.96 


2 00 
100 
150 
1 00 
12.12 


9.00 


Value Ocl LJ Next dcabni: Cwt -J 3 . 


Samuel Montagu Ldn. Agts. 


1 1 *. Old Broad SL . E C 2. 
ArolloFd i'.«rtll_|SF 95 J» 

JaplertOcLie KK 71 U 7 

l) 7 GfCUprW'L 4 _. JflMLa 
1 17 Jersey net 4 .. {£561 
1 IT jEyO's+. 5 pi_ 27 _ .tfXUO 


Murray. Johnstone llnr. Adviser) 

183 . Hope SL.Gtessrau.OL 041 - 2 SI 5521 

■HopeSLKd __ I SUS 42.53 I+ 0 . 4 U - 

•Murray Fund -. 1 SU 512.42 }* 0 .^] - 

NAV October 15 . 

Negit S. ; \. 

Ida Boulevard Rural, l.uxembourc 
NAV Ort 13 1 SUSULS 9 1 1 — 

Negit Ltd. 

Hank of Rcrcmda Bids?., Hamilton. Brmdn. 
NAV Ort 6 | £ 7.03 — | j — 

Phoenix International 


Brown Shipley Tst. Co. (Jersey i Lid. w Box 77 . sl Pew Pen. Gnerossy. 


P.O. Btn 5 W, SL Heller. Jcraej- U 534 7 *: 
Sterilnc Bond Fd. . |£ 9.90 9 9*1 . | 1 L 35 

Butterfield Management Co. Ltd. 

P.O. Boor 195 , Hamilton. Bermuda. 

Bu Cress Equity. —BV 52 .eS 2571 . [ 

Battreas income.. POTH 2 flj{ ! 

Price* nt Ort 8 Nett sub. -lay No-. & 


In lor- Dollar Fund- 152.44 


2 .MI I - 


Quest Pond MngmnL (Jersey) Ltd. 
r O. Box 194 . SL Holier. Jersey 0 . 734=7441 


Quest St JcF xd.lnL 1252 90 71 . . 1 — • 

■ itf. Secs.- .ES TO l*ffl .. ..i — 

. .. pfow . | - 


1-53 Quest lmT. Sara.. . fca ta 
J 87 uunnlnUBd - .. {SPSOtU - . 

’ Price at Ort It. Next dcabne OeL 18 


Capdtrex SA 

PO Box 178 Geneva 
Fonsdex— . 
Bondoelcx.. 


-IFteLJO 
-fnjDJS 


finquiries-niJTiBTOTBi Richmond Life Ass. Ltd. 


Capital Internationa] S.A. 

37 rue Noa+ Pamc, Lnsembaurp. 
Capital InL Fund... | SUS 19.46 I 


I - 


48 Athol Strert. Dour 1 o.-l 1.0 Jl. 

ivlTbeSihiwTru " _ 

Ru-Umond Cd Si -| 119 . 

Do Fladuum Bd. 

Do. Diamond Bd. _ W 7 0 
1 « Km <W 1 gR.i 


032113914 


1133 116.0 +flj - 

119.4 125.7 +Lb 10 C 2 

P- 5 B.Q 1663 + 6.1 - 

too lOCO - 

11635 ITU . — 1165 


Central Assets Management Ltd. 

PO BoxDG. Sl Heller. Jersey. 

ElJC. 01-408 7 u 70 )U 

Cent Assets Cap. -IU 37.08 137.13 ] — 

SeyscXex Japan — 10466 1373 ^ j — 


Rothschild Asset Management fC.I.) 
P OJBox 58 SL Julians CL Guernsey. 0481 28831 


OCJCq.Fr. Se?C 79 . 


|S 5 J_ 


O.CJiKLFd.Ort " 14 ? 9 



Charterhouse Japhet 
I. Paternoster Row. EC*. 

Adlropo — ] 0 *OL 54 

Adicdba 

Fondok ... 

Foodis — . 

Eiqierer Fund. _ . 

Hispano pUsdlfl 

Clive Investments (Jersey! Ltd. 

P.O. Bra 320 . sl Heitor. Jcnc*. 053437301 . 
Clri-ecr.i Fd.iC.I i ]9 78 9 Jtl| . | 1 L 00 
;CU«>e Gil! FtLiJay ... |971 9 . 74 | ... | 

CornhiD Ins. (Guernsey i Ltd. 

P.O. Bo* 157 . SL Peter Port. Guernsey 
InbtL Man. Fd 1177.0 1926 ) | 

[Delta Group 

P.O. Box 3012 . Nassau. Baharnm. 

Delta lnr. Ort 10 — PUSUZ 233 | ...,.] 

Dentscher Investment-Trust 


O.CJntLFd.t 

OCSmCoFdSeptSB. 
, . C'.C Comiredl [y- ... 

CI- 24 S.KN 9 y e ph-.c, 



iPostfocbaraSBiebercosse 8-106000 Frankfurt. DD. Pxd.DiL”i. — 

Coo centra IffidJa 21 U[- 02 M - ' 

I dL Remenfonds — |nMS 7 73 W«| I - fZZZLzH' 

Dreyfus later continental inv. Fd. 

P.O. Box N 3712 . Nassau. Bahanurt 
NAV OeL 10 “ HFSlin 17 J 6 # ... | - 

Eznstn A Dudley TstJHgtJrsyJLtd- 


Cbannd CnputolO— 
Channel Iilands^-. 
i 7 o ro nod.**t 

P.D. Box 73 . Sl Heller. Jersey. 053420531 SLFUced**V. -~~ 


276 
6 79 ‘ 
124 
3-11 

,'.T..|S 2 RM 3032 ].-. .( 066 

Prices on (Set. 18 Next dcnline r, cl- SI. 

7 Prices on Ort 9 Next dealing Ocl 23 . 

Rothschild Asset Mngt (Bensnda) 
PO. Box fiS*. Bk. of Bermuda Bid.. Bermuda. 
ReMSfve Assets TOIP.W .91 It 19 ] ,| - 

Pnee 00 <)rt 10 . Nest dcalinK Ort 17 . 


U .00 Royal Trust (Cl) Fd. Met. Ltd. 

pn Bat 104 . Rqyjil Tst H- 4 L.Jerre 7 053427*41 

HffiSfcwW - 8Sh» 2R 

— Prices at Ocl 17 . Next dealing Ort 34 . 


Save A Prosper international 

Pcnliuj: to: 

27 Broad SL.SLHeliar. Jersey 0534 
116 Dollcr+lrowninaled Fund* _ 

i IJ .29 987 .....J 

-Tl 367+013 
23 5863 + 066 ] 

North American *t . |« m 4 .S 3 + 0 jfl 

Sepro"?-.. [ 15.96 17 . 44 | 

[dtunhmri Fuats 


E.DJ.C.T. . 


300 


(1284 U 68 { ( 

Eurobond Holdings N.V. 

Hundelsriide 2 *. Willemriad. Curacao 
[Lndan ARraUs InteL 15 ChrlstcfrtM* SL, ECS. 
I Teh 8 J -847 724 S- Telex: 6816108 

NAV per share Ort 13 . SUS 2 D.B 5 . 

F. A C. Menu. Ltd. inv. Advisers 
8 Laurooce Potmtaey mil. EC 4 R OB.V 
01-823 * 8 M 

CenLFd.Ort.ll 1 SUS 860 I J - 

Fidelity Mgmt. A R es. (Bda .1 Ltd. 

P.O. Box fln, Hamuloo, Bermndo. 

FlcMUy Am Asa— [ SUS 29 L 05 
Fidelity InL Fund - SUS 2569 

Fidelity Pac.Fd..... [ SUS&L 16 
FktcUty WrldFd . [ SUF 385 Z 

Fidelity MgmL Research (Jersey) Ltd. 
Waterloo Hse- Don Sl, SL Heller. Jersey. 



729 


2 42 
482 


025 

1150 


Prices na Ort 18 -Oct IL — Ort 12 


Schleringer latemationa! Mngt. Ltd. 
* 1 . Lj. Kolle Sl. Sl Helicr. Jersej 0534 73538 


s.A. 1.1 

FAOI 

W 

0.94 

a 

+081 

8 53 
455 

GU: FA 

loll. Fd. Jersey 

IntnL Kd Lambr-g. ._ 
■Far Earl Fund 

222 

105 

13 63 
1 B 2 

224 

1225 

+ 0 J 

-I 

1223 

3 J 1 

273 


+02U - 


•Ned sub. day October 18 

Schroder life Group 
Enterprise House. Fortsmoulh- 
ldtcra ntto an l Ponds 
(Equity P 149 122 . 2 ] 


070327738 ' 


1053 * 27561 
Scries A ilncnL) 
Serin B ( Pacific C_ 
Series D >Am_* 3 & 


SEquuv— 

t Fixed Interest 

SFixcd Interest-. . 

£>'jin.t 3 ed — • 

S 3 ! an aged — 


3433 


' 139.6 

1073 

0281 

023.9 


1152.4 

1485 

113.9 

1373 

itos| 


rj' 


£433 

0033 

0936 


First Viking Camtaodity Trusts 

|8 RL Geprgos Sit- Douclox, l.oJf. 

0824 *082 Ufn. Ante Dunbar & Co. Ltil. 1D 

53 .POU Moil London SW 17 5 JH. 018307867 j .^ n Kd 0 rt 5 
FA.Vlk.C«aTN.-.g 88 |fl. 8 j . ,.| IZO ^ 


J. Ecnrx- Schroder fVagg & Co. Ltd. 
ISl.Cheapsuk*. E.C 2 . 01-5094000 


, SOL 10 

TrnlaJcar Sept 30 . 
A lan Fd GcL 18 . _ 
narllrrc Fd. Ocl. 16 . 


1240 

-Olf 

JUS 137 03 


SUE 221 D 72# 


l'.2.V? 220 


juste? sol 



2.41 
« W 
0.42 


Fo.VhJDbLOp.Trt 

Fleming Japan Fund &A. 

37 . rue Notre-Dame. Luxemboun; - 
FlemracOcL 17 — | SU 56930 l+LOl] — 

Free TTorld'Fund Ltd. 

Butterbrid Bide . HmnOion. Bermuda. 

NAV Sept 28 1 SUS 1982 S 

G.T. Manap l H W l l Ltd. 

Park Hse- IS Finsbury Circus, London fttl 


Sentry Assurance Inleraaticmal Ltd. 

pn Bn 323 . Hamilton 5 . Bcrrmda 
j-.lenu^ed Fund, JJVSLS 5 LSJ 3 | . .. { — 

Singer & FrietOander Ldn. Agent? 
2i>. Cannon SL, EC 4 . 01 - 2 CE 9649 

I-rtafonds [DWU.rj 33 .nJ -0 Jffl k ZC 

Tokyo TsL Ort 2 — | Sl '54150 {+Rn 0 ( 1.49 


[Tel: 01-628 813 L TLX-. 880100 
London Aeeate for: 

Anchor'S- Unite — BUSK* 111 

Anchor Gill Edge— £931 937 a 

Anchor InL Fd PJSS 28 5 « 

Anchor la. Jsy .Trt 30.6 32.3 

Ben? Pac F »1 SUS 58 JBH! 

Bntj Par Strlg K 3 .M . 36881 

c.t. Asia Pd_ smaen ha 

GT. Asia Sierli ns- 0805 173 

G.T. Bond Fuad - SUSI 4.41 
GT. Dollar Fd... 3 US 7 67 ri 
.T. Dir (Sirin. • Fd - - 

T.PacIflcFil . .. SUS 17.72 

G.T.PhihpfuiwFd. -BLSXL 2 C u 

Gartmare Invest. Ltd. Ldn. Agts. 

2 . SLiUacyAae. London. ECU. 01 - 2833)31 
H ar tmo ra Fund 3 u(t iFar East) Ltd. 


Stronghold Management Limited 

P O. Bo* .118 Sl Helier. Jersey 05 . 74.71483 

, 188 Coramodiijr Trust 193.15 93 . 06 ] ..J — 

- 084 ] 1335 

IBg 

a w Snrinvest fjeroeyi Ltd. (x) 

(J-jccus Hse. Don Rd. SLHcher. Jsy. (FC 4 173 *fl 


-ciri 


+ 03 d 


C .77 

0 . 8 * 

L 75 

1_1 

539 

130 

e"a 7 


= Auv-nmn !ndTrL_ff 734 7 7 Cj -0 2 g — 

S Copper Trust El 53 1 U 1 -LM — 

:i Jap IndaxTrt. U 102 lli^+ 01 ^ - - 


TSB Unit Trnst Managers (C.T.i Ltd. 

l).-u;ulcllcBd..SLSnTiour.Jcr?« 05347 D 4 B 5 
J..-rM?rFuDd_. . . | 50.0 SiH -111 *56 

Glicrnroy Fund 159.0 52 fc] — l.l| 4 56 

Price* on OrL 18 Nexi sub di<. Ocl 21 


^t^u^" K m^ua irc ‘*» R<1 - | U ^Sf Tokya Pacific Holdings N.V. 
Japan Fd. - -'IgLffflOT 29 ^ " . I 038 Intinus AlannsKracul Co N V.. Cura 


rasr.= 


[ 125.5 


□463 

□ 5 X 4 


Property- — 15 X 4 

Eqalnl.UlcriciB-. 568 
UR. Equity- Fuad.- 114.1 
Hleh Yield. 11438 


133.9 
1551 
1603 
9 X 5 -l.« 
120.8 » 1 J| 
1491 
1280 

13 13 _ 

112.4 -O.a 

1373 . . 

1374 . 
142.7 . . 
1258 ... 
132.0 . . 

lin.o . . 
1156 .. 
1222 . . 
128 * . .. 
393 

-1 1 . 


...| ~ 


gai 

932 


_ 

T 8 S .1 

11 X 1 


«_ 

1351 

1392 



119.4 

123.0 




<74 

500 




474 

508 




468 

* 9 | 




46.6 

49.3 


. 

576 

5 B 2 



476 

502 



•86 

49 J 




<66 

49.1 




870 

495 




*70 

495 



•75 

501 




* 7.5 

501 


— 


... - Cup. . . 

SeL MhL Kd Suf . 

— Penilon Equity. ... 

_ Pension Fxd. InL . 

— PCpOkit FACjp. - - 

— Deposit Fd. Aci-.. . 

— Equity Fd. Cap. - . 

— Equity Fll Acc. 

— Fed. InL Cap . 

Fid InL Acc. . . . 

_ lmnl.Cap ... 

lntnl Acc.. .. . . 

. MunjRtrtl FtLCup.. 

M.inBged Fd. ACC . 

_ Property Fd. Cap... 

_ Property Fd. Acc.... 

“ Provincial Life Assurance Ca Lid. 


'Cardi value for L 1 O 0 premtum. 
Tyndall Assu ran cc/Pca si on !. V 
IS. CanynCeRttd. Brutal- 0273 32241 

3 -Way Ort. 12 _ » ' 

Equity Ort 13 

Bond OCL 12 - 

Property OeL 5 . . 

Deposit Oft 12 

3 -way I*n ScpL 21 . 
oweui Ini-. Ocl 12 

Vn.PnA-Wi>.L 2 . 

Da Equity Ort 2 ..... 

Du.BondOrti— • 

Do Map. Ocl 2 . - 

Vanbrugh Lite Assurance 

41-0 Maddox SU Ldn.WlBSLA. 


1281 


_ 

• 175.6 


— 

1678 



— 

108.9 


— 

1297 


— 

153.7 




825 


— 

17&2 


— 

250.4 


■ 

1812 


— 

99 B 


“ 


01 - 4 W 4m 


iota 

U 53 

1013 

» 7.7 

969 


Spec. 5 eptl 5 10.55 -J ..I - Escmpt«w.init.««i 4 S 3 — ! - SttBlflhtipw;oie.EC 3 , 

MaGUtFd SepLZ 8 ._]ZB 53 IWLfl . . . ] - Do Attum 1103-2 1053 , ] — Proi- Manaypd Fd-JW? 1 

Credit A Camoaerce Insurance Pw.Caah fa..— 

120 . Recent suLoodoaWlRSFE. oi- 43 B 7 «l Legal A General Prop. Fd. Mgrs. Ltd ™ 

CAC Hncd. FVL— - 1322.0 132 W 1 - U. 0 »pep Vnrtowa Sl_XC 4 N 4 TP 01 - 24898 W Ec,u!iyFHlldr_'.:i 

Crown Life Assurance Ca Ltd.¥ L&OPrp.FdOrtAh*.^ 7 ^. ---I — FhdlaUFund..— .. 

_ Prudential PensionH LiimleritJ 

650 Ufe ABSnr. Ca Penasyteania Ndbom bws.ecinsnh 

- 3 M 3 NWI KondSUWnOBQ. 01-4838395 EquiU Fd 0 ct U....KB |7 

LACOP Unite .:_]«> 1040 ] . | — RStwokw’-B# 


Managed Frl_ .. - 


01-2478538 Equity Fd— 


lSI+ 0 . 7 } 

108 R . .. 
U 3 . 4 - 0.4 
102.1 


lutnL Fund 

Fixed Inierst Fd . 

— Pnmerty Fd. 

— CoshPund — 


150 S 


10 X 9 

.OteO 

547.7 

020.7 


15 BJ - 0.1 
2576 + 0 .W 
1084 -16 
174.8 -02\ 
15 Si 
U 73 I . • 


Crraro ijl* Hat- ft’ofcing, GU 21 UCW 04 K 25033 


MaoE^d Fttod Am., 
Maul'd Fd lmm_ 

Mjmfd Fo. TnlL 

EqufiyFd. Acc. — 
Equity Fd. lnem- 
Equity Fd. inti. — 

Property TO. Ace... 

Property TO laeot 
property Fd. IniL — 

Inv TsL FA Acc — 
Im.Tft.FA loom. - 
lac. Tst- FA IniL — 

Fixed InL FA \cc- 
FmL InL FA lnem. 
InWril.FAAve- —. 
luter'l. FA 1 arm — 

NwwyFd. Acl„. 

Money FA lnem. - 195 0 
nm Fd lnem - — 103 7 
(HnBitlnr.'A'wiHBJ 


1072 

105.1 

105 A 

988 

978 

978 

95.6 

953 • 

944 

104 4 - 

10 X 7 

103:1 

998 

1178 

[973 


ma 
uo 6 + 0.1 
iixs 

104.0 - 0.3 

102.1 -0 3 
10 29 - 0.4 
1003 - 0 -t 
100-6 -OS 

993 -08 
1 M.B -IB 
107.0 -0 9 
1085 - 0.4 
1048 .. 
1033 

1238 -01 
1233 -01 
1024 +01 
999 . . 
l«l - 6-4 


6 03 


595 


U 15 


01-4050222 Equity 

77101-7 im _ Fixed lnlcrcsL 

wiit-o. 


Vanbrugh Pensions limited 
4 1-0 Maddux Sl. urn. win OLA 01-4004323 

Moulted. 


E IO 10 - . . 

09 U*.tf *0 1 
3 M 3 J 

3 104 . 6 ] 

— Genroniccd nee 'Inn B»c Rate*' table 


Lloyds Bk. Unit TsL Mngrs. Lid. Reliance Mutual 

7 1 . Lombard iu £X‘J. Ol-GEJ 1288 Tnobridfie WdU Kent 

Exempt __|990 104 2 *< ] 7.77 Rcl Prop Bds .1 


Lloyds Life Assarance 
20 . Clifion si . ecu amt 

140607 


3 52 hfllLUt sepL 3 n — 
- . flpS'A'PrOct 12 — „ 


BIS 


OpJ-A'EqLOrtlX. 
OpSA'HS.Oct 12 .. 
Op 3 ‘A'M«nOrtl 2 .. 


- 1 0 p 3 \VDepL 0 cUZli 2 J 2 


3 * 3.1 

| 142 < 

1565 

157.9 



Welfare Insurance Ca UtLtf 
HOC 22271 Win sladc Part. Exetrr ' 03 » S 21&9 

205-3 i • •] — Monernmkef FA - 1 . 109 .! I • I 

For other funds,' ploafe refer to The London « 
Etothschiid Asset Management Manchester Group 

SLSirtthiM Lane. „ «i«sias 8 Windsor Lite Assw. Ca Ltd- 

N.C. fTop„_^.|UB „....| _ RoyB | Albert Hw.. She« St Vindvtr 081*4 


Royal lowrancr Gnwap 
New Hell Place. LkcnvwL 


Ufefnr pluw 

FufnreA*«dCthf*i 
FuiureAwAOthi'bi 
051 227 4422 f* nv 


— .HoyolShiddFA-.|1463 I548|-0JH - Hat Inv. Growth _^P»S8 11X9| 


[748 77.91 

2280 
4580 
06.46 


L 50 

560 


ja .. . j 1080 
iej . .. 1 22 c 


N. American Tm. — — . 

IbU bond Fond. _?Sl 32 ej» U 
GarCBMre lanurnumi Mon. LUl 
P O. Box 32 . DmiKlaSjfotL 
Gnitmorelnil lnc.B 5 7 25 . 

GarnnoroInU.Gnh] 7 A 8 79.1 

Bambro Pacific Fund BlgmL Lid. 

2118 Cmmaueht C entre . Hone Knnj- 

Far East Oct II BHK 15 J 7 U 8 U .. ..] _ 

Japan Fund pl'Siau HJN ( — 

Bambros Bank (GHcrnseyi lid/ 

Hambros Fd. fflgrs. fC.L) Ltd. 

P.O Box 86 . Gaernsey 0401 - 219^21 

Cl. Fund . — -_,.,|U 0.7 1 MS-J 9 ( 3.70 

850 


CuracaQL 

NAV per shore Ocl u 5 GS 73 K 

Tokyo Pacific FUd£& (Seaboard) N.V. 
Intiixn-- ManaKerr-col L'n. N V.. rurwio. 

NAV per fhare Ort B 5 US& 3+3 

Tyndall Group 

P.O. Box 1256 n ami: Urn 5 . Bemnda. 2 - 17*3 

O'sewOcl 1 (. _ ... |*VSL 2 a 

1 Accum. Gnus'. . ISU 5 U 1 
a-WarJnl Sept 21 .. (1132161 

2 Net* hi— .St. Heller ..Jersey 

TOFSLOrL 12 .K 790 


600 . 


IntnL Bond SI'S 


Int Sv-s *a" susu .07 3.10 
InL Sxgn- 'It' 5 U 6 L 24 . IZS-OL. 
Pnccs on October IA Ncxi dealing Ocl 


9.75 11324 


.A»:um.Sharca' _ 
.4 muncan Ocl 13 - 


1132.65 

“L 0 


a ^.rW a***# =» 


lAccum ^hnresi pi 0 


bur 25 


Js-r*e.v Fd Oct. II _ 
J Acc I'ls) 
Gill Fund Ocl It ._ 
1 Arcum Share;i .. 


2320 
513 9 
1 N 0 
140.3 


Victor? House. Double*. IsfcefSbn.KJiWlI. 
Ma.iujed ScpL 2 ! ..list 


l' Id. lntnl. .IcagnmL iC.i.) Ltd. 
14 Mulcxter Street. 5 L Helier. Jersej- 
GIB. Fund -|SlSWJi UBIS I 


Henderson Baring Fond Mgrs. LUL 
WO. Gammon Hounc. Hons Hour 
J itpon FA Oct 4 ... p sxj? 2 &ra . 1 ._ 

Pacific FundV-.-! 5 US 10 \ — 

Bond FA* Ort. 13 SU 5 W .743 
'Exclurtic uT any preilia. charcra. 

HUI-Samae] & Ca (Guernsey) Ltd. 

C UeFobwre SL Peter port Guernsey, r 1 
Uncnuej-ThL | 1 S 43 155 . 7 ] . 1 3 . 5 s 

HIU Samnel Overseas Fond 5 .A. 

37 . Rue Nntre Datn ^ Lu iemhourp 

P 0 SSJ 4 ZL 13 (-A 4 :| .. 

International Pacific inv. Bfngt- Ltd. w.*;re*hnmSne?s .Era 


1136 2 143 4 j 


I - 


777 


Cnited States Tst. Inti. Adv. Co. 

I* Bur Aldnnfier, Luscmbours. 

U.5 Tfl. Inv .Fnd 1 SUS1L15 ^-923! 0*» 


Net asfete Offober 


s. 0 - Warburg & Ca LltL 


PO Box R 237 . M. PiU Sl. Syrin'i. AusL 
Javelin Equity 7 flL.ISA 2.43 253 . | — 

J.E.T. Managers (Jersey) Ltd. 

PO B-w 194 . Royal T*L Use., Jcroeyf) 5 M 2 ? 44 I 
i Jent-y Extra L Tst - 1191.0 2 B 4 . 0 | | — 

Aj at Sept 2 ft Ne« sub. day Ocl. 31 . 

Jardine Fleming & Ca Ltd. 

•Mb Flnur, Connauqbt Centro. Hong Kw»c 


uiii! Bri ■»*■! !6 

Em: InLOcLW 

Gr StSFd.Auc 31 . 
Nero Ebtf '"•ct IT — 


4 Ufi 97 S 
SUSJfiU 
SUS 78 B _ 
|H , H 0*7 Did 


y.L-rxM n y M klOctlfi. tOQ .04 1 D,(S| 


H 1 -WWS 5 

1 C 9062 


Jartfir.eE.'ln.T'L. 

JardlneJ'Mi.Fd.’.. 

JanhiwSi.v 

jardiiH.-Flem.Ini. 
InU TOc JSft.-i.iInc. 1 . 

Do LAccum. 

NAV SepL 30 


HESH 3.70 
UK 541281 
SUS 1924 
1031243 
HiC 51».75 
KKSM 90 
efeuivnlent 5 ' 


200 

080 

L 8 S 


Warburg Invest. Mngt. Jrsy. Ltd 

1 .Charin»! Com, St Fiejicr. Jsy Cl 053473741 


i'MT UASepUSB. . 
McUib.TstSi.-pL 3 l . 
TNT OfL IF . 
TUT Ltd Oct 17,. 


lH'SDH 

3428 


no 39 

14 79 


0238 

12661 


SLSU39 

11M 


Ul.ll 

1X40[ 



Next sub. Oct 13 


USWJSL 


World Wide Growth MaEagcmcnc^ 

pin. ftnulcvnrd R«i-al. Luvcmbour; 
Vcrldmdc «!Ui Fell SIJB1667 ]-011| — 


NOTES 


Pncrodo not lncluri® S preuuum. exceia where indicaitd -t. and are in pence unlcsx nthcrvn>n 
InuiiMieA 1 lid® isbowu in (art coltrmn. allw for all huymfi «pen-»si > Offend nrire* 
Inclurle au exreiues. b Today’s price* r Vlelrt Kwctf on offer price d EsilmaloA « Todav <1 
ppenrafi pc'ccb Diatnbutipn liwofl'.K. mie>. p Penwlic premium Insurance pfam. % Slncl* 

I prewlum ttrenranco * Offered price include* alt •sperms' except aRtnt'. cr-mmisrior:. 
v OBercd price includes all expenses A bought Uirou^r. nwnacwv. j Prwlnus day- price. 
T Net of v« 99 lealiMd capital coins unle*' liidicaicrf 6*9 1 iluernicr-croas. it SutneodraL 
* ♦ Vietd bciqre Jeraej ta*. ♦ Sx-^hAr-teioo. 

























































































































































































































%v . 


.-£+-*> j jtJLp 


Vy Financial Times Wednesday 0ct6faer 18 li978 
| ^ INBIJSTEIALS— Continued ll^SANGE-^Onifinned- 

ty.HLsTLwl --'tak; | W« M S*.|cn!™im E^brol Stark | Price | + -1 S |cjcrt|ra 
5 ? s2 lgffll-3 lt7Ur2.tf6.Hn.8Z15 1157 IMatlheaffr Mp.| 183 | 1 19.33 1 2.11 7.6J B6 < 

. !<!£ Kg teiissw £2 ri- • hi b»5&» ha hii-» m uta n 


PROPERTY— Continued INV. TRUSTS— Continued 


* «ri Pi» YTd . IS 
Prirt - ! N#t C« Gt”s K { 


IKS I ■ 

5 b Uw \ Smdt 


continued FINANCE, LAND-Continued 

Prirr 1 N« |rtr|JiJi|pT.| Wi&\m ! Slock | Price | + -°1 Nrt |miS?jpffi 


. :• ’578 


- •: •■ *24' 

/ aa 

. Hw 



' > ■ 0«, 900 KcnhwfA. tSpu OQJ. H6J< ill 23(7&l 212 

i ;7? “ Shw-E-3a Hitts- 73 dOS 1.9 8*88136 

? .lfll 76 LCJ.HMs 95 4X6 24 7.4 65 129 

21 £ LH.WI Jbvs— 39 td2 64 3.010^5X144 

• .;.■•« 34 LB.C. lot lOp — 55 2.23 16 9.3 8.7 40 

* i?5 ,3 Law,et « ...... 3X2 * 73) © 65 

; , Itf 12a Uadlnds.Sto._- 155 a! »7.43 35 7 3 63 135 

■iVTifUS W liO feJta llSB ri &g. 130 ...... 14.15 4.4 4.H 69 41 

■ f :- if 38 LcRastEdi 41 1LB5 4.4 6fl 5.0117 

• si. 38 22 LeboffFobellOp 45*2 179 36 sM 5.9 32 

. 70 36 |L*fcu£Eama^_ 48 ..... 3.32 2.^103|il9» 157 

: : ' ,, For Into. nee Chemicals 99 

. > SS J6 UisareCar ICp. 113 -2 Ib335 23} 43114.7 13 

. »5 235 lepGrwplOp_ 247 5.46 8.6| 21 71 225 

, 97 57 Lesm* Prods. 5p 09nJ 1dZ.9« 3£ 4.9 6.2 52 

•\ 1« 58 LetresetlOp 146. -1 S.4 3.0 5.5 M 80 

•-. "•• *4‘2 .15 tided lOp 1V» _____ 76>» 

69 32 Und«ar6Wrra_ 66 : 3.05 3.7 69 4.9 185 

. M 151 I2fl Undkittries 142 9.14 2.1 96 60 74 

: .7. 39 24 Ujo-*NftaCm- 36 2.03 2.6 8.4 7 0 bV 2 

45 54 long Emblv. lOp. 42 cl 60 5.S 5.7 3.7 70 


45 54 Long HmMv. lOp. 42 cl 60 5.S 5.71 3.7 

: 76 52 Loopra Trots- 75 ...... §386 31 7.71 4.8 27 

92-68 LtmadtieCnkrcL. 87 -*rf.J0 25 all 5.7 35 

200 163 LmrjcBooarMp I90m 11105 2.5 8« 53 62 

I-. 76 54- Sl.Y.part. 10p__ 64 ...._ 12.17 3 9 5.U 5.7 117 1 lft Rtani&ClivIl 

t 1 8 SI: I * £ lip . MO™ 85 - AERCRAFr ^ADES l fe 

V 19 10 MeCl«ryL - A__ 174 10.25 — -I 2_2j — ’ " * L - IK? - - 1 

26 IS XBrLelUa>F.6V7 23 .J.. 132 0.7 88125.7: 



.£ — • i-7 f.jii.o 50 34 McSwro*-. lUpl, 

177. . — 5.16 46 43 7.2 280 145 McKay &«. 3*. 

M? 2-0 « 2.9 3.9 48 3Uj M!ifhars UTl io^. 

tK — t«n“ r-_ — , 90 53 Mauntvieis5j>_ 

IS? 2.8 7.7 6.9 137 103 MucUowf.4 *J.i 

!L _1 2.7 9.0 6.4 46 44 Xnlr.o. ' 

M* ^ w 23 23 6.5 93 90 68 Plsn-tin- _j 

^ .9 “ « 107 « 347 280 pR^Hldd.6»nc , 

33 ...._ 2.44 17 9.6 93 '1Z3 61 rroa Part'shltu. 

116 _.... M5J3 3.4 7.4 11.8 130 280 


ftHNES— Continued 
CENTRAL AFRICAN 

| Rock | Price j + -^ Srt |ctt|qS 

[FalrpnRhiOc — f 168 \ [QfOc I * [ZL7 

RhofnCom lfC-p.) 17 0.57 7jJ 5.0 


iSSK^feS : i : S m^P 2 3* fSttmtz ?? a =l t _° }AlT? 


OILS 


33ai Q9c ♦ 163 

Id — — — 


AUSTRALIAN 

.Sc 1 10 I....J 


Q8c 1.3| 4 4 


17 I 1 1*2 rTosn & Clit I0p.. 
39 82 ffraffunJPaik— 


Motors and Cycies 


^ 180 134 XanhaU^Uciv. 144 +4 6 49 3.« 67 4.7 

“ 67 45 Kanla Blsck — 5Dxd -2 «06 ~T % — I 

- .322 £86*2 aahesocsTlipc. ai5>? -1*2 Q7V-> 2-H16-9 - 
‘ 150 320 STarnardsSp — 140 -2 5.43 2^ 52 93 


13 240 ltd H«u Ptoji_ 
18 119 Earner Estate- . 
ID 262 Sarntedlnv 20a 


wiaasaas-muiaRiH 

CogHDerclel Vehicles 


m SHIPBUILDERS, REPAIRERS 


:: 30 20 MednaatlerlJJp- 30 ...... tl8 5 15 9.310.9 69 49 FWaw®te__ 62 [335 6 

i! 17 10 UentmoreSp — 16 -U ld9.93 13 8.7|l38 jj:. 7 j-a^T^lOp 8 1*0.5 1 2. 

•: «4 288 J5tMl3«n 352 +tf 15Jfl 3J 6.4I «* 5S, ‘94 ” HB gtf 3 

^ g 3^ ckw,rcfi - ^ ir M-g U 50 IW217I5: 

• £132 Q00 STsantoSjicaM. £122 -1 t Q5%198f4^— . COD^pOlientS 


8.1 i22i 230 

J 55 M5 
10.0 
63 43 


74 

+1 - 

157 

696 

M5- 

tsx 

340 

14.68 


C'V OJ HI, ail *.*»-.-* .... U.U A-U 3.7 AD.9 Ml jW ST P HTTP HrK 5W -is 

j® ,81 1.0 46 33 1 602 W Fb^Tro^ReR. 574 +4 11594 4.1 4.1 5.9 

\U Hh - f-S ?•? 69 57 - 62 4.9% 1102 1L8 - 

182 DaDtFdato _ 148 .. 569 1_1 57 24.4 444 226 ttSsrc^'UKiE] 320 +2 - - - - 


£132 OSO 


5pc8M_ £122 f-1 Q5%19fflf4J — 


SHIPPING 


ru..un_i id -ij 

i*Col 175 . Ut 


195 I oh WecIsr.XaUim 170 


165 111 |G-\w 


129 tQ8c 14 3.9 

m -i - - _ 

450 -25 

290 —8 iQlOc 2.2 $ 

22> a -1 

66 -2 - - - 

45-3 

125 t?35 2.0 4 2 

30-5 - - - 

197xd -5 lJ9c 17 28 

34 . - - - 

115 s ". Q8c 13 4~4 
14i; . . . - - - 

29 -I 

133 -2 IQ 11c 19 52 

26 

M -4 _ _ _ 

950 +25 - - - 

27-1 - - - 

470 -8 Q15c « 20 

175 -5 

139-3 03c 07 i , 

55-5 - - - 


TINS 

24 ... 2.81 1 3117 4 

. . 340+5 Q300e 0.H19.0 

S3 t 2 14.0 ft.4lll.8 
245 +5 QllDc 6 9.6 

165 +10 1.04 S3l 4.6 


-.-’i Wm U id m 9.1 S 


■ ' ‘“'r -r“ ■nWKW“-l«.lWC MO 19.3P to_D O t 0."f Mr 

" 55 34 HomsJtiAbd)._ 46 Z.46 3.4 ,60 4.9 5?2 .31'2 

+■ 36 29 Uo£s<RobL)10p- 35 +1 207 2.1 82 65 .'g 

,• 16 12 Mwltexlto 15 ;. .. B.34 27 53165 ^ ^ 

• , 73 55 MjawGpTop— 61i 2 -ij ml02 0.5 25 '7U: g 


; 73 55 MjwwGpTop— 61*2 ml 02 0.« 2H-7U! S n 

32 Nadjfl.FjScci. 72 ...... 5.25 JJUOH 7.9 B. |E 

• 66 46 Krifen aw- 66 335 271 7.Q 73 ^ 

■2 54 32 NsLCA'asaHfe 3S 135 - S3 — $T* HS 



52 d2.68 3tf 771 S2 209 252 

45 h246 43 83 8» U 2 

64d +1 ' 22b ¥ 5.3 4 5® V2 

110 +1 15.24 36 7.1 53 ”5 ?06 

76 -l 2 hl38 83 27 6S 1P. D . 

61 3.73 2 6 9.1 5.7 S* "‘z 


.- [94*2 £58 K.C.H.4% _ „ 

'91 72 ftewaiZMlm, ' 89 +1 3.&8 15 6.2 M0, S £1 

. 31 65 Udl&Sp’srrrlOp 120 ..... 12.03 6.7 25 8J l 5? Z 6 

- 25 m 2 NrtrE»piMOp*_ ai 2 D.99 27 69 83 

.= ;10 71 Kona« 104 -lfe 4.49 28 64 7.1,^ J 7 

r- 28 17 KoxTieS«a.Wp. l»a *2.23 - i - ^ 

33*j 221 2 tfthSwfflap 2Si a -h 1159 U 83 13A , 6 A ^ 

. JCta £91 Oce Finance C%-_ £10S^ ..... Q9% — i&7 - /A? || 

: 31 8S Office iHed 124nl t4J4 3 7 5.0 83 ^ » 

16 82 Ofrei20p 110 1h3D7 3.9 4.2 92 115 57 

„ 27 19 OrantonelSrf- 21 Q6c 2514.4 IB 

57 36 PltAOWifliast., 56 ..... 10 53 - 80 ^ 

m J .20 101 Parker Scall 'A'. 123 -2 362 5.7 4.4 60 95 63 

; . 33 IDO . PMI«* Whitest U7 58id 3.4 52 6.7,21 % 

; 72 32 Peerage lOp a«a 6164 5.0 4.0 7.6 105 ,72 

26 16 renllaBdlOpZ: 22*a -1 10.67 5.3 4Sl 43 r *U8 110 

- 12 69 PentoslOp ISO 1435 3J 63 5.9 ???* 3* 




201* EtrmmBros. Wp- 28** +»? lt» $ 5.8 d> ,3? 

£14 DanaCWpSl^- £21\, -is &OT4c 3.7 2.9 9 2 107 

152 DawrSto- — 266 +<f 4.50 4 0 23 14.7 »5 200 



-Js wlUsc 3.7 29 93 iSi 

266 +4 4.50 4 0 23 14.7 2S5 200 

75 538 1 7 U.l 63 ,3gl ^2 

172 +1 289 4.4 23 13.7 66 

12 _.... 0.25 1.0 3.2 543 ^ 

52*a .... h0.84 3.3 2.4 13.9 

311 t834 4 3 4.0 8J ® 

56 .... 11.60 4.0 43 16.4 29 

67 +i 2 313 33 7.C l5.Ii ^5 65 

105 -1 3.86 4.9 5.5 5.6 

87 -1 4.47 2.4 7.7 &0 o 



36 +i 2 _ — — — H7 

127 14.97 05 6.0 55.1 99 

220 518 23 35 lh.O 125 

34 — — — 15 114 


k.lm-eaun _| 111 


128 2.72 

110 +2 837 26/1L4 d'9l 106i z 68 Da V. ....... -HJ - “1 1 “g 

90 +1 6.64 0.5 11.4 i15.9p 86 6Qij GlOUBirrwlov. 7ff 2 173 1.0 3.346.9 ^ ^ 

82 ...... 0.1 - 02 _ 80 56 OaVOnl 75 - _ _ _ j 97 “ 

3? + i n*U r, ,2-2 7, 131*2 97 GW* lm 119* 2 -1 5.08 L2 bJ 20.7 ^ 3 52 

71 +1 828 2J17.4 42 70 55 GotettEur..ipo_ . 67 -i> L8 1.4 4.0 26.9 <£ H 

85 65 Grange TniA — SI .-..12.13 LI 3.9 34.4 7? ,? 

_ 113 90 GtNwth-nlnr.. 102* 2 1?-93 LI 5.7 24 J. ZS ^ 

^ LEATHER 102 a creenfiwlnv.- 99 147 12 2.2 55.4 J 9 ^ 

if jua 4 x*.i.iu+ju. nh 56 Gresham Inc — 63i 2 -U 203 20 4.815.9 ^ 

70 48 Group Imeslors. 69 -f 19 1.1 41 333 42? 


05 6.0 55.1 99 72* 2 teenSMtfoh— 87 -*, 3 40 

23 3516.0 125 72*2 WsrbWivnJiP 120 -1 23 

- - 15 114 84 h3i£o*SniMrj_ 102 -*s t244 

* 32 * 110 71 dewteranlav... 9 T-, -t L86 


12 55 23.7 ^ 7? 

“ 5 8 255 g 

h Uii H2 f* 

0 2.B * fS rS 


Garages and Distributors 


• 12 69 

- 76 58 

. 21 14 

: 75 242 
- » 28 211 
a 77 E56 
’ -• 43 30 


Lrker^Sl?k’_ 123 -2 362 5.7 4.4 60 95 63 Mams Gibbon-. 68 4.42 3.0 9.7 5.1 ?? 

Pauls &Wbttes_ 117 ...... 5660 3 4 5 8 67 21 9% AJcxamiOT^U. 184, — — — 219 S cf 

at V lm m ms n ■ & M634 2^10.0 7.7 ; 22 s 

ifcZI 22*2 -I t0 67 5.3 43I 4J**138 110 AriinffOTUowr. 215 737 25102 45 l 92 ?n 

ISO ..... 1435 33 65 54 45^, 344, «*, He H16 3.4 &0 40 “ 

62ni ;i 458 L4 1L0 82 «>2 Si BraidGroSl : 39 1L40 46 54 53 ^ S? 

pSfljpTpS^ is I.. &- _ _1 194 95 85 BramaUfC^L. 85 dI45 3.1 7.9 48 & % 

&botoSe50p__ 354aJ 603 t 25 4 50*2 46 BriLCcAnctiep. 49* 2 17.4 23 61189 rg lo 

PflhnCtoofe£L 302 +4 h5 B5 ?8 29118 26 19 CG.&B.18p 23 tl.44 2.2 9.4 72 |o 

iBil £6S -2 56 83-H3 64 CaflynsSOpH. 105 650 23 92 73 S 

SSSteAlOp!. 36*2 - ... M| 72 ??* ?jl4-3llH} S W 


• «3 28 WlebnrdSra5p 38 151 3.4 5.9 62 38 29 tf 

_ 14 Piw.Laundito. 13 _.... 0.41 - 4.6 — a H: 

- 83 48 EFU-OnapiOp 7S -1 L6 9.0 3.1 4.7 126 »■ B 

! 21b 10 STDGnwpata- 17 - - - 25 *11§ 74b Hi 

: <0 25 Rjufiu’Ud.tZfei. 38 L93 35 7.9 55 .*135 112 Hi 

: 06 60 Boa dalls 98 ...... dL47 — 12 — 

: ■ 96 226 Rank Oman 255 -3 t&DB 3.6 4.7 65 

.-• 30 392 ItokiBCoLSljx. 50S +38 110.77 3£ 32 <Mi 

.. _ Z7 262 BedleanGtasb. 283 +3 F16S8 55 6.5 3.4 

r 79 42 ReedSwe.5p_ 78m 12.79 Z6 53 1#X 

:L- 78 10Z Reed laH3_— 176- 4-1 *832 Z7 65 H 

- ; 14 (3 HettmPBTO-. 112 -2 4.16 23 55IZ1 

- 00 145 Reran) IneTSL 270 -10 Q20% * 05 * 

- .49 ' 35 RmwiekGrwjp- 46 .._ 102 86 35 39 

— . 72 38 SestmoT— ~ 72a *2 hL8 5.6 3.7 72 

“ T7I 56 Ramie 69 -I' 6431 16 93 faB 

357 87 Rkdrtto—— _ 330 -18 H7.0 85 321L6 

. - n 3 Ri^jEDlOp- 38 -1- b258 - 103 - 

■ .59 101 Rodbrare. 135m _.... t536 45 3.9 4.0 

= « 36 P^pner Bldgs — . 41+1 Z16 S.4 7.9 5.6 

c 171* 32 Da A*. 41 +2 Z16 M 7.9 52 

52 -37 Ro? sprint 20 d__ 37 -1 Z99 L4 1Z0 (R3) 

-r }4 25 RavmABodeu. . 31 1L34 56 64 3.0 

a TM Rural Vmts 170 16.49 0.8 5.7 33 J 

- . n 45 RnaseQlAJMp- 92 227 .6 3.7 4 

1 St flU SS&fesS" £27*2 Q]34K 19 62 128 



71 +1 828 


SHOES AND LEATHER 


166 95 

£68 £49 
575 325 
97 66 

445 350 
30 21 

19 9 

7B 55 


29 — *2 1.02 

56 4.46 . _ 

66 -1 439 | * 

108 1457 4. 

59 tl.73 I 7. 

107m t4.97 

75 tZ30 

53 -1 +322 

56 -1 Z84 
56 TL9 

54 +Z81 


2.84 X 
. TL9 2. 
. 1281 4. 


40 -1 216 1. 

66nl 4.73 L 

75 +1 L75 
40 -1 thl.18 
182 +1 M4.02 
28 t!33 



/u*2 JO una4WKiiaii._, iw*2 d-UJ t.DJJ.T 1^7 rr* 

70 48 Grouplmeslofs. 69 -f 19 1.1 4.1 333 A2( 

I 39 69*2 Busrthnlnv.TsL. B1 274 1.0 5.0 28.7 S? 

110 7B Hambns 107 -f 3.81 1.0 5 3 27.8 ^ 

204 160 miUPhiliw.-.. 186 8 lQ2 LO 64 Z33 £* ff 


204 160 mil (Philip). 186 8.02 

91 69 Home Bids. “A". 79 4.6 

89 68 Da-B* 79 - 

S9s 4 J8*j Iro&mdlS) $9J 4 Q20c 

775 TilO Da 10 700 -70 Q9.« 


MW* IS 
Fs = H *S 


775 700 Da 10 700 -70 Q9-49 _ 1.4 - ^ 

60*2 42b lDdnsfrtal*G«L Kl a 178 1.1 4.8 295 ^ 

84 65*2 lntenutllnr 78 -1 1266 13 5.126.0 -A 2+ 

176 107 [ov.taSn«ehS„ 168 -1 Z94 LI 26 53.7 u 91 



. _ ... . jm; — ui ti j\x.rx uj + 

61 +1 629 13 155(84' 78 50 PBicfcalen lCp 75 +1 660 L313.1 

SSi-t .... LS2 31 3.5 9.4 270 IE£ PeudweSMl 230 +5 KWOc L6 73 

95 —3 u5 0 308349 77 49 SamlPiran 76 2D3 63 4.0 

157 +3 h4.43 3.2 4.2 9.7 57 47 South '.'roili 10o__ 66 -1 419 20 93 

£65 012^« 24 19 224 245 140 5W«OiPjctj5L'ii50 230 +10 rfSMSe 0.6133 

550 42211 22 6.0 10 7 340 230 SthnKalapanSSIU. 315 +5 P?313c LI 9.0 

m -1*j 432 L 6 8.0 99 240 134 Sunjci BmSV'I— 210 +5 Q65e 53 6.6 

380 15.23 2 2 5.9 9 4 85 55' Supreme Coni SMI 72 +2 ZQlOe — 5.0 

24 .. . ZLO 63 — 38 100 35 Tanj-ms 15p 90 +2 6 60 0.8 10.9 

13 ~A _ _ _ _ 100 74 rmgkjfcHrbr.JMl ■ 90 *Q56B?« IS- ± 

61 .. .6.65 23 163 (3Ji 270 148 ItanohSU— 230 +5 +Q8Be L6} f 

45i 2 +i 2 3.45 L7 114 i6_3i 

ffi* fc ll ft - COPPER 

183 -2 4732 73 6.4 32 104 t 70 iMeamaRiUO } 74 I 

175 -5 |7X2 73 6.7 3.0 

St ::::: %1 3 ? J L J E5ISCELLANEOI 

102m +3 zQ3.0 q22 29 25.1 68 35 

200 -15 163 T4 50 6.7 I? 9 

53 335 27 88 i52Il 300 215 

£94 08% mo f8.6 - 465 245 

64 tW76 110 L8 78 K3 1M 
63 ...... S.4 ^3L2jf2.9| - 90 30 

02 750 
82 43 

AND SISALS 185 |l20 fCuton Cons. C5i 


Ian.Ua 50 . +* 2 d0.47 17.4 14 53 

n(T.a_ 113 L |fci4J8 3i 53 71 

Us 103 L 16.80 « 9.4 33 

20p^__ 126 tfi.n 12103 5.7 


.4 93*2 62*.' investors' Cap.— 82*2 tL67 1.1 3 0 453 

3 182 103 lanfine Japan— 164 0.86 L2 0.8 154.4 v 

3.8 150 70*2 ianSneSe: HKKL 114m -4 tQ47c U 4.819.7 IS 

91 200 103 Jersey Ex*. PI Ip 1BO -3 — _ _ - M 

53 263 228 rasyG«L£!_. 242m t013X Ll 5.4138 Wtf 

6J2 53 41*2 JnsHoWiiiffl. 51 -l 239 10 7.0 ZL2 ®B>» ^ 

51 44 Jove Inr. Inc. 10p 46m -J 2 335 Ll 1L5 120 10 4 1 75 


A 9.5 e 
92 2.9 5 2 7.6 " 

7X2 73 64 32 104 ( 70 iMearoaROM } 74 [ ItQJOcl 19} t 

7X2 73 6.7 3.0 

3J|1 0 MISCELLANEOUS 

57 -I -I — . 

14+1 _ _ 

245 *Q30c 26 ^ 

375 -25 - - - 

259 +6 93 2S 36 

55-1 - _ _ 

887 +12 - - -I 

80 -2 1133 f 2 S 
155 Q7c 29 22 


COPPER 


63 S.4 


RUBBERS AND SISALS 


(+ art Dir. YTd 
I — | Net Clr Gr s 


SOUTH AFRICANS 


88 dea»WrGi*.J 117 -1 364 


47 63 S35 £128 DaJOw&r.- £200 Q10%35.0 £5.1 - K2 *£l 

33S0r * 72 JHmEtl&ries)- ffl *35 3.0 10X 4.7 % 

25 3.4 46 31 ijesrarelOp— I -42 137 5.0 5.6 5.4 S 


I 31 leacmslOp—— -42 137 

65 Kenmnglftr.— 7® 2 -*> 14X1 


1 ai ■9l 1 2 66* 2 (LBSemceOtui S3*j +* 2 b43 171 Rffl 4.4 
1121 7b 48~|Lpqkro Z\ 60 1250 5S b| 3.0 




3.7j 77 lBv Sfc 
3^nx WL* 77 

io3- m 26 


£ IJis 

n 3^™ 


sierMpi 32' 032 62 73 3.; 

DandSp. ...... — - — 24J 

■JCr.Mp 11% +b - - - - 


sineiCr. Ife 11^ +b 4 — 
y(H.iUta._ 117 Pi ha.13 
EtR fcjj-iop- 42”|.::J 1167 


90 58 

80 M45 



95 -3 Q17c 

1 

150 '."!!! (S 

390 

47 -5 fee 

170 

70* 2 -1* 2 Qllc : 
590 gKcl 


Si 125 BqSSeS.SOp. 146 -2 6.09 U 63 2L9 

105 75 late View lnr._ 97 244 Ll 3.838.2 

* 110.7] ♦ 44 38 LanaALonlnv. 41 L83 U 66 216 

1« 73 5.4 115 871; Lw Debenture- 103 -2 1457 U 66 213 

♦ [10.4 # m* m^LaariaitReflp £U*s 274 - 

T 1 42 4 42 33 listalm-.ImJOp 38 +281 LO XU 132 

83 4 28*2 20 Do.Cap.5p 25* : -*z - _ _ _ 

64 f V 26 LeValknalu.. 35 dl.52 52 65 A 

8.9 60 72 55 Uto Atlantic..- « -1 3.05 LO 6.6 222 

7.0 * 88 53 Lon.itGflrt.50p_ 77 -1 s031 27 1.0 55.7 

;03 25 129 95 LndafcHaljwd. 119 -2 1365 1 0 4.6 332 

93 * 63 40% Loc.* Lennox— 57 hL70 LO 4.4 345 

53 4.8 28 16 Lna*Liv Up_ 28 0.60 13 32 363 

10 7X 85 59*a Laa ft Lomond.. 79 ..._. 12.44 U 4.6 312 

210 157 LML&HaBbMe. 196 +533 10 4.1363 


u *u wi pi 75 

Hy§2g f 2 

uuul i 

uiufii jg, ^ 

400 211 

W f|||l35 5& 2 

10 4.6 332 ^ 

13 32363 » 

I m 


%. 44.ffcx(Cnitw_aL 6** * A .ItodM - 
W 1*0 PWeofLeedt—. 75 +4 10-64 Z7.9 


33 iV/adhemStr. JOft 48a 
68 nvesteroiftr 115 


261 69} 24 


28*2 OH, Sl-GobniiifniiroJ £27*2 0134! 

CTij. 95 SaleTifaMv .] 153m h52 


|134» 3.5 62128 

_ ... 32 35 51 24 

' U 19 SmdhuKt Bartrt. 49 +1 10.86 3.0 32153 . 

■ 37 75 SaagasC-rp W 5X9 L7 M5 83 

r. 14 B6 Scana Group — 10f> 5.52 27 7.8 63 + 

: ? E i -"■fi, 40 Is U ts 

17 23 Scot Herltahie. 44 h0.91 6L 33 5X ^ 

: 17 E5 Scot M'n. levs- 122 +1 7.37 18 9.0 7.7 s 

: pi Zfl* Scaraffides <0**m +1*2 tbL31 30 4.8 10.4 , 

• & 56 SecnricwGpL__ 13fi^ 42.54 3.1 2916S-, 

S 57 Da 'A' N Y 130 4234 31 25163, 


1130 J.YPOC.NOW 


S 57 Da'A'N-V 130 —..5234 33 29165 

- *5 68 SerarilySerkw- 132 - #355 42 4X 65 

j 15 67 Do. 'A' N-Y 132 $1.55 4 2 4.0 65 

- W 69 Shuns fore 50p 140. td244 7J 2fi 7.6 

- -(8 155 SiebeGonnan— 217 ...... 5.67 4.0 19 *2 

.0 491* SttenteSht 10p_ 106al +1 _1h2.71 5J 3£ 5X 

- 7*2 40 Silhouette 'A' Snp_ 53 352 18 95 US 

J4 17 Silrtt borne IOp. 23 dL22 26 7.9 73 

: M 70 SimpsonfavA'- 112 ..._. 3 l87 3.7 52 7.8 

136 953, Sketehlev 132 +1 t5.49 2 8 62 10.0 


NEWSPAPERS, PUBLISHERS 1 1 

M¥| 

79 26 12 
7« 70 

215 ^2 

6 7 33 28 

64 84 67 

63 « 2 29*2 
107 131 109 
9J MH, £71*, 
39 31 

210 99 

210 98 


85 ^ «‘2 
63 132 70 

* 132 105. 
?3 152 123 

Hii 
gji- i 

ti 92 55 

*1 180 115 

nn *9011 


^ L»* 


|3olic.LOT20p_ 


JB 1175 iSottelTpX 323 |+4 b637 

17 [98 ISpBnOTiG.S’jMp. 9Sat 1218 

18 (195 JspearU.W.l 223 190 



187 590 

235 1408 

66al 32 

51 237 

132 d4.97 

130 652 

146 4.75 

145 4.75 

385 -3 128 

69 +1 bZIO 
81 — 1. 0)268 
7B -2 1457 

180 -_... 1660 
m,— , 290 blfle 

SOn J 130 ....a 1757 

I 

225 -4 608. 

70 315 

42 __.. d249 

1X3 411 

148 -2. h-B.40 
368 ...... 1419 

58*2 +*2 L36 


TEXTILES 


156 M6K 

55 3.73 

63 . — 292 
78 4.93 

25 ...... ifl.82 

30 264 

33*a 246 


128 I 93 Loa&Pror. 
87 J 64 LtHL Pradenl 


U 4X3L2 
10 41 365 
LO 45 33X 
3.0 5 3 28.6 


55 

37 ISmtgdKrian 


103 279 4.7| 4.0 NOTES 

103 355 * 52 

*? VV i7~-n Tb Tu !*»*«»» n( Itemise Inditawd. prices and net dividend ate las 

J* +j ILiJ *-J peace jrd ton ci p-'idM are 2Sp. UuHarated prtcefcarolngs 

250 +3 SZX4 LO L7 ratios and cevm are based on latest annuel repnrU and acraanls 

57 +3 6hl.4 12 3.7 »Ed. whew peosfMe. »«v updntniMi hcll-v+ju-iy ncurcs. PflSa are. 

43 03.0 4 10.4 calculated do the hasw nf cet AstribttOa; brachtted figures 

U* 2 0.56 <p 72 indicate II per cent, or mere difference if calculated m “nO“ 

350 -5 1523 16 65 dlriributiim. Cwm ore based ea -martmmtr Aatribnttoa. 

107 440 <b 5.7 'Teids are baaed on middle prices, engross, adjasted to ACT of 

inn t02!l Rr _ 4.1 35 *t» tent, and alWw l nr value ot declared dwtrltattan and 

M j2i“ am* 15 to data. Securities wltb decutaiaatians stber thaa aerliai are 

47 Q1L» 0 8 5 4 4ue>ed ladnciie of the Investment dollar premium. 

io ^'5 A SierlirtK denonsr-aiod securities which include investment 

o5 .mm... Dylx W do Mar premium. 

62 +6 10.46 3.9 12 e ^25tp~ -Stock. 

67 ...... 11221 20 4.9 - Highs and Lon# marked thus have been adjusted to aQoir | 

92 +5 16152 L9J 25 tor rights issues tor cash. 

t Interim Kince increased or resumed. 

__ _ _ t Interim sinoe lednrtd passed or deferred, 

TEAS *4 Tsvfrec to non- residents on application. 

* * Pilfures or report awaited. 

and Bangladesh . 

— _ . _ _ _ 1 Indicated drvirtend after pcndfnp scrip andor riEht* issne: } 

S® ♦9*0 j-J W rover relates to prenotia dividendi: or forecasts. } 

ZrOm 10.15 4.4 5-2 f Merger bid or reorganisation in profinss. • 

101 731 3.7 10.5 * Ni* comm ra hie. 

26 4201 L6 11-4 4 Same interim: reduced final anrtor reduced earnings ‘ 

332 bl5 — 67 indicaturi 

223 —2 133 26 90 1 Fnrecni dividend, cover on ecnilngs updated by latest 

335m 15.0 4 6.7 roterini rtaienwcit 

3 ♦FITS 3 2 10 8 * i.‘orer allows tor ronvervion of shares not now ranking tor 

Lj m *'t on dividends or ranking onij for restricted dividend. , 

il, A; a 7 ii a * Cover iftm. n« allow for Viares which may also rank for ; 

xtrt ++■*■ dividend nt a (uture dale. No P/E raco uruall}' provided. > 

fin I ,nlrA V Excluding a final dividend declaration. 

on i<anea * u eB ioiui price. 

I 213 I 15 58 I LSI 3 9 11 No P“ r ,aluc ' 

1 * I-'-** I +' a Tax free, b Pi cures hared on proepectus or i^ber efQcinl ; 

A Irina estimate, c Centr. d Lnudend nue paid or payable on part , 

of capital: cover based on dividen-1 on lull cnpilaL 
I 620 I [*^17fll rk pjg e Redemption rleld. f Flat yield. K A^uiroe-J dividend sod 


NOTES 


109 KOfi fir — 4 1 ® *•» tent, and 

% «;|fg ij usass? 

™ -~::wS l\ « 1 S3ffl.«SB 

62 +6 10 48 3.9 12 • ^ip'_si^ 


69 116 86*2 105 -l*a h429 ^0 60 2^5 

62 58 48 Lowland Inv 57 1213 Ll 5.6 245 

3.6 211 178 HiCDnallaLMta 208 M1279 LO 9.2 183 


SO 2 S t276 3.7 7J 
59 +1 3.16 3.9 ai 



59 +1 

E 

sa 

.69 

41 

121 +1 
£71*« -At 
35 -1 


246 1 

331 3.' 

+L88 3.' 


53 3.6 ZU 178 HiGDnaHne.% 208 M1279 3-0 92183 

93 i 132 90 DafWlOp 117-1 - - — - 

L4(04j 89 79 DuMRulItolfip 79 5.10 L0 9X15.6 

133 32 29* IWi DaCan^P— - 21*-* - - - - IS 2§ 

10.9 61 70 67 Man. A Metros Tov 67 - _ _ - 385 280 

- 47 48 40 HeUrumlnv 48 1.88 L0 5i 25X *g. 99 

- - 47 33 Mercantile Inv_ 42 1.27 14 43 245 ^2 ^2 

71 58 E 62 Meretantsftt„ 75*2 -*3 *29 10 5.7 265 «0 

6C 48 57* 2 41 Monks Invest — 50** 162 L0 4.c 30.fi 180 

. - 68 50 KnutBndonlOp 54 -1*2 0.89 12 25 49.7 ^ 335 

2^ 3.5 44 25 Da Writs £L._ » -1 - - — ^ S 

87 1591 103 78 Moor6aeInv__ 101 3.88 l.« 5.7 24.9 ™ 

L*12J 64 110 84 Monra de Trust _ 105 -1. 14.32 Ltf 69I2L7 » 133 

3 « 71 4.7 


MUIUlUlWvm *-M£ 6 -V 1.41 ^W.w a^n tec. 

KnttL Boston j'jp 54 -l* z 0.89 12 25 49.7 929 ^ 

Da Writs £1 — 31-1 - - - - An 2 S 

Moorgstelmr__ 101 3.88 1.6 5.7 24.9 EH ™ 

MowsideThW^ 105 -1. 14.32 LO 69 217 133 

NegltS.A5D5l_ 885 Qllc 0.5 0.6 1775 

NewThiw,Inr_ JW, L56 L0 11.0 122 


63 52 a* 2 17* 2 [New Throe hr _ JW* L56 L0 11.8 122 

95 0S.7) 163 70 I DaCap.fi — 144+1 _____ 225 (123 fLanmaR. 

- .35 11 DaNtwWrrts,. 28 +* 2 - _ _ ‘ 1 


- 58 -132 


yi si 


.POUs 152 3.95 I 45( 3.91 651 


130 £270 DoMItCoTLa £305 . — | 3.0 


. -5S 

, SO 165 
1 W 28 
- , ffl 23 
- J6 56 
' W- 85 
63* lit* 


PAPER, PRINTING 
ADVERTISING 


210 98 

110 55 

35 24 

48 25 

148 85 

110 79 

7.7 3*3 m 

73 55 45 

102 72 53 

56 39 

34 27 

32 26 

40 26 

54 42 

72 38 


„ „BX6 -,,28 -. 46 31* a NY&Gartmont 45* 2 -h 10.41 0.9 L3 1307 

210 +9 hLlO 10 J 101 5X 1M 7S*j. m!uiatirSw «*2 -1 274* 11 4.4 314 «0 |3W [WamreE! 1 6M J 15076 

110 +2 3.73 4.7 52 4.6 114* 2 79* 2 Nthn. .American. 101 -1 2.89 10 43 345 1® [130 |Bno Mates ( 165 | 1+132 

24m .... 2.01 21125 5 J D1 95* 2 Northern Secs_ 129 3.50 12 4.1 3LD 

,52 P M 6-4 61 51 Oil L Assot hw_ 57*2-1^213 Ll 5-5 249 MTkTVC 

148 +10 10.76 « 

102 724 2 


it 8*2 -...: *324 0.tf A 28 , a £ 


. W 28 stflta Msnf EK0 44 QMc 11103 8.9 4^ ^ \ulli^iborfi_ 42* a +L98 24 70 93 66 55 

- » 23 SwriinglodCSiP- 23 ..._ 129 22 69 JO^ 83 62 Berari»+ 81 : 13X9 20 72 10.7 49 42 

; « 56 SlacHakC-- — 66 +1 261 4.0 5.9 4.7 .5^ 39 Rrd.Priimns— S* 2 t35 3.0 10.0 t44i 52* z 21 

W- 85 Stonehiilfllds— 114 db.09 14 *0132 jf* 55 Ertiimlnf-Crp— 73 d3X6 33 7.9 5.9 107 73 

: 63* 11** Sumner fF.n0n_ 13 h0.72 24 |3 66 ya M ua.aesne.vV_ 63 di86 33 9J 53 48 29 

' *7 . 25 SnnlifiWSor.Iflp- 34 «36 3X SJ 7.9 [i 0 93 Bum! Pulp 95id *4.95 3X 7.fi 5.1 72 46 

n 33** SntdiSe Speak_ 62 ..ji.. 066 4A 6.4,73 48 39 CapHstisSp 42d) -2 L93 * 6i * 147 102 

■ 15*, £20 SWetfishtochiSO £-0 ! * V' 010% L4 5X128 3 35 Cmt£toniSirJj_. 2Z*i -J 2 - — — — 5X 50 24 

■ (7 70 Swire Pacific Wt 149 -6 1^360 14 2X 312 83 ChflpnHnBal50a. 83 3.98 15 7213.5 82 53 

- « 1 93 fSrftone 152 -1 d577 3.7| 5X|_5X(ioo 46 aaytradiflr<D_ 38 ... :lth257 33 4.4103 19 12 


iS 93 Syllnne - _ 

5% 14 TalbexBp 16^-** t036 3.7 5.0 16X 102 . 50 E6nl — 1+332 4.4{ 5^ 6.0 11* 2 8U 

- 3*a 8 rebbittlfe 9 - - — — 27 IB edterGa*d_ 27 L02 33 5X 82 93 56 

• 17 93 TteramlSpd- IOO ...._ J67 21 i i5Xl 22 12 DetmUp .1? .... - - - 700 56 41 

- 11. 7*a IL Times VaSp. 9 d0.42 3X &9 43 142 m OBCL. 126 1721 li 3.4 9.9 *51* 2 34>+ 

12 Third Mile In» — 2C _... LOO 24 73 7.8 43 East Lawfl Ppr- 68 ...... J3J5 29 7.4 72 25 18 

s 98 TannffT.aBp — mm +1 1439 24 5.4 66 70 55 Eucalrotra 50 -2 425 12 10.9 53 91 69 

. 15 37 ToothSlR.W — 43 . — — — — — 93 63 FeiTyRcklOp- 89 2X6 3.6 4X 8X 74 48 

. 71 36*2 Toye - 68 dl28 4.4 2.E 8.6 117 ^ Fln'JsHoitiiiies- 95 b7X2 16 123 66 53 25 

SJ us Trafalgar B.3flp. lib +1 I 7 6.] 53 51 40 Geers GrrsiltJp- 42 . — KL05 21 10.S 6.8 40 18 

30*2 £21*a Trou.Ua l*SSL_ £24** -% 05192 - 4.0 — .71 u UamsonASans. 71 ..426 20 9X(68j 70 20 

SH 63^ TiMttwnDCT._ 73* 2 1324 22 6X105 s) M Imercslfiro5fo_ 67 +1 14.93 2311Xi4Xl 34 20 

" :p 3S — ~ * 217 168 L&P.rtWterafe 200m f9£G 2J 73 73 99 84 

1_ 174m -3 01.67 26 10.0 7 3 315 220 ycCon>>iate£L- 290 11146 2i 7.4 6.0 S3 50 

5p 12 ff ...... 073 23 9.3 f5 4j n 0 fg Mtindv kilU 110 ...... 324 42 4.4 82 45 20 

,_ 357 ...... 893 1.7 83f&5)»206 uo KiJfci ABfflWp 195 5X 62 3X 53 106 27 * 2 

L_ 162 -1 t556 25 B.3 73 921, tzi* L'dreDFcra. lOp £S. dh3-07 3X 5.4 9.4 66 19** 

_ i3 d279 11 6.6 |.7£23L £U^OsOIiT4M.a_ £17Jg -*4 tQTOc 43 20 120 48 36 

_ 543 +4 1269 29 33 75 24 ’ ijrK Paper 2f)p. 43 «28 12 73 38-5 37 26 

_ £257c +*; Q<28% 24 5.3 25 75 45 u^er Prinl Grp - 66 +1* +252 6.7 5J 28 34 23 

Up 99 +4 t217 53 33 75 132 65** IsSWi&iiafhi.. 120 +L JJ334 43 33 9X 79 23 

£. 67 -* 2 3.68 22 a: 73 85 48 SnsUnDritfi2flp. 33 P475 44 85 7.1 35 18 

n_ 24 0.18 135 13 %9 ao 164 SonrCtUeHsai- 195m +7.45 2 6 5.6 103 66 46 

„ 13. d0.49 3.4 5.6 7.8 76 55 Transparent Ppr. 71 +1 5.01 15105 98 54 44* 2 

_ £5 217 3.7 5.9 S3 kjq 48 TYidant Group ._ 100 . .... 4334 13 5X Z8X 62b 31*j 

- 26*2 —1*£ 0.96 OX 5.4 - 78 49 l^ter Walter 74 -2. 332 33 6.7 75 3Z* 2 27 

143 +6 hdUM 76 13 163 65 »j, foceGraipIOp- 58 tfaLSt 53 43 7.0 90 48 


3 H 83 65 Otapsan Bal 50p_ 83 . — 3.98 
.f-S 100 46 Claj '^charii) — 38 |„;..:|th25 


TEAS 

Imfia and Bangladesh 


dividend at n luture dale. No KH racn u mi ally provided. 
V Excludin'! a final dividend declaration. 

+ JRegioiuf price. 


102 7.24 2! . x 

11*2 ? 76 26 9i 60 75 63 Phot S«. tar. Xf 63 284 11 67 205 

52 .... 3.06 3.0 8.8 5.7 28 23* 2 Provincial Oties 26 130 « 86 * 

68 +1 4.56 2.0 10.0 6X 140 104 Raeburn 124* 2 -* 2 13.76 13 4.5 29-6 

43 ...... d3.17 0.9 lit (144i 41 36 Reabn»fcliw._ 36 124 * S3 ♦ 

31 +1 130 5.0 73 3.0 36 22 Rights 4 Iss. Cap 32 0.12 - - - 

31 +1 1-50 5.0 7 3 3.0 392 148 River* Mere — 176 -1 825 13 7.019.9 

31 'IU1 Of 63 3L4 163 1Z3 River PI Sie Dei. 350 ...... 1634 Ll t, 3 72-2 

53ni _... M2.82 3.6 7.9 5.3 £463* Roheru.a-IRW £5^ -* 4 0236% 10 5.5175 

72 bl-53 5] 3.2 ai 652 467 DaSebXh sPB 57*d -2 0256% LO 53173 

20 dl29 2t 9.6 <X0l £52 £36?* RoIuicoWFES. Sfi7\ ?t_ __ __ _ 

16 — - - - 520 325 Da'dhShsFB. 477 (_____ 

53 ..... dlO 7.1 2.9 68 105 73 Rtam^Tma _ 93 -l 2 2.69 Ll 43 321 

65 499„ i 12-0 5 59 52 RwediDwudliie. 53*2 1424 L0 1L3 12.9 

48 d3J5 0.4 103 16X 85 48 Do Car 81 - _ _ _ 

45 -2*i 1X7 5.4 5.6 5.9.223 159 Rothschild Ta3)p_ 201 +1 7.11 13 53 222 

88 .13.76 46 63 3.7 78 67 Safeguard Ind_ 76 3.65 Ll 7.2 20.1 

46m raX2 33 53 9.0 135 1Q1 SLAndnu-TM... 13412 t4.57 L0 53 29-4 


5J 131 re* 2 Northern Sees— 129 3.50 L2 4.1 3LD 

6.4 61 51 Oil L Assoc. Inv_ 57* 2 -1*2 213 Ll 5.5 24.9 

♦ 63 47 Outwiehtnr 59 -2 155 L2 3.9 326 

(4.9) 137 99 Portland In? 122 -1*2 431 LO 5.0 28.7 


11 6.71203 1 


4.5 29-6 442 
S3 * 420 
- — £42 
7.0 19.5 178 


fF.llOp — 46m mX2 

nt — 72 1334 

N otts Manfg 14US -2 13. 29 


MINES 

CENTRAL RAND 


1634 LD 63 222 
Q25f°d Iffl 5.5175 


£ _|Z :|1K |571| 


369 +15 - 

33B +2 - 

£3H 2 +*j t®9 
140 +6 tQL 


dlO 7.W 2.9 6.8 105 73 RtnHwyTnBtJ 93 Mj 2.69 Ll 43 321 ,37 18 

499 *J12X 5 59 52 RusedimotidliK.) 53*2 1424 1011312.9 416 235 

d335 . 0.9(103 16X 85 48 Do Can ( 81 I - _ „ _ 15? 76 


thschildTaSOpJ 201 +1 7.11 13 53 222 *44 271 
reguard Ind _ J 76 ...._ 3.65 Ll 7.2 20.1 _g 35 
AMtwTSL_ 124*2 1 t457 L0 53 29-4 105 52 


EASTERN RAND 


67 +* 2 QMc 
24J 2 +1 W20c 
335 -1 F&50c 
99 +5 ttfl9c 
300 -2 Q5 5c 


. m .- rraoqwrtirev.— 1 T tn 

< V 3*J Iraniroad Gp. 5p 3S — ... — — “J^ * 217 
. m 266 far neriNew.IL. 174^1-3 &L67 26 U.n M 315 
9 Turner Cun. 5p 12ff 073 23 f.lj(|.4j 130 


. . «, 137. UEOIflll 357 893 1.7 8318^^06 

- » 88 UniettnlndtHt’s— 162 -1 t536 23 83 73 921 

’ S3 36 DufflcxlOp ®3 <1279 33 6.6 5.7 V3 

i 32-476 Dm lever. 543 +4 1269 2.9 33 73 

: ^*t £20tj Uni N Vj 7 ! L2_ £»*c +*5 M 5.3 83 1 75 

• » S3 Did. Carriers 10p 99 +4 t217 53 33 73h32 

70 49 Pnited Gafl Imfa- 67 -* 2 3.68 22 8.^ 73rp; 

: !4*a 34*j U.ftiarantMSp- 24 _.... 818 13J 13 Mblfl 


5*j llij Uucrimune — II 13. ^.49 SM 5X 7.8 65 

58 32 Valor——— £5 217 3.7 5.9 S3 kjjj 48 

' » 18 VtoSsICp 2&l 2 -2*1 036 0X 5.4 _ 7a 49 

■ *0 49>* Vmren&p.ato. lffl +6 h OJA 7f U163 & gi 

2 62 WJtibhoMlOp. 62 . — 4335 3-7 81 5^ 232 186 

a 22 ffadePtmlOo. 90 hL12 3f 5X 63 -106 72* 

15 U 14*a <50.91 07 9.5 12.9) xi 

. 58 « wSrfapZ: jp-1 +QL75 2.7 33 1L6 ^ 

38 205 Vatsbaei’C 302 403 44 20 173 

■ B 48 BstsmRX-UM— M2 -1 d240 33 33 123 


S ^ -1" dSjo S| m PROPERTY [ TOBACCOS 

; I H 1 1- §3 1 ™ i*s*te A « ss is i-aas » m mi— b i5 - «« 

# S. JSihSSL ^ ”... 9 J.H S 2.J 7A gt. 3s gSBSfR 276^ -.. iff 14 23 «U % S ^ * 2 ff 

S » ■ - 7 W f-S 1311 a % ^Sejarr. S * a 0X9 12 4.9 263 » M IS 


5X 7.8 76 65 Transparent Ppr. 71 +1 5.01 L51Q3 98 54 44* 

5.9 S3 100 48 Thttant Group ._ IOO +334 13 5X Z8X 62b 31J 

5.4 - 78 49 Udter Walter fefv- 74 -2. 332 33 6.7 7X 3Z* 2 27 

13 163 65 22<> Vface Group 20p. 58 . — 1*L5« 53 43 70 90 48 

83 5.0 232 186 WaddmrimiS.L. 203 -1 1L31 Li 84113 58 41 

5X 63 ^106 72i ffatmoughf W0 -1 3.91 3.4 5.1 7.7 49 34 

9.5 1 TL9 16 11 WpttfwSrmp5p- IS 03 - 1C - 59 31 



.72 - s .. 1334 22 73 9.0 101 74*2 S«t Ant lw.50p_ 91*2-^ t264 10 43 353-7% \\ 

Mim -2 1129 5.1 33 72 181 251 Sect Cities A’— 158 -f 812 11 7.7 17.8 56*2 31 

39 15 0.6 5.7 47.0 161 114 Scot East. In»__ 139 1437 Ll 4.9 32.6 865 517 

73 4333 6X 6X 3.1 45 34 Scot European. 43*2 -* 2 152 33 53 252 63 31 



1 Payment frcoi capital "ource*. k Kenya, m Interim hi fiber 

than previous total, n Rights incue pendimj q Earningn 
baaed on prel 1 mi nary fie ares, c Dividend and yield evrlude a . 
special payment. I Indicated dridend. cow-r rotates Id 
previous dirrdend. P<E ratio based on latest annual 
earning u Fnreco. - ! dividend, cover bared on previou* year's 
earnings v Tax free up to 30p in the L. w Yield allows for ' 

__ 1 currency elauw. y Divirtend oi id yield bamxl on mercer term*. • 

“ | c Chv idend and yield Inc lude a ial payment: Cover does not 

9 e| *7 Apply *»' special payment A Piet dividend and yield. R 
V3L™ e'e "C*««wree di» idend pa-ised or ilelerred. f 'tonbdian. E Irsma j 

lie O./I 53 price K Uinnepd and yield based on pm-Hpectua or other | 
official erti mates I dr 1970ffi. r> .Vsmmrd dividend and yield j 
after pen.fin.t rcnp.-indtor nfihti iraac. II Dividerd nnd yield 1 
based on prospectus or other ofTurial estimates tor * 
. , __ 1973-79 K Ficures h-uacf «« prwrtectus or other otfiri.-i] . 

f. 52 s o*ionw tor 1978 M Dr.-:der.d and Held hased on prnepertus . 
flJC 12 48.B or other ■■Ifii-i.tl eJiraate*- lor I STB. N Dividend and yield | 
50c — 89 ba/ictf on protqieccitf or other erffict.il i-sutraes lor 1BTR. P 1 
I9t L8 122 S-’icures. based on prospectus or other ot^ciul c'dinulve for j 
5c 1» 11.0 1WS-79. O »jn+.* T rifiuren a*jimcd. Z Dividend total to I 




114 116 8Z*2 Sccttish tar. 183* 2 -* 2 12.60 11 3.8)36.4 


60 128*2 94 [ScdMort.JtTst.ll35 335 


_ — -I -H76J 331 7.11 5.6 168 119 Scot NaimnaL- .153*2 J3.50 _. 

K .._.. td4.«ri S.110.« 43 119*2 86 Scrt.Norjhan_ 10S* 2 -H t 3.43 l.tf 4.430.9 

5U 2 1P3551 3.IM 4.0 I 79*j I 553, ScrtCntano__ 69 h208 10 43^322 


L0 43 353 
U 3.4 401 
1.0 4.9 30.9 ggc 
in icnt w 


+.U ■■TO '.IUUIIV DI IIC-UO J U UIU nib 

20 11.05 3.W 93 6.4 91* 2 58 Scot l id. lnr._ 80*+ ThL62 L0 3 0 501 

76 ...... 04.49 za 8X 52 113*, 72i 2 Scot Western..- 98*j 1223 0.9 3.4 *74 iS? 

68 -1 1X4 9| 4.0 4.0 108 69 Sent. Wtsto IP_ 98 +1 - Si So 

45 . — 278 2JJ 92 15.01 218 161 5«.AJlufl«TfL_ 194 ...... 6.30 0.9 4.B 34.0 S2 5?? 

.35 153 22 66 8.7 100*2 65 Sec. f. real Ntim. . S7*a 2.01 LD 3.4 432 fS 

69 255 O 5^20.8 .97 60. Itto-F.' 87 _ . _ J -T| _. LS 

26 .... L66 L3[ 

93 611 LS 


50* 2 +1 QZlc i 24 8 dn». ff Yield hosed on assumption Treasury Bill Bate stays j 
83 tv)46c 10 429 unchanged “■»*** nwturlty of sock. I 

dA ^.71, oic- n"a aT"i Ahbravlulionn' tdea dividend: a fa scrlpisrue. «r« rtfihts; nex j 
570 _ <$29f- ♦ 115 14 ‘ -x ca.-uUJ diriibution 

46 +3~ _ _ _ ; I 

“ Recent Issues " and ** Rights " Page 40 * 

fad VPFST RAND "" 1 

This service is available lo every Company dealt in ob 

jvoorS 311 |9*5c \ ^-g 72 - 7 Stock Eschzngas throcBbont the foiled Ki n g d om fair a- 

7 90 tf rr W. fee of £400 per annum tar each security 


Bljvoor25 

Baflefc 

Deelkraal R03*_ .. 
PooralcxiteinRl — 

East DneRl 

DantfcrandGbLSOe.- 

□yfatnv R1 

ItarteheeqRl ... 


90 +4 - - - 

273 +2 Q50e 2M115 

683 +7 tQ78c L7! 74 

222 +13 - - 

94 +5 L0| 54 


95126 215 154*2 SminWT.St. 19B* 2 J 2 " 619 L0 4X364 ^ '' 546* ^4" 2 6 U^^TlfhTlJ A? ?J3 A&TSrS?* 1PC 

»£# SS Raises :■"» U ii»8 8 S8S-- I 3 i 4 RiiG!0hAL IiSASSETS 


r ■ » U Hbt. % H SSsM S 3 U 8S8B R EsMT- i 3 W It 


61+*; - - 

48 +£; - _ 

36 +25 L 

32 134 6 

32 152 5! 

77 -1 1X7 5.1 

31 -1 L01 4J 

62 3.81 L 

46*2 1276 2 

55 +* 2 Qltfti Li 


- - - 127 94 Si 


iT 4 73 1 SI ‘S.^S'fc’g if'f’i 3 i»i«iR8sr|^ iasss— ■ i rs, 

62 ♦ 122 90 S?flnhop<^e£_ lS 3.11 L5 4.0 25 0 W^i R AiSrT' +5' f 

7-1 X® 197 145 aerlincTii- 178 1558 L0 43 3L9 ^ ' 8M t* i 

32 67 110 76 iSndamMm &*._ 100*2 -* 2 1239 L0 33 50-1 SS +2 

4i 68 130 80 Teetaolo® » -* 2 2.64 1.0 3.7 40.1 ^ 163 lZawJpanR1 1 210 ** 


li 4.2 fii » g{ ssaajf- Ek a S£ H li 
“«S«SSPffi ^SSSSrz- lW 8 ^ ^ H 

Tc 7n « n £291; flfe^ W. DrieRl £22 C?385e L7 1L0 Jre a ' ' Tun ^ 


La 9^ 124 105 81* 2 IbmjrieBar 95 MX2 Ll 7.6 18.6 

2.3 9J 5.7 26 21*; lW Growth— ^ 2.0 ULL9115 

Loj 20 59 A 108 86 DaCap.£l 102-1 — _ _ - 


156 [+5 1Q13c [ 271 5.0 Alb.-inrlm- 3>P 26 

802 +4 t«25H 2.4l 61 Ash Spinning 49 

210 1+4 Q4L5C 4 11X tertam.— 17 

Edg vttr. EsL sup r30 

_ Clover Cmft 26 

6 •'rail; & Rr-icEl 520 


Klief! Heln.hng.1 63 
SiiiriailiWm.V- .! 107 


CDriilEJOp I 86 +1-S6 62 32 

57 355 * 8.S 

*7 L85 02 60 

37 —1 208 - 8.4 


rz/.ii 0 + j nroanuruni — 

7.0 £13l noSUn-B*:'* 1 ^™- 
♦ 26 I 71 {Tcr.Inrest.lnc_ 


^5 1£ 8.8 171 no 75 frTeeSWeDw.Sfc 

l n f H £20^ EUia^inediiklSOc — 

-=~ 5.4 ^1“-51L7 121 59 friSaaiptaasBl- 


A FS CraiK teHwi _. _ 

EN-scmiR. A.i A.( 57 

State Dw. 50c | 105 1 J M2c ( 2« 68 SJ*** 1 * bl - 

totaMSOc,^- £17 ....... AZ4ta 27j 8.4 


- 125 I* LPaOm-rrc- Hfl -1 057 _ 0.fl - 456 279 


m F BL fi Urn & TI S5EHC= 


TOBACCOS 


81 56 [Tribune birest.-i 74 -*a hl.32 13\ im 18 


ednUSOc — £17 

laaipJaasRl- 83 +*» 

tony p(V - 314 +5 

«Xl 85 +1 

Brand 50c — 913 +21 


jn, 7 7 srf Eveivd.. 27 

We 2,1 84 j.-u eKorce 52 

V ,•», Finlaj- Pke. 5p„ 21rJ 
& JS 1 ?-! GrotHShip £1.. 140 


Ccmv ^-SOiaZ £90 *b -*» 

.+JlidneeGur.. _ 8*m 

Arnett 365 +5 

Caircll tl’J.i 95 

CJnndalkin 88al +*lj 

Concrete Prfrip . 130 


2-5 HiC5on.sBrew.-l 77 -1 I HuitOTHHldgs.il 48 


s Jjh &xSStF\&<- w*l apnpiaas |KssaE= * w asa ti J nfifififegc. S y-iasMSs- s 

70 111 _Do IfltatalEL- 1 M2 -1 I — . — . Lt-.IEIDL 703 StHeienaRl 760 +22 OMOr A 14 O N'thn «nld«n&th 66 -1 I .Incnh Sav- 


| 3 B gaa E t«- IT| I::::'-' »'|BS3SKiE » zz dU t| qpaa‘1 a-b-iasr*3 a R itb 1 ai * 

• » 45 ffllkesCI.l— l- 9 9 g « 62 47 ■ tepem'. &>]<*- 58 -2 fd4X6 L*ril0.5hoi 


assay s l’. - sr a aura nj.w+sgjfc- 

WUteteyBXAW.J 28 .n. I vJ T-J r-„|*q5 I 79 Heaunionl Prore- 87 1J3X 


xSm M*s 4S>2 Rrtbrats^iu 63 


170 111 
, 117 91 

5J 154 120 


ml Units 108 3.45 

WTIn* j 290 j. J11321[l33j 6SI 5J |l54 [l20 (ThifiwsCoro— 145 Z” 4.92 ( 4> I 5JJ • |374 Jj90 iveihmSta" 

MftrtsHa r! .= nt li 5M0 £247jaS!SS5» 


1144 h/ntari Z 265 +6 

374 190 {WefkoznoOr 314 +2 

£247j{£13* fi (fl'.Holtlings50c_- £29*2 +*; 


8l H elena Rl___| 760 1+22 ftlTOc 4 115.0 N'thn.tioldsnrttb 66 -1 I Jacob, 


' 11 BMft i -t ff HS 


104 £87 Do. IOdcCdv. £92 +*2 Q1G% 133 £1L4 — 

a 36 tfimZ.JL— §3 -1 fi.79 35 8.3 6J 


64 47 Wills (George)— 5gm 1157 M 4.| 

: 81 30 wflwnKaltnoWp- 38 323 4 117 

. 54 36l 2 Winnlnds20j>- 5S* 3 ...... 2.6 || 

57 34 WinerfTtonBflJ- 54 -*2 119 35 BX{ 

■. 57 19 Wood* Soar 5p- 47 M167 U a-4 


« a3Ss m 

M 4.l| 55HS- 


BdlwayHIdps- 67 .... t2.91 ~ 65 — 

Bo+dei Hamhro- 133 +1 3X7 L2 3.7 30 7 

EtiiaKrereyr — 181 „.... 1627 L4 5229.2 

RrodfordProa— 256 Ml 42 4.0 &9 


TRUSTS, FINANCE, LAND 
Investment Trusts 


48 24 flood (Art 

01 83 VoodHsU 


40 0.41 &7j 3/ 

95 -1 0.4O[ 20j 3J 


B 3.4 U M4 H» 2 ltdBn1 Secs„ 331 -1 4.46 10 5.1293 

10.5i64i 2i is Utd Capitals — 19i 2 10.95 i_Q 7.3 215 

4.5 28 106* 2 80*2 IS Deb fta* 93 1357 10 5X 255 

7i] 7.5 203 165 IS 4<>*eraTTa. 190 -1 1603 11 4.7 263 

900 600 WTnrtFuiriiL 765 . .. QlDc - 0.7 - 

.«v*v 99*2 7# Vikinj Resources- 86*2 -l*j U2 12 1.9 65.0 

LND 84 59*2 WCrt-iTeus lOp « -2*j 0.76 15 1.5 675 

320 27B WenF5s!nr.£l_ 303 20.97 bU 5.4 255 

219 171 Wfiterbottem — 23. 1 t4X7 LO 3J44X 

. , 104 69*2 ffiian Iny- — — 93 -*j 233 10 3 7 38.9 

LOj 6323X 100 65 Da“B" 90 -f 0.07 _ _ _ 


_ _ I _ PNireiC ll 1- 1*0 

05c LW 6.7 *^1 Mills.. . 2* 

Mel lil 8X| sl,e *HeJd f-nek 5w£ 


Inn Carp 190 vlO 

Irtoh Ropes 100 ... . 

Jacob 53Jjai 

Sunbeam . . 33 

T M.v'i 200 

Unidiro 85 


FINANCE 


(ffi 6 1 rJ HLrJBS [424 |Ati£AniC<0iak-[ 590 1-25 


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1 













factories 

& WAREHOUSES 


fINANCTALTIMES 


rprnarDThDRPE 

“ " ‘-F' ' -_r S. 


Wednesday October 18 1978 


m 

LONDON. SW1 TEL: 01 -334 6390 j 





King Sze 
■S sS-k Plates. - 


ROBERT SMITH & SONS LTD 
m.:051 -6474221 
telex: 627345 


State may change 
its link with BP 


BY KEYIN DONE, ENERGY CORRESPONDENT 


THE DEPARTMENT of Energy 
is believed to be deeply unhappy 
about the Government’s relation- 
ship with British Petroleum and 
it is likely that =ome Ministers 
will seek changes in the wav 
contacts are conducted at board 
level. 

Earlier this month Mr. 
Anthony Wedgwood Bean. the 
Energy Secretary, gave the hack- 
ing of the Labour Party national 
executive committee to a policy 
statement demanding that British 
Petroleum and its subsidiaries 
should be fully nationalised. 

The call came after the publi- 
cation of the Bingham Inquiry 
report, which revealed BP's role 
in breaking nil sanctions against 
Rhodesia. The report, which also 
showed that Cabinet Ministers in 
the Wilson Government knew of 
the sanctions hreakinc is proving 
a considerable embarrassment for 
the Labour Party. 

The question of relations with 
BP have not yet been discussed 
by the Cabinet, however, and any 
moves toward full nationalisation 
are thought to be unlikely. 

But it is understood that some 
Ministers, includin'; Mr. Benn. 
feel that Government policy on 
a number of issues has heen 
undermined by the company. 

It is felt in Whitshail that BP 
bas proved the most difficult to 
deal with nf all the oil companies 
operating in the North Sea. 

The Government appoints two 
directors to the board of BP — 


it is at present represented by 
Mr. Tom Jackson and Lord 
Creenhill — and the company is 
supposed to consult with the 
Government when matters of 
important national interest arise. 

The Department of Energy 
feels it has Tailed to do this on 
several occasions. For example 
the DnE was not mid about 
BP's proposed £210ni deal to 
acquire a major part of Vebar. 
the West German energy 
company, until 34 hours before 
the deal was announced. 

It is understood that the 
Department holds BP respon- 
sible for undermining the 
Government’s policy on oil re- 
fining in the EEC Government 
opposition to proposals from the 
EEC Commission for a cut in the 
refinery capacity was not sup- 
ported by BP, which favoured 
the EEC line. 

In other instances. BP is held 
m have gone behind the Govern- 
ment's back in dealing with 
France over exploration con- 
cessions in the South Western 
Approaches — without Govern- 
ment authority — and it caused 
considerable embarrassment 
when it admitted last year that 
it had paid more than £1.3m to 
overseas political parlies. 

H is understood that Ministers 
are now determined that BP 
should at least abide by the 
agreement — made when the 
Government bought its majority 
slake in 1914 — to consult White- 


hall on matters of international 
interest. 

They will examine how far the 
present system nf two stale 
appointed directors — they have 
veto power, but this is thuochl 
never to have been exercised — 
can meet the requirements of 
consultation. 

It is likely that the Department 
of Energy will question whether 
BP should continue to report to 
the Treasury rather than directly 
to itself. 

• Mr. Benn said yesterday that 
the UK Government was seeking 
to establish formal contacts 
with the Organisation of 
Petroleum Exporting Countries. 

As tbe 13th largest oil pro- 
ducer in the world, the UK 
should develop “ loose links ** 
with OPEC, he said. An an- 
nouncement could be expected 
in the New Year. 

The U.K. was in a remark- 
able position to increase its 
influence both as an oil-produc- 
ing nation and as a member 
of groupings of oil-consuming 
nations such as the International 
Energy Agency and the EEC. 

The" UK is clearly following 
other non-OPEC members, such 
as Norway, in wishing to cement 
firmer ties with the oil-produc- 
ing nations, espec’ally on ques-| 
lions of long-term energy 

strategy. 

BP chief s bid to best fund 
crisis. Page 11 


Mitsubishi to 
make engines 
for Chrysler 


THE LEX COLUMN 


The consumer boom 
reaches Marks 


BY JOHN WYLES 

CHRYSLER CORPORATION has 
agreed on an important expan- 
jsion of its links with Japan's 
I Mitsubishi Motors, which will 
begin supplying the U.S. com- 
pany with 200.000 four-cylinder 
engines a year from 1980. 
i That emerged from last week's 
| regular autumn meeting between 
executives of the two companies, 
I which have been co-operating 
closely since Chrysler acquired 
a 15 per cent stake in Mitsubishi 
in 1971. 

The Detroit Gathering was 
their first detailed review since 
Chrysler announced the sale of 
its European operations to 
Peugeot-Citroen in August. In 
the agreement. Chrysler will 
receive a 15 per cent slake in 
the European company. 

In a joint statement today. 
Chrysler and Mitsubishi said 
they were exploiting other “co- 
operative endeavours ” in addi- 
tion to the engine agremenL 
Chrysler would not elaborate. A 
spokesman denied knowning 
whether Peugeot-Citroen had 
been approached as a possible 
supplier of engines. 

The value of the supply agree- 
ment with Mitsubishi has not 
heen disclosed, hut it will run 


NEW YORK, Oct. 17. 

for five years and is bouad to 
intrigue Detroit. Chrysler is 
expanding its engine plant at 
Trenton. Michigan, to produce 
four-cylinder engines of its own. 
and has a supply agreement with 
Volkswagen, which is to sell 
Chrysler 300,000 four-cylinder 
engine blocks a year until at 
least 1980. 

The company said that the 
Mirsubishi deal would supple- 
ment. not replace the Volkswagen 
arrangement 

Fuel economy 

All U.S. car companies are 
having to prouce smaller engines 
to comply with increasingly 
stringent fuel economy regula- 
tions. By looking for overseas 
supplies, Chrysler is acknowledg- 
ing that its overstretched capital 
investment resources will not 
cover self-sufficiency in engine 
production, at least for the first 
half of the next decade. 

Since it first took a stake in 
Mitsubishi Chrysler bas been 
steadily increasing the number of 
Mitsubishi cars and trucks im- 
ported into the U.S. and marketed 
with its Dodge and Plymouth 
badges. In the model year ending 
last month, some 98,000 units had 
been sold. 


West seeks compromise 
of two Namibia polls 


Voters may force 
Trudeau to step down 


BY QUENTIN PEEL 

COMPROMISE plans to bold two 
elections in Namibia (South- 
West Africa l are being con- 
sidered by Western nations in 
a bid to find an in tern ation ally- 
acceptable settlement 

Talks between the South 
African Government and 
Western Foreign Ministers, in- 
cluding Mr. Cyrus Vance, the 
li.S. Secretary nf State, con- 
tinued for a second day in 
conditions of strict official 
secrecy. The South African 
Cabinet met for i is regular 
weekly meeting to consider pro- 
gress in the talks. 

This was Followed by a lunch 
hosted hy the five Western 
Ministers, when guests included 
Mr. P. W. Botha. South Africa's 
Prime Minister. Later Mr. Pik 
Botha, the Foreign Minister, was 
expect Pd lo present South 
Africa’s couni er.p reposals to the 
compromise plan. 

According to diplomats, the 
Western plan is to allow the 
unilateral South African elec- 
i 'ons to on ahead in December, 
but with no international status 
or recognition, provided South 
Africa commits itself to a subse- 


quent unsupervised poll, pos- 
sibly in June next year. 

The plan would also require 
South Africa to invite Mr. Martti 
Ahtisaari, the UN special repre- 
sentative for Namibia, to return 
in the near future for further 
discussions on the UN peace- 
keeping and police monitoring 
forces in the territory. 

It is understood that the 
Western plan has been drafted 
in tbe Form oT a joint announce- 
ment. which would state that 
agreement could be reached over 
the role qF troops and police, 
although the two sides would 
agree to differ on the status of 
the December elections. 

It remains questionable 
whether the South African 
Government can bring Itself to 
a firm commitment to the sub- 
sequent UN-supervised elections, 
and whether such a compromise, 
with the unilateral elections 
going ahead, will be acceptable 
to the UN Security Council. 

Moreover. the Democratic 
Turnhallc Alliance, the principal 
party in Namibia committed to 
the South Africa elections, is 
determined that tbe resulting 
elected body should draw a final 


PRETORIA, Oct 17. 

constitution for independence, 
under which anv subsequent 
elections should be held. This 
would be totally unacceptable to 
the nationalist movements. The 
South West Africa People’s 
Organisation fSWAPO) and the 
Namibia National Front. 

Given the problems that 
remain, the talks now seem 
likely to continue until to- 
morrow. The unknown factor is 
the effect of President Carter's 
secret personal letter to Mr. 
P. W. Botha, delivered by Mr. 
Vance yesterday. Mr. Boiha 
declined to reveal the contents 
today, but declared that he 
“highly valued” the letter. 

In the Namibian capital. 
Windhoek, three alleged mem- 
bers of SWAPO appeared in 
court on sabotage charges 
relating to explosions at a rail- 
way bridge and a road bridge in 
the territory- The two incidents, 
at Karibi in the centre of the 
country, and Keetnianshoop in 
the south, were the most 
dramatic incidenls of sabotage 
outside the northern operational 
area so far revealed. The three 
were remanded until October 31. 


BT VICTOR MACKfE 

THE CANADIAN Liberal Party 
suffered a severe setback in 15 
by-elections across the country 
on Monday. It retains a majority 
in the House of Commons but 
pressure will start to build up 
on Mr. Pierre Elliott Trudeau, 
the Prime Minister and party 
leader, to step down this winter. 

Campaign party workers re- 
ported strong anti-Trudeau senti- 
ment Some described it as 
pathological in its intensity. 
Liberals have already started 
examining the results and assess- 
ing their chances in the general 
election due by next summer. 
The parly campaign committee 
met today to study the results. 
Many Liberals were privately 
suggesting that tbe time had 
come for the Prime Minister to 
retire after 10 years. 

About lm Canadians were 
eligible lo vote in this test 
of the popularity of the Liberal 
Government primarily against 
the progressive Conservatives, 
the main opposition party led hy 
Mr- Joe Clark. 

The Conservatives won in 10 


OTTAWA Oct 17. 

of the 15 constituencies, and took 
over she that bad previously been 
Liberal. Tbe Liberals won two 
Quebec seats, one of which bad 
previously been Tory. Also in 
Quebec, tbe Soria) Credit Party 
held its only seat at stake. 

Voters in Newfoundland 
showed that even outside Quebec, 
the Conservatives are not having 
it all their own way. They 
switched a Tory seat to the 
socialist New Democrats Party. 

The Liberal setback was worst 
in Toronto. Middle-class voters 
there are disillusioned with the 
economic management of Mr. 
Trudeau and the redistributive 
policies that the Liberals pursued 
until frightened off by recent 
politiral and economic warning 
signals. 

The Toronto defeats are 
especially ominous, since it is 
widely believed that the elec- 
torate to Ontario, which includes 
Toronto, bolds the key to the 
general election. 

Voters deal blow to Trudeau, 
Page 6- Editorial Comment 
Page 18 


Marks and . Spencer’s interim 
figures are impressive. Group 
sales are up 19 per cent to 
£68Sm. but pre-tax profits leap 
a full 40 per cent to just short 
of £73m. To cap it all, M and S 
is forecasting continued good 
progress for the rest of tbe year 
— while the dividend looks like 
increasing by as much as 33 per 
cent under the cover rule. Marks 
has already had discussions with 
the Treasury on how the pre- 
vious highest dividend cover 
should be established and the 
message appears to be that ex- 
ceptional (non-trading) items 
should be excluded in making 
the calculation. In addition. 
M and S has been allowed to 
use SSAP 15 (ED 19) for sett- 
ing notional tax charges for pre- 
vious years. 

In the UK, both clothing and 
food sales show increases of 
around 22 per cent; the pre-tax 
profit is 38 per cent better at 
£76-3m. On the clothing side 
this reflects volume gains of 
around 14 per cent, while food 
volume is probably 10 per cent 
up. M and S attributes a signi- 
ficant part of this improvement 
to trading up to higher value 
items. 

The news is also a Tittle 
better on the overseas front In 
Europe. Marks has tackled tbe 
Lyons store losses by halving 
the size of the branch. So if re- 
organisation and pre-opening 
costs are excluded Europe as a 
whole traded at a profit (about 
£im) for the first time this 
period/ Reconstruction (and an 
acceptance that the group had 
made the wrong - decision in 
buying in to town-centre shops) 
has been the name of the game 
in Canada too. There M and S 
has been dosing down the un- 
profitable stores, and opening 
new units in out-of-town loca- 
tions. Again, excluding excep- 
tional costs, the underlying 
position has improved^ to leave 
losses of possibly £2m 

The interim profit has been 
arrived at after taking in half 
of a £1.9m pension charge, but 
before whatever amount M and S 
decides to allocate to employee 
profit-sharing- Taking every- 
thing into account however, the 
group is capable of making 
£l60m, or more, pre-tax for the 
year. At 87p the shares trade 
on a prospective p.e. of about 
12. on a 46 per cent tax charge. 


current year. However, in the 

Index rose 3.9 to 498.5 J-jS S ffiSkSSa" 

normal, and it may be that the 
group's overall profits can he 
r ;v- - - -r rjr\ held close to the 1977-78 level. 

■ / The big attraction of the shares 

jw / at 49jp remains the yield of 9.7 

lOi-njmTt »/= - per cent, now backed by a 

V / greatly improved cash flow. The 
gfJn uncertainty lies in bow BBL will 

g£_ LJ 1 — seek to move into stronger 

f growth areas. 


BMtB DF EWLAIBJ 

MM8KU&I 

LENDING 

RATE 


Brooke Bond Liebig 

If you believe in historical, 
cost accounting you will accept 
that Brooke Bond Liebig's pre- 
tax profits from trading fell 
nearly £Sm last year to £4L7m 
(ahead of a £3m profit on 
property disposals). If you go 
for current cost accounting, 
however, you will prefer to 
believe that real profits Im- 
proved by over £30m and 
actually exceeded the HC 
figure, with the three Hyde 
adjustments summing to a small 
positive total - for 1977-78 
against the massive £39m net 
deduction far the previous year. 

This reflects, of course, the 
sharp fall in tea and coffee 
prices during the year, leading 
to an agonising reversal of 
previous overstocking by 
customers— ex factory tea 
volume in the UK dropped by 
15 per cent, taking the year as 
a whole (and was still worse 
until the final quarter). The 
entire drop in group nominal 
profits was attributable to the 
UK. Plantation profits held up, 
however, with better volume 
partly offsetting lower prices, 
while it also helped that several 
plantation companies are con- 
solidated six months in arrears. 
Elsewhere abroad. North 
America was hit for much the 
same reasons as the UK. hut 
Europe improved thanks largely 
to a turnround to profits in 
France. 

Unless the tea price now 
picks up smartly, plantation 
profits will be well down in the 


Furness Withy 

Furness Withy’s interim pre- 
tax profits have slumped from 
£13^m to £5-7m. But given that 
the combined profits of P and O 
and Ocean Transport for the 
same period amounted to just 
just £3.4m, FW appears to be 
riding the shipping slump bet- 
ter than most and. unlike the 
other two, feels sufficiently con- 
fident to increase its interim 
dividend. Last night the shares 
dosed 7p higher at 241p where 
they yield a prospective 5.6 per 
cent. 

FW has never been con- 
sidered one of the high fliers 
of the shipping industry but its 
conservative approach is now 
dearly paying off. Unlike Ocean 
Transport and P and O it is in 
tiie fortunate position of not be- 
ing overexposed to any one 
sector such as bulk shipping or 
LPG carriers. In addition, its 
liner operations have held up 
much better than those of most 
of its competitors. 

The group's associated com- 
pany profits have fallen by £4m 
in the first half (reflecting sharp 
setbacks at Kingsnorth Drilling 
and to a lesser extent OCL) and 
pre-tax profits for the full year 
look like beiag of the order of 
£llm-£I2m, against £20.7m. 

FW sees the shipping slump 
continuing for “several years” 
but is happy to sit it out until 
better times return and with its 
capital spending tailing off 
sharply. Is not suffering from 
any particular balance-sheet 
pressures. AD of which explains 
why it would make an ideal 
takeover target for a group such 
as European Ferries which 
Would like to diversify from its 
narrow base in the cross-Chan 
nel ferry business. However, a' 
these results show, FW is r 
sitting duck. 


NEB plans to cut number of 
telecommunications companies 


UK may be taken to 
court oyer fisheries 


BY MARGARET VAN HATTEM 


EEC COMMISSIONERS are 
expected to decide at their 
weekly meeting tomorrow, 

BY MAX WILKINSON whether to take Britain to 

court over national fisheries 

THE National Enterprise Board supplier. It is helieved that the by many overseas customers, measures introduced over the 
is preparing for a major effort NEB has abandoned this pos- They are several years behind past few months, 
to re-organise the UK telecom- sibility us unworkable in present their rivals in developing the jn r fj nn Qlav Gundelach 
munications industry with the circumstances. new System X. intended lo serve the Commissioner for Asricul- 

help of stale funds. The second possibility was to tiris market. I ture and Fisheries, Is expected 

Its aim is to reduce the it urn- set U p a joint marketing com- The proposed joint marketing l to urge strongly that the issue 
her oF manufacturers from three pa ny between (lie three suppliers, organisation would he set up to! he referred to the European 
to two and to lieip coordinate perhaps with NEB help, to sell System X abroad when it! Court of Justice following a 
overseas markeiine in me none c- — ■ . ... — ■ . . , u «... , i r- _ 


Court of Justice following a 


BRUSSELS. OcL 17. 

This would indicate an 
abrupt tactical shift by Mr. 
Gundelach. He Intimated 
recently that he was prepared 
to let the matter rest in the 
hope of resuming serious 
negotiations for a Common 
Fisheries Policy. This followed 
UK assurances that no further 
measures were planned. 

Talks have been stalled since 
January this year over Britain's 
demands for preferential rights 
within the Community’s 200 
mile “pond.” 

UK stands by policy Page 39 


Stock Exchange to meet 
rule book challenge 


tYL"! promote exports. Such a market- becomes available in the 1980?.! s riidy of the case by ihc Com- mile “pond.’’ 

to. share "f "pom ' ’ "ovelSS "con* Howver. one of .he prohleots : UK stands hy polio. Page 39 

The NEB has had a long series J tanev service BritH which w J 1,ch is Sl > fa . r unsolved is how, 

Df meetings with the three cmn- pronnsed between the Pest tho marketing organisation ^ . . . . 

panics involved, the General nffice P r ble and wireless and *‘ I V ,W b,? ah,p ,n puarantee t 1 YphQlKTD mpof 

Electric Company. Standard Sin ihe British Airwavs dclivcr - v Modules unless it had OIUCK JC/XlUaJUUt? IV IlIECl 

Telephones and Cables, tiie ITT lDe bnusn A,rwa >s control over manufacture of; ° 

subsidiary, and Plessey. It is s *' equipment as well as prices. B v 1 1 11 

now believed tn have formulated Britel, has nm so far been The NEB believes the prob-; riim hfink PilQllPnOA 

its strategy and is trying to launched, mainly because of j em would be simplified if there ■* Uiv UUUJBi LIluJLlV/IlgV 

obtain agreement from the com- opposition from the Post Office, were two telecommunications 

panics and the Government. it fears that the high reputation equipment manufacturers in-' BY CHRISTINE MOIR 

The NEB has considered three of British consultancy might be stead of three. 

main possibilities. The first was damaged if it were seen to be «. ,. vr ,. - „ .... THE STOCK Exchange will not The important Issues are those 

outright nationalisation. This tied too closely to British manu- <tr ,, n ., *• change us rule book just relating to the Stock Exchange 

was opposed by all three com- factored equipment. At present ,?2 n ‘ • .‘JJ C . \ n, F a because the Office of Fair Trad- rules on fixed price commis- 

panies and by the Post Office the manufacturers cannot offer j,' 1 " 1 ' i; 1 cons,ltl t . - mg says its regulations are sions and the principle of 

which does not wish to be the most modern computer- ® d JS.;J ser . between restrictive. “ single capacity *’ which forbids 

dependent on only one monopoly controlled exchanges demanded Qn e e ap[ ,- on wouidHeTo^f'un ' The decision to defend the members being both ‘brokers and 

■a new inim mmn-jnv -j-.th Stock Exchange's trading and market makers (jobbers!. Other 

— — — holdings bv piJitv The NEB regulations before the important restrictions are bound 

and STC. However the crucial Restrictive practices Court was up *‘th the rules by which the 

■ .. _ .. ir“ c S^„ m ^„. atvMierdays 


BY CHRISTINE MOIR 


„ •. •; ,- Fr THE STOCK Exchange will not The important Issues are those 

iis tied too closely to British manu- ‘ , n V “ a in ^ change us rule book just relating to the Stock Exchange 

m- factored equipment. At present ‘!l c V ll £ d because the Office of Fair Trad- rules on fixed price commis- 

ce the manufacturers cannot offer : 5 considered by. |nj , says its regulations are sions and the principle of 


UK TODAY Scattered showers. Dry later. Puny docs not appear to he cr,unci l meeting. market 

in S.E. England. Max. i:»C t55F>. resolved. Nor is it clear whether Members nf the council Thc . e '. 


SHOWERS in S.E. 


Thc exchange had until the end 


business centres 



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Isie of Man. Scotland. Scottish STC hy Plessev and ihf NEB l,< -' made until the letter court probably around March. 

Isles and N. Ireland However. ITT has said that" U is h;id heen received. 19SI. 

Cloudy, occasional rain. Max. prepared in put perhaps 30 per Bl,t - be added: ” It would be Yesterday’s announcement that 

l'-G 1 54 F j . cent of STC's shares on the op L -n w rr, ng in osuine that we have a letter will be sent to the Office 

Outlook: Mainly dry with rain market in ihc next few vesr*. capitulated. Decisions were nf Fair Trading within the next 
later in north and west. v n,,. , made at iho council meeting and few days suggests that the ex- 

unTiivi v Dtcon« a ° ' hi - rr nn major setback tn change intends to fight on all 

HOLIDAY RESORTS phone makers. Page IS nU r plans.” munts. 

*.■ A —«• — _ 

Continued from Page 1 

Vauxhall faces strike threat 

last two years in terms of output, primely that the company's Government understanding to set 
productivity and profit. financial position will not allot' thc pace for settlements in the 

nipiHT s rk-| iihrwjV*. f t 2 Vauxhall. which baa not made ln bay more than the o per current wage round. 

nSESlu, s -m s E v a profit in nine years, made a net cc ™ Mor e militant workers, includ- 

Gvim— r: h .vi iviKriip s sT rS | OS5 n r just under E2m Iasi v^r The M-day breathing-space, ing skilled men whose dtfferen- 

mnshnirj.- r jj wi Tunis f r» 7.i . ' ’ ' ’ ~' v ^n to the company by the tials have been badly eroded. 

\ n l‘ T ZX l ,? -- Eft™ r V- £ recovery i rem it* worst recent trade union side, is thougbi to and workers at the Ellesmere 

Tr.lanhul ! ;| ;n 'mice r. i. *' I result >n 19*4. when it lost £ 18m ho to allow anv settlement of tho port plant are expected to seize 


Sardines Anticipate Increased 
1978 


w. i < 1 1 1 1 


ft Net profit for the first six months was HKS120.1 million (1977: HK$I123 
million), an increase of 7.1%. Prospects for the restofthe year indicate that the 
same level of earnings growth will be maintained for full year.?? 

ft Interim dividend equivalent to HKS0.20 per stock uriitto be satisfied by the 
. issue of new stock units at market value with cash alternative at stockholders' 
option. Final dividend equivalent toHK$0.51 penstock tmi£ anticipated, makings 
total of HKS0.71 for tbe year (1977: HK$0.67).W 

ft Minority interests accjuireti in three publicly quoted companies which are now 
wholly-owned subsidiaries: jardine Industries Ltd- Hong Kong, Jar dine 
Matheson & Co. (South East Asia) Lld-Smgapore, Malaysia and Thailand, and 
Toft Bros. Industries Ltd- Australia.?? 

ft Term debt again reduced despite the issue of Sing. $39.2 million S|% guaranteed 
unsecured loan stock 1985 to acquire minority interests.? J 

ft Hong Kong, our main operating area, con tinned to prosper Group benefited 
from a high level of activity m bufldlng arid civil engineering sectors, and steady 
•consumer demand. Participation in new joint-venture property developments in - 
New Territories.?? 

ff Equity in Middle East associate increased to 40% by paytheut of further US$35 
million bringing total investment to US$80 million. The associate’s operations 
continue to show good results and its future prospects remain encouraging.?? 


D. K. Newbigging 

Chairman 

] 7th October. 1978 


m JARDINES 

Jardine, Matheson & Co, Lid, Connanght Centro, Hong Kong 

Progress through the 70's- 
I ~J Final Dividend 


iiiLild Interim Dividend 


(Per stock unit, as adjusted) 


19?l . 1972 147^ .19174 - .1975 

TheJuUfraaim Report is available from rfu Company Secretary. 


* ; 

■*. 7 

T 

1 • 5 


I??): - JL978- 


Registered at the Post otfica. Primed by St. Oemenrs Snas for and. oahushad 
br the Financial tubh-LBL, Blacken Bouse, Gainum Street. -London. ECdP 45V - 

V 1 "* - C Jhe-FBandBl Tim*. 2 S 7 S 


|i 


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