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■nsafiai' 


LET AffiftrfflKflSBWER YOUR PHffitE 

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No. 27,693 


Friday October 20 1978 


44 15p 




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LAustin-Crowe 

0604 34734 


CONTINENTAL SELLING PRICE: AUSTRIA S eh IS,' BELGIUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0: CZRMANY DM 2.0; ITALY L 500; NETHERLANDS FI 2.0; NORWAY Kr 3.?; PORTUGAL Esc 20; SPAIN Pti 40; SWEDEN Kr 3.25; SWITZERLAND rr 2.0; EIRE ISp 


eREraI 


Pledge on exchan 


• LB*.! 


?£ ; j 




t ■: ^ 


• 1 «■ i * 


!* 




^ W * ** 



down 13; 
Golds 


rates by Healey 



Governor 


0 Callaghan 
caution on 
monetary 
proposals 



boml 



near 


BY ADRIAN DICKS 


BY OUR FOREIGN STAFF 


BY MICHAEL BLANDEN and PETER RIDDELL 


e WALL STREET fell 13.26 lo 
S-Ifi.41 an investors' remained 
worried by interest rates. Over 


mb T 4vrF«; PA??^rHAv'tn^'av RH0DESIA yesterday launched headquarters of Mr. Nkomo’s 
S Mn1to^ G Si?aa? 5 its deepeSt air raid inf0 Z3mhia - 3nnv - “ The Rhodesian security 

Rr?ri^tf narti^^wfn borabmg a camp Of Mr. Joshua forces took appropriate steps to 

pa S" 1 5S“ n “bSSLK Nkomo's Zimbabwe African wain the Zambian authorities 

S£KL JEWS. JS"£"Z p “P‘ e -' s W>h». "»ly 1- mite. r.f 11.0 fact l hat the attack was 


Row; Jones] 
^Industrial 


Former Prime Minister Mr. 

Edward Heath last night con- 
demned the non-interventionist 
approach lo pay policy being 
adopted by the Tory leadership 
as an ** abdication of govern- 
mcnl." 

Monetary and Siesi! policies 
alone could not curb inflationary 
wage spulemenis. If the Labour 
Government's present pay guide- 
liner-: were destroyed, the 

country would take “a giant 
step back towards disaster.” he 
told Chelsea Conservative 
Association. 

Pried would rocker, com- 
panies would be unable lo meet 
excessive wage demands, and 
thousands- pi workers would lind 
themselves pi iced out of job?', the past four trading days the 
Back pa e« Dow jones Industrial, Average 

CiAMAktnMKVA lias fallen 50.CS. 


WlltMIMIAM 


Svstf-m hut Ip ft hie hrwt Than. •■•u.y iimw ur in*.* uti ut.u me atiiic'K was 

Mr. Denis Healey, the Chancellor, and Mr, Gordon Richardson, Governor of ceiior Helmut Schmidt in no |^ ra zambian c?“iS ,:! i a !.\ al uim L‘rTl !ia?'n :, iw e iil e n™ r 5Ly ba ” 
the Bank of England, attempted last night to reassure the City and the nit vetriM h fnr fe f fin^detS^on mor t ^ 300 ZAPU '"^b 051 Zambia, 

markets about short-term monetary developments and the longer-term aims A [ of lwo days 0[ gfiS!™ W0UDd * d anrJ “ dozen£ ” ln ^ wHh'zamS e afr- 

o£ Government policy. talks. the Prune Minister it j» this year's third bis raid «raft. a request was made for all 


id been wounded and “dozens” “ in order lu avoid accidental 
lied. involvement with Zambian air- 

lt is this year's third bis raid waft, a request was made for all 


In their speeches 10 the domestic value of our currency figures tbc performance in rela- o ecu nation 1 con tin lies tt^be con^ Z iu ,l>ia « bU L- ihc^ Thil° 

inkers' Dinner at the Mansion but also the stability of its tion to the current monetary tar- The ^ ac k ' 35 comp ^ ed 


Bankers' Dinner at the Mansion but also the 
House both said that fiscal and external value. 


tinn tn the current mnnph-u tar. Z ,7‘ — r““ X ujc *•«* i-uaana. me auach — • 

had bctJi 4lisSrtoi? troUhng inflation. The Govern- wU ] seriously embarrass Presi- with. 1 

gets oau uctn tibia Ctor>_ menl he unc rip term inert tn j.. , r r, \ 


House DOtn said mat nscai ana external value. gets nan mm vausiamory. menJ hp rietenwinert tn j™«. vT.. r T™ V. » , or i r . c n r „..~i 

monetary policy should be aimed 3^ Mid t jj at depreciation of ,J?' S 131 w “ ,this batt ^*- Eyewitnesses said'that" Huirr'jets beiweeri S30 and 9 this inominE 

exchSne rate "whether nr Ml the P ° Qnd r did no1 - pruvide a 9 Seir d ^ „ A“ “ effective and durable " aid three helicopters swept over ^ windows in Lusaka suburbs 

exchange .rate, whether or not eusy way of re sior;nB compel;- Ulcir vi^uance. European Monetary System the camp shortly after S nni and vibrating. By lunchtime, a 

oricam joined the proposed tiveness of British goods. The “Furtbermore.” he added, might make a valuable contribu- carried out bom bine runs steady stream of vehicles was 


Stonehenge raicS ,ias ***** 5W - M - - 

The ancient stones of Stonehenge ® EQUITIES were qiript, ^rtflcct- 
were daubed - with red -paint by - log economic uncertainties, but 
raiders who slipped through the news of Namibia brought 
monument's tight security strong interest In Golds. W»e 
system. Police believe a group Gold nX2 jae!> index closed 6.6 .up 
jirotestinq apuinst the Slaughter ^ ^ py 0E dinary index 

of New Forest pomes may be , 
responsible. closed 1.0 up at 495.6- 


winch we are committed are route of depreciating sterling was 11 ou b “ 1 lu renuceo. oriusn womet courn pass against guerrilla buses of Mr. “F”’* mu«uu«™ 

bound lo slow down the growth seen to be in creasing [v dan- This was nor meant as a refer- Judgment. Robert Mugabe's Zimbabwe sun point by ZAPU guards, but it 

of output and raise unemploy- gerous. “ft certainly 'brings ence to the review of the rolling In contrast, the talks have African National Union. Sm 

ment." inllanon and. quit© iikelv, monetery targets for the cur- cleared almost all the obstacles Mr. Ian Smith, th-.* Rhodesian a ™“" d * fro,n 

Mr. Richardson expressed bis accelerating inflation.*' “ f enr Awnml year, which will standing in the way of formal Prime Minister, and his three ,, !' nsln R- 

concern that “the economy While neither speaker gave completed next month. Bntish reentry into the Euro- black co-leaders in the Iran .si- ?* r - M-omn. condemning the 

should enjoy e.^ansion at a rate any pointer to likely decisions . ^ he Governor emphasised the P e *n Airbus consortium. tional Salisbury Government as criminal, maintained 


Liijur t.XUailDIUU UK P IIV UULUICl LU iUvCJJ UUUDLUIID . _ . * _ _ ir _ ■ • . . - V 1 ^ > • i in- ■« « . .. ^ Lr...— J I. 

which >s sufficienlly temperate lo oo either the European Monetary important* for the conduct of Mr-J ?Sf/2 s fe n — ld 4L at ® rl tain are in the U.S.. seeking support J*^ 1 ^ r : r S r 3 ° lp „^ 
be sustainable” System or the current review oF monetary po^cy of ensuring that w»s _ready to _J? tD file, airbus for their internal settlement i n _ d _ “j 


The Chancellor emphasised monetarv targets, both attempted thw « Ration of the P r 1 ^ a " m ®* , W0 “ Id j» ave agreement. They are to hold men not d ® s,iQed for the army, 

that the top priority was to keep to allay City fears about progress tonstrainla on public spending. "J}*™ t0 contribute towards a talks in Washington today with © Rhodesia's Joint Man- 

inflation under control and that so far. “Indeed for the longer term. ?«™8 European aerospace u.S. and British officials on the power Minister. Mr. 

the Government would continue Mr, Healey told the bankers public spending needs to be con- cannot letftis possibility of an all-party con- Cronje. announced that i 


Rowan 
all black 


i-uc UUVCLIUllUJI WULTIU UIIIUUUL* 1 VBI. nt ruitry LUlU LUC UOUNtrra ' ^ “ 7 . . nmiant J«rt • J I. J *-u« I- 

to use a wide range of policy that after “very large " gilt- Permit the ^ tte fe £®?“' . „ , mvn a S e,J between IS and 25 


responsible. • dosed 1.0 up at 495.6- — . 

In Germany the Commerzbank 
Trains halted index rose 9.1 to an eight-year 

Northern Ireland train services ®® 3 * S ' -'/• 

were at a standstill after warn- e GILTS closed mixed, fflid the 

2K-, Government Securities:- index 
planted on Ibe Belfast lmes lo = y .jy. . rqvi' " 

Dublin, Londonderry and Bangor. fLi * 10 ; > 

Talk* nmhlomq • STHSLING fefl 15 polnts-to 
I3.IK5 prooiems *1.9945 and its tradc-weigMed 

The Israel-Egyptian peace talks index rcse to 62.1 (82.0K The 
have run into serious difficuities, dollar’s depredation. narroWhd 
Israel Foreign Minister Mr, . 1{1Ji rn\ 

Mosbe Dayan told President to iu -* iwr cent tll.OJ. \ 

Carter in Washington... . . ' . COFFEE prices ft-fi- sfi^rdly 

Pamiirtfi- found ifl heavy speoilatieesell^^ahrf 

ra , . , roU u the January position eloseff 131- 

sir™ 1 est 5 «** * 

Riviera villa more than five years $ GOLD fell Sd to $226c in 
ago. was recovered at a Paris nervous trading •in London-Amd 
air terminal loft luggage office in New Yoric the Comex October 
after an anonymous call tu police, settlement price was 5225.40 

Oil clean-up 

. ^ , ©STOCK EXCHANGE has said 

As operatnins to pump nil from jt virill maintain and defend its 
the crippled tanker Christ os restrictive practices— a move 
Bitas progressed wall off the which will lead it inevitably into 
Welsh coast, workmen cleared ^ Restrictive Practices Court 
oil from boliday beaches near jj ac k p^e 
the River Conway estuary after 

last week's oil leak from a tanker © MONEY SUPPLY rose sharply 
at Anglesey. last month because of an excep- 

■ • tionally lai^e central govern- 

Teleffl*a.pn pea.ee ment borrowing requirement, 
- . .... c . . -r. Bank of England figures show. 

London editions of the Daily Back Page, table Page 9 
Telegraph were being prmted ! 

again last night after acceptance ©CONSUMER spending is now; 
of a peace formula by 240 strik- running at a record level, after; 
. ing printers, members cf the rising sharply during the sum-' 
.National Graphical Association, nier above its previous peak ini 
The strike has cost the paper early 1973. Back Page ! 

more- than 13m copies. j 


in \xx d whig ran q p ui puiicy inaL aner very iaree um- , — ^ . - . , ■ — — iu-.ii 10 uj>u -w 

instruments to this end “whether edged sales in the summer the Progressive i reduction of direct “>f ister sa,d Blichael Holman adds Trom years and with at least two years 

a satisfactory monetary system Government was “now ahead”. Jwation^wWch seems so widely rVJSKIXLJE h ^. Lu * ,ka: . A . Rho, lesian military of secondary education wootd be 

comes about or not.” with its funding programme for de ^f ed ’ . !£rn ^ernm^ ent s eon- communique last night said the required to resister for military 

He added: “We believe that thiTj^r The^nwth of bank «*• *SS&. ES ttft Za “ biaD ” id had ***« 00 the c “ !l up Dext month ' 

so long as we .do so. we will lending bad slowed down -wfth- JffiSTSK SSlto? «Sem Efi b?Uev^d 

JfjL 1 ' !. ve stabibi y in our “change out crea^ng difficuUy for clues tQ ‘ thinking on the the scheme could be prepared Cnilfli A 

rat «* «„i.. a. present phase of pay restraint to the point where the December uOUtll /VlTiCS. 


rale. mnusmai oomiwcrs. nrespnt tiha«> of nav ri><itraint 

Similarly. the Governor Mr. Richardson said that while resent phase of pay restraint. 

stressed the need for policies the eorset controls had brought Report Page 12 

which “not oniy underpin the some distortions in the banking Editorial comment Page 20 


Ford union chief calk: 


meeting of the EEC Heads of 
Government were able formally 
to endorse it. 

The Chancellor said he was 
confident that the scheme could 
be put into effect on January 1. 

Several hours of separate dis- 


South Africa agrees 
to more Namibia ta 


BY QUENTIN PEEL 


PRETORIA Oct. 19. 



more aei 



BY ALAN PIKE. LABOUR CORRESPONDENT 


™?' ee n t d ® 2!» SOUTH AFRICA today agreed tn tentative for Namibia, should be 
KJSl-. 1 ™*!! „ of reopen talks wiih the United asked to return to the Namibian 
wr/r qtI W£.e? d r?^IT Ha r?- MaH ‘ Nations on proposals for UN capital of Windhoek. 

Minister supervised elections in Namibia He would there negotiate with 

He ^ CSou.^ West Africa). But it Judge Marthinus Sleyo, the 
"SfJuinn 5 " _!'” )nsh t refused to back down or its own ibe Sr-uth African administrator 

in for unilateral ‘tedious in dut:' i. : Ui-i-unervised t-lucUons 

terjf°aSain r S?^.’ncSli e tbe territory before f>y.' end -f ce.ncrsl in the terxitori*. on a firm 

£5L!SJiJ ,l * ca “ e i l - e precis ! the year. ne:t year, and on resolring 

intervention mechanism and * , , South Africa’s n radical obiec- 

credit arrangements of the B The deal, agreed b» twc?n the LJVirti pnlf 
system. |South African Govermnv nt and ll «"» 1 10 .™F n s* 


AN ATTEMPT to reopen in a letter direct to the strikers lions would not force it into an system. South African Governin'. nt and T) r . j n( .] ude ' nn nu biic 

negotiations, in the deadlocked this week urging them to in- “unacceptable" settlement Although most observers here the five Western members of the s ar r jean commitment to 

month-long V Ford strike was fluence union negotiators. . Herman Rebhan Inter- tonight concluded that neither UN Security Council, is aimed at , md j ns ists the 

made by the trade union side rphe company has said since national Metalworkers' Fedora- Ranged its basic afti- breaking the dead jock over plans f»f.c<.inhpr nnil will an mHmi! The 


, , - . . , . *uc wuiwani uu OtHU mih.s miububvibsio . cw.a .< — . i, Dt'CCIUbfif Dflll Will SO ahead. ThP 

yesterday as mternaponal union breakdown of last week’s tion general secretary, said that Jv d J£^ a J d «fJ- e . EA . TS i *tams nf the coming elections is 

leaders claimed that the roll of talks that the next move must Ford workers in Europe were -J* ,ols *f TS J JS! * ^°- es ® ddin "ir 1 ,^ ndc ri left deliberatelv vague, and there 


Uie dispute on the company's f? 0 ra the union Sde* mU&l not diing work S' woSd £ clear n d wilder 

S535S- °T aS th F °f'k iS h e0nCer, h d ^ were nlJ at h deteS V St Al/Sf 'SSKS. here 

The union initiative came in £fi| sSfl lSfa'SSth tonE tractors did not take over the ^ p pro ach G Sg noS Uon^gSVo^th Afri^ SanC ‘ a *"it that the package will be 

iSHf at tte arbitrary way in which ^ork. JS ™ ° °° e iK P . ^tCthe new’ South ? difficult one to persuade the 

faecsett;. chairman of its offer a week ago was outside No question -of European finan- African Prime Minister, an- UN to accept. _ Dr. Kurt 

Mr. Beg Birch, a. member of tf, e Government guidelines was cial support for the strike had M v . nou need details of the agreemint Waldheim, the UN Secretary 

tp® . AmaJganiated union _ot rejected. The former point is been raised, but if the British £ jn New York afrer a special Cabinet meeting General, must yet agree to send 

hngmeenng Workers executive now less of an obstacle as the unions required money the - ■ , ■■■ 7 ■ ■ today. He said both sides in the Mr : Ahtisaari back to Windhoek. 

Od, 19 Proton* meeting of Foreign Ministers. H * s understood Mr. Vance con- 
I including Dr. David Owen, the tacted Dr. Waldheim during the 

M^s-9655 I'sLnGO.BM) Foreign Secretary, and Mr. Cyrus ^ to keep Inm in touch with 

uSSffSi \ WSS Vance, the U.S. Secretary «.f devetepments 


Peer found shot 


Viscount Blakenhain, the former 
Tory Cabinet Minister and past 
chairman of the Conservative 
Partji was seriously ill in 
hospital last night afrer being 
found with gunshot wounds on 
Honda yj 


EL plan for 
Land Rover 


NF prosecution 


National organiser of the 
National • Front Mr. Martin 
Webster is to be prosecuted for 
incitement to racial hatred, 
Scotland Yard has disclosed. The 
alleged offences relate to 
incidents in Manchester and 
East London. 


© BL has submitted to the NEB 
its.£2S0m programme to double 
output of Land Rover and Range 
Rover models: But the plan may 
run into industrial relations 
problems. Backpage 

• INLAND CONTAINER hand- 
lers at depots in Leeds and Bir- 1 
mingfaam are seeking to be 
reclassified as . dockers because 
of fears of job security. Page 16 


and sewetary of the trade union agreement expires tomorrow. federation would urge its 
side: of the Ford negotiating Delegates from Ford plants .in affiliates to make a substantial 
committee. Europe supported the British contribution. 

Mr. Birch said in a letter to strikers at an International After yesterday's meeting, the 
Sir Terence yesterday that as Metalworkers' Federation meet- international federation's dele- 
trade union side secretary he ins in London. gates went to Ford's Dagenham 

believed Sir Terence and his The delegates said they estate to join the. picket lines. ; 

colleagues should hold a " direct cxpecled production to stop at 0 wjv CS 0 f strikers at Ford’s 
meeting with representatives of the companys plant at uenk, snutharnDton niant intend to 
tiie Ford national joint negotiat- f. e Jgj™- “g* Dl ,®?i h, 0 up 10 hold a meeting on Saturday \o 
mg committee to discover h way 11.000 workers laid off. demand a secret ballot on 

through what can only be German representatives sa,l J wd ether there should be a rehm 

described as a ghastly mess.” they expected, production at r“ork ne a return 

In a covering letter to Mr. Ford s Saarloms plant to be 
Paul Roots Ford's director of Ford could not comment in • Ford will fill its empty stand 
employee relations. Mr. Birch detail on the foreign unions at the International Motor Show- 
said that it was not his custom to claims yesterday, but it accepted at Birarngbam today with 
address the company by direct thta the strike was having an famous old models and competi- 
approach to the chairman. Ford, increasingly accumulative impact lion cars. New models have been 
however, went outside the on its Continental operations, blacked because of the pay 
national' negotiating committee But it said that such considers- strike. 


1 month 0.4CUIJ0 (lit ; 0^50.45 ilia 


Snmnriw i.fio.i.eotii* . LTo-i.Kidis State, had agreed that Mr. Mariti 


i?nwiNi« 1 b.7£u*.fci du i 6.«M.eo iiu | Ahtisaari. the UN special repre- 


Contiuued on Back Page 
Editorial comment Page 20 




Let us take tf 
from your sh 


Lawyer plea 


Every family should have its pnwFR stations nr lioui- 
own solicitor to avoid becoming ® p0 *»“« i 
“punch drunk with excessive 

leeKl'iiirin -B arvordin- 7 Xii Law in the- North S63 tD 

ff^T presS^t kr^ “ W0Uld 

otlierw'ise be flared. 

raJ “ Lr ' Energy Review Page 1® 

COMPANIES 

Melbourne man fulfilled his _ _ _ 

ambition to catch a giant cod but • ROYAL DOULTON . TABLE- 
died from a hi'arr attack in his WARE has been strongly enti- 
• excitement to haul it from the eised by the Price Commission 
Murray river osr ^r problems of cost and stock 

„ - . control. The Commission has 

Ramon Mercader, the Spaniard allowed a 9.3 per cent price rise, 
who assassinated Leon Trotsky p a „ e g 
in Mexico in 1940, died in Havana. ° 

Three men held in West York- ® HAWKER SIDDELEV ^ r °bP 
shire in connection with the kill- ^ j 1 .?® p on fi LS r ioV£«9ia lo 

ins of rowswper boy Cart loJ“«e 30 resf from £«flin lo 
Bridgewater, were released i4S.6m. Page 30 anu lax 

B-52 bomber crashed cast of Los ® COATES BROTT5ERS first half 
Angeles, kilting five crew Pre-tax profit rose HJW»0 to 
members £5.192m on turnover of £44.08m 

t£41.13m>. Page 30 

Canadian Foreign Minister and 

High Commissioner were among Q SIHE DARBY Holdings have 
people evacuated from London's snubbed attempts by its auditors 
Canada House after a basement to obtain fuller details of why 
fire. they are being dismissed. Page 34 


e SHIPBUILDING union leaders i 
are to meet the Industry Secre-. 
tarv to discuss Che 10,000 redun- 
dancies involved in. British Ship- 
builders' corporate plan. Page 16 


German banks join Nigeria loan 


BY FRANCIS GHILtS 


• ROYAL DOULTON . TABLE- 
WARE has been strongly criti- 
cised by the Price Commission 
over problems of cost and stock 
control. The Commission has 
allowed a 9.3 per cent price rise. ; 
Page 9 


A CONSORTIUM ot West Ger- 
man and Austrian banks hap 
unexpectedly decided to partici- 
pate -in .a large Eurocurrency 
loan. 'to Nigeria, pushing the 
total rise of the facility up from 
5750m to Sl.lSbn. The Joan is, 
however, still threatened by a 
dispute over trade payments be- 
tween Nigeria and Ipitrade, the 
French trading company. 

The size of this troubled 
Nigerian loan had previously 
been cut from Slbn to S750m 
when. it seemed that the German 
banks bad decided to go ahead 
with an independent project 
financing package for a total of 
DM 750m ($395ral rather' than 
participate in the main credit. 

The consortium's decision to. 
join has increased the number 


of managers of the loan from 
six to eight. Deutsche Bank and 
Commerzbank have joined the 
six initial managers: Chase Man- 
hattan. Citicorp Intern ati on al, 
Dresdner Bank, First Chicago. 
Midland Bank and National 
Westminster Bank. 


Reluctance 

The German banks* change of 
heart is of considerable signifi- 
cance for the future attitude of 
international banks towards 
Nigeria. The proposed DM 750m 
loan had been earmarked for. a 
steel reduction plant at Warri, 
and was a clear example of a 
loan linked to. a specific project. 

The Nigerian Ministry of 
Finance has been trying to estab- 
lish that all external hank fund- 


ins; for Nigerian development 
projects should take the form of 
loans not specifically attached 
in this way. As long as the Ger- 
man banks were holding out for 
a project-linked loan, other banks 
were reluctant to subscribe to 
the main loan. 

Other banks however have 1 
made their participation in the 
Nigerian package contingent, 
upon a solution to the Ipitrade 
dispute. Ipitrade was not avail- 1 
able for comment yesterday. 

The Eurocurrency loan is 
crucial to Nigeria because the 
country is short of foreign cur- 
rency. An ambitious develop- 
ment programme and a consider- 
able number of import contracts 
appear to depend upon its suc- 
cessful negotiation. 



.sgvirillSl 


• COATES BROTHERS first half 

pre-tax profit rose £461.000 to 
£5.192m on turnover of £44.08m 
(£41.13m). Page 30 


S 

! 


CONTENTS OF TODAY’S ISSUE 


European news 2-3 Technical page 11 


<9 SI HE DARBY Holdings have 
snubbed attempts by its auditors 
to obtain fuller details of why 
they are being dismissed. Page 34 


American, news 4 Management page. 17 

Overseas news 5 Arts page 19 


World trade news 6 

Home news — general 8,9 

—labour 16 


Leader page 20 

UK Companies 30,31,34,36 
Mining 36 


Inti. Companies ...t..^s., 37-39 

Euromarkets 3738 

Money and Exchanges 40 

Worid markets 42 

Fanning, raw materials ... 43 
UK stock market ... ... 44 


CHIEF PRICE CHARGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 


RISES 

Abercom invs. . 100 

Common Bros 172 

Corn Exchange ' 255. 

Daejan US 

GEC 323 

Hawker .Siddeley ... .244 
Midland Educational 26S 

Sand cm an (G.) 67 

Seholes {G. U.) 290 

Suhe Darby — 109 

Anglo Utd. Dev., 242 

Rerjiintai 265 

Buffets ' ....! 7SS 


Cons'. Gold 180 

De Beers DFd 398 

Doornfomein 278 

Elrburg - lOl 

Harmony 327 

Northgate - 405 

RTZ 260 

Rustenburg Plat. ... 112 

Tronoh 245 

Union Corn 296 

Westfield Minerals ... 160 
FALLS 

Eeecham 675 

Birmingham Mint ... 126 
Dunbee-Combex-Mars 101) ■ 

Eastern Produce 89 

House' of' Lerose ... .63 


Insider dealing BUI worries 
City 20 


Politics today: economic 
growth by moonlight 29 


Energy review: offshore gas 10 


FEATURES 

Around Britain: Merthyr 
Tydfil Hoover's factory ... 18 
Mixed blessings of an Indian 

summer 43 

Oil shale deposits In 
■Colorado 4 


L. Americans hi exile fear 

Spanish dampdonn - 3 

Foreigners . encouraged to 

leave France 3 

FT SURVEY 

Office relocation 21-28 


EiBierFmc^s professional teams locate mime sites 
and bui!dmgs y assess rebuilding prospects, tarange 
funding , ; select ike budding team, manage projects, 
let surplus space- in fact, take all the wight 
and the responsibility * 

If you are thinking cf investing funds . or need 
more space, an extension or a renewal 


consult: 


AppeintnwBts 

Appointments Advta. 
Bank Return .......... 

Contracts 

Crossword 

EmrahHnm Cubic 
Euroo p tioBs 

Food prices - 

PT-Actuarlm indices 


35 

Golf 

42 

n 

LeUcn 

29 

31 

Lex 

48 

41 

Lombard 

u 

U ■ 

Me» and Matter* ... 

20 

U 

Property 

U-1& 

42 

ftaclni 

u 

40. 

Saleroom - 
Share Information 

9 

4MT 


Today’s Events 29 

TV and Radio -U 

Unit Trasts 05 

Weather at 


Mlchelln Tyre 

Utd. Engrfl. lads. ... 


Base Lending Rues 


INTERIM STATEMENTS 
Ctunmei Tunnel lit*. SI 
Garrard ft Hud. Ms. H 


ANNUAL STATEMENTS 
Matthew dark 31 

Cntry. ft Dbu -Pips. 30 

G- T. Japan Invest. 40 

Glcodfivau Invent,. - 3l 

Neepsemt 41 

Naneu ft WrisbtGp. 30 


Hillier Ftari ken? 


Mm.* & Rmtdr-n 


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Edward A. O'Neal, 


Photographed at Elf Aquitaine’s facilities in Lacq; France. 


Andre A. tester is treasurer of 
Societe Nationale Elf Aquitaine, one 
of Europe's largest petroleum com- ■ 
panics. Jt is his responsibility to meet 
the challenge of financing the develop- 
ment of his company's vast oil and gas 
reserves. For a major producer like 
Elf Aquitaine, this development is very 
costly - running into billions of dollars. 

To turn a search tor energy into 
reality takes a lot of cooperation with 
other petroleum companies and 
capital from many international banks. 

Over the past th ree years, Andre 
Gester hasturned to bankers he can 
relyon. 

Bankers likethoseat Chemical 
Bank-the sixth largest U.S. bank.The 
reason Elf has turned to Chemical 
Bank is bankers like Edward A. O'Neal 


The difference in money is people. LireMICMLBUfiC 

Winmjrgh, ^rjnklurt, H*inp Konji Houston f jTfiluioi JikiY*j - Lon*3on Madrid UmiIs i« p . 


of Chemical Bank's Paris office. 

O Neal has made it his business to 
understand the business of Elf - 
Aquitaine. Working closely with the 
head of Chemical's Petroleum and 
Minerals group - Europe, he has been 
able to deliver the kind of financial, 
help Ell needs- wherever Elf. needs it. 

"Chemical Bankers know what we 
mean when we say 200.000 barrels a 
day, Mr. Gester says. "Arid they know 

that a balance sheet can’t show 
reserves. But their engineers can 
evaluate those reserves. O'Neal and 
the Chemical Bank team can instantly 
see where our future fies: 1 
. Now that Elf Aquitaine has -moved - 
into big ventures in the North Sea oil ' 
and gas fields. O'Neal together with 
his team of experts, is there with 


realistic and timely financial soiu- 
' '£"?!: Andre Gester sums it up well. 

we need a lot of money. And we ca 
get a lot of money. But the important 
thing is that we get fast decisions" 
Rapid, professional solutions are 
what Andre Gester has come to 
depend upon. He knows he has bank 
crs with financial expertise whoare 
farsighted and responsive to his 
company's needs. 

Whi|e theirs is a professional refa- 
-.SlP' Andr ® Gester and Ed O’Nea 
wi I! tel I you that it is also personal 
and reward ing.That‘s what usually 
happens when corporateofficersget 
together with Chemical'Bankers. 
u results- is bottom line 

bank^ both the company and th 


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Swiss franc forces 


W. Germany 
to curb 


1 . • * v VMJt M 

reserve revaluation liquidity 


‘ BY JOHN WICKS 

GOLD RESERVES or the Swiss 
National Bank u-ill have i« he 
revalued. Dr. Frit;: Leutwiler. 
the Bank's president, said in 
Remo to-day. This would be 
necessary because of deprecia- 
tion requirenienls for 197S. esti- 
mated at up to SwFr 6bzt (£2bn) 
arising /runt the increase in the 
Swiss Franc exchange rate. 

Jt has not been decided how 
the revaluation uf Ihe aold hold- 
ings, which total SwFr ll.Sbn, 
will be carried out. The bank's 

gold reserves are valued at 
SwFr 4.595.74 per kg. 

Foreign-currency reserves oF 
the National Rank rose in a re- 
cord level of SwFr 25~bn in 
■mid-October. After the announce- 
ment of its new monetary policy 

on October 1, the bank inter- 
vened on the foreign-exchange 
market to a total of more than 
SwFr 3bn within three days. 
Dr. Leutwiler said. Of the gross 
foreign-currency mllux of more 
than SwFr 14 .42 bn between the 
beginning of ihe year and Octo- 
ber 17. SwFr 4.Shn was ac- 


counted for by the first two 
weeks of October. Almost' all 
the gross influx was accounted 
■for by national bank interven- 
tions. 

Dr. Leutwiler stressed the 
determination of the monetary 
authority to keep up inter- 
ventions necessary to depress 
the Swiss franc exchange rate. 
The D-mark cross-rate would not 
fall back to below 80 centimes, 
he said. The National Bank 
regarded this cross-rate as a 
reference point, however, and 
was aiming to push down the 
overall level of the Swiss franc 
rather than support the D-mark 
■js such. 

It was too early to say whether 
there could be any approxi- 

mation of the Swiss franc to the 
European Monetary System but 
there were signs that ' Swiss 

collaboration would now meet 
with fewer difficulties than 

hitherto. 

In connection with Swiss 

monetary policy, it will now be 
impossible to keep within the 


BERNE. Oct. 19.. 

money, supply expansion limit 
of 5 per cent set as a goal for 
1978. This is now expected to 
rise by some 15 per cent over 
this year. However, the National 
Bank claims this will be offset 
by the deflationary effects of 
Swiss frane revaluation. It has 
not yet been decided what 
money supply growth target, if 
any. will be fixed for 1979. 

Oar foreign staff adds: — 
Switzerland's move will mean 
that four of the world’s six 
largest holders of gold have now 
made the decision to revalue 
their reserves at close to market 
prices. 

France announced its decision 
in January, 1975, Italy in 
December. 1976, and Holland a 
few- months ago. (South Africa, 
in April this year, and Australia, 
in August, 1977, have also 
revalued.) 

Of the top six, only the world’s 
two biggest holders, the U.S. and 
West Germany, are keeping to 
a policy of valuing their gold 
at or near the old official price 


Troops called to Rome hospitals 


BY PAUL BETTS 

TROOPS have been callpd into 
ensure essential services at 
■Rome's main public hospitals 
because of a protracted strike of 
hospital workers. 

The strike has spread to 
hospitals in oilier major Italian 
cities including Florence. Naples. 
Milan and Palermo. It began 
when hospital workers rejected 
their existing labour contract 
which, they claim. leaves their 
base wages below the national 
average. 

The authorities have colled a 
series nf emergency meetings to 
seek a solution to an increasingly 
explosive situation. In Rome 
hospitals, soldiers have taken 
over all catering as well as 
emergency sanitary services. 
Relatives of patients are helping 
lo maintain essential services. 

The dispute comes together 
with a senes of other protracted 
and social:.- disruptive disagree- 
ments, especially in fhe transport 
sector. The root causes are the 
so-called "autonomous" union 
movements which are challeng- 
ing the controlling role of the 
country's three main and politic- 
ally powerful labour confedera- 
tions. 

At the same time negotiations 
for the renewal of a number of 
major three-year national labour 
contracts have started, and there 
are few signs that the rank and 
file is willing lo follow leader- 
ship recommendations for more 
moderate wage claims. 


Apart from the challenge 
from the “ autonomous ” 
members, the labour leadership 
appears to be concerned about 
the attitude of the workers to- 
wards curbing labour costs to 
promote a general economic 
recovery and competitiveness of 
Italian exports. 

The key engineering and 
metal workers' union of about 
1.5m members is asking, at this 
preliminary stage in the nego- 
tiations. for substantial wage 
increases. well above the 
current annual rate of inflation 


ROME, Oct. 19. 

of between 12 and 13 per cent 
It is also asking for a reduction 
in the working week to 38 hours 1 
and eventually to 36 hours. This 
is opposed by the employers and 
is also causing tension within 
the union movement. 

The minority Christian 
Democrat Government has 
warned the unions that unless 
the increase in labour costs is 
contained the three-year (1979- 
81) economic recovery pro- 
gramme will be jeopardised as 
will the present fragile political 
coalition. 


Portugal ‘on the mend’ 


BY JIMMY BURNS 

PORTUGAL'S balance of pay- 
ments position is on the mend 
and her current account deficit 
may be reduced to below Slbn 
by April 1979 as required by the 
International Monetary Fund. 

This has generated a feeling 
of cautious optimism among the 
international banking community. 

This was the main conclusion 
at a three-day international 
hankers seminar on the Protu- 
guese economy which ended here 
last night. 

The seminar, organised by 
the Banco Portugues do Atlan- 
fico, Portugal's leading commer- 
cial bank, drew over 120 invest- 
ment and commercial bankers 


LISBON. Oct 19. 

from all over Europe, Latin 
America, the U.5. and Japan. 

Mr. Hamish Lament, of the 
merchant bank Hill Samuel said: 
"The fundamental thing which a 
commercial banker or an invest- 
ment banker looks for in lend- 
ing to a client is stability and 
I believe that everybody here 
will agree with roe that much of 
what we have heard over the past 
two days must add to our under- 
standing of what is happening in 
Portugal and particularly to 
our appreciation of the way in 
which the authorities in Portu- 
gal have brought the Portuguese 
credit back from the very, diffi- 
cult times of a few years qgo.” 


Polish leader 
going to Rome 

By Christopher Bobinski 

WARSAW, Oct. 19. 
THE POLISH slate delegation 
for the enthronement of Pope 
John Paul II in Rome on Sun- 
day will be led by Mr. Henryk 
Jablonski, the 'Head of State. 
The delegation at the last 
enthronement was headed by 
the least senior or Mr. Jab- 
Jonski's deputies. Mr^TadeoxZ 
Mlynoak. vkj 


Top French Presidential aide Sweden 

may cut 

may become Foreign Minister N-piate 


By Guy Hawtin 

FRANKFURT, Oct. ID. 

THE BUNDESBANK, West 
Germany's Central Bank, 
today Increased its minimum 

reserve requirements for Ihe 

country’s banks by 9 per cent 
The move was to soak up some 
of the excess liquidity In the 
hands of the credit institu- 
tions as a result or the Bundes- 
bank's recent extensive inter- 
vention in the foreign exchange 
markets. 

Dr. Otmar Enuninger, 
Governor of the Bundesbank, 
said today - that the move 
would take a good DM 4bn 
($2.18bn) out of the system, 
without adversely affecting the 
financial elbowroom for econo- 
mic growth. 

The foreign exchange inflows 
from the end of June lo today 
totalled about DM T3.5bn 
(S7-36bn), said Dr. Enuninger. 
Of this, some DM 10bn alone 
could be apportioned to inter- 
vention in support of the 
European “ Snake.” 

In reaching Its decision, the 
Central Bank Council had also 
considered the silent success 
of the two sales of mobilisa- 
tion paper on October 12 and 
October 18 which had skimmed 
off DM 1.5bn each. 

The Central Bank Council 
bad decided that the best way 
to deal with the glut of money 
stemming from lbe foreign 
exchange inflows was to 
strongly increase the public 
credit balance of the Central 
Bank. -Dr. Enuninger said 
that the glut was only a tem- 
porary factor and was already 
beginning to melt away. 

However, the liquidity 
situation of the country’s 
banks during November would 
have been DM flbn to DM 7bn 
greater, it -'was estimated. 
Something had to be done to 
counter this, bearing in mind 
the economic and price- 
dampening effects or the 
Increase in the Deutsche 
Mark's valne. - 


BY ROBERT MAUTHNER 

M. JEAN. FRANCOIS-PONCET, 
President Giscard d’Estaing’s top 
aide, is expected to replace 
M. Louis de Guirlngaud as 
French Foreign Minister in 
December, according to increas- 
ingly persistent reports. 

The change has been mooted 
for a long time and is not 


directly linked to the political 
storm caused by . M. . de 
Guiringaud’s outspoken criti- 
cisms earlier this week of the 
Christian militias in Lebanon. 
But it is clear that the Presi- 
dent considered the moment ripe 
to give more substance to the 
rumours through unofficial hints 


Dutch criticise air report 


BY CHARLES BATCHELOR 

THE DUTCH Air Transport 
Board has criticised a Spanish 
Ministry of Transport - report 
which blamed the pilot of a 
KLM airliner for the world’s 
worst air disaster— the collision, 
between two Boeing 747 jets in 
Tenerife last March, in which 
582 passengers and crew were 
killed. 

Tbe Board, wbich supervises 
air safety, described tbe report 
as “very one-sided” and not in 
agreement .with the findings of 
Dutch experts. Tt is now arrang- 


AMSTERDAM, Oct 19. 

ing for a translation of the report 
from the Spanish and expects to 
be able to give a considered 
reaction within a few days. 

The Air Transport Board said 
it does not share the conclusions 
reached bv the Spanish authori- 
ties. ■ These were that the KLM 
pilot took off without permission, 
that he did not obey the “the 
stand by for take-off " command 
from the control tower and that 
he did not stop his take-off when 
he learnt that a Pan-American 
jumbo was still on the runway. 


PARIS, Oct 19, 

to the Press 

1L de Guiringaud, aged 67, is 
himself reported to be in favour 
of relinquishing his .post to 
M. Fran cois-P once t a career 
diplomat who is Secretary- 
General at the Elysee Palace, at 
the beginning of December. This 
would give his successor time to 
play himself in before France 
takes over the presidency of the 
European Community’s Council 
of Ministers at the beginning of 
1979. 

The only consideration which 
could delay an anounceraent is 
that tbe Government does not 
want to give the impression that 
it intends to modify its Middle 
East policy, particularly as 
regards Lebanon. 

M. Raymond Barre, tbe Prime 
Minister, in a statement to the 
National Assembly yesterday, 
endeavoured to placate pro- 
Christian sentiments among 
Government supporters. He 
implicitly rebuked the Foreign 
Minister for his sharp attack on 
M. Camille Chamoun and his 
Christian militia. 


Optimism reported in Finnish industry 


BY LANCE KEYWORTH 

THERE IS a more optimistic 
mood about the prospects for 
increased economic activity in 
Finnish, industry. This con- 
clusion is drawn from the 
‘‘Business Barometer” of the 
Confederation of Finnish In- 
dustry which sends out a 
quarterly questionnaire to mem- 
ber companies. 

But Mr. Timo Laatunen, man- 
aging director of tbe Confedera- 
tion, thinks some firms have 
been over-optimistic. The inter- 
national market gave no reason 
to expect continued growth for 


Finnish exports on the same 
scale as in the current year. 

The situation varies from 
branch to branch. In the metal 
and building sectors it is still 
weak, and the consumer goods 
branch is now more cautious in 
its predictions. Only tbe forest 
and chemical industries expect 
a real cyclical improvement. 

Total industrial production 
shows a creeping upward trend 
which should continue into the 
first half of 1979. Although new 
orders have increased, order 
books are thinner than normal 


HELSINKI. Oct 19. 

with only the clothing" industry 
reporting a normal level of 
orders. Capacity utilisation has 
improved recently, but very 
slowly, with S4 per cent of the. 
responding companies still ! 
reporting spare capacity. Stocks) 
are being run down and, in some 
companies, are back to normal. 

New investments plans, crucial 
for unemployment, were the 
same in November as in June. 
According to the latest answers, 
Investment will remain at the 
present low level in the year 
ahead. 


By -WilHam;DuHforce- ... 

STOCKHOLM, Oct. 19. 

SWEDEN MAY Halt its nuclear ' 
power programme at H reactors, - 
Mr. Carl Thaia, the Minister 
responsible for Energy Matters ■ 
ip the new' Liberal minority - 
Cabinet, suggested, in his first \ 
public statement. Conflict- over. ' 
nuclear power broke up' the- 
three-party non^Socialist Govern, 
meat two weeks ago. ' 

“We must use those reactors .v 

which are in operation or under 
construction, provided the safety 
issue can he solved," Mr. ThAm 
said. Sweden' has six nuclear ‘ 
power stations operating* five m - 
various stages . of construction - 
and two more approved bjrthe 
last Riksdag (Parliament). ••"*-" 

The new Government’s policy 
would be to ensure that Sweden - 
had sufficient energy but also to 
reduce the risks entailed in both -. 
oil and nuclear power.' 

Unemployment 
up in Norway 

By Fay Giester 

OSLO. Oct. 19. - 

UNEMPLOYMENT In Norway •: 
jumped sharply during tbe third r 
‘quarter of this year, reflecting.' 
the steady stagnation in business, - 
industry and shipping. 

According to the Central : 

Bureau of Statistics,- 43,000 
people were looking for work ia , 
the week ending August .27;^-— " 
representing 2.3 per cent of -tint . c &* O 

labour force. This is the highest 1 * ’ 
figure since -the fourth^inarteruf' 

1975, and compared with only i „ c 
29,000 in the . second quarter » 

this year and 25,000 (1.3 per cent) >*- & 
in the third quarter of. 1957. . ? 

- 'Total employment in the third 
quarter of tbis year, at L8Sa£ 
was only slightly down from a 
year earlier, but the figure 
hours worked wn$ 2-3 per cent, 
lower. ' 


BY ANTHONY ROBINSON 

ALBANIA HAS ' announced 
triumphantly the birth of the first 
Albanian tractor which rolled off 
the assembly line of the Enver 
Hoxha automobile- tractor com- 
plex in Tirana at the weekend. 
The tractor plant was one of the 
142 projects which China was 
helping to construct before the 
decision last July to cut off all 
further aid and withdraw Chinese 
technicians from the country. 

The new tractor is a 75 hp 
model and the plant is also plan- 
ned to turn out 55 hp motors for 
tractors and combines. 

At the ceremony inaugurating 
the new plant which was 


attended by ton officials led by 
Mr. Mehmet Shebu,- member of 
the Politburo and First Secretary 
oF the Council of Ministers, China 
was criticised for “ creating many 
obstacles and difficulties for the 
construction of this important 
project.” • ■ 

Similar attacks on Chinese 
obstructionism accompanied the 
inauguration oF the first two tur- 
bines of the Fierza hydro-electric 
station on the River Drini which 
is one of the most important in- 
frastructure developments-ln the 
current five-year plan. - 
According to the sixth jive-year 
plan electricity -oufptR Js 


scheduled to have risen 22 times 
the 1975 level by 1980 and once 
the Fierza hydro scheme is fully 
operational it is expected to 
treble output of hydro-electricity. 
Another major project scheduled 
for this plan period is another 
"powerful’’ hydro electric station 
at Homan, also an the River 
Drini. ■ • 

Much of the increased power 
output is linked to the planned 
increase in extraction and 
refining of the chrome, copper, 
ferro-nickel ' and other ferrous 
and non-ferrous metals, which 
together with coal, gas- and oil 
mpkJ • up Albania’s principle 


natural resources, ' . __V 

Tbe principal project in this- 
field is tbe “Steel of -’tite; 
People ” metallurgical - complex! 
at Elbasan whose first stage hag 
also been reported from Tirana: 
The agglomeration section, of' 
the pig iron plant, the middle 
laminate section.- rolling works: 
and associated oxygen' plant and 
engineering plant were- inaugur- 
ated in a ceremony at the week- 
end. Last month Albania also 
announced that the third electric 
furnace bad come into operation. 

Fi.mamclu. Ttmts. pdSBfbed dtUp'exMix Son- 
dan and hotictm. O.S. sotxrtiMna W5 (W 

ssjyss 






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^iflandaI : .TiJiies Friday October "20’ 1978 


EUROPEAN NEWS 


Latin Americans in exile 
fear Spanish clamp-down 

BY ROBERT GRAHAM MADRID, Oct 19, 

REPRESENTATIVES OF* rhf> Americans Iq mate Spain their as to leave little doubt that the 
large Latin American community home in exile. Rather -belatedly Spanish authorities want u free 
here have made an urgent Ihe Ministry of the Interior ^and in deporting whom they 

appeal to the Government to seems to have realised that such . . . .. 

reconsider its new tough policy a liberal interpretation 

Unl^ “ nd . res, . dence ] pcrmi ^ SdK'ih/ jSerio^iruwVclt “ **t IcsaJ but political They 
TJclesi altered, this policy will tftal Latin Americans were rejoct U»c unemployment argu- 

Scad to large-scale expulsions responsible for pushing up the “ ent on the grounds that Latin 

and considerable hardship, they crime rate and for establishing Americans here are from the 
maintain. links with extremist" groups W’Ofeswonal dashes while unem- 

■ The appeal has come from a involved m terrorism. .. X n ,.tTf5^J^^ r<Uaari>y 

specially formed co-ordinating The unions have also pressed Tbit ™. orvt 

committoe of Latin Americans for a general tightening of regu- st n ^f t 

living in Spain, for the most part lations for wo rk permits at a 
political exiles. Their plight time of high unemployment. A 

stems from the introduction of a combination of these elements. . \° , ”§"£ 

decree, effective from October government officials say. has ™ Poti&cal asylum, and also p^nl 
10. which makes it much harder forced a review of immigration v" . . ecr ^ B runs counter 
— and in some cases impossible — policy, and the publication on ; 1 ° h f u 'f v “ llon ® 4n ^ constitution, 
for Latin Americans to renew August 10 of a decree that, with- dDOut to be _ approved, that 
work and residence permits. out strictly saying so. 'nullifies recognise the right to asylum. 

Estimates of the size of the the liberal provisions of 'the 1969 Less mentioned but perhaps 
Latin American community in law. . ]" o re important arc two utkre- 

Spain range from 70.000 to The decree abolishes the con- * ™, elements. .The Latin 
100.000. The Latin Americans, copt of special status for persons Am «n«an community here has 
most of them Argentinians, live coming from Spanish-speaking P r °ved exceptionally djmiunlc, 
almost exclusively in Barcelona countries in work and residence quicker and “sharper* 

and Madrid. Since the death of permits. Instead such persons “ 1 ^. n the Spaniards — something 
Franco in 1975 the community now must obtain the permission "blob has aroused a degree of 
has swollen, talcing advantage of of rbe local Civil Governor To antagonism. Secondly’, there are 
a law of December 1969 which live and work in Spain. More- ^ronj? commercial pressures on 
exempted Latin Americans — as over, when the normal 00-day Government by Latin Ameri- 
well as Filipinos and Andorrans tourist visa expires* people will rap dictator-strips like Airgantura. 
— from the normal visa and work now need to seek permission to These countries be&eve tiiat their 
permit regulations, effectively reside In Spain from the Spanish nationals are using Spain as a 
putting them on the same foot- consulate in their country of base from winch to or g a n ise 
ins as Spaniards. origin. For political exiles, such opposition, and Spain’s strong 

Until early this year this law a move presents obvious and commercial position in Latin 
was liberally interpreted per- insurmountable problems. Indeed, America is therefore being used 
milling thousands of Latin the decree has boon framed os a bargaining counter. 


3 


- -- ' - Vi-.'iw 


VICE-PREMIER WANG CHEN’S VISIT 


Peking’s shopping list worries Moscow 


BY COUNA MacDOUGALL 


r&?;. 


■ U ,■ *. 




. ■ . j ii ■¥ . . np . ff | u . 


V ' 

■i • •• •' >’> 'l-' ro 


Sr* 






FRENCH UNEMPLOYMENT • 

Foreigners encouraged to leave 

BY DAVID WHITE IN PARIS 

FRANCE, the temporary or have clamped down on spurious been persuaded to lake the offer 
permanent home of a third of “tourists." Most controversially, rather than be made redundant, 
the EEC's immigrants, is threat- for more than a year foreign thus being cheated of more 
ening to toughen its attitude workers have been offered cash advantageous redundancy pay- 
to foreign workers and their incentives to go home. meats. 

families in the face of increasing The incentive of FFr 10,000 If the scheme has done little 
unemployment ML Raymond (£1,175) plus a one-way tourist to reduce the work force, it has 
Barre. the Prime Minister, has air fare was first offered in June embittered immigrants' organ- 
isations and added to France's, 
problems with Algeria. 

Dependents of foreign workers 
are still allowed entry. But their 
children, except in the case of 
the Spanish and Portuguese 
(who seem likely at some stage 
to come under EEC rules), can- 
not receive work permits unless 
they have been educated in 
France. Illegal immigrants, 
except refugees, are systematic- 
ally deported. 

The latest threat hangs over 
some 400,000 Algerians whose 
residence rights come up for 
renewal in the spring. The Gov 


£■ ’. v < 


r..i*&sw- 


THE CHINESE Vice -Premier p 
W ang Chen, due to visit Britain i 
in early November, will be lead- ■ 
Ing an important delegation 
which will look at a wide-range : 
of industry probably including 
aircraft and offshore oil. Wang . 
himself is frail and elderly but : 
bis team will include a couple ;* 
of younger vice-ministers who ; 
wtil lake on part of the pro- . 
gramme. Coming too is a former • 
Charge d’Affaires in London, . 
and, as interpreter, Chi Ming- 


and, as interpreter, un Ming- ... 
tsung of the Foreign Ministry • "> "• 

Information Department, who ; ' ■ 


supervised the two-year bouse 
arrest of the British Reuter < •• 
correspondent in Peking in 1967. .. ' 

Vice-Prenuer Wang’s visit here V 
is significant because it was be 
who first publicly announced last r 
year that China wanted to buy .. 
the Hawker Harrier jump )et. 

He will be following quickly 
upon the Chinese chief of air 
staff, who went to the Farn- 

borough air show, and a high- j D fuss about anything which the Chtncse stressed the danger in due course. As one Hong vided by the Export Credit 
level military training mission could be interpreted as remotely offered by the Soviet Union. The Kong businessman said raefuly Guarantee Department. The 
here at present. His trip will be increasing Chinese strength. Cer- problem is to know how far they after yet another recent Com- Chinese made no reference dur- 
a working one, more so than tainly Britain would not do any- really believe their own propa- munist property investment, ing the visit to the possibility 
that of the Chinese foreign thing that would damage detente, ganda when they say, as they Peking may have bought the that they might be interested in 
minister, Huang Hua, who was but there is a long way to go in still do, that war between the New Territories outright by 1997 government to government loans, 
here last week. building' up both the Chine>e superpowers is inevitable. In when the lease falls in. That was although on Mr. Huang’s last 



Li tUTl L.LTUII 


Neither the Harriers., nor 
Indeed much other hardware. 


day here a senior Chinese official 
told a British delegation in 
Peking (led by financier Lord 
Roll, chairman of S. G. Warburg) 
precisely that. 

The main Hong Kong Issue 
where China can help at present 
is in restricting the flow of legal 


warned that the Government is 
reconsidering its immigration 
policy. 

Already, in spite of its reputa- 
tion as a homeland for all. 
France has brought in measures 
which go beyond, for instance, 
those being advocated by the 
Conservative Party in Britain. 
The French Government has an 
explicit long-term policy not only 
to stop the net inflow (an aim 
now being achieved), but also to 
reduce the number of foreign 
residents. This total of about 
4m, more than twice the number 
in the UK and a bigger propor- 


mititary or otherwise, were d& The visit to Britain of China’s Vice-Premier Wang Chen will be an obvious 
cussed during Huang’s visit, it opportunity for discussion of the purchase of Bri tain ’s Harrier jump jet. Only the 

?eft mS fo°r bvi i viro-premier Se wanE e ^ Marines fly the plane and the U.S. has withdrawn objections 

There is no noticeable reluctance ^ sa ^®’ 

on the part of the British Govern- ■ — 1 — ■ ■■■■ —■ ■ 

mentto sell the Chinese Harriers economy and even its military London they softened the line by a joke, but one with some truth innni-rants ^wbich in W thp "first 
if they want them, despite the strength before that threshold is adding "bur not imminent." On in it when Peking is evidently nine mouths of this vear reached 
recent dire warnings of the reached. Africa the Chinese view is deeply trying to tie in Hong Kong's 42 . 000 . Since the 'early 1950s 

In any case Britain is already e Q l°ured by Russian and Cuban economy with the adjoining area, there has been an understanding 
strateeic ‘’oods" ""in some way behind its partners in The subject of trade was not that this flow should not exceed 

szsJgfa S£ ^ e s.r th ii^ “r vsr&zz 

SaWSf-lrtW “• M - MME SPOTS Ei '=5 

Russians that closer relations P rDV1 ' ncfl )![ h,ch fina,1 > r went in Hong Kong is the one major really the Chinese Foreign Min- between Hong Kong and China 
with China need not impair its tile West Germans at a value of bilateral issue and in the present ister's job, though its present (as they do) but they acknow- 
relations with any other country. ? 4bn - ^ Fre “ cn Government climate this time bomb was importance in China's modern- ledge there is a problem. It is 
Moscow is accompanying the ,s P re P ar ! n £ a i 0 ?? term trade allowed to tick away iniper- isation plans means that it crops in their interest as much as 
progress of Chinese officials agreement proposing exchanges ceptibly. Today Hong Kong is up frequently in discussions. All Britain’s to keep Hong Kong 
round Europe with loud com- t0 be worth sil.4hn for signa- more useful to Peking than ever the British side was able to do stable, and now that their eco- 

plaint but the feeling in White- tu ™’. during tiie Foreign Trade before as a source of foreign during Huang’s visit was to point nomic and trade growth dorni- 

halj is that the alarm is more mi ® ls *% s ^ S1 *' t0 Peking at the exchange, and even of tech- out the advantages of bank bor- nates almost all their thinking, 

apparent than real. As a matter end of WOTemDer - nology. The Chinese attitude is rowing in London and the co-operation an this area too 

of policy, the Russians are going Naturally throughout the visit that its status will be negotiated subsidy on interest rates pro- seems very iifeely. 


Soviet Union. While COGOM 
(Lbe committee which controls 
exports of 
communist 


THE NUMBER of East 
Europeans who have applied 
for political asylum in Austria 
has. risen dramatically, this 
year. Paul Lendvai ’reports 
from Vienna. During 4he first 
half of this year, 1,372 refugees 
were registered compared to 
777 la the same, period last 
year. Romania was in - first 
place with 465 refugees,, fpar 
times more than, last, year, 
followed by Poland^, (394J and 
Hungary (210 ) i ' \ 



tion than in anv EEC country last year to immigrants who were eminent has hinted that renewal 
excepting Luxembourg," took receiving unemployment^, fray- will not be automatic. On the 
about 15 years to build up before, meets; The number eoneemetl other hand, M. Lionel Stoleru. 
1974. Government officials expect was estimated at 50,000? In .Slate Secretary for Manual 
to spend another 15 years run- November, the scheme was Workers, promised that “ we have 
ning it down again. extended to any immigrant after no intention at all of acting 

The Government has been five years’ work in France. These brutally, 
lightening up for a decade, number about 1.2m. Applies- Talk , of sterner restrictions 
since the last months of Gen. do lions -received . to/ date cover .comes at a lime when both trade 
Gaulle's presidency. Quotas were about 50,000" immigrants, in- unions and government officials 
established al . an early stage eluding families. The appli- note a rise in racial friction, a 
with the main supplier countries, cants have been mainly Spanish sphere in Vhich, with the im- 
notably Algeria and Portugal, and Portuguese wage-earners, portant exception of North 
Since 1974 new . work permits many of whom might have been Alntans, France has a good 
have been cut back. The police going home anyway. Some have record. \ 

— ' Seme unionists now fear a 
repeat of the racial incidents of 
1973, when attacks on Arabs in 
Marseille led to Algeria cutting 
off immigration to France. The 
main left wing unions, which 
foreign workers have been 
allowed to join since 1972, are 
campaigning against a policy 
which could" be seen as veering 
towards compulsory repatriation. 
But they are often working 
against the grain of shop-floor 
attitudes. A union organises' in 
the steel - industry in Lorraine, 
one of the main immigrant areas 
after Paris. Marseille and Lyons, 
said that among French workers 
“we cannot guarantee that we 
are 100 per cent understood." 

The Government’s policy means 
that in many people's minds the 
number of immigrants is firmly 
identified and equated with the 
unemployment problem. The 
number looking for work in 
France was close to 15m in Sep 
tember. Next door, the West 
Germans have managed to lower 
their unemployment figures 
through the reduction of foreign 
labour. 

But would Frenchmen be pre- 
pared to take tiie Immigrants' 
jobs if they were vacated? Many 
immigrants work for minimum 
pay in outmoded factories, or in 
bad conditions on building sites 
and refuse lorries. In- Hamburg 
or Munich one can see uniformed 
white workers clearing th«f 
rubbish. In Paris or Lyons these 
services depend almost entirely 
on Africans. 

The other question Is. What 
immigrants who do leave France 
will do when they return home? 
The Government as discussing 
wdUh some other countries 
arrangements for reluming 
workers, but there are many 
problems. A partial survey made 
by the authorities showed that 
although most Portuguese when 
they went home, went with a 
specific project in mind, a quarter 
or less of returning Tunisians 
had any idea , of what they would 
do when they arrived. 

The Government - datin' that 
there is no discrimination is 
becoming 'difficult to uphold. For 
instance, it is hard to maintain 
that police identity checks in 
Paris metro stations arc not 
made a gains t certain racial 
groups. 

An unpublished survey con- 
ducted by the Government at 
the .beginning of this year 
showed that prejudice was not 
a major worry for Portuguese 
immigrants. But for North 
Africans the main concern, after 
their jobs, was racism. 

Next month the Government 
plans to launch a television 
campaign to show the cultural 
contribution made by different 
immigrant groups. 

France also has an honourable 
tradition o£ harbouring political 
refugees.. Latin American exties 
have a big Paris colony. More 
than 50,000 people have come 
from Indochina since, the Com- 
munist takeovers, partly selected 
by French missions. 


When il comes to intercontinental travdJVlitalia lias an unfair 
advantage. Fome. 

A gj) ance at the map shows Rom c is the natural gal ewav to 
Africa, with 23 Alitalia destinations, and the Middle East with 9 
Alitalia destinations. 

It's al so vnry much on Hn e for th e rest of Alitalia's world-wide 
network: from Rio to Tokyo; from Sydney to Bombay. 

And. with thougbtfully-convenicht Heathrow departure times, 
and equally handy onward connections at Rome, you'll agree- no oLher 
airline makes world travel easier. 

No-one makes seeing Rome easier dlhcr. 

Why not book Intermezzo -the unique range of vert’ reasonably 
priced holiday breaks specialty designed tor Alitalia passengers in 
transit at Rome. 

Intermezzo includes transfer to and from thcairport in an 
air-conditioned bus to a choice of centrally-located hotels. And yon can 
enjoy Intermezzo any way you tike. You can slay for just a few hours or 
up to eight days. You can explore Rome onyourown or join our 
organised motor tours, or try a bit ofbo Eh. 

So next time you're off to see the world, see Rome too. 

Send the coupon or askyour Alitalia appointed travel agent, or 
"local Alitalia office, for to 11 details. 


Jflitalia 

WI1 show the world. 


To: AUtaIia,Dislribution DrpL.251 Regent Street, London W3R SAQ. 1 
Please send me world-wide timetable and details on Intermezzo. 1 

Narae:_i : : : — - ! 


Address: 


F20/1O 


PORTSMOUTH 

BUILDING SOCIETY 


Ordinary Shares 6.90% Equivalent 
Monthly income Shares 6.90% 

-6 Month Term Shares 7.40% [where income tax 

l** S£im, 

8 . 20 % . 


10.3096 

10.3096 

11.0494 

11.7996 

12.2494 




3 year Period Shares 

mam huk boot 

176 London Rd., North End, Portsmouth. 

. Member of Building Societies Association 

authorised for investments by trustees. , 




spea 


j|U\ - s -\ 





Yes ! You'll have to speak up for battery electrics. 
In fact, you may have to shout at the top of your 
voice:”Lef s get rid of that noisy truck and get an electric!" 

Shout loud down your cost accountant's ear too! 
"Electric trucks cost more to buy but they're cheaper to 
run because an electric truck comes with most ofits fuel 
pre-paid for 5 years. It's an electrical energy package 
called a battery and chargee" 

Speak up for a rugged Chloride battery while you're 
at it. And get a Chloride engineer in the deal, to look after it. 

So If you want to lower the dedbels on your job— 
speakup for electrics. 

Chloride Industrial Batteries limited/ 

P.O. Box 5, Clifton Junction, 

Swinton, Manchester M272LR. 

Telephone: 061-7944611. Telex: 669087. 



PURE POWER 




Financial Times Fridar October. 20 1978 










challenge 



Trust tests investment code 


BY DAVID LA5CEUJES 


By Ytctor Mackic 

OTTAWA. Oct. 
THE CANADIAN Cabinet 
today to wrestle with 


19 


| THE FRAGILE dividing line 
! between \\" 3 ii Street's com me r- 
i cial and investment banks is cur- 
: rently being put to the test by a 
'decision at Bankers Trust, the 
I ninth largest U.S. bank, to enter 
! the jealously guarded coimner- 
the ! c ‘ al P a P er raar^et. 

problem or how to get 23.000- This market, worth about 
striking postal workers to obey : S75bn a year, consists of short- 
a new law and return to work. | term paper, up to 90 days, issued 

! by corporations wanting flexible 
The strike poses * i and brief access to funds. About 

tn Mr. Trudeau, tne Pnnii. ; _* *u_ »otal is issued 

Minister, to s° v ^ro ibe counti? directly by the corporations tfiem- 
effectiveiy. arer Monda> s lo i gelves t h r0 ugh their financial 
m««V 0 ?#f c t in in "nn^MMione?es' r toi departments, but the remaining 
SrOpposiUon^^nd l ^n n K S uc 0 » issued through dealers 

r-ooriari in u-mninn rwn seals . 1 'van SireeL 

Commercial paper has tradi 


ceeded in winning 
both in Quebec. 

Legislation, passed on Wed- 
nesday night ordering ilie 

strikers hack on the job. | , Ion is sanc ti 0 ned bv the 1933 

niianigni. i r. 


tinnally been the preserve of the 
investment banks. But these 
banks also argue that this tradi 


hecame effective at miani*...- ( r.lasi-Steasall Act which forbids 
It forotds the workers M strike . h,„te Fmm ■ mria-. 


commercial banks from 
writing any securities 


under- 

except 


until the end of the imposed 
contract period on December 31. 

1979. 

M. .Tea n-Cla tide Parrot, presi- 
dent of the Canadian Union of 
Postal Workers, told member * 1 
nr the uninn in break the law 
and remain nn strike. Tbp 
majority indicated they wouid 
do so. ; 

The aim of the new legislation AKRON. OHIO. Oct. 19. 

is tn ensure neace in the Post FIRESTONE TiRE and Rubber 
Office until legislation ■-* intro- . Company said it had failed to 


those issued by stale or other 
Government bodies. 

However, it is not clear 
whether commercial paper ranks 
as a corporate security, particu- 
larly since the act is now over 
40 vears old. Taking advantage 
of ’this vacueness in the law. 
Bankers Trust decided earlier 
this Summer to move into the 
commercial paper market, and 
has since made two issues, one 
fnr International Telephone and 
Telegraph, and one for America 
Can. It' is also talking to several 
other “ high quality companies " 
with a view to handling their 
issues. 

The move has caused conster- 
nation in Wail Street, partieu- 
larlv at Beckers and Goldman 
Sachs, the two largest issuers of 
commercial paper. At least nne 
investment hank is considering 
taking legal action to stop 
Banker? Trust fnr fear of the 
precedent it could set. It is also 


possible that the Federal 
Reserve Board, which polices the 
banking industry, will he asked 
to investigate. 

A spokesman at Bankers Trust 
said today that the banks 
lawyers had been involved in 
the development of this service, 
and the bank believed it to be 
legitimate. 

Bankers Trust's initiative is 
designed to counter the marked 
change in corporate harrowing 
habits brought about by the re- 
cent rise in interest rates, in- 
stead of going to banks for 
loans, corporations have found 
it easier and cheaper to issue 
commercial paper, with the re- 
sult that corporate financing 
business has begun to slip away 
from the commercial banks. 

Interest rates on 90-day paper 
for prime borrowers are cur- 
rently around 9 per cent com- 
pared to the commercial banks 
prime rate which has just gone 


NEW YORK, Oct. 19. 

up to 10 per cenL The fee for 
commercial paper issues is also 
low. and dropping. It has 
recently been dropping from 
l per cent to one-tenth per cent. 

It is doubtful,, though, that 
Bankers Trust is making mouey 
on its commercial paper jssucs. 
One dealer today described the 
market as “ a volume business ” 
where profits only come with a 
high turnover. 

The feeling among investment 
banks is that Bankers Trust’s 
motive is both to maintain ils 
share of the short-term corporate 
finance market and offer com- 
mercial paper services as a loss 
leader for its other business. 

However. Bankers Trust said 
to-day it viewed its commercial 
paper operations as part of its 
overaJl short-term money opera- 
tions which last year averaged 
$4bn a day. implying that it had 
the volume to make the business 
profitable. 


Firestone 
fails to agree 
on tvre recall 


Washington relaxes policy; 

..-i-TrTvrnviV rw-t IQ I 


Crown 


reach agreement -with ibe 
National Highway Traffic Safety 


np.naH v fnr dcfvins the Adm i nitration on recalling its 
w U a‘ fine of C3100 per , Firestone 500 steel-belted radial 


dticed to turn it into a 
Corporation. 

The 

new law ... _ _ 

dav for a rank-and-file union < tyre*. 

member who remains on strike.; A. ipnka&man sn ' ni 

Union officials face fines of | » 

C$2,500 immediately they rccom- on a Washington Post report that 
mend defying the law and fines ! Firestone had reached a volun- 
of CS250 for each day they urgeitary agreement with th* 
members to Slav awav from ! to recall an estimated 9m tyres, 
work. ' : Agencies. 5 


THE V S. Government has 
quietly lifted a moratorium on 
most high level visits to the 
Soviet Union which was imposed 
last summer after action by 
Moscow against dissidents and 
U.S. businessmen and journa- 
lists. 

Administration officials said 
today that the new policy re- 
flected a changed Soviet attitude 
which had helped to improve 
the atmosphere between tbe two 
countries. 

The Administration never pub- 
licly used the word "mora- 
torium" to describe the policy 


WASHINGTON. Oct. 19- 

but said U.S. visits to Moscow 
not involving security issues 
would be “deferred on a case-by- 
case basis." Officials said pri- 
vately. however, Lhat “ mora- 
torium " would not be an in- 
accurate description. 

Officials said several trips are 
now planned which would not 
have been made last summer. 
Mr. Julius Richmond, the Sur- 
geon-General. the most senior 
U.S. health official, is scheduled 
to go to Moscow early next week 
for’ a meeting of the joint U.S.- 
Soviet committee on health. 

AP 


Mexico plans 
to triple 
i oil exports 

; TOKYO, Oct. 19 

! MEXICO PLANS to triple its 
; oil exports to Ini barrels a day 
> by 19S1 and is interested, in seli- 
, ing to Japan. Sr. Jose Lopez 
; Portillo, the Mexican President 
i said in an interview published 
[here today. 

i President Portillo, who is due 
in Tokyo on October 30 for a five- 
| day visit, said in an interview 
; with j Japanese newspaper that 
: co-operation with Japan, was 
• indispensible for his country 
Reuter 


U.S. crude 
imports 
drop 12% 

By David LasceMes 

NEW YORK, Oct. 19. 
U.S. OIL Imports, the key 
element -in the country's 
foreign trade ' deficit, were 
lower In the first nine months 
of this year than in the com- 
parable period last year. Bnt 
they have recently began to 
accelerate again and could 
reach 1977’s daily level by the 
end of the year. 

These facts emerge from the 
American Petroleum Insti- 
tute's latest report on oil 
movements. Imports, other 
than those earmarked for Che 
strategic reserve, averaged 
7.9m barrels a day in January- 
Sept ember, which was about 
12 per cent less than last year’s 
9m barrels. But in September, 
imports averaged 8.4m barrels, 
only 2 per cent below last 
year’s level. - - 

The Institute said domestic 
demand for oil In the first nine' 
months of this year . was 2.6 
per cent higher than last year, 
at 18.8m b/d- Domestic oLl 
production averaged fi.Tm b/d 
8.2 per cent more than last 
year. 

The Improved figures reflect 
the Impact of Alaskan oil, 
which Is now flowing at the 
rate of about lJ2m b/d, and has 
the potential to rise to over 
1.5m b/d. 

However. despite home 
Insulation and. , other conser- 
vation efforts, there has been 
a marked growth in demand 
for petroleum products, parti- 
cularly vehicle fuel where sales 
shot up during .the busy summer 
months. 



Canada a 





ClubC 






SERVICE 



We'll takemore care of you. 



ENERGY SOURCES 

Difficulties in 
unlocking oil 
shale deposits 

BY DAVID LASCEI1.ES RECENTLY IN COLORADO . 

ONE .AREA to which the United of oil fruin a ^W> ft thick ?* 
states turned after the Arab oil shale section. Thi* is about the 
mbSso 'Tnlhe Suest foralter- same recovery rate as a good 

BEASTS SSSt SiS 

of It. The problem was that no axe expensive. OoLidenial pul* 
one knew the best extraction the price at S6Mm-S80Qm. with 
method, or the cost of the opera- the more e *P™* ,v * 
tion. Several years and a number ducing a better ^ ld Th ®® 
of pilot project* later the prices may be on the side 
answers to these questions are since they were l aiculated before 
hMomin" clearer recent cost escalations. 

“il shale Sts of solidified Said Mr B®b. . Fernf des 
hydrocarbons sandwiched be- president of Occidental s oil 
tween layers of clay. It can look shale division. We ar begin- 
like fine-grained wood, giving ning to get some ord £r 
rich deposits the nickname magnitude, and we now [need _to 
“mahogany." prepare some definitive cost 

U.S. oil shale lies in huge estimates, 
denosits stretching beneath the A sizeable research effort il 
Rockv Mountains of Colorado, also going ahead under a pri> 
Utah and Wyoming; an area gramme organised by tha 
known as the Green River forma- federal Government, which owns 
tion W According to a U.S. Govern- 85 per cent of the country’s oil 
Sent study, about l.SOObn shale reserves. 

•barrels of oi are locked up in In .1974 the Government 
these deposits. If only one-third auctioned wo tracts m ea Mf. 
was recovered, this would still Colorado, Wyoming and Utah, 
be some 20 times the country’s though only the Colorado tracts 
nroven crude oil drew sonous interest. (No bids 
{Middle East proven- were made for the Wyoming 
S5ES- total d M0bn barrels) tram, and those in Utah are sub- 

Rut extraction is complex and Ject to a land title dispute.) 

But extrac . s ». a i e The richest t.olorario tract 

? e c^ f0r h/mSed SSrt. U muS. was won by a joint S21m hid 

rtiJS fudj' ShiSh “era- ftwn Gulf and Standard Oil 
JSnrt to m3t and Indiana ( AMOCO l. The project 
perature rc j s s nil at thc shaft sinking stage. 

IfffiSSMe- 93 -rs £•« 

companies ’ have per cent, somewhat less than 
H-Sr^rtSfcPrtn- with Oil shale Occidental’s, though they say it 
.S World War LL mainly ’in could double with the perfection 
Colorado where Ibe richest 
deposits lie. But only after the 
sharp rise in oil prices in 1973 
changed the economics of energy 
did a serious effort get under 
wav. At the moment, work is 
going ahead on two fronts, under 
a federal programme and. on a 
private basis. Because the scope 
of the work is so narrow, toey 
frequently overlap. 

Leaders in the private field 
include Union Oil and Occiden- 
tal Petroleum, both based. in Los 
Angeles. Union Oil* has been 
building up its oil shale land 
since the 1920s and now has 
nearlv 20,000 acres from which 
it mines shale to feed a couple 
of small test plants. 

Recenttv. the company decided 
to take a bigger step, and 
announced plans for a large- 
scale experimental plnnt At «s Qf underground retort-building 
Parachute Creek propertj above tcchhi ues lf alI „ ocs weHi they 

the Colorado * Rivet, an area hope 1Q haw „ 76000 barrcl a 
familiar as a . backdrop to Vmjj day plant working by the end of 

J*™ d This the decade, but the investment 

hills: and scruhbj T W iU jirobably cost over Slbn. 

pliint. iJ- approved, The second Colorado site waa 

cess JOOOO^tons. of shale a daj ori3iriaJiy acq tilred for S177m by 
into 9.000 -barrels of oil. a group consisting of Aren, Ash- 

Tbe question is whether Union 4and g hcll and Tosco. But all 
Oil’s plan wiU I but Ashland quickly dropped 
from being an untouched area ^ their share was picked 
which conservationists want to up by 0LTidentalt which later 
protect, the Colorado Hills > nae g^ujred 75 per cent of the 
the peculiar propertj of exceed- This tract is also at the 

ins federal hydrocarbon _poUu- ^Tfi-inkin" staae. 
tion limits on their own, without The big u nanswerc d question 
the help of man.- _because ot H . helJ j er 0 jj s haie can be 
emissions from plant life, r or eronomiw , Oulf say's it hopes 
this reason, normal udunriai It> fihale otl wilI Kam pete with 
development is reckoned to to lmpolltd oili currently priced 
impossible toere uniess the njies at gl4 _ l5 a barrel But othera ^ 
are changed, which is 1 uoukely. ganJ ^,5 ^ optimistic. . 

So other shale companies work- » pQr instancei B P estimates tbe 
ing in- the «f ea T ^J e _f s i op A e ^ Q 'f cost could be as high as S23 a 
different tack, mwj Plan to Pg barrel depending on local factors, 
their entire operaUons under- and iT J ys ^at for this reason 

?r0Und : Imf 1 ? Si^dhl^TStSSnS oil sbale devel0P mrat wU1 ° ot 

as modified m mm retort^ 0CCllr uot ii after other hydro- 
Th « £ carbons like tar sands and heavy 

perfonnedjn several oi | h ave been exploited. 

First, Hie area is pierced y There are also refining prob- 
a number othonzontal and veriji lem ^ Sha i e oi i is i ow in sulphur 

^ hinh and50 flsauSe fai,t in n*t«»gen. which is 

VP reduced ™ costly to remove. It also has a 

If h nai 1 V^carrful ly coS high pour point, which makes it 
fiS is Ut at the top K sticky and difficult to transmit 
■ Th? id l ea is that it Furthermore, the fact that so 
the i+r a th > 0 e "cbaii»- oil ahead of it raaQ y companies have either 
E h work? Ms wiy do^t and dropped out or steered clear, of 

f D Ji e bottor^ofthe^mfne^here S t2Z££*? 

U ncollected and piped to the ‘ Vn 

“occidental Petroleum is the rather than in situ retorting, so 
leader with this technique in a they lost interest when it became 
research and development effort dear that retorting would have 
backed by federal funding. After to be done underground Others 
firing three experimental retorts like Shell, pulled out because 
at its Colorado tract starting in they saw no near-term benefit, 
1970 i t moved on to building though many of these companies 
commercial-sized- retorts, of retained their oil shale lands for 
which it has just fired the third, later development. 

Although Occidental is chary of Ultimately, oil shale has a 
publishing the information good prospect of coming into its 
gleaned from these experiments; own -as -the world price of oil 
it lias released a few statistics, makes development, economic. 

The most striking is - the and as the vast potential can be 
recovery rate of 40 per cent of realised. But the short-term 
the total oil '.contained within prospects are hazy, particularly 
an. oil shale section. . With a now that a Senate proposal to 
content or 25-30 gallons of oil grant shale oil producers a tax 
per ton of shale; Occidental says credit of S3 per barrel failed to 
it can recover about 1.2bn barrels win inclusion in the Energy BilL 


From October 29th, pay full economy fare to the 
U.S.A^and you travel in a class of your own-new QubClass. 

You enjoy special check-in facilities at Heathrow, 
New York and all other U.S.j3ateways. 

In-flight drinks arefree. So toois the entertainment 
-including the film. 

And you sample our new Elizabethan Service with 
its authentic Tudor dishes. 

So next time you’ve business in th e State s, fly the 
flag. Fly British Airways new Club Class. 

Askyour BritishAirways Shop 
or Travel Agent for details. 

•except to Anchorage. 



•.?.> » — ■*_ - 


Brazil security law 
reforms proposed 


BY DIANA SMITH 

ABOLITION OF the death 
penalty, banishment and per- 
petual - Imprisonment, and a 
clearer definition of national 
security, are the main points of 
the proposed reforms in ~Brazil's 
National Security Law. 

The proposals also include the 
exclusion of - "bank' -robberies 
from crimes against . state 
security and the reduction, pf 
the incommunicado -period, for 
political prisoners -from .10 to 
eight Adays " -during police 
inquiries. ^ . ■ ■ 

The reforms— the second stage 
in gradual Institutionalisation of 
democracy— in Brazil have been 
proposed to Congresv-thls week 
by President Ernesto GeiseL - 
. He. is the acknowledged' pnmc 
mover .of the relaxation, of the 
tight concrofs that "baye gripped 

Brazil's ■political, lifeiand mama 
sjnce;19^- " ." . „ . 

■ Earlier Lthis year: penergl 
Geisel stewed through a package 
1 or reforms that included lifting 
[censorship:- ;on- all' the written 


RIO DE JANEIRO, Oct IS. 

media, but not radio or tele- 
vision. Habeas corpus for politi- 
cal prisoners was restored, presi- 
dential powers to call and main- 
tain indefinitely a state of 
naiooal emergency were 
diminished and ' permission for 
university and school teachers 
to engage in political activity 
was renewed. ' 

. . Despite the easing of strictures, 
ppekets of Presidential control 
still perafaL State, governors add 
one-third of the ' Senate are 
appointed by - the Presidential 
Palace. 

■ However, Gen. Joao . Baptista 
Figueiredo. the Presldent-elecL.- 
who wfll take office on March 15 
next year.. has. hinted that dur- 
ing hjs six-year tenure. -a return 
to direct elections for Governors 
and. all the Senate might b.e pos- 
sible. ■ 

' During his tenure muitlpl* 
political, parries are due -10 
return, provided they are not 
MarxisL - 


V 



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- L- 

-V- 



© /Kximxaf 


financial Times jFn'day October 


■Wjft 

tv 


OVERSEAS NEWS 


Assad, Bakr meeting Shah 

*1-1 m • stresses 

possible following 


RHODESIAN AIR STRIKE KillillgS 

Raid exposes Kaunda’s vulnerability 

* m Uganda 


talks in Damascus 




BY ROGER MATTHEWS 


DAMASCUS, Oct 19, 


THE CHANGE of a meeting in section of the Palestinian move- 
tbe next few days between the raenr. 

leaders of Syria and Iraq has Only a month ago, the cars 


Iran unity 

By Andrew Whitley 

TEHRAN, Oct. 19. 

ON THE opening day of the LUSAKA are . *£* 

Iranian Parliament’s new session Sa 

the Shah has warned a delega- ?n s 

tion of its office holders that ? ,dck n “ d °S se J5^ e 2 i aratl0 f I 
unless the integrity of the {?£ next woefc of 

nation Is maintained, there would Sj*® A*** 1 ; n ri^r^n Tiff 

be nothing else to. discuss. . ™Sf nd S cc * i™ 


BY MICHAEL HOLMAN IN LUSAKA 


.^nutria « 4 ayru auu Iraq nas umy a month ago, me cars He re^Tnmhasised what has louay lilOLlsand5 m soicam 
SEP** t»lk* of Iraqi diplomats in Damascus become theme: the 


solenm 


io v » lv «<J "> u™s to through the diplomatic bag to country if the pSiflon of the S.‘SfTzAPU? W “ n P “ p " :-S 
-evolve the long-running and Baghdad as their representatives monarchy was weakened or ■ ?■ '■ ■ j • 

biller dispute between the two th,*n« wnn nmuantarf f mm i __ j The victims, earned m cars. 


bittor dispute between the two then* wore prevented 
regimes, it is feit that sufficient buying at local shops. - 

hhrnriKC hue "nnnn m rl*. in tV A T > ; _ a e 


from endangered. 

In his annual address to office 


The victims, carried in cars. k . 
trucks and ambulances to the t 


progress has been made in the JiTs "therefore premature to holdera in the Maills the Iowm ci ¥? universi, y .teaching h . os_ 
past three days to allow for a anticipate any more solidly based house, and the Senate the Shah m 3 Riodesjan 

nieeuns between President Hafez reconciliation. Syria, in' parti eu- «£«!■» ^ rcr ‘‘ f _ t * ald on 


221*1*: sai{ J . that next year's general 


camp near 


Assad of Syria and President lar, is anxious to counter what is election* chnuin be comntetelv « , h , „ 

Hassan Bakr of Iraq. seen as mounting American pres- gJJ 1 “thou? any sor^S into? ^ ° n!y 1 w ® w ** ks ™ 0 ' Pres ' d f"t 

ci ir a on Kinn uficwm of Jordan , ce ’ w ... a “ y “ ori OI m j Kenneth Kaunda announced the 
Mr. Tanq A r.u a leading th“ lc - 1 ^ et \ His remarks were made re-opening of the southern route 

rnemner of the Iraqi Baath EvMeS ofStinSrab 1 ? th * l . n framework ol adraml- through neighbouring Rhodesia. 

Party, flew home to Baghdad SSres S tafriS in Nation effort to give parlia- Mr . Joshua Nkomo. the ZAPU 
last night with what is believed oonSti^ tn cSmn Darid micht ““* * h [ e ,ts own - leader, put on a brave front, 

to bo a series D f proposals which £3*“ tn stiffen the Jtontafoan Abolish the nationwide wave pjedcmg to fight on. reaffirming 
at least could allow for a paper- nmnareh’s ^ne JordanJan of disturbances seems to have ZAPWs responsibility for the 
ing over of the cracks until the 



By Our Foreign Staff 

pect otherwise and await a firmer TORTURE. KILLINGS and viola* 
response from thCKr Government, tioos of fundamental human 
This^ must surely press Presi* rights persist unaltered in 
dent Kaunda to the brink of tak- Uganda, despite declarations by 
ing the decision over which he President Amin that 197S is a 
has often publicly agonised; to year of “ peace and reconcitia- 
invlte the West to assume what tion," Amnesty International 
he argues is its responsibility, said in a report published yester- 
and defend Zambia's borders, day. "Dead bodies are still seen 
Shoul the West fail him, he has on the streets of Kampala but 
gone on to warn, be is left with no one dares to comment or 
□o alternative but to turn to the approach them for fear of being 


Communist bloc. 


killed themselves." the report 


Should it be the latter, no one said. However, it adds that there 
here doubts that this means were periods in late 1977 and 


Cubans, backed by Russian 
supplies and advice. As it is. 
Western military sources main- 


Russian 197S when political killings 
As it is, diminished in intensity. 

:cs main- Speaking at a London Press 


tain that some 75 Cuban advisors conference to launch the organi- 
pre already in ZAPU’s guerrilla sa tion's report “ Human Rights 


camps. in l 

Mr. Nkomo. who returned from sa j(j : 
a visit to Moscow earlier this are ' 
week, has for the past two years 


in Uganda.” Mr. Martin Himl 
said: “As far as we know there 
are no long-term political 
4 prisoners of conscience* in 


passed 


in^ over or me c rants until the Meanwhile Svrian officials *•“ t" 54 "'* ."*'*«**■• ,ra * downing of the Air Rhodesia 

Arab summit meeting scheduled de^criSd iiiemMlves- ktisfied P 0fta ?t cities remain tense and Viscount in which 4S people died, 
for November L\ uiih trm,bled Th * fitate -™ n Tphran »" J 


Mr. JOSHUA NKOMO 


Kenneth Kaunda 


been building up a formidable Uganda, because those arrested 
army of some 8,000 trained men, i ^y the regime's security forces 
mth 35 n,3nv ' 3 "' ,in 5 " *e»inim.. I are uslial ,y cither tortured and 


votb as many again in training, 
based in Angola and Zambia. 


killed very soon after arrest, or 


Both regimes consider that a b.v six Arab Foreign Ministers in in tha 

meeting between their beads of Lebanon earlier this week. The u ad hr* nn hfn 
state would give a major impetus Arab deterrent force, essentially “ 
to ihe Baghdad summit, called Syrian army, wilt remain in f- 


Kerman in the south-east is 


and leaves Dr. Kaunda on the at . least tira major Rhodesian Zambian forces have scored a his mt}n t0 the Rhodesian war, 
horns of a dilemma. He can raads .earlier ^thi s year and notable victory. sav the same sources— hence the 


According to Western diplo- j„ a f ew t ases released quickly, 
niatic sources, their training j usually after torture. We esti- 
was attacked — ««»«*. heavy artillery and ma[e lhat ahout ioo.OOO people, 
been presented suitable for a conventional at t h c lowest figure have been 

suroest P tb^tbe l athor ^an a eucmlla wt He killed since 1971.” 
suggest u ~~_} ae has committed less than 1.000 of _ 4 - „ 

have scored a h j s men t o the Rhodesian war, • AP reports from Bfeseru: 

say the same sources — hence the L es °ln°> 3 landlocked black state 


, Beirut which are hohl by the 
rivaliy right-wing militia - led by Mr. 


:re paid by the Govern- on the doorstep i 
And in Mash ad. Iron's underline!; to a 


his capital muca or oms activity has goo 
humiliating unreporied in the local media. 


rolled radjo and news- administration. iransporr ana vommu 

Today, although it is Today’s raid make* that pros- pcete P^ele, said here. 


between Iraq and Syria is Camille Cbamoim. would^ be with- sec o Qd largest city and most degree the extent tn which On a rare occasion when the hem? claimed that the attackers pect unlikely and lhc time must Addressing a public meeting, 

political— stemming from the nu t an v political significance. important pilgrimage centre, Zambia depends on the white Zambian Government issued a were 44 repulsed by gallant h c approaching when Mr. Nkomo Teete said construction work 

split of the Ba’ath into two Jt was stressed that whenever de m on strati o os and clashes have South. statement — j-d March, when a Zambian forces." the crowds has to put the bulk of his army will start in November next 

parties — hut has spread to rover President Elias Sarkis;of Lebanon ^ en takinfi place almost daily. That the raid has become such ZAPU camp near the border which lined the streets may sus- into action. (year. 

p wide area of competing decided tn implement any of the 
iniere'is. It ba* flared into agreements reached by the Arab 
violence at times, wifli as^assina- Foreign Ministers earlier, in the 
tinn< in Damascus often being week — including the disarming 
blamed r*n Iraqi agents, and has nf the country’s warring factions 
spread internationally with each — then he had the troops avail- 
country backing a different ahle. 


Redeployment in Beirut 


BY 1HSAN HIJAZI 

SAUDI AND SUDANESE 

troops arc standing by to 
move into the Christian 
quarters of East Beirut to 
replace Syrian forces in 

certain positions. . 

The redeployment is 

expected to take place early 
tomorrow, ' with the Saudis 
taking over lhc ” Risk Tower,** - 
an unfinished skyscraper in 
Ashrafiyah, and the Sudanese 
establishing themselves at the 
Karantina and Nahcr bridges, 
which command the north- 
eastern entrances arid exits of 
Beirut. 

The security measures are 
Intended to stabilise the cease- 
fire which has been in effect 
for the past 12 days. Syrian 
units and Christian militias 
engaged in their daily sniping 
today. 

One man was reported to 
hav e been killed. 


BEIRUT, Oet 19- 

Observers believe the Syrians 
have emerged from the recent 
fighting with 1 be upper hand, 
thanks to the -resolutions 
adopted at the conference of 
Arab Foreign Ministers at 
Beiteddin this week- 
-. Outside - the minor - with- 
drawals of Syrians... from 
certain parts of the Christian 
quarters, the overall- Syrian 
position has remained 4ntact. 
Observers described -the /with- 
drawals as cosmetic; because 
Syrian forces will continue to 
control positions in Christian 
East Beirut A -- : 

Against the wishes o|. t be . 
Christian militias, the Belted*, 
din conference has extended 
the mandate or the Arab force 
for six month's with Syria’s 
preeminence being - retained. 
The conference also deplored 
co-operation by. * the militias 
with Israel. 


The national employment service 

that's as local as this. 








§ f 1 


Chinese build-up fears 


VIETNAM, which has accused 
China of massing troops along 
its border, said today that Viet- 
namese air force units have been 
slaging intensive exercises lo 
test combat readiness. The offi- 
cial Radio Hanoi said that the 
224th Air Force Division sta- 
tioned near Hanoi bad been 
working day and night in heavy 
rain lo improve techniques and 
tactics ”lo destroy the enemy." 

It did not identify the enemy 
bm yesterday's charges by 
Hanoi included allegations that 
Chinese aircraft -had repeatedly 
violated Vietnamese airspace. 

The Vietnamese Deputy Presi- 
dent, Mr.’ Nguyen. Huu. Tho, 
alleged yesterday that China, 
with the help of Cambodia, bos 
been waging a war of aggression 
against Vietnam for the past, 
three years. The charge was 
made id a brief report carried 
by the Bulgarian news agency 
BTA on talks in Sofia between 
the Vientamese official and the 
Bulgarian Vice-President, Blr. 
Mitko Grigorov. 

It said 44 special stress was laid 
at lhc talks on the situation in 
South-east Asia, where the rul- 
ing circles in Peking, making use 
of their Kampuchean (Cambo- 
dians) assistants, have been wag- 
ing a war of aggression against 
the Vietnamese people for over 
three years." _ _ 

BTA said Mr. Nguyen Huu Tho 
voiced Vietnam's determination 
to defend its independence, free- 
dom, sovereignty and territorial 
integrity, while respecting these 
conditions for other countries. 

Meanwhile, in a flurry of 
counter-accusations, the Cam- 
bodian Depluy Premier. Hr. Ieng 
Sary today’ accused the Soviet 


BANGKOK, Oct. 19. 

Union of direct involvement in 
Vietnamese attacks on bis 
country as part of a. "grand 
design " to dominate Southeast 
Asia. 

Mr. Sary, who said he was seek- 
ing moral support during bis 
current, tour of Southeast Asia, 
told a news conference in Manila 
that Vietnam wanted to swallow 
Cambodia in order to become a 
big regional power- 

“This regional - ambition 
agrees with the global ambition 
of the expansionist big power 
who wanted Lo dominate all 
Southeast Asia, and in the frame- 
work of its world strategy, this 
expansionist big power ordered 
Vietnam to serve this ambition.” 

Asked later to identify tte 
** expansionist big power," ne 
said the Soviet .Union had given 
Vietnam material and advisers 
to lanncb an attack on Cam- 
bodia. At the end of 197T two 
Soviet advisers were found dead 
on a battlefield in Cambodian 
territory, he claimed. 

In Malaysia, the Foreign Mini- 
ster, Mr. Tengku Ahmad Bithaud- 
deen said today that Vietnam's 
reported pledge to stop training 
and aiding Malaysia’s Peking- 
aligned Communist . guerrillas 
44 at least eliminated one source 
of assistance for the communist 
terrorists in he counry.” 

The Malaysian Foreign Mini- 
ster spoke to reporters three 
days after his Prime Minister, 
Mr. Datnk Hussein, announced 
that the pledge bad been made 
by his Vietnamese opposite 
number Pham Van Dong who 
left Malaysia on Tuesday after 
a visit 
Agencies. 


Although Jobcentres are spread 
across the whole of Great Britain (from 
Inverness to Penzance, in fact) we 
defend on our local roots. 

\ Which is whyifs the job of every 
Jobcentre manager and his staff to be 
involved in what goes omin the area 
they serve. 

Are there any companies in the 
process of expansion or planning to 
move into the area? Who’s going to take 
up that empty site? 

The very fact tbatmost Jobcentres 
are to be found alongside the other big. 
names in the high street makes us an 
important part of the locality in which 
we operate. 

Take the self selection display 
service. This has proved itself the most 
attractive and the most immediate way 






< e '. ■ ' y V'.;S ! ^ y 


530m Asians 
‘live in poverty’ 

JAKARTA Oet. 19. 
MORE THAN 532m people m 
Asia are living in what is dassr- 
fied as « absolute poverty.” and 
a dramatic increase in agricul- 
tural production is needed if 
they are to be helped, ihe 
Director General of the Food .and 
Agriculture organisation, . Dr. 
Edouard Saouma, said today. 

Most of these poorest people 
were fonod in four countries— 
India, Pakistan, Bangladesh and 
Indonesia, he said, in a speech 
in the central Jana city of 
Yogyakarta. 

If bn agricultural break- 
through was to be made it must 
be given top priority, and he 
praised the Indonesian Govera-| 
menl’s decision -to do just this in 
trying to achieve food self- 
sufficiency. . 

Meanwhile it was announced 
in -Jakarta today lhat Indonesia 
plans to close down some of the 
28 foreign motor .assembly 
plants. 

Reuter 


Inflation falls 
in Australia 

.CANBERRRA. Oct. 19. 
AUSTRALIA'S INFLATION rate 
continued to fall in the first 
three months of the. financial 
year. Consumer price index 
figures issued by the Statistics 
Bureau today showed .an inflation 
rate of 1 per cent for the Sep- 
tember quarter. The increase 
in the consumer, price index 
over the past year has been 75 
per cent 

The Treasurer, Mr. John 
Howard, said the September 
qurater rate was further clear 
evidence that the Govememnt’s 
fight against inflation was suc- 
ceeding. - He said several special 
influences during the quarter 
had tended to mask an even 
sharper underlying deceleration 
in inflation. Foremost was a 3 
per cent rise in food prices. 

• The non-food component of the 
consumer price index had risen 
by, only 1.7 . per . cent 


of showing jobseekers the wide range of 
jobs on offer. 

But our involvement with the 
local labour market goes a great deal 
deeper. 

For those employers who want a 
more specialist service, we have 
employment advisers who keep in 
constant touch with both the local and 
the national picture. 

Naturally, each individual 
Jobcentre is linked to other Jobcentres. 
So if there’s no one to suit your vacancy 
locally, we can cast our net more widely. 

And, through your Jobcentre 
manager, you have the chance to find 
out about a whole range of oppor- 
tunities relating to employment, 
including direct training services to 
industry. 

So if you need help in planning 
for your future needs, you’d be well 
advised to contact us. 

Jobcentre services are free of 
charge. 

And the chances are, we’re no 
farther away than your local high street,] 

L The right people 

for the job. 







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En^±yrrrt Service Manpower Services Conmissm I 


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• tfnan&a Times Fcic&y 'Oeffi: %Lim: 


WO R I 


RADE NEW 



Commission tells members 
to end trade violations 


Automotive 


wins$10m 
U.S. order 


Poland launches first Comecon Pap A®*" 

talks on 


car designed for Western buyers hotels 


BY GILES MERRITT 


BRUSSELS. Oct. 19. 


®y Kenneth Gooding 
AUTOMOTIVE PRODUCTS 
(AP) has made the break- 
through in the U.S. it was 
hoping for by winning a SlOm 
order to supply clutches for 
Chryslcr’s new “world car" 
due to be launched in the early 
1980s. 

AP bought a factory at Troy. 
Michigan, earlier this year to 
show an active presence in the 
U.S* and it has now won the 
Chrysler order in the race of 
Intense competition from the 
Japanese and West Germans, 
as well as from U.S. com- 
panies. 

The British group will now 
go ahead and equip the plant 
at an initial cost of £lm. with 
UK equipment built io AP 
specifications. The plant will 
employ np to 200. 

Some 100,000 diaphragm 
spring clutches, a unique AP 
design, will be supplied each 
year for five years to Chrysler 
as original equipment. There 
will be also replacement busi- 
ness on top. 

The factory is capable of pro- 
ducing a quarter of a million 
dutches a year. Ap is already 
supplying American Motors 
with 600 clatehes a week from 
the UK, and some io Ford 
Tractors. 

At present 85 per cent of 
cars on U.S. roads have auto- 
matic transmission, but both 
General Motors and Ford have 
told AP they expect 30 per 
cent of the new, smaller “world 
cars ” to have manual gear 
changing. 

The group says that this 
development, along with the 
growing influence or European 
motor companies in the US., 
justifies A P’s move into manu- 
facture there. 


THE EUROPEAN COMMISSION 
has decided to send a blunt 
reminder to EEC Governments, 
warning them that illegal bar- 
riers to intra-Community trade 
are growing at a rapid rate and 
calling for concerted action to 
prevent a further erosion of the 
Common Market. 


In a letter to he despatched 
shortly to national capitals, the 
Commission leaves no doubt that 
if Governments fail to check 
such violations r*f the Rome 
Treaty themselves, it will not 
hesitate to open legal proceed- 
ings to put a stop to them. 


It points out that it is already 
handling more than 400 com- 
plaints brought against allegedly 
illegal restrictions on trade 

between EEC member countries. 
This is four times the number 
outstanding only five years ago 
and. it is suggested, probably 


represents only the tip of the 
iceberg. 

According to the Commission, 
the barriers take a wide variety 
of forms and are often dressed 
up as legitimate national rules 
designed to enforce mi n i m um 
standards -for public health, con- 
sumer information and product 

quality. 

Other _ devices used to dis- 
courage imports from other parts 
of the Community are said to 
include certificates of origin, 
automatic licensing systems, the 
setting of maximum and mini- 
mum prices for certain products 
and overt or concealed prefer- 
ences awarded by public authori- 
ties to domestic industries in 
public purchase contracts. 

Though an EEC directive 
requiring public authorities to 
open bidding on public contracts 
to tenders from all EEC coun- 
tries went into effect last Jnly, 


It contains numerous exemptions. 
Only contracts worth more than 
£170,000 are covered, and some 
key sectors such as telecom- 
munications. gas and water ser- 
vices and computers are excluded 
altogether. 


The Commission says that the 
barriers are inhibiting trade in 
a wide variety of mainly in- 
dustrial products. It singles out 
□o one country for special blame, 
and claims that violations are 
widely spread throughout the 
Community. 


Earlier this year, the Commis- 
sion streamlined its internal 
procedures for dealing with such 
infractions. A decision to take 
a country to the European Court 
of Justice when there is clear 
prima facie evidence that it is 
violating the Rome Treaty can 
now be taken within a matter of 
weeks, instead of months. 


Polaroid factory for Ireland 


BY STEWART DALEY 


DUBLIN. OcL 19. 


IRELAND’S Industrial Develop- 
ment Authority (IDA), a State 
organisation aimed at attracting 
foreign investment primarily to 
create jobs, has pulled off one of 
its biggest coups. Up to 2.000 
new jobs could be establisbed 
in two factories. 

By far tbe biggest is the plant 
to be built 30 miles from Dublin 
by the U.S. Polaroid Corporation. 
Tn an investment thought to he 
worth £50m, Polaroid will find 
work fnr more than 1.500 by 
1983. In terms of job creation 
this is the Largest single project 
handled by the IDA. 

Another U.S. concern. Leeds 
and Northr-up of Pennsylvania, 


is setting up a factory in Dublin 
for the manufacture of recording 
and analysis instrumentation. 
The project will employ about 
130 people within a five-year 
period, and will involve a total 
investment of about £lm. 

From Ireland's point of view 
the Polaroid venture is ideaL 
Although not the largest in 
capital terms— Alcan has a 
project worth £300m — it is the 
biggest single new employer to 
be found. 

The new factory, on a 40-acre 
site which the company is 
buying. will manufacture 
cameras designed to use Polaroid 
SX 70 integral instant picture 


film, and will also include film 
manufacturing operations. 

The attraction from Polaroid’s 
point of view is that it gets 
access to tbe EEC market since 
Ireland is a member of tbe 
Community. Virtually all the 
products from Ireland will be 
exported. 

The IDA, in announcing a 
new product does not disclose 
the amount of assistance it gives, 
but it is empowered to give 
grants of up to 60 per cent of 
costs. 

On top of this, companies 
operating in Ireland are not 
taxed on export earnings. 

, Results, Page 38 


BY OUR MOTOR INDUSTRY CORRESPONDENT 


THE FIRST car lo emerge from 
a Comecon country which has 
been designed specifically with 
western markets in mind - and 
without the benefit o! a Fiat 
licence was unveiled at the 
International Motor Show yester- 
day. 

The launch gives a clear indi- 
cation of the potential for East 
European vehicles in the West, 
should the Comecon area turn to 
exporting in an aggressive way. 
Significantly, its arrival in the 
UK comes in the same week as 
that of the first trucks from the 
Karma River plant in the USSR, 
and this show also features a 
new Lada from Russia, which is 
like a small Range Rover but 
costs just £4,100. 

The car launched yesterday is 
called tbe Polonez. It comes 
from the Polish factory that has 
produced 750,000 Polskj-Fiats 
since 1965. 

A full five-seater, five-door 


hatchback saloon with a 1500-ce 
engine, it competes in the 
Cortina part of the market it 
relies on design and specifica- 
tion rather than price alone, 
which has been the principal 
marketing tool of all exporters 
of Comecon products until now. 

However, at a fraction under 
£3.000 when it comes oh to the 
UK market next January, it will 
be priced well below Its Western 
competition. 


About 10,000 Polonez cars win 
be produced next year by -the 
FSO - plant in Warsaw, where 
they are being made on .an. 
entirely new production line. 
There was a major investment 
by the Poles in U.S. and Italia a 
machines for the line and a new 
press shop for the model. 
(Although it has a body which, 
emulates Western design -trends 
and was the product of: an 
Italian designer, the old and. 


well-tried Polski Fiat : -125P 
mechanicals are used for the 

Polonez.) . - 

• ' The UK will be lie first 
Western market tu get tbe ©^ 
but will be allocated only 3,000 
.to- --4,000 units to Mmjhe 
Polonez will also be exported to 
France and West f Germany mg 
well as going to a few pnvileged 
customers in the Polish home 

In the UK the launch of the 
car will have a spin-off benefit 
for Polski-Fiat dealers, who will 
sell it as a separate marque 
alongside the F125P, which has 
a price of £2.029. , ■ 

Mr John Ebenezer, managing 
director of Polski Car Imports, 
< GB) said the dealership network 
will be enlarged to m. “We 
are aiming to sell 10,000 units 1 
through the network next year, 
a 150 per cent increase on 1978, 
giving us a 1 per cent share of 
the British market. ” he added. 


for China 


HR. WILLIAM SEAWELL, chair- 
man . of . Pan American World 
Airways, said in Hong Kotng that 
he had discussed the possibility 
of building several Interconti- 
nental hotels in China. The 
talks were held .with Vice-Pre- 
mier Teng' Hsiao-ping.- whose 
reaction was “ very- positive.” - 

Mr. Seaw'eU said : the' discus- 
sions .were “-strictly prelimi- 
nary,’* -and that he would not 
[know their outcome until late 
•November after a follow-up meet- - 
ing between Chinese officials and ■ 
top Intercontinental executives 
in Peking. Intercontinental is a 
wholly owned subsidiary, of Pan . - 
Am. : .. 

Financing and operation of 
the hotels would be. discussed 
during the forthcoming meeting 
Informed source's said the nnm- : 
her of hotels being discussed is 
seven or eight. . 


S. Korea plans second steel mill 


i VW motorbikes 


BY OUR OWN CORRESPONDENT 


SEOUL, OcL 19. 


Volkswagen, which bolds nearly 
50 per cent of the car market in 
Brazil, is to go into motorbike. 


THE SOUTH KOREAN Govern- 
ment is putting finishing touches 
to a plan to build the country’s 
second integrated steel mil) 
capable of producing 12m tons 
of crude steel annually- Officials 
at the Ministry of Commerce 
and- Industry said today that 
they estimate the projected 
plant will cost a total of $Sbn 
including foreign loans. 


‘Join forces’ call 
on EEC vehicles 


New Lockheed offer to Holland 


BY CHARLES BATCHELOR 


AMSTERDAM. OcL 19. 


LOCKHEED HAS offered to let 
the Dutch aircraft maker 
Fokker assemble and test its 
P-3C Orion if Holland chooses 
the U.S. aircraft to replace its 
current fleet of marine recon- 
naissance Lockheed Neptunes. 

The Lockheed offer was pre- 
sented to the Permanent Parlia- 
mentary Commission for Defence 
and is the U.S. company's answer 
to the Hide-ranging co-operation 
deal being offered by the French 
Government 

Fokker itself is in favour of 
Holland ordering the French 
Breguet Atlantique because of 
the reciprocal orders which 


would result. 

Fokker would be in a position 
to carry out maintenance of the 
Dutch Navy’s Oriotts and might 
also win assembly and mainten- 
ance orders from other countries 


once it has acquired the exper- 
tise and tooling. Lockheed said. 
U.S. companies are also prepared 
to place compensation orders 
worth at least FI 120m ($60m) to 
clinch the Orion deal. 


UK aerospace surplus up 


BY MICHAEL DONNE - 

THE UK aerospace industry had craft and parts, and over £302.6m 
a payments surplus on its* ex- for shipments of engines. There 
port account of £226m in the is a strong element of double 
first eight months of this year, accounting In the figures, how- 
witii exports amounting to over ever, since much of the totals 
£740m and imports amounting to includes aircraft and engines and 
over £514m. parts imported into the UK for 

The exports figure included repair and overhaul, and subse- 
1357.2 m for shipments of air- quently re-exported. 


By Our Motoring Correspondent 
EUROPEAN ear companies 
have no choice but to join 
forces, or at least co- ope rale 
with one another. In the face 
or growing Japanese and 
American competition, said 
Viscount Etienne Davignon, 
EEC Commissioner for Indus- 
trial Affairs last night. 

But it would’ be “dangerous 
and stupid” to face the chal- 
lenge by attempting to shot 
them out of the! Community. 

Speaking at a dinner before 
the International Motor Show 
of the Society of Motor Manu- 
facturers and' Traders, tile 
Commissioner said that, where- 
as in the past-European con- 
cerns had been spending 2 or 
3 per cent o ftnrnover on in- 
novation. “you will probably 
have to spend' twice as much 
from now on. 


The cpnstructioo work will 
start in 1982 or 1983 at a yet un- 
decided site, they added, and will 
be carried - out’ in four stages 
witb 3m tons of capacity in each 
stage. 

The Asan Bay area on the west 
coast, some 50 miles southwest 
of Seoul, has been tentatively 
picked 3S the most promising 
site, but officials are looking into 
other candidates, along tbe south 


coast near Pusan. 

Tbe government has chosen' 
the state-run Pohang Iron and 
Steel Company CPOSCQ) to 
build the new mill. POSCO 
now operates South Korea's 
only integrated steel plant 
at the east coast town, of 
Pobang tbat started witb . a 
capacity of Im tons in 1973 but 
is being expanded to 5.5m tons 
by tbe year-end. It will be 
further enlarged to 8.3m tons 
by 1981. 

According to projections by 
tbe Government-funded Korea 
Development Institute, South 
Korea's steel needs which 
amounted to 6.3m tons in 1977, 
will increase to 12m tons by 
1981 and 20m in .1985. 

Our Tokyo Correspondent 
writes: A Japanese-West German 


consortium will supply 
Hoogovens of tbe Netherlands 
with a large-scale steel c asting 
plant to be installed as part of 
the Dutch steelmaker’s expansion 
plans. The value of the contract 
has not been disclosed. 

Hitachi Shipbuilding and 
Engineering said it and Demag, 
a West German steel equipment 
maker, along with Mitsui, will 
deliver in late February 1980 a 
continuous casting unit of the 
two-strand type capable of cast- 
ing steel slabs. 

Nippon Steel has contracted 
to serve as general consultant in 
construction and operation of 
the equipment Demag and 
Hitachi have a joint venture, 1 
Nichidoku Heavy Machinery, 
while the German concern also 
licenses Hitachi casting tech- 1 
nology. ! 


manufacture there with Steyer 
Daimler Puch of Austria. Diana 
Smith-writes from Rio. The new 
plant is to be built in Rio de . 
Janeiro state with a S18m In- 
vestment and initial output oT 
60.0CO motor-bikes. Output is ex-' 
pec ted to rise . to 100,000: uhits, . - - 


Cartel fine 


The West German Cartel Office 
has flned.the German representa- - 
tfve of Wrangler, the jeans and - 
sportswear . manufacturers, 
DM 49.000 for circumventing tbe 
ban on price maintenance in . 
West Germany. The fine has 
been appealed against by Blue ' 
Bell GmbH. Wrangler's sole -re- 
presentative for West Germany, 
Leslie Collitt writes fro m_ Berlin. • 


Boeing award 


Nuclear fear holds up order 


A BRITISH - government in- 
vestigation into an export order 
of control equipment suspected 
of being used by Pakistan in the 
manufacture of a nuclear bomb 
1ms resulted in the equipment 
being covered by an export licen- 
sing control. 

Tbe equipment ordered 
through an export agent earlier 
this year from Emerson Indus- 
trial Electrical Controls,- in 
Swindon, is worth £1.25ra. The 
company says that it will con- 
tinue work on the contract, and 
will apply for an export licence, 
though such a licence is un- 
likely to be granted. 


The control has been imposed 
under the Export -of Goods 
(Control) Order 1978 (Amende 
ment No. 3), and will take effect 
from November .9. It covers - 
frequency changers' “ which can 
have applications in certain 
□nciear plants.” -••• " r y- * 
The- investigation 'into r\the r 
contract came at a time when it 
was disclosed that Mr. 2. - A.- 
Bhutto. - the former - Prime 
Minister of Pakistan now under 
sentence of death by the military 
Government had claimed tbat 
the country was “ on the verge 
of a nuclear capability " during 
his term of office. 


Emerson said that the order 
was very important lo its busi- 
ness. and loss of it could 
seriously affect the future of 
the company. It pointed out that : 
the equipment would be readily 
available elsewhere in Europe. 

Yesterday’s order also brings 
under control the export of all 
specialised parts ■ and com- 
ponents of arms to Namibia and 
South Africa, which had pre- 


The first of what is expected 
to be a large number of multi- 1 
million dollar sab-contracts tor 
parts for the new Boeing 757 
twin-engined short-fo-me flintn 
range airliner has been awarded 
to a U.S. company, Cleveland 
Pneumatic, a subsidiary of : the 
Pneumo Corporation of Cleve- 
land, our -Aerospace Correspon- 
dent writes. It covers 380 ship- 
sets of main landing gear for 
the 767.. - .i. 


Finnish exports 


viously /been under individual 
control.' and ensures that all 
machinesc capable of semi- 
conductor device manufacture 
are controlled. 


India concerned at' deficit rise 


Wm 






BY it. K. SHARMA 


NEW DELHI, >OcL 19- 










B.RUS) 


B.RUUK) 


■A 


tosr 

eft* 5 ®* 


.. . 

HN.B.L 
( ITAUA) 


,>r 


1» m 


THE INDIAN Government is con- 
cerned over the trade trends in 
the first ' four months of fiscal 
1978*79. If they persist it -will 
mean the country will have a 
blade deficit this year of over 
Rupees lObn (about £550m). com- 
pared with a marginal deficit in 
the previous year and a surplus 
qf rupees 720m in J9?6-77. 


have soared. • This follows an 
export growth rate of only 5.4 
per cent in the last financial year 
when imports’rose by 19 per cenL 




l Of particular concern is the 
slow down in exports in tbe. first 
four months (April to July) 
which have dropped to rupees 
1 6.34 bn compared to rupees 
16.58bn In the same period last 
year while, largely because of 
the liberalisation policy, imports 


Tbe fall in exports is due to 
various factors, Including the 
Government’s policy to check 
exports of items of mass con- 
sumption tike tea and vegetables. 
There has bee n a marked 
deceleration in industrial growth 
owing to erratic power supply 
and labour unrest combined witb 
the recent floods. Congestion at 
ports like Bombay has also led 
to conce Ration of some export 
orders. 


Tbe growth of protectionist 


tendencies in advanced countries 
is another factor which has parti- 
cularly affected India’s textile 
exports to Europe and the U.S. 
The Government is taking steps 
to counter this in the current 
GATT talks but the impact of 
this will not be felt this year. 

Despite the sizeable trade defi- 
cit expected In the current fiscal 
year, earnings from invisibles 
— particularly inward remit- 
tances from Indians employed in 
the Middle East and elsewhere 
—have ensured that foreign 
exchange reserves are not 
affected- These are still over 
the S6bn level, although the rate 
of increase in reserves has fallen. 


The diversified forest industry, 
engineering, textiM and power 
company - Gy -; Tampetta- AB 
has won twoMarge. orders worth 
in all Fmks -90m (Stan/, Both 
orders go to the. heavy engineer- 
ing divisiwf of the company, 
Lance Kiywortff writes from 
Helsinki- , . . . 

A Lraftliner machine valued at 
Fmks 40m Will be delivered to 
Georgia Kraft of the U.S. The 
second , order, worth Fmks 50m. 
is for a soda . recovery unit for 
Detiulosa Beira industrial, Portu- 
gal, a subsidiary of the Swedish 
Bilerud AB.-. 


DC-9 instruments 


-- Smiths Industries of Chelten- 
ham has' won a ’major contract 
from McDonnell Douglas of tbe 
U.S. to., supply avionics (air- 
borne electronics) equipment for 
the new DC-9 Sapor 80 twin- 
engined airliner. The contract 
is for provision of airspeed indi- 
cators and altimeters as standard, 
equipment for the DC-9450. It 
covers 300 ship-sets of instru-:: 
meats, with delivery from 
February, next year. 


SS-— • — , 

ft &I.C.L 

t (fiABON) 


I BW0UE 
GOMMHCMLE 
DU BURUNDI 


REP DUBAI 




RER MEXICO 


A.B.O. 

SECURITIES 




bmque 

toMMERClALE 

J&SfMiOA 


REP SINGAPORE 


REPR0 


.'aMKiur. 

M; 


Air Canada: Right Answer No 2 




K.E.A.F 


rep/W 






isi 


1 ■'■v. 




* * * > * ••• v<a v w ^ ^ . v ** '.1 

. ' • /A • ' ' 

:x; * ' *** 

Illy We've got the connections. 






Imagine you wanted to import skateboards from California. 
Suddenly, skateboarding is the craze that’s lasting 
\bu need a tost, reliable supply for your outlets. 

But direct services are fulLWhat does your cargo agent do? 


Call Air Canada Cargo 


Our network can reach all four corners. 

Our name may imply we re Belgian, but our 
network says were international. 

It sa ys we have ihe ability to service clients not 
just through 1060 branches in Belgium, but also 
through our subsidiaries, affiliated and associated 
banks. As well as through representative offices in 
major business centers, stretching from Rio tolokyo. 

'SVhy we sometimes open our ears instead ■ 
'of another office. 

We think that sometimes it can be just as 
efficient to rely on our local correspondents. 

We also have other tans at work for you 
through our membership in SFEand .Associated 
Banks of Europe (ABECOR). 

This is what gives us the local touch around 
ll ie worid. So we can give you the insider s edge 
wherever vou do business. 


We re the international bank v*iih the 
face-to-face philosophy. 

W’ctry to know a client as a person . not just ys 
a signal ure. VVe try to lea ni his business as wt l 1 as t »i U * 
own .Taking lime to learn his language, instead ol 
expecting him to speak“bankeser And taking time i 0 
lailorspedfic answers to liis specific financial 
problems. 

Because we think that an individual approach 
to each client -to his business. to his needs - is what 
really makes a bank big.Not simply its big 
international network. 


The right answer is Air Canada’s fully con- 
tainerised service from Los' Angeles to 
London and Prestwick via Toronto. Quick, 
too. Flights are overnight, and there are 13 
flights a week. Your skateboards could be on 
the streets of Britain within days. 

41 North American destinations 


(f) Banque Bruxelles Lambert 

banking, a matter of people 


Jli are the ABECOR bank in Belgium. Mamixlaan 24, W5Q Brussel. Tel. 02> '513.8t.81. Telex 26392 BBTJX 




Air ‘Canada’s the airline which really covers 
Canada, with 31 destinations coast-to-coast 
Only Air Canada flies direct to Canada’s eight 
biggest cities, from Gander to Vancouver. And 
with another 10 destinations in the U.S.A., it 
could pay you to fly your American cargo via 
Canada on our quick, efficient service. 

More to offer 

That’s not all. Air Canada’s ACCESS com- 


puter is probably the most sophisticated 
cargo tracking system in the world. And our 
Sea-Air service can carry goods from the Far 
East to die ILK. faster than sea and cheaper 
than ak Ask your cargo agent about tis, or 
give us a ling. What Air C anada h as to offer 
could be the light answer to your cargo 
problems. 


London.™^ 01 75? 4751 

Prestwick — .79822 ext 2066 

Shannon— 61244 

Birmingham.-—^ 021 742 4860 


Manchester.. 

Belfast—;^— 

Dublin— 


...0614379490 
— 25852 
771488 


The Right Answer 



•••rnttm* 




AIR CANADA CARGO 


& •/. 


1*T" l 




tOWi 





Financial Tiros Friday October 20 19?b 



k 


Ahem. 

We don’t believe in shouting about it but Godfrey Davis is the 
biggest car-hire company in Britain, with more customers, more offices in more 
towns, more cars and more people to look after them than anyone else. 

Wewould have toldyou before butyouVe been keeping us far too busy. 






More cars. More offices. More customers. Less flannel. 

To book one of our Fords or other quality cars, ring 01-828 7700. Or consult Yellow Pages. 



Pr 


pr< 

ch 


BY MA 


THE Pr- 
etended tc 
allegation 
Wilson ti 
number c 
were coni 
paign apai 
Parly on 
1974 Cem 
The foj 
allegation 
lowing th< 

affair. Mi 
was. had 
an arches 

himself. 1 
Lady Fl 
Marcia W 
The Pn 
Sir Haro 
drawn sen 
Subscqi 
mid the 
did not 
prietors 
instructed 
round a 
material." 

The Pr* 
to hear 
Sir Harol* 
formal co 
On the 
aaain.'t t 
council s: 
[•‘uy a I Cc 
(hat thcr 
Lahnur hi 
The Pn 
is one m 
lished toil 
In ano 
council 
against tl 
Daily Er, 
picture < 
Henrietta 
death in I 




HOME NEWS 


•/■■■■: fttimmsl Hints' Fnqaj 





Chemicals Electricity price 
industry rise might result 
output from ‘inaccuracy’ 


• AH/ BT JOHN U- 0 ™ By John Brennan* 

flCpC Property Correspondent . 

"¥ /U THE electricity industry has, in crease prices to consumers by L t.oyd'S OF LONDON plans to 
the past year, adopted a major about four per cent alart ^ deiM u£ on redeve- 

BY SUE CAMERON accounting provision which was It says that any move towards i 0D i en t of its former trading 

neither accurate nor meaningfur, inflation accounting should con- fl L, neKt summer. 

OUTPUT FROM .he chemicl. “fij'ftjfe ^4 ter I ^^KMES? into, 

industry increased shajply b> ceQtj according to an indepen- which takes into account the Ttee^'redevelop^ 

nearly 4 per cent in the second jp n r accountants' r*»nnrt nrivantflF&R to the industry of the s biggest . 


BY JOHN LLOYD 


Lloyd’s site 
demolition 
to provide 
extra space 


BY SUE CAMERON 


nearly 4 per cent m tne d accQuntail t s . report advantages to the industry of the £ jr in the 

quarter of the. year, accord ng to J effects of inflation on repayments **?J&g* proposed 10 ' 


figures from thV official publica- The/eport prepared for the ««■« T^ was recomineiided City of London, 

tion Trade and Industry. {£“5j{ Atof hy the W* Guidelines, which The Lloyd's insurance market 

The statistics give some cause Couoml by accountants A?**’ were proposed as an interim moved across Lime Street from 

for optimism as the industry is puide for the profession while to old trading floor 20 years ago. 

just beginning to emerge from Oie mtroduction, by the Elec- n0 g enera u y accepted standard The recent move of its adminis- 

a period of relative stagnation, triciti Council and the Central had been agreed. trative staff to new offices in 

Output increased in ail sectors Electricity Generating Board, of Chatham arid' the gradual eviction 

during the second quarter except a 40 per cent supplement to their Cg... j v prnim of tenants in its- old buildings, 

for synthetic rubber where it depreciation provisions in the » luu J group leaves ^ ^ dear t0 redevelop 




for 


0:1 


ram* 

. . :,i .... .j 

r-gr . . . 



By Kevin Done, Energy. 

Cot-respondent - . 




SW 




HHfc, 


for synthetic rubber where it depreciation provisions in me ^ “J h r leaves the way dear to redevelop 

dropped by 6 per cent The financial year 1977/78 to com- The report calculates that, bad a freehold site stretching the 

most .notable improvements pensate for the effects of a gearing adjustment been made length of * lime Street arid 

were in general organic and inflation. to the CEGB’s accounts, either bordered .by Leaidenball Street 

inorganic chemicals where out- The supplement had the effect £38.6m (on a low estimate) or and Leaderiball Place. This site 

put rose by 6 per cent, fertilisers 0 f greatly reducing their profit £69m (on a high estimate) would will be used to expand the under- 

9 per cent and synthetic resiDS after interest. The council's have been added to the reported writing. floor, which is the largest 

and plastics materials 4 per cent. pr0 fit. without the adjustment profit of £18.7m. air conditioned room in Europe. 

Chemical exports were up by 6 land thus on a true comparative H argues that electricity con- Details of the development, to 

per cent in the period under basis with previous years), sumer councils should exert be designed by architects Piano 

review and further growth is wou id have been £292.7 rn rather pressure on the electricity supply and Rogers and expected to take 
expected during the second half ^an tbe reported £132jSm. while mdustty to set up a study group up ggygjj. years to complete. 


of the year. Imports also ^ of the CEGB would have on pricing” to find a more accept- have to b e approved by Lloyd's 
increased, but onlyjby 3 per^cent. Peen £i27.B m against a reported 1 ® system To c0 * ie committee and Then put to a vote 


further significant cig.ym. 


SSS 


committee and then put to a vote 
of the entire IJoyd's membership. 

U OVeni- t,„. 1LT ctirHnr* 


The volume of Investment in Commission report on the in g. consumer councils are urged ffiSJftffuSS 3 11 SpS 
the industry continued to rise accounts of the South oF Scot- to commission an acknowledged Jchaeotogical “dig” under 
Id the 1 noint where it is 3bout land Electricity Board, which authority to report on an appro- u * 

15 ner hieher than u was had adopted the same practice, priate method of inflation “f . ao into __ 

a vear ago. Fomard^rojections estimated that the effect of the accounting fmr„lhe electricity ag^emeSt Department 

made by the Department of depreciatio n provision was to in- supply industry.” of UrbS 


15 per cent higher than 
a year ago. Forward proj' 



■The 4,400-tonne bulk carrier, - . 
Holeslawiec, was launched at 
Govan on Clydeside yesterday: 
The ship is the first of 22 to be 
completed in the controversial 
Polish order. Mr. Michael 
Casey, British Shipbuilders’ 

- chief executive (right! ' said 
that the launch was on -time 
' and the rest of the order 
should be delivered on -time. 
“The order,” he said, “has pro- 
vided employment in many of 
uur yards and much needed 
work for the marine equipment 
and steel industry to the value 
of about £50 m.” Mr. Casey 

added that British Shipbuilders 
was scouring the world -for 
orders in its fight for survival 
and a further order from 
Poland was a possibility. Also 
watching the lanrieh was Mr. 
Jan Bisztyga, the Polish 
ambassador. 


Industry and the Chemicals 
Industries Association suggest 
this higher level of investment 
will continue for the rest oE 
the year. 

Revival 

Fuel and raw materials costs 
went up by 4 per cent but this 
was the first rise since the 


Plea over ‘wasted 
insurance policies 9 


which archaeologists wiil receive ' . . 

SsSw'sS Building earnings up £440m. 

allows the archaeologists access . 

to Lloyd's basements from the nwAMriAi timm reporter 
beginning of next month and is H NAN C1AL TIMES REPORTER 

designed to.. enable, “any sigui- ' . ' . 

Scant evideriefi to be recorded THE BRITISH construction in- period under review, rose . from 
- prior to demolition.” dustxy, together with its related £1.27bn in the previous .12 

second quarter of last year, and paul taylor Prouettv Pages 14 15. 16 professions and suppliers, earned months to £1.6bn, five times the 

ft was balanced by increases in BY PAUL TAYLOR property rages i«. m. » about £2. 6bn overseas in the year value of work done five years 

chemacal product pwcea. these GORDON BORRIE, Director statutory notices in policies draw- to last March, according to the earlier. By the end of March, they 

are 10 P« cent higher tnan General of Fair Trading, sug- ing attention to the new 10-day T Department of the Environment had more than .£2.3bn worth of 

during me same period last year gested last tb at tbe high “cooling off” period, should U I1UCI W I ilCL The figures underline the huge work in band^ 

and are expected .0 remain nuir ,ber of life insurance policies help reduce the number of contribution the construction The department also points out 

st ^? 1e , C h nu , a j cionc nf caahed-in prematurely mi^it be policies surrendered, he declared. sector is making towards the that overseas contracts worth 

iexuie^ also snowea sioos or due t0 high-pressure selling and Brochures, proposal forms and LJ. 1H UK’s foreign earnings and. in £l.92bn at - today’s prices were; 
a revival in uie perioo, wnen 0 f guidanco over policies, literature should be made • -■;> " spite of increasing competition won by British construction com- 

consunier spending on ewines He asked the insurance associ- simpler. It would also help and protectionism, the depart- ponies In more than 100 coun- 

rose to record teveis. ine at j ons tQ -urgently consider” customers if terms in common III tllVd j ment says it expects the success- tries during 1977-78, an increase 

demand tor nousenoid ieviiies wa y S of reducing the number of use like "comprehensive" and ful picture to continue. of £2 19m on the preceding year, 

th-.*- rnr ’t/rc aDOVe “wasted” DFe policies. “no 'claims discount" were By John Moore ' TheearningstotalrepresentsWorkdonethisyearwffl. accord- 

Mr. Borrie, speaking at a always fully explained, or stan- t ,. .. a rise of about £440ra on the pre- ingly, show a further rise. - . 

ir , meeting of the Insurance and dardised throughout all com- Alf UNDERWRITER^ at Lloyd s v j ous ^ and was made up of . The Middle East- reiriains the 

I. Actuarial Society of Glasgow, panles. of London, -gave ^ warning yes- nearly £400m from contractors, a single most important market for 

said tfa3t insurance companies' u- p arT i e also called on the terd3 y of P 01 ^* 8 dangers m tbe 5 | m i] ar figure from consultants, contractors, and accounted^ for 

own showed an average insurance associations to Duhli- K r0 H riDg -fr P ?wpo 0£ insurance architects and surveyors, and over half (£L02bn) of. all .new 

ca /p e ,** a T * one-third of all life and endow- clse tb e i r complaints system b ^« ers cmv-f.iatirtn about £1.8bn from the export of contracts. Annual orders In the 

lhL re » S n ment P° IIcie s wer « surrendered more widely P y Commenting.- on _ speculation materials, plant and machinery, region have risen fmmJiTSm 

compared wfth the SKt quarter’ *^ £ore time - In s0 H e ******* Most people got a good deal brotomk According to the department, five years ago, and the. -most 

ouZt?D ^inost sectors “(the a<! raK ms nver 50 pcr “ nL ^ As lruunnee' and were Shdmh’e KtSe -™S the Mtail' of work crnled 

textile industry is lower than p , better protected than m many barons.” were^eeking regulatory ou ^ by cootraciors during tbe have been the un ited;.- Arab 

it was during the second quarter L-UStOinerS other areas but there was room reform, of ttifc Lloyd's - market, . *4r 

last year. whil*. sonic nnUriPc wprp si.r- ‘“7 ited tbe . underwriter.- Mr. . John nniirAivi4i-Ar ? ‘ .. 


FINANCIAL TIMES REPORTER 


prior to demolition.” 

| Property Pages 14, 15, 16 


Emirates, Saudi Arabia a nd Iran . 

In Europe, contracts more” than 
trebled, from £Blm to more than 
£270m, and the amount of -busi- 
ness within EEC countries rose 
to £l36m, much higher .than the 
previous best total of £41m in 
1974 and compared to only £Sm 
last year. ' 


OIL PRODUCTS’ 1 prices ' show - : 
Jittie prospect of -rising, at least 
■before the end of the year: .be- 
cause of -continuing overcapacity. 

Dr. Austin. Pearce, chairman and 
chief executive . of .. Esso’ 

Petroleum; said yesterday. 

■ The. oil industry has coffered, 
badly from' falling .profitability m' 
its refining and petrol marketing: 
operations and Esso Petroleum - • . 
yesterday announced a. fail in . - ' 
pre-tax . profits for' the first sis 1 
months of the year to £26.7m-', 
from £57.7m in the same-period 
last year. - - 

An extraordinary, charge -'of. ... 

£15.5m. which mainly . reflects the 
effect of the decline in the value 
of sterling over the .period on-, 
the coiripany’s foreign currency ' 
loans, resulted, in a net . loss of. 

£5J2m after allowances' for 

taxation. 

Crude oil costs were reduced ■ . 
by the fall in the -value of the 
U.S. dollar, but that benefit Was ; 
offset by : intense competition ‘ia- 
downstream oil product .markets,': 
partly . caused by the. serious 
surplus of refining capadty. - 
'...In the first half of the year 
Esso was meeting 42 per cent of.; 
its UK crude oil requirements' . 
from the North -Sea* including its 
production . and purchases,, com- 
pared with 16 per cent last year. 

: Capital expenditure in the first ' 
half of the year, mainly i'zi the. 

North Sea, amounted .to £18Im, ... 

compared with £l60m in the first 

six months of 1977; ' M -.Mij! 

Profitability this year has. been WiJU 11^ ! 
reduced by the shutdown. Of oil ' 
production from the -Brent £ 
platf onn. That was closed Tor J J 3 

several months ‘for installation !>! IJjv at 
of -gas injection units,' : Esso, said 
its upstream exploration and .. 
production interests were .only ' “ 
breaking even. ' : . 


F- & C. GOVETT N.Vv 


Dfe. 30,000,000.- • 

6K% bearer notes 1972 
due 1976/1979 , 


Textile prices rose in all re^red^remJSlreWbecause'of l ? e his WyatL^aid; “Srtaih f 'broS. ClllCS 101H U III V GFS1 tlGS 

c lions of the industry but fuel SSElS ?! struct ive criticisms " and discuss we hear, are .banding together T V - 


guaranteed by 
Morgan Guaranty-Trust 
Company of New York.s 




sections of the industry but fuel foolish buying or teck ofcash to ^nictlve ttilicisms " and discuss we hear, are .banding together 
and raw material costs also pa y ihemenTiuiL he susoected ^ W1 . th offi « of Fair with enormous arri^ance to pro- 

52*“S. W* SK m.nTSS'h.d n«S .. “? Jg^L 


in microprocessor plan 


raw cotton wont up by 12 pur iSfomation “ by 5 Eric Short write: The reaction >«ve it to it: Don’t worry IU imVl V|«VVV«Ul F ,u “ 

ssr sa.™ira 5 f zv s M „ r i srj^r^ -■ «« . . f 

S M WliSe dUri " 3 the • Iine ,ta EiVi ” g Pr0Per SSSSBfflTSft S S^SPS w WSKS* l ” 10 COm ' GREATER MANCHESTER’S We Et Ro f iooa, Couooit. Greater 

i^ssMTSTV's 

TT 1,1 , SScelJd??5 eariy S all their years ago which would take time P*w*ktf * Puppet government, P^nt was reinforced yesterday . The combined local-authonty 

LTAnUh nwwJ „. y ’ ose tr 1 Inei to reach their full effect nn life will not work. The competition, a combined initiative involv- and unxvereity initiative marks a 

neaim and SSiSa&l P00r retura 0n marketing eCt ° n We which-wm stimulate profitable ing three influential local significant new stage in inter- 

I „ P- f “ . The BrLb Insurance Associo- “ta£ r ^00“™^ ^Sfe^oT- inStih,6 °” S SScSS" ““ 

benefits Kjaas n srsr ass?* “* sectora 01 tte &st JJM'sysEif Sfe 


Health and 
benefits 
cost £20bn 


As provided in the Terms and CctadiKdns v . 
of the above mentioned notes Redemption 
Group No. 1 amounting to Dfls. 7,500,00Qy- : 
•' . hasbeen drawn lor redemption o n ; v . 
September -l, 1978 and consc^uenliv' the ’. 
note bearing consecutive number 1 ‘and all • 
notes bearinga consecutive number which is 
4 or a multiple of 4 higher ihnn i are 

payable on V- - - - -. 


ensure customers received im- great improvements made in the 


November 1, 197$ > 


oft I 


1 ill AUUUmI Ull L Ifli V 1 A bJCT A/WIU li| I ^ ■ . 

published bisJ which plans to invest up to £50m . * n microprocessor 


By Paul Taylor 


BRITAIN'S HEALTH, social 
services and social security 
system is costing £20.5bn a year. 
Two thirds of that goes in pen- 
sions and other social security 
benefits. 

Mr. David Ennals. Social 
Services Secretary, said in a 
foreword to his deportment's 
annua] report for 1977, published 


■SSS^nfW* 4 ~ e - , „ few ,, yea ? t0 3t * ieve sim » U - remarks in a letter to LloyS^ ff TnZt ^orapani to d?sgn and aQd related fields. Greater Man- 

« Aaaa w a Asr ln “ as ev«tv®. , a 

brokers were seeking a foU-timi cities of Manchester and Salford, rerranti are established in the 

.L! _ e «_• . i. v ■ «* I ... Pntinfv Onrt alnf*tt*iAAl At««l mIaa 


Engineering orders steady 
at home as exports fall 


chief executive at Lloyd's, M 
Wyatt declared scathingly th; 
the brokers' attitude was: “ 1 Gh 
them a proper chairman an 
board of directors So those wli 
were given life by the undcj 
writers and clients now turn | 
bite the hand that fed them.” i 


FINANCIAL TIMES REPORTER 


stoce' the' NHS waslet^P^rS D0MESTIC SALE S and new orders also steadying, the value] 
expenditure has more P> than orders for ^ eQSineering com- of home order books during the; 
doubled. panies are at the same level- as Aprii-July period has remained i 

Health and social services in over the past 12 months, accord- vi y[* er J h J 

I"* “ Ml? Department: of ^ hnwerer. in . the ‘period I 


tfn^if^t ^'npr^Jhn r h ?i SP i l ni Indnst ^ Ev P ort orders 31}d untU the end of July. Similarly.; 
602.000. d?wn by “ooo on 197? “ ,e *‘ have continued to decline, the inflow of new export orders; 


Reliant chief 
confident 
of success 


the metropolitan horoueh of . and f 1 *’ 

Trafford, the universities of Man- is one of its 

Chester and Salford, and the ^f e , as ‘ „ 

University of Manchester Insti- ic T, h ® D ri ln n oSX ^ Ut , er Cen .^ e 
tules of Science and Technolog.v J* ® ® *?. J 0 * saw lhe 

iUMISTI birth nf the world s first commer- 

^ , . . ciai computer. “It has been com- 

Copies of the dneument have missioned to take a lead in pro- 
gone io the Prime Minister and moting education, training and 
t 0 Mr. Eric Varley, the Industry awareness in applied micro- 
Secretary. processor studies, and this means 

The North-west’s Haims have that the centre will inevitably 
been voiced by the North West control and co-ordinate the 
Industrial Development Associa- national effort" the document 
tion and by the TUC» North comments. 


Bank Mees & Hope NV \ 
(Central Paying Agent) \ 
Amstcrdam-Rotterdara Bank N.y. 
Aigemene Bank Nederland N.V. 
Pierson, Heldring & Pierson N.V* 
in Amsterdam. - 
Bonk iVlvcs & Hope NV 
in Hamburg, 

Neue Bank A.G. 
in Zurich 
and 

Banquc Gcneralc du Luxembourg SJL 
in Luxemburg. 


■toeded 


Financial Times Reporter 


Slncp Anril 1974 tinsniial^ The department says that total was strongly down (reflecting RELIANT MOTOR Company! is 

have^ been Plowed tat tSTSw ffl,es in . the April July period the exceptionally large volume trading profitably for the first 


havp hppn pln^Pri hnr 01 non npur c ujuuig prumaoiy ror me nrsc 

hede nmvifted ed bUt M fel1 by 1 per ceT1t wh ereas new of contracts received in Fob- time n many years, accordinfj to 

. nrripre rirnnnpri hv •> npr ppnt niarvl and as a result, pvnnrt Ur - «... 1 .. 


The renort' found “cause for or ? r ers dro P ped , b L 2 P«\ c . enL . ruary) and as a result, export Mr. Ritchie Spencer, mana|n 3 

ncern " P °in a “shnrtara of Ho ? e saJes ’ .^though rising in order books shortened by H per director. He is confident that Abe 

hoolnnino » the first quarter of 1978, have cent in the three months ending group has broken even in Jthe 

S?“«J5W2S* S since remained stable. With new in July. year to tbe end of last montA in 


Newsprint price rises 
expected in New Year 


September 29, 1978. 


concern " in a shortage of 
nurses beginning training. It 
said that 8,000 fewer people 
began nursing In the year ending 
March. 1978, compared with the 
previous year. 

It called on the NHS to 
improve its indust iral relations. 
There had been “ real failure of 
co-operation between different 
sections of staff,” and too much 
unofficial action. 


Instant captions sought 


BY DAVID FISHLOCK 


mrw.-i.ur. ne is connaeni inaiguie K>HN LLOYD 

group has broken even in Jthe ^ 

year to the end of last montA in THE PRICE of newsprint in the Bowaterand Reed which account 
spite of meeting £fiQ0,00(H m UK is likely to go up from the for Uic remaining 20 per cent 
redundancy payments/ j beginning of next year by S.5 are lo notify the Price Commis- 
The company, which makef the per cent, leading to pressure for mod of a price rise in steo with 
three : wheeler Robin ^id I the furtber increases in the price of the Scandinavian figure, 
seimiter sports car,, has inad newspapers. Bowater said last night that if 

**im or Government aid pom The price will gn up from the U.S. economy were exceo- 
the Temporary Employmentpup- £254.50 per tonne, the level fixed lionally buoyant next year there 

plcment, and its warkfon 4 * ■* ■ — * - — — - - 

by factories near Tamwaith, S 


BBC ENGINEERS are working requested by the viewer. 


at last January, to I27G.50 per muy be shortages of supply from 
ns., tonne. Canada which could not be 


The report also criticised tbe ^ ha f f be f e i, cut from * 100 Swedish, Norwegian and whoUy compSisated h? incJeased 

ising bill for drugs on prescrip- devel ®P 1 thl Sr* , J 15 fort *i nes at a io' ’ ebb Finnish newsprint suppliers are UK or Scandinavian manufac- 

ion. Nearly 300m NHS prescrip- fhSSnn- L2 Sp B SF USh It V h t° S.S* J?l!SS. 0 . £ ^cir prices by 8.5 per lure. 


rising mu tor drugs on presenp- “ 

tion. Nearly 300m NHS prescrip- versations 
tions were dispensed in 1977, gramme d 
costing £554m, an increase of — J “*■ 
about £103m over 1976. Patients benefit of 
received the blame. Too many. ■ ln, * JJ 
The report said, were going to -fames* ** 
doctors for medicines they could ? n ^ 1 ° e ^ 11 
buy from a chemist's. ‘“St 

• People complaining about ElectrfcLl 
NHS treatment in hospitals last ^ ht 
pnmnlpY hnreaii- m i 


fnv ‘rniwi V UeS D' ° i,^-a« cent 1nm Januur y 1 nexl year. • Bowater, which supplies 
HnrtffS? rf tr? m Together, these countries supply around 10 per cem of U.S. new? 

Bank rrnnn dard and Chattered about 4 q per ccnt of lhc uft’ s pr i n i needs, recently announced 

compamTTrom * British' TSh?p^ Cana / Jian manufacturers, hwltt price°^ up 1 toVS' 1 a tonne! 

further 40 per Earlier this week, cine of the 


encounter 


complex bureau- 


cratic system which -j-y screen only if specially mond. 

designed to confuse and inumi- 





month and ibat ibis year'S'prolit 
could be £200,000. * 


manufacturers, suit. 


date,” according to a Which? 
report published today by the 
Consumers Association. 


When a ‘cure’ costs too much 


Premier invites 

^ jj* THE COST of Government inter- a clear case for Government cost analysts were led into error - wnwr«« 

Andreottl vention to offset the effects of intcrecntion. This argument has by failing to test their proposi- GOVERNMENT SUBSIDIES to vices essential to the prosperity 

1 pollution, congestion, noise and been used, says Prof. Cheung, to tions against the evidence Qf real enable airlines lo start new of modern industry and com- 

Rnandal Times Reporter other "social costs" exceeds the justify almost endless interven- life. domestic and international ser> merce," says the association. 

» r ,T T * rU iv i,-,- original social inconveniences, tion. WTtile airports introduce noise vices from regional airports in It suggests a subsidy scheme 

MR. JAJIBS CALLAGHi has dating a u.S. economist Prof. Cheung argues that com- and pollution, the values of the UK are urged hy the Associa- which would mean the govern- 

invited Sip- GIulio Andreom, ine - Sfe rhpiin!T of P^nsatio^ «s better settled by nearby properly almost without tion or British Chambers of Cora- ment providing aid to start new 
Italian Prune Minister, to London Protosor Ste^n Cheung of adjusting contracts (written or exception rise at its inception, inerce in a study or future air- air services f?om regional air- 

on November 22 for talks on the unuersttj of ^Mhington verbal) between producer and While n.>one enjoys dishes port development. ports. This cash aid would be of 

EEC issues. The proposed Euro- sajs m au losutuie 01 economic consumer of social costs/benefits vibrating on the din in? table, the strirriv limited duration ac tha 

pean Monetary System will be Affairs I aooklet that a divergence than through taxation and sub- airport produces such neigh- ' Th ^ racial ion poinis out that J5 J! c tL ^rovidp mr. 


BY DAVID FREUD 


Report urges regional 
air route subsidies 


The Prestel Users' Guide and Directory 
wile eJJ you need lo know about PrestBl the 
Post Office Viewdata service. 

w “ 11 * Th '- cheap< ’ st » 
Tfw second edition published Ocmbw, 1978, rfves you: 

* F “ t8r ratfiBVal * RetiuCBd 
OMpmrtn™*. 

Eunni CountlM Nawapupar* Ltd., hanwt Hnn 
_Wowi_Bo«d ; ^rMdgi_Hni^1|ie. Tetuhone 106031 28311. 


at s 


^ few 


icn 


BY MICHAEL DONNE, AEROSPACE CORRE5PO NpENT 


Financial Times Reporter 


ZORICH 




Jlim 



HOLIDAY INN « •;> 

• ^ . “WMimir-kiiifi chefs"... . 

• ...it's a new hotel experience. Becmiw our 


high on the agenda. 


between private and soeial cost 


Sig. A 
summit 


airport produces such "eich-[ th- in 5 ™ c,a,,0 i? » oin{s out that alm ^ n 0 f to provide per- 
bourhood benefits as aft increase jjjj® 1 D ’JJ r nment s reront White manen tiy uneconomic servfces 
in business activities aftd a rising P “P« «n Airports Policy recog- but he B ^ro hairlines in the dM- 
dmn and for lodging, argties Pror. ? ,St ’d th<1 rood to break away c ijit a nd expensive start-up phase 

Ch s g ’,„... .... ... T rSi?" is-- ^g*ES!FS8ff££i 


tatas wita — w «■ — .1 — ■!». TETw o, Social Coat b„ »d a „d" To 0 2ggFtt-E2'ZSS22. 

President Giseard d-Estain& ^ For more than 50 years disallowing private property Pro/essor Steven Ctieung. Hobart a regional airports gf ra ^7^^nmgctenre,anntS; 

Mrs- Margaret Thatcher, the economists have argued that rights (upon which all private Pwrr ss. Instil of&zmomic astern. , 2S5jSHS3SSSiS5«ifi- 

Tory leader, leaves London today where private costs and benefits transactions must be .based." Affairs. & Lord North Street, "The need now is for dcvelim he cmerated in cnniMCtion with 
fora two-day visit to Madrid. differ from social ones, there is The ongmal soctal/pnvate London, S\V1P 3LB, £LS0 . mem of the fuU network of se ?‘ licewiM policy.^ 


To JMke icrp flat yoq'D want It 


U-R.reservanon.f • 

London . Tel. 722 77 5 $, Tl-Jcx 27 .vl '• ‘ 


;■ & 





9 



jvi-l 


i :JLp 



3 


Hnajadal'Ttmes Friday. October 20 1978 



Price Commission 


rY?* r ’ 

■V. J t 


raps 



BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


THE Price Commission criticised panics are able to secure a price and resources have been 

tlie Royal Doulton Tableware rise even If jflvesli8ate4- by the sire fcheri lo cope with Ihr 

company yesterday for problems commission. \ . problems oF change and develop- 
er co.si and .stock control and The rnm mission says- in the ment since the "roup was 

" shortage of management calibre report that it had considered formed 

and resources." limiting Royal Doulton’sjviee in- - Ruval jmullon Tableware is 

ine criticisms were in a crease because o£ : the i;om- 

repon on the company’s proposed mission's concern 


Barclays 
charges 



Two foreign airlines in action 
against switch from Gatwick 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


BY MICHAEL BLANDEN 


aware of this and lias a manage- 

„„„ : , — - -- regarding nient development programme to 

Tv c . e - nt aVcrafie .PI 1 *® rises, efficiency. 31 deckled aRamst this strengthen and improve manage- 
wntch Ine commission has because a major reorganisation m ont " 


- _ major reorgsuiJaauuu ment 

allowed to go ahead in full, was still being, carried out in the 


- .... , ,• . _ Tlte report acknowledges that 

Ro>a! Doulton is a subsidiary nf group, and the company s home lUe comp J ny has slfonR pt , ints M 

S J, e ‘ ,rson trade profits were low. well as we-ik-nexsi** "li has -main- 

The report is vie most critical The main criticisms, in the re- 
vet produced be the commission port stem from the company’s 
on an individual company, and problems with slock" . control, 
reflects the commission’s new Slock levels had risen . from 
emphasis un analysing manage- £S.7m in December 1975 to 
ment efficiency as well as market £16.4m at end-Decentber 1977. 
and financial factors. The report describes control of 

Mr. Charles Williams. Hie com- production and slocks- as “less 
nii-«sir»n chairman, has made clear than satisfactory." 
that he believes the most effec- M Roval Doulton . Tableware 
live form of price control is 
encourage 

efficiency. clear on what the optimum .-*% . . . . . 

Sn the commission has of stocks should be." the report Lasl night Mr. Kic.narrl Bailey, 
deliberately taken a more critical says. And il also suggests that ll, e company’s managing director. 
look m| Royal Doulton than in the company’s product mix is lhat the report had been 


tained or increased its share of 
export markets and has a well- 
developed market expertise.” it 
Tin.* coin miss ton is concerned 
ai the level oT gross profit mar- 
gins. which cmrld lie as high as 
50 per cent, and suggests that a 
sectoral investigation is needed 
In 197K and 1977 the company's 
average reiurn on capital oin 


price control is to has problems on the extent of its "; r . reiurn on c.ijmai era- 
jrcalcr industrial stock conrrol. and is not yet hln>ed was 5.i per cent on a 
clear on what the optimum level tu r r ‘*nt cost-accotintms basis. 


„„ -1 « «‘Ml that the 

previous investigations of com- unbalanced “and that Ihe costing cmnpimientary in its remarks 
panics. and control systems need- to be on factory modernisation, while 

A similar tough line, with uupruved. _ recognising that considerable 

criticisms of unions as well as The report ’ adds: '‘ While farther work needed to be done, 

managements, is expecied by (he Royal Doulton Tableware says ° n s, °ck levels he said that the 

commission in a report due that it knows how. to deal ivilh company -was '‘prngrrssivcly in- 

next week on the road haulage the problem it has been unable Educing computer-based prn- 

mduslry. ro ..\ vc a g rm timetable.” cedures and has just acquired a 

This new approach by the com- | n other areas the' report is modern . central 

less critical. It says that Indus- ra«»iy. 
trial relations are harmonious. atK,ei,: 


In other areas the' report is 

mission, ironically, comes when 
some Ministers and trade anions 
arc believed to bv in favour oF 
iho Price Com mission’s taking a 
more rigorous attitude toward 
limiting ail price rises. 

Under the Government’s exist- developed 
me price control legislation. While it concludes' thirt the 
especially the snie guard provi- management structure appears 
sions on profit levels, most com- sound, " management, calibre 


warehousing 


“I regard their: 

but modifies this with a state- as a fair statement of the; 

ment that the processes nf winpanys present position and 


employee" consultation ? appear P?'^ 1 fnr Further improve, 
to us lo be . inadequately ,n J number oF areas. 


BARCLAYS RANK i*. raising 
charges to personal customers 
} Trom the beginning of December 
Following a successful submission 
to ihe Price Commission. 

The hank’s new lariff is simi- 
lar to those already introduced 
by Lloyds and National West- 
minster. Thu Price Commission 
report earlier this year accepted 
that charges ror the hanks' 
money transmission services 
were not excessive. 

Midland Bank said yesterday 
that it had also .submitted in- 
creases In the Commission, bul 

would give no details. 

The Barclays change-; include 
a variable offset allowance 
against balances in the account 
flir personal customers who do 
nnt meet the minimum require- 
ment for free hanking. This is 
in line with ihe Coin mission's 
suggestion that charges should 
be n»nre closely related to 
general interest rate levels. 

N u West and Lloyds mlro- 
du cod a similar allowance, but 
ail the banks have rejected the 
Commission's alternative pro- 
posal of paying interest un cur- 
rent accounts. 

Barclays has kept l lie mini- 
mum qualification Tor Tree bunk- 
ing at a balance nf Elfin, h has 
dropped the alternative criterion 
of an average balance of £200 
during the charging period. The 
bank said 75 per cent of peisonal 
customers who keep their 
accounts in credit would enn- 


i IBERIA. THE Spanish airline, transfer from Heathrow lo G.n- at Heathrow, used by 27m pas- 

hinri TAP nf Portugal nave begun wick. sencers a year, hv persuading air- 

; legal action to prevent the IT Ihe two airlines win. the lines to move some a I least n£ 

; Department of Trade and the Department and the Airports iheir services to Gal wick, 

tinue in hav n.. .-har-iur • Br,liih Airports Authorin' from Authority will find it difficult, if At the latter a reccnllv-com. 

Thr.ce r-jisitt.nr.r- , 7, ^ . directing them tr, tty from Gat- not jntpnssihle. in direct others to pleted ElOOm modernisation has 

nualifv for Fr.-e hMnw.nl! n £l i w,fk 5n s»e:«d of Heathrow. move to Gatwick. If ihe airlines raised capacitv it. IRm passen- 

eharrnd nr, 11 -n. .a r'r n ; Wni» from both airlines were tose titeir case iheir Govern- n ers a year. Only 6ni passengers 

n recent Md for J:' !' served yesterday. The hearing is ments can he, expected to inter- use Gatwick. 

Th<» stlowipro */!>• . hf rdAd T expected in the High Court on v ’cne dirccliy, possibly taking All foreign airlines have 

nivfr-nl «iii sX V" l. Monday. pnlitical action against UK air- resisted the Government^ 

r i tr ™>n bVi'.- !il - ? ,c ! This case is likelv to have far- lines using Spanish and Portu- efforts. They have made the 

II X per LL. li" a I no ,-i. ay L, k.. nnw :«inmru p 0 j nl strongly i ha I their invesi- 

Frimi Ihe long- nienis in facilities at Heathrow 
to many millions r»f 



cent. 

Charges of le-»s ih.,n SOp in 
I he half-year •.%!!; l,o i-.-nrired 
The present lir.m i-- jgp. 

Barclays also plan io >wiich in 
a quarterly chan-mg oasis after 
Ihr next halt-joar. 

The. bank addo-l that fh»re 
would al«* be increases in: 
charges for .-ome oust ness ' 
custrimcrs. Re\ i-e>| charges I'SeP*- 21 
would also he maclo for special- O c r- 17 
iMstl services such a- lelephnnic i Nov. 16 
transfers, branch draft i and ; 9 C _ C _- H 
night safe facilii 


hv the Trade Department 


the Depart- amount 

supported hv the Airports pounds, which wnulrl be rendered 
lo Authority, to reduce congestion useless by any move 


GROWTH OF MONETARY AGGREGATES (£m) 


1977 


Money Stock Ml 


ScatMullr 

Unadlinccd adiuifrd 


Money Stock M3 
Sterling 

Seasonally 
Unadiuttcd adjusted 


Bank lending' Domestic credit 


Seasonally 
Unadlwtod ad|imed 


expansion 

Seasonally 

Unadiuttcd adjusted 


Swansea store 
opening date 


DEBENHAMS 
£3 Sm store 


IS 


7973 
I fan. 13 
•Feb. IS 
| March 15 
| April 79 
| May 17 
June 27 


ro open ns'jujy 19 

l In-.. I 1 


13 Sm store ;n ihe Quadrant,^'; 16 
Shopping Centre. Sajnwj, o n ; 
Noventber 7. Work un the 

150.000 sti ft. ihree-storey build- 
ing started two years ago. with 
John Lainp a.- m.iin cun tract r<r. 

The group >.iy- jj is us first 
hig store in Wal*-., and ihe prin- 
cipality's largest department ■ 
store. 


523 

817 

4.7 

870 

730 

1.8 

171 

395 

-72 

-93 

748 

594 

2.8 

669 

595 

7.4 

550 

439 

277 

782 

487 

325 

1.5 

438 

296 

0.7 

97 

226 

388 

355 

663 

233 

7.7 

799 

413 

7.0 

44 

308 

504 

761 

-256 

677 

28 

£0 

1.036 

24 

747 

792 

-349 

254 

773 

475 

27 

378 

7,039 

2J 

342 

287 

206 

952 

345 

742 

0.6 

350 

283 

0.6 

309 

560 

537 

589 

873 

369 

1.6 

7,754 

7.151 

25 

391 

259 

2.042 

7,430 

207 

273 

0.9 

416 

403 

0.9 

528 

739 

947 

7,773 

-309 

- 94 

-0.4 

204 

144 

OJ 

646 

540 

579 

310 

769 

415 

1.7 

947 

520 

7.7 

7,006 

559 

644 

770 

130 

71 

— 

-500 

-485 

-7.0 

— 766 

260 

-368 

-294 

136 

508 

21 

477 

568 

7.2 

-6 

784 

537 

704 


* To private :ocTor in sterling including Bank of England Issue Department holdings of commercial bills. 

Sourer: BonX of England 


The rise in money stock was renewed in the five weeks tn mid-September with an increase of 
1.2 pr cent in the seasonally-adjusted total or the sterling money stock on the wider definition 

(313). 


Euro-monetary system 
‘would mean deflation 7 


BY OUR ECONOMICS CORRESPONDENT 


A LEADING nnti-Commnn 
Market Labnur MP. claimed 
yesterday that a private paper 
hud been prepared within the 
Treasury showing the economy 
would have to be deflated if the 
UK joined a European Monetary 
Sysiera. 

Mr. Bryan Gould, MP for 
Southampton Test, said the paper 
indicated thal UK entry would 
involve a deflation of between 
£1.5bn and £2bn. This was 
equivalent lo a rise of between 
4p and 5p in the pound in the 
standard rale of income tax. 

Mr. Gould, a long-time advo- 
cate of a lower exchange rate to 
boost the competitive position nf 
British goods, has written to Mr. 
Denis Healey, the Chancellor, 
asking him to give Ihe status of 
the background paper. 

The Treasury yesterday 
refused to comment on any of 
Mr Gould's allegations. 

The charges have come as the 
debate on the monetary system 
has become more heated and as 


anti-EEC MPs. like Mr. Gould 
have started to campaign .against 
British participation. They are 
calling for a full debate, within 
‘the Labour Party and 
Parliament. r 

Mr. Gould said yesterday he 
had seen a copy of the paper. 

“I am not sure if this Is the 
latest estimate based on pro- 
posals in the scheme worked out 
by the West German and French 
governments, but sm* -figures 
are frightening in. their 
im h lications. 

He maintained Utah- “No 
possible benefits cotiid cijmpen 
sate for such. a threat to: living 
standards, ft J.s a matter of 
choice to take £2bri out of the 
economy — whether by - cuts in 
public expenditure or rises in 
income tax. 

Anti-Common Market MPs are 
worried that a UK commitment 
to a stable exchange rate would 
involve deflation and limitations 
on growth, to prevent downward 
pressures on 'sterling. 


Agents’ official tells of 
17 unheeded warnings 




5 

.is 

ii 


y r v. 


MR. PETER N0WER5. Crown 
Agents office fund ax-countant 
unlil he retired io 1976. told the 
tribunal investigating -the Agents' 
£L!4m losses yesterday that he 
g3ve 17 unheeded warnings 
about the way -in which Lhe 
organisation was run. 

Mr. Mowers said he was the 
only one of rbc top 30 Crown 
Agents officials with accountancy 
qualifications or experience. He 
said: “There was between me 
and the board a layer possessing 
less than the necessary profes- 
sional expertise." 

He had prepared reports that 
might have been presented tn 
tfic hoard, but it was up to others 
In pass them on. 

"At one point I conducted a 
review of the warnings l had 
tried tn give.” he said. ‘’Seven- 
teen warnings 1 had given, which 
I think were, broadly, not given 
sufficient attention. I could only 
do what the controller required 
or allowed me to do.” 

. Mr. Mowers, aged 61, of 
Paddock Close, Oxted. Surrey, 
said that one warning be bad 
given was that -the Agents would 
run out of money if nothing 'was 
changed. - 


A paper" he prepared in 1966 
referred to “a slightly gloomy 
prospect “ and predicted that the 
reserves of £1^5tn would be 
exhausted by 1970 ” without 
proper corrective measures." 

Hi* said that he had never cn 
visaged that a financial improve- 
ment - could be achieved by 
launching the own-account finan- 
cial dealings that -led to the 
heavy -losses. 

“Mv own views were that it 
should be done by improvements 
in our trad-itionai activities, with 
an increase of charges where 
possible and particularly by con 
trol oF ensts," he said. 


Dock collision 
exercise 


POLICE, the London Fire 
Brigade and Ambulance Service, 
the Port oF London Authority 
beailh authority and a medical 
team from Oldcburch Hospital. 
Romford, took part in an exer- 
cise devised to test accident and 
emergency arrangements in the 
Port of London. 


ss?i 

r- Ti .- ; .v 


* n- 


3v 


Busy day at Sotheby’s 
as silver fetches £134,000 




FOUR SALES made yesterday a 
busy day at Sotheby's. The top 
price, at a silver auction that 
totalled £133.718. was £6.800 for 
12 George III dinner plates by 
Paul Storr. A George III canteen 
of table silver, with 129 pieces, 
made £4,200 and Kouivan gave 
£4,000 for a pair of George III 
silver gilt sugar vases and 
covers, also by Paul Storr. 

In an auction of musical in- 
struments that totalled £48,405, 


SALEROOM 


-at' 


BY ANTONY THORNCROFT 




Z I 
*■ ■}. 


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an Italian violin by Joseph 
Gtiadagnini fetched £6.000 and 
another by Antonio Gragnani 
£5^00. Among the continental 
watercolours, Colnaghi paid 
£5.400. against an estimate of 
around £500, Tor an album of 
drawings, on -the basis that one 
of the works was an original, of 
which Sotheby's could, not be 
sure.- In the’ same saje a- duck- 
shoot. on a Southern Italian lake 
by Xavier Gatta made £2.150. 

Probably the most interesting 


lot of the day was a farthing 
□timed. at Cork during the. siege 
or 1645-1647. It had been brought 
into Sotheby's in a tin contain- 
ing mainly minor items and was 
cautiously estimated at £S0-£100, 
but Spink, rated its rarity at 
£1,100. A U.S. dealer gave 
£5,800 for a George IV pattern 
£5 of 1826, and a Queen Anne 
five guineas realised £4,700. 

. The jewellery sale at Sotheby 
Parke Beraet in New York on 
'Wednesday totalled .£1,506.325, 
with a top price of £70.000 for a 
sapphire and diamond ring of 
1920. 

The first part of the Christie’s 
continental picture sale totalled 
£219,845. The best prices were 
the £16,000 for “ Helping 
Mother" by Giovanni Torriglia.', 
£15.000 for “A Parisian Street 
Scene ” by Laureano Barrnu: and 
£8,000 for “.The Gypsy Wagon ” 
by Giuseppe Signoruii. 

A collection of 200 decorative 
tinsi mainly biscuit tins, was sold 
at Christie's. South Kensington, 
for £2,179. The collection dated 
from about 1890 to 1940. It is the 
first time that -such a collection 
has appeared 1 at. auction. Th.e top 
price was- £170. for a: Royal Mail 
van from the Jacob biscuit 
factory, 


X 




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INTRODUCING THE NEW CHRYSLBl HORIZON 

BUILT ID W N YOU OVER. 


00«l 


•ir!i 


When. you discover that ihe Horizon is changing your mind about cars, 
don't be surprised That’s the way we built it. 

With ruggedly beautiful lines designed to catch your eye. . . - • 

With a lemptmg array of three models. 

There's the LS and CL filled with a 1.1 litre engine ior 
an optional 1.3 litre) and die GLS that has the 1.3 litre 
as standard. 

With the wide open invitation ol four big doors . 
and a filth at the rear giving access to a possible 
42 cubic feet of load space, with the rear seat 
folded dovsn. 

With interior appointments and 
features that are practically indulgent. 

.. The GLS, for example has rich, colour 



co-ordinated velour upholstery. A remote control mirror on the door. 

A digital clock. Warning lights lor choke, handbrake, low fuel, brake wear, 
brake fluid and oil level. And a radio, stereo cassette player. 

- - • • r . And a new level of technology. 

>. J Elec ironic Ignition for instant starling even when it's 

cold or wet A diagnostic plug under the bonnet to facilitates 
dealer servicing. And a bodv lhals built to last, 
protected against corrosion lor years by the newest 
cataphoietictotal immersion process. 

. On Lop ol all that, you can drive 
10,000 miles or for one year 
between major services. 

When it comes to winning ways, CHRYSLER 
tlie Chrysler Horizon has the lot unftedkingtom 



BUHJTOWBMYOU OVER 


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BY MA 


THE PF 
decided tc 
allugaiion 
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number c 
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Party nn 

1074 Cent 
The fui 
a Ucgudon 
lowing thi 
affair. Mi 
was. had 
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himself. I 
Lady Fs 
Marcia \V 
The Pc 
Sir Haro 
drawn soi 
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instructed 
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On the 
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death in 1 


How to avoid 


- r-'. v' 




TWO REPORTS now being which could then he brought But what is in question is the Field for many months until ever, preliminary assessments 

studied by the Government ashore by cable. collection of gas from much sufficient gas compression equip- have shown that options such 

could go a long way towards They have concluded that smaller fields, or gas produced ment had been fitted to the plat- as- the offshore conversion qf 
shaping future policy on the both these methods of using in associated with crude oil. forms to ensure that the gas pro- natural gas into ammonia, car- 
wasteful flaring of gas offshore, excess associated gas are Associated gas is often regarded duced with the oil could be re- bon, carbon tatack, m e thano l or 
They are also likely to move the entirely feasible with present as a nuisance by companies, an injected into the reservoir. But ethylene are not really prae- 
controversial debate on gas technology and. especially for unwanted by-product of oilfield there as a limit to how long ticable because of the problems 
flaring away from consideration offshore liquefaction, the development Such gas can companies can continue to and costs of operating process 
of very expensive gas gathering systems could offer perfectly jj 3 ve its uses. It can, for- re-inject ga$ into some oil-bear- plant in harsh North Sea condi- 
pipeline schemes towards less adequate rates of return. example, be pumped back into ing structures, before the long- tions- Far more attractive are 

costly methods of using offshore The collection of com- t ^e reservoir to maintain the term performance of the the options of liquefying the 

gas. which can be tailored to paratively small pockets of gas pressure needed for oil pro- reservoir is damaged. Pro- natural gas offshore so that it 

the needs of individual fields —which under past practices Auction. ■ Or some- of it might longed gas re-injection can cur- can be collected by special 

The reports, commissioned adopted by the oil industry use( j j 0 generate power on tail the production rate and tanker or of using the gas to 

last year by the Offshore Energy might have been flared and ^ offshore platforms. But in the life of a field. On the other generate electricity. 

Technology Board, have iavesti- wasted — has become a central man y cases around the' world hand.* flaring represents the offshore gas liquefaction 

gated the possibility either of tenet of the Governments companies have concluded that irretrievable loss of a useful stU( j y vas earned out by David 
liquefying the gas offshore and North Sea policies. Large gas ^ere is no commercial justifies- source of energy. Brown-Vosper Offshore, while 



# 
$ 


1 


semi-submersible; f ® 


* ■ . , | . . , - I I v r . . r - LIXVWir « ‘jopu VilOIKVIV, WJJMl. 

bringing it to land by special fields sum as Fngg and Leman tlon for collecting this gas as Therefore; one method of preece Cardew Rider investiga- 
tankers, or of using it to will always be exploited on a fuel. So it is just burned. saving this' gas would be to con- te d the feasibDity of offshore 
generate electricity offshore strictly commercial * — — - * — 




grounds. g ut Ministers have repeatedly struct some form of gas gather- power generation. 
made it clear that, in the pipeline network, and a 


Vi 





; X \ 


interest of energy conservation system costing as much as £5bn _ _J^ e David Brown-Vpsper , ' 

and of gaining the maximum has been considered by the Offshore report has ; concluded . 

benefit from North Sea Government that op both technical and - ■ i - ■ 

resources, the wasteful flaring economic grounds it is feasible /•■«» . 

oas; must he curbed as far to recover excess assoaated gas 

L poii« e Dr Not necessary ? aa ^ ,h fi , elds '"T# ^^^^^Mooredprocessaad^o ragevesset 

the Blixiister of State for liquefaction and storage^at off- • ... ,_i 

Energy, said last year that in However, the special company shore terminals. The offshore & ...... . 

his personal view: "The set up last year by the Energy terminals would either be semi- fogsigs g* 

potential energy locked up in Department — Gas Gathering submersible or vessels floating X ■■ ..... ■ 1 '. 

many small pockets in the S T^^ S already ^ ns demonstrate 6 2 U feet a day can be economically that there would be scope for direct current 'transtoissiou 

North Sea .s 10 total so large -«ded that; such a compre- tions demonstrate . recovered by the use of a s^e paying operating oil companies along cables laid on the sea- 
that no government can ignore J ** 1 ®® !£“?*** i LNG) offshore terminal and U»§K>- dround 20 cents per 1,000 cubic bed. which would thee require 

it: sooner or later it will be p h f iqqn , d ° be eould be landed at shore tenmn- ment of the LNG to a Tfhore- feet of associated gas supplied, converters onshore to change 
collected. accommodated in the existing ^ geoeral J y c 0 ? 1 !’?*- receiving station 400 nautical If 1978 premium LNG prices of the electricity into alternating 

The Department of Energy ablewi 1 th ^ Prevailing in the miles away from the platform. £1.20 per mUlion Btu are avail- current for the national grid, 

has already taken some steps pipelines — from Brent ano general LNG market — about Qac ouantities as low as fiOm' ,hi<> « fnr mmirpd tn mpet 

to implement its tougher policy FpSff—aad in later years those $1,70 (about £1) per milion Btu, cubic feet a day cbukT also be Desks in demand In either the But - Preece Cardew Rider is 

and reduce the amount of Wl“« could have substantial or abo ut !0p a therm. satisfied _ that in several areas 


associated gas that is being capac ^- The report by 

flared. Next month small ^suggested instead that 


collected economically if a num- "U.S. or Europe, even smaller th _ 

An analysis of discounted ber of scattered offshore and more marginal accumula- 


~ win ** ,0 sLrsrs ss: 

’°Ej »unb« of oim-*..hermg ,-js- ythonng «ft«neo VHmid.be in- »JUP snppheo from several come economically recoverable . _Jf. rould 


northern North Sea around 


SHORE 

TERMINAIB' 


fleld _, a 'L the 9“ id ' D “L ST S up terns that could feed into these herenUy profitable with about a point*. 


completes 


"■ ~ terns mat could feed into tnese - 1----— ; - 'Hie report suggests that in av t the r^ntwi 

gas conservation __y ,-. n uKnoe 20 percent return. The rate of For comnarison certain, nil. manv nf its case studies a nav- availat> . _ t0 _V en “*‘. 


electricity could 


scheme that was required by 


main trunklines. 


20 percent return. The rate of For comparison certain oil- many of its case studies a pay- 


return could be as high as 30 fields in the North Sea are cur- back period 


investment 


Electricity Generating Board at 


the Government, as a condition Th e case for pipelines is still per cent depending on the rently being developed at lower would be 4 to 5 years. The mini- attractive Prices, it 

for the rate of oil production Jo ha proved, but what alterna- J moum of prodl f ce d at the rates of™ m tfaaS^iokTug" mim operating Hfe for the off- 15 another matter whether sudt 
from the field being increased. 11765 are available. field and its location. For ex- gested for offshore liquefaction shore liquefaction terminals Is a ? I optJon 15 Pol itically : accept- 
ed last year Shell/Esso had There are several chemical ample, associated gas quantities schemes, says the Brown-Vosper seen as 12 years. But because ■ We “ -at *■ . n , D1 ^,. Vv ’ hen 

to shut down part of the Brent conversion possibilities. How- greater than about 120m cubic report, but most commercial they are not fixed systems they Govei,nment JS battlmg to biuld 

' —7 companies would not consider have the advantage that, they !f p ttie amount of co al th at is - 

any major offshore investment could be moved from one field burne< * t0 S enera ^ e electricity. 

A A _ A ^ A ^ A producing less than 20 per cent, to another if a -reservoir is ex- This report shows that any 

f/\ id B 1 O The capital costs 'for the hausted. fields more than 600 kins from 

III IU l^Ul CuUlUll apslK^ cpnstrprlfpn. supply and „ „ )hought probabIe ^ land are •-> * 


r,:\ \ \ 


When you want to cut capital costs, 
take your first slice from Norwest Holst. 


^ offshore liquefaction is to be . 


shore terminals vary from £80m “ J -T .rSmTStt' be a of histaHing cable. And the' 

nu ^ r of offshore^termSals economic projects of ofetore 
and from £54m to £155m for the . h _ -power generation are far more 

*»***£. ■” 



ship designs These capital costs _ and wou i d a promising if the dualities -can - 

take in the range of possible succession of nurijose-desicned he bualt as part of an haegrated- . 
levels of gas production from ® platform. - 

60m cubic feet a day to 360m LN ^, cai T. iers ' They would take ' 

cubic feet a day.. They, da not ? n nu,k rouDd duties, ' pick But other qou^es have 
include LNG tanker enjrt* in S up S as supplies from a already taken a read in this 
because sWpment rates' are n . urn , ber of t6 ™inais on a fiekL The West G^an utility • 
assessed at the going charter S1 °f 5e voya3e * They wou,d then Nondeuteche Kraftwerke is 
rates - off-load at a specified shore presently planning the. world's 

An offshore liquefaction tcrraina[ - which could be any- first floating power plant to 

system based on a series of ter- where from Canvey Island m exploit a marginal gas Add in 
minals is found to be generally the UK * to northern Germany, 44ie German North Sea area 30 
economically viable on tffiaris or Boston in U -S- kms west of Heflgoland. A firm 

of a minimum landed price of' ' - v dec4sto»a^ftTo*h«wpwi^t«-r* —mm — 

90p per million Btu. The viabi- p; nn „ ar { niT Jgjwr or Fetah 

lity of single terminal opera- JrlOH6CriIl§ , and-Ji is fleeted that the 

lions would be strongly geared Tr f . TI L. ■ , . West Gtonan .‘GOTenunent will V^nM \ ■ 

to gas production levels. A , th ^. UK does decide to gn provide about ; 375m- of the ^ 1 x 

minimum economic siref would fi ong ^ r ? ule to make use $250m-$300m costs of the 

appear to be a terminal with a !J, e pocke . ts ’ il wU ! - 

nominal peak throughput of t-phESSS^^TK?^ forms o£ In tbc- UKftetd is no appar- | 

I80m cubic feel a day. For i ndba S’ : . iSSSpm™ man J cut timescale'for ; decisions to be 

comparison Shell/Esso's Brent ^ d ' based f hquefaction and about offshore terminals 

field, which , has one of the «“■»? 0 P« at,n « and both' reports are stiU under. 3 

highest gas/oi! ratios of the D0 consideration- by the Offshore h 

North Sea finds, should be pro- faalltieS are Supplies :Otece. Sources of. suit- 

ducing a peak , of 600m-650m ln exislence - - * . able feedstoMc W^P«cted to % 

cubic feet a day in the early As for offshore power genera- start becoming available;' how- M 
I080s -. tion. the picture is complicated ever, in 1980/81 and the ideas ” 

David Brown-Vosper says that by the need to convert the can expect to arouse growing 


could be obtained, it is likely involve the use of high-voltage production picks up. 



New York 
Miami 

Los Angsfos 
Mexico 
Pan ami 


i-onaon 
^ Prankfurt 
Zurich 
f P3ns 

r San Juan^. Madrid 


If £20, 000 an acre makes a 
difference to your plans for capital 
investment, consider this proposal 
from Norwest Holst: 

We can offer you a semi- 
derelict wasteland, abandoned by 
all save the ghosts of its misused past 
Undermined by tunnels of neglect. Swamped to 
the very edge of possible redemption by 
industrial decav. 


Bad building land like this can cost you up 
to £20,000 an acre less than the increasingly 
scarce, good building land you thought you would 
be forced to use. 

Geologists and foundation engineers from 
the specialist Soil Engineering Division of 
Norwest Holst can assess how land ev en of that 
quality can. be made to work for you-They wi 1 1 
look for the best solutions at realistic costs.using 
the most modem geotechnical engineering and 
exploration techniques, in order to help your 
company exploit the most difficult sites to Lhe 
utmost economic limit 


Our everyday achievements have inci tided: 
shifting millions olcubic metres of earth 
for road schemes, completing excavations and 
foundations fora 700.000 cubic metre 


capacity oil storage installation for Shell UK OiL 

Employ die skills of Nonvest Hoist Group 
at any stage of your requirements: lor every 
type ofbiuMinc- from town centre, commercial 
and industrial development to house building, 
leisure facilities and re furbish men I; for works 
with pre-Cd.~teoiicri;ie.and stmclural slceiwmk; 
lor complete site ;nvc.stit,>atiii|i. earth mox ing and 
foundations: for major ci\ il engineering works 
and services. All backed by specialist engineering 
design services. 

Because our total capability- extends across 
all aspects of construction and ciril engineering 
work, vour company will soon come to appreciate 
us for our sheer weight of engineering knowledge 
and excellence; for our dedication to the highest 
standards of accuracy and skill: for our no- 
nonsense abiliri" to produce the answers each 
client necds-to budget, to standard, and to time. 


j" To: Nonrest Holst Limited, 

I 35 Cntsh am Pfanr.London S\MX SUB. 


Caracas 


j I unuid like to 6tx Iron- the skills ni'NnrvmlHuht 
I could wcakto toy company's advantage. 

j Name' 


| Position— 
| Company.*. 
| Address — 


— FT2 




' Every Thursday Avianca takes off from 
Gatwick yra Madrid to Barranquilla/ 
Bogota vnlh immediate connections .■ 
to all of Latin Arrerica. This i$ the 

3 ""' *ip flight from 

to Colombia, — 
hat's more. X* _«gs 
Avianca offers \ ^ 

three other weekly! 
flights from the \ 
:ontinent to South \ ^ v 
nenca. \ ^ 

ok at South America 


r\ 


wWi those who know it best... with Avianca, the second 
intheAroi^re^ a'rilne in the worid and the first 


or west Holst 


Total capability-get it working for you 

Norn cit HalstLmmcd. 35 Cher-ham Place. London SWIXSHR 
■Itlcpboue: 01-235 WSl.'lclcu yi7047_- 


The Colombian International Airtma, 

The Fhs! Airline of the Americas. 


AVIANCA. L^iTSS^Te,. ^ 









It 



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• DATA PROCESSING 


Problem solvers make 
good progress 


• INSTRUMENTS • MATERIALS O ENERGY 

Gauges any Improved soldering flux Competition 

component e s?jaiitw rirua jk „■? « ,7 xjs.s-.ssrs * n diesels 

iSKWM SsS'^S:?? ssspa^-jss Wic,*r„T2uSfv is 

or electronics factories is a com- , C °^h vif 0 ™ Jnti ro S ulall ° ns became stricter in requirements for activated fluxes. be Qn sbow »n the UK for the 

r„T"i IJ£Z£ S vSurs 'SSTJES: •«*« «'«'• mi. eMfe , Li e .. p “' , '!r. ^ 



nr electronics factnries' is a com- 
ponent measuring eniiiomeni- 



COMPLETE vimficalion of the with the respective shares of Ibis ?, n d then measure and display several disadvantages to today's expense in bulky machines, when arc virtually unchanged in com- The air-cooled, 4-* irokp ensfnps each dav * with ° AVii r-^i | i:i r.f 

icl decision to invent many time will be very different. its value.. . engineers and chemists and mm- this is. demanded for modern position by ihe soldering neat, range between ifrdo cc and increasnr*’ this in i”n nrr d - 

man-years of software work m ¥w fju . bureaU> jts share will ” h u co , ^e insfnimenl is pany safety staff. All rosirmored professional and military dec- . Chemical basis of Xersin 2000, 6234 cc. offering too alternative should the UK demand remn % 

the production of the DME support a service to customers >,W|lcbe d on it is in lhe fully solders fume during soldering liy Ironies applications, which rp. is not known to be a hazard, cylinder sizes nf 9s or 105 mm it Havin'* nvii-kei«d ihpir ir»r 

translator software, which aUows on VME The CECB will use ihe at,t0,,,al ^ mode and no setting varying amounls, dependent on quire smaller <:i mills and may It has been subjected 10 the bore. Capable of operation up to i„‘ r * su.-res^ull- ihrcu"hr,i,r Yh- 

smaller machines in the 2900 machine as a development unit up , Procedure 1S required. It is flux content or the wire and ,?nl- involve tough working environ- tests in the draft reenmmenda- 2.200 rpui. 10 models are avail- world the emueanv hv? ni nn-S 

senes to pretend they are in fact joking towards the time when *? ^nnoct the derma temperature. The fnn.es ments. . Hons 0 f the Health and Safety able with a brake horse power to ntakv. an as«*i.u‘ r.n iho 


tests in the draft reenmmenda- 2.200 rpui. 10 models are avail- world, the coupon--- has nlann-d 
hnns of the Health and Safety able with a brake horse power to maty. an awmlt on tlio 


on tho 
e.ncme 

nr lhe 
iiipnicnt 
perhaps 


.... t : 7 — ; *i«u uiaiujuL- iu tac »viiu oriiif 

1CL and users quite a few head- know the range, in; a facilities in t0 


produce 60-SQ HP2 TEP 10442. 3636. 


the Northern JLiluo production Accurst n IS, Italy. 


and subs tao t iated the Tatteris means' iiS“S£«to fir, S*S • ENERGY 
claims that ii nritcidoi r,..- ™..-i _■ : : v n ‘ l cnnaueionce. or the senes ^ 


claims that .1 provided a 30 per machine goes imo a region iJ . 

cent increase in processor power will be up and wodun= in weeks results annearin" rtioiWd upa 

on a 2960 compared wrath a 1904S. rather than months. This i, ,, iJITBCt 11 SG 

.‘" f3C ‘- t*? improvement may tremely valuable smee one is ini . capacitance arid inductance 


b %2* osi 3S? b - ,y m ?- c - talking about machines in the values are 200 microfarads ‘and 

The 2960 is taking over the £Jm class. . 200 henries. Resistance can be 

workload of the earlier machine The big machine will share measured to two megohms, and 


• EXHIBITIONS 

Good show in Moscow 


Q RESEARCH 


Erit , i: ; h c1,ni T iari3es 3T0 signed contracts worth over exhibiting its digital vibration 
SjjS? -7R “m 1 wV™!£ 0r ..2 “r £2 l?’ W ¥. v;itb the , Ru . SMai1 controller, the only system oF its 


winch will be laid to rest after slaff. and peripherajswilh the con duct an rc between two micro- CORROSION AND frost-proof Nauka 78 in Moscow, one of authorities, and expected a letter 1 e c ‘ nl >' s>'f te "J °f i,s 

seven hard-wnrkinn years \n a -960 and a further 2M0 coming siemens and two siemens. The so i ar collectors allow direct rir ^ as s® a ' s largest-over scientific of intent "for a further *750 GOO 50 far developed in Western 
month or so. But that is not the in later under a similar shared company is at Archcliffe Road. f * equipment exhibitions. wnrth of the new eouioment Europe - In riew nf ,h e subslan- 

end of the story. data centre arrangement lo be Dover. Kent frm sen in.ifu cuIall0n of the heated water. A . . . uUL l 1.°, , ia i interest < 1 ^ k„ 


end of the story. data centre arrangement lo be Dover. Kent CT17 9EN (0304 

_Cnmpuiel is running-in. fur the announced shortly. 202620 j. 

CEfIB. a 2976 which is about Computers turnover increased 
four times as powerful as a 2960. by aboui 50 per cent in the last 
The asreemL'nt lo do this, nine months. The; company is 
expected to be furmalitird at any confident ibat the same will hap- q SAFETY 
moment, provides for the supply pen next year, primarily because w r *“ 1 1 
by CECB to the Compiitel it has shown 1900 machine users -n— ^ , 

centre at Bracknell of tbc 2976. the way to convert to the new « YfTQJ 
with ihc loner providing all the series without .grief. CM. v 

vest. Time on the machine will Compulci. Eastern Fnad. , 
be shared 50^0, but what is done Bracknell, Berks. 0344 26767. nio mvm 1 


separate 


The British group, in a joint before the end of the year. 


tern THE NEW' chairman of thp Sira 
tan- Institute Sir leuan Maddrick. 
the CB. OBE. FRS. who commenced 


Extra-safe 
alarm net 


the sun arc used to maximum ^ 0,!b " rnv ; deputy ca! Collaboration fur Instrument SIMA, which anticipates sales lfi.i-7$ at fl.3m. .m irn.-re;,;i, r.f 


waier preneaivu in me COIJCC- r- nln UmicVi 


uf lions for the IfSSR. The insiru- i 3 " 01 


More power at Datastore 


&0I Equipment Exliibition. rimr-.ng mxm for depreci.it ..n 
Moscow, in February. 1979. more lhan double the previous 


ivCTOin OP , «, nn rf in ->o-o w j . - >u .„ ...... mrmatioD or spurious alarms or up to 25 per cent. mm* eatAtn » i* J -uiwnaiic eiectncai 

INSTEAD OF a second ICL29<0 hanccd fn a 2976. this being a can lead lo cosily or dangerous ' tL „ r ,u - . Dorsct * WIOlOi exhibited inspection. Marconi has sold 

originally ordered. BOC Data- simple on-site modification. The results can he orrivideri hv 1 T^ e . ener S>..rtPjd of ihc c»l- a new Q-Dnft system for the equipment, worth over 


Information can he obtained > ear's 5auro. restilmvj from an 
from Mr. L. Holder. SIMA, investment of £174.000 in new 
Leicester House. Leicesier capital equipment. 

Street. London WC2, 01-437 0678. uuisrrative of the p miens 
... — involving the Inslilulr's optical 


urigmauy orocrca. wl uaia- simple on-site mofUhcanon. me resulis can be orovided hv 1 new verait system for the equipmem. worth over " — ’ — ‘ ^ •, wmiui 

s. rive is to replace its existing new 2976 is expected To he fully SAN ACS tnipervicetf alarm d, ^?!i DS - 3 l ,d Ph^iplotting £100.000, to 1 he Trading Corpora- © p„ agreement betueev the recLr^innir-^f , S mm 

madunt with tlw mon powerful openUoul hv next -summer. annuncHiiun anrt control sv S ,c m) 9i‘ ““it'S; E25* >"«!*• tjon for Automation for use in FtoSrtrt TtaL nidfoTlIK? "r™ S" J.’ ™.: 


Meanwhile, for. what- is under- jniroduced 


h^ r, £ Da L P ! a h" S l e L e IFZS&i 5'aoti to he ihe first time in the Electronic Systems, 
h .cause of iht np?d Lo scciuirc k....o«|j irwiMot™ n-rcncnivo ie Applications will ari 


M system) .'u.iJ iVr.' k- w non tor Automation for use 

GP-Elliutt i nc . or POV3tmg a new photoplotter the Institute of Cybernetics. 


can be used for heating premises, and a reriesignrd digitiser. 


Financial Times and the BBC. tract from Ihc French coni pa nv 
information from The Technical J1ATRA lo provide expenmenial 


omuu iu uc me wn unn; ui uit . ,, - .. _.. . For the first time in the USSR. Page is orijilab/t* im use b?/ the pavload hardware for iiin 

bureau industry. Daiasolve is Applications will arise part icu- , °A ar tl!^n n :«;„„u 1 . j a p r ,vate ? c ? , . ir,3r Derrilon Electronics (Sedles- Corporotion’s Exlenint Services EXOS AT mission which aim« in 

providing a direct. link-up larl £ petrochemical, pharma- 1 — CH '-° 00 ^L e,d durm ' ’he exhibition combe Road North. Hastings, os source material for its over- identify and pnsition faint stellar 

L-. __ , r,n*M V1__ CPUlieal. rhamira anrl nrn./v-. Biel 3. Switzerland. Quest announced Ihnv Had Facr Ciumnr #U-J± -ttto.ii , |. i 1 9W-IJ.U 


the increased power and per- providin a ^ iwt ; , ink . up larly in petrochemical, pharma- sirasse SS. Pnstfach 
ffjrmance of the much fabler hrtween an 1CL 29M machine C FU”^I. chemical and proccs- B, e* 3, Switzerland, 
.9/b processor. There has also anfi Us | arRer iBJf/Amdahl s,n ? P ,a . n, ■ Equipments of 

been an increasing, demand fnr ma j nfr!imi , c 3C ^ rn. n <mn v !Wious sizes can be assembled 

interactive terminals connected _ asweil^siu.-yuu. froin Lhe hasi(r modljleB and tben | 

to the Datasolve MAC service. This means that bureau clients programmed lo suit the specific I , „ „ 

The new machine will be abie to the benefit of choosing either application, 
service a larger number n£ con- °i‘ ICL-based ; services The system will accept 

current users and will take through the same terminal, a analogue or simple contact " on- 
advantage of the improved per* concept which has not previously off" signals from a wide range 
formance expected with the been exploited in the services in- of sensors such as level flow 
impending issue of VME/B. dustry. - • - temperature, pressure; com 

Initially fin .January) • the BOC Datasolve. 99 Staines bubble gas or fire detectors: 

2970 will be replaced by a 2972 Road West. Sunbury aft -Thames. Outputs drive matrix and 


had East Sussex, 0424 754321) was seas broadcasts. 


x-ray objects. 


which, in its turn, will be eri- Middlx. Sunbury 85566./ 


A HNANOALTIMES SURVEY 



geographical mimic diagrams 
together with audible and visible 
alarms. In addition, control 
aciion nutput signals will 
initiate plant shutdown, release 
exi-nguishaots or perform other 
(emergency . tasks. 

Programme cards permit the 
relation between these inputs 
and outputs to he easily modi- 
fied or expanded. 

More, from the company at 61 
High Path. Merton, London SW 19 
101-543 

\ 






DECEMBER 12 1978 


Reduces the 

... i 

danger of 
explosions 


Fi-'-.f .■Xi-r&m 

vi:i >-.v - 


The Financial Times proposes to publish a 
survey on Airports and Airport Services. The 
provisional editorial s)uopsis is set out below. 


INTRODUCTION The growth of world air 
travel in recent years, and the likelihood nf 
continued expansion in the years ahead, are 
combining to create an explosive demand for 
new airports — especially in the countries »F 
the Third World — and for the expansion of 
existing airports. This is likely to create sub- 
stantial employment and export opportunities 
for UK industry, but there is stiff foreign 
competition to provide the expertise these 
developments will require. The world airport 
scene, and the problems — such as noise and 
pollution — that the growth in traffic is creating. 


THE UK AIRPORTS PROBLEM 
THE EUROPEAN SCENE 
THE U.S. PICTURE 


THE THIRD WORLD 
THE CIVIL ENGINEERING PROBLEMS 


THE EQUIPMENT SUPPLIERS 


-AIRPORT MANAGEMENT 


WHEN OXYGEN, acetylene or 
propaue are used as fuel. gases 
for welding, cutting or heating 
there is always the danger of an 
explosion should there be a 
reverse flow of gases in the event 
of a flashback. The reversed 
flows ran be caused by either a 
blocked nozzle or an incorrect 
purging of the hoses. 

A -safety device, which has 
been approved by the Health and 
Safety Executive, can stop and 
extinguish, a backfire by means 
of a high flow capacity, stainless 
steel . sintered filler which 
qtienchps the flame. This' is 
known as the FR 43 Flashback 
Arrestor and is available from 
AHA Welding. Hortnn Close, 
West Drayton. Middlesex (West 
Drayton 47771). 

Two versions — one for oxygen, 
the other for acetylene or pro- 
pane— -can be mounted on either 
the outlet of a regulator or a 
manifold outlet. Each incor- 
porates a non-return valve which 
prevents the reverse flow of 
gases in the event of a flash- 
back. 

-..-.The device also blocks any 
-additional gas supply after the 
backfire, by means nf a positive 
valve lock which effectively cuts 
off the simply. Anv pressure wave 
above 1.5± 0.5 bar, 22± 7 psi 
activates the valve lock. 

After a flashback, the arrestor 
must be removed for re-setting 
and when the cause' of "the flash- 
back is established, and any 
damage repaired, the pin which 
is attached to the arrestor by 
means of a chain can be used to 
reset ft. This is done by press- 
ing. lhe pin hard into the inlet, 
thereby re-opening the valve. 




- r ■<**■* 


.V-ns-.V 













. - »-Jj 

" ' '' J 


^ ■ - - *• fn 
. t - . 


S? ■■ . .. 


• ■-■'-Vv'-s 
T ■■ t rtj 
. ~ • _ -3 


THE PASSENGER'S POINT OF \TEW 


For further information and details of 
advertising rates please contact. 


• METALWORKING 

Expanding 


■ - ■ y ■£» 

: * - ' ' ' • v. 


r 

■ ■ r -V ( 


in Europe 


Neil Ryder 

Financial Times, Bracken House, 
10, Cannon Street, London EC4P 4BY. 
Tel: 01-248 SOOO, Ext. 520. 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


The can lint and publication daiw nf Sums* in Uw rfnancial Times 
are subject lo'dunfie ai ibe discretion of Uk Editor. 


A MANUFACTURER of. metal 
finishing machinery, Osro, Mark 
Road. Hemel Hempstead. Herts- 
has just acquired the metal 
finishing operations Of SWECO 
Europe, 

■hie latter’s German team- 
based in Krefeld, will provide 
a significant boost to the market 
position already gained by 
OSRO GmbH, says the company, 
which has been established m 
Erkratb. near Dusseldorf, for 
two years. 

The new organisation will pro- 
mote the whole of the company's 
range nf surface . finishing 
-machinery and products in 
addition to 'servicing existing 
customers. 


'Hot.Ua/inp sun. Electric blue sky Warm sand. Long. . . - : :)'f 
la/y afternoons. , ' Jl ~ 

H it wsrent fortbc coo^rc-slung taste that springs ' . '■ ; Wj 
fromMartim [)ry5> uniq^^end oi fine vvinesand herbs... • 

' Well, the whole it^fewould bejust too much to bear. -A 


MARTINI 






m 

m 

Itif 




rr 













,13 


Financial Titian Friday October 20 1978 




ey’s top priority 


THE LABOUR Government 
would continue lo give top 
priority to keeping inflation 
under control. Mr. Denis Healey. 
Chancellor, said at the Mansion 
House last night. 

The Government would use the 
whole range of instruments 
appropriate to reduce inflation — 
pay policy, monetary policy, 
fiscal policy, policies for limiting 
the scale of public borrowing 
and for fundfag it by non- 
in riation a ry means. 

Mr. Healey said that to use 
monetary policy alone, as .some 
demanded, would bring inflation 
down fur more slowly and only 
at the cost of wholly unnecessary 
human suffering and loss of 
outpuL Tbo Government would 
not accept so callous a 
philosophy. 

It was berier that the country 
should look ahead and control 
the growth in money earnings in 
good time, before it was checked 
by higher unemployment and 
widespread bankruptcies. 

“That is the logic and the 
lesson of the last three years. 
That is why we have sought and 
will continue to ask employers 
and trade unions alike to work 
with us to achieve responsibility 
iu pay negotiations. 

“It is because we have suc- 
ceeded in this task over the last 
few years that I am able to des- 
cribe in you today both a modest 
fall in unemployment and a dra- 
matic fall in cur inflation rate. 

“This is a double and simul- 
taneous achievement which few 
of our competitors in the world 
can parallel.” 


‘ A durable system 
must have substantial 
credits at its disposal 
if it is to carry 
credibility " 


The economy would be kept on 
the path of monetary stability. 
Mr. Healey said he would be 
announcing next month the first 
roll forward oF the monetary 
target, and the process would be 
repeated next spring. 

The essential instruments of 
monetary control were the appro- 
priate stances on fiscal policy 
and interest rates, but Mr. 
Healey indicated that there 
might be innovations from time 
lo time in the way in which the 
authorities operated in the 
market. 

Past examples included the 
iniroduciion of part-paid and 
variable rate stocks and the 
change in the system of deter- 
mining IWinunum Lending Rate. 

The Government was uo less 
concerned to cumrnl the crawl h 
of public expenditure so that its 
fiscal pulley was consistent witn 
its monetary stance. 


The new techniques of cash 
limits in the public sector, con- 
sultation with local authorities 
and strict control of the con- 
tingency reserve would be main- 
tained and refined. 

The Government would con- 
tinue to use the whole range of 
policies to keep inflation down 
whether or not a satisfactory 
European monetary system came 
about. 

Britain’s first responsibility as 
a potential member of the new 
system was to get inflation down 
— the country's fundamental 
national interest. Nevertheless, 
the Government's objectives in 
the discussions over whether to 
join the system were firmly set. 

■‘First, if the new system is in 
fact to achieve greater currency 
stability it must be durable. We 
do not want to repeat the history 
of the snake. 

“The snake is still performing 
a valuable role for Germany and 
the smaller countries 'must 
closely related to her economy. 

"But France, Britain and Italy 
were compelled to leave it — 
trance on two occasions — in 
circumstances which were very 
damaging -to currency stability. 

“A durable system must there- 
fore dirfer in a number of im- 
portant respects from the exist- 
ing snake if it is to include the 
major European countries now 
outside the snake for any length 
of time. 

“This view of ours was widely 
accepted at the last meeting of 
the Community's finance minis- 
ters which I attended on Mon- 
day. 

■' There was also wide agree- 
ment that a durable system must 
have substantial credits at its 
disposal at the start if it is to 
carry credibility with the mar- 
kets." 

There were still important 
questions on which the members 
uf the cummunity had to reach 
agreement — on the transfer of 
resources, on the degree of 
symmetry required in the obli- 
gations falling on weak and 
strong if the systems is to 
encourage higher growth rather 
than to constrain it 

“But we all agree that any 
move towards European currency 
stability will require greater 
compatibility oF economic per- 
formance and closer co- 
ordination of policy if it is to 
survive without realignments of 
exchange rates so frequent as to 
frustrate its purpose. 

“ Without this, intervention 
even or. a massive scale will not 
prevent the system from break- 
ing dawn under the market 
pressure." 

At last year’s dinner, he had 
been abie to say that Britain's 
financial situation was once 
again in order. 


“ We had created the fiscal 
and monetary conditions for 
faster growth in the real 
economy. 

“Tonight, I am able to say 
that we have taken advantage 
of these opportunities. Over the 
last 12 months we have seen a 
comparatively rapid increase in 
the growth of output, a fall — 
small, but nevertheless a fali — 
in unemployment and a rapid 
rise in private manufacturing 
investment." . 


4 Over the year as a 
whole, we shall have 
the second highest 
growth rate in the 
Community' * 


"Our gross domestic product 
grew at an annual rate of about 
3 in 4 per cent over the first half 
of this year. GDP is now signi- 
ficantly above the level of the 
first half of 1973 — at least 3 per 
cent higher — and it is over S 
per cent above the level of three 
years ago in the trough of the 
recession. 

“Within this welcome growth 
in GDP. industrial production has 
risen 5 per cent in the last year 
and 12! per cent from its trough 
in 1975. 

“I believe the European 
Commission is right in estimat- 
ing that over the year as a whole 
we shall have the second highest 
growth rate in the Community — 
higher than France or Germany. 

“ The main stimulus to this 
rale of economic growth has 
been an increase in ennsumer 
spending generated by much 
higher real incomes after tax. 

“ But the background to this 
increase in consumer demand is 
very different from that in 1972- 
73. 

"We do not now have rapidly 
accelerating inflation, a worsen- 
ing deficit on current account, 
and a sinking pound. 

“We are not financing 
economic activity by printing 

money. 

“Exuorts increased in volume 
by over S per cent last year 
and our share of world trade 
increased. Over the first nine 
months of this year, exports 
were already 3 per cent higher 
than the average in 19< 7, and the 
most recent survey evidence on 
export prospects is increasingly 
encouraging. 

** Investment by private indus- 
try has also been recovering 
strongly from the recession of 
1974-75. Private sector non- 
housing investment as a whole 
increased by 7! per cent in 
voiiime terms last year. Invest- 
ment by manufacturing industry 
has been rising Taster— by 13 
per cent in 1977 if we exclude 
ihe steel industry. 


“ It is true that this rapid 
increase in the volume of our 
exports and investment has been 
accompanied by a similar in- 
crease in the volume of our im- 
ports. “But the evidence so 
far available suggests that this 
may be the first cyclical upturn 
since the Second World War in 
which the volume of our manu- 
factured imports Is not racing 
ahead of the volume of our ex- 
ports. 

“ Indeed, on a longer and 
wider perspective, as a recent 
study by the Department of 
Trade will show, we increased the 
overall volume of our exports by 
54 per cent between 1970 and 
1977 while the volume oF our 
imports w as only 30 per cent 
higher — and this despite the 
profligate years from 1972 to 
1974 when our import volume 
rocketed Far above the increase 
m our exports. 

“There are no grounds for 
complacency in this improve 
nient in our trading perform- 
ance. since its effect on our 
balance of payments is masked 
by a substantial deterioration in 
our terms of trade caused mainly 
by the increase in oil prices. 

“Nevertheless there are some 
grounds for satisfaction- For 
example, now that we have more 
reliable figures for our balance 
of payments last year, we can 
see that we had a surplus of 
some £250m on current account 
compared with the deficit of 
£500m forecast in the 1977 
Budget. 

“Yet our invisible earnings 
were a good deal lower during 
the year than forecast at budget 
time and the balance of pay- 
meats derived less benefit from 
North Sea oil than we expected. 

“The performance of our 
visible trade — excluding oil — 
last year was a full £ 1200m 
better than we predicted. 

Moreover, the success of our 
pay policy in the last round 
contributed to the general 
strength of financial confidence, 
both at home and abroad, 
which has both reduced infla- 
tionary expectations among our 
own people and given stability 
to our exchange rate. This in 
turn has contributed towards 
keeping down the price of in- 
dustry's materials and fuels. 

Of course, pay policy could not 
have made this contribution if 
the Government had not main- 
tained firm control of public 
expenditure and of the money 
supply. 

“ But 1 find it surprising that 
those who profess the greatest 
admiration for the wisdom of the 
market should dismiss so easily 
the importance given to the level 
of pay settlements by the 
financial markets both at home 
and abroad — and this is as true 



Mr. Gordon Richardson (left), Sir Peter Vanneck and Mr. Denis Healey 


-Tern Ktrk 


of pay settlements in Germany 
or France or the U.S. as it is in 
Britain. 

“ The value of combining fiscal 
and monetary policy with an 
effective policy for pay can be 
seen even more clearly if we 
look at the outlook for the year 
ahead. 

“Our prospects in Britain are, 
of course, dependent to a large 
degree on the prospects for the 
wider world economy — prospects 
which are now significantly 


4 We are not financing 
economic activity by 
printing money * 


better than they would other- 
wise have been because of action 
taken by the world's seven lead- 
ing economies following the 
Bonn Summit 

“At home, one essential con- 
dition for continued growth in 
1979 is the continuing increase 
in productivity, which is the 
main objective of our industrial 
strategy.' : 

"After several years of virtual 
stagnation there are signs that 
productivity has recently been 
rising quite fast again. This 
revival in productivity has been 


fuelled by the renewed growth 
of output as is normal in the 
cyclical upturn. Productivity 
agreements under the pay policy 
have also helped. 

“Prom now on the ability of 
of the economy to expand will 
depend to an important degree 
on whether this revival in. pro- 
ductivity continues. Higher pro- 
ductivity is not only the key to 
improved competitiveness and' a 
satisfactory trade performance. 

“ It also has a vital Tole fo play 
in holding back inflation. 

" And the prospects for growth 
and jobs in 1979 will stand or fall 
on oilr success in the struggle 
against inflation. 

“It was, I suppose,- inevitable 
that our very success in bringing 
the rate of inflation down from 
26 per cent to 8 per cent over the 
last three years should have, led 
too many people to forget what 
life was like in those terrifying 
days when the housewife's weekly 
grocery bill rose 30 per cent in 12 
months and-family shopping, was 
a continuing nightmare. 

“So, at a time when .many, 
people seem . to be more worried 
about unemployment than about 
prices, it is worthwhile explain- 
ing why inflation is the father 
and mother of unemployment. 


“The sustained improvement 
we have seen in our economic 
performance over the past 12 
months is due, above all, to the 
fall in the rate of inflatioiL ■ 


* Performance of our 
visible trade- 1 - ' ' 
excluding oil—was a 
full £1, 200m bestter 
than we predicted ’ 


"And this, in turn,' resulted 
from the fact that we combined 


firm fiscal and monetary policies 
for pay.' 


with an effective poliey for pay 
“We now know that over the 
pay round as a. whole the 
nation’s earnings - increased by 
some 14 per cent It is easy 
to say with hindsight now that 
Inflation is running at under 
8 per cent that a 14 per cent 
increase in earnings, is too high, 
even allowing for the fact that it 
Includes the effect of produc- 
tivity deals, 

' “Bui we started the last pay 
round with art. inflation, rate of 
about Iff per cent. If the 
Government had not offered the 
right lead at that time and if 
the overwhelming majority of 
working people., had not 


responded to its lead, IS per 
cent could have become the 
going rate for pay settlements 
last autumn and the overall 
increase in earnings would have 
been significantly higher. 

“ Our economic recovery 
would have been stifled at 
birth. 

“It is obvious enough that 
because higher prices reduce our 
ability to compete, inflation 
means falling exports, rising im- 
ports, lower output and fewer 
jobs. Some people used to see 
depredation as an easy way of 
restoring price competitiveness. 

“Bat hard experience con- 
firms the findings of economic 
research — that the. price 
increases generated by a fall in 
the exchange rate are lending to 
feed through a good deal faster 
- into rising labour costs than they 
used to. 

“Depreciation can no longer 
~be treated as a -soft option. 

.. “ The rate of Inflation also 
Influences output and employ 
meat through other channels. 
For example, the recent rise in 
the savings ratio has' cut effec- 
tive demand all lover the. world — 
and. as I have said, it Is difficult 
to see this except as a response 
to higher inflation. 


e STOCK 
EXCHANGE 
CHAIRMAN 


® THE GOVERNOR OF THE BANK OF ENGLAND 




CHAIRMAN 
OF LLOYD’S 


• THE LORD MAYOR OF LONDON 



MONETARY growth ought to be 
reduced still farther, said Mr. 
Gordon Richardson, the Gover- 
nor of the Bank of England. 

The importance of monetary 
stability for healthy economic 
development could not be over- 
rated. " Monetary policy cs and 
must remain cemrai to the 
restraint and ultimate defeat of 
inflation." he said. 

Since 1974. the grnwth of the 
broadly defined money supply 
had remained year by year 
fairly close to in per cent. Mr. 
Richardson did not judge it 
" wholly coincidental ” that over 
1 hut period as a whole inflation 
fell from 20 per cent and more 
to about S per cent. 

Monetary developments needed 
constant 3nd careful vigilance. 
There was a difficult phase last 
winter and spring, when events 
demonstrated how increases in 
the public sector’s borrowing 
requirement could produce 
adverse effects upon the confi- 


dence of the markets which 
financed it. 

“Since then, an d against Ihe 


background of a welcome 
recovery in the private sector's 
demand for credit, which we 
have had lo restrain but not 
throttle, we have recovered lost 
ground, thanks in part to success 
in selling gilt-edged and other 
government securities outside 
the banking system. 

“ The corset control has caused 
some -distortions in the figures, 
but our performance in relation 
to our current target has been 
satisfactory. 

“We shall not relax our 
vigilance. Furthermore, over 
the time scale of years whivb 
steady perseverance in our fight 
to reduce inflation involves, we 
shall need not merely to keep 
monetary growth steady: it ought 
to be reduced.” 

Mr. Richardson said caution 
should be retained over the ex- 
pansion of output seen in the 
earlier part of the year. “ I am 
concerned that tiie economy 
should enjoy expansion at a rate 
which is sufficiently temperate to 
be sustainable." 

He went on: “Jn particular, 


we should not be thinking that 
there is room for relaxing the 
constraints on public spending. 

"Considerable efforts have 
been made to get it under better 
control: in ray view the economy- 
does not have room for any 
relaxation of that control. 

'• Indeed, in ibe longer terra, 
public spending needs to be con- 
tained so as to permit the pro- 
gressive reduction of direct taxa- 
tion which seems so widely 
desirable." 

Although inflation had fallen 
to S per cent in the last year 
there had been considerable 
growth in incomes and the fall 
in inflation had been caused 
largely with the help of such 
powerful factors as exchange 
rale stability. North Sea oil and 
liiile increase in world prices. 

"There should he r.o doubt 
That continued wage settlements 
far in excess of productivity 
growth can lead only to an accel- 
eration of inflation, further 
erosion of our competitive base 
and farther unemployment. 

“This connection is more 


widely perceived than it yras a 
few years ago, but the awareness 
needs to be carried much 
further. The only route to a con- 
tinuing increase in real incomes 
is by way of increase in the 
growth of productivity." 

Whereas some currencies had 
fluctuated very widely, the pound 
had been remarkably stable 
over the last 22 months when, 
apart from a short period of 
particular strength last winter, 
the effective exchange rate index 
had stayed fairly consistently 
within the narrow range of 61 
to 64. 

“A continuing stability in the 
exchange rate would be an essen- 
tial feature of the proposed Euro- 
pean monetary system. 

“ In or out of such a scheme, 
we are. in my judgment, bound 
to follow policies of prudence :n 
both fiscal and monetary policy 
— policies aimed at the progres- 
sive reduction of inflation, poli- 
cies in short which not only 
underpin the domestic value of 
our currency but also the stabi- 
lity of its external value.” 



Praise for the City’s 


invisible earnings 


Mr. Ian Findlay 



Findlay’s 


risks 


Mr. P. F. Allday. Mr. D. W. C. 
Allen, Mr. J. E. Ammerman, Dr. 
F. Aazilotti. Lord Armstrong of 
Sanderslend, Mr. F. P. Atkinson. 


Peter Eliot, Mr. Bruce Ellard. 
Rear Admiral E. W. Ellis. 


King. Mr. J. A. Kirkwood, Sir 
Arthur Knight. 


THE ONLY route by which the 
L'K will achieve success ns a 
nation will be to stop being a 
“nation of interfered and con- 
trollers." The country should 
start adopting a “ phifosnphy of 
risk and the rewards that Dow 
from risk,” Mr. Nicholas 
Goodison, chairman of the Stock 
Exchange said last night in his 
address to the Bankers' dinner. 

“There are too many people 
spending their imaginations and 
their energies devising and 
Imposing controls, too many 
people trying to find legitimate 
ways of counteracting the effects 
of interference and controls." he 
claimed. Not only did this cost 
an enormous amount in crude 
monetary terms hut it also 
“wasted and imprisoned the 
ritalitv of the nation. 

That vitality was needed to 
take risks. Mr. Goodison argued. 
Legitimate risks which ought to 
he taken included building new 
factories, inventing new pro- 
ducts. and providing the capital 
for both. 

A consensus was emerging 
about the need for risk capital, 
he believed, thanking the Chan- 
cellor for the “first budget in 
recent memory to give some help 
to the individual saver who puts 
his money into industry. 


Mr. M. J. Balfour. Mr. Sheriff 
Ballard. Bankers' Magazine, Mr. 
D. C. Bardsley, Mr. .1- 
Baring. Sir William Barlow. Sir 
Donald Barron, Mr. A. W. M. 
BattishilS. Mr. E. B. Eennett. Sir 
Henry Benson, Mr. A. E. Bide, 
Mr. Ian Cameron Black, Mr. G. S. 
Blanshard. Mr. K. Borthwick, Mr. 
P. Bowring. Lieut.-Colonel St. 
John Brooke Johnson, Mr. T. A. 
Gore Browne. Mr. J. B. Burke, 
Sir Anthony Buroey. 

Viscount Caldccot. Mr. J. S. 
Camm. Mr. David Campion. Lord 
Catio. Mr. Geoffrey Chandler, 
City Recorder, Sir Mirbaei CJap- 
ham. Sir Robert Clark, Mr. 
William M- Clarke, Mr. J. M. 
Clay, Lard Clydesmuir. Lord 
Cobbold. Mr. L. H. L. Cohen, 
Mr. A. L. Colehy, Mr. C. Collett, 
Mr. W. P. Cooke, Mr. Norman 

B. Cork. Mr. T. E. Cottrell, Mr. 
K, E. Couzens, Mrs. Edwina O. 
Coven, Lord Crohani. Lord 
Cromer. Mr. M. J. S. Cuhbage. 


Sir Robert Fairbairn. Mr. R. 
Fell. Mr. L. L. Fellner. Mr. J. S. 
Fforde. Mr. I. H. F. Findlay. Mr. 
W. D. Finlay. Mr. J. A. Floyd, 
Mr. J. E. J. Foster. Alderman 
Sir Murray Fox, Mr. C. E. 
Fnippell. 

Alderman Peter Haggerston 
Gadsden, Mr. R. D. Gaipin. Col. 
Gardner-Thorpe, Mr. F. L. 
Garner. Mr. F. M. Gill, Sir Robin 
fiillett. Sir -James Goldsmith. 
Mr. Nicholas Goodison. Mr. S. T. 
Graham, Mr. H. B. Green- 
borough, Mr. J. P. Griggs. Mr. 
F. W. Grol, Mr. G. H. Gun son. 


Mr. D. II. Darbishire, Mr. 
S. E. Barmen. Alderman A. 
Davis, Mr. D. Depaolis, Mr. T. A. 
Donnelly. Mr. .1. C. R. Dow. Sir 
Alastair Down. Mr. G. A. Drain, 
Mr. John N. Waddell Dudley, 
Lord Duncan-Sandy s. Mr. P. H. 
Dunne. 

Mr. J. B. Eldridge, Canon 


Mr. C. E. A. Hambro, Sir 
James Hanson. Mr. Alan J. Hard- 
castle. Alderman Anthony Hart. 

C. Antony Hart. Sir Cyril 
Hawker. Denis Healey, Alderman 
Ralph Hedderwick. Mr. R. A. 
Henderson, Sir Michael Herries. 
Alderman Michael Hinton. Mr. 
Rennie Hnare. Dr. G. I. Hobday, 
Sir Julian Hodge. Mr. T. S. 
Hohler, Mr. John Holland. Sir 
Jasper Hollom. Mr. John P. 
Hough. Mr. D. G. Horner, Aider- 
man' Sir Edward Howard. Mr. 

D. H. Howard, Sir Geoffrey 
Howe, Mr. John HuIL Mr. P. E. 
Hutson, Mr. J. B. Hyde. 

Mr. V. R. Ide. Mr. A. J. James. 

Mr. A. A- Jarratt, Mr. G. 
Jeefot, Sir Alexander Johnston. 
Alderman Anthony 5. Jolliffe. 
Mr. N. W. Jones, Mr, Michael 
A. Jordan. Mr. Maxwell Joseph. 
Sir George Kenyon, !Vlr. J. L. 


Sir Hector Lying, Sir Maurice 
Lamg. Mr. G. C. H. Lawson, Mr. 
R. Lcigb-Pcmberton. Lord Lloyd 
of Doiobran. Mr. A. D. Loehnis, 
Mr. John O. Lyle, Lloyds Bank. 
Mr. Angus Mackiouon. Mr. 

R. C. Macdonald. Mr. A. R- 
Macmillan, Mr. Angus Macquecn, 
Mr. C. W. McMahon, Lord Mais, 
Mr. E. S. Margulies. Mr. Reindert 
Marsman. Mr. R. G. Martin. Sir 
Roy Man hews. Mr. M. Meynial. 
Lieut.-Colonel Peter Milo. Judge 
J. \V. Miskin. Mr. D. B Money- 
Coutts, Mr. Deputy B. L. Morgan. 
Mr. G. L. B. Morgan. Mr. Douglas 

S. Morpeth. 

Lord Nelson of Stafford, Mr. 
C. L. Nelson, Mr. G. R. Newman, 
Mr. W. F. Nicholas, Mr. P. J- 
Nicholsan. 


Lord O'Brien of Lothbury.-Mr. 
T. Obta, Mr. R. H_ Owen. 

Brig. J. J. Packard, Mr. J. B. 
Page. Mr. E. \V. I, Palamountain. 
Sir Peter Parker. Dr A. W. 
Pearce, Mr. R. h. p e eL Sir 
VtiMiam Pile. Sir AJastajr 
Pilkington. Mr. D. p Pinks, Mr. 
L. Porter. Mr. T. Prentice, Press 
Association. Sir Humphrey 
Prideaux. Sir John Prideaux. 
Mr. S. Proctor, Mr. y. w. Pusack, 
Mr. B. Quinn. 

Alderman C. Rawsoo, Sor 
Patrick Reilly. Lord r cm riant. 
Elder Sergeant r. p. Rhodes. 
Mr. G. Richardson, Mr P. P- 
Rig'oy, Sir L. Ring, Sir. A. 


Rintoul, Lord Robens of Wold- 
ingham. 

Gp. Capt L. E. Robins, Mr. 
N. J. Robson. Mr. E. P. T. Roney. 
Mr. E. de Rothschild. Mr. L. de 
Rothschild, Alderman D. Rowe- 
Ham, Mr. A. M. Russell. 

Mr. W. H. Salomon, Mrs. Iris 
Samuels. Mr. E. C. Sayers, Mr. 
G. C. Seligman, Mr. D. M. Shalit 
Mr. R. L. Sharp, Lord Shawcross, 
R. Sheldon. Lord Sherfield, Mr. 
D. Silk. Mr. J. F. E. Smith, Mr. 
J. Martin Smith, Mr. J. P. 
Sow-den. Mr. H. J. Spurrier, Sir 
David Steel. Mr. G. Z. Steffens. 
Mr. D. Stevenson, Mr. G. M. 
Stitcher. Mr. R. C. Stow, Sir 
Arthur Sugden, Mr. M. C. Swift. 

Mr. K. Taylor. Mr. P. A, S. 
Taylor, Mr. G. Thomas. Mr. J. M. 
Thomas. Mr. K. A. C. Thorogood, 
Mr. C. H. Tidbury. Alderman A. 
Traill. Mr. A. F. Tufce, Mr. J. E. 
Turner. Mr. R. L_ Turner. 

Sir Peter Vanneck. Mr. P. D. F. 
Van-all, Sir Reginald Verdon- 
Smith, Mr. W, M. Vernon, Sir 
Charles Villiers. __ ^ 

Mr. S. Wainwright, Sir 
Bernard Waley -Cohen. Mr. D. A. 
Walker, Sir Douglas Wass. Mr. 
M A. Weinberg. Viscount Weir, 
Mr. M. H. W. Wells. Mr. D. 
Vander Weyer, Mr. M. G. 
Wilcox. Mr. V. G, Williams, Mr. 
J. S. Wills. Mr, R. T. D. Wilmot, 
Sir Leonard Wolfsoa. Sir Hugh 
Wontner. Mr. Peter Wood, Mr. 
A. J. P. Woodhouse, LL-Cdr. B. R. 
Wright. 


Sir Peter 


Sir Philip de Zulueta. 


THE CHAIRMAN of Lloyd’s, 
Mr. Ian Findlay, paid tribute 
to the work of Sir Peter 
Vanneck, Lord Mayor of 
London. 

He said that Sir Peter, In 
this outstandingly successful 
year, had set entirely new 
standards in the time he had 
obviously given to preparing 
his speeches, the skill with 
which they had been delivered 
and the pleasure he had given 
to his audiences. 

“ Despite all the events of 
the past 20 years, when 
Britain as a nation has seen 
its place in the world change 
and diminish in so many ways, 
the City of London . remains 
the world centre of finance, 
and no Lord Mayor has 
worked more ceaselessly than 
you. sir, to maintain that 
predominance. 

“ In addition to yonr dvic 
duties down the years, yon 
have given folly of your time 
in many other ways, and St 
Bartholomew's Hospital and 
the University of London are 
hot two institutions which 
have benefited from yonr 
interest and guidance.” 


FOR TWO hundred years, 
Britain has been importing more 
goods from abroad than she has 
exported, and only Sarisihle 
earnings have kept her afloat for 
that period. Sir Peter Vanneck, 
Lord Mayor of. London, sqid. 

In the monthly trade statistics, 
invisibles were thrown in as a 
rather grudging afterthought 
compared with the real-life im- 
ports and exports of machinery 
and food and all the other goods 
which kept the world going. 

Yet there was nothing small 
or second-rate about Britain’s 
invisible earnings, said Sir Peter. 
“ One pound in every three that 
this ' country earns abroad Is 
generated by an invisible ex- 
port, and the City of London it- 
self is a- monument to that 
service industry." 

The City had not been created 
by some administrative net, nor 
was it run aocording to a rigid 
role book. 

It was the fruit of : many cen- 
turies of developing commercial 
and financial life and -accumulat- 
ing experience, constantly adapt- 
ing itself to meet and indeed 
anticipate any fresh demands 
that mig ht be made on iL 

“ In one of the Lord Mayor of 
London’s classic and traditional . 
roles as roving ambassador, I 
have flown the flag of British 
trade, commerce, finance and 
industry in Brazil, Columbia, 
Ecuador, Mexico, the - TT.S., 
France and the Netherlands, on 
the cost of the City coffers'. 

“The corporation has also 
been, privileged to entertain and 
offer hospitality, over the last 
year, to the President of 
Romania, the President of Bots- 


wana, the Prime Minister of 
India, the President of Sey- 
chelles, the Governing Mayor of 
Berlin, the Burgomaster of 
Brussels and many foreign dele- 
gations antL dignitaries. 

“We do this because we think 
that the ‘ Square Mile ’ is unlike 
any other municipality, firm in 
the_ belief that its wealth, its 
antiquity, the enormous part it 
has played in the history of the 
nation, tie dignity, its traditions 
and historical ceremonial make 
the City of London an Institution 
of national importance." 

Sir Peter quoted Sir Winston 
Churchill on Mr. Philip Snowden, 
a former Labour Chancellor. 

“‘It would be wrong to think 
of Mr. Snowden as the spiteful, 
vindictive death’s head of his 
caricature. He was really a 
tenderhearted man. who would 
not have hurt a gnat unless his 
-party and the Treasury told him 
to do so.’ " 

Sir Peter told Mr. Healey: 
"Not necessarily in the belief 
that you, too, sir, are endowed 
with just those qualities, it is 
with more than usual fervour 
that I propose the toast of pros- 
perity to the public purse, and 
the health of the Chancellor of 
the Exchequer.” 


Reports by 
David Freud 
and Christine 
Moir 


Your route into Prestel 


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to know about Prestel — the 
Post Office Viewdata 'service. 
How to. understand it 
How to use it 
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October, 1978, gives you * Easy 
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'.’W* 


TV43Ca: 


EDFORDS 


In 1931 the first ever 
Bedford truck rolled off 
the production line. Now, 

3 million commercial vehicles 
later, Bedford’s reputation 
for reliability and economy 
is as firm as ever. 

At the Motor Show you can see the 
Bedford range for yourself. There’s the 
ever-popular HA van, the Chevanne 
and a display of GF models. Also the new 


JJL Midi Bus. Look out for the TK, 
^ the best-selling British truck 

of all time. Over half a million 
have been built and sold 
around the world. And, of 
course, there’s the 3 millionth 
Bedford itself, a TM 4200, 
the flagship of the range. ggajES? p|| 
Three million Bedfords. 

Just think about it. An impressive 
contribution to the wheels of industry. 


A1931 Bedford 
2-tonner. 


On Stand 343 in Hall 3A ot the Motor Show. NEC Birmingham. 









14 




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BY MA 


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drawn sol 
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death in 1 


The Property Market 


BY JOHN BRENNAN 


* r Digging np Lloyd’s future 


ARCHAEOLOGY provides a 
glimpse of the future for Lloyd's 
of London. 

The insurance market an- 
nounces today that it is to sup- 
port an archaeological “ dig " 
under its old underwriting door 
on the east side of Lime Street 
Interesting enough, given that 
the site lies close to the forum 
of Roman London. But of more 
material interest are the terms 
of this support. Lloyd’s is to pro- 
vide the Department of Urban 
Archaeology with a £30.000 grant 
and facilities to burrow beneath 
its buildings until next March. 

The obvious implication, con- 
firmed by a spokesman for the 

Corporation, is that Lloyd's hopes 
to start work on its giant new 
underwriting floor development 
next spring. 

Details of the redevelopment 
of the Lloyd's freehold buildings 
— which include the whole block 
bordered by Lime Street, Lead- 
enhall Market and Leadenhall 
Street — will not emerge until 
plans have been agreed by the 
Committee of Lloyd's, and by a 
vote of all Lloyd’s members. But 
the scheme is based on the need 
to enlarge the market's trading 
floor, which is already the largest 
air-conditioned room in Europe 
and one of the world's largest 
open plan offices. 

The appointment as architects 
of Piano and Rogers, creators 
of the controversial “ inside-out" 
Pompidou centre in Paris, raises 
the possibility of a dramatic 
solution to the redevelopment 
problems. 

Whatever the design of the 
uew buildings, the size and im- 
portance of the site, and the 
scale of the building work — 
which is expected to last up to 
seven years — will make Lloyd’s 


redevelopment one of the most 
expensive and important pro- 
perty schemes in the City’s his- 
tory. And talk of a possible 
closure or enclosure of Lime 
Street to link the development 
site to the existing trading floor 
implies a change in .the shape 
at the core of the “Lloyd’s tri- 
angle," the very heart of the 
City's insurance area. 

Lloyd’s support of a “ dig ” run- 
ding from November recognises 
the historical importance of the 
site- But the agreement also 
minimises the risks of any demo- 
lition and building delays by 
setting a March completion date 
Tor the research. 

This pre-emptive action by the 
Corporation comes days after 
news that Electricity Supply 
Nominees, advised by Richard 
Ellis and insurance brokers 
Sedgwick Forbes, plans the larg- 
est ever claim on an archeologi- 
cal finds insurance for a four- 


month delay on its Watling Court 
scheme on Cannon Street, EC4. 

ESN’s claim could reach £lm. 
But it looks- certain to run into 
a legal battle with its insurers,: 
.who are expected to challenge a 
claim where the Department of 
the Environment used its tem- 
porary “ scheduling H powers 
rather than directing preserva- 
tion of the site. By simply 
scheduling the site the DoE 
appears to have side-stepped any 
compensation claim from ESN., 
And although insurance for the - 
site dates back four years, when 
cover was less clear-cut than on 
current pc'.icies (which generally 
pay out only when construction 
Is halted by direct order from 
the Secretary of State and when 
the developer loses money, fay 
delaying a firm pre-letting con- 
tract) it will take a close look at 
the policy’s fine print before the 
fund discovers if its claim holds 
up. 



Financial Times . t .. 

' property, ^dHSky-have bot&erci ' / 
DDiCp mam ..... to iook- atiYlTOM.-r^ow, :'W'est- 
Wp ' _ ■ _ ' End '■"‘agents? Jratemiels V.anS 

" PRIVATE INVESTORS Dicker tire tjgfegyid-jfia .that - 


PRIVATE INVESTORS JenSon Dicker - |fe. try&gtojfiU-that 
compete with •fHJLJfr'Ke idfokmhtjffn. gap..:; vt:'; 

ggl- funds on an few- 

ms .'Bio. of Man’s PgPJS' modern. commercial huildntgs fa. 

■men! market- . Changes . 'the' city -iarfe.. let ' 'on standard 


island's lax flaws u>“ * European leases: . *£he ' mass' of 
remove external -older space is tenanted^ opea- 

exemption advantages m. _* ended, ,n on-reviewed leases. This 

% ment property l n t c ° ra ,' j of gives tenants -enormous bargain- 
much of the PPJ»| * power if .thcy agree to-^ssigu 
S spice: Landlord-tenant .ne^Ua- 

ension fund nigiag tlonfr • temally result Au -the * 

investors ^f^e nSbet ' incoming tenant- paying ,a- size- 
.... __hstve been left witn able .premium, to the.- .putgoiBg.. . 


to^gteni^^mercial property Tenant, a premium; '.paid to' 
JEii? 1 ? reflect rat , kept , *£ only'. 

2^$?* in nm? of tM largest around half the'.; true -market 
stable, and m there rent. Investments .'.-.in-' : these 

. kavesoneut^^ older buildings, are;; therefore; 

::^"^recent years, heavily reversionary, .and funds. 


$^9§lllSl 


SSTmuif -if 16 

SSWtiESm for modern rack rented offices. 

to 15 tenants Current office -rente:, range 
t iSSr roll of- £75,266, afound; 15 Q schillings a : 8 q metre 


Tale of two cities 


British Petroleum Pension 
Fund’s one and only venture 
into the continental properly 

market, the Kaufmannshaus 
complex in Hamburg, is now 
completed. 

BP pajd around £5m for the 


, ' 7 Tl f _T «.nit roll of . £75,266, arouna iou actumngs a- sq mem 

for, a total rent Tou w -Jg amonth (£6>2 5 a sq tea-year) ! 

Sf Sd Overseas States for prime inner city ; space, j 

Bfe of Man an ^ Overseas ,Sch 108 to 130 for modmt city. . 

; AnM . wL-ttwin the orbit “of fringe space, -and- Sch:-5Q;to 6ft- ' •-} 

73 year old merchants’ centre shopping space at between £5.80 Btostock’s financial -for old buildings. Prime 'Shops I 

late in 1974 and has spent a -and £1430 a sq ft a year.. 'TW..2SE, an d is30 per cent owned can cost over Sch l.OOQ;^ a 

- • ^ .wUl '■'•Aieiui.vWPHs r j V m Xv « uirop) nnoino d/ixerh. fn * ' I 


further £5m on refurbishment five upper floors. 


with rfMtrn Associated invest- ; sq ft a jjut rating Sjwfc tea I 

ioned offices, ^ eals which, among other, tenth pf- that for older r ;0ff-centre... 

• j Island's units, ”- n; - : - 


Debenham, Tewson and Chin- are now on the market at; ronfs'interests, runs the islands units. ■ 

nocks and Hamburg agents, pitched towards the top^ ^eztd cf -uzslao. ^ * 

Industrie ImmoWUen Muller, tfafr rate for Hamburg prime ^ P- Sturge and Sons, along LEIGH DEVELOPMENTS^ ^et J 

GmbH have let around half the spare, at DM 23 a squaremet«with Douglas jgents AitiD u P five WPJp. Jfegrmef .. 

building's 4U» sq ft of n mmffe. £6.70 a sq ft A g™! 1 '/.. 1 "Jf*SS2 ‘Snn’sfurS 


PARIS and Dublin, for years 
two of the most over-officed 
cities of Europe, are now head- 
ing for space famines- 

In Paris, international organi- 
sations looking for large office 
units are in for an unpleasant 
surprise, according to a review 
of the market published by 
Knight Frank and Rutley today. 
Looking at Dublin, Jones Laing 
Wootton paints an equally grim 
picture for prospective tenants. 

In an update of its 1977 survey, 
published today, JLW reports 
that a record 5Q0.000 sq ft of 
offices have been taken off the 
Dublin market so far this year. 
The firm expects the twelve 
month total to top 600,000 sq 


ft, three times 1977’s letting 
rate, and well ahead of the im 
sq ft average of the past four 
years. Lettings leave just 150,000 
sq ft of modern empty space 
on the market, with a further 
300,000 sq ft due for comple- 
tion in the next two years. 

As the supply of space is 
absorbed rents have been bound- 
ing ahead. Last year’s prime 
rents of £3.50 are today’s £5 a 
sq ft And as new develop- 
ments, are committed with heavy 
pre-lettings, JLW reports, the 
occasional asking rent of up to 
£6 a sq fL 

In Paris, KFR reports that 
tenants looking for offices of 
over 10.000 sq ft are beginning 


to encounter .real problems, 
particularly in the main business 
areas of the central and western 
arrondissements- Smaller office 
suites are still fairly easy to hod. 
and the mass of ‘*To Let” boards 
and property advertisements for 
smaller suites give the false 
impression that there is still a 
massive office oversupply in the 
city. 

The firm relates supply prob- 
lems to the changed political 
climate in Paris. Under Charles 
De ‘ Gaulle . and Georges 
Pompidou the government aimed 
at building up the office market 
in the city. Now Giscard 
d’Estaing has quashed new town 
development around the city, a 


Dtmoing-s *1^00 ^ ^ ^ and Overseas, and Sturge C. B. Leigh qnd v -i 

; — - — ^ -7 .- ■ -ppiats out that, although it took Worth, is to carry put a, £S5m 1 

golto — tott. Mayor of d« moja^o, up g'*I*£g-£ * j 

accentuated the effects of the open market rents, which h^Dt i«o frS wSato Sto ht & 1 

commercial climate, - with believes barely changed . ^ 


ss^-«ansu ; ss ^ s i^ ly changed wfssr 7 * t s 1 •***& 

SSS.I Elects the This rook anomaly ‘ has^ " “ft. ° £ 

property recession. As the naturally forced many tenants .to’ Un< ? er ® per 06 is ~ r ’• 

“white elephants” of the 1972-74 invoke “break” clauses in theta ?t- • , j^rhdr 1 icnan ' J 

development boom are filled, and leases and either move^.or re- VitNNA ^ as ‘ : 
with little new development in negotiate their rents. But this developers in the early ^ 1970s. the 2ftk740 sq feet^ij iqdurtn^ ; 

the pipeline, rents for larger anomaly is now fading as letting Panning controls on .the older and H ?.r* hoa ®£ fgjff v 

units are beginning to rise, pressure helps to bring market buildings of the city centre the site. is ; 

Annually indexed rents, - nor- rents more into line with indexed prevented any significant inner exp ectedto start lat enext sping, , 

mally tied 4'o construction costs rents. KFR believes that Paris rebuilding work, and arclmc by which ^^S j^ents , 

published by the Institut office rents have already risen by tenancy laws so l restrict the 1* . 5 VaU and^ son of '_Earebam_;. 

National.de la Statistique et des between 8 and 10 per cent, this growth of the local property will be looking for r^or more v. 

Etudes Economiques (INSEE). year, and as the large unit space investment market. than local current prune .wha- -• 

have rarely reflected true market shortage grows, this rent growth Without the appeal of other trial rents or between £W0 and • 

rents in recent years. Aonual in- accelerates. * ■ . European capitals, few in the £1.90 a sq tool. <•- . 



AL AND BUSINESS PROPERTY 


• ' V - J ' “ - — 


,l '^yjxY+r. .O-li-r' 


- '.-"i yv».v-' * - 



Tunbridge Wells 

Modem Warehouse 

To Let 

14,400 sq. ft. 


Norwich 

Modern Warehouses and 
Factories 

To Let 

4,000-40,000 sq. ft. ^ 





.-.sm-'-'t : ; t5 










vr 




Vi W-Y-' 


'^Vj 

f-'t *: ■» 


When it comes to letfing, Edward Erdman 
and Company (aver thgVears have let some of 
the largest shopping centres in the country, 
and there are few if jpay centres where we have 
not been involved ip shop transactions. 

Our services include not only purchases, 
lettings and sales of property but also ~ 
auctions, management, valuations,investment, 
regional planning, town centre 
redevelopment, industrial consultancy and 
project management. 

We make no particular claims and rely on' 
reputation and record as a national practice ‘ 
which remembers the personal touch. Where: 
partners still do the problem-solving. f 


» — r »-- 


**» 


I *• 









l' -T*. ^ • 

’■ J . . - .-y&r 

-qr’- h- i: ’■> .. 

U- f fT* C 









SHORT TERM OFFICES 
IN LONDON 

John Carpenter House, EC4 

Why be tied to a long lease when you can rent a 
fully-serviced office or suite in the heart of London 
on a short-term renewable basis? 

These modernised centrally-heated offices are ideal 
for companies looking for temporary prestige offices 
in London. Facilities available include conference 
room, multi-lingual secretarial, telex, messenger, 
photo-copying and 24-hour answering service. For 
further details telephone 01-353 6791. 


Factory 22J00 tq. ft. - _ . 

On a Site of 13 Acres •' •<-„ 4 .. . .. 

FOR SALE or TO LET , V ^ 

Joint Agent Kirkwood & Partners 

LEWES 

Last Remaining Unit " ", 

6366 sq. ft. . ' 

TO LET , - 

LONDON, €.16 ^ 

20.000 sq. ft. - : : 

Factory * - : . 

IMMEDIATE OCCUPATION "•'/**&&&&.'■ 
FOR SALE ' 

LONDON, W.7 

Attractive Single Storey Warehouse ; • . 

- Fitted Offices . .'-y.Vy - 

6-ar parking spaces • . •'> -vUvK*.' % ■/ 

to, let •• . - ' 

RUfSHP, 

Modern^ Warehouse/ Officer - - • 

20796 sq. ft. ‘ 

Prominent position - ? .v . ■]■/.:< “ y j' 1'^.V. ' 

SOUTHAMPTON V- ' 

20 . 000 sq.ft. 

Warehouse 

IMMEDIATE OCCUPATION -r . : r 

TAUNTON 

Factory/ Warehouse ~K : 

4J50 sq.ft. • - '-.1--:-- 

TO LET — IMMEDIATE OCCUPATION- - .; - . 

WEST BROMWICH - ; 

Factory/ Warehouse Unhs ■' 7 —if- " 
To be refurbished/redeveloped • . 
10.000/200/300 sq. ft- - >-> r 

TO LET 

Hing&Co 

Chartered Surveyors • 

1 Snow Hill, London, EC1 
01-236 3000^ Telex885485 
Manchester, Leeds andBrussie(s^ : 








London MX GAD 


EUROPE-S LARGEST MODERN FACTORY UNIT ' 

CURRENTLY FOR SALE, AT SKELHERSDALE, LANCASHIRE... - • • V 

JUST 60 SECONDS DRIVE TIME FROM BRITAIN’S MOTORWAY NETWORK... v . : 'A 
THE NORTH WEST, THE HEART OF INDUSTRIAL BRITAIN. . . 

10 MILUON PEOPLE WITHIN A 50 MILE RADIUS 





A 




Offices 

75 Grosvenor Street, W1X0JB 
01-4990404 


□ 


ELDJ 


9»] 


-.. .s i 




SA-* 1 ' 


c - :: ' 


'S>l'.tivaiill^n^(ton , . 

V: 2 '. " ' . 

Ki**)" C?u*:, Iv-::; Mjrtr cs^.- * ’.' 1 . i t-y, '.»!• C4‘ H'i* *i:-' ' 


LV> ',. -- 


0»- th* n*j-: -- J-XIJ .i'l: ''-r-i'.-h -1" ted 


□ 


Hilliov* FVirker 

- t K. J 


// C<Ci*vrw-,- , c ( rfv»wr. I * nr!"o V/^A JEvT le 1 j*.-'. 1 ? ;cfV6 r<»li *; *(Z ; 


MnyfaiT' Wl. 8 ,250 Sq. Ft Modern Krst FIoor Offices. : \ ' 
AiMxmditjonmg. Six carparidug spaces. - ••• ' ■. v- 

Hoo r_only available. - 

• Refurbished land modernised buildmg^ with prestige 
marble-lined enhance. lifts. Central Heatu^.G^ftiidrtg 
St Jameses S.WL 400 Sq.FL 

' U^nsed.Qffices with use of Reception facilities. -• 

jerms by airaiigemenL Fully indusive rent r 


Required for Major Public Company; : - - \ 

«sw7 dqMrtes o! 


•V, 







(VM 


\^Lt> 



Excellent New Offices To Let 

Ready for Immediate Occupation 

Fifth floor 5,082 sq ft 

Sole agents 

Walker Son & Packman 


Chartered Survevors 


E-^iNiJiftl m inn.- 


Blossoms fnn 3-6 Trump Street London EC2V 80D 
Tel 01-6968111 

Branchrs in Bwol fcwter Tn»u bist Crnrrfeadfriinh»rrgh I <-.-r}s ,»nd o.tjtwj! 


•r 3 

*> l - i 



STRIKE 


LIVER 


Huge energy find switches UKecondrDi ^centre to west coast 


new field. 


ites close to the 


SM; 


Industrial DevelopmentOfficer, 
PO Box 88, Municipal Buildings, 
Dale Street, Liverpool L692DH. 


EVASION 







- M : r ^v v T ; ] V V- 4 7^- ~ v 




Freehold Investment 

Close Wfest End & City 
Modem Headquarters-Building 
with Self Contained Offices 

Producing £4£}000p>a. 
excl.on ER.&I. Lease Substantial Tenant 

★ 

Office Investment 
London E.C.I. 
Producing £39,000 p.a. approx 

ER.&L LEASE 5 YEAR RENT REVIEWS 

★ ■ 

Immaculate Office 
Investment London S.W15. 

BlueChipTenant 
Producing £13[750 p.a. 

• FR.&I. LEASE 5 YEAR RENT REVIEWS 

For further details soleag?nt A 


Chorlc*s- Price & Company 01*493 2222 

Kio.1 Berkeley Squore.Londor W. I. ;24nt v =HC : N£ _siia-j.es ■ 


GUERNSEY, CHANNEL ISLANDS 

A Company Owned Prestige Corner Block in a main thoroughfare 
of Si. Peter. Port, comprising Bank Premises. Offices and Shoos, is 
offered for sale at £365.000. - 

-The Propercy is let to substantial and reliable Tenants with early 
upward rental revisions and shows a present net yield of 6j%. 

For full particulars, please apply to the Joint Sole Agents:— 

Langlois LtcL, Don Street, Jersey. Yindidez Estate Department. 
0534 22441. St. Ouen, Jersey, 

or La Plaiderie, Guernsey. ■ 0534.82254. 

0481 23421. 



City of London 

Two air-conditioned floors in new 
office building within 500 yards of 
Bank of England 

12,420 sq.ft 
and 

11,760 sq.ft 

To Let 


VkgGTS |G(yAgpnt$ 


4 Frederick's Place, 
London. EC2R8DA 

01-606 7601 


12 Well Court, 

Queen Street, 

London EC4M9DN Tel: 01-248 3751 



NORTH-WEST H 
LONDON w 

Ideal location for distribution 

Ml, A5, North Circular Road junction 

20,000 sq ft 
to let 

SUPERB PROMINENT 
warehouse & effes 

King&Co 1 Snow Hill, London EC1 Tel: 01-236 3000 Telex 885485 








Clwyd 

at the peak of 
Welsh potential 


With its large, multi- 
skilled workforce, prpxlnt- 
ity to major markets and 
oational^atcmational com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene. The 
news in Clwyd is about 
sales, not strikes - and 
it’s a great place to live, 
too. 

Talk to us about the 
low-cost sites and factories 
plus extensive Financial aid 
available to Incoming in- 
dustries - well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hall, Mold (tel. Mold 
2121) for free colour 
brochure. 


Adniinisthitk)®nit 


.aiiiJUJi 




for 


Cohditionirig ^Hantavailable. • 

f^EXPftNSION LANI^i^i^O acres. - 
^OPTION LAN0 Ho-755 acres. 

DuhlwM % ; 
Heywood&Co. | 

4.Gft^ere^5uivOTQi9*-rv|v'.>: * I 
o fv rY,^ - Jitenchester’ ; * , 



FOR SALE .BY TENDER 

8 ST. GEORGE STREET 

W.l 

FREEHOLD COMMERCIAL 

INVESTMENT 

LET TO SOTHEBY & CO 

HIGHLY REVERSIONARY, 

Closing Date 12 noon Wednesday 
22 November 1978 

Ref JB 

,< Leavers 

IL (M finilunSnrrl London WlX HAD 
TeUrphone 01-821 4261 01-W220I2 
Telt-x Lwiycts Liln ZKYMi 


01-4998644 IQ, Grosvcnor H3L London WlX uHQ 




lex 667262 > . 



Plymouth 
To Let 


Office block adjacent to Station . 

Only 3 hours 13 minutes to London by High Speed 
TrairT(from October 1 979). 

21,345 square feet accommodation on 6 floors. 

VVI1I divide into five units of 3,957 square feet 
and one of 1,560 square fee. 

Apply to: Estate Surveyor and Manager, 
British Rail Property Board. 

Temple Gate House, Temple Gate, 
Bristol BS1 6PX. 

Telephone: 0272 24191 extn* 219- 


Property Board 


Trafford Park 
MANCHESTER 

230,000 sq.ft. . 

Single storey factory/warehouse. 
Ample cranage. Headrooms 
up ro 30 ft. Suitable for a variety of 
uses or for refurbishment. For Sale 

Joint agents 

G FSingleton &Co 

53 King Street, Manchester M2.4LR. 

Tel: 061 -832 8271 


Storey Sons; & Parker 


New Bridge St. Newcastle-upon-Tyne NE1 -8AU 

Tel: 063226291 ' 



119/125 FINSBURY HWEMENT 
LONDON EC2 

36,900 sq.ft. 

Prestige Modern Office Building 

• 2 Automatic Lifts 

• Banking Strong Room 

• PABX 3 Telephone Exchange 

• Prestige Entrance Hall 

• Carpeted Throughout 

• 16 Car Parking Spaces 


White 

Timer 5,sr HELEN’S PLACE. 
0-« IULC LONDON EC3A 6AU 
Ot orown Telephone 01-638 5181/4 

GH ARTKKKD Sl‘ KYF.YORS 


4,500 sq.ft. 

IMMEDIATELY AVAILABLE 

Prestigious Air-conditioned Offices 

VICTORIA 

S-W.l. 

k Superb Entrance and Reception 

★ Completely Self-Contained Suite 

★ High Quality Carpets. Recessed Lighting, etc. 
k Bronze Anti-Sun Glazing 

k Full Central Heating 
k . For a term up to three years 

Further Details, from Sole Agents: 

TUCKER MAN Chartered Surveyors 
40 Great Smith Street a« 7011 ECff 

Westminster SW1P3BU 1 9l m iyy Mil . 


rrime Mayfair 
Office Building 

4 , 500 sq.ft. 

+3 Luxury Flats 
Includingl Duplex 
Penthouse 


Full Vacant Possession 
Long Lease For Sale 

Details from sole agent 


»|m Charles P r ic e'& Co mp any 01"493 2222 


;Sp£tp5 i'/cr/pA te t^efacts-; • 

. ,7 * -4 • *•. ■ . V/ ••’ . %% ;• ; : : -M ■ 

' Ian McDoiugall &21-300 7?3fe' 

. I d fJfjSii 1 3; :p ( o rr, ^ t i 6 n ■Offfr* i 

BvkHTbial locabons 
information srsrvica 


County HaB 
Lancaster Circus. 

B*TTm^amB4TOJ l> ' 



gfest r^KiiSnS? 


b ,S' fa)TO 

The Industrial Adviser, \ •f*' 

Th j mesdown Borough Council. \ ^ € m 

Swindon SNl 2JH \ MlMlI 

Tel: 075*3 26161. Telex 44633 \ 

swimm 

Has incentives no government canoffer. 



CLOSE CITY ROAD, N.l. 

NEW SINGLE STOREY 

FACTORY & WAREHOUSE 

DEVELOPMENT 

8,850, 1 2,360 & 21 ,200 SQ. FT. 

18' HEADROOM. PRIVATE YARDS 

TO BE LET 

Debenham Tewson & Chinnocks. 

Bancroft House. Paternoster Square, London. EC4P 4ETi 
Tel. No: 01-236 1520. 











pri 

ch 

BY MA 


THE PF 
decided tr 
allegation 
Wilson f> 
number «; 
were com 
pui.cn agai 
Party on 
1974 Gem 
The fot 
allegation 
lowing thi 
affair. Mi 
was. hud 
an orehes 
himself. ( 
Lady Fe 
M urcia W 
The Pr. 
Sir Haro 
drown sen 
Subreqi 
in Id the 
did not 
pnetcirs 
instructed 
round a 
material.'' 

The Pr. 
in hnur 
Sir Harolc 
formal eu 
On the 
against l 
council s: 
Ruyul Cc 
i hat liter 
La hour hi 
The Pr- 
j> one o! 
iished tod 
In ano 
council 
against t> 
Daily Ex 
picture c 
Henrietta 
death in 1 





Trafalgar iolrnc TanM 5 has 10 decide whether 
II JjalgalT SliCS to 3° f°r a speculative ODP or 

fin ShpffiplH The ,ocal “Mfct still. attracts 

vti kjistmtiu a f air amount of letting interest 

TRAFALGAR HOUSE Develop- despite the. shortage of modem 
meats has taken over Lazard space. Geering has just signed 
Property Unit Trust’s £3.2Sro, up Barclays Bank Staff Assocla- 
120,000 sq ft office development tion to take a standard 25-year 
on the Playhouse site in lease on the 3,500-sq-ft Georgian. 
Sheffield. House refurbished as offices by 

Geoffrey Carter. Trafalgar's de- Victor Jamieson's Maxwelton 
velopment director, is not House Property Company. . It 
worried about the overhang of appears that Mr. Jamieson has 
uniet offices in the city. His not heard of cornice- and ceiling 
scheme lies between Midland moulding repairers as he set 
Bank's regional headquarters in about that part of the restora- 
the Pennine Centre and Barclays tion work on the Grade 2 listed 
Bank’s Steel City House. When oathaJl House himself, 
complete, in November, i960, the 
block will complete a Sheffield 
(rin.ee office centre that he be- 
lieves will draw in tenants at 

the 1950 equivalent of today's 
£4 to £4.50 a sq ft prime rents. ^ 

Healey and Baker, who repre- 
seated Trafalgar on liic site 
purchase, remains as joint let- 
ting agent with Eadon, Lockwood ff 
and Riddle. Eadon. with 
Weatherall. Green, and Smith 
advised Lazards. Trafalgar's sub- || 
sidlary. W. J. Simms and Sons 
and Couk (Northern) lakes on *8. 

1 he const ruction work, while fl 1 

Viking Property's: Chaddesden ** ' 

Investments remains as project j 
consultant. |g } 

HARP1SICHORD makers Robprt Jl 
Morley and Company are expand- |f| 
ing into the lO.ono sq foot * 

Factory at Engale Street, 

Lewisham. S.E.13, held by mort- 
gagees of First National Finance 
Corporation. F.NFC's mortgagees, 
advised by Chamberlain and 
Willows, were asking around ftf- 
£120.000 for a lease on the two *1 • 

$f.o -'ey block from ihc City Cor- 
poration. The lease costs just 

£1 a year without review for 33 _ _ „ . ... 

years. Jones. Lang. YVootton has pulled 

© off the first half of a spectacular 

HAYWARDS HEATH, just 45 coup in New York. The agents, 
minutes from London by train after three years still relative 
and a few miles front G'atwick newcomers to the U.S. market. 
Airport, is developing into a have been appointed sole letting 
smalL but prestigious office agents to The William Kaufman 

j • . Organisation's 280,000 sq ft 

Modern office rents in the area t -i- n _ * , , 

now run between E5.25 and £5.50 ®^ ces jt 1 Hanover Square 
a square foot according to local (above). Kaufman recently 
a cents Ceering and Colyer. wlio bought the 25 storey building 
recently let Abbey Life's 20,000 from Connecticut General Life 
sq ft Westchester House to Insurance and has 200,000 sq ft 
British Caledonian for £5 a standing empty. New York 
square fool. The airline is build- agents will be keening a coin pp- 
ing a major national head- n jlw\ success or 

Quarters building in nearby 

Crawley, bui until it moves fairly oUi erwiM, * n pulling off tlje 
tight planning controls meau second hair of the coup, actually 
that there is only one sizeable letting (he space for around U.S. 
modern unit on the horizon, S12 (£6) a Sq ft 
New Capital Properties’ 23.000 « 

sq ft scheme on Perrymount 

Street near the rail wav station. bIDNE\ COROBS Corob Hold- 
New Capital, an offshoot of mys has now completed the air 
Gresham Trust, is expected to ™ nd ’ U0Ded r refurbishment of 
have its building completed by sr * fe<?t op £. c ^L in 

early 19S0 and Geering is cur- eighteen lb century building at 

renfly talking of pre-lettings at cLiVl h8, M-i« s T? nor 5 tre ^ t ’ V ^' 1 ' 
up to £5.50 a sq ft. The only Melzack and Teacher 

other major project in the pipe- £ r rri5h 
line is Tarmac's 42.000-sq-ft f^ ir C °. r0 u„»i ? A™*, . 

scheme, also on Perrymount *'f^* £15 'r? ?. sl1 

Street. The tenant who sup- r ®C0c,msing the block s very 
ported the block's Office f**« nww . conversion to prestige 

Development Permit is not now headquarter office standards 
expected to take the space, and J B 









Toler* 

Self-contained 
Office building 


BORN 


Low rent 


Total Area 


^ per sq.ft 



..mrti-urv 
ii L l £ Li 




Fuff details from sole agents 





DE&JLEVY 


01-930 1070 ^ 


Estate House, 1 30 Jermyn St. London SW1Y 4UL 



BY NICK GARNETT, LABOUR STAFF 
WORKERS AT two of tJie iarg& Djdcot inland terming owr- the 

Inland container depots,.. whicK-Iast few years has beeline pn 

have -no dose contact- with anywjie of who is and is not enirnea 
seaport are seeking reclassifica-'to load and unload container. 
tion as dockers. - Action by dockers has curiai 

Container handlers at -the expansion at Didcoct. 

Leeds and Birmingham depots of.'; - So far, the company has 
Containerbases, one of * the had similar appImaUoM ifrom 
blggest operatars in the field, are; two inland bases at motcii ester 
asking the company to apply on and Coatbridge m ScotMtKL 
their behalf to the nearest .port =. Mr. John Keid. the company s 
licensing authorities. . - ' group "managing director, o^. 

Shop stewards said yesterday 'written to Mr - 

that the applications were being .general secretary of we ifms- 
made because there. waff no -port and General workers 
legislation that would have airio- Union, to clarify the_ unions 
raatically classified them "is- policy on manning at inland 
dockers. . - ' con tain er ter roinals. 

They hinted, however, that rjob . i The container handlers are. 
security was a factor. There naif biembers of the Transport 
been some anxiety that attempts '’Workers, as are most doc kers - 
by dockers to resist inland con- . but belong to the road haulage 
talner work going to non-dock rather than the docks group, 
labour might be repeated. .- The Government’s^ attempts to 
One reason for the [action define dock work have collapsed 
taken by Southampton dockers over the past two yea re- 
in restricting use of the large . Legislation to provide a fiv&= 

Vauxhall men vote 
for strike action 

BY PHILIP BASSETT^ LABOUR STAFF 


mile: corridor , around -ports in 
which registered, dock workers 
would havji- had elusive cargo 
handling rights Was -.watered 
down in 197ff.to:providta corri- 
dor of only .half a mile. : 

This year . the Commons des ■ 
fen ted an Order that would have 
implemented the latter legisla- 
tion, however.. ■- 
• The 265. container [handlers at 
Containerbases’' four .Malaad-.- -- 
depots . are also applying -under : • 
Schedule 11 of the Employment .. 
Protection. Act for rpajr; parjfy^ , 
with workers' at.ffi^'compsdqn''"' 
Barking'- terminal.- '■* '/Ttie^worS- 1 .-' 
force rat • Barking- consists -Jof.: .. 
registered dockers^ ; : 

pay for workers -at &e inUiid;' v : 
depots is £68- for a.SMioarjgeefe, - 
which compares ;with £8230-for • 
those at Barking. The . 

believes that the disparity is toeV 
great. but has been undble to -* 
narrow the gap. because" of pajr i " 
policy; 3' 1 .-'-.V-' ' 


Footwe^ 
workers i 




FACTORIES AND 
WAREHOUSES 



Period Off ice Building 

6,000sqjft. 


l.v ■ .i,. ;• -S-. . i- 

: Weatherall 

‘ ■ ' i0%ffi5£944 

I;-' W 


i Between Cannon Street/Cheapsidel 
FREEHOLD OFFICE BUILDING FOR SALE 
(ApDrox. LIOO Sq. Fi.) 

Kinney&Green 


. jj?h 0 i^iRg & ivleqran 

1 • iyw Rf^ 77 ? 1 


32 CITY ROAD 

FINSBURY SQUARE EC1 

15,100 sq.ft. 

Prestige Office Buifeling 


• Automatic passenger lift 

• Carpeted throughout 

• High grade lighting 

• Decorated to a high, standard 

• Adjacent HAC Ground 


White 

Drnre 5.sr Helen's place. 

WIULL LONDON EC3A 6AU 
OL JJl’OVVn Telephone 01-638 5181 4 
CHARTERED SURVEYORS 


ILFORD 

RETAIL WAREHOUSE 

with Offices 

2,625 sq. ft. 

Gas-fired Central Heating * Yard 



S1LVERTOWN 
E 16 

19,100 sq. ft. approx. 

Single Storey 
Warehouse / Factory 
TO LET 


VATJ .vHALL . assembly - workers 
at Ellesmere Port yesterday 
voted to strike from November 
1 in the first of the mass meet- 
ings to be held on the com- 
pany's pay offer of just under 
5 per cent- - . . ~. '• 

The meeting of the 3,000 
workers, member; of the Trans- 
Dort and General Workers’ 
Union, backed the recommepda- 
dons of union negotiators of the 
annual pay claint. Earlier this 
week the trade union side served 
14 days notice on the 1 company 
of on all-out strike when it re- 
fused to increas6.' its offer 
beyond the guidelines figure. 

The 5.000 members 0f . the 
Amalgamated Union of Engin- 
eering Workers at the. Mersey- 
side plant are expected to follow 
suit when they meet- on Sunday: 

The 13.000 hourly-paid workers, 
at the .company's Lutod plant 
meet on Tuesday and the- -4^500 
at Dunstable on Monday. They, 
too, a;re expected, to support' the. 
strike call, though, the Ellesmere 
Port factory fs tradition ally, seen 
as the most militant- 


: Some moderate workers and I 
shop stewards at the Luton and. 
Dunstable plants claimed yester-; 
day that they were afraid to vote 
against strike action at a mass 
meeting for fear of violent 
recrimination. 

They predicted a large-scale 
shopfloor revolt if the meetings 
were replaced by secret ballots, 
and said that leaflets and peti- 
tions were being circulated at 
Dunstable to try to replace the 
meetings wtih ballots. 

Mr. Tom Conway. . Luton 
deputy TC.WU convenor, said 
that he had seen no petitions. 
Those making the allegations 
should make an official com- 
plaint. "We always get allega- 
tions nf this kind during a iiis- 
pute. but they are never- found 
lo be true." 

Vauxhal! has offered increases 
of between 4.2 and 4.8 per cent, 
and a productivity deal expected 
to be worth up In £14 a week..Th6 
union claim is for "substantial" 
increases and a reduction in 
hours. I 


union deal * 

SHOEWORKERS havt; Tejeietatf Vl 
a pay deal acrepted- by 4help V | ' 
urripn. in a baLiot - 
members, of the National OniocfV^ 

of Footwear, : LeatheT ind Alli^i - A 
Trades . were not,.. prepared 1 : r 1 ’ • - 
accept the Ge vern men b>3 per - 
cent pay policy;. Only 84lfiv*re > j 
in favour. . • - -.- : 2 

Urgent talks .^bavd': been T - 
requested with emblofrers 
out. details of a hew 4eaL -Mr.--*' ' 
Bert Com e rf ord,-p E^idenE olOeZji : ' 
union said: " Tin ion: officials : - 

naturally disappbjntefl wtM- 1 . 
outcom* of the ballot ' l - 
“ It indicates ' a :ae^nrttrtroa L S 1‘ 
of the Govcrnment^s pay^policir;' -' 
so for us. it is a: case . iif ba pkio-v - 
the dra win board.’ r -v--.'' 

The . sh oe «orkere;>£ wanted 
increases of: £7J2Q ^ week, and --- : 
five days holiday a yeaii'an'd a'V 
reduction oE -21 :woridflg itoairs a ; . 
week-’ ■;.* 

- At a meering^wflh tbe^mami- ‘ 
facturers' haion- ' ‘ - 

officials acreetf • to Viaerfent m T_ 
priitcipli 
member 


Daily Telegraph printers 
back return to work 


Shipyardslaions 
to see yafley 


BY PAULINE CLARK, LABOUR STAFF 


SHIPBUlLDI^tiMOW 
are to meet ;Mr. r ; 6rit 'VaHey, • . : 
Secretary of state^driladiBtfy; .; . 
to discuss- ttre- 10,000 Tedund- -. 
anctes projeeled by-thfr^-flbrale- , . 
plan being completed, bj^Bddsh " 
Shipbuilders; --- .• • 

Senior "union officials^ ifiare-,... ■ 
accepted the serionpn'ess of the, - 
industry's p^ht, 'and -Mr. John '. - 
Chalmers, general setretaiy 'cf. 
the Boi lermakers’ Amalgamation. . 
has said that by this time nSxt 
year there might be no ships in 
UK nierchant shipbuilding yards., 

Briti sh . Shipbiiildms wUl " V 

talks on -the': plan 'with union .- 
leade rs neit week,;, . on" - the' 
assumption that ' the^jrerciiaiit ‘ 
shipbuilding w«kforce^f 4ft«M) . 
will be reduced by about three- 
tenths. The cbTporatiofi^is - ex= ; -. ^ 
pected next month to announce. - ■>- 
losses of almost' £100in in its first 
nine months’ trading:. . . 

Mr. Chalmers said yesterday 
that The Confederation of Ship- . 
building and Engineering Upjori§ 
was seeking a meeting' with Mr. . 
Varley as soon .as possible tOdUr . . f 
cuss the . Government's plans 'for. 
the industry. . 'J 
Hr agreed that- the industry 
needed forward .planning, —v:.: 

There have ..becn-B:lawst'3JW0 ■ , 
redundancies iii the -fadtistiy- 
since natibnalisatibn, in July last :s ^ ' 
year..- The maximum payment .- 
under the shipbuilding redun- 
dancy scheme is £10,400 * . <5 ^' 

worker, although the ce^^p 0^ad<,I, / 
estimates that payments ' will. " 
.average. £1.725: •• .i 


tiiLFORD mmi 

Provertji awwtabtc tor silt Mar io«n 
«nrre in Mi'lord H»«n. curr*nd/ in 
use as Builder's Depot. Overall area 
6.300 square feet with central entrance 
and several buildings. Would be smt- 
abal for a e vil or mechanical company 
seeking a base in this area. 

Anht? 

WBLDHTE ENGINEERING UNITED, 
Station Road, AmpthSII, Bedford. 
Phone: AmptMU 402767 


EDWARDSYMMONS 




£ 6 '£2 Wilier- FoaC London SW* V 1 DH \ 


EXTENSIVE STORAGE 51TE 

AVAILABLE 

SOUTH OF LEEDS 

Ideally located close to Ml and M62 
ntbtoi rvays and At. Site served by 
Whan «irh ISO ft frontage able to 
accept barges up to 700 m.t. Weigh- 
bridga up ro 40.000 kgi on ure. Bulk 
liquids and dry goods, competitive 
pees. 

, Write floa T4971. Financial Timet 
f JO Canaan Street, £C4P 48» 


\f.l\ 1,0 Y Ala. IV.W..U. netUXOrjiL' 

sacttirv .inj Qrtices 4.023 v\ It Immo 
oiatc possk-ssion. Rent &9.B0’ pa. Full 
deuiils trom Mills 6 Woon 01-336 J041 
NO HEAD. SURREY— -One Acre Site 
annroalin.noi, -(0.003 It bui/Otnqs 
potential imtustrla* use 'suhlec to olan- 
n mo approval). Frcchnld available. All 
enauirics AVUor Eppar Cpnimercial 
Department 7«. Casttr Stroet. Famham 
D2S 131 6221 

D'MI'Ml LOCATION. Commercial 
property in . ha me* Valiev area. Com- 
prchciKIvc Iteolstcr maintained. Apply. 

Cinfv 4 Co. Windsor St2St. 


Tei 01-834 8454 


| SHOPS AND 
! OFFICES 



SLOANE STREET 

Prime Position— Shop 

LEASE FOR SALE 





WOIJHfflti 

440 Kings Road. London, SW1D OLH. Tel. 01-351 2383 


VERY CENTRAL 

MODERNISED 
SHOP ONLY or 
EXCELLENT 
SHOP/OFFICE 





Freeholdor Leasehold 
OFFICES WANTED 

for Substantial Company. 

15,000/25,000 sq.ft 

MAYIA1R, KNIGHTSBRIDCE or VICTORIA 


:AHMorJEH 




FACTORY SUES 





GENTRAL 

LONDON 

TENANT REQUIRED 

TO SUPPORT OD.P. 

23^00 SQ. FT. 
CENTRAL LONDON 
MANY BENEFITS 
W’rfie Box T.4966, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


-j rmotRitk's ftace- 
ionwn rp£ 0j}.\ . 

01-606 7601 


FOR INVESTMENT 


OFFICE INVESTMENT 
Refurbished Georgian Cuiltfing 
with Modern Extension^ 

u - . w. LocaUxS IwrweMi 

H'gh Wycombe & Beacohsfleld 
, ci 4.750 pj. earl 
FREEHOLD FOR sale . . 

. . . OFFERS INVfTHD 

m ft ,1 AM u NtTT RAFrtTT. 

SgL-gy J- , 3Q High Street. Hi|h 
wytomhe. Bucks. Tc( . 0 dH.2l23d 


THE LONGEST and probably the 
most damaging strike.-, at the 
Daily Telegraph for 23 yeSrs 
ende'd last night when printers, 
in dispute over pay and disputes 
procedures, ' ’* overwhelm ihgly " 
accepted a peace formula.;' 

London editions of the news- 
paper have not appeared for 
more than a fortnight because 
of industrial action by 240 
members of -; : the National 
Graphical Association. 

Although a full return to 
normal working was expected 
last night, the settlement cam? 
too late to avoid some dis- 
ruption to today’s editions, and 
the paper’s 1 management said 
that the usual number of copies 
might not be available. 

The management, which had 
warned at the beginning of this 
week that the strike wv leading 
to bankruptcy, added that about 
13m copies had been lost in the 
longesi period uf industrial 
disruption since electricians 
slnnqpd work for a week in 105-1. 

The strike began over a com- 
paratively minor pay issue 
affecting only 24 NGA members 
opera line telephoto equipment 
hut developed into a major con- 
frontation over a management 
desire to see full-time union 
officials involved in helping to 
■settle disputes with printers. 

This has become a sticking 
point .in Fleet Street negotia- 
tions. with the NGA a leading 
proponent of the view that 
disputes should he settled 
primarily between the manage- 
ment and employees. 


Agreement on. a return . to 
work was reached at a 21-hour 
meeting o£ the . composing room 
chapel (union branch) attended 
by Mr. Ives Dixon, president of 
tbe NGA. , and Mr. William 
Booroff, London. regional 

secretary- 

The full-time officials . recom- 
mended acceptance of ari : agree- 
ment reached in principle 
between the management and 
the TUG printing industries 
committee on Tuesday night, 
which tbe management described 
as establishing a platform fur 
disputes procedures in the 
future. 

The agreement provides for, 
settlement o| composing room 
matters between management 
and chapel but allows reference 
to permanent union officials, if 
serious difficulties arise, and 
recourse to a TUC panel, in the 
event of total deadlock. 

Talks are to taki? place 
between the chapel and NGA 
officials on the pay claims for 
the telephoto operators. 


tj-,- ; . 


Water cut off 

THOUSANDS OF homes in pails 
or Ulster, were without water last 
night because of an unofficial 
work-to-rule by 200 men in the 
Dcoanmern of the Environment’s 
wafer service. Supplies to six 
towns in Co. Armagh and Go 
Down had been cut off and wafer 
was being distributed by tankers 


Union accuses rubber concerns 


ro mi. Gloucester pl.. w.i.— - A ocwitir 

r« urbishw ouitc promises, to let. Partly 
turnilMtu. Aeoron. 1.6B0 Ja. ft. Viewing 
by awwlntmpnt. Phsjte contact- Tef. 
01-206 7?Z5 for furUicr Information. 
INTER WAT 10 MAI. RESEARCH PREMISES, 
siougn. Bcrunirc. 12.2JO sa ft. nett 
Cat oarkina lor aSPra*. 70 un. Main 
road DQittior* ciwst \o tdw Centro. 
For sale Freehold or nvjv consider 
Lolling. Aopiy Sole AncM$ A. C- 
Frosi a Co.. Windsor 54SSS . 


INTERNATIONAL 

PROPERTY 


SWISS SKI CHALET. dr-jnu it.n. U«4I 
skiing. Slwos Mr Hal <i>-ariy every- 
thing. L3.SOO Doifnr premium evemer. 
Teieanpne 01*042 1B90 • 


F03 INVESTMENT 


Leeds — Mod.in IrmuJtr.al investment. 
Freehold on Gniderd- Lane, clone MCZ-l. 
Aen« roil E11.82S PJ e« Single Stortrv. 
a total o? i o goo sa- ft let to two ■ 
dwsd tenants C-*ec!tc«t yiMd £120 000- 
Apply- Henry Buttner * Co . 27 .St., 
^uis St.. Leeds LSI SJC. Tel: 0932 
457JS6. 


BY SUE CAMERON 

THE General and Municipal 
Workers' Union has accused 
rubber companies in Britain of 
making a “mockery" of the 
industrial strategy by throwing 
a “ shroud of secrecy " over tyre 
imports. 

If said yesterday that the 
“double standards’" of Dunlop 
and Uniroyal had forced rl fo 
reconsider us whole altitude Ui 
ihp Government’s industrial 
siratp“.v and that dialogues 
aimed at boosting productivity 
would “ he h waste of time 7, 
unless companies were mnre 
open: 

Mr. David Warburtnn. the 
union's national industrial officer 
Tor chemicals and rubber, 
claimed that - Dunlop and 
UniroyaJ were merely “paying 
lip service " to the need to 


cut tyre imports. Both were 
contributing to the problem. 
Last year, imports were run- 
ning a t 3S per cent, an increase 
of 11 per cent since 1975, 

Dunlop was importing 
Romanian tyres via its whole- 
saling and retailing subsidiary. 
National Tyro Services, until the 
end of last year said Mr. War- 
burton. 

Dunlop said yesterday that th* 
imports were part of a buy-back 
deal concluded with the 
Romanians in the early 19B0s It 
was no longer importing East 
European tyres, but it bad not- 
told the trades unions about the 
Romanian import deal until the 
GMWU started making inquiries 
this summer. 

Mr. Warburton said that he 
was equally concerned aboa. the 
activities of Uoiroyal, the U.S ■ 


based - rubber imd chemicals-- ; 
group, which ; had ^mooted the- ; 
idea of a fnurtiay ■ week at its •' 
Scottish, factories, in ! Dumfries ■' . 
and Newbridge because of cheap; :: 
tyre imports. . . ‘ • .*■ 

The -company was proitidmg • 
technical assiatahee and jnanago- ; 
ment for a' . hfeh capacity tyre- .- ■ 
plant at Debica, Poland: whica -- 
was exporting part of its; output • 
to France. France could provide • ■■ . 
a market for Briiish tyres,-. Mr., .j 
Warburtnn id. . - 

• A .35-hour;, week . and a-su b ’“' v ^ 
Klantial pay rise are incioded ’ 
a comprehensive : claim lodged 
on behalf of 350J300 garage., 
workers.' The unions want .con- - r 
solidation of present pay sup- 
plements, ‘improved holiday. . 
better holiday and shift-pay ; and'.:.i 
a review of ' classification ; for; 
some skilled- workers. 






















Financial' ISmcs Friday CJctoSer SO 1978 


•17 


The Management Page 


ICI— driving hard for a big 
stake in the Continental ca 






TCmUD THE MOTOR INDUSTHT ' KSISSit 


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PAINTS 

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BY NICHOLAS LESLIE 


E -■ 


'W\ 


*Xieet 


THERE are two particularly are incorporated in ICrs own tion exists, but lighter cars may 

sinking aspects about one of racing cars. Such functions nonetheless be inevitable given 

the newest teams to emerge in have been held in Italy. France, the American influence outside 
the past two years in Formula 2 the UK and Belgium throughout the U.S. While U.S. produc- 
motor racing. One is its colours, the past year, again with guests tion accounts for 30 per cent of 
which are three shades of very drawn from car and motor com- world production, on a world- 
distinctive green. The other is ponent manufacturers in each wide manufacturing basis the 
is sponsored by country. American big four producers 

ICI Britain’s biggest chemical Th e W hole show is kept make 50 per cent of the total, 
group— not. perhaps, the most relaxed and is clearly appre- By 1981, then, there are expecta- 
obnous company to be putting ciated by the guests. Like most lions that, for example, an 
^ aeraWe amount of pe 0 p] e j n tbe motor industry, average 1300 ce European car 

r. ac ?T ,ty - they tend to have an enthusiasm may have a 6 per cent plastics 

- ’ noted ? s for cars which far exceeds the content by weight, against a 

a consumer-oriented company m bounds dictated by their pro- current 4 per cent, 
i* JL 3 ". C, ”^ rette fessional involvement; they are The potential for ICI thus 

^ ? od .5 ar as susceptible as anyone to the becomes obvious. But to achieve 

H ^,ntnr m Sri^ e fam * l,ar excitement of motor racing, par- its objective, the company is 

a umiim iL C iU, S +« i^! 1150 ^' u 1 80 Ocularly as they are given an employing an approach which, 
tA e ^ m » t0 less insight into the be hind-tb e-pits in its own terms, represents a 

S a T ° rejection of some established 

Yet two^Fonmlfa PI o M «3£ Eut racin S is r ® aUy onIy n,,es of “a^ement in favour 
care sD^nf iS^olnui ^d one P a « of a l^ ^ aw “ of what bfoadl y be 

logo. Saw tee^buraira ud* IC1 ’ s strate §>' towards ^ ^ descnbed as entrepreneurial, 
considerable amount tvre t* 1161113 * motor industry, the ICI comprises a number nf 
rubber on various race eireitiS ramifications of which touch different, virtually autonomous 

tfroughout SSSSe 1 this of «* P"*. iB ?K UdtaB ^ 

and with considerable success and complex ways. The racing chemicals. fibres, paints, 
Derek Daly ICTs main reeular ^Presents much -.more than organics and plastics. Each bas 
driver MS wi£ P ublicity - although this is one its own line management strae- 

in Italv together with two objective. For. if all the pieces lure, its own sales team, 
thirds, and oth^r placing* to come together. ICI ^should research and development 
finish the year in number three emerge from relative obscurity capacity and so on. This works 
Sr ST tS FtaSta 2 on the Continent dairprisingiy. well in the UK, where each 
championship And this is his **“ company is still largely tp- division has a very large, well- 
first year in this d ass of rati n£ known there > 10 he"™ 68 m established business, and the 
Such success though is more lon e- term force in the car com- predominant requirement is a 
of a bonus to ICI than its prime ponci,ts industry, producing structure which ensures that 
objective — although it obviously such materials as plastics, markets are maintained and 
does not want to perform badly. fibres and so lvents -- properly serviced. Another 

For what the racing team really The market ICI is going for reason it works well is that 
represents is the front end of is enormous. The group’s cur- ICI is so widely known, and 
a major campaign by the rent sales to the motor industry existing and potential customers 
chemicals group to carve out a total about f 100m: but only w > 1 therefore have . a reason- 
much larger slice of the Con- 10 per cent of this is: to Conti- able understanding of the range 
tinental car market, particularly nental companies, the rest being of products that are available, 
in the original equipment field in the UK Yet the Continental On the Continent, though, 
— selling to the motor industry car industry is roughly 10 times those customers who have heard 
itself. At present, its business the riae of that in the UK of ICI often think of it in very 
in this area is very small, and " ■ narrow terms — merely, for 

motor racing is seen as the ideal InPvitflhlP " example, as the manufacturer nf 

way to bring together existing the one particular material they 

and potential customers and ex- A continuing shift, towards might use. Alternatively, they 
plain to them what ICI can the use of lighter materials in may be somewhat bemused at 
offer. cars-^-and plastics are the most being approached separately by 

The most recent of these economical — is seen, by the three divisions, each of whii* 
events was the final race in the motor industry as inevitable, may argue that its particular 
Formula 2 championship, held particularly in the aftermath of material is the best for, say, 
last month at Hockenbeim, West the 1973 oil crisis, which threw fans- Either way, an accurate 
Germany. ICI hosted, a large into . sharp' relief the need ,_to picture of the chemical groups 
gathering of key people-^ conserve energy resources. In capability in the motor indusrry 
together with their families — the US, where the present is not always getting across, 
from such companies as Volks- plastics content of cars -is about 'Given that in Germany, for 
wagen, BMW and Mercedes- 4 to 5 per cent, legislation now example.- ICI is competing 
Benz, as well as component demands that cars achieve a against three well-known giant 
manufacturer representatives, minium performance of 18 miles chemicals groups — Hoechst, 
They were wined and dined per U.S. gallon by .the end of Bayer and BASF — which are all 
from a double-deck hospitality this year and 27.5/mpg by 1985 bigger than the British com- 
bos right next to the race (equivalent to ; 33 miles per pany, it becomes dear just 
circuit and, most important. Imperial gallon). Part of this how important it is for ICI 
were made aware by the ICI improvement must be achieved not to confdse potential cus- 
executives on hand of the extent by reducing the weight of tomers or waVe its own time 
of ICI’s range of products for vehicles. duplicating .effort between divi- 

tbe car industry, many of which .In Europe, no similar legisla- sions where a united approach 


would be preferable. 

ICI’s approach on the 
Continent is to build upon 
existing business so far as is 
possible — avoiding particularly 
strong head-on competition with 
its major rivals — but to gener- 
ate markets in new product 
areas, both through its own 
efforts and by carrying out 
development work in conjunc- 
tion with customers. 

It recognises that the 
technical properties of some of 
its materials are essentially the 
same as those of Its European 
rivals, and that, while with 
these it must sell harder, its 
best hopes may well lie in 
creating new products that will 
replace those currently being 
made with traditional materials, 
such as steel. 

According to Dr. George 
Ewart, development manager of 
ICTs Europa division, which is 
based in Brussels, this means 
ICI must become better under- 
stood on the Continent and 
must also establish a stronger 
manufacturing capability, as 
well as on-going development 
programmes with customers to 
create materials to their 
specifications. 


Proximity 


■N-: 


The importance which ICI 
attaches to a Continental manu- 
facturing and development 
capability is clearly underlined 
by its fear that without it. the 
company would suffer from a 
logistical disadvantage. Why, 
in purely practical terms, 
should any Continental car or 
component manufacturer deal 
with a UK-based company 
unless it can offer manufactur- 
ing and development facilities 
within roughly the same 
proximity as its Continental 
rivals? This is one of the 
reasons why a plant is under 
construction at Wilhelmshaven, 
io Germany, for the manufac- 
ture of basic chemicals. The 
first phase is scheduled to come 
on stream early in. I98L . 

As evidence of the benefit 
of having Continental plants. 
Mr. Gustav Dierssen, general 
manager of Deutsche ICI, says 
that it was after a fibres plant 
had been built at Oestringen, 
near Heidelberg, that ICI’i 
fibres, sales in Germany really 
started to take off. 

Equally important then, for 
ICI’s motor industry aspirations, 
is the polypropylene plant just 
coming on stream at the com- 
pany’s complex at Rozenburg, 


near Rotterdam, since polypro- 
pylene is one of the most 
important of Id's materials for 
this industry. There are eight 
different plants at Rozenburg, 
producing such things as Tery- 
Jene, nylon, polythene arid 
acrylics. Other manufacturing 
facilities include Baleycourt 
(making plasticiser alcohols) 
and the Fos polyethylene plant, 
both in France, and the paints 
plant at Hilden. near Dussel- 
dorf, in Germany. 

To capitalise on all its 
various strengths ICI has taken 
what it feels is a nun-traditional 
line with the divisions. 
Normally, says Dr. Ewart, a 
company attacking new markets 
would take a number of people 
out . of ihoir individual, 
specialist positions and form a 
new grouping inside a new 
company, with a special remit — 
in ICI’s case the automotive 
industry. But he feels that 
while this may work for a small 
company it is not appropriate 
for a big group. 

“ You are taking a man out 
of his specialist environment, 
but are expecting him to con- 
tinue making technical advances 
in a particular area, fie will 
gradually become out of date 
and isolated, and eventually he 
will not be accepted by his col- 
leagues. So we are trying a 
system whereby we kepp people 
in their own area, with res- 
ponsibility to their own line 
management. though co- 
ordinated by someone outside 
in order to present a united 
front "—in other words, a form 
of “matrix management." 

While Dr. Ewart co-ordinates 
the entire European effort, 
others have responsibility in 
different countries for co- 
ordinating the efforts of 
separate divisions to sell to the 
motor industry. In Germany, for 
example, it is the assistant sales 
manager for polypropylene who 
has this task. It is an essential 
part of Id’s plan that all per- 
sonnel with a co-ordinating res- 
ponsibility should also have a 
specific line management func- 
tion in one of the divisions. Part 
of tbe reason behind that is that 
this ensures they keep up to 
date with developments in their 


I petrochemicals) 
DIVISION 

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INSIDE THE CAR 

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own field and that they main- 
tain a keener appreciation of 
the potential of other group 
products. 

It is also felt that people with 
a particular product respon- 
sibility should be better 
equipped to gain an understand- 
ing of hnw car manufacturers on 
the Continent are structured 
and how they operate. This is 
important now that TCVs 
assault on the motor industry 
is being directed mainly at car 
manufacturers rather than com- 
ponent suppliers: since it feels 
the car manufacturers will be 
making an increasing number 
of their own components and 
that it is crucial — given the 
long lead times on new car 
models— to get in on the ground 
floor with joint development 
work. 

Similarly, ICI may feel that it 
is easier to try to persuade a car 
company to specify, for example, 
ICI fibres than it is to get an 
upholsterer supplying that par- 
ticular car maker to change its 
source of fibre supply. 


Although the theory behind 
ICI’s approach is fine and allows 
considerable flexibility, it is not 
without its potential hazards. 
The freedom which the different 
ICI divisions have in their own 
countries to stipulate who 
should handle the co-ordinating 
role means that those now hold- 
ing these responsibilities are not 
in the same level of line manage- 
ment in their own divisions. 
Thus, while in Germany the 
position is held by the assistant 
sales manager for polypro- 
pylene. in France it is someone 
who is two rungs further up 
the management ladder.^ 

This raises the question^of 
whether relationships between 
co-ordinatnrs are affected by 
their different positions in line 
management. Since these 
people have no specified 
management clout outside their 
own particular line, manage- 
ment it seems likely' that the 
degree to which they succeed 
in using persuasion could be 
affected. - 

Another possible area of diffi- 


culty is the extent to which 
UK managers of ICT are res- 
ponsive to the persuasive powers 
of the co-ordinators, particularly 
those engaged in technical 
development. There is Qond 
reason to believe that UK 
managers are largely unaware 
of bow little known the com- 
pany is on the Continent and 
consequently how flexible they 
need to be in responding to 
opportunities as they arise. 

Then again, there will be 
occasions when one division will 
be asked to stand clown in favour 
of another in supplying material 
for a particular product. This 
suggests that inter-divisional 
competition is being tinkered 
with, though this is denied by 
the company. It is hoping the 
divisions will gradually become 
more aware of each others’ 
strengths for particular car 
components. If two divisions 
are equally sure their material 
is tiie right one for a particular 
application “ we should let com- 
petition have its way." com- 
ments Dr. Ewart. 



. pf’ 

V v- ' 



[> 


El 

1 




A word for anyone who 




Harrison. As distinctive a word now, as when the 
Thomas and James Harrison partnership was launched 
in 1853- ' 

Not that, of itself, individuality is a virtue. But our 
particular brand has erta Wished us through good times 
and bad, war.and. peace. 

And a great many advances in equipment, techniques 
:abd systems. 

But, because we believe personalities should aid 
progress, we have brought our name into' several 
consortia;. a development in shipping that uses the 
most modern methods. 

For example, we’ve been happy to associate, ourselves 
with such successful enterprises as Associated 
Container Transportation Z-td. (ACT) and Caribbean 
Overseas lines (CAROL) a consortium which offers a 
direct cellular container service between Europe and 
ten Caribbean ports* - 


>s- 


same. 


And we have containerised the South African trade in 
association withEllennan City Liners —by forming the 
EUerman Harrison Container Line (EHCL). 

It is in. these ways, as well as by running an efficient and 
personal shipping line, that we ensure regular 
customer satisfaction. Harrison : the name you can 
depend On to care for your cargo. 



Harrison Line 


WE CARE FOR YOUR CARGO 

Thos &. .Tbs, Harrison Ltd, Mersey- Chambers, Liverpool L2 8UF 
Thos &. Jus, Hasrisoaitd, 15‘DfcvonslareSq, London EC2M 4HA, 


National Semiconductor 
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This step is not only natural 
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Pr 


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BY MA 


THE PF 
decided tc 
;il lection 
Wilson f* 
number o 
were con« 
pni?n agai 
Party on 

1974 Gem 
The foi 
allegation 

lowing ihi 

affair. Mi 
was. had 
an o relics 
himself, i 
Lady F:- 
Marcia W 
The Pr. 
Sir Haro 
drawn sol 
Subseqi 
told the 
did not 
prictors 
instructed 
round a 
material." 

The Pn 
to hear 
Sir Ha rol« 
formal t-o 
On Ihe 
against I 
council Si 
Uuyal Cc 
Hi. if I her 
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The Pr. 
is one n: 
Jished tori 
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against l> 
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picture c 
Henrietta 
death in I 




18 

LOMBARD 


T&iancial 'tunes; Fn^ay October 


Monetary virtue 
has a price 


BY JONATHAN CARR 


SHOULD YOU wish to be the 
Jife and soul of a party of agri- 
culturalists from most European 
Community countries (an un- 
likely desire 1 agree)— here Is 
one certain way of doing it. It 
will cause those around you to 
turn red in the face, guffaw 
loudly— indeed, as the saying 
goes, split their sides. You 
simply have to ask " do you 

think that ihe moves of the Euro- 
pean council in Bremen in July 
for a reform of the common 
agriculture policy (CAP) will 
really come to anything?’’ 

Ho ho. they will gurgle. They 
have seen it all before. It is only 
heads of state and government — 
that is men with their heads in 
the clouds — who could propose 
anything so absurd. Why most of 
them (perhaps all) could not 
even explain the difference 
hetween a threshold price and a 
sluicegate price if you asked 
them — let alone the workings of 
the system of monetary compen- 
satory amounts. It is now. they 
continue, up to men of good 
sense and sound instinct — that is 
the agriculture ministers — tn 
see that this dangerous lalk nf 
reform achieves no practical 
result. 

As before 

But in essence the CAP will 
go on as before. For. as we ail 
know, the CAP is the only real 
common policy the European 
Community possesses. This point 
may briefly cause the agricul- 
turalists lo lose their mirth — but 
the thought of reform efforts will 
not fail to set them off again. 

It is surely high time to wipe 
the smile off their faces. The 
arrogance of agriculturalists (a 

breed incidentally which extends 
far beyond those farmers whose 
interests are supposedly at stake) 
has persisted long enough. Farm- 
ing has become much too im- 
portant an affair to be left to 
farm ministers. Perhaps the lot 
of them should be put out to 
pasture for a year while the big 
overhaul occurs. 

What justification could there 
possibly be for this somewhat 
extreme suggestion? In brieF it 
is this. Most Community coun- 
tries — probably all — are steering 
towards membership of the new 
European monetary system 
(EMS) from the start of next 
year. It is clear that the eco- 
nomic condition of some of those 
countries (iet us say, for 
example, Britain) will make 
membership a tough if (argu- 
ably) rewarding business. Those 
countries have a right to expect 
support from other members, 
and from the Community as a 
whole, to supplement their own 
economic efforts and help them 
stay in the system. 

It is now clear, or should be. 
that the structure of the mone- 
tary system in itself, will not 


permit needy countries to- treat 
it as a kind of “lucky dip" not 
previously available. It also 
seems highly likely that no 
wealthy member country (let us 
say. for example, West Germany) 
is going to make available front 
one day to another a lot of extra 
funds for transfer to currenUy- 
weaker brethren (which does 
not rule out boosting the role of 
the European investment bank 
as a pruvider of cheaper loans). 

IF. therefore, there is not going 
to be creation of a lot of extra 
funds in the hear future to help 
improve the Structure of weaker 
economies, there is a powerful, 

indeed irresistible, case for mak- 
ing better use of those already 
existing. That brings us to the 
Community budget — and auto- 
matically to the CAP which takes 
up about 70 per cent of it 


Changed world 


Does it make sense to lalk 
about transferring new resources 
when so much of the existing 
budget goes to support prices of 
products already in surplus? Is 
it even reasonable to ask more 
oF richer countries when the esti- 
mate for surplus butter storage 
alone exceeds the whole appro- 
priation for payment under the 
regional fund. (Remember the 
regional fund — for whose estab- 
lishment the British fought so 
hard and so hopefully V> 

Yes. one knows about the big 
deal which allowed birth of the 
Community — an agricultural mar- 
ket for France in particular and 
an industrial market for Ger- 
many. But the world has 
changed — and neither French 
peasants nor French industry 
are as they were. Yes, one 
knows that Chancellor Helmut 
Schmidt tried a year or two ago 
to gain reform — but the French 
President was in a weak position 
domestically and had an agricul- 
ture minister called Jacques 
Chirac. But now the President 
is strong and the name of the 
agriculture minister is hardly 
known outside, perhaps even 
inside, the borders of France. 
This is an encouraging sign. Yes, 
one knows the argument that 
some of the biggest surplus 
stocks are in West Germany. 
Which might seem to give Bonn 
an interest in perpetuating the 
present CAP. But the latter is 
probably a red herring — since at 
least part of those stocks are not 
of German origin, simply dragged 
across the border to the land of 
the sturdy DM and swift inter- 
vention payments. 

The question is no longer how 
things got this way, nor even 
how difficult it is going to be to 
alter them.- The question is 
whether Community leaders have 
the gumption to insist that they 
will no longer stand for econo- 
mic nonsense white preaching 
monetary virtue. 



How Hoover 

pieces after the war 


MERTHYR 


BY ROBIN REEVES 


TODAY the Prime Minister is 
taking time off from -affairs of 
state to visit Hoover’s Merthyr 
Tydfil factory. The visit is timed 
to coincide with production of 
the fifteen millionth washing 
machine at the factory, but is 
also a recognition of the uoiQue 
contribution Hoover has made 
to the economic life of Merthyr 
Tydfil and the surrounding in- 
dustrial valleys since the com- 
pany first came to South Wales 
30 years ago. 

The town of Merthyr Tydfil 
has a very special place in 
Wales' industrial and political 
history. One of the birthplaces 
of the industrial revolution, it 
grew up rapidly in the late 
18th and early 19th centuries 
with the development of the 
local iron industry’, and early 
on established itself as a hotbed 
of political radicalism. The 
Merthyr rising of 1831 produced 
the first workers' martyr — the 
legendary Die Penderyn, who 
was hanged as an example — 
and possibly the first occasion 
on which the Red Flag was 
raised as a symbol of revolt in 
the British Isles. 

By 1S40, with the continued 
growth of the iron and coal in- 
dustries, Merthyr had a popu- 


lation of 47.000 and wa$ argu- factories closed and unemploy- seen the domestic 
ably, at the time, the largest in- great started to climb again. machine transformed 
dustrial town in the world. In- ^ ^ ck . luxury pn>d urt to an item found, 

terestingly. it was then over 90 j tt most homes. And, as with 

per cent Welsh speaking. The ground that Hoover arrived m ^ vacuum ctemer, Hoover *as ; 
town prospered throughout the Merthyr in 1948. The company Jn ^ forefront of the revofn- 
rest of the 19th century and had been established as a U.S. produce a washing 



washing 
from a 


secured another nook in _ subsidiary in London since 1919 machine which most ' people services <mch as dierasting and 

*!*??? 'S. e _ si and built its first factory, at could afford, using mass P^ vitreouB enameliling. model is being imports from 


The present Hoover brand 


Perivale, West London, in 1932. duction methods. - On the marketing side, *h e West German manufacturer. 

But after the war the company initial employment - at. ■ the Merthyr is responsible, for some gauj^echt, in order to test a 


e town s economic difficui- ^ persuaded by the Govern- Merthyr factory was 128 people. 40 per cent of the washing hag ^gen giwto 

me4D( t : $ 0 locate its post-war ex- Today, the company is the machines sold on the British . n -Retain - But tle 


Labour MP, Kier Hardie, in 
1900. 

The town’s economic difficul- 
tly 5 began immediately after tu hjuaic iu Aoaay, toe uuuiiiauj » uhs mauiujifs auiu «»* s_ ' 

World War I, but conditions ngugfon Scotland and Wales largest single employer in the domestic market, and more than op . .r 

worsened considerably in the — Cambuslang, Lanar kshire, private sector in Wales, .with -SO per cent of the UTCs total design of Hoovers own -model 
1930s with the onset of the great on ^ outsorts of Glasgow, a workforce of over 5.000 and exports. Since 1948, almost .one is evidently well advanced and 
depression and the transfer of electric motors for all Merthyr is tire largest washing third of all the washing a ^ming production does .go 

the town's iron and steel j. 1 *; Hoover appliances are made, machine manufacturing complex machines produced at the fats promises to boost 

dusto to the coast ,t CardJff and gt Merth in Europe. . tow have been exported-to ^ t,, 

24 miles away to take advantage „ _ „ * . -over nn countries em^ujuicuv rr. ■ 

of cheaD imDorted nrp British The fortunes of Hoover of Besides mulqnj? a roraprehiH^ - r 110 c0 . „ 8,000. - ’/ "J. 

Steel’s Cardiff steelworks at Merthyr and toe Hoover Com- give range of washing machines, . . There is growing concern in ^»be latest .expansion only 

52 ES. S' 

S.’S'K =£» " lS£ to 5 £?2E?-JSSS?** economic ^ hm** w 

By 1939 Merthyr s unemploy- St David . s Day (March 1) 1948. Hooveris wrid-wSde oaEanisas ^ not affected Hoover’s thesurroundtog area, 
ment was so high and seemingly jjaj-j- Two model produced « 0IU Nearby Gafarthfa is the^brtunes at - Merthyr, generally is . passing, through 
intractable that it was even sug- ^ ^y^ne with a hand UK base for the comnanv’sMeed, the company is pre- another unemployment crisis, 

gested in -London toat toe town OTlnger attac hed — retailed at fi ee g <,f articulated ddfirexy ’ s® 11 ^ involved in a further a few miles away at Ebbw Vale* 

,J ervei J. Lts purpose and Today, toe same machine vehicles, • -£l0m expansion scheme next 2,000 steel jobs -disappeared 

should perhaps best be aban- Js m \ to be found among toe m 1<K also ’ ^ 15 <joor to the existing facilities, earlier this year unto; Bay*. 

doned ' range assembled at the Merthyr componen^mahufacturere situ- to create an additional 400,000 closure pregrsunme. Without 

World War U brought relief factory. It retails at £122.97 and SS eitoer^tol S induction capacity presence of Hoover^-which 

shape of an influx of i, mainly exported to the dlvei- £££?£$ $.' ft ° f . *"5*25 -. £*£2. employs a aigmficmt 


in the 


essential war industries and oping world.' toe^rn^mhnjTvSl^New new ^ numher of ex-steelworkers--the 

training in new skills, partial- instance of. Hoover’s - S^S.^d P«UJ >» ^uto Wt- 

lariy engineering. But soon arrival was to give the town a Llanelli are other places which two*. b ut. it is hoped, ^ 

after the war, the bad old days stake in a modem growth in- also benefit from. Hoover's pfe- the production of a new Hoover valleys would minoiibtedly. be a 
seemed to he returning as war dustiry. The past 30 years have sence —- supplying additional ■ dishwasher. ' 


good deal worse. 


R. B. Chesne faces true test 


THIS AFTERNOON’S renewal 
of the Group 1 William Hill 
Dewburst stakes, the season's 
final major two-year-old test at 
Newmarket, seems sure to answer 
a few intriguing questions. The 
respective camps of R. B. Chesne 


RACING 

BY DOMINIC WIGAN 


supporters and More ' Light 
admirers should discover whether 
the former's narrow victory over 
bis West Ilsley rival at Doncaster 
was a true result; while we 
should also find out how that pair 
stand with some of the best In 
England and Ireland, including 
Tromas, Miami Springs and War- 
mington. 

Joe Mercer and Willie Carson, 
the respective riders of R. B. 
Chesne and More Light and two 
of the four most experienced 
jockeys now riding in this 
country, could hardly have more 
opposite views oo today's race. 
Says Carson: “R.B. Chesne will 


never get the better of my horse 
again at any distance from six 
furlongs to six miles.’’ while 
Mercer retorts: “Willie is kidding 
himself. If 1 ride RJB. Chesne for 
speed, I reckon he'll beat More 
Light." 

There should clearly be little 
in it between those two again, 
and. although my narrow prefer- 
ence is for More Light — 
extremely slowly away in the 
Champagne at Doncaster — I 
intend passing over both of them 
in favour of Tromos. This beauti- 
fully bred colt has at present 
the good to fast ground in bis 
favour and U could well be that 
he will “do" the other pair for 
speed on the uphill climb from 
the Bushes. 

I have seldom seen a two-year- 
old open up a 10 lengths margin 
over smart opponents in a furlong 
or so, as did Stilvi's son in the 
closing stages of his race at .Ascot 
last time out, and I am taking a 
reproduction of that form to see 
him home. : 

On an otherwise rather dis- 
appointing card. Jeremy 
Hindley’s once-raced Northfields 


be 

for 


colt. Winking Fields, may 
goad enough to account 
Galaxy Taurus in the “seller 
while the under-rated Hutton 
Girl, a half length second 
Suni in Lingfield's Oaks trial, 
given a reasonably confident vote 
over Native Spring and GHntin 
in the Boadicea Stakes. 

Half an hour earlier. Lady 
Murless’s lightly raced Chop 
Gate can spring back to winning 
form in the Fakenham Handi- 
cap. This colt, formerly with 
Lady Murless’s son-in-law, Henry 
Cecil, but now handled by 
Jeremy Tree, has been brought 
along slowly since joining the 
Beckhampton trainer, and I anti- 
cipate the patience paying off 
here. 


NEWMARKET 
2.9 — Winking Fields 
2.30-— Richard 
3.00— Skim wit 
3.35 — Tromos* 

4.05— Chop Gate*** 
4^5— Hutton Girl** 



f Indicates programme in 
black and white 


BBC l 


6.40-7.55 am Open University 
(Ultra High Frequency only). 9.30 
For Schools. Colleges. 10.45 You 
and Me. 11.05 For Schools, Col- 
leges. 12.45 pm News. 1.00 Pebble 
Mill. 1.45 Heads and Tails. 2.02 
For Schools. Colleges. 3.00 Tennis: 
The BMW Challenge. 3.53 Regional 
News for England (except 
London). 3.55 Play School (as 
BEC.2 11.00 am). 4.20 Hong Kong 


Phooey. 4JJ0 Jackanory. 4.45 Cap- 
tain Caveman (cartoon). 4.55 
Cracker jack. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6J20 Nationwide. 

7.00 Tom and Jerry. 

7.10 Star Trek. 

8.00 Going Straight. 

8 JO Rings on their Fingers. 

9.00 News. 

9.25 Target. 

30.15 Tonight— In Town (London 
and South-East only). 


F.T. CROSSWORD PUZZLE No. 3,801 



ACROSS 

1 Girl in telegram is capable of 

being arranged methodically 
l9l 

6 Applaud and embrace French- 
men in firm grasp (5) 

9 Fireplace found in certain 
glebe-houses (5) 

10 Food in eastern ship shows 
signs or being sticky (9) 

11 One who goes to work to 
strike (10) 

J2 Eruption lhai could be risky 
(4) 

14 Soldier in female attire and 
nothing more on i7> 

15 Talk about athlete's missile 
and start of shot 17» 

17 Happy at being not so much 
in plot (7) 

19 Opening some or liquor if I 
celebrate (7) 

20 Monument to doctor (4) 

22 Dark shortly though sailors 
mav he seen in plant (10) 

25 Kari hack lo company with 
muscular spasms, needing 

’ drugs (9) 

26 Name m» males follow 15) 

27 Hesitate about article front 
old medium (5) 

28 Easy to accept mixed trade 
for feast (6. 3) 


5 Went off siage embracing 
chorus leader and was im- 
passioned (7) 

6 Game for bed'.’ (4) 

T Ring to be seen in square 

nave (5) 

8 Rail supporter has note for 
quick delivery (9 > 

13 Help foo! wilh one way of 
standing (10) 

14 Girl coming out tuned beat 
wrongly t9> 

16 Like soldiers, uniformed and 
losing direction (9) 

15 Clued it incorrectly hut ii's 
sweet (7» 

19 Overheads pul on prices (7) 

21 Spoils gas in swamp (5 j 

23 Nurse for Billy's mate (5) 

24 Entrance nr type nf screen 
put up in church (4) 


Sola lion I a Puzzle No. 


DOWN 

1 Caught leg in scale <51 

2 Annoy and make worse (9; 

3 Southern wooden dwelling 
where non-vegetarians may eat 
(5-5 ) 

4 One who is employed when 
on strike fJ) 



10.45 Regional, National News. 
1050 The Late Film: ■‘Barbaxelia’' 
starring Jane Fonda. 

All Regions s BBC1 except at 
the following times: 

Wales — 11.05-IL25 am For 
Schools. 1.45-2.00 pm Nant-y-panL 
5.55-6.20 Wales Today. 7.00 Heddiw. 
7.30-8.00 Cawl a Chan. 10 J 5 Kane 
on Friday. 1Q.45-10.50 Regional, 
National News. 

Scotland — 10.23-10.43 am For 
Schools t Living in Scotland). 5.55- 
R20 pm Reporting Scotland. 10.15 
Tormod Air Telly (The Norman 
MacLenn Show)- 10.45-1050 
Regional. National News. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.15 Harry 
Mortimer's Choice of Star Brass. 
10.45-10.50 Regional, National 
News. 

England — 5.53-6.20 pm Look East 
(Norwich): Nook North (Leeds, 
Manchester. Newcastle): Midlands 
Today (Birmingham): Points West 
(Bristol); South Today (South- 
ampton): -Spotlight South West 
(Plymouth). 10.I5-10.45 East (Nor- 
wich) Variations: Midlands (Birm- 
ingham) The Grass is Greener; 
North (Leeds) CInse-Up North; 
North East (Newcastle) Friday 
North: North West (Manchester) 
Home Ground: South (Southamp- 
ton! Report Soulh; South West 
(Plymouth) Peninsula; West 
(Bristol) Steps 


LONDON 


9.30 am Schools Programmes. 
11.54 Beany and Cecil CarloorL 
12.00 Song Book. 12.10 pm Pipkins. 
12.30 International Golf. 1.00 News 
plus FT Index. 1 220 Thames News. 
12)0 Farmhouse Kitchen. 2.00 
Money- Go-Round. 2.25 Racing from 
Newmarket followed by Inter- 
national Golf. 4.15 Raven 4.43 
Magpie. # 5.15 Thames Sport. 

5.45 News. 

6.00 Thames at 6. 

6.30 Emmerdnie Farm. 

7.00 Mixed Blessings. 

7.30 The Rag Trade. 

8.00 3-2-1. 

9.00 The Foundation. 

10.00 News. 

10.30 Soap. 

11.00 Golf — Tire European' Open. 
11.45 Police 5. 

11.35 George Hamilton JV. 

12.25 am Close: Pre-Raphaelite 
painting, music by Johannes 
Brahms. 

All IB A Regions as London 
except a( the following times: 


GRANADA 

La rri This Is Your RlgM. US The 
Amirin* World of KlWKta. 505 This Is 
Your RlKbL (UK) Granada Reports. 6J0 
Kick Off. UL3Q Reports Extra. tU-« 
Friday Film: ''Shock Treatment." star- 
ruts Lauren BacalL 

HTV 

X2D pm Report West Headlines. L25 
Report Wales Headlines. L30 Gambit. 
2-00 Women Only. ,5J5 Focus on Soever. 
UN Report West. 5-15 Report Wales. 
IB 30 Report Extra. IL45 Coda R. 

HTV Cymru /WnJes — As HTV General 
Santee except: 1J H. IS pai Penawdau 
rrtwyddion Y Dydd. <135-445 TrisoUan 
Y- Dyfndf roedd. tJW-t. lS V Dydd. 1030 
liner by Letter. 1LW Outlook. U.45 




IT. 


X 


HTV Wait— AS HTV General Service 
ri'Di: 13B430 pm Report West Head- 
ire. 005-030 Report West. 


ANGLIA 

1-25 pm Ar«iu N-.-vs,. 53S BFSoncs. 

0.00 Atm hi Aiwlia. 10 30 Suitable CaseJ 
(*ir Tr'-junem — JO jv a rs of Ihe KHS.. 
1L45 Th*> Frrcvis n[ san Francisco, j 
U.45 am Hen Who Manor. 


ATV 

l.M onr -vrv Nwsdest;. 5J5 Hat. . 
T'ai’s. 4J)0 ATV Today. 1L4S The Crraturij 
l-eatar— " The r.rfjturu trora the RlacH 
I.auaan.’' 


BBC 2 


11.00 am Play School. 

2.00 and 3.50 pm Tennis: The 
BMW Challenge. 

5 3. 0-5.45 and 6.10-7.00 Open 
University. 

7.00 Nows On 2 Headlines. 

72)5 The Best of Indoors Out- 
doors. 

7.30 .Yens on Z 

7.35 International Moior Show. 

8.05 Top Crown. 

8210 Wuthenng Heights. 

9J5 Selected Horizons. 

10.15 Sounds Like Friday: Elkie 
Brook*?. 

10.50 Late News nn 2 . 

11.05 Tennis: (BMW Challenge 
higiiligh(s). 

11.45 Rock fines to College 

.12215 am Closedown (rending). 


BORDER 

v 130 pm Bord'.-r N<7v,^. tn C: 

Way. 4.00 Luo?..iniuiHl Friday. 
Cnopcr-Jusr Like Thai! 1B30 Your M|. 
11.45 Burnaby Janre. 12.40 am JBordj 
NVws Sturnn.ar. 


CHANNEL 

1J8 pm Uuniu;l ijinciuinia News aid 
What's On When*. 5JL5 EimnnntaJe Kai_ 
O.Otl Ri'twn 4 t Six. fcjs rue Lost Nanjs. 
103B Channel Lai-. Kens. fUJB ~ 

I me Movlr. •• Liti- Ron ns AI Eilhl 
Thiriv." 12.00 t:«ilf (Tichlichrc (Kurt 
fipi.ni. 12.10 am Xrwc arid WrathMfln 
Fri-mJi. 


GRAMPIAN . 

435 am pirsi Thine, jjq pih {tramOMO 
News Hvadlims. SJS Emmrrdafc Fjm. 
6 J >0 Grampian Tmlay. fijg The Ras 
T« r *' ! x, 7 2 H] Al, - ath ■« En*anbnFn». 

Siam onflw. 
u .45 N : tb! Gi.Tt-r.- 1205 am Granfun 
Lai? Mdff Hiadlinis. (olknvwt fry jo-id 
R'-port. 7 


(S) 5 icroptio»iic braadcut 
t Hcdlam Wave 

RADIO i 247m 

5.00 am k'. Kndin 2 7.02 I'awl Rnrr-Mr. 
5 JHJ Smibn Pa'«- r 11-31 Pi-ht Pnwll. 
2.00 am Ton* - Pij-Tlihiim. J .31 Kid Jensen. 
7.30 Vinnr -r Jar »: • • wins Radio 
:■ 10.02 John Kr.i *S-. 12.00-2.02 am 

.IS Rad in ” 

radio 2 *-s»w and vhf 

52 J 5 am Nnn fiittimar - . 5.02 Tnny 
Eraodon mvludinK 545 Pause lor 
ThnUihr. 7.32 T< try V.'o^an 'S. uidudinc 
3-27 Katir.'. HuR-.-'m and 8.45 Pause for 
Thon.’-'hf. 1 D.C 2 Golf: Enwpcaf! Open 
rrpijri. io.os Jimmy Vouch <Si itk-lod- 
me 11.02 and 12.02 am Golf (fiirttn r 
f.'pon-- 1235 Waisfln-'rs' Walk. 1230 
Pnv Murray * Own )i«i-' m Rnamc- 
imdith is. ineluil'ns 1_02 Gulf rtporr ard 
1.45 Sp*jrt? O’.sj- 2 .J 0 DjvmI (iamillnn 
•Si inrladirs ICS ard 3.45 RpnrJs D,-hV: 
pins R.teinr frr-iri ?:ri>-innrin t 4,30 
WnueiB-!*. f.'nlfr £.45 Knortr. Desk. 4.50 
.:*wm Dhv.ii -s, ifn.-u^iixv 5 .® Spons t>>;fc 
5 .® Spnnr 7.02 Victor KMrnm.T .lnr. 
a: the Radio z Kaimmin iS». 832 Jnnnnr 
Gnaorr curul'Ws tho BBC Ftailin urchert- 
■-a iS ' 8 .® FriJav >:ch! Is llur.'r 

VtBhi «S-. 435 Spnfii! Di*sk. 10.02 

Snppo-: Ymir IE 30 7 .■■fv no Lnm 

•nit: i hi* Ch;o> Arr-.z SomuJs imcniiurial. 
U 2>2 P*uiT nartnn rninidnies Rmiml Mid- 
mslif including li 00 Sv.v». 2 . 0 0 - 2.0 2 am 
Knre Sumniarv. 

RADIO 3 464m. stem* VHF 

»35 am Weather. 730 Mrws. 7.05 
Overture -S>. 8 JM 8.05 Morniac 

Gono’rt *S'. 4 JW Vi-srs 535 ThLv Wert’S 
Comr-ov!! - Rerlrctrv (Si. 5 .® BRG 
Monhpns Ireland r>rrl««nra *s< 1030 

Youua Artists' Recital «S». 1130 Josef 
Eohublav Fticrster coucert tS). 1235 pm 


X- 


scottish 

1.25 pm News and Road Report. 1.30 

naseparty. 535 Mr. amt Mrs. 5. BO 

coiiand Today. 7 JO Thinmumnyllf;. 

30 Ways and Means 1US Late Call. 

-50 b'cnnlsfa Aue Group Svrimraltut 
lamptonsbips. 

SOUTHERN 

130 pm southern Ncsra. 1-30 Cam it It. 
Women Only. 535 Happy Days. 
[5.® Week. -nd. 5.00 Day by Oar. UQ 
Scene Soulh East 'South East Ana Ontyi. 
6.30 Tell Me Another. 1030 BUI. Po«y. 
Royal ant l-'rlends. UA5 Southern News 
Extra. 

TYNE TEES 

635 am The Good Word followed hr 
North EasT News and UeadlJnn. 130 pm 
North East News and Look around. 535 
Mr. and Mrs. (J» Northern L/fe. 63S 
Sportstime. 1030 The Andy Williams 
Show. 1145 Charlie's Ansels. 1240 am 
Epilogue. 

ULSTER 

130 pm Lunchtime. 1J0 Gamhir. 435 
Ulster Neva Headlines. 535 Mr. and 
Mrs. 6.00 Reports. 630 Sports Cast. 
1030 Stan, on ice. U45 Bedtime. 

WESTWARD 

ms am Car loom! me. 1237 pm Cpk 
llonoybnn'B Birthday 130 Westward 
News Head lines. 130 Crown Court. 5JL5 
Emmerdnie Farm. 6.00 Westward Diary. 
635 Tine Out. 1033 Westward Late 
News. 10030 The Late Movie; " Life 
Best no at Elgin Thirty." B.imrw Monry 
Wnnlley. Ida Lnplno and Cornel WUde. 
12.00 Gtdr IIlntumhiB (Eurtveaa -Open). 
1240 am Pafth for Life. 

YORKSHIRE 

130 ptn calendar News. L30 Farm- 
hnuw R lichen. 535 Happy Days. 630 
CMvIidar 'Kmley Mnor and Belmont 
ediiiDtui. 635 Calendar Sport. U30 The 
Galum ami Slmpsoo Playhouse. tU45 
" The Tcrromartfs." stamug Simon Oates 
and ^ena Marshall. 


KRC Northern .<)7nrdjotrr firrheutra teun- 
r. n. imn ) Rarpvr. Moron iSt. 

N»Hq. 145 Playbill fSi. L 20 JCBC 
Northern Symphony Orrhestra, tM» 
Peorak <t.-. 240 Bratislava fWk ipWe 


141 a iii rrni I j - 

IN* *40 Ja«eha H- I|. ;r p)i y « Tefiail» , ’ 4 :v 
■ S'. «J 5 The Wilt nr Winter (Si.! MS 
in Shnrr 4 J 5 Snuih-Wref. Gehnan 
'ni 3 nih,..r Orrhistra "S,. 1545 Homeward 
lannrt. »J0 N'.nr:.. J 635 AI fi 0 *n p ! 

liuido ranu-ll! at Cann-gic Itafl.. 730 
Music (rom Pebble Mih. parr ): Laisson. 
Martin .Si 830 Where I Croaltf I Am 
Trne 830 Hone from Pebble . Mil* 
Ranparoin. P.rahms. Ravel «s>- 
OJB VlaiUmnr ,\Mjkrnn^y Pianist and 
Conductor 1S1. UJ5 & Wli- 

lLM AltJidir Cooke's Jaw 20s- 
1145 Nona. 1130 -U® ToniEfat't fWahm 
Song 


eSS 1 * * VHF «*" and 

5 . 05-730 pm »ip,.p (: n ,virMlv. 

RADIO 4 

434m. .V.Oin. 28Sm'.aiul VHF 

liMi am Win. Unt-ftnc. 63 fl Faim'tur 
4-50 Tm!al " MasizinP. Inclwlinc 
a® Pra-.i-r (nr ih,. n ar . 7.00 and 040 
Taday's *:evm. 7 . SO and g.jn New* lleari- 
l;n.-«. 7 .® Thniishf (nr (lie flav, 845 
My Ann>~ni leer, hips New*. 4 .® 

I.nnl Tin IS , 1 m 1 Ton lAOd? M .00 
^ , vs mmK Pmm fiur nwn C 
pond-nt 1030 Daily Scmre. U.® 
Vortinu Starr. 1 LW Kims U .85 Down 
Jrar Any. 1 L® Wjshlnrtnn HC-The 
Vs? ' aM0 Krvri - 

UJU ** >on and Yours:, mi J 4 y Word! 
' s ' Weather, programme nm»-s 

2.00 Trc World at one. i m The Archers. 
145 Woman's Hour fn»n Birmingh am. 
InrlndinK 240 - 2.82 News. 2.® Llsren 
With Mother. 340 N«hvs. 3.05 ftRernoon 
Theatre (S), 4 JH News. Ui Nornun 


Khelley. aeior, laths nboul his lour and 
varied career in radio. <35 Story Time. 
5 .® PM: Nim^ muiuirlne. 535 Wcnther. 
pronratnim- news. 6.60 New. 630 Roinn 
Places. 7 JB New*. 745 The ArcHrrs. 
7.20 Pi rtf of Dip Week iS», 830 Profile. 
838 Any uuusilo&s: 8.15 Letter from 
America. 9.30 KaleUmcoK, 939 Weather. 

10.00 The world Ttmlfiht. 1838 Week 
Knitinn iSl. 10.55 Prdx on Friday with 
Fritz spieni. iloo A Pooh at Bcdtlttic. 
1 L 15 The Financial World Too lib L U 30 
News. 

BBC Radio London 

206m and 9A9 VHF 
5.08 am As Radio -. 630 Rash Hour. 
4.60 London Live. 12.03 pm Can In. 
2.83 = 0 n Showcase. 5.03 uamc Run. 630 
London Sports Desk. 635 Cood Ftehina. 

7.00 Look, Slop, LI 'Jen. 730 Blade 
Loudoni-n,. 8.30 Track Record. HUH 
Late Kichi London. 1240 -CtMei As 
Radio 2. 

London Broadcasting 

em 261 m and 97 .S VHF 

5 -Off Morning Music. 6.00 AM: non-snip 
t"-«.v. m farm anon, travel, sport. 1040 
Hnjn Hayes .show LOO pm LHi* Reports. 
3 . 00 ^ C.-oruL- Gale's 3 OTjot* rj(L 580 
J Be. Kevoris icominurs). 8.00 After 
feudit. 980 Nishtllne viib Alan Nta. 
lM Nlnht fisira. 

Capital Radio 

194 m and 95 ^ VHF 

a 40 am r.raham Di-ae s Itrcalrfasi Show 
•S*. 9.00 Michael Aspct (Si. 1248 Dave 
cash «S». 3-08 pm Roser Scon (Si. 788 
Umdon Today <Si. 730 Adrian Urn's 
fi&in Line < Si, 940 Nicky Horn'd Your. 
Mother WouUluT Like Ti (S>. U 40 Mike 
AUen « Lai,. Shaw ,s>. IM am Jan 
Davidsoa's London Link lntcrnadonal (Si. 


ENTERTAINMENT GLIDE 


OPERA & BALLET 


Reservation] PI -636 3164 . 

ENGLISH NATIONAL OPERA 


10.00 cm day of pert. 


THE ROYAL BALLET. 


pert, from 10 a-m. on day of pert..- 


Ave. EC 1 . 8 X 7 1672 . 

ENGLISH MUSIC THEATRE 


works.” This. 
730 Heme's 


day of pert. 


THEATRES 


Reduced Price Previews Oct. si to' 
8 at 7 . 30 . Also Sat. Nov. 4 11 ( 

THE RAtBStm , •’ 
An EnchantJnp Nerr^ Mujlcaf 
box OFfidr now. oralir 

It card Bookings 01 - 836-7 


Credit 


JL 


7611 . 


ALBERY. 836 2878 . CC b)B 5 836 1 
from a . 34 am. Party rates Mon- 
Wed. and Fri. 7.45 pm. Ttiarx ai 

■ 4 A°THOUmS&» TIMES WELCOME IS 
LIONEL BARTS 
OLIVER 


sr> 


THROUGH 1979 . 


D. Telegraph. With. Middleton & Row- 
ley's THE OtANGCLING (next pert. 24 


(see under W.l. . 


AMBASSADORS. „ CC. 01 -B 36 1171 . 

Evgs. 8.0P. A 8.00. 

GERAU 


ERALD FLOOD 
WHO KILLED 
"AGATHA" CHRISTIE . . . T 


APOLLO. CC. 01-437 2663 . Evgs. 8 . 00 . 
“lata Thurs 3.00 Sat. 5.00 and B Or 
PAUL DANEMAN. LANA MORRIS. 
□ENNIS RAMSOEN 
CARMEL McSHARR V 
SMUT YOUR EYES AND 
_ THINK OF ENGLAND 


ARTS THEATRES 

TOM STOPPARDS 
DIRTY LINEN 


01-636 2132 , 


Mond«v to Thursday . 8 . 3 j)^ 


Saturday at 7.00 and 


■ iiuinn insninh v.«.. nan no trow 
Road. 734 4291 . Mon. -Thurs. 8.00 pm. 
Frt. and Sat. 6.00 and 8.45 
BEST MUSICAL OF THE YEA| 

EVENING STANDARD AWARD 


""IKT- *- tM auaa. Mon. to 

Thur. 8 OO. F«- 45 and 3 . 30 . 

EXCITING BLACK AFRICAN MUSICAL 


Pulsating Musical.*- E News. 
„ Seat Prices L 2 . 00 -ts .50 

Din ^ s ao 


Prevs October 23 and 24 . B OO. Onenina 
Wed. October 25 at 7 . 30 . SubVl wl 8 00 
Mats. Thur 3 . 00 , Sats. 5. IS and i so 
BILLIE WHITELAW D JO ' 


CRITERION. 930 3216 . CC. 836 1071-3 

IN ITS SECOND* 3 --” 1 3 

LESLIE PHILLIPS 


In SIX OF ONE 
- . ■ and « HALF-DOSEN LAUGHS 
A MINUTE-’ 


_ A MINUTE. 

5 ECOND "HILARIOUS” YEAR. 


DRURY LANE. CC. 01 -B 36 B 1 QQ Man 
to 5 au B. 00 . M*Unw Wed and & 3 op 
A CHORUS LINE ' 


" A rare, devastating, la vo ns. augmshlng 
stunner. 5 . Times. 3 rg GREAT YEAR. 


DUCHESS, 836 0243 . Mon. to Tiiurt. 

' ™ ""“ffl &s". 1 ;';,.?* 1 " «-"• 


DUK, OF YORK'S. CC. 01 -fl 3 h S i 22 
Red. Bdce Brew Men. to Fn, u Dm 
S«l. 2.30 & 8 . 30 . ■>-heur before stew 
hSt avail, seals E2.DO. Opens Nor. la? 

I.SO"* *830 £VB3, 8 " m '' Fr ‘ * S * 1 ' 
_ TOM FELICITY 

COURTENAY . KENDALL 


. CLOUDS 

A earned/ b r MICHAEL FRAYN. 


FORTUNE. 836 2236 ^ Eves. 8 Thurs 3 
. . SelurtJr 5.00 and 8.00 
Muriel Paidow as MISS MARPLE .n 

MURDER AT THE VICARAGE 

FOURTH GREAT .YEAR 


GARRICK THEATRE. CC. 01 - 83 S 4601 
j|)NES. 

•SBSMhiWSSagi 

THE HOMECOMING 
NOTTO BE MISSED." The Timet, 
LA 5 T WEEK. ENOS SATURDAY, 


GARRICK. CC 01-836 4601 . Previews 
iXI. 24 and 25 8 . Open 0 « 2 B at 7 
DENIS QUILLCY in l»A LEVIN'S 
DEATHTRAP 

A New Thrlllrr Directed by 
MICHAEL BLAKEMDRE 


SLOR 1 THEATRE. .CC. 01 - 43 ' 




* THEATRES 

L 

HAYMARKET. 01-930 SB 32 Eva. 8 . 00 . 
.. M1 ^ We &R 2 A£&IN^d^ ,d 8 ' 0 °- 

, C i!SlL F ^^UL 

bowlu Hardwick 

HD/vLta, £LL FIELDING 

*■ LOOK AFTER LULU- 

■ bv Noel Coward. _ 

>» . With GARY RAYMOND. • 

' HER MAJESTY’S- CC 01 - 930 . 6606 . 
Preva. from Tonight. 7 . 30 . (Mat. -Oct. 28 
at 3 . 00 ). Ouem Oct. 31 a( 7 . 00 . --- 
BAR MITZVAH BOY - 
THE NEW MUSICAL 

a KING'S ROAD THEATRE. 01-392 748B. 
v Mon. to Thurs. 9 . 00 . Fri.. Sat. 7 . 30 . 9 . 30 . 
1 THE ROCKY HORROR SHOW 

DON'T DREAM. IT. SEE IT- 

V LYRIC THEATRE. CC 01-437 3686 . 
Eva. B.oo Thurs. 3 . 00 . Sat. 5 . 00 . B. 30 . 
JOAN FRANK 

■ PLOWRIGHT - - FINLAY 

!■ FI LUMEN A . 

1 by Eduanta. de F.liptJQ 

Directed by FRANCO ZEFFIRELLI 

■ "TOTAL TRIUMPH." Ev. New*. “AN 
EVENT TO TREASURE," D. Mir. '* MAY 
IT FILL THE LYRIC FOR A HUNDRED 

- YEARS." Sunday Times. 

MAYFAIR; 629 303 E. Ev*. 8 . 00 . SOL. 5.30 
and 8 . 30 . Won. Mats 3 . 00 . 

WELSH NATIONAL THEATRE CO. 

' DYLAN THOMAS'S 

UNDER MILK WOOD 
"A defcglu." Gdn. Join us Nov. 9 for 
the 25 th Anniversary Party. ShOW-SoBct 
.Wine £ 10 . 

NATIONAL THEATRE. ' 92 * 2252 . 

OLIVIER (open Mage): Tonight 7 . 30 . To- 
- morrow z .45 A 7.30 THE DOUBLE 
, DEALER, by Congreve. 

, LYTTELTON (grotcemum sage): Tonight 
. 7 -US. Tomorrow 3 A 7.45 PLENTY new 
plav by David Hare. - 

COTTESLOc (small auditorium): Tonight A 
Tomor. at 8 . Last 2 pert* of AMERICAN 
BUFFALO by David Mamet. 

Many excellent cheap scats all 3 '.ih**tres 
day of pert, car park Restaurant 92 B 
2033 . Credit card bookings 928 - 30 S 2 . 

OLD VIC ’• 928 7616 . 

PROSPECT AT THE OLD VIC 

THE LADY'S NOT FOR BURNING 
Derek Jacobi " easy and virile authority " 
E. Standard- Eileen Atkins " riveting 
physical HuidrtY." Financial Times. "A 
gem of a oerformante from Robert 
Eddlson . . . Michael Denison. John 
Savldent- and Brenda Brace scoop uo 
the laughs ” Guardian. Today 7 . 3 d. 

Sit 2 JO & 7 . 30 . ' ' - - 

KING LEAR wllh Anthony Quarts ooons 
Oa 23 . THE RIVALS returns Oct. 26 . 

°EH 14 J*£S s. * 963 - BECKETT 

DIRECTS BECKETT. Krepp’s Last Tape 
and Endgame. Tues.-Sun. B pm. 

PALACE. CC. 01-437 6834 . 

MOD. -Thur. 8 . 00 . FN. and Sat. 6.00 and 
8.40 

. JESUS CHRIST SUPERSTAR 

by Tim Rice and Andrew Lloyd-Webber. 

PALLADIUM. CC 01-437 7373 . 

Tuesday Nov. 14 for 5 days oniv 
_ MARY O'HARA 

5 WINGLE 11 and CHARLIE SMITH ERS 
BOOKING NOW OPEnT 

PALLADIUM. _ CC. 01-437 7373 

Oeenfim Dec. 20 for a Season 
' DANNY LA RUE 
as Merry "Widow Twankev In 

ALADDIN 

ALFRED MARKS os AS AMAZE R 

Oilys WAILING. Brian MARSHALL 
_ and WAYNE SLEEP 

Preview December IS ar 7 . 30 . 

PHOENIX. 01 -B 36 2294 .. Evgs. at 8 . 15 . 

w E A ^ Sa t « m * r s 6 . DO and 8.40 

TAYLOR. GRAEME 
GARDEN make U 5 tauah." Dally Mall. 

, TOS UNVARNISHED TRUTH 
.. . J. h .S..H | 1 Comedy bv Royce Rvtor.. 
"iAUGHWHr 1 THOUGHT I WOULD 
JJAVE dieq.- Sumjjy Times. "SHEER 
OEjJOHT.' Ev. Standard "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 
LAST WEEKS. ENDS NOV. A 

PICCADILLY. From BJO am. 437 4506 . 
Crcd! ( Cards 836 1071 . Mon. -Thurs. 
a.oa Friday and Sat. 5 . 00 . 8.1 S. Al<- con. 

• Dominating with unfettered Basso and 
humour the BROADWAY STAR." D. Exp. 
SYLVIA MILES 

Towering performance " Dally Mail,. 
VIEUX CARRE 

.. _ P.y Tennessee Williams 

Uk f ma 9 K ” Financial Times. 
There has hardly been a more xatWylng 
evening in the West End ... the BEST 
coMrc writing in London!" ool 

F. 4 r s SUS l l S’ E yi fc &- 1 3 o^! : currCTt '" 

PRINCE EDWARD. CCl 01^437 6 B 77 . 
Evenings B.OO Matinees Thursdays and 
Saturdays at 3 . 00 . 

_ • , CYITA 

by Tint Rice and Andrew Lloyd-Webber. 
tHrecicd bv Harold Prince. 

PRINCE, OF WALES. 930 BOB). Credit 
card bkos. 930 0046 . 11 weeks only 
before New York. Opens 7 Nov. Carry, 
Nov. 6 ). 

ALAN AYCKBOURNS wuih-hrt comedy 
BEDPOOM FARCE 

If vou don't laugh sue me." d. e*p. 

A National Theatre production. 

QUEEN'S ' CC 01-734 11 BA 

ISIS- (LOO. Wed. 3 . 00 . Sal. 5 DO. fl.jo! 
ROY OOTRICE GEORGE CKAKIRIS 
RICHARD VERNON. JAMES VILL 1 ERS 
•■ nivsnT ’GftM " 11 OP DRACULA 
• DAZZLING, Standard " HIDFOliSLY 
ENJOYABLE AND GENUINE TERROR." 

S. TJnjW. GOOD- CLEAN GORY FUN." 

S Mir. . MOST SCENICALLY SPEC- 
TACULAR SHOW IN TCWN^Pinrt. 

WYMqROMyuiW, CC 01-714 1593 . 

A: 7 nn. 9 am. 11 pin. Open Sim. 
PAUL RAYMOND arosmta " 

THE FBSTIVAL OF EROTICA I 

„ Fully airriTondit'oeed. s 

2 Ht SENSATIONAL YEAR. 



THEATRES 


SAVOY THEATRE. 01 -BM 8880 . 

Credit cards 734 4772 . Tom CM « 
WHOSE LIFE IS IT ANTWAYr' 

" A MOMENTOUS PLAY. I URGE YfU 
TO SEE (T." Guardian. . ■ . 
Eva. at 8 . 00 . Fri. and Sat- 545 -aadBA& 


SHAFTESBURY.. CC. 01-836 ES 9 B- 7 .. 
01-836 4255 . Evgs. al 8 . 15 . MMIDMS 
-Tlwradav 3 . 00 . Sat. SJM. 8 JQ. . 
TERENCE STAMP W. 

EDWARD GOREY’S- •“ 
dracula 


w,th D£«k; 


•• ABSOLUTELY 

LAST 3 WEEKS. ENDS NOV. 4 . 


STRAND. 01-836 26BO- * EveMngs 8-00. 
MA Thurs. 3 . 00 . Sats. 5.30 and BJ0. 
NO SEX PLEASED- ’ 

WE'RE BRITISH. . 
LONDON'S LONGEST LAUGH- 
OVER 3.000 PERFORMANCES 


ST. MARTIN'S. CC. 01 -B 36 1 * 43 . 
7 Evgs. 8.00. Matioeec.' Tuet X«S. Sab. 
‘ 5.00 and 840 .' 

AGATHA CHRISTIES 




WORLDS LONG^-- 


TALK OF THE TOVYN-CCm -734 5 M 1 . 
•conditioned.. FftW.-®?? 0 ! ®JRRS 


Mr^onditioneo.. rrovL 
Dane* no 9^£. : brvUE 

■ m nir m PT i j . . . 

AT 11.00 PEflER- GOROENO 


by John -'Byrne. 


Cham | 




-00 


SHOW ~ IN TOWN." Sun. 
""LIMITED SEASON -unUL Pen- 7 . 


VICTORIA PAJA*^- 
828 4735 - 6 . 


CC 



834T 1317 

ANWit _ . _ . ■ • ■*• 

SMASH HIT MUSICAL." P- Mw- . 


WAREHOUSE -Oohmar 
Garden- 836 '►•aEW- HiflglMflflgWgBS 
Company.- T00X - 84 J 0 . 

5 AVAGE AMUSEMENT “A ffiifclnB «« 
vibrant piece o« theatre.". E ” K ^| f S 
seats Bl.ra. Adv. Bkps. AMtrych. Student 
Standby £1. ~ ' • 


WESTMINSTER. CC. 01 -*** W-Si- 0 * 
26 -Nov. i«. Tnadar-frldav Ti 4 S- . 
wednudav and Satordar 

A MUSICAL ENTERTAINMENT 

THE BUNNY AUSTIN STORY" " 


WESTMINSTER THEATRE)' • OMjnZ?®- 
R 4 c- A Andrew Upvd .Wrtrtief »- 
OSEPH AND THE AMAZING 
TECHNICOLOR DREAMCOAT 


TIm RIce a Andrew, 


JOSEPH AND THE 


Starring PAUL JONES 
Twice Dally. Ooens. N*. 


37 


Tlckeli £ 2 . £ 3 . £ 4 . BOOR. NOW 


WHITEHALL. CC. 01-930 6 M 2 -» 7 M. . 

Evgs. 8 . 30 . Fri. and Sat, 6 - 4 S #ad MO. 
Paul Raymond present* lha SeMBtw™ 
Sen Revue of the Centwy - 
DEEP THROAT • '••• 

9 th GREAT MONTH. 


WINDMILL THEATRE. CC.' Ol'- 437 _® 13 « 


Twice Nightly ^ 8.00 and _ 10 -(HL 


Sunday • 6.00 ■ and •” 

PAUL Raymond. pre=nw.' 

_ RIP OFF . _ 

THE EROTIC EXPERIENCE OF THE 
, MODERN ERA " k 

■Takes ro unarecedeoted Hmits why..*' 


THIRD GREAT YEAR 


WYNDHAM -5 01-836 3028 .. . .CC 

Bkgs. SiS 1071 from 8.30 a.m. -Mdn.- 
Thurs. 8410 . Fri. and Sat. 5 . IS and 830 - 
"ENORMOUSLY RICH , 

VERY FUNNY." Evenings N*W; 
Mary 1 O'Malley’s smash-hit eomcifr- 

ONCE A CATHOLIC . ^ 

Supreme comedy on se* and reftglon, -• 
Dally Telegraph- ' 

” MAKES YOU SHAKE WITH : 
LAUGHTER." Guardian. 7 ' ■ 


Mgn^ Thur. 7 . 3 a HAMLET. Tlte- W*?L 
7.30 Thar. 2 RICHARD III Bart, of 
Shakes neare trilogy ACTION MAH . 


rouNQ VIC STUDIO. 928 6363. Ta°^ 

Tomor. B p.m. Young Vic Co. In Tere"W 

Greer's BALLROOM 


CINEMAS 


AjSLJI * 2 SHAFTESBURY 


BBfil . Sep. Perfs. ALL SEATS 
1: DRIVER (A i. Wfe. A- Sun: 2 -fi 5 .JO. 
B. 30 . Late show Tonight & Sat. II- 30 
Hast 3 day j], • 

a DRIVER TAJ. Wk. & Sun: iOO. S -* 1 
8 . 1 S Hast 3 days). . . 


JEN PLAZA. (Dop, Camd*n Tcjm 
Tube). 4 BS 24 * 3 . TKe Bob Dylan' “»• 
RENAL DO AND CLARA CAA) with Bob • 

Dylan A Jean Baez in 4 track SW*° . 

Prow. 2.50 and 7 J 30 daily. '■ 


.™wi.n«n «o. nwi. Dja 

U. •"d A Prone- ChHdren haK-pdce. . 

1 : WATER 5 HIP DOWN 1U1 ProOl. 1,43 
4 . 0 P. 5 . 15 . B. 39 . Lato show 11.00 NJ* 
*•' »N WAIT 1 A 3 PrD». 1 - 40 . 

3 ' 5 ^ S'l? 8 . 35 -. Late enow 11 pm. 
3 ; THE TURNING POINT (AI. Pros* 
i, 05 . 3 . 30 : 6 . 00 . 8 . 30 . Late 
11.00 n m 

*: THE DRIVER /A) Progs. 2 , 05 . *.«• 
6J0. a.ap. Late show ir.oo p.m.; - 


YOU LAUGNED AT^HI^ AFFAIR 

. now laugh at- hers 
P * R P°N MON AFFAIR TOO! (A) '■ 
'EDSiiih SuhtiUM) Film at- 2.00 -. wot 
5 nn.) 4 .os: GJO and BAO. 


THEATRE 930 

■ Bri an De PjUlii «*? .' 

™E FURY (XJ. St». Ports.' WK: 14 #' '. 
« 0 . 3 . TO. Sun. 3 . 30 . ' 7 ^ 5 . Ute.lja** 


Shaw FrJ. A. Sat T 1 - 4 S nm. Seal* p*S 2 ' -j 
tor evening .^err. Moo.-Frt. ana-aJi PG- - 
St- A Sun„ oaccgr ■ Late ~ Nfghi gRM: 


Nynwykel. . (930 273 * 

MIDNIGHT EXPRESS IX). SCP- 
5 If- « 2 -»L 5 . 30 . B .30 bud. La 


2734^771)- 

Jtff Shc/f 

PN. S at, and Sun^ doore otieti l.l.l? 0«- 
Procs. a t 11 . 45 p.m. Ail neats bfcfaM% 


THE CHEAP OET 1 C W VZ. 


fSJ? Dly. Doare dnrn 2 ^ 0.’ 4 

- I.- 4 - sag--Doo r»- 


Ute Show- Fri. 


ENcouNr¥is o^_naij«I« 

KlND_ (AJ. See. - Drogt,MRM 


4JAMI 

ALAN AYCKBOURN’S New Coffledr 
TEN TIMES TABLE 


This must be the happiest laughter 
London." u. Tel. ” An irmin- 


makcr in _ . 

ibiv sMayoble evening.” Sunday Time*. 


GREENWICH THEATRE. ' 01-858 7755 . 

. Evenings 8 . 0 D. Mat. sat. 2 . 30 . 

stepname Beech am. Dawn Burke. 

Satan Hammtilre. Jeremy Iron*. 
■David Robb. Jemes Tutor in • 
AN AUDIENCE CALLED EDOUARD 
try Davw Pownall 


ROYAL COURT. 730 174 S. Eye*. 8. 
Sal. S .00 and 8.30 Mum end no*.' 4 
.. . NICDL WILUAM 50 N ' 

A Vlrtudto pertatmaprta.-’ D. Tel. 
INADMISSIBLE EVIDENCE 
rnia.ia enc erf me few great play*, of 
me oenhiry," O. Mall. 




Sw. Perta. 

ffh- 3 . 10 . s.s&r a. a SI. T-t* 

W 1T.ia,-.TKWa Blhte.> 

I STUDIO T A 4 


DflYALTY. . cc 01-405 0004 I STUDIO r A - fuiA. H- M 

iasussa&i. 

BUERUNG brown sugar 


..( 

,.N 



, Iiraai 3 mn inrfunrro ■■ 

: fW.J-OS 3 . 30 , 6.00 835 
Sat TOac. 4 A M xna'ip i r- 

m'lwr 

StoJg... 










19 




*1#.. 





Hnancd^ Times Friday October 2fr 1978 

Cinema 

All rabbit life is here 

by NIGEL ANDREWS 

Vi'aiorchin iii, eye quicker than background to at the San Francisco Film washed and sanitised that all feet from the shore. They 

p Down . (U) create depth — is used here to Festival, where it was sncuk- niscmblaiR-es to real life become discover the said shore to be in 

SMOfui i-h-.™™ ki« ana Plaza 4 magical effect. . previewed by the director him- purely coincidental. Miss that part of Alaska where Kodiak 

,, The voices at first irritate with self in company with its star, the Deneuve looks lovely through* bears roam, caribous snooze and 

ShiowTPck !ru CCnta aa0 MiDema their familiarity: Richard. Briers, lovely Catherine Deneuve. out — not least when leaving huge, moose are loose. They 
Warner w*er c h wt;« . Hu 5r,, Roy Kinnear and Miss Deneuve plays a chic lady prison — and Anouk Ainu-e suffer through terrible storms 

Parrfiin ttnn aow* # **T° Ue ?holm Elliott being among the convict emerging from a 15-.vear steals the last section of the film and hunger and cold; but their 

/vuaire, too tAA) welt - known. »ntish the^ians prison sentence (tor complicity with so much cutesy overacting spirits never wilt. Nor do their 

ThP rifhnv zon chosen to 'impersonate rabbi fs. in a murder) and' meeting, for that one wishi-s she would put It appearances. Ti ie female ro 

winc * A “J»iraiian Cinema But the instant vocal Wenufica- almost the first time, her son. heck. It is typical of the film's porter has a coiffure as resilient 
jca tion does help to distinguish the The said son was expressly con- rampant narcissism that the as Miss Deneuve's and you would 

’ animals one from another (a ceived and born in prison dilemma of the poor child who not believe how much mauling 

lVcicmfefa Dnirn is one or the Vi sk ® ven “ e most resource Fut (lathered by a convenient prison has been stuck in .an orphanage a man (the father) could take 
best animated feature films draughtsman could not be guard) so that Miss Deneuve Tor 15 years, as a delayed-action from _ a 10-foot tear while still 

since the heyday of Disney, l expecled . w eacom P ass aione ^ would have something to look Xmas piaaeat for nmm, is not remaining as agile as Errol 

cannot much for its fidelity to . _ 

>i it hard Adams’s best-selling _ • ' ..... Writer-director Stewart Raffil 

story nf rabbit life, not having V- - r .-' ' made that enjoy ah!e t and popu- 

rcatl that opus: but apart from ' ;■ ‘ . ■ / . ; — ?-*■ ; lar) adventure yarn of yesteryear 

one or twu problems in following : ■ *-— ;• "■ •' , >-■: ... ' k *?*fu U * ,ld B,ou ' s “ nd 

the plot, due no doubt to the ’^7*^ TjJ >*7 " ■ * - this film has the same al fresco 

concert ina’i ns of detail required ; J__- : • &■<'< ' ' ' e j e ”° CC i‘ • obviu usly was 

by reducing a dSO -page book to a , •; >*s. .V. . ^ L ‘>5 v* >■ ' ■ ■- / made on location (storm-at-sea 

90-minure film, the story, seems L* * 7* >n ?7*': — jM . I •* ■< V '1 "f ‘ - ' S *' ® u . r - un M^ e 

to have slipped easily and f V ■ . Aorth Wind. it casts its bcliev- 

, vivid «ensi» of the epic struggle * ' ” * 

fur life here than in the week's 
all-human, live-action drama of 
survival (see paragraph 10) 

" s .s'iiipirrecfc. 

The -dory, for those who know' 

it nol. concerns a small break- 
away group of rabbit* who leave 
their warren one day when 
^ •• Fiver," the if resident psychic. 

** predicts an imminent disaster if 
they stay. (A wooden notice 
above ground — Greek to them of 
^ course — 'informs us humans that 





Gerald Flood and James Bo lam 


Leonard Burl 




Ambassadors 






Who killed c Agatha’ Christie ? 

by MICHAEL COVENEY 



.>>>-•' -.-T 




hnffltot^ (W •+ m ■» 


Nature, ** red In tooth and paw a scene from Watership Down 


m'xed-iapguage pun on Pardon Half-way through the second keeping it up with Mrs. Terry to power with that of Kenneth 
Jnfwhoriid nmel ! p !? ,n S,“ ** of Tudor Gate’s dismal tor about 55 minutes. Mr. Tynan on the Eivniiw Slandard. 

Tr,nn«, ai ? an .- ,, f “thriller" a white-haired ladv Tejrys- anguish stems, appar- but lhe effort, apart from being 

reconrmencf’ L^uT "S «• ^ . Frtjp. M : « » S 

French anema has been spend- tbe Bhost of Dame Agatha ex- cr jtics as one of the world’s Oxbridge connection with cur- 
ing the last few weeks hurling P ressiD =. disapproval m the Jeading dramatis[s even ^oust rent dr^ 
dreadful comedies in our direc- iffij}* 1 * 1 ???!*?" ilJF ‘ *«whS his despised farce. Do You Take strong as Mr Gates would have 
yZJdTpfl? Sma / U H nS fr0m r de'pera eft for clues "Sen S«»«r. Darting ?. has been played us believe no rIJ he Correct n 
^%fL d tnrf\l nd ? is 1S ’ ,f resort inn to the corn? game Of al! over **“ worId - He has suggesting that David Frost and 
anything, wor^e The adventures anl g rimro °Usmg The author’s trapped the luckless Christie in Jonathan Miller attended the 

J^hL*r ^' aSed T, P ^ n r S,an name The nlm imnhcates a dis- an Ear,s Court apartment in senior institution, 
roustabouts — Jean Rochefort. nam ^; i Q . e u p, °! unp l IC - aie ‘V a I a . order to exact revenge He is 

Guy Bed os. Victor Lanoux. sruntled. thespiaa Jonn Tero . in the guerr 7 1!a r ^ Gerald Flood babbles and 

Claude Bras.- cur — and their c °nf r °ntmg an unkind dramatic * " 0 Sorae‘J W^vn^hts’ blirb lvs away the theatre 

assorted manta! infidelities a re j J!}!* pa i“l?h./ 5 rhrtst'ii' Mafia, eschewin'’ the i p^avful crilU '- playm? attendant for the 

recounted for ns by writer- A £J? ur ’ ? ,las Agatha ChnstJc. most part on what is jctujlly a 

director Yves Robert with the*™* ,,v . e .. »°«"d- re corded ™P*rb pertormance by James 


The Slab Boys by B. A. YOUNG 


the land is bought for redevelop- iji some casM-^Ralph forward to when she came out: touched on at all. But then as tcnaC, K^ S ’ & fii: T d ’ e ■ ve n hi L ar i t>, of a with Agatha’s hnvfn'end On s ical warfare. 

meat.) We follow them on their Richardson as Chief Rabbit, Mjss Deneuve making sure, with one remembers from Un Homme P art y h 01 *- Je3n Rochefort, his . a _ e "heavv breathine * The It >« nuirp ,mumnr th-,t Mr Hlf t0 tht ' 6X115 

cearrh for a new home, and H*ny Andrews as General the help of an obliging lawyer et Une Femme. Claude Lelouch fat * ^atmt and dignified, his JSor’s Mme doodled careleSS Gates hofnev^S ^ thpJSS J Ui a ‘ D calh r an t 

.. through the dangers they Woundwort — lie resonant (Charles Denner). that the boy is quite ready, to sacrifice the moustaches twitching like on mv otti-ramme ^ reads 0 critfc londinu hL Xp f.SJ2 e » e « 81 

: ■ - encounter on the way: incJading theatrical voices, are bott fanny has been kept in an orphanage happiness of minor characters — antennae, somehow manages to great STUD ‘ a bi v ’in Mr Ternr^'dlr^p/bin 0 hv xi«ino S thJro Se Li h m«n° st th 

' . cats. dogs, humans and a pr^ and fitting A warn ovation. and in ignorance of his mother’s in that film he simply killed ™ e a ^ ve he "J^iocrity But Was the plaj^wright addressing SS, Jfte Sr"f2?* Sfi VJ T £i h 

- longed battle with a hostile ^ to Martin Ro_.scn. Jhe identity until her release. them off - in order to keep his ^ ptb ^ s . tar ? do not; and the us deviously in the guise of f homosexual Kholic andint ni l VXj'S3K tm £ J ® h " 

dS^ttOto SKSS and son meet (she still ^ereand hereine on Cloud Nine. ^nSSJs'St left^f t 7W if f ' ? versi ty-edu ca ted*°Thei re ?! limp ^tV^e^as sfnSf a/hJ 

: ■- “ de“ Tony Guy # "nd PMUp ^Duncan. ‘are “placed JESJ 'iSffThM - h ° USe ^ have bought ,efl 3 ,0t t0 ^ de5tted * despile attempt t0 Chri ^ ™ ^ from tins day on. 

. heroic band find Into peace and And a “ ^ each o,S?? identiUeS oTSTcy strS of ' theTS JSSln^irpJrt are 

happiness in their new warren “ e n . ext animated . -Aoams g naIly «!_ Deneuve reveals the lank. and nreoiniiates iLs . ^ 01 - a ^ a,rpo ,.- are an °hieet 

°n Watership Dovcm SL”® truth" ^iStK^TSfe'S ebaxi^tere Into wSmooS more S?&e ZX^ZnA Theatre Upstairs 

" , pe fim is remarkably beauti- “ s by K05en ’ Tne all, for the film meanders on like a low cost Thomson’s boli- h 

fa I io l oofs at. H niay be 3 QffU£ oo • interiniDsblv draccinc in ctav for five a survival tPSit ^ou will spend vour time more _ — 

fantasy-eye^vlew of the English A s ^? n< L^£j e r ££? s a w seve r3* more'subplots and major in coldest Alaska. profitably in the coming week at r l Q! 1 0 Tj r\-% rn r. . .. AII . Tr , 

... countryside, more green, roiling Lelouchs Second Chance is not ch t _ Anouk . the IGA. A short season en- I l| I SI || riflVQ hv R A VOTING 

and idyllie than the real thing, something I wpttld.knowingly Ah^a^an o°dprson chum— A young father, two daughters, titled “The n t her Australian A Hv UICIU 1 JUVO °y Dm 1UU1>U 

. but there is a lovely variety of have taken. However, it some- .. " wonders if it will all a . femal6 reporter (where would Cinema" introduces you to some * 

colour and texture in the draw- times comes to pass that one J 1 1 woaaers the cinema be without female of the best of the lesser-known r. rnrn tUa Tv,., orco ^ 

inss. and a sweep of line excep- appears at a Press show- for a ev " en ~ reporters?) and an 11-year-old films from that countrv’s newlv .11% - • their days smoothing colour on a with his clothes, Spanky is 

non ally sensitive for an ani- foreign film retitled In ^English, The film is shot in a. dizzy black stowaway are cruising flourishing film industry. Watch By [" e 5 .fc p,en ®!? rpugh hard . b p?f d «-'»th a spatula they generally nice to everyone, 

mated feature. In addition, that and realises too late that one golden glow, every window around the world when their out particularly for Peter Weir's r>“J i° y , about 4 tbe workers m a are liable to spend a good deal Th rhflr ,. tp _ „ rp 

virtually lost cartoon art of 3D- has seen k before. Th^Lriouch bursts with diffused radiance yacht is wrecked on a piece of Homesdale. Phil Noyce’s Cast,* S e S e *5f ke ? h ! ° f tlme p,aym * ^ fooK anrtmW al pS to 

effect perspective — in which fare- film is a stinker. first made (courtesy of a vaselmed lens) rock. They are, by a happy and. Pollux and Ken Cameron’s tinlffS Si The plav showsr a day in the almost^ in comiiShenfihle rixl 

■ = ... jraund Smh mo™ jmt the mpUan with it ■ «>« wtol* srtfet >> so ooiooiden™, ooty throe or Jour Out Qt It. to So P the i)X Wohael I*" room. SSTft. J&rt, of b™ T compoiy S 

. 1 -■* Coveney lavished on it in these plot, though absorbing enough brings them vividly to life. Jiru 

' Theatre des ChamDS EIVSeeS,HPariS ai *- P0« es in the spring. *5 themselves, are little more Byars. Pat Doyle and Billy 

- B neaire a« undmps ciyscco, The slab room is the depart- tban fram6 s ra which to exhibit McColl are the three slab boys. 

. ' • ' ' raent where colours are ground scenes of characteristic and there is uniformlv good 

FTTf 1 _ for use in the carpet designs, behaviour. This is hardly a playing in other parts. The “slab 

1 HO I lllAPtl fXT ' ^.1^0 / l The slab boys are youngsters typical day. more like a collec- room itself with its gay hints nf 

1 I |ir> V I LLGLI 1 vjl 111 In i l Ljil bv CLEMENT ri? TSP wb0 work at (b* 5 tedious task tten of everyday events — Alan colour is a telling design by 

k/L/ViVft'VU vy ^LEIVIEPI 1 t^jvlox' whi | e they wait for |j erter j 0bs joins straight from public Grant Hicks, and the admirable 

.. ~~ \ higher up. It is important to school, Phil fails to qualify for direction is bv David Havman. 

\ . t remember that they are not un- act school and his mother 1 can’t recommend the play too 

The characters that Mikhail tuoso " identitTiroposed upon all a agnt-rope nver a precipice. In skilled workers: they are escapes from the mental home highly; it is human and funov 

- Barishnikov presents on stage male dancer? whose technique what is. for im, the finest scene engaged because they show some where she has been sent. Hector, But it is onlv fair to sav that 

• alwavs have a poeuc resonance, outpaces average competence, is in the ballet when he pleads with talent for design, but it is hardly the butt of all the horseplay, the Glasgow talk is not always 

This is in part a result of odd a move that appeared to be im- the Countess fOy her secret, his . surprising that when they spend gets promoted after some foolery by any means ea«v to follow 


mated feature. In addition, that and realises too late that one golden glow every window around the world when their out particularly for Peiex Weir's ™! t « f f ^. Uab 16 1°. spend a good deal 

yiriuullv lost cartooir art of 3D- has seen k before. This-Ldouch bursts wiih diffused radiance yacht is wrecked on a piece of Homesdale. Phi! Noyce’s Cast,* car P eMactDr y makes a of time playing the fool, 

effect perspective — in which fore- film is a stinker. first made (courtly of a vaselined lens) rock. They are, by a happy and Pollux and Ken Cameron’s ?hS!l TSSf i d !?h The plav showsr a day in the 

• - ground details move past the acquaintance with it a year ago and the whole subject is so coincidence, only three or four Out Of It. to X P the nrait slab room; and the strands of 


Theatre des Champs EIysees, Paris 

The Queen of Spades 

■ ' \ 

The characters that Mikhail tuoso " idehtityTroposed upon all a tight-rope aver a precipice. In 
Barishnikov presents on stage male dancerp whose technique what is. for rim, the finest scene 
always have a poetic resonance, outpaces average competence, is in the ballet wqen be pleads with 
This' is in part a result of odd a move that appeared to be im- the Countess rtf her secret, his 
conflicts in Barishnikov’s gifts: posed fey an instinct of self- /body. flies, poiseirigid .in the air, 
the physical appearance of a . preservation as well as a quest then plummets afther feet in sap- 
youthful dreamer, which suits .for self-realisation. Like those plication. Apart from a gentle 
Albrecht or Romeo so well, can who live by the sword, the manner which he adopts in treat- 
shift to reveal something far dancer living by leaps and beats J°8- . w,tb Lise, BansnniKovs 
toucher the figure which in will perish by them as soon as has an hallucinatory 

repose may look almost unassum- his musculature starts to fail, quality: Hermann pursued by 

ming explodes with uncanny Barishnikov is far more even denof ^ Sd/danSoH^ reeve!? 
speed into the heroic shape of that the classic exemplar of our S^ne alSSt tiie mL's uSJuench- 

thp rtanwr in nchnn This un- »p kj„ ming aooai me mans uoqucuiu 


by CLEMENT CRISP 


* ' :fy ^ 


St. John’s, Smith Square 


/ the dancer in action This un- ,Tme. to many of his per- Sffgg 1 u U4 ^.- 

predictable aspect of Banshnl- formances — even the most ‘ ^ * 

' kov’s art— hinted at very early overtiv dazzling— it is the Onr final view, of Hermann is 

on in the Jacobsen Vestris dramatic rather than the vir- °* tt ® broken-figure crouched on 

sketches which he danced in tu06ic excites our greatest itoge as the light fades, aim- 
Russia — allied to the dramatic admiration bv virtue of the use less, y slappmg cards onto the 
still which is as satisfying and fo Shl c ” b« puts Shn°qu“ ™t ground: Basistaitov has shot™ 

amazing as his -technical hv the nuritv and grace of his V s how every f«®kng has been 

prowess, achieves a remarkable dancing V .must thrill us— and 

- fnsioii m the role of Hermann this on terms grander than those S"?" 1118 bein .e— k* gambling 
created for him in Roland Petits 0 f high-leaping excellence — and 

Oitcen of Spades, premiered in. j,y move l0 nYCB may be seen 'The Tole is a glorious one, 

Paris this week. as a re turn to a pure source of owing everything to a vivid 

The central- figure of Pushkin's academic dancing, that classical response, that must have existed 
tale, Hermann is an obsessive life-blood which he shares with between creator and instrument. 

• character. He ia an opportunist, Balanchine- through their com- It can with some justice, I fed, 
but also a man trapped by his mon Leningrad heritage. Never he considered a joint acnieye- 
fascinatioo with gambling. In the Jess, the problem he faces, menL The ballet itself is rather 
this .combination of anti-heroic if I may call it such, is one par- l 653 . glorious. Inevitably _ its 
qualities he can yet seem even ticular to male dancers who are j 0113 * 1 premise was asa vehicle 
more a* hero since he is doomed still expected by their public to Eor Barishnikov, yet Petit os an 

. from the very start by his soar rather than to interpret accomplished eoach-wurider, ana 
nature: the cards are literally (it affects ballerinas far less: b . e bas produced a work of 

- and metaphorically stacked there is a women's lib in ballet 

against him. Between them which male dancers are denied.) *!?. ^ i »nt 

Peri, and Earishnikov-and I raB , Hermann must best be “J 

'“s 13 * u P° n . the partnership since onderetood as an exceptional ^ Countess Petit has c«t it 

the role is clearly the result draraatie rcAe crea ted for an birt fw a balleri^lSd 

of mutual inspiration — have excep tion aJ dramatic dancer. tt^^rbvJaW!i^eRaSt 
created a figure of rare ^ it is ^stained and iliu- ^ oS?T Dcsptie 
emotional and theatrical force, minted by Barishnikov’s physi- makSSn it jfan 

For his narrative. Petit has ca ] genius is but one aroect of . ES2S e ^J? fcw ff* f *.S„ 
tamed to Pushkin. For score be the part— rather in the ^ that^ 'SSSrt^m eti^i thft mSt 
, - uses a workaday arrangement of David Wall's creation of Rudolf nmfe oIFwnSSn ^an obsS- 
sections of Chaikovsky's opera. i n Moyerling demands prodigies fo r Hera an? 

but the ballet's six scenes (which of muscular power merely to pro- Sr° ™ boudoir 

- run for roughly an hour) other- vide the ground-base for a super- S? thf CounVL’s ^ieht-TttS-e 
wise owe nothing to the com- ] a tive dramatic impersonation. fJdtotes aH too^uhr the %ody 
poser. . ^ (It. would, incidentally, be fas- S a vrani woman (it is 

The ballet is conceived, cinating to see Barishnikov as supposedly 60 years since^ Paris 
.. naturally enough, as a tribute to Rudolf, as it wonM to see Wall ■ KSPiSSj V cantos as la 

Barishnikov. but it is no- mere as Hermann.) VAiiKSa^te) ^ Tlfe 

' Pprit^h^bpen^aT'nains Tbe action of The Queen of polation of a recording of the 

t r ivhihWnnii P ^5rJrt<? if s P ades ] 's placed ia an admirably Countess's aria sung as an 
Bl-.hSnu realised- fantasy setting by Andre accompaniment to her dance 

if Beaurepaire— a curtain in which (and a flat piece of choreography 

• - W J} h Banshnikov„ as pjay^g ^ the columns of it . proves) breaks aH the 

1 . j . *r J*. f “ j Petersburg's architecture - are dramatic tension in an unneces- 

realised in th c Mt, and ttds at sewi a vertiginous whirl, sarily lengthy interlude. In the 
a time when Banshnlkoj himself Against this a few properties: elided time-scale of the ballet, 
seems ata crucial morow m ms gaming ' table: chandeliers for a the Countess can exist only as 
career. His decision this summer ballroom; screen, looking glass a symbol of the success at cards. 

'. American Pallet Theatre ^ for the Countess’s that Hermann desires with all 

' m on ? er « T ° rooms, serve to indicate locale. hiseouL 

f Gd 10 tellziis of the tale, 

. : foreswear the artist as w- aiJd theatrical craft has ^ 

; ; — never seemed surer, we see Festival Hall 

Hermann’s descent into' madness. ^ 

We meet him first, white A nttio l-7icr*l 
uniformed and brown cloaked, . . f\t II 1 |C f 1 l5wJ 
move into a spotlight with a walk 

already indicative of character Few themes are more familiar b 


Rozhdestvensky 


by DOMINIC GILL 


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Wednesday night’s was tbe arrangements by Webern, of five voice, but curiouslv unrespon- 
first of seven concerts to be given Schubert songs For voice and sive to the changing moods of the 
by tbe BBC Symphony Orchestra ^all orchestra — an early bom- sequence — it was a little strange 
at St. John's between now and ?.*?• „P5,* n but P ub " J? L be «»r "Der Wegweiser," 
the end of March - a wide.y ^ for^e AKld" frem £!&££££ 

ranging series, under vanous first time in this country on this and the lovely Romance from 
conductors, of vocal and orches- occasion. They are respectful ffa.wmunde ail sung as if VhS 
traf music from J C Bach and arrangemenLs, sensitively made; were part of the same li-b't- 
Beethoven to Shostakoinch and and some work better than mannered divertimento 
Weill. All but one of the con- others — the sighing suspensions The first svmnhonv reil 
certs (Berlioz’s L’Enfance du of ;■ Tbranenregen " from Pie Schubert, prefaced' bv ^ livefv 
Christ in December) contrast scheme .Vullerin are poignantly account of the little i\arfifae«i«n 
works from the ,19th and 20th sustained by wind and strings: im Wa/dJ for mate voces a^d 
centuries, and in yesterday’s but for “Der Wegweiser” from four horns, ended toe even in <!- 
programme, which also marked lV/nterrme no instrumental whieh had tae*un with r^at 
Rozhdestvensky’s debut with bis combination could ever be more Webern: tb e tint- but tiendishlv 
new orchestra at St John’s, effective, dark and austere than tricky Sumpitony tor Small 
music by Webern and Schubert the original piano accompam- Orchestra opSi. enthuSasticaUv 
was both contrasted and com- me » T - but raggedly given by thp BBC 

bined. Jill Gomez was the soprano players, for all Rozhdestvensky’s 

The combinations were soloist, sweet and smooth in brilliant ballet of cues. 







.JifoA:*' y -M'i 


Mikhail Barishnikov 


Annie Fischer by NICHOLAS kenyon 


Edited by Denys Sutton 

The world’s 
leading magazine oi 

Arts and Antiques 


MUEWHfTELAW 

TR-fflcKENNA 


already indicative of character Few themes are more familiar bines strength with beauty: Miss The performance was not 
by its odd accents, quick chang m to every music-lover than the two flscher manages, by using every altogether secure. 5Ils«, Fischer 
of direction. His obse^ion with poun^nig bars 0 f e flat which »«!**? bet arm. with maximum must have been playing this con- 

^ .’ESLS'.Srt Seel- the finale of Beethoven's '»”»?««»•« «™. bn, 





MTIQNOS^ 

ipEE®TH£WRE 

:^Terf: : OI-^3Cfe- 


Barishnikov. with a depth of actually. make musical sense out both /ori«.«ftmo and pianiwimo. co-ordination and downriahi 
- understanding and a mysterious of that extraordinary dislocated An old-fashioned sound, but after ineptitude as that provided hv 
sympathy that find expression In arpeggio? .Annie Fischer can. and hearing it used with such dignity the London Mozart Players under 
a movement language of real did on Wednesday, exploding into and grace as Miss Fischer Harrv Blech. But for those who 
originality. It demands all of his the .phrase from a quiet yet per* brought to the sublime slow like the London Mozart Players 
great physical gifts, but the con- feetly simple pre-echo, and re- movement of the “Emperor,” (and there were some 3,000 of 
ventional attitudes of academic lasdng-. out of St. Into two dancing who could not regret its passing? them in rhe hall), this— and the 
classicism; have little-place In it. bars, of B flat and an expressive Even the most violent staccato rest of the evening of Haydn 
Barisbnik07*s trunk is contorted but energetic chromatic pendant octaves of the opening Allegro Mozart afld Chaikovsky— is pre-’ 
as he leaps; at one moment, bis It -is a rare pleasure these days had resonance and warmth and a suraably the sort of thing they 

arms extend M il -he is walking to hear piano playing which com- sense* of Une. like. 


Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

Apollo Magazine, Bracken House, 10, Cannon Street, London EC4P 4BT, Tel: 01-2-48 8000 


i 



... ... 


* 



Pr 


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BY MA 


THE PP 
decided rc 
allegation 
Wilson r* 
number c 
were con* 
paign ayai 

Party on 
1974 C.en. 

The foi 
allegation 
lowing th« 
affair. Mi 
was. had 
an orches 

himself. I 

Lady F;- 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Snbscqi 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pr. 
To hear 
Sir Haroh 
forma] co 
On the 
acam-:t t 
council s: 
Hoy a I Gc 
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The Pr. 
i> one nj 
lished tod 
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council 
against tl 
Daily E\- 
picture c 
Henrietta 
death in I 




20 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4, Telex; 886341/2, 883897 
Telephone: 01*848 8006 





rfftt Times Friday OCMfer ■ 

■ ■' ii i nr ii i 'iirnTTMiwiUHMM 


Friday October 20 1978 


worries 


The right 



BY RICHARD LAMBERT, Financial Editor 


priority 


IN THE year that has passed strive for an agreed policy 
since the pound was allowed to which would bring down the 
float upwards, after the vast in- growth 0 f earnings to a respon- 
flow of 1977, it has become clear ^Me level and allow growth to 
that the Government : has i ceased Everyone will 

to be enchanted with the pur- ^^thise with this aspiration, 
suit of a so-called competitive J ^ ^ 

exchange rate— the P°hcy enlightened self-interest is not 

Seft e; as b “f u '“5 s I‘ the 

however, when words can speak ... hut an ac«i h* remairi 
louder Than actions; and it was noUung ^ut an aspiration, 
not until the Mansion House The possibility that consensus 
speeches last night that a senior on pay has irretrievably col- 
minister made it clear that a lapsed gives added point to the 
stable pound is not a happy ac- Chancellor’s second argument: 
cident. but a central aim of incomes policy impresses finan- 
economic and financial policy, cial markets, and so makes it 
Unioms and employers who are easier both to stabilise the ex- 
living in the past, and imagine change rate and to control the 
that they will be baled out if money supply through adequate 
they price themselves out of funding. 

their markets, have been put on This view, which has long 
clear notice: the Government been an important strand in 
m£ans to resist. Treasury and Bank of England 

Promise thinking, unfortunately has a 

M . , corollary: a wage explosion 

The Chancellors words con- may make it very difficult to 

ftined no saving clause at all. ho , d ^ exchange rate or to 

•If earnings grow too rapidly se]1 adeqiiate ^ck ^ ^ 
over the present pay round, the treme. this view suggests that 
fiscal and monetary policies to 

unions could have the 
which we are committed are r t0 smash ^ Cover* 

bound to slow down growth and ment - s financial poIicy ^ we]1 

raise unemployment. It would as jts ^comes policy, and 
be a tragic reversal of aU our hi mone tarj inflation by 
hopes. But it would be unavoid- » * „Y; “ ' ti 

able. Output and unemployment -° [if" 

would suffer more if wj sur- ^nee. This a not t he inte ntion 

rendered to inflation." A stable °? et ^ r slde - P l e5 t e , nt 
value for sterline, which would " 1( >“ es d ° result “ what loote at 
be a still firmer commitment dangerously Ijke fair- 

inside a European Monetary weather monetansm. The Chan- 

System. was preseated not as a cel '° rs hlnt tha ?, fu , r ^" , ? n0 ' 
threat but as a promise: “Our vations are possible is therefore 
first duty as a potential member greatest importance, 

of any such system is to pursue It is to be hoped that the 
our own fundamental national authorities will not think it 
interest." necessary to wait until a crisis 

This political commitment has blown up to make their in- 
supported firmly by the tentions clearer. The Govern- 
Governor, is profoundly wel- meat's present and correct 
come. It has come rather late approach to checking inflation 
in the day to influence the pre- rests on influencing beliefs — in 
sent pay round, but fundamental short on credibility. That will 
political changes are slow, and further be strengthened if any 
it was necessary to achieve new means of achieving official 
stability before proclaiming it financial targets in unfavour- 
if the aim was to be credible, able circumstances is announ- 
It does not, however, mean ced in good time, 
that there is now no difference Meanwhile, the markets will 
between the political parties on j udge 0 fl 5 ciaj resolve by what 
anti-inflation strategy. For the has been achieved so far, and 
Conservatives, a firm commit- on bow policy develops. The 
ment to monetary and fiscal latest money figures are good, 
restraint is a self-sufficient but as both the Chancellor and 
policy- For the Government, it the Governor admitted, they are 
provides the rationale for an distorted: the underlying rate 
incomes policy. This is for two of monetary growth is probably 
reasons. First, the Chancellor nearer to 9 than to 6 per cent 
explained that he rejected the This is still too fast if conver- 
•• callous” philosophy of wait- gence on German performance 
ing until the growth of earnings is the aim, and the next target 
is checked by rising unemploy- announced in three weeks, 
ment and falling sales; the should be more modest as the 
Government would continue to Governor suggested. 


A DEBATE which has not particularly interested in holders seeking compensation public, and capable when 
dragged on for at least playing the game. ara commonplace. Lawyers work generally known of having; an . 

a decade is likely to on a contingent fee basis, and immediate and - • - substantial- 

reach a climax in the next few • But is it possible to define losers do not have to pay costs, impact on a share price, 

weeks with the inclusion in the laws which catch villains with- More fun dam entally, in 'the 

Queen’s Speech of proposals to ont pe n alis in g the innocent? UK it would be very difficult • What win be the position of 
make insider dealing in com- where transactions in quoted directors and employees who 

pany securities a criminal in the view of the Council securities are concerned to track own shares in a company 1 for ■ 
offence. Draft clauses have al* for the Securities Industry, the down the injured party who which they worts? 
ready been published in the Clay’s new self-regulatory over* bring the civil action. It 

White Paper “Changes in Com- lord, “experience suggests that is not possible in the London This is likely to be thO issue 
pany Law,” which appeared in the formulation of a criminal mar fc e t system to say pre- which generates the most heat 
July, and it is quite possible offence on this subject presents C iseiy W ho bought what from Jq Parliament and from the 
that a bill could be introduced great difficulties if desirable wh(Ma CBL According to White 

at an early stage in th e next activities ^ are not to be could fte company itself be paper, anyone in possession of 

session. frustrated. Mr. Nicholas Goodi- deemed , t0 be the injured party, inside information — whether r©. 

Demonstrating its traditional th e “tocK and ^titled to the proceeds of ceived directly or indirectly-^- 

touch for political affairs, the S, disgorgement? Hardly. Since it is an insider. Company direc- 

City has been badly, wrong Proposals so iar is not allowed to deal in its own tors are almost bound to be in 

footed by this prospect July’s ; i f°rr~ e T ac .r‘ as aa ^J” securities, any such money possession of Inside informs-: 

White Paper was largely “rfr " n “ Mr - would be strictly a windfall- Hon for a good part of the year, 

ignored on the grounds that an f That 00111(1 lead t0 ^ Hod* of The fear is that this win effec- 


Unit Trust 

<UALUUiU C1CLUU1I WVUiU Uinnw Ml J - ,I_ 

irrelevant Only In the last few JSfJ?*?- 


autumn election would make it Ulllt Jl 1 ™! ^Association, ^noa anoma ji es _ w iiere, say, an In- tively debar them from owning 


irrelevant. m me «««. . ... . .. . sider dealt in the shares of a shares in their company— ^nd 

daj-s have the reactions of rf ™ company in which he controlled that, everyone agrees, would be 

various interested parties - SO per cent of the equity, and most undesirable, 

often hastily written and in at dealilI g ^ pro biem ende<1 effectively paying Supporters of legislation start 

draft form — started to cascade introducing criminal “P? 1 of bls P rofits over t0 Wm- from the assumption that direc* 


into the Department of Trade. 

These show that support for 
legislation is much less general 
than seemed to be the case when 
the debate appeared to be about 
theoretical possibilities rather 
than practical probabilities. 
There is widespread unease 
about the impact which statu- 


sanctions. 


Conservatives 
not opposed 


self. tors should, other things being 

• What Is Inside InfonnsSon? «iual. be long. tern, holdete in 





their company's shares rather 
The definition, lifted directly than active dealers. That being 
from the Conservative pro- so, they may be able to build. 


. •' • dsftfeo : Ash wood 

Trade Secretary, Mr. Edmund Dell: likely to take a conciliatory 

line. 


posals of 1973, is information up or liquidate their invest- 


Laiii. is miormauon “4* mnuuoit wcu Uiiai- ■ , - .’,1 

which “is not generally avail- through company srtieincS insider. This seems unreal and - Firatreere is«littie room .for 
_ ^ a Ki e am* which would if it private treaty. If not, they unnecessary. doubt about what is inside inf or- 

aouut rne lmpaci wmen scaiu- _ ^} e . Se were so available^ be “ like^ wiD simply have to be extra.. _ . 

tory controls could have on the fined to tile Qty. The Conserva m teriall _ t0 _ff ect +h e price" careful when buying or selling •Who are “tippees” — and how lt ^ involved, tiecondly^jt -is 
often delicate relationships °EfTS£ shares that they are not abusSi [J^n tim chaiS of tips extend? likely to be fpstrated 

between companies, manage- t0 legislation in itself, is also OI ™ ^ l “ ^ their position. \ . under the existing system tbijn 

ment and shareholders. There seems littie 1 point in The issue here is' whether tile. Stock Exchange, since it is 


definition. And . Mr. Harold about which there is most YuUd a ^fe'period'? iS conversations *at the” golf more , frequently up., against 


i e c f 1 sin it^be ca m e aTiv^ issu^ ^n’ ^ U ? sC ^ cell ° r r , fl “ nhappines ! 111 tte City, since legislation whidi ‘SSbZn not part of the 

Trade Secretary Mr Edmund i 9 74 (imposition) £at he was thread bert aredSo'n iS ^^siice^lhar f^dom ^re ^be 5 ’ conne^&S Cl^establishment.^^ - - ^ 

cUtetow tae when “addteSS U ?. d S" ^ fl0W of 'i*™ 1 "™ SSd% fi?tX£3uS'5S3 . £ ^orde™ 

?523Z«S uWS SL“m°g" ,he ^ of “ SSSt“i" i n "•■■a ***™*«> ® ,o 

tents today. The Government However some leading City ,n,POrt “' ,et - 0Ut dSU5e m fte receiTemslde ■“'“tmtum know- - - - 

wants to continue the process of figures, while sharing this 


consultation both before and general concern, feel that the . ... .. . - . . ,. ... ^ . 

after the bill Is introduced, lt dangers are worth accepting In 15 ^ eth J T x *5 ,nformatI011 1S doin 8 ** 

recognises the concern being or der to demonstrate to the out- “ nfide " tiaJ 1 . J '““W a or avoiding a ioffi. v 
expressed by company direc- side world that the City is not Th ere “ the difference in What this means is,, for In- 
tors. investment analysts and a conservation area for sharks, world between a company stance, that if a director is br- 
others, and is keeping an open The Government’s view — as ^airman giving an outline of mg pressed by his creditors he; 
mind about the possibility of expressed a j^ear ago in the futur e PO^cy and leaking con- will not be prevented from sell- ; 
modifying its original ideas. White Paper “The Conduct of fid er, tial information about - a. ing his shares by the fact that 
Yet refinements are one Company Directore"-4s that “it subject. he has inside information: • 


_ . . . . „ ... , , to rely on the Stock. Exchange 

White Paper, which aUows in- ing it to have come from the t0 do the spade work . 


What matters, it is argued, siders to deal if they are not horse’s mouth. 


Exchange will probably -- run - 
into a wall of silence at ; an' 
earlier stage of its..inyektlga- 
tiohs than it does at:prffieht If 
it has reason to belike that an 
offence has been committed, it 
will have to pass its "evidenceon 
“Psst— fill your boots with jo the Department v ;. 

ashman FSnanrp ’’ is not fhp - ‘ - l. 

The big unknown tis .whether 


Considerable 

problem 





thine* radical chances are an- will not be possible to produce The official view, however, is same, the proposals kind of advice that is going to - .- .tw-- — 

other' The main thrust of the a perfect answer to the prob- that confidentiality is a highly would be almost bound to have get anyone mto trouble. ..But; the official mspect^JvU^then 
otner. me mam tnrust h . ^ doctrine which it an inhibiting effect in some “Fill your hoots with Flashman be able to resolve thq case more 



July proposals is likely to re- lcm,” but that the introduction complex 


main unaltered, and so it is al- criminal sanctions will be would be 


ready possible to identify the sufficient in most cases to deter in terms 


main issues at stake. 



* ■■■A 


those who are tempted to use someone asks a question 

inside information for their gets an answer, then that anaJysts— ^ would not have «• to be another matter. These am the. 

A T* ann ™„H a t« In ° wn personal gain. information can almost always worr y- Bu * *>r direcfor»>of This is one of several points 

• Is legislation appropriate in ^ classed M <. avaUable;> Warrington Widgets, it oonld.be which will only become really '‘Si ; be 

• Should insider dealing be a this is dearly not the case, it a different matter. V dear if and when some kind of tac y ing .-totoj^hei- itiheets 

criminal or a dill offence? will be up to the people con- • : fase history is ertablished. On IO de b a teJ£^ 5 pb%e^p the 

cerned either to disclose the • What will be the position of • ^ te P 

inffirmatinn n r olcn nnt tn ripi an inrHhrflni.nl nhn«bnM« Hrt)V lUH 1031 a UPDCP flau inside ... i.i.TTlt'l'lf-.S'Ali!— -c 


the first place? 


In 1973, the Takeover Panel 


and the Stock Exchange stated desnito all the informa t»on. dr else not to deal, an institutional shareholders proving that a rippee had inside _ not ' ab ]tf*^^^&ltioa «£ 

f? insider dealing, properly Into* all the . . . . seeking to build an active rda- ^u!d. appear to be ^te^wfcro^^^ridus 

defined, should be made a enorts oi me secunues anu c.x ... . tlonshln with a comnanv? / considerable. rw r? i mJ -thp 

arimmfii nfffinAo change Commission, the number ReaSOliablC nonsnip win a com pany f j conflicts OtlwereSt-rHnttor tne 

attitude 


» IT * ' . Si 

•r— . . -fc 


criminal offence. And earlier change Commission 
this year, the Stock Exchange of fully litigated criminal ac- 
told the Wilson Committee that tions against insiders cap be 
the problem “extends beyond counted on one finger. But there 
the area which can readily be have been plenty of successful 
the subject of voluntary non* civil actions; as a result of which 
statutory regulation.” 


/ . ■ ■ - legislation,- Wd-h- -ftumber of 

Here the proposals are clearly ® , jj at wnu,d ^ the Impact potential . anomalies ;: which 


Catalogue of 
disagreements 


better than the 1973 bill, since of legislation bn the various self could arise oh Vlhe takeover 

responsibility is pinned directly regulatory bodies? front • T 

That seems a very reasonable to the individuaL This means At the mombnt' its members 

insiders have been forced to attitude. But as with other that the Pru will still be able Mr. Goodison is worried that are split "between. . those . who 7 

_ . . . .. . hand their ill-gotten gains clauses in the White Paper, the to deal in the shares of a com- it would make the Stock think that '-tlie proposals .are 

ine lurtner tnc seu-reguia- back tQ victims. key question is whether there pany. even though one of its Exchange's investigative work broadlv rightrbut need refining, 

tory Dooies attempt to extena Qn paper ^ ^us pr0C ess of is any certainty that a judge in executives may have access to more difficult than it is at the and those who believe that 

tneir autnonty oeyona tne wry. ..^gorgg^ent" seems an attrac- five years time will take a privileged Information — pro- moment if the collection of nothing but a complete rethink 

“ e . woaJCC p „, me ‘ tive answer to the problem. But similarly relaxed line. So it vided there is an effective wall evidence, from its members will do. If It comes .to the 
laKeover ranei tens a meren am there are a nu mber of reasons maybe worth thinking of ways between its corporate finance becomes .. -subject to possible crunch, however, it is difficult 

bank to jump, it jumps. But w j, y it njigjjt not work in the of narrowing the definition on and investment departments. legal procedures. The Takeover to see how the Coundl'-cOuld 

its job is rnuen harder when it UK. First, the climate is quite U.S. lines, by requiring the On quibble, though: anynne Panel “ is noticeably more reject out of -hand legislation 

has to deal with people who different from that in the U.S.. information to be specific, holding 5 per cent or more of a enthusiastic— 4»ut then it starts along the lines .of the, White 

don’t know the rules, and are where class actions by share- material, nnt available to the company is classified as an from a ; rather different position. Paper. 




S3C. 4 * 




pc.- 

’w*. 


,mu 


;.«v ■ h. 


MEN AN 


The player buys 
the stage 


THE JOINT statement issued would thus be regarded as null 
yesterday by the South African and void. 

government end the fnreisn To be fair, the South African 
. . „ , _ , government professes to be will- 

ministers of the five western ing tQ gee a second round 0 f 

nnnirra a^nnon^onflif*! hpiwp^n e lecti ons next year, under UN 
8SS5 “ c0 “?f hjSfSS auspices; the details of the UN- 

Nations. But it gives no reason s P° nsored Cections would be 
for supposin' 1 that the profound the second ma J° r t0 P lc of «)n- it is rare for an impressario 
differences 10 ** betl«n" SoutS julta tions with the UNSecre- t0 seU one of his most prized 
Africa and the international ?? ? e ^i^ et J he Possessions to >a star be has put 

community over the future of 1,shed y^rday shows that the on the stage, but it happened m 
Namibia/South West Airica S ? u i h Afncan P 0 ® 111 ?. 0 « London yesterday when Peter 

have been resolved, and little * lth so ™ an . y contradictions and Saunders, who brought The 
reason for supposing that they in consistencies, that it is diffi- Mousetrap to London, sold the 
will be resolved. cuIt to be confi( lent that Pre- Duke of York’s Theatre to the 

toria is genuinely prepared for company chaired by the first 
UN sponsorship of independ- s t ar a f the Mousetrap, Sir 



Indeed, although it was a 


“joint statement" the document ence for Namibia, 
in question consists mainly of a Qn the one hand. South Africa I 
catalogueof differing points of wan (g an irrevocably fixed elec- 


Richard Attenborough. 
The company is the 


exuber- 


view. The only element of tion date> regardless of whether “J 


mg 

with 


as 

the 


involved as possible 
arts within the com- 


Africa over Namibia 
holds its scheduled 
next Monday. 


agreement is that there should ^ere has been an effective 
be further consultations with ; n thp miprrHIa war. 

the UN Secretary General, and - anainst the South West munity lt serves.” Attenborough 
it is this, and only this, which S d ca peopled Orna^S- teUs me ’ P oinlin 2 t0 ** radio 
makes it likely that the UN uoS fSWAPO) On the^her S roup ’ s Wren 0rchestra and 
Security Council will be able “ “ 1 sculpture exhibitions in Hyde 

KS- us ^TiteSS “ —t 

tins* towartJs UN-sponsored elections. 
meeun ° by refusing to pre-empt the old- It staged the first perform- 
results of the internal election; 3 n ce of Peter Pan and had the 
the most it will say is that it 15-year-old Charlie Chaplin in 
will use its best efforts to per- a bit part as a messenger boy 
may, if suade the leaders elected in In Sherlock Holmes. It also 
by the December to “consider ways and mixed successes with the not 
Security Council to go ahead, means of achieving international able failure 13 to Dinner: that 
lead to some sort of compro- recognition." found that its first night was 

mise on one element of the UN The South Africans cannot **30 its last, 
plan for Namibian independence have it both ways. If the Decern- 1116 theatre had three open 
— the size and composition of her election is merely “an in- raa I fi re s in the auditorium 
the UN supervisory force. The ternal process" designed to elect when it opened, a point which 
South African government has i eaders , then responsibility for would send shivers up the 
objected to the proposed size dec jding on the road to inde- spines of to-day's safety inspec- 
of the force— i^OO men— and pgndence will continue to lie in tore. Capital are saying that re- 
gave tins as one of Its reasons p rBt nrra nnt in WinrfhnaV That bUildiflS work Will CflAt unrip!* 


sell.” says Saunders, “but I’m issued only a few of the sets 
a one-man band and if any- tie group could have cornered 
thina happened to me ray ex- ^ mar k e t. instead it flooded 
ecutors w°uld have to put the J i6la[ld with 07er soo.000- 
freehold on the open market * . . ™,_i_ 

That could lead to the theatre fven for each inhabitant. Their 
being used for other forms of philatelic value has thus 
entertainment ifemained disappointing. All 

That prospect seemed to &e same the island's post offices 
appal the Impresario, a man *, ere somewhat taken aback to 
who includes in hi* recreations advertisements recently 

the Music of Georae Gershwin r_ . on ¥ nfe - 

and telephoning. But he says j )ffenn 8 P er c ® nt the face 
that he rejected large bids £ a ] ue the “>a«ne llfe set for 
from property developers andf’big users." The dealer acting 
overseas buyers as Capital have £f or the group explained that the 
agreed to^a stipulation that the^investors were pushing their 
Duke of fork’s will permanent! jf philatelic catch overboard in the 
remain a live theatre and notj . ^ , ft . ettL 

house Saunders' pet avereionsl omy waj latt open tn uie “ L 
“strip shows, a cinema,, or t| f n addition to the estimated 
TV studio.” j 200,000 sets of Jersey “marine 

— — -j life” stamps made available in 

.* this way, the dealer also offered 
Catching crabs an estimated £11,000 worth of 

Guernsey stamps issued in 


parted tribute of Lieutenant- 
General Erich Peter gives some 
guidance. Peter, commander of 
the border troops, praised the 
“fighting spirit and courage with 
which the frontier soldiers fulfil 
their obligations In socialist 
competition reliably to defend 
socialism and peace." 

This I take to mean that the 
guards are adept at catchin 
fellow citizens trying to escape 
evidently vital at a time of 
labour shortage. It just seems a 
pity that so many people are 
occupied, productively or not. in 
guarding the frontier and the 
“anti-fascist defence wall" sur- 
rounding West Berlin. The East 
Germans, are not keen on giving 
figures for the number of 
guards. Reliable estimates sug- 
gest it is 40.000. 


Consultations 

These consultations 
they are permitted 


For many people a trip «o the Reconstruction 

Channel Islands means a change Lifeboats, 
to enjoy sea food— but for a .... 
group of anonymous investors 


- . _-»T , Pretoria, not in Windhoek. That building work will cost under 

for rejecting the UN plan last responsibility is mandated to £350,000. But one outsider who 
montii. But Pretoria started to South Af rica by the United knows the problems and costs 
modify its stand on this issue Nations. of renovation and moving in- 

even before this week s negoti- ^ root of ^ pr0 blem is ternal pillars which obstruct 
ations with the western powers, that south Africans are views throughout the auditor- 
in response to further expiana- determ j ned To prevent Namibia turn believes that the eventual 
tions from the UN that only faein „ <,^ 0 ^ by SWAPO. bUl could top £600.000. 
two thirds of the force would Their mistrust 0 f SWAPO will Despite this Saunders insists 
be armed. not eva porate unless the UN that Capital has a “wonderful. 

On the central issue of elec* can organise a ceasefire and wonderful bargain." Though 
tions in Namibia, however, the supervise peaceful political pro- neither party would talk figures 
joint statement is merely a tex- cesses in Namibia. Even then it yesterday, a chat with one of 
tual record of continued dis- may not do so. but this is the the 12 groups which had been 
agreement. The South African strongest argument for further interested revealed that the 650- 
government is still insisting that consultations. The question on seat building had been on the 
elections will be held under its which the Security Council will market for around £450,000. 
own auspices early in Decern- have to make up its mind is Why was Saunders making 
her; the western powers say simple: are the South Africans such a "bargain" available? “If 
such elections would be Irrecon- starting to be more flexible, or 1 were twenty years younger 
ciieable with the UN plan, and are they just playing for time? nothing would have made me 


in Guernsey any mention of Guarding peace 
this subject is liable lo mife British Governmcnt 

them turn an unpleasant colour. wr jngs its collective hands about 
Some years ago. the group de- unemployment the East Ger- 
eided to buy unusually large mans', big problem is the exact 
quantities of postage stamps oPPQsite—a desperate shortage 

when issued by .be imtepeudeM ^tehwoTd ha" 

postal authorities of Jersey and been “productivity." 

Guernsey. The theory was that Some activities are of course 
as. relatively speaking, very hard to measure; for example- 
few stamps were produced they ^ would have thought— guard- 

were certain to Increase drama- *" s the £ ro "? ier with W* 
ticaily in value Germany. But improvements in 


The Royal Castle is now com- 
plete. The first Polish building 
to be bombed by the Germans 
in 1939, it was razed to the 
ground during the Warsaw Up- 
rising. initially it was not 
intended to rebuild it, but 
thanks to popular demand from 
Poles at home and abroad War- 
saw is now the only capital in 
the world with a brand-new 
unoccupied royal castle. 
Coloured picture postcards of 
kings of Poland are on sale in 
kiosks in Warsaw. What next? 


productivity have been remark- 
In some instances this hap- able in this area, according to 
pened. But our Guernsey irtmp yesterday's issue of Neues 
has found that what you- gain Deutschland, the Communist 
on the you are aptto ^reports 

lose on the roundabouts. For a]ons ^ b0rder achleved a 
example, it bought an estimated rating of “outstanding" this 
20,000 sets of Jersey “marine year, 25 per cent better than last 
life" stamps Issued in Nbvem- >" car - 
ber 1973. Each set of four, de- Enthusiastic guards handed in 
pitting ormers (a species of ?“ r| y„ 2 .M0 suggestions which 
uni-valve mollusc), conger eels £ Sister effectiveness and 
spider crabs and lobsters, had 

a face value of 33 d. ^ Unin ?: Tantalismgly the 

„ , . _ „ I s * cues Deutschland does not go 

Had the ..Jersey Post Office into detail, although the re- 


Keeping up 


Better late than never. A$ the 
skateboard craze breathes its 
last the British Standards Insti- 
tute plans to publish: stand- 
ards for skateboards and protec- 
tive clothing in December, just 
in time for the first Christmas 
for years when practically no- 
one. will be buying either. 


Observer 



ill l/» Hill '1(1— 
HJ’VE A LOTTO GAIN; 



.. v . 

The Lothian Region, with Edinburgh at its heart, alread^v*iy?j 
has a formidable roil caH of satisfied industrial customers!. 
industrial estates owned by the Lothian Regfonal Council 
are now 178 thriving companies with 12,000 employees. ' ; 

Outstanding among the reasons for the success of the ! 
Region’s industrial estates is the quality of Lothian jabquri ihfif’l 1 W- 
playback we receive from employers leaves us in no doubrtharC^'jr^' 
Lothian labour is very highly regarded, indeed. 

Our access to good road, air, rail and sea communIcatipnihy^> 
fs rivalled only by ouraccess to commercralmoney. Edlribur|^^!.;-;’;i 
is one of Europe's foremost funding and investment centres. 

: For the businessman who can ’twait.we have Immediatd^iriv] 
available 22 fully-serviced Industrial sites, 10 modern factories;i>j^-] 
and 13 of the latest warehouses. All ready for occupation “now£^£-’,; 

Fly up and see us sometime. Soon. - . 

. If you want to know more before you take off/call us. ' 

Or write to: 


lr— V : 


R.I. Shanks, Industrial Development Managei^^ 
Loth ian Regio n Development Authority, ' 

18 St Giles Street, Edinburgh EH1 ffT. * C; '^ 



V--"' 


■ t 




-w* 1 


'? • Financial Times Friday October 20 1978 


SURVEY 


Friday October 20 1978 




*&> 

5T' ; : v 

• . - 5 


isS 

•* f*S$ 


Office Relocation 


■ With its Inner Urban Areas Act the Government has this year introduced a new 
element in the office relocation scene. While London's City and West End areas are still 
excluded, there is now to be a drive to revitalise the country’s decaying inner cities. The question 
is whether it will meet with the necessary response from commercial companies. 


f. 



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SWINDON 


£ 2.50 

per sq.ft. today 
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TO LET 


! p^l 






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Bir mingham 


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Ms/ 


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■rm - 1 

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y‘OvTS,ec;3ur.*:'rcn: 
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Chartered Surveyors 

Jflj yam {i C A ISTOI W. I - CrAUTut LWOi t J« 



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V Nr Chartered Surveyors 
103 Mount Street, London W1Y 6AS 
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Tel: Folkestone 5 7 191 


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103 Mount Street, London W1Y6AS 
Tel: 01-493 6040 Telex 2385S 














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Party on 

1974 Gem 
The foi 
allegation 

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an arches 
himself, l 

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The Pn 
Sir Haro 
drawn sm 
Subset! i 
told the 
did not 
prietors 
inslrucU'd 
round a 
maieri.il.'’ 

The Pr< 
to hear 
Sir Hartil* 
formal co 
On the 
against l 
council 
Royal Cc 
rliat (her 
Labour bi 
The Pr* 
is one nr 
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Name 

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Government Assisted Area For New Offices 


With all the advantages that the City has to offer:— 

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© Good communications © Housing for key staff 

Those seeking a new location for their company 
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For farther information regarding the availability of town 
cen tre and campus sites and o ther existing and proposed j 
office space, contact 

Graham Jones FRICS, City Estates Surveyor, 

Civic Centre, Plymouth. Tel. 0752 68000. Extn.2062 


WAITED 

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UP TO 10.000 SQUARE FEET 

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4MJESFC13D 


440 KINGS ROAD. CHELSEA, LONDON SW10 OLH. 
TEL: 01-331 2383 


Major switch in 
official line 


WHEN THE Location of Offices 
Bureau (LOB) was set up in 
April. 1963, the intention was 
to decant elsewhere some of 
the office jobs which were 
heavily concentrated in central 
London. Such a concentration, 
it was felt, created str ains by 
iccentuating the economic 
.Trength of South East Britain, 
rhese feelings intensified rather 
han lessened in its early years 
md when Labour took power 
ate in 1964 and set up the 
department of Economic Affairs 
t quickly instituted a policy 
vhereby office development 
>ermits (ODPs) became neces- 
a xy for auy building over 
'0,000 sq ft in the South East. 

That policy lasted until 
\ugust last year when Air. Peter 
ihore, Secretary for the 
invironment — concerned at the 
ugh level of unemployment and 
rhe decaying nature of so many 
jf the inner parts of our major 
cities — launched his policy to 
nvercome urban decay. As part 
of that policy LOB was given 
new guidelines. It was to seek 
to attract international con- 
cerns to this country and it was 
to promote office development 
in inner urban areas. The 
country, rather than just 
central London, is now the 
bureau's oyster. 

Confusion 

This switch has led to some 
confusion over Government 
policy. Both the Government 
and LOB have denied that this 
implies any reversal of policy 
and it is true that the inner 
core of London has been left 
out of the Government’s 
strategy. Neither the West End 
nor the City is to be promoted 
any more in future than over 
the past 17 years. So far as 
London is concerned “ inner ” 
relates to those boroughs which 
roughly correspond to the old 
London County Council area but 
exclude the central core. The 
Government wants to stimulate 
office work in Lambeth or 
Hammersmith or Stepney, but’ 
it still draws a line at the West 
End and the City. 

In one respect, though, the 
Government has left.a question 
mark over the future role of 
the new towns. One of the 
features of post-war policy 
towards the regions has been 
the encouragement of the new 
towns like Bracknell, Peter- 
borough, Peterlee and East Kil- 
bride. Now that the emphasis 


has moved towards the protec- 
tion of inner dues it is still not 
clear what role the Government 
expects of the new towns. 

Those within the South East, 
for instance, still carry the 
albatross of office development 
permits. When Mr. George 
Brown was Secretary of State 
at the DEA in 1964 companies 
in this area wanting more than 
30,000 sq ft of office space bad 
to obtain an ODP. The intention 
was to encourage growth in the 
rest of Britain. But the policy 
has made life difficult for a new 
town such as. Milton Keynes; 
that difficulty has become 
doubly burdensome now that 
inner city areas in Birmingham 
London, Liverpool, Newcastle, 
Glasgow and elsewhere are 
being developed; A case can be 
made out that the Government 
should as a matter of urgency 
solve the conflict between its 
new policy and its obligations 
towards the new towns. 

On the whole the p re-1977 
office strategy had considerable 
success. The LOB's statistics 
show that between 1963-4 and 
August last year 2,055 concerns 
moved out of London, taking 
with them 148257 jobs. 

Critics complain that this has 
denuded London of essential 
work but as Mr. Anthony Pren- 
dergast, chairman of LOB. said: 

There has been a tremendous 
expansion in the office sector in 
London in the last 15 years. 
Until last August we were just 
baling out the boat As fast as 
we were taking people out of 
London new jobs were being 
created. This Is because the 
office sector is' the strongest 
growing sector in the economy. 

11 We are now in the post- 
industrial phase of the British 
economy and we have a situa- 
tion in London where there are 
six jobs available for every 
secretary.” 

The bureau has uo power to 
force a company, out of London 
(or correspondingly into any 
other city) and is at pains to 
point out that-, any company 
considering a move should only 
do so if it can prove beyond 
doubt that it will benefit from 
it. There are considerable 
grounds for making a move — 
job satisfaction, lower staff turn- 
over, better working conditions 
—but it is up to each individual 
business to justify its decision. 

Initially . most of the com- 
panies moving from central 
London went to an outlying 
part Croydon in particular 
captured a large part of this 


traffic, partly because of its ex- 
cellent rail service into central 
London and partly because it 
capitalised on that service with 
an imaginative policy towards 
office building in the early six- 
ties. 

If encouraging companies to 
move to outer London could be 
considered as " phase one,” 
phase two was inducing them to 
go even further out: those 
which took this step have 
tended to go west and south. Mr. 
Prendergast regrets the fact 
that some other parts of London 
were not as alert as Croydon 
and would have liked major 
centres to have emerged at 
other points of the London 
compass. 


Gained 


In phase two towns such as 
Beading, Swindon, Basingstoke, 
Cheltenham, Gloucester, South- 
ampton and to some extent 
Exeter have all gained. With 
the change ' in Government 
strategy LOB is looking at 
towns such as these, evaluating 
how it might cater for their 
needs. 

As in phase one the bureau 
places great emphasis on 
research. “We are evaluating 
all the towns of England and 
Wales." according to Mr. 
Prendergast, “to see if we can 
introduce a wider range of 
clientele to them. It is particu- 
larly important, for instance, 
that we do not send a poten- 
tial company to a town where 
there is little hope it will find 
sufficient workers if it decides 
on a move. 

“For instance, if we knew 
that a big government depart- 
ment was moving to a town we 
should be careful about recom- 
mending that town to a large 
multinational company because 
we know there would not be 
enough staff to go round and 
anyway the bousing market 
would be stretched too tautly 

The multinationals pose cer- 
tain problems because of their 
very size. Three, including 
Esso and Phillips, are looking 
for sites in London of at least 
250.000 sq ft each. Such giant 
buildings do not come on the 
market frequently and while 
one, near Victoria Station, is in 
the process of being built there 
is still a shortage of the bigger 
buildings. 

The reason for the continued 
interest in London by the majors 
is that the petrochemical com- 


panies have decided that it is 
the centre of the industry out- 
side the U.S. for all operations 
dealing with' Europe and . the 
Middle East In the odl world 
London is mid-way between the 
two Gulfs (Mexico and the 
Middle East)— hence its attrac- 
tions: Such very big companies 
are unlikely on the whole to 
move far from central London 
and the Government, despite its 
change of strategy, would hardly 
stand in their way over obtain: 
mg an ODP. 

Other foreign companies tend 
to want to find locations near 
airporti So the Gatwick area 
Manchester and west of Glas- 
gow are important because these 
places have the three inter- 
continental airports outside or 
Heathrow. In some cases, 
though, the bure.au is asked to 
point out .locations, where air 
communication with Europe is 
quick; the range, of possibilities 
Is then broadened considerably. 

If there is one overriding 
factor which has influenced, the 
direction in which- companies 
have moved in the past it is the 
building of the motorway s. "As 
the M4 has extended westward 
so companies have gone further 
out Swindon captured a lot 
then insurance companies life 
Eagle Star went to. Cheltenham 
and the Ecclesiastical Insurance 
Office to Gloucester. ' . The 
National Westminster opted, for 
Bristol. With the completion 
of the M5 Exeter has benefited 
with the Lon d on ail d Manchester 
Insurance group opening jn the 
city. The Zurich went to Ports- 
mouth with 500. jobs. \ , 

Not all the movement- has 
been south and west - in fenk- 
ing the Midland Bapk qpened a 
big office in Sheffield and 'Bar- 
clays in Knutsfqrd. The big 
banks like to keep weD apart 
since they are desperately* wor- 
ried about poaching, an attitude 
which does not seem to per- 
meate -the insurance companies 
which tend to congregate. hear 
each other. 

There are signs now thafi the 
lull in lettings in Birmingham, 
still England's second city/ is! 
over. One survey has shbwn 
that over 300.000 sq ft qf top 
space has been taken In the past 
12 months and there is now a 
shortage of large unite in the 
city centte. The Government 
must be well pleased with, this 
indicator. 

Anthony Moreton 

Regional Affairs Editor 


Putting rents in focus 


IF YOU'RE MOVING OFFICES, 
ESTER OFFERS MORE 


IT CAN be five times as expen- worker we find that he repre- Jbasic accommodation cost com- 
sive to accommodate staff in a sente a rent and rates bill of p>arlsons between London and 
City of_ London rather than a £3.567 a year in the City. In (the rest of the country can be 
provincial office. But this Hulk the same space would cost ^misleading when weighing up 
dramatic cost gap, which is just £416 a year and equivalent .’relocation arguments, 
perhaps the strongest single offices would cost £456 a year in f 0 ne maior nroblem with such 
argument for office relocation. Nottingham. JES06 in Leeds uidJconEriSlT is SS? fet 
i« »<« M straightforward as it £348 in centra, Edinburgh. Sn office teiaSs pv £y- 
Jooks. pese figures exclude service- where near the notional open 

■ In their recent countrywide costs, which average around £2.< market costs of prime build- 
survey oE rent and rale costs a s 0 ft. in centra] London falling* ings. 
surveyors, Debenham Tewson 10 Perhaps half that in mosti 

and Chinnocks. showed that a Provincial centres. ! Debenhams used a figure of 

single square foot of prime, 0n face of it one might £15 a sq ft as their estimate 
modern City office space would ex P«t such comparisons ra of current prime City office 
now cost around £23.78 a square spark a mas s exodus of offied rents. But it is doubtful If as 
foot on the open market. Rent tenants f rom the costly SoutS much as 10 per cent of the City’s 
and rate costs for a correspond- E “ t to cheap offices in the preF 33^m sq feet of offices could 
ine square foot of space in the ™ces. But comparisons of ope* be described as “prime” and 
country's cheapest office market. market P nm ® wnts tell on* very doubtful if that proportion 
Hun total inst £2 77 one - potentially misleading, of space is actually let at up-to- 

’ _ J ' ' , „ part of the story. J date market rente. Although 

These figures are brought There are many reasons why Debenham's £15 estimate pro- 
mto sharper focus by looking offices must be maintained m vides a realistic view of rental 
at the comparative costs of pro- particular locations. An insnr- levels for the few really top 
viditi? office space for a single aoce company tenant who wants quality office blocks recently 
employee in a number of to be within walking distance marketed in the City, it is far 
different office centres. of the Lloyds market would, io r more likely that average actual 

Taking a fairly ungenerous example, be fairly insensitive to rents throughout the Square 
allocation of just 150 square rental and rate costs. He has to Mile (including all the older, 
feet of offices for our notional be there, so he accepts the cost, nn modernised offices and offices 

Even excluding these cases: of where tenants pay historically 
particular locational need, [the low rents) range between a 


third and a half of. that prime 
rent level... 

This gap between prime 
rental levels and actual rents 
changes the -shape of relocation 
cost comparisons. Turning back 
to our notional office worker, an 
actual rent of around £5 a 
sq ft for a secondary City 
office, or for space held at an 
historically low rent, would cut 
£1,500 from the earlier estimate 
of £3,567 for 150 sq feet of prime 
offices. That more realistic 
average of £2,067 for accom- 
modation includes an unchanged 
figure for rates and still 
excludes service costs. 

The real City office costs now 
look less dramatic in contrast 
to the provincial centre equiva- 
lent But then the lower City 

CONTINUED ON 
NEXT PAGE 



W-mii 




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110 CAR PARKING SPACES 

In prime main road comer position close to Motorway (Mtl) - 

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CAMBRIDGE CB2 3DR 
TEL. NO. CAMBRIDGE 63291 



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IAMB RIDGE 63291 TEL 
A GREDLEY GROUP DEVTEXOPWENT 



AIINANCIALUMES 

Forthcoming Property/Sunrey 





CITY OF LO$E*p|| 

The provisional editorial synopsis and datearefet out' feesew!: 
Date: Friday 24 ih November : =>ri% 

• INTRODUCTION • RENTS '•^4 
• DEVELOPMENT •ARCHITECTURE;. 

• RELOCATION •-PLANNING; 

• RETAILING IN THE, CITY /•;.? 

For farther information on advertising rates in this Soffff,' 
please contact: Cliff Cannier . ' '£■ 

Financial Times, Bracken House 
10 Cannon. Street, London. EC4P 4BY . ■ -V 

Tel: 01-248 8000 Ext. 234 

HNANCIAI/UMliS | 

EUROPE BUSINESS NEWSPAPER 

The cuoieot and publication dales of Surveys In the Financial. Times- -j 
are subject to chanxe at llie discretion of the Bdttor. • 


OFFICE RENTS AND RATES 1978-79 
(£ per sq ft) 


AmdaJe House approx 204,000 sq. ft Macintosh House approx 20,000 sq. ft 
Adamson House approx -34, Otfflsq. ft Royce House ’ approx 28,000 sq. ft 

* Generous on site parking ^Substantia! GovL Grants available 
♦Immediate occupation * Attractive terms. 




■ iSiiv ■ w-kTiw. ci i-iu. 


W ; G 28 

ISAAC NErLD & Co 

Sop.n-ir.rKou^BT-eSMoiJc'.'-SKe^, 
.M3nci^terM80-2CA'Tek^^2362345; 




Heatey & Baker 

29 St George Street, Hanover Square.. 
London W1A3BC. 01-625.9292' 

or call M J, R. Barron on - 
,061-8322291 , 


Birmingham 

Bradford ... 

Bristol 

Cardiff 

Edinburgh ... 

Glasgow 

Hull 

Leeds 

Leicester ... 
Liverpool ... 
Manchester 
Newcastle ... 

Norwich 

Nottingham 
Sheffield ... 
Southampton 


City of London 
Mayfair 




Rent 



and rates 

Rates 

Bents 

burden 

1.10 

2.50 

3.60 

0.65 

2.00 

2.65 

0.96 

2.75 

3.71 

1.03 

3J!0 

423 

2.09 

4^5 

634 

12$ 

425 

533 

0.70 

1.75 

2.45 

1.W 

4.25 

537 

1j02 

1.75 

3.77 

0.80 

T 90 

3.50 

430 

Luo 

£.75 

4U3 

1.40 

2^0 

3.90 

0.95 

1.76 

2.70 ! 

0.79 

225 

3.04 | 

l^’l 

225 

3.46 j 

1.04 

3.50 

. 434 1 

8-78 

15.00 

23.78 

■L24 

10.00 

1434 


REDPITCH IS ON 


FACT: 


FACT: 

FACT: 



ut 1 1 1 ^ i z S w \ I MY Wr, 




CAPT- OwrMmfltBtDfnw 
i i . Bccwntosll parts. 




Source: Debenham. Tewson and Chinnocks. 


m 


<f-kV 


rv-t 














I*\\ A 
*** 
s>\. 


Financial Times Friday October 20 1978 


OFFICE RELOCATION III 




Inner cities become new 

priority areas 




IT IS now over * year since Mr. given il by Mr. Shore In August, inent has given substantial the second will deal with those 
Peter "Shore, the Environment 1977, the LOB is to give parti- support to the industrial sector oC the large provincial cities. 
Secretary, threw the throttles of eular aiiommn ro the promotion in terms of finance. Now it is ear ] v stages or the re- 

Uie Government's ‘'engines of uf office employment in the necessary to pay attention to 6eart . h covering the attitudes of 
exodus' ’* decisively into reverse, inner cities, including inner the future, which will show prnperty developers and local 
hacking Whitehall away from Lomlun. well- as to try in growth in nun-imJusirial cm- J u Monties to office 'construction 
rlie decentralisation policies it attract- international companies payment.'’ . t i nnpr hnrnnnhs 

had followed for IS Soars and lu Britain. The Bureau's trouble at the ‘ n re ^ compk' e -4?Zugh 


Dot SERVICE INDUSTRY GRANT SCHEME 

(TOTAL OFFERS OF ASSISTANCE UP TO JUNE 30. 1 978 1 


months following 


.J: Maconchy points out. "we 
, a „Z. have not yet come to any firm 
conclusions.” 

Two points which do seein to 



raying and problem-plagued new approach- has killed any qu; 

inner cities. timber growth of the new nr six 

Some of those engines have rxpaiidin-. ^‘ al,on " r its ne , w n '* w f, re 

heen buildin" un T head of lnslits tha£ ll * uWtl r° ,e has s ? eni Jn “ ,,0Win K Ume ToT tl,e 

steam in the new direction 1,ier < ,| . v h^ec expanded, :iiol re- idea lu sink into organisations 

Fuelled i, v the innpr lirhJ versml. London's City and West «ut side «f London that thebe emerging, however, anu 
> cn inner roan End. thfc original : targets of the LOB * services were available which serve to reinforce at 

LOB's decentralisation activi- r ‘> them and— it is hoped— least partially Mr. Prendergast’s 
ties, are still excluded from Lire allowing the impression that the concern with Government incen- 
J' v rr° “ inner cities nrosranmte. The Bureau’s role had been reversed tives, are that some London 
, a h Tt "Zrr, S “ Me- Alsu, w.th the Inner inne^ boroughs hove given 

1 fi th «»nd a number of nn | 0CatinR in arias .far expan- u .rban Areas Bill still under virtually no thought to the ser- 

1enL? iion. a* well as assisting the discussion, geographical rlcfini- vices or office sectors as poten- 


Arcas Act — passed last July- 
anti giving inner city local 
authorities increased powers to 


and giving inner city local 


growth 

other developments’ 


- --j r 




1 \-J: 


the Location of Offices Bureau inner u ,b an areas. Its brief, in areas had to be finalised. that. without 
<LOB>. if not idling in the short. as its chairman. Mr. , But meanwhile it also com- assistance, “no 


developer 



No. of 

Value of 

Esl'd. jobs 

projects 

Special Development .\ieas 

offer made 
£'000 

created 

Scotland 

lli 

1.151 

654 

Wnles 

3 

401 

161 

North 

14 

1,945 

1.130 

North West 

24 

4.277 

1.922 

Development Areas 

57 

7.774 

3,867 

Scotland 

6 

410 

212 

Wales 

9 

446 

213 

North 

16 

852 

665 

Y orks/Homb e r side 

1 

74 

38 

South. West 

1 

J 1 

47 

Intermediate Areas 

33 

1.859 

1,175 

Wales 

12 

614 

528 

North West 

37 

3.526 

3.275 

Y 0 rfcs / Humbe rsi de 

4(1 

2,839 

3.709 

East Midlands 

3 

66 

76 

South West 

2 

64 

56 


94 

S.1U9 

7.644 

TOTAL 

184 

17,742 

12.686 


But under the 


: oiS5| 

.i«A| 

ii*3i 



only on a fast tickover while it j s the" belter distribution or a ‘ med a t clearing away some or f 00t 0 f office space anywhere at 

endeavours to sort out first, office employment throughout £he unknowns relating to office . t hj s point in time/’ 

exactly what problems arc on- the UK.- development in. the inner urban Both- points are germane to 

tailed in the new role allocated To date, however, the over- art *as. The two main objects- of Mr. Shore's two-pronged stra- 
in it. and second, how best to whelming emphasis in reviving W J 1 ‘ exercise are first to Jej ,y for rescuing the inner 

tackle, them. ine inner cities has been on establish the types of cities. Apart from the practical __ 

The LOB i< the engine which industry. But that the LOB Dffice “tost likely to be attrac- help the inner boroughs are due 

since 1963 has shunted more should* have an important ted to the inner city and the jo, receive in actually generating allocation oi £->um a year is long lime to establish whether 

than 3.00U companies and nearly ro j c tn play m the inner cities’ changes to the inner city en- nr ‘ w ‘industry and commerce "f iDS J ! aiS . ed ^ 1 —5m a year, Mr. Shore’s policies will work, 

iso.nnn jobs out of London and revival i> hammered home by vironmeni required to cncour- under a variety of schemes. l £ e m ajorily or n destined for Fur the office sector in Lon 

which in the past has choked the Mr. Prendcrgast in this year’s a S^ further office development, including .the Inner Urban the partnership areas. dun’s inner boroughs and the 

Greater London Council in LOB annual report: “One and secondly, to assess the mu 1- Areas. Act, Mr. Shore intends The Inner Urban Areas Act South-East, there remains the 

more ways than one with us quarter of all persons in cm- tiplier effect on employment in that the Act should play the role specifically pro\ ides for local vexed issue of office develap- 

lurid pasters depicting the plovmcnt work in the- office the inner areas provided by the of catalyst in changing the atli- authorities to lie designated by mem permits, the exemption 

London costs octopus squeezing sector and it appears that the presence of offices. The first tudes of local authorities away the Department of the Environ- limit for which was raised from 

hapless office blocks to death, numbers are likely to increase year of the research has been from a traditional reluctance tn nient to help industry and com- 15,000 sq ft to 30,000 in 1976 
new remit in the medium term. ‘Govern- devoted to London's inner area; involve themselves too deeply merce ' r n three ways: first, to The GLC in particular has Jong 

: 1 — : : in industrial and commercial declare improvement areas, pre 

a jf a y. s industrial or commercial, in the grounds that not only have 

But in concrete terras. Mr. which they can make loans or they helped make London rents 
Shore's policies have shaped up grants for environmental im- the highest in the world— the 
as Follows: in the past year, provements and give grants for LOB reports instances of more 
seven “partnership" areas the improvement or conversion than £25 per square foot— but 
(partnership meaning between of industrial or office buildings, that they have lost office jobs 
local authorities and central They are also empowered id to London, 
government) has been set up:, make loans of up to 90 per cent The LOB's experience is that 
In Birmingham- Manchester, a£ commercial rates for the this is not so. Rather, even 
Liverpool, Newcastle and Gales- ' acquisition of land and for when the Bureau was de- 
head, the London Docklands, building, and give loans or centralising furiously, London 
the adjoining inner London grants towards the setting up of was still recording a net gain 
boroughs of Hackney and Isling- common ownership or co-opera- in office jobs. And despite sub 
ton. and in Lambeth, these are live enterprises. Additionally, stantial cash incentives from the 
the areas identified as in most they will be able to develop Department of Industry of up 
urgent need' of attention, arid local plans in advance of the t° several thousand pounds per 
Birmingham, the Docklands, formal, government approval of office job created in assisted 
Islington and Hackney will take county Structure plans. areas, of the 13.000 office jobs 

precedence over the assisted -All tiie-.partnership areas and which left central London last 
areas in the allocation of the the 29 other authorities selected >' ea y. onJ y 2 -°°0 found their 
industrial development certifi- for special help are " desig- wa5 " 10 these areas, 
cates required for industrial nated” under the Act Its This perhaps does not augur 
premises exceeding L2.50Q critics suggest, however, that well for office development 
square feet in the South-East without substantial hard central plans in the inner areas of some 
and 15.000 square feet else- government cash, it will have, of Britain’s northern cities such 
where (the other partnership little practical effect and Mr. as Liverpool, even though some 
areas already fall within Shore himself admits that the thnughr is being given to set 
development or special develop- Act of itself is unlikely to ling up advance offices in these 
inent areas). A further 29 local attract major employers to (he areas, aud it might be expected 
authorities have been ear- inner nines; rather that thosek that some moves will be made 
marked for special help- short of attracted will be medium and both to simplify, and increase, 
partnership status. small businesses. Last week, the Government's relocation 

All have been engaged in however. Hammersmith Council grants, 
drawing up three-year pro- indicated its intention to Four-fifths of relocation in- 
grammes for 1979-82, with those become the first London local quiries are still aimed at the 
for Birmingham, the Docklands authority under, the Act to South-east, however, and at the 
and Lambeth already agreed at declare an industrial improve- moment there seems little 
a total cost for the three years ment area, its proposed two- serious prospect of significantly 
of £90m. This is additional to year, £350.000 scheme is now changing that Market forces 
the JElOQm extra for capital pro- awaiting DoE approval. remain at least a match for 

jects announced by the Chancel- Given the severity and com- planning, 
lor last year. Meanwhile, tile plexity of the inner cities’ y , -m,* 

existing urban programme’s problems, it is going to take a JOIUl (jFJuliflS 


CANTERBURY 


CHELMSFORD 

EDINBURGH 


KEMPSTON 

WORCESTER 



PROVINCIAL OFFICES 
TO LET 


1,475-9,390 SQ. FT. 
6i750 SQ, FT. 

. \ 

\ 

2,700-15,500 SQ. FT. 
7,400 30,500 SQ. Ft! 
8.550 SQ. FT. 
1,300-22,000 SQ. FT. 






la Park Plactv Leeds!. v ' 
Telephone: 0532 4f)!)23'5 


Yin try HVjusc. Queen Street Place 
. London .EC-TR IKS. 

Telephone: 01-236 404 0 


Modern Air-Conditioned Office Accommodation within 
40 minutes’ journey time from the City of London - 


CHARRINGTONS HOUSE 

BISHOP'S STORTFORD, HERTS. 

Suites are available in this prestigious building from 
10,000 sq. ft. upwards at a rental of £4 per sq. ft. per annum, 
subject to contract. The adjacent Mil Motorway provides fast 
access to the City and the West End of London and will provide 
direct access to Cambridge. In addition, Stansted Airport is 
within close proximity. 

For further information please contact 
B. R. O. Tyrrell, ARICS- 


PO 


21 Soho Sqtiare, London, W1V 6AX, TelOl- 4376977 




leases. 

Most modern office leases 
run for 25 to 35 years and 
contain five-yearly upward-only | al Vf 
rent review clauses. A move to 








i-jrj 


: r . 

;:V 


packing people is perplexing! 

1/ So you have decided to move ... 

Willy our staff go with you? 

How will you encourage them to do so? 

-■ How will you replace those that 

: don’t relocate? 

Will your business rim smoothly 

while all this is going on? 

i We provide a comprehensive 
personnel relocation and 
recruitment service to deal with 

all these problems, leaving you to get on with your day-to-day 
business. For further details contact Michael South 

18/19 Sazidiand Street 
Bedford Kow/lxmdoii WC1R 4PZ 
Telephone: 01-242 0965/8 . 



CONTINUED FROM PREVIOUS PAGE 


space cost also reflects a lower a newly developed provincial market enst comparisons begin 
standard of accommodation, office would almost certainly tr» look uncomfurlabiy accurate. 
While the potential rental and involve signing such a ■ lease-, normal locaJ demand and the 
rale cost savings on a move from and su at least, the provincial continuing trickle of relocation 
London may be lower, a move side nl our rent comparisons lettings will have absorbed the 
out of town will invariably holds true. In the longer estab- office oversupply that currently 
mean faking • over a more lished office markets of central depresses provincial rents. A 
modem, and presumably bet- London, however, rent review subsequent sharp rise in rents 
ter designed building. Once patterns may be radically outside London would throw 
again we have run into factors different. - yet another spanner into the 

that cannot simply be translated In the immediate post-war workings of a comparative rents 

mt £“ S l-°T5 ar ! SOnS - ^ development boom it was con- «« uatlon - 
.One critical factor in the ren- sjrtered sound business tn sign Excluding government offices 
tal equations that further blurs U)1 a tenan t f 0r gl years at a there are around 160m sq ft of 

comparisons is changing sta tj C re nt There are still vast offices in the Greater London 

pattern of rent reviews on tractB 0 f London offices rented area and a further Bom sq ft 

in the 1950's at 7s 6d f37jp) in the rest of the south cast 

a sq ft which will not be rent But the entire office stock of 
reviewed until the mid-1980s or Cardiff totals less than 4m sq 
In subsequent develop- Leeds has around 6.6m sq 
ment periods leases took more ft- Birmingham around I2.1m 
account of the steady rise in an <J even Manchester has a total 
rents in the 1950s and 1960s stock of under 21m feet 
and rem review periods gradu- Markets of that size can swinn 
ally shortened to 14. then 7. from glut to space famine with 
and now 5 years. just a handful of major lettings. 

This changed- rent review A"d such a swing would have a 
pattern means that there is a dramat,c impacl nn rents ' . 
“concertina” effect of reviews Taking ail these points 
around 1980. in the next few together it is clear that a bland 
years, and in the first part of comparison of rental levels in 
the next decade, a mass uf London and outside the capital 
reversions fall due. This means te,Js us ,itt]e about the rea!iTies 
That London tenants sitting of the arguments Tor or against 
comfortably on rents agreed 7, relocation. As todays £3.60 a 
14. or more than 20 years aan st l- fool rent in Birmingham 
will be forced to accept very ma >’ easily be doubled by the 
sharp increases in rent costs as time of ^ first rent . review, 
charges are brought into line ant * notional prime rent 

with current market levels ^ a S( * - 

. ' may well he an actual charge of 
** 15 wave ^ rent £g or £7 a sqi f 00t on ^ older 

reviews sweeps over London earlier leased building, the 
that the next upsurge of case for a move may not be as 
interest in office relocation is eiear cut as it seems at first 
likely to occur. And by that plane- . 



eia I office centres with sufficient , ha 

accommodation to absorb an office^m iSp 

■ n,,,. _i r A n .i nn bulk of London omces tn the 

The ^ l^i aCe arly- lSBOs and * more severe 
a “n "r, r a, TjinHn ™ raparlsons space shortage than the broadly 
h£ . h" antS are l»sed market of the South East. 

"™ b f 1“ , a " d h fi ywhere . Sl "'; There ran, therefore, be he 
able t., escape higher reviewed general sidelines for relocation j 

eu& " . an rent arguments -alone. 

By the rime historic rents no 1 u n 

longer cushion London accom- JOhll Sl ! £nnan 

rnucJaU'jn ccwts and the open ' Property Correspondent 


23 



but the nghl 
reasons 

for moving to 



1 


■ Timing. 


2 



3 


catchment 

aiea 

Rentiates 
and terms. 


4 



clients and 
markets. 



wage scales 



Communicationa 


Planning. 





Schools and 
housing 

Sports 

facilities. 


When Savills help yon find a new 
' office we not only suggest a 
property but prepare a rationalised 
report on all tfie reasons for. moving 
to it, because we know there's more 
to relocation than just moving. 

The Partner to speak to initially is 
Michael Treays FRICS. 



20 Grosvenor Hill, Berkeley Square, London W1X OHQ 



Telex 2&3I36 


BanburyiBecc'es.Cheiraaford.Colchesiei; 
CroydonTurenhatn. Hereford. Lincoln* 
fIqr>yi-ii.Sii!u?bur,: Wimbome. 

/unite ideal] & Paris. 


- V 







Pr 

pr< 


cb 


BY MA 


THE PF 
decided tc 
allegation 
Wilson f< 
number o 
were con* 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing th« 

affair. Mi 
was. had 
an arches 

himself, t 
Lady F: 
Marcia W 
Tin? Pr< 
Sir Haro 
drawn so: 

Subseqi 
fold the 
did not 
pnetors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Haroh 
formal co 
On the 
.cainst l 
council s; 
Loyal Cr 
that ther 
Lahnur bi 
The Pr. 
is one ni 
lished tod 
In ano 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 






24 


Fffiandifl -irmes FKday O 


r 


- 

Self-Contained Office Building 
-Available Now 



38,750 square feet of prestige office 
space to let in Eastrop Business Area 



• Floor loading 100lbs/sq.ft. for computing 
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e 123 car spaces 
® Gas fired central heating 
® Automatic passenger lifts 
j. © Acoustic tiled ceilings 
©7,750 sq.ft, per floor 
© Imposing reception area 
© Adjacent to station/motorway 


Plans and further details from 
joint letting agents 



..LA'Nt-:RO>: X' PARTNERS' 



THE 

PROFESSIONAL 

APPROACH 

TO 

PROPERTY 


Chartered Surveyors 
16 BERKELEY STREET 
LONDON WTX SAE 
Tel: 01-492 0954 


63 TEMPLE ROW 
BIRMINGHAM B2 5LY 
Tel: 021-643 9351 


OFFICE 



Abundant 





-r 


1 

r 


on planning a move 


WITH THE ' Government's 
dedseion to rehabilitate the city 
centres and to attract industry 
and commerce back to the 
towns tbe role of the Location 
of Office Bureau (LOB) has 
changed quite dramatically. 
After years of advocating that 
** life was better out of town " 
it now appears to have the 
dual role of ensuring that there 
is a better, distribution of office 
employment within the regions 
as well as between the regions. 
But this new enlarged role 
does not mean that we will 
now see advertisements with 
the message that “ green fields 
are boring, get back to town." 

There are still incentives 
being offered by the Govern- 
ment to encourage industry and 
commerce to set up in areas of 
high unemployment and these 
are likely to be increased rather 
than lowered or cut out alto- 
gether. The advance factory 
programme has been stepped up 
and in certain high unemploy- 
ment areas companies are being 
offered a £20-a-week subsidy for 
taking on anyone who has been 
on the dole queue for more than 
a year. 


In addition to these grants 
small and medium-sized busi- 
nesses in the development 
areas can obtain loans from the 
European Investment Bank of 
between £30,000 and £2.6m for 
half the cost of fixed assets. The 
loans, which are. for seven years 
at a fixed rate of 71 per cent, 
are borrowed and ’ repaid in 

sterling, thus eliminating any 
currency risks. They are not 
intended to be used as working 
capital. 

It is well known that advice 
on office relocation is freely 
available from the LOB. which 
carries a register of available 
premises. The Bureau in fact 
provides a central source of all 
possible information for the 
client ' to weigh up. This 
includes details of housing 
available and other facilities 
such as schools, shopping and 
leisure amenities. 


Register 


Grants 


In the year to March 31 1977, 
State aid to industry by way of 
development grants for com- 
panies setting up in Special 
Development Areas and De- 
velopment Areas topped £410m 
and the figure for the past year 
will have been far higher. 

Grants in the special develop- 
ment areas, which include parts 
of South Wales. Anglesey and 
parts of North Wales. Humber- 
side, parts of North West Eng- 
land and a large area surround- 
ing Glasgow, are at the rate 
or 22 per cent on plant and 
machinery as well as on indus- 
trial buildings. 

For the development areas, 
which include much of Corn- 
wall and North Devon, much of 
Wales and the whole of Scotland 
excluding an area around Aber- 
deen as well as most of Northern 
England. grants for plant 
machinery and buildings are at 
the rate of 20 per cent 
The intermediate areas, which 
include parts of Devon, the area 
around Aberdeen and most of 
Yorkshire and Lancashire, 
qualify for grants on industrial 
buildings and selective assis- 
tance under Section 7 of the 
Industry Act 1972 and the. areas 
continue to be included in the 
Government’s factory building 
programme. . 


The task of finding suitable 
industrial locations is far more 
difficult and it is necessary for 
those companies seeking fac- 
tories to get their information 
from the various development 
area authorities; these, like 
many other local authorities, 
keep a full register of all avail- 
able industrial buildings and 
can offer advice on housing and 
transport problems. 

Too often the need to re- 
locate is not realised until 


pressures on a business have 
resulted in severe losses, and 
companies are being advised by 
the LOB to carry out their own 
survey. Tbe first task is the 
identification of those business 
costs which are linked to loca- 
tion — like transport absen- 
teeism and staff turnover, then 
a look- at costs linked .to 
premises, such as rents, rates 
and heating. All these costs can 
be compared with objective 
cost standards. 

The results could mean that 
a company should relocate part 
of the whole of its operations or 
that there is no need to move 
offices. Whatever the outcome 
the audit acts as a form of 
insurance against rising costs 
and changing circumstances in 
the future and can lead to 
increased efficiency in the 
present 

Widespread shortage of quali- 
fied office staff is continuing to 
push secretarial and clerical 
salaries up and according to a 
recent survey by the Alfred 
Marks Bureau for the quarter 
to May 1978. demand for staff 
in Central London increased by 
37 per cent compared with the 
same period of 1977. 

The survey shows that the 
demand for secretaries in 
Central Loudon pushed average 
weekly wages up to £66.75. 
Regional wage scales show that, 
after London, secretaries in 
Basingstoke and Birmin gham 


tied 'for second place with 
average weekly earnings of £52 
followed by Coventry at £51.75. 
In provincial cities wages are. 
about £50 on average per week 
falling in Stoke-on-Trent to 
£48.25, which is still the 
cheapest place for clerical staff 
according to the survey. . ... 


Savings 


It will be seen. from- these 
figures that there are big saving 
to be made in staff salaries in 
a move to' the Provinces from 
London, but that is of- coarse 
only part of the story. Rent and 
rates account for a very large 
percentage of some companies’ 
costs and there can be very sub- 
stantial savings from relocating. 

According to LOB, -rents' for 
a 5,000 sq ft office in central 
London range from £6.76 'per 
sq. ft. to £17-58 compared with' 
office rents in Wales of between 
£1 and £2.95 a sq. £L It is stiff, 
possible to rent new offices in 
parts of tiie- North West,at50p a 
sq fL and the highest rent in the 
area which LOB . has on ' its 
register is £4 a sq. ft And In 
Yorkshire and West Humberside 
rents are generally pitched at 
between £1.75 and £4.75 for new 
sfiace. 

' Planning a move for any com- 
pany can be a traumatic experi 
ence. As many have found to 
their cost, there is a very real 


need to keep staff fully informed 
.'of the plans: enlightened 
managements will bring staff 
associations into the negotia- 
tions at an early stage. 

■ - A typical move was that made 
.by the London and Manchester 
' Assurance Company, whose 
staff are now settling into their 
.'new headquarters in Winslade 
Park outside Exeter. The move 
to the city where it has 
recruited 450 local . staff has 
naturally had a favourable 
effect on the local office employ- 
ment market 

. The company considered over 
a hundred locations through- 
out the country and sought the 
advice of LOB before finally 
-making the decision to transfer 
to Exeter in 1975. Earlier this 
year, staff moved from tem- 
porary offices to Winslade Park, 
a 200-year-old manor house set 
in 35 acres. The group has now 
built new offices alongside the 
manor house and currently an 


old stable block is being cbm 
verted into a sports hall. '■ 

Clearly the staff who moved 
from Finsbury . Square in. the, 
City of London have found; a ! 
considerable change in working : 
conditions. “'I don‘t think there .. 
is one person who .would .move '. 
back to'. London- 4b work,"'.’.: 
claimed a company spokesman 
recently. . 

In his annual report. Anthony! ; 
Premie rgast, chairman of LOB, '/■ 
says: “It is dear that ; th£'- 
structure of employments is; 
changing. - One-quarter, or 
working popualtion. is already. . 
employed in offices and - this 
figure is increasing: - ■ Govern.-'. • 
ment has given substantial^ 
support to the industrial sector*, 
in terms of finance. • Now it: is V: 
necessary to pay attention -to : : 
the future of the office sector." 
He suggests that this should bfr : :.. 
looked at in terms of stimulus;* 
to generate fresh job oppor= - 
tunities in the office and Service 
sector. 


Rory Ferguson 


Campaign to woo 


world majors 


STRATFORD E15 


NEW AIR-CONDITIONED OFFICES 


sq.33, 325ft. 


Car parking • Carpeted throughout 



TO LET 


Joint tailing Agents 


Hillier Parker! 

Min- ft. Kmwlcii 


JONES IANGHH 

v Chartered Surveyors 


?7 GflOSVENOR STREET. LONDON WTA 2BT 01-629 7666 


103 MOUNT STREET. LONDON WIT SAS 


01-493 6040 



busin 


They dn in Cleveland. 

Thovli give ynu the answers 
in qut'^iun.-, you may n«*l i-ven 
know you should ask. Ymill bi: 
surprised how tiu-y can 
smooth oui the red tape and 
gut down to action. FasL 
These could be sunn* of tin. 
reasons why over H’JXXim is being 
invested and 40 companies have set up 
in the count)’ in the past year. 

If ynu are thinking ol 
relocating or expanding 1 , 
start by* talking to John 
GiUisoronpofhis 
industrial development 
specialists. 


Send me the basic 
facts about Cleveland 


They have the experience 
and the) understand your needs 
and your language. 
Thevlj Soil you all about 
Government grants, available 
Und and lactones, the county's 
pool of labour and its good 
record of industrial relations. 
All you need to know, in 
fact Not forgetting 
Cleveland's beautiful 
countryside and coastline. 
Telephone, telex, or fill in 
the coupon for a businesslike 
response. 


Post to John Gilds, Gurney House. Gurney Street, 
Middlesbrough, Cleveland TS1 1QT 
Telephone 0642 248155. Telex 58439 (Ref. Plan) 


NAME 

COMPANY 

ADDRESS. 


POSTTKWL 


20.10 


County of Cleveland ! 

ma&jmssp j 

r 4rs//$ 


BRITAIN IS already Europe’s 
league leader id terms of the 
number of regional head- 
quarters of multinational enter- 
prises to which' it plays host 
At the last count, 35 were based 
in London and 38 elsewhere in 
Britain. Switzerland.runs closest 
to Britain with a tptal of 95. 
Brussels is next with 75; but 
there are only seven elsewhere 
in Belgium. -‘Dusseldorf and 
Frankfurt hake 94 between 
them, whfle ; Baris trails well be- 
hind with only 43. 

Thus the* Location of Offices 


kind of space they require, 
200,000 square feet or more, is 
simply drying up. Phillips and 
Esso are two of the multi- 
nationals currently looking for 
space, but it is highly elusive. 
This has served to push rents 
for this type of space up to 
around the £16 per square foot 
mark which, combined with a 
heavy rates burden ranging up 
to 60 per cent of total costs, 
has ' served to make London 
Europe’s most expensive site 
for offices. 


The problem of rates is not 
one to be taken lightly, for. they 
are mainly to blame for the 
huge rise in total UK office costs 
over the past five years, pushing 
up some costs by as much as 
140 per cent since 1973. Sow- 
ever, according to a study :by 
chartered surveyors Debenham. 
Tewson and Chinnoeks, there 
are now signs of a definite slow- 
ing down of the trend. / 

But with rents for 'small 
prestige offices in central Lon- 
don also at a premium — and 


Bureau has an extensive stock 
of UK experience by the multi- 
nationals on which it can draw 
in ascertaining how best to 
develop the new role allocated 
to it last year by the Environ- 
ment Secretary, Mr. Peter 
Shore; to encourage and assist 
yet more overseas concerns to 
set up office in Britain. 


Potential 


As a first step, the LOB com- 
missioned the Economists’ 
Advisory Group to investigate 
the office location needs of tbe 
multinationals and to assess the 
UK as a potential location for 
ai least some of their activities. 
The first si age comprised a sur- 
vey of comparative labour, space 
and office costs: the second, yet 
to be completed and being car- 
ried out through a survey of 
ihe multinationals themselves, 
has as its principal aims to 
determine the relative import-, 
ance uf these costs in location! 
derisions, and their implication.?] 
for Britain, and to gain aoi] 
understanding of the companies? 
locational strategics. 

At the same time, Mr. 
Anthony Prende rgast, the LOB$ 
chairman, has been taking 
soundings inside the U.S. off 
American investment inten- 
tions. U.S. enterprises hare 
much the greatest foreign p 
sence w Britain: well over — 
per cent. As a result of the fall- 
ing dollar and President Jimmy 
Carter getting the whip out-do 
promote export activity. Ui». 
companies arc seen as stiU pro- 
viding ihe linn's share nf future 
development by overseas com 
panics inside Britain. 


Inquiries 


Given the nature of its pre- 
vious role, the LQB's experience 
to date in actually locating 
multinationals has been limited. 
But since it was awarded 
its new remit, and without 
major overseas advertising, as 
of last week it had received 72 
firm overseas inquiries repre- 
senting D90 jobs and a further 
80 inquiries of a more general 
nature. 


Not unexpectedly, one of the 
Bureau's main initial findings 
was that communications enjoy 
a high priority, with London 
and the Heaibrow area pre- 
dominant in the thinking of 
most overseas firms. The major 
multinationals present 3 prob- 
lem or their own, however. Lon- 
don clearly has become the 
capital for oil operations out- 
side the U.S.. based od North 
Sea and Middle East operations. 
And London's supply of the 


CONTINUED ON NEXT PAGE 





BOATS AND 
PLANES .« 


„ . . modem • offices, and miles - o£ 
beaches and shopping precincts and 
water sports and Industrial premises 
and wildlife parks and a sports caritre 
and golf courses and modem fiats and 
horse riding and houses in - the 
country . „ . . 


SHEPWAY 



- . {• 


An i -v-f 


• v'VV 


*». X 

»W-- 



V.--" ' i >~ 


Contact Robin Kirkby, Promotional Cbnsultant, 
Shepway District Council, Civic Gentrfe, " . 
Folkestone (0303) 57384. £x: 210303 <V.i 


Who's next ? 




Building work is now well underway 
on a £T6 miffion factory for Tetra Pak. 


World leaders in the production of 
packaging materials, Tetra Pak made 
extensive investigations for the right 
site and location. 


f- 


.Manchester 


WREXHAM 


Birmingham 


Larng’s Maeior Estate was chosen 
for many reasons including: 

■ A local workforce with a reputation 
for loyalty. 

■ Development Area status. . 

■ A keen, helpful and aggressive 
local authority i 

■ A community with which the 

Company can identify. 

■ Strategic position for its markets. 




'Bristol 


JB4 


OnJy 7 acres reman of the first 
phase on the estate, with a further 80 
acres available in subsequent phases. 


k hi 


Tfitra Pak has joined the growing 
fist of companies who have discovered 
the advantages of Wrexham. 


Who’s next? 


The M aeior Industrial Estate, Wre xham 
A ifriTIgra Development 




PLEASE SEND ME FULL INFORMATION ABOUT THE MAELQR INDUSTRIAL ESTATE 
NAME POSITION.. 

COMPANY v . ; • • - I 

ADDRESS V *~’"* “* 




B kinn& Pn ■ house: 






KingUCO MOUNT S TREEMMNCHESTER M2~5Nt' 

w Telephone =061-8324 865 




II 

ft 

1 











\XJLp 



Financial Times Friday' October 20 1978 

OFFICE RELOCATION V 


25 





m.-i.-w Jar-esi dais uf i.fhce one of - maWolent neutr^ityV’ w$\ a ° d ¥ 9{ S*an d th m * f,f f ' h 'i C,ry a projections of annua! rcm costs 

u-wra m the country, They Detail* ,ff- all mmnc nnSf . « 39S,J - i t7k Man ' nutoen^ uf the inan> extreme al around £lS0m hv ih t . mu L 

° J,C> Dcta,ls .of >U »ere power Services Commission forward projections of commer- 1980s. And the inner London 

>y create un- 
‘aney pates 
office units 
lierwise, 
London's 

y to be 


V lawn with 350 Staff and . uuvermneoi-riwiva 

M Siaiioncry Office compk-fes * 1,! dd«n^.s. Bui liierc are prcci.iii* in the province-, ijie effects 
e transfer of 1180 staff to m lhl ‘ w aorermnent-nivnp-l of dispersal will be q;vater. But 


■»™»' Z - 0Kn vitb m ~ and — 1 

towns have been I ol lowed with Ihc 

?K*h« .^,;!r'^ rs Staff Norwich. * “ buildinys fu rhnf’M* J runi. as the they wiJl be counlered to a ia^e 

. , 3 *■ The Minislrv of Overseas s criltcs have been ritiirk extent by the results of the 

a The Mmisiry ofAEricuIlurc, Dovelopmeni will Hare* moved l ° pu,nl vuL past few years’ puM.i- ,ector 

Pd r , „ ™ M idlem “ , ,n t °° a £ t0 m °i e »° Scotland by lllSl. The PSA has suffered a bad spending cuts, 

reduce a! onim«,d ; , lion r 0lS t £ j, as p 0 9 staff to. Merseyside R50 Bw j llt . l0 o(ricffS in Ko « t public imaie in recent v^.rs n * v flnftr -r 
de.e lujied iruo a protracted between IftflT and 1954. The Kilbride tin. rest to rtwn^- becau r e it ha* had m r-nt OfliCe floor.npaee surveys of 
political issu" and has caused Agricultural Research Council The Office uf ^onulutinn" ft-nsii-- many privately rtev'dnneil iiffi • P r,, vini.ial fities sug^e*! that up 
hKter rifts befwe-n prownfn. «H also be moving 160-staff to T* »•? o[ **' developments com- 

lives 
: and 
pul 

• >)V« 
n 


"3l 


meant that public *ecinr lettings 
increased at a lime- when normal 
commercial senior lertm™ 
demand was a I must non* 






>*hJ' £ $9 


- i ’ i . , v - \ 7 ■ , moving SWI peup o bv iflSH. . m.l Mractiire makes i ineapabli 

; .mcW centra by the m.d-JDSUs '* bouUiend between now and where the Department of Trade ji.slily.ng the rapilal „,i r „/ . f . 4 ... 

have been <w :i as a practical I 985 - *hile the Ministry of wil , have a n 0tlu . r ^ slaff devekiping un us own am-i.nr Iaet lha 1 L P ub,iC employee sLaff- 

• .-uunrer in dpt-ohilionisrs’ Defence takes I>e tween 4.00U working bv 19R[ The Govern- or complelinc niore ihan n< ,f >? levels continued to rise even 

. arguinems that the capital holds f-nd 5 ( 00n people to Cardiff, and ment ciWt’s l!. born on- uceas S mifri purohL ‘ nr,er thC ecanomiL ' of 

no many of the reins of power. "P 10 «-<W0 to Glasgow in. the mov „ 3Hrt ,o Wes? Gum PJ^basc. 197:J . 74 These two rotors 

ft... .« a * 3. s '?nificant fdlip to na tive years. The Department bria between 19S3 and 1954 m - 
. 'he ecunnmc-5 of development of the Environment completes 
irnac. The fact that these move of 1.030 former T J^ ^ T' - '"' 

■cl oca I ton plans will be r-arried Ministry of Transport em- ^ ‘ " V 1 a ‘ , p ™’ n , . demand 

nil by a Cmcrnment uuw cam- P Itv . v ^ *« Bristol ihii year, and „ ',b‘ r 30 f ^ 0 mbs ,f “ ' Iell,n S muscle its exi:s , eilL 

Mined tu the r«i»Timfk,n ™r the Council for Small Industries ™ T ’ a sign meant backwash n md>tiHnouth accfiuming sys- 

lives tip to its efr ct ,,n London a office has prevented ihe PSA 
2 140 staff to market. from developing con-esponding 

As jobs i mu vo from London Purchasing power. That is pro- 
0 hate _ f,i e PSA is expected to carry l ' lse, J' why. with major rent 

! ' I lie Property Services uu l a ret.hu IT le »f London reviews due on its leased oHii .-s 

The Civil service unions' Anenev <PSAi. which master- officer, ratiunalisine Us us.- of in in the earlv uiSiis 

bmude the moves have been *»nds the property side of all rented a<v.»mmut^iion On<* lhc L 'ivil service dispersal pro- 

'Bdc patently dear. They dis- 1h cse moves, lakes 3.000 of its obvious effect wil! be a move sramme was first considered 

ute the Government's cost own staff to Teesside by 1955 0 f civil sen-ants from (he areas . . . 

stimates Tor such moves, dis- antl another 1.00U. to various „ n , bn / r inn e ,.r ihe ritv ..r ^ pri r,specl nsing London pan way towards filling the 
me i heir eal.-ulations on liic regional offices at odd dates up London and in Hnlhorn to hav ' e , been the reason resultant demand gap. And as 

iiiuiint ur work disruption in- ,D 1 - qs5 - The foreign and Com- vacated spa.-e in Westminster ,nM ' ,at1 "" t,1 ° J^pe«al pro- many of the muret are not 

^ olved. and generally dispute monwealth Office mores 500 j f t -| f -arlv makes sense tn " ,amme ' But | n Practice » he scheduled to take place until 

-ic enforced uprooting of staff E,n ff to Merseyside between bring department.? that hav-* , U . n . lke .£ **' hav ° . a the early 1980s the programme 


This heavy public ?0 ct l>r 
demand has now ended. The 
local government rourganisa- 
tions have been carried out. and 
would-be empire builders in all 
areas of public administration 
are having to grapple with the 
effects of spending ruts. Civil 
servant dispersal comes nnlv 


-ic enforced uprooting of staff t0 Merseyside between bring department* That hav-* u , n , 1Ikel *I t '’ hav<? a the early 1980s the programme 

. -uni established office area of ^ SS1 and I9S4. while The expanded mu. a number iff ^ noticeable effect on the j S unlikely to have anv 
■---te South East to new communl- Department of Health and separate nffi L -.-s under one rmff capitaJ * p ^ >p ® r , t * v D1ark ^ t - The immediate effect on provincial 

.m. CsvU servants’ current Social Security transfers 500 " *u S 1 ! r^”’ 11 help thc PSA *» office rent*. 

- iin.de was expressively People to Newcastle this year ^ 0 re P a U e l h 1 ^ , “l dw ? e ra,c of . , nt " asP " f «* * . « 


liii.de was expressive! v people to Newcastle this year outer reach vs Iff Lond.m^nea nr 

... .mnied up recently hv Mr. and over 1.000 to Blackpool in to their relevant’ ministric? Thi* ,,veraJI i:,)s,s - stabilising forward 
. eur June*, secretary of the lh e next four to five years. reshuffling could res-ult in a 
. . ^ Slde the civil servants The Home OSice moves 1,000 spate of office vacancies on ihe 


John Rrpnnnn 




CONTINUED FROM PREVIOUS PAGE 


temn-g recently £25 ur mure a the survey points to a. number of them locating virtually where 


<7T»- r- ^j—icmn-g recently uo ur mure a the survey .. 

'V* i»T??S? ! "T ,l,aro Tout — the- danger of Lon- of - individual drawbacks: Work they please. 

; ^ jT W n etemujlly pricing itself out .permits have become a vexed . « llt , 

J the market is one of the issue in Switzerland: Brussels • . .^P 6 . 7n ° on bov. the 


i Uit' 


— * — ™%- , *.• Switzerland; Brussels nr f h ; aepenfling on^hov. the 

' r:un » s continued in' another cannot match London^ array of P.^P'^d industrial and commer- 
; i vcy carried out for-the LOB. financial services, and an extra ? ial development of the inner 

iirlnrl Kti tl<.. _ t -I - i i t « ’ LOndfUl flrtmiloVlC finnllr chunac 


rvey cornea out inr-rno LOB. imaocial services, ami an extra . «n«u|iuicuL ul uiv inner 

•ided by the Department of disincentive is provided by tlie L0D „ ir n boroughs finally shapes 

:fuxlry. high cost of compensatory pay- bp - . r - -*■ **■ Maconchy, the 

Tii»; survey cautioned that ments for staff dismissals: Paris .. s ^^tary points oui. " we 


ic survey cautioned that .ments for staff dismissals; Paris L 9® s secretary points oui. “ we 
erseas companies' complaints regarded by , v tlie multi- nugb ! be ln ,b ? position to say 

.... r.t- , ... ..... lO a fnroienr-r whn uranic n Cihi 


f: 

T --*r. J*h~ 




3' 


out trie UK cenrred on two nationals as being not quite }° a f or cignc-r wbo wants a City 
• ias: the high level of personal international enough in its out- l ocatl on: * look, why not 
ration and central London's Stratford East, only 10 minutes 

_---gr==ing rents: to tbe cast of the City by tube. 

jvie-KSjraassKss^.™ „ oniiflp _ •' where your overheads will be 

,s n r-"K. z = scope ea.* ta Ts: c v hat - lhcy 

particular, must be corapeti- r “ - Jn We Uly mmmm 

? in the facilities it offers and Also working to Britain's For overseas companies who 
i cost of these facilities. On advantage are its commercial are able to locate away from 
££% ny sides, though, the situation. le S^ system and its language, London, Department of Industry 
2 good: salaries are well below international one of busi- financial incentives are avail- 
^ lie ol European competitors ness. And there may >et be able in the Assisted Areas in 
i the environmental and tele- scope, under the new policy to exactly the same way as for 
nmunications services are promote the inner cities, inc-lud- British companies. They can 
:bly regarded.” ing London's docklands and the run as high as. a fixed giant r.f 

fowever. European inflation b °roughs of Hackney. Islington £1.500 for each job created in 
1 changing lax regulations in anfl Lambeth, to ease at least the special development areas 
• U.S. have tended to make some of thc pressures on central of the north, plus rent relief 
■ multinationals look more London in terms of the multi- grants which can mean that a 
seiy at the role of their nationals. Admittedly, no company locating in them will 
lions/ offices, both in terms of 3r nount of pressure — even if P a - V no rent at all for periods 
ation and function, and it is LOB were in the posiiion lo UP to seven years, 
this basis that the LOB has a PP*y it — would be likely to Glasgow and Manchester, each 
-n trying to identify just how persuade the very large mulli- possessing its own international 
the U.K. matches up lo nationals to move far from airport and hence of significance 
- _ er European centres. London, it is unlikely that the to European concerns in particu- 

-■ -M elusions so far are that current restrictions imposed on Jar. arc both eligible for Dof 
•UK comes out well. While a office building in the South-East assistance. 

“her of European centres Through Office Development 
„ re well on particular pom is. permits would siand in the way John Griffiths 


& 


PflfiBntra.1 ising 

or Expanding? 


A few questions answered 


1. If you wantlo cut costs and move 
North where could you go? 


2. Would you h? eligible for a govern- 
ment grant m such a modern city? 


Leeds — d is ihe heart of the North and 
has the best communications, the best 
hanging, recreation and a wide pool of 
Qualified clerical isbour. 


3. Which is Ihe best building in Leeds 
and whaldoes it offer? 


>es. Up lo three years rent free and other 
benefits. 


Most people including IBM and Touche 

Ross say ELEVEN ALBION STREET. 


Eleven Albion Street offers:-—. 


* 



air conditioning 

full carpeting and lighting 

contract car parking 

suites from 1,000 sq, ft. to 54,000 sq. ft. 

immediate occupation' 

competitive terms 


4. Who can supply com plete.i information about Eleven Albion Street? 


HB 

& 


29 St George Street, Hanouer Sciuore, 
London W1A3BG 01-6299292 


V.; Stanley Walker & Son 

.The Mart, Albion ’Place. Leeds LSI 6JN- 
Telephone Levdt 36551 



Rjtlie? dial 1 dealing in opinions vviiich ' 
’ cost time and monev; the Locario; i oi 
Officer bureau proride* a complete 
advESdv>*$eivice with ail the facts on office 
location An d the service is free. 

.Office rents 

- We hal’e details of avaiiableofii ce space 
throughout the country. Rents can be from 
nil (Sbrane to seven years) upwards. 

Stafi availability 

. .Tve can tell youu.iiere the staff are -and ; 
^herc- rheyre nor -an.dhownmch they'll 
■ cost you.’ : . • • ’ • • 

Communications l '... 

W? haveihektest.fanson 
.communications: road, rail, air, sea and ; 
telecominiinications. ' 


Facts on housing 

/ If you move, you'll want to keep the 
; staff wfio move with you liappy. We can tell 
youabout housing availabitin' and prices. 
GvvmxnientGrants 

Government Grants for tlie Areas for 
;£^>ansionmean if tat for eacli job you ' ' ■ 
• ; mpye’you could make su bstantial sarings. 
■ : We have afl thefacts on the various • • . 
.'mcenttves.^ 

'^S^Sisnafc'. / • • 

* ' Sexid.fbr a free copy of our guide; The 
location AudiL Ifwill help you inakean 
■ mfonDed ; a$sessment of your oiganisau'on's 
pr^nt arid futureoifice needs, with cost- 
effectr\ 7 ehesS m mind 

Wherewryou are; contactlOB fortiie . 
best information-on office location. It ^ ■ 
^n'tcosta penhy^idcouldsaveyou a lot .■ 


Tn: The f.ih\itiin; i if'Oftn t*. Hiuvuu. 
27 Clhinmy Lmc. I.mul.n: \\\'2A l: 
Tel: 01-4052921. K hw: 21555. 

Please send me .1 Tree copy oi mir 
Locdtion Audit guide. 



iKK^ FRL] , 

k-.- — 1 











4 



Pr 

pr< 

ch 

BY MA 

THE PF 
decided tc 
allegation 
Wilson ft 
number c 
were con* 
paign agai 
Pally nn 

1974 Gen. 

The foi 
allegation 
lowing ih* 
affair." Mi 
was. had 
an orches 

himself, i 

Lady Fi 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Subseqi 
mid the 
did not 
prietors 
instructed 
round a 
material " 
The Pri 
In hear 
Sir Harol. 
formal i-o 
On the 
against t 
council s; 
Royal Cc 
I ha I i her 
Labour l'i 
The Pr- 
is one r>: 
lished tort 
In ano 
council 
against tl 
Daily Ex 
piciure c 
Henrietta 
death in 1 


26 


: Financial Times Friday' October;20®1978-* 



This magnificent new office complex of 
142,000 sq. ft./13,200 sq.m, has been constructed 
in Bristol's City Centre and offers high-quality 
flexible accommodation, which includes full 
air-conditioning, fitted carpets throughout seven 
high-speed lifts, landscaped pedestrian areas, and 
car parking for 230 cars. 

A complete description of the building is 
incorporated in our videotape or comprehensive 
brochure. To visit the extensive show office, 
please telephone Mr. Philip Bowry at 
Whitefriars International Business Centre. 

Whitefriars, Lewins Mead, Bristol BS1 2NR. 
Telephone: (0272) 213251 (10 lines) Telex: 449157 





ISONS 




BPOS&mRHAM 



24 Berkeley Square, 
Bristol BS81HU. 
Telephone: (0272) 26691 


64 Queens Road, 

Bristol BS8 IRE 
Telephone: (0272) 290731 


OFFICE RELOCATION VI 



The North of England 


Boost for service 




SUCCESS IN winning new office turing industry. Between 1951 
jobs is today rated as highly as and 1966 the number of office 
gains in manufacturing in many workers in the region rose by 
parte of the North of England, 40 per cent against a growth 
not least by the major cities, rate for England and Wales as 
Assessing office employment in a whole of 59 per cenL One 
terms of regional policy objets in five in tbe North West work 
fives, the Strategic Plan for the in offices. 

Vrent s ° faT ( “ S J° Figures like these can be 
hint- that the creation of office ready ^ for ^ Northerners* 

ivpr ^ areas * ingrained belief' that too many 

« a m,rL 0 - e va . lU u abie than of life’s opportunities are still 
manufacturing jobs. t , entred m railes distant in 

Equal or not it says a good London and the South East, 
deal about current attitudes and days 0 f .the London 

realities in a region where in- co i ossus will be over within 20 
dustnal priorities have tradi- years. It win be replaced by 
tionally been shaped more by tbe rea i p 0wer and g uts (lie 
looms and lathes than desks, industrial North.” a Merseyside 
Historically, of course, cities industrial development crusader 
like Manchester, Liverpool and forecast not so long ago. 

Leeds bave long-established 
reputations as major centres of 17 , M , rk 4.;-, £ v 
commerce and as administra- HdlflUllTC 
tive. financial and service hubs ■ 

of their surrounding sul>- R has yet to happen, but. it 
regions. was good, emotive stuff tailored 

_ " , to regional aspirations. Yet it is 

But a new aware uess of the a f act tbe North has a good deal 
value of office jobs, nmv shared raure t offor ^ civinsed 
b> many major towns as well as , ovels of office rents and in a 

^ « in? ! event distances have lost much 

-first that the most significant of tbeir raearung in an ase 0 f 

growth over the last 10 years modern communications and 
has been in the service sector inteMity services that 

and that overall the region has shrink the journey time be _ 
not done as well as many o hers. ^ea Manches ter and London 
and secondly that matched t0 tw0 bours 35 minutes, not to 
against capital-intensive manu- meDt ioa 2 0 British Airways 
fac urmg industry office work is a £ ht Unkg a day . 
still largely labour-intensive. 

The North West can claim the Some significant gains have 
largest total of office employ- been made, virtually all have 
ment outside the South East turned nut will and key staff 
but growth “has fallen appre- transferred fmm the South Tlast 
ciably short of the England and have generally settled in and 
Wales average and there has adapted to the northern way of 
been an underrepresentation or life. " But the pull of the 
office jobs in service industries, capital can still be strong” said 
leaving a greater dependence on a spokesman for Pioneer 
white collar jobs in manufac- Mutual Insurance with head- 



■\fouhnow howyou value your staff. So when you make a 
move, make it somewhere they will ha ppily follow. 

Telford is a great place to live. It's set in the middle of the 
Shropshire country- side. It offers a wide choice of good houses, 
nevvandmature,intovvnand\allage,andatcompetitiveprice5- 
ExceUent shopping, education and leisure facilities are well 
established, a nd the unique architect!! ral heritage of the area Is 
beingcarefu Uy conserved and restored. 

Today, Telford is tire major growth point of the West Midlands/ 
with excellent communications due to be further improved by 
the completion of the M54 motorway jink with the M6. 

If you're lookinground fora new location, put Telford top 
of your short list. Get further details bv ringing 

Mike Morgan, Marketing and Development Executive- 

Telford Development Corporation 
Friorslee Hall, Telford, Salop TF29NT 
Phone: Telford (0952) 613131 Telex: 35359 


The choice in Telford today: 

St. Leonard's House 

21,000 sq. ft. prestige office accommodation available now, 
adjacent to the climate-con trolled Town Centre shopping. 
Units from 5,000 sq. ft., with gas central heating and 
substantial on-site parking. 


quarters at Crosby, Merseyside, no more than £150 at Knuts- 
and a £40,000 rent grant over ford The pattern of London 
five years under the Govern- costs since 1974 reinforces the 
ment's office and service point. 

industry incentive package for The move, which followed a 
assisted areas. The company is. survey of locations throughout 
a merger of three, one of which England and Wales and has 
had been London-based for -80. since been described as a 
years. At first 32 London staff “great success." involved -the 
were prepared to move North' phased transfer of 700 staff 
but in the event only eight did from London and elsewhere and 
so. Four oE them have since recruitment of a similar num- 
gon’e back. her locally. But first, in the 

This has not been the expert- case of both Barclays and Mid- 
ence of Midland Bank, which land and indeed , every other 
surveyed 150 cities and towns incoming office employer, there 
all over the country -before was a clear criteria to satisfy, 
deciding on Sbeffield for dis- It turned on availability of 
persal of a number of London modern communications, hous- 
main departments. - Like the ing, schools and local amenities, 
departmental switch by Barclays The North was found to meet 
Bank to Knutsford in Cheshire,, the criteria, 
the Midland move was the 
culmination of careful planning A ccictPff 
and organisation. It was a major /loMoiCII 

operation, with B50 staff and . , , , . . . . ■ , 

families moving to Yorkshire A lucil history of ttemmL 

and recruitment In Sheffield of sk,u and r av ‘ S.,^5 
I 000 local staff important factor when Fluor. 

'Midland, which now occupies multi-national petrochemic^ 
over 250.000 sq ft of office engineers began wearing ten 
space in Sheffield for divisions P^sibie local ons in England, 
and departments ranging from Scotland. Wjtej and Ireland 
personnel and premises to * nr a 

economics and computer opera- Gr ‘j at *!’ Ma !! Ch 2!jf "hao^hpen 
lions, describes the dispersal as and 1*5 *“*' “ 

a success with most transferred described as without doubt a 

staff “settling down welL” F ™ m “ n,UaI 

Operational difficulties hi Lon- design and draughtsman 
don, compounded by costs, staff nf 2a the company has 

shortages and congestion,' in- rapidly built up a total labour 

fluenced the bank in its decision force of M '’ er 45 ? i and 'L V g > 
to disperse 10 a modern rower block at 

The same factors were Old Traffurd after outgrowing 
responsible for Barclays’ dcci- • «»* Airspace at Eccles. ■ 
sion to move a number of head The whole oF the North of 
office departments from London England is an assisted area at 
to the agreeable rural setting of intermediate, development or 
Radbroke Hall at Knutsford in special development- level but. 
Cheshire. It followed a feasi- until rhe early 1970s Govern- 
bility study begun in 1970 after ment incentives were directed 
the bank had been served notice primarily at manufacturing in- 
of a rent review which raised d us try- The North West 
the cost of oue London building Industrial Development Associa-. 
from just over £1 to £11 asq ft. tion. a leading campaigner for 
The cost of working space in office as well as factory develop- 
the City r.f London was esli- ment. believes if played a part 
mated by the hank in 1974, at in influencing official- thinking 
the time the first phase of the leading to the substantial 
move tn Cheshire was com- package of transfer. job 
pleted. as more (ban £1.000 a creation, rent, ' removal and 
year per head of staff against other grants .available to office 


and service- industries moving 
or expanding in assisted areas / 
today; ' 

The Lancashire new town-of .• 
Skelmersdale, which., has . sa£ - . 
fared major blows to its lirinu J . 
fac hiring industry, had modern ' 
accommodation . on .. standby' * 
when a major new office pdfc". 
sibility was on the horizon. 

In .the largest single pact-. 

project in a Special Develop. . 
ment Area to be assisted by-the 
Department of Industry, . thi ' . - 
Co-operative BaDk is to estafo' ... - ' 
lisb a £7m central consumer - ' 
service bureau expected to piro 
vide 600 jobs over the next firt 
years, with the prospect of « ■ 
increase to 1.000 later. - ' -t- '- 

•Government grants -of I k 
were offered, with the -ppsji 
bility of a further £lni: ' 

while, official . figures, show. 'ihal 
the North West has not beei 
slow t»» make use of the pffiei 
and service industry assistants 
scheme. To the end- of June.-thi 
Department of Industry hai •* 
made offers totalling £4 J2a 
towards 24 projects expected !' 
create 1,900 jobs in theMersej 
side SDA and £3.5m towards^ 
schemes expected to creat ’ 

3.275 jobs ih the intermedia^ - - 

areas of the North West. - . ^ 

Plans for the dispersal n 
London-based civil servants', t 
the North West await purpose a 
built office accommodation. Mei i .J 
seyside is due to have 3,4ftj ^ i : 
posts, including 1 ,000 for jh L ^ W 
Home Office. Preliminary wot?** 
has started on the site of Liirei 
pool's former Exchange static': 
where conversion of an existirr;' 1 ^ 
hotel is due to get. under wa|* 
next year followed by th j 
building of 50,000 sq metres, a 1 
new offices to be completed ii 
1983. 

Nearly 1.000 dispersed DHS 
posts are scheduled for. Black 
pool and 360 others for Cocfcei ‘ 
mouth in West Gumbria.-L 
dispersal by tlie Laboratory 6 
the Government Chemist can? • 
ing some misgivings to the Lak 
District amenity lobby. , -V 

Tom Heanet . 


jP 

iv 


The South East 


Still the magi# 
for most ! 




Darby House 

Now under construction in theTown Centre-this striking 
and attractive building in a prominent location overlooking 
the M54, yet dose to shopping and the central bus station, 
will be available in the autumn 00979, offering a total of 
55,000 sq. ft. of high quality office space with extensive car 
poking. 



The Shropshire countryside at your office door 


*3bwn Centre Office Sites . 

Fully serviced siiesof 1 to 30 acres immediately available 
in attractive landscaped settings. 

Campus Sites : ' 

Prestige sites of up to 50 acres are available. 

TDC163 [HI 



HV THEORY the most important 
evenr In have happened in years 
so far as office location planning 
For London and the South East 
i.s concerned was ihe Order in 
Council on August 8. 1977 which 
provided new terras of reference 
For the Location of Offices 
Bureau FLOB). This directed 
LOB tn give particular attention 
to the promotion of office 
employment in inner urban 
areas. London, with the excep- 
tion of the central areas nf the 
City and the West End. was 
specifically included among rhe 
inner urban areas. 

Enr office planning this move 
represented the flowering of the 
Government's new regional 
policies which give inner areas 
priority second only m (he .'•pe- 
dal development areas. For the 
lirst lime since the war there 
has been official recognition of 
the inner cities' need fr»r help 
in attracting and keeping jobs. 

In practice, however, the new 
attitudes have so far had little 
impact. According to T.OB there 
is no evidence so far as tn 
whether more businesses are 
considering staying in London 
nr not. The areas which have 
traditionally won London’s 
emigrating firms — Ihe main 
conurbations in the South East. 
South West and Outer Metro- 
politan Areas — are also at a loss 
In find evidence or any change. 

One reason for the lack of 
information is the general low- 
level of moves in the past IS 
iiioqlhs. largely as a result of 
ihe economic recession of the 
past four years. One irony nf 
rei*e.SMon is ihal it increases 

the pressures on companies to 
reduce their overheads while at 
the same time withholding the 
finance for making the moves 
essential to that reduction. 

So. for instance, in the period 
April In August. 1977, LOB was 
involved in helping only 29 
nun panics to move. In the 
previous 12 months the numbers 
had been 13fi. itself a decline 
from 1975-7E, when 175 con- 
cerns moved, and well short or 
the peak in 1973-74 when a total 
of 2J6 firms moved. 

Since August. 1977, LOB has 
not produced figures on moves 
from London alone. Because of 
its new national rote the statis- 
tics arc now being compiled on 
a different base. However, until 
August last year the geographi- 
cal break-downs of where com- 
panies moved to followed 
traditional patterns. 

The Jargesr number of moves 
by far were within the CLC 
area, . London businesses have 
a 1 way 5 showed a preference for. 
slaying as close to the capita] 
as possible even when they are 
forced to reduce overheads or 
find new premises. 


The belt just beyond t he CLC 
area continues to attract only 
relatively few emigrant*. But 
this is probably nut as a result 
of any inherent unattractiveness 
in the areas themselves. In the 
main the reasons lie in tight 
planning restrictions which have 
made development in this belt 
virtually impossible for several 
years. 

These planning restrictions 
still occur. Only in the past few 
months, for instance, the Wind- 
sor and Maidenhead District 
Council has introduced a total 
ban on office developments over 
3.ono square feet This restraint 
has been in react inn to the Tact 
lhat last year planning permis- 
sions were handed nut ■for 
181,000- square f.*et nf offices — a 
full 45 per cent uf the total 
budgeted for until 1991. 

Beyond this belt the attrac- 
tions of the Snuih East continue. 
Despite rigid planning controls 
and the seductions of grants and 
incentives in the development 
areas it continues to be the 
region most' London companies 
want to move to if they move 
out of London. 

Other areas, such as the South 
West, have improved their posi- 
tion over rhe past five years or 
so particularly with the exten- 
sion of the motorway network, 
but the South East is not likely 
to be swept off its top position 
by any region other than 
London itself. 

This is where the impact of 
the Governments new policies 
i.s still awaited. There arc 
rumours lhat the entire office 
development permit system 
could be .swept away— or 
drastically restructured * j n 
favour of ihe inner boroughs- 
Whether that is more than wish- 
ful ihinking i* still. tn be estab- 
lished. Meanwhile a number uf 
powerful procure groups is 
emerging which cuuld force ihe 
Government's hand iu a degree. 

■ The -most recently formed— 
only a fortnight ago— is an asso- 
ciation of London MP$ who have 
just hc*Id an emergency meeting 
to discuss ways uf stopping the 
drift of employers ‘ out of 
London. The group i$: headed 
by the member for Hackney and 
Shoreditch, Mr. Ron Brown, it 
believes that London s business- 
men need an effective lobby to 
ensure that tiieir needs are not 
forgotten in the scramble to 
rescue traditional- areas of high 
unemployment such as Liver- 
pool, Glasgow and the North 
East. 

.The critical problem now is 
that the highest unemployment 
is to be found in the inner 
London boroughs. Poplar. 
Stepney. 'Deptford and HolJo- 
wav all have unemployment 


levels in' excess of 10 per een' 

Recognition of these prot 
lems has Ted 'tn the creation c 
the new Government policie 
and the pressure from group ^ 
such as the London MPs. In'ffi' 
main, however. • the moves 
all directed at industry wit 
particular emphasis , on mam . 
factoring industry. Little after - 
tion is being paid to eneonrat ■- 
ing office jobs despite tht? eft? 
indications that office work wi 
continue to absorb a higlier-PP 
portion than the 25 per cent 
total jobs its accounts for toda. 

This was one nf the niai; 
complaints of LOB in its 
annual report. Government hs ' 
given substantial cash T - 
indusrry, LOB pointed nut: 
was now time, to do the sso- 
for the nffive sector. Behind th: . . 
pie.i lies a distinct concern Ih; 

(with the possible exception r 
London where it still- does P« . 
developers tn build speculate 
office buildings i the supply * 
new buildings even in the soui 
cast could he drying up.' 

The present position doM m 
ilsotr indicate a lack nf suppl 
All of the main centres havr 
reasonable stock of premia . 
which more than matches tt 
current level nf demand: 

But ihe level of demand 
currently depressed. Once-..'' -f 
begins to. rise again most town v 
will need a furiher increase i 
building. And that docs nofhV 
like occurring in the fnresc . 
able future in any signifies*, 
extent, . ‘ v ■ 

Hence F/iB‘s plc*a for suppp 
to rhe Office sector.- That coi*| 
take the form uf grants f ( 
employment which could 
turn be ploughed hack W 
higher rents, nnce a |ain makir| 
speculative building viable, 

■iirecL grants to proper! 
developers by way of cap it u 
allowances or special rate loan 

The atmosphere in local aT> u ' 
central government politics .( r ^ 
still Tar from recognising tt* Dj-W 
merits and necessity nf offi 1 1 f J 
development as an industry, bt t( , 
there is a. sufficient shift L 
attitudes io regional devcloj '. 
ment io leave room fur tfc 
belief that, the ODP systn . ' i; 

might be changed or abolish?* hfirs 
And this in itself would be vjf i 



And this in itself would. -- 
major biroxt.to development'^ , 
-the Soutii East. W *f 

Chrisfifi^^p 


H 


aTKMVMK. 

woeprn «?ll-eeiU>OM^ OfccPi.'iJfnW 
tfiaiciv a.aiiatrfc • adi««rnc. JlriWBWJ 
Cci rtre— a rnny MKUion. Blink -8 n^M- 
P^ 5Pt3 ^J,' ^nts. 4.000 . » n.-a« 

K* !£5L l,i ?.L , T£. o«kc« 

ITKffia. ID' 2D .000 « 

Dfacii J3. jp! amsTcrt. 

... Uta-Doal Sf. iM,rv. Occupy- 
* -157?. S 1 

BLACKFftlARS RO.’Sdmhvrd St C.l.^,>: 
U.OCO- to. It, «m*j* otrirffs- nailaMr 1 ,- 
T97*i ,- ^ 

Crodlcr Onua. 29 CkVlK Strict. W.l. v 
. ai-4» 


|iSHoW*STOHT 

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Vnlisn. Lifcnioo 









.WOMISWi 


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Financial Times Fiiday October 20 1975 


OFFICE RELOCATION VII 


The Midlands 


* K 




s i ; . 

i ? « r i •• 


u 


Space 


?"EARS A year ago that the 
Birmingham area was grossly 
iver-officed have been dispeiied, 
The concern now is that there 
■ould be an acute shortage of 
iffice space in the city centre 
ind elsewhere within two years. 

It has long been evident to 
□any agents that demand for 
iffices in the central areas of 
he city and in the pleasant 
uburban centres such as 
Sdgbaston, Solihull and Sutton 
Coldfield is increasing and will 
-ontinue to do so. 

The problem, particularly in 
he central professional "core" 
if Birmingham — enclosed by 
.’olio ore Row, New Street and 
Corporation Street — is that 
inualiy nn more new offices 
tfill be available to let for about 
wo years, as most of the 
imposed schemes arc still on 
he drawing board. 

But it is a fact that there ?r» 
till more than 1.6m sq ft of 


empty offices in the city as a 
whole, of which a large propor- 
tion are in the peripheral areas 
where lettings have been slow 
in recent year* 

There are many signs, how- 
ever. that prospective tenants 
are prepared to consider rent- 
ing offices in positions which, a 
year ago. they would have com- 
pletely ignored. 

The revival in office lettings 
in Birmingham has very little 
to do with the successful de- 
velopment of the National 
Exhibition Centre but a great 
deal to do with the expansion 
of Midland and national firms 
based in the city. 

A comprehensive guide to the 
West Midlands office property 
market was published recently 
by one of the region's leading 
commercial agents, Elliott 
Janes Martin. 

The existing office stock 


The South West 


within central Birmingham and 
Edgbaston is estimated to b* 
about 14m sq ft and the amount 
of snace available in these two 
central zones totals only about 
10 per cent of this figure. 

Almost 1.250.000 sq ft Of 
office space has been let in the 
West Midlands county area in 
the year up to September and 
only about 2.7m sq ft of space 
remains empty. In the year up 
to September. 1977, 807.000 
$q ft was taken. 

Last autumn nearly 250.000 
sq ft of space was available in 
•he central. professional 
“ core ” of Birmingham. That 
fip ure has been reduced »o 
43.300 sq ft (18,700 sq ft prime 
accommodation) because of the 
desire by many professional 
firms to be centrally located. 
Whereas five years ago firms 
were moving out of rather 
cramped and old offices in the 
city centre to the spacious and 
salubrious modem office blocks 
in Edgbaston, a number have 
since moved back — but to re- 
furbished accommodation and 
at a higher rental 


Top rents in the central area 
arc £4 to £5 per square foot. 
These are a marked difference 
to the new building rentals out- 
side the prime locations which 
are in the £1.75 to £2.25 per 
square foot bracket 

Elliott Jones Martin’s survey 
also shows that there Is almost 

450.000 sq ft of space available 
with tliu inner ring road of 
Birmingham, excluding the 
central core. Much of it is prime 
accommodation and includes 
part of the tali Centre City 
office block on the Smallbrook 
Queensway, where an American 
computer firm has taken about 

50.000 sq ft fur its national 
training centre. Here, lop reuts 
are between £2.25 and £2.75. 

In this particular zone, which 
includes some offices empty for 
a number of years, more than 

250.000 sq ft was let in the past 
year. 

There are still more thau 

675.000 sq ft available in the 
outer city area, excluding 
Edgbaston. where prime rents 
vary between £1.50 and £2.50 a 
square foot Included in the 


area are several modem office 
blocks in Broad Street which 
has declined in condition and 
popularity in recent years but 
which is likely to grow more 
popular as office accommodation 
is eventually occupied in the 
central area. 

Plans have been announced 
recently to include about 
200.000 sq ft of offices in a large 
complex incorporating a restau- 
rant. hotel and housing over- 
looking the canal just off Broad 
Street. 

The city centre is linked by 
Broad Street to Edgbaston. one 
of the fastest-grouing office 
development areas in any city 
during the property bourn years 
of the early 70s. 

Consequently, this was the 
area in Birmingham hardest-bit 
by the slump. The revival came 
12 months ago since when four 
times as much space has been 
let as in the previous year. 

There is nearly 070.000 sq. ft. 
space available in Edgbaston, 
the vast proportion of it in first- 
grade buildings, but mucb of 
this is expected to be let before 


ifiso. in the past six ir.nnths in real trouble by the early 
IBM has taken a lease on a 19S0s. 

large section of one develop- NearIy m ,wo sq ft of the 

r . 313.000 sq ft available is likely 

haS ™ be let before Christmas to 

.P eipea ,n an undisclosed national cora- 

’nrin« b ft F ‘ * " S °f enin “ Jast pany which is considering mov- 
spnnc of a new railway station 


ins ^ section from London to 


‘LFrt . * S Midlands. If IhTded , 

£SE5“ a me 

far°38 

The National Exhibition Centre inontils - 
is part of the zone and it has Rents are still comparatively 
had some effect on lettings in cheap in Coventry al £2.25 per 
the last two years. sq ft for prime offices. 

But the biggest boost has un- Another office centre in the 
doubted ly come with the expan- West Midlands where demand 
sion o. BL Ltd. Austin Morris j, as improved is AVoJverharap- 
headquarters is now based at ton hut here there are onlv 
International House, overlook- ^350 sq ft ava ilab,e. Sutton 
ms the NEC, and one of the Coldfield found tenants for 
large modeirn offices in the tou-n more ^an 51.000 so ft in the 
of Solihull has been completely past 12 mtmlhs and nDW has onlv 

occupied by the BL group. 28.000 sq ft to offer. 

More than 300,000 sq. fL has ^ 

been let in this urea during the Halesowen and Dudley, once 
past two years and most of the thriving office centres, have 
remaining 183,000 sq. fL is codured a long period of hard- 
prime accommodation at be- ship with numerous office 
tween £3.25 and £4.25 per sq. ft. blocks standing empty. Nearly 

The state of the car industry* 50,000 sq ft lias been taken 
plays a vital part m the office since September. 1976. but (here 
letting market in Coventry, are still 360,000 sq fi empty, 
Although the city has had nearly all in modern blocks, 
mixed fortunes over the past Developers will steer clear of 
few years there are signs of an this area and Walsall where 
upturn in the letting of offices. 100.400 sq ft stands empty, and 

Last year, 151.000 sq. ft. of West Bromwich with 98.300 
space — the vast majority of it sq ft available. These are areas 
in secondary locations — was let. which can truly be described as 
compared with less than 20.000 over-supplied with offices, 
sq. ft. between September. 1976, Birmingham will remain the 
and September. 1977. If last ” kingpin " to the Midlands 
year's trend continues at the office market. largely because 
same rate, without any additions of the city's excellent motorway 
to the supply, the city could be and rail com muni cat ions. 


The city's Commercial Lsl.iie 
Department has reported ihar 
inquiries for offices trebied in 
the first half of 1978 compared 
with the whole of last year. 

There could be a queue »>f 
firms waiting lo tyke up space 
in the city centre, in ihy near 
future. An international firm 
of chartered aceounianis is 
about lo complete :i deal fur 
30,000 sq ft uf offices in a 
development. just started, 
opposite the Bank o: England. 

No other office development 
are underway in the city. 
Trafalgar House has just paid 
about £3AU.tiU0 for a site, a few 
•••inrtred yards off Col more Row. 
where there are plans for a 

'•00 sq ft development. A 
dilapidated block uf former 
offices in the Row are soon to 
be refurbished in the mould of 
the highly successful Waterloo 
Street scheme, nearby. 

But the city centre >iie which 
most intereMs developers, insti- 
tutions and (hr public ur la ice 
is Snow Hill, the former rail- 
way sialion. now demolished. 
British Railway Property Board, 
in conjunction with (he City 
Council, is studying abmu 120 
schemes submitted from all 
over the country. 

The chosen scheme, which 
will certainly contain a force* 
element of offices, is expected 
ro be announced by the end of 
November. It will be the last 
major development scheme m 
the heart of Birmingham and 
will tidy up an area which has 
been a blot on the landscape — 
and a civic headache — for years. 

By a Correspondent 


i : ; ; 


Sudden rush 
of lettings 

'HE OFFICE relocation market the Midlands. British Rail’s 
as undergone a remarkable high speed train means that 
urnround in the South West. Bristol Is now no more than 
inly 18 months ago conditions one hour twenty minutes .away 
ould not have been more from Paddington — virtually 
epressed. In the main property commuter distance — while Swin- 
entre, Bristol, over lm sq ft doD is no more than the magical 
r new office space still lay hour's travelling time from the 
- mpty, a memorial to the boom metropolis, 
f the early 1970s. Even at the The South West also scores 
eginning of this year some over other relocation centres 
00,000 sq ft was still looking from the point of view of easy 
or tenants and agents were access" to Heathrow Airport, 
esigned to a long uphill Thanks to the M4 the business- 
l niggle before the market was man can drive straight to Heath- 
stored to equilibrium. row without becoming entangled 

_ As it turned out the trans- w*th London's traffic-assuming 
: • irmation was sudden. Follow- there is not a convenient fligM 
ing a rush of lettings, it is Bristol Lusgate or Carfiff 
alculated now that only some Wales airports, both of wWch 
25,000 sq ft of new space is have daily flights to. and from 
mmediatdy available in Bristol T 0 ? tu ? ent :. . *■ .. 

od developers’ thoughts are , T5lird 1S . the 
nee again turning to the possi- Peasant ehvirOTinenL Siradon. 
ility of new investment in Cheltenham *nd Gloucester 
Sire accommodation to take hove .the Cotmold, on their 
dvantage ot the still unsatisfied , d “ rst * I ’,“ <i U ‘! '.5 ^ 

'emand for relocation in the '*' ye ^.h^iWendins 

■rovinces away. Bristol has the Mendips 

The key to any new invest- > nd the JoveJy wuntnjlde and 

tent will of course lie in the of % 2Z£ 

‘vel of rents These davs Wlth,n easy dtstance. 

evelopers are looking for at ° De . q l2l, m 

iast £4 a square foot to he sure c ' rI,ed "1®? 'IS? “ 

f an adequate return on their Pa"‘es has been Omir ability to 

irS'SeiSe iTolfthe £350 I. a limit to the numbers 

was 

8 ™» ---i sa jsrisas'js 

ie^Ld n w Vc snace 

n , the Sl J uth 5f st ‘ local recruits have all been 

far cry from the rents differen- absorbetL Swindon is said tu 
.al which prompted four major b fuJrering from Ms at 
an king and insurance groups Dresent 

VnJnl Bat experience has shown that 

Mdymarket of 19/1-74. London officr staJ j transferred with the 

ere then SOa ^,rtf company invariably settle down 

a t squa 7 c happiJy in the South West In 

qmv^ent space was available ^ seems the nutnber vho 

**5® ' Sou JJ We rilrt Ca ?n ia f-i f0 I subsequently wish to transfer 
t tban to ^ a to the metropolis can be counted 

, rwl^ f00t ' « iha on the fingers of one band. 

Other centres in the bouth 


Furthermore, each of these 


fest to benefit from this exodus eWtK§ tends t0 Mn , e as a 
■ere Swmdon, Cheltenham focus f the surrounding hin- 
loucester and Exeter. All terIand and L<J t^e^re abIe to 
ffered three key attractions employees from a wider 

yatying degrees, still population. This is particularly 
old good to-day. true of Bristol. The city itself 

First is the marked difference bas a pop U j a tJo n 0 f under half- 
i the cost of office accommoda- a . m5Ui0I> bul in prac tice office 
on compared with the South stflff m pre pared to travel from 
■ast and London. Bath, Weston-super-Mare and 

Second is the South wests j owns anc j villages even farther 
xcellent ccmmumctiuns. The afield t0 work in Bristol each 
14 and M5 motorways now put da .. 

H except Exeter within easy * D rt K;»» c 

riving distance of London and j\ODin I\eeves 


BROADGATE HOUSE 

BIRMINGHAM 

MODERN OFFICE BUILDING 

of 112,000 sq. ft 

Plus 226 parking spaces 

FOR SALE 
or TO LET 





lin 




e 








^agents’ 


estates times 


*«Sost 1978 


' • 

a Aufl 4 * 51 , ^ 


as City office shortage bites 


ESTATES TIMES . 
29 September 1978;’ 






Peak 




But, if you want to stay in the city and suffer increased costs, 
reduced profit margins and expansion at a price you'll just have to 
grin and bear the bad news! 

Is it really worth it though? 

Take Greyfriars House in Northampton for instance. 

Available now . 

158000 square feet (nett lettable) of prime office space right in 
the town centre . Sited directly above the new bus station. Direct 
pedestrian links to the bus station, the Grosvenor Shopping Centre, 
one of the largest market squares: in the country and the main 
shopping and commercial area of this fast growing county town . 

Built to a high specification the offices have two open landscaped 
courtyards and afford pleasant views across the town and 
surrounding countryside. Space to breathe in. Space to think. And 
space for 200 vehicles 


sTATSSjnwes 


In fact, you can save up to 70% on current city rent levels by 
relocating in Northampton. 

A well established county town and influential commercial 
and industrial centre. 

Northampton Is on the Ml motorway and is only just over an 
hour's journey from London by road or rail. 

So leaving the city doesn't mean losing touch. 

Northampton has much to offer you. And even more for your 
employees. 

There are homes for them to rent and to buy. Established 
shopping, social and recreational facilities to enjoy. 

Forget the bad news and come and see for yourself. 

Because Northampton puts good news back in fashion! 

For further details telephone or write to: 
L Austin-Crowe, BSc, FRICS, 

Chief Estate Surveyor, 

Development Corporation, [ 

2 -3 Market Square, \ 

Northampton NN1 2EN j 

Telephone (0604) 34734 l 


I 

{fey?;? 


Chartered Sarveyare 
63 TEMPLE ROW 
BIRMINGHAM E2 5LY 
021-60 9351 
and LONDON 


» HOLLIDAY STREET 
BIRMINGHAM B1 ITG 



L 





Pr 

pri 

ch; 

BY MA 


THE PF 
decided tc 
allegation 
Wilson f< 
number c 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing th< 
affair. Mi 
was, had 
an orches 
himself, i 

Lady Fs 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Suhseqi 
(old the 
did not 
prietors 
instructed 
round a 
material." 

The Pri 
to hear 
Sir Harolt 
formal co 
On the 
against ( 
council s; 
Royal Cc 
that ther 
Labour bi 
The Pn 
is one nt 
liabed tod 
In ano 
council 
against tl 
Daily Ex; 
picture c 
Henrietta 
death in 1 


Thorpe House 


2^234 scjit. 

New air-conditioned officesto let . 
■ 74 car parking spaces. 

Joint Agent: Percy Howes & Company 


PROVINCIAL 





. Ml CoraMantkm would bo 

Iff ^3 •■■ MMM Hi ctvarx to retting of units o 

IXj7/U HfJiB S355T 

•Full centred heating. ■ Wall-to-wall carpetmg throughout. 
■ 2 fully automatic eight-person passenger lifts. 

Joint Agent: The James Abbott Partnership 



Point West Uxbridge Road 

HAYES Middlesex 

Modem seff-containeddffice building. 

1^200 sqJt. 

■Car parking spaces for 70 cara. 

■45 minutes cfrivato London 
•Aaport. 


Joint Agent: F&it B edford Tel: Of-579 9282 





Imperial House, Lypiatt Road 


CHELTENHAM 

Regency office building in centre of town. • 
To Let or For Sale. 

12,533 sq.ft. 

■ New rear extension. ■ Ample car parking. 

■ Extensively refurbished. ■ High quality carpets. 

Joint Agents; Bruton Knowles 

Hartnell/TaylotfCook 



.'•V i 

Commerce House ■.( 

GUERNSEY / 

25,125 sq.ft. 

New air-conditioned office accommodation 

to let asa whole or inunitsfrom 1,500 sq. ft 

■FuDycarpeted,M2lifts.«32carparidngspaces. 

Joint Agent; Lovell & Partners. » -• 
















i'/V 


i 


II: 






: : '• . ' : f-’-T I » » ( » I |T 



**E|s: 


wM:. 


|k|^|iSS, 


0 SCfstih 


I ^TELEPHONING a build- 
ig _"• . contractor in Central 
omlon.'nowadays and you will 
iscover. something, about the 
resent -state of the British 
»nomy, and a great deal else 
? sides. 

It -is of -course possible that 
lere'Wj]! be no answer or that 
ie -line has been, discontinued. 

you get through, 
wever, the best that can be 
g^-Ped for is the promise of a 
Hffi ll .hack that never comes. As 
jl| >r getting any work' done, it 
ijjgLonf of therquestian at least 
^for- the-;. nest. sis. weeks, and 
Yobahly tiU after Chriatnas. A 
irgfr number of builders in 
ict will ho longer commit 
lemselves even to giving an 
ttfroate. For anything argent 
., au - might as well ask the milk- 
' lasL : 

Indeed it turns out that the 
ijlkman is quite likely to be 
very, good bet According to 
uiltting industry sources, the 
ulkman's trade — and that of 
ie bus driver — arc ideal for 
ie former builder, decorator, 
lumber or whatever who wants 
hired job in the daytime which 
lows him to get on with the 
furious': business of making 
’^oney without paying tax once 
ie -.shift is over. These men 
ill: no longer work for a build- 
| ig 1 company direct or even as 
| ib-contractors. Moreover, as 
ij 'ten as not, they will be quite 
: busy as the regular firms. 
Anyone who wants to make 
reh a -cursory check of this 
[formation would do well to 
dk'lat the pages of the London 
■ vening News on Thursdays, 
h&.is in effect a recruitment 
:gan- for the building trade, 
he -rate -for a bricklayer in 
entral London has gone up. 
om around £20 a day three 
ontbs ago to close on £40 to- 
5 ^iy; (with overtime or bonus). 


These, it should T >e. said, 
are . the rates being . offered. 
According to industry , sources, 
. it is .perfectly possible for brick- 
layers to demand more and. get 
It. Equally It is possible to 
undercut the open market by 
doing the work for -cash and 
thus not paying tax; hence the 
growth of the milkman’s second 
job. 

This rise of demand is not 
confined to bricklayers; nor is 
it peculiar to Central Xdndon.- 
There is a similar demand for 
plumbers and carpenters, and 
Central London seems to differ 
from elsewhere only iirthat it 
tends to offer the highest rates; 
the level of activity is not much 
greater. One advertisement for 
bricklayers in Middlesex, for 
example, says simply: “ No limit 
on earnings." ‘ 

There is another interesting 
development. A fair sprinkling 
of the advertisements are placed 
from West Germany, sometimes 
by British companies with con- 
tracts there and sometimes, by 
German companies themselves. 
Any British bricklayer who 
wants to can scan the Evening 
News, turn up at a London 
hotel for an appointment and 
get himself flown to (say) Ham- 
burg where he will receive! high 
earnings, possibly coupled with 
a convenient arrangement about 
tax, as well as free accommoda- 
tion and transport. - 

It may be asked what all this 
has to do with Politics Today. 
The answer is a very great deal. 
For a start, the evidence of the 
building industry suggests that 
the official statistics for econ- 
omic activity in this country 
seriously understate the rate of 
growth. There is both far more 
money around and more work 
being done than are ever offici- 
ally recorded. There is in fact 
a mammoth, perhaps even un- 








.-**■< 


it i7r 




maami 


■k* wm'H 


r."' i 










•• •“» 

I mm::: 

:%im ' "B 


Preaching to the converted: Mrs. Thatcher is invited to say “no" to nationalisation. 


precedented boom at least at 
the smal ler end of the building 
industry, but it has not yet been 
documented. a 

Sooner or later this, is bound 
to have an effect on the rate of 
inflation. The shortage of labour 
and materials will eventually 
push up costs. Indeed the pages 
of the Evening News show that 
this has already happened, and 
not just in Britain. For the 
moment the big contractors may 
be relatively unaffecred. but 
they will be unable to remain 
immune from the rising costs 
for long. The costs of public 
authority projects will start go- 
ing up sharply: contractors will 
start seriously overshooting 
their estimates; and/or comple- 
tions will be delayed because of 
the shortage of labour. 

One does not wish to dwell 
on the fact that all this is 
taking place at a time of very 
high unemployment, though 


clearly it can hardly fail to 
cross the mind. But there is 
another factor worth stressing. 
It looks as if the current British 
boomlct will lead to over- 
heating of the economy, even 
before the official figures have 
recorded that there is a boom 
at all. In other words, we 
shall be back at the familiar 
stop position before most people 
had realised that the economy 
had started to go. 

There is also a point about 
Lax. One docs not begrudge 
the milkman his earnings under 
his second hat The great 
majority of customers indeed 
are probably only too willing 
to pay, and to say good luck 
to him. Yet it is a very funny 
system under which the 
avoidance of tax has become the 
normal state of affairs and 
perhaps the only way of getting 
tilings done. 

Some customers may say that 


that is only the way of the 
world. They may even prefer 
the informal relationship that 
comes from employing a small 
man who undercuts the estab- 
lished building firm. But they 
should at least consider the 
opposite case. In the absence of 
a contract, there is no guarantee 
of standards, nor even of com- 
pletion. There is, in short, no 
redress should, the small man 
fall down on the 30b or under- 
take a task he cannot 
accomplish. The practice may 
have gone too far. 

The building industry claims 
to be aware of all these prob- 
lems. .It seems unlikely, how- 
ever, that a solution is just 
around the comer. On the con- 
trary, the publicity and propa- 
ganda activities of the industry 
are being devoted to a quite 
separate battle. 

At the party conferences in 
Blackpool and Brighton in the 


tetters to the Editor 


StSfiTVn rnnt r\51 less than they would otherwise 

IHC“SDUI Oil have to pay if ihey produced it 
i. for themselves. But thauis not 

uJSOerSSlIlt the mosl compelling reason for 

• • joining the scheme. ' They will 

•om Mr. B. Rickman be enjoying this service, without 

Sir,— Yet another tanker is having to find or borrow capital, 
tied at sea, and beaches, wild without haviua to repay ; 4t or 
e and livelihoods are again even to pay interest. . Their 
opardised The danger of capital , can be better employed 
image by oil is greatly in- in the manufacturing process 
eased by’ delay in reaching the than in producing energy. And 
ailing vessel wilh ships carry- the total cost of the scheme. js 

g dispersant to. deal with the pu J.i! m-p® kn k* 

caned oil What ls more ' the arE ® 'rill 

The one shipibat is alreadv on setting- electricity produced ;at 
e ,-spot is the tanker from ‘J per cent. efficiency ^ instead of 
li'drirtieOJcak occurs. There- Th *?. 30 P<£ «nt of the system 
-e, every tanker should be average. Everyone gams. There 
liged by Jaw to carry enough 1R n » . r w easnn - of course. --wny 
I^STpeteaht to deal with an inter- 

S£tiona11y agreed pronortion of bw^eholdtra, should n« benefit 
v . cargo, plus equipment Tor :n this way. The only- obstacles 

raying, this at any point inteiif™ 

oiTnd the ship. Leakage of oil ra \<JJnn„ the electron? industry 

utd then be dealt with by Lhe * aiiIRy overalK 

nkee itself in ibe first instance,. vSShi 

ski, of the dispersant-spraying.. . / " # 

:ssels on arrival at the spot Knf*TtP nlnnf m 
-qfrjw.-ereatly simplified by. plAUl 1U 

• ■o»pt actiou no the part of the 
afeihg tankers crew preventing oCOlIaflQ 

5, & M ce *i oiI - i : A : h . ifh c i 3 ^ From Mr. R. Musgrave 

ntrol of the slick so much . m ... _ . 

f? wfe difficult. Sir,— I would he grateful if 

|» JFJiickman. anyone who approves of the new 

Ellis Road Hoffman la Koclie vitamin C 

actonon-Sea, Essex. . plant can explain to me what is 

v r ■ so clever about creating jobs in 

_ j Scotland when the cost to the 

Kailwav thrOUfiD is over£100.U00 per job. 

* iiiiwu-jU J ijonestiy believe school chil- 
Abirn f l rcn could get better value for 


•om Mr. B. Rickman 




ififi m 


markets, does tend to follow come into view, as he very rarely cannot pay for our imports." 
cycles and the prospects of appears above ground, hut you The UK's ability to import 

dearer money could have an fire into the mole hill when bur- ultimately depends on world 

impact on the value of bonds rowing is in progress. This is demand for its exports, confi- 
over the medium term. In the easily ascertained by the freshly dence in sterling and other 
circumstances, if an investor is dug earth, and. if you stand by underlying factors the in- 
relying cm his bond producing quietly, you will see the earth fluence of which can perhaps be 
5 per cent per annum, it is moving in the centre of the pile, postponed by government inter- 
possible that a situation could Only this week, 1 have had two ventmn - but never finally 

occur in the future, not neves- testimonials on the effectiveness avoided. 

sarily as severe as in 1873. when of this approach. As this latter Indeed .exchange controls, as 
the original capital is depleted method means that one -is fir- ™ p y operate at present, and 
by a combination of z fall in ing into the ground only 30-40 atJ y ’ further restrictions may 
value nf the fund and by annual inches in front of ones own feet, well be counter-productive. If, 
withdrawals. it would be downright dan- £ he Government were to refrain 

It is worth pointing out that gerous For any oF vour readers from inflating the currency, we 
many investment bonds today t„ go through the preparatory should expect the exchange rate 
incorporate a switching facility, requirements' at acquiring suffi- l ? f tab ii!? e and indeed to appre- 
which if properly.used. can help dent empty bnttles or a certain ciate. This would be in marked 
to insulate the underlying capita! kind just before taking to the 5 0n y as t , «> the chrome 
value from the impact of a bear gun. tendency for staling to fall, a 


past few weeks there was one 
campaign which it was impos- 
sible not to notice. It was the 
Campaign against Building 
Industry Nationalisation — or 
CABIN. At Blackpool the girls 
came in T-shirts. At Brighton 
there was a huge barrage bal- 
loon off the coast and the offer 
of free drinks. 1 Since 5‘ou have 
to pay to attend most Tory re- 
ceptions, there were plenty of 
takers.) But the message was 
always the same: there is a lot 
of money behind the campaign 
to prevent a state takeover of 
the building industry. 

Yet if you think for a moment 
it is all very odd. Not only did 
Mr. Peter Shore, the Secretary 
of State for the Environment, 
tell the House oF Commons on 
July 12 that the Government has 
no proposals to nationalise the 
building and construction indus- 
try; even the Labour Party is 
not calling for an outright take- 
over. 

CABIN, in fact, wa s founded 
in response to a Labour Party 
document. Building Britain's 
Future, which was approved by 
the party conference last year. 
The first part of the document 
is acknowledged even by spokes- 
men far building industry em- 
ployers to be a first rate analy- 
sis of the problems. Anyone who 
wants an introduction to the in- 
dustry needs to read it. 

It is explained very clearly, 
for example, that the industry 
has a problem of fragmentation. 
According to a Department of 
Employment census, it says, 
there were in 1975 no fewer 
than SS.017 private construction 
firms in Britain. Over 28,000 
of these had one employee or 
none, and over 67,000 had seven 
or fewer employees. It is these 
employees who tend to dis- 
appear during times of reces- 
sion. They might be simply 


GENERAL 

Prime Minister visits Hoover 
washing machine factory. Merthyr 
Tydfil. 

Duke of Kent officially opens 
International Motor Show. Inter- 
national Exhibition Centre. Birm- 
ingham. 

Council for the Securities 
Industry — the City's self- 
regulatory body — meeting to 
discuss Changes in Company Law 
White Paper. 

Prince Charles attends National 
Economic Development Office 
industrial strategy sector working 
party meeting on radio, radar 
and electronic capital goods. 

President Walter ScheeJ, of 
West Germany, and Count Otto 
Lambsdorff, Economics Minister, 
on visit to New Zealand and 
Australia. - 


unemployed, they might find a 
job outside the industry, or 
they might go and work 
for somebody bigger— one 
of the attractions nowadays 
being the Direct Labour 
Organisations set up by some 
local authorities tii compete 
with the private sector. (It is 
not impossible to work for a 
DLO and to moonlight.) 

As it happens, this problem 
of discnnrinuiiy of employment 
has been recently made worse 
by a Government attempt at 
reform. The Finance fNo. 2) 
Act 1975, which came into 
force in April last year, contains 
a provision obliging a mam con- 
tractor to deduct income tax 
from any payment to a sub- 
contractor unless the latter has 
lax-emplion certificate 714C. 
This certificate is only granted 
if the sub-cootracMr conducts 
his business through a bank 
account and maintains proper 
records of ail his finings for 
inspection. 

The intention of liiis section 
of the Act was to close the tax 
loophole. Its effect has been 
that the small building firm now 
finds it more difficult than ever 
to find any sub-contractors at 
all. A very large number of 
bricklayers. carpenters and 
plumbers prefer tu go off on 
their own rather than have any- 
thing to do wilh certificate 
71 4C. 

To return, however, to Build- 
ing Britain's Future: its analy- 
sis is excellent, but its recom- 
mendations are not especially 
radical. At their strongest there 
is a call for a publicly 
owned National Construction 
Corporation (NCC) "based initi- 
ally on the acquisition of one 
or more major contractors and 
to compete in national and 
regional construction markets." 
So far as one can sec, it would 


Today’s Events 

Agricultural Machinery Exhibi- 
tion opens in Peking — the first 
international trade fair to be held 
in China. 

Statement by British Rail on 
improved rail freight services. 

Mr. Merlyn Rees. Home Secre- 
tary, addresses by-election meet- 
ings at Pontefract and Feather- 
stone. 

Public examination in 
bankruptcy of Mr. William Stern. 

Law Society conference con- 
tinues, Pavilion, Bournemouth. 
OFFICIAL STATISTICS 

New construction orders in 
August. 

COMPANY RESULTS.. 

Final dividends: Sidney C. 


not be very different in concept 
from the National Enterprise 
Board, which so much of Bri- 
tish industry seems to have 
learned to live with, and even 
to love. But the point to note is 
- that the Government has not 
accepted the Lica of the NCC, 

let alone of nationalisation 

It is therefore difficult to 
regard the activities of CABIN 
as anything more than lilting at 
windmills, and expensive tilting 
at that. There is a case for re- 
form. but it is not being made. 
It is unclear, for instance, why 
it should take three years to 
train a bricklayer — down from 
four years not long ago— 
especially when some of the 
Government’s training pro- 
grammes now do it in six 
months. It is equally unclear 
why a man cannot be trained 
to be a bricklayer, plumber and 
carpenter at tbe same time and 
in the same apprenticeship. Not 
least, it passes understanding 
why some of the smaller build- 
ing films cannot group them- 
selves into some kind of federa- 
tion and share the problems and 
the work. 

True, lhe problems are not 
confined to this country. It is 
plain from recent Bundesbank 
reports as well as the Evening 
News that the bottlenecks in 
the construction industry are 
going to fuel new fears about 
German inflation. Of course the 
industry is heavily cyclical, but 
time and again it happens: over- 
heating in the building indus- 
try is not only a personal in- 
convenience. it is a curb on 
economic growth. The sponsors 
nf CABIN might at least try to 
put their own house in order 
before fighting some imaginary 
plan for nationalisation. After 
ail. the state of the industry 
could hardly be worse. 

Malcolm Rutherford 

Banks. Lowland Investment Com- 
pany. Peter Stores. Interim 
dividends: AJlebone and Sons. 
M. F. North. Taylor Pallister and 
Company. Interim figures only: 
Tebbitt Group. 

COMPANY MEETINGS 
Heron Corporation, Heron 
House, 19, Marvlebone Road, NW, 
12. David Nelson, Dragon Hotel, 
Kingswav, Swansea, 12. Palmer- 
ston Investment Trust, Winchester 
House, 77. London, EC, 12. Alfred 
Walker, Swan Hotel, Coleshill, 
Birmingham, 12. 

SPORT 

Golf: European Open Golf 
Championship, Walton Heath. 
Tennis: BMW Challenge, Women's 
International Tournament, 

Brighton. Racing: Catterick; New- 
market; Lingfield; and Market 
Rasea. 


market. situation. Each method should be prac- J|& c ,L at, h °" f 

• 7 ,-- Tr nd £ ■ li *ed in isolation, and neither of ? * anally Tailed to 

ty-v*. u them are nf much help In acquir- 

4th Floor. Lnstte Chambers. ing sufficient undamaged skins 

Lastle Street. Lifter-pool for a mole-skin waistcoat— but 

-V- they do get rid of your moles. Unfpcrrfl » College. Cork. 

Blockbusters The n ow w Port Office, Wnrwirlr 

rpxr . Nuthurst, Horsham, Sussex. Vr aTWILIi VrtSC 

On TV ■ ■ , renlipfl 

tram Mr. P. Montagnon ■ All tafGS 1 

Sir.— Chris Dunkley was kind - - ’ From Mr. R. Htmfco 

enough (October IS) to credit me SCnUTlole Sir,— Mr. Francis Collin 

alone with the production of T , „ . B _* fOclober 13) wonders whether it 

Civilisation.” In fact, it was a immediate Past would not be within the capa- 

happy partnership between G/mirmnn. Institute of Travel bi | ity of modern technology to 
Michael Gill and myself. on “ founsm make a full-sized replica of the 

I think , it ill becomes a pro- Sir. — Colin Boyce suggested Warwick Vase. Such a full-sized 
ducer to defend his programmes (October 16) that scheduled air replica made more than 100 
in print; his- best evidence is earners should turn their atten- years ago stands in front of the 
surely the films themselves. But tion to reducing fares for their Senate House of the University 
may 1 take up one point made by biggest customer, the business or Cambridge, 
your critic — it is that a ‘*I3-part traveller. Suggesting that the R. Hanka. 
blockbuster' 1 series that sets nut existing fare structure was un- G anvil! e and Carus- College, 
to ask questions rather than fair to this sector a spurious list Cambridge. 

answer them has an inherent Qf inconsequential extras was 

Haw in its conception. Tbe irapli- produced. 

cation seems to be that certainty But what of the ability to book Pocfinff tfkfl fc#V 

is a prime requirement of the at j as t minute and find that IVCoIUIq Uil IflA 

central figure: the Clark. Bronow- lhc airlines have purposely i ■■■ 

ski, or Eyre. May I suggest tiiat savet j some seats for business C0DC6SS1011S 

this requirement may well suit travellers. And what of a range 

some programme areas, science of fli gbts so M t0 prov ide to From Mr. D. Roper 

SanwriuV Kd here “ an - v d «rinotions, a flight at Sir,— Michael Blanden’s article 

T a tHn?th.t wihrinn ^ the subject almost an >’ ,ime convenient to on “Home loan funds and the 
l7 nrnhJhlv 3 businessman? banks" (October 11) is most io- 

nn,TTf ^ e th»m reh *® probabl} Price discrimination Is an un- teresting. If - the banks are 

xrnnT^Tnnn satisfactory but eminently prac- granted tax advantages to enable 

^ Ca ’ way of D»alnta‘n>“8 tbe them to compete with building 
Froaro” 1 " 1 * 5 ' services the travelling business- societies, other institutions will 

TVTmfrf Wood Lane W12. T V an vi . taUy ne f ds , redu =: claim the same privilege, 

i v centre, wooa um e, p 0ng |n s t a n<jard fares will it no alternative for a bank 

inevitably lead to lower fre- t 0 form a building society which 
Y^oH-Snn riH queney. and on some routes, no becomes a separate entity under 

vXvIUtlg I1U flights at all. the Building Societies Acts. 

. <e 1 Some travel agents specialising Ultimately the parent body loses 

OI- mOieS m this field say that ' on average, whatever control it had. This 

„ .... ___ . nntr . the businessman changes a book- has happened. 

From Maj.-Cen. John Cowley. jng at lpast once while many The article poses an idle 
Sir. — My letter on some itineraries are altered three or thounbt. Why is it that the most 
methods of dealing with moles four times. This is not being powerful and flourishing institu- 
te the garden (Rottoms-up, fickle, but merely reaction to tions rest on tax concessions, viz, 
October 5) has attracted a cer- commercial necessity. building societies and pension 

tain amount of interest, and not Thus, an aircraft may appear funds? 
only in the correspondence to be fully bnoked but after d. H. Roper, 

columns of your paper. Apart check-in has been completed Heath End. 

from some letters and telephone ends up with a quarter of the The Comment. 

calls, Radio 4 gave it an airing sea ts empty. Chtpperfleld. Herts. 

and BBC TV ; sounded dis- in Britain airlines are not at 

appointed when they learned, on (he moment raising cancellation 

telephoning my wife, that their charges, even for no-shows. T nnHIHI'C lktnpr 

camera team would not find a Would Colin Boyce like to see Livimuu a ikllEvl 
white-haired elderly military f : ire* cut, and instead be tj 

gentleman prowling daily around responsible for the collection of iOSIQ SYSlcIH 
his garden in deer-stalker and such charges? 

gun under arm, waiting for Certainly. T agree that this Is From die Chairmen, 
moles to show themselves as I a serious problem. But it will London Chamber of Commerce 

had gone up to the City for my not be solved by experts in tbe and Industry 

daily round. field putting popular opinions or sir— With reference to the 

There- still appears to be a dubious benefit report of October 12 on tbe 

little confusion, however, on the Allan Beaver. Greater London Council report 

methods described, which you Staines House, on flj e m 25. the M25 is tbe 

might allow me to amplify. The J.7S-162, Hipfe Street, natural terminal of the national 

bottles system does not require Staines, Middlesex. motorway network and will be 

empty- spirits bottles. If this verv important in diverting heavy 

were a necessity it would mean traffic from unsuitable routes in 

an expensive, although pleasur- iLXCiiailge London. Tbe London Chamber 

able, preparatory phase; any old j* of Commerce and Industry recog- 

bottles will do. so long as the OOflirflK Rises the danger that the M25 

neck is above the ground— when vwu v o might attract Industry and corn- 

using the bottom s-down method. From Mr. SI. Brady. merce a wav from inner London 

and one does not need to plant a Sir,— Mr. Piatt .(October 16) which is why it must not be built 
lqt of them; three or four will argues that if sterling is sold to in isolation. It is essential that 
usually suffice for an area the non-residents ‘'.sterling is there is an adequate compiemen- 
size of a tennis court, if sited devalued and our foreign cur- tary road programme within the 
strategically. You must, of rency reserves are depleted." M25 to encourage industry and 
course, remember to empty out. But he cannot have it both commerce in the inner city areas, 
tbe rain-water occasionally, so ways: either sterling is allowed it is now time for London to 
the wind passing over the neck to depreciate or tbe foreign receive assistance with its roar) 
can generate the necessary exchange reserves are run programme oo the .-^caie that 
whistling sound which the mole down in an attempt to maintain assisted areas ■ have received 
dislikes. the external parity. Moreover, it during the past two decades. 

When resorting to.the gun. you is misleading, to argue that P. J. King, 
do not wait for the eiemy to “without, these reserves, we 69, Canno* Street, EC4. .. 


for a mole-skin waistcoat — but 
they do get rid of your moles. 
John Cowley. . 

The Old Post Office, . 

Nuthurst, Horsham, Sussex. 


Air fares 
scramble 


Unfrerrity College, Cork. 

Warwick vase 
replica 

From Mr. JS. Hanka 
Sir, — Mr. Francis Collin 

fOclober 13) wonders whether it 
would not be withiD the capa- 
bility of modern technology to 
make a full-sized replica of the 




Twrt 






L money than this. 

ttrriffueUi Railway Company. ' ' I particularly liked the last 

Committee sentence of John Elliott's article 

nwa file London Manager. nn lhc subject (October 17): “til 

Slr^W* are so used to h.gh )«™^ are ^TblTlbJeTa 
.tSjLffg* r Z*T? I-onSderabio roup." The truth of 
ilSnStmrM vLur ^'e matter is that it is Hoffman la 
SSS2S2 I? SS1V2I Roche which has achieved the 
Ssil* S; r 0 , 0 * Rnn pup!? coup qnft its directors and share- 

that- Tue Bcngueia wiii )v havinR a good 

2ff an bv K r aboit iu If aSWthe 

Tn P . P i\ d - 5 above sentence they may well die 
lemlla activity in Angola. _ . i. 11! pt npr 

While it is true that since me rj e ' 

i dependence of Angola the Sea- «■ c 0 r3« \ venue 

tela Railway has been suojec p^ai inceligate Moor,’ Durham. 

• sporadic guerrilla attack it ha* r a ^ 

jver:.been “crippled" and has 

ttfc brief exceptions continued Tr*v»oc^iniirtf' 

■ maintain local traffic services ill v tJllllvUi. 
fthin Angola throughout the - - 

st>24 years. t . 000 QS 

The -reason for it not being TmM 

ile to seree- the requirements t-rom Mr. J. loaa. 
i£ r 2&mbia and Zaire has been • sir, — Mr. Greeoslade (Oct. 18) 
§ie "exclusively to political con- js correct to emphasise the tax 
^aerations beyond its control, attractions of investing in single 
olitjeal difficulties have now premium bonds (or investment 
len withdrawn and the Ben- bonds as they are often referred 
i«a Railway expects to restore t o). While Adrienne Gleeson 
iteraational traffic on Novem- (Ocl 7} did not mention bonds 
Krill next specifically, it is also true that 

r. V_ M; Wadsworth, . only a relatively tiny proportion 

John Street, W Cl. of. the population will stiH be 

paying higher rale taxes or the 

investment income surcharge 

MierSV after retirement. 

As Mr. Greenslade reminds us, 
the investment income surcharge 
viioto jg now Q Q |y an optional tax for 

row Mr. N. Jenkins' ■ ^ ma jority of Investors. There 

i Sir,— Hereford now has pro- is little doubt that the investment 
&5als for a significant combined bond as part of an overall tax- 
feat and power (CH&P) genera- pianmng exercise cap effectively 
/on scheme and I would like to reduce or eliminate the surcharge 
rauaemon develooments lean- burden. If, bewever the 5 per 
is to this and results of some cent per annum tax-deferred 
msenuence withdrawal facility is to be 

At no time has the Midlands operated, then It is important- 
lectricity Board, or for that to look at the various bonds that 
latter APE-Crosslev made the can he linked to -a high income 
lost of this story. The ultimate unit trust. Apart from the more 
icentive was offered to Bulmers advantageous capital gams fax 
nd Sun Valley, the two indus- treatment in comparison with a 
ries involved in taking supplies bond which as invested through 
f heat from this unique an internal fund, a irnit trust 
astallatlon linked bond can be chosen to 

Neither firm could afford to yield a net -income of at least 5 
are down this opportunity and per cent per annum, which will 
o similar industrialists placed cover the recommended level or. 
n the same position could afford annual withdrawals. Unfortun- 
o do so either. 'Since Germanv ately. none of the four insurance 
as practised CH&P for the last companies mentioned by Mr. 
hree decades, offering its Ihdufr .Greenslade offers such a bond, 
ries essential energy supplies on- While property, .bonds have 
such the same ‘ terms, it is no perfonned relatively ^werl over 
'render that country has pros- the past few. years and may eon- 
iered while. we languished.. tinue to do so in the snort 
The .particular, .advantage of term,. I -do -not -share altogether 
!HSsP:S: Hereford is, that these Mr. Greenslade S unequivocal 
,wo i tntestrles wHi be- getting , for th«M- Com- 

iheiritet, for some 20 per cent mierc4a3 property, as wa other 


Resting on tax 
concessions 


I think that religion, the subject 
of “The long search" is probably 
one of them._ 

Peter Montagnon, 

DixTira (’rctary Programmes, 

BBC TV, 

TV Centre, Wood Lane, WJ2. 

Getting rid 
of moles 

From Afoj.-Gen. John Cowley. 
Sir, — My letter on some 






WHERE IN THE WORLD 
WILL YOU FIND 


Exchange 

controls 


Sir.— With reference to the 
report of October 12 on tbe 
Greater London Connell report 
on the M25. the M25 is the 
natural terminal of the national 
motorway network and will be 
very important in diverting heavy 
traffic from unsuitable routes in 
London. The London Chamber 
of Commerce and Industry recog- 
nises the danger that the M2o 
might attract Industry and com- 
merce away from inner London 


In Bahrain, naturally. And with four branches of our own, more than 
any other British bank. Years ago, we w:ere the first recognised bank here, and 
our direct links with each of our other 1,500 branches around the world still 
make us the most efficient overseas bank for your business. 

Wherever you are in the U.K., your nearest Standard Chartered 
branch will deal direct with our Bahrain branches. This costs you less andraakes 
all your banking much faster. Today, askKeith Skinner on 01-625 7500 to tell you 
more about this. 


Si 


Chartered 


Bank Limited 

helps youthroi^ihoiit the world 

Head Office 10 Ctencnls Lane, London EC4N7AB Asseta exceed £8,400 milhaa 






30 



COMPANY NEWS 




- Financial TTmes FriBay tictoM ^ 1S78 ; . 

Coates BrosTup y 


U.S. setback leaves DCM 
with £3m loss midway 


Hawker Si 
£10m rise at halftime at six months 


ANNOUNCING a turnround of 
JE3.7m to a loss of £2.9Gm for the 


chairman of Dunbee-Corabex- 
Marx, the toys and plastics group, 
warns that current year profits 

will -probably . be lower than the 
peak £6.43m achieved in 1977. 

This Is contrary lo the 
optimistic statement made hve 
months ago when the directors 
envisaged a year “ in keeping 


on a reduction in overseas earn- 
ings and increased interest rates. 

Meanwhile. Mr. R. .1. Beecham, ^ 
managing director, said - 


joint 


its U.S. operations are on a more 
profitable basis. 

Under normal circumstances P'vted ... 

relations for a US. quota Siil'nVtta ‘gSK 
would have already started 
the company's bad first 


INDEX TO COMPANY HIGHUGHTS 


. 

Company 

Page 

CoL 

Company 

Page 

Col. 

Alginate Inds. 

JO 

1 

Hawker Marris 

31 

3 

Armstrong Equipment 

" 31 

2 

Hawker Siddeley 

30 

A 

Brasway 

34 

4 

House of Lerose 

3J 

3 

Brycourt 

31 

4 

Indl. ft Gen. Trust 

31 

2 

Burndene In vs. 

31 

4- 

Lilley (FJC) 

31 

1 

Chambers ft Fargus 

33 

ft 

London Scot. Fin. 

34 

6 

Coates Bros. 

30 

7 

London Shop ft Prop. 

30 

6 

De Vere Hotels 

34 

5 

Saint Piran 

30 

3 

Dunb e e- C ombex-Ma rx 

30 

1 

Sandhurst Marketing 

30 

4 

Eastern Produce 

31 

4 

Sime Darby 

34 

3 

General Scot. Trust 

30 

8 

Spencer Gears 

31 

1 

Gerrard & Natl. Disc 

34 

4 

Stylo Shoes 

31 

4 

Glen dev on Inv. 

34 

3 

Utd. Engrg. 

31 

5 


EXCLUDING THE former UK. 
•aerospace subsidiaries trading 
profit Hawker Siddeley Group 
showed a rise from £43.9m to 
£48.Gm in the six months ended 
June 30, 107S, 

Interest received is up from 
£ l.43m to £&85m reflecting the 
inclusion of £5 -33m arising from 
the nationalisation compensation. 
This figure includes £2.5m relating 


the first six months. After taking 
all this into account the pre-tax 
profit comes through ahead from 
£45.33m to £55.56111. 

Group sales In the half-year 
totalled £480m compared with 
£494m which included £S3m in 
respect of the farmer UK aero- 
space subsidiaries for four 
months. Exports amounted to 
£177m (£U8m including £29m for 
the former subsidiaries!. 

After providing- for tax and 
minorities and' adding in last time 
a net four months’ contributions 
of £4.48m for the nationalised 

companies the net balance 
attributable to Hawker emerges 
at £24. 77m against £2 5 .29m. giving 
earnings per 25p share of l2.6p 
(ISJpl. 

Referring to the nationalisation 


results had postponed this move. 
In July givinc information 


between April and July at Louis Marx Swansea have been 

subsidiary is currently resolved and indications are that 

hut exceeding the budgets set at the full-year's results in this country the directors point out that the 
halt time of the acquisition. should exceed last year. compensation of £60m was satis- 

03 The chairman reports that at ■ The DIY and industrial division by the issue of 9J per cent 
Mars America the order inflow have already exceeded last years Treasury stock which has sub- 
in juty giving j s currently below the trends total profits; all the major com- se q UeB tiy been sold and is in 

about the acquisition of Aurora established and reported for the pames are progressing weu anti a addition to the repayment of 
Products the chairman said that nrst half-year. Much greater record year is connaenuy ] oaDs amounting to £4S.7ra. The 
the impact of Aurora was likely management control, is being Mpected. :. compensation will give rise to a 

to increase the seasonal emphasis given to Marx, although the Trie chairman says inat as surplus of some £33 m over the 
or DCM's profits. Consequently effects of this will not be reflected usual, tbe figure irom tne book amount of the shares and 

an eren grater proportion or the until next year. ""9”™ «S5!d5 tffs stage *“■ \ W * *""«■ in the full 

year's profits would come in the The problems in the German excluded at ttus^age accounts as an extraordmapr item 

second half. subsidiary have not been resolved. J °3£ «£Ep 5iU “° < L f t oraung wrt of the tradmB 

Sm SeSL SSS£ 'SE T 

jrmal seasonal factors, the market but the benefits will be “frc.al trading agreement with ha v e tte relevant factors 


Lord 

ever. 


the normal seasonal iwwia. uamei u«« , — f-hina 

purchase oF Aurora has had a longer term. There will be a loss in 

sicnificant impact on the group’s this year. , 97S amounted 

operations. The major exercise Meanwhile in the UK, com- (£3771m) 
of integrating Aurora's various pames in the toy division continue 
U.S.- facilities was largely com- to improve. Last year s problems 



p.«> B - igy-sis ■•SSSS 

profit of GoatCS „ n niV> tn _ „r«-tnx Profits of -£i GA&r this tm, - 
ipany climbed 


profit oi to- pre-tax, profits of XlJAtn thisyear 

SrSX „„ d S^er^Sd£ro^ fSfhlghest - - 

£5,192,000 on turnove . . : an unexciting sates picture; lift 

£*USm to £44.08111 . : m ^ the ocondvlraif -setSaS. . ' 

Sir Rickard reflected the weakness- oftbe . 

says both sales and profits mow a «rop in- materia 

an improvement on we gooa : c*ts which undermined seffiS : 
results of the prices. Even; so tte- mariteEifa . . 

arid profits are substanbaBy betw to ge f encouraged by thfe . . 

than those for the secona nan ^ yea r prospetts. AU7Bp tf^ - 
of last year. _ ^ PP0 prospective- p/B:iV &6-.arid tjm 

But up to the yield is. 5.1 per cent asshniiigd " 

Tin evidence of any upturn in _ cent- increase- 


is no evidence oi any 10 per ceht increa.se: ftfi&Owro 
demand for_the_nwjoaQr-«» ^ pany has no chance of .intr^^D^ 


? products , eitier ^ markets end the "" dividend ander the ^rej 

•i in tho main overseas markets, ana ,, - ... ...-.j.. 


STpW wiNshOW Mg 52" 


3i,75 the first ^ months 


General 


For all 1977 a £B-5«ra profit was 
achieved. 

After tax of £2,996.000 
{£2.696 000) net profit came opt 

at S?i96,ooo (£2,035,000) before ... .... ..... . .., 

interests down 1 from . • <.-.»• 

to increase 

SSSKL n -ClL«l 

0.02348P IS to be paid for Trust estimate that rae 

The interim wiH tax revenue will, increase^ fedq 

and the supplementary„ wymeut £ - 6i ^ Q Q Q to £642,000. 


£9,500. Last years* final was locome pf xgoo # 000 .coqmh 


1 - 54992P - makes printing inks with 


ar^^uppLies^’for the printing Revenue is after. /tilmjpgrtf 
Sdusw synthetic resins and management expenses of- 450, M 
SS^dustria. surface coatinss. - 

• comment Corporation tax takes £83, QQ - 

Coates Brothers* figures reflect a (£103,000) and_ tas-credit^-appni . 

v . J UnK <ikln fn franfrMi mimotWriM 




SSriO per cent and - sales Ing estimate available revenij^'JS 
hSSer by 7 per cent In ord ma 17 holders - up £64,000 


per . - 

volume terms the underlying £387,000. 


. , . and courses open to the applica- 

ble first half of d £ tbggg funds and have con- 


to 


terra Ktrfi 

Sir Arnold Hall, chairman of Hawker Siddeley • 


rX'^. fl n«“from both inks and Net assets per S.ip share'; 
Sat?hS bon been flat both at shown at I22p (106p). asamj! 


See Lex 


home and overseas-the UK aide conversion of . ^nvertjtf. 
JSu awounta for more than half unsecured loan atockrafid ^ 
TJSSS. there is little hope ..Wj£Wg. prior; ^harge^. 

of any real improvement in the nominal value. - .• - ; 


Alginate Inds. off £0.6i 
and sees less for year 


so far 


mq t c_ idiiua diiu uflvt vm»i- 

isu.lom P j u d e( j that tbg best course is to 

seek to reinvest them in the cent interest was £22.9m in cash, which brings the' total for that 

development and expansion of the The agreement provided for a year to 4.1102p. The 1977 pre-tax secgn ;j ^j x months, although the The Interim dividend is ; 
business. further offer to be made in 1981 profit amounted to £95m. comoaraVle period was depressed, at Lap joet— the 1977-78 final; in 

In accordance with the .previous So ^j ess there is any dramatic 1.85p. - ‘ : 


First half 
1978 1977 
IDDO £000 


for the remainder of the capitaL 


Carlton will be consolidated in approach, full provision has been 
Sales- “ the group accounts from July L. made for deferred tax in the 

ur subsidiaries 339.000 270.000 1 978. 1978 first half results. Application 

JCShS! 11 ” 14= ’S'SSS In July the group purchased for °£ the revised tax method 9et out 


•va 


DIVIDENDS ANNOUNCED 


Trading profit* 

lulerest 

Profit before on 

Taxation t 


On the trading front, from £88.217 to £109,786 in the siinoriuea 
i«? not stronc and the first half of 1978 after all charges Prnfli of former sabsids. 
b on including tax of £57.000 against 


43JI03 Fenner: in Augusr the Province fr* attributable to-E&wker 

s, 2?i J-Sf of Nova Scotia opted to acquire . _. .. - , 

certain assets of the Halifax Ship- . The directors pomt out that the 
aw* yards division of Hawker Siddeley mtenm report does not reflect . . 

m isa i!cn Cana da for about CS0.5m; while toe favourable difference arising Alginate mas un 

- -i.iTS in August an offer was made by °n translation Into sterling of Brycourt inr. - 

24.770 25,293 Com ben Group (a Carlton off- overseas net assets w*ich was Burndene invest- ... — .... 

>i-rt*.nnm» nih. wwuiucii WU P , . .. _ » , _ . - . . nM /I Cnrartni Inv inf 


FOR THE six months to July 1. times). 

1978. pre-tax profit of Alginate demand 

Industries feU from £1.7flm to volume of sales was down 

£1 15m on turnover £lm higher at directors expectations earlier this m/.uuu last umtf. staiarfe*. tux sitjara frt7.s7mi and tut uiv capiuu oi 

raaTm and directors sav nrofit year Increased costs and the The profit includes a £55,046 overseas £4.S7m <assm\. Developments which has ««> ~ -- - — . — -- n Vmi n„ (n i_ ;«t 

for the vear Ls likely to 'be P sub- strength of sterling are also <£25) surplus on the sale of A number of changes to the accepted to the extent of 8S per June 30, 1978. The group s cur- ge ' ere HoU-te. int. 

SlnSiv e iowir than the £2.7Sm making inroads into margins. In property by the dealing sub- groups struchires have taken cent of the capital and is still rent practice is that this^djust- inL 

Manually lower tnan tne tbe company has been sidiary. Also, the £138,914 (£7.885) Place during the year. An offer open. ment is treated as an estraordi- Free State G^uld 

industrial unrest eurnlus hv the holdine company to acquire .control of Carlton The interim dividend is raised nary Item, not forming part of General bcottLsn 


Current 

Date 
of. . 

Corre- Totai-~-.T^p4 
spending -for'i*; .'3M' 

payment . 

payment 

dlv. year^-Tite® 

L 4.54 

Jan.2 

4.47 - V-fiOiy 

.. 155 

Nov. 21 


.. 0.5 

■— ■ 

o.5 i.‘ 

t. 1.5 

Dec. ll 

1^5 • — 


I 


been sterling In the sbe months to Coates Bros and Co. inL 


0.87 
2.23 
1.34 
**185 

achieved last vear addition me company a as oee-n sidiary. Also, tne £138,914 (ii.saaj uuimjs we /car. «« wuer upen. — »'-">«• int 14 - 

acn^ved la. t >ea • experiencing industrial unrest surplus by the holding company to acquire control of Carlton The interim dividend is raised nary Item, not forming part of ” eoe ™J ”3 Sr i 

They say increased costs, tom- re p ent | y r h a t will further affect f rom the sale of property- has Industries became unconditional from LS848p to *2.1047p net. In Uie trading result, in the accounts Gerrard ^nJLNat tonal inL 4 

o t An Tunn 9*7 mil fVm one i Ta tho nrlrlitiAn thAm n cnAntid inic ^ 


Jan. 2 
Jan. 8 

Dec. 8 
Dec. 8 
Jan. 4 
Dec. 7 


petition and the strength u . second-half ficures 
sterling all affected margins. The 561:0 nd na,t figures, 
company has also suffered from 
industrial action. In August they 
reported that the larger of its 
extraction factories had been 
affected by strikes and that it had 
been unable to achieve the extra 
production needed to compensate 
for plant teething troubles. Some 
orders would be lost and profits 
would be affected, they said. 


to reserves 


Canadian 
& Foreign 


been credited 
previous years. 

For all 1977 net profit was 
£83,000 and a dividend of 5.095p 
net per 50p share was paid. 


in on June 27 and the cost to the addition there is a second interim foe the full year.-*, 
group of the resulting 5L9 per of O.Q334p in respect of 1977 See Lex 


earnings up 

Earnings per 23p share 
Canadian and Foreign Investment 


of 


After tax of £270.000 (£548.000). Trust increased from 2.06p to 2J4p 
net profit was £884,000 against j n the six months ended Septetn- 
£1,212.000. Earnings per 25p ber 30, I97S. 
share are shown down from 21.9p Total Income rose from £272.092 
to I5.89p. lo £300,798. After interest of 

The interim dividend is ahead £37,260 (£13.473), 

from 
a 9.' 


Saint Piran 
discussing 
board changes 


Sandhurst Marketing on strong 
growth trend with 157% jump 


Guildhall Property 

Hawker Marris 

Hawker Siddeley int.- 

House of Lerose int.- 

Industrial & Gen. TsL inL 

F. J. Lilley .y.-inL 

London & Moutrof* 

2nd inL 

Lon. Scottish . Finance ... 

London Shop 

Pres. Brand 

Pres. Steyn ........ 

Sandhurst Mrktg. 


2.05 

1.97 

2.1 

1.83 

0.7 

1.13 


Dec. 14 
Dec. 29 
Dec. 12 
Dec. 6 
Nov. 29 


0,77 - 

1.99 

1.32 

150 

1.5. 

4 • 
15L‘ 
1-79 
- 1-88 
1.83 ■ 
0 . 6 - - 
1 • 


315 -240 . 

- • V335 - 

- 7 -:-m 

t— • --.m 

25 


4.65 

L37 

2.14 

**83 

**50 

L01 


Nov. 24 


Dec. 14 
Dec.8 
Dec. 8 
Dec. 6 


tVITH SECOND half profits home trade expanding satis- yield of 5.7 per cent at 43p .would Scottish Mortgage ...inL. .1.4 ; 

trebledi at XlSD^oa. compared faetocily. suggest that the market. « look- 

c „. . £63,o 13. the pre-tax figure, of Sandhurst (Stationers) is -pro- ing beyond these figures, . mt - 

.S™* Sandhurst Marketing for the full pressing satisfactorily and in- Sandhurst needs to prove itself, Telkom Gold 


Jan. 4 
Dec. 5 
Dec; 8 
Dee.S 


435 

i 

2.u ; 
60 
- 10 -; 

9.-58 
L2 ■ 
*0J5 : 


9J»i r i;:33a 

214 - '17 T 
'S.03''; , i99 

, iso .- / m 

80 7 ' ■ 20 
:115B: 7 ,ttw: 

• ■,u u ' S 3- 
'0-6E.''*(W 
' -* 222 - 
S5‘ ' 


second-half prospects not par- 
ticularly bright, the price still 
looks a bit on the high side. Full- 
year profits are likely to be 
around fl£m (compared with 
£2.75m last year) giving a pro- 
spective p/e (assuming the low 
first-half tax rate is maintained) 


9 

London 
Shop rises 
to £0.65m 


increased by rights and/or acquisition issues, f 2^48Sp flntf-fbrecas: 
$ Includes additional 0.0632p now payable; 3 Includes ' feddhtort 
0.0334p now payable. II Includes additionaT 0H12348P how payaH . 
** South African cents throughout . '7 •7 : :. 



Properties 

- - ^ ««« ,/ITH RENTS receivable up from ^The 1 ' City Panel of Take-overs J»p I lJ p | n SIS r { _ 10 ,P ft f!i*i 1 i ,1 S nJwn ln<> >< mA ag«uusi 

the prospective yield £82490 to £1(15395. net profit of and Mergers censured Saint Piran year. 

cent (covered 1 .65 Municipal Propert ies increased over a share deal last AugusL^J® ihl th« Eariungs per share are stated 

— ■ ■ — yment of l.0084p. A one-tor- two tne groups financial state, the . o n anri , h<1 fin _i 

scrip issue Is also proposed. directors W revalued the head S.7S 

A divisional breakdown of turtK office and main warehouse at 
over and profits before tax shows Crawley. This has produced 


County and District 
Properties Limited 


Extracts from Report and Accounts to 31st March. 1978 

Revenue up from £.28m to £.53m 
Earnings per share up from 2.8p to 5.3p 
Dividend .8778p per share (maximum allowed) 

Assets per share up from 1 09p to 1 54.8p (inc- development surplus) 
Borrowings down from £19m to £3.8m (19% of gross assets) 
New projects under consideration 


Copies of full Report and Accounts may be obtained irom 
The Secretary. 46 Green Street. London W1Y 3FJ 


dividend is 2_143Sp making a total 
of 3.03 18p compared with 


wiim pivuia uciuic uiA auunp pi a O nSRftn 

respectively: stationery, and allied surplus on revaluation of £760,003 Aquation of the group’s pro 


been transferred to 


perties was made on April 30. 
1978. details of which will be 
in the annual report. 

Yiur 
19J7-7S ID76- 

r r 

Turnover fl.V80.MS ajMOJSS 

Propcny revenue 1.43U1" lJ2di.T-M 

Prop, iinvsr. LradJiLK— -U2.0TD 342ASI 
House bulldlm: loss ... im.xw iT^.raS 
— 19JM5 

asjis aa.U7 
81^56 WJJM 


products £2Blm i£2.43m) or 74^3 and has 
per cent (76.81 per cent) and reserves. 

£187,676 (£23.982) or 6433 per Members' Inferesl in the group’s P 
cent (2U3 per cent); automotive not assets now represents 632J|> inciUQlu 
and industrial chemicals £940.143 per share. 

(£733,1171 or 25.17 per cent (23.19 Meeting, Crawley, November 17. 
per cent) and £104,533 (£89.531) 10.30 am. 
or 35.77 per cent (7SB7 per cent). A 
On a CCA basis, adjusted pre- • COITimeni 
tax profit is £213,500 (£22.400 Sandhurst looks to bo out of the I* 01 * 1 u ? dJW: 1068 

loss), after additional denrecla- woods with profits slightly higher 

lion of £o2,400 i £49.400) and cost than the peak level of 1B74-75. ^T^xstaR dovTJob; 

of sales of IG0.800 (£141,800), off- Management changes, a severe mas ua,tnj 

set by £34,500 (£554100) gearing, pruning of the sales force and N*-’ 1 I™*** i.iaw?a i.iti.ki 

„ In his annual statement Mr. some diversification— direct mail EfiSSSf fcSSS- 

B. D. Hulme, the chairman reports and retail outlets— have all com- tJJ™ “I"”' 

that after standing still for a bined to put the company back Wet nrofit. " ’.IIIIIII I” 1171 

short time, the company is “ now 0 n Us feet. The balance sheet is Minorities 

rapidly on the move again.” also looking much healthier fol- 5S”* *: - 

He stales that Spectra Auto- lowing a revaluation of the head 

raouve and Engineering Prodacts office and a reduction In borrow- Available 

has increased its turnover ■/ by ings: debt now represents less Preference air. .... 

2S per cent to £946,143, with its than a third oF shareholders’ 

export orders crowing and its funds. However, a p/c of 82! and 


2.5X 
4U.C7B 
S.9M 


27.000 
5».«m 
364.-H# 
173. firm 
6557 



“Cbarcbill” Ships Decanter 

“Star of Edinburgh" Goblet 



ttb crystal dear 

why Crown House are Brilaifc leading 

quality glass suppliers. 


39 


Our name. Grown House, is one rarely associated with, 
glass ware.Yet our Group includes Britain's most 
wide-spread table glass suppliers, with factories and 
warehouses in four locations in the United Kingdom. 

Far better knowninthe glass world is the nameof our 
glassware division, Dema Glass, through the manufacturing 
of full lead crystal branded as “Thos.Webb” and "Edinburgh 
and the world-wide distribution of over 100 million machine 
made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 
by increasing their exports to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick Edge-Partington 

of. 9 T /crrrrvn Plmpp T QVriW (ITT 


at 2 Lygon Place, London SW1W 0 JT 
Telephone 01-730 9287. 


Crown House 

You may not see us. but we’re theia 


cb 


M.57T 1310.063 
S4tlJTX Tl.MI.634 
fts.res 607.826 
. , =3.235 23.3B 

Interim tUv 103.004 UKI.424 

Final dlv 25.T.WS 243.716 

To Kpnreal reserro .... 16.0S9 TI.8M 

Forward ... aw.Oin 247.SW 

* Loss ou redemption. T Profit, t To 
reserves. 


BUYS 


HUNTLEIGH 
MINORITY 

Huatlelgb Group, with interests 
in clecfronics, engineering and 

medical equipment. Is to mop up 
the 24 per cent minority Interest 

in Micro-Image Technology 
through an issue of shares. 

Huntlelgh has held 76 per cent 
of Micro-Image's shares since J97H 
and is purchasing the 24 per cent 
stake from Mr. E. M. Juleff and 
Mr. K. Clark, who have entered 
into new stx-ycar service agree- 
ments. To effect the purchase 
HunUeigh is issuing 518.518 of its 
ordinary shares or lOp. 

However. the holders of the new 
shares are not entitled to receive 
the interim dividend of l.3p net 
per share announced on Septem- 
ber 14 and payable on November 
3, nor permitted to receive the 
live-far-two scrip issue announced 
at the same time. 


U5J4O.000JMO 
ELECTRICITY SUPPLY 
COMMISSION 
(ESCOM) 

PRIVATELY PLACED 
DUE 1978/1990 

Irrevocably and unconditionally 
guaranteed as to payment of 
principal and interest by the 
Republic of ^South Africa 
In accordance with the terms of 
the guarainreed floating rate 
notes due 1978/1990- issued by 
Electricity Supply Commission 
and guaranteed by The Republic 
of South .Africa the rate of 
interest for the interest period 
from 23rd October 1978 to 23rd 
April V979 has been, fixed at 
•124% P*f annum. \ • 


ItllVLrai. VI . . - . - «ninv,.u« *VI UI6 lull .aiumunuf «i.M uauuuuroi IICSUO IV M1.W»I3 weu, ... , , 

lie Hitc.iiu u.%. ucuu u, -n.au o.tio,, management year to June SO. 1978, jumped creased turnover 13 per cent to although current trading acouid western Hidgs. — 

tn 4.4B77P to 4.5354p. Last time expenses .£17.746 (£13.771) arul ^ mtemew ng canaiaaies lor toe 157A per cent- from £113,513 to over £1 Bra. It has taken on two suggest that the company, is mov- Dividends shown pence per share net except whMe-ottiervrise. staler 

*** fi - al ; as paid - ssss s" tSH “ m ° n , “ r " 0TOr up "" ssr asrjjfa ine to ,hc ■«“ ***»? . 

• comment comes out at £143,27S <£1S7.392). s n J n e "Jr JP* ISr i weS . A * alrMdy ; known, the company customer connection should give 

As expected. Alginates first half The interim dividend is raised "^S'^aShSders aSd the ianSrvt^The tSfS ^con° bSTShi.- ^ 

ssls? s, of vsi sss S ^ rs 

msa l° saw? snsz jX 

the news yesterday. And, with ^ charges at par was 162p ctajmjmrf Piann«i Savings iLlfe gSmbe? I? 1977 ^ SmJ&S 1 "jTtaSJB 

{149p; ‘ Si Un After of £164.386 (£69^03) turnover of 22 per cent and the 

a e ^ncrJhMin^ ^ a f3 - 260 charge this time, Chairman is optimistic for its 

Municipal E®ffS3s£.? l B ESSM-'ft.lssSr fs 

e.i n i the increased from £44,010 per cent sales rise, he adds, 

company . oamt 1 1 ran is expected . fioo cp.i tu. _L An , 

to make its decision in the near f April 30, 1978, and profits before 

future . From 5talc “ earnings of o.I3p no short-term bank loans and M v higher at £052.834 

lurure. /» 77n» ■», inn charm f ha «,.L >«r«^>(ro mmnnrpri with a raA were rugner ai xiwaism 

compared wnn a agaimt £533,079 in the previous 




INTERIM STATEMENT 

The unaudited Trading Results of the Company for the first half of the 
financial year ended 31 st December, 1 9T78 are announced as follows:-- c 
Six Months to 


Six Months to 


GROUP SALES 


39.6.78 

£'000 

203.604 


3Q.6J7 

£'000 

177.200 


Year, 

31.t2.77, 

■ rood 
SOZMu 


GROUP PROFIT BEFORE 

CHARGING 

Depreciation 

Debenture and Loan Interest 



23.855 

4.266 

1.301 


41.306- 

.8.722 

2^23 


PROFIT BEFORE TAXATION 
Less Taxation 


12,180 

5.05B 


18.288 

7,995 


-'JOJOl- 

10,067 


PROFIT AFTER TAXATION 
Less Minoritylnterest 


10,293 

801 


PROFIT ATTRIBUTABLE TO 
PARENT COMPANY 


6,739 


9,492 


19.255 


Trading conditions for the tyre industry have remained difficult with 
very fierce competition both at home and abroad, to the extent that it 
has been impossible to reflect increases in costs of production in oitf 
-• ,r !®FJl ce *' ? ur . ,ev ® 1 of Profitability has in addition bean adversely 
Sff ®? t ®‘* by production losses due to industrial disputes. In consequence, 
Pr ,?n W 5® ** Bj 0 ™* ,ewBl than in the same period last year. The 
,ac, ° ra a ***”»* in «» ras " i,s ° f “ a 


Du? to the present industrial and commercial uncertainties, we do 
not foresee any improvement m the second half of the year. 

M1CHEUN TYRE COMPANY LTD. 
Stoke-on-Trent ST4 4EY 









’‘•nr 


IBEX HOUSE \ 

M!NOR;ESEC3 

"O LET FIFTH FLOOR 10,260 sq ff 









h r o* : :‘ 






^ Son vV StanJi \ 

(. h.ir!( r. >urv<-v(.r* 

=C: 



<r*4^V 



















I XJLP 



Financial Times Friday October 20 197S 


F. Lilley improves 27.9% 
to £1.8m in first half 


Burndene up 
to forecast 


■ - PROFITS BEFORE tax at F. J. CJ 
- IJlfey rose 27.9 per cent to XlJSm 
.in the half-year ended July 31. 


pared with £l6U31w at March 31. 

EtAAnn UEPflMPC and net current - ussels were IN LINE with tlie April profit The tax charge or £235.149 in- 

„ DllHKIJ nr«C.Cainiw» £2.42ra (£244.973 liabilities} Net forecast of iwrae £300.000 for the eludes a transfer to deferred Lax 

' Jft7 S. compared with £1.37m in the tiw folimui# ciiuuwims twre ouuBed asset value per share— Including year ended May 27, 19#S, Bnrn- of £98,225 and the balance is sub- 

corresponding period last year. • "(■ «'■««! awnra » the siock the full investment currency i>re- dene Investments has turned inject to relief by ACT leaving 


... .. «f- B'-aro auwims'i wr the siock the full investment currency pre- dene Investments has turned in ject to relief by * 

Margins are still affected by the £!!?“*?• raium of 3.3p (5jp), fully diluted £112,884 but the figure is still £57,116 payable principally in May 

shortage of work in the UK and *SmZTZ*&rSr X after prior SdTgw d^ucted well below the T579.&UU achieved next year. 


divMPM;. aniMai inamuoin are not — — ucuutieu . — ~ — __ — . — : 

Jie record profit was only achieved awiawe as i>. wiK.-dier omentt are at par— is shown at 78 d (67.5p). *n Hifi-77. Turnover amounted 

IV inhlhoii .^..1 : ■ _ v jw..u • * “ * nnrttim 


l .\‘ another substantial increase in imeriwi or ewU ami the sstwjhrii*itu!s 
. activity as turnover increased by t*k*w fcasfd mainly on tat 
13.8 per cent lo 134.78m. the *** teoeubfc- 
• iireetors report. today- - 

■ However, the ntefient nrrW hncrtms— .vJleburw. Chamberlin Croup, 
'• look JeviM r °, 0r t'aifTiw Kutaics. Stanley Miller, Taylor 

IO ~y Jgv ei ensures a satisfactory Kirn.vhr. e. iiptui», 
icrformancc during the second Final*— Si Cney c. Banks. Helical Bar. 
.ix months and into next year. ioteMoant. Newnan-Toafc;, 

p,„; n . . , _ Pclcn Stores. I’odun's. BnathaUflh. 

Earmngs per share for the fir^t future dates 


Dutch side 

hits House 
of Lerose 


to £9.2810, against £10. 79m. 

As expected the caravans and 
mobile homes division made a 
loss— £204,000 against profits of 
£230.000. but hosiery and knitwear 
improved its profit contribution 
from £335,000 To £334,000 while 
property activities made £165,000 
(£87,000).- Administration and 
finance again took £28,000. 


Acquisition 

aids United 
Engineering 



Half Vo. r 
I UTS 1977 
xow raw 
W.TS7 B.fi.TS 
5.71.7 :.rai 
1.076 714 

v. r 

1,757 2.373 

91S T?B 
SCI GU 

Full provision has been made 


umrer ... 

radius profit ... 
r precis i ioa — 
Arrest received 
roflt before in 


ix 


n prod* 


Industrial 
& General 
up £0.47m 


♦!?* , b “l. this "I! 1 ** PRE-TAX REVENUE of Industrial _ .... „ IHluir , 

• -Viewed jn tnfi year * results m and General Trust jumped from increase in demand and the 
!f ?Jf vv account in c £3^0m to rj.TGm in the Septem- group is trying to step up pro- 

. the }} me ber 30. 1978- half year after de- duction capacity to meet this de- 

** ec .° P rovll *ed on benture and loan interest of mand. The fabric and yam dye- 
■een old buildings in accordance £ij03in against £1.12m and ing divisions are trading 
mi the appropriate new administration expenses, down profitably. 


says he warned In his annual Earnings per 5p share are at £328,000 against £187.000. 

.■.tenement that the group hod not shown at 08p , against 3.4 p. and , . . 

been wholly successful In control- the final dividend is a maintained r„TH C i niutonet oer in n 
ting rising costs in HoUand. This 0.5p making an unchanged lp for i™™ V 

position deteriorated and the the year. Dividends absorb i±? lQ /° r *“5* P™ 1 "* 

group is now faced with much re- £100.331 (£89,138) including f7fJE~4.jI.1PSi? r«iw l d a 

duced profitability. Extensive re- £6,667 for the additional final for 1 - 31( ™P finai wa:> pdia - 
organisation Is however taking. 1977. In Jane it was reported that the 

Place lo improve efficiency and The value of goods exported first few months of the year had 

performance, and he expects that during the year was £1.39m continued to show satisfactory 

by 1970 Lerose will see favourable (£3. 11m)— all to European profit levels and a progressing 
results from this action. countries. trend in all subsidiaries. 

In the UK there was a further 


andard. 


£13.035 to £144,460. 


Net profit came out at £308,737 


Brycourt Inv. sees early 
capital distribution 


. The group's liquidity posiUon Total gross revenue was- £483m (£290.698) after tax of E2553S4 

- u strengthened as is reflected m against £4. 58m with unf ranked in- (£314j342j, and earnings per 25 p 

le increased interest receipts, come accounting for- £1.77m share are shown at 542p (5.1p) AFTER TAX and expenses total- sold lo Versa Boldines on Septem- 

te directors say. |£lJ?Sm). including exchange rate adjust- ling £241,552 against £207,0!H net ber 29 for £1 55m based on the 

Under the terms J»tne_ trust After tax of £135m (QJZSm) menu, and at 4.22p (5.49p) ex- profit of Brycourt Investments net asset value of the companies, 
te** the remammg £122^05 Joan and preference dividends of eluding the adjustments. rose from £175,929 to £194.216 in taking into account a current open 

ock which was outstanding on £580,000 (some) available- profit The interim dividend of 183p the September 30. 1978. year, market valuation. The aggregate 

- inuary 31, 1978, has been eon- was £2.41 m (£2.07m). The interim net compares with 1.8263p and Gross income was £435,768 com- pre-tax capital profit on this t runs- 

irted arid a further 37L197 dividend is lifted from 0.6p to subject to satisfactory results, pared with £382,923. action was £965.000 

/dmary shares have been issued. o.7p net per 25p share und absorbs directors intend recommending a A second interim dividend of 4 , orw i ,u- 

Tbe group trades a? a civil dam (£1.27m). final of 254S3p for a 4.3783p total i.55p net is to be paid for a ” 

^gineenng and public works At September 30 the valuation compared with last year's 3.9472p. cross equivalent total of 3.SC** - Da,ance sneei 

\ \ j , m tractor. ol investments was £lSS.45m com- For 1077 profit totalled a ,01m. 


Spencer Gears begins well 
after record £390,240 


unaudited 

enftn ■ shows net assets 

. 1 anS applicable to ordinary holders of 

compared with 3—op per aOp £9_g m or gome I33p per share, 
share. The directors also expect 

the liquidator of the company They point out that on taking 
to be able lo make a substantial office the liquidator must make 
first capital distribution at an his own Independent judgment of 
early date. the company's assets and liabili- 

Direciars say that having ties, but they believe- that follow- 
decided to liquidate they took ing the prompt realisation or 
immediate steps to seH the stock investments and the repayment 
exchange investments and to of the loan they have made it 
repay the U.SJ$2m multi-currency possible for the liquidator to make 
loan at a cost of fl.Olm. an early and substantial capital 

The property subsidiaries were distribution. 


Glendevon investment 
Trust Limited 


31 



1978 

1977 

Equity shareholders’-interest 

£14,518,261 

£11.805,455 

Asset value per share 

140.4p 

114.2p 

Revenue attributable to ordinary 
shareholders 

£187,375 

£195.005 

Ordinary shares ranking for dividend 

9,829,553 

9,770,554 

Eamings per ordinary share 

1.91 p 

2.00p 

Ordinary dividend per share — interim 

0.75p 

0.70p 

final 

nop 

0.95p 

Capitalisation issue in 

B ordinary shares 

1.31867% 

1.48961% 


In his Chairman’s statement, Mr. J. A Lumsden brings out the following points: — 


Eamings per ordinary share were 
1.91p as against 2.00p in 1977, but if 
the 1.01 tax credit had not arisen in 
that year the eamings per share 
would have been 1.69p, on which 
basis the increase in eamings was 
13.5 percent 

Your board recommends a final 
dividend of l.lOp making 1.85p for 
the year as against 1.65p for the 
previous year. 

FUTURE OUTLOOK AND POLICY 
Our broad investment strategy is to 
maintain a balanced portfolio based 
primarily on the three major econo- 
mies of the UK, USA, and Japan, but 



with significant interests also in other 
areas such as Asia, Brazil and 
Europe. At present we think it right to 
have some two-thirds of our equity 
investments in overseas areas, and 
we have recently borrowed an 
additional US $1,000,000 for invest- 
ment abroad. However, any 
substantial increase in gearing would 
prejudice revenue growth and it re- 
mains our aim to provide a steady 
growth in dividends. 

ANNUAL GENERAL MEETING 
The annual general meeting will be 
held at 2.30 pm on Monday 13th 
November 1978 at 175 West George 
Street, Glasgow G2 2LD. 


MANAGED BY MURRAY JOHNSTONE LIMITED 


Lower tea prices depress 
Eastern Produce 


With turnover up 10.9 per cent total from an adjusted -OJHSp to tion on making and distribution 
£4J4m pre-tax profit of 0.6065p net per 5p share. of automotive replacement parts 

>eaeer Gears (Holdings) rose wa-n ' xm&rr while there were four acquisitions 

om £365,283 to a record £3911240 , J. ^ during the past year, including 

the June 30, 1978, year. At TrSm* profit i *«##» «s.W bolJl fastenings and automotive 

tlf-time profit was up almost inunwi . n'.m _.si&4 parts companies. 

,000 or 3.8 per cent to £105,776. Jrpik kefnw tax Jiu» .' »533 For the year ended July 2, 197S, 

Directors say the upsurge in i“ - ••■ ■■■ profits before tax improved from 

rnover has given a good start inierUndivwinj'" K £61m t0 £8 - 67ra from external 

the current year with order Final -bjhb sales of £83.B8m (£67.43m). 

oks larger than at the same Beiaim* uajao Export levels were maintained REFLECTING LOWER tea prices, the first six. months of 1978 w 

. during the year and improved pre-tax profits of Eastern Produce be maintained in the second half, 

except in Spain. Supplies of (Holdings) fell from £4.0Sm to Sir Arthur Sugden, the 1 
automotive parts to the EEC, par- £1^2m Tor the first half of 4978. warns members in his interim 

. . f- ticularly Germany increased con- on reduced turnover of £S.84m statement However the* company 

r siderably. against 111.18m. should not be prevented from 

,■ " Several new products were Profits included a sharply cut showing a. further salisractoo’ 
.. developed by the product contribution from associates advance at full time compared 

- - •••• — * s — - *- ««, ««« against with 1977 when taxable earnings 

. . . „ _ „ the in- were £1. 15m. 

2 factories of Southern Indus- Despite the stagnation oLthe * spring. New designs and elusion of a loss of £323,000 from . Sir Arthur explains that per. 

“i fPrnurinnl _ n*«rl ‘ ■> ^ * — " Ulw A r D || A *inA. M«o4n^.r A cc/u-litorl VTvcharlae finmniporl ffirmsnPO w/ltllH ” ho 'lnuawoli. 


ne in 1977. 

In the year the subsidiary 
uthern Industries (Coolers) 
creased its share of a declining 
jrbet, while progress was made 
Spencer Gears at Leicester 
flowing changes in management 


Progress at 
Armstrong 


fav 


xunin^ tuduijes m management • . .. u « ve, «l ,cu U J me pruauci eumriuuuuu irum i 

d in marketing approach. The - engineering division including a amounting to £521.000 

mpony is planning to extend ,-. w J . £ heavy truck shock absorber and £1.74ra, resulting from 


e» (Croydon) -and 
ars at Leicesler. 


Spericer auto manufacturing 
engineering genera 


••^^^constructibn:" of silencer "systems Associated Fisheries compared fonnance would "be adversely 
f m the UK.- hove - also been developed- and with a £384,000 profit last time, affected- because* money costs in 


\Iter tax of £50,587 (£186,553) the strategy followed by Arm- ^ be incorporated in Factories Operating profits 

Kpn nn PH IQ ...c, „ ■ . . ... • i- u,.tl •. manr ppwtiiio ill 


arse and 2.1Jp (1.96p) on the haldere! 

J j n C ^Y-" e '. F 15 u naJ div1 ’ Eternal growth has «« 
na 01 0.41 6jp takes the annual generated by greater concentre 


been Downturn in 
first half at 



JW CHANNEL TUNNEL INVESTMENTS 
£iI LBVUTED 

I, Love Lane, London EC2Y 7JJ 
Interim Report for the six months ended 30th June, 1978 



6 months to 6 months to 

Year to 


30th June, 

30th June, 

31st 


1978 

. 1977 - 

December, 


(unaudited) 

(unaudited) 

1977 

income from listed 

£ 

£ 

£ 

investments 

4,494 

3.SI3 

8.073 

Interest receivable 

1,314 

• 2,128 

3,243 

Administration expenses 

5.808 

5,941 

11.316 

2.516 

2,327 

7,821 

Profit before taxation 

3,292 

3.614 

3.495 

Taxation 

1,383 

1.518 

1,307 

Profit after taxation 

1,909 

2.096 

2.1SS 

—0th October. 1978. 






NEW BANKING 
TERMS FOR 
CUSTOMERS. 

From 1st December 1978 all cheques. State- 
ments and bankers orders will be free if you keep 
. a minimum of £100 in your personal cheque 
account during the charges period. 

Otherwise, witlidrawals will be chaaged at the 
- cite of 13p each. Credit entries will remain, free. 

' Charges wilfbe offset by an allowance, at 1% below 
Barclays 7-day deposit ra te, on tlie money kept oil 
■ybur account; - 

Hie- first .charges will be assessed oyer a six 
months period and will be made in JimeThereafter 
; - . . tbjeyjwili : be assessed every three months, 

• If chaiges are less -than 50p in the half-year 
" (25p in the quarter) we shall ignore them. 

- The majority of our personal customers who 
keep their accounts in credit will still enjoy free 
‘ vv ;■ bulking Details, of how-the new tariff may affect 
; ■ i-yoii are available in our leaflet “Bank Charges? 

> ' ; . Revised chaiges will also apply to some other 

‘ . servicesind to business accounts. 


BARCLAYS 


invest- creased during the second 
from quarter and it is now evident that 
may persist 
of the year. 
Bank of Eng- 

overseas net current assets. land has reintroduced the supple- 
Stated eamings, before extra- mentary special deposit scheme, 
ordinary items, slumped to 7.02 p As known, at half time profit 
(21 Up) per 50p share, while the was more than doubled to £940.000 
interim dividend is I.34p (1.32p) 1X409.000) on turnover ahead 
net — last year’s final was 3.03p From £2l„S8m to £24.10m. 
tJourlrnr lViforrlc from £7.16m taxable profit- 
XXrftTr J\vl IVldllllS Attributable profits for the half 
With sales down from £1.99m ye» r were down £0.57m to £J.36m, 
to £1 79m taxable profit of Hawker after a tax charge of £852,000 
Marrls, tableware manufacturer, (£2.06m) and taking in extra- 
slipped to £99.186 compared with ordinary credits amounting to 
£120,184 m tbe six months to £896.000 (£86,000 debits). 

July 1, 1978. Extraordinary credits include 

Mr. R N. Wadsworth, tbe ebatr- £535.000 being the recovery of a 
man, says exports have been debt from Angola against which a 
buoyant and .31 per cent above provision has been made m p re- 
1977. Home sales were, however, vious years, 
affected in the early part of the 
year by the general recession in 
consumer spending. 

The position of the home order 
book has since improved and the 
good export performance is 
expected to be maintained. 

Subject to unforeseen con- 
tingencies, he expects the second 
half profit to at least match the 

SSn^Sw»0 FOr 1977 PrO0t Losses before tax of £239.512 

After tax of £15.000 (£62,300) in emted 

the first half, profit was £84,166 roS com S iff! 

(£57.684). The interim dividend 

!S3 °« 8 r° "aJS were 

wa B L n 7 aW b 4 ' 67p higher at £1 0.88m against £9.4 Sm. 

was paiu. j 0Sfi t j me is a fter bank 

interest of £161,597 (£19L872j 
and interest on debentures 
mortgages and loans, £86,184 
against £88.250. 

In J 977-78, the group reported 
pre-tax profits of £992.000— at the 
annual meeting, Mr. I. A. Ziff told 
members . that historically, the 
group showed poor figures in the 
first half and the second six 
months was invariably the better 
half of the trading year. 


MATTHEW CLARK & SONS (HOLDINGS) LTD. 






1978 

1977 


£ 

£ 

Turnover (excluding Customs & Excise duty) 

25,748,518 

22,472.409 

Profit before tax 

1,902.715 

2,010,611 

Dii idend per 25p share 

5.79p 

5.19p 

Earnings per share 

I5.5p 

17JJp 


★ fourth successive year Martell increased its share of the Cognac 
it Turnover was once again a record. 

■fc Margins were affected by higher costs and intense competition. 

* pS?d g of le i977-78 CUn * nt yCar t0 date “ siinilar t0 of Maie 

Matthew Clark & Sons (Holdings) Ltd 
1S3-185 Central Street, London ECIV 8DR 


Six months 
deficit for 
Stylo Shoes 


F. C. Finance 
warns of 
slowdown 

It is unlikely that the profit 
level achieved by FC Finance in 


RANK RETURN 


i%\t*hir«iiiy , lor- i+mr 
■, Ot. 13 ‘ Uee. i — 1 

1 J37H 1 liirYircfc 


KANKlNt; UEPAKTMENT 

M Ait 1 LIT I l£n { C . JT 

UftMtB' j lJ.K'j.tWtl 1 — 

Public DrawlL...! 2? .821^!+ 6,46E.I7fi 
purial Drpooitt... , I,062.2TO.000j— 4K..W0 


Hjtnkerv 
Kphtups X Otber| 
A/» 


.302^56,440 
B33, 56L3B5. 


- 106^4 6.0CO 
—12327,9156 


p.pw.eis.'rao j— 11AM 7/60 


ASSETS I ! 

tiun. !«ounUK..|l,G£6 l US,QeS| -112.520, CmO 
AilvancoliOthfii 1 

At* J 206,606,4661+ 3,006.667 

Pmm«»,Kquip'i] 

jk nlbcr Seer.....! 1S8,2S4,W0:+ 52,690 

N.rtc 7.389,970-:- 6,310.440 

Uim 196.40?i — ■ la. 977 


£046.612.790:- 115.567,660 


I8SUK I >BP A KT U K,\'T 
UAUlblilo” iT ”, X 
; I 

Sixes ittue.1 jE.500.00O.0Ou, — 2fi.000.000 

In ClrcuiMMin.|S.492jXl0.030'— lS.66a.5Sa 
ta UanK'a U«v«j ■ LSlMIOp 6.310,W 

A8SBTS ; . .1 

Govt- DeWe :1 1,016. lciO ; — 

Other Gtrn. -^..7,614, 453.fi.xil— 10,973,556 
OtUer aecuriuw.l 974.661 .270 — 14,025,444 


fc 1 M0.00U 1 0a>'— 25^500,0*10 




For companies engaged in 
international trade, today's 
volatile exchange markets pose a special 
set of problems. 

A sudden crisis of confidence or 
unexpected rally can cost them heavily- 
uniess their currency dealing is being handled 
by professionals. 

If this is one of your problems, A P Bank 
could almost certainly supply some reassuring 
answers. 

Our currency dealing service has been 
helping international traders for years; 
and our policy of making every customer a- 
personal customer ensures that you get the 
full benefit of the bank's experience-as well 
as quick decisions and advice when needed. 

For information on ail our currency 
dealing and arbitrage services, please phone 
01-638 4711 and speak to Bill Thorpe or 
Peter Beckett. 

A P Bank Limited 

A member of the Norwich Union Insurance Group 


Norwich! 

union * 


tame 


2 1 Great Winchester Street, 

London EC2N 2HH. 

telephone; 01 -588 7575, Telex: 88821 8. 




32 


■j. - 


Financial *Emes Friday October 20 1978 .. 


ADVERTISEMENT 


W Investment Trust Review 


Published by Hie Association of Investment Tjnst Companies 


The Finance Act 1978 : 
the changes and their impact 


Tax payable on net gains realised on trust company shares 
The table assumes that there are no chargeable gains or losses on other securities — see text 


by J. J. Sturges 

Secretary, The Association of Investment Trust Companies 


A quiet revolution has taken 
place in the tax treatment of 
capital gains — not as radical 
as some may have wished 
perhaps but of considerable 
significance none the less. 
The changes made in the 
1978 Finance Act are of parti- 
cular importance for approved 
investment trust companies 
and their shareholders and tbe 
purpose of this article is to 
explain the effect of the new 
provisions. (The changes also 
apply to authorised unit trusts 
and their unitholders but. for 
simplicity, the references in 
this article are confined to 
investment trust companies.) 


Put at its simplest, the new 
system for investment trusts 
is that the company pays tax 
at 10 per cent on its own 
capital gain> and, to avoid 
double taxation, the share- 
holder on the sale of his 
shares is given a tax .credit of 
up to 10 per cent of any gain 
he makes. This credit is avail- 
able to reduce his personal 
liability to capital gains tax 
irrespective of the amount of 
gains realised by the company 
over the period he has held its 
shares. There is one important 
transitional relief which allows 
shareholders to obtain a tax 
credit of 17 per cent on any 
sales made before 6th April. 
1979 — a recognition that the 
company had itself paid tax at 
about that rate in recent 
years. 

These changes in rates 
assume additional importance 
when considered against the 


background of the basic 
change in the treatment of all 
capital gains in the hands of 
the individual. Hitherto tax 
has been levied at a rate of 
30 per cent or, if more 
favourable, on an alternative 
basis under which one half of 
gains up to £5,000 and the 
whole of any excess were 
treated as investment income. 

Under the 1978 Act, the alter- 
native basis was effectively 
abolished as from 6th April, 
1977. although it still applied 
for 1977-78 if, exceptionally, it 
was more beneficial. In its 
place, the Act provides that 
net gains of up to £1.000 
realised in any one year are 
exempt; gains between £1.000 
and £5,000 are charged at 15 
per cent on the excess over 
£1,000; gains over £5,000 are 
charged at £600 plus one-half 
the excess over £5,000 with a 
maximum rate of 30 per cent 
applying to total net gains of 
£9.500 and above. The result of 
applying the specific changes 
affecting trust companies to 
the more general changes is 
set out in the accompanying 
Table. Valid comparisons with 
the previous system are diffi- 
cult as the tax payable would 
have depended upon the 
shareholder’s marginal rate of 
income tax on investment 
income. 


be sold before 6th April, 1979 
to take advantage of tbe 
higher rate of tax credit avail- 
able until then. The position is 
much more complicated than 
at first appears and share- 
holders should perhaps con- 
sider taking professional 
•advice. For example the effect 
of gains or losses realised on 
other shares and of spreading 
sales over more than one tax 
year should be taken into 
account 



Transitional period 

After 5th April 1979 

Net 

Tax 

Credit 

Tax 

Tax 

Credit 

Tax • 

gains 

chargeable 

(17%) 

payable 

chargeable 

(10%) ■ 

payable 

£ 

£ 

£ 

£ 

£ 

£ 

£ 

1.000 

— 

— 

— 

— 

— 

— 

2,000 

150 

•150 

— 

150 

•150 

— t 

3,000 

300 

•300 

— 

300 

300 

— 

4,000 

450 

•450 



450 

400 

50 1 

5,000 

600 

•600 



600 

500 

100 

6.000 

1.100 

1.02 0 

80 

1,100 

600 

500 

7,000 

1,600 

1,190 

410 

1,800 

700 • 

900 

8,000 

2.100 

1.360 

740 

2,100 

800 

1,300 

9.000 

2.600 

1,530 

1.070 

2,600 

900 

1.700 

10.000 

3.000 

1.700 

1,300 

3,000 

1,000 

2.000 

20,000 

6.000 

3,400 

2,600 

6.000 

2,000 

4,000 



• restricted to tax chargeable 




Practical implications 

A note of caution should be 
sounded to those who are 
tempted to draw the con- 
clusion from the figures in this 
Table that holdings in invest- 
ment trust companies should 


Shareholders should be 
aware that selliag pressure 
generated by those wishing to 
take advantage of the tran- 
sitional provision might tem- 
porarily depress share prices 
to the extent of eliminating 
some or all of the apparent 
advantage. The extra credit 
from a sale before April 1979 
is in any event limited to 7 
per cent of tbe gain. An alter- 
native course of action might 
be to consider “ bed and 
breakfasting ” by immediately 
reinvesting in the same com- 
panies: this method of estab- 
lishing a new tax cost and 
obtaining the current rate of 
credit on the gain is available 
to nearly all Individual share- 
holders and also to many in- 
stitutions. 

The figures in the Table 
assume that all the net gains 
arise from investment trust 
shares. It is not possible in 
the space of this article to deal 
with the many variations that 
occur when gains and losses 
on investment trust shares are 
mixed with gains and losses 
on other investments. Two 


particular points, however, 
should perhaps be made. A 
taxpayer may in certain cir- 
cumstances be liable to tax on 
gains from investment trust 
shares at an average rate 
which is less than the credit 
to which he is entitled; the 
excess credit can be set against 
the tax liability on other 
capital gains, subject to tbe 
overall limits to the credit set 
out in Section 112(3) Finance 
Act 1972, referred to in more 
detail later. Secondly, 
losses on trust company 
shares are treated like losses 
on any other shares and are 
first set off in full against 
gains realised in the year of 
assessment; it is worth 
noting, however, that any net 
losses brought forward will 
only be used to the extent 
necessary to reduce the g ains 
to the £1,000 excluded from 
the charge to tax. 


There is one further point 
affecting tbe calculation of the 
credit which, although not 
new, has achieved some im- 
portance with recent take- 
overs of trust companies. 
Where shares are sold which 
are not eligible for the tax 


credit over the whole period 
of ownership by the share- 
holder, the seller can obtain a 
credit restricted on a time 
apportionment basis to set 
against his capital gains tax 
liability. For example, if a 
shareholder who has held 
“qualifying” shares in an in- 
vestment trust for three years 
accepts in exchange shares in 
an insurance company and two 
years later sells his new hold- 
ing, his tax credit would be 
restricted to 10 per cent on 
three-fifths of the gain made 
(this rate assumes that the 
sale is made after 5th April, 
1979). 

Other aspects of the system 
introduced in 1972 remain un- 
changed. It applies to 
investment trust companies 
approved for this purpose by 
the Board of Inland Revenue 
as satisfying tbe requirements 
laid down in Section 359. of 
tbe Income and Corporation 
Taxes Act 1970. The credit 
applies only to the “qualify- 
ing shares ”, usually the equity 
shares, and is limited under 
Section 112(3) Finance Act, 
1972 to whichever is the least 
of the following: the total 


capital gains tax due by the 
shareholder for the year, 10 
per cent (17 per cent for the 
transitional period to 5th April, 
1979) of the total gains 
realised on “ qualifying 
shares", or 10 per cent (17 
per cent transitional) on the 
total chargeable gains less 
losses. The credit is therefore 
not recoverable and the bene- 
fit is lost if the shareholder 
has no liability to tax either 
because the gain is exempt or 
has to be set against losses on 
other shares. 


- The system operates in the 
same way for corporate share- 
holders on the sale of trust 
company shares except that 
the gains, reduced by an 
appropriate fraction, are 
assessed to corporation tax for 
their accounting periods in- 
stead of for tbe fiscal year; 
and companies do' not benefit 
from the lower rates of tax 
applied to gains below £9,500. 
Where the rate of corporation 
tax changes, gains realised in 
the accounting period are 
apportioned on a time basis 
before and after the date of 
change and charged at the 
appropriate rate for each 


period. Where the rate of tax 
credit changes, however, the 
credit is not apportioned ' and 
. the rate ruling at the date of 
sale of the trust company 
shares is applied to the whole 
of the gain. 

Hie outlook 

What then is the impact of 
these changes in capital gams 
tax on investment trust com- 
panies and their shareholders 
likely to be? 

The Association was criti- 
cal of the system introduced 
in 1972 because of the inequity 
suffered by those shareholders 
not liable to tax who could 
not recover the tax paid in- 
ternally by the company and 
because of the inhibiting effect 
of that tax on tbe proper 
management of the company’s 
investments. More recently the 
Association became concerned 
at the way in which the 
reduced rate of. tax payable on 
trust company shares was 
encouraging personal share- 
holders in need of cash to sell 
such shares in preference to 
other investments; this factor 
often caused holders to sell 
their trust company holdings 
against their best interests 
and depressed the market 
value of the shares to the dis- 
advantage of all shareholders. 

For these reasons the Asso- 
ciation bad been pressing for 
the abolition of tbe charge to 
tax on the capital gains realised 
by tbe company, whose share- 
holders would on sale of their 
shares be liable to tax on 
capital gains in the same way 
as ihose of any other company. 
Although this solution was not 
accepted, the compromise now 
enacted is perhaps the most 
satisfactory alternative that 
could reasonably have been 
expected. 

The new basic structure of 
the tax offers individual share- 
holders much greater flexi- 


bility in their investment deci- 
sions. Trust company shares 
will still attract less capital 
gains tax on sale than other 
shares. But an investor 'can 
now realise other investments 
of significant value without 
attracting tax and will no 
longer have the same temp- 
tad an to dispose of his invest- 
ment trust shares first. 


The reduction to 10 per 
cent In the rate of tax payable 
by the trust company on its 
gains has gone a long way to 
meet the problem of the share- 
holder not liable to tax as the 
penalty he now suffers will in 
most cases be minimal This is 
of particular importance to 
those pension funds and 
charities which have pre- 
viously felt inhibited from 
buying investment trust shares 
for tax reasons. It is notable 
that, largely through the 
efforts of the Association. -the 
rate of tax bn trust companies 
has been reduced from a 
potential 40 per cent to 30 
per cent in 1965, then to 15 
per cent in 1972 and now to 
10 per cent. 

Capital gains tax implica- 
tions will no longer need to 
loom large in the factors 
affecting trust companies’ own 
investment . decisions. The 
change in the rate of tax — 
coupled with the removal last 
December of the 25 per cent 
surrender rule, that hated 
levy on premium currency in- 
vestments — has materially 
reduced the penalty on a 
switch of the companies’ hold- 
ings and has removed a sub- 
stantial part of the contingent 
liabilities to which their assets 
were subject The environment 
for . investment trust com- 
panies and the shareholders of 
this important medium of In- 
vestment has been trans- 
formed. 


A free booklet “Investing in Investment Trust Companies'* is 
available from: The Association of Investment Trust Companies, 
Park House (6th Floor), 16, Finsbury Circus, London EC8H 7JJ. 


- ^ 


-9 

.■i 


: U 


Net Asset Values 


The information in the columns below is supplied by the companies named, which are members of The Association of Investment Trust Companies. 
The figures, which are in pence except where otherwise stated, are unaudited. 


Total Assets 
less current 
liabilities 

rn 

imilUon 






Net Asset Value 
after deducting prior 

Investment 





charges 

Currency 



Date of 

Annual 

Dividend 

at nominal 

at market 

Premium 

Company 

Shares or Stock 

Valuation 

value 

value 

(see note g) 

(2) 

(3> 

(4) 

(5) 

(6) 

(7) 

(S) 


161.0 

91.5 


28 .8 
112 
11.6 

17.3 

96.3 

47.3 
12.6 

73.0 

67.3 
85.8 

26.1 
t 
t 


TUG.3 


562 

8.7 

133.4 

7 

11S.3 

53.0 
4.1 

45.0 

31.3 

80.4 
22.7 
90.2 


131.1 

632 

18.8 


26.6 

t 


63.5 

21.7 

13.4 


78 3 
2S6.0 


J38.S 


21.8 

24.1 


?7.4 

201.7 

322 


1.9 


7.6 


27.1 

29.1 
K.1 
5.7 

12.5 

25.1 
1U 
12.7 

62 


78.9 

192 


*89.9 

39.3 

13.6 

212 

fio!S 


69.4 


21.4 

23.7 

8.1 


26.8 
4.5 
S52 0 
*7.3 


VALUATION MONTHLY 

Alliance Trust 

Anglo .American Securities Corpn.... 

British Investment Trust 

Capital & National Trust 

Claverhouse Investment Trust 

Crossfriars Trust 

Dundee & London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trust 

Grange Trust 

Great Northern Investment Trust 

Guardian Investment Trust 

Investors Capital Tru'd 

Jardine .Tapnn Investment Trust ... 

London & Holymod Trust 

London & Montrose Invest. Trust .. 

London & Provincial Trust 

Mercantile Investment Trust 

Do. Do 

North Atlantic Securities Corpn. ... 

Northern American Trust 

Save & Prosper Linked Invest. Trust 

Scottish Investment Trust 

Scottish Northern Invest. Trust 

Scottish United Investors 

[Second Alliance Trust 

Shires Investment Co 

Sterling Trust 

Technology Investment Trust 

United British Securities 

United States & General Trust 

United States Debenture Corporation 

Do. Do 

Baillie Gifford & Co. 

Scottish Mortgage & Trust 

Monks Investment Trust 

Winterbottom Trust 

Baring Bros. & Co. Ltd . 

Outu ich Investment Trust 

Tribune Investment Trust 

East of Scotland Invest. Managers 

Aberdeen Trust 

Edinburgh Fund Managers Ltd. 

American Trust 

Crescent Japan Invest Trust 

General Scottish Trust 

Do. Do 

WemysK Inve.«rtment Co 

El^cfra House Group 

Electra Investment Trust 

Globe Investment Trust 

Do. Do 

Do. Do 

Temple Bar Investment Trust ...... 

Do. Do 

F. Sc C. Group 

Alliance Investment 

Cardinal Investment Trust 

Do. Do 

F. & C. Euro crust 

Foreign A Colonial Invest Trust... 
General Investors & Trustees 

James Finlay Invest. MgmL Ltd. 

Provincial Cities Trust 

Gartmore Investment Ltd. 

Aitifund 

Do. Do 

Anglo-Scotti'h Invest. Trust 

English & Scottish Investors 

Group Investors 

London & Gartmore Invest Trust... 
London & Lennox Invest. Trust ... 
London & Lomond Invest. Trust ... 

London & Strathclyde Trust 

Meldrum Investment Trust 

New York & Gartmore Investment 
j.Gartmore Investment (Scotland! Ltd. 

Scottish National Trust 

Glasgow Stockholders Trust 

John Gnvetr & Co. Ltd. 

Border & Southern Stockholders ... 

Debenture Corporation 

General Stockholders Invest. Trust 

Govett European Trust 

Lake View Investment Trust 

Do. Do 

Stockholders Investment Trust ... 

G. T. Management Ltd. 

Berry Trust 

Do. Do 

G. T. Japan Investment Trust 

Do. Do 

Northern Securities Trust 

Hambros Group 

Bishopsgate Trust 

City of Oxford Investment Trust... 

Hambros Investment Trust 

Posed imond Investment Trust 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ord. & “ B " Ord. 25p 
Ordinary 50p 
Ordinary 25p 
Ordinary 25p 
£1 Deferred 
Ordinary 25p 
Ord. Stock 25p 
Ordinary 25 p 
j Ordinary 25p 
Ordinary 23p 
Ordinary 23p 
Ordinary 25p 

Ordinary 23p 
Ordinary 25p 
Ordinary 25p 
Conv. Debs. 

Ordinary 25p 
Ordinary 25p 
Capital Shares 
Ord. Stock 25p 
Ordinary 2op 
Ordinary 25p 
Ordinary 25p 
[Ordinary 50p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ord. Stock 25p 
Conv. Loan 1993 


19S3 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


.Ordinary 25p 
[Ordinary 25p 


Ordinary 25p 


Ord. & “ B ’’ Ord. 25p 
Ordinary oOp 
Ordinary 25p 
Conv. Loan 1995/2000 
Ordinary £1 


Ordinary 25p 
Ordinary 25p 
Conv. Loan 1987/91 
Conv. Loan 1985/90 
Ordinary 25p 
Conv. Loan 1987/91 


Ordinary 25p 
Deferred 25p 
Conv. Loan 1985/97 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


Ord. Stock 2op 


Income 50p 
Capital 50n 
Ordinary 25p 
Ord. & “ B " Ord. 25p 
Ordinary 25p 
Ordinary 50p 
Ord. & “ B ” Ord. 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 

Ordinary 25p 


Ordinary 25p 
Ordinary 25p 


Ordinary lop 
Ordinary 25p 
Ordinary 12Jp 
Ordinary 25p 
Ordinary 25p 
Conv. Loan 1973/98 
Ordinary 25p 


Ordinary 25p 
Conv. Loan 1993 
Ordinary 25p 
Conv. Loan 1987 

Ordinary 25p 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Capital 25 p 



Pence 

except where 

£ stated (se< 

s note d) 


29/9/7S 

7.1 

300.6 

309.1 

33.1 

S 1 144.4 

29/9/78 

3.0 

138.0 

143.S 

16.4 


29/9/78 

7 

t 

1 

t 

iz - 7 

30/9/78 

•4.6 

182.8 

185.6 

19.3 

m 

29/9/78 

3fi 

111.9 

111.9 

02 

12.4 

29/9/78 

3.7 

1158 

115.8 

- 


29/9/78 

2.3 

93.7 


6.7 


29/9'78 

6.7a 

301.1 

316.4 

23J2 

21.7 

29 -9 '7S 

2.S5 

131.9 

133.9 

17.0 


29 9. 7S 

2.1 

110.0 

114.4 

6.3 

24.6 

20. '9. 78 

3.87 

144.9 

147.4 

9.8 

£139.4 

29 9-7S 

2. ft 

114.4 

llft.O 

ft.l 


31V9.7S 

1.75 

109.0 

114.8 

13.9 

400 

30.- 9/ 7S 

0.S5 

229.1 

229.1 

60.4 


30.9/78 

f 

f 

7 

t 


30 '9. 78 

t 

t 

J. 

t 

7.0 

30 ft 7S 

t 

7 

t 

t 


29/9/78 

1—5 

X39.1 

63.2 

3.8 

49.6 

29/9.78 

£4.30 

£S9.30 

£94.90 

£5.70 

7 

29/9 78 

t 

t 

7 


38.2 

29/9/78 

2.85 

141.9 

145.1 

19.0 

T 

29/9/78 

— 

182.5 

182.5 • 

— 


29/0/78 

2 56 

140.1 

144.2 

16.0 

11.8 

29/9/78 

t 



t 

47.8 

30/9/78 

1.6 

106.6 

109.6 

16.2 


29/9/78 

6.3 

256.8 

265.1 

28.6 


30/9/78 

8.464 

163.2 

163.2 

— 


29/9/78 

5.3 

249.7 

256.5 

28.1 


30/9/78 

2.6 

156.4 

157.6 

17.3 


30/9/78 

4.44 

179.4 

180.7 

18-6 


29/9/78 

5.94 

269.0 

2,a.7 

29.3 

3.2 

29/9/78 

3.52 

123.9 

128.2 

13.6 

6.9 

29/9/7S 

£5.00 

£136.30 

£141.00 

£14.90 

53.7 

30/9/78 

3.3 

136.3 

15S.S 

16fi 

£54.5 

30/9/78 

1.0 

70.9 

71.6 

7.1 

£43.1 

30/9,78 

4.0 

280.8 

293.6 

34.3 


29/9/78 



f 


20.7 

22/9/78 

«1.4 

<“9S.6 

9SB 

14.3 

104.4 

30/9/7S 

7 

7 

t 

t 

t 

30/9/78 

•1.35 

62.1 

64.2 

5.7 

50.1 

30/9/78 

— 

247i> 

247.2 

47.5 


30/9/78 

3.35 

122.0 

124.3 

106 

$18.9 

30 '9 78 

£5 50 

£154.90 

£157.00 

£13.30 


30/9/78 


1 

7 

t 

83.6 

29/978 

5.0 

152.7 

152.7 

9.S 

27.3 

29 *1 '78 

50 

165 4 

1656 

9.9 

22. S 

29/9-7S 

£5.30 

£143.71) 

£142.00 

£8.60 

29 '978 

£6.25 

£19020 

1190.40 

£11.40 

7.8 

20/9 78 

4.75 

128.7 

131.0 

2.6 

32.2 

29/9/78 

£6.00 

£110.60 

£112.60 

£2.30 

29/9/7S 

3.0 

162.1 

166.4 

17.6 

50.5 

323 

29/9/78 

3.9 

165.6 

171.0 

16.2 

29/9/78 

£15.1)0 

D3420 

£138.50 

£13.10 

14.5 

29/9/78 

i.n 

74.2 

74.2 

145 

29/978 

3.77 

24S.7 

237.2 

348 


29/9/78 

4.0 

156.1 

160.7 

13-7 

S1.6 

30/9/78 

1.48 

38.4 

3S.4 

- 

13.9 

30/978 

8.3 

101.8 

101.3 

6.6 

114.7 

30/9 78 

0.415 

3in.7 

319.7 

6.R 

33.6 

30/9. ‘78 

1.6S75 

66.7 

<58.7 

6.0 

333 

30 '9,78 

•2.45 

110 7 

116.4 

9.0 

43.4 

30,9/78 

30.9/78 

30/9/7S 

1.9 

51-0 

•«-1.867 

93 0 
1034! 
°-~78.S 

96.6 

10825 

•“91.3 

n.7 

18.1 
or 10.2 

27.6 

16.S 

1903 

30/9/78 

2.7 

113.6 

liR.n 

9.0 

43.5 

30/9.78 

1.6 

60.6 

1*4.2 

6.2 

5, .2 

30/9 /7S 

1.83 

62,9 

62.8 

11.4 

69.4 

30/9/78 

0.4 

40.1 

40.1 

4.7 

383 

30/978 

3.4 0 

213.0 

218.6 

26.6 

$14.S 

30/9/78 

2.4 

149.8 

153.9 

ie.i 

$33 
73. S 

29/9/78 

t 

87.2 

8S.7 

9.3 

29/9/78 

2.4 

92.4 

Mi 

6 0 


29/9/78 

2.3 

166.4 

177.9 

24.4 

33.5 


1.8 

91.1 

91.1 

13.6 

2.3 


2.4 

135.6 

139.5 

14.5 

73 

2ft 9/7R 

£4.00 

£1S0.8D 

£ ISO. 10 

£19.30 


2.35 

142.6 

147.6 

13.4 

17.6 

30 '9/78 

0875 

105.1 

105.1 

10.7 

1 

8.5 

30,9/78 

£4 25 

£152.50 

£152.50 

£15.50 i 

17.4 

30/9/78 

1.0 

244.4 




30/9,78 

£8.50 

£151.50 

£151.50 

£26.10 

7.6 

39/9 , 18 

3.0 

183.7 

189.1 

20.1 

123 

313 

29/9/78 

6.23 

277 3 

2873 

19.3 

29/9/78 

3.3 

97.3 



29-9 78 

3.75 

150.6 

100.6 

14J? 

15.fi 

29/9' 78 

— 

136.0 > 

U5G.G 

38 

33.3 


Total Assets 
less current 
liabilities 
(11 

ImiUion 


Company 

( 2 ) 


Henderson Administration Ltd. 

Witan Investment 

Electric & General Investment 

Greenfriar Investment 

Lowland Investment 

English National Investment 

Do. Do. 

Philip Hill (Management) Ltd. 

City t International Trust 

General & Commercial Inv. Trust 
General Consolidated Invest. Trust 

Philip Hill Investment Trust 

Moorgate Investment Co 

Nineteen Twenty-Eight Inv. Trust 
Industrial & Comml. Finance Corpn. 
London Atlantic Invest Trust 
North British Canadian Inv. Co. .. 
Ivory & Siroe Limited 

Atlantic Assets Trust 

British Assets Trust 

Edinburgh American Assets Trust 

Viking Resources Trust 

Keyser Ullmann Ltd. 

Throgmorton Secured Growth TSt 

Throgmorton Trust 

Kleinwort Benson Ltd. 

British American Sc General Trust 

Brunner Investment Trust 

Charter Trust & Agency 

English & New York Trust 

Family Investment Trust 

Jos Holdings 

London Prudential Invest Trust .. 

Merchants Trust 

Lazard Bros. & Co. Ltd. 

Raeburn Investment TYust 

Romney Trust 

Martin Currie & Co, CA. 

Canadian & Foreign Invest Trust 

St Andrew Trust 

Scottish Eastern Invest Trust 

Scottish Ontario Invest. Co 

Securities Trust of Scotland 

Murray Johnstone Ltd. 

Caledonian Trust 

Clydesdale Investment Trust ..... 

GJendevon Investment Trust 

Glenmurray Investment Trust 

Scottish Western Investment 

Second Gt Northern Invest. Trust 
Schroder Wagg Group 

Ashdown Investment Trust 

Do. Do 

Australian & International Trust ... 

Broadstone Investment Trust 

Do. Do 

Continental 8c Industrial Trust 

Trans-Oceanic Trust 

Do. Do 

West pool Investment Trust 

Do. Do 

Stewart Fund Managers Ltd. 

Scottish American Investment Co. 
Scottish European Investment Co. 
Touche Remnant & Co. 

Atlas Electric & General Trust ... 

Bankers’ Investment 

Cedar Investment Trust 

City of London Brewery 

Continental Union Trust 

CLJLP. Investment Trust 

Industrial & General Trust 

International Investment Trust ... 

Sphere Investment Trust 

Trustees Corporation 

Trust Union 

Williams & Giyn's Bank Ltd. 

StzeweTI European Invest: Trust ... 

Atlanta, Baltimore & Chicago 

West Coast & Texas Regional 


Shares or Stock 
(S) 


Ord. & “B" Ord. 25p 
Ordinary 25p 

Ordinary 25p 

Ordinary 25p 
Prefd. Ord. 25p 
Defd. Ord. 25p 


VALUATION THREE-MONTHLY 

Hume Holdings 

Lancashire & London Invest. Trust ... 
Oil & Associated Investment Trust... 

Do. Do 

River Plate & General Invest Trust 
Safeguard Industrial Investments ... 
Scottish Cities Investment Trust ... 

Yeoman Investment Trust 

Do. Do .' 

Young Companies Investment Trust 
East of Scotland Investment Mngrs. 

Dominion & General Trust 

Pentland Investment Trust 

Rivermoor Management Services Ltd. 

Moorside Trust 

River & Mercantile Trust 


Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 

Ordinary 25p 

Ordinary 25p 

Ordinary 25p 


Ordinary 25p 

Ordinary 25p 


Ordinary 25p 

Ordinary 25p 

Ordinary 25p 

Ordinary 25p 


£1 Cap. Loan Stock 
Ordinary 25p 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


Ordinary' 25p 
Ordinary 25p 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


Ord. & “B* Ord. 25p 
Ord. & “ B " Ord. 25p 
Ord. 4*B" Ord. 25p 
Ord. & “ B " Ord. 25p 
Ord. & “ B * Ord. 25p 
Ord. & “ B " Ord. 25p 


Ordinary 25p 
Conv. Loan 1988/93 
Ordinary 5 Op 

Ordinary 20p 
Conv. Loan 1988/93 
Ordinary 25p 

Ordinary 25p 
Conv. Loan 1988/93 
Ordinary 25p 
Conv. Loan 1989/94 


Ordinary 50p 

Ordinary 25p 


Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Deferred 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 2ap 
Ordinary 25p 
Ordinary 25p 


Ordinary lOp 

Ordinary lOp 

Ordinary lOp 


A" & “ B " Ord. 25p 
Ordinary 25p 
Ordinary 25p 
Conv. Loan 1988/93 
Deferred 23p 
Ordinary 2op 
Ord. &“A” Ord. 25p 
Ordinary 23p 
Conv. Loan 1998 
Ordinary £1 


Ordinary 25p 

Ordinary 25p 


Ordinary 25p 
Ordinary 2op 


Date of 
Valuation 
. (4) 

Annual • 
Dividend 
(5) 

Net As 
after ded 
ch 

at nominal 
value 
(6) 

set Value 
acting prior 
rapes 

at market 
value 
(7) 

Investment 

Currency 

Premium 

(seenoteg) 

(8) 


| Pence 

( except wher 

e £ stated (st 

m note d) 

29/0/78 

•2 J3 

135.6 

340 j; 

172 

29/9/78 

1.55 

1IL0. 

1122 

14.6 

29/9/78 

1.45 

14L7 

14L7 

17.5 

29/9/78 

’ 4 . 

73.6 

73.0 

2.7 

29/9/78 

L83 

35.7 

36^ 

_ 

29/9/78 

2.42 

68.0 

72J0 

- 

30/9/78 

7 

139^ 

144.0 

9.0 

30/9/78 

• 5.82 

191.7 

20L5 

11.1 

30/9/78 

3.7o 

116.6 

119.4 

6.4 

30/9/78 

73 

252.8 

2582 

82 

30/9/78 

382 

. 113.8 

1162 

1.9 

30/9/78 

282 

94.0 

97J1 

82 

30/9/78 

• t 

f 

t 

t 

30/9/78 

2J5 

95 J) 

95.0 

0.7 

S0/9/7S 

0.4 

152J 

1582 

30.5 

30/9/78 

2.6 

t 


f 

30/9/78 

1.1 

160.4 

163.4 

34.4 

30/9/78 

LI 

f 

t 

t 

29/9/78 


__ 

181.4 


29/9/78 

4-375 

104.0 

1052 

- 

29/9/78 

1.725 

56^ 

572 

32 

29/9/78 

SB 

- 343.0 

145.7 

30.7 

29/9/78 

2.2 

782 

81.0 

6.4 

29/9/7S 

3.0 

103.1 

106.7 


29/9/78 

4i> 

. 11L3 

1112 


29/9/78 

2.375 


65.6 


29/9/78 

2B5 

120.1 

112.8 


29/9/7S 

2.9 

. 100.0 

1032 


30/9/78 

3.7 

177.1 ’ 

183.4 

192 

30/9/78 

2.65 

1298 

1322 

152 

30/9/78 

f ■- • • 

• 1 

t 

t 

30/8/78 

4AS 

1648 

1692. 

17.0 

30/9/78 

. . AS 

- 1832 

1892. . 

242 

30/S/78 

t ‘ 

t 

• 1 ■ 

■ t ■ 

30/9/78 

• t.- 

.t 

.T 

- t 

30/9/78 

*L85 

115.0 ' 

. 11&4 

382 

80/9/78 

•1.675 

109.6 

132.4 

182 

30/9/78- 

*L85 

14L6 

, 144.6 . 

25.1 

80/9/78 . 

•1.7 

1132 

1132 

162 

30/9/78 

*2.2 

185.7 

1402- 

212 

30/9/78 

*2.0 

oci243 


«202 

30/9/78. 

4.05 

196.1 

202.5' 

21.9 

80/9/78 

£4.75 

• £13720 

£141.80 

£15.40 

SO/9/78 

2.7 - 

1295 

129.5 

24.1 

30/9/78 

5A5 . 

213.2 


24-1 

80/9/78 

£4.50- 

■ £142.10 

£14726 l 

-£16.10 

80/9/78 

6.4 . 

2682 


16.8 ■ 

80/9/78 

5.8 

■ 248.7 

2552 

80.6 

80/9/78 

£4i50 

: £15520 


£1920 

30/9/78 

3.3 

151.6 

154.9 

172 

30/9/78 

.£5.00 

. £136.40 

£139.40 

£1520 

30/9/78 

2.6 

119.1 

. 120-4 

82 

30/9/78 

L5 

.62.0 

aJHt 

6.0 

29/9/78 

L9 . 

91.0 

94.1 

5.7 

29/9/73 

255 • 

79.6 

842 - 

52 

29/0/78 

3.5 


97.6 

6.7 

29/9/78 

2.76 

832 

87.7 

12 

29/9/78 

1 3.5 

172.7 

1782 

25.6 

29/9/78 

L9 ■ 



72 

29/9/78 

L75 


802 

5.9 

29/9/78 

2.62 

f' (■ 

1152 

7.3 

29/9/78 

3.3 

169.5 

1743 

18-7 

29/9/78 

■485 

2082 

214.6 

1L5 

29/9/78 

3 A 

155.1 

159-4 

82 

30/9/78 

1.8 

* 1I4D 

114.0 

11.4 

30/9/78 

O 3 

71.4 

7L4. 

62 

30/9/78 

0.75 

90.1 

90.1 

92 

30/9/78 

*6875 

•94:4 

*B7 2“ 

22 

30/9/78 

IB 

572 

57.3 

L7 

30/9/78 


742 

75.8 

7.1 

30/9/78 

£&25 \ 

£168.50 

£17050 


29/9/78 

625 ] 

210.6 

215.4 

72 

30/9/78 

t 

t 

t 

■t 

30/9/78 

S rlK f? 

256.0 

-2582. 

52 

30/9/78 

. 7.59 - 

252.1 

• 257.6 

11.8 

30/0/78 

£4JS0 

£138.70 

. £14120 

£6.40 

30/9/78 

. 3.65 . 

116.7 

116.7. 

•— 

31/8/78 

7.75 ; 

.. 268.7 

2782 

282 

31/8/78 

4*05- 

1672 

171.7 - . 

19.7 

29/9/78- 

4.75 

•' 13A9 ‘ 

■ 139.0 

10.1 

29/9/78 


241-1 

2502 . 

22 


■i 

J 

•J- 


-J 

'I 






■ Annlira to Ordinary, “A** Ordinary only I Include sprciid dividend, ac Adjusted fu- scrip Issue, or Adjusted Tor non issue, t 'Jomoain- w ,ii mar-end or 

MeraitMN shortly wr.- Ui. below. ©Not directly compjrjhU.- with previous published figure. B Dvpouderr on - E • share in the 


Cd) Cels. M 


nri.ir cluxi-w since rlie previous published figure. 
Nous:— 


Amoniis are per i ham, stock irart Or per BOB Convertible Loan Stack. Colton ■ 5 precis etv —tad; co l— M to wr est ppc-tsatfa of a pew per ihart 
and lOp per £100 Convertible Loan Stock. • 


fa) Cols. Lfcl Cooled investments are valued at mid-market prices; unquoted at directors' valuation: both Include 100 per cent, of any investment currency premium 

Ul after taking inn acconnt the premium an any carp las or an any shortfall of fore Iso currency assets asamu ro reign currency loans. 

<bl Cels- l. fc l nil revenue account item* are excluded. 

<£l Col*. L fi. 7 NO account has been taken Of any liability in respect of taxable gains which might arise or future disposal off Investments. 


(e) Col. 5 
If) Cols. M 
(a) Col. 8 


d income OK> 


Dividend is tire last declared annual dfvMewd or fern fo rec a s t, exdudtas fmjKtnttar credit, rawest on-foan Made to —la d 
Prior charges an deemed to metafe Preference Share capital. 

Tbe amount per sfctm/ita dc oak represeacad by 100 per cent. Of tke Investment currency premium appNnd to catenates tbe vMusQoa far Cflb. 1. 
a Ud 7 b * 


<b> Cols. M 


Convertible kwn/prefereuee stacks are treated la tbe way which produces the 'lower na.r. per share. Camertibiu stocks are tre at e d as-fbdy converted at 
tbe rate for the next conversion date, or whore a figure b merited "x" as prior ckersm —In or atibsCriptlaa riabto are treated as oauxarctcud. 


£ 


x 


... : 






r 

i 


/ 





























'^tera^^'Sra^'Friday ‘October 20 1978 


AND DEALS 



Fisons to buy 
Box offers £\2im Akzo offshoot 


33 


for U S. packaging group 


FORMAL NEGOTIATIONS have accordance with SSAP 15, u:l! be 
been started by Fionas to buy about £4.Znt (£3.4fli). 

AAeronoi, the loss-mukinc agro- Lc X has -agreed to offer service 
chemicals subsidiary of Akzo. the agreements to the 
Dutch chemicals group. manasins director and assistant 

\ . - ' AAgrunol manufactures insect i- managing director. 

: S P-\37T of Ifs declared inlen* ponsers' of air fresheners. Internationa! ordinary at Zllp ott cities 'near Groningen but the 

on to widen’ its worldwide ’in- In 1377 Risdon showed pre-tax behalf or discretionary clients. plant now requires substantial nAnroTC/lV Cffcrfcrscj 

. rests Metal Box is making a protits down from $S£Zm to at. Rothschild and Sons pur- investment to- bring- it up to the IfUKLA 1 wn r WD 5 
:sh offer of K^m t£ 32 jmi for $ 2 . 13 m on mmou-r of SW. 6 m chased a- further 50,000 ordinary standards required by the Dutch n.i.m * MAPTim 

..e Kisdoa Manufacturing Com- tSG 17 m). The group's ami- tan* shares jn J. Compton Sons ami environmental authorities. OTUl J /*• 

; SSf^BieUS. jiible assets al January S, 397S, Webb (Holdings) on behalf of In addition. AAgrunol does not Robertson Foods has acquired 

■ iharcuolders t>F publicly -quoted amounted to 517.4m. Vantooa Group at 73p. nave an adequate research divi- j.j, e w bnle of the cnniiai of Air red 

.'■*don are being offered 520 per Talks between ihr two groups Vickers da Costa (broker* to Klon 10 hack «P •« production Varlin . ' ' 

are and so f;ir the Moral Box have been taking place since July John Hacsssj sold 8,000 Dawson operation and last year Akzo said * Th e consideration oIXMOOD ha< 
* the supporr «f of ihis year. Metal Bos said International ordinary shares at « ts subsidiary had '’no viability heen s - - - • 



s .3iadoii and its - .subsidiaries and speciality patkaging market.’’ — GI ANTWI H 

..mufacture mer.il. trfa.uic and j n its la* financial, year these 

per packaging conspnuvnts and Lcti vines accounted for about UNCON Di l l OF 


COURTAULDS 
SUBSIDIARIES 
CHANGE HANDS 


N.A.V. at 30 9 78 
S 2 *OS ( DFI& 50 . 77 » 
VIKING RESOURCES 
INTERNATIONAL 
N.V. 


IBJ Pi»i*wi. Hikfrioj £ Pimoo N.V. 
Hcrcngracht 214 , Aimturtfam 


support the ailing .AAgrunol. In 
1377 Fisons agricultural divinon 

accounted for about UNCONDITIONAL made n profit or £4.7m on a turn- 

i tamers /or ■ comocIics, pereunui three quarters of Risdon's group „ over of £4am— making agrochemi- 

re and other consume]- pco- Morgan Grenfell and Company pgjg most successful of ihe 

; CIS.. The group :.No fabricates The acquisition will be - : the announces thta acceptances of its coropany ' s five .sectors except Tor Mne S pianm and Doublers, the 
Rl ' t . J P Jrt s for mdu*. second inajo r move by Metal Box £ ffcrs on behalf of Legal and pharmaceuticals. Courtauld's subsidiary has com 

a J^- a ^nrf°n, : -rL^ r . p rndncts JDd ^ ncj? ,h, ‘ termination of Its can fL " pral ,, Assu r a ” ee r ^ ,ct . v Fisons yesterday refused tn ^ le “ ed lhe sa j e lir ' j ts 

■ ,k ^nr3« ‘ n ar4 ke a..f!^ , »i ,!OW l R5 ond rrown tap lioensiug agree- acquire the whole or the issued disclose the price being discussed llWnei j subsidiary Delta and Pine 

■ ebsories ar,d ajtnmutie dis- nteni wuti the Continental Group, share capital of Glanfield Seeun- f or u, c acquisition, but said that j ^ Companv of Misvi«inni and 

lard the rcncrotiahon of its "ave been received from if the deal gors through it - will hiJS acquired from Ouiriauids all 

! technical azreemenL. noiders or over 34 per cent of the result in a significant increase in t | ie j ssue d capital of Courtaulds 

After that il formed a joint ordinary share cnpital and over jhc size of our agrochemicals (Canada). 

company with Siandun Inc. of P«r cent of the preference division.” Because of the environ- Thp ] a uer step was taken with 
Compton. Los- Angulvi. -to inanu- Wt.-irv oujulal. mental i m |i rove met iLs required. .u„ anorosal of !hn 'Koval 

f net urn i wo- piece beverage earn. rhe UfTice of Fair Trading has Fisons wouid be negotiating n Kv C hin"i? Assurance irusie.-s'nr 
Metal Box i-oninbiited S6ni to the indictited that it is not the inter- two stage acquisition with Akzo. L-ompany’s 4 p-r cent" Jirsi 

vapital .if the now cotopany for a ttnn of the Secretary of State lor This will mean leaving the mnr . na „ e dehemure 'siod 

T-'i per cent share of the equity. Prices and Consumer Protection Groningen site in Afczos hands *" 

P.isrtqn IS lja*cd in Connecticut tn refer the offers to the un ti] the question of environ- DO _.. 

iJid employs over .V'UU people in Monopolies and Mergers Com- men tat standards has been COMJVIUfN J3KOS- 
17 factories in lhe V.S. and one mission and the Ccundl of the settled and Jural approval Mr. G. A. Common, ihe joint 
1 tn ('.anadn. ' Stock Exchange has admitted to obtained. managing director or shipping 

A’^^OT'IATP^C. TipA.I C l be Official List the new shares in Under the 1375 Dutch merger group Common Brothers, i* ir 
a VVu » i, *i j- and General to be issued code, the acquisition proposals discussing with Menieitfi Invest 

• n Ortober in. Bell Lawr ie pursuant lo the offers. have been put before the ment Trust, a subsidiary of 

•ttcgrrcor bought S.000 Dawson /\jj me conditions of the offers AAgrunol works council and the British and Commonwealth Ship 

’have now been satisfied, and local trades unfons. p>ng over ihe possible acquisition 

accordingly they have become un- of Mentetth's holding of 1G per 

conditional and remain open for LEX ACQUIRES et “ nl ' n Common. The mooted 

acceptance until further notice. tpancci pet purchase price for the ]6 per 

Legal and General owned no « re>sPl.arL.£t i cent holding is ISnp a share 

shares in Glanfield prior to Service Group has agreed putting a, vahte on the stake 

August 28, 1978, when it was t° ]*urchase Tramfleet Senices of £828,332. . Yesterday Common 
cd that talks- were, in *° r ia-Sm in cash. Brothers shares rose Ho to i“2p 

progress which might lead to an Transfleet is engaged in the after b*‘iPg as high as ifc.tp during 
offer being made. Tull service contract hire and the day- 

If is expected that definitive rental of commercial tehiclos Common Brothers' Hoard said in 
cerfific.ues for the new shares rn and trailers. The acquisition is a “tateraent. yesterday t.'ui aceord- 
I Legal and General, together with to complement and broaden Lex's ins 1° the information ci its dis- 

j.chpques for fnictionnl entitlements existing interests in this area, posal the transaction, if con- 

/ where applicable), in respect of Christian Salvesen. Walter eluded, “would not he associated 
the consideration for acceptances Alexander and 1CFC are currently with 'any larger transaction 
| of ihe offers already received and iJ>e joint owners of Transfleet whereby a. general offer will be 
i which are complete in all resnects which was formed in IMS). required under rule ;« of the 

| will be despatched on November In the light of information Takeover Code to he made to 
:8, 1978. available. Lex believes that pre- shareholders. The panel on take- 

Legni and General intends to tax profit of Transfleet this year overs and mergers has been kept 

I compulsorily acquire any outsLand- wiH be not less than £80f).fi*i0 informed of the situation ' 

I ins share c»pital of GlanlTeld in (£i.-»0.000) and that the net If Mr. Common completes his 

'accordance with the provisions of tangible assets at lhe year-end, deal it will give him an interest 

■Section 209 of the Companies Act including deferred lax in of about 27 per cent in the group. 



Corn Exchange soars on 


“Helping these 


Ifs a pleasure” 

John Perigo is .a fireman and at the 
end of a long spell of work he's often, very 
tired indeed. Nevertheless, with his v^feBet, 
he gives his time regularly to join in the 
social life at a Barnardo s residential home. 
This year we shall be helping more 
than 6000 children, and we need all the 
John Perigo's we can find. We also need 
funds to enable us to continue. Caring for 
children demands a great deal of money. 

Will you help? 

Please give, your caring isn’t enough. 

Send your cheque' PO, made payable to Dr. Barnardo s, 
to: Barnardo":? FTP. 

Freepost, Ilford, Essex IG6 1BR. 

gamardo’s 


A brief announcement from the 
Corn Exchange Company yester- 
day said that it was having talks 
with a potential bidder sent the 
.shares rocketing to 233p, 73p up 
on the day. 

At this level the company is 
valued at £7.im, or I2m more 
than it was worth in the market 
the previous day. Com Exchange 
| exists mainly" tb own and operate 
| the .Corn Exchange building in 
i the centre of the City of London 
{.although earlier this year Mr. 
| Robert Goodfellow, the chairman, 
{said that the company proposed 
to spend some of its revenue by 


expanding into commodity 
dealing. 

In the last balance sheet for 
the year to last December ihe 
company’s assets, mainly the 
exchange building, were put at 
£Sm. 

Yesterday, the market expected 
the bidder to be Industrial Equity, 
an Australian-based group with 
earnings -of AS.T-lm which last 
j-car acquired a 21 per cent Make 
in Corn Exchange, sparking off 
rumours of a full-scale hid. 

IEL is owned by Mr. Ron 
Brier] ey. a New Zealand financier 
who has mounted no fewer than 


SHARE STAKES 



Myddleton Hotels: A. C. Horns- 
bury,. chairman, as trustee of F. M. 
Hornsby, has sold 10,000 shares 
at 245p. 

Hargreaves Group: Britannic 
Assurance bought 35,000 shares on 
October 13 and is now interested 
in 2,045,000 <10.02 per cent). 

Derrltrnn: Amalgamated Indus- 
trial Holdings bought on October 
13 and October 16 23.000 and 

50.000 shares respectively bringing 
total holding to 10,024 .206 tS3.7 
per cent). 

Cray .Electronics: Capital for In- 
dustry. on October 12 disposed of 

25.000 . shares' and now .holds 
7,065.403 {7L097 .per . cent). 

Trust Do uses Forte— Kuwait In- 
vestment Office has acquired an 
interest in a further 100,000 shares 
making total interest 5-3rn. 

Guest Keen 1 and Nettlefolds: 


I. F. Donald, director, advises that 
a trust of which he is a trustee 
has disposed of £20n,nno fij per 
cent convertible unsecured Joan 
stock at fill. 

• Aaronson pros — Mr. L. Aaron- 
son, Mr. R. Aaronson, Air. H. 
Aaronson and Mr. H. Alien, all 
directors, on Oclober 13 each sold 
13,750 shares. 

HTV Group— Mr. P. S. B. F. 
□romgoole, director, disposed of 
5,000 non voting ordinary shares 
on December 21. 1977 at !15p and 
18.725 on July 24. 1978 at 108p. 

Hambros Investment Trust — 
Subsidiary oT Hambros Limited 
has bought 160,000 shares. As a 
result Hambros Limited and sub- 
sidiary are beneficially interested 
in 2,5pnj!50 shares (0.71 pen mu.). 

Smith Bros.: On Oclober 12 Mr. 
Lewis, director, ,«iold 10,000 shares, 
Mr. G. L. H. Lederman, director. 


five bids for Australian and UK 
registered companies in the past 
12 months. The most recent has 
been a partial offer for the 
Australian shipping- group 
McIlwraJth .McEacharn. The bid 
is being contested. 

In May IEL successfully bid 
£780.000 for St. Kitts (London) 
Sugar Factory which was on the 
point- of- -voluntary liquidation 
since its only significant remain- 
ing asset- was lh<? ljm compensa- 
tion due from ihe Government 
of St. Christopher, after the 
nationalisation of the sugar 
plantations. 


sold lfl.QOfi shares and Mr. G. S. 
Lederman sold 10,000 shares. 

Magnolia Group (Mouldings): 
Beneficial owners of 109.500 
shares reaisU-red in name of Bank 
of Scotland West End London 
Nominees have sold 2,500 shares 
reducing holding to 107,000 
shares. 

Minster Assets: air. N. L. Hay- 
don. director, is interested in 
60.250 shares bneficial and 10G.02S 
shares not beneficial. 

Brown and Tawse,- On Sep- 
tember .» i:. Walker and Sons 
sold 100,000 spares. Following this 
sale Mr. I Walker is interested 
in SSft.000 shares tS.74'per cent). 
Of this total 720,000 shares iT.lfi 
per cenl) are beneficially owned 
by G. Walker and Sons. 

Camfords: Fredk. IL Bur cess 
is interested in 4,4-13,213 shares 
(59.2 per cent). 



Ergo takes another 
stride foreward 


BY KENNETH MARSTON, MINING EDITOR 


the south African sold 

mines’ September quarterly re- 
porting season is brought to a 
close by the Anglo .American 
Corporation group. Again, a must 
be emphasised that the latest 
quarterly net pro6ty are not really 
comparable with those for the 
previous three months because in 
lhe inner period there was the 
oncc-fbr-ai! bonus of revenue 
arising out of the changed 
method of payment on delivery 
for the mines' gold. 

To a large extent this special 
factor m earnings has been 
balanced by the rise jn the bullion 
price that bus taken place 
between the two quarter'?. Il has 
Mill left the Anglo group mines 
with lowec profits on the latest 
occasion, however, with the 
notable exception of Lhe young 
Bast Rand Gold and Uranium 
Ergo) reireaimeEi of old dumps* 
operat inn and. to a lesser extent. 
Western Deep Levels. 

Ergo treated 4 15m tonnes of 
slimes in the pjit three month' 
on iu> way lu capacity working of 


4.5m tonnes. Tax docs pot yet 
enter tho picture owing to ihe 
operation's accumulated tax 
losses and the past quarter's net 
profit has more than trebled to 
R3.fi4m <£2.13mt. 

Western Deep has -lightly 

increased its past quarter earn- 
ings thanks to the receipt of a 
higher gold price, but it has had 
to countenance a further rise in 
costs — a factor which has 
appeared in most of the latest 
quarterly reports. 

S?ui. Jim,' 


h'lTO 


Mini 
»|ir 
"S> 

.Vs .? 

L'u.niq 

L'.i-I-I 

siiuTT 

S.Ttt u.-;n9 


Marrh 

HUM 

■I.I-- 


l .;v, 
l": -ii^ 


E Do£car>.nirin .. 

Ere 

l-'rei- Stair CmjuM 
F. Slate SJaiMja-. 

Preiidt-n: Hnnid . 

Pri-Mdont Sir>n 

Si Land'. .TU 

Vaol Beeli 

Wclkum ™.i.i>n 

Wr-Ji-rii Dcpu . 'Ji'.Ivj 

W'viirrn Ilul'im^'- . 1I9> 

‘ Me: suriila- mclud ■:.«■. - jlr- ■ 

foUnH'liu l'l 1 -:- jtiuii •<( mininv 

Of the mines to make .i poorer 
profit-.’ showing on tin- latest 
occasion. Free Stale tiedutd and 


ins 
SM 
IT.TW 
1.117 
U.itC 
I.U65 
r:-tr 
iB.eu 
L-.-irs 
11.221 
:. - -J !i.2Su 
( ..quipmi'nl 




2u 


President Stcyn have been hit by 
.a lower gold price, reduced pro- 
duction and. h i she r - costs. The 
group's latest quarterly net pro- 
fits are compared in the following 
table. 

If Free -State Ccduid's latest 
quarterly proni is considered dis- 
appointing. the same cannot he 
.said of the mine's final dividend 
for the year io -September 30. 
.Most expccla Lions are surpassed 
by « payment of ISO cenLi "i lU5r») 
which makes a year’s total 315 
cents agaiasi 240 cents for 1M7B-77. 

Western Holding* and WeTkom 
havi- matched most expectations, 
but the lina!- from President 
Brand and. particularly. President 
Steyn will cause di-aiipointmcnt. 
The latest pat menu are com- 
pared in the following' table. 




-Hi. 


Stpr. 

March 




W7> 

\977 

11“ 



t.rtf' 

LYli! ' 

LfTU • 

»rn:» 



IHl.lt 

mi. 

I1t.il 

ini 

f. r. 

Rr'tllM 

1“.". 


: m 

to 

Pr--. 

Hr.ui'1 

. 


nil 

TO 

fn- 

Si» ii 

"ii 

.'fi 

HI 

11 

W. Unlriiru,. 


! 4 m 

140 

lin 

WoU ■ 


AH 

25 

27.5 

7.S 


Inco cuts third quarter payout 


Inco shut down major portions 
of ils nickel mining and refining 
operations in the Sudbury nickel 
mining belt of northern Ontario 
in August because of poor market 
conditions and a very large 
stockpile. 

The United Sieelworker.s struck 
all the Sudbury mining, smelting 
and refining opvrauons as of 
.September It* and while no talks 
are now in progress, the company 
says u is still shipping nickel 
from stock piio', reports Robert 
Gibbons from Montreal. The 
Manitoba opera) tons are con- 
Linuin». 

Inco said the quarterly dividend 
had been cut lo 10 cents a share 
" because of the adverse impact 
on earnings of the continuing 
depressed state of nickel prices 
and the strikes, at Sudbury.” 

The company, which reports in 
U S. dollar.-, said its third quarter 
earning* were equal to 6 eents a 
s hare against 2.". cents a vear 
earlier. 

The third quarter net income 
was SDm against $21 .Dm and sales 
were S4S$m iS452m>. Nine 
months’ earnings were S07.7zn or 
70 cents against S95.2m or S1.22 
a share. Sales were $1.54bn 
aeainsi Si 4bn The company also 
saitl the lower dividend applies 


to class A and deferred class B 
shares. 

WESTFIELD HAS 
URANIUM HOPES 

Westfield Minerals it has 
“ recently found en*-ountainq 
uranium values in sandstone frag- 
ments in the vicinity of the upper 
Humber River nnrth of Grand 
Lake. Newfoundland " 

The company emphasises that, 
“no mineralised rock in place has 
yet been found in this area” and 
"there is presently no indication 
of a source of these fragments." 

Westfield adds that the frag- 
ments were obtained from three 
small pits in overburden of un- 
known thickness overlying 
Mississippian sediments.” 

The company said it is 
evaluating the information t n 
hand with h view lo di.w/my up a 
detailed work programme. In Lon- 
don yesterday shares of West field 
spurted 30p to ItiOp. 

Palabora still 
going strong 

THE Rfl) TINTO-/1NC croup's 
Palabora roppe- mine manaec- 
mpnt continues to keep fingers 
crossed in the hope that the Smith 
African mine's troublesome auto- 


genous mills c.«n bo kept going 
until their replacement shells and 
other component: can be fitted 
during the first half of next year. 

Su far. so good. Copper produc- 
tion for the September quarter 
has amounted tu 32.737 tonnes, 
making a tolal for the past nine 
months of K7.491 tonnes compared 
with SU.524 tonnes in the same 
period of Inst year. 

Copper sales for ihe nine 
months total S7.720 tonnes against 
74.9.-14 tonnes a year acn while 
those of magnetite amount m 
1 II2.7U!) tonnes against 276.54!) 
tonnes: the Inst shipment of mag- 
netite under tho contract with 
.Japan's Kobe Sleet was made in 
September and a fail in sales can 
now be expected. 

Or other products sold in the 
past nine months, vcrmiculife has 
risen lo 1 40.764 tonnes against 
116,583 tonnes while sales of 
uranium concentrates amount to 
07.P42 kilogrammes against 7H.7S4 
kes and lhe precious metal content 
or the anode slime* sold was 
437.1! 1.1 ounces against 433.306 
ounces. 

Dne oT the few copper mines in 
lhe world lo be making profile, 
Palabora earned R5t.3!Jm (£5.4flmi, 
or 33 cents per share, in the first 
half of this year against It 10.45m 
in the same period of 1677 when 
the year's total amounted lo 
R1!U3m. 


ISSUE NEWS 


Rickmansworth fails 


Rickmansworth and Uxbridge 
Valley Water issue has almost 
totally been left with the under- 
writers. 

The issue was of £21nt oT 7 per 
cent redeemable preference stock 
19S5 priced at a minimum or 
£97.50 per cent. 

Yesterday the brokers an- 
nounced that 99.07 per cent of 
the issue was left with the under- 
writers. 

From the very outset the terms 
ere pitched rather tight and the 
drift in the market left the issue 
on a flimsy footing. 

Nevertheless. £10 paid, the 
stock could be trading at a price 
of £9 — a point discount where the 
equivalent franked income of 
15.11 per cent should ensure 
reasonably active secondary 
market once dealings start, and 
the price should not come under 
too much pressure. 

Brokers were -Seymour Pierce. 

KITCHEN QUEEN 
TO MARKET 

Furniture retailing and manu- 
facturing group. Kitchen Queen 
confirmed yesterday ihai it was 
co'mtng io ihe market with an 
offer for sale before the end of 
November. 


The offer or £l.Sm of stock — a 
quarter of the issued capital — will 
be made through Manchester 
srockhrokers Hallidny Simpson 
and Co. 

The group was founded i.»y its 
chairman. Mr. Neville Johnson, 
in 1965. 

For the year ended August. 
197R, profits were up from 
£981.000 to £itm. 

CHANCE WARES 

Change Wares announces that 
its rights issue has attracted 
acceptances. The balance of 
S11.53S new ordnary shares has 
been sold in the market at a 
premium for the benefit of share- 
holders entitled thereto. 


Chambers & 
Fargus sees 


V»M. MO WAT AND SONS 'pninrrtv 
lov.-sinu-fi, jilt) dralinc . — Turnoi’i r for 
v.-sr io Mav at. ism- miMs 
PTr-iax prolii ISft.Mfi <Clg^jfi». Tax I'M 
£jj>. No dnidtnd Minx- 19Ti-7g 

FERRY PICKERING GROUP .pniiii-r 
pachi-r anfl nubli-ticr^-Ri-uli- t..r il>. 
year i» Jum :io. 1ST*, u-u. rr. I s,-i.- 
ii’mtier .'!. croup lend asvt- 
•Il 27m i. N-i irurrini as-ipi^. u i::io 
in.75m«. Cluinti jji s.iys. 1)l- l- upiiiiii- lie 
lliai :lti- vunenny uitl ri.-;irjm mi u - 
nrii*a , u>sJy«? oiur.-.-. Tin- flrs! Dim. 
month-' busliUK- Iid- incn up .in •!*- 
i-'iuracmn J— vel -un/mriod cum-ml\ I-. j 
-aii-lao»rv nrd.-r houfc Moruni:. 
J^i. c-.ii r un N'lvirmhi-r G ui iim.n 


Mr. G. H. Ellioi, the chairman 
Of Chambers and Fargus says in 
his annual statement that he 
hope*, ihe company will improve 
us profits again this year, helped 
by the removal of operating lnsse*s 
on ihe soya extraction plant. 

Refining margins remain satis- 
factory and the company has a 
good crushing programme. The 
closing down costs or the. soya 
plant will affect the first hair 
results but directors expect to 
sho wa modest profit for that 
period. 

As previously reported p re-lax 
profit in lhe July t. 197$. year 
increased from £38,38$ to £127.652. 
At balance date net current 
a-sels were £0.7fini l£9.57ni) and 
fixed assets £ 1.38m t£!.53m). 

Christian Salvesen owns 27.0R 
per cent of ordinary shares. 

Meeting. Hull, November 10, at 
noon. 


JOHANNESBURG CONSOLIDATED IN- 
VESTMENT COMPANY— n'.sulK Mr 

Juii*‘ -W. I9rv y.-jr alr.-ady kna<rn. litniit' 
tisi.-rt iiit-t-ni>K-bis KWI.lni ■ RUT.isni ■. 
uiilisivd RiT >lui i H.iil >!llili. I'nt-tl iivs- t< 
N^usPn i K53 JmiM. iiunim.' jmu Rl'.ftiin 
iPII.Vimi vurn m umi-is RUS.itm 
• lijbilJii.-t 

■ KlU-Unii. i'l'.-r.-unn, J'lliauni-b'tiurc. 

Nut ••inlii-r 9. 





'■.Wv , 


TIME Magazine is welcome nourishornent for the mind 
Week after week, it brings you a comprehensive 
selection of meaningful events around the world, as seen 
&nd interpreted by one of the largestinterriational net- 
works of reporters and writers: 

Although TIME’S home is America, it is the leading 


news magazine of the world. In fad, 92% of its readers 


outside the d.S. are non-American. 

TIME has a global perspective that is highly valued 
by 26 million people in 145 countries. 

TIME: the news magazine for the internationally minded 







Pr 

pri 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number o 
were com 
paign a^ai 
Parly on 
1074 Gem 
The foi 
a Negation 
lowing thi 
affair. Mi 
was. had 
an arches 
himself. 1 
Lady Fi 
Marcia W 
The Pr- 
Sir Haro 
diawn soi 
Subseqi 
told the 
did nol 
prietors 
inslrucicd 
round a 
material." 

The Pr« 
in hear 
Sir Haroli 
formal l-ii 
On the 
r<gain*-t J 
L-oiincil sj 
Royal Cc 
(ii.it (her 
Labour bi 
The Pr. 
is one oi 
lished tod 
In ano 
council 
against tl 
Daily E\" 
piclure t 
Henrietta 

death in 1 


Sinte Darby still keeps 

Bank of New South Wiles Turquand waiting 


• -.---rvv Tj>; 0 

.. : • -v. ^ -fii 

•' Financial Times IWfey. Pctoto? 20^ 13^- ■*' 

MIDLAND EDUCATIONAL BATTLE ■ . A 


Striying to st^y 


Share Registration 

Hill Samuel Registrars Limited 
lias been appointed London 
Registrars of the Bank of N6w South 
Wales as from 1st October, 197S. 

All correspondence regarding 
registration or transfer of shares 
should in future be addressed to: 


BY JAMES BARTHOLOMEW - 

BY ANDREW TAYLOR J. - V .' 

Sime Darby Holdings 'yesterday considered “ insubstantial in the the controversy. In his statement • - - 

snubbed Che .aLLempia Of its extreme." «Sixne yesterday did the third of the day, he said that • arid manarfri? di&Aii 

auditors. Turquand, Youngs and not refer to Turquand’s concern be only abstained because he. has Alfred Preedy this week joined . also has shops selhn^only 

Company to obtain an “accept about' the “real’ 1 reason for its friends -and relatives employed by Pentos and Lonsdale Universal', in toys and has recently acqu ired a . 

able" csqpriana lion of why they are dismissal. Mr. Dennis Garrett, both accounting firms. “My the growing struggle for control new interest wj th the purchase u ioae ot inc ^“j*®** u*s 
being given the sack. ' senior partner of Turquand abstention should in no way be of Midland Educational, the of three glass and fine cuflJt of f KJIK ™ -v 

Sime -Darby said that it would Barton Mayhew, called the Sime interpreted as an indication of ray Birmingham based bookseller and .shops. On top of this the group ana.punuc uorari.es. ; 

not take part "in an exchange statement ” a good smokescreen., disagreement with the Sime stationer. ; . 'also has some printing interests. Since the, endofiast year -L om . 

of press announcements " with Meanwhile,, the row within the Darby Board recommendation Interest in. Midland . has. net Midland, howeyeri .is dale- _ha_s- : acquired, h- Stauiar "hoof; ■.. 

Turquand but wouki simply Boardroom of Sime went a stage regarding change of auditors," he developed overnight . Potential best known for its . educational seating opera obn m Aus&aJa-ijuh 

follow the procedure indioared by further yesterday Mr. Stanley said suitors have been beating. -their books, which it retails alongside 5^ Edwards says the -Scqiristtjqj 

the U.K. Companies Acts. Sime Booton, who as finance director T u e Sime Darby report and wsy io the Midland door; since its general book range, as well as of Midland' wih ! pwrifie^a.fui^ 

will await the formal represents- is closely involved in the audit accounts will be sent to share- the ear ! y 1JH ? 0s but too. -date .the selling direct to universiliys, opportunity tor ; esjiansiojct'i 

lions which Turquand has the work, confirmed the allegation of jj 0 j,j ers 0 f October 23 and the group has shown a fierce ' deter- schools' and libararies. _____ . notably a t the .retail, end "of tfj ( 



wmim 


March. 1978, and is not now any on November 17 

to merit -in thnreasons advanced for " u “ pur on jvoyemoer 11. 


tjt' Hill Samuel 

Registrars Limited 

b Crecnaut Place. London SYYJ P i I ’[..Telephone 01-52S 4321 
A member of the Hijl Samuel Group 


with ib> shareholders." March, 1978, and is not now, any on Wove! mher 17 F 16 T ^ d ■*“«»' and Lonsd * le ; T ^ a : rmnn A generatmg S8;i*r Q « 

Turouand has been trying to merit -in the reasons advanced for ^mpur on iioyerouer ii. Lonsdale Universal worth £2.9m. Mr. Terry Maher, chairman of oF pre-tax profits last year.-'JT 

force Sime give* an “acceptable" the proposed change in auditors • In yesterday s Financial Tunes, and is currently considering • the Pentos. said yesterday that, his Edwards says that . Iffidlahdf.' • 

reason for its dismissal for over and. therefore the Board’s recom- comments and remarks were latest offer, from Preedy, Worth Krt ,,i P »as only interested in Mid- stationery outlets plus ftejuantni 

two weeks. It does not find the mendation to the shareholders w attributed to Mr Booton which £3-.m. land's book interests. and- envelope = business.' wei 

one already -riven convincme not justified were In fact made by Mr. Douglas Meanwhile, Midland s - share . Pentos has 24 retail outlets sell- equally important '.to- the: grouts 

This was that Turquand'fi inter- “I am of the opinion that Beaton senior Partner of price has raced ahead to 26Sp-^ in- purely books. Mr. Maher said Alfred Preedy. which began 3fl. 

national coverage is Inferior to Turquand Youngs and Co. have Turquand, Voungs and Co in rising another lip y^iwday— he would expect to. develop Mid- as a tobacconist chain, bmbec 

that or its mooted replacement, discharged their responsibilities Singapore. We wish to make it which is some 2ijp a share: above land along similar lines. . Like steadily np-gradmg its- Imagery 

Price Waterhouse and Co. in an exemplary fashion in the clear that Mr. Booton had not, at Preedys offer worth 235jp - a Midland, the Pentos group also recent years. In an* attempt.^ 

Turquand also alleged on interests of shareholders.’' he that time, made any statement .stare. V - has strong interests m educational move away from the -toiwmfc - 

Wednesday that this publicly added. about the proposed change of The group has not wntten<»ff- books and operates around eight and newsagent image the gna 

given explanation was quite But the- director who abstained auditors. We unreservedly the possibility that .even another of its retail outlets on university has opened 25 stores— out -of,; 

different from two reasons given from the Boardroom vote. Tan apologise for any embarrassment suitor may yet appcar-^giveri the campuses. Hie group also sells total retail chain ^ '■« 181 Outlets 

privately. But these, too, were Sri Taib Andak ducked out of caused to either party. number of approaches, it has direct to universities, schools and to sell a wide range of books, 4qy 


NORTON & WRIGHT 
GROUP LIMITED 


Summary of Results 

Turnover 
Profit before tax 
Dividends 
Earnings per share 


Year ended 
31st March 1978 

£ 

3-857,735 

941.05-3 

54.162 

16.37p 


Year ended 
31st March 19^ 

£ 

2.772,657 

638,836 

51.628 

10.36p 


rivately. But these, too, were Sri Taib Andak ducked out of caused to either party. number of approaches, it has direct to universities, schools and to sell a wide range of books, 4ey 

■ received in recenr years. libraries records, stationery andr more- r 

Midland has obvious commer- Last year pre-tax profits of centty artists’ products. j. . 
-■ fTl-tf A attractions to the three pantos increased 10.1 per cent to Mr. H. L. Preedy, ; chalniiaii!’. 

m ' I AVlH AI7AfT KAVIv/WXIC ^L. I TH bidders— all of which 'operate in M *»Bm— with bookselling publish,, the group, said, yesterday thaMJ 

VJlvIiUl/ T UII UUftUTT) VjjXili 1 U Similar areas. . in o uncrating 45 per cent of total acquisition of (VniDandAWu^ftr 

T 1 V ^ In the year tn March 31, IflTS, profiis vide a further opportunity vjv 

Midland’s pre-tax profits rose The group has been steadily expansion. . 

■m . ~m # almost 23 per cent to a record increasing its book retailing He said- that ttirnover ; frg ■ 

AirAVOAnn wnriA £400.354 while turnover increased interests since it acquired Its first book, stationery and card sal 

III III I (If ftfl 1/11 Ilf 14 per cent lo £7^m. Pre-tax three ouUt-ts with the purc hase were expected to .reach . £7ar. 

T profits have risen at' a compound of Hudson’s bookshops in 1972. the current year: ---Ljst-vyer 

rate of 25 per cent over the past In the current year ., it has Preedy achieved pre-tax preflbf ; 

To maintain some two-thirds of Meeting, Glasgow, on Novem- They say that it is difficult to 10 years. . ' . . acquired a further '*]?* ^ 

- her is at 2 To nm forecast the full vear's result hut The group does not provide a outlets. Mr. Maher said that he. It now. remains to-be seen. 

' . q ^ ^ P it^ ta intended to Sasa the dtS* P rofit!l breakdown but ificHands expects book retailing to the: directors of 

^ dendlotafbv IheiSmum per- managing director Mr: J. T. Bayer generate sales of around £12m in control, around o pervceot -of '8 

tS nm XT milted The interim is being saki yesterday that there was a the current year. ordinary stares— will -accept. t£ •' 

S S JJraSWaV mSmained a! addiUorS ^irly even skies split between its Lonsdale a hm expresses a strong latest bid. .... -r. 3 

reactl !&ysn u 25r-Js?<r»'« ® 


Extracts from Chairman's Statement 

. „ \ ^ e _ he explains. ffg{ ^ iUgUVi WITH PROFITS showing a jump from a set of rented rooms in parable increase,- 

ie Exports represent 29% of total turnover. The prospect* for ■the JUK equity £212.991 a final of lp net WHS paid. IN LINE With the forecast of a: Of 94 per cent London Scottish the City of London and is now P™®t--wa* margmally; . jowgf-i 

_ n ® arl ' | rt a P a f ? r 1 °ki 3 ,h« 1° the previous two years the significant advance, taxable profit Finance Corporation b as obtained one of the fastest-growiag £t-3Lm (X45om): • 

Proposed final dividend Of 2.91851p oer share ? nou, °. b® . i 1 i r‘®^ ra P 1 l 1 e , I" company ' incurred losses toulling of De Vere Borels and Restaurants Treasury permission to boost its companies in the unit-linked With toral net assets aL-iaarii;. 

making a total of 4.2295p per share for the year. ^ s Th'e“& n ,„, d memb er s rAVjMffi! ST'SS i " Vfstm ' nt ■ ISSMSSMS 

• Turnover for the first five months of the current GSS SSSJ MU FtT. Scottish SSuiliS 

r shows a substantial increase on the comparative Tta^.niS^to ta tadicattona ^ and ?* raand,nR t M Sil Ln t t l ]«,,i aV fSr ra S!» Securities) are almost doiibied *■ ^ i56.3p oiosp) todidpgif - ■ 

od of last year" .Jfxm'SAl.iS'W ffiS£,SSSS£ WS SSSUWuML.^ Mortgage ' eB S^.!TSrS^m 

D. S. ROCKLIN }£«£?.£ SfStA. S& 2LWJS d «a l » ,, S5»£ 01 ™ ,m " a Siuw toT^VSnja. w" ^iwngagc. aiS^tfSL^SSfig. 

Chairman turll,e . r “"<■ s ; o "iJ. th 5 n “"tier conaant pressure. Trading profit was up at £2JIra ^ o^a JiiM rePlsT adVatlCC wi' 

SSJSrtJ! SlfSSySS and^a'more* vliblc^campany 0 with M TH0 “„ INTEREST 1 "was W fi,ar " 

? well-equipped team to face the the period. Interest charges.. SfLiJ^Lt the hea w 


its equity investments in over- ber 13 at 2.30 pm. 
seas areas the directors of 
Glendevon Investment Trust have T) 

recently borrowed an additional ■BY'SICWQXr 
U.S^Im for investing abroad. €lj 

However any substantial increase . . 

in gearing would prejudice T/’k fDQAh 

revenue growth and it remains IU A. LMvlI 
their aim to provide a steady rise AA . 

in dividends, says Mr. J. A. i I ft A C yyw 

Lumsden, the chairman. atvr»*T^lli« 

The trust’s broad investment . .. , . . 

strategy is to maintain a balanced pre " tas 

portfolio based primarily on the P™.® 1 LJaO.OM and a 

three major economies of the UK, restored dividend for the 
the U.S. and Japan, with signific- Bras way was 

ant interests also in other areas A - 

such as Asia, Brazil and Europe, chauTnan. at the annual meeting, 
he explains. . ended April 30 


De Vere 

Hotels 

higher 




Ldn. Scottish Finance jumps 




maK.ng a lOiai Ot fJCWp per snare lor uie year, longer term ^comgke The cha“^ an told members to £1.05m in nine months to lor the year ended Juiy 25, 1978. 

" Turnover for the first five months of the current ES& SSSJ SS^tf r.°iu % FtT. Scottish 

year show a substantial increase on the comparative j. ind. c ,u.n. jj-'W-JJ*, ".JSSMS ^ / 

period of last year that the rate of inflation m the Trading conditions were not good remainder oi the financial year, in | h f or the year up from lV?Ortff2.-J 


lid ... ... _ liiwai uuuvuil emu unurfiiuiiiK UUWWL1 stay me i avuu>aui*r Ser-untlCS) are almost doubled — — 

e There appears to be indications yea r for everyone in the group, trend should continue for the r r ornaii 110 to £400 818 tbkin'’ n /x 

that the rate of inflation m the Trading conditions were not good remainder oi the financial year, in [ h _ V or the year up from IVSOrtffil-ffG 

[N 01 ^foreseen aja^^SfeStSS ^_ UI 




mem of exports may be necessary. Future growth had been well The profit is subject to tax of L>-Slm./ 

the domestic economy should con- planned a^d although he £512^73 (£370,447). leaving net p .. . Jf ? n l The' higher earni 

tinue to benefit from Government anticipated profits to largely come profit at £533.495 i £40 1,316). firoup pr ° Ht5 some part due to I 

support and this should help from the tube division, the The inierim dividend is lifted tn ? .J jSUS?. nu iv__i-__ ' 

corporate profits. returns from the scrap side of the from l.l)!W5p net per 25p share to _ h ‘-Jl a - 

As known for the year to July business would not be incon- 2.2294p. Ust year a 2.65H4p final Sj ar * a „ r The final divfdendS 
31. 1978. pre-tax revenue improved siderable. ; _ . was paid on record profits of in i 

ro £303515 (£258.679) on gross . £l.52m. Again Mr. ^ Leopoid Muller. SjfcJ st . e h ppi .lSi P un fro'iS' 1 7o to 

revenue down from £829.979 to i nn /-« the chairman, has waived entitle- u , h . 1 f .u ' ° 

™icd D^iiS'p) Peak £0.63m -»™ » «*■ 

it "th, year end. liquidity wee af Glllldhall LOndOD & B ±5 r " r ^» ,s lls " 

down £283.000 (£2.58m) and net „ • , ' " T prnpowa - 

current liabilities, amounted to HrOTIPriV IVlOlIli OSG 

£595.33(5 (£559,374). Debenture A IWpciljr * onmnomiV 

and loan debt was lower at Following a £42,990 first-half TTnnrnVP^ 1 lUSl CUfUlMuy 3 

£2.7Sm (£3.44m) leaving net assets advance to £296.000. pre-tax profit v T * 

at £14. 52m (£Il^lm). or Giilldhall Property Company' Gross inrome of the London and £ k '7tYl GfflPDC 

Investments of £17.87m ended the June 30, 1978 year Montrose Investment Trust rose dU^Ill UIlIk.C5> 

f£l5.7Sm) comprised £7 .4m listed ahead from £544,635 to a record from £956;{02 to £ 1.03m in the , , . , - _ 

in UK and £9.71m listed overseas £632.228. ’ year ended September 30. 1978. A NEW £2ro head ulhce tor 

at market valuation- and £110.852 Aftertax of £313,970 (£264,560) and net available revenue was toe Trustee Savings Bank Trus' 
at directors’ valuation, and net profit w a <, higher, at £315,258 £591.402 against £533,341. Company was opened at 


UNITED 
INDUSTRIES 


INTERIM STATEMENT 

The Group's unaudited results for the six 
months ended 31 st Juiy, 1 978 are given below : 

Six months Six months 


Group Turnover 
Profit before tax 
Taxation 
Profit after tax 
Dividend (Interim) 
Profit retained 


United Engineering Industries Ltd., 
74, Corporation Street, Manchester M4 2DD 


to 31 .7.78 

to 31 .7.77 

£000' s 

£000's 

4,423 

2,612 

684 

389 

356 

202 

328 

187 

132 

109 

£196 

£78 



During tta'perfod- Tn adSUS 
earnings were in to the borrowing- ->- 
to the incidence replace sales rim: ^invesum ■ 


Peak £0.63m 
af Guildhall 
Property 

Following a £42,990 first-half 


InmlfSTita'A.™™ 11 ent ‘ tle ' “ pVhfeh' .hi '.J 

ments on o.-wm shares. !hc maximum permitred under 

t j p toe phase 3 legislation . 

JLOmfOn Cfc a one-ror-two scrip Issue is alsn 

proposed. - 

Montrose 

improves Trust company s 

Gross inrome of the London and nffinnci 


• : - t U - • 


Trust company’s 
£2m offices 


Company 


upened 


£647.5SS currency premiums. compared with £279,775. Earnings After tax of £366.671 (£351,700) Andover, Hampshire. 

4 geographical analysis of P« r share of this close com- earnings per share are shown it The building marks the tenth 
equitv investments shows in per- Pany are given at 5.04p against 599 p against 598p. A second anniversary or the. bunk group's 
centa'ges U.S 32.13 (36.11): UK 4 - 4 P- ar Jd the final dividend of inierim dvidend of 4.65p lifts the unit trust and insurance sub- 
31.2S '(30.23): Japan 11.47 (10.57): 2.0ap takes_ the net dividend total total from 595p to 5.9p. sidiary, which was launched 

Canada 2 60 (4.06): Brazil 1.65 from 2-104op to 2.fl9p. r 


(1.62 1 ; Asia T 36 (0.94); Australia 

nil (0.27) and Europe 308 (3 681. ]\>|T l) lia+c 

During the year ait areas show IV I JUIY I IbC ItlLS 
an appreciation in values par- /-s > q 

riculariy the UK. Japan. U.S. and |¥0f*r2rff (ftj; 

Europe. , 

Mr. Lumsden comments that the |\J lAtlQ | 
discount at which investment - 1 

trust shares were valued on the Reflecting, u jump from 6] per 
stock market against their net cent to 10 per cent In the MLR 
asset values have tended to widen during ihp lirst six. months 1 of 
again. These discounts currently 1078-79 profile of Gerrard and 
stand at what he -considers an National Discuunt in the period 
excessive leveL particularly in fell well short of the record figure 
view of the changes in regard to for the same period of last year, 
investment currency premium and However, ihc directors stale 
the reduction in capital gains tax that considerin'* this unrarour- 
that have benefited investment able background the level 
trust companies over the year. achieved was good 


To the holders of 

NATIONAL BANK OF HUNGARY 

(Magyar Nemzeti Bank) 

Redeemable Floating Rate Deposit Notes due 1S81 

In accordance with the provisions of the above Noces. American 
Express International Banking Corporation, as Fiscal Agent, has 
established the rate of interest for the semi-annual period ending on 
the 30th March 1979 at lOi 1 * per cent. Interest due at the end oF the 
Interest Period will be available upon surrender to any of the Payrn" 
Agents of Coupon No. 6. * 

American Express International Banking Corporation 
as Fiscal Agent 


:: : DISCOUNT COMPANY LIMITED^ 

Interim Statement ' ^ : r' 

Minimum Lending Rate rose from 6i%- to lO% fluriing the ■ 
first six months of our year. Considering this unfavourable " * 
background (he level of profits achieved is good although 
falling far short of the record figures for the same'peribd 
last year. . / 

While it is difficult to forecast figures for the ycar'js a * 
whole it is your Board's Intention to increase tbe'total dividend • 
by 10%. the maximum permitted under current legislation* 

The Directors have decided to pay an interim dividend 
in- respect of the half year to the 5lh October, 1978 of 4 ; : pen$e' ■ 
per share on the issued ordinary share capital ( 1977- -same). ~ * 


ihe rale of income tax was reduced from "34% - ; 
tn 33H. tor the year 197S/9. your Board has decided 'tb' pas 
a second interim dividend in respect of the year ena«t.5t£ 

April, 19 its of 0.0tt J .2p per ordinary share' This paypUsfl;. 
reprcsenls ihu 1'L ACT recovered in respect of the dlvtiJchc'-' 
paid in June 197S. ■ i 

tr. 3 C , tu ° dividends will he paid on 7th December,' iWS 
to members tin the register at the close of busiheas on lWl - . 

™ lS ^VeSr.TsT bbul ‘ s -. wi " 


Mth October. 7.77.9 



' 'i-6 






X * V a-* n - * 

-mce ! 


Financial Times Friday October 20 1978 

APPOINTMENTS 

Board post at 
ICI Fibres 


Dr. iiifn BI. Macfarlnne has been overhaul and mahitenijJice or* 

■ ■-ppoimed a director of Id sanlsation .has appointed as a 

I8RES from November 3. Dr. director, . Mr. George Sl Hislop. 

- - lac far lane has worked for 12 currently consultant with West- 

.'ears in tho US., most of the land Aircraft, and a director of 

-me with Fiber Industries Inc., the British Hovercraft -Corpora- p _ „ — f Un 

•- -I’s American associate. Since lion. flCSJOlXS U1 XI Iw 

ic bejtinninR of this year he has ★ 1 

ecn development and planning Mr TV. Thompson, manager of _ 
janaHer for IQ Fibres’ textile Esso’s Portstode Depot, has been VAAL REEFS 

orSh " Yoriishlref ?££« PORT AmOKn.™^ V a =l Roes Exptorarion and Mirina Company Urai.rf 

nqillsh that post to Mr. P, W, * 

■ iSS&’iJSES IP F , ib ?f 'Sr ,,r - J - G - on 

:erciai manager fnr textile fila- managing diroetor and finance inniww- ? soo ooo (previously 7 200 oooj Grade s.o gram> per »n 
ent weaving yarns. director, has been appointed joini ?!!£« r 

. * croup manngurc director of swi.un jane 197 s 

UNOTYPE-PAUL has appointed HANGER INVESTMENTS He g”* ar,NC 

r, Charles D. Crober as financial W <!1 supervise and co-ordinate the i«ns mmeo . ___ soctdoo 1 h»ooo 

• rector. activities of the croup's sub- cU J |!, B '^i , IICrt _»i J - „V5 , 7 a ,” 

* sidiaries. in addition to fns con- Revenue per ion milieu ' ~ ~ . 1 rsi.47 r*b go 

w, f v! aR _fc__ * tlnii'ni! resnnnsihililv for the toil «tr ion idium > > . R 2 i,H K29.D1 

” r .:,m' S e[£££’";, S. n „ r ""' inasfjpa oSrSi S& Spopp.p KSUrjcjlW, .™,B a diS »a,o?I s 4S 

nasinc and sanVai , *“«*• . - SSI. r. r : : S 38 SSS 3!f lit S33 3 

e Department of the Environ- * uranium oxide 

cnt-will on November S VIKING RESOURCES TRUST J-jg- i 22-000 « *■■*» 

q NATIONAL FREIGHT COR- announces IhatMr.M. H. Om Oxj*_B&tadg^-i.V "J 7.'.' T-l.T- zaiiSo 770 728 


Group Gold Mining Companies 

(AT coff-car ■ -.aor, T,o fiepj:'-: = f-.Jij 

Transvaal 


Reports of the directors for the quarter ended 30th September, 1978 


G 1 Vrti 1 yA.Ua rntHjm CIJK- r M-i ■»- BUDucon — kb . . . . 

- RATION’S director or corporate * cc " appointed a .director. «•£ 

' • aonutz. He will succeed Mr ;V Tll,n ™ crlhcrs. he is a director of Pro hr on sale oi — — — — — — — 

•ter Land who recently took up Hume Holding* and deputy chair- — 

•.senior appointment with British mar ' ,°L 0*1 aQ d Associated Invest- n« sun ari r^cJJuo* ‘ 1111Z -1 ” — ~- 

ment Trust. 

■Jr * Deaucr- 

, 1 . Fri , Hint! a r«r mA v ” r - A. J. Costelloe has been io Souihvjai Holdings Limited 

w^^w-jr *ss 

ISj!! SW*»te*s6JS 

ErSnn eI | d * i, *^"‘ faas^^p^intwf'a^ocal '*8Lw85‘ **.*. .? ?! J**??- “'ITT 

s oecii personnel m3n<iKtr of director f south p-ast rptriDn) ** 

el^erponl DaijyPoManriEeho a,rcctor I *oulh cast region). £a r \£g“"^: 

ICS resigning his NUJ post in H» r Kenneth nndenn has been P l '' ia * ntf — interim . . 7 ! .' r.' " 

-& , J«tedLSLSS;. , S m 5 S b™ srsar 1 , 1 ,.,, 1B 

Wo Koffinnini? r,0 i- ir jl 01Crit at Bruce Hands sales consultant, of f£. n ,,,f,rp °' prohl 01 

the beginning of Dccemoer. th c McGILL INSULATION SSWSSTIWK, ISb^ISSSSSS 


2 OCT DOO 
0.97 
18 5 JS 
RSI i«17 
R28.14 
RU21 
RIOS 387 OOO 
RS3 168 OOO 
R4B 219 000 

1 224 00 U 
0.23 
281 430 


Ou*rter 
enae-i 
jane 1978 


I 914 000 
B.97 
17 170 
R4B GO 
K29.01 
R19 59 


K93 014COO R277 6i4 OOO 


elandsrand 

ElandsrandGatd Mining Company Limited 


issued CAPITAL. 75 004 233 vharw of 20 cents each 
CAPITAL EXPENDITURE 
9 months N * r wpeflOttiire on raining uotm 
ended 

ieot - 1978 • Scp.77 973 

R20 104 OOO 


Rislil R38 029OOO 


S.A. LAND 

The South African Land & Exploration Company limited 
issued CAPITAL: 6 BOD Ooo snares or 35 cents each 


Quarter 
ended 
June 1970 
P15 «69 non 


to reirrniencemenr o» oroouetion. *xpenaimro will be upiuliifd and 'evenue 


I 216 000 
0 22 
270 728 


2 610 000 
0 22 
798 591 


R43219000 R37496000 Rill 075000 


6 MB OOO 
12 OOO 
2 365 000 


12 065 OOO 
13 000 
1 808 OOO 


SHAFT SINKING 
Men. Material Shalt 
Ad. ante 

Depth to dale - . 
station cutting 


ended 
Seoi 1978 
< metres). 


ended 
June 1978 
‘metres! 






Qnaner 

9 months 





ended 

enoed 





June 1979 

Sent 1978 

FINANCIAL RESULTS 

Gold revenue >5ee note ij 



R2 417 OOO 

Rt 907 000 

Ra 35S 000 




42 003 

165 DOO 







87 ODD 

Net Sundry revenue 

— 

. ... 

192 000 

208 000 





2 679 000 

2 289 000 

6 323 DOO 

Deduct: 

Owating ane hi»k costs 

_ 


1 751 DO0 

' 305 000 

4 101 000 




928 000 

-Hi 000 

2 223 000 

Taxation— estimated 

— . . 

. . _ 

458 000 



Surplus alter taxation , s ^,_ 



R470 000 

RSI 3 000 

R 1 725 000 

Prosoectinq exoenditure 



rTiooo 

376 000 

R 23 7 DOO 


23 Z 39 000 OrSSSTi-tSSa r - : ; 

5 ZS5 000 R ^“ tl0n 5 . 

139 991 non Deoth to «W iftnai ceotm JT. Z .1’ 
139 591 000 Station euttino 

DEVELOPMENT. 


OPERATIONS 

156 Trip comunv lOntmuod i»|iinn w^stC rOCV jnd cniMnnfl-ai^nf M«^fS «rc-m 
2 0B9 locations an the EaM Rjnn Mill throughout tor Ihe September quarter amounted 

2.88 id 279 000 ions ijunc quuiici 2 22 000 tons*. 

3S9 PROSPECTING 

_ _ Owing :o oreblcms cncouniereu in drlltma borehole SRK.l. Situated m thc area 
” south-west ol the mine work-ng^. progress on this hole nas been muen slower than 
2 195 en.is.iqed. 

90 As stated in an announcement puensned on Julv 27 1978 drilimn In boreriulc 
SWP. 1 has been discontinued. 

Orders placed and outstanding n at September 30 19?3 totalled B2it 000. 

Far ana on benJU o» the nbard 


R35 682M0 R 39 727 000 


Capirai enoenditure 

W»un Levies— estimated ... 


R22 838 000 
BI 103 000 


R31 010 OOO 
R305 000 


ITP Bruce Hand, sSi'es XnsSt" f 
the beginning of pccemocr. r h c ilcGILL INSULATION 

.. . .... - .* GROUP, Hadlr-iiih. Essex. 


118 203 000 width 

cm 0 <t cm.git 

22 900 000 V.C.R. 

— ■ Quarter eAded_ 

September 1078 • 4 247 ass 70 6 1 2.24 864 

B9S 223 000 Quarter ended 

= June 1978 3 702 150 60 9 11.84 721 

R64 51 n ODD 9 months ended 

R2 314 000 September 1970 B 898 638 68.3 12.15 830 

R19 000 000 To date red development has been in the east ol the lease area adjoining Western 
Deep Levels Limited ana near the shall pillar, both anticipated lox-grade areas. 


□. a ETHER EDGE > 
M. S. McC BUM • 


WESTERN DEEP LEVELS 


Tnc'^Rockl Ventilation Stun was commissioned on Seotomoer 19 1978. 5-« ra<se Western D66D Levels LiniiR’d 
connection* are current I y oemg ooelopcd. ^ 


■Jr. A. Winfield, docks manager 
Fleetwood in Lajieushirc is 


Mr. 3Iiebael Bos wo rib, deputy] 


S?H e Chairm3n Of the board, his been 3S A ? a 5!S K SS2 , » Lease Area, 

TRANSPORT DOCKS appointed chairman of BRITISH r*"« 

■APD S Merseyside port of TRANSPORT HOTELS from mcueMiMp > " l,n 

reion trom January I in place November 1 

•Mr. Bernard Pearson who is * Aownec — 

ir e m innS‘ dl . fr Vr„IJ ,c p , osl of 3Ir - *■ » Campbell, board mera- m ” n,ct 

hv® >5/ rT t vr tv »?- 0 ^ Ia lo her and chief executive i railways) v»ai reef 

D * xo11 -, at aopointed chairman of Trams- #?* t Mr * a .... 

^ent sccretari to tho Board. mark, the board’s eenanltamry nS; 2 . . s 12 * s 

_ * subsidiary. Mr. J. G. UrqubarL JJ® 5 9 j-g ' 

rhe Secretary of State for the board member for operations and no' 5 6 591 4 


728 m D00 »o? 3 Jhe narler fW o“ SUrt " C w 11 «» «'’ iM *“ CI ' f * ,Cd issued CAPITAL: 25 000 000 S bnr« o> M each 

^ ra nV”.en.“^'Bune1ir o n 0 .r. r n"^5 M?eln^^C«‘n/umluV erm4 0 "* ,,,0U,,nB *** ml « e * BeC,,f0 10 r “ tn 3 m " ,ln « * 60 000 t0n * * mon,h PI anNEO PRODUCTION FOR THE YEAR END.h 


iSSlIIvironment has appointed Miss productivity, becomes chairnjan of No - 8 ’= srs 

J M Uuny MeUor of the National BRE-Metro. and takes over as aux-ior enced 

t,w chairman of British Rail En^ncer- fSgSf*;*" « 72S 

. iKE ADVISORY COUNCIL. She fng Trom Mr. Campbell in June IsSr* 1 '*. 33 033 

rky for Festival Welfare Ser- February. 9 mo*ih» ended 

es. the organisation for the i, S c Dt *rel-? r 1978 95067 

■ •" ordination of welfare work at Mr. John Twfselton, previously a 

ti«n* 1 StlV rni.n».!i ase< l»f catering marketing manager of 53 

Council of Social Ross Foods, has been appointed 9 ^% 7 « B<W , 

. marketing director of ARA j 9 mmiit ended 1 

. . .... * SERVICES, catering and vending SSfliSSJSL 1 978 ** 

It lain HI. Harding has been company. - r*? S?n dividend 01 1 


metres 

metres 

Chjniwl 

width 

cm 

aoia 

git 

cm.git 

urjn 

L-gjt 

IURI 

cffl.ngfi 

3 618 

S 121 
9S8 

3 90S 

G 591 

12 S22 

446 

206 

104 

464 

468 

1 032 

23.1 

102.3 

20.3 

27.0 

46.0 

91.1 

87.06 

34.55 

64.33 

40.22 

42.39 

32.43 

2 OH 

3 532 

1 507 

1 302 

1 950 

2 954 

2.44 

O.JI 

2513 

0.95 

1.11 

0.74 

56.43 
41.78 
45.17 
25 19 
50 96 
67.56 

32 725 

2 720 

59.4 

39.14 

2 325 

0A9 

52.84 

33 033 

3 108 

51.8 

44.44 

2 302 

1.09 

56.39 

95 067 

8 280 

54.6 

4321 

2 359 

1.00 

54.72 

53 

40 

22.9 

117.77 

2 697 

3.13 

71.57 

Nil 

— 

— 

— ■ 

— 

— 

— 

91 

40 

22.9 

117.77 

2 697 

3.13 

71.57 


CHANGE IN FINANCIAL YEAR-ENO Tonnage 3 150 l 

... on October 2 1978 the Reo'iTrar cl Campanin approved the mange tn the comoanv * 

. an financial *ear end trom D»romber 31 to March 31 lor admimitrative rea»ns. The 
current ‘ (inantial Year “ will be the hluen-montA period Iran January 1 1978 >o 

March 31 1979. OPERATING RESULTS 

For and on Demur or ino reard GOLD 
0. A. ETHEREDGE i _ _ Ton* mil'™ 

— - M B . ™oir ; Dl^clors Yield — 9't — • 


J? ee F °° mpany - ^ - . ' - »-'«r »' ’00 cenra per Ntpre In r«p«t of the vcor ending December HT* 'SS^SIU 

mmled ass istant secretary of * I1 197B was declared on July 20 197B to members registered on August 4 1978 oleum— -UM .... 

SCOTTISH INVESTMENT Mr. FT. E. Lockharf-Hhnmnery " ,B7B - £^*0 -.:.. 

tlST. has been appointed chairman of Esymaura e>pendltur« for the year ending December 31 1978 ra R90 OOO 000 MNANCIAB RESULTS 

* the PF.RMAMFMT INCT1RANTR ii T*1 .J y R7 f0D0 000>. Tho Increase In estimated expenditure Is principally 5al * s .« 

._ ...... , . rr* . ^ * U>OUILrtiYL.P. due to ihp ar cel era lion 0 i certain major capital prolccts. _ 

IT. Ian Wilkie has been COMPANY rn succession to Sir "laced anH outstanding on capital contracts as at September 30 1978 Operating 1 

minted managing director of Clifford Nannton Morgan, who stalled rib 039 ooo. tws: Net wrwn 

RWEST HOLST'S new plant remains on the hoard. • • ■’"■o** 

! distribution division. * c* Blla , ^^i, 

vTRA, thc textile research and ing director of < Coventry Motor VAAL REEFS SOUTH LEASE AREA wb^v^rtsj 

rices centre, has appointed Mr. FittinRS, a subsidiary of COVRAD. __ that dote totaix 

1 . Brmike to the new post of has been appointed to the main '££5*%^ ^ a,oas 


October 20 1978 


ERGO 

East Rand Gold and Uranium Company Limited 

ISSUED CAPITAL: 40 000 ooo share* or SO cents each 
Financial year ending March 31 1979 

Quarter 
ended 
Supl. 1978 

OPERATING RESULTS 

Slimes treated — tans _ _ 4150 000 

Proauctlon- 

suiphur in pvnte — tons 33 031 

uranium ouldo— kg . . — . . 40 922 

Suiohurk acid — tons _ 77 735 

oleum— tons 5 OG7 

gold— kg — 919 


W. R. LAVYRIE i 


Quarter 
ended 
jum 1978 


Gold nroouced — kD . . — 

Revenue per ion milled — 

Case per inn milled — — — 

Profit per ton m'llco 

Revenue uee Nous it .-. 

Profit . . . 

URANIUM OXIDE 

Tons treated . ... — — — — 

Yield— «h't — — • — - ■ — 

Oxide produced— kg — — — — 

FINANCIAL RESULTS 

WprVInq urpht — Gola . . - — ■ - — 

Pro hi or sale ot uranium 0»ide 

Net sundry re.enue — 

Proht Bern re taxation and Slate's snare 

of proht ... ■ ■ • ■ 

Taxation and Stale's share Ol oroht — 
estimated — • • — — 


ENDING DECEMBER 51 1978 


Oujrlur 

ended 

Sop! 1076 


S50 000 
14.34 
11 906 
R81.99 
R53.27 
R48.72 
BGS 052 OOO 
R27 611 000 
R40 441 000 

21 1 000 
0.70 
42 40S 

ft 40 441 ObO 
793 000 
1 645 OOO 


6 ended* Tayaiion° ri and"stai-i's share' oi 'ord* 

Sept. 1978 estimated 

7 6G1 000 Prohr alter tax. ana State's sear 

estimated 

I? 008 Capital expenditure — ■ 

1 46 373 Loan levies— estimated - ■ - 

5 731 Dividend — -interim 

1 506 DEVELOPMENT 


Qna.-ter 
enec-d 
June 1978 

9 months 
ended 
Sent 1978 

a 32 000 
14.27 

1 1 S7S 
R77 05 
F7Q 16 
RJ7.69 
R6J 108 300 
P2<| 435 000 
R39 575 DOO 

2 J26 OOO 
14.39 

34 a as 

R7E..S2 
RJ1 49 
R44.51 
KISS 645 000 
R 77 603 000 
RIOS 037 000 

226 000 
0.2 1 
4B 014 

656 000 
0.21 
137 722 

R 39 67 3 000 

1 720 000 

1 236 000 

R10B 037 000 

2 994 000 

3 BIS 000 

42 629 000 

114 846 000 

22 415 000 

99 627 00D 


“ £2Q 782 OOO RZ O 216 000 


R6 180 300 
R2 445 OOO 


R* n?s noo 

R2 469 000 


Ml 6 -'70 OOO 
RG 579 000 
R16 25 J 600 


R11 515 000 


R4 146 000 
508 OOO 


R1 431 000 
24 3 000 


R17 707 000 
*RS 577 000 

751 000 Carbon Leader 

Shah area 

R4 826 OOO NO. 2 

======= No 3 


Advance 

metres 


and inc director of Coventry Motor VAAL REEFS SOUTH LEASE AREA 
I Mr. Fittings, a subsidiary of COVRAD. lnrluflBO ... 


ustrial adviser for synthetic board, 
ducts. 

* Mr. 


Tonnage 2 400 000 (previously 2 ZOO difOi Grade 10.0 grama per ton 


, „ . „ * ftlr. IL A. Rsy has been ap- 

- Ir. Brian Madderson has been pointed . a member of the HOPS Sot£ ATING RESULTS 

uinted divisional direptor for MARKETING. BOARD fora periijd Jf*«iijn 

* **®-*»&.J*J3K3S5S£» division of of three years, from September T r “ T " 

.HARD KLINGER. ...• : - . 2 P. -. He is -national secretary to. Rokiiub per »o milled ..._.. 

* * 'tho food, drink, tobacco and SSL — — — 

,.r. John Hay, who joined aeri culture trade croup of -the Revenue -s« Note 


728 000 
10.16 
7 392 
R58J40 
■U6 76 

1W 51 7000 

-jJD. FERTILISERS as. Mnerai. Transport and General Workers' . 7 . '.'. 7 . '.'. 7 . rib 482000 rib 352 000 ’’rssmS odd 

laser in September, 1977, has Union. CSaVuum oxide «**o«ooo RI 6 S 57000 R49itiooo 

n anpoWfed managing director. * IBS*”;. 1 ?* — asoco 403000 1136000 

- - .< John Potdlon ? nd Mr. Brlion CHEVRON. INTERNATIONAL wSwowi^l-; _ " 1- " U 890 “ 0 9 62 * zjb^S 

» r fylker, previously joint manairing *>1L COMPAf-TV anaounces that 

. ’ii'-l-ctors, continue as directors. Malcolm Hodge/- has been ^eV^iSmium 'o»iu*"_'~ 5 *moSS zmiom 4959000 

* appointed managing director— — 

. . A VIES AND NEWMAN HOLD- aviation and marine sales in the ap* n« «.rmrx W n M . tzaioSo 9 Ilf 000 ^iUoSo 

iS. parent company of Davies Eastern Hemisphere. He was pro- 

Newman and Dan-Air Ser- viously managing director— ms 759 o oo ri*>629 ooo R56 03g ooo 

. .. 's, has appointed the following marine sales.' Mr. C. G. Gips who Cjd^hi expenditure -new Soiicn uranium 

• itional directors to the board: was previocsly managing director fSSihtr' ’ : : : : T "rllooSo R1 d4Ilooo R i!Sfo888 

.'F. Horridge-deputy raanag- - aviation . sales. Eastern . — 7210 000 ” 000 -l 6 . 420 °°? 

-director, Dan-Air Services: Hemisphere, is returning to San ,otJI RH EZ2 000 ribbss o oo R 37 107 o oo 

. E. C Hartwell— director. Francisco as manager— aviation *nw» ^ompanv'i ihare of revenue i«s oneratmnii cms m terms - of the tributing 
ies and Newman; Mr. D. P. and marine sales. Pacific Region. DEvatQPMWT^^UTH^iLExSE 


Quarter 
ended 
June 1978 


60S 000 
10.28 
G 248 
R 57.42 
• RS0.1B 
R272I4 


9 months 
ended 
Scat. 1978 


1 905 000 
9 . 9 a 
IS 009 
R54.11 
R2S.«i 
R2S.7B 


Less: Net sondnr exeend-ture — 


Capital ax p«nd Itu re 


Capital expenditure r.i 376 ooo »' 622 ooo R6 998 ooo 

There is no provision lor taxnttar as the company has a computed tax loss. Quarter ended 

Net expenditure on mining assets since the Inception ol the company to September 30 September 1978 
197B was R137 423 009 and orders placed and outstanding on caoltal contracts a: Quarter ended 
that date totalled R2 423 000. June i97» 

- 9 Months ended 

Sent ember 1978 

Far and on behalf of the board v.C-R. 

_ . . Shaft area 

O. A. ETHEREDGE I n . no 2 ... 


October 20 1870 


M. S. McCRUM 


( no. 1 :::::: 



width 

cm 

9!t 

cm.git 

kgft 

10 

20 

17.8 

572 

97 .B 7 
109 52 

1 742 

5 717 

0.60 

i.S9 

30 

40,7 

107.91 

4 392 

1.45 

150 

38.8 

20S.7S 

7 983 

3 05 

278 

39.3 

161.63 

6 352 

2.33 

108 

200 

118.3 
• ;.0 

17 07 
21.74 

2 019 
500 

— 

3«8 

56.* 

13.33 

1 033 

— 

212 

60.7 

17.68 

1 073 

— 

718 

64.0 

20.6* 

1 321 

— 


R34 90-<ano R1O3O7E0OO 
R1 B 352 000 RS3 963 000 
R1 6 557 000 RAO 113 000 


1 136 000 
0.22 
248 750 

R49 11X000 
4 96 9 000 

54 082 000 
1 954 000 


403 000 
0.22 
89 624 

RIB 557 000 
2 601 000 

19 158 000 
471 000 


R25 759 000 017 629 000 R56 03&000 


R7 392 000 
7 210 000 


R12103 000 
4 752 000 


R7D 687 000 
16 423 000 


Rid 622 OOO R16B55 000 R37 107 OOO 


bert— group secretary, Davies * 

Newman Holdings: and Mr.. Mrs. Heather McGrath has been 
8. F. Newman. DAN-ATR SER- appointed financial controller at 

ES has appointed Mr. W. Dobson and Crowther and Mr. Vul rMl 

es as financial director. Jim Birrell has become production Quarter ended 

* manager. Mr. Barry Nazer has Q^5Sr b r n 12J 8 12 322 

'r. J. F. Howard and Mr. J. been made a director and general June 19711 . 12*32 


$0115. executive directors, will manager at Thomas Preston 
re from the board of GUEST f Manchester) and Mr. Andrew cT - r?et 
£N AND NETTLEFOLDS on Hogue, financial controller. The gwwMOgd 
ember 31 . Mr. Howard has comnanics are subsidiaries of g^S- endw 
n responsible for rtoup SAFURFIT FLEXIBLE PACKAG- June 1978 
ifnlstraiion. and Mr. Parsons ENG. ieatem&ul? 

group personnel and interests * ahmi unw tn 

South Africa. Mr. Rirhard Rogers has been E ItSwSSrtS 

+ appointed a director of JAR DINE w 

ALEDONIAN A 1 RMOTIVE, the D'AMBRUMENIL LNTER- 
ly-forraed Scottish engine NATIONAL. QuVrtm muiM 


The I Qunnpr ended 
n f I September 1978 


9 months ended 
September 1978 
Arcs* under tribute 


metres 

Channel 

gold 


uranium 


width 

cm 

git 

cm.git 

kgfr 

cm. Lou 

1 032 

91 .1 

32.43 

2 954 

0.7* 

67 .56 

1 134 

■74.0 

40.57 

3 002 

0.86 

63.30 

2 936 

76.2 

37.61 

2 606 

0.84 

64.D1 

40 

22.9 

117.77 

2 697 

3.13 

71.57 

40 

22,9 

117.77 

2 G97 

3.13 

7IJ57 


Mr. Rfrhard Rogers has been IS 
appointed a director of JARDTNE :not include!? in 


LNTER- 


Quarter nndM 
September 1978 
Quatter endad 


Butcher&Co 

I incerpCKaiing 

B Leopold Farmer & Sons) 


Agents, Valuers, 
Surveyors and 
Auctioneers of 
Property and Plant 

London Leeds 
Birmingham 


June 1978 
9 month* ot 


September 1978 6 070 834 114.1 13-06 1490 040 5408 

CAPITAL EXPENDITURE 

tmincalM anpendhuTB for the year ending Dreemner 31 1978 is R56OOOOO0 

(previously R46 OOO OOO) of whfrh R31 70U 000 (previously R26 400 OOO) Is In 
respect of the new South uranium plant. 

outstanding an capiul contract* as at September 30 1978 ton lied 

R 14 425 OOO. 

For and on oehalf of the board 
G. •.AMGTomt 

^ w R LAWRtef O,rK,0r * 

October go 1978 


SOUTHVAAL HOLDINGS 

SQUTHVAAL HOLDING'S LIMITED 

The attention of shareholders is dlrened to the report of Vaal 
Reefs Exploration and Mining Company Limited. 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 


NOTES 

1. NEW GOLD PAYMENT PROCEDURES 

From April II. 1978, payment for gold production at the official 
price plus premium on market sales distributed monthly was 
replaced by payment at the market price. The non-recurring 
balancing payments resulting from the changeover distorted 
revenue for the June quarter thus making it not comparable 
with other quarters. 

2. Development values represent actual results of sampling, no 
allowance having been made for adjustments necessary in 
estimating ore reserves. 

The Orange Free State Group's results appear on another 

page in this paper. 

Copies ot these reports will be available on request trom the 
offices ol the Transfer Secretaries: 

Charter Consolidated Limited, P.O. Box 102. Charter House, 
Parfe Street Ashford. Kent TN24 SEQ 
LONDON OFFICE: 40 HOLBORN VIADUCT, EC1P 1AJ 


SSSUrSSs 56 * «’» 1033 

jWwT. 2 563 2U 60.7 17.68 1 073 - - 

gjiSSKr??# 7 622 718 64.0 20.6* 1 H> - - 

ra L-WM "- 3 S? 

ane was paid on September 8 1978. 

s» sssrs ■ j WAV! vm — 

R3 659 OOO. 

HjSS^SSrhff jsrssw 

a ur, =h D r 0 ^ u r e 

extension will Croat the remaining current 3t?S^«]^l!r»es^The 

and In addition 50 000 tens a month ol wanium-bMMng raclaln^ «»mw. Tnn 
escalated capital cast Of tti° extepston n estimated at RSO million wmen v»ni w 
mm milnlv during 1979 and 1980. It l& expcaod that production will commence 
during the second half ol 1981. Fw an(J on Mha|| the wrt 

G. LANGTON 1 
W. R. LAWRIE f DirCCt °« 

October 20 1978 


EAST DAGGAFOIMTEIIM 

East Daggafomern Mines Linmod 

ISSUED CAPITAL: 3 730 000 lharffi. ol R1 each 

Quarter 


FINANCIAL RE5ULT5 
Royalties and gold revenue . . . 

Sale ol salvaged ecuipment and scrap 

Sale of raoiraf Items — 

Sundry revenue .... _ — 


Surplus ne'orc taxation 
Taxation — estimated 


Surplus alter taxation _ _ _ _ . 


ended 
Sop l- 1978 


R12 000 
5 OOO 


Quarter 

enced 
June 1978 

R4I5 000 
2B 000 


423 000 
205 000 


9 month* 
ended 
Sent. 1978 

R670 000 
3S 000 
76 000 
94 000 


750 OOO 
4 1 3 OOO 


Dividend — interim R933 OOQ 

DIVIDEND 

The Interim dividend ot 25 cents a share In recnect 01 the wear ending Decemr^r 
31. 1916 declared on Julv 20. 191 B. to nvsmbeis registered on August 4. 1978. 

and was paid on September 8. 1978. 

For and on behalf ol the board 
D. A. ETHEREDGE I 

M. 5. McCRUM! Directors 

October 20 1978 



% fzk 
M 





Railfreight Speedlink is growing fast 
and making a name for dependability. 

Over 9,000 miles of high-speed track are 
already integrated into the Speedlink 
system, with further services being 
introduced this year. Speedlink is the 
freight system of the future, today. 

Purpose-built general merchandise 
vans, open, wagons and flats transport 
Speedlink freight at speeds of up to 75 mph 
on mainline, high-speed track. An advisory 
service for companies considering 
purchasing specialist wagons is readily 
available. All transits are continuously 


monitored by a computer-based control 
system to ensure reliability. 

If you have sidings, modernisation to 
Speedlink standards will enable you to 
operate them more efficiently. New sidings 
developments, modernisation and specialist 
rolling stock may qualify for generous 
Government Grams. 

Speedlink is growing fast and bringing 
freight reliability your way and to Europe. 
Find out more - write to the Chief Freight 
Manager. Railfreight Room 4a. Melbury 
House, Melbury Terrace. London NW1 6JU. 


t WBW’ MUMl I l i m HU 1 ! m 


v . >; * . 



.. •» ,1 - ■ >. ■ 

. „• ' ';-V ;v;^ j- • \V-* r ' . , . ' -a •; 






■ : -f-v 


Railfreight Speedlink 

THE ERETaHT SAME EOP r-TTrr T * ^ t T,tty 


S 






Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson F« 
number o 
were com 
paign a;’ai 
Party on 
1974 Gent 
The foj 
allegation 
lowing ihi 

affair. All 
was. had 
an orches 
himself, l 
Lady F: 
Marcia VS 
The Pr 
Sir Haro 
drawn soi 
Subseqi 
(old the 
did not 
prietnrs 
instructed 
round a 
material." 

The Prt 
to hear 
Sir Haroii 
formal to 
On the 

again>t t 
council s; 
I toy a l Cc 
that I her 
Labour hi 
The Pr. 
is one ni 
lished tori 
In uno 
council 
against 0 
Daily Ex 
picture c 
Henrietta 
death in 1 




NEWS ANALYSIS: RHYS DAVID EXPLAINS WHY FANS OF THE NORTH EAST ARE FIGHTING EACH OTHER 

' r . • . rm nega— and wants Its supremacy, bfr tavoive^. in 

IF THE usually fairly forceful NEDC is to behave are likely 1 A * I to he recognised. tt-js'Tfirough' overseas. *| 

voice of the North-East of Eng- to emerge. ■ lAVTA fl AflYH AVI'! ■ Allllf*l 8 1/1/51 NECCA that the conned would Tbe t>rop 0 ^.p^:f 01 ^ bh 

land has appeared somewhat The line-up is not simply 1 WmZ w m." 1 1 W I M 1 I I fc~^B I 1, 1 > 11111 ll/H J f Al like to see NEDC JJ®? NECCA’si officers .who are dmt?y' 

muled over recent months, i! NEDC on the one hand and M** ^ M - 'at today's meetms the authon- from ^ &e couaty-.cmmoa; 


appeared somewhat 


line-up 


not simply 


muled over receot months, it NEDC on the one hand and 
should perhaps not be very sur- county councils on the other. 


Development Council warned 


E r :r e h f h or d th i ars ; m T of sa * ‘i&JWfcte 

both the body charged with i pro- allies and linite oppo ^ nts M 


“I “ — * — «n™-K 1 a sroin <ua UlC vuumjr- L-UUUCil! , f -i(* 

M*J. -Ml may- oot.:be aa'^ia^a jffl 

guidelines drawn up byw^; 


moling the area— the North of wel , The staunchl v Tory Nor- 


England Development Council Cumberland County Council. 


, - _ . . ^ WIHU*»VhlU4tU ovumj \IUUUW is 

and US local paymasters, tfle though never openly critical oF 
count}- councils, have for some NEDC . favours aew gu j de iines. 
ume being directed at each ^ chief advocates of which are 
ol “ er - the Labour-controlled Tyne and 


to leave politics to counties 


navc r^-wear Xo have with NEDC plainly in 
but Tyne and Wear, • . bareaininE' postioii. TVnf: 


out i>ne t * uu . ’ weak bareaining' po®t3on-. : .Tnu" 

been busy “ p f ^DC and Wear has already- tfireatlS? 

suggested guidelines for JN&du f wedc wt*. J? r ’ 


suggested t0 a out q{ >^OC^W' ^ 

in recent weeks, have made it w stay, if ^organfeaeD,.'^ 

plain what they want. is placed -under NECCA-coW 

When their ideas appeared 1x1 ^ rt were . to leave it woul 


In an area as intensely politi- Wear County. The Labour group packed its bags ^ left last up of £275.000 from government, policy, It hasalso lobbied against at the J ,."J e " lhere was an hnme di create a major dent -in NEDC - 

cal as the North-EasL the North in Cleveland finds itself in a £. ear with the halaneA i*nminc mostly transport policies which it eon- region’s economy of the spend- the Press mere waa «*u create a uikjw* 

of England Development Coun- difficult position, however, be- J ‘ hlin __ fh _ iran rpn from the Su? eountycohncils. sidered harmful to the region, ing power now available to- the ate and anguished regopse from fin^eesand . . 

cj! has been under fire for cause one of its members, Mrs. Rumblings a 0 amst Uie NEDC go y and made some strong criticisms Scottish Development Agency^ Mrs Taylor, the NEDC chair- ®*S“* _ T ‘i m ' - 

entering— in some eyes at any Maureen Taylor is the current back some way but they have Under its equally outspoken f th c development incentives Granting the Scottish Nationalists ‘ Tiie n s g included, stipula* . 

rate— too deeply into politics. It NEDC chairman. Some support tended to come to a head over director, Mr. John Hobbs, NEDC “ ffered ^ ^ Irish Repu blic. a platform to outline their view ™. e *^ D c S houia not be ***££*$ %»TrA ' 

is a field which the politicians for the NEDC has come, too, the past year for a number of has continued to interpret its . in the heart of Newcastle -has twns that NEDC .supporft .of thejnost populot 

on the local authoriUes who from the Northern regional reasons. In the first place, since remit fairly widely, treading m But perhaps the cardinal sin rankled ever since with Tyne and involved in any expression ot county *n the region, - \ 

supply NEDC with much of its Council of the Labour Party, local government reform in 1974, the process on some sensitive committed by NEDL for its Wear# political comment without it may not come to this; hm 

cash feel should be left pretty- which has warned that the area the county authorities have toes. It lobbied actively earlier critics, at any rate, was to . - . ^CCA clearance, or pronounce eve r. Indeed : all sides-are ha '. 

much to them, and at a meeting could suffer if the present row themselves become much more this year against a bill being organise two years back . a . n ^L“ e ^ matters of regional signifi- ing a formula can, be' Wfli& V 

_ e ,L. :i.«* i«»i fn ivre*rvr«v Tho involved in Inrinstrial nromotlnn nmmntorf ho r win tor t.nndiin seminar on devolution at wh Ch COUflCllS in Lae area Have beet)- On mauers ui lc^iuu ft * . ^ t ; n„ - ^ T .• • 


casn reel souuia ue wu yieuj whivu uu ueu uj<u uxc - j _ — — ■ rr v «,umcu — .- 

much to them, and at a meeting could suffer if the present row themselves become much more this year against a bill being organise 


muen 10 mem, ana ai a mwim;; tuuiu ouaci 11 iuc yicjcui iu- ; — - • v — . , — — ° - - -- , . . l, ; n iha iro, hana i™. ni resiOnal SlEulIl- me a tyruiuui e*u, we -wmst . . . 

todav of the councils’ own co- led to NEDC’s demise. The involved in Industrial promotion, promoted by the Greater London s^marondevolutionat which ^ a Q r ^ ° nc ?or7hercgion a istralegy. cm which is generally aCcept^> ’ 

ordinatine committee — the North- fourth county represented at to* in some cases in competition Council to stimulate industrial the Scottish National Party was developing their own machinery cance a ' rhanee its and which can enable NEDfc " ' '• 

ESt Cnaniv CounciTs Associa- day’s talks will be Durham, the with regional bodies such as the development in inner boroughs represented. The North East has for coordinating action and for Nor should NEDC change ns ana 

*■ “ _ ... . . m. ; 1 _ <1 P. 1 _ . 1 _ \nrnp 1 \T 1 ?! lP* IMAAniA Inc* irnn H *r t.L A _ _ I »Ln t kftAA Iiinftn/Hl dw 


East Countv Councils Associa- day’s talks will be Durham, the wim regional ooaies sucu as tne aeveiopment in inner oorougns representen. xne ixuun ^ «« nr^rarame or noUcies get on- with: maiir task..; 

tion— some fairly tight guide- erstwhile fifth county member NEDC. NEDCs income last year of the capital, claiming that this been vigorously opposed to the arriving at an agreed view, on own P r ^-” ri _: P fln . or cluing the region. . . 
lini governing the way in thich of NEDC. Cumbria, having of just under £500.000 was made made a mockery of regional Scotti sh Assembly and concerned matters affecting the : area- without NECCA permission or setting lqk ^ u. 


Group Gold Mining Companies 

(AD companies are incorporated in the Repubta of South Afnca) 

Orange Free State 


Reports of the directors for the quarter ended 30th September, 1978 


FREE STATE GEDULD 

Free State Geriuid Mines Limited ^ 


PRESIDENT STEYN (Continued) 


DKYELOPMENT 


OPERATINC RESULTS 

Tons milled - — - ■ 

Yield — g<t . . • — • — 

Cold produced— leg ■ 

Revenue per ton milled 

Cost per ton milled ._ . . — — • • • — 

Profit per tan milled 

Revenue iSee Note 2) . • 

Cast — — . 

Proht . . 

JOINT METALLURGICAL 
SCHEME iJMSI I Sec Summery) 

Slime delivered 

Tons — — 

Gride 

Bold— fl.t — 

uranium— Ufl/t ... — 

sulphur— oe<- cent 

FINANCIAL RESULTS 

Working profit — G o ld 

JMS estimated draft t (See Note 31 
Net sundry revenue 


Quarter 

Quarter 

Year 

ended 

ended 

enoed 

Sept. 1978 

June 1978 

Scpl 1978 

S59 000 

858 000 

3 370 MO 

15.31 

T3.28 

12.7B 

IT 167 

11 398 

43 055 

R76.13 

R 80.08 

R6S.79 

R28.S9 

R26.70 

R26.50 

R47Ji4 

RS3.38 

R42.29 


Basal reef 

No. 1 

No. 2 

No. 4 

Video lease area 


quarter ended 
June 1978 . . 
Year ende 


R63 369 OOO 
R23 964 OOO 
R39 88 S OOO 


R22 926 OOO R89 298 OOO jg e a ad V re ' t 
R4S 822 000 R142S23 000 No. 2 1.'.'.'.'.' 

Video lease area 


R39 885 OOO 
847.000 
1 502 OOO 


Advance 

metres 

metros 

channel 

width 

cm 

gold 

Bit 

cm.gft 

uri 

kgit 

1 772 

218 

16.2 

99.63 



2 316 

2 f 8 

35-2 

50.37 

1 773 


2 39 j 

466 

43.7 

37.21 

1 626 


822 

220 

32.6 

42.06 

1 371 

0 14 

7 305 

1 1 Z 2 

34.S 

46-43 

1 602- 

0.39 

8 547 

1 180 

31.9 

49.03 

1 564 

0.44 

32 482 

4 164 

34.4 

41.10 

1 414 

0.36 

354 

200 

114.5 

4.59 

526 

0.29 

353 

276 

98 9 

3.99 

395 ■ 

0 20 

S7 

38 

69.7 

3.49 

243 

0.05 

744 

514 

102.8 

4.28 

435 

0.23 

685 

3S3 

136 2 

3.56 

498 

0.18 

2 507 

1 418 

120.7 

3.99 

481 

0.21 

314 

134 

84.4 

8.82 

744 

0,26 

235 

114 

100.9 

3.78 ’ 

.381 

0.09 

1 054 

574 

78.2 

5.97 

467 

0.1 s 


PRESIDENT BRAND 

President Brand Gold Mining Company Limited 


em.kg/t 


ISSUED CAPITAL: 14 040 000 units ot stock ot 50 cents each 


FREE STATE SAAIPtAAS 

Free Stale Saaiplaas Gold Mining Company. Limited 

ISSUED CAPITALi 28 TOO OOO shares. of RI.Mdi _ *. - - 


Pro lit before taxation and SUte's share 

Ol ora lit 

Taxation and SUte's share at prant — 
estimated 


Profit after tax and SUte’s share 
estimated 


Quarter ended 

September 1970 744 S14 102.8 4.2S 435 0.23 

802 000 2 830 000 Quarter ended 

June 1978 685 3S3 1 36 2 3.66 498 0.18 

„ Year ended 

0.3S 0.3S September 1978 2 507 1 418 120.7 3.99 481 0.21 

0.09 0.09 -A' roof 

0 96 °" 95 Quarter ended 

September 1978 314 134 84.4 8.82 744 0,26 

R45 822 000 R142 523 000 Quarter ended 

178 000 20 000 j.lM« 1*»?» 235 114 100.9 3.78 .381 0.09 

1 051 000 4 221 000 September 1 978 1 054 S74 78.2 5.97 487 0.15 

■ ■ ■— - Area under tribute to and developed by President Brand (not included abovo) 

Basal reef 

Quj) fin 

47 051 OOO 146 764 000 September 1978 645 56 13.1 140.92 7 848. 1.12 

Quarter ended 

23 647 000 68 229000 j» Pe • «5 204 13.3 129.62 1724 1.17 

September 1978 2 188 440 134) 13338 1734 1.14 

ORE. RESERVES (See note 11 

R23 404 000 R78 535 OOO Based on Gold Urani 


19.11 OPERATING RESULTS 

7.70 -Torn milled 

4.68 Yield — 9 /e - — 

Gold produced — ks 

Revenue per tan milted — . 

13.42 Cost per ton milled 

„ Profit per ton milled 

la.i. Revenue isee Note 2J — - 

33 69 JOINT METALLURGICAL 
19.53 SCHEME <JMS) iSec Summary) 

3.14 Slime- delivered 

Tons ... 

__ Grade 

23.82 BOId— git — 

_ m uranium— kgft .... — 

za. 2 b sulphur— per cent . — 

24.83 FINANCIAL RESULTS 

Working oroftt — Gold 

JMS estimated profit isee Note 3) .... 
Net sundry revenue 'expenditure) . . _ 


Profit before taxation and SUte's share 

of profit 

Taxation ond SUte's Chare of proAt— - 
estimated 


646 

56 

13.1 

740.52 

1 848 . 

1.12 

465 

204 

13.3 

129.62 

1 724 

1.17 

2 188 

440 

734) 

13338 

1734 

1.14 


Proht after tax and State's share- 
estimated ...... ... 


Capital expenditure — metallurgical com- 
plex- — partly financed by way ol loans 


R20 604 OOO R23 4Q4 OOO R78 535 OOO 


CaoiUl expenditure — metallurgical com- 
plex — oartlv bnanced by wav ol loans 

—other — 

Loan Lev, as — estimated — 

Dividend — interim 

—final 


R145 OOO 
RIO 109 OOO 
R1 905 OOO 


R334 OOO 
RIO 304 OOO 
R 2 084 OOO 


— total 

SHAFT SINKING 
No. 5 main shaft 
Advance — metres . . 

Death to aate — metres 
Station cutting — metres 
No. 5 ventilation shaK 
Advance— metres . . . 

Death to date — metres 
Station cuttinq— metres 
DEVELOPMENT 


■ void price per Stooe width ■ - — . — 

" . kilogram Tons cm git cm.«ft kB»t cm.kglt 

„ June 30 1 978 ~ R4 G10 10 031 000 126.1 12.91- 1 629 0.12 15.62 

R1 161 OOO R5 030 10 678 000 127 .6 12.49 * 1 596 0.12 15.55 

R38 516000 R5 450 11 533 000 129.8 11.96 1 557 0.17 15.33 

BSOBIOM J ‘™ 30 1977 R3 300 8 683-00 118.6 14 07 - 1 669 O .14 16 54 

RJ OOO 10 B41 OOO 124 1 12.72 1 579 0.13 16.54 

R13372000 _ , R4 700 11 982 OCT 126.8 12.03 1 526 0.13 16.54 

R19 314 000 ^ ( “! N r " s ' rws HlClude the Video lease, area. 

R5Z 886 OOO Details ot the dividends declared in respect of the year ended September 30 1978 
are as follows: 


Stooe width 
cm 

0 126.1 
9 127.8 

0 129.8 

0 118.6 


Loan Levies — estimated 
Dividend — Interim ... . 

— Final 


Quarter 
crated 
Sept, 1978 

Quarter 
ended 
June 1978 

Year 
• ended 
Sept. 1978 

803 OOO 
9.42 
'7 567 
R52.45 

prrso 

R24.95 
R42 1 20 MO 
R22 084 OOO 
R20 036 OOO 

796 000 
9.70 

7 723 
R60.S2 
' It 24 .95 
R3S.S7 
R48 409 OM 
R19 659 000 
R28 550 000 

3 146 MO 
9.53 
29 989 
RSI .51 
' R25.14 
R 26.37 
R162 03ZOOO 
R70 083 OM 
RB2 949 000 

856 OM 

733 000 

2 960 000 

0.37 

0.08 

0.92 

0.43 

0.08 

0.99 

— com 
«aai 
doo 

R20 036 000 

1 979 000 
128 000 

R28 550 MO 

1 996 000 
1559 000) 

R87 949 000 
.6 317 000 
. (1 M5 000) 

22 743 MO 

29 987 000 

88 260 000 

6 066 000 

12 799 OOO 

34 432 000 

R1SOT7 OOO 

R17 188 OOO "* 

RS3 828M0 

R7 239 000 
R* 233 OOO 
R687 000 

R5 846 OM 
R2 56S OOO 
R7 465 OM. 

RIB 499 000 
,'.R9 496 OOO 
• • R3 939 000 


Mine production — tons milled 


SCHEME i JMS) ■ See Summary) 
Slime delivered 

Tons 

Grade 

gold— git ...» 

uranium — Lgit . 

sulphur — per cent 


JMS estimated profit See note 3) 
Net sundry revenue 


Proht before taxation and State's Share 

O* profit .... . . . . ; 

Taxation and State's share of proht— 
estimated 


Profti alter tax and SUte'6 shar 
estimated 


Quarter ' 
codctl 

• Sept. 1978 

Quarter 
ended - 
June -1578. 

. 317 000 
3.47 

7 098 
R19.65 

R 25.81 
IR4.167 
RS 226 OOC 
R7 548 OOO 
CR1 320 0001 

■ 312000- 

3.40 • 
1 060- 
R2226 : 
R22.16 
- - R0.10 
• R6 944 000 
R6 914 OOO-- 
RSO OOO 

641 000 

699 000 

024 

025 
0.73 ; 

0.33“ 
022 
- 0.73 

(K1 320 0001 

3 097 000 
' 837 000 

' RSO DOO 

5 264 OOO 
862 000. 

• 2 614 000 . 

6 156 000--- 


. Ytar 

■i-.endN- 
Sear.', if . 

/ail 




• 14*20 (. 


R6 156 OOO" *-flt4420(. 


plex financed by wav of loans .... 

—other • .' ... 

Tonnaoe treated lor President Brand on 
a cost plus service charge basis . . 


R37 OOO 
R3 557 000 


Ria oob _ ‘ sjjjri -■ 

R2 592 OaO -RIOfiSst . 

• 102 - 600 r - -ing— 


— ToUl 

•Includes tonnage treated on cost plus 
service charge basis bv Free state 
Saalplaas 


R1 1 ’934 ODD Advance— metre* . r_ . . _ 

. Deoth to aate — metres , 

R21 060 OOO SUtion cutting— metres _ .... . 
DEVELOPMENT ■- 


139.9 
20S3.S 
: 911J 


;157.S. 
1.945.6 
-- -724.1 


R13 572 OOO 


• «‘x 2 ec, » r e«f — ... M _ . . „ _ _ 

838.3 Per uni ol stock 

67.5 To sfiarrholdvrs registered 

Payment date _ 


Dividend No, 46 
•Inter ">u 
April 20 1978 
30 cents 
Mav 5 1978 
June 9 1978-' 


CONSOLIDATED PROFIT 
Consolidate* profit after taxation and 
SUte's share ot profit ol the company 
and Its subsidiary. Free Slate Saalplaas 
Gold Mining Company Limited — alter 
allowing lor minority shareholders' 
Interest . . ... 


Advance 
metres • 


Sampled 
gold * 


Leader reef 
Quarter ended 
September 1 978 


J .. Interest R17 3S5 000 RZO 268 OOO R 61 044 OOO ? u A rt ^ r n , c . r,<3cd 

Divided No. 47 June 1978 

iTmjl] .The attention of nwwbecs Is dram to the report on the operations of the company's Year ended 
"Ocr. 1 0 ' 97B autoldiary. "Free State Saaiplaaa. puMi&hed m conjunction h cr e-rtfi . — Scotembor 197, 

SO cents _____ ,, n.vrL.r *• wwi reef 


ftllR 


DEVELOPMENT 


Shaft area 
Gasal reef 
No. 1 . . . . 

No. 2 

NS. 3 

No. 4 

No. 7 . . 

No. 9 

Philippi No. 414 
tribute area . . 


Quarter ended 


Quarter ended 
June 1978 . . 
Year ended 


Leader reef 
No 1 . 

No 4 

No. 7 

NO. 9 


Quarter ended 
September 1978 
Quarter ended 
June 1978 . . 
Year ended 
September 197* 
Kimnerley reel 

No. 7 

No. 9 


Quarter ended 
September 1978 
Qujrter enoed 
June 1978 
Year ended 
September 1978 


Advance 

meires 

metres 

Channel 

. gam 


uranium 



cm 

B't 

cm.git 

kgit 

cm. kgft 

2 112 

172 

31.7 

133.66 

4 237 

0.46 

14.59 

3 427 

212 

13-3 

77 59 

1 032 

0.62 

8-20 

2 677 

390 

30.9 

31.04 

9S9 

0.40 

12.27 

1 408 

212 

62.6 

139.22 

8 715 

0.44 

27-40 

1 284 

102 

26.5 

16.04 

425 

0.68 

18.05 

1 863 

40 

16.0 

66.58 

1 062 

0.76 

12.19 

204 

66 

79.2 

7.42 

588 

0.15 

1131 

12 975 

1 194 

35J 

78.16 

2 759 

0.43 

154)2 

12 285 

1 144 

34.9 

120.77 

4 21S 

0.55 

18.60 

45 958 

3 950 

34.7 

95.76 

5 323 

0.47 

16-19 

126 

44 

119.2 

S.70 

680 

0.33 

39.09 

68 

60 

169 5 

1.81 

306 

0 06 

9.94 

Nil 

10 

28.0 

1.29 


0.12 

3.43. 

106 

78 

146.4 

0.77 

112 

0.06 

8.38 

300 

192 

141.2 

2.12 

299 

0.11 

154»S 

401 

228 

189 4 

.2.51 

476 

O.M 

19.89 

1 667 

1 048 

178.6 

2.73 

437 

0.12 

2124 

819 

310 

176 4 

4 69 

828 

0.04 

6 65 

207 

44 

158.9 

2.81 

447 

0.07 

11.80 

1 026 

3S4 

174.3 

4.48 

781 

0.04 

7.29 

960 

394 

171.6 

1.96 

337 

0.04 

6.89 

4 219 

1 788 

159.2 

3.79 

604 

044 

6-37 


7319 CAPITAL EXPENDITURE 

731.9 Orders. Plared and outstanding on capital contracts as at Spet-mbpr 30 1978 totalled 
46-0 R2 761 OOO of which R41 OOO was In respect of the metallurgical complex. 

No. 4 SHAFT SY5TEM e BlM 

Production at the high-grade No. 4 shall ha's Been temporarily curtailed to allow »or S,* . 

repairs to be undertaken to the shaft steel work. This has resulted in a lower average „ . 

grade lor the quarter. No. I . . . 

.For and on behall Ol the Board 3 • 

-P. A. ETHER EDGE) „ No- 3 . , 

Co*,*, „„ 


September 1978 
Gasal reel 
Quarter ended 
September 1978 
Quarter enoed 


106 94.5 

• 98 74.7 

456- : 81.4 


gold T '/ tateBMr'. 
git .Qb-Wt -caJi 

3.74 -’•'■5531. ' - ifi 

442 - 530,- r S 0 79 “ 14^— ■ 

4.93 -*<??• 


metres 

metres 

channel 

mifiFh 

gold 




wiym 

cm 

9<t 

cm.git 

223 

6 

10.0 

223-70 

2 237 

3 393 

224 

SI. 8 

25.93 

1 343 

1 060 

112 

8-B 

245.68 

2 162 


June 1978 
Year ended 


Year ended 
September 1978 


2 085 

374 

85.3 

9.55 


iuq; 

. ;3M 

1 948 

362 

98.1 

8.66 


oisi 

:».c 

7 180 

1 256 

97.0 

8.31 

KW 

0*2 

" isi.iT 


Based on 
gold once per 


7.63 June 30 1978 _ 
2 F ol 

6.44 

June 30 1977 . . 


WELKOM 

Welkom Gold Mining Company Limited 


ISSUED CAPITAL: 12 250 OOO shares of 50 cents each 

Quarter 


OPERATING RESULTS 

. a ns milled 

Yield— g/r 

Gold produced— kg . 

Revenue per ton milled ... 

Cost per ton milled 

Proht ocr ton mined 

Revenue isee Note 2) . . 

Cost 

Proht . .. 

FINANCIAL RESULTS 

Working oroftt — Gold — . . 

Joint Metallurgical Scheme fJMS< 
estimated oroftt [loss) ;Scc note 3> 
Net Sundry revenue 


Quarter Year No. 3 1 432 

ended ended 

June 1978 Sent. 1978 Quarter ended 

______ _ ___ September 1978 2194 

553 000 2 1 64 OM QuJr1er entfed 

1391 13 303 Jd"e 1978 2 019 

RJ7.72 R32.S7 Year ended 

R23A8 R23.S6 September 1978 8 048 

R14.24 R9.31 | n addition. 

120 B63 000 R71 7B1 MO 4rcJ gnocr 

12 987 000 RSI 453 000 ,r,p M , e 'lrom 

R7 876 OOO ' R20 328 000 President Stcyn 

Basal Reef 

R7 876 000 R20 328 OOO Quarter ended 

September 1978 646 

— 12 MO) Quarter ended 

469 000 2 085 000 June 1976 465 

Year ended 

September 1978 2 IBB 

8 345 000 22 411 000 ore RESERVES iSo- note II 


Quarter onded 
September 1978 8 843 

Quarter ended 
June 1 978 8 1 03 

Year ended 

September 1978 32 180 
Leader Reef- 

No. 1 762 

NO. 3 1 432 


k'logram Tons 
R4 610 1 '184 000 

RS 030 1 431 MO 

„ . - RS 4 SO 1 655 000 1 25.9 • 6.71 «4S 004 ,30. 

June 30 1977 .. R J 300 l 32 B OOO 130.B 7.10. M7 - "• 

R4 000 1 972 000 128.7 6.53 / 8*0 **-. 

R4 700 2 703 000 139.1 5.96 770 022 a- 

CAPITAL EXPENDITURE ” j - ' vi ■ 

Orders placed ano outstanding on capital contracts . as at 5aptemlw ™ 1 
totalled R5 346 000. ...... .... .. 


ooe width 
cm 

127.3 
127.2 
125.9 • 

130.6 

128.7 
129.1 


kjfct C»X 
Oie ' S3J 


o^e .S3J 
-OJ15 ■ -31. _ , 

0-24 ,30.-. 
4>J4. 3>.' 

O J3 M. ' 

022 28. • 


DIVIDEND 

.In view o* the loss sustained on gold mining ooeratlgn* and the comp* 


adverse cash position in 1979 . the directors ot Free State Saalplaas j -ry y 
__ that no dividend will ba paid by the company lor the financial yftar ended September 
32.28 1978. " ' 

34.39 For and on behalf ot the o 

D. A. ETHER EDGE, t 

. a 5. YOUNG i 

33.44 October 20 1978. - ", 


554 DM 
64)0 
3 32b 
R34.12 
K2S28 
R8J4 


553 000 
6.13 
3 391 
R 37.72 
R23A8 
R1424 


RIB 902 MO R20 B63 000 
R14 004 OOO R 1 2 987 OM 


132 IWBl 
608 OOO 


Proht berere taxation and States Share 

Ol proht ... 

Taxation and State's shar*- of profit — 
estimated - 


r ih xx.» 

1 -J#i 


WESTERN HOLDINGS 

Western Holdings Limned 


ISSUED CAPITAL: 7 496 376 shares of SO cents each , 

■ Quarter 


646 

56 

13.1 

140.92 

1 846 

1.12 

14.68 

465 

204 

13.3 

) 29.62 

1 724 

1.17 

IS.52 

2 IBB 

440 

13.0 

133.38 

1 734 

1.14 

14.77 


Proht after 
estimated 


;er tax and States 


■rtlv financed by wav of loans 


June 30 1978 


Bases on 
Bold price per 
kilogram 


Loan levies— estimated 
Dividend — Interim 

— Final 


RS28 000 
R1 518 OM 
R206 0M 


R7 000 
R76S MO 
R485 OOO 




Bar'd on 



Gold 

Uranium 

9 632400 


ga'd or-cc per 

5toPft width 



■ — 




kilogram 

Tons 

cm 

9ft 

Cm.qit 

kgil 

cm.kg't 

June 

30 

1978 _ RJ 610 

7 971 000 

151.0 

14.94 

2 2S6 

0.09 

13.41 

R12 779 000 


R5 030 

8 322 000 

ISO-8 

14.56 

2 195 

0 09 

1 3.51 



R6 450 

9 0D0 000 

151.8 

13.80 

2 095 

0.09 

15.66 

June 

30 

1977 — R3 300 

7 114 000 

145.7 

16.43 

2 394 

0 09 

13.73 

R3B2 OM 


R4 000 

8 428 000 

147.6 

14.91 

2 200 

0 09 

13.77 

R3 275 OOO 


R4 TOO 

9 1 62 000 

147.7 

14.15 

2 090 

0.09 

1345 


OPERATING RESULTS 

Tons milled 

Yield— ig/t 

Gold produced — kg . ... 

Revenue per ton milled . . _ 

Cost ocr tan milled " . _ . — 

P'Oftt per ton milled 

Revenue -fsec Note 2i 

Cpff ... 

Proht . 

JOINT METALLURGICAL 
SCHEME iJMSI iSec Summary) 

Slime delivered 
Tons 


ended 

Sept. 1973- 


Quarter 

ended 

June 1978.;. 


820 OM 796 000 --3UJ 

IMS 10.55 ' 

8 883 B 399 . *» 

R61.K3 R64.B0- ‘.'29 

R2X49 R22.78 “•» 

R39.14 • R42 02 S 

R50 53BOOO R5T 1 581 OM RT7B 0» 
RIB 442 OOO RIB 133 000 R70 241 

R3Z0B4 00C R33 44B0D0 R1D7.8U 


R 32 094 006 


yld-'- Oi’t . . - — 

uranium — itg;t . . — 

ppiphor— per cent 
FINANCIAL RESULTS 
Working proht— Gold 
JMS estimated profit (loisi ’/see Note 31 
Net sundry revenue 


R32 094 OM R 33 448 000 


HI 079 OM 
R3 062 000 


(258 OOO) 
1 621 QOO 


- 1269 000) 
.1 715 000 , 


Profit before taxation and Sute's share 


St Details of tne dividends declared in respect of tne year ended September 30 197B are v ■ ■ ■ - 

R4 900 000 tnitnurt: Taxation and State & share 01 nroht 


June 30 1977 . . 


1 Ingram Tons 
R4 6 10 7 320 000 

R5 030 7 866 000 

R5 450 8 220 OM 

R3 300 6 624 000 

R4 000 7 718 OM 


R4 700 8 505 OM 121.4 17.51 2 126 0.09 10.87 Shaft area 

DIVIDENDS Mjal feer 

Details of the dividends declared in respect of the year ended September 30 1978 No. 1 
are as follows: _ 


Slope width 
cm 
122.1 
122.0 
122.1 
120.8 
121 7 
121.4 


Dividend No- 46 
■ Interlmi 


Dividend No. 47 
■Flnall 


33 457 OOO 
21 499 OM 


34 894 000 
22 062 ODD. 


DEVELOPMENT 


Advance 

metres 


Declared t AorH 20 1 978 Oct. 1 9 1 978 _ . 

Per unit of stock — . . . . 65 cents BS cents 

jm To stockholders reglsiorcd Ma« 5 1978 Nov. 3 197B — itilS 

Pavmcnt date June 9 1978 Dec. 8 1 978 Loan levies — «1 

_ k _., Dividend— im^ri 

cm.kgjt CA p| TA L EXPENDITURE _ — Final 

Orders placed and outstanding on capital contracts as at September 30 1978 totalled 
ft 1 8 343 000 of which R13B40 000 was In respect Ot the metallurgical complex. — Total 

la.36* For and on behalf Cd the beard DEVELOPMENT 

10.66 D. A. ETHER EDGE I _ 


Oct. 19 1 978 _ . 

BS cents Capltal^nendltiirc— metallurgical com. 
Nov. 3 1 97B MtU-^lrMr ft na nerd bv wav ol leans 

Drc. 8 1978 Loan levies — estimated' ’. 

Dividend— interim . _ . _ _ 

„„„ — Final ~ ' - 


Declared ... 

Per Ware ... . ... " 

To shareholders registered' ! I i “ 

Payment date _ „ „ ’ 


Dividend No. 42 
•Intcrirm 
April 20 1 978 
130 cents 
Mar 5 1978 
June 9 1 978 


No. 2 

Dividend No. 43 No ' 3 
f Final; Quortc 


Profit alter tax and State's shore — 
estimated _ 


R1 1 958 OOO R12 832 000 


112 MS 

B89BC 

£3— ;".*GiiV'* 


R3 000 
R1 720 DOO 
R1 820 OM 


- ■ R7 MO 
R1 231 OM 
m 863 OM 


CAPITAL EXPENDITURE 

sgt ssvo? aszfJEu™* 


irinji# Qutrter ended 

is! nnu 

Nov. 3 1978 Q M,I « 

Dec. 8 >978 June 1978 
Year ended 

1978 totalled 1978 

omniex. 0 foot 


October 20 1978 


.G. S. YOUNGl 


Advance 

metres 


Sampled 
gold . 


. .. R554 L’.n. _ 

R5673 ' 

RS 841 
R1«24J 
R16B67 .. 

R31.11C J wft “.)*« _ 


October 20 1978 


ic metallurgical complex. “ B " reef 

For and on behall ol the board No - '< 

G. LANGTON 1 Oimrter ended 

G. S. YOUNG I 0,rccWrS September 1978 
Quarter ended 


PRESIDENT STEYN 

President Steyn Gold Mining Company Limited 

and ns wholly- owned subsidiary. Video Mimnc Con'ipany Limiigd 


June 1978 
Year enoed 
September 1 978 
Leader reel 
Nd. 2 
NO. X 


ISSUED CAPITAL: 14 566 400 Shares Ot SO tcms each 

Qw *cr 


OPERATING RESULTS 

Tons milled . _ 

Yield— g.: ... 

Gold produced-— kg _ . ... 

Revenue per ton milled ..... 

Cost per ton milled 

Proht per ton milled . . _ 

Revenue Isee Note 2) _....' 

Cost 

Proht 1 1 

JOINT METALLURGICAL 
SCHEME UM5) iSce Summary) 

Slime delivered 

Tons - 

Grade 

SOW — 9,'t 

uranium— fcgit 

sulphur— per cent 

FINANCIAL RESULTS 

Working nroat' — Gold 

JMS estimated profit Host) isee note 3) 
Net sundry revenue ... 


ended 
SepL 1978 


Quarter 
cnpcu 
June 1978 


Quarter ended 
September 1978 
Quarter enoed 


866 000 
7.52 
6 516 
R43^3 
R2T^S 
R 16.08 


£64 DOO 

» 24 

122 

R-19.00 

R24.82 

R24.1B 


Quarter enoed 

Scot 1978 J uao 1978 • 

Year ended 

3 255000 September 1978 
25622 Intermediate reef 
R42.4S NO. 2 
R 26-21 Quarter ended 
— RIG 24 


000 RIM 212 OOO September 1978 


RXS 774 000 
R13 922 000 


R21 143000 
R20 895 OOO 


RSS 347 000 Quarter ended 
R52 865 000 June 1978 
Year ended 
September 1978 


4 715 OOO «« RESERVES (See note 11 


1 902 

16.3 

75.40 

1 229 

0.9S 

15.41 

— 

— 

— 







26 

111.7 

1.04 

217 

0.06 

6.36 

210 

159.6 

1.13 

181 

0-05 

7.39 

88 

148 

73 3 
13(1 2 

4.39 

3.37 

321 

419 

0.28 
• 0.17 

70 51 
21.51 

236 

100.1 

3.63 

396 

0.19 

21.14 

298 

119.0 

423 

503 

0.25 

50.00 

922 

128.0 

4.12 

527 

,0.23 

Z9.39 

GO 

186.5 

1.13 

221 

0J1 

S7.SB 

76 

164.7 

1.34 

220 

. 0.28 

45-81 

230 

199.4 

1.00 

200 

OJIS 

50.12 


AN6L0 AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 


Shaft area 
Basal reel 

No. 1 ... 
No. 2 .. 

No. 3 
NO. 4 


utaniumj v-^cJe \ - 


H13 922 0Q0 
1 552 MO 
1 239 000 


R20 893 000 
ft« 000) 
726 OM 


RS2 865 000 
224 MO 
3 054 000 


Profit before taxation and States share 

ol proht 

Taxation and Slate s Share Of prom — 
estimated 


16 713 ooo 
7 927 000 


21 453 000 
9 147 QOO 


56 T73OQ0 
IT 375 000 


Profit after tax and State s share- 
estimated 


R8 786 000 R 1 2 509 OOO R38 7W OOO 



Based on 

aeld orico see t! 

!Bae wlr 

Gold 

MS 

Uranium 

June 30 1978 

kilogram 

Tons 

■“r- " , 

Cm 

g t 

crn.gft 

kg-t 

an.kgit 

—■ R4 610 

4 462 000 

119.1 

11.75 

1 399 ' 

0.14 

16.23 


R5 030 

5017 009 

119.5 

11.07 

1 323 

0.13 

15.73 


RS 4 SO 

5 526 OOO 

120.1 

10.53 

1 285 

. 0.13 

"5.33 

jane 30 1977 

_ R3 300 

3 738 030 

11 S .0 

12.Q9 

1 494 

015 

1693 


R4 OOO 

4 967 OOO 

116 3 

1’ -30 

1 337 

0.14 

15.98 

DIVIDENDS 

R4 7Q0 

6 190 000 

120 2 

10-09 

1 213 

0.13 

15.04 

Details cl the dividends declared in resaetl 
03 follows: 

«r the 

rear cndco September 30 

1976 am 




D.« 

idem No 

42 

Dividend No. 43 


Capital expenditure— metallurgical cam* 

ple« • 

— other . . . ... 

loan Levies— estimated 

Dividend— interim 

— Final 


R414 000 
R4 182 Odd 
R926 OOO 


R 354 000 
R4 602 000 
31 069 DOO 


— Tour 

*£**7 shaft system 

Adeancc— metres ■ ■ - — ■ • 

Depth to dale — metres 

Station cutting— metros — — “ 


■ ■ ■- - 'Imrrimi iF.rj,i 

________ Declared — April 2i)igra Ost. 191978 

R al 0 tl COD siarefNaws WBatmrd" n ’ I “ TT “ Ma“i978 No« J ° V 973 

Orders alien] and outstanding on capital contracts a>. ai Vtpinmber 30 1976 LataUrrt 

R11 653 OM R636 00C at which R536 000 was In respect of IN? metallurgical eomplev 

For and on behalf Of Die board 

sna E c - v - NISBET 1 

W?:! __ „ .... . Q. 5. YOUNG) Ol^ort 

1 029.SOc!obv 20 19x3 


NOTES 

1. ORE RESERVES 

At June 30 1978, ore reserves were estimated ac a pay limit 
based op a gold price of R461Q (1977: R3 30Q) a kilogram. 
Also shown are ore reserve tonnages estimated at pay limits 
based on gold prices of R5 030 and R545Q a kilogram to 
indicate the sensitivity of the ore reserves to gold price 
variations. 

2. NEW GOLD PAYMENT PROCEDURES 

From April It 1978. payment for gold production at the 
official price plus premium on market sales distributed monthly 
was replaced by payment at the market price. The non- 
recurring balancing . payments resulting from the change-over 
distorted revenue for the June quarter thus making it not 
comparable with other quarters. 

3. JOINT METALLURGICAL SCHEME 

The results for the past quarter reflect year-end adjustments 
arising from the- formal agrement governing the operation 
of the scheme. 

4. PUBLICATION OF PLANNED PRODUCTION AND CAPITAL 
EXPENDITURE IN ANNUAL AND QUARTERLY REPORTS 
It has been- decided that with effect from October I 1978, 
forecasts of planned production and capital expenditure will 
no longer be published in the quarterly reports. However,, 
this information wilt continue to bc published in the annual 
reports of the respective gold mining companies. 

5. Development values represent actual results of sampling, no 
allowances haring been made for adjustments necessary m 
estimating ore reserves. 

The Trami'aal Group’s results appear on another pnge in 

ffib; paper. 

Copies oj these reports will be available on request from the 
offices of the Transfer Secretaries: 

Charter Consolidated Limited. P.O. Box 102, Charter House. 

Park Street. Ashfcrrd. Kent. TN24 SEQj. 

LONDON OFFICE: 40 HOLBOHN VIADUCT. EC1P 1AJ 


Quarter ended 

September 1978 

Quarter ended 
June 1978 
Year ended 
.Seocember 1978 

Leader reel 

NO 1 

Na. 2 

No. 3 

NO- 4 


Ouartar ended 
September 1978 
Quarter ended 
June 1978 
Year onoca 
September 1978 


ORE RESERVES (see note 1) 


June 30 1978 


June 30 1977 - 


Based on 

Sold prkc ocr Cl 


Gofa 

Urniiin 

kilogram 
R4 610 
R5 030 
R5 460 
R3 300 
R« OOO 
R4 700 

_ Tons 

7 921 000 

8 216 MO 

8 517 OOO 

7 1B1 000 

8 041 OOO 

8 899 000' 

0 *cm WUl 

133.0 

133.0 

133.1 
123.4 
123.7 
124.6 

Pit 

17.79 

17.34 

.16.91 

19.29 

17.87 

16.61 

Cm .git 

2 366 

2 306 

2 251 
2380 
2210 

2 070 

kgft 6R 
0.08 1 
0.08 J 
0-08 1 
0.09. T 
0.09 l 

O.M * 



DIVIDENDS *o.bl 2 070 u.hv * 

188?m!S * Xi ' a * « ttra «or e«hrt Seetembe 


Per siure . . — . . _ _ __ 

To »ftflrehoWef* registered ..... ^ .. _ 


To aiwetioMm reglstera: 

Pa y m e nt dale 

CAPITAL EXPENDITURE 


Dividend Na. 46 
_ f Interim i 
Aorll 20 1 978 

190 coats 
MsyS 197a 
June 9 1978 


DMd*«flF 
(Final 
Oct. 191 
22BS 

No* J J 

Dec. 8 1 



OrtJc^pJaepd and Mfetanding cm agitat contracts a* „ Saptember 30. 1978. W;>, „ 

Far and on Mhatr of rifft'-v ' tfli.. < 

G. LANGTON .| BV^K f 

Ortober 20.1978. .-.®* s * WuN6 ‘‘1 *5 Q-. fc ^ i; 

JOINT METALLURGICAL SCHEME '• ".''VX 


SUMMARY 

ill . Fkjuiimi plant 

■ Siinse 1 real cif-r tons . . I 

•Ti) Uranium olant 

Slime treaten— urns _ ... _ 

radKcntrotc treated — tom . . 

uranium wide produced— ira . 
dll) Ada ala c? - 

aekf p r oduce d — tarn 
0*1 Gold mans 

cplanc treated — tarra • ,w ... . '■ — 

gold pradueed — kfi 

u) Prom — esumatca „.... 


Oiudir - 
„ ended 

Sep*. 1970 

■ Quarter 
ended 
June 1978 

Snrfi. 

4 482 OOO 

' 4 431 000 

• I*'**' 

•65* 000 
93 ooo 
ISO 504 

720 OOO 
B7 OOO 
. 165 445 


■ 85 417 

‘ 87 967 

27; ; 

54 597- 
424 

»G 885 800 

. - 6V 270 

402 

*7 008 000 

- 76 . 

R19 48 


"T. . •'•r-Jr.l.f 


'rr-^ 


^ jJ. \ JZLp 


Kdsbc&I limes. Fri^y October , 20 197S 


IMKKWIIOWI. FINANCIAL \ M ) ( ( ) VI P X N V: ,\ L \VS 





Renault 
Trucks may 
shut older 
plants 


Upturn at Rhone-Poulenc 
continues in second half 


BY DAVID CURRY 


PARIS, Oct. 19. 


French 
banks 
plan to 
combine 


£?■*■**■*■*■*'& RHONE-POULENC.' one of The crucial sector for the while in Brasil, Rhodia had 

_ _ _ France’s leading chemicals and group at the moment is textiles, improved profitability and 

By Our Own Correspondent textile groups, has sustained its The first' half 1977 loss of reduced its working capital and 

' to-oie nr* io recovery into' the second half of FFr 347ra was trimmed hack to debt. 

***“■ tier. is. tUe year despite the continued FFr 250m in the first half of this- at Gillet outlines the group's 

RENAULT Vehicles Industrie Is. sluggish performance of the basic year as the group implemented po hcy in the loss-making rUasucs 


nas warned its 38.000 to me groups own euoru w kei rcr. «um is to nc invested in tion in polyvinyl chloride im- 

workforce that h may be forced «o grips with Jfce losses mi its this sector up to 1979. and pr0ve jts position in polvincr* in 

to reduce employment in the French textile operations, rather FFr 260m has already been com- dispersion and develop techm- 

New Year, ii has also indicated than t 0 any marked recovery of mitted. cal noiyaiiides on overseas mar- 

tnal it msy be obliged to close demand. Over the first eight months of tgio - 

certain manufacturing facilities However, he does . report a the year. Rhone-Poulenc Textile mpn »ions the "rmm’s 

at older sites. Both questions strong advance from the in- saw its sales in France advance .SSn^ to hick technSy 
arc subject to special studies creasingly important . divisions by 3.6 per cent for a volume sS^s meludi^ DroiecJ ^o 

SKS-E? COm '’ ,CtCd bef °- S'LTM eent "^' S A 

Th, n«d. if the »re« SiflS'" “S S P^phrt 


-nw - n “‘-/sales. These areas nave mam- crease, the Swiss company J n lu J c tl “‘ 

,K‘P5 UC , r ^u’ . K « « - Pf® ss itained their sales momentum Viscosuisso staved in the red on reported FFr 150m net profits on 

InT 5, ** .modwnaationjjnfn t h e second half. a decline in 'sales, while The turnover. up by 6.8 per cent to 

40 impr SY e The chemical divisions. Spanish subsidiary showed FFrJ3.16bn. Cash flow ,m P rov * d 
-^m S kp- en repeatedly | acc0 unting for more than 40 per profits on unchanged sales ,0 FFr ir,fan - 
rrresseo ny M. Franco:^ ”an- [cent of turnover, managed a first volume The figures are nol compnrahle 


E SAA 


ip Ufts 


freedom u* adjust the level of 
iheir .vrioRlom. to remain com- 
petitive at the international level. 

The announcement that the 
company was preoarinq to take 
the plunc? was made to the first 
group works council of fhe 
merged ’Beriiet-Savlem operation 
in Lyon this week. ' 


overcapacity. 


sales gain — also in franc term: 


Holzmann in U.S. merger talks 


BY GUY HAWTIN 


FRANKFURT. Oct. 19. 


in Lyon this week. PHILIPP HOLZMANN, the large family and remaining shares in the U.S. domestic market. 

. .At the <snme time M Z an .|Frankfurt-ba$ed construction con- largely in the ownership of the Only some $100m of its sales 
nntli announced 1 hat a ' further i ccrn * * s in ,a,ks which could lead group’s employees. Holzmann were abroad, in Saudi Arabia 
«ix working da vs would he sacri- t0 the takeover of the UB. con- was today unwilling to name the and Iran. It is understood that 
fic*>d at the end af October and cern ’ ,T - A. .Tones Construction likely purchase price and was this strong emphasis on the 
the beginning of November to ' Company. If the deal went unable to give Jones' profit U.S. domestic market is one of 
prevent' the excessive build-up of ! trough, it would give Holzmann records. _ the main attractions for Holz- 

‘UiH-ks at the group's two main!* 1 . 5 ftrst North American sub- Holzmann — whose leading raann. 1 

factories or Rlainvilie and Venis-I sidiary. shareholders are Deutsche Bank At present Holzmann does no I 

sieiix. The former has alreadv J. A. Jones, which operates out and Westdeutsche Landesbank. wor k j n the North American 
seen 19 days of technical unem'-i of Charlotte, North Carolina, and bolh with more than 25 per cent market, although before the 
plovment so far this year and i is registered in Delaware, Iasi — does a great deal of business fi TSt wor id war *h e 130-year-old 
the latter six da vs. year bad wrspvgr of some S600m. overseas. Last year its total concern was active in both 

Wanes are hein-T hlnck-Pd if =.iii Therefore ’ l wou,d ^ a very conriniction out P ut was some North and South America. It 

wanes d 7H oema OlOChea 31 all I«HU UA raunn TOW Q WKn nJt u ,V,;f.h no* onnl t* _ U . 1 - * , 


By John Wicks 

• ZURICH. OcL 19. 

{ A MERGER of two French banks 
lo creak* a Paris-based, commer- 
cial bank with assets totalling 
FFr 5hn. ($1.2bm and capital 
resources OF FFr 250 <$60m) was 
mooted today. 

As a first step towards the 
merger. Die two banks. Banque 
Franca tse de Depots et de Titres 
and Societe Privee de Ccstion 
Finandere et Fonciere. plan 
what is described as "closer co- 
operation” which, initially, will 
involve SFGF taking a 65 per 
cent shareholding in BFDT. 

The plan was unveiled today 
by major Swiss bank Credit 
Suisse which, together with First 
Boston Corporation of the U.S.,, 
effectively controls BFDT. i 

When merged, ihe new bank 
wtH concentrate its activities on' 
financing transactions. Opera-' 
Lions for institutional and private | 
clients will be centred on thei 
French and international money 
and capital markets, portfolio' 
management, property invest- ! 
ments and the acquisition of 
industrial . and financial 
participations. 

Credit Suisse and First Boston 
will remain shareholders in the 
merged bank. Other shareholders 
includes Cirisse dcs Depots et 
| Consignations Credit Foncier de 
France. Societe GeneraJe. Caisse 
Cent rale des Banques Populaires, 
Continentale d'Entreprises, J. 
Henry Schroder-Wagg. Amster- 
dam - Rotterdam Bank and 
Societe Generate de Belgique. 

I An application to carry out the 
merger has been made to the 
French authorities. 


MEDIUM-TERM CREDITS 

Four banks put 
together S80m 
loan for Iran 


JU4- privately owned — with 70 per J. A. Jones Construction, on 

At. management level, the cent in the bands of the Jones the other hand, mainly. .operates 

_jroup is simplifying its structure — 

0 enable M. Eannottt and bis 

.3EM h s\icx Setback for Michelin 

iiloUng the group through its ^ 

itj'rrent financial difficulties. The BY ROBERT MAUTHNE* PARIS, OcL 19. 


Nobel-Boze! losses 

FRENCH metallurgy, paint and 
chipboard group. Nobel-Bozel, 
reports a net loss of FFr 51.4m 
f$12.2m) for the first half of 
197S after provisions totalling 
FFr 45m. For the opening six 
months of 1977 losses amounted 
to FFr 1.3n) prior to exceptional 
items, agencies report from 
Paris. 1 


BY FRANCIS GHILES 

THE SSOm. LOAN for Iran’s 
state-owned Agricultural De- 
velopment Bank is being 
arranged and provided by only 
four banks: Blyth Eastman Dil- 
lon, DG Bank, Tokai and Dai 
Ichi Kangyo. The four will not, 
! for the time being syndicate this 
loan in the open markeL 

This is the first major loan 
put together by Mr. Minos Zom- 
banakis in his new position as 
head of Blyth Eastman Dillon. 
The Agricultural Development 
Bank was for a long time a cus- 
tomer of First Boston f Europe }, 
which was headed by Mr. 'Zorn- 
hanakis before he joined Blyth 
Eastman Dillon. 

Many banks have shied away 
from joining the management 
group for three basic reasons; 
first, the borrower is felt to be 
of poorer quality than two other 
Iranian ones (the National Gas 
Company and the National 

Petrochemical Company) which 
raised money on similar terms 
earlier last summer. Secondly, 
the current Joan does not carry 
a sovereign guaranty which the 
other two did. Thirdly 'the re- 
cent disruption in Iran is having 
a cumulative effect on banking 
sentiment. 

The African Development 
Bank is arranging a $150m 
10-year loan through a group of 
hanks led by Credit Suisse. First 
Boston and Scandinavian Bank. 
Ail the countries on the African 
continent apart from Angola. 
Mauritania, South Africa and 
Rhodes La are members of the 
African Development Bank. 

The borrower is paying a 
spread of i per cent for the 
first five years rising to l per 
cent for the remainder with five 
and a half years grace. Partici- 
pation fees are A per cent for 
amounts between Sim and S2m, 
k per cent for amounts between 
S2m and S3m, { per cent for 
amounts between S-kn and $5rn, 
J per cent for amounts between 


S6m and SSm and * per cent for 
amounts of 59m and more. Of 
the total amount of this loan 
SSOm is earmarked for the repay- 
ment of outstanding balances cf 
previous loans, while the other 
8?0ra will finance the long-term 
financial requireinenti of tiie 
borrower. 

The African Development 
Bank raised a SI 25m 10-year, 
loan at the end oF la« year and 
a S40m floating rate note earlier 
this year. 

Two private western companies 
are arranging credits : Western 
Union is raising $55m for seven 
years through a gToup of banks 
led by Singer and Friedlander. 
The borrower is understood to 
be paying a spread of ’ per cent 
over the U.S. prime rate or the 
London interbank rale, at bis 
choice. Partof the proceeds will 1 
be used to prepay a S2"iin loan 
under a facility expiring’ in July 
1981. 

Meanwhile. Hamer* ley Hold-, 
ins. the large Australian mining , 
and metais producer, is arrang-! 
ing a 5150m 10-year loan through 
a group of banks led by Bank of, 
America. The borrower will be 
paying a split spread rising in 
two stages from ^ per cent to 
I per cent and finally 1 per cent. 

Renter adds from Tokyo: A 
syndicate of Japanese banks, led 
by the Bank of Tokyo, will 
grant a Y15bn 15-year loan to 
the Iron and Steel Company tf 
Trinidad and Tobago. The funds 
are ior the construction o! a 
$320m steel plant. 1 

The borrower will pay an 
interest rate of 7.S per cent over 
the long-term Japanese interest 
rate for the first seven years, 
rising to 7.9 per cent for the 
following three and 8 per cent 
for the final five years. The 
total financial package for the 
project also includes S120U1 
worth of export-type credits 
from the U.S. ($60oil, Canada 
rS40m) and Japan ($20m). 


Mounting 
losses at 
Belgian 
refiner 

By Our Financial Staff 

THE WORLD'S largest zinc re- 
finery, the Belgian group Vielle 
Montague, expects to move 
deeper into the red during the 
current year. Losses for the first 
half of 197S are described by 
the company as neavy. 

Last year losses totalled 
BFr 430m ($14.Sm) compared 
with a profit of BFr 25m at the 
net after tax level in 1976, and 
the- company failed to pay a 
dividend for the first time since 
1945. in 1976, shareholders re- 
ceived BFr 100 net per share. 

Vieillc Montague points out 
that the four-year crisis in the 
zinc market is continuing with 
average .zinc prices in Belgian 
francs falling by 30 per cent in 
the first half of this year over 
1977 and showing declines of 40 
per cent on 1976. Zinc mining 
charges are still rising due to 
inflation, while foundry income 
for processing the ore had fallen 
in line with the zinc price. The 
company claimed to be working 
well below its nominal produc- 
tion capacity and facing further 
cuts in output later this year. 

On a lighter note the com- 
pany is able to point to some 
relatively encouraging recent 
signs of an improvement in the 
zinc market. Producer stocks 
have fallen worldwide since the 
start of this year and the zinc 
price has recovered modestly. 
However, the ** existing delicate 
balance between production and 
consumption still needs to be 
strengthened." 


Cotonificio Cantoni 

Textiles and real estate 
group Cotonificio Cantoni SpA 
expects 1979 turnover to total 
L150bn, up 25 per cent from 
the previous year. The company 
would'nt predict whether it 
would earn a profit during the 
year after a small loss in 1977, 
AP-DJ reports from Milan. 




ihrrent financial difficulties. The BY ROBERT MAUTHNER PARIS, OcL 19. 

3er?iet and Saviem manage- HOLDING company of the The first-half results mark a 
nents ’were supcrlmpnsed upon gjant Michelin tyre group continuation of the unfavourable 
•ach other when the two opera- announces reduced pre-tar profits trend of 1977 when, for the finan- 
tons were merged, making the 0 f FFr 196.1m for the first half eja! year as a whole, net con- 
■ommand structure top-heavy. 0 f 197s. down from FFr 2223JIL solidated profits were down 
Now, three senior directors. For the first nine months of tbie sharply to FFr 675m from 
"m.ludinc M. Vincent' Grab - and year, - dividends, .. portfolio FFr 754m in 1976. The unfavour- 
-I. Michel Dupont, the heads of revenues and other income able trend of exchange rates and 
ierliet and Saviem respectively, totalled FFr 266.9m, . compared the restrictive effect of price 
.ire stepping down to take up with . FFr 269.7m in the. ;same controls in France were blamed 
"obs at ihe Renault group level, period of 1977. . at the time for the deterioration 

- fin the 1977 results. 



m ms-0 


.ue stepping uown xo iase upjwiux rrr 
'obs at »he Renault group level, period of 1977. 




The Nippon Credit Bank, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date: 23 October, 1979 



f-; L » • « 1 


In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the three 
month interest period from 20 October 197S to 
22 January 1979 the Certificates wiU cany an 
Interest Rate of lOVioJu per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London ' 


Bank of Tokyo Holding SA 

(Societe Anonyme Luxembourg) 

U.S. $35,000,000 Guaranteed 
Floating Rate Notes Due 1981 

For the six months 

October 20th, 1 978 to April 20th, 1 979 

In accordance with the provisions of the Note, notice is 
hereby given that the rate of interest has been fixed at 
1 0f per cent and that the interest payable on the 
relevant interest payment date, April 20th, ^ 979, 
against Coupon No. 5 will be U.S. $53.72. 

By: Morgan Guaranty Trust Company of New York, London 

Agent Bank 




American Express International 
Finance Corporation N.V. 

U.S. $40,000,000 

■ Guaranteed Floating Bate Notes Due 1982 
' Extendible at the Noteholder's Option to J985 
Notice is hereby given. that the Rate of Inurest'.on these 
Notes for the Interest Period from 20th October, 1978 to 
20th April. 1979 is lOf per cent per annum and that on 20tn 
April. 1979, the second interest Payment Date, the Coupon 
Amount of US$53.72 wDJ be payable upon presentation ana 
•surrender of Coupon No. 2. This notice is given pursuant to. 
and is subject to. the Terms and Conditions of these Notes. 

I EUROPEAN BANKING COMPANY LIMITED 

(Agent Bank) 

2Qth October, 1978 


Buderus seeks 
increase 
in capital 

By Adrian Dicks, 

BONN, Qct. IB. 

BUDERUS, the West German 
foundries and mechanical 
engineering group controlled by 
the Flick concern, is to carry 
out a 'capital increase next month 
that will raise nominal capital 
by abnnt DM15m to DM10L5m 
<$56.3m). 

At the DM385 value set on 
DM100 Buderus shares, the pro- 
posed increase would appear to 
be worth about DM60m. Flick, 
which owns some 96 per cent of 
Buderus, would clearly be put- 
ting up the major part of this 
sum. 

The Buderus capital increase 
appears to bring the Flick group 
a little closer to committing the 
balance of the DMl^Sbn it 
received in January 1976 from 
the sale of 29 per cent of 
Daimler-Benz. The group has to 
invest the proceeds of this sale 
by the end of this year, if it 
wants to benefit from tax 
advantages. 

Flick has already made several 
other big -investments this year, 
of which the most recent was its 
$255m tender offer for an 
additional 19 per cent of W. R. 
Grace, the U.S. chemical giant. 
The German group already owns 
12 per cent of Grace. 

Astra advance 
likely to slow 

By -William DulKorce 

STOCKHOLM, Oct. 19. 
ASTRA, the Swedish pharma- 
ceuticals group, reports a 40 per 
cent- growth in earnings to 
SKr95m ($22JLm) and a sales 
increase of 20 per cent to 
SKr L3bn ($300m) for the first 
eight months of 1978. 

Nevertheless, Mr. Ulf Widen- 
gren, the managing director, is 
not raising his forecast of a 14-20 
per cent increase in profit to 
SKr 130-140m for this year. 
Earnings during the final four 
months are expected to advance 
more slowly, in part because of 
heavy marketing investments 
outside Sweden. 

Pharmaceutical sales climbed 
by 21 per cent to SKr 961ro 
during the eight months 

Kaufhof stores 
lift sales 

By Oiir Own Correspondent 
.FRANKFURT, OcL 19. 
KAUFHOF, West Germany's 
second largest store group, to- 
day announced that turnover- 
excluding its travel operations— 
rose by 4.3 per cent in the first 
three quarters of the year, ft 
rose from DM 4.76bn to 
DM 4.B6bn t$2.7bn). including 
value added tax. 

Sales of the Kaufhof parent 
concern went up by a. nominal 
3.5 per cent to DM 3.&2bn, al- 
though when adjusted for the 
Increase in sales space the real 
growth rate declined to 3.1 per 
cenL 



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uiemaas: new moves in 
chemicaSs and PVC resins 


cialty 


CHEMICALS, PLASTICS AND INDUSTRIAL MATERIALS 
GROWTH IN CAPITAL EMPLOYED 


£66m 

£77 m 


- - 

r . . 

1975 

1976 

1977 


Recent Highlights (Chemicals) 

^ Capital employed in chemicals up £31m 
$ New investment in the USA: majority holding 
in Philip A Hunt Chemical Corporation, an 
important manufacturer of specialty chemicals. 
$2%m expansion of Hunt Chemicals in Belgium 
announced 

New £16m investment to double production of 

PVC resins will be commissioned Summer 1979 




TURNER 
& NEWALL 
aaamm LIMITED 

Providing what the future needs 


Turner & Newalt, the world s leading 
producer of amino plastics moulding materials/ 
is now one of the biggest UK suppliers of 
PVC compounds, and a major manufacturer of 
PVC resins. 

We are in specialty chemicals too. 

We are growing rapidly in chemicals, 
plastics, automotive components/ man-made 
mineral fibres arid construction materials. 

We are growing in the USA marked as 
well as- continental Europe. Last year we invested, 
expanded and diversified at a more rapid rate 
than ever before. We are very much more. than 
*the asbestos giant*. 

Why not take a fresh look at Turner 8c 
Newall? 

Write for our new corporate brochure today. 


| To: Public Petitions Depb Turner S: Newall Ltd. 

| • 20-St. Marys Parson*^, Marvdiester M3 2NL 

] Please send me a copy or your corporate brochure and/or 
| Report and Accounts. 

I Name_ 

I Address 


T 



Pr 

pr< 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number a 
were cum 
paign agai 
Parly on 
1974 Gem 
The Fm 
alienation 
lowing ihi 
affair. Ml 
w as. hud 
an orches 

himself. 1 

Lady Ft 
Murcia W 
The Pr. 
Sir Haro 
drawn sol 
Suhserji 
told the 
did nut 
prietors 
instructed 
round a 
material " 
The Prt 
in hear 
Sir Hurolt 
funmil co 
t.m the 
against t 
council s: 
Royal Cf 
Mu l iher 
Labour hi 
The Pr 
ig one or 
lished lod 
In ;<no 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death m I 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


AMERICAN NEWS 


3M earnings reach record 
levels in third quarter 


BY OUR FINANCIAL STAFF 


Kuwaiti 
takeover 
slows down 
Reynolds 


Power Corporation 
Argus stake to fta 1 


MINNESOTA MINING and For the first nine months. 3M which earnings a share were - Our Financial Staff 

Manufacturing Company <3M) reports net income of S415.7m— * S3.57. against SL.63. 

has announced a 41 per cent rise slightly more than the 3412.9m The company, which according NEW YORK. Oct 19 

in' net profils for the third earned in the whole of the pre- to the 1977 balance “j! R, J. REYNOLDS INDUSTRIES, 

quarter. ti> 81534m. from $ 10 S. 8 m vious year. Sales for the nine ployed some 81.400 people, has , he ]argest UJS tobacco raanu- 

in the same period Iasi year. months were $3.47bn-or 16.8 per over 4o major product lines, and recorded a 9Jt per 

_ ... cent more than in (he same has geared itself to the produc- increase in net ph mines 

Tor company, which reported pi . ri0(1 , ast year— compared with tion of proprietary, high tech- * theatre riuJrter^n^? 

an increase of 21* per cent m &Mbn for lp77 as a ^ no logy products, as well asplae- “ ™ £ 

net income m lHn. t»i a record ■ ... , in" sales emphasis on products sl * nrter !- 8 Per cent rise in 

S41ii.9ni. showed an accelerating H‘| ,pi “? I Ji e profits nse ,‘" JJ® introduced in recent years. ****■■ 4 .. 


BY ROBERT GIBBENS 


POWER CORPORATION 


MONTREAL, OcL-19. 


for Brazil 

money 

market 


# 


showed an accelerating »eipin ine prohls nse in ne introduced in rccent years, 
ran- of earnings growth in the third quarter were foreign Among the fields in which it 
latest vjuarier — with the 41 per translation Sams operales ' graphic systems, 

cent rise comparing with a gain 0 , F abrasives, adhesives, building 

Of :I4.4 per cent in the first six • l -*l L.^' n '!i'~ service and chemical;, as well as 
ninniiK irt ih« vear. same period last year. Ifae coin' ad M|-ticina and orotective 

fSS 


Among the fields in which it The company noted that its 


months in the year. 

At the same time, the earnings 


. POWER CORPORATION of’ Mr. Paul Desmaraiv chairman concerning the Power Corpora- ■ v-- : -;i 

By Our Financial Staff Canada, the big. financial, trans- of Power Corporation,.' was. weH tion interest m Argus. An asset By Dona 5mm» - ' : *!■.-' 

vnov n „ t 10 portation and industrial holding acquainted with Mr. Taylor, prin- swap bad been widely rumoured ‘ ■ . . ‘ V.'. .. 

NEW YORK, Oct 19 company, is selling, its entire cipal founder of the Argus indys- . as a way of . settling the RIO - DE J ANEIBO,. Oct .RK 
R, J. REYNOLDS INDUSTRIES, equity interest in Argus Cor- trial empire. differences between the two rival BRAZIL'S . money iiiaikeL jW. 

the largest ujg. tobacco raanu- portion, of Toronto, for C$8Q.4ni, ln a 0 f bitterly, fought holding companies. creasingly 1 used by - -the 

farturer, recorded a 94 per paid CS55m in cash and CS15.4m Mr Desmarais was able to- Several time Mr. Black put .out Government to: keep 'hirake 

cent increase in net earnings by a note. j-aiae his Argus voting stock the olive branch, saying publicly 0B ^ money . supply, by 

In the third quarter on a The buyer is" Ravelston Cor- interest to about 26 per 1 ‘cent that the previous controlling attracting investment; iri lohfi- 

slender 1.8 per cent rise in poration,. the private holding -partly through buying- a -large. -group had tteated.Mr. Desmarais : term. Goyeramfint. .seenrittes, 
sales- company set up originally by block from Mr. Taylor and to ^shabbily. Now he has" made a bonds, deposit'. ;certfficates~crr 

The company noted that its Mr. E. P. Taylor, the Toronto acquire a majority of the non- deal with Mr. Desmarais and has Bank of Brazil cheques, is 

consolidated sales and revenues financier. Ravelston controls the voting common stock; Thus he consolidated his own hold on the-. going; through k di^cult pferioit- 

were continuing to feel the voting stock of Argus. could claim he had a . majority Argus empire. To- make bonds and securities. 


increase has run ahead of the ^ reducin'* per share earn- industrial srupWcs and static 
growth in sale*, which came to y T J per sn *‘ ro edr control systems. Other fields are 
ISA per cent in Hie third 1 " ° electrical goods, recording 

quarter, when lurnover reached Foreign currency translation materials, tape and allied 

SlJTJbn! against Sl.OSbn in Hie adjustments are not available for products, consumer products and 

same period lasL year. the nine months, a period for health care products and services. 


Polaroid shows sound progress 

BY JOHN WYLE5 NEW YORK. Oct 19. 

POLAROID CORPORATION was profits might have been even stuck market's genera! depression 

looking as clamorous as ever this higher but for “substantial today and by midday the slock 

morning after reporting u :14 per expenses associated with Pola- had fallen J to 5494. lo 1973. 

cent increase izi third quarter vision. Polaroid's new system of expectations of explosive growth 

sales and a 7“ per cent surge in instant movies.” took the share to $1491. The 

net earn mas. Foreign currency gains made a company's success this year is 

Wirh , 1 . . h-in nf a n earlier 5 cent< per share contribution in firmly based on the attractions 
With til.* help ot an earner ^ thjrd f[Uarter but was nes _ of . 1 — 


^ilmrSon & ihe l mVnuSu?i? "aible in the same period last cameras and film whose sales 
nf mvi-ini ^nH filmc has . vear - . should comfortably pass last 

turned in a performance wht.-h .^‘a'oid's sales durms the year's record of 7 units while 
. irrt „. rinmnctir nine months rose 30 per cent to film sales, which ride on the hack 
_.,. l _'i P p r ‘., kvJ-.l- World- Sf*02.05m compared with S695.33m of the cameras’ success, were 

wldesahi turSed S li sail Wm w hi1 '- net earnin 3 s increased 38 twice as high as in last year's 
^areiT ^ Si'S! Per cent f r om |M44 m (31 66 per third quarter. 

qw"? !hlr^VmiSfwith >1, ^ u With its heavier" selling A final contribution to the 

^•‘iiMm or til renET a share ^ period still to come Polaroid earnings increase this year has 

v- .tHm or bi enL, a . re. jjkely to exceed analysts’ been from more favourable tax 

Although Mr. William J. forecasts of a 83.50 per share rates, which were lower than 

McCune. -ir.. Polaroid’s president, ner income for the year. last year because of investment 

did not disclose any figures, it Nevertheless, thus blue chip credits and the effects of foreign 
seems likely that the company's stock was unable to escape the currency Huctuations. 


line of 


A final contribution to the 


Oltokraft bid increased 


BY DAVID LASCELLES 


NEW YORK. Oct. 19 


Sharp setback 
for Union 
Carbide 

By Our Financial Staff 


THE TAKEOVER hatLle for bid. Olinkraft said it was study- uaroiae 
OlinkraTt, the forestry products Ing Uie revised offer and would ■ , 

company, lm>k a Tun her turn ^rucom- TH ^ SECOND largest producer 

yesterday when Jolins-MunviHe, • n ^ n 'w i ,tj < , n "" of chemicals in the U.S.. Union 

Hie Denver -manufacturing 3nd ‘ 'i n hns.MLnviile s hid w-hi.-h Carbide, has announced a sharp 
mining company, raised its offer V ', UHS o Link raft at about SO-SOm fal1 in earnings in the third 
by 38 per share i» SH5. Is for A9 oer vent or ?ho SaS* nuarter. which is marked 

The new offer hips the 85 the A. rpma ? n dpr m be at-j'-ired agafost the trend of the rest of 

the oil company Manville shares. The offer is not . Warnings per share have 

There was no immediate conditional on a minimum nuin- dropped f rom $1.44 to $1-5. 
rcsixmse from Texas 
national to Johtw-Munvillc 


effects of the nationalisation of 
its energy interests in Kuwait 
Id September last year. This 
yielded a non-recurring gain of 

$1.07 a share In last year’s 
fourth quarter and company 
officials stressed today that 
Reynold's Anal quarter results 
may therefore show a decline 
oil last year's figure. 

Nevertheless. Reynolds felt 
secure enough to link an 
announcement of an increased 
dividend from 87J cents to 95 
cents a share with publication 
of its quarterly results. 

Net income for the three 
months rose from 5103.5m. 
equal to 32 a share fully 
diluted, to $113.1m or 82.18 a 
share. Sales Were 8 1.65 bn — 
$29.1 tn higher than in tbe same 
period last year. Net earnings 
for the nine months rose 9.7 
per cent from $29L6m or 
$5.65 a share to $319.9m or 
$6.20 a share. Sales were 1-5 
per cent higher at $4.84bn. 

The company said all aspects 
of its business registered 
sales gains In the third quarter 
and nine months, with domes- 
tic tobacco up 6.5 per cent to 
$2.18bn and International 
tobacco sales up 14 per cent 
to $142.6 m. 

Energy sales declined fay 
$262. 6m to § 525.3m. a fall 
which nearly offset the com- 
bined sales gains of the 
domestic and international 
tobacco businesses. 

Next year. Reynold* will be 
looking to its acquisition for 
$456m of Del Monte Corpora- 
tion to compensate for the loss 
or its Kuwait business, ln 
fiscal 1978, ending on last May , 
31. Del Monte reported net 
income of S5L4m or $27 a 
share. The combination should 
be completed shortly. 


rnnlrnl nf Ravelston and of of ■ Argus equity and should . ■ Now that the Power propra- 

Areus this summer passed to a bave boardroom representattoiL tion group has accepted C$80m 

group headed by Mr. Conrad However he could never grt at mainly in cash* spMufattmiwnll 

Black. Argus controls Massey Ravelstau. the private holding grow about what it mtendsja » do 
Ferguson, the international farm company controlled - by. the with the money. Power Lorpora- 
machinery giant. Dominion Taylor group which held the. key tion recently increased its 
"Stores, Doratar, Hollinger Mines 62 per cent majority of .Argus holdings in its financial ■ sun- 
and communications interests. voting stock. . sidiaries. It already has tong^ 

The move brines to an end a Argus Board utiffl the "standing links wim ' Bank 

IoJelnd hftt«“hapter Si Qw recent death of Mr. John A.. America and recently the French 
(San busineS histSn- Power McDougald. the chairman, reso- Paribas group acquired about 20 
Corporati ool ^which con tr o Is such ^tely refused to allow JJr Des- per cent of the I^wer Corpora- 
laree financial companies as marais or his representatives tion equity and a voting interest 
Great West Life and Investors into the Argus boardroom and of nearly 10 percent 
Group, and also Canada Steam- relations were strained. : V .. . Power Corporation sources 
ship Lines and Consolidated- However, since the takeover of said today there are no definite 


on . the- money . supply, by 
attracting inveseneidf- in. lonj^ 
• term . Gove ruioent. . seen riti^s, 
; bands, deposit' certificates "or 
■Bank of Brazil cheques, is 
going through a -di^cult period.- 
To make bonds and securities . 


more - attractive-, the Govern-' 
m.ent has increased, -the-: ip.-* : 
terest rates . on redeemable - 
National Treasury bonds, and 
also on Treasury, bills. -Thir 
policy has. borne, fruit-, in 
recent months, .and iaergasea 
the volume of open .market 
trading, but it" has als6*’4y- ;i 
posed the inherent weaknessef T 
of the many small deareiS: who' 
with greater . demand for 1 in- 1 . 1 :: 
vestment in bonds, have over 1 
stretched tesmeh reysETAO."^ ' 
stretched themselves finan 
ciaRy. • -" 


snip E,ines ana uonsonoaiea- iwwem.siuwujewwuYCTBi saiu a 7.7 -7 Tn U-ik than a formliiht -rt. 

Bathurst, originally acqnired a Ravelston and ATgus controlTty plans for deployment of the cash -Bn§r?M’iS - 

10 per cent voting stock interest the Conrad Black group, matters resources from the Argus stock . . ^ B ~ ank .,12 

in Argus more than 10 years ago have eased and there were nego- sale but reduction of debt might , nrdpiwi th* limiiria+ilm «• 

as a result of another deal. tiations during : the summer be one logical direcuan. . ^ smaJ1 a^ers^Who*^»S- 

— committed, themselves purefcas 

__ ■ • -- _ *-•■■■■ ing short-term Treasury .Mffi 

Toyobo to sell Brack - Mills " . SrSSSS 

BY RICHARD C. HANSON TOKYO, Oct; 19- Subsequedt nervousness; 

TOYOBO, one of Japan’s leading acquisition. either Ule this year or early in '55SSL.T- 1I i#i^? - 

textile concerns, has decided to Consolidated textile ig par- 1979. 

sell its wholly-owned and finan- tially held, by a subsidiary of Bruck Mills registered an ' 

daily troubled Canadian sub- ^arrington Viyella of UK Toyobo accumulated loss of C$9m as at “ ea oy teejPTO 

sidiary. Bruck Mills, to Consoli- made the move 'soon . after a the end of last October, due to ^ 

dated Textile Mills, the second recent meeting in London of the the lone U.S- textile slump, that 

largest texrile producer in International Federation . of against capitalisation of C$13m 

Canada which is 64.7 per cent Cotton and Textile Allied Indus- at present Last year, the com- ,f^ on " h 

owned by Carrington Viyella of tries pany, which makes polyester fhp m arket vettlSSwn 

.u_ nt- tl. rt™L.. nri,- ..-.i — 1 _ r, i. in ® mar«ei semes aiwn. . 


BY RICHARD C. HANSON 


TOKYO, Oct; 19: 


TOYOBO, one of Japan’s leading acquisition. either Ule this year or early in 

textile concerns, has decided to Consolidated textile ig par- 1979. 

sell its wholly-owned and finan- tially held, by a subsidiary of Bruck Mills registered an ' 

cially troubled Canadian sub- ^arrington Viyella of UK Toyobo accumulated loss of C$9m as at to aeaay jtneprto 

sidiary. Bruck Mills, to Consoli- made the move 'soon . after a the end of last October, due to „ 

dated Textile Mills, the second recent meeting in London of the tbe lone U.S- textile slump, 

largest texrile producer in International Federation . of against capitalisation of C$13m 

Canada which is 64.7 per cent Cotton and Textile Allied Indus- at present Last year, the com- ,f^ on ? h 

owned by Carrington Viyella of tries pany, which makes polyester marker settlKSum^? 

the UK. The Osaka-based com- The values of the sale of Bruck knits and woven goods, had sales n-h» rif «nait 

pany will in turn acquire a 25 and the acquisition of Consoli- of C$22.7m. Sales of Consoli- 1 ealere J si n fact 

per cent capital share in Con- dated shares was not disclosed, dated, which makes nylon pro- „ Hlsmar-'hv'-thp- awffwWiS. 

solidated Textile, subject to Government approval is expected ducts, totalled C$52Jm. for -wveral 

Canadian GoveniDient approval. ' SSh,' -snESiiSffiLSS 


The decision was taken very ^ - 

soon' after Toyobo acquired 100 ^rt'ThYinr llTirVl 
per cent of Bruck Mills’ shares in kJll. ULiC UftJK«.U. 
September this year. Bruck bad ■ 

been owned 21.5 per cent by 

Toyobo. 19.5 per cent by Maru-‘AMFAC, the retail stords. 'and 


Strong upturn at Ariifac 


Corporation. 


NEW YORK, Oct. 19 

AMFAC, the retail stores ''and Mr. Walker added that 'if 
food group, 'is having £ good Amfac's recent earnings -trend 


no dismay by the authority •. 
who. for several years .. 

. sought to “ clean up." the; ape r 
market and make : if tno'^V ■ 
efficient. . •'' • ' . 

In just over a year. "tire' jfura fee i - 
of dealers operath^.^gn fhl ■ . 
open market hSs dropped froh: " 
260 to;i50 and this. tB^Brap 
ian Treasury^maintaUtf/'ls^r 


trading house, and the rest by year. Mr Henry A. Walker Jr c on ti Ques as expected, a divi- to the good. ' V ' ’ \v 

local investors following a 1973 _ ha ;™n>’ mrt a| iLV pv^irtivp’ dend ‘ ncre ase would be recom- Strong Government inteweadoD 

chairman and chief executive, raended Mr |y next. year. The- in the open market' has" meani 

said it is difficult to. see earn- company currently, pays 25 that, currently, 'about 48 :peT 


Earnings per share have _ _ 

«. immediate conditional on ' °a minimum 'num- dro Pf ed t from . 91 M to $1.25. NEW YORK, Oct. 19 included a gain of JS7.5m from review to d|vidend rate after 

Texas inter- her of ^hare< bein- iend<»r«rt and Total net earnings show a drop the sale of an hotel and a loss adoption of Us profit plan each. 

Maovillc’s new e^mrcs on November s * ol 16 cent to $80.7 m, NET EARNINGS for Gulf and tory and earnings for the 1978 from discontinued operations of year. 

1 s 11 ex P ,n?ai an ixovcmoer a. ci oak. Western Industries for the 1978 fiscal year were the second hi ch- ■ aP.n.T- 


G & W earnings improve 


ings of less than S3 a share, for cents a share quarterly on its 
197S. In 1977 Arafac earned common. The- chairman noted 
S16m. or 1J22 a share, which that it is Amfac's policy to 
included a gain of S7.5m from review its dividend rate after 


although safes, at $1.98bn were Western Industries for the 1978 fiscal year were the second high- S17.6m 

13 per' cent higher fiscaI >’ ear were S180.51m (or cst ever. 

The latest "announcement Per-share earnings or S3.53) Results for the quarter and — — 

brings earnings for the nine compared with . SJ50.32m (or year were higher than previously 

months to S266.4m— a fall of 4 $2-90 Per share) for 1977. anticipated principally because 
per cent— or $4 1’> against 84 -1 8 Sa,es stood ^ s ^ :5bn at year's- of the success of the Paramount 
a share on sales °or $5 78bn end - °P from ®3.6bn from the Pictures subsidiary, the financial 
against $5**°bn previous year.' services group, and strong fourth 

At the second quarter stage. Net earnings for the fourlh quarter performances of the 
ir.:.. : J,.’ miarter worn rhe hinhpst nf anv maniifartiinnn and nanpr anril ‘U 


.\P-DJ 


that, currently, 'about : 48 ;po 
cent of ", all: ' - re<teema>fe:i- 
Treasury bonds r St- eiretiiatfoa 
are ' held , by Goverhxnenl . . 
bodies (the " Oaptral’C; Bank. . 
Housing Bank, -SayingsiBahk 
or National' ~ 7 Devetopmeai_ 
Bank): , 


FT INTERNATIONAL BOND SERVICE 


xembourg 


W? are Ihe whon/-ovmed subsidiary in Luvembourg of 
Badische Kcmmunate Landesbank, a leading German 
bank headquartered in Mannheim. Our Eurobankmg 
services include 

Syndicated Euroloans 

In line with provalent market as well as fixed-interest 
concilrons and specific secunty trading, 
client needs, we manage To Iind out mere aboul our 
or participate in selective Eurobankmg services just 


Unio n Ca rbide wa f olkw iimtire quarier were The' higher if. T-pS aid . The list shows the 200 latest international bond issues for which an adequate 

res of the TnduS on I quarter in the company’s his- building products groups. ™isls. F °r further details of these or other bonds see the complete list of Eurobond pnees publish* 

recovery tack, achieved a ^ SCC ° Dd M ° ad8y ° f CaCh ^ 

gain of 4 per cent in net EUROBONDS !rreAiGHTv R inood Bid o«w *a# D weck Yield yen straights iswed bw Offw o*r w«k YieM 

earnings. IP • i Vca « k , a , » 25 to a -« on *wub Ow. Bfc. N ss « wi vf. ' +» tfJ 

T| urd quarter earnings from FT rPTlPn jr^l HP ICG 1 IA lltplv A.isuaiia in. “”.“I « S 5 S 0 - 5 i \js bfcemm 90 S ' *3 +« ■ +« S 

the other industry leaders, dis- 1 1 CllLil 11 dll C liSJliC UJB\v1Y aummiu s.«.» 17 s m wt -«t -os «-22 lurofim^Bs m : u S S I +B Af 

n »li 0 p ri,!, •/ Australia 91 93 7S 1MI fl -Pi 9J3 curorrma^fi, j 90 iM W, ■ jtm 


recovery tack, and achieved a „ 

gain of 4 per cent in net EUROBONDS £tia°ghts 

earnings. I 

Third quarter earnings from TfrOnpll ffO IIP 1CG11A AnSur'iSai * «?? 

the other industry leaders, dis- 1 1 C11L11 11 dllli^ lul&Uv IHVCIV Auwraiu s.«.si 

closed earlier this week, showed RY QUR cMBOMiRKriX «ta«: ' iEEu£!?tLE 7 ’ io' 

furtlwr gains, with pride of place EY OUR EUROMARKETS STAFF 

taken by ihe industry leader. THE second Eurobond denomi- continued their decline yester- ceca 9 «i 

Du Pont which pushed earnings n aied in French francs since day after it became clear that ™x A o a ia M - 

ahead by 45 per cent this market reopened last month the U.S. Federal Reserve had Canada so""” 


Chaosem . 

Israood Bid Offer du mck Yield 


inJemauenal loans arrang- contact: 
edeitneronan-eci-inlerest 
basis or as a roll-over credit • ^ r - PP e ” Managing 
laciiit>- lor torrowers requir- Direclon 
ing a lle-.ibl* choice ol cur- Syndicated Euroloans; 
rencteaormci.uiiiies, •LOltaviani- 
Compilemanling our diver- iw market and Phr 


LOltaviani - 


analysts were told by Union Dealers In Paris noticed yes- Federal Funds from SJ per cent 

Carbide's chairman and chief terday that Credit Commercialc to 8J or more. Most bonds were Dgmintmi BrMsc' co.'V'ss 

executive that plans for the de France had lowered Ihe off by between one eighth and eib s: ss 

future assumed “that 1978 will prices it was quoting on the one_ quarter of a point in active ss sn 

be a very tough year". The out- recent French franc issue for trading. eib »I bs !T-. 

look for Europe, in particular, the European Investment Bank In the Deutsche Mark sector, cib si ss .. 

gave cause for concern. But fhe from 9S!-; In 97J-8»,. This dealers reported a very mixed Ei«m Juiland 9 w 

Board siressed optimism suggested tn market participant* markeL with good names holding JgJSSt Ktpniff so « 

that the French hank was lighten- U'P well but lesser-known bonds Finland s; si .. 

n; 1 * mg Ms inventory of the EIB and new issues rather weak. The Finland . bs* 

Kicnarason paper in anuciijation of a fresh exception here was the new paper “ns i.."" 


. ^ our r_ Wonev market and foreign 

^change dealing; 


issue. on offer from Bank oE America. j lc .| nnaim- iu ss 

VlPrrNI Dealers were convinced that for which demand remained ii«.-i kiu*biv »i ne 

\ 1 . . , „ ihe terms for ihe new issue would robusL It seemed that the mar- no Ynkjdi» M ss 

By Our Financial Staff i, 0 more favourable to ihe ket was not greatly disturbed by war Riwdri si B“- 

THE RECALL uf all slocks of investor than iho.se on the EIB the reserve measures announced mi>* i;m. si nr. 
Sinex regular and long-acting bond. In particular thev specu- hv the Bundesbank and designed ?! S! D ''7- *■'"-** M 
nasal sprays from retailers and ffited that the maturity would be to lake some DM 4bn out of the B«fbuSV«nd ti" s 
distributors caused a serious seven vear* and »h-.t thp rminnn German banking svslciti. Nord tnr, Rk. • 


ir. Luxembourg, we are also 
actr.e in money markei and 


Dr.H. Eraun - 


foreign exchange dealing, Securily trading 

BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S.A. 

25s Ed. Roj ol • PO.Eo' 526 ■ Luxembourg- V ile ■ Tet.: 475144 
_ Telephone: 4753 15 (Desle'Si 
IJrlvri 1 791, 1 792 1 Dealer si. 1 793 (CrediJsj 


Nord Inr. Rk. S. i* 


;nr com- Tm 
maturity bond 


through Swiss Bank Corporal ion 1 si « 
of is SwFr 40m and not SwFr 10m 


distributors caused a serious seven years and that the coupon German banking system. Nord tnv. Rk. s, si 

setback to the profits of tbe rale would be 10 per cent com- The size of the Swiss franc £«**••* ^ 

medicines group Richardson- pared with a 10 >ear maturity bond Tor Aivrican Express 

Mtrrell. Net income for ihe and a 9} per cent coupon 00 the International being arranged Norwav s; si ! 
first quarter ended September EIR issue. through Swiss Bank Corpnralion 3 \ & ' - ■ 

30 fell from $20.76m lo just Prices in Inr rlnllar sector nf js SwFr 40m and not SwFr 10m quetro Mwini" 91*93 
1 812.62m. ihe iniernational bond market as reported yesterday. s*»rri.n ai os . 

Sales for the first quarter came . UK s? sr. 

out at 8287.09m. compared with — UK Si 31 

last time's S236.72m. Net earn- U.S. QUARTERLIES 

ings per share, after recall cnsis. - Deutsche mark 

were 53 cents compared with SS AMERICAN CAN INGERSOLL-RAND straights 

cents a > ear ago. — — •- Asian dovdIup. bw. 3i 


Prices in Inr dollar sector nf js SwFr 4flm and nol ! 
ihe international bund market as reported yesterday. 


V 1 

International Westminster Bank Limited 


U.S. $120,000,000 
Floating Rate Capital Notes 19S4 


Third Ouaricr 1971 

S 

Revenue 1 ,00b 

Net profits 41.4 j 

Net per share... 2.] 

Nine Months 

Revenue 2 921 

Net profits . .. 9L0i 
Net per snare .. 4.t 

BAUSC'H AND LOlffB 

Thi»d Quarter 1978 

Revenue 1I3.S5I 

Net profits S.36r 

Nci per share .. 1.-9! 

Nine Momhs 

Revenue 318 84r 

Net profits 2 1.39 r 

Net per share .. 3.6 1 


BR.VMFF INTERNATIONAL 

Third Quarter W78 HIT 

b S 

Revenue 257m 200 

Net profits 15m b'. 

Net per share... 0.75 0 

Nine Menths 

i Revenue 711.2m 574.: 

Net profit? 35.1m 24.' 

! Net per sh3rc... 1,75 1 

CUESEBROUGH PONDS 

Third Qua Her MW IVrt 


1977 Third Qua 
i 

942.Sm Revenue 


INGERSOLL-RAiVD 
Third Quarter Z9 


Quebec ll»dr>i 93 
Swcih n 91 Os 

UK $! sr. 

UK Si D1 


DEUTSCHE MARK 
STRAIGHTS lawed 

Asian DovdIud. Ek. 3J SS 100 


25 

962 

974 

0 

-02 

9.71 

358 

952 

9U 

0 

-02 

9-38 

175 

9751 

984 

“61 

—04 

9.Z2 

75 

991 

1004 

0 

-04 

9J3 

IM 

944 

944 

-Hi 

-U 

9J0 

50 

964 

96J 

0 

-01 

9.39 

25 

981 

99 

+ftl 

-0» 

935 

25 

991 

992 

0 

-02 

929 

75 

97J 

98 

0 

-04 

938 

258 

961 

W! 

-01 

-01 

9^1 

2SB 

952 

965 

-04 

-w 

9.16 

250 

94J 

■94m 

+01 

-14 

.9.44 

78 

96 


Sk 

.-1 

9ja 

25 

942 

954 

+«i 

—08 

9.95 

100 

97J 

90 

-04 

-04 

9 JO 

75 

90S 

99 

a 

-02 

9J0 

180 

904 

90 ; 

0 

-Bf 

9J2 

125 

972 

984 

-04 

— W 

9J7 

IM 

99J 

99i 

0 

+01 

9J1 

25 

96! 

962 

-04 

—01 

9.71 

SI 

971 

984 

-04 

-01 

9J9 

12S 

9> 

981 

-84 

-01 

935 

109 

98* 

982 

0 

-04 

9.36 

UO 

974 

981 

-02 

-M 

9-53 

25 

962 

TO 

-04 

-u 

9.79 

J5 

951 

96 

-Bi 

-1 i 

9.90 

25 

962 

974 

-01 

-12 

1036 

28 

952 

962 

-04 

-2 

1039 

20 

991 

994 

— 0{ 

-04 

9.06 

200 

97 

97J 

-04 

-1 

932 

58 

964 

TO 

-04 

-14 

M3 

20 

941 

95 

-04 

-02 

9JS6 

20 

941 

95 

-W 

-04 

9.06 

75 

99* 

991 

-0* 

- 0 : 

930 

50 

98 

TO 

-04 

- 0 ; 

9019 

25 

9o: 

TO 

-04 

- 0 : 

934 

75 

904 

902 

+84 

-01 

9.B9 

250 

94j 

TO 

-« 

-oj 

9J6 

US 

95! 

TO 

-01 

-BI 

9.36 

150 

982 

99 

0 

—02 

9.28 

75 

942 

954 

-61 

-K 

9.92 

125 

951 

96 

-01 

-01 

9J7 

SB 

98S 

99 

B 

-02 

9.65 

125 

984 

99J 

-■) 

-62 

956 

289 

971 

984 


-04 

9.23 

150 

974 

982 

-02 

-0i 

9J2 


CtMMM ■ 

YEN STRAIGHTS Issued Bid Offw >U* wc*k TteM 

.\5ian D?v. Eh. 5t SS _... 15 mm -fj? 

.Uiitralia S.6 90 58 . Wai HU +0i +JW 

BFCE B A M ,, : SB W 97i -Hi +« £*; 

Eurofima B .3 90 : IB <H3 WI . t +K J-P 

Finland B.7 88 25 97T 98S +BI -U 7.J 

Norway 3.7 S3 25 UDi 1WI +#4 +W A* 

Oslo, cur of G.S SO IS m W I 

SNCF 8.6 90 21 « W * M 

Sweden fiJ M 41 93 9U t +■*_>* 

Ownsrto . 

OTHER STRAIGHTS Issaed Bid Offer d» «r«k 


Chan os on 

lamed Bid Offer day Wooh Yield 


OTHER STRAIGHTS tew 

AUemone Bk. U S3 FI .... 75 

BAT S 8S LwtFr . 2SB 

Barer Lux. S W LoxFr ... 258 
Ke« and Rope 7 S3 Fl ... 75 

Brazil 71 83 Ft T5 

CFE Mexico 72 S3 FI 75 

Cilivorp O'S Fin. 10 93 £ » 

Cooonharcn 7 03 EUA ... 30 

EIB 77 SS Lux Fr SS 

ETP. 71 S3 EI «... 75 

KIP. .4; SS £ .. .... as 

Oranjr-boom 101 SB £ 15 

Finance for 7nd. ID SB £.. 12 
F inland 1. Fd. 8 f® LoxFr 250 
Finland Ind. Bfc 7 S3 EUA IS 
r.cdrtnrr nid. BV ll SS £ IB 
NediT. Middcnb. . Hi 83 FI 75 

New Zealand B; 81 Fl 75 

Norway 7: » LoxFr 250 

Norway 8! S3 Fl IBS 

f>KE S3 Ff . 75 

Panama SI as EUA . ... 20 

Renault 7,' W LnsFr 500 

noK-nircr in: ss r u 

Bank O S Hold. It? AS ... 12 

SDR Franc" 7 93 EUA 22 

Scars 10’ 95 £ 15 

Swedish I. Bk. 8 9S LuxFr 500 

Win thread lot M £ 15 

FLO ATI RC RATE 

NOTES Spreai 

Amcrn-an Exnrcs^ S3 .. 01 


Rank ol Tokyo MV 93 
R.iiwnc Worms MS; Rj 


961 97 
961 971 


951 +81 -Q J-J 
-«| B - > “ 

971. O .+W 0-5 
«■ +01 . *1 tl 

SS +»■■+«« 

961 T +0J— *8 

bh -H -M ia 

98} +J3-+U.W 

9T 

9dk. *Bk-ds 331 

SS 

Mi 

,9Bi -Hi 

m +oi 

.»« +u + 1 M 


Auuralia a S3 
CFE Mexico r; 88 


250 10 U 1022 +{g +n 


586.9(11 51I.4ni I Canada V. S3 


37.7m Net profils 

•' 1.92 Net per share... 

. Nine MonihE 

2.55bn Rcvenuf 

SU.Tm Net profirs 

4.18 Net per share... 

INLAND STEEL 

1977 Third Quarter 


07 m C has,- Manhattan O S fi PI 100 1021 1022 +0S +oi 

1 -in ^omnnwxhnnfe Inr. WW 31 100 tlOBJ 1B9 +li +24 

l.dU ronunerr hank Ini. XW n 103 fS3 -oj 0 

Oihiu-iI nf Euro nc «i ... . im 100 lOOi O- +0i 


+Ot 5.18 
+ 0S 5.77 


Revenue 

. SI 2. Sm 

HS0.7m 

Net profits .. . 

. 39.S11I 

19.2m 

Net per share.. 
Nine Momhs 

1.SS 

0.93 

Revenue 

. 2.4 Ihn 

2 Olhn 

Net profils .... 

. 109.2m 

70.5 111 

Net per share.. 

5.19 

3.42 

PACIFIC GAS 

AND ELECTRIC 


1 54bn EIB M SO 

Ek-klmbras-Brazil 6 } 150 

-t.UI Elf Aqulljlnc o< 59 IOO 

IBJ j S4 xoa 

Kola . Cily of 3; 96 .... loo 

■ ■ I.iahl Sr-rvlitw de Elct. . 150 

1977 Mexico fi 35 200 

S MirxiioisM p-iro. v< ... too 

3S0.7m ff«PP»n fn “ 1 l 32 8 * - 100 

, Q Nnruce Knram. fi Ofl . . . im 

1 n on riurta “» : 4: ** • • 2 S 0 

0.93 Vurwi-aian lnd. Bk. n Ofl .. its 

Pi'irnlou Bra2il 7 SS IM 

* Olhn Pl»i«ni>ln«'s 61 R 3 . . log 

*"n 5m BaJ,b,,M 51 ** IM 

iii O'lcb’f- Prqv»nt+ of S 90 150 
3.42 Ranrarnukld Oy 5i ... . so 
— Hlcuh Hi S3 30 


1478 1977 

Thinl Qaarter 

1970 

1977 

5 S 


& 

s 

257m 200 3m 

Revenup 

. S49.5m 

S82.9m 

15m b’-Jni 

Net profils ... . 

93.6m 

79 2m 

0.T5 0 42 

Net per share.. 

0.94 

oils 


Nine Months 



rjl.Sm 571.3m 

Revenue 

.. 3,29bh 

3.44hn 

35.1m 24.7 m 

Ncl profits 

. 237.6m 

2S7.6m 

1.75 X.24 

Net per share., 

2.96 

3213 


Tn accordincc with the provisions of the Xoics. richer is 
lioreiiy «iven ih.u Inr tin; \i.\ months interest period irr m 
JOOaoher. 197.S to Jt • April. thc-Nofouillc.irr;. an 
Interest R.iieu( Mr • per .iumim.TIie interest putable * mi 

the relevant interest p-miu ni J* i Aprii. IV “9, ,iuai:ijt 

Coiiin > n .\'«*. i will |iy L'.S. iti. 


By The Chase Manhctctan Bank, N,A-, London 
Aeeiu Bank 


un 

V 

Revenue 2S7.7m 

Net profits 25.9m 

Net per share... • 0.S0 
Nine Months 

Revenue 711.1m 

Net profits 56.5m 

Net per shar e... i.75 

CONTINENTAL GROUP" 

Third Quarter 1978 

5 

Revenue 1.05bn 

Net profits 3S.6m 

Net per share... J.US 

Nine Months 

Revenue L' s«ibn 

Net profits 1 155.7m 

Net per share... 3.34 


PFIZER 

1^7 Third Quarter 

232.6m Revenue 

21.9m Net profits 

O.fiS Net per share... 

Nine Months 

6(J6.8m Revenue 

49.6m Net profits 

1-54 Net per share.. . 

PULLMAN 

1977 Third Quarter 

972.3m Rn venue 

50.1m Net prufits 

1.4S Net per share... 

- N,M Months 

‘-.<9bn Revenue 

1164m Net profits 

3.72 Net per share... 


Siamil H SS 
Ttm-mauiahahn >! 9.’. 
Tmndhi'un. Ciw of 3.' 

I'DS Croup 51 K) 

Venezuela i SS 


| SWISS FRANC 


Arltwrc Tunnel 4 03 . 

SKKC3 3J 83 

Chav- Manhanao 4 03.. 

CVRD «: BO 

Cnuncil ol Europe 4> .. 
Uanlamcrlra X W . ... 
KMDK j 88 


HS W4 ws -01 +W 7.01 

■ 522 . w s ws B .-OS 5.94 

• JOB 100 1« 0 +0| 4.91 

.. WB lOi; 1521 +Bi +Bi 5.42 

■ W0 W 981 -OS -OS 7.03 

■ ?» 97 97! -OS —04 6 SS ' 

198 U2J U2I -Cl -BS 5JS 
100 1021 1321 "0 -01 5 JO 

■ 100 lou Ml* +0’ +05 5,92 

. 250 97t «( D +0} 5.07 

.. ITS MOi XOOi . B -ML 5 . 9 ? 

.. 100 99: 992 0 +K T.BT 

WO 961 96! 0 -OS 7.07 

IW 96 96} .0 -BS 6.28 

B ISO 975 975 0 fl 627 

• 50 95J ns; —64 -02 6.J7 

- JO t99J 1083 .HJI -0! 5.22 

• WO 96! 97J -04 +B4 6.42 

• iso m; 1 mi 0 5.91 

Tfl 97C 983 -86 +01 5.76 

. 35 97J 97! 0 +0! 6J0 

.65 9T» 175 -01 -0* 6JJ 

■ 2S0 95! 951 -U -0j 665 

Chaascan 

blued EM Offer day Wa* Ylold 

• « «« IO +04 + 0 ) 4A2 

U 100{ 100} +04 4-H 3.90 

. IM 9S3 96 +64 +81 «.» 

70 103 18U . 0 +0S 3.72 



75 

936 

93J 

+81 


20 

964 

974 

-02 


SOB 

9M 

972 

-Bt 


18 

841 

851 

-04 


12 

965 

TO 

. 8 


22 

981 

991 

+13 


15 

844 

852 

+B1 

Fr 

50a 

99J 

190 1 

0 


25 

- u; 

862 

9 

Sarnad Bid 

Offer Catete 


04 

99! 

103 

23/18 

. 

a: 

964 

971 

31/1 

S3 

01 

974 

973 

21/1 

... 

14 

962 

97S 

25/11 

... 

01 

973 

484 

IB/4 


01 

972 

984 

15/12 

S4 

04 

9/3 

984 

9 fl 


W 

TO 

983 

25/1 

S3 

04 

962 

97} 

X2/1 

... 

04 

97 

97| 

3/2 

... 

04 

981 

994 

3/11 

. 

04 

97 

971 

27/1 

.... 

24 

183 

1U4 

M/4 

... 

04 

962 

973 

11/1 


01 

1984 

982 

21/3 

... 

02 

981 

992 

5/4. 

... 

04 

9« 

99J 

zr/u 


1 

961 

97* 

19/1 


01 

TO 

TO 

M/I 


04 

9TS 

984 

Zl/12 

... 

01 

99 

991 

I5ri 

... 

OJ 

W 

99 

18/4 


04 

981 

98*. 

JB«1 


01 

964 

974 

10/2 

S3 

04 

994 

994 

16/S. 


01 

972 

TO 

4/4 


04. 

484 

994 

4.11 


97 6 +>S ]-3 

974 ■ +J«f M 

W +04 +61- J- 



65 U2j U3 


+04 +« 
0 -01 


+06 3.72 
+« «,99 


5S9.7ra 505.4m I Denmark « m 


in 1614 -fli +01 
ins ins +« +03 

1044 1MJ -« +01 


l.Tbn 
150 inn 
2.15 


47 m Pcnmark-Maruiacc Bank m 10 ? xei; +64 +ei 

T'fll- EIB 41 83 IM 10?J 1021 8 -0j 

v.or Furaiom 91 80 1025 1021 +1 +15 

f. L. Simdlh 4 S 89 25 1 M 1 100 ! 0 +01 

1.5bn Etiilawl W OB 1021 UQi 402 +04 

.!(!•>— r.7J» 4' 3U ... _... 106 107! 1071 +B1 +1 

“ a , IMtl.J.iecbonstrln 9! .. 25 IB7S IM +B| ♦'w 

l .SO ICI Kin. IWV 4: 83 MB 101! low +K 

— Imarran Vnimn * 03 00 97 974 +04 +02 

Mnn'toha 4 Jtl . .. 10B 1D7.1 163 . fl +1 

— — Ni.-w Bniaiwick EPC 3i..". IM 90S 99* +06 '+13 

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over ibermut re cent price of tlie Kharrs 

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nr m wg ip anr wm not penpined vithout wfll 

Services.' 


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H 


goes public and 
its earnings rise 


f . 

* • i ' 
- --i v 


BY RICHARD ROLFE 


THE FIRST public Offer of & 
non "mining company in Johan- 
nesburg since the flotation of 
Darling and Hodgson, the con- 
struction arm of Union Corpora- 
tion, in 1973 comes today with 
the prospectus .of Kimet, 'a 
pyramid company controlled by 
Mr. Natie Kirsh, a local entre- 
preneur. 

Kimet owna 50 per cent of 
Metro Cash and Carry, the fast- 
growing food distributor, as iis 
main asset, and also holds 50 
per cent of King Food, a 
sorghum malt manufacturer. Dee 
Bee. a supermarket -operator and 
various property interests. 

Metro Cush and Carry an- 
nounced recnrd profits this week 
with the pro-lax figure up from 
R2.Sm to R3.Sm («4.4m) for the 
six months to August 31 and a 
rise in the interim dividend 
from 20c to 30c. 


The directors followed up today 
with a 'statement linked to the 
Kimet issue, saying that although 
they did not normally make 
forecasts, in view of the impend- 
ing Kimet listing' they expected 
earnings for the i. year 1o- end- 
February to reach 182c up 
from 126c the. previous year. 

Kimet, classed as an Invest- 
ment holding company,, has 
issued ordinary share capital of 
15m shares of no par value and 
Is offering 2.5m shares at 110s 
each. The initial forecast is for 
a dividend of 5-5c. so the indi- 
cated yield is 5 per cent, but 
this could prove conservative in 
view of Metro's latest forecast 
and commentators believe that 
if Metro pays about Sac fur the 
current year. Kimel's dividend 
could prove to be nearer 9c. 

Kimet has gearing which 
Metro lacks in the form of 9m 


JOHANNESBURG Oct. IS. 

participating preference shares, 
all of which are held by Premier 
Milling, the locally-quoted sub- 
sidiary of Associated British 
Foods and. with Tiger Oats, one 
of the giants of the local food 
industry. 

Although trading has turned 
slack. □□ the Johannesburg stock 
Exchange, the listing of Kimet 
is likely io generate excitement, 
and with only 2.5m shares on 
offer, there will probably be 
heavy over-subscription and a 
substantial premium in initial 
dealings. 

No dale has yet been pub- 
lished for the listing, but sub- 
scription lists open on October 
23 and close on November 10. 
Offer the listing, Kirsh Indus- 
tries. which controls KimeL, will 
retain S3 per cent of tbe Kimet 
ordinary shares. 


Bond offer 
of Y200bn 


Rand Carbide control 
moves to Highveld 


the moves io mgnveia 

said . ,t . aad Bank of BY OUR OWN CORRESPONDENT JOHANNESBURG, OcL 19- 
japan nave iniormed qualified 

financial institutions and securi- HIGHVELD Steel and Vanadium, the Eastern' Transvaal town of 
ties companies Lhat the bank will in which Anglo-American, and Us Witbank, where Rand Carbide's 
accept beds for V200bn ($1.1 bn j (associates are the chief share- main plant is also located, 
of three-year national bonds I holders, is to acquire control of The lernw are 487c cash per 
from today until October 24. j Rand Carbide, which is 68 per Rand Carhide ordinary share, of 

Results of the tender will be i cent owned by lhe chemicals which 3.Sni are in issue, and 

announced on October 26, with) group AECI, for- RIS.Tm 125c per preference share, with 
payment required on ; ($21 ,5m) in a move which seems 0.15m in issue. Rand Carbide 
November 6. j aimed to increase Highveld's was recently suspended at 325c 

This is the third instalment j sprcat j n f activities. and paid 20c in dividends in its 

of Y1 trillion ( million-million 1 1 last financial year to end- 

worth of three-year bonds the i Rand Carbide is a ziianufao December. The terms therefore 
ministry plans lo float in fiscal turer of fcrru-eilicon. foundry offer an exit yield of 4.1 per cent 
197S. the ministry said. ! products and calcium carbide and represent a slight premium 

Reuter ; which should complement the to disclosed net asset value. The 

— i activities of Highveld's subsi- deal is expected to result in a 

Matsushita to ) Transulloys, which manu- small dilution in Highveld's net 

, , j factures ferro-alloys at a site asset value, but should add to Its 

make senp issue- {near Highveld's steelworks in earnings. 

Matsushita Electric Industrial : : — 

Company is to make a one-for-10 

s sss%£ Margins slide at EWC 

This will increase the com- ™ 

pany's capital to Y59bn (S324m) BY L. DANIEL TEL AVIV OcL 19 

from tbe present Y53.67bn, 

It will also pay a special divi- ELECTRIC WIRE and Cable parties or Bank Leumi and the 
dend of Y2.5 per share for Lhe Company, one of the first large Israeli Discount Bank from 
year ending November 20 in com- industrial operations to be British holders. In 1963, EWC 
memoration of Its 60th anni- established in Israel,-, reports went public. It specialises in 
vers ary in addition to an ordinary that its sales increased by 50 per the production of a wide range 
20 per cent dividend of Y10. of cent in 1977 AS to over i£2Q0m of electric wires and cables for 
which Y5 was already paid last (811.4m >. Profits, however. were the local market. Since these 
May as interim dividend, it said, down by 20 per cent to l£4-2m. supplies go largely to public 

: : Exports increased lour fold to bodies, this reduces profit mar- 

TVCP tlntifpnc nn • Sim. The company has not paid gins. with high financing 
i uguicua up aT1 y cash dividend since 1974-75. expenses and the start-up of a 

THE TOKYO- stock exchange but has maintained its itrnual new plant in the development 
said it will tighten margin trad- bonus allocation of 15 per cent town of Ma'alut. in Upper 
in? controls over all stocks, . Galilee, also cutting into profits, 

effective today.- following a The company was founded in Nevertheless, the company is 

sharp rise in the outstanding 1934 by a group of immigrant regarded as a solid investment 

balance of buying in margin ( engineers. In the 19fi0's control in view of its excellent produe- 


FTC probe JAFANESE superstores 

into cash Summer goods sales boost 

service | BY TOKO 5HIBATA 

• ->r [ REFLECTING a steady recovery gains on dollar denominated proportion of its turnover (40 fisi 

m lQfTQf'l |°f Priv® 1 ? consumption, Japan's bonds issued this year and last per cent), was covered by stricter ex 

V seven major superstores achieved with a combined total of $120m. inventory control measures, and re; 


By Our Own Correspondent 
TOKYO. Oct. 19. 
THE JAFANESE Fair Trade 
Commission has opened an 
Investigation into alleged 
restraints imposed by the 
City banks on a proposed 
extension of the operating 
hours of cash dispensing 
machines by Sumitomo Bank. 

The FTC's investigation is 
designed to find ont whether 
alleged agreement among six 
Japanese banks (including 
Sumitomo) on operating hours 
violates the Anti-Monopoly 
Law's Article 3 on free 
transactions. Sumitomo Bank 
cut Its planned three-hour 
operating extension to one 
hour and 15 minutes on week- 
days and dropped the plan 
entirely in respect or Satur- 
days under pressure from five 
other bank6. 

Asserting that fair trade 
must be based on banks' free 
competition in services, the 
FTC alleged that such free 
competition was subjected io 
restriction by mutual consent 

According to the FTC 
officials, at tbe beginning of 
September Sumitomo Bank 
sounded out the Ministry of 
Finance over Us plan to 
extend the cash dispenser 
operating hours, which was 
strongly opposed by five other 
city banks on the grounds 
(hat they have not yet pre- 
pared to extend their operat- 
ing hours, and that their 
business would be bit by 
Sumitomo’s “ Jumping the 
gun. 1 * After several meetings 
held by the six banks— 
Involving Sumitomo, JDai-lchi 
Kangyo, Mitsubishi, Samva and 
Mitsui. Sumitomo Bank on 
October 7 Informed the 
Ministry of Finance that the 
extension of operating hours 
of the dispensers had been 
cuL 


Advance at 


Margins slide at EWC MitsukosU 


BY L. DANIEL 


TEL AVIV, OcL 19. 


i trading. Reuter reports- . 


I engineers. In the 1980's control in view of its excellent prodne- 
.1 passed jo the investment . com* tion record. 


TOKYO. Oct 19. 
RUTSUKOSHL Japan's largest 
department store, announced 
today that it posted a Y5.18bu 
(S2S-5m> net profit In tbe half- 
year to August 31, up 13.2 per 
cent from a Y42>7bu net 
income in the same period a 
year earlier. 

Sales during the half-year 
rose by 3.8 per cent to 
Y225.49bn (SI 2 bn) from 
Y2 17 .32 bn. 

Mitsukoshl forecast that Us 
net profits for the full-year, 
ending February 28. would be 
YlL3bn, or 9.7 per cent more 
than the YI0.38bn of 1977-78. 

The interim dividend is 
unchanged, at Y5. Agendes 


BY YOKO 5HIBATA 

i REFLECTING a steady recovery 
of private consumption. Japan's 
seven major superstores achieved 
a strong profit performance in 
the first six months uf the 1978 
fiscal year. Ail seven were 
helped by strong sales of 
summer goods, such as air- 
conditioners and refrigerators. 

The vigorous expansion of 
sales space, tighter inventory 
controls and a reduction in 
interest payments helped by 
switching to short term loans 
from long term bank borrowing 
contributed greatly to higher 

profits. 

Ito-Yokado — the third largest 
in terms of sales opened five 
stores during the six months. Its 
net profits were up 31 per cent 
to Y3.5bn ($19.2m>. For the 
second half of the current fiscal 
year, the company plans to open 
another five new stores. As a 
result of Ihe expansion of 
counter space, the superstore 
expects sales nf Y4$0ba this year, 
for a gain of 23 per cent — while 
net profits are estimated at 
Y7.7bn. Up 20 per cent. 

On a consolidated basis, Ito- 
Yokado reported that its net 
profits were up 2.1 times over 
the year ago period, to Y6.3bn, 
as a result largely of profits 
accruing from exchange rate 


TOKYO. Oct. 19 


gains on dollar denominated 
bonds issued this year and lost 
with a combined total of S120m. 

A change of accounting 
methods meant that Daiei's 
current profits increased only IS 
per cent over a jear ago, but the 
underlying margin was as large 
as 3S per cent, according to the 
company. The company's slow 
revenue growth from foodstuffs, 

which accounted for a large 


proportion of its turnover (40 
per cent), was covered by stricter 
inventory control measures, and 
stress on sales of more private 
brand merchandise. !□ order io 
reduce the interest payments 
burden, Daiei reduced long- and 
short-term borrowings by Y12bn, 
from the previous six months, 
switching from bank borrowing 
to issues of debentures and con- 
vertible bonds. For the current 


JAPANESE SUPERSTORES HALF-YEAR 


Six 

months to 


% gam 
over 


August 31 first half 
Ybn 1977-78 


Net profits 

Six % gain 

months to over 

August 31 first half 
Ybn 1977-78 


Seiyu 

Ito-Yokado 


Nngasayifca 

Izumiya 


G. J. Coles 
looks to A$2bn 
sales this year 

By Our Own Correspondent 

SYDNEY. Oct. 19. 

G. J. COLES, variety store and 
supermarket retailer, expects 
group sales to exceed comfort- 
ably A$2bn (USS 2.3 tin > in tbe 
current financial year, Mr. Tom 
North, the managing director, 
told shareholders at the annual 
meeting in Melbourne today. 
This would easily consolidate the 
group as the largest retailer in 
the country in terms of turn- 
over. Mr. North said A$2bn in 
sales would give Coles about S 
per cent of tbe total Australian 
retail market. 

Sir Norman Coles, tbe chair- 
man. said that about A$50m 
would ta spent this year on 
expansion. The group's liquidity 
position -was sound and it was 
not contemplated further funds 
would be required. 

Shareholders approved pro- 
posals to allow the A$51.7m 
acquisition of the 51 per cent of 
K Mart Australia it did not 
already own. In tbe year up 
to June 24 earnings were A$3Sra 
after tax on sales of A$1.55bn, 
K Mart’s earnings were A$8.3m 
on sales of ASS 14m. 


Two more join Australian 
debenture issue queue 


BY JAMES FORTH 

TWO MORE major industrial 
companies, Australian Consoli- 
dated Industries and James 
Hardie Asbestos— are making 
large debenture issues. AC1 is 
j seeking AS40m ( U.S.$46.5ui j in 
j a “ family " issue io shareholders 
I and debenture holders and 
James Harrlio is applying for 
■ ASJOra (U.S.834.Sm) in a private 
placement. The issues will add 
pressure to the corporate fixed 
interest. 

There are now five major 
industrial companies seeking a 
total of A$200m, at a time when 
liquidity is not high. The 
largest raising is by Broken Hill 
Proprietary. Australia's major 
company, which is offering a 
long-term rate of 9.9 per cent 
for 15 years. 

The rates by ACI and James 
Hardie are slightly higher but 
are considered to be in line. 


SYDNEY. OcL 19. 
given BHP’s standing. 

ACI is offering 9.8 per cent 
for seven years. 10.1 per cent 
for 12 years and 1U2! per cenL 
for 15 years. The issue is jointly 
underwritten by J. Ei. Were and 
Son and Potter Partners, the 
sharebroking firms. Tbe funds 
would be used to redeem matur- 
ing debentures, repay existing 
short and medium term borrow- 
ings and for working capital 
require men is. 

The James Hardie issue is to 
help finance the A86ra takeover 
of Reed Consolidated Industries, 
announced last week. The com- 
pany has already announced a 
A$24ra cash issue to help in the 
financing. 

Hardie is offering 9.8 per cent! 
for Three years 10 per cent fori 
seven years, 10.2 per cent for 
10 years and 10.3 per cent for 
12 years. 


U'WiW v 


Brewery merger bid 

BY OUR OWN CORRESPONDENT SYDNEY. OcL 19. 

AUSTRALIA'S largest brewer, share. The offer is worth 
Carlton and United Breweries AS2.44 a share, based on today's 
(CUB), has made a takeover bid market price of AS1.74 for CUB. 
for Samuel Alleo and Sons, lhe and values Allen at about 
Queensland hotel group and ASS.SSm (U.S.S10.3mj. 
general merchant. However, CUB has been 

The offer is one CUB share steadily picking up shares in 
plus 70 cents cash for each AHen Allen since 1972 


fiscal year, to February, Daiei 
expects sales of YOSbn tup 7 per 
cent) and current profits of 
Y 13.5 bn (up 17 per ccnt'i. The 
company intends to make a JO 
per cent scrip issue at the end of 
current fiscal year. 

Seiyu Stores (the second 
largest) increased its current 
profits by 60.6 per cent, and net 
profits by 63.7 per vent. Sizeable 
profit gains were attributed to a 
change in accounting methods. 
However, the company's efforts 
to increase the proportion of 
private brand merchandise, and 
to shift sales more towards 
clothing, with a wider gross 
margin than us foodstuffs also 
strengthened profits. For lhe 
current fiscal year Seiyu expects 
net profits of Y3.fi bn (up 29 per 
cent), and current profits «if 
Y7bn (up 2S per cvnn on sales 
or Y500bn (up 13 per cent). 

The merger with the Isejin 
superstore boosted sales at 
Jusco. With lhe decline in 
general interest rate levels, 
Jusco reduced its interest pay- 
ment burden by Y470m — as it 
switched long-term bank borrow- 
ing to short-term loans. Far the 
latter half of the fiscal year, the 
company expects modest revenue 
growth. 

Goiiin creditors 
may receive 
extra payment 

By Our Own Correspondent 

SYDNEY. Oct. 19. 
CREDITORS ui the Collin Group, 
which went into provisional 
liquidation early in 1977. are 
likely to receive more than was 
earlier expected. They mat also 
be paid earlier than was origin- 
ally expected. 

Tbe remaining parts of Collin 
have been uperating profitably 
under a scheme of arrangement 
The scheme administrator today 
outlined details of the latest 
proposal at a meeting of 
creditors. 

Under the scheme attempts 
will be made to sell the remain- 
ing group as a whole. The group 
assets now stand at A$21.Sm 
(US825.3m>. 

Under the scheme of arrange- 
ment creditors of Collin were 
to receive 52 cents to lhe dollar 
while creditors of Gollin Hold- 
ings would set 30 cents. Mr. J. 
Rodger, the administrator, would 
not put an estimate on how much 
more would be realised if the 
sale proposal were successful. 

Creditors received a 4 cents 
repayment in September last 
year with an additional distribu- 
tion of 2 cents last month. 

Mr. Rodger said there had been 
many offers to split lhe group 
into fragments and sell off 
certain parts. 



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Pr 

pr< 

ch 

BY MA 

THE PF 
decided t c 
allegation 
Wilson f' 
number c 
were com 
paign ai*ai 

Party on 
1974 Gem 
The roi 
allegation 
lowing ih* 
affair. Mi 
was. had 
an o relies 

himself, i 

Lady Ft 
Marcia VV 
The Pr- 
Sir Haro 
drawn soi 
Stibseqi 
In Id the 
did not 
price or* 
instructed 
round a 
material." 

The Pn 
in hear 
Sir Haroh 
forma 1 cn 
On the 
ajja in5t i 
council sj 
R oyal Cc 
rhat i her 
Lahrmr hi 
The Pr- 
is one n; 
lulled tod 
In ano 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in 1 





40 



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Royal Insurance. UK Head Office, New Hall Place, Liverpool. L693EN 



Barlow Rand Limited 


{incorporated in the Republic of South Africa) 


Rights offer of preferred ordinary shares 


Standard Merchant Bank Limited is authorised to 
announce that in response to the rights offer by 
Barlow Rand Limited of preferred ordinary shares, 
members or their renouncees and holders of 
options over ordinary shares have subscribed for 
6,495.101 preferred ordinary shares. 


The remaining 302,004 preferred ordinary 
shares representing 4.4% of the 6.797,105 
preferred ordinary shares which will be allotted 
have been subscribed for by the underwriter. 


Certificates in respect of the preferred ordinary 
shares will be posted before or on 3 November 
1978. 


Johannesburg 
20 October 1 978 



Standard Merchant 
Bank Limited 


Standard 

Bank 


Haunt* Bank) 


Whyan 
Investment 
News Letter? 


Simply stated, many investors want advice ; 
on when and where to act for maximum profit 
The IC mid-week Market News Letter 
provides just that-it sifts all the facts and gives 
you the recommendations. Get investment 
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by taking a subscription now. 


Fteasfl enter me name as a subscriber I endow 

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El 5.00 fora Sa» months' Inal sutnomnon iC 1700. MimMi ■ 

Please aweras for £28.00. El 5.00 (.delete es jpprcpruicj ■ 

ICNLF7F I- 


}Jlr 'Mrs MiSS. 


[SLOCK LETTERS PLEASE) 
Address 


.Postcode. 


_ To: MARKETING DEPARTMENT. 

■ INVESTORS CHRONICLE. ICNL F T P F REE POST. LONDON EC*8 JOJ 
■* Reg. AatSesa: Grey uahe Place. Feller Lane. London Reg. Na. 905695. 



Nature develops workable 
systems. So do we. 


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_ Georgia has the second 
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For more information, in 
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phone: 512-81-85 or 512-82-93; • 
TWex: 23083 1NSEB. 

Or contact Mr. Milt Folds, 
Commissioner; Georgia Depart- 
ment of Industry & TVade, 1400 
North Omni International: 
Atlanta, Georgia 30303. Tele- 
phone: (404) 656-3556; Telex* 
54-2586 GAINTLATL. 



Financial 'Tunes 


.• 7^,;-^" J'S -7 ■■ • ■ - r ': 
r ; ; j, • A v-* ’ 


Currency, Money and Gold Ma rkets 



$ falls after 


early rise 


The dollar stowed a slightly 
firmer treed in early trading in 
the foreign, exchange market 
yesterday, and rose quite sharply, 
particularly against the Swiss 
franc, following comments by the 
president of <the Swiss National 
Bank around lunch time. He said 
that the central bank will resist 
any attempt by foreign exchange 
market to test the durability 
of Us intervention policy. 


tries in the afternoon, to dose at 
SL9R40-1.D9S0, a fall of 15 points 
on the day. • - ’■ 


Forward sterling was slightly 
firmer, with, the three-month. dis- 
count against the dollar narrowing 
to 1.50 cent from 1.70 cent. 


Immediately after Unis news the 
dollar rose to a high point of 
SwFr 1.5050 against the Swiss 
franc, compared with an early 
morning rate of SwFr 1.5075. Other 
currencies reflected -this trend to 
a lesser extent, but later on the 
market began to move against the 
dollar once again. Fairly heavy 
selling of dollars developed in the 
afternoon, and the U-iJ. currency 
continued to gain support from 
intervention by the Bundesbank 
and Swiss National Bank. 


FRANKFURT — The West 
German Bundesbank intervened to 
buy 53.1m, as the dollar rose to 
DM 1JS463 against the D-mark at 
yesterday’s fixing, compared with 
a record l° w of DM LS30Q era 
Wednesday. Yesterday's interven- 
tion was oo a small scale, .com- 
pared with the Bundesbank’s 
dollar buying of S27.15m on Tues- 
day, and 523m on .Wednesday. 

The Swiss. franc fell quite sharply, 
and was fixed at DM 1.1970; com- 
pared with DM 1 42 ISO previously, 

while sterling gained groundrThe 
pound was .fixed at DM 3.6720. 
compared with DM 3.6600 on 
Wednesday. . .- • 


The doUar fell back to 
SwFr 1.5300 at the close, but was 
still firmer than the closing rate 
of SwFr 1J50S5 on Wednesday. 
In terms of the D-mark, the dollar 
improved to DM I.S455 during the 
day, but fell to DM 1.8350 at the 
close, little changed from the pre- 
vious closing level of DM 1.3355. 


AMSTERDAM — The dollar im- 
proved to FI 2.01450 at the fixings 
from the previous day's record 
low of FI 2.0005. 


Weaker European currencies 
finished slightly easier against the 
doUar however, with the Italian 
Bra ending the day at L813.2D, 
compared with L813.75 previously, 
while the D-S. currency also 
improved against the French 
Franc, to FFr 4.2275 from 
FFr 4.2125. 


MILAN — The dollar rallied 
against the lira, and was fixed at 
LSI 5.55 yesterday.- compared with 
LSI 2.20 on Wednesday, the lowest 
fixing level for 33 months. The 
D-mark lost ground In terms of 
the lira, falling to L442 in early 
trading, from a previous record 
high of L443.75. 


PARIS — The dollar Improved to 
FFr 4.2430 against the French 
franc at the fixing, 'from ; FFr 
4.2120 previously. The D-mark Cell 
to FFr 2.2085 from FFr 2.3006. 


THE POUND SPOT 


'.Bout! , 

'Oct. 19 :i*»«*j iwr* 

• » j Unread 


Clnu 


u.d,.s ; 

tiwadiH S , 
GniWrr > 
Ud-iumF j 
Ban UK X j 
D-M*rk J 
Pbft-IiHL : 
3)00. ft*. I 
Un 

Nrwgn. K- : 
TVeiwb Fr. . 
dtocdieti Kli 
Yen 
- Austria tick 
Stria* Fr. 


iau 


- . s7.nwi8 D6 | j7.75-b7JB 
8 i 10.20' 1DJ5..i 10.2 MO JZ 
3 ‘ 3.&M.89 !i.663*-fi.KW* 

18 W.SO-ati.SDj H3.5f4b.70 
a •WBA0-HMi1l39.3MSl.l5 
10 1- l.b20i-l.*lB4i l.oSB-.l,h2B 

yi 3 ; B.41-8.44 
01O' ii.55-e.59 

ii 3 i 3K237B 
4 lJ 2B.7M6.35 
1 6.0W-1B 


a.B4f->.t5v 

UIH<4 

8^-d.Bra 

oKrtffiT 

iH.aa-200 

3.84*336; 


Eetglaii rate IP *w maieHtbla trapes. 
Financial franc 61.15-81-25. 


; FORWARDlAGAINST £ 


- . . - [.. — r--f. I - 

One uiontii ; & fLa^ jTbreemontbn ^pj. 


0.42-02 tr.pnii 2.2J : !!.56-1.46e.pm 6 jBI 
OifrO-dAS c-pnt; 2.76 eJto-Lffic.p»r'OB - 
i r.pn-I tfcdW O.T&'tiU-^'-vTHn- . 
&- 15 fti iua 2,W 'p-tS-Mpm h- U8 • 
63-85 ore. <!»•— 3.10 • ll2*- t4j.nT dis— 6.23 l . 
alB-xlgpf pm; - B.M tSls^la pf pm) . a.42 . 

t— 07:1 |20JMe. dl*[— 4JB . 
1—2.21 M Iteedto, -02B 
]7-3 orBdla '.'J— 3^ 
4.27 B-7 pm . 4AB“. 

orvpm „2.^ 

3J23 W-TM.55 J Ml .. 
17-? on; pin l fi.Sff l42-32-jrro.Em . 5 l 41 . 
prill ll.H flffLs-SM aprfl 12.73 

. 

Sir-month forward .drifitr. llfid.osc pm, 
12-maolh 5J2Pj.8lc pnt' ■ 


ro-170 c rfm 
ZB- 125 v. ilia- 
2-4 liredia 
84-4J rav di* 
Si-Sj c. pm 
1 i occpdd U 
2.70-2.36 r vpm 


the dollar spot 


Odober 19 


Day's 

spread 


Chwe. 


Canad'n S* 

. Guitdiw 
["Belidan Fr 
Danish Kr 
D-Mart: 

Port. Esc 
Lira 

NnrRn. Kr 
French 
Swedish Kr 

!-Yen 

Austria Sch 
Swiss Fr 

• D.S. 


SSjaMMJB 
2. 00 55-2. 0108 
26.(ri«.IW 

5J150-5OJ2S 

IA355-L8C5 

auJMiiSo 

a.WHM-Mas 

SJ93S-U030 

132.75-1*3-75 

13.Mi-13.53 

13H90-134U 


8U944J8 1 
49K5-2.0885 

29.0M9.64 

50300-5.1325 

L83B5-LS375 

EM.ZS41&50 

d.m04.9O8. 

OJ280403U 

aoaoo-U(U5 

18340-1X3^0 

13.Ml-13.05i 

U530B-U330 


ctnre per CanatSian S. 


FORWARD AGAINST $ 


One month 


V- 

».a. 


% 


Bjn-AA3c pm 0J7 
0 1MJ2DC <He - —15* 
M3cdb -B57 

4555.150 irtfl»-U5» 

UMJBpf PPI LEZ 

H5-lS0cdl£ ' —28.76 

3LKh4X0Urcdi3 -4J4- 
2j»2Manf& -444 
0.704500 pm . 1 XT 

055orciH*-0J5pmft52 
0.95-0JMhr pm 3.12 
«. 75-3.758*0 pizt £24 
UW-31C pm . 9.72 


Three nuutthr m. 

fl. 05 fl. 15 c ills -HL 73 
iMScifif . -ZJ3- 
18-MUIonjdIs -Am 
.WW-46pfflm tjfv.. 
138500 c db - 2 UT - 

. 4 ^ 540.73 Ireffls-TB- 
75 B- 7 .Momlk -SJ 5 
055 tflJ 5 c pm . .*,51 
PVMtnnilb -pjj ■ 
*■* - 

9 -JS 7 MOTB pm 2 J 2 
-Hfc3.Ucpm.-TO 


CURRENCY RATES l CURRENCY MOVEMENTS 


Special European 


October 19 


The dollar's trade-weighted 
depreciation. a5 calculated by 
Morgan Guaranty of New York, 
narrowed to 10B per cent from 
II . per cent Sterling’s trad"- 
weighted index, on Bank of 
England figures., rose to 62.1 from 
G2.0. 


The pound opened at $1.9933- 
$1.9945 and touched a high point 
oF SI J9955- 1.9965 in the morning. 
The statement From Switzerland 
pushed sterling down to a low 
point of $1.9850-1. 9S60. but it im- 
proved in line with other curren- 


BR LSSELS — A r the fixing Hie 
dollar rose to BFr 29.1300 from a 
previous record low of BFr 28.99. 
The French fra ncr eased to BFY 
6.8660 from BFr 6.SS40 against the 
Belgian franc. . 

TOKYO — Active dollar buying 
for import contracts by trading 
houses and commercial banks, 
helped the U.S. currency -.to 
stabilise in calm tracTiiig-. .-ft 
finished at Y1S3.00 against .the 
yen, compared with V 182.15 on 
Wednesday. There was no sign 
of intervention by the central 
bank. Overall volume was moder- 
ate in spot trading at $4l6m, but 
swap and . forward trading was 
active, 'totalling $972m. 


OTHER MARKETS 


• " . * • : 

1 £ ! 
Url.I) j ' - l‘ 

, ; | 

• -Sole Bst«r-;. 


SlerUiw 

UA dollar 

■Canadian dollar 
Austrian snhllUnu 
Be lxlan franc ... 
Danish krone . 
Dmsche Mark 

Guilder 

French Irani- . . 

Urn 

Yen 

Norwegian krone 

Peseta 

Swedish krona ... 
Swiss Irani: 


Drawing 

Unit of 

Rtgtas 

Account 

0-655517 

L307U 

0.683543 

135B46 

1J4891 

1-60394 

... 17.MBT 

IB .3*28 


39.5718 

6.708M 

6.99984 


7 fftwic 


2.73966 

... 5.54603 

5.76415 

1865.54 - - 

.1108.64 .-. 

-238.873 

250177 

... 6.46165 

6.74137 


94.9876 

5.6Z249 

5-8505 

2.0293 

2A9930 


October U 


. Emtfaad Guaranty 

***** "ttewlj- 

Srerllns — — - fciM. -0.9- 

U.S.- doUar «.T7 . -llU 

Canadian doUar ...— 76,72 . — ls,j 

Auanan scblUins &BM, +UU : 

Belgian rrane :...- U4J7 -.f + bjiV 

Danish ton hp U7.63 + U. 

Deuiscbe Mark 149J8: +4L4 l v 

Swiss franc 20XX7 .• ' +96.4 * : 

C nitric r - 122X6 - . +19 j 

French franc 9U4--"- — .H-‘ -- 

Ura Sfl.99 : -«.*••• 

Yen : ...... 156.75 +SW ? 

Based on trade weigh ml, -charuisB Irma 
WaaWnBtoo- aerpement Ci?nrmber. -Un- 
fBank of Encland Index •=!«)>.' 


.VriteniniH l"»-**.. - 1 

Aiuvi mini tfci : -*r. - 
Kinlanii MsrsUn... > 

Urn/ii I ; 

Greek flmi-hiiw.... ' 
Hi-ng K-mu D'riler.J 

i in n Rirtl ' 

Knnail hinirtK Ih.l 
Luxe mli mre Fmii'-I 

\InlBV-m IhillHl.... 

NcwZphIrii-I LH-IlHri 
niirli Antliin Kli'i'j 

*'lnuH|«-ie I i-'l In r I 

Si mill .liitmn llmirii 


1.778 1.779 ;aS6 44-888.44 
L6978 > .7048 IO.8S3CfcO.854B 
7.79-7.82 5.9300-3.9320 

37.70-58.70 : 18^5-19.40 
70.765-72.499 53.48'56.J6 
9.3Bi»-9.4U8 ■4.7300-4.7330 
137 145 !'] 68.69-71.7 ' 

0.53 r-0. 541 0.2662'0.2712 
57.75-57.tt5 ; 28.96 28.99 
4.33-4 J4ta it. IbBO-ts. 1700 
1.8520 1 .8=90 0.9302-0.9328 
6.53-6.62 la.269043.5191 

4.294.301* 12.1562-2,1572 
1.7 196- 1.74 57 -;0.c bK 2-0.8753 


r\iirtne 

itiei^liiin 

liennwrk 

iFram-e 

! ■ennanr— - 
limit - 

Japin 

iVelherUiruU- 

'Awmv 

IrnrttiBW - •• 

[ pain .......... 

i-wilzerUind - 
Uniieii stup* 
jYirenaliivta .. 


H 


60 . 7 S 4 iI .75 
■ 10 . 15 - 1025 : •: 
1 8 . 40-840 ■ '•- 
3 . 62-3 yx 1 ;. 
-.16iai670 “ 
564574 * 

■ Z&74JB7 
950 - 9.90 
..btt-.im 
Jf M 2 - 147 —'- 
• ' ; 

1.9876.L9975 

41 - 43 --. 


Rate given for Argentina .Is free rare. 


EXCHANGE CROSS RATES 


Oct. Ifl 

j Koiin-i ■'leri'inl 

r. . im-uh 

' fJeulrf helium 

Jnt«UCM> 9 m. 

r r*>rn-!j I- mm | 

><vi*r traiiv 

DuUS> (iuixlei 

iwikd Lira [ 

. wvuIa llotla 




rtnind.Steriiuj- 

! *■ i 

1.995 

| 4.663 

366 . 0 . 

tt -450 | 

3 .L 50 

. " 4 .U 05 

• 1 « 2 B. ' , 

. A-* 84 - -- 

’ ‘ M-fcO . 



II.S. Orntnr 

0.501 1 

1. 

| 1.636 , 

' la 3-5 

4 .iZ 7 ! 

l.l 29 | 

.. 2 . 0 C 8 ‘ 

815.0 j 

LU 5 ; 

: 28 A 3 -- 




; 0.873 ! 

0.545 

! 1 . 'I 

1 99.93 

' 2 . 30 * 

U.‘ 33 '1 

• 1/-94 i 

! 443 . 8 . 1 

ttt 43 • 

.- It. 78 • 


— 


! 2 . 73 B i 

5.449 

1 20.01 j 

i IOu ^ 

23.03 

9.333 

10 - 94 . . j 

1 4441 .- [ 

6 , 459 .' .. 

-. "'• 187.8 . •: 

!" ’ • 

.... . 

Kreni.-ti tntiic If 

; i.t 86 1 

2 . £66 

i 4.345 

434.2 

!«•. 

4 . SIB | 

4.751 1 

[ IF 28 . i 

2 .ec 4 , 

68 56 



<«■!*■ Pm lie 

1 0.328 j 

0.654 

j 1.201 ; 

120.0 

2.764 

A i 

1.313 • 

1 536.0 . 

0 . 775 - 

I'. . 18,95 



Juii-u Uunriei 

i 0.250 « 

0.498 

1 U .914 

91.38 s . 

H.1C5 

0 .V 62 i 

1 . 

405.9 1 

o.'ftB 0 

I' "• 14.43 



•m un Jjr* I 

; 0.615 1 

1 . 2 B 7 

! 2.253 

225 * ;• 

5.186 

.- 1 . 87 b 

2.464 

100 U. j. 

1 .(W 4 

.■..,.■ 3536 : 




.Hl'illltll 16 . Ml 

1 0 . 4>3 

0 . 84 * 

1.549 

154.8 

3.565 

1.290 

1.694 

b 87.6 - 

. 1 >'-vl 

. 24.45 





3 . 45 X • 

6.337 I 

*33.2 - 

• 14.58 

5.277 . 

6.919 

>812 

4 .P 9 tf ; •: 

:- • IOJ. • 




EURO-CURRENCY INTEREST RATES 


1 T 4 «-w w .r , . 

:RlL !■ 


1 

U.i. j 

•Sterling 

L.P. Itnliar 

CauarlUiQ 

O' "Ml 

Duit-h t.»uiMti 

Eranc 

Went Ueitoan 
Max* 

Frencn Framr 

luilan r.ini. 

_ 

Aslan'S-' 

JapaBweTeri 

taburt term .. .1 

I rinv's msit^i 

Cbm- miHitlin...] 
71 X niiMithu j 

One yeiir -1 

Bis 83: 
lOSs 10>* 
12 J 8 121 « 
1266 U’t 
Ifil* 14U 

13 In 14 

8 la -91a 

9 9U 

9;.; ioa 
10 ,!. 105s 
lUM 106 a 
I 0 ie I05a 

B'S 9i« 

8 >< 9>, 

9l ( 9S« 

9is 10 rc 

9ii 10 .L 

10 11 

10 11 
lOis-U 
1 UW- 10 )« 
9-9 *S 
81g-9 

l«r -'6 

li U 

331, 

3-31* 

3,;.-3.i 

40S-3J* ! 

5 7g 

6 f B 71* 

7i 4 7t a 
8 l H 6 k) 
fls* 9? f 

10 l a 1 L 1 * 
101" -1 i* 

8-11 
12-15 • 

13 is 15i? 

14 I 6 I 1 
14l = -lbl 3 
1518-161* 

- — ^ 

9^-9,^ 

9i*-10 

- 91*811 ;. 

. lOSp 10 'b 

104# 10 »a 

. rs ' « 513 . 

35*4: 

3^3A_' 


l™34^o rc pe’r” , ^i. t0r L ° n,So11 ” rn&tu,lov 01 *•*»•« w cent: three months 940-10.00 per cenn six 


Shnrtw™ Pl rai«"^ 0 ™Vro^| , wiiI^™ r'c” nor *5*'* HHm-9ISi* per cent: fimr years 9: -Pi per cent: fire Tears at -9) per cent nominal' clown* tab*. 
Short lerm raws are call lor sliding. O.S. doUars and Canadian dollars, m o-day caU for iuUiders and Sum iraien.. Asian rales for closing rales in Sinsairafr. 


INTERNATIONAL MONEY MARKET 


Uncertainty in New York 


Following Tuesday's decision by 
the authorities to implement a 
further tightening of U.S. credit, 
the market appeared to be in 
some doubt a.s to where the 
target rate for Federal funds was 
likely lo settle. The latter were 
quoted at SjiJ-S!-.'; per cent 
although Sj-D per cent was mooted 
a.s a more realistic rate, tending 
lo reflect the rather defensive 
attitude in the market at the 
moment Treasury bills were 
generally easier with J3-week bills 
at 7.SI5 per cent compared with 
7.98 per cent late on Wednesday 
and 26-ucek bills at 8.35 per cent 
Trom S.rtO per cenL One-year 
bills were unchanged at 8.44 per 
cent 

Bankers acceptances offered 
rates stood at 9 per cent for 30- 
days and 9.15 per cent for fio- 
days. The 90-day rale was quoted 
at 9i per cent and 9.30 per cent 
for 120-days, 9.35 per cent for 
130-days and 9.40 per cent for 
ISO-days. High grade commercial 


paper stood at S.95 per coni for 
30-days. 9 per cent for HO-days 
and 9i per cent for 90-days. 

FRANKFURT— The Eunrlc<hank 
council voted to increase mini- 
mum reserve requirements to 9 
per cenl for domestic and foreign 
liabilities. This move is designed 
lo drain the excess liquidity 
caused hy substantial official 
intervention in the foreign 
exchange market. In the Iasi 111 
weeks, the Bundesbank has taken 
in at Icjihl DM 13.5 bn through its 
intervention and this prompted 
yesterday's measures. 

Cali money was easier at 2.75- 
2>>5 per cent compared wiih 2-8- 
2ft per cenl in the interbank 
market. Longer term rates showed 
a firmer tendency in places with 
one-month mnni-y at 3.5-3.G pur 
cent from 3.25-3.5 'per cent and 
three-month rising to 3.9-3.95 per 
cent against 3.S5-3.9 per ccm. The 
.six-month rate was quoted m 3.95. 
4.05 per cent from 3.95.4.0 nor 
cent while 12-month money was 


unchanged at 4.03-4.15 per cent. 

AMSTERDAM — Interbank money 
market rates were mixed overall 
with call money at 10**11 per 
cent compared with 10-11 per cent 
on Wednesday and one-month 
money at 10i-iH per cent against 
11-12 per cent. The three month 
rate was quoted at tO!-ll per 
cent from 101-11 S per cent while 
six-month money stood at 9i-ii* 
per cent against 9J-9J per cenl. 

BRUSSELS-— Deposit rates for 
the Belgian franc (commercial) 
were generally firmer with the 
one-month rate at 9J-92 per cent 
from 9i-9i per cent as was the 
three-month rate at 9241; per 
cent from ft;-9J per cent. Six- 
month deposits rose to Sa-S} per' 
cent against Si-SJ per cent while 
the oac-year rate- was unchanged' 
at Si-Si per cent. " j 

HONG KONG— -Conditions in the | 
money market were easy and call- 
money was quoted at C per cent 
while overnight business look 
place at 5j per cent. 


GOLD 


Weaker 



Gold fell S2 In nervous trading 
to close at £226^227, The marfcrt 
was fairiy active, . opening 
S2271-22SI. the -highest level n.. 
the day, and falling to ’a low :if 
6225J-22fi ' around -.lunch. 1 Th- 
metal was fixed 1 '.qt . 
{£113.813) in the .rooming, - 
*22505 (£113-392) in .the- aft 
noon. VT " ' 

in Paris ihe 1 2±. kilo gold — , 
was fixed at PFr • 30.95a. per kiit. 
(8226^7 per ounce) in the after 



IM. H . I Ort- B r 


UK MONEY MARKET 


Small assistance 


Bank 
fjending 


of England Minimum 
Rato 10 per cent 
(Nince June. 1978) 

Day-to-day credit was in slightly 
short :,upply In The London money 
market yesterday, and the 
authorities gave assistance by 
buying a small amount nf 
Treasury bills and a similar sum 
of corporation bills, all direct 
from the discount houses. Total 
help was termed as large. The 
market was faced with a small 


excess nf revenue transfers in 
l be Exchequer oxer Gnvcrnmrnr 
disbursements and banks brought 
forward balances snmr way bciniv 
t argot. There w;is also - d very 
alight net take up nf Treasury 
hills. <)n the other hand ihern 
was a modest decline in the note 
circulation. 

Discount houses were paying 
8J-83 per cent for secured call 
loans at the start and cl ns- mg 
balances were taken between 8 
per cent and 8; per cent. 


In Ihe interbank market oxer- 
night loans opened at s?-9 per 
cent and eased 10 Rl-Xi per cent 
before coming buck to sj.g pi? r 
cent. Rates tended in firm towards 
the close, wiih a lot of activity 
seen at ft per cent before closing 
balances were taken at around 
10 per cent. Longer period rales 
tended to ease in places, reflect- 
ing the reality of another week 
with MLR at !0 per cent. 

Rales in the table below are 
nominal In some cases. 


IjmIiI Diiliim ,h ftnei " . ‘ 
rmnrvi ' i . . • >' 

S’ 1 "** - S2SE£-2ST SSni ffl v 

Olflnnm., |$2J7n-3£m M2L-8M 

Morninf< fi*mc ,82J7.I» J .IS2SB55 ' , 

|(£US5IS.i |i£114.r«lt 
.\fU3nn»m lixtD2_.^-59}S3ES ' S228.M k 


Oolri Coins.. ..1 

ri»iin**iii3illv 1 ■ 

Km^mnd.: $2i£tfS ISZWr^ 

. i£ii;-iiai >£ 11 ?* n* 

> e n SorctvIftM 5855* -6W« S64, -SSI -. 

,. tlJ . ,i£3W8l !i£4Ei-»*>.V 

1 'Id Jsorrrrigm i ^ 62-64 1 

r.„, «"«■*> 

Inirmsinniaiij — ! • — -. 

kriiitemnia. raui-sm .wmvi- 

(XHB+ n7 7 V-£ii?i-»iM ; 

■Xow :SttTa-b5J 

, . , lcao^i*! iiai-asi. 

Ii.ll Xii-MvigTik...... 56764 

S4WJIB 

mu i-fl^lt-. S153-1bfi 

Kaell- ..; JL1M-I1B 



SB2i-64i 

.i.£iU-Zio7 

sjos-aii 

51bS-IES" 


jnoon. compared with. FFr SliOO 1 . 

; 28) in ihe morning, am : 

iFFr 31,150 (8230.02) on Wedne‘ . 
day afternoon. 

In Frankfurt the 12 $ kilo ba 
I was /ixed ar DM 13,455 per M«- . 
. ($227,00 per ounce), cornparri'-. 
jivith S229.G2 per ounce previous!) _ 


LONDON MONEY RATES 



■itf-rllnu 

| Laii 

iLnwl Aulri, 

Finnnrc 

• fiiwunt ■ 

Hliqlble 

r 

I'cL 19 

L'crtltivale 

InccTtaunt j Autbnrtty 

[ ncsctuililv 

IIOIIM? 

L’.unpanv ' maraet |‘lTW»ury 

bank 

IFinMrad. 

WJe 

«»f ilPlOKlt 

| ftr|umitn 

\ hrmrin 


l)e|enit« • , Hillftli 

btlln* 

! BtIIMi 


MOSEY RATES 




Uit miliCL , ..i 
i (law nr ' 

I ijnf w.J 
*'nc nuviih , ,.; 

I «■« innnihu.. 
llmv m-iiLlis.) lO'-H 10^1 
•ii: 

'nii- iiinnih- 
■><■•• vinr. .. 

■••i mi* .. 


81* 10 


ft’o-aii- 

, lu-,“ 111 I 4 


U 10v„ 

lOinlOi-i 

lOTK-lQf!- 


9.914 

Slfiio 

,uj t v iusb 

10 -a- 11 

U-III4 

10-«-ilie 

10's-ll 


9li-9St 


9Ib9Sr 

9S8-97L 


10lR 10^4 
101;- 1 1 


tovni* 
JiVia ■ 


lOla-UJ'iu 
lOin-lOse • 
lui- U ( 
tots ll'u I 
ll-IJ'p I 
lOlRlH* 


ion 
10h 
It 
Ulf 
11^1 
11 |R 
llfg 


9U I 8-8I4 




iTtm* Rjie 

, F«1 Fmvhi 

1 Tr^amry BiOs MS-vccki 
Treasury Bills fK-wedti 


..... U - - 

7* 

«5 


9 '. a 

10^ 

UJfl 


GERMANY 


8:?8>j 

9»R 

9i(l 

9I« 


1- 

, 9'2-9*B 

• 9/4-9, ;j 
■ 9_j-lU 


. ; 

lOSj 1 

; 10:4 ; ; 
toi* u,: 


ios, 

10-fi 

ll'u 

»»a 


1 Dttcvttnl UaiC 

: Ov^rnudn 

'.One month .... 

Thro- mtMiUu 
' Six nttnihs 


S 

^280 

., 335- ' 

. 

cm . 


1 FRANCE 

; EhwHmr. Hate 


Lnc.il auihnnty and Bnanw houses h«i days' notice, oilwra s»-ri*n days' llx«*d. • Uimier-t.-nn Jiwal amhorinr rnor)cajii>'.^ c, »!»l , l 
raws numui4»ly Uir.ti yrais ls-121 por «nt. four wars 12-131 per «nt: llvu lean 12i-12S per cent. Bank UQ raux in ■ • 

an- huyiuB rairs tor prime paper. Bnyuw rsir> dor four-month bank bills MM Hit, per wmi: Tour -month trade hills 11) per vent. I • 

Aporoximaie seiiinB rales for onc-uwnih Treasury bids 9i ia*r cum-, and iwwimmh 9i-!hi to.i ceof; ihree iaujifr K-nxjj {• T” ';"'.' 
pit ii'iit Approjclmaic wliins rate for OBe-mwtth bank hUHSMUifi per rant- tt*o*momlFW4ifc-Wl-per r«or: sad Uirtm^nombl .v-_ 

W»is-lW pit t.*ni. uik’-tnunth trade bill* 10) per vein: twit-month M*-per eent: ami also ihrw-moath JW !^r coni. - ■ I j«r«w 

Finance House Base Rates 'published by the Kina net- House AssaeLHIOit' 43 Dor «*Hll from *tvto<>r r'.-IVJS. -Ctoarios sank] Disrapof RsUi 1 ' 
□cpoiii Rates nor small sums ai R'Vfn d#ys' mtflrn n-j per cenl. Clearing Bank Base Raw* ter brndfau Iff par cunt Trcaw ry | call « tf BcotHlItltwa h . 
Bills: Asi raae K-Ild>.r rates of discount fcSaM per w-HL ' . ; r . Rate 
































L 1 


starts in fine style 


APPOINTMENTS 


WALTON HEATH, Oct. 19. 

THH Jn.m-Tural European Open reaction from the youngster in evening, who put them in 
* '•?».'< mpiosship. w:th it* magnifi- question which appeared to be someone else's locker, causing 
cent prise • tatty of i’105.000, got justified. ■ .the Spaniard to play with 

“ff to a singularly auspicious - ■ -Faldo had reached the turn in borrowed clubs, except for his 
start here today when the lead- one under par 35, but really set putter. It was the putter which 
ins. British professional Niek up his round with a birdie at indicted most of the damage, 
raldo took u narrow one-sirok the drive and Pitch 10th and an however. when Ballesteros 
tead with a finely-ployed five eagle three at the 507-yards 11th. missed a short putt on the 

. _ . . j L.inj mi* first green and took three putts 

Ai 69 comes tho tall and ^is three-wood ana holed out on jj, e second, 

powerful Californian Lon from 25 ft He made further „ 

i-- ■ Hinkle set up his score with 

__T Australia 9 most premia- ■ ■■ an outward half of and 


V in? jnungsier. C.reg Norm an. 

^ the Spaniard, Manuel Calero. GULP' 
kt vho I am told by natives of that Ry mm weiGHT 
country- could easily be their best BT MN WB,wtl 
‘ player if he was to put ins mind . 

V> Um task. us_ji— ■ iu* 1 


\ - Hinkle set up his score with 

f/N. in"~ C nun “ill? , S -'^, 0S v pr0miS ' ■ an outward half of 33. and 

Norraan. aai C although he missed four short 

i U r DeI ®®Lr putts he was never likely to 

■ counrr ?ol?d d eL5iiv U h^*.iI BEN WRIGHT . . . score much worse, so easily 

• y j r c ? u < * ®asdy be their best within range of his massive 

'"'I. £ ] \i, r , "f .V 35 to put Ms mind hitting were the four par fives. 

. V U1B lask. birdies at the 15th and short 17th Korman h __ !lafl inos . dis . 

At present there are seven holes, with putts of 8ft, but then aP pti n ti“ 5?L- i^ E^oe But 

' ZTllS p d ar 70 r ? ame 3 ** *** 10 8 marvcl * 

lnr sc include my idea of lous round. and winninc wavn in Fiii and his 

.v : , i- l lc pre : tou raament favourite, Hinkle has just - enjoyed his „ow erwasni o d i?a dla n tame today ' 

-; J ? * h r *\ n * w bearded American, Tom best season- in- The Untied P°«er was no disaa vantage toaay. 

TrVciskopf. who is in commanding states having finished 16th on Wciskopf. playing alongside 
. foi-ni having just won the World the mnnev-winnins. list with F ? ldo - was fulsome in his praise 
S * ri * s ,n , hls niUive country and earnings of 8135,236.. He Is one y° UI *K P rt ‘‘ ende T- " h ° 

" — “ lucrative tournament m oF the most deceptively powerful “ d ™ tt l ed 

' -i- Japan. niivu., « n nanomfinrr v*cd . 1° steal some of the 


4 U1B iasK - birdies at tbe 15th and short 17th 

At present there are seven holes, with putts of 8ft, but then 
players at three under par 70. came a sad ending to a marvel- 


BY DOMINIC WIGAN 
THE STEWARDS of 


i iiiiwiiujii'- Ills rusunguisnea run usinn litrln mnn. than a half- nuaHiu- 

— »n*l the new Dunlop Master !„ t L “ , * 9 „nth*r ,,usl y. «s ho has not touched a 

Golfter. Tommy Horton, captain « n L— cluh since competing in the 

oi rh«i Professional Golfers ™ 3 ”' Carrol,s Irish Open in Port- 
Association. disappointed today on 75 alon^- mar nock in August. That was 

Several mure tried and tested « ,tIe . . , . c Ballesteros, the another golf course with which 
American tournament prores- Sp ,ilP , km ? , ® ur0 ‘ ie * Weiskopf had completely fallen 

sinnaJs are lurking close up . .T he latter s dubs were mis- m love— as he has with this 

behind the lenders below the par 3 well-wisher last great heath Land test, 

or 73 and. praise be, so is Tony 

Jockey Club endorses 

The course here is a composite T 

one incorporating some holes r^TIfUr O'll ^L. I vPf?f*r 
from the New Course, but com- * ^ ”** k-FR.* 

prism*; predominantly the old. BY DOMINIC WIGAN 
At « .130 vards i is possibly the 

finest test nf inland golf in these STEWARDS of fhe neen. the horse would have been 

inlands, and the powerful Ameri- Jockey Club have received the the last in be ijoaded into the 
can contingent have been lavish re P ort °f the Committeee of In- stalls. The committee reconi- 
in praise of a wonderful golf <iuiry appointed to investigate mended, therefore, that there 
course. the accident to East King be- should be an exubange of infor- 

Today if could scarcely have f° r ® if 16 start of the SL motion bclween foreign turf 

played more easily, since there ^I 16 Stewards have endorsed tne authorities via She Racing 
was- hardly a breath of wind, the recommendation of the report Calendar Office on foreign 
weather was reasonably warm aQ d. have issued instnicuons for runners with a bistory of play- 
end the fairways were "fast-run- their immediate implement a- ^ up tn 
nirre — everything perfect for . .. . On the question of why screens 

scoring.- The committee M I.™ were not placed nmnd the 

The low spot of Faldo’s round Easter rang had a reputation In injured horse — dwelt on for 
was reserved for the final hole. France for causing xMfficuity at several mdnuies by television 
where he was first put off by a starts but that Major Michael cameras — the comnrittee com- 
fllm crew when putting from 35 Everieigh. the Jockey Club ments; “The decision not to 
ft after a poor second shot with starter, was not aware Of 4h*s. erect screens was made by Che 
his nine-iron, and was then Most French trainers ®re quick veterinary surgeon. His main 
forced to back off again by the to ask for special .starting reasons were a fear that* the 
frenzied cries of -a newspaper arrangements for ifaeir nmners screens migiht flap in itoe wind 
vendor. The consequence was in this country, but on this occa- and disturb the other horses and 
three sorry putts and an angry sion this was not done. Had it also that, in putting them closely 

I around a horse which seemed to 
be concussed, there was a danger 

CLIVE INVESTMENTS LIMITED 2L?. e h ? rse . e9>riil ^ n ^, UP sud- 

X Royal Exchange Ave., London EC3V 3LU. TeL: 01-283 1101. jTfiljSifSJXSdlCT hUldS 

CH,. Filed -interi.. H<^> | 

It cannot help feeling that, all 

r .. ..... - — . . , M things considered, screens in 

ALLEN HARVir.V & Rftss invbXTMEWT MA itfAnFJiRMT T.Tft, operation would have been in 

45 Cornhill, London EC3V 3PB. Tel: 01-623 6314. . the best interests of racing. 


Sun Life Assurance is a group oflifp assimmcc 
companies with total funds exceeding £800 million. 

3ls Chief Office is in the City, liie Administrative 
Headquarters in Bristol and branch offices arc tolled 
throughout the United Kingdom.The Group has iis own 
large sophhAi&ucd computer confisurtition and all major 
systems are computerised. 

A qualified Cliarlered or CertiGed Accounuuu is 
required as 

Accountancy 
Services Manager 

This is a newsenior appointment to co-ordinate the 
work of Ihc Financial Accounts and Managem enr 
Accounting Departments ha>cd in ihe City ;iml Uierc'ny 
further develop the service-; provided by thcs>: 

Depart ments us an aid to ManagcmenL This is a Group 
appointment and resitunsibilitj will be direct ;o the 
Group Accountant. The successful applicant \%ilf al*:o be 
appointed Accounianioi SoLir Lite Assurance LiruiLed 
an expanding wholly-owned suh;;idiaiy in the unit 
linked field. 

The successful applicant (mule or female) u ill be in. 
the 30 to 40 age group, have a mature personulity.and be 
loobiag to settle into u career with ihe Sun Life- 
Assurance Group. The prospects oCprooiotion to more 
seniur levels arc excellent. 

Several years' experience in the financial services 
sector since qualifying, arc considered essential; 
knowledge ofihc life assurance industry’ would be helpful 
Experience ofmanacingstaff essential. Managers from 
professional firms with relevant experience would be 
considered. 

Commencing salary: Not less l run £10,000 pj. plus 
excellent hinge henc fi ts which include fin curable house 
mortgage facilities etc. 

Written applications, including afitH curriculum a Iuic 
should be sent, marking the envelope ~Priva:c and 
Confidential' 

TVIr. R. R. Brooke, Groop Accountant, Sun Life Assurance 
Society Limited, 107 Cheapside, London, LC2NUDL 




Uk^L- SUN 

l IFF 

^ ASSURANCE 


wient 


• this is a senior appointmenr at the North Midlands headquarters 
of a major engineering group. 

• INITIAL responsibility is to tbe Board'for tbe planning, intro- 
duction and manag ement of a scries of computerised systems. 
Subsequently the role is to develop a complete range of 
comprehensive management services. 

• experience in depth of computerised systems bnehed by 
evidence of success in a senior management service appointment 
at the centre of a substantial group is the prime requirement. 

• salary negotiable up to ^15,000. Preferred age about forty. 

"Write in complete confidence 
to PJLR. Lindsay as adviser to the group. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HALLATVt STREET LONDON AVIN 6 dJ 

12 CHARLOTTE SQUARE 3 - EDINBURGH EH 2 «£JDM 



CLIVE INVESTMENTS LIMITED . . 

1 Royal Exchange Ave., London EC3V 3LU. TeL: 01-283 1101. 
Index Guide as at October 10, 1978 (Base 100 at 24X77) 

Clive Fixed -lnlerest Capital ; • 129.63 

Clive Fixed Interest Income 1 HIM . 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill, Lono'on EC3V 3PB. Tel: 01-623 6314. 

Index Guide as at October 19, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 


FOOD PRICE MOVEMENTS 

October 19 Week ago Month ago 
£ £ £ 

BACON 

Danish A.l per ton 1,115 2,115 1.115 

British A.l per ton 1.DS5 1,085 , 2,085 

Irish Special per ion 1.010 1.010.' 990 

Ulster A.l per tonij :. 1,050 ljasar 1.030 


BITTER 

NZ per 20 kc. 

12.58/] 2.73 

12.59/12.72 

12.59/12.72 

Fnslish per civtf 

77,61/78.02. 

77.61/78.02 

75.59 

Danish salted per cwtf— 

73.88/81.72 

7S.9S/82JB 

76.08/81.72 

CHEESEfl 

NZ per tonne 

1.16L50 

3.161.30 

1.161.50 

English Cheddar trade per 
tonne 

3,345 

1,345 

1275 

EGGS* 

Dome-produce: 

Size 4 ; 

2.85/2.S0 

2.70/3.00 

3.00/3.40 

Size 2 

3.10/3.40 

3.20/3. BO 

3.65 /4J20 

October 19 Week ago Month ago 


P 

P 

P 

BEEF . 

Scottish killed sides ex- 
KKCF 

53.0/57.0 

53.0/57.0 

54.0/58.0 

Eire forequarters 

35.0/38.0 

35.0/38.0 

35.0 /3S.0 

LAIUB 

English 

52.0/58.0 

52.0/53.0 

54.0/5S.0 

NZ PLs'PMs 

— 

56.0/57.0 

— 

PORK tall weights) 

3G.0 46.0 

36.0/40.0 

37.0/46.0 

POULTRY — Broiler chickens 

36.0/38.3 

3G.0/38.5 

36.0/39.0 

"London Egg Exchange 

price per 120 eggs. 

f Delivered. 

t Unavailable- 7 For delivery October 422-29.. • - 



CONTRACTS 

jFiirnace for 
Rolls-Royce 


ART GALLERIES 


The Furnace Division of 
WELLMAN INCANDESCENT has 
received an order exceeding 
£100.000. for the , supply of a 
gas-fired, pusher ' type, mould- 1 
heating furnace to Kolls-Rovce browse & darby. 19. cork sr.. w.i. 

Motor. « c™. V, E ' r ° N - *- 

Will heat loose backed shell 1 


EXPORT FINANCE 
LATIN AMERICA 

Tennant. Guaranty Ltd., a leading Export Finance Ilnuse, wish 
to recruit a Marketing Manager to be pesponsihle for servicing 
and developing business in Latin America, plus possibly the 
USA and Canada. City based but frequent visits to markets. 
Must have comprehensive export experience in the area, 
preferably with a sound knowledge of -export ..finance. The 
candidate will be expected to demonstrate management skills 
and an ability to negotiate in Spanish; is desirable. Experience 
require indicates age likely to be early thirties. 

An attractive salary and fringe benefits package will be offered 
to the successful applicant. v-r. 

Applications which trill be treated fn strict confidence, should 
be addressed to: 

C. Price, Director , ’ 

TENNA1W GUARANTY LTD 
1 Seething Lane, London EC3N 4BP 


Qualified Accountant 

EMI Records, market team to carry out work involv- 

lcaders in the £250m UK ^ ing special ad hoc commercial 

record industry is looking for and financial projects, die 

an ambitious, frilly qualified analysis and improvement of 

accountant to join its important accounting systems, and the 
commercial finance team. development of new systems 

-In addition to ACA, especially diose with, computer 

ACMA. or ACC A qualified- applications, 

tion, the successful applicant Salary is up to £S,00Q p.a. 

will have die drive, energy and plus an excellent benefits pack- 


flexibility to make a major con- age, and the chosen applicant 
triburion to diis fascinating (aged mid to late twenties) will 

business. Substantial salary be well placed to rake advan- 

rewards and promotion oppor- tage of opportunities within 
tuniries exist for therightperson. EMI s world-wide group of 
Th e job involves joining a companies. 


% 


Please apply for an application fonn to: 

'Paul Isaac, Personnel Officer, 

EMIRecoids (UK), 1/3 Uxbridge Road, Hayes, 
Middx. Telephone: 01-561 8722 Ext.210 





v\\ 


moulds to 1 075 Hpviwii; r nrirtp CH * NDE GAU.ERY. 6. Cork Stmt. W.i. 

10 uegrees t, pnor 01-734 4626. Rcccnr Pamunns Ann 

to vacuum castkic. It will provide scuipurcs by w. f. sag. 20 se»t.- 
the customer with additional 21 ° cl ' Mon ' Frl - m-s.ao. sat*, io.t. 


EXECUTIVES 


21 Oct. Mon.-Frl. 10-5.30. Sats. 10.1. 


capacity for the production of | david rcmfrey n™ drawings and 
precision cast, turbine components i ^‘oo.-aiKo^Sf 1 Bo”n°°&i r «S7. 

Station Road. Henley -on-Thamei. Tel. 
04912 6226. AIM ooen Sundays 2.30- 
5.00 p.m. 




Improved 

current 

outlook 


Mr. flange r i’P*' S7* •• 0££. 

Chairman 

Main points from fhe Chairman’s Statement 
for the year ended March 31, 1978: 

& We have experienced a continuation of ihe 
world-wide recession, in steel but in the UX we 
have had the added complication of severe dump- 
ing. In high speed steels and tool steels our 
domestic market has been faced with an import 
penetration of 50% and the vast majority of these 
imports has been’at dumped prices and certainly 
alt are the result of uncommercial activities. It is 
my view that the Government has a duty to protect 
industry from such practices and should have the 
courage to take the necessary action. 

■aS- It is pleasing to report that all our other activi- 
ties have progress ed m line with our expectations 
and, indeed, had it not been for the reduced 
margins in many of our steel activities we would 
have, produced fhe sort of results which, our 
increased level of turnover warranted.' 

Looking at prospects for the current year on 
the tools and engineering side of our business we 
anticipate a very profitable year. We have planned 
for substantial growth in the marketing of tools and 
in particular D.L Y. tooling. I see no sign of improve- 
ment in the stebl market but the actions we are 
taking in file Steel Division coupled with the 
increased requirements for our finished engineer- 
ing products should ensure' a better result from 
both steel and castings. I view the coming year, 
therefore, with some confidence. . 


precision cast turbine components 
for aero engines. 

* * * 

CAMBRIDGE SCIENTIFIC IN- , 

STBUMENTS took orders | « I 1Sk»SS L ? ,, 5J£r 

totalling almost £lm during KeYd? 1 ’” 9 5,Mi - MAXWEU - ARM ‘ 
September, with orders in 

excess of £300,000 coming from 
India, including five Stereoscan 
scanning electron microscopes. 

* -k + 

FRIARMILL, Dudley, has an 
order, worth over £250,000, lor 
20 Manitou site lifts from 
Vernons Plant The 21-tonne 
capacity trucks, equipped with 
cabs and 5.40 metre triplex 
.masts, are being delivered to 
Vernons depots for contract hire. 

★ >* 

BALFOUR BEATTY CONSTRUC- 
TION, a member of the Balfour 
Beatty Group of B1CC, has been 
awarded the contract for 
construction of Uoderbridge No. 

60A on the British Railway’s 
Darlington to Saltbum Line. The 
work, valued at £380,000, is for 
the construction of a two span 
.bridge consisting of precast 
prestressed concrete box beams 
spanning 15 metres and 12 metres, 
with, a side span of reinforced 
concrete slabs which link on to 
tbe adjacent bridge. 

* ■*- 4r 

Cumbria County Council has 
awarded a £140.000 contract to 
BALFOUR BEATTY CONSTRUC- 
TION for reclamation of derelict 
land at John Pit. Lowca. The 
work comprises reshaping 10.5 
hectares of land, some of which 
Is to be spread and then 
covered with subsoil and topsoil 
to a thickness of 400mra. Included 
in the contract is the capping 
of one mineshaft and the 
locating, exposing, drilling and 
grouting of a further six shafts. 


if you are in the job market 
now — we are here to help. 
Courts Careers provide:— 
Excellent job search 
assistance. 

* A thorough knowledge 
of the job market. 

* Contact with top 
recruitment 

* Confidential and expert 
counselling. 

* Superb Secretarial 
back up. 

Telephone now for a cost 
free assessment meeting. 

Percy C0UTTS frCo. 

01-8392271 | 

1 40 Grand Buildings ■ 


IT-lr 

‘WmMim&mm 


COMPANY NOTICES 


ANGLO AMERICAN CORPORATION GROUP 
Orange Free State Gold Mining Companies 



BSI to set 
a standard 
for sunshine 

Financial Times Reporter 
THE British Standards Institu- 
tion is working on a code of 
practice for the. design, installa- 
tion and testing of solar systems 
for pre-heating domestic water 
supply. 

This is one of several BSI 
projects connected with energy 
conservation disclosed in the 
Institution’? annual report pub- 
lished yesterday. In the past 
year, it has published new 
standards on insulated under- 
ground pipes and insulating 
materials. . 

In the consumer field, it will 
shortly publish standards on 
skateboards and the oroteotlvc 
clothing used by skateboard 
riders; and on children’s play- 
grounds. 

However although 
revenue increased. fh° 410 
standards published- in <h» nasi 
year were 100 fewer than in 
1976-7. The BSI say« it lw« h*“ti 
concentrating on uniting the 
production of standards more 
efficient 


Final Dividends — Financial Years 
EodUiB 30th Scntcmber, 1978 

On October 19, 197B, dividends were declared in South African currency, 
payable to members registered In the books of rh>; undermentioned companies 
“I* elose of business on November 3. T97S- and » persons presenting the 
relm^ooupons marked South Africa detached irom share/s rock warrants 

The transfer registers and registers of members mil bo closed in each case 
fimm November 4. to 17. 1978. both days inclusive and warrants will be posted 
tram tbe Johannesburg and United Kingdom oNicrs ot CM transfer secretaries 
on or about December 7. 1978. Rcgcturod members paid from the United 
Kingdom wifi receive tho United Kingdom currency ccuivale.-it on November 28. 
1978, of the rand value, of ibclr dividends iless appronriate taves). Any such 
members may. however, meet to be .paid in South African currency provided 
that the request is received ac the olf'Ctrs of the transfer secretaries in 
Johannesburg or In the United Kingdom on ur before November 3. 197 B. 

Holders of snare.stock warrants to bearer arc no! i hod that the dlv.oends are 
Payable on or after December 8. 1978. upon prusenianon gl tne respective 
coupons I marked • South ■ Airfca M i at the offices of Barclays Natranaf Bank 
Lunlbed. Stock Eve ha nge Branch, corner Mam and Sauur Streets. Johannesburg, 
5poUi Africa: Union Bank of Switzerland. Bahnholstr.iise 4S. Zurich. Switzerland: 
Credit du Nord. 6 and 8 Boulevard Haussmann. 7Soe3 Paris. Frame, and Banque 
Bruxelles Lambert. 2 Rue de la Regence. 1000 Bruvuiles. Belgium, only, coupons 
must be left at least four clear days for evaminaiion. 

Proceeds of dividends in respect ol coupons mar>.?d South Africa mav. 
at the request of the depositors, be convened through an authorised Dealer m 
exchange In the Republic ol South Africa Into any currency. The effective rate 
of exchange for conversion into any such currency »• H be tnat prevailing at UK? 
time tho proceeds of ihe dividends arc deposited with the authorised dealer an 
ftxdunflf. 

The eflectjvo rate of non-resident shareholders' n»» for all the undermentioned 
companies Is IS per cent. 

Tho dividends are payable subject to conditmn; which can be inspected at 
the head and London offices of the .companies ana -viao at the ol flees of the 
companies' transfer secretaries in Johannesburg and the United Kingdom. 


Name ol company irach of 
winch is incorporated in 
the Republic pi south 
Atrlau 


Free State Geduld Mines 
Limited 

President Brand Gold Min. 

Mining Company Limited 
President Stern Gold Min- 
ing Company Limited 
Weltom Gold MUiina Com- 
pany Limited 

Western Holdings Limited' 


Dividend 

No. 


Coupons 
Marked 
■■ South 
Africa " No. 


Rate of 
dlviaend oer 
share ion li 
of stock 


80 cents 
22 Scene 


Free State Saalptaap Gala Mining Company Limited 

In *iew of the loss sustained on gold mining operations and tne company's 
prelected adverse cash position In 1979. the direct sis ol Free State Saaioiaos 
have decided that no dividend wilt bu paid hr the company for the fcnanciaf 
year enoca Soptomber 30 1978. 

' •' Bv vrder of the bou.-dt 

ANGLO AMERICAN CORPORATION OF SOUTH i.FF.ICA LIMITED 


Office ot tho United Kingdom Transfer Socrciarics! 
Ctiartor Consolidated Limited, 

P.0 Bo* 102,' Cnartfr House. 

Park Street: Achford. 

Kent, TN2a SEQ. ' 


psr R. 1. tc-MUNiia 
v.inainin hefreury 
London Olliee: 
-10 Haibt.” '"ijaiirt 
• 'ti.1l* 1AJ. 

20th October 1978 


East Sussex County Council 

PROMOTION 
GROUP LEADER 

County Planning Department 
£6518-C7,6S6 

(plus £312 supplement) pju 

Versatile and imaginative town 
planner required to lead group 
promoting and assisting the 
economic development of the 
County. Associated project work 
extends into other fields of 
planning. This offers great scope 
for an effective person with drive 
and tact. 

Assistance with relocation and 
removal expenses. 

Further details and application 
form from Ease Sussex County 
Council. County Planning 
Department, Southover Road, 
Lewes (Tel: Lewes 5400 Ext. 
800/400). 

Closing date: 6 November 1978. 

Probable interview date: 14 
November 1978. 


LEGAL NOTICES 


No. 003332 or 1978 

In Ihe HIGH COURT OF JUSTICE 
Uuncerr Division Companies Court. In 
ibe Mailer of NESTASTAR LIMITED 
and in. iho Mailer or The Companies 
Act. 194S. 

I NOTICE TS HEREBY GIVEN, that a 
Ppihiud Tor Lhe Winding up ot tbe above- 
named Company by ihe tush Coon of 
Justice was on the 17ib day of October 
1978. presented lo the said Coon by 
COURAGE l EASTERN f LIMITED whose 
rein fieri -d offii-e is ai Anchor Brew-house. 
Horyelvdovt-n. S.E.l. ip ibe County of 
f'ri-aier London. Brewers, and that the 
said Peiiuou is directed to be heard 
th-Iorc- the Court suluis at >he Royal 
Conns of Jnsrnv-. Strand. London WC2A 
2LL. on ihe JOlb day Ol November 1978. 
and any iredcor nr coninbuimr of the 
| said Company desirous Id support Or 
npposi die making of an Order on lhe 
said Pennon may appear ai ihe time 
nf (marine, in person or tty Ins counsel, 
for tlui purpose: and a copy of lhe 
PeliliOD wiH bv lurnisbed by tbe imder- 
siencd iu any creditor or contributory 
of ihc said Company rearing such copy 
on payment of tbe rcgniaicd charge for 
ihc same. 

TROWBR. STILL * KEELING. 

5. New Square, lancrtn'i Ian. 

London. W.C3. 

M: RGW/AJB. Tel: 01-405 MU 

A Rems for: J. X. B. SPARKS, 

Ecdmlnster, BnsWI BS» TJR. 

Soiicnors Tor the Petitioner. 

note —Any person who intends to 
appear no the heiriDB of the said PcUlion 
niusi serve on. or send by post to, ihe 
i .liiow-nanivd notice in wriUBR Of' bis 
i inieonuii so to do. The notice must state 
i-’he i Mine and address df the person, or, 

: r a firm, the name and address of lhe 
| linn, and must be sigtwd by ihc person 
[or Arm. or his or their solicitor til any i 
land man be served, or. if posted, must 
[ be sent by pom In sufBdeni Lime ia 
; ri'd<;!i the abovo-nartled riot later ihan 
I lour n’cloci: in the afternoon of the 
1 17th day oi November IKS. 


Dumfries and Galloway 
Regional Council 

DEPARTMENT OF INDUSTRIAL DEVELOPMENT 

SENIOR ASSISTANT 

(£4,920-£ 5,754) 

(plus supplement of £312) 

Applications are invited for the above post from enthusiastic 
persons with initiative and experience to assist the Industrial 
Development Officer in implementing the Council’s policies for 
promoting Industrial Development within the Region. Duties 
would include: — 

Attracting new industry 

Encouraging tbe expansion of existing industry 

Advertising and promotional work 

The allocation and leasing arrangements of 

industrial premises. 

Knowledge of Local Government would be an advantage since 
close liaison with planning and other departments of the 
Council an gene raj development within the Region is essential. 
Jn addition to the above salary an essential user's car allowance 
wilt be paid. Applications slating age. qualifications and 
experience together with tbe names of two referees should be 
sent to tbe Regional Personnel Officer, Dumfries and Galloway 
Regional Council, Council Offices, Dumfries DG1 2DD, not later 
than 6th November, 19TS. 


COMPANY NOTICES 


NOTICE OF RATE OF INTEREST 




Union Bank of Finland Ltd. 

Ifec Orjvrc/rJ in Fiiljnd trail liMtJ iuhbtf) 

US $30,000,000 

Floating Rate Capital Notes due 1982 

In accordance with the provisions of the Agency Agreement 
between Union Bank of Finland Ltd., and Citibank. N.A., dated 
as of 20 April, 1977. .notice is hereby given that the Rate of 
Interest has been fixed at 10-,;% and thac the interest payable on 
the relevant Interest Payment Date 20 April. 1979 against Coupon 
No. 4 will be USS53.4Q and has been computed on the actual 

number of days elapsed (182) divided by 360. 


20 October, 7978 


By; Citibank, N.A., London 
Agent Bank 


Wve formed more 
companies than 
any other company 


So next lime 
you need one, 

Phone F/.tr-rir. Parry 
on 01-t.Cv: 3'j 



JCjrM«o«r.mjCTKS| 1 j lca 

nMHWEcaaaaiiffljaEis-ann 


t 










Pr 

pr< 

ch 

BY MA 


THE PF 
decided tr 

allegation 
Wilson f« 
number a 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing the 

affair. Mi 
was. hud 
an orches 
himself. 1 
Lady Fs 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
In Id the 
did not 
pr 10 tors 
instructed 
round a 
material." 

The Pn 
in hoar 
Sir Haroit 
formal co 
On the 
against i 
council s; 
Hoy a l Cc 
that thor 
Labour bi 
The Pr- 
is one ni 
liahed tod 
In ano 
council 
against tl 
Daily Ex 
picture t 
Henrietta 
death in I 


WORLD STOCK MARKETS 


Dow weakens 7.6 more in morning 


Indices 

NEW YORK-dowjos® 1 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1—801% (771%) 
Effective $1.0945 38!% (3fi%> 


Among Glamour and Blue while King Radio fell 2 \ to $23 L was lost late in. the session due W |0 
Chios. Da Pont, which reported Risdon Manufacturing was a to proSt-taking. ceubcals \40 to Y1^W_ ana and news of copper and u raiiarin 

higher third-quarter profits on bright spot, jumping $4 to *19 The MWti-Dow -Jones Average Daliehi Selyaku Y35 to YS3a. 

Wednesday, nevertheless lost U in active trading. Directors have closed a net- 14.62 .higher at 

to $129!, IBM declined \\ to backed a planned *20 a share 5,872.53, after briefly touchmga Germany “2* 1 ™ 0 A J? KWetfett .Hbrfn& 

After the recent reactionary 


Oct. Oct, 


AFTER ANOTHER half-hearted $278J, General Dynamics 11 to tender offer 


Risdon’s new 


5.S82.54. 


opening rally, stocks on Wall sTS* 'and Eastman Kodak } 1o Common stuck by Melal Box. or Volume came to 550m shares ndency ^ market showed r^^ bI iS!inL advaS^M 


“The^Sow ^n^'lndustriul K2u to*S? 81-0 mpnVed - Canada bought 

ft SS S S reSLeMoS ^ “ “ 4 

Sm 1 k^NTSE^iulnm!, jSSSbf mcreased .. • y bS£f fo ymo. " ppo ‘ l m‘ t \i b ^jF sa VSS h ?£ Johannesburg ‘ 

Index was 41 cents lower at Merck picked up i to $a7 j— the _ Toronto Comnosite Index . Sfupp ' ng stocks were also chemicals, BASF put on DM 2, 

— — : — - Food and Drug Administration ^mgosue inaex favoure d. reflecting reports that while THy*^ firn £d DW i. 70 m The market rallied on the nut 

Closing prices and market ha , approved Us new antibiotic liiSmi DutS Jap ? nese T lMd ^R ship operators. s ^ d moved ahead come of talks between. Strath 

■ “ 3 3 to l l^fi7 and Oilf and Ga? ™« h as Japan.Lin^ are expected DM £ w Africa and the five. Wester, 

■2* 2 4 to 1634.2 but Golds fell' 50 5 ,0 e r * l * uce their current-account stores issue Kanfhof rose DM s powers on the South West Africa 

“ ,T lv vufc vwAMd . _ “ _ rfoRnik tn cnMn ovfnn *■ thie VMr. . *1 .. nvm^ifeiivMian vmMmI U 


:o Y835. mineralisation discoveries on the ' ' ■ , - — J- 

company's Roxby Downs prospect 

combined to’ lift Westerh Mining, industrial*# ass.8? afia.M s 

reactionary g^iii buoyed by the Gold' price, H'mofl’ndx* * 7 - 88 88-112 1 

justs *■*-- !a71 ^ 1 

j™ * ™ Among wester Banka. ANZ Otmuaa im« wm V 

SSW-WW-*.!*;** :s*-. 


Oct. Oi*.| Oct. 
-li “18 I- II: 


MNLMilL 


was 41 


lower at 


Closing prices and market 
reports were not available 
for this edition. 


has approved its new antibiotic 
- Me Tosin." 

Firestone Tire put on £ to *12} 


108.771 106.70, 


.1sjf49.l 
.70 IB&i 


- J- i( ' 

t| 

8 ' |8bctCp ^iM*it {* 

Ifiw.j-'Rigb I Lbw~ 


807.74- J«.18 :K»1J8- 1Uj 

omm . 

HL8& = 86.78 :> — . 

MY mi -- i 

Z8L«: :1MJ. :W : Ha ■ 
t»9) JB fil a J& B ^ TW#BT\ 




C22l2) :^20n^9i!(36A/4^-' 

-•I -I 


Africa and the five.. Western 
issue Kanfhttf rose DM 5 powers on the South West African 


* iw.i. of Index ebutgod from Ang^O 

t Oct. 13 

f Ind. dlv. yield % 1 — r~T 


$55.99. after hardening to $56.50, jh.it it has reached agreement 
while losses led gains at mid- with the National Highway Traffic 0 
.session by about a iwo-to-one safety Adminitration on a recall 


y Traffic p„‘- _ ..a« ’ , to rszo? The investors expect oil companies to ra0Ilth5 of the year. complete breakdown in the talks; 

anxaU has aweed tosel'i its ma I ke f ? re,CT exchang | Trading on the Domestic Bond Golds put on between .50 and 

r'efnlfm interest^ ArgusUi Ravelston for ^ ins .5 Ue ** the sharp r “* f market remained cautions -with 75 oents in the case 6f heavy- 

[ $l00m p-gQ - the yen. Public Authority issues easing weights. while lower-priced 

.. Consolidated Textile, which has * he h “™ di . Phar ™^T afresh by up to 55 pfennigs. The issues gained up to 20 cents. ■ - 

3 ^ d ibe purchased Brack Mills were up ceubcals and Machineries were Regulating- Authorities bought a Mining • Financials improved : in 

changed P= t CS345 ’ Westfield most Jy lower on profit-taking. nominal DM 21m of paper hne -with 'gold producers, -whfle 

Minerals. which has found Export-orlenuted issues put on j dm 36.5m). Mark Foreign Loans Diamond leader DeBeerefinJslttd 
Airlines a mixed performance, still some- WPP( , mixed to- weaker. 15 cents un at RS.00. Plaflimmc 


and indation quickly .sapped ihe a t 5i7i. 
initial technical recover?-. Addi- Seaboard 
tionaily, they noted that (he reacted 1? 
raarkea usually is cautious ahead [ratling ha 


rd World Airlines 
1} to S13! before a 
halt pending a news 


.-\naiysLS saia coiiuouing con- {trilisu reiroicuin tuppeu me nnrehased Brack Mills were UP awcoureim 

cern about rising interest rares actives list but were unchanged r= 7? t 45 • Westfield nwrily lower on profit-taking. 


Regulating- Au 
nominal DM 


Oct. 

Orb 

*OlA.. 

OCA. 

17 

“ 

13 

12 

iizjn 

113-68 

118.06 

11 M2 

1B1J8 

102. El 

184B8 

104.88 


• Day’s higfaBTLiaiow (St® 
‘SotC-ZB I tYaT-ago impwnY^ 
:6.« 1 - MB. 


. " rj l ' ' '1976 - jSincs'Co npUtlio 

OcAv- — -r — r— - ■ ■ I 

II .. ; Higb, low-;' high.; -.1*^ 


■(12(91 (6/5V 


SU£' -1M.B4 




uranium’in Newfoundland, gained a Performance, still some- were mised t 0 - weaker. ’ 15 cents up at RB.00. Platinums . 

what subdued by the yens posted gains of between 9. gpi 

l 35 Strength. Pome 13 cents, but Coppers were easier inii dir. yield ! 

1 to Kaken Chemical rose YI20 to * «tri» Industrials ended mixed with a 

-a” Y3.730, General Sekiyn YS0 to Bourse prices remained firmer- harder bias following a moderate *«*. P/K hwio 
, Y1.180, Yokogawa Bridge Works inclined, with gains most business.. TZZnZ 

Y70 to Y1.S00. Sumitomo predominant in the Banks. Foods, uo 

Precision . Products Y70 to Y1.110, Constructions. . Oils, Textiles. u tt ' bvrp ait. 

Fujita Tourist Enterprises Y57 to Chemicals and Stores sectors. ilOUg J\OHg • B.x-s.is- aa o; 

con- Y910 and Matsushita Conwnunica- Electricals. Hotels and Motors ■ , : ^ I f 


45 cents to C$2.70. 


Cetanese Canada improved 35 


supply announcement. The stock rose cents lo 0*4. 10 , TeX asgnlr 3 to v Jfi55S“-2S2 l I “L T? 5 ® XJS? 


Paris 


fall. A sharp increu>e would shares (2.93m J. 
heighten fears of further credit Volume lead) 
tightening. national “ A " d 


arcs is.adm*. 1 ne market's advance cuu- z»iw ana wnuwwma eonnnumw diwuiwh, <«<»» ouu wuiuia • ^ ^ ■; :• ■ ^ n . 1 n,-*- - - ij-nMer- 

Volume leader Resorts Inter- tinued yesterday In further active tion Industrial Y50 to Y2.000. were mixed, while. Engineerings, Tf jg’l a Hicb 1 low 

iilnnal “A” do.rlinekl 21 to £SS3 tradinp. althmi^h nart of the a a in Tn onntra^t Green rrn« lost Metals and Rubbers were sliehtlv . e r un ® JOCtB ouyin* JKertat,! I 1— — — - 


* - 

OctU 

Oct. 4 

OBpt. 27 

l8r !?!W ; 

fnii dir. yield % 

.4.69 

4.79 

4.86 

r •• 4JB : r- ; 

tort. P IK Uacio 

9.81. s 

. . 9)59 

9.43 - 

936‘V'.:’" • 

Lone Gov. noun yretd 

8A8 

. ' -8.64 

8.68 

-‘ 7.76 


n.Y^.E. ALL COKXOH 


nulinnal “A" declined 21 to $383, trading, although part of the gain 


NEW YORK 


AtrtMU LaOl 3419 I 34 14 

M>lr»s90»rspii... 237^ | 2412 

Lite A <Ja> IS11 i 40l» 

iir on.lm't- 26 ■ 26^8 

Alcan Aluniinmnil 32?) 33U 

A low ; 48i* ' 493* 

Aliev. 17 >r; ' 17i 4 

A/lej-heov f*i«nrr| 174 1 17i* 
All'll *. lit-mirn 35 j 35ig 

Al'i^ii Sluiw. ; 25 25<4 

All ■ ■ Chaluier. ... 33 

AUAX 47>« J 47 Sg 

Am era* in Ht*rk..,.[ 29ia i 297# 


A inn - . Airline-... 
A'nier. Ununli* .... 
A (nrr. tin mi li-n- 1. . 

Anier. Ud 

Amer. Cvarwmlii 
Arntr. I list, lei.. 
Amor. Kl«t.r j <<n 
Aaifi. K* |jrw*. . . 
A miY.Hume I'rml 

A mar. Mudnai... 

Ann-r. M«or .... 
Amer. Aat. (iv„ 
Amer. maniiant . 

Amer. fl*'ra> 

AiiW.lt-l. A Ch. 

Am *?rel> 

AMP 

A Ml* 

Arfl|it*x 

AfU-hiw He-itini*. 
Anlici-er 
Armen 

A.i.A 

A einera in 


In contrast. Green Cross lost Metals and Rubbers were slightly 

; — — j easier against the general trend. ' Vlth „ ^ ^e < Seng Index gain-. 

•, _ , > tv- I MfcheJfin “B" Weakened 41 to mg 1L.41 to 644.46. - . ... 


23 1 4 i 23l« 


UvnmucUiMe.-. I 58 68 

A-Kt'inr'm'tlraui SI S1U 

I'raiif 29J« | 307g 

L'nvkmi Au 28 ■ 38 U 

I 'n-w n /.ellerl 34 U ■ 341* 
i-'iiminin- hniiine, 347# > 35 iz 
I'liniu Wri|>lil..., Xfe'ifl , 16>! 

Imno | 30U 1 31lg 

I hill tiulii-lne-.. 42 iz * 43 

Ihtfre „....) 34 ; 34 

lh-1 M..iiie ! 42 ! 41.8 

IMuiii f 12i» . 12Jg 

Umu-|iI\ Ininr..., 18 ■# j 18 >4 
IhHniil HMiiwiii.... 15ln i I5ij 
llinm.-ni.l -liniurk 24 In ! 24 J# 

illel«lHi>ine 1 171^ ■ 17Sg 

l l ii>!lnIKi|tii|i 47 1# ! 47 ig 

lli«n>-v itV*lii [ 41iji ; 4lig 

Uor»i Cun mi 46.1] | 47i# 

Ihiw Chemical. ...I 27U . 87ia 

I'nm | 30 ! 301* 

41l.| ; 41ig 

liujjeni 130^4 J3l*s 

Kafiie Ftti-hM. I 20*4 217g 

Karl Airtlnw.... | IOJ9 1 11 

Kailiiuvn Kn4*k..i 62 >h j 617g 


IhHniil kiliiuni.... 15 in i I5ij 
I Imiiuni.l -liniurk 24 in ■ 241# 

Uk-lujili'ine I 171^ • 17Sg 

|iii>il)>IKi|fii|i 47 ’ 47 ig 

lli«n>-v itV*lii [ 41i(i ; 4lig 

Uor»i CuriHi 46Sg | 47i# 

Ihiw Cheiuivul....! 27U . 27lfl 

I'nm | 30 ! 301* 

4H| ; 41ig 

Uujjeni 130^4 J3l*s 

Kafiie Hit. ■he. I 2Qi» 217g 

Karl Ainlnw... | IOJ9 1 11 

Ijarliiuui Kodak..] 62># j 617g 
bjiiou j 391* | 391* 


AmiiiYi < 15 > IS 

AjhianiMii, 46I4 ‘ 46 J4 

At*. Hit'll riehl,... ' 5a 4, I 54 
A«tn L)«iii I'm.. '. 31 ' 3Iig 

A VC lis« | 12Ig 

A»i» | 26in 27 ig 

Anul Hn-lin'lt ... 561* 55l« 

B»ir. Una Kiwi... 1 251* 1 255g 
B»OR»ir Piiiiim... | 25J« i 26 
Hank Amencu....! 25Jg ; 277 e 
UaakeiaTr. M.V.l 371* I 37^ 

hoffw-UH ! 23^4 I 24 Jg 

B**rer Travcanr.! 41 . 41i| 

BeMrricx F.«*l 1 26 J 261 a 

iktl-n I )ilH prison 36"j 37 14 

Beil & Howell 18.g . I9i« 

Meudi* 381* 39ie 

Bi-ngiin.1 r>n«'U’‘ 4i* 4hz 

bdhlebeiii Meei. 23 in 23 *» 
Biw.-ki liwlter.., 18i ? 181* 

Boeinc ' 64 j, 1 653« 

BuiN-L'iwciule ; 304g 30i* 

Brtripj«_ 28 Ig 28ag 

B*in! Warner ■ 324a 32 1* 

BmniFT l nr 143« 14*4 

BntM.'riu -A* 14s# 14 12 

Bn-itn Mu*ri 33 33*4 

B Fei Al'ni It.... 1 177g 18 

Biw.'kvmy UIa-r.. 31 31>4 

Bnui-o'iek 15l4 15*4 

Bncv'ru- Erie ' 177g 186* 

Miil'H * WAtuli.. . 1 7 it 7 ? a 

Bnrlinirl'in Mlhii,. 411* 427g 

Mriirausb | 72 72i 4 

CamidwllS.wju... 34J4 351* 

Ciuuulian Pacific. 19a« | 20 

tAIKU lUmloi[ib..| lOTg IH4 

VAmatlou j 30 ! 301* 

Carrier A Ufiuerai; 117* j 12 
Carter Hawley....! 18 1 18 

Caterpillar Tmct-I 577 g • 581* 

CB» 1 54 1 4 J 54 14 

Cetanes Ci>n m... i 411* 1 41ig 
LVtiCntl i ».\V....| 16 >161* 

Cprrainlppil j 20Sg 1 21 

L enriia Aui-rall . . 45^* : 46 14 

Clia-c llanhanauj 34.g 35 

l. hemiiAi Bh.NY. 427# 43ig 
Clir-eiiri>li iSnul., 24 5# 24 

On— •loSn-lpm... 1 29s* 29 Sr 

On 'ne''’ Briiljje... 68 SBi# 

OlMl-IlT 10 Jo 11 

Cinr. Uim run 35 35 

On.n.n* ; 26 lz 26 14 

l. rtitf* ■'.■n «- 54 55 ii 

OtV (iit»— tiiijt.... 151* 151* 

Ovd'Unit Cliff ..• 28 29 ‘ 

looK-nla : 43 43 1« 

C'llghle Palm ! 19 19 ij 

Anri I III* Alhnimi.., lit* HI, 

OTlmnlmi 27i = . 371^ 

Cniumhia Pun...., 211; 21'.; 

Com. I lltOi.i >1 A in I7iii 18 ig 
Oi 11 1 bu*t hid Kok- 36 ig . 36 
Coinhu.tiiui K«|...’. 14 , 14 

1. "ni'wiii 7*1 1™. 11.: 26 1* 26i« 

Comm, Muerlile. 41ig 421# 

< m nrnitPr Scienc.. 12ig 130g 

Couu Liie 1 n-. | 38 t b 39 sg 

Oinnur j 19 14 | 20J, 

Con Bill -njii NY 1 24i# 24->g 

Conmii CioK., I 241# 23 i* 

Coiimu >al.l.a- . 381* ' 38i, 

Conmii'ier 1'oter; 22Tg 2a !g 
C.>i>r>iieniiii lirf.. 29 Ij • 301* 
ConiinoDint ('ll... 28 1 1 2Big 
l.outinerinl - li«n 15^ 16 

C-iniroi dam 35i* . 3- *4 

cooper 1 lull in j 47i, _ 47** 


K. U, A li 2914-1 29 J* 

Ki Ham.' Nat. tiai- I6Jg ‘ 16A* 

Klim 301* 1 301* 

haieru hi El Vv 1 ni 34 [ 341^ 

fcniPi.vAirFr'iHliI 201* I 211g 

Hiuliaii 381* 38 's 

h.JI.l 3 ' 31, 

XnitHlutnl. 27 27 

i-aiiiBik 271* 27i>g 

Iwliv 23ig 25ig 

Ku'W'n 50Jg 50^4 

fin roll m( Uuiii-mj 32lg 33 Ig 
reii. '•i.irea 34»» j 34ig 
Kiresiune Tyre... 125, 127g 

Fj<i. A Hi. UrjetiD. 301* 30^4 

fesi Inn 19 Ig 193g 

P 1 iillo i|o 31sg 31 

r.unda Power.... 32 32 

fieur 38 377g 

1-.M.C 251* ! 257g 

Km<l Untt-r 44A« ; 45lg 

P««dh*i Ml*.... 20t a ! 201* 

Kuar«it*i.._ 3.5l* [ 3Slg 

r lank tin Mim ... 914 ' 9 

r'iw[«>4 UtiMm 25*4 1 26 14 

Pmelmul 31* ; 321* 

Fuqua I ruin lOlg . IH4 

«.A.K, 13 J 13 

Unnnell 1 45 I 45 l i 

lieii.Anirr. I1H...I 11 Ig I 111# 

C. A.I.A ! 261* ‘ 284 4 

lien. Chbu* i 161* j 164« 

Ceil. U> iuiiiiicp..! SOi 4 . 83 
lien. hie. inu.,,,1 Silo ! 514j 

ion. Pinal 33 14 ! 331* 

iouemi Mill- 29 ! 29>4 

li'onornl MiAum..! 65 633# 

I1011. Pul . UIII...I 18 3g 18 ig 

lien. Signal ] 29 29J* 

Con. Im|.K(«wi,..| 50 30Ci 

Hen. lyre 267g 26 '4 

Heiieaeu i 54 51* 

iieurcia P#eilk'...| 281g I 28ig 
UeuBouive 274* 29 

Gel ty Uil j 39fig ] 40 Sg 

Gillette 29*4 ! 29 5g 

U.cdnch 11. F.._ 191* I 18^4 

Goodyear Tt re.... 17l« 17G 

GouM 30Sg 31 

Grace W.K 31% 3tlg 

GruAtlsn Paj-Tea 6flg 61* 
Urt. North Iron.. 27 26tg 

lireyliiHiiiii 12U 1 1 2?g 

liuli a IVfrLria.. 134* ! 13lg 

Gull Uii 244« 25 

Ualiburtnn 70>g ] 707g 

llaiiua Milium [ 33 1 34 Jg 

Mirm-eli letter.... | 17Sg ; 18 ig 

IJ»i ii- Oiiihi 1 3 lii . 325g 

Iloiny II. J • 43 ig , 43-4 

il-iiUtni .. 28 4# , 29 

Hvnie I’m-han!...; 8514 ! 86 

ll'tii.ina I ■■ill 22 ! 21-4 

Moinr-inke 37i 4 38 'j 

II. mi', mi J 65*4 65 »a 

H.a.ver ! I2i* 121* 

U.o,Lti,riL Aun.-r 29 ' 30 

Hnii-imi Nni.iia | 24lg 1 241* 
H mil 1 J *li .AjC-Iiiui 14 Jg ' 14>4 

Uni loll il'.P.i j 18ag i 18^1 

l.t . luil u- men j 25ag 26a* 

1NA _.| 42 Jg 1 44 

Inoer-a.li Kani1_..; 57*4 j 59 

lu'anil Meel ! 36Sg 1 37 

I nuldi... | 14*4 I 14 Tg 

IBM 1279.75 278ia 

Inn. Pia^-our*..... 1 23Jg j 23 is 
Inti. Harrcaier...) 58U 38bg 
lull. MiiiJtClieui. 39 - 39 ig 

lull. Mnllilnola..’ 20lg 20u 

Iiilh 17«g 17/g 

Inn. Phi «? r ......... 42i* 1 44 

Ini. i(«.vllHer. 12l» ■ Ji 

till. Ti'i. .V SOU 3Qu 

(■■»h I VI 42 14 ■ 43-'4 

jll iiieiiinlioliHl... lilt 12 
Jim Waller ■ 31lg 31hfl 


Juta'119 JUnville _j 3OJ4 
Juliiiaoo Johnson! 80>4 
Julmiou Control.- 28 Ig 
Jni Man nlacl nr'ei 32i* 
K . Mar Cnrp. — ... 26L* 
KninerAliiuiin[-in| 36 
halier ln> liinl rle«i 2 

H-ib-or Si cel 1 25 

khv : 14 

lirliiinnll Z&Jg 

Keri Mi'iJee j 4Si| 

Hi.lile Waller . 32 J* 

K (uil vrtt Oerk..' 46 
Ixopiera. 1 22 1 p 

hrnii 471j 

hmgprU' 34ig 

Lea*»«vTran-„..! 357g 

Levi -1 1 nn I 381* 

IjiU'V U», Flint .1 25 Jg 

Liggei IrivU], 32Jg 

Lilly 1 Ki IJ 461* 

Litlon ln<luBt._.. 256g 
UeUwcilAiivr'll 24 ■« 
L»*oe&lai Indun . 24 7g 
Long I viand Ltd. 18 
Louisiana Land... 25 

Uil>ri*ol 441* 

Luch V Si fire* 16 ig 

L’ku x'uDgvi'wa. 10 J* 

MncHiluni I lisg 

llacy IL H 39is 

1 Mila. Hanover.... 381* 

335g 

Mini boo Oil 52 

Marine 21 iillHnrt.. I6J4 j 
MaraliHll Field.... 20 ! 


AU« Ue]ri.-Uirer[ 25 1# I 26bg 


Ketfkx) J 5l7g 

KeynoM# MetalsJ 36Jg 
KernoMa K. J.... 59^4 
Kicb'aon Merrall. . 24i* 
Kta-liwell Inter... 361g 
KiJiui 1 Umi... 36*4 

Huyai Gulch 64 

BIB- 121* 

IIiim Id*i Ill* 

K vder By »i eni . 25 

■iBleway Mures,..; 434 
>1. -Joe Ml Derail. J 27Jg 
St. Heels Pnrer.., 311* 
Soma Pelthia..... 334 

^hiiI Invest. 64 

Saxon fiKtr -?lg 

Sihiiu Ures inj).. 124 


BIT, 5 IS* 
36sg I 36ig 
594 I 59Tg 


434 i 435g 
27 Jg I SB 


WooJwctU). 

Wyly 

Xerox .... 

Zapata 

/rfnlth Hadio_.... 
U.S. Irena . t 
UST t 
1/iS. BOdav hilts.. 

CANADA 


FFr 123.5 2Dd Jacques Borel 7.1 HKS105. 


FFr L345 on announcing lower H . ong Kong Wharf were ttie 
first-half profits for 1978. of mJ - J””.. 50 

Dumez advanced 28 to S* 1118 Hh$34^5 r the 

FFr 719, Rhone Poulenc 3.6 to Warrants advanced . HK$6 to 


Tl rw-hurip nA ' ■ 
NSW 

New- Lows..... 


Oct. 18-. 


1.886. 

1^23 

297 | 

■ MT 

1,23* 1 

-1.651 1: 

368 

289 r. 

■ 4: i 

a 1 

41 , 

• 33{. 


MONTREAL 


7.96J,: 8.13* 


46*9 -M.** Mineral*. j 87Jg , SB Vwitii Papers I 177g 

22ig St. Kwis Parer-, 3^4 32 A*nico&Se 71, 

SZ? 8 ^ n “ Ke,D * ,a 3 £!« ■ 33 [« AJcnnAluminluDi 384 

341* ^»i,i Invest... 64 | 64 Alg.»maSt«J-.... 241 4 

36Jg Saxon Ind* -7lg i 7i* AiMm. I 46 

36<a Si-faliL* Bren ina--i 124 121* ijankm MoaVrmii! 241s 

261* bcJriiinjOerger.„.. |7Jg 874 tank K^XSiSl It 

v, — ?=,* ttaat.- Kesouice*.. 4.40 

ii;; IH; Si 

251* Scurtder Duo.U f aig 8lg ^ ^ 45 4 


to FFr 179.9. Green Island Cement, on higher t , — — - 

first- baif net profits, moved ahead 

Anctrallo HKS1.25 to HK$37^5. CmMtiuA 817.7 

nuau aua Hongkons Bank gained: 20 cents tohonto compMitc 12B7. 

News of a larger-than-expected to HKS20JJ0, Jartfine Matheson IOaOBTU — 

rise in the Consumer Price 30 cents to HKS17.4D and Hong JOHANNESBURG 
Index iu the September quarter Kong Land also 30 cents to , , e ” ll J “fl-J 

put paid - to a' promising early HKS1J. SO. imtusirw *b7.» 

rally yesterday, and shares closed . “ . 

easier for choice on balance. c* •* t j “1 r . I Oct. . P» i 19 


IndnRtrfad 
Cora bin art 


Gulif 

Iniliivlrial 


[ Oct. 

Oct. 

J 17 

16 - . 

211JU 

214J6 

i™! 

220.82 

{ 1378.8 

1288.0 

1 25 LZ 

247.8 

1 28B-5 

268. B 


222.14 (LL/10F 
22BLS1 (12/10) ’ 


]&afris& 

lnLasBoib 


1342.7 (12;i0) \ mSjSQily - . 


272.0 CKiB) 
271.1(15/9) 


tflfi.a (2a 
194.9 (L5 


MCA 511* 

Bi'Uemiuii | 864 

Jk-lJonnci, Uuiiif! 317g 
Mu-Umw Hiii 22 

Memuivjc ! 40 

Ua«* 57 

Mcmn Lmeh....i IBS* 
Mesa Petroleum.. 337, 

Hull. 42 Sg 

M iddM iii|> A. Mlir 594 

Motrti Uurp 694 

Mi rfua mtu ' 56hfl 

rUvirgmju J. p. „..j 484 

dituroia • 424 

Hur|4i> 4 J11 j 5 is, 

Nabun»..._ 274* 

Ahwu Cbeiiih.-ai*. 281* 


6614 I S7lg 
481* 49 Jg 


NlOUMUtl L4UI J 17 ig 

\M. UMIliers 214 

NhI. aervVt lihl.' IB4 
viiHmai blrei....' 304 

■.Minna- 4573 

UM i 645* 

I M| 4 U Ilf. I lll| I ; 26 

Kh k iah.i L 22Sg 
li-n LUi'Ihii-I l> 53l 4 
> HJiam Mi4uinv! 141* 

NittKHln iiuiiir I 11,, 

>. L. In lii-lru-, 1 204 
NorU.lkAWeMori-| 251* 

A mill Aal.liar.J 36 
Nllin. Males Pm 1 1 24 ig 
NU/wesi Airlmesj 28 4 
Niliwuic Bancorp, 264 
Norlua ftininti^.. 1 183g 
Ocui-leniai Petrol: 19 
Uplvj M»ther„..l 244 

Ohio Udisou 174 

Olin __| 24 

Uveneax ships... [ 26 
Owen* Lorain*-.. 51 
Uwcaa lllmcnK_..| 2lJg 

l'aciiM? Gas. ^.1 23i* 

Pncifi.- 201* 

Pan Pwr. A Lbs. 4 201, 
I'aitAni Wiini Airi 71* 
Parser Haumtiu.! 27 <g 

I’uiNhI.v Inti ) 241* 

Pen. Pw.A L : 214 

I 'win V J. C. 1 36 Jg 

I'eiiiu-HI ! 30Jg 

I'w'l'e" l*run 13Jg 

I'rt^.ie- Ghp.^ 341* 

Pel win ....... 27 

IVri.ln hlmer...... 24l s 

Pit 54>, 

Phrer 34l* 

I'lit-ire ikviQfc..,.. 25 

I'lirlmi. ipi.u, Ch;,; 17^4 ! 

Philip Hums..... 70-> 4 ; 

Phillips Petni'ni. 1 3lJ 4 : 

Ptlshur> 42 

Piliivy H»ii 26 sh 

PlITvIOU 214? 

Please* Lid A UR' 254 

I'ulaiuid - 50 U 

Polumer Kin- 1 14jg 

Phi luilunries.. 285g 
Pruiur (i amble. -1 8G4 

Pub Llert : 22 Jg 

P|llmsu..,_.„„.r 404 

Piirwx 17Sg 

O linker iJatv 254* 

RapHl A me Horn, i 15 

limthruii... 1 47 

lit .A _....■ 274 

!t<.f‘iil.lli.*hieel... i 25 vg 
Kf-M-riv Ini 1 41 


284 l 284 


-W41 Paper J 1&4 155o 

-jeorll Hr* 224 224 

acurtder Duu.Ca(J 84 | 84 

an* Coutamer_...i S8I* I 274 

aminm Z64 j 27 

Marie 13lg I 134 

’seer* Koetiuck .... 224 22bg 

8BUGU 37*8 367g 

Shell Oil 546g 345g- 

Sbel'Trsniinrt..., 45 4 45 Jg 

>iinwi I 51 Jg 63 

H|>noi1eCarv. 557g 361* 

uinipncity Phu... 1X4 j 114 

s'ftlier 176, 18 

Smith Kline 907 8 894 

■xjiil run 37g u 4(g 

Mxuhrtown J 58 39 

'MiiliemOw.blJ 26 4 264 

3<Hitnerti 154 1 15lg 

Jlbn. Nu. Re | 324 j 324 

xxiUiem PHcifii j 304 30ig 
■southern Hauimyl 5®4 ! 53 

son Mils mi 291# 294 

>V| BauBtiareB. 29 291g . 

Sperrv Hutch-... 191, 20 

3perrv Kauri 437g 444 

-Tquibfa 295g 304 

atamlHOd Brand, 243 4 25 

abi.OilCaiiiornis 46 Vg 464 
3ta. Uil Indiana, 824 BS4 

Sut. Uil Ohio, 354 374 

jjtauJT Cliemical., 447, 444 

ateriin* Urn* — I6lg 164 

Studehaker.-, 62 684 

Bunco... 404 414 

3iin strand 46^4 47 

Win ex 314 1 321, 

levtimoplot. 134 1 134- 

K'kirumx ; 45 4 • 464 

leiedvne 994 ! lOP’a 

I 64 ; 64 

iwieoG i 324 I 324 

.• nn> Pei rn- win I 9l« 1 91* 

• .'UUm. , 241, . 244 

i- saseu.i ; 21 jg ; 22 

■ exit* hasieiii.. 1 37i 361* 

ii- xa- Insi'm ' 84i ! B4lg 

.HM.Ui.Aiis.., 29 284 

1 exas Utl iili«» ,. f 191 1 19Jg 

..me- In- ; 44i ! 45Jg 

iimo- Mirroi • 3lJg J 314 

timuen.. 47 . 474 

l rane_.„ 441* 444 

1 ranifnwKxu...... 174 i 174 

Iroracc..... • 214 ! 214 

Iran- Uawa . 35 354 

lran-wat Inrn. 23 834 

l'nn- WnrM Air j 21 | -211* 

iiMr eiH. 355, • 37lg 

rn Continent* 19 > 191, 

inion Oil a. liiu. 1 64 ; 64 

IBW , 37* . 384 1 

JU.bCemury 2«! 344 I 34 4 ■ 

L’.A.L. 354 , 35Sg 

LiAKCO ! 28 jg ! 28 

LGI ! 20 20 

Liinevei ! 46 4 464 

Lniinei ,\V 61i ' 614 

Lnl.si Uainnirji... 264 265* 

L iibni Car« trie 38ia 59Jg 

l.iinsi L-.uiiueiif 9Jj 9:- 4 
I I'liumUi. Laid... 54 554 

ii. iihHi IV-Uii; 564 . 57 


easier xor cnoice on Daiance. o , t . 1 Ort. Pm- 1 I91B I97B — 

Iron ore mining issue uVFI[Z&riSHu 19 rious High Low 

Hamersley fell - 12 cents to AS2J22 Stock prices continued- to rally . „ icsocn^ 70^ 'm 19 

in the wake of the company^ 72- in more active trading. .. _• «tt« 5ffij79 ( 4LLl9 Spam 

per cent profits slump in the nine Demand was particularly strong Baleinm d) : W.bs 97.79 IolisI bo.« aw«dm 

months noninH in Uimfnn. V.»_ on f T ... III M dnur, 


BP Cxaad*.... 174 17*t 

Beu<m> 174 l?l| 

Hrinco 18.50 17.5C 

Calgaiy Power... 385, 385| 

Camfiow Mluea..: 157 r 157| 

Canada CemenUJ 124 124 

Canaria MW Inn. 9*g 94 

Can. Imp HkOom 294 30Jg 

Canada lnduaL._ 21 21 

Can. Had Be .1- 23 23Sg 

Can. Pacific kwJ 23 23lg 

Can. Super l In... 624 634 

Carlin* O'Keete., 4.10 4.05 

Cassiar Aal«MmJ 97, 10 

cmelia]n_.: 26 i 264 

Com men — 51 r, | 314 

Coro. Bachur*t.%. 55Jg J 35i 4 

ConMjmerthfr 174 [ 18 

Caueka Hesomce* 54 54 

Cnatsin .-J ■ tl3 13i s 

Uaoo. Oevfli. 127, j 13 

Unlma Mina... 78 78 

ltome.Umen_._. 102 1024 

Home PetroMsim 834 83 

CoDilman Bchjfte 265g 264 

UomCar___-. 221, 224 

Cupaol — 16 16 

34 334 

812, | 81 


months period- to September 30, for Insurance shares, . with ^ i (MB) 

but its major shareholder, CRA. Zaerich - Versfchenmg Dearer Danmark ("j 92-38 92-70 98-95 

which retreated 15 cents on rising 5 per cent _ .. J „„ 

Wednesday, picked up 2 cenU to Banks were led higher byUiritra ™“* ltT> - 81-8 S 

Dank of SwRxertand# lip 40 at GormanyJW 863^0 864.70 8UA 
Partly in sympathy with SwFr 3,090. I (18/10) 

Hamersley. RHP and CSR. both Among Industr ials ; Rearer Holland It!} 87.1 B7A 93.1 

of which have iron ore interests, shares of Ciba-Geigy. Nestle -and itani -rmw. 


■ f vF I Pre - i- 1 * 5 

| 19 _[ moua j H igh Lbw' . 
Wr'.9»-98 j 94.62 j li0.78 f ?TJs;..-— 

U)', 360.16 365.41 jmM S- ' - OH 


is^ 1 o 8 a sa ss 


SwFr 35 apiece. 


Switxdrld(f)j 280.5 ' afikelaafT Jfca-' 

- - • ' - 1 - 1 ■■ Ithfll fflMf-. 

,£jZ> Amitentan MahKtni’ '- 

1 97*' 7 B Haw Serb: Bade SU7/6L (jH flanca' 
(17/6) CammerctoJe Itabana- hr; _ n Tok™ 
76.0 Nevy SE 4/1/68, 6 Straits l^tes ‘ mti," 

(4/4) c Closed, d Madrid SB 3W12/77. eStockT ' 


NOTES:. Overseas prioea shown oeHnr and/or scrip issue, e Par mire, t Prases I si, nMn iu l ui io m*-m laiashl a>?0 
exdufle * premium. Beldan ojvMewb o Gross dis. %. - AsnmMd dMrieod mW ^mgaporw^ 38310 


y*)J I (4(9) (13/4) Corporation, o Unavailablt. ■' - 

(tUj 76.40 75.63 . 81«2 66/46 . ■ ' . ' ' 

(D>' 459.69 1 438.38 «*!a 364!o4 WEDNESDAY’S ACTIVE STGaOT' - 

t 1(19/101 (4/10) • . 


I are jrier wlrhhnM|ri£ rax serin and/or rUt&rs issue. - * After local 

♦ DM 3a riennm. unless otherwise dared, taxes. * % rax /roe. n Krancs- ncHaHna 
vieid« based on oei dhodemfs rHtts rax. Urulac die. v Nom. n Sharp split. - » Die 
8 Pta 5hfl dennm. unless orhorwrw; staled a on yield exclude special DirtnanLr Inai 


■wws "«• Bf • V-. .iail-ckirfisr . 

LSsSL-HiiL - • ■ - -■ traded pnee-- day . 

Reliance Grasp 2.1X2,400 -.18 +| - * 

Indices and base dates (all base -values Ranted* Inna .... 410.700 la ' JL 
IDO except NYSE AD ' Common — 50 Pan-Amer. AJrwaxs 3fe5.UM - 

Stanriarda and Pnom — 10 and ■ Toronto Amer.' Tel a* Tel' tw nr#'- nrr . ■ 


J'KkAiEe. 

CnnaiUu 

tjki.Can: 


22J, | 22J, 


i. Uiri'Va i 7 

L u ticil Kralhla .... 1 1 >, 

1 3 baucur/i. .... 324 

L ii> |*Nin 29 

L a aboe 26a, 

Lb -lew 26s, 

L 3 Tedmolauiea.) 43* 
LY 1/ulusUies....: 21 
Virgimiihlwl....! 141 

l4li!iKii....M - 264 

U'arner-Cr^mnu .! 45 
I4mei- Iximerl' 264 
IViMr-iltn'niHili 27i 

W el u- Korun ! 30 >, 

tt oreni Uancur] I 28) 

Wmieru N. AuHal 341* 
*lwi«n tiiina...! 174 
W wJincli'te 20 

W m»ai ' 274 

IV priuururer 284 
w iiir.^ou ....... 214 

vviiilH run. In.|„ 205g 

" i >imn Ln 19 Jg 

Wiw-xainiii blM.. 28 


7 74 

117, 12i 4 

324 331, 

29 29J, 

26ag 27J, 
25s, 26J, 

43i 434 

21 21 
141 , 145, 

264 • 274 
45 • 464 

264 • 26J, 
27; ■ 274 

30 ■ , I 31 

28; * 284 

34i* - 35 
174 ' 18s, 


Dominion Budge 265, 265; 

Camtnr„_-. 22 Ig 1 224 

Cupoai 16 16 

14 tcoa'j^ MCIdb/. 34 334 

Font Motor CknJ 812, | 81 

UeaaMur 

Utamtlol'erfenlieJ 144 i IS 
Hull On C*m.» 3 314 ’ 314 
Have bemM. Can J 84 ' B’g 
Uniiinfc«.^.„_..! 407, ' 40 s, 
■ Home Oil 'A* .._. 42s« 404 

Hudson Hav Mnaj 22s, i 22Jg 
Huillaui Hav.^....| 214 I 22 
Uu.lwjnUiiiG.Ht 454 ! 434 

I.V.C I 19s, ; 19J« 

lifuww...™ j 387, 364 

iinper»’Ui< I 21>| ! 224 

i.ne«‘*A , ._ i 211, i 21i, 

n».ia.„.,„ j 145, . 141* 

Imand'Mat.G-Bk..; 11 ,11 

Iiil’iur Hire Line! 154. 17 
fiaurr Keeniirm} 157, ■ 154 
i-aurl Fin. L’nrj.., J Si, I 84 
Ujuaff Com. 'B-. 4-50 1 4.50 
Vlrind'n Ulneril... 235, J 234 
HabjOV KerRuronl 124 124 

McIntyre. 27 274 

Jlobre Corpo I 36 357, 

UoantwulnausUr' 3.08 5*00 

Aarami* Jim**.. | 35S, 36 

vurem Buerin-... 16 161, 

%. •!( |a, ffr^'ln _ 384 384 

Noniu Oil t Gas 284 284 

itin ii 4.10 3.95 

HP ihUti^U. 1.99 2.04 

I’aodWl'Hreiotinii 41ig- 1 414 
fan. Can. I'el’m i 34 I 344 

rttirni * gnu ■ 204 

i*i«jti>e» Ueia. ». j 64 j 67, 
i , «el«i.4i'- 1.99 J 1.95 

i* 4i*»ri>ev»iii|.iiit 2n | 254 

.‘.lanL-ui.mi i | 19:, [ 19s, 

I'ncr 22Sg ; 224 

Miirv.Hi- 1,99 [ 2.00 

i.'Hugci Hi- 17r s l 18 

IL-*«I ; 114 ' 114 

5 win 561, ' 57 

dinai Uk.ni i«n 361# 37 1, 

Kuyal I in*: IBS, I 18s, 

si-ejXie K‘w«iifei| 64 i b- 1 , 

aeaKranif I 314 I 315, 

alifiU Lauwln i 15 ! 15 

?berrlii \t. Miner) 74 ! 7ij 

aielvnru. u 37 ' 361, 

WII|MI ............ 6J« { 64 

afceel m Canada.. 27S, J 27 J4 
steep Hock Iron.. i 3.70 1 3^70 
lexacnLanada....; 484 I 48s, 

ruroa[nUain.iJL4 zis, 1 224 
lraiixCauyiprl.il 174 I 18 
Tran* JduuDi . Opti 87, 9 

ln«c 1157, • 117 


1/1/73. tT Paris Bourse -1S61. tt Cotnmeiz- Texaco JWJSW - r -S4J : - 3 


TOKYO 1 


.lorainia | os 

'wwn Buentv... 16 
%. •<■ | a, «te*,rln . 38 

NmiiM Oil k GaJ 28 

Jmih».i L-niiii 4.1 


2 tn, ; 204 

54 I 67, 
1.99 1.95 

2b | 2Si? 
19*i 194 

224 224 



AMSTERDAM 


20 • 211 , ll-munUo* J Tlk 

nn | ; mi ( I'M. hiMXi^. Mine* 81, 

28 ? 29^ j Hiram.... 374 

ill. ili. Iran,. 114 

I04 ll\\ I 20 

28* : 28 i8 rBKL U "*** ■»* 

** *** i New otnek. 



KK 

t60 

16 

2 


.6 

6 . 



KK 

S70 

' — 



13 

: is," 



• 

fm; 

-*>25 

— 

— 

1 


' — 

2 

31j 526a, 

r.M 

S50 

1 

12 




-• 



- -#63 

MM 

S60 

5 

Z 


6 

3; e 

*i 

• 4$a 

HO 

F.38.50 

24 

6.90 


— 


— 

] — ;F.39.40 

Ho 

1.35 

2 

4.60 



1 — 1 


1 — , 

H«' 

K.37 50 

18 

1.5C 







1 1 

Ho 

*-.40 



' 

5 

3.10 


... 

Ho 

K.45- 

— 


1 



27 

• 2.60 ! 

IBM 

5240 

1 

39 


5 

421f. 

_ 

— 52794 

IBM 

i-260 

5 

IS 

lz 

I 

• 26 

— 


J II M 

5280 

5 

2 

'8 

10 

13U 

9 

19 «4 

IBM 

5300 

-- 



8 

5i 4 : 

— 


kLM 

1'. 142.90 

4 

15.50 

1 

— 


_ 

— P. 158 

K I.M 

P.150 

15 

8 


_ 

_ ! 

• 

■ — - > „ 

KLM 

K 152.40 

17 

6.50 


10 

16 . 


— 1 ao 

KLM 

P.160. 

1 

0.20 


12 

.10.40 1 

5 

: 16.50 ; „ 

KLM 

1.161.90 

26 

0.10 

i 

12 

: 10.80 ! 

- 

• - 1 .. 

KLM 

P.170 

~ | 




40 

■ 7.20 ! 

12 

1 12 1 .. 

KLM 

P.170-40 


— 


43 

, 7.20 ‘ 

— 


KLM 

F.iaii 




1 

: 4.50 : 

— 

1 — ' 

KI..M 

F. 209. 50 


— 


10 

0.80 < 

— 

— 


F. 108.90 

28 

0.70 


20 

6 . 

— 

; - F.109 

J'HI 

P.22.50 

20 : 

3.80 



— 

_ 

' — P.26.30 

l*HI 

F.25 1 

183 . 

1.10 


25 

2.60 . 

— 

_ 

I'HI 

P.27.50 


— 

1 

132 

1.30 

70 

2.40 

PHI 

P.30 



1 

28 

0.60 

333 

1-40 

J'J.'M 

540 

S 

11 


— 

— . 

— 

- 550 

picn 

$43' 

5 | 

5i 

, 



_ 

. 



pl.’Ti 

Sbd 


— 


13 

5V„ 


— • 

PRO 

560 

- I 

— 

1 

-- 


3 

3-i 

nu - 

P I AO 

- | 

— 

j 

222 

4.40 

7 

7.20 F. 128 

JtO 

P.140 


— 


— 

— 

50 

2.70 


520 

2 ! 

2' 

t 

— 

— 

— 

- - L 22ij 

r.M 

P.120 

17 

2.30 


10 

5 • 

1 

7 *122.80 

I'M 

F.130 

— 

— 

' 

16 

1.10 

— 

— 

xo.v 

P50. 

7 i 

u 


— 

- ; 

— 

- 550^4 



\nr 



FpIv 

M*V I 

BA 

570' 

3 1 


“ l 

— i 

IQ 

$649, | 

TOTAL VOI.CMK 

|X CONTRA Cl* 


18 

!i - 1 


BASE LENDING RATES 


AJ.X. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

.Amro Bank 10 ^ 

A P Bank Ltd 10 % 

Hoory Ansbacher 10 % 

Banco de Bilbao 10 

Bank of Credit & Cniee. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Bjnque Be]"® Ltd. ... 10 *V» 

Banque du Rhone 10) % 

Barclays Bank 10 % 

Barnelt Christie Ltd.... II % 
Bremar Hoidm-s Ltd. 11 % 
Brit. Bank or Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm’t Trust... 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

i Charterhouse Japhet... 10“% 

Chouiartons 10 % 

C. E. Coates 10 % 

Consolidited Credits... 10 % 

Codjperative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 

Duncan Lawne 10 % 

The Cyorus Popular Bk. 10 

Eagil Trust IQ 

Enaiish Transconf. ... 11 % i 

First Nat. Fin. Corp 11)% 

First Nat. Sees. Ltd. ... 11 % ' 

i Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grind lays Bank *10 % 

Guinness Mahon 10 ^ ■ 

Hambros Bank 10 % 


■ Hill Samuel §10 % 

C. Ho are & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai' 10 % 
Industrial Bk. of Scot, 10 % 

Kcyser UIJmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank JO % 

London Mercantile ... 10 ^ 
Edward Munsnn & Co. 1H*S, 
Midland Bank 10 % 

■ Samuel Aloniacu 10 % 

* Morgan Grenfell 10 % 

Rational Westminster 10 % 
Norwich General Trust 10 % 

P. S. Retain & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schiesmger Limited ... 10 % 

E. S. Schwab 11J«5 

Security Trust Co. Ltd* 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank. 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway La id law ... 10 
Williams & Glvn's ... 10 % 
Yorkshire Bank 10 % 

IMcmltere of utj Aco.ptlns llimaca 
Lomraiiipu. 

6cp«|M 7:.. l-OMHIIb ri'-'PIMlIlK 
f-riar di-DDSIIK on ?Hm5 of IIO.IHHI 

and trader W - Up Id j23,BM 71... 
and over f?n,nw t 4 %, 

Call di posits user n.ooo 7*;. 

Demand rieiwmt 7*’;. 


Irwtboi hieii, 


SWIT2ERLAND • 


AUSTRALIA 


ACH1L (2a cwn»)....a~-_. 

•4fO»» AuBtnlta. 

AM ATI LSI 

Ampol Kxpkwitton^ 

A in pol Kmnienm 

Arane. Um«ml*„ 

\w. Pulp Paper » t 

Aarou. Orin. Induntnm. I 

Aiul. Pounrintinrrlnrent... 

Viidlmno ■ ■ 

A.1,1. uii a'uw..,.: 

dambou Creea Gold „„.l 

lime Alrtnl lod.^. 

rioii£«i nvl lip Copper. | 

rinimhie* lo-iuatne* 

Broken Bill Propriet*rv...,| 

BH Snaih...,„ i 

(aa Unjteri Brwrerv.... 

(Stt : 

Cement. 

rifieids Aaab. 

(3D 

AantraiU 

Habber (Jl). 


BRAZIL . 

— 

- OdtoMrM 




- flJ l Aeerite. ;.j--a93* 

-r-i Banco do 8nudl_j _L88 : 
-0.0J Bom-0 Jean PA’— ..I lM . 
B<agoiirariraOPj., 
LojiwAraer. OP4.-T3JJ7' 
P«*twbni» PP..-.„. 


I*.#u 1 v— ■ rtrelli O P .-. u4'-'W6-- , tfttfiMimtL95 7UTV ** 

tl.96 ^+0.04 Sjjur* Crux OP .. - 2^1 4w.. ; ..r.lO^Mi&.62 BI { J IT 

tl.u7 ;-).0l DttlpFli ;.-J 6:35i— 0^® , O.E5,4£7' . 

tic 3 |W. •» Vale IHnJIn wppI ; 8^562 ^ i • V 

ta6D Tumover Cr.85.finr Votame-'S.'lib'.' 

td.*0 '.-4L01 Source: Rio de jM«lro'.S^.V . . .• ■ .. 


ti).6D 1—8.06 AUr i 

td.*0 '.-0.01 s 

:l2i- nun - • 

rl.e4- 4'i.«3 OSLO ' 
tl 96 

to.38rf,-u. 8 
tl.49 I-5JI1 - 


tl. 13 

t3.Z0 -0.12 

tl.26 

*2.40 +U.0I 


T3.66 )-0.M -280 +5 -20 L7J 

;2.B2 uL. 110.0^0^ C U JOG 

*3 47 1+0 02 WB-Oof-ia 12. 4j). 

. - OT.5I4.IJI 7 7.3 


11.80 +8.05 
Ti-50 -0.03 


•I Price tori hiwll'fc- 
1 Krunet _ ] % \ 


I Bergen 8eux ...^.| - 99 .,^*1 -9,1.- 


Uredifexn* ...1 lMooLi-Af BAl 

Hownre ^80 {+5 -20 JM 


JOHANNESBURG 


rtyTnm.. 

Australia. I 

er-Uopper>„ — I 

mmef Inriu-urtea- ! 

- i 


■» c-x(sr-rait(>fi. ...... 

Huhlincr ] 

— ' Bmpniiam. .1 

«?*. j, _.j 

.bou* iDiernaUnmii..!!!.’ 
■ritiMrnLra H'ltiruraibOci 

Mkhraljjg 

t* 

iptomiuui 

LiKttr«e 

* Colu mn, 

-'tetlfh 

Mmlnc„. 

i pcptoratkm^, 

— ™«, 

Urania (bO'xm*) 

fThii 


*2.30 -0.IB •• • M|H _. : - 

*0-26 -0.03 Oct. - ]g • ... -V. L-. 

*L69 cS^r > ^ enM S* Corpn * ■“ 705 

H . ai asaru* +,^- 

iU.r3 - 8.01 EWmrg TS ' In 

f2 3> '+0.ul Harmony 

>0.96 1 — 0.03 Kloof liS T«j' : . 

Ti.iO i Rusienhant Platinum 7™V S^xd +41^ 

1 1.30 i —... ®L Helbiu ' ii.13 - : t-ftft ; r. 

«0.38 iHi.u3 Sonihvaal 

ti.38 I *-».■ 2 fields SA .. v . 2S.09 ' 

1 1.70 :-B.05 Corpora ilnq e.dfl . '--rMi. 

*2.58 I.:.... Beers Deferred S.Oo 1 --r0Tr>' 


HINES : 

• Rand' _+pi— ■ 
Corpn. .J 7.05 
lied ...... - 4.05 - ' 

is.-* -n.M 

- - S.W : 

— ejO'-'.+wf**— 

— — - 8J5 .- -. 

- 11.00 -r84:.; .. 

mm s^nxd +8-1 . ■ 

li.'li '-: t4& 'f* 


‘“'eTjauiww 1 tjias +d !03 ghrotBruiuteiir "reja 

Tl tiBnAco H'-lin^srSUci *1.42 -iLul «=t. Hand Pry ■ ;b ra 

*l.fc5 l-d.oj State CTeduId ■ *3100 

tv). 12 1 n *i^ ent Brand J9.no 

■ ptaMinn u.44 l+o.fll ™«, CD , f Stem 3,.n> 

Uranrwe ;1.81 ‘-o.** - . 6-M 

* CoinjMi™ -3.00 | .... "ewom w „.. ♦, 

.. _-letj{b..>. — „„J TU.,0 ' 0*0 i i^ C8 I Dn»tonteni tc.ga 

Minlnjj |0. 33 f... . ” 0, <BnS5 33.IW 

-xptorattoo^. taas 1*0.03 Ji« 

l> — 11.04 

“ 10.74 : ..... AFrT IHDUSTftlALS 

Uioid* (bO-«fl|s) *1,76 U0.04 VT ‘fl , _ t33? 

■- /»*»« tLTO,,^ „.m.» 

uus • invWScmi ;;;;;;;;:: W 9 

— iyr Ourrie Ftnanc? *0.87 

Ort |a | *1*1 f 6 + "r. Ulw.fY W. fibers / otfus , n# | 12.ro 

- ' 1 Fn> ' — 1 Pr ^-i * Sg"* Consol. <J 3l «l Inr. 3no 

^ - — ■ - — : *%oj?ars Stores m 

JJSn ? a, *i °-6 II^ pRi ^ d5r sa 2.10 

t 8 | °*2-?|2US.4.8 Votkabetewune,. uw 

1 *0 1,16.6 4.4 jr^ajermans store* ... ros 

; “5 Zfia ! 4 -8 b“?i?I ao Assmnmce *s.\i -tJ.TO 

“J JlLS&j 2.7 «“''•« ••• iK 

- 570 — 19.40.&' 6 !o Rndway WJB 

,2.150 + 30 j 73 ; .5 ^JdBaoli 

n 404 _l 3l& 7.8 OK Baaaara ~ 7^. 

^ iw|5 Sssai'sas l I? 


j.... te^a -.''.+*-(151/ 

' 36.7M ,--+in» i '’ 

• *3100 - 

J9.no . -Ht4 s 

ifl.m" +U.4V*. 
- 0.D3 . -o.a , 
......... *S^3 ' '7 - 

*43.00 

39.00. ; 




OKtixv 447 1+7 

ibditer 482 L_io 

nnt-Fr'cJ J31.S^2J 

Lott* I 72.q + 0.3 

- 719 [+28 

141.01+ 3 JJ 

tale4 867- J-l 

i 66 1+2 

+ 7.1 


241.01-3 


■or D1». 
- % 



1404 

-»a I 

11 7.9 

JZf 

TCI 

»4 



13 9.5 


1305,1+ 4 




1 72 ! 2*7 Ef clorta ftemeirt **.* ""’’-7!* Mil 
11.25 1 24 ^j 4 HoIdJnas .. . 1 ^ . 


*M - 
+02 . - 

n , 

40.0." 


+00 .;- , - 

+0j»C.1 t i. s 'A 

■+*.’». V.’*' 

+»s; 

jHWSf. - ■%'* 

•- »W 
. .. ** ; 


Price i-f-or Uir. l’uL. 


64.001+ 3JE] 


VIENNA 



1 - K™* 5.«. - 
w ?.S 

s i - 

7.0 uStoro° a, f.. 8 ^..?f. , J: '.^gVV.vV-: 

fl Securities Rand VSS0.71t " 

7.2 (DisconQt of 37.6<q;) : *••;• ^ - 

2.4 

1:1 [ SPAIN » 

9.8' 

7.7 

3 3 Baaoi BUban . M 
i: A 1 Jam Ico ^ 

5 4 f“i! C0 a ‘ ntral - ' 3 m 

In u aaen S 

5 ° Banco GCnmU m 

i t S““ criMte anti lh 
8-B fiaoiro ftLswnn ... Zr* ^ 

*2 5' Meduerranen m& 

3.0 Banco ltidrtd _ - 3? 

5.7 Banco Fnpuiar S 

“ 5*3“ Santander 1230 k 331 

gSS^WP.-HAll-. 3*1 
5?““ 'Ucaya ^ 

-■■- £ 

■» 


S;70l tt« 



































. { Finandal -Twines -today October 201978. 


FARMING AND RAW MATERIALS 


Brazil steps 
up rohusta 
coffee sales 




RIO DE JANEIRO. Oct. 19. 
BRAZILIAN COFFEE exporters 
have stepped up their sales of ifae 
local robusta variety Coniion in 
the last- two months! 

Brazil's coffee exports normally 
are almost ail arabicas hot cur- 
rent market conditions have 
made Conilon competitive with 
African robustas enabling Brazil 
to sell an estimated 200,000 bags 
f60 kilos each) since mid-August. 
Brazilian robusta Sales on this 
srale have not been seen for 
many years, but the total is still 
very small in world terms. 

But trade sources do not expect 
this compcitiveness to last much 
lon-zer. Reuter reports. 

Mure than half of the recent 
sales have gone to the U.S.. prob- 
ably because buyers there are 
looking fur substitutes for L'ean- 
dan robustas. imports of which 


Anglo-German talks on 
farm policy deadlocked 


BY MARGARET VAN HATTEM 


BONN. Oct. 19. 


BRITISH ARGUMENTS for joining the European Monetary —a tax on milk production 
reform of tie Common Agricul- System, the sources said that no which affects producers’ returns 
tura! Policy, aimed at reducing such sympathy was evident in but not consumer prices, 
the EEC's notorious food raoun- ■Gorman Agriculture Minis try. Both Mr. James Callaghan, 
tains and bringing down the level Mr. SHkin. hod emphasised dtrr- the Prime Minister, and Herr 
of price support, appear to have ing the talks tint Britain gave Schmidt reaffirmed today that 
fallen on deaf ears in Bonn here top priority to reducing the significant progress had been 
today. structural surpluses and bringing made towards a Common 

British sources close to the down the cost of supporting pro- Fisheries Policy, which is now 
4a Iks between Mr. John Silkin. duels such as milk and sugar, expected to be agreed by the 
UK Minister of Agriculture, and The Germans made clear that end of November. 

Herr ' Hans Jucrsen Rohr, they ddd not. Senior UK and German 

German Stale Secretary for Agri- In discussions on the EEC officials are due to continue nego- 
culture. reported little progress Commission’s latest proposals for t rations at a special meeting next 
on the Issue. ■ bringing milk production into week. 

Allbough Herr Helmut line with consumption, the No such breakthrough was 
Schmidt, the West German Chan- Germans were reported to have made in the agricultural talks, 
cell or, earlier expr essed under- argued against a cut or even a however. Although bilateral talks 
are bein" boycotted for nolitical ,i,ta ndin:: for toe British view that freeze on intervention prices and will continue, it is felt that there 
reasons the sources said I reform of the CAP' is sn cssen- to have favoured instead resur- is insufficient common ground 

But demand for Brazilian* a 11 precondition to Britain's reeling the co-responsibility levy to merit a special meeting, 
robustas may start .to . decline 
«oon as new crop African coffees 
become available. Also, the low 
Coni km cruzeiro price, which 
helped sales initially, has now- 
risen steeply, they added. 

The sources also noted fhatj 
Brazil's recent sales have reduced i 
its stocks of Coni Inn significantly, 
and probably little remains for 
export. 

. * 9p MALCOLM FRASER, the Pharaon, is claimed by his ment officials tomorrow. The 

^ wIv? et, Aft P op C « m !f;r.}n2i AustraUan Prime Minister, is to Australian contacts to be con- meeting is to take place at a 

I. i^ 1- e rr wiv S ^ nej£l week a SaudiArabian sidering a de.il which could boost South Australian racehorse stud 

LvT?A,’ ! businessman said ,to be in- Australia's beef exports by up — Lindsay’ Park, near Adelaide — 
'' heavy speculative selling. Which , innMMj in huvinc huee nuanti- in lfiO.OAfl tnnn pb tip-ip n,»vl Thnrcriav 


Fraser for Arab beef deal talks 


BY OUR OWN CORRESPONDENT 


CANBERRA, OcL 19. 


was not matched 
port, pushed prices down near 
the clow and the January posi- 
liun ended £51 lower at £1.492 
a lone. 

Dealers said the selling may- 
have been encouraged by news 
of reduced internal coffee taxes 
in Mexico, which are expected to 
iead to lower export prices. 


1 forested in buying huge quanti 
by trade sup- ; Ues of Australian beef. 


World cotton 
estimate cut 


THE 

ment 


WASHINGTON. Oct. 19. 
U.S. Agriculture Depart- 


to 160.000 tonnes a year. next Thursday. 

Mr. Fraser is to be briefed for Mr Fraser however is rather 
The businessman, Mr. Gaith the meeting by Trade Depart- coy about ^ affair an ^ aUem pts 

have been made to keep it as 
quiet as possible. Meetings with 
Arabs and any association with 
Arab money are regarded as 
politically sensitive here as a 
result of the embarrassment 
caused to the former Labour 
Government nf Mr. Gough 
Whitlam by two such incidents. 

The first involved unsuccessful 
attempts by the Labor Govern- 


Australia calls for probe 
of EEC sugar subsidies 


GENEVA, Oct. 18. 


(USD A) now estimates I P 011 subsidies. 


AUSTRALIA HAS accused the unfair share of the market. - .- ... . , . 

EEC of unfairly doubling its Mr. Paul Luyten. the EEC raen l t0 borrow S*W> in Arab 
share of the world free market delegate, did not answer the “torrey through a Pakistani mter- 
in sugar through .excessive ex- Australian claims, but argued mediury. 


that. under the 84-member The second centred on a break- 


1978-79 world cotton production 
at R0.4m bales MS0 lb net), 
duwn 3m from last season and 
1.5m from the amount indicated 
earlier. 

In its weekly world production 
and trade development report, 
based on preliminary data from 
main cotton producing countries, 
foreign output is forecast at 
49.5m. bales, up 400,000 bales 
from last season. 

But this is below earlier ex- 
— pectations. due to drought in 
China. China’s output in the 
1978-79 season is now forecast at 
- about 9.6m. bales compared with 
a revised 9.2m last season. 
Earlier the USDA had esti- 
mated China's output at 10.6m 
- bales. Reuter , 


Australian delegate" Mr. CoLin organisa lions procedural rules, fast meeting by Mr. Whitlam 
Teese told the council of Australia should first hold formal with three Iraqis to discuss the 
permanent representatives of the consultations with the Com- possible provision of funds by 
General Agreement on Tariffs “unity before demanding a Iraq for the Labor Party's elec- 
and Trade that export subsidies GATT inquiry. tion campaign, 

amounting to on estimated After long discussion the coun- 0 f Pharaon’s interest in buy- 
S830m this year were likely to cilagreed that Australia and the Jn Australian beef by the owner 
Increase the EEC’s share of the EEC should begin talks on the of t ^ e Linisav Park Stud. Mr. 
free market to at least 22 per issue immediately. Colin Haves 

cent; compared with only ‘11 per If the two are unable to agree, ' . . ... . . 

cent two years ago. Australia, a big sugar expert er, 16 to toe ftoo 

FFC pynort subsidies could ask for another council by Thursdayostensiblyto look 

Suif thorou£h6red “ 


gift to the 
Australian 


Teese said ‘ its demand for an inquiry. wmen are to be a 

H? Sled bn the council to Australia’s call for an inquiry *2“ *** 

investigate Australia’s claim was backed by Brazil, Cuba, Government, 
that the Community's action was Nicaragua, the U.S., the Philip- The Government has been told 

against GATT rules. • pines. New Zealand, Peru, H>un- Mr. Pharaon is scheduled to 

These allow a country to sub- gary, India, Argentina and arrive in Adelaide by private jet 

sidise farm exports, but hot to Canada. on Thursday and stay overnight 

such an extent that ft gaihs'an Reuter at Lindsay Park. 





i.lU> 







Platinum 
producer 
lifts price 

By Our Commodities Editor 

A RISE in the platinum pro- 
ducer price, from 5350 to $280 
an ounce, was announced yes- 
terday in Johannesburg by 
Xmpala Platinum. This leap- 
frogs the rise of $10 to $260 
by Rustenborg Mines at the 
end of September and there 
was speculation in London that 
Rustenburg may now be 
tempted to increase Its price to 
$300. 

Impala's decision to raise its 
producer price once again to a 
higher level reflects the recent 
surge in free market platinum 
values. which last week 
breached $300 for the first time 
and yesterday touched a new 
high of $346 before easing, on 
profit-taking, to $342 i n the 
afternoon. 

The sterling Tree market 
price was at a record £172.95 an 
ounce on Wednesday— a gain of 
nearly £40 in ifac past month— - 
but yesterday closed mar- 
ginally lower at £171.75. 

London free market sources 
reported that there was further 
buying bv the Japanese, and 
from Switzerland. Prices are 
being boosted by a shortage of 
spot supplies, with the Soviet 
Union still withdrawn as a 
seller. 

A clearer picture of the 
Soviet Intentions may emerge 
later this month when Russian 
representatives attend the 
London Metal Exchange dinner 
and normally negotiate next 
year’s platinum supply con- 
tracts. 

But It is suspected that pro- 
duction problems, rather than 
simply reserving platinum for 
Olympic Games coins, is the 
major reason for the Soviet 
reluctance to sell. 


Tin market 
moves lower 

By Our Commodities Staff 
TIN PRICES fell again on the 
London Metal Exchange yester- 
day on -expectations that the 
shortage of nearby supplies will 
be eased soon witb shipments on 
their way to bolster up ware- 
house stocks. Standard grade 
cash tine lost £85 to £7,644 a 
tonne, while the three months 
quotation was only £27.5 lower at 
£7,525. : 

It was claimed that the record 
price levels reached earlier bad 
attracted sizeable quantities of 
tin. which are expected to arrive 
soon. 

Copper and lead prices also fell 
back, but aluminium was hihger 
following reports of the wildcat 
strike at Alcan’s Arvida smelter 
in Canada. 



UK AGRICULTURE 

blessings of 
an Indian summer 

BY JOHN CHERR1NGTON. AGRICULTURE CORRESPONDENT 

THE INDIAN summer, which Of course, blind obstinacy in Lions because the winter barley 
ended rather abruptly last week- sticking to this or any principle followed other craps, and tiie 
end, has been a mixed blessing is a certain recipe for disaster, land was worked down either by 
for fanners in the south of Eng- so I am trying to puzzle out a cultivation or ploughing without 
land. The dry weather enabled breeding policy which will much difficulty. A great deal of 
many of them to make consider- enable me to produce my own it has germinated and looks quite 
able progress sowing their replacements at a cheaper well 
autumn barley and wheat but it capital cost than buying. 

also reduced grass growth and Tbe other alternative is to go Mnichiro 
made some ploughing conditions ou t of sheep altogether. I didn’t IvlUlMUlC 
very difficult. do this as soon as the ewe prices But thp or . = unnlniit»haMo 

On my own farm I had been became uneconomic about mo and even if ir were not. the clav 
planning tu plough about 200 years ago. because of the certain would raine^uD Vo ?uch 4eit 
acres of grassland for wheat knowledge that constant change Tuoips a^to ma^e anv^bsea^ent 
replacing it with freshly sown is almosr as bad in farming as workm- dSwn ve^ difficult U 
grass fields which should have blind obstinancy. Furthermore. W0U ]d leave not a dust v seedbed 
been ready for an early grazing I don’t like to have all my eggs L t JoSfe^iobf w^icfwouid 



except that the seeds have been to believe that a break with O oj er wearing nam 
very slow to germinate because grass slocked by sheep— or cattle T . , 

of the lack of moisture. I still for that matter — benefits the . 1 arn therefore patiently await- 
have no grazing, and am unlikely succeeding arable cropping. ine a , C0U P le of inches of rain 
to have any unless there is good This was at one lime almost 1° so *. ten to® ground sufficiently 
rain followed by warmih. an essential criterion of good * or P* uu Sh*ns to start. 

The grass seeds have ger- farming, bur today, with the This will almost certainly ex- 
minated for the most part— and chemicals and fertilisers that are tend sowing well into November, 
there has been just enough in available, grass land farming is hut here again I doubt if it is 
tbe way of scuds of rain to keep no longer considered in the really a serious matter, as long 
them alive— but until the break same light. In fact it can be a as there is enough moisture at 
in the warm weather I was get- damned nuisance. Ibat time for the seed to gerrai- 

ting very worried and was pre- For instance, if I had not bad nale- At one time, when farming 
pared 10 delay ploughing some sheep on these grass fields, the a very large acreage, I used to 
of my old grass until I saw how ground would not have been P^nt wheat up until Christinas, 

things would turn out beaten down so hard by the when conditions allowed, and 

hooves and would have plogubed ™en switch to spring barley after 

'Dvstmm-ftS+irvn fairI - v easily. L <k<? some of my the New Year. I never found 

rremoniuon stockless neighbours. I would toat subsequent yields had much 

. , t have my autumn wheat all sown to d0 with sowing dates. 

would 1 have been' a serlofe matter b , y ntw and be ? eUin S ready f °r Tbe e ssential rule is to plant 

woitid hate been a serious matter Ulc massive yields that are wheat before the really cold 

K! r a „rt'aHWh 0 i muWhw bound to follow the latest ‘‘ blue- weather strikes, and to do the 

Se lprin- i wou d P ri ."' " fa ™ in S 'wHoH™*- . .. *!> Uli ' ,and is rieh '- Had 

arnurth Blueprint Is the latest in mine been right this autumn. I 
not have made auffic ent g 0 . word f or f armers means fol- would have had it all in by now. 

1 must have had a premonition lowing a fixed set of cultivations 

of this last July, because 1 look and chemical applications 
the opportunity to sell my store designed to ensure the farmer 
lambs then at a very good price, maximum crops. 

This meant that l did not have Livestock, being livestock, and 
either to keep them on to try jq joj^rently unreliable, have no 
and make them fat on the new place in any blueprint That I 
grass, nor sow special feed for know 0 f so i h ave already lost 
them, all of which would have the first round in the blueprint 
come to nothing. I was especially fc attie by ^ having all my wheat 
pleased to see that the price of planted by the optimum date of 
lambs at a big sale last week was October ’0 
no better— in fact a little worse 
—than it was in July. 


Icelandic 
trawler lands 
at Grimsby 


By Our Own Correspondent 

But I am not too worried. BETTINGUR, the first Icelandic 
There is an old farming saying trawler to land at Grimsby for 
The dry conditions also that barley should be planted in two years, sold her 18,440 stones 
affected the sales of breeding dust, and wheat in mud. R pre- of fish for a bumper £66,936 
ewes Prices were several dates the blueprint system by yesterday. This follows the im- 
pounds a head cheaper than they several centuries. I have planted ing of a ban bv dockside porters 
had been at earlier sales. How- all my winter barley in very dry a fortnight ago. 
ever, they are still to my mind and dusty conditions, simply The ship donated a box of. 
too high for economic farming, because of the lack of rain. cod to be auctioned for the 
The only reason I persist with The great thing about the Royal National Lifeboat Institu- 
sheep is that I have a system "dusty seed bed is that when the tion, which raised £120. 
which includes sheep. Therefore, rain comes it will soon form a The porters imposed their ban 
as long as I have a flock, it has nice environment in which the when British ships were 
to he maintained in its proper rootlets will be able to develop, excluded from Iceland's 200- 
ages whatever the cost 1 was able to secure these condi- mile limit. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


the market down in Uw afternoon with months £7.480. 7.500, 7.435. 90. 7.510. 20- 
forward metal falUnst ro J760 but renewed Kerb: Srandard. thrfr* monlbs £7.500. 10- 


COCOA - 


t-'nru'srrt tnmi infloonUal boyiru; uoadfed the price to- Afiemoon: Standard, three months rr.Sio. Va 
s hjfibtf £786 and aroimd £7M on the laic kerb. Turnover M._ais M. Kerb: Standard, three mouths held 


COPPER— Easier. 

opened at ihc day- — — - r - 

then fell away to around Vt,\ on the 
pre-market owing tu lack of Interest and 


Anurisamaird Mtial Trading reported 


V aloes opened firmly and thereafter 
steady on facuiry off -take and short- 
covering. Origin sellers were reluctant. 


occurred. Soma etan-ceverinE developed MEAT/VEGETABLES PRICE CHANGES 
« W d, «« m -™, . „„„„ 


recovered by the close. C. Czanukow 
reported. 


umwtim MauuiEurepuanhuslncs* gW ® ** «■ ^ s - 

steadied the price to £784. An ^ “• .f?’ 


i a-m. i+ <v 
COPPER | Official j — 

pan. It-r" 

Ooofflciai J — 

Wirsb&rJ * I & 

£ | £ 

_ I . 

U.vh i742.S-5.5-B.25 

742.5-3.5 '—4.5 

5 month- j 764-.5 — . Bi 

764-. S 1-4.6 

Svtti'm'ntj 743.8 —8 

— . 1 ...... 


| 

.... L 1 «‘*h... - ....[73B.5-1 .5 — 9 

731.5-2.5 '—4.25 

im<jnttit...J 752-8 —9 

752.8-3-5 —4.5 

., Setti'm’m) 731.5 -9 

— 1 

U.-. -Sml.l 625 1 

*69-71.026 i 


Kerb; Win-bar^ cosh £743, 43.5. 
months S7M. 64.5. 

, - TIM— Lost ynmnd. After open it 

•■■j £7j80 forward metal came under pressure 
from nervous hull liouldaLlon 1 *"* 


of the morning rings- However, trade 


TIN 

a.m. 

OUk-iat 

+ "v 

p.m. 

Gncflk-iai 


COCOA 

"ieotoma’y* 

| Cltwe 

■+ of 1 Bu entires 
— Done 

ouw 

Pref. 

Comm. 

l'ettadif'i 

LloM 

Previous 

Close 

Huotnen 

Done 



. e 

V 

£ 

Con. 




Cash 

7660-70 

—70 

7650-50 

—85 

Dee. 





n- tonne 









+ 52.0. l:8L 5d.il 











111 2 ■ 12.2 
T -4 15 IfladB 






























Dec...... 







&tmt» 1L- 

£51980 


— 

ill MW 

Mar-h 

1912.0 26-0 

+ 18-6 18IIL0 

Deo 

121-15-21.25 

ULfrL44.2& 

124. 6 ' 

New Ynxt 

— 




Sates: 3.B49 (55811 tots of 10 tonnes. 

Zlaroh - 

It 5 75 LEO; 

12730- 9.b0 

■ — 



Scotch killed sides 5J.0 to 57.0. Eire- hind- 
quarters 60.0 tu 63.0. Eire forequarters 

35.0 lo 35.0. 

Veal: English fats 83.0 to Ti'.O. Dutch 
hinds and ends Kt.o to 57.0. 

Lamb: English small 53.0 to 5S.B, 

medium 53.0 to 36.o. heavy 48.0 to 52 0: 

Scotch medium 52.0 to 50.0. heavy 48.0 „ 
to 53.0. Metals 

Purb: English, under 100 lbs CT.O to Aluminium I 

48.0. 100-120 lbs 39.0 to 45.0. 120-160 lbs |,< W' marker Wl> 

38.0 to 45.0. Uovper W Uwr 

Grouse: Vouns best 160.0 to 220.0 each. 5 '"“niiis do. do. 

PnrtrUges: Yoons 200.0 in 240.0 each. Cnsb Uathode 

Rabbits < skinned >: English tame 06.0 5 months iK do. 

to 08.0, Chinese 45.0 to 45.0, Australian Gnid Tro.ro;. 

38.0 to S8.0. Lead uu:]| 


Oct. 19 


3Ioatb 

LflTb 


ago 


LG. Index Limited 0I-35L 3466. Marcb Cocoa 19H-1980 

29 Lament Road, London SWlfl OHS 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller Investor. 


COMPANY 

NOTICES 


U.Y. ENGCL5CH-HOLLAND5CHE 
LEGGINGS TRUST 

■ ENGLISH ' OMO -OUTC 4 
INVESTMENT TRUST' 
ESTABLISHED <»4 _ jUMSreROAM 
PARTICIPATION CERTIFICATES 
‘ISSUED BV ROYAL EXCHANGE 
ASSURANCE) 

Notice is hereby ch*** 1 that the net 
asset valne Cwrtaut**tcd) ol a P£rt*di»auon 
Cenificato a* at S*ptemb®r SOth. 
usifktt the official rales C* exchange, was 
pounds sterling 20.TS. _ 

BV ** t KOOf*MANSBANK NV 

sarpBatistraat T4-A 
AMSTERDAM. 

October 20th. 1978. 


CANADIAN NORTH ATLANTIC 
WESTBOUND FREIGHT CONFERENCE 
CANADA-UNITED KINGDOM 

FREIG HT CONFE RENCE 

NOTICE TO SHIPPER* 

Currency adjustment wnmuMPent* l» 
respect er traffic between the UJG am3 
the Republic of IrvHBad anO 
Mori time. SL Lawrence n»r ■« Grwil 
Lakes Ports 

The steamship lines, members n* the Rbosj 
C«nfercnco5. operating. « l 7 lc 1 < S...52 tw f*JI 
We U.K. and Republic o’ Ireland an* 
Canauian Maritime. St. Lawrence RNer 
and Great Lakes Ports. w|sn to adwiM 
•hippers that: due to the continued "taken- 
ins el the ter 1 8 currency. ’■c.Canadlaii 
dollar, aualnst iterllno. 
compelled ta give careful censldwauon 
to the present eurrenev adiumment 
arrangements applicable on Wie tnM M 
aoejtion and whilst they have decided 
that no change wilt be mad, at the 
present lime m the principle used. I e.. 
that 50 awr cent ol any turretcr fluctua- 
tion away from the tart# base rate will 
be applied as * currency adjustment either 
surcharue or discount whichever appro- 
priate. In accordance with a prescribed 
scale, they have felt it necessary to make 
a rntsiofl In the currency arrangements 
whereby adiustments will be made on 
the basis ot one-half of 1 ner cent either 
way to reflect fluctuations ef 1 per eent 
In the appropriate rale as against toe 
present arrangement whereby a^z per 
cent fluctuation is necessary before 
1 uer cent change is made- 
The Lines tecl sure that shippers wni 
appreciate that This cfiaTO* can apply 
eniWT wav. l-e.. a strengthening of the 
tariff currency bv 1 per cent would lead 
to- a reduction. of o no- half per mm In Inc 
appropriate eurrenev adjustment figure and 
likewise a depreciation of 7 per cent 
would md to- an Increase of one-half 
oer cent. ’ ^ 

TUB new arrangement will bocomo 

effective os from No row bur, 1976. and 
■ity further information may be obtained 
from any of the undernoted steamship 
line*' members of th* Conferences. 
Atlantic container Line G-l-E 
Canadian Pacific Steamship* LM. 

. Dart Centalnerllne Comnaav Ltd. 

Hapag-Uovd AG- 


IGOLD SILVER 
PLATINUM 

Buyers -Processors •Refiners 
Basic Metal Co Ltd 
Vineyard Walk. London EC1 
01-278 6311 Telex: 27159 


: • : =11. 

ZINC ! 

a-m. 

Official 

+ or 

1 p.ir. 
UiuiAlnla- 

t+or 

PUBLIC NOTICES 

Curi 

smnuths.. 

£. 

345-6 

556.5-7 

£ i 

-4.76 

—4.5 

£ 

346.5-7 
a 57-8 

+L» 
+ .75 

- 

Prim.wwi 

.*? \ 


•33.54.5 



DERBY CTTY COUNCIL BILLS 

£1,150.000 due 17th January, 1979. 
Issued iBtb October. 197s. at a rate 
of lOkK oer annum. Applications total- 
ling £4.450.000. These arc the only 
Bills out&UDdlne- 


B RIGHT ON B.C. 


EI.Gm Bills issued 18th October. 1978. 
due 17th January. 1979. at 10»»%. 
Total applications £4.Bm. No other Bills 
outstanding. 


Manchester Liners Ltd-I ... 
Golden Cross Line lid ( - ,0 ' nt 


Membership 


Ernst Russ Westbound dfll7l. r 

CANADIAN ATLANTIC FREIGHT 
SECRETARIAT, LTD. 
Secretaries. 


Canard Building, 
Liverpool l3 i 
October. 1978. 


DS. 


CLUBS 


EVE, 199 . Regent Street. _7M 0357- A la 
Carlo or Al-ia Menu. Throe Ssectatulir 
Floor Shows 10-45. 12.45 and 1.45 and 
. music of Jonfftiv Mawkeswortn & Frwnos. 


GARGOYLE. 69 Dean 5sreol.UMrign. W1. 
I’EW STRIPTEASE- FLOORSMOW 
AS YOU LIKE IT “ 

13-3.30 am. Show » Midnight and 1 am. 
Mw-Frt. Owed 5?Hird*7S- 01-437 64SS 


CLASSIFIED 

ADVERTISEMENT 

RATES 



rvr 

Stiiatc 

cohami 

— 

iliiC . 

cm. 


f 

£ 

Commercial &. Industrial 

Property 

4.50 

14.00 

Residential Properly 

2.06 

5.00 

Appointments .. 

4.50 

un 

Business L Investment 
Opportunities Caroora riot 
Loans. Production . 



Capacity. Businesses 

For Snie/Wanted 

5-25 

16.00 

Bdacauou, Motors. 

Contracts A Ttodersi 
Personal, Gardening 

4.25 

13.00 

Hotels ft Travel 

2.75 

lfi.flfi 

Book Publishers . 

— 

7.00 


- - Premium pflsMws available 
(Minliniifn size 40 cotomn cm* 
OJD per single eohntui cm exira} 
A'r fur Out liiTuits M'rtU.’ lo; 

Classified Advertisement 

- Manager, 

Financial Times, 

10. Cannon Street, EC4P 4B7 


the close, however, fresh 6*JhnB pared _ , 

the -Price to. £38215 an iho late kerb. |_0ppPp 
Tttrmnrer 122S5 Iddjkh. , 

, — — Afior a (hsappninrlng opening, local 

, ... ."Hw trade selling kepi robosa value* 

■ Iflicu' [ — 1 1 noiTfcm [ — depressed lit nuiet cnndlOons. Dresel 

Burnham reported. Fun her trade sell . 

mg in the afternoon, wnue of which 143.58, 144.23, one. Total sales: 251 tola 1 


Sales: 3, M3 tW7S> lota of 50 MEAT COMMIS5IO»-Av.'ra8e faiaock inu.uih* ”“j 

« Oriccv at represtniouve mark, is on art. N'L-koi 

“TS W. CB cattle 67.05p per kn.l.w. f-0J0i: tYrellurkMiciG.ib 
_ e aim UK 13Llp ^ f-3j, : 

white”* s'ug A lT-Ctosc* ( in order buyer. cl> . * ~°:?J .^? ,and 


£710 I '£710 

S-.i.iu Jff #iu/D'-e 

£T45 U4..& W .23 S 
£764 25i-4.5 ;i:'«46.i6 
iff» 

1-4.5 £ • 8 5 
— 2.D .-251.875 
-3.0 jc 353.875 
— 3.25, 1 365. i 


U:7i2 
|£7fl3 
S<.‘. 6.825 
K396 
.1EB31.7S 


LRA[> 


a.m. |+ or] p.m. i+ 
)n>cu< — I t'iwfricin [ - 

t c n ( 

395-6 1—14 '395.5-6.5;- 




M amine; Cash £383, 

£379, 78. 78.5. 79. 79. 79.5. 81, E2. SI. 80. 19. 
88- Kerb: Three months £381, 88.5. SO. 
Afternoon: Three months £979. 79. 7SJJ. 79, 
79.5, 80. SL 81^. Kerb: Three months 
£30.5. SS. S3, SSJSf. 84. SI.5. B4. S3J. 33. 
8S. 91.5. 


E5SILS. Turnover 4.675 tonnes. 


corps 8 

YeaterdnyV, 

Cluae | + or 

Bnrineu 


b per icnne J 


boreaiber... 

jHDUflrr 

March 



July- 

applcmter „ 
November... 

1585-90 1-45.0 
1. 91-93 . — & I.U 
1392 95 |— 51.61 
1345 48 — S5.S 
lOlD-la —29.0 
I2U5 95 ■ — 27.5 
1260 60 (—27.6 

1(40-1581 

le5>1490 

1465-1381 

138948 

1340-15 

1015-1275 


RUBBER 


G.00. Oranges— S. African: Valencies Laio Oils 
4J0-5.45: Brarilian: Valencia Lau- 3 jfl: i'm-<ju,ur fPhin ... . 

Arsenune: 4. 80-5 A0: Uruguayan 4^0-5.00. i.iixninunut 

UNCHANGED opening on life London Satsmnajs— Spania: Trays 4.S0-6.W/. Grape, jjiueul Crude in., 
physical market. Good demand ihrouch- fruit— Dominican: 3.60-1.90: Cyprus: 4.SI1: inira Matavan .. 
out the day. closing on a steady note. Cohan: 4.00-4.2(1: Israeli: Jaffa: 4-20-L53. 


fB30* $7PO 

I | E74B 

\iaie 6 j:s2j 

8510 k> 1—5.0 5600 


No. 1 
H-njJ. 


FrttiOM lYMtenlay'r 
Close 1 ~ ! 


__ Nov^.„. 

ICO Indicator prices for OM. iT (UJ. ^ . 

eeou. per pound): Coknnblan UDd Jod-MaH UJ5-dM 

Arab leas 172.50 fJT3.80j; unwashed Apr-Jnef b6.7a-t6.8E] 

Morning- Cash £343. 43.5, three months Arabicas 754.00 (same); other mild J V-staiff [ ®5'55"®S’i3 
E35L5, S5 54, 56.5, 57. Kerb: Three months l^ 4 * 88 <154431; Robustas ICA Oet-Uecl 69 86 f0.lff 

sv is: 7SJ? 0J,s u,,, RDb “ sus ,ca ”h ?J2^5fa 

£357. 58, 57.5. Kerb: Three months £357.5, laa “ e >- »verage 153JH Apr -Jind i3.9>-/4a0| 

5^. IU-.W1. Jv-^opUj 


B0.55-60.7Cj 55.70-53 .SO 

u1.5mi1.7J ‘ 


76.Om-7B.1D 


Clour 


Bob meo* 
Done 


:.0fl-2.2D. M 1.70-1.90: 4111b Seeds 

i = -5 p, 'illip. 'S545f ; SS35 

13^ IsoS bdX6S 4fiTb CuTiitofl n rl C . ipniQn ■ ,« f , nr 

n Delicious Jumble nark **”*"*“ f 1 I5Z80*- ,SkB6 


60.-0 60. /U 
D2-05-o2.lt 
b4.B5-64.7t 
6f.056fl.lBj b7JM-v7.05 
69jm-6a.lt: 
/LOO-71. 10 
75 M. 75 J6 
75.10-7b.20 


3JflM 30. Start: 

2.40. Cranny Smith 

"■GO-4.50, CoMen Delicious tumble pack 
311b 2.00-2.10. Pears— French: Alexandria _ . i 

2ff0: Per pound Italian: Wilfiams 0.14- Grams j 

0,18. Grapes— Italian: Reeuia 2.00-2.20. Hsriey I 

Blarfc Reana 2.60: Spanish: Aimena 32W. Home Futures... I tag 55 

60.75-60.20 2J0: French: Alphonse per pound Jluiie j 

6170-81.60 0.14. Bauanas— Jamaican: Fer pound FiemJi i Aui £XOB.5 

Oo.6b-62.u5 °- 14 - Avocadas— Kenya; Fnene 1S.T4S Wheal i 

DbI0i4 Sj 4-0MJ0: S- African: Fuene 4.00-4.50: I Ked SprmgJ£94.3 I— 0.2a 1 2 

6t40.t7« 4.50. Capslcums-Dutch: Per Au^ HaPlWuiUq ; \; c 2 

70^0-Bsl75 5 kiIos Ontons— Spanish: 2.60-3.20: Kncll-b Miiiini'VLBl l Icoa.5 

■ 2-U5-72J10 H u 2*? na 2 : ,^ - 1 5,„ Melons— Spanish: Cocre -IucuimiI »..u.a.038 ; + 65!b He 030 
74.10-73.95 X en °y Green .. ^. Il?u .'? r 11 ar - Ci.975.Bj +52.0|V 1.990 J 


I — o!6 i£79 95 


KlOl 


7t46-7tM Tonwtnes— Dutch: 1.80: Jersey: 1J0-I.NI: toffee Fuiure. ” 

/b.4b-fb-BO Spanish: L50.1.m; Guernsey: l.CA-ijfl). Jan iVlqas 

Datts-ATgennn : Per Rlore bo* 0.33-0 J3. cvtit-u -A' Imitj*... 74 !^ 


ALUMINIUM— Mowed ahoad. stfll rn - 

reOeaina Ae smke at Alcan's Arvida llKAIjlS Sales: 40 ill3> lots of five trnmes and Pomegraaaws— Spanish: Per box 4u/60s KuiiVr kito 1 ..’T l 6D^ 

J*™*? jjg frg j } .- LONDON PlrriiDrc frtwriujn- 117 ‘MSI toffl or 15 tonnes. 3-50-3.80. Walnuts— French: FVr pound -.ui»r fRaw, J-ioa 

titrouc&oitt tbe day to touch ffiC j CGAJ^TA)— ^The Physical rinsing ncicfs Hjoyere] were 1 Qrcnobtes 0.40; lialian: Wet 0 40 a r#it- w.niiiArw 

earing fraxUoaaHy to dose at £691.5. owiwriKWOp iowur. Wheat vdiw S( Sr«lp aSShn^naiTSSSn^. f«S: f LS5: CwK: oS. W^p»M» fclK.JjTap 

Turnover : .P^i tonnes. ™ . — — — - • - 


Ai limin' m 


4 niopuii.i 


ODlcia .1 


t+ori 


p.m. 

CnolficUi 


601-2 |+4.75j 600.5-1 


+ 6 — 


good business to dose 50p-60p lower. 


WHEAT 


8 AH LBV 


Morning: Early January ££02, three 
mombs XSOO, uui. «U£. AlU-moon: Tliree nU 

months £601. BOO. 601. Kerb: Three monfhs 

£601. 602. 

• Cents per poond. 1?M per picul. 

On previous unufildal dose. Jh *> ■■ 


YeilL-nlavst + r<r iVMrenliiv'rj 4 ->r 
cl««e . — i ckwe [ — 


SaVER 


eared on some speculative Ua nidation. k^5p (SL5». 
hut commerdal buying was evident at 

5to-Bflp towvr wtdch improved tbe market C/WATH7ATW Tun? k T 
t-H>r si ieblfy, ACLI reported. Good soUe-down aUIABtAll MllAL 

The market opened 5Bp lower but soon iray 12^4s now crop = 4(1-2 SO. Mm*. 
nn OS tSnS5t4n!S W S;^* r iS 5*5? b-aded a lower. Good trade buying then reonts— Per pound 0.5M.S5. Apples— Per 

on conntrr and trade sdllinR In fairly ^ values u> cloae fully steady on the Pound Bromley 0.03-0.09. Lord Derby 

*■ hiBhs." 5NW Commodities reported. 0.04-0.05. Cov's Orange Pinpm o 05-0.12. 

Worcester Poarnmm 0 030.07, Biwn.ii! 
0.(17-0.10. Pears— iToornrenci 0 . 08-0 II. 
Plums— P it pound Eush 0.QS. Marjone s 
.Seedling 0.17 DOIIK0R&— Per pound 8.15. 
Tomatoes— Per 121b English 1.20-1.50. 
Cabbages— Per crau- O.HLii.lkl. Celery— 
Per hparl 0.07. Caullilowers — Per 12 
Lincoln 1.00-IJUl. Beetrooi— Per 2Slb o.oij. 

0. n). Carrots— Per 2Mh U.alWiIU. Capsi- 
cums— P it pound 0.33-0"4». Courgettes— 
FVr pound 0.1* Onions— Per bun 1.70- 

1. M. Swedes— Per 26 ll» 0.50. Turnips— 
Pit 2Slb fl.SiL Parsnips— Per 2Sd> 0.90- 
1.U0. SprBHts— Per pound 0.05-0 Oti. Cob- 
nuts— Per pound Kent 0.40-0.45. Cara 
Cobs— Each 0.04-0.03. 


.390J 

- 51. 0't 1.496.: 

i 7t.0S 

+0.5 otf.Sf 

'jCIOJ 

'j7o f . 


LWM per pound (L55. -NarnlnaL t New crop. : UnaDOied 

English produce : Potatoes — Per 25 kilos m June-Aug. « July-Sent a Sept slOct.- 
1.10-1.50. Leunces— Per 12 round n.so. Nov. i Nov.-Dee. a Nov. w Dec. i Per tan. 

Cos 1.00. Webbs 1.20. Cucumbers— P it r indicator d rices 


INDICES 


U&T...I 

May 


B7.t5 
UU.3a 
V2 60 
yp.oo 


j.4b: 

>45! 


•titoiwiav 

> Iffl , 


] C.ve 

— 

Dnup 

jcuenonnci 

Octet «r 1 19.00 SLO 


123 . m 


P 0.M 

d.bdI 


79.75 

ea.55 80 lM.nniliw.... : 1*9 5r.0 8 +0.6 ,180.60-19.10 

r 4.90 r— 0.50 tfebnutrv .181 8+J1 O' +0.3 121.80410.50 

B7.10 f— 0.50 April i»1.9+iO.7U0.7 ftkS.Bu 

a— . m June ,. l«2.ou-2Z.6,+U.8 I — 

BBODOSS done— Wheat: Nor. 88.10.57.83. \u*.u»t 122.6 J.24.6 ! +0.!6' — 

Silver- was fixod 7.2p an ounce lower Jan. B6.53M.15. March 92.73T2.60. May umh;. 'l?a.0r23^,+O 6 I — 

for spot delivery in the London baiJion BSjB-Oa.DO. Sales: in lota Barley: Nov. — - - — — -7- — - — 

market yesterday at 2S7.flp. U.S. cent 80.15-79.70. Jan. 82.93S3.30. March S3.10- Sales: M 'lib' lots of 5 tonnes, 

equivalents of the fixing levels were: Spot 54.15, May 87.30ff7.ui. Sales: lota. 

59L*c. down 7.0e; three-month naaoc,. IMPORTED— Whoat: CWRS No. 1. n/nAI UTT'TITDXrc 1 
down t2e; slx-tnomh 614.4c, drum CJc: 134 per cent. Oct. £94.30, Tilbury. U-S. TTUlfli rtilUA£S 

and 12-nwnth .639.Se. down 6.1c. The Dart Northern Spring No. 2, 14 per cent. LONDON— Dull and featnn*** Rarh» 

meui opened at 2971-2Mjp (594I^B6ci and 0«. OMD. Nov. £901. Dec. £88.63. rtaatwL ^ Hacne 

nlApail 40 aiqnu fern cdv.i ri s n. ■ 


dosed at 296J-2B74P {»l-5S2k}. 


(Peace per kflo) 


rfltVBE 

per 

troy ox. 


Bullion 

fixiiui 

price 




spot ..—..1287^0 !-L2 
i monllu. d05.3n .— 2.2 

-<nmntiu.nlS.58ri r-2<45l — 

12 month* 5o0.46i> <- 3.41 


L.M.B. 

oloae 


+ « 


298.551. 

a04.26f 


iraushipment East Coast. UJ. Hard 
Wlnjcr OnUnory IS} per cent and EEC . 
srade unqinled. 

Main— U.syFrencb OcL J3WJJ0, East O««wywooi Wore 
CoasL S. African White Nor. -Dec. iftkfio. 


— B4H — 


UK. S. African Yellow Nov^Dec. £64J6, M . H . 

Uctouar ZzflJl'mjD 

[-2.1B Bariev— English Peed fob. Not. 58159. H****** - . 

1—2-1 Sorpiuim and Oats: Unquoted, SJwhi , — — | 

‘ H GCA— Local] An ex-farm spot prices: 

Other million wheat: N. Lincoln £89JW. 

Hants and W. Suraex JBB.OD, Feed wheat: U«toi«. 7MJL4DJ1 

1UB _ • , N - loUlCOln aa.flk Hama, and W. Sussex uewm'iw- !».u-44Jl 

Sn!;"®*"* SS "JOT* m * ^ J 

SI' ™ Salcs: Nil ,S1 "* * '■ 5M ta 


jUudncm 

Hone 


dpus ....lifcft 46 3 hG. 4 d 57 ff. 77 L 64,12 
Fut4irealSdX.75i3B4.46is 76.57ua2. 73 
(Averaur «rt*- i±u =. injjT 

MOODY'S 


Beet men warn 
of court action 

PARIS, Oct. 19. 

HE CONFEDERATION Gen era le 
THE Confederation Gfinerale des 
Betteraviers. the French beet 
producers’ association, said it is 
looking at taking legal action 
over the reduction last June of 
the EEC ’'B” sugar quota to 27.5 * F J , , SH 1 T^ ,W ? d «"“ d 

per cent from 35 per reel of the K «.»!■" tel, IS 


FINANCIAL TIMES 

i.M. 19 11.4. i{: \iavitii K^J. L V«r <i"i 


,«o£.70 , a: 2.71 ‘ ial.58 

1 HlkP I lilt | lai-j — l .ufi 

NEUTERS 

ni.Hti., aatt 7 fSTis'i 

1515. 7 151B.B i 1478.1 I 14B 5.2 
<Hdee: TuirniDw ia ijCiZ’iou ~ 


DOW JONES 


. Doi ; 

; Uet. 



J>Hire 

19 

: 

a^-i 


UmmIv’o 

O-t. 

19 

'H. 

18 

M until 

rt'4*< 

npm Uummi vln'f5 2 

9*7.2 

,46.4.42.6 


NEW YORK. On. IP. 

Dec. 170.75 <169.551. March 

m.u 1169.001. May I6S.T5. July 1H7.45. 
S«m. W6.00. Dec. 162.05. Sales: Uos 

Coffee— ' C " Coniraci: Dec. US.50- 
1C.S0 1154-251. March 111.06 arise d 

U 45.06 1 . May 137^# asked. July 123.25 
asked. Sept, iai.60. Dee. 126.00 ari;ed, 
March 123.00-120.00. S«h+: 923 luis. 

Copper— O cl 65.90 i6O.40<. Nov. 602:0 
106.701. Dec. wi.73. Jan. 87.30. March 

65.50, May 09.55, July 70.50. Sept. T1.35. 
Dec. 72.40. Jan. 72. SO. March 73.55. May 
74.30. July 75.05. Sales. S.400 IwU. 

Cotton— No. J: Dec. 6775+7.63 <68.171. 
March 70.1U-7U.I3 « 70.57i. May 7123-71.33, 
July 7l.45-n.50, Oct. 67^0-67.73. Dec. 
06.95-67.00. March 6T.so-b&.lH). Sales: 4^50 
bales. 

‘Gold— Oct. 22.7.40 i22S.60>. Nov. 226.10 
<229.301. Dec. 227.70. Feb. 231.40. April 

235.10. June 23S.90. Aug. 242.70. Cid. 

246.50, Dec. 23(1.50. Feb. 254.50. April 

255.70. Jane 262.90, Ans. 267.20. Sales: 
2U.OOO tots. 

1 Lard— Chi capo louse unavailable 
24.00i. NY prune steam 26 00 traded. 

25.30 traded ». 

TMaUe — Dec. 22r,:-22t.l <2271 *. March 

236-2361 <2371 •. Miv 243-2431. Juh' 247. 
Sepl. 250. Dtx. 2531. 

5 Platinum— Jan. 341.50-34-1.30 • 544.701. 
April 313.60-342.M 1 343.30 ■. July 345 Oil. 
riel. 34S.40-34S.60 Jan. .131.40-551.60. April 
354.80- 334 JU. Sales: 2.650 lob.. 

'Silver— DCL 533.00 iJ&ll.tiOi. NflV. 555.50 
592.501, Dec. 5SUJ0, Jan. 593.b0. March 

601.70. May 6W.90, July 6IS.40. Sepl. 

627.10. Dec. 640.90. Jan. 643.40. March 
it54.SU. May 664.30. July 073.90. Salc.<: 

13.000 tots. Handy and Harman bullion 
spot 3SS.0n <593.50). 

Soyabeans — Nuv. S7T-67ai <677? <• Jan. 
683:-e84?. «6tSRi. March <#4-692. May MS- 
HOT. July fi97:-69Si. Aug. 69 li. Sepl. 073- 
671!. Nov. 663. 

I|5oyabcao Meal — OCL. ITS 00-1 79.00 
f 179.301. Dec. 1S2.SO-1S1.SO MS3.10i. Jan. 
l>3.no-iS2.in. Slurch 1S4 DO. May 3 SI. 00- 

194.50, July 1S4.50-1M.70. Auk. 1S3.5D- 
164.00. Scpl 1S1.30-IS2.00. Oct. 1SI.M-1SO.S0. 

Soyabean Oil— Oct. 25.65-23.75 <20.031. 
Dec. 2o.T3-23.S0 i 25.73<. Jan. 25^3-55.60, 
March 25.30-25213. May 23.20-23.15, July 
2435. AUK. 24.70-24.65. StfPL 24.10-24.20. 
Del. 23.7O-23A0. 

Sugar — Nn. II: Jan. S.S5 i6.J2». March 
S-SI-SiiS <S.iSi. May B.05-9.07. July 9^3. 
Sepl. 9.34-9.35. Qci. 9.45. Jan. 9.65 bid. 
Mnrcll 9.75-10.33. Sales: 7-DOfl loti. 

Tin — -719-730 nnm. <710-740 fiftin.i. 
■‘Wheal— Dec. 345. '-34 7 <34 B;v. March 
342J-343 < 3461 <. May SS’-SSS*. July Eli- 
124. Sepl. 32 7,. Dec. 334 nom. 

WINNIPEG- Oct. 19. 'r Rye— Oct. M.50 
bid < 99.3U bid<. Not. 103.00 as>ked <103 00 
asked v Dec. 101.30 bid. May 1WS0 bid. 
July 10720 

ftOals— Oci. 7S.;n bid <70.90 asked'. 
Dee 77 . Tu I77.IHI a-keds Mori.1i 73.30 bid. 

I Mav ,i.io bid. Julv 74.?0 a.-ked. 

| StBarley— ilcl. 72.IKI bid '7I.00 1 .. Dec. 

I 71.40 bid <r.'.?fi<. M.irdi 7540 a .ked. May . 
| 73.3f> asked. July 73*0 u-.ltcd. 

• !JF la» seed— n,-i. 2 CB jn bid <266.30 bid*, 
j NuY. Jiia.Tu asked <2fifi.on n«m >. Dec. 

264.00 asked. May 265.00 bid. July 265.10 
a k-.il. 

r, Kfhcai— 5CWR5 13.5 per rent prutetn 
cunienl Of Si. LauTenee 177.99 < 175.40 ■. 

All tvms per pound ra-warehuuso 
unless otherwise slated. • 6s per troy 
ounce— 100 ounce lots, t Cbicaco loon 
is per 1M lhs— Dept, of As. prices pre- 
nous day. Prime steam fob NT bulk 
tank cars, x C.-ms per 56 lb bushel ex* 
H-arehousc. 5.000 bushel lots. J$S per 
iroy ounce for 50 oz units of 99.9 per 
cent purity delivered NY. tlCequ per 
troy ounce ex-warehouse. II Mew " B ** 
contract In ?s a short ton far bulk lota 
of 100 short tons delivered fob cars 
Chicago. Toledo. St. Louis and Alton. 

” Cents per 69 lb bushel In store, 
n Cents per 24 lb bushel. £7 Cents per 
43 lb bushel ex-warehouse. SS Cents per 
56 to bushel ex-warehouse, 1,080 bushel 
lots, m; sc per tenne. 


'A” quota. 


£t.nO-£4.lM: larse haddock f4.2iyX5.0U. 


Kerbs: Three months Jot 4, 42). L 2 , 3M. 


It hopes to present its case 5^*“ » , ^k^ 4 ,- 20, flmiiii had- 


SYDHEY GREASY 4hj order busw, 

SUGAR Sl wSTmo. SS»££ t Vhe“ E^ODean K Cou7t o f Jiistice dD ^< -^f 3 : 401 to 'piai« u^o-xilfl. 

t r n nn _n_ 347 .B, M7.(W44,6, la! Matxft 357.2. 357J, . v*e bUTOpean Laurt Of Justice medium plaice X4.00-r4.50. best small 

rOTTON LORDOH DAILY PRICE fraw sngari 357^351.5. 17; May 3C0. 3w.O- in Luxembourg. plaire X3.fiB-M.40: lurse rinmirti dngllrii 

vv *■ * On.. Nmr.. Doc. £108.08 name* a lonnc 360.0. I! July 365j, 3C7.8. 365.5sM5.fi. 4: The association Said the quota F ,n0m ra?dlura '•Finned dogfish £6.09: large 

LIVERPOOL COTTON— Spnr and Fhm- cit for OlIj-Nuv. shipment. While sugar 0«- S6S.5, 368.8. 36S.fr368.fi, 9; Dec. 372.0. wu Francs* iV>*> Cfimnrin»1v*<s £ ,l il!J n , ■16-50. medium leinun *>«Ics 
mem sales, amounted in 315 tonnes, bmw- dally pnee for Oci., Nov,. Dec- was fixed S73.fr. 372-ffsnjl. a; March 373.D. 074.5. " u 113 vjumm jnip s fo.oo: rndtflhh £2.40.13.00: reds Gm -CJB: 

lag tbe folal for the week so far w '£111501. 373.5472,7, 5. Tfttol ales: 87 lols. leading DPCt producer, hardest Kailiie aWKELSO. 

1J58 tmmes. There war fair off- take. Tlw market opened 50-75 prints above NEW ZEALAND CROSSBREDS— Close and contradicted EEC aims to ★ 

wlUi rcncurwl tattreri In HJddJo Easiern kerb lewis and an buyora pressed in a 'all traded): Dee. iKTJ), ufl.O, March encouraeo soecialist oroduction HIDES— Manchester, rjcncrallr hither. 

aoahUUK. F. W TjIutshU rowtutL ihin market, a lunhor tunafl advance was 188.0. IWJL May 1 M.B. 192.0, July 1B0.0. P roauCDOn m ,h cmplae Snct u 

Occasional MWport carao in Atrit»fl rmonled.. Larer, however. New York 182.0. 0 «. 133-0. 195.0. Dee. 198.0. ififi.fi, efficient countries. 31.334 si.v p r Dcr mio- ntjnj fciln? 

grnwite. prices completely failed lo match up and March 192.0, 137.1. Sates: Nil isamc). Reuter ™ — 


TAIWAN TO BUY 
INDIAN IRON ORE 

NEW DELHI, Oct. 10. 
Taiwan is to buy 500,000 tonnes 
of high grade iron ore from India 
each year for five years, an official 
of the Taiwan delegation which 
signed the agreement said here. 
Shipment of the ore would start 


shortly, he added. 

espi 22-254 kilos 79.4p. Light «wr 73p. Reuter 


1 


t 





I 


Pr 


pr< 

ch 


BY MA 


THE PP 
decided t( 
:<1 legation- 
Wilson f« 
number a 
were con* 
pai^n a^ai 
Party rjn 

1974 Gen» 
The foi 
allegation 
lowing xhi 

affair. Mi 
was. had 
an arches 
himself, t 
Lady Fs 
Marcia W 
The Pn 
Sir Haro 
drawn sol 
Suhscqi 
l old the 
did not 
prietors 
instructed 
round a 
man? rial." 

The Pn 
lo hi’iir 
Sir Haroh 
formal cn 
On the 
against 1 
council s; 
Royal Cc 
that thcr 
Labour bi 
The Pr. 
i.y one oj 
lished lad 
In ano 
council 
against tl 
Daily Ex. 
picture c 
Henrietta 
death in I 





yfpafiMwr.'TBnes 






Slow markets await guidance on pay and economy 

Namibia compromise stimulates South African Golds 


.FINANCIAL TIMES STOCK INDICES 


OcL lih*. 


Account Dealing Dates Banks rarely moved more than 
Option a penny or two from tbe opening 

•First Declara- Last Account level* but Midland, firmed 3 to 


fettle % 


rtmt „ /w n.i -jo OpI 24 Danis S mwi uuu w Kuauzv »» 

* JJ?" 9B /£* 27 Snv 7 tariff came well after the dose of 

9*** 15 S ct - 2 ® 2 Ctm 2 0V ’J trade. Among Overseas issues, 
Oct- 30 Nov. 9 Nov. 10 Nov. 21 Kong Banking reflected 

- " New lime " dealings m«jr take niacs currency influences with an 
from 9 JO aum. tm Dos! boss days earlier. improvement of 7 to 297p. Hire 
Interest yesterday In lacklustre Purchases mad e further progress; 
stock markets centred on the London Scottish Finance rose 3 
South African sector. This was for a two-day rain of 8 to 52p on 
in response to the announcement the substantially improved earn- 
of a compromise under which lugs J>. nd “P**®) 

South Africa will proceed with its F.G Finance put on 5 to 78p m a 
own elections in Namibia while tlun. market foDowingthe ebaur- 

renewing negotiations for United “ t ? m ch l5!2? ac a t 534p 

Nations'superrised elections in the v j ded ^ so i e noteworthy 
territory next year. movement in idle Insurances. 

.. Distillery Issues edged higderin 


proaucers were tdsiei m apnc ui . » — nleiillprc 

higher rules fer investment light tredl"® with DUBlIem 
currency. . Afterwards they closrnS 2 herder et I99p and Insh 


ZS fairly sharply anj * »«*■} 
WS'tS SS Si?Wd Geo. Sandeman 5 to 

Mines index railied 6.6 to 157.S. 6, P- . r.___._ 11P+ i OT , 

Most Minings Finance Houses . Contracting and 
performed similarly along with issues receded a few pence 
industrial concerns domiciled in occasional seilin„ and lack o 
South Africa. interest. Ahead of todays interim 

aoutn Africa. statements. HeUcal Bar, 34p, and 

Meanwhile, UK equities passed ^ ins> 131p< added a pe imy. 
another lethargic session on con- g ma u buying in a thin market 
timiing douhts about the outlook Jjlfted Modem Engineers of Bristol 
far the economy, and particularly 2 to 50p 

for the Government’s pay policy. lcr marfced at 3SSp after 
Measuring the overall market smal] turnover. Recent-new- 
rerformance. the FT Industrial WMr cmda deferred attracted 
Ordinary share index fluctuated fair am0 iint of interest and added 
within a mere 25 points, being 3 , at 3310- ^ e ordinary shares 
0.9 lower at 11 a.m. and 1.4 higher eased 1 to 60p. The announcement 
at 3 pjn.. before closing a point Q f profits at the higher end of 
up on balance at 495.6. market estimates, was more than 

Among the index constituents, offset by the Board's pessimistic 
Beechara were affected hy a U.S.- statement which left Alginate 5 
inspired bear raid following a down at a 1978 low of 24Up. 
report that price cuts there in ,, , - 

the drug Amoxycillin would have Midland feitl. Up 3g3Ul 
a detrimental impact on the Having rejected the respective 
groups profits; a spokesman for hids f rom p e ptns and Lonsdale 
the company pointed out that Universal, Midland Education fol- 
priee reductions were part of ] nwed up Wednesday's jump of 16 
normal commercial practice in tbe ^th an advance of 17 to 263p cn 
pharraacteuticaJ field. hopes that the latest offer, from 

A moderate business in Grit- Alfred Preedy and currently worth 
edged securities made no irapres- 235{p per share, will be bettered, 
sion on the longs but brought Midland stood at 120p prior to the 
a slightly easier trend in the first bid. from Pentos, on Sep- 
shorts. The latest money supply tember 12. Quiet conditions pre- 
figures initially aroused little vailed in leading Stores where im- 
interest but after the official provements ranged to a penny or 
close a revived demand trans- so, but comment on the interim 
formed the losses into marginal results left British Home 3 easier 
gains. at 209p. Burton A encountered 

Revived institutional interest further speculative support and 
triggered a big trade in invest- added a couple of pence to 173p. 
ment currency and the rate Elsewhere, continued small buying 
jumped to S1J per cent prior to in a thin market left Moss Bros, 
settling at 801 per cent for a 2 higher at 134p, while Amal- 
rise on balance at 31 points. A gam a ted hardened 11 to lljp. 
pent-up demand appeared to find Lower interim profits clipped 4 
supplies rather short after the from Home or Lcrose at 63p. 
recent easiness. Yesterday's SE Time Products wore quoted at 
conversion factor was 0.7260 192p, down 6, ex the rights issue; 
(0.7330). the new nil paid opened and 

Activity in the Traded Option closed at 38p premium after touch- 
market was at an extremely low ing 4Qp premium in a reasonable 
ebb and the number of contracis trade. 

fell away to 354. Reflecting the GEC figured prominently in 
upward movement in South Electricals, closing 5 better at 
.African issues. Consolidated Gold 323p following the announcement 
were the most active stock with by the Post Office that approval 
93 trades. has been given for the manufac- 


ture and supply of the first two Little of interest developed in bert Common might be In the After being marked down imti.- 
System X electronic exchanges in the other miscellaneous Industrial process of acquiring British and ally in the face of enormous^sell- 

the UK George H. Scholes leaders. Elsewhere, Dunbee- Commonwealth’s 16 per cent ing. Golds reacted .swiftly .to.; ■.the 

responded to Press comment with Combes became a late weak shareholding directed renewed Namibian news with Cape- and 
a rise of 15 to 290p in a restricted feature, falling 1$} to 101&P, after attention to Common Bros, which Continental buying producing 
market, while other firm spots loop, on the half-yearly trading moved up to lS5p briefly before hefty gains throughout tile list 

included Crelion. 1} harder at loss, while a sharp fall in interim dosing a net 6-up at 172p. Else- Towards the dose and in the 

15ip. and Earn therm, 8 to the profits left Eastern Produce 6 where in Shippings.-Lofs attracted after-hours’ business, ' modest 
good at 188p. lower at 89p. On the other hand, a good business and finished 1 American selling followed ' -the 

Hawker Siddeley moved up S to Sandhurst Marketing responded harder at37Jp. sharp recovery in the dollar and 

244p in response to the better- to the preliminary results and In Textiles, Dawson Inter- pared" gains by about 4 in -the 
than-expected half-yearly results, proposed one-for-two scrip issue_nati<mal issues closed 2 cheaper heavyweights and Iflp In the 
but little else worthy oE mention -with a rise of 3 to 43 p. Buyers“at the common price of 207p, cheaper-priced., issues., 
developed In the Engineering showed interest in Holt Lloyd, up with Wm. Baird hardening a Nevertheless, earlier anprove- 
raajors. Among secondary issues. 4 at 167p, while Redfeani Glass penny to 182p making the offer ments were sufficint to lift the 
Birmingham Mint encountered firmed 5 to 28Sp and Waterford for Dawson worth 2Qlp per share; Gold Mines index 6-6 to 157.8. 

' 3 to 58p. Scattered demand lifted J. H aggas firmed 4 to X51p. Heavyweights were left with gains 

a . • British Vita 3 to 118p, but Powell Following Wednesday’s sharp of up to at -as in Randfontein, 

ft I -ArtlianPC Dnffryn came on offer at 195p, reversal on currency influences 531& while Western Holdings 
_ ^ down 6. and political uncertainty, South closed a point firmer at £20}; the 

; j» Norton and Wright improved 7 African Industrials staged a latter’s final dividend, along- with 

UmlCcS to 232 p following the annual modest, recovery following news -those of the Anglo group’s Orange 

„ general meeting. Small selling of the compromise achieved by Free State producers, * was 
An error in tbe FT- clipped 4 from Fleasnrama at 70p, the recent talks aimed at resolv- announced after market hours. 
Actuaries Chemicals sub- while Management Agency and ing the Namibia crisis. Abercora South African Financials 

section Index on Monday to Music, firm recently on bid hopes. Investments rallied 11 to lOOp, mirrored the trend in Golds. He 

Wednesday inclusive resulted 5116(1 t0 93 P- while Greatermans A, ISOp, and Beers surged to 406p prior to 

in sliPfhtlv over-stated fi mires Motor issues were rarely altered OJS. Bazaars, 390p, put on 15 and easing back to 398p, a net, gain 

VL ISPS.? after an extremely quiet trade. 20 respectively. of 12, while Anglo AnmricaJ 

for the four parent group in- still reflecting the lower half- Plantations had the occasional Corporation. were finally the. same, 
dices over the same three yearly profits. Zenith Carburetter erm spot on dollar-premiimr In- amount higher at 350p, after 354p. 
days. eased another 2 to S2p. Further flueuces. Gains of around 5 were London - registered Financials 

The corrected Index num- speculative- buying pushed seen in Highlands. 116p. and attracted a good Investment 

bers for Chemicals, Other U P 2 more t ° 15p ' Kuafa Lnmpur Kepong, 75p, but demand with Gold Fields 9 firmer 

firon « Industrial Group ^ Leeds remained on tight profit-taking followmg the at ISOp, after 3S2p. and Rio ■nntw- 

Sn Indies offer and 2 to Tip. recent speculative advance left zinc 5 harder at 260p. 

500 and Ml-share indices are Corn Exchange jumped 73 to Sungei Krlan 6 cheaper at 87p. After improving in Line with 
published in today s display. 25 5 p on the news of an approach TJ other South Africans, Mathmms 

■ — that may lead to an offer for the UOlOS FebOIUICl were given an additional fillip by 

further profit-taking and reacted gEJ!SJ- iM ^ ier md S wIS “^5 markets enjoyed a good ^tf P^ucer 

8 more to 126p, but the increased sca J^[S JnP sr^ts Daejau day with ail sections moving P r, “l n ® 1 5250 t0 ^ ) " 3 ll0ps : 

interim dividend and profits stood out at jjc^ 30 U 1 7 and ahead strongly buoyed by the con- fate Platinum rose_7 to 108p and 

prompted flnnnen m UBlted ControL Securiti^added 2 ’more &,derab] e rise m the investment J}i°. 

Engineering. 3 to the good at 74p. . 42 _ whil „ Secnritv currency premium. gamed ground reflecting the 

Adwest Group eased 3 to oOop, in ves hn eil # iranroveH 4 at 116 d South African issues roistered bis 11 ®' investment premium, as 

white R. Cartwright, a firm invertments firmed 7 to the sharpest gains as the shadow did Tins. ■ - -r - 

market of late, reacted 2 to 78p. g4 7p in }ate ripa1in ^ London oF 11)6 Namibian political crisis Elsewhere, the Northgate group 
Rafcliffe Industncs encountered S f, op property nut on ’ to TDp in vvas lifted following news that companies all- advanced strongly 
support at 82p. up 4p. and in t0 lh ^ “ j remits, that the five Western nations had following reports that Westfield 

smaller-priced issues, Brooke Tool ^ | ea ders traded quietly and reaci,ed a compromise agreement Minerals had found encouraging 

firmed 2 to 44p. closed little chanffert. Stock Con- with St,uth Africa. uranium values in sandstone frae- 

Foods spent another quiet versjon j.eld at 288p; the rise^ ? 

session. Small selling _ clipped 4 Bhown ln vestai-Hav’* i«iiA was ini upiu . 1 


GfAsDUDCOt SbBih.-- 
Flxed Interwrt— 
liJdoatriAl -.——*—*■ 
Gold Slims.———-- 
Ord, Div. Yield — — - 
K»rpt« 1 H8 .nds;(tQU)ffl 
P/B Rktio (not) (•tJ*-- 
'Deallngi marked—- 
Bqmtjy tamover — 

ggqjty bsiBftlna toUL. 


5,45 B. 
15.13 15. 
8.74 8. 

4^19 4.5 
76.43 69. 
14,3371-14,9! 


4.582 8,133 
69.51 89:0^ 


^ Od A year 

^-13. -afc.-- . 

69.55 7W8 
71_7li7SiS 1 
wHjsI 

■167, "lJ ■: 

- : «J3 

'- 14.79 1 1B.61- 

■ "8.95 -.-9:17^; 
; '4.363 yUB^'f 
7S^;;80ji8v 
14^133 IWJWi 


u am MS. U am «S.f. Nom 4842. i P 01 ®52, . ; .. .7: 

■ a pm «&«. 3 pm 49M. - - — - / ; ; r ; 

fawt- Mm BJtt 8M. “ ' : 7. -*- 

■Based cm St per cent comorsdon tax. -tWBs&ai. 

Haeti ini Go*t. sets, jartowm. Int. OS. I«>- tteL V7JS&. GoIL. 

139 / 55 . SB ActlvKy Jtfll'Dec. 19*9. 


HIGHS AND LOWS 

1 1978 {Shoe CompUataOB. I 


s Acnvrrir^ 


. Oct.- -Oefc 
W , .1I 


nmt 78.58 68.79 127.4 49A8 

OOTtbew-. m) ^ • (3)i^36| (5/W5) 

■ m«wt let. 81.27 -70.73 I5U.4 50.33 

mated int... ^ (28/llrtT) ,3/1/?^ 

i™* 636. 6 433.4 549.2 49.4 

lad. Orf.— ° 4/S] (26^40) j 

Mioea. 206.6 130.3 442.3 43.5 | 

^ M fWflj (6/1) 4(22*7« h26/lW7l) | 


Qin^BdBBa -4 l&2. 
lodtntrlo— - 142, 
Specobrtave... ' 68, 


ypecobrtave.., ' 62.1 
Totart -.AM 

3-d» Average : 
GUt-Bdged-. .162.4 
iodantnaJB-.. JW.S 
Specaistlve^. - 44-3 
Totals 4.- -106,2! 


vicinity of tbe upper 130p in overnight 1 QtwwHrti?'- 
Humber Sver InNewfbundkUHL markets whfie . * 

Westfield themselves surged 30 to jumped 22 t ° N :• 

160p af ter being suspended at Exploration 40 to 4Q5p.- . . ; 

; OPTIONS ; . 

DEALING DATES . were. English Propertjv^ Bernard 

‘ - Matthews, Cadbnry j - 

- First Last Last For Metropoiltan, Associated- 

Deal- Deal- Declarer Settle- Publishers, Consolidated ^ 9 

.tags ings tion ment (io]d Fields, Electroulc-Machhijea;.' ” 
OcL 10 Oct 23 Jan. 11 Jan. 23 GEC and Bustenburg: A'ptfc'wiit • 

Oct 24 Nov. 6 Jan. 25 Feb. 6 done in MEPC, whHe; dquhfej'' 

Nov. 7 Nov. 20 Feb. 8 Feb. 20 were arranged - in JPremler Co#^; 

For rote indications see end' of solidated Oil, Atiantie r:Asseta - " 

Share Information Service Mersey Docks ■ and'/ Letate, it ;• 
Stocks favoured for 4he call Edwards. v‘ Z 1 ' 


nformation Service Mersey Docks ■ and/ Leuls ;• 
avoured for 4he call Edwards. v‘ v ‘ i ; ' 

LONDON TRADED OPTIONS 


session, sman filing anppeu ^ shown in yesterday’s issue was in 
from Alpine Soft Drinks at lanp, error 
while Associated Biscuit, 76p, and ’ - 

J. Salisbury, 225p, eased 2 and 3 BP CHS6 late 

aBqrgcflBJ the U QU sector^MUsh 6 Pemdeum 


NEW HIGHS AND LOWS FOR 197S 


Tha following securities quoted In lira 
Shai^s Information Service vesterdav Assam Dooars 
attained new Highs and Lows for 1976. 

NEW HIGHS (32) c ® oror 


LYrriM CloalBf ICIrataji ’ Clflinig’ 

Option price offer Vol. offtor VoJ. VoL- 


MINES cn 

Honskono Tin 


respons e of n, D.iry Tr.de SSUTS^hEKnHt * “ — <’> 


Jo 1- q nint w IUU1 UIIU1 U1C N.4. 4pc '76-. 

— d VZJKmJS!* — — 

$A' D & E b x sttufusau rr ; 

Caterers were noteworthy only for ln a U ences. Among the more 
an improvement of 3 to 171p in nviniiatwo innae i n.-m. an. 


NEW LOWS (12) 


INDUSTRIALS f4) 

Sandhurst Marketing 
United Guarantee 
LEISURE <n 


an mprovement of 3 Jo 171p m speculative issues, Lasmo en- Fairdaie r e xtn«. 5TOB ^idund Edu 
*|j e satisfactory nine- countered scatter selling at 144p, electricals ti> 

months figures. down 4, with the OPS 5 lower at -* oncs stroud 

r> „„1J 37flp. ENGINEERING 131 

Beecham sold Overseas Traders had Slmc aftSX ?S£. UnIted Enfl ’ 

Beccham opened lower at 68Sp Darby 6 better at 109p despite industrials t4j 

following overnight selling from the continuing controvery over Sf nbv, ! a '; e “ 

the U.S. prompted by the com- the company's decision to change L e,siim m 

pany’s recent price reduction of its auditors. Henun 

its Amoxycillin drug and fell Investment Trusls closed with - motors m 

away further to «6Sp before the occasional modest fall. Over- PoBn,ne MM % RoPERTY l4 , 
settling at 67ap for a loss of 13 seas issues sometimes moved city offices wamtoni im 

on the day: a spokesman for the higher on doUar-premium in- Control sea. corntehm 

company stated that the price fluences with FUG IT finishing 3 swio snon 1 

reduction of the drug resulted better at 48p. In Financials. _ . textiles mi 

partly from the appearance of Dalgety edged forward 5 to 314p SwcSw inc. 
unlicensed competition, but was following .the chairman's annual trusts m 

also part of a natural pricing statement. oaiaety 

adjustment. A Press suggestion that Mr. Gil- Bou5lej(| aVERSKAS 111 


' m , corporation loans cu - 

BANKS (23 HlrmirauKam 9!,pt 7M1 . 

Lon. & Scot. Fliuinca G.L.C. 12 bpc 1983 

BEERS (1) , , BUILDINGS t1> 

Jmnfngs 

U1LDINGS tlj Atelnut. IUd*5 HM,CAlSi,> - 

CHEMICALS «, ^ ^ENCNEWUNG 

STORES UI Ou«h«.r nm ;!S BUSTnlAlS W » - 

Midland EducatlofMl Duabee-eomba*^^ 

ECTRICALS Cl) Zenith A “ OTOHS . 

TRUSTS t4) -. 

31 NEE RING 131 Icofuwl (£) ■ Prourcxslve Seel, Imr. 

United Eng. M -AG 2nd Dual Inc, Edinburgh tnd. 


STORES (2} 

■ Midland Educational 


BP 

Com Union 

Um Union 

Ctuia Gold 

C-noa Gnlrt 

C-ons Gr><d 

Courtaiilda 

CourUnlda 

GEO 

GEC 

GEC 

liKC 


RISES AND FALLS 
YESTERDAY 


Gmml Met I 
Grand Met. | 
1CI I 

Until 1 

Land S,.-r-«. 
Marks .V ftp. 1 
Marks .V £p.l 
3lnrk-> £ 6p.j 
Tola la I 


3 -2 

21 6 

4 28 

1 — 

22 2 

3. 4 

43 8 

23 6 

llfl - 

i t — 

. ligf 39 


86 : 

15. /.a 

38 — • laip: 'j- ( 5 


27 — . 

7 • X: 

*<1 - 

. 1/ 95 


1| - 
Si = 

9 ia I . 15 


28 : 2 
12 j T- ' 

Slfl • 10-T 


38 laip/: .-j-* 

24 -*t re-, -tri.-- T-': 

15 - 40/-I -.- - 

- -120^,- 
I3ls -. 2 -'.u-r?- =- 

60 — /323py: 

46-. - ; - 

28 a 

16 6 a . 

12- — M10p : ^ 

B - 8 i' 

48. - S; /388t», :- • 

23. -• »V.230p- : v . .. 

IB' ' --'.A-. ' 

31. -s.j _ 87p ;;; ' 

141 S . - - 




PROPERTY (4) 

Wjmford In*. 
Corn Excltaiifle 
SHOES 111 


Up Down Same I 

Braish FhmIs IS 5 55 I 

Corpus., Dora. and 

Foreign. Benda 6 4 SB 

Industrials 232 295 L9M 

Financial and Prop. ... 53 130 -320 

Oils S- I 20 

Pljntatioo .. U 1-15 

.Mines 95 5. 39 

Recent Issues 7 10 22 


TEXTILES 14] 

Reliance Knitwear 
Shaw Carpets 
TRUSTS m 


Pphnwry 


1»B ' 10 

-- 


Tl 2 : - 

Hy 60 


4» 4bb \5S 


mm: 

ftr SC- 

tS- ! 


ACTIVE STOCKS 


BANKING AND 


SOURCES OF FINANCE 
IN THE FAR EAST 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 


AUSTRALIA, NEW ZEALAND. INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA. 
SINGAPORE, HONG KONG, JAPAN and SOUTH KOREA 


Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks, the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 


Limp bound, 340 A4 size pages. ISBN O 90299S 17 X 
Price £26.00 in the U.K. $52.00 outside the U.K. 


Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 


Registered in England No. 227590 


Denomina- 
Stock - tion 

GEC 2.ip 

Shell Transport ... 25p 

BP II 

JCI £1 

RTZ S3p 

Beecham 25p 

De Beers Defd. ... R0.Q5 

EMI jjflp 

Land Secs. Http 

Rank Org 2 op 

Royal Insurance... 25p 
Allied Breweries 2op 

.BAT bids. 2.1 p 

Dubitier .ip 

GKN. £t 


Closing Change 
price fp) on day 


FT-ACTUARIES SHAKE INDICES 


-- 

••• *.Wi 




These indices are the jdnt canpUation of the Flnandal Unies, the 

and the Eacnlty of Actuaries 






EQUITY GROUPS 


Thnr&, Oct 19, 1978 ^ ^ 


GROUPS & SUBSECTIONS f f— 1 

_K5t Gross Ert. ■' [ 

EambCJ Dtv. IVE *' •• / v Jj'-li 

Ft cores in paroothese* abow nmnber of JP**' 3 ^atio Index Index Index Indov- to*ac.- 

Atoda per section Clm»ge (Btot) (ACT (Net) No. Na Na . HC*; vUCSs 


stocks per sectSan 


RECENT ISSUES 


CAPITAL GOODS (171) 240.76 

2 | Building Materials (27)—_ 207.97 

3 j Contracting, Construction (28) - 37036 

ElectricaLsU4) 55834 

Engineering Contractors ( 14)„_ 378.43 

Meehan Seal Engi need ngf72) 190.81 

Metals and Metal Fonningfl6)_ 168,04 





5.20 &56 23934 

5.45 805 20887 

408 7.76 37356 

332 1034 552.43 

5 75 7.72 37182 

5.74 7.70 189.07 

8.47 172 167.93 



EQUITIES 


11 (DGKABLEM53) 213.87, 

12 3uL Electronics. Radio, TV (16) „ 262.76 

13 Household Goods (12) 184.92 

14 Motors and Distributors (25) 12759 



L K ‘hCl lj: j KH l II n .*■ 


4.96 8.70 2Z4J5 

339 10.91 263.09 

633 855 18512 

6.49 736 127.77 I itew 


FIXED INTEREST STOCKS 



21 CVOW-DURABUE)fl7Q 

22 Breweries (1® 

23 Wines and Spirits (6) 

24 Entertainment, Catering (T7)__ 

25 Food Manufacturing 09) 

26 Food Retailing (15) 

32 Newspapers, Publishing (12) 

33 Packaging and Paper (15) 

34 Stores MO) -: 

35 Textiles (25) 

36 Tobaccos (3) 

37 Toys and Games (6) 

41 OTHER GROUPS (99) 

42 Chemicals ( 10) : 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10) — 

4G Miscellaneous (57) 




23434 
229.45 
27834 
26814 
20830 
22932 

39331 1 39333 
145.62 14486 
28333 i 
184.44 
23632 
11117 
20827 
29499 | 292.43 
26853 
134.96 
422.47 
22336 






“RIGHTS” OFFERS 


G.T. JAPAN INVESTMENT TRUST 


SIX YEAR RECORD 


Earnings Ordinary 


Net Asset 


per Dividends Shareholders Value 


1973 (13 months) 

1974 , 

1975 

1976 

1977 
197S 


Revenue Share per Share 
£ 

277327 0.65 p 025p 

466546 l.74p IJSOp 

395361 0.64p 050p 

530,68 V 1.02p IDOp 

640.157 2.07p l.OOp 

969,527 2.C5p 2,00p 


Funds 

£ 

6.130518 
4.626.006 
5.474 Jll 
7391,595 
3250.633 
*13365,699 


per Share 


* On basis of full conversion of 8J % Convertible Unsecured Loan Slock 1987 



500 SHARK INPKX-^ 


61 FINANCIAL GBOUPafiO) 

63 Banteffil - - _ 

63 Discount Houses (IQ) 

61 Hire Purchase (5J„ 

65 Insurance (Life) (10) 

68 Insurance (Composite) (7) 

67 ZnsuranceBrokersrtO) 

68 Merchant B anka (14) , 

69 Property (31) J 

70 Miscellaneous (7) 


71 I nvestment Trusts <50j 

81 Mining Finance (4> 

91 Overseas Traders! 191..,., 


99 I ALL-SHARE INDEX (873) 







- 5.92 

24.93 625 { &02 


35.69 531 8.41 

— 730 1 

— 7J29 

1435 531 9.97 

— 600 _ 

335 2.85 51.26 

23.14 738 5.60 


.75 33,43 39.46 1 21936 22033 
39 7.44 109.19 110.97 10132 

07 323 mmiJSLBS 322.96 

5.49 — 22730 



PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Red. 


+0.08 S3IJ 7J9 s 

- . Tfl J 

JB2 I — — 1226 7 

I 8 

- - 932 g 


1222 3234 

1243 12.41 

224 i 32/a 



tG.T. Management Ltd., 

Park House (1st Floor), 16 Finsbury Circus, London EC2M 7DD. 


RpnmuTiaunn 4.1 te imully la« fla? for dralta* free nf wamn xnt« h ri-nrj- 

0 Assumed dnWewj v# yirtd”*^ ptawat Slrlden? 
r.,snr based mi previous yoar’s eamiTUi. p Dtvld«ndT™i mSw " greccw. 

or oiftcr official erutnaies for 19711, q Gwss/ r Ftanes 

SE^ES™?* ■# 'b«w o« now ranJdnjE for ejvLSK JSSEShJ 
(Uddendi. & Placing m nnbBr JS™ or ramang only for restricted 

£ bonder. i| fifi? « J }SS 

by way of capitallsatum. k Rrintradnced wtigSS 6 ?- a _ 5 __ a ... rt taa. . ***W“« 1 

don. njergw w takenwJ^. it«SmSSS. n 7 ,lh n "SSf m ‘ 

* With varraats, .«««««« or nartb-paki affotmoat t«wrv 


15 20-yr. Red. Deb it Loans <lfl) 56.66 ,t 15. i& 59.66 ss.ea M.70 s.7^6 57,24 1 57.6s I 57.701 623 

ie Investment Trust -Prcfe. <15 ) aus! ia.62 a L23 si , 2 s sum sj.sa 51:3a 

17 ComL and Indl. Prefs.,-(20) 72.02j U.sa 72.04 72.00 71.73 7x.m 7 1^0 


BI 

























































Financial Times Friday October 1 §?§ 


45 


V-J -• 


AUTHORISED UNIT f TRUSTS 


bey Vail Tst. Mncrs. Xcd. (a) Framlimgm Unit XgL Lid. <*> Minster Fond Maiucm Lid. 
v. ;o.Ga.>[ioaLaRcJ. A ? lte l i«tir. -WWSfHl S-T.J.roUnd Y«itUr4B3DIL .. . «((:««?! uina^ir..., Arthur M.F.C l 0l-*3HBft 


•;;») cntitoJ — [ms 

. XT I tlf (TOT J .._.«(. 8 


. 37 « -82 4 32 Aramcan .. . ,,^“81 

_ >..xr|nt(iinp J ..-.fjL5 «si -S U SIS AftpialTn , J4»9 

•'s- ;w>-»nrTsi.Fd,.n73 3971 -8 ll 424 I wwJWTtJ [UT.6 

- Ml -fl-itf 514 Jiiulmnlh Td. .. 1250 

.-.^UlK PTOC . TK.I68A 72<f. . . ] 3.W So. Acre m. ... IlHO 



K affiM 


5.40 

535 


« led Hambro Group* (aHRf 

I-/ w2£rojl*"- Huhm. Brtrrt'.wood, Essns, 
88 JUKI or Bnunod t02T7 j 211459 

'meed Foods 


121 MtiKTtrfii'r. in. 

3 « Kv-mru Mi-r : . poos 
2 04 HLA t' hit Trust !Hgrmo(. lid. 

3-M old (jun-3 sinvt. Mi'll! All, ui-uotto 

MUV I'nilk — (463 48 7o| .. | J 70‘ 


Provincial Life Inv. Co. 
321’. Ki.xbopxi.'3lr. t <■'- 


Itulifirl’nitx 188 

Hijih luranu' iU 


188 B 
5 9 


Lid* Save £ PnKper continued 
iii-W7ffii33 Sc mb its Securities Ltd-V 


■Mid) -0 11 J 14 
712 


■ -edlal .... 168.5 73 31 *03 532 

* UiOb. Fund... £4 3 4 M 536 

:-.’lftlac.:_ 381 414-01* iU 

. '•let*- !**■, D**- 3? 7 382^ -fly 4 8 

... ad Capital.. n 1 76J,ss -O 21 447 

! , ibro Fund . 1107 jjErtlafij 51s 

... 'iSroAccFd.., 1251 DS*3_a7i 


nr Fonda 

1 Yield Fd |738 

1 Income 68 5 

Eq Inc. 140,4 

Mhul fnaO 
- -ortlimol 

fie Fuad 

.Of Americ* 

4. E temple.. 

IfxtoUri Funds 


ESaKt 0 - Tr - %™>™**«* U.T. >te» - 

Fnetnlnfwv.ua. IMS 48<f..-| J97 H Wl El 5521 

Do. Accum Sl5 . 61S-0J 3.97 1U Lunipean . |B2 8 882) ] 2 7J 

_ ■ Dcalint: Day Fridaj . 

lx, G.T. fait Managers Ltd.* 

514 IO.FJnsOuT>-CinnjiET23rn>D oi-fcatu^i 
g.T. Cap. Inc- 1®.? 


Q07j4 
1663 
1137 0 


' f JorCo'» Fd. — J94 
rmlr.Co aFd. - 49 S 

eeryilrx 101 J 

Kin. AC'diy.,., 433 
teas Earn! tua. 60 0 
. Smlr. Co i <?. 2*3 5 



Do. Arc. 

liT. Inr.Fd. L'p 

« ** GTl.Slita_,_. 

GT. Jmwnjt (*B 

- J641 

085 -U.TKouiYd*Fil_t5M 

233 C. & A.' Trust (oj<£) 
IBB 5. Rayleigh Hd,Brentaeod 
200 


29(8 -0.1« 797 rVjnSvPri .. 
7334-04} 075 »* T. ten Fund.. .. 


StiH liiis 

scnli u-irf _ - . 

PmdL Portfolio Mnfirs. LuLV laiiblio ^3*^,1, -l" 

IlfJluin Uar«, KL'IS 2\'ll Hl-Rlilt'j2 

Prudential 1 130 0 13801 -10] 459 

qnilter Mauaflemenl Co. Lhif 

The Slk. lliihdJiiM-, KCL’N IMP 

, 1juDtlruniw.11. Fd-.IUU 115 

['Mutual Unit Trust .Managers* {*Hgl yu “ dnu>l,nconw ' ,1M7 138 

31 la.tropihnli Mc..Ei-2R7tif. oi-eofiaivi Refiaaer Unit Mgrs. Lid.* 


381 

538 

1544 
265 2 
182 3 


40 41 . . 
57 81 -0 > 

MV-OJ 
277 a 


344 
704 
4 41 
284 


Target Tst. .tfgrs. 1 .Scot land) (alibi 
19 4thnlCrM*efii.lMin 3. 03) 2298(91 

TarRH Anwr Kȣl<-r?6 1 
I UW fhirtir -(42 1 
Kxiralncunn'Fd 63 b 


681 Trades Union Unit Tst. MaaageK* 

0^1 f--:--— Tract !OW.W*Mdf4w«t.E.C2. Uk*280U\l 

Sciiksiager Trust .Mngrs. Ud. iaMzi tlltiai 1512 94514 j 526 


jSS-d a sssa-r-ii is 
® r; fS KSISSVte-S! $ 3 $, f£ 

1524 ....! 3.feo National and Commercial 

1745 .^..1 160 


llcli.ini-t'llv .Tunbridge WciNKf. 08W 

Mpp«i[)uniit-Fd_ 170 5 75.41 

Nrkl.inti* r,. Arc.; ..WO J 49 5 ~0 1 
Sotlnrdr r. Inc. _ (44 2 473d *0 1 


Ridnefielii Management Ltd. 


... ^ j| . im Itrt.^nuihSiiwit.Unriinj 

Am I trinpl 22 4 

2a Am 1 1 nun n . . 278 

'•* Kt.mnl jliyh YU.. 279 
t-.MO.Li> XtU L(r«. . 27 9 
R%iniliu-.T»t ...... 30 6 

*271 lt..n«*U.n 821 

5 47 1 nr. ijj'u \ldr.il... 31 4 
559 Ir.fnl. tlimnti ....— 30.0 
559 ) m . fsi. to.iv . ^ 27 0 
Murk") L. adms.. - 28 9 
Villirld ..284 


23M -0 v 3ji TransaiUutic and Gen. Secs. Co.V 
187 Ml OPNc-w l^iailu.lhd rlielmifnrdlllM'iO 




H»Hli. w e r. Ut.....77 7 
■Acrum I tui* ■ 11286 

Barb K*uJ Srpi 27 140 9 
iu net 


Uui-ktu 

• Vvi.in I'ntikt 
Culm iii). -i ! J 
(Ari um. I pit?. 1 
I'uml.Idlx-i IB 

• 4i«-uiB. 1 ml** 

Ulm Ik.-; 17 


,®1 
1191 7 
. (1326 
- .163 6 
. E9 
_ (541 
,S5 5 


82 L 
178 ll 
43 61 . , 

85 61 -2 : 
10681 - .’U 


C.4A....— 134i - 365) -021 955 I National Provident I nv. Mngrs. Lld.V 724*). UaiditML>.i- iru. . Avlt.j>ur>- 


Cartmorr Fund Mailmen V.Mtgl 

- St I£jv3-.\sc, EC3.V8KP, 
ii-iAmuricanTit. ..»72 
antrfhT tr.iAtr ... 697 
ComoodltrShoro )16I7 
E«r« InconwTA. .1260 
(iiFar fcjnt Tmx _ WO j 

erstm Unit Tnwt Managers Ltd. 

r *mcburcbSu EC3JlftA.\. «BKai ImTJSnanrt T. .1. W34 
.-HOB U.T — (534 5B.J«4 . ...J 480 ,Bl1 Rurmpi Fd. — (894 

barber Unit Mgat. Co. Lid. tAct> -** ' 


40. ( ! rurrrhurr h St.. KCOTaUU 0;-tO4200 

x PI Ulh.UnT*t. 1472 58JJ 1 460 

- . jn-OBSaXll lAcrum. Uniui* Jjj7 -61 «l I 4 6B 

SI! KPl'Tsw Tnut..|l337 1«15 i3:^J 2 25 

64 9-6.4] 3J1 (Ar.-uin Dnit-ti— ..|U3fr 152.01 2 25 

j«3j ■»■£*(■ 2*0 00 =8- x«*t dealing 0.-J 26, 

274( -831 830 ‘Ptirn on Oc(. 18 dr Blind 5m. 1. 


ileSt.. EC2V “J.A 
torithly Fund -1£75 


1B5| 


334 Kami nl.Araimi ...|63 1 

533 I }■ vira Inr 164 6 

0.42 I t-mancia) — 

Ipmihlvr.. ..|B8 0 

01-6238376. lAnionvj Unit Tsf. Mgs. UtL 


667 -01 
MJ -*0 1, 
3539 ♦3M 


N. 1.' t'uuiix Fund 

k.c. nn»-r ” 

N L' litriuw I 
I.'. fnir. Fd -Inc > 

NC Inti Fit (Alt JB6 5 
N.d. timllr Cnjn F.II150 0 


i\ Fund 1172 1 
1 - Rim TM.U103 
w Fund. [1S4.J 
F4 -inf i.95.4 


-11 


317 3 
J 400| -0 

vlifa 


IUJ6JS41 J. Heni>- Schroder Wagg & Co. Ltd.V 


-LV 

-01 


328 
257 
710 
1 46 
146 
4 51 


12U. < ni-3 p..idr. EC 2 


■niif ■ . . |72 
NarliHvnU.c IT. 52 2 
lAft-wn (’nits' . Ml 
Van ijuth. m.-i '.7 (SOS 
1 A. cum 1 ml •- .1612 

' jr HvIM 17 |73 7 


-J 7M 


240 


4S*^r03] |« National Westminster* (a) 


685 | Wl. I'hrtiwldt FISV «EU. enan. 


inronx' - |W I 

T Wf 3- Prrdrnrk -Pl .OkL J ™ry.JXT 0 I-®B 4 m| f’ZS Fd Sh tE S 
utimta Securities U«L taHcj r Innusc- .^ 45 84 —4 _tl I *.•*-. * 

SI London ElMH 1BY 01-2365281 


A Void M6 

run. OBjlii... If} B 
r tarumeFd...aU5 

■ )no_ Fund W28 

HBO-l-'nlOl— 54 7 

iT'dnil Uu. 457.1 

■ cwucb Fund ...125 1 
on TniM.. .1340 

-'airaiHi list 

.flodn Fund . 164 0 

STB. L'nitti W 2 .I 

ft'dr»l.l'i 1560 

PlOflFA |178 

»Fund 

;. m umtsi 

- iii Fund 

. -im L'njui 

uuCo'iFd. .. 
■mJklnii.FrL. 

. r drvLUt*l.._ 

' rdFU- _. , 
•oer.ilnl.Fd.l29 8 

••Dealing* Friday. 



188 

188 


taiA.it Uroulhtt U04 43 i 

IBtA.U.FvCaal'. [2b a 78 1 
Dealing Toe*. ttWo 

Govett (John IV 
77. London Wall. ETi 

STUr.Ort.fl 11449 

Dti.Acmm. 1‘nit Il741 185. 

Sro riraiinx day Oca. 

CrievewB Muiagemeut Co. Ltd. 

MGre«tuni.5r.FC3K2DS. - 01-6BC4433 

Bam»(iin Ori 18- 12164 
■.AcTom l.'mui .12347 
Bincdt VdUrL IS.. 1183 9 

< Arrum. Lnitu (2185 

Endear. Orl 17 

lAccum-Llmui .... 

Crcchnr. uci 13 

lArrum t/mui 

Ln.i brtla Ocv is.. 
l Aftuin. I 1 nits 1 


72 V 
74 


36-71 -6? 


946 
39 8d 
764 
606 


-nv, 

-0 2i 


-D? 
-02 
-a 4: 

>0 3 


4K 
7 63 
5.50 
507 
651 
565 
2.40 


Rothschild St Lowndes MRint. in) 

Sl huilhins Lane, Ddn.Ft'4. 01 AM 4^0 

Nru-Ct E«.inriC_.IE124 0 U7 0< | 357 


Pnc.es cm October in. Nest dealing NwenbiT •S.iirtVjt ivrt 


I'apilul 17.. .. 
i.Vnriim.. .. 

Ib.-.ilDf ik-L 

1 A-Tjm I nil*) 

i-'i-iUTa! Oil IB 

1 A.CUIB. Llllim... - 

KumjrO-l IS 

l Ai rum I'ailni .. 
l'nachardSei 


15. 

Rowan Unit Trust Nngt. Ltd.V (a) 

1 'He Gate Hs» . Pinsdurj- Sq , EI'2 HI 41M liXU 


1045 
IU2.S 
(202 7 
2446 

m 

naoo 

aat* 

062 


113 41 
137 3 
204 
310 


315 d t 
35 4d -oel 
34 31 -Ml 
1861 I 


,,, Van Hvllrl I - 

UI-.W^-LH t ani! Tm.iv! IB 


bnulm M IB >45 5 

*<'L' URL I BIH I _ W75 

Wu-krihl 19 62.2 

1 iiruu. ( ' Dili*' . .. 74 7 
WirkTu (irt 12 72 8 

Dd Ari-uoL (834 


674 
679 
3 71 

3 73 

2.80 T >'nd*H Managers Ltd-V 

4 12 18. Caa> ngr 1*4, BrlatoL 


* * “I * 8 

76 31 .. - 

87 4] 


344 

424 


Inrufurtk'i Itt 

tACl-um. I DIUJ 

Capital LK-L 18 . 


"“J 52 o| n EL Trust Managers Ud-V iaHgt 

..._4 • 03 I Hilton •'nun. Dorldnj:.Kurft-y. 6B1 1 

«K«.Ww-gt "SJ rf ?| IS 

I Norwich Union Insurance Group (b) 
_ I- I M Hwi4. NuruiL-a.NRIJXG. Oe03£a0u 

Group T-s Fd 1364 2 381 6( -2 31 SB 

Pear) Trust Managers Ltd. (ailgNzl 


AiwmaniKi. 18 
S*vunIu‘tiAT. I 
Hifih Yld-Orl I'J — 


(660 

11740 

504 


(AivnnL t-nilf.i 


Mr rim On 1R 


83 4 


64 Did -5 P| 

184 (9 

61 41 

btE -~7J 


lAcram. L'mii.1- ..,(1030 1B82{ 

Royal TsL Can. Fd. Mgrs. Lid. _ 

54. Jrrmvn StwrC J5.W 1 . •|»I-«SIC55 **“* 

I'apualKd 149 7 73J| ...J 

Im omo Fd . . PO 4 74 21.. \ . 

Pricra at Ori. 13 N«l dralmc nn. 31. 


■K'«u*rr* Srp*. 10 12162 223 93 

•For I as rxnapl run-lc onlr „ 

Scottish Equitable Fnd. Mgrs. LttLV JAfrum I mi* 

28 M Andrrwi Sq., Fd i nbure h OQ t i5d P!01 J? " 

in. ump Unii-c . 4 MW , 501 i'ffini; . 

A*ium l Dd« . • -1*9 J ... .63 W I 5.01 JArrum. Coils' . 

Oualmfidav A«L-u-.dar. Drwf.urt IB 

3 49 Sebag Unit Tst. Managers Ltd.V la) tAcrum.i bhsi _ .. 

349 fo Bo* 611. Bcldbiy. Rk.. E.C 4 01 2M SOHO **• C**Ue J4.. Kdlabonh, 

5*-bosCaptlalFd...|34 9 J6 5d-0 2| Sr*- (■* U<*- «» - 1170 2 

.-Wjut In.otnr Fd . 131.9 334^-01] 

J55 - Security Selection Ltd. 

7 58 - - - 


120 
395 
7 28 
7 23 


365 

819 


novo 

,190 4 
J3L9 
(1864 
113.6 
H614 
250 0 
283* 
1064 
134.4 


Scot. Cap urr. 18_ 1420 
Awn* fulls- |172 S 

London Wall Group 



252 UiRh Hoi bom. WOl V7EB 
Feflrl llrowth Fd 
Acruiu I.'dIIk . ._.. . 

Pearl Inc . 

Pearl l nil 'ru .... 

(At-cura. ( nun —.(47.4 


|M 7 266 

-01 

29 3 31 S 

-01 

331 35.6a 

-Q3 

J6.7 395 

W7.4 510 

-0.1 

-oil 


01406 uni Save & Prosper Group 


474 
4 74 
644 
4.74 


4. Croat Si lti-lrn*. London EHP 1EP 
68-2? Queen Si. gdinbuiKb EJI2 4.SX 

iKSihnr.* iu- m 8899 or oai 2as Tisi 
4.79 Save d Prosper Securities Ltd-V 
InlprnatioMi Fnd* 


15-18. Unrom-ufDD Fields. WCZ 0'.«iifl8»g Capital C.roMh _r«sa 

f nriClb TV Ace — (3J'5 -( ^44 Ilo A,Tma {BB9 

I mlCihTsi (uc.^(23-6 230] . ) 244 Eilra Inc. Growth . [349 

!|S. 

urq . ]67 6 

'-rfe 


.. . ... BB4 
. awth. 344 

Stewart Uni* Trt. Managers Ltd. ini gw ajxuw . • . Ml 

42 t harimra Sq. Edinburgh. 031-228 3271 fti “ium '. ' ' 


81 Fountain SL. Mamrhonrer 0B1-238568S 

Pelican Unlls J88 7 45 Jit) -0 J( 4» 

jot Perpetual Unit Trust Mngnd.V (al 

3.84 48 Hart .S*. Henley on T hanw. 040126888 

Guardian R nyal^ ^U Mgr^Ud. ^ “ 


may Unit Trt. Mgo. Ltd.* (aMO Aato » ¥ O.btx l oll Trout Mo^rr. Ltd. 

. jgbHoIbam.weiVTNL. 01J»|8K«. a 8 ,Cuard *>lUT«.. {99.8 9831 -SSI 4J2 j, Pmtr-nrk'a Place, old Jewry, EC2H I 


Capital. . 013 

(TV. . 155.9k) 

t 'nlv.Urwnh .. J70 Jitf 

Increasing Incmr Fund 

High-Ytrld (55 (ad 

High Iacw Fonda 

HlCb R cl urn 164.2 

InnMup - 435 


401 .. 

27 Bs -D.l 
75 5s +0 41 


224 

383 

273 


iS! L 40 

l .(52 7 53 1] -2 S __ 


SISiSL 

Premier UT Artiwn.. 5 Ita> leiCh H oad. Kia wn t. Small Co‘a Fd 


lays Unicorn Ltd.V laKcNgi 

*u Go. 252 Romford Rd. FT. 0>'A14 9544 
n Amencii - 

z. Arc 

S. Inc 

tal .... . 

f t Tst ... 
ncom . 

Mortal 

-.0-... 

meml 

’ wrth Acc— ... 

roineTst 
~. it A'Bi T« . . 

e> at Sept. 3S 
: ■ednav 
nsec Fund.., 

(dwideT«....tl 

n.FdJnc 

' Tim „ , ... 

ig Brothers & Co. Ltd.* (aMx) 
rienhallSi. EC.3. 01-6882830 

HITS -—(184 6 197 51 ... I 3.48 

cum P37g 2*7.» ...J 3.48 



Nnl suh day October 25. 


BrmlHMrt. Eawx. 

VJL Fluids 

'.VT Catml Bcruvrrv UB4 

1'ap.Oromh Inc . {480 
Cap Growth Acr . (442 
IncmmDAuMi. (34 7 
High Income Fqndi 

Hlchlucomi- WAS 

l obn Extra Ii 
L'nbwPreiLiT 
Sretor Fond* 

Financial & ITT. . 1264 

OilfrXaL (ter |30 2 

Intcmalieaal 

Oabol 

I.nlertiotijonal 
«ld Wideuri 
Oirnaa Funds 

Atunmlian >404 

European *62 

Far Km* . . ..... M l 

N Am... 18 8 

Cabot Am. Sm_ 523 

Bm uju Fund* 

Japun Exempt Ilflj.B 

.VJUn.Expt.Ort 20 |122.1 



0277-217238 1 Capiul Fund .. 

Ini Em* «c Assets. 
Private Fund . .. 

Arrmnltr. Fund 

Twhnoloiy, Fund. 
Far Rum FH- . . 
American Fund ... 


299 

32.3 


40 B 

44.1 


45 0 

48-6 


468 

583 

-0.4 

Hi 

39 7 
72 0 

-01 

531 

68 3u 

-01 

299 

32.1 


[242 

201 

-0.3] 


44, Bloomsbury fiq WftASRA 

1651 
23a. 


PmclicalOcH 18 1155 4 

31(J | Aeeum. l-ailt |2T4 1 


8HD. V.K Fnads 

I'K Equity ,.J4< S 

Utmnt Fnadiaxi 

Europe... 142 4 44 JJ -*0 

Jaus . . .. S05 9al 113 irf -0. 

SE-Asia Ginh Fd* . W6 5 50 01 . 

m.2 75 S| -0 

•Initial laupch until Oct. 23. 

Sector Funds 

Commodity 174 6 . 85 51*1 0 

FiHfrti W42 74 3 -0.1 

tyuci Financial Sec* (71.9 77.3] .... 

UHCaraU UtgMflnlmum Funds 

ri I 4 18 Srlc-i lnietnai. ... I2S6 art 271 Ori * I D 

1 4 I® b elect Income .—.|54.8u 57 Bd( -0.1 


TSiewart .InnicM Fnnd 
Siandardl'nila — 

Al'CURL L'niLI — 

Vilbdiiwal Vnila 
~^ew»rt British Capital Fund 

Suadard 7 153 II . . 

.iceum. L'hiu ..._-. JU3 7 178 a . 

rtealine rTuea. & Fri 'Wed 
59 7n) -0 J| 7.18 Sun Alliance Fund Mngt. Ltd. 

Sun Alliance II se^ Horsh am M03M141 

7441-0 11 814 l:\ri Eq T*3 Ocl.ll .(Q37 1 2*46{ .. I 366 

920 PTbeFanuIjrFd.. llOZ.S 108j) -O.aj 

Target TsL Mngrs. Ltd.* <aUg> 


Do Airun 
High Inc Prions 
Inlematiaoal. 
Special Nils. . 


46 




410 

410 


3.55 


TSB Unit Trusts (y) 


909 


95 1 


42.8 

-0.1 

517 

-9.1 

27 6 


21 8 

-4 : 

776 

-0 2 

3L2 

-0 2 

302 

-0 1 

Hants 

Q2A 


Dealings to KSH 63i3U 


- b>Ts>B General (46 

■ biDo Accum. [59 

■ hi TSB Income [62 

ib' Do Accum. «S 

TSBSconlstl (86 

Ibi Do. Aicura [44 


49.4 -04. 
63.6 -Q 4| 
667 -0 5[ 
Ml — D 4 
42 4 b -0* 
Z00.1 -0 4; 


102 
1 81 
781 


793 


1228 

1228 


OCT* 33241 


4. 

4 

7 

247 


402 
4 ' 

7IO 

287 

2-07 


10J 
610 
530 
570 
490 
460 
4 80 
110 
220 


481] -02] 4 45 31. Graham St.ECC 
T^rirl Comin.>dily. 

3 11 T*r7W Fmanrial - 

153 Torgrt Equity 

V50 Target Ex. Oct 18.. 

0.54 «.r*o Arc Units- - 
Target Gill Fund-. 
Tartsn Grmiiih- 
3 jg Tarttw Pacihr Fd... 

1 75 Oa Retnv. I'niU... 

326 T.-irgrt Ini . 

Tgl Pr (JCL IS 

TCI (nr . - . 

205 TCI. Prcf 

725 T*. Special SHa.—|2L2 


Dealing oaofi 504t Ulster Bank* (a) 



3 58 Waring Si reft. Belt ait. 
4.45 ibtUJjler Growth. _|386 

is 


023235231 
41.5l-0.3J 512 
Unit Trust Account Sc Mgm t. Ltd. 


522 King WUliaanSi. EC4R0AR 
(u FnorsHw Fund -.[167 B 
0 72 W'lHer Gri b Fad . .[32 B 
5 72 Do. Accum. pH .5 

4 07 VVieler Growth Pond 

818 King William 5( EC4RPAR 

1^1! Income Uniis 132 8 

4i» Accum. Units- 1385 

l 


01-6234001 

176 Oj J 439 

34 b3 } 439 

40.6] .>.4 


4J4 




01-0234001 

4_ . 

439 


INSURANCE AND PROPERTY BONDS 


I” Abhcj' Life Assurance Co. Ltd. 

' 1-3 Si Paul xCImrrliynrd. El'4 Ul-24i 


Crusader Insurance Co. Ud. 


London Indemnity- &Gnl. Ins. Co. Ltd. Rave Sc Prosper Group* 


3.72 Equity Fund 

2JB Equity A,«- . 

Properly Fd....— . _ 

ipsgate Progressive Mgmt. Co.V Hill Samuel Unit TsL Mgr&t *■> fiSSnxnniJ' 


01-5888280 45 Beech SI.. EC2P 2JLX 
324 ib'BriiiATniB. ,. 153 8 
3 24 ifiilnt'lTruH .. .364 
234 iK'DoIUrTnul 77.7 
£34 fbu.'opjiaJTnia. _ 303 
ibi Financial Trust. 40 4 
ib;-lTKomoTrun 281 

;e Fnnd JKnnngersV (aKct iWSecung.- Trust . 531 

Regis Him ae., King William St. EC4R !MB!gbVieIdTn...Jil6 


opsgote. EC 3. 

Pr-Oclin .. J1969 204 

la."*SepL26_|234 6 244 

InlOci IT. .[183 8 195. 

a i Oct. 17—1203.8 216 

text sub. day ‘OcL 3L 


w 1 ?! - - 

14 1 

55.6 1 

161 ... 
-net. H 


- Convertible Fund 

XMS-S-3 J««iO'Fui»d .. 

WAj -0 J] 2.91 jvprup Fd ser 4.. 
83H -im za ] VfiarT Fd Scr 4 ... 

fEqmtv Fd Scr. 4 . 
VConv. Fd Ser 4 
VUnity Fd Ser 4 . 


323 


-oil 


An 


Sl-w 

33.0 


& 

U1 


1X7 0 398 


323 34J 


150.0 1571 


1602 368 1 


935 98 5 


1332 140 3 


1238 150 4 


U1J 1303 


(36 6 143 S 


16 3 383 


113 8 1196 


1110 3377 


Valuation nurmullY 


— CUi.Prop.OLLJ 1735 8321 | — 

— Eagle Star InsurfMidfand As&ur, 


01-6^68031 1»20. The KM-bury. Reading ASL5 1 i 


Monev Uannrer ... 

M M FlexildwL I 

Fixed Interest... 


4. liLSL Helen's. Ladn. EC3P 3EP. 01-554 8880 


I. Tli read needle Sl. EC2. 
Earle/Mitf. UnilS...|54 8 


P2 +0-1] __ Bal.lm. Fd ... 

"2 — Property Fd* 

377] .. I — ilili F.l 

Depom Fdt 


in ?R8 i:i2 The London & Manchester Ass. Gp.V v«bp Pen^Fd-t. pm a 


564-0.11 60S 


H igilaJc Park Exeter. 
^Gnmih Fund 


- Equity & Law Life Ass. Soc. Ltd.* jgj; “f 1 EH&'pd. 

— Antershnni Road, High Wycombe W'M XC77 ||»|X Ini TJ Fd 


•an it Gen- 


01423 4BSL 


•te:™:" 

ct 

g *Tuea. 


i 


1*ed SThur*. 
IT; 18/1 9 


25 6 -221 
5?4b .... 

42.201 

47.1 „ 

m d 

28.7 


l.as 
660 
346 

530 
433 
, .... 433 

Prices Ort. 


0124772431 


IoteLV (ai(g) 

15. Cbrutopher Street. E.02. 

Intel. Inv. Fund. _.|40.0 

Ker Fund Managers Ltd. (n)(g> 
SS.MUfcSt.eCZVWE. 014067030. 

In.Fd-.iK6 


Albany Life Assnranee Co. Ltd. 

SLOId BurlinuloaSUWL 


nnia Trust Management IsKg) 
Ion Wall Building*, London Wail 


l EC2M5QL 


01-0380(78/0478 
*991-021 


Key Equity &Ccn_ 
nKey Exempt Fd _ 
Key Income Fnnd. 
Key Freed InLFd- 
Key Small Co's Fd- 


— _ . Fd Aci- — 199.7 

oral | *oftl4»Fl*edIlll Arr ... 1410 
¥/.■! .._.j WJfciB.non^.Fu.Ac . U61 
U-Han.Fd.Ann. 1151 

FdACc. 110.5 

Inv. Arc 1723 

238.0 

mi 

1323 
122.9 



» 'Pen JFfLAi-c, 
(.Pen Acc _ 
GtdMon. Pen Acc. . 
IttLMnJbiFdAcr.- 


j.J J 2J6 | FrouPcB_4cG, —11263 

*021 5L5*|AEptelmr.P«i.Acc_(2133 


Equily Fd 

Tue*. Property Fd.. 

Fixed Interest P...„ 
'iid m-poMt Fd .. 

0M375P62 Mixed Fd...-. 

21021 -2 41 


148«-83{ 
1221] 40 


121.1 
116 3 
1813 
2503 
1893 
1393 
12913 
132.9 
2245 


40^ 

-lo 

I 


UflJ 

11095 

1080 

1007 

1128 


-0-lJ - 


Flexible Fund . _. 

Inv. Trust Fund. 

Property Fund 

Gtd Depomt Fd -... 


242 7 


1412 


957 


160 9 


119 6 


146 7 


84 B 

| _ t _ 

1009 



naft-w.qs Equity Penn nL. . 11912 
U.HC j. I preafinxFd* . -{2X22 

Gill Penx Fd (44 7 

OrpaiFui Fdy ... 


-02J _ 

M & G Group* 

General Portfolio Life Ins. C.’Ltd.* Throe Quays. Tower Hill ecsr bbq. 

60 BHnhulemmy CL. Wahhnm Croa.i. WX3I971 "" 


13 L6 
1597 
123.1 
125.4 


134 31 -Oil 
169.1 

129 6| 402 
132 U 

220 V . .. 
28LB) +0 3| 
2451 
99D 40 2j 
10671*82^ 


J10L3 

prices on Urtober 17. 
7 Weekly dealings 

Schroder Life Group* 
Enterprise House. Portsmouth. 


~ Portfolio CoplLal IT. (423 



451 VMnmid Rrovrao IH.W Mm^rornir ' i Ufe Assurance Ltd.* 

3“ 011800 Unit MaMgCTa^j'AlnaHse-AImnRd.Bricnte. Rcigate40!0L 


CZ2 » Fencburcb St^EC.l 01423 

432 K B. Unit Fd Inc. -.1913 992].—. 

389 ORBJJniiFdAc-- ^133 J254 

523 .... 

526 

587 — 
507 


J.B Fd lw.1 

CB FdlaTstArc : 59 T 
KBSmlrCoUFtCim- « f 
KB.Sa.Coo.Fd.Acc. 44J 
Higb YML Fd. Inc— 4*1 
HtehY1d.Fd.Acc- 461 


AHEV Man need — (145.5 
AKBV Mgd. 'B' — .. 



i Monty Fd 
rEquitJ/Fd-...-.. 
.'FI»WInt —(4X8 


425 
■415 

5.84 AMEVPronFd ..[985 
534 AHEVMcd POn Fli. 1105.4 
BOB AMEN' Medren.'BllB55 
8.00 FlexlpI»o [48 9 


-251 


15331 
124 8j 

laR-i 

till?. 
11111 
111.21 — 
104,q .... 


0I4S6 4688 

Portfolio Fund. ,. . . 149.9 I J - fflSSj£3?^K* 

44.41 — .-.I — Equity Bond" .1438 

Ex.YieJdFd.Bd.' ]S7.9 

Gresham Life Ass. Soc. Ltd. 

2 Prince nt Wales Rd . B'moutb. 0202 T676S5 

ILL. Cash Fund 1982 103.4 

G J- Eoiulr Fund 1083 1143 

ill, GIT: Fund U20 117« , 

G.L Inti. Fund IMS 1205 -.... — 

G.L. Pp«y. Fund. — 481 HD 


126 oj 


Family 1705 _ 

Family 8lOC*‘.,._. 198.7 _ 

Gill Bond— 1074 11 


IniertudjoL Bond**. 1031 
Japan Fd. Bd* 613 
Managed Bd. — 1468 
Pew Pension***. .. 2528 

Property Bd** 1652 

Rewnery Fd Bd * _|70 3 


112 H 
110 51 
64.H 
1543 

U3 6 
73U 


-20 


40.4, 

-14 


-32 


4021 


Equity 

Equity 4- 

Fixed Ini. 4 

Maiunedi 

Money 4 ... 

inmeiKI 

Property 4 _ . — 
K4SiknrSeca4. 

B3. Pen Cap. B 

B3. Pen. Acc. B 

Mngd Pen. Cap B 


— F. 


Mnad Pen Acc B , 
'. (nr- Pen. Cap. a 


- F lm. Pen. Acc BM71 


Growth & Sec. Life Ass. Soc. Ltd.* Pr ‘ C ” **■ “ CHL ,B *” Uct 

weir Rant. Brny^m-Thniue-i. Bertx. 0B2OO42R4 Merchant Investors Assurance* 


13. 


Money Pen. Cop B 
Money Pen. Ace B , 
Prop. Pen. Cap. B.._ 
Prop. Pen. Arc. B._ 


12281 
[136 6 

n3SS 

(1041 

923 

(1593 

,1214 

1236 

135 7 

m 


2343 


070527733 


964 

484 

1025 

1041 


2481 
143 4 

142.7 
115 0 

973 

1677 

1271 

129.7 
1423 
2200 
2643 

100.7 
1023 
1020 

103.7 
108.0 

109.7 


L & C Unit Trust Management Ltd.* 

The Sited. Eclwnge. EC2N IMP. 01-588 2800 . " 


Flexible Finance... 
Land bonk Kocx. 
Lundbank Si-x 
U.ftS. Super 


umre...| 11 070 I ... .] — 

^ticLi :z.\ - 

r Fd— { £7 982 ^ \ - 


LAC Inc Fd 1145.9 

LAC lntl It Ucn Fd . 1062 


ti 


8871 

in 


«=l = 


I M- Growl h 193.4 

For .Arrow Lite Anon ranee see 
Providence Capitol Life Anaurance 


Lawson Secs. Ltd* laKc! , Sf-1 

37. Omfon sSr; London EC4R1BY. OI-aMSaMl?*” 1 *?® to - 


Guardian Royal Exchange 

Royal Erchance, 81*0 
Property Bonds |187 6 


Lenn Hw, 233 High K l, Croydon. 

Property | 

Property Pens.—. 

Equity.- 

Eqilily Pens 

Mrmey Market. . 

Hones- Mkt Pen-: 

01-2® 7107 Depanli ..... 

195.4] ,.| — Mepn.it Pen.-. 

Managed 


Scottish Widows' Group 

Pt« Box 90C. Edinbumh EHIS5BU. 0014550000 


1-03] 

Sritish Life Office' Ltd* (a) 

ce Hi*. Tun bridge Wells, SI08BC 22271 

■ U*h Life 152 2 552*4 -0 3 5.62 

■need* mS 5* ' 

idend* M-S 46 . , 

ices OcL 1& Next dealing Oct. 23. 

"a Shipley St C®. Ltd.* 

FMndera CL. ECS 

OOct.n ]22L9 

' .1 Oct 17 — J2812 


ftRaw MaienaM — 
jbAccuoLL'nlUL. 

— iod.__ 


43^ 
443 
6L2 
6*0 
426 
250 
26« 


575 

57S 

264 

234 

177 

058 

038 



•Growth Fu 

• I Accum l^dtai 

tr Gill and Warranl. 

J Amen can Fd. _ _ 

41 Accum L'nilaj [241 r . -_ 

% Deal. *Mun. *Tues. ffWed. JThurx. **Fn. 

,52 Legal & General Tyndall Fnnd* 

18, Canyaga Bead. BristoL 

Dts.Ocf.il: (632 *64 j 460 

010BO85W (Accum Units! —W0 0 8*Jfl - - .4 

47Z Nest sub. day. November 13 

432 


2S2 Romford Dd.E.7. 
Ban lay bonds*. 
Equity... — 
Glh-odfl nd — 
Property- •. 

I me mm ion a 1 .. 
Managed 


4.60 



^an^ein. Accum ..|10L8 


Leonine Administration Ltd. 


Man:' . 

, Do Initial [98-2 

Money Pens. Acc. _ [1827 

Do. Initial _..._|9B.7 . . . 

*Cnnent units value October IT. 

Beehive life Assnr. Co. Ltd.* 


7 Old Park Loan. London. Wl 


438 


2 Duke SL. London W1U UP. 


014M 5544 

135 71 
129.5 +01 
11)4 ~8.i\ 

115.7 1 

483 

118 2-01 
1056 
107.2 
1034 
1009 
476 
1082 
103.91 

Pcsi Man. A«i 

_ „ Pen.Gi ItEdg.Cap .. 

0t4E»lM8 

, 133.70 | ] — Pen.RS.Acc 

| Ca n ada Life Assurance Co. Pen. daf cap 


Hambro Life Assurance Limited * YulE? Fn * 


Fixed InL Dep__._ 

Equity 

Ptoperty 

Manoeetl Gap 

Manured Arc 

Ovwftti 

CdlEdced 

AmencobArc— 

Pco FI DcpCup.—. 
Pen F.l PepArc. 

Pen. Prop Cap 

Pen Prop Arc. _..._ 


0272 

p9.0 

1698 

(148.0 

,1835 

1127.1 

0256 

>1293 

1527 

bt«7 

Q716 


Pen. Mon. Cap. (214.4 


01-480 5B01 1 71. Lmnband SL. EC3. 


ctg LeoDist [K.4 86.71 +8.3] 437 Bit Horse Ort.2.- [ 

5.04 Leo Acenm. |90.l 944) +03] 437 Canada Life AS! 

5^ Lloyds Bk. Unit TsL Mngrs. LML* (a) »• Htef» Sl. Pottwa Bar. Hens, p iu ;Un pw.djlf.am.__ 


1207 

128.5 

126.1 

145.1 


103 6 
1060 


133 91 
194 0 
178 -B 
1551 
1932 
1335 
1323 
105 4 
1364 
160.1 

219.7 
235.9 

225.7 

nu 

1273 

1353 

1325 

.1526 


InlL Equity. 

014800031 lntl. Managed. 

-ID 
-Ll 

3:3 


(500 


1662 


613. 


1770 


143 0 


1057 


3J0.7 

-ilil 

1430 


108.7 


142.7 


107 9 


USB 



01-0880(71 lu»- Ply.Reriex t ... 

lux Pfy Series 2 . 
(ml Cash Orl (3 .. 
Ex liL Aev (VL4 _ 
E.v t'L lor. ■ let- 4 — 
Mud. Pen Ocl. 11.... 


110 7 
|1M3 

ar> 

1414 

2776 


110 7) 
1100 
1045 
1513 
1475 
2776 


Solar Life Assurance Limited 
HI 12 El)' Place Londnn ECJVflTT. 013422005 


-4-2 


NFX Pensions Ltd. 

Mill an Court, Dorking. Surrey. 

NelrxEq Cap. 

Writ* Eq. Arcutn. .. 

Nrlcx Money Cap .. 

Krlrx Mon. Acc. 

Nelex iTth Inc Cap . 

NelexGlh Inc Arc.. 


no 936 


120.4 1267 

-6.2 

62 9 602 


677 71* 

.mm. 

53.9 56.7 


557 506 


405 510 


*97 523 



_ Solar Manaped S 1303 

_ Solar Property S..„ 114 8 

_ Solar Equlij S 1729 

Rolgr Fxd Ini. S... U58 
Solar Cosh S .... 101 9 

Stilar ln(l. S 482 

SOU Solar Managed P— 1299 

_ Solar Property P.... 113.7 

_ Solar Equity P — 1723 

_ Solar Fxd.lot P — U3 3 

SoJar I'axhP * 


_ SWarlnUP (4BJ 


.1916 


1372 
1200 
182 D -01 
1219 
108 3 
1043 -01 
136.6 
1197 
1BL4 
1214 
1008 
104.2 


-0.(J - 


Sun AUlanfe Fund MangmL Ltd. 

Sun Alliance Hou*e. Horsham. 040364141 

.-.oxx o-y « ExpFd.IaLOctU.. 1053 2 1AL5| J - 

. ... InLBn On. 17 J U33B \ .... 1 — 

NPI Pensions Managancnt JUd. 

48. Gracechurch si. EC3P3HK. 01^234200 San Alliance Linked Life Ins. Ltd. 


— Managed Fund RS72 16371 I — 

^ _ (Tied* Ocl 1 Next dealing Nov. I. 


Sub Alliance Haute. Horsham 




Registrar'.'! Dept, GoHnj^by^ea, 
Worthing. Woa Sussex. 


\=i - 


Hearts of Oak Benefit Society 


Balanced 


1527 


L OcL 10 


Do.tAccum.1.. . — 725 
Worldwide G<xtb ... 554 

Do. (Arnwu 607 

Income 84.7 


Dot (Accum. I 


1187 
630 
7 25 


: b Life Unit Tst. Mngrs. Ltd* Do-fArcoml 

hSt.Potteis Bar. Berts. P. Bar 5! 122 Brtrolncome 

a Dirt. 1347 4L7] -0 

1 Aecmn W9.0 51 

-an _.up3.8 35 

'..Accum. (45.4 47. , 

EquJIy Accum. [1640 



Bid Key inv. PLm . 


[1583 

>1000 


EqtyGtbFdqeL 2_.| 633 

owes nasi BcOBL 7 -l 

4.46 Cannon Assurance Ltd* is- 17. Taxi stock pucc. wcih ssm oi-aarsoao small cobFU 1 

4.46 | ], Ojyroplr Wy . Wembley HA9QNB 014XKBB78 HwirtrfOjk (372 343] — Technojo^Fd jllU5 

Hill Sanrael Lire Assnr. Ltd* $S£7 
NLATwr.. AddiKcombc Rd-.Cmy 01^084355 fiiU Edged Fd A ., — 


New Zealand Ins. Co. (U.K.) LUL* Prope rt y Fund- .... 
Uaillaod House. SralheadSSI 2JS 070202855 {"•troatlonal Fd. ... 


[133 8 


I'm Equity Units- 

f-g property Units 
™ Equity Bendy Ex «c.. 

Prop. BendfBbnr.— , 
7.» BaLBdfExortUnit. 
”■58 Deposit Bond 


Lloyd’s Life Unit TsL Mn gn. Ltd. i_ 

Golcbauee Rd. Aylesbury-' 02965811 Mned Accum. 

... . mIn 


1779] 1 3.78 


Inquity. 


Umrt) Holt Ltd* 

iBroadSL. Et’sN 1BQ o 1-583 OTiO M ■& G GrmpV (ffKcMzf — ~~ 

S.67 Thlw Qusyis. TDwer HHL KWR OBq. 01828 4588 


(ran 

pL88 U34| 
E1S.70 14 50 

iuss 1432 
ur.9 U43{ 
1B6 •*— 

1107.5 IDS 


-006] 


23 ::: J 


- ts onUct. IK N*m deatrog Xov. 1. 


7.13 


Sea u1m> Stock Exchange Dead 


Amencan-. __]g2 

* * Unit Fd. Mgrs. Ltd.* UHO IfiSSmtSS&IlS} 

J.- ■Baue I K«n»stle-upoii-7Viie 21 1«E ( Aecum -L'nlu) IH.l 

tw.4 TIM — A 3.« cwnmodi®, H»s 

: ■ 'jmx Cuii _ [85.4 . arH .J_] jjs. 

.'.'hYiyd. M28 «5 3ri 8-42 . 

■•'but Unllt:_.fS5.4 573..—! R42 
-■[ Srxl dealing date November L 
"-ties 'Official Invest. Fd* 


(Accum. Ufinai 87.4 

Compound Growth. 1154 
Con version Growth 676 
Conversion Inc. . ._ 71_1 

Dividend— — . 1260 

1 Accum V nils' ... Z3B8 

-l«W«n.ECZ5fU3E... 01-5881815 iMcSftSiiEnZI MJ 
628 Exjxb Y ield ... — [WO 


(Acrutn. Unltal. 
FarEostoni. 


“ |rd if 

1O1. Only available Co Reg. Charities. 
xrterfasuRr Japbri ice James Finlay 
qin-Trast Managers Ltd.* (aXg) 

SLEC2M4TP 01-202612 fAecum Uniisi JZ77.4 

ixCQ.1 235| 1H Hir.h Income plYl 


123.7 
542 

lAoMim Grulal 65.4 

Fund of Inv.Tsts— 65 9 

1 Accum. Units) 80.7 

General - . _ 178 6 


>■_£ asdg* 


J sub 896 (Accum. Cni is) 1864 

26 9j -0 51 2 65 .Japan.--. JO0 

_ 29 7J +«J 4.21 1 Accum Unltsi 182.6 

-. RnrthTst-_.fZ3-9 . ... 25.7] - — I 729 Magnum ; 053 

‘ teratlon Funds MgLXtiL* (a> I ibt.5 

. ' eery Lane, WC2A 1 RE 0124202KJ CAccun^UniUi {3150 

— [461 " ‘ 

VolHan Fmuf Managers. SbccndGen. |i<P< 

..■ Strait London SW1X MU. 01-235 8520. . 

.-.s-fs^&s jta-~us 

aodat Unit Tst. Sign. Ltd- Trustee _ 11567 

dor Tame. EC2V flHH. 



l|0 1 2BdEa Pens! Act . 

166 

J-66 2nd Dep.FtmWActl 
Six! an Bnd'Cia Pena Act] 
,93.^ "J-fl A60 2nd AnxPenxJAcc. 

L8ES1F r 

S3"Sa S-S L*ESXF.2„- 13 


25? J 


56-3 511 CMiMonHou^Owprt AxhWhwi 090228511 imperial Houw. Guildford. 


+0.4, 


552 +02 
453« +«2 
131-7 +02 
63.1 +02 
69.7 +0.2 
. 702 -0.1 

S .9 -02 
2 -02 
3015 —0-3 
1183 +41 2 
3942 +03T 


234.71 — OJ 

29621 —0.1 
•294.7a -+0 9 
3557 +1.5 
464 +0.4 
99 5 +03 
1994 +H.1 
302.4 +0.1 
190 7 +0.7] 
2425 +0rt 


aid. American -—.ns K 
__ " nai.0 



-01 


-23t 


7.S Capita! Life Assurance* 


♦Property I’mtx. _ 
IToperty Senes A.. 
Managed Unite. .. 
Managed Senes A 
M-inaged Senw .. 

Honey Unit* 

Muncy Series <V_.. 

Fixed InL Ser. A 

Equity Series A 

Pits. Managed rap. 
Pna. Managed Arr.. 
Pn*. G'teod. rap _ 

Pro.G'loed. Act. 

Pens. Equity Cop ... 
Pens. EquityArc.— 

Pns-FxdJnLCnp 

Pa.vFxd.lnLAcc — 

Pena. Prop. Cap 

Pena. Prop. Ac 


Imperial Life Ass. Co. of Ca n ada 


irjjM 

1693 





110) 





1701 

-1 1 



\ijm | 

1051 

-ll 




m< 

-It 

— 

ftirfm 

1291 





909 

104.1 




926 

973 

+8.2 



95.9 

101 J 

-0.6 


1400 

153.7 




155.6 

163 1 



3468 

1124 




1139 

119 9 



1072 

1121 




1008 

114.6 




900 

1013 

1 



974 

182.6 



964 

1015 




liZM 

103-4 

— 

— 


_ Coil Deport! Fd. 


103.6 

1195 

105.0 

r»a 


163.4 . 

1052 — 0.J| - 
1173 . 

1823 . 

1092 -13[ 
1262 +L2| - 
1105 . 

10311 . 


Deposit Fund 


1854 
113 0 
1054 
483 



Managed Fund |U3 2 

Sun Life of Canada (U.K.) Lid. 

2.3.4. Cork.<purSt..SWIY5HH 01-0306400 

Maple LLGnh 1 2084 1-5 

Maple Ll Maned l 1359 I .... 

Maple Lf E^u ..] 134 1 


Penal Pm. I 


2042 | -:z — 


Norwich Union Insurance Group* 
po box 4. Norwich NRI3NC. OflOQXQW) Target Life Assurance Co. Lid. 


Managed Fund 

Equity Fund 

Properly Fund 

Fixed InL Fund - . 

DepMH Fuad 

Nor. Unit Ckt. 15 


9191 



3 . Phoenix Assurance Co, Ltd. 


«, Ki ng William SI. EC4P4DB. O1-620BS76 ^'^ B ,nc 


Target House, Gatehouse Rd , Avlcubury, 
Bucks Aylesbury 18280159+1 

Man Fund Inr ..... 

Man. Fund Acc 

Prop Fd. Inr. 

Prop Fd. Acc 

Prop. Fd. In 1 ... . 

Fixed InL Fit Inc 


Wealth 
EbT.Ph. Ass 
Eb'r. Ph.Eq.E. 


3.32 

008 

B08 


Key Invest Fd. ..—| 105 03 

PnnmktdBV.Fd.| 107 41 

2;5 Charterhouse Magna Gp.* 

2 48 Stephenson Use. Brunei Ccnuu. Blelchley. KSSPffS 1 S‘P d 

4.71 MiSon Eeynoa080BB4l27£ Fixed InL Fd 

4.71 ChrthseKncv*y „_Q04 «_ 

*“ “ K? 3L7| 

340 36W 

|4.9 36* 

1245 
1510 


5 6X C h ith ftg . •Mb aS . 

I S Chrt toe. ManSed.. ^4 0 

B-09 CtorUise Rq ' K - 

.... 009 U OKI'S Bid. ..... 

JM 3 i IS 


Git Fd. OcL 13 [77.6 84.4] 

Pcns.Fd.OcL 13 \TIA 776| 

Unit Linked Portfolio 

Managed Fund (98 0 184 J 

, 4 ■ 281 t 

Secure Cap Fd 147.4 

Equity Fund [mo 6 105.1 


1113 6 — Rrt.Flairt-ap.Pen... 

.——.—.i j I "*** I Man . 

E. 9bJL\ 4 — Man Pm.Fd.Cflp— . 

Prop. Eqnitj- & Life Aml Co.* gfiSSm ^p- 
1 19. Crawford Street, Wl II 2AS. 01-1800057 Prop Pen. Rd_4ce. 

H Silk Prop Bd. I 1059 I _...J _ Prop Pan. Fd. Cap... 

Do Equitj'Bd. 7B2 | J — Hoar Pen. Fd Acr... 

Flex Money Bd 1508 I — Guar I’en FiiCap. 

11 D. A. Pen.Fd_A.ee. ~. 

Property Growth Assnr. Co. Ltd.* D-LP«i.FdCap__(955 


: 


Ac Pen... 
Rrt.PlBnCap.ren. . . 


911 103J3 

—1.5 

1213 1271 

-2fi 

1129 U&i 


1448 


1110 — 


1005 1051 

-08 

967 1011 

+0.1 

729 791 

-04 

M3 655 

-03 

1292 135.* 

-14 

117.4 123 6 

-L4 

1317 1386 


123.0 124 5 


1554 1636 


1545 1621 


962 1013 


95 8 1001 


95 B . 1001 


[955 100.5; 



— Leuu Hou-sM.'roi-d.ui.CftB 1 LU 


Properly Fund 

rropertv Fundi 4i 
Agnculiural Fund 
. . Acne. PUnd 1A1 

,r V* Ufe Assurance Ca Ltd. Abb^N^F^V 

II. Hnrtuiy Square. EC3. 01-6288353 Invesunrnl Fund . 

'inif., f - ra - I - I . . r. k 4A BlueShp IK-L20 (769 W9) -221 5.00 ltnertmenl Fd. 1A1 

I City Of Wcstn-nster Assur. Co. Ltd. Xraagcd Fund.. . 2335 245 S -2.7 _ 

422 | Bingrtteid EiHmc, 8 Whlleborse Rood. ExempL Hon. Fd.- J1L8 . U68l — 

657 Croydon CROU A. 01-884 6004. Rup- Mod. Dct.1 — . 1M. 7 190M ...... — 

‘ — Prop. Mod. Gtfl (201.9 2125) — - 


014KM92S2 lAcmm. Enil*!--. _ 
L ban bond Ocl 17... 


=Jr^E- 


CharildL OcL 17 flSS.Z 


[3077 1 3Mt| 
1006 


. ; mtHigblnc-iVI 
' ait Unit TsL Mgrs. Ltd. UHg) 

‘ !IcCn&. Edinburgh?. O3IC20WJ1 


I Actum. Uniis 1 

Pena. Ex- O cl 16 


195.7 

1404 


15751 

148.61 

156.61 


+851 

+0« 


’ , oer.Fd 

' 1 tera«f‘L_.. 
. ;- igh. DISL 


..' serves Wej 


*?«- 


Bi 


24.9 


X 7 


itionary Unit Fund Managers 
afield Si, EC2MT.AL. 01 -408 AMS 

■Ocl 13 |18ft2 2004] .. ..1 464 

Winchester Fond.MngL Ltd. 
Tf. EC2 01^062167 

KSSiKI SI 


65.01 
1948 

667 -M — 
862 
132.1 

65.0 
174 4 
130J 
U&E 

50.1 
524 

575 -06) 

^ . — *e.a].-osi 

Fund ranwilr closed to ntrw Isi-mI 
Perform Units | . 218 4 | 

City of WcstednsKr Assnr. Soc. )2<L 
M385S10I Telephone 01-8BI S8U4 . 

] 4 24 Firrt-Unlln.' [1325 1389) I — 

... Property UniD |M0 5671 1 “ 

Mayflower Management Ca Ltd. Commercial Union Group 
146 l+.tar.resbaraSL, Bat'TAL'. . . 01-0068090 Sl Helen's; 1 . UnderxhaU &TI 

jRCORIKtlCL ip — “ * ” ” 


Fund— 6L8 

nd 1842 

--L— — 63.4 

FW*d 0L9 

2-S Monro- Flrod.__ 1255 

4 13 GiUPnad 6L0 . 

.423 PULA Fund-, ..1710 

Fen* J4ngd_C»p._. 042 
Pens. Mnitd. Acc. _. 138. i 
(. jm Pwm Money Cap™ 476 
um Fmi Money Are. _ 44A 
7U Pens. Equity Cap _ 54 7 
7^ Fm*» Equity Acc. _ ]572 
554 


LS2 

180 

8.71 


Man a Life Management Ltd. 
Ml George's Waj.Sierenoge. 
Ctnutb Units. _ - )57 60 0| 


Eqn)iy Fund 

Equity Fund 1 Al , 

Money Fund 

Money Fund i.\\ 

A nun rial Fund 


King & Shaxson Ltd. 

52. Cornhill, EU3. 

Bond Fd. Exempt _ [102 01 103 331+0011 ~ 
Next dualing date Nov. 1 


illt-edged Fund..... 
Gill-Edged Fd. IA... 


monL 


0T823SU3 ORetano Auoul!J-_ 
Olmmed. Ann'ty.... I 
Iran. Growl b Peart 
All wilier Av l.'Ls ’ 
„ . „ TAHWctahtrt-Bp.. 

Langham Life Assurance Ca Ltd. Mtu.r&vu. 

Langham Ri. nalmhroofc Dr. NW4. 01-8035211 iL 1 * — 

. 1^3 » 

Wisp ISP) Mun Fd |770 01 


HlngcwDOd Know, 
Surrey KT2VI0EL 1 


Mun. Pent Fd . 
Man Peui>.<.'np Ul 
Prop. Pen* Kd . _ 
Prop.Peiu..i 'up.L'lf . 
Kdpii Sot. I-en I't 


Legal Sc General fOnit Assur.) Ltd. , 

Klngiwoud. Tadvnulh. RUteTSoi-i.’ap.L't- 
Burgh Heath XtLM; ^ f 
101 If 


— KV* m3 I SM Vr An Ac flrt 14 j 5986 J .... J - 

1 Ki? 4fll ‘ 3 00 **“• Aiwiofty I'lfc..... | 1883 I - 

.. — .(45.9 48 31 “—.I 3. F'AnfxxRp 1 fitlnn l.i(x tneximnnx Pa 


surrey 

t'odi [niliaj 

Irt Ai-rum 

01.283 7500 W7 '"'U* 1 — — - 
Du. Arriim . 


isa7 
1869 
787.4 
7800 
157 7 
1575 
644 
690 
174.7 
1706 
1432 
1422 
127.6 
1215 
121 5 
1852 

1475 , .... 

BU 6 Annaiurti Lid. 
[1303 145 « 

133.1 
1512 
1351 
1525 
1385 
1505 
1353 
134.9 
1124 


460 

407 

1266 

1303 


General Oct. ID 

LutentiL Ort. 10. 

Mercury Fund Managers Ltd. 

01^00-1 


Fixed Initial (1164 


Po A-.tuhl 


119 7 


Confederation Life iBsurancc Ca intUninaJ.-'l^JlniHi.s 


30. Gresham 5L FT2P2EB. 
Mere Gen UeL 18. (2060 
Acr.Ulg.Oct 18 — 27L9 
Merc.lnt. Ort. IS 722 

1 & Dudley Tst. MngmnL Ltd. hm 

ngtoaSI .S.W.1, DMBB4S51 AcetaUlg S«pL28.|M07 

Dudley TsL. pH ..™T 351 

For Eq&iUs Securities Ltd. 
tee Abbey Unit TntsL Mngrs. 


5V. i7hnncerylJ.ne.WCSA 1HE 


-2192] 

“SB 

82 7 

256? 


| vEqudv Fund 


4 08 jVManoceil Fund— (191 J 


Held, SI 3RD. 
Uommodity 6 Gen. 
Do: Accum. 

TLWI-B.fi -4JB g^- 


311.]] 

9f idhmd Bank Group 

Unit Trust Managers Ltd.* <a) 

Courramod Haute, Silver Street. Head. 
Sheffield, 5 “ ‘ 


608 VHP Fond. r"" 4215 

PsnALPCn.MnmL. 74 5 
250 Slnffgd.Mngd.Vh.™. 795 8351 

4.1 J Group Uncd Pen.. 1946 

4.13 Fixed 1 IU. TVn . 2078 

Equity Pemnon- " 259.1 

Property Pena on .7. .. 1411 

CornhiQ Insurance Ca Ltd. 


173 8 


ms 

200 91 


r & Law Un. Tr. SL* (aHWeKzi 
' "Mm fttLHEgb Wycombe. ' 048433377 
fcLew |682 

iPlktay Unit Trust Mngt Ltd. 

041 2H 1321 ?. y^iix<* - 

' l 2.79 DaAccuro. |62.I 


lal... . 


lenNUeStreeL-OlasEtw. 

' tyin«»e..-)M.*' J7g 

S O-Fiu-.(27.6 -- ■■ 295 


• VFdln.THt.S8. 4 
•'? Unfrt... .04 8 


y 


lea Ocl. 10 


BL9 


II 


-..J 2.79 
822 


Imemathuial .... . 45 1 
Do Accum — _ .401 

2.19 Hifilt Yield. M0 

229 Dc.Aocum 69.8 


408 Eqnitv Exempt*.-.. UM.7rti 110 » 
418 DoArtJwm*- und 


Nert dealing Ocl 3. 


U4.7M 


Tnccs ai Scfl 20. Next dealing Ocl 3L 



|32.t*OrnJiiJJ. E.C2. 


U1L-42 OCR?- If' 

Mansuied Initial 

Do Ai-x-um — „• 

Property Initial... 
Do Accum. . _ . 
legal ft General 11. 
- ■ Rxoitipl Caoh Tint 
lfcx Accum. .... 

Exempt Eqtj-.lnit... 

Do. Accum. . . 

Exempt Fixed IniL 
Do. Accum L. 




§018 
§20 7 
1242 
100 1 
1103 D 


101.9 
133. i 
U7.a 
122 6 ] 

1262, 

IK 8 +0 1 
107 2] +0.4] _ 


127Ji 

1398 

105.4 

1083 


nil Pen si on* i 


[970 

[I002 

,1333 

[1366 

114 7 

1175 


I S'/*" 


, „ ,15 0 

499 CSfSnec.SepLBV_.)b 56 

4.94 |MnGibFdSopL2D_ [1855 

^ | Credit ft Cwmnerce lasurmee 


01-8285410 Exempt Mngd. lnlL[l242 


W5 J I - 


Uo Accum. 

Ewnvpt Prop. Inii . 


Du. Accum. — _,_u0S2 


132 4 
97 8 


103 D| 
105 5 
140.4] 

143 a] 
120 § 
1W3 
136 W 
139 4| 
US.D 
W5H 




Hub Vie 

Cillt Edged 

Money ... _ 
InlernaluMel ... 

Fiscal. 

i irouili Op — 
dreMh.xtr... 

TViix Mngd. Cap . . 
Pna Mend. Ate 
Pcn.iClU.Dfp tap 
Veils <Tld.Dcp.Acc. 
Pen* Ppty. ca|, .. 
Pens Ply tre 

Providence Capitol Life Ass. Co. Ltd. rfrdt^j'| d Bunii .. 
3xi t:xITl-lK>-ituMl.H I2BPU 01-74891 IL 


ot^noooo Transin ternaLioMl Life Ins. Ca Ltd. 

2 Bream Bldgiu EC41NV. 0I4S6-UI7 


-0.1 
-0.f 
-0 6 
- 0.6 


ll 


Tuliplnvm. Fd — 
Tulip Man- d Fd.— 

Man. Bond Fd 

Man. Pul Fd Cap . 
Man. Pea. Kd Acr.. 
Maned Inv Fd tn'I- 
B4ngd.lnv.Fd_A rf.. . 


144 5 
1103 
122.2 
227.0 
1335 
>00.9 
1DL6 


1574 
1345 
1306 
133.6 
■ 142.6 
106 2 
1069 


Trident Life Assurance Ca Ltd.* 
Reas Inde House. Gloucwter 04611 365+1 


— Managed 

— Did. SJgd 

— Properly - 

— Equity' Anon cma . 

V K Equity Fuad . 




125 6 
146 5 

M45 
113 ■ 
140.4 
120 9 
1248 
1042 
1205 
1282 
!33 1 
1106 
134 6 
103 9 

ffli 


133 5) 

155.1 
1603 

895 
120 5 
1493 
1200 
1314 
U0 4| 
136 1 
135 3 
load 
135M 

132.01 
1100 
115m 
12221 
1284 

384 


- . . 975 

i.'unIi 1 slue lur IKUI premium. 


J - 


It 


5ei. MM Fd i.X«|i 
Sri. BDt Fit Ail 
P-.-nsimi Equil) . 
Vicusiull Fxd InL 
licpp-.lt FU. x'ap . 
Deprnil Fd. Are. 
Equity Fd Tap - 
Equity Fd .to... 

Fxd. Int '-'np. 

Fid ll»L ACC. 

Intni t'ap. 

lnlnl..\«s- 

M jnjgi-U Fd. Cap . 
Muaugcd Fd. .Arc. - 
Property Fd Cap ... 
Properly FA Aw. 


1 

105 1 

131 0 

117 5 

474 

47 4 

460 

460 

476 

476 

462 

462 

46 6 

466 

,47 5 

]47 5 


93.11 

11LI 

1358 

131.1 
500 
58 0 
485 
405 
502 
502 
487 
407 

49.1 
491 
58.] 

50.1 


Provincial Life Assurance Co. Ltd. 

2ZL B bhopifiaie. £-*. 2 


ITov Menaced Fd 

Frt».Ca»hFd._ 


IS 130. R«8*ms», London wiR5h'£ OM3370B1 * General Prop- Fd. Mfrii. Ltd 


|1291 
106 0 
[115.2 
1013 
1075 
96 9 


136 a 
1UM . ., 
12lJ-0^ _ 
10E3 

113.2 +OJ 
UJZ.ll 


— Tyndall Assurance/Pensions* 

— I0(.'imxnge Ruad. UriBluL 02f2X£Hl 

— S-Wayfict 12 

— Equity net. 12 .... 

— Bondi let 12 

— IToperty x art S-. . 

— Denoul Oil. 12 ... 

— 3 Wayl-n.ftept.2l .. 

— (iSouhIm im 12 

— Mn Pn3W fii-i 2 . 

— Uo Equity Oct 2 . 

— Do Kond t*cL 2. 

— Uo. Fro ji. UeL 2 

— Vanbrugh life .Assurance 

4l-4.1MsddOX.4l.LdD W1RM.A OI-4004Q23 
.[1505 15851-0 31 

12442 257.1 


1281 


_ 

175 6 




1676 




1089 




179 7 



153.7 




823 




178 2 



200 4 




181.2 • 



— 

898 

. ... 

— 


Managed Fd.. . . 

01M70S33 Equity Fd -. 


319 C4C Mura [122.0 13L0) | _ 1 1 , ona St . EC4N 4TP 01-1-48 PdW 

Jj-JZ Crown Life Assurance Ca Ltd.* LAUPrp. Fd Ort. A (40. 7 103J| f — Kxd. lnLFund. 

In W^„ B . UI I2M x_w 04805033 ,MS “ ^ Pntdcuiial Pensions Limited* 

050 Life Assur. Ca of Pennsylvania HalbomKar* Et/INZNH 
— 3942 New Hnnd !*t„ W170fMi III-W383SO Bqu.lL Kd UH..J8 

6W LACCiPUtuiK. 1 494 102J| -171 - 


IquiI. Fund ^ _ 

Fixed Intent FA.... 


Propcm Fd 
CfchF 


i Fund . 


WU 
1604 
i«ao 
__.12fl7 


106.71 -05^ 
175 2 

155 9 *0 3] 


127.11 

Vanbrugh Pensions Limited 

4l43MaddPXSI.Mn WIH9I.1 111-4994923 


240 Mass'd Fund .Ace.. 
8l9 Want'd Fd Incm 
019 Slang'd Fd In il .. 
5.63 EquuyKrt. Arc. 

5 63 Eanur^Int-oL.-. 


CORAL INDEX: Close 493-498 


INSURANCE BASE RATES 

tProperty Growth. — I—.. ; : 


- fVanbmgh cuarameed’- — — 1055% 

; _ ’ ^Address shown under Insurance and Vtopexty Bond Table. 


Equity KdlniL..— 
property Fd. 
mopt-rty nt lntm 
Property Fd I biL... 
InvTd.-Frt Arc- - 
Inv.TM FAlomi- 
Im. Ta.fM IniL....' 
Fixed lw. Fd. aw.. 
F*d ID! Kd ItHTtL 

InteKL Fd Acc 

Inle/T. FAlixcip, 
Metier Fd Ace..— - 
Mnury FA Incm.-- 
JHki. rti.ihi-m. 


007.1 

1949 

1055 

987 - 

969 

977 

456 

45.6 , 

99J 1 

1038 

1811 

1026 

947 

no 
118 5 
1385 
973 
45 0 
1638 


Crown Hrt. lnv.A'_ [168.7 — 


1127 

1104 
111S 

103 E —0 ti 

1020 -o.a 

302.8 -Oil 
100.6 
100 6 .. 
'99.4 +8.1 
1092 -0.3 
1004 -0.^ 
107 4 -0.4 

104.9 

103 7 .... 

• 124 7 *1.3] 
124 7 +U[ 
202.4 
99.9 . 
1092 -0.1! 


FxAJnt iH-t.lfl U1420 

I-rnp Fd. Km 1 18 ..If 27.74 



741 

595 

U15 


Lloyds Bk. Unit TsL Mngrs. Lid. Reliance Mutual 
71. launbardSl ECU 01^13 1288 Tunbridge Well* KeuL 

Exemig |49B 1042n] | 7.77 Kcl Prop. B*U . | 


Welfare insurance Ca Ud* 


2053 


•*82871 Wmslade Park. Exeter 


09W52IS5 


Lloyds Life Assurance 

20. Cliftim SL. EC2.1 -IMS 


352 MIlLfiL bepi JU 

- ' tpJS'.VPr.* wl. 12 ._. 

9.9S Ofo.VEiqlOrt.l2_ 

np2i .Yii.vrhi.i2 .. 

015 i'Dr.,VM»n,i.ict is.. 

— OjLl>'.VJ>epLUCf- 12. 


140607 
244.4 . 1575 

3905 '1479 

155 b lbJB 

157.0 1653 

123J U93 


-io| 

+0JJ 


Rothschild Asset Management 

ht KwUliinx Lane. London. EL'4. OlteSG 4356 

N.L'.PrOP.- 1120.6 12831 ..( — 

Se«l sub day Iwcembvr 23. 


■■J — Moneymaker Fd. _ | . 1042 | 

Far olhor lupd.;, pl«-< refer to The Idmdoo 6 
Manchester Croup 


Royal insurance f.'ronp 
J.'ev Hali 7'Inrtt. Ltx-rp"*-!. 

BqyaJ Shield FA 154.8] ] — 


Windsor Life Assnr, Co. Ltd 
RuVtfl Albert lice.. Sheet (S , Windwr 

1.1 1 c Im. Plant 

EUlUKAMBd GtlKai 22 1 

iMi-r-44-q FutureAsadCtluh' 451 

Wl 44=2 Rrt.AwsL Pro.* £26.46 

Flex. 1 nv. Growth , 1055 


l.Windwr 881+4 

m 



Alexander Fund 
'|7. rut* Nut re Daine. Lu'enihimr.- 
Alexander Kunil | . si v 7 28 | 


h^x «a.|.» \inrr .j.-ru- - I id i 
acr umler xciiii..: i .«u MiicL Ltd. 
m'iU un-b'C lVpJ.iva S.x 


■Sh jud xalu- ii.-tuiN r 

Allen Haney & Koss Inv. >!»;. »jc*. 1.1 JOijv .,. 

I t'hannp t'lwtf. !(L !l«-lier J*y i. | 05:4 TrtTt I vjlb-y II"- 
\HR-lilt fcdS.KA. (£30 09 10 10i |1197 

Arbuthnot Securities lC.1.1 Limited 

P O Kui au.St Mclii.-r Jc.-xw u'.UTJlT. 

'jp T«t ijprxrxl -!U7 0 17101 f 413 

( 12 00 


N-»l •tealji'": - date Uitui^-r L'-i 
It.'xixlSc.x TM ... 198 100}. 

•ir»! ik'dlllir 'lull; Lta luLrr •: 

E4xtftluMTri.il- |fl5 122ut ■ ( 3 01 

Next deal 1111: Uau u.-iuiu-r -jt 

AaslraJian Selection Fund NV 

•Jjrfrt tippununi 1 n lri-.li . 0 


King & ShsKfon r.{gr.>. 

■1 lirli t jut** 
.-f.'r 1'nrf lin'-C 

lllionu-k Si ml riuui'l.i* 1 
■.ii: t u-ul Ji-r.il >1 tiC 64 
. :,li Tr.i.i'l ,> ".i . 1 v3b 
Ui ll 1- nd * iu-.-nixi*- ]■) 23 
lull. Iwi 1. y'nv T-.i. 

Kir-i -'nfritiu . -1: ni :riw 

FlKil lull ... (S- ,W*?I 


<n-x;+>73?4i 
I.4BI , J4T,ri» 
H <«W?4.4KrO 
636] .. .| 3225 


■M 


12.75 

12J2S 


iiuhnailH 1 27. Ka-ul S' 

l SSI MlxrrUi . ) St 

N.-v! .tv— ft xjJui- 


s-.ilni-. 

-158 { 

■J> I.ili-r 


1 - 


Klein wort Season Limited * 

1*U I'Vin luir -ii St . Ei ., I'triCx 8003 

tcfimxrJ l aik, 1-' 1 1.(76 { +6[ 290 

.Jueriri) III- . . 7=7 69«:J-?5 4 55 

im. \x tfuiii -EZi 87 W S| 4 39 


i-'iwl 


Ki: For ftiri f. 

KHlrnl Vuun 
Khiap^n I 

Bank: of America ImernatiunaJ S„A, h R 1 nt 

l& Huulri arri K..yal. I u-. uibiuir,-. 1. |> 

WlrfuiVi-il iDi-uim- |Si'*115D UoEl . (7 31 «Kr. .hi ^.v ] ,.uii.n, loyiit,: jclol; xinly. 

ITIXi-x B( «.ic|. 1: Nt-xt . lit, Jj| c mL 10 


*13 CS 
V SIS 10 
51: <+:.»> 

S' >13 04 
. ■>' :--5 J? , 

[70 U 3143:-i7t( 


145 

1 SO 
0.53 
Qo9 
169 
7 54 


Buqnc Bnuelli-t Iriuuh*rt 
1 Hue lie la MvxKlx-r H IWxJ Kru- <ul4 
KrntaFundLK . [1.917 1 97i| 7 79 

Barclaytt Unieoni Int. (Ch. Is.! Ltd. 

1 Oiannf LYooX.Si IMi.T.Jrw o.UT.1741 . . . 

ux+r-u-lni-unK- . [+6 9 493| [3210 LI'»“ S B3n » ln.1. fieneea. 


Lloyds Kk. tC.I.t VfV MRrs. 

P L, Bi.x '.ki. lirlivr. Jvr -v K.U 7IWI 
Uoy-L" Tri ll I-J |63S ifriOul J 1 21 
Next dv.>!ip-2 Aitc :.Vx«utwr w. 


I'uidutluiTniA 
I'ubund Trxiri 


xr . [46 9 
. .. W'*U 
In-its: 


..Jlvl . T 170 

|{LsU194 lS77f . .[ BOO 


fu I4. +:ui fit*, -iwu 
l.luvA, In' uruu-. : '7BU' 
1-aMUU "Ju7 jJ -2 |rr7V;j 


•iacrkiad’ 
iK« .... I 1 73 
B'W ... .1 6.SO 


Barclays Unicorn InL ll. u. Man l Ltd. 
tihsiuuNl. Duuyija luM. utM 48Txj M & G Group 



523 

56 3! 

ju xirt rim 

V 1 

36 b| 


W 9 



39 8 

42 93 

JU 1 Of Man Tri. ... 

466 

sail 

Iki. Manx Mutual. . 

[27 4 

29 31 


160 
3 70 

020 

80 

1.40 


Thl*+-S!ua' 

.XI la nli< u. r f 
A. lx! P. ■*! I 
I ill! Ex-Ai'i' ■ >■' 
iKlanil 

t Vrcuui L'n ilo 


. Tx..i v-i-’till Fj&ft CFO 0!-r2£ 4.S8B 
;n o ro ;jc* . 

rcD nil . 

i. W II. Tq 
Lm : lulu 43 44 
.14+1 2CSB1 +0.1 43 44 


Bishops gate Commodiiy Scr. Ltd. 

r.u ho\CUiiiiil».i«M utc-v^oit S0tuuel Munu^ti L<in. A fils. 

SRMSL'-lKl 2 tn'SZLE 30121 

"■ 3 15s! 

I 2.01 

CI.UU. 


'ANHHO—Oct 'i™ln042 1 150 

i OL'ST ■ *UrL 2 ..Iu 465 26ISi 
unxioally ixsucd at *00 usd 


[Bridge Management Lid. 

PO Box Cub. Mnuid I'lynun. t'a- nion lx. 
N"h»WOi1 2 . | \17 876 | — 

tseu. box ssu. m war Kuna 
Txipvon fd. UcLIS-ISlsaiM 361J | 070 

Britannia TsL Mngnu. (Cl l Ltd 
lauRolhSL.ftt Helicr..lervr>. uj^tTJtlt 


li+ .Hd Br.ud.x; M'J. 
Apull" F-l •.■i.LII..|..r'4? 30 
JlitecxlO-1 Iii Ik;.7;+3 

tl?i:.'>Ji.{i>n ■ + . [>l .11^ 

U7Ji-.--.ryiM + iLSbl 

117 Jnjxj 1 1 ict tl iill.lu 


in sraeisc 

■stas: | 3 75 

... o?3 

. IC6 
.68 


:i&. j “ 


Murray. Jobnsiuae tlnv. Adriseri 
ICS I i«pc Si . -jU-ViiU . ■ Ll it! ! ■— 1 1 -Vigl 

•ll-f-'S! E.l .. I 5''-«2 53 1 1 — 

•Murray Fund | 51 .*.1247 ] J — , 

NAY LA-Lwiu-r la. , 


Stertinc iHDMiulcd Fdb. 

Hnreth laiesr ... .138 7 4L8( (DO Neglt S..L 

inwxl Fd. ... 93 3 100 5 1 03 

Jrrwry Kneixy TsL. 1297 1«0 2 1.50 

l-niuLSTriSttf . £232 2M . . IM 

HiablDLSilaTrt..-. 0.96 D99(.... 12.12 

'.S. dollar Ocnortlnaird Eds. 

L'nixxl |T«„ ._ISIN5W 5931 1 — 

InLlliRb 1st Tst ... ]0 47 1.00J . | 900 

Value Oil ii Next dealing ki 23. 


Kin Kuuluiun] Hu-al. l.uu-mVarj 
\ A Vial 1J _i SLaiZPS | . 


...| - 


Nefiil Ltd. 

Lank ut Roruudj R1d?L. Ham lux Bnoda. 
N.WUlLB |£7.SJ - 1 i — 


Brown Shipley Tsf. Ca (Jersey) Ltd. Phoenix International 


P.O Box 588. St. Flrlirr. Jersey. 1133+ 7+777. 
Sterling Boad Fd. .(£9.40 9 44] . | 31.8S 

Butterfield Management Co. Ltd. 
ro. Box 185. Hanu'lloii Bermuda. 

Buttrew Equity . .. Ilf'S 41 7371 .. .. I 153 

BullTONS I ora roe. ^lx(93 7C9 787 

Prlr* 


Pi) hox 77. Sl Pmer Port. Ccern-iW. 

InlL-r- Dollar Fund. ]S3 139 2i^-03S — 

Quest Fnnd Mnfisac:. (Jersey) Ltd. 

PO Box IW SI Ilc-’ie.-.Jeru*; OSH 27+il* 

OlliMlStlc Fvlln [S3 3 °0 81 I 17.01 

Qu«=il1nl'. K«a. . flqifc 5 79). . J 300 

Qul-ri Inti Rd . 0CUS f 40G 

I Tice ut Oct. ltt Nf*t liealinc |J CL 25. 


IMTIxe Ki l-i-r rru». 
Ru-hnmiidiri! M-l 
1 K) Plulmiim Bd 
I vo DiariKind Kd.. . 
Du. Em. 07 it: bd.. 


Rjolbst-hilti Asset IKanagcment iCJ.J 

P < I LX-JI Cri St .lu>..ui.:>T.iiu*rn-'«y (»V3I 2C3C1 



V x." £3l ri Sept, tfl |55 3 
liC.ln-7 Fd.iirt.2. -1622 
• > - ■ ItUf.F.I r . 5134 

OC MTit'ol- clBcpUS. ! 157 5 
0 C t V'tninrdii;-- ]I43 9 

O.V Dlr.Onmdsj T— 1523 SO 

■l-nxex nr. -hi J.T V-it dn.-ilmg ''i-L 21. 
IPritxa i.n OxL 9. N-ll dLjlinU ML 1EJ. 


5S 6o 
172 5 
1.42 
It: 2s: 
258.4 
:+183! 


11.00 


ui Ocl 0 Nckl sub. -lay Nn'. 0 

Capdirex SA 

Pl' B ax 170, Cenex a. iluquirie.'.0l4.ti707ui 

saaK.-~-.iiaB ^-.i 2 1 ****«« 

^ 1 +0 Mhal Slreui I'HiqlaslAi M 

Capital fnlernational S..Y. 

37 rue N'ntre-rume. Iriixemlmurg. 

L'apttol InL Fund | SI'S] 9 46 | J — 

Central Assets Management Ltd. 

P-vbox98.SL Heller. Jerxey iKnq UI -60671/701. 
t-ent AMrtJ.ro p .(£33713 137171-0 091 — 

Keyxelex Japan fe34.76 — | J — 

Charterhouse JapheC 
I. Palenitwler Row. CV4 0) 248 3899 

AdJroia.. 

AdlxeriM _.. 

Foodak 

hnndiH. ... 

Emperor Fund. .. . 

Hixpaaw 

Clive Investments (Jersey I Ltd. 
t>. Box 320. SL Holier. Jersey. 
nuer.iliFd.iC.il »77 9‘ 

Clive Bill F«1 iJny.i.]9 66 9 6B|-0 

Cornhill fns. (Guernseyl Ltd 
t». Bux 187. SC Peter Port. V-ur-nmey 

Into L Man. Kd ]177 0 342J] j — 

Delta Group 

Box 3012, Nasrau. Bahama-i 

Delta lux- OcL 10 . .JIVS222 233] | — 

Denise her Investment-Trust 
rmtlath 2885 Biebergawte 8-10 8000 Frankfurt. 

I'ourenrra |I'M2190 TIKM-tOjO] — 

lac Rentenlondix . [MU7n MJOI | — 

Dreyfus Intercontinental Inv. Fd. 

PO. Box N37I2. Naxuau. bahairuLx 
NAV'tXc.17 ....(SPKUO 1701-030] — 

Emson & Dudley Trt.MgLJrsy.Ltd. 

PO Box 73. St Helier Je-rxvy (153420801 n^niwl CVipStTl* 

E.D.ICT. _. [1204 136.8] ... | 3.00 ' 

The English Association 

Knre Street. BC2. 

Eng Ax* Sterl int-. [£5034 5036] ... . | — 

Wordgate Ctu Fd**|5044 10B7| - 

Next ileullng fat 25. ••Next dealing Ux'l. ! 

Eurobond Holdings N.V. 

llandeD-ltade L-4. Wllkrmstail. Curarox* S .-Ll L 

Ltmdea AgeBUL- InleL IsrhrirtoiOierSL.ECZ. KA"I- 

TrL 01-217 7240 Telex: S81-MM. Ull Kd. 


212 4 

1151 

-15 - 

3193 

1255 

.... 10 32 

1612 

169 7 

*2. ’ 

95.0 

100 S 



163 7 

1723 

1162 


2 76 
6 79 
1.24 
311 
4.07 
060 


Rothschild Asset Mngt. (Cemrcda) • 
|gQ43738L p.u. Box OS-I. Bk. •»« Bermuda Fl-I* Serrr.uda. 
-0.03) 1100 Beeerxe A.^L- Kd UHS999 10 »1] . J - 
Price uo UcL 17. Next deoi'iD* OcL 20 

Rojatl Trust (CI» Fd. IHgL Ltd. 

PO Box IM. Kui-al T-a . It:x?> jersey. OW 27441 

R.T. lol'l Fd. .[SUS986 10.491 | 3.00 

RT.IntT.tJsy *Fd IWO 95.0| ... 4 331 
Ptix-tm =1 Oct 17. Nex: dealing Ort. 34. 

Save & Prosper International 

Dealing tor 

37 Brood 5l_ St Helier. Jcr*e)' 0534-205B1 

It A MUr-6nsnisiM Vumts 

928 9341-03 

B» 0E7] .... 

54 23 586M 

Nx>nixA«nencar. - ;.|4C~ 9 9:1 

1566 1733] 

noted runft. 

245 2 2582] -15 

M3 6 161 51-03 

136 6 143 d.. 

105 5 100 7] 025 

113.7 120 5! -0«J 11.53 

iirt 19 —Oct. IS. 


Dir Fxd.Int.* . 

lniernaL«ir*;_. 
Fur Ear.torn*i 


Scpro-J 


I'hjtinel l-Jun.liv 
■ 'omnintl — | 
at Lrepw-ll. 

0I-S6870H1 W.6i*e.|— ; 

ITHxW un i.icl 1 


732 


2 43 
4E3 


,3L 


Srhlesingcr Ir.temalionTJ Mngt. Ltd. 
4 1. La Morte m . nl I .x-lier.Jorv.-i OKU T3VK. 


Inti f d Jet-xx-y 

Inlnl Fd. Lx uit-rj; . 
•Far Eon Kumt. 


77 
low 
23 
105 
111 50 
102 


.s? 

12 1 ! 
1051 


•Nett sub. itiy ik-t-jl-ur 

Schroder Life Group 
Enterprise Houwl PurUnanitt 
lnlrruallotul Funds 


- 2 ! 


-oi: 

'35. 


esc 
4 44 
TU2 
357 


2.7E 


070527733 


NAV per share -XL 13. JUS208S 

F. & C. MgmL Ltd. Inv. Advisers 
2. Laurence Puuauiey HULEC-tRUBA. 

Ill -SCI +880 

Cent Kd Oci.ll_.„1 5l : «M I I — 

Fidelity MgmL & Res. (Bda.) Ltd. 

P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am .Ajbi .. I ll'!i27.n | I — ££quirx 

Fidelity ini. Fund.. I SUS25 M ' ' 

Fidelitx- Par. Kd „..[ 5US6L16 
Fidelity Wr Id Fd . | JUKI 5 95 |-l 

Fidelity MgmL Research (Jersey i Ltd. siSSL ZSZ 

Waterloo Hue., boa SL. SL Heller. Jersey. 

0534 27581 

Series A (Inuil i _ |£433 | .... | — 

■Scrim b (PftxiricL-.EEz038 I ... I ~ 

Sene* D - Ara.. Mu. 1.10010 ! .. - ! — 

First Viking Co m m o dity Trusts 
SI Ceorge's Sl- Douglas. i.o.M 
WE-s KK3 Lda Agti Dunbar ft Co. U-L 
53. Pull MoIL Ijondon SW175J1I. 01-9307857 

Fa vklbbLOp Tirt . ftx’o M.oJ 436 Sienlry Assurance inlcrnational Ltd. 


(Fixed IntcrcsL _ 
SKixvO Iniere* _ 

£ Marine ed 


13139 
IMS 
'1376 
107 0 
127 6 
125.4 


3=2 31 

1537] 
14631 
U3 a 
U5.fl 
133 4] 


J. Decry Schroder Wagg & Co. Ltd. 

ia>. Chcapdde. EC 2 -JiTJfflpyxr 

CheapS**! IB 
Tr.'ialgur SepL » .. 

A Xian Kd. T»cL 16 . 
n.u-linc Kd net. ih 
J apan Fd.On 19 . 



Fleming Japan Fund SJV. 

'.rue NoUV'Damir. Luxembourg 
Fiend ng Ort 17 ] SC 569 38 j. | — 

Free World Fund Ltd. 

Butterfield Hldg . Hamilton. Bermuda. 

NAV. Sept. 28 ] SLS14635 | ] - 

.T. Management Ltd. 

Part H«. 18 Kl anbury Cirrus. Louden Eli!. 
Tel: 01-6*8 8I3L TLX. 88A100 
AtHllt tor 

Anchor 'B'vniu ... SCSI. 04 

Anchor i it ll Edge... £957 _ 

Anchor InL Fd __ IL'SSSJ 3£d+0.03 
Anchor In. Jfj Tst. 30 6 32,7[ 

Berry Par Kd 54 91* 

berry Pac Stria .. MUM 364 06] 

“ Aria Kd SKKM9J 1! 

£16 12 17.2M 


Asia Steriinj;.. 


T. Australia 

T. Bond film) 

T Hollar Kd. 
l‘lr -Slrlc i Fd| 


T.PamlirKi 


5K’ 1 


I't.i U..v Xki Hamillon 5. bermudn 
Managed Pun.1 |K>i3BS 2SH J — 

Singer & Friediaader Ldn. Agents 
2(1. i '-muon SL. EC4 01 -24B 9648 

lKkalond.-.. . |DAQ743 209CI . . | 6?0 

TteocTsI l»!L^..| SUS4J30 I j 149 

Stronghold Management Limited 
p«i Box .nr.. Sr li«li.-r Jernex ifi3+-7iJ«o 
ConunodilyTraal ...[96 75 191 841x3871 — 

9.43 d| +0 02| 1347 

J-5S Sunn vest ijerseyi LuL (x) 

CfuwlL- V!ro. Dim Hrt. Sl Hdior.Jry 'K24 273A 
Anwrirun IndT.ri.. Jf734 7 Stf-OOf] — 

■ 'upper Truri £1142 11 70[-3Jri — 

Jap Index T.xL ... . Cl 17 U4! +oH — 


1171+0 021 


ai 

-o.ia 
+0 061 


-aw 


— 0 06] 


IBS 


0 99 
075 
0 82 
172 
1.16 


SOS 


088 


SCS14S6 
Sl'S7.67ri 
£1027 10 70 

, SUSJ7 71 , 

T Pluliprtnr IX iU'*U3( 1206] 

Gartmore Invest. Ltd. Ldn. Agls. 

St. Marx .Vtc. l«aiU>ll EltJ. Ul iau 3idl 

Fund MngL (Far Easti Lid. 

ISttl 1lulrbin>n 11 m- 10 llurx-uur! Rd. li Konc iminx.. Maiiucvniei.l 
HKftfa,; L'.Tri. [SHMIO 43fl I ISO NAV £-r nH.ua- 


i 33 TSB Unit Trcst Manager;; (C.i.i Ltd. 

Hac.ilLlk- Ud . .-XL :.J. wxur. Jx-r: . im477ri!i4 
.tcr^-y hund ._jS0* 5261 | 430 

i;.ji - riL-ey fund ..150 0 52.y I 4.56 

ITitx-i on Ort IH Next ml.. rt:j i.‘CL 2S. 


Tokyo Facific Holdings N.V. 

j. N.V . I'omcaOL 
VI. Id SL'NTiJtC 


Japan Kd.. IR <3607 29 « .... 0 50 

~ Amrnrn Tri . RI'SUW Dill. 13 

u. Bond Fund . iscsusi uJEf-oo? 5 60 Toh> o Pacific Kldgs. t Seaboard i N.V. 


lUmnrr Ixrruml MngL Ltd. 
■•.ti BuiB riooRla* [oM. 
lanrnore Inti. Inr 
jnmfuv 1ml tinlil 


U824 'XIS 1 1 
.. [ 103 
... 220 


.123 4 24 9* 

li|M.8 79 h| 

Hambro Pacific Fund Mgmt. Ltd. 

It). Coanaugbl Ceoirn. Hung Koav 
I'nrF+LriiVI. 11 .... BIIK1S77 UMd ... .1 — 

Japan Fund. ISlTUlft | _ 

Haxnbms Vxnk Uluemey) Iidj 
Hamhros Fd. Mgrs. tC'.I.) LuL 
U Hu\ 86. klUertlxpx' 


Inlioa-. Uau-iex'tnu.K iu N V . t'uraeao. 
.\A\ i« -.hta- AVI. Iii SCS53.I3 

Trodall Group 

P.tp Bux 1250 ILuiilllan S Bermuda. 2-27C8 


U4H1-2IA2I 
3 70 
850 
210 


Fund . _ ISO 7 
Inlnl Bund 51.4109 75 
.. Equit) M'S 12 10 

.. Sx B « ‘V SI'S 107 
I lit- Sxiss. -B SC'Sjl 24 
Pn»-i~. un iR'Iolvr ltt \<-<l -IraUnu i H-Iulii-r iS. 
Henderson Baring Fund Mgrs. Ltd. 
BiTi tlncnmun lluuix' llmig Kune 
JaiNin Fd • let IH 1U-4S.JJ 20441-1 IU1 _ 
Portin' Fund 1 | SUMO [ . _ 

Rund Kd* iji-L i.i Sl'.xIllTLl 
*E>i'lu«n« id any prx'lmx ilmrgnx 

HillnSamuel Sc Co. (Guernse> l Ltd. 

|8 IrFehxro St.. IWer Hurt ilucmsx-y, «;.(. 

IncrwxeyTkL |153E 1M.5| -0.9) 3 61 

Hill Samuel Overseas Fund S.A. 

Rue Nutre-luinp, fa,ceLuur< 

ISl'SHJl 2838] -0JTU] _ 

International Pacific Inv. Mngl. Ltd. 

Bnn H237. 40 |*iu .St, Sydney. Au.ri. 
Jaxulin Equity Trt-|SA24} 235| | — 

E.T. Managers (Jersey) Ud. 

PO Him 1W. Itoyul Tri llxe.. JerwyuSM '27441 
Jerxry Exlm) T:« . |19E0 204 0] . .1 ■- 

As at sent. 2a Neal .>tih. <b> un. :u. 

Jardine Fleming. & Co. Ltd. 

♦ali Floor Connaught Centro (lung Long 


*»-LSl'L( t« [J'.M 27 

■ x-tlji I intxi . jS(.-;361 
3 Wrtjr Int Sept 21. |Jt 

2 \m» SL. SL Ilct nv. J*-rurx 
Tilt'S!. lA I 10 |178S 

- 4i cum Miaru-.i ■-U2 60 
.xnH-rix.uiri.-t l'» 1 84 5 

I «• rum xliart-..i . 69 5 

JiTN-vlil i.m ui 20 i 2 
iNhii J Am t ; l-- . 2874 
• .ill Kun.Kii l IE 10-18 
i \--ruiii .xliuri- ■ 139 2 


•JUI-0 01I 080 


OS34 37=3113 
a 5M -0 05J — 

13 5H-0K] — 

46 D| -1 5 2M 
960. -L5 - 

215 41 -’em 7 31 

jwsUzam _ 
106 a - J 7 1124 
141 8) -1 61 - 


V u-iurx lluuxr. lkn;bx Ixlcsi Uaa. tgX 241(L 
»1.m:iKx+l Sx-r< 21 tl3b2 143 «[ . | — 


I'ld. Inlnl. Mngmnt. (t'.f.l Ltd. 
H. Mulf.x-l«-r .4|ixtit. S. ilclu-r .It-rxex. 
V- IV.. Fund IS1.-TM3. USS] . ...[ 


7.T9 


United Slates Tst. Inti. Adv. Co. 

14 inn- \lilm::vr. !.u xfutSoitn: 

V ft f.xl lux KmL. | 5I-S1D92 |-0.M| 0.52 

N« riSnet-. ili-Kitier 10 

s. G. Warbun* £: Ca Ltd. 

r>n « ire-ift.wit Mri— i . EJ.1' 01 -QMS 4555 


t unlix Phi 'i. t IH 

Enu Ini LNt. ifl 

«;r Sl 5F'I Auk Sl. 
Men- Ft6l « HI Id 


Mere Uox-MkHil 16 ]t IB 64 10.05] 


5US9 73 
51 SIS J7 
5L S7 58 , 

S".'3» I0«d 


-0 13) - 
ants 


Jardine Erin Tri . 

J arittne J'pa.Fd.* ... 

JartfaneS E A... 

Jonflne Klein Int 
I.Pax-Jxec-.xilnr i 
.t.ii'i-un i 

NAV i»cL 10 * Equivalent SuS87il. 


HK33S3 70 
1IK6418 33 
SU-SW9B 
IIKU2 48 
1IK515 09 
1IKJ1534 


t5 7? 

-0M 


2 00 
0 80 
1.80 


Next sab. ivt i'.t 


Warburg Invest. >Lagt. jrsy. Ltd. 

J . i lian n v 1 Tusx SI I leher. Jsx.cl lAV 7y74I 
cmm-tii .sept-jt [si ’Ua ua 
I'UTIJil -SvjHJa L'14J9 14.7H . 

)M il'Txl s+pLL'1.. ft 1S.J* 12 6Q . 

TSITn.-! III . Il'-’xlljq Uia . 

TMTIJd 14-L 13 . jCU 11 H.40J . 

World Wide Growl h. Management^. 

lU-'x Riulvrenl Km a!. I tt xctnLfiurj 
YiM-ldvrnk* '.Hi Vrtl 5US1640 1-0156] 


NOTES 


(T. rex do not Include 5 [MMluin. curri where tnd:ci>led i. and are In pence unit-** idheruiM 
■PdiratM. iielax N. mhown in lari i-olumni allow for all buying xviiwuft&s. j i^fTerrd pri.-»-s 
inrlude all ekpenwsy. b To+tyy'xprirrx e vichl im-sw! on idler price it Estimated »■ Tories, 1 * 
op«uns pnt-e b Dmrl tuition tree ot t : K. la.irt-. p Ptnudtr prenuumliiriirnncenlan* s Sircle 
Pl tu?i^!!d i r,tf S re<1 P"* 1 * invlntto- all -spenwx nvcepl .men! 'i commission. 

UBered price im-ludcn all expenses ti boudit ihtnidh - - - 


Net of uu mi re alined 


m all expenses tl bouclit liirnuch nxmagcrj z (Vexiou , doj-'s pnrri. 
( capital eaios unless inriiruteri by * •* fiumuev cross, s SusoeuUd. 
♦ Vieltl betnre Jersey ux. t E*-SttMlU4ioa ^ 


THE PF 
decided tc 
allocation 
Wilson ft 
number c 
•vpre coni 
paign a^ai 
Party on 

1974 Gem 
The foi 
allegation 
Inuring Ihi 
affair. Mi 
was. had 
an orehes 
himself. 1 


FtemcM Thhes 


BVTERNATIONAL 
HNANCaALBUlXETlN 

A quarterly source of fiscal, financial 
||Cvu and economic information «Uh expert 
and itnkplh review material 




FT SHARE INFORMATION 


Subscription: 

UJC/Enropcl50 per year. Elsewhere £52 per year 
(Airmail i'55 per year l 
International Ewnoime Services 
Cb uii4 . mi l I t uusc. l3£i Hcjtm Street. £ond*n VV1 R 6BJ. 
TM. No. DM37 UM Tdcfc No -*«* 

ffi Panihrnn Securities Group Lid. 


BONDS & RAILS— Cont. . 


+ cr Die. "r Red 
- Grass Yield 


BANKS & HP— Continned 

1878 I 1 1+ orf ESt f \T 

High Low | Stt* ] Price | - j Nrt |Cer|ld 


CHEMICALS, PLASTICS— Cont 


+ -"1 Sl IcMlu^lp/ElBii 9 ^ 


[+ «ri Die. rid, 
| - | Nrt (Nl ft’s, 


‘ ENGINEERING— Continued 

Hit’Ll; Stock J Price | + -f( ?£ US 






-i 1 1 v. - '* 110 .1 : .V 


11 72 

n.% I/rr 

839l^e 




Hire Purchase, etc 


303 220 
87 61 


INTERNATIONAL BANK 

as | 81 |5pc Stock 77-82 | Sli 4 | | 636 1 1113 

CORPORATION LOANS 

9lHcl 93 IBirm'harrS^pc'T'iRI 



258 157 
48 31 


162 100 
104 68 


91.6c - 


SL08 — 2.4 49 
5180 — AD 36 
92c — 2.4 21 
96c — 3.6 51 
205c — 4.8 42 
'fii (based on $£3536 per £j 


66 ** 52*2 

40 25 


LIRE PURCHASE 


13 FJ’A.CoDSt'n — 37 0.51 

60 FaircknighCons. 68d M355 

19 Feb. Inti lOp — 2&d ..... tdL7<i 

19 Da'A’IOp 26*4 ...i. tdL79 

34 Fed. Land 4c BM. 46** .... t«J 3 
21 FinlamJfllm'lOpL '36 
11 ** Francis Pkr.IOp. 21 ..... — 

40 FKwrisdJRUOjL 47 d3.95 

26 French Kiel. 36* 2 L78 

52*2 Galliford Er. 5p._ 62. -1 3.42 

25 CibhsD-rfc-AlOp 40 185 

38*2 GJeesoofliL'Wp- 39 fLB7 

48 GicBH)pW.4J._ 59rt t3 92 

69 (Jphtaoperaip- 72 536 





COMMONWEALTH & AFSICAN L 0 A 


•95^4 92 , BlAmt3 l :pc 77-50 - 
88»4 81 3 4 Do Styx Bl-82 — 
300% 9M» Ni4pc 76-78 


■9 6b 92 Da Ope 7880 93% +h 

U/-4 81% Do.7jic < iS{S_ 82 +% 

95% 89i z Sth. Africa 90m! 

70 50 SUi-Riiod^jx: 15-70 _ 54 -1 

96 75 DaSpcTBai 85 ...... 

LOANS 

Pahlic Board and Ini 

6»2 5ff 3 ttoic.WLSpc’SMB— 60* 3 

90% 8O-4 AfranTCyieTO-S; — 84 ' 2 

• 33*4 27*4 Het-Wtr.Spc'B' 27% 

154 107 U-SlLC.PpelSK. 133 

95*2 87 Da without Warrants.. 92 

Financial 

107*4 lOOK FFIBpcISBl 100* > 12.81 

110 101*2 Da 14pc 78 102% 13.73 

114i 3 102*; Da lApc'ffi 107** 15 60 

85 79% [CFiJ.iljprPeli ■8**;. 80 1* 6 89 

81*2 73^ [KJlS 4P«.’['1-.‘8I-K 74rt 845 

99 891* DiOO^pc t’n>* Ire "ft).. 93 1167 

99*4 90% Da llpc Ira Ln.TR _ 94 11.99 

101*2 90*j DallJjpct'ntL^ Hj, 95* * 1279 

71** 62*2 DaTlipcADcb. TO-H- 64'* -1* 1180 

7I*j 61 DaTtjpcADb '91S»_ 61*; ...... 1195 

64*2 72% DatoeA"9I-« 73 1260 

68 DOBSlcla. 32-37 70 15.06 13.65 


95 5 89 

S2I* +14 6.69 

1O0J-, +.'; 4.04 
93% +fg 6.45 1161 
82 9.44 1161 

90m! 10.51 13.44 

54 -1 1055 
85 — 


FOREIGN BONOS & RAILS 


1978 

l&gh Law 


+ erjDir. 9 Red 
— Grass Yield 


17 AntafKastaRIy 

33 Do.f-pc PreL 

98 Chilean Mi\ed 

350 Onnan Yna-yjpe. 
46 nreehlpr V-v. __ 
46 Do foe 21 Sab. As . _ 
40 Do-fpc Mixed Aa._ 


24. ..... 

41 

93 

411 

52 

. 50 

42 


- MSLI^L »*, 221* HAT.GmlOlC-27 bdlB 

ice ! - | Net lCw|Grs|lYE 41 21 Helical Bar 34 +1 +203 

ft 1 1 i.niq-i 9ii : /ji 7 o ^5 59 Hcncfirn.'A' 10p- 92 -l 4.43 

I .. «S ^ 13 - st "s&iSf- Jif "ga 


302 -1 tOlSe 3.3 

245 14.55 - 

025 +2 1QZ3*j% 2J 

315 thl9.49 - 

217 7.61 - 

158 +2 1023 — 

ST ft SS r 
V ar liS = 

170 747 1! 


OaTpcConv — £380 079 

HejwdffmaOp- 148 4.76 

HifijsAHill 72«l T35 

Bwerin^ham — S8 211 

Da Res. VU; —• 85 211 

Howard Shot lOp 20«c hlO 

LD.C20p_ 136 tfWJJ 


154 64 HeswdffaaOp- 

93 71 Hifipsiffill 

89 66 Horerini&ani_ 

85 55 DaRes;vta_ 
22% 12% Howard Shut lOp 
138 104 LD.Gahi— — _ 
197 125 IbstockJohnaen-i 


600 -5 tQ30c 26 

263 tU.05 3.€ 

£25% +h CK3U0 — 
342 -*■? 0328 5.7 
265 +3 9.41 — 

265 hl7J7 — 

75a! 14.85 — 

29M 016c * 

£17% QI8% _ 

W :::::: Jff n 

£21% +% Q987? 3 - 

16 — — 

£118 +V> Q18°*= - 
78 nf +5 1203 26 
6*4 - - 


tU.05 3.6 

+% CK3D0 — 1 
+■2 tl328 5.7 


.... c912D 
223 
15.41 
0.13 
.... 279 


TV ii ,r, 145 108 InlTunher 130 -1 7.15 

liifn 66% 41% J.RRofafiHgsMp- 60 ...... hI08 

Vi ^ 30 22 icua - - 25 ..... a.5i 

3.6 63 6.7 197 lfi2 JuvL „j., 162 59.61 

TV E, 123 76 JeanmySAOjO. 76 -2 +Q20c 

£7 5.8 53 2m 79 j^a,chanis. 95 ..... I® 

— I7 — 17 10 JowsEdwLIOp. 15 - 

“ 2 i - 45 31 rventiM-P'lOp— 38rt +1 226 


j.cEa 1 

JtxvL«U,l 

JennmgFSAOaO. 
lohumo-Richanis- 
Jones EdmllOp. 
KentiiLP'lOp— 


4.1 3.7110.1: ^ 
23 7 4j -8.6; -X 
0.7 10.IH20.6| 0 
3-8 5.1 6.8' 

23 d2 82; 

118 27 4.71 
15 A R7i 
17 8 9( 10.1; 134 
- * — 1 76 




£41% £14% LafcnjeSAFlOO £39% -U 0li7Pa 
226 121 iLaineUchn-.-'A-.l 207 |M5.25[ 

130 84 




-I 1 - hP 


1031 - 


9.76 

..... 4.97 


fLSSSz ttz 1 

..... R74 - 7.2 — rg 

— ?■£ -20-107 

j.44 — S3 — 

+2 t4.J8 — 6.5 _ joe 
19.23 4-Sl S3) 5.9 JS 


121 Liing Je+uJ* "A". 207 -3 
84 LaJhzzmJ.'X! 120 -3 

83 LrerateiW’i — 107 

70 U*i'fcffim>ajp.. 87 .... 

57 Ixjland Paint — 87 rt . . 

61 LiQeyFJ f 77 

61 lxBOWBnrk — 70 ... 

74 LncBiY.Ji. 213 .... 
34 JWCCnCrocir- 34 .... 

125 '.lamet f. Slhns. 140 
42% MaUif'on-Denn;. 53 . . 

84 MiidtfslHIdu>_ 106 +1 

209% MarchwieL_ 118rt ... 
73 Marie? 74 -2 

71 UanbalbiHh*- 133 -1 

57 May&Hjwell.- 80 ... 
13 Bear: Bros 16 

38 MchilleD SW . 41 -1 

73 Mej-erfMoaLLi. 91 .... 

32*; Mifbmv. 48 .... 

9 ICDer:5tani]0p 16 
52 tfivcmcrrtc . . 70 -1 
1 35 Mml Eajiccm . 50 +2 

79 MnnkiV 103 -1 

103 UwleTB.J 113tf +1 

138 Se«ar*idl£l 161 -1 


79 iNanrcrt IIoIm 


... 4178 Oi 
-1 274. ■ 2C 

4:74 2A 

h?.44 31 

. ... dO.76 U 
-l t324 IS 
+2 4274 17 
-1 3.56 51 

+1 466 2? 

-1 r«91 7.0 
. ... 4.65 33 


2.^11 fJ-59/ 76 


7.0 4 7- 150 

5 2 '5.4i 135 
- - * 38 
6.4 7.6,154 
80 6 a! 39 
3.6 13.4 : 21 
6.4 55 22 

5.1 (63' 189 

6 6 43 515 
5 1 23 8 500 

i iSfcBi- 26 


Ncfll Bri<:.3ip . 30S -2 tlL7 

'.w I«i * lm . 56 J 27 

ParV>;rTnrti*T. 112 I 608 


1175 1138 [Plineir. Timt-.T.I 146 


FINANCIAL TIMES 

BRACKEN HOl'SE. 10. CANNON STREET. LONDON EC4P 4BT 
Teles: Editorial 856341/2, 883397. Advertisements: 885033. Telegrams: Fiaantitoo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Easiness News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 

INTERNATIONAL AND BRITISH OFFICES 


172 82 Pnrtims. _ .. . 

156 107 RM». 

173 116 Re«ilan<J — .. 

% 70 Rthd-Wsll J0p 

204 94 Robert Mil. nrt 

112 80 RohasGraup ... 

33 20 Rffxlinson Ut*;- 


29*j ftoroGi'M'- |44i;»C 


151 +1 tiH 68 
137 ul -2 *586 
1M -1 425 

84 td4.57 

102 439. 

86 ...... 3.75 

30 dhdffl 


100 7.7' 16 1 * 10*2 DcwhoiSTA 10p 

7.5 79 30 Z0 DowfinctR^x 

7.6 (3 9i’ 39 19 DreairtanrllOp. 

7.1 17.0 26*2 14*: DJhiiicrjp 

b.9 113; 190 130 ESO.TTp 

83 103; £106** £92 Do».*^Crmv.8l 

5.2 5 1- 318 159 Elect'comp. lOp. 

87 39 27 17 EaeiltwurMsch. 

4 6 4.7-145 106 Dec. RcnlaL-; I4p 

7.6 57- 201* 10*2 EscrrSiw. j(ip ., 
57 62:201 142 KuruimninLlup 

7 2 'Z7<h; 430 1 86 F;.rwll Fltr 31p 

8 1 6 2 93 68 Fidelity Rad lOp 

4 4 iSS7> 145 97 Fonord Terh 

4 7 65; 340 233 U fir, 

64 BJ; 49 21 HirWmdFJ.3nji 

4.0 81 101 S2 Junes Suomi— 

8.1 io6'i 153 77 KodelnL 

64 87il25 93 LaurenreScflU. 

6 512 6-37 64 ]>>cRcfn<' 


EDITORIAL OFFICES 

Afrcterdani: P.O. Box 1208. Amsterdjm-C. 

T«le* 12171 Tel: 240 £B5 
BlnaSnahom: Geome House. George Road. 
» Tele* 33SESO Tel: C2S-J54 0922 
Bonn: Presihaus ’.J-'IO? Heussallce 2-10. 

Teles 8869642 Tel: 210039 
BruMll: 39 Rue Dvicale 

Tele* 23283 Tel: 512-9037 
Ca-.ro: P O. Eos 2040. 

Tel: 938510 

Dublin: 8 FitswIUiam Pcjuara. 

Telex 5414 Tci. 785321 
Edinburgh: 37 Ceorsc Street. 

Teiex: 72434 Tel: 031-226 4120 
[ Frank! nrt; lm Sachsen la rnr 13. 

J Telex: 41*2163 Tel: 53.^0 
t JahHnncshnnt: P.O. Dot 2128 
t TelM 8-C157 Tel: SSS-754.‘. 
k Lisbon: Praca da Ale^na 58-ID. Lisbon £ 
F Teltx 12533 Tel 362 S08 
f Vadrid: Espronccaa 32. Madrid £ 

Tel: 441 6772 

ADVERTISEMENT OFFICES 

Sinoindham: George Hctiw, George Road. 

TdCS 338650 Tel 021-454 0322 
Edinburgh: 37 G force Street. 

Telex T24W Tel: 031-226 4139 
; Fnmkfurt: lm SachsenLi^BT IX 
| Tele* 16263 Tel 554687 
j Leeds* Permanent House, The Headrow. 
^ Tel 0332 454S60 


Manchester* Queen’s Hru-re. Queen Street. 

Telex 686813 Tel: 081-834 8381 
Moscow Sadovo-SamoiechnarB 12-34. ApL 13. 

Telex 7800 Tel: 200 2743 
New York: 75 Rockefeller Flora. S.Y. 10019. 

Telex 66300 T..9 .TI2i 541 4«3 
Paris: 38 Rue du Scalier. 7 SMB. 

Telex 230044 Tel: 23G5748 
Rio de Janeiro: Avenida Pres. Ya^tu 418-10. 

Tel: 253 4348 

Rome: Via della Mrrccdc 55. 

Telex 61032 Tel: 675 3314 

Stockholm: t o Sveeska D 37 blade t, Raalambsvagea 7. 

Telex J7603 Tel 50 60 OS 
Tehran- P.O. Box 11-1673 
Telex SIMM Tel: 6820B 
Tnk>i). »h Floor, Vihon Keirai Shnnbun 
Building. I S- 5 0:emacbi. Cbiyoda-ku. 

Telex J 27104 Tel: 241 2020 
tToshineton- 2nd Floor. 1325 E. Street. 

N.lV, Wa-.hmctne Uf. WOW 
Telex 4W340 Tel: tSEl 347 867B 


Manchester Queen's nonce. Queen Street 
Telex 666813 Tel Q61-SS4 SHJ 
Sew York: 75 Rockefeller Tiara. ST. 10029 
Telex 23S409 Tel .212. 483 8300 
Pans* 36 Rue du Senlier. 75002. 

Telex 220044 Tel: 236.8601 
Tofcro: Ka?-"ihjra Building. !-6-:0 I'ehlkanda. 
Ghijoda-ku. Telex S 271W TeL 235 4050 


48 50 Rubencd 43 

90 66 RjileRCcawm 73 

Z88 135 SGBiitmn 172 

40 31*2 53faiilliireriflp. 3 6 
50 30'* ShjrpeA Fiifier. 46 
55 40 SuBTti J.) 10p_ 42 

30i 2 6 Southern coo.5p 10 

38 20 StreeierslOp^, 24 

174 124 Tarmac 3)p 142 

474 330 TavlorWoodrott. 405 
318 233 .nfavCteC... 2% 
194 129 Travi^t.-Vnold. 183 

314 225 TuimelDSOp 293 

77*» 64 l‘B'J6i"ir 74' 

38 24 Vreis-Simie Hip 38 


43m t229 

73 1-1 U3.% 


36uJ -ij 71A5 


64 87il25 93 LaimnreSnftt. 

6 512 5. 87 64 ]ecRcfn<| 

3.1 7 9:243 137 MK.E3erTnc 

5 1 12.4! D5 £28% MetWO(aS3 

30103:228 156 Mulrhead 

7.810.8- 97 671* Newman 1 mi. 

4.6J 8J.2SD 153 Ne*TrarkLralv. 

6.9 «.4l SO 39 NonnaodEL20p. 

62 8 9; £107 £69 Perkin Etaa-hr- 

7.2 5.0 145 73^4 r-abow HWg fop 122 

- — '! £58*2 £52** Philips Fin SV* £54** 
'0.7 421 £10*4 710 Philip: LaFlO- 900 

.03 80'112 84 PifuiHlc£s,SOp. 100 


ITOMtal 200 


32 Tart ilidi't lor 
35 v.am.irtfTi L 


»* riZ6£ 


95 V-FifWake. _ 3 22 it! 
30 v7e*ihn>v iTcd;. to 

56 Heqeri "sre. 871- 

40 Vhallia^^in ... 40 * 

28 RTafshn 37 

22 ttiKtss'.iin. ;»i|, 35:* 

99 , A'ilvA.i'(<:.nDil--i 144 " 
63 Wubpeyiiittji-l. 76 


-2 3.18 1' 

*li2E4 3, 

-1 152. ? 


1529 0 7j 92 827J 42 33 

-1 261 3 ff 9.7 5.1 156 111 

2 01 4.3j 4 1 6 9 400 308 

.... 1.66 25\ 7.0 85 80 U 

i-l td2-54 lo!ll 2 6 5 71177 33 


h\ 0.69 Ul 


CHEJHCALS, PLASTICS 


Hl-’i 600 AK20 £1QJ. 4-I. __ 

302 240 Alfi rate Inds 240 -5 MUT 

14a 84 .4I:H.iraci J«jj_ 138 46.42 

90 61 All dl'olWd nip 72 170 

,60 \1unorn1m _ 7i w +1 r<i4-2 
£!£ fiS 2 8.r cr AC DM50. £54 +1, 

2i5 122 Bla^lea i\0Dk« . 246 flZl 

-213 134 Brent Cbec? Jwp 197 .. . IDJi 

31 19 EnLHcnreUftp, 28 1 * .J!. 0.6 

*66 45 Bn! TarPrd, ite 53 ' J2.12 

l«’a 301* BcrreilSj. , ift, fa? 
41 27 34 f 93 

«? 4i fcttf&j 43 290 

£95 £37 CdaGi-r^iLn £9 i ' ” qt\ 

£99 £86*j DaeVnB! W £56** . . Off: 
£981* £861* Dug'./’j" m'.tCffi £861* Q8'*° 

SI 64 CnaiiK^cm 74 ‘ 4-1 2.82 

79 59 CnaiKBw 76 -1 42 36 

78 57 m-.vv.-_... 73 -1 t236 

27 19 Cur. ••(nrj.'e'Sn 19 MO 7! 

65 40*2 rteda 1st !»p Mn -** *7 22 


0cer*oi5 adrerrisraent representativee in 
Central anfi South America. Africa, the Middle East, Asia and the Far East 
Foe furl her detail--., plea e c>*nUF-t. 

/ Ch-ersea5 Adverliscnurnt Depart men I. 

Financial Times, Bracken House. 10. Cannon Street, London EC4P 4BT 


33ij j 50*2 (Orwrild. DdU-.l 


76 -1 t236 
73 -1 t256 
19 . . MO. 75 
M«t -J* fZ-22 
33t* +C* - 

32 .... ffl.67 
« -i ro3 


282 47 

t2.36 3G 
12.36 3.8 
M0.fi 5-3 
t222 3.1 


SUBSCRIPTIONS 

Cenia ebtmnabla from newaffcnls **ad boakrL-tlln vorldwlde or or. regular wbwriptioR from 
Subscriplion Dcpartftieni, l inansi.il Times. London 


■40 16 irvfcUatesp . „ 32 * . . ' ffl.67 54 

]li: ; 69 Hlrt A F.’-crsrd.. l«j _i f03 Lfl 

65 42 Eralon Pli-ju. 65« 4 58 20 

75 36 Fcnn Fc«l 70 nil 67 -6 

394 325 FiiOtisLI 320 -1" 113.W 31 

27 13-lj HaKcJih'ilOp. 25*3 0.8 <6 


1234 156 


.»aoiSCp.|2J8 


-1 tlJ.W 3 L fa 0 

0.8 <6 4.8 

— ThiSli 7.7 U 



Z3j 9.6 109 84 Do.’A'aip 96 

10J 5 8 125 87 PJeawyat'ip*. 120 

32 7.8 105 591* PrrparlOp 102 

5.6 81 114 82 Pyc HWcs. 86 

9 0 9.3 362 196 ISral Hertnm _ 330 
5.9 8 7 104 8b Rt*Mu.‘toii._.- % 

8fi 9 6 55 40 RriaflcxiiP. IfTp 40 

10 4 <131.295 253 5cte>liaiGH»_„ 290 
8fa 184,740 456 Smrei’oY58_. _ 517 


33 Smii»ift|lf-Ti.r.p. 
35 Ti'MiisInn jp 
33 iHi ’l NV5p... 
,11 Tele Rentals. 


iK-m Ek*l 372 


30 20* 

65 42 

24 14 

T- 240 122 

It,™ i*. 


52 Th'rpc I-’ ft', llhif 80 
33 I'liiterli lOp _ 164 
160 l'ldSciwitinr._ 329 

53 Hurt 6 Gold ... 98 
20'2 AdltoWkk 3p. 27 
42 ft'cdin-.'huuvc ... 61 
V VhilnunhRl ip 22a 


srnlcalcHit20pJ 222 


170 3 2\ 35133 

Td*.22 2 4 8.fl 55 ■ , 

ffii ll f*R ENGI 

*?/ H |K 8 MACH 

a® a a Mae 

0.93 3^4.1 54 138 104 AciowZII “ 

2.90 T9{10.ll 8.0 111 68 LV.V 

is: - 310 225 

f9.y- 165 148 


ENGINEERING 
MACHINE TOOLS 


* f9.y - 165 

* J ns- 65 


iSIg 105 Ar.EXarhiwtjJ U0 

l a 3' 258 180 APT. On 1. 227 

on ^ 132 b! 

8 0 Hi J 8 Pw-'-V 99xd 

— 225 Aitec* i^rep .. 305 

— 165 148 Aloe Alunrinatn. 156 
— • . 65 4b AlluniEiBjIlour 

57) K«4 33*j Alien « «... 

8 5 17.. 108 Ann! Iturer 

82 71 58 Anriin. S'r!idr_ 

I? ill *** Anrln.Swi'S. — 

7.1 146 111 .AshA-Lan. .... 

“ 5‘* A*-*.Bntish l?*p 

\&2 tttaliidl I0p... 

5 5 190 79 Aumni ill-fc. ... 

Au-aiRiJawsi... 
i'-wys 

f. nJ 107 I'JtKudc&W ; 


115 42 

147 142 


aus s 

35 
95 
157 
84 
76 
264 

4.7UI 200 
M 8- 4 170 

2.9 12L3 86 
38 9.3 159 

4.9 8.1 33 
2.« 9.8 S3 52*3 
U 11.7 |6 2t 61 K 
3 3 7.6 4^ 66 

5.4 5 A 3 if 9b 
2.8 51 179> 60 

- - — 52’ 
24 7.1 8.9153 

— — * 152 

1.0 9.6 16.2 125 

3.4 6 6 6.8 Ifai* 
38 90 411 J5 
21 85 8§ 78 

3.0 50 10.3 14 


,44* l&akn'IHJ— - 


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' - ' A 


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?‘f-* v " ~'X , 

' r 'b ^ ‘H 

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if~ ftetrrcfaTTrmes October 20 1S7B 

" IZ^USTEiAI^—Coiitinu^d - INSURANGE— Continued 


4T 


.1378 'I 
.JSji Ldr! 


ftftel — 


\-i 


i-iy i 

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*-L> 'v. 


Seek 

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For I^-inh Ints. see Chemicals 


WSSIp/eI 


IBS' I 
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PROPERTY— Continued 


Slade 


2.CJ fi.«121 Z15 
2.3 7.71 99 2|g 

2.3 4dI62 <£ 
1910.6 hi ?72 
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P-MAir - 

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PhiDips Patents. 
PMo-Ker 
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PlaSM Court, Wp J 
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183 
176 
55 
228 
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140 
140 
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144 
345 
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105 
554 
103 
886 
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140 


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SHIPBUILDERS, REPAIRERS 


M 160 

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Reardon Steam