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No. 27,692 

Thursday October 19 1978 



1*1 v R-t* Il»] 

P.O. Box Wo. 6, Park Hall. Salford Priors. 
Evesham, Worcestershire 
Tel. Bidford-on-Avon 3721 120 lines) 
STD (078 9881 3721 




for cash 
to fight 




falls £21 

British Shipbuilders! Japan 


nine-month loss I trade 

likely to be £100m 

JAPAN registered a ctnri 









JAPAN registered a current *ac- THE PRESENT liqht limits on There may, for example, be 
count surplus of $9.73 bn rhe S«>wlh of public spending some money available because 
(£4.9 bn) during the six months | ove r,ht * n '-‘ xj fevv >N*ars are tu spending on public sector house- 
from Aoril to September nearly be retamed by the Government— building in 1979 $n could be 
double ‘ ns surplus during the lthou - h Ministers have not yet lower than envisaged last 
same period of 1977. the Finance i COT1 ? plt ‘ led decwions i<n ihe alio- January. The extent of the 
Ministry announced in-duv. : cation of expenditure tor shortfall nn current programmes 

T)A I IllTlAII A rriTC rpennml ^ tower British Shipbuilders is expected to announce next month that it made losses douwi- ‘ n$ surplus during the ! .H'i 1 J.? 1 env , IJIa ® ed . 'ft 

J^vll.mi .00 mon ;, v mnrkrt rates and there of almost £100m in its first nine months Of trading: TOOghly double : MinfsSr'annouiSd io e day nanCL ^ cation of «rwviiww- for fhonfau' nn cur renl'pr o gramme' 

were gaim of } in longs ajid j the estimated, unofficial figure produced in June. The rise reflects the impact of rf 1 ?h* e r , w, u no! VMt c,e;ir - 

lolited ^ ai f?o m ‘STnp TjlL ' 15-month-old corporation workforce is 85.000 but many pany. Sunderland Shipbuilders. ^ revaluation un Japan's not tr, change existin.- plans for n 

the Ihrear nnllirtlSn ^£*1- 3 dosed U.2I np is also putting the finishing men are employed in warship was forced to take on a new dollar-dcno ruinated external oal- an annual growth rule -f about £ within' rh<> f.wnll ni Lpi 

*_ ->n in i “ ann ^P° , “ ttion - at 69 -j. 1 ouches Vo a corporate plan building, ship repair and general auditor to work alongside ihc “" ce as n \ uch - a5 « lf . nut Tnor ^ 2 per cent in the volume of hmfrs rn f r ,r vn! 

mp a »;PJrty ODiMraHtjee of ,itrart«t onlv ‘ nvr ' !vil, g redundancy ur early engineering. Almost 3.000 men existing firm. JJ 3 "- «t reflects trends in actual spending over the next throe extra Uems Bui dec sions in Ihl 

M r Ps u n « e . st,gatmfi theliandl,n S • EQUTII^ altrartetfonb retirement for more than 10.000 have left theindusir.v since British Shipbuilders also., lr:ide - I years, as specified in l:i »l A l)r ii .uietfa inS? sLnd 

of the Elcni V oil tanker acci- moderate interest and the FT d f ith workforce employed in nationalisation. clearly, stands m gain from utak- J Exports declined in volume I January's Expenditure White - ‘ not ihK the ..m-* 1 iin«‘n?F-hiii 

dent off East Anglia In May. ordinary Index dosed 3.9 down merchant shipbuilding. The financial losses might con- its inherited difficulties as terms by 2.7 per cent during the Paper. benefit* 1 have already resulted ii 

Mr. Arthur Palmer, chairman at 494. U. 
of the committee, called for re- „ . ' . »he 

sources for fighting pollution to • STERLING closed unchanged . 
be at least doubled. . at S1.9960 after earlier' weak- ur 

The reports says that generally n w*s and its trade-weighted 
the Department "of Trade's orga- index Fell to 62.0 (62.1). The ,j 
nisation was quite good hut that dollar's' depredation remained 
during ihe Eleni V action ihere a t II per cent 

ins. not.iblj the uprating of child 
benefits, have already resulted in 

was a number of unnecessary 
delays and poor judgments in 
the 2! days between Lhc sinking 
of the tanl-.'r and the decision 
lo blow up its remains. 

O GOLD rose $! to $228?. Id 
L ondon. 

O LEAD prices fell sharply on 

Thu review of arrangements the LME with cash lead .421 
. produced by the Government 
after ibe Amoco Cadiz accident 
was' wrong not to conclude that 
•' substantially higher spending 
. was ju.'Lided, tbe report adds. 

Tn the Irish Sea yesterday, the 
crew of the Britlr’i Petroleum 
tanker British Dragoon con- 
tinued to pump oil from the 
stricken Greek tanker Christos 
Bit as. Page 8 

Rhodesian raid 
. on Mozambique 

" Rhodesia launched a major raid 

- against guerrilla bases inside 
i Mozambique for the second lime 

in a month. Combined Operations 
. Headquarters described it as a 

. "self-defence" raid against. r .-. aSM 

• terrorists loyal to Mr. Robert *» tonne following 

- Mugabe. heavy .proGMaking. ; 

The raid is seen as part of . ...... 

The presentation or tbe plan ,>, D ™ 3 ..Vh*Mi«c el * unrealistic; One factor that has a whole. 

fill b(> parofi.llu tn V 16 ht?1 P ° f subsidies frum ,«p,., wa tArt th^ I’firnnratinn'e I i 

I relatively small sums are now 

It cannot avoid the issue of ■*»»« ^60n> last year, although of the Employment Protection of “ emergency - imports. mosUv , h ? overall El Th P economy, 

redundancies, however, since the only a poruon of tbe cash has Act . from the US. an? Drenoi-Ils or a new -h W could be unfavourable 

industry's merchant ship order 5«jn drawn. A new fund of The losses will, presumably. On visible trade alone. Japan Stenance sran for those next yeJr !2cauU Lhl' CoJern- 

bDob is rapidly shrinking and sanctioned by the be dealt with by loans from the was in surplus by $i3.S5bn during Sied lS to island in fullSme men t has made a number ™f 

some yards have no work. ' Commission this Government, and the burden of the six months ending in edu?afion: more monev tor Kard^-nZmnents ^ publj 

Several possibihbes will be summer. the interest payments resulting September, an increase of more school buildin"- and a commit- sector nuv cuvenna the police 

presented. All assume that, with- Another factor in the losses from that will create Future dif- than ?5bn on the same period of me nt to 3 nr>r cent annual °rowih firemen and the forces 

in the next two years, the nier- has been the confusion in which Acuities for tbe corporation as 1977. jn v,ealfh L rv i,... soendino com- Th P «r- rhat ihA post chinhiiilrlino RHtich ei,| n h„iM.*. .k. the ohinhutMin^ receecinn i* .h. U-IF ,n nCaun SClVltt Spending. COH1 I Jiese HIJ> Mean that IfiC COSt 

Eefore then, uflicials will have 
to make estimates or the relative 
price effect, which measures the 
cost of public sector services in 
comparison with prices m tbe 

its bargaining hand before any down at SoS.23 Jnst before. lhc 
talks involving ihe Patriotie' close. 

From. Page 4 . ^ 

■ . - I . ... ■ ■ . - ! a sri-iii -1 uriis.i, IUI tiiusc uu uj-iiiii u:.m nuuu bLJLVU oil uie 

which show a furyent accoun |S hnrt-timo working and an expau- normal vi>lum^ basis. 

I surplus of M.flbn f high comparedi S ion of va;dlal investment un The Cabinet decision to give 
ITv i§ j ■« n # » w«n recent months) and a trade environmental programmes. a Christmas bonus to pensioners. 

B7Tni*/)iill(nrrB nm n U J?„ S of .■ , • Some of this additional spend- cosiing about flOfim, means 

If iCuKl I Sfl|v^n -in m. liBl Silfflli I *.SnI ar »h . de m?m , K l “! fd ®^P orts ! ins- cornpa red witn last January's that almost all the contingency 
• seit-aeience ram againm. . • miinriing VMvEmlFaU VUfiLU AJfc during the month rose 31 per; plans, van be acconinv.idatcd resene for 1978-79 has now been 

• terrorists loyal to Mr. Robert . ^ B r l0 *399 a tonne ro||oiiQii£ cent over the level of September i because of revised estimates on • ommitted. because les& lhan 

-Mugabe. heaiy j)roBt4aJung. ; -*-*0 m m ^ m . m-m-.’- 19«/ lo reach bS.i2bn. Imparts J existing programmes. i'2u0m was lefl a few months ago. 

. Safisbuiy'^ streogHicn- •. ;WALL _ST^ET w a s:gli; .fClCItPriAC-. PoIjCV ti I - “ft* ?&££? 21 P J 

s ^ p “ dMe :- J rcrastJ! 'Gold at new high level 

. . ; _ • UJK.: PARTI CIPATION V lilt BY MARGARET VAN HAtTEM AND CHRISTOPHER PARKES yen (Y!,658bn. down 7 per eerd I T __ ^ __ 

Belgium change from the September 1977 level). np dlliloc* teSIs! €B<TF<2^ftT} 

. KIK B^ouin ta, A ta i, . H»t 6B and Ur. SUM. Ncithar minl«er prepared ^ UUU< “ 

Christian Democrat Paul Vande.n Mr James Cal rachaii told l^ s ! DW ® rd .? an EEf - Common insisted they had made no con- to -say where concessions might og P per cent rcaJ«tc'rin" tbe'first ry MiruAei ri * un ev 

Boeynants lo form a new Belgian . c ^ n ^ Hor - H elmut-SchmidL in L^rh ,’ 0 & rid|e the gap be- volume increase after five months 

• Government. Boon. . . Slkln MiJiairrfSSlSt ionL nnrihnfh g Tjli -flJ P ?£ S?"! rltain and lts e,ght EEc of consecutive falls. THE DOLLAR continued to slide against DM 1.8380. and slipped a 

Bound for Rome . minister v.-j „ , att J? SUTT P ™ ble “' “ bl F ,or • ~d',he^' y i.?^’ m .Tc^r..!Su*SJ,7 n S.^ 

35 S^SgftStSSSZi Ert s kMe»';ir Z t . ^ t sffilKk.- “ lt ip^T^Sir^r^” hieh levd ,75.^'^,?,' 'ftBrWK 

•rwrt&avj,. of taMiM Terminology -• -« « 


European Airbus -project seeins. 

■ ....... 

at new 

as noJ 

is again 


ai Y1S2J! against Y1S1.7. With 

Tho nnon-nir inauguration of ■ uaWtt i 3 - 1,auiJ “ l mo.uu*e rinmuticcinn in Ttmacoic * eriuinoiogy 1LS i l EF nsni *o r*Snts in Jan- |>ecn due partly to a bunching nf Gold dosed in London at $228; n r, new factors tu influence 

Pope John Pawl U id Su, Peter's fo"k?BriUda to the 1 Emm The main difficulties, officials Sw Sum? sh !? deI month | anoimcea rise of Si from the mavk.ei dealings, the pound 

Square. Rome, on Stiaday -It wUl J 1 n ^Eu?S,J?n MnneK Co 4« * *2«** owr *** ^ !“ ^ nd 5 ,D _ d . a,n . ,ed ' 3 PPearto lie of Britain'fdeLinds for nref- ilnTlir SS L » 

Korchnoi protest LABOUR 

i 4 

i V l * «■ 

Anatoly Karpov remains world 
chess champimi, Vifclur Korchnoi 

having conceded defeat when the umiou t v « I7i' n " p n '„'Z 7 n T ^ ~ nVn'Z "a similar call rnr “psclusivp •' f«r , '^ 1 ' U1 ‘V ,U ^ After allowing rur a deficit of York tune, was un chanced 

32nd game rn^ed TUe . „ J & ^ ^pfomS'o'be S SlUS cna“nd SWMSTSBE "SIS T"' 1 \l?V f*" 1 ’ 

challenger alleged Russia put Q0\^ -OltCr inside the Council or Ministers’ also have to be watered down, able within its ‘200-mile limit. ino y,? men | s L .*5? =n , ™ erj sur ^ us ^ c .V^ n u- t0 a T V ? 'i, 

iiim under severe psychological chamber. However, th emain desire of plus most of the increase in ' vo ij' , .. au . , at S ^ 50m '. » qik against the West berm an I'-» 

pressure before the game and • BRITISH OXYGEN union Th e British and German the British delegation to ensure stocks resulting from consent- Editorial comment Page 20 closing in London at DM1. 

refused io attend the prize- negotiators siud that tbe com- rninisters, at their Bonn meeting UK fleets gain the lion's hare of lion measures. 

winning cerumony in protest pony was prepared to make a predicted, a settlement by the the. fish in the British 200-mile Since January, the other eight UPl ■« 

Page 32 final pay offer of at least double en( j of. next month after three zone is expected to be met in members have been bound by a IIJS M 

e_ j. - the pay guideline to its eases hours of talks. the quotas and statistical annexes gentleman's agreement to 

Cambodia tension division manual workers, linked “ It .was a very good discussion, lo any Common Fisheries Policy, observe Commissi nn proposals fi B S. „ 

Tr . ■ , nii !n inHndiinu after L° *■ P ro £ ^;unIU ^ , . for phased re- | am more optimistic since this Mr. Siikin said the most im- for sharing and managing fish ■“ 

CanfhndiJn^ 0 ’forces inlicted durt,on ,n w ° rk,n i hours. afternoon than l have been for portant sigole factor behind the stocks this year while Britain 

■Wv pwniiiei- on ‘ Viet- AfAR UNION leaders arc lo set a vory lons liuie ” HerT ^ «ew understanding was the fact has gon* iLs own way. introduc- 

^rnnns ^im'adin 0 'the mi ^ internation^^councH S fo sa ^* that Britain was not holding a ing national measures which 

SvS!£n n n?qvxv*RIenB mnnUnr ^L nrnmises made bv “Two cannot settle the prob- general election this month. several member states felt 

■ p.1r Ie \w '.tvLhii.rf pSJ rltrren uhniii iic lem — tbat musl l, e done by the “We understand each other discriminated hlatently. in 

r fio! l FnrnS^S we have agreed to more clearly now. We have favour of British fishermen. 

5 l,aun La h««vL killed oyer of Ch > ? try and find a- solution by tbe isolated the major points of diff- Herr Erl I said the outstanding 

. 40o Vietnamese. 2fA?V“° S ’ 1 T ' eiid of. Nevraber.'* erence.” he said. Continued on Baek Page 

British Oxygen 
‘new offer’ 

other than Britons. from the coast, for example, will the EEC CommSsion made sub ■ ■ -k. w supyun was more mooesi man 

However, the Commission probably be made less aggressive, stantial concessions to Britain in ou'tfbjw^o^Sl 3 b o-b ™b m ore dJJlar" - trad wi "hied £ in New Vork 

elected -to prosecute Us case It -has already been toned down matters of fish auotas and rnn- oul J 10W . 0I j 51 -* 50 ? , U D0 . j [ e ( j lfie . t | nj|ars iraoe wu^men 

through a lengthy and cumber- from the demand for “ exeluive " servatinn measures, they have Jl-in^mnnlh^ Wl h hB trend ° f JHlSf^rn^Vjinfv 1 u 

some procedure which should rights within the 50-milc zone, consistently refused UK demands r,,,. n r v«Jb d fHno U ^ antJ " noo r - 

aiiow enough time for a nego- A similar call for “ exclusive *' for pent, a Ln fights eqSm . 1 «£ST r n S>L t*™' 1 Sanih 22 ''J' “VS 2 — 

tiuted compromise lo be reached righto io uo inshore coastal band ,o all tbe main flsb species avail- foment*, the overall suVJiUi] us. correcO felfw ” 1 tav 

jrk<? out at S450m. against the West German D-Mark. 

Editorial comment Page 20 closing in London at DM1.8335 


Mm. j Sl.KUC-9940 

1 it h lo.aD-0.4u ii»s I 0.&i-u.46 it* | 

•' n»-iirJi» j I.KU.M iii-- ] I.70-1.KI -lie 
r- i h jo- ‘■. . :■ w'-'-.-fco I., 

ntenl has approved the takeover. 

Namibia hopes rage™ 

Faint hope for a deal between £ SU FUEL SYSTEMS tool- 
South Africa and the ‘-five niakers have ignored the advice 
Western members of the UN 0 f union leaders and have 
Security Council over Namibia voted to continue their 12-week 
was expressed as talks broke up strike for improved differentials. 

last night. South Africa's Rack. Page 

response to a compromise plan .,, _ 

is expected today. • BRITAIN’S 50,000 milk rounds- 1N gyr^cE 

men must be allowed to breach . - 

Continued on Back Page 

Unit trust brokers attacked 


ts expected today. * INSURANCE brokers were The unit trust industry fears ciation, admitted yesterday that 

El S ,L rh^rZramont’s 5 wr cent pay accused of commission-hunting t*at repurchases and sales the irend was causing concern. 

Briefly ... guldeS « ^ rioter ™on P of yesterdey .tier unit trust figures *«»™> ■ “. id: ,' We Sl,a11 b " e “ 

John Davies, Shadow Foreign doorstep deliveries is to be showed that repurchases were M ^ h watch closely in coming months 

Secretary, was said to be making avoided the Dairy Trade Feder- running at record levels. to another^ switch from one trust to _se e if Uw paneni continues. • 

S™' 1 a(,er "" d «S 0) "S stiou hss warned. Page 10. Unit Trust Assoeiatlnn InduSry observers' suspicious fakios plaeo bufwe would llke 

» .j,. 6 ’ ' . y ao „ announced that the total of re- have been aroused because only to think that most of it was in 

, ■ES5IMMH) appeal nas^ oeen QQ^nPAHlcS purchases (units cashed in by rarely in the past have sales and ihe. client’s interest. There has 

launched lo reslun? in© M-)C3r ry." inVRsInrs) rfWf* hv Inst rpnnrrhncpc mn fit hinlt InvnU haan *1 liin mnva fmm Rritich 

,, &01 ... ... 


«rr,S -mL, y reoeriiog oew ruse 22 

, „ _ , ana Lex 

Jean Prouvost, former French 

industrialist and Press magnate. * UBM sales increased from 
died aged 93 £93223m to fl26.41m in Hie half- 

RiLssian Foreign Minister- Andrei year <o Auguat 31. ™J»^ pre> 
Gromvkn will pav an official visit tax profits from £1.59m to £J.38m. 
to France from October 25 to 28. Page 23 and Lex 

£33m less than the extremely mertlaries. dental That this pattern has 

good August figure but well Mr. Edgar Palamountain. occurred soon after a rise in 

UBM sales increased from above -the average last year. chairman of the Unit Trust Asso- commission.” 



i Prices in pence unless otherwise Ayer Ililain 

indicated V Western Mining 


Excheq. l*pc 1980 .^tl 02 J + J A be ream lnv 

Babcock and Wilcox... JaJ 4 6 Glaxq 

Bumpers Stores 170 + S Greatennans 

Black (A. and C.) ... 1« + 16 Howard Tene 

Brown and Jackson.:. 2B8 + 8 Begahan Pro] 

Camellia Inra. 3J« T ! AokIo Amer 

Common. Bros. ...... 166 + b Bishopsgatel 

Unfood 138 + a. Bljroor 

Lucas 'Inds 315 '.+ 4 CRA ...... .. 

Man. Agency & Music 94J + 6 De Beers Dfd, 

Marier Estates SD + .3 PS Geduld 

Marshall’s -Universal, Hff + o Woof Gold 

Mersey Dock Units ... 57 J + SJ' Libanon 

Midland • Educaliona.L 246 + 16 .JIIH HldgSi 

Mmlng Supplies 113 + 5. Randfontein 

Reed TntnL ISO + 4 : Rustenburg I 

Ricardo 336 + fi ’ Stilfo'ntein' 

Time Products •: 2U2 + 4 Union Corp. 

W ’minster Cy. Props. 38-+ 4> Western Ate; 

555 + 15 

143 + 4 


Aberrant bm. 89-6 

Glaxo. 565 - S 

Greatennans A ...... 135 - 15 

Howard Tenens .27 - Si 

Regafian Prop 21 — 3* 

Anxlo Amer. Corp. ... 337 — 11 
Bishopsgate Plat, ... 101 - 5 

-Blyvoor ' 300 — It 

CRA 278-12 

De Beers Dfd. ; 386-6 

fs Geduid* - i 

Woof Gold 523 - 23 

Libanon ; 470 - 15 

M1M I-Ildgs, 1U1 - S’ 

Randfontein £30.5 “ 

] Rustenburg Plat. ... 103 - 7 

’ stUfontein' ; 294-10 

Union CorpI ■ 284 — J2 

Western Areas 130 - 6 

European news 2-3 

American news 7 

Overseas news 4 

World trade. news. 6 

Home news— general 8, 10 

— labour 11 

Prospects for British ship- 

' builders 20 

Economic viewpoint: wages 
where ihe TDC is right ... 21 

The chess marathon 32 

Business, and the courts: 

Technical pag P 16 

Management page :. 17 

Arts page 19 

Leader page 20 

UK Companies 32*27 

Minins 27 


Discredited currency .18 

National bonds squeeze the 

. market dry 30 

Spain's democrats in search 

of an image 2 

Schtcl gives EEC links 

Inti. Companies 28-30 

Euromarkets 28-29 

Money and exchanges 31 

World markets 34 

Farming, raw materials ... 35 

UK stock market 36 

priority in Australasia 1 ... 3 
Irish economy: oil find no . 

help to growth plans 3 

Italian trade: Ossola and the 
oil burden :...... 6 


look eosr. To the world's fostest-growmg mortsets. To the oil producers of the ' 
Middle East. 

AirFroncegivesyou up rc 6 1 flights o week ro 14 impoT'-irclesrinotions: Abu Dhobi. 
Amman. Daghdod. Beirui. Cairo. Damascus. Dhahran. Doha. Dubai. Jeddah Kharroum, 
Kuwo'f. Shorjah and Tehran 

You fly from Roissy, 'Charles de Gaulle -the world s mosr up ro daie airport. . 

There are excellent connections from London and Manchester. 

Ry Air France and you fly in style and comfort. On most or These routes, we give you 
rhe peoce arid quier of wide-bodied aircraft. And if you're ravelling ro Baghdad Beirur, 
Cairo. Damascus or Jeddah, you'll have rhe pleasure of rhe incomparable Airbus. 

Ne/J time you look easT. look no further rhon Air France. Oui flights and timetables 
are tailored ro your business needs. 

Air F^eS“deS " Mlig MS 

The best of France ro ail frie worid. 



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Mea and Matter* ... 





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For latest Share Index ’phone DT-246 8026 

tSfl llc.% Bcnc! Siieei Lcr-oon Vi Reterw-jio/e ni-49V 1 1 
Tid--ei Dlltce urici Po^agef Sa'es Pepon.-neai Qi.4W.Ct.Ti »jt«. HPcd C wkc AdfftftUrai ir* 0 \-iub 4411 

MaiT^asrH*^ Pewr.cncni Cvi-SSU 76^ L 


Financial Times Thursday Oetober 19 1978 

*> ■ -X 


Turkey to launch major drive to 


A MAJOR drive 

ANKARA, Oct 18. 


. attract in draft form and not yet pub- affairs — has 

forci-n capital to Turkey is being iis'ncd. is designed to overcome public. 

, i_ j i... nr- 0..1 ihese difficulties. The Financial 

It aims to clear up incon- learnt however. 

not been 

made one of the principle obstacles 
deterring foreign investors.* 
Times has ^ italian-Swiss-French con- 
that it win sortium's projects to establish 

provisions to attract a 5,200-bed tourist complex 

launched by Mr. Bulem Ecevit's 

Government. At ta centre is a pip;encies 8imp , |fy red ■ ^ c0ntai0 _ __ Foreign in.estm.nt cjae e xp r e 5S - a change in attitude foreign capital and remove most w hf c h has recently been given 

vhich mny well prove revolu- of the headaches. approval bad been patiently 

■ i< 'nary if its application is According to one of these waiting for a go ahead for five 

matched by i'-s spirit. provisions, the Ministry of years. 

The policy to date has been Trade, lu which foreign private The new code will specify 

-r.iTi-iurage foreign capital if investment projects are sub- areas in which foreign invesl- 

•: introduces advanced tech- milled, would convey projects ment would be welcome. 

'• accelerates industrial dc- in the Stale Planning Organisa- Tourism is one of these as well 

•.•-'eMnenr .inti is evp^r; -oriented lion iSPO> three days after as a wide range of other sectors, 

. - vntri’iuu-. to the country's receiving them. The SPO would 
:'. r'.i-*r: currency earnings. Joint evaluate the projects ami inform 

aimed at completely altering the 
country's aliuude 10 overseas 

T:u- atm i." to attract inveft- 
mn; of $1 'Jhn from Western 
cor:'.pan;‘i? »vcr tnu n h .'. 1 
■ .T-r"- . ■.■/Ilh SSHOm com in" fryr.i 
Cii.TpaniOs in the EEC. Tlt-i 

eompares v. 11 n total foreign in- 
v n;«*m in the v.hole 
Tori' is h republic's SS-yvar 

existence of less than a quarter 
of that ansoun*. 

ilov.ever. 1 he relatively i:her;C 
foreign mveswiienl law? 
been matched by acute priiCcat 
difficulties for v.-<vj!d-he 

investor?. The new code, now 

case-to-case study of each he mentioned projects helping 
project. In tourism, for instance, to ease unemployment fa new 
ICO per cent foreign equity dementi, the introduction .'-of 
would be permitted and investors advanced technology and' the 
could also be allowed a majority generation of foreign exchange- 
in other fields. The Foreign Investment Code, 

Provisions would also be intro- which would supplement ..the 
duced to safeguard foreign Foreign Investment Act, wfll be 
investments. According to one ** ■"**" 3S 1Ho 

predominant!}- industry. The 

of these, for instance, foreign 
investors who decide to pull out 
would be abie to transfer over- 
seas the sum invested within 
three years. 

Areas of priority will be clearly 

published as soon as the fourth 
five year development plan (1979- 
19S3) is passed by parliament— 
it is hoped by the end -of this ( 


Oil find no help 




the euphoria would be back where it started 
Dublin last week by' Just over a decade* a go, wnen it 
really started exporting inanu- 

v-:pt tires v.**'re normally required 
• •*.•: a s’ronc preference for a 

c-rrijit} majnniy. 

'hi dr.iii code — prepared by a 
c- ■•smittee of eigr.i including (he 
re.-enialives of the ministries 
finance. trade. Tourism, state 

the Ministry of Trade of its 
decision within 30 days. There- 
fore. the aim is that in the 
space of 33 days the investors 
would know Where they stood 
This would be a significant 
development since delay in the 

new provisions, too. would enumerated. “Tourism is top 

require the introduction o» priority, “ said Hr. Bilssy Kuruc. o- at 

’ ^Tbe n-an cal!? for an invest- j the Phillips announcement of an 

menr of S63bn of which Si5.4bn ] oil find in the Atlantic, one There is a fourth oussibiiity 
•Hus*, be secured from external -m-ght have thought that Ireland y,hj c h .officiate are not sc- keen 
resources. The Government's jj a( j won world Cup. landed 10 talk about although there it 

foreign capi- ; „„ tk* „ nnn or both. 

-m-mic enterprises and foreign evaluation of projects had been 

advanced technology and SPO under secretary, addmg that , a rT^ T V=^ntV _ of Sl^bn^ over f a man oa ^ m00Q ' or , 

emphasise .foreign currency the Ministry of Tourism was in next" five vea» are ambitious I Yet here we are — nearly 20 

generation. the process of expanding iacen- jt, e average the j years after the search for oil 

In anorher significant develop- bves srenled in that sector. Turkish Government is aiming at around Ireland's shores began — 

merit, the insistence on the Conditions which prospective is equal to— or probably higher ! sr ,n v ,thaui a 

majority of local equity is to investors should keep in mind ‘ban — the total inflow to dale— 

he dropped and replaced by a would be listed. Among these ?300in. 

President Seheel gives EEC links priority in Australasia visit 



PRESIDENT Walter Schet. 
^■norr-vw arrives m Cnrlsicnaran 
the -Ut“ *«f the fi:-t visit by >s 
V.'e;i r : e. r tnan head of *t 3 te to 
No ji Zeaiar.d and Australia. Tr.e 
comriofiiiur. of the party acc-.-n- 
r.r h • ni — the Ever o m : vs 
:er Ci.unr nno Lambsdor.T. 
a 1 v.c-i: leading industrial, 

‘.rad-? union and repre- 
s-vr.-.j'!, c- — aiuno would incLva'.e 
that t» involved than, a 
ceremonial ewnr 
1 ; i*. typical ot much of Bonn's 
■■trci’p. policy these days- ‘.ha*, 
the parpo*e of the vis:: shvL.'d 
: 1 «?::■>! 3 used fir?: m term-: of 
The E11 mi'*. - an''- 
■-•■1.? Air-rrtilia and New Zeaianc. 

1 : iator in ‘erius o.' bilateral 
a: inn*. It j.- iecopr.l-vd riut 
cnur, ; .r:e.v reached an his- 
r;-. turnms point when Britain 
• ■ ■- d Lhe Gom.Tiur.'f;. ;n 1973. 
ini:, it ^ *a:d in Bi>n.n. mi- 
t.r. t:i«.» Cniiinturtltv a 

*. :? would he decades by Japan 

' sv :o -iucis*. eui.n :f it ci*utd. Thus a change of 
■ -lull u- 1^ y\-T>re.-.-ed for the patterns might draw 

A weakening of links between nton Agriculture Policy (CAP?, ation in its trade ba'.snce with 

the Community on the one hand Certainly, individual farm West Gerraanv for which the 

and Australia and New Zealand issues are bound to be raised— workings of the CAP are at iea?: 

on the other could, it is felt, for example the problem of coo- partly to blame. Last year 

^ - 'ram 

still without a significant find. 

The Phillips well, 100 miles 
out jn the Atlantic, tested at 730 
barrels a day. It was drilled in 
water far deeper than the North 
Sea and was immediately said 
by Phillips not to be a commer- 
cial proposition. So hopes Of 
Irish oil and the relief it would 
bring to the Republic’s external 
payments have been cheated 
once again. 

uranium supplies to heip to feed 
a nuclear reactor building pro- 
gramrr^? which envisages more 
than 20.000 megawatts of instal- 
West led capacttv by 19S5.” . 

Further, botfj sides are clearly! 

t ^ e ^ r ^*5* ' Son^of 3m still consumes energy 
‘at about half the average EEC 
rate, but still has to import over 

ample evidence that it is much 
oh their -minds. It is that both 
Britaia 7 and "irelahd go sc — a 
prospect . which looks increas- 
ingly likely— and that Ireland’s 
pound eventually may have to be 
devalued .within EMS .agajnst 
even the British pound. Because 
so "much trade ts stii’. done 
between tlte two countries'. 
British goods would become 
more " expensive to ' Irish' 
importers. The effect'lo; 
inhibit economic activity m 
Ireland and to "V increase 
inflationary pressures. - : r- 
The -Irish economy is at present 

: Ireland is 
Ipf energy, 
equivalent of 


lOiYper head yearly. Its popula- 

ccoperaticu :n science and tech-! 
Count Lambsdarff and ; 

force the latter more into an tinued access for New Zealand Australian imports 
.\sian orbit— likely in be increus- butter to the Community market Gerraanv /chiefly engineering 

ingty dominated in coming after 19SQ. But a wider matter goods, vehicles, ships and eier- 

and China, uf principle is involved. Both trica] goods t rose by about 20 

trading New Zealand and Australia dis- pef- cent to DM 2.1'cn. while r.ciory. 

... after it pute the- right of major farm exports to Germany i60 per csr.: 3o:b 

'..'I'ir.g icihicnoe c:" both political ciinsequences of even producers, notably the Com- 7-3 materials and i6 ..... ... T lirui ., n .. 

jt. res r.:-T lea?: :..i!uar;ly. in wider significance. munity, to adopt protectionist foodstuffs) drooped by more Tior cf German Industry. Dr.l - ^L. .-aornin 

- iV rt r,d Yu- F.j*: re-nun. That said, it is fair to expect policies: Agriculturjl trade is than s per cent 'to DM I.iba. Kar.s-Guentber SofcL will also be! lfie - 
ia as a eloping that both the Australian and New basically different from trade in if j 5 jta abundance cf rs*.c* examining prospects for more -' 

: 1 1 \i big nafiuPi.! resources Zealand Prime Ministers will industrial products, they say. materials — particularly iron, private German investment in. 

i . dv:ivicra:.c :raii! ! .i”n. could nave a particularly attentive Proportionately, the problem nickel and bauxite — which crakes Australia ana New Zealand. Iri, — f ~: h national economy and 

- a i;l-N :uic il* a. ay as audience this time when they of access- to the European Australia of such crucial, hilar- ihi* field the Germans have so > , tne - vvr to far been, ranch less acHve than ‘ closer JSSF ?i th^ of 

Boar, is also :ceir importance as a trading ^ ^ " h0,e ' 31 Uie exp * nse of 

a modest consumer lowing hy a be Ut ^5 per cent a 
It 'requires’ the yew in re&l • terms.- Lost year 
the trade deficit was ffiOSm, but 
the current account - deficit was 

about 2 tons 

per cent the vice president of the Federa-i?. 

for Irish oil 


readilv understood in the con- 
text of the country’s twin 
ambitions of a strong growth 


ao.-t* nur:r.-*outh remind their West German Market for farm produce affects era! economic 
■ ■ ir of visitors of the severe difficulties New Zealand more. But Aus- West Germany. 

for Europe raised by the Community's Com- traiia can also point to a deterior- interested 

diversifying ;i* partner would imply. 

Mr. . George Colley 

closer i 

as a whole, at the expense 
loosening ties with Britain. 

Growth will have to be export 
led. and in the foreseeable 
future closer integration with 
Europe calls for joining the 
propc-:ed European ' Monetary 
System (EMS). whether or -hot 
Britain decides to belong. . That 
would require cutting the Irish 
pound free from .sterling to 
which it is at present firmly 

It is crucial to realising both 
ambitions to keep a firm grip 
on external payments. An oil 
bill of £3Q0m. equivalent -to 10 
per cent of total imports,' which 
could balloon considerably if the 
oil price rises again, is th? major 
obstacle to improving the bal- 
ance of payments, although it is 
not the only one. : 

For international purposes 
Ireland is the western region of 
a much larger economy, that of 
Britain. This has allowed it to 
run trade and payments deficits 
on current account 
portion to its economic 

are big enough to make the hair effective answer 
of a central European central When Ireland had Its back to 
hanker stand on end. The deficits the payments wail in 1975. it 
'nave not entailed' any visible had to cut off imports of capital 
pressure on the Irish exchange goods, which: were needed for in- 
rale simply because It .has not dustrnlisadon. Indeed, the 49 9 
had one nf its own. per cent of .overaH imports wbieb 

Irish banks have had to follow come -traai Britain, , are mostly 
British interest rates usually to capitaLgobds.^Sottie wauid argue 
within a quarter of a percentage that lr&and is only now recover- 
pnint of those . prevailing in mg from the consequences 
^? n * Jhey are not, legally Mindfui & the dka possibili- 

required to do so. hut if Irish 0 f balance bf payments dis- 

only £222)11. and was mere than 
covered by capital imports. 
Reserves have grown to over 
flhn. ...V 1 - 

Bui entry into the: 1 European ; 
Monetary System will demand 
rigorous self-control from-, 
individual economies. Supposing • 

which, in 'pro- -Irish imports did.gct our.o; h-aa, 
nomic weight, deflation would - be -the only 

hanks began demanding higher equilibrium', ^e GovCTnment has 
interest rates they would quickly mtroducfiir -if f' partial . credits 

find that borrowers would go to squeeze. Imports of consumer T* 
London. Subject to that proctical ;goOds,. .particularly of . foreign ? ^ 

limitation the Irish Central Bahk cars and other'luxury goods, had ; % e t At 
can act independently, of Britain beea:soarrng. Added to this there • ,-c -* «;“■ 
m deciding monetary policy as. have been .two bad months of ex- * 3 k : 3 
if 1 S partlal credlt 5fi ue “e. port figures. The increase of ex- 
showed. ports is running at only IS 6 per 

Ireland has nourished as a cent, weli .be low. the target figure *_ 

member of the EEC. The Com- of 27 percent, ff both trends had t 

mnn . APnriTlnirn! Pnln»if I ia* x -.m . -- ■ c 

?? iT 

raon Agricultural Policy has been allowed to continue, the'i? g ^ 

meant high price® for a country trade deficit would have been*';^ 

. ere 2 , c ® nt .? f. w° r *5: much, bigger than the £400m offi- " 

mg population is still employed cially -expected this vear. 

mcreasea oyjJi per cen t _wh i ch. P0lu r d would becBm'e. Hence the- ? r-rr, 

alter mnation in it) if or about vaarntTHrTr.'^ oTI' 7v.o fin"rT'of nn K** 

n z: "i”™! ***,"*? * 

*® c0 “ ra 3*d the — not big bv North Sea standards ^ 

2S2?S22L? ®*5 d - would Ir^and off the hook 

^ ccess 10 ihe gjjd 1 allow its growtb to continue, 
huge EEC .market has attracted -Supposing there is no oil and 
many foreign companies, notably the price of imported oil rockets. 

U.S. and Japanese -ones, to set -what prospect then of 'Ireland's 
up in Ireland with consider- great growth target and its am- 
able incentives Trom the Govern- bition te bring unemployment 
ment It bas given a tremendous down 7 ' 

impetus to Ireland's industrial- 

AlanjH, Uriel* VicePreaUenii itanage?. furdign jykdunsu haling, JLordor 


Asia’s ‘serious 
food problem’ 

JAKARTA. Oct. 2& 

"Chase is much quicker on matters 
foreign exchangeThe deal is done 

on the spot,’ (Financial Directo%mcgorUKamiparty) 


Recently, an independent research crampany 
talked to 200 financial directors of major European, 
companies; but in order that the respondents could feel 
free to talk openly their identities were not disclosed The 
purpose of the survey was to discover Chase’s strengths. 

One particular virtue of Chase was clearly our 
foreign exchange expertise. 

The advantage our dealers have is Chase’s 
pre-eminent position in die dealing markets. 

The advaii tage our customers have is that they 
are able to enjoy direct contact with the dealers. So needs 
are better understood and the service is fasten 

, A constant key to Chases leadership emerging 
from the research is simply this: 

Chase not only employ extremely goodpeqple, 

hut also give them a system in which they can operate 
as effectively as possible for customers. 

Tberesult is a highly personalised, very efficient 
service, praised by the respondent quoted above. 

He added, Tm influenced by the people I deal with 
in the hanks — and personally I prefer die Chase Bank 
They giveexcellent service and are always ready to 
give first-class advice. My first choice always - 
He went on to sum up Chase’s 
advantagein one word, "people” 

AlanUlrick who manages 
foreign exchange trading inLondon 
agrees. “Better bankers 
make Chase: ' 
abetter bank- 

[isation and in turn its exports. 

Of the £l.S62bn worth of goods 
exported in the first eight months 
of this year, 54 per cent has been 
manufactured goods: Exports as 
a whole . have increased by 18.7 
per cent Ireland is anxious to 
reduce exports to the UK and 
expand in Europe as a whole, DESPITE GENERALLY good 
and tt sees joining the European harvests this year, Asia is facing 
Monetary System as a way of “ very serious ” problems in 

* C 'X£FL**- * iv i ♦ boosting food production, said 

Officials now talk In terras of the director-general of the UN 
three scenarios if a new system Food and Agriculture Organisa- 
does come into being. Scenario tion, Mr. Edouard Saouma. 

1 is that both Britain and Ireland . . ... 

go in and their currencies stay wn y£i „? ald « that j- “ 

roughly in tandem. In this case * f 0rI t™£ bas J^ eradication 
they could both be dragged up malnutrition 

in the international currency ever aj, ' nS Hp S n^??h a t ? e>^ 
grid by .the stronger European j He , no ? ed tiM since. tte 

currencies. Exnorte tn tHirrl developing countries have 

rouSrS? coST^ theory ^be ? one from self^ufficiency in food 

of Irish exports go to countries 20m &t 8b ° Ut 15 °^ 

outside the EEC. and they are AP-DJ 
products which are not especially 
price-vulnerable. Export Board] 

| officials do not believe that this 
trade would be seriously 

Scenario 2 is that Ireland goes 
in but Britain stays out. In that 
-case, Irish exporters to Britain 
could, be in trouble. Irisb com- 
panies selling in Britain are 
mostly small-to-raediium sized 
and if the Irish pound in a Euro- 
pean monetary - - system 
rose against the British pound 
they would quickly become un- 
competitive, the Export Board 
believes. In that eveotualjty the 
Government, it is thought, would 
have, to provide some assistance. 

At the last EEC Finance 
! Ministers' meeting, Mr. George 
Colley, the Minister of Finance 

and -deputy ^ Prime -Minister said 
transfer of 



resources of £650m 
would be needed over and above 
aid from the EEC. Regional and 
Social Funds if Ireland were to 
I join the currency system. 

In scenario' . 8 it proves 
impossible for Ireland to diB- 
entangle^ itself from sterling and 
both. Britain and ■ Ireland stay 
out.. The likelihood then is that 
both currencies stay weak 
against the European group and 
that Ireland; maintains .a heavy 
dependence ', on trade ; with 
Britain. In other wards, Ireland: 


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

01-848 3031 

Or yotir !rave! ageni. : 




Si* --TV 

Financial Times Thursday October 19 :197S 

higher coal 


s new premier 


In search of an ima 

Pilot at 


major parlies 


. i ‘LA ULL5TEN-. Trini^ Moderates (Conservatives*, its pn broad niajoriiy backing in the i wee h 

By Guy de jonquierw j Minister in Sweden’s new partners in the previous govern- Riksdag and the country. Mr. 

BRUSSELS. Oct. IS. Liberal minority government. menl . t,r wilh the Social Demo- Ullslen said. . Safely controls 

mm .-r 0l .nriv lorta . v famed -hat the Treasury’s L-rj ^ h has 11 mnnihc unlit the would be sharpened for all types 

THE EL RUIE.VN « . rvsuurrrs were ifinitrd and nw,il general el etl ion in which to uf enemy. A majority of MFs 

propo^d today that the am. ™° l : nr v. c . d , hl . other poliltcal r-arite, ***** iU mark. - 

;5hr rnal mined in the Cun- 1 "" 1 ,c ' P re * s for Mr Ul ' sk ' n >‘dd the Riksdag 

munhv should he more thin «» J p’ U i°-- lld p,,rsUe “ MW -' ,a| - 

duublcd io 70 iu units of account 7 hl - Eiks*!*!* (Paij ament) had iilwral programme. It would 

(■iliiiut ,, 47mj -innuallv at iho tn ,ak "-* r*'s.iii,n*.ibiHty for the st-uk u, rum bine a market 

start uf next tear frumSlm U.A. . l ' uun ‘f- v s ‘-"•unom.v. nc said in munomy with soiial juslicr. 

ui nreseni a ; can timisly worded government apywroou demo.-ravy with an 

. ’ . ... clil .u .... . doilaraimn. allempt tn halt bureautTuti- f, J J. rt - v 

li is hoped th - • . Ten of tin* 19-mwuher Cabinoi s:,, " ,n . U would fight unemploy- Ullstf 

i-re^i* would iS : pri . Sc ni.-d bv Mr U'isten lod:*.v inltaiion. becn aPP°"?«a “ L-o-oramaxim; : parly< 

ooeiine in mtra-tE<- tr.-rte m - ■ .. ru i, t . ( i r rmn urn in th*. B . Minister wiih responsibility for ; p r j, ne ' Minisirr. 

cokins coal, which has . s \1? \£ £ ik Z J'. it InrhXs s iv h ,, , *f r n " nr * o( enervy mailers. His job will he Juarez. Of the 

from -Om immes a year m .19,4 «*■ »■* 1 'J 'gramme. Mr. U listen pro- s u lL -h together parliamentary * 

— the vear in which the suo^uly the bl-.fw number sn inised redui-Uons in marginal ina : -ities for the minority 

scheme Unt into ellecl-to ; f-f J« ««_ m govern- lasatiun. in.j«-oved conditions l £g££ii 

A career diplomat. Mr. Hans 
Blix. 50. an expert on inter- 
national law und disarm ament. 

It is recognised that the' The U listen Government has J"'" 1 . ‘J* t T , ' 1 '° n new “post ^s^that of* deputy 

dentine in steel productions hnS;.^ direit support of only the , ' Wo weeks :i -° Finance Minister with respon- 

been a major farter in this pro- • Liberals in the 343-member dtfferences over sibilily far salaries and pensions. 

CL . SS — overall EEC consumption ■ Riksdag and will have to negu- nu lar Puwvr. This ^ Qh gQeg lQ Mrs Marianne 

of coking coal fell from. 60 m ni a j or it ies for its measures Tlu* new government would Wahlherg, 61. one of tlie new 
tonnes to 44m tonnes a year W- _Mther with the Centre Party and operate an energy policy based women members of the Cabinet 

i ween 1&74 and 7977 — hut the 

Commission arniu.'S lhat sale*, uf 
Community-mined coni have 
alsn been hit by rising trans- 
port costs and adverse exchange 
rale movement*. 

Thf' proposal will b«^uhinin«?d 

tn EEC energy ministers at their DR. HAWES ANDROSCH. pur uc-nl, one uf ihe lowest 
December meeting. Before then. ■ Austrian Finance Minisler. today world. Ri?al economic growih 
the miniMfih will be called on • presen led the federal budget fur during ihc same period was " 
again to discuss a Commission 1H7U with a record^ deficit of pi-r cent. This y ear GNP will 
proposal m piovlde innm 
a year in EEC aid to si earn 
mined m the Community. 

- — The separalu party identities throughout Spain. The Com- 
oraamsed hy the ruling party, further survive because Sr. niunist Party by contrast' 

*-eniru uemoeratieo Suarez has been obliged lo reeog- obtained a fifth of the UCD vote' 

(UCD). a journalist a»ked. nisc their varying degrees of In the General elections but now! 

tongue in cheek: ■ .he Com mu- importance in balancing puliTical has almost three times as many! 

favours continuation of Sweden’s j r!^ niS m V ff rom their idenl^fwf ap ^ oin r ,inpnti - The Social Demo* P»J*I-up members. j 

nuclear power prog ram me but I ,. L ^ *!?*?. uJi- k'°j t,rats f 0rni a Sroun whose per- Unlike the Communists or the 

Mr. Ullsten’s declaration suggestb | ^nriOT ^whal SrV voS ™?n™u J n ? ne,,< ® in3,de L '! :D canno J he Socialists, the UCD has not been; 
that lie mav bu willing in port- * ^ 0m '’ to taken for granted, as it hints able tn establish its organisation I 

pone construction of the 11th ; a0 « have nothin- to ab-,n- fluently Lhat it would be will- »» a crass roots level, (t has no 

Slate television network. 




Record Austrian budget deficit 



p . .. • . .. Uf said ihai the net bud- cuts in various subsidies should I , innn -h* <<u>ou.iv»r»'z hu i.iiu. 

Both lli^ oppusition spejkui> yel uelicii in terms of (JNP will bring in a both Sch 6bn lu finance i u- 

S S he ^op frum 4fi per cent in 1976 a controversial reduction in in- 1 £ te n J* r f0 ° ra,l,rd,? J breA *' lh ^ \ 

10 41 net' ceni this year and 3.4 conic tax costing the treasury 
i Mini&Ler •» JUK„liTig with pur cent in 1979. Bui opposition Sch 3bn and a rise in the salaries 

I ^phoney"** cum pari son s' 1 ' between were r.uick to point of public employees. 

Pricing study 
of EEC drugs 

By Giles Merritt . 

TflE BRUSSELS * Commission i a ^ ua * b »d 2 et deficit this jw 
has decided tn .undertake a j and the. draft estimate for lflifl 

soeeiai study of the European) uip.uV 1 ,? iT^,, 3ud ,?fi-? 0J0ClJe ' S 
druvs industn xvilh a vi*>\v !o ;U,r ^ *-‘' ,lL,n dar xear>.. 
imnin-' out the more shrine 
price anomalies that exist amone 
EEC member countries. 

German electro-technical 
demand gathers pace 


If the present draff budget 
| is compared with that presented 
for ,1973. the increase, in the 
. deficit is Srh 10bn or almost 20 
The commission's invest i«a1 inn ; per eeni, Dr. Joser Taus, the 
of the pricing policies of national j main opposition speiker said. He 
pharmaceutical industries is due| ;f dded that Dr. Andmscb's claims 
to lake about two years, at « he | with regard tn u rise in sold and in-rnw 
end of whicli it will br» sub- . foreign evehange reserves hv , , . , 

miltim* detailed proposals m the , Sch lflin to Sell 75hn (against a eJei-iro-technu-n 
European Council, 
b' the Council on Hit* 
siitn's siejgestions for 
uhstacles tu freer 
pharmaceutical 1 ? inside 
can therefore be expec 

end of 19SI at the latest.. j restrictive but selectively expan- still no signs of n firm upwards first eight months uf the year ^minister 

The Eurnoean Coni mission has; sive'* in order to combine trend. " ' ** ’ “ 


in demand fur Uoohringer. President of the 
products has Central .Association of the 

A decision ■ pruieeted fall by Sch 15bn) were ^proved the 

ie Cum mis- -ridiculous” since it was M statistics of West Germany s v .„ wtMP uvlIia „ u . t 

e.iniinaima questinn of money borrowed mighiv ulurim-al industry. But c0nt j nues weilk . Thanks to a 'evident' largely because m*r- L 

trading of abroad although tilings are going con- lu d .hnnlitiiMi- domin ii*. thp c 

le the EEC Dr. And msch claimed that the side rail ily heller than at the n ’ a J° r c ° nt J act l JJ. the . pow ^ r | The Social Democrats, grouped s 

et«l by the 1979 budget was “globally beginning of the year, there are station field, bookings in the rounri lh? ambitious finance 

in Spain.. UCD is the least fet- support continued Stale aids for 

tered by ideological baggage. private education, principally 

Indeed, its detractors say it only wouJd !lkl . tll adniit . “ Their ff rned DUt bv Church institu- 

accepts tbe ‘duoluyy of oppor- cldoption of democratic clothing tJO T n . s - 

tun ism. has nu , vel a jf,.,.i 0d *h e nartv’s Ttle P^riv s most serious 

Even its own members adniit credibility However the wav 'in defect, however, is its subordina- 

te! it is still trying to prove it which' nwn like Sr “»arez caS tion t0 the Government The 
is something more than a chance OTOVe f rom hein“ ” Scc-etary GoverT> nient has influenced party 
creation of the transition period General of Franco's principal Pphoy while ihe party has made 
from dictatorship tu democracy, political or -an-sarinn the Movi- virtually nn attempt to reverse 
The need to establish itself as SiienT 0 toheadin"S' nirtvthat Proles. Perhaps this is inevit- 
a permanent institution with an ^spouses demoi-ratic cenfist orin able in thp 5, - hl nf Sr S ,,ar “ ? * 
idnlMtUe political rr«rt «TH c^°c" ' S'.™ bfurrkd » ■» ^ P=>rft- leader should 

be the mam task of the party s ucD’s ideolo^v ' P la - V 3 Presidennal rnle Bur the 

first congress that opens here on p ar tv's‘ development of a net effec * of lh( f subordination 

I Thursday. home-grown strategy hai, been in- ° r ,he Secret ray General and Sr , 

UCD was the name adopted by hihited by Sr. Suarez' polirv of ® l,arez . “ lrec| control over thei 
a loose grouping of 15 small par- consensus politic; and his deter- Executive Committee is tn. 
ties of the Right and Centre that mination tn satisfy the centre w eafcen t,Te Mrtv** aulhority a: n<l : 
united under the leadership of and centre lefi ' make it look like an ureati of 

' slate. 

So Inn? as Sr. Suarez remains; 
Premier it i= hard »o see him ' 
altering his Presidential ; 
, n approach in :hc ruomne nf the 
the no matter what the Cnn-I 

been S rcss decide*; ahoui parly' 

ur Statutes. Equally <o long as Sr '. 
lhc Snare? remains the party's chief 
tr ui nis real oasy on the vlecloral assei and unifying ; 
The most recent desertion fnrce the parly i> unlikely lo i 
former economic adviser tu challenge this role. Thus the J 
the past. the Prune Minister. Sr. Jose ke - v P®rty posts — Secretarj’ 

The partj- obtained 33.S per Ramon Lasuen. who has joined a ^vneral and a New Executive) 
cent of the poll at the general group of independents in Parlia- Committee — are oxnected to go 

election last year, gaining 165 hient. at the Congress to h»s supporters, 

seals in the Lower House of Par- Long term, the alienation of * f n °t friends. This will in- 
liament and 105 in the Scnaie. the party base is risky. The cr. ease the party’s tendency to 

Such elecoral success obliged Sr. limits to this policy could well fashion itself round one man 

Suarez to consider UCD as his be exposed in the long delayed and not an ideal. 

political -base and ensured the municipal elections, now ex- 

party's survival. UCD was form- pected to be held in the spring, ff 3Tt£m<Sin 

ally constituted as a political At the national level the elec- 
party on August 4 last year, torate still wants 
seven weeks after the elections, reformism. But locally most 
From the outset Sr. Suarez has observers anticipate a swing to By Victor Mackie 

sought to forge UCD tnlo an the Socialists and the Com- THE CANADIAN Hnuce of 

homogenous political organs muni. is. Against this back- Smo^ha^sed 

ground and the prospect of pimed at ending the strike of 

■Sr-tE: cost Strike 

sation. Tit principle all 

■oducts has Central .Association of the | no i itipa j ^artips last Derombpr \ * H ’ mea « ending the strike of 

performance Electro-lechnical Industry here. I 1 to dissulve However. ln the ycaShe r e E L ^ postal, workers and 


air crash 

By Our Own Correspondent 
Madrid. o«. is. 

A PILOT’S insfslemre on pro- 
ccedins willi lakeniff before 

ohlamiiig full clearance was tin 
nav iiamed as ihc principal 
cause Tor (lie world's worst air 
di*iaster. This is the main con- 
clusion of n reDori prepared by 
the Suanish Accident Jmesii- 
sation f'onimission on the col- 
lisirtn h etwee II a Pilii Am anti 
a KLM iumho on She runwav 
nr T-'n^rtfe Airvorl on March 
27. T9.,, /hnj resulted Jn Ihe 
.dcafli of 583 passengers and 

The t.'nmmissum's report is 
the result nr over 18 months 
paijent iiivestigiifion. I| is 
regarded a« pureiv technical 
no iurirtical hacking. 
Ttnwever. a ropv has been 
hnnrtpfi here tn the American 
md Hut eh embacsTPs and 
transnon snurees raid it wotild 

non- Qrnvidp -hp ror the 

eytnnrivp 1i""‘l umnolo^ ®ur- 
™"in<i i -"' »>*aira« ar*r*na r-nn| 

«hp HU-kUp- In KV.p| 

tiimhn 'll 9**1 nqsEPnopfc end 

prow »tfp#l ivhil a ; M jJ,,. D qn 

An, s were killed 

an* « 1 |r,lv,.(t 

_ The report says that the 
KL7I pilot, fa plain Jacob 
tVWhuya-n van Zautcn. had 
received his route anihorisa- 
liun hut no {:ikr-olT clearance. 
In spile of this be decided fo 
begin laki-olT. lie further 
chose lo ignore questions by 
the flight engineer about ihe 
possible presence of the Pan 
Am aircraft on the runway. 

Tbe report says (here were a 
number of contributory factors 
that led up to Uie accident. 
Weather at Tenerife airport 
was very bad with poor 
visibility. Hazardous weather 
condition*, were compounded 
by language difficulties between 
the control tower and the KLM 
aircraft. Neither side seemed 
to fully understand what the 
other was saying. 

Anoiher contributory 
element was ihe position of the 
Pan Am jumbo. This bad 
taxied from the runway by an 
incorrect exit which led to 
general confusion as to its - 
whereabouts. Meanwhile (he 

Overseas demand, however, l-the old identities are still uiovemenr within the parlyT.? EtthiS"’!he fat" 1 OBtee ’S' ^Me^biT pm.™ 

u more clear-cut linage. The December next year. ■ result or the bad weather and 

gan "LCD is the centre ' The legislation was before the. chaos al the neighbouring Las 
seems too woolly. • Senate today for final a par oval. ! Palmas airport which bad been 

The Congress also must im- After it passes through the ^ evacuated following a bomb 
crancisco prove the party's organisation. Senate, ihe striking postal scare. The 

repnri •meculaies 
he ordered to that since ihe pilot had spent 
tomorrow. ( the past ten years as a Hying 

'■•■•I--- r- -- --- > • - n * . *I u H ne . , [ ,c a dearer pieture of Ihe . foo-are The 13 Liberal MPs who for the party in' the general member who defies the order to !' ' iiiercUil Vqh't orocri'o. °lt l aUo 

that mvesiisatinn is bein'.’ Growth of 3 P^roenr in.real «Viht ni'uilhc or the year com- bread and butter business — lacceor' Public Works Mirmir-r elect in ns. Yet on the Iasi count, .re* urn to work would be fined suggests «hut in o«*ine tn take 
widened rr, inefitiie • possible forms. .Between IfliO-Tb .Austria pared -with jhe same penod of an improvement of 3.9 per cent . S*. .Tnaqwbr GaY-rigues Walker as in July there were just under 05100 fC42 50 1 a day for each oif wh*n he did he disnlaved 
rest rit tive nracHce*. . ’-b.-ul an unern p toymen i rale of L9 -1977.- nciordmg to Dr. Hans N. is registered. their leader. 8(U»00 cardtarrying .members day off tbe job. impatience. P *. 

— — T _ — — . .. . , , . . . , ir l, 'u a ? improvement. ; Fprnande 2 -Ordnne?,. are clearly Onlv in this wav can membership workers will 

.ilrcsufv embarked on a study of [stability ■ with Tull employment. In the elect ro-techni cal sector If ihe large contracts are ex- ; defined, commanding the lovallv be effectively recruited and main- return tu work 
drug .wifely and qtialilv. but it; The budget projections are based nominal demand lias risen by eluded from both years figures ; nf 16 deputips in Parliament. So t tuned fiver fim persons voted Once the Bil 
i-, understood that the scope of; on an estimated economic "-S Per cent during — - -■ * *«-- - - 


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-Financial Time? Thursday October 19 1978 

.s \K\\S 


AFTER YEARS of enforced idle- 
ness. two of Southern Africa’s 
must important railway routes — 
the Ben'.'uela ruilwaj from Zaire 
to.. Lobilo and Zambia's 
■‘southern" line lu South Africa — 
art- coming into action ay.un. 

•Both Angola's plan lu re-open 
the BenyueJa railway next month 
and Zambia’s decision io use its 
rail- links through Rhodesia to 
South Africa point up the im- 
mense political importance of 
Southern Africa's complicated 
communications network. 

The Zambian move underlines 
another harsh fact of political 
lifer’ the economic inter-depend- 
ence of countries in the region, 
be they black or white ruled. 
This in turn means that any 
attempt to impose economic 
sanctions nn South Africa could 
have severe repercussions on the 
black stales which surround the 
republic and with which it has 
.substantial trade and communica- 
tions ties. 

It is ironic that Ihc scheduled 
rc-opcning o£ Bcngucla. which 
should reduce Zaire and Zam- 
bia’s dependence on the “while 
south." has been announced m 
the same month as the partial re- 
opening of the Zanibia-Rhodesij 
horden which will make Presi- 
dent Kaunda somewhat depen- 
dent on the Pretoria and Salis- 
bury Governments. 

The decision to reopen Ben- 
guela wus announced in Luum!-' 
this week at the end of jn import- 
ant three-day visit m Angola by 
President .Muhmu of Zaire. Tin- 
visit set the s,;y! i-n Hie 
rapprochement ihat has de- 
veloped in recent months be- 
tween the two uioi-louicalh 
opposed countries, which hr-'o 
long been hostile. President 
Mobuiu and President Neiu uf 
Angola atlempu-d a similar ac- 
commodation in 1P7I5 which came 
to nothing, so there must he 
some doubts about their current 
friendly overlures. Nevertheless, 
the improved climate could he of 
major geo-political importance if 
it leads to greater stability in 
trnuhied central Africa. 

There must also be doubts 
about Angola’s ability to keep 
the Benguela line open. The 
railway— already open within 
Angola — has been the subject of 
attacks by Ihc UNITA guerilla 
movement of Dr. Jonas Savimbi. 
which is still operating in 
southern Angola. 

The railway line was severed 
during the 1975-76 Angolan 
civil war and this dealt a severe 
blow to Zaire and Zambia, which 
had been shifting a substantial 
proportion of their vita! copper 
exports along the line to the 
Atlantic port of Lohito. Just 
before the closure of the line. 
Benguela was carrying 34 per 
cent of Zambia's international 

The cutting of the route meant 
for Zaire greatly increased 

jthern Africa Ir anian 

across political frontiers Minister 


I- ■: -TJa : 7|jp7 ’ •'ti T.g7i«u ins the southern route. 1 By Andr9w >p!SlS5K r r 

! “SJK-v \ .' R I® Zaire and Zambia, albeit TEHRAN. C 

}. - j — / !. fg~7' ’■ — «££- unwillingly, therefore maintain ! AFTER SEVERAL i 

’~In con 

B iiui 

ZT “S xA 

\ ■ ZiMfli'i* .-iszZr'P'Jc 

| £ Uoaiuj* Hk ' \ 


! . M ,8,< i . Jw. V 

| . B0T51ISA 

-StBWl L 

) V;-;A ) • 1^ * 

mg the southern route. By AnA ttoran is 

Zaire and Zambia, albeit TEHRAN. Oct 1S>. 

unwillingly, therefore maintain ! AFTER SEVERAL days of 
substantial economic ties with! mount inn speculation. the 
the white south and so, in vary-! Iranian Government today con- 
ing degrees, do five other: finned two developments likely 
southern African states: Mozam- to prove additional headaches 
bique, Malawi, Botswana, for Mr. Sbarif-Emaxni, the Prime 
Lesotho and Swaziland. Minister. 

Despite Mozambique's socialist Ho^aS^aba^^has ^e- 
political colouring, the country’s si « MI | S | li ' nmt a on-Trenth.- 

^mmorta nt ^nort*^fdr qjfuth' Africa! because of disagreements over 
important port for South Africa, pay p^py ln _ a separa te 

South African railways con- development. General Nema-_ 
tinue to assist Mozambique in tullah Nassiri, the head of Savak 
maintaining the port facilities (the secret police), a long-time 
at Maputo as well as rhe rail Triend of the Shah, was brought, 
line to Komatipoort in South back from his post as Anibas-, 
Africa. SAR technicians are sador to Islamabad, to face 
regularly sent to Maputo, and charges of corruption and abuse 
the Mozambique railways have of power during bis Savak days, 
borrowed SAR equipment and In bis leaving letter to the 
rolling stock. Roughly 15,000 Premier, Mr. Nahavandi attacks 
tons of South African exports the Government for accepting 
are moving dailv through virtually all the pay demands 
Komatipoort to Maputo, beiDg raised by hundreds of 

*e_; thousands of public sector 

Rhodesians raid guerrilla 
bases in Mozambique 


dependency on the tortuous 
” southern route " through 
Zambia and Rhodesia to South 
Africa and, until the closure of 
the Rhodesia- Mozambique border 
in 1976. lo (be ports of 
Mozambique. Thus, despite 
»::nc;ioins on Rhodesia, trains to 
and from Zaire have long crossed 
KIn'i'ltrMii. It is estimated that 
.ii»nut -2.000 tons of Zairean 
errpp-T a month arc being noiled along this route to 
the South African port of East 

Zaire has also continued to 
i»uy .substantial quantities of 
coeds from South Africa, much 
■ if n '•<■111 by rail, although there 
is al.-o a regular shipping 
service between South Africa 
and i he Zairean port nf Matadi. 
Food is Zaire's main South 
African import, although sizeable 
quantities of fuel oil have also 
been railed. The railway has 
also carried conking coal to 
Zaire from Rhodesia’s Wankie 
colliery and. according to some 
reports, quantities of Rhodesian 

For Zambia, which shut its 
border with Rhodesia in 1973, 
the closure of the Beoguela rail- 
way meant an immensely en- 
hanced dependence on the new 
Tazara railway line to Dar Es 
Salaam — built especially to re- 
duce Zambia's dependence oo 
the white south. 

By this year Dar Es Salaam 
wa« handling 90 per cent of 
Zambia's external trade and 
proving itself unequal to the 
task. Problems in the port and 
on the ra line meant that 
Zambia could not export enough 
of its copper and could not 
bring in essentia! fertiliser 
supplies in sufficient quantities. 
The result was the re-opening of 
the Rhodesia railway link to 
South Africa. 

As it is. Zambia has substan- 

tial trading lies with South 
Africa — even though President 
Kaunda has for years tried to 
escape bis country's colonial 
legacy of close economic links 
with the white south, ln 1965. 
Zambia exported goods to South 
Africa worth Kwacha 24.9m and 
imported goods worth K41.4m. 
Although Zambian exports lo 
South Africa have been neglig- 
ible in the past couple of years, 
imports for 1976 were K36ra and 
between K-lOra and K50m last 

These imports — plant and 
spares for the mines, lubricating 
oil. machinery, other ;nnds rang- 
ing from beer bottles to cheese 
and soap powder— came mainly 

along the road •••‘ich runs 
through northern Botswana to 
the Kazangula ferry, where the 
borders of Rhodesia. Botswana 
and Zambia meet. 

The ferry, which has become 
an important link in southern 
Africa’s transport network, was 
recently carrying up to S00 

trucks a month. Prior to the 
re-opening of the Zambla- 
Rhndesla border, elaborate plans 
had been rjade to increase its 
carrying capacity to over 2.000 
trucks a month to cope w;’:h 
Zambia’s fertiliser imports. 

However, neither the ferry nor 
•he grave! Francistown-Kazan- 
grila road could cope with the 
new demands being made on 
them. E> Iasi week, the road was 
reported to he in bad shape, 
while the ferry had been dis- 
rupled several times by techni- 
cal hitches and sporadic tiring 
between Rhodesia. Botswana and 
Zambian troops. 

But if Bcnguefa does became 
operative. Zambia would like to 
use the line as much as possible, 
since there is much unease in 
Lusaka about the dangers of 
Mr. Robert Mugabe’s Zanu 
guerrillas in Rhodesia sabotag- 

recent months following the Government is thought to be his 

m 0I +W »nnrrtrv^ anrt intenti °a Of Setting UP bis OW71 
tncuons IH tll3t country a SDu DQlitiral pa rt v til rnntpKt ripvt 

Johannesburg traders claim that yea?s%niS\ elwUoiL 

Mo 7 arnhioi r i Ca *iT w Tlie Minister of Health re* 

Mozambique market is bigger ^gned 1D ^vs ago. underlining 

now than before independence in Tbe ap p arem divisions within the 

. Cabinet. 

Bouth Africa, and to a lesser Onlv a few hours before the 
extent Rhodesia, continue to be confirmation of Mr. Nahavandi’s 
important trading partners of resignation. the Government 
Malawi, whose President Dr. announced an overall pav policy 
Kant uzu Banda, has long been f or the public sector. The four 
the odd-man out of black main points are a flat increase 
southern African politics in his of 7.500 rials (£53) In monthly 
cardial relations with Pretoria, salaries, an improvement in the 
Last year South Africa provided salarv scale, the doubting of the 
vnme 36 per cent of Malawi’s value oF non-financial fringe 
imnnrts. worth R39m <S22Sm». benefits, and a 20 -per cent rise 

Though trade in the opposite for workers in unhealthy 
direction was much lmver. for employment. 

political reasons South African 

iea blenders are obliged by the 

Pretoria government to buy 7 JHUaQ SDOlllQ 
per cent for about 1.500 tons a . r 

year) ^of their requirements increase aid 

But placed in the most difficult PARIS, OcL IS. 

position as regards economic JAPANESE AID commitments 
links with South Africa are the wit] have to increase “signifi- 
country’s three immediate neigh- cantly” in the near future if it is 
hours. Botswana. Lesotho and to bring disbursements up to the 
Swaziland. They are often target level set by the Japanese 
referred to as South Africa's Government, the Organisation 
hostages, for any major eco- for Economic Co-operation and 
nomic move against the Republic Development (OECD) said yes- 
would also have severe reper- terday. 

cuss Jons on them. .The three In its annual review of Japan- 
belnng to the same customs ese aid, the OECD’s Develop- 
union as South Africa rnd are ment Assistance Committee 
dependent on the country for noted that Japan’s net Official 
most of their trade, including oil Development Assistance (ODA) 
imports. disbursements increased 17 per 

Few examples point up the cent in national currency (29 
inter-dependency of southern per cent in dollar terms) last 
Africa better than the fact that year to $1.4bn. 

Rhodesia Railways stiti runs the But expressed as a percentage 
railway line that runs from of Gross National Product dis- 
South Africa to Bulawayo hursements rose only to 0.21 per 
rh rough Botswana— one of the cent from 0.20 per cent corn- 
five “front line” states embattled pared with 0.31 per cent for all 
against the Salisbury Govern- donor countries combined, 
ment. AP-DJ 


RHODESIA today launched a 
major raid against Zanla 
guerrilla basis inside Mozam- 
bique for the second time in a 
month. ■ 

In a brief communique. Com- 
bined . Operations Headquarters 
gave no further details but 
promised that additional cora- 
mnxuquCs would follow on the 
progress of what it called 
“ self-defence raids against 
terrorists " loyal to Mr. Robert 

The raid comes after Sunday 
night’s mortar and rocket attack 
against the eastern border city 
of Umtali by Mugabe guerrillas 
In which five people were 

On September 20, Rhodesian 
security forces launched a three- 
day attack against Zanla bases 
inside Mozambique. They 
claimed to have destroyed 25 
bases in the attaek and to have 
eliminated several hundred 

At the time, officials said that 
Rhodesian troops were operating 
inside Mozambique on a daily 
basis and gave details of seven 
previously unpublicised raids 
against bases In both Mozam- 
bique and Zambia. 

The fact that today’s raid was 
launched while all fonr mem- 
bers of the Executive Coancil 
of the transitional Government 
are in the UB. indicates that 
the day-to-day conduct of the 
war has been left in the hands 
of the Combined Operations 

Rhodesia has now acknow- 
ledged making at least '.1 major 
raids into three neighbouring 
states that harabour guerillas— 
Botswana. Lloram bique and Zam- 
bia. Intelligence officials say 
that thousand:: of Mugabe gueril- 
las are waiting in Mozambique 
to cross into Rhodesia. They have 
been transferred to bases hun- 
dreds of miles from the border 
in an e.'" :.'t to avoid cross-border 

SALISBURY, Oct. 18. 

attacks by Rhodesian forces. 
About S.G00 guerillas are operat. 
ing inside Rhodesia. 

The raid-just before the 
Washington talks between the 
Rhodesian Executive Council and 
U.S. and British officials — is part 
of Salisbury's strategy’ of 
strengthening its bargaining 
band before any talks involving 
the Patriotic Front led by Mr. 
Mugabe and MT. Joshua Nkomo. 

In a separate development, the 
former publishers of the Lonrho 
Group's banned Zimbabwe 
Times, announced plans to 
launch a new African daily on 
Friday. Tj be known as The 
World, the paper will be pub- 
lished by a newly registered com- 
pany but, with u change of 
editor, will use the same staff 
and premises as the Zimbabwe 
Times. The Zimbabwe Times was 
banned because of support for 
the Nkemo wing of the Patriotic 

Cautious optimism in Lebanon 


MOVES ARE under way to apply 
new security measures here to 
stabilise the ceasefire and lessen 
the danger of friction between 
Syrian troops of the Arab 
peace-keeping . force ' and the 
Christian militias . 

The new. measures, endorsed 
yesterday by the conference of 
foreign ministers of the Arab 
countries contributing to the 
force, are expected to be com-r 
pleted by next Saturday. - 

The conference, -Which met at 
the mountain resort of Beiteddin 
about 20 miles southeast of 
here, also called for disarming 
the private militias and .rebuild- 
ing the Lebanese army so it 
may eventually take over the 
duties of the Arab force 

which originally came here two 
yeans ago to end the civil war. 

Under the projected security 
measures, Saudi and Sudanese 
units will replace Syrian troops 
in the Christian quarters of east 
Beiruti The Sudanese will take 
control of the strategic bridges 
at the northeastern approaches 
nf the capital, while the Saudis 
will, move into Ashrafiyah. 

The bridges were the scene of 
fierce fighting between the 
Syrians and the '. Christian 
militias before the present 
ceasefire took effect 11 days ago. 

Although right-wing - leader 
Camille Chamonn has reacted 
negatively to the recommenda- 
tions by tbe Beiteddin con- 
ference. the main Christian 


group, the Phalange party, was 
reported by reliable sources to 
have promised to cooperate in 
the fulfillment of the new 
security measures. 

Observers expect warnings 
issued to Mr. . Chamoun by 
France and the U.S. to deter 
him front starting up the fighting 

Moslem and leftist ' leaders 
have supported tbe Beiteddin 
resolutions which meant that 
their cooperation has been 

Observers are cautionsly 
optimistic that the ceasefire may 
last for a while this time to 
provide president Elias Sarkis 
with time to deal with the 
political complexities. 

UAE to launch planning hoard 


THE UNITED Arab- Emirates is 
shortly to establish’ a National 
Planing Board to assess fafure 
economic policy for the seven 

So far the rulers of --the 
individual emirates have insisted 

on dete rmin ing the|T '.own 
economic and industrial 
strategies. • The lack of 
coordinated . planning. - —has 
resulted In numerous examples 
of duplication, over-building and 

projects of questionable viability. 

A government planning official 
said that the new board would 
comprise top personalities in the 
UAE. cabinet ministers as well 
as economic experts. 

- The Board would decide- future 
direction of industrial strategy 
and would ' have humeroos sub- 
committees to encompass plan- 
ning .-by sector and. ifor each 

The boanTS estabDshment .is 
tia- first vstapr.tti -a. national 
development plan* said V: the 
officfaL The UAE: pl aninh g 
authorities are in the midst of 


completing a number of sectoral 
surveys in such fields as man- 
power. industry, water resources, 
electricity, education, agricul- 
ture. In 1979. these studies were 
to be assessed so that a cohesive 
development plan for the whole 
country could be formulated for 

It had not yet. been decided 
whether the .1980 plan would be 
for the present year. * 

The official also revealed that 
Ahu Dhalri’s - own development 
budget for 1979 would amount 
to DH6.5bn as against DH5.3bn 
for three' or five years* 

India’s Janata party 
faces new divisions 


NEW DELHI, - Oct. 18. 


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THE CONTINUING crisis la the country,” Mr. Desai also changed 
divided ruling Janata party took bis stand and has now declared 
on a new dimension today when ^2* 7*?. rs - Gandhl n J u * 1 be 
the party President,. Mr. Chandra f __i * h „ r . Wr 

Chplhar i period a statement Observers feel tbat- Mr. 

whirhTs integrated asa direct Cbandw Shekhar, whose term as 
SU» to erP t^ auttorlS of tbe Janata party president will 
Mnran nesfli come to an- ehd when its 
Pnme Minister organisational elections are held 

Mr. Chandra Shekhar seized j n December, has staked his 
the opportunity given by Mr. claim to the Prime Ministershin. 
Desai s retreirt condemnation of Both of ^ Desai's main rivals 
former home muim^ C^ran. jn ^ pagMfr . Charan Singh 
Singhs ptoi to and Defence Minister Jagjivan 

farmer's rally on ^ Ram— are now thought to be out 

HWfif of nmning. Mr, Charan 

highlight Singh has been worsted in his 

and is to be held on tije birthday battJe witb Mr _ Desai 

of ^ Mr- B«n’s chances have 

ousted from fhe capinet o> Kir- dimmed considerably because of 
Desai four months ago. - ' ' - a sex scandal in which his son 

Mr. Desai last week called- the jg involved 
rally a “ political conspiracy.” Mr. Chandra Shekhar is in his 
Mr. Chandra Shekhar has now fifties and has an unblemished 
said he. saw “.nothing wrong" record. A bitter critic of Mrs^ 
with the plans for the rally Gandhi when be was in tbe 
provided ' it was confined to Congress, he was jailed by her 
celebrating Mr. Charan Singhs during her emergency rule, 
birthday and expressing farmers’ when he quit and joined the 
grievances. Janata party with a reputation 

Mr. Chandra Shekhar has thus of a fierce “young turk." he was 
publicly differed with Mr. 'Desai acceptable to all tbe groups in 
and to that extent weakened tbe the party and became its 
Prime - . Minister’s- authority, president. Although he sup- 
fteeent events .have, in . fact, ported Mr. Desai durine the 
eroded Mr. Desai ’s position and iotler’s tussle witb Mr. Charan 
he finds ■ hiiwetf .-isolated Singh. Mr. Chandra Shekhar has 
because of bis statement now openly let it be known that 
welcoming Mrs. Indira Gandhi's he is opposed to several of 
entry into parliament. Following Mr. Desai’s policies and state- 
Mr. Chandra Shekhar’s state- Tneirts. With hts latest statement, 
ment that Mrs. Gandhi’s election the challenge has come into the 
wpuld be -“ an insult to the open: ’ 

Pakistan Press protest 

Pan Ams Ffco^e-lTieu: experience makes the difference. 

*5zbjaxto Grerrr.nyscagprswLj 

r. •• F . 

■ -fin 


THE. EDITORS of seven daily 
newspapers and one 'weekly 
newspaper affected by the mili- 
tary government's censorship 
order of last Monday have 
decided to suspend publication 
for three days in protest They 
include Musawaat the official 
paper of the Pakistan People’s 
Party of the jailed former Prime 
Minister Mr. Bhutto. 

The protest follows a strong 
statement condemning the Gov- 
ernment's action yesterday from 
tbe journalists' union chief, Mr. 
Minhaj Barna: But its impact is 
likely to be harder on the news- 

f tapers themselves than on pub- 
ic opinion, as the editors hope. 
..In. a statement issued in 
Karachi today, the editors’ 
describe the government’s action 
as arbitral? and partisan, aimed 
at destroying “independent and 
opposition" newspapers and at 
encouraging - a " conformist “ 
Press, and some of the papers 
will face financial problems -as 
they have small circulations. 

Musawaat appeared this morn- 
ing with blank space# and no 
editorial, and today the editors 
complained that items cut out of 


their newspapers actually 
■ appeared: in -papers not subject 
to the censorship orders. The 
editors said they would consider 
suspending publication for good 
if the orders are not withdrawn. 

The list of signatories includes 
the editors of three newspapers 
previously thought not to have 
been a target of the govem- 
zfccnt’s action. This 1 means that at 
least li newspapers are being 
scrutinised by teams of Govern- 
ment information officers, magis- 
trates and martial law represent- 
atives before they go to press. 

Newspapers in Pakistan have 
been subject to censorship on at 
least two occasions in recent 
years, during Mr. Bhutto’s period 
in power -and since the armed 
forces under Genera! Zia-ul-ban 
ousted Mr. Bhutto from offifce in 
July Iaat year. The latest move 
appears to be directed primarily 
at newspapers known to be 
sympathetic to Mr. Bhutto 
whose supporters have recently 
attempted to launch a .campaign 
on his behalf fo coincide, with 
the. ending of his appeal against 
the death sentence- Jh ; the 
... supreme coaiL 



■p^ ';^ 


; ■ JEC : '■ r^-i? - i 


Financial Times Thursday October 19 197S 





■i -.-t\ v • r 



It may look as though the building 
business is moving steadily out of 

traditional materials and into plastic. 

It’s happening, and the all-plastics house 
may be just around the corner: 

Of course it could be quite some 


get a complete house in plastics remaps 
never. But if it does happen, PVC, 

itis, . . 

will play a large part in it. 

BP Chemicals already supply vast 
amounts of Breon PVC in many grades 
for cables, flooring, piping, cladding and 
other. uses. We supply the raw materials 
for many other domestic and industrial 
uses,too, I n fad there a re very few 
homes indeed in which you. won’t find 
something from BP Chemicals. 

BP Chemicals are one of the 

founders of the European petrochemicals 
industry. Our dired access to the raw 
materials from within the BP Group 
provides security of supply. This, together 
with our continuing investment in 
resources, service and produd range, 
ensures that we continue to meet the 
needs of industry today, and the 
demands of the world tomorrow. 





lecided tc 
Vi Ison i* 
lumber o 
v'ere com 
uign agai 
’arty on 
£*74 Gem 
The foi 
owing thi 
If air. Mi 
/as. had 

late rial.” 
The Prt 
n hear 
■ir Harolt 
nrmal co 
On the 
gainst • 
ouncil s; 
loyal Cc 
iiat thcr 
,3hour bi 
The Pr. 
j one ill 
ished tod 
In ano 
gainst tl 
>aily Ejt. 
icture c 
eath in f 

.. ; Financial times tiunsday (S^r 19 ' IW? 


U.S. may challenge Japan Orders worth f 273 m 
on ‘cheap’ loan for China p,anned 

Soft line oil boycott 
by many Arab banks 



JAPAN'S PLAN v. extend 

JAPAN'S PLAN Vi ex-end ?. Exp ‘or Mia port Bank. fa!i« r»ut- Japanese plant exports. 
lO’-' -intoi'M rail.- ” rlsvelnpiner.*. " side the scope of the gentlemen's A s 3 case in point Japan wil 
loan to Ch;nj. us pur 1 , c-f the 3g» -,, ciiient. insist on keeping the ilnuncin: 

•. financial packupe under which The E\;m-bank 1- reported in terms for ihe proposed Shangbu 
' the two countries will double :;-»ve >ut the rate for this loan integrated steel plant (to b 
- their tvo-w-jv trade ever the at 0 -5 ner rent The amount built- by Nippon SU*H Corpor; 

lines of the U.S. nnu; i"p worth ov 

British West Indian Airlines 


AMSTERDAM. Oct. 18. ' «avkiVG concorde are Warburg- also managed inore 

I'-SivfJ 5 'iU ViT-‘ GOVERNMENT level talks on - *££5, tici r International Eurodollar deals m J978 and 1977 
H 1 *?.', %'f . aireraf: co-operation between : £'",!« “Sf blacklisted invest- than any other bank and. when 
or an vcrSiO— Hoiiand sr.d Francs have jpro- -^5 t ot h n uses in spite o£ anti- Fiuor, the Middle East const vrz- 
duced no immediate results but legislation in the U.S., tion concent, listed its shares on 
caort deliveries France ;* ready to discuss the i SSflJiL,, “.q an analysis con- ihe London Stoek Exchange, 
i of ali versions project further. SlvStSd fc bv Boycott Report, Warburg was at the head of the 

VET £ 550/3. Economics Jliaister Mr.- .Gljs! “~r,jr bed ' bv the American sponsors. 


to** v* 

for delivery r-Z'£t ^ ’take part in 'J®*“ *3 d i£S£ However, both these merchant 

p;-*"-‘-n»- " ^ e n ? !•’ 1 n ;i n '•> .1 - ref- r. : ; ,1 
; nfnt " under which isic nsi:*:- ! ‘ |jT1 
. r.-.u:w in! erf- V r.-V for V: i n"l^ 
- f.vp-i : ; c r< • ri i 1 •• -x : •’ n df d *•■ 5 ■ 1 • ; 

n orches 

develop in 

” r« m nine.- if- 

Of ever 

liraself. I 

-. fi\r }?jr 

^ ) i> - . inesnhfT 


,ady Fs 

- IS ?«*! ;ri 

“.S per f n : . 

larcia W 

1 Thr i.'.i 

i- .'•'e;d ;t> i"/ 

The Pr 

to rji<e 

ih'- min nuim '■ 

• i hnne 

Ur Haro 

- I hi? :n 

in lin^ 

;rawn sot 

. . v. i: .i in' 

'•'iv rate- 



. " drj:ii n -liv 

nld ihe 

J: .il\ri 

intends i-: 


:id not 


u-Ijim Ih:-: :: 



. loan for 

the d-'roiopn: 

i-* ri i. C*. 



:l and run 1 r*-. 

: niirce*. 

ound u 

; Which 15 

V.-::i£ planned 

ay the 

«:!!rn the scope uf the n-nile- relation* between Peking and th^r «? hi, VS banks in syndication* Manama ^ National Bank- of Abu -Dhabi. ' 

liM 3 ^ 5 'ihf '2 Ameri^Jompame^to ranipeto tho number of cifshMOTriSta re las DC-9 Series’ 30 iwsR-j?t development of the MO which ! e^the^^ Meanwhile. Libya W Iraq 

V ni, uT lV Z i TK.on order for five airlines, includ- airliners, worth aooui «3Sai is due to came into service in lhere ,s l “ c , -hanks have Joined other Arab sjal es.ia 

■ 10 in has niarke? 5 mg British Airways. Pan tover £llai». 1SS4. ; Nevertheless numerous b^ks adapting ^mselw to fte- 

. - 1, no . . ur. in.ii in* nas> nurkeL The «ecood round of talks will with Arab connections take a American banning of scaative 

been propu&ed as pari nr an There is an undercurrent of . .“T a. linn on the bovcott and «f nt-iain «! Te - 

ar.r'ii.ous financing package opinion in the Japaneae business _____ T . m . 1 • 1 * a .5^®. ignore it altogether. ' 

■■■"«'#»■ main jmrpnse i< m enable world, however, which maintain* ! T\\^ A ^nrfcflQlllP'riTKT 5 AlfhlK t3ce-^«fo?e AeSrtSn* taTthe Boycott Report. £J de ® ° ve -.“ as 

tbin^ 10 afford sharp increase- thai stricter guidelines on the A TV Jl\ tUilMUvl ili^ Ut|0 fheParisba^d Basque Arabc et ***** " • *■ 

m .l:,:..,nwe plan: impr.rii over financing of trade with China. 0 534x100 Sn^n?atloTialc dTnvestissement Both countries now T&nna 

■!, v nw: feu- years. nwy be necemry and • dwlrahlc ; BY OUR AEROSPACE CORRESPONDENT S ' said ' and the Israeli Bank Le’umi *£***&* ' 

!■ r bus pumi of v 1P v. the Japan s surplus on trade with . . “^L-hnnk nart in a loan offering in Airhousb both document .pro- 

lour, appears as a consutat ion China is vxpuctcd to grow. TRANS WORLD AIRLINES of jets. »e narrow -_aqc;eo 10. and w-.-. p^OTreciproca. order; wn.h Took part the same inform^hm oh : 

pri:c to Chino for Peking's according to one private th e U.S. "continues to have »ide-bodicd, 16. for short-io- Fokser : Ho..snd dec*d^ to; de Banoues Arabes whether or not good* originate 

f.,:iur.. to extract low interest estimate, from sonic 9380m in : un dcr aeUve study" the possible “* dluaa raa Se auues. ^ . in a in Isrtel. affirmative cenificalfts- 

rato« from Japan on the credits 1977 /on two way trade nf around 1 purchase of the European A-S00 Mr - Meyer made bis comments 5° r i fL HilJflfVo-rrianaEed^ by S. G. are regarded as less Objection- 

Which Win be directly tied to S3.5bn, to 93.6ba in 19S0. ^ ^ fW i«. ' 

• needs. Fokker. in fmu 1 wants. French ■ merchant bank. In 

..- n-. v: fc*v." years. may ho necessary and dojirahlc. j 

l-'r/M tius pui nl nf v-ipv. the Japan's surplus on trade with 
nr. appear* us a consulation China is expected to grow. 
*i:e to China for Peking's according to one private 1 

Canton Fair wooing customers 



needs. 33 Roeing jets — ten 727-290s 

; Mr. C. E. Mever. president, three 747 Special Perform; 
! said that other aircraft under Jumbo jets, for delivery in i 
[study include the Dash 500 long- with options fer =7ioiher_30 ef 
I range version of the Lockheed 727s and six more 74 i 5- 
[Tri-Star, and the t-^o new Boeing delivery in 19S1 and IBS*. 


THE .M Tl U.V T.a-i.' ahru’ 'ins ;e;:r'> fair f x- : '-.ving nt» longer copy, they innovate. 

Fair. ' hma'i 1 ■: :cf annual Cirnu'* rc*.en! and *udden The businessmen who attended ITALIAN TRADE 
cv^-uri* of u- inur.ufdctur.n? acknowledge men; lha; it the up<-iung «>f the fair >aw a 1 

ach'vvi.-nioriti. n.i- .^.pnorl v::h- b-.!-,ng- in she 1'iUh Coni ll ry. range nf products that China had "■ *■ A A W ®"H ' 8 _ _ 

,;, " n SSSSsis;: Ossola seeks to ease the oil burden 

— rnji more in.m ft- u-;;;r 

— Mi: :1 •- hi—’:-.- 4 1.1 

11 ever u n •.•.•!!. mg ;y 

In reporting the opening, thr 

dilTercnt sort nf uncntiun land un‘.vi:Iir.gRe«» s lieing New China news agency referred 

it- J.h'JU iuiainr-ivmcn expected hur:ci .long with tne rc-t of to 3 “ significant change ” in the 


i.-. xtiend. Mao T -e-tun g‘s pcn.-erM id 1 f a i r - a organisation— to «*!! what BY PAUL BETTS IN ROMF r ' 

Tnis yc«r’* C.inmn Fair aim-- ;.jmi shr .'L-Ilers and profiteeix of the buyers want instead of . r : . . - 

in io liu-mcsa. In iru; ?.»' the -.jc v;urid. ‘■i m pi v what is produced but not siG RINALDO OSSOLA. the has become all the more pressing recently beets followed up with stream of Sij. Ossolar mission. nione.ar5 serein, Msdj^ahear 

.air oa., u^n *M?wl ^ 'h..a- ch .^ indnstn- hai been needed. . Italian Foreign Trade Minister, with the increasing demands of the announcement that Saudi Italy's trade deficit h^bee^ent ra»n*r * 

•%f V ' urged tu improve the quality and "The auttmin fair will in- is on the more again. Just back oil producing countries for Arabian financial Jcterefiteart to bac« ; d “«*« lISS SSot « 1 CMitScc 

T£ \ 43 S 5 J *$ MJ£K &K^ a, S?Sk , sSSS 

fair iia.5 iie*.*n staged a *hi'o- 
window vvhibh/on . a pi a> e 
when.- fnreuner? could see 
rhine?e Produce “/jihout being 
importuned to buy. The trickle 

Chinese industry has been 
urged tu improve the quality and 

e. Montedison. largely the outcome of the ments and Indeed their.: ovn 

Monttdisoft operation industrial recession and to a .leadership’s appeal for inudera- 
dudes the setting up of great degree the result of the tion.- hr wage claim*.. 

Tn p nl« and denari 
intcrcitim m?rk 
Konc jr.rt Taio rt h. 
But more is 

At the same lime, there~\ijy 

Exports boost for Irish 


DUBLIN. OcL 13. 

Lines move to 

By Our Ov/n Correspondent 


j trade policy. 

! The first is the chronic 
: diplomatic initiatives in 
«f Kalian exporters wn 
had to rely largely on th 
devices to ponetrate 

This contracted with increases The Export Board can give no 
r-i only 7 per cent and 4 6 per specific -reason lor the export | 

• ent in July and August, respec- rise, other than to sav that Juh taken because Amsterdam is a is to be opened srhoniy 
lively, compared with the same and August figures iouked bad smaller and more flexible port. Dhabi. Apart from a 01 
morn ha in 1977. because' of exceptionally good The Dutch croup Ineotra.v. Over by Sig. Aide More. 

....i— -u. *. rha WTo.-i ir.-,.-, Ghffsf/an FWmdcrat P: 

r UUU EUROPEAN Shmnmg usaiiieia. wi«cia«j iu me uti u«juhhii vu.u. cic^s -u =_ t, d .. A r -_ imnrrt- Afnent oo'iiira exports «unsu»i- non -nnto fuatsuM. -. uus . j, ; 

iine« plan io- increa*? " ‘ the producing countries of the L3.o00bn. The annua! upper • ?4ia lcP mainly of manufactured goods end. the Kuwaiti-Trade MibiSfer? 

frequency of rh.-ir container Middle East. As recently as 1 wo limit for short term expnr: Ja™ : ^ oi^coiSirv’s «*‘»PPting ivith those of other complaints about the poor track 
• services tn the US We-t Coast >caw ago, there were only two credits has 21 so been increased ^T-wi * European countries, imports of record of Italian exporters ie his -• 

: and tn move their operitjuns I'alian oflicial representatives in to La.OOObn oa a roll-over basis. , .t*. 0 Cl - *. , raw materials have effectively country were a source of clear * ‘ \ - 

from Rnlterdain to \m«tcrdani. 'the ana although after Sig. By rationalising and aceeleraLng *'“*£’ blr * J '9P^*, s become cheaper, while exports concern ro the issola mission. A 

;The decision to move has been Ossiila’s late-t visit an embassy the system of granting state ^ oisuacuiy have retained their compeiftivity leading Kuwaiti official bad m 

iy at Abu insurance and guaranlcesr Italian Po««cal qualily. Much .^f bis jesoite Uie rise in labour costs, fact designed 1 a -room: jpecifi- 
brief step foreign tradis officials are now *?**“ Giu. rulers dwtfit orj However, • this : -is -unlikely to oallv to •' acfirtimo^te some 5 

1 . a t ■ _ • . . 1 nr. iVilt-n nn • _ • ■ _ - ; . « w « «. •• < «. »• ■' . • _ * 1 

[an fora ihire- he /bad ordered 
r so ffpd : -'#dwn y.!t;..was 
vered that It - Was in: the 
na colour. . - . . 


a: forecast a ri*« «ii 27 per cent. 

< industrial countries. 

'“ c . sign meant since I.VU a a s trad:- .cr rjanufactixrers o* Pshi 

™ S.eSii. 'SS 

fS5r2,£i.dS «»«!*»■ .»* «#«. tralaeraghttr 

1- • 

■ \ 

meaium-teruj export credits :s a ” a 

likely to represent something of fpiA.^- vesSs^^IrdLd ihe 
■a strain on public finances as the - the 

average 71 per cent interest rate .A'J Force currently nas 

is veii betow rurrent Italian L a t?5h t rJ 1 V- 

money market rates. pilots 3 nunioer of Du * ,a > 

• However, the policy is based on But' the more hmnd^op 

_ nuwever, uie pouo i & oasea on But the more mundaflee 
ihe fundameniaj roie exports are business of stimulating export 
Playing in tne iialian economy performance remains the main- 
at a u me when industrial p™- ? ■ ■ 


Wa are interested in proposals from enterprises for .tbe 
insttiJlation and exploitation of & plant for the above produc- 
tion. located in Maiargue /Proviwe of Mondosa, Argetnios), - 
in accordance with Decree .No. 2U9/TS. 

Please write to: '*-■.• 

Pulacto de Gobierno. 6” piscr. . '-, ' ."" T xX. ' *r 

5500 Mendoea, - -.■ 


r -i 


f >i%<* 

■- Wei ./ 


'We Bay our reputation on the Iine 7 days a we£k.' 

'Atotal responsibility 
company 1 

destination on time. So do \vc. 

Whether it's a huge blowout 
preventer stack or a 10-pound 

People who care 

duction is showing only a tenta- 
uve recovery after an extended 
recession. The Government's 
target, spelt out in the so-called 
three-year fl97WJl) economic 
plan, is for an annual increase m 
export performance of about 6L5 
per cent over the next three-year 
period. At the same time, the 
Government is not so much 
relying on exports to generate 
new employment, which exports 
rarely do, but to maintain and 
eventually enhance productivity 
and so protect current employ- 
ment levels in those industries 
now largely, if not exclusively, 
dependent an foreign trade. 

it is principally this theme 
that is at the core of Sig. Ossoia's 
globe-trotting policy. The 
emphasis is placed heavily on 
those Industries — both large and 
medium sized, public and private 
—operating in key sectors like 
petrochemicals, energy, and. civil 
engineering in which domestic 
market demand is slack and 
indeed has little scope at this 
t,lage of expansion in Italy. 

Notice of Red * 

Nippon Electric Company, Limited 

So Guaranteed Sinking Fuad Debentures Dv* 1981 

NOTICt IS HEREBY GIVEN that, pursuant to the provisions of the Inden t u re as of 
Maj- 15, 1969, under which the above described Debentures were issued. Citibank, NA,' as Trpstee, 

.has drawn by lot, for redemption oh November IS, 197$, through the operation of the sinking fond 
provided for in said Indenture, SI ,000,000 principal amount of Debentures of mid fap.f of the- 
lofiowing distinctive numbers: 


Mr. Hartman is rightly proud [ ball valve, KLM's equipment 

Qirfr? L. f/tirrmim . Traffic 
Manager. Cameron Iron Works 
Inc.. Hoiisfon. Tan :. L’.S A. 

'Our air freight shipments 
range from 10 pound valves to 
50,000 pound blow oul preven- 
ters. Wc fly repair and replace- 
ment pans because our 
customers need them fast 10 
keep gas nnd oilfields on stream. 
Downtime can cost over $ 2000 
per hour, so speed is vital. 

Cameron has buili a world- 
wide reputation for quick, 
dependable response 10 cus- 
tomer needs. My job is to protect 
(hat repulaiion/Ihat's why 1 rely 
on KUVLThcir network uw ers 
many of our important markets ' 
and distribution centers for 
customers in the North Sea 
gas and oilfields. the Middle 
East and Southeast Asia. 

I use their flights from 
Houston almost daily. From my 
experience. 1 can count on KLA1 
to handle complex shipments 
on a routine basis! 

of Cameron's confident stance 
in a tough market. And he relies 
on the services of K.LM Cargo to 
help him maintain it. 

Fir innately .-wc have \ 
the ex|x?rt i se and the 
experience to do just that. 
Which is one important *'- 
way our ser\ ice becomes 1 .. 
part f»l his product. 

for the future 

and facilities suit Cameron's 
needs exactly. 

Wfe have, for example, over 
3500 unit Irxid devices and a 
large fleet ol wide-bodied 
cargo-carrying aircraft serving 
all continents. 

Even more importantly. 

KI.M provides some 2500 
• • . reliable people who will 

•. '• handle any shipment. 
^ • large or small, as if it 
tSc were their very own. 

Cameron considers its 
job w el l-doiie only when 
- ihe goods arc atiheir 

Complex shipments demand 
one simple thine: care. Our 5S 
years' experience equips us 
admirably lor this. 

1 n 2S0 offices around the 
world. KLM Cargo specialists 
work with over 3000 agjents to 
get cargo off the ground and on 
to its destination safely! quickly 
and reliably. j . 

Like Mr. Hartman we lay 
our reputation on the line 7 days 
A week, too - and we're equally 
relentless in our effortsnot just 
to maintain it. but to improve it. 

Originally, the underlying 
policy, worked out by the Bank of 
Italy, was to promote so-called 
“triangular" ventures with oil 
producing countries. In theory 
at least, the -■concept was 
academically viable. It involved 
the recycling of petrodollars on 
the simple basis that the rich 
surplus OPEC countries would 
finance major projects in poorer 
developing countries by buying 
the necessary technologies and 
know-how from Italy. Except 
for a Few marginal cases, the con- 
cept has not worked out In 

Instead. Italy is now increas- 
ingly turning to bilateral ven- 
tures as a device to attract Arab 
capital to industrial groups in 
urgciu need of fresh money. This 



540 IMS U13 ill? 2332 6079 7337 6758 

S4° 2DS™ Jgfl ?“§ 4471 t>OB 1- 7342 H7S7 

1039 ms 1637 S 

IU *88 ills i 01 ^tt It 93 

9 -IB 551= 1111 3i?S 

I?1 109^ 13B? icoi Si? 5 ratti mi tooa 

873 1M2 13« iSS? SO® 6259 7372 

386 3100 13B5 1*SS =121 §911 6381 7475 

9604 30fil7 
9632 10819 I 

13082 13837 13908 


1 1243* 1308H 13640 33B12— 
112443 E3096 33643 US03H 
133448 131 02 33647 1391* 

9636 iteM SiST? UOTB 12«3 33UO .MMt 3 

u •«&&?» mwkw&i 

7364 8804 9844 >J)So. 11237 1204? 12459 ±315? 13671 34410 

- 7371 BOS 3846 10899 11SB8 lgfisS-iaSS UlfiS 13GT2 ifilt 

9847 10804 11303 12052 13462 13167 13673 14410 

8B4B I08te 31303 13QU 13403 13175 33605 14415 

9849 10949 I130T 12066 12466 23177 13691 ’1*416- 

569 1103 1770 1-1* — -Z- 3831 10950 11309 12074 12469 131BT 13692 14419 

|*0 ij§5 la,? J-li5 =5*2 3123 6370 7630 6S6t 9931 10951 11311 12098T 1247B 13219 137OT 24430 

3'4 lio7 137?. SjjS 5»=4 6372 7682 8862 9932 10868 11319 12098 1247? 13220 13701 14427 

547 ilia ?4;? “;2p “W 0376 TBga 8863 9537 1&970 11^ 13102 1351 ![■ 13223 13703 14779 

Uo J jig 5*31 2471 5-J10 6380 36» B8M 10006 10872 11325 19103 13513 13223 13703 14783 

?isX tiSi ?7 ?t =474 5212 6381 7701 8930 10008 11012 11330 12110 1M13 1322* 13704 14783 

47*5 *»!■» o»4i 1K11B Time n»» i-w,i 12514 ..23232 13708 14TO*.. 

oaa im= T-il SI? 8 30t= 6263 ™ S9 8842 

111 life llln S1 4 i 5121 6271 7640 8846 

?S» 7.23 “i9 2412 S123 erro 7G30 88 6 1 

600 :i23 1388 ISiq 
738 1124 1389 

i 2476 5213 6513 7731 9931. 10O10 11016 11332 12112 12514 13232 13708 1478*. 

i 1“2 ;g=9 =S«4 5235 6514 7732 8TO3 10130 11018 11 K4 123 2<T 12S13 13233 1371& 14785 

_ _ — -*" iirag ll33fi ■!*“ “ 

_60 1132 1403 1025 2705 S '21 fifiis 

762 1I4S 1405 192a -7~- 133* 

12131. 12521 132 

j , jYS =706 539C 6545 7774 M«4 1 0228 11 oS U340. 12145- 12S24 

-i.r isss S±°Z S393 6547 '7778 89*5 10M1 11057- 11341 12147 13535 -1337* 


CARC 30 

policy already appears to have 
paid some dividends with the 

paid some dividends with the 
LUtfams, in particular, making a 
number of substantial Invest- 
ments in Italy including, of 
course, the celebrated deal which 
saw the Libyan Arab Foreign 
Bank buying For some £250m 
the second largest shareholding 
in Fiat, the country’s largest 
private enterprise. This has 

6fl 1137 1415 1978 2747 saqS 
tS 3}3? 1416 1981 275B S393 

10335 11068 

779 1161 1421 1992 276n moS Z£5T d«q 

si SB II !® fi Hi U lil t 

904 1171 1437 2Q07 agio 5431 Vt&- Jl“ f 

10294 11116 1 
10398 11130 
10S97- 1X133 
1S3S8 311-M 11369 
30303 11145 11896 

1 12147 13525-1337* 13724 1*356 
~ 12151 12526 13404 33738 

7 13X59 . . . 

1 12160 33836 13430 13743 


TELEPHONE answering 

Brrrrr . , . Brrrrr ... Therc'j no 
fubftftuw far »n answer wfcen thi 
d im partin'. 



- D*|K. STW m 01-484 5011 
for your psriatiil **rvile. 

13734 13443 ±yi 87 

JP5 specified above are to be rcdtemodTfOt aid siilldng fund at the WCC Bond. . "' ' 

Wmdow»-2iid Floor of CiUbaBk^JS^UUl. Wifl ScrMrt,.m the BorougL of MwoTiht*>«W: ~ ' 
■ir.v ., rty = of Slab* of Meir ; -Y*rk, the main offices of Citibank, NJL in .\msterdam, 

i'JeUjeriEDds and Milan, Italy; Hie Cbwe Mahhattga Bank (National Association) mJtaris,- Franca ^ . .. 
ana f rankiurt.-Main, Cenoany; The of Tokyo. LttL, London, Englaoti and Brussels, Belgium , 
and at hredietbank S«A. LuietnbaurgBOfi^ Lasdnboutg, as FBc- CompanSr’s paying agents, ami will ' 
“»■**« “ d Wable UPON PRESENTATION ANJ> ^URRENDEjl THEREOF op Wvember;- 
la- 197S, at the redemption price nf ibo percent’ ef the principal amount thereof plus accrued interest ■ , 
on said principal amonnt to such date. Oxa iaftAr- l8u4A-dat^.'iatez«st «ax -ts«lcl'£^«nsAoGEic» will "'- . 
cease to accrue. -: r r ." • -V-;!- ; .V- . . * . 

Said Debentures should be' presen ted an'^«friSV&fCd it'ftft Ojtees «t:forth'inthc pretadififcanf*- 
srajm on said date with all interest coupons MalurfbjgwbsihjOiat lo tbe-rrdampticm date appertaining < v : 
thereto. Coupons due November 15, 1978 skdtild M dtefdied and'pnssenttd for paymenf iii the ihwmTiX- * 
manner. • - t- - :•, v. • ' 


. - . .^.v ' ■: • •; • .... - : V ., - J^c CtllBANK*. NA, -ffirwlea". . , 
October 13, 1978 ;. - .: '• . • .< ; ■; . . _ r ^. ' X i j 

15 *71 An 



, Financial Times Thursday October. 1$ 1978 


U.S. now wants 


THE U.S. Administration has with richt-wing political groups 
dncided that its interests in Latin in the South and West erf the U.S 
America would lie best served if during the Nixon years, the | 

U.S. . Ambassador, in Managua,; 

Genera! Anastasm Somoza. the „ . . , 

•controversial President of Sicar- ?*. r ; Shcltun 7 ur "^‘ " vii! ,5 ' 

agua. stepped down. General «**- sf, ciaic of . u, 9^j.^!^ ,ra *’ Ud ; 

Somoza is likely to be invited He retained hw POM; 

1o abdicate soon'. If be does not. de *° n< \ lnp Spite Department s , 
Washington will use everv means un happincss w'llh many of hi.-.; 
it can find to persuade him •*F l,onfc ,n *** dispalches from. I 

General Somo/a n the third However. the scale.- of Iho! 
member oF his family to be presi- recent uprising. the brutality! 
dent, and is grocmtng his son. W ith which it was repressed, and 
„ J - ■? i nast ^ ! i 0 Somoza, to sue- .|ii e continual • demands from 
ceed him. The Somoza dynasty moderate Latin American 
war established when General leaders for an end lo Washing- 
Somozas father, also called ton's support of Somoza have 
Anastasto was appointed com- convinced President Carter that 

KfVl ,he djnas| i- shou " 1 te s iven an 

b*. the US. military admimstra- uHiniatum. 

Carter keeps Ms neutron bomb option 



PRESIDENT Jimmy Carter has quick radiation impact on enemy Tf Moscow interpreted the Dr. Zbigniew Brzezicskl, the 
approved production, nf a new personnel. President's action as an in- President's National Security 

fifii era I inn of nuclear warhnads Dr. Harold Brown. Secretary riication that be will eventually Adviser, tt is not planned to 

whirh could make development nf Defence, is in Bru-vpU today authorise production of the make any formal announcement, 

of the controversial neutron conferring with members of the neutron bomb, it iniybt balk at The decision involves the pro- 

bomlj easier should the President Nuclear Planning Group and concluding a SALT pact. ductio of new warheads, using 

ultimately decide to deploy the briefing them cm the President's IT it does not. Administration fissionable high blast material, 
weapon. action. officials maintain that by for the Lance ground-to-ground 

Administration officials A major factor For Mr. Carter patently keeping the neutron missile at present deployed in 

challenge to 
energy Bill 

By David Buchan 

AUSTIN. Texas, Oct IS. 

stressed today IhJf this very tech- in making- a final decision on the bomb option open, ib* prospects Europe, using 8 inch artillerv 
nical decision docs not mp,»u weapon will be the Russian rc- of setting SALT ratified by the 

._ .... ... ..._ shells. The fissionable material 

lh;it the President has mude up action. U 5 Congrpss will be increased, could easily be replaced by a 

his mind in favour of the This reaction is nor likely to since hardline critic* an Capitol neutron warhead without major 

neutron bomb. ‘ be slow m coming. Next week. Hill may be impressed by the design chanties, officials said. 

Lust April, Mr. Carter sur- Mr. Cyras Vance. lb* Secretary President’s determination to The funds for such develop 

prised and embarrassed the of State, will he m Moscow Tor presene American military ment are contained in the new 

NATO all ici, by announcing that what are exoected to be the capabilities. 1979 defence budget and the 

ho was deferring production nf climactic negotiations of the The President's approval of the President's authorisation of the 

the neutron bomb, ihe enhanced Second Strategic Arms Limita-'new weanon development was production o Fthc new warhead 

radiation warhead with minimal tion (SALT) Agreement with the leaked this morning to the thus does not require Congres- 

ex plosive blast but lethal and Soviet Union. Washington Star, reportedly by sional approval. 

World Series: morality with the bases loaded 

Lon in the early 19.10s. 


U.S. officials are now actively 

The move.* the U.S. is con- seeking a non-Sandinista leader j ’JGE triumphed over virtue and to overhaul the seemingly in- ing duo • of Burky, Dent and best pitcher in baseball, Ron mitt of even 
side ring against General Somoza who would command widespread ; tf5e decadent East overcame the vincible Buston Red Sox. Brian Doyle, who got six hits Guidrv. was struggling des- Munson. 


a sore-armed 

.... r .. _ ... .. struggling 

include cutting off all remaining local support while scrying as a | mellow West last night when lhe They even permitted the between them and drove in the perately. The World Series. America's 

official aid. hailing U.S. arm* buffer against what Washington' New \ork Yankees defeated tit; Dodgers' to. take an early lead first five runs. It was Ihe light a special award should also autumnal classic, is invariably 

supplies, approaching General would consider excessive left-' lop Angeles Dodgers 7-^2 in the last night in Los Angeles beTore hitting short stop fielder Dent be riven to inanaeer Bnb Lemon held U P t0 tbe nation as a poli- 

Snmnra's other arms suppliers, wing tendencies. (Sixth game of the World Series averting themselves as the likely who had finally crushed Boston who look over ihV Yankees n lical. social and economic 

mainly Wool and Spain, to When ihe leader is fni.nfi 1 ^d thereby retained the Base- hut «- ■- a0K ovcr ine Y3nKees ’ n — ■ ■ • - 

also improbable heroes, iwn weeks ai 

go with a three run ih e depths of their despair at “ ora,it - v P ] ?- v - This year’s lesson 
and who had the mid. season and set them right ^ clearly that if you fight a lot. 
seems income satisfaction of being named the nuain Hi« sbim.i < L*nrt *fL n spend a lot. and talk a lot bend- 



U.S. support for the Somoza National 
Administration has hcen increas- 
ingly criticised in recent years. 

Protests from Latin America and exchange for an option to move 
elsewhere reached a .peak in 1° ihe U.S. with much 
August ami September, after a personal .wealth. 

opinion, from left 

to right. 

U.S. officials offer two reasons 
l<! explain Washington's reluc- 
lunrc lo move against the Gov- 
ernment. In the first place, there 
was a reluctance— especially 
among the U.S. military— to 

no option but to use : against him 
every diplomatic,- economic, poll 
tical and military weapon the 
Carter Administration has, short 
of invasion. u We- could ■ make 
things highly unpleasant for 
him." the- U-.S.. official said. 

The International' Monetary 
Fund is also continuing to block 

His skilful and even ... 

scncs "V * 1 vaju;,h l»> player for handed direction was sorely luc ru,cs ' rve - 

i , n S the 0 D field eai ' JC ^ Lat and [njuries^to^-ey ' plSjerVbit ‘ “was is ”* “W** culrem^ being 
The award could have gone to not found waiting. arid ^who "are seeking 

any number of \ankees. includ- in the end. the Dodgers fell elective office. 

Carter, the noted 
pitcher from Southern 

------- - - — , — — — Georgia, now living in Wa^hins- 

. . . - — dcmnralised ’fhose wonderrui heldmg at rhers in comparison with Nettles, ton, is understood, according to 

snowing the same tenacity as Dodgers — * 1 -- 1 - - - ■ 

But . . _ _ .. 

when they erased a huge deficit provided by the unlikely infield- critical third ganu* when 

, National Guard, and other I ,n f in f. rn . d ™®. l *? e . wtorj- 'ihe winning 

imnonanr member* nf ih P ' . char ; ictcr for the loveable, bar- pitcher was the venerable and 
' S ^mild^eNicaregua^ in'TT^ und swt ‘ eT ralkin ^ nnre Jim “Catfish" 

i r.vrh;n n ,. l ri- - haf ^ ev £ n Hl,n,er . bereft of fastball but - _. - — - .... .... 

h nf - wefl the Dod ^ r s 1° win Ihe full Of guile, aided and abetted wr Jackson, Thurman Munson, apart, particularly in the infield. President 

“ w,r , first two games of the best of hy the ace reliever Rich the grumpy cali ber. ’ - Gnose * where Messrs. Cev, Russell and softball pit 

! "Wn series before sweeping. “ Goose " Gossage, who literally Gossage, and Graig Nettles. Lopes emerged as* veritable but- Georeia no 

naiionni uprising against ihif '» the General vere'lo'.reject j unprecedenily. the next four! blew out _ 

dynasty. The uprising was I >• ,J «er, as he ^ has satd he showing the same tenacity as Dodgers in the last Iwo innings, third base indisputably clinched Dent and Doyie" and" behind "the usu’aliv reiiable^sotircesTm aeree 
^!^ r '^_biT_,_br D3 d_nmss _of WSSatt. .SaSL’S”! »?* !»4 Ihe.requl.r But «ka early firepower iu vleWT for the Yookees | n the "a"e. where S UOT«ive ca,ihetI wi» in fteVe coSeEp. A7n 

the oraved thev could not hold the from the snendina fsrtnr 

PORTIONS OF the new Carter 
energy Bill face a possible court 
challenge from the country's 
•hree big ga*-prndueing slaves, 
Texas, Louisiana and Oklahoma. 

The Attorneys-Genera! of the 
three states are expected to 
meet in Dallas immurrow to 

decide whether to file a joint 

'iiit against the Bill's provision 
that extends, for the first iim«. 
federal price controls to gas 
sold and consumed within those 

This new challenge to the 
Bill reflects the fact that both 
Texas and Oklahoma are holding 
state elections next month. 

Governor David Boren of 
Oklahoma, who is seeking 
re-election, and Mr. John Hi’l, 
Attorney-General of Texas, who 
is running for Governor of his 
State, have ?aid Texas and 
Oklahoma u"!l file separate 
suits against the federal Govern* 
ment if necessary. 

All threp states have called For 
immediate end to federal 
price controls on gas sold .to 
other states in Lhe inter-state 
market, rather than the gradual 
phase-out of controls over seven 
years as provided in the Bill. 

But. as Mr. Hill told a press 
conference yesterday, their chief 
cnmplamt lies against the 
®v tension of price controls lo 
the in tra -state market until 
1985, when all price controls are 

rltir> rn ht> MFrert 

dump Somoza. if the. alternative credits to the -Somoza Adroinis- 
was an active left-wing Ad mints- tration, because the ■ prospects 
(ration m which the Marxist for any improvement »q the 
Sandmista guerrilla movement economv are poor 
would have a large say. The Fund and the U.S. Gov 
Secondly, there was the power emment arc -especially con- 
oi the pro-Somoza lobby in the cemed at the money ’ General 
U;S. General Somoza and the Somoza is spending oniarins. The 
Nixon Government bad very money could, in their view, be 
close relations, which U.S. offi- better used for productive- pro- 
ctals'are unwilling to explain in jeets. A tier rnplomatii*- moves bv 
detail. These gave Somoza a brg th P u.S., Spain. Mexico and 
influence in Washington, and Venezuela, Nicaragua has been 
were augmented b.v Samoza's denied Ihe executive director- 
links wiih ihe anti-Castro Cuban ship of the Fund to whirh its 
communtlv in Florida and else 

representative was expected to 
where, and by his connections be elected this autumn^ ". 

Itaipu dam project 
will divert Parana 



ON OCTOBER 20 the Parana the outset has objected to /the 
river a hand oos its natural bed upstream Itaipu scheme, 
at Itaipu Falls oa the Brazil- Argentina .first feared .-that 
Paraguay hnrder. and for ih'e when the Parana was detoured' 
next two years will flow through navigability would he farmed, 
a man-made channel at 5,000 Brazil and Paraguay pointed out 
Cubic Metres per second. however, that Argentina's river 

The detour is being . made -by shipping could proceed normally 
60. tonnes of dynamite demolish- as the Parana will. still ' be flow- 
ing two 90*ft high temporary irfB and the output of the tnbu 
dams builr at a cost of 36m taries — the riy'eVs Iguacu and 
which, until the day afier lo- Acs ray whew -either Brazil or 
morrow, will seal off the 4.000-ft Paraguay have reservoirs — will 
man-made channel. Once the 90- be controlled, 
ft high water wail created by the Argentina also objected to the 
dynamiting and the sudden. ‘shift height of Tiaipti and the number 

of ' turbo-generators planned 

(IS in.alL.wilh a total capacity 
of 12m KW). This, in theory, 
would affect the hydraulic flow 
and performance of Corpus — a 
hydroelectric scheme which 
Argentina plans lo build down- 
stream from Jtaipfi in conjunc- 
tion with Paraguay. 

To add to the bickering over 
the stilJ-theoretical Argentine 
project. . Brazil also disagreed 
with the origin ally- proposed 360 
ft height of Corpus, saying it 
would create an * undesirable 
backflow. Bargaining between 
the two countries now stands at 
a figure of 315 ft. 

While diplomatic wrangles 
continued, Brazil and Paraguay 
went ahead with the physical 

of the river subsidies, the groundwork for ltaipiu and built 
world's largest hydroelectric the detour channel for the 

scheme, Itaipu Binacidnal, a Parani Builders of the dam 

$S.77bn venture between Brazil itself and the channel are a 90 
and Paraguay, enters its most per cent Brazilian, 10 per cent 
active stage of construction. Paraguayan consortium, Unjcon- 

aLTErf co |=7fv f ■' 

the 2. 400-foot stretch of river bed M 

on which Haipu’s 600-feet dam anywhere, vn one *Uge. 1 T *J? 
will bo built, rising above the » ar 3e*t existing schemes Crap d 
360-foot natural falls. The river Coulee in the US. and Gun In 
will- stay off course for lie next Venezuela, were brought tn their 
two rears present size stagp by stage. 

Brazilian officials have been T°C. ^ v ' ta * ^ at 

anxious to toll Ihe world th3l the Itaipu s first turbine ■ goes on 
“Big Bang" on October :20 makes stream . on nme~-mid09B3-- 
Itaipu an irrcvisible realil>’. othcnA-ise grave shortfalls in 

The main target of the pub- electricity supplies will occur in 
licity, however, Ts' Argentina, the south, where demand^ is 
through whose ‘territoiw the rising rapidly. The last turbine 
Parana flows and wh'irh. front will -start up in 19S8. 

POITALOO toilet units 

The most highly developed toilet and amenity units 
available - superbly designed and finished. 

PORTALOO toilet units - completely flexible in size, layout and range of 
finings to meet virtually any sanitary requirement. 

Steel construction and concealed plumbing and wiring resist vandalism and 
ensure low maintenance cost. 

Supplied for use with or without mains drainage. 

PORTALOO toilet units meet all local authority requirements. The complete 
answer for public conveniences, schools? parks, picnic sites, compand 
caravan sites, gypsy encampments, and ail construction and industrial sires. 

Clip this your 
letterhead for fuU details 

Portasilo Ltd. 

Huntington, York Y03 9PR 

Telephone. r-r~ 

0904 24872-ff S|| 

Telex 57849 i Hffr 

Sometimes the best time to do 

Hi n n y . 


NCTien you have an early meeting 
. in a city far from your office, >x>u'II 
probably have to spend the night away 
from home. 

Bui you don't want tn-spend 
the preceding afternoon awa>; too. 

There is a chain of business hotels 
which ca n help you out of this difficulty. 
The>' have excellent bedrooms 

with all mod cons. . 

A friendly mghrporter who will 

bring \toi refreshments last thing at 
night. And who, first thing will wake 
>'^>u with a cup of tea or coffee. 

What’s unusual about these hotels 
i^tfaar they move during the night. 

^ hen you look through the window in 
the morning, \-ou may not recognise the 
scenery at all. But look in your diary 
and it will teli you exactly where you are. 

In the for that early ' 
appointment. ,\nd in good time. 









iecided tc 
Vi! son ft 
lumber o 
vere com 
aign agai 
’arty on 
974 Gent 
The foi 
owing th» 
ffair. Mi 
>'as. had ■ 
n orches 
imself. | 
,ady Ft 
larcia W 
The Pr. 
hr Haro 
lr3wn soi 
old the 
id not 
ound a 
laterial.' 1 
The Pn 
o hear 
iir Ha rolt 
ftrmal co 
On the 
gainst l 
ouncii s; 
toy a I rjc 
hat ther 
;jhour bi 
The Pr. 
s one «1 
shed tod 
in ano 
gainst ti 
laily Ex; 
icture c 
eath in i 

iWda] Times 'Thursday OctqW irifffe 


New laws planned 

on NEB and 
works democracy 


Boots and 
Roche act 
price cuts 

LEGISLATION on bidyrtru! The NEB Bill will raise the! 
democracy and the National financial borrowing limits of the! 

Enterprise Board's bamwins board from _t he present £lbn ro 

powers is to be included so Lie between £1.5bn and £2bn. It will MAJOR DRUG manufacturers 


Government's programme for the fee a short BiU and is expected ; have started putting pressure on 

British Aerospace 

airliner wings 

to be made in U.S. 


- j nationalised _ 

AEROSPACE, the however, that Avca will • jj 8 
‘ aircraft manufac- bearing at least part of the 

< £2.r has signed an agreement development cost of the wing* 
i Stf’ fvco Corporation of and engines, with a shares the 
: Jrt “conMcric.Uvtortr cf 

coming Parliamentary Session. 
But a third Bill, tn introduce 
new methods for ministerial con- 
trol of nationalised industries, 
inav be delayed until nc"f year. 

Cabinet Ministers ar? expected 
■n finalise their viewy whai 
priorities to give ine different 
aspects of their industrial polic;- 
nox? week. 

Tne result is Iikclj to be that 
the industrial democracy ard 
NEB Bills will be included in 

to he introduced to Parliament pharmaceutical wholesalers to; 
within the next few weeks. It : prevent them ignoring or eircum- 
:> ii-tely to meet strong opposi- s venting resale price mainten-, 
non I’rom Conservative SIPs.’ ance. 

i; is needed because the NEB Rnche Products, UK subsidiary 
> no. i ring its present El bn limit, of the Swiss-based pbarmaceuti- 
1 j id down in the 1575 Industry cal group, and Boots have written . 

,to the wholesalers they supply 
Pi:= ns for the nationalised insisting on adherence to resale 
industries 'legislation follow a price maintenance. 

V. ‘I-.::-:- Paper published during Roche has actually asked its 
; : i»? ;j miner, which in turn foi- wholesalers to confirm formally. 
<— ed a report from the National that they accept the company's 

Sony, no Care. Sir Terence Beckett, chairman of Ford (l‘R L stands before his company's. 
. ~ empty stand. 

the wings for the OTjanr Type «»»•»»}£ 

Si»^«-wi!iee built 

Ford in last-ditch 

the Queen? Speech but that the Economic Development Office on! terms and conditions of supply,; 

nationalised industries measure 
may be left ou!. It would then 
he introduced next year if suf- 
ficient time were found. 

The industrial democracy legis- 
lation will be based on the White 
Paoer published this year after interest, 
last year's Bullock Report. It 
i< intended to contain statutory 
obligations on companies to 
ronsult their employees on 
hu-iness decisions, and =>.£!«; '» r y 
rights for err. clove?? :n claim 
i;n to a third of the seats in a 
bo^rd room. 

However, imnortent rtlnisio-iil 
decisions remain to bn rr' ' n 
nn how ji ■.v'.’.iM mi'' -V.. *■ * 
c-PO^ialiy on whether Ine rr. • 


the relationships between the i including RPM. Yesterday, 
industries and the Government. : Roche said its letters included ■ 

The plans include powers for. an implicit threat that urhole- 
M:n liters to give specific direc- : salers which refused to give 
t:on* to nationalised industries ! undertakings on RPM would VO FORD cars or trucks 
on key matters of national j cease to be supplied. view at lthe international 

At present tney can : Resale price maintenance ' 

bid to show cars 

hSl T4B is a four-engined, (over £7m) and covers tite supply 
*wl w airliner. the develop- of wing-sets for 20 asrcrait, two 
SSrtJEich was authorised further wing-sets for structural 
? e «L thLs vear by the UK testing, with deliveries from la* 
earlier this . > 1979. Eventual orders could be 

G0 T T t e wi« be built in two versions, substantia!. however. since 
1*1 \aI too seating 70 to 90 British Aerospace . hopes far 
id the 146-200. sales of several nnadred Mfe 

Avco Corporation, through it? Aveo is one of the mo*i 
Lvconrin® division, has already experienced inpz **?»«» .<«* 
•kTm iwarded the contract to manufacrorers ;n the L-.a. It las 
« e ” * u ;Sp engines (ALF- already built the wings far suA 


a. N~. j* ffUEX&gSi' 

only mve general directives. enables manufacturers to insist i Sh< ^ v . prCT1 ?^ Binmn 
Some nationalised industry 1 that wholesalers and retailers ; yesterday, Sir Terry 
chairman object to the change, • charge a particular price for’ Ford's chairman and 
and tneir views were contained i their products. It has been director, said the empty s 

in j report from the Commons ; abolished for all goods except represented “a shop window for system when the dispute ends. 
Se'ec* '"ommittee on nationalised pharmaceuticals and books. : the motor industry's biggest The company said its deal 
indus‘r:es published ibi« week. I p rob Lem —strikes.” ’ have enough spares for “ routine 

Toe Government's pTan is that Dan&erOUS 1 The ecmaanv is to make n last- servicing." but there are ?rob- 

:he industries should receive. ° 
i-nn; no nsati on for the cost of Ini-, One of its aims 
nic tin g the ministerial price cutting. When 

:r.p: fictions where the Ministers companies won the 

nasals should he ru^d o* cnniidcr i: appropriate. tinue RPM on medicine UUWB11 UU5 K<MS C<U1 uc W1 , 

trade union iv. embers or on ali The Electricity Bill, whose; they argued that its abolition ; s jj 0W Ford should be allowed to on io Their 
emiloynrs. pubheav.on has been delayed would put many small chemist hrine in ears either from day's i 


s.arcely resist 
s dealer; cr-^imerted. 

I feel the .unions ^oiight to 
k again about thSir -action. 

Councils ‘ could save 

£ 50 m on housing 

I* ■- :;me .or ; .r,rj wbich vriH lose' u&re*And 
opening sLo^id Britain— valuable sales at home: 


tnrvL AUTHORITIES might fragmented and suggests that tae 
implicanous are wiFEy-. LOL ‘ ^ ‘ couatry at least £5thn current statuiery accounbag 

both-' from a ; save tne cuuuwj «« ar rang era enys are not an effec- 

year if they _ im P r0 ^ e ^ ¥J1 ^_ live too! for financing p'.accing. 

Shore approves Chinese 
Embassy rebuilding plan 

mmpany viability and, : a 

terms 'Of job -efficiency of new house building adds; “The control' exer- 

_ j_ - i“'- *“»■“ — ' — — ;r '■ =ct-..o l-j- uib very people ttiisi cchemes cised by the housing cost yard- 

I gerous 5lidetoward5 the de fane' M,COO ^?SE«Vt terribly sad that •«, as According to.the Development rtHmin .pnlTJMt^ W 

send of RPM. He attacked* “ 


Mr. Shore has directed that the 
Portland Place facade 

existing Portland Place facade A 1 _ 

Z -°~? a {? d P° r l [ar * d PIjcp should. ;f possible, be retained. /\rCO OlH.IlS 
ndon^ West End us ;?art of The work will include construe- 

THE PEOPLES' Republic of heinc of s peci»i architectural or 
ChiRj ha? been siver. pel-mission historii* interest. Grade IT. 
to demolish sections of Devon- 

:n London 

its embassy rebuilding. t:on of new offices behind a re- 

After year* of discussions. Mr. btuJt frontage in Weymouth 
Peter Share. Environment Secre- Street. 

tar.', yesterday approved plans Number 49. Portland Piace. is 
which will involve demolition of particular interest to the' 
i-nd redevelopment of Numbers Chinese. Dr. Sun Yat-Sen. 
49 to 51 Portland Place and founder of the Chinese Republic. 
Number 37 Devonshire CIoes. was kidnapped, held prisoner; 
Tne ISrh century buildings, anil eventually rescued from the 

" those who are now saying that j 
IRPM doesn't matteT or acting asi 
■ if it doesn’t exist" ( 

Yesterday Boots said it had; 
written to its wholesalers to) 
; H insist on the maintenance of 
our published prices '* because it 
was worried about the gradual, 
oroeion of RPM. It had a " duty • 
a* a drugs supplier to protect, 
private chemists." 1 

Survey finds State 
control unpopular 

ort. The unions are doing tfifiixf anaeement Working Group, scheme's total cosi& rThe coat 
o. .tiss .uCtor isd^try and .their ; W Kj c h includes representatives of of items such as land, site 

r '°- ■ aT ?^ rs -„ ' ; local housing authorities and the development works, professional 

9 3a* Car* nas taunened a con-' n f Enwipnnment. cervices and interest 

new well 
off Wales 

By Kevin Done, Energy 

which were completed in 1755 by house while a political exile in : 4TT aVTTr Btpun p r n r 
thn Adam hrnrhnrc arc as T.r.niinn in ISflfi , AiLAMH, rUl.Htlc.LD fArCO) 

is to drill a second wildcat ex- 
ploration well in tbe Celtic Sea 

® T. V*- 3 t a ? !a 3 ,n >«®g ■ ■ c .™-. Department of the Environment, services and interest charges. 
— y -1 -t 9 3, : c 1 ?‘ 5 T, 8 scbEae in-j^ t of conV entional housing should be brought into die-' 

» wSw in the public sector reckoning- in an . authorityV. 
private bowing. 'assessment of whether it is 

/ C heme which St' Among possible reasons, the getting eoo devalue for m one:/ -j 
:r: Iv:” -p-: gr GarToStlet grouD suggests the complexity of The report suggests that nad 

^e-‘I wvialW Md &cal authoritj- management, that approach been adopted 

: " c ^ “ n “- ieaW - separation of design from con- earlier, some uaptrpu*ar end 

^ it has a struction. and the contracting expensive schemes— lower blocks 
:*rre ntimher^f fraarbise imlders methods used. complex medium-rise, bigh- 

*’-eadv offering &is service, but According to its report if all density devclornaents — migat 
C'* -ic '-rowth-ln ?bis sec- authorities could reduce costs by not have been built. 

•"a- it -'elt'’: was essential to 5 per cent, more than £50m a Value for Money in Locr.l 

-'eVs'sp e '‘caeme offering the year might be saved. Authority HousetiaildsBt;. &0£- 

' p-f^^B-iona! sta^arfis The report adds that methods Roam 1107, Bucket House. La in- 
This is' one oMhefindingsoF chairman “of Equity Capital for throughout its entire franchised; of controlling the costs of local- bethPatace Road, London S£.l, 

etworu. - . -authority housing schemes are £ 1.40 . 


1 A SUBSTANTIAL majority of The centre was commissioned 
i voters in five English marginal by 100 firms to undertake the 
constituencies believe that any survey, and its findings are 
further nationalisation would being sifted by an ad hoa ~m- 
not be in the national interesL mittee headed by Lord Plowden. same 

a survey conducted by Opinion Industry. 

Research Centre in- s two-woefe W’biJe the main emphasis is 
period in last month, straddling anti-nationalisation, the survey 
the Prime Minister’s announce- also records a strong current cf 
moot that there would bo no opinion in favour of moderate 



£8.5m. North Sea work 
for William Press 

October generar.'elb' non.' government 
Just over fioo ‘adults were policies, 
questioned ur five constituencies Replies to the question “ trres- 
— Hudderifieici West. Coventry pective of which parry you 
off the coast of Pembrokeshire. ! South West Brentford and Isle- support, wna: son nf ^overr.- 

Exploration in the Celtic Sea -worth. Bosworth. ^nd Rochester menr would you like !o see next 
and C 


iardigan Bav has failed to and Chatham. time?" showed 56 per 

produce positive results everj Of those questioned. 76 per waning one ftKowing rr.:dd’.e-.r‘- 
since Shell started drilling indent thought further national!- tr.e-road policies. Other replies 
the. area in 19?J. Up to the endjsation would not be in the expressing e defir.ite view 
or last year there had been nine national interest — a view held showed S per vent favouring 

BY KEVIN DONE. ENERGY CORRESPONDENT f dr £„? el ,ift. t. , | h >' 57 , per r -^ nl the Labour Left-wing policies, and 2 

. -out this autumn, exploration , supporters who took part cent ravounng 

WILLIAM PRESS group Engineering, ha* been awarded a: £ . Plckins up a tittle. Thei 

by Mobil for design, i P n tisb Gas Corporation is drill- 
ing and procurement Df : a we h °ti part of its fifth 

• round acreage, either block 

Trade Department ‘erred 
over Eleni Y collision* 


:•* Department of Trade was 

This situation would have been company to pump out the oil. 


has been awarded contracts contract 
worth £S.5m for construction and engineerin, 
design at three North Sea oil a water injection unit on the ’‘A” 
and gas fields. platform for the Statfjord Field 

It is to build two production in the Norwegian sector of the 
• units fnr the main platforms for North Sea. 

Shell/ Esso's Fulmar Field for Ar „ oco has aj so awarded a 
- ,n V an ^ has r fceived design, design and engineering contract 
engineering and procurement tQ Worley to instal gas com- 

SffiffiS anS r Rnu2h k FiiSli« 1116 P ression facilities on the Rough 
S ^« d ant L Roush !} el f s ' . Field gas platform in the 
William Press Production southern North Sea. 

Systems, at Wallsend. on Tsme- 

side, will construct two produc- 
tion modules to handle water 
' and gas treatment and gas com- 
pression facilities on the Fulmar 

Work on the modules, each 

Prince Charles 
at NEDO 

107/16 or 107/21. about 15 miles 
off the Welsh coast. And Area 
is now to drill its second well 
in the area. 

In 1974. it drilled a well on 
block 106/24, but this was 
plugged and abandoned. No 
details have been afven by the 
company, but it is thought tbajt 
it found traces of gas. 

The next Axco well will either 
be drilled in the same block or 
more likely in block 106/29 
directly’ to the south. This block 
was awarded earlier this year 
under the fifth round of 
licensing in which the British 
National Oil Corporation was 
given a 51 per cent equity 


ies. and 20 per S^lity ei *;gnificar.i delays and improved, the report argues, if The other preferred option was 
Right-wing paii- i'*.her failures in its handling of there were more effective to tow the hulk out to sea aGd 
:he Eleni V oil- tanker incident arrangements to pass equipment sink it. 

Midland Bank changes 

G. Harris 

has been Hanover Trust Company 
manp.' elected Mr. John F. MeGItiicuddy 


of: the East Anglia coast last and resources between different Zwy — - Wreck grounded on 
May. according to p report by a local authorities during an Holm Sands, but location was un- 
Coir.mons Select Comaiittee yes- incident suitable due to current, 

iir day. Serious shortcomings are also May 24 .’Decided to put wreck on 

!: fays the 21 days allowed to described in the Department's Dunwich Bank; but test showed 
elapse between the tanker's coi- preparedness for spillage of that this was not firm enough and ; 
lisicr. with a French ship; when heavy fuel oil rather than crude it was put back on Gorton Sand, 
the tanker was sliced in two. and oiL _fuel pi! of the type carried Pumping option abandoned 

'• v ; ei ? h *nz about 2.000 tonnes, will PRINC E CHARLES sat in yester- 
start at the beginning of next p a y on a National Economic 

year and should be completed by Development Office working! interest in all concessions. The 
tn £,f nd 0l sP ri °8- parti' meeting in London when well will be located 3S miles 

cliwc- m ■ ue 1711 ?' industrial truck problems were to the north-west of Pembroke 

- Shell/Essos £a00m plan to discussed. land 20 miles offshore. 

develop the Fulmar -Field, -00 \jj-_ Geoffrey Chandler, NEDO; Arco - is establishing its I 

miles east of Dundee. The field, director-general, said; “He had; support base at Pembroke, and : appoiniSd^dlreofo^* Md" "general , 

which has estimated recover- certainly read his papers. Wei Two other blocks in this area, manager of BRITISH ENGINE ' nte , raatIDnaI 
able reserves of about /0m iondes were very impressed.” 106/10 and -107/11, are under INSURANCE, Manchester, from hfli ey 

_ nf crude oil. should begin pro- Today Prince Charles will see offer in the present sixth round January 1. - S 

auction in 1981. work covered by the radio, radar' of offshore licensing, but it is . 

William Press has a current and electronic capital goods [unlikely that oil industry * cenis 

order book for plajform modules strategic working parly, when he | Interest will be very great when 

. of 12.600 tonnes. visits Harlow. Ilford and Chelms- applications close on November 

; Another subsidiary. Worley ford in Essex. 1 20. 

Mr. J. 

??e«r mSlSS cK^a SSSST 5 «te decisioff to b7ow up its S 

BANK Additionally, with effect April i when Mr. Gabriel Range remains was 'longer than nece- ems because it solidifies on con- Map 3* towed 26 m*ies 

from November 1: he assumes retires. Mr. Hauge v.iU continue sary and demonstraled a lack tact w lt h water. to sea and blown up. No further 

responsibility as managing direc- as a director of .both the i.-usi O- urgencj’ about -finding an The Governments WarTen oil came ashore. , . 

tor of Midland Bank Finance company and the corporation effective -solution.- Springs. Research Laboratory had The committee concluded . _ 

Corporation and has joined the after his retirement: The MPs who produced the dene no research on. this type 0 It was disturbing that -crucial 

boards of its main subsidiaries, Mr. Harry Taylor and Mr. John the report also point to a aum- of oil before the cellision in spite gas pipelines would 
Forward Trust. Midland Montagu R. ToreU HL hare been elected her of other failures in the Of the fact that 7 to 10 per cent susceptible to damage from. ue 

Leasing and Griffin Factors. .Mr. vice-chairman and directors of procedure adopted, such as Fall- ^ oil carried around British sinking of such a small shiP- 

R. O. Barker, assistant chief Manufacturers Hanover Trust and i ag tc check in advance the con- coasts is of this type. • Time was last in earl? stages 

general manager. Midland Bank, Manufacturers Hanover Corpora- ditions of sandbanks on which . because adequate ship p teas n ’ tfrs 

Is retiring on October 31. when tjon. Their election antiriDates *j-, e hulk was re-srounded lapses AnalVSIS not available and divert were 

he will rehnquijh his directorships the retirement of Mr. John A. of communication between the ^ , , . _ . found to be working directly over 

Mr. S. D. McGeorge, has been ceeds yi~ Tavlor as 'head of “the ra:ide jjl re PO rt is ^ arbt- 


January 1. 

* dents and deputy 

Directors or MANUFACTURERS They tvere 

_ _ company 

appeared to make . . 

that when art * 

sssxsx-xzx sjg&isws *«as s xwii. SisfSas 35 , ®raSSSi3® 

jzsvss&s swas * a.j&’t«sti§ss«-s» 

principal subsidiary Manufacturers internal policy makin 


Mellon Bank ranks fifth in trusts in the 
United States alone. And now we’ve 
opened a trust office in London ... so we can 
be closer to your part of the world. 

Richard M. Seifert 

Vice President and Manager 
15 Trinity Square, London. England 
Telephone (01) 488-2434 Telex 885962 

Mellon Bank, n. a. 

rice-presidents. were elected 

vhiie virtually no effect* 

great for any available do*^ 

nrnc o dOCK 8.V 

deputy general managers of the on-, tinning freedom . Choice of the sprayi^ tech* fact 4here was a 5Woot dock 

international division. Mr. W. d J5r»i,J2t iJS * » 2 * ta cMe mque, appropriate to crude, oti, Southampton. , 

Trevor Robinson who last sum- ^ jf nave_ been counter- £ There- was bad pla^lag over 

mer assumed Mr. McCree’i " "" " ‘ ’ 

possibilities for the back 

don was elected senior — . , . . _ 

president of the trust company. equipment for tne councils' use. until May '9. ^deration ” Of the option. 



j >!k s j! 

heavy fuel oil. ^ choice, -of sandbanks ftr 
*— a v .. - ^ 

Inadequate te* 1 " 

not analysed. —Hjuding .fee 'ship. 
« Laboratory m Hwre‘ was “ 

Lord Graham has 
board of PILKLNGTON 
THERS as a non-executive 

tor. He was formerly Sir- . . , - _. — ... — , 

Allen, head of the Home CiriJ spilled in the Channel, “bears sinkiag an to gas pipelines, the not always as frank 

Service and permanent secretary. n o relation to the likely size of forward end of the ship- was should- liave been. . , 

Civil Service Department. any oil pollution incident and towed back to Corton Sands.. It. - The committee recorameuas 

* leaves the South Coast virtually took one week- to secure a line that fee Department ingest*; 

- . _ unprotected.” oq fe e tug. increase the bulk's ^ates speeding up its procednr 08 

H^d/ncs^ias^amioimced in^'dne’v Tne MPs agree that if fe e 

that Sir. B. V. Strickland, a E:Sni ' had spilled more than underwatersurvey. * Fourth re P°rtt™*- 

director of J. Henry Schroder ; he 4.000 tons of oil actually lost, Jfnp l* Tbe Department put committee on .science ana 

Wagg, has been appointed, with the local authorities’ resources four options, to. local authorities,, norpoy:-. Eleni. _._V. qt/_ 

effect from December I. a director would have been overwhelmed having asked a Dutch salvage -Commons -paper 694. ■' . 
and chief executive of SCHRODER, 

INGS and deputy chairman and 
chief executive cf Schroder. 

Darling and Company. 

Schroder, Darling, of which 

Schraders is the principal share- AN AUCTION record price for a 
holder and whose other share- painting by John Frederick 
holders are The Bank of Nova Lewis was paid at Sotherby’s 
fScotia. Oversea-Chine se Banking yesterday. “Cairo— a street 
Corporation and The Bank of New scene near the Bab el Luk ■' sold 
South Wales, is an Australian for £44.000, over double the pre- 
merchant bank based principally sal? forecast and well above the 

Lewis painting makes record £44,000 



There was keen bidding fro* 
dealers at Bonham’s firstauoion 
of decorative arts aS704»«> 
yesterday. The top price was ft® 
£1.000 for a Eozenberg 
porcelain bottle vase of .»*£ 

. At Glendlniug, a two day® 0 ™ 

in Sydney and Melbourne. While nrevious record of £29,000 nairi B8 ^ e totalled £96^16 with top 

he Js in Australia, Mr. Strickland h 1B77 F is -Views of the Middle bounds^ bF Alexander R^ralski pfj ces ‘ pf £LRQ0 from 

* arrivaI o£ wS S£ « *E 4«6 

A Arao oujers. The sale of European pictures and iseo - “ 

Another oriental Scene. “The ^d .works^trf ^Islamic interest A fla le’ of .modern sporting' 

^ jnns and vintage firearms- at- 

Frazer^Nash' ' , Ln*^sucressi on '" 'to Jlr sold for £18000 ’ while a “View jp a sale at Phillip's. Maryle- Christie’s yesterday f 

A. R. Lewis. Mr. Shoniand joined of a southern Italian port” by bone. Of Staffordshire pot lids £148471. The top. price 
ihe company from E.R.A., Leather- Franz Unterbergcr went • for and fairings, a pot lid entitled was paid by Roberts, the London 

head, where he was a director -untf £5.500.- "A young woman with “Our home” soW for an tfudHort dealer.' for a Jiltle-used pair 

manager of the computers and her children” ■ by. Philippe record -of £2.800 to the dealer, ,12^>ore sideldck ejector guns oy 




nnnnim^ri Wi> Aaoraer oncuiai suene. '‘Tne 

s^ri^L!?- 2 alf?.»?A w*-**!* 

automation division. 

S a dee. “A huntsman with his Richard Casbmbre, 

J. Purdey built to 1950. 

b ■ 


Financial Tunes Thursday October T9 1973 

Grants and Incentives 

The whole of Wales is an 
assisted area. Which means that 
by moving or expanding into 
Wales you could benefit from 
the wide range of Government 
incentives available. 

Wales also has the advantage 
of being the closest assisted 
area to London and the Midlands 
and is therefore very close to 250 
million Community customers. 
So you won't lose tabs on 
important markets by moving. 
Investment Services 

In addition, we at the Welsh 
Development Agency can 
provide finance in the form of 
loans and/or equity capital to 
help you establish in Wales. 

We Have a wide range of fully 
serviced factories ready for 
immediate occupation through- 
out Wales. 

.Ranging from 1500 sq.ft, to 

They are let at competitive 
' rents arid iti certain areas there 
are rent free concessions. 

Or, if you prefer we can build 
a factory to your requirements. 

Getting to and from Wales 
has never been easier. 

Rail links serve all parts of 
Wales, connecting with the 
North, the Midlands and the 
South East.Ihe Inter-City 125 

passenger service has shortened 
the journey from Cardiff to 
London to under 2 hours. Fast 
streamlined transit is provided 
by Freightliner services, while 
Speedlink offers an overnight 
freight service to most parts of 
Britain and Europe. 

Much is being done to 
upgrade and improve the roads 
throughout Waies.The M4 
reaches into South West Wales 
providing a direct route for the 
passage of goods to the London 
area and the Midlands. 

Cardiff Wales Airport is now 
the regional airport of the South 
West. And, having the benefit 
of the interport removal centre, 
fast and efficient through 
movement of goods is ensured. 

Well-equipped Welsh ports 
handle a large percentage of 
Britain's imports and exports. 
Companies already in Wales 

Perhaps the best incentive 
of all for moving to Wales is 
the experience of Accompanies 
who have made the move 

Remember for instance the 
huge expansion plans of 
Ford and Hoover currently 

Many other companies have 
also found that moving to Wales 
has proved successful. So you 
certainly won't be alone in 
deciding on Wales. 


We can advise you on the 
many Government incentives 

We can advise you how best 
to set about meeting your 
workforce needs. 

We can advise you on the 
areas that will suit you best 
in terms of availability of 
factories and closeness to 
markets. i 

And if you'd like to know 
more about the advantages of 
Wales, take our advice: post 
the coupon. ■ Wfelah 


I To: The Welsh Development Agency, 

| Treforest Industrial Estate, Pontypridd, 
t Mid Glamorgan CF37 5UT. 

Tel: Treforest (044 385) 2666. Telex: 497516. 

! Please send me more details on: 

I Agency Investment 1 ' Factories Available U 
| Rc-Tocation Advice 




Nat urc of Bus iness 



| Address 



j- * 

\ -f. 


b move to Wales? 






ecided tc 
Wilson fi 
umber c 
ere coni 
aign agal 
arty on 
974 Gem 
The foi 
)wing thi 
[fair. Mi 
as. had 
n orches 
imse/f. f 
ady Fe 
[ arcia W 
The Pn 
ir Haro 
rawn sot 
)ld the 
id not 
mnd a 
The Pn 
> hear 
ir Ha roll 
U'mal co 
On the 
gainst t 
luncil s; 
oyal Cc 
lat (her 
ahour bi 
The Pr. 

; one ni 
shed tod 
In aoo 
gainst tl 
aily Ex- 
icture c 
?sth in I 


' Financial Times: Mjarsday October- 1? 197S. 



Trade practice laws 

Car unions will monitor 


hampering industry 


Post Office decides 

on its first two Peugeot-Citroen promises 

System X exchanges 

i CAS L'NiON leaders from 

BP IT AIN'S Ki.'OlJ ar.d *inr.X *•: r*.r -l published so far in 
manufaciuivi-. ha'»v tuld a ICr.ste- ; :r of giving indust ri.ii 
nail commute'. 1 thai the law on strategy predominance over com- 
re-.-tri Clive iradv practice.' " :* pei::i"n policy. The Leisner 
Mtiiriatr-d “ The;- s.iy ” it con:::c'.< commiiiee expected to publish 
v.r.h the need "tu revitalise L'M a di.-'.'ussion document ur> refonn- 

induftry and make :! inter- 
naMonutinnully coni pet iMvc " 

The manufacturers a iso relieve •* innovation ina;. 
deterred and even the , . , :av- 
tu-e of product- .it-jn tinned " 
bi'ea-is- of uvr tnc n::--! 

application o: restrict iv? :radc 
'MIC.-, legislation. 

Tne Fond and I.M'.n-' I r.d::: = ’ ’■;•?- 
Council. represent mg ".han 
ti.T.’.it of UK man:ii:tciur;n-: 
pul. araues ihi'i v. he, '* :ne 'ey. 
cmihcis with the industry r.e>.-u : .- 
lo imprnvf rfResercy " tTi“ 
n:i Hen's ecu no mi,: performance 
mn-'. "iii.e firs? “ 

The ciuneir.- «■-- to :V.c 

W hi! "ha I; en.'iimittpi’ headed 

Mr Han** I. leaner, a ti"’. em.uertt 
eononiic ad’. i>w. i v one of she 

ina .-.Mriciive practice iaw early 
next year in fnll-iw last May's 
document on monopolies and 
nicry *r policy. 

In is evidence She council says 
•he ’iinsoph.v which governs the 
— that cooperation between 
fi.mpan;es :.s generally against 
S'rti’ ••■jnlie mtere<; — does not 
'.-nr.torm In the country's need*. 

tn bring it mm conflict with the 
restrictive practices legislation. 

The Dairy Trade Federation, 
for example, has fur some time 
wanted to recommend its 
members to use cartons instead 
of bottles for shop - deliveries 
because this would reduce costs. 
But the Office of Fair Trading 
has told the Federation that this 
would infringe the law. 

The council says the industry : 
is .sometimes reluctant to 
develop codes of praclice lu 
imp rove the quality of ny> 
duetion because they have to he 


it ;.r”.;o> that compel it inn policy registered and are then serj- 
be relaxed Ip Jake inn> tinker] by people “who may ; 
.iC'-'.uM *iuh issue.* as the value not have a full understanding i 
uf i c -nonties of scale, manage- n f the issues." 
r.iu-n; expertise, research and gut it acknowledges there arc t 
;• •nment, and the inter- SU u] C cases in which legislation' 

i* needed "to prevent collusion 
v hich is generally recognised as 

THE POST OFFICE has given 
approval for the manufacture 
and supply of the first two 
System X electronic exchanges 
to come Into service in the L'K. 
Both wil 1 enter the system in 

The orders are for a small. 
930-line exchange at Wood- 
bridge in Suffolk. an da junc- 
tion tandem exchange at 
Baynards Ilousc. in the City of 
London. A junction luiidcm 
exchange handles traffic 
between local exchanges. 

It is understood that the con* 

tracts will he announced later 
this year or early nest. No 
details on the value of the con- 
tracts are available. 

t is thought likely that these 
first orders will be placed with 
General Elertric (GEC) and 
with Pfessey, which are 
presently handling the bulk of 
the System X development 

The third major telecom- 
munications supplier. Standard 
Telephone and Cable, now has 
a large share of the mi- 
electronic TXE4 work. 

r.ji:er-.I po*ilnn. 

Ti- 1 .' iNiunci! >siy# ihe industry 
he? in take Jetiun to 

!:n:-r»‘ <? efficiency if this is likely 

being against 
interest." - 

the nation's, 


Retailers to 
Sunday trading bid 



Mason urges Ulster 
politicians to unite 




By Eric Short 


MR. ROY MASON, the Secretarv the 

! severs! «s:sr.:r:M yesterday 
1 decided :o set up an international 
council to “ monitor vigilantly 
actions and promises " made by 
Peugeot-Citroen about its take- 
over of Chrysler’s European 

The decision was reached at a 
Imeerin? ir. London of the lnter- 
I national Me: a -workers' Federa- 
i lion attended by union officials 
[representing Chrysler and 
[Peuseat-Citroen workers in 
[Britain. France. Spain - and 
j Be-giuni. ' 

Peugeot-Citroen has given 
1 2 *?:; ran res that it proposes no 
plus! c-!o*ures or redundances in 
Britain at present. 

But Mr. Grenville Hawley. 

! national automotive secretary of 
the Transport and General 
! Workers’ Union, said that the 
unions would be “ naive " if they, 
did no: recognise that, there 
| wouid be a " further assessment ** 
of the British position now -that 
the Government had approved 
the takeover. 

>lr. Grenville Hawley (right) or the WVU and M. Bernard 
Poirier of the Federation Generate de la Mcallursle, at 
Transport House yesterday. 

said yesterday that 
politicians ought to 
effort towards flndin 
setting up a consensus Govern 

present on the wide areas of ensure 
inon interest." Talking about reducti 

ensure that work in Britain was the activities of the ptew com- 
of both panv. 


ii-'went an p t- 
ren-sjon uf sundae trading 
' hr.v i- ji-unTh'.'-'l 

by i hv Xmion:i 1 Clamour v? 


T'ir r|r;if; Sundd'. Trading B:I! 
iv:.! no ;ni:i.iduced in the Hn:i-e 
r.f Lord* ’.n the next P^r-ianur- 
: :j;. *■?'*: on V. ihv In.-tiiut-' of 
-imp*. Hf;U!h and Safi'V- Vi'tri 
\dm:ni«’ ration, whicn hone? in 
•irr it iyecv.njt.' la'.v hv i he onri 
•if t'r.i- year. 

T::e Bril ppino*..'* to cv’end 
.ii! fur . 3 nurletj*' trading h«iur- !o 
ali da;, "n Sundays, and allow 
r-rlaiicr 1 ! at resorts in open ail 
; ear r’umd instead of ng the 
present 18 Sunda;.> a year. 


reta:ier f ' ‘■■queried nrofit 
.•:n*. Many suiai'. rela’dcr.s c«ju'>n 
!?•? forced out i *f business, he 

Con-j icrs vou'd stiffer from 
Sunday trading laws extension? 
ny ih? e::lrj costs being passed 
on through prices. .Mr. Suencv 
i-iatt'ted. He said the NCT's 
exnerwn':e sugge-trd that the 
r.icjotit;. nf it? member* want 
nothin do with any large-sraie 
extension uf Sunday trading. 
“And 1 believe the same view is 
heici by the trade unions ropre- 
si-nling the distributive trades 
wrirkf-Tce." he added. 

Unions and shopkeepers would 
V lobbying MPs. and further 

. . Failure to do this, he Mid. 

A REVIEW oT compensation for tt - 0U |d mean banishing them- 
eniployees affected by occupu- se j V es to a political wilderness, 
tional diseases ha? been launched . 

hv Mr. Dcvid Ennal?. Secretarv In a speech to the Belfast 
or Stale for Social Services. ' . Chamber - of Commerce. Mr. . 

Ho has asked the Industrial Masbn said: “I believe the mtttecs. The committees m.d 

injuries Advisorv Council if politicians have a duty to come be put togemer on tne oasis of 

chanties should lie made in the together, be prepared ro agree proportional representation, to 

The unions ore anxious lo preserved in terras . 

that there will be no quantiU and quality. Mr. Herman Rebnan. general , 

ion in engine production The conference, declared that secretary, said that the - federa- 
ted by the tion was aware that, its strength 

results from was greater in some parts of ihe : 

the British new company than others. In • 

Secretary of State, he has con- M. Bemerd Poirier, a repre- Government and unions and the France; for instance, where core- a 
centrared on security and secretive of the French Fed'era- Peugeot-Citroen and Chrysler pany unionism had been estab* .' 

economic aspects d! the province. t:oi* Generate de la. Metailurgie r managements. . lished in the Peugeqt-Citroon . 

He has dusted off a. year-aid said that the unions believed The International . Metal- factories, the federation unions 

blueprint, railing fora 7S-i:iem- Peugeot -Citroen had sufficient workers' Federation wants, 10 were "weak and legislation was . 

brr non-legislative assembly, engine production capacity in make trade union contacts poor. “We are going to use our 

which would consider proposals Frar.ce to meet 
nut up by a number of com- including those 

The French 

t**nn? of prescribed industrial tn differ on long-term aspirations, ensure the Loyalists did no: 
diseases and if industrial injuries • and be determined to build for dominate the minority Caihojcs. | y /j|J 

plant votes 

henefit? should be made avail- 
able l« any individual who . 
could show that his disease is | 
occupational in origin and a ' 
particular risk of his occupation. ' 

The review has been triggered > 
hv the recommendations of the j 
Royal ' Commission on Civil) 
Liability and Compensation for! 
Persnnal Injury whose chairman) 
was Lord Pearson The report of I 

:alk> would be held soon with the 

Mr. Li-siie Snenf; . director- institute of Shops. Health ar.d ... . - 

renerji of the National Chamber Safety Acts Administration. The ' hIS potnmission basically recoin 
" r Trade, ha? asked al! retailer? association represent* locai 

to make strung p rule. si? to inc3l government officer* who want .... . 

authorities and Member* of Far- iomi authorities to w given ' , ** ou **', ° e extended. Under such 

* system. - — 

Building societies 
defend their role 

today on 

New Renold talks to 
end 4-week stoppage 



mended thut the no fault system j 
in the social security 

Ian AGREEMENT which could Federation which, represents;^ 

■ have wide implications for wage 6.000 companies said yesterday'. > 
negotiations throughout the that from August to mid-October, 
ASSEMBLY WORKERS at Vault- engineering industry was being only SO of its member companies 

By Philip Bassett, Labour Staff. 

itv oneration: TOE Building Societies Associa- tion says, evidence shows that nail's Ellesmere Port plant, mem- .sought yesterday in fresh talks had settled, compared with 209.- 
Unrier ?uchl tion ,ias denied suggestions from industry has not been short of aers of the Transport and Gen- ; between management and unions in the same period last year. 

.. . — - - . . _ • . a svstein a Haim ^wmilri^he certain banks and some capital but that companies have era « Workers' Union, are ex* in the four-week-old pay strike The number of employees in;, t 

.'.'n.vP;. The NOT rep.esenL. prr.rer to authorise Sunda. ; y j,l rcsn pctive n f wneth^r i P°Hticia ns that building societies' exhibited little demand for peeled at a mass meeting today . at Renoid's power transmissions volvod was 20.377 compared with 
in.igt 250 00° ^hopke'. -pore. trading : in i there areas - I SS ffult or wsT ? iucces* in attracting funds has capital. to back a call from union nego- ; fatiory in Coventry. 67,946 previously.- - •» 

1 the B;P -s mode i.r.v -a-.iI Tnc N,.T >' am. »he institu.c tn • heen a reason f 0r j owr industrial The building societies poin! tiators for an ail-out strike over, Already at this early stage in Union officials, in the Amal- 

" open toe i, t. oil-gates i» a :naj«r . l t 7J US- Mfni, !°V,h investment and economic growth out that the Wilson Committee pay. -the present wage round, there gam ated Union of Engineering 

pension nf Sunday 'trading. .he than jutche^ 'meat. . rresenbed in Britain. has evidence that industn- is «uf- Mr. Bob Price, managing direc- are many companies in the in- Workers, which has" consistently 

-:ud. Cum r »ci:ur»n Aould -vt ^ ec - . ■' Under the nre?ent svstem nf 1 The association has published ferine from low profitability, tor. made it clear yesterday that = dust ry facing official disputes opposed the 5 per cent policy.- 

da«. The? wm!,W ha?e°Vo Pi?; claimme ffr 'EEStSl * ^iSuryiall the evidence submitted by Lli^Tto low demahd P for its prb- though the company considered over pay policy. and Renold maSgementTep^ 

•*ri:p!nyc*o* more, jnri I no v;an»s the Bill confined 
would' piace more pressure on areas. 

School-fee payers 
feel the 

• cerned .. . . 

: oreseribed diseases. This schedule dence contains a #tout defence of economic environment in which 
f was' last reviewed more than 20 'the societies* rote-' as financial they 'work." 


years ago and prescribes 47 dlf 
ferent diseases, including in 
juries not caused -by accident. 


The association 

for the first time 
began at the 
Advisorv 1 Conci- 
— Arbitration Service. 

per cent. y .. engineering agreement reached The company said Vesterdav 

More than 350 shop stewards at } last April boosting earnings by that the Coventry strikers repre- 

The evidence, repeats the ?ent^ less M per ^nt-^ 

rejects sug- soeietieS . de tennSnatibn not to supported thel+day notice to ageinst the 5 per cent pay guide- .total .workforee.and . that most of 



i it cun he regarded as a risk of through ihe banks. It points oul The 
| occupation and not a risk coin-- that funds deposited with the face 

its other factories were not due 
to start pay negotiations until 
next spring. 

Meanwhile, the impact of the 

. | nicn to everyone In claim?, the [banks arc not 

p Pr cent of veved had capital s*'tn? in cvcew occiput ion al link has to ho channelled into 

i'?milie? using private rdmation of' £50.001). although this figure . established nr presumed with [only a firth 
are making ^sacrifices lo cope included family businesses and ; reasonable certainty. , to manufacturing 

with school fee? This v.a? one farm holdings. But 3S per cent i The council, an independent , 
of the main conclusions rcaihed had less than £10.000 and a fur- ' statutory body advising on the' 
in a survev undertaken hv C. ther 14 per cent had no capital industrial injuries scheme, i? 
Howard and Partner* a al all. The family house was ex- seeking views on changing the 
specialist in school Tee planning, eluded in assessing available . present system nf claims so as to 
A random selection of 300 capital I extend eltmbtUty and to simplify 

rbents of C Ho ^rd was Nearly half the families — 42 the procedure, moving on to an 
designed m show not onlv the per cent— expected financial help , individual proof method of opera 

gestions that-fuhds available for sec the removal of its composite ftnhe putto the compar.v ear her ) lines. 

and the occupations to which; investment find their way into rate rex arrangements, which ll n *^“ d £ PW^Kl^mc 

j tbev apnly. . housing through hirrldmg the banks have Ascribed as an 1 its J tTODlemS 

A disease may be prescribed if societies rather than into industry unfair competitive advantage. «-in i Elsewhere, there are indfea- u. c iiupici oi u». 

banks. It points out The societies point out that they *J‘ ® J- ; J P to*deeidr whin • tions thal the industr >' s special strike was reduced by the fact 

leposiied with the face all types of competifion for i ,ra« mSetlna nrT ih! ,prebleil “ arc lc « din 3 engineer- that Ford, whose workforce is 

not automatically their Tunds, from the banks, and at'the enm ine ^wkers to delay pay sctUe- on strike over pay.-is a major . 

to industry and that from the Government in the huver of the Coventry Power and 

of bank lending is form of naUonal sayings eerlifi- n un ct a He wMl 3U meet tidav* ■ The En Si neerin S Employers’ transmission s>-stems. P 

ring industry. cates, low couoon gilts and the ,JU ! ;sTa I ,,e j. ™ Per Tona >; ■ 

More significantly, the associa- SAVE index-linked scheme. 

Sr'i, 10 ImpwInV’T'anMdii i '^* UP *' I T"**® ,s “ <*»"“ Left -" ,he 5r MW. “ The SS'sham' 2 m" um” fhl! 

hurrien hut .-.icn m nrnvidp thn in S5 P er c ? nl .°. f cases - The j uon not lifted. I newspaper the Daily Star being Daily Star has been described as breakdown this week the ne°o* 

confused with the Communist a ‘nomilar. lively exciting news- luu 

Only morons would 
confuse Stars-judge 

and are expected tn recommend j 
Ihe sfrikp call to a mass meeting ] 
on Monday. ' 

Support for the strike call at . 
E!!p*mere Port would be a [ 
further blow to the Govern- 
ment's hopes of making its five 
per cent pay policy stick. 

Mr. Price said at the 
International Motor Show 

Sfir S * 0f ° , P h° V l e d ”n >v.r«e level of holp.vo, £730 
f ee-pa>’ n a” pa^re n tsf ind 7^3 { “ ' t ^ P SU ”' Pa! - 

eduation. g-j.6 per cent of families were 

, h- L „ ' " S m” reducing expenditure, primarily 

f urces aval,a ! ) }* hv cutting down on holidays, en- 

na> n :^r, if5 ft Zl , . nL ? I !? e ' a Jw il ’ ten'aiument. home ini provein enLs 
..ble i-jpital and help from other r , nthin!r , nri -, IX ru-n in five 

Fleet Street 4 anarchy ’ 
attacked by Marsh 


Director bailed 
on exchange 
control charges 

By Our Own Correspondent 

ntemoers of the family and f am jjies were trjing to increase' 
fi lends. The survey f'iund ihal ih P!r income, not only by the .A 
parents ined tn prnvide school w .jf c HQ ing back to work, but! Placed on £40.000 bail yesterday , Morning 

_ . . . a ' popular, lively exciting news- tiations had been "reasonable i SIR RICHARD MARSH, chairman - Sir Richard added: *' As far as 

Si7v«teSv S Court judge paper Host of m front page ai ,d legieal.” He said: -We a-elpr the Newspaper Puhiiahera' Fleet Street is c”«rn3i therv 

‘%n- papers are so SlInSSflM ^ oEF"* “ lncreasin - j Association, yesterday launched k itota. an«ehjh; Ite™ f frertap- 

different in every way that only pictures of nearly nude models.” He was optimise that srond-j® fres J ,. at ? ac 5.. industrial Management and u 2 aiXi 
a moron in a hurry would be Als0 a Moni , ng s ^ r reader , will on the shopflonr would 1 ‘ anarch > 10 Fleet Street only in control^ Nobodi i™ 
misled, declared Mr. JusUce USPd l0 paving 12 ^ for his p3per .manifest itself at th P nidss hours after a peace formula was reoi. mono ay is. 

Foster. ... would he staggered if asked for -’neetinss. A strike would put jfi agreed between uhjdji leaders in thn past, newspapers owned 

was giving reasons for his only 8p— the price of the Daily r 'sk the company's ability to»i n f nianagemeni m the Daily by individuals had been very 

COMPANY DIRECTOR was refusal on Friday to grant the g.^ ' capitalise now and in the early 1 Telegraph dispute. profitable. “These men wanted 

f «-...^ aced on £40.000 bail yesterday ; Morning Star Cd-operaUve ' . . . _ months of next year on a ; The agreement vn'l be d is- the paper nut and could afford 

fees Dili nf income and many , JV th p husband taking on free- , after he and one of his eomnanies • Society a temporary injunction If the new daify had to change •• tremendous volume oDDtir- ! cussed w,th th e paper s National to hand out the monev.” he 
had no olhor option. lance work and Hie family taking i were charged with 10 offences stopping Express Newspapers ,ts name now it would suffer tun Itv.” Graphical Association chapel this declared. 

The average gross family in- j n lodgers. under the Exchange Control Act. j using the “ Sta? ” title for their heavy loss and even if the it ‘ would have a knock on ' morain 8- 11 is hoped that a 

come or the families surveyed Nearly half those involved in! He is Mr. Charles Graham- J new paper due lo appear in the Morning Star had an arguable effpct jn . 0 next v , J | return to work by printers will oa „ a 0 lhn 

nos ri2.9ab. and in two out of the survey had seriously con- ' Watson, aged 47. of St. Martin's. North East and North Midlands case he would not have granted production normally buili lt „ i he agreed in time for London ” arn !" g 0331 

jive families, the wives i-ontn- sidered using the state educa- Guernsey. He surrendered his j on November 2. them an injunction because of f or the supine seii'ine «. nS n"‘ : editions to he produced on Fri- _e !!! 

billed in the income by working, tional system for their children. I passport, agreed not to 

lnii the average con trihutinn was it had been rejected for a j island or communicate wiui wn- • its circulation would be damaged aaniage to express ixewspapcrs. earlier this week offered %-s-— , - nnrt 

" n ’ y tt . 1 - f ; bW -, Three-quarters, of variety of reasons, the main | nesses, and must report daily to b y the confusion caused to the judge said. productivity deal with rises of! r.-Hi ? J adl ® * Q Sir ment iSh^e^ln* 

The «Mve> who were working did ones cited being a higher stun- ; police. I readefa by the new title. After yesterday's hearing, Mr. up to £14 a week, but union ,Rlc?,ard , Mamed old-style p re ss raent heI P of l,!e 

m» Tor the specific purpose nf dard of education provided prf- : Seven nf the alleged offences.} “The Mornina Star is a Left- Christopher Myant. assistant officials are wary lhat ?ts [ barons for Fleer Street s troubles. ...Management declined yesterr 
helping in pay school fees. vaiely. better discipline, and a ; which date from 1969. relate to i wing political paper catering for editor of the Morning Star, said payments 

The capital available to help dislike of trendy experiments in the Reliance Corporation of ; the members of the Communist that an appeal would be ir shorta: 

laried considerably, social engineering and Left-wing . Liberia and involve sums in | p ar tv and for those of the far considered. 

It was after the Daily Tele-. 

meet fees 

are wary mat its i ,, - J A. Z S : . wvmicu 

would b e inforrunterl Hp . iBld had encouraged day to disclose details nf the 

ges occur, and want • uni ?" s t0 beI,eve ^. at national agreement but said that it would 

One in five of the clients sur- political indoctrination. 

;U.S. dollars, sterling and Swiss! 
i francs totalling about £30.000. 

increases in thn pay alen„nl \,f ' 

Stopping bus grants 
‘would increase fares 5 

One nf the charges relates to 
Calais and Partners, of Guemsej . 
nf which Mr. Graham- Wat son is 
! a director, and three charges 
! allege making raise statements 
! contrary to the Act. 

Mr. G. de Vic Carey. IIM Como- 1 
• trollcr. told Guernsey mneis-! 
trares that Ihe charges were ' 
j approval 



menled its plans to phase out bus 
grants paid towards the cost of ralher 

oew buses. luge industry before that date. 

This is the view of the Society This had helped British bus 
and manufacturers 


Makers urge motorists 
to buy British spares 


He sought the court’s [ JEN BIG components groups Ye L the council claims: “ British 
ror . ct l n 5 , ? ,onS j- r | have formed ihe British Auto- component manufacturers can I 

the offer before 

they discuss ; 

bottomless set a pattern for future discus- 
sions In disputes. 

Mulley orders 
special review 
for forces 

By Michael Donne. 
Aerospace Correspondent 

Pay plea for milkmen 

manufacturing industry 1 T)lltV-frPP Clinn 
than the fragmented. cot- : 

iHC3. rP10CtP(i i per cent from £350m in the same i$ simple and well within the 1 Armed Forces Pay TievscV Bodv 

GOYTIRNMENT has; Period last year to £45fim and capability of the independent or which recommends on a biennial 

Components imported tu ihe uiystutue which surround* and service conditions. 

! Briiain during the first six the servicing of imported The study will not pre-empt 
; months of this jear were up 30 vehicles. In most cases servicing Ihe work of _the independent 


THE GOVERNMENT will have . Low pay was driving staff, 
to relax Its 5 per gent pa jf rise away and the resulting cute in 
celling for Britain's 50,000 milk deliveries presented a fat 
roundsmen if erosion of . the greater danger to the milk indus- 
■ tradition of doorstep deliveries is try than anything the EEC bad - 
to be avoided, Mr. Ben Davies, threatened, he said, alluding to - 
president, of the Dairy Trade the British campaign this year 
Federation, said jn London tu preserve the Milk Marketing 
esterday. - - Boards. 

nf Motor Manufacturers and manufacturers to penetrate ex- THE . _ . 

Traders and fhp Confederation F°ri markets. 'rejected pressure for a. duty-free ! are expected to rise further. non-franchised garage." I basis the precise pay rises the , 

of British Road Passenger Trans- , TJ e - v , “ “•*'* encouraged oj “■hop to be established at Cardiff- J The increase has been caused Mr. Monty Good, joint manac- 1 forces should receive. This body • 
port, which represents bus and higher degree of uniformity of ; Wales airport. i by the rising number of foreign ins director of - ' ' ' 

Cadbury draughtsmen strike 

coach opeartors. ina paper sub- specification from customers: Although designated a regional -vehicle imports — they consist- chairman of the council, com 

milted to Ministers. ana had acted as a non-tariff i airport for the south-west earlier ;ently have been taking half (he mented: “The UK components 

According to existing Govern- barrier to keep out Imports. 'this year, the Exchequer Office ' new vehicle market this year — industry provides work forl°f most dissatisfaction with pay. 

. . RuTtinvinn Ihp nr:inf — 1-1 - — - - - - ■ 

WHITE COLLAR workers at a . that a manager at the fllant was 

chocolate factory are on strike, incompetent.. The claim was 

Ferodo. and l will continue its activities hut 1 arter .-two men were disciplined rejected by management. . 

— !1 I tha nan- rriirli- a fmi n U 1^. • • fn ■ Ui.vinn O hir rtf nKtl'aftlo f fl in i 1 — 

the new study group is intended ^ or buying a bar of chocolate in 
to discover where there are areas ■ working hours. 

ment commitments, the 50 per . Removing the grant would says Cardiff does not meet the 'and importers’ franchise arrange- several hundred thousand skilled 

rent grant payable on buses destroy ^the major stabilising, criterion, used by Customs and j merits. 

bought 0 for stage-carriage services S, u h re thM 1 n.-.iS!„i t L d “ s L r L ' %* c } sc ° r H?- 000 

people and we intend to fight to i 

will be phased out between 1SS0 had Commonwealth 

and 19S5. 

tml and was contrary to its [ departing for destinations abroad 

foreign and! This is making trade more diffi* ensure that we maintain 
passengers ' cull for British manufacturers, improve, our markets." 

and i 

The industry, which claims S iv P e i“ nninE an(1 ^^1 ( each year, 
widespread support Jrom .local The bus 

Banking staff 
unity move 

authorities, say's its effect will he en(1 j ng Tiie TTriuiJ'w'rmld^ 11 ^;' 
lo dislocate bus services and the pressure for higher fares and 
bus manufacturin'" " 

Welsh Agency 

— pressure jor mgner fares andi , . 

aclurm 0 lrraustr , re dueect sen-ires, although the : Iaotic Q t f 1 1TI 
l- grant, which will financial deficits involved would d-Atii 


The strike by 50 draughts-: 
men at '. Cadbury's BournviUe’ 
plant in -Birmingham, has been- 
inade official by the Technical 
and Supervisory Section: of -.the 
engineering workers' union. 

This is a clear j:ase v of. 
merger ; victimising- accredited; union 

TllP latest fimiroc ?nnAUnCf»d 

Cutting the 

total £57m. in the current finan- have to be covered in .some, THE WELSH Development 
ola! year, would reduce double- way. ultimately out of public ' Agency’s aid for small business 
deck bus demand lu between nioney. " ' !has reached £lin with a £25,000 

1.300 and 1,600 units 
only half Ihe industry st 
faciuring capaeixy- 

fn these circumstance^. i>n»in >u<r »uimus >»r ine.ivmi* m a m«u* “»»*• “»u>s “ i i n ihp lam 

closures and redundancies would grant in this respect. The. machine which cuts the cost of! s,x > ears - 

fallow, especially on the body- a verage age of the National Bits j stone fireplaces, and to a Denbigh J The office. who-.e main function 
building side. Companvs 

The paper sajs lhat the grants, increased 

Trustees surplus of £146,000 

trusteeship service, is 

to run down its reserves oy i raw™* ..“**“** 1 

budgeting for deficits in the nest - y f* t *F' boughI his cl ? 0cn ; ,ate bar a t the 

few vear's. da > , Afaen M* association's l same Omc with inapuity." : 

_ twjjilral committee uuihm-icnH , • 

THE PUBLIC TRUSTEE'S office trusteeship service, is planning 
made a surplus or £146,000 last to run down its reserves bv 
year compared to £432.000 the ' ' - - - - 

previous year. , 

it ' t. . o I central committee authorised 

Mr Beri Creamer, the Public j farther exploratory talks with 

between the Bank of England : Tepreaentatives," said. TASS 
Staff Association and the j divisional organiser Jflr. : Bob’. 
National Lmon of Bank j Parsons. Another - employee’ 

has J 

Total funds under management 
rp^e last year by £15m to ~f 343m. 

i Hcpt had in fact ’woman starting a cake anti con- j Is TO provide ihVVubiic ‘withTn 1 tm£%”tef b Ss° drSiped shSSk! 
m ihe iast eight years, fsetaoneri' business, independent executorship and since the Second World War.' 

The company- said staff knew 
thai only managers were-allpwed 
to buy chocolate from /the 
- about afiiYia- • factory shop during working 
Lcn Murray i hours. But h> denied the phoen- 
gencral secretary, has said that lat ° ba {, row'was^the cause pf, 
the General Council would he | “te strike;. . . j 

iskeiy to advise it tn seek affilLi-i The company :siud the’ hwin 
(inn with an appropriate TUC . cause of the dispute was. j in 
union. t allegation, by the draughtsmen 

JJ^fenfdaliooLinuted . 

17 Dowry Square, Bristol BSS4SL 
’ T«l.' Bristol 391295 . 

.•< ■ •- - 


J - ■ . - . 

</ . ; * J: 

.S ^ “ *♦*.*•* 


Financial Times Thursdav October 19 1978 

JUf 3 | XJufi 

X * , 


*t : Ui 


7 Jr* 

Major Internationa? Bank 

Oucclient-is a substantial international bank, currently 
carrying -through an ambitious programme of ex- 
panding Fts foreign exchange business throughout 
the world. 

Consequently, we nave been retained to recruit an 
experienced Foreign Exchange Manager, who will 
assume responsibility for all aspects of F.X. trading 
and performance. 


You must be able to display not only a depth of 
expertise in day to day trading, but also a consistent 
record of making prof its. It is also important that you 
are an active Manager who leads by example. 

The prospects offered are exceptional and the salary 
and comprehensive benefits package is tuHy negoti- 
able: this to secure the services of a successful 
manager of appropriate status and reputation. The 
appointment is based in the City. 

Please send a detailed curriculum vitae, in confidence, to Peter Wilson, F.C.A. r 
the company 's adviser, clearly stating those banks by whom you do not wish ' 
to be considered. Management Appointments Limited, Albemarle House, 

1 Albemarle Street, Condon W.l. (Tel: 01-4994879). 

Industrial & Overseas Securities 


This largo private group of companies requires an 
individual with an engineering background, prefer- 
ably single status, with a proven record in marketing 
to fill this new post in niu* organisation! The 
successful candidate who will have" held this, or an 
equivalent, position in industry will be employed by 
one of our Scottish companies and there will initially 
be a minimum of 12 months spent in South Africa 
controlling, our companies there. The ability to 
motivate people and be self motivating is imperative. 

The salary package includes an overseas allowance, 
company flat when based in South Africa, group 
pension scheme, four weeks’ annual holiday, company 
car and several other fringe benefits. 


This new post in- our organisation will he filled fiy an 
executive who has experience in selling capital 
equipment to the Petro-Chemical industry; A know- 
ledge of Britain and Europe in this field is necessary 
and a foreign language I preferably German! would- 
be advantageous. The successful candidate will be. 
self motivating and have an engineering background. 

The salary will be negotiable but verv attractive and 
the package includes four weeks’ annual holiday^ 
group pension scheme, company car and other fringe 
benefits. • ' - . 

Applications, in writing.- which will be treated in 
strict confidence should fully detail past experience, 
state required salary and be addressed to: 

Kevin O'Sullivan C.A., 

The Company Secretary. 

Industrial & Overseas Securities Ltd.. 

Carluke MLS 4QQ, 




i D 


City up to £8500 

Tiro increasing business in ill? medium form financing a ■di- 
vines of the mere h <in i banking arm or .1 major continental 
tom? established in -,i-.e City, calls tor the appointment 
01 an additional Loans Qltitcr. Candidates r.hou Id ce a-aed 
between 30 and 3 b and ns-re a >jood banking and credit 
analysis ba-rk-jrounJ. Tl-ev wll hav-- acquired a thorough 
I n ow lodge and ut niedium ter/u ler.tim-i pra« - 

Ti res. includin'! the oiaw iw up of /nan agreements an-.f the 
management of a hi g loans porifoln;.. Th.-j al'nlri-/ to vvoik 
v/ith .-1 small team, rneticuk'usness cietjil and readiness 
to show ;iu native are expected. A gnod knowledge or a 
major European language would he a ,-f i tded. advantage. 
There are pfOinni««n prospects. 

Pl-viv? send full r.sreer details in confidence to : 

Denis V. E. Howard 

Recruitment and Selection Consultant 
Third Floor, 4 Cromwell Place 
London SW7 2JJ 


0333TU I 

Print Sales Representative 

City of London. 

Selling financial print- is an exact ing and chalJpnging job. 
You will be operating at the centre of the wheel 
where all the major decisions arc made. 

It wills for integrity, intelligence and discretion on ynur 
part-. Its hard but very satisfying work. You will also Iw 
identifying a ndde veinping opportunities in the wider colour 
commercial field which w-ill test your technical skills. 

If you have the experience, personality, and motivation to 
work ro this exciting environment our clients, as leading 
financial printers have :i career for you. Thw offer an 
excellent repaid package 1 either men or women 1 . 

Ring tjs, {quoting RcfcJol) and we'l! forward lull details. 

Vr^imr/x: ■ 

Printing Advisoiy & Management Sendees 
8/y Gilt ; spur Street. London EC1 AODE • 
Telephone: 01-28*368-8 . 

intments Limited 


NO. 1 Patcnliu 

2S-3 2. Enucriontfii 

Srtfcinfl MvaiKCntcir to taki). 

over rttBOrreib<liiy ioi- coverage 

ol the . Guilflinu Mjw.jis 
«tter w.!»i higniv reputable 
medlupr litre hrm 

institutional sales 

to £12.000 

23*35 Partnership proiKU' 
lor graduate »>ilh a good uack 
record «n research. management 
or Mlc* plus the fljir to lom 
eapandiBB EqUiU« desk oi drat 
cut Ann. 

to £A.aoD 

25- 30. " With inr«imenl 

mhanagement cxoericnc- anc 
apprecuiion ol ft Mart, r is 
to join team, oisistmg Director 
01 Unit Trust and 1 rudiment 
Management Cbmuanv 

to £12,000 

26- 35. Oil Analut sues 

Ability *0 -n lurthe- 

dc*clapnient Ol th,s ,«iqi mm 
well known iinr, 

Stephens Select it »n 

J.". Lki.t-r Sen -el. U Ji A 


ILxTUttnK-nn sm-iili.uitH 


in 4 company voch e-e-im r.snnec. 

tiom or oibcrwiic. Interest , 112 work 
it th« obfertjyf rathe- chan the size 
of lert. £5.000 o r 10 available (or 
invcitment if required. *,11 suj£nt<eni 
will be jrjlcfullr consdcrcd and 
responded to. 

V/rlte Bax AeS 19. Financial 7lm*i 
10 Cannon Street. EC<P 4Br 



KNOW-HOW : vital lo rim eloping countries 

Financial Adviser 


To advise on ail aspects of fiscal and monetary policy, including : 
the impact of various trade promotion and control procedures on 
the balance of payments; the implementation of a programme of 
reform for local government finance; budgetary procedures and 
financial control both for general and enterprise government 
sectors ; the integration of projections and financial law; and to 
assist in integrating the various parts of the national budget on 
both an annual and 5 -year basis. Applicants should have 5 years 
experience in the Treasury or Finance Department of .an overseas 
country including national budgeting and drafting taxation law. 
Experience gained in a developing country.also an Economic degree 
would be an asset. 

Appointment 2 years. Salary (UK taxable) £10,000- £11, 500 plus 
tax-free overseas allowance -in range £1,070- £2,580. (Ref 328D). 

Chief Financial Officer — 

Water Supply and Sewerage Project Nepal 

Responsible to the General Manager, and duties will include the 
preparation of the annual budget together with the prediction of 
long term capital and operating expenditures for as far ahead as 
it is possible to plan staff training requirements, continuous review 
of actual against budgeted expenditure and the control of all 
internal accounting and auditing methods. Applicants should have 
a professional qualification with experience of accounting and 
financial methods practised in public utilities. Experience of work- 
ing irv a developing country an advantage. 

Appointment 2 years. Salary (UK taxable) to be arranged, plus a 
variable tax-free Overseas Allowance in range £740-£2,400 pa is 
payable according to domestic circumstances. (Ref 328D). 

The posts are wholly financed by the British Government 
under Britain's programme of aid to the developing 
countries, in addition to basic salary and overseas allow- 
ances other benefits normally include paid leave, free 
family passages, children's education allowances and 
holiday visits, free accommodation and medical attention. 
Applicants should be citizens of the United Kingdom. 

For full details and application form please apply, quoting 
reference, giving details of age, qualifications and 
experience to : — 

A|i]ir»iii]n»;nK Officer. 


Rnnm 3U1. filrfiui Hi him'. 

■Slug PI«i«.r. l.undun SWIl. 5 I.Jl I. 




Up to £10,000 and car 


Touche Ross & Co. is a large international accounting firm and seek an experienced 
Chartered Accountant to join its Accounting and Auditing Research Department 
in London. This Department, which provides a service to clients and to all the 
firm's UK offices, has grown significantly over the past two years. With the 
continuing changes in accounting, reporting and audicing practice within the UK. plus 
the changes m prospect as a result of EEC legislation, the further expansion of 
this research and advisory activity is of great importance. 

The person appointed yiill join an experienced team reporting to the National 
Director of Audit Research. The projects undertaken include writing for publication 
and, for those with the appropriate sfcHls. some lecturing. Applicants f male 
or female) will be interested in acquiring a greater depth of understanding of the 
theory of both accounting and auditing, as well as a wider experience of their practice. 

In addition to a sound professional training, applicants should have experience 
of either management of sizeable public company audits or control of a mana^cment- 
accouncing unit in industry An ideal candidate might also have experience of 
writing and publication on technical accounting, auditing or legal topics, or ol 
preparation and presentation of training courses or seminars. 

Attractive benefits available wich the post include a contributory pension scheme 
and the use of a firm's car. 

Please send a comprehensive career resume, including salary history to: 

P. M. L. Mann. 

Touche Ross & Co.. 

3 London Wall Buildings, 

London; EC2M 5PH 

K.C.A. Drilling Ltd. 


We are an expanding oil drilling contractor with operations 
in the North 5ea. North Africa. Middle East and USA. 

We - require a newly qualified accountant with computer 
experience who has. the initiative and the willingness to seek 
involvement in a tightly knit department. Excellent salary 
and conditions, are offered. 

If you ore interested p/ease contact: 

J. R. Dlack. Personnel Manager, 


5th Floor, Swiss Centre, 10 Wardour Street, - 
-London Wl. 

Teli -01-439 4951 


A v*ta*tv exits in The Banking. 
Investment ano Insurant* Qrouo whore 
a small Mst ,nn ; 5 responsible (or the 
dally emBievmeni at_ interest o( ami- 
able balances, the rartme ano servicing 
01 leans and administration Q f siz- 
able portfolios ol investments. 

Applicants should tx wi»ln the ape 
grpup 25-35 and have same kncmicoac 
and experience ol the placing and 
raising o( money on the sterling market 
jnd of Stock Ewhange procedures in 
relation to rnsiatmeKs- ana the move- 
ment pt securities. 

Appointment "'ll* be at a point 
within tlw s-itarv range £a.b7i -Cfc.OVJ 
inclusive according to age and esperi- 

There is a snusidiscd stall restaurant 
and mark bar luw .per tent interest 
imp loan* *or an Annual -Season Ticket. 
Mortnaoe Guarantre Schem* 

Appkati"" terms tram Adminhura* 
:ion 0‘iicci Guildhall, E.C.2. 

jr telenhonr Ol -BOB 3DS0 E«!n. 2360. 

Morgan Guaranty, one of the world’s leading international banks, 
requires financial analysts to join its London based group involved m 
trie a-aluation of new and existing business and varied client advisory 
studies in the British Isles and Scandinavia. 

The vacancies call for well qualified individuals with analytical 
experience in either siocLbrokmg or hanking. Fluency in 5 Scandinavian 
language is highly desirable, but essential for only one of the positions. 
The appointments offer competitive salaries which will depend on 

The positions carry substantial fringe benefits including a profit- 
sharing bonus, low-cost mortgage facilities, and a non-contn factory 
pension scheme. 

Please write including a full curriculum vitae, or telephone for an 
application form to, Kathryn M. Riley. Morgan Guaranty Trust Company 
cf New York. RO. Box 161, 33 Lombard Street, London EC3P 3BH. 
Teleohone; 01-5553111 ext: 2747. 

Morgan Guaranty 

Hust Company of NewYork 

Financial Director 

S.E. Home Counties 

This appointment will appeal particularly to qualified 
accountants with at least three years' post- qualification 
experience in an engineering hatch production environment 
where standard costing is in operation. 

The company has a turnover approaching.£5m.: as part of a 
diversified British group there are good promotion prospects. 
As well as being a key member of the management team, a 
priority task will be the improvement of financial control and 
information systems. Computerisation is planned. 

Starting salary between £8,000 and £9,000 plus bonus and car. 
Re-location costs will be paid by the company. 

Please send brief details - in confidence - to David Bennell 
ref. B.43560. 

Thu appointment if open to men and uvmni. 

United Kingdom Australia Belgium Canada 
1EH France Germany Holland Ireland Italy 

New Zealand South Atnca South America 
— Sweden Switzerland U S. A. 

International Management Consultants 
Management Selection Limited 
17 Stratton Street London W1X 6DB 




This is a challenging opportunity in merchant banking with an 
international consortium hank. Reporting ro the President-Chief 
Executive of Inter- Alpha Asia, the successful applicant will in due 
course take over responsibility as General Manager of Inter-Alpha 
Groups Merchant Bank in Singapore 
The iob holder will be responsible for the overall supervision of the 
Banks activities in Singapore including its lending activities in various 
currencies, its trade financial facilities - Imports and Exports - 
especially with Europe, as well as its Money Market. Foreign 
Exchange and Deposit -Arbitrage activities. The Bank is expected 
to develop progressively other forms of activity' jnduded in its 


We seek an all round banker able to prove his ability in these fields 
and also success as a manager. A perfect command of English is 
essential Knowledge of South East Asia and a command of other 
European languages would be an advantage. A0 would be the 
ideal age. 

An attractive compensation plan is offered. 
Communications about the proposed appointment should be 
addressed as follow*: CONFIDENTIAL Jnter-Aipha Asia (Hong 
Kong) Limited, do Mrs. Joan Rogers. Administrative Officer, 
2501. Connaught Centre. Hopg Kong. 

Charterhouse Development 

about 30 


Charterhouse Development Limited provides equity capital for small and medium sized, 
usually unquoted, companies both in the U.K. and abroad. 

An additional executive is required to join its small, successful management team, initially 
to assist with investigations and reports on potential investments, and later to undertake 
' wider responsibilities with growing experience. 

Preferred background should include an engineering or scientific degree followed by a 
professional accounting qualification. Experience of investigations as well as a period in 
industry would be an advantage. Age likely to be 30 or under. 

Salary negotiable around £8-10,000 plus car and good benefits package. 

Please send career details to: E. G. Cox, Managing Director, Charterhouse Development 
Limited, 1 Paternoster Row. London EC4M 7DH. 


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Chief Dealer 

New subsidiary of expanding U.S. Bank 

Our Client is a '.veil- established branch of an American bank, shortly to 
open a wholly-owned merchant banking subsidiary in the City. 

The initial requirement is fora senior dealer with an in-depth knowledge 
of C.D.'s and FR.N.'s to develop a presence in these markets. Some experi- 
ence of foreign exchange is desirable as is a working knowledge of 
eurobonds and gilts. 

Idesr candidates, probably in their late 20’s, will respond readily to the 
inherent challenge which this new appointment clearly represents. 

Contact Norman Philpot in confidence 
on 01-24-8 3812 

60 Cheapside • London EC2 • Telephone: QI-248 381-2/3/4/5 

Qualified Accountant 

EMI Records, market 
leaders in die £25Cm L K 
record industry is looking tor 
an ambitious, fully qualified 
accountanr to join its important 
commercial finance team. 

In addition to AC A, 

ACM A or ACC A qualifica- 
tion, the successful applicant: 
will have the drive, energy and 
flexibility to make a major con- 
tribution to diis fascinating 
business. Substantial salary 

ream to carry out work involv- 
ing special ad hoc commercial 
and financial projects, the 
analy$i> and improvement of 
accounting sysrems, and the 
development of new systems 
especially those with computer 

• Salary is up to £8,000 p.a. 
plus an excellent benefits pack- 
age, and die chosen applicant 
{aged mid to late twenties) will 
be well placed to take advan- 

rew ards and promonon oppor- rage of opportunities within 
tunities exist for die right person. E\ Us world-wide group of 
• Tl le job invol vt> job ling a compai lies. 


Please apply tor an application form to: 

Paul Isaac, Personnel Officer, 

EMI Records ( UK). 1/3 Uxbridge Road, Hayes, 
Middx. Telephone: 01-561 8722 Ext. 210 




Citibank is expanding its operations in international 
investment management for institutional portfolios, and 
wishes to appoint a senior professional to take charge of 
the Investment Management and Research Department 
for Far Eastern stockmarkets. 

The duties include responsibility for deciding 
international investment policy as a member of the 
International Asset Management Committee, for 
establishing and supervising asmali research team, and 
for managing a substantial portfolio of Far Eastern 

The job demands a thorough knowledge of Japanese 
and South-East Asian securities, and candidates must 
possess a successful investment management record 
in those markets. 

This is an important position within the Investment 
Department of Citibank. Location: Hong Kong. 

Generous salary and benefits will be offered. 

Please write in confidence to: A. W. Regan, Vice 
President, Citibank NA, PO Box 78, 336 Strand, 

London WC2R1HB. 


Jonathan Wren • Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 


Our client, an established consortium bank, seeks a graduate or 
professionally qualified assist a senior manager of the bank. 
Suitable candidates .will have experience in the syndication, market, 
both in risk assessment and in negotiation and structure df ioan- 
packages. The bank's loan portfolio includes corporate and sovereign 
risks, and the ability to prepare reports on proposals in both.areas is 
essential. Project finance experience would be useful. 

p/ease contact: DA VID GRO VE 


This vacancy occurs in the London-based Group Treasurer's 
Department of a progressive international corporation. 

Candidates should be aged in their early 20s, and have a banking 
background. The emphasis in the position is on the opening and 
negotiation of Documentary Credits, and the negotiation of Bills of 
Exchange; Documentary Credits experience is therefore essential. The 
successful candidate will also be involved in other aspects of the 
Department's work, including Exchange Control (with particular 
reference to the rules governing overseas investment and commercial 
payments), forward purchase of currencies, contract bonding, and the 
investmentof surplus funds. Any previous experience in these areas; 
particularly Exchange Control, will be helpful but is not essential - 
more important would be a broad background in basic “general 
banking functions. 

The right candidate will find this an interesting and .challenging 
opportunity to extend his or her experience. Prospects for future career 
development are excellent. 

please contact s NORMA GIVEN 

170 Bi^hopsgatc London EC2M 4LX 01-623 1266/7/8/9 




Asp IS-JJ5 with experience. 
We have the following 

Vacancies: — 

Salaries £3.000-£4.500. 

SUPERVISOR for new settle- 
ments and instructions dept. 

BACK UP ASSTS. age 22-25 
with good previous experi- 
ence in settlements and in- 
structions work. £4.500. 
Age 20/22. £3;500-£4.000. 
26/33. .Suit chief cashier with 
London, clearing bank back- 
ground. £5,000 -£d.50o 

248 6071 . 


A nevsly created position in a major insurance group -and an unusual specification, ct^binirigenti^^^uriaf 
' marketing skills y/tifi tire more generally conservative attitudes of an experienced investment ma get: ^ 

You will be responsive for developing and implementing the group's policy of off ering a ram p^tibve seivi^in 
various investment management areas. This will be achieved, in co-ordination with t he 9 r oups ma £9 
activities, by systematically generating a greater awareness of the investment products and 
developing and controlling unit trust marketing strategy and by obtaining and servicing 
management business. Ficaiiy, you will play a major part in the development of investment poficiesapp P 
to all the funds under management. _ . ... • ^ 

x_n V.., w ^ .i rw i;ri mananamnnf and 



Construction and 
Property Management 
c.£i2,ooo Bournemouth 

Flaircrest i> a rapidly expanding private group 
engaged in construction and property develop- 
ment both in the UK and oversea*. Current 
- turnover is approaching £5 million and with the 
continuing growth of the Company's operation; 

• in construction and other areas they ne-vwjsh to 
appoint a Chief Executive for it’s Construction 

This appointment has been brought about by tits 
need 10 co-ordinate and expand construction 
activities, particularly in relation to negotiated 
contracts. Reporting to the Group Managing 
Director, the Chief Executive trill have crcrali 
responsibility for condoning and expanding the 
construction’ subsidiary and maximising 

profitability while promoting contract activity. 

It calk for someone with FI OB or FTCE 
qualifications and wide general experience o; 
large building contracts, particularly those 
involving negotiated tenders. Self motivation and 
well developed business, administrative and 
management skills arc essential. Preferred age is 

This appointment, which is open to both men and 
women, offers an excellent opportunity to play a 
key sole in the development oi tee Company and 
future carver development prospects are first 

Ah attractive range of Company benefits will be 
provided, including Company tar and assistance 
with relocation, where appropriate. 

W'rilwrith full personal and career particulars to 
GrOi&Managing Director, Flaircrest Limited? . 
j 73 TKe Brondwav. XSanblcdDn, London 

Dortfolio policy development You will combine tephnjcatskil is, inv.esim e. .1 uiiwnm 

and marketing interest London based.' Salary c. £18,000 plus, with company car and excellent fringe benefits. 

AopUcanis, male or female, are invited to send in confidence, full details of qualifications and experience, quoting. 

reference? 344KS/ FT to: ■ 

• - International - - - - .... ^ 

C4B5 s K£i£ySQ'JASE.L0N00KV't* rW. ; ~ .TT 


Have you the skids and 
personality to market 
financial services? L 

Specialists in the management of private, 
institutional ami pension Funds. • 



Two challenging opportunities have arisen for 
young ambitious, energetic people to join a. highly 
successful and expanding investment management group. 
Working closely with the Investment Directors, as part of 
a small team, these positions offer outstanding career 
prospects \\ ithin the Company, and advancement will be 
as rapid as personal initiative dictates. 

Funds under management exceed £l00m and 
include Schlesinger PIMS unit trusts, the Trident range 
of insurance funds, private client and pension funds. 

Candidates will have 3 minimum of 2 years relevant 
investment research experience gained in an insurance 
company, merchant bank, stockbrokers or similar 
institution. A degree or professional qualification would 
be very desirable. - 

A generous salary is offered with first class working 
conditions in West End offices. 

Applications which w ill be treated in the strictest 
confidence. MUST INCLUDE a detailed CV. including 
salary details, and should be addressed in the first 
instance to 

K G Herscy, Director. 

Bastable Personnel Services,. 

; . Recruitment Consultants. 

IS Dering Street. London W1 



London - up to £8613 

Due m an expansion of the Pension Funds Investment 
J^cpanment. British Gas requires an experienced Invest- 
ment Analyst- You will assist the Principal Analyst in the 
preparannn of recommeridations for investment. This will 
involve continuous monitoring of equity -and other sectors. 
In addition you will be expected 10 prepare both industry 
und company reviews and make company visits as 
necessary. * " 

Candidates should hare a relevant degree, or a professional 
qualification, arid a minimum of 2-3 years experience in an 
investment environment. 

Salary' will be ra the range of £6882-^8-1 57 plus £156 Inner 
London ’Cfcighring- 

Please write with full derails of age. qualifications, 
experience and currcnr salary, quoting ref: F 01b901 
10 the Senior Personnel Officer 1 'London . 

British Gas. SU-Bryanston Street. London 
^ 1 A 2AZ. Q using daw for applications 
- November 19<S. 



O-jr dienu are a young leasing 'company who have substantial backing and are 
growing at a phenomenal rate. They aim to lead the field within three to five years ‘tfid 
ir. order » cc so need to. recruit several young executives who will mantel and seU 
leasing packages to Corporate clients. ! ; 

You could be a qualified accountant or solicitor, or you might have previous exp«i*h.ce 
of selling financial services: either way your background will be put to maximum .jtse. 
You sH 05 ld .be aggressive and ambitious, but should have the tact, to negotiate, at 1 
senior level with new. and existing clients.. You shquid have she self-confidence • to 
accept an tui competitive basic salary with the - remainder of ' your package linked to 

resula. If you haye xhe right attributes you should cam well into five figures: 

If you could help, our 'clients reath the top, send c full resume in confidence' to: 

Nigel Halsey.. 

Chichester House, - E 

Chichester Rents, 

London, WC2A 1EG. l i ■ 

Tel: 01-242 5775 It. 


Age 23-28 - £8,000 

^ - " 

A major, highly respected -and progressive international Merchant Bank, we[|;Jcnown for its 
constant growth and substantial development, wishes to recruit an ambitious qualified i 
Accountant to work m their . cemrai accounting team 'on finajicial' and- manajgetrietn. accounts, 
investigations and tax. . . _ 

The successful applicant will probably be a graduate, and may well have ‘trained with' an 
international practice The ability to communicate efficiently both in spe«h and wrft'mg. and : 
to demonstrate a high degree of self -motivation is essential. Career prospects are e'xcelleiiu and . 
fringe benefits. arc consistent with Banking's best. - • 

fn the first instance, please telephone in confidence, Neil Keane * 


Age 24-30 to £7,500 

Four, leading City Banks currently seek to 
appoint ambitious Bankers with min. 2 years' 
analysis experience in an international con- 
text. Excellent prospects in good name Banks. 

Please telephone Brian Durham * .* 


Age 28 -32 \ ; c. £6,000 

International Bank seeks able person to con- 
trol and develop computer units and E.D.P. 
systems. The successful candidate wiH have 
a computer orientated; Bankltig background. 

Please telephone Mark Stevens 

If you are seeking to furtheryDur career in Banking, oar Consultants would 
be only too pleased to discuss your requirements. 


<41/42 London Wall -London EG2 -Telephone: OT-5SE3 0781 


ACA to £15,000 in Europe 

Italy Germany . Scandinavia. ^ 

If you are considering working in Europe, or are currently working- there^ . 
our client offers an opportunity for progression iramediat 6 iy. ' 

After a recent merger, tie company is one of the leading American-oWned 
Lorporations with a turnover in excess of SI billion. Tbev operate a 
wide-ranging manufacturing business selling to industrial and consumer 
markets. . . 

Their European companies' arc presently being reviewed and to further 
mis continuing programnie a number of. high-'calibre accountants aVc* - 
required mr corporate audit work and systems appraisal and improvement 
promotion into manufacturing units -should be rapid and.- will be^ based ■ i 
on merit. 

The essential requirements, apart from your qualification^ are about one - ! 
^ear s pcist-qualification experience either In the profession or in -industry'. ' - ! 
plus FLLENCY in ofle European language. Knowledge of American • 
sianaartiii and procedures would be advantageous. j 

tpptij in conscience Jot full details quoting HPW/29/1 to' Richard 
Wilson B..\. or David Clark A.C.A. ■ . 

David Clark Associates 

4 IM.y’w Britlgc Street, l.omlon E C 4 01 353 1S67 


High Wycombe , 

Wilkinson Products manutacturss^al 1 !^''- •• ,• 

markets a wide range 0 l consumer produdta 

within tha UK. The range includes TWOC' 
blades, sunglasses, garden tobls;.!scjtssbrs 
and housewares, with products sold uhder.. 
tne Wilkinson Sword. Fcslsr Grant.a'hd 
Nutbrown brand names. 

A Financial Controller is repaired for this - 
business, reporting to the Manaflihig ' ‘ ' : 
Director. The ideal candidate vy»N bb ... 
o5 to 45. a chartered accountant, .V ’ 
commercially orientated, with - j 
comparable experience within ai)- .--.-. ■ M 

to eiSJOOO + car 

interhationargroup-prefuRtbly in 
rnoyirig consumer products. A further 
requirement is that the candidate shaW h* 
clearly capable of further promotion wlthini 
-the Wilkinson Match Group: . 

This post - carries an exceptional range of 
fringe Benefits. • 

-Career details should be sent to,:- ■ 

George--Palmdr, ManagmgiJirwtttr,'- ; - 
Wilkinson Products (UK], • , ■ 

T Sword House, "Totteridgs Rpad, ' . 
pHr. : .:-.Hi6h Wvcombe. Bucks^. 

Br : - HP136EJ. 


v j | 

'. v ., ’■ l! 

-•*'•• Mv 

Financial Times Thursday. October 19 1978 

Chief Financial 

Home Counties ' 


This fe a newfy- created position in a manu- 
facturing and marketing company with an 
impressive growth . record and turnover 
approaching £8m. Initially the work entails 
reviewing -the accounting systems before 
taking full responsibility for the financial 
function and an active part. in the overall 
. management of ihc company. 

Applicants must be qualified accountants 
with experience of working with integrated 
cost and financial accounting systems and 
managing an accounting function. They 
should also be able to demonstrate that they 

Internal Audit 

Based in London 

The SmrthKline Corporation is an 
expanding mufti-na lional 
Pharmaceutica I Company with 
headquarters in Philadelphia. U.SA 
An outstandingopportunrty has 
a risen lor a highly experienced and 
imagina l ive Ma nage r — Internal 
Audit, lo cover Continental Europe 
and the U.K. Based in London, he or 
she will be responsible lo the 
Director of Internal Audit in 
Philadelphia, for the direction and 
administration of a comprehensive 
internal audit programme covering 
these areas. It is envisaged that up 
to 50% of his/her time will be spent 
abroad with" most weekends at 

The successful candidate will be a 
chartered accountant with a strong 

personality, keen business sense 
and fluency in either French or 
German. Allhough no age limit is 
beingspecilied it is expected that 
■ theappoiritee would be m the age 
bracket 34-40. Experience in the 
internal audit Held would be 
desirable, although candidates 
whose experience has hitherto 
been confined to the Profession will 
also be considered. 

The Company, highly rated as a 
progressive employer, offers an 
attractive salary and bonus plan, 
excellent benefits package 
includinga company car, and 
generous relocation assistance 
where applicable. Short listed 
candidates will be interviewed in 

Please send full career details and saiary requirements 
quoting ref. 102/FTM to:- Miss D.J. Hughes, : 

Personnel Recruitment Manager. : . 

Welwyn Garden City. Hertfordshire, AL7 1 EY: 




This appointment involves complete 
responsibility for all the activities of the 
U.K. Division of a highly successful. 
Australia-based company. 

One of the leading Independent computer 
maintenance organisations, DPCE has an 
enviable reputation for professional per- 
formance in a rapidly expanding field. 
The position advertised results from the 
promotion of present incumbent to an 
international appointment following 
further expansion of. the company's 

The successful candidate will be a pro- 
fessional manager (male/female), with 
experience in a top appointment in the 
services sector, and capable of sustaining 
the continued growth of the U.K. 
operation. Knowledge of a high-tech- 
nology field would be an advantage. 

The person appointed will have overall 
responsibility for the U.K. Division 

• Marketing and Sales 

• Operations • 

• Finance 

• Support Activities 

and will report to the Chief Executive 
Officer of tile company. 

Remuneration and benefits: 

• Salary £15,000 p.a. 

• Generous performance bonus 
(can be 60% of salary) 

Fully maintained company car 

• Non-contributory pension 

• Free health scheme 

• Free Insurance 

• Generous relocation allowance; 

Applications in writing please, with c. v, and 
recant photograph, in strictest confidence, to: 

General Manager, 

Data Processing Customer 
Engineering (Pty) Limited, 

6 Broad Street, 


Berkshire. RG111AB. 

Tel: Wokingham (0734) 790703 


\ Credit Analysts 

enhance your career with 


DEVELOPMENT of the Credit 
Department provides an 
excitingopportuiiity for a young 
Credit Analyst.. 

A GOOD DEGREE or a chartered 
accountancy qualification and 
one year’s credit analysis 
experience involving corporate 
finan ce work and country risk 
assessment coupled with 
indigenous bank" analysis are 


chaU enge await tire right person 
for whom this is a real career - . 


would be a distinct advantage 
but is not essential. 

MANY BENEFITS are provided 
by this lively forward looking 
concern including cheap 
mortgage and loan schemes, 
annual bonus, excellent pension 
plan etc. 

yours if you really are a top. 
calibre, high flying-young 
analyst. * 


application form to Mrs . A. Jones, 
Cripps, Sears and Associates, 
Personnel Consultants, Biune 
House, 88/89 High Holbom, 
London WC1V 6LH. Telephone: 
01-404 5701. 

Cripps, Sears 

* m ~ 

‘i ;V V 

SENIOR DEALER— us .$s negotiable 

A long established Bank requires a Senior FX Dealer with a minimum 
of 5 years* dealing experience for its recently opened New York Branch. 
The post offers attractive salary, conditions and promotion prospects and 
is likely to have especial appeal for expatriate U.S. citizens. 

Write BoxA 6518 , Financial Times 
10 Cannon Street, EC4P4BY 

have the ability to work as a member of the 
senior management team. 

Ideally, candidates will be 30-40 with a good 
academic record and a degree in business 
administration. Experience of EDP and 
contract cost control would be desirable. 

Applications, which will be treated in strict 
confidence, should contain -relevant details 
> 0 f career and salary progression, age, 
education and qualifications. 

Please write to Mr. A. C. Crompton __ _ 

quoting reference 745/ FT on both . 

envelope and letter. |IM|ii| IIP 

Haskins Sells 

: : Management Consultants J 

hm 128 Queen Victoria Street, London EC4P 4JX me 

General Manager 

OVERSEAS £25,000 

For well-established and progressive overseas 
company specialising in the sale and servicing of 
survey and photogramraetrie equipment. litho- 
offset printing machines, phototypesetting equip- 
ment, plan and photocopying machines and 
supplies, selected laboratory equipment and 

Age group 35 to 45. 

Ideally the candidate should be a chartered 
. accountant with some years’ experience as 
managing director or general manager of a similar 
business in an underdeveloped country. If not a 
qualified C.A., he must have a sound knowledge 
and good practical experience at senior manage- 
ment level of accountancy, finance control and 
secretarial work. He will have under his control 
a chief accountant, personnel manager, six 
divisional managers and five branch managers. 
The job demands pronounced qualities of leader- 
ship, organisational flair, drive and stamina. 

Salary and bonus equivalent to £25,000 p.a. subject 
to annual review, on which present taxation 
approximately 24%. Home remittance up to 50% 
of income after tax. One month’s home leave for 
every five months’ service. Fully-furnished house, 
family travel allowance, children’s education 
allowance, medical care for self and family, car 
and driver and other fringe benefits. 

Apply Messrs. Reads, Drury, Theobald & Co. 
(C/K), Leath House, 47 Gresham Street. London 
EC2V 7ET. 

required for Synthetic Industries ^Ireland) 
Limited. The successful candidate will be a 
qualified accountant preferably with post- 
qualification experience including the preparation 
of full financial statements in addition to . Budget 
forecasts, projections, etc. The ability to work as 
a member of the management team and to meet 
deadlines will be key factors in the appointment 
The rewards offered are commensurate with this 
attractive opportunity. 

Applications in 'Strict confidence to: 

The Managing Director 

Carafe ane Industrial Estate 
Newry, Co. Down 

Lending Officers 

MiddleEast $35,000+taxfree 

Major International Bank 

Our Client is one of the most substantial banking institutions in the Middle East 
with considerable development plans for the future. 

The bank's current requirements call for several lending off icers who possess a 
thorough background in international banking and in-depth experience of 
credit analysis and loan administration. 

Ideal candidates, preferably married men i n the age range 26-32, wil I possess 

a professional background, at (east 6 years' banking experienceand possibly an 
additional E uropean la nguage. Personal qualities of maturity a nd flexibility wil I 
ena ble the appoi nted individuals to respond with success to these challenging 
and rewarding opportunities. 

The positions are offered on the basis of a 3 year contract which may lead to a 
full-time career with the bank. The overall remuneration package will be most 
attractive and includes salary, plus free accommodation, car and driver and 
numerous other benefits. 

Contact Norman Philpot in confidence 
on 01-248 3812 

NPA Recruitment Services Ltd 

60 Cheap side - London EC2 • Telephone: 01-248 3812/3/4/5 




We are seeking a specialist to develop further our 
existing cover of the oil industry ^nd particularly to 
study the U.K. companies and North Sea activities. 

The successful applicant must have considerable 
knowledge of the international oil industry, 
analytical ability and the capacity for lucid presen- 
tation of ideas, both verbally and in writing. An 
important aspect of the work will be the development 
of a close relationship with our institutional clients. 

Formal qualifications are less important than 
relevant experience which may have been gained in 
a brokerage firm or financial institution, in the oil 
industry or through an appropriate . journalistic 

Remuneration will be fully competitive. 

Please apply in writing to: 

D. Schulten. 


Winchester House, 

■ 100 Old Broad Street, 

London EC2N 1BQ. 




£6.000 p.a. . To start on January 2, 1079 

A secretary experienced in banking nr finance-related ureas 
(e.g. lending, borrowing, foreign exchange, documentary 
credits, etc.) would find tipis position wry interesting, working 
for and with a demanding banker entrepreneur, helping to 
build up the banking business with an already existing 
clientele in the Far East, Europe. Africa and 'South America. 
The person appointed must be able to deputise In his absence 
and accept responsibility. 

The applicant should have a good telephone manner, he self- 
motivating. with a sense of humour, good dress sense and able 
to deal with visitors. Preferred age 25-35. a career person, 
with first class secretarial and organisational skills, able to 
work efficiently under pressure, not adverse to menial tasks 
feoffee making, despatcb of telex .messages, errand services) 
and overtime, if necessary. 

The person must have a quick and analytical mind, should be 
dependable and able to use intlative. 

Languages preferred but not of prime importcnce. 

Excellent prospects exist for promotion to executive status and 
further earnings potential. The position will also entail some 
overseas travelling. Hours 9-17.30; four weeks’ holiday. 
Please write in strict confidence with Cull c.v., personal 
experience and include a recent photograph (will be returned) 
to: The Managing Director. Ref: CL. CJallic Investments Ltd- 
85 London Walt London, E.C.2. Closing date for application: 
November 3, 1978. 

Wn|»K 1 ivl’Mi I 

it is u 


ikely ; 

the aj 






* * 









i yw.l i>T4 ni I iT«J «| 1 1 1' 1 1 M I- 1 ii kl 1 1 T 4 
lilil'tit* 1 1 4 W *1 1 ) i [ 1 1 1 ) 1 1 

Controller & 
Divisional Director 


c. £14,500 

Promotion of the present incumbent into general management 
creates the need to recruit a controller and divisional director 
for an important manufacturing division of a multi-national 
group with operating units in the U.K. and overseas. 

Reporting to the managing director and with a sound accounting 
back-up team, the person appointed will primarily be concerned with 
tilling a central role to maximise the return on divisional investment. 
As a divisional director he or she will help to formulate overall 
policies, strategies and procedures. 

Suitable candidates, probably 35-45, must have a recognised account- 
ing qualification and experience at senior management level in the 
finance Junction of a large organisation (preferably multi-national) 
employing modern control and management iniormaiion systems and 
• procedures. A record of developing first- class financial staff is also 
looked tor. 

In addition \o salary, which is negotiable, there is a comprehensive 
range ot fringe benefits. 

For an application form, write in confidence showing how you meet 
the specification and quoting reference 3727/ L, to M. J. H. Coney, 

□ Peat, Marwick, Mitchell & Co., 

Management Consultants, 

Executive Selection Division, 

165 Queen Victoria Street, 

Biackfriars, London, EC4V 3PD. 

Jonathan Wren * Banking Appointments 

■qS The personnel consultancy dealing exclusively with the banking profession 



BRUSSELS Salary negotiable 

This is an opportunity for a Junior Bond Dealer to work in Brussels. 
Our client, a consortium bank with international bank shareholders, 
has an opening within the Securities Department for a specialist in 
Floating Rate Notes and Straight Bonds. At least two years experience 
in this field is required, and candidates should also have, some 
capability in the French language. 

Please contact: RICHARD MEREDITH 

PARIS Salary negotiable 

Our client a well -respected international bank, intends to offer an 
interesting career opening to a young graduate banker (aged eariy/micT 
20*s). The successful candidate will in the first instance be appointed 
for a 2-year period to the bank's Paris office, where training wil) be 
given in Credit and Bank Relations work; career prospects thereafter 
will be within the bank's London branch. Candidates - native English 
speakers with a knowledge of French — should have a university 
background and about two years general banking experience. 

Please contact: RICHARD MEREDITH 

LONDON c. £7,000 

An overseas bank, with a small but active operation in London, seeks 
an experienced Foreign Exchange Dealer with a knowledge of 
Deposits. The ideal applicant will be aged 25/30, with about 3 years 
dealing expereince. The appointment carries a considerable measure 
of responsibility, and good promotional prospects. In addition to a 
competitive salary, the usual banking fringe benefits apply. 

Please contact' ROY WEBB 

170 Bishops^atc London EC2M 4LX CL 623 1266/7/8/9 



Financial 'Times Thursday Odoter 19:1978 

Senior International 
Treasury Appointments 

South Coast based 

The Regional Treasurer’s Office of American Express is responsible 
for treasury operations in Europe, Middle East and Africa. The 
Treasurers Office is located in the European Headquarters at 

■» * v*| J WUlV.b lO IVArU ux a. bwn Ub 

Brighton. As part of the planned growth of the treasury function 
the following vacancies, which require travel within the region, have 


Cash Manager 

The Cash Manager will be required to develop, recommend and 
implemem centralised cash mobilisation programmes and practices 
of the company and its subsidiaries*. Applicants must be able to 
demonstrate sound related experience within a treasury or similar 
environment. A knowledge of computer applications is essential. 
Applicants will be Graduates, or offer equivalent standard gained 
from commercial experience.’ 

Foreign Exchange Exposure Manager 

The Foreign Exchange Exposure Manager will be required to 
develop a ceniralfeed foreign exchange exposure management 
information s\ >iem to protect the assets of the company from 
currency fluctuations. He she will be required to develop and 
implement programmes to identify and measure exposure risk. 
Candidates should hold a recognised accountancy qualification and 
demonstra te a >ound knowledge of foreign exc hange exposure 

Finance Manager 

The Finance Manager will be responsible for recommending 
policies and negotiating short and long term financing. He she will 
hold a ke\ position in the company’s relationship with major banks. 
Suitable candidates will demonstrate u strong personal presence and 
a sound bunking background. 

These vacancies curry competitive salaries and attractive benefits 
package including subsidised mortgage facilities, a contributory 
pension plan and free life assurance. Relocation expenses will be 
paid where appropriate. 

Applicants, male or female, should write w ith full personal and 
career details to:- Roger Brown. Manager Central Personnel, 
American Express Company, Aznex House, Edward Street. 
Brighton, Sussex. 

of Financial 

Austin Morris is a newly constituted Company 
emplcwing 45.000 people within BL Cars with ptafit 
locationsln Birmingham. Coventry, Oxford and . ’ 


Major changes in st> !e and approach are being . 
implemented by the new management team as part of . -• 
ambitious plans, which are -gearing the Company for 

Product impetus has been demonstrated with the launch •• 
of the new Princess and Marina ranges of models. Many/ 
other exciting design projects are underway. 

In addition; far reaching plans are being implemented to 
achieve major improvements in facilities, qnality, 
producih it%. sales and marketing. • - ' 

Austin Morris has full profit responsibility. Its Finance 
Function has been established and is ro be strengthened** 
particularly with improved financial analysis techniques ^ 
to develop" existing mans cement systems in the following 

Profit Planning and Analysis 
Capital Expenditure Planning 
Manufacturing Cost Analysis 
Cost and Financial Accounting 
Vehicle Cost Control 

Product Programme Analysis and Evaluation 
Saies/Marketing activities - UK. Europe. Overseas. 

These are the decision making areas of any successful 
business.- for which we seek experienced Financial 
Managers as weir as Analysts. f " • T 

The men and women we are looking for to fill the 
available positions cover a wide variety of qualifications, 
you mat- ** a P art or t } uaiified Accountant, a skilled 
Financial Analyst from an- industrial environment, or a 

numerate graduate with commercial experience. Even if . 

\ ou are not in one of these categories but have high 
analytical potential and financial flair and . - • 
interested in a career in Financial Management, you . 
should still apply. The choice of career advancement 
through our Management Devdopment Schemes is 

certain to impress you. ; 

A wide selection of jobs are offered with salaries ranging 
up to £10.000+ dependant on. your experience/ 
qualifications. Attractive benefits and generous 
relocation assistance are also offered. 

If \ou are self mothaied and ambitious and are ; " 
confident you can make a contribution, w rite now to; , 

MB'Craggs . 

Organisation i£ Personnel Fumraug 
Austin Morris ■ - . 

Austin Morris House, 
Bickenhill Lane. 

Birmingham B37 7HH. 



£14.00 Per Single Column 


Industrial Group: c. £1 2,500 


Our client is an asset rich, old established public company going through 
the transitional phase of replacing earnings from declining trades with 
earnings from growing ones. This is a challenging period which calls for the 
Highest standards of objective financial control to be applied both to 
the existing businesses and to the investigation of new ones. Candidates, 
qualified accountants probably in their 30s. wiii already be in a 
position of seniority in a competitive environment and be experienced 
particularly in the installation and monitoring of controls, cash 
management and the investigation of investment opportunities. This 
appointment, which is based in the East Midlands, has occurred becaose of 
a promotion to the Board and will carry a salary of about £1 2,500. 
Company car, all relocation expenses and other benefits. Applications with 
full career details from men and women should be sent in confidence to 
A P. Rait, as adviser to the company, at Selection Thomson Ltd., 
Room 17, Terminal House, 52 Grosvenor Gardens, London SW1W 0AU. 



to £ 7000 + car 

for a career with a difference and 
real prospects of Senior Management 

You are a first class professional auditor. You have grewntfred of ! 
checking historical facts. Are you now ready to stretch yourself, develop 
your experience and make a more effective and immediate irnpaclbfv 

business? v ; ' 


Chart Tutors, pne of the leading private sector tuition 
firms, have recently acquired the World renowned 
accountancy tuition business of H. Foulks Lynch & Co. Lid. 
This development means that we have an immediate 
requirement for energetic accountants who wish to 
combine the satisfaction of academic wort with += 
management of a fast-growing, successful organisation. 
Preference will be giver, to graduate accountants who have 
qualified within the last two years. There are vacancies for 
Chartered, Certified and Cost and Management Accountants, 
This is a unique and exciting opportunity to join us at this 
phase of our development. We offer a challenging and 
rewarding career, both in terms of job satisfaction and 
salary (up to £8,000 for the firs: year) and every opportunity 
for management development within an entrepreneurial 

If you have no previous tutorial experience, wb wili give 
you all the necessary training. 

If you are interested in helping students to pass their 
examinations, vwe would be pleased to hear from you. We 
have vacancies in London and Birmingham , Please 
telephone or write to the Chairman's Secretary at: 

If so, an American multinational, which last year set up audft ax? 
consultant to service its UK and Western European activities, 

is keen to recruit an individual like you and without question wilt provide 
• the necessary stimulus to your career. ~ ■ .* : : . ; 

Experience fn one of the top firms, plusthedesire and abilfiy tojraveffrou 
can be either married or single) are the only prerequisites we fi$ve set 
If this opportunity to operate with responsibiBty and independency tha 
r major group appeals to you, please write in confidence withconcfee 
personal and career details, quoting reference T889/FT, to R. Gk £5Sen. 

. 1 

Arthur Young Management Services 
Rods House; 7, Rolls Buildings 
Fetter Lane, London EC4A lNL. 

Financial Management 

London based £9.000-£ll,000 

Over the past four years our growth has been consistently over 20%. Our aim is to 
become one of the leaders in the market far high quality consultancy and to achieve 
this we need consultants who can contribute the highest level of technical 
competence as individuals, and as members of multi-discipline teams. 

You will be a qualified accountant, aged 28-36. whose experience will have included: 

• Management of a line department at a senior level 

• Financial appraisal of businesses and projects and direction of the subsequent 
investment divestment programmes 

• Design and implementation of management information and accounting systems 
Please write or telephone (01-831 71 3G Ext 444) for an application form 
quoting reference T890 to Paul L Goodman. 

Arthur Young Management Services 
Rolls House, 7. Rolls Buildings 
Ferrer Lane. London EC4A1NL 

two nmsmous mnmcERS 


We are looking for two individuals of outstanding promise to strengthen our 
management team end give us more versatility. The initial appointment could be in either 
e production, technical or administrative function. It is hoped that process into senior 
management wiii be rapid. 

We do not necessarily require either formal qualifications or particular experience. 
Honours degree level intelligence is required however, and evidence of this will be an 
advantage. Likely age group 22 - 30. • 

We are a successful company. Our style is modem and straightforward. Our managers 
are judged only by their results. Conditions of employment include en excellent pension 
scheme and a significant bonus scheme. There is no need to worry about salary at this 

Applicants, mala or female, either apply formally 
in writing or telephone to get more In formation to. 

Richard McNamara, 

Personnel Director, 

Staffordshire Potteries Limited 

Meir Park,Stoke on Trent, 

ST3 7AA. Teh 0782 315251 


Chart Tutors Lanftedt 82.Mew Street, 
Burning ham. B2 4BA. 021*643 2406 





from £8009 + benefits 

A major international bank is extending its 
U.K. activities by opening a new branch in 
Birmingham to service the West Midlands 

A young enterprising assistant is required to 
help the manager to develop the branch which 
will concentrate on servicing industrial compan- 
ies, particularly in connection with theiroverseas 
business. The finest administrative and techni- 
cal su opart is provided. 

Applicants in their early 30's, with AIB or similar 
qualification, should have extensive knowledge 
of ihe West Midlands. Sound experience of U.K. 
banking practice, including exchange control 
and credit analysis, is important. 

Adaptability and initiative will also be important 
requirements for this new phase in the bank's 

In addition to a negotiable, realistic, salary, 
there are attractive fringe benefits. 

Write in confidence, quoting reference 2941/L, 
to M. D. O'Mahony, 

Peat Marwick Mitchell & Co., 
Executive Selection Division, 

■165 Queen Victoria Street, 

Blackfriars, London, EC4V 3PD. 

c£ 3 Q 000 

Our client is one of Fortune's major multi-nationals operating world- 
wide. It has diverse commercial and investment activities throughout 
Continental Europe and UK Budgets are measured in billions: operations 
are multi-currency and often complex. This business is expansionist with 
majoF financial and management resources for further deployment. - 
As part of this programme an internationally seasoned financial executive ’ 
of senior status is required. We look for demonstrable success and high 
reputation in arranging funding, cash management financial development 
and control of large scale international operations. The experience required 
is likely to have been gained in a substantial international organisation, a 
bank. Merchant Bank or in a lending Institution. 

Applications will be acknowledged and treated in complete confidence 
if addressed personally to> .-EL lan.Carlton, Director Executive Selection, • ... 

Executive Selection Division, 

197 Knightsbridge, London SW7 1KN. - 



e £7,000— 5W1 

Financial control of mold bnneh 
operation! throughout fcwep* from a 
London but. Travel 1 -2 monthi par 
FMi\ more when en*iE*d m ' relief 


The apporntmenr a » ACA/ 
A CCA up ra lgt 2g_ having - flamey 
in one add nonal European language. 
Contact Robert Mile! for interview 


£7,000 neg. ■+■ Car — Middx. 

A major new appointment with an 
expanding company to assume hill 
respomtbility lor the financial 


,f ,0 5 *£■ preferably aged 

around 30, and hive tound indiKtrra^ 
commercial experience, call Keith 
Diw for in i n i na | ««binge of 
information and interview. 

01-248 4521 


A member of die Financial Technique Group 

Specialists in Financial Recruitment Services, 

Our Institutional Equity department offers an excellent opportunity to a person of • 
around 27 years of age with ambition and the ability to sell. 

It is anticipated that the successful candidate will have had at least two- years 
sxnerienroi unthin ti„u 1 • • •••■’- 

experience within this field. 

Salary negotiable according to ability. 

Please write giving full C.V. to: 

- FLM. R. MacDormell, 

Laurie, Milbank &Co 

Memtiers of Tfie Stock Exchange . 

. . ■ : Portland House,:. , 

72/73 BasfeghalT Sheet,' London.EC^V 5DP. 

' i: vs 

.n-.'.-- . j**'- v s 







Salary scale $US20,000 
to $US43,000 

'in an expanding retail" 

e.£7.500 + car West London 

‘The flourishing Islamic Development Bank, an international organisa- 
tion, is wishing to augment its staff to meet expanding business needs. 
Working in mufti-disciplinary teams, using Arabic. English and French 
languages, engaged on the appraisal of wide ranging projects, the 
requirement is for the following: - 

This attractive career opportunity is with a 
fast growinc motor trade main dealer situated in 
West London. Part of a major and successful UK 
Croup the company has doubled its turnover in 
the past two years. It now stands at around 16 
million per annum with the expectation of expand- 
ing almost as quickly during the next 12-lS months. 

Senior Accountant (Ref 168) 

AH eXUtm-ni-vd M I Accaonlatll 15 nft«- riqulr.ij 
w In-ad uri a small ih-LViHrjltsctJ autunomeus doparrniin- uiih 
well ■■stahli«hi-d dcuouiiuaE nnKL-durt--,. Principal T.-'-itonsibiliijr 
wiil hi Tor Lh-.- preparation ul j tcnnnrohcnslvi s«-i nl munUilv 
manaKomcri aciunnis: manaavniem ol tho arcoum-i dir-irim.-m 
•iihI malniamubi ..'flVci ivt- lutsun with rli-panni'.-ntjl and -in.. ral 
niarufu muni on irii-nir.-i jilun nf annum*. r. sDou- 
sllullly irltt b>- iu llii- ntr-’-.ior wllh lint- r.-^r.un ..hilnv 
lo rhe J.alervilp U»-n Mana-vr. 

With a minimum of fifteen years In-depth accounting and financial 
experience. Applicants should be chartered accountants with an M.B.A. 

Senior Research Economist (Ref 169) 

Thfi anpoinmii-ni >.jIIs Inr a man ur Human •»-- d " 0 -rJi. 
pn-lprablv oiijlitu-d and wiUi well dL-u-iopird matinpi-nal. nlanmnc 
and organisational skills. Ii is vis-wWl-il i«> la'- •.urr-ni 
experkuc*.- ui Oh- rruil muior unde, or compandil- r-.-iail 
dial riliui ion indusiry. 

Equity Salesmen 

Due to our growing dfent list and greater coverage of the equity 
market we wish to recruit three additional salesmen to join our 
Institutional Marketing Group, at our London office. 

As members of this Group, the successful candidates will provide 
institutional clients with a broad coverage of the equity market: 
they will also work within one of the firms specialist areas- electrical, 
banking, or insurance-as part of their overall responsibility. The 
Institutional Marketing Group is fully supported by a specialist 
research and dealing capability. 

We invite applications from candidates (male orfemale) with several 
years* experience in stockbroking or fund management. Enthusiasm 
and commitment are qualities we are essentially seeking: a degree 
or professional qualification, however, would be an additional asset 

A fully competitive salary will be offered plus profit-related bonus 
and additional benefits. 

Please apply in confidence to The Senior Partner. 
Wood. Mackenzie & Co_ 62/ 63 T hreadneedle Street, 
London EC2R 8HP. Tel: 01-600 3600. 

With substantial experience in the field of Economic research and 
analysis. Qualifications should include a PhD. 

Salary will Ui ni-taj'Viblr around £7jU0 o>r annum nub 
company car and an nirwin-- raru;c ol bi'D>.-6i> luoludinj 
pension and Uli- assurantc sUn-ini-a. 

Finance Officer (Ref 170) 

With substantial experience of budgeting and financial management. 
Qualificationsshould includeanM.B A or equ ivalent. 

Investment Officer (Ref 171) 

Write with full personal and career details 
to Position Number AGU7025. Austin Knight 
Limited. London W1A IDS. 

. Applications are forwarded to clients con- 
cerned, therelore companies in which you are not 
interested should he listed in a covering letter to 
the Position Number Supervisor. 



Wth substantial experience in the field of Securities Investment 
Qualifications should includean ftfc&A. or equivalent. 

All candidates should possess a minimum of 1 0 years experience in an 
appropriate financial, banking, or investment organisation. Knowledge 
of more than one of the languages used is preferred and preference will 
be given to nationals of member countries. 

In addition to a generous salary other benefits include free furnished 
accommodation, free travel for annual home leave, dependents allow-, 
ance. educational assistance, free health care, life insurance cover, 
contributory pension scheme" and resettlement and transport 
allowances. - 

Applications should be sent in confidence, quoting the appropriate 
reference number, to 

R. J. Batten, Whitehead Consulting Group, 

21 Wigmore Street. London W1H 9 LA. 





required (0 ui'nt Directors in preparing 
accounting tcjuiru for a technical 
employment agency group arjtfi offices 
' throughout the UK. Annuil turnover 
over Li million. The job could even- 
'tuclly. .expand -to Involve all aspects of 
running the accounting function of the 
group. Excellent negotiable salary plus 
company car. 

. Write or telephone: 

D. H A. 8KAT. Director 
80-82 High Street. Ware. Hera. 

Ware 5921 




Sales Executives are required to join our London- 
based Far East Department which — backed by 
our Tokyo and Hong Kong offices — services a wide 
range of institutional clients in both the U K. and 

These positions offer an exciting opportunity for 
the right applicants to join an experienced team 
specialising in these / increasingly important 

Apply with curriculum vitae to : — 

Richard Bradley, 

W. I. Carr, Sons & Co;, 

Ocean House, 

10-12 Little Trinity Lane, 

London EC4P 4LB. 

General Manager 

Major new insurance company c. £15,000 

A major new insurance company is being experienced in insurance and have been - 

established in Manchester on a joint venture successhi in senior positions carrying profit 
basis by Great Universal Stores and the responsibifity. Experienced dree* mail 
insurance subsidiary of Sears Roebuck. The marketing would be an advantage as would 
company will market a range of insurance possession of a degree or equivalent 
products in the United Kingdom by direct mail- qualification. The prefeiredage range is 35 to 

A development team from the two 

45. Salary is negotiable around £15.000 and 

shareholders has been engaged in setting up win not prove a bar to the outstanding 

the new company and the Genera) Manager 
wiH take over from them, assuming 
responsibility for planning and controlling its 
future development and operations. Be or she 
wifi be supported by a team of experienced 
and wen-qualified senior managers. This is a 
challenging opportunity requiring a 
non- traditional approach to the marketing of 
insurance and the ability to establish and 
maintain an efficient professional and 

candidate. The car provided and other fringe 
benefits wifl also reflect the importance attached 
to this post. PA Personnel Sen/ices 

Ref: GM6661 1 ‘FT 
The identity of candidates will not be revealed 
to our clients without prior permission given 
during a confidential discussion. Please send 
brief career details, quoting reference number 
to the address below, or write for an 
application form, and advise us if you have 

successful organisation. Applicants, must be recently made any other applications. 

PA Personnel Services 

Hyde Park House. 60a knightsbridge, London SWJ-X TLE-Tel: II I -23 5 6060 Telex: 27874 

.1 |V>.'| •:»* mV-:;/ 

MOBIL OIL LIBERIA INC. Monmvia. Liberia, 
wishes lo employ an Accounting and Finance 
Manager. Candidates must be Liberian citizens. 
A university degree and/or professional qualifi- 
cations such as Certified Accountant or Char- 
tered Accountant with five or more years' 
experience in accounting - is preferred. The suc- 
cessful candidate will be responsible for general 
cost accounting, financial, fiscal and accounting 
statements, short and long term cost forecasts, 
credit policy, internal credit and office services. 
Interviews will be held in London. 

Candidates should send resume with educational 
background, professional qualifications, work 
experience and salary requirements to : 



Building Society 

Nationwide Building Society, a leading financial iruduidon 
throughout the United Kingdom with asset* in excess of 
£3.100 million, is seeking an assistant far 


•• \ T i t I T I 

* i ? ? ! l !■ 

P. J, Johnston. Mobil House, 
54/GO Victoria Street, 
London SW1E6QB. 

wkhm its Head Office. Finance Division in Holborn. The 
successful candidate wilt }e*n a small seam responsible for 
cash Sow budgeting amt providing accounting and management 
services on liquid funds approaching £600 million. 

The interesting range of duties will appeal to those with good 
previous experience of aceounUng/administnxive procedures 
relating to investment portfolio management. Some progress 
towards an appropriate accounting qualification would be 
regarded as an added advantage. 

Commencing salary ,n the region of £4.750 per annum on 
a scale rising to £6.250 subject to job performance. The 
concessionary mortgage facility applies and ocher fringe benefits 
include season ticket loans and four weeks annual holiday 
entitlement. The Society has Its own Superannuation and Sidcnoss 

Application *. giving detnilt of age, experience a nd art ary IT- 
-pectotionx should be sen to.-— 


We are expanding our Corporate Finance 
Department and require an individual who has 
had two or three years international experience 
working in a merchant banking environment. A 
university degree or professional qualification 
is necessary while a second language would be 
helpful. The work will involve processing of 
syndicated loans, international bond issues, 
mergers, acquisitions and related financial 
transactions. This position would be ideal for a 
oerson seeking a challenging job in inter- 
national finance with a substantial career 
opportunity. Salary dependent on qualifications 
will be commensurate with the importance of 
the post. 

General Manager (Finance) 
Nationwide Budding Society 
New Oxford House 
High Kotbom London WC1V 6PW 



A leading Accepting House wishes to recruit a 
Fund Manager for its expanding Pension Fund 

The successful candidate will have had at least 
five years’ experience of managing such funds 
and will have the ability to get on well with 
people. He /she should have a university degree 
or professional qualification and can anticipate 
an attractive salary with the usual fringe 

Please reply with full curriculum vitae to 
Box A6520 

Financial Times, 10, Cannon 
Street, EC4P 4BY 


Australian Stockbrokers 

Applications with curriculum vitae should be 
sent to: 

F. G. Fisher, 

Blytii Eastman Dillon & Co. International, 
Ward gate House. 59A. London Wall, 
London EC2M 5TP. 

are looking for an Investment Advisor to join 
an established team iu London. 

Such person will be well versed in Australian 
securities and be able to communicate this 
knowledge effectively to senior investment 
personnel fn London and on the Continent. 
Salary will be commensurate with ability and 

Applications, which will he treated in the 
strictest confidence may be directed to: — 


7 as 



Russell Middleton, 


3 Queen Victoria Street, 
London EC4N SDX. 

Tel: 236 0193. 

c. £8,500 

* L v 

An experienced person required for the leasing sub- 
sidiary of a well established small City institution 
providing advisory and practical assistance to com- 
mercial and industrial companies. 

The successful applicant wiU be fully conversant wth 
the administrative procedures of a leasing company 
and possess the ability and contacts to fulfill the leasing 
requirements of the holding company's customers. 

This is an exciting and challenging position in an 
expanding organisation and carries an attractive starting 
salary together with -a profit sharing- bonus; and -other 
fringe benefits. 

Please write, giving concise career details in confidence 

The Managing Director 
Maaex Leaslng'Hiurited 1 
Shelley Bouse 

. NOWe Street LONDON EG2V 7JQ 

Senior Credit Analysts 

Two large City Banks are seeking credit analysts 
with a minimum of 3 years experience in the Inter- 
national field of Credit Control and Loans Admin- 

Age 25-35 - Salary £6,000-£S, 500 p.a. 

Import/Export Manager 

A self motivated person with 5 years experience in 
all aspects of documentary credits, E.C.G3. is 
required by a City Bank to supervise this section. 

- Age 3045 - Salary to £7,500 

01-283 9958/9 

International Recruitment Specialists for the 
Commodity Markets 

(r£, vljMram, I'-'A 


An opportunity exists in a Major Trading House fer a young 
trader with some experience (Ideally 2-4 years! and currently 
earning a salary around £4,500 pj. Preferably a Graduate or 
good "A’* level background and in the age range 22-27. The 
Company can offer extensive international experience and salary 
appropriate to the candidates' background, will be negotiated. 
Write or telephone : — 

S, Egmont House, 

116. Shaftesbury Avenue, 

London W.l. 

Telephone: 01-439 1701 


Working Managers 
in Financial Industry 

An American consulting firm specialising 
in EDP software for the financial industry 
seeks several mature, experienced, highly 
qualified working managers tor projects in 

Substantial expansion contemplated will 
provide unlimited personal potential on 
challenging assignments. 

Starting salary offered will be fully com- 
mensurate with qualifications and experi- 

Interviews will be conducted in London 
.starting 1st November, so immediate 
responses are called for. 

. Please apply with full details oF education 
training, experience and qualifications and 
quote reference 937. Applications will be 
■forwarded to our client unopened and sub- 
sequently matters will be dealt with in 
strictest confidence. 

Charles Barker-Coulthard 

30 Farringdon Si reel. London F.C4A -4EA 
Telephone 0 1-236 0526 



Madagascar: £ 14 - 18,000 tax free 


We are seeking to appoint an analyst who is familiar 
with the engineering sector to take charge of our 
research in this field. 

Considerable, working freedom is offered to develop 
his, or her. own ideas and an active participation in 
securing business will be encouraged. Salary to be 
negotiated according to experience. 

• Please write with c.v. to: 

R. D. Foster, Pideon de Sniitt Salisbury House 

. Loudon Wall, London EC2M 5RT- ' - 

British based international company with local 

in the capital, Tananarive, involved m large scale agro- 
industrial development, schemes in Madagascar. 
Applicants should be accountants or have a financial 
discipline, and offer fluent French together with a 
record of commercial achievement in a French speak- 
ing environment. The rote calls for a steady, well 
developed leadership style and the ability to achieve 
co-operation from government minisieis. senior civil 
servants and financial institutions.-Evidence of ability 
to work effectively with others from different national 
and cultural backgrounds is required. Success in this 
role will lead to excellent international career opport- 
unities. Housing and car provided. Prefeired age 
30-50. Reference 123. 

Write in confidence or telephone Philip Egonon: 
01-499 2215. . 

Philip Egerton hy Associates 

Selection Consultants 

178/179 Eccadilh; London\M\ r OQP 






ecided tc 
vilsorj f» 
umber c 
ere com 
aien agaj 
arty on 
974 Gem 
The foi 
>wing th» 
if air. Mi 
as, had ■ 
n orchcs 
imself. t 
ady Fe 
larcia W 
The Pr* 
ir Haro 
rawn soi 

)ld the 
id not 
aund a 
The Pr. 

> hear 
ir Haroi. 
jrmal i*o 
On the 
gainst t 
auncil s; 
.oyal Cc 
aat ther 
a hour hi 
The Pr. 

; one ni 
shed tod 
In ano 
gainst tl 
aily Ex- 
iriure c 
eath in i 



Air cushions 
save buses 


Finds the 


Making sure effluent 
is purified 

23. deSffrom Ardr« h« 9 2L 

Simplified the operator’s task to ensure "miniinnm oil with petroleum products. . 

*- — — .... — — - Jic. Tests under supervision ay. an 


UNDER STUDY in Britain is a bumper or bus. At lower impact . _ - - 

pneumatic crushabie bumper *?*??*’ C3r was not damaged 1 65 by 255 by 165 mm and weighs 
v;hich has been fitted to their 

such an extent claims the com- poitaaon from'' effluent dis- 

pany, that even an unskilled charges, particularly on inland official organisation have shown 
person can become proficient in waterways, is being offered by a purity of effluent axter &e3«- 
its use almost immediately. Alexander- Espleo. mem as la* as fl.» « 

The unit, which 



! Forprime powei; 
j s£andby r and1he 
[construction i 

Jicaccfei TSnes THo i^AJiroDer 

S ] Strong moulded cxcryHe watt : 

5a smoked gmy or ^wowOf 

Tjwmted to the ^ esi9 “ 

| Efeetricity BoHdings. Hfesb- 

{ Tories. YOTA 9PJ, UK. 


^ imo. 

eiiods adopted will loirur the 

“T”: . - averase of 4? ppsueonssderabi? basis for a tailor-made purifier 

Applicable to the treatment of lesalacceotable limit built by the company^ 

ion »j «v a*.... ...... "If/n r nrfo-% 15 PP 33 - Water costs are going up and 

ci the- 4.5 kg. can detect surface cracks contaminated areas, etc.. prjOxto Esp! en has set up a sew *v. e requirements of local 

Tc-jug.! pneumatic. no^ on- on both ferrous and non-ferrous .y>A department to provide the authorities are becoming increas- 

3 an d the service and part of the opera- j-giv stringent in tbelr dffte 
V7.“ s cr*r 9 hii> tion It would undertake wiin :o rid inland waterways of oil 

llceis bv more than 100 city bus hnsrd air is required. On impact, surfaces. lit can operate through J^ e process has got over ihe 
operators in the L.b- air exhausts through four cross - paint or insulating coatings and Curate of type 

HELP, for high energy level sill rubber valves tbal open like Jj n samples which are 
pncematic. bumper* by Ftssinne the ' '.tais of a flower, afterwards grease covered, 
ure made from a iightweigbt »ajp-»!nq shut so as to minimise r ,_. L ., 

elastomer which is .-eif-re?Trr;nJ rom-und. The vacuum dissipates 
.nd vandal proof and not ;c -e eon da. however, as 


company says it is The' first able 

would -be to istfa! a . 

nr % vajo ii i? »uc ; 

or 10 ■ claim full IMCO approval clients _ BMt ^, 2t . 

. in accordance witli international .nob. a? efflje-t :L: - The service' is timely in viqw 

-.v. Called Crakchek. the mstru- standards for a scries of oil/ men. unit «th - e BJVr* J 5* ' of lae sew rating that,- txet* 
un ,. . I r . an« ; -v .ju« a . uu « e .ci. .,> the ment is supplied with two pencil water separation systems cover- 1 103 33 jwam- a -*i* a i- =; January. i£79, all new shining 

-SoctedYjv'e\-tivrTi"s of tamper j- hu:r.p-.T xtrjiture inhales a fresh probes (for ferrous and non- iag discharges of between one 5?J®5jJjrf£JS~JS5oee:fl? over 500 tons gross in prod utfkm 
wPrn f ,.fc.. n . . of air ferrous metals;, blocks with test and 25 tons per hour. own decisions concerning spec.^. ^ xve . t0 ^ nited wiih 

Rpn^u.-f? jnn ih mule’s v.i»h Nidunsham’ Citv i= the tracks in them, earphone, probe iMCO- for international problems. 

P h diameter ev-lu^iinE authorin' and the lc ? d and battery^ charging lead Marine Consultative Organisa- Samples 

a rounded-end 6mm 

steel bar cannot puncture 
hamper material and a 

the ! i ii:nr.ers are available to fit stan 
hu? card bus chassis such as the 

the com- 

(the charger is built ini. 


with cracks; 
the pointer moves in the nega- 
tive direction as the edge is 

A dual audio facility is pro- 
vided: in one mode as the probe 

tion. is a body set up under arc 

of purified effluent 
available after treatment 

jZCO-s.?proved equipment. 
Further details of the service 

Stii'iTS K'SSSdW S ae unit the 4JS. Oil 70S 8696. 


equipped with a HELP unit was I.e”)ard “AtlanWan." 
crashed into the- back of a pas- Fur; nor details from 
center car v.iih no dam:. ye to piny .Tl 01-741 2321. 

Versatile monitor 

io. jdcinry and bus;- 'The sy*! 
alarm moniiorinu type* .-f ai 

lo sensing the con- different status possibilities for mode, with a threshold level set LAUNCHED BY Hip Koval lnsti- RIBA points out that ske oat 
electrical con; acii. each ;.oir.t, including the no- by front panel control, a tone is British Architects is a of seven bmiding, designs car- 

perature increases alarm fault condiUon. heard only when that level is lu | e Arcnuects » a ^ out are for ,. vor ^ worth 


Heat needs calculated Software 

into Saudi 

approaches a crack both pitch 

NOT LONG ago. idfinry and bu?i- Tbu system distinguishes four and volume of the loudspeaker 

.ness premise* alarm nioniiorinu type* >-f alarm. inten>tet:n? five tune will increase: in a second 
was restricted t 
dition of some 

detecting temperature increases alarm fault condition. heard only wnen tnat level is -* "‘JIT* ried out are for work worth SYSTEMS AND software house 

or register: ng some other simple At ’he central station an exceeded; a red l amp is also caicuiaior .and program pacKa^e under £ioo.ooO and so '2ie first Systemsoive (Computer' Ser- 

cveat. “ — - — *• -* " J * "--- ' 

.-^fixing of iensor*. providing 
notional courses of action af;er 

an alarm, and expansion of the 
cyytem were frequently difftcui:. 

Use of a microprocessor in 
fhe latest monitor. Tcletracer W2 
from Ca?5 Electronic?, has meant 
that up to 1.000 point* :r. 20 
groups oF 50 can be accommoda- 
ted: scanning detecis any change 
of -naius and triggers an alarm 
ar a .central control station. 

Scanned points can ho of any 
type— manual or automatic, heat 
or light-sensitive, simple make 
lend break contact* or any other 
detection device, in any cociiiiiia- 
tion. The micro can even be 
made “n detect line faults and 
jubperatiie device*. 

operator can put into or remove 
: ro,r ;c,? scaxioiag sequence ao 
■ if the scanned points, usin 

illuminated. More from the com- that will allow 

arcnuecu., handful of urograms sss been vices) renorts that -it B as nearly 
y pa ay at Furlnng_Road. Bourne engineers and anyone e:se con- written for this range and an the doubled its turnover To ahqnt 
g End, Bucks 1062S5 24951). ccroed with the energy require- assumption Ihaf air conditioning £*ri during its financial year 

keyed access to the memory. 

Tho«e programming actions are DDftnccciwr 1 
suiubiy printed out as are the O rKUCtbbINu 
a la r.n /’time/date data of rtie 
scanning sequence. An alarm is 
also indicated bv both audible 
and vi-thle signals. 

Installation throughout is with 
.■simple pair wire cables. 

Being software based. Ihe 
equipment can be expanded 
easily without modifying Ihe 
central station. Tne memory is . . 
pro; ecu? rl for up to eight hours vision lapping and 
in ihe event of a power failure, machines by abouT half llil>tlt 

C»sa Electronics ;s at Crabtree increasing the cosl It lies in p r j D -t er Once the 
Rnad. Tnorpt-. Surrey tEghani fitting a more modern pump, the program has been 

Cuts noise 
of lapping 

ments of butidingi to make the is not used. which ended in September, 

calculations at high speed. Programs available include Th cnruxiznv vr hu-h & m -ner 

Although the mathematics design and - average neat ;oss. ; a SS* '(£«£[ 

involved in calculating say. the gross space heating consumption indd^East hSh m 

heat loss from a building are not bv empirical or “degree .da?" gf*- 1 
very difficult, thev can be time methods. “IT value for va:a up -fc- S* 
consuming and tedious when, in to eight layers, and condensation has*Seen^Sih 

order to look at all the options, risk. “ aJJUU ,ffora nas wtm Jn 

they have to be repeated many The Institute is at the moment 

A SIMPLE modification has cut 
the noise level of Lor 

RfBA package uses 

implementing e program aimed « 
at impressing tb e seed for energy 


Edwards Speedrvac 2. lo the inserting the magnetic 

Isolates the battery 

vacuum chuck systems used on user then has onlv to enter the some kind of energy advice Oxygen company) for production 
Logitech machines. numbers involved in the right centre “in the high street per- control at a Polisn steel pipe 

ANNOUNCED BY Lucas The new master switch, a fully 
EJocirical «5 a new design of scaled unit in a tough plastics 

^ r A :■ iich , a - ra 4“ r t,tt # Sr d »Sd, a 

d.iver can use. from iRe ca^. -- nc c^rj. or by pressing the 
conipiciely to islale the baiter}' bution inside. In the second 
frout the vehicle j wiring L . a s e ihe prime mover is a 
system. solenoid with a 

Lucas expects that discussion ran^e, capable 

order. To reduce mistakes the haps with the assistance of the production plant The contract 
This uniL which has been user ^ -prompted” through the Department of Energy. could yield worlr worth up to 

shown in tests -to be almost as sequence bv instructions on the RIBA is at 66. Portland Place. £:m. 

quiet as an electric motor as well digital display. . London, WIN 4AD (01-339 5533). in the coming year 

will involve building now opera- 
tions in Manchester _• .and 
Birmingham, and introducing 
further specialised packages in 
ihe “ Solve ” series, . prime 

hich so far has been 
pension bdffliziistra- 

•Joc system. 

so received -t-— ;- .• pyrene 


as virtually vlbration-free. can- 
not be heard at all when the 
machines arc operating. It also 
has certain advantages such as 
oil sealing and a “ gas ballast ” 
facility, which enable it to cope 

Debut of mobile plant 

wide operating 5 A REVERSING elevator, to assist increased air filtration, says "he member of wh 

£ ™?S! ? n JS water vapour and “dirt" prtv «» tta i “ore thorough depositing CT ^ P 

at Gotx-rnment level will result switch element even when the b y P the lapping operation, of material and facilitating better 

1 . hra-jl-ino iin nC fniioher CllrfaPP - - A. *. 

;n a requirement lhat .master batierics 
:v.i:ches shc-uld bo operable discharged 
from :h» car. hv the driver when Normal 
sealed in his normal driving the switch 
position. The product has in can break 

fact been manufactured to meet 2500 amps 1Mpi#1 „ w ...» , UI , - - . __ 

present and anticipated EEC isolation hr by a separate con- machines at no extra cost. , . nnmr -, rivr proofed to OCMA MECI stan- 

iecislation, U.K. petroleum tact set.’ , T nninnH -Niso, premdinfir bener operator dards . ^ ^ r05t of the c, a ^ e 

regulations and the day-to-dav More from Great Hampton Logitech. Lomond Estate, comfort and safety, is au electric v m he modified in line with the 

needs nr commercial vehicle -Street. Birmingham BIS 6AU Alexandria. Dunbartonshire start on the rear: engine, in place same standards, 
operators and manufacturers. *021 236 5050 G83 OTL. 0389 53764. of the old air. start system, and It will 3i50 be supplied with 

“the Cosmos Personnel Carrier 




Bankof Tokyo (Guracao) Holding N.Y 

U.5. S30.0flfl.000 

Guaranteed Hoating Rate Notes due 1993 

Payment of the principal of. and interest on. che Notes 
is unconditionally and irrevocably guaranteed by 

The Bank of Tokyo, Ltd. 

(K Jbashiia KanfaaTolna Ginlro) 

In accordance with the provisions of the Agency Agreement 
between Bank of Tokyo l Curasao) Holding N.V.. The Bank of 
Tokyo. Ltd., and Citibank. N.A. dated I6rh October. 1978. notice 
is hereby given that the Race of Interest for the initial six-month 
interest period has been fixed at 10y% p.a.. and that the interest 
payable on the relevant Interest Payment Date, 18th April. 1979 
against Coupon No. I will be U.S.S53.08 and has been computed 
on the actual number of days elapsed (182) divided by 360. 

19th October, 1978 

By: Citibank, N.A., London. Agent Bank 

CmBAfK © 

Vo. warn ei-i97>i 

■ niaiuvry Division Conwinies Conn. In 
; lb- Mailer .ol 
i LIMITED and in 

VAH-M HOLDINGS 1 -*PP* *T at UU: Itflle Of bo-31 

,h ■ \iiii.., or TSE °f hr his couas-i for rba- 
ih- Matlt-r of THE i Mpy ^ ^ wSt 

\ OTICE A n FREKV niVFV ihar a by ,b<? "Nemtisied m anr creditor 

j!i™ Fot',L SL iffiv- issasns -">• i: 

hoard before ;hv Court sinins a: ihe 
Royal Courts of Jusi.ce. Strand. London 
WC1A Slati on ihe I":ii day (u November 
ISIS, and: any cndlior -v contributory of 
anr of the said connasirs desirous :o 
support or oppose -fcj maktes of an 
Order on any of ihe sold PKlnoB nay 
hvarac in person 
purpose: and 
copy of me Keu-ion w!C he furnished 

Justia- was on tho 2nd day ol October \ n BUl3,rtt ,ar ,3 ' sjmc 

l»7Ji pP.-v.niod to i lu- laid Coon by 
' EMILIO M. HIDALGO S.\. whoso resis- 
' lor-.-rt address is ai P.O. Bos — 1. 
Clare! if. J«.-n-2 d>- l.t Kronisra. Spain. 
; Sherry Producers. Growers and- Shippers, 
and Uui ib>.- said Pviltmn w dirvered tu 
| be hoard before the Coun slUlOK al the 
• Royal Courts of .!««<«. Strand. London 
! WGSA 2LL. on ihe Bib day or 'Novt-mbcr 
19DJ. and any craHW or conirihuiorv of 
j the said Company desirous ro support or 
j oppose the makuu: of an Order on Ihe 
said Petilion may appear at ihe rime of 
faoaiins in peraoo or by his Counsel lor 
| that purpose: and a copy of ibe Pennon 
; will be furnished by tbe under signed to 
j any creditor or roatributoiy of the said 
Company rcquiritis such copy on payment 
1 of ihe re Kola red charge for tbc same. 


5. Charterhouse Square. 

I London ECLM 6EE. 

1 Sollcliors for ihe Petitioners. 

NOTE.— Any person who Intends to 
I appear on the heartos at me said Petlnon 
must serve oo or send hr post to the 
above-named, notice In wriUoe of his 
inlenilon so to do. The notice most state 
the name and address of ihe person, or. 
If a firm, ihe name and address of the 
firm, and must be sicned by the person 
or firm, or his or their solicitor <1/ anyi. 
and must be served or. If posted, must 
bo scot by post in sufficir-Jii lime to reach 
tho above-named not later than four 
o’clock in the afternoon of ihe 3rd day 
of .November 197S. 


Kms's Beam House. 

.T9/41 Mart: Lin.'. 

London. ECT.R THE. 
Solicitor :o ;hc- Peaiiootrs. 


9% US Dollar-Bonds due 1989 

Notice is hereby given to holders of the above Bonds that tbe 
redemption instalment of S500.000, due on January 15. 1979 has 
been entirety effected by cancellation of Bonds repurchased in 
the market. There will be no drawing by lot. 

Southfield. Michigan 
October 1978 



Rwferrinj to die advertisement in 
chit piper of Mill Mirch. I97B the 
undersigned- announces that the 

original shares from 10% free 
distribution have been received. 

As from October 23. 1978 one 
oew-CDR Nippon Chemical Condenser 
Co., Ltd., repr. 1.000 sin curncp. div. 
no. 3 saa. and talon will, be avail- 
able at Kas-Associarie N.V.,- Spuistraat 
172 in Amsterdam, against delivery of 
10 div. cps. no. I of CDRs repr. 

1.000- shs. „„ ^ 

After November 30. 1 978 the 

equivalent of the CDRs. which have 
not been palmed by the holders of 
div. cp. no. I . wll be sold. The 
proceeds after deduction of expenses. 
will be held hi cash at tbe disposal 
of said holders. 

Further the undersigned announces 
that as from October 30. I97B at 
Kas-Assoclatie N.V. and Kredietbank 

SA LiKembourgeoise.. 37 Rue Notre- 
"Dame. LuxemBburg. div. cp. no'.' 2 of 
The CDRs Nippon Chemical Condenser 
Co., Ltd. will be payable with 
US$44.B6 per CDR. repr. 1.000 shs.. 
accompanied bv an Affidavit. <div. per 
-record-date 3.31.78: gross Yen 10. — 
o. sh.) * f «r deduction of T5 W , 
Japanese ta* - Yen 1500.- = 

S7.92 per CDR. repr. 1 -000 shs. 

wUk.M in Affidavit 20 Ian. 


Without an Affidavit 20% Jap. tax 
= Ten 2,000. — - = SI 0.56 per 

repr. 1.000 sAi.J *vfR 6e 


After 10.31,78 the div. will only 
* paid under deduction of 20% Jap. 
av with 542.22 net, in accordance 
neh th* Japanese ta* refrulitiom. 

.mstenfirt, ?3th Oewber. 1978. 



<tjn<?inn C ui'° Holders of out- 

5« !!? n ® Warrants to subscribe for Stock 

!ss!uMl 0, hu a tH ,ne o Matheson & Co.. LimltS). 

■T^Dfimu. ■*"5-2? Bermuda Limited 

“wnTSrlP^t Novcmoer 1971. 

»> W °J.!£ E J*. H _NJ»gY GIVEN, mirsuant 
»S.« -IS- of mf terms and condi- 
V°J5, “?° n ti»* Warrants that: 

’of i J ,£8L. Qc ?P” r - ,97a - < h v Directors 
SL-.-’i c2 ,nc Matneson & Co.. Limited. 
StiT?.. a S ,n «VT"» Dividend oavaMe 
Dvecmlmr. 1978. to Srock- 
SfKrs ^ tbe RegKter as at the close 
£> Bl*!!! 0 ** ®» 30th November. 1978. 
P:. .”*g ir ? O-a.O per Stock Unit to be 
ifiiSI** 1 . ** _J hc tsue or new Stock 
H"?* >t mutei value with an eovlva-r 
cash -alternative at Stockholders 


The Scrip Dividend may have a 

effect on (he Warrant sub- 
SS-m dependent upon the 

“5E. «» v-WScft Stooctioidcrs elect to 
receive cash in lleo of the Scrip DM- 
hr" ?' T hc C esu J B - ff such electloo win 
ab 9u*. 6 U» December, 1978. 
SSrrMnM.". a djR*"Wt ® the WaiTanT 
subscription price, ts required to be 
?r^.^,^r rrant J ,0,c,ers . ’" Il1 •«« no tilled 
_ accordinnly in the usual wav. 

2 - " Rcot»d__ Date " will be 3rd 

November, 1978. the penultimate busi- 
. new dav In Hong Kong belor* the 
chttun o* the Company's Register of 
Members. No Warrant holders exercis- 
ing his Bsubscriptloo rights after the 
record date will be entitled to nartlcl- 
nate in the interim dividend declared 
as above. 

By Order of the Board. 

Company Secretary. 



b* closed from 11th November. 1978. 
until 2SH> November. 1978. both date 

By Order sr the Board. 


. Company Secretary. 

IPS. West Niu Str«t. 

Glasgow Gi 2QY. 

No. 00317: of WR 

Chancery Division Companies conn, in 
Jth- Manor of G. ARNOLD & CO. 
iFfNANCEi LIMITED and in the Matter 
of The Companies Act. IMS. 

PciiDon Tor i be Winding up of the abovv- 
naraed Company by ihe High Court of 
Justice was on thc Sih day of October 
1974 presented lo the said Court by 
lnteroatioaal Credit Bank Genova a Com- 
pany incorporated under the Laws of 
Switzerland and now cn Liquidation Con- 
cordaiaire whose Liquidators are 
{Monies Haskins Sells of P.O. Box 
507. 12S. Queen Victoria Sired. London, 
EC4P 4JX. and Ibai the said Petition Is 
directed lo be heart before tbe Court 
sluing at the Royal Courts nf Justice. 
Strund. London. IVCfA 2LL on the 6th 
day of November 1978. and any creditor 
or contributory of tbe said Company 
desirous lo support or oppose ihe making 
of an Order on tbe said Petition may 
appear at tbe time of bearing, in person 
or by his counsel, lor that purpose: and 
a copy of ihe Pci! Hon will be furnished 
by tbe undersigned to any creditor or 
coambuiory of the said Company 
requiring sur-h cops on payment of the 
regnlaied charco for Ibe same. 

Wm. F. PRIOR & CO.. 

Temple Bar House, 

Fleet Street. 

London, E.C.4. 

Ref: TB/92I0. 

Solid rare for tbe Petitioner. 

NOTE. — Any pernon who intends to 
appear on the hearing of Ihe said Petklun 
must serve oo or send by post to the 
above-named, notice in writing of his 
Intention so to do. The' notice must state 
the name and address of the person, or. 
If a arm. tin- name 3nd address of the 
Ann. mod must bo sigood by ihe person 
or arm. or his or tholr solicitor tlf anyi, 
and must bo nerved or. If posted, must 
be sent by post lo sufficient lime to 
reach thc above-named not later than 
four o’clock in the afternoon of tbe 3nJ 
day of November. 1978. 

NOTE— Any perum who intends to 
appear on the beanni: of any of the said 
Petitions must serve on. or send by past 
lo. the aborc-aj-n.jj notice in writing Of 
Ms Intentions so >o d.i. The notice must 
state tbe name and address of the person, 
or. if a firm, the name and address of 
ibe firm, and tmm be signed by the 
Person or him. or bis or their Solicitor 
' if anyl. and mnst lv served, or. if posted, 
zmm be sent by poc; la sa/Sdent ante 
to reach the abotv-naraed not later than 
4 o'clock in the afrernooo of the 10th 
day of November isrs. 

NO. OikiiOl (A 1978 

Chancery Division Companies Court, in 
the Mailer of SOUTHARD A CO 
LIMITED and in itu Matter of Tbe Com- 
panies Act. iMs. 

Petition for the Winding np of the above- 
named Company by tbe High Court of 
Justice was on thc llth day of October 
1978. presented :o thc said Court by 
5ET0J* TRUST LOU7ED whoso 
registered office is situate at Captball 
Avenue. London. E.C.2. and tiiai the said 
Pciilion is dlm.',Jd ;o be iK-ard before 
Ihe Coun silting at me Royal Courts of 
Justice. Strand. London. WC3A 3LL on 
the 15th day of November 19TS. and any 
creditor or coninborory " of tbe said 
Comjuay d-slrous to support or oppose 
thc making of an Order on the said 
Petition may appear - a: the lime of 
bearing, in person o.- by his comrsd. for 
that pmpns?: and j copy or the Petilion 
wj| be rurnisbed by the . undersigned to 
any creditor or contrlhniory of ihe said 
Company roqninnp sn.;n copy on payment 
of the regulated charge Ibr the same. 


22. Upper p.rook Street, 

London. WxY 2HD. 

Tel- 014^? aost. 

Solicitors for the Petitioner. 

NOTE.— Any iwrsou who intends to 
appear oo the bearing of the said Petition 
most serve on or ,-nd by post to Ihe 
above-named nat| L -i- la writing of his 
intention so to do Thu notice tmrst sate 
the name and address of the Demon, or, 
if a Aim. the name jmf address of the 
tu-m. and must be visaed M' Ihe person 
or firm, or his nr their solicitor <if anyi. 
and roust be served or. If posted, must 
be sent by post In sufficient time to 
reach the abovi-namcd not laier than 
four o'clock in ihe afternoon of Ibe lfcn 
day of November. 197 S. 

which when pinned to the main 
boom section enables the crane 

2 JES£“SS DinncnVE IN . aw series 

also giyes 
time checks 

,U1 mn-uveu***-* c “ u 0 .- pTperronic cagfc re-’ l sters from 

repair dnties. The company ?r B e -^^- c ' . r 5 ?/ n ^ ei > c ir ®“ 

believes The truck crone U the l -‘~ Cesi organisation is tne 

cheraicni Sst? e st 2 dard^r 

mam , • • ITIJi CA VAI1 a na rifno nn*- n*i 

mobile plant a per atm 5 in 

hazardous areas. 

netro —corporation, of a quartz con 

jusr to tell the time, but an 
integral part of a cash security' 
control system. 

Sec Casio 20 and 60 series 
cash registers print date and 
accurate time of transaction on 
every sales receipt Tighter 
security thus achieved provides a 
positive deterrent against shop- 
lifting. and gives closer control 
TWO IXSTAXT accommodation over refunds. 
units have just been put on the Audit records are similarly 
market. One is called the accompanied by a time signature 
Adapta Unit from Arlington for closer supervision of staff 
Joinery. Copenhagen Road, and turnover, as well as monitor- 
Sutton Fields Industrial Estate, ing actual opening and closing 
Hull. North Humberside 10482 times. 

S2H40) and hM previously only In 3(Mmoo , the clock element 

in Casio's new cash register 

For homes 
or offices 

been available in limited 

ran e e can be set to sound audible 
! 2,e rts « preset times: to initiate 

side and tbe North East 
The range extends from 

„ cash lifts, banking routines, 
12"? 8*%. mtirSaim“ke? sihlittbcnges, or other speci5 
righ^ up 5, aTpadoS 4S m x 12 tune^ependent activities, 
feet modeL Easty to operate jack Automatic reporting of cus* 
legs mean that siting can be a tomer traffic and turnover at 
one-man operation — a firm base specified intervals can be 
of four paving slabs are all that arranged. A Casio 60 series cash 
is required for positioning., register can, for instance, print 
Suggested as a portable living hourly reports of useful statis- 
unit to provide accommodation tics as a guide to profitable slaff- 
at peak periods at holiday camps, ing levels, opening hours, and 
motels, etc- is the Portamotel personnel comparisons, 
from Cooper Coachworks. Elite Once set time and date need 
« orfcs, Golaington Industrial no adjustment, not even in leap 
Estate, Bedford. This measures years or after weekend switch- 
18 feet 6 inches long by 10 feet offs — an internal batterv pack 
wide; and is based on a steel supports timing elements and 
chassis. The Alcan alumi nium analysis totals when external 
body is constructed from Kits power is. withdrawn. 

! U r?& ^ CarS ° ° f <**> Electronics, 28. Scmt- 

provides rxo- bedded f tta London, EC2A 4TY. 

accommodation with ample stor-”* 011 wa< ‘ 

the most si _ . 

promote your company at me real- 
point of impact — your cKeni&desk* 

jxtaxpenovB, and worn oo miuvrotaray. «*!*«“ jm^hkI or 

onrr sheet, and on the coidoiner — ao yo»r afms* 

iBznazobuaifa a Saag Smew by fea rig ht pmwt» ... 

nil in the ’ 
Ezic Hassell at; 

to Byron Advertising Liimtg3, Wcdlingfoid Stood, : 

Usbzidge, Middlesex. " ./i 

Please send me an Adpcrfs brochure/cider i& .? 



Address . 

- A-s-.V** 

national adveriisefS sean to toeget . 
their media setection wrong.7hey^>end mostof 
their money on media which theirpoJmfiai 
customers use teasL : • 

on Where tobuyand atwhstasfc 

evenings the be^rnec&ffntorgarera^to^cri 
sales. • . 

regional evenings.' 

Ihe fads ernergefromam^newserve*/ . 
cammssioned bythe;Evening Newsi^per • 
Acvertiang Bureau in association with 20ofite 
member newspaperstHrp^^ - • 

£ cme 12,000 people were aboLi fteif 

affitudes to the advertising davside range of. 
goods and services in anumberoftey media 
For detate,contactKen Kfeithews atENAB. 

Oct it right in the regional evenings 


Evening Nevv^aps" AdvatiangBurraq, 

Victoria House, Vernon Pfece,Sbutoni^on Ffe\'4 yt 
London WC1B4DSOM058074. ' >' 


Edited by Denys Sutton 

Arts and Antiques 

Published Monthly price £2-00. Annual Subscription £ 2 S 4 » <^ptd) 
Overseas Subscription £28.00 OSA & Canada /Air AJzSssrfr: SSG ' 
Apodo Magazine, Bracken House, TO, Cannon Street,^ 

EC4P4BY. Tel: 01*248 8000.. ... , r .. . Vv ’ 

age. space, says the maker, and is 
equipped with a bathroom ' and 
flush toileL Built-in furniture 
includes a double wardrobe, 
dressing table, stool and bed- 
room chair. 





*P , H* r t** 11 * ang Register ol Members 
"'I' tie dosed tor me 
Interim Dlsktend from 6tti 
gWj'tLft ZOU) November, 1978. both 

paijs Inclusive. 

f Chancery TMvisloni Companies Conn, in 
the Mattera of: 

No. 00K06 or 1978 
NO. 003203 of 1S7S 

NO.' OOC1B3 of 

No. 003191 of ms 

and in tbe Matter of THE COMPANIES 

Pei 1 1 ions for the Btndime-op of the above- 
named Companies by the Hlab Court of 
Justice were, on the 9th day of October 
19175. presorted to the said Court by tb*> 
EXCISE of Fine's Beam House. 39 .’41 
Marie Lapp. LatidOB. EC3R THE. end Cfcef 
the said PeUQOoa are directed W be 

he interim Scrip Dhrtdefid with a cash 
HKDii-s 050 per Stock Unit 

-alternative oi u 

to Sxoefci,fljrtl»^ v »» Dc Ste .. 1978. 
hrrPm^rn?!”!. ° n lh « Rrgljrcr of Mem- 
i^, No *ember. 1978. 

jh rJffreT. w dwtiifr tor ttc Divictotid, 
gL. t j ra ^n . a ?° f »^n t rt hr Ow relevant 
must be, todsH with 
BWetrart. Central Regis- 
cifJ7r 0nS ij Ko, *9 IW,. Camnm House. 
22 5S2r*.£ ap »« r t Road, toafl Kong, 
1978. r **“" nDOB 0,1 4ttl N orem per. 

■* Order « the Soirt. 


Hang Kong. Secretary. 

Ifilti October, 1979, 




w-5 9, i 5 5Va 91 H-!T .■Sto tfith Osto- 

£% ' u = :s “ 

is movable 

AT THE Customs and Excise 
Offices, Terminal 2. Heathrow 
Airport, is the first installation 
of a low-cost partitioning system 
developed by Clifford Partition- 
ing Company. Cbampion House, 
Burlington Road. New Malden. 

Evolved from the company’s 
Simplicity timber frame parti- 
tion, changes in design of the 
post sections enable it to be 
taken, down and re-erected in a 
fraction of the time needed for 
traditional timber frame parti- 

Because partition sections 
within the module can be inde- 
pendently moved, without affect- 
ing other parts of the partition- 
ing, says the company, this quick 
demountabQity enables office 
layouts to be adapted to changing 
needs rapidly and at minimum 

Finishes available include 
laminates, vinyls, and Umber 
panels. The design is such that 
different surface - finishes can be 
used on either side of the parti-! 
tinning to suit the varying decor 
requirements of ad jnimng ' nffigp^ 

audio-visual equipment in the whole of Europe. 

And wexe not exaggerating. * ■ 





C ‘A 

Financial Times Thursday October 19.1978 

McCann j sj x key pressure points 

J- A,y 
"*-b J 



: J&? advertising business is under concerted attack. MICHAEL THOMPSON-NOEL 
describes the battle lines . 

A guaranteed profit 


V £ *■" 


•" - % _ Ni; 

• •• l-.-. '.“'J'' 5 * 

-advertising business knows no 
I bounds, white its suspicions are 
so well tuned that it invariably 
i tries " rape “ before anyone has 
j touched it. It trembles When the 
MeCAXN-ERICKSOX has pulled ^nsumerists draw ^ near, and 
off yet another coup, winning the! s fi u dder a fetchingiy the moment 
£3w launch of Express News- 1 ? nyon . e suggests that its 
papers’ new national daily, iheii^ bayiour and affaire be more 
Daily Star, due to appear next ! controlled. - 

month. Media Buying Services is 1 ^ p £°l e , nt ’- cr ?® s 

handling the media side but; are probably justified. Adyertis- 
McCann’s will orchestrate a ing. at the moment. ' is under 
major TV campaign and handle “ ncert f? >«**■- 
all trade advertising and pramo- ! k°. ser Underhill of the Adver- 
ts. j Using Association, there are at 

McCann’s is almost certainly i IcJ,sl six pressure fronts building 
on the brink of becoming i. a P- a,i of which are inter-related. 
Britain's largest agency, i? has! The first involves the Depan- 
won a string of £lm-pltis accounts went for Prices and Consumer 
this year, including Kodak and \ Protection — specifically, the 
the rest of Tesco, and is now; views on advertising of the 
setting its sights on Kentucky ! Prices Minister. Boy Hattersley. 
Fried Chicken. The fait food > as explained in two recent 
operator spent £455.600 a la; speeches. The second ‘involves 
MEAL in the 12 months to June; the Office of Fair Trading, which 
30 but is expected to spend con- - by the middle of next month is 
siderably more as the fast food i expected to publish the results of 
market hots up. j a major survey of advertising. 

m HIJCCFT r HY1RRC ! deluding the work 0 f the Adver- 

rrir?» a S ^^^ n H0BBS, ^ c L ec - Using Standards Authority. 
£fd^ PP ,f e cou,p any. has.; Pressure front No. 3 is the 
switched its account from! 

Brownes to J. Walter Thompson 

■ ■>■««> *«i,i 

can tell 

jnd is expected to spend £900.000 
next year, more than double its 
1978 spend. Advertising man- 
ager Ray Watts said a fresh 
approach to the company's adver- 
tising and marketing was 
required. It has considerable 
expansion plans. 

I BATCHELORS is moving its 
Cup-a-Soup business from David- 
son Pearce Berry and Spottis- 
woode to Limas and will spend 
£500,000 on the brand an TV 
□ext year. Overall Batchelors' 
hillings at DPBS are also 
•xpected to rise next year. 

EEC Commission, which favours 
uniform laws for advertising 
control throughout the Nine, 
although the current draft direc- 
tive on the subject is not 

j ONE OF the most neglected or marked. The exception, perhaps, analysis, and a number of 

I marketing weapons so far as is the motor industry which be- questions can be asked and 

[industrial marketing is con- cause of the tightly constrained an5 wered 
•\nart from lIvph ! cerned * s ihe use of guarantees nature of iis original guarantees, 
econumie impact. Mr hSiSv CUilWB »‘ benefits which were seen as largely • What pattern exists as to Ihe 

is also much cxei-Lised ahimi rhA ' and satisfaction as well as worthless, was forced io remove nature of the claim— does the 
rcsaunsihrlilv or othervn';. reduce the uncertainly which is some of the limitations it had same part break, does the pro- 

whirh it aooroacne; i'.e inherent in all buying situations imposed. It says linlo in quality duct fail after certain types of 

rnl.' though on this fmnt “ niosl particularly in the pur- tenns for any piece of capital usage, does performance drop 

he his no firm pronosal^ t\,r chasin 2 of services. equipment, consumer or indus- below standard under given 

legislative or oven ' The ne 2 lec t of Uiis weapon is trial, that has □ guarantee period environmental conditions or with 
ac Yion | understandable in the sense that measured In weeks rather than extensive uninterrupted usage ? 

•* in the case of advertisemp-ic i very lew companies have cor- months or years. If a patlern exists there is a clear 

for children’s tuvs and “am« ! recUy ana, y«d the cost of Consumer and bu<in«>« ex- directi on for considering producl 
• r - ° -■ J - S Jnd - ames ! guarantee fulfilment and com- perS oF euarant^ Sat been “Oration. customer training 

pared it with the values die bad T h*t B S^ m>3 or better customer comraunica- 

customers place on guarantees. toi* SS* tion ' . 

\V here such exercises are carried ^ why u, e i r use a m arketina • What did it cost the firm to 
out, most companies are 

there is now, just, some accept- 
ance that it is undesirable to 
create demands that parents will 
be unable to meet . . However, 
as soon as one moves outside the 
area of children's products, the 
proponents of non-inte rvention 
insist that adults should be left 
to make their own assessment of 
advertisements and to take their 
own purchasing decisions. 1 can 
see the attractions of this line of 
argument. But let me ask a Tew 
questions, is it n-h; that ibe -us- 
ceptibi lilies of the most vulner- 
able groups should be exploited? 

I do not wish ro dispute the im- 
portance oF marketing, but can 
we always be sure that com- 
panies are marketing products 
which consumers really warn, 
rather than creatine unwanted . 
products and then selling them j 
through promotion and advertis- 
ing campaigns?’’ 

The Advertising Association 
has asked for an early meeting 

astonished at the verv low cost we ? p0 . n is apparently limited, meet the claims? 
of guarantee or warranty fulfil- ?J, his is . nDt 5Ur P r!S!n S since in • Were claims disputed and 
ment; indeed, if the ana’lvsis is the pas i. many Sujrantee* in fact settlement reached as a com- 
Uken one step fuJther and post- gM* ** ««\ Joss protection promise? 

had under • Wh« knqiriedw.. «IM. as to 

it will most frequently be seen 

dissatisfaction with 
hich has 

SHIP celebrated its fifth birthday 
:ast night by putting itself on 

me mi me Minim .* „ U i Pri ? e . Commission, the bureau- the sanpro market because the with Mr. Hattersley. in a letter 

expected to be converted into of^ir^fjdTno^iho^- W ‘ ighl of adverUsin 2 support to the Prices Secretary. Lord 

law. Pressure front No. 4 is the JIJ ni?inf 8, »l! P ,«r behiD «l th * leading brands was Barnetson. the A A s president. 

Price Commission, which has porate scene- advertisers don’t ^ ee P in S n ^ w entrants out. This b . as . ar ". :e mort 

SSluiS MlilTfedrtOT Sa'fnj. -« » b, rubbish— two 

fs currently ar work on the th * y m,lSt ' wp f k | *««■ Jenson and Johnson ing coll troL other than on TV. 

detergents ’ and toothpaste Which brings us back to Mr. sa ^® d in . t 1 ° tbe sappr ° market lie s tn the voluntary code of 
markets. The fifth area of P con- Hattersley. To represent the novToraducn ° f 3 praetic ^/ athe f thai ? ^Sislation 

cern is the wniumpr movement Secretary as some sort of P ,erel - W new product.! _ an independent body rather 

in general. Advertising men ogye would be churlish and un- What Mr. Hattersley wants is than the courts, 
still haven't learnt how to live f a > r 77Parijcularly as a close an examination of the need for j^or does the w accept that 

vfith the consumerlsts, -though _of his recent speeches on statutory control of advertising corrective advertising is a worth- 

the sooner they get used to it ds .. bare ! y ? se . ra ? °r? er j t0 en ® ur f ^ u11 coverage w hjj e deterrent ro the “pirate 

the better for us all. The sixth of dlsll “ :bed 1 “ ind - al j ad s and all media. This fringe" — those advertisers who 

pressure front is what Mr. ^ b „« ipi view5 . J!®* 6 aca W n SU j p0rt i. t 5 e wor iL of positively set out to flout the 

Underhill calls the pander showed the advertising establish- ASA, and embody sanctions — code of practice. Above all it 
.groups— the endangered species ment - such as corrective advertising — doesn’t like Mr. Hattersley's 

the pitching list for a .major I of marketing such as tobacco and His second speech, delivered at a 3u»nst on enaers. claim that advertising some- 

charity, a paper company, an j alcohol and advertising to a Campnign conference last week, The Prices Secretary says he times has damaging economic 

airline, a publisher and a kitchen i children. was intended as an amplification hopes he will not have to force consequences, 

product manufacturer, represent- Let us take them in reverse of the first, so let us look at what solutions on an unwilling One way or another, the AA | 
ing £lm worth of business. order, so to speak. Advertising he said. First he redescribed industry. has its hands full. . | 

. . ... ■ - ^ ! to children and to other “ vulner- the “boundaries Df common 

9 ufcNMo lai is joining the j a hi e ” groups is part of Mr. ground" that already exist. 

Board of Gordon Proctor and Hattersley’s thesis: we will come “First, the ASA does a good job. 

Partners as media director. . t0 t ]j at \ s for the advertising as far as it goes. Tt is no 

GP and P managing director 1 0 f_ drink and tobacco, it is the criticism of ns working to say 
Co ?;„ JVJ . ‘ advertising industry's belief that that it does not go far enough, 

a^.ncy s hillings should t0P;as long as sensible controls are and does not have suffii-ient 

; exercised, it should be .'given power to enforce its recommen- 
1 maximum freedom to advertise da lions. Second, the current 
responsibly any goods and ser- EEC draft directive, although its 
vices which are legally for sale, aims are laudable, does not 
If it is all right to sell cigarettes represent the most effective or 
it must be all right to advertise desirable method of making pro- 
them, or so the st6rv goes. . gress in the UK. A rigid code 

As for ibe consumeri5ts. .tb* "bdtt™ 

practices in this country." 

Further, nd one disputed that 
advertising was a potent Force 
in the economy as well as in the 
social Jife of the community. 

L V oroi e,, P h it,, r>F aissaiisraciion 

that the coverage and time Implied T^rms ^ Ac? 1973 P roduc t performance whlc! 

period of cuaramees can profit- ^ nd n rFa " r P , ^4 ' , not been subject to claim? 
ably be extended by a not dna un,a,r ‘-ontratt leims ia<<- . 

inconsiderable margin. Thus to talk in terms of using ® in such circumstances. 

The word profii in this context a discredited marketing weapon . Wl c ' ainJS nc,t made Ino know- 
does not refer only to the margin as a means of establishing J, ■ ■'f nf Suarantec. cynicism as 
between costs and revenue, but market leadership may appear 1 e ' ti:ince5 settlement) . 
to the additional revenue which paradoxical. Yet suaractces have The ■second stage n f analysis 
will be generated in return for the an enormous marketing value if require* a stnriv uf the cost of 
expense involved in extending they are used and promoted rectification in ihe post-guarantee 
the guarantee. The guarantee is correctly. Everything now is periud. Do different problems 
a marketing weapon which is moving in favour’ of the arise seasonali.i. or .is the pru- 
capable of producing a consider- guarantee since there is a new d » c l becomes older '.' What 
able amount of extra business element in marketing which charges were made to customers 
because ir is a public affirmation cannot be ignored — product far rectification ? Did these 
of fnith in the product or service, liability. If in law the liability is charges cover the cost, did they 
Most guarantees are historic S ,,in - exist irrespective” of show a profit? How did euslo- 
not based on any calculation of puaramees given, then at Ihe mers react to the charges: did 
cost or values to the customer. Vt ‘ r - V worst the guarantee might they regard them as fair, cheap 
and many are the vestigial re- J us t as well be given nn the or exorbitant ? 
mains oftrade association price Pounds of making j virtue of one com pan v which has suc- 
and condition fixing practices necessity . cessfuily used the excellence oF 

long since made illegal. The The first step m usins the iLs products and services as a 
guarantee on a television guarantee is a simple piece of marketing weapon is Renlokil. 
cathode ray lube in the J 950s self-analysis which has some The guarantee on its insulation 
was 12 months: 30 years later additional fall out for product and damp-proofing, woodworm 
it seems advances in technology quality and reliability control, and drv rot services has recent lv 
only permit manufacturers R & D and user education, been extended from 20 years to 
safely to guarantee them for 24 Whether a company issues a 30 and the guarantee "on the 
months. formal guarantee or nc*L most work done is unequivocal — com- 

What faith, it must be asked, companies are deeply concerned plete replacement or re-service 
can users have in a £700 electric with their reputations and would on anv justified claim. Indeed, so 
typewriter which carries a manu- meet a claim for repair or successful is the guarantee 
facturer's guarantee of 90 days? replacement without charge or poliev that manv estate agents 
Because business and indeed limited charge ir they Felt it was now ' highlighr ‘in their prns- 
consumers have come tn accept justified. Thus most companies pecruses- “ Benefits of Rentoki! 
highly restricted guarantee have either formally or infer- Guarantee" 
liability, even under the impact mally a history or guarantee 

of vociferous consumer demand, claims. These claims and the cost Aubrey Wilson is chairman of 
these limitations go unre- of rectification require close fncfiistriof Market Research. 


£10m this year. 

L an Ad a*c£ 

i-; -. t '*~i 

Media plan ? To tall/ deviaed 
ir. London viajDM -the largest 
independent overseas media 
brokers in the LiKL 

mer(«3 L ^ 


the worldwide media consultancy 

Mliri!* «*. : - i--. 3HC. Cl-;?* i5*l 


Dorrii-Auocjtt Boc Fkl - ; " 

Teirino do Conn'd A rAmuptae 

fimo Mk> r ioiBfnw 
Gojg ac hfa A nfl ol mi pa 

Fitot do Wliw Pothm 
SdtodVimoou • in MootmrJado MeaxOC 
1 SitiMi MrutoMwicaira 

EfuvMB rn B(imctws oux Hmshlttmi 
r o rnmao M aitm ii, 

ToBtO do FromoaOm 
Vbiurr do Patlsaortta 
Glucoooi bertM tt 

;£HHj Gel ycur ^ecretrry la ring 

KmJ meru cf the dxy you uw !o 

Sji ^-01-4865844 

KJSl ! TXe Itotocrte Xorauafc 
'EM i «l tht Ponmin HoM W ^lJ W 
2 ■ in Pbttruo S|UR, 

Br’M; LukSdevimh e fi- 


But there was another side to 
the coin. “It can also 
asserted with absolute confidence 
that to every benefit there is 
corresponding potential harm 
Advertisers can mislead 
obscure. They can prop up old 
products and existing supplies 
making it harder for new pro- 
ducers to enter the marker and 
Innovate. The advertisements 
themselyes and the products they 
push can harm Lhe quality of 

(It is unfortunate for Mr, 
Hattersley that the Price Com 
mission report be cites in favour 
of ibis line of argument, the 
report on sanitary and other 
hygiene products, has already bad 
the stuffing' knocked out of it 
In part, the report claimed there 
was not enough competition in 

ati put: 



Hie face which your company .shows the world may not be quite as 
dear cut as the one you see in ihe boardroom. 

Corporate advertising on Southern Television can helpio pufthaf right: 
GsmmunMng your aims and philosophies to, a wider public 

Research snows that Southern, with a high count of opinion-forming ABCIs, is 
an ideal area in which to lay the foundations of a successful corporate campaign. 

Face up to the facts and ask for more information. We 11 be happy to show 
you our corporate identity audio-visual presentation. 

.. -'-'ll' 


For farther information contact Brian Henry, Marketing and Sales Director, 

Southern Television Limited, Glen House, Stag Place, London SWlt 5AX. Telephone: 01-834 4404, 

Then leases it back. 

It’s surprisingly easy. 

All you do is sell your existing fleet to Lex 
Vehicle Leasing at the current market value. 
And then lease it back at an economic rate. 

Even if your cars are not due for 
replacement, you can still switch your entire 
fleet to the benefits of leasing in one simple 
transaction. Without differences in age or 
mileage restricting you. 

And the bonus is that the cash you receive 
from the sale can be reinvested in more 
productive assets. 

It may be that you want to replace some of 
the older models in the fleet with new ones. 

This can be done too. And you can choose any 
make of vehicle. 

In fact our flexibility extends to the type 
and length of contract that is best suited to your 

And you can also get a comprehensive 
package of benefits, from replacement vehicles in 
case of breakdown through to full maintenance. 

It’s all part of our aim to offer you the best 
possible service. 

Ask your secretary to clip the coupon or 
phone Robert Lyle, Managing Director at 
High Wycombe (0494) 41531. 

It’ll be the shrewdest move you make today. 


j To: Lex Vehicle Leasing, Free Press House, 
j 35-39 Castle Street, High Wycombe, Bucks HP13 7DW 


A member of the Lex Service Group 





j Company 

I Address 


I Telephone No. 





What the bankers 

should he told 


THIS COLUMN' could have been of internal work on the ioipli- 
sub titled what Mr. Healey jnd rations for domestic policy of 
Mr. Richardson should say but joining the new system.' [he 
win not. But since 1 have no Commons Expenditure Commit* 
more idea than anyone else out- tec micht also find it useful in 
side the corridors of Creat its inquiry’ into the subject to 
George Street and Tbreadueedle invite senior Bank nfliicals as 
Street what the Chancellor and well as Treasury civil servants 
Governor will say this evening to give evidence, 
at die annual Lord Mayor’s Mr. Healey's speech will no 
Banquet for Bankers. 1 will stick doubi be watched for what he 
10 a few modest proposals which do>s both on the currency 
their speech writers could per- scheme and on pay. But this is 
haps still insert. unlikely to be very substantial. 

The annual banquet has in the apart from a half-term report on 
pa st been a more interesting and the first (what we discussed in 
significant occasion than Legend Bonn) and exhortation on the 
ought suggest. For example, mo second. Although the Chancellor 
years ago on the eve of the Inter- may be unwilling to pronounce 
national Monetary Fund’s on tit* level of the monetary tar- 
momentous visit to London. Mr. ael for the second half of the 
Richardson for the first rime current financial year, he could 
gave his firm open support lo do something even more useful 
publicly announced monetary by shifting attention away From 
targets, which have played such the short term, 
a large and controversial pari in M IS arguable that of the 
our life ever since then. main problems of the past few 

years has heen the absence of 
A flwiA a consistent set of medium-term 

■/WV&WHrU (1016 fiscal and monetary goals, apart 
. „ . , . . from those agreed in the IMF 

Last year, as Britain faced the Letter of Intent at the end of 
short-lived problems of success 13715. yel it is precisely the 

■and foreign currency flowed tn absence nf such medium-term 

like a tidal wave. Mr. Healey goals that has so worried the 

took the opportunity to set [he city, causing the regular ups- 

- scene for his ta.t-flitlin? mini- and-downs of the gilt-edged mar- 
budget the following week. fcpi. and has incidentally made 

The problems of •success are life much more difficult for Mr. 
rather Jess apparent now. to say Healey. 

■ the least and the City has a 
long list of doubts and questions, 
notably nn pay and nmneian 

policy and cui the proposed . . . ... 

European Monetan System. Xn ’ ‘i'* 1 .*; 

■ one would txnpci new measure' whatever happens in the EEL 

• or policy imitative*.- to be an- monetary talks and to pay settle- 

nounced in the speeches. Indeed h ^^H e ^ lve r ,J 1 2 S V i 

the dinner in some respects ™S!S n L a s 2? 

; comes at an awkward time since c - v “ '■ flnsJ 5ftnt with a nMe- 
the outcome Of the EEC mane- & ^ re ra e ° r , pnce 'n«ation. de- 

•• tarv negotiations is still unclear, clinm Steadily year by year As 
the likely going rate for wuae 3 . a !? p -. . coul f 

settlements is uncertain and the Qat l # h * Cab, “^ bas gf. c,ded «? 

- review of monetary targets is keep the growth oF public spend- 

- unlikely to be completed for two ,n ®- w , in expected expan- 

: or three neks. Rut hoth the . s,nn overall output nnd 

* Chancellor and the Governor announce that the public-sector 
have the opportunity tn provide borrowing requirement for the 
at least partial reassurance on financial year 19ffi-80 will he 
some of the points about which J® w * r ,n current prices Jhan the 
the markets arc so concerned. likely outcome of f&abn thi< 

’ Th* Governor, for example. >pr. This implies a drop in the 
muld break his silence on lhe fhare of nubtic-*ecfor horrowinc 
European moneTary prnnnsa 1 !*. ) n Gro« Domestic Product. 

In a speech earlier {hi* year. Mr. Moreover. .Mr. Healey could 
Richardson highlighted the grow- state that the upper limit for 
ing doubts about the effects of *be growth of sterling M3 m 
the regune of iloatins exchange 1979-50 will be nn more than 10 
rates, but ho has said nothin';; per cent. Mono of this deal* with 
publicly on the current plan. He thr more immediate City worries 

■ should now do so — perhaps on about the possible need for a 
the lines of his comments un further squeeze and a ri<e in 
nmntary tarqeis two vears agn. short-ienn money market tn- 
Indeed it is arguable thai the teres! rates to he reflected in 3 
Governor has not nnlv the right higher Minimum Lending Rate, 
but the duty to 'peak nut in Bui reassurance about mediuni- 
vievv of the Bank's speciai role term intention* could ease some 
in relation to sterling and mono- of the current wnrrtPs and calm 
tary policy. Pernapj, the Rank the markets, which is. 1 suppose 
coiild follow this with the pu»»ti- what a bankers' dinner should 
calion of pari of its large amount be all about. 

Financial Times Thursday October 19 iaTS 

Single figure 

The evils of a discredited currency 

THE HOUSE of Lords three retnrled: “Even if sterling It might be was based on a form of indexing, such as an inflation. And in the absence of The moral of 

van re son /to he nreekp on veers to ei'crj’ passing breeze, well-known decision of 19564- obligation quantified by refer- any consensus among econo- is Ihat you can choose ,wttaie?re 

is that an >’ reaspn »hy the law when the Grant of Approval ence to the cut of living index; mistig who * re the- courts to 
November a. l 37n) reversed a disallowed a gold clause in a and no one could say that that deftirraine the i„ ue o It is for _? c *** resuIt5 ' ' ^2"? 

rule of law that had stood for funt . lilllj;i of law m society tong lease on the ground that would be contrary to public IMUe. it « «r fo any genuine COJiaec- 

JoO years and decided that in o ive a ovrascopiv SUbiliiv m a man who stipulated for a policy. The evil In fact lies in Parliament, with ail its facilities t j on with that currency. And 
henceforth an English court h * h 0 f stale the wea ther pound must take a pound when the revalorisation of the pound for weighing the complex issues, that does not no just for mort- 
* vas entitled to give judgment ^ifis and the &cas mount ? " payment is made, whatever rhe sterling by reference to any to make a policy deelsfon Of tftfS gages. Landlords have been 

for a sum of money expressed 
in a foreign currency. It Whatever justification there 
cannot be said that at the may be for allowing foreigners 
time there was no forewarning to account in their own eurren- 
of some of the possible impli- ties when coming before the 
cations of such a startling English courts to recover money 
departure From an established owed to them by English 
rule. Lord Simon of Glaisdak*. traders, the same cannot bo 
who delivered a powerful so readily appreciated in the 
dissent to 
the pound 

years was no good reason for is what is 

pound is worth at the time, yardstick. not 



to the Lords' decision, case of domestic transactions c . .... . 

that the instability of involving only English parties g? rt «W J?® f' 11 2222 

md sterling in recent and English property. But that ?■ * h « ™ U % S 0 ™ **?*?}. * 

the kind using counter - inRatlnnary 

_ 1 - . tactics by Including rent review 

But there is one overndins c j fluses at . sfagM jn. the life of 

reason why the wnu-ts ^eir | ea ie S . An ahernatiye to a 

leave tt to i Jh review would be to insert an 

index-linked obligation to pay 
their obligations in *' B ? es ***" rent. During periods when 

lu an economy foreign currency seems a better 

inflation is persistent there will - t nrnM>rtv a 

be few Inducements for tenders t his wav could 

itself. Hence a foreign to make long-term loans <nr ” nt tn YJSaSrd** 

is as good or bad .as even relatively short-term loans b fL.H!? 

h.nnanim' «.ith contracts ,as the constant unit any other monetary yardstick, when inflation is- rampant) D wnn i id 

s" fFr S«|l 

departmental comminee on all case* last year he upheld a term ' . . . rprpntiv a^thorisivi repaid the real value o£ n^Sht be unsatisfactory. 

Its ramifications. of a mortgage that linked the * l jnstnictive to learn why mrat hu nutimroed n^ttej"***** of . employment might be 

rouris. Lord Denning, in particular ignored th e international value public policy. A major factor capital would dry up very fast ?i™°" ° ant* Partin merit needs, 

m of Appeal, had said despite some partial repav- Qf thc pound ]n the earUer in The courts in the past leaning That much has been acknow- ?f° Zi.r snme thouEbt^ 
rrliog was once a stable juent on account o.e. .hv fi s t riec j Siofl it been ggjd tbat aga inst index-linked money ledged by courts abroad. After h ^ h index linkine for ail 

v ■* which hart no pnnal '' I®’' years, the mnrt.S^nr had „ nthep rlockinn u-nnlri loart ohliaatinns was that the iudepc 19SS the Cour de Cassation in .. • . •- .. ' ■ i li s 

the Court 
that sterlioi 

currency “ which had no equal.’* J en >' earB - the mnrieagnr nan any nther decigjnn would lead obligations was that the judges 1956 the Cour de Cassation in ^X^ntrartiial obliEa- 

But times had changed: >° repay nearly -o0 per cent of 1rt tbe intolerable discredit of thought that such matters were France reversed Us earlier . . . . _,i nwe H 

“Sterling now floats in the w ^ at * ,c ^ rst borrowed. sterling. But the evil of a dis- a cause, and not just a symptom, policy and allowed indexed- n™* rTwn-c 

wind. It changes like a weather- The argument between the credited currency flows not only nf inflation. Economists, how- linked- obligations even’ in 

cock with every gust that parties .was whether the index- from indexing by reference to ever, are far from being in domestic contracts. Courts of * .wuwriw gffitaMwg 1 ‘i*' 1 

blows. So do other currencies": linked, money obligation was the price of gold or the Swiss agreement that indexing has a other countries have’ done tike- t> WoiOTittrr liiwr- 

to which metaphor Lord Simon contrary to public policy. That franc, but also from any other deleterious effect in promoting wise. saeaiu lw #i«bi s qb. -ot- 

Yearling prices soar 
at Newmarket 

AS ANTICIPATED. Tatiersail's last year's sale included such My idea of the likely outcome 
Houghton yearling sales yester- bargains as Devon Ditty fT.SOO is a victory for Peter Walwyn’s 
day maintained the record- guineas! and R. B. Chesne Camden Town, who may w:ii 
breaking momentum established (55.000 guineas!. have heen in need of the outing, 

on Tuesday. Prices of around The 1976 sale saw Fair Salinia He recently returned to the fray 

40.000 guineas were common- fl 3.000 guineas). Enstone Spark after a lor.' lay-off. If, as l anti- 

place. . (3.400 guineas) and Roland cipale, he is back to the form 

By the end of the morning Gardens <3,200 guineas) chang- which saw him swooping inside 
session an average approaching mg hands. the distance to btind hi; rivals 

The one most likely to top the fur speeu at the end of Royal 
sales seems to be Lot 538 which Ascot's Jcsey Liakes. the good- 
is almost at the end of proceed- looking >mden Town should 
ings. This is a handsome French- outpace Ireland's Stradavinsky. 
bred colt, named Mastermind. Turnic^ to the three juvenile 
By Rivcrman. arguably the nwsj events. Fu'ke Johnson ,, -.ughton. 
snught-after staliion in Europe, enjoyin? the best season of his 

20.000 guineas per lot for the this colt is out nf the Dewhurst career, cou’ ’ land hoth division* 
week looked more than likely, winner. Tnrbelb. whosp Sir of lhe Chesterton Maircn Stakes 
Well-bred yearlings such as Lot Gaylord yearling fetched 102.000 throuEh Ivatan and Boys Divi- 
134 Nonoalco-Limuru t74.000 cnineas at the corresponding sion. Newcomer 

guineas! and sons of Mansingh sale a year ago. w or | h a r ^ n ^ e J. n t ' ie Somer- 

and Mill Reef "ere changing On "»day s racing finri by far Vll,e - al, ersalt Slakes. 

hands at heady prices. the most interesting events nn . 

It is a sobering thought for eight-race Newmarket <'ard. in- 
anyone taking the plunge in this eluding two 26-runner fields ‘or 
frenetic market that not one of the divided maiden race, is the 
the six who realised six-figure Challenge Stakes. Thv 12 due tn 
sums at this sale a year ago has tine up for this ‘"•roup 3 event 
vet to race, li is worth pointing over lhe seven furlong? of thc 
out that although those six. Dewhurst course, include Strarfa- 
costing nearly £lm. have yet m vinsky. Torstan Bold and Cam- 
repay even their feeding costs, den Town. 




1.30 — Ivalan** 

2.0U — ■ Ko ravine 

2.30 — Borderline 

3.00 — Camden Town* 1 ** 

3.30 — Persian Sapphire 
4.05 — Hikarj 

4.35— Boys Division* 1 

t Indicates programme in 
black and while 

BBC 1 

0.41 am For School?. Colleges. 
12.35 pm On the Move 12.43 News. 
1.00 Pebble Mill. 1.45 Bagpuss. 2.00 
Vnu and .Me. 2.14 For Schools. 
College*,. 3.00 Tennis: Thc BMW 
Challenge. 3.53 Regional News for 
England » except London). 3.55 
Play School (as BBC2 11.00 am). 

1J0 Yogi Bear. 4.23 .laekanory. 
MO Bemaghnsi. 3.00 John 
Craven's Newsround. 3.10 Blue 

5.40 News (London and South- 
East only). 

3.55 Nationwide. 
fi_20 Nationu-ide. 

6.33 Tomorrow's World. 

7.20 Top of the Pops. 

3.00 The Hood Life. 

*250 Mastermind. 



1 The fat part of town council'.’ 

7 and 2* Sailor with brown 
Scottish doth (6) 

9 Assumed an altitude and 
puzzled 1 5 ) 

6 No riotous upheaval could be 
famous i9» 

7 Attempt m gel about one 
pound for a hat ( B » 

S Speaking wnh anger, soldier 
made telephnne call outside 

10 Being outside badgers home .^iheism or just incredulity 
could be obsessive <9> ,<i, 

H 1 get crate modified but it 16 He Qejs |lW railw!iv Une t(> 

o nU I d . hC .‘ 1 F i supply staff and coxswain (S) 
13 One whn S wa kswtih merchant 17 Lnhiemi^hed gonen.l sifua- 

rnund the east (7. *** 

19 No le speedster initial} i eni 
ini'* gear and turned corner 

u ..-_ ____ ^ t4-lil 

man are bv no means in mint Railways going to race in 
coodiuon "(4) French island could be frail 

20 Implore to take south- * . 

easterly direction in wood <7» Reprimand favourite follow. 
Rnnsi* nnnsetf for a fuSUval .. ,n ? vehicle ( G ) 

13 Sound the horn in «n 
forwards and backwards »4» 
IS You and me and the news 

23 Rouse oneself for a festival 

24 Guilt about the French doctor 
and bird t9) 

26 Supply scripture and be 
economical (9> 

27 Indian gels a thousand in thc 
end (5) 

2* Sec 7 across 

29 Ancestor having broken cane 
shows clemency (II) 


1 Abilnv to outdo a large town 

2 Calmly submitted and left 
office (81 

3 Arrange to command class 

4 A mixed rrihe with monarch 
as mediator (Ti 

5 Examine a heel In perhaps 
with &oft inside (7J 

22 Convict with nothing on in 
pool (Si 

25 Learner dined with ring- 
leader afterwards (5) 

Solution to Puzzle No. 3.799 

9.00 Nev.s. 

9-25 Living Room. 

10.2(1 Mn«t Wanted. 

11.10 Tonight. 

f 1.50 Weather. Regional News. 

All Region* as BBC! except ai 
the following times: 

\YaI»s— 2.I4-2UW pm I Y«sol<on. 
5.55-6.20 Wales Today. 6.55-7.20 
Heddiw. 9^5-1010 Dallas. 11.50 
Xew< and Weather for Wale?. 

Scotland — 9.41-10.1 and 11 -So- 
il. 50 am For Schnols. 5.33-6.20 pm 
Reporting Scotland. U.Sfl News 
and Weather for Scotland. 

.» 43 News 'inlj 4.20 Take A Buw. 4.4S TMe Flint 

can Th-mirs -if U 4, ' ,n '" i - 5as •)<’ h -L»«e N^wAfl'Sk. 5 JO 

6.WI injmes at . C.-osiroarti. 6.B3 Rewr ttVst b.lS 

(. roSsroadN. R non Wales. 6J0 Havnv Days. 7.B0 

7.0(1 The Six Million Dollar Man. Woman. 10J5 Countr^iie. u.05 


cc — These Theatres accept certain credit 
caros hv ielenhaoe or at the Boa Olnca. 


COLISEUM. C refill caras 01 -^*0 SUB. 

KesenanoM 0T-B36 S161. 

Ton't and Wed next 7.30 I Ola rant. Totnor 
7.30 The Seraglio (fenal pafti. Sat and Tn* 
nest 7.00 Don Carlos. 104 oaicotn mu 
avail tor all oeris tram 10.00 an <uv at 

.uvENt GARDEN. CC. 240 1066. 
lGardfc>-f.liar«e qyjt^ Cm m MB 690 S t 

ran'... .amor. 6 Tues. 7.30 Marrnmg 
sat. , .30 serenade. A Month in tha 
(.oun^v Facade wed. 4 Thur. next 7.30 
mi Sleeolng SeauTr- 66 Amphi' seals 
■v il. lor ail pom from 10 am on fiav 
* h 

Ave. 01-837 1672. 

English music theatre 
Ion t 7. 3D Brltisn premiere a i Htnxa'v 
vauoeviile la cubana. ajsu 24. 26 
76 Oct. Sal 7.30 Rossni-s. CINDERELLA 
Also 23 25 27 Oct. Chean seals available 

ddv O* oert 

HU MAJESTY'S. CC. ■ 01-9L 
Prevs. irom tomor. 7J0. «MK. 

at 3-OOJ- own Oct 31 at 7-00. 

KING’S ROAD THEATRE. 01-S52 7466. 
Mon. 10 Thurs. 9-00. Fn_ 5at.-7_3 J 9JH>. 

LYRIC THEATRE. CC. 01-437 3680. 

B j%%r an - s - ao - ajt 


bv Eduardo de Mi poo 
Directed D» franco -tfHRELU 
"TOIAl TRIUMPH.- tv. News "AN 
YEARS.” Sundav - Times. 

J4AYPAIR. 629 3036 tvs B.00. Sal. S3n. 
and B-50. Wed. Mats. 3.00. 

- UNO eft milk Ytjoa 
a sellout." Gan. Jain uc Nov. 9 (or 
the 25th Anniversary >*4rtv. Show-Bobet- 
WIM £10. 

THEATRE UPSTAIRS. 730 2S54. Mon to 
1hu> 7.30. Fri ana Sat S.tS and 8.1 S 
Traverse In. Prod, ot THE SLAB ROYS 
Or John Byrne. 

VAUDEVILLE. 836 9988. Eves. 8.00. 

- undoubtedly the ‘unniest 
SHOW IN TOWN. 1 ’ Sun. Exoress. 
LIMITEU SEASON until Doc. 7 


828 4735-6. 634 1517. 


Evos. 730. Mats. wea. ana Sat. 7-aS. 


WARE HOUSE. Do Knar Theatre. Covcnt 
Garden 836 6808. Roval Shakeaeoare 
Company. Ton't. 6-00 Pete- Atkin'i Ait 

" Pete Atkin's piano Playing is as enkhr- 

abl* as his dialogue." Times. All seats 

£1.60- Any. ttknv AhdMvcb. 

stanobv £1. 



ADELPHI THEAIKE. Cl. Dl-836 7811. 
Reduced Price Previews Oct 31 to Nov. 
6 at 7.30. Aso Sat. Nov 4 at 4 am. 

An Enchant ng New Musical . 

Credit Cara Bookmas Ot-816 7611. 

I-MAIIONAL THEAIRt. 928 2252-1 

OLtvitK < op on uagei: Today 2.4 S tiow 
price matt. Tonigm 7.30 I HE CHERRY 
ORCHARD bv Cnekhov brans ay Mtcnael 
Frayn. Tamar 7.30 The Double Dealer. 
LY MELTON < proscenium sage)- ToMobt 
m 7.45 PLENTY, new oUv 

WE5tMINSTER.CC 01-33* 0283. Oc:. 
4 -v Nov 18. tyesjay-Fnaav 7 45 
Wedaeuav ana Saturday 3.00. 



ALBERT. 636 3870- CC HERS 656 f07T-3. 
iron 8.30 a.m. Panr rates Mon. Tues. 
Wed. ana Fn 7.45 om Tnu-v and sat. 
4.30 .anfi 0-00. 


THROUGH 1979. 

ana Tomorrow 
bv Dina Hare. 

COiTESLOt Ismail auditor! urm: Ton't. 
Tomor and Sat at 6 Laat 3 oerfa of 
Many excellent cheap Mata all 3 theatres 
oat ol oerf. Car park. Restaurant 926 
2033. Credit Card book mgs 926 3052. 

WE5 1 MINSTER THEATRE. 834 0283. 
Tun Rice A Andrew LIOYO Weebar'c 


Ktarf<nfi PAUL JONES 
Twice Oailv Ooens Nov ". 
T'cket* 12. SJS. £4. BOOK NOW. 

WHITEHALL. CC- 0I-9S0 6692-771:5. 
1 ties. 0.30. Fn. and Eat. 6 as -md 9 00 

Paul Raymond presents the Sensational 

Se* Rewe ol the Century 


S .00 •"n’orue and Hildred. 
R.2I1 TV Eye. 

9.0(1 The Sweeney. 

10.00 News. 

10.30 Inside Businc*.$. 

11.00 Rafferty. 

12.00 What the Papers Say. 

The Thurvlay Film: "Tlk? Strange ami 
I'-adlj. Oi-cunvoce '' 

HTv Cymru/ Wales— As RTA' General 
Ser.-lce 1‘xvepi: 1.2D-1J23 pm Penmvil-ju 
X-'urddian y Drdd. 4- 2 0-4 Stren wib 
S. 155.20 Cannoiillnir. 6.00505 Y Dydd 
6_VJ-7.U0 Sports Arena. 1W5 Tiro Girls 
and a Millionaire. 12.85-12-35 am Get 

12.15 am Close: A Pre-Raphaelite s«oe in. 

painting accompanied by htv West— as HTV General 5em<-c 
thc mu-ic of Brahms. -t- vot: UB-150 pm Report Wert Head- 

All IDA Regions as London lm ^- WeM - 

except at the following times: SCOTTISH 

1.25 pm \ew.i and road report. 2-BO 
Worn, n •.ml*. A20 Tarzan. 5.15 Baifln7. 
sJB Crossroad-i 6.00 Sojtland Today 
6 JO Gjrmp.-k Way 7.00 Fotamc- .Alan. 
J3 Tli<- Kao Trade. 10 JO Thi- |jw 
Vnir- UJO Laic i'dll 1135 Canadian 
^.k-brity CoiniTi— P«i Rnni,- 

Northern Ireland — UJSO-1 1.50 . vr . 

am For Schools tft’Nfer in Foi-u*). 4 AuLIA 

3.53-3.55 pm Northern Ireland , i 25 , p,n ' r, -'| , L Nv i‘’' 

News- MjSuj Scene Around Six « g JSSISXL S ? 

IMO The Fall and Rise nf 7.09 tiu- Karri- fun- 7J0 

Reginald Perrin. 11.40 Jork High. Man iflJo UJJQ tv Mn»:- 

12.10 am News* and Weather for tv iiain.-w. on' 1 v " 12^5 

Northern Ireland. arn n '' SOUTHERN 

England — 5.55-&30 pm Look Ea.-l A TV’ 1.20 pm SnuUi-rn N.-us 2.W Women 

1 Norwich »: Look North 1 LeotK 1.20 pm .\tv a.2# Th- atv omt. ajo LaFM*-. «.«5 r- 

Manchester. Newca*llei; Midland' foiir-au n»r> Slmn- -Iliiiiii- r ' j-is Th- Und-rv* Advymurvp ol Cammo 
Todav (Birmingham!; Points We<l r -' J ■i-.*aiur l -i n^ut cartoon 1 600 Xviwu 5.20 Cnftsrwds. 6.00 Dj? ftv Day 

/D-ie'inll- South Toriiv i Sou 111- 'TV T.m U\ 7.00 ELiii:ni.rda1i.' Farm. 7J0 6J0 L-nitersur CTiulleiiBi- t.M t- miner 
(Bristol). NOUtll loflaj ibOUIIl K(l .. nu . 10.J0 Kortnai V- Cars. Car- .Isle Farm 7J0 Bniamr Man 10.30 
imptOnK ^poili^ini south Wi\ % l i tJ f S Wt\7‘ Mi )\ ;v Pivunen* SiWiipm Exir.1. IflJS Your U •.•si 

(Plymoutill. Wjit A Cromc.-tf Pain.--' mmy|.-r. U.K Danger m Paradise 

12.05 am Whai The Papers Sar. 


1.20 pm h^re.-r 14.20 TSinrwlaj 1 ' I’ 1 - 

11.D0 am Piav School. Mm -Tjreir. and m." Yarrlru 4-25 am Th- Good Worn (ollv>e d by 

o nf> _ nl i -50 nm Tpnni^- Thf> ’'“rdnn S,yj|: 6.00 L'MikarOiinil Thlir-dai Xutlh East News Headlines WO pm 
BUir Ch.iiTJ. 7.00 Emm. Male I.jrn, 7J8 Botanic Man. \onn Ea-.t N..irs and Lounaround 2.M 

5 1 ”" Lnauen^e. 10.10 Look Who's Talk ins U.60 <3hopt>-r Woniun Only. 4J0 Tbnnday Maiinw; 

4.5a Open Lmversitj. Squ.d. 1L55 «ord> r News Summary. — m- r'amily Xobndr Warned" siarrinp 

. . Shirley Jnnyj. 6.00 Munh-m Lllo. 72» 

L HAlNNEL Siiinierdale Farm. 7 JO Hnramr Man. 

1 la PCI cijnn-: I.inicjiunie \.-u-s ^nd 10.30 About Bnuin. UJB Pro-Celebrliy 
WSs-: f '.'u When. 4.20 Thc Litj:.- Sloav SnooFer. U.4S Epilomw. 
i*i - T-rairi..-. 5.15 Stars on Ice 6.M 

ALDWYCH. 836 6404. Info. 836 S332 
rcoertolre today 2.00 ana rio AS YOU 
LIKE IT. ' H would be madness not to 
see the RSCs A5 YOU LIKE IT.- F 
Times. With- David mwi COUSIN 
VLADIMIR tTomor.i MkkHenHi and 
Rowley's THE CHANGELING -next oert 
24 Octj. RSC also at THE WAREHOUSt 
t sec under Wi. 

OLD VIC. 928 76)6. 


Robert Eod’son "brilliant Few* Gdn } 
Today 7so 1 

Th* Lady's Not. For Bununo 
Derefc Jacobi "easy 6 virile amnonri 
E. Stanoard. Eileen A news riveting 
Aflpttm NoUStv ■ financial Times. 
"A ecm at a oertonrwoce Irom Robert 

Eooiseut . ■" ' “ 

dem snd 

■MINT-MILL THEATRE. CC 01-437 6312- 
Twice nvjiwiv 8.00 and 10.00. 

Sundav 6.00 and 8.00. 

.. ..PAUL RAYMOND presents 


me eb6 SSd^% e S ce 

Takes to unprecedented limits what '* 
permissible on our smoe.* Ev. News. 

Rupert SL W1. Tel. 465 6224. 
Musicians Play Tneabre with Leon Rosaei- 
son !7 00.-20 Ocr. 7.SQ pm. ydr 
show (Ca'e DebncL Previews 17 Oct.- 2D 
Oct. It . OO nm. 

AMBASSADORS. CC. 01-838 1171. 

EV^BDO. Tues. 24^5.00 A 8.00. 


" AGATHA " CHRISTIE . . . 7 

APOLLO. CC. 01-437, 2663. E«sv 8.00. 
Mats Thurs- 3.00. Sal 5 00 and B-OO. 

Paul daneman. l ana morris. 

■ MINK OF try C. LA NO 
- WICKEDLY funny- Tlme&. "Very 
»erv runnv— ureal entertainment." NoW. 

BBC 2 

7.00 News on 2 Hcadlim—. 

7J)5 When the Boat Come.-. In. 

7.55 Xews on 2. 

8.00 One .Man and hU Doc. 

*8.34) Midweek Cinema: --Ciii/i.-n chi-.-i.-: \ ijo uww. TJM Th. 
Kane" Starring Or.-on Es-nnir w.ynun. lO.ffl channel Lj-.f- Sews 


1-20 pm Luni-brimv. U8 L'Ulor News 
13J2 "'.inilnfejn. U CO Mone Prvnn-r.' p. ad!iui-s. 4J0 RyaChuimUMTR 4.45 

Sh, L:'..^ UJO am Nvu-S JUfi wvalbi-r Lassi- 5JS Cirldoii. SJO Crusvimads 
:r. hn-nch i.OO Repnrs. 6JS Polrne Sis. 6-35 Happv 

fsR 1VPU.N Duy<. 7.Bo Eninu-maic Ksim 7JC 

9.25 an. Sir " Th.iiJ 1.20 nm .’.rampiar. S 

\ U..jd!:i-...<, 4J0 Th..- Lii:h- Huny TtlL Pr * ll,<< '- UJS R<rf '" Y ' 1 

• ii -h.- SJJ Thi- Bnh WKSTWARD 

H?cV.. w“uV. r ‘ ,:i w : M pm?"’ xJKJS itn » m nu ' "“TSSIL B TT-^ 
SKK S3 ^ 

Th- Ift- 6-00 ffrWart Plan 7.00 The 

„ „ rn . »■ . r» , H-miho woman 10.28 W'.-uward [hih 

9-,0 am NihoMK- Programmes. LKAiNAUA \ -irs. iojo Wt-siwarn R^pnn. IX BO 

12.60 Tupper'.N 'Tnle.-,. 12.10 pm 1,20 om Th ' 1- Tour Rish : a J0 Mom- Pr-mi.-r..-. -Sbv Ur.'." si:ict:iik 

Pipkin-.. 1 2 JO I menu lionet ■■ 5J0W!m:« D,-m Amur Jr. UJO am Funh lor Lite 

Th°m Ne *v Plu ^n. lnd - - 1JJU bJD KmnvnU YORKSHIRE 

■’'^5. l.«(j Crown Louri. Wtui- « "n U.m -.Vint Thy Pass-r-. Say. ija pm Cai.-mtur X»-vm. 4.20 Tahh-.-r- 
-.00 .A Tier Nunn. 2.23 Rucinc From *^-20 lia.-uiibv« 4.45 Liirl.- an rhe Prjirie 

.Npwmjrkcl and Golf, -t.20 I'hil- 1 _IT\ - 'Kmley M«»r .inrt E.'lmnin 

riren's Film' Mntmei*: "The Clown -^i**' 1M f " Farm 7J0 

and the Kids.’’ 

10-23 international Motor Show. 

10.50 Tenni>: BMW Challenge 
( highlight? ). 

tt.24) The British Connection? 
11.45 Late \c»s on 2. 

12.00 Clo.yedawn treading). 



1.20 pm l: r.i.r- ■.■..-%} H.a.1':ii"“. 1.25 p.iiamc Van 10-58 Calendar Special 

R- i«'-i v.-.ivc ii. *,||i-i.'v 2JI0 ’.V.-iin-. n 1US In t onr-.-r; 

RADIO I 247m i- .-»ai , 

(SI 5iercBPhonlc broadcast s.r.t-l:vpl >1. l.-f.i 

iMcdlum Wivn *-r-v ...j. 

5.00 am V- K.»l:g 7.02 F-jul ciurc--' ‘ ’ 

9 60 S'lniili Ua'. -. 11-1 1 H.-i-r p„ , .. ; 

2.00 Pm T'iri> lila Vhurn. o.Ji Ki-i I. -j-.-it 
r.» CiMinirv <_-|uh -S , Jilin, 
10.02 John p.-.-l >S> 12.00-2.02 am .1. 

Kadiu !. 

RADIO 2 t.rmtm and vhf 

is- ■ .11. 

■■Oil . 
•III,. ■ 

5-90 a 

it \t« < Minnn.irv 



■-S* iiii.l'i l.nj •» li 


1J2 Tv-rri 1\',ia.iii 


m-4 > :r 

RaMhit K'lil.'in 0 nc 




I: ■ 

• >> 1.D0 \<w- 1.05 PM \.-n» mar: a/' ii-- 5Ji W-a'hi-r. pm 

i-Ki-r •!•• 2.00 "1.4 jrjinrr-- m-w, 6.00 Si-*3 6J8 Toy ul 

' r„ i: , '[.r™ A.-i, 1v luaMi. rn— fnnii. 7 A0 Vsv T.OS The A roller, 
X5S -.Ynrd- 3.M 1.4 7J0 Tim,' l«r Vr-rsr. 7.30 Kat'-iaosrftp^ 

' \-r, jin! " 4.25 8.58 l.ii— Tnnn :hv Horal F.-slli'al Mall 

i: ■;:.■• 5.18 H i ■!»»"• Imfil PJf |- H— ilioV-.-n. Mnurr iSi. 8.50 A 

•'». S.1S Mii'ri. ^ awl r-vunc • »»n|v Tj&*." to .liniiw. US 0>«t> •-(? p jrr 1' 
f tt.35 A' H-ini.- Sh-.,ij?..u,Mi rs. yjy w-aihi.-r 10.00 

.in, : ?« rs-. i-ur.' ol Mila. Th, World Tonight. 1QJ9 Any Irnuvri" 

■ . 7J0 World ril'jir, Th, U.M A H..nV ,i Rnl-im,- 11XS Thi- 

!-jr:v " -y. t S Bho" »r- - 4 10 F i.UJi--;.»l Iv.iriil Twain 11 JO \><u 

ri VAV,' 1 iq.2s 1, TH.: BBC Radio London 

••• % 10.45 i'n,ii-* r: ?.>rr 1 206m and 34 J VHF 

II •■,• u.45 Xim UJ0-U SS 5.00 am Hadm .* A JO Hmb Hwur 

■» hii*!. 7 - n.viis a. 03 Lxii'Mn Lii*- 12.03 pm CjII In 2.03 

Radio 3 VHF only— HJ5-7J0 pm Mp-.n ** SDoa«:.i*' a.03 Hwic Run 6X0 Loofc 

F'-ip. i.i»ii>». 7 JO niaek ix-inlnnerx 8J0 
Suul I? 10.83 Lai* Nib lii London. 12.00— ■ 
r.lnvj As Kirfln Z 

for Thuushi. 10.02 »;,»:i- Th.. Bu%ipV’,.i 
*»pi.-n ip.-porj 1 18.05 .l.nmj Voiri^ 
iu>.-ludiaa 11-13 anil 15 -j-3 pm i;.in . lur-'.i-.r 

PYPhTWi liis W.i?cun,-r,- -Ad,-,- 12.30 p 4 rStifl I 

I'-.-rv lfur.-j-.-s «.ip ,-r. fpnl*. .r.c'-i-smi rL -\L-T|l» -4 _ ... _ 

I."- Aiijii rvpwr; aim I i: spur:. " d,o~ 4U tin, U20m, 285m and VtlF i ftll j,_ 

2-30 P.icl4 lloulI|->in ln-.ln-*.na 2 43 6.08 am .. , >.- r .... l!|S t. In l-jrri.ii^ 1,0110011 Dr03uC3SuIln 

nnd n4j nanris D.-sk piu, Hj..;i,; fp.n; T ''l-: 6-33 T.-j..,- Mj^jciii, i-> uri.aa 26lni gn(l 97.S MIF 

Y-nnijrW 4J0 M-.w-w.-rs' n-j» '■ ^ P?ai-r i vr -ii. lia>-. T.iU ,«nJ 3 Ai 5. DO am .’lumina .Music. 6.88 A.M.r 
Sporw Dt-»l-‘. 4Jn .fiilin Puim T'«ii»-. 7 - p j 13 - P 1 *l,-.i.|- nil. ,mp in-«,, inrnrma'ion. irav,-l. spnrr 

j.*4 Saunj D.’i 645 Spun . Dcs/ 7.02 1 : T.hauab: i-ir ;h-.- Pav 3.a5 Mt n.M Fnan lla>,-\ Show. U» Bin LRC 

fS n J ry J"« h ,sl i" !,r " • l “-' , - M 1 R.-Wor-N 1.08 I3.h»rriv 2 O'ctnirV 

•J5 Kpons DcsV 10JU Th.- . » A l.-n -u 10.00 10.05 1 4.00 L£ic Pvpuns»inui*>. BJ» 

10J0 s:ar s-jiinj Ks:ra 11.02 p,i. r ■ V P «i-i? 10JO Dj;1j- S-rvi«- 10A5 mi.- f-.shi. 9.00 MRtlllnn-. LOO am 

Clarion inirudiWYS ttuu'.J M„1nuh‘. i::- ■« ,r :ln -' ’•■•m ILOO Wns 11-05 Tn- N:„«r t\:? 4 

clndlrui 12.00 V.-wf 2.00-2.62 am r» '•iui.iim -j irl -.-i Cns-a: (Jjrdi n'a 

.summary. c.o-ur-.- r ->iii,-niiia uu a r— . -is- 

RADIO 3 46-tm.Slercu ^ VI «F ” 5? ^- r '’ impr. „i..n. _U.oa s-,% 194m and 9.IJI VHF 

Capital Radio 

, ...... , „ . 12 -4- "m <"i| viiir*..' 12.27 I f:i >nrr 

EJS ■m W-.-a.h-.r 7.00 7.C5 i :i:»- ^ •• i u , 12 .SS li -jrbi'r 

Ovcnup- 'S'. 8-00 V.-.,s 8.05 :i..n I.a apj^.-j',- .... ■ “ ■ ' 

Cortkcn *.fl9.Vr/». *W T .-.1 1 .RJ TV. . 

Cpnvp.ivi r Beri>‘ .S . 92W Bs s -!i p-j:-.i . 1 .. .11 ;m, 

u r pl '-.Tr. 1 s «u M-iTh- r ~ ' J.oi 3.05 \n. r-'.v. i.m - ? rtp p L-,i- ,S-. 8.08 .Viekr Horn.- s 

W-S S1 C M V :V’ v ’on 4 65 Th- P-.I. • \’oiir Mmh-r WnuMlI'l l.ijr- Il iS- 11 0Q 

«V‘« in F SDc,'-. .lir . uTi V./' '■ V :1, Thi.r Show iR.. 2.00 4m 

112SS In aopri iiaB-i. 12-05 pm \ .emu I l.-.r ■..unuy.-ii, 3.3S Si or? TiSle. S.DO Dan,a:i Johnsrai's Nlflhl K Until »Si. 

6.00 am '.Irih.i.-n DviK-'s [Irvakfa-l Shuiv 
s ' 9.00 Mn.-haai .Haul 1 S 1 12.08 Dbvi 

l.K Th- WorM .V •■>:.- r .i,ii iS« 3.00 Pib Knfvr Sum *5i T.Ofl 
1.45 ■.’.-• • ifiiir i.»p; ■ ii-iirsc-hrawn-y CaD'ul Cumm-fnar 
2.45 Liv. r. u ■ : Si >S> 7.10 London Today <S.. T.JO Adrian 

AR1S THEATRE. 01-836 2132 


" Hilarious . »m sunaav fteiev 
Monoav To tnursaay 8. JO Sndav and 
sjiuroar at 7 00 ana 9.15. 

ASiORIA THEATRE. CC. Charmfi Cross 
Roao /34 4491. MQn.-Tnurs. U 00 om. 
Frl. ana s*L 6 ho ana 8.45. 



oaisan . . . M«mel Denaon John £*»■- wymoham-s. — ai-636 3028 CC 
f"l •Mntmtl* Br«* «*»«,«.! nShUB 1071 “rorn 8.30 9m Mon - 
faugns Gdn. fri ..10 Hi. 2 30 A 7.30 nruric 8.00 Fr'. and Sat. 5 IS ana 8 30. 

Jf* - KS 1 •' ENOfiMOUScY RICH 

Oct. 23. Tbo Rivals returns Oct. 26 | VERY FUNNY" Evenmo Nrws. 

*»6W SPACE „Sir7 6BM. 
aiwt^mifc tvfc-Sm. 8 am. 

PALACE. CC. 01*437 6634. 

Moo. -Thar. 6.00. Fn. and set. 6.00 ana; 

bv Tim Rico and Andrew Usva-WabMr. 

VERY FUNNY" Evenma Nrws. 

%^E k V 

'Supreme romedv ^cn M« and reiifiion.' 


AUGHTER." Guardian. 


' ' UGF ’’ 

PALLADIUM- CC. 01-137 7373. 
Tuesday NOV. M V 5 dm only 


PALLADIUM.' CC. 07-437 7374. 
Openino Dec. 20 *or 1 ceaaeit 

aa "Merry* W'dow Twanhey:. tn 

Preview December 13 at 7 JO. 

PWB*H« _01_-83S_ 2294. Evp* at B.1S_. 

Mils. W«L 3.00 Saturoay 

and 8 40 

CAMBRIDGE. CC 836 6056. Mon.- 10 
Thur a 00. Fri.. Ml. 5. 45 and Q.3l7 


' PulsaHnq Mus-cal." E News. 

Seal Prices CZ.QO-ES JO - 
Dinner ana top-pnee SNI £9 SO met 

COMEDY. CC'oi-930 2S78. Red- Price 

Prevs. October 23 aita 24.' 6.00. 

wea. Ociooei 25 at 7. JO 5ua. eras S.OO. 

Mats. Thur s OO. Sits. S IS and 8.30. 


CRITERION. 930 3216. CC 836 1071-3. 

■*. - ■ and 4 HAc F -DOZEN LAUGHS 


DRURY LANE. CC. 01-836 8108. Mon. 

to Sal. 8.00 M->n»er V»re and Sar. 3.00 


'■ A rare oevjwarlng iovou\ aston cmna 
Munn yr “ 5. Timet- 3r d G R EAT Y EAR. 

DUCHESS. B36 _ 8243. Mm. CO Thur*. 
Evemnn 8 00. Fr*. Sai. 6 . 1 s ana 900 . 

the nudl'v it ilunnhuj " Da>lv Mail. 
9th Senvallonal Year. 

DUKE Of YORK'S. CC Ot-816 3127 
Red. orlrr Brevi. Mon. ip F->. O o.n,. 
c at. S.30 4 S 30 W-hnur before show 
ben avail vats tr so. Ooens No, 1 ai 
8 o.m Sum. Evfis. 8 B.m. Fr.. & Sal. 
S.30 3 P 30. 




A : aiTte dv o, MICH AEL F RAYN. 

OUKS OF YORK’S. - CC 01^036 5I2"2. 
Thurs -sn See. Peris Final w<*»h. 
" Nauohtlesl Girl i n the School •• 

•• Cnanvyi 4 •• 

£2 ow s how El SO uolh shpw»._ 

FOR TUNE. 16 27 SB. E»«-*- 'b Tharv S. 
Saiurdav 5 jnd 8. 

Mur ei Pavlow as MISS MARPLE In 


CASFirv THESTBE. CC Ol-itA 4601 
^•nlnri B on S ar S 30. P TO 
m HApm n pint*r-s 
TH« Hr***rnvm'-. 

*• NCIT TO RE M'*«TfD " The Times 
TAORiCK. r'c 0l“-636 4601 P'Mras 
Ocl 24 ana 25. B. Onen Qci. al 7. 


A n»w Thrui-. D’-ecrnd by 


GLOB* THEATRE. CC- 01-43.7 1592 
Fvns. wert 100 Si*. S.OO 8 40 

ALAN AY-uBr>UBN-S w -*w CmMr 
•• This most ee the haoafprf I4neh|eT 
r-*»er In Lb“don - Q Tel ■* An >rreHsS. 
JW*_ c"IO‘»ble rvehia q." So ngav Ttaigo 
Ooens Tr.-iqh* 7.00 
s.ilw R OIJ Mar <Ut 2,Jfl 

S-ei-hvnln Beerhjm. buH Bwr- 

F--"a*l Hanwiahlr* lerevn*. Irrew', 

DvuM Dnhh lamer Tawin' in 

*JV David PowfUII 

m*v*»vFf oi.oTn o«-n Evs Alin 
Mia. Wrrt 7 T n 9 , 15 . 4 TO Ud R.oo 
GEP» ,r, INF M'D|»N 
CLIVE fpnvi-|c 




»™i cenFLEA PIFl»ING 

bv Neel Cowa»rt 

” Jaunb.*- Daily Mail. 
Tire HU Comem tn Rovce Ryron. 

HAVE DIED" 5uedw Times. ‘SHEER 
DEL IGHT " Ev. Standard. " GLORIOUS 
PICCADILLY From 8.30 am. 437 4 306 
Cmdli Card* B3E 1071 Mirv-Thue*. 
8 .00. Fridav and Sal. 5-00 B 15 Air run 

" Oornmatinfi with unietterea bi»ra aid 

humour The BROADWAY star ™D E*p 

" Towering ornonfij-r, - Daily Mali. 
By Tennessee ynuumi 
works -like nwoK " Financial rime s 

"There has hargtv been a more ssmJvna 
Bvenbtq In the West End -he BEST 

_ Son lyraing like an eiertrk earregr ” 

°R1NCE EDWARD? CC 01-437 6BTT. 
FwmlnBi 8.00 Matinee* Thursdays and 
SaHuruvs ■» S.OO. 


Ijv Tim Rlry and AntHnw Llonrd- Webber 
Directed tnr Harold Pri«e. ■ 



7 30. RL 

YOUNG VIC STUDIO. 928 6363. Ton t. 

Tomor. S*t B pm Young Vic Co. m 
ter ence Gcrer-e BALLROOM. 


ABC 1 ft. 2 SHAFTESBURY AVE. 836 8861 

Sen. Pert*. ALL SEATS a* BCE- 1, Driver 

(Al WK & -Sun 2.15. S.30. 8.30. Lai* 
show Frl. ft sat. it. BO. 2. Driver .iai 
ttk. ft San. 2.O0. S-fS 8.15. 

CAMDEN PLAZA. lOon. Camden Town 
Tube). 485 2443. The Bob Dylan him 

Qvtan ft Joan Baca In 4 trad stereo 

Prces 2.So ana 7 JO daily. 

PRINCE OF WALES. 930 8681 Cr-tf.l 
tardbljM. 930 0846. 11 week* onV, 

Wore New Yore Own 7 N«. iprev 

* L * M 

*■ If vou fian'r luD sue m* *• D, Eko 
A national The atm prewirwon. 

Ou BEN'S. CC. Q1-734 1166 

F«os. BOO. wea. 5.00. Sat. 5 QO .6 3 
5. Ml r. - MOST STFNICALLr *PE* 

AT 7 P"> 9 Pm Tt Om ' Oaen Sun." 
Fullv aw-condlt lemed., 


RFRENT 'Ovfarit Clrrusi. 01-637 9BF2-J. 
Ere*. 8.30 Mars. Frl. Ana !j- 5.C 

""A utMe lewd “ Financial * 

’■Smart swell Foe," OeUv 6rem 
So enaovabte " Sundav rimes. 

“ Lvrves have more eteiunce 
than ihoie for EVTTA 
Mow more fine 

than fhai or ANNIE.” Sunday reaeorapp 
Credit Caro BooR-nn — Swats bum £.2 

ROYAL raURT. 730 >745. Ey*.".' 8 

Sat. 3-00 no 8.30 Muv MO Nov. 4 
“A viriuoso rertetwaBce.' (X TH 
" This ii one el the h* 6-« Wavs or 
rhe cenrurv."" O. Mall 

ROYALTY. CC 0)~aas 8004 

Mord3*.Tnufrta« mmagi BOO c Hd»v 
S.30 a no 8 49 Satarrtavy 3,00 ana 8.00 
London CrH»i Va*f 
B>»' Musical O* 7977. 

Tel boah'nes acotp'ea.- Malar cretin 

tirdL_ m. III-4DS 241| 

ChVihV THEATRE. 01-BSft 88 

Cred>» carps TM -4772.- -Tons Coral in 
WHOSE unis 17 . AMTWAV7 
TO SEE IT.V Guardian, 

£« at 8.00 Fri. aid Sa» 5 4S ana p 45 

OASSIC 1, 2. 3. 4, Oxford Street loop. 

Tottenham Court RO. tuDei. 63B 0310. 
U ana A Proa* Ch'icRm halt-ortce. 

1. THE DRIVER lAI. Pnypt 2.05. 4 15 
Gja. B.40 UR Show IT am. 

2- FINAL DAY> Mol 8(00^ 1 HIGH 
ANXIETY lAi Prog* 140 3 5S. 6.15. 

8. 35 Late Show It pm. 

T 05. 3 30. 6.00. 8.30. Ufe Show 11 

140. 3.55. 6.15. 6.35. Late Show IT 

CURZON. Canon Street W 1 499 3737. 
fEnali&h SubUtieU Film at 2 00 u>bt 
. Son.). 4.0S. 6-20 and 8 40 

Klrit D-yoia* rn a 8Ha" De Palme Mm 
WE. FU»Y IXi. Seo. PerfS. wr 1.00 
4-30 a.10 Sun- 3.30 7.45. Lale NiRht 
Show Fri. ft Sai 11.45 om. 5**11 WMe 
tar even ton Pe*r. Mon -Fri. »nd all Pori*. 
S«t. ft Sun^ event* care Niom Shaw 

OMOH.- HftwmbrVat. .i920 2718-27711. 
M»DNtG»»T CXWRCS9 rX) Sep orocr.. 
UJv. »f J-SO S. 30. 8 30 o.m Lafe shew 
Frf. sat. and Sun. dMn earn 1 1 15 om. 
Prop al 11 .4S O.m. All ee*i* e kplg. 

t ^£f oN _.. l JT , ^ sre ' "Smian-. (95Q SlTlT 
Proa* Dlv CaOrs on** 2 00 4.45.. 7 49. 
!■*•*_ show Fri. ft. 541 Dean onen 
JMS -J? 1 - NS. No 2.00 Prog Monday 
. 23.10.78. 

OMW MhrbN Arch W.2 1773 201 » -71. 

KTMO_ LAV Se». ■■ moos • don oeen 
“JL.M. 2-00 7.30. . Sat. l.OS 4 I s. 
745 Sun. S.OO. 7 . 80 Late Stir— 
ro- .* S»». Doors open I !.J5 
■eat* bfeble. 

•RINCE CHARLES LMr Sir 487 81 St. 
Wi'fflw Boruwrvft . 

. _ *HE BEAST Lohrton iXl 
Jf"- -’J. 40 3 ,Q 5 - 53 - B'35. 

ISun. 3.10 S 55 . 6-5S1 Lre iho« F*l. 
ft Set 11.13 Seats Bhbfe. Liftf B*r." 

“J 00 ??. L,* ,* Qatar* Cirr-s 4J7 Lino 
J- IW Ctauharoh. Aran Sate* . m Paul 
MrawSJOCS An Uomsrrlen' Woman ‘CM. 

V 30 - 6 00 »-i5 L-e. 

S»L... 10.50 4 Aaalha ftrhHa'i twri, 

' *' IS 

vu ,wv p«v4... 


*ANTOOMV tor 1 - St. W 1. 

Dr^S V EYTQN Pamhnw and 

Gfii-'OY e. Cort“5f?«rwT. 
JJ-Y. RfiflW PaintiPtn ana 

SnilDioraa J* w f ZAtl Oc^Sem. 
2 1 Q«T. Mo nr-Fr l 1 Q - S 50 SaK IQ - 1 . 

• 3W1. OuhOidiT 

■ "Jr.iy* ° art. Bartwr Hepworth, 

B*y» .Moore Rm Nphol. 
-jRONrtMrt . willlata <rprr. 

SmEfii. fw, Aiso mu-u. iw. 

.Q 1_-488A T5S6. CPA Uf 
SS?" ZZ'i . •rOJ.Rimd. SW 3 01-3' 2 


iH»r«aiirr. cc. 

01*83* J7SS.Ewtt. ai 

- TborartHy XOO See. 3.00 8-30- 

01-836 5SR6-T. 

815. a/atlneer 

Ujwavn GwoEV's 



STRAW 1 * "• 01-838 2660. B*en|ira( 84 
Mae. Thur*. 'OO. srax UO and S-i 

■ nfM urtthh ■ - 
LC***DQW* iOUfr-MT t * UGH—- 

•fr. MARTIN-S. CC. 01 -h*S 1443 
f vns_ 8.00 M.rieeaa Tura 2 45. Saul 
S-OO arta-B.OO. 


. WORLD'S -rwia^LT «VEH RUN 
26lb YEAR 

TALK OF TO* TOW*. r.C- 01-734 Sf»S|. 
Alr-randdhymO. From 800 - D-h(na, 
Daratad Ate W*»* RPVUC- 

At 1 1-60 FFTER gormno 

1 ‘ , MAXW£LL°APM; 

CA^^N^ PtBRRe GALcf^ f1B80-195hl. 

Gel tan ns. Th* 
Sals. 1 O- 1 . 

Male Ga 

H**j Jw.t. -to5. 

Un ** ® c * 37- Adra.- tree. - 


iq^? 1939 ««■ 

thHiry CATALFf M . ITT- 

•W w rw leii n . 


UbHi Noy. 10 


— w. _ ■ 

— om Ng y 3 . *dm. I ran 


Record Review 

T5nanrial rimes Thursday 'October 1 19 1978 

Three Tragic Heroines 


Cito Adriana Locouvreur ?£ f,er tooes are ?f wltch ! ns: but £“ ccar * an a "w*«ng1j’ pompous effect. Ingvar Wixel! displays 
1 Santo ObSsova DofS' l fe re , ^ - a . se,f ‘ C0 f DSC ‘°“ sness Prince. James Levine shapes the tittle polish as Sharpless, while 
i Ajidnoll MHntt' SS * bou ‘ bersmgmg out of charac- score finnly-^nsembles are Gillian Knight’s sympathetic! 
Ambrosian Onera ChoiWPhll. ttr for M . hosc ‘ «»*««! excellent throughout-and draws Suzuki sounds unidiomatic. but 

ses « *• l-s 

iPiuclni :• uidama ButlerSv. J!?™" 1 .™- Malcolm Kins (Bonze). Jonathan 

SL' M Sl SSffi; S S ' X 

as. 8 MS I emjk 

harmonia/JHaazel. CBS 78313 deaff «5me have a wsslon P® ■« C ?L - desp,te conducting. though on the 

(3 discs! £1249. rif, . e , e a passion hornfle tales of difficulties dur- robust side, does not eschew 

Stranss Salome. Behrens. Baltsa. fora^ce™ 155108 th ° PCr ‘ - ns ^ e £° r S, 8 ’ *5** Act 11 r made delicacy altogether and the 

As Maurizio Maurice de Saxe ,n ^ e ^ n iS ry ra0i,t ti*e Pbilbarmonia plays even better 

as Maurizio Maurice ae &axe Test c f , the opera ca phlred in f0T him Than for'LevIne. 

Angervo; Ochman. Bohm, Van 

Dam /Vienna Philharmonic / Placido Domineo also cives of l** 1 ■ ' IDe °5f ra captured in for him than for Levine. 

Karajan. EMI SLS 5139 (3 hif b?7i n the fas t “t' e 'rli°r Jme - “ * ™ rtb >' lrtbute <* '«* The EMI Salome, recorded in 
discs). Cassette. TC-SLS 5139: his singing is elegant but not composer's dramatic as well as eight days during May, 1977, at 
£8.75 vppw - riooniv r-har.iptori<uw4 musical genius. Domingo, whose Vienna, with' technical assist- 

very - deeply characterised. musical § Gnius - Domingo, whose Vienna, with' technical assist- 

■ — Glena Obraztsova belts out the contractual troubles caused tbp ance from Decca. ran into no 

The three operas listed above Princess de Bouillon’s music with delays mentioned above, is parti- complications such as beset the 
were all first performed within exciting if not always appro- cuJar * y successful at catching CBS Butterfly. Herbert von 
a space of three years— Adriana prlate abandon. Sherrill Milnes the two-faced character of Karajan’s opera recordings 
Lecouvreur ip 1902. Madama makes a fine Michonnet lavishing Pinkerton, with caddishness and sometimes sound contrived in 
Butterfly in 1904 and Salome in generous tone on the stage man- charm equally in evidence, their balance between orchestra 
1905— they are ail adaptations of ager’s graphic “Ecco il m on logo." Renata Scotto has, of course, and voices, but Salome, despite 
Plays originally written in an- The minor characters, whose recorded Butterfly before, on the a very wide dynamic range and 
other language : Italian from music is frequentlyof particular old HMV set conducted by 

French. Italian from English and interest, are strongly cast, with Barbirollt. Her performance has The Books Page will 
German front French. In addi- Flprindo Aiidreoli striking as the been entirely rethought and c , , 6 - 

tion. each relies heavily on the Abbe de Cbazeuii and Giancarlo offers a more positive approach “PP£3J" OH MUirflay trom 

Half Moon 

Arturo Ui 

The Resistible Rise of Arturo parallel with Richard Crookback. 
Ui proved the perfect vehicle 11 a reading that jays off richly 
years ago for Leonard Rossi ter. when we come to the wooing of 
whose unforgettable perform- Duilfeet’s (Dollfuss) widow with 
ance established the petty the aim of joining the interests 
gangster from the Bronx: as a of the Cauliflower trade (Ger- 
Hitlerian automaton exerting as many) with those of the neigh- 
much. pull on the smalt-time bourjng town of Cicero (Aus- 
Chicago racketeers as on the tria). 

sympathies of his Frankenstein 1 bracket the Brecbtian analo- 
creator. At the Half Moon, gies only to highlight the' extent 
Simon Callow goes even further to whlcb much of the strlp- 
than Mr. Rossiter in investigar- cartoon has dated. The director; 
ing the puppet maniac’s com- Robert Walker, is surely right 

plexity of impulse. 

to play up the gangster spectacle 

soprano singing the title role and 
the two Italian works feature the 
same star and the same tenor. 
Playing the recordings through 
one after the other, however, the 
listener Is more aware of the 
differences between the operas 
than of their similarities. 

Cilea. the youngest of the 
three composers — be was only 36 
when Adriana was produced at 
ihe Teatro Lirico. Milan — uses a 
musical language more conven- 
tional than Ibat employed by the 
other two; he is less successful 
than they are in stamping his 
individuality on the basic 
material. Where Puccin! and his 
librettists, Glacosa and Tllfca. 
transcend and transform 
Belasco’s play. Cilea and Colautti 
remain enmeshed in the chains 
of the Scribe/Legouv6 drama 
that even ip 1902 must have 
seemed singularly old-fashioned. 
Strauss, working directly on 
Hedwig Lachmann’s German 
translation of Wilde's tragedy, 
superimposed bis own powerful 
personality on text as. well as 

In the opera bouse Adriano 
Lecouvreur can still prove effec- 
tive with a singing-actress such 
as Magda Olivero as tbe pro- 
tagonist. On disc Renata Tebaldi 

now on, apart from nest 
week when Business 
Books will be reviewed 

This 'ere Ui is a Neanderthal of thr play, achieving a stunning 
grotesque 'with a false hose, evocation of the St. Valentine’s 
crumpled posture, Grout- ho Day Massacre with ' the 
slouch and nervous recourse to treacherous murder of Roma and , _ . . 

cruramv oratorv.- It is as if Mr. a band -of pin-striped hoodlums] advocate for Cilea s opera. She 
Callow is forever engaged ,r, lined up against a side wall. '«"«*« a,wnre 

Iona McLeish's effective design. 

fDecca) made out a convincing 
case for the defence. Renata 
Scotto. on the new CBS record- 
ing. is not quite such a strong 

the opulent playing of the 
Vienna Philharmonic, has a con- 
vincingly natural equilibrium. 
Hildegani Behrens, as anyone 
who has beard her Salome in 
the theatre knows, needs no arti- 
ficial boost for her voice to stem 
the tide of Strauss’s orchestra- 
tion. She sounds amazingly 
young, an adolescent suddenly 
faced . with the . imperative 
demands of her own tempera- 
menr who has no experience in 
dealing with such emotions. 

Jose ran Dam’s Jokanaan 
also gives an impression of 
youth, a priggish, intolerant 
youth .whose sincerity of belief 
does not excuse bis self- 
righteousness. Karl-Walter 
Btihm makes- a powerful, not 
over-eccentric Herod while Agne* 
Baltsa characterises Heredias 
without grotesquerie or caraca- 
ture. Wieslaw Ochman is a 
lyrical Narraboth and Helja 
Angervo a rich-voiced Page; O'--’ 
Neinstedr (First Soldier), Jules 
Bastin (First Nazarene), Ger- 
hard Unger and Erich Kunz 
(Fourth and Fifth Jew respeo- 
tively) add distinction to »Vw» 

Leonard Bmt 

Bill Wallis 

Young Vic 

Richard III 

measuring the impacl of his own 

voice, varying his delivery for with its grilled platforms, lower- 
unpremeditated -effect and ing staircase and- steely carwalks 
charmed by the results. We firsi doubles as a sinking ship of-stpte 
see him. after a couple of high- and an eerie garage, its use ofj 
speed false entrances, skulking perspective and space both 
below stairs., carried (o a show- atmospherically exciting and 
down with Old Dogsborough reminiscent of a previous Half 
(Hiudenburg) on the back, quite Moon- Brecht success with St. 
literally, of the persistent Roma J °f* °f Stockyards, It the 
(Roehm). His consequent Political urgency of tbe play .has/ 
activity is as much a study in u aned— despite- the epilogues 
narcissism as a study in tyranny, the bitch that bpre 

an -interpretaUoa that lends the *-* if on heat again— there' is 
slnrious scene oMutelage_by the 2?M, !° rel| sh not just In Mr 

old actor in the manners of pub- -£»*!«" s memorable occupation 
lie deportment a centra I,' rev er- ro *f ‘ a 80 

berative force. Bpeed and vi vaeity of .• the 

Tbe physical self-consciousness support!n8 cojnpany 
underlines the Shakespearian . . MICHAEL COVENEY 

Bishopsgate Hall 

Nash Ensemble 


Michael Blake Watkins’ The scopic sequence of texts, which 
Spirit of the Universe, commis- take us -from Shelley’s intima- 
sioned by the City Music ’Society tions of some unseen Power to 
For performance by. Jane Byron’s pleasure in the pathless 
Manning and the'Nash Ensemble woods, before Shelley’s spirits 
at Goldsmiths HaN on October draw back "the figured curtain 
10, was given an almost imme- of sleep " to prepare us for the 
diale second performance by the ffnaJ outburst, 
same artists in the Society’s It is an over-ambitious pro- 
limchtime concert oh Tuesday, gramme, yet the. spark! ing clarity 

The spirit of Blake Watkins' of Blake Watkins’ writing, his 
universe is no vague, meander- keen ear for instrumental tex- 
ing, half-imagined ghost, bnt a tures which really do suepest 

sings, as always, with intelligence 
and commitment; the voice is in 
good shape and some of her ~ 

Renata Scotto 

Rodrigo's Flute Concerto 

Grants to cultural undertak- 

vital creatkjm full *of powerful somethin g of tbe words' P0ssib : li- j slow movement which areerts the share the applause. An encore 
activity. Wordsworth's -“‘ever- ties, and above ail his yearning ‘ f * 

lasting motion ” and Longfellow’s vocal lines (which one recalls 
“rapid ajid -rushing river of as perpetually rising,, never 
Time" ' provide .the climactic descending) all result in a work 
vision -of the- work, which- is in of considerable strength. A 
four secTions separated by three couple of potent phrases, one 
instrumental interludes. The crushed between a . major and 
solo soprano sings a kaleido- minor second, the other a 

vigorous. 12-note line which burns 
[itself out, are used and varied 

to the role than did the earlier 

Spontaneity is not. however, 

sacrificed to this fuller under- ings around the world “worth* a 

standing, and Cio-Cio-San evolves total of $237,000 have been 

with a natural inevitability from approved by the executive com- 

More than a dozen available rapid figurations, in- a neo- S lr,ish innocence in the opening mittee of Unesco’slnternational 

recordings of Joaquin Rodrigo’s classical way which might have “rIJILSJ fnJ 

Guitar Concerto (Concterio be come from Poulenc. The last last act Scotto sings Butterfly s Culture. One of the grants is for 

Aranjuez)' indicate -a popularity movement is vigorous. and dance- farewell to her child -with sear- a pilot project for a centralised 

perhaps unmatched by any con- like, a not particularly rural intensity, turning even the information system on works of 

certo foT any Instrument by any gigue, and there is nowhere an squeezed top note or patch art at the National Gallery- in 

other living composer. At home obviously Spanish touch. of harsh tone- to superb dramatic Loudon. 

I -refreshed the memory with The centra] slow movement is 
Julian Bream’s 1985 recording the pearl of the piece and may 
before setting off to hear the well be picked to stand up on «s 
new concerto which Rodrigo bas own. Its meditative fancy 
written for the flute of Janies never becomes maudlin. It in- 
Gahvay. • eludes a solo cadenza which Mr. 

The Guitar Concerto dates Galway concluded with one of 
from 1939. Its - traditional the most seductively beautiful 
Spanish flavour, with catchy, trills I have ever heard from the 
stroog-rhythmed melodies, -re- flute or any other instrument (or 
fleets the link, between the com- voice). Throughout the work, 
poser's motherland and ihe his evenness of articulation and 
chosen solo instrument. Now. unfailing sense of phrasing 
nearing the age of 76. the com- showed the superb artist. But 
poser must , surely have been the concerto as a whole (with an 
tempted by tbe possibility of accompaniment of oboe, clarinet 
devising something of equal horn, trumpet, and strings) adds 
caicbiness. equal puhtic success, upto-a little less than hoped for 
No one better to assist that aim The Philhamtonia Orchestra 
than James' Galway, who has so was alertly guided by Eduardo 
remarkably bridged the gap Mala- (who. as a Mexican, had 
between the cheerfully middle- previously given a presumably 
brow and the finest discriinina- authentic’ performance of Cno- 
ton? taste. land's El Sabin Mexico). Mr. 

The tifiw concerto bears Jbe Rodrigo bimself. who has been 
Spanish title of Concierto Pas- blind since the age of three, was 
loml. But it is only the central then led on to the platform to 

It is desirable that there Even so, I cannot go along 
should always be Shakespeare with a Lieutenant of the Tower 
available in London, if not from dressed us a police constable, or 
one of the big companies then with Catesby and Katcliffe wear- 
from some other company that ing the uniforms of a captain 
need not necessarily aim so high, and a lieutenant respectively. 
So the Young Vic's current especially when there is a red- 
season -of three plays in capped brigadier in the field 
repertory, which they have (the Duke of Norfolk 1. I don't 
labelled Action Man and which think the proper degree of 
includes Richard III, Hamlet, authority is represented when 
and The Tempest, is welcome. courtiers speak to the queeu 
By dressing his production in with their hands in their pockets, 
modern dress, and including or keep their hats on as they 
such conveniences as the tele- C D' “Long live King Richard.’’ 
phone, the bicycle, the car and under that pretender's very 
tbe revolver. Michael Bogdanov eyes. 

means no doubt to show that Moreover, although the simpli’ 
the principles which drive the city of the style, which in prin- 
characters in the play are as ciple I like, should allow playing 
valid today as they were in as fast as say the RSC's in 
Richard's time He puts the Henry VI. it goes very slowly 
players on a plain octagonal here and the play lasts well 

stage with the audience all over three hours — too much 

round; whether it is the with such a colourless spectacle 
ordinariness of the clothes or the the stage. Yet l still resented 
deliberately twentieth-centurv some of the cuts — the splendid 
j- _ ~- 0 . of speech, in which poetry antiphonies of the queens and 

performance. In Salomes final has t0 R f ve wav t0 drift. I don't the Duchess of York in Act 4 
munologue over the severed bead kTlf)U . but w - th one or two particularly, as Linda Pnlan. who 
of Jokanaan. soprano. MDductor.! exceptions „. ervonc seemed niakes old Queen Margaret a 
orchestra, engineers and— especi- 1 identical to me.’ There is so figure of much dignity, is thus 

il? little acting that we might as deprived of her best music, 

transmute base metal into gold. I we ]j he at 3 rea ding. There is liitle in the way of 

„ i The characiers indeed seem battle, though ihe dark staff- 
UNESCO grant for I deliberately lifted out of their conferences in the corners of the 
Notional folio™ ! proper spheres. Bill Wallis, a stage, with the threatening sound 
XMdUUUdi Udiiery !liltle p| UQ1 p Richard with a lame of armoured fighting vehicles off. 

leg and a useless rieht arm. build up well. The AFVs make 
dressed usually in a dark pm- a more apt accompaniment to 
striped suit, contrives to erapha- the action than the choruses 
sise the influence he has over from Handel’s Messiah that 
his colleagues— you can hardly break out unexpectedly now and 
think of them as a court— by his then — the sudden on-stage 
sardonic superiority. It is an execution of Hastings by Rat- 
interesting performance, but of cl life and Catesby (not Lovel), 
a company director, not a king, for instance, is followed by “And 
and 1 suppose this-may be part the glory nf the Lord." 
of Mr.. Bogdanov's argument B- A. YOUNG 

to great effect. The rigid scheme 
of the interludes (for each wind 
instniment- in turn, each with a 
central solo cadenza for a string 
instrument) works against the 
developing pulse of tbe music; 
but all the sounds in these 
sections are vividly imagined. 

The performance was beyond 
reproach; would that all first 
performances could be followed 
by a second as confident and as 
strongly profiled as this. Antony 
Pay was the clarinettist: flautist 
and oboist had both played with 
the string trio earlier in the 
concert— Judith Pearce subdued 
and serious in Mozart’s un- 
rewarding A major Flute 
Quartet and Robin M ! ller.. keen- 
edged and atmospheric in 
Britten's early Phantasy Quartet. i 

affinity of the flute for the peace- from Mr. Galway and the 
ful, rustic life imagined by tbe orchestra was an arrangement of 
poets. The first movement (ten the last movement of Rodrigo's 
minutes out of a total of about Fantasia for a gentleman (origin 
27) displays at rather too great ally with guitar soloist), 
length a series of energetic, ARTHUR JACOBS 

Wigmore Halt 

Hakan Hagegard 


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" The young Swedish baritone, to display the full -beauty of the 
already a favourite Glyode- singiog. There was no. trace of 
bourne performer, and more exaggeration in the way interere- 

... r ‘ t*-,,,,,.-,, tatron points were made, no brll- 

generally fami ar as fapageno ]iant searchlight on special 
in Bergman s Magic piute aim, words, no cosmetic applications 
gave his first London -recital on of nuance and shading. And no 
Tuesday, lr was a great success, threat of dullness or sameness, 
a radiant,. glowing exhibition of either, the. tones of. the' voice, 
an artist in whom gently poetic and their precise adjustment, 
platform presence, truthful in- released unerringly the dramatic 
terpretative instincts,, and pure, spring of each song. The 
beautiful, sihgipg seem all to Schubert group showed this; so 
flow from the same inner did an eloquently underplayed 
source. account of Ravel’s, three Don 

His- art, though it -knows Quixote songs, their comedy dr'v 
subtlety. intelligence. and and delicate, their - tvricism 
decisive musicianship, is ba^ed clearly pointed, 
first and foremost on the just- The programme was very in- 
ness of bis singing. There must teresting, and rather too heavily 
be something about tbe Swedish weighted towards sobriety in the 
language that encourages in so second half. There were no-song 
many, of its native singers that texts in the programme; what on 
specially soft, liquid way of. earth was the average non- 
uttering ■ notes and — sunul- Scandinavian member of the 
taneosiy seamlessly — joining audience to make of Rangstrem’s 
them. Like Bjoerling before five King Erik Songs, apart from 
htrp, and like (at her best) noting their impressive sorabre- 
Catanna Llgendza (to give just nesfi of colouring? Frank 
two examples). Mr. Hagegard has Martin's Six Monologues, from 
an apparently- effortless com- Jedermann, though more fre- 
mand of legato ; he shapes queutly given, are even more 
smooth long phrases, lets them demanding of andience concen- 
pour ont, as though it were the tration. and without the words 
easiest and. most natural thing in that was unlikely. (It 'was here 
the world. Ar the louder dynamic that - the pianist Thomas 
levels, a touch of metal enters Schuback. always a diligent 
the timbre; that .too. seems partner.,- was at his most vivid.) 
tyn>cally Swedish. But for audience patience there 

His ^programme - began with were rewards: a Final Brahms 
Mozart s discarded aria for group, with a tender and poised 
Guglielmo. Riyolgete a, lui lo - wic bist du meine Konigin ” 
sguardo ” (which Hagegard specially notable iu if. and two 
revived Jn this years Glynde- remarkable encores--Erlkonis“ 
It was & deff vcij a • miraculous drawing out of 
attractive sUrL lightly turned; high drama through precise 
but it needed the first of a Scbu- vocalisation. . and Caccini’s 
bert group.of five songs. “An die “ Amsrili.” superbly pure in line 
Leier,” with its . alternation of and_ fresh in tone. Memorable 
declamatory and lyrical phrases, evening. 

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A • • • 





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financial times I Choppier waters 

■ : Financial li mes Thnisday . 


Telegrams: FUanUmo. London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

• Thursdav October 19 197S 

BP and the 

ahead for 
UK shipyards 

BY IAN HARGREAVES, Shipping Correspondent 

W HEN SIR Keith Joseph builders also started life with effectively on price with any 
rallied the Conserva- two other larre headaches, country in western Europe, 
five Partv conference i* i ne t According to this theory Britain 

Co m pan y 

-Brook Marine 

(end March 31) 


Srriths's D ock 

Swan Hunter { 1976) 


Last Riff year pro-nationalisation 
. Pre-tax 

Turnover, profits /I ones g 


J 77-1 m 

£72 ,4m 


£5Um — £L4m 

f d MMICII l T V time Party conference Shortly before vesting day it lost to this ^Britain Camel Laird 

v t last week ^ a re . worklQg of most - 0? designated senior needs only to amg po wa,ie — 

the “no mercy for lame ducks" executives in a Vrote=t against 1116 others n . ak * “ lts 23 Yos P* r Th o me y croft 

IT SEEMS that Mr. Anthony accepted by the company ^eme. he made 6pec ific refer- ^ Government’s mishandling to emerge relatively unscathed. • 

Wedgwood Benn, not only in his ur tee Government: so the eace to two industries: motor- 0 f xhe nationalisation lesi slat ion. keeping at -east the 4 per cen^ . 

capacity as a member of the National^ Oil Cor- cars and_ shipbuilding. Even more serious, the new iL? 6 !!!!!? JSS * Ffekerspli 

UUUd'-ltV db cl UICI1IMCI Ui __ I “““ -■•■I . . Litcu lUliiC icrioua, tuc uciv — __ QT1 

Labour Party’s National Execu- P**'™ ™ XL™* feference to sliipbudding corporation faced the worst 

Austin & Pickersgill 



— £9.2m* 

77 ). . £47 An. . . -£ 6.9m*_ 

(lime, 1977) £ 16.7m £0-2m 

Unemptoymem - 

In' area Order* for <**G*»iY 

°£ begnafaig.laiwiqf.W ^ 

2 yroM naraJ cr^ for hfijeria 
Li and Oman (1 WB)" 

- = " -4 .fast Pdt ral carft - 

4.7 . 1 cruiser ' 

- 4 midyear udanarinw 

■_ 1 Typo42 d e st r ie r 

9.7 3. bufkearmr* £1979) > 

77 4 container jltip.JIW}):' . 

1 diving support. iki p.tWWU 

8.5 V conttineT thip 

1 . cnii»r_+Jt Type 42 fnyatv* 

13.5 - 2 cargo raisels " ' 

1 cargo vessel 

A ca rgo vestals (16ffi9 dwt) 

tiS 'l Type- SS tankers 

1 Typ e 42 destroyer ' 

42 1 nrioe*W»«pfr 

2 Mk 9 frigate* _ .v.*. 4 . ; 

3 October ch«s patr ol .rides. 

135 13 SO 14 cargo ships • 

2 SD 16 cargo ship* 

13 muta-purpost- 

ment's relationship with BP. a ua ^ a ^ a insight or in irony, as it was tne world ship output wUl be 
Tv.o weeks ago. at the Party ai?o rejected, presumably on the decision to pump funds into between half and one-quarter 
conference in Blackpool. Mr. grounds that it might damage Upper Clyde Shipbuilders which 0 f the 1975-76 level, depend- 
Benn supported an NEC resolu- tee effectiveness and credibility destroyed, the Heath Ad mini stra- j 0 g unon the unit of raeasure- 
tion railing for BP to be brought BP as . a commercially tion’s tough industrial policy rae nt employed. 

-under full public cuntrol." orientated international oil seven years ago. 

The main issue in the eyes of company. The cost of keeping this one T> I £ 

delegates was. of course, the Oddities yard in business has already |jj||2l||/>p Q£ 

Bininam Report on Rhodesian R *_ —inht arm,p w ;rh exceeded £60m and in the last 

sanction,. Thi, week the argu- hisVnSria? «Uier*3ian his « taost £3 9°™ P u f. lic DOWer 

ment ha 5 been broadened. XEC Uat on< ^ h(1 is merely money has gone into the ship- ** 

Se r DeSrim"m n D^ Eaw’ 1 *! seekia 3 closer consultation so as bu ^ ng mdustr >- . Simultaneously a fundamen- 

t-ie ueparimcnt n. r.n.r-.y .5 , n 3nv - ncE ihi n .nnAi^t hp. Thpsp. sums seem certain to , ....... 

Simultaneously a fundamen- to the paint 

advanced, is that there is **a — r— — : TT cam ’ «* < *««« 

minimam viable size' for a Y-m.w.()u«._ ! »77X__aSA !1 . aJm &*> *1 ’ — 

shipbuilding industn in terms Scott Lithgow ' 3 TwS. dwt< W 

of retaining labour skills. (major companies) £61An -£0.7m 7.600 11.0 o»o 

research and development ships for PotamF^ 

potential, back-up supply mdus- , 3,^ thip-^Nayy off ,^ 

tries and economies of scale. emvrcenctar oaft— 

By. this reckoning. British ship- . . . — ; ’ •' • • ■■ ■' 

building is already as small as «pamaj ty 

it dares to be. If merchant ship- ^ 

tn* * the^DohrT of 'Slapse^feis touches to its plan, the group, tivity and whether yard closures appalling • labour -v; relations 

to me point DI COxiapse, uua V~A _. Jv . . , nn. ramnl anrf almAXt nn 

3 muicHnupoM cargo sfaUs 
^ for Pol and . , ■ 

< tug* •' 

3 21500 dwt caigo Knersfor . 

2 small maJti-perpdr cargo 
ships for Potetd . /t:-. 

1 supply riw p . - Ha yy off tf ioio 

MWjMchf oaft-JA . 

• AcB otat i quilffl ad by Xndhan 

self- w here jobs are most at risk is are desirable not to cut cap- record aiid almost . uo .work, 
hips that comprising the 12^500 steel- acity but to increase efficiency. Across* the - river is - the . busy- 
. : a workers on the merchant ship- Although some parts of British South Bank yard - with quite a 
* building side and, to a smaller Shipbuilders, such as Austin good" labour record '.hut r with 
r extent, the 10,400 ancillaiy men and Pickersgill and Appledore. markedly outmoded equipment, 
working alongside them. Given have shown themselves to be much of- which .is. more ’ lhan 

builders and Harlan d and VToiff 

that even an outfit-intensive competitive with Japan on equal 30. years old. This- yard Jus 
frigate prerides as much steel- terms, the majority 0/ yards -submitted cosfjv nrndefoisaHbH 

work as a 250.000 dwt -supers are way behind by perhaps as plans to its parent corporation. 

oe m-igmenea II or ««!> UlrfUC — ... m w _r lg yg com- thti Kfilri nf qn»rn. “ «» uni. -oupci- am na» 

to report to the Department of losses for its first nine months pared with an average of around «■„ tanker, the size of the rednn- much as. 73 per cent, if this is These are the planning, deri- 

Cnn.-n- ,4th., hi? hum nf Irartins are now beine DUt nn ^ ,n— . ment Suus.aies. " 1U nrnhletn inln- rwr. not (»nrrppTeri tha induStrv will cinne whiipK imicr V«p f 

f-iT ; nn neiween the tomnanv and Jnavpenueiiirv. trie 1 tvuuiu “ “ . • “ ‘ “X, 7T' " TOOK aU per Cent of new orders h .j Hprii __J Harland and Woiff “V 7 , ‘ 

hor?nvern^enl must ■• J eo- ca ^ he heightened if BP was made employees. British Shipbuilder in ^ ^ f l978 Hi^nd and^wom worK M a 3^0.000 dwt so per are way behind by perhaps as plans to its parent cnrpontUorL 

mo ° ' fo report to the Department of losses for its first nine months pared w“. “™W of around SSt^Sb^ef wiS tanicer - 1116 " of *»* rcdn °- ra “ ch 33 75 J*" “"‘j ** -1? TheSC are lhe 

‘ ' . Energy, rather than as has been of trading are now being put 20 per cent a vear between 1974 522, danc >' problem comes into per- not corrected the industry will s j ons which must be faced in 

Commitment the esse since 1914. to the at close to £100m. in addition and P ig77 Kork alone will have *P« ah »- In wBU- between be dragged down by them when an attempt to'- guarantee-, JJw 

Mr. Bonn is treading on Treasury. to the commitment ot over£60m J e d » me°et one ttdrt ^ mtsfre -«» ** endS ‘ • ***** * long-term future - 

dangerous ground here. ' The There are. nevertheless, some so far in ship sale ™bsidi« of ship demand in 198l - ® rldwide S, artrP rin g campaign iu ^ nskm l ]« tv ^i’ ears ; Big strides have been made The same argument applies in 

Government gave a commitment oddmesin the present relation- from the 'Government*. Sh ,p - and> with Japafl stilI looking d ^ aTai^oi^tTof 25 per . There are, top. other types of thiK year in setting up joint the vexed question Aif. whetta: 
3i rho time of the public offer- ship. There is no obvious building Imervention Fund. weII able to retain its by now * ■ cuts Se snipbuilding work for the monitoring committees to main- Briosir shipovmeft" should - he 

ing of BP shares last v t *ar that strategic reason why the Gov- Although in the year before traditional 50 per cent market shinbirildin" Intervention Fund. mdnst3 T- 1x1 “* ^orth Sea, ^ production targets and in encouraged or eoiApdled to. 
it would not alter its' relation- eminent should retain majority vesting day. unaudited manage- shares, the future for West ord ers booked, "at 77,740 grt where m0 ¥ rcrdsjiaire negotiating flexibility of man- order their new tonnage ;& 

ship viLh the company. The control of BP and it might be ment figures showed a pre-tax Europe looks difficult. Even a we ie only about 20 per cent of U P t0 now **«* outmarketed and n ing in some of the worst yards. Britain. The option of ttwhMt: 

Bank of England, according to better if the shareholding was profit of £2.9m. this concealed 20 per cent share of world out- output in the same period. Some outclassed by continental com- But this has only happened with sion' does not.naUr "eifat-itf. 

the offer document, "was gradually reduced. But if the the fact tiiat the accounts of pu t i n ^981 would mean Euro- yards ]j^ e Haverton Hill, Heb* P 8 55 n *_ S^ 5 "- Slupbuilders ^ help 0 f equal' pay awards practice because bt the easetf 

authorised bv the Goverment to Government wants to continue some of its larger companies pe an yards operating at well burn* Dock (part of Swan and Hariands are profiting from ander Schedule n of the Em- switching to offshore openfim' 

say that it is the Government's the 51 cent holding had been qualified in previous under one-third their present Hunter) and one berth at Cam- “*® Governments p ressure on payment Protection Act which and foreign flag ;«glair*5vfe 
intention to maintain its rela- and the policy of non-ioterfer- years, mostly because of capacity and even by 1985 at me n Lainj-g new covered ship- oti companies to buy British. have added over £15m to Bri- shipping but there. is 

tionship with BP in a wav ence. then the role of the uncertainties about losses on only just over half capacity, vard now have no shins to build. A number of other plans are tish Shipbuilders’ wages bill, that British owners 

tionship with BP in a way cnee, then the role of the uncertainties about losses on on ]v just over half capacity, 
which does not breach the tradi- Government-appointed directors contracts subject to delay, can- These sums could look even 

A number of other plans are tish Shipbuilders’ wages bill, that British owners 
circulating in the Industry to The challenge is to build on mpre ships at home if*&Q 

wmen uoea not oreacn uie iraai- 7 * • . 1,1WV "““a Wnw/»vor thf- rrisic in mpr- iuuuou; w more .snips* iu. minus it. iorc 

tincal practice of non-inierven- nc ^ds to be clarified. They have cellation or some other disturb- worse f or Europe if account is „ 5 5 - ^ keep the yards busy without these improvements at a time were confident about- petforii# 

tion in the administration of a veto power which is never factor. Indeed, the late taken of productivity improve- hv ihe ^e of the Mval addin - t0 ^ chronic surplus when shipbuilders’ wages seem ance . and delivery. Some Brihsh 

a 1 .... _ - * iicr*rl *ini4 i 9 nnl nlnn r n f 3T)Dfi3f3nCP Of BfitlSh SlljD* men tc nrKifth m oHll tn ho lllLlG D„ vflv 5IZC OI l* " 3 — mnivl Ua nt x-hiiwr urhinh i/i /wsvfnin 9 a Inca arnimri tn thncQ ■ ■ -1 - *“ U‘ 

K^h.nwV^iT in 'the IxrSf- =Part__frorn beins eritl-lj" n °“‘ JJl'" Briujn both Aunh i and I Pick- biaidins” t ” V 

®ramme 4 Over one- of aercbant ships which is now certain to lose ground to those owners have good reason to 
itish Shipbuilders’ P. rolon S in * the shipping reces- in other sections of industry, complain of the quality of Writ 
engaged in warship sion ‘ These include building T he ot ij er 5i S question is^ 'even on some current coMracts. 
substantial switch 003513 pat f°J vessels to super- lhat Qf investment during a Moreover. British Shipbuilders 

out that tne richt 10 veto a ment 10 oring up to date uie . imase which has been ira 10 1, ® ra ST° s s tins Igrt) ship construction for their lir- ^r t3K ’fT ;ea *“ e 'J° v ^ rn f nen[ drawing up the curoorate plan tHpsp ire thp nmhlems to he 
resolution h.d never been u,ed. <•— K axrtin* t the pubUe ou«P«t per yexr i, twofold First in- This proportion will S™- paS-er J has be ™ «» re5 »™ d «<“ if^SSSSMto 

As these statements indicate. .J., 1 , Bradfaur ^ Iette J m imagination by the confusions not expanded m the last decrease further as tne misea L Sf n !.! r Iht » t0 <S^aS investment demands from all ^ nrcsented Act oooortunity 

'iJpKSsi e zLzss&z sffi'itfsa;: w fssfiss&ssfss « --- ° r a . s 

S n ny 5i ulv^“ent n p,to' ^ Wt ~-& , SSW^S2eSMS' S? ’ThiST^Sr^SSS^" *!»««• “ - *" • cras,a Difficult 

s™» people. SVtVd preblem’hM'now sorted outthe “K? .b^b^.SSK “ 

lin *‘ A In . a J® y aica It is a Aall drdeir fdr Britiai 

ti"n m : chf have be<*n tn make and the Prime Minister will shipyard on the Tees, 
use uf BP, but this was not have to catch it. If on top of these ; 

A structural 

FOR SOME considerable time than estimated in the govem- 
the Japanese authorities hare ment's economic plan, and 
been trying to persuade the which was beginning to have a 
rest of the world that the marked deflationary impact on 
measures which they have taken the growth rate of the Japanese 
to restrain certain categories economy, could prompt the 
of exports, together with the authorities to relax the res- 
upward revaluation of the yen, traints which it bad imposed on 
would in time put curhs on their major exporting industries, 
apparently ever-increasing trade „ , .. . , ... 

surplus. Figures published in , 0ne o£ ^ P rob * e “ s 

worst of its labour relations »« me bbmmi mwe annin as a 30 D preservanon measure, qroq 

difficulties the same symptoms merchant fleet, still the fourth and more immediately when outlook les^alarramg. _ In May dlca It is a ^rder for Britiai 

persist at nearby HavSton Hill largest in the world, provide the some warship repair work is ^ . -, ear ', 22 “Jf of _ Shipbuild^S' to '^ral With all 

Qhiovard on the Tees. industiy with a home demand transferred from overloaded British industry s workforce was This is ; the really difficult these questions in-wbal nutst be 

If on top of thesTproblems. **** ship- naval dockyards. aged over oo. although the pro- area for management. Should onJy short -period of time, 

one takes account P of the building countries. Last year The problem with this change portion in metal-using Trades lt dose some yards and coneen- ^though .the present Goveni- 
familiar argument that an ^ UK shlpyards turned out m balance s in the order book is Jw at WM men ttwe resources on the best- ment ^ U -uncSuMedly go. on 

advanced high cost country like L02m grt °[ ships *°? h a Qine an ? ^at warships require a much sentmg D per cent of the total, equipped centres, moving ib-' buy a little more Of 

Britain should be moving out of abroad as the British fleet took higher proportion of outfitting Tfcitn the aid of the recently gradually to a structure of that orecious commodity ' : 

heaw^ 11 industry t wards more delivery of 1.8m grt from yards work — plumbers, electricians established redundancy pay- specialised centres of produc- that preciaus^mmodity. 

^Jdll-intensive^actfviti^! it Is all over the world. and The like— than steelworkers menls scheme, some relatively Uon for certain ship types? Whether the^ Conservauves 

easv to imagine the force of the Another argument not usually or boilermakers. A frigate, for painless changes should be Th e complexities involved here wo “ 1 5 , 1 . lak ^ :■* . substanjally ffifr 

-Sie duck" case, should a voiced in public, is that the example, requires 2o times as possible. are considerable. For example erent Ime is open to doubt, but 

future eovemment choose to Government believes that much outfit work as a standard The more searching question. r r _-__ iri _ tw,. ? ’ whichever party is m control- if 

if British labour cwts low by SDH cargo vessel. however, is whether the work- on Teesside Smith . Dock has ^ hare to ..set * date for the 

As if this record were not a European standards-, now enable For this reason, as British force needs slimming down in a relatively modern yard ending -of: the duck’s period of 

sufficient handicap. British Ship- Britain’s shipyards to compete Shipbuilders puts the .finishing the interests of better produc- (Haverton Hill) which has an convalescence. 


Tavlno Rrsfain’q entials but .stressed that staff vegetables the rule is that they Taking Care 

I axing Britain S were warned against even must be pierced rather than ® 

Ka i fihrfa accepting a bottle of scotch from struck— scoring 15 points. “It Admiral Arthur Phillips must 

moral liurc outside suppliers. And a third is extremely difficult to do this be disturbed. Not only has his 

No-one, it seems, considers said it had not wished .to appear as it usually skids away, but memorial been moved from a 

■ ^ , ~ • ... T . tr-idp C] I ml 11c ic that IN O- one, u seems, ransmen ~ , xueuioruu ueeo uiuveu irom a 

Tokyo yesterday suggest, how- f* p “ es ; ra “J? e fringe benefits as peraicio^ as as it might be thought to be my thrust was wholly successful churcil of to tem Ie t 

ever, that the turnaround in the , rapDlc aisinDU ™ ,n 1S th ne0 ole who receive them leading the market in such sen- on tills occasion, said Hudson. , . . , . 

trade balance will take longer SfatTtee senSme^reicedby sitive mattere “Unfortunarely I became self- Jut the temple is a 

than the government *a s been H^^y. Durih. iT SS those interviewed in ■ conscious." foreign one. 

forecasting. ”, . . rp y g . . fha latoct cupvav nf the* “nprkR" a- nf It is now 390 vpars sinn* 

xorecasnng. Jight cate odar Months' of this the latest survey of the “perks” Following a sudden twist of Xt « now 190 years since 

The trade surplus rose last year> f 0r example there was a boom. TanglGd line t he umbrella the carrot shot Phillips “fixed and founded" 

month, from $1.99ba in August ^0 drop in japan’s surplus Jan Hildreth, director general off into a shop called Pandora’s Sydney in Australia. He later 

to S2.63bn in September, and the EEC. when measured ° r * e Instltut€ oE Dirertors - Wl ? reason . 3 coUeape s wife Box and struck ^ proprietor became ' its flret governor and 
compares with $lA5bn in Sep- S Yen teras as tee iSS” f a ^ he “a ter- tends to answer tee phone with « a tremendous blow" on tee ? he warf of 3?ea™ Strwt 

tember. 1977. This brought the i a J rible waste of time,” and “a simply, “hello.” It hapneps that back o£ neck i, n L„!l!ri, r 

t,ad, surplus for the first six * direct distonion of the market” their telephone number is rmlnd th . S"? 'J 5 L'JS * “JT 

mnntH.- nf th.. ntirront ® per rent rise in imports w _jj_. wrt,- mn - n nonnia cimiisr tn tho+ nf th» lnpiti As soon as I got round the onal in St. Mildreds church. 

New fro m Northe rn 




ZSZ^oi fl*™™: i c fl = from the European Communi^ty. ™ ‘Uk’* .^nse 0 ' To corner 1°°™ C w 

with S8.57bn for tee first half Sus *wSf th? 8 vT * irce by benefits which are legal toe unusual conversations, of which J^ed Hudson, “I have taken a n0 *, th .® Ban ^ of 

of fiscal 1977. For the whole of S“ t W ff J! more ^ey are tempted to think the following is a recent different route ever since. America. bult on its ashes 

fiscal 1977 the Japanese trade rese about “ore on-the-margin example: i r l ° ** BnUSh 

surplus was «20.33bn, and it is ^J e f X of 1116 world rose things that are naughtier and Brr . . . brr *.**««.■ " ’ coloruser ' 

becoming more difficult to be- ultimately become illegal and "Hello?" N. I . BritOF! The bank celebrated the oc- 

11 1 k I In I zk 

lieve in the government fore- The reasons for the relative | the whole of our structure of ’’No, no. no. my dear. When 

N.Y. Briton 

affords shelter to the British 

The bank celebrated the oc- 
casion yesterday, surprising me 

figures look very different if ex- materials in U.S. exports. But British being “Jess straight, less number.’’ 

pressed in terms of the yen the bare fact that Japan now scrupulously honest than they - 

which has appreciated by about accounts for some 40 per cent were and that's too bad." And 

40 per cent against the dollar of the U.S. trade gap goes a Tony Christopher, general secre- Oounter-DOint 
over the past year, arid they un- long way to explain the extent tary of the Inland Revenue 

doubtedly have a point. It is of the revaluation of the yep Federation, is worried that ^ ' s reassuring to leirn that, 

also true that, if measured in against the dollar. * "Adam Smith's nation of shop- as th ey walk along the street, 

volume rather than value, /'v, keepers, I think, has been trans- ?b e eighty of Lloyd’s are think- 

faccurers Hanover Trust. when tapped, but inside the 

But Harry Taylor, a 51-year- bank the sculptress responsible, 
old Briton, is now nearing the Sharon Keenan, could be seen 
end of that pate following his with the bronze original. Why 
appointment as a vice chairman was this inside rather than out- 
of “Manny Hanny.” side? “ Oh. bronze metal is 

u - _ valuable.” came the answer. “ it 

His appointment mirrors . a 

»uiuuic man %«i U e. . Keepers, i tnmK, nas oeen trans- U1 * «» t.ioyu a are umm- . -rrv — "might be stolen. ’’ 

Japanese exports declined in v , ompcution formed into a nation increas- in g similar teoughts to the rest similar move earner in the year 

both of the first two quarters of By the same token, however, ingly of bartering fiddlers.*’ °F us. Similar to mine any- w hen the Londoner Dennis 

this year, by 2.7 per cent and u.S. exports could present the All those sentiments are ox- wa - v - Sir HaveiockHu.dson. three Weatherstone became one of ' 

3.S per cent respectively. By EEC with much stiffer compete pressed in a film being shown T ‘ mes chairman of Lloyd's, des- deputy chairman at the Dog S dinner 

SSL 0 ""* ?*•*■»• ma * eL tonight in the lliames series. Sj***.'? on audience or bro- J*2“*V* “22K? For reasons I hav, 

Hlk « # 


the latter criterion, at least the tion on the Japanese markeL I tonight in the Tliames series, crih ed 

have never 

— .1 mere « a »u UiS D y lowering effective non-tariff left those who receive the perks An ? Peooie or piece of rubble mu is xeaouoraoie cn airman, — 

Wtogo. barriers, or by expanding to describe both the wide range struck by the ferrule of the Gabe Hauge. ™rt advS? of Jhl iSS 

However, the figures for the domestic demand. As it is. it —from leased Ferraris to hand- umbrella when freely swung, A close associate of Eisen- T 

single month of September also seems unlikely that the made shirts— and the moral without slackening one’s pace, hower in the early 1950s, Hauge 

show a marginal 0.6 per cent economy will meet the 7 per effect they have. But where in counts five points." he ex- has been one of the leading U.S. m sflrit hatph nf iivirtw 

increase in tee volume of ex- cent growth rale target set by tee programme were the com- plained. “ in order to ensure that bankers for many years and will ■” v* v, 

ports, the first such volume the government at the end of panics providing the benefits? tee third year of one's 1976 be a hard man to replace. But a "f h SJJISi 7 fanac a ■ n 

increase for five consecutive last year, despite the public in- I asked. underwriting account runs off -John F. McGill icuddy. a Wltn "“S 5 * 

months. It is difficult to make a vestment package launched six Four of them had refused to satisfactorily it i s necessary to rigorous 47-year-old, who is to . One Island of good taste will. 

hard judgment on the basis of weeks ago, so the government appear. I was told, namely the score, a minimum of 25 points take over from. Hauge in April, however.' be tee Savoy Hotel. 

one month's figures, and the may come under pressure to do AA, BP. Ford and ICI. When I on the journey, it is possible, seems undaunted a* the pros- It wouldn’t happen here;” , a 

Finance Ministry in Tokyo is more to tackle unemployment telephoned these one seemed however, to score certain bonus pect. spokesman assured me. ‘tit’s not 

dismissing the upturn as a and under-'used industrial capa- surprised, saying that it had points, and this is where the He has been president of the really a very English thing, js 

“temporary rebound." But there city. But on any hypothesis, a given all information it could trouble started on January 4 bank since 1971 and now smart it ‘ 

ha-? already beun speculation very substantial Japanese trade to Thames. Another thought any this year ..." ' from retaining that title ■ will be 

that the previous volume decline surplus is likely to be with us discussion on perks might pre. On this date Hudson encoun- chairman and chier executive - ' Ckhewnn** 

in exports, which was greater for a Jong white yeL judice negotiations over differ- tered an enormmit carrot Fnr tnn (/vdv-/ t/w 

Now. you can have a regular monthly inaameTvithoirf. 
spending one penny qf your Investment 
% New Northern Rode Monthly Income Sharps pay 
interest into your bank eadi month- with basic rale income . 
tax paid. .- : ' 

.. And you earn exhe income, because interest is kept 

nf fl akmin IWa C. - 1 1L‘ -J ! : -. *- 

in exports, wlyeh was greater for a Jong while yeL 

[judice negotiations over differ- tered an enormous carrot. For too. 

rate at all times! ' • 

; Kfinimura investment is a lumpsum of £2OO0for ff 
mmiinura term of one year. Additional icrresbaente'of £S00 ; ; 
upwards arejpertnitteQ at any timp_ lf ytiqy rish tp withdravV J-'- 
aner one year, one month's notice is requ ire d. %;•' • 

Obtain fufl details from your Iocaitis?jn(iL ; 


Chief Office, Northern Rock Hi 
Gosforth.- Newcastle upon 

‘‘TaT rtcoo OCT'S 




iTffitndal’Tfcres- T&ttrstfarOcto&er 19 1978 

- !. \ 
’ f 1 

''ii. "V 

■ ■■ . f, 

• .V . 

•t.. • ‘ 


*. : ?‘W* 

t-. v> 

‘ ■ 


where the TUC was ri 

. TLC has answered the in Britain and with market be- pretry rigorously and a savage them the dollar rate would have 

™“ ats thallcnge to put Iiefs about future monetary reduction in monetary targets, fallen even further. 

"If proposais f Qr P 01 **?’- ff this exchange rate aim had But it is of course possible 

by suggesting The great advantage of the been the conscious object of t0 look at sterling's movement 

i « l COT3pa f 1M pay " monetary and exchange rate policy ever since tile beginning in relation to the European 

qrth- S M Wase increases approach is that it allows flesi- of 19"7 when sterling first hegan Unit of Account, popularly 
° e j U ? a - e t& pass way that price con- to rise (and was foolishly held known as the “basket." The 

to reaquy m. prices. - -vol docs not, and it avoids down by the authorities i the sterling value uf that basket 
ere is a hard core of good detailed Price Commission inter- whole climate or expectations has risen, meaning that the 
in this riposte. Indeed ference in particular pay and and wage bargaining might well pound has depreciated by about 
iivironment in which Infla- price decisions. Even if the have been by now very dif- i*. per cent in the last three 
try wage claims cannot be price index or internationally fvrent- At the present stage months. This is a periud cuver- 
ftl on, and will not there- traded goods were completely all one can hope for is to carry mg both the Bremen summit 
fyc pushed to the liniit, is. stable, some prices would have on with existing monetary lar- understanding on EMS and last 
« tbe only way of inhibiting to go up and others yeis on a reducing path and weekend's mark revaluation 
trage-price spiral remotely cause of differential productivity l eav <> it to these to strengthen inside the existing snake. Even 
Pie in British conditions. growth, or the shift of demand sterling in the foreign exchange against the D-mark alone, the 
ere the TUC is mistaken is between products and firms, market, but not attempt to sterling devaluation has been 
r B on price controls and The actors where prices happen freeze sterling against curren- only about 4 per cent in the last 
t* like the Price Cosunis- to increase are not necessarily vies of countries which still have three months — and by only 
so achieve this objective, the ones that are abusing mono- much better anti-inflationary about Si per cent since the end 
Abetter method is to create poly power on either the -cor- prospects than does the U.K. of 1976*. The one really weak 
cititive conditions in which porate or the union side. With 
ionary wage demands can- all 


sterling indicator has been the 

forward discount against the 

D-mark, now around 91 per 
cent. Even here there has been 
no very steady trend, hut rather 
a narrowing of the discount in 
exchange the summer, followed by a 

talk about counter- 

re passed on without the inflation, it is often forgotten Markets rlrx 
cnies involved pricing their that some prices and some uu 

pits out of their markets wages have to rise relative, to not e\Dect losing ground to rivals, others, even in an entirely com- ‘ ^ 

d. tic or foreign. peritive and non-inflationary THE FOREIGN 

I over half of the cor- worid: and no government body market dues nut take too widening in the early autumn, 
p sector is exposed to in- ran forese e the relativity seriously the prospect of Britain The apparent conclusion from 
tjonal competition either required before', the entering the European Monetary the smallness of these changes 

iport markets or from im- event - - System. It is almost common is that so Tar the market has not 

rat home. The going level But to say that a high sterling ground that the UK would not expected tire UK to participate 
cces it can charge depends rate is 6° od protection against he able to join the EMS at any- in EMS in any serious sense. 
st entirely on the sterling motion does not mean the thing like the current sterling with a floating pound it is 
tnge rale: ibe higher the fii'fiher the better. Nor does' it exchange rate: nr. if it tried, both possible and desirable to 
7the less it can charge. It that sterling should be the rate would have to be push aside the Treasury's wor- 

is competitive aspect of a formally or informally pegged, changed so soon as to make a r ies on competitiveness and to 

i sterling rate even more an d support by intervention or farce of the whole scheme. Why allow sterling to remain high 

the obvious impact on im- borrow ing whenever it. weakens, then has sterling not been sink- f or counter-inflationary reasons, 
•d food and raw material The aim of a strong pound, is J"S in the market in anticipa- relying on the profit squeeze in 
ns — which accounts for not t0 bankrupt industry or tion.- The answer is that it international markets to feed 
c figure inflation today, in create a depression, but to dis- has been, although less than back into wages. But once a 
pen economy like Britain’s, courage inflationary settlements one might have expected. sterling rate has to be fixed for 
clary restraint works aQ d other cost increases before The dominating feature of the a good many months to come it 
ily through its effects on the they occur. foreign exchange market has, of is neither possible nor desirable 

ange rate. Of course. North To maintain the pound with- course, been the weakness of to ignore such Treasury nag- 
oii keeps sterling for a out intervention at a constant the dollar. Indeed there have Sings. 

e stronger than it would rate against the Deutsche Mark been in the last two weeks pur- Some people argue that the 
rwdse be. But sterling will — or even against the snake chases of dollars by continental German revaluation last week 
rise or fall inversely with average — would require adher- Central Bankers on a scale not was a demonstration that fre- 
rate of monetary expansion ing to the 5 per cent norm so far appreciated. Without quent and small parity changes 

can be made in a fised rate re- 
gime. But anyone who can 
argue from the example of 
small currencies of countries 
heavily dependent on trade vuh 
Germany, lo widely held cur- 
rencies such as sterility, the 
franc and the lira, should not be 
misled with the imusehold 

The biggest bull factor on ihe 
side of sterling is North Sea 
oil. estimated to bi? worth 
£4.3bn (in 1977 pound* i to the 
balance of payments this year 
and £5.5bn next year. The 
impact of oil on currency values 
is ephemeral ant! easily evag- 
ge rated. But suppose that the 
North Sea, plus an undreamt 
of combination of EEC budget- 
ary transfers and almost 
unlimited German standby 
credits enabled us to hold 
sterling well into 1979, what 
would be won? “A few more 
months of single figure inflation 
to help us with the election,” 
I can hear some saying. 

But would it even do that? 
UK trading profits, net of stock 
appreciation, dropped by 1 6 per 
cent the second quarter of this 
year. How much ora re profitless 
prosperity could we have with- 
out undermining the prosperity 
itself? I have ju^t argued for a 
monetary policy designed to 
keep sterling strong and to make 
it difficult to pass on wage in- 
creases. But these thing* are 
matters of degree. To maintain 
a constant effective exchange 
rate in the long run, the UK 
money supply might have to 
rise by 7 per cent ies„ than the 
German and- nearly 5 per cent 
less than the French: and the 
UK inflation rate might have to 
be 2 per cent less titan the 

To attempt to achieve all this 
suddenly without any advance 



preparation or warning would 
really be to take risks with 
employment and investment 
that no Iiuhu fine monetarist has 
ever urged. To hold the rate by 
credits and oil alone, without 
the .required monetary 
restraints, would be to run 
somi* of ihe same risks, 
with the certainty of an infla- 
tionary explosion and major de- 
valuation to follow. The explo- 
sion would shatter both the 
supersnake and the last few 
remnants of goodwill to Britain 
in the EEC. 

Meanwhile it is some conso- 
lation that, contrary to warn- 
ings from Brussels the market 
docs not — so far — regard stay- 
ing out of EMS as a sign of 
weakness. But i would again, 
emphasise “so far.” If I were 
Mr Healey. I would not delay 
making a statement on monetary 
targets, cash limits, and PSBR 
aim* for 1979-80. 'inking these 
financial objectives to pay and 
earnings in a way that has 
never been even attempted by 
the Treasury before. 







^Deutsche 1 

Hark per £ 


July fi-S 


— N 

1 < 1 


Forward Discount on 
Sterling against Deutsche Mark 




The dollar 
and oil . 

issue of the Si. Louis Federal such as Domestic Credit Expan- 
Reserve Bank Review that U S. sion, or trj- to incorporate Euro- 
oil imports are a lower propor- dollar creation? Ar»i why did 
lion of the U.S. GNP than of no economic forecaster of any 
German or Japanese GNP. And school warn us or these compli- 
the increase compared with the cations before the dollar started 
early 1970s has also been rela- to plunge? Monetarists do no 
A FEW months ago I told lively smaller for the U.S. than one a favour when they try to 
Americans from coa*t to coast for Japan. Yet the “problem" make out that economics is 
that 1 could not see any energy of the yen has been one of more of a hard science than it 
problem other than of their own appreciation, not depreciation, tan possibly claim to be. 
making: and that the weakness But there are problems for C gn]llA ] Rritfnn 

of the dollar had very little to monetarists as well. The U.S. 3diuut:i Driuan 

do with the oil imports of which money supply figures do not 

it was conventional to complain, reveal, without a great deal of The President of the New 
The last weekend — in which massaging, any very semvtional York Federal Reserve Bank. Mr. 
the Administration rejoiced at inflationary expansion compared Paul Yolcker. iriLl be giving the 
the passage of an, admittedly either to other countries or to Fred Hirsch Memorial Lecture 
watered down. Energy Bill — U.S. experience in the mid- on “The Political Economy of 
was followed by one of the 1970s. Does one then say that the Dollar at 5.30 pm on 
largest ever bouts of dollar the “warranted" growth of U.S. November 9, at The Arts Centre 
weakness. Meanwhile Mr. Geof- money supply is less than that Conference Room, University of 
frey Wood and Mr. Douglas of other countries? Or that one Wancicfc. It is open to members 
Mudd have shown in the August should use some other measure of the public. 

Graduates in 

Letters to the Editor 

gelher in the emphasis they place Minister (October 13) have mis- and gas and also beyond our 
on language . ability and understood the long term need pre-occupation with the energy 
familiarity with the international for nationalising North Sea oil: problems of the developed coun- 

business scene. 

Ian Brace. 

London Graduate School of 
Business Studies. 

Sussex Place, 

n the Director of External 
lions, London Graduate 
iol of Business Studies, 
r , — As in -previous years here Regent's Park, X tt 1. 
a brief review of our ex- 
ence in placing graduates 
a our masters programme in 
iness studies in jobs this 

here were 90 graduates from 

The road to 

in time, even a Conservative tries. 1 must, therefore, pose the 

J pvemment would have to do question: why is so little atten- 
ust that lion being paid to wood as a 

For the time being, the oil source of energy? 
companies' commercial interests. By photo -synthesis. solar 
which are their only interests, energy is stored as an expanding 
coincide very nicely with the and renewable resource in our 
national interest. But the time forests. The Food and Agricu! 
will come when, their commercial ture Organisation reports that 
interest will no longer suffice to wood fuel accounts for two-thirds 
keep them at work In the North of all energy used in Africa- one- 
_ _ Sea— they might be tremen- third in Asia and one-fifth in 

masters da5s,°one third com- dousiy attracted into working off Latin America. These compare 

from 1 8 different coun tri es East Coast of Uic United wilh ,eS * ^ one-third of 1 per 

rsea£ and IS of ttawn Recruitment. CourUuMs states, for instance. cent in Western countries, tn the 

-,nen. There were ITongtneers, Sir,— Mr. -B. Barker, the seerfr; lo. that event, the national United States alone, it is esti- 
• scientists, seven accountants tary-ana chief executive of the interest will require mated that • per cent of their 
1 12 economists, the remainder Institute of Chartered Secre- that exploitation of North Sea total . energy needs could be 
resenting a. variety of tariea and Administrators has 0 ij should continue. The oil com- supplied from forest waste and 
tiplines Average age' on expressed * the appreciation p an ies might still be happy to low value tree species. Not only 
daatioo’ was 27. (October ..4) of his institute for continue work as contractors, can wood provide energy directly 

he number of companies Michael Dixon's warning about even if they do not wish to work as firewood or charcoal, it can 
. reaching us directly with the future job market -for as principals. Alternatively we also be converted into a liquid 
tific job opportunities rose to accountancy-trained . graduates, may have to depend on the or gaseous fuel, 
r 250, and the wide spread of and be takes the warning as sup- British National Oil Corporation. In Britain, our modest forest 
: ie companies in .terms of size port for the contention that Today’s taxes and privileges estate now extends to over 2ui 
sector of Ihe economy is a graduates should keep their f 0 j BNOC have to be seen as hectares, from which the flow of 
ng indication that British. in- options open for management preparations for the day when timber is expected to double over 
:ry and commerce have come development by shunning nar- commercial interest is no longer the -n ext J 5 years. Even that will 
accept business . school row technologies. sufficient to keep North Sea oil make only a small, though 

hiates as a valuable source of Furthermore, "he asks the flowing but the national interest valuable reduction in our 
agement potential recruit- question why it is that whereas requires that it should not stop, imports of timber now account- 






















5 ' 















13 - 









* — 





it doctors start w general practi- Elizabeth Young, 

il our 1978 graduates have tioners and narrow their focus to ioo t Baysmter Road. W2. 
• i placed and the following become specialists, in commerce 
.■9 shows their destination, and industry we try to do it the - 

ig a comparison with earlier other way round? Surely both the 




king and financial services 
Sing and service companies 
•lie sector 
a company 

a of first appointment 

hndug • 

tgyrl -management 

*ient services 

■ear a considerably ... ...... _ & ... 

proportion of MSc logic of -hi* argument and the service we had given him, tele- From the President 

■ t-h» nnalncn? nrn. wrdnp 1 arrnuntants. ._i — . _ j :.c .i, rrum uic riESWenl, 

ing for 92 per cent of our needs 
at a cost of £2.5bn each year. 

I suggest, therefore, that, as 
supplies of gas, oil and other 
fuels Inevitably decrease and 
costs increase, we must make 
greater and more efficient use of 
our forest tree resource, includ- 
ing the provision of wood 
energy, not only to reduce our 
From Mr. H. Holman. massive import bill but also to 

Sir.— A client, in course of provide jobs in rural areas where 
changing yachts, has written: increased employment is so 
“Thank you for your help in necessary, 
this matter. . Had my bank John Campbell, 
manager who was financing the Forestry House, 
deal not Insisted on my arrang- Great Haseley, Oxford. 

ing insurance through him. I 

should most certamly have con- 
tinued to deal with yourself. I 
am indeed sorry that this was 
not possible." On another 
occasion, a yachtsman who had 
reason to be grateful for tiie 


!u^* JS T{a 
** * r f 5 

ii 2 3- * 

u^^.ed to return to the analogy are wrong:' accountants, pb 0 ned with the same complaint .... . 

_ ; orid by way of a whether they be chartered, certi- .. j sat there opposite to him. As ^ ai f m °f Management 
T-. a decision which is fled of cost and management, are utterly helpless, he said. “I and "o/tssional Staffs 
the drop in the mum- -certainly not narrow technolo- badly needed the money, so Sir, — In his letter of October 10 

-fc'Se going into manu- gists and only-^a. few general what could r do? - Heibert Maier. of the Inter- 

Knd in the - increase of practitioners m the medical pro- j n both instances, were were national Federation of Com- 
Kfthe baiting and fession al ont * hrached by the gratitude mereial. Clerical and Technical 

jOSmzxP*"?* S'Ji J* becomie speciaUsts because medi and anBry at being Seated in Employees (FIET) accuses me 

- & almost fl* 01 iahsts need 10 **?? such miserable fashion but of inaccuracies in my article of 

J 5 l . JOn of }< 7»£ictrv is attractive to those P®»*4. the- matter off with the September 29 on European 

_ -*•- - -was unusualU low in J-ha havea comment that we bad neither managers. I repeat that the 

rs-tt— and ^ ™ 'SSfSKi inJlinuiin thc resources nor the know-how Confederation Internationale des 

*ants^sewi. Next year’s Profession^ .such as at tour itan icy. tQ en g aRe iD banking as a side- Cadres (CIC) is the only inter- 

n 2 u 1*.* k c, 32? Jho ^nSmcnt develQDment. But ,Ine - the even® one man national body which co-ordinates 

,-nce wtth 2$ members who ™ a “ a S®^* n J P m U st be to wme fa ack to us a year later, the activities of trade unions 

. oates were again prepared to before they aspire to general though. It may be. is not only 

3 which were successful in which is currently ™ - , - Tint make them renrenent^tive nf 

nking from the- 197S class, m]lC b of the current discussions is tree in general. ££ CToup^f“Sere f 

hver, stipulated Jhat ex- on elitist 4-year engineering If a person were to threaten sr0U *'. 0i . 

■mce on the production side courses. a bank official at pistol point he . To say that my central conten 

ifi follow an -initial exposure many companies there are would deserve — and probably foa was that managers are in- 
tie o realisation in another chief executives from diverse get — punishmenL What is the creasiagly becom mg organised m 

faon. backgrounds in research, produc- essential difference? hnrfioc nmcido tbo trade nnmn 

varies offered to those who tlon. accountancy, engineering, Herbert Holman, 

fr employment in the UK marketing, company secretarial Fairlead Marine Insurance 

irf- frora £6,000 to £16.(W0 work. etc. who- . have progressed Brokers. - 

ading to age and experience. tn geil eral management because 24 . Norman Court. 

1UK overall salary average they have made It their busi- Cnmeswater Park, Soutlist’a, 

\£8,465. The salary average ness ; 0 understand ■ their col* Hants, 

jges 22-28 was £7,915 and for leagues’ problems as. well as Their 

i29-35 £9.750. On lop of these 0W1L Their success, however, is — 

ales most companies provided not based on an initial demand 

a fuel 

fires most, companies not oaseu on an uuuai uemauu nn, . » 

tfietj' of fringe benefits, in- that they;be generalists., but on I IITlhPr 9C 
dog cars and help with their determination to be good 
igages. at their jobs, earn their salaries 

cruitment of the graduates aiK j ^ake a . major -contribution 
nls two separate strands: their companies. 
i< companies look for young Nigel Cooke, 
r. and women with manage- Goartoalds, 
b {Xti*ntial who imve had p p Box 16, 
s years of experience in 345 FolesMIZ Road, 
biss. have grown ih matuniy Coventry. : 

itteamt bow to . think for.. 
twelves in the language .of 

bodies outside thc trade union 
movement is a travesty of fact. 
All tbe unions in CIC are part of 
the trade union movement. To 
suggest, for example, that a 
British trade union like my own 
is not bona fide just because it 
does not belong' to tbe TUC is an 
example of the bigotry and 
prejudice which is dividing 
workers and which brings com- 
fort only to employers. The 
future will show Mr. Maier that 
professional and staff associa- 
tions are by no means ineffective 

■begs. (2) a smaller but sig- TVnrtll Sf?2t 

nht group of companies seek 1 ui k 

rats at’ the lower end of the ■ ^« j: 

From the Group Chief Executive, and weak. 

Economic Forestry Group Managerial professional and 

Sir,— It is dear that nuclear senior staff employees through- 
power. with Its risks, has not yet out Europe have had to form 
won general acceptance. Claims unions of their own to fight for 
that “ we have plenty of coal and their interests because it was 
electricity ” and That “ oil and quite clear that the manual or 
gas wilf.last us well into the next clerical unions were not going to 
century ”, ignore ibe timely warn- fight for them — in fact, it would 
ing provided by the sharp rises be . quite unrealistic to expect 
in oil prices in this decade. them lo do. so. 

As a forester. I am forced to (Dr.i M. B. Green. 

^racket because they want 
vc men and women with an ■ . , . • 

almd understanding of From Elizabeths oung 
buss who can be developed Sir.-Both Mr.. Baxendell. of look -beyond fte comparatively Association of Manasetnent and 
S tiieir own sj-stem. ' . Royal Dutch Shell, and Mr. Tki &ort time scale that attaches to Profesrionti Staffs 

t these groups come to- King* . the • Shadow Energy such finite resources as coal, oil 14. Harley Street, IV 1. 


Chancellor of the Exchequer 
and Governor of the Bank of 
England speak at Lord Mayor, of 
London’s dinner for bankers and 
City merchants at Mansion House. 

Prime Alinister and colleagues 
continue consultations with West 
German Chancellor in Bonn — final 

Mr. Roy Hattersl ey. Secretary of 
Slate for Prices and Consumer 
Protection, speaks ai by-eiection 
meeting, Dunbar. 

Plaid Cymru annual conference 
opens 4t Swansea t until October 
221 . 

NATO Defence .Ministers nuclear 
planning group continue dis- 
cussions in Brussels — final day. 

Mr. C. Fred Bergstcu. U.S. 
Assistant Treasury Secretary, 
speaks on the “ International 
Economic Outlook — the U.S. 
View ” at Chatham . House. 

Today’s Events 

Mr. Anthony Solomon. U.S. 
Treasury under-secretary for 
monetary affairs, addresses Public 
Securities Association at Marco 
Leland, Florida. 

Mr. Edward Heath addresses 
Chelsea Conservative Association 
on M Current Political Situation.” 

Central Statistical Office pub- 
lishes first preliminary estimate of 
consumers' expenditure for third 
quarter. Bank of England stives 
I K banks’ assets and liabilities 
and the money stock !or mid- 
September: and the London dollar 
and sterling certificates or deposit 
for mid-September. 

'Vest German trade and current 
account figures due to be 

Final dividends : Bumdene 

Investments. Eleco Holdings. 

London Scottish Finance Corpora- 
tion. Sandhurst Marketing. 
Spencer Gears (Holdings). Interim 
dividends : Alginate Industries. 

Canadian and Foreign Investment 
Trust. Coates Brothers and Co. 
He Vert* Hoiels and Restaurants. 
Dunbee-Combex-.Marx. General 
Scottish Trust. Cerrard and 
National Discount Company. 
Hawker Morris. Hawker Siddeley 
Group. House of Lerosc. Indus- 
trial and General Trust. F. J. C. 
Lilley. Scottish Mortgage and 
Trust Company. United Engineer- 
ing Industries. 

Brasway. Penns Hall Hotel. 

Sutton Coldfield, 2.30. British 
Electric Traction. Connaught 
Rooms, Great Queen Street, W, 
12.15. British Scrap Federation, 
Hilton Hotel. \V, 10.30. Centro- 
vincial Estates. 4, Savile Row, W, 
3. Matthew Clark. 100. Otd Broad 
Street, EC. 12. Louis Newmark. 
143. Great Portland Street. EC. 12. 
Norton and WrighL Queens Hotel. 
Leeds. 12. PUco. 1Q0, Old Broad 
Street. EC. 12. Resional Proper- 
ties. Mayfair Hotel. W. 12. William- 
son Tea. 5. High Timber Street, 
EC. 12. 


Golf : European Open golf 
championship. Walton Heath. 

Tennis; BMW women's tourna- 
ment. Brighton. 


Gainsborough and Reynolds, 
and Islamic Painting — opens at 
British Museum. \VC1, until 
January 14. 

There’s a nev/ source of equipment financing on the 
U K. map. the Blue Key programs of MH Leasing Lunite:! 

Think c-f us when you need financing for substantial 
capital acquisitions We offer medium-term 
sterling-based equipment financing in a variety of forms 
Mosl importantly, we tailor a financing program 
to suil your specific situation. Because what s 
right tor one company is not necessarily right 
for another. 

While we re skilled at structuring deals, 
we're equally proficient in the follow- 
through— providing attentive service' 
throughout the life of the agreement. 

Consider, too, the strengths of our corporate 
relationships. To begin with. MH Leasing Limited 
is backed up by the-resources of a S35-billion institution. 

In addition. U.K. companies that require 
dollar-denominated financing can turn to Manufacturers 
Hanover Leasing Corporation for a program that suits 

their needs perfectly. 

If you need sterling-denominated financing to acquire 
high-cost capital goods, don't make a move until you talk to 
MH Leasing Limited. Call or write iodayt 


Anthony W. Jukes. Marketing Director 
22 Austin Friars 
London EC2N 2 EN 
Telephone. 01-628-3833 


Total equipment financing. Worldwide. 





ecided tr 
Wilson f< 
umber c 
ere com 
ai^n agai 
arty on 
374 Gent 
The foi 
jwing thi 
flair. Mi 
as. had 
n orches 
imself. t 
ady Fl 
larcia W 
The Pr. 
ir Haro 
rawn soi 
ild the 
id not 
3und a 
The Prc 
> hear 
ir Haroh 
irmal co 
On the 
aiost t 

ill □ ci] 

oyal Gc 
lat ther 
ahonr bi 
The Pr. 

; one ni 
shed tod 
In uao 
ainsl tl 
aily E.v 
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ealb in i 


BHS benefits from new 
marketing in first half 

top £2m 

Financial Times Thursday October 19^1973 ,) 

Duport down midway and * 

warns on second half discount - v 


REFLECTING benefit f-n;n ;h-> 
•.-nr.-, trsion m in food centrtn:en*.y 
'»i merchant! :.*-c bj'.vs. pre-tar: 
.rniti >if British Hnmir Stores 

e'.pand.'d ny per cor.' from 
iS.4U7.0«m iin.-d3.0n0 :r. the 24 


.veks to September 10. 197* 

Sale.' in rhe rc-rr.'.rnin^ t'er-’i 
-lore* have resnonded i*!j to tire 
market ins t.pi*ro»i«“i?. tne 
ii:recior< .state. 

The net interim dividend :i 
-tepned up from 2.^ p to tj.lp per 
j.^p ^hert-. ab^orbins £5.I7:ii. LcC 
•-ej-rs total vas ij^72yn and i*- : 

r. jid or. : record prc- is - : profit of 
127.112 m. 

in h.?- iiiir-iiiii 'Statement ir. May. 

s. r .lack t-jiiard. *hc cha irmr.-i 

’u- k-:::'i-c!c.! :• .r’ejd;- 

:ri’"ijnion» ir. <aie* and -r. 
: .ncrea-e i r. net omtit during the 
current year. 

Toial sales 

13J683 lIC.lIfe 

a-efi: bctorc ia* 


See Lev 

10.425 S eST 

A concentration of non-food sales has helped British 
Hume Stores to boost first-half sales by 21 per cent and pre-tax 
mitt; by more Than a quarter and this trend is continuing 
tile second half, suggesting full-year profits in the region 
of 135m (£27ni). Profits at US>I Group are virtually doubled 
due a strong upturn on its builders merchants side where. 
V‘.-lu:ne is up 10 per cent. Lev also comments on the latest 
sa;a in the Slme Darby auditor differences. Elsewhere. Time 
Products is making a rights issue at a substantial discount 
w.i:Ir* the dividend has been trebled with Treasury consent. 
.-'.Her v.hai was a slow start lo the year Marshall’s Universal 
r.uw psekine up. with first-half profits 12 per cent higher 
ami the pn$a;b;I:ly of a 15 per cent gain on the year. Profits 
Du port are 26 per cent lower at the half-way stage, reflecting 
depres-cc marsms on the important steel side and little 
improvement can he expected in the current year. On the 
orrer hand Dawnay Day has shown strong recovery and the 
•.-o si petty ih within striking distance of its peak level seen 
:n 1972-73. 

FOLLOWING the excellent 
first balf when profits, rose 
£770.000 to £930.000. the 
Dawnay Day Group, merchant 
banker, reports pre-tax profits 
more than doubled to £2.1Sm 
for the year ended June' 30. 

AFter a charge for tax or 
£323.000 against £194.000 and 
an extraordinarv credit of 
£27,000 •{ £59,000) on loan 
stoek purchases, net profit Tor 
the year was £I.89m compared 
with' £819,0M previously. 

Earnings per 23p share are 
shown at 6.75p against 2.76p 
and fue final dividend is l-25p 
making a total or 1.75p tip). 

The trading subsidiaries con- 
tributed £L49m (£L07m) to 
pre-tax profit, unit trust acti- 
vities, £257,800 t £78.000) and 
investment banking- £7GO,O00 
against £56,000 last time. 

Mr. Edward Hatchett, the 
chairman, says the results 
show that in a large measure, 
the group has achieved its 
stated objective two years ago 
of rebuilding probability 

The profits of the trading 
subsidiaries Increased for the 
Ihlrd successive year but the 
outstanding feature is the sub- 
stantial contribution made this 
year by the investment bank- 
ing activities 

REPORTING taxable _ profits for 

tbe half year to July 31, i3«S- rvrv.TrvT'wvr 

down from £4.3$i» to £5.243: we . .. Dl T II/jhIVl/5 
directors of Duport state that they 

expect the full year's promts to * 

be lower than tee i..S9ns Currei 

achieved previously. nay me: 

“ hue results for the fca.T year Brit. Home Stores 3.1 
are rather better than orig:na^.y Brown i Jackson 2 
expected., the azi'Jcofc for The ot oxford TsL L25 

second, half is cow : es= ezcosrzz- oanay Dav L25 

in?, and results for tsis period Dnport . ? int. 2 04 

=re not expected to mates those Feed j n? . us 

of the first. .. . . Gopeng Consd. ...2nd int. 9 

Turnover vas up m a.i Harrison & Sons int. 1.49 

except engineering anc to.&i,-.. Tiu-niw. >T-r n«e’ 

110223m against £9&S3s. 


Current of 
payment payment 

Date Corre- Total 
of spending foi* 
ivment div. year 

Jan. 2 2.S 

— Nil — 

Dec. 11 1 — _ . 

Nov. 23 1 J-»a 

Dec. 15 1-82 — 

Dec. I Nil — 

Jan. 6 
Dec. 1 

eicepi *s*i8J«i«:e.siiw d««i unc:.-- jessel Tovnbee hit OSS' 

£102 Jam against S&Ste, ?g 

The market for eag-teenng London & Pror. Pstr. mr. &34i$ 

□uaiity steels remained weak uad Universal inL 3.49 Dec. S 3.13« — OJW- 

margins contained to be ur.cer Medminster - ld3 Dec 7 i.ot 2.03 LSI 

r reS ^ £n lh ^S5? B 223LK Secs. Trust Scotland 3 . Dec. 11 255 - 6J 

tor, too, du.l trading cond^o-s Smith SL Aobvu int. SL5^ ’ Nov. 30 2 — -oJJl 

Sun Life Assurance L76tt Dec. 29 1.58 3.4S 3.11 

}*£ SMS i* SS - ■« 

m Thi"S™S; s say a, :=,ra^ 15 xif 4 l _ xn®* 

ESS 3. sSSbcftan" MS wn-* I"*- Jan. 2 12 - 3.0S 

bed? and furniture were rectscao Dividends shown pence per share net except where otherwise stated, 
substantially and a buojjrti * Eqthvalen: after for scrip issue. “On capital 
demand for eunain rail increased bv rights and.'or acquisition issues. J For -I5- months — 

and For some of the stout s ether includes additional 0.009142p now payable. S Forecast 52S7p total 
bedding and assncialed products in cor.tss: o: rights issue, r Includes O.Olsfip final now payable, 
enabled these areas to improve To reduce disparity. - e * Includes additional 0.04(M7p now payable, 
their results. — Includes additional payment for reduction of ACT. S> Corrected. 

The immediate prospect is a ^ 
continuation of depressed demand 

and margins for the group’s steei. profit cn trading £592.000.- . btfing discontinued on a phased 

tbe market tor which is now Ir. compliance "with the Nigerian programme. 

showing further weakness, and for Enterprise- Promotion Decree 

castings and forgings. 1977 the group’s interest in Von o ^ comment 

Nov. 14 0-7* — 

lor, ?oo, on.1 aaoins w=c.uo-a Smith SL Aubvn int. 2Ja^ ' 

predominated .ana were Eecer.tu- Ttr** 

“22 Sun Life Assurance L76tf 

demand’ frem^ Hgf P«d»rt. mt. 0^ 

“SfdirectS-s say the improve- f 5 ® 

mer.t in results from The ooTre.-iic S-SSSi* 1 !™ 4 Couat, > \ 

products sector is encouraging: i!!L' 

losses on SiumberJand and Voro ' vaHM5t Brpeden inL 12 

Time Products trebles dividend 
to 5.3p on £2m rights issue 

A •livnl?:i<! }■•»(» sting rich!* 
:- = ‘je Ik pro‘ : *i'K*rd Ly I he dirL'Ot^r- 
>>: Time Products. - jev.elier.; 

ret ruler .<n.1 iioleifcivr 
T.n’.e is r.-ii-inu Ci b-m by ? 
one-for-10 right? irsue priced a" 
!•>•"[’. a (ii-.-oun: uf 2:5 per cent 
on la -i nicht's clusir.u price of 

The c<>moany i-- trebling it* dr»i- 
deiid from l.fi77n per share to 
3 2S7,>. 

T : me ;> i:'.*o producing fir^t ha:f 
l:'j Sale® are shown a; 

iill.t'tn compared with £:n.4!»rr. 
nrrl r.rt-t;-j. profits of £l.4Hm 
■il-t.lmi afL-r ..s*ae:a:e income 
of £32.1.00(1 i£47M.npi*i. Lasi year 
T:mc ni-n,.i!jcei' pr 'fit-, of fS.^Tn: 

• in of near 1 . £2 -“iri. 

Hr -n_- i' - rtM'ons f>*r : iv- 

'Ji*.* Board -■.’.Jes Inn* it con- 
;t 'lerir.ib 1 ': to :r.»:rsa>e 
-hareho.’.Frr'. fund? in order :o 
iin. ncc *tv continued develop- 
Ti*n» w" ’iv group and in jiarli- 
to reduce the CfirnpanY- 
:i*!)t*u»Jonc*. v on ii , .L* r crjfL« and 
_.nn->.!vrni h:.n!:in.' facilities 
Tn>:- li-i accrrjn!*. dr.:ed 
.ijnu:.'-; - ::i. IH7S. 'how :hat she 
•.-■r’.pnn.v h.-tf no -hori !cm debt 
-nd ca-ii ir. sin.- bal-nce sheet n! 
<■". er £!.oi’i Hnv.cvcr. this i> 
.u'er ;iiv iiiih -ale-; period of The 
:■•■! 'ill d’vi-iun. 

The nfiicial doi.iinicn:. i.—uc-d 
- Itli the right- ea-.h call -Iiow- 
,-horl term borrowings of £4 72m. 
Th:.- lie'll re is probably the bish 
n-H :it of the borrowing cycle a- 
Tiinc near.- ir-eif up for the 
Chrisimai retail trade. 

!j*:t year ? hort term interest 
«.har2e>- were £117.000: :h.s figure 
v..i- on a ri.-inc trend this year 
prio- in the right call. 

The direelnrs ‘ay that trade in 
:hv tir-t six months i> mo^t satis- 
f:.« tor;, and since the end of the 
half-year budr.<?:<* has cunlinued 
ui .ir. tni.nnr.iumg level. 

riv. Treasury has ztven iL‘ 
apnrcial to the propo-ed idend 
increa-e ar.d She s.-hue untler- 
wriirun by Joseph Sibac. 

Dealings u: lite new shares arc 
due to start today. 

aut't-i.- and a build up of stock. 
E’.er> mj. this has the classic 
.nj.-<*il:eitlh of a dividend boost- 
ing ir-ue. It is fairly small, less 
than £ per cent of the market 
capitalisation, the discount is deep 
and tlie dividend comes in for a 
drama’, ie increase. Shareholders 
who come forward v. ;th the rights 
cash will get their money back 
j:tr the next four years by way 
of higher dividends. As for the 
interim figures there has been a 
cooti improvement from all three 
divisions, retailing, wholesaling 
and the Hons Kong associate. In 
ternt.- of profits all three are 
around the same size. The first 
half performance is hardl> escit- 
u:e but gmvth should accelerate 
ir. the second half to take full 
•cor prc- 1 ax orolits ud to the 
region of £4«m. At 2H2p the pros- 
pecli'.e cs-righ;s p e on average 
capital i- nearly 12 and the yield 
rumps :».» 4 per eon!— no; a parti- 
•:uiji !y cheap share even after the 
Jr« I'lciid bo o-7. 

purchase a widow's death in 
service pension on an open-market 
basis without penalty. 

Finally, the company is intro- 
ducing the benefit of an open 
market option under tbe Hambro 
Life Growth Retirement Plan. The 
investor at the Time of retirement 
can transfer the policy fund to 
any other insurer which would 
pay the tax-free cash commuta- 
tion sum if required as well as 
the annuity. Alternatively, part 
of the fund can be used to 
purchase an open market annuity, 
with the balance being used to 
provide a Hambro Life unit- 
linked annuity. 

Recovery bv 

m* *• 

and Country 

Hambro Life 
pension plans 

© comment 

Time Products justifies its right* 
1‘MJi’ .in i be ba«is of increased 
i-apkal expenditure »n new retail 

Hambro Life .Assurance has 
announced certain improvements 
in its • . Executive and Self- 
Employed pension and life assur- 
ance schemes. First of all. it has 
made reductions of up to 10 per 
cent in the life assurance rates 
on the Executive Pension Plan 
and the Self-Employed Life Plan. 
The Executive Plan offers the 
option of continuing the life cover 
without evidence of health if the 
executive decides to continue 
working after normal retirement 
date, a .single premium being 
charged for each year's life cover. 

Secondly, the company is offer- 
ing an alternative method of 
providing the widow's death in 
service benefit on the Executive 
Pension Plan. This can now be 
done by having the life assurance 
at outset in excess of four times 
•i member's current remuneration. 
In the event of death any life 
cover in excess of four times final 
remuneration would be applied to 

A second half recovery from a 
£221,000 pre-tax loss to £181. 000 
surplus enabled Westminster and 
Country Properties to finish the 
year to April 30, 197S. showing 
h prefit of £112.000 against a 
deficit of £180.000 last time. Turn- 
over improved by £0.5 1m to 

Earnings per 25p share arc 
stated at 39p iloss 6.6p> and the 
company returns to the dividend 
list after four years with a net 
payment of lp. 

• comment 

DAWNAY . DAY'S continued 
recovery — full year profits are 
129 per cent higher — puts tbe 
company 'within .-.iriking 
distance of the 1972/3 level 
when Ihc property and 
secondary banking boom com- 
bined to give a record pre-tax 
figure of £3m. The biggest 
improvement has come from 
the investment banking 
activities where a more beallhy 
economic climate has enabled 
the division to build up new 
business. Elsewhere. the 
trading subsidiaries made good 
progress, thanks mainly to the 
food side which has benefited 
from, reorganisation in the 
biscuit • companies and the 
improvement in trading condi- 
tions. _ The Target unit trusts 
alsfr did" well, mainly because 
of the more favourable stock 
market conditions. However, 
in spite of the recovery trend, 
the directors have opted for 
caution on the dividend Tront 
— instead of the maximum 
2.17p allowable (v.hirh would 
he covered three time*) ihev 
have declared a lota! of 1.75p 
which, at 44p, gives the *hares 
a yield of just over six per 
cent, while the p/c is 6.3 on 
the sub-normal tax charge tor 
17.8 on a maximum charge). 

BECAUSE OF ihe 31 per cen 
rise in the mlniiinun Icndin. 
rate over the past six monlli* 
profit for this period at Jesse 
Toynbee and disconn 

house, is considerably lowe 
than for the first six months o 
1977-78, the directors report. 

The net interim dividend i 
effeetfr ely raised - lo 
(0.7p) per 25p share. Th- 
directors say thfe will furthe 
reduce disparity between tb< 
Interim and final distribution 
if dividend restrictions remait 
in force. 

They still Intend to reccur 
mend a maximum • final unde 

existing legislation. The tot* 
lact time was equivalent r 

fully offset the affect o: a less been received in !h six month*. « as well prepared: analysts are 
favourable business clisetf. A* the' group's rate rest m other now looking for full year profits- 

Fn- thp iut -i «-r = *-a-i — as? oc;2led companies is not con- of £5lm-£6m. The cautionary now' 

the oSrd ta ? W i it* 1 s,d#ni t0 MieriaL ' their is primarily due to The Ford 

f. n l ‘ rea!ti have also been accounted strike, winch casts a cloud over 

to erifto i '‘ 0n: a pe2K ““ for or. the basis or dirfder.ds steel demand, and the trigger 

SiTrcrjis Viu received. Tbe corresponding price system which has checked 
j?:* ‘ivr. iarr-75 figures for the six months ended steel exports to the U.S. If the. 

' £K0 £X3 SIX Juiy 31. 19i,. and the previous current year promises little, hox*- 

*jsE “i-Hl veer have been restated accord- ever, the benefits of new steal 

E^neerio" « inglj plant in South Wales should rflffw 

Dwacsric "prod.".'.' !9i«M H oi 5 C?.6« Baiic earr.mgs are shown as through in 1979. Tne second arc 

last time was equivalent i 
3.268p on capital increased U 
(he April one-for-four srri. 
issue, and .paid from recot 
profit after tax of £1-3 ta. ? ' 

.Another London disc our 
house. Smith St. Anbyn air 
Co. (Holdings) also report 
lower earnings for the s5 
months to ' end f 
September. v 

This company’s net intcrif 
dividend is raised to 2ip 
per 25p share to -reduce d£ 
parity. Last time a final «f 
3.012p was paid from recot. 
net profit of £1 55m. ^ 

' In June the directors fori 
cast that the.. ament yes; 
would be dominated by the inf 
pending General Election, air 
the tuning and. ancBtatn resti 
wonTd make . : Tbr nervoii 
markets. These' - eondrtion 
should make for wide rnonioi 
margias and satisfactory earn 
ings for the company. 

Geamral . i.rE3 2XS5 

Less: lmer sales... TZS 4K «3 

Depreciation 1.9-24 1.516 Z£k 

Pr.iEr on iratSas . ".970 *-f!9 SJZ 5 

Sieel - 2.313 4.3F5 7463 

EnjdEeerirsr ... . 1467 1.5L5 2 443 

Domesne prod. 

<l9S5> J47 ; ^3-" 741*5 

General .. 577 1'J fSS 

Itnercs: 722 I f-3iJ 

Trad** tars, dlrs .... 33 ZZT 733 

Profit before tax ... 3J« 4.3S3 74X3 

at Farm Feed 

2423 i.V> 74b Increased from LS23p net to dcncies. ^ lean while,, losses on the 

Tax _ 


Prpferencv div. 
tT-.ienm dr, 1 . 
Hca? div. 

244= 2.0356Sp. and an additional divi- domestic products side - have 
, . r deed of 0.94&47p is also announced already been cut back and this 
'^3 for 19 . * -73 on the redaction in division should break into profit 
jPM ACT — last year’s final payment by the year end. Problems at 
:?3 wts 2.67115p. Slumberiand seem to be mostly 

The directors state that the first sorted out and with Swish going 

of the two new electric arc weil. Yono and The small returns 
22 L furnaces in its South Wales plant from Grovewood remain difficult 
:s 733 began operations ia^t April and areas. On the engineering side the 
— :j?; jr.irik: commisjioning period company detects seme p/ck-np in 

Results of Burman and Sons, hss now been completed. Its pro- demand after drastic destocking 
which was sold in Juiy. ’.STS. have ductior. has reached planned earlier in the year. At 69 p the 
been included in the group's levels ar.d. with the second arc shares stand on a fully taxed 
results for the six months as furnace nearing completion, open- prospective p/e of &Js' and yield 
follows:: turnover £10, 90S W0 and hearth *:eoIrRakina operation* are 11 per cent. 

Sharp rise 
to £0.65m by 
C. H. Bailey 

Brown & Jackson tops £0.57m 

City of 
Oxford Trust 

For the six months to Septem- 
ber 30. 1978. City of Oxford Invest- 
ment Trust renorts grass reveror* 
ahead from £133.738 to £153.737 
and pre-tax .profits up from 
£107.930 to £126.559. 

Profit is struck after debenture 
interest of £16.000 tsamcj and 
manasement expenses of £11.198 
i(n.788i. Tax takes £43.987 

Earnings per 25p share rre 
stated at. 2.02p i].69l and the net 
interim dividend is increased from 
Ip to lJ25p — last year's final pay 
ment was 2.3p. 

A sharp rise in taxable 
profits from £179.717 to 
£655.890 fs reported by C. H. 
Bailey, dry dock owner and 
ship repairer, for the year 
ended j' M arch 31, 1978, on 
reduced turnover of £ 9.43m 
against £10.53m. 

-liter a tax charge of £2.346 
(£725), net profits jumped from 
£178,992 to £653,544. giving 
stated earnings up 0.93p to 
i»ttp per lOp share. - The divi- 
dend is raised from 0.211239p 
to 0^395p net. 

The pre-tax result was struck 
after a reduced charge for 
depreciation of ' £565,396 
(£808,701). Attributable profits 
emerged ahead from £129.219 
to £565,396. after an extra- 
ordinary debit of £40,920 

diversification programme, profits 
before t2X of Brown and Jackson 
surged from £51.121 to £571.121 
in the first half of 197S and the 
board is confident - that farther 
progress wiil be made in the 
second sis months. 

Earnings per 20p share are 
shown to be 18.8&P a gams: 256? 
and an interim dividend of 2? :* 
declared. Last year, the interim 
payment was omitted but was 
followed by a lp final p2id on 
pre-tax profits of £245.000. In 1975 
profits were a record £532.000. 

Turnover in the half year rose 
from £4.74m to £1 5.57m. Tax 
charge amounts to £120.000 (r.i!‘i. 

Although Lhe construction 
industry is stall depressed, compe- 
tition for work Is very keen, end 
the company continued the policy 
of not buying work, the director; 
say. Meanwhile contributions 
being made by new acquisitions 
have been well up to expectations. 

The group trades as a bunding 

and civil engineering contractor 
bu: now has subsidiaries in paint- 
ing, flooring joinery and plant 
hire, property development and 
toiletries and cosmetics manufac- 

Harrison and 
Sons lower 

at £103,000- 

THE 'FLOW of additional work to 
nil gaps In production at one 
factory of Harruon and Sons, 
printer, caused by cessation of two 
substantial contracts last yea r. has 
not yet reached the expected rate. 
Trading profit for the first half 
of 197S slipped £68.000 to £532.000 
but. aided by lower interest pay- 
ments pre-tax profit was down 
only £27,000 at £103.000. 

Trading at most factories in 

the group was .satisfactory and 
showed the progress that had 
been planned, the directors state. 

Industrial unrest caused by 
Government pay restraint caused 
some disruption to production but 
any serious problems, which would 
have adversely affected service to 
customers, was avoided. 

The net interim dividend is 
maintained at t.4S7p per 25p 
share, again costing £33.743. A 
final of 2.70fip was paid last year 
when the group achieved further 
recovery from the £340.000 loss 
seen in IBid. Two years earlier 
the surplus had been at a peak 
of £440,000. 

Farm Feed HoWings report: 
a substantial turnround from : 
loss of £35,800 (o pre-tax profit* 
of £198.680 for (he half year ic 
July 31, 1978, on turnovei 
behind slightly at £353tt 
against £4.08 m. Thp company 
achieved a trading, profit - las* 
time Of £41 £00 tat associate 
losses of £77.500 caused the 
pro- tax setback. 

For the whole af-ihe 19T7-7S 
year a second half recovery left 
Farm with profits Of £124.0® 

The interim dividend Is 1.34 p 
(nil) - net per 25n share— -Iasi 
year, a final of P.66p was paid. 

Net profit came out at£95J36( 
compared with £35.699 ios* 
after lax of £103^90 (nil), and 
minorities— took £U.30C 
(£6,6001. The amount retainec 
was £53.602 against a £47.5W 

new chairman 


Trading profit . 
Tleprecianon .. . 
Infvrpsi . . .. 
Pre-tax profll . 


Xej nrofil 
Pxtrnord. credit 


To reserves . . 

























51r. B. E. Lockhart-Mum men 
has been appointed chairmar 
of Permanent Insurance Com 
pan? . in succession to Sit 
Clifford Nairn! on Morgan, whe 
remains on the Board. 

. An EGM will be held or 
November 24 to increase 
the authorised capital fronr 
£200,800 lo flux, and the issuer 
capital from £200,000 (c 
£506.000. Permanent is i 
wholly-owned subsidiary o-> 
Medical Sickness Annuity am 
Life Assurance Society; 

How much energy and money 

canyou save in your building? 

Find out from 

Evenbody's talking about 
saving energy, but with one 
obvious omission. How 
much your building can 
actually save in hard cash. 

Igy )^ 

Honeywell has developed 
a computer programme to 
analyse energy consumption 
in all types oflarge buildings, 
both old and new. Using this 
programme and drawing on 
the experience of installing 
energy management systems 
in many thousands of 
buildings, your Honeywell 
representative can show you 
your energy savings potential. 

Once this potential is 

established, you'll find that 

there are a variety of ways 
Honey well can help vou 
achieve these energy savings. 

• The most basic way is by 
replacing or upgrading vour 
automatic temperature ’ 

• ^ e can make your existing 
control systems more energy- 
efficient through a regular 
preventive maintenance 

• Your building may justify 
a central computer system 
such as the Honeywell Delta 
1000 that provides manage- 
ment disciplines according 
to your needs. Honeywell 
central control systems al- 
ready have proven them- 
selves in thousands of 

buildings an d when- Delta is 1 
a pplied to energy manage-,: : - 
ment functions ; 20-30 ■. 
reductions are common." 
Manpower savings can be 
even greater. 

Return on investment. 

Expect a fast 1 to 3 -year 
payback. • 

For details about the free 
computer, analysis and how 
your potential energy savings 
can be realised write to or call: 

Energy Management Group, 
Commercial Division, 
Honeywell Limited, 
Bracknell, Berkshire. ."T 
Teh Bracknell 24555 



Financial Times Thursday October 19 1978- 

at £3.4m midway 
after acquisitions boost 

INCREASED sales or ment in the export sales. perform- mentx iho pre-tax profit was 
£126,4101 against £93 .23m, profits ancc resulting in a turnover in doubled at 180,000 
before tax of the UBM Croup rose excess of flzn. Nigeria was again Th . . 

■sharply from £l.Mm to £358m in the largest single market lol- # J h mS?i e ^ro-5!?T 1? JlSSJri! 
ta^hall-rwr ended August 31. lowed by Singapote end Mala, ■sis. SS,Sw. SSite Ui“ "rwiS 
‘ . .The major subsidiary, Clifton nnd accident account is now 

■.MUiqugn it is loo early to make Engineer* it-jUtinn) in now more beginning to benefit front Ihe 
predictions about ihc year’s prominent in supplying hardware recent increase in premium rates 
result, Mr. .Michael Phillips, Ihe for the range of distribution for household contents Insurance. 
rhalrmnn'expecU that the favour* boards and John Xissim .is jup- But retailers busiiu*$s continues to 

Ihe undcr- 
ihis year, as 

due to dosed 

nnrrinn Hw, ’ u. ■•‘““A" «*•»* •••■•- LUUIJ13, mostly reinsurance busi- 

poriion of the group, he says. Fairciough were interested, bui ness, nil oF which ceased to write 

Results of Godfrey Motor Cum- not beneficially, in 51&284 shares business m 1976- or earlier. It is 

. * pany (Cardiff). Jeremy's Garages, or the company. They were also anticipated that these accounts 

Temple Meads Motors and 51 per Interested in a further 147,000. will not significantly aJTcel future 
• v* " nl of ParJe of Chippenham— 3l) Mr E H Dodson is interested "MUto. 

‘ • V-.‘l «*“«■?<* on- September 2#— have M a ^5^. in various settlements In July 197S. n. further £200,000 
■ ; • *. been included in the half-year whose holdings a o «Tecate M2.28S “hare capital was subscribed by 

-r ; : results and were sales of £14.02m sharejJ w . hile a-ii^ n i c Assurance «** parent company to United 

(HI, 49m) and. "pre-tax profit. u interested *„ wn non rg.i per standard thereby bringing the 

1360,000 (12 02.0001. Snt) Jn ■»»><*» ^ amount of issued capital to £12»m. 

The interim dividend is lifted ’ „ , • . Of new and annuity 

it-." • from ].7S5Sp to L9643Sp per 23p .Meeting, Manchester, November premiums. annual premiums 

share— the total last year was 4.3p ai upon, 
v.-hen pre-tax profits were £3. film. 

177S W77 

swift TOW 
128.40S 93.231 
3.3S2 XiSS 
: ito 
• - is 


Profli before tar 


N»t profir 


Ft rr 3 ordinary <-r«dlR 
Prplerpnro • dici/l»-nds 
.ViriMiuht? ordinary 
Jok-rim ordinary 






Authority Inv. 
improves and 
outlook good 

h mounted to £2.4 7 m t£LG2m) 
and single premiums. £468,000 
against £393.000.- New sums 
assured were ’ £159m compared 
with £l2Km while new annuities 
per annum rose from £260,000 to 

The interim dividend on the 
A and E ordinary is raised from 
,, , 3 - 7,> ,n 4.1|j — last year’s final was 

,.m> Recovery at Authority Invest- 4.46*,,. 

... n j meats was susuimed in the first 

. The improvement in profit was bait of the year to MaretrSL 197R 

mr-inly attributable to a better with a turoround from a £269.324 [t/ff "17 TVTrvrth 

• Kales performance bv the mcr- pre-tax loss to 1217,313 profit. The Ivl, JL 1 a l^lUl 111 

chanting division coupled with total included sharply reduced 
good results from the scaffolding 
and motors businesses. Flowerer. 

there still remain companies K . _ tn 

which arc not yet achieving satis- tr g5j, e SSSSaruliv- during the 

factory levels or profitability. M nd j^ al j prosp er t«i Jar the Includin'* an exceptional credit 
The -re residual problems are pro- of £23.000 being, a rebate of rates 


with total included sharply reduced 0*7 ~ AAA ■ 
line surplus on sales of investments 3\ / i III II I fKP 
rer. at £32,490. against £327.2«S. 

at mid year 


I rl . 


- cressivelv being resolved.- says ^ ,he wh ^ h "ere ovec-prorided on its 

• the chairman. .. .. lerondha^ upturn nrod?4da hotels, pre-tax profits of M. F. 

SceLcs full time profit of £397,000 lloss n^n-nnH'ft^th* 1 hTr” £11 f J, ¥ to 

XJSOJlOOj 11 *0 /Op for the half-year to June 



t ^ 


Scholes to 
benefit from 
new products 



f-cj.. The new product range 

£3.7m but 
margins slim 

FROU SALES ahead 19.1 per 
cent to £ 21 . 48m, profits or 
Kalamaioo, the business and 
office systems group, before 
KWA bonus end tax climbed 
J2.9 per cent from £L29nt to 
£3,72m for the year ended 
August 1, 1978. with XI .27m 
against £1.1 5m arising in the 
first half. 

All seel ions or Utc group 
contributed to the result, 
including Alfred Gilbert and 
Sens, say the directors. The 
group's computer services 
activities continued to expand 
and accounted for 23 per cent 
(20 per cent) of profits. Over- 
all profit/saJes ratio fell from 
18.3 per rent to 17.3 per cent. 

The year's profit was struck 
after depreciation of £U.7m 
(£0-9m). After deducting the 
Kalamazoo Workers Alliance 

bonus of £547,000 (£498.000) 
and tax of £L66m (£1.46m), 
the net balance improved from 
£l-34m to £lJ51m 

Stated earnings per lOp 
share gained Dip to 4.7p per 
lOp share and the dividend 
total is lifted from 1.9361p to 
the maximum permitted 2.l62p 
nef, with a final of 1.237p. 

With £187,000 (£219,000) 

backlog depreciation trans- 
ferred to reserves and divi- 
dends absorbing £456,000 

The directors point out that 
after allowing for Inflation 
there was an. increase of 
almost 9 per cent in the funds 
generated by operations and a 
real growth in profits of more 
than five per cent. 

Developments are progres- 
sing ou a wide scale and 
prospects for (he future are 
encouraging, even though the 
group Is faced with a growing 
complexity in their operations, 
and getting Into relatively new 

30. IH78. Turnover was aht-ud from 
Trading by the group,- -which fi.Xim in £2.i3m. 
has interest's in banking, invest- Sir Cyril Black, the chairman, 
ment dealing and property hold- says thm the improved results 

ing and development, showed a were elToctcd despite nrofits at 

surplus of £404298 (£20,720) and Onsfrr.v Court Hotel being sub- 
mit! rest amounted to £358.312 staniiaily reduced by major 

(£644,836) modernisation works which put 

The release of £23,032 (£52,596) oui of use a considerable number 
• -V devoid ned by George H. Scholes exceptional provision - , for of hed roams. 

bill contribute «njmtflcantly lo exchange loss on a foreign loan The chairman says that business 
.“"J ; '.turnover in . the current year, Mr. repayable by a banking sub- has been satisfactory in the first • j x 

. ‘- G; R. McDowell, the chairman, sidiary in September, 1978, and half of the final period, particu- 1||| 111111*16011 

- ’ tells shareholders in his annual an extraordinary debit of £38.000 brly in London, and that over- *r 

report. (nil) left the attributable surplus seas visitors to the group’s hotels 

: The new products, completed ®t _£2D2,545. compared with a continue to make a very substan- 

■. bv the develooment team includes “ia.D4S deficit 
Virntec^ert socket outlets, distribu 

Securities Tst. 

to total turn- 

tial contribution 

. He says he has no reason to 
suppose that when the full year’s 
results are available shareholders 
they will not be. “well satisfied 
with our efforts during another 

.. — . A slightly unproved underwrit- The interim dividend is -'ffec- 

eurreni year, the "accounts show situation for the first rone tiveiv increased from O.I225u io 

"X2n«.iKM) i £190.412) tontrai-iod for months of 1978 on it*: general o.i 3 sn net per lOp share and the 

•.’and £643.500 (£208^001 authorised fnsuranctrbusiness w reported by director anticipate a maximum 

.. but noi contracted Tot the Provident Life Association of permitted final— last year’s final 

London. was an adjusted 0.33m. 

fion hoards and miniature circuit 
breaker consumer units. 

• Supporting the development has 
jmeani a considerable rise in 
capita! expenditure which was in 
excess of £500.000 and for the 

Provident Life 
of London 

The' reftulls given for the two 
senerul insurant companies in 

,/ r ;t’)p 

For the year ended June 30, 

• tfiTR, pre-tax profits were a record 

li,e erottp Unrted' Standard Insur- 
i5i?h C «i2ta! ance “ nd Vigilant Assurance show Tu ( . n ’" v : i ' r 
Tri^omf^nJr an -Underwriting loss over the H^, ni| dH ;. ” 

m f f l Period of £183.000 Compared with aXSS&m iww.' 

S * nj ? foe the - corrcspondmK Tradina profli . . . 

additional .a6prcoldUon on ioDd*. nAfjf>|4 in iut? 'Tin. r^vivabic 

li - value Te.iltS income was 

.20, «,aOi. . - aheact at £253,00(1 and with lower "" 

There was a steady ^improve- expenses and exchange adjust- xei prom . . 

R*l( year 
187$ jjiir 

r i 

Tincnna t.r.XM> 
ijfH.taa ifitoJM 
370.000 K*M0 

1$0, TOO 








Total income of Securities 
Trust of Scotland rose from 
fUm to £1.47m for the six 
months to September 30, 1978. 
and after Interest and mange- 
ment expenese, pre-tax income 
came out ahead at £1.1 9m 
against £1.04m previously. 

After tax £428^99 com- 
pared with £389^28 earnings 
arc shown as 3.6p (3J)3p) per 
25p share and the interim 
divl**end is increased to 3p 
(22op) net The directors 
Intend to recommend an 
unchanged final of 3.85p. Last 
year the 6Jp total dividend 
was oald from pre-tax income 
or £2.1 6m. 

After deduct ing prior 
charges at par net asset value 
per share for the first half is 
given as 348p (229p). and 
267p (248p) at market value, 
areas, they add. 

i ’*•” i • r» 



(Why did 740 Companies before yours 
progress to East Kilbride? 

A good deal.) 

Many world famous and household 
names are among ihc seven hundred 
ana forty industrial and commercial 
companies who have located in East 
Kilbride, since Scotland's No. I New 

Town was first established.- and the 
direction signs which they followed 
are even more -obvious- today. 

Why did so many companies select 
East Kilbride in preference to other 
Special Development areas? 

Pro babiy becau sc for thirty-one yea rs 
East Kilbride has believed jn a. full 
team effort between the New Town- 
and the incoming company, to make 
sure that you move in and move in 
to profit with the least inconvenience. 

We put our heads together with 

Today, the top men in the East 
Kilbride Development Corporation, 
who worked to make a success of 
more than seven hundred relocations 
are ready io put their accumulated 
experience 10 work for your com- 
pany. ..... 

If you think that thirty-one years’ 
successful, practical experience is the 
extra that makes East Kilbride the 
Ace in the pack, a ‘phone call to East 
Kilbride 41 1 1 1 could pay dividends. 
Ask for heads George Young, man- 
aging director, or George Grassie. 
director of development. For a very 
good deal. 



We put out 
with yours. 


The Town that was Built to Build Business. 


East Kilbride G74 ILL*. TcL East Kilbride41 1 1 1. Telex 779141. 
Our London contact; Jack Beckett. Scottish New Towns 
London Oflicc. Tel.. 0 1 -93(1 ?<S3 1* 


Ear 1 

Storage tank business makes sweet music for 

We’ve long had a worldwide reputation for the 
design and erection of bulk storage tanks and in 
recent years have a record of successful contracts in 
Canada, Iran, West Africa, Greece and Kuwait, as well 
as in the UK. 

The Capper-Neill Group are now winning 
contracts for complete turnkey projects. With the 
collective resources and diverse skills of more than 
40 Group companies we are competing for and 
winning international turnkey contracts, especially in 
the food and drink processing industries. 

The world wants what Capper-Neill makes. 

If you would like further information contact: 
Capper-Neill Limited, Warrington, Cheshire Y7A1 4AU. 
Tel: (0925) 812525.Telex: 628382. 


Storage, pipework, materials handling 
and process plant for world industry. 



ecided tc 

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Points from the Report to Shareholders for six months ended 31 July 1978 

■ Results fell well short of these for the corresponding period last year but compare favourably 
with those of the six months to 31 January 1 978. 

■ The market for engineering quality steels remained weak and margins continued to be 
under pressure. 

H Dull trading conditions in the engineering sector were accentuated by a sharp reduction in 
demand from agricultural tractor manufacturers. 

g Results from the domestic products sector were encouraging with losses on beds and 
furniture reduced substantial!'/. 

Q The Board has declared an interim dividend of 2 -03568 pence per share (1977 1-823 
pence). This includes the proportion of the current maximum statutory increase attributable to 
the gross interim dividend. A supplementary interim dividend of 0-04047 pence per share is also 
being p 3 id which relates to the vear ended 31 January! 978 and results from the reduction in 
the rate cf advance corporation ta*. 

Six months to 31 July 

Full Year 



























H Whilst the results for the first half of the year are rather better titan originally expected 
the outlook for the second half is now less encouraging. The immediate prospect is a 
continuation of depressed demand and margins for the Group's steel, the market for which is 
now showing further weakness, and for castings and forgings. Moreover, conditions are 
currently exacerbated by an industrial dispute affecting the plants of a major customer. 

Although tangible cost benefits are beginning to emerge from the operation of the new 
steelworks and the recovery in the results of our domestic products interests is being 
maintained it is unlikely that these factors will fully offset the effect of a less favourable 
business climate. 

In these circumstances results for the second half of the year are not expected to match 
those of the first half. 

Copies of the full Report wffl be sent to all Shareholders and to Debenture and Loan Stockholders. 

Further copies are available from The Secretary. Ouport House. Edgbaston. Birmingham BT6 8JU. 


I W& 1 'jMSlJv **. , 

fepaftfes .ojitefons are stem 

peture ef dwralile prodifets feme ' ; 


do not expect this expenditure 
will continue at such a high rate. 

On prospects for the year they 
state that even a modest recovery 
in demand in the UK and 
Australia would radically improve 
the position, since measures taken 
have resulted in a slimmer and 
more effective organisation. 
Nevertheless, the improvement in 

industries was low. This trend has 
now been reversed and incoming 
orders are at a high level. 

The electronics company fcas 
recovered well and is now produc- 
ing satisfactory results. 

The group's subsidiaries and 
investments in France. Spain and 
Italy have continued to an well 
in more stable trading cor.drtiors 

compared with a pre-tax £5.7ta in 
1377. Even assuming the final 
dividend is not raised and tbe 
tax charge is as high as 60 per 
cent, tiie shares, at 67 p, yield 7.0 
per cent on a prospective p/e of 
7.5. a rating that reflects the com- 
pany's uncomfortable dependence 
on British Ley land rather than its 
prospects for eanrings recovery. 

128 companies wound up 

orders against 128 limited com- 
panies were made by .Mr. Justice 
B righto an in the 'High Court. 
They were: 

J. R. Blakey and Sor. r Electrical 
Contractors). D ; Heron. Ross Oak- 
wood. K. A. Spencer ("Builders). 
ABC Radio Taxi Services (Mersey 
side). Stuart Martin Garages. 
Doherty and McGill Contractors. 
Megalex, Tavrbs Metals and 

Rautobourne, Antique City, 
Currendon Garages, Kar Wor 
Garment Factory (UK). Tbe 
Young Organisation, Mid-Kent 
Pipe Fabrications. 

Byron Rent-A-Car. Byron Auto 
Services, Byron Hire. Byron 
Motors. Paracote, Misrville Indus- 
trial Services. 

John Sale and .Associates 
A«weai . Designs rDorkmcl. BM* 
Nnr-Femms (Bristol) H'mes for 
Luxury Living. West Cheshire 
Motor Company, Purlev Hide and 
Skin Company. E and BS Ship- 
ping -Services. 

El J. Martin and Co. P. Clancy 
and Sons. Ajax Supplies (Well- 
ing). JSE .Sound "Equipment, Brow- 
bridge. Carsley Estates. Chaff- 
combe Farms. 

CossaH Securities. Water Sport 
Centre. K. Lynch Pian: (Bourne), 
Mil I reach. Northern Developers. 
Ridley Asphalte Company. Sir 
Patrick Croft on Developments. 
Spencer Park Freeholds. 

Srarfern, . Sutton Street 
(Leasing), Tenino. Maltiways 
Freighting. Supcrshoe. AML 
(Management). A3IL (Business 

Kingsbury Securities. Head 
Shirts, Erko. Starstock. J. D. 
Froggatt. Hilden Swmaxnteg Pools, 
B. G. Coliings. Ell House. 

Miniature Machining Company 
(Manufacturing). J. G. GL’maa 
(Poultry). Ross-on-Wye Properties. 
R_ Vaughan (Decorators). London- 
Brooklyn Industrial Maintenance. 

MJlander Securities, Framus 
(Musical Instruments). Harron 
Agencies. Aber Development 
Chelraline Trenehard Builders. 

Bagnell and lennaway. Dortinaj 
Constructions, Macgilwood. South 
London Agents (Import and Ex- 
port), Pap Combine, Stewart and 

Whitter Investments. Varercft. 
Markbridge Builders. Woodtrarc 
Securities. Sky Sports. 

Salon Design (Manufacturers ). 

Prodismpex, Palbrent Properties. 
Ark Sales (Toys). Valer Records 
. UK i. Hfflclnn Caterers, Attyflyrm 

J. T. Nunn (Furnishings), 
E'-lson Transport Services, 
Suefem. Sfesitfield Upholstery. The 
Smooth Set, Will don Motors, 
Martin Barnett (Concessions), Security Co. 

Indobea. Snap-Fast Insulation 
Supplies, R. J. Powell and Son. 
Cakiegrartse, .Astra (Hair and 
Beauty Consultants), J. M. Wade, 
Vanguard Music. 

Avant Garde Records, Rochester 
Square Investments, Fffeoak, 
Hughes and Ruddy. (Builders and 
Contractors). Martins Wine Mer- 
chants. KLS. Facilities. Kellergrade. 
Home Services (Maidenhead). 

Raunds Haulage, C. and A. Ceil- 
ings and Company. Fftzroy S. 
Biggs and Company, Mooolite 
Caravan Manufacturers Company. 

Tom Lomas Plant. Churston- 
h eight, HallhilL NorAVest 
3atteries, Techscaff, R.C.A. 
I Engineering », J. Bay] on. 

Bandock. DiornondsunkB, Intes- 
pak. B. H. Cooper, Binoglen. 
Hazeltmc Holdings. 

ment groups from the Hoare 
G ovett Unit Trust Advisory Ser- 
vice operated by stockbrokers 
Hoar* Govett. Clients of To wry 
Law are also offered the ongoing 
senices of Hoare Govett s 
advisors - services under which 
tbelr portfolios are reviewed 
even - six months. 

To’v-Ty Law has never promoted 
this unit trust senrice at - the 
expense of its other personal 
finance and investment services. 
Nevertheless, commissions re- 
ceived from unit trust business 
now account for 10 per cent of 
the commission income of the 



(or August .11. 1STS year aUfadr Scows. 
Group Investments RS^lra -BSila-. ck 
current assets B25.000 > RZOP.OOQ' Com- 
pany Intends to ducat: us cam? 

I rap ala Platinum Holdings - - to change 
rear-ond 10 Jaw 30: 10 declare divJv-wis 
half-yearly Instead of nuarrerly. At year- 
end. Union Corporation held JQ.d per 
cent '12.2 per cent* of CHUitT- Mutisq. 
Johannes burg. November 15. 

GENERAL TRUST— Gross income for 
year to September :v>. 1WS. £27MC 
i’£7<4.f66*. Xcr revenue f 19ZAU '51-C •»»> 

after tax. S-reni Pterin; m 
final 0.3?p raa'-e.-.^ 0 tp >i6z n.r s? 

CANTORS <:crnJ3--e resaJar.— vfe 
:o April 35. :9Ts. prev.ra'-y re;:: 
Find a.- - sctH i2 *Sra £3.«-.-. . C- 
](:«s £5 

iG.Pd'i. 7n-.^7 L vrr— :n e: rrsi\z.s 
:»rr 7*ar t i crriacss- l Ztxijzs. i 
Cieyi. N orenher 3. a* r.isn 

DERBY TRUST— Based CC icrj: 
Scares a- September jS. :?r*. trt: v 
of portfolio n.V^.«5 carapar.-.l 
£lf.3:r.35! a: Jnne Jf. ass: .- art.fptf 

•j C^;rul -Oic^rs £10,435^31 eoxValent 
:s :J . •>} n: shir.- isSS&i 5wli coairalen: 
n £j.~: *t j-:ce Zb. 

CARTONS seedsmen 

Tarxov-r ir. '-t :ejr etinl .\jk-.I 
"J”- ••-oi B.7&X9 tiiTiMS-. Prsht 
■■4).K» — :.o tax esamej. Ears- 
•iii per share -laip nXp>. , 

Far half year Sepremlnr 39. 1S7S. 

V« reWJt JG31.239-. alter tax 

ilTIH *£w.Sp?- Ne- as*-: value per 
Aarr ’.eiSj (".lilRpi. Tnrerfn.2p isase' 

Hi share 

i;.- slr.*ii‘ Pi. 5. 

Drapery up 

The directors of Lowland 
Drape rv Holdings report 2 rise 
in pre-tax profits from £116,100. 
to £121.300 for the first six months 
of lfUb on turnover of £2.7101 : 
against £2 .3m. Tno? add that the 
sales increase has continued into: 
the second half and with con- 
solidation and development ex- 
penses behind them, they antici- 
pate satisfactory trading profit* 
for the rest of the year. 

In 1977 the group's pretax 
profits recovered from £131.765 tn 

First half pre-tax figures vert 
struck after depreciation £31.300 
(£ 22 4001 and bank and Joan: 
interest of £2 7.400-1 £26.000 1. and. 
were subject to fax of. £65.000 1 
against XfilJ^oo. The «ro*s intenrj. 
dividend is increased from l^p 
to 1 1? per 25p share, the final I 
for last year being 3.9S5p. 


Following an Advance* from 1 
154.733 to FTS.445 at midway, pre- 
tax profits of Medminster reached 
a peak £202.714 for tbe year ended 
June 30. 197S. compared .with 
£136.763 last time. 

Stated earnings rose from Salop 
to 4.1-ip per I0p' share and a final 
dividend of 2.02665p (1.0Q8Sp) net 
lifts the total payment from 
1.S08SP to 2.03083* 

-W i' r 



zd * ^ 

The Chairmen. Mr. A.H.C. Greenwood, inhis Annual 
Statement comments: 

‘'Those who read this report and study the 
balance sheet and expenditure account may well 
wonder. If they are not already familiar with the 
history of Remploy , what lies behind the unusual 
fact diat a limited companj has its losses covered 
by a Government Grant. The sole reason for the 
existence of Remplov is to give employment to 
disabled people." 5 


; vwS= ,-.. . 

j 1 .'-* 



. J* . .&*■ , 

Id 1- -s *'- 



“Iii considering the Company's trading 
loss— or cost, as I prefer to call it— we need to bear 
in mind the net financial cost of the Company to 
the nation. There is a considerable “flowback” of 
monies to the Exchequer, for example in the 
national insurance contributions and income tax 
paid by or on behalf of our disabled employees, 
value added tax and customs and excise duties/* 

“'Compared with the Company's trading cost 
of £20 Million, lie relief and ‘Tlowback” is 
estimated at £16-]VfiIlion, sp that the true cost ■ 
excluding interest on capital, amounts to some£4 

The Chairman then comments on Company tradiitg 
and capital expendimre: 

“In common with most British Industrial 
concerns our Company has found the past vear 
tough going. Our sales of £25.3 MiUion-an 
increase of less than 2% on the previous ’ . " - •• 

year-demonstrate just how tough it has been to i 

“Capital expenditure in buildings and plant 
totalled nearly £2 Million. e have planned in - . 
■co-operation with the Department of 

Emplov-ment and the Manpower Sen ices 

Snx*?ir S * on a F a P^ Investment procramme of 
±10 Million o\ er the next four years.” ; 

Remplov Ltd is organised into- three trading 
groups: Furniture. Packaging & Assembly and • ; v 
Leather & Textile Products. In addition the Blind 
Advisory Services Group is also part of Remplov. •' 
The average number of disabled people emploved. 
dunng the year was 7,910. Copies of the full -? 

Report and Accounts are available from the < r " 

Secretary , Remploy Ltd, Remplov' House, 415^ " 
l^wareRoad^Cricklewood, London N\V2 t>t& 


b j& Marshall’s Universal set Midyear 
*£* for peak on brisk trading wlbster s by 

Dalgety hacks 
back Australia 

. CONTINUED at last year's first half meant that 

■ Universal, in the first _ _ _ rp^Iis wore slichtlv tower haw* 

BOARD MEEHN6S ? ver. a n ^° P ^d f U !r^r H ^r. 

OjSSff-vuSa T* **-»■ ««*»*« tare whim ™ncc is anticipated. The 

=1 hetter *3,,* «* Braid wminro 'lo «to a«* ‘ntarun figures were better than 

S-St!. “f-a»na* ■ Exdnnre. Such mectaws ‘aw ■"•«!» the market anticipated and the 

Trading hap remained buoyant _”P “ g? .. * . jwg*?!* shares rose 5p w I4«p. M this 

• *« the second half, and .the JUS?’ as are P r , ,ce Ulerfc « sfiil a little growth 

• f -- directors - expect the fuil-year fmetims q“ niats Sliie^SSviskrfK *° rt ** the fuily taxed prospective 

;. figures to exceed the record dw»n beiuw are based mainly on last P*e is 4.0 and the yield is above 

'^y £3a4ni profit last time. ' year's unieuhie. ■-• average at $ per cent. 

X for __the half-year, took _ 

• ' ; itawta* mubw. <*-«*»> 

- (“iLPOQ) leaving the net ann Foreign invesuuem TrW- Cooim 

surplus up from £9ol,00t) to arotlws. n« v«e Hotels and Restaurants. 
' .: £1.051.000 for cimlnss per "25p Dunbce-Cowbex-Marx. Eastern ProtUite. 
v -. share of- 17.57p (17.34p) on capital S**" 1 , s, ? u ^ 1 T ™?; J 5OT3I t, BI ^ u 
, by a one-for-five scrip ^ ^ 

““Sue. IndBMrtal ami General Tnot, F. J- c 

>. Thl* not Lllley. Lo nOdfl and 530 JUTOSC InWStWNI 

at £166,000 

.issue. tntfHMrlat ami General Tnot. F. + C _ . _ _ _ _ „ 

\ The net interim dividend k UJ,py - L ^ ndCkn »«* aiwunM inresuneoi £1 f.f. f If If ) 

raiwd ta94HMnfS115nl SSthl Trail. Uluniniul Properties. Stw London dl XIOOaUUU 
a -w»ep I3.iz.ip) ana UK. Hropmie-., Scunis-ft. HOrtftifce -and Trnsi. 7 . 

■^Ndirectors anticipate incredsui^ the United EngiDe^nti?. V. After interest and -expenses of 

• XaSS^t^JSLSLSi »=s~t JSSfeS SB tf^sy'fcsa 

: Hntl f fnr fi ?n- l l^i% T ^f ed ‘ *?•*? ^TmSFuEm ItoJ ana Trn>t for die six ninths to Sop- 

■■ Bnal for 1 0^5851 p. Property Tirol. Presidflra Brand Gold lcmbcr SO, I37S, was- marginally 

It is also planned to increase Mmys- Prevideni siew» Gold hmk. up from £162.631 to £165^83. 
authorised share capital hy £0.5m ivciumn' caiirf * iiniugf’wesieni Howmsai Not asset value por 25p share 
to Eta. After the senp 2U.77 per future dates at hail lime was up Up at 12Sp 

cent of the capital will be i.,.--.!. ’ compared with ihe March si war. 


ox halltime was up Up at l2Sp 
compared with the March 31 year- 

unissued. . This vdll make capital Caledonian Associated Cinemas -0«- 23 end figure and investments were 

FOR THE firrit six months of JUTS, 
profits of WebMere Publications 
advanced from £160.0011 fo £237.00(1, 
subject to tax of £123,1X10 against 

The directors say the first six 
months of the year arc trod i Lion- 
ally the least active ppriod iff 
the group's major subsidiaries in 
its hook distribution division ami 
the bath of group profits will con- 
tinue to be earned in the second 

For the previous 15 months 
period, taxable profits reached 
£JHKj,ooo and on an annual basis 
were £724.U00. 

Although the directors expect 
mi improvement on the tatter 
figure, they point out that holders 
should nut assume that the full 
year's profit* will show the same 
percentage increase over 1077 as 
that of the first sir months. 

The .net interim dividend per 
5p share is n_590S58p i0.536p.) and 
following ACT reduction an addi- 
tional Ci. Mil 1 42 p is to be paid in 
respect of the previous 15 months, 
making the total for that period 

available, should it -be required, continental " union mm bet. 23 

for acquisitions in line with the Coral Leisure .. no. 5s 

directors' policy of expansion Horefiwjtfwa . ... .. — ~ £ 

within ihe field of distribution ^ £ 

• and provision of complementary ;.twsti?r ,von«’ ... .’..V oct. tt 

maintenance and manufacturing Roberts adiant e«w- J 

facilities, the chairman says. Awanro . ...... ...... Kjj* • 

. . Stoll .i.-rl Hobortsori ......... — UcL 

The company s performance in fim(s: 
he first half \vj« achieved despite Ao«m Srwinh inve^imem Tnrt Nov. ? 
♦ downturn in the outcome from «»««» *J"hw - ?* 

•' «• "»"»-■ • V S.-i 

-fowever this arose where re- 
trganisation expenses were - in- ■■■ 

,’olved, and which Will result in 

" ■ S down at ft 2.98m (£15m). Borrow- 
*ngs were also lower at £l«llm 
Oct. 25 I'f 2 . 06 oij. 

”• 22 £ , Tax took K»3.4l»J (£61.7551 

kot.*v 'f av, ng ih*» available sum at 
Nov. 7 £102.522 (£100378) for earnings 
— Ort. pt*r share 0.02p up at l.OSp. Last 
. year pre-tax revenue was 

M WOV. i PO*»" 

'‘•Oct! 51 Revenue for the half-year was 
NOT. 5 maintained at £304322 (£305.176) 
______ with declines in franked in vest - 

ment income to £120561 (£127,133 j 
and underwriting commissions 



uture benefit or where there was p _ U£! _ 0 . nredomi- f r om £11 - 25 « «o £159. olt.set by a 

. general trade setback, Mr. R. L. ^“fcol i.aleB last year preoouu ri5p in unfrankcd inconje 7 
hmghty. the chairman, explains, nantjy utlo the firxl six mon “)v. £183.602 (I1G4.727J. 

Moior distribution profits in the balanced this year arnTtbe direc- , T"* 1 . 6 trUjSt ‘* lnve*tmenl« are re- 

rosts at the recently acquired -egyb t crp 
love branch. Better results have 7 ^ 2roup companies in Tan- 
.een secn in brisk trading in this zaaLa acc d J, eX cepUonallj- weU 
“SSf: °' er rhe pust thrce fofi owing an improvement in 1 
nomns. import quotas which has enabled 

The reorganisation completed tbe group to import more spares 
^•■it the group’s manufacturing and components. 

5-p .Vj^umpany B2UAC was reflected in a . 

-• substantial percentage rise in • comment 

Sloth turnover and profits. „ .. ._ - 

l- • f .... After a slow start, the perform - 

In the paper and board division ance at Marshall’s Universal has 

psls arose from the establish- been improving. At the interim 
nent of - a new warehouse, the .stage, pre-tax profits are up by 
tenefits of which are expected to almost 12 per cent and the figure 
ppear after completion in .March, ( or t he full year is Ukely to be 
^79. 15 per cent higher at £4Jm. There 

The extension of the premises bas been some benefit front the 
f M and P Components enabled strong demand for new cars in 
his company to extend its ^ UK and the second half will 
rading and here . the tradme Eet an added impetus from- the 
e suits were more than saUsfac- i aunc h in June of the Peugeot 305 
ory. Mr. Doughty states. — a family saloon aimed at the 

Also, in East Afnca the results Ford Cortina buyer. But UK 

f previous -planning and reshap- motor distribution accounts for 

ng ■ were showing through during only 10 per cent of total profits, 
be six months. The Delta com- and East Africa is stHI the. group's 
--anies. which distribute Lucas main contributor. The motor 
roduets, recovered with very components operations There sub- 

jrge advances in profit slant iaily increased profits, while 

A return to a normal pattern of its Tanzanian activities are doing 
'’’-—rading caused a Jow r er surplus well but in Kenya, a return, to 
or Marshall (East Africa) but normal trading conditions- after 
his reflected a telescoping of the bunching of vehicle sales in 


ECONOMIC ACTIVITV— Indices uf industrial production, manu- 
facturing output (1975=100); engineering orders (1970=100); 
retail sales volume, retail sales value (1971=100); registered 
unemployment (excluding school leavers) and unfilled vacancies 
■ ■■■ . ( 000s).- -All seasonally adjusted. 

natural resources, particularly oil 
and gas in the North Sea. 

lviih investment income and 
net rents better at £117.53:5 against 
£104381. pre-tax profits of 
Northern Industrial Improvement 
Trust increased from £83.927 to 
£94,956 for the year ended March 
31. 197S. 

After a lax charge of £37311 
Compared with £28,192, net profits 
were Little changed at £57,645 
against £55,735. 

Stated earnings are 4.7p (4-fip) 
per £1 share and a final dividend 
of 3p net lifts the total payment 
from 4.2p to 4.65p. 

A SUBSTANTIAL cut back in its 
Ausiralian activities has been 
made by Dalgety following a total 
reappraisal of its involvement 
there. ' Against a background of 
reduced income the Austra- 
lian subsidiary, a one-time major 
contributor to group profit, had 
fallen into loss in three out of 
the past four years. 

(liven the present improved 
prices for beef and cattle, firm 
demand for wool and sheep meat 
and the reorganisation. Mr. David 
Donne, the chairman, s^ys he is 
now confident that The Australian 
company will return to profit in 
the curernt year. 

In 1977-78 group taxable profit 
climbed to £24. -Ira t£l 7.1m) with 
Australia the only region showing 
a loss with a deficit of £0.tim. 

The most important conclusion 
of the review in Australia was 
that there is clearly an effective 
and profitable long-term role for 
the group in th3t country but 
some of the activities were 
unlikely to produce a return to 
match the risks. 

It was, therefore, decided to 
continue to reduce the company’s 
ownership of pastoral properties- 
reduce the size of its urban pro- 
perty development and invest- 
ment; close its frozen food retail 
chops and withdraw from .several 
relatively insignificant operations. 

In addition, it was decided that 
the stock and station agency 
business could be mude profitable 
if reorganised. 

As a result, total capital 
employed in the region had been 
cut by £18m up to June 30 this 
year and since then further 

capital has been realised, Mr. 
Donne reports/ 

By contrast, since the rights 
issue IS months ago. in the UK 
111.7m has been spent on improv- 

ing amd addms lo plan; and 
equipment and £l3m has been put 
into acquiring companies. In 
North America three companies 
were bou-hl fnr a total of £Gm 
financed by borrowings m the 
Euro-dollar market. 

As known, a 2-tor-li rights 
issue was announced ;n Sep- 
tember last which will provide 
additional financial resources and 
flexibility ‘ to dcreiop the group 
both In the ETC arid overseas. 

In addition to the purchase of 
the business during the year the 
^roup continued to invest heavily 
in its existing activities. Capital 
spending on new income pro- 
ducing and cost saving operations 
reached £14Jm. 

Among the major items involved 
were an increase in sawmill 
capacity in Canada, up-grading 
and modernising of vegetable pro- 
cessing plant' in Salinas. Cali- 
fornia; a new export Iamb-kill line 
at Aoicaroa Meals in New Zealand 
and a second nucleus pig herd in 
the U.S. 

From the lime lfl years ago 
when 90 per cent of the group’s 
assets were invested in Australia 
and New Zealand, the spread 
today is UK 36 per cent. North 
America 14 per cent. New Zealand 
23 per cent and Australia 27 per 

For the year to June 30. 1978. 
the UK was the chief contributor 
to group profit with £tn.Sm pre- 
tax. Canada produced £8^lm. 
New Zealand £4.tim and the U.S. 
£2 /6m, while the group head office 
costs absorbed £!.5m. 

Total sales were better at 
ITST.lm (£72 5.2 m I with UK ex- 
ports ahead from £19. 7m to 

Meeting, lb. Upper Grosvenor 
Street, \V. on November 10, at 
12.30 pm. 


Special repeat 

30 November- 1 December 1978 

A structured software design 
methodology for real time systems 

Due to overwhelming demand 
Infotech announces a repeat 
presentation.of the special seminar 
entitled MASCOT — Modular 
Approach to Software 
Construction Operation andTest 

Book now to be sure of a-pfaceoa^ggl; .! 
this seminar by calling 0628 350® - |j j 

» i 

1 nf otech International Limited, *] j 
Nicholson House, Maidenhead, j 
Berkshire SL6 1LD Telex 847319 1 


f -= 

7— — = t 

nd qtr. 
rd qtr. 


vjd rpSi. 

a. 'uly 

output order 

Retail Unem- 
vaiue ployed 

222.0 1,330 

234J2 1,413 

239.4 1.431' 

246.0. 1,409 

254.2 1^67 

255^ ' 1.366 

25725 1,365 

265.8 1^71 

270 J3 U92 

OUTPUT — By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
mineral manufacture, textiles, leather and clothing (1975=100); 
^housing starts iflOOs, monthly average). ; - . 

Consumer. Invst. 
goods goods 


; • * ‘ . 

<«r * 

$ - s 

Eng- Metal Textile Housg. 
output mnfg. etc. starls v 


ndqtr. KM.l 97.7 115^ 98.9 102.4 100.8 25 J 

rd qtr 104J 98.7 11CS SOX 107.7 1015 25.4 

thqtr. 104.6 97.5 114.3 98 X 95^ 100.1 20.7 


st qtr. 105.0 995 116.2 100.9 95.4 97.0 17.8 

ndqtr. 106.5 99.6 121.7 10L1 108-3 98.4 26.< 

larch 105.0 100.0 116.0 101.0 100.0 97.0 20.7 

tpril 107.0 99.0 123.0 102.0 107.0 102.0 UA 

Jay 105.0 100.0 120.0 101.0 106.0 96.0 25.1 

one 107.0 100.0 123.0 101.0 112.0 97.0 29.6 

ulv 104.0 101.0 123.0 101.0 113.0 71)0.0 23.6 

itt^ust 108.0 101.0 122.0 103 .0 96-0 101-0 20 2 

EXTERNAL TRADE — Indices of export and- import volume 
-(1975=100): visible balance; current balance; oil balance; terms 
of trade 11975=100); exchange reserves. 

Export Import Visible Current Oil Tenns Resv. 
volume volume balance balance balance trade USSbn 

_ — 

FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growtb at annual 
rate); domestic credit expansion f£m): building societies net 
inflow; HP. new credit; all seasonally adjusted. Minimum 
lending rate (end period). 


M3 advances DCE 

ok £m 

inflow lending 





8.8 +698 



17-5 +1,791 



24.7 +2,869 


if C 


18.3 +1,126 
9 A 7 4-215 

35.1 +114 

INFLATION— Indices of earnings (Jan. 1976=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1973=100); retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted- value of 
sterling (Dec. 1971=100). 

Earn- Basic WhsaJe. FT* 

.t'i July 
rt August 
; : ■ Sent 



Foods* comdty. 















. 242^7 













200 ^ 



Vfot seasonally adjusted. 

It is no coincidence that executives at 43 out of 
Britain's top 50 companies cany the American Express 
Company Card*- Itis a matter of good business sense. 

Whethertravelling-on business at home or abroad, 
the Card -allows key executives to operate more 
efficiently onyour company's behalf. 

Worldwide acceptance 

They can settle bills at thousands of fine 
restaurants, hotels and travel offices around the world, 
simply andin style. 

UnhampeTedby any specific pre-set spending 
limits, and backed byyour company’s own good name, 
executives canhire cars^ without a deposit, purchase 
airline tickets and even cash personal sterling cheques 
in an emergency. ... 

The American Express Company Card is such a 
sophisticated altemative to cash, with, its worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute 
changes in travel arrangements or the impromptu 

Simple expense administration 

This unbeatable flexibility and security for ^ the 
executiveis further enhanced by other tangible 
benefits to the company. 

These include: areductionin the amount of cash . 
advances; areductioninthenumberandcost of foreign 
currency conversions; simplification of expenses . 

administration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with a single cheque, 
The American Express Company Card Plan is 
already helping many top companies and their 
executives. It can help your company just. as well . 

Simply write to R. A. Harris, Manager, Company 
Cards, American Express Company, 19 Berners 
Street, London WlP 3DD, or call his office direct on 

American Express Cards 

for Companies •Soctcg; ‘The Times 1000-1977. 

f~ To: R A. Harris, Manager; Company Cards, American 
J Express Company, 19 Berners Street, London. WlP 3DD ! 

I I should like to J earn more about American Express Cards for l 

I Companies. Please contact me at the address below: | 

j Name — - | 


Position I 

i Company — • J 

I Address — — i 

| TeLNo fts 

1 heOpHriBi|hBwlBdBMityBitheII£AA&QactfcR|{Mdt^c9RMBijiBt 





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Notice of Redemption ... 

Transocean Gulf Oil Company 

79c Guaranteed Debentures Due 1980 

NOTICE IS HEREBY GIVEN' that, pursuant to the previsions oC the Indenture dated as. of 
November 1, 296S, under which the above-designated Debentures are issued, $773,000. aggregate 
principal amount of such Debentures oi the following distinctive numbers has been selected for 
redemption on November 15, 1973 (herein sometimes referred to as the redemption date): 


1 2517 
83 2573 
319 2583 
140 2597 
370 2598 
285 2564 
288 2672 
337 2825 
410 2846 
491 2912 
511 2989 
593 2991 
677 3207 
49 3208 
76Z 3229 
846 3230 
S55 3301 
887 3311 
882 3314 
1071 3329 
3138 3354 
1141 3379 
3153 3504 
1285 3505 
3371 3515 
1434 3885 
1612 3889 
3614 4059 
3851 4113 
1750 4212 
1776 4391 
1913 4321 
2130 4353 
2176 4403 
2242 4414 
22TB 4415 
2304 4434 
2309 4482 
2333 4559 
2375 4576 
2378 4581 
2380 4599 
2382 4625 
2388 4697 
2405 4784 
2490 4834 

I 6588 8931 11336 
. 6898 5938 11449 

l 6940 9072 11526 

t 7032 9104 11621 
I 7043 9111 11822 
! 7095 9150 11784 
i 7113 9151 11793 

i 7121 9209 11812 

1 7183 9218 11825 

> 7187 9240 11850 

. 7250 9298 11B68 
l 7256 9350 11879 

i 7372 9402 12099 

t 7396 9457 12153 

475 9469 12306 
I 7734 9706 12340 

l 7763 9752 12449 

l THU 9754 12487 
7829 9811 12530 

. 784® 9853 12632 
7991 9955 12842 

8033 9981 12644 

8067 99B7 12751 

8090 3996 12828 
: 8091 10016 12844 
8181 10022 12930 
82H1 1«W6 12947 

8222 10128 12968 

8223 10129 12991 
8291 10140 13062 
8295 10198 13071 
8322 10213 13U81 
8454 10236 13107 
8470 1C270 13215 
8498 1 0643 13232 
8539 10901 13296 
8545 10937 13300 
8648 10940 13314 
8769 10982 13321 
87BO 11017 13324 
8306 11071 13351 
8824 11084 13364 
8837 11185 13395 
8859 11251 13426 
8864 11301 13446 
8835 11334 13496 

23545 15998 18353 2x333 
13633 16070 18380 22178 
13694 16144 18396 32190 
13899 16180 18438 22191 
13958 16210 18498 22199 
13977 18282 18641 22277 
14005 16285 18722 22332 
14126 16302 18730 22377 
14172 16562 18782 22548 
14271 16517 18853 22848 
14427 26378 18903 22650 
14451 16705 18930 22679 
14513 Z6724 18931 22691 
14530 16732 18946 22699 
14542 16754 13281 22796 
14715 16779 19332 22916 
14732 1 6788 19348 22921 
14776 16832 19B66 22922 

1482& ieeee 19372 23024 

15057 17033 19967 23134 

15121 17035 20009 23175 

15178 17082 20074 23185 

35183 17084 20088 23197 

15225 17136 2010Z 23214 

J5263 27215 20275 23238 

15275 17263 20=78 23264 

l^OO 17456 20309 23282 

15369 17647 20313 23283 

15402 17600 20635 23314 

15460 17669 20642 23322 

15487 1 7671 20827 23336 

13503 17777 20880 23374 

35*47 17848 20887 23380 

15662 17849 20954 23432 

15604 17861 21089 23466 

15666 17664 21041 23475 

15705 1 7871 21326 23605 

15773 17897 21338 23607 

15775 17980 21430 23722 : 

15782 18140 21542 23809 

35789 18141 21546 23827 

15808 18144 21577 23987 : 

15823 18158 21592 24010 ! 

15850 18165 21717 24145 ! 

15869 18204 21745 24181 : 

15967 1E333 21911 24223 : 

The Debentures sped he d above arc to be redeemed for the Sinking Fund (a) at the WCG- 
Corporate Bond Agency Services Department of Citibank, N.A. (formerly First National 
City Bank), Trustee under the Indenture reterred to above, No. Ill Wall Street, in the 
Borough of Manhattan, the City of New York, or (b) subject to any laws or regulations 
applicable thereto, at the main coccs oi Citibank, N_A. in Amsterdam, Frankfurt/ Alain, London 
(Citibank Housci. Milan, Pari;-, and Citibank (. Beldam) isJL in Brussels and Citibank (Luxem- 
bourg) SJV_, in Luxembourg. Payments at the offices reterred to in. (bj above will be made by a 
L'niled States dollar check drawn on a bank in New York City or by a transfer to a United Slate* 
dollar account maintained by ike payee with a bank in New. York City, on November 15, 1973, 
the date on which they shall become due and payable, at the redemption price of 100 percent of the 
principal amount thereof, together with accrued interest from November 1. I97S to tbe date fixed 
for r edemp tion. On and after the redemption date, interest .on the said Debentures will cease to 
accrue. Upon presentation and surrender of such Debentures with the November 1. 1979 coupon 
and all coupons appertaining thereto maturing thereafter, payment of principal plus accrued interest 
aggregating $1,002.72 for each $1,000 Debenture will be made out of funds to bo deposited with 
the Trustee. 

The amount oi any missing unmaiured coupons will be deducted from the sum due for payment. 

Transocean Gulf Oil Company 

October 15, 1973. as Trustee 


Alfred Preedy third contender 
for Midland Educational 

Financial Times Thursday Ortober 19 < ./i 

Energy Finance Tnist v V 
broadens capital base ;ji 

A THIRD contender yesterday 
emerged in the growing ^struggle 
for control of Midland Educa- 
tional, tbe Birmingham-based 
bookseller and stationer, with 
Alfred Preedy launching a bid 
worth £3 _3m. 

This tops tbe £2-Lm cash bid 
from Pentos and the shares and 
cash offer from Lonsdale Univer- 
sal worth £2 .am. 

Preedy. the Midlands-based 
tobacconist and newsagents 
group, is bidding one of its own 
shares plus 387p cash for every 
two Midland shares. The bid 
values each Midland share at 
2355p but this is still some way 
below last night's closing price of 

Midland has already rejected 
the Pentos and Lonsdale terms 
as being inadequate and said last 
night that it would need a little 
time to consider this latest 
approach. The cash element of 
Preedy’s bid is £2 .7m. 

Meanwhile there is some market 
speculation that other potential 
bidders are waiting in the wingsr— 
which may yet make an 

Preedy which has a total of 
161 retail outlets says that its 
offer, is. conditional upon the 
terms being recommended by the 
Midland directors. It says that 
there were substantial advantages 
for a merger and that it intended 
to extend its retailing interests in 
areas of activity already covered 
by Midland. 

Midland has wide interests in 
educational bonks-— an area where 
Preedy has little or no involve- 
ment. Preedy starts with a 1.3 
per cent stake in Midland. It is 
also bidding 65 p cash for each 
.Midland 3JS5 per cent preference 

The two other contenders in 
the takeover slrugsle said last 
night that they had no plans, at 
present to pull out of the bidding. 
Pentos has extended its terms for 
a fortnight while Lonsdale said 
that it had asked Midland to 
name the terms at which it would 
be prepared to accept a bid. 


Christie's International has 
reached agree men; for the 
acquisition of J. and R, Edmiston. 

Glasgow auctioneers and valuers, 
as a going concern, for £1Q(LQ00. 
This includes heritable or free- 
hold property. 


Christle-Tyler, the furniture 
manufacturers. has acquired 
Olympic Kitchens for an inJtia. 
purchase price of £l}m. 

However, this price may be in- 
creased— -depending upon Olym- 
pic's profits record np to April 30, 

Last year Olympic earned pre- 
tax profits of £481,000 and spokes- 
man far Industrial and Commer- 
cial Finance Corporation — 
Christie's financial advisers, bold- 
ing a 30 per cent stake in the 
furniture group — said that if this 
level of profits was maintained 
then Christie would have to pay 
an extra £231,000. 

Olympic is a private company 
based in North London and manu- 
factures a range of kitchen units. 


Aaronson Bros, has purchased 
for about £lm from Formica its 
manufacturing facilities for the 
production of MFC (Melamine 
faced chipboard) and extruded 
plastics products. 

The purchase covers Formica's 
pi ant producing MFC beards in 
both full and cut sizes for the 
industrial and consumer markets. 
It also incorporates a plastics 
extrusion plant for the manu- 
facture of PVC drawer sections. 

. Aaronson intends to relocate 
these manufacturing faculties at 
its various plants throughout the 
UK and Eire. 

Total consideration including 
stock, which has yet to be valued, 
is expected to be in the region cf 
£lm cash payable on an agreed 
basis over about two years. 

centreway and 


The directors of Centreway and 
George Whitebouse (Engineer- 
ing) announce that further to The 

statement issued last week dis- 
cussions are proceeding between 
the two companies with a view to 
a possible merger of certain 

interests* ‘ ' 

Shareholders win be fofJy 
informed, of any developments 
and a further statement wzU be 
issued as soon as , any detailed 
terms become available. In view' 
of the complex nature of the 
negotiations this, is . likely to be 
several weeks. 


De Zoete and Sevan, brokers 
to Argus Press Holdings, sold' 
24J325 Tridant Group Printers at 
993 p. Following this sale, interest 
of Chirii Investment .Co. in 
Tridant bas been reduced from 
910.79.1 shares to 886,463' shares. 
Montague L Meyer, an associate 
of International Timber; bought 
25.009 Bambergers at SOpi. Total 
held now 330.000 shares. . 

Baring Brothers and Co., advi- 
sers to the Argus Press Holdings, 
announce that they purchased 
25L395 ordinary shares in Tridam 
Group at lOOp for their own 

Hi!i Samuel sold for -a dis- 
cretionary investment client 50,000 
Legal and General at 137p. 


The Secretary of State for Prices 
and Consumer Protection has de- 
cided not to refer the proposed 
merger between Legal- and 
General Assurance Society and 
Glanfield Securities to the 
3Icr.opoiies Commission. 


Allied City Share Trust— Major 
A. A. Greenwood holds 30,000 
shares I6J8 per cent). 

Associated Sprayers — London 
Trust Company holds 300.000 
shares <SL26 per cent). 

Federated Land and. Building 
Company — Industrial and Com- 
mercial Finance Corporation, 
being interested in more than 
3 per cent, has sold 160,000 

G. T. Japan Investment Trust — 
Merchant Navy Officers Pension 
Fund has increased its holding to 
415.nnn shares (S3 per cent): 

'arTwSsa srss.' 

STortlhaiy. share* 

Barkway’s Ebm® 

General Trust at 28pa share. The 
move will be subject to share- 
holders’ approval 

At the same time a rights issue 
of SS2.429 new shares— at 2Sp a 
share— £ to be made by Energy 
Finance. This is to be under- 
written by the London Trust Com-. 

Pa ay- ' • 

Moorsidc Trust is to sub-under- 
write part of the issue and will 
SSribe for UP to 100,000 shares 
not taken up by existing snare- 

h °Loruion Trust has been a share- 
holder in Energy Finance since 
Januarv, 1975, and the underwrit- 
ing arrangements have been 
calculated to ensure that London 
Trust will continue to hold not 
less than 14.72 per cent of the 
enlarged capital. But ivcottjsh 
Northern has not previously held 
shares in the company and after 
its subscription will hoid approxi- 
mately 19 per cent of the enlarged 

capital. . ' . . «... 

Mr. Barkway said yesterday: It 
is very gratifying to have tbe 
support of these institutions. The 
progress of the company so iar 
has been satisfactory but we 
believe that the increased capital 
base will assist the company's 
operations as an issuing house 
and financial adviser." 



Hewden-Stnart Plant is- To 
acquire the capital of Mair and 
McCartney (Scotland), for a total 
consideration of 547.442 shares. 

Mair is engaged in ihe manu- 
facture of cabs for the earth- 
moving industry and mechanical 
engineering. Net tangible assets 
at July 31. 1978 were £351.869 and 
pre-tax profit for year 1977 £76.278. 
Mair estimates that an the 13 
months to January 31. 1979 pre- 
tax profit will exceed £S0,0Q0. 

A new partner was announced 
yesterday for Arbuthnot Latham 
Asia, the merchant banking sub- 
sidiary of Arbuthnot in Singapore. 
Only last month Arbuthnot bought 
out Standard Chartered Bank 
which bad been an equal partner 
in the bank (previously known as 
Chartered Merchant Bankers). 
Now Philadelphia International 

Investment Corporation ^ 

Arbuthnot pahLr- Stage** 
Chartered for thee®*,-} f 

Chartered for the cgfe;* 

half of 'the equity 

increased the • share: 

SS5m PtiiSsdelphia. a sufettrg® 
of. Philadelphia Nalraaal ’32 .- ' 
bas subscribed SSLPSmfor a jv 
per cent Stake in ..jhr BaJash 
equity- The two eompanjes bi 
had dealings before: 
owns shares m Arbuthnot- L k^ 
Holdings.-' - ;; VjgSJ . - 


TalbCT has promised .no*: a* jj 
for Koskins. and . Ttetoo - wtthg 
approval from Tatiwa 
holders at the -torthcosanfagg 
Replying to- EcskHatf - w 
circular which opposes tajdfijy 
p!an>. tbe Talbex board also ^ 
it wiH consider aa offer tedy* 
the terms are, in : Ihe.flp^pQ^: 
the directors, in the b«t icteSg 
of Talbex." ' ; - 

The Board advise?; 
holders to ignore the letter. • 
Hoskins chairman Mr.-; -Jqpjp 
Lloyd. . . .’ 

. It ads that the 'direetmx •■fj 
■surprised that -the <3iajrjnawv • 
Hoskins and Horton shonid^fii 

holders of Hoskins aat 'K^ 
being denied the qppartumwr: 
decide on its men is.” 


Bankers Trust Intereatioaidi . 
sold its holding in Sterling 
Group. Trie shares haie 'fe * 
bought aa to 36^7 by St 
Investment Trust Xjunpa^y,-- 
in vestmen r company 
Mr; G. F. K Morgan's 
as to 523,703 byTregarthr&tii 
Company, a company confers 
by Mr. J. C. M. Biles an*v 
family. . 

The price was ; l7J8p per'^ 
cumulative rights As a • 

these transactions, Mr. HatgfL 
interest as defined in sectfesat 
and 31 of the Companies^ 
1967 is 1S5 per cent afid£ 
Biles' interest rS3 per cent; 

J. R. Harrold. director of 1 
Trust International, wnti... 
be a director of 'Sterling: Ci 

(if A 

General Mining Group 


All companies mentioned are incorporated in the Republic of South Africa 7 " 



Issued Capital — 11 JWO.OOO shares of FL1 each. 

O a arte tended 

Operating results 

30 Sept. 

30 June 




Ora milled 

.. (0 



Ora milled by Stiffontein 

.. (0 



Ora milled— Total 

.. (0 



Gold produced 

. (kg) 



Gold produced byStilfantem. . . 

. (kg) 


251 814 

Gold produced— Total 








Yield by Stilfontein 




Yield— Total 




Working revenue per ton milled 

. (R) 



Working cost per ion milled ... 

- (R) 



Income perron milled 

f .W 




Pulp treated 

— M 



Oxide produced 

.. (kg) 



Yield per ton 

- fait) 



Financial (R’000} 

Working revenue 




Working costs 




1 2,223 


Tribute agreement— 

Vaal Reefs (Net) 

(1 .088) 






Income .1.. (uranium) 



Tribute agreement— 

Vaal Reals (Net) 



Income on sale of pyrite 



Income on sale of acid 



Income at mine 



Net additional revenue 


381 - 

Less interest 



Income before taxation end 


share of income 



Taxation and Stare's share of income .. 



Income after taxation and State's share 

of income 



Capital expenditure; Gold .... 


~ 4,279 

Uranium and acid 






Dividends: declared 


1 2,1 QO 

cants par share .... 


Loan repayments ........... 


Loan balance outstanding .... 



Loan levies 

737 . 


Capital expenditure commitments - ... 



Capital expenditure for remainder of year 




Advanced fm) 

Sampling results: Sampled (m) 

Channel width (cm) 

Average value : (Sold (cm. g.U) 

Uranium... (cm. kg It) 


Metres (m) 


Channel width .............. (cm) 

Value: Gold (git ) 


Uranium (*g/t) 

(cm Mg It) 

Development Summary 

Time months ended 30 September 1 378 

Par- Channel 
Payable tentage width . 
Ana metres payable cm. 

Pioneer Secondary 147 63-6 128 

Lucas Block 105 36-1 83 

Southern Shaft 300 64-9 103 

Orangra Shaft 2T9 S2*4 85 

South Vaa! 162 609 114 

Eastern Shaft 12 100-0 96 

git cm. g/t 
17-83 2^78 

20- 30 1,683 

22-28 2.238 

21- 09 2.029 
20-26 2.300 
31-52 3,026 

fcglt cm. kg It 
D351 44-88 

0-636 52-70 

0-629 64-94 

0-557 53-54 
0-720 81-77 

0-774 . 74-31 

20-74 2.174 0-560 60-82 


Underground production was. substantially higher than in the previous quarter 
and as the milling rate remained at vinuaHy the same level. 38,000 tons of ore was 

The increase m costs was mainly due SO the increase in production, increases in 
palates and wages and addittonel support In the tower areas of the mine following 

the seistnic event during the tea quarter. . . 



Issued Capital— 1 3,062£20 shares of 50 cents each 

Operating results 

StilFontein ora milled (f) 

Gold produced— Srlllbnlein ora ...(kg) 

Yield— Stilfontein an.. .. . (g/t) 

Working revenue per ton milled (/?) 

Working cost per ton milled f/T) 

Income per ton milled (fi) 

S months 
Quarter ended ended 

30 Sept. iQJune 30 Sept. 

1978 1978 1 973 







504.000 1.464.000 
4.130663 12293-064 
8-29 3-40 

44-55 44-B1 

35-59 37-26 

8-96 7-55 

Financial (R'000) 

Working revenue 

Working costs 




State aid 

Income on sale of acid . 

Income armine 

Net additional revenue. 
Less Interest 

Income before taxation and State’s 

share of income 

Taxation and State's share of income . . . 

Income after taxation and State's share 
ol income 

Capital expenditure - 

Trade investments 

Dividends: declared. 

cants pm share 

Loan repayments 

Loan balance outstanding. 

Loan levies 

Capital Bxpendnure commitments 

Capi tal expenditure for remainder of yea r 





Sampling results : Sampled. . 




Channel width 




Average value; Gold 

..(cm.g/ 1 ) 



Uranium ... 

.( crnkglt ) 




Metres .... 




67 6 


Value: Gold 



. . (cm.g/t) 




.... (kg/t) 






Development Summary 

Three months ended 30 September 1973 

Total Development 

G old Uranium 


• ■ Metres Metres width Value Value 

vfff ® rf T2£ Sa Tj£o n? JS lt kgltcmJcgft 

Vaal 1,360 1,038 25 G7-0 1.701 0-892 22-66 

Vemersdorp Contact — — _ 

Commonage — — __ 

Livingstone — — __ _ 

TotaIa 1,360 1,038 25 67-0 1,701 0-892 22-66 

Payable Development 

„ „ G old Uranium 

Pen- Channel — 

ntage width Value Value 

rsyatrte ventage width Value Value 

“7 J* cmg/t kgltcmJkglt 

7 _ 67 i “ 76 2 “■« 

Commonage — • — __ 

Living stone — — _ 

All Roofs. 702 67-6 29 76-5 2.190 0924 26-44 


* haft in * he No - 1 and S compartments on 
25 July and 2 August 1 973, the tonnage milled for ihe guarterwaa 18.000 tDiw 

issasSASSisr - - ^ 

Total working costs increased despite the lower tonnage mined mainly doe to 
Increases in salaries and wages and repairs to ihe Margann shah. 

Included in sundry revenue is an amount of R2-5m. being insurance claim for lose 
ol revenue tallowing the Scott shaft fire earlier this y ear> 

Dcvefopmen: in the H 820 block remains a priority. 

Progn^ra the construction ol die wantumptem is satisfacfsryandsliD ahead of 



Issued C«rrSA-4,250,2C3s!-.9res cf HI each 

25.0C3 dofeTKl shares cf P2 each 

Operating results 

Gold Section 
Ore r-.ilfed ......... 

Gold produced 


Uranium Section 

Ore milled - 

Gold produced..... 



(S 0 


Tons treated 

Uranium produced ...... 





Financial (R'000) 

Working revonoe (paid) 

Net revenue (uranium) 

Net revenue (add and pyntc) 

Total revenue.... 

"Total working costs 

Total per ton milled... (H) 

Income! {Loss) 

State aid 

(State Aid adjustment 1 977) 

Net additional revenue. ............. 

Income before taxation.. 

Income after taxation. 

• Excludes uranium investment costs 

Capital expenditure 

Unlisted investments 

Dividends declared : 

Ordinary: amount 

cents per share ....... . . . 

Deferred; amount 

Rand per share. ....... . . 

Capita I expenditure commitments 

Capital expenditure for remainder of year 


Advanced (re) 

Gold Section 

Advanced ....... (m) 

Sampling results : Sampled. ....... (re) 

Channel width .(cm) 

Average value ............. (cm.g/t) 


Metres --<m) 

Percentage ................... 

Channel width ' (cm) 

Value (git) 

(cm. g/t) 

Uranium Section 

Advanced ......( m} 

Sampling results : Sampled (mj 

Channel width - (cm) 

Average value: . 

Uranium .............. (cm.kgit) 

Gold ....(cmg/t) 

Payable r 

Metres ... (m) 


Channel width (cm) 

Value: Uranium... i (kg ft) 


Gold (g/n 


Development Summary 

Three months ended 30 September 1573 

Gold Section 


Main Reef 

South Reef 

Livingstone Reel 

Kimberley Reef 

Vemaredorp Contact Reef 

Quarter ended 

S msnfhg 

30 Sept. 

30 June 

£C See'- 






141.4 CO 

■SCO 300 












238.100 722.700 

• 46 ISO 44? 1 06 

0 61 O-uO 

258,300 237.050 725 950 

82.629 72 899 227 026 

0-320 0-308 0-313 
















































' — 













Width . 





— - 











Uranium Section - 

'Pert Chennai - IJurJum 

Payable ce*tage Width — — 

Reef mstms payable . on AgH cmX t 

'.'.■RtteEcaT . ...... — 

f.vmarcli Reef 103-5 170 .23 3-127. 91- 

Upper Monarch RetT - • . . • - 

Zone 2 331-5 .42 2 .62 1287’ 73 

Upper Monarch Reef 

Zone-: 2’3-0- 25-1 72 1230 .83- 

Other Reels ...... — — . — — - 

final - Uranium GcUf 

hath — : r~ 

cut kg: l cmXg't ' g:t cri.p t ' “ 

23 3127. SI-77 7 63 22+ ’'; 

.62 1287- 7343 122 ST i 

72.1-230 . 83*75 362 251 

Totals.. 7OS-0 2B5 1 81 1-391 ' 84 86 2 81 172;'.’ 


Production Development of the Bird Reef horizon increased L-am Z279 mcras . ... 
to 2.513 metres during the quarter reDrewnfing an increase cf 10v> compared 
with the previous quarter. The JUIonareh stian system -has been completed and - , d 
development towards the reef horizon is in progress. 

Tormago miffed in the uranium section increased by 20.000 tons by runn'ing fha.; j 
plant So maximum capacity and the introduction of continuous milling fr?*5 y 
August 1978. This resulted In an increase murannrm recover/ of 3,730 kilogiarw/ . 
compared v, i th the previous quarter. 

Uranium Spot Sales In the 1977 annujf repor* it was. mentioned That if wevUif ' 
not be possible to make further uranium spot sales of any substantial volume. The 
la :«r estimates however reveal that spot .sales o! uranium. fort he ia78.hnanw^". r t 
year will, due to the higher production, at least equal the figure achieved in 1 977. 

Lvlpaardsvlai As announced in the press on 12 October 197a an'l 
has boon concluded whetetrv ihe company has acquired ihe tight to trine liw 
remainingorcof LuipdardsvteiEstates. t 




Issued Capital— 1,420,663 shares of 56 cents each 

Operating results 

Quarter coded 

Gold produced from 

Profit per ton milled . 

Financial (R‘000) 
Working revenue 
Working costs 

Profit from mining operations .... 
Revenue from clean -up and reserve 

State aid , 

Net additional expenditure 

Income before taxation , 

30 Sept. 

30 J-me 



• «o 


5470G • 






.4-30 j 

■ (kg) 

50 00 


-l l ff) 


— ' 


24 90“ 



2490 1' 

“ " ' 


m m m % 




1,362 ; 

■ k. N 


f. ■ « S 


■ y 

... h 



& ■■ 

— 4 

• 1.115 

■ !&£ 

Income after taxation 


!SmSSSSl£^ M ‘ w» 

(I) Cessation of mining operations at Saxon shaft' f-f 

(ii) Complete stoppage of development .'111 

(iii) Reduction in personnel. 

Ti ^SS* !!*?*.** P°^ty of employing a specialist company touo**-; 
Iwld ol^23 OctSw^ST^. ^ ta reP ° n8d m «*• annual general mesting to ^ 

NOTES: - 1 ' . .. 

represent- ectua! iasirhi of. iampfing («>;. 
moda ,or mv adjustments which may bo or wa* L 

receaarylw^esUm^^aratMarv^attfreendofthatirianciaWwBs; .. 

AH financul Figures a re £ubi act to audit. - f . 7 

. London Secretaries: -. • . • . ; . . . . : . ... , * 

Ganeral Mining and Finance Corporation Limited,' / I. ’• : .-'- 

Princes House, 95 Gresham Sireet, London £C2V7ENi' - - >■'’ ViSrf 

18 October, 1978. ' ‘- ■' " ' : "ft": 1 - ^ 

m anc 5 

Financial Time? Thursday October 19 1978 


runs into 



r. THE RECESSION in the world ago — for possible exchange losses day FTamersloy shares were I84p 

N,y|!i steel industry in general, and that on future repayments of long and those of Bougainville were 

.srf Japan in particular, weighs term, loans in European eurren- 329p. 

Vf., 1 tbeavfly upon the Rio Tfaio-Ztnc cles. The company is 54 per cent- 

group’s big HaracTsiey iron on* owned by Conzfac Riottalo of 
operation in Western -Australia. Australia which, in turn, is 72.6 

' ' Earnings have suffered a sharp per cent-owncd by RTZ. 

'' : ^K ,n ^eSep^mber quarter Meanwhile. all is going w*U at 
' * SX**-* 11 ? r ” ult totaI f ? r RT2 Tr big Bousalnmir . copper- 

: SSv%l2JUtai So,d in Pajraa. New America'* Noranda Alnminnnv 

' 2th ^ Guinea in which CR.4 bolds o3.Q owned by ihe Canadian Noranda 

: Mmn l* 1 " ce ^ vt - mosl copper pro- Mines, has signed a leiter of in- 

period of 1977. At this yearns ducers have been either losing tent to buv for an undisclosed 
' *c,, v ^ y stafic toey " cre money or barely breaking e v * n price ihe casting, sheet and foil 
4#ii.U4in. •• m , this year. BougainvilTc has been plant at Huntington, Tennessee, 

• . it 0 j W factors has raising ilb earning*. ' ‘ ' from R. J. R, Archer, a stib- 

wntrlbulod to the reduction m They expanded lo r K24m '•■diary of R. J. Reynolds 
. wofits. EasicaHy, a fall m sales from K13.flm in the Indus trick. 

. etenue or 14 per cent has first -hair. mainlv as a result of Noranda secs this acquisition as 

stemmed from lower shipments of CXC hange trains on the repayment a major step in its continuing 
ire-:E2.G4 m wet tonnes against R r overseas loans following, the development as a fully integrated’ 
io.2i wet tonnes in the same revaluation of the Papuan kina U.S. 'producer of primary 
' jeriod of last year— the apprecia- M —| nBt the IT.S. dollar. But they aluminium products. The Archer 

:.:ion of the Australian dollar a ] so reflected the higher gold Plant has an annua) capacity of 

• igainst the weak UJS. dollar in D rice and the mine's increased more than 30.000 tons of sheet and 

. u:~u — — *- — K roil products. 

St. Helena 
does well 

A GOOD showing is made by -St. 
Helena in the Union Corporation 
group’s September quarterly gold 
mining profit figures. • Although 
the mine's latest net profit him 
been helped by the payment of 
an insurance claim for Rl.lSm 
i £690.000), there has also been an 
increase in production as a result 
of a rise in gold grade 

Despite the special payments 
received in the previous quarter 
as a result of the new method of 
payment on delivery for gold, all 
the group mines, with the excep- 
tion or Marieraie. obtained higher 
gold prices in the September 

This, however, has not helped 
Kinross which has suffered from 
a fall in grade and lower gold 
production. The group's latest net 
profits are compared in the follow- 
ing table. 


















I J1S 










4.4 IS 

ihich iron ore contracts, are production 



St. Helena 


In the General Mining group, 
Ruffelsfontein has received a 
higher uranium profit while earn- 
ings of Stiifonlein include the 
payment of an insurance claim for 
R2. jm. West Rand Consolidated 
.says that owing to higher produc- 
tion spot sales of uranium for 
1078 will at least equal those of 
last year after all: 

meed, and reduced prices to Bougainville's lalust report for Norantfa Aluminum is based on 
■lurope and also on a major Japa- rhe September quarter shows a a 140.000 inn per year reduction 

’ . iese contract. further increase in production. It PJ*|» ■» Missouri. The company 

Costs increased and production brings the nine-month totals of hausue and alumina in- 

>■3 s reduced by the inevitable meta] in concentrates to: copper crests in nu.nea eoniwuau. red 

... ndustnal stoppages in this 131,301 tonnes (131.134 tonnes in f " a « ™ ■« Missouri. an 

' r -~S\ lOtoriously strike-prone industry, the same period of last yean: Sht^anli ^ lf? br,cat,, V: plant in 

! x ,/lamers ley was also obliged to gold IS.19S kilogrammes (16.072 a ". a h r ^, f ’°“ se 

■ 'Viakc increased provision — kgs \ and silver 3R3SZ tfis industrial Li - C lhc w . mint enns. . j*; > 1:1 

.‘■(I £.iSl2.67m against -AS6.27m a year (33.S33 kgst. In i^»nrtnr> raster- Inausm al h ™rt'and of The US ♦ \rtw rpnipi *f afrL r R^n-d 









Fliiflnt^rnrroln .... 

. ll-ST.l 


S. Roodepoori . .. 








ft'. Rand Cnns. . 





I Jl jup 

J t 

AH these bonds having boon sold, this announce- 
ment appeals a matter 0 ! record only. 

Kayaba Industry Co., Ltd. 


DM 30,000,000 

3/4% Convertible Bonds due 1985 

- Private Ptocecnent- 








Alcoa to build £117m. 
alumina refinery 

.USTRALLVS ALCOA is to to appease those who bare objec 
nild its third Western Aus- ted. establishing a new authority 
■aiian alumina refinery at to monitor both this refinery and 
ifagerup, near its other plants other ventures using Darling 
L Kwinana and Pinjarra. reports Range Land, in the foothills 
on Upscorabe from Perth. The behind Penh. 

,$200m f£ 11 7.6m) plant will pro- 


Representatives of major world 

uce 200.000 tonnes of alumina 
year and is the first stage of 
tat is proposed to become a 
rn tonne operation. 

.Yesterday's go-ahead bv the 

late Government culminates a roinl ^ companies have been 
Wyw flter environmental dispute. invited t0 review a new metal 
^th conservationists claiming ores refining process today in 
tat bauxile mining made Perth's Fredericton, Canada. It has been 
rinking water salty and acceL developed by the New Brunswick 
rated a fungus, die back, that Research and Productivity Council 
ire a tens the state's Jarrab with part of the C$7ak000 
irests. f £319,0001 cost being paid for by 

The company and the Govern- the Federal Department of 
tent have countered that the Regional Economic Expansion ^ 
impaign has been iU-isformed P 11 Monday. Dr.- Roy ^oonnan 

3 d^ historical and that without J&mSS SiZSI 

, n tha . +hA —.a „ Arv enable ruining companies to treat 

ie demand that tne refinery ] 0W . Rrade ore. such as Is found in 
& generate a much more ^ areas of northern New 
10 0 oportant natural gas pipeline Bninswic k, to get an increased 

m the north-west shelf to yield. He added that -although 

erth could not be justified. the new process is confined to 
Thus the campaign became a sulphite or base-metal ores found 1 
ash between the growth forces in the Bathurst-Newcastle areas. 
?rsonified in the state's premier, it does have potential for broader 
r Charles Court, and the cham- application and thinks that is why 
ons of non-growth. At the today's meeting is drawing so 
sekend a report on the environ- ""“j* -•JSSSSi , ho 

enial effects of bauxite raining 

i<> 9 tort ffonictitiir thp n>fim>rr' .first -major development m zinc 

KLS? techoo'oKy in -nearly 20 years. Dc 
damaging to the forests and Boonnan sa| d that as the refining 

- . - picture stood, there was a limit 

The Wagerup refinery is impor- t o the amount of metals that 
nt more for its effect on busi- C0U ]d be recovered from ores in 
jss confidence than for its the northern part of the province 
fiuence on the alumina market — something on the order of 65 
: least in the short-term. Alcoa per cent. Under the new process. 
— — ' in no hurry to comnlete the recovery could be increased to 

“velopment. although work around 85 per cent 

1 site will start as soon as 


.Natural resources companies 
■e under pressure to perform. At yesterday’s meeting Mr. D. S. 
nee Western Australia's busi- Middleditch. Mr. W. A. Arhuckle 
iss community has been an d Mr. D. A. H. Baer were 
icotxraged to gear un for a removed from office as directors 
quence of new projects that of Burma Mines. Mr. R. T. B. 
•p proving slow to eventuate. Green was appointed a director. 
"Wagerup had to withstand Accordingly. the proposed 
liections from 186 individuals repayment to shareholders of lOp 
rd groups, and the Government capital per share will not now 
taking elaborate precautions take place, it is stated. 

Australia’s uranium 
may be even bigger 


4SED ON a survey of the 
ran turn deposits already 
dineated in Australia’s Northern 
jrriiory. the lodes there may be 
^./njACaeh larger than so far has been 
:/{ fljilrtimatcd. according to the latest 
* » report of America 4 

Oelear Exchange Corporation 


j, . ■''j nclear 

5uexco). a uranium broker 

The established reserves in the 
1 st Alligator River district of 
e territory, together with those 
Canada's Northern Saskut- 
iewan, are already considered 
e world's largest deposits, 
uexco sal’s. “An estimate that 
-place reserves (at Blast Alfi- 
itor Riverj may eventually be 
creased by two or three times 
ay prove conservative.” Nuexco 

The report says that measured 
.■serves for ~ Pancontinental’s 
■biluka No. 2 have been put 
. 224,000 short tons of reactor- 
■rade uranium oxide, and the 
eposit has proven to be so large 
»al it has been unnecessary to 
siineale it fully- Reserves in 
« much smaller Jabiluka No. 1 
ere put at 2500 tons Of oxide, 
he average grade of the ore is 
3 b per cent uranium and the 
iposits could yield 455.6m 
Hinds of uranium oxide. 

-“The Jabiluka denosit alone 
mid support a viable uranium 
id ust rv in the Northern Terri - 
iry*" the Nuexco report says- It 
jmments that three other depo- 
ts. at Jabirn (being developed 
j the Ranse.r Group. .£ 2 Indus- 
4es and Peko-WaD«*nd>. Koon- 
arra (Noranda MfnesI and 
aharlek (Queensland Mines). 
Id another 152.500 tons oF 
raninm oxide to the total 
fserves in ' the - district - 
1 Tfae U.S.. Department of 

Energy estimates that the U.S., 
the world’s largest consumer of 
uranium, will require about 25m 
pounds to feed its reactors this 

Jabiluka No. 2 also contaias 
“ commercial values of sold in 
one sector.’’ Nuexco says. “ An 
estimated 260,000 ounces of sold j 
is Imown to occur in about 
550.000 tons or ore along the 
upper limits of the mineralised 
7 nne.'' Meanwhile. Australia's 1 
uranium miners stili awair Gov- 
ernment permission to go ahead. 


PEKO-WALLSEHD— ■ProducOni' m»Tl: 

13 intis m ; 

2t9.JB 3T.9.77J 

ss.iw st . an 

9M S7B 
T;.«4 77.S18 
25SM3 lTfi.SS 

114.720 «t.«M 
TT.<r3l 113.150 
4«4 I.I3S 
2.401 9.71# 

K.SWO *9.393 j 






Wtrrtvo Mine 
Or/- ireaM Honors* •• • 

Comer itonnes* 

fToW lounr-S' 

Btanuib iVilorrumsi - • 

Mount Morgan Mine 
Oivrtortlro romorefl 

ironnfS'- -• 

nr*- irvoied ttonnfRi 


nold »ounr*-s> . 

KHg ivlamJ Mine 
Oro imaied .»omu«» .• 

TnnBt*3**n D*ldi> *W’0,1 


Total prodortion ■ 


Hold i ounces* 

Bismuth tkUwrams* 

Tunesicn Oslde tWO,> 


Petton & CreUey CeUwriu 

Wssbed coal (tonnes* ... 


. Washed cosl — 

CuBMdah Colliery 


'Coal fionnesi - 




Ouanerty produrHoo flmrw: Srpti'niBer. 
107S: Golden Riders Mill: On? treated 
25.401 taunts. Aissytne 0.035 at per 
mnne. Kine sold proiiurwl 1.172.1 at. 
Fine sUvor prorturcii - 910 2 cc- Edtr 
Croak Anuvials-. Fine yoM prodnrofi 
rjj oz. Fine sliver produced 81.3 ox- 

2SS.M5 lM.SfiS 

5TJ86 33.039 

I9S.65F 169-7*7 
171.047 1W.5M 

59.461 S7.514 

... 61 All 7S.673 


• 1 Royal Exchange Ave., London EC3V;3LU. Tel.: 0I-2il3 HC1- 
■ -Index Guide as al Gptobei 16. 1978 (Base TOO at- 14J.T7) 

Clive Fixed Interest Capital 129,65 

Clive Fixed Interest Income 114-20 

45 Cornhill, Lond'm EC3V 8PB, Tel.: 01-623 6314. 

Index Guide as at Oelober 12, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 

Union Corporation Group 


Directors' Reports of Gold Mining Companies for the quarter ended 3Qth September, 1978. 


Issued Capital R 1 0.400.000 in shares o( 65 cams each. 


30th Sept. 

RIB -48 
Rt. 81 2.000 
R 80.000 

30th June 
240 000 
R6.291 .000 
R244 000 

R 1.832. OOO 
R 859.000* 

R2 387.000 
R1. 075.000* 

Ore Milled (i) 

Gold produced - fcq. 

Yield -lB* - u 
Revenue per ton nulled 
Cost per ion milled 
Prof -I per ion milled 
Working revenue 
Working costs 
Working profit 
Net sundry revenue 
PROFIT before laxaiion and lease 

Taxation and lease consaderanort 
PROFIT after taxation and lease 

•Includes mining tax at lormula applicable ro Stare assisted mines. 

Capital expenditure • 

Dividend declared R 2.240. OOO 

Loan levy (recoverable) - R 99.000 R1 25.000 


Advanced fm) 1 615 318 


Sampled (in) 191 94 

Chennai width (cm) 11 10 

Av. value: g.-t ' 26-5 100-2 

enugft 292 1 002 


Percentage 4 52 

Chennai width (cm) 14 It 

Av.value.g/i 78-0 132-9 

cm-B/t 1 J)92 1.462 

months ended 
30th Sept. 
RIB 4& 
fl 17.098,000 

R 6.060.000 

R1 .033,000 RV 211000 . Ri. 3 70.000 


41 1 

95 2 


On Bth September. 1973. dividend No. 2B ol 14 cents per share was declared to 
menders registered on 22nd September, 1978. Dividend warrams will be posted 
on or about 9th November. 1978. 

Ora Re 

The ore reserves have been re-estimated at 30th June. 1 978. wiih rhe following 

Gold Price Meiric Assay .Esi Sloping 

per kg. Tons. Value g/t Width Cms. 

KlmbertoyReef R4.200 800.000 7 5 124 

Kbit bettey Reel R6300 f .600.000 6 2 1 24 


Issued Capital R2.859.704 stock III units ol 25 cams each. 


30th Sept. 

R2. 682,000 
R (13,000) 

30lh June 
R2! 90 
R5 456.000 
R2 426,000 
. R9.000 

Ore Milled (t) 

Gold produced - kg. 

Yietd-(g/t) . 

H evenue per ton milled 
Co st per ton milled 
Profit perron milled 
Working revenue 
Working costs 
Working profit 

Net sundry (expenditure) revenue 
PROFIT before taxation and lease 

Taxation and lease consideration 
'PROFIT after taxation and lease 
Capita I recoupment 
Dividend declared 
Loan lotry (recoverable) 

DEVELOPMENT ( Kimberley Reef) 

Advanced (mj 

Sampled (m) 

Channel width (cm) 



Channel width (cm) 

Av. value: g/t 


Dividend of 1 6 cents per unit of stock was paid on 4th August 1973. 

months ended 
3Pih Sepi. 

4 1 
R2I 86 
R 23^32.000 
,R1 6.375.000 
R7 457.000 
R 3 2,000 

R 2. 669.000 
R1 .355.000 


R 1,000 
R 189.000 






51 ;8 

R2. 435.000 
R1. 273,000 

R1. 162.000 
R 1 830.000 
R1 78.000 


65 4 

79 0 

R 7489.000 

Rt .330.000 
H537 000 






. 58 


Issued Capital R1 1 25,000 in shares of 25 cams each. 






ended monrfw ended 

30th Sept. 

30th June 

30th Sept. 




Ora Milted (t) 

. 250.000 


770 000 

Gold produced* kg. 


• 650 

2 083 





Revenue per ton milled 


R15 0T 


Cost pencm mined 



R7 78 

Profit per ton milled 


R7 3-4 


Working revenue 

R 3,393.000 


R 10.951.000 

Working cast* 

R1 .850.000 

Rl. 818.000 


Working profit 

R1 .543.000 

R1 835.000 

R4. 958.000 


PROFIT before taxation and kuse 

RSI .000 


Rl 99.000 

consida ration 

HI. 604.000 


R5.T 57.000 

Taxation and laaso eons ideraifan. 
PRO FIT after taxation and kroso 

R 905.000 

RT. 036.000 

R 3. 502,000 


R 698.000 

R8 14.000 

RT. 655.000 

Capital recoupments 

ftl 7.000 


RT.1 70.000 

Dtvtdond dwlawd 


R 1.440.000 

.Rl 440,000 

Loan levy (recoverable) 


R1 26.000 

RT 51.000 


Dividend of 32 cents par share wa* paid on 4< h August 1 978. 

Reduction of Capital ■ ( 

The reduction of copml of 26 eems per share was paid on 4th August, 1978. 




issued Capital R 1 2 000.000 in shares of R1 each. 

30th Sept. 
Ft 16-68 
R 22,356,000 
R8. 233,000 
R1 4.1 23.000 

Quarter Twehe 

ended months ended 



R 5. 639,000 
R 59,000 
HI ,006.000 










30ih June 
RJ1 24 
R25 60 
R21 442.000 
R8. 130 000 
R 13.31 3.000 
R7 74.000 


RS 774 000 

R5J1 3.000 



31 9 





30|h Sept. 

2 077.000 
R 15-53 
R82 239.000 
B49 975 000 

R52 370000 





On? Milled (rj 
Gold produced 
Yield - (g/t) 

Revenue perron milled 
Cost per ton milled 
Profit perron nulled 
Working revenue 
Working costs 
Working profit 
Net sundry revenue 
PROFIT before taxation and lease 

T axation and laaso consideration 
PROFIT att<*r tavaiuan and lease 
Capitol expenditure 
Dividend declared 
Loan levy (recoverable} 

Advanced (m) 

Sampling results: 

Sampled fm) 

Channel width (cm) 

Av. value: g/t 
cmg’i • •• . 


Channel width (cm) 

Av value :g/t 

On Bth September. 1978. dividend No 37 ot 76 cents prftr.nere was declared to 
members registered at 22nd September, 1978. Dividend warrants will be posted 
on or about Bth November. 1978. 

Capital Expenditure 

Commitments m respecr ot contracts placed R1 35.000 

Amounts approved in addition to commitments R1 65.000 
Ore Reserves 

The ore reserves have been re-estimated at 30lh June 1978. with me following 
result* .- 

Gold Price Metric Assay Est. Sloping 

perkq. Tons Value g/t Width Cms. 

Kintbcrlev Reef R4.200 5 700.000 10-9 157 

Kimberley Kept R5 500 7.Q0CI.D00 9 3 1 57 







28 1 
1 629 

Issued Capita) R 1 2. 600,000 in ihar es ol 9l) e»;nTs each. 






man:h-s ended 


30th Sept 

20th June 

30th Sep’ 


1 073 


Or? Milled (f 


1 95 OOO 


Gold produced - kq. 



' 5.3SS 

Yield -iq.'tt 



6 S 

Revenue pe/ ion nulled 


R39 21 

‘ R36 27 

Cost p<: « ton millert 


HI 7-76 

Rl 7 62 

Profit per ron milled 

R 20-61 

R2T 45 

R18 65 

Workinq revenue 


R7.646 OCO 

R 2 Si 939 000 

Working coiti 

R 3. 559. 000 


R14Q59 000 

Working profu 

R4. 01 8.000 



Net sundry rc'-et're 

PROFIT betort te»aiion and leeie 

R 2 98. OOO 


PI T49.000 


R4. 31 6.000 


Rl 6 029 000 

Tavairon and lease -ronsiderarion 
PROFIT after taxation and lease 


R2 775.000 

R9.629 COO 

consideration rscouDfiieni 

Rl. 757.000 

Rl .858.000 

R6 400.000 

vOI/vlOl 'VvVup 

Dividend declared 

R3. 360.000 

R6 160 000 

Loan lew f recov eraWe 1 


R 282. OOO 

R305 00 u 

R 1.060.000 

On Bth September. 1 978. dividend No 32 nl 74 rents per ••.hare declared :o 
members roprstered a: 22nd September. 1978. Dividend warrant-, will be pasted 
on nr about 9th Neirember. 1978. 

Ore Reserves 

The ora reserves have been re-astimatod ar 30th June. 1978. v.-nh the (alto' 
rest. Its:- 

Gold Pure Metric Asmv Est Sloping 

per hg Tons Value p-'r Width Cms 

Kimberfev Pw R4.200 1.000.000 9 6 123 

Kimberley Reel RE.500 1.400.000 83 128 


SfFled Capital 28 000.000 shares ol no pur value. 


Developmont is in progtass on Im/el* from Nos. 4 to 10 and for the Quarter e 
total ol 2.00"’ metres haa been driven which includes development ol water 
Sen lets, storage dams and stations. Mam pump msrallotions are in progress. 

During development m ;r>e shaft pillar area, me Basal and Leader Reel have 
been intersected on 6 and 7 levels. Due to faulting, these intersections were 
incomplete and are consequently not neprosemoirve of the values on these reefs. 
On the Basal reef 26 metres were sampled exposing values ol 12-5 g*t over a 
channel width of 134 cms equivalent to 1 548 g/t. Sampling ot 12 metres on ihe 
Leador real evpc-srtd values of 5 1 g/t over 1 80 cms equivalent to9l 0 cirt.g L 

Consmicnon d surfacelnctalfations « continuing. 


Expenditure tor the period under review an Shafts. Plant ind Equipment ore 
General Expenditure amounted to R5 869.000 ito date R50 01 5 000). 
Commitment* in respect of contracts plact-d R894.00G . 

Amounts approved in addfngn to commitments R2I.71Q.QOQ 



Issued Capital R1 8.0001)00 stack m units of R1 each. 

30th Sept. 
R 18-El 
R 15,830.000 
R 8. 4 93.000 

Quarter Twelve 

ended jncmhs ended 

30th June 30th Sept. 
1978 1S78 

Ore Mined (I) 390.000 390000 1 560 000 

Gold produced -kg. 2.731 2 873 11.532 

Yield - (0/*) 7-0 7 4 7 4 

Revenue per ton milled R40-59 R4Q52 R2S-71 

Cost per ton milled R1B-B1 R 13-26 Rife 25 

Profit per ion milled R21-78 P.22-26 R20-46 

Working revenue R15.830.000 R1 5 803.000 R60.399 OOo 

Working costs R7.337.000 R7.121.000 R 28.477.000 

Working profit R8.493.000 R8 682.000 R31.922.000 

Net sundry revenue R214.000 R412.000 R1 035.000 

PROFIT belore taxation and lease 

consideration R 3, 707, OOO R9.094 000 R32.957.000 

Taxation and loa.reconsidiarahon R5.1 87.000 R5.250.000 R 19.245.000 

PROFIT after taxation and lease 

consideration R3.520.000 R3.844 000 R 7 3,7 12, 000 

C-tphaf expenditure (recoupment j R (52.000) R247.000 ■ fCl2£QQ0 

Divrdend declared R 5.760,000 R9.000.00i7 

Loan fevy (recoverable) R 595.000 R602.000 R 2.207.000 


Advanced (m) 2.734 2.693 10.164 

Sampling results: 

Sampled (mi 688 W5 2 29B 

Charnel width (cm) 75 ~7 53 

Av value :g/T 7-9 5-8 8 5 

cm.g t 594 450 493 

Payable : 

Percentage 23 17 19 

Channel width icm) 88 62 62 

Av value : g. t 13-9 IS 8 .18 9 

. emp/t 1.223 1.163 1.171 


On 8th September. 1973 dividend No 21 of 32 cents per umr of stock was 
declared ro members legmered at 22nd September. 1 978. Dividend warrants will 
be posted on orabout 9th November, 1978 
Capital Expenditure 

Comm itments in respect of contracts plac ed R 1 98 000 

Amounts approved in addition to commitments R1 .860.000 
Ore Reserves 

Thu ore reserves have been re-esnmaied at 30ift June. 1 978. with the following 
results .- 

Gold Pnce Metric Assay Est. Sloping 

potkg. Tons Volueg r Width Cms. 

Kimberley Reef R4.2QD 4 300 000 9 4 133 

Kimberley Reel R5.60Q 5.700 000 8 3 133 


lerucd Capital R9 625 OOOin snare>ot R1 i.-iV.n 


Ore Milled <0 
Gold c-'Oriuced - Ip. 
Yield (g. I» 

Revenue pw ton milled 
Cost per ion milled 
Prolit Dtr ton milled 
Working revenue 
Wort'inq cost-. 

Working profit 
Nm sundry revenue 



T waive 



monrh; endr-d 

30th Srpt. 

30-h Junfl 

30th Sept. 


1 972 




t 330.0C<0 


A 176 

1 7 423 


3 7 



RAfi 61 

R47 39 


F 22 17 . 

R21 J 7 

R31 -74 

R 2 6-50 

P25 92 

R25. 667.000 

R23 333 000 

Rf't.460 000 

Rl 0.433.000 

RIO 612 000 

R4 1 .443 000 

R15 J34.000 

Rl 2.721 .000 

R50.017 000 

Rl 95.000 

R2-14 000 


Rl 5.423 000 
Rl .180.000 

R12 965.00C. 

R 1 i Rd nm 

R 16.609.000 

Rl 2 965 000 

n i| i Ok'.VLV 

P.52 1 1 9.000 


RT 858.000 

R30 3 15.000 

R 7. 305.000 

R 5 107 000 

R2 7 804.000 

R81 5.000 

R223 000 

Rl 603.000 

RIO 568.000 



Rl. 116.000 


R 3. 626. WO 


2 342 

5 421 



1 370 




13 4 


10 7 


91 9 



^ “» 







1? 7 


1 657 


Recovety under insurance 
PROFIT before t a.* a iron and lea -e 

Taxation and lease consideration 
PROFIT after taxation nnd lease 
c onsidet ation 
Capnal ojpendiiurc 
Div id«nd declined 
l on n levy trucoverat’lei 
D EVELOPMENT r Basal Raely : 

Akivancod 'ml 
Sanpling result;. 

Scrt'pWjd (ml 
Channel v.-idrii urn) 

Av vp I ue g.’t 
cm qVf 
Channefyi-idtH <cm) 

Av valucl, g • l 

cm q t 
Dividend \ 

On Brh Si^rembor. 1970. dividend No. 46 of 1 10 cents per share was declared 
!o members r ei’isiertd at 22nd September. 1 87G. Dividend warrants will be posted 
on or about 9iVt November 1978. 

No. 2 Shaft \ 

Following rheytccidem to ihe No, Z Shalt on 12th March. 1 9 7 8. an amount of 
RJ .160.000 reflect' ad m thrs ouaner’s operating results has been agreed upon in 
final settlement of Am insurance claim. 

Capital Expenditure 

Commitments in i&'oect Of contracts placed RS67.000 

Amounts approved&n addition to cpmmirmenis R71 0.000 

Ore Reserves 

T he oro reserves ha v A heen re- estimated at 3Gth June. 1978 wnh the. following 


Basal Roof 

AiW Price 
Q 5.500 

7.500 WO 

Value a t 
18 5 

Esi. Sloping 
Width Cms. 



Adjustments have been made 10 the payable development metres and* values to conform u*\th Those applied in the estimation 
of ore leserves and are based op R4.200 per Kilogram or approximately 8150-23 per ounceVfor the quarters ended 30th June 
and 30th September. 1 978. \ 

All the above companies are incorporated in the-Republic erf South Africa. 

' \ 

The quarterly reports have been approved and signed on behalf of the respective corrrpaipies by two directors. 

London Secretaries : Princes House, 95 Gresham Street, London EC2V 7BS. ^ 1 8th October, 1 978 





lecided tc 
Vilson f« 
lumber c 
.-ere com 
sign agai 
'arty on 
974 Gent 
The Foi 
awing Ihi 
{fair. Ml 
/as. had ■ 
n arches 
imself. 1 
.ady Fs 
larcia W 
The Pp 
ir Haro 
rawn sot 
ild ibe 
id not 
ound a 
The Pri 
3 hear 
ir Haroh 
urmai cn 
Cm the 
gainst 1 
auncil s; 
oyal Cc 
"is t ther 
ahour bj 
The Pr. 
; one oi 
shed tod 
In ano 
gainst t! 
aily Ear, 
icture t 
?ath in I 

. Financial Times Thursday' 



TWA sees record after 
upturn at nine months 

Better market conditions 

: 1 v. . i 


TRANS WORLD AIRLINES' restrained somewhat by the substantially ahead of last year's 

wheeling Better marJ 

Pittsburgh _ 1 

back in help mOSt CJ 

the black BY DAVID LAS CF U .E S 

,o THE FIRST chemical companies Sales rose 
1°5*°£ £ 10. report t» *.r.e third carter MAOn. , 



to Sl-BTho from earlier this ye» in toe nat and 

resources business which have easTMAN ■ KODAK? 

•eft nine-month earnings slightly record year in ^sales arat^g 
below the equivalent last year— d ue to esHiiertfaKaiy-^ 
egi 3n5 against §925m. from deate^ fBr. bMh tri^ 

another company with large and JigM; PKta.^ eig 
mineral interests. Internationa] Mr. W alter A. F alien. : jhtf r 

Fm'” “til"? Sr irJ.I 1 .„73t d t^“ h E. f£ “«« J" r «r“ IrS? Stap;fo, tie chair. » a: the laarth qoarte/wJU k» Sni wonld he a 

‘Hit* ted that tins necinw 
i- extend into the last ■yPEgPV'ffl sgl 

Pre-tax profits from its airiine pared with S72.6m or $4.45 per f or fl eet remodentisation of quate to cater for essential 
operations were ud 185 per cent share. Revenues rose 10.6 per 0 f which today's orders for 10 modernisation anti cmlron- 
.1 ' t c.'nf fmm eai^m t. «1 ruhn Diul.n anrf thnn ! 

t fisca’ 1979 this Christmas ifaari.m'ai$ 
approximately rlooa. hohday. s^oo:.^ 

during the quarter and its Hilron cent from $943m to S1.04bn. Boeing 727-200s and three mental equipment. 

International hotels subsidiary TWA’s nine months’ earnings Boeing 747SPs are only a part. This was one of the themes 

added 37 per cent to its pre-tax have soared SO per cent to • World Airways, a charter or today's statement by Mr. 

income. Bur earnings from its ^93.1m or S5.26 per share, com- airline which looks likely to win Dennis J. Carney. Wheeling- 

carering subsidiary Canteen pared with $50.Ira or 83.12 per approval to start scheduled Pittsburgh's chairman and 



reported a 300 per cent in- 

crease in profits. 

• The recovery at Wheeling- 

Abitibi Paper earnings double SS^-srls 

* ' sive. The company lost $4J>6m 

BY ROBERT GIBBENS MONTREAL. Oct. IS. to the third quarter last year 

because of a combination or 

ABITIBI PAPER, the world's operations improved and build- was closed down over a year ago sharp competition from 

* 5 1 Engelhard Minerals and *1-29 a . share compared with traditional A amen J 

Chemical. toe to:rd Chemicals reported third- 66 cents. . „ . . fe* higher thi s year thart in • 

chemical concern, quarter earnings of S37m (Si. 17 Total net of S46.8m compared the previous record .yeajpjj 

?d net earning# of a share) compared with S29Sm with S24.9ra Hilly diluted per Reuter - . - 

tS5 cents a shares. j? £94 cents a share! Iasi year, share of S l- » against 68 cents. ■ - - • -£• ■tiV, 1 

4.5m (75 cents a share) However, this improvement was Sales of Sl.lfibn compared with JA IV finif? { 

in the same period la?: year, r.ot enough to offset difficulties Sl.OSbn. ¥ r ' * 



Quicker growth at Motorola 

In counter til 


A UNIT of <toJf and Wt 
Industries — Associate*: r 

Capital Corporation— 4s* 
nounced details of fit 
offer it intends to inue' K 

nf C$22.5rn tC?1.18 □ share 
against C-S'IlJm. or 55 cents ; 

arei Jumber business may he less the early 1970s it was forecast with a significantly stronger per cent in the third quarter, to months &L97, against SSL5L Europe, 
is a buoyant by year end due to by industry observers that it domestic market helped take $i29.76n:. from ?U4J29m in the The company.' which is the MnioroT 

bold RiiianreCoriJciraitM^ 
dicated that it intends 

Motorola has taken steps' in .its proposal., made rJasT /a. 

share a year earlier, excluding seasonal factors. would not be able to compete toe company to a 513.53m net same period of last year. largest supplier to ibeJGJs. com- ‘ . vears t’ fl meet nrohlems to Tnerae with ^American’r 

exiraordinarv items. Revenues Meanwhile th* Moores Govern- in the linerhnard market It is profit, eonal to S3.46 a share: ' Thic ;<• •, cr^mc- -^-o n r ~:i-»iea?ions enitinmont n»rbnt recent . _u . _ .r. national. 

extraordinary items. Revenues Meanwhile the .Moores Govern- in the linerboard raarkeL It is Profit, equal to S3.46 a share: 

•.vere CS341in against C$272ni. rnent of Newfoundland will now to be converted to a news- to toe xnosi recent quarter. 

in the first nine months opera- decide in the next few weeks print mill at an estimated cost Sales rose 20 per cent, from 

tin- ejrnings were CS54.3m. nr whether the troubled StepenviJIe of CS75m. S253J3m to S304.3m. Net earn- 

' This is a sharper r 3 :e of -.unica-ioas equipment market. " r _ fa ,t s n nattoual. 
growth than Ln the S,-s' haif of been listed on toe London >htch ■were renectea in. ajaii hi p IR j er ifie new oflfeirC 
the year, aithougfc third quarter Stock Exchange for Just over a pre-tax earnings from contimuns Capital WU1 pay 814 pbi 
sales increased a: a siswer pars. It announced in Septem- operations to SSS.lm in 1973. f or ^ C h American ietefc 

^■ 7 L. a share CS21.6:n linerboard mill will be sold to cenajnu- lbe W00 dlands and for toe nine months were riS i n5 jg.s ?e r cent , to e53fcs. her negotiations were at an from a record $180.7m two years Comaim. share. S25-l2 pi* 

enr per snarei excludin’ Aoinbi or Lon son da ted -Bath- th ld miJ , wou]d he acquired S 4 -®*?* 4i eents a share com- §445.7^3. advanced stage with' Thomson par ii er «v 1976 • ooeratiiur for the^54 per cetrtcn« 

pvJrrifjrtiinsrv itflms hfirsr. tnp nula anrf aanpr :irm nf . .. ... .... . . uari-D with 9 ince nr S5(l_Rrn ' *. . v i~cc _ i.:.* earlier. ny i.aio, qperauug. - cu * . SHS* 

ea mins'!, coin pared GSHmn Kowater and Stnra Kopparberg ”*** r “7 

e^chan5e gam a year earlier, nf Sweden but industry sources . e e,, ° nom i cs toe operation 
Demand was sironc for news- confirm the winner will' likely be unproved. 

“moderate hut inadequate 5:13^' 
price increases '* and corporate * 
wide cost reductions. Be 

prim and unquoted round wood ciiher Consolidafed-Bathurst or A thermo-mechanical ground- added that order backlogs were — # ■ 

paper*, and thi- is expecied tij Abitibi. The linerboard mill, wood plant will be installed and ampfe to susiain profitable K-clVO'KrVUC If vi /\ oii'rTAiHrt pA^itn Air 
crtnimuc ihrouch most nf 1979. which cost the Province nf New- the linerhoard machine adapted operating rates and shipping DllV VI IC ijtlll vl iJ IjvIUhVIV 

The fine paper and lumber found land more than C$2 00 m. and speeded up for newsprint. 1 — »-* — • . *> 

More banks 
boost profits 

Banking takeover agreed 

operating rates and shipping 
levels. But he warned that 
further price increases would 
he required to maintain and 
improve current margins. 

By Our Financial Staff 


AT & T chief 
retires early 

By John Wyles 

For the first nine months of CSF -or toe rotting up of a joint ... h d r^nveretl to S1R7 4m. preference shares and S£U 
toe year, profits were raised by semiconductor plant in France. share for toe 6? per cenf.; 

1S.6 per cent to S90.3n:. :ro*r. ard tnaT it planned to expand and reached S170m in 1977. i a tjy e preference Sock sn 
S7B.l3m. while ssies were sp by semiconductor manufacture in Net income last year, was offer j s COB dKion&! 

23 per cent, to S1.6i=. fru^: toe UK. SI 06 3m. or S3.50 a share, against ten d e r of at ieast 50 pet* 

S1.3bn. me decision to seek a London SS9.4m, or S2 96 a share, in 197B. American Investment's Co 

: : — — stock. • • % 

. . Hmtsehold Finance's ;r 

Bucyrus-Erie suffers setback /.fflwmswfi- 

** ■ Investments outstandings 

NEW YORK' Oct. IS! commnn .stock, m adfii 
Tarying amounts for pre 

THE largest U-S. manufacturer 1.4— ft factory. But with recently re-entered the dragline stocks," • j ■ X. 

of mining equipmenL BnrjTus-- orders stiH dropping, it has industry. although Bucyrus The psrroosa] is schedtT '* 1 * *■ 
Erie suffered a fa : l of -7 3 ae- ?rcved quite unnecessary to claims not to be pertiirted by be presented to American ■ 
na«t’ it* 0 ,mn’n: * r \C' =^-h moves any further this development. . .raenre stockholders at a id 

cent in net earnings for toe - 

MnRE North American banks are SHAREHOLDERS OF Marine bank would acquire about fi.7m i*h« w,i« ” sbarph ' ‘W-r *15103 “tc. 

C ' r “ SeS f ° r Midland Banks approved .n "ewls ll.uei JIanne .Midl^d John W,l« 

Security Pacific Corporation asreement under which Hong- s announced 1IR j ,!n^x ‘ fr ° r lhe nine tc! ri;2te ' 

saw its net earmn.-s per share «ong and Shanghai Banking __ A5 . P^ev iousi> announced. SIR. John dc Bulls unex- net earniss snow a slight fa'.L 

rise from SI JO 10 I for the Corporation trill acquire a con- Hon S fc ‘ >n g 311(1 Shanghai Bank jwctedly announced ‘Oda. v at §39.Sm or ST .96 against 

Jf.H'ISt’SSr' n '' 1 * 1 - 4B a?alni ' "<*««•• man/xharehoidra t 33&°^S ASSS “ axef ibe period. 

TUirj r.. mimlainprl ahnnr thu th«.- ?°? ut . S2 ° * share. The exact ComDanv . sometimes knoxvn Bucyrus executives have vora- 

For the nine -- h-*p ^ ^ newcomers wishing to enter the First Capital Corporatiop 

JT^-ISL ‘So? 1 “='" a{ Sel<k - A ^ company, market ’ ' '. . ran November 

at S39Sm c"r i,acsoales “« tas Asencies AP-W — 


-00 latest international bond issues for which -aft -adequate secondary t 
tails of these or other bonds see the complete list of Eurobond prices pui 
of each month. 

;kon.g ‘ 



Board meeting today, it was tne heavy drsgunea :n wmcc -z . ^ _ 

announced that he would specialises. Austral ‘ si * 

retire next February I. two But each walking W“raua \h a" ’ 
months before his 64lh hirth- represents an investment by the v 

day and would be succeeded company of between S3m’ and a '* 

Progress at Pennwalt in third quarter 

THE chemicals manufacturer and lightjng control devices, up up from $1.19 to $1.79, National - 

Pennwalt Corporation had net from S1.52 to SI. 57, Dictaphone Gypsum, building materials and 

income for the third quarter of c ® rp 5” Uon, „ U If* ij,es l. «“«** n efc homes, aliead from S1.68 to S2.S3, EUROBONDS 

610 24m or si 03 a shire com- “bead front $124 to $2.13, Dover and the utility Public Service 

n! n Corporation, lifts and valves. Electric and Gas Company. 

P«red with S9.oim nr 9S cents. ahead from 33.02 to $3.50. and which edged upwards from S2J5 TV H 

Sales revenues advanced from Evans Products, up from 8221 to $2.26. I IAI | OT* 

$20$.47m to 8226.64m. to 82.82. Declines in per share earnings 

by Sir. William M. Ellinghaus. duction capacitv, notabiv at «• « -1 -U 

NEW YORK Oct. IS. 56. Pocatello. Idaho.* where :?i bas^ « ^ S % % ”1 









. ■ 8 






— Bi 







9 J* 






9^3 - 






























79* li 























Change c 

YElt STRAIGHTS hned BW Otter rfav ifO 

Asian Dev r bx. 5a ar:.^:. . is. -in *4 -w « 

Australia. BIT W S« MOi 10U 0 » 

-BFCE6.4M 3f «u ft- J ,-fi 

Eurofima bj w ; — f : a .. w sq . 0 ,^f»— . 

Rlnlairi C7 » ... * m nl rtl 

Finland s.r 8» — X m Wi rf - 

Norway 5,7 83 2S UU m -HH 

nsto. City of «jf» OT W mi .0 *1 

SSCP a.B so — : a- w mi ■«&'■»#*•* 

Sweden SJ 80 48 95| «« . • . +*■ 

_ , _ . -1 0-99 

c-re s: S3 100 m w. 1 .-si for 

s, w 75 mi » 0 -oi 9 jo 

*} U» «i «l -HI -0j 

EJB 9S is W w -Si -0i 0J« 

E!B 9i .. U0 902 99Z 0 +B2 9.51 

=.:sani jutiand 9 S3 2S 944 97 -(U -04 9*9 

K^KwrUtaans 9 Sfi 50 971 W +01 -M 9J4 

Electrical products manufat- Also reporting progress in the for the nine month period were _ v .. 

Hirer General Signal Corporation nine month period were Yellow reported by Pabsl Brewing, the BT rRANClS GHlLEa 

Dollar sector quieter 

» 97i 981 +01 -« 9J4 

Evsorr Dvi-elnmnt. 51 US 9U 982 -01 +05 9J9 

K^land s; M IDO 981 981 -85 -02 9J6 

r nlard 9 100 97S 98S —84 ’-01 9J1 

CfeMURir--->i |-rJ * 

OTHER STRAIGHTS • M U CWer dw. l««A.. . " 

Alsemene Bk. SI S3 FI 75 .Wl 95 ..-K . -*• - : t t 

BAT B S3 LbxFt 3SI- 99 W -A c; • 

Bayer Lux, 9 36 LuxFr ...SB N|- IB ( H J 5 

Meea and Hope 7 S3 Fl _ J5T ; 95| 962 +« i: W ^ 1 
Brazil 71 83 Fl ... 75. *0 Wl -it 

CFE Mexico 7J St Fl TS" 951 %i +«:;■*« w - , -x ; 

Citicorp OtS Flh. IP 93 5 20 86 <51 , 

CownhaseB 1 S3 EUA 30 % 97 »v+‘*. ' ” 4 

EFB 71 88 Lax Fr 750 9« 976-85^4 

eir 75 as m -is- xr mx +«a .... 

KIR <11 IK ( x an nr "—lx — t s- • 

EIB 92 BS £ ...... 

88| 8912 - 

O ran je boom 16} 99 £ 15 85 855. 

1 ri 

Finance for Ind. W S9 £... U 865 87 HU A, 

IToKsnat O S 9 SJ 
I r Ir^lusiriis P M 
I--1 Finano- 9; Si 
T-.l rinacue 9; 9u 

25 Mi 972 -B1 -U 97* 

35 9S 961 -OJ -12 9m 

25 9U 971 -01 -12 10.24 

Finland I, Fd. 8 59 LnxFr 250 9Z1 


■le-Yoksdo 9\ i7 . .. 






J. C. Penney Sj i”! 

. 103 





Mat 9iucd.«I 9; fir; ... 






N7 Puv. Fill. . .. 






\7 D.v. Kin. II «j . . 






Xa: UVsr a yr 






■V.\rf aural laivl 9. jo 






aorI lev. RF S; . 






.'.uKi-y Komra. 9’. 95 






V-*vay ?5 -* 7 






Finland Ind.’ Bb.7 M EISA 




Ir - . 

flesrtctwr ntd. BV 11 W 1 





Medcr. Hiddchb. 63 S3 Fl 




+Jtt '+>' i-4. 

Xew ZeaLuid a; $4 Ft . . 




-84' -4 T '--'r 

Norway 71 53 LnxFr . ... 




Norway 6! S3 FI . 


9 « 


-84 --5f t : . 

t)KB S : 83 R 


92 i 


+M'+«;ta. . ' 

Panama 91 93 EVA . 




-at -,-i •- 's , 

Rcnauli 3J SS LixxFr 

588 ■ 




Ro«7ifree 10f © f 




+(B “4." •’«. 

Rank O/S Hold. 1U A* .. 




+81 . +i .. 

SDB France 7 9T, EVJA ... 




+04 +9-^ 

Sears Iflj 8S £ 




-14 " . 

Other advances for the nine General Portland, cement, ahead Conrac Corporation, down From on the whnle drifting down a price 10 per cent. \m»y m « . ... 125 9Si 

months were reported by C. R. rrom SSI cents to S1.S9. Hanes S2.49 to $1.29. and paper p cod ucts “ lUe - In the Swiss Franc sector the n“i5?5rif S» *75 

Bard, hospital and^ surgical Corporation, clothing, up from concern Scott Paper, down from The Canadian Yankee bond has wojrld ^Bank is arranging a nnt. iiyan s; j« i.. " 12 s «j 

Bard, hospital and surgical Corporation, clothing, up from concern Scott 1 
equipment, up from 7B cents to 83.37 to 83.72. Hercules Incor- $2.36 to $1.57. 
90 cents. Crunse-Hinds. conduits porated. chemicals and plastics. Agencies 

jacques borel 

The Canadian Yankee bond has •'°r' ,:1 Bank is arranging a nnt. tfyaro ’s’; sa 1. 

■been priced in New' York: the SwFr 300m private placement >.'« -Nc RjJr? si k 

shorter tranche carries a 9 per a V'" di » te , uf toe three W 

I cent coupon and 'has been priced i ea£ * ,n ^ Swiss banks. The ck 92 
at par to rield 9J20 per cent nia t urj *:*’ of tbe bonds is seven 

while the longer tranche carries an , d To toe coupon 3= per DEUTK:(IE MARK 

a mu iinn ,.r qi rent. Meanwhile American 

I2S 9Si Mi -w -OI 9J3 

US 98} 99 — W -OS 9J8 

75 95 SB- « — 03 9.86 

125 952 964 .4 -43 9.32 

50 98199 -fl, 1 -BJ 9.65 

125 ?H «F-'l -02 933 

25# 9J; wj a 0 9.0s 

ua 98i m +0J 8. 9JI 

Sffi-tfbUi f. Eh. S«l LuxFr 500 «3 UOt 0 +t 

Whilbivad 10j 90 f , 

8Si 8U —0! —* 


Amcncsn Extiresfi S2 

spread Bid Offer CjJale Ci 

Banft naudWy MS SS U 
Haofc of Tokyo Mo} 93 ... (U 

r coupon 7r£ per Mnl and Meanwhile^ A me ricVn DEUTSCHE MARK - — o„ 

has been priced a? par \o viJid Express International is arrang- straights t Hned ^ offer day- w«* Yield 

9.46 per cent (both- yields are 3 15-year SwFr torn hand 0- v : ! 2°- E *- 3: * m -ai ’+« s.99 
calcularedTn .n *5jBD tail.™ S % "2* ^ ^ 

SrfliS CoiTOiallOn. Final Canada 4! _sn «a 9M 9M O’ +S SJt 




























-Taint stock corn pa nv with a capital of 
FF 143.404.000 

Head Office : Tour Maine — Montparnasse 
33 avenue Uu Maine, 75755 Pans Cedex 15 


The shareholders of Jacques Borel 
International are invited (0 an Extraordinary 
General Meeting at 11.30 a.m. on Tuesday, 
31 October 1978 at SOFITEL PARIS. S-12 
rue Louis-Annand, Pans l5e, in order to 
discuss the fallowing agenda; 

— To authorise the Board to increase 
the Company's capital, by whatever 
means, by a maximum amount of 
FF 100,000.000. 

The Meeting comprises all shareholders. 

In order to take part or -to be repre- 
sented at the proceedings, holders nf 
registered shares must have been on the 
Company's registers for at least five days 
prior to the Meeting. Holders of bearer 
shares must have deposited their shares 
or the equivalent certificates at least five 
days prior to the Meeting either at the 
Company's Head Office or with one of the 
following banks: - 

Banque de Tlndochine et de Suez. 96, 
boulevard Haussmann a Paris Se 

Banque Louis-Dreyfus, 6, rue Rabelais ii 
Paris 8e 

Banque Nationals de Paris, 16. boulevard 
des Italiens a Paris 9e 

«xJinI nClver in Deutsche Mark terms also include a 3] per cent Cfiav.- Manhattan o/s * n n» wf, uu 0 
sector was unchanged from the coupon and a price of 99. camaier7j»aqk Jm. ww 3: 10a *107 ion +1 +02 2M 

SS v of A earlier this week but Ju^o is arraSeing a SwFr 70m ! 3S Iff 18 “• 3 IS 

‘' ere n,K ® d * The domestic six -year private placement f| |g a » se *931 *8* 0 -8 ££ 

market was weaker agam yester- through Swiss Bank Corpora- S® « Rr v; f" * 99+ +n + M cao 

!t e BllQde ? b n« C fi l 5 ter ' i ion - The todicated coupon is ISr aSSJS »f ss 4 .M: In «t + 5* £2 

vened to the tune of DM66.3m. 2i per cent and final terms will «w * « 10a 1SI 0 +hi 491 

Three ■straight bonds were be set todav. k«»Sc. rer or a; » us J02 -04 0 5 « 

priced: Argentina at 99 and The sterlhtg sector was weaker xScSTsT*. ** 2* ^ Si + 2* 2 1 % 

Austna and Banque Exterieure again yesterday despite ail being Mitsubishi u b .. 100 1034 0 0 SS 

KnpfL rol V£S 86 - 

SFTE' MS 83 ... 

fsfulniH-aimia MSI JS3 
LlohlUafcka MT I* 85 

d'Algene at par. all three with quiet on the* currency fronL kouud^m 

conditions otherwise unchanged. Most prices were marked down \ 

Deutsche Bank will announce a by one point. 

Banque de NeuHize, Schlumberger, Mallet, 
3, avenue Hoche a Paris 8e 


Banque Regionale d'Escompte ct de 
Ddpdts. 5, r. <lu Chateau k Vincennes 

Banque Worms, 45, boulevard Haussmann 
a Paris 9e 


Third quarter 1978 


Revenue l.S2bn 


Caisse des Depdts et Consignations. 56. 
rue de Lille a Paris 7e 

Mhre Months 

Credit Commerciaie de France, 103, 
avenue des Cbamps-Elysees k Paris 8e 

Credit Ind us trie 1 et Commercial. 66, riic 
de la Vlctoire h Paris 9e 



Third Quarter 



.. l.S2bn 



SOL. 6 m 

... I39.2m 


Net profits 





Net per share... 

Nino Mouths 



... 5J29bn 

4.33b n 




... 40S.8m 


Net profits 





Ner per share... 



Pw i q 21‘ a,ne * 85 * JJ2 «« «i 9 -B» 5.94 

•™. 4 ; ms xoo ma o +ai «.9i 

Mbc. City of j. Sn U0 lol l j82 -8i A 5 ml 

** ElM • S 9« 98i +04 0 7^ 

Mexico 6 Si 2M 971 97J 8 o § a 

Mitsubishi Petro. 3: 85 .. 188 UZt ifl3l o o 

Niopno Stpcl s; S3 IN uci 1021 —01 — Ol S.»». 

Xors.-s Konxm 6 00 IN 101 i/jij + «i +w < w 

Vnn<ax « SJ ... M “ w| o' JS! ^ 

'■‘'rv.peian Ind. Kh. 9 on . 12 S uoj iooi 9 ~ol « « 

P«roW RimITH IN n* 9S5 0 -SJ 

FliJippin^s o, 85 US K1 Hi +01 -q^ 7» 

PK BanliMI S'. SS .IN 95 9H +0( -04 bJS 

Quebec. PCiWIllec of 1 90 ISO 97J 9TJ — Oi O I. T f 

PontarauM'i Oy il iw . so os* 95 S -Si 53*. 

L’25 -• - 5a Me ia°j 0 - M sms 

C . 5* 951 974 4tfl4 +0* 5.41 

15D UOt JB1 +04 0 5.89 

Nat. West. AI3* 88 

niTB M31 Si I.,., 
'Offshore Utnfna Sfl 










2 7/1 


." .... 






a ... 
























m n 






. 02 








15 a 




. 994 









9W 971 10/2. 

Sum homo Heavy MSS S3 ' fli " 9U 99i 14/? . V 
SundsvaUsbaOken Mu S3 04 974 98 .9/4 M- 
.Urd. Overseas Bk. MS S3 01 .981 .991 4/H t*. 

Satin c *i 200 

Fr-ioit » SS ... ...,. 150 

Tin* tobahn ^ on .... 70 

Trorulbrtm. City ut 31 ... ' 35 
I'DS Orono 31 S3 . 55 

m Vcoezneia 6 SS 250 

« 2? “Di +04 5_ M 

3f 97i 97S -04 +04 5.10 

U 97] 93 O 0 430 

50 954 954 O -q lu 



Issued Bid Offer day Week Ytotd 
- 40 10S4 lMi +04 o US 

Credit Lyonnais,' IS, rue de la Rgpublique 
a Lyon ler 

r r ” " * * .wj u , yj uq ^ 0 +0J dje 


Third quarter 1978 1977 S s _ S 1615 ' ua "* “W +81 A23 

5 S Third Quarter 1978 1977 RvnF^^sr B 52 , lau 1015 +a * +«l 3.54 

Revenue 4«.7m 409^m Revenue SSlfim S13.3ra inni” 90'“":;: iS Si "J? ioi 


1 Third Q Barter 

Third Quarter 

Snci£te Centrale d'Etudes et de Realisation 
de Placements, 10, rue du Havre ^ 
Paris 9e 

Net profits 22^m 

- 156 1:22 I tSL i K B SL* r *'” 0 91 ” °- 76 

rmae nORtns Nine Mcnifcs p » SnitfTb S9 

Revenue l.35hn 1.15bn Revenue 2.57 bn 2.38hn Finland v r w 

Net profits 63.1m 4S 3m Net profits 1.61m 129^!ni Si.® 

Net pe r share... 4.46 3.52 Net per share .. 2.42 1.93 rcfpi-T'vv "fn ' . 


Third Quarter 1178 1977 Third Quarter 1972 1977 ** P< " 

26.9m Net profits 60.3m 50.86m DeBaiarMlonsaao Bank so uai 10a -w +os 

CONVERTIBLE Cnv Cmr. • - X*, 

*°, wo ?, __ deta price Bid Offer' .«*■ 1 

A»*? »’ 03 - 9/78 528 1094 1104 - 

Baker lot. Fin. 54 85 1/79 3a leu losj'-’ri ; 

L®« 93 ’■■ WI Ui 981 «W :rj. 

Coca-Cola Bonlins BJ ..... 0/79 9 93J 90 

Iio-Vukartn 3S 93 . 5/78 1473 109 1*95 -7H- 

Noro mduatncB 7 88 0/79 259 953 974- -7* 

T«as mt. Air. 7/ M 4/79 145 -91- 9H- 

Thom int. Ftti. 7 b* utj 3^7 303 wa ^9. 

Two Jar. Fip. s> us mb 2L U24 VS ~ l 

T rc S. F '“- ’’** SJM 515 73 7« -+1 

Asahi Optical SJ PM JZm jb W 4 «i _-J- 

Casio Comp. 3J S3 DM .11/78 '-ptl m UK t* 
laustra 3* sc dm ..... jam . 989 1273 1133 r* . 

JU9CO 33 se DM I 1/79 1270 1031 1004 ‘ t* ■ 

ffonlshiroku 3i S3 DM ... 1/79 -.5*2 .991 £00 . “f 

»»«.»» DM -Jlrt8 854 991 993 ; *• 

Nlopno Wr 3i SS DM .jam 508 991 , WU -fi 

Nippon Shfnpan 34 DM ... 8/78 738 ut JBU +* 

86 ^ - T/ ™ 1» 13S1 I36J +1 

Ricoh SJ SB DU .10/78. j|7 uu lfU Ht 

3,“ DM... 8/7# 859 327* 12» *• 

Sanyo Electric 3* DM ,11 m 295- 9Sk 951 

Seim SlOTesSi Sfi DM . 9/7S 1275 11*1 120 ■ 
Stanler Electric ai DM..JD/78 523 JOO-lffiS . 

.Trto-Kenwnod SJ mb dm it/t# ini ■ ' 971 " 

fi^ij ETB q 93 . — — .... ... 

U-70 Eoraiom 41 33 

F. L. Smirtrh 4J 59 .... 

Banque de 1'Union Europeene, 4, rue 
fiaillon A Paris 2e 

Societe Gen^rale, 29. boulevard Haussmann 
a Paris 9e 

Banque dc Paris et des Pays-Bas, 3, rue 
d'Antin i Paris 2e 

Credit du Nord, 6 et S, boulevard Hauss- 
mann 3 Paris 9e 

Banque Fram?aise du Commerce Exterieur, 
21, boulevard Haussmann i Paris fie 

Banque Generate du- Phenix, 33 bis, rue 
Lafayette a Paris 9e 

Socifte Lyonnaise de Ddpols et de Credit 
Industrie!, S, rue de ia Repubiique a 
Ljon ler 

Net per share... 4.46 

Third Quarter 1978 197 

Society Sequanaise de Banque, 370, rue 
Saint-Honord k Paris ler 
or their branches and sub-branches in 


Third Quarter 1*78 1^7 Third Quarter 1978 1977 Newas 4 S3 

Revenue 618.1m 462^m Revenue 949.2m 846.4m Si 

Net profits 40.83m 34 Net profits ....;. 9L26m 74.92m ^ i ofel S.i — 

share... 1-34 l.U Net per share... 0.70 0.57 sSmS 33 

UB loa 11CS +04 +14 «J2 

w mi 13U +« +DJ 4A8 
s loot ioo3 a ■+« «.« 

w UU 1BU —Bj +81 531 

UO 1022 U3i +K +H U2 

» Uni 1831 -0| -02 3.90 

2® 1822 1034 ■— ei a 3.98 
" W fl -+B1 .+0S 

U» 1071 «1 -ut +11 J.7S 
1» Mi W +«i +81 3B7 

Imatrm Votma 4 03 » WJ fl -+0* .-4-flS 4.79 

Muuioba 4 93 US 1073 iqi -ut +n j. 7 « 

Ven . Brawrick EPC 3L.1 .1 M Wt W +83 +H 3B7 . 

Newas 4 33 W 1WJ 3M 0 +01 3M 

Nqtos Kotnm. 4J 9a UU ifljj . yjjj +U +jj 

OKB 4ft3 - ™ " : W MOi UU +8* +« 3.94 

r»y Xofcta ^ M . » HO ua, i+5i. +u n.^ 

Qwbcc ttsdro 3i 93 138 971 97^ 0 +81 - MT 

Safe 4i S3 38 Ulj 102 - S +01 AST 

Him Nautili iib v £" c " S — *-■ ? " "Hi UB B +0i WI 

1 7Chn i -jrv- T, H _ h,e _” B,nta _ Se* .« MU UHJ +8! +0S- 4J2 

Revenue L76bn 1.35bn Revenue 2.74bri 2.43hn v<s«-Alpu»"ti's3"r,rJ i* S2I uei +« +S hja 

Net profits 109.48m 9l.43m Net profits 276 0m 235 9m v i^*bH« Kraft 4 93 . — » iom mu +<a a 3 .n 

Net per stare... 3.56 2.94 Set per* Is’" S S 3 I 4S ' 

*H5 lufur illation av alln Ma— iy r u pl mi day's prt 
. ..... ’L 0a h’ one markrt maker soppbed a 
Stamm Bond,; The y^ia q to nd^BDUO. 

mid^rtcv: u» amount - tsswd K In ralUffla 
■ .nsits except (or Yen - bonds where ir tE to 
I <«>reek=T change over price a icoek earlhrr. ; ' \T 

1 F ^*?!. ng , J* 1 ® “oter. Denominated. In UoJUrs/ t^® 

.1 pise Indlcared. M=Mlotinom cfmpon. 

, iWHion bocomPE effoetlvc. Spread =Kirgitt . 

I &ZE& J? te ,or °- s ' dnBara. Cxwt-Tbe^CB?*®^ 

,- C.yla=Tho enntat yirfff. ■ . - 

■ DenoToioatol ' in doBiril 

- ind tea red. Cbj;. dar=Cbanae on day. Cttv.tal^r"-. 
{^conversion into shares. Cnv. price -N<w*lMr*' - ? - 
.. .. 5£? d vor titan expressed' in-Rammey/ar * *>«“*■ .. 

*00 rate fisted at Issue. -T»ntm =«Mr*?PtM* !««■? 

current effect jTe mire- of acoidrias sWrea vnii *■ _ 
ovtir the mow recent price of tbe shares. r.£* 

S 1 !? ^ n ? aI TbM » tsn. 

gL .P-.Pgg fa arty form »» -penaitKd jwltno® 

BO Q Oeot . Dau sai>pHe& by iatw-Btmd- Serrlaa-. - - - 

J •n 

, •'•torve v-x^ 


Ps fS- 

, S 

,^ihes ;Thitr$fey October ;. 19 J#7B 




A'ERKE's hopes ot resuming 

linden ds were dashed by today's 
n.teritn report... The company 
• iid not utterly rule out the pros* 
feets of a renewed pay-out — 
tfter six barren years — but it 
•jave nn grounds, for optimism. 

: The executive board of Conti* 
iiunzni, West Germany's largest 
yre manufacturer, told share* 
iGlders that looking ai the 
roup's first three quarters' per- 
ormance “from today’s stand- 
■dinE" it was untikeiy that last 
/ear's profits would bo equalled.- 
. n- 1977 group net earnings re* 
overed from DM J5.4m to DM 
,5.7m iSMml. 

. Business developments in the 

■first- nine months of 1978 had 
been adverse, said the. board, 
adding: “It is unfortunately un- 
known when the shareholders 
will be able to benefit from the 
fruits of our labour." 

Turnover of the parent com- 
pany during the first .. dine 
months rose by 22 per cent w 
DM lJSbn (S8l9.7®y against the 
comparable figures - for 1877. 
Overseas sales had risen faster 
than those at home, but even so 
growth was scarcely impressive. 

Foreign sales were up. 3.5. per 
cent to DM 302.5m. while domes- 
tic sales went up by only 1.7 per 

cent to DM S46.5m: Tyre turn- - 
over increased by only 1 percent 
despite fully utilised steel-beited- 


radial lyre capacity, nnd once 
again the tyre sector operated at 
a loss. The technical products 
sector, on the other hand, was 

During the first half of the 
year Cooli-Cummi was able to 
maintain sales and profits almost 
at 1977*s levels. However, since 
then world-wide jockeying for 
position had brought about heavy 
declines in price In important 
sectors of the tyre market. 

Conti-Cummi had pursued a 
conservative price policy, thanks 
to which there had been a slight 
improvement m important see- 
tors of the market, said the 


: j <ui . 

in r % New borrower from Brazil 


: NEW Brazilian borrower i« 
taking its appearance nn the 
iarket : Banco Naciona! de 
ahliacao. the state enntroMed 
ational housing bank, is arrang- 
• ig a -S150m twn-tranche credit 
• ifough a ^roup of hanks led by 
hemical Bank. The first tranche. 
' noun ting to i?75nt carries a fen- 
**r maturity and a spread of K 
?r cent while the second carrier 
- : 12-year maturity and a spread 
' l\ per cent. 

. .’*■ Two loans for Brazilian 
. growers have been signed : the 
30m for tile Electric Campanv 
. ' Rio Grande do SuJ which has 
■en arranged by Credit Com- 
■ ercial de France and the S150m 
ie for Light Serviclos de Elec- 
icidad arranged by West- 
•utsche Landesbank. 

•The first loan comes in .two 
inches : one of SI. 50m and 
•other of SSflin. The first 
rries a maturity nf ten years 
' th five years grace and a 
read of 1± per cent, while, the 


VE LEADING agricultural 

inpanics today announced 
ins to co-operate on projects 

- developing countries They 

* to form A ari Business Group 
Aland whtch will begin 

_ eratrnnR next year in .projects 

•olving the, cultivation, prn- 
•*i. k • ^ transport and storage 

Wi j fV 0 •>►8 ngricultirral : products. . 

iw. w i v, “ ll "tie members of the .group are 
EBE Cn-operative. - the 

German tyre maker! Daf Trucks 

* chairman 


j By Kenneth Gooding 

! International Harvester of the 
j U.S., the world's biggest truck 

manufacturer, and Daf Trucks 
of Holland, came out into tbc 
open yesterday. Speaking on 
the eve of the International 
Motor Show In Birmingham, 
! Mr. Piet Van Doorne. Dafs 
I president said the 1973 links, 
between the two companies, 
which Involved IH taking a 33 
per rent stake in Daf. had 
produced hardly any or the 
‘cxpe.eied benefits. 

lie insisted lhat suggestions 
that IH might acquire the rest 
or Daf as part of its current 
efforts to expand in Europe 
were wide or the mark. 
■Speaking as chairman of the 
Van Doorne Foundation, which 
owns another 44 per ct-ni of 
the Daf shares. Sir. Van 
Doorne commented: “The 
Foundation will not sell, so 
(H cannot gain control." 

Ifc also gave a warning 1 hat 
Da fa financial results this 
year will be well down on 
those for 1977. Industrial dis- 
putes in the (rucks business, 
which brought plants lo a 
standstill, and the itilrodnrtion 
of a new production control 
system, meant that production 
was well below budget. 

The results had also been 
hit by highrr than expected 
start-up costs lor the produc- 
tion of. landing gears for the 
F60 aircraft, and the trailer 
manufacturing subsidiary in 
Spain had been working at 
very low capacity. Ilowever. 
thy group looked forward to 
1979 with confidence. Truck 
production would be raised lo 
about 13,000 units, over 2.000 
more than in any previous 
year, and this will ensure 
reasonable profitability, Mr. 
Van Doorne said. 

Dealing with the relation- 
ship with IH. Mr. Van Doorne 
said that (lie injection or 
capital by the American group 
in 1972 had achieved the effect 
planned: ** It has made it pos- 
sible for us to grow to our 
present size." he said. How- 
ever. the plan lo sell Daf 
trucks through III outlets in 
the U.S. fell through because 
the depreciation of the dollar 
pushed up the price of the 
European vehicles. 

Mr. Van Doorne stressed 
(haf he was convinced that 
otbpr European truck makers 
would penetrate the U.S. 
market only If they were pre- 
pared to accept very consider- 
able financial losses. ‘=They 
will just have to buy iheir way 
into this market." be said. 

-prond carries a 12-year maturity 
with six years grace and a spread 
nf 1} per rent. Accompanying this 
loan :s a FFr t505m Cofacc backed 

The. Second loan is' in 
trunebes : S65m for ten years 
with five years grace and a 
spread of 11 per cent ; $85m for 
12 years with sis years grace 
and a spread o£ lj per cent : and 
S20ni for 15 years with five, years 
grace and a spread of 11 per cent. 
This tranche has been placed 
exclusively among the seven man- 
agers and the lead manager. 

[merest in the market now 
centres on the loan for the 
Itaipu project also in Brazil 
'.vhivh is being arranged by 
Deutsche Bank. The amount is 
understood to be -about $250m 
and the longer tranche to in*, 
elude a maturity of 15 years. It 
is not rlear jet whether the 
lead manager will follow the 
example nf Westdcutsehc Landes- 
hank and place this tranche 

exclusively among the managers 
or try and syndlcaie it in the 
open market. This credit is pari 
of u larger p.n-kage whirh also 
includes export credits. 

The 8700m loan Tor the 
Tuba ran steel project and which 
is being arranged by Japanese 
banks is exported to be signed 
later this monih. 

The government of Australia 
signed u conlrart in Tokvo 
yesrerday for a Y40hn 10 year 
Inan with six years grace from a 
group of banks led by Long 
Term Bank of Japan. The bor- 
rower is paying a fixed Interest 
raie of 7.1 per cent over the 
Japanese long term interest rate. 

On a second loan for the 
same amount this time with a 
20 year maturity being negoti- 
a led with another syndicate of 
hanks led by Mitsubishi Trust 
the borrower is expected to pay 
an interest rale of 7.6 per vent 
over the long term interest rate. 

Five Dutch groups join farm project 

world's largest producer of 
potato starch. HES Beheer. 
stevedoring company With 
extensive grain, and' oil seeds 
handling operations in Araer* 
dam. HVA. a company involved. 
In turnkey agro-industrial pro- 
jects, Wessanen,. u. piocessor of 
dairy products, meat, flour, and 
animal- feeds, and Central 
TlafcobaSk. igricu-fr 

fural cooperative bank. 

The Agri -business group. 


plans to carry out about 20 
visit? to developing countries 
next year to assess demand. Mr. 
G. H. van Driel, chairman of 
Wessanen. said that it aims to 
take on projects of around 
-FI. JOOm lo FI. 200ni (§4l3ni~- 
996m i which might be too large 
for any one company. 

s The group will provide advice I 
.•eh } pr-dject ^development. andj 
train local people or send out its! 
own skilled rStaff. : 

Problems mount for Air France 


THE rc-onuipnienl programme of 
the stale-owned earner Air 
France— the country's third 
largest foreign exchange earner 
—has been completely under- 
mined hv the company’s un- 
resulvcd dispute with its pilots 
over manning levels in aircraft 
cockpits, and the decision to 
give priority to the development 
of Lbe 200-seater version of the 
Airbus over a new smaller 
medium-range jet. 

As a result, air France faces 
the distinct possibility of finding 
itself with a serious shortage of 
capacity in tbe'lbO-seat range uf 
aircraft, and -having to cede 
traffic to competitors. 

It also destroys the basis of the 
airline's recovery programme 
agreed with the government. 

One o! the airline's main prob- 
lems has been the need ir> main- 
tain in service a l rage licet uf 
Ca ravelle aircraft to sene if* 
>h«rtcr-huul low density routes. 
Pari of the company’s’ arranee- 
meni with the govern mem was 
for the latter to pay Air France 
a subsidy for lbe maintenance 
nf the Caraveiles in t-emci- until 
th«- planned European replace- 
ment ilhe JET) became avail, 
able around 1992. 

Until the JET became avail- 
able. Air France was given per- 

mission to acquire -a fleet of 13 
boeing 737 aircraft to replace the 
Card veil os. 

Now. both the JET project and 
the 787 acquisition have been 
dislocated. The decision to press 
ahead with developing the A3 10 
version of ihe Airbus— to 
respond primarily to the needs 
of Luthansa— has meant that at 
the earliest the JET will not see 
the light of day until 1955, and 
it is far from certain whether, 
in the face of the new genera- 
tion of U.S. aircraft, it will be 
built at all. 

Simultaneously, the Air 
France pilots, union has flatly 
refused to man the 737 without u 
three-man High! deck, including 
an engineer. The company says 
that every other airline operates 
with two men up front, and that 
it will no; take The extra costs 
of three-mnn manning. As a 
result of this dispute, the com- 
pany has lost its place in the 
Boeing queue and has been 
forced to drop this part of its 

The company says Thai it 
would go ahead with ihe leasing 
of 737s if it reached agreement 
with its pilots. It hopes that it 
• -fluid obtain some aircraft 
Boeing reserves for “ emerg- 
ency " needs, and says that it 
foresees at least a seven-year life 

for the Boeing* in the light of 
the changing prgspecis for a new 
European airliner. 

This leaves Air France with a 
considerable problem: it is still 
operating 23 Caraveiles. and the 
airline intended that all of iboin 
would have disappeared in 
favour of 737s by around 19S0. 

The company has asserted that 
there is no reasonable way of 
prolonging The life of ihe Cara- 
veiles without incurring 
unacceptable costs. It also affirms 
that it has not yet examined 
closely the availability of alterna- 
tive types fo the 737. 

In any case, the pilots would 
presumably refuse to operate 
any aircraft with only two men 
in the cockpit (Fokker has been 


suggesting French co operation 
on its-F2S development!, while 
the problem will not be resolved 
by adding lo the Airbus fleet. 

Tbe airline operates 11 Air- 
buses and has seven more on 
order, al] in the B2/B4 version, 
it has indicated a willingness In 
bqy the A310 to the extent of 
four aircraft, but it is not essen- 
tially enthusiastic about the 
A310 as far as its own needs are 

- Lufthansa and British Airways 
have both placed recent substan- 
tial orders for 737s. and the 
French airline is afraid of find- 
ing itself short of a competitive 
aircraFt and forced to trim its 
schedules in line with its in- 
sufficient capacity. 

CFP sees higher profits 


SHARP increases in profits over 
the next few years were forecast 
yesterday by CFP <Cte Fran- 
ca ise dcs Pei role j i the French 

stale oil company. 

Against FFr 2.9bn m 1977. the 
company suggested that by I9S1 
group ca«h flow will be running 
at some FFr 5bn. Profits in the 
current year are improving, and 

r.FP Teels Thai group cash flow- 
in 1979 will he in ihe region 
of FFr 4bn rising lo FFr 4.5bn 
in 19S0. 

Consolidated nei profit, which 
was around FFr 300m in the 
first hair uf 197S. will he 
“ greater " this year than last 
year’s FFr 260m It will, how- 
ever. be subject to revision for 
changes in the value nf stock. 

New Issue 
October. 1978 


This advertisement appears 
as a matter of record only. 


Europaische Gesellschaft fur die Finanzierung von Eisenbahnmaterial, Basel 
Societe europeenne pour le financement de materiel ferroviaire. Bale 
Societa europea per il finanziamento di materiale ferroviario, Basilea 

DM 80,000,000 

Private Placement 
S'A% Bearer Bonds of 1978/1988 II. 

Deutsche Bank 


- • Corporate underwritings 
Private placements 

> Lease financings 

Mergers, acquisitions and divestitures 
Real estate flnancJngs and sales 
International public offerings 
.. • International private placements 

Domestic and international project financings 
Industrial revenue bond financings 
• Pollution controj financings 
, • CommarclaLpapar issuance 
■ , . Corporate stoekvepurchaslng 

> Registered and non-regf stored secondary offerings 
• . Underwritten redemption of securities 

.. Sinking-fund purchases 
. Investments for temporarily excess cash 
Exchange offerings and tender offers 
Government agency financings 
State and municipal financings 
. Financing services for foreign governments and agencies 
' Financial advisory and evglwation services 

Investment research 

Economic forecasting 

Money market and credit analysis 

Investment strategy 

Industry and company analysis 

Block trading 

Special order service 

Equity securities, fisted and over-the-counter 

Foreign s e cu rities 

Convertible stocks and bonds 

Domestic and international securities arbitrage 

Listed options trading 

Debt and equity securities swaps 

Restricted brokerage transactions 

Commercial paper 

Government and Federal agency securities 
Bankers acceptances 
Certificates of deposit 

Corporate bonds, notes and preferred stocks 
fax-exempt bonds 

Securities from managed offerings and participations 


• <5oldman Sachs was founded in 1869 as a com- 
: mercial paper dealer, and we have been the 

■ world leader in this form of short-term financing 
for many years. In 1977, our paper sales 
v exceeded S95 billion and daily outstandings in 
1978 have been as high as $10 billion, of which 
over SI. 5 billion is from non-U.S. issuers. Here's 
. *. how this uncommon capability can help serve 
’ the financing needs of your company. 

Why commercial paper, the use of com- 
' mercial paper has grown dramatically in recent 
: years. Total market outstandings, which were 

* * . $4.6 billion at the end of i960, had increased to m 

' $73 billion by the middle ot 1978. 

Today, more. than 800 major industrial. 

; : • financial, transportation and utility companies 

* utilize the commercial paper market as part of 
>■ .. their shortterm financing programs. They find 

. that’ use bf-1his instrument offers three important 

• Potential savings in inieresL Commercial 

• paper rates are generally lower than the bank 
prime lending r.ate. And there; i? no additional 

: . compensating balance requirement with paper, • 

. allowing the issuer to make full-use of his 

■ borrowed funds. • 

• Wide range of investors. The issuance of com- 
mercial paper by a corporation brings increased 
exposure of its name and financial standing to a 
broad spectrum of institutions who are the 
major investors in these unsecured notes. Such 
awareness on the part of investors can be 
important to the success of an issuer's future 
financing plans. 

• Flexibility. Commercial paper maturities can 
be tailored to a company's specific cash needs, 
thus permitting greater flexibility in short-term 
cash planning than is possible with bank- 
borrowing alone. 

Why Goldman Sachs. As the leading dealer 
in commercial paper.. Goldman Sachs. has 
shared in much of the recent growth in the use 
of this instrument. Since the beginning of last 
year, for example', we have added more than 30 
new issuing clients, and currently represent 
over 200 leading industrial, commercial, insur- 
ance, utility, finance company and governmental 
issuers. • • 

Our issuers find that Goldman. Sachs' skill, 
experience, and facilities offer four additional 

• Marketing ability.- Our commercial paper staff 

of more than BO people is located in ten 
Goldman Sachs offices across the U.S. and 
overseas. These professionals and support per- 
sonnel in buying, credit and sales bring our ser- 
vices to issuers and investors wherever they 
may be located. 

• Competitive rates. To the best of our knowl- 
edge. our rates to commercial paper Issuers are 
equal to or lower than rates charged for com- 
parable maturities elsewhere. Our own issuers, _r- 
plus studies of borrowing costs incurred by 
others, confirm that our rates are indeed 

• Communications. We utilize a sophisticated 
electronic communication's system to advise our 
commercial paper personnel in every office the 
moment an issue becomes available in the mar- 
ket. This enables our sales force to sell your 
paper rapidly and efficiently to investors all 
across the country. 

• Service capability. When you call our com- 
mercial paper department with an immediate 
borrowing need, the service you receive will be 
prompt and expert. Each member of this 
Goldman Sachs team is fully apprised of your 
borrowing patterns and objectives if you have 

issued through us before. And each of'ihem is 
equally prepared to help you it you are a new 

For 109 years of experience and pro- 
fessional expertise in helping companies meet 
short-term financing requirements, call on 
Goldman Sachs' capability. The uncommon 
capability that has kept us first in commercial 


Goldman Sachs AG 
Limmatquai 4, 

Zurich 8001 
01-47 93 33 

Goldman, Sachs & Co. 

55 Broad Street 

New York. New York 10004 


Goldman Sachs 
International Corp. 

40 Basinghali Street 
London EC2V 5DE 

01- 638-4155 

P.O. BOX 70 
Kasumigaseki Bldg. ■ 

2- 5, Kasumigaseki 3-Chome 
Chryoda-ku, Tokyo 100 

03- 592-1781 





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Financial Times Thursday October 19. MOS . . 


Iran- Australia export meat 
venture in receivership i 

SYDNEY, -Oct. IS. 







National loans squeeze 

By Ron Richardson 

the Hutchison 'Whampoa sub- 
sidiary which is involved in 
disputed, merger negotiations 
with another group member. 
City and Urban Properties, 


\USTIRAX a meat export subject of renegotiation over The receiver-managers are Mr. 

\.-nmre involving the Iranian recent months and culminated in Gary Warhurst and Mr. John 
Government and major Austro- a new short-term contract in Harkness. from the chartered 
Iian interests, has been placed September and an agreement to accounting firm. Hungerfurds. 
in receivership. Austiran was negotiate a further long-term The size of the debts is not- 

formed in 197K and exports Jive contract before March 21. 1979. known at this stage but a major 

sheep and frozen lamb to the ,\> a resuit of the protracted d !j BcuUv has been that AU5TI- 
Middlc East, mainly Iran, worth nf these negotiations, lh „ ve « e i s |D : 

about ASlOOni (US?116m i a year, coupled with the present political charters the vessels id. - — . - 

The National Banh of Aostra- iin«M in Iran. th<- tundin; transport the meat and livestock .hasjnreart a jroht : of 

Iasi a todav appointed receiver agreed la by the Stale Meat and at present has been unable, 
mana"ers at the request o: the Corporation had not lu date beeJi to find alternative trade tor tne 
AUSTIRAN directors. The forthcoming. causing severe vessels. The shipping lines 
National Bank itseir is one of strain on the cash resources of involved are believed to be 
the major shareholders with 37.5 AUSTIRAN. In these circum- among the mam creditors. : 
cent of th.’ cquitv. The stances the directors felt it The National Bank itself is a- 

shareholders are the prudent to request the National secured creditor through the. 

Iranian Government i-iO per Bank to take action. overdraft facilities extended l to 

cent i . the Industrial and Mining It was expected that the neyo- the company, it is Dciievea iaai> 

tint ton* with the State Meat Ciir- the overdraft at present^ is a 
sortition would be continued and relatively low figure- The issued 
bccou**.* nt this it was felt that capital is A?btu (U.S^9.3ni) and 
any further comment at this whether this will he lost depends 
at a so would be countcr-produc- on the ability of the receiver-; 
live u AUSTIRAN and to the managers to solve the company s . 
impariant trade between problems. It is intended at this: 
i he State Hear Corporation of Australia and Iran, the directors stage to continue trading if i 
Iran. These contracts were the said. possible. I 


(‘the JAPANESE Saandai. higher than desired terms Jed after a monthly peak a^n/^ScuriLies Amrsg^sa 

Iwor'd has abruptiv demoted the Venezuela to postpone. Finland had been touched In July. For amounts. J^ir^sawg' sa 

I See bright Samurai bond wanted to raise YSSbu. while the the fiscal year ended Maren 3K 

l issue, whirtt re-emerged in 1975. Brazilian power concern. Cen- Y454bn worth, of bonds tob 

term trais Energencas de Sao Paulo, floated by foreigners. The April- • 
old was seeking \15on. .-..August issues almost touched Japan will wwm a wjm 

Mexican that level, but the rotal s well for as long as the Gprammea 



Development Bank of Iran flO 
per cent). and Darling Coileti 
International. the Australian 

AUSTIRAN wa* formed ; o 
-'vviei? long term contracts f>.»r 
? ho supply of meat and livestock 

S. African retail sector up 


THE CURRENT buoyancj 



. ifihe maintained at 2.5 per cent on latest statement shows that only 

di>"l”ibulina*;ind retailing sector.- the higher level of sales, pre-tax a residual amount of the capital 
in South Africa i= reflected :n profit* rose from R2.7nt In R3.Sm. commitment will have to be 
interim figures published by two At ihe net level, the rife was funded internally, 
croups uhien haw maintained from 111.5m to R2.1m ($2.4m) Thu expansion plans should 
lona-rtynding growth records. and earnings per share went assure further growth but 
Both sets’ of figures, for the ahead from 43-.- in «2c. The the immediate guessing game 
-i>: months to (. nd-Auaust. cover interim dividend was raised from revolves around the final divi- 

ih-* >::insumcr spree ahead of The 
iniroductifin of the General Sale- 
Tux and the suhsenuont decline 

more than 70 per cent in 1978. 

_In an interim report, 
directors announced consoli- 
dated attributable net profit, 
for the first eight months of 
the year of HKSlI.lm 
(US.S2.3mi and estimated full- 
year earnings of not less than 
HK$37m. compared with last 
year's total of HKS21.4m. The 
interim figure is not com- 
parable with previous periods 
as it has been computed on 
a different basis in regard lo 
development profits. 

To bring the interim 
dend more Into line 
pattern of profits, 
year payment hi 
doubled to 29 cen Is 
This will be followed by final 
payment of at least 36 cents, 
making a total of at least 56 
cents, compared with the 
previous year’s 33 cents. 

The chairman. Mr. IV. R. 
Wyllie. said that all the 
group's subsidiaries performed 
well during the year to dale, 
and that all ' investment 
properties remained fully let. 

.Vs part o.f the merger nego- 
tiations. with City and Urban 
Properties, Hutchison Proper- 
ties' real estate and property 
portfolio were revalued on 

to "Honin'' states, a 
.describing those of the 
: warrior elite who in bad times 
were cast out by powerful lords 
; and protectors. 

Japanese security houses, 
’ which rule the market, have 
received in rapid fire over the 
' past four working cays three 
postponement telexes from 
foreign governments and 
agencies who planned to issue 
yen-denominated "Samurw" 
bonds in Tokyo this month and 
next. The latest from Vene- 
zuela yesterday, while Finland 
and a Brazilian borrower opted 
; out on Saturday. 

The flight from the Samurai 
I bond market has been almost 
as stunning as the quick deveiop- 
rr.pnl river the- oast vear or so. 

In Semem ber. the 

dominates the bund nadns 

Government decided not to float below eany estimates. „ ~ hf . 

a YSOba bond; New Zealand The only issue certain for Forecasts are 

angrily postponed (and re- November is Uhat by. the Kingdom menr will be de^atfej, 

on deficit financing, conus fry 
many years- to come. 

The flight from the market hi Samurai bonds has been almost 
as- rapid as the quick development over the past year or so — 
after the Japanese authorities began encouraging foreigners 
to borrow yen. The hope was that this would help reduce 
Japan's large balance of payments surplus. What has happened 
sinee then is a shift In the Japanese Government priorities, 
prompted by the huge amount of National bonds needed to 
finance a reflationary Budget, which crowded out foreign 
- j . borrowers 

In the past, as a result ofbrap 
domestic institutional suppoi 
for the Stimaraf bond, foreig’ 
issues were quickly hawked ^ 
an eager group of . fort-igaei 
who speculated correctly the 
there was good profit to te j sad 
from investing in yen. The .Fit 
ancc Ministry officially- set a~2 
per cent I'imfr on the rnftirt ^ 
— — scription allotment hy Tujffres 
dents. Despite this the yen n<RuS 
raise SO metime ' wiihin hours of- -ih 

portedly nearly cancelled com- of Norway which win ^ ^ 

pieteiyi a large YaObn float. Y25-50bn. This is expected to bc .f SSU e tune, wouid find their 
New Zealand, which' bas successful because the bonds will j n f 0 foreign hands throuss Ji 

ily five years maturity, secondary market. Ins esiniai 
n. securities are in great that foreigners end ua iavit 
is most corporate finan- around 60 per cenr of Samujc 
spare funds see bonds and that about 417 per Cat 
presently at a 0 f jt, e approximately YiflflO? 
happened since then F^ars iue uaaerwnuug bottom. In December. Australia j n 5 tich bonds currently.'.® 
; 3S a shift in Japanese Govern- S* 0 -?- pi' xamaich* Securi- would have liked to raise about standing jre in non-r«xiilS 
; nient priorities prompted by the j . 0 ^ ie of Tokyo ^"fgbn in 16-year bonds as part hands. 

big amount of National Govern- . V L-i^rnm of a tncal ot ^bout The potential benefits rf 

ment bonds needed to finance USSSOOm to be borrowed ^in foreigners speculating that S 

• a reflationar;. " ..... 1 “ 

’ turn crow 
■ Also apparent 

sudden popular uy or me uus» „ InMP . n g 5 ^ cenl in the 

, ■ _ - ... . iu g.«i jiri re ui -ij 

, l w e !imi:e_d secondary market. 

tc 30c. dend. Last year, the iota! was r 

The Metro group cow has 9S 56c and the 50 per cenl rise m; August 31. This showed a sur- 
ouilet* locally and one in New this year's interim suggests a; plus of HKSS 165m over the 

the fact that the securi nes 
industry never applied itself to 
installing a system for market- 
ing the bonds. 

The demise of the market 
has understandably annoyed 
foreigners who complain that 

In June, yields reached levels 
as '.aw as 6.326 per cent figured 
or. a compound yield to maturity 
basis for a. 15-year VJ5bn by the 
Aster Development Bank. Tbi* 
vs s better than the top rated 

nn-^aitiA onnAraia knnil: gnri 

may have caused some caution The securities houses cs.inoft 
on the part of Samurai bond bothered to drum ''up new »u 
issuers, this risk plays a limited teis — hence the unfavourab 
role in dampening _ the market terms. 

at the moment. ’ The Japanese Th^ Finance Ministry seesni 
Government simply has to sell its have taken a cairn "there's nw 
national deficit financing bonds jpg we can do about it” vie** 
in order to maintain economic the Samurai market. It argii 

in eosi«umer spending which, as York, with seven opened during total of about S4c. putting the. hook valuation at that date. At 

.i rtsiifi of fiif* timing uf per-onai 
i:i\ cult. vj< less severe Than 

Mel ru G«tsh and Garry, the 
f-.orj d rihutor. raised turnover 
fr«»m R104m tn Rl4Sm (>'170m> 
for the pv-riud. and with margin* 

the la left six inenths. Plans call shares, at 1. 500c. on a yield of, the Iasi balance date the com- 

i«ir the opening of another 30 5.6 per cenl. 
in the next two years. Metro's The board forecasts thali 
policy is to arrange .easebacks re5U lts in the second half year 
with tne financial institutions should “substantially exceed” 
rather than to invert in property those for the first half. With over 
on its own account, and tne qq p er ^ot of profits earned in 

the second half of last year. 

. Metro could be in line for pre- 

tax profits up from R7.2m in 
the year to last February to 
about R9.5m and earnings up 
from 126c to 155c. 

The larger Pep Stores greua. 

, _ . ... which specialises in small out- 

THE METAL BOX Company 0 f Foreign assistance will come [ ets s ^j]} n? i ow priced clothing 

Metal Box India issue 



i- from a subsidiary of the Renault products, says in a statement that 
h group of France. its turnover was up 17 per cent 

India will make an issue or un 

secured convertible honds worth group ox r ranee. its turnover was up 17 per 

R> 20m < 5:2.52m) and preference The rest of the capital for the j n the six months to end-Augist 
-hares worth Rs 5m t-S631.noo> new project is 
:•» partly finance a Rs 200m through term 

pany's accounts showed pro- 
perty assets at TIKS 233.3m. 
so the revaluation has writ- 
ten up the property portfolio 
by about 70 per cent. 

expected in November. To place active 
has these securities, houses have capital 

outflow o i Icnj^Yhq 

rt n trtlH’mcfm 

Venezuela wanter 1 to float 

j Y-tObn in J2-year vea bonds in The rush to postpone has these secunues. nouses nave capital through lncreasm| 
'November. The Japanese uuder- meant that there Issues had to employ their large sales aggressive Japanese bankleoffl 
’ writers cut that to 10 years, and in either September or October staffs to the hilL and commercial overseas. 

Paper Products raises 
its share stakes 

ANZ Finance 
(Far East) opens 



Jack Chia share offer 

- ir£ 


THE SINGAPORE-BASED Jack Malays and Malay financiakzj&' 
Chia Group has made an offer tutions, with the balance _pe»- 
to the 3ralaysian public to sub- offw^d to tne public- > 
scribe about SJ2m shares in its n . c a ^, - 
newly formed Malaysian sub- district! on of ^iSiloner 
j sidiary. Jack Chia Enterprises toUetry, and pharmareafli 

ANZ Finance (Far East), the 
newly-established Hong Kong 
subsidiary of ANZ Banking 
Group, has been - officially 
opened, writes our Financial 

PAPER PRODUCTS BERHAD, for 600.000 shares of one ringsit | staff. 

« in hw nM-.moH j— i ', — 1 the manufacturer of paper boxes. c ac h in Shiu Fook Son, Berhad. ; ANZ has had a represeuta- 

s to he obLiined and net income from Rl.Dm loi_ }rtons j, nd tafM nrn w uc ,« fn Paper Products already holds; live office tn Houg Kong since _ . 

Joans of Rs Uim R2 2 m f.?2.51m». I™ ^ in 31 P er cent in ^' orth Malaya 1974 . It is. it Points out the Berhad at par of 1 naggit each, products, and publishing . i 

i«2o.2om» plant to manufacture (Sl6.03im while the company The board says that profits arc buJ up substantial holdings in p aper an( j 5Si Der cen » j n ghiu firet Australian bank to estab- : The share offer is equivalent book retailiag. It also ownsi 

ball bearings, taper roller boar- will provide R; 20m from its own ahead of budget and has raised: two related companies tn which Fook. and with' the acquisitions. Ush a whollv-owned subsidiary- | to 43 per cent of the equity of Eastern and Oriental Hotels 

jngs and cylindrical roller bear- resources. This has become its forecast pre-tax profits from /it already has an interest, and to its holdings in the two companies 1 registered under' Hong Kong 'the new Malaysian company, Penang Island, which Is- one.' 

mas. possible, according to Mr. Nanda. RlOm to R ll.3m. The interim ' offer part of its equity to Malays, would be Sfi per cent and SS per ! law as a deposit-taking eom- 1 which was formed to take over best known hotels in the reg& 

The chairman of Metal Box. because of the substantial ini- dividend has heen raised from j The company has said that it cent respectively. nan*- equipped to handle all [ alUhe Malaysian -Interests of the The directors expect the co 

has agreed to pay 130 ringgits As part of the deaL that has; Smitcifli aspects of intci^ ! Jack Chia Group. pany to profit 

each for 22.000 snares of 100 been approved bv the Malaysian national trade transactions. ! 9 f 1116 offered shares. SOO.OOO 3m. ringgits for t 

ringgits each in North Malaya Government's Foreign Invest- M ' 

Paper Mills, and 2 2 ringgits each ment Committee. Paper Products 

'would issue 4.5m shares to 

Malays— the price of which would 

Mr P. K. Nanda. said the plant proveraent of the working of the. 16c to 20c. With the shares at 
will be located in West Bengal company which ha* declared a 585e. the hirtnrie yield on 
and iv expected lo begin cbm- dividend of S per cent for year's 4Sc dividend is S.l per 
snereial production early in 1980. 1977-7S. cent. 

iSSh™ bf IvZ i unit* we hr be reserved for ’the year, ending ;^»R; 

l.iz-.v 5 i-.:n". ;• itav-i.; bee". :ln.^i‘Jieaiicehi«ni appear.' js * nijii-jr oi leco.-ti on- 

Osterreichische Kontrollbank Aktiengeseilschaft 

U.S. $50,000,000 

Guaranteed Floating Rate Notes 1988 

Extendible at the Noteholder's option to 1993 

G'JV&iteed as ;apa,-iep:af principal. aremiurr. {if any} and intcres'tiy;ri8 

Republic of Austria 

European Banking Company Limited 
Orion Bank limited 


Osten-eichische Landerbank Aktiengeseilschaft 

Abu PK»bi Imwmwti C^mp^nv 

Alahli Bant oi buw ail >K.5.Cl 

Alj*eni®ni; Bank Nederland N.Y. 

AnijJ* -rd.ini - i.’i.- M r r d* m r a i 

Aral; %tn<:an Iniernaiional Bank 

flan' i C'lnimi-inal*' llalian.i 

Eanca del Collardo 

•Vab Bank I Overseas* 

Bank ilir Arbeit und Wirlschau \.G. 

.Vi. Arne* i. Co. A ncv Elank 

limit* *1 ■ mHil ! 1 

The Arab and Morgan Ijn'nieJI r >nan<> Companv 

l-ank i .lit.''- ili* r kur/ Kunp'iv?r [i"nerse-r»' 

Bank luhus Bapr inlemationat 

l iMl.TVt 

Bank Leu International Lid. 

Bank ii.rtieni.rin-Airlsrhail 
% — hrtrr 

Bank m AnieiKj Inromariirmal 

F.inl <•! I fr'i-inki t.ld. 

T li.’ Frfnk iir’Tnb o 'I lolland- N.V. 

L'.tn>|L»: l!m» p|li". tamli.’rl 5- V 

Bankers Tru-t International 
Banque Continental*.' du lii%eniboiupS..A. 

Banqtjp AraheetlnieriMiinnalerl lmc--Uw menl 'B.AJ.I.I 
Banque Franratse du Commerce Lvterieur Banquc r ranrai d- lJep.‘.t, P t de Tines! du Lu‘-»::.:bour-T S A. Ranqiie Internationale j Luxembourg S.-V Banque ile 1 ln<lnrlnno etde Suez 

B.rii.|<ied.->1 L ni'rtilunifw't-nn" Banque de Neutlizo.S.hlumberger, Ntallct 1 Banqne Rationale do Parrs Cam|iie rie Pan- mi il.-; Pa^-Eas 

BanqiiMr-'piil.ui. Sui-"— S. 1 .. Lu-.en 1 ho.jr 3 B.inqne Frivpe S. A. B.inqti" Rotlix liild BanqueUiirm*: Earing Bribers & Co., 

I f .r..a 

I i .p. .'ll*:! cn- iiri.i \\ .*1 li.ei-Bank B.t« crbrlnj Lanrlp-bankGirozPiiIrale \'ercin»bank 8a'.en>che VercinsUank Ini-rnalrtmal S A. 

liner I l.mdeU- und Tranl tuner Bank BKrli Eastman OiJInn Co. Inlernalinnal Brei-.iLli ruia.ii.ii Si. h' teller Bank 

lln., Co. Cliarterhnu-e laphet Chase Manhattan Chemical Inlemationat 

I ".••"Ml l.hliuul 

Giji.urp International Gmup Clanden Bank Commerzbank Compa»nieMnm^.iM>iied«Banaue 

Iklirnwll flu.. 

Credit \3iiLole ICNC.M Credit Commercial de Trarxe Credit inriu-iri-lci Comnwmal 


r.. du.- 1 \.I 


■in-ian.tri- >n» 

i.iiri-lMiii.i! Li-di:*.' .v 

(.■•1 it hi* 1 1 !in< 

fount! P..*n* 

li-*.-<lii I > 

Cr*:tiil du Mwd 

fi* ti.inl I mii- A f on -i i.i n; 

Cieilii Sui i»e T iw Bn^trin 

Den nor.'ke C redithank fjiio.'enlralr 

— Detirwhe knnimunatbank— 

Creditolfaliano nc.B \«k' D.-iv jf mope N.V. 

Deuisrhe n*nn;.en« hail .’oan*. 

Development f inance Corporation it \'eiv Zealand 

L*t C l K-.l 1 . ■•fierr.-i. his*. hi- Spar-C.'- 

Diiion, Pead Ov ersea ^ Cocpoialion 

Pie-dn*'i b.inl. 

l>rcaci Burnfiam l.imbeu 


INih. 11 1 l«-rnnl;: L- 

Tut" l.irntnaiinnal [ inance 


I-— *-H 

l.ieno^en<cliaMli<.he Centra I bank AG 

Donaldson, Luikm i ieiii*;iteSecii(iii».. Corporation 
Euromobiliarc S.p. V 

I ir.-l C hicaRO 

Lw*i 1 

Anf.*n- G.iiS- J l.ildin^vLtii.*' rill. ■ Bank omi ■ ■■lei.-0"*. Jll a. hen '."Wll 

111 -- I'.nli Rank k S C. 

I lambior Bank 

Colrlrpan Sach- Internal ional Corp. 
Ilamlel-banl *%.W. 1 Overseas) 

Groupem.'ni de? Ban'iuier? Pn-. *’s GpiWvois 

lnl-i na 1 i-male Gvno-renM- hall 4»nnL AG Inii-mnii.n- Eftuque 

1 1— -■>»«: he Land'.-- bank 


Ni lute BahrarioSan Paolo dr Torino 

Hill S.imu«*I A O 

ICI! I.imitetl 

I Wder. Teahodv Tn!oin.".tir*naC Mein*- on. Benson KurHi-ilunkN.V, 

Jardine Fleming fc<r*»mpaw 

i ■*-..■*( H 

K'l-.'.ail Foreign trading. Ci'Hli actings* Investment (.'*•. 'S.A.V ) 
LaaaidrimoierCie l 

L.i^ard Btolh.-'I-. C'.K, 

kredieibant S.VLn\emhour 3 **olse 
Kiiwair interna Im-r-imenl Co. fs.a.k.J 

London & Continental Banker; 

Ljn'j|ti ■{ >&ake-Pankki 
Kuhn, l.oeb lehman Br. ■ih«.| -. international 

Kuwait Inv* 

.’•ten ill L; ncli Intel national Co. E.M»t;ler'e*l. :V*hn £ Co. 

i*,.r ;.tn Slanlev International National Bank cu Abu Dhal'i 

T he Nikkri iLuwmhourj. S..A, rimniell £ O'. 

Nomura Europe N.V. 

Orion Par rii.; 

0:tei:c-i*-hi-*lies Credit -Ir.flilul. 

*:.»tr:ir...!I«<.,.i li.nn.i 

N, Eolh-chilaSrSon^ 

Scandinavian Bank 

Kotlrr* hilfl Bank Mj 

■ni.’ii: fonipan'- S VK. 

Atanuia. :i».'rv ! I.inovrr 
1 .. .* , a 

Mor^nii f.rT.rarn.- jn.JPailners 

1 .. . 

The Nat i* -rut Commern.ii Can!. Saudi Arabia 

Nippon Eu;orv-an RjnkS-V. 
rierson. Meldring S> Pierron N.V. 

SaI*'mon Brothers International 

Ion Is Bank 
l.m " l 

barm 1 H Mon i a -an F. Co, 

J Jpt|. -1 

The National Rank oihiiv\ait5.VK- 

N' Landc-.ljank 

CllOimCia 1 - 

Po^tipankki Pt hanl-eq 

Rowe A Pitman. Hum Brovin 

Nordic Bank 


Ri* ad Bank 

Llll'Hp?|r!nii»im j r. a* Cle 

San- a Bank •Hiirfifi' nu rd 
Sm-th Barnr.'. . H-rn L phatn 5 C*». 

S,i c i* Ti- C.cnsMl- Al-.Hi-.mii" ii- Earique 

Sf.hoeller & Co. 

J. t leqo Schroder Wagg & Co, 

. l.mKMf • 

Sknndtna-. i.ka f n iHda Banken 
SiKiete Cent rale de Banque e, Kl ..|c Gert-' 

.Soiji.'t*: Lameialc rJn JLmi|iie^.\. Sparitankernai Eaqk blamlir*] Chan err. rj \wchani Bank 

Siroirte fianr.atre Bars lav’s -iSuiMe- S. A. 

Mi.iU'.-Tunlm-l Oi. 

Surmt”t‘n* I wan- e loternaiixnal 
L'eher-.'.isank AO 

Sun Hunghai inlurriational 

IcniKl f 

L'nion de Ranque- Arabr* ei Europi’ertn*.- S_V.-l‘.B..VE. L'nirer! t r v ni *..i; Kant l ■;>nc,ir»ijie 

SwnskjllandMl»>n Sv.-,. : KrtnkC, irpiiIH:illll rv?4V 


nii»r!< nni *•,*; 

J. Voniohrl X Co, S. (j.V. ^rlMira f. Co. Ltd. 

Trail*; E *P : - 

'.«-ih..n*l S liv.-i/enscher*n.*|l-«n!i*!n A'crem.-.iuxi ’.A t-lhank 

v..*".jt:- ' ^i*4- . , . . ... „,| 

v-i'l*‘*ii-' hi' I j.-riV-bank '."nr! -..Ii.ul.-und Prnatharii. V, nod Gund> Yamaadti Inrefnanonal iV-denandi V.V. ■i^nVjl-.patlj-jrc Jer j e iVi-n 

t .i:n*r nrrale 


Finance fFar East) creates a 
further link in the chain oF 
ANZ Bank operations in im- 
portant money centres arounct 
ihe world. Its computerised 

'Malaysian employees of Jack predict a gross dividend of Sp 
Chia Enterprises. 5.2m units for .cent. . £■•>£ : 

be determined -later hy the FIC. 
and proceeds of which would be 

used tn finance the two acquisi-. whotetIe Bnanre and foreign 
tions and to supplement 'Aoriang. exc hauge dealing capability 

complement the wholesale and 


Paper Products said the deal 
was aimed at forming a more 
rnmnart organisation, and to con- 
form with government policy 
regarding Malar equity. For la«i 
vear. North Malaya Paper and 
Shiu Fook made a pre-tax profit 
of eSO.OflO rinacits (U.S5313.994) 
and 833.000 ringgits respectively. 

Isuzu profit 
forecast up 

TOKYO, Oct. IS. 
ISUZU MOTORS has raised its 
after-tax profit forecast for the 
current business year, ending 
this month, to about Y13.0bn 
(S70m> from its previous 
Y12.4bn estimate. Sales are 
now expected to reach about 
Y560bn. against the earlier fore- 
cast of Y55S.0bn. 

The new profit forecast is 
equivalent to a gain of 110 per 
cent on the Yfi.lSbn for the year 
ended last October- when sales 
totalled Y46S.76bn. 

The better performance this 
year will result from a rise in 
domestic sales of large trucks 
following increased Government 
spending on public works. 

Vehicle sales in the current 
business year will rise to about 
400.000 from 332.000 last year. 
Isuzu said. It plans to double 
capita] outlay for plant and 
equipment in the next financial 
year to' Y40bn in - order to 
increase vehicle production, 
especially cars. 


corporate hanking operations 
of ihe bank in Australia. New 
Zealand, UK and North 

The new company's range of 
wholesale finance and foreign 
exchange services include 
foreign exchange dealings in 
major currencies. This 
includes spot and forward 
exchange dealings and remit- 
tance In Australian dollars. 
New Zealand dollars, Papua 
New Guinea Kina and Fijian 
dollars.' It .also includes 
deposit facilities In major 
foreign currencies, including 
Hong Kong dollar denomi- 
nated amounts of HKS50.000. 

Provide free 
int3emational telephone 
links for your dienrs 
iVfidcfle East; USA ux 

U.S. $15,000,000 

Floating Rate U.S. Dollar N^gotialrie 
Certificates of Deposit 
Due 19th October, 1981 

The Taivo Kobe Bank. Ltd* 



■v;_ n 

In accordance with the provisions of the Certificates, notice fs 
hereby given char for the initial six months interest period frtia 
19th October. 1978 to 19th April. 1979, the Certificates wUl 
carry an Interest Rate of lOtfo per annum. Th e relevant interest 
payment date wdf be (9th April. 1979. 

;■ san 

Merrill Lynch International Bank Limited- 

Agent Bank 

Ra-fiaifwiltM* -Wvx*v- 

Weekly ner asset value 
on October 16th, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $72.92 

Tokyo Pacific Holdings (Seaboard) N 
U.S. $53.13 . V: 

Listed on the Amsterdam Stock. Exchange 

Information: Pitnon. Held'ing & Pierian N.V. H«rengr«:bt 2H, Ainrtf 

This advertisement complies with the requirements of ike Council of 
The Stock Exchange. 



> ! U ;f 

C& S400fi00j000 


Price 10Q”n and Accrued fnlenext 

The syndicate managed by the following has agreed to subscribe for the Bonds: 



In corpora led 


Incorporated - 

A. R AMES & co. 

Incorporated • - 

TAe Bonds . issued at 100 per cent, have been admitted to the Official List bv the Council of tL 
E.ckans, Interest is payzbU seni^nuiUy onAprUgg* OcdbTlsX 

Full particulars of Canada and the Bonds are available in the Extel Statistical Service and MV fe 

nntmnorl r!t§ r» » rt li a§nl hit Ctnnirp £nv/rc 7/7^ -fr* C — Uf— l_ _ a m j* WvfUtLt lLfl£L /iZtfJr v 

obtained during usual business hours up to and including November 2, 1978 from the brokers totheUsu^- 

Octoberl9, 1978 


2y Austin Friars 
■ London EC2N 2JB 

Financial Times Thursday - October- 1 9 1978 


Currency, Money and Gold Markets 

weak in 



dm ilk 

Uii. |B min,, iw'> 


l'.n. s 
Canadian i 
Hel]>iniii F 
Llcnirii K 

j Pnn. Km.-. 

• >|«H. IVtu 

I Lira 

Out- Iiinmb ' i pu«. Hiretrimiiilli- % (■•#. 

3 >k l.iUb 1 -flBM ;Le£bb 1-abtt { 0.»m.4i .l-n.i !.M UHA.i-i'! *.‘1 
10 1« i.s590 <LliB 0.bflc.T4ii S.M i.lfl- 00:4 ' •■>'} I* 4 B 

fllfc S-Mly 4.14 i 5 .S 8 i- 4 ^ oi lic.nni |*r 125 a- 15 | ■ pH*' 2 * *2 

8 a7.79-bfl 2b I Mb-c7.Bb ; 6-10 U |» -2.0B 25 »5 .-.ptii -1.38 

8 10.18,; Io.2flJ -Ui.18; !?.« in -9.41 l 1W.IJ*.rt.ite'-fl.2i 

3 i MSd-e.67 I au-aipin inn bj »3 ;0Ja-33a i<l wn- s<M 

IB ■ fli.7M.7b. 8 80-e .20 ■ n-tfa v i}u- - lb. Ifc/flfl-aOO r. itlr 13.48 

B lil.fcb 159 20 >158 » >38.00. Jb- 12b ■:. itu -6.47 'lA-UU . . dli -4.efl 
10 b U211 l.«.w. I.«» |.iI4 , l-Silinlh : — 1.04 ;4-6liffdi. j- 1.23 

ling to decline against mos( BFr 2S.99 compared with BFr ^ o^ 1 N.7fl.ifc.flfl , ,6.76-26.86 { i»./ 6.37 ,12 52 «in pm 5.62 

lor currencies. With trading at 28.145 on Tuesday and there did 1 s » w1 -* ' 4.MW.06. | i+Ql-a-ete !i*-2s« 1 "» '>■« lsn 

over level. European Central not appear to be any official [ : i — — ! — 

g. 11K 1 _. B * fl * ,an fair is lor convenliik franco, I Slx-ntanib lorvord dollar 3.23-3. lsc pm 
jrop up the t'.S.currency and franc has been caught In the 1 F,na|,ci * 1 fraTK 6 *-®mt. 15. 11-momh aBm.sjc pm. 

:r touching DM L82S0 against slipstream of the D-mark's rise 
> West German mark, u against the dollar despite strep u- 

‘hed at DM 1.8353 compared ous efforts by the Swiss and | 

i Tuesday’s close of DM UttSO. German authorities to restrain .. 
Swiss franc was also firmer the dollar's fall. . 1 SPfi" “ 

SwFr 1.3083 against StvFr MILAN’— -The dollar was fixed at I S*W!E“ *" 
l, B3, after a day's best of L812.20 compared with - the pre*jSSi“”. 
r r 1.5015. S-ime of the weaker vious level of L8I3.80. Against 
r.bers of the snake touched other currencies the lira' was 
>rd levels against the dollar generally weaker with the D-mark 
1 the Belgian franc -closing at fixed at L443.73 against LM&13 

- -2S.nGi against BFr 29.10 and and the Dutch guilder at 1406.09 

- Danish krone firming to from LA 04 -92. Both the yen and 

- 5.1 1 compared with DKr the Swiss franc improved' in lira 

75 previously. The Dutch lerms and the Belgian franc rose 
dor reached a record io L2S.Q4 from L27.98. The Bank 
ire finishing at F 12. 0050 against of Italy seemed resigned to letting 
0170 the lira depredate against .Euro, 

sine Morgan Guaranty figure* {££ *$£2*" 

rtwin in New York, the dollar's {JJJJL *21° «S B l .?iiJ? arp r S * 1 
e weighted average deprecia- 1 nTnic f , ■ „ 


agreed - 


I One ribhA 

P4. Three manun p.*- 

Danifih Kr 
Port, tsr 

Nrwen. Kr 
French Kr 
Svcdlati Kr 

kumrla Sell 
Swiss Fr 





















4.2960-4 J428 



* l.'.S. ci -nit vt Canadian S. 

BJULMcdlt -046 644-SAc die -0X1 
(L4HL5Scdb "2JM l itVfl.Wc di, -U 5 
la-Uc dl< -6.A2 16-2Dcdls -IB 
5«-5.50are0ls -12.33 lU-lLiaredU -9JJ1 
fi.92-4.87af pm 5.59 2-99-2.94pf am 6.09 
35-U0cdis -2HJ8 130-50ttc tfl* -27X2 
2JD-3jaflr«Hs —4.43 8J8-18 l)n dlf -435 
XU-3XSore4ls -6.93 ISO-SMor* Ola -6J1 
0.404 JOc pm 0JS 037-0X7raoi 0X6 

fl.UHI. 30a redd -0J6 0XS-O.45ere dls -6.33 
LB64.9BVIM1 hM 3X0-2. Wy am 6X1 
U0-2J0flre am 2.H I.TSXXSaro pm 2.23 
Ut-Lllc I»m 13 X76-3.71C pm 9.64 


from 2^990. 

slighny AMSTERDAM' — A further record 

i 7 ] 82.20. 

erling showed 

ker tendency overall and after l 3SS 

lin- nr si ftoss-i oont n<rainct 10 w ®* recorded by the dollar 

dollar, il eased to S1.H»35 n 2.(M05 a^aii^nkoiS 

re recoven i, ^ on dollar weak- “,*£/ 2 - 000fl 3S3jnst n * 0l0a 

n&KlvEk l! S as t,! ^ l 'h S a „”d P TOKYO-— Conditions remained 
il.fiPoo-I.fliiflj was unchana?d ,u M , uo . 


October 17 




Kura pun 

Unit tf 

Ociaber U 

•take! Morgan 
Eealaad Coaraoty 
Index chanrns’a 


. 0.656446 





t;j». dollar . . . 

. . 1 JC5W 


US. dnilar 



Canadian dollar 

... LSost 


Canadian dollar 

71 AT 


iminsn *<h» Mills 

. 173612 


AusTriau achilllnz 


+ 18.7 

Bojirtan Franu 

... 38.0625 


CtiUlsn franr .... 



nanixh kroni- 

. 6.71244 


T'anlsli krone 

. . 127.70 

+ 6.5 

D*uiv-t)f Mark . 

. 2.40483 


D4ui»che Mark 

... 149.03 

4- 40.8 

nillM.-r . .... 

. 2.425*5 


. 211.84 

+ 44.4 

vtendi Iranc ... 

. 652621 



. 122.76 



. 1062.73 


7rench franc- ... 


- 6.3 


. 240.037 


Lira . 



Norwrglan krone 




. 157 


Peseia .. 

.. *1.0«&6 

45 0144 

Based on trade 

ne-ichuul chaniei (rent 

-Sww!i«i) krnna 



U’a<Jilninon acnvmrnl PeremlvT. 19,1 


.. 1.47071 


(Hank oi F.naUnrt 

1wtex“ IM 

2 »? nnnT of fn,c ™ened to the tune of at least 

at noon and 82.1 in the morn- nnm twc h«i nnr i itc 


Acalnst the West German 

S30m. This helped the US. cur* 
rency recover from its low Of the 


L th ta*^n?T <l »2Sn Ue tmm- d « r ' oT V181J8S and in fact 
«r B ,?«Lu. 3 ' fi6 ' 0 f touched YIS2.55 at one point. 

Japan’s Increased trade surplus 

IM. 1? 


Xida Katm 

n.6700 previously. 

tAVKFlTlT— The dollar ron- appeared to be very much in ilno { 

?d to fall acainst the D-mark with market expectations and had tnnKiai 

(wniliM 1.775 I.77S a 89 25-891 25 'ii-ik. 

Aii«n»'l« . . 1.7005 1.7075M3XI Zk - . 5 5 m.-elum 

Finland M«. Kim.. /.o 17.65 ,5.98 10- 4. >550 -Upfunark 

^ llrazl tni/M...,, . : 87 83 i8.83 18.95- 19.45 'Fiano- 

1 L»t«w*V Ui vhm».. . ; 20.952 i2.b90 8. 55-3 42 ; >rimsn» > 

9.43-9 45 :4.735d- 380 'frjaia 

. _ U7 143 ; 70 40- 0.85 'u»«i. I 

reached a further record low litlle Immediate effect. Trading I *fn«aii tUnanKu-. uv l-o .«l -j. zeal - £6B22 : \HH>iitit.i, 

te fixing of DM I.ft3n0 against K likely to become a little con- j fa 1 ™? 1 !? 1 . 1 . 1 *. Kr * n ' ■ . 57-75-57.B5. ; ,« 5. 898 |\««»\ ; 

I^WS on Tuesday. Again 'he fused with market sources. unable n ”’ ' ' 

•Jesbank gave heavy support to define the Central Bang i»MAn,w* Kir- ! *V!l £ 7 |a!S££Soio! 

he fixing, buying some S23m intervention level. Trading in the 1 -- ~ __ 

Test the decline. There were spot market totalled S5I7 while 
fresh factors affecting the combined forward and swap 
cet with ccntiaued lack of trading accounted for 9620m. 

Rj'» »,»»» hu iriiwtiw ■> ¥»> -ll* 


I>t. 12 

• Ikiiin > Mi-rimii t . . U>> 

b> .[ uguiaclieMar6ifl6)Miiw6 kMi|Kwiwii frnuu- 

•Wlw rntu 

1 liui -tel 1 II f Mil Ur. 

1 I. IM'* 

j B • • m / •• 

■ Stertni* 

i t- 

! 1.996 



• ! ■ s- 40 ? 


4.0 03 

lc 24 


■ 07.80 


| 0.501 

i 1. 



j . b.eil 


2.4 OS 


; 1.H2 

j 2B.86 

! 0.273 

‘ 0.645 

i I. 


1 a.293 




! 0.e44 

It .77 

M Yen 1.000 j . 2.747 

j . 5.4t4 


. -lOvti. 

I- 23.09 




j b.4/9 


! 1.190 


• 4.360 


! r ■ 




j 2.806 

i 68.77 






I 8.790 



538 9 

1 0.783 

j 18.19 

lull liter 

! 0-250 

, 0.499 



• ; Aifo 

0 . 153 



u.r4 9 

1 14.44 

i Lire I.eOO 

1 0.bl6 




i ; 5.177 



10 Do 


■ 35 60 

lin Iki-wr 



» 1-fiM 


■ -3.564 



c 88.4 



.1 Fr"»n- Kr 


i 3-453 

6.341 i 


l .14.64 

5 212 








tWnudiiro ■ 


1 Weal Oorta*" I 



«-l. 18 ! 

SierdDc | 

L‘.7». Umlai 

Uni air j Duteb tiulkie? | 

Sariaa Fmtk- ] 

Ylar* 1 

Kienen Franc ( 

lU'iaD l.lra 

A Man 3 

; JajMnpv Y-i. “ 

Big 9 , 


ciit-yu | 10 12 | 

VM*'l i 


•lfl»i.. | 


1 2ig 44g 

v’~ nniira; 

10^ ll , 

c.fiPia -i 

tu«-vi, 1 10 12 1 

par >3 l 

23, .2i, r 

7U 7ij . 




ui a 12 'a ! 

Bi * 9,1. ' 

91* Big (1114-11*4 : 


8lj 8b 1 

13 14 

B3,87 b 

! 8:-;-2-i 

m-.inib*.. ‘ 

I31r -iSfi [ 

■te lo, 1 , • 

nia-lOd, lOla-H U : 


95# 9? e ; 

13b 14l 2 

94, 97» 

3U 34r. 

<uih« i 

13U 13ia 

103a K63 

6ri lOr* 1 9U-934 ! 

'a > 

ID luU : 




13U 135, j 

iai 4 11 1 ’ . 

fc r« 10 -b ■ Oia-9 ! 

5 * 

354 3i» ! 

10b | 4* , 


1 4 11 to 

, 31? 378 

.K Toliowins nominal rairs ultp quoted lor London dollar ceru flea lea of deposit: one monih 9.754.33 per cem: Uiree months 9JJ-3S3 u**r ccm. six mombs 10 . 
per cent*, one vetr 14.0VIQ.13- wr cent. 

mR-icnn Eurodollar deposiu; Two rears 91-91 per epnt:' three years flr-9; per rani: four years l\-i a a per cem: five year* 9l »l per cent nominal cjosinn raica. 
■ term rates are call lor suyltoe. U.5. dollars and Canadian doliara. two-dar call for yoUden and Swiss franc*. Aslan rates for clonus rates in Slmioporr. 


erman banking moye expected 

tinium Reserve requirements 
irraan banks are expected to 
>duced. following the news 
the Bundesbank is to hold 
ess conference today after 
■oruiigbtly central council 
ng. A cut in the minimum 
re requirements is seen as 
ort-term move to increase 
Stic liquidity, whereas it is 
.hat a reduction in the dis- 
rate from 3 per cenl or 

ngbard rate from 3A per cent 
"■be more fundamental, and 
ed a> 3 long-term move. 
1 is unlikely at present. 

7 Bundesbank last cut the 

num reserve requiremenl in 
by 7 per cent, and also lifted 
0 per cent reserve require- 

on growth of foreign 

llie*. thus releasing DM 4lbn 
e banking system. Tn June 
uthorfties raised the amount 
J can obtain at the discount 
for trade bills, by increasing 
discount quota DM Sbn. 
\NKFURT— Call money con- 
il to case in the interbank 
et Tailing to per 
from 3.10-3.20 per cent. At 

the same time last week call 
money was quoted at 3.40-3.50 per 
cent. Other rates were generally 
easier, with ohe-raonth money at 
3.45*3.50 per cent, compared with 
3.45-3.55 per cenr on Tuesday: 
three-month at 3.85-3.90 per cent, 
compared with 3-85-3.95 per cent; 
and six-month at 3.95-4.00 per 
cent, compared with 4.00-4.10 per 
cent. The 12-month rate was un- 
changed at 4.05-4.15 per cent. 

NEW YORK— The weekly make 
□p- of banking figures led to the 
usual confusion about the prob- 
able official target level lor Fed 
Funds jesterday,. Money traded 
at around II per cent, against 
a presumed recent target rate «f 
8J per cent. The Federal Reserve 
open market committee met yes- 
terday however, and may have in- 
creased the target rate, al thou eh 
this was obviously not immediately 
clear. Treasury bill rates were 
genera Hy higher, with 13-week 
bills rising to 8.20 per cent from 
8.15 per cent; 28-week bills 10 8.66 
per cent from 8.62 per cent; and 
one-year bills to 8.47 per cent 
from 8.45 per cent. 

FaRIS— D ay to day money rose 
to 7J per cent from 7 per cent 
Ooe-raonth was quoted at 7,' fc -7i 
per cent, compared with 7J per 
cent previously; three- month at 
7i-7J per cent, compared with 
7 5-71 per cent; while six-month 
was unchanged at 7J-71 per cent 
and 12-month at 81*5-81*4 per cem. 

BRUSSELS — Interest rates were 
firmer, with one-month deposit 
rates for tbo' Belgian franc (com- 
mercial 1 rising to 9i-9} per cenl 
from 82-9 per cent; lliree-monlh 
lo 91-91 per Trent from 8J-9 per 
vent: si*r month to 81-SJ per cent 
•from 83-Si per cent: 3nd 12-moniJi 
to 8J-8J per cent from Si-82 per 
com . . 

AMSTERDAM — Call money con- 
tinued its recent decline, falling 
lo 10-1 1 per cent from 12*16 per 
cent, but other rates were firmer, 
with one month rising to 11-12 
per cenl from 16-104 per cent; 
three-month to 10i-li* per cent 
from Ri-IOJ per cent; and six- 
month 10.91-92 per cem from 
SJ-9J per cent. 



vtake-up day problems 

ink of England Minimum 
ending Rate 10 per cent 
(since June 8, 1978) 

e weekly published figure 
for New York banks created 
nation where it was difficult 
£t ermine the exart target 
- of US. Federal funds, 
ugh it appears likely thHt the 
1 rate was Increased again 
te Federal Reserve meeting 

Tday, following intervention 
le Fed lo reduce liquidity in 
market, by way of reverse 
rchase agreements: Monthly 
5-op day for London banks 
caused some problems with 

regard to liquidity, as banks fine- 
tuned their final figures, and were 
not inclined lo become loo deeply 
involved in lending funds. Over- 
night rates opened at 9-9J per 
cent in ihe interbank markeL and 
reli to 6-7 per cent in the early 
afternoon, but rose to 10 per cent 
at the close. 

The Bank of England inter* 
vened 10 remove surplus funds 
from the London money market. 
This was not part Of any market 
policy however, as in the U^., 
although there remains nervous- 
ness about - a possible rise tn 
Minimum Lending Rate In the 



Gold continued to improve ia 
the London bullion market yester- 
day and reached an all-time 
closing high of 82261-229. a rise 
or SJ. After a morning fixing of 
3229.25. the metal Improved on 
demand 10 touch $2291-230 before 
being fixed -during the aliomoon 
at $229.00. Gold’s rise was seen 
on genuine 'demand despile the 
lact lhat Ibe dollar showed Utile 
movement in the foreign 
exchange market. 

In Paris the 12 J kilo bar rose 
to a record high of FFr 31.200 per 
kilo ($230.16 per ounce) in the 
open markeL The morning fixing 
was FFr 31.150 per kilo (S229.79) 
a record fixing level and reflected 
the current uncertainty in Ihc 
foreign exchange market. 

near future. With day-to-day 
credit in good. supply the authori- 
ties sold a moderate amount of 
Treasury bills to the discount 

Banks brought forward ! 
moderate -surplus. . balances. 
Government disbursements \ 

exceeded revenue payments to ; 
the Exchequer, and there was a i 
slight fall in the note circulation. 
On the other hand, there was a 1 
fairly small net take-up or 
Treasury bills lo finance. ! 

Discount houses paid S-Sl per] 
cent for secured call money at the 
start, with dosing balances taken I 
at 7*8 per cenL i 

(hi I<: 

i vi. te 

CvlA lluUni IK line 

.52781 »3 

!r 224 . 225 '. 


>»/,. 22 * 

5224 * i 24 ', 

Mi'imuj; h\llix 

S?i 9 25 

■ S 224 JD 

..ill 14 740 1 

•UII£. 3 G 9 i 

Mlmtuijii fixing. ... 


S 21 i .»0 

-XI 14 . 6 * 4 ) 

>£) 12 .i 2 bi 

liiikl Coin. .... 



S 2 S 4 j.Jit« 

> 252-254 


.. SS4i*l6l 



it Id NiTuit-ijrn. . . 

. KbS^.M; 

■ Shibtr 



IJC.I.+ VV.„1. . , . 

1 iii enmi mna n> .. 



kr«Kvrran«( . 


<L‘ li/.-ilIJ ill. lb. 111-.-' 

.Vf'l •^■xrirlaflr... 

., e: * 

>B0^ ti: 

i£ii U> 


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kj bugle* 

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‘> III*- 113 


a. 18 


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• ol depott 





bjud Audi-' 
uegolbtUa ' 
bnndm i 

Defalt* . 








Bank FlnClmtir 
bills* Hiilao 

jphi ; ' — 

.nrttee.. — . 

(Ur — 

■ noth.-*..' 

With.. ’ 10-9;i 
3-'*nih»„.i IDis-lU.'-- 
nuitub^.l ICkVlOi* 


91 B -95s 

Sjfl-9ls 1 eia-BSfl 
939- lU's ! 9*4-9lB 
IUlf-tUit i — • 
tatfi-iua iai£-iObe 

4Mh»r.“ liis 10!S t ina-iiflflr ! 104-11 

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9Ss - 101a / ICU-4 

9.= 10ie . 11 

9L-10I3 1 10;: • 11*4 

:ui4-113a 1U- 



I Prime Ban- . . . 

[ Ped Funds . . 

TrvasBry Bills ilT-twoki 
1 Trtasun- Bills tlfl-weeki 


i DI6C0UB1 Bale 
1 (jet-rruaht 
; One moDlb .. . 

. Tbn-n inontha 
Six numbs 

. .. . Kjiwiaw vrr-ir h nonce oilers seven days 1 " LoafitMcm local ^uthoray monsooi- 

5m Iwvpw « r ccfli. 4-^ Bank bin ra.« in .able 

pr^m” paper! *«yma rale for Juiir-mornS bank, bills H-lli P*r 

rales rot onc-momb Trcbsnnr bills per rent: and rtvtymW-h 1 

lafn H-nins rai>* for one-monih bfilB irfr cent; Uro-montk IflflBS Pit Cfflt. and ibrM-fcflnft 10S-19»a I 

b trade bills I9i per rani: ivo-moiHh 1M per ranu “ a _, a 'f 0 . 1 IffT 

Ub Rates t jjnbUshsd by rho Finanra tfoafl- Aswwtlon'^ n»-t wil mm 1 . 

ISl Srt^ hi seven days’ BoUral fi : 7 Ber.cant, XtaM Bank VM Hataa for Icnduv 10 H 


d'mj; raies for 

mraxunaw st-nine . 

:oi. . Aporonmate scllins rate fo r . 

autc.Hw» Bass 

k Bates dor small - r „ . . - ... 

Avirane tender rale* of discount 9.85BS 9fif- CUL 


Discount Uale 
■jrcnnRhl ' 

? ne raomb ., 
Six months 

Cluartaj 9 mI( 
Mr ««, Tuasvry 


Piv^uo 1 . . ... 

■'.all ■i^n'-nnCiOwaali 

Bills Discount Bale 


















Why involve a Canadian 

1 T 1 1 1 • 


doesrft involve Canada? 

It will probably come as no surprise 
to you that the Royal is Canada’s largest 
bank. But, with assets exceeding $35 
billion, we re also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— were involved in bank- 
ing in more than a hundred different 

- Now size, we grant you, isn’t all it 
takes to handle the worldwide needs of 
today s multi-nationals and governments. 

But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import. ' export deals 
and the entire spectrum of international 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn't 
involve Canada. And especially if it does. 


One of the world's great banks. 

When doing business in 
Holland, use the hank that 
knows the business inside out. 

Get in touch with NMB. 
The bank that knows the 
business inside out. 


As at 30-6-1978 

|in rnillipn$ pf 
Dutch guilders) 

Balance Sheet Total 






Risk-Bearing Capital 


We will place at your disposal ■ 
our network of 453 branches 
established in all commercial 
centres of Holland. 

NMB Bank, your contact for 
gold, coin, foreign exchange & 
banknotes, eurodeposits, 
eurocurrency loans, domestic and 
international securities operations 
and all international banking 

As a member of the Inter-Alpha 
Group of Banks we have joint rep- 
resentative offices in Hong-Kong, 
Singapore, Tokyo, Sao Paulo and 
Teheran. Additionally there are 
NMB representative offices in 
New York, Sao Paulo and Beirut. 

NMB Bank has a full branch 
office and jointly owns a Trust 
Company and a Finance Company 
in Curasao, Netherlands Antilles. 

In Zurich NMB (Schweiz) AG. 
is at your service. 



Eduard van Beinumstraat 2. Amsterdam. 

For eurodeposits and foreign exchange: telephone: 020 5433184. telex: 14216 A nmba nl. 
For foreign banknotes, gold and coin: telephone: 020 - 543-3658. telex: 14034 nmbno nl. 
For securities transactions and issues: telephone: 020-5432985. telex: 12009 NMB S NL. 

»n n*<r 






ecided tc 

Vi Ison ft 
uraber c 
: ere con' 
aign agai 
‘arty on 
974 Gem 
The fo> 

3 wing th« 
ffair. Ml 
as. had 
n orches 
iinself. l 
ady Fe 
larcia W 
The Pn 
ir Haro 
rawn soi 
id not 
jund a 
The Pr« 
i hnar 
ir Haroli 
irma! co 
Go the 
gainst t 
luocil si 
oyaJ Cc 
lat ther 
ahnur bi 
The Pr- 
one o| 
shed tod 
in ano 
-ainst ti 
aily Ex' 
eiure c 
Nath in I 


11 :t- ar i% « sre-inurS jitvjt- j'a miner*'* tiv.-vj . ,i|-, 

C.Y lung Group 

( United Overseas Petroleum Carriers Inc 
Latin American Energylransport Co. Inc) 

Secured Eight^Lar 
Ship Financing 

Manager and Agent 

Marine Midland Bank 

Provided bv 

RoyEast Investments Ltd 

A member ol The Royal Bankoi Canada Group) 

The Industrial Bankof Japan, Dmited 
TheTbkai Bank, limited 
IrvingTrust Co. 

Marine Midland Bank 



The Arab Potash Company Ltd. (APCI of Amman, 
Jordan plans to buBd a Solar Evaporation and Potash 
Refinery Facility to produce 1.2 million tonnes of 
fertilizer grade potash per year. The facilities will bo 
located between Mazra end Safi at the Southern end of 
the Dead Sea about 180 km north on a new road from 
the Port of Aqaba. The temperature range is 
approximately 5° C to 50°C. 

The project as a whole is divided for implementation 
into several contracts. For financing this particular 
contract APC has applied ro the International Bank for 
Reconstruction and Development I IBRD] and the 
Agency for International Development tAIDJ. The 
proceeds of these loans would be applied to payments 
against this contract for which this notice is issued. 

6. List of items usually subcontracted. 

7. Availability of replacement parts arid after sales 
service in Jordan, and names and addresses of 
regional suppliers and agents. 

8. Financial Report for last three (31 years. 

In order to be considered for prequalification, two 
copies of the above information must be sent in English 
to, and received at, the following addresses by 15 
November, 1978. 

Payment by the Lending Agencies. AID and IBRD, will 
be made only at the request of APC in accordance with 
the terms and conditions of the loan agreements. 
Award of Contract will be made under the guide lines of 
the IBRD* AID Handbook It Country Contracting and in 
accordance with the terms and conditions of the 
proposed agreements between APC and the Financing 

Mr. M.F. Hodgins 
Arab Potash Project 
Jacobs International Limited, Inc., 
Park House. 

North Circular Road, 

Dublin 7, Ireland. 

Telex: 30295 JCBS-E1 

The selected contractor, and purchases under the 
contract, would be from the member countries of the 
IBRD, Switzerland and other nations. AID will finance 
purchases only in the event that the contract is awarded 
to a firm meeting its source-origin criteria for the USA 
or other countries included in its country code 941. 

Mr. Ali Khasawneh 
Chairman and General Manager, 
Arab Potash Company Ltd., 
P.O. Box 1470 
Amman, Jordan. 

Telex: 9251683 

The Arab Potash Company reserves the right to verify 
all statements and to inspect suppliers' facilities to 
confirm their ability to perform the work and to reject 
any prospective supplier without assigning any reason 

The Arab Potash Company invites companies capable 
of undertaking the full spectrum of design, manufacture 
and erection, and interested in receiving the 
pre -qualification documents to provide the following 

1 , Approximate time required to: 

(•) Submit proposals 

(i»J Provide Drawings and Technical Data for 

iiiil Deliver equipment to Port of Aqaba 
I ivj Erect the station complete and ready to 


List of applications where similar equipment has 
been in service in a similar environment for at least 
three (3) years listing those applications by plant 
name and location which may be available for 
inspection together with reports of operation. 


3. List of similar equipment ordered on the company 
during the last five (51 years including the names 
and addresses of Buying Companies. 

Description, capacity and range of 
manufacturing facilities, number of employees, 
engineers, etc. including current work 
commitments as percent of total capacity for 1978, 
1979, and 1980 on a quarterly basis. Also describe 
any capacity to train Jordanian staff. 

The principal factors that will be considered in 
evaluation of proposals from qualified tenderers wiH be 
the turn-key lump sum fixed cost to design, 
manufacture, erect and commission the plant. Also its 
quality, operating and maintenance costs, performance 
and mechanical guarantees, payment terms, 
operational date, compliance with specifications and 
contractor's specific experience and capacity to 
perform the work. Services include but are not 
necessarily limited to, 

One — 15 MW 1 T KV 50 Hertz back pressure steam 
turbo generator 

Two— Packaged oil fired boilers rated 1 10 tonnes per 
hour with steam in the range of 6200 kPa at 
430 - C and complete with economizer, fans soot 
blowing system, stacks and ducting, burner . 
management and steelwork. 

—Desuperheater and moisture separator 
—Air cooled condenser 
— Deaerator 

—Water treatment plant 
—Boiler feed and condensate pumps 
—11 KV switchgear and plant electrical ancillaries 
—Foundations, structure framing, conrrol room, 
panels, instrumentation, piping, valves, 
insulation- etc. ■ 

5. Union affiliation and expiration date of existing 
Union Agreements. 

[yti' l — Vy-fl 

Financial Times Thursday 

: '-r 



THE WORLD CiiSSS cnampion- 
ship which ended yesterday :n 
notary for -Anatoiy Kcrpcv over 
Vikinr Korchnoi by 6—5 with 
-1 draws will i>«? remembered 
as oco of the game's Jegeruiarj 
episodes. The battle of Baguio 
was fought for high financial 
and political stakes ever a mara- 
thon penod between players 
who bitterly cisiiket: each other. 

It cnntmr.ed uneven play, 
alternating srandmasterly tech- 
nique with elementary errors. 
It featured sustained argument 
and psych ologiea! ploys and 
□early ended with the mns; 
remarkable recovery in cham- 
pionship history. 

Korchnoi. tj*r ruidcle-agesi 
defector, met Karpov, the 

disappeared fmni the $ovjetsky 
Sport commentary. 

The coarse of the match was 
interlinked with . a . stream ' uF 
protests and ploys. The tone was 
set at the start Korchnoi 
wanted to play under the Swiss 
“as and the . Russians 

retaliated by saying that he 

would cease talking to his 
UP \Vith n thr Korc 1—1. Korchnoi 

youthful party member, for a 

si2ke of £300. 0W. three times 
the Bobby Fischer and 
Boris Spassky p'&ye£ for at 

Fur Korchnoi, 47. the match 
was the elimart uf s. personal 
crusade. He left his native 
Leningrad for the Wes: in 1976 
mainly fur professional reasons: 
as a «tar player and articulate 
writer, his income has increased 
tenfn-d since he can compete? 
freely ::: the hard currency 
murnanients n? western Europe 
where nnpnrtur.ities for Soviet 
grandmasters are rationed t" 
one or two trips a yecr. 

But -lirer farters were 
involved. The Russians were 
nbsesseri with finding^ yours 
men to counter Fischer: 
Korchnoi's outspoken comments 
made him enemies :n the estab- 
lishment. ar.d he believed that 
organiser? favoured Karpov 
during their match in 2S74. 

Fur Soviet officials. Korchnoi's 
appearance in the v;cr'id 

Korchnoi watches time tick away during the last same. 

championship uf the national 

■nduor game was a ni 2 . ttma re. 
Unlike other dissidents he could 
not be made & noc-person w'nc*e 
very name was suppressed. So 
moves ana results from Baguio 
were consigned lo tbs back 
pages except when Karpav won 
A photo from the match showed 
Karpov, board, men and dock — 
but’ no Korchnoi. After rhe 31 
game when Korchnoi levelled 
5 — 5 the names of both players 

threatened in walk. out. The 
match jury voted for no flags, un 
ihi playing, -table: Karpov's 
manager, Baiuriusky. cx- 
StalLc:»i prosecutpT and KGB 
Colonel, had Korchnoi’s- chair 
X-rayed for electronic devices 
while the challengers ■ British 
seconds claimed, that Karpov's 
daily glass of blueberry yoghurt 
could contain code messages. 

Korchnoi made the early run- 
r.:r.p. and Karpov countered by 
a ilohamraed Alt-on-f be- ropes 
game, waiting for Korchnoi's 
energy to burn out. Then 
Krsrccnni failed . tn ; win from 
favourable positions in games 
three and seven, missed an 
elementary mate, in the fifth, 
and started to protest about dis- 
turbance from the Soviet para- 
psychniogist, Zukhar. who sat in 
the front rows of the andience 
Lr.c stared at Korchnoi Ihrouglv 
ui:: :::e session. ■ - 

Despite 17 separate protests 
spread over two month*. Zukhar 

adjourned game 13 in a favour- 
able position but analysed 
puoriy. overreached and lost. 
Karpov uisjfc game 14 as well 
and then in game 17 Korchnoi 
threatened «o use his fists on 
Zukhar. got another winning 
pi jm lion. but blundered into a 
male. . 

Down 1-— 4, Korchnoi con- 
sidered quitting the match, but 
the Russians now hacked down 
by withdrawing Zukhar to the 
back of the call in return for 
Korchnoi ceasing to wear oner 
way mirror glasses “to deflect 
Karpov's stares." - Korchnoi 
began daiiy meditation session.-, 
will: two Amanda Marga yoga 
teachers who were out -on bail 
after being convicted of 
stabbing an Indian diplomat. 

In this apparently hopeless 
situation. Korchnoi staged one 
of th'.* great recoveries or world 
championship play, admittedly 
helped by his opponent who was 
! i joking tired. Karpov -gave 

away simple win* 
and 2il- . - He 1 ast 'gante _ ^ . 
took advantage bf 
lapses in. gams 2Taa,i.y*V 5 
neediny 1 . 

se e med. on the -rpoinf trf a « L- 
for la We Metorjv But 
end game play, "coupled : JTlJ * 
great . detemijwfimtv^j^ 
pay's casual . quick: ^ « 

enabled.. . KdrebftM;j^:-.jyA 4 
three wins '. in / r 

feat more.remarkab6s;siDc^>- 

po v - bad ; nes’er-jo^t aaort. _♦ 
two aames^ib 

adolt career.. . . t 
But OaTaesdiy a * 

Karpov': played in -cenviq, 
style. By coiaddehce or ^ 
new Soviet projest 
the game resulted in Korchi 
.4nianda Marga bcipers lN 
iq leave. Baguidr V .V. . ; 

Despite the . jitiai ■ re 
Korchnoi was in fioice waj^ 
moral winner af the.rastcfL 
game was generilly cioEfe; 
live, he was stronger neat 
finish despite V MU-yeati 
handicap- • actf-.-iie 
Karpov in the ettd-'gkia'e i 
was Thought owof rae-V 
pion’s best departments'. ^ 
spoilt if for TCcrebooir W^ 
rh runic habit of 'rohninj*} 
of time, rovipkd with tf*; 

sional re, illy, ^jr game..-: y* 
Karpov's- iiuage zs oarVg '* 

potcnrtally greauchaaipioft ’ 
been marred "by his 

live strategy and : «i« .ni 

opportunities.'. The c«ntrai 
tween his approach ia fc. 
and bis many tine tounaXv 
results is Stiftra? . ana^, »* 
arguable that Qw* " unique: 
sires of ibis " match wen -• 

TDUCb TOT 2 TflioBg-'anj./ ' 

verted nij3 r • . . _ ... 

Korchnoi', good sliowii 
likely to inake a stf-wg-in 
son on. the Russian chess 
ing public iririch knaug 
about his reasons for dsii 
but can certainly eva3tu}.._- 
games arid the scort : ;1 
While the victor^ 
would have caused ; 
in the wnoie. Soviet;, 
lishmcnt. has elt, 

Korehrii's world ‘Aa 
campaign will have get.fc 
sage acrosi ;o Russia^ 
fans Jhaf. a grandmsmer^ 
di sgr a ce d hi his owit-cw 
nnd yet emerge 'f.'ji j So 
ins career. - 



- : >vT T;.y 

)V r - .*• ' ■- 2 k 


lings from continuing operations increase 42?^' ... -. 

over the same period last year. 

-U ; 

Nine rronths ending 








REVENUES Financial services 

Products and research 

Motion pictures and land development 

{Thousands cidoJiats. : 
except per share amounts) 

$ 666,837 S 573,255 

514,363 ; ! 430,792 

83554 69,263 

St. 264.760 

SI, 073.310 



5 9J.271 


S 64,222 


S 94.984 

S 73.3 27 



Ccnl-nuing operations, primary 

Continuing operations, fully diluted 

Net eatings, primary 
Net earnings, fully diluted 









S3. 91 

S3. 13 


7 - 



Avco Financial Services, Inc. • Cartan Travel Bureau, Inc. •The Paul Revere Companies 


Avco Aerostruciures Division • Ayco Electronics Division • Avco Everett 
Research Laboratory. Inc. • Avco international Services Division • Avco Lycoming 
Stratford Division - Avco Lycoming Williamsport Division • Avco Medical Products 
Division • Avco New Idea Farm Equipment Division • Avco of Canada, Ltd. • 

•Avco Specialty Materials Division* Avco Systems Division • Ben-MontCorporatioil 


Avco Community Developers, Inc.* Avco Embassy Pictures Corp. 

Write today for a copy of our third quarter report. 



1275 King Street, Greenwich, CT, USA06830 




financial Times Thursday October 19- 1978' 





P&isA & 

‘Vrfv'ftv — 





How can a 
merchant bank 

help a private 

Do you need to increase your overdraft 
or should you look for an increase in capital? 

How are you planning for the future? 

GRESHAM TRUST can help'. Solving 
problems like this is our busines-s.- u 

We are a long established merchant bank 
who specialise in financing private companies. 

That's why we’ll always listen - whatever 
/our requirements. So don't be afraid to write 
or ring one of our Directors. 

Why don't you do so today ? 


Where the successful private 
company feels at home. 

h-sn-. : r..:; ■_ Ltd.. Barripjror. Hpjs* G> c:\ im Sue*”, London EC2V7HE 

iir.£ham Office: Edmund Hans,?. fvr\.v .- s :i & eeu BS SEW 

T-iKul-lSfr i: 7 ? 


hare been retained by clients who wish to 

a company with realised capital losses 
preferably £ lm + 

All replies to The Chairman 
Bamford Business Sendees 
Bamford. Sheffield S30-2AU 

WeVe formed more 
iompanies than 

any other compair/ 



.» s h 

So fin:*? 
you n . 
friT r : 
if!'.;-. : 

the hart of oompanias 

nr »da.-; hwjt k t puce 

i me ■ 

ZtiO-HCrlft ; 01 TUEAj 31H0 

im principals only to 1 
nnon Street. EC4P 4BY. 


business jilt wh'ih will be 
n»d and appreciated Printed with 
company name and logo on 
r Indispensable for any business- 

J To I ess, anal. eu. Ho!ds 56 cards 
iriduaf potbeu for easy r-jfer- 
fdeal Xmas aife* for your 
Customers— delivery cx- stock. 

awxfry Lane, Horsham. Sussex, 
w (04U) 69696 Telus 87636 


' srtitc and prompt service rendered 
•our direct order for purchase of 
J packs. fashion garments, 
icial jewellery, spectacle frames, 
wr poods, etc. supplied from our- 
s stocks or manufactured to your 

l Italians. Contact: 

l Defence Colony, New Delhi 24. 
Tel: (CN. 0109111) 622407 



snt turnover oeccedi £370.000 p.a. 
ted profits 40 - gross. Complete 
tgfrmcnt available. Offers in the 
in tf £60.500 plus stock at value, 
nne and urgent reason for sale. 
tit Bax C.?7J3. financial Times, 
10. Cannon direct. EC4P 4BY. 


READY MAffE £83 


30 City Road. EG 
01-628 5434/5 7361 9936 



she by formidable Spanish manu- 
urer offering a broad range of PVC ■ 
luces with ' applications in fcctl 1 the 
enic and industrial mant-rts. P'rase 
* in the firs- injcjicc to: Freight 
trance ltd., Shya’ng and Forward. 
Agents. Maybrook Home, Queens 
dew. Dover. Kent. 0304 206464. 
at 965054, a ten. of Mr. B. Corzt, 


Private Client 


Our djcni is a major firm of London Stockbrokers 
with a good reputation for managing Private Client 
Funds. The department handling this business has at 
its disposal the resources of the Finn's large 
Research and Computer Departments to aid both 
investment ■ management and settlement 

This firm now has the scope to expand its Private 
Client business more rapidly and i& interested in 
hearing from 

- any stockbrokine firm which is mainly orientated 
towards Private Clients 

- individuals or groups of individuals with a nucleus 
ut at least £50,000 p..i. commission business, who 
arc currently in stockbroking or the investment 
field generally 

with a view to discussing an association or merger. 
The main benefit would arise from a greater 
efficiency in the cost effectiveness of investment 

Any interested firm or individual is invited to write 
to oriclc phopc:- 

t&Si Spicer andPcgler, 
te] fTM 56/60 St. Alarv Axe, London EC3A 8BJ. 
Tfiy Tel. No. 01-28*3 3070. 

A ■ U 


The Continuing Executive Programme is based around four full-time 
residential sessions at rhe School totalling six weeks and spread over 
the period February to December 1979. 

The Programme covers a comprehensive range of management 
subjects, arranged according to the needs of individual participants 
with part of the programme devoted to problems brought by the 25 
participants from the/r own place of work. The resources of the 
School are available to participants throughout the year. 

The Programme will appeal particularly to- the busy manager whose 
job responsibilities make it impossible for him to spare more than 
a week or so away from his company at any one time. 

The London Business School was founded in I96S with government 
and business support to provide a ' centre of excellence ’ for 
management studies. The teaching and research Faculty number 
ninety and more than 1.200 participants attend programmes at the 
School each year. 

Brochure and further details ovailoblc from: 

V I nnrfnn Director of Marketin'. 

— I ~ . 1 Lontfon Business School, 

J Business Sussex Place. Regent's Park, 
Cf-hnni London NW1 4SA. 

1 ocnooi Tel _ 0| _ 26 , 5g5Q 


For private companies with high liquidity and 
risk of forced distributions at high tax rates. Fully 
approved and totally secured method. No risk. 
Just write your name on company letterheading and 
post to us today for details. The facility is limited. 
I We regret nu telephone enquiries can be accepted.) 
Managing Director 
AckriU. Carr & Partners Limited 
Tricorn House, Haglev Road. Birmingham B16 8TP 



„ " For details apply Box G.2777, Financial Times, 

10, Cannon Street, EC*P 4BY. 


si no /hotel /amusement project at Pyramids. 2S.09«f square 
•ires prime land about 1.7 km from Pyramids and about 
) metres from nearest hotel. Available with all government 
emits and designated as foreign investment project— owners 
■iy -transfer permit with land. Offers over U.S^S 1.500.G00 
im principals only to Box GJi7b5, Financial Times, 10, 


I! you ma nuli: i urc a Droauct or market a service, we can nciD you. From 
a simple leaflet to a M oaoe lull colour catalogue: i rDrn t .000 ta 2 million copies 
Wove thought up lots O' altarnatite Ideas tor publicising goods or service* 
hut In tM long run nothing can beat a printed broenure ... lor imoacc 
aurabitity. persuasive selling power and ol course, economy 

100 000 3= page A4 catalogues In full colour lor loss than lflo each'’ 

SOO 030 24 page A* ta' Vonues wish ISO transoarertits in lull colour 
throughout lor oniy 7.Sp ojcIi? 

2.000 lulr colour oosiers tor under £000' 

Yes. we are cgnhnual'v achieving budget* such as these white maintaining 
a very tilglt standard ol Quality to the paint where many ol our clients already 
enioy a substantia] increase m turnover, our results prove this. 

Remember, we produce the whole packagc-luil creative studio design and 
artwork, typesetting, photograph, and modem 4-colour presses . to ensure 
eniclency and accuracy right through to delivery. 

Colour folders, catalogues, travel brochures, product manual*.' glotsv 
corporate brochures, stationery ranges, posters— they're all our business. 

We aim not to coit you money but to make maner (or vou. as we have 
done (or SO many ol our clients already. 

II you would (ike uS to do the same (or you phone or write: 

Simon Nutt or Michael Norris. BBB DESIGN PRINT. 

T94 Campden Hill Road. London. W.B. 01-229 6632. 


Up to £100,000 available per tran^actiPn. . No 
Endowment Assurance needed. Commercial 
Funds also available. 

Write Box G.2582. Financial Times, 10, Cannon 
Street, EC4P 4BY. 


We purchase volume consumer credit accounts and bad /doubtful 
debts. _ Rates paid dependent on quantity and quality of file. 
Immediate substantia) funds available. Please contact: 

Mr. Wm. Bell, Director 

15 Moor Park Avenue, Preston PR1 1NX. Tel: 0772 22971. • 
Office*: Glmgow - Edinburgh ■ Pro non - London - DuHin 



M .a i 

Forluriber information con lac!: 


Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


Why not tile the capabilities of an 
interpreter who is highly experienced 
in the promotion of British products. 

Mr. A- Bauer, 7 Ycalm Road, 
Newton Ferrers. Plymouth. Devon. 
Tel: 0752 872359 


£4^in Cash and Realisable 

Chairman would, like to meet suitable 
firm with reference to t joint flotation. 
Write Box C. 2706, Fineociol Times, 
10. Cannon Street. EC*P 4BT. 


Factory reconditioned znd guaranteed 
by IBM. Buy. save up to -40 per cent 
. Lease J.yeirs from £3.70 weekly 
Rent from £29 per month 

Phone: 01-MI 2365 


New. The Tim and anly can plot* 
business ‘directory of Iceland. 767 
Pl{es of detailed information on every 
bustnets and enterprise in this a f ow- 
iuj market. £25 Per * jpy in-: tiding 
p arid 'p. Send Wieque/PO to Holrbest 
LttL 24- Hampshire Terrace. Ports- 
mouth. Tel: f 0705) 754595. Sole 


Ar« you obtaining the best price lor 
your low-mileage prestige tnotor-eirf 
We urgently require ofJj-Royee. 
Mercedes. Daimler, Jaguar, Vanden 
Plat. BMW. Porsche, Ferrari. Maserati, 
Lemborghini, Jensen Convertible. 

Rover. Triumph and Volvo cars. 

Open 7 days a week 
Collection anywhere hi U.K. Cash or 
Bankers' draft available. Telephone us 
for a firm price or dot buyer will call. 

Brookwood (04867) 4567 


I.l. S-A. Marketing expert. SO Ivors' 
■■xiH-rltncc. cm . help io expand or 
improve vuttf Mim inuiiediHli'ly. cau 
handle the prucun-tn-ui Ol salts 
ju.-iiib. Histrlbulore. udt^KLitnu. 
hruvliure.s. peckniK. impurmiJ «J!\- 
liousiui . . John ventures runiiiilereil 
Kiciianl A. Werliy. t. I^tnulelloif 

Plate. Uosiciti. M Ji^.i.fiutu’ll j 1121 H 


95% part) by return 
on approved accounts 
Phone Bolton (0204) 693321 
Telex 63415- 

Silverburn Finance (U.K.) Led. 


Proven computerised economic 
information system covering 
leading world economies for sale 
For further information, write to 
Box 0767, 

Financial Times, 

10. Cannon Street. EC4P 4BY. 



want surplus goods from the textile 
industry u wcU u the furniture 

Please send ail information ta: 

NBA. Feck 136. 

. 456 73 Rabbalshedc. Sweden 
Tektx; Rabb 5 5191 


diversified business group wishes to 
acquire viable small engineering eom- 
■ piny in Cheshire or North West. 
Going concern manufacturing own 
product line necosiary. Potential 
more important chan current profit- 

Principals contact: 

Box G.776B. Financial Times, 

10 Cannon Street. EC4P 4BY. 


Retired industrial M.D. has sub- 
stantial financial backing to felp 
small entrepreneurs with new 
ventures, recoveries, expansion. 

Fuff particulars to 
Box 6.21 64, Financial Times, 

10, Cannon Street. EC4P4&Y, 


sealu acquisitions of small Engineering 
and ether Manufacturing companies 
with own product- Management pre- 
ferably to stay. Up u £100.000 
available. Aba interested in near- 
l>quidation situations with current year 
losses of £50.000 .plus- 
Please write with preliminary details 
to! Box G.2754, Financial Timet, 
10. Cannon Street. EC4P 4BY. 


• Greet financial idvanngrs 
for foreign in»e»wn who 
participate In aur develop, 

• A beautiful Central American 
country with in area of 
hO.YDO Kjtii- bordered bv the 
Atlantic and Pacific Octant. 

• A democratic Republic char 
enjoys political and economic 

■ Pcacaful. friendly and Courteous 
people, well educated and active, 
who are always anxious io 
welcome visitors from ail over the 

A country b Icurd by 
nature, of exuberant 

vegetation and tourist 
activity m full development. 

An abundance of valuable 
resources and prime miteriali 
where agriculture aod industry 

Qualified craftsmen, good 
communications and low-cost 

The currency rate it stable at 
3 54 Calgnes Per U.S. dollar. 


IF you would like more information, please write far your free 
copy of “ Costa Rice: Investors Guide ” to:— 

Sr. Ekhart Peters, President, 


European Representative Office, 

188 Brampton Road, London SW3 1HQ. 

Telephone: 01-584 3263 Telexs 28688 



is seeking patents and/or licences bringing 
actual progress in: 

0 Peripheral equipment for switching 

• Radioconummication; 

• ' Telefacsimile; 

• and. more generally, any promising 
electronic appliance or technology. 

Please write to: 

Cabinet LAPERROL'SAZ. Ingeuieur-conseil, 
10, rue du Tresor, F 75004 Paris. 

Seismic Data 

Opportunity to acquire an established business in 
S DA operating world-wide from bases in London 
and North America. 

The company specialises in advanced high 
resolution technology and enjoys an excellent 
reputation with major client companies in the 
exploration industry. Personnel comprises a team 
of highly trained and experienced technologists 
working within a well organised management 
structure. The business also.ineJudes an on-going 
research and development programme generating 
significant technological advances. 

For further information please contact: 

TR/JAfcI c/o 27 Chancery Lane, 

London WC2A INF. 

Telephone: 01-2429451. Telex: 261 064. 


Are you fully pa riii-i paliny in this market of SO.OOO.OOO people? 
We are a strops medium sixed g,roup ot marketeers, assemble is. 
■ manufacturers and importers with 19 office*, show mums, ware- 
houses with technical and after sales service staff, with over 
150 client owned commercial and retail outlets. 

We have a wide ran^e of products lines and seek to broaden 
these along with emphasis on local manufacture to support 
the Government's programme of industrialisation. 

If you have potential for Nigerian assembly /manufacture or 
surplus inventory and manufacturing capacity why not sit 
down in writing your proposal. Mail it to u.s in three copies. 
We have access to private docks, special ship sailings firm 
Europe and continent. 


Attention: Coordination Director 

7, Bourne House, 

189, Sloane Street, 

London SW1X 9QR 


i>!e\ No. 919137. 


* Up to 805 o of Mortgage Valudtinn 
afe IS year period 

sjc Tanor-iaidc repayment programme 
if. Interest Only period available 

* Competitive raic 

This is just one of the many financial services iyc pnv.idc 
lu both PuWic and Private companies as w ell as the 

For further inhirmatkiti contact: " 


12a Finsbury Square London EC2A LAS I \f ‘-JL+Jr ' 
Tel: 01-628 6S9t-4 Vl 


The Advertiser invites submissions for financial 
assistance on an equity /loan participation basis 
from small entrepreneurial publishers with 
promising development propositions. Write 
Box G2769, Financial Times, 10, Cannon Street, 


Just published RADIO STATIONS GUIDE with translation tables 
in many foreign languages. A must for all radio enthusiasts. 
Publish price £1.45 ( paperback). Also 

ENGLISH DICTIONARY (paperback edition 384 pages) essential 
for all students of the English language quantity orders only. 
F.O.B. London, 

Write Box G2772, Financial Times, 10 Cannon Street, EC4P 4BY. 


A well-known British company has recently set up a U.S. 
subsidiary and sales organisation throughout the USA and 
are willing to consider the sole distribution of other British 
hi-fi products. 

Write Bax G.2773, Financial Tunes. 10. Cannon Street, 
EC4P 4BY. 



««n (or U.K. & Continental Emopc 

si 90 T year 

>190 6 Months 

S5D S Months 

Payable In dollars or enulvaJent in 
local currency. 

Delivery by Jet Air freight ►r©rn 
New York every business day. 
(Other area rates on rcaue&ti 
Send order wlrn payment to: 

International Pieu Centre 

76 Shoe Lana. London. EC4. England 
Aitn. Mr. R. Sharp 

Also available at malar re** 
standt mrounhout Europe 


Audio Equipment Manufacturing Company 

Progressive small manufacturing company with 
proven product range, selling predominantly over- 
seas but with sound UK market. T/o £700,000 p.a. 
offering substantial potential. Additional product 
already developed and test marketed: Established 
name. Existing management and skilled team. 

Pr'mcijMils nnlii write Box G27S5. Financial Times 
10 Camion Street, EC4P 4BY 


We altar an exclusive high return 
Investment opportunity in an Impor- 
tant second nomes development} nt a 
•enr pooular resort ol the Belgian 

2 SO acres with building permit <or 
about BOO log homes. BOO cottaaes 
and aoartments— country club— shops 
— works and sale* alreaov started 

CS.OOD.OOO — Pessioility of joint 

All Information.' 

Daniel de Dave. 

17a Aveiwn dt u Tofcon ror 

Tel.i S 7 3.04.50 _ 

Telex: DEV UR B. UMO 


The tax loti will enable interested 
parties to buy the bungalow betel at 
one-third assessed value. 

Agents and principals pfeaje write: 
<SAV 8000 Munich 2. 

Lederer Scram 2. Germany. 


Minority investment sought in 2 
fashionable restaurant, . night 
club, pop group- or similar 
operation. Must be profitable. 
Start-up situations considered. 
Principal! only ploaie reply: 

Box C.2776. Financial Times. 

10. Cannon Street. EC4P 4BY 

widely experienced in industrial 
and consumer products tem- 
porarily available for ad hoc 
assignments. Write Box G.'2774, 
Financial Times. 10. Cannon 
Street, EC4P 4BY. 




Producing own range of 
animal flooring and troughs, 
fence posts, caps copings etc., 
along with non-standard con- 
tract work. Valuable lease- 
hold properly, latching plant, 
moulds clc., excellent good- 
will. T/O £150,000 p.a. 
Principals only write Box 
G.27S1, Financial Times. 10. 
Cannon Street. EC4P 4BY. 

Old established 
Motorcycle Sales and 
Repairs Business 
Leading agencies, located west 
of England tourist c-entre. 
current turnover in excess of 
£180.000 p.a. For sale as a 
going concern. Stock, debtors 
and goodwill. Principals only. 

Write Box G.276ti. Financial 
Times, 10. Cannon Street. 

EC4P 4BY. 


Established in extrusion of pro- 
files. tubes and pipes up to 6 
inches in Rigid/flexible PVC. 
Polythene. A.B.S and Polypropy- 
lene. Principals only. 

Wne Box C.27BO. Financial Times, 
10. Cannca Street, EC4P *BY. 


Motor Accessory & Spare Parcs 
shop in London (West End). 12 
year lease: shop 1,000 sq. ft.. 
storage 1.500 sq. ft. Turnover 
£60.000 pj. increasing. Excellent 
potential.' Offers invited in 
excess of £30.000 plus j.a *. 

Write Box G.2770. 
Financial Times. 

10. Cannon Street, EC4P 4BV. 

TAX LOSSES ana luturc paten: ra.allv 
benchts m Ltd. Co. Total sale needed 
I io raise venture capital. Bo< No 
Write Bov GZ771. Financial Times. 10 
i Cannon Street. EC4P 4BV. 

An Established Firm in the 


Modern Vehicles and Management. 
Accommodation by Renal Agreement. 
Thu offer arises from an opportunity 
to diversify existing interests and 
facilitate group development, it would 
be of interest to a national company 
or an overseas buyer seeking 
strategically located central base. 
Principals only to negotiate. 

Write Boa C.2 77S. Financial Times. 
J0, Cannon Street, EC4 P 487. 


Chairman is to Oispoiv or high quality 
Sheet Metal Fabrication Company 
specialising in Sremlcss Steel and 
Aluminium based in Morshampton . 
Profitable, found management, valu- 
able lease (6.000 sq. ft I. £75,000 
approx. ts , losesei available •( 
required. £85.000. Applications from 
principals Write fior C 2182. 
Financial Times. 10. Cannon Street. 
EC4P 4 BY. 



As a whole, owing to the death of rhe 
principal shareholder. Assets consist 
of properties in Ormilrirlt and Liver- 
pool, Government securities and cash. 
Offers in the region of £175.000 con- 
sidered. For further Je:oi/< upplv to: 
Mr. D, W. Oliver, Messrs Hodgson 
Morris & Co., 41 North John Strrer, 
Liverpool L2 6SE. 


Offers arc invited for the purchase of 
valuable freeno'd premises comprising 
52.560 sk. It m:luding bui'dmgs. 
yard and offices. Well established 
business **i:h guod Sorvrard o-det 
bosk. £110.000 North West Area. 
Write Bo» G.27J4, Financial Times. 
10. Cannon Street. LC4P 487. 



Visiting. Melbourne, Sydney. 
Adelaide & Tasmania in January, 
would welcome assignments” 
anything considered . 

Writ c Box 6.2745, FfnendW Timw. 
ffl. Cannon 5troe<. EC4P 487. 


Seeks minimum 75 V equity of business generating £3O.00O-£8O.QOO 
pre-tax as confirmed by audited accounts and Forecast. Essential 
that operational management available. Preference for service 
industry in S.E. but manufacturing with good exports also con- 
sidered. Principals only send full derails by end October for 
November consideration. To Box GJ2707, Financial Times, 10, 
Cannon Street. EC4P 4BY. 


A well-established Fashion Group, consisting or a 
number of companies producing and disiributing 
women’s dress wear and outerwear wishes lo acquire 
a successful Separates Company in order to broaden 
its product spread. Existing management must be 
prepared to continue. 

Replies will be treated in strict confidence. Write 
Bos G5783, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


wifb 12 yearn experience iteeki 
up lo K0-OW. 

(with or without jwnlcipationi 
f« enMitsion pro^rannut- t 

Write Boa G2TM. Ptraflctal Times. 
10 Cannon Sirrei, ECfP. <EY. . , 


Would be interested In acquiring (control or outright 
purchase) companies in the industry wishiae to join a growth 
company of international stature. Good middle management 

Write in confidence to lhe Chairman, Box G.277S, Financial 
Times, 10, Cannon Street, EC4F 4BY. 



Reputable and expanding Textile 
Group are interested in acquir- 
ing Semi-Worsred Spinning 
Company to run 25 an autono- 
mous unit within the group: 
would also consider Cross-bred 
Worsted Spinner. 

Principals (only please; should contact 
Mr. Lmliy Kelsoy of Bailey. Russell 
and flc'tey ( SpliMors | , 15, Lord 

Street, Huddersfield, tcf. Huddersfield 
J5*57. whb will respect any instruc- 
tions regarding confidentiality. 


Weil established Export/ Import Com- 
pany wishes to acquire a similar 
company as going cant*™ with current 
'cettriEts P-efcrablv specialising in 

Auto Parts — Tools — Hardware 

but any lines considered. 

Write Bev C.2179, Financial 7/mei, 
10. Cannon Street. EC4P 4&Y. 


Large print user require? 
medium-sized priming company, 
existing management retained. 
Write Box G273Q, Financial 
Times. 10 Cannon Street, EC4P 
4 BY. 

Pr Fresh Wall St. 




ecided tc 
Vi Ison fc 
umber o 
. : ere com 
aign agaj 
'arty on 
974 Gem 
The £01 
uwing th» 
ffair. Mi 
as. Had 
n orches 
imself. t 
ady Fs 
larcia W 
The Pn 
ir Haro 
rawn sot 
jld the 
id not 
:>und a 
The Pr» 

) bear 
ir Harolt 
irinai eo 
On the 
aainsl t 
nmcil s; 
oyal Cc 
iat ther 
ahour bi 
The Pr. 
one 01 
shed tod 
In ano 
;ainst If 
aily Ey 
cture c 
■ath in I 


S2.HII tii i\— iTl''.. (76 : u ii) 
EITrrir. <■ SJ.UyfiO 36",. 

A MXRi... initial ri'My r.n vVji:I 
>e-!..Tclay morninu -non 
pet •’rod out. arc! stocks re-'jnwd 
their decline to leave the market 
sharply a: rr: id -session. 

The Dot-. Jones iinJuitri.'il 
■v.oraee. ..Her fc.! : •" ^ o\cr :Hi 
point- , 'urine the p.isl tv. o <!••?*- 
S ].i veal'cr at if 1 I *»m 
Th«* NYSE .Mi Cnir-mnn Index 
-u -turned ■> frcdi si-tbacfc nf 33 
centrf ;*i vht'c nut- 

C!!»sing prices and market 
reports were not available 
for this edition. 

numbered ri-e- by aiuu' ;> three- 
in-nnc marmn. Trading rcn:aineti 
octivc. -.nth 22.22m -imrei vhanc- 
iii2 hands cocinareri_ with 
Tuesday'.- 1 pm level of 25.i4:n. 

Analysi> .‘an! investors con- 
tinued in fret over rising interest 
rate’, intUitum and dollar v. eafe- 
no*-- TJie:- added that the Federal 
Rcspr.r may hajvc tightened 
credit .-.lightiy that morning, but 
hrciisi'c <>f bank setlJenTcnts 
ilea inf* v tre uncertain .dimit the 
airun:;’.: of lt ri-c .n the Ft-der.:! 
Funds rate. 

Tnt- market \ problems are coni- 
n**u:t-|c-.l b;. record left el? of 
m.ip.'in debt. anal;.’!- nSn 
remarked, with investors, faced 
v uh high interest rale- on the 
margin debt am.' declining -tact: 
price-. Iike'v tn begin nnv :mi ill" 
nt.jrjin nosiiion- - . 


Du Pont lost SC* to 5! 129} and 
I tow Chemical J to -327! despile 
Du Pont'* third quarter net profits 
rising sharply and Dow’* . also 

SmiUikiinc added .<1 at WO; on 
nearly-doubled third-quarter re- 
Mills. Congoteam gained ; la 
-'21; after also rejKimni! sharply 
higher third-quart er earnings. 

Kastman Kodak was a net 3 
easier at SHi:. after an initial 
r'sc Jo SB2; on fnrw.Kting record 
IU7S sates and profits. 

General Motors shed *. to SiKij. 
I'ninn Pacific i! tu 35.1 J. Knriing- 
umi Norl hern !- tn *41 U.S. Sleet 

to Sflj and J. C. Penney ; to 

IBM receded 1! to 3277 s. Bur- 
roiigtis 1! to *71.. Alcoa 11 in 
-4S1. Boeing 1 ! In *1141. Ijickhrerf 
>2 tn 322;. General Dvnamirs- 1 : 
:n S81J. Teledym* 2; in SUSj and 
Xerox j lo S32:. 

Value Index came hack 2.fi3 more 
tii ir.C no ;it 1 pm. Volume 2.!c;m 
>iiHrea f2.fEl7Ti». 

Volume Ipader Reports Inter- 
national M .V* fell 2; lo S41i and 
Amdahl slipped l: tn $30 J. hut 
.I'.'live Texas International Air- 
lines were unchanged at S11J. The 
il Aeronautic? board's con- 
-litner protection unit is planning 
enforcement art inn against Texas 
Airlines on certain advertising 



Most sector* shed further 
ground in moderate early trading 
yesterday. The Toronto Composite 
Index was off 4S mure at 1.272.1 

retreat of 8.1 at mid-session 

noon, while .Metal? and Minerals mechanicals and UiJp were with purchase trf DM JQ.Sm otj Vheetock test 
dined 4.’, to Bank* 3.43 generally higher, but Metal* and Tuesday. Mars r ore^a Leans. ^ HKS6.20. and 

. . ... «... m ■. ■_ . __ i .. ii anciu r hrc.vciiAr hcJil TPsTlPPM'/P.iV. 

At noon, while Metals and Minerals mechanics 
declined 4.1 to Bank< 3.43 generally 
to 2U9.B6 and Oil? and Gas 2.U lo Chemicals 
1.636.3: tendency. 

\«wwd Well Service lost II to In Foot 
C.S22J. Numac Oil and Gas : to moved ahi 
CS27; and Dominion Stores « lo Cie Frai 
CSIHj. . slightly hi 

Chemicals showed an easier howet«r. held it£2dy. 
tendency. , ' 

In Foods. BSN-Gervais-I)anone Australia 
moved ahead 33 :o FFr BSi. 

Cie Franca ise de> Prtndes were The recent downs 

;£Ecy. respectively. 

Cheuns Kang receded SJ- cents 
Jo HKSI32M. Hntchi&pe Proper- 
ties eased :0 cents- So HK521.20| H 
downward trend following. . interim Teiaits. , bus j 

slightly higher after stating that continued, with curroacy UEcer-' Hong 'Kong Wharf picked up 25 
li expect* a c::.-h How improve- tain'.ies. the ueakcess on Wall cenis to HKS33.«o. -• -- 

It expect* a csirii now . . 

Tnlrvn ment in coming years. Mreet . and fears 

J OKyO Cetclcm. Eurafrancc. LOreal Australmn Government w?t not 

Further strong selective buying Lcgrond. Pern nrt -B tea rd._ Domex, be ab!c _:o make g'jud U-* promise 

Street and fears that the 
Australian Government wiE not 


Market* 'were quietly easier on 

Marked, lower. 

record new high of 5.S57.01. with Slide. Mnnim.Saupiqu«*L Noax-elle* to ASf.3S despite reports! 
volume amounting to 5!Khn shares Gaicries, . Nohel-Borrel and Tuesday a 36 per cent juc 

volume amounting to 5!Hhn shares 
1 55dm i. 

Buying interest was sustained 
in shares related tn Public Work.-. 
Domestic Consumption. Shipping, 
Real Estates and Papers, blit 



Bourse' prices closed mixed to 

AS?. 36 despite reporting or. W^era pcri’ ers concernin" 
Tuesday z 36 per ceni jump ju -y ■* 63 . 

firs* -Quarter prod's. Gold? generally turned softer 

CRA. ■ already under pressure ®f. te . r a _. har ^?^ openirig ^ trend, 
because of tracer diseppoinsmeci • T:T H n " Financials shadotved gold 
with the Ashton diamond venture ?rD ^ a ? er ^_^ tl1 losing 10 

report, came m 

more .*e..:cg 

Mitsubishi Mining Cement Y4 to 

picked up a cent ;o 
Central Norseman provided o^e 
of the few bright spot* among 
Minings, rising 40 cents to ASI4.C0 

eenls lo RB50. . 

Diamond shares. De Beers de- 
clined 15 cents to R7B5. while 
Inimim lost R2_00 to BTBjO. . 
Antimony stock OnsoHdatcd 

Murchison fell 35 cents to R-L90 
on quarterly results. . .. . 


• 7»Iarket recorered a Tittle of' ft* 

on the strength nf :he Gold price, -ace-ay lost ground, alihough 
borne L ranium issues e?*.-. in- aRl %^ was st a low ebb. 
proved. renei-!:nc *a:c Govern- . 

Obo Geigy packed up 15 to 
SvFr and Union Bank 45 to 
Sk* r 7 3:030. 

Domesric and Foreign Bond? 

and Mercedes, in .Motors, gained mem's intention *n renew :ts . Geigy jwke 

n n „- DM 1.S0. ' efforts to reach ssreemem or: ^T' 3n<J Lnioi 

* «nS Trading on the Domestic Bond .j, e Rgnaer project with she 

Share* were mostly in hrighter market was 'also cautiou* ahead Northern" Lend CouitcB. FZ 9mr.esr:c and Ft 
mood yesterday with ncw< that of the Central Coun*-il meeting, industries. AS.’! 20 and Queensland qutetiy steady. 

France** trade figure* for Sgptem- and Public Authority issues Mines, also A*32f*. 5. certs 

ber showed a surplu* after the rerrrrded furthnr declines extend- apiece, but Pa ncom mental sited BrUSSCIS 
deficit of August giving investor ing to Bo pfenning*. The Regulat- oj cents to AS32.!0. _ Ri> , r __, 

sentiment a b'no*t. ins Authorities bought n nominal Building materip.i >ir-cki lost 

Rank*. Constructions, Foods. DSl 3H5m of paper, compared further ground, arts Property 

‘•lines extend- apiece, but Pa ncom mental sited Brussels 

The Reguiat- oj r-onts : o : o ~ ■ - . 

zh: a nominal B^wSna ma-erb! >w'« 3o*t The | wnxTMEAI. 

er. compared further -round, arts p rW;v Ma!> Stroet weakness and MOMBEAi 

toe'-t" were -'<0 ■v-ak ”er*:*tem monetary unre*l caused 
5»’ notable'" excepsien of ‘-a™* i!y- retreat in a 

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l. tii— ii--'\-Ii-iii... 
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. I lirv-ii-r ; 

l. -ir . '1 I'm r- - ii. . 
'-■""‘I ' 

I nil? -| | k !■ ■-.... 
.11 1 11 -O-l lll^. . . 

I •I iclnli.1 Mur ..! 


l.mjEftlft- I'nll 1 

C-llllll- j 
t.'iliimliiii lip- ’ 

*. • — ■■fTti-iw Pi.-i. . ; 
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'.••llllul-l i...n l-.n^.l 
t. ■ -ni: » i-kii.ii 
*. " m will bU-.m.i 

i."iii»i. ’-Hli-rliift..' 
■-•*ll.|.uler SJ.'ICI II 

I OTII I. li.'IlL- I 

I .Jii-n.- I 

*- hr.lii'll \ I .. .' 

i. -.Hi 'in I.-,*- 

'. -"Il-ll. -SlIlIlH-.. • 
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<- ■ ml i Hi-ill ji i l.i ■ |-. 
<.i»UlllVIIUI I.IM..I 
■ i.iii i ni.-i ii n i in ■ : 
*. ■■'Hl.-I I lulu ' 

l - 'V. , i In. lib \ 

i< • 141 ' I - 

l< I . . 47.. 

V.\ i . 41 : j 

!*•«“! ..n-i . . 47i 

il-.-i i. .n .... 271" 

Mf- 30 i- 

• l-»-M:l 41 1 r 

no:-.ri iai:-- 

K«a • I* :■ .. 21- $ 

:-i-i 11 

r.ii K- •*. .. fci-t 

Ijii .; : 39 C 

K.«'. s'. : 29-. 

. i. l'n». -S.ii i.m lbi$ 

r. <•* 301? 

I .-i-i-i -i n I mu , 34 1 j 

r.ii ..n A;rt ■ ' -i-i 21 U 

iMt.i m; 38 

■ .Mi 31- 

' 2“ 

r.iiiiit-i, 27 

. t-.’i" 23-: 

1--* " 50;i 

ImiiJii .. I 4111 -it 3S'.;, 
hi.. llw.i.*i, 1^.. 34 1$ 
I'lW.II-ll-t...' 12.'; 

. . -:. Sn. |.->|..i. i 30^4 

• <■ -* ! 19ij 

{ -iiiki-lr 31 

, ' >■!!■■» P<tW •?!... , 52 

r '*• I J 37 .'a 

. i'.M.C 25 -J 

• •• M. m 45 v 

' M.h... | 201, 

I Sale 

. .Him .ii Mini „ J 9 

' r-oj» -l \l'ii*n : 26 ■ • 

| ! 32!- 

. rni|..x ll'i 

t|. V.l .a,. 1 13 

: ;.*riiii.-il 45 » 

• ..“iiAtiifr. Ini...! li-V] 

•t.X.t.S I 28 -j 

• .tn.>.e. ........ 16 'i 

"."I. bvnania-ft. 83 

■•vii. lAL'o... S1 »s 

• • ii'ii. • • 33i? 

, i-.|i--r«. Mill*. ...; 29 Ji 
1 ii.-iwih. M.*.ir*,,| 635- 
' .ft'll. Pill-, till... IB'.: 

, ins. ektiim ' 29; 8 

; <i«i. I c>. kiwi...! 50!] 
"n:i». I vie ; 26 U 

I ' • 5lj 

[ ■•e.-iaiH IV-itf J 28t$ 

I •nM-i.uir-.-t!.. ' 29 

I 'jftu vn 40jj 

' i.ii>>erie • 29i^ 

.n««i- u.-ti H. I'....' 19-> 

I Uit-ljnir I ire... 1 17 ift 
ili «Ii I 31 

■ 1 3 1 1^ 

■jicAiiin tSu-in] 61-4 

• '.Hi. >..itn Imn. | 26-'$ 

| i.i rv) li-iuii-i 1 12. 3 

r -Jii i a ive-ietn.. isjj 

j Ui 25 

! Hh! iluirl mi j 70 -"e 

■ Haiiiiii it 1 il l rift; - - . 34!^ 

• 'Iimi-vuitr-jer.—. IB'v 

• rlK.rl- Ci.rvo ' 3Zs? 

; .li-:ui b. J , 43 1* 

■ I 29 

j Heine ffer-HI*!.. I 86 

Hv:ii>4S inn* j 21;» 

, HuiunUhe ; 38 

: liruiui \l ti,i ■ 65a? 

j H.-'iei 12I-, 

j Hn-ii-Curv- Aiiinf 50 
j iI.hj-Iiui .Sni.liH I Z4!? 

I HuiitiPh _\-0 in: I4U 
j Haiiuu i K. I- ...... | 18-j 

! I.V. IlHlHnir .. > 26ig 

• IN A : 44 

| liiuertui- Kbii-i... ! 59 
' Iii«iin J 37 

! IUU... I 278SJ 

[ Hu., f.aiinr-.. . * 23 js 
I Ini.. Huite-tei...] 38jj 
lull. .MiiiAC-Uenrj 39lf 

I lul . Vluililim-..] 20 , 

! Iii-.v - _..| 17. 'g 

j Inn. I'll (ill ! 44 

I I ill. Ita-<ili*i i 13 

I I m. lei. A le ... i 30Zj 

I I, inn l<eei | 43:-ft 

i IL I initial fun*-..; 12 
. Inn Wb.ici. | 3l5a 

47-i 1 481- 
27'.? ! 28?:, 
30 i- ; 30-: 
41 : r 45: 0 
13 i: v 132 
21 ■$ 221; 
11 12i« 

61 -r - 6H; 

391. , 59-ft 

i- lUnii 

i - .nit— m Hinv unj 
I ■ -nil— — 1 1 (.1-111 1< I.: 
• >i Mi nil! a. Inr'el 

a. Mai ti t: ‘ 

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ii- ii-i In -i,.|i.i— ■ 

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let-»ti I run-,..: 

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Ij c«-«siib IjiiiiI.. 1 

a I.- ft 111. I 

• IJil-fct 'll f - . .. I 

■ i.'si- V '.iiim-i'ihi i 

Mai.U: in: 

! Unci II II 

M:i*, Hain-iri^. I 

Mimlhi-ni »i . ...: 
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■Im l*ei I. - Ion f* 

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. UftlAninc- ti-41: 

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■li-ir-- L.\ u.-ti ... I 

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| 'I Ilia VI n.-.l \|i : j 

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j la KID | 

! -in- jin oi >.... | 

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: »« — 1.11-nu.i-H • | 

J *4l I/IUI 1.411 j 


| •■!. limn cr»....| 

' ml. reie*.-* I ii- i j 
. ibI'iqiiu rl ; 

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; «-i imn uni ; 

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• A. L In nnliiet-. i 

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•; Ann u Au. li*-...) 

! Sinn. SlHlea Pm. 

: Ailine-i Airnne,! 

• Atr.up-L UHIILITJ ! 

• Aurlvii MlUull....' 

I • ii>:i.ienta Priicl' 

; aJgi*v\ .... 

I IJllIf h*<IHi|| I 

j 'Jim I 

Micneu . - ’lnp^..j 

i.i'icri, 1. .ii i. .n-.... i 

ISi?. Ik- H u* ; 

; Pti.-iui- l.iamiii-ft.. 1 
J I 'an I'm. A l4i*..| 

1 I'an A mi Wnr • A-i, 
Park ei Hinnihri.. 

■ I’mnh Ini- 1 

Pen. Pw. \ I -..j 

• PWini J. 1. 

I'eilllzajil 1 

i'h.|i e- I Jt ii;-.. J 

I i'ei.jiie»l.a*... J 

j I'ciwh-I-...— J 

I Perkin K-naei I 

> Pel ... .1 

! !'«'« i 

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I'hi'ibipii.iam kb*. 

! I'imi|- ll.imia 

j I'liiiiiib Pel r.«' iii. . 

I I'm ner l«-»e. I 

; I’ll Irion I 

j Pie-aei Li-i ALUi 

I IV aim ah i... ..... 

[ I'uluiua: Kle, ..... 

; PPt. In.luririe-.. 
Pi.'U-I CaHllllaie... 
P'll- >el Klea-t.... 

I'll I IIM II. 


Wuitker I.I»i> I 

linin ' AnienivnJ 


««A - 

I li.-idjhllii- Mleei.. . 
I liiwtr Inn...... | 

| 32lr i Ua-vi-.m 

BOift ! lli.-vn.-lil. M'-ta. 

| l(evi|.-al* I.'. J...., 59 ip 
I i:i.-‘.l'~n> M<-r><- . 251-.- 
ISn-knei- ln»v’...'. 365$ 

371; iMvi 

60*j ! .VpiT-x. 

25 1« I 

36!a ' <eoh' Msa-v... 

with trie notable exception of 
Slocks and Holdings, which 
advanced 20 cents ;o ASS.T*}. 

BHP eased 4 cer.Ls more : j 
ASR.W and C-SB were another 5 
cents lower at ASS 32. 

Among Bunks. ANZ retreated S 

moderate business. 

Hamaul-Sambre fell. 3fl tn 
rJFr 742 in Steels, white Unerg 

«h«l 13 to BFr- T303- in .ITilitifl* 

and Gevaert declined 30 rn I JOHANNESBURG 
F.Fr UI2 in Chemicals' Socteic , ' 

i;.4nii.v Hm>. ! 37-> ) 381* ll.-.lin-,".'*- 

23,.: : i;>.\n Unli.-li J 641i 64ii | 

14s- 1 1» I K : 12ift 13! & I 

26?) ■ ii'ii— ia-s» ! lljg 12 i 

47 Jg | B* i« 25 H 26i» | 

34i<) i laicaai .. 43ap 45--J ! 

47 I -I. I.-I Minr-ni- • 28 28 

23t* -I. Ia'a~i- ISiH-i...' 32 { 321$ 

48 j 'i ui a P* I n.l- } 35>ft I 34 

54->i | 1 ii* 4—1 > 61ft | 6ag 

36 ! I nil- ' 7- ! 7--» 

C-Irwa-!,* it -- -OT_ft 
t.'jj.-pri. <av - i » 3.15- s 


\ Ill'll l'a i-t ' 17Tr 

ipn-e- I'ls >. .. . ~ :* 

1 4^11 V unnrai. -a 3 9 i ; 
V ftirtiuiMev .. . 24 

l-'irriwi 45- $ 

cents to A«3SP and BNS Wales Generate lo**. 2ft to RFr 2.03ft 
came back a furtinrr 6 vests lo v iV> 0:!s had Pelroflha dwn 35 
AS7.60L c* RFr ."J2P3. However, in firmer 

Nnr»-rcrrnG< Mrtals. Asrnrfennp 
Hon® Kon® gained 56 to HFr W %nd TieiHe 

? Montague 25 to BFr 2JS0. , 

Hong Kong 

Shares remained :n easier veirr 
in n:ow trading w:lh :he Hang 
Seng mces iosin^ 5.?2 r^cre :j 


n*.i” infinenced 

341? - 
48 U i 

261$ ! 
254? - 
18 : 
Z4i, i 
; 16^8 
I li>? 

j 11* 



) 33.? 

j 53 i ; [ 

1 17‘? 

’ 2i ! 

•cI.-iij- m-.-.-i 12*2 • 12i a j M4nkMi U"Vii— . 
: 87 u i 87i, | ,„«* A^a - 

^ *81 21 J 4 1 rffla; ■ lir>vini-. 

•i*li P4f«-i * 154$ I I6?p 

>'»| Mr« 22ii J 224a 

-•-la.. al^; l im .i.4| i BI, I Bi; 

vi Li.filalntr: * 27’-? 

-mi.rani 27 

W? i«.L» * 131ft 

Tl« Ii. - I u,-k... 22st 

•hi 'Li* 36>£ 

nc i •• ' 344$ 

iif lrini.ii n ... 46Ja 
i"ii4 53 

■-••nalft ■■•) ..... I 56 In 

U1I| W- |\ I'll 11 

•iift-oi 18 

-(kill 1 1 h :in- B9's 

a’.JI!*r 4lg 

-•>UII>l.-n ii ....... 39 

• HI I'm nil.. k>. * 2alft 

*.ai| i:i.-iii ft.1-, • lglj 

-(■••i- A-.i. (•> 52*t 

■■111 lar-lll Pur III. i 301ft 
— Iillia-nallm Ha, j 53 

« ”• I iuirK Ann *. --: * 
‘* ! < ; rim: • Mcmuitii--. 
I 6?a ; ,v*» lt.ej.h-.n-.. 
•f 5 ® i Hou I’t'W in-., 
B4 3 i 

Qa;_ ; lll*t.UIWlll 

f “T® I {JWM.WI1 

liln l' Jnn »* 

‘I 1 ; t -* S*«n I'.-A- 

zZ's j UurllvH Mn.-r-.. 
ijf 2 I -Iiri-Iii Lpiiimii . 

j wliw.l* AW Lai" 
?7.jf I LinJnn pbi'h 
?2‘- I Uini'ln iniiii-:. . 

f 7 * [ - <«•. P*MTI - 

iSf: | .ilu Mijar l" ., 

I ll i *. 

,5 8 ' .ftri-ITt A-.-1 . 

633.05. vi” infittenced by tiie Wal: 

Jardinc Malbeson shed 4‘J certs S:reet' trer.d and ihe dollar** 
more ;o HKS17.1*?. *tiii os da- werkne**. «hares general !y 
aopolniin? a*irs;-hs:f reiu.'ts. s-ifrercdi afresh. 

Hongkong Bank divi.rved CJ r?n?- Among Pqirb . Internationa K 
to HKRIL Hung Kong Land 23 Unilever grid RoyaF. Dutch Io?t 

cent* lo Ha^IiJO arid Swire 
Pacific 10 cents HKMO^O. 
while Hutchison Mbampoa sr.d 

FT 5.50 and FI 1.00 respectively 
Siaie Loans were very weak. 
r«i :h los*e< ranging to FI t.50. 

UUVtS: *.»v»-?i. a- er.;™- a: : ,-i -jr«a :iaiK. - Hr car*, -• i-jam-* 

n-J.y. ? •*. ■■ftj*n*i.flW4j: ji-n 

■r» i: 

•ft nr rijir?- 

4 nft! V. ft_:.n T. -I i-T»“l*T*P ft’dlasi. , - A \ >ie 

2a >4 i 251, 
i3ij : is', 

323, i 554g 

30'* : 30. 3 

•■a'l Uaiiiliftii— ! 29 1 i 23 
1 'j4**n Unw-ii.... ■ 20 20 

-iftfiri 441ft 44 

HHIM- : 30u 29 

•Uihlauui Bniwl,; 25 2b 
I ..Ul.i.1 ll.4fii.r| 461? 47 

■in. III. Imliin- ■ 53U 54 

T-i.Uii t.«ii|. • 371, l 39 

■la HI! Cliffinmi .* 441 2 J 44 
in m2 lii. i-.... ; lb'.c ; lb 

Ti'-ieinkt-i i 62> 4 | 64 

JUtiUx. >...' 41 lp 41 

'uii-iiTitii 1 47 : «B 

•% uli-x 32's i 53 

W-"*l'-1-'a.|.-.. . | 131l I 14 
-•■■alia 111,. 46>ft f 471j 

14l(| I 141 3 
Ilia j lid* 

•c *•!*»•• , 100. a 104 

"*?». 64, 7 

www. I 324, j 33 

.< nioMlla. Plir- ; 9'- 10 

MW I Ml; 24- 

"XargM-l ! 22 22- 

ft Ml- tarli*iii.. I 36li 37 

ha4- IiipI if I 841g I 86 

~44»Hi 1 u-4- ; 28-', I 30 

-m* tii-n n .. I IB73 I 19 

• "it- in j 453 b 47 

uni* Mum. ! 31 j 4 32 

•in sen 471 3 47: 

. 1411P | 4415 45 

•4n»n>pii* ' 174, 18 

1 rwiwi I 2 i !•/ 23 

1 ."«n Imif.... j 355a 35' 

[.rftnm. Inlin.j 23', 23' 

i nia IV i -. A i 1 21ii 241 

Iikmi- j 37!e 38; 

InLml.m-iim .1 19 1 191 

i rilou On 4 i -a 6U 6. 

•«»' 38l S 38 

.^-UiL-eillnn (-'<■* 34 l a 34; 

v.A.U 3bap 37 1 

lAfiCO 26 291 

LUI — 20 201 

Linrvfi 46U 46i 

Liii^ve, AS 614, 61: 

Linuti Baiifti-rv-- 265; £71 

1 nun i_*ri nlf,„. 3933 40 

■.iiiuu-I. Liniment 9^ IQ; 

LaiiHmUi. LB.11...1 55 561 

V|iion Paul lie..... | 57 59 1 

1 7i a 7i 

til Ileal Urailalv ...; 121 4 Jgj 
uatfauni..r[>. — 33 1 4 331 

us 2950 301 

aline.. — 27 Is 27; 

:IW 263q 26i 

La le>:ianuiu»iei.. 43 1 £ 431 

1 ' IimIiimh*- I 21 211 

1 ir»iuin b eel.... I44 b 14i 

Whiuhmti 27 1; 29 

ii irwi-La-nniin 46ift 481 

Wmnei lanntii 26 ftp 26: 

iVuli- Uati mein 27>ft 28 

•Ven^hnrp. 31 3Q3 

1* »lem Lbnu-.ri 28 ip 29 1 

M ea-iiTii A. Amu 35 35; 

•4 e-lei 11 Liimii.. lBie 19 

We>nnsl*'»e k-H 21 lg 21 1 

iVea.vw.-n. 28>2 29 1 

•' everiweusei .... 29 29 1 

w mr-ftou- .... 221a 21: 

•Mifta- ,.wi. In-'.. 20ic 201 

IVn.UmLu 19, B 191 

l\ Biel. 28 27; 

25>, 1 _o»eii .. • 26c 

15', ' 31-; 

53 Jb Oa if. I ' 35 ft 

30>3 -.all-llll a." lift-... IB 

53is iaf~nr-*-. o': 

.M-H'll.- 13-; 

lAn<ii Ueie 15 

49 1? i< Vl:npi.. 73 

“Oi # Lh ine U-iii.- 102aj 

°4‘5 ingne Pel»> •"i-> 85 

29."i I Ifth -ITflll •• -11 p* .a 20--J 

2 bJ* UTiMUr 221ft 

*7*4 I 16 

54-/ --i n'_a Aftv .] 33:« 

5^-4 r .r - i.i..,, 81 


lqip _ *eit-iii: 34?: 
64 jimnls-' “an lie. la 

41ij fit v-ai:n «. 31's 

48 .'la» -if - .Li*.. 8:$ 

53 40?, 

14 ; -l< n<e * *. -A 40.; 

471j flu Lm. *I:i. 2253 

1041; .in i-a-ii cm c2 

7Ift lll*-*.ai| . I. .t (11. 43 'ft 

33 U ..V.«- 195. 

- i 56-s 

10 ^2,. 

IU\ 2 Ji 3 

111a ... • 14ij 

86 j tii^n-i AH.i.tiT. ' 11 

30Ig ; in . I'n-L rn 17 
l® 5 *. 1 wn-ei iina-unv- 15s? 
47l£ I Wftaal r I . tl.'l ..: Bri 
32la ii.«*um.-t 4.60 

47 la 1 -.ui < n 1- ■■ -t-a ... 23 ij 

451* l,.-*l l-MniH-l ' 12lft 

18 L . I lal \ r- l 27U 

22 -l.-rf L. im: ' 36.«- 

35'? -I inila IClailr-l, I 3 00 

231; . _ , 36 

24 Ij • .».t- hi-i»i ' 16 

38jg . 38 1 . 

19 '< A uibil- 0,1 A Ga»; 2Bift 

le »S» r.j..- i- w Iif-.-- 

1 . L -u Va, -p-.-nrs .rr« v '-ft j-.e 

ft n- • an alt a-.v*— ' -ft - -' 

I- — t t - 1— S'Tvr in': i- .r"-: .ftoftT 

n ,# 14a-..-Br V‘.| 'a-,1117 - 4 - 

-I , -a* •-*■« - TjaCi-j acbi.::.-.. 

1 all-. 

' -vftlu**- -sp.cji ifti-om: • 

-. riffl.-lj! >*U*T« a- ftj.n.ara-l 
a ilef siv-u^MUlB ' 

. ~-tvr ' '. - 

r;*n ^i*i-ra»"*a c 1 -', { ?T"- »* .-*• T* “t t**Ti {itlftrilil a - L a 

•I css. «r-3 :e, x? F.v a?i •to'emr ati 

Cenift 1 n-r'Se^i' a‘ - «: .-ire;-,*.-: - - - 

; 3 95 ] 4.05 

* -n. li M « n.l 2.04 j 2.00 

ii- 1>-. l'»un enn ( 4 1 -* 1 43 
«n. tan. I'el'ii- 1 34 j 54 :? 

'il ui. ' 201ft 1 2Q'-ft 

■tail »*. 1 r tfl i. -. 1 5,0 l 

■ -».■•• >.mi. A- L* ! 1.96 ' 2.00 

* a^ifl Ufftaa >141 25 'a ! 261, 

-ft^- 1-.| laintl'i I 19JB ! 19 in 

/>ie' ;iurie< 1 , 

iftusei 1 'i I 

liue.1 rienluairi 

■ii" A w.-ni 

*foi h- h». ...i, Lai* 

• i 1-95 ' 2.00 
n •• 25>a j 261, 
|'>I 19 . *b ! 19'b 

... 221; • 24a 3 

■a I , 2.00 I 2.06 

... I 18 1 IBij 

^ ! IU3 I Ills 
... ! 37 : 37u 

1 H" n«. ...i, LBi. J a I‘S 

iv 1 n*ri I I813 

t-et-l-e UVnitup-, 

! 'TOgTr.Du | 

1 iiei 
-iierr.u u. Mine- 1 

» n.-ifn- ij. U i 

I linva-jll 

Laiuuifl..; Z7;-, 

l reel i»a.».-t Irori. I 3.70 | 3.75 
| lexafti-Lflildaur.... i 48 is | *9', 

] l-?r.J:l., lK.-Tn.Uk.i 221; j 212; 

j iihi-i.bii P («Li<! 18 17.'i 

I IlHIar M.liTM 011 9 9 

1 1*.,^. ' ;i7 :i7 

■ '.UK II Lais....;... I HU 11 1? 
| l-i i. •i-L-ot Min**: 81a 7.'a 

i W, tur H-nim.-.j 57 U , 37ig 
; IVf., t-ift-l Inn.- HU I 11'* 
| ilel-uiifti". — ..| 201a j 20ig 

t Bio.. ,-vwM. i rrwsea. 

, S New ernck. 



1 v — 

V vv 


w.e J!* i« 

■*,\ir »ee.i--'». 

. I -J..! X — ..1 C. 

. i ir.-l— i ft'-nliB.... 

.■ 11". I I.I. -.Ill- . . 

•>ftini ti-ra..; 

.fttft.ll— 1 


V.-:-.n.- Kmi.b.... 
•:*— -w- dci - i- . . 

■ *i -»-iv - Ami. 


-inr i-i e- 



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K«-' m ?.. .. 


w HM .‘I. 

i\ HL* 

■\ ‘ii- 

l/-»« !... 
Lftlat :iflaiva 

•1A A 

UailiueMInllli... . 
•lelH-Sr . 

‘••i*i'.-I:eriei Kuo. 

'e sennami 

I'lfUl-Bs L»M k*. 
ilneiii We-i. K c- . 



-u . Znete' 

* lift “-eli A.l» , 

1 alia 

» hUA 

‘ mn ft IV*—: H. 
>uib*naneii. • 


ftllv-ll .t -. Mai. ■ .. 

V «uuU>ula.P -U‘ 
ft VI h\ t . IJ. : 

Voinvuil- it' .'s. ; 

li.ikiift' ml m I. i- _ 
Junrm leiieiw'e.. 
d -e-iei ,t .:* ... 


+ •** 

” + u ’ l) 1 ' . 

E6.9— - - ft?*...- «*-. aJS -2 

5ls.= i:.i;: '429 -I ' 

243.5-0.5 2s.;: =3 -»• 8s3 -9 

i4i.I — 0.4 !&-•: C.a 
546 -l ta..; =.4 


5s2 ^1 

-lu 3. 

3e6.1 -4.6 Hz ’! -.5 « V >' fr-Sil -4 

4 ’S 2. v «25 

i.,; — - -la"*- a ’■! _. 476 

235.0 -OS 'c. v e I.a60 

?!2-iu - - ...’•.-. 2*9 

548 -3.4 «8..t kfl.-:.- 1.350 

272.5 -4= n i.t .3 

163 -a sz -v.f-„ z-szo 

318.4 _ W .C as . \ **— Mi '«■ - -.Pw i. .40 

254 -:i = = 1 • 372 

165 . JJS ft.t v.iU. 3 05 

240 - i-5 U - 2 4 .vvft'.-vtift'i^...i.3!>/ 
1C3 . .. ... I4.u* r.= u in .. 749 

ito -1 ‘it -l >si-.'ft .lain*, cull 

;4*.7-..3 18.1? e.fc - & -ie-b si: t-fa-.i 123 

52.5-0.8 - - ■H--:'.»vL;*i. 43« 

165 5-0.3 2.8- 'I '•-•■* iu- -»T 

155.5 -ft.5 14..-S 4c J-l-Liliv£ aeS 

345 - 12 43.M s.« '«■ ti«-n li-=«.w.. 1 620 

: . 1 ; fti Mi!. ** .im:- 

| 4 l.-***ti \n-tra in * 

, 4 : .. . 

2.5. hit- w t 

1.. ! "w }';m • 

1.4 ft****. Mlncrf*...^.. : V 

{0.7 0 


__ niiS'i 

16 ; 1. . ! ft-mw !••-..•:;(?, ■ vUk* .-J.3J • *«s- 

Is ! t.4 IJlnot'a..... 1 \ - 11 J 

1C 4. • ; ft— ^r, I',,** . i *1. 73 -J i i-.iftft::.- 

18 . i.B: ft«aL-.f»n. luiu.a.m, .... t {I #3 -8 - 'i JyMiai 

?; ; ii' .:-! ■^/^'• gKBpHacaB ’ 
S:a* :*™;'.TVi;: ; Hi° Ust ' ’^^^2235^ 

to 4.4- .J.,„ ftkm,. . 1] 23 \ : ; ' • T . , V. 

ie Z.4i .. '. lUci:’ . .- ... __ 

19, l 5 I B«mi an tn lii.-f •„ . J 1/ h*U. _ F ‘.y? L >*' ' :'. • '.'-jT -. V V-v •" 

33 u.s'.^toiH'iijfcepwnn-... ts 46«i-9*4 r-~ r“ .. rp Kjff ’ . -r a ?T t 

» «;•«»«• - ••••' *«-»«^: ? - • •.«.!«-' 4iS?T*t5 

Lc 4il . 9l{ IM - Tfl 32 |taljJ| ■, v n : j f 

•4***i*n. Lami^nr. ... II I --67.5** 3>£ 

u 84 wi.*e» iL». J.. rc 39 , 1-14.0, 

20 1.7 -<n-. 0;> ; .ft| •.<?-•• \.i*i„ *3,0 — ( -2^*3 

J a n"a •• 82 ■ .*i 2 ;: ftre.Lta-|.in-fi • 110-i “ 1? 

18 0.8 _ .«.1I,.|R- l.ininl.' • ,a45 0. b ftnnk Hi-trKkr- . 19B^i5 -UV -I 

to .Uklam ftM-tmui il 70 -0. b‘ ' l.^pmn*! 96 — OAr 

i e Llama* fli SJ. ,1.53 .+4.1 ~r . — ' — rr 

2-a O! 

J.U »'»•:««, S 

0.6 ■ ft .-i. il,. i li*. ; 

- • 4»* -'»•* CWtt f7-fti.ft • 

4.a» • -V,ie Mali In.. ; 

2.4 I nn,,-fl..„,ji L . L ;n nfrir _ 

2 5 , Branu j-» In ii,.-tnei»... .. . ; 

250 -l iS..'v 5. a 
94.5-3.3 - 

195 -4.3 14./; 4.3 

1 10 — £ — — 
269 - 5.5 4.3 

1.49ft) iS t.S 

100 9.8S 4 7 

252 -1 t£ 2.t 

183.5 -1.3 4 . 

2d1 -0.9 lu J.s 

650 is !.■* ; 

171 -2 - - 

145.5-3.0 - - 

186^ -0 s 43 0.8 ' 

280 3b. Ti 3> 

3U6-5 - 3.3 iO 3.1 
269 - 4.3 £e.?4. 5.0 . 

184 _U.1c 6.9! 

193 -2 it . c 4.i. 

130.9 - 1 3 3.0 
299 16 3.U 

242.5 -Oi lo 3.2 

s. t rr.ii.en., ,90 

.. .* > a*: !>t t. f*. . 668 

4.3 1.49 a 

■*'-i.ftv. twe-iru-. .. c-1 

4.3 Vikiu~ . . 950 

t. S W-Mf* Oh— L.Su 

4 7 •’■»** 1.39 j 

2t la-r... Marine — £-*0 
j', -ft'?fti.;i»ni a . i9i 

j> “»»: '2,i-3 J 

i.H ; -Cl m • 1^1 

_ ' Mar »nt_. 511 

— '• •VJ».Y(jfc..*v, l’o» I l.ft 5 j 

0,8 ' '■••iv -ibi. 33v 

3> *54 

-»7 14 2. ft i Li. J.i 

3bS ... £0 1.7 -tn-. Oo-.H-.o*.- . • *3-70 

1620 . ts iiJ» -flMim-nei - SI 82 

Z-o “ i 3 J 4 0.8; .tlif-iR- Umwicuf • 13 45 

668 — Z . lo l-l - .ukUUfi ftn-t,i,iiji J ,1 7Q 

1.49 a — ic 40 1.6 , Juiftu^. SI.....'. ,1.53 

2 4: BBt-Ou ; »0 

. P 50 —8 so l.e cater smith t£.3S 

“ Zi lU w.8 r.u.lHiyvi, ICer'inn.-r-*.: • 

L-S9J — 2J *- . •■;na.l»n,.ir(h I . rs 20 

11 Piowwtft Irn-i 11 o7 

■>»' — Il ■ lo* 1.5 ■ rianien,^, iz_5 

2,t3j — 30 ; iu ‘u.,j dhiftn : rUj:4 

121 -I lu . 4.J 'ft I Amlift ■ *■> 

511 -5 ’ Il 1 1.1 i 'niw4.«w« 

l.'S, -10 e . a.e> 'wiiMNfik littu-ine-- I 

33 ft - 4 Lc • IJ} J udier ftt/Hft i.ii ! 

*54 -5 1. . 3.2; Leiunn Ur 

133 -5 ' 1 3.0 ; ilela.t Kxiuntnlii.n 

cop e ; 1.2 Jiii 8,a-*iriir* { 

~ ' " — - Mv« iuninrinni • ' 1 

kiwi iecun-ia». l'ottje .»«, ; 

■M JB1U> lnlpniflti,->ii|i-.. .. I 
AiftiMi ifnihen H ' i me*-.-v ■ | 

XEMBOURG Jwiibri i*e J 

— JH bCerJt.... 1^.{ 

Die.' -JUei lupiftinuiaai | 

r™* «r . n». Yu-. Pk<iAM> !>«, me,. ' 

tr '- — Aw - % itettuL jt to min i!.t 

Yvui ^ i 4.1'. aiehib .'...J 

, “* U — i - j OUlillAIJat Mill line — *.* 

i3nn _2J JI? ; 4- B b*lwrwtK.ii„— — i 

h ;0 -8 - ; - jrVaiiwi*.^ ! 

177 1 7 -® 1 ‘V««eni Alimnv r-.i ml- 

4 1 p,fi ; t • -i - . ^r- Mi-iv. 

i V ' ■ ««.»«• -vKr.'anei ' '.-1 

si .3 ;^i;- -■ • : ■ - 

»3 32 ;4*K;«,Aei^ l tei'l l |i ;-■■ 99 "j-iSri.:".. 

I* — .... i • 67.5-eSJ;^ 

IC 39 114a7. __ .71 


;s 20 .-:< . .? ?,o tf- 

tl 07 » . 1 ; .fti«lu. Awiun Cnr?fl. 

1 2_ 5 >J A 1 ( . , -’*1 inwr_ Chi: 1^4; nd . 4*- .«-**£ 

ro^4 1 lit-: OnefuRtriii ..." Il# .[■ VSs-hiKK W 

mi* ; .... fiiar»a*«ir : 

tO.BS; : 1 ........ ~ 

. u - - i.Kinar . ••MM. 

r LojV ! Kiwiftiburo ptisu-jm -4'V' - 

Siinrce Vrtin lecijn-iae. I0K7D 


ftlMftl.11 ■ ,0 i ‘ l '* wwf 

Ir.ui ' - 38 ! -8 ! kiw.iftibimi. PSiiuiiin 

1 Exf»nmi i..n • . 0. 3 3 • 1 : - -k-JjJ-J* 

ilimf ||i|vwk * 1 , z& 1 .-a • 'yfl'TSiniiff. - r -- ,’ L , 

1* tl. mS i V .-^r *SU>4 

- — :• 'ass -ax v' 

InipnifliioiiH... .. | t.B6 * -...' ■ F?f- Bll ff T'P*- cfTe!; 

itfmHcntrime-.-v- | ,m3 j-^ 01 ' ‘ - Si 

ri im- 1 lird 1 .r-s^.Bana PV 

! * • s? U-- : K 

. <2.360 — lu 
4.-7. - 2 J 

>nce +o- Div.V -. | 5' 3 ? 0 “l u . “ ! outtneii.* Mniii'i" !!!.!”' 

, ft.aB.*.-tem«iit — 1200 .. . — 1U0 | ctO U.vlb (Si 

114.9-1.1 lZB 4.S * — -!£9 -8 - i - 

-l-i - -2.320 .....177 | 7^: fl'wicni llimnn- M «hi. 

366 -1 AZ6= 7.8 . L ; e, ^*“r r — -,S2d “?5 6.3 »V-w.«h* 

8B.2 -0.2 3i. 3.7 I N “‘ — 3.070 —25 1 /« ' — 

75.6-0.9 Mis 6Z U - B - • 'UM-Bm..— 2.450 - 20 130 < 6.1 PARIS 

92.6 co 3.4 J-^12 -30 85 i v b} .. — . 

137 -1» act c.O t " !a 1 1-580 —10 *U JL7 ~ ~ , Pries 

72J3-0.2 «' 7.1 2,950 -30 1,0 ' 58 ) - <**- 13 ' »■>.. 

295 —5 • Cf— 1.9. ,,sC *s- ft*».— - --* — - 830 —5 ,i*ta ; 7.8 1 T" ~ "" * ■ ■ ~~ 

• 1 81 1-4.U 
JS.00 I ... . 
*a.,l I 
tJ. 3 | 
T>32 -J.l4 

il. 4 ! fl.Pi 

to. #4. HLB3 

Ljnlift ? r r ,fiw,r uftJ-iwJ- •' 

-U.IU | s;i,fi.r,:f.ji} . - 6,0 r, 

— - j iVrISnm . ... - . MI* 

- — t- KVftf - IMflhnhih. Ml W* . 

t- KV* . DMefrahPhi. ^ . 

j HuMlhS? 

[”*' '^4 .[ Weccra Deep . :. __./.ol5JI • 

-20 130 ! 6.1 f PARIS 

■-30 85 M 5 )■ 

—10 *u 5.7; _ 

-30 1,0 ' 5 8 l - ^ 

c.nni'-.Vft.tteiiei' 1*40 —0.2 3/.;. 3 4 : ^ 6,1 *«+«!»• .7 130 — 

tO.> 4 -Oja; - ; IKDUSmilAlS 

tl .2 i-j. 1 ! -iBCf 

U.I.0.-1-, Bit jJi'fiJn-Airar . tnduwwl 

— ; 1 Harlow Rand : 

.; F-^-crirjpnis . 

r— — — — ■ ■_ ‘ rnrr/p Fniam-p ■ -frW 

I- <ir! Ihv_Tlil. I Du flair- |i4- r Trlal . ■?.'* 

— — '■ Fr». 7. f.'ur* OmitiIiH,;,-) fnr. . Ofl 
— ' F/*2^— • Srnrrft . 3ti4 

.urVuixilaiit -.i- 71.5— 2 

j i*t u tir ot-'.to I ; 38.7—0.8 

He'neLvii -F . *,1 100.2 - 1.2 
1I.ftu1.icu1 it -a! 1 39.6 — U. 1 

•luiilti Lf.-F-.-oi.:- 22.9 u.x 

*ft-ij». .!■■. I*M . ; 160.7-0.2 

mi. Mum U\;>. 45.3 j4 

voar-mu F 26.6 ■* U.l 

9h.: ai.s ,Al Be :;e_ c. 100 

.30 5.2 r ' ai ' H'mJshb* 3.020 

14 5^; * v -w*n* — 3J9S 

_ _ fwr- ben.. Be nq-ie 3.155 

la 3.2 
e 5.0 
lit o.4 


vaar-mu F.. Iw .. 26.6 -*0.1 !£_;■ , 7 ! ™^: r *n t--*e*1 2 670 

ftauAwiInr.F..^ 108.1 -1 4 -»b 4^4 -1170 

3 2 •‘rw- Be stoat 4 o3J — 20 14ft, 6.9 S nu '?" e ' 880 1 - w - *- 

5 q *--hnu — 3 lo5 cio ' c 7 l 8.h.A. Ourvm* 689 J - 35 I 4o.i 3 9 | R-^wy * w 

2 icQ -5 n' a’a V«rrvfi»it 2,120 '-* sQ l 75 1 6 5 ' MrrtkarF , _ CAT 

1.41—2 610 —100 1 A, ! 64 — — 405 i»2 . . 3L5 7.o FMlMr* ., — *-*? 

ft-L-B .... — 2 170 — I0Z — - Atiatel 1,000 1-8 l7l»j8 7.5 I P*nntrr ftT'Pm? - Sfc 

»-‘*'I'f».t k-.. .. 778 —12 ai> h a. L'te Bana-uru 440 ;*4 • 73 2.? J C^mrnt - 

ll otna^ue;4.280 - 25 ■ A' into M«-Hl«,... ; 492 i*5 ill.2to' £.3. *r«Ml*i«i ... - . -. fcjv 

‘ — — • - l ~ L-tvlll (.••in. F’j'vc la4 M.l, 12 I 9 0 : ***** Atn-os P-nwrlW*; f* 

Vnniwit Ixitre 71.7* *0.2 — , •’‘■mhrjnUl C-nilp -S* 

SWITZERLAND ® •**«*•’- ' 891 * 36 :54.7b.' 4 8 , "' rc t , ? • . ?? 

^ Fr. Peii'nie* ; la7.B; ♦ 1.3 • lOiS-IO.* r r.SU? ,nW:n< * l*i 

— — y^ ~- J5 — 7T . tien.ue.meonoe.. 268 ,-2 , 10, 5| 3»\ ^rZYi -t :.*w 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Antro Bank 10 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit &i Cince. 10 ^ 

Bank oT Cyprus 10 % 

Bank of N.S.W 10 *5, 

Banque Belse Ltd. ... 10 % 

Banque du Rhone 10 l n b 

Barclays Bank 10 ’% 

Barnett Christie Ltd.... 11 
Bremar Holdinos Ltd. 11 
Brit. Bank of Mid. East 10 % 

■ BroiftTi Shipley 10 

Canada Perm' t Trust... 10 % 

Cayzer Ltd 10 % 

Cedar -Holdings 101 of, 

■ Charterhouse Japhet... 10’^ 

Choulartons 10 of, 

C. E. Coates 10 % 

Consolidated Credits... 10 

Co-op, ratlve Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Tmst 10 % 

English TransconL ... It or. i 

» Hill Samuel 510 % 

C. Hoar* & Co flO 5^ 

■Julian S. Hodge 11 % 

Hongkong & Shanghai 10 °T, 

Industrial Bk. of Scot. 10 % 

Keyser UNinano 10 °5 

Knowslcy &. Co- Ltd 12 % 

Lloyds Bank 10 ^ 

London .Mercantile ... 10 ^ 
Edward Manson & Co. 111*5, 

Midland Bank 10 

I Samuel Montagu 10 % 

l Morgan Grenfell 10 

National Westminster 10 % 
Norwich General Trust 10 

P. S. Refson & Co 10 °fi 

Rossminsier 10 % 

Royal Bk. Canada Trust 10 °f, 
Schlesinser Limited — 10 % 

E. S. Schwab 11 J% 

Security Trust Col Lid. 11 <5, 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trusiee Savings Bank 10 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whites ;vay Laldiaw ... 10} % 
Williams & Giya's ... in ^ 

Yorkshire Bank 10 

Alemhurs of Ulfl iccepunj Houses 
Cm ami tie*. 

>«•■ itm ilk ,F' | 54.0-1 

Aen Altai Uk - F..?C: . 2u6.B — 0.4 

Jftwir-J...— 172.2-18 

J - ?Bj ; 34 —0.2 

* an Lfiuiui-iw,. . 149.5 — i .3 

r'Bkhifl^L lF_3_ 47 —0.5 

.'to.lHrt ‘F . Ic 26.2—0.1 

iSjn.tuftenhi.K- • 72.5—1.3 

.1 .t.--. 169H — 1 

•bftiiUMi ir.^i. . . 140 _ X 

-inrelilft • 123.5 . . . 

41 - 7.8 

« 3.4 

5e ■ 4.3 - 

• ti.iilA *F . Ic 26.2—0.1 17 6.5 i 

lajn t-Uft en I- 1. K“ 1 72.5—1.3 - 

■•fl.-ea.’ . .... 169a — l A2?t 7.6’ 

•bjiiiiMi tl.^».i. . . mo —1 — _ 

.iaireuift ■ 123.5 .9.3 4b' 

auftJi. ilicladj.F Ai 128.4-1.0 3i.,- 8^4 ' 

4VHII-UIJ 844.0—1 cO U.C 

lemiljrp i Fi.^. ; J04.0 £1 o^i 

•uh.ft.a l-a>...8..iy.. ' _o.5 o_* . 

ft-mievei F«.*v' . . i 123.3-0.9 7 JO 

-.fc.iiei;e. ..ii. i . 41.2-0-3 i3^C , 2 

ft-i .1 I'.HvTi.hi 399 —3 as '4ui 



Pn'., + or Uir.-Yll 

hr*. _ ,» • , 


i : 7 j linetol...... : 64 ; 6;7| 6-9 

L_ J«ii|uei Bairel ; 172.8 +1.6' — — 

* tabuy 242 ;*3 -lS-JT 6.9 

8 i ,4J( -ir , 77* ,15.87! 2.1 

6.7i a9!^\ 

— I — | Tar®- iftal- jnrf V«tt f; 

8.17 6.9 tv- • . . . “ 

l ™ ? * Security Rand t’RM 
19*3 7, 1 1 (DSscntmt ef 3?^^ 


• 'fti« (iwrie . 530 

-15; IO 

■ ■ - S 

2:8 1 

'4 7- PwoliUHfv 

7 u.. 1 i»f. 1 1 

135.5 -0.0 5 ! le.zl SPAIN ■ 

204:a-K3.ia.96l 9.8 . 

a?: 5 ! ?•? .. 

- - per s«fe 
;. r . J2#^v. ' 

ft nr1eift*« liven 14Qii u _ 

Uaic-ka- Uaiiik ; 1261, ”. la - 9 5 

«l-l ft-iH«-Li-...| 157 If —21, 12 7'e 

{'imu^iajlhen... J 130l 4 _a:, ■ i a 1D 0 

Ji-ira-jnei 353 —2 ,12 3.4 

put. Pap if 843, — 1 ti: _ _ 

diuiilei-iaink ■ 127 12 a 7 

i».Vin‘n H.iKK: 383 — l'i 12 o.t 

fti*n1 kn'.ei .: • ISO —3 ’ 1*2 v 7 

■J'letn’-rjfc U2 +1 —i_ 

rnidti -Ktik..*. ; 132 1 '■ ; 9 1 

i'n-v-nri«i,ic 138'? Il &0 

■oj-li. Kmyi-en.. 4U0':- — lj 12 '3.0 

161 -Ha. 12 7.5 

i«'. 2.3tKJ .. . n&h.l Ail 

j 2.610 -15 is ; 1,4 

.“>ie ,, :i"r. , .y M8 -1 . is ! 5.0 

' M4a.. 3.290 .*13 - 26 12.0 

Uv. eat Lert,.. 368 - 1 1 « i j ? 

3..«<n.t.n Ct F aft.: 251 
• 3- ‘-tea ftl .ir.laj J '294 — 1 — 14 • 40 

F,.».-; 770 !-a “ 10 1 
»i»« Btift itr..ift| 352 -i-4 ■ IQ ' *-» 

; ■«i*~1»t-Fp.ffv 4.625 —23 I 40 : «'l 
Ln*m 3.050 :-45 • gjj J 

- IS a a i 

•'. l!.3£t-4J Kh^l'.-uie.ia-... 
-15 IS 1 I 4 -U Cra8«in 

-I . li ! sio ^ 

-J 3 ' 26 ' S"l 

• f ,1 ibvmMi-bniidi. 

.-Tz M ', Zi ■Olucf 

“| j \° I 2;| STOCKHOLM 

1 j so 6.1 : kZZ oSs?;r.;: 

9j7.o Baum Craoaila. U.*»*. Ig.r 

-U C..tfj.m ; 1M.O -1.8 14.a» 8 8 B.m-n H.-winp. .. . . \- 

-Jo» Bov.wiH.i....,l.8a5 |-S • 39 I 2.0 Ranee Jotf. Cat. J»'. 

■'I'**' - , !’l 25.8 8.3 P- twl. MMtfWT*! toK- . 

IVieiiiea* m* iu e._.. 833 6 1 2a.O 3.T Rtfinee. Madrid .V ' 

[ tn*mw>n Brmofti . | ZbS- ._4.» U.»o'6.e Kanm PnpuUr 

t*I«W 22* I — — ».1iK*a- Sanfandrt r-W>> ' JJ*-/ 

%?£YV?J£ nSt ? nL 11 ■ 3, «" h «rs of Ulfl ^cceouox Houses 

Fltst Nat. Fin. Corp. ... 11 \% Cmamitiw. 

Firsl Nat. Secs. Ltd, ... ]| ^ ' "-da? deposits ts. i*m«nir deptnirs 

■ Antony Gihbs to % 7 “’- 

• Greyhound Guarantv... iq ir t "-day Hkdomis on sums *if nnono 
Grindlays Bank .....‘....sio % 3 £!£«£* r> “ EiM0 5i 

■ Guinness Mahon 10 of, t ran 





M Ift^!* _ft.. 

r:«j .-, 

. 12 * a'alf. 2bS- .—4.1 is. tal 6.b ! «ai«i» Pnnular 'E£.4f 

• 14, 4)a L “ ,w1 ' • 22* 1 — i - ; n.w*' SanfsmJer rtS0> 

! ?S i* STOCKHOLM ! nJSS' S . '5^- 

i IS S ii Kwmor . - , Kr. : * j Banus M 

— is _-i , s t 

r ■ At£ V cI«w*ia.'.'u8 r.. t..: I : til r-^v v2--2’ 

ftuflinonni. — r— f;P30 : -.45 20 . 3-3 Ort.13 • iKnmori _ 

,,fS ". ,0 ' 10.450 - 150 44 ’• 2.J ^-= — t : 

i: r A(S« AH7Kr.4»..a 190 — l- 

~ Alt* Lamar 'KrJi’) • 142 — 1 

ASBaViKrSth.^.. -a4"T-l" 
MILAN : ,Utei.Cbt*utt;r2B.-.Ua ■ r...:..;. 

. * Blllonjrf 55 0... 

: fiw* ; + (« ’ lilt. lal. 111. '—1 

iJa*. tij i (,in> j _ ; ii.- > Cinkft 170 to —5 

: : ! I' IZ. CeHiHw..;..-. 229- ,-2 

'•'IL . 60.25 — 7.7S — i — .ftecfliw'Wi.KrtO-.'. 116. • 

miw» — ■ 620 -— 40 1 — ; Krh?«wi'U.''.lftr«7'. 131- 

e }"" ~ iB i-IaO-b-* S*rii«*“8"-*;.’— ‘ 274 ii-'— 2 

O-uKrift ;d.076 -36 • la. 7.2 F'wier»hi 90 —1 . 

:lii-00-4.» - - - ijiriiiEwiriw.::J 52 r-l 

-utKemsfln :2a.ftl,0-27o 8ftX>; i:1 HariRHiiKnliroLi 562 (-4 

II- H 1» j s97 : _ .Umeiou'.' ..123 L.;.... 

1 ltfr» ; ^ -Life..;. 5 

. 60.25 —7.74 ; IT 

620 -—40 ‘ — ; 

2 836 — 59 l laO- 6 J 

i • _ ■ i • -r.i'" ••••••• a. 4 « 

fj'* 5.6 Rrol kt« Tftitn . 

■ i 8.75 S-olFr-c-a ftl.OOOl . 

, 10 4.4 ’- l-'t-nnKH' aj.onn* .. 1ft. ■ 

— 6^3 S.4 j naL PreTiaifnA . — . fir’ 1* . 

i" 5 5 1 -.Option Vrkiqijp; tlW'- 1* : l- 

s I 29j - . -v*" , *«•-' 

4 4 4 J n^r-'uim ■ j* 

J^t.trrji -v®^* 

16 I 4 4 rPanriera' Hwiiirtas*. ^ 

0| ■*•= i XZTZ ■ Q 

• Hamhrns Bank 

fltpaSH*: over U.«y» t"rn. 

-«! e*-l> 632 

Hi % { pprnsnit drj«Nts 71%. 

-tB\r Uwtm*er..^^ 
'•iii Ruinr-if... i 

83 . . 

222 -1 
338 il 

- - 9 * 

■ 5B 

i.T*ien?"in ftfli.u-u.a : *. _ .. • 

.VebvttoftaOi:.^.. 79.5-10 • 6 J 7.6 ! 

I nn-irauj ... j.- 

. T*l*WP*-> 

® ; i)mi*i» 'miib. . ..U... *. 

i v-; 

- Vp V 7- w.->a_*" 



r Financial Times .Thursday October .19 1978- 


Nickel futures plan attacked 

.J'p&p .. . r . ...... .... 


OPPOSITION TO the planned British Sic 
introduction of a nlskcl futures British Indepi 
market by the London Metal dueers and 
; Exchange is building up, accord- Suppliers, am 
tug to industry sources who are users, have u 
hoping that the Goveramentrmay ment or Indu: 
be^ persuaded to intervene. the market to 
' International Nickel. the They are wo 
.. world's biggest producer, re- making (beir 
affirmed that It is. strongly Government ic 
' opposed to nickel being traded view as with 
, 5 n the Metal Exchange and allow the mart 
“laimed the majority of nickel despite in dust! 
consumers share the same view. Fundamental 
Irico said the introduction of that the inirod 
tpeculative buying and selling market will 
rfould increase price volatility with much gri 
*nd cause major difficulties to prices which v 
>oth consumers and producers vestment and 
‘aced with long-term investment growth in whi 
s k Iei*isions. tensive tntlusti 

S.' The decision to puhlirise ihrir But it is als 
‘p position to the proposed that ihe Cioveri 

‘uttires market has been' trig- in mind ihe n 
icred off by concern that rise role ,»r . nickel 
" lovemmcnt may not apprpr-iaie ancillary indus 
.he strength of opposition from It is ’argue* 
■ he Industry. industry in |] 

'-■ It is understood that the could ho sevei 

British Steel Corporation. 
British Independent Sieel Pro- 
ducers and Metal Finishing 
Suppliers, among other nickel 
users, have urged the Depart- 
ment of Industry not to allow 
the market to go ahead. 

They are worried that without 
making (beir voices, heard, the 
Government may take ibe same 
view as with aluminium and 
allow the market lo be launched 
despite industry opposition. 

Fundamentally, the fear is 
that the introduction of a futures 

market will create instability 
with much greater volatility in 
prices which trill discourage in- 
vestment and undermine future 
growth in what is a capital in- 
tensive industry. 

But it is also being siigsested 
that the Government should. bear 
in mind ihe important strategic 
role «»r nickel in defence and 
ancillary industries. 

It is argued that the ijirkel 
industry i n the western world 
could he severely weakened by 

low-price supplies on the Lon- 
dun Metal Exchange coming 
from Communist bloc countries, 
notably the Soviet Union and 
Cuba, whose mam concern js to 
obtain foreign currency. 

It is noted that the proposed 
contract specification would be 

in luts of six lonnus — thn delivery 

size used by l]io Russians. 

John Becker, chairman of the 
LME sub-committee studying the 
proposed nickel contract, sold no 
starting date had jet been 

However he did not see why 
producers should get “hot under 
the collar " about the plan 
merely to regularise an existing 
alternative market. 

Thu producers had acknow- 
ledged there was a “ free 
market" uui. side then' control. 
M was growing in import an re 
with the entry of new suppliers 
Into ihe market and it made fur il tu be heller cxiab- 
Jishcd with Ihe finance and 
hedging far titties that could he 

■provided by the Metal Exchange. 

With export .business in par-! 
titular it was important for- 
buyers to lie able to obtain their: 
raw material on a competitive; 
cost basis. ! 

Mr. Becker pointed out that j 
International Nickel had been J 
forced to stop publishing il- • 

official producer price because or 
the severe competition in mo 
market that had resulted from', 
the entry of newcomers ai a • 
time of considerable over-supply. : 

The producer price system . 
coiriri work in a well disciplined : 
market with only a few partiri-- 
punts. But that was nut ihe cast* : 
these days. 

It was a free-for-all and there 
were now too many newcomer* ; 
in ihe industry lo allow a return: 
ta the old pricing system. i 

He vtvessed there would, be no 
compulsion, for cither c«m-! 
sumers or producers to use thej 
new market. it was simply an t 
alternative. { 

Milk price rise disappoints dairies 


’HE lp-a-pint increase in the our pound. At 10 per cent a 
•^.etail price of milk scheduled year it would still take three 
^ or November 5 has disappointed years to reach parity. We had 
..'fie Dafry Trade Federation. U better sisin soon." 

iould have preferred a smaller lie also found worrying the 
•- rite increase earlier in the year pos.~ibilily of New Zealand 

Rd feels Unit the vise is too big regainitn: access t‘n- the. UK 

' nd too Jau*. market lor ils cheese “through 

Mr. Ben Davies, president of the back d»ur of the MullffateraJ 
le Jcdc-ration, said yesterday: Trade Negotiations in Geneva." 
"-rin future we shall have to do Imports’ from New Zealand 
eiler in persuading the Ministry were slopped lasr year, although 
i the point of view which we distributors still claim to. have 
link is tne right one and which sufficient supplies lo keep the 
' Sir customers find to be more New Zealand uame on the .super- 
sceptable.” market shelves until next'March. 

The lederation is concerned Hopes are still high in Welling- 
tat the price rise could lead to ton that the 15 . 000 - tonnes a year 
further decline In sales. Fol- quota may be reinstated. 

... wing the last increase of lp “We have always taken the 
pint in January, sales of view that there were other' 
quid milk promptly fell by 2 markets which New Zealand 
st cent. could develop for her daily 

- Mr. Davies warned the Gov- industry, which would ^vold. put- 
*001601 against raising the ting our own in pawn,” Mr. 
quid milk price too high and Davies commented. 

-oldening the gap between drink- He was happy to bear reports 
' g' milk and the return on milk that New Zealand bad managed 
■Id for butter and cheese to strike a bargain allowing it 
aking. increased access for dairy pro- 

At prpsent the premium for duce t° *he Japanese market, 
luid milk over its manufac- “I congratulate bur friends 
ring counterpart is worth 11 ip mbM warmly," he said. “If they 
gallon. Mr. Davies urged the have solved their problem" I 'am 
jvernment . to work towards sure they won’t want to continue 
using this gap by raising the coniributlna to ours." 
anutaciuring price. Dr. Gavtn Strang, Parliament- 

The wav to do this, he sug- ary Secrets ry at the Ministry of 
sled, was to devalue the Agriculture, said that the Gov- 
"""Veen pound"— the special eminent was aware of the im- 

riculturai exchange rate tor portance to the New Zealanders 
— - erlmg ..gainst the EEC's unit of the British dairy market/; 

account. ’ , He believed that if. 2 ay 

. JSiot if iii’value was to damage arrangement were made lor 
; indiicirv and its ability to cheese it would not be to the 
wide jobs. disadvantage of the British dairy. 

'There a 30 per cent gap industry. 

tween the Brussels pound and John- Cher ring! otf,' Agriculture” 

Correspondent writes. The 
National Farmers* Union is 
exploring means of controlling 
the Community's milk and other 
surpluses. Sir Henry Plumb, 
union president, said in London 
yesterday. So for the only sur- 
ges non had been for some sort 
of Community standard quantity 
— or quota — for milk so that 
those countries producing more 
than they consumed should 
suffer the consequences uf 
reduced support prices. 

Sir Flenry was vague about the 
mechanics of this Idea, but 
insisted that British rarmers, 
whn produced only SO per cent 
of UK needs, should not have to 
suffer any output restraints as 
long as subsidised exports from 

other surplus * producing: 
countries were allowed to come! 
in. | 

He denied that his suggestion; 
whs tantamount to saying that: 
there* should be some form of! 
naiionwl quota fur individual ; 
countries. To any logical mind.j 
however. Sir Henry's protesta- j 
lions underline the fact that, 
some form uf price restriction is! 
on the way and that the only fair . 
way to achieve this is through, 
some degree of national respon-j 
sibility. ! 

Sir Henry was .speaking at the’ 
launching of u National Farmers' j 
Union booklet, “ A Time to Sow." ; 
in which the. familiar argument 
for the expansion of British form , 
output is presented yet again. | 

Sharp f all 
in lead 

By Our Commodities Editor 

LEAD PRICES fell sharply on 
the London Metal Exchange 
yesterday after some heavy 
profit-taking sales. 

Cash lead loM £21 to £ 39 !) a* 
tonne— about £34 below she 18 - 
month peak price reached a 
week ago. 

There were freer offVrlnas of 
spot supplies, mainly of scrap 
lead, which helni-il r<-iJ-\> the 
immediate shortage that has 
been mainly responsible for 
ibu recent surer In price-,. 

This (hen triggered uff specu- 
lative selling and accelerated 
lh« downward trend. 

Tin closed lower, with the 
pash price losing £50 to £ 7.740 
a tonne. It Ls dint 

fresh arrivals from ih«- Far 
Fast ore on their vav iq relieve 
th“ shnr**pe in Fiirone. 

Mraewhll'*. Rmi-r r»i*«rti>i| 
from Iji Pa’ Hint Bolivian 
miners had retorted a etnvern- 
jviant P" 1 '. offer Of -\ ."i n-r e-nt 
rise. The nn*«*v*s learf^rshln 
instead declared a sip*» of 
pmervenev— the usi>c-| war of 
nnnonnrijifr 'bar strike a Irion 
Is helne conte*m»l:il** 4 . 

A strike a r Noranda's Gasne 
mine and Philps Dndce Is 
domestir copper prire increase 
of 1 cent (o 70 rents a Donne! 
gave a firm undertone to the 
Conner market. 

In Lusaka. Zamhien nflfriqls 
yesterday expressed hopes that 
Hie pHn to re-open the 
Fenencla raM wav v-onM ease 
pressure on III- unit horn route 
used for exports through 
Rliodcsia. | 

It was pointed our that the I 
itcnauela line provided the 
cheapest coast link for metal ! 
outmit from f ho Shaba provinre 
iu Zaire. For the past three 
years Zaire has been shipping 
out most of its copper via the 
MHithern route. 


Europe aids Guyanese 
forest timber project 


AN AMBITIOUS forestry devel- a grant of 450.000 E.U.A. to the ; 
opment scheme designed to Upper Demerara Forestry pro - 1 
boost timber output by 70 per | ect * The latter is also expect- 
cent and the uuidrfiry's export th V h ? U 

earnings by E 2 \n annually by , hl D ♦ i!* a m 1 ^/-! ^ 

19 S 1 has received a sizeable soft DeveioDineni^Mik * A meilcan ! 
Joan from the Commission uf ‘J^lopment Bank. ^ • 

the European Cnramunittes. r ^. lvcd E .^. . 

An announcement here said European Development Fund — 1 
Jbe Commission bad approved a the channel for the latest assist-' 
loan oi 5 m European units of ance. Tbe loan is for the pre - 1 
account (about £ 3 tn» repayable liinmary engineering design for! 
over 40 years with 10 years grace which West Germanv's . Agrar- 
period and one per cent per und Ilydrot echn Ik was con- 
anmmi interest:' vale, along with , traded last January. ■ 

Walkout hits 
Alcan smelter 

MONTREAL. Oct 18 . , 

.\LCAN ALUM I NI UM sa id j 
workers at its 485.000 short ion 1 
capacity aluminium smelter at 
Arvida staged an illegal walkout 
th;* morning. 

The company said most or 
Arvlda's 5,000 hourly-paid 
employees walked off the job in 
sympathy with fellow- workers at 
Alcan’s Beauha roots smelter, 
v-ho have been on strike since 

Alcan said essential services 
are bemq maintained by manage- 
ment and some hourly-paid 
workers, who have defied pickets 
lo report for work. 


WEXFORD BAY seems made for 
mussels. It is shallow, which is 
the ktnd of water in which 
mussels breed and where they 
are accessible. 

Being shallow, the Harbour is 
little used as a port and. since 
it is 40 miles to the nearest good 
harbour (excluding the ferry 
point at Rosslarej. th-s means 
there is relatively little pollu- 

The- bay is particularly well 
sheltered so that the mussels do 
not Ret swept away in winter 
storms, as they do ?n the bays 
to the north of Dublin There are 
also masses of plankton, the 
liny micro-organisms on which 
mussels feed. 

The Lett family has hoon in- 
volved (n mussel farming and 
fishing in Wexford for about 100 
years, except for a 30 -year gap 
hefore and after the Second 
World War. After starting up 
again in 1964 , the five Lett 
brothers are today tbe largest 
mussel farmers and fishermen 
in Ireland. And the prospects 
are that over the next few years 
I the size of their business could 
easily double. 

** If you got the best design 
consul', urns m ihe world, they 
could not make a better harbour 
from our point of view." said 
Richard, the middle of the five 
brothers, as he looked nut over 
the clear waters of the bay. 

There are pranuh-y about aiXi 
to 1 . 000 tonnes of mussels bred 
natural ly in Wexford Bay each 
year. The farming process, how- 
ever. really starts with boats 
going up to around Hov.-th and 
Skerries, north of Dublin, from 
November onwards to pick up 
the young seed mussels. 

Over the summer the mussel 
spawn would have settled on the 
shallow hanks off these points 
and produced seed mussels about 
{ inch to 5 inch long. These are 
scooped up by dredgers and 
transplanted in tbe shallow beds 
around Wexford Bay. 


In six to nine months they 
grow into fully fledged mussels, 
when i hey are again dredged up 
and dumped in sacks on the quay 
for transport to the Lett 
Brothers' factory. 

The brothers started to revive 
the business in 1964 by buying 
five small dredgers which tney 
pretty quickly h olri off to local 
fishermen, who paid them from 
the proflTs they made from their 
subsequent mussel fishing. By 
lflfifi the Letts were in a position 
to build a factory and processing 
plant at a cost of i' 27 . 000 . 

Soon after, the brothers com- 
missioned a large. 76 -foot self- 
discharging dredger from tbe 
Netherlands. This made life a 
lot easier, because it meant that 
the young seed mussels could te 
laid quickly anil nmre precisely 
around Wexford Bay i Q a way would facilitate easy fishing 
□nee they had matured. 

much profit the company was 
making, he admitted that, with 
tax relief given to exporting com- 
panies. it was not far off IQ per 
cent return on turnover. 

This is after a wages bill which 
includes some 24 workers at the 
factory. Brothers Johnny and 
George run the dredging work 
and also handle the catch from 
the 12 boats which work for the 
companj on a sort uf sub-con- 
Lracl hasis. 



Now the factory has a through- 
put of about 3.000 tonnes a year. 

The factory cleans, sorts and 
grades the mussels and then 
either quick freercs them indi- 
vidually or marinates them in 
citric acid. 

A> with ulher forms of fish- 
ing in Ireland, most of the mus- 
sels are sent ahrnud either by 
ferry or by air from Dublin. 
The main markets arc the 
Wtfv.-r lands and Germany. About 
95 per cent of the mussels are 

The company also fishes for 
prawns north of Dublin and sends 
these abroad too. after freezing 
them at Wexford. But mussels 
are far and away tbe biggest part 
of the business, accounting for 
80 per cent of sales. 

The company has a turnover of 
about £ 400.000 and. although 
Richard Lett declined to say how 

The family policy is never lo 
refuse niu«sels from the boats, 
so they often find lheoi selves 
working II or 12 hours a day lo 
yet all the shelfish on their way. 

The company employs a sales 
direcror full-time in London and 
there is little doubt that, provid- 
ing the Letts can move the pro- 
duce quickly enough, there is 
great- scope for expansion. 

The Letts have received help 
from Ireland's Industrial 
Development Authority and 
expeci further aid with their 
projected new f 170.000 factory. 

Richard Lett feels there will 
be no problem keeping the 
factory fultv occupied. He quoted 
/ recent Government Fisheries 
Deparimeni survey which said 
that the 20 square miles of 
Wexford Buy was only about a 
quarter utilised. 

There is no problem getting 
the >mali seed mussels down 
from north of Duhlin and there 
would be no difficulty in dredg- 
ing the mussels up from the bay. 
Before they embark on their big 
expansion, however, the Letts 
need their new factory'. 

Once they have that — hope- 
fully in the early 1980 s— Richard 
Lett sees no difficulty in achiev- 
ing a turnover of flm. “Oh" 
yes. good profits. We'll be a big 
business then, won't we." 

Lower qualify coffee move EEC r L e jf ts 

THE Brazilian Coffee Institute, 
said that in future lower-quality 
green coffee, up to and including 
types ~/S free of riozone taste, 
can be . shipped through 
Paranagua. insiead of only type 
six and belter as before. 

The ruling also applies to the 
less important coffee ports of 

RIO DE JANEIRO. Oct. 18 . 

Salvador and Recife, the institute 

Trade sources said the move 
was apparently to stimulate 
coffee shipments from Paranagua. 
where port movements have 
fallen off sharply because of the 
smaller Parana crop since the 
1975 frost. 


sugar bids 

By John Edwards 

THE EEC Commission yesterday 
! rejected all trade offers for sugar 
I export rebates at its weekly 
j export tenders. It is understood 
| this was due to delays in fixing 
1 new monetary compensatory 
'amounts following the D-Mark's 
I revaluation. 

The new German MCA rises 
from 7.2 lo 10.8 per cent and 
Benelux front 1.4 io 3.3 per cent. 
I These apply immediately. 


n .r. r urni C afresh 10 clow at f76r 6ir Ibe ljlc krfh.' Kerb- Sraodar.l. Hire* months ia.T.iO. 53. 

IJASt JfILIAL5 Turnover iz.750 lonnc*. SB. 83. TO 73. 8v. M 

.MniIz-iinBl>*d Moral Tradm? ropoqth -. 

OFFER— Easier on balance on Iho that in Un? mominB cash wlrrhars irrl-h ... . * •" , I 1 - 1 "- 1+ ' 

don Metal enhance. Forv-ard nteial at £731 three months fT74. TU. 7k- nj. i — _ Lo..itl.-i« ; - 

-ed ahead to £774 on the pre-market n 71.3- 72. 72.5. Cathodes rash IT'S. — ! 

tenred by rfw strike ar Noranda :a,3. ihn-e months £70. 60.3. Koifc- wire- trrao< »■ 

pled vnili the contlnnln* buoyancy of bars ihrefr months 1773 73 5. Afternoon: Cn-i- .... . 7730 40 ..-1211 7/5 150 —50 
..-butllon price. How'-ver. profit-takins wire-bars, three months fill. 79. 70 5 7n. *' mmiili,. <b7nSO —17.5 <070 00 —III 

Sffl a downturn rp £771.5 on the mom- *ij. 6<j. 65.5. Kerb: Wjrebars. three W Wit.- /7flO -120 •- 

Trrti and Uii* irenfl continu.’d imi» maoebs £768. 67. ns 5. 67, M. 56.5. 67. btandam- I 

afternoon where torward fell J73 »-«-h 773J 40 :-I20 773H-50 —30 

ipdanl. three montbs 65.750. 53. InturnaUaual Cocoa Organisation. Daily tlvely little demand. -F. W. Talmrsall to 36.(1. heavy 4S.n to 53.0: Imported PRICE CH A!N(lfcS 

0 To Sv. M Price lor On. IT 1B6.SS UK S3-. Indicator reponed. vl»l> minor orders caniirmmv NZ YU .53.0 to 54 0 Pork: 

. j. . P r, “* for if; t IS- is-day average ins 10 'Moral American and various African EngUsh. under lOOlbs 37.0 to 46.0. Price in innnes unless alhemse crated. 

: * " . f- 1 "-. !+•■’ O09.J1*. 23^!ay aterage ITOJi* ilTD.Mi. pnalini's. IM-lIOlbB W.o to 45 0. lSO-lfifllfu 36.0 to 

I “'.'i* , — ,u.s. i^nis per lb.^ 4i0. Crouse: Young b,st 160.0 iq 320.0 . 1 , 

: * ' f »• rnrccc SOYABEAN MEAL 

Rabblis istinncdi- Fnalish tame T 1 ot 1 ^ 

U.«. iuiarket^': 

FFFU ! oCi.1 rt-*"' CwSitefaf — ,r TII6— Barohr chanseif. Fftrwa*! metal SM^tium i. ,14 < .-128 .. ..T 

rPf.i. 1 , toouiua t dinned to 17.500 on ihe pfwnaiktit oiong ritnii«F...i 261980 —l - , — t 

* 7. rn 7. i lo mode si proflt-takinJt.' However, the New Voicr — 1 | 

. : *-:*■! *- 1 tnarfcei rallied towards ibe end of Ui 4 — 

romrs. . [ ■ _ • _ momma kerb and III ihu arteriitmn as LEAD— Sharply lower through out the 

1 JBl-.o ■‘■s.75 707 8 —4 trade bu)*imt lilted fori'.'iiR] material u< a day with heavy arllfns rwrrowlna thu 

Kira Urnoi t ' » ‘ I ‘ f OFFFF I /AOSlrwlX IT| f At ••■ten. Rabbhs iskioncdi- English tame 

w?,™ '.'.' ' -IjJi a?, — ?S VUrrCL T hc marhei m.ened £1.50 lower and •» •»' Chino*.. 43.0: Australian -t^O. 

ijn™'!;. "™ 5 ,670fll, “ la ROBU5TAS dcrimut to laf* week's trad.' ativllier £1 down before iimtii- HEAT COMMISSION— Average fat-toelr 

wi' m I.- im u -ijo •- '-fawa" 111 the mvrniDK. hot heavy deabr ikons pared lojves to loavo prites stead/ Prices at repre.k-niativc markets. On oho r 

atandam. „ huyw« supi»n:id the marker later in ihe ai w lower end of Utfi «u.c. Min’ ifi CS cattle sfi TSu per f +8.15 1: I 

1 -"' h 40 —120 ; 77ai|-60 — 50 . daj-. Drvsel Burnham reported. A further Copimodme.v reportad. UK shi-t-p 130.3a per kg.est.d.c.w. i-2.2i: 7;”, 

3 muni Kfc.. 7555-80 --la, ftiBD-S .-12.6 rally on the close took values to the ' . GB plus 05. Ip per kg.I.w- 1-OJ1. England a uininium-.-.--.,» 

ful's -luahN"— about anefunutd on the 
day. Dealers said It inu, possible that 
there had been producer interest on the 
Ion* aide durtn* ihe day. 

NEW YORK. Oct. 17, 

PRECIOUS meiuls closed h.ehtr with 
sola recording new life ol control nigtis 
un ruuewea »prcmative Buying lollowing 
Lhe i.-onii nuing weakness ol Uie nolljr. 
Copper closed steady on mivcd trade and 
C ommision House icuvlu 1 while sugar 

j C tr* j 

GB plus 05. ‘lp per fcg.l.w t-oi».' England 'V!!!2 , ^IS«“l«« , lV5ia» l TTo" ; sm 1 ?0:«i Con,m,J, “ n Houw aeuvlty while sugar 
and Wole*— Can lo up 1.3 per cem, aver- . p w . ro * r * g L - vS * « .'MJSfS'iZ couuuurd 10 ease on carryover specu- 

agf* price es^sp r+0 Q9i: Sheep down V upper wall w MarA.TJT.Wj— 2 l.7Ao.fa lauve liquidauon following yeatcnLiv s 

wwn- I 772.5-3 44 766.5-9 -2 

'■tn’oi; 751.5 .T3.5 1 - 

hOdbS ’ l 

u ...... -|5fl.6v«.5^6.26l 735.5-7 —1 

<«H^..- 761-.3 -5 ; . 737^ -1.26 

4’rt'wi 740.5 — 

• . i<!c!S 1 •B*-7I.P2S ' 

close nf 17.350 oo the lute kerb. Turnover backwardation £U> to £13 at one point. 

3.390 umiicS. Forward meiaf opened a! tTH9 and fell Lt-if rEh 

Morning. Standard, cash £7.750. «- unay to ihe day's low 01 l>;.J on the 

ItiTue months £7 MG. 30. 43 M t>5. law kcrt» prior to elusion H £3a4.o. Turn- 

CT. 53. ta. Kerb: Standard, three over 4.6M tnnneB. X..vwm«., 

months 17.350. Afternoon: Standard. .... .i lnall , Y 

thre* months .£1.340, M. - -0. •*- J )*- j « Jnu-n ! + - ; \U.uh 

Cs-c ! + or liii-lno* utvvniiM 

OcKdwi : - -25.0.— 1.68, 124., 0-23.00 

1.0 03- il.i:- lJs\ lk0.7«-IS.flj 

lilt = i I /• — 2 . 1 ,•.2 4 , 115 / 

Index Limited fit -351 34 C 6 ThrM months Gold 233 ^- 235.8 
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MrgOPBKHOPSfiATE. LONDON £C2M4NR.Tal: 01 -283 2298 T&tfcBa 7954 

1 - i , t 

«-ii 419.10 -a 

S — Uonv Vc*iiUBT\ Mil : -il / —2. i 

!»■ I’g* ■"■'MV I I .til'll ;ui5..u.l— l*)j 

.\,.vwm«...j u|03i ;+n-u! ic|2 imo jj s'iil - l.!t: - 

i JS252J «!.*••. .. : '*7 3 :3.C|- 2.<jL>‘!5.8ti 23.03 

■'Uiuh I444 4F * l.ii ■ 1-46- 1425 -_-r — ’ . 

.Vm [ ii79 dj i +1.3 i i3a--liB0 Salss: 105 <21*5* lou, of a tonnes. 

J«-» I I55i»-4o 132t-13£a 

i-0.13i: Sheen down 40.6 Dt-r cent, aver- j^a'Kvnh <tX99 j— 21 |t369.fa 

afie prh^ I24.3P I-IH-: Pics up 12.5 per c.iu-urhi, .... .L'8S5 f— M.5 £*66. St; 

cent, average price ai.Jp t-*-2.0». Xu-fcei ; : 

COVENT GARDEN .pnres in meriinR I'w Martlet vi(:>tt>j«L.7B -,Sl.e2 

n*r package unless siai.’d — Importnd I l.BO — _....{ l.Uii 

produce: Lemon*— Italian: 120 lad's new , , 

;■ *i r ‘. caD : „ 300 -ii%: p to* num m>y os.-lri 50 lei 50 

Free. iliLTket 1:172.95 +2. MCI 54. 7 

-‘SSI Cocoa — Dec. 163.35 tlfliWU. March 

Sept. 133.75, Dec. 12b.mi-ia2.lltl. March 
124 00-130.00. Sales. 616. 

Coppere-Oct. M9u ««S0i. Nov. 07.2U 

B9B.S-B.5 I— B1 "«iA*nu*r.J 1315 20 . + l.> f i Id 1S95 

nivniha..! 395-6 -Z.Jaj BB4.5-5.5 ; -Z0.5 - x * »> muci...l lZBu-15 . -2.5 : 1290 

wi'mijiiti mo -a | — : 

' .... | *ao- 5 b 

jiomliw: Cssh £410. 408. lfiree"*m<inths 


— — — -- IfllinnM riAif v PDirir J. lv ....... I f ou-fiwu. Mr«#Naruit — L vimiursu. iiuVca c' ' * w i iwi — jbu. b.i/ha iu »oi-5ii, 

g I LOHOOFI DAILY "Kite 'HW SUiAr I m an < cn, i vnnK' j in- * M ■ 4A> -• HUNIlZlB ........... r a &52«S- r,u4a SI jtlD ili 4A«7ll 47 ikI) T* 1 ! u .w : 1 

Sal-ic: Am i^.€5lY lots of a tonnes. Oct.. Nov.. D-.l lllK Ob i£iD?.iM> a tonne jf « Iuiwmwiiw 'Sl& f.M 7| « July n ft? 7 Our fi ’fifl'ir jffl 

irabu-as V54.00 isamci: ortirr mild The very steady, about cIIHv 0 ?, =.■ ' A.*,.;'.™' < 7‘ a " r i y p r „iim« ; i«ii, i-2h.mii, Dec. -31.10. freb. 234J>0. AprJ 

decline In lead. Forward metal opened 
around £364 bur cornu umfoi- selling 
pressure whieb left ihe price a shade 
above Lhe day's lowest of £356 on the laic 
kerb. Turnover 4.050 tonnes. 

«■*»*• WJinis occurred lonowfng [be news im.Mj — Black Rea.n ."*0- , ~ I „ - 

chains as S; ftsrsassr^Sssa. tr-s 

LONDON FUTUNES rGAFTA)— Trad, VS' Si, Sn'-N. “““T w 

“ir- c ' .nss' i %. (-=«;= 

- — , 7 T 7 . r belnc neartes, aCLI reported. 

i *,m. u.m. 1+nr ‘7- UK Auuai , umiami — uwen: rn 3 mios i . . e n 'coit 

AINU Onu-M -1 I. in.lMrw - “£«• »” «“**»■■« *» PreUYfc.ienU.v- Previuu. U n ..nfc<, ObJdk - Hungarian: 52 B 4 w jt- 6.0 :S 26 & 

; 1 — J® Up Water la wheat. Commercial buy- C-re, Cto<« Dr,n* 3 00. Melons— Spanish: Yellow 614 2 70- 111 

It lei k i- I ns .. ln, ?? u jL ke L l vobws slta ?,?' 10 lorn. 1 3 .S 6 : Green 3 . 00-3 20 . Tomaioos — Dutcfl: Grains > | 

,h 560.5 '- 8.6 1 345-6 -ID , Sp h « Jwr -o nl ““"“T “«•»* 1 \ : l. 80 - 3 .no: Jersey: 1 . 40 - 1 . 60 : Spanish: 150 - Hailey !.. • 

SSari 2K tJauaSSf? ^ 

I'l ■•>,.« wi. | — J ^ 33 ^ 4.6 1 

Momma: Three months £3S4J, u 62. ^neat j barley 

ill. Ol. 3. 02. 01. oi.j. Kerb: Three moulds 'Yexu-n lav'sl + *« 'Ifcieretni '■[ ♦ m 

Cttl a. t£> ill. AfierawMi. Three nromhs M nt»| mw ; — I l«i-h v — 

13 j 7. 53, .18. 56. 57. 35. 36.5. Kerb: Three • ' 

rrwmhb £M 7 . | - J ^ .- 

ALUMINIUM— Euler la very HUlef . UJs-SO l—Q ;& BU .35 J— 35 

trading with forward metal Pippins id ^ —I VO-® D —O 15 «-a. 15 - 86 

ISM A before TMiKniu »o does m ft 9 S.a >J»*-l ** Oil l— 0—0 d .40 l— < j .25 

on the lair herb. Turnover l.JuU lun nea. . Me ua .50 | — 0 . 20 . B 7 .B 0 40 

, . ; i 1 j Business done— Wheat: Kov. 86 ^ 0 - 38 - 25 . 

1 - 731 ; Guernsey: 1 . 60 - 1 . 50 . Dates— Algeria a: Hume Future!-.... l£ 83. 15 i— 0 . 56 lfi 80. 4 

Pi-r glove has OAI-DJI.^ Pomcsraiaaias — Uaue I | j 

This edition went to press before 
the latest U 5 . commodity prices 
were available. 

238-50. June 242.30. Aug. 245.10,- Oct. 
249 80. Dec. 25540. Feb. 257^0. April 
2ri2.10. June 266-30. Aug. 270.50 Sales. 

Aiuniiu'm «.,n. ,+ n \ P .m. .4«r BUSHS ^ ^ ^ 

- 1 S 1 S .AW?an m m ‘ ^"riorir , “ ,,, |eedlnrs r OJT.^ D^gik 0 '— : indoor "^es 

— - — ■» INDICES 

ZaT" Pippm w,lll, jK , lfcA4ahUo... | d7ap 1 :.lz73f 636. wi] DwI 650.50.' Jau'.' 655 .‘ou!” Maren 

n n KWi.or, 'Nominal. » New crop. z Uuoamcd. ^ ***■ Max 673.90. July 0S3.5U. Sales, 

c-rrncc m June-Aug. n July-SepL e SepL dOct.- 17.000. Handy and Hannan spot bullion: 

Bush 0.0$, Nov. iNov.-Dec. u'Nov. to Dec. x Ptr ion. 504 w ijau.oui. 

lamsuns — ■ = lndicaior prices. Soyabeans— Nov. 633^90 «3s>, Jan. 6»- 

-Fee 12-lb _ ^ eon Iim*. March 70C-7M4, May 11»i-TO7*. 

rf- r n?*.', 0 INnifP? July 707-707J, AUi. 690. SepL 676-6768, 

eUnw. Hov-DotL XStM. UK Aoru i«.uo, H..uu. upirnaeo. i uui sales: English lJt0-l.50. CaW»fles-Per craio 

Barley. Ehutbsh Feed fob Nw rev a> lots. . 0 . 80-0 90 . Celery— Per head 0 . 07 . Caoll- 

Maielna: Three montha £ 697 . 96 . After- sSraSu'm andOaCS ■ L MunlKI intereaiJonal Srraar Agreement fD.S. ftowcrv-Pcr 12 Lincoln 1 . 0 W - 30 . Bed- 

noon: Three Month* JSK. M. 5 . 93 . Kerb: fMFnwTFTi wtw^t- Si , renlB P" ■ wunJ J™ Caribbean run— Per 2 S-D 1 0 . 60 - 0 . 70 . Carrots— Per 

Three months SNJ. 0 * 97 . «L 9 S. 5 . 13 *^ mchlWBI SS TTmar^ U & Tor 0 rt 'o B V : -, 2 f Uy 868 29 -lb 0 . 5 W. 70 . Capsicums - Per pound 

cC- avefapc 8,01 uas^smss 


London 1, muo t^uSR 'SUt *5 «-rann snm prices : LONDON— Abntu unchanged m dull KemT<Q .Q. 4 i. Cam CobS-Eacb ^M-O^: 

°!hrS ^ SS TT C FFhorUafc’ 


IS v Fnod bariey : Shro^ nUo. jlVnc^Pvr nit 

raonih t>M_0c. up Ujc. sht-month fl-O-.u Elta0Jt £77.30 Au-tre-ian ilurirrit + ■», 

i up --c: u-souuth 64 j.4l. up —*£■ VK liiunclary no-efficient for the weelt lfi»M - IV,.nl um i — ! 

I racial opened ai 381-2WIP r»5i-j6t7ci f^ni Del. 23 is needed to remain 
and closed at 23P-30Up isB7-S#SJci. uuebansed. 

-ilLVhli Ulllllno i+ rtfj UM.E. J+ ‘IT 

■ i>er rtxint — I cu»e r — 

I mV (rt. prtLt 

.niiinw^l«.wwp tl.ItT — 

12 mpntliBi 3 a 2 iK)fi kl.lB — 




_i l J enc.‘ P 

1 Blrt-ll 

1. 1.1.1 

U-lii 1 r.t 


Mn.viu-«t .. 


Muri-ii ....... 








Unrani-vi .. 


U.S. markets’ 
election plans 


OeL t7 f OgL 1613! rath ajpj Year agr. 

^68.08 | ii64.00 | HS4.4 Z34.51 

fHiw 1 'iiv i iien si NT 

Oct. 18 l OcT. fl^i.inri, ' a<I0 (Tnr imo 
1519.3 11514JII H7B^ 14B3 .3~ 

<HPM: ^ru'onimt u, r-uiimuj 




•tin. Mels nreardinu positioir. wiw | 
raofienee International dealiW wnw . 
h* A-BS13. Fjfuncul , .70. 

•iwn Street. fC4P 4BY. I 


. .*>9. ftasent Street. 734 0567. A N j 
ru> or AU-in Menu- Three 5pectacula» 
»; Mow* 10.40. (414* awl-45 andH 
ate of johnny Haw*e»worth AOrlenK., 1 



Over 406 sets in stock 

|ujr wtetlf from th» inawfooturen 
With. h»H aftersales service 

01-984 823 T 
' Telex: 897784 


■ Frcvuiuii ! 






GO QBO.uf 




64 6it« till 


07.00. 7.03! 


6 S.uilta.lj; 


fi.ofl-n.1 1 

Apr- -1 nr}., 5 ill 



LME— TurflOtef A'PWnSSTTwBto ^ ll>e -Done ficfl&r. business. bsI-.-s), Mitron Contract— Exchange Will remain OPCH, 

oxs. Mornlfips Three- tnontb* a». 2 . ks. ‘ " " — SHi' however. 

M. 7 fl-a 9 .«> 60 .M.B 0 . 701 60 .KWii .70 . Despite past policy of honour- 

S 3Ml5, Kortw ‘ ta»u» ua; go o bo. uf ot. 4 >»i. 6 uj - M: July sw.«. 3 «-. SM.ihseui. tsToo. ing the holiday only in Preslden- 

Jau-.Maj ea. 5 D.n 5 .tB 65 .i 6 -fiz.iiB .T 87 . 0 , aflB.D, :ws. 2 - 366 .=, 3 N. 5 , 3 TiA tial election years, the Com- 

rere^Ai ’ Apr-Jnd 04 fi>t« 7 ul r 6 . 10 - 16 . Ibj mj.W . 4-0 S 72 .D- 371 . 0 . 13 : March -W.S. 374 . 0 . 3 ? 4 . 5 - mnditv Rxchanep is also con- 

COCOA 6/.00 7.031 68 . 36 - 68. 40 *K- 4 3 -i 7.10 3 HJ.II. 7 . Tola? SalsS: ^3 KBS. otjflfL Jf , 

! aum- t..*w n«h fKr M ,„h *ito 'C-M ; 65.B0-B8.K) Npw Zealand cRossBRBDs-cicBe siaenng dosing, ana a decision 

1 *° P“^fhroMBn .»& recoot j, n »ai«i! n.ofl-;i i } 73 Sj-ii.ts: . i on 'fall untraded--: Dec. im o-iBs.o, March is expected later this week. 

I hfcSSr » 7S?’^5S2 nS r-iii* r atrt Viw-Jnr) <3.01 1 5 ip .4.6S /4 8J, /5.20 IWO-WO.O. Mar lM.n-132.0, July lflO.0- w one „f ,h e -y- eyV york ex- 

!S?pKrf“ ^ dMe - G,U • Md D0S “ J '-^i *»-'*■*: '*■*'*■» ™ Si. ^,, , r- l ^L: D n B 5 changes has made aJ 0 speciJl 

lUUOA i VS l wJb 'I + J r i ^a ,ca: ^ oi lots nf fire loanw'and 

i n * !-*• I lk ' IIP 64b. UT*I luLs of 46 UHM.,...., ,1»ir0 Ifl.fl '1-S9.B IrlBVM.O 

»fin:b..' ! 44 . - 44 tf 1 + 48.0 I 45 .- U.U 

Hnv 1354.0 < + 24.0 I 60. -54.0 

Jiuv- -.,..1 M. BB.d.i+^/b l?B6-h £3.0 

■vn I ES.D 6J.B ;+ 23,5 I 

Physical closlhu priew. i hums' wrrr' 
Spot 51j»p imj.m; Nov. GO.SOp '.sijfii: 
DtV- BlJiOp i62.Ita>. 


-** , . _ . 0 . 86 - 0 90 . ceiery— Per neaa u.b,. caou- u + ltiviaj May 

Inteniaiinnal Suaar Agreement fUA. fWrs-Pcr ID Lincoln 1 -OIH.a. BeeF Savabean Oll-Ocr. 2 fi so *« n.n 

IMPORTED— Wheat- rwst Nn t CCT|E P" *«»«* Caribbean raw— Per 2 S-D) 0 . 60 - 0 , 70 . Carrots— Per « ( ^ SS V „?*“■ 

Lark%SSb° 6 prii?Na IjSr tS ^ 8M ' n ^ *'* Tl ”-^ S SS aSJSPtS 

Ol-I.S 5 .SS. Nov. £$ 8 . 55 , Dec- SB JO. « tELE?* ,J ft«r S 9 fcuf^ F m *«- 17 f LhB. iSBImth mge T 5 i r . B c nj. 73 - 2 aJ 5 . 

'Vinjcr^Ordirurr 13 J V-JO* wool futures Parsnips— Per^ 2 S-!b ^.M-i.DD. ^Sprout*— I ahd.OP |^ 64.00 j Slfl 4 . 4 ^i~li 34 51 J q v ^JwSlB SO il^ J* /^fa&Ou^ 

cradcn uiuiuatpd. LOWJfl*. vhn,,, unehanued ,n Keni 0 . 40 - 0 . 45 . Ceni CobS-Eaeb 0 . 04 - 0 . 05 : miM- I i*ȣIM) 167.00 March 1 SS.ID May Ii 5 . 00 -lft 5 . 50 . 

LONDON— Abnur unenaaaed ui dull ; REUTFRq Jub 1 Aug. lsifiiW. Seal. 

trading. Bacfw repnrted. w n-s * , « KtUTERS 164 50 . Oct. 162 DO. 

ipenc* IKTJIIB! TI S markets flsns rdwTn; jrmi;: „„ V-. Sunar-Jan. d. 70 - 8.30 (S.T 5 I. March 

T«B-M tiSn +■«, HuHfc UIAIACIS ! P 1 -- ^ W, 4 » <hiw. May 911 B. 13 . July uja- 

l,iwviv..,i LI.'-# I — ! I La, 10 » J • 1 _ 1518.3 1514.5 f IU 7 B-S 14 B 3 S 0 SU. 6 #-pi. 0 . 45 . Oct. , O.aS- 9 . 14 . Jen M..S. 

— election nlans .JuJS r M * rch 

L 1 VLUV 11 TlO— ;iU.U 0 -K».IW ( 7 IIL(W-?<Q.U 0 l. 

“•IwCT i, 4 .J-:B ,0 .4 3.6 224,0 NEW YORK, OPt- 18 - DOW JONES ■’Wheal— Dec. . 151 - 380 } iSim. March 

li«.*.u<*r... :#».u-i«ai - JJ EW YORK Mercantile -«= „ 348 -SMt - 34 a;i. Mar 3451 - 348 . July M 2 j- 

faoJP-aiJi i — - PwA.nm IhaPnfh* nnrf Cnrai WfiM UlL MontO YST 332 . Sppi. 32 B». Drt- 342 J. 

'i«v »?.u- 4 o.fl ...... — Exchange, the Coffee and Sugar j on& , 17 ! 16 *uo u u wiaxipeu. on. 1 #. s'.Ryo — ocl ibs.oo 

J” 1 ' /jj.u- 41.0 — Exchange and the Colton Ex- ^ bld , 103.00 Dia#. nov, 104.00 bid <■104 c*e 

ii4.u-4u.u — chanae and Citrus Associates 1584 . 07 .SBS.ifij^ tnd>. d«. imso ha. May, July 

UtvMfiiw ... f 3 fi.U- 4 1 - 1 — “. 1,1 - 1 — r„« Aia^tiAT, ■Puuiftt&;iafi^ 2 ;a 82 .aOia 78 .B 5 |S 50.79 luf-SO- 

iilan-ii*. tiv.U- 47 JI — # 71 ®' ClOSe I 0 r CleCTJOn uay, / AvnraMp uruZiz.**- in» fTOais— On. 78^0 ( 77.10 hid). Dec 

"SaJefi S ’inill lots of 1 >S 00 k* November I, exchange spokes- ” 5 . J 4 .Bu bid (TS-OOI. Man* 75.00 asked. May 

SYDNEY CREASY (lb Order Imvar raen sajd - New Yorfe CoCOa MOODY'S r4 -®°- bl4, JlUy WJft ■ asked. 

Exchange wUl remain open. ' 3 J2S4!£-JS2- 

SimS-gfLi JmSm/tbSS' Des P ite ? ast p° lic y of hono ^ — JL j!L z» "W iSiS&S ^ IS *(!a 5 .fl(h. Nov, 

Sr j 3 ? » 6 l sBiiiuSftfc isS ing the holiday only in Preslden- Sp* Uoniimvl 977 ^ 974 .a bso.b f«fj» = KS0B - :ws. 2 - 366 .=. =: Oft 379 . 5 , 3 T 1 A tial election years, the Com- (Daeenhrr «. imi=i 9 oi imS-Scwb m km nuHn 

if f 5 ? 0 ™;, "teWaSi. 31 "’- *** “ odi ‘y Exchange is also con- 

_ NEW ZEALAND CROSSBRBDS-Clnse fldering Closing, and a decision * Ail Mnta per pound e«-warrbouiw 

'■all untraded - ,: Deo. IM 0 - 102 . 0 , March IS expected later this Week. HIDES— LndhL S«.onil dear. O* 3 T 4 G} unleea oiiwrwBe preied. a ts skt iroy 

l¥SO- 190 .n. Mar 1 W.IM 32 . 0 , July Uft o- None of the New York ex- E*°* 61 AP. 2 MW kilos |J 7 ^ 0 , 23-28 Klliw aurR-#— -IM ounce ins. T Chicago louse 

IMO. on. KKI-O-I 95 . 0 . Dw. 1 M. 0 -I 96 .fi, -hanppa has roarfm anv snwial 6 s Per 100 Ibs^Depi pf Afl. oncefi pre- 

Murch iB 2 .o-ioi.o- Soles: mi iMme). cnanges oas maae any special , vious day. Pnnw sieaiw fob NV &uik 

arrangements for Veteran s Day, , • . iunk ears. : cents per 56 id oushei n- 

which falls on Saturday, Novem- », 5 R pSfZ de mM , 11 warehuiK,.'. i.oon oushei lots. per 

lrr i ITT A E>T rc s.- it r * ir - trios at .snip a aide mnorocessudi croy uiinev lui ill u* units ul S 9 .fi o#r 

IlILAT/VtUtlAHLfcS ° e I. 1L ~. „ . , - : MAMMA « aunus cent puriiy delivered NY "'Jenb 

The Chicago Board of Trade is.W-£ 3 .W, larsv haddock raso.i 4 .-w, (n,y ounce i-x-Wdrehouaa ,i \oi, ■■ k 

and Chicago Mercantile Ex- lwddoiii .uniract , B s» * shun ton for bulk 

; suitt|i.u klHiil sides - 7,0 I* jTJ). EJro r u Mn „p s _ ir i ,u.. , 0 |i| ,,i n cp nn C. 0 IM 3 .M; lara« iplai e» J 3 . 7 fi-tt. 4 o. medium ul KHi shun lore delivered fob cars 

hindOharlcrs fil (• m »J U forcouaritrs cnange said me> Will Close on plaice a 50 J 4 . 20 . b«t imull plaice ra.»- cillWMU. T,ilcUo. SI. Uui! and Allun 

S 3, veal: Eunihb urji B 2 0 10 November t. However, the kUl- tan» awnmd dpsfi*u ib^o. medium ** Cents *r to ib husnel m nora 

7; DUIch hinds a ™ J™ s ? 7 n. Ghicaeo Board Options Exchange i* 1 I 5 wd doallBh £ 5 . 30 : large wnon sole^ n Cents wr *4 lb botHn-i. + * Cents per 

Ufnb: EnBlIsh rinull Jw-U » 57 . 0 . hiBh rcmsl jri nnen IH, ‘ w V r<K * 1! * h ^ ^ t,lulh, - , l cs-warehouse. «i Cvins per 

Sales S i mil loU Of WOO k* 
SYDNEY CREASY «a firder boyar. 


THE NEW YORK Mercantile -k— — r .-— --rv- — 5 — — 
Exchange, the Coffee and Sugar j w \f ! ^ 6 U ^ ^ 

Exchange and the Colton Ex- — — ■ 

change and Citrus Associates ....', 564 . 07 ^ 66 . 1 6 412.89 
Inc. will close for election day, tasag gg^ggyagTgjigjgaTg 
November 7 , exchange spokes- (Averaur iw 4 .i»M=iQBj 
raen said. The New York Cocoa MOODY’S 


4 M. I Ut. Uonrh'Tear 

IT l 18 *80 «ro 

Spie Uonlgttv , t 977 .B| 974 . 5 1839 . 6 ) 868.6 
(Dmenih^r II. 1431 = 1 Sot 

hindfiharlcrs 61 0 w U to .,7.u, Veal: EunlKh 

c-Karr ho use, l.BOU bushel 
ui one. 





decided tc 
Wilson ft 
number c 
were com 
puicn agai 

Party on 
1974 Gem 
The fm 
lowing th« 
affair. Mi 
was. had 
an orches 
himself, t 
Lady Ft 
Marcia W 
The Pr. 
Sir Haro 
drawn sot 
l old the 
did not 
mund a 

The Pri 
in hear 
Sir Harnli 
formal co 
On Lhe 

apainst i 
council s; 
Royal tic 
ihat ihur 
Labour !»i 
The Pr. 
is one n| 
iinhed tod 
in ano 
against ti 
Daily Ex, 
picture c 
death in 1 

Equities unsettled late by unfounded BOC rumours 

30-share index ends 3.9 down at 494.6 but Gilts progress 


Account Dealing Dates 

'First Declare- Last Account 
Dealings Eons Dealings Day 
OcL 2 OCL 12 Oct. 13 Oct. 34 
Oct 16 Oct. 26 Oct. 27 Nov. 7 
Oct. 30 Nov. 9 Nov. 10 Nov. 21 

* “ New time " dealings may take piece 

from 9 JO a-ro- two business days earlier. 

Leading industrials attempted 
an extension of Tuesday's tech- 
nical recovery, but the movement 
hail lost momentum before dealers 
lowered prices m the last half- 
hour of official trading following 
unfounded reports that the talks 
aimed at solving the BOC pay 
dispute had broken down. 

A paucity or business and the 
market's underlying sensitivity to 
the question of wages had earlier 
been responsible for a drifting 
tendency, after most leaders had 
opened a few pence dearer. Reed 
International were among the 
isolated exceptions, responding to 
hopes that the sale of its Canadian 
assets may be completed within 
the nest month or so. 

Institutional and other investors 
appeared to be awaiting possible 
market influences • in today's 
events which include announce- 
ments of the September mcnev 
supply statisrics and Minimum 
Lending Rate: the Chancellor's 
speech at the Lord Mayor's 
hannupt could aisn have a bearing 
on market sentiment The deci- 
sion bv the rehpl toolmakers at 
ST l Fuel Systems to roniinue 
their strike aroused little com- 

A handful of situation si neks 
and enmo-inies rennrting IriHiP'.' 
nnnenneamenfs drew a modern!-' 
interest, hu* »he -ene-a' Wei *»f 

trade diin‘ni-*beri fi.inher as 

refl-'r'ed in the tin '"her of 
bar? ■> ins tnnri - “rt a» 4/210 com- 
pared with 4.3S2 on Tuesday. 

rj'l'-e.t-'ed sj'eiir’-’rs \\ ere lin- 
pff^ed by pessimism onn*wrn l *i7 
M'n'-pinm Leotl'pil Pa'e :i"<J 
responded to actual events in the 
shore of lo«cr money market 
rnie% yesierriay. At one stare, 
operators running hear commit- 
ments became distinctly un- 
comfnrtahl" m the shorter end 
of the markr'i. hut oterall gains 
were pared neat'*- to ; with the 
exception of Kv"H.*«»uit lfi per 
cent I«sn. dun to be quoted in 
clean form todav. 

The longer maturities followed 
in the wake of the shorts but 
business, apart from • interest in 
the near-short tap Exchequer 10 
per cent 19S3, was sparse. Never- 
theless, gains of 1 were estab- 
lished and the F.T. Government 
Securities ' index recovered 0 2 
more to R9J23. Corporations were 
neglec'ed and closed with 
scatte f .1 losses extending to {. 

Quieter conditions in the invest- 
ment currency market saw the 
premium drift down to a day's 
low of 78 per cent before rallying 
to 781 following the appearanace 
of institutional buyers and closing 
at 771 per cent for a net rise 
of I. Yesterday's SE conversion 
factor was 0.7:539 f ft 7369). 

In common with the equity 
market, interest in Trade Options 
was minimal and only 407 con- 
tracts were completed compared 
with the previous day's 847. 

Interest in the banking sector 
remained at a low ebb. The major 
clearers drifted to close a shade 
easier, where changed. In Dis- 
counts, Jesse| Toynbee softened 2 
tn fiOp following the uninspiring 
ipicrim statement, while Gerraril 
and National held at l73p in Front 
or today's half-year report. In 
Hire Purchases. London Scottish 
Finance gained 5 to 4Bp and 
LhtvrK and Scottish 2 to 94p. 

Breweries hovered around the 
overnight levels and closed little 
changed following a light busi- 
ness. Distillers moved up to 201 p 
before easing back with the other 
equity leaders to close a penny 
easier on balance at 197p. 

Buildings failed to establish a 
decided trend. Blue Circle eased 
4 id 27 d p, hut BPB Hrmed 5 to 
240p. Richard Costain touched 
242p but ended unchanged on 
balance at 236p. while Taylor 
Woodrow finished just 2 up on 
balance at 40Sp. after 414p. 
Standing a cnuplc of pence easier 
at 258p Immediately before the 
interim announcement. Brown 
and Jackson touched 272p on it 
before closing 8 up on balance 
at 26 tip. Satisfactory raid-terra 
profits and the chairman's opti- 
mism helped UBM add 2 to 75p. 
Rnnibcrgcrs put on 2J more to 
Ain. still hoping for a counter- 
bid from Montague L. Meyer, un- 
rhinged nt Dip. while Press sns- 
grs-fions of a bid prompted in- 
li.-reM in Rnyi-u which firmed a 
penny to 4op. 

1C1 traded narrowly but with 
.in eventual easier bias and lo»t 
4 to ::8K|i. Farm Feed made fur- 
ther progress to Top await inn Hie 
interim statement, bur ended 2 
cheaper on balance at Tftp after 
t!i • new*;. Alginate gave up 3 a! 
245p ahead of todays interim 

Mid. Educational up 

A firm market recently on 
hopes of another bid following 
rejection'? in Pentns and Lonsdale 
Universal, Midland Educational 
jumped 16 to a 1378 peak of 2-JI>n 
in response to the latest offer of 
235!p per share from Aifn-ri 
Prccdv; the latter recoded to 73p 
on the news befnre closing a 
penny dearer on the day at S4p. 
Elsewhere in S lores. Time Pro- 
ducts rose 4 to 2(12p following the 
increased interim profits and pro- 
posed rights issue, while further 
small buying in a thin market 
prompted a rise of 5 more to I32p 
in Moss Bros. Renewed invest- 
ment demand helped Bamberg 
put on 3 to 170p. Favourable 
comment on the excellent interim 
statement helped Marks nmf 
Spencer edge forward to 8Sp 
before a late reaction left the 
dose a penny lower on balance at 
STp. Brlt'sh nome. on the other 
hand, closed 2 dearer at 212;). 

after 214p. following the first-half 1978 peak of lS3p before closing 
results. 4 up 6n balance at 180p. Other 

A.B. Electronic continued firmly miscellaneous Industrial leaders 
in Electricals, rising 4 to 134p for turned easier again on wage 
a two-day gain of 12. GEC con- worries. Glaxo fell S to 56ap and 
trusted with a reaction of 5 to Bcccbam 5 to fiSfip. Elsewhere. 
31Sp. while EMI. 158p. and Rarni .Marshalls Univrrsal rose 5 to 
Electronics, H0p. eased 2 apiece. 140p. after 152p. in response to 
Overseas issues were noteworthy the Interim slatcmeni and pro- 
onlv for a fail of a point to a 197S posed 20 per cent scrip is^ue and 
low of £28’ In Motorola following Mcdminster hardened 2 to 32p fol- 
the third-quarter figures. lowing the higher annual earn- 

Engineering leaders held steady !”",f' ® icardo f r ^ vi y cc1 ^ ^ 
to firm until the latter part of the improvement of 6 to -;--JP and 
day when the tone became Lomtan and Northern in proved 
rfprirtprfiv dull John Rrawn save the latter s interim 

GIW improved to 270p before 'LTbXh 

closing unaltered at 286p. Else- mn ? " 2 - T L' and Broken 

where, investment demand lifted ina 67 °p 

Babcock and Wilcox 6 to 137p, 



while fresh demand for Mining 

In the Leisure sector, continued 
speculative activity prompted a 
gain of 6 in Management Agency 
and Music for a two-day rise of 
Hi to 94-ip. 

The threat of an all-out strike 
by Vauxhall workers tended to 
restrain interest in the Motor 
sectors. Lucas, however, provided 
a bright spot at 3lSp. up 4, but 
Dunlop drifted lower to close 3 
off at 72p. Zenith Carburetter 
fell 3 to 34p on the lower half- 
yearly profits. Among Garages 
and Distributors. II. Perry eased 
3 to I14p, but burers continued to 
show interest in Pennine, 1} 
dearer at I3p. 

A.&C Black put on 16 to 148p. 
after T50p, following news that 
Park Piaeo Investments, a penny 
up at 41 p. hns built up a 10.6 per 
cent stake. Follow iu« Hie interim 
Statement. Webster* Publications 
eased 1) to :yrp. in i\ ! e* - .. .papers. 
United provided the nni.v move- 
ment nf note at Wi>. down 4. 
Leading Properties traded 
the .sex- 
fled lower. 

Supplies, up 5 more 3t 113p, was i d itf , ", ‘J-P - 
accompanied by take-over talk. , ' , - IV 1 ' 

Still reflecting satisfaction with iV. !i * V.' 

‘tip hiir-vf-xrlv n-siil.s Soirav- met prolil-fjLin-. and. at 

Snjcu ’hardened' 2 ?urtlicT lo'iSsp. 

Buver* continued to show interest ' ri " A ■ J* ® a,p of ”! es 

in R Cartwright, which gained 3 

more to 8Up. while similar im- r ‘ nt ^? r !L' 

oriiiements were marked against rfiH *‘t5? r,4 * e ? added - at 40p. 
Brown and 7m», I43p. and n, r f , tp . I r Li 

F.nglish Card Clothing. 0*p. W. A. ^5.^ 4 t0 -»2p foUow *ng a Pre.«s 
Tywfc. pul on 4 to 2«ip in belated Kf"* «» d . Wesjmmster and 
response fo ibe recenl results, but .,o_ • ■ '- a,tlfd :i ani " unJ to 
Birli-Ingfcan. Mini, down 2 at “^' n ^ lo . hl ? . rPl . urn ll , ,° 
t“«i». encnoniered pr-fir-taking _® nd dividend list, 

foupv-mo the useful iranrovement a good market or late 

n-.-er the past Few davs n n Press 'mertment comment, 

mention. C H. Rel'ev. up > a! cheapencd J1 P- 

Oils drift lower 

i„ Inr, ined harder at the start or 

business. Oil leaders drifted back 
1* respnn. e to Press j n extremely quiet trading and 

comm-nt. while renewed simrul:.- Hosed with small losses on 
tjve interest prompted gains or ba j a nce. British Petroleum ended 

iVn ai Pat < 2S« e, l.f 3 feW pf?nr ® chcaper pl M4P. after 
A ^ticjs of 9 , 0p and she,! finished 4 down 

Yorkshire eon..nued firmlv. ri«,ng 570p . after 57lJp Little of 

■I f°t" a two-day improvement of interest ifpi-oimuH in u>Mmitn> 
S to S4p. 

Reed Int below best 

loss of 5 to 12p. 

BLxhopsgate Property, a firm 
market of late, eased 14 to 84 p in 
otherwise little-changed Invest- 
ment Trusts. UiJ. TrusL F'und fell 
30 lo 73op mirroring Wall Street 
and dollar premium influences, 
but a small speculative flurry in a 
restricted market lifted Camellia 
Investments S to 316p. In Finan- 
cials, Dawn ay Day closed withuni 
alteration at 44p. after 45p. 
despite the' sharply increased 

Following Tuesday's improve- 
ment of 7 on- the interim report. 
Furness Withy rose to 24(ip before 
settling * a net S' harder at 243p. 
Elsewhere tn Shippings, small 
buying in restricted markers lifted 
Common Bros. 6 to 166p and Gralg 
7 to 147p. Elsewhere, the an- 
nouncement that preliminary talks 
have begun between Meneyslde 
County Council and Mersey Docks 
and Harbour company about the 
council's decision to acquire 4V0 
acres of disused dockland created 
a fair amount of interest in the 
latter's units which moved up 34 
to a 197S peak of 37tp. 

Occasional movements in the 
Textile sector were mainly to 
higher levels. The subject of 
favourable Pres mention recently, 
David Dixon continued in demand 
and finned 3 more to 113p. 
Illingworth Morris were similarly 
dearer at 34p. while G. Spencer. 
3Sp. and Tricoville, SSp. put on 
2 apiece. 

A reasonably firm market of 
late. Soutb African industrials 
succumbed to political uncer- 
tainty and dol la r-premium influ- 
ences. Greatcrmnwi A slipped 15 
to I3ap. while Tiger Oats. oTftp. 
and OJL Bazaars. 370p. lost 20 
apiece. Aberrant Investments, 
which recently announced capital 
proposals, fell 6 to £9p. 

Golds lose ground 

Concern over the political situ- 

ation in Namibia prompted re- 
newed selling of South African 
Gold shares. Tbis more than off- 
set the continuing buoyancy of 
the bullion price, wbich .was 
finally 50 cents firmer aj'za all- 
time high of 8228.825 per Ouhre-. 

The Gold Mines Index relin- 
quished 4.3 to 151.2— its Fourth 
loss in five trading days and. its 
lowest level since May IS. 

initially, share prices wilted fol- 
lowing sixes ble selling from the 
Cape. Thereafter they Tended to 
drift on Jack of interest until. the 
late rrade when modest American 
buying caused prices to- edge 
above the day's lowest 

Among heavyweight Golds, 
RjindfonlHn dropped £1j to' £30!, 
while losses of i were common 
to Wend Driefontoin and Free 
State Gednld at £214- arid £164 

South African Financials moved 
similarly to Golds. 'Union Corpo- 
ration and Anglo American. Cor- 
poration were both around 12 off 
at 337p and 2S4p respectively, 
while De Beers dropped 6 more 
to 3S6p. 

London-registered Financials 
also lost ground influenced . by 
the downturn in base-metal 
prices. Lasses of 4 were common 
to Rio Tlnto-Zine. 255 p. Gold 
Fields, I74p and Charter Con. 
solid a ted, l4Sp. . . 

Australians continued to reflect 
the weakness in overnight' Sydney 
-and Melbourne markets. The 
Bundle oil shale partners, were 
both marked down; Centra! 
Pacific fell 20 to 430p and 
Southern Pacific 5 to 17Qp> 

On rhe other hand, optimism 
over the Roxby- Downs.: copper/ 
uranium prospect lifted Western 
Mining 4 to 143p. . 

Tins responded to the strength 
of lhe Penang market with Ayer 
Hitam another 15 higher at £35 p 
and Malayan Tin ID up .at '450 p. 

financial times stock WbijcEil; 

— -wn~«Tg*-| “fi- 

B0.»j 69 u6 68J56I; 
iinanl Tl 0.9 7L71'. 7t M ia.rM 


Fixed lnterert.-— ••• 


Opt. Uw. Yiehl..— *■ 
tin ii i it ul l H*V 

Pig tlHttw '"«» , '' T, 

Utr*‘Hi£> - 

Kijiiitv nimmer fin* — - 
iyiuiiy >«m*ii |l ‘ ,utB ■ j 

7.Wl|.:tfLvj 7W 

-,90UF' , -BMp'«y 


_ 14^98^ 16.6121 16.4751 14. liy tS.SI 

10 am 499.8; 11 am 09— NMQ VWX i pm.-OSS- 
2 pm 488-i- 8 pm 487.#. • * 

Latest -Uidcn SW* BSBS- 

• • Based on 52 per eem 

Basis lflO Con. «iea..Jh'U «» ; **-..**! 

Mines i29. j 5. SE Aalvily Julr-Pec.' 1842. •- ■ ; "‘ VS- 

highs and lows 

s.& Acmraf .. 

Uf/S- |Slih-f LonipiWim* 













4U.AP . 


linei lur — . 





16.. + 



1 nil. Onl— — 

It* it) 


U3/3i " 
i i4rO,/7l 


lOxbi-tO i 

(■<,1.1 Jlrau-. 

■ iB.tri 

-3 1» 



tJh. 10.7 ll 

i - 


1 ■ 



DEALING DATES ■ arranged in Eag|lsli P 
First Last Last. For Associated Da ^ 

Deal- Deal- Declare- Settle- Assets, L & J. Hyman, 

Yuas incs Hon ment dated Plantation^ Warranty 

0,1 10 Oct. 23 Jan. 11 Jan. 23 Premier Consolidated OIL? 
Oct! 24 Nov. 6 Jan. 25 Feb. 6 DICCX AND PAffcf 
Nov. 7 Nov. 20 Feb. 8 Eeh.20 

For rate indications see end of YESTERDAY * 
Share Information Service _ : 

Money was given for Lhe call 

In OUer Explorationu Grand Foreign Bands . a r*:- 

lUetropolitaiL Consolidated Gold industrial*- ... - — -aa- .-at 
Fields. Cadbury Schweppes, 9m ' ‘ • I 'S? 

Spiders, HAT Group. Tesco, ' 

English Property and ‘Ferranti. A Mines - •' - 

put was done in Marks and R«mt 1 ™ et **: '" 

Spencer, while^ doubles were Tout* 



reflneteri sa'i'-faction with the 
pr-liminarv r^nlls. 

Few significant movements 

interest developed in secondary 
issues, but ocens’nnal small buy- 
ing lifted Hunting Petroleum 5 
to 9Sp. 

A Press suggestion that the Still reflecHng disappointment 
groun's Canadian Paper business with the terms of the sale of the 
is likely to be sold off by rhe company's sugar interests to the 
end nf rhe yen*- bunved Reed National Fir; ;ur Company. Jamaica 
Internationa! which touched a Sugar eased a penny for a two-da v 

The following securitm ouotetf in the 
Share iniOMnation Service Testerdar 
attained new High* and Lows lor 1978. 



N.Z. Aoc T8-78 

BANKS l2t 

Brown Shipley _ono. 4 Scot. Fin. 

BEERS til 

Irish Distillers 


Brawn S Jackson Rovto 
Fin Ian (John) 


Farm reed 


Midland Educational Helene of London 
Bambers 12 pc Cny Pri. 

A.B. Electronic . 3c«tnorpe 
Babcock S Wilcox Mining Supplies 

Boulton (Win.) Tvzack <W. A.I 

Brown & Ta«ne Victor Prods. 

Cartwnght rR.i Wheway Watson 

English Card Clothing 

FOODS (21 

Baileys ol York-iiire Pyk' rw. J.i. 


Aronson (A.) Rrnl Ehxutwe 

Bodycote Inti. R-wrt International 

Forh-r gili a. Harvey Uniile* 

Med minster 

Black iA. C.i 


Chao man (Balhami. rrtdant 
East Lina. Pauer 


Control Securities unrv Prao. 

Country & N. Town Jermyti Inv. 

Dares Ests. Stock Conversion 

Ests. A Agency • W-stmmster Country 

Mer&ev Dock Un.t, 


Dixon (David) 


Camellia Invs. 

OIL- (1) 

Hunting Pet. 

MINES (1) 

Houflkong Tin 



B’ham 9‘-.oc 79-81 Glasgow 9 Uoc '80-82 
SIC 12':0C -B2 




Motorola . ' 

Weeks Assoc 

I NDUSTftl AL5-(1) 

Haitlmeic Com 



. . _ TRUSTS Cl) 

Icofnnd f£1l . 


Western Areas Wankle Colliery 

| UpLilier. 





1 CUnillf 






1 liter 



i ilfer 






. 93 








. 3 



93 J 


— . 


- 40 


C»m Cmon 







■■■ — * 

i.- it...i 







, — * 

1 ..ns finlii 







I.MlIS (■•ll'l 







. . ^ 

i. ...irlHiil.l. 






— . 

_« _ 









- ». ’ — ■■■■ 




- 20 

- 7i* 














• • — 




- He 





(•mud Met 



•' 6 ' 




I., mud Urt. 


■ _ 




: • ' _ ■ 

-isayj • 

It. 1 








- 430 


- 10 



; " ;V- 

Mark* A .S|s 


1.7 ' 


- 18 




Mari." A 




■•a . 

• — • 


Marks 2 sp. 





29' . 

. BTI* 

-• i— - 

— » w .* 






. — 











' 1.- 





8 ' 





Tula Is 



... r . 

1 - V 

i Nnrenilier . | 

FnhruKryr • j : ■ "Slay '*■ 

* % 




7i s 



. s . •• • -4 

.16, '{ ' "22 ‘ 

M — •/ 





6i s 













■ - 3--; c3S fi 

:• * — 7 

• .199; 


T.i'tul* | 






.' •14 13/ 

L .J 


■ - 

Thp tabm shuvs rh. pi.T.vnijcu 
sectiuns ol Un.' I i' Aciuiiries Share Indices. Jl also 

Engineering Contraciors - 

Mining Finance 


Median. cal Engineering 

Gosd Mines FT 

canllal Goods Croup 

Overseas Traders 

Newspapers and Publishing 

Electronics, Radio and TV 


Packaging and Paper 

CoiisuniiT 'Jowls i Durable! 

Toys and Gomes 

W res and Spirits 

Oiltcc Equipment 

Contracting and Construct ton 

Melons and Distributors 

Building Materials 

Industrial Group 

;7im Share I tide.' 


retire Croups 


Food Retailing 

tr’iieh iiaw lasrn pi., L - Uvsx , tuL..r tiu. IS.*;, in Uie principal equity 
tuiiialiia lb.* '.inid Mill' s liners. 

t.'. ai 

All-Share lad.-* .. 
Inv lament Trusts 

+ E74 
+ 5.. -3 




Denomina- of 
Lion murks 

price tp) 

on day 

— : +17.65 

salt — ^ 1A./4 

>:oi turner C1r»>ds i Non-Dnrahlt- 1 Group 


+ 432 

1 Shell Transri-jn .. 

, De Beers Df'ii. .. 
Hf\ &: Sh'^iini Bk. 

!ia .. . 














- 4 

- 6 


+ a.u 

— 4 

i Bgbt'ock & Wilcox 

1 Beecham 



4- a 
— 5 



Phartna'cuiical Products .- 

Housrho’d Goods 

+ J58 

+ 1.27 



+ 9.21 
+ 94» 
+ B.CS 
+ 845 
■+■ S Cl 
+ 8.20 
+ T42 
+■ T.S7 


Insurance Erobcrs .... 

Merchants Bants 

Barks Clmim 

Insurance (L'fc) 


C'snnsni Heines . 

Insurance (Composite) 

- 0J9 

- L» 

- 2)9 


- a.&j 

- m 

- 7.M 

- f 47 

; Murks & Sncnccr 

! P.ATs Drfd 

’• Bu relays Bunk ... 

' Hunli 


i Grand ?.lct 

Turner & W,! 

' Pr.-nvnusv oas-'J on Tuesday. 0<.:«>hrr 17. i?rs 















- 3 

- 1 
- 1 






































These indices are the joint compilation of the Financial limes; the Insfttnie4f Actnaric 

and the Faculty of Actuaries . - -r-.r. 

■ 1 - i ■ ■ -*■4- ■•“S , S'-'- 'liniM ., IIS 1 '.-il' : O 

Idl I.I -til ..... !*4. Il V II 370 |-5 . 1 1 

I I 'A'|illi| r^J| i Ul r l>" Sii I'niit ... 4 3 11*1.1. il 

j '« 'l l i» ||. M. • A .v'l-I -.1. lei | 

I 1 * '• ; - ; lEL- ( l.V U'ylit « i r .. 118 1—2 

■ llnli-l.l .n..'mHi..Sro '5i35 --L IS | ..Ti. •. a,, 
ui. \ „ 370 |^5 > «n. /*■! 1 1.! 


\ B.t*l 3.G " 
i ^.3' 9.0' 
. 9.9 

; - i*-9i 

> I 


7,000 sq.ft, of offices 
at 27 Throgmorton Street 

Chartered Surveyors 

33 King Street, tofidon EC2V SEE Tel: 01-606 4060 

■V- y-- -v>^ 

.' -V 1 •’ * - 



33 Rail Mail l.cnr.Jon $WiY =MF M 01*930 9731 





■_-««* I ; 


' ! 


: ml 

: t . 


i - i.j 

. -i ■, '-vL'un. I'ri I id). 

iuagl i“ I IV«..i«.iis- Hri. isrd | ii 

|‘ J «| iDiJi-'ri* 

r l; iuag !*■ I - - .. , ... 

| l.'lZJ tlO lft I Hal ma 11; Cura. Pnef. | I00|. 

I ^ i. hi ^ u«i-i Anin.ilinm li c Lit . Lii. ...IJLU1 

- ! :ki> ii «i- • i <•'*!*- hr* , M .j 98i|! 

26.' 10 E26pm£t3pn», 1'iuv. Lauudries 12S Cnr. _.-*14i.m : 

. - | I., .i J.iuinviM 1.4^ ■•■>». uii-. t.._ fll0 

• ’0 | 7 f-iin-n -rh IU« i ij •, Kr . >^i | , 

17/111 105 I 103 :Virtnr f'niiK 11% Cum. Htl» j lOfip 

“ - - " 9)(‘ 

+ Jig 
1 — R 

1. tWSli KUIjIW-i Ik-ii W*I«I li I*ri-I IV.V. 


1 —in- 1 : — 

l* rl, v: = ; 
!•: : 



UaU 1 

® [ " 

ttrre 1 

— — — [ muck 

fllf;b [ p Ia'W | 

C lociug 

+ or 

; 1 l .1 . 

is -Is i lO 


->■ lAanniMiii im-._ 



30p Nil 

- ! - XMl'iiri- A Maih-Iev 

i3 [ n'in 

iB . i r.1 . 

;••.». H 


+ 1 

idO F.P. 


ifjQ Bvi»Kiin.i 



?: 1 r -''- 



v iil'nukw(M"t Hi"1cr 


44 1 F 

y yi 10.-1 


1 .tint Pli J't! nl mi; 


U • K.P. 

18- 10- 1U is 


1 J 1 ; viniiKf 

15l s 

+ 's 

lid : r.. 


ioo ! t'.l’. 

JSki iOa-'idl 


+ 4 

; 100 1 t.f. 

o iL'f a ll 


UM J i mint Uit 'man ir ii if* Cnr. Ln’+ril* 


?? i 

o.10:10 IJ 


eo [Hnuiimi liiiuii. TT . 1 .. r „„ 

S3 1 


re : m. 


-4 i tint ih . 9t'rvit!ea...» 

Ill r.t*. 

10' tfrkiinii'k H.aritnpv 


/• ) F.l*. 



j mnTsi \jci ifHlw....... 

W « 

+ l a 







K. I’. 



u>- i 

j — ! w ■ I db'|Hltj 

' d9^'j7.lw 
o il, 3>l4 
da SI drill 
* io - » . 

Z7 10, lift!, 

Si !l«i.l ll.iliamt Iniiu 

rimi! L’buuhi <W.L.i 

J UJ4 I 


Wed., Oct 18, 1878 

■ -17 











UKUin & bunmTiuNs 











f* * 

Figures In paranthoses shuw number of 


Vidil a. 








stocks per section 

; No. 




at 33% 



. N'a 

















Building Materials (27) 












Contracting. Construction ■'2937 - 









Elcc-rricaLs ( 14) 















Engineering Con tract or»( 14t.... 






Mechanical Eng ineeringi.72 >..... 












Metals and Metal Formingilfi).. 










■ w. ; 













LL Electronics, Radio, TV 1 16>.. 








Household < kx>ds ( 12i 














1 " 


Motors and Distributors i25) 


3211 n? 





( 1 172) ..._ 






Wines and Spirits iffi.. 



15 33 


Entertainment, Catering iXTi 










Food Manufacturing I I9i 











Food Retailing ilHi 












Newspapers, Publishing 



i ' - 






Stores 1 40 1 

283 90 

—0 8 

\ • 


i ■ 















Toys and Carnes (6) 

OTHER GROUPS l99».... 

Z93 36 



20 30 









Chemicals ( 19) 

!• • 


Pharmaceutical Products (7) 












2 ».9T 


Office EouiDmentifii . 








ShinpinK (10) 














Miscellaneous (57i 













Oils (51 




















_ . 



163 08 





Bankst 6) 












Hire Purchase (5) 






















Insurance (Life) (10) 

Insurance (Composite) (7) 





i ■' 



Insurance Brokers (10) 














Merchant Banks (14»...... 





Property (31)...: 

















Investment Trusts i50) 

















Mininc Finance (4i .. 













. • 


Overseas Traders (191. ... 












' +■ 

lihlih-r iJi-«tili>ni 

■ta 'IJclinlliv Klilliuwr. 

Bri IKii-nnlit Kng. 


k...|34i3nm!+4is j 



British Government 

Wed., • 


Dqy's ! 
chan ft* 1 
% " 

Rd adj. 

xd adj. 

to date 


Under S ywirs rwi 






5-15 years. 
















5 ! 

All stocks. „ _ 




9 55 

...f 386 1+8 ! 

— 37I = '+|lj; 

i|ni. Vnr«L'n^-n i lly jijji 1 4- 1 5 I 


Br GovL At. Cross Red 




Tucs-r - ' 


l 7 -r- 









23 yearn. 

UQ 9 .' 





5 years. 



1226 “ 

1246 . 


25 year*. 







5 years. 

15 years <™m.. 
25 years." 




■lZ 3 r 

53 . 05 '. 

: 1305 : 1 ; 



-' 1180 - 



I ‘ 

. Rrnohdaii'in date. iMiany Ip^t day rnr dralhiR free of sump duty, b Ptenwv 
L ,,: l ,r,, -*«1u» c^finiate. a v-MitnPd dividend Hud ylekL a PnreuU dividend: 
» .siPiMfKVNf- wars „r„, ■■ Dividend und vii*M baaed mi iH-uapmi»> 

?T, n, ™- T "Wnal till male- l*ir toip g Growi. i KiMiiri-a a -.-v lined * fjirrer ttllnw> 
• J».r .rf ..harei no: nm» ranitins mr mmduttd or <*s«nKlrtM nnW b.r rirtrlrred 

't 3' r ' p» "ihwwtee imUrated. S liumrd 

. 2 . n ' vr , ’Iiinerod li> tmldiTs «,i nrdnury aluir«<i aa « • ‘ riBHu ” n tHvuod 
.. »'a -'i eawtalu'iira ;t H.-inirntinrod. i'i I a :*npd in cnnnreilnp with rofiraafn-j 
.rr n* tuke-nver. |.; In-rnaurinm ri I" ,,| i*d W inrmpr praicrrew frtd«rs 
HroriUon*! or partly-paid aUamtem l«iera 

, dm. 

1 *? tor fuliy-Daidj. 

1 * who warraaih. 

WbL. Oct. 18 





.oh. ; 
1 16 





; Thur#. 







• • %. -n 

‘sum. -i 

Oct- -. 

• 9 - - 

>'.i ! 

% ■ 



30-yr. Red. Deb & Loans (35) | 

-56.66 ! 

1 113.10 



S'? -25 




7 -”r • 

3170 j. 


I a vestment Trust Prefs. (35) i 





61.3 8 





Coral, and IndL Prefs. (20).! 






| 71.63 





i*”?- fnW •** P«*hHitKr».. O* ntamdx Tiro**. ; dr^ckon v 

London. EW is”, price up, w PPM *p. - U . 

■J* Vr M-. 

i-t l 

— 7. 



k>-.- ■£•*■ *•-•••- .. «**•?* ■>»' ' 

Financial Times Thursdav October 19 197? 



■Atey Unit TsL Tfngn. Ltd 4a) 

‘^■SO.tJtfeh'HlwIWL Avlesbury. 

A Wjfa Capital 


Abbey inv Tat Fa. 

Abbey C<m- Tsi ...... ft?* 

Eqiucu Pro*. T»t (tst 




F rumllngten Unit Kgt. Ltd. far 

02963941 5T |r»limjyiif(l rCW^PK OM«nm| 
*OJi 4 20 -Vwnraj!.- ;(5 |« b | 

j 57V L«pna: frt. ", 


423 l.-r.-troi-Tj' r :]g|t 



Ini r„r., L i, Td_ 

iU' ^Cniw 

Allied Baubro Group? laiigi ." 

H a jS'2 n ?. r ' c - Wo'um. nrwitktrtoj. h'rv-:. ■ 
PI AHiSSL or Brentwood iD+rr, 

Bobured Foods . 

•U9.0 137 £ 

Friend** PtofiJi. Unit Tr. Mgrs.? 
Puhare Ltd. tirtrit.ntf 


2 on 

^ui«n« __ . ;hl7 

Fn*rfu»M s^rof. 
Dr- te+ian . 




!ad«t. Fund 

Cnh it inr. 

Kind. & fad. De« 

* . Allied Capital . .. 

■ HwnbroFund 
•■ HambroArr Ftf..,. 
Income Funds 

■ #^~i? 

InliTuOmal Furidc 

Intrrr^mcnal (272 

Pacific Fund 

S*».i Of America ...(542 
U.S A. Exompt A 
5* Spcclallu Fonda 
■i 'JSmallnrCo. B Fd__|39 9 
2nd SmJr. r* s FA . v) 5 
Bnccierj Sila . _ im 3 
K«. Min. * r d>>' .. «3 2 
Owfaeas BormnRs 60 4 
Bxpc. Smlr. Cos 

5 07 
4 6? 
0 46 

n 5j -n.lj 
71.1 HJ.q 

41.3 I 

3fi3n +c:» 

76 is -ffl.J __ 
1IB5 *041 -5.13 
134 *.-]>) 4 79 

79.1} *4 1| 7.95 
73 7a -02j 673 
■!3«+0:] 6 IS 

05 3 

.1.566 676} 

4.9*! ...j 397 


C-T, Unit Managers Lid? 

Hi Finah^o C:rr ii'.KC=U?DD 


.i‘np Inr 







3 -5S 

T«r Fd i.n 




I'.i ft lilt, . 


l»q .... 


.J^pati A ra 


99 7ri -.._.J 


. «Vni.Ex J'q 




far ■ >'jr,d 
l-'oair VlfcJ-(l 

1:64 j 


2 4C 

G. & A. Trust 

5. Tcisylf. -h HI Brr nfi wjJ 
C-*. A. - . [344 

3671*011 «J2 

Csrtnorc Fend Manager* ¥ I'aMfi) 

42.71 -C a 433 -2.Sl.i0ajyA.'<\f.r3AaFP. 

S3<W . J 449 ■r.'AErr.cJRTic 277 
1804 *-0 6, 4 75 Bniish liJ.-Ari 1 .rfftl 
46 ?! -0.T| 4.96 * "twdi | .■ Share ,.*7« 3 
64«-t03j 449 F.mrjInr.aiwT^.. *60 
25C2«» +031 466 ■a.carEjitfTriia.. «1 
. . Ir,ioRH/T>l . 55.3 

Anderson Unit Trust Managers Lid. lanwn* fond — m 

aBsss^Br-kw ... ?f« i «es?Kf l tor 

6-nabaeher Unit Mgmt. Co. Ltd. 
t Noblest, ECSVTJA. . .1MC3<3TH 

jit. Monthly Fund. (175 J85J . ..| 9 29 

Irbuthuot Securities Ltd. unci 

If. Queen ». London EC4R lUV Ol S3* liil 

v .i\\A 

Csrra Income Fd- (1112 
llsh Inc. Fund. _. 42 E 
Arcun UsiUi... 59 7 
Ji% Wdral L'ui 571 
'ndervncnFund... SI 
Arrum. I'nitai ... 34 9 

. 'apllal Fund 20 8 

2munadiiyFuad... Ml 

10% VVdnrt.lT.* .... 162 

•mAProo-Fd- 17 8 

■lanlaFonri 31.0 . 

tecum, imul 07 0 

■I'fMh Fund. 36J 

Uruml'niui- . . 43 5 

I mall rr Co's Fd 29 B 

■ .astern* fail. Fd.. 274 
, ptv WdrwLlilt.i 21.0 

l ,ir.l» "WWLUM.I 21.0 

* O. LordBnFd. M3 

■ .Amer.tlni-Fd. Mil 

119.61 +0 ? 

46 , 
M 3! 

6i a 

?7 a 





1 *»a 



32 a 





*0 1, 




r .en 




*i!n U Tr: 'Arc:. !jJ6 

(iibbs lAnlwyl Unit Tst. Mrs. Ltd. 
a. Frpdenrk'-Fl. Old JrvT?. EC2. 01-38841 1 1 
•a'4 1, I ■Home*. . i4?6 4$rM . .'. J 90 

• n‘A( I .Dtinilht*_ MS 4 43 

Udli Far Fart- )2h0 28 

Dealmi; ’lues, tin 

Gcvett <Joha(V 
TT. Losdnn Wall. 01-583 seMj 

S1ilr.tJn.Ji... 114:3 132Aj .. . ( 

Do Aetna I wit . }<741 2jj3fl J 328 

Neil ilr.ilinff jfay Cm:'. 20. 

CriwesoB 3Janagemeni Ce. Ltd. 

r^ilrc.iurtfd-. F/^2P2DS. 

431 BnmnMon ll ‘i Ifl. (?1B4 
f.tcsum. )cs 7 

24S ninr.H.Vd0.t. U .■'.35 9 
JA5 lAccutn. linilx:.. _. (223.9 

J » EzOtjj licl .7 (238 4 

l ( Arrum UdiUJ 240 6 

j.B7 tirocfcstr Urt 13 . ,99 4 

f-2f i.Arttm L-r.iL-') !l032 

t-ff La tkBnJi Oct. IS. 72.3 
1GB 'Accuo-’-niis,.. ..J76 l1 

LW.¥ Save & Prosper- routi nurd 
III -Ji76Kn ScolhitK Securitirs !.td.P 

Mitisirr Fond Manager* Lid. 

Sl- l «.|ln t ;.irtfc 1 . r SLW.M. ..lOlrfa Et*” 1 , , 0r * CO ‘ 

, 222.F'vhiHr.Ralc.t t a 

-.lir.-iPlikt, in .. |M9 40 9j . } 640 Frublir l.fatb . .B79 94 W -0 71 5« sHuW- __ u» : 

f,.-mH«6i a Uoos 1M5.4 | 536 I'isbiaruim;.. _ .p*5J U4 7l+o«! 7 13 ,~Z ImI 

l Bi * **** M*«nnt. Lid- Prndi. Portfolio Mngrt- LttLy iaHT»Me» ^' (fVrrh-e " fc 

VJ Mol hum tor-. F, IN 2NM E*. Ybl ♦ .. Jjn5 

M,'.;. ‘ 1 i71i Fni.U'Btral (13)6 Ht0f««i|4» — - 

Horray Johnstone I’.T. Mgnt.V lai ...„ _ . _ 

l |p H|[ii|>'Mio4 i i.|a.j,n«'ii;il | || misuWl VOiUff IqWISfifOWnl t.O. 111“ 

Koru|i'.iii 1828 3821 . I 292 T'lrfuLV-'v'lsuir’i'. I'CIS lW liliUHIl™ 

l'"«(iu.‘ l>» KruLjv Quadra nr 1 ^-n 6<l .1111 2 115 9id ..I JJ9 

Mutual 1 '-s* 7V.,« .-U— «<u»1r4nilBc«w.. 1134.7 13011 .... ( 7M 

•W9T /■ r; 

277 S ’ t '*j 
190 9- 

3 47 
b 9*> 
2 04 

Target Tst. M-rs 

l’j -Alliol 


i.'w oilandi lawhi 

"I. h'tin ,r«: %UHiCr 2 A^»i-r r_ivl.-,7b4 78 4= -0 o‘ 101 

T.c.^Tln.U" 455 ; 5J9, (fu'i.iiw: 6.1 '60 7 MS' -5V. 36& 

T'rirt'-. *rpt- 27 \v t 

Sehl«Jngcr Tra« Mngrs. Lid. ia»7i 

141 fuaulh Street. IWl'iit ", tnii.MUAI 

6 31 Trades t ninn Unit Tsi. .Hanagersy 

(On 'Aium! sire**!. K 1 2 >«!rC9»i|| 

TLIT.s’g -51 2 K5r! . : 526 

Unit Trust aianagenV (sKgi 

• "irii., is Ue.LTjR7nu. 

MLIU.d.v-r, Ml,: B2.5 % 

Aibiujl li.i Td fill 763; 

M»|u.,| nine 1 hij, 1442 47 

Mtini'il 1 In*, Ylrt_ IblO ^53 

Naliooal and CVunmercul 
H “41 An-lr.-u s' l(Ua m. EdlnhurvhitJI.-iAOl'il 
Mu mm, tin 13 .1614 1674J-18J SM 

•.Vcisn. l.intj., . . pi 2 229* -i « 5M 

• npt iQi , is (i294 13«fl-26 387 

153.6 164 4 -33 307 

.in F.i'liipl 
\ni liromn 

Ftrmjs lliM'h YId... 
K\< trjn Mki Idrs . 
ktlfj Inr T*-t 

122 5 
- . 1280 




n]«»i4am KeljantT Unit Mgrs. UlLV 

Rc ]( mrt n-^.Tunhnilce W«*)N. Ki. 0802 2227 1 Um^mslMst ' . .. (C ? 

nppiriunU! Kd. I70J 75.4) .1 547 i„. -MPa M'drn |. — 31 ? 

KclMifc'T . \r, v . kl 49* +0 .1 5 50 inn l Cmuth - ■ SO S 

SM lurch.* 7 Jr.p, . .|44J 47.4^ *0.l| 558 1,1, Tn l-nil. - -271 

Ridgefield Management Ud. '»» 

.UMu Knnieriy si . Mjachwier Ml ekkci I’rcf 4 ■ :,M Tnil- 23.1 

KidRoncldlni. IT. 1101.0 - 10a0l . . ..( 2 53 I.Tnp-rj5 Shwin 

Rldvencld I nenme T97 104 0} j 904 jywljd^iL g6 

RMhXhiJd Asset Management (gi i k. unii'iud _..|2B2 

National Provident Inv. Mngrs. Lld-V wm iSoirwun Rd . Ajlcihury 

23 7jq -0 •; 
*■> 2 ^ 5. 
.’7 5; ->:i 
=8 5 *0 1' 
33 3l -5 2| 

JC B) • 71 


45 * 

34 7. 

M ! -Ob! 
21 |l 

■ n ll 


7 38 
4 06 





""sra *:ie»>.-Ar t .55 5 

35 4* la M • Vcum L su». f77 3 

M7 5? >l-»l»«wir* 17 Is?’ 

317 *r, I •'ctufftL'niL i... A0 1 

. 71 A *n 1| 5 75 Vuii «Sm.i ,i.-i 17 fs'Jfi 


Trannalianiir and Gen. xvs l’o.V 
U' ■'ei \ < ’Ji I jf .1. >u f t .1 1 l.|.|fn J..r<t V24.'< SI4>| 

iL,n<i, an •« 1 is 179 e 

■.v.i um lj!!'. |J232 

l 5!W *' F>f4.3* J4.27 1*9 
hn -lri i«.i ).- 
1 cm S'lul* . 

'■•■Imi.'/n 1.’. 

• ., . iirr. I •,i:l... 

■ 1 1 1 

■A' ■ ui:. ['mi: 1 
JW ■ 11 

31 S 
1171 6 
■loi 6 
;5i 9 
f 54J 
55 5 

■ hun-bSLECapjllH 


M i .EouiiyFttad.. (172J 
S'l' F.iU3rJleiT^L UU 
N 1 L lucuice Fond . 1545 
N.r. inti. Fit line #5 6 
N.C Inti Mi.-UrWT 
NC-Smllr Co>i. VdJl5Al 

Mil j. Llenr> Schroder Wagg i fo. Lid.* 1 v^-w* ''nu - 

1 39. rbeu j»u rle. R Ca 

r.i^i.i'Kt 17. 


, T7 (Arrum 1 — — 

i2? i.ln'Uin UaiM 1 — 

National WemnlpslaV ui 
ifii./Virw*. i-.j'sv «el’. ni-enti ami 

• ■ Aniiai 

Lalr-.i | n .' . .. 

FtSlIK „|l 

iiiiwth inv 

lrw.rr*. . . 

Portia ill/. III, | r 

t’n,\i.-i ^,1 1 ■! •■) 

67 2 

75 0 

■eD J 







40 0»i 




+0 4 



-0 5 







■ '■Pncrrflnri. IB — 

■.Vruin UiiiHi ; 

Korope CUT. S . — 
(Arrum. t'luts'.^.. 

38 D 
sat, 4 


113 4' . 

^O9oj : 

3!0d . 
V15 5l -7 
36 2,1 
<10 4 
18b V 


2 33 
6 79 
2 85 
4 24 

Vin"ll< <irl |T. 

V-irc Virdit il 
, \o urn L'nili > _ 
v ii kr 1 *r». 12 

1 I'VBni I'l.ili' . 

V. id- [11 i,rl. Ill 

Iv A, ■ um. . . 

■73 7 
«7 5 
63 2 
75 B 
■S3 ~ 

lUrthscbild 3t Lowndes VtgnR. <«| 

SL Swlthm* Imp. Ldn.. EC4 01-IC8433G 

.Vmn.EM-mK ..[£1290 1372h0 -4 £r| 357 

Pnci~ m October 18. Nest dcalinf: November -spprF\ Ort iu. 

15. • *RtTf,.lTV Scpc 10 . 

IS SeoUi^F^tS^F^'S. Ud.y 

, jj 2H>ti. AndrcuiSn . Brtinl>or:i, •(.« 1 -f-iij ■>■■'■ I 
395 Income Unit- ..--|504 «2i<t . j 5 01 
7 2B Arrum. l-rlK (59J 63 1.J 5 Cl 

7 2B dealing, dnj' We«liie-.n:iv 

3 49 Sebag Unit Tst. Managers Ltd.* 131 

*** Mono* 51 1. BckJtfTj*. ■“ I 24 r»llrSi.CilWwrsh. 

Keb^c; Cj|i,uvl FA. [Ml 36 7ut,a;i 3 93 ru ‘ J * , - ni ' ,,, ■ 'ft -!J»* 
-T...J32D 33 Sc) -rO jJ " 

K5J ....I 
131 O' . j 

577; . 

lUSb . .■ 

2J9M ! 

172 7j . | 

5E7rf! -nt! 

62*' -Ci *•( 


7 6 9} 

54 bl 

52 3 

66 6i j 

47W -1 5| 
50 o! -1 ?| 
669. . 

80 3* . 

763 . 

87 <1 . 

'.‘Hr Gale I3-.4! . riaJwjrj'iij , RT5 
Artn-ntian ftti. 12.. 

SeruriUe-.Ori 17 

lliah YM O'L U.. . 
a Arrum Unltni. ... 

Royal Tst. Can. Fd. Mgrs. Ltd. 


01-69 R2S2 

NEL Trubt Manflgflftt LLd.y faHgi 
Mitmn • >oirt. Ttortun*:. Nurrev. AD) I Meriin »JcL l"i " 

NH-inr . |623 655o5 *0 II 481 « Arran* C’nitaa. 

Nel.-.wili|.nli>i . 150.8 534x1*02] 7.S8 

Norwich I'nioa Insurance Group lb) M 
K •> L Nomch.NRt me oaasssoo SmSSph wt r 

UrnUTaT.JFrf. . (371 4 3909} +1 U 5 00 faSInf VM _ J704 

Pearl Trust Managers Ltd. (aHgHr) r«c« nt on. jl. nm dealtni; o-L ?1 
32 High Ibrfiaarn. WCIVTCR oi<4as8Mi Save & Prosper Group 

2J-5 a*3 -i J 9 73 4. nmd SL Helen.’. Loedot, JMP 3EP 

Si a/IZI IS.^ IS w -' nl ©“ev" s '- Edfahurgh EH2 4NT 

MB 4"^ D=^ini» to: 4U-5T- tWW or 03l-2» TBX 

(47 6 51 3 *o 2< 4.78 Save &- Prosper Securities Ltd.y 

Pelican Units Admin. Ltd. igHx) loinaatiMUt FUndr 
W F.ninUiinSi .Manchester 061-2365005 d«4J»tri 1373 

Tyndall Managers Ltd.y 

16 ronvner Read Urlsiol. 
lT.-unv.Krl 18 . 11020 1082.-2? 

• \«tiiiti i-tiii- . 1196-5 2DP0 -JO] 

CjpvUltVl 1« ... IU’. 5 1384 -4 4 

■ -.. (1364 195B - , 

Evrmol.iA.-L . I:i3 6 1194 -Id 

. \-runi imi.-t 1614 164 5 —2 *1 

Ini Earn avl.ld ..!?M.9 2526-54 

■ umm Umo'. _(2E18 2980 -64 

Pre: *arl is .106 4 1128 *1 4| 

■ A'.vtim 1- niL i . .134 4 142Aj -4 4| 

5 JC 
3 51 
3 5) 
7 SI 

4 03 
12 23 

ScIvb! Income Fd- 


Nn4 Cap a let J? 
■ Anum l.'inLia 

Peart (Jrrru-il] Fd, 
At rum I'iiiIj: 
Vcorl \nv 
rear! C'nil T.vr 
(Arrum. ■ 

rrhuay-Fund... JEB4 94 8| _ X 55 2 
Pncea at Ocl 12. Next sab. diy ficL 1& 

orctays Unicom Ltdy fa.'fcKg) 
nlrorn Po. 252 Romford Rd. E7. 01-524 55M 

aieorn America... 132.6 

i. A ust. Arc Kq 

vAuit Inc. J59 3 

vTapilal [CB6 

I Rxemnf Tst [U5 3 

P. „ ■ Eicira Income -H7 7 
-.L, Qa^FfaMca i 

>. Genera! _I_.(33 0 
i. Growth Arc.— |43J 

> Income Ta mi 

oTSl A’ni. T»l.. 1477 

35 21-061 123 
8ZU-0S lJtt 
M T\ -f ’Si is 
7ai| -0.1 4.53 

320 d *0 5 4.99 
20*3 40.11 351 
cBSl *0jl 480 
as fii *G Ji 5 BP. 
3573 -b.l 522 
46f*fll 393 
,?63*d£j 576 
JSSJI .. 1 4J3 


_i_-, ,r- ; , ^ , Guardian Royal Er. Unit Mgrs. Ltd. 

,a,lc ' For.H EC3P3DN. AME880]| 

.HiChHolborn.UCK 7NT. 0l-*n| ROZ /asiCnanlMH Tsl_.(95 J «L7| .. .4. 4J0 

Uendersen Adminstratinay (aNOtg) 

TYrroic.- i.*T Admin.. 6 iiavUich Hoad, Hutb'4,.1 

Mnnmnf. Fswa. S2TI-1T122B 

V.SL Fowls 

CcfeM k.vo(cr> _ „ M3 4 
C(p.Gw«,|(i[cL .tea 
uup Grovib Arc.. . |4V-b 

Income 4 A'AtfJ .134 9 

KlSh focumc I'cnH 
Hicli Inriitnn . _ ..iU.1 
uaTjo: Er'r.i Inc. .. . <60.4 

C abotPrcf Av.vli ] 

tftVTBr remit 
Vininnal* »TU_. [26 4 
Oil Sr NaL fUrx (M2 


Caboi _(ci 1 

intematimsl m 8 

tlUtlfiavUrl IX... .1773 
Overseas Foods 

Aii.-arsJiaa .. |W8 

Euranenn. _ ... ra b 

For East— -.,9BB 

N. Am.. .3R9 

Cabot Am. S31 (E3-1 

Dmqt Faults 

Japan Excmrt 110) (t 

N AmExp:. Oct. M. |l28 * 

shopsgate Progressive Mgtni. Co.y R»u Ststnel Last Tst. Mgrs.t U> 
iSv^LlP^H-q 0l 5aa^K! 4J Brecb fA . EC2P 2L.V 0142380)1 

1 Dis.*^ept JC”p34 6 249 

atelntOct 19.. HB3A 195. 

stun j Oct 17 (203.8 216 

Ne*a sub. day -Oct. 31 

fdge Fund MamgenV (aRc) 

A Keg la House. Km C William SI. EC4E 

Pelic-m I'iuk.. . (Sas 954d( >021 488 

Perpetual Unit Trust Mngmt.y fat 

4B non Si. Henley on Thame*. M012I3NS 

FpcIU-dOptah . .1440 4721 J 332 

Piccadilly Unit Trust (aHhi 
Antoni GiMn Pull Treat nanaganv Ud. 

3. iredcncl i PLkv. U|a| Jewry. EC2R BHT>. 
01-500 4111 




"■ Mens BL Sept, ah Next sub. din firt. 31 
• Rowht.. . 462 49 « *0.3! 5j49 

.TrarteeFund- UH X29g+flJ 4% 

.WTdwide. Tsi. — SL6 55 a -0M J 12 

hUu-FcUdc 64. B 67^+01 489 

. .A crujn. — . — 74.1 489 

ding Brothers it Co. IMLW ftdts) 

Lcndmhofl SL. HC J. 01-588283) 

aMooTsL.... ( 197. S ....[ 3(8 

.Tccum --..-1^7.8 2478. ...j 3.93 

Next sub. daj- October 25. 

Extra In, nun-.. _ 

; Snxiii<-,.vF>l .. 

■ Capilal Fund .. .. 
J Int F.rr,-. * Avuib 
■7-Q| Krtv-Hle 7 unid. 

Ml 1 Acrumlir Fund . 

i Tevhiwdovv Fund 
Zil For Kua 1M 
8J8 1 Aiucrtcan Funil . 











to 4 



36 7 




7J 9 


6 32 








3 jn 44, PTiKmu-hurj .Sq.WCIASRA 
X54 i i .1)55.4 165 Jo< -321 4 IB 

Arran. UnlU .-.1224 1 23a« -4-3 4lB 

Increasing income Fm*d 

Hfah-yidtJ (56.0 

KlCb locator Fo«dv ' 

HiRh Return |693 

Income... |43 7 

IUK. Fends 

UK Cquliy 1450 

Owqnt fueWtl 

Europe .(918 

JonerT-. . hofiS 

S-E Aa»Ci»lA-Fd--|465 

L’.S (71 1 . . 

■iniiud launch nnul Ocl 23. 
Sector Kufii 

('ommodUy 1786 8451 -0AI 

Enrrw - • ‘ .. -Ml 7o51 -0 « 

Financial Sees.. (719 77 3] -05[ 

01-4B38893 HJgh-Mle 




tondwi Mill Group 
■ •lapnal I'rovstb 
1 Arrum 
Evlrolna- <lrmvfla 
tvi Ai-i-um 
I Iiu.nnal r*r rl> 

I*o Arrum 
IliClWnc. r-nonlv. 
iulororfiiuiul .. . . 
.Special Siu. . . 












4B3( -*02| 

355 Security Selection Ltd- 
758 IS 10. UnriaJn'x Ion Fkd'J -., Wt- 1 hi K:l 4ur.t) 

CnvlGthTil ,\cr — P4 8 2441 .1 2*4 

I 'ni-J <Rh Tst lie. — [22 fi 250|.. j £44 

Stewart Unit Tst. Managers Ltd. i a ) 

45. cbarlallc Sq .Edinbar^h. 031-2^3271 

Wnirt lanMn Fund 

SUuuhnlllnlU W.6 7191 

Acram l'mt% (728 77 51 

Withdrawal i'ull* -p4 0 575, 

2-24 - Stewart Brillsb CBnlUt Fund 

382 Standard -JM0 7 151ll-z;l 

234 Arrum. Uaiw ~Ot37 1785 -zJ 

neulln^ tTnes. It Fri •«,,! 

7-12 Sun .Ullauce Fund Mngl. Lid. 

SunARijiH-e Hue, Horiham. MtllUUI 

613 ExnEq Tst Grill— U237.1 244 61 I 3.86 

4.16 TThe Fumi (yFd- -UW4 108 9} *6 a| 1 S3 

Target Tst Mngrs. LttLP iaKg» 

4.93 31. Crcsaaro Si . ETC nraliu'.«3$r0ii Ulster BankV lai 

Tarcr4i.dinmudiiy.)38 7 -I) 

17? 0 

48 2 
16 5 


if? 8 

0315=5 MQ8 
77881-2?] 897 
W9J ~t 3 527 
130 bj -5 0 1 527 

”1 , 
42 9| *0.2l 

5) eJ *0 

*0 1 - 



9 57 

4 66 

7 50 

TSB Unit Trosts tyi 

St.CKuliy Way. Andover . 'ImiUL C261G218R 

raecllnc-. by 03W 60520 

1 - (465 
|S9 3 

a I..TS8 General - 

■ hi Do Arrum.. 

• b> TAH lnnar.K .. All 
il*, I*o Avriam... .. jvS 8 
TbBSconivh. . .. 37 2 

■ hath* Ucuru...- |941 

4981 *02, 
64 0 -cQ2 
67 2 *D5 
70 0 *05 
9za -42 
1004 -cu? 




2 04 

rbiBrtttsfaTnis!- . 

erican 6 <3cu4-|2fc.4 


ACCt :a& 

S ft! 


lug Turn. rw«t yrtroiK 
1W1I *u. 


■'n'Capi lei Tru/a 
lb' Financial Trust. 

'b-laenmrTriial . 
ib*b>«r>iriry Tntsl .- 
ib'HiCh Yicld-TM... 

IntcL9 ia«g* 


9781 j 688 

Bey. Fond Managers Lid. (aKK) 

=5 UUJtSr. ECZV8IE 01 <007070 

fiW 16 rbriaopber Street 
inlcLlnv. Ftpd ....(90 0 

En«S On. Key Energy ln-Pa.|326 
Key EquiiyiGej* . 735 

, , „ *KeyE.i«np:Pil_d75Z 

tan iiia Trust Management (iHg) X*> inco mu Fomtr Es o 
mden Wall Buildings. London Wall KcyFixedim-Fd-lfcfl.6 


**- - — 

ital Acc 

3D* fad 


J4« — _ 

nc tal Secs.— 



,. -. * * -ri7 ■*-!* Shares^ 

L iNDH&ee 

i American.. ..(283 
' 1 Change.".'!' . 

Klein wnt Benson Unit Managergy 
SO.FnicfaincliSLRCJL OTdffl800(ij 

iCB. Unit Fd. Inc. .. m.1 ^ 

♦K.H UnhFd Ar _ 1 . 

K.S.Fdlnv Tst*. — (593 
KB«1 h7jk»m- ..(59 9 
KB SmCotFtLAcr. W96 
Kipp YldJVL. !nc..„«6.9 
High Tltf. Fd-Acc_,|46.9 

? 72 I* & C Unit Trust Management Lid.? 

3.7* The Slock Bchanae. EC2N 1HP. 013KB 2800 

ZiClnr Fd -II45.9 .. 1505] ; 637 

UCinU6GcnFd.Il062 1095] IS 

Lawsen Secs. L+d.y faKc> 

37. Quern'* Sr. London EC4R1BT 01-2383281 

Energy — (34 0 

British life Office Ltd.? (a) . 

Hse . Tunbridge Wells. Ki 0SP2 2=271 
rituhLifc. 1525 555rf*0 4| 559 

«~d§J Mr.J» 

Prices QcL 18 hiert dealing Ocl 25. 
.en Shipley & Co. Ltd.y 

*Raw Malerials — \ 
Ib Arcum IfaiL-.* 
■Orowib Fund.. 1 
■(Ac-'um Lhaisi.. . 
ttOill a^d Warrant. 
iAmcricwiFd. _ - 
S Arc tun . 

-High Vield 
"lAena Flnlim -| 

43 +0.3] 



250 -1.4| 
2fc£ -3.4 

Deal. *K<m. 'Tuts. riWrd. tThors. 
legal Sc Ouerai Tyndall Fnody 








10 to 

a. Founder; a. ETC PI^008320 tC7=32241 

nils CVt 17. 

r Hw.17 

j!C Trusts taj 
lqal UBJ 

S Arrum. MB. 4 

Inepme—.. 079 
'faciBBe [305 

ds LUe Unit Tst. Mngrs. Ltd-V 
Sb 51. Poaers Bar. Herts. P.Bar5ll2= 

TeuBisL (39.7 41.8 _...J 433 

ra Arcmn— .1496 5154... .] 438 

it But. (338 35*rf f 76? 

,-*-A wma 1*5.4 4781 —..l 7.62 

i (James! Mngt Ud.*? 

1.0 ■■ .i 

November 16 



id Broad SL.ET2N1BV 
BL IfiS.S 

lAcccm UniiK., — ]j 
Next KUa. 

Lecnlce Adudidstraftoa Ltd. 

2. Duke Si , London WIMBIF. 014B35B0] 

LmD^ .. .f8? J S64(-n*[ 4 SB 

Lea Arrum 189.9 9» 6( -0 il 415 

Uoyds Bk. Unit TeL Mngrs. Ltd.<? (a) 

FegirtrsT’s DepL.' Coring- td-Sca. 

Worthing, Weal Susairr.. . 014133 1380 



V.’raMwrrde iiWlh. . 

I*u. lAccumi^ 

Income ... 

Da 1 A crum , 

Extra Income 


Lloyd's Life Unit Tst. Mngrs. Ui 
9289. GaLebauae Kd.. Aylcsbur?. tCSBOAil 

niAPSBDIO F*iaiiy Arrum. I77.9f-Z7| 3.7S 

Select J nlcrnaL .—. I 
SoleriJocanie ... I 

313 Target Financial - U2 

IS TunKtEquiW 38.9 

LS4 Tarce* Ex. Ocl ig.. 2157 
053 ODu.Avr. L'nllx . 29=9 
Target Ci It Fund ... U65 
Tarn* limwlh . .. »1 
323 Tartu Paririt Fd.. 17.9 
L75 IV* Hrinv L'alL. JL1 

32b Taipei Inr J34 , 

Tgi_*PrOcl 18 ... 1 02 

TcL Inc 30 1 

186 TfLPref 133 

7J* Tkl Special Sus. [2L2 

Wnnnj; Hmt Balia- 1 
itaA'Mcr Qrmtili. 1389 

41.81+0 31 5D9 

666 Unit Trust Account & MgmL Ltd. 

464 Kins William m E<'4lt!)AR 
FnjmvHse Fund . '1670 


r 1 **. -locum 


Wider Growth Fund 

Kinp Willi amM. EC*R 9.\R 
Inromr Hnns J32.6 

176 M 


-40 6 

01^53 45«t 
.. { 439 
.... 439 

...I 439 

Alexander Fund 

.17 tui- .‘.'rdri li.mii-. I '1 .■■nil.iHir ; 

VJwiMdcr Funal I 31 >723 ■ - (, CO] _ 

.'*■«.-! ilM'l > ."alllv- III Inher IK 

Alien Ktrvey & Boss Inv. SIrI. iC.I.i 
I ' lunnf'llhl.W IlflUT. )-•■ I‘I. iVi^-TTITlI 
AlilCliiilKdc E-VI (QO 09 10 L3J | U.97 

Arhuthnot Securities iC.l.l Limited 
I’ 1 * H-j4=W.Si.l!i-l(i-r Jc:-*c» OSW7ZI7T 
Cjp.Tsi.JvrM-.. ■ 1117 0 T?101 1 413 

rti-al-ji-.r alaio airkn-w =4 
lira I Et-rr. Tsi |9g 1001 | JZ«J0 

NlSI da-ainiil iIjIc iJi IiiKi r S>. 

Ka-J Alnli Tsj.n'1- [i)5 122id . . ( 3S7 

Ncvt rfa-.illUi.' iJhi? I'pfnhrr 3F, 

Australian Selepiion Fund NV 

Murk, ’ i',-<|r.. ■ ,1 1 nr-li Vivng Sc 

•■ulhuaiir- 1=7 K*-nt . J!>J;ii" 

1 25! Shan-' I 5I S158 ] . | _ 

Ni-M arid value (Ninhi.-r u. 

Bonk <rf America International S_A. 

55 llpulcipnl l(o>ul. Luxl-idOou rf K 1> 
Wldiir.evl Ineoiiu- 111 '115 « !U£I I 7 11 
Pn(W at ‘.tel 1=. Next saih djli- Ocl 16 

Ran quo Bruxelles Lambert 

? Rue lie la Rcgerce B U*Xi HriiuvU 
11-nlaFurull.F. . ]19=3 19871 *Sj 776 

Barcl^vs Unicom lot. iCh. ls.i Ltd. 

I.f'kann(('ms9l llc-li-r.Jrfv. 017)4 7=741 
1 hrrvji Irvcome . .|4b 9 49 31 . I 1210 

l niilnllar Trust . . (sT'KIW Uai-M 
Cnilip.-id Trurt .. .|‘.1:>1U9I IC75] 

Km.TPlev :,\n/n. I.litc [.Id.- 
Silv unwr Tciiilil .V'rtvMnm l.!4- 
and uiidrr t.'hpdlrrx S4 

King & Shaxson Mgr?. 

1 Channel' rule. El llclir-r Jrr-,- ,ITVL1 "73741 
Vnllcy H** .si IM-r iv-rl. iJrn."'. a(HflIa247f« 
I Thuma-.S:rep; Jiiui t -la5.1 » M i06=4a-H*fi 

Gill Fund -J 'T-O r iriw s 86.-0 Ofl 1225 
GiUTniMiLaU.>. U936 1063t i 12J5 

Gill Fnd. 'LieniiJ*av!9 23 9 74*tj-fl 01] 13 25 

[nil f.ort Sees. Tu 

KlrviSivrliBu; JE27 UI 38041 .1 — 

First Ind I«>MS3 1«95( .. . ] — 

KleinVa'ort Benson Limited 

=0. Fciiriiurrti SI . F.C3 W+123K*00. 

Kunmi-i I.UV. F 1.168 300 

■ lui-rnsa-j lt:r 69.0 73 4 . 4 1 8 

l.'n Arrum. . BS 1 101 4 IB 

GUFartAMFit . IIS13W .... 145 

KSinll Fund . . SL'SUSO LB6 

KDJananFund 5VS«.W 858 

KRISGwihFd SCS13D4 069 

Surnrt ttennuda SCS5J9 . . 3.64 

-L'nifr-nds -nM. J20 10 20 ZtH -1 0| 8 02 

-KB s-1 as London paying a^vnls onl> . 

LJoj-ds Bk, CC.I.) U,T Mgrs. 

P0 Box 135. Si llelicr XcTMr, 053-127561 
Ut>yd£ Trt O'veav |60 8 M 0oj | 1 21 
Next drilling dale .November 15. 

_ Lloyds Bank IntL Geneva. 

1.70 PC>. Boat 4=8 1211 ijeno-ia 11 iSmi.'prland' 
8M LlovdK faf Crmh |4F3WM i»I]-oiq 170 
F2S600 30730 -2 iFMH 30759]-= 50] 650 

Barclays Unicorn InL if. O. Mam Ltd- 
1 Thomas S* . Dniiclu* l«*M. i)d=44B50 M Se G Group 

1 ’niitin Au*4. E-.i 
l\i AD.-4 Mm 
4»o (.nr Fa r ilir 
Patlnil Inroroo 
Do. I or Man T 4 
lu> Manx Mutual 

(I? 6 



57 6 
37 2j . . 
72 S -7 1 

42 W -11 j| 

59 3 

=95^ *11^ 






Three Quavf.Tcmrrli III F' 3n 6P'J ni4C645B8 

Atlantic Ott 17 
Ausi La. r >cl. 1H 
GId ExAcr (iri ID 

lAccuin I'niisi. .. . 

51S320 . _ 

il !^J1 J BS1-0J1. 

S' SU94 lLITa-Oifl] - 
[1347 144 94 -01 

199 0 208 7l -0 

93 « 


Bishopsgate Conrawdiiy Ser. Lid. 
i-o box cz. Dmiftiav 1 c m. utCM-33011 Samuel Montagu Ijdn. Agts. 

.iRJMAC'Ufl. =■ . KISS-T as 

I.ANHHO— OCL1.-1C189* 1 

CU l' NT -Ort. 2 . ltZ«65 2 61- 
iiri(urtuj)> ihsuard ul 'SIA ani 

_ 1 14. Old Broad St.Fl Jf 

2 01 

XI 00. 

Bridge Management Lid. 

V i>. Bex SOB. Grand i.'aj-man. ■/av-nian ]r. 
VbaifiiOrL?.. . . I VI 7.876 | . . ( — 

rj ja.Ca Bun 590. Mane Knnu 
Nippon Fd. Oci.lS..iSt£li0 236l[-0 E)| 070 

Britannia Tst. Mngxnt. iCI) Ltd. 

00 Both Si .Si. Heller. Jersey. 05M731I4 

Slcriing Prunmlmlrri fds. 

ApoJIr. F<i Carl 
Janfevi on. ig 
1 1. Ijt-nuf. l ie; 4. 
llTJrrariVi 4 
JITJsjrij'aOrl. 11 

H-F45 00 
si 711 n 



01-588 W« 

— 0 2t: 





Groulh Inie-si _ - 
infal Fd .. . .. 

jcrv.-> EnercxTst 
Vrnvsl STyf-Sfa. . 

High favS-.lR.Ta 
I'i Dollar Deaaauiiauad Fd*. 

I* nival I Tsi . _.[Jl S5i3 .5 93] 

1 DO 


Murray, Johnstone dnv. Advinerl 

163. Hope KI..G Lor m* CC 4412=156=1 

■Hope Si Fd . .J SLS42J3 J . i — 

•Murray Fund . .[ SUS12 42 | J — 

NAV Ocfaber 15. 

Negit SA. 

14a Boulevard Ho>-a1, l+ixembouri: 

NAV Oct. J3 ( SL-S22.09 ( | — 

\cgit Lid. 

Bank of Bermuda Rldg*. Ha mi lion. Srmdc. 
NAV Ocl 6. ..117.03 — ].. ..] — 

JnLHiRhinL T.4. .. (897 1.0o| . ] 900 

Value Ocl 13. Novi dcallnc On 3X 

Brown Shipley Tst, Co. Ijerscyi Ltd. Phoenix International 

Si Peicr Pan. GueTt,fo>'. 

Arrum. L'ruu-. 


Aobey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. Loudon Indemnity & Gal. Ins. Co. Ltd. Save A- Prosper Groan? 

F35LPiul6Vhuivh>ani.&'4. 01-3UBI11 Vincula Haose. Tower PX.EC3. 014208031 1830. The Forhury, Res dine »^5!1. ^ ^ 

Gtk.Prop.OcLa — [73 5 8f2t 1 — llonr ^Mm yer^ . 9 37 6j —0 2] — 

Fined faUSV« IpS.O - 37!^ 

Equin Fund (37 8 39flj 

Equfty Arc [325 343 

Pwpcrti- Fd. 157 9 

Property Arc. .. .1160 2 1687 

Selecme Fond 955 98.5 

Convent hie Fund [1332 1403 

VMoocv Fund. . . 11238 130.4 

WW Fd. Scr 4 ..133 3 132.3 

9MQn.Fd.Scr.4_ .\13L6 1*3.6 

•Equity Fd Ser 4 _ 36 3 38 3 

•Ctmv. F4. Scr. 4. .113 8 1398 

O&fonej- Fd. Scr 4 l uiA U7.7| 

Prices al Ocl. 17. Valuation normally' Tuev 
Albany Life Co. Ltd. 

4. Gl Si Helen u. Lsdn. Ei^P SET 01-534 

Eagle Star Insor/Hidland Assnr. 

l.TbreadnccdlcSi.. EC2. 01-5881=12 Tite London & Manchester Ass. Gp ? 

^ Eadc/Mid. UniW_J59.9 _ 56.9] +0J| 5.95 

“ Equity Sr Low Life Ass. Soc. Ltd.? 

Amentum Road. High Wj combo 04M 3S377 OEsjaTTav *Tsl 

51. Old Burii nylon St- W I. 

VEquItv Fd Arc.. . 

^xedlnL Arc. . 

ltd. Monei FdAc 
. OlLllaiLFO 4<in 
yProoFtLArc . . 

TirpJeliiv.Acc. • • 

Equity Pra.Fd.Acc. 

F'vcri L Pen Arc. . 
yWJGm Pra.Arc. 

MlMn PnF'flAcc 
OronPonAcc . 
a rpIolo yJcnArc . 

A3D3V Life Assurance Ltd.? 
Alma Hue. Alma Rd.. Reigato. 

Equity Fd.... 

PropCTty FA 

Fixed Interest P. .. 
GtA Deposit FA .... 





(202.0 21? « 

1416 149 JJ 

U60 122.0 

U4.6 120.6 

U0 5 mi 


173.4 1825 

2412 2532 

1E0 2 U96 


1311 139.1 

122J3 123.7 

1263 132.91 

214.4 225 6 

01-117588= MuwdftT. .TJlllO. 

Wlnslodr Part. Reefer. 
Cap irnratk Fund. | 

6 Flex. Exempt Fd-1 
♦Exenml Prop FA 
♦ExpTTnv Tst. Fd) 

Flexible Eund 

lav Trusl Fund. 

Property Fund . ,_.| 
Old Deposit FA — 

246 7 
84 8 

0=92 52155 

BaJ. Inv. Fd .. 
Gil, Fd.. 
rvpoilt Fdt 
'.'camp Petti FA1 . 
Equity Pens. Fd.... 
PropPent Fd 
Gilt Pens Fd 
riepos.Pcnt FA» 

1-70 9 

Prlre* on OctPber 10. 
TlVcekly dealingi. 

General Portfolio Life In*. C. Ltd.? 
00 Bartholomew Ci. Wallbmn Cross. WXS1971 

Portion 0 Fund __ | ig».9 J .1 — 

Portfolio Capitol |422 444) . _ 

ML- G Group? 

Three Qugs. Tower Hill EC3R 6CQ. 

Schroder Life Group? 
Emerpnae KnuM-. Porumcaiilh. 

239 6 

AmcncanFdJBA*. ,IS1 8 

Coov Deposit* U99 

Equity Bond" M5.7 

Ex.VieldFd.BA*. - 179 

Family TWO” 1701 

Family ffl -9*5-' 1999 

2 Prince of Wales RA. B ‘mouth. 0200 787855 (fflfg 

— Gresham Life Am. Soc. Ltd. 


AMEV |W FA . _ 

tfydPen. B 

Pick, plan 

AKEV/Ftamllarfm, „ 

Amen can ^ .. . .... 19L6 _ 

Inrotae ; — 102. 

Lot. Growth — ■ ■ — ]g>4 . 98 . 

Far Arrow Lite Asnrutr see 
P rav ideo ra Capitol Life Assurance 
Barclays life Assnr. Co. Ltd. 

=52 Romford 3A.E.7. 

Bare lay bonds • 11289 

Kmuty — fat 

i?X a’aah Fund 

RcigatcWlOl. Gl.faU.Fund 1 1345 

— ‘ CX.Ppty, Fund 

InternalnLBoad**. 1082 

Japan FA BA*. 115 

Manacod BA— 1488 

Pars. Pena on ■**. 252^ 

Property BA**_„ 165. L 
Her oven FA Bd,-_ »8J 


t-dS - 










Equity | 

Equiiy4 .._. 

FLwofnL 4 

Managed 4 

Money 4 

. . _ . . 
Property 4 . . 

K & S Govt Sees. 4. 
3 S Pen Cap B . . . 
B.S. Pen Arc 8 . 

Mnwi. Pen. Acc B 
F. loL Pen. Cap. R| 

Prices ot) *Oct. 18. "Oct 12. —Ocl. 

— F. InV Pen Aro B 97.1 

— Money Pen. Cap B 969 

— Money Pen Arc B.. 9S4 

Prop Pen Cap R .. 1025 
• - uni 


Z2S 1 
135 5 


123 6 
135 7 

Growth * Sec. Life Ass. Soc. Ltd.? 

Weir Bank. Bray -on- Thames, Berks. 062&362M Merchant Investors Assurance? 

ffia Jllj Z LoonH*e.2S3HiBl«St,CroyAoA 018860171 
^LLH -£j — .nStai 

Prop. Pen. ACC. B- 

.Scottish Widows' Group 





2 M2 








P ra. Box 5fO. SI. HeJilT. Jcrec- 0534 74T77. 
Sterling Bond Fd . |£9 90 9 94I...JU8S 

Butterfield Management Co. Ltd. 

P.O. Box 105. Hamilinn. Bermuda 

Buttress Equity (5i:s?44 2^7] I 1.53 

fintirau Ipccmr. .|Sl‘Fl«3 2051 .] 7*7 

Prices ai Ocl 9. sub A ay Nov. A 

Capdirex SA 

pilBox 17a. Geneva. Ifaqcinu* 01-60670701 

Fr>n sole* (FriLMr 14771 .. J 11 

Bondsr-lcs. |PnUhM 12US] .._.J — 

Capital International S.A. 

3T rue Nntrc-DasK. Luxembourg. 

Capital InL FiinA «| SL-51946 ] — 

Central Assets Management Ltd. 

PC Bmt 98. a. H el, er. Jewry. < Enq 01 4067070). 
Crcl .vsseis Cap... .(03704 137.Mj+C.0^ — 

PO Box 1 
liner Doi lar Fund. IS2.44 

2 6 fl 

Krysclcx Japan. ...]Q4.76 

Charterhouse Japhet 

1. Paternoster Row. EC4 




Fondix . _. .. 

EmpercrFund.. . 


Clive Investments iJerseyi Ltd. 

P.O. Bax 320. Sv Heller. Jersey. 053437301. 

Clive Gill Fd .C I.i. 19.78 9.811 J 11.00 

•riivcGIh FAiJay j.|9.71 9.74| .| 1100 

Combit] Ins. (Guernsey) Ltd. 

P 0 Box 157. St. Peter Pori. Guernsey 
faroL ilx-i. FA . ..._ ]177A 1925] | — 

Della Group 

P 0 Box 3012, Nassau. Bahom-is. 

Della Inv. Ocv 10 . ]SeS12I 233] 4 — 

Deotscher Investment-Trust 
Poofocb =635 Biebereaue 6-10 6000 Frankfurt. 

Concern™ |[aMZ124 225M-0jq — 

_ InL Renlcnlonds.. .|Di!67.70 69»| .....} — 

| Dreyfus Intercontinental Inv. Fd. 
V.O Box N3712. Nassau. Bahama*. 

Quest Fund Mngnrnl. » jersey l Ltd. 
P.O. Box 11M. Si Hdicr. Jena-.-. 0534 2744 1 , 
QueM Stic FxAlnv |8S 8 90 0 *43.11 12.00 

Uuexi Inti Secs 51 'SUS OTW-fJIM 3.00 
Quest InaBdL. . |Sl'Sl9U 9JM 

Price ai Dcl Id. .N'crt dealing ocl 25. 

Richmond Life Ass. Ltd. 

40. Alhol Street, DougUs. LO.M WS423DI4 

<x>The Silver TruxL|113.8 U66j *0.b] - 

Richmond Gd BA .119-2 12551 -0.2 1002 

Da Platinum BA - 1155.0 167.4] +11 — 

Do DuUDDSdBA. .(92.0 100 « .. - . 

Do. Em. 07 0= BA.. .[163.6 172 j| +05j 11.62 

RothsehfJd Asset Management (C.I > 

P O.Box 58. Sv Julians Ct. Gucrnoey. 0481 =ffi31 

O C.Eq.Fr. SepvSB. 
OC lnc.Fd Ocv 2. . 

1)1-248 S00B 0 CJnG FAt 

OC SmCoFdScplSg 
O.C Commodity'. . 
0.C Dlr.CoOKItv t. 






58 bai 

Prices on *>CL 11 Next desllRR Ocl 

4 07 

t Prices Pa Ocl 9 Next dealing OcL 23. 

Rothschild Asset Mngt. (Bermuda) 
PO. Box 094. Bk of Bermuda R!tt. Bermuda. 
Reserve .4 ucu FdJSl'54 W Mil] . | _ 
Prio.- on Ocl. idT Next dealing Oct 17. 

Royal Trust (CD Fd. MgL Ltd. 

PO Box 1M. Royal Ta Hse. Jersey. 0534 =7441 

RT.lnfI.FA . ...|S!S9» 10.491 f 300 

fLTJncr U»- -Fd }B»0 950( . . .| 321 

Prices al Ocv IT Next dealing Ocv 24. 

Save & Prosper International ■ 
Dealing to: 

3T Brood SI .SL Hdier. Jersey 0534-20501 

VS. Danapdmnnlmted Frink. 

PO Box 90S. Edinburgh EHiB5Bti 031-655 E00« A VOcV 10 (SI-SUB Z7J1] 

LmvdbankScsL ActhlB.1 
G. i S. SuperFA _T1 C7.9B 

Sfl J M & G Group? (yWcMz) 

88*| ... ] 733 

te» Da OR. IB. TScxt dealing No-.-. 1. - 

id Unit FA, Mgrs. Ltd.? <allc) Anenccn 

Bit House. NnroastJe-upoo -Tyne 21185 

d M« 71. M -0 2] 3B5 

wa I'nlk .. (85.4 87M -0 2/ J.« 

4|J^ -05] ? « 

rroM.rpJU._l5S 4 57.91 -0 6| 8.42 

■ Xert deaiiQP <uif November 1. . - 

ttles Official Invest. Fd* ci^S 00 — 

riJmWaH. EC=N LDB. 01-388JRI5 i Accum. t'nru' 

>AnBna J5-I14217 — j....] 628 European 

.-n Aagori 15..P76.66 — ] . .. ] — < Accum I'uits. 

.tutlL Only available to Reg- Charities. Exlraiielil 

.harterbottse Japhet see James Finlay Far Eastern -- .. .. 
Rain Trust Managers Ltd.? (arid F^dSu,“&C 
cSt. EC2M4TP. . • ri-2B3=»2 lAccuro I'niisi - 

Trii-Mr Cluv,*. Tou-a.'T A,H. FXSR 67-Q flieSB 4S88 
See also Stoc^^chanGc^I^all^ii. 


Austral on an 

(Accum. Knits;... . 


lAcrtun. LnJisi 

Compound Grovrth „ 
Conversion GroirtbjMJ 


■fiao III 224 

ncow M3 0 

ad<Hu! , £at-..WiSJS 
-Rearro. T«(=75 
. GnwtkTs... (23.9 

ederathm Funds Mgt, Ud.? is) 
>nee>T l^ne, wc=a ike di- 342 nsas 

.bFimd (461 484) .. ..] 396 

npoltem Fond Managers. 

-.ilSUIKL London SW1JCDEJ. o; =35K525. 

-.»KaB JU i3« 

ftWWd Unit Tst Mgrs. Ltd.. 
awBoc—... 150 8 

. American 600 


General . . 

(Ac cue llnitii.... 

High Income 

(Accum. Units* 

Japan, — . -™- 
i Accum L-nH*i _... 


'Arcu/n vfaitaa ... 
Kidinnd ... ..... 
i Accum Vfll'ii - .. . 

Recovery .... — 

* Arrum Ifallsi 


i Accum (,'niau.. -■ 
SmallcrCOA. ... 


Specialised Funds 

01-8M93C: Trusted ... -11565 


31 -L7| 

57 9 -1 O' 
sa a -j a 
85S +8.71 
93!« +0H 



1275 6 

s 1 

]V3 0 
123 7 
224 8 














148 M 

3 M 


190 2 

+e n 

+8 4 

-0 J, 







-0 3 
— 0 7 
+« li 
+0 1 , 


-0 3 , 


165 ltd *02 

SJ~J = 


lAceunt Upiiri 30 3 

Chanfcond Ocv 17... I 1086 

Clunfl Ocl. 17 (1552 1575 

(\rcura. l-oilsi. J?5 7 348 W 
Peas. Fa- Ocv 16. .11484 3566] 


• ?ctrt Unit Tst. Mgrs. Ltd. tatlgt 

.tbaCns. Edinburgh 3. 03i =84831 (HmaUfe MaRgemeat Ltd. 

«W.Fd_^.B5J 273( -0.S L» 

•s- apa dH . in 

IS Mas'fipwer Maaaenneat Co. Ltd. 




5 £J 
0 10 
2 10 

3 1.03 

G ill-weed . 

Pronerty—— — - (1099 

Intern aUonal (BJ 

Managed KlZJ 

Mutter B06J 

HanFealAeroaL . tunjj 

Dd. InlUflJ (982 

Cdl EdgpeuAcc. -|99.8 

Do initial — 192 7 

Koo-Tj- Penn. Acc. _. [332. 7 

Do. Initial 198.7 . 

■Current unit* value iictobcr IT. 
Beehive Life Assor. Co. Ltd.? 

71. Lombard SC. ECS. 

Elk.Hone.Uct3. -( 13370 | ...„J — 

Canada Life Assurance Co. 

=6 Htsb st_ P«tt» Bar. HctVs. PJfar 51128 
FqtrJthFdOrt-2 — | 633 

Rcira.FeASept.7.| 1261 
Cannon Assurance ltd.? 

Property Pcav__ „ 

Equity.: , 

Equity item ,. 

Guardian Keyal Exchange • 

Royal Exchange. E.C3 01-2817707 Deposit 

Property Boods.....]U7.6 195.4! J . — DeposnPtaia 


Hambrp Life Assurance Limited? iffilffi.ff? 1 *' — 

,'«T TOldParfiUnc.Liauhio.Wl 01-4090031 latLMaaagcA 

135 71 -1.4 
IM4 --- 
134 J -01] — 
98.3 -12f - 
2183 -OjJ' 
3056 .. 

107 2 .. 

133.4 - 
aa9 . 

971 .. 

1085 .. 


Fixed fat Dry — _ 

Equily .... 


Managed Cap 

Managed Acc 

Overseas - 

Gib Edged 

American Acc. _ 
PcaJMDcfvCap ... 
Peu F J XHtg-Acc. . 

Pen. Prop, up 

Pen.Prop.Acc. . . . 

Pen. Man. Cap 

Pea. U an. Aec 

Pea GihEdgCnp _ 


Pen. B.S. Acc 

Pen. D-A.F Can — 
Pen. DJUF. Acc 










it®. 7 


, -Mi 





Jnv Pl>. Series 2 .. 

lir.i Cash Ocv 13 

Ex lit Ace. Oct. 4- - 
Ex lit Inc Ocl 4.. 



MRd- Pen. OcL 1 1 _ p77 6 277. .... 

Solar Life Assurance Limited 
10/32 Ely Place London E.C3N ATT 0I2421SQ5 

NEL Pensions Ltd. 

VlltR, Court. Ooriu nt Surrey. 

_ Nelex Efl Cap 

Notes Eq. Accum.. 

_ Neier Money Cap . 
Melee Mon Acc 

__ NeJrxGth facAce 
= NHMxd.Fd.Cap... 


22fif+0fl[ - 

Next Sub. da>- October 

__ Solw Managed S . 

SoiarPropertvS .— 

SolarEqulns .... 

Solar Pxd lot. Si... . 
Solar C^S. „ .. 
Solar loti S. . ... 
Solar M.i nag tdP.. 
Sol ar Properly P. .. 
Solar Equity p . .. 
Sala.-Fxd.lnvP.. . 
Solar Ca-vh p. ... . , 
Solar fall. P_ .. ._ . 






99 0 



fi72 9 




1=1 = 

Henris of Oak Benefit Society 
15-17, Tarutock Place. WC1H9SM 01-1 

Sun Alliance fnnd KangoL Ltd. 

- Sun Alliance House. Horsham. UW3C4I41 

Ejcp FcLfaUXl 11 . IU532 16151 1 — 

NPI Pensions Management Ltd. Im - B « L ° C1 n — mx ' ■* “ 

48 Gracechurrh si. EC3P3HH. O34C3 4200 Sun Alliance Linked Life In& Ltd. 

ManmedPund Jip2 163 7J .... | _ Sun Alliance House. Hnrsbaro 0403W14I 
Pnccs Oct. 2 Next dealing Nuv. 1. KqiroyFund .... (I3J.7 

New Zealand Ins. Co. (U.K.) Ltd.? Property Fund .. 

MaKland Houno. Southend SSI 3JS 07TCKS55 InfaraBljanal Fd 

1 . illympic wy„ Wenblcy HA90NB 010028878 Beam of Oak 137.2 

Equity Ifaita (07.92 — 

Properly Units. — £10 43 
Equity BandfExec . £1191 
Prop_Bood/Exer. ..0370 
BoLSdJExac/OnJt. 0353 
Deposit Bond 1129 

Equity Acroov- 186 

Property Accum... U3 24 
Mnpd. Accum. __ 1.6ft* 

ScdEquily 97.9 

=nH Properly.. W75 

2nd Han3ged>— .. 190J 

farlDcTNMil 9tl 

=odGlll 982 

"nd American B8A 

2 nd Ea PcnsJAce. . 101. l 
2ndProJtens7Ace. .. 1125 
2nd Sled. PensJAcc 1040 
2nd flfpPoiMta J0L5 
2nd G,h 7 
li ndAa Peaa.'Acc. (99.9 

L4EJ1P. ...BU 


f orrvnl value Oct 17. 
Capital Life Assnrance? 
Cnnbaon House; Chapel Ash Wlon 

Kry Invert FU ( 30903 | 

Parcmakcrlnv Fd J 207.41 I 
Charter!, nose Magna Gil? 

39L3J-...I - 

. rnn . Kiwi Key Inv. Plan 
■ 5099 Small Co’s Fd. 

Technology Fd... 
Extra fad’d — . 

Hill Samuel Life Assnr. Ltd.? fSImf d^ZZl 

NLA Twr-AddiscombeRd, Cray. 010864355 GUI n^ed Fd 

-0.4 - 


ft Property UH is — 161.2 169.3 
Property Series A .. 1B.1 1107 

Managed Units 178.7 179.7 -10] 

Managed Senes A.. 190.7 . 1060 -OiJ _ 

Managed Series C . 972. 102.4 -0 « _ 

Money Units 122 5 129.0 *JJ7j - 

Mooes Series A... . 98.9 104.lj +0.l| 

nxerifaVScr A. _ 92.4 97 3 

Senes A. ... 965 1015 

Fns. MaoettriCap. 1469 1517 

Pm. Managed Acc. 155 fc lia s 

PmCIcedCap-.. 1068 11Z4 

Fro CtecdL Acc._ Sw 119.9 

Perm E»jnayCa|»_ 1072 112.4 

Fens. EquUy Acc._ 108.8 U4.6 

FniJxifaLCap.. .960 10r 

Fas-FxiLInLAcc 974 lfl£_ 

Pena Prop Cap — 964 1015 

Jtens. Prop. Arc. — 97.9 ]03.ft 

Imperial Life Ass. Co. of Canada 

Imperial Rouse. Guildford. 71=55 

Crt Fd.OeL 13_.. — (77.6 B4.J j — 

Con. Deposit Fd 




118 7 

~~ 0 

Deposit Fund _ 
Managed Fund 






MAS +15. 
310 « +0 4i 
109.g -0 3 
119 6) *0 4 

Son Life of Canada fUJL) Lid. 

2. 3. 4. Ccackrnu r Si. SVV] V CB H 01-930 5J0C| 

MupleUGrth. j 214 2 | | ■ 

Maple Lf-Mansd. 135 9 I . .. - 

Alopfe LL Ego • • 134 1 (...{- 

PersnJ.Pn FL._. 2115 

Norwich Union Insurance Group? 
po Box 4. Norwich NRI3NG. 0606=300 Target Life .Assurance Co. Ltd. 
Managed Fund _ . 

Equity Fond. .. 

Property Fund .„. 

Fixed faL Fund . 

Deposit Fund 

Nor. Una Ocv is 

— Fens Fd. Ocl. J3 .171* 

. __... I 'lit Linked Pi 

Sicdbenson Hie. Brand Centre, BlMchley, SSSBISSt' — I8H 
Mvkan KeynevOOOBMtZTS Fixed InLFd ,. . ]«64 

Chrtltfv Enagy _ ...(38 4 

r.'hrihxt Money |29 l7 

rhrthsc. Managed, 
rhrthsc Rqnity 3- 
MsgrwBW.Soc. _ 

HllUU MnHRyfi 

City of Westminster Assnr. Co. Ltd. 

Man Fund Inc . 
Man. Fund Acc .. 
Prop. Fd. Inc .. ... 

Prop. Fd. Acc 

Prop Fd Inv ... . 
Fixed In' Fd. fac 
01-406993! fa'P-Pd *nc. . . 

ReTPlan Ac Pen. 
RevPlsnC bp. Pen.... 
Man Peu.FdAcr. 
ManJteR FdCep 
Prop. Equity & Life Aw. Co.? ggj&ja^. 

1 19. Cranford Street, W1H 2AS. 01-4890857 PropJteo FtL\rc. 

R- Silk Prop. Bd. . J 185 9 1 1 _ fhvp Pea.Fd.Cap _. 

Do Equity Bd I 752 J. .] _ GuorJteQ.FcLAcc— 

FiesMooflj Rd.. ...| 1500 J ..._J — Gear Pen PUCop. 

£ t p.A Pen FtLAcc 


Phoenix Assurance Co. Ltd. 
46. JDqg B - i Ui an, Si . EC4P 4U a. 

Wealth Ass ril3.6 119: 

gb-r.Ph.Asa 822 

Eb’r. P1 lEa.E. .|Bl 7 

». UJ+WOKfi 

33 =' 

Property Growth Assur. Co. lid.? D A.PenJra.Cap_ . 

Torgrt House. Gai chouse Rd. AylertH-ry. 
Bucks. Aylesbury t3=Sr>,KH3 


112.9 llfi 

IU10 - 
■ 3= 


B 7 




~ LeMjteoae. Croydon. CfrniLL' mewoajs Transinternationai Life Ins. Co. Ltd. 

Rin^rtrad House. 6 Wbilchorse Rood. 

Crrrdon CRO 21 A. 
West Prop. Fund--. 


EtpUtJ Fond 

Secure Cop Fd. (974 

EquiUFund 1)006 

Irish life Aosnrance Co. Ltd. 

IL Finsbury Square. EC2. 

Blue Shp. Ocl UL_.(7B B 83 

Managed Fund 

R I enrol. Men. Fd... 

Farmland Fond 







49 5| 

43 a 

Sv Georee’s Way. Stevenage. 
Crmxrii Units. 1 57 


MJ8 56101 
... I 424 

Money Fund j 

Gill Fuad 

PULA Fund 

Pens Mngd.Cap.-_. 
Prti Mxvgd-Ary .. 
Fe» Money Cap... 
Pens. Money A«._, 
Pens. Equity Cap.... 
Pens Equity Acc .... 
Fond currently q 

Peifon UBits.^..._ 




.41315 a 





194 a 

01484 888L Prop Mod Octl.._ 

M** - 




_ Prop. Mod. Gtfa — 

Xing Sc Shoxson Ltd. 
53. ComhjJJ. EX3. 

Bond Fd. Exempt _ 

8iecl dc 

J^ngban, A' Plan. [67.0 
yprop.%jod.. . ^..IUU 

Wisp iSPj Man Fd{77.0 

14'18GmbumSV. DCSV "All. 
Income Del. SO 1111 8 11? 

'Ill ” ’J 

OI «6 8099 

xti * nary Unit Pond Managers 

mfleW St, EC2M 7AL. 0J-4S844K 'fanroirtvlii .. .172 7 

.0rV13 [laaj 2B0.9I | 464 LnteiSl.OetlO [45 9 

Merc ary Filed Managerfi Ltd. 

39. Ur>?sti3l SL ECJP TEH. Dld004S=5 



Winchester Fond SSngL Lid. 
j ny.EC2 0I-6D62! 

tHache«er-.{19 8 
9fc’er crmdttZ 




mgtmSL.S.WT t) 1*183 7501 

'DndIeyTa..{n 1 784! . ...f .3J1 

Tor Eqnitas SwmitlK Ud 

fit Abbey Paft Trust Mngra. 

Mere Gun. Oct 13 

Acc. Ufa Ocl. 18 

Mm far.rtet. is - 
Ace Ufa Uct)8 .... 
Kmr E«lSepv=8_. 
Acan.Dts.5cpL 28. 

[206 0 2192 

2719 ISM 

721 767 

777 827 

2464 2967 

war 3111 








Midliod Bank Grocp ■' 

Unit Trust Managers Ltd.? (a) 
Coqyrriond Hcujc. Silver hlroei. Head 
... -ToJ.8WS795«r 

rtri.iriB-.nMWW S-5KK™ 

bftpRi! | Tfij^i Wyctwihe. 044133377 Do. Amu .. ..|B* 

*Uw. 1683 ■ 7234 4.W 

8 Finlay Unit Trust Mmft Ud 
Street Gla«;o"v. 0*139413=1 

[ylMOanc 34.4 

wann-Fm- 27.6 

•• Dalta 319 

rFdJaTat. 30.4 

mas Ota. is. 

Next dealing 


30.3 -L7 

37.4 -0.6 
298 .... 
34 6 -01 
329 -0.B 


Ocv 25. 







Grcwth. j|6? 

Do Accptri — J94 

l.'apUal — 73 7 

Do Accum. 302 

Incpmc 53 B 

Do Accent.. .. 62-7 

Ifflernaikana! — |452 
Do Accm. 

High ¥*id.._. _ _ W.9 
Do accum . .... M 9 
Equity Exempt-.. . 1M7M 

Do. Accum* — - — WW 

. “Prices al Sept 20. Next dealing Ocv JL 

COUAXj JNBPS: Close 42Z49V 


TPxxyjertj’ Growl h — — — — lo a <% 

tVaflbnigb Guaranteed — J..~1Q£5% 

■j- ^Address ahtwm under Insurance and. Property Bond TabVe- 







osed to nrur invesiraeot. 

. - 2U« [ — l — 

City of Westminster Assur. Soc. Ltd 

Telephone 01-854 SGDj 

First Unit*. -. . .J132B 1389] I — 

PK-pc-nr Units (54 0 5671 I — 

Comznervul Union Group 
S: Htlcu'd. 1. VndirsJwf I . EC3, 

VrAit AcOdl4 w . .59* J ... | . 

!•«>. AiHWity | 3483 [ J - 

Confederation Life Josh ranee Co. intLtouiaj 

Sn. Chancery Lane, WCIA 1H E. 01-3*20282 On Aerajav.... .. 

Propesry Fund. . 
Property FundiA, 
A^nculfttra/ Fund 
tof FundiAI. ... 
Abbey Nat Fund . 
,, ----- Abbey Nu. Fd i.\< 
01- 8288=52 luvcKiqenl Fund 
' 5.00 favanmeni Fd. 1 A ■ 
— Equity Fund 
— Equity Fund 1 Ai — 

_ Money Fund 
— Mono-/ FmuilA-— . 

Actuarial Fund. — 

* Gill- Edged Fd if 
01-423 SUS ftReitre Annulri 

JWil Weather i'ap 
ftlnv.Fd L’ta 

_ Tjinghaw Life Assurance Co. Ltd 

— Langham Ho. polmbrook Dr, NW4. 01-2035211 

— M... in n . -mti 1 trer.nnj fl 

,7»4j — 

157) ...... — 

818 __ — 

Cnv. Pox. Cup. H 
Jlaa.Ponj FcL . . 
Man. Pens. Cop. I.’i 
Proa Pens Fd 
Prop PeavCap L>U 

Hingawood Hnu«c. KfaCr^roed. Tudwort^ 8StS?'ts?t-L. 

Legal St General (Unit Assnr.) Ud 


C*»h ulOaL 

Do. Aceoav 

01-2837500 BqufVWtiAl 

1 Da Accum . 

"■ | Fixed lornal 

Do Accum. _ 

rfvqolty Fund. 

VMimaced Fund.. .. 


Psnal P«j.M^_^ 

SI at fad. MoedJfa 
'jrou n \5n<a Pea. j 
Hwd fat tten...__| 

EquiiyJtewoa ... 

Property Pend on . . 

Corah jn Insurance Co. lid. ' 



(173 8 

2M 1 

MofUCed initial.-. 

Do Accum 

Du. Accum 

_ 1+sM ft GmdR 

Exempt CaeblBli 


Exempt fiqty. Jail.. 

Do. Amia 

Exempt Fixed laiL 
Do. Accum* ■■ m- 

Ol-ffiBSUO Esomp 1 tfaigd lait.fl29.2 

'.'op I-H). Sapt 15.(1359 I I _ Do Ace am . 

G5SjhK'.5cpi )»....to56 — I _. .1 fcxesjpiProp. iniL . 

SnfitSFdSeptai, J35.5 J95.5 — Do. Acc am 

157 5 

‘&t Aa sg!r L * 

1 303 
150 5 
135 3 

~ = Bream Bldgs . EC4JW. 

Tlilip Jr.vcsj Fd 
TuiipAfaued. Fd .. 
Man. Bond Fd . ... 
Man Vw FdtTap 
Min Pt-n Fd Acc 
Maned fa* Fd lull. 
Mncd.fnv FdAcc. . 

127 0 
100 9 

157 4 
106 5 


Trident Life Assurance Co. Ltd? 
Rcnsladc House, ill.iu renter M5z 36541 

— Ma-IUC'.tJ 

— Old Mud 

— Property 

— Eou 1 1 y > AjnmcM 

— V K Equit} Fund— YtelJ 

— 'lift Edged .. 

— Money 

— International. - ... 

— FiscoJ 

— Growth Cop — 

— ilruuih Acc 

— Pt'DV Mngd 0 up .... 

— Pcm. Ifaad Acc 

— FVuD.'jldDcp'.ap 

' — PensGtd Dup Act. 

— Pens Ppr> Cap . 

— Pea+ fay Lee 
Trdt B.-rfid 

Providence Capitol Life Ass. Ce. Ltd. <Trdi.i; i Bond 
30. UxfanderRrad. Wl= BPO 01-7490)11, *C«sh value 

125 6 
,1*6 5 

MO 9 

1120 9 
124 8 
104 7 
128 S 
1 28 2 


ID) 9 

Credit St COMMerre Insurance ProvcSt?£d- | 

l=ft. Hrgcnl St . London Tfifi 5FT.. 01-439 7081 1*64 * General Vwp. Ft Sign. Ltd «*KunMD_.. ... 
[C*C«nBtlFd__ .!>22B IS-0} ..4 - IJ.Cuoen VleisBlO St.ECddTOTF 01-2460878 nri" 

Crown Life Assurance Co. Lid.? LMPraPd <kt4 »7 otj| ..._J - - ^ - na 

L‘WD Life Hst, Wotrinp. GU2I J XW 04882 5033 “ By J,OT- 1 

Mang a Piled Acc„(107l . 1Z7 D+14JI - . . 

uag-al 65« Life Assnr. Co. af Pennsylvania 

— Set. MirL Fd Ca 
St-1 Ud Pd. Sit 

Pension Equity 

Fcnalon Vrid. Ini... 


DepostFd. Acc - - 
Equity Fd Cup-.. , 

Eqmlj Fd ACC. .. 

Fxd faL Cap. . .. 

Fxd int. Acc .... 


faint Are ... 

Managed Fd Cap 
Mutated Fd. Arc .. 

Fropenj-Fd Cap. . , 

Property Fd .Act ..(<7 5 

Provincial Life Assurance Co. Ud. 

232. Bixbaphfiai e. F C 2 

133 « 

155 11 



110 9| 
1)5 7 



i2£ a 



for £100 premium. 

♦ 0J( — 





Dir FxiLInv-l 19 29 

Jr.ternaL Cr.*7 • .. K20 
FarEoaem-r .._ 54J3 
N'KIb Arocncanl 4.09 
Sepro-L 1586 

Emson Sc Dudley Tst.BSgtJray.Ltd. s^nR^amimrtro ponds 

EDICT. J128 4 1368( .....| *00 

The English Association 
4 Fore Street. 1X2. 

Ent Atb. Sterling’ . (£50.34 


WdgoteCm.F4L-_la0.44 lolra ..H — 
■Next dealing Cict 25. "Sen dealing ucv 31. 

Eurobond Holdings N.V. 

Handelckade =4. WiUemsUid. Curacao 
bro l lt" Aenu, IMML IS Cbrialagftcr St. ECi. 
Tel 61-247 7243. Tdes: ESIfaBl 

NAV per share Oel. 13. Jl'S208S. 

F. & C. Mg rot. Ltd- Inv. Advisers 
I =. Laurence Poumney Hill. EC4R OB. V 
0UB5 4680 

CeotFd OcL 11. . | $1.15660 | I — 

Fidelity Mgmt. & Kes. (Bda_) Ltd. 

P 0. Box 670. Hamilton. Bermuda 
Fidelity Am AM.. . | SUS27.75 |-LJ0 — 
Fidelity lr.l. Fund .1 SUS2589 1 . . .. — 

Fideln>Jtec Fd — SL-S63.16 ] — 

Fidelity Wild Fd- | JUS 16 17 (-0J5 — 

Fidelity Mgmt. Research (Jersey) Ltd. 
Waterloo Hse.. Don SL. Sl Heiici. Jersey. 
tfiOA =75B1 






Channel UJjrod»>.. 1153.9 162^+2.0 

Coranod — i ... - (2366 143.! 

SL Deposit ..... .kin 5 103. 

SL Fixed-— i ..flMJ 120.', 

■Prices 00 Oct. US. "OcL 18. —Ocl. 12. 

Schlcsinger International Mngt Lid. 
+ 1. LaUcueSL.SL Helicr. Jersey. 0534 73388. 



IJilLFd . ... 

fall Fd. Jersey 
■For East Fri nd 




0.97 -0 02^ 
225 +63 
21 In 






’Next sub. day October 25. 

Schroder Life Group 
Enterprise House. Portsmouth. 0705=7733 
latenuxJanal Fund* 



Sfricd Interesv 



113 9 
|127 6 

153 7J +13 
146 J -2.2 

Ilia — O.lj 

135 31 
133 « 


etpl* |:H = 

■Ai.latio j-iot! — 

First Viking Commodity Trusts 

Series Ailninl 
Series B 1 Pacdici 
Series D '.IulAis 

J. Henry Schroder Wagg & Co. Lid., 
120. Cbcapslde. E.CZ. 01-S884Mn' 

S.Si Cnerge sSU Douglas. LoH. 

08=4 «C Ldn. Agts Dnnoar A Co. Ltd. 

S3. Pall Mall. London SW17&JH Ol-saOTBS-l 
Fit Vifc Cm T*L .. |S1 « . . J Z20 

Cheap S Ocl l 
Trafalgar Sept -30 
Asian Fd Ocl Id- 
Porting FdOd 18. 
Japan Fd Ocl 5 — 

, SDS137.08 , 
[SA2.07 2 20t 

Sl'SUZ 9.4H 

-DJ6I 237 





- . , <0 ® . .4 

F«YUH>!4pT«- 1610 64 -29] _ 

Fleming Japan Fund S.A. 

.77. roe Nouv-Dame. Luxembouig 

Fiuminc Ocl 17 _ | JUS6928 ] 4 — 

Free World Fund Ltd. 

Butterfield Bldg. Hanxi.’loa. Bermuda. 
NAVS«PL29 _. | JUS1662S | | — 

CT. Managetsent Ltd. 

Park Hse . 16 Finsbury Ciroiw, London EC2. 
Ted: 01«» 8131. TLX; 8BC100 
London Agenv. for 

Anchor '8' L'njla ... 
Anchor t»i a Edge . 

Anchor InL Fri 

Anchor In Jny Trt . 

Berry Par Ftl 

Berry Per Strfa. ... 


1935 9.41 « 

^[’.ssa 5 fcd 

10 6 32.7 

(34300 358 ( 

GT.A?,aF«! . . ..REslfiai 

'2 T .v-'ia SierLin; 
<3 T Brand Fund 
■3 T. DoUar Fd. . 

r3T Dir t Strfa . Fdp027 
i3 T Paoi/icFd. _. 

(£16.05 27J 




23 50 


.Sentry Assurance International Ltd. 
Pi.». Box 3=5, Uaoullon 5. Bermuda 
Managed Fund „„ta.-SUeS L5J51 .( — 

Singer fie Friedlandrr Ldn. Agents 

=l).CBnaouSLEC4. 01=480540 

DeMlwida IMG74J ?8» .. ./ 620 

ToXyoTsl.Ott.2 1 SUSAL5# 1 L49 

Stronghold Management Limited 

P 0 Box 315. SV Hdier. Jersey. 0534-71480 

Commodify Trust ..(93.15 9806] ......J — 

Sarin vest (Jersey) Ltd. (x) 

VuecnsHso Don. Rd St Helier. Jqr. 0534=734# 
American IndTa (£739 75S-0.1?) — 

Copper Trurt C1L5B llEH-005) — 

Jup, Index Tsi |UL14 213^+SJ2| — | 

TSB Unit Trust Managers IC.l.l Ltd. 

Bagau-Ile Rd . St. Sort our, Jcn+-> . 0534 73494 

Jersey Fund .... (50 D 5261 .. | 4J6 

Guernsey Fund 158.0 526] 1 456 

Prices cm Oct 18. .Next sub. day Ocl =5. 

G T. Rulippme Fd 12i 

Gartmore Invest. Ltd. L&a. Agls. 

2 Sl Alan Axe. leaden. Eta 01-2833531 
Rartmorc Fund MngL «Far Eaalt LUL 
.503 HuiebiKcn Hs»l_IO llarcoun Rd. R.Kenc 
HKAIVr.™ 3HK41B HH ... | l*f 
Japan Vrt . .. . 31S307 SJM . 0 50 

,N American Tj . |St SU960 3251B-0 ?j| 15 

fall Bond Fund . »«] ] 560 Tokj-o Pacific Bldgs. (Seaboard! N.V. 

Siryf'J K W - ! LUL — — fan mil Manacemem Co. N V. Curwao. 

1 U Bo. JU. boiif;lf k lo(|, 0824 23911 ivav r—.. uiai^ fw<i lit Ifxsv 1^ 

■larunere incl Inc ]23 4 M9j -o!iJ ^ -* cl - JS SLS53.J3 

Tokyo Pacific Holdings N.V. 

Inumis Mnnuccmem Co N.V . Curacnn. 
NAV per share Del. 16 SUS72SC 

~ T>-ndaU Assn ran ce/Penslons? 
1BL Cjmyirge Road. Bristol 

0=7= 323il 

3-Way On 12 
Equity vjd 12.. .. 

BondUcL 1= 

Property i>L 5 .. 
Depositor! 12 . . 
3-riayIU Sept 21 
O'Seaa inv. CM- JS—i 
3Hn Pn 3-W Drt. = . 
Do Equli.r Ocl 2 _ 
Do Remit 1 (rr 2 . 
i*. Prop.OCL2 

329 7 
353 7 

280 4 

--•■I — 

Vanbrugh Life Assurance 
41-43 Maddox Sl. Ldn. wirala. 

J.3Bf dTiLlnem.,, 104.9 
Man? dFd. loll ._ 1035 

EquRy Fd. Act 99.1 

Equity Fd local — 97.4 1 
Equity Fd (njt _.. 982 , 
Pruperij Fd- Acc W.6 
I Property Fd. rnaa. 95.6 
iProparly Fd. lpjt .. 91.4 
\l a v. T«. Fd. Arc _ 1B4.3 
h ni iTrt.Fy.ln43B... 1DL6 
ffav TH. Fd ipiv. .. 10=9 
(Flxrdlm. Fd. Arc.. 997 
|Fwi 1nt.Fd.lnnn.. 96 6' 
llnier l. Fd. Are- - H73 
interi Fd Jncro. - . U73. 

Manev Fd Art 9*3 

hlooey Fit Inca, — 968 
bi« m Inrm . ; . MS 9 
Krowo Bn. lav.'A 1 ^. 1£&7 


Fi ... 

Fxd. faj. Fund 

Prudential Pensions Limited? 

107 4 

121 D 
106 7i 
113 1 


MaaaccdFd.. .. . 

01-2176533 E.ium_Fi1 

Jnipl Fund . ... 

Fined latent Fd... 

Friwei"; Fd 

Cash Fuad — . . . , 

las _ 



147 7 

Cfarlmore Irill Crtb|74 8 79 

Hambro Pacific Fund Mgmt. Ltd, 
2lin, Conneupbt Ceaire. Hcag Kr>oC 

FarEjUCicLM .. fiHKaN UMd | - 

Japan Fund . . .RlSia uS] ... _[ - 

Hambros Bank K>Beraoey) Ltd./ 
Hambros Fd. Mgrs. (C.M Tid . 






Venbrugb Pensions Limited 
. 41-43 Maddox St. Ldn. WIR9LA <11-4394933 

PO Box B6, Cucrtiws 

C I. Fund (159 7 

Intnl Dovd J'.'SIlMTS 
lot Equity 51*90238 
JaL Svgc '.V SI.SJ107 

Jnl Sv|?s -K - 5UKIL24 .. _ 

Pncex on ftldw 16 Next ripaling Orraber 25 
Henderson Baring Fund Mgrs. Ltd. 
885, GdOinain Hunt*, llong Long 

Japan Fd »Vl 4 . (SlSD* S«( [ _ 

PaciRcFund- | 51’SIO .... — 
Bwid Fd* Ocl 13 SUS 10 743 
"Exclusiwf of any prelim- chare ex. 

HUl-Saniuel & Co. (Guernsey) Ltd. 

8 LeFcbvre Sl, Peler Port Cuemsrj'. C.l 
OuchlterTS ..... .1254 6 1654I+D3I 359 

Hill Sanmei Overseas Fund S.A. 

37, Hoc Natre-Damc. LuxemLtxirg 

InternatMnal Pacific Inv. Mngt. Ltd. 
PO Bra R237. 5d fat! Sl Sj-dncy. An 51. 
Javelin Equity TxL.]5ALO 2551 | — 

J-E.T. 3!anagera < Jersey) Ud. 

JPO Box 1!M. lioyal Trt. Hse. Jerwy0534 27441 
Jersey EitnJ Tat... |19LB 204 0| ] _ 

At ai Sept 29 Next tub. day On. 31. 

Jardine Fleming Sc Ca Lid. 

TvndalJ Group 

F.O. Box I2S6 Hamilton 5. Be non da. =-=780 
* 1 m+vx 'T el . 1 1 ..|£L'S128 U5j .. [600 

■ Accum UniLfi . . (SUSHI 2JJ| ( — 

3.Wj> InL Sep, 31 . 1STS1M 1<«| .... 1 — 
JNrwSl. Sl. Helifr. Jeraej- 0S34 373J1/3 

rOFSLOci 12 .. . E7 90 8.55] 

1 l ream Sbarcxi (02 65 13 60) 

0481-205=1 AjncWHn iln 12- 

iAurum shares' _ 91 0 
Jqrsry Fd Ocl. 11 ...|222.0 
a.Non J Arc. I'ls.i 313 8 
<;,ll FuadOci II 1860 
1 Accum Shores. ...11408 

97 5 
235 i 
108 0( 



Viavy HoO&C. Drai^u. J*lc of Xn. NU 54 1 1 L, 

Mnnacrd SepL : 

143 4) 

I - 

Ltd Intnl. Mngmnt. tC.M Ltd. 

14. MulcasicT Strwi. S: Helier Jeney. 

U.I.P.. Fund wsiai loss] . .. .[ 7.79 

United States Tst. IntL Adv. Ca 

14. ftuc Al>innger. Luxembourg 

l’i TK. lav Knd | 51S1J01 091 

Net assets Oriofter 17. 

S. G. Warburg & Co. Ltd. 
3fi.Crcxhiim Street. L< — 
Connv.BdOcr 17. 4I’S970 

Kacfai •!«. 17 5l’SU5.1 

Gr.SlSFd Auk 3). SI'S? SB 
Mere Ebd Ud Tt.. . ?TSU47 U5« 
MeTcUnjIfflcOriie 0009 20 OS 

01OW 4555 


Hrfboni Bars. Ei'LN 2NH- 
3045 New Bond St., W170RQ. 01-«38ffl5 tauIt.Fd ud. 18 |£26J? 

LACOMIm (990 HMD „ J.— Fxd Int. Ocv 18 1920 

^ — 4 Prop. Fd. On. 18 —1127.70 



JujUUy . 



;yi 6 


Lloyds Bk. Unit Tot. Xngrs. Ltd. Reliance Mufael 
71. LwnbanlSf.Ei.T 01 423 1288 Tunbridfie Wrfls, KenL 

Bum#- WO 2042^ 7.7? heLProp.Bds.......) 2053 

Lloyds Life Assurance 
tn. Chiton Si. EC=4. 

AJUUH Sept 30 -. . 
rfpJ'A’ft" Or) .12'- .. 
*, Ojtf .VBf&Ttt 

B.15 OpA A Man (*«I2 

— OpA'ATJerLycUi 

Uaqrsnieed see 'Im. Barv Kales' table. 

Welfare Insurance Ca Lid.? 
tMK 22271 U insladc Part, uetcr 03»-5=i55 

J 1 — Morte! Tanker Fri. I 2092 I . 

Sothschiid Afi»t Management LwHtal ft 

a.S«thunlAUH..L«dw.K* i3| Wodvte Lite Assar . 

J#.C.Prop. .... - 

Next fiub. dav December 29. 

Ttmal AlHrrt H», Short 5: 

Royal Insurance Group 

KeueHxHPlae*. Liverpool. ' 


Uiclnv P!an+- 
Future A+sd nibibi. 
0al=74C2 gp, A^vLPCTf- .. 
*— Flys. lav. growth - 

(74 8 


4Sh Flour. L'bOaaucht Centre. Hnnc Konc 
JardineEiJa Ti|.._j I1KS3S3.70 ... 3 00 

JaiduwJ'm Fd ■ j HKWLfil ..... qjo 

JwrditteS r. <L 1 ii‘S1974 j 80 

HKSU.7S ... 
HXS1490 .... _ 

Equivalent SUSB7JU. 

Jardine EiJ n T*|.._ 
Jardine J pn Fd 

Jwrdj/teSE <L 

JaTOidc Flemlnr. 
InL) J'uc Swt-loe 1 
Dc* r Actum 1. . . 
-NAV ScpL 30 

Nfisrt sub. Ocl 13. 

Warburg Invest. Mngt. Jrsy. Ltd. 

1 . Charing Cross. St Helw.Jjw Cl 033173741 
CMF Ltd KepL28.. (SITDB MM . 

CIITUri. sept 58.. ..If 14.39 14 ?S 

MrtaisTfiLltepiJI .£1238 1263 


nmjri.oct.s3 .kii .11 uao| 

World Wide Growth Management^’. 

KU. Boulciard Rfaal. lAixenhours. 
Wortdwtdo Gtli Fd] SUS16.46 {-021] — - 






decided u 
al legation 
Wilson ft 
number o 
were coni 
pJiign ogai 
Parly on 
1974 Gent 
The foi 
lowing ih« 
affair. Mi 

was, had 
an orclics 
himself, t 
Lady Fr 
Marcia W 
The Pr- 
Sir Haro 
drawn sen 
Inltl the 
did not 
round a 
mat-. 1 rial." 

The Pn 
lo hear 
Sir Haroli 
rormal co 
On the 
against t 
council Si 
Royal Cc 
lhal Ihnr 
Labour hi 
The Pr> 
is one n: 
lished tod 
In ano 
against il 
Daily E:v 
picture c 
death m I 



Financial- Times Thursday Oct6i3$r^9 s' . 

" j FOOD. (JIMICERI^^ ^ 



Iflfh Low 

Prirr I - art Dh. *1 I 

— [ <ira»i Virld 


55 « nunj ^Asi.. .. 

77 65 Ireland 6% pc TB-fiR 

. 88 B2% IrdaidTW '81-R) 

91 78 Do&’.pcTfae 

|425 265 Japan 4pc 'W Ass 
37 68b nnflpc8M8 . 

160 140 Peru A>s3pc 

75n 75p S.r,I6bn:ia*i. 

599 S94% Tnrin9p:l9SI .. 

37 68% 

Jl60 140 



Hitt Ism 

If orj Field 
| - | InL l Bed. 

DM91 DMffl Turin G%pc ISft 
97 94 L'rn^uarSdJC .. . 

50 .... 

SS% +1'; 

* . 
70 . . . 
150»t .... 





4% 563 

- 1255 
7 1 ; 1250 

“Shorts” (Lives up to Five Years) 

1051* IOQ&Tpkmiij Mi»|rTSS_ IW2 +* 1L« 10JS 
97 94% Trei.-up-;<pcT9i: . 95% . 314 8.05 

<J7% 551- Qoi'lni- 4*,pc 74-7* . . . 96% 4.40 _atJ5 

JMft 99^ TiwSd^^S”’ iw£*> * } ‘ 15-jg IMS SJ* §‘2 

961; 94$ Elccinc3i;prTS-7B .. 95V* .3.66 7 72 M% 59 WAtwII 
Me ^llTrcajuu-Viae - 97% - 3 9^ 1090 ^ ‘2 «.— ■ 

,015 1918 

8.05 llfeb law 


U.S. S & DM prieft* exclude im. S premium 


19m I I it «j Ux. I I iid 

i In* | Sack 1 l 1 - |<in*4.]Or|U'N 

iu^'r -mu 1 iwuij o - 

102 ft 971; TreaMir.-S»;j«. 'mj; . - 97 ".m +% 9 

95% Vh Tjwkutv 3%pr 77-di - Wfc , I * 
96i; 931* Fundin' ApiTWIS ,94^t + s 
llOCi 101% Exchequer I3pr IKtft: +% 

10b% 99'* Trua-ur. 1 I%p. 1 98 It* 99,-« +.« 

91^ 83% Treasuri Sir* 10-81 . 89% 

101% 95-% tattitfte 1981ft . 96,‘ u +.; 

97* 91% Evch. fibfv 1981 . . .. 921.+,'. 

93 it &ch.»jeJS«l _ Ws +,‘„ 

flOis • 


7P U t-w.lL 

87*, £ 85% Esrh 2pvI9Rl - 

97 A 95% iTnas. variable "81^# _ 

101% Exch Kftpr IMltt - 101 A al 
91V (Trea.iS’pc*8WClt . 91% +'i 

1120 50% Zl% American Express 
775 24% 11 Aidct Muilc InL.. 
R71 15% 969p Aoirolmi — .. 
tt _77 29% 18% flaJwrlninD'orp Sf 
1173 19% 11% BarnttOrp. V«. . 
a » 33% 22 Bemfixl'wp Si . 
Iilga 23*2 13 Rah-Sleetfe . . 

I U_ 77 13 625p Brwra'dFer elS-. 
1 i7(n 24 957p BrunaTeiciCarpn-U. 
852 65% 41% Burroughs Corp S5 
if M 51 30% CBS 52.50 

11 St ft 

28% 17% Chase M7tUi4U15 

777 1 22 13% CbaetaoughSl.. 

20% -% 80r 

S9 5*V 

32b 52.20 

22% -% £160 

I®, oOc 

10b -b 40c 

22% Me 

17b — % 90e 

26% -% 52L28 
16*4 ■ SLOO 
970p -55 50c 

10% -% 70c 

1? -% 52.60 
35 -1; S2.70 
40 .. .. S2J0 

23% -% S2J20 
16% -% 94c 

751n -17 SI 00 
18% -% SL16 

12_21 1 2? 

96U 94 Trea% tanahle'ffiUJ— 94A 

96\ &> 1 -. TreasurT 8*4pc UJ 89% +A 

100 ‘4 90% E»i-h.9Upcl9B2 Wft . 

9iy? ; S8% Exi RfflipeHM. 88% 

0V4 79 1 a E'ich3pc'IC Sit tA 

UVt 99% Treamiyl2pfl88«t... 99% +f 

100*8 89*;|TrMfoi:.-9 l 4pc’fa 89V.+.V 

Five to Fifteen Years 

95,1 93 Etch. Jflpc IflSJ# 

89>« S0<4 FnndinjSsr" 

96, 86>« rreasui>ff;pc 

87% 76% Funding Pjp.- ' 

89% 79V ITreasuiv'Vpc 

pc TRW 

ason- 13pc IfiSOti 

^ Mr-oitt 

1L19 U 751p OirralcrS^ 

... 1X85 22% 13-2 fllicorpSI-. — 

90>! 1017 12 21 M 733p City ln\ 51S 

•a? ' 985 1217 25 14% Da Ob Prt BSK. 

m l t ‘ iU 8 00 1®% 12% talfSte-P. SI. - .. 

00^ *.¥ J2.05 1211 52% 25% Cdllncb SI 

89V.+IC 7A31 1215 |6 1P 2 Cont.n.linou.SJU - 


- . 31 

50c - 0.7 
70c - 3.3 

51. 60 ~ L6 

52.60 — 

lQbl-% ISLO0I - 

13% -% I 5X00 — 

17 ConLimsa 

-20% CHMTiZellSa 

94% +% 10.90 12.20 47% 20% rutinr-HamroerSi. 

82b +% 679 1025 32% 22 EoloaCrp $050- 

88% -t-% 9.90 1127 26*2 17** Esirnit 

89% 79V 

68% «0% 

.76%xd +'« 
81% +*4 

844 1069 40 28*4 EaraJI — — 
9.77 1X41 12*4 670 p Fire-4 mtc Tired - 
4.82 8 89 19% 11% Firer Chicago . 

. 64*4 

115% 101% 
S9% 77*2 
106i; 92% 
75% 6J% 
113% 98*2 
96% 81% 
113 96% 

110% 96% 
72% 60% 

81% t*4 9.77 1X41 1£ 
63% +% 4.82 8 89 19*> 

64% +*4 7.71 10.46 32*. 

25% -1% S2.10 
20% -% SL44 
19% -% $1.40 
23% -% SL90 
38*2 6S1.40 

27 -% S225 

18% — *4 SL84 
34% S3. 40 

879p -17 S1.10 

+1* I 7.71 I 10.461 ^‘2 I 20% Fluor Con* Si 1 

4.I4 1 12.80 12.711 41% 26% FordMotflT$2 

80% +*4 1059 1177 25*4 
96% +*4 12 58 12.81 44% 
64% +i 4 9.00 1119 24b 

64% +1* 
101% +*4 

16% GATS 

35% Ken HeetSP; 

15*, (TiUeOeSl 

19% -% SX80 - 

+*4 1191 12.92 56% 28 RmraDHA I 
+** 1X99 12.59 18 750 p RnttonEF. 

35%* -% 52-20 
20% -% SI 60 
44% -b 52.20 

120% 102%|Treasun. 13Vpi- \ 
12&S 110% Trexan Hbpc'Wit 
114% 97% Exch uSjpc 1994.. 
8g 75% TrosurrftcW^ 

| 61*4 |+% 

Over Fifteen Years 

97% +*4 H82 12. W 02 171 
100% +% 1290 12.96 52% 34 


ofl-H 52 ...... 

9.89 I 1160 998p 705p I P. Internationalfi 
28% 18 KaiaerALS*) — 
32 20 ManLHan.lte7.5Q 

103* s «! +*4 1317 1308 41% 26% UanuuiiJPiUSSlS 
111 1-% 1319 13.12 17b 12 Notion SractslDc. SI. 
98*; +1* 1295 13.01 1 13% nwaa-HLSllffi... 

40% -h 
81 9p -48 
26 -% 

12 % -s 

S3.0Q I — 
95c) _ 

SL60 - 
$208 - 

52:20 - 
76c - 

96% +*4 1283 12.91 28 
4*^t +% (.676 ( .9.92 1 31 

+*4 1235 12.721 17% , 

15% RdianccSD25 — 
16*4 Rep. X.Y Corps. 
11 ReuwrdS5 

14% — *4 5136 - 
17bri -h 5L20 - 
23% +% 15c - 

27% 5100 — 

12% -% 88c - 

17% +% 51.06 - 
427p -S - - 

Z3% +% 5X80 - 
12% -% 80c - 

15c - 
5100 — 

97^x2 +% [12.90 1 12.^1 1 14% [Rkbtten.AbrlLSlU 

,+% 1186 12.41 [50p 255p Saul. R F.1S1 

+% 13.44 1326 lBbkteDOQSl 

Exch. l2pe k£o 2» 
42b 54% |F%ndin;3*^K'!&04 
80^ 65% frreaairt to' 02063 
58% 46% mrouiT^pcT 
76% 62*; nYeaairt 7%pc T 

ixc'axc 4-** u. cn avi ib * 2 sbcu'juji 

1007«nl U4 13.01 13.00 19% 11^ SinscriSlOi 

43% +% 696 979 38 22% SgnrftindttJB. 

104b +* 4 13.08 13.04 33* z 18% mwfnc.Sl% 

854 +% 1255 12.81 27% 18% Tenneco 

74% -M4 1195 1246161 . 131 Da HrUn.SltBl-85 
597ntf +% 1123 1214 975p 505n TesoroPl.l : SS110& 

116% +% 1341 1326 22 16% Texaco S615_ 

92%al +% 1284 1294 40 22% Time Inc 

80% +% 1224 1256 14% 865p TransanKricaSl_. 

82%d +% 1255 1278 41% 21% Uld. Tech JUS 

94% +>4 1294 1299 24% 17% U.S.Sted$! 

30%rt -% 1 5132 1 — 

SL80 - 

22%|-% IS220I - 

144 -1 
648p -35 

5200 - 
5130 - 
80c - 

% -% ago - 

36%' +% 9.91 1122 17 lib feodwwthsSJb—. 14% -% S1.40 - 5.0 Si 

66 +** 1218 1241 49% I 28% [Xerox Carp 51 36%-% 5200 - 28 303 

46% +% 1195 1220 975p 385p Ionics Inc. 10c 685 p» 7*< — 0.6 87 

^ .... »i4$ i|i H m«esteft=i ‘ssni S fi-iK I® 

9BI; I 93*2 lEwh.!2pc 13-T7. | 96%[+% 112.92 | 1292 S K _ ^ prenBanj 38%% (tawed an USSL9972 per £) « 

Undated Conversion factor 0.7338 (0.73691 ^72 

37*j 30* j (Con«iL<4pc — 

37% 29U VFarL«nn3*:pca 

39*4 33 Conv 3*2pcVI Wt 

23% 23 Trt?asvrv3pc63Afl 

24% 19*4 CwMbi'aic- — _ 
24 19*4 ITreasurj-S'^ 

52 % +*, aoo 

31% +% 1X61 
34b 4% 1020 
23% +% 1290 
20% +% 1248 

19 % +% an 



81 {5pc Stock 77-SC | 81%| ... | 616 


*16% 10b BLMonfrefllS! 

f l0,C Bk. NaraSvtiL 

3 IP* Bell Canada SIS 

12 BowValM 

825 p Brascaull 

14 CanJmp.BhS2 — 1 

„i 16% 955p CaaPacilicSS 

616 | 1X13 371, 301, DatocDrt ElOO 

1 23% 16% Golf CStCanJ 

630 p 315p Hanker ShLCanJI.. 

14% |-% 15112 


24 % -r 
Tt^- 5 


inker Sid. CanJI.. 

98*4 93% Binn hamS*4pc T881 _ 
94** 38% Rnstol TVpcTDSI 


99% Da l^zpelSBS 

93*4 -% 
99*2 — *4 

h30p 315p Hanker SRLCaiUl.. 

31% 16% HollingerS 

16% 11*4 Hudsni'sB^ii 

31% .. 


12-131 16% 11*4 HudsOT'sBarlu 
lilT^ 33*4 24% HoflB.OiiG.S2i;- 
1265 15% 11% Imperial Oil5~ . 

iu 1 “*7i ua iu‘^x' isnu. — „ 

97% 89% JGlasKoa 9*tpc HUE — 

102*; 90 

90*4 Herts 5*«pe TWO 


99b . ... 1256 1262 15% 945p loco 

89% -% 1031 1254 585p InL NaL Gas SI 

91b .. . 5.74 1X19 10% 610p Massey Ferjul 

90*yd 10.68 11.94 28% 21% Pacific PeL SI 

1403 — 134p 50p PLiceGasJI— — 

88 10.56 11.91 25v 15 Rio .41 am 

W% -% 626 1LI2 24JJ J4ft RqynjfitCan.Sl.. 

87*4 630 10.70 20g 13^ Seagram CaCSl„ 

79 7.09 lO.ffi 14% 955p Tar. Dum. Bk-Sl^.- 

S ~-,S2 ““ 12% 880ph'ransCaaPipe_ 

87*, 76*; Dao'sie'ffi-W 

71b 65% DaSjpcTfrST 

73 66 Do Pipe ■»«) 

26* 2 22% Do 3pC2DAfL_ 

93% 91 Middx. 5*4pc 1080 

991; 94% Nemadle 9Vpc 7880 . 

~ - I W 4 ixewwKiesvpc . 

,106%ll00*; [Warwick 12tf&IW) 










100* 2 ... 


12%n! -M* 


12 A 69c - 

24% -% SL60 - 
12b -1* 9Q l , _ 

12% +% 80c - 

630p 80c — 

700p -25 - - 

25 +% 91.6c - 

U2p -4 - ~ 

21 -% SLOB - 

SL® - 
92c — 
96c - 
103c - 

1333 U f I S.E. List PrenniuD 3«%<t (based on $23812 per £) 

9.71 12.10] 
1244 1220 



95% I 92% ]Aust5*;pc 77-30 1 95 j+% | 5.89 1 1X47 , 

88*4 81% I Do Sar 81-82 82*4 +>* 671 1200l 


Hi^i Law 

1+ ori Dit I jVId 
Price | - 1 VI | Cit| Oils HE 

bh* 4 Ul% W5>arw« 

100A 96% N2.4pc7678. 

96b 92 Do toe 7680 

SV-4 81% Do *%ic 83-05 

951; 89*; Slh.1&ica3i 2 pc7M] 
70 50 S!hRhod.2Vpc , 65-70, 

96 75 DaftcTML. 


a% +% 

90xd 4% 1051 13; 

coo 1W -XNZS.M 303 -7 tQ18c 

??? 210 Alexanders D. £1 245 1455 

aS Jf-ffil 036*1 £90% AlewmoeFIlOO £123 -2 tQZ3*£ 

444 JfiSi 534 269 AUniHarteyEL 315 ... thl9.4S 

o& lf^239 150 Allied Irt^i 217 ...... 7.61 

JiS?174 150 ArbntimotLEl_ 156 .... 1023 

947 11671174 


Public Board and Ind. 

. ... thl9.49 
...... 7.61 

... 1023 

£22% £13% Bank Amt SUES. £19 +% Q94c 

465 315 BhlreJandD— 428 1523 

£202 £137 Da iOpcCam. - 096 .... 010% 
21 14 BfcLenni 1U_ 16 Q16% 

170 150 flfcLeSdiUKll 170 . .. 7347 

702 380 BtN.S.W.SA2_ 605 -U> tO30c 

315 255 Bank Scotland El 263 . ... tU 05 

£32% £21% Bankers N.Y510. £25% -% QS3JK 

363 2% BardajsEl 340 -2 t!3.2f 

262 200 Brown SUj*e?U. 262 +4 9.41 

285 232 Cater Rtoertl ._ 265 .. . hl7.ll 

84 67 CUxeDtsatSOp- 75a! t4.85 

*255 171 Coral Ans»SAU. 198a) -5 QI60 

64b 56b A-meML.ipCSW-. 

90* 2 SO 4 "Jean I0*a* DB-fM 

33*4 27% Met.Wlr.3pc B- 

IM 107 L : SJtC.9pelS82 ... . 1 

95*; 87 Do without Warrants . 


197*4 100b FF1 13pe 1981 1 

110 101b r*u !4prT9 .... 1 

114% 102b Dn IlrvJtt 1 

8:. 79% 1CP. 5*a\- Dell Wffi 

ai% 73% r*a 6»4 hih. -fii« . 

99 89% Do lOi.pefntLn 86 

«*'4 90% Do llTvCnsLfl «... 

101% 90% Da liup: L'ns LilVO . 

71% 62% Do 7**p' ADelj '3B8X. 

77% 61 Do 7%pr A Db '01-31 .. 

60l 2 ... 


27*4 . . 
133 -1 

8.47 UM3& v m4 
1308 1350 ^ ^ 

1?%. 84 67 

32 Cater 1 
67 OireE 

11328 5.3 
9.41 J - 
hl7.17| - 

in i, I9 7n «« uneuDiBjiji- 

10.11 1 12.70 *255 m bmlAwdWL 198n) -5 
*09 £12**k-«nxbkDMlW_ U7% +% 

100% 1 11281 1 12 17 

£20 £15 
32 18 

107*3 13-60 13 17 

£15 rhenRbtKrlOO 06% 

18 Cwiothian lOp - 31 +2 

03% Cred France FT5 £21% . 

7 DawesiG.R.1 — 16 

TflxS ' tz 5n -^ ; 4£S9 necSrteBantMEO £06*; 

93 ” " 1167 1250 83% j 58 F.C Finance ._. 73ffl 
M "M ualSj 1% Finl Nat Ito 6% 

£4% 72*2 IPoSpc'.VTM-W 

81% 68 |l>iB^p:Ln SC 97 

. .. . 12.79 13101 
....1X71 1330' £ 
.... 11^ 13.10'r 1 ^ 
+% 12.60 13201,59 
J; 13.06 13.6S 2 ® 

First NaLIOp .. 
Fraser ,Ans.H)p_ 

jfiaTard Natal 175 



Rich Low 

|+ erlDhr. 9 Bed. 
- Gross YMd 

24 17 

41 33 

93 9S 
415 350 

17 Antofagasta Rh. _ 
33 Dr, 3pc Pref 
9S Chilean Mixed . . 
■50 c<ercmYne.4«jpe. 
46 G.-ecl 7p- Ars, _ . 
46 r»>6w2lSa6 .A» _ 
40 Do -I f* lined Asv 

- 009 
41; - 

3b I6W 
6 16.07 

4 (4.83 

59 37 Gibbs lA-l 50 . 

255 195 GUIefl Bre £1 _ 217 -3 

29 19 Goode DlUr>.5p 21 -% 

142 % Gnndlays 131 +1 

260 185 GainnessPeat... 225 . .. 

217 155 Rambros 190 

100 81 HlBSamoe) — 90 .... 

600 275 Do Warrants — 275 
360 203 HongShng525U. 290 -4 

69 52 JesselTcfnbee.. 60 -2 

215 160 Joseph (Le0'£1 - 180 .. 

52 37 Kerserninnr.n 50 +2 

74 56 KmeiSbaxSOp 62 .. 

114 90 KteimrartB.L_ 94 .... 

217 1155 
100 81 

69 52 

215 160 

297 242 Uwdsli 

1059c — 
H? 32 — 1 

.. 874 - 

+2 067 _ 1 

.. ..3 44 - ; 

ti.18 - I 

t9.23 4 8 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finimtimo, Loudon PS4. 

Telephone: 01-249 8000. 

For Share Index and Business News Sommaiy in London. Birmingham. 

Liverpool and Manchester. Tel: 346 8036 



Anv-Siv-darn Pn Box 1296. AnulcrdamC. 

Tries I2I7I 7rl 240 555 
Birminciinra: '•corec House. Gcorse Koad. 

Tele' 33iKnO Tel MI 454 l»22 
Ui>nn Prpsfhaii' M 104 Hcunullee 2-10. 

Tclo. W89642 Td- 210039 
l,ru-.*-i.-ls 39 Rue Ducalc 
Trios 232K1 Tel. 512-8037 
Cairo IMI Bos 2040. 

Tel Kfflr.lO 

Cuhlin B Kiicuilliam Squaw. 

K'lev 5414 Tel- 78.5321 
Krti church 37 iieorcc Sired. 

Teles T2434 Tel 031 £6 4120 
Frankfuri 1m SaohsenUmer IX 
Telex. 418283 Tel: 5S5730 
JolunneshurK F.A* Bos 2128 
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iherseas ud'-enisemeni reproscnUtivcs tn 
Ct-hiral and Souih America. Africa, ific Middle East- Asta and ihe Far East. 
Fnr further di-Uils. please conuct: 

Overseas Advertisement Department. 

Financial Times. Bracken House, to. Cannon Street. London EC4P 4BY 


Copies ntiaiaatale frutu nuWNitSvnl« ' and h*.mk-<ialEs worldwide nr on regular xubsrnption fnvn 
hiit-^npiion Depart mrn ( Financial Times. London 

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INBUSTRlAtS— Contmned INSIJRANCE--Cbntinn^ PROPERTY— Continued INV. TRUSTS— Continued FINANCE, LAND— Continned 

~ umi^* *fl»i « UMsuisg™ «r»i » utisua.- a\. h umswss, 

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Tokyo, Japan 

•New Japan Securities Europe Limited 
!. I'.LipniaSe. Lonfinn EC??, Tf. t-'/'i. t~.v'>-3 
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143 1.U12.61 7 3 

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ledarlnr... . 66 

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liJ 1^1 UihW. — — M (-3 3 22 1 * \ 7.7 * I 65 1 55 kjrcctUrauo !!?■ 65it ... 

tdeo 71 ! m: MlK9'S«k99i. 277 u. 159 U OS <t> alU T6 C il>£inm Iw.- 25 . 

39; .*,3 31»; MuUiBNUli Jnp_ 471-. . . +_ | _ 1 — \ _ 131 7b pnfjjiiili .. . 114 ,-2 

TJ T J * 5> Mnunli !•.■*. ■<> S3 ' -2 134 I 6 9 Ml 96 40 4B<; I :lj 6F.jr i 0 ‘ 73 l-i ; 

~ ~ ~ l-i 13 sr^vceivp.... 13 — 0.49 10 dW262 

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i'?L 13 |g2?i £52 C-3 SraVnAna.- £52 r£llj - 8 d_ 

ri^i 12 5.8 24.0 64 51 SrcOibM U 4.99 + 12 2| * 

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120-1 _ _ _ 

430 -20 

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22i- — 

, 13.5S 20 4.2 

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SL J5. Kanio-abA .. SW— .. SMb - _ i - . r/mwnPrr'ial VpWIoo 

■; 01 Ksleivrlieil. 66 .... — — — 

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10 iMctMf &k.aUt: 30b +N-- — 

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jtiTJImiTi X I 25-1 — — — 

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Panconm* .. . 950 — — — 

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Ptto-r.'aiLvmJitf 4t8 -2 Q15c 4> 20 

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WilmiTiX I 25 -1 ' 

ftsriir Copper 62 -2 , 

PSuKomlirf . . . 950 | 

tains U£Ex5p 27 1 

EUW-r/allffatlaiv 4t8 -2 

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87i; 6? Enc&S.Y.Traa_ 7»; :3.0 

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59)282 6 CD 390 fc< 

chna). £«« 31 ;I 

Res. I 590 

C4 Wear. Mir.iruSi: 
35 fftliunCiwiaiL'... 

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AyerlliUunSMl | 355 +15 If; 300c 05 182 

BeraltltR . ...I 54 +i 1:4 0 4.411.0 

EerjUfiL.71 SM ! .. ,i 250 +5 iQllOe 4 9 5 

fewr. ... - 165 04 5.8 4 6 


i - - - - 

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S. Z. H U J? $ 82 57 2owl:«fe.\5fc.| 60 -1 - - [-[ - 540 220 CopengConL 340 . tl5 :6 C.9 6.9 

l 3 ^ 2 35b RntoealLC . 39 T2« ID 53160 ' 1 ‘ 1 740 130 H^tkcns 24D +5 - - - 

03 71 49 PaCap 591; -1 — _ — — 95 78 Idn' lira 87 -3 +'2 0 16 + 

'193 98*2 i».T Japan. ..133 +1 202 1 0 1 6 694 TRABFB? 11 7 JanlarKto ^ - - - 

1ST 120 CMKOntfel 143 .... 591 U 6 0 241 l/V£JtU5IU^ ^ Snl^SM07fl. 77 ‘ +1 Q 12 K- 21 3 5 

ton iv ' ill *281 LI 6 5 21 1 |225 lvjrcjzLakes 1290 I I h3 57I190J 1 8J *>o 640 050 Kilhnshali . 640 .. $ 196 

190 12n beitralFnodc. 178 .....4 77 1.0 4 0 37 4 go pto Fn-nrVm -iWSc llfl 1W2 ™ 280 MaM-redc-npls: «0 +10 nbx 0.8 4.5 

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3 100 Pad? L- Whites . I U7 Ft 

51 - 1 9.0 

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15 3.8 ^ 

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2 206 tartSsl.!.!!™ m +1 " t80 30 5.3 W Jj 

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3 2B rriichartlSi?.^ 37b “b 153 34 6 C 6.1 ; 

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■ lb 10 RTDC.roupSlp.. 17 — — — 25 

■- 0 25 Ka&zmMlltta*- 58 193 35 7 <*5.5 * 

6 60 RandalL« 99 +1 cfl.47 — 22 — l" 

- i 226 fcuiktean 252 -3 tR08 3.6 4.0 65 \ 

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1 262 Re*araGlas_ 283 F1608 55 85 3.4 

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36 Rearmnr ; 72ffi ...... hl& 55 3.7 7 2 ? 

56 tenawe.-.-K 70 +1 d4.31 16 ' 9.2 1&?) }■ 

\ T 87 Ricardo,..--.- 33b +* HJ.0 85 3.1118 M 

25 Rite'/E.J)JOp_ 38 _.... hlS0 - 101 - £ 

101 KoeWt 134 jS -1 t536 45 60 4J % 

~ 36 Rcpner KldR. 5 — 42 +1 2.16 3.4 7.7 5 B. B 

. 32 Da-.V. 41 216 3.4 7.9 5 6 

if a a s S'asM ? =.?§ Mwjipfci» , isBac=i , i fcjw 

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160 ffittiPHBa .. 1^ ... B.02 10 6 ^235'-- ‘ 

69 HniBeHl&-A'- 79 .... 46 12 8714.6 

68 Da'B" 79 ... - - - - 

SSi 2 icofundfji — 59J 4 QXc - 1.0 - 

650 Dai£i . 650 -50 Q9 49 - IS - 

424 indnstrui&r-ea 56 +b 1.73 11 ? 7^29 3 

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107 Iflr.inSoccKB.. 163 ....29* 1.126J53.7 

62b Im-ertcutfCap. - 62b tl67 LI 3.DU5S 

103 JartineJapar 164 .... 0.86 2.2 0.0 15W 

70b jartlineSa B». 214x0 . . tQ47c 11 4.8119.7 
103 lerMj&tP' lp 1S2 +2 - - -1 - 

Z!8 Jersey Gen U - 242u 2 2 5.416.8 

50 Pencfcilen Itrp — 74 -1 t«J 13133 

a5 Peralmf S3f J 250 Hj30 c 16 7 3 

;s SaiBtPinr. 76 :oi 6.5 *0 

57 MudCronrlOo +1 J]5 2 0 95 

50 South KiuaLMOA) 235 -5 r01-5f 0.613 3 

JO tihn Malayan SMI 320 +5 iK2W 1.1 8.8 

54 S’jdiwB&iS?!' . 225 +5 Qt,5..- 53 65 

55 Supreme Ccro SMI 73 +1 2010c — 2.9 

35 Tanjon? lap . . . ST -2 dsJ OF 1IJ? 

14 ToR^rth Hrhr. SMI 90 .. Pipt2’i 1.6 * 

16 fTronohSMJ 255 +5 «Sfc| 16| f 

07 68 ^JceanWlsiiSip 32 -2 152 2.9 

35 165 ?a .H.Z*h.!0pJlB +2 ?7.32 75 

160 ba -AM Vito. 175 
27 Sacc«iJ.E:10p 39 

t* 74 COPPER 

+7.32 7 5 6 jj 32 J 70 [Messina ROSO 1 74 [ liQ30c| IS i 

57.E2 7 5 6.71 30 

*j43 i3 j 7.0 MISCELLANEOUS 

gu i i ii / , c irt li geii^n ig.L.; wu J7 t*43 1.3l 4 /.I 

-2 25tJ* 91; *b aenaSn^ariOp . 51-# — — - I 

a7 146 13 2 -4 iSjmeDartylup 103tf +1 zQ3.9 q!2 2.9 25.3 68 [35 |Banimn | 56 |-1 J -[ _[ _ 

. n 250 175 SittlBrcs. 200 . ., . t 6 .C 4.4 5 6 67 17 j 9 BunraKines ltiip.l 15 1+1 — I — — 

«“ 61 40 Tccer Kerns 2Pp 54 +1 3.15 2.7 £.7 700 215 ,‘Cons.Murch 10c.. 235 -10 UQ30c 2« t 

I.W — nnn r pt *ci m r\oa* n«n ra l. .ji- mac lnr.^k.^iyi I ?«? I tn s I \ . 

? SAQ TCI f ^ iifcci -^r [Ti \ j.xj i 4.# t-./ i.tAJ i.U JJUIC'l IWC.- 

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-df H ^7 72 I 41 Do lDpcLn i£p) 63 | B.4 |31^ 12.^- % 30 SahiMlmtoCSI.. 

H s3»-7 £12 750 Tara L 1 . an J! _ _. 


.it- If JU i l did L»> LA II f: 

, £2 J 43 fitiidj Minerals iCp. 
1 155 |12G |Yuk« Cciii^l ._ 

365-10 - - - • 

255 -4 9.5 2.8 5.6 

54-1 - - - 

E37 -50 - — — = 

SO +155 9 2.5 

155 Qic 2.9 22 


i+ «ri Biv. rid 
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37 RnapnniSOp — 37 299 1AU0 i83i 

25 fi«Dm*3eaen.. 31 7154 5.6 6.4 3.0 

04 RaydWMcs .... 17D ...... t649 0a 57337 


I’nleac Mhfniic iDdicaM. prices and o el dirldn* pie la 
peace aad dnoaiullau are apt l^tnnslcd priccfeanuac* 
rsilnx and cMersnrcJ>»«loa latent anaual nrarts and accanats 
aad. **nc passible, arc updated aa baU^rcarty flcslts P/Eiil* 
rakulaicd on Ifac bads of net distribution: bracketed figures 
indicate IB per cent, or more diflercace If calculated op “nil’ 
dtsfibntloa. Covets are bused on “tnaxiMUBT distribution. 
Yields are bared on middle prices, are gross, adjusted to ACT of 
33 per cent, and allow lar value of declared fiatriballonB aad 
rights. Srcariiie* arilh deittHni nations other than sterling are 
•looted inclusive of the Investment dollar pnadam 

45 [RicsdliAliOp 

0; olj, a«^‘?r,HVl. £27b ...... Ol3i6%| is) 6 2jl28{w 

S ^ :::::: Si I? Ii£ g, \ sjjgt 

75 SugenGm — 84 is 9 17105 85$^ SSfftt 

iar ♦ 3f* 


8 i 53 i3lp . ) 83 

. 292 661.55} 36 

• 75 SangersGrp — 04 5.W 1 

■ 66 Sea ra Croup — 106 — 552 2 

I?b £43 SchlutnbercerSl £5^ 2 ~h Q1 40 « 

‘ 65 ' Sente ros 75 3 29 2 . 

"■ 23 Scct.'rteritabl+... 44 hQ91 6 

■! 85 3cm.4Vn.lin3.. 323 il 7.37 1 

b V** Sears Hldgs. — 40b*c thl31 3. 

' r.;p — 130 52.54 “ 

IIS I i;3 I S-a KjiB* 70 2 SSSJa-l 148 (+16134.971 3il 5.0) 9 .g| 591: I 35J;l0ritMotwir -j 59 1+1' Jt2.76l 3.7 

rt r* ?H 3 Ji 3Z 105 SnaoIRW.— 130 652 I 24 I 7s| 9.5 MO I ?1 5? ..... 3.26 39 

1178 t#6GDiia}lnc.lBri208 

10 9.«15 6 

India and Bangladesh 

2W 175 Assan boons £l . 
335 280 Assam Frontier El 
123 99 AsamlRk?.£] . .. 

180 .. +4.06 11 3.4 a Sierlinc denominated secnriUea which include investment 

65 hQ15c 19 55 dollar prcmjum. 

62 40.48 39 12 • “Tap” *ocfc 

67 .. +6251 2 0 4 9 * ULt** ami l iirs marked thus have been adjusted to allow 

93 +1 |bl52 19 2.4 fer nchts ivrutr. for cash. 

. t Inlen.-n vince inenenaori or resumed 

t lnt*.-nn> since reduced, passed or deferred. 

S tt Tar. -free to .'wn-re.videnLv on application. 

4 it cure?, or n.-pon awoiicd 
, , , tr Vnltntrl •.-runty 

:il£i£c£lESfi a Price ul time of <u<perivi.,>n. 

9 lniiii.-m.t 1 diiiderut otter pending «crip and/or rights issue: 
260 I ..(49651 5.9[ 5.5 cever relates In prw.o-j- dividends or lorecastn. 

295crl+5 I 10.15) 4 4| 51 * »K-r?er hid «.r reorcanisation in progress. 

101 .. 7.11 I 3.710.5 9 Noi rwnparjblu 

24 3°i125i ^ 25 BoWnt&El 31 _____ iv>“ gn iKlKit ‘1 noc H 7 ij jFbq dividen«t- <-r ranking only for restricted dividend. 

- - a - ,£» 103 70 Mtotratelnr 100 -1 3.88 10 5.8 24 6 l-i^e K TWl ™, l f' — I J?5 I |i!7-^ * Cow dova not allow- for sham wbieh tony also rank far 

1 q 1’ J k fl no 34 MnotvdeTniS ; 105 . .. t4.82 10 b.9 217 V* 53 IWilLansnuU 1 1W l |12.5 4.2|1L4 dividend at a loiwre dj\e. Nc. pt£ mbo usually provided. 

*•7 V-j ool L/\r\ iL.niO b ct lot me An. a a a l IT? c • rt ■ » a V Fv.cludinc -I {anuJ dividend decinrarlnn 

63 1 42*2 39*2 rwah 41 tl B 

; 0.7 [131 109 Ccwloulds 220 -1 7.67 

9j £aAt £71'« DalMlet)S2'7 £71*- +b QT 

3J1 3.« 7.2| 47 

tl B8 3.9 6.8 51 

4 &U »S?tS3hfpta“ lnLn rti?Tl f'B 38 KJS 46»i UStolfCav.Wp 49xtJ -J; M.43 1613.5 72 230 93 Da 'A' 209 -1 HW4.0 10 

: u 1m 4 SffiSB [\ 3E,” V3? 71 ifl nl 5i® 228 X’wslnt — 268 ..... J9Q3 46 5.1 64 1J3 55 p»an»M._ 113 +3 373 4. 

' 4 T7 II 1 Alio 53 70 7? 268 174 ftaRM biOfiiM. 224 -1 608 42 4.0 65 35 24 EilyiDiMlOp 24ri 2.01 2. 

TO Ill il" 3ffT la si 74 73 49 PWtanfhiSiind- 70 3.15- 33 6.7 64 J 2o FcsteriWiTiw 44 ...... c54 2 

- i Ml. s! 1114 - +1 ,cro 42 Oinn « 40 PiTBimdlOp 42 d2.49 23 &8 73 « 85 Haa-as'JJlto^ 147 -1 +0.76 * 

_ I 39 ( 31 ' a»rTjj_ 35 ‘ ZZ. dj«l _ Tfi _ « $h «b - 

73giD 22 — 2W -1 SfM4}Miio.aa*LS S.JWB2i-c: El 

2 . 2 64 ™ 34 MnoredeTn* J 105 ... «.B2 10 6.9^217““ — 1 mvijmnnaiaii 

72 47 885 600 IfeotSASUSl. 885 .... QUc 0 9 0.^1775 Crf Lanka T 

6 5 53 21b 17* 2 NcBcThm lnc_ 1V 4 ..156 101LSI1Z2 SH Lailga * Becmn. ‘ P «•*■ 

95 00^63 70 toftptj ... J§ -1 [- 225 [123 |Unu«il 1 216 |+3 |5 5S | L5[ 3.9 2 Tat inn* h F„ 

^ - 5! £. „^2ferJ5L- S, +1 -J r-l™, Africa <* r ™'+ 

W Etcludinr a final dividend declaration. 

+ HvC1un.1l price. 

41 0.9) 13(1307 
.% 10 6.124.1 

» Tat inic h Figures based on prospectus or other official 
estiRbiie c c rnu. d Dividend rato paid or payuble on part 
•>> eapiPil. • ui.-r based on dividend on lull capital, 
c Redemption >ield. f Flat yield, g Assumed dividend and 

S i, 1 ® «« 2rt hMn 46 40 I Pyramid lOp 42 

Sirilhifejup *7L .'.Z td2.47 IS 5.| 7.'4j}g *g wl 

.'139 Smit!isIxirlL5C^ 206 .... T7.36 2% 5.4^ 9.9 vn Iftf. 11‘ld kotrvmrPrs Vsi 

79 Hiltons Pd. 

102 [ 1 7.24 

51 Oil* As** Ini.. 571> .... 2.13 11 5.5 24 9 

47 Ontmchlm 59 155 12 33326 

99 Pwtljndlni._ . 122 «11 1.0 5D237 

63 Prw. Scr- Im 50p 63 2 84 11 6 7 20 5 

■ 4S Solif. Law 2Hp ... 63 . .. t3.92 1.0 95170 

261; Sonar 2E +1 254 1612.5 75 

*175 SolheiiyP.B. _. 323 b5J7 4.4 3.913.7 

SB Sparoxir.WSS* 9Bm tt.18 63 32 53 

* 195 FrasrffTlL.. 223 .... 1 <*0 160 1.3 6 7 

*' 132 Sutf'.hsu 152 .. .. 3.95 4 5 3.9 65 

ffl £270 Dtt9Jg*iCiw.Ln. £50 5 3.0 4163 f65 - 

• Sd]«ln;..-._ &i ±3J4 0.9 t 28 

r 93 Stw Furniture _ 133>5 14.87 3.5 5i 82 



upeeuil r-.ii menu l indicated dividend, cover relate* to 
prvviou- ili-vk-nd. PfE ratio based on laHhA annual 
earn 1 n cv a Forvvust dividend cover based on previous year's 
eorninm- r Tai lr«r up to 30p in the C. w Yield allows for 


40 2b InsronvTblfip. 31 (1131 Oi 65 31.4 Jg* ^ htwRK M M9 -1 

54 42 ;crwne.HJd?s 1 - 53tt M252 36 79 53 ^ ev f 

72 3S LreibEmn. — 72 MJ3 5E 3.2 82 ^ 467 5^« -2 

21 IS Lctgh Mills 20 d!29 20 9 6<fi0i •H'Skonnf - 4 

-1 t654 

• cl-iotl..- n a- jr. 1 r. a< 1 u < 1 _ 1 . , icurrenr> 1 Iuum> v dividend and yield hosed on imrcer terms. 

C 7 +. din 1-J? 'I ~ii — I — I — jr Dividend ami yield 1 n-rlu. !e a sp-x'ialpaymonl: Cover does not 

5.3[ 4) H20 [244 [East Band Pp Rl . 327 (-11 — ( — I — [apply »■• -p-.-cinl pnymenu a Net dividend and yield B 

- r-J.r- 6«2 £29*. RandluUn&l fC. E3Bb -l*^ 
11 70j»9h7B [731; [vicuRaji-iRl _ . | 140 | It 


iSUg Furntturc _ 133» 14.87 3.5 5 3 82 67l> 46 Asw Paper 60 -b t2.93[ 44J-73I 65 16 7 Lr.<*t5ji 16 — _ — _ 

Sf«Uey.., . IB* 16.61 J? 54 45 1125 £92 Do J0ti*Comr/: £119 _... Q91;^iM3lia3 — fal 34 Lriler 53 dLO 7.0 2.9 68 

Sldj-. feaJ nKSl OT -... Q54r .1110 3 8.9 46 29 Ault i-Wibnt^ _ «b ..... tl^l 2.3 20 9 3 66 55 lalrsiS ’SOp __ 65 .-...4.99 * 120* 

Seriragtna^tf. 28 . — 129 2.1 6910.4 B3 62 Pentrase 81 __ «.89 20j 7|[l0.7 49 42 SbcteHa^h 48 43 35 0 9 10316.6 

520 325 J Iw huh StXFKJ 477 

: : : » j sn s i 

73 RoCT^TnL-n ,T 92b : V l« LI 43 32.0 .37 U 8 (Esst BiCcaHi .. . 

52 ftaedinnr.d Inc. 54 +'; t424 10 11.713 0 ^6 L35 ERhM WlW.-. 

48 Do i.ap 81 . — _ — - 1152 Lib (firw.ta.}*.- _ 

59 RMsthiMlz&p 200 -l" 7.11 13 532221 

444 271 Kisrossftl 

00-a|-l*JH)>50c| 25J 6.9 Fn-fc-n-.-'i e dll u+-n-l pa;<st,-d nr ■leferrs.-d. C 1 'anadian. E Itsue 

140 | ,| tvl3c| b.7[ 55 pnee V 1 > 1 . Iih-nil -r.-l ;iebl b^sed on proswciun or other n iimaies «ir 1 57940 <■ lamitM-d •lludend ami yield 
T> 4 am afts-r pendmij - rip ami.ur nclii* i-.-ue i! Iiivirivnd and yield 

Kri IB 1 1 Uttsed on rra+MU'- or oflu-r ofticiaJ e.-aimatep tor 

ISIB-Tf* K 1'i.on- h-isol -in pix* or other offlcinl 
66 |— 1 | 04*C I 4> 59.8 estimates fur IPTO « L’tndond jnd > ii-ld base-1 on prospectUK 

24 I— li ItQZQci 12 49.8 or otli'-r iifiiruil i--Jl irmtle-. fur hCi N UiMdcn-1 anil yield 

334 l-Q ] F^Or) 9.2 kMil on pn«ji(viii- i-r other offieul cruimaieu for Ifrjs P 

95 t-. I— 3)4twj9';l l.B 12.7 Flnirt i^jsI insimui or niher offn-inl ifiiirciies for 

293 “ — 7 (555i; | iTll ' I ISTH-TS it i-'r.-s T Ficuh'' aramvit Z Dividend total to 
5?ic I ii 1 75 3 [date, ff Yield iiiL-cd on Di.--ump* mu Treasury Bill Rate stays 
R'hTi 81 1“ -lb 1Q46c liH 44 0 1 “Whawfbd until nmiunly of stork. 

93 [S»ltaoe — , 
b 14 ftalhtixap_. 

61 l j - 11 , I _ _ j acs dividend, w es strip issue; o-« rights; a* 

w: -Jb Qge 04 321 [ al j. * cv ^,„iai distribution 

i» —15 uirh'l 9 1 ? 7 I 

55§ i-lpjQl? 

152 rih7 3-3 bti 5.8 100 46 OoviRichardi— 87 U-l th2.57 

16*4 t056 3.7^ 5 M16.8 102 ■ 50 CdJ«tEr»iil0p 8 W 15J2 

tbblttlDp 9 L....1 - — J — 1—1 27 13 [CqIUt Guard — 27 

lormil Symi _[ 100 1 | J6.7 

L71iwsYn.5p.( 9 I 

IMiteIav.1 20 1...... U0 ?-4 1-3 741 » 

(in I 125 - 1 " t7Jl Lfil 8.J® 

4.410.0 19 12 Pickles fW.)&Ca 16baJ ... 

58 60 lib 8U Da'A’NVlOp- 8^al .... 
66 62 % 56 RJLT.lDp— 92 .... 

ard__ 27 102 33j 82 93' 56 RJi-TlDo-J... 92 

1 ? — —J r-jTO.O 56 41 Radley Fashions 55 

M *si*i 344 , 

;Knil2Dp_| Sll 2 P3.55 

13b w 

7.7 66 119 

10.9 45 » 

103 4 0 79?-’ 55-' 4 

82b Srotnsnlu. — 103i a tt.60 11 5.8 364 

Natsocul » IS iiftl FAR WEST RAND 

^ «L J-2 4 4 la 7 445 (238 [Blnonra 1 300 

tld lnv.._ 81 +b 1.0 3.0 50.4 1 £ ^^l 7 i 9 u fet^TrM'S — l m 

** Recent Issues ’’ and “ Rights ” Page 36 

^ eT.»i — 122uf +1 1439 3.4 5.4 6.7 70 _ 

37 roothillRCZ: 43 - — - 93 63 taryftcklOp- 90 +1 2.86 

. 36b To?e 68 dl 2 B 4.4 Z8 8.6 117 95 - fWasHridin?^ 95 b7.E 

, 115 Trafalgar H.:»p. 118 +2 15.24 3-7 6 6 5.4 51 40 ikwC/OBiDp- « K3 05 

b£21b Trans UriUSSL- £24i a -b W-92 — 4.0 — 71 61 Harrison 4 Sons. 70 -1 426 

- 63 rrajBportDev— 73*; 13.24 2-2 65105 81 b* InrereskCrp 5fts, 6 7 — .. t4.93 

„ ,31; Tranw.viap.Sp 3* ...... - - * 217 168 L&P.POsterS&p ^*d «. 8 S 

9 166 towiXaTa. 173 bI - 1 #1167 15 10J 73 315 220 MriUnpodaleEL- 290 114.46 

V 9 UmuCT Olm. 5p 12« . — OJ) 23 9.1 155 no 63 HetafcMUte.— IM -5 124 

137 LTKOIrtL 157 393 17 85 (BSi 206 110 MUs* Allen 50p 197 +2 5.0 

88 Vnwnlwfeisfe- M2 ■ - 1556 25 83 7.3 92U 62U 85 dh30J 

- 36 Uniflex lOp 66 +3 d279 33 63 ^0 £23?, £11 ?b 0flqr41i.*L_ £17 ~h lOTOc 

. 476 Emkver_ 544 -4 1259 2.9 35 75 46 ?4 0&*s taper 20 p. 43 jp8 

b £20b DnVN.VJll2 — £25 -b 2-4 52 8.4 75 45 OUejr Print Qj*_ (S' -1 +252 

. So Utd Carrier J0p 99 ..— 1217 53 33 75 132 65b SaattbiiSaatefil 122 th3J4 

49 LtotoJ Gas inds.. 67 3.60 Z2 82 73 85 48 SmUhfDritfiaop. 83 P4.75 

1 14b u. Guarantee 5p- 24 — 0J8 135 U 9.9 210 264 SmnrdtUeEfeiu, 194* -1 17.45 

2 ilia l'B 0 dmniie__- 13 .A.. d0.49 3.4 55 U 76 - 65 Traasparest Pj<r. 71 .—.551- 

4-9 — 71 61 Harrison 4 Sens 70 -1 426 

65 105 81 64 InrereskCrp 5fts_ J>7 — - N93 

- 217 168 L*P.P«er»p ^*d . — jgff 

1 1 24 11 315 220 BtOnpowfaieiU 290 

This service is available to every Company dealt in eat 
1 6)132 Stock Encbanges Ihroaghoul tbe United Kingdom fora 
1 s j 13 4 fee of £400 per annna for each security 

93f6ii 70 20 Sh»tan*falbpJ 70 +1 255 

lL0f4ft 34 20 Shjkjfc Spmnersl] 26 156 

73 75 99 84 SdlflWbtds50p- « tU 

97 60 Da“B'_._ 87 

!&!& &" 1 2I=® I ^ 

9.1 1541 iufl 63 
85 (%5i 206 110 

Meta* Mills— 105 -5 , 

iBOUsS Allen 50p 197 +2 5.0 

114.46 Zfi 7 A 60 88 50 LSrrdar S3id H3.15 t il t 

3^4 42 4.d 7 8l 45 20 VFnaU&TKtBtas. 45 | 1 1203 I L6j 67|l3. 

tJfcilflt SI® 430 Q25C 

csinv Sto-1 136 -1 859 : 

MooIColdRl 523 


3,a 53h 06 27i 2 Sn-VmisaLEanJ 76 

7.3 92b 62U SfeneCiTHT. H*P 85 dh3 07 3.0 5.4 9.4 66 19*4 [Vv Priv. LI200.J 43 -5 — 

60 £23> £H-g 0giLy4H-$2 — £17 -3, lOTOc 41 2.0 118 48 . 36 Spencer tGeoxJ 38 +2 125 

75 46 24 C®rastaper2Dn <3 — . +23 If 7.9 105 37 26 Sroddaid'A' 32 134 

;Paper3)p. 43 1228 li 

Pnw&p- 65 -1 +252 6: 

liiSsatefi- 122 th3J4 4J 

fDritfi20p- 83 . — P4.75 4. 

671 5.3 2.7 34 23 Stroud Riley Dr*dJ 32 152 

35 9.7 79 23 TenM7«nsuIate_ 78 +1 L67 

85 7J 35 18 rrafnlJisUQp. 29 -2 101 

_ _ 5.710.1 fi6 46 TVnnfctnw ftc- 62 ...... 3 51 

2 Olb Unodtroree— 13 ..j.. «.« 3.4 f-g 7* 76 65 TVmspareatPpr. ,71 . .. 5|1 - 15105 9-8 54 44b Twtal 461; 1276 

- 32 Vutar 54 -1 2.17 3.7 6-Q 52 102 48 TndamGiiop__ 102 +2 *334 13 4.9 29.4 62b 31b TnracY^O 57 +2 Q10% 

18 VinerslOp 26* z 0.96 02 5.4 - 78 49 L'sber Walker lOp- 76 +2 332 33 65 7.1 37 2 27 TraflcrtCafpets 32 1.69 

49** VintenGip-aJia- 142 -1 hdL« M 11163 65 22b Ware Group SOp. ^ f 2 41 73 90 48 Tri«vllteI0p_ 83 +2 1186 

62 W Ribbons Hip- 63 +1 #335 3.7 75 5.1 232 186 9hddmamUj- TO .—.1131 15 f.4115 58 41 Vto-Te*ate — 57 355 

22 WadePOHilflp- 30 S1J2 3.1 5i 65 *106 72b Watrourta — ~ 99 -1 3 91 .3.4 5.9 7.7 49 34 V«tsFmef.a)p. 46 -1 L8S 

11 Waft»rHnr.5p- Mb ** 0J 95 02» 16 U Wja«W&owft,_ 15 ...... 03 — llfr- 59 31 [i'ouflhal 37 1 208 

42 Waterford 5p — 55ii +1 WL75 2.7 32 1LS . , ur 

“ m +1 a H HK PROPERTY- imvirms 

11 WafterHnr.5o_ 14b dC 91 __ „ 

42 Waterf<®Z: 55ii +1 «L75 2-7^ 3^118 

205 Watshain's—. 303 +1 453 4.g 2507.1 

« WasraRJLl0(rf_ 102 . — d2.« 35j 3.H123 

37 LZ zm i* »? 

II } 7 iS TP&sraZzti :t. 3.n uw^fj^safeir ^ 

7 ] To 177 145 SerUneTsL 178 +538 10 45 319 Si iwSa ? DeevFC "I 783 

3 2 68 7 6 StoeUwidersiB7._ 100b t239 ID 3.5 50.1 204 

{? 64 » redWtaP— > LM ID 3.7 401 268 “* 1 204 

92104 KK 81 b Temple Bar___ 95l 2 +J 2 b4.82 U 75X3.7 _ _ _ NS5!tfSS!LrV 

us! ,» - 55^^ OJF.S. SS?,A?3t!,V Tr :.::: c 

79 83li M Thro^noma— 77 ZZ. 4.45 10 8£ 171 no 75 Free Slate Dev. 50c 105 Q12c 20J 68 i^d MjC ‘ Hdy Z 7 " a 

32 72 77131 £2K DoTj^Lm**- Og* -5 Qfb% 20.8 f7 0 - £ 2 tF a mu F^GedaidSOc ___ £16* 2 -b W40c 17 81 rSc::: 52 .::::; C 

a8 * ,B6 71 Tor. Invest. Inc. _ 81 5 7 12105117 121 59 F.StSaaiplaasRl-. 81b -»2 — — — Hn[avPka.5p. Zlnf .. . C 

62-123 95 Da Caa.-_ — 114 ...... 057 — 07 _ 456 279 Harmony 50e 307 -7 1Q55c 2.0 10.7 GntigShipLfi... M7 +7 

64 192 142 Hans lSeaiiie._ 177 —1 5.08 11 4j C5 134 66 LoraineRl — 81*2 -3 1 ? Q 6 c 05 4.4 Higsona Brew.. 77 H 

i 75^18.7 


^ OJF.S. 

71 110 I 75 (Free State Dev. 50c J 10 

L0I 55 ~ ~ 


J-S ?'| The follcwint: is a yetaiinn of London quotation.-! of shares 
\\ previously lusted only in regitinal irancb Prirm, ol Irish 
33 53 Issues, roost of which are not officially listed in London, 

17 113 af ^ M t,urted t>n 1116 lrlsh eKC * ,anfic - 

Z7 5-2 A^tenylnr.tWp » Shelf. ReTrshm . [ 63 | . ..! 

24 63 Asbbpinninc . 49 SindaU (Wm 109 |+2 I 

^ “ MsfW.Ed.50p 330 

Clover CYoft. ... J* 1PJSH 

LTaJei Roietl 520 

Dvjnn 1 R A.IA 3? Conv. 9% 'BO-'flC. £90b +*• 

me ,m Eilis&MeHdy W Alliance Gaji..„. 87m[+3 

“i" ?i s? Evertd Z7 .Amott 365 ' 

£16j2 -b 1Q240c 27 8.7 nfeFWs& 52 Cnrroll»PJ.i.... 95 

-?2 — ■ — — Unlay Pke.5p. Zlm .. . Clondallnn. — 88ri 

307 -7 tOKc 2010.7 flraiKShip.£i... 147 +7 i.'oocrele Prods 130 

81*2 -3b y6c 05 4.4 Higsoroi Brew.. 77 Heitor iUldg*. J 48 

903 -10 JQl30c 26 1 l.OJLStmEl.. 172 Ins.Corp. 190 

792 -10 tW20c 9.9 Is Holt 1 Jos. i25p.. 256 Irish Ropes 100 

81 56 nribuw Invest— 74 ._... hL32 1 3\ tns. 750 |Pte, Brand 50c 

. 89 Wedparod 118 h3.80 3.6 4.1 67 45 London 10p M ..... hi® 2.4 4.4 14.4 __ 

-.57 Westu. Board ICto 77 ...... jC.76 21 73 9.6 231 iaa UHtattLondoti- 226 d4 37 22 29 24.0 346 267 

z 28b nuLSacn. 49 -*j $M5c 21 3.1 152 m_ 7 i 4 ^asnlcd Stores 10b - — _ _ _ 3M 227 

214 BTotaBBRAnget- 285 ...... M4.52 81 2.4 7.4 ^ 398 ApexFttifk 10p- 276 . — 332 14 21 495*00 330 

74 White ChUdFB.. 113 -2 d4.47 2 A 6.0 75 23 15b AqtdiSK R 5p__ 2h _ AM 12 4.9 261 ^ Jll 

IB WbitermR. — 107 88 20 95 64 82 59 AieaueCTselbp 77 ..... 1^ 12 32 40.4 ® 

28 whitetcy RSAW— ZB r~ -r* “ 

45 Wilkes (J.i 63 13.0 L 

66 59b ftpieietinciOp- Old +4.46 10 10.9 13.9 £10% 582 Pres. Stejn 50c 792 -10 tt}20c 9.9 L5 HoltiJc^i25p 256 Insn Ropes...._. 100 . .. 

TftRArrftS 170 m DoCaptalfl- 140 -2 - - - - cS 703 SLHelduBl 741 -19 Q190c 4> 15 J Mbn Goldsmith to Jwf 5^nt +A, 

iVoAbtUD U7 <?i Trad Union. — 108 .... 3.45 11 45 29.9 249 144 l'n«el_ 199-6 - — - H *- ■ ^ ?»,‘ t r am - _1 

‘ 1» I-? ]tl321|I33[ 68[ 52 154 |l|2 -- 4 « H St. IV,. BSWIfet— 2? 7 , "7 H ™ ShSo”wBBek Sd iZ. u2fe=; ^ ! 

*1*^1304 |p7 RK6.ZZ: “ -! ^1 li $ M Hi in I®? Ein|SOb(i»iM»— I 09bl-bli^S| LSI al 

21 495 400 330 DonhilIiA.nD|i_ 390 ..... 855 53 3.4 fl 1« Mfo Udgnt Sees- IM 446 10 5.1295 

aqSi B9 71b Imperial 82 5.75 12 105(6.41 21 18 Lld-CapitaK — Wb 1095 10 /5 21.5 emnsT/in 

32 404 65b 45^ ^UMWl 2 *in_ 63b +b 207 88 4.9 28 .®^2 R|^£Sfr +*2 +357 10 58 » 7 FINANCE 

6A19'2 66 55 gv n+t+iHn lftT fci +2.83 2.S 7,1 7J 203 1£3 LSkCeMraTa. 190 +6,03 11 4.7 285 , 

10 4 101 ^ ^ 4 900 600 DSTtuaFtodSL W5 -30 QlOc - 07 - 755 (424 Anp. Ant Coal 50c_ 570 -20 OGOr 3d 63 

tlT_T Wa 74 Vilan*Rfwtirces_ 86 -* 2 L12 ■ 12 L9 64 6 378 246 UnglflAiner. 10c _ 337 f— 11 (Q36_Zr I 2ol 64 

SS £24^j£13b(W.Hdtflngsa0c— 1 £19b|-b 

- Kissr- 1 ; Z i — - g. To 5“n a"o ‘^5 79 Beaumont Proje. 87 M3J7 

45 « ■■■■■ 7381 19 9.C 85 „ BeueriC-RilOp- SB — td4.» L4 10,510; 

35 SlltansMitehd!. 43 -1 025 -■ 0.9 — 74 fju BeDwaj'HlitoZ 67 12.91 — 65 — 

36 WUfsnArtchll. 177 W 1 M 7 - 9 143 8T 134 +1 327 12 3.6 30.' 

?? Do lOpcCnv— £92 . — Qljg6 H.J OM — yn jej B,taitoRn_ W 1627 14 5.2 201 

15 675 £20b £14*4 pip. .Am. Gold Rl _ EDbHi W U 5.8 
5.5 25.0 ^621 Une-YaaJSOc. 775 Qll5c * 89 

36 WilliamsUl 1 

47 WDs(Garge)— 
.' 30 WIIsob Walton XSp. 

36*2 WlnnIn& 20 p-> 

' .34 Witter (ThomaS- 
19 Wood 4 Sons 5p- 
■ 24 Wood(Arthuri5p 

18b — b 1-07 

.183 iWoodUali 95 

S® 2 + i J (2Si“ 7 l Ti 60 45*j C3p4CtanIies_ 55*2 L73 12 45 27.0 117 77 Alliance Inr 107 ...... 3.05 10 4.2 34.7 

15 2H ICC 88 2 Carrtnftonliiv 5 £b 99 d228 12 3.4 37.0 250 193 .yimfeTrofl_ 222 -1 721 10 42 30.1 

® | | #5-40 1 2-0j B-5J 7J yj ^tonaiaiaip 91 — - — — 124 115 Aidfandliic.SJp. 117x0 18.43 1010.8 13.6 

■8 8 29 ■— ^ ^ ^ -- fe 3 7+ M,r e 


,28 l&wtfcdi&ilOp 

MS (Bnlaiaiicto- 

•' ed Am 


6 Get. In. 

(CTd-Ill? U..IJ 2 WI 

56 34 

360 272 
16b 10 330 233 

£-LS. *r 

_ _ 62*2 51b AnbtMlBiihc- 58 M-5 7 U liaa* 

. (456 U1MUS « 1 to ftp.--— 78 

- “ ” _ 242 

Hnance, Land, etc. 

Ukrpyd Sri there I 206 j — [17.0 | 5.i 

235 138 UkkfieWilSc — 170 -5 

51 22 MrocwplZ'iP .... 

207 126 Mioaro5BDL40— 175 -6 

J58 95 NnsWil50r 112 -1 

£12b 860 Patino KVFI&5 — nib — , - 

u n 2 b 

m -i-wi* II SJ-nwath Call Bates 

174* -4 9.19 <S5 7.9 _ . _ . , 

1 8b -b 107 13 86 r «I***4rt*^ ■ I CM - 20 Tube Invests . 30 

08 1QZ2SC 25 7.5 A. Brow y, 6 Unllcter 35 

£22b -Jj Ol35c 15 6.4 A.P.C«pcnt._ 18 JCJL.. 20 Utd. Prapery.. 7u 

£ 14 ^ — jl qitOp 3 1 7 ? B.S.R 9 Inveresk 3 Vickers iff 

17B -5 Q25c .15 8 S Ea b® 0 ci‘ - . 11 KCA — ■ 3 Woolworiits— 5 

S 027 14 17 Barclays Bank. 25 Ladbroko 17 

iK 11a" ic Beecham 35 Lepal&ilen.- 14 Preuerly 

I -I & I SSSPr. B h ®5 c 2 kIS! 

2.6 eekl^: & fi 

1 32 +2 130 3.4 6.C 7.4 M «b 

168 -2 932 _ 8J _ 93 52 

^ r; ^f 2 - 1 J _ ill W 

£123 -I < 
168 -2 6 . 

burrilb'iyEst- 328 466 

ilyWOces 68 +1 H92 

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CBI urges j TUC may be offered jFresh I 

-™ KS stricter price curb 


on Europe 

By Philip Rawstorne 

and Peter Riddell 

A DISTINCTLY qualified 
welcome for the proposed Euro- 
pean Monetary System was given 
last night by the Confederation 
of British Industry. 

A CBI working party has 
decided basically in favour of 
UK entry into the scheme, 
subject to safeguards similar to 
those set out by Ministers as 
the UK’s conditions in the 
current negotiations. 

The CBI’s comments emerged 
as Mr. James Callaghan, the 
Prime Minister, and Chancellor 
Helmut Schmidt of West 
Germany continued talks on the 
scheme in Bonn. 

It also became clear yesterday 
that the Prime Minister would 
face fierce opposition at a joint 
‘meeting next Monday of the 
Cabinet and the Labour National 
Executive Committee to further 
Government negotiations on the 
proposals. Left-wing members 
of the executive will demand on 
Monday that the Cabinet should 
accept the overwhelming 
decision of the Labosr con- 
ference against any moves 
towards economic and monetary 

Anti-marketeers dominate the 
national executive. which 
expressed its hostility to the 
scheme in an emergency resolu- 
tion to the Labour conference 
this month. The resolution, 
which was not debated, declared 
the NEC's opposition to British 
participation in arrangements 
that would threaten the country’s 
economic sovereignty. 


Meanwhile, informal talks on 
the plan continue between mem- 
bers of the Cabinet. Small groups 
uf Ministers are strongly in 
favour of or again -t the pro- 
posals. and more remain 
undecided pending clearer terms. 

The CBI lakes a broadly simi- 
lar line to that publicly stated 
by the Prime Minister. The re- 
port of the CBI working party, 
headed by Mr. Deryk Vander 
Weyer. vice-chairman of Barclays 
Bank, favours entry only if the 
elimination of large short-term 
fluctuations in exchange rales 
does not prevent or delay neces- 
sary changes in parities. 

The report emphasises the 
need for freedom to alter pari- 
ties within the srbeme and says 
that the burden of adjusting 
domestic economies should be 
distributed between member 
countries to prevent the system 
from being inherently restrictive 
of economic growth. 

There should also be adequate 
credit facilities to support the j 
scheme and arrangements for a 
better balance between contribu- 
tions to. and benefits from, the 
EEC related to the strengths of I 
various national economies. j 

The CBI also argues that it I 
should be possible for the UK j 
to enter with sterling set at com- ] 
petitive initial rates against i 
other currencies. The Govern-! 
meat has not gone that far, ; 


The report reflects the differ- ! 
ing views of CBI members ahout 
the. priority or stable exchange 
rates, noting the concern of 
many companies about the ad- ; 
verse impact of short-term cur- _ 
rency fluctuations. The CBI also ' 
points out that even assuming, 
moderate pay settlements it may 
be difficult in 1979 to achieve a ; 
continuation of the recent rate i 
of economic growth combined ; 
with a satisfactory current-] 
account balance without some re- ■ 
duction in the effective sterling 
exchange rate from its present 

The Prime Minister hopes to 
return from Bonn today in a ; 
stronger position to resist the 
anti-market pressures in his 
party without causing a split. 

The Safeguard Britain cam- 
paign, an all-party anti-market 
group, made clear yesterday that 
resistance would continue to any 
form of European monetary 

In a statement .the group said. 
•* Any form of EMS must lead to 
centralised decisions. Some 
central EEC authority would in 
effect determine the economic 
monetary and social policy of any , 
British Government. Removal of, 
rights to determine our exchance- 
rate policy would leave us 
unprotected, accelerate the de- 
industrialisation of Britain and . 
risk making us an economic 
satellite of the cenmkised EEC." I 


THE GOVERNMENT is prepared 
| to consider further price 
; restraint measures, in spite of 
i legislative difficulties, as part of 
a new understanding with the 
TUC on the battle against infla- 

I Ministers believe some widen- 
| ing of the powers of the Price 
; Commission would help the 
! climate of reconciliation with the 
unions that they feel is being 
established by. the present round 
of private talks. 

But action on prices is not 
viewed as a complete substitute 
for the present system of sanc- 
tions against companies which 
i breach the Phase Four 5 per cent 
I limit on pay settlements. Nor 
I are Ministers confident that the 
i TUC. in view of its congress 
I policy, can come up with a 
cogent alternative to direct pay 
; controls. 

; Legislation would apparently 
j be needed to make the Price 
I Commission a more direct 
j monitor on wage deals, and it is 
, far from certain that the Govern- 
: ment could command a Parlia- 
i mentary majority For a new 
j Bill. For this reason CBI 
j leaders believe the idea may 
| turn out to be a non-runner, 
i Ministers’ talks with the six 
I TUC leaders on the National 
[ Economic Development Council 
jure still at an early stage, and 
[no trade-offs have been agreed. 
{Moreover, .the Government has 
told the TUC that it is not pre- 
pared to come to some cosmetic 

The areas of price control and 
low pay. explored at a dinner 
at the Treasury on Tuesday, will 

be examined at a further meet- 
ing of Ministers with the union 
leaders probably next week. 

The TUC. which agrees with 
the Government on the aim of 
keeping inflation in single 
figures, but not with the method, 
is suggesting a “ twelve-month 
rule " on price rises, rigorous 
vetting of price rise applications, 
and a cut in indirect taxation, 
as well as further concessions 
for the low paid. 


In spite of the Prime Minis- 
ter’s warning that fiscal and 
monetary action would follow a 
serious general breach of the 
5 per cent limit, there is no sign 
that Ministers are using it as a 
bargaining counter with the 


The warning is inteipreted by 
the trade unions as little more 
than public expression of the 
Government's ultimate respon- 
sibility for economic manage- 

But any moves in this direction 
will be strongly opposed by the 
Confederation of British Industry' 
which will tell Mr. Denis Healey. 
Chancellor of the Exchequer, at 
a meeting next week, that the 
Government should relax the 
operation of its 5 per cent pay 

A delegation of leading 
industrialists will argue that this 
is urgently needed to defuse the 
growing sense of crisis surround- 
ing pay negotiations. They will 
also urge that the Government 
should not make any new pro- 

visions for low paid workers. 

The CBI will meet Mr. Healey] 
next Thursday, a few hours after! 
the Cabinet has discussed the 
pay policy. For some months it 
has felt that the a per cent pay 
limit should be operated flexibly. 

But its message at rhe meet- 
ing will have a hew significance. 
This is because tbe CBf believes 
there is still a chance .of a large 
number of pay settlements being 
struck aj about 5 per cent de- 
spite recent events, provided 
tbe Government defuses the 
situation by allowing more flex- 
ible bargaining. 

This would mean removing the 
fear among senior industrialists 
that their companies will be 
penalised with sanctions on their 
companies' business dealings 
with the public sector if they go 

in Sime 



TURQUAND Youngs and Co- the 
Far Eastern branch of British 
accountants, Turquand Barton 
Mayhew and Co., has made new 
allegations in its attempt to resist 
dismissal trom the major over- 
seas trading company, Sime 
Darby Holdings. 

Turquand claimed yesterday 
that tbe Board’s decision was 
opposed by the finance director. 
. . - _ Mr. Stanley Booton. the man most 

above the 5 per cent. It would j closely involved with the audit 
also mean rejecting any ideas of. work . Turquand claimed that 

stricter price controls which Mr. ,another director Mr. Tan Sri 

John Greenboroujh. ihe con- [ Andak abstained from the 
federation s president, said yes- Boardroom vote. Previously 
terday wouid be an ultimate Turquand-bad said on,y that the 

, . ... Board was not unanimous wifli- 

“The Government has got it- ; out aivine details 
se'i too fixed on the 5 per cent Turquand also alleged that rhe 
It is too rigid and it creates an | reason ‘ s given publicly for its 

KL U C,h S Jn° 1 dismissal were quite different 
be . at * Sir Jo . 1,n ^ et j ,v . en : from those privately given to ' 
LBI director general, added last firm and ^rfed in Sime’s own 
niefat after a meeting oi the con- meeti minutes. The 
federation’s council. of Turquand 

• The National Consumer Coun- 
cil yesterday met Mr. Roy 
Hattersley. Price Secretary, and 
urged that the Price Commission 
should closely monitor any 
attempt by comoan'es to pass on 

senior partner 
Youngs, speaking in Kuala 
Lumpur, claimed he had seen 
these minutes which were taken 
at a board meeting on March 14 
this year. 

Mr. Booton would not reveal 

!"JE ! c pay sett,ements by raisin? ithe privately given reasons yes- 


Economic viewpoint Page 21 

Doubts over pay policy 
slow wage settlements 

terday saying. "We believe it is 
for tbe hoard of Sime Darby to 
justiFv their recommendation to 
shareholders.” But in London 
Mr. Dennis Garrett, senior part- 
ner of Turquand. Barton Mayhew. 
did not rule out the possibility 
that these nrivate reasons might 
be revealed by the auditors in 
due course. He said that the firm 
tad yesterday made the add! 

! tional revelations “ because we 
! have sot a little more frus- 


MANY WORKERS appear to be 
putting off pay settlements in 
Phase Four of ihe Government's 
incomes policy in case tbe 5 per 
cent guideline does not survive. 

Department or Employment 
figures yesterday show ihe 
number of employees in major 
groups who have agreed pay 
settlements in the first 21 
months of the round was 30 
per cent below the 1977 level. 
Last year was noted for the 
slowness with whiu'i early settle- 
ments were reached. But there 
is evidence that low-paid workers 
are hurrying their settlements lo 
take advantage of the pay 
policy’s £44.50 minimum weekly 
earnings provision. 

Between the beginning of 
August and mid-October about 
lm low-paid workers, covpred by 
nine wages councils, agreed in- 
creases worth up to 27 per cent. 
In the same period last year just 
over 400,000 low-paid employees. 
covered by five councils, bad 

A total of 270.000 employees 
in major groups — apart from the 
low-paid— had settled by mid- 

October. This figure included 

120.000 policemen who received 
the second part of a pay award 
negotiated Iasi year. 

The remaining total of 150.000 
was 30 per cent down on the 
number who had settled by mid- 
October last year. According to 
the Department they were all 
within the 5 per cent guidelines. 

The official figures are con- 
sistent with the Confederation of 
British ' Industry’s monitoring, 
which shows that 460,000 work- 
ers have settled, compared with 

434.000 at the same time last 

The sluggish settlement rate 
caused a slowdown in August in 
tbe annual increase in average 
earnings. The new index For the 
whole economy, covering about 
2lm workers and which is not 
seasonally adjusted, rose 13.8 per 
cent in the 12 months to August 
compared with 14.2 per cent in 

The older index, which is 
based on 11m mainly production 
workers, showed a similar move- 
ment. In the 12 months to 
August it was up 15.7 per cent 

i trs>‘«ri. 

Tbe Sime Board said that its 
j reason for sacking Turquand is 
, that the auditors have a less corn- 
compared with 16.2 per cent the prehensive international cover- 
previous month. Tbe index was 1 age than their mooted successors 
332.9 in August t January 1970 =-' Price Waterhouse and Co 
300. seasonally adjusted) com- Turquand does not believe either 
pared with 332.7 in July. ; this explanation or the reasons 

The whole economy index ! given privately. Mr. Booton 
stood at 131.6 in August (January i described the private reasons 
1976=100) compared with I yesterday as “insubstantial in 
133.6 in July. The decline was.' th» extreme, 
due mainly m the effect of back-- "Our concern is not only that 
pay in .July wage packets. ! shareholders should he fully in 

machine 13 rk-g’t formed," said Mr. Booton. “Lack 

Basic weekly wage rates were ; of an acceptable reason for 
steady between August and ■ replacing my firm has given 
September at 285.6 (July 1972 1 rise to speculation as to whether 
— 100) for an increase of IG j there may be a substantial 
per cent in the past year. This j reason 3nd such speculation to 
index covers only nationally- ; takf th« fnrm of doubts as to 
negotiated basic rates for j our competence. In other words 
manual workers. ' it roieht *<*nd to damage our 

The Engineering Employers' ! r : , ' n * name/ 

Federation yesterday reported 
that a number of workers in 
engineering companies may be 
delaying settlements. Between 
August and mid-October only 80 
settlements had been reported 
compared with 209 in tbe same 
period last year. • 

Fresh talks on stoppage. 
Page 10 

Meanwhile, the position of Mr. 
Pnn*nn is unclear. A finance 
director Mr Mirha-l 

Dowilv has recently been 
nnnointed. He was nreviously 
flr-»npp ^'rpr^nr of VlaTgety. 

The anninj meerin? pt wb»ch 
c-»m-AhnTrters will decijjp whether 

Tnrouand will rptsin the audit 
w»n fnVe niore *n Kuala Lumpur 
! on November 17. 

Mitsubishi wants permit soon 
or will drop Welsh truck plant 

! Continued from Page 1 



problems would be -taken up by 
"the most senior officials" 
QP£t week Id j " of 

PLANS BY Mitsubishi Motors to Mitsubishi project which go on spending shareholders' bilateral and multi-national 
build a iruck assembly plant in eventually would create about money 10 no effect — it is ) negotiations 

Wales will be shelved indefinitely 500 jobs. ing us about £65.000 a year oai £j r silkirt said after the 

unless (he group is given a clear The U.K. Government had been the truck division — and if there 1 k s ‘ ^ju t he main problems 

indication of the attitude of the assured that local content of the is no clear indication by the end j n j-evhiac a settlement would 

British Government by the end trucks would rise to more than of November then the project ; ] le those which had held up 

of next month. half as quickly as possible. A will be shelved.” said Mr. Orr. . progress over the past nine 

Mr. Michael Orr, ' network of 60 dealers has already ^he understanding between : months — those of historical fish- 

hnports Colt Mrs from ^ffitaubishl .. tbe' ! >«* rights in the Mle cobstal 

i m po rts Colt cars from m itsub is n i - But so far we have had no industries prevents any ship-! *cme. access to fish in the 50- 

made* ?h£ d clear* 1 at §!e ' Liter !°? ,caU0Q at . 3,1 from the men is of trucks over 3.5 tonnes ; mile me (where Britain claims 
made tnis clear at tne inter- (jovernnient departments con- directlv to the U.K. Local assem- ; preferential riehtsi and Britain's 

er we will be per- bly is essential if Mitsubishi is [rights to 
ahead. We cannot to cet a foothold in the market, 1 stocks. 

nafinna) Mr, tm- Show oreview ™ e 7 m i nt ., departments con- directly tothe U.K. Local assem- ' preferential rights) and Britain's 
s “ preview cemed whether we will be per- bly is essential if Mitsubishi is] rights to the mcrease ein fish 

yesieroay. mined to go 

Mitsubishi, one of Japan's 
biggest commercial vehicle manu- 
facturers. is represented at (he 
show with a one-tonne tip-up 
truck and a motor caravan. 

Toolmakers vote to continue strike 

instead of the medium-sized 
trucks it would like to sell in 
Britain. The UK Government 
faces a delicti ie policy decision 
over Mitsubishi because of the 
furore over Japanese car imports. 
The motor industry has been 
insisting that the Government 
lakes a firm stand against a 
similar incursion on the com- 
mercial vehicle side of the 


Mr. Orr claimed, however, lhal 
llic Development Gorporalinn of 
Wales and ihe Welsh TUC were 
very keen on tbe idea of ihe 


BL CARS" 32 rebel toolmakers 
ignored the advice of their 
leaders yesterday and voted in 
continue their 12 -week strike. 

The men from SU Fuel Sys- 
tem* decided to fight on a I on ein 
spile of the fad that Mr. Tiny 
Fraser'* unofficial too Ik makers’ 
commit lee has once more de- 
ferred its threatened strike call 
lo 3.000 other skilled men. 

There Can he do doubling ihe 
bitterness and feeling of be- 
trayal among the SU men that 

I hey have been left in carry 
alone the burden of rhe (oof- 
makers' campaign for improved 
differentials. Though leading 
members were urging a return 
io work as ihe only realistic res- 
ponse. opinion was swayed by a 
report that their action might, 
for ihe first time, he affecting 
SU output. 

Anmhcr factor which might 
have stiffened the men's resolve 
was ihe receipt of £1.400 col- 
lected from other toolmakers 

The problem for Mr. Fraser is 
to gauge the amount of support 
he is likely to get for an all-out 
strike call at a lime when details 
are emerging of what might be 
forthcoming to skilled workers 
should central negotiations be- 
tween the union and manage- 
ment prove successful. 

According to Mr. Fraser, the 
company is circulating figures 
suggesting, earnings for all 
skilled men could be increased 
to £84.76 from November 1. 

Hattersley seeks ban on misleading offers 


:e GOVERNMENT yesterday 
>posed a wide-ranging order 
ailing bogus bargain offers that 
slead consumers. 
ar. Roy Hattersley. Prices Sec- 
ary, said he proposed to imro- 
:e tbe order under price dis- 
y legislation early next year. 

promised three months of 
•nuine consultation" before 
iwing up the final order. 

Jr. Hattersley’s decision to act 
lows two reports earlier this 
ir from the Office of Fair 
jdlng which were critical of 
steading price comparisons, 
jut the retail tr “dc lasl 
a Uv rejected the need Tor 
veraraent legislation on the 

issue claiming that the proposals 
were irrelevant and would do 
little to keep prices down. 

The Government wants to en- 
sure That all bargain offers bear 
a relationship to real or normal 
price*. If. after consultations, 
the order is approved by MPs. 
shopkeepers and manufacturers 
breaking the order could face 
fines of" up to £400- 

The proposal could have a 
major impact not only on the 
manufacturing industry and re- 
tailers but also on ndvertisers. It 
would prohibit price i-umpari- 
vont with recommended retail 
pnei-s. maximum retail prices. 

statements of “worth or value” 
and unsubstantiated comparisons 
with prices elsewhere. 

Mr. Hattersley said that often 
recommended retail prices were 
created s-imply to allow reduc- 
tions on them. 

Real comparisons, including 
those with other identified shop 
prices, would, however, still be 
allowed- Under the order, tile 
retailer would have to prove that 
a comparison or other form of 
bargain offer was genuine. 

The Government “in no way 
wanted to inhibit genuine bar- 
gain offers." These aenume bar- 
gain offers would be encouraged 

if the fake offers were banned, 
tile Secretary of Stale said. 

The Retail Consortium, which 
reoresi-nis more than 90 per 
cent of Britain's retailers. >aid it 
totally rejected any suggestion 
that price comparison^ were 

" Neither Mr. Hattersley nor 
Mr. Gordon Borrie. Director 
General of Fair Trading, have 
provided any factual evidence 
whatsoever to back up this 
claim.” said Mr. Richard Weir, 
the consortium’s director. 

He added lhaT the con.inrt.ium 
had •' grave doubts" u» |u 
whether the Prices Department 
had carried out proper research 

into price comparisons. He also 
felt the Ihree-month consulta- 
tion period was too short. 

Miss Rosemary McRobert. 
director of the Retail Trading 
Standards Association, described 
t bp proposals as “ phoney ” and 
said they would make little 
difference to Inflation. The 

order confused " abuses lhal 
ought to be stopped with minor 
marketing problems. 

’’ Legislation that cannot dis- 
tinguish between grumbles and 
issues diminishes rhe respect 
that retailers have for laws 
which support fair trading and 
consumer prelection.” she said. 



Reading between 
the courses 

The worst fears of an 
imminent rise in Minimum 
Lending Rate were fading yes- 
terday, as short rates in the 
money market eased i or so 
and the FT Government Securi- 
ties Index picked up 0221 points 
to close nearly half a point 
ahead of the, 1978 low of 68.79, 
which was equalled on Monday. 
But although on balance the 
City is not now expecting the 
Bank of England to show its 
hand at 12.30 pm today, the 
course of events during the next 
few weeks remains highly 

Tonight’s speeches by the 
Chancellor and the Governor of 
the Bank of England at the Lord 
Mayor's Banquet thus come at 
an awkward stage. They will 
be carefully examined for dues 
to official thinking. If they are 
excessively bland the market’s 
confidence will be further under- 
mined. Yet with the talks on 
tbe European Monetary System 
at a delicate stage, and with the 
Government in the midst of re- 
examining its economic fore- 
casts and monetary targets, it 
is hard to see how anything very 
specific can be said. 

It may be that if satisfactory 
money supply figures are 
released in the afternoon Mr. 
Healey will be able to emphasise 
a relaxed manner. His City 
audience will, however, be 
expecting to receive some 
reassurances on tbe Govern- 
ment's medium-term economic 
policy balance. The collision 
between fiscal and monetary 
policies has in the past couple 
of weeks sent yields on long 
dated gilt-edged back up over 
13 per cent, close to the highest 
levels seen in 18 months 
although inflation has dropped 
sharply during that period. 

As for Mr. Gordon Richardson, 
he will be expected to share at 
least a little of the City bankers’ 
liking for the ^European 
Monetary System. But enthu- 
siastic as the financiers are 
about currency stability, by and 
large economists are deeply 
sceptical of sterling’s chances of 
staying in contact with the 
D-mark for any worthwhile 
length of time. Certainly the 
Governor will need to show his 
monetary teeth, and ‘ the 
Chancellor fiscal restraint, if 
the EMS is to appear a credible 


British Home Stores' policy of 
^witching into non-food lines 
seems to be paying off — in sates 
terras at least. Yesterday’s 
interim figures reveal that non- 

index fell 3.9 to 494.6 

f 80 l 1 1 l 1 1 L' J -L 1 1 






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1 . ’ 





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J F M A 

M J 

J A S 0 

food sales are up 29 per cent 
in the six months to mid- 
September. BHS reckons that a 
good half of this represents 
volume gains, with a farther 5 
per cent coming from new space. 
This compares with the 14 per 
cent volume, gains claimed by 
Marks and Spencer on Tuesday. 
Tbe sales picture on the food 
side is obviously blurred as a 
result of tbe removal of- food 
department from 19 stores. How- 
ever, BHS hopes to be turning 
over as much per week in the 
remaining 61 stores by the end 
of the year. . 

But despite the overall- turn- 
over increase of 21 per cent pre- 
tax margins have only improved 
from 7.6 to 7.8 per cent — leaving 
pre-tax profits for the period 24 
per cent higher at £ 10.4m. A 
number of special factors have 
had some impact here: there is 
an extra pension charge of 
£300,000, there is an interim 
provision for the employee 
profit bonus, and there is the 
additional expense of the sales 
floor reorganisation. 

BHS reports that the strong 
trading pattern has continued in 
the second half and the group 
could end up with pre-tax profits 
of the order of £35m. At 212p 
the shares trade on a prospec- 
tive full taxed p.e. of about 13. 
(a small discount to Maries and 
Spencer) while the yield is 
about 5 per cent 

Sime Darby 

The extraordinary affair of 
Sime Darby's auditory— who are 
fighting the Board’s plan to 
appoint Price Waterhouse in 
their place — stiff remains 
shrouded in mystery despite an- 

other statement from Turquands 
Barton Mayhew yesterday. This 
claims that Sime’s finance 
director voted against dismissal. 
TBM’s policy seems to be to 
dribble out new bits of em brass- 
ing detail in the hope of baiting 
tbe Sime Darby Board to make a 
statement. Barring legal con- 
straints, this is what the Board 
ought to do regardless. Sime’s 
present policy of inscrutable 
silence not only frustrates the 
intention of tbe new Companies 1 
Art — it hardly equates with 
shareholders' Interests. 


UBM has pulled out all the 
stops with its Interim figures. 
The dividend has been in- 
creased by the maximum 
amount for the first time in five 
years, the pre-tax profits uf the 
existing business have jumped 
from £1.6m to £3m, and the 
group has added in another 
£0.4m for good measure. This 
reflects the impact of an acquisi- 
tion consummated four weeks 
after the end of the half year 
in question, which looks a trifle 
excessive given 'that UBM is 
committed to seHtng off most 
of it over the next six months. 

That aside, it is clear that, 
the bulk of UBM’s business, 
builders merchaxrting. has per- 
formed strongly for the first 
time for some years. Trading 
profits here are over £lm higher 
and volume is up by around a 
tenth. There is -still plenty of 
recovery potential in this side 
of the business and with further 
growth on tbe motor distribu- 
tion side (provided The Ford 
strike does not drag on too 
long) UBM should be beading 
for profits in the full year »f 
around £7m against £3.6m. 
However this is stiff below rhe 
previous peak of £ 7 - 8 m, attained 
in 1974, since when UBM's turn- 
over has roughly doubled. At 
75p.the shares are selling on a 
prospective fully taxed multiple 
of just over 10 and yield 9.5 per 

Time Products 

It's goodbye to Preference 
scrips — but Time Products may 
be ushering in a new era of 
micro rights issues. In -connec- 
tion with a onetfor-ten rights 
issue, raising a sum equivalent 
to less than 8 per cent of TP's 
market capitalisation, the 
Treasury has allowed the com- 
pany to treble is dividend. Any- 
body willing to try a one-for 


DRY with sunny intervals. Occa 
sional rain in north. 

Londoe S- SJL, S.W. CenL, N. 
and E. England, Midlands, Chan 
nel Islands. E. Anglia, S. Wales 
Mostly cloudy, bright intervals 
Max. 14C (56F). 

N. Wales, N. W. England, Lakes, 
Isle of Man, S. W. Scotland, 
Glasgow, \. Ireland. 
Occasional rain or drizzle. 
Max 12C (54F). 

N. E. England, Borders, Edin- 
burgh, Dundee. Aberdeen, Moray 

Mostly dry, sunny intervals. 
Max. 12C (54F). 

Cent. Highland. N. E. and N. W. 
Scotland. Argyll, Orkney, 
Rain at times. Max. 12C (54F). 
Outlook: Mainly dry with some 
rain in North. 


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