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FINANCIAL TIMES 


No. 27,693 


Monday October 23 1978 




**15p 


<&> 

397. S 



PAAD SURVEYORS VALUERS AND 

AUCTIONEERS OF REAL ESTATE 


H-iecley & 


Established 1820 in London 
29 St George Street. Hanover Square, 
London W1A38G 01-629 9292 

CITY OF L0KD0K ITS OLD 5305D STREET 
LQKD0WEC2NIAR Cl-i 


new 



Vauxhall 

strike 

threat 

grows 


O VAUXHALL MOTORS skilled 
worker:, in iis Ellesmere.. Port 
factory have voted to join 3,000 
;:ssfc5ubly workers in strike-action 
from Wednesday if the company 
does not imprirc its pay offer. 
A mass meeting of AUEW 
inemhers at the Merseyside plant 
supported the strike Threat by 
about two-to-one. ' 

Today -5,500 workers at 
Dunstable will vote and 13.000 
at Luton tomorrow, where there 
have been clashes between anti* 
strike demonstrators and sup- 
porters of strike action. 

Meanwhile at Ford., senior 
union negotiators meet the com- 
pany today lor “ exploratory 
talks” c«n the month-old stop- 
page. The effects of the strike 
are Ijcin^ felt at other European 
plants, and Ford Nederland will 
put IL’OU workers at its Amster- 
'ope urged his followers io work dam factory on short time from 


John Paul |£ was formally 

nsfalled yesterday as leader of 
he world's TlUlm Roman 
Catholics. He becomes the first 
ion- Italian pontiff for more than 
50 years. 

t vociferous contingent i.f 
’oles, many of them in national 
ostume. watched the ceremony 
or the former Archbishop of 
iacow. The anausurul mass in 
■t Peter’s: Square was attended 
y more than 200.000 people, in- 
lurting about 120 foreign del- 
ation f. 

Among them was Dr. Donald 
loggai), Archbishop of Cunrer- 
ury, who is the first leader of 
he Anglican community to 
trend such a ceremony. 

During his address. Lhe new 


open up the frontiers of stales. 
' - eonomic and political systems 
ed fc the vast fields of culture, 
ivilisation and development." 
age 2 


today: because of shortage of 
components from Britain. Baek 
page 

Q BRITISH CONSUMERS “have 
become more worried that union 
pjv demands will push up the 
inflation rate, according' to the 
latest Financial Times -survey of 

5 


no 


3 ortug:af move 

resident Ramalhd Eanes is . 

■ xpected to name a new Portu- consumer confidence. Page 
- ueso Prime Minister in an ri _ 9 

Itempt to settle the two-month- SfPPl-lKPTN 
-Id government crisis and avert U ‘ H1 ' 5 • 

■■ arly elections. Page 2 ... M . 

price move . . 

election ban • UK STEEL-USERS are 

Ir. Oemga Odinaa. former longer prepared to pay EEC 
enyan vice-prcsirtetiL has heen minimum prices for steel, while 
arced from landing as chair- Pnce-curting is widespread ‘in 
, lan of the Kanu Party in the Europe. BSC, which -oefupu- 
arty elections on October 2S. lously maintains pnees at: levels 
age 2 set down by the EEC Davignon 

' plan, is. finding its pos^tina : as 

tfiknuan fVa&d .supplier of over half . the jjfK: 

<rllKO>an QieS . gj_t.pl requirements Increasingly 

onner Soviet President Anastat eroded by cheap imports^ Qt 
likoyac. the only Old Bolshe- European steel. Backpage 1 - 


PEACE PLAN GOES TO EGYPT AND ISRAEL FOR APPROVAL ' 

Mideast treaty breakthro 

BY DAVID BUCHAN, WASHINGTON, Oct. 22 

A ‘ -DRAFT peace treaty, covering experts are to meet for talks nn that the terms of an Egyptian- ment between Israel j»aa all of and that an agreement could be man s.ud that niosi military 
all main issues in dispute, has Egypt's agreement in principle Israeli peace treaty should be its Arab neighbours. 



brer referred back to the Egypt- to sell oil to Israel from the implemented within two to three 
lan and Israeli Governments for Israeli-developed oilfields in the years of its signature, 
final approval, the Stale Depart- Sinai. 

merit announced Today after ten Thp kcv issUl? nf lho ...... ... 

days of negotiations between be . ween ncaic treaty -uvrrn- supported by the Sluti- 

Ministers of both countries here. ,i»S-that the draft im 

The surprise breaklhrough. plan negotiated at Camp David 
which followed gloomy prognosti. last month for eventual 
cations late last week, was autonomy fur Palestinians on the 
credited by both Egyptian aotl 

Israeli officials to President the Strip is one 

Carter, who intervened per- agreed on. 
sonaljy in the talks three times. u s ol fi c j als would give no 
It was the U.S. that at the deal Is on the nature of the agree- 

ment tentatively reached. 

Also agreed are the timetable 


This would reached soon. They ascribed this Issues wore already settled, 
include progress on the West to the mediation by Mr. Carter. The two Ministers said that 
Bank and the Gaza Strip, where The main concern of the Cabi- the Egyptians genuinely v.anted 


Egyptian officio!;: hero have the Israeli undertaking to allow net when it meets tomorrow, and to reach an agreement, and 

given the firm impression — one Palestinians limited autonomy possibly on Tuesday, will be the stres-vd that there h.id been nu 

Depart- f°r a five-year transitional linkage, if any. ho tween the attempt by tiie Egyptian* to 

treaty is in period, has found almost no treaty ami negotiations on the evade or alter the Camp David 

its final form. Israeli sources Arab support outside Egypt. future of the West Bank and agreement, 
warn, however, that their Cabinet American appeals to Jordan Gaza Strip. In Jerusalem Air. Harold 

in Jerusalem migh want to nuke and Palestinians to join in talks A number of Ministers are ■Saundei?. the l : .S. Assistant 

Egyptian aotl West Bank or the Jordan and in certain changes before ratifying on the West Bank have so far opposed to any linkage, however Secretary nf Stale, met Mr. 

problem il - failed to win their participation, loose. Some members of the Vigael Yadm. Israeli Deputy 

The oil talks that will open U.S. officials say that, even with National Religious Party, the Prime Minister, this morning, 

here this week will centre on bow an Egyplian-Israeli peace treaty second largest in the coal/lion. Ml - Vadin told Mr. Saunders 
much oil Egypt i, willing to sell almost in the bag. the hardest have threatened to resign if ,1,e his visit and 

Israel from the S'.nai oilfields, obstacles to an overall settlement 
These were developed almost still lie ahead. 

, . 1 , ^ from scratch by rhe Israelis dur- David Lennou writes from Tel 

iS'!, ,heir five-v^ir occupation of A\iv: The leaders of the Israeli 

the area and Israel is anxious to delegation to the Washington 

recoup some nf its investment peace talks with Egypt arrived called from Washington afier a 

through some assurance of cod- home today with the draft peace Cabinet meeting on Friday which 

tinned supplies. treaty which they will present ruled that a first-hand report was 

... . , ... ...... Israel is heavily dependent for to the Cabinet for approval to- needed to enable the Government 

j . peace talks ately, while the rest nf the A rah j|s Di | Sports r. in the non-Arab morrow night. to decide its stance on the un- 

?hr«„ dUt . t0 - , sumc J n t V° or i l ' nrld , Ls stin hos ,“ ! ‘ 1 10 lhe Camp State of Iran. Both Mr. Moshe Divan the resolved issues. 

thTKh tin? dPt-il? 1 i-n L|,!2 Daw,d a5re J f, " ents - The President made it clear Foreign Minister, and Mr. Ezer Mr. Djyan express'd consider- 

/ : L 0U * u d ^ tails s Dll in dispute Again, U.S. oflicials v.ould a t the start of the Egyptian- Weizman. the Defence Minister, able optimism on his arrival in 

ut. shed no light on how these prnb- Israeli talks lhat a peace treaty were optimistic on their arrival Israel, and ->aid that the sides 

Jems haa been resolved. would only be a first step towards that substantial progress had had drawn closer, thanks to Mr. 

oil Jt was agreed at Camp David an overall Middle East settle- heen made jn the negotiations Carter's intervention. .Mr. U’eLz- 


atari uf the talks produced a draft 
treaty and then an amoniled 
version last. week. 

•No date has been tentatively 
set for signing the treaty, which 
will bf closely serutinised in 
Cairo and Jerusalem, the State 
Department spokesman said. 

The Washington 


fn 'the three annexes to 
attached tu the treaty. 
Egyptian and Israeli 


from Sinai, and the pace at v.nich 
Egypt will move to recognise 
Israel diplomatically. 

Cairo hjs heen loth to give 
Israel full recognition immedi- 


implcmentation is nude depen- 
dent on progress toward a solu- 
tion of the West Ban ^Palesti- 
nian issue. 

The Israeli Ministers were re- 


ihe contents of the messages he 
brought on the West Eank 
Pulcstiman issue did nothing to 
contribute in the peace process. 

This Israeli rebuff was the 
latest in a series suffered by Mr. 
Saunders. On Friday only nine 
of the -15 invited West Bank and 
Gaza Strip leaders and notables 
attended a meeting with him. 

He failed to persuade even 
these few pro-Jordanian Pales- 
tinians That it was :n liieir best 
interest to join in the peace 
negotiations. 

Editorial Comment. Pa.gr 14 


Nkomo condemns talks 
in attack on Smith 


BY MICHAEL HOLMAN 


LUSAKA, fjc.t 22. 


PROSPECTS for an all-party accurate account of lhe Rhodes- Nkomo’s guerrillas i n Zambia a 
Rhodesian conference were ian attacks. total of 12 guerrilla bases were 

washed by guerrilla leader Mr. Unconfirmed reports suggest destroyed and upwards of 1,500 
Joshua Nkomo today when, for There have been further attacks guerrillas killed, as well as at 
the secood time in two days, he in the Siavonga area near the least 200 guerrillg casualties in 
denounced it and delivered his eastern end of Lake Kariba. Thursday’s lightning strike 

most bitter attack to date on There is mounting evidence against a camp near Lusaka. 

Mr. laa Smith. Lhat the Zimbabwe African Reports, in Salisbury said the 

People’*, Union centre 12 mites raids had four main objectives: 
from Lusaka, bombed on Thurs- To inflict hea«> guerrilla losses 
day morning, was 

batant camp. At today’s con- before the rainy next month. 
Kenneth Kaunda of Zambia, who Terence Mr. Nkomo dismissed To boost flagging morale in 
hns mM Mr Nborrm -,t nnrf» Rhnripfiian i-l.iimc nf ni^^civo Rhodesia and (Unionstrale t'J the 


It is thought unlikely Thai 
Mr. Nkomo would have taken 
such a stance without the know- 
ledge and consent of President 


U.K. decision on European 
monetary system delayed 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE GOVERNMENT may not be issue. The opponents include nnt likely to be questioned by the 
able to reach a final decision only strong anti-Marketeers such all-parly expenditure committee. 


on whether the UK should join as Mr. Peter Shore and Mr. 
the proposed European Monetary Anthony Wedgwood Benn. but 
System until just before the key also a right-winger like Mr. 
summit of EEC Government Edmund Dell. Trade Secretary, 
heads in Brussels in early The strongest enthusiast for 
December. the proposals is Mr. Harold 

This delay has become likely Lever. Chancellor or the Duchy 

a non coni- and disrupt operational control' in view of Lhe long, drawn-out of Lancaster. He is supported by economic policy committee but 

talks between Finance Ministers. Mrs. Shirley Williams, Education by a narrower special eom- 

There are still major differences Secretary, although she has mi t tee. The membership of this 
within the EEC on key issues reservations depending on the has been determined l»> Mr. 

number of 
opponents of the 
Peter Shore 


It has now become dear that 
Mr. Callaghan has used his 
control over the Cahinet machi- 
nery io influence the nature of 
lhe discussion. Thus the mone- 
tary scheme is being considered 
not by the Cabi net’s broad-based 


tfr-.tafder- tu -surrive ihe Stalin 
urges, has died,, aged S2.' Tass 
-ported that the Armenian poli- 
cian died’ after "a grave and 
mg' illness." 

3ond sales peak 

'remitim Bond sales hit a 22- 
ear peak last month as buyers 
ink advantage of an increase in 
he maximum holding from 
2,000 to £3.000. Total . sales 
f £27. 5m were more than double 
ecent- monthly figures. -The 
/eekly £50.000 prize went to 


®U-S. TREASURY has launched 
its first steel dumping investiga- 
tions based on information' c6J 
let-led through the trigger price 
system which came into effect in 
May. The cases involve 1 ’ com 
pani&s in Spain, Taiwan and 
Poland. Page 2 

9 NCB first half-year’s results 
hhow that productivity: in the coal 
industry is rising, and production 
from the Board's deep mines 
though still falling, shows signs 
of~ an ' upturn. ; Increases in 
-output per man-shift are 


• ■ 

- . t V 


rii- 




•mkio° holder of bond 13PJ5 expected to lead io real rises in 

production in the second half of 
the financial year. Page 4 

rwo-tier plan Q building industry orders 

‘he official Ulster Unionist Party for August rose by £S5m to 
» to press for establishment of £S13m, according to provisional 
regional council in Ulster to Department of the Environment 
^ct as an upper tier to the figures. New orders in the June 
resent local government system, to August quarter, at 1975 prices, 

were 2 per cent higher than in 
the previous three- months. But 
a report published today warns 
that the apparent recovery is 
both lopsided and by no means 
as strong as the figures suggest 
Page 4 


^ floods request 

itt ndia's West Bengal •‘•tale has 
ought aid worth foUOm from 
entral government - to help 
ghabtUtaie 35m people affected 
y the recent liciuds. 


^5ign of Times 

leaders of The Times arc the 
.a lion's top drinker - :, says tem- 
erance leader the Rev. (L 
’hompson Brake- He claims that 
gures supplied by Lhe paper 
how that 96.4 per cent of its 
paders take alcohol and more 
•jau 25 per cent have a drink 
very day. 

Irief ly - - - 


9 BP did not finally cut its 
indirect links with the supply of 
oil products to Rhodesia until 
shortly before the publication 
of the Bingham report, senior 
EP executives have found out- 
Back Page 

9 EUROPEAN Parliament meets 
in Luxembourg today for a tbree- 
day session to consider the 
£S.692bn draft Community Bud 
get for 1979- Considerable 
criticism of the proposals has 
already been made by lead- 
ing European Parliamentarians 
Page 2 


lie pumping operation to 
eraovc crude oil from the 
rippled Greek tanker Christos 
iitas is completed. -Page 4 

isirid Lingren, Swedish author wee]aD shiM^ner Mr Hilmar 

[ *v sai 

lax evasion and exchange control 


• NORWAY'S director of public 
prosecutions is to. decide soon 
whether io prosecute the Nor- 


hildren’s books, has won the 
Vest German book trade’s peace 
■rize. 

lolling Stone Keith Richards 
:oes on trial in Toronto today on 
trugs charges. 

Whitehall has launched special 


violations made against him in a 
Bergen court over two years ago. 
Back Page 

• DUNBEE-COMBEX-MARX in- 
stitutional shareholders may seek 
a meeting with the company 


‘kill a bug" courses for hospital fo u ow j ns ° t h e group’s £2.96m 


•iaff fighting pests immune to 
lormal pesticides. 

«ew Delhi slumdwellcrs invaded 
he government-owned Ashoka 
folel and made speeches against 
uxury living and wasteful 
;ovi.*rnment spending. 


first-half loss announced last 
week. Concern lias also been 
expressed in the City about the 
sharp fall in Dun bee’s share 
price in the three weeks before 

the interim, result?. 

Back Page 


CONTENTS OF TODAY'S ISSUE 


Overseas news 2 

World trade news 3 

Home news— general ...... 4 

— labour 5 

Technical page 

Management page U 


Arts page 12 

Leader page 14 

UK companies 32 

Internationa) companies... 33 

Foreign exchanges 33 

Mining notebook 34 


Problems before 

joins the EMS — 14 

By-election test for the PflFs 
pay norm 31 


FEATURES 

the UK Week in the cou rts 12 

FT SURVEYS 

Offshore expertise 37-42 

Office equipment 15-30 


\HWrtfltlTHStt 3 

falMing KM» . ... 

Jusuratnnan's Diary 

h-attword 

Enlenainmani Ci'idt 
-Inane 1*1 Diary . . 

asuntnee « 

jiuu. capital mkts. 

Letters 

Lw - - 


5 

Lam bird ........ 

12 

8 

Men and Mailers ... 

14 


Pad>»>KM Dtiry . . 

4 


Share liifannaiiei} ... 

44-45 

.5 

Sport 

12 

33 

Today’s Events 

31 

35 

TV and Radio 

12 

31 

Unit Trusts - 

Jfr 

45 

Weather 

45 


Base Landing Rues 33 

PROSPECTU5 
Arpdfffe HnhUngs ... fr&7 
Comment pane 32 

INTERIM STATEMENTS 
Composole Ban cake 33 
F. J. C LHter X 


For latest Shore index ’ptwne-Qi-246 8036 , 



yesterday, Mr: Nkomo promised a training centre for women. VL .„’ . . - BhnnTino 

to * shoot it out— 1 Us the only Courses included police work. lsSSUS 

language -we .can talk to them." social welfare and medicine. He Rhode ^ ia Vlsc0llQt; 

-Today he described Mr. Smith produced two survivors- of the " To srp _ n ', hpn Smith .* ba r- 
as “ a beast, a brute, a criminal, raid there, both women whom he gaining hand fn^ all-party talks. 

- questioned before newsmen. Ra di 0 Rhodesia broadcast 

_ . . excerpts tonight of an exchange 

i>l a 2est attack between Rhodesian bombers and! 


a thief. 

He. said: “The only talking we 
shall have is for Britain to hand 
back our country uncondition- 
ally." 

He did not unequivocally 
refuse to countenance the 


Editorial comment in 
Zambian Press has called 


Lusaka control tower, 
the Tho Rhodesian airman, code* 
for named Green Leader, was heard 


prospect OF Mr. Smith and the »atinn»‘ unity and restraint telling Lusaka control that 
other Internal leaders -.rtendine Mr- Kaunda will break his four- Rhodesian aircraft would attack 
a conference as members of lhe day silence tomorrow with a the “ terrorist ” base at West- 
British delegation, a device Press conference, preceded by a lands Varm, 20 kilometres north 
canvassed before, but there briefing for the Diplomatic Corps, of Lusaka, 
appears little likelihood that Tony Hawkins writes from “We have no quarrel with 
Mr. Smith would accept this. Salisbury: Rhodesian officials Zambia, nor the Zambian 

It remains difficult for journa- were confident today lhat the security Torcos," he said, “We 

lists, not allowed to visit the raids “more than achieved” ask you not to intervene.” He 

scenes of the raids or inspect their objectives without endan- warned that he was orbiting 

wreckage of the nine planes gering an all-party conference. Lusaka, and Rhodesian aircraft 
which Mr. Nkomo 'says were shot Salisbury said that in :ts would shoot down any military 
down, to piece together an biggest-yet attack against Mr. aircraft that tried to take off. 


Power workers say 4 no chance’ 
of 5% limit in new pay claim 


_ . . control over the 

A later decision would also outcome of the talks. In White- membership of a special Cabinet 
suit Mr. .Tames Callaghan, who hall, it is generally expected committee .vas used to influence 
has wanted to avoid commit- that this group, and prnuahiy reviews nf the Official Secrets 
meats of principle for as long the rest of the Cabinet will Art ;:nu of rhe structure or 

as possible because of the dlvi- eventually follow whaiever lead uro:id casting 

sions within the Labour Party is given by Mr. Callaghan and Last v.eek\ meetings of 
and the Cabinet. Mr. Denis Healey. Finance Mimsiers in Luxem- 

These will be highlighted boure and the Anglo-German 

today when the Prime Minister Right terms summit in Bonn left few issues 

faces firm opposition to UK ..... , resolved. 

participation at a joint meeting The Prune Minister has until The Common Market economic 
of the Cahinet and the Labour now beef ! committed in principle policy committee of officials 1 = 
Party national executive com- to participation, though hmh he due io meet on Thursday and Fri- 
mittee. the Chancellor have recently day to consider u crucial question 

Anti-Marketeers, who dominate been trying io defuse criticism for the UK. It i< whether Lhe 
the national executive, expressed by explaining that the decision transfer of resources within the 
their hostility to the scheme in will depend on the right terms. Community can be unproved, 
an emergency resolution to the Mr. Healey's speech to the notably by reforming tho Corn- 

Labour Party Conference earlier bankers’ dinner last Thursday in on Agricultural Policy and 

this month,’ but it was not was a clear attempt to allay changing the Budgetary mech- 

debated. CiQ’ snd market tears abnui the anism.. 

The Prime Minister also faces Government’s monetary and anti- The outcome is unlikely tn hi? 

opposition within bis own Gov- inflation policies if the UK dues clear until towards the end of 

eminent He blocked an attempt not join. November, 

by anti-EEC Ministers to raise The Prime Minister will find ii The monetary committee of 
the issue at a full Cabinet meet- increasingly hard to keep ins officials is also due to meet soon 
ing earlier ibis month. There options open in the face iF ti» try to work out a compromise 
may, however, be a preliminary possibly decisive pnlitical pres- between various interpolations 
discussion ai a meeting of the sures when Parliament rciurii* rt r how lhe monetary system 
full Cabinet later this week. fully next monih. since a C-i.n- would operate. _ 

Informal talks between Minis- mons debate has been promised Problems of joining the EMS. 
tens have shown a split on lhe and Ministers and officials arc Page 4 


BY CHRISTIAN TYLER, LABOUR EDITOR 


demands yesterday, warning tbat 
there was “no chance” of the 
Government's 5 per cent 
being acceptable.- 
The claim, agreed by 54 
stewards in Doncaster, is un- 
official. But it is a reminder that 


SHOP STEWARDS of electricity pbastS of its attack on inflation committee is asking for a " sub- 
supply workers set out their pay away from pay and on to prices stantul increase" in basic rates 

However, last night Mr. Terry from March, a 35-hour week, 
Duffy, incoming president of the optional retirement at 60, and 
limit Engineering Union and one of concessionary electricity. The 
the six TUC leaders involved, official claim on behalf of the 
said he was confident that a 90.000 workers is not expected to 
formula would be found. go in till after Christmas. 

.. if we can get concrete A spokesman for the stewards 

the Government may race opposi- assurances from tho Government said: “ Wc arc making no threats 
tion to its policy from power — as 1 think we will — to move about power cuts this winter at 
workers, as well as the miners — away from the rigidity oF the 5 this stage. However, we would 
who are claiming 40 per cent — per cent and put the emphasis on have no- alternative to recoin- 
and the local authority manual prices, then we can find some mc-ndiny industrial action if we 
workers who will have their 40 formula to stop inflation shoot- d0 n °t «rt 3 decent increase, 
per cent demand rejected next ing up again." No way are wc going to accept 

week. • .He said the TUC should under- 5 P«r cenl ” 

The attempt to forestall a clash take to make recommendations M*- David Basnett, of the 
with these powerful groups will on pay as its part of the bargain. General and Municipal Workers 
resume tomorrow when TUC The same appeal for a lead Union, and another of the six 
leaders meet Ministers again for from the TUC came from Mr. who will he at Tuesday’s meeting 
talks about a new “ understand- Frank Chappie, of the Electri- with Ministers, yesterday 
ing’’ that might replace strict dans. But he predicted that if developed the other strand of the 
application of the 5 per cent the 5 per cent was offered to his alternative strategy that the TUC 
limit. power worker members there is demanding of the Government. 

Although Ministers are anxious were bound to be “ outbreaks He said the TUC should press 
to secure lhat agreemenL if of trouble." , for changes ia lhe law to help 

possible, before the Queen’s However, if the policy held — the low-paid following the 
Speech early next month, there especially with public service Government’s refusal to inter- 
ims been little sign yet of any workers — there were many in the vene in wage council settlements 

-rrin — *u.., industry who were saying they lhal had left workers below the 

would accept it too. Government's own low pay 

The unofficial shop stewards criterion. 


TUC. concession that would be 
large enough to permit the 
Government to switch the cm- 



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Sony allowed to join CBI 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


SONY TJK, the Japanese-owned 
television manufacturer, has 
been admitted -as a member of 
the Confederation of British 
Industry after a period of exclu- 
sion from indnstry’s main repre* 
sentational bodies. 

It is the first large Japanese- 
owned company to join the CBI 
and its admission could prove 
something of a watershed in 
relationships between the 
Japanese and other big com- 
panies and institutions in 
Britain. 

We see membership of the 
CBI as a sign of recognition 
that we are part of British 
industry,” Mr. Eric Bean, a 
senior executive of the com-; 


pany, said last night. 

“ Now we must show that we 
are also fully paid-up members 
of the UK electronics industry 
as well." 

The first chance for the com- 
pany to test reaction to its 
ambitions will come in two 
weeks' time, when Mr. Bean, 
with Mr. Bill Fulton, Sony UK’s 
managing director, attend the 
confederation's annual con. 
ference in Brighton. Mr. Fulton, 
who is British, replaced a 
Japanese managing director two 
months ago. 

Soney has a factory making 
television sets in South Wales, 
where several Japanese com- 
panies have set up establish- 


ments. It emphasises that its 
products include a substantial 
proportion of UK-made com- 
ponents and tbat it employs 
about LOGO people in Britain. 

Since it arrived jn 2974, it has 
found it difficult to gain 
acceptance, especially as trade 
battles with Japan have 
Increased. It does, however, 
belong to the London and Cardiff 
Chambers of Commerce. 

There has been considerable 
agonising at CBI headquarters 
over wbat to do about its mem- 
bership application, but some 
top industrialists might now 
consider it a a advantage to be 
Continued on Back Page 
CBI jobs debate, Page 4 



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Wilson ft 
number c 
were coni 
paign agai 
Party o“n 

1974 Gent 
The foi 
allegation 
lowing thi 
affair. Ml 
was. had 
an orches 

himself, i 
Lady Ki 
Murcia W 
The Pr< 
Sir Haro 
drawn sol 
Sub*eqi 
mid the 
did nt>T 
prietors 
instructed 
round a 
material.” 

The Pr. 
In hear 
Sir Haroh 
formal eo 
On the 
against l 
council Si 

Royal Cc 
Hi.ii ther 
Labour hi 
The Pr. 
is one o: 
Ushcd tod 
In ana 
council 
against tl 
Daily Ex- 
picture < 
Henrietta 
death in l 





refinery strike ends 
talks with oil chief 


U.S. probe 
into steel 
dumping 


Pope John Paul II calls for open 


BY RUPERT CORNWELL 


piitiefif^ 

^ ; 3ROME I . r Otj;^ ( 


By Andrew Whitley 


TEHRAN. Oct 22. 


By STEWART FLEMING 

NEW YORK. Oct 22. 


THE NATIONAL Iranian Oil officials, which has held up most in Paris. TOR^. uct -a . , 

Company’s chairman. Mr. Hou- international trade, and blocked One of the Shah's closest aides. THEU.S. Treasury has laun-neQ 
shang Ansari. today successfully Iran’s land and sea entry points, the Iranian Ambassador to Srst steel dumping mvesn- 
Jnlervened in a strike which was reported to have ended yes- Washington, Mr. Ardeshir oaseo on raiormaonn 

threatened to shut down produc- terday. Zahedi, today left Tehran for a effect 

lion at the world's largest oil But action by postal workers *S-hour visit to -Paris. ® can5e t0 

refinery, at Abadan. is now in its 19th day Tw 0 leading Iranian dissidents nrobe reflects a harden- 

A company official said the . Fresh disturaobces broke out fromi t0 dose t0 Khomeini me tf tS's stand 
week- long strike had been called in several parts of Iran today. and t the moderate religious amingt illeeally dumped foreign 

mosi workers had ,one b&Hjg west of Teh™ Ieadership in fran have also left thg 

back. nerce ciasnes witn ponce ana < Qr p ans attempt to see him. »hp ra whirfli ->rp now being 

. A threc-day strike by workers ! ec s 0 ^? • In an interview on Indepen- investigated involving three 

at a nuclear power plant near day. s ?,l^ dent Television's “Weekend pomnaniac in SDain. Taiwan and 


The probe reflects a harden- 
ing of the Treasury's stand 


fiprpp nbshpc with nniiM> and * c— uc,o “*h •“ **■**■ i sceei. a spokesman said that 

t winns Snntim, J Sr Pans . t0 »t^mpi_to see him. the cases which are now being 


■A three-day strike by worm ™p«. ' « In an ^erview on Indepen- investigated involving three 

at a nuclear power plant bear day. unconfirmed reports said Hgnt Television's “Weekend comoaninc in Snsiit. Taiwan and 

Bushehr was also reported ended that up ^to 10 people died 1 in the world," Dr. David Owen, the w^^^onfy the filS o“a ( 

The Abadan employees, back British Foreign Secretary, said series which are now “in the 

on strike for the second uroe in ™*r® hem in ^ Government considers that works.” 


IN A ceremony of dignity and 
yet simple openness. Pope John 
Paoi U was today formally 
Installed as. leader of lhe 
world's 700m Catholics, the 
first non-Italian to become 
Pontiff in more-than 459 years. 

Contrary to some reports 
however, no firm invitation has 
yet come for him' to pay an 
official .visit to bis native 
Poland. Mr. Kazuniers KakoL 
Warsaw's Minister for Reli- 
gions Affairs, made clear at a 
press conference here .this 
weekend that the position 
remained open and that such 
a trip would need very careful 
preparation- 

Today's Inaugural Mass in a 


Si. Peter's Square packed with 
over 200,000 people, was 
attended by some 128 foreign 
delegations, a sign of the 
immense implications • of a 
foreigner’ upon the throne of 
. st. Peter, Among them was Dr. 
Donald Coggan, Archbishop of 
Canterbury, the first leader of 
the Anglican community to 
attend such a ceremony since 
the Reformation. > ’ 

In the vast crowd ' was a 
vociferous contingent of Poles, 
many dressed in their national 
-costume and waving. re<£ and 
white Polish Bags, who had 
- been allowed to make the: trip 
specially, to see the Installation, 
of the former Archbishop of 


Cracow, Carol Cardinal Wojtyla. Pope, the Vatican newspapajjf, 
The new pontiff again laid L’Osservatore Rpmauo bad sotoi)*" 
particular emphasis, on the. <mt4t>,OO0 ropicsbySamihiV^ 
church’s, universal mission, .. .morning. .. . v' ; 


church's universal mission, 
symbolised by his surprise 


morning. . 

The inangnrafion'.eeremmn V ‘ ‘ 

M..U • mm Cam "91 " 


election last Monday*. On two . > itself ran .for 3$ hours 
occasions he broke into Polish, . conslderaWy . Jonger . , 


before delivering his greetings, 
to the world's Catholics in. 
Italian, and then ten foreign: 
languages. . _ 

And in his address Pope 
Johm Paul 11 urged his .foi-' 
lowers to work to open up the 
frontiers of states, eOonomle- 
and political systems and “ the 
vast fields of culture, civilisa- 
tion and development." 

In another sign of the intense 
interest aroused by the hew 


scheduled, largely because -jb 
the new Pope’s insistence ai ’ 
havlng-'a few words with eacf 
of the 117 icardlnals. as Ifim 
paid him their tradition*..- 
homage. Rat . Jobs ...PauI?;B 
ended affairs- in Ihe-'downW 
earth . style ‘ Has alreatk' 

won tiie hearts of Itai|ap .an* . 
non-Italian . Catholics . aifire 
**- We must stop now.' Itfs t&n: 
for lunch, both for youandfoi ' 
the Pope.*”/: "- 1 ; '■v-rv'S. ■' 


i he present wave yf industrial ggjj* 11 S JS* keeping the Sbah of Iran in steel industry leaders who 
unrest, had demanded pay in- Jart^d Si Led ° in sena r7tl m5 power t0 protect Western inter- have been complaining bitterly 
creases averaging 50 per cent P<£tea m separate mci csts 1S much more imp0T tant that steel imports this year arc 


and an end to harassment by 
security agents. They apparently 


dents. 

Some 2.000 


Spanish unions 


anus 


agreed" to 0 ret\i"rn after promises ^ 

from Mr. Ansari that their de- n, „. r . - 


students attended 5M“E , i£ r ^ 222Z5U? JS. 


compared with around 18m tons 


BY DAVID GARDNER 


MADRID, Oct 22. 


Test HSU? thousands of NIOC JSST^SST^u™ US? &S%$& SSSTS estaated £*£•**« 


ehr University *** Sha h i “ as to PP lea - b * J^st year. welcomed the rj^. siNDICATO Libre de la consignment to Barreiros Her- Spanish ports, a traffic which 

Meanwhile the Government s - ai v‘ - c would be by a very Treasury's move. It was pointed Marin _ Mercante <SLMM) the manas Loternadonale iri Bilbao, they maintain should- be earned 
."f™' nghtwin* government tha out that the decision confirms Man0a Mercante _(&UDdL _tne has , ed ta a rush of “ t ' hv the Navy: 


Eanesdue 
to name 
Premier 


pcirol pump attendants stopped a dialogue 

“ . ' * . . i CVi-jH’c mrtet lTvin -lnoHL 


_ -- *' r — — — — i l *MUUuOU J VLO.LUJ 

we by the Left — and the Left is the trigger 


spite of union waicn group, publicity about s ^ & ^ Spain has just embarked on 

system, S5 per cent of Spam s merenant and ^Hs by the major the must Important programme 


By jimmy. Burpr ; ; i'S. ;-'m- 

- LISBON, tick 22.;. 


ft* strandins hundreds of Shah's most implacable opponent, really Communism.* the Soviet imported “rt eel Ts still being ^adTen. is to black all ams ship- p^es'forg^S '■ ^SBON, Oct 22,;. 

drivers. l „ he ^ , e . x L le ?^ , e? der - Union and terrorist-type group- dumped in the U.S. at below ments destined for the dictator- ta f y contro j 6 gisrorv This will leave it with PRESIDENT RAMALHG E&Sffi 

A two-week strike by customs Ayatullah Khomeim, now living mgs. production cost. .ships of Latin Americas H ShDrtlv after he Allnl case; ft considerable surplus armaments of T’orugal is“ exp^cted^td naii 


Assad meets Bakr this week 


. 8 Shortly after he Allul case; ft considerable siecpIus armaments of Porugal is expected to Bant 

Although the case has not southern cone, Nicaragua, was discovered that SS.100 kilos of possible interest to Third a newPrirae Ministe#'JWtlftrr^- 
been brought against any of the Southern Africa, and Moroctw. mortars and grenade World nations, countries like next 48 hours in a a attempt f 
largest importers. industry The decision was taken last night j aun (;hers bad been shipped from South Africa which have difficult- settle the- two-nuinth GoVetnjxiet 

soi/rces feel that the announce- by mass meetings oF the union in Valencia in a Danish vessel on ties in buying on the interna- crisis and avert- early election#, 

pent will serve as a clear warn- Bilbao and Valencia, the ^ consignment to the Chilean rional market. The President >wUl:;meiet;th 

ing to others who might be Spanish ports most aflecteo, ana OT roed forces. Then, only yester- • Two Spanish paramilitary main political parties on Moadi - 

violating the trigger price has subsequent^ been endorsed dayi was . revealed, that. tbe civil Guards were killed and. two afternoon before- gaining Vfina". 

system- - - by the SLMttFs executive and Afgentjnjaxi ship Rio- Caichaqui others seriously injured. -'in a approval, fpr hi® choice fngn'j® • 

The Treasury would not say international secretariat taken aboard a ship- machine-gun attack ' outside a Council of .-the Revolution, 


BY IHSAN HljAZI 


BEIRUT, Oct 22. 


WHAT MAY well be the first years of conflict and friction suade Egypt to avoid bilateral The Treasury would not say International secretariat. 


Strategic" Aral, realignment and between rival factions of the agreements with the Jewish state. «fbat was the dollar volume or move f 0 n 0W5 a spate of ment of 1,176 tonnes ofgrenades. rhAtbalf Ground fn 'Bilbao yester-l constitutionally must be 'tai 

major development after con- Arab Socialist Baath Party. Iraq has proposed that the oil- V“_. t ® nnage involved. The revelations about Spain’s dis- mines and . bazookai The Rio Y" 1 T>»,f ler r e«orts The four suited : 


• — — - - — • 1 . r ‘ — — * non.-MM w , lociituuua auvui upiuu ^ uu uiiuca auu ■ wuuuiuu. 

elusion of lhe Camp David informed sources here expect r *ch Arab states set up a joint ^derwan Iron and Steel Institute but growing role in the Caichaqui is due. to ^ail from 

Accords by Egypt and Israel. the immediate result of the talks * unt * °f annually to finance SJz* •Vrf W ST er o almost one- international arms trade, in the Bilbao on- Monday. 


day, Reuter reports. The four SU J^ 


were riddled with sub-machine . -The' ojrisml 'MjnllBL'W. 


“■Mr; me immediate result or -uie rants r-““ „r uiteru*uuiiiti auua uaw, ui u,* suuau wu w.uuuaj>. hniiofs flrprl 'from a sneed- candidates, for. . the.premktx 

was announced m Damascus m be the reopening of the t. he Arab Steadfastnws Against ™ wake of the Allul incident The The SLMM’s boycott will be shi P^ believedto havo nanxwei 

yesterday border between Iraq imd Syria, [?**[ I^ce, and provide JJ«» mported mtj {he A llul was boarded by British aimed at all ships registered in car- hv memhSS ° ver -the weekend to tteee:.^ 

President Hafez al-Assud is to Egypt with the assistance it will m the first eight months — ~<r p. — ^ c- — -fat— n — - had been committed by members c _- m«i™. j.. ^ 


J , . , , . ooraer oeiween Iraq ana oyna, ~ — • . — jt o „■ l, «nui- waa uutuucu uj au auneu ai aii icgmicicu . 

President Hafez a l- Assad is to an(J resumptioD of q and E &V l ^ .the assistance it will ^-^Jhe&Tst eight months poUce off SlIood at the end of Spain, all ships carrying 

P a >' a ‘working visit to Qther ctH , perat i 0n which has need to join the confrontation last iB ont h- and found to be Spanish crew, and all arms sbi 

Baghdad tins week for talks with been in suspense for two veaxs and abandon the Camp David Ac- countries m which ihe individual — ~ — — * - *- - 

President Abmcd Hassan ai-Bakr H J cords. 


^ js ," 2? si; ■swansas.ssg 


— 1 MiintrfM hr, «,fai«K .fa- 1 last month, and found to be Spanish crew, and all arms ship- ot t" e fcA “; f tne separ- the presen t caretaker Priai 

and^ abandon the Camp David Ac- 1 | carr yi n g 2,830 armatite rifles on meats moved by sea between atl st guerrilla group. % Minister; . Sr. . Ghrios & Mcifc 


confrontation The Baghdad meeting could 


cords. 

Meanwhile, 


Lebanese ^ based. 


against the Zionist campaign of produce an alliance under which Army Command has issued an After the investigation it will 
imposing capitulation on the Syria might accept Iraq’s recent order referring Major Saad b® U P t0 the International Trade 
Arab nation." it was stated. offer of deploying troops on the Haddad and Major Sami Chidiac Commission to determine .if 


This Will be Mr. Assad’s first Syrian front with Israel. 


to a court-martial on a charge the 


determine .if 


industry 


visit to Iraq in five years. The The talks are seen as crucial of collaborating with Israel and injured by the import, 
projected Syrian-lraqi talks will for the success of the projected inciting Lebanese troops to Tbe government can then 


worries 


Minister; _ Sr. . Carlos da-frog - 
Pinto, a law professor and former 
parliamentary leader - of ihr 
Social Democrat Earty : . fpsffij 
and Sr. Jose .da Silva Lopes, the . . 
present Finance Minimir^.-.^ . . 


set lhe stage for a joint front Pan-Arab 


conference, mutiny. 


impose fines or countervailing 
has agreed to duties. 


BY GILES MERRITT 


: 7 . * Brussels, Oct 22. Piraeus election ’ - 

policy spending at the expense Wednesday's session, when 300 With more "ihan . haif the - vote? 
of social and regional measures, separate amendments to .the counted.;. Mr. •Axistidiss,.S^' ,r " i -‘ 


- - Vi - 
'--s'— 


which, if successful, could throw scheduled in Eaghdad for Novem- ffi The Sudan has agreed to 

Iraq’s military weight against ber 2. The objective is to eon- keep its battalion serving with 

Israel. suliclate the Arab position against the Arab peace-keeping force . • 

Mr. Assad's visit could also end the Camp David accords and per- here for another three months. An&StaS MikOYflll 
- — — — — ■ ■ ■ — — ■ ■ ■ 

Kenya puts ( Fighting reported ■ JsJKrftaiffi'Sid™ 

election ban 


IN A MOOD of open discontent, 
the European Parliament is to 
meet in Luxembourg tomorrow 


■jj: --I ‘ : d i 


mm 


meet in Luxembourg tomorrow The Parliament is also pub- budget will .probably. ‘be floated- ■ a Ttightist'caildi’date r&rbta 

for a three-day session to con- lidy dissatisfied with the fact tbrougb. For of the £674m cuts Piraens. ^as traiUttgvfii&rj^ai^"' 

sider the £S,692m draft Com- that actual spending will' be imposed on the. preliminary eat, Mr_ George Kymabakt^.nihb 

uics di oz> miinity Budget for 1979. lower in 1979 than for this year, draft budget by the European is backed by. a Leftist' Popular 

n i|fr ANASTAS MIKOYAN. former The preliminary draft budget But there are no Eigns -that Council, Parliamentarians would Front in yesteritayS run-off 

IVcil j a LIU rl ICJIjTJniX irnlirirn Soviet President and one of the of £9,366m put forward by the enough members : of the wish to see about £450m in municipal elections, our Ajhehs 

. ( , j A Mr last links wiUi the 1917 Bolshevik Brussels commission has already Parliament have the! neces- spending restored. CorreEpondemLwrites.,/; 

‘ftOn nan - _ _ _ revolution, died on Saturday at been reduced by the European saiy political wLQ to 

C ^ wf 5 o® c i a,, y Council, and has been described the House’s three-yeaivold : ; •' 

Artinaoi mrUllsifll/ul vlllcu aDi rfa Un irw £, xi!^? sc ^ w last msbt. by leading European Partiamen- right to reject the budget in Its 

on Uuinga ^ t^anTar“ a bso I iUeiy unsatisfao- entirety. Instead, the^Parlia 

Rv inhn Wnrraii BY. JAMIE BUCHAN JEDDAH, Oct 22. CoStSr of ffie QmSSnSt t0ry -’" a ^f e of !“* wee ^ s ™ent is expected this i«tt 

By John Worrall p and the'Soviet GoveTOment session, the Parliament has made repeat its by now almast-tradi- 

MR OG1NGA OD1NGA a former HEAVY FIGHTING is continuing the June coup, many of. them as saying the Armenian politician ^ .plain that it objects to the tional tactic \of registering dis- 

VL-p-President of Ivenva "has in the provinces of South Yemen officers and men of the armed diedafmr ^*a m^reand lormtil draft budget on the grounds that sent through making -afceciflc 

• - •••• ’ - hatu.6«n oT*morf fnrope tmite lnvai fowofc-a Usurp nonfinnad as ness,” Reuters reported. it is inconsistent with the econo- amendments that can in due j — ; i — ^ ^ :- 

Mr. Mflcoyan was generally re- mlc recovery strategy agreed by course be overruled.^ ' -=1 Description • I 

garded the, great survivor of the Council itself at the Bremen The familiar minuet between MODERN USED ROLLING MILLS, wire rod' : 


By John Worrall 


BY. JAMIE BUCHAN 


JEDDAH, Oct 22. 


PI ANT & MACHINERY 


Vure-rresidenl of Kenya, has . “ — aiicr a grave 

hcen h-irrpd from standee for between armed forces units loyal forces— « figure confirmed as ness," Reuters reported, 
neen njrn.a ironi sianaing ior . -.mi i>»aw in urn. 


chairman of the Kaou Party in 
the party elections on October 2S. 


to the executed President and largely correct by diplomats in 
militias of the ruling Marxist- Jeddah. 


SALES 


vSSrVXnSSS A"SSK- :^^ n i! orel8nlttais - HFSSJSXL “SSWl-iE SSK 


w L n ' Mr nr , ino , .. n np ar( irt “at" I Leninist Party, according to Relations between the two Soviet wolitiqi escaping from : a summit in Jniy. and continues to Parliament and 'tbe^ Enropean 
v . 1V - ain H a ®i.4en»o vn™io*i Mini*. Vnmone -hana Qatari t\ur. firing sqii3ff,3r ' Baku during the increase common agricultural' Council ^Is due to culminate in 


Description ■ ' 

MODERN USED ROLUNG MILLS, wire rod' 


A-f :‘-7‘^Ttfe^ane' 


to hand in his papers, he was 


ther following a mutiny by two civil war WM«i 


followed the revo- 
coming through 


told bv Mr Robert ' Mata no Apart from the capital Aden, brigades and the military police 

,the r^y created in the North Yemem of | *8” oI 103 <* 

although be had paid £50 for b omen Socialist Party is believed Sanaa last week, which is also 


scathedi 

i 


Strikes to hit France 


life membership of the" party, to be in complete control, “there causing serious concern in Saudi ^ f | t - 

the receipt be had been given ,s fighting in all the Goveroo- Arabia. Mr. Asnag arrived in ▼ «uiu: tarns 

was “not genuine." Air. Odinga ™}* s " M }\ As °ag. himself of Jeddah Saturfay night and was MR. 'CYRUS VANCE. U.S. Se(> - , 

Dan? Arab New° on afturdij. 8 ^ Sere «Sy °™ “ F, d 222, Qf 5? t, f22 nl Y, ai, f!“ 5?"SS L= V ?' re 5“i Protest against the employment 


BY ROBERT MAUTHNER 


PARIS, OcL 22. 


“ cleared " by the 
executives to stand. 


Daily Arab News on Saturday. Jiere today. 

The South Yemeni armed Without 
forces, already thinned by deser- Aden of 


directly 

complicity 


, almost six 
accusing struct! ve ” 
sn the Limitation 


hours of 
Strategic 
Talks with 


“con- and dockers are expected to 
Arms paralyse all. French ports from 


and zu be drawing plant— -rxilf Forming 

—flitting— flarttening and rot-to-lengtblinewBj^ja^rivJ: -w-- 
cold saws — presses — guilolcines, etc 
ROLUNG MILLS . .gjggt . 

5" x 12" x 10 ’ wide variable speed four • ' '• 

’ ; - high MHf.', - L ■ . ' - ' 

: 3 3" x 8" x 9* wide variable speed Joor- ■:> 
high m«ii. 

10" x 16 ' wide-fixed speed two high M ill. *•. ; .v 
10"x 12" wide fixed speed two high MBI. 

■*.’ 17"x 30" wide fixed speed two high Mill.- *•«’*&/ . • TeEeji.3364i4: 




«r Ojlinp. 66. said he had {tons to Oman and North Yemen, October 15 mKV Asnag XnTeicio^T So viet ForeS STSStSTtf JS? aSt 
nfferei txt pay anotliei £50 for rB^islinc Dartv attcniDts to said that cantiirpd raiitinp^n had n^i ■ ♦. -j ^ !. *orc C3t stoppa^GS oy Post Offics 

iis:jrT , «i.? b i u «Nt M:r r ssMi-sr - Saner wntes 

fa!!®' IS- execution of President. Salem tions with one or _ more foreign Mr . Vancp _ k » n 


money had been refused on the p- U baye AIL deposed in a coup governments. We have evidence 
grounds that he had not gotl la5t June, Sanaa Radio reported to prove the rebels were 
( pamtii-p Qn p r i da y_ promised Immediate foreign aid 


the distribution - of mail 

Mr. Vance is expected to week. 


clearance." ^ 

Ho has appealed to President 
A rap Moi. 


see Mr. Leonid Brezhnev,, the The Communist-led 
w ~Ft Soviet President tomorrow for ( General Confederation 


this ■ The dockers for their, part, 
have been ordered by the CGT 
CGT to refuse to work overtime and 
of night shifts from this weekend 


S^ s S unno^t1^ at mnmp^ I P , *^S^ taU ? ? hich ?« .expected -to con- Labour) _ bas ”ciii5f : for an ramurisfuTd ItoAwn’tootem! 


Mr. Asnag said that 20,000 and support the moment they u ^'4. ^ T ' Ior an on wares ana 10 no 

southerners had fled north since sliced the roup!® ■ centrate exclusive,y Salt ' 1 ™»tnmed strike Of seamen in pletely tomorrow. 



Sime Darby Holdings Limited 


Oil-surplus states ‘should form 
closer links with EEC’ 


foncinuous cast non-ferrous strip up to ' - 

vwde. V-. ; -T€«k336^:: 

9 DIE, 1750 FT/MJN SUP TYPE ROD • -. . 

DRAWING MACHINE equipped with 3 speedY-W.f 
200 hp drive, 20 ’^ horizontal d raw blodcxi’’ 

22" vertical collecting block and 1000 ib ' r ' '' 
spooler (Max. inlet 9 mm finishing down 
to liirnn copper and aluminium.! ;.'hp a |6jtr336fl'‘ 


NOTICE IS HEREBY GIVEN that the- Twenty-first Annual 
General Meeting of Sime Darby Holdings Limited will be held 
at the Regent Ballroom, The Regent of Kuala Lumpur Hotel, 
on Friday 17th November, 1978 at 12 noon for the followir^i 
purposes: 

To receive and adopt the Directors' Report 
and Accounts for the year ended 30th 
June, 1978. (Resolution 1) 


BY DOINA THOMAS IN BAHRAIN 


AN APPEAL for closer co-opera- the rapid development of Bab- and reserves to any one 

tion between the Arab world, in rain as a financial centre in its borrower, 

particular the oil-surplus states, own style,” he commented. This article, among others 

and the European Economic Com- Mr. Alan Moore, Adviser to restricted the ability nf Saudi 
munity and its financial insttiu- the Board of the Bahrain Mone- banks to satisfy ail their 

tions, was made by Lord Selsdon tary Agency, pointed out that tbc customers' needs. The exchange 

in Bahrain yesterday. banking community in Bahrain rate was the second contributary 


apuuivr i nax. miet y mm n mining down , . ; 
to IjSnim copper and aluminium.) 

8 BLOCK (400 mm) IN LINE, NONSUP WIRE .' ’-...’J !' 

DRAWING MACHINE in excellent condition -•• • ! -”.-rr 

O/TDOOft/min, variable speed 10 bp per block --O902 4254 1/27 
(1968) . "TeThx 336414;, 

24 DIAMETER HORIZONTAL BULL BLOCK ’ 0902 42541 Wh'* 
By Farmer Norton (1972). - _ Teiex 33$«* / 

SLITTING LINE 500 mm x 3 mm 3 con capacity ■ "" 

1974 FULLY AUTOMATED COLD SAW^ - . 0902 .435<Jff/*, , 
NoWe & Lund with batch control. Telex 3364 14;.;. 

mcur-TCKUNGTH UNE max; capacity ■ >:'’*> i V 

1000 mm 2 mm x 7 tonne coil fully 0902 42541 /2/3-*. . 

overhauled and in excellent condition.' •' -Telex 3364 14. ■> 



0902.^254U2/L .. 
Telex 336414;.;. 


in Bahrain yesterday. 


Lord Selsdon, a director of was now one 


To declare dividends 


(Resolution 1) 
(Resolution 2) 


Samuel Montagu, was discussing employers in the islands. 


major factor. 


longer-term- investment Reviewing the progress of the 


The offshore ryai market has 
vital part to play in the 


To elect the following Directors: 


policies for OPEC .oil surpluses Bahrain-based offshore baakins flflancing F of Sail H di * A “ b ffJ 


conference on Industrial develop- around S22bn. Mr. Moore com- ptivaie” Mr Peake stated 
ment and finance in the Gulf, mented: “We have not yet shut p ,, ' , K statetl. 


Y.M. Tunku Dato’ Ahmad bin Tunku 
Yahaya D.S.D. K., J.S.D. 


(Resolution 3} 


Robert Terence Constable 


(Resolution 4) 


Leslie Richard Patterson 


(Resolution 5) 


TarrSriTaib bin Haj'iAndak 
P.M.N., S.MJ., S.P.M.J. 


(Resolution 6) 


To fix the remuneration ofthenorwixecuttve 
Directors 


(Resolution?) 


To consider and, if thought fit, pass one of 
the following resolutions: 


That Price Waterhouse & Co. be and they 
are hereby appointed auditors of the. 
Company and that their remuneration be 
fixed by the Directors. 


The conference was being held at 
the Hilton Hotel, Bahrain. 

He -was introduced by Mr. 

Hassan Fakhro, president of the 
Bahrain Society of 'Engineers 
which co-sponsored the confer- 
ence. ; 

Lord Selsdon urged that the 
OPEC surplus countries give 
cooGi deration to the settlement of 
oil transacions in [European Cur- 
rency Units, and; to tile possi- 
bility of holding- part of their 
reserves in those units, particu- 
larly in view df the present 
instability of the {dollar. 

Of the estimated $200bn 
surplus, Lord Sebdon said that 
under 15 per qent had been' 
invested or lent,' direct to the 
Third World countries. 

He suggested co-operation \h e door. 


FINANCIAL 


TIMES 


Mr. Moore had earlier revealed 
tbat the largest of Saudi's com- 
mercial banks, tins National 
Commercial Bank of Saudi 
Arabia, had just been granted 
an offshore licence to operate in 
Bahrain. 

The contribution, of private 
funds to development in the 
Culf was discussed by Mr. AbdoJ 
Rahman Al-Sai, director-general 
of the Arab Investment Com 
pany of Saudi Arabia. 

Mr. Al-Sai, introduced by Mr. 
Abdullah Saif, director-general 
of the Bahrain Monetary 
Agency, pointed out that entre- 
preneurs and risk-iakers “had 
no nationality. 

“Give them a feeling of fair^ 
ness and equality and they will 
We continue to vsel- stay; treat them, as second-class 


overhauled and in excellent condition. •' -Telex 3364 M. 

1965 TREBLE DRAFT GRAVITY WIRE ' 

by Farm er Norton _ 0902 4254 1/2/1*; 
~^ 9 r~ 3 1 diameter drawbacks. Telex'336414: 

ST f ,P . F t A ?7 EN AND CUT-TO-LENGTH UNE" 0902 42541/2/2; 1 
, ■£:”?*;« Wdty 750 mm x 3 mm. > -.-'TjMex. 33541*’ ■ 

3 M fl3SJ l 2 RE DRAWING MACHINE. 

■* ^ hP Draw blocks. "• " -Telex 336414. 

2 ^ E 1 MSl1 W ® E DRAWING MACHINES " "0902 42541/2/2 

by Marsha ' R 'chari&. 

3 CWT MASSEY FORGING HAMMER 0902-42541 /2/K. 

single blow. .. T*W 336414'-' 

9 HATTEN,NG MACH,NE - - 0902 4254 1/2/3- 

1700 mm wide. .• "-Telex' 336414' 

7 Rattening machine "0902 42541/2/3,': 

965 mm wide. . Teiex*2364I4 f 

COLES MOBILE YARD CRANE 


S! 


fc-n.: 


Development 
in the Gulf 


6-tcon caparity lattice jib. . Telex -3364i4t;- 

RWF TWO STAND WIRE FLATTENING AND ' 

STRIP ROLLING UNE 10- xj" x3i,x75^- -X^r 
P er roll srand. Complete with edging rolls, ' ' "'■ •• 

Turks head flaking and fixed recoiler. air' ' r “ ^ ' T^v « 

lin€ s 9®«l 0/750 ft/min 0902 42541/2/3 U 




CONFERENCE 


through the medium of Euro- coiue, particuiarly. Arab-based citizens and they will po." 


. and 0/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE ( 1973) by 
Thompson and Munroe. 

CINCINNATI GUILLOTINE 2500 mm x 3 mm 
capacity , complete with magnetic sheet 
supports and motorised back stops. 
MACHINING CENTRE. Capacity 5ft x 4ft x 3ft : 
5 Axes Continuous path 51 automatic tool 
changes: 5 tons main table bad. Main motor 
- • 27 hp. Had less than one year's use and in 
almost new condition. For sale ac one third 
. . or new price. 


Telex 3364M 


0902.42541/2/1, 

Telex .3364M-. 


0902 4254T/2/3 
Telex 336414 •• = 


institutions such as tile or Arab-connecicd institutions." Mr. Alain Camu. a director of 


4,000 TON HYDRAULIC PRESS. Upstroke ‘ 
between columns 92" * 52 M ci« 


01-928-.3131;; 
Telex 261771 


(Resolutions) 


Europoan ^Development Fuad Of the funds at present Hill SaraUel, reiterated the 


That, In the event that Resolution 8 be 
not passed, Turquand, Youngs & Co, be 
end they are hereby re-appointed auditors 
of tha Company and that their remunera- 
tion be fixed by the Directors. 


(Resolution 9) 


and the European Investment deployed by the market, some 6S importance of investment banfe- 
BanK. and pointed out .that the per cent were in dollar deposits ing institutions to development 
eec was a major source of aid and loans, with about 55 per projects in the Arab oil 
^ World. cent of business within lhe Arab producing stales. 

The long-term prospects for world, 25 per cent with Europe. Mr. Fauzi Sultan, managing 
the generation and utilisation of and 10 per cent with Asia. director "of the Bank of Kuwait 
surplus oil revenues i could ‘“The forward market in the and the Middle East, pointed out 
depend as ranch on politics and bigger currencies, that is, the that while Kuwait had been 
political stability as on economic Saudi ryal and the Kuwait dinar, growing' rapidly as a financial 
factors and energy demand.**- is at least os ennri » th„ rnm.-.rri rant™ it' still l.-tplrori » 


between columns 92*' x 52“ daylight 51" 
ANKERWERK 400 TON INJECTION MOULDER- 


UPSET FORGING MACHINE 
4** dia.750 tons upset pressure. 

2JW TON PRESS. Double action area 132' x4J4''„- 


Kuala Lumpur, 
23rd October, 1978 


By Order of -the Board 
J.D.F. Drum 
Secretary 


Any member of the Company entitled to atten d and 
vote at this meeting is also entitled to appoint one or 
.mors proxies to attend and, on a poll, to vote in his 
stead. A proxy need not be a member of the Com- 
pany- ' 


actors and energy demand." is at least as good as the forward centre, it still lacked a legal 
Closer co-operation .with EEC market in some of the European framework within which, a res- 

institu tions could only be currencies," Mr. Moore declared, ponsible financial sector could 

mTuaw' beneficial’ The rather sensitive subject function. 

Lord Selsdon was the first of offshore lending in Saudi Mr. Hazem Chaiabi, general 
speaker at the conference, ryals was.discusseds by Mr. David manager of the National Bank of 
opened by Mr. Ibrahim Abdul Peake,. a -director of the British Abu Dhabi, reviewed the United 
harjm, Bahrain Minister of merchant bank Kleinwort Arabs Emirate’s progress since 
Finance and National Economy. Benson. Two main factors con- the banking crisis of May 1977. 

Mr. Hanra gave a brief over- tributed to the growth of the The first day’s .session was 

vie , w ° f . gnomic development, offshore market in Sandi ryals, concluded by Mr/Tarek Shawaf, 
amd detailed the objectives of bo explained. of Saudi Consulting. .'Services, 

the Bahrain Government's finan- ' First there was the question who reviewed the lessons to he 

m 9« of fiv e Saudi domestic banks learnt from developments In 
important of which was diversifi. and in particular, their ability Saudi Arabia. 

LJ?® awa y. to lend restricted ^jy Article 8 T ; — 

from dependence on oil revenue, of the banking control law This 

Perhaps one of the hne» , J 1 laW ' Ti«i 53. puhtotol d«»> ciccia S*m- 

ai„tt«rirnr ? n l ? e .°®Sl .forbade them to lend more than au* *nd hon^m. ujs. wtaiptimi aa km 


WICKMAN 21 65P AUTOMATICS 196] an d 19a ' 
EXCELLENT CONDITION. 63 

WICKMAN !|" AUTOMATICS, 6 sp. Excriiene 


WICKMAN ir AUTOMATICS, 6 sp. Excellent. 


CINCINNATI CENTRffi£SS GRINDER. 
Excellent. . 

MAHO MHM00 UNIVERSAL TOOLROOM 
•- --MIU.ER. Table 47" x 14" Excellent condition, 
LINDNER JIG BORER, vet-y accurate. 


SLOTTING MACHINE. .14" stroke, excellent. 


01-928 3131 - : 
Telex 261771 . 

01-928 3131 
Teiex '261774 
QI-928 3131- . 
Telex 261771 
-01:928 3131-:. 
Telex- 26 177 1 
01-928 3131 ■ 
Tefex 26T77I ' 
01-928 3131 
Telex 26177? 

01-928 3131 ' 
Telex 261771 
01-926 3131 ' 
Telex 261771 
01-928 3131 - 
Telex 261771 
01-928 313? .-- 
Telex 261771- 1 
01-928 3T3I 
Telex' 26 177! 




MODERN USED ROUJNG MILLS. wire. red J • , ■ 

' siod tube -drawing plant— folJ forming tnachinJ 

« f- . ll_. . . ' At liw 


illustrations of progress has been 25 per cent of their own capital SUMS ST4XUR 


—slitting— flattening and cut-to-tength line*— 1 0902 42541/2/3 
cold »vr^-f»i5sesr-guilfbdntt^et?. . .. : ,.r ^ Telex ^6414 


TeJex.^64.14 







S+U, 


l^-Uo 



’Financial Times Monday October 23 107$ 


N 

ill 



^ China ‘open-minded’ 
on foreign trade and 
credit, says UK team 


Truck and 
bus demand 
in Israel 


U.S. to propose export credit changes 


BY MARGARET HUGHES 


ST ANTHONY ROWUY 


f THE U.S. will ur?e a number of expected to resist this move, countries to start offering such Pan Are Tristar order involving are already covered by the cnn- 

T'%T‘ a j By L Daniel changes to the Internationa I arguing that ihe consensus is terms are Britain, which -has Rolls-Royce engines which, sensus but credits For larger 

I 14 T PQTfl I tfrttc m pm rw oo Consensus on Export Credits — already a compromise of what allocated some 5 per cent of total among other unusual features, vessels arc governed by a 

I l\ ivlllll JtnuMLLM, ucx. — . w jjj c h formalises the previous the U.S. wants and most other a id funds io soft loans for com- includes a 15-year repayment separate OECD arrangement to 

ISRAEL WJLL become ? large Gentleman's Agreement— a! the countries prefer roai&iy lower mereiai projects in developing period. The British argument which ihe U.S. docs not adhere, 

market for buses aDd trucks In first annual review meeting to interest rates and shorter countries, and the Duicb. The for doing so is that Rolls-Royce's Thus the U.S.. duo to its in- 

HONuKOJiG, Oct- — the coming' years, due to the fact be held jn Paris this week in credits. Americans are also against using main competitor for the engines, volvement in LNG tankers, now 


. : HINA is prepared in import Peking said it was prepared I ip^por! industry nor the Egged OECD export credit talks. This consensus appear to have some costs. ' able to offer 15-year private payment terms of 15 years for 

•- •; insun.cr g-.odj as well as capital t 0 consider offers for equipment iSSSSSS^’hm serviw ha vc rLIJo? -.sslscint mreiorv fa? d,flicu! 1 I> ,Q adl ? erio S to the- exist- There is expected to be some domestic finance. these tankers, preferably by 

... impment from tile West ?od i* from group* of EEC firms * E.lnli S r M h? I Jc ,n " minimum interest rates and eonsideraL.le debate dunng the There arc also indications that bnng'n? all ship credits within 

■ •*, prepared -la wwidw mass "eh.lrt.in.. lozelher." Lon! Boll I ^ lhC,r ,n "“ B ‘ «niMo undcrcuUact other when rC v,c» awettoj, this «ku 10 th. U.S. .nay be roovln 6 asoinst Ihe commuu* »’h.ch wnold in 

>rms of foreign crt-dn. to j,d its went on. Tiw principle of i T £; has therefore ndnn° iast wee k wuh Bni ish major contracts are -i stake. The wheLher exports such as ships, -predatory export credit com- any case allow for more U\ uur- 

todcmisaifun programme. business firms bring allowed to j decided lo iSSlh c usIS tns ddUes ^"asirv officTafs and Mr Jiel consenSUs , »neorppralus several aircraft and nuclear planr should petition by allowing Eximbam; able terms. 

" . Cc.ri.nr PaL-ot f 1 nvAT-Ti fr* a— i r representative offices Jn on ir Uc t 5 -, n d buses to 43 ner Rimett y Thief Secretarv escape clauses including one be brought within the consensus, to approve loans i initially in the This is because at present ship 

•- ,nd Inl-.-iis -T.?vTTn Pekm « bad al,o been accepted J" n t from the pSsInt level of S nrono^i, , rn ul,wb - * 1Iows «?»* credil At present thev are covered by case Of airlines if or the purchase credits can only cover 70 per 

SiXriTi h dllmuah on » national and not 65-70 per cent and wfll also assist ii^L VrmnP^v hv orsanisaUonsio match the terms sep arare OECD arrangements. of locally produced goods or cen t of the cosb>. interest rates 

id'c.iiinn.- a.ong ihc,o lines to European Comum rut v basis. It lurrv owners loo^erhaul Sr IS ? 1 XhS^rSriai , ° r a M “P°. t,l ® r - even > f lh,s The U.S. wants to include air- " financing in support of sales are set at 7.5 per cent plus 
i. . _■ 1 f , , her was nor ye I clear whether this vehicles and buv new engines in? sSrestheEEC v?ew°h I'lThe "CT? oS *E lT }~ ,l J tertst craft within the consensus with iD the U.S. by U.S suppliers.” charges {another i per rent! and 

JI il, i « , L,,pd would be on a country basis or E sg ed alone needs 2.500 new i/ workin" sahsrut w ^ b are be,OW \5° cona vnsus a view to shortening the loan If aircraft were brouant within (he repayment period is a maxi- 

S 4 ;ttp.l. L-hairman of h. L. Warjurg, by individual companies or -buses over the next five years fnrilv in its nresent form minimum as a result. repayment terms. At present the consensus, as the U.s. wants, mum of 7 years. This compares 

f \ : * Svh recently visited. Uie groups of companies with and has been negotiating with Th* main »lior34ion w ich iho The Soviet Union. For instance, ibe aircraft are covered by a then the maximum repayment with So per cent of costs per- 
■ hinese capital. contracts in China. BL. furmcrlv British Leyland. its i« wtinVii i sma n- i5 51,11 ab,e 10 en J°>* interest - standstill " OECD arrangement period would be 10 years for mitied under the consensus. 


• 1 f (i .-i— ..... tuiiuana hi v.uii^ 

4 Lord Roll said at a news con- Lord Rfl ,- - aJd Ch/lla - nQW | 
^rencc ntre over Use wevriend appeared “ verv 
rv fter »he minion Peking d i, out Lhp ,, 3<? ,‘ or 

<KW‘ a! npcn-mmtl.d and totally lt wuuIU acci 

'Tagmauc a: i nude, towards , m n 0 rl 


The Soviet Union, for instance, ibe aircraft arc covered by a then the maximum repayment with S5 per cent of costs per- 
still able to enjoy interest ** standstill " OECD arraDcemcnt period would be 10 years for mitied under the consensus. 


and has been negotiating with The main alierwion which the me soviet u moo. tor msrance. the aircraft ore covered by a men me 

BL. formerly British Leyland. it s is sSkine is a small in- i3 51,11 able , , enj0y ,nTcrest ** standstill " OECD arrangement period wc 

The Dan Co-opemtivc. serving crease— believed to average rale , s ^ °[ r P_ nly p er l ' en t 00 whereby individual countries developing 


g countries and Si for variable interest rates and re- 


iro/gn iraae and roreign trod it and Llovds Bank I 
W prevailed among China's here agreed on a 
iort *-*-n mr leaders. nf export credit >cl 

China retained ;ls emiihasi-i »»n involve-; parallel dt 
nooning cap'Ul c<iuipment io the Bank of China.' 


with longer repayment periods 


nport consumer goods to ‘‘fill cheaper and much simpler" At present, only Muck trucks v 
sps and stock their shops." than the conventional form of and lighter Ford vehicles are 

- Lora Roll said he cou<d not export credit guarantee because assembled locally, but it has 

jecifv the tvpes of consumer it requires less documentation, been reported in recent days that 

opd/ihat would be in demand. Contrary io previous reports, several major foreign producers. 

' is mission consisted mainly of tins scheme t which lsjaroilarto both European and American. 

te heads of leading British another concluded by the Stan- have put out feelers as to the RY ol . p e H .ppiNG corbf»;pondent | di niLnanu riMRisun iui\iu, uiu — . 

rms or c-piial equipment, dard and Chartered Bank . in possibility of selling up assembly BY OUR SHIPPING correspondent L niirAW|1I|li u . , ,, ... 

■nding and conslrucTinn London recently! provides for! operations in Israel ir the peace TSHIKAWA.IIMA - HAKI..*A ships were ordered locall . 

?e«.ilisix well 3. com- progress pauaenK to suppliers, agreement with Egypt is signed A SMALL watershed was menis across the whole range sizes are aole to obtain 2boul) Heavy Industries (IHn and Sasebo received an order ror 

lodMies .in*1 ’vjasvv en -neerinf China would need forms of as expected. reached in oil tanker markets or tanker sizes and loading areas, $6,000 a day for a two-year ] Sasebo Heavy Industries have two 30.000-1 on tankers from the 

nr.rc'ns S-i.-ral' financing oilier than export’ last week when the 340,000 dwt with shipowners cominuing to period compared with spot levels each received orders for two same World-Wide Croup in July. 

ic'iidT" un- f»r > rreilils ~iu finance imports ofj^, ... Sea Saga was fixed to Chevron show discipline in the face of of barely half this level in the 1 50,000-deadweiglil ton tankers Xeilher has other tanker orders 

iiiinin !!?:)! j. urcha-.es. were the magnitude it is conteinplat- 1 bwedlSn Contract at Worldscale 40 for a voyage temptation to reactivate too early part of 1978. i from the Hong Kong-based at present. 

nnc hided by the mission. ing and “ they slate quite. openly Foster Wheeler of Reading. l£ om Jt ulf IO Europe 0D much ol diU o{ linker There was also much interest World-Wide Shipjun? Group. Elsewhere in the troubled 

The Chinese stressed their that they arc* prepared .to con- Berkshire, has been awarded a November 10. tonnage sul! laid up. j n secondhand tankers, with a The tankers arc identical and shipbuilding industry. Hakodate 

•iilingness to import equipment template bank loans." Lord Roll contract for the engineering, Shipbrokcr E. A. Gibson, says in dry-cargo markets there are number of eiaht-y ear-old VLCCs the order is priced in U.S. Dock Company has proposed that 
nd technology to aid their nil, said that Peking’s plane to procurement and construction this is the highest single voyage signs that the North Atlantic in the 2 10,000-230,00 0-dw t range dollars, with cash payments on its workforce be reduced 44 per 

•oal and electricity industries, import equipment for . coal- 0 f a continuous catalyst figure ever paid for an ultra urain market has reached a negotiating at .$4-S5m. delivery. The two ships are cent, or 1.200 from the present 

•ailways and roads, comm uni- mining, steel-making, oil explora- regeneration unit at Scanraff large crude carrier fa tanker peak for large ships, but there A number of high-value sales valued at about $36m. 2,700 employees, 

ations. petrochemicals.- steel- lion and refining would involve Refinery, Lysekil. Sweden. Work over 320,000 dwt). is still heavy demand for took place, with the biggest deal The IHI built tankers are for Management made the pro- 

'•taking and agricultural sums running into "bfllions of on site is to begin soon as the These ships were the creatures Panamax-size bulk carriers. A a four-year-old ore -bulk -oil delivery in January. 1980. and posal to the companies’ two 
machinery and fertilisers. U.S. dollars.” detailed fronl-end package had 0 f ^e shipping boom, but 53,000-tonner trading U.S. Gulf- carrier of 116.000 dwt. for which March. 19S0. The Sasebo orders unions as part of a medium-term 

already been prepared by the started to appear id service only Europort was attracting $8.20 Hong Kong buyers paid 59.5m are for delivery in November, financial reconstruction plan 

American company UOP. The a fte r the collapse of the market last week. with a five-year charter-back 1979, and March. 1980. It is the which calls for shifting emphasis 

project is valued overall at j D ig74. Timecharter inquiries are also arrangement to its Norwegian first order for IHI tankers since from shipbuilding to a non- 


Record single voyage figure for ULCCi Tanker order for Japan 


BY RICHARD C HANSON 


TOKYO. OcL 22. 


machinery and fertilisers. 


U.S. dollars. 


\Afb rldaE£on dime I nd i c a t o r s 


RETAIL PRICES 


% Change 
over 
previous 


about Kr 27m (£3.1m), and is | 
j scheduled to be completed by 
I reid-1979. Scanraff Refinery is 
: owned jointly by the Swedish 
I OK Group and by Texaco of 
the U.S. 


There were similar improve- becoming stronger and Panamas seller. 


September when two 100.000-ton marine machinery division. 



S«Pt. *73 . A up. 78 Jut/ *78 Sept. 77 

year 

base jf ear 


200.2 

199.4 

198.T 

185.7 

7Jt 

. . 7974-700 

. - , V. Germany 

145.0 

1453 

145.9 

141.9 

23 

1970=100 


135^ 

134.0 

133.4 

121.0 

123 

1976=100 

J ’ ’•.•‘’ .’’Holland 

M23 

121.4 

1205 

- 1173 

45 

1975=100 


Aug. 78 July 78 June 78 Aue- T7 


'■j ■ ■ 


2025 

2013 

198.9 

185. 1 

9.4 

- 1970-100 


128-3 

127.7 

127.0 

-1233.. . 

4.1 

1975=100 


1975 

196.7 

1953 

1833 

7.9 

1967=700 



July 78 June 78 

May 78 July 77 


- . 

a pan 

1235 

1220 

1233 

118.1 

4.1 

1975=100 


The British Steel Corporation 
has won its biggest single order 
from India for structural steel. 


There are some coprocessing 
applications that are handled better via 


unit by the Steel Authority of 


MOTOR CARS 

81111111 H ynuVe baking for something spedd, 


atimesharingservice. 


What are Ihe advantages of your Data Services? 



Experience our experience. 

A.F.N. Limited Falcon Works, 400, London Road, tsteworth„ Middlesex. 

Tetephorte 07-560 5017 Telex 261135 Also showroom at 

72-16, Madrid Road, Guidford, Surrey. Telephone: Gugrifofd jpgS 38MB/9. 


Basically you buy a share of resources from a 
large and very powerful Data Services company 
direclly supported by a full range of application 
packages and people resources to solve a variety 
of business problems. You pay for what you 
need, when you need it from a company 
dedicated to the computer industry with a full 
range of hardware and service offerings. 


Do Companies with their own facility use your 
Data Services? 


Yes more and more companies now realise that 
there are substantial benefits in using an 
intelligent mix of purchased data services to 
complement their existing computer facilities — 
just like companies purchase financial services 
to augment their finance department. 


Jack Ward, Managing Director of 
Control Data, answers questions 
about the alternative provided by 
his company's Data Services. 




ROLLS-ROYCE 

1978 Series II Saloon. Finished in Mubrlond over Pevrter Belw hide 
nphAltioir. ruLTirdod mili.-acc 

1977 Series II Saloon. Finished in Scol* Pine with B«:lse hide X|® MI lory, 
rn«ri|i'il inili-nar 3 Bin. . , 

1976 Sliver Shadow 4 -4 oar Saloon. Finished In While '-rich Bin h.oe 
uphi.Utvry. r-eunM mil *. aw 17,006. 

1976 Silver Shadow 3. door Saloon. 1'imshi-n In Srrchellis lane w>U| 
Kdiu- hulo uyhotiit-rY. rm-ordi-d unli-ailv 12,'hW. 

BENTLEY 

1976 , "T** Series Sitono. Kinl3hv;d in Sryidlelli-il Blue wilb Uoi*': Jnd- 
npliviyirri'. r/eorih'iJ wiWKi 17 non 


SELLING 
OR BUYING? 
CONTACT 

FIRST FRONT 

FIRST 

TELOl-735 5952 


What exactly are your Data Services facilities? 


We have a major data processing centre in 
North London. From here or via our distributed 
network we help solve our clients* problems 
with a variety of commercial accounting and 
production control services — everything from 
invoicing to general ledger work. We also offer 
our CALL/CDC® and CYBERNET^ 1 services. 


What would you advise a company fo do if it is 
contemplating setting up a computer facility for 
the first lime? 



What are CALL/CDC and CYBERNET? 



LEGAL NOTICES 



50 


NEW ALFAS 
ALWAYS IN STOCK 


INCLUDING THE NEW 
1.S SUD T1 AND SPRINT 


1977 (SI A Ha Spydcr 2000 
Silver, raotoiauetie. 7.00c 


Mr. Nelson King 
Dealer Principal 


miles 

1977 Alla Seviler 2000 In roc 
radioIcASS^rte. 10.000 miles 


197S Alla Spyder 2000. Proto- 
type, yellow. 1 9.000 miles 

1977 Alla GTY 2000 m black 
bc-rse velour, alloy whoolt 
142SS 

1977 Alfa GTY 2000 In while 
bewe velour, alloy wheel: 

, _ £40195 

1978 AHa Sod Sprint In nuUllk 


LONDON 

MOTOR 

COMPANY 


AHa Sod Sprint In metallic 
green, brawn cloth. 6.0OC 
miles £5.695 


Sales and Services 
For Alt Ford Products 


1978 Model 1.6 6TV. red or 
yellow. Z 2,000 miles, bath 

mini £2.895 

1977 Alfetta 1.8 Saloon in 
beech. T fl.QOO miles £5.605 


LEASE OR BUY 


APPOINTED |! 
DEALER I 


Autoworld House, 
300 Norwood Road 
London SE27 9AF 
Tel. 01-7fil 3333 




26 North Hilt. N* UJUIW' 


N6. 003133 i4 1SIX 

in Ihe HIGH COURT OP JUSTICE 

Chancery Division companies Court; in 

The Matter Oi G. V. EDWARDS LIMITED 
and in the Matter ul Th^ Companies 
Act, JWH. , . 

NOTICE IS HEREBY GIV'EN. (rial a 
fvuuod (or the Winrtinp up of the ahove- 
udimT Company hy. the Kit* Court of 
Justice was on ibe llh day of October 
197a, presented 10 thu saM Court hy 
P. WEISER (LONDON' LIMITED whose 
netUstcrvd 011111 ? Is at DUti-IDt frew 
Cdv«*at harden Fruli wui VewrtaDi«.» 
Market, VimtluU. Londwi SW8 3LL. an*i 
that the sold Petition 1 a directed <0 be 
heart before ihe Court s»mn* at Ihr 
Royal Court of Jusiici. Strand, London 
W<2A ILL, On the 6lh day of Noveiuher 
1978. aod any urcdlior or comrtjutory 
of the said Comoaiiy desirous to support 
or oppofte The making of an Order on the 
sold Petition mar appear at ' Ute tune 
of hearing in. person or by his Counsel 
for- that purpose; and a copy of pie 
PrOUua vfl] he /uraJsited by die under- 
signed .to any creditor or conulhotory ' 
of itw said Compinr rcanlrlns sudi copy 
oq payment of the rapilaied charge for 
die same.. 

MONTAGUE KELVIN * CO.. 

.13 Devonshire Row. 

London ECM Utu. 

- SoDdtdrs lor ihe Ponttoncr. 
NOTE.— Any person who intends to 
appear on ihe bearini; of Ihe shld Peiilion 
mow servo on nr send by post ro ihe 
above-named runlet- in wnUiw of his 
iniimiioR xo 10 do. The nonce rnusi stale 
thu name and address of the person, or. 

IT a hrm. ihe" name and address or in t - 
Crm. and must be slgni-d hr the person 
or firm or his nr their sollwlor (if sort 
and mnsi be served, or. If posted, ransi 
bi- sent by post »n suffieicnT tune to 
r.*ach ihe- above-named not lalcr Iban 
four o’dodL in Ibe afternoon of die , 
3rd day of November 1978. 


CALL/CDC is a management timesharing 
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DAIMLER 8 SEATER 


COMPANY 

NOTICES 


First ms lilt fed March, 1SI7. Finished 
In black with tan hide Interior. Fined 
air L-ondliloniiif:. electric division, 
radio eic.. recorded smleaso only 
laJCG front Sett- 

Wnie Box BWBo«. Financial Times. 


SUSAN SWALE'S SALOFE, Fiudboura 
Gallerlos. 63. Queens Grove, N.W.8. 
586 3600. 


- 10. Cannon SireflL EC4P 4BY. 


CLUBS 


EVE. 189. Bcoent Sheet- JJ 05S7-. A la 
Carle or All-in Menu. Three S«ccMCUl«r 
Floor seat. I0.4S. ta.4S »nd TJ5 ana 
music oi Johnny Hawkeswortft A Friends. 


GARGOYLE, 69 Dmh tWA Lo ndon. W .l. 
NEW STRIPTEASE FLOOR 5HOW 
"AS YOU UKE IT" 


11 - 3.30 dm. Shdw at Midnight and T am. 
Mon.-Frt. Closed Saturdavs. 01-437 6455 . 









^ k'.’ ■ 7 ' . '.V* J*; , "*"■ j _■ ^ ■■ j yfi-'l* - ■’.' 


Pr 


pr< 

ch 


BY MA 


THE PP 
decided tt 
allegation 
Wilson ft 
number c 
were coni 
pmen agai 
Party on 

10 74 Gen. 

The foj 

■a negation 

luwinjj th< 

affair. Mi 
was. hud 
an orches 
himself, t 

Lady F: 
Murcia W 
The Pr- 
Sir Haro 
drawn soi 
Subseqt 
laid the 
did not 
pnetors 
instructed 
round a 

material.'’ 

The Pri 
io hear 
Sir Ha rob 
formal to 
On the 
aeamst l 
tountil 
lioyal Cc 
that thtr 
La hour hi 
The Pr. 
is one o! 
lished tod 
In ano 
council 
against tl 
Daily Ex 
picture r 
Henrietta 
death in I 


Last oil is pumped 
from tanker wreck 


Building industry 
recovery uneven, 
say employers 


Pill price 

K 

curbs 

‘harmful’ 


Top 


0 

•i 


BY KEYIN DONE, ENERGY CORRESPONDENT 


PUMPING to empty the last of She has been brought back on who have been engaged in the 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


BY SUE CAMERON 


in City- 


BY MAURICE SAMUELSON 


the 35 000-tonne cargo of crude man even keel and may be towed extremely difficult and often THE BUILDING industry’s for- cult to recruit skilled tradesmen. GROWING BY MAURICE SAMUELSON 

oil from the crippled Greek to a port for repair or for salvage hazardous task of removing cargo tunes are improving. But the Bricklayers are the most diffi- ™ J““*Pf“r^ “iS™ 4~T 

, a „ ker Christos Bltw Jn the Irish as scrap. U» M recover, is Mh **** ><* -* - j* P» «“< - 'tfgSiS TOP CITY «?■» 


tanker Christos Bitas in the Irish as scrap 
Sea was completed yesterday. . 

Divers have made preliminary Willi HI 
inspection of the tanker's hull, jh e 
severely damaged since it went tons 0 f 
nn rocks off Milford Haven II f rom ^ 
days ago. jaken a 

Last night the findings of the British 


Cash remuneration of top J 


taken aboard "the” BP tanker Both the Minister and BP, "ThereporL based on a 'survey and Plasterers were scarce. pharmaceutical industry -is The survey was OTneaumi oy well paid, the^ staff 

British Dragoon which is now which had the Christos Bitas 0 f 650 federation members. . the -other principal build- being subjected to growing Keyser LUrnann Kemuneration mjght also do belter. 


iharmaceutical industry -is The survey was carried out by we y p^jd, the staff as a whole" 


divers' investigation were being on her way to Rotterdam. under charter, said that the states that for the third succes- »* trades slaters and tilers public criticism and political Services, , w-hich ast morun issuot Dtount . houses,. . 

considered by the Department The Department of Trade said rescue operation was marked by sive quarter builders report an Proved hard to recruit for 17 per pressure in all the countries of a similar report on raamnaviur ^ 1 n 00 peC jple; led the ave£" '. 

oF Trade and by all the other that “everybodv is relieved that a great degree of cooperation improvement in demand and «nt; while steelbenders and the European Community.” . ing and retailing com. eras rwo sala'rv table with a figure of .-? 

interested parties A decision is the pumning-out phase has gone and determination to succeed by work load. fixers; painters; and plant it suggests that the reason for earlier reports clean w un Top • e ■ • ^ £ft^00. ...7- 

.Son on whether Ihe Scc?»fiillK” The Christos at) parties. Attheendof September 44 pm mentors all rami a 12 per rent Utij m he the proAl i, makes, salaries . In construction an « m ^ £n „“ cc ^ kere - and accept - 

tanker can be saved, or must be Bitas is kept afloat by compressed The accident is still the subject cent of the companies questioned ^ery difficult or impossioie and adds that the pharmaceutical engineering. . . . ■ = houses followed,, at - abou£'= 

sunk. air that has been pumped into of a preliminary inquiry by the said that they were operating at vote. . . . .. industry is the only, supplier of .In finance and commerce, tne. *■ . hH the typical bank. > 

If the damasc is bevnnd her tanks. Department to establish how it or near full capacity. One In 10 companies found it goods or services ih The health number of staff insurance company paid av®? f -’ 

repair the tanker mar be sunk Mr. Stanley Clinton Davis, happened. It may well be the This is double the number hard to get enough electricians | care market which shows a than £10.000 a year has increased £4 000 

where it is, or lowed out into Under-Secretary at the Trade subject nf a lull public inquiry that expected business to de- or labourers. return on investment : by 30 per cent since Wk. ihe « « tyoiCBt imaU bint 7 * V‘ 


the Atlantic and sunk. 


Department, thanked “all those soon. 


• cline. and a 5 per cent rise on .On building materials. ■ - *i pnui iu any. suape or ioiai, im-» «*»*:«« H „„ rn onpr-rtnonn. •• 

the full work-load figures for tron members still have serious f orm is already regarded with 8.451 out of 630.000 people fonr ^directors i em'n o^r ^ap.ooo-. 

June. problems tracking down sufficient suspicion, then criticism is bound employed by. the companies in conipared witn ii m m ao ^er- 

Thc federation is concerned sanitary ware and baths. to increase when the profit in the survey. J ndth’-vo' -Wa?''" 

that, with a fifth of the sample Otherwise material shortages question is made ‘ at the expense However, the sector contained the exception witn xu. -tr War- • 

still reporting deteriorating posed only regional problems 1 0 f the sick ’ and when, in order “ few exceptional payments.’ burs had « oukiob eanu^ 

markets the recovery remains with delays in supplies ofL to cover the risks of research with nobody earning more than more than iiu.uw . m-Jts jrat*, 
verv uneven. structural steel, kitchen fittings; j t is , n addition higher than the £1000.000, and only three exceed- report. - ■ ■ ’ *• .■ _ . . r .’ 

The survey shows that com- ironmongery and facing bricks average in other industries ” ing £70.000— the top directors at Top Manogemem. n-munern- . 


ies found it 1 g00£ i s 0r services is The health dumber of staff earning '™" e CO mpany pai^ 

electricians | care market which shows a than £10.000 a year has increased or msunmeeco pany paiti aw , : 

return on investment by 30 per cent since 19«<: The a=.« o ’ bant- ' 

»**• fe l eTa : profit in any shape or total, including directors, was i 


Government plans to tighten 
control of examinations 


However, the sector contained the exception with 20. & -G-. War- • . 


BY MICHAEL DIXON. EDUCATION CORRESPONDENT 


rv uneven. structural steeL kitchen fittings; j t j S ,- n addition higher than the £1000.000, and only thn 

The survey shows that com- ironmongery and facing bricks average in other industries” ing £70.000 — the top di 

panies find it increasingly diffi- to a few companies. . Yet a breakdown of health Guinness Peat and 

v ; - care spending in West Germany Forbes, and an emf 

i — which is typical of most other Alexander Howden. 

Contractors orders up — — 


Yet a breakdown of health Gu^ne^ Peat anV Sedgwick ton- it, 
care spending in West Germany Forbes, and an employee at Ke>tser UUmxxnn. Benumeratwa 
— which is typical of most other Alexander Howden. Services; 

Common Market countries— • ^ 


shows that medicines. account for 
only 15 per cent of the total ‘sum 
of money paid out by the statu- 
tory sickness insurance funds, 
while profits made by- the drug 


STRENGTHENING OF control the new exam's supervising award of a given examination by £85lYl 1U ^^.U^USt whfle profits* made'by^ ^ttie^'drug 

to ensure greater consistency of bodies, to be assembled from the grade, which has lately* led to . manufacturers account • for - less 

results in national examinations Present eight GCE and 14 CSE mounting criticism. THE monthly value of building were 7 P er J ent than 1 per cent of the money 

is to be recommended by the examining boards. Although a co-ordinating body industry orders won by con- previous quarter and 10 per cent paid out 

Government in a White Paper to This was indicated by Mrs. 111 .achieve greater com- tractors rose by £85m to £8I3m on the corresponding period last ^ report painty, out that 

be announced today. Shirley Williams, Secretary for P ara i > ‘i il - V °[ the srades awarded j n August, according to the year. • . 4 pharmaceutical companies -have 

The document is exDected to Education and Science, this dlfferenf # camming boards. Department of the Environment, in the same period private to bear the heavy cost of research 
document is expected to durin- thd national however, it remains unsure The Department calculates bousing orders rose by 16 per and development for Dew 

fu™rt h for C |^wBt i | I corn- SSSSco of* the jSSSt **WS™ l * t *155 ^ «■«»* 1975 prices cent Ad 26 per cent respec medicines. The. only “econo-- 


Coal output trends 
show improyemeht 


-J $ 


f/iiai mnvvubiMu wutupmii&a 'uavc 

private t 0 bear the heavy cost of research by JOHN LLOYD 


support for ihe Waddell Com- coherence ^ ™ ~ ’ Consistency ^ of Sjust^ fw Torm a! seasonal uCVly " PROVISIONAL results for the done on drivers To bpejuu^ 

in it lee s recent proposal that a London academic standard represented variations, total new orders in Orders in public works showed procedure" for research-based first half of *h e financial year new coal Face ^,,. 

rrlsllt by a particular grade in different tbe June-to-August quarter were an 11 per cent rise in June- companies to adopt -was to show that producuon from Ihe ^centives axe pai> on dnve^j^.;-. 

nrHm ilx- d lovAl? ri ^ bile refusing to comment subjects. 2 per cent higher than in the August compared with the pre- calculate a “contribution margin"- National Coal Boards deep but Jittte or no coal lsobtamei^.. 

» r rt e L.f nd nf th AJ^ L ppc,B ^ l-v °",.S e comi “* White Educational research has fur- previous one. ceding quarter. for each product but this meant mines is still falling— though • Ml Alex Eadie, parliamentary ;" 


single 16-plus exam replace tbe tion in London. 


ihe establishment of a central tendency to vary in standards of others such as English language 
body to co-ordinate the work of performance they require fnr the and art 


In the past three months they quarters. 


Premium Bond sales have best month 


Plaid attaches strings 
to Government support 


PREMIUM BOND sales hit a 22- net receipts to £l23.8m, continu- out each month represents a RY dorjm reeves welsh CORRESPONDENT 

year peak last month as the ing the recent buoyant trend. return of 5g per cent a year of BY ROBiN wa5H CORRBPOWDfiNT 

public took advantage of an in- The Department said yesterday the total cash invested in the PLAID CVHGHTS- annual confer- of Mrs. Thatcher when Wales 
crease io the maximum holding tbat much of the fresh money bonds. The return is being in- ence has sent the party's three was already suffering the appal- 

allowed to each investor. flowing into premium bonds creased to 5J per cent next ^ K bapk tri Wartminct er with a Un e reality of Mr. Callaghan." 

Sales in September totalled carae from investors who had the January*. Prizes are free of all Tr” " Delegates in Swansea gave 

St 1 ™ . “ »h! Previous maximum holdings of tax. mandate to ^ suppor Mr. unajlLmous backing to a National 


tbe result that it is precisely the shift will begin to work their ' . ."Sly 

best-sellers- that become singled way through to real rises in The Govenunent has hude- . 
out as targets for public criticism production in the second half funds available to .carry •out- . 
and political intervention.*’ of the financial year. investment and we. nave 

Pharmaceutical Prices, Klaus Production in the 27 weeks of powers to enable grants to bey 
ron Grebmer; Office of Health the vear io the end of Sept cm- made to help, .tbe industry over' 
Economics. 162. Repent Street, ber was 50.773m tonnes, short-ternr market;: fluctuations . 
Loudon \V1R 6 DD; £1. compared with 51.107m tonnes that threaten . :to. divert its 

; : — over the same period in. 1977. progress." . J". o -v- ' ' 

TT1 . /-t pp. • | Production towards the end of Since the 1974 “PI an fbrCoai," 

Ulster UlllCiai the 1S78 period is beginning to designed to halt the dedine in ■ 

show an upturn — in the last output, and raise production to . 


Ulster Official 
Unionists seek 
regional rule t 


week of September this year, 135m tonnes aniraaHy by 1985, : i-y 
output was 13,000 tonnes un on some £1-12 bn worth of-sebemes ^ 


tojaHed £l3l.lm last month, the 


reduce Welsh unemployment, aid 


By Our Belfast Corre: 


a I lowed to each in vesto r7 flowing into premium bonds creased to" 5* per cent ae« ££ back td wStininster irift a “5 Mr.’ cSlalbaL" UUIUUI»1» SCC& output was 13JM0 tonnes up on some of^bemes 

=_ c Antpmhpr tailed came from investors who bad the January. Prizes are free of all Jr” legates in Swansea gave • i 1 5 the same week in 1977. have been - 

Sales in September totalled previous maX i C]Um holdings of tax. ^ mandate to .support Mr- unanimous backing to a National TP PI 0113 1 FlllP i 0ver the 27 week period. Board. The estunatedjcOstofrthe 

KDip^l' mnnthlv ^nire 0 "^ i^pc-pnt —A 0 ® or were close to it. The Sales of the 14th issue of Executive list of demands. They 1 CgUJildl i UM^ . overall output per man-shift Plan, for CpaL-j0^19f5; is- npw 

mnlifhc m °Thic maximum was increased to National Savings Certificates crucial Queen s Speech vote only j nc i U d e d a special package to Bv Qur Corre mond*nt' was up 2 6 per c e nl - while coal about £4bm. . 4 . 

1« T3.000 last luitnib. totalled £131.1oi last month, the if n « contains ^aal Immediate re duce Welsh unemployment, aid By ° ur B ,fast Corrc5 P° n{J,n ? face productivity was up 9.3 per Mr. Eadid . 0 ? . 

Many of the people taking second best figure this year. This beQEflts t Q people for industrial lung disease THE OFFICIAL Unionist Party cent. coal con versiaUjfe^toijtiesqfl^r 

iaai). wnen me oonas nrsx went advantage of the higher maxi- reflerts the continuing boost to waies. j - 1 * ’ sufferers, more help for agricul- —Ulster's lamest single Unionist f h e continuing discrepancy a £43m P rogrtmtae-: ^anttbun ced 

un >Jie * mum are believed to be high- sales which the 14th issue re- Dr. Phil Villiiuns. the retiring lure, and for the Welsh language, grouping— has decided at ih-- heiween rising productivity and earlier*. thisr'MRCO^.^ojpg 

The premium bond improve- rate taxpayers, for whom the ceived when the limit on the vice-president, said the MPs The conference also firmly annual conference to press for a -falling production is explained ahead, as was - - ffie?ag , ^pnient 

ment helped boost the Depart- bonds represent a good gamble, maximum holding was raised would not “fall into the trap of ruled out any formal pact with regional council as an upper tierj hy the NCB as being due to the of the fiuidreKt^ifeftfcWBbHStioa 

mem of National Savings' total The total prize money paid from £1.00fl to £3,000 in July. avoiding/ the appalling prospect the Government. to the present local Government P^rge amount of . work being techniques. - V • 


Many of the people taking second best figure this year. This £? < L}?2‘ n ? beaeflta t0 P eop I« for industrial lung disease THE OFFICIAL Unionist Party «nt. coal con versianjfe^afgaesM^r 

iMau - wnen me oonos nrsx went advantage of the higher maxi- reflerts the continuing boost to waies. - ■ ■ ’ sufferers, more help for agricul- —Ulster's largest single Unionist f h e continuing discrepancy a £43m pro^ame-’rantidMcea 


CONTRACTS AND TENDERS 


ceived when the limit on the vice-president, said the MPs The conference also firmly annual conference to press for a 1 -falling production is explained ahead, as waff- ffip^fbfepinent 

maximum holding was raised would not “fall into the trap of ruled out any formal pact with regional council as an upper tier by the NCB as being due to the of the tiaidiseir^edfcWBbHStioa - 

from £UK»n to £3.000 in July. avoiding/ the appalling prospect the Government. to the present local Government ,ir S e amount of .work being techniques. • 

system. • ' ■ ^ ’V ~ 

The regional council would fill '• ■ r; .' •* 

powerless local councils and the Offshore advice company set up 


B C 


REPUBLIC OF SENEGAL 


Ministry of Town Planning, Housing 
and Environment 


Ministry of Finance and Economic 


Affairs 


International Invitation for 


Tenders for Construction and 
Financing of 6,000 Public 


Housing Units ■ 


Under its Fifth Development Plan, the Republic 
of Senegal will construct 6,000 public housing 
units in the Cap-Vert region. 


TENDERS REQUIRED FOR THE PURCHASE OF 


CERAMIC HIES FACTORY 


AUSTRALIA 


TENDERS will be received by the Liquidator of Albaware Tiles & 
Pottery Pty. Limited (in liquidation) until 5th December 1978, for 
purchase of 

BUILDING AND PLANT for manufacture of FLOOR AND WALL TILES. 
LOCATION: Lithgow, 140km west of Sydney. 

Building occupies 2.23 ha. with similar land area for expansion. Situated centrally 
io principal supply outlets of eastern Australia. Marketing and distribution system 
previously established. Production of tiles ceased after fourteen months production. 
CAPACITY: Decorated glazed floor tiles. 20cm x 20cm, 360,000 square metres per 
annum. 

Decorated glazed wall tiles. 15cm x 15cm and 20cm x 10cm, 720.000 square metres 
per annum. 

Most of the plant designed and supplied by SACMi of ITALY. 

For full production, including manufacture of bisque, some plant still to be supplied 
to complete installation, and some structural work incomplete. Unlimited supply 
uF suitable clay available 110km from factory*. 

Full particulars will be provided to interested -persons. 

J. E. Walker, Official Liquidator. 

109 Pitt Street. Sydney, Australia. 

Telephone: (02) 2326566, 


system. * • ’• ' j*. \ . , 

The regional council would fill -• .* 

powerless local councils and the Offshore advice company set up 

direct rule administration. " 

After considerable manoeuvr- A SCOTTISH-BASED company ship of one oMh& main funds, 
ing it its weekend conference, has 'been set up to offer invest- Viking Resoifrc^sY and' has been^ *. 
the Official Unionist Party over- ment. banking and corporate elected tor thd iwardT: of-. Aforth. ' 
whelm ingly backed a resolution advice, particularly to those Sea Assets. ■ v . -. 
demanding that the local govern- interested in the North Sea oil. The move foHow^Mr.deviok's . 
ment reform should be treated industry. involvement in A number if- 

as a nutter of urgency. Edinburgh Financial and deals between- companiK. ■- 

They voted on a complicated General Holdings has been oil interests: They :indadefr tfe;. . 
resolution which had been drawn formed by Mr. Peter de Vink, entry of Ben Line Steamers,' trip v 
up -to avoid splitting the party, who has resigned after 12 years shipping corapany.-toto offSrtfeT 
It affirmed that the return of a as an executive with Ivory and drilling and the fonfcatftto offa^ 
fully devolved Parliament to J Sime, the investment managers, pipe-laying ” cbmpany, ' VOniig 
Ulster was the ultimate goal. I However, he retains his director- Jersey Equipment : - . •> f 


CBI to debate impact of 


technological change 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


The project will be carried out in four equivalent 
sections over a four-year period. The total floor- 
space will approximate 600,000 square metres, 
divided between single-family houses and apart- 
ment buildings. The traditional type of construc- 
tion will be used. 


The project will be financed by a long-term loan 
organisations: the Office des Habitations a Loyer 
Modere (O.H.L.M.) and the Societe Immobiltere 
du Cap-Vert (S.I.C.A.P.). 


The project will be financed by a Ions term loan 
having a principal repayment grace period 
corresponding to the period of construction. 


Bid files may be obtained from *he Societe 
Iihmobiliere du Cap-Vert. Rond-Point de 1'Unile 
Africaine, B.P. 1094. Dakar, from October 25, 197S, 
at a charge of 150,000 CFA francs. 


Tenders are to be filed before 6.00 p.m. on March 5. 
1979, deadline, in a double envelope in the 
Ministere de l’Urbanisme. de i'Habitat et de 
I’Envlronnement (Direction de la Construction et 
de I’Habitat), 72 Boulevard de la Republique, 
Dakar. 


ARGENTINE REPUBLIC 
PROVINCIAL GOVERNMENT OF MENDOZA 


PRODUCTION OF SULPHURIC ACID CEMENT PRODUCED 
FROM PLASTER OF PARIS 


We are interested in proposals from enterprises for the 
installation and exploitation of a plant for the above product 
tion, located in Malargue (Province of Mendoza, Argentina), 
in accordance with Decree No. 2I19/7S. 

Please write tor 

SUBSECRETaBIA INDUSTRiA, COHERCIO Y MLYERIA. 

Palacio de Gobierno. 6° plso. 

5500 Mendoza, 

REPUBL1CA ARGENTINA. 


MERSEYSIDE 


COUNTY COUNCIL 


Waste Disposal 


The Council has decided, to give con- 
sideration to the role the Private 
Sector could play in assisting with 
the Authority's statutory wastei dis- 
posal function by : 


j 

the provision and operation of re- 
source recovery facilities irv ! con- 
junction with County waste disposal/ 
treatment plant. 


(b) the provision and operation of con- 
trolled landfill facilities. 


Contractors interested in submitting; pre- 
liminary proposals should apply for farther 
details to the County Engineer, 4th floor. 
Steers House, Canning Place, Liverpool 
LI 8JW not later than Monday, 30th 
October, 1978. 


R. J. Williams 
County Engineer 


LEGAL NOTICES 


NO. 5W u» 13I?= 


Io ibc HIGH COURT OK JUSTICE 
Chancerr Division Group A Leeds District 
Kejnsmr. In tlu- MailiT of SERGE NOEL 
LIMITED and in the Matter of The 
Companies Act. IMS. • 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Winding up of Uk- above- 
named Comofloy by the High Court of 
Justice traa on tbe CTh day of September 
IMS. presumed to the sail} court by 
INTERLrMC FREIGHT ' LONDON « 
LIMITED whose rodstetvd office ii *1 
ImerUph House, 35? Whitehall Ruud. 
Leeds in tic Co Billy of West Yortu-tilre. 
banllera. and that tbe sold Petition u> 
directed to be heard before the Conrr 
sltling at the Comity court House. Albion 
Place. Leeds I. on Hi? leth d.iy nf Novem- 
her l STS. ar It a m.. and any creditor or 
contributory of ihe said Company desirous 
lu support or nppaie the mating or an 
Order on ihe said Pi-tllion may nmn.-jr 
ai Ihe ume of hearing. In person or by 
hli eomsel. for that purpoH.-. and a copy 
Of iht- Pei it ion will h,- rumlsh-d by tin 
undf'rsljuii.'fl Jo any ircdltor t-nnu-ibiunry 
of the liatrt Company requiring „u..h copy 
on payniLm or Iht- regulated i-Jutiu Tor 
the same. 


DJBB. LllPTON L CU.. 

*• Buns Guun. 

Lei.iis LSI 5J7C. 

Sollcllars for the Priitlaner. 

XOTE._ > \By person who inii-ndf to 
ipptar on the hrarlm* nf the c.iut Punuon 
inusi serve on or send by post to the 
aoote-nnmed notice in wriUpg of his 
■otCnilon so to do. The notice most stale 
the name and address or the person, or. 
” a urm. ihr name and addrea; of Uie 
1,0 M-ned by U»c person 
or Drm or Us or rholr soliufor tif anr» 
ana musi be served, nr. if posted, must 
F 60 *. 1,7 w P° n ln Hiffiricnr time io 
ahove-namod noi later than 
tSft in ^ sHrmoon of the 

lirij day of November Utrs. 


THE Confederation of British in- 
dustry is soon fo start a debate 
on how businesses should adapt 
to cope with technological change 
and rising unemployment. 

The subject has been put to 
the top oF the agenda Tor the 
confederation’s second annual 
conference at Brighton in two 
weeks. Early next year, it plans 
to publish a policy document 
on the issue which it wilt dis- 
cuss with the Government and 
the TUC. 

A background paper prepared 
for the 1,100 delegates expected 
at the Brighton conference 
states that the key issue on pro* 
ductivity and jobs is “how Bri- 
tain can improve its competitive- 
ness without deepening unem- 
ployment." 

The paper then poses a series 
of questions to stimulate a debate 
about whether industry can 
create enough employment or 
whether special measures will he 
needed such as flexible retire* 
ment. new working patterns, and 
automatic educational and Irain- 
ing facilities for unemployed 
school leavers. 

"Does th* combination nf taxa* 
linn and social security benefits 


??* an „ , t ,a L a significant propnr- cuts in standard working houri“ 

?n f J»Tt e »J lI l emp °?o d i iave and lu increase work incentives-:-; 1 
little incentive to work? Whv ,,, , j - -■ i.ni'1* 

are our manning levels too often u Wa i S of curbing .inflation. ^ 
higher than our conipiititors? l , he subject of av separahL- ;. 
Arc our .skill sboiiaces really £o b ,? le whjch wiU foc,ls on ~"?- 
as serious as they are sometimes 7* s hnpes for : a .iong-tera 
painted? If they are. is this lack re *, orm of Pay bargaining prej? 
of training, or is it more a prob- c f dures * The conference vriL;’ 
lem of retaining skilled workers a , consider possible changes - 
in skilled jobs?" asks the coa- Dn labour 5aw s to restrict picket* ; ■ 
federation. ia 3, to limit social .security/- 

pa „r r B r T nts ^ss^iSgfc: 

SIS- »' 

to provide the jobs needed. T . raiseo. ' 

“We could also be oh the lPe conference, which wflljaat. 
threshold of a technological two da > s - wHl also debate 
revolution. The application of the . presen l pay policy and the - . 
microprocessors, in particular ?, ctlp P that industrialists wau'tv : 


microprocessors, in 'particular ?h t5( JP that industrialists want. 1 
will change the nature of em* r ' ov e«'nment to take 'to relax.- - v 
ploymenl. We cannot opt out of . ^PP^Mtion of its S per cent 
thic revnlutlnn hnranca it -i_ P a . v limit. • ■" 3'A 


are. certain lo be lost." ' l ^ c P n nfederation should agree/ 

The confederation's nuiimi t0 any Ie 3isiation to force com-,- 



PUBLIC NOTICES 


• he Buckinghamshire County Council 
announce that the Interest rate on tt«r 
Variants Rate Rodoomahle Stock 19B2 ter 
the ncriM 21st October 1978-21 It Anrll 
I9V9 is 5.3438 0 0 heinfl egnaf to 
wr Jnnum abo»c the average six month 
sterling fleuoslt rate aHrreo , on . or a&est 
10 am on ZOth October 1378.. 






ftV rt 


i financial Times .Monday October 23 197’S 

! Xe % 


I.ABOl K M US 


WEEK’S FINANCIAL DIARY 


Tory MP calls for Yarrow workers 

sacking of Innals ban overtime 


Thu foiluM is u record of the principal business and financial engagements during the week. 
The Board meetings are mainly for the purpose of considering dividends and official indications are 
nni always available whether dividends concerned are interims or finals. The sub-divisions shown belnw 
arc based mainly on last years timetable. 


BY OUR GLASGOW CORRESPONDENT 


3Y CHRISTIAN TYjLEft. LABOUR EDITOR 


t CONSE ll VAT [VE health 
pokesinaa yesterday barked the 
•ay va-»e of hospital workcri 
upervisu rs who-ie ;ad urinal 
ei ion it, .now fitting blamed for 
atienls' deaths, and called for 
he sacking of Mr. David Ennnls, 
uciai Services Secretary. This 
turning Mr. EnnaU. who v.anls 
3 end she dcudioci; is due to 
. leet ihe management .side. 

Dr. Gerard Vaughan. MP fir 
eadin^ South, accused Mr. 
Innals. and Mr. Roland Moyle. 
-I mister of Slate, of "dither and 
clay" and said they were as 
such, if nal in ore. lo blame for 
aliunls’ deaths than the unions. 
He has written to the Prime 
f mister demanding that he 
ick the tv.n Ministers. He said 
esterday that there had been a 
?rics of terrible disputes in the 
: HS. some totally unjustified. 
But in the present dispute* there 
■ a genuine grievance winch 
lould have been and could have 
cen dealt with quickly and with 
nder standi nn." 

The iiiiioiis have already asked 
r. Callaghan tu i men one. and 
re wail mi; fur a reply. Last 


ui^bt Mr. Allan Black o f the 
wntu- collar a union of -the build- 
ing union .UCATT. and secretary 
of the union side said: “Wy -re 
hoi going tu rhange our attitude. 
V.’e have already altered our 
negotiating poMlhm quite appre- 
ciably." 

Asked about the now appar- 
ently grave effects of the five- 
week action, he said: “We knew 
what effect :l would have, but 
v.c did not thmk.il could go on 
so lung " 

On Frida;., when Talks at the 
Advisory, Conciliation' ' and 
Arbitration Service broke down 
with .no further meeting 
planned, Mr. Ennals said 
patients hiid died as a result of 
the net ion. Doctors say the 
delay for soinu cancer and 'heart 
patients in particular cnuld be 
fylai. 

The union-! are pressing Jp r 
new gradings I or 13,500 super- 
visors, saying that present, pro- 
posals won! 1 1 leave some worse 
off than uaf'MHcn they super- 
vise. Thu long-standing griev- 
anoe has become entangled in 
Ifcr Govern mem's 5 per. cent pay 
policy. 


Mr. Ennals said that an im- 
proved incentive scheme had 
been offered, but that the 
unions were demanding a 
guaranteed minimum for all 
iiicmhi-rs whether or nut they 
look part in Ihe scheme. 

He made ii clear ilia I Ihe 
management .side and l.oi em- 
inent would net give in In a 
claim which he said would iipsel 
differentials full her up the line 
of command. 

• Proposals to sci up regional 
disputes panels throughout the 
NH5 to try tn avert the rash 
rff local disputes that has hil 
hospitals in recent years arc la 
ho announced by Mr. David 
Ennals. Social Services Secre- 
tary. luday. 

They have been drawn up by! 
a joint working party of! 
Ministers, die general secretaries 
«*r all major health service 
unions, itn- British Medical Asmi- 
nalion and the Royal College 
uF Nursing. The proposals go 
today in the General Whilluy 1 
Council, the central negotiating! 
body fur unions and management, j 
within the Nils. 


MURE THAN 4.000 hourly paid 
workers at flic Yarrow shipyard 
un the I'pp'T Clyde have imposed 
•an overtime bar. from today 
• until Kniish Shipbuilders agree 
(tu loeal it egoii arums on their 
j pity daim. 

! 'VIh 1 men submitted u claim for 
;j subs ianiia l rise last August in 
:a new agreement to date from 
{September 1- But Yarrow has 
.said it cannot negotiate until 
I British Shipbuilders gives 
approval. 

The claim is now .subject in 
the yard’s disputes procedure, 
and >liup stewards are hoping 
(hat tile involvement of full-tmu- 
union officials will bring a 
quicker response. 

! The j-aitie delay is also affect- 
ing -1.500 manual worker* at 
nearby Govan Shipbuilders, hut 
they ' have not yet decided 
whether to lake action. 

The Yarrow overtime ban is 
likely io affect work on four 


Type :*2 Royal Navy fn-.Mes. and 
four logistical support vessels 
for the Iranian Navy, worth a 
iota! of about ElOOm. 

British Shipbuilders is trying 
fn secure the agreement t»f the 
r.mMenUiun of Shipbuilding 

.uni Engineering Imnm.* to a 
national pay agreement With one 
-eii lenient date c'lvi-nng the 
industry. It is hoping lhat in the 
meantime, yards with early 
sett lenient dates will be patient. 

Vos per Thornyvrofr manual 
a inkers also have a claim which 
was due for seltlemeni earlier 
this year. 

But H will he next month 
be Fni'/ 1 the Confederation dele- 
gate conference takes a final 
decision. It has advised its 
uliicials and shop stewards that 
they have a choice between a 
voluntary freeze on cl mins, or 
u.im? the disputes procedure in 
an effort to win local negotia- 
tions. 


\ 5 i ; :■ 

u.i in 


ID- t 
i • -Hf 

<i i j A 


??'l T\ 
s - i 5 * .i 
■ « iS ' 


Equal opportunities code sought 


Stoppage may hit Grundij 
jobs and investments 


BY OUR BELFAST CORRESPONDENT 


Equal Opportunities Com- 
| • w i-||fiS5ion has boon sharply 
■^•■iticised for failing to produce 
code of good practice on equal 
ipnrtuniiiCs in companies tu 
■Ip employers. 

Th<» piessure group EPUC — 
jual Pav and Opportunity Com* 
liaii — today publishes its own 
nnl-hy.pomL programme on 
Jw tu avoid sex discrim i nal: on 
employment. 


It says u code of practice could 
be cited in industrial tribunals, 
like the code of industrial rela- 
tions practice. 

EPOC, gives proposals and 
qur-siioTiK by which employers 
can examine a number of areas 
at work — including recruitment, 
promotion. Training, career 
development and 'payment 
s> stems. 


Each suction covers four 
aspects of policy making and 
implementation — analysing the 
situation, bringing about future 
action, niumtoring changes effec- 
tively and keeping appropriate 
records. 

L'qiuif t tppijrt unifi — A pro- [ 
giummc fur I’lwpln/unenf, JTPt KJ, 
fit* Crinoubut n Pmfe Nor tii. 
Ijitulnn A/ 2J l„ ? , Cl. ! 


GUUNDfG has warned that a 
strike over pay at its Belfast fac- 
tory is endangering a l_.5ni 
investment programme as well 
as the jobs of 900 workers there. 

The company has told em- 
ployees that the plant will have 
tu close from tomorrow until 
further notice because of ;» 
month-long unofficial stoppage by 
toolroom workers. Employers m 
the plastic moulding department 
have now juined the dispute. 

finmdig said it had offered u 


straight 5 per cent rise and :t 
productivity deal which could 
add another 3 to 4 per cent, but 
it emphasised that it would not 
violate Government guidelines as 
Jong as they continued to exist. 

The company i» starting an in- 
vestment programme .-l the 
West Belfast factor? one of 29 
Grundig plants, and had expected 
io recruit 300 more workers. But 
it said the plan would " most 
probably be halted ” if the strike 
went on. 


Improvements sought for 
NUBE insurance staff 


tE insurance workers’ section 
the National Union of Bank 
uployees has claimed a four- 
v. Sb-hour week for members 
the Guardian Royal Exchange 
surance Conipan?. 

NUBE’s claim, w'hich covers 


some 7.000 insurance staff, in- 
cludes a 15 per cent pay in- 
crease. annual holidays of from 
four to nearly six weeks, and 
three month!,’ paid leave for 
staff after every ten - years’ 
service. 


Strike at U.S. 
bases is over 

STEEL WORKERS who stopped 
work on building aircraft 
shelters at four U.S. air bases in 
East Anglia 14 weeks ago return 
to work today. 

The dispute began ever a 
piece-rate row. but the strike 
escalated when Italian lubutir 
was brought in to work on the 
NATO contract. 


Susar-beet overtime resumed 


WORKERS for the British Sugar 
Corporation have called off ,-m 
overtime bun which halted the 
sugar-beet harvest in parts of 
Easl Anglia. 

They have agreed to resume 
normal working at the 


Wissington plant in Norfolk 
from today to allow beet 
deliveries to start 
The dispute is over a grading 
claim. There will he talks 
between the trade unions andi 
the corporation. I 


TODAY 

COMPANY MLeuxuS — 

CT JUMil In*. Im-.!. p»rt H4U&C, Id, 
r.tKC>u>r Cuti.^. fc.k. 1 i. 

R-u! vt*. Sn-c* rtu:,i. Yv.Ci, is. 

BUArtD MEETlNGi — — 

F|f4lVi 

Mi-iMji.a C-iMle-cv 

M - c J*c C H>>K>» 

PHIW »C. H J 
i*rc»M<. 

tnipfiim: 

Bivnam^Aic Tm« 

QuilK,'. 
hiachty Rjco 

rmpt-r dt icic S'.ongc \ Sutxily 

Milhnfdio 

Out min lr.». Trj« 

DIVIDEND ^ iPJltPST PAYMENTS — 
Alliance IruM Ore. J So. Da. 4ocP1. 
1 ape. AiiDCHl. I.U7SK. SPlPI. 

I. Vapc. 

Anurfi*i''i RuHt*f 0 C(i 

Bjr^OcB dni, WllCOr 2.9J12P 
ttilurcdlMI tna q Ip 
l.2ubes 

Cl,rt iVUIIniD. d I9 d 
LO.l-'il/v 70CNCQ. 1 'j'-’d i'jDC 

LI Jjpuin Ini I^S. IP 
orpi.,1 McTronol.tdn i.TEa 
HiUixkii'Il' 1 421,1 P 
KKluras d.'id Wjllinaton ln±.. 1.66(1 
TOMORROW 

COMPANY MtcIINU, 

Au'.’.i jjidn ard Truil. 120. ChCdiKWe. 

lC. d. 

Cr.iv tipctrsniu. 116. Pail Mall. SW. 12. 
Cro^Dr Home. Great Ed^cern Held. EC. 

II. 

FaC Eurptrus:. 1-2. Lumence Pounincy 
Hill. EC. 12. 

Ml HaicmyL. Cn«nereo Aceonnunn' 
>uii. r.ioorgjte Pure LC. 12. 

McLeod Kui.el. Victoria Hout«. WC. 12. 
RiCJfGO Endi-Wrrrt. il92?J. KCRncn. 

RomiLI v Sc W. 12. 

Romai Tcl Si' Jonn L-on house. S. High 
Si . EC II. 

BOAriD MEETINGS 

I mall: 

Cit. wNlnli. T.-u-.C 
□uct.lv Steels 
-olersan 2iicnor,s 
Ptoloru Porclunu Cetnenl 
Interims: 

4v,.f. l-'isi ire 
Buoth lnt< 

LnvLVi NJlion.il l-i». 

ESI udlM.L •••■ I.a.t 

Niatiur. 1 8 ca I 

Aui.C'iiui fi*», is-'i 

scon A Huu..:-.wn 

lo.-r-j iun.,11., ^ Vil’pj'jrr, 

DIVIDENO A INTtReST PAYMENTS — 
Cardin llpcRco. 19Bb 5 .oc 
Diploma Invs. 7 DCpf . 2 4Spc 
Harrisons Maia«;ior Esiates 2.7SP 
Inti. Stores Lns- 2 3-. S'- i*Pt 

Neiueald and Uun.=n \..337bS5D 
RavdccL 2 3512P 
RomJi Tea 22.30 
United Kingdom Pioo. 0.33 d 

WEDNESDAY. OCTOBER 25 
COMPANY MEETINGS — 

AsMCi.itco DairiCL. HL-Jdrng!c» Pavilion, 
sc Micnacl » Lane Leeas. 2.20 
Esculiour jcnciicrr. CrumDer oi Conunerce. 

Eago.u-.on Bir-n ngnan. 12. 

Hispigaic Osiicui ane Ina.. Claroralon Cour: 
Hoiei. W. 1l 

Linrood. Winchester Hc-jSC. EC. 10.30 
, Waiter ijimr.i Gnid.miti ana siirer- 
jmiui Ccnsury House. Sircainam High 
, Ro . SW 12 

i Zeners bb-bu Clrrhanweii Pd„ EC. 11.30. 
BOARD MEETINGS — 

Finals: 

B'll>s:i Allots Trust 
MID. iMurouia# 

Interims: 

Earr.-i Brevxrr>es tWri- a -iain) 

Qu-rell 

LJic-oon-an Assoc C-r.e-ia* 

Cunt.rmnial Union Tru>- 

Down.ebrac 

G.il & Dufius 

Greenban, Ing 

Hill iPlvl:p, Irsv Tr-J»t 

Hop, insons 

Horerinihani 

Liileshaii 

Lindsay 5 Williams 
More OF ei rail 

Press iwm.i 

Solders 

Umilci 

Yougal Carpets 

DIVIDEND A INTEREST PAYMENTS — 
APV 2.2907p ■ Includes supplementary 

distribution of 0.0541 P O'a yr. 1977, 
Bankers Trust New YorL Coron. 75rts 


(krttontherd 6'iocBds.Rrd. 25 1 0176 

1.2.2277 

Bcofcrasnirc 6 JiicBOv.Rcd. 25.1078 

£3.2277 

British BenMI CarDQnismg 0.5973 b 
unuMi irasi Den. 2‘:pt 
CPC tnll. Iilil. b7.5c(L. 

Challenge Cor on. 7 -sets. 

Coventry 6‘i(XB0S.Rca. 25-10 76 L3J277 
Ellosmrrc ^Upeads.Red. 2SH0(78 £3.2277 
kacailDur jowcitenr O-iTlJo 
f. and C. Eurainist 10 
First Castle Sets. i.OOSn 
General Eicctnc Coispa.-ty 65ets. 
isle of Wfghi o^olBos-Rco. 25 10i7B 
ta.2277 

Kirkuidy 6ti[KBds.Red. 25 10«78 £3.2277 
MisDnerson <Oonaid) in. 3 ->k 
M anl. HanOscr Cor Bit. 52cU. 

Massey Ferguson Lii. Sipic 
NE Ocrbysnire d'iPcSiis.kM, 25 10.73 
L3J277 

Nonnamptonshii c 6><DcBds.Rcd. 25ftdi78 
£3.2277 

Provident Financial l.ttSp i Includes suo- 
niemcnury oistrmution ol 0.04949 oia 
yr. 1 977). 

Salford 6'iPcBOS.Rcd. 2S IOi7B C3.2277 

Samoury 6‘iKBds.Red. 25H0 73 £ 3.2277 
Scuntheroe b'.BcBda.Rcd. 25,13! 78 
£3 2277 

Seltcn b<4DCBdS.RL'd 25 10 73 £3.2277 
5. Bedfordshire bi<pcBos.Rcd. 25(10 73 
£3.2277 

S. Derbyshire 6'iPcBas.Rcd. 25ilD 7B 
UniOn*‘corDn. 8 727796 b 

Wigan friaPcBda.Rcd. 25UDI7B L12Z77 

THURSDAY. OCTOBER 2b 
COMPANY MEETINGS— 

Burns Anderson. Midland Hold. Man- 
chester. 12 . 

Hume. Winchester House. Old Broad St-. 
EC. 11- 

Puliman *R. and J-I. 13. Maryteuane. 
NW. 12. 

Rcabrook Trust. Martins Bido.. 4. Water 
St.. Liverpcoi. 3. 

Tcicliisioii, Connaugnt Reams. Great 
Oueen St.. WC. 12.30. 

Tor Inv Trust. 6. Caer St , Snausea. 10.1b. 
BOARD MEETINGS — 

Finals: 

Burgess Prods. 

E saturation 
Mckccuuic Urns. 

SinpjOii C5.* 
united Real Prop. Trust 
walker a Home- 
inter mis: 

Berkeley Hambro Prop. 

Bos rev A Haerkes 
Boor l Henry, 

Coral Leisure 
Geers Gross 
London Brick 
Mloet 

sneeoorldae Engineering 
Transvaal Cons. Land & ExoloratiOn 
Trust Union 
Wnittington Engineering 
Wire & Plastic Prods. 

DIVIDEND & INTtREST PAYMENTS — 
Alnv/Kk S'jU'rEcs.Red. 2,5.79 «-.pc 
Anglo-American Inds. Coron. 2 5c is. 
Anglo-American ln». Trust 250cts. 
Associated Dairies 0.41 £98 p 
Bath 1li.-pcBdS.Red. 21,-4 82 5'-pc 
BlaOv 8 -. 0 iBdi.Rca. 2 5 79 4--0C 
Breckland IO':Pcads.Rco. 201ti<E2 5 '.PC 
Bromsqiove 6 .DCBoS R-3 2 S'?9 4 -PC 

Buckingnamsnlre 8 'lOcBos.Rcd. 2 5-79 
a SBC 

Bury BJ|r>cBds-Kccl 2 5.79 a-.pc 
Cleveland awEo..R«i 24 10 79 4nc 
Corbv lD-fcOcBdi.Pcd. 22 4IB1 5'i.oc 
De Beads Cons. Mines Did. iHc9.i 20cts. 

Do. tflr.i 20c vs 

De Beers ind. Corpn. 57 '-els. Do. Pf. 
5>:BC 

File B 'cocBds.Rcd. 2 5 79 4-,oc 
Greenwich 8 '.pcBds.Rod. 2-5i79 4 1 pc 
Hamilton 10‘yOcBos Rod. 22r4 81 5 itPC 
Hastings B'.pcBds.Rod. 2 5 79 4'i.ec 
Horlror Midlands 1 .62744 0 
Hounslow B.-.pcBds Red. 2,5 79 4 'hdc 
I slington 9J.ocBas.Rcd. 22,'10iBQ 4"inDC 
Kensington 9 '^cBds.Red. 23.-4 BD 4i>i b pc 
Kent S'.DcRed. 1976-BO 4 *hDC 
K laurnoch and Lounooun B^ocEds.Rcd. 
3 5 79 4 'sDC 

Knowsiev B '.pc Bos. Red. 2'5/79 4', pc 
Llchheld B’jpcBds.Rcd. 2,5179 4J,pc 
Newham 10S.pcBds.Red. 22 4181 5: i*dc 
N. K -Steven 10>u.pcBds.Red. 21 >1 0/81 

5 'itPC 

N Shropshire 9~-.pcBds.Red. 23 4, BO 
d'tluPC 


Pnpce oi Warn Hotels 0.5u 
ReatNCuk |n.. Trust 0.6 IP 
Ricmnardshne ;a vPcua..Rrd. 3310 81 
a'l.K 

Roils-HQvcc Motors 2.24p 
ScarooroL-gh dpcBds.Rco. 24 '10-79 dne 
iedsheld d iptdas.Rea. 2,5 79 4'. pc ” 

5 •u { ln* ar,SSh, r c S'-wfidiRcc. 22 10 83 
Southend -On-Sea B.'jUCflds.Kcd. 2 IS 79 
Ttfv»KC5bury b ^pcB^ RciS. 2;5.79 4' DC 

T Kl6?Ks C Var - Rat « Ods.Rco. 20(4 63 

T S^b2Sp TrUSl ,nC - 3 5175b - D “ ^p. 
WamrdfTl Forest Sp;8flS.Red. 24 10 79 

Wandsworth B'.oeBds Red. 2 5 79 a-, DC 
wniwyn Hacucid 9 .pcBd^Rca. 23 4 ibo 

Woli Electric Tools a 625p 
Wvndham Engineerine I.ii4p 
Zeners 1.298P 

FRIDAY. OCTOBER 27 

COMPANY MEETINGS 

Guinness Pwat. Wincncster House 77 
London wan. EC. 10 30. 

Moran iChrlstOuherl. SaiCy Hovel. WC. 12. 
Parker Timber, River wnaiT. Enth. Kent, 

Warwd 5?" v," a - w ' nch “ lcr Hous *- 
BOARD MEETINGS— 

Finals: 

Construction Holdings 
Eleco 
Interims; 

Avrsn.re Meial Prods. 

Bcrcc 

Clayton a Sons 
Francis Inay 
Lulng (Jonm 
Minster Assets 
Pnotix CLonaeni 
ScDtt.sH Ontario Ins. 

DIVIDEND 3 INTEREST PAYMENTS 

Alan 10 nPc.Bds.RC3. 25 4(79 5 irPC 
Australian and Inti. Trust 2p 
Bank of Scotland 6 i65p 1 Includes sup- 
PCmcn.1,, distribution C4 O.DB28p oa 
»r. endc-n 2d -2,78, 

Berry Pacific Fa. 2 it I.. 

BreedOn ann ciouo Hill Lime works i.fin 
British Electr.c Traction Dra.Orn. 4 .OB bo 
Chlvnesicr ll .jpcBos. 23 4 BD 5 -pc 
Lommcicrai Bimi« or Austraiui Ord. Bets. 

fFy. PO.J 4cts. Do. PI. |4PC> 

Copyocs 0-?5p 
□escutter eras. 2.475p 
Dics-le 1 lames) 2.47 Ip 1 Includes supple- 
mentary distribution o( O.D53p Dja yr. 
ended 1977i 
Fairoairn Lawson 2p 

Fisher (Jamcsi 0.871 7o 'Includes supple- 
meniarv distribution 01 0.001 17p a a yr. 

Garton Ensmeoring 3.046p (Includes sub- 
olemcntarv olstribution 01 0.04bp o* 

vr. ended 31 12i77r 
HiQhgate Optical and Ind. 1.801 n 
Hume A. 3 .098750 

IM| 1.7021850 line lubes supplementary 
distribution at 3-027185P a, 3 yr. 19771 
Lamoetn io -PcBds.Rcd. 25,4.79 s-ispc 
Lonoon Merchant Secs. 1.1674p 
Longron Transport 2.745BP 
MiMniam Tin 2.00 
Merchants Trust Ord. !.25p 
Metalrax 0.45P 
Minty 1.65c 
NCR Corpn. 2 Sets. 

Noble anu Lunu 0 2345r 
Nurd>n .in a Pcaroct 0.8 7n 
Rnymney Valiev 10 -Ck.BdS.Rcd. 25,4 79 
5 in PC 

Ruo EJtalos 2 d 

Snarna Ware l.OOSp 

TamwOrth 10 -pcEas.Rcd. 25 4,79 5 ~„pc 

Toronto Dominion Bank 24c rs. 

Wagon Finance Corpn. 0.62SP 
Warwick IOccB>asReri 25.4 79 S'p«pc 
W ellingborough 1 1 i,pr.BdS.Red. 25.4(80 
5 -pc 

WllLos ijamesi 1 -5 p 

SATURDAY. OCTOBER 28 
DIVIDEND 5 INTEREST PAYMENTS — 
Canadian Imperial Bank o« Commerce 
37c is. ' Do. Pro-ra-a to amount pd. up. 
Ofren 1.21p l I nclude: supplementary dis- 
tribution of 0.050 0 a vr. 1977) 

SUNDAY. OCTOBER 29 
DIVIDEND & INTEREST PAYMENTS — 
Rugby Portland Cement Ord. i.838o. 
Do. Pig. 1N-V1 3.1 7Ej P I Includes special 
dividend) 


FT SURVEY OF CONSUMER CONFIDENCE 

■ r ' • ’ • I" 

Fears of rising inflation 
again cloud the outlook 

BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


■ST- T-r 

: lit 


cu 

Master builders 
by tradition 


. ■a at ■■ 

s ;• 

'fcs V " 


SHARP rise in consumers" 
; ' ■ - ars aboui large union pay 

mands pushing up the inflaM'im 
1e \< disclosed loday in the 
lest Financial Times survey of 
nsumer confidence. 

The survey shows that future 
ntidence by eonsumers is al its 
west level since early 1977. But 
is pessimism is mitigated as 
e survey shows that most roo- 
mers feel relatively more 
ospernus at present. 

The Future Confidence Index, 
leu late d by the difference 
tween those consumers who ex- 
ct conditions to improve or 
:rscn. has fallen from minus - 
r cent to minus 15 per cent. 
October only 14 per cent of 
nsumers expected conditions to 
i prove, (down from ill tier cent 
st month), while '29 per cent 
* "( > j peeled conditions to worsen 
.- *** p from £3 per cent). 

■x Those consumers who were 
timistic either r« It that 
_.-i kings must improvF?” or that 
f Tr e Ciovcrn'ment's handling of 
\ “ j c economy would be successful 
1 * er the coming year despite the 
reatened pay explosion from 
i; trade unions. Significant!}, 
me consumers were less opti- 
islic because there did not 
pear lo be an imminent pres- 
et of a change of government. 
The main reasons for pessi- 
siu, however, were slill rising 
ices and the trade unions, 
le numhers of consumers sur- 
yed quoins trade union power 
a reason fnr pessimism rose 
3m 6 per cent in September 
25 per cent in October. About 
per cent of consumers felt 
ling prices were a cause for 
ncem, which was 3 per cent 
er the previous monih. 
in May this year only per 
nt of consumers blamed the 
lions for a lack of confidence 
the future, while 36 per cent 
ared further price inflation. 

The Past Prosperity Index. 


-•Traaua.. 


ALL ADULTS: 


AS 


I • ( — catSUMEB (wrFfO«CE I j 

— nar wosfewty - — — 

ADriMCIJ ! — OBMriMTlWTBan j I” 

ABC 1 MEN fl WMBUS 


K/l 


Florence Nightingale's campaigning spirit revolutionised • 
attitudes to hospitalisation in the last century. She was one 
ol the great advocates of ventilation, hygiene and 
spaciousness: and it was Cubitls, with their many crafts 
ard construction skills brought together under one roof by 
Thomas Cubitt, who translated her sound theories into 
practice. Guys.' Westminster and Middlesex Hospitals are 
early examples of the Company's hospital building. 

More recently, the New Cross, Frimley Park. Shrewsbury 
District General. Gloucestershire Royal, Sutton Cold field 
-and Arrowe Park Hospitals testify to the construction, 
expertise and craftsmanship of the Company as it is today 
— achievements of which Thomas Cubitt surely would 
have been proud. 

HOLLAND, HANNEN & CUBITTS LIMITED 
Thorney Lane, Iver. Bucks SLO 9HG. 

Telephone: Iver 652444. 

CUBITTS ARE MEMBERS OF THE TARMAC GROUP 



■ 1JIII 

hJmt 


! w 1 ; 

; ■ \ 

B-ffiOiilb moving averages: 




// ! 
V 1 



Middlesex Hospital 


TsmT 1971 ~W72 1973 1874 1975 1976 - 1977 1978 


showing how consumers feel 
compared with a year ago. stands 
at 5 per cent which is some 
seven points higher than the 
September level hut roughly the 
5 arae as in August. About 34 per 
cent of consumers fell heller off 
lhan a year ago, while 29 per 
cent felt worse off. 

The rise in past prosperity is 
accounted for almost entirely hy- 
men. especially the executive 
ami prufcs&iona] ABC1 social 
grades. Almost half such men 
foe] belter off — a record for this 
year — while most women feel 
worse off. 

In some cases this could he 
accounted for by husbands fail- 
ing to pass on any increase in 
their disposable income lo their 
wives — a factor which often 
happens — social surveys demon- 
strate after a period of earnings 
restraint. 

All age groups show an in- 
crease in prosperity, although 
the older age groups appear to 
feel more prosperous than in. 
recent months. Regionally, a 
feding of paist prosperity lias 


If the 46 
.4EK Claret ■ 
is rather 
expensive, 

maybe the newRoeola 
|C^/!r . is too extravagant 


Should you have :o ask the price? 




ed improved in Scotland and the 
ids North considerably more than in 
me London and the South. In the 
the Midlands and Wales it has stayed 
tho about the same. 
ier The survey also shows thal 
off consumers feel that now is a 
ier good time to buy “ big things for 
the house." The home to buy 
j s index — the balance between 
those who think now is 
[ v |, a' good time to buy as against 
:. I some other time — has more than 
P[1 recovered From its fail in Sep- 
hi s tember and now stand at 26 per 
ee \ rent which is its highest level 
since January this year. 

be The main reason for the in- 
,jj. crease in consumers wanting to 
in buy goods now seems, as with the 
c i r past prosperity index, to be 
en mainly due to men in ail social 
in- grades. Older people as well 
igs appear more willing to buy now. 

These movements in the in- 
in- dices could suggest the begin- 
gh nmg of another movement simi- 
t0 !o-, « l ^. at which occurred in 
,n i^l 4 ' 75 . wben relative short-term 
a prosnenty was accompanied by 

dfr« e TiS CeSJn0Ved iu 

Groceries 

The unemployment index, at 
c £f *: fcas dropped back 
from the high level 0 f September 
and is now at about the average 
level -for. the past few months. 

» e 5®«* 8 D0W no rca ^ seographi- 
cai difference in attitudes of con- 
sumers to unemployment. 

-In a special question this 
month consumers were asked if 
they would prefer to shop for 
groceries at a local shop or at 
a hypermarket. In the cases 
where no hypermarket existed, 
consumers were asked to express 
their preferences if they had one. 

Overall preferences were 
almost equally divided, with 47 
preferring the hypermarket and 
46 per cent the local shop. Not 
surprisingly, preferences eorre- 
; lated closely with age, the 
y. younger consumers preferring 
j hypermarkets, 

y The survey was carried out by 
the British Market Research 
Bureau for the Financial Times 
between October 5 and 11. A 
total of 959 adults were inter- 
viewed. 




« 9 *T" ■ ’ R °y a} Gloucesler Hospital 





if' 



pr< 

ch 

BY MA 


THE PP 
decided tc 
allegation 
Wilson fi 
number o 
were coni 
puiyn agai 
Party on 
1974 Gem 
The foi 
allegation 

lowing thi 
affair. Mi 
was. had 
an arches 
himself. I 

Lady Fe 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 

mid the 
did not 
prietors 
instructed 
round a 
material." 

The Pn 
lo hear 
Sir Harob 
formal co 
On the 
against I 
council si 
Royal Cc 
l ha I iher 
La hour In 
The Pr. 
is one ni 
li»hcd tod 
In a no 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 


8 


Financial. 




These oaitiinbra or* riven in eompfonce with the ffegsiatKXS «rfliw Councfl ofThc Stock Exchange for Ok purperto of S*vjQ$mfon»«km ■" 
uiranMwoBWMs^^ «eotd oiafcB any statement herein mslcaditis. 




M 

s uper hoves 

rv\ 


(Incorporated in, EnglaadUnder the Companies Acts 1948 to 1967. No. 1001245) 





These particulars are issued in connection with a placing 


v“ 




Capd-Cure Myers Limited 


of 1, 


SHAKE CAPTCAL 

Authorised 

£600,000 h 6^000,000 Ordiaaxy dues of lOp each.... 


Issued and 
Fnlly Paid 

... £500,000 


At the close of business on 13th October, 1978, the Company and Its subsidiaries had outstanding £271,898 unsecured 
borrowings. Save as aforesaid and a disclosed in this document and apart from inter-company indebtedness neither the 
Company nor any of its subsidiaries had outstanding as at 13th October, 1978, any borrowings or indebtedness in die 
nature of borrowing including loan capital, bank overdrafts, liabilities under acceptances (other than normal trade bills) 
or acceptance credits, hire purchase commitments or, guarantees or other material contingent liabilities. 




DIRECTORS: 

MANNY CUSSFNS ( Chairman), Lands Lane, Leeds; LSI 6LE. 

IS ADORE (IAN) FI SCR. LL.B. (Deputy Chairman and Joint Managing Director), 

Holbeck Chambers, 101 The Head row. Leeds, LSI 5JW. 

WALTER ARNOLD RAT CLIF FE (Joint Managing Director ), Holbeck Chambers, 101 The 
Headrow, Leeds, LSI 5JW. 

JOHN ROBERT CUSS1NS (Notb-Executive Director ), 188 Regent Street, Loudon, W.L 


SECRETARY AND REGISTERED OFFICE: 

MALCOLM DAVID THORLEY, F.CA, HolbeckChambers, 101 The Headrow, Leeds, 
LS15JW. 


BANKERS: 

NATIONAL WESTMINSTER BANK LIMITED, 1 High Street, Sheffield, SI 3 PR. • 
BARCLAYS BANK. LIMITED, Vicar Lane Branch,! The Headrow, Leeds, LSI US. 


STOCKBROKERS: 

CAPELrCURE MYERS LIMITED, Bath House, Hdtbom Viaduct, London, EC1A 2EU 
and The Stock Exchange. 

SOLICITORS TO THE COMPANY: 

KERSHAW, TUDOR ft CO, 58/64 Campo Lane, Sheffield, SI 1FW. 

SPENCER &FISCH,Hdbedc House, 105 Albion Street, Leeds, LSI 5AT. 


SOLICITORS TO THE PLACING: TRAYERS SMTE3, BRATTHWAITE &CO^€ &inw J . 

Hill, London, EC1 A 2AL. • ' 7: <7- 

AI7DZTORS . AND JOINT REPORTING ACCOUNTANTS: •; V;- • ? ' - >•- * 

COBDHN.BOARD&CO^ Chartered Accountants, FonnlainHousejBiocHagsiveKoadi 
Sheffield, SI02LS. 

JOINT REPORTING ACCOUNTANTS: ‘ ■*'"*>* VV’£.' 

THOMSON McUNTOCK & CO., Chartered Accomflants, Royal Exchange Kwse, CSty Sanare. ! . ; 
Leeds, LSI 5NU. .••• - 

REGISTRARS AND TRANSFER OFFICE: . 77:7^ 

NATIONAL WESTMINSTER BANK UMITED, P.O. Box82, 37 Brood SM; Bristol : : 

BS997NH. 


LETTER FROM THE CHAIRMAN. 


The following is a copy of a letter to CapefCure Myers JJmited from Mr. Manny Cassatt 
Chairman of the Company. 


The Directors, 

Ca pel-Cure Myers T.m«( art B 
Bath House, 

Holbom Viaduct. 

London, EC1 A 2EU. 


Holbeck Chambers, 
101 The Headrow, 
Leeds, 

LS15JW. 


20th October, 1978. 


Gentlemen, 


in connection with the placing of L300,000 Ordinary Shares of lOp cadi in Anrdiffo 
Holdings Limited (“the Company"), 1 am writing to provide you with information regarding the 
background, development and present activities of the Company and its subsi diari es (“the 
Group”). 


HlStOry 

I and my late brother started our business lives by assisting in the family furniture business 
and property interests. Some 23 years ago I sold the original furniture business and shortly 
thereafter laid the foundations of the furniture retailing group now known as Waring & Giilow 
of which I am Chairman. W-ith the experience I thus acquired both of consumer requirements and 
of house building. I derided that there was scope for the provision of bouses of good quality at 
an economic price and considered that with efficient management and good administration this 
could be achieved. I had for many years known Ian Fiscb, a solicitor with experience in residential 
developments who shared ray views as to market requirements. We derided as a joint venture to 
form a company and the Company was incorporated as a private company on 1st February, 1971. 

Several sites were acquired for development in the Leeds and Bradford areas and initially 
all building work was contracted out. In the first three years, most of the Group’s developments 
consisted of sites on which a small number of homes (houses and low-rise flats) were built, but 
recently the trend has been towards development of larger estates. 

As the business developed, we felt ft desirable to exercise more direct control over braiding 
operations, and accordingly m 1972 the Company acquired 75 per cent, of the issued capita] of 
Walt. Ratcliffe Limited (“Ratcliffs”) a company carrying cm a house building business which had 
been established for some twenty-five years. 

Following this acquisition, Ratriiffe, undo 1 the direction of Walter Ratcliffe, and his brother, 
Peter Ratcliffe, has taken on increasing -responsibility for Group building operations. Ratcliffe 
became a wholly-owned subsidiary in 1974 and is now responsible for carrying out all the Group’s 
building operations in conjunction with sub-contractors* 


Business 

The principal business of the Group is the development of residential properties for sale 
to owner occupiers. The main areas of our activities at present are in the counties of North. West 
and South Yorkshire, Humberside. Lincolnshire and Derbyshire and wc have in mind to expand 
our activities beyond these areas as and when suitable sites can be obtained. Land transactions 
have been incidental to this business, although they very materially affected pro fils in the early years. 

Between 1971 and 31st October, 1977 the Group built and sold approximately 1,150 homes 
on 31 sites mainly in Yorkshire, hnd it is estimated that the sales of a further 273 homes will be 
completed in the year to 31st October. 1978. At the present time the Group is building houses 
and flats or some twenty different designs on a total of 12 sites. Prices currently range from 
£8,250 to £42,000, the majority being below £15,000. 

Great stress has at all times been placed on the production of quality buildings of good 
design selling at competitive prices on sites developed with full regard to amenities and land- 
scaping. For this purpose we have retained Mr. Derek Moore, K.I.&A. Dip. Arch. (Disr), Dip. 
T.P.(Dist), of G. Allen Burnett & Partners, as our Consultant Architect, to advise us when 
required. Apart from my general involvement in the Company's activities I take particular interest 
in the design and finish of the properties to see that high standards are maintained. Both the 
Company and Ratcliffe are members of the National House-Building Council and all dwellings 
sold pythe Group cany the NHBC ten year protection certificate. 

As can be seen from the Valuation, the Group, as at 1st September, 1978 owned land 
with planning permtsskm for 691 further dwellings and construction of some of these has already 
begun. In addition on 3rd October, 1978, the Company signed a contract conditional upon 
detailed planning consent acceptable to the Company being obtained, for the purchase from the 
Derbyshire County Council (“the GountiT) of 20.4 acres of land at Broadmeadows, Alfnston, 
Derbyshire, for residential development. An option over certain adjacent parcels of land ex- 
tending to 44 acres has also been granted to the Company by the Council and we hope to build 
a total of some 700 homes on this 64 acre site; Together with the land already owned by the 
Company, Broadmeadows will provide upwards of 4 years supply of land at the present rate of 
development. 

In earlier years the Group acquired several sites with a view to commercial development 
but the Directors consider that the Group's resources are better concentrated in (he residential 
development field and have therefore been disposing of these properties. 

It is our practice to apply for clearances in respect of Development Land Tax and no 
mateml liability is expected in connection with any of the Group's sites where planning permission 
has beat received. 

We enjoy good relationships with several of the major building societies 2nd have found 
iiirnt hehrfbl in providing mortgages to purchasers of our properties, a significant proportion 

rtfu/hom are first lime buyers. Although we do advertise, we believe that the best advertisement is 
Se satisfied purchaser and it is therefore our endeavour to maintain ihis goodwill. 


Managwwpnt and Rfarf f 

1 am 72 years of age and am still actively engaged In business. 

Ian Fisch who is 53 years of age is Deputy Chairman and Joint Managing Director and 
has a four year service contract with the Company (Contract No. (I) below). He is now devoting 
an increasing amoral of his time to tho-ninning of the business and is primarily concealed with 
the purchase of land, planning and sales, and administration including financial matters. He was 
until recently. Senior Partner of Spencer &Fisch, a firm of solicitors in Leeds of which be remains 
as a Consultant having retired from the Partnership. 

Walter Ratcfiffc as.49 .years of age and haft had over 30 yean of e x p erie nce in the house 
bnilding industry. He is Joint Managing Director and has a service contract for five years, 
(Contract No. (u) belowL He is re s p onsib le for the whole of the building programme and is also 
concerned with the acquisition oflaad, layout, design and all other facets of estate development. 
The success of the Company: has been in no small part due to his endeavours. 

My son John Pisans, who is 33 years of age, with considerable commercial experience, 
was appointed a Nan-Executive Director on 20th October, i 978. 

Peter Rfltdiffe, who is 45 years of age and has 30 years' experience in the house building 
industry, is the Company's Contracts Manager in charge of area managers and site agents. 
He is the broti^r of Waller Ratcliffe, and is on the Board of Ratcliffe. 

The Company Secretary, David Tborfey, F.CA, (aged 45) is at present responsible 
in addition to his administrative and secretarial duties, for supervising the preparation of 
accounting and management information. As a result of the continuing growth of the Group's 
business and anticipated future expansion, the Board has decided to appoint a Group Chief 
Accountant and Mr. J. A. F. Walker, CA, aged 29 is joining the Company to fill this position 
in December 1978. 

The total'nnmber of employees of the Group, including engineering, drawing, technical 
design staff and fire sales organisation Is now approximately 135. We do, however, employ various 
specialist sub-contractors to cany ont certain investigative and building operations, and engage 
local estate agents to assist in sdHng. I am pleased to say that labour relations in the Group 
are excellent. 

The introduction of pcnaoa a naugemeuls for staff is currently being actively considered. 


Premises and Kant 

The Company at present occupies leasehold showroom and office premises, extending to 
some 2,400 square feet at HolbeckChambers, 101 The Headrow, Leeds, LSI 5JW. The lease of 
these premises runs until 23rd June, 1991 at a present annual exclusive rent of £7,140 with a review 
at 23rd J une, 1984. (See heading ‘Directors and Other Interests” below.) 

The Company also owns -and occupies a freehold depot at Pepper Road. Leeds consisting 
of a building of about 8,000 square feet on two floors and a yard of some 4,500 square feet. 

A certain amount of general purpose plant is owned by the Company, other equipment 
being hired as and when required. 


Land Valuation j 

WeatheraJf, Holfas & Cafe, Chartered S urve yo r s, have made a Valuation of the Group’s 
freehold and leasehold land hdd at 1st September 1978 and a copy of this Valuation Is set out 
below. 

It will be seen that the Valuation has been made at open market values as at 1st September, 
1978. Account has been taken rif the planning permissions available in respect of the land, which 
is classified in the Valuation according to the status of the planning consents at the relevant time. 
The total valuation of the ferid held by the Group for development at 1st September, 1978 as 
shown in Schedules t, 2 and 3jto the Valuation was £1 ,915,730 which shows a surplus over book 
values at the same date of £1,143304, No provirion has been made for any tax which may arise on 
the realisation of the surplus npr is it intended that the increase in value arising from this Valuation 
should ba written into the books of the Group. 


The following table sets out by way of illustration only, how a pxofii before taxation of 
£65Qfi00would be appropriated assuming Corporation Tax at theratedf52%(«hBte(lJ)and 09 * 
aogrmmg a charge for Advance Corporation Tax only which takes mto-acamnt nCeft that I am 

aihiwri in hr available tO «*»*■ fi*na«p in 1074 and! whfah r1 

CorporatioaTax to nil (column (2» : — ’ - 

■■■■’’ ' ’ .... . . Via’.’ £.5 


Profit before taxation and extrao rdinar y items 
LessrTaxation (see above) . 

Profifeifter taxation 

Xm^Ordinaiy Dividend of 2^5p pershare 
Related Profit 
.Dividend cover 

On the above basis the gross yield on the Ordinary shares at the 42|p per 

‘ sgnd-3.fi on 

(is ait 31st ' 
in the 


650.000 :65iyioo: 
338,000” l Tf eitfjo . 

312.000 

327,500' .? '■■■ ^ 

2.44 tintes^^arr^ times 


a:- -■ 


Jr 

” ‘-'.ST ■ 


share would be 8.9% and tbe price/earnings multiple would be 6.8 on a 
/the reduced tax charge. Net tangible assets based ott the last pu bl ished 
' October, 1977 and adjusted for the revaluation of tbe Company's land-ami; 
issued share capital to £500,000, would amount to Sip per share. 

Waivers in respect of the proposed dividend (m excess of 0.1 p per share) to be paid in May 
3979 affecting approximately 60% ofthe issued capital have beonreceived. . 

Yours ftithfiiffy,'.. -/ . 

manny ajssnss,'* :^- . 

ACCOUNTANTS’ REPORT - ■ . . ' ; 

, . .^totte^UacworiteTcpoitqrCoM^-Bo^ACoHChntmaAiwwrtxi^BiriitoBefftBCMSW 
and Joan RepaninE.Accoianaols, and of Thomson McLintocfc & Co_ ClRncud-AccontfBa, Joint Kiiwang 
AOO nuoma , to the directors of iho Omnanv and dT Car^LTnte. M^S *i T77T.. m •_ . 

Fountain Hoasc. . , KonlEahauB HaoBL 

fiSBBnSSf’ ^SqOT,!^. 


Ike Directors r 

ARNCLIFFE HOLDINGS LIMITED and 
CAPELCOREMYESSUMHED., 

Gentlemen, v . -j. (1 .. 

3* Al *^ UndtM ^ ta ? na ’' ay £ 

AmHiRi* 14 nlrirtme T SwiifaA* M m _ ... _ * I!* < ' ■ ■« - i n o fi » 


akhOc tcter , tsn. 


and 


Atndifib Holdings Limited: 

Wall. Raid iffe Limited: 

Arad j fle Sales Lionied : 

Amdiflc Melbourne Properties limited: 

Dahury Limited: 

Coreiovm Limited : 


Working Capital 

The Directors are of 
the Group has sufficient wo: 


^ ^100 that, taking into account the available bank facilities, 
capital for its present requirements. 


for the pofod from 1st November, 1972 to 3fllh Aprif, IV7& ^ 

for fho period from J st November. 1972aJ 30ih April, I97T. = 
for Unycriod from i st November. Z972U> 3S* A^il. 197S. ‘ 
for the period from 1 a November. 19 72 » 30lh Apifl. 1 97S. . ^ 

for the period from Hi November, L»72 lt>3tkh Apra, l^*' ^ 

for the period lioai 27th Novearfwr t 1973 to.JOlh Aped, . 

has not tS \^ OUBiS ofEv * XTOt United b«o prqwed since its incorporation on 1st Ms^l973^thJ&C«BjW 

f 

wdwuta iy na irtgment c pmpamm, which are fbrmcd qj gf 
Of cxrate sacs developed by the Group and which m sold IOtS^Sffioflb»^^55: . V; 

Accounting Polidrs V-’. ' . ev. 

asfolknS 6 tignifica * a ^ wwonlios pdficies^ adopted io anS^ns ax the finwdat intoifimaiion 

1. Ce noW jtBia • 

2. gWBtandt nu o wa . ■- - - •“ 1 ' • 

,..* > f 0 £? ansnTE ftoia estate development is brought into Mwiv nt as the saw rf lupm. ami flats ®* '»* 
repnaents cmnpiaed ufa ofhoScs ** 

of and profit on sale of undeveloped property and land is -whea . 

3. Interest payable / A / ” . 

AU interest is charged to jrroBt ntd loss nocoont as incarted. ■’* '* ^5 

4* PwwtaB 

■ D ep*ea«ion is provided on fined assets in cqps] annual mflaimnata over tbdr estimated Svesntftafidjwrite .>* 

Freehold butd.facfaoldiCTftriqns and leasehold property Nil 

Plant and cqtupmeut jol. 

Motorvchkfcs 2S^ m ’’ m 

5. badttJdBd t riBpri pn wlKMlwakfapnpiM • 

Land and undeveloped propttw. and work in prot ren are stated at w, _r j- . _^i!. jjfa : 

value. Cost of work in progress mdudes the normal overheads aawtiated with coiutScSwu 0 * 1 ^ \ 

6. Deferred taxation ' ^ 

7. DmhpBieat land tax' 

IJevdoptneov land tax payable is included in cosl of saks. 


-"Js- 


Profita, Profit Ftswast and Kri&nds . 

• The turnover and profits fmr the last five years to 31st October, 1977 and for the six months 
to 30th April, 1978 are set ott in the Accountants Report below. 

We have always believed that there is a healthy demand for new homes and that we have 
the flexibility to adapt to changes in market conditions. Even in 1974/75 which was a time 
of abnormal economic recession wc produced satisfactory results by prudent control of the Group*® 
resources. 

that wete^tfisposed ofanttmber of sites which we had held for commercial devdop- 
ment, thus saving considerable bank interest, we are m a stronger position to improve our results 
from residential development. 

The saving of interest is reflected in the substantially increased profits shown in the first 
six months of the current year. 

In the absence of imrorcseffl ctrctiinstajxcs the directors forecast that the profit before ’, 
taxation aira extraordinary items for the war ending 31st October, 1978 will be not less than 
£650,000 of which some £82,000 will beattribu table to sales ofland and cornracrcialsitS 

On the tests of the directors forecast of profit for the year ending 3 1st October. 1978, the 
directors intend to recommend, for payment in or about May 1979. a final dividend of 2.01 p per 

fu^S^S^d?O^lT& W0l,l,i ' be,hel I****"*' P^blcbythcCompaoy 

■ V& B,r ,cvel of profit *** anKd ^ d^tors would 

expec t to rec ommend dividends totallmg i55p per share. (3.8p with related rax credit of 33 “O. 
It rain tended in future years to pay an interim dividend inor about November andafinal dividend- 
utMay. .. 


Profit and Loss Acsamls V 

' Sn mtdb ^ 
■ ■ aki- 


Un triad 31n October 


OWRUNGSSOLS 

Wnnier of nlu ..... 
V*he 




Cost of sbIk 

Profit bohro diaraioj hrw sidog fren estate te a fq n u w t ..... 

Prafli m sole of whtiwttpri pr^ttty tM tad 

Tr#d« imstBaatvrttta ofl L 

CoBatislM recofmd — . — 

Ream 


1373 1B< 

rm rm 

1.117 KJ 
■857 G39 


m 

sir 


22Q 

43 

i 

z 


Banfc nterait piyaU* less ncmVi 

PR0HT BCKIFS TAXATRM ' 

TAXATION (Note 2} 

PROHT AFTER TAXATBW 

IflNOfflTY INTEflESrS...™....^-- 

RET AIRED PROFITS 

EarRInss t%R Share (Hoa3J..... 

Pretrodi of salt of ntidettkiptd prsiimr »d tssd — 
Cost d sain “ — 

■Otfreors* rw 
De^rKiatiM . 

Kreof^W, 
i*Ws«wta 





21^. 

1B75 

-Wl -1877 



ars 

. -257 - 2ft 



-r«e row 

-■ rm--."' 

ua 

■tab 

ymxta 

-Cm~ 7377 

■ ■ -U® US : 

443 

■ 523 ■ 473' 

- W| 

— 

8 (31 

47 K *' 

1 



4 

4 *. '3 


4S8 - 

5*1 <74 ■ 


-fit. 

; «s -..ie 




V. 




1-' 

o 



. wg l«o ,438p 

-row: rw*-. row £w:. ! rw-' 

IMt U .13 m 


» 17 -Ti » 

- S Iff. 15 '. 

1* M 2a a 


■ ~ A 

.•a* v 

"75*] 

• i«s> h 

...cm i'i. 

; 

- 37 A; 


I 



E 




i 


3 


% 


Financial Times Monday October 23 107S 




VALUATION 

The following is a copy Of a report Gera Wcathmll Hollis ft GATa, Caries* Supneyons— 


LIMIT 



TheeoetoEdited ha lone sheets of !hs coup "t iheendnf foe :‘ r vers S>;se 51a fXtober t H)I7 sod at 3tHh April, 
3 SB, and tfc© MUfio sheet «i tin company a jli'Ji April, Li 72. at; 


7*»c«w 

jamktpot 
1978 
cm 

IK 


J5r £««? 

'i 21:! Scoter 


157! 1??2 1774 WS 1975 1517 


Fared unis (Rgfi 

Gait of afcam in rafcidiirfw 

Trade ascxms& 

Carrara esuti: 


■ £JW UCW £'WI! i'COCl 1'cao £“800 

. 71 21 . 31 5G 73 Jl 


At 

m Arif 
jm 

cm 

Bl 


- 2 


1 — 


567 

Land and ondralopal pro party St ran 

an, : 1.211 ; s 12?: ’ l.eei i.mi J 

nsii 

um 

Work is pragrau 

303; J 271:1 M3- E29 ; -Ui3 . 1.670 1 

9.HM- 

238 

Awumiu swing fay xabsi&riirc 


H 

39 

DahtsM ,...._ 

■jg;-! 27 ; | T9* 1 4« ‘ 3fi | 

63 

— 

Cult until bnil£og tocieiira 

- : ri!_l a . B ;i— - - •--‘-I 


L447 

Dubet: Cmrent fiafalfitias 

tii. •- :.S7Bj : ij^i: j i Ja: • 1.220 . s.tu! 

1.871 j 

201 

Bank anffeatts 

C52. ' C4S!i !I3-i E27 1.3:3- I.D43J 

4J7 

146 

Creditor: 

its:; 212;; :s;. ms su ! 

58E 


Corporation tax 

; list., M7 : i:s me ; _ 


TJU5 

Anwb due Io ultilw.g; 

— ' — ^ ! _ *7 ' ““ *"| 


1J57* 


";;3 : SB^iUuj was,, 1.962 • imi\ 

95b| 

173 

at* 

DM camnt mite 

" NET TANGIBLE ASSETS ....... 

*2 543 ”53 __ f 74 _1.M« 1.590 

E: b£5 .ii# _ 1.277 J.MO* 

J.I62 

j.wi 


5 

ja 1 
”n» 


W»ma8ii«a: 

Shan eapdil 
Detained pnrus 

Capital nnni Miring on w-tl.t aiiia . 

Goodwill anjing pa wnsslitfaiiss 

Ukuuity inteint (NdU 5} 


39 King Street, 

Jaxdi LSI rHP. 

20th October, 1378. 

The Director} 

ARNCL1FFE HOLDINGS LIMITED 

CcaOcfflco, 

You lure Instructed ik to value Hie lnterevte nf \rncliffe Holding 1 . limited fr^h? Oimpanj-**) a nJ iis vuWdjarirt 
#"1 he Croup") in the find, deniil 1 af.uhicfi are vet out tn the attached Schedules. u> have earned ^ut iiHpeaioR , <. nude 
Ttlc'.inv local ctutuinra and obtained viclt lurther mfonnutinn a*. we oanuder neccwary for the TurgOtc of srovidinR 
jitu with our opinion of ihc value ot the Group -, in:er«-<i-. in Mich Uod as at the In i hep!cmber.’to7li. As retards land 
you have contracted 10 purchase ot or Ainsn lu September 1973, no have valued mice land as jTii had been held by the 
Group bl that date. 

In the esse of land with pluuihin permission, we have only valued land m which housing unite remained 10 
he completed or told or upon winch no building Jud yei commenced w at tee l-o. September, 1978 satire have riio»a 
llie oliniiiieil number of ouch tunning units- Wc tune excluded the wtaeofsay site preparaiksn. roads. vertices, house 
budding or other ojhm ruction wculc which may hue been curried Mil on such land. Vvc hj^d .miimI that access and 
ocrvices huvo bcoa fl»a{fahto lo too land and an there ia no ctpcedluira m xc n ai y by the Grusp on food m>t owiied 
by the Group. 

We bare wen the Certificate oFTidc. bar (apart from the contract for purchase ontraadmcadovral wc hoc not 
inspected any documents of tirlo and for the purposes of the valuation we hare accepted ihc dciaib of injure, contracts 
In purchase, present Irnlnp, areas, planning consents and all other relevant informath-n with which we have been 
supplied by >ou. We have assumed that all proper lies arc freehold except "here staled and ore free from encumbrances 
and outgoings uihcr (ban those of ftbkJx you. have informed ns. You Jutve advised os that there arc do uointory nonces 
Outstanding. 

Wc have not deducted any snnw paid or remaining lo be paid to vtndorsnor hast wr made any aUno-anc* for 
Vavaiion, development land UU 0: any- ca p c n aca of rcaGralion which wooMansctn the event of a dispoiU or a deemed 
disposal. 

We hire iirpKlal a copy of Ihc contract ‘between Derbyshire County Council and ArncIUTc Hold inc Limiled 
dated 3rd October, 197b. for the sue 101 he Company of !0.4S acres or land with outline plannins pemuauoti for lesidco- 
tial developmrni inpiher with the benefit of opiioiv. w purchase up to a runner 4J. 10 acres and wjih ihe bcnctii of 
certain woriss by ilw vendors. We have valurd this 20.45 acres of land <upan which i22f>.2wjia sull to be paid to (ho 
Vendors );ls (fit had been owned and fully paid for hy the Company a< « JstSepicmbcr, 197i. 

We arc of ihc opinion that (hr open market \olur of the land and proper lies as set out in the aliacbcd ached* 
tiles based an maikci coadiuoav os at 1st. September. 1971. ii j-2 J 25K J t»00. 


SCHEDULE I: land held 1st Scplcmbcr, 1976 with delailK! or cmtliiKpIaiaiinsperEiMion for resKkatialdBKlopiTieiit 


sw 



525 

E£3 

317 3.214 

1.647 

1.931 

""33 

5M 7b* 
- 42 

S2L 1,213 
T 7 

WK 

7 

1.536 

a 

fri) 

25 

{») 

Vi 

I»1 

2 1 

1 

— ■ 

“ Sri 

' 5f-3 

_na 

Sil U.-7 

1.CE0_ 

J.MA • 


SovcaudApiIkatwu of funds 

The source and opphcaiioa of funds for Ca Group for ihc £«;taJ3 cudtfd 3Jct Otiolcr, 2977 and ihc ats 
monUu ended JOth April, J57S uic; 


Year r^-erf St:f St rr.tr r 


Sit ipo tifii r 
tc JOit Apnf 


SOURCE OF (USDS 

- Plain befeii ih end ■iaedi/ iatnests 

Depmetieu 

Trade UMttMnt wtiHaa off 


Total generated finm op or ati aa t 

Fuads from ether seercu 

Place eds el sale ai load tutis 


APPUCATKlH OF FUNDS 

Pnclnii of fixed assets 

Ten lien paid 

AMitmnl cost of sabsidiotr 

PMCkeii at fradt mnsnmds ... 


tHCREASE/IDECflEASE) IN WORKING CAPITAL 

hwioau/ldocnaae) ia load 

lnouii/ldwreaie) iq wuk in prcgicss 

b«ton/jdactB3»] m debiots 

(lMiua]/dtau>a in aednota CASlvdlag tantioa . 


137: 

1874 

1975 

1?7£ 

1?7» 

1978 

£'000 

cm 

i'CSC 

£'006 

X'ooa 

E'llOO 

s:c. 

154 

279 

29G 

3J3 

2M 

2 

fa 

12 

13 

15 

6 

. — 

— 

— 

— 

1_ 

— 

(■ia 

1S3 

331 

412 

349 

290 

a 

. 

2 i 

5 

— 

4 

. RB ’ 

W 

335 

-it; 


234 

15 

18 

39 

4 3 

e 

21 

2 

25 

111 

31 

JB6 


-1 

50 

G 

I ! 1 
1 

— 

— 

13 

~P3 

1S6 

75 

j~T4 

:i~ 

813 

{14> 

75 

343 

(400) 

(3«3) 

131} 

370 

13) 

374 

317 

30 

vTbl 

' IS] 

11 

I19j 

9 

IB 

14?) (15) 

MU] 

cut 

_(?* J 

IB 


M4_ 

~ia 


_T7S 

ass' 


S9 _J.D42 
"iis i.ii7 


1317) 

{Z9E1 

590 


MOVEMENT IN UQCUJ FUNDS 

{lumtUdacruu i* haak am draft leu cash halar.es: [3 ) _H77 ) 

fho mmnuoes gcvmi above should bs rtrul in cunjumdion viih lbs acies ssc out Wow. 

Mfitan i»flw SnacdM . 

X, Shidaod 

ItodivMfciods too leal laid in tbc period under review. 

3. TknrtJoO 

Taxation represents cotporaliem tsx payable <* lla T»lofts of e'acSt year; Taxation cai-rulated at 52 per cent, 
deferred by ream of stock appisdunim relict' for sthiUtxi} piovi.ion to baa miidc ia. liuj accounts ai JMh 
Apdi, 1978 amounts lo fljrproximaiciy £585,000. 

X IjuwiotBiJwr share ' 

Xaniass per sban is- based on the profit after laxitioa and on the 5,000,003 ' ’ordinity shares of lOp each 
fa jane at tbs daw of Mb placing 

4. TEndtuscfs / ‘ 

The net book value of fixed assets, which, are staled ai cost, less accumukded dfipoxialicn far plant, eqiupmcuC 
and molar vehicles, is as follows; .» 


FraehildanifTMiilioIifgngetty 

Ploflt end ntipMit 

Motor which* I II it ■ f 


The fixed assets of the company and the croup A -Olli April. 13 75 , v era nuule up fb!lo-.vs: 


r 


firt'J? 



Canpaoy 





N't 



Ntr 

- 


AtOTultui 

fan-l 


’ Acaraudsrti 

book 


tor 

ftptCMtlOl 


f’rt 

depiocuuiDa 

trains 


nua 

~cm 

Two 

I'MD 

"com 

£WB 



— 

fa 

— 

— 

— 


2D 

■ — 

:a 

6 

■ — 

8 

Lauefaofal prepartr 

*» 

— 

2 

2 

— 

2 


i5 

17 

:: 

1 

1 


Meter nWk — ■ . 

60 

33 

2? 

.2 

1 



132 

50 

’ 82 

ii 

2 

n 



; r 

: 

• 


■ : 


Tredmtd reversions represent the freehold tills retained relating lo developments of dais or town bouses which 
are sold leasehold. 

5. bCnoritylntrrats 

Minority Intemu in the shares ofTOhsidltiy cotnpani« dunr.e the reriivT ur.-Jsr n: view were ns follows: 

Walt. KalelitTe Limiled: 25 9^ — period 1st Not ember, IP72to7lit AuruM. 1974. 

Amdiffc Melbourne PropertiesLunhcd: 33'i—rcripd !m November. W72 l-J 15 lb September, 1975, 
AruclilTc 5alc3 Limiled: 22 f I — period t»l N'i*emher, ld72lo2nJ No-cinbcr, J975. 

25IJ — period 2ml November. 1975 10 IC'i:. i-ei-ruary, 1976. 

All subsidiary companies at 30th April, 197 8 w ere n holly ou ntd by Ai nc'u Cc li uldmes Limiled, 

6. Accurate 

Mo awEtcd accounts of the Company or aay snbw'uiary hr« ton prepared for any period ending ofrcc 
30th April, 1978. 

Yecri faithfully, 

TUOJ.TONMcLJNTOCK&CO. 

Catered Actmatnnix. 


COBDEN.BOARD &CO. 
Chartcrtd Aaxunumu 


Jmt Mnmii am iduh| to Profit Forecast 
PriBcqpal Asmaptions 

The forecast oTprofil before taxation and eslraardinar> iiecu for lh^ ”tar enJinp 31 October, 1978 of not less 
at.,- £650.000 referred LO in Ihe Chuinniin’v Letter ineludri pe- utls shoun b> aiiJiK'J inierim aixaunls for the 6 monlhs 
GBdtd 30th April. 1976 and by unaudited management figure, for the period ended 31st August, 197& and is made on 
the firitowin s p rinci pal ussuinpuon*;— 

U) That con (rads for sale of dwcllingv alrmly signed ami »chcdjlL-d for eomplv-i Ion prior to 1st November, 197S 
' will be ifu^y completed before that dale; and 

fb) That then will bo no material liabilities adsin; out ot' pocviblc claiiu, other than those Sac which provision 
Jims atoeady teen made. 

Lotten xriathrj* fa Sic Pro« Forecat 

/n tv fnjlotvinn Is a copv of a letter from Cot den. Board f. Co.. Ch.rtCTcd Acconnlants, and Thomson 
McEioCocfc St Co.. Ownered AocoununU, rvlaiiiy to the fcreca-l ci comclidaud profit ot the Group lor the year 
^diag 31st October, 1978. 


Tht Director* 

ARNCLUFfH HOLDINGS LIMITED 


20Ut October, 1978. 


Gentlemen, 

We have reviewed da acconming toes and enfcukiicm? frr inc pmfh rorccaM «P,°n- 

Kbb>of Ansdifle Holding Umiiedand hsaihsidiariordrtGrour, ifrr ihe «..r cnd.aj. ^Oa^r. Wg sct om in 
SeMHiculan dared 3Dth October, 1978. The loKratt includss ibuiu shown by audited Mcoimis for the six momha 
ended 30th April, 197S. 

v_ ___ nnjninn the (bieC3st. so far as the HCcountaiRltMes and cakul-itiOfiF sr= concerned, has hecn properly 
M—jw on thefo^ng of the assumpijons made by juu scl out in the said pjruodars and a ptoulcd on a boss 
awSeteent whk iim accounting policies normally adopicd by the Group. 

Yours faithfully, 

Cohbn. Board £ Co. Thomson, McUirtocfc&Cfc 

. ... OMdAeimmm 

(b) Tbo£bHowin« is a copy of a k Her from CapekCuceMyert Limited reUtifiE lOthc torecMiorMasoEdaled 
profit of dm Gioup for the year ending 31a October, 1978. 


The Directors 

AKNCLXFfE HOLDINGS LIMITED 


20ih October, 197B. 


Gentlemen* 

We refir to the fijreeast of Wttflt of yw romiKUsy aid its subu'diaries for the year cedinc 3 frt October, 19 78 
gMatofaediaitapanicutandatal-Wl October, 1978. 

w _ jtcaut-A wlih oiTicers at your Company the hsies and Ki cm pi ions on which the p«fit forecast 

October. Mb addrw»cd to youjma Cohden, Board & Co. 
SSn^ MdSm^^Cor^n 1 '«'E the aceomuinis baw* and reJculmioos undcdyiiiB ihc profit torena. 

On the basis of Uw abwe.^ «H»hler^ CTcc which >du arc ^okly lapvuMs), to been 

aadcttWt due care aad a neaiwn. 

Yours" Githfhny, 

For Capel-Curo Myore Limited 

• • ' IGA-MiLEDERMAN, 

' JiVKlOTm 


Coaly 

SbuUi VotLi'ira 


West Y whims 

SIoitliTMkshira 

bwhnnida 

UuDlnlma 


SO* 

Gfuqa Lana. Mali by 
BonO Slrsel. Rnsinglan 
£anmc> Lana, Raysiaa 

LindtcY P*k. Haddcrsfitld 
AIjusi Lana. Duril 
Chitch Lane. Haiewisd 
JllMt Hdl. Biratall 

Final lane. Tackwilb 
Dnngrbarpt Rons. York 
Scaiah Lana, Binan Leonard 

Monbf Raad.lmninahui 
Mam Street. VtilberlaK 

Bonh Kelsey Roai.Caut»r 
TOTALS 


Ar.n . 
5.570 
5.453 

0. 60B 

13.378 

ojn 

1. -72 

0. 244 

18.125 

3.560 

1. tm 

10.748 

7.B5D 

2.370 

70.482 


ftr rfSe.» 
£4- 
72 
8 

130 

7 

13 

2 

17* 

13 

11 

110 

53 

IS 

691 


IfiaiisH 


f1.727.ODO 


SCHEDULE 2: Land held at 1st September, 1973 with planning pen n iaaaonformdnflrial or conuntnaal development 


Cftvy 

WsatYuLsluiB 


£itP 

lawef flnmmisk Sirref, lardi 


ArrtAwHt 

0.399 


Dali Street. Desalt (Liauholii— fiJWO 

99 years Iro® 25.3.1 974 at a grsiuif reef 
cl £250 p.a. mill renews ewy 21 yean], 

TOTALS 0,717 


Warehouse 'Light Indastoal with 
aacillary otlicei. 

Shops and storage. 


£54,009 


SCH EDULE 3: Land held at 1st Seplember, 197S w iihoul planning permissioa 


Cmiy 

/irf 

/ms 

Nanfa Yukriiire 

Flaat Leu.Todnrilh 

6.D6B 


Bask Lana, Bolin toy 

0.151 

WaaYsfkibiiB 

VAenhams Field Firm, Dtckfaeataa 

37.850 


(labjooi to aariulural tenancy) 
Carriigw Lon, Ouart 

0.321 


Wittgaio Hill. BfakuBhas 

0.413 

Lanutoiia 

York Surat, BonaMswick 

13,434 


TOTALS 

58^6 


£134,759 


SCHEDULE 4:FrechoId Investments -with benefit ot Gnmnd Beats held at lat September, I97S. 


County 

Wort Ymkahiro 



AtJMBctoScr 


At 





■ 

2Qtk April 


1!73 

1974 1975 

1 STB 

1977 

1973 


CM2 

r..L-a "ram 

CBM 

CUM 

COM 


5 

79 23 

24 

27 

27 


5 

3 19 

27 

26 

26 


12 

14 17 

27 

16 

27 

North Yorkchin 

22 

22 56 

76 

71 

S2 



SeudiYnkahire 


Hnabenida 


AOttsa 

Theralee Cent, West Pads. leads 

Cavendish Mews. Alwoodley, Leeds: 

.Arnelifle Grange, Meertowe, Leeds 

Aredille Court. Huddersfield 

Hue wood Mtwt, Hennrewf 
Hats 1*4 Georg <sa Cent. AhwedUf. 
Leeds 

Flats 1*8 Crasunt Ceurt, Ahuedley, 
Loads 

37. 30, 41 Manor Close, Manor Leu*, 
Oswtt 

AigdifTe Mnw^Futford Reed, Yeiks 

Meidn* Court. Burton LoMut! 
Crawlonl Berdans. Raysun 
Flats S, 1, 9, 12. 14. 16. 17,18, 2Z 
Haaster Grange, Rusunutua 


Surfs 

725 yaarjlnmi 1.7.71 iraaad 
net raniant ovary 2S yaare 
125 r«an from 21.2.7Z gisuad 
real review* nary 25 yean 
39 yaara from 1.4.74 gramd 
reotrevinRevarria years 
S3 yean him 1.12.74 ground 
rant mim tvary 26 yeans 

7 DO yean from 1.1.77 
A taaM*tor999 years 

from 314.71 

8 laaees tm 999 years 
from 1J66/7 

3 looses af BOO yaara 
frem 1.1.78 

39 yaara ham 1.10,74 gnmsd 
net reviews every 20 yaara 
ADO yaare from 1.1.77 

9 lease* larBM yaara - 

(ram 1.1.7B 
2 looses tor 880 yean 
Iron 1.1.78 


CumdSeBlfJU 
100, OQ 

“50.00 

540D 

asiuro' 

400.00 . 

4J0 

8.00 

' 75.00 

540.00 

175.00 

225.00 
58.00 


FWtT0,FaTwnd*aRn.lBnBghM 3Q0yt»lmifriwU,'7l 75 A® 


£HJHB 


SCHEDULE 5: Miscellaneous property held at 1st September, 1978. 


Corny AHrtss 

WestYerkihira -MillUiw.Gildenaeio 

Geergiae Court, Aiweerile/ 

Stm small parcels of land is Yorkshire 


SCHEDULE 6: Premises occupied by the Company 

Popper Rend, Lands 11 
Holhact Chambers. Loads 1 


Bnaiptha 
3 lock-up garages 
llaefc-tp garage 
1,802 acres 


Adlldtrs pramisRs and yard 
Showrooms and tffices. 
(Leasabold loyoar 1391 whh 
sniaw m 1884. Car e« rest . 
£7,140) 


£4,050 


£24,509 


SCHEDULE 7: Land under op lion to pnrehase at 1st September, 1 978 or c o nt ra ct ed to purchase ftince 1st September, 
1978 with pomnsaion fox residential development 


Cecily 

Won Yorkshire 
Oerbyshira 


Site 

Acres 

Lip tfley Part, MtanliiM 

1.921 

BrwiRUidHrs Estate, 

2D.45D 

Aifacu»,D«l>ytoiti 


TOTAL 

" 22.371 


Plaiminj panatnee TorlZ 
honilag Bettt. 

The cMHactMcludts options 
to pvi cfaasa up la a tarthw 
44,10 acres sad pravidn for 
some roads ud other works tn 

be earned ut by Oethyshini 
County Council. 


£282,8011 

£2,258.989 


Tn our opinion, the total slunra Cor each section would not bo appreciably dlflerent if wa bod valued as % 

t0dW ' S ‘ ta “- Yoor' faith folly. 

WETHERHATJ. HOLLIS & GALE, 
Chartered Surveyors. 


STATUTORY AND GENERAL INFORMATION 
2. Capital History 

The Company was incarrnrated as a private company em Ivt Tebrairy. 1971 with an aothortod capital <sC 
£5,000 in 5.0M Jiares of £1 each of which only ihc two subscribers shares wen: issued, tor ooh u par. In June 1971, 
4,398 additional shores of II each werci ssued For cash at par. 

In August 3974, 350 additional shares of £1 each in the capital of the Company verc "amed . credited as folly 
ys hi up ja puj-[ eurtsideriilioa of the acquisition by the Company of the outstand in g — 5,„ of the capital of JCatclilIe. 
On 20th October, 3978 resolutions of the Company were passed whereby 

(a) each ousting share of£l in the capital aFthe Company was sub*di*ideii into 10 Ordmaiy shares oHOp each; 
C>) the authorised capital vas increased to £600,000 by the creation of 5,946^00 additional Ordinary shares 
of JOp fetch; 

fc) the Company was coo rated Into a pohlic company and new Articles of Ascodat ion were adopted; 

(dj 4,946,800 new Ordinary shares of lOp fetch were is sued audited as fully paid pursuant, to & resolution 
Capitalising reserves. 


2. Subsidiaries 

The Company has the following wholly owned subsidiaries all of which nns private companies Incorporated 

jn England;— • 


Wah. Ratefiffe Limitid 

Dab my Limited 
AmchUtSalas United 
Anuiiita Melluiwae 
PtafKUts Uartted 

Curitawa United 
fracrast Limited 


Bob of bcapusuea 
1.1 0.1 35 5 

17.19.1963 

213.1972 

12.10.1972 

13.19.1973 
1J.1875 


icni Shne Ptlucifia! Aititilf 

2.DM Ordinanr sJwrtS of El nth wd 2, BOO Eli Buihfeg 
Naa-Cumriative Pnlertnu shares uf £1 eadh 
108 OdiDBiy shmos of Cl aach LoedDealag 

1 U 0 rd»Myiii< 1 »s[£llub Durmart 

1 D0 Didinary shares aid each Prepartr 

3avaIsgjBaa£ 

108 Ordinaty shares efnigdi . Dorauat 

ROrdiufy stuns el £1 »Kh Dunun 


In addition certain of the Group’s developmeoi* are carried on through subsidiary rTat nag grrw at eani p an i ei 
the issued shares iawhichareaildiai«e<i of u the reiewit development proceeds to uunpleuoa. 


3, Coniract with CaprI-Carc Mt<t* Lunrted 

V ndcr Con! rad No. tiiil belo''* Carel-Curc Nfrtr: Limited has a creed, subieel i« the wlmle of the k< ved share 
capital nf ih* Company being admuted id (*ie OUkw! L-i-.l b; the Couneil cl The block Eiahan*e not later ihmt 
Stti November. 19'k to pnrchatr from llie C.trduiarw Nhiireholticr. a total of t,300.i¥ifi Ot4«naty bhnret ai an 
I»tikc o! »^;p per -.hatr ims a cmtimitMi'q m IP ivr >liare iolus \alue Added Tjm nitb a tien 1 to j.h-,rs , heins 
plvcrd with their clijnls oni! oihcr rncnirtcr> oi ihc publir. The cnntr-wi prinid;, ir.vr aha that the Compirv nill p.,y 
ail she ttpentc . of ami incidental if the arpli^tinn |nr ihc i^ued ^harc cipit-il of the Conipjnv lo he ad milled tn the 
Ofhcul Li.l including all the -id. it of prctMratiou. priming uod Jiitcruviug of tiuac porticulaia , all accouaum;; , \ jlaalioa 
and legal evpcr.ws and a fee in Capel-Cure M; or -- Limned. 

The ‘cnrfwri and the numbers nf ■■hjfes agreed in be sold hy them rvspeciirely are; — Manny Cu«'n*. 1 1 5.70(1; 
lan Fwi 1 . fs.'dr; svalier Arnr>iil Rjieiiile, .>8,551: frjnl. Joseph kershan. I I'.TUil; John RobeiL C ljjJU. 

Alr_ Audrey Reuben, 93,6X2; AUs-£'.eJtojrd Li, L5E; f'cier UtiTj RjicliH e, lu j,55l 


4. Dirattors and other mtereefc* 

fal After cpnrplnian nf Contract N«. fiiil, the interests fae defined K'lheCnrnpinire Act 1P471 nflHtdifcctozfi 
and their lacul ies in ihe Onbiury share ca piul of the L'ampany aU or which are beneficial trill be as follows: — 

m. m __ _ ... '51,500 

Mr. I.Fisch ...... 1,757^00 

Mr. W. A.K atdirfr ■ 1 125,000 

Mr.J,R.CtisWBS - 703.000 

In addition Mrs. A. Rcuhrn k beneficially inicrcMrd in 261,200 Ordinary shares reprrwnting 5-iSperccnL oTIho 
issued share capiu! and Mr. I j. Kershaw ha' a benennal inierr-i in .’51 .SCH) Ordinary slum repretcnting 7.0 per cent, 
of the issued share capital. Save m aforesaid ihe -Dirceiois ore no: aware of any holdings of live per cent, or aoreia 
ihcBsued sluiecspiuL 

f h> Tender the terms nf a Leasr dated -'th July. 1976‘Mr.T. Fisch bos sub-let In t he Company certain • hnwnvmt 
and sffue prrrnitn at Holocck Chamhctx, IOI The Hcndrun. Leads m a present annual rental lc\cJu'i'.c of icriite 
charge-. i of £7,140 per annum hems <hr s.imc lent wludi ia paid toy Air. EiKlt itodci to bead icow. No gain or loso 
mcauca to Mr. I lack undst ito artange a iMi u 


S, Artidcs of Association 

The Articles of Association of ihc Company contain provisions Qnter aKc\ to the follow ins effect?— 

^a j Subject to any special rights hr restrieilnns a* lo wiling aiuchcd lo an> --hares by or in accordance w'lK 
Uu Articles or their icmr or ■-••ue. on a >u»« ui hands e»ery Member perstin.illv prescni siull hj.e one vnic 
and on 4 poll every Member prevent cither pc:-,,uui|]y or by prosy shall !ia\c one vole lor every Ordinary 
dun held by him. A eorporait-Mi, being a Member, i, deemed in be I’rc-cnl i-chainally il'repre -oiled by a 
properl> aulhorned re prxacu latrve. No member ,h-vll unlcu tlie Otreei-r. viher" i.c deiemunc be entitled, 
tn voir or overuse any right conferred by mcmhervhip in relation u> inecung> of llie Company if he nr any 
person appearing to be inicresicd in share-, rcpi-tercd ,n lie-, name U m dclauli in supplying io ihe Company 
within 28 days the inlurmatioa rcyuircd by- a vufid notice served under Section 27 ol die Companies Act 
1976. 

|J;y The di reel nv shall pc entitled \r> receive V/ ■* .»y r>f temuneratlon for their services us vliiccters r-ndi sum an 
rhall from time lo lime K- dcicrmirh:‘l h» the Ci-mpuii} in Oerter. ii Meeting. Sneh sum tunic ' ivihcr-sivo 
ill reeled hy ihe rcM-Iunnn by ninth n i- vokdi shall be divided jmr-nqM llie director, a-. Hie Iinaril nuv* 
V- Revolution drier unne or. in default <-.f ^ in cement, rdtiully. bush renurnerjii-vn shall c-c irwluhr-c "I alt 
£iirccit«rs' Ices payable in oji> Pircclnr a- a Dircslnr i»r ihe Coatpany r-r any company cv-rilri-lkd b. llio 
Cumpanu but slmlf ni«l be payable b> .mi Hirecior holding ihc »’lhcc of Ch.iir-n.m or lVpu:y Chairman or 
any tseculivc Oihcr nr .ippoinicvl to di's'l-arnc 'prci.il dunes i>r liinelu'ii' on behalf nt the Cr-mpan; . I ho 
Directors shall also be cnuilcd i-i h-i»e divided among -t ihem byway nflur [her remuneration a v-nnnnissit-a 
being j sum equal n» 5 per cent, of llie amount I-- vhuh llie nei r ,,,,jl s t-i* deimcd in ihc Comp.m- 
Articles of .ViwK-Miionl earned by ihe Comraiiv m each nnancialycarevsccd £i-fv>.iHiti|"ihc f't.irtl Rcls-tciico 
XeseT'i such additional remuncr.il u'n lo l-e .li-.ideJ aniLHig-i ihe Mirvcior- a-, ihe Hoard of Pireelnr' p'.iy 
by Revolution deiermine or. in default *-» agreenieni, equally PROVIPLO THAI if ihc C.-nipaiiy .iei|iurc-: 
any other Company nr business ihe i'loiii Kelerenei- Level shall he adjusted upward-. ic> such e -.ieni a: (ho 
Audiioisfor llie lime being ol tite V. nuip.inv -.li.dt aiding a- experi ceriily ti< K- fair. 1 he Uv'.vrd may vanelM-n 
the payment nf reasonable travelling, hotel ami .tiller evpcnsr.- inclined h- a diresior in u'len>ling :i'id 
Tciurmng from meeiiDg.-. of i lie Board nr sommiiii*. ,.i ihc Board or (jcneral Mecliugs of the Company 
or which he may incur in or about the busmos of the Company. 

(c> Any dircuor appointed tn the olUcc of cli.iimi.m, deputy chairman, nv.mnging director or esccuii>c director 
nr other evcsulive nltice or who discharge.' an, special duty or tuits'lion d.-Vi-imi: .pecial uncniu.n beyond 
toe auention necec-ary for the pcrloriuaiuc ot ms ur.lm.ir> dunes a% a direct- <i shall be pud such additional 
remuneration (whether by way of salary, couuuiiiion ot par Itcipulic-fl in rrotila or oiticrwiscju ihc Board 
may by Resoliuion dsieriuiDc. 

(d) Any dixecior may continue in K- nr beenme n director, man.-iginp director, manager or other olficer or 
holder or any place ■-.( prnlii under >>r employee or nieniher of any other e.-mpany in which the L ompinyr 
may be interested arid no such director shall he .tecounuMe n> the ( nmpany lor an;- rentuncraiion or other 
benefits received by him by reason of such oilier oDioc, gsisiLion, emplt-smenl or incniberJup. 

(e) Any ilireclor may hold any oilier ulliec br pliuv nf profit under the Company in conjunction with In. nKico 
«»f diremor nf llie Company on such lerin* in feiiure, reinunerali--n *»r otherwise as the Hoard hall 
deiermine and he or any lirni m - hicli Uc i iniere-ied may ad tn u proficaaonal capacity for ihe Company- 
(oilier than a. auditor) and .-li.ill b-.- eniulcd to receive and retain remuneration (by w.-iy of rjlary. ii'mmis- 
Mon. fee, participation in protu or other v ■ -cl for such services as if he were inn a director of ihr Company. 

(Fj The Board may cstablisli and mairuin any pension, insurance or superannuation funds and shall have tlrt) 
power it* give or procure ihc giving of ilonali- -ns, cr-untlic.. pensions *'r sinvilar payments in any per-nov. 
including directors, tinnier directors lor wives, liiLvhanilv. widow., v'ldnucrs. families and drpen.Uni- t-T 
such persons) who hold or have held ai any umc any salaried employment, oc olhcc in the Ci-icpany ot any 
V>f its subsidiary or associated cunipwrees. 

(gY No director shall be required lo hold any qualification shares. 

(h.i Section IRS of the Cumpaitiev Act 1948 (relating to ihe appoinlmcnl toil rctireaunL of direclors tv bo bars 
attained the age of seventy-; docs not apply to the Company. 

()) A director may cnntracl or be interested in any contract or arrangement with the Company but ihc na'uro 
of his interest must he declared. A ducctnr shall not however vole I nor he counted tn the quoruml on any 
revolution of the Board in respect or any coniraci or arrangement or any other propowl vihaivocvcr in 
which he has a material interest , bui this prohibition shall not apply to any of Hie following mailers namely"— 
£0 any proposal concentinc an offer of vh-arct or debemum or other iccuritiev of the Company or any 
company controlled by the Company in which the director u or is to be interested, as a participant ia 
the underwriting or sub-underwriting ihereuf: 

(ii/ any contract for giving any security or indemnity io a director ‘n respect of money lent by him or anjr 
obligation nr Inability undertaken or to be undertaken by him lor the benefit of the Company or any 
company controlled by the Company 

(iiij any arrangement for giving any security or inditmmty In any other pcrvnn or company for any liability 
or ohhganon of the Company or any company controlled by the Company for which, the director shall 
be personalty liable m whole or in pan;. 

£jv> any proposal concerning arty oihcr corporation In which vucli director I> interevicd fdircaly or indirectly) 
whether as an otlicer or shareholder or otherwise provided that he is not (diiccily or indirectly) the 
holder of or beneficially interested in t per cent, nr more or the issued shares of any datv of such cor- 
poration or of any third corporation through which his in tcresi is derived or of the voting rights available 
to members of Lite relevant corponiuon; and 

ft) any proposal concerning the adoption, modification cooperation of a superannuation fund or.retircment 
benefit scheme under which he may benefit and which has been approved by or a subject to and con- 
ditional upon approval by the Board of Inland Revenue for luxation purposes. 

O The Board shall restrict the borrowings or the Company and exercise all voting and other Tight* or powers 
of control evcrcisabk by the Company ui relation to each of it* subsidi-a rut- tit any; so as to secure iso far 
as inch evemse can secure) that the aggregate amount for the time re mg remaining undischarged of all 
moneys borrowed bv- the Group (ciduMve of intra- Group loans) idioll not without Ihe pre' icus sanction 
Of an Ordinal-)- Resolution of the Company exceed a sum equal to thine limes Ihe aggregate of lhcfoliowxtiS, 
all as shown in the latest published audited consolidated balance sheet of the Groap, namely : — 

<il the amount paid up on Ihe issued share capital or ihc Company(adju>tcd as maybe necessary In respect 
of share capital of the Company issued or paid up. otherwise than by a capitalisation of reserves, or 
redeemed since the date of that balance shea); and 

{iQ the amount standing lo the credit or Ihe consolidated capital and rev enue reserves (including alums 
premium account) adjusted as may be necessary by deducting:— 

(a) any amounts included therein attributable to goodwill or other intangible assets and 

(b) wty debit balance on profit and loss account; 

sind excluding (insofar as they have not already been excluded)}—* 

(a) any amounts attributable to minority interests and 

(bJ any sums representing a provision for taxation (other than deferred taxation). 


6. Contracts 

Tho follow^: no! hemp contracts in the ordinary course i*r business have been entered into within 2 yearn 
immediately preceding the date of these particulars and are or may be manna!:— , , . ,, , 

(ii Dated 20lh October, 1976 between the Company (1) and Mr. 1. Fiscb (21 w hereunder Mr. Fnch was 
appointed Deputy Chairman and Joint Managing Director of the Company for a term of four years from 
1st November. 1 V7H ul an annual salary of X17.MO per annum (or yueh other sura as might from time to 
time be ugrcfeli together with the right lo participate in any commission payable to the Directors under too 
Company 's Articles of Association (see paragraph 5(b) above!; 

(ii) Doted Mill October. ] *78 bciw ecn the Company (1 1 and Mr. W. A. Batcliffe (2) Wherconder Mr. W. A, 
RatclilTc was appointed Joint Managing Duectorof the C cunpa ny for a term of five yes rs from 1st No*e mher, 
1978 ai a salary of £17.500 per annum (or such other sum as mighi from time to umc be agreed) lopcther 
with toe right io participate in an) commission payable to toe Directors under the Company's Articles oC 
Association tsec paragraph 5 lb) above); 

Gii) Pared 20lh Ociober. 1978 and made hetween Mr. M. Cuwins and others m the Directors oT Ute Compart/ 
(2l the Company Qj and Capd-Cuie Myers Limited (4j being the Cootraci referred to under paragraph (JJ 
above. 


7. General 

(aj Mo unissued rhare capital of the Company oc any of its subsidiaries is under option or agreed conditionally 
or unconditionally to bo put under option. 

(b't Save as disclosed herein; 

ft) No shore or loan capital ortho Company or. except for fames to other .companies within the Group, of any 
nf its vutoidiarKS lias, within the iw-n yean preceding f lie dale hereof , been issued or agratd to be issued 
or is now proposed to be issue it for cash or otherwise; 

fij) No enmmuf-ionv. dioenuno-, brokerages or Mhcr special terms have been granted by the Company or any 
of ns tulHidijries within the said period of two years in connection with the issue or solo of anj pan. ot 
respective share or loan capitals. 

fo) Without the prior approval or the Company- In genera! meeting no materia! fame of shares (other than to 
shareholders pro row to their existing holding*! will be made »Tfhin one year IP’ni ihc daLc hereof, and no issue OT 
shares will be made which would effectively oiler the control of the Company or toe nature of its business. 

foi Neither the Company nor any of Its subsidiaries is engaged in any litigation or arbitration pr-sceedings of 
iiurerial imtwnance, and the Directors are nut aware of any litigation or claim of material importance winch is pending 
or threatened against ihe Cam pan) or any uf its subsidiaries. 1 

(e) Mr. 1. Fisch is n cunsulUni to Spencer &. hath who receive Tecs id connection with their professional 
services lo the Group. 

(n Mr. F. J. Kershaw who Is a ■mbvtanliaT shareholder of the Companyhas hwi a consultant in the company 
since its formation and receives a retainer from it. He is aha a. consultant to Kershaw, Tudor St Co., who receive tees 
for their professional services lo ihe Company. 

( E V The emoluments of the present Directors or Ihe Company will amount to £21.000 for ihe year ending 
3llt October, 1978. Had the present Board held office throughout the year and the prcscm arranFcmciiU been rnlorco 
for that period it i&csuma Led that the emoluments of the DucvLora would have onto tinted to 140,000. 

(b) The Directors are advned that immediately following completion of the Pl.icing of Shares by CarcLCuns 
Myers Limited the Company will be a Close Company os de lined m me income and Corporation 1 axes Acl 1970. . 

m Shortfall and apportionment clearances fas appropriate! have been obtained for the Cininjyiny and 
Eubskfianes in rcspen of all trading periods up to and including .1IM October, to 77. Under ihc contract with Capel-curo 
Myere Limited the Vendor shareholders have given Indemnities io tiw Company and ns subsidiaries in icspcct oL 
taxation and estate duty. 

(i| The Company, in the ordinary course of rts burinevs, enters into com raets with the National House-Building 
Council and purchasers ot' homes to give NHBC ten year protection certificate 1 - and w-Hh Loral Auihoriucx to er-e bonds 
guaranteeing the completion ofiwadworfcs on development sites pursuant to ScctiotJ 40 ol the Highways Act 195S. 

ik i Save » disclosed herein, no Director hus or has had nnv interest in anv iswiy which within two years a r 
f?te dale of these particulars have been, or tire pro pored to be, acquired or leased to llie Company or jny |,| uv -u™- 
sidurics and there are no Contracts or aningententi, siihsuting in which a Director is materially interested and. which 
are significant in relation to llie Company and its subsidiaries taken os a whole. 

til The eMteif-tti of an incidental to the application for the -thare capita) of the Company to be listed on Th® 
Slock Exchange are esli mated at ±*.\<>UP exclusive el A- .A. I. and are payable by the Company. 

(mj No part of the proceeds ol sale oi Ihc shales now bcinn placed will be received by ihc Company. 


CONSENTS AND DOCUMENTS ON DISPLAY 

Cobdto, Board & Cn. snd Thomson McLintocV ft Co^ baro (rivet) and not withdrawn ihcir respecti'-e written 
COdteflu to the Msue of these particulars with the inclusion herein of their AepatL and 1 etiers and rcfurco.es. heron t a 
ttwwr mum in the form and context in which they ore included. 

Weatherall Hollis 4 Gale have given and not withdrawn ihcir written cpnsrnl lo the issue nr this dremmenC 
Tith lb* inclusion therein of the re leremae of their name and valuation in the form and context in which they are included. 

Capel-Cure Myers Limiled has given and not withdrawn its written ccm-cni to the issue nf this document with 
the inclusion therein of ik letter relatuig to the Company's profit forucad in the form and conical in which it is included. 

The aboxwnentiemed consents, the Statement nf Adjustments made by Cnhdcn, Board & Co., nnd Thomn-m 
McLintocli ft Co., in arriving at the figures set out. in their Repivn and the icavotw therefore copies of the contract J 
listed above have wen attached w the copy of these particular* delivered to too RcgiMr.T nf companies for rctusirahon. 

The following documents or copies thereof may be inspected at the offices, of Trover. Smith. Btuithwahc A Co-. 
6 Snow Mill, London fcCIA 2AL, during usual business hours on any weekday (excluding Saturdayaj foe a period oC 
lounent days following the pubh cation of these piirticulars:- 

(J) The Memorandum and Articles of Aaanciation of the Company. 

(2j The written consents of CoWeri, Board ft Co,, Ihamson McLmlock ft Cfl,, 'Weatherall Hollis ft Gale 
gnd Capel-Cure Myers Limited. 

(31 The Report nnd Statement of Adjustments of Cobdefl, Board ft Co., and Thomson McLintock ft Co. 

(4) The Valuation by Wcathcnll Hollis ft Gale. 

151 The audited accounts of the Company and each nf its subsidiaries for the two faucial years ended 3Icft 
October, 1977 and for iluc vie month period to 30th April, 1378. 

(5) The Contracts referred to in paragraph 6 above. 

Further conic* of tone particulars may also be obtained from!— 

Oori-Cure My ere Limiled, Bath House, Hoi born Vhdner. London ECI A 2EU. 

Xmb*, Tudor ft Co., 5*164 Coshm Louie, Sheffield SI 1 FW. 

Spencer ft iti&ch, llolbeck ihnoe, 105 Album Street, Leeds LSI SAL 

30th. October, 1978. 


t 


5 




Vuddng and Givlbiglnniiriq 


■r. ,.;%- 


CRENDON 

MCRE1E FRAMEWORKS 


£2m awards to BOvis 


jfT-rr 


Higgs & Hill will press on 


Modernising 


BOADICEA notwicbslandioi:. 
Higgs and Hill Building will start 
on its £8.1rn contract for a major 
office block development off 
Cannon Street and right on top 
of this year's City Dig. in 
January, come what may. or so 
the message from the company 
with the news of its contract 
runs. 

It had earlier been reported 
that Electricity Supply Nominees, 
for which Lhe big Watling Court 
development project is to he car- 
ried out, was on the point of 
seeking £lni from its insurers 
because th e dig had delayed start 


of work on the development — 
estimated at a total capital cast 
of £15m — by some three months, 
from September to January. 

Other work will include the 
complete .demolition or the 
rehabilitation or buildings along 
the Watling Street frontage. 

Architects for this, key City 
development are Fitzroy Robin- 
son and Partners and consulting 
engineers Rybka Smith and 
tfinsler. 

The refurbishing/construction 
job involves a total of 100.000 
square Teel and may take some 
21 months to complete. 


For Higgs and Hill, the major 
office block at Waiting Court off 
Cannon Street demands the 
erection of a five- to seven-storey 
building with a gross Poor area 
of 97.520 square feet. It will be 
U-shaped and have an open 
central .area forming a paved 
and planted courtyard. 

At ground level there will be 
a number of shop units. 

It is intended to set up the 
reinforced concrete frame on 
pile foundations. Main eleva- 
tions wilt have marble cladding 
to the columns and full height 
curtain walling with triple 
glazing for all office areas. 


Finns build 
Cairo hotel 

A LUXURY hotel is to be built 
in the Cairo suburb of GLza by 
two Finnish contractors, 
Urakoitsijat Oy and Makroiaio 
Oy. which together form the new- 
contracting group Arab-Finn 
Contractors. Ei Shams Pyramids 
Co- is the Egyptian partner. 

The hotel wilt have 156 rooms 
and - . .will he managed, together 
with El Shims, by Holiday Inns 
of the V.S. 

Total value of the contract is 
more than 50m Finnish marks 
(over £61 nn. Work will begin 
before rhe end of the year and 
the construction period will be 
IS months. 


Heats open 


areas 


WHERE intermittent beating is 
required in large open areas, par- 
ticularly in the construction in- 
dustry and fey associated trades, 
three industrial air healers are 


suggested by Wyscpower. Drove 
Road. Everton. near Gamlingav. 
Sandy. Bedfordshire, SG19 2HX 
(0767 50011). 

These are rated at 200,000/ 
300.000 and 400.000 BTU's per 
hour respectively, are mobile and 
said to be easy to move from 
location to location. 

Apart from healing in factory, 
work, warehouse, storage areas 
and localised open spaces, the 
company says the space heaters 
should also be suitable for appli- 
cation in the agricultural, 
aviation and marine industries. 


Costing the 
burial of 
the atoms 

MUCH CLEARER ideas of what 
it will cost ultimately to make 
safe obsolete nuclear power 
stations have- recently been pro- 
vided by the American utility 
Metropolitan Edison Company. 

This organisation estimates 
that for its Three Mile Point 
Unit 1 1 819 MWe net) and Unit 
2 1 906 MWe net) the latter not 


jet in full commercial opera- 
tion. decommissioning will cost 
839.6m and S3SJ2rn respectively, 
including some 8900.000 in each 
case for surveillance and 
environmental checks after the 
work has been carried out. 

The figures for the work, which 
will have a large civil engineer- 
ing ingredient, are in 1978 dol- 
lars. This suggests that if one 
accepts dollar deflation as run- 
ning at about 7 per cent per 
year, cost for the decommision- 
ing work in 200S — eurlisi date a* 
which the plants would be tak?n 
out of service — would he 5360m. 
In 201S. with a lifespan of 40 
years, the plants would lake 
S720m to render harmless. 

What the utility is doing is set- 
ting aside l per cent of revenue 
— now running at about S505m— 
against decommissioning costs. It 
is also seeking rate reliefs and 
proposes to meet these future 
very large charges by transfer- 
ring the money io a trustee to 
“invest in lax-free securities." 

At an input of S2jm a year, 
the interest yield would have to 
he untaxed tn produce anything 
like the amount needed. This 
may he possible under U.S. 
arrangements. The question 
remains whether it would be so 
in Britain or Europe. 


PREWAR DWELLINGS in 
Barlow Moor, in the southern 
sector of Manchester city, are to 
have repairs and improvements 
under part of a contract worth 
£1.7m awarded to John Lain® 
Construction. Work has already- 
started on the ISO houses and 
28 flats in this area. 

In neighbouring Burnage, 
work has started on the first 
phase of the Cattcrick Halt 
Improvement Scheme which 
invuives Lhe refurbishment of 84 
houses. 

The third part of the contract 
invuives the renovation of 30 
dwellings within bousing action 
areas and covers the second 
phase of the project in North 
Manchester. 

Leicester 


station 

facelift 


TWO CONTRACTS, together 
valued at about £2m have been 
awarded to Bovis Construction 
by City and Continental Property 
Group. 

One is for a major reconstruc- 
tion and upgrading of Calder 
House, on lhe eastern corner of 
Dover Street and Piccadilly, 
London. W.l. Existing facades on 
to Dover Street and Piccadilly 
are to be retained and integrated 
with a completely new structure. 
This will provide 2.250 square 
metres of modern offices on five 
floors, together with a pre-let 
shop unit at ground and mez- 
zanine levels. In addition, there 
wijj be a. basement flight club. 

When the facades of Calder 
House arc secured the remaining 
.structure will be demolished and 
replaced by a modem steel frame 
building with a slightly extended 
second floor 3nd a similarly en- 
larged roof area, which will in- 
corporate new plant rooms. Once 
the frame has been completed, 
new floors will be constructed 
from the top of the building 
down and a lift will be installed. 

The other contract is for a five- 


storey shops and offices develop- 
ment at The Parade, Regent 
Street Leamington Spa. Designed 
to harmonise with- the regency 
character of the area, the re- 
inforce d-con Crete structure will 
provide three floors of offices 
over ground floor shop units add 
basement stock rooms. _ The 
external facade will be of 
Ashlar stone block, with tinted 
glazing. 

The shop units are program- 
med for completion by December 
1979 and the office areas will be 
banded over in March 1980. 

Fairclough 
in Anglia 

THREE contracts worth more 
than £3m have been awarded to 
Fairclough Building. The largest 
project, valued at £l.Sm, is for 
the construction of 150, one, two 
and three-storey housing units at 
Orton township for Peterborough 
Development Corporation. 

Work has started on a £§m 
two storey extension to the Col- 
chester Maternity Hospital for 


the North East Thames Regional 
Health Authority, and the- third 
project is the construction of 
new Crown courts at Romford 
for the London Region of the 
Property Services Agency under 
a £750,000 scheme, 

Mowlem job 
for Shell 

THE ‘ BUILDING and civil 
engineering work for a bitumen 
complex at Shell Haven 
Refinery, Essex, valued at £l-9zu, 
has been awarded to John 
Mowlem and Company by Shell 
UK Oil. 

Work there covers the installa- 
tion of ground works and rein- 
forced concrete foundations for a 
butumen plant and the building 
of a reinforced concrete struc- 
ture. Other works include the 
construction of a control room, 
switch house and concrete 
paving. 

Shell will supervise the work. 
Quantity surveyors are Stern 
and WootfCord. Work has just 
started and completion is due in 
autumn 1980. 


FACTORIES OFFICES 
fir WAREHOUSES 

CRENOOH CONCRETE CO- LTD 
' LxjngCrendon Bucks. 

: Tel: 20848L 

Performance 
of wood 
windows 

BECAUSE THE present British 
Standard 644 for wood windows 
has been in existence for over 20 
vears. the British Woodworking 
Federation has produced a four* 
page document, ** Technical 
Criteria for Wood Windows." 

Its purpose is to aid specifiers 
and timber window users to 
bridge the gap until a new series 
of standards for dimensional 
performance and other charac- 
teristics is issued. s 

Copies from the Federation at 
82 New Cavendish Street, London 


NEW PLATFORM buildings and 
awnings are included in the face- 
lift for British Rad's Leicester 
station under a £J;ra contract 
awarded to Sir Robert McAloioe 
and Sons. 

The station was built to the 
ISSO's by the Midland Railway 
and was known for many years 
as Leicester London Road, fri 
recent years the amount of ac- 
commodation has far exceeded 
the present requirements and 
major maintenance problems 
have arisen. 

Demolition of the buildings on 
platforms 3 and 4 (the London 
departure platforms i has already- 
taken place and the company is 
to provide new waiting, buffet 
and toilet facilities, together 
with a bookstall, and es^ntial 
accommodation for rail staff. 

Upon completion of the work, 
the old buildings on platforms 
1 and 2 will be demolished and 
similar new facilities provided 
there. 


\ ~ 1 v * 41 • ' *•'* :• *'.+ .• •• :• 
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Bernard Smiley & Sods has announced anticipated in around 12 months. The concrete frame and dad in white precast 
structural completion of this 640 bed hospital has two 6 -storey ward blocks wal^ AH 

Hamad General Hospital in Doha, Qata. surrounded by single storey buildings, departments are fitted out to a very high 
Work is advanced on the installation of the housing the main departments. The standard incorporating the most modern 
services and finishes, with completion hospital is constructed with a reinforced medical equipment available. 

Detailed Shutters cut heat bill 

lflOk IflSirtP ALTHOUGH SHUTTERS are through. When they are not in 
avrvrix UbJiUV generaliv used in Continental use. they fold back on the 
ALL THE components of a pipe countries as a, barrier against window ledge behind the 
inspection closed circuit tele- 10 ° m V c ^ J sunlight, a ^° curtains. . . 

vision svstem introduced by Rees serve, in the winter mouths, as Apart from the obvious 
fSmenJf wlH « I&, m effective insulators. The benefits of keeping lhe wannth 
executive attache case for easy Georgians used high wooden inside a room, these indoor 
transport to site shutters against wide,, deep shutters also shut out noise and 

‘ „ . . . windows in English country light, a special bonus for people 

The camera is housed in a jj 0Uses ^nd the use of these, or whose work forces them to sleep 
an heavy velour curtains, have during the daytime. 

traditionally been the solution to The insulating shutters can fee 
LwF^.? e ,^ ll flnn n beeping the warm in and the drawn for 16 hours out of 24 hi 

wn!riM«i*l S i tn 'SLiSS cold ouL . cold weather (when occurs rfe 

^ a hi^ni r vp Internal shutters are surely- greatest heat loss), but even if 
&XSS the answer, says a British com- left open at windows facing the 
JStlmrUSd a^SSl^ahaorSS *rSf Guardia Shutters, Gallery sun. solar gains can more than 
atirm doL of a humiS^iiSon House." 90 Dunstable ; Street offset; darpme- losas even in 
SiSmma lOOnSr Amptbill, Bedfordshire' \ <0525 .winter. .aayS the* ^ maker 

rods (gamma 100 per cenlL - 404709 ,. its - Shuttab finds t are- An other •* advantage^ tbik 

Varjable z/js control between vertical louvres made in robust. Minds when they ate locked shut 
£2.8 and £16 is provided from the ivory white PVC. They can be at night is that they serve as an 
control- unit and there are adjusted to beep out the cold effective deterrent to would-be 
similar controls for toeusing. or to allow sunlight to filter intruders. 

(down to about an inch) and for 

rotation of the 45 degree mirror * - • ■ 

unit which when in use allavs 

detailed wall inspection. Angle . • 

of view Is 53 degrees. IM 'RDIEV.''V. 

With the forward looking head -IIw DKIEr 

an annulus of light bulbs round 

aUhoueh tfae Vi a5ernatiTC na o t f° a' • jRrtRy Industrial Develop-, out for Eastern Gas, valued at 
foiwaTOed mount«?wn? bright "Z&SF £ Group, of about £350,000. , 

quartz iodine lamp is offered .f^e^StwUhthe 1 SLoSS f Flooring specialist Residura 

y-w. Very long pipe runs can be council to develop an estate qf .(part of Q-antrigbt- Group) h«*s 

inspected because the standard mixed industrial units forming been awarded a contract worth 
size cable can be used in lengths paft 0 f ti, e Council's new River- ove r £70.000 by Brooke Bond Oxo 
up to 400 metres without external s id e Town at South Woodhara^ ^ for laying 4.500 square metres of 
adjustment. Ferrers, near Bamham . on Esterctete industrial flooring at 

Tbe control unit, which has its Crouch. The development cop- ■“??.. „ n ®!! r * ^ aywa cf- 

own three inch monitor tube tract is worth £821,000. Pickles ■ factory at Bury St. 

measure only 240 x 95 x 330 mm Edmunds. Grantrigbt has just .set 

and tbe weight is 5 kg. I A con tract for 1,-100 tonnes, of ■ FoundaHon? ^S^ipecSfie ‘*5- 

More about the equipment, structural steel valued at £0.7m underpinning techniques and 
called R93, from the company at for the. alumimiim smelting presslLre grouting. Head office 
Westminster House. Old Woking, plant currently under construe- be «_ London ■ 

Surrey (Woking 62221). tion in Dubai has Been awarded • ; - 

to S. W- Farmer' Group. • ♦. Under a contract worth about. 

£ 68 , 000 , . -awarded to. Michael 
1 1 • ■ '• The window contract on- the Thompson of Carlisle from, the 

NPrnnn ^Kin Midland Bank's new £30m com- English Industrial Estates Cor- 
uvvvuu pu ter complex at' Wentworth, - poration,- work has started on an 

- near Sheffield, has b4*n won by advance factory, of 5,000 square 

cnirnc hoof H. A. T. Glass of Bristol. feet for the Development Com- 

OdlVViJ llCd.1 mission at Haltwhistle Industrial 

• The High Wycombe based Estate. Northumberland- 
TWO SWISS companies have pro- materials handling equipment m r> hnBe , nf . 

duced a system for the insulation specialist, Sambron. is to change n«uf P n^l a fl ' 

of existing buildings, resulting in its marketing policy and sell 

big savings in heating costs. The only through dealers in the tJ.K. JebeJ Ah is to be Mrted 

system consists of wrapping the * a v? u £ yage 

construction in a sort of “ second # A contact worth £im to fabri- ° f h ? JJgJ. Navigation 

. skin" made of glass fibre and a ca te and install 370 tonnes of ^ Brentford' mddx KirS 
mortar-based adhesive mass, pipeline at Bt. Mary ? s ' Loch, 

itself strengthened with a woven Cappercleugh, Sella Sire, Stion b Siat ?or ?hase P bSe’ 

remforceraenL The double wall 0 f the Megget Scheme by .the nSSio wjsiamWnt 
thus formed produces the same Lothian Rmhonal Courfcilf-Juu jgjjg _ btfUamm 1 electric buoy- 
effect as that obtained in been awarded to Robert Watson s ' 

vacuum- flasks. and Co. (Constructional Engi- •. Ha iste and Partners: consult- 

„™ e « a . d . v . an ' a , s ' S of Bolton. ; ■ ins engineers o£L«d s ..h M been 





T- City Builders r? 

fpr ; 2PO,^ai$fe' 




process are many: possibility of - . - 

insulating oid buildings ‘whose • Final stages have now been- I?.. ~.^ are _ an 

facades can be renovated at the reached m the' construction ■ of of ° om ^tic water 

same time; no reduction in living the Cambridge/Kuntingdbn. A604 J re ?™? ent .. k™ distribution 
space: preservation of the appear- pipeline diversion scheme which facilities m Samarra, former 
ance of the facade desired by the Biggs Wall and Co. is Carrying capital of Iraq. 
architect. ‘ ‘ 

This process pays for itself . 

within three to four years 

through the savings made in •' ■ ' I . : - ■ 

heating bills. • ; _ -T- 

Fibriver, Ch. de Morhex, 3 Case 

postale. CH-1001 Lausanne, - , . 

Switzerland. 


Importance 
of cladding 

TWO KINDS of defects in' clad- 
ding cause particular concern: 
raiii pen (ration and dislodge- 
ment. If the defects are not 
rectified when warning signs 
appear, further deterioration Is 
likely. Because diagnosis of 
potential dlslodgement of clad 
ding over public ways is particu- 
larly important, a new Building 
Research Establishment Digest 
has just been published to 
give guidance on how to spot 
latent defects likely to lead to 
these problems. 

Copies of “Wall cladding de- 
fects and their diagnosis" are 
available ( 12 p each plus post- 
age) from HSMO, 49 High Hoi*, 
born, London, WC1V 6 HC. 



The Preatd. t/serV Guide and . Directory 
tslle aQ you ntad To know aboin Prastel — me 

■ post Office Viewdata. sowice. 

* How. to undarattiidlf *- How to osa lt+ Thtf chMpMrt way to 
dw bffonnatiofi'you:requlre.. % 

■The second edition puoUshetf OCtobiu; 1S7B/qIv#»' you:' ■ 

■ |nfawp«ion jeeasa.*- paster fttieval * fleducart 

Foftmdmc inf unnstf oncontsct- — 

Th» Pr*st«i User* Coide MKctur y PepwtmsnfL 

E0^smCouhdM:fUw>p^Mrs Lfd, Prbidact Moom>' * - ? 

XoiwnRofid, NorwtcttWfll IKE. T elephone (C603) 283)1. 


... ' '• ,1 


. : y0L-? 

y*r m 








I 







MONZA. 

IF YOU’VE GOT 
THE GET-UR 
WE’VE GOT THE 


r? p p 


^ Financial Times Monday October 23 ISTS 


l*&‘ UK 

< *- (-Date 

I 'Current ....1 

] Current 

: --Oct. 24—25 


TRADE FAIRS AND EXHIBITIONS 


24—26 

frrfv ^ 

Of , %S: ££ 

U \\ A 0rl * 25—2? 

t M 0(ljOei. .10— Nov. 3... 

*' ! h|| 31— Stir. 2... 

M «h\uv. 1 — 2 

' • K’jiv, 5 — S 

^ ■ Xov. ft— 1 (I " 

■ " ■ _ .Soi. 7 — n 

<ov. is— is !. 


11 -1C 

Improve Your Home Evbp. (closes OcL 23) 

SMMT Moi'jr Show crlose.-. OcL.‘20i 
Electron it Instruments Exon. 

Environmental Health Exhibition 

Euroiic^n OlTsiiorc* petroleum Confereace and 

London Fashion Exhibition 
London bu-ino-i Kituipm.nl ’EAhihitmii 
Management Services and Equipment Exhibiriori 
Midland Mcl.il S;r.vm.; hnd Tube WorKias Machine 
Exhibition 

Equipment i’lrj Machinery DoninnslfittofL Labels 
j.ld Labelling 

F.IA Enjiinvcnn^ Exhibition 
Furniture Pro view 5!iy.v 
KU‘f!riea! Engineerin'.: Exhibition 
Fluid Hjndiui'4 Exhibition 
■Public Works Cungrcs; u:id Exhibition - 


"Mov. 13 — IS E 


vov. 13— IS 

sov. 13— IS 


ENTOCOX — Environ men !dl Pollution Control 

Exhibinon 

TASS EX TS — TransO'iriahle Accommodation and 
Sue Services Exhibition and Conference 
EV.T— EflJuem .iml Water Treatment Exhibition 
•and Con renu on 


Venile 

Olympia. 

Nuiinnal Ex. Centre, Birmh’xn. 
P'jM House Hotel. 

Southampton 

Courncjimuth 

Earl.* Cijiirl 
'd.vmpia 

C.iiii.irri Inti. Hotel. \Y6 
Exhibition Centre. Harrogate 
Addixnn Exbn. Cud tie. 

VVillcuh.ili 

Clmhinj: Technology 

Centre, ,\‘W4 
■Watford Leisure Centre 
4 d> ill pi. a 

Melle Vue, Manrhe.stcr 
Harrogate 

.No l limit! Exbn. Centre. 

Birmingham 
Naiumal Exbn. Centre. 

Birmingham 
National Exbn. Centre. 

Birmingham 
National Exbn. Centre. 

Birmingham 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


• - _ VI. 24—2*1 

>Ort. 2i»—29 

■- 'let. 2S— Nnv. 

-v... ;>.lct. 29— Nov. 

-■» j8fcSS*:lV. ' '. Pet- 30— Nov. 

■■'let. 31— Nnv. 

S-rJ ? 
11—19...; 

13 — i S.. .. 

: '—4. -i" — ' 13—18.... 


Internatiunal LadiLs' Read;. -la- Wear Exhibition Paris 
Ci. loses Oi> "5 1 

InternaL-onal OR!< •• Trade Fair Oilocm* 

World of Investment 78 Lus Angeles 

SXOt\ TS— Sp'jri.i, Winter and Recreation Show Basle 
INTER PEL— International exhibition of ■Leather Dietikon 
and Travel Articles 

Elect run !{■« Trade Fair Amsterdam 

IF AS— International Trade Fair for-.- Medical Zurich 
Supplies 

International Book Fair Bcrarjii 

International Sheet Metal Working and Forming 

Exhibit inn E«vn 

British Industrial Exhibition Me.\n.o City 

InTcrnaimna) Hotel, Tourist Equipment, and wines, 

- spirits and boveryit*** exhibilion i Ionova 

■ International Packaging Exhibition Pans 

international Food Manufacturing' and Processing 

.Exhibition Tans 


BUSINESS AND MANAGEMENT CONFERENCES 

*- -4 CBl: Developing Con nines— Targets for the *SOs CEI. Tut hi 11 St., SWJ 

tt. 24 Conference Board in Europe: ininl. f inan cial and Brussels 

Economic Outlook Conference 

d- 24 Bcnn: ■'Company Secretary's Rcvi^'*'" — Con- London Press Centre 

ferenve 

rt. 24 ESC: Rewards for Inventors Wembley Conference Centre 

ft 24. A OB Conference Services ■■ Trade Union -Recogni- 
tion — the Options Piccadilly Hold. W1 

if- 24 institute of Purchasing' and Supply; Rubber and urosvenur House. Wi 

Allied Materials — into the ’8C.x 

rt. 24 — 25.: ASM: Capital Project Evaluation cafe K rival. Wl 

-t- 24 — 2fi RRG: Elective Ri^.k M anavti’ineni Course Copenhagen 

-t. 25 London Chamber of Cumuunvc:- Middle -East 

Transport 69 Cannon St.. EC4 

:t. 25 , Economic Models: Paper Forecasts .for Europe. 

L-.S.. Canada. Japan 30 Old Queen Si . SW‘I 

25 Tbanioi Polytechnic: Conference on taxation to 

as*isi businessmen. professionals and 

aa-uuntants Wellington St . SE1S 

25 lnbucnn Group: National Policy and Pay— 

Seminar . Dorchester Hotel, Wl 

t. 25 — 26 ASM- - Computer-Aided Project Planning and 

Progressing Cafe Royal. \V] 

:t. 25—25 B10SS: Seminar — Economics for ihe Manager Brunei University. Uxbridge 

rt. 25— 2T Institute for. International Research: 1978 Cor- 
porate Finance Conference Piccadilly Hotel, Wl 

rt. 25—27 Danish TAG — I AG: Conference on Computer 

Impact Copenhagen 

*. 25 — 27 AMR International: A Practical Approach to Data 

Processing for Non-DP Executives ’.- - Brussels 

;t. 26 Centre for . Advanced Land Use Studies; Setting 

up a successful Development Partnership Cafe Royal. Wl 

± 26 institute of Purchasing and Supply; Developments Kensington Close Hotel, W8 

in the Food and Drink Industry ‘ • 

:t. 26—27 British Council ot Productivity Associations; Work- Waldorf Hotel, AVC2 

shop on Unfair Dismissal :&. 

>v. ?..._ Institute of .Marketing: Sales Letter Writing . Royal Horseguards Hotel, SW1 

>W 9 British Franchise Association: . Seminar— The Cafe KoyaL Wl 

. Business Format Franchise . • 


Wellington St . SE1R 

Dorchesicr Hotel, Wl 

Cafe Royal. Wl 

Brunei University. Uxbridge 

Piccadilly Hotel. Wl 

Copenhagen 

Brussels 

Cafe Royal. Wl 


APPOINTMENTS 

JCT’s new 
chairman 

Mr. Norman Rovn* has .-uc 
cpcded Mr. P. H. P nennelf. c 
chairman of the JOINT CON 
TRACTS TRIBUNAL for tin 
standard form of building con 
tracl. Mr. rteiiiK-ti li.tr] accent cl 
his annointmeni in .l.muary J97; 
■in the undcr>iamlinf lha! he 
would he able m relinquish il after 
live years. 

* 

R.ihmck Conirartor; has made 
the follow ini? aupointmpnis to rhe 
Board of B VBT.nrK ELECTRICU 
PK0.1ECTS; Mr. T. II Kind t -rsl*-v 
* chairman I. Mr. P. H. B»*w«*n. Mr. 

H. Adams. Mr. P. J. Harris 
iman.igiirjt. ^Ir A. C Poole iiecb 
nicaj) and -Mr. H. Peters (niarkcl 
mg). 

-*r 

STEYR-DALMLER-PI.V1I bis 
njinninled Mr. Neville Clay inl^r- 
national market ins manaser. Tie 
wilt be rcsnnnsible for co-ord mat- 
ins and planning Ihe .-ir«i\irj»" r , f 
Puch's various subsidiary com 
panics. 

Previcmslv Mr. (’lay was mar- 
keting director with Ihc Crown 
"’allcm'crin^s 'division of Crown 
Decora t nc Products. 

*■ • 

Mr. J. C llml«!P and Mr X. \ 
Cardmer Jnve tipen n»’*de rjirer- 
tors nT R.-ULKO. the BP- A Hroup 
Cnmnany maniif.iriurinr’ pla''n-s 
brarmos at T.oiidwjtpr. Hi?!» 
Wvrnmhe. Mr. Tlod-jc, sates and 
eneinerrina director. h.s> b^i-n 
ta-iiii i be rnmpanv smm U«i2. Mr. 
Gardiner, research dircemr, is re- 
monsihlc for research and 
devplnp/nenl of new* materinls. 
their ma mif* rum ng processes, 
net ruts and iiepneinc. He also 
joined Ihc company in 1U62. 

*■ 

Mr. Paul Barlow has hem 
annomird a director of ATCOST 
110LDTNT.S parent com nan v of 
the A«eos» Group. Tunhrirtee 
Wells. He has also taken over the 
iMxbion of manioln" director of 
ATCOST PROJECTS— a iradtnc 
romoanv within 'he qrouo whirl* 
spei-ialises in tarce industrial 
steel 'concrete composite struc- 
tures. 

+ 

Mr. R. f». Alkin has been 
.innninted nianaeinc dirwtnr of 
ATKIN RAGGETT. insurance 
brokers. 

Mr. John M. Connelly has been 
anpnjnted managing director and 
Mrs. 1. F. Connelly, director and 
cnmojn.v secretary of ROiRGEM, 
oT Yalele.y, near Camberley. 

*- 

Mr. James W. Downer has )w?en 
,-innointcd sales director of RANK 
FILM LABORATORIES with over 
all responsibility for the markcl- 
inc and sales operation. 


ALL TYPES IN MOST 
MATERIALS 

FOR CONFERENCE AND 
EXHIBITIONS. STOCK AVAILABLE 
ENGRAVING. LABELS. 
NAMEPLATES 

AdwrTismj: ofL« Urns av.nlaWr 
locorporaufiK rour cmWem or loco. 
Key nnev. paper knurs, caioodar*. 
He.. Isivjn Markatiis i Badc-makeri 
Ltd.. Cobbold Mvws. London, W.12. 
Tel: 01-7« 1131 


THE NON- 


Want a calculator 
you can REAR... 
....withkeys 
BIG ENOUGH to touch.... 


....that's 
LIGHT ENOUGH to go 
anywhere ? 


Here it is 

The Brinlock 106 portable desk -(op calculator 
complete with fuHy addressable memory, svvitchable 
constants and item count. 

And great time-saving features. THREE percentage 
keys. One produces instant VAT. add-on discounts, 
another gives automatic percentage differences up or 
down, and a third gives gross margins. All at the touch 
of a single key. 


This exciimg new 10 digit calculator is portable just 
6y x 6V‘. batter/ operated off two easily obtainable 
U2 batteries with mains option. 

All this with top quality electronics and design, 
guaranteed for 12 months. 


You can count on it ! 


The Brinlock 1 06 — and the whole outstanding Brinlock 
range of calculators from £6.95 Pocket Calculators to 
£70.00 Printers, available now from your office equipment 
suppliers— or send the coupon for information and list of 
stockisfs. 


Please tell me more about BRINLOCK 106 display calculator 
Please tell me more about the BRINLOCK range of calculators 


j=^ Please tick 


Name 

Company. 
Address _ 


Position . 
Tel No. _ 


Brinlock Limited. 60 Kings Road, Reading. Berks. RG1 3 AA. Telephone: Reading (0734) 594662 









4 



Pr 

pn 

ch 

BY MA 

THE PF 
decided U 
allegation 
Wilson f* 
number c 

were coni 
paiyn ayai 
Parly on 

1074 Gen. 

The foi 
allegation 
lowing thi 
affair. Mi 
was. had 
an orchcs 
himself, i 
Lady Fs 
Murcia W 
The Pr- 
Sir Haro 
drawn soi 
Subsem 
i old the 
did not 
pru-tors 
instructed 
round a 
material/' 
The Pn 
m hoar 
Sir HaroU 
Formal co 
On the 
against 1 
roii noil ■*: 
Royal Cc 
(hat I her 
Labour bi 
The Pr- 
is one o/ 
Ushed tod 
In uno 
council 
against ti 
Daily Ex 
picl lire t 
Henrietta 
death in 1 



*• 



ITmapcial Times Monday ©£* '' 

•* r**, * . . .7. • ‘ . •> * - • t -v S ‘-y.-* , 



HBffK ARTHUR BENNETT AND TED SCHOETBB 

re^MPUTiNG 

“ •‘l* 1 


Sr - 


y unit by Amdahl 

(££ DEVELOPMENTS are The' V/8 level' of performance 


mqjppg, Xiery.. quickly and so are can be- achieved simply by 
it&'^poea!U>js. the machine cycle upgrading .the V/7 in, situ with 
tiri^^thes'4T0V/S. latest unit in virtually no interruption to cus- 
as fast as 26 tamers’- operations. 
naffif^Tctjnd,<i 'or -about 10 per cent ' Among . recent- buyers of V/7 
beftef.'^^jttUai '• the machine's are British Airways which will be 
im^diate^ predecessor, the V7. pleased to know that two of the 
fttfs/neW' 'and very powerful extremely: fast machines . are 
unfjr" for be‘ : offered in u 4. . Mega* already inland working— one at 
byfe -12-charinel up to 16 Mega- ‘Western Electric in Illinois and 
bvfe,j : ' 16-channel versions -. . will the other at Union Planters Bank, 
ha ye -a larger fast buffer memory Memphis, Tennessee, 
interposed between main At the same time, Amdahl has 
mdtoftry and disc storage. This upgraded its V5 in performance 
buffer will also have a* “pre- by 1C per cent and doubled the 
leech 1 -” instruction mode under buffer capacity of this machine, 
wtffidi It will predict the 'most Amdahl (UK), 29-31, Lamp- 
lofer consecutive data to be ton Road; . Hounslow, Middx., 
caffed in from storage. TW3 1JD._ 01-572 4312. 


t RESEARCH • OFFSHORE INDUSTRIES 

why metals IZE under the sea 
suffer in 
hydrogen 


SUB SEA SURVEYS, with flnan- sensors, If.reqalred. 
cial assistance from the National Some - 500 metres of umbilical 


• PROCESSES ; 

Dense and 
strong 


Research Development Corpora- cable is supplied, having an f. . a 

■ - • • -- J integral Kelvar 2,500 Jbf strength SllTIJlCCS 


tion (NRDC). has designed and , ~ 

built a small remote-controlled member. This cable can be re- 
A MODEL held In. a computer, unmanned submersible. placed on site hi about six hours COATINGS 


: within the new spray gun allmys 
‘ -gas -exit velocities^ which. impact 
very high Velocity to'' the spray 
particles, says the company, ana 
this combination of. thermal 
and kinetic energies produces 
" deposits which, are unique to 
the high energy plasma name 
Spray process. Dense, strongly 
bonded coatings resuJLjSnrface 
coatings as thin as O.OOZln can. 
now be applied where service 



E g Korwesf 
si Holst 
total capability 


01-235 995] 


piacea on site m aooat six hours COATINGS OF almost any ^Hitions permit 

that" could significantly, increase This is the first remote con- and does not involve any “pot- metal, alloy, carbide or cerdmic ^ “ ? nn ,u d bv this latest: 

undeSdinR^fthe important trolled vehicle (RCVl totally de-.fing” of components. ..can be applied by a ;prpcess . Coatings WPUM W tma^tesj . , - .. .. .... - 

SSS Abtaf of metal signed and built by a specialised - The contool console is ergo- known as plasma fiame ^raying f stem have ^ ■ V ■ 

failure due P to hydrogen em* RCV operating company. OTophy_ derign^ with ajoy- and: may, for instance, be used bond .JSLflS • .»». JSSHEl 

brittlement— and may ultimately Sub Sea S 
aid in the design of- metals more listed world 

resistant to failure-^ being P° n °U"P Another appUcatipafe in the 

developed at BatteUe's Columbus tlon BCW- says NRDC— and from the console using afre- rebuilding of surfaces 

■ thn (*nTnnnno hac iis^d its exten- auenev/time mnltinlex svstem r. 

Laboratories. 


HI 



that have trol of thickness is maintained p 0nen ts to - pumps -/ hanffing : 

the company has used its exten- quency/time multiplex. system Som^SoroTr of puts- that b * JSSSX ifiS abrasive slurry-. .The -new ..high .. .- 


jEB&uc&g ^ ^ 


tion, Battelle. staff are 
structing a simulation model 


Mime applications " coatings giving the futility '-tb’ >>> 4!biraniffV 

*“lZE, "as "the* "Vehicle" is named, tion. The 'state of" the vehicle's “sTew geriwaSm “5 ulasma «m be u ® ed witbout finish surface ‘ characteristic^ r o&- $■£ . 

5X wm be on show for the first electric system is continually sn^ oaufoment^for tek^e machining. materia! Wth iMe/fiatetfa.- . 

oaei ,4.. iL. wror\T>T?r nflchnra n „ flta n ,r.a ‘ “P 18 ? «qUipiIltUl IOT- 03 IS type “ . ^Knrra nnm .. 


time at the EUROPEC Offshore monitored on the front paneL of ‘work^known'as^the T^^TM Extension equipment is -also having -.other -atinbuJ^ . v 

----- in ^-„ a r Exhibition at Earls Court on A wide angle. -high resolution .vaSabte for applijmg the new -flexibility.-.. fe-.* design;'^ 

behaviour oi^mdiv^al atoms o^ber 24 to 27. It has been TV camera is mounted on a pan ■ fggxfo -fee l3ter ctataS plSmaipray coati^s-tolternal components witit-HBjttovedrp^ :: 


Memory move for power 


FURTHER enhancements to its Several 2956 units are already 
2900 Series of computers an- 1° operation in IGL premises 

— * K* «“b, SS’S* iJS 

some time next year it may have f or development purposes, 
□loved over to powerful solid- Deliveries to customers will start 
state main memory based on ia the first quarter of 1979. 
16K chips for the whole line. Later that year, ICL will bring 

"A new mid-range processor, out a 16K chip version of the 
the 2956, is introduced together -960 hy which time at least four 
with the new DME/2 operating machines in tbe series will have 
system, to enable users of the the 16K memory. 

ICL 2903 range of computers to DJIE is successful and more 
transfer workloads direct to than 250 orders have been taken 
either. ICL 2956 or 2950 compu- and over 100 systems are 
ters. In addition to DME/2, tbe installed and operating. These 
ICL 2956 computer supports the customers 3 re using either the 
VME/K and DME/3 operating 1?00 or Sytem 4 versions of 
systeihs. DME. 

■The 2956 offers significantly ICL now offers the DME 
more power than a 2950 and fits opportunity to its 2903 and 2904 
between. 4bat. system and the users which number some 2,500 
2960. The 2956 employs a com- worldwide. In this way. a 2904 
pact- store technology incorporate user, whose system could run 
ing 16K bit chips, which means up in value, with power, to about 
that users can have systems £200,000, would grow easily to a 

winch are physically smaller, small 2950 at around £300.000. 

more reliable and less expensive. Any speculation as to whether 
The price will generally fall in a 2940 is in the wings thus 

the. £$00,000 to £750,000 range, appears to be laid to rest 



Embrittlement, which afflicts frame, the vehicle has dual pur- wavelength to the transmission mermai 
many metals, is the loss of due- pose cylinders to provide buoy- characteristics of sea water, 
tility when the metals are placed ancy and house the electronics Sub. Sea Surveys. Old Bank 
under stress in the presence of systems. Only 30 per cent of the (Cambers, 127, Duke Street, 
hydrogen. available space wilt be used. Barrow-in-Furness, Cumbria, 

Understanding of the causes leaving 70 per cent for additional LAW 1XA (0229 31463). 
of hydrogeD embrittlement is 
still far from complete, even 


Gas blast silenced 


tbougb it has long been a severe 
problem. But the model will 

help to determine the complex 4 ., 

arrangements of hundreds of ALPHA ACOUSTICS of High possibility, a vent silencer was 
atoms around a damaged portion Wycombe has designed and sup- to be fitted to reduce the noise 

of a metal crystal. plied wbat is probably the level at ten feet, the closest 

It will be possible to evaluate largest atmospheric vent silencer approach distance, to 115 db(A), 
the behaviour of a defect such in the tIK for the North Sea gas. and at 1200 feet, the nearest 
as a crack under the action of an terminal at Bacton. The silencer, private dwelling, to an accept- 
applied stress and in the intended for use in an emer- able environmental level, 

presence of foreign atoms such Bency. allows the safe discharge The high pressure and large 

as hvdrogen A direct link of S as contained in the pipe-line Sow rates involved meant that 
between what happens at the wit hin two^to three minutes. / vent silencers using conventional 


atomic level with what is 


Natural gat enters the ter- technology would have been too 


This announcement appears as a matter of record only. 



observed macroscopically can •* •J nc » ur ® ot 4- 1( » P a to be practicaL 

then be drawn, providing a much and should the terminal be Alpha Acoustics used two-stage 
more comprehensive picture of unable to accept the gas, for any construction consisting of an ex- 

the manner tn which hydrogen reason, it is necessary to vent the pansion chamber followed by a 

affects metal entire contents of the pipe-line sound absorbing section. Tbe 

Battelle Columbus Labs 505 t0 atmosphere as quickly as ebamber Is a reinforced concrete 

King Avenue, Columbus, “ Ohio p0 ® sible { tt+ .. . .... " and brick stack measuring 20 x 

43201 US Complete discharge of the pipe- S feet in section and 30 feet 

* line within' two to three minutes high, containing two gas dlf- 

creates a peak gas flow of lm fukers designed to reduce inlet 

cubic feet per minute. The noise turbulence, allowing even expan- 
level under these conditions si on of the gas prior to discharge 

was calculated to be in excess of through two staggered banks 

155 dB(A> at a point ten feet of - sound ' absorbent -splitters 

from the discharge vents. This mounted in the top of the stack, 

is . considerably above the Under test, this silencer system 
threshold of pain, 130 dB(A) and provided attenuation .in excess 
could cause - serious, possibly of 45 dBCA) resulting in resi- 
fatal. injuries. dual levels considerably below 

While high' levels of noise can the original design criteria, 
be accepted for short periods in Alpha Acoustics. Hill Bottom 
extreme emergency, possibility Road, Sands Industrial Estate, 
of injury to personnel could not High Wycombe, Bucks. 0494 
be tolerated. To eliminate this 36345. 


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Weld tests under water 


Boring out the centre of a hydraulic cylinder 
by a slaving and burnishing technique is 
being applied, here hy a new £120,000 
machine capable of running work on tubes 


op to six metres in length and 3QO nun.3pV., . ... 
diameter. . Tubeboring < Cheltenham) '^is . 
operating this machine, believed to be tfc^ 
only one of Its scale and eapacity J fii me^UK. ; 

for such sub-contract work. (0666 S2S26)t • 


of 


for 


in 


A QUICKER method of testing plete brace member’s circum- INSTRUMENTS 
steel structural members under ferential weld area, whereas a if - 

water using a contactless mag- prod system can solve some 25 X CMd 'lUl 
netic induction technique has step positions. .• '£ 

been introduced by Star Offshore In the recent underwater ly-^1 

Services Group. . . trials impressive time savings iPa IWii - 11 

Called Gascomag, the system were made: for example, weld 
has been approved by - Det joints on leg nodes which would PORTABLE AND compact^ - 
Norske Veritas after extensive normally take 45 minutes to in-‘ newJ y developed leakage, find 
trlals.and has also been selected^ spect by conventional prod breakdown tester iron* Avo can 
by Conoco for use in its 1978 cer- methods were tested with Gasco- be ased for general flash testing 
tification inspection surveys. mag In about 12 minutes. work, for the measurement *' 

Based .on similar equipment a heavy-duty armoured cable breakdown voltage, and 
developed by Inspection Instru- feeds power from the surface to d , etermJnin S leakage current 
ments of London to Gas Council a continuously rated step-down eIectrtcal .components end 
design^, Gascomag does away transformer encased in a depth- s y stem .s- 
with direct magnetisation of the compensated housing. Adjust- Designated RM215-F/3, 
member using low voltage bigh ments to magnetisation are made equipment operates from 
current probes and uses instead on the surface. - mains 4Bd will provide a con 

a loop of wire wrapped round The low voltage windings are tinuously variable' AC test 
the member through which cur- terminated in - a six metre voltage between 56 volts and 
rents . up, to 1S0Q amps at six length of flexible, cable similar lour kilovolts. The unit is sensi- 
volts are passed, inducing the to welding cable which is laid tive to current passed by tbe 
necessary field into the .steel, or wrapped round the member, component under test and can be 
Fluorescent Ink is then sprayed Since there is no contact to adjusted to operate in either 
by the diver on to the steeli the steel, no arcing can occur as leakage or breakdown mode, 
cracks showing up as bright with prods so that there is no An interlock ensures that 
lines under ultraviolet iilomina-' danger of promoted cracking, when a component fails under 
tioiu copper Inclusion or local pitting, test, • the voltage is removed 

The company states that just More from Star Offshore Ser- Avo is at Archcllffe Road 
one coil position fs usually vices. 9 Henrietta Place, London Dover. Kent CT17 8EN 
adequate to magnetise a com- W1M 9AG (01-637 7SSI). 202620). 


the 

the 


(0304 


• EXHIBITIONS 


Commercial vehicle advances 


LIGHTWEIGHT Tasktip body either end or alongside. to meet both civilian and 

mounted on a Ley land Octopus' A presentation of a “narrow military applications. Scottorn 
eight-wheeler chassis was un- cab ” on Stand 126 is being Trailers i a showing its mobile 
veiled at the International Motor given by Motor Panels workshop which is equipped to 
Show in Blrmingham-by Craven (Coventry), which is aimed at service and complete all raain- 
Tasker (Woodville) : who says the light and medium weight tenance and general repairs to 
that the new deveic^pment has sectors of the truck market (7.16 vehicle fleets and plant operatic 
been made to reducf .thc tare tons GVW). Designed with far from support facilities, 
weight and thereby increase the. export m mind, the main sub- A lA-ton version of the 
payload for operators in • the asemblies can be shipped a broa 3 Bus bm aster trailer — the largest 
aggregate field where a limited cither completely or knocked poweredaxlcversionevermanu- 
height for the body islabout four down or part assembled. factured -by tbe company— is 

' et. I Several items from the 1979 also on show fitted to the RB 44 

Also on view fs.the company's product range from T. T. vehicle, 
multi-axle 100-ton ]transporter Bought on and Sons are being To be seen for tbe first time 
module which, the company says, shown. Group member Reynolds is the Benncs Marrel Ampliroli 
has been designed «> that the Roughton is showing it's RB 44 160/24 handling system mounted 
overall capacity can increased multi-purpose all-wheel drive in this instance, on a Leyland 
y adding similar jnodules to vehicle which has been designed Bison 24-ton GVW chassis. This 

system can be automatically 
controlled by a driver who never 


needs to leave his cab. It will 
carry containers up to 40 cubic 
yards in capacity. 


MATERIALS 

Floors made 




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A long established, professionally managed company with 330 employees, 
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% 


ONE OF the Greatest problems 
in repairing floors in high pro- 
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cold stores, particularly in the 
meat and food industries, is that 
there may. be a series Joss of 
production due to the time lost 
while waiting for the repaired 
surface to cure. 

There is now on the market a 
repair material, based oh a 
special resin mix. which can be 
accelerated to cure within 30 
minutes of application at normal 
room temperature to give 
resistance to Toot . traffic • and 
most oils. fats, foods and - chemi- 
cals. Such repairs -can now be 
carried out without having to 
raise . temperature or interrupt 


j normal operations. In any way, 
loorin: 


j&F POOL LTD HAYLE CORNWALL • Tel: 0736 753571 • Telex 45286 


This resin based flooring, 
known as Refnauquik B, is also 
taint free and,' within less than 
three hours of application 
develops a load bearing capacity 
■*- withstand vehicular traffic, 
says the maker, Th. Goldschmidt. 
Initial House, 150 ;Fjeld :-E»d 
Road, Eastcote, Middlesex, HAS 
ISA (01-868 1331), ' 



rmri 

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Speed Trains and modem dpeks^fc^q y^ 
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Cwmbran is one of Brl tain's most 6ucoeiBfiil^^.\ 

\ IndUB trial developments -little more tiim'SlMiarif.- •’ ^ 
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1 ! hours from Birmingham by rail or mdto«raji ? ' ~'j. 
vwmoran Development Corporation has already* '--s.i.i. 
built and let more than 130 factories,. find. th? 
current bull ding programme intnidesVwida dhatee 
of moaern. leasehold industrial premises in 1978 . • . 

Fialy serviced, leasehold sites are also available^ 

We have 45,010 people, excellent housing, 

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shopping centre -a magnet for the region. j'W-' 

Get tb« facts about industrial opportunities 

and Government grants at Cwmbran. HoutiHp wm. '• ‘f 

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the key men who come with you imtially-will ha 

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' ^tt^b^^ orPOraCk,,1 

Pl«u,e send me informs Uon about industrial oppeertrad tLes*-^" ^ 


PttUTIO?.- 


oimi.T. _ 

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AnuBIPW,. . . 

: 

— — 


%a«a^WBBgiei m n n ■ m\ 


AHQN^CIALTEV^ 



The Financial limes Survey on 
Denmark scheduled for 
publication today will how 
appear on 


WEDNESDAY Stb 


•« . . r ■ 

The Financial Times regrcjtr 
any inconvenience . : 
toits readers 


EUROPES BUSIN£SJS^EWSf%PEf^;vJ;> 


The content anti puhtication' • tiates of -Sn rscys 1 ln the- 
Financial Timet are JWbjoct : to ichange at- ’ the 

; discretion : of -the. Editor.' ". 






• ^ 
•:\ 

-i-.'-V'-c." 




V 





Vi-*, 


1,1-Up 


I ilW hi • ^oanciar Times Monday Ottotfer 5 

Gl* „ 









Why Watney is putting its 
managers through the hoop 


• CANT companies are fond of 
iscussing the benefits of man- 

• ' gement development — even 

laujsb it may be difficult for 
■ \iem tu follow through and 
.pleasure the gains. 

For instance. Watney is 
.. . .. sending £100,000 a year on a 

• ('Stem of management dvvelop- 
5jj*' s 5? . v tent which may sound a 

L 2 ^fasonablc idea, hut t« prove 

,/n. tangible benefit of it is not 

V. Why Watney should be eun- 

./• t.^^j^ntraling on deveJuping iu 
' >. "/■" ". -T^^anagem en i skill.s has a hit 
- y ■■ : V W : > do with its turbulent history-. 
•'•" - -• "" even years ■ ago the company 
V- ruminal eri the headlines in a 

^ i_’.S.ng and aenmnnius saga whi.-h 

~ ' . Jirentually led to its takeover by 

jvf - ; ..rand Melropolitan. Although 

i.'f • Watney may have disappear-?!! 

-. . , ^om the headlines, the reper- 
^ssions of that difficult change 
-'mtinue many years later. 

It is easy to underestimate the 
_..*oblems any company faces in 
Ivancing the .ideas of ils man- 
X-' ~X :ement: and not least a com- 

-my — which has seen a num- 
&S, »r of changes, not all of them 

' i - el come. -This is why niana^e- 

\-_ . ent development at Watn-y 

ann and Truman Brewers 
roup has been both necessary 
. -v . id complex. 

7.* •: Before the takeover Watney 

' ‘v;. as run on a very centralised 
isis; as one manager put it. 


“you could not cough in the 
regions without head office per- 
mission. “ The upheavals which 
have led tu a very changed com- 
pany first started in 1971 when 
Grand Met bid fur the then in- 
dependent Truman breweries. 
Watney swiftly counterbid and 
after a Jons battle through the 
summer Grand Mel emerged as 
victorious. 

resumed the fol- 
lowing year when Grand Met 
wenr for Watney itself and 
after annther lengthy siege i* 
succeeded in what was virtually 
a reverv? takeover hid. - - - 


Merger 


There was considerable- in- 
ternal opposition within Watney 
to thi* Grand Met bid — and 
lore has it that pubs hore 
sJogan.i like ” Keep Watncys 
Watney*." In laic 1973-Watncy 
Mann was merged with Truman 
and ihe group was divided into 
two sections: brewing and dis- 
tributing, and retail outlets — 
that is. the pubs. 

It is not difficult to see. that 
Grand Met faced a serious 
management problem within ils 
brewing interests; not least be- 
cause of disparate interests and 
unclear loyalties. ’ '• 

A new era of cohesive 
management style did not dawn 
until October 1675 whra Allen 
Sheppard was appointed - chief 


BY JASON CRISP 


executive. He was the first non- 
brewer on the board and came 
from ihe car industry to a com- 
pany which, reflecting the inter- 
nal disaffection, had lost a con- 
siderable amouut of tap 
management staff. His arrival 
did not hah the departures. 

It was dear that in terras of 
management development Wat- 
ncy's problems were far from 
common. It had (he opportunity 
of recruiting and promoting a 
new management team, and it 
was able Lu devolve the old 
centralised structure into 
regional units. But inevitably 
this meant that management 
was not particularly cohesive or 
unified. 

The responsibility for over- 
coming these problems was 
given to Roddy Pryor, a Tanner 
scientist with Trumans, who 
Allen Sheppard made personnel 
director with the specific (ask 
of proposing a management de- 
velopment programme. 

Poor explains why the com- 
pany needed to change both ils 
management structure and the 
particular needs for manage- 
ment development: “I don’t 
think we t-uuld have carried on 
running Watney as a colossus, 
it was not very efficient in the 
old days. Wc decided it would 
be belter for motivation and 
management if we went for re- 
gional groups." 

The object, says Pryor, was to 


introduce a participative style 
of management which has the 
advantage of being uniform in 
each of the regions. His search 
fur .suitable management train- 
ing^ development courses was 
wide and included Action 
Centred Leadership. T-Groups 
and management by objectives. 
Pryor finally plumped Tor taking 
a week long course at Coverdalc 
and came back thinking he had 
been conned: “ It was so good.” 

Coverdalc training has had a 
high degree of success and is ex- 
panding rapidly: ir has been 
adopted by a number of well 
known organisations. The big- 
gest criticism from acadcnnc 
cirdes studying management 
and organisation development is 
that it has not been evaluated 
satisfactorily rather than any 
specific criticism. 

It was devised in the late 
fin ins by the. fate industrial 
psychoin gist. Ralph Coverdalc. 
along with Bernard Babtngiuti 
Smith. It was first used by the 
Steel Corporatiun of Wales and 
by Esso. In 1965 Coverdalc 
started his own consultancy, 
with Esso as one of his first 
clients. 

Very broadly the Coverdalc 
method leaches people how to 
work constructively within a 
group and hnw to use their 
skills co-operatively with other 
people. The emphasis is on 
problem-salving, and the 


normal training consists of 
courses taken with people from 
other organisations. Usually 
these last live days and are not 
held at the place of work; with 
the help of a trainer groups 
learn how to work together tu 
solve problems. It is strictly 
practical rather ihan just listen- 
ing to lectures. 

Alan Sharp, who is the Cover- 
dale consultant concentrating 
on Watney explained recently 
in a paper what he expected to 
see happening in an organisa- 
tion where the method was 
being used. 



Roddy Pryor: personnel director of Watney Mann and Truman Brewers Group 


Pitfalls 


His sis points were, briefly: 
Tup management is actively j‘ n . 
volved in the planning, steer- 
ing and monitoring of overall 
strategy; objectives f>,r the 
development of an organisation 
are set, reviewed and updated 
in the light uf experience: suffi- 
cient members of management 
are trained so that lessons 
learned are used in practice; 
there is sufficient folluw tip 
(raining; certain managers are 
trained to a high enough level 
li> do without external support: 
there Is continuous muni luring. 

After his own experience un 
a Cnverdale course, Pryor spent 
a month talking tu uthcr 
organisations which had used 
the method to find uut the 


problems ajid the pitfalls. From 
this and alsu from talking to 
Coverdale he decided on a num- 
ber of vital considerations. 

First, was that any training 
should -.ran from the tup — with 
tin* chief executive — and work 
down. Second. the whole 
scheme would lose it* value tT 
anyone i< mis-cd mil while 
working through the nrgantsa- 
lion. Third, the training needs 
to be re-infnrt-cd at work; the 
whole process - is a lung slop 
lasting perhaps live years, and 
finally there is a need to coach 
people to apply what they have 
learnt on their courses. 

After writing a paper and 
persuading the Watney Mann 
and Truman Brewery board that 
Cuverdale wa> the right farm 
or maua genie nt development 
needed. Roddy Pryor made the 
first mistake — and he admits ir 
— if only so uther* might 
benefit from n. 

“ Mistake number one; 
although the olher directors 
went on ihe course I did not 
make the chief executive go on 


it." reflects Pryor, although 
later he attended the first part 
of what is a two pan course. 

Although Sheppard has 
clearly supported Pryor's 
scheme for management 
development, a point proved by 
Ihe cost to Watney. the pnli- 
lent is perhaps that be has not 
been quite as enthusiastic as if 
he had been in at the beginning. 

Development 

This is a point v. hicli Cover- 
dale staff don't readily talk 
about; but the natural cynicism 
with which managers often 
treat management development 
courses is often greatly reduced 
if their superior is keen on it. 
especially so if he is the chief 
executive. 

Pryor fists four ways in which 
Coverdale helps management; 
first, it helps Jt to recognise the 
need for aims: second, before 
taking action it will stop and 
say. "Why am I doing this?'*: 
given that there is a problem. 


M 


..... . f ? 4TTS AN extraordinary sight — 
-^-J'-.- v -Tenchmen eating haggis on 
T,-*, e embassy lawn — but they 
-= . g m t0 get on better with ir 

... aen they wash it down with 
•oteb." So comments Sir 
-ichDlas . Henderson, Her 
ilannic Majesty's Ambassador 
: France, who has made the 
ibassy premises on the 
shionable Faubourg St. 

onore a focal point for a 

ajor push of British goods 
:• r.-^to the French market. 

’ . v -. ' ; i.'. <3“ What too few British manu- 
. ^'jeturers realise." he goes on. 

= that France is now the fifth 

; 2 £ v f ^ ^jj-lrgest industrial country in the 

g^V^Jprid and has overtaken the 
* - r ; : : There are .enormous 
£ f * y Importunities virtually on our 


Waving the British goods flag in France 


doorstep. We get people coming 
here who still talk in terms of 
France being purely agricul- 
tural." 

Some British managements, 
however, have seen the light. 
In 1973, exports to France were 
valued at £300m. By the. end 
of next year. Sir Nicholas is 
confident they will have reached 
£3,000m. “But” he warns 
against complacency, “ tfaat wll 
still only be about 5 per amt oi 
tlie market, while the Germans' 
command over IS per cent This 
underlines how important 'are 


the non-price factors in selling 
here. After ail. in the 3070s. 
the Deutsche Mark has risen in 
value against the French franc 
by 42 per cent, while the pound 
sterling has fallen by 37 per 
cent and still Germany has 
maintained its market share." 

Sir Nicholas will be giving a 
speech at a British Overseas 
Trade- Board Export United con- 
ference on “Profitable Overseas 
Promotion,” at the London 
Hilton on October 26. His. 
message is that great success 
can be achieved, and has been 
achieved, . when British com- 
pany managements have made 
the decision ■ to attack the 


French market and allocate the 
necessary company resources. 

The embassy has been the 
scene for a number of annual 
displays of British products. An 
exhibitor one year had been 
selling on average 8,000 lawn 
mowers a year in France. The 
following year, when returning 
to exhibit again, it was able to 
report lhat sales had gone up 
to 35,000 machines. 

The Ambassador lists four 
main ingredients for success. 
First the export company's top 
management must show full 
commitment. Secondly, the 
company must do everything 
possible to ensure that it is 


Your route into Prestel 


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Address 



TIME/COST 
CONTROL Fm IK 


well represented by agents or 
distributors in the market 
Selection of the best form of 
representation must not be done 
on the cheap. Third, senior 
executives from Britain must 
make it their business to 
cultivate the right personal 
contacts in France, especially 
local authorities, public corpora- 
tions and also the powerful 
volume buyers that are growing 
up in the consumer market. 
Fourth, be stresses that every 
single British company that 
approaches the market must 
work towards ridding itself of 
the stigma of poor delivery 
performance. 

“ We have a good reputation 
for quality, but a few had 
examples of late delivery can 
make it difficult for everyone. 
For instance, France is the 
home of a number of major 


process plant contractors who 
carry out huge projects world- 
wide. Sometimes these 
contractors are expressly 
instructed by their clients to 
omit British companies when 
inviting bids as delivery from 
Britain is not reliable. This is 
an injustice, as British firms cau 
be excellent performers." 

The BOTB conference will 
not be dealing exclusively with 
the French markeL Two of the 
case studies to be represented at 
the Hilton will be based on very 
successful launches into tbe 
French consumer market Serge 
Richy, managing director of 
Cadbury Fry (France) S-A.. a 
subsidiary of Cadbury- 
Si-hweppes. reports that his 
Paris-based company is now sell- 
ing over 18m packets of biscuits 
a year. Turnover has been grow- 
ing at 15 per cent per annum 


regularly, but this year there 
has been a jump of 60 per cent 
and a further 30 per cent rise is 
planned for next year. 

A feature of Cadbury' Fry’s 
(France) strategy was that it 
systematically set out to con- 
vince ail the major French in- 
terests that Cadbury's biscuits 
were mainstream business. 
Week by week, parties of six to 
ten influential French buyers 
were flown by executive jet to 
Liverpool and shown round Cad- 
bury factories and taken on tours 
of busy food stores in places 
such as Chester, which gave the 
right setting for quality and 
tradition. 

The Mettoy Company, which 
is a member of the Dobson Park 
Industries Group and which has 
a financial stake in the specialist 
Paris toy distributing company 
called Fair-Play, can also point 


management can find a system- 
atic way oT solving jt; and finally 
there is the realisation that a 
team of people can arrive at 
n better answer than can an 
individual. 

Jt was, though, interesting to 
ask a fairly senior manager 
who had recently joined the 
company and Had not been on 
a Coverdale course, what differ- 
ence he noted in hts colleagues 
who had. “ Well." he said. “ they 
do keep jumping up at meetings 
in explain things on flip charts." 

The actual effect of all this 
training is inevitably difficult 
to measure: ultimately it is 
Watney'* hope that a more 
effective management perform- 
ance wul mean a net ter per- 
formance and profitability on 
the pari ui tne company. The 
problem remains lhat if the 
performance does improve, how 
can it be proved that it was 
as a result of management 
development ? But Pryor is 
pleased with the results and 
over 450 managers have been 
through the mill. 


to rapid sales growth — up 50 
per cent in 1978 and 300 per 
cent ahead of the 1975 figure. 

The French buy toys for their 
children less frequently than 
the British, but they spend 
much more money, on average 
per purchase, said Fair-Play 
managing director, Robin 
Tchertoif “so 60 per cent of our 
business Tor Mettoy is done just 
before Christmas each year." 

Tchertoff says that working 
with a good British company is 
a very satisfying experience, but 
he finds that some British com- 
panies have hardly heard of 
Europe. “I approached one firm 
in Lancashire and told them 
that I could selj 100,000 of their 
toys a year if they would just 
re-design their packaging out of 
the 1930's. 'Sorry,* they told me, 
■we haven'r got time.’ Britain 
definitely has the quality goods. 
Sometimes it just needs a 
change in management atti- 
tude." 


Sydney Paulden 


HS1 
PROG 


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Construction Program Management 


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12 

LOMBARD 


THE WEEK IN THE COURTS 


. Financial Tiries . ' Octoiei' 23 

GOLF BY^w^Y/tucWr. " ' V •. ..k-- :i Y * 


Even Heath has Brussels to-day witnesses 


right to speak the Eurolawyer’s 



in 



BY 5AM U EL BRITTAN 


BY JUSTINIAN ' - 

ADMISSION to the practice of host member-state is moreover made so that a member-state BOBBY WADKINS, 
law is simply the privilege of entitled . to demand that the would be free to require that a inaugural European 



P Mateoim Gregson. Americas Mac rubbish, and *<Lincredibly-wdl^ 
Sndon 3d Australian Greg,. to get: into .'OgrtKMf Uffirff*.-' , 
KV. w tad orerni^L par four. mfuji 
• Wadkins, who travels with Ben pitch ..and & feqpBtt-Jo 
f frpnqhaw another brilliant American rrvalsj. . • - . ■ - ,.t.^ 

- unnnn nlsver who has stopped MorgaiEand’Wartfinns hit frwi^/. . 


will fight to the death for your Vr „ T Swirdtoatini branches of govern- fications in his home State, ing to the represen Mon and Ciutvto a suagen. qetttt playoff /.Malcolm n cer inTo thB -Dlay-off 

right to say it” This classical ^‘ta w Pki^STSveJ SKt JB privilege !<*** Finally, the directive provides defence of a client^ before the to twilight loomed yesterday McLendor iffld I Augngj 

&gS?SS£?S jafflSSB SS« -*S«r«£ "S3U 27. from » Mi: 

o£ MJiaMa wavt » » &' ms* s ^ 

sfouS nv'r^ a ^ >«“ >$ khl? f srtasr 1 " ° fmuch jf^sstsss^ .sr. 

good deal about freedom fin Forte b£ heydS fi In each country for that Sentry terests are at stake they can be • Iacber and Ms American -made a brilliant finish to get into 

certain areas), but that does not was himself more Intolerant pf alone. ® 0 ^ l ° ac . 1 speedily to the T Jnfgiritpcc ^KKhl ? 1 u'nff t^a^p'w » Soled" from 30 feet for an 107 yards almost went ihtoi th^' 

extend to the conduct of their dissect than almost any British Legal systems are peculiar to benefit of their clients as well as tJUlallOCSS three at the 517-yard 14th hole and came to rest 3 ftbc3Niffi£i 

own party conference. One of political leader of modern times, the countries that legislate for t h® mse J ves - Today a ceremony Thj s ro odest development in Efifi^hrntHpr 1 ^ wnn «!£ vl?] e niived the lSth hole as it... • Morgan - ’ missed f the ^een 

55: “J* LS2A2S.JSSC "SL ““J51 ^SJSLSS S? K % *-»^^*m**8*& 


compatriot Dr. Gil Morgan.' the play-off. 


secooci;$hot. ;HJs four iron front? 


BtK helped to achieve * “Whiled from SC | feet for an. 
jssibly unique double as -his eagle three at** SUjerd 14th 


them recently said to me. “The \ know from other peoples them, and the lawyers that the Jf ” 1 J?f e P{**® m -H 1 .fif* ,£« legal services should improve the £“E, r _ or a ■ rthomn^i LwV, h^iHantiv as he was to do in long-and. iefL chlppecf-3 ft ab^fr^ 

rigging went too far this year, accounts how the parly hierarchy systems breed are homegrown the Commission will issue the Pubhc image of the legal profea for a girdle, and the hole- and ' -missed .-tta puttjS* 

They should have at least under Mr. Heath tried » deal deducts. A City merchant that first passports to lawyers of each sion> put up SJhsome £ ^ ^ iron shot 9 ft frtm “Novr.Galt'achef MUTajSSb 

allowed Julian Amery to speak, with dissent over the EEl. and wants some legal service turns member countty. The idea of a of the less attractive qualities of n «r5f ^ the 191 -yard 17th hole bite at- the cherry: : Heihit-iE - 

Mr. Edward Heath, of course, the U-turna of internal economic to the ci(y M ucitor and the lawyers professional identity i aW y er 3 — their self- ; mportance, .^? ““S® r ‘ s "- Wai 5 ? e ho lf»hL hirdi/ that enabled fflorios'?' ''-iron -shot" tf-.ft to 

was allowed to speak at the policy. But I know from first- barrister in The Temple, even card jas illustrated) is to fMr their “ in-group Lshness" and *“?S g mL toromDleteV^s last round !n right of Xte bole, httt h4 UtSi : 

conference, at side rueetinss. on hand exoenence how he tried to if tho nmhiem is international tate the lawyer in establishing >h a i. aii,w; narc nn < hui-mH career that has been far Trom him to comp) eie , » nne i, a a:u;.!^.' 


conference, at side meetings, on hand experience how he tried to if the problem is international tate the lawyer in establishing dilatoriness — not because ca f e 5 f 11181 ^ * 0111 him to complete . among sway into tbe^ putt. crushed ir wfiJe' ’ 

television and radio; and after- deal with expressions of support and involves proceedings beyond his credentials as a lawyer, they care for the niceties of the S^ s S! 2 i«? nnnSnder^ S of the hole and Wadkins ramS / ' • 


wards to the Chelsea Conserva- for floating rates or devaluation, these shores. But as soon as his when acting for a client le „j gygtgm b ut because they 
tives. But he was considered by both of which he opposed with i ega | problem involves litigation abroad. It is the work se J ae th t , a 

many Conservatives to have theological fervour. abroad be must perforce seek of a group of Community 

committed a great offence. This also a lawyer reared in the lawyers in the Consultative Com And to the extent that lawyers 

was not so much in supporting r V norionp0 system of that foreign land. raittee of the Bars and Law are pursuerg of j USt ice, the 

incomes policy, an issue on jl/ApCriCULC Likewise, the foreign* r who Societies of the European Com- djentg pre f e r a national lawyer 

wdico Ac nss supporters in me * * *■ " ,t “*■ _ * **** 11 

Shadow Cabinet, but in backing 


Sient r y ^ for the Qiceties of ? e when one is the “fed" brother £. iSdmfi contendere. . of the bole and Wadkins rammed V 
work legal but because they pily^ff friotied *S m After that Gallacher bad his his s^in.ht into the ceutre^br'a 

j unity the law seeks after Ut°-fSS 0 *f S ' chance to win outright wheo he notable ^o. > • 


Experience 


Shadow Cabinet., but in backing An early «£»Ume. «“ ^‘S^hffSS ?2i£S “ero^ised^son c^unmee^ S^e^eS^Iawrt^feS 

St-STSSSa LBS SSi SSTLa-tErc £ SSi. hu,wn,ha Z!i «o employ ffe tanta. »bicb hasacted S 


SOCCER BY TRYEG^ BAILEY 


_ .. . . .. . ... , «i,v. lawyer, uui win uuvi; iu ciu^iujr uic ouuuuuuiit , wuiiu uao uucu iiiRtin* in a niff«rent livhL Thp 

Loyalist delegates might have Having rebuked the City est m(?Tn p er 0 f the English Bar or in advance of the iraplementa- American. Mr McGeorxe Bundv 
been i puzzled by the ms and out* hshment ^for cuppoztug th«P™* ^ an Enghsh solicitor. Our entry tion of the Directive by the '^T^cSnS ro the ^ 
of the policy debate. But the mechanism in . into the Common Market is. how member-States. No single disguised furv of his audience 

fact that their former leader was currency, I ran into an infuriated rhnnmne all that and memhar-State has vpi nassed ““Suisea . iury or ms aumence 

“backing Callaghan- on a key Leader of the Opposition who changing all tnat ana mem&eT^tate has yet passea £ academi{ ; lawrera. ttat “ the 

national issue could he under- exclaimed, "if vnu must talk ® .» »v. » m — . — ^ fundamental function of the law 


K - - it. i more too. ui j icg™ 

k I Article 57 of the Rome Treaty Directive. 


stood by Could disloyalty bUgeT don't talk it in public"- that in orJer to Si- nf fh . Mr d te t0 P T^ natUI ^ 

go any further? Much Press except that the word was not ? n t e the orofessional activities of E 68 * human society from 

comment suggested that by this “ bilge.” A little earlier he had ^if-emoioved persons the ° f ^tolerable, 

action Mr. Heath had finally summarily dismissed from a n^Ministers must issue ■ What c lien ts valueessenhaJly 


must be Leeds’s priority 


action air. Hearn naa nnaiiy summaruy aismissea trom a rnunrti nf Ministers must issue "« rr]r . IZTvvn . — •.••••?•* 

Thatcher would not have to slve anothpr iournalisL now an MF. I ves f f ^ ;he7n 8 utiial recog- £e“ idSt'^SSaThS^jSSi^ is nSt so^uTh ‘theft® 'techok“ TWO TEAMS with that middle- automatic choice for the national lethal .**£ in. 


Thatcher would not have to give another journalist, now an MP, 
him a place if she were to form for having written in support of 
a new Conservative administra- devaluation. And when the same 
tion. person expressed these views in 

Yet was I alone in being a sunnosedlv ooen symposium 


now an MP rt ’L ectIve ! tor tne munia i recog- ^ idea emanating from the is not so much tbe*r technical TWO TEAMS with that middle- automatic choice for ine national letnai gmmz 

in mnnnn »» nitioo of Drofessiona) qualifies- qq|pj- reeions of the MarkeL The ciHii or their nhitHv to maninu. of-the-table, no t^oinc -anywhere- ll. The Leeds player began minutes, were, there, but.,t&b<* 

ben the same rions , J n March 1977 a dirwTive identity card idea was born in j a te the system, but their feel- io-particular look about them, as if he intended to take the team’s ^tlfirtive. rtyte.-.l^^gi'j 

was issued to facilitate the effec- Ireland, the designer Is from the jpg for fairness, for the realities Norwich and Leeds met at Car- game by the scruff of the neck with those * cc 'J* a t** 

♦itrA AvavnicA hv I oUnTPrC tATl r rl Iff — . _ . ■ c ’ 9 - w . . » • _ * : l. « .l -4J n T1.* aa Ha ItiMirl.itfW * dnoTI <TPC nf •«»»»“- 


tion nerenn ovnreRsed »he«o view< in . * , ireiana. me aesigner 15 Irani uic jpg for fairness, for tne realities mirwicn ana ax war- game uy me »««*« »« , .. _ “ ~ 

Yet was I alone in being a supposedly open symposium *{^ e ® xercise lawyers w n ^d the printing has of a conflict not only of interests row Road in a somewhat imprdb and then partially faded as he build-up ^ . change s^O f p^ce 

struck by the* lameness 1 of some ouWishe^bv toe c5S!wSSS S e S27a m ?JSi2? ^ in Stornoway Its but of principles. able draw which was Uttered became increasingly toss effec- real profe^ionaiisii hare' 

of toe Tory sunnorters of nay Pniiti<-ai r«rLi thp rfirprtnr nf t0 P rovl ^ e e advent is symbolic of toe desire Lawyers themselves usually wit ^ mistakes, produced plenty tive and more frustrated. since departed. . 


advent is symbolic of the desire Lawyers themselves usually mistakes, produced plenty tive and more frustrated. since departed. ' g t 

of the legal profession (and reserve their highest pra : se for ^ excitement in an jucident- in contrast .Peters simply K was easy taapp^aatej 


The client who can secure the 


of toe Toly supporters of pay ^^trCmtSS^rof t0 provide services * ir^boUe of tt. d«S Uwrs themselves usually mistakes produced plenty riband more fr&tnrted since -ytfUKt ^ ^ 

policy who thought that Mr. that centre was hauled uncere- .. of the legal profession (and reserve their highest pra : se for °* excitement in an jucident- In contrast, . Peters simp ly tt was easy J® 

Heath had gone “too far” in m onto us ly over the coals. hopefully of others) to help make those professional colleagues packed second half, aijd ,<»n- gfided through ^ like a Leeds was. so dmappplflt^yteu. 

backing the Prime Minister’s 5 Even £f ler the 1967 devalua- 5TL&1T C . toe EEC an economic union in who radiate this sense of equity. f0 Hf a 2 ljUkely f, oa l^ ^ true thoroughbred. J*®- Stem ^^ned after oD^ . 

per cent? These moderates aon ^hen ntost other people The Directive laid- down that reaUty. The client who can securS the .-Although fhe ovwall stondard had an even better effort headed 45 gstoi#< 

called for a “less detailed ’ or regarded the subject as no <* 0 ch country recognise as a How will toe lawyer from out- services 0 f a lawyer to conduct not as ; ° ne off the line and hit onefineshotof ^t land.Qn toe 

“less rigid incomes policy. It longer taboo. Mr. He a to the lawyer for the purpose of pro- side function in the alien his cases wherever they may have expected in the perfect and a whole string of teautiful. .this, match, and 
ll the essence of pay control Prime M i nisler expressed severe riding legal sendees anyone system? The Directive provides take him will feel better served *5'. "jJS-pJR n ?f P™, biB \ paSSe t S H ^ - 

that it should be rigid and displeasure a t toe Financial lepallv qualified within the that a memberState may require than the client who has to hire S? 1 P?i, hy i **221* J2 skill where the .proven master would appear to • 

detailed. The market and shop- Times baring an economic com- national' States. Each member lawyers to work in conjunction a series of lawyers according to w j noT °2™K h - at ?lJ 2 !ii 22 r rf^ 4 1 was clearly superior to his more an easier 30 b t^n he .womff^«^.> 
floor pressures against pay con- me ntator who wrote books in country must allow a lawver with a lawyer who practises toe place where the legal prob- ™ at ^ e a. number of peculiajvdeci- brilliant, posable successor. . bad af Elland Road. ■ 

tiol are so great that without a gj™ Jf floatinT rates It was fromanoth/r EEC country to before the sou rt in question and lem arises. ? fons * but he ?^crs instinctively knew when A number of;toe,pr^ejitW^- 

simple norm. enForced as ^ereFore oot surprising that as appear «n the courts subject to who would, where necessary, be “Latcyers’ Services Directive, ts^pre so much of whatTOcurrejL t 0 hold and when to give, a pass looked overweight,', 'thor^tpfc.v 

ripwwfi 83 P 0 **? 1 ®; 11 emnoi Mr. Peter Walker revels in the the qualification that toe foreign answerable to that court IP77 (77 /249/EEC), published m 0nly immediately, whereas Currie like, double spearhe^of %nfcto ; ; - ■ 

work even in a short-term emer- current j SSue 0 f parliamentary lawyer subjects himself to the The Commission id framing Commercial w Laws orf Europe. te ?, y ^ s ■»-»> seldom passed first^ time, though an^ Hadley .was sh ort of . awgA,. ' 

gency. ^,iL i>ij rinum fn,- ineni i.nwvprs. the Directive had rpipptwi n sup Amrij jo 7 .e >,,« Pumnan-n I If some of toe hau. control was fhn fact that his colleagues were and . finesse; their defence,- des--.- 


Disloyalty 


Affairs “certain difficulties ru^'s laid down for local lawvers. the Directive had rejected a sug April, 197S, by European Law in tho fact 11181 his coUeaff, i es . we ™ fi ° e5Se; ^? w '' = 

bevond the control of either of The competent authority of the gestion that provision should be Centre. indifferent and ihepaftfmg in- not icahly less enthusiastic pile toe covering of .-Jladeley,;. 

Editor Hrffes action Player’s retires -.ponsib,^ - 

SIX ^,°SS S? SUS5 h JLUllU1 “S® to the nits ■ mf&ST-** ** Going do vnhiU .. ........ 

disloyalty open tD political man J? b ® f ine h P v ®“i w , ^ PUS First, a left-foot drive by F. ^ is was tj rae j had ^Maa for m'aft theV? sitpfsware - 

was to support the other side in ve D . mild t , dQse *t, of * ^ Anfly^Al* JOHN PLAYER is reducing its Gray went along the ground L«»as this^season It was-' simerior to • a‘- Norwich team ' 

an adversary political system . JR“gne. .But the temptation y|| Lflliil LVl involvement in motor racing and into the net.-?-l*ter “ger Uto ro^g Sttf 

The alternative view is that great Jjs V “' •*“ ViWAfrVA will not he toe principal sponsor equalised with ' a delWfttely J* McnS Siefi 

SSE S? tilt b tL d lSnn?i Ctmservative ^KoMnSS A CHALLENGE to toe Covens He said that there was unrest °f ®h e Lotus Formula 1 racing J placed- chip, _and. .Peters ^ -who bad clearly fallen .OiLhard_ : However, the sjgns.~s affg est.that 

men who are so loudlv in favour meDt 10 produce its proposed among journalists regarding team next year. times and wa^gotog downhilf, - i.Vumier the' dir^cdimi-bf 1 '-John ■•Bond"' 

Sve^EM^The^ni ^v*aUd obiei of corpora? punishment and charter for Press freedom was their status and financial The company has also with- JJj* riflht^cb Du ring, the reignof Don.Revie.fhe C ananS^Si' ioriag in 'the 1 - ' 

Uol to° Mr H, a to's V q a v SoUcv “firm SpuSe" to school issued by Mr. Alexander dark, rewards. “.There are more drawn from sponsorship of the <£e ; kick from %e Tight .^c It at EUa nS Road be eaMmM^e- right •• directffflV,’ 

oronouncements is that^thev might be caught out drinking in editor-in-chief of the Fife Free thresholds to be crossed in the British GrandPriX (F.l.>Md two. nn r ^ lo nureiffcre most accomplished jteam _ -to, 'Leeds’ rrany; ..-. 

55S “S5™ and ihathe is stiU some KUdSe Eastern ^unSies Press Group yesterday, when he field of new technology and motor^de events, the British En g ,aQa thoUgli.v toSy- ‘- B l!^^^ ' ' 

fighting tol old mistaken battles or in traffic offences in some ex- was mstaUed as president of the there is no doubt that in the not- Grand Prixand.’the Tronsatoaitlc 'S£?'.t?riS?SHeffB^S * achieved either as^tfiuch succey^ take imppi i?- . 

of 1972-74. An honest debate in British African states, where Guild of British Newspaper toodistant future, journalists senes. . ? mel^ and haring failed^)!- kick, or -consfeteficy 1 as their ^ct^“^tmutog ? g^^^ do-I«>t find 

which Sir Keith Joseph and Mr. caning is carried out on adults. Editors. are going- to wield tremendous Player's . . is to . continue m's attacker set off in pursuit: sors» LiverpooL When toe Y’ork-.. a . top-class ^magerii^m -the 

Edward Heath both sav their But this is a wish I have im- He told the guild's annual industrial power. sponsoring Rugby Union's Knock while his colleagues tried to shire ciub retumed la toeTFirst Wady stide'ccrtri* 

pieces is far more valuable than mediately suppressed. The test meeting in Brighton: “I would “Even as editors, surely toe Out Cup, the John Player Rugby restrain bim he managed to drop’ Division to thee, mid-1960s ; they,- stftep. 


on Press charter 


to the pits 


| JOHN PLAYER is reducing Its Grgy went aloug _toe ground seen j^s this reason. It: was-' superior to : a Norwlch team", 
involvement 10 motor racing and into toe net. ^Latw-.y^ran ^ Uke ruuainK u,to a- much: which had .cbst-Kttie nfld odii- Jv • . 


J 6 talent available 

This was toe first, time I had Man for man,; the, yisitprs were 


jeSEsipn ;;tbe 


the speechwriters’ cliches drafted of one's convictions, whether on urge the Government to stop last thi^g we Iwant is to approach League Coinpeti'taon, "the 1979 All the ball whjCb foiind^its wav- to were a' hard, uncompromising ; ; They , needl! all . 

to kill thought in the name of free speech or on opposition to procrastinating in this matter .. . the next stage of the new tech- England Hadnunton Champion- a surprised •opponent who scotetf.' ^ride with -meah streakirbuttheYr strong per»naiity^«new ^iqeas 


practical politics. flagellation, 

Even on the severely practical ability to res 
side, I suspect that unity and repay in kind. 


Utr VI UU v^vaiuvu lv ihuvimuimuu & UUJ moHM ... uw U'C utw 15^“' uugiouu uauunuivu vu<uupiuu- a rpnsea ■’ippanPITT Wllu SCUlPa. SIV* . . L~. 

flagellation, is precisely toe and to introduce their Press nologjr with journalists who are ships, the Crown . Green Bowling The most faseinafinc featured- gradually closed .their steel wito ^tljey look 1 i^thero'weriip ^cti*?: 
ability to resist the desire to charter proposals during the disgruntled about the position Trophy and toe Panama Cigar the afternoon was the onpor-' an ^egance^dsidll whrito iiM'de afly). and ,one^'whQ':is’iaisq'pre- 


new session of Parliament they now occupy 


Hurdle. 


BBC 1 


t Indicates programme 
In black and white 
9.38 am For Schools, Colleges. 
10.45 You and Me. LLOO For 
Schools, Colleges. 12.45 pm News. 

1.00 Pebble Mill. 1.45 The Flumps. 

2.01 For Schools. Colleges. 3.15 
Songs of Praise. 3.53 Regional 
News for England (except 


7- 25 Tycoon. Northern Ireland — S.53-&55 pm 

8- 10 Panorama: 25th Anniver- Northern Ireland News. -5£5-&20 

sary Edition: The Real War Scene Around Six. 1L3S News and 
to Space (part 1). Weather for Northern Ireland. 

®-®9 JJ?™ 5 - , „ England— 5^5-620 pm Look 

••$5 I^norama fpart 2). East (Norwich): Look North 

10.00 Monday Film: “The Friends (Leeds, Manchester, .Newcastle); 


Itunity it provided to compare thpm^a. joy to watch.: ' - .'..Tiared to make ' ‘chan g^. tocludr 

'the respective merits of Currie, . Some, members from. -. ih'eir hig uripopular pnes, and-to lntro- 


pm 1020 Monday Night Film: “The Repon Wju'-m: i» 35 ' The Monday who for several ’seasons has been halcyrfh - days , have rematoed: dute a sense of ureen^r^Oflie.> 

L2Q Hustler' - starring Paul .“TP". Btt vngt Affair" suqia* the most exciting midfield opera- Madelet, once '.the ..best- ail- one Uke' Jc3an Sonut<wb^: 011 ® 

1 m — . - 77, Michael York.' Jeismy Kmhb and Smuin . _ . „ • j „i«. r • .'tuiUliniiil 


Newman. Jackie Gleason. £«?«! York, ‘ Jeremy K “ 1C1 - and Su “ a | tor :to. England, with toe former: purpose-', footballer in 1 the land, toinks what -John;’ bas achieved 
12.15 am Close: Katherine htv cvkru/mlei - as htv Gen- 1 England star, toe ageless Peters- and Ed to tG ray, who tormented at Norwich wi to'.strittly uinitett' 

Cornell reads a poem by crai Service . .except: - lJtu^s pm 1 - - - - - - 1 - - - =-•- • - - -— »■» 

Elizabeth Barrett Browning. Pwuwdxu NewjsWion r orcd. zj»w,s 


of Bddle Coyle" starring Midlands Today (Birmingham); except 


London). 3.55 Play School tas the following times; 

BBC 2 11.00 am). 420 The Mole Wales— -L4 5-2.00 pm Pili Pala, 
and the Egg. 4J»S Jackanory. 4.40 2.18-2^8 For Schools (Let's Look 
C.B. Bears. 5.00 John Craven’s at Wales). 4.40-5.00 Siangdifang. 
Newsround. 5.05 Blue Peter. 5^5 5J5-A20 Wales Today. 8.55-7.35 


W'tobum. _ Points West (Bristol): South 

1 V2 5 Weather/RegionaJ News. Today (Southampton); Spotlight 
All Regions as BBC1 except at South West (Plymouth). - 


an TO* Hamddon 6 JB-&JS Y Dydd umn Yt “■ emicuu.ifc v. mai ui j^civv 

m m^ 0D wytbnofl. mystery why he has never estab- to be : cynically pnt out of com- an honour .within i toff? \'X&$L 

.cept ai roe touowing nmes. IITV West — as htv General Servic* Hsiiful him*plf ac Pptp.n? did. as mission in the renlav with a larp and with Inetr hnssiblV SOOUCti- 


BBC 2 


ANGI I A exrepi: UD-ZJQ m Ro[»r 

12J0 Pm Tbe Electric Theatre Show. ,,nea - l 

L2S Anglia News. 2.00 Hauaoparty. XS SCOTTISH 

Mjwierr Moyle: Coloumbo. £15 Uofrenliy I2J0 pm Famriuose Kitchen. LS Nm 


htv west — as htv Geurai Sendee I lished himself , as Peters did, as mission in the replay with a late, and, with liick, possibly spotffit. 
exrept: £»ZJQ pm RoDon West Head- ( . . . ..'.'V V- v ■ .' ' v-- jyi 


OuUniBe- £00 About AugUa. lOJO .Tbe and Road Report. 2JS ’Monday FUm 
Brian Connell Interviews: Hammond Matinee: "Downhill Racer” Etarrins 


TENNIS BY IOHN BARRETT 


10.05 am The Role of the Nurse. ; “■* US*"** Cal «•*«« 


Ivor toe Engine. 

5.40 News. 

5.55 Nationwide (London s 
South-East only). 

6.20 Nationwide. 

6.55 It Ain’t Half Hot Mum. 


Heddiw. 1L35 News and Weather 
for Wales. 

Scotland — 1 0.00-10.20 am For 
Schools (Around Scotland). 5.55- 
6-20 pm Reporting Scotland. 11.35 
News and Weather for .Scotland. 


1030 ^ You Happy to YoiS: Cre4U ^" “» «" 


£15 Batfiok. 


F.T. CROSSWORD PUZZLE No. 3,803 


Work? " 

1L00 Play School. 

2-15 gm Let’s Go. mh h j5&“ 

2.30 Roads To Conflict. . Gene Hackmai 

3.00 Knitting Fashion. Tne Oko pobo 

3JO Making Toys. Vh 30 . Lcfu R " 

4.00 The Object- of the Exercise. Nwr Avcn8c ” 

7.00 News on 2 Headlines with £ 

sub-titles. .. X2J0l S" Ga J 


i.reatnre. - 14 a sin Reflection. Crossroads. UH Scotland Today. £35 j j m a '■ - r - V 

£ eg-y « Separate tours temptwOMeass: 

hill Haccr '■ slarrinn Robert Rcd/ord and SQUrriERIV ; /' • ; 1 - ... _ '.'.'ic . .' ■ 

T-“ e o”aS n 'Mo^ P i n S^v° r T«rf Br . »Sf u'tSiSttS! THE MOST heartening,: com- abletostaseandVflnanceevents-of- forsaking tbe^wflight-.-WOri^ : ~ , 
UJO Left. Right and centre. xu» -me Maitnei> ; • campbcn , K KuiBdom - sraniiw raent to emerge from last week's for both sexes. , . . ' " 'of team tennis. * . 7T,-a.~ r .:’-: . 


“S « ' ""“J. . EatJn f. SSSEdS?t-S&£P. »IL IMS The 


Newsdcsk. 2JS Tbo Mailnec Idols: "Down- 


hill Racer " slamnn Robert Rcd/ord and 


CW Avengers. Dirk Bog 

BORDER 

I2J0 nm Gardening Today. tJ-20 Border Ejtralll 



7.05 Wori d^Chess Championship stumig^Harty ^ Fred ffi* , - ' ' S?® N°; 1 seed Chris; of finding a sponsor preparois to Actions . before^ and - 

W at at moment gg ^ g“«,d 

s? ssfitsTarjMB "ss aarxsar jfl* »SSSft ^ Sst 4S aSBS&^w®i : : 

Saamm - ■* Loofcaround. us.STfS^"SS insunnountable: It is im nobble Wade. Martina NavratUoya,a0ff;' 


Report 

7.30 News on 2. 

7.35 One Man and His Dog. 
8.05 La Ltoea (cartoon). 

8.10 Des O'Connor Tonight 
9.00 Premiere 2. 

9^0 Discoveries. 

JOJO Word for Word. 

10.50 The Price of Freedom. 
IL10 Late News on 2. 

11.25 Open Door. 

IL55 Closedown (reading). 


•■Bachelor 01 Hena" starring ’ Harty 
Kruger. 5X5 University Challenge. M0 


the injured No. 
Evert 


mri i, • ouu d • Wiimer tuui&u. “ ' /1 ' 

Si 00 .000 for the best women, are totors. Accordingly, if Vtrgwm^. 


CHANNEL 


Generation - Scene. ^J6 panoon Time. 


tennis” the American said dls- tosuimountable: It is Impossible Wade. Martina Navratilova 

to , generate enough income .toe rest do decide to.Jeave^- 


SLJteS- S5? .- T ^SS t<nr - of to? toSae e wto S,C Uke-mv2l7. ****** level of investment 


University ChaUenee. M0 Channel News. Eawln Dfood ” j^ n ° 8: ’ M 


fiJO The Beachcombers. 7M Botanic Man. 
10-28 Channel Late News. UL32 Code "R". 


ULSTER 


of all those who, like myself, 
believe that a separate women's 


attractive. 


ll.W The Horror Film: "Vuaptre ClrcM_" Lnnrtitinie. 2.00 See You Monday, ut 


It is likely therefore Ihat pg*-v ; - 
year between ?iay ' : mid 


LONDON 

9J3Q am Schools Programmes. 


ZttJSLStSS? * French SS^SttTttRJS *£„JLl tiona ' *«*&**>» 


I 2 J 0 pm Farmhouse Kifchea. i^,|t°urthis side of the Atlantic Already toe Germans and the women vrillDlav for sim^i 

couid be as successful as the Italians plan separate venues for separate tmiVnaments . - ■ -T «0. 

Amppiflan Hrcuir h« hppnmD th«»tr natinnal 1 -knn.Aj & eparaue IDUmamentS.- - 


GRAMPIAN 


uwaoua. ru'ws « o intDorui. I 

MS Laveme and Shirley. MUD Monday ] . Deplorable 


Night. u.« photography m Focus. iuo I tiona lists see it, the trend toward build-up 


tradi- next year as part nf a five-week 


uSTiiS SSTSSLS3STSS ^^WS.'£ZS‘*S! iJs? “ • • • S3 SSSTwibwaT *%• pSSB : 

pm Stepping Stones. 12 JO What txas Monday Matinee: -Anna wpctu/adh and women is both inevitable continuity there will be another . sla m tournamems -- 

About the Workers? 1.00 News raS 1227 mGm 1 and - 111 most cases, necessary, five-week circuit in America ’r?? ,w ? the S2.2m Avon. cirWiv.. 

Tha ,”E s N ',r s - SEE S c cr™"i. ! ¥«S*£S'2. STSJ. Eventually only tbose two- tefare the Ui. Open at the end 

2.30 About Britain. 2.00 After and sbiriey. idjo Beflctsiana. fisjB Tbe News Headlines. 2 Js The Monday week grand slam fixtures at of August. Colgate finals worth $250, (HW/ 31= . 

Noon. t2L25 Monday Matinee: “The Monday Fltm : -Terror on the 4Wi Floor" MaUrwe: "Sixty Glorlmu Years“ starring snacious venues such ae the -tt,„ , , lts close, the Colgate Infer-. ; 

.4ngiy Silence” starring Richard Forerthe. 1220 am Anna Nwaie and Anton Watbrwk. SOS - H, . ; ?“ e wome B nope -to play for national Series henus'-nooft 

Attenborough. 4 .20 Clan Derboard CrauBI,1 “ La,c w»hi Reafiii»6. University ejanen^e Ado Wi<Mmrd Diary Stade Roland: Garros in Pans, miimmira prize money of nnn n^rTtTrnrS 911 ^ firtiMte 

vja GRANADA ?oo- A Fto3Sng d MeS 0 w to ^ but 10 ^ 

Mr. and Mis. ujo pm Faimhoose iqrdun. 120 nodo. u jo The Horror Film: -vampire circus'’ “ on - Flu shlng Meadow In New the success of this programme money and snecial events wwife : '•wi 1 

IS ?Sti At 6. »WyPS OHSU ^ ra,tb to Mel“ wiH^ property^ 'be ' 

S3 At 1 sss-wsf 1 fisrst ySS^kiS Yorkshire p p y e t0 f0 -^ ^ Everts examp,e compete for m 

6-35 Crossroads. premjerer UcMman and Wife. 1X30 pin Fanning OjnjK*. 130 Calrndar ........ ..... . ' 

7.68 Bemip T JT' ti Newg. X2S Family. X39 Heart to He an. DAdUf^ ' .• 

7 M __ - H . r Y 3JD AMy. 5J5 .university Challenge. AW RI4LINU BY DOMINIC W1GAW . 


separate. 


If you add : S800.00Qvfor-^.v 
projected autumn : circuit - -of: 


12.00 Mice and Mendelson. 12.10 House - New Home. 130 Grampian News Bedtime. 


pm Stepping Stones. 12-30 What Headlines. tX2S Monday Matinee: "Anna 

iSs? <£?- 


WESTWARD 


nine ts*t in^Df i on Thnmac m_„._ namn luouniwn. >u umveraiy mu- ..^21 pm Cos Honeybun's Birthdays. 
P«{? vi . . ■ Tha i 1 3S S N « ws - 6 - C0 Gramuiau. Today. M5 Laveruc UJ0 Farmhonae Kitchen. L2fl We-nward 


Attenborough. 4.20 Clapperboard. 
4.45 The Tomorrow People. 5.15 
Mr. and Mrs. 

5.45 News. 

6.00 Thames At 6. 

525 Help! 

625 Crossroads. 

7.09 Bemie. 

720 Coronation Street 

8.00 Robin's Nest 
820 World in Action. 

9.00 The Sandbaggers. 

1020 News. 


Crossroads. MS Granada Reports. MB 
Rmauc Man. UJO 'MySteiy Movto 
Premiere: UcMlflan and Wife. 

HTV 


I2J0 pm Farmtansta Kitchen. 130 calendar (Em Icy Moor and Baimum 
Hcport Wes Headlines, us Report Wales rdlflonsi. idjo Calendar — Ute Music 


RACING 


BY DOMINIC W1GAW 


example compete for nearly ?6to 


Headlines. 2JW Housoparty. US The Makers — Richard Whllolity Igim to ibe 
Monday Matin»: “Siare Secret” MS Ear! of Ha rewood, managing director of 


Across 

1 Plant that removes barriers 
( 6 ) 

4 One way to town in toe West 
Country (6) 

5 Hardy measure includes skill 
(7) 

9 A cheering start dishes the 
drop-outs (7) 

n Finals with wine give you a 
nasty turn (5, 5) 

12 Steals the good things (4) 

13 You see me following toe sub- 
ject (5) 

14 Restricted spread about that 
place <S> 


26 Farewells can be a hazard to 
us (6) 


Tho tlndcrwa Adn-uiures of Captain Fnglhih National Opera. 1L00 Bamafay 
Nrao. 5 JO Crossroads, MO Report West. Janes. 


The cost of getting a 



Down 

1 Marvellous in the Force (5) 


RADIO 1 247m U-SS BBC Snnphooy Orchestra (Si. LM Drocramnw news. LOO News. SJQ Dr '■ ' 

w Y5aavff“ «■ s^jsjssftara! sas arstssrcHLSi ^"' b p?* sti ***«** c^ms ap^ y 


*m Al Radio 2. 7.02 Dave Lee 55 uilJi DC0 _ M , l “ lc f le 


2 Get out of bed like an expert! ’£Si 


TM. mTsiSw mTum 1WB 


i**™ Play <S). 9J5A almost exclusively foreigners bids through Humphrey CottrUI Hidokazue Date (a Janaaese TV- ' ■ 

*,?•*? — ensured that last week’s aud^ the British Bloodstock tubP ’• 


at Bondi Beach (7) pjtu Ganuucein 

3 Signifies a match for checking R3dl “ 2 >- 
incomes (5, 4) am ** =■ 

5 To use a bent hickory shaft is RADIO 2 
a bit stupid (5) sj» am n«w; 


l^OOm and VHF the Prelude uatt by Jonathan Words- BBC Radio LoodOll 


a bit Stupid (5) SJO am News Summary. 5.02 Tony Sj? kSL££!! 

6 Swans in toe river mean a big ffl SyPi&B » sTgS 

#5 W»2U-a."3t “ 

Of numan powers wonnsonj 0ptn House (S< indmlinc L<S Sports T>kT\Tf% 

(3. 6) Omsk. 2X3 David Hamilton fS> Including RADIO 4 


206m and 94 J VHF 


5.M am as Radio 2 . L3o Hu/i Hour. I that there must have 


■ensured that last week’s an<r the British Bloodstock tube ma nufacturer)^' Joe'C 

oughton yearling sales at New- Agency for a colt by Grundy out ABbritton^ (theTeSi nubtisliW 
arket lived up to all expects- ofFareimony At 204,000 guineas and Tjip «?SSfffiSS* : - 
ms with records tumbling Ntarehos opted out. bnsinessmen^ 1 rtCW 

almost every day. Most impartial and uninvolved It is x aoherfhp fbonnht ". 

,suref!h a t ft toere ^ 1 spoke to seemed Mut toaki and Kojf t iat.^ 


Thougil. 7J2 Terr? Wogan rS. Inetudlw. Zaha f,r i ? , “ MO bondon Live. 12JU pm Call In. 2J» been a' number of bargains 

SJTlKartJSM g-fsr Jg SS IB« H !fe »■•«« the 550^odd lots told. 

pm Wa«oncrE' Walk. I2.X> Fete Murray’s 81115 Schut>ert S 00 * ( ®'- Breakthrough, hub Late Night London. denying the fact that 


IK Como inrippd S rp no loneer 10 Irish town left wttb a hill|^® l an 2^. s, " ns J^ k - 8 ^ 

16 Some inaeea ore no longer , . /Q . [Walk- 4.9S Sports Dcrfc. 4^T John Dunn 

With US (S) „„ S® SCem , . #0% I 'S< inchMins 5.0 Sports Desk 4.45 Sports 

IS Bones found In upper class I® month for lobster (9) “ 

lane perhaps (5) 15 What the superstitious do for 

Disregard an order with it (4) tinder (9) 


• ' LEICESTER 

2.15—Pescadora* 

3JlBUU ' Opvn Hons, rs, .ndjrfipg WspoWi RAnm A wo'i most of the purebasew will .wind . - f •• • ffitatto^rL^ • ' 

D-^k. X33 Da-W Hamilton fS' Including RADIO 4 uo rnn<nrinr-ih1v »hi* nnnrikr an«i ^lSTr^Udldal? 1 * • iintiiailODS Imposed OB him. OSCfl? ; 

Star Efff ESvi ^ 

sre-SKM ^SgSraar^Js sr&a’HS&S! ^rySTSSS^.X ; 

SSr N1 ^- 1J ».“ «>*« yet to repay even their auctioneer’s • eye. According to cha S e darin 2 fhe ? wtSSS - - ' " ■ ' 
ittdndte iiao News. UK* tt» New um.mm nUS. S3 SS*-, .. traveiltog cost from the sales the statistics, it is . long odds-on' not at th? : V .* 

s,UBau,r - „ tepital Radio ring, it will he fascinating to thatJJiarchos and not AbdnUah Irish - “ 

StniA n 4A4rri. Slp.rpn Jt- VHP (ntraduced by Wynfortf Viuahao-Thomas 1Um anJOS ft VHP caa tKfr ,. 0 * f'a tnn Vh!( uifil . nrtitf a ' fA ha Mia nnn*«iiiid u_i_ - . Vf4*H» % % - 


Mill. Reef -.colt 1 already naiheft? 
Vrachos they paid 150,000 V' 
for through -the British , Blood 1 - : 
stock Agency will have ' severe , . •. - 
■ limitations imposed On him. onca'? ' . . 

he a it! ves to :Japah to begin : 
racing . career. Foreign-brea 
horses are' only .perinitted to rtto 7. ; ;■ . : . 
in about 30 per-cent of the races;;, 


23 A~ Veilow” witli . an article is (3 2,2) STiSSi K.SS;t, gj ./ ! ‘ " iravelltog rosilrom M ^ ^g!£S$3S%r 

the subject of Shelley s elegy 19 JR an<1 t0 Satomrv ’ *n-S,.^hI S w^r^ ry v de ^. ta ^ um,n Radio ring, it will he fascinating to that Niarchos and not Abdullah Irish -SweeDs DerbV^winber ^ 

(7) e j ( n! 0) i 7 RADIO 3 464m, Stereo & VHF ^ r h ™*?™*l**Vn* see how this year’s top half- will prove to be the .eventoM. MalSra™ tL 

24 A sweetmeat found on an 21 One of toe Oxford dreamers us «n Weather, xashn. ns over. You and YoSTiut t" 5?*“^ K d0 “ rt out ' , winner with that co«. 7, - ... of Enwrv to rrS?d’?nS?r v 

.~ni..nhann /Tt (5) tUK fSl. MB Nows, US MurntOE Concert lUS Weather: nricramm- *“8. ®S5 - On Thnnri-iv nlohl tho nw.mir.aM* .MMm' l? IT?**** :: 


24 A sweetmeat found on an 21 One of toe Oxford dreamers us ui weather. tj» Sows. over- You and yoursTixw Tm> rSm fst^ySo 
escutcheon (7) _ „ i 5 l Iff Si H? ?»*. 


25 SSSStai^ ca, 22 A sovereign drin, ,5, I 

BAinHnn nf last Saturday’s nrlze tmzzle will be nnhlishod music (Si. 10J5 CHzedale Piano Festival 245 Ustcn with Mother, loo npu-s. iiE. n*ut s L?£? Mo<*{,wooWn ' Arabia s Khaled * Abdullah .generally found little difficulty elation tor £750.000- throueh’Jim - 


The solution of last Saturday’s prize pnzzle will be published ^nsii <S). ims Gwzcdaie Piuo Frstivai 2^5 Listen with Moiher. 5.00 wru-s. ur c ritrtth niSw hgtL istVm *»«*■ . Abdullah 

iBesoiuuwH w*j-» x«s koul wrt i is*. xu» in shon Aft“moim Theatrr fs i*js s iwv nme. Myaifa Late ^ iji^ToZ ensured that the European record i 

With names of winners next Saturday. J ^ F «mrai nr 2 Ob. mo pm.- News magozta.. sjss w M u*r, SSU meu'*,. 2 * “ **** price ^ 250,0«) gutoeS^Sd be i 


Abdullah .generally found little difficulty elation tor £750,000" through 'Jim 

nn ramnt tai - MMIfio ftis ■ _ r ■ ■ 


Pftttes Goaiins - aUd- HerDii- Bloodstockr, .,, 






? Cj J* T'l j 











p 

* 


P&wacfal Times Monday October 23 1978. 


a _ 



New Music in Hungary— 


Youriff Vic 

Hamlet 


YOUNG 


by DOMINIC GILL 

*** * ***** wnrthy o? rMpcrt. bm as oHMi .. rnis JS the , t0l? .;. Olivier Poltmius means what he says. 



to 
Den- 
student 
Tithout 

Hnmlet transfers to the 20th spending too much lime on the 
with Jess trouble than P°t nt - I must say that Ophelia — 
Shakespeare’s plays prejudiced, i admit, but lough 


no tnw. iPMt of all the local j n late ]*)50s u radically new homase in Andris Mihfily, thp throughout Ihe festival. '*as the: Hom/e 
: . Cm r w « muai J * M,rh a spin: of -freedom. "inquiry -and- 2 eu ‘ director of the Budapest very hi«h standard of perfonn-jveniury 

. - vsls ilrsT and last raison 3 d venture lu emerge* in Slalc Opera— a dozen liny frail- ance. Lucky the composers who \ any or ...... nF> . , 

' !;.v 4 L r ? ’\ t3k ' m Hwiew cultural links were l°e«*iher lasting butty ran call on so many and such • -*xre P t perhaps J u rns Caesar. ^ 

' • ShSS Dr r WMI “ but definitely. , re- W {ninufra -each one a delicaic exceptional talents as those | Or ■ w olber_ ***** me » PUWhj^ “SK “S’ 

,.en necni swjuenre. turned The centut uf flan ok was cu ™ nr f rat* ranee, a pa 


_ .. pattern uT which issul- every year horn the, that: the Prince of Denmark's [g; *? hmS 

e pace may have been, re-esiab.ished' the works ' of-^hoes and re-echoes, ihai. sum- doors of the Lis/.t Academy— and I problem and Ws reaction lo it *™“ n 

•er: hut the presentation was Stravinsky. Schoenberg Sett. n,WM,{L without ever directly that in a country whose total do not depend oniy on the ?"?_ iJ^hf!. *‘a i0 JZ!* nn n 5 0 SJr 

: and professional, and Webern were studied and Quoting or imitating, a hundred population is roughly the sue of j P^peruse or a rapier. I would ■• h p ' Jasliketyhadheheen -ut 

•* f| e on. to have proved most royal." 

Long-haired, bespectacled, untidy 
. Bowen-Hamlet is out of the 
- snorts ™ nnil, S everywhere, eveept pos- 

new mussi- was included members nf 1 he oidcr geneniUion.f flr:Q,:<n ce was given, is it 'too of Eszter) Miklus Perenyi: the ■ com or T-shirt (labelled “Witten- as scholar. 



separate category in the found their way buck to J ho freer, much to hope that one. of c_. . 

Mu si 1 ? \\ o>. B tss for f he express i\e ifiium? of iheir voulli adveniurous young string the Titrai. the New Budapest 

lime Though its produets — P£i Kadosa in a fourth fluartel s mighT coax' a photoco ' * “ 


our members of three string quartets, here University"), makes com- . As ro * Polonius. how can he 
th Q -r-str-.i (ho isimtf RnriaTtoct _t-.._ . v.,«u j be a dry. ousin ess like Civil 


... . ... photocopy and the Eder who so brilliantly j 

as they should b»\ chiefly symphony. Ferenc Farkas with it f*>ni Editio Alusica Budapest and and warmly played their parts in 
-grown, the ner was dip in Csniiuc Pantuatcu^ for chorus include the ■UicrduduinL'i in a the pietes by Kbsa, Kalmar and 
Wide: among the foreign and orchestra Ferenc Szabii with London recital soon? Kurtag. 

rs were Lu'.ri Nono and a new s mne nuartei: .-.11 indis- Jn the s»mn Later that week, Miw Fabian 


of 


leie sense against a background d ?!: n D “ si " ess J ilce . £17^ 

f kmne u n a Servant at ono moment and “that 



U: 

i 



recorder^ and Srtefln haSe sreat - ' ^Sr"ble™ 
dress who relieve each other ? f p h eech ..^ out HaraWs 

Grenadier fashion — and in- ^ 

1 i cidcn tally wreck the first scene 
- - !*'" ^ing so before Bernado. "-Jg 

Gravediggers' scene, or introduc- 
a jester dressed as a football 
into the last act. doesn't 
necessarily raar consistency; such 

grccM iinlLl , lwn «. so moth attention ^S„ho% jf“ Ule 

the world in, what the line actually mean*, aimospnere not endn^e it. 

bardlv fierccirffie is least successful tn :he biq , 5r ’i Jv vri h‘ Cr ?R ™ JhP produ -‘ ? ‘ 
,-ho charges ' soliloquies; at the other end or !L_ rn,i -Ln orl 
draws from 1 1 h ,? spectrum he is most in- ‘.2^ ' 

m '" u w,lh genuous at finding con’.eriational d momum_ jre 

-t .orinn ou-twnrri th:« n « acnievea 



Philip Bo wen and Fiuna Victory 


I.. ••t.U-tl Hurl 



idil 7 SSenl romL t a icS,o?e , nonw and inrereit abroad: and p ?!l" rmcd J b> ;. him 'r- a " 0, . ,d s .r .T-’T" 

type.' usually a cantata. iW^'tha? 

nn;n^c |<o<i||i In nrnminpnMV— 


suite, -’erenade 


I2jq IPVCrpS 1 3ur(l3u* njju . * — ■»!» ii'ih — ii -iv> 'u — — — t ■ — ■ — — — 

5, round him durine the p,E f e - s,rpn ^ and cleanly made. lions for solo violin and chamber 
i 3 f a nP . A - !•*,»„ of -oin- Stylishly dniiyercd hr the young orchestra, another sequence of 
came "m irnnimpnwv- vio’>oist Eszter Perenyi. clever abslraiVons crowned by. 



(and for 
sensuous. 

; and a 
, nervous j 
the trickier I 
Chemins 


historical surveys them- Kurt#«*« onus n<t\ large: he-tions: and a now Suite for «nlo airompanicd under Mlhalv— is it i 
••ven remark on ill: works slowly, with extreme sett? cello by Zolt nurku (h. lP.t4) because Hungarians groiv up i 
anty and narrowminded- critical restraint. Th^ few works made a (.lover, if sunerficial. im- not with West crn-ersalz. hut with 
Kodalv alone, by then which do find their wav to per : pact. Durlio is a decent, iniplli- theauthcnticgypsvmusicsound- 
ito ms sixties, was rible to rnmance and publication are gent musician— whose work T mg in their ears that lbe : r sense 
1 and develop without vOin- often ihemsHveo- miniEturfM: of have found in ihc past, and of lyrical rubato and melodic 
’*! rrad if ,,in he had the hriefc^ duration; but small found again »n this occasion, shaping is sn unerringly, instinc- 
sbed ion? before the war. as they are in sire, they arc large often attractive enough and lively exact? 


with minimum Hamlet sinks exhausted under skirt, telling her to wear her 
resources, such as the pursuit a spot. rue with a "difference, and she 

of Hamlet after he has slipped The Ghost is not seen and has looks surprisingly shocked, 
his guards before being called a stereoscopic electronic voice. Political analogies’ are mixed 

before Claudius ta kmd of Linda Poian's Gertrude »•! stiii and evanescent." Osric is dressed 

Danish ldl Amin, as BUI Wall's, at the heyday in the bluod. Shi* like Himmler, hut Fortisbras 

pressed me m _ the $ante_ way. plays him) for killing Polonius. makes a determined physical and his troops, who lake over 
though I wish' he wouldn't use Lights well above rhe dark attack on Claudius at une point, the court at the end by force 

his notebook" so much. Except house; you do not know where Ophelia tries to stuff some wilt- of arms, are still wearing their 

when bo Ju talking nonsense, this anyone is. or who, until finally ins greenery up the puor lady's snow-warfare kits. 

Nottingham Playhouse 

The Strongest Man in the World 

.by MICHAEL COVENEY 


ant Garden 


Irving and Eagling by 


CLEMENT CRISP 


2 . 1 


JJcome, first, for the return 
bert Irving on Saturday 
' as a guest with what many 
still consider his parent 
- ■ ny. For 20 years Irving 
-Ten chief conductor to that 
nusical of ensembles. . the 
ork City Ballet, but in the 
lately post-war years : bc 
•uch for .the orchestral, 
rds of the Sadler's Wells 
at Covent Garden. It was 
. then, that the first work 
jrday’s programme should 
vnode, and that Irving's 
ding should be a -Vital 
! a stronger and more por- 
• account of the ballet 
we have seen for some 

dimeed interpretation re- 
i British— not for the 
Ballet that emotional 
*n and unbraided hair in 
it movement that'MYCB 
Fer — but it was braver in 
ics than usual, and very 
d by Merle Park. Lesley 
. and by Monica Mason as 
ast Balancbinian of the 

the previous evening, 
mp was given with major 
^aoges. As Audoif, Wayne 
">~i 5 • has now . brought his 
l-i^erisation into sharp focus. 

; Ihe heir to the Habsburg 
as a man ever in search 
ove which bis mother has 
■ him. The two poles of 
•pretarinn. are the first act • 
fw with Sndra' Conley’s 
nl. restrained Elizabeth, 

. esecond seven in Act 3 
e curls despairingly in a 
-a o foetal pose that fells 

• ut his flight from reality. 

a portrait of fine-drawn 
cism. the final crisis 
from a stare of drained. 

cd unhappiness, and it an even, powerful flow of energy of therble of Countess Lariscb. charm, she shows in the scene in 

• ained by dacing of ox- and an academically refinrd She brings a frankness of pas- the Vetsera bouse, ihe lightness 
a! beatify. Time and Brush to movement, must excite sinn .-lo the first ’ meeting with and classical exactitude of her 

. he radiance of Eaglina's uur greatest admiration. Rudolf that justifies her reading dancing, all contribute to a sen 

ue. the .-clarity of physi- Very impressive, ion. was of a women still- deeply in love; sitive ami most persuasive por- 
sment which encompasses Alfred a Thorogowl’s assumption ihe brightness and worldly trayal. 



Barry Cdllinss ambitious, press being made in the event curtains, bis scs drive Is banished to Siberia. Shukhov 
the * 50 viet anthem^andTdfsas!^ a black AmeriL ' an ' P un »ked obliterated. appears with wires on bis head. 

' in a Russian provincial mine- fuli of anabc ' ,lc 3l eroids. Shukbov turns rebell'ous. visit- in a strait jacket- At the trial he 

shaft. One of the miners, H is at this point that Shukbov. inq the Hall of Suviei Heroes pleaded, apparently. guilty but 
Shukhov. performs a feat of played with admirable and where he is now represented by insane." Other imprisoned dissi- 
strengtri. and heroism, for which appropriately Yorkshire grit, a t2-fuot monument (he wins the dents tattoo bis body with 
he is rewarded With a medal and grunt and groan by the stocky gold medal by shouting the name thousands of “revolutionary" 
an instruction from the Presi- Nick Stringer, starts questioning of his closest miner colleague al slogans and the play ends with a 
dent that- he should be enlisted the process. The human monster the crucial moment, watched hard-line Soviet verdict on the 
in the Army— not to fight or he has become is ordered lo back home hv his friends and sad image of Shukhov chiselling 
serve abroad, but to train for provide exantules of semen in family gathered around one of away at the floor with a fork, 
the 1980 Moflcqw Olympics. order that Mother Russia can the televisions installed by the The production, by Geoffrey 

For Shukhov. ' a man of start work on a master race by State in each house free of Reeves and John Russel! Brown, 
immense, strength,, is marked injecting female shot-putters and charge). The museum, and every is awkward and not very fluent, 
down by the-" Ministry of Sport the like with his seed. The cruel move of the dissident hero, is but the points are made and the 
as their prime candidate for the irony is that, as a result of the monitored by a clutch of farcical sheer verve and tenacity of Mr. 
maxi-weightlifting gold medal, treatment. Shukhov's hormone agents popping up from beneath Collins’s writing ensures that our 
He is subjected to a programme balance is disturbed and. once plinths and desks like clockwork interest is held and explains why 
of ferocious training schedules, marred to his fiancee Natasha ferrets. the National Theatre may have 

uprooted from bis home and (Tina Marian) and ensconced in Finally incarcerated ’n an been embarrassed about present- 
family and.- when pews is re- the Presidential wedding gift Of “asylum," his mother confined ing a piece they commissioned 
reived of the outstanding pro- a four-poster, with automatic to her village and his wife some time ago. 


Lesley Collier and Wayne Eagling 


nwich 

ji Audience Called Edouard 

. important not to arrive Berthe, the girl in the back- 
this play. What wc see ground, speak only of such things 
;d. on the curtain as wc as. models of their kind speak 
: a detail from Raphael's about; money and sex prin- 
. rtoon of the Judgment cipally. Edouard Manet paints 
ris — ;.the detail which away offstage, unseen, too busy 
ne boirow-ed for his even to answer when people 
1 concert. But when the speak to him. 

;o up on 
r picture 

ini. A young man in a -Rice's superbly representational 
civet cap is sitting on a set; M bearded man (Edward 
j- bank. He holds out nts Burke) wearing nothin? but lone 
i, jivards a nude model and W( *x pants. The other greet him 
-► -young man who are laughingly as -a river-god and 
luncheon on the grass, share their lunch with him. But 
David Pownall has done he , s n0 river-sod; he is an exile 
interesting play is ro ,f rom Prussia who fs writing an 


Sheffield Crucible Studio 


The Love of a Good Man 

by MICHAEL COVENEY 


c „. 0 _ (covered in' old earth, the scene clout (Eric Richard) 

eSei bS a small plot of P,JLnd ae | C ha. a 'hilling. 

>uT S m.n ’'in , .&,TZJS8. rVnrnUmaS ! i»«5- d “!‘ 


the conversation that 


import ant buofc on economics. 


The first thing that hits you acts in the play: Mrs. Toynbee 
on entering ihe- Crucible Studio has a rebellious daughter, 
is the stench. The floor is Hacker his scheming apprentice 
covered in' old earth, the scene clout (Eric Richard). The play 

Beckeu-Mke 
denied at every 

suggests, less earth than roning turn, the im plausibility of ever 
flesh underfoot. A slinky society recovering from the large-scale 
lady arrives to reclaim iter son’s body blow of dreadful massacre, 
remains .from the aftermath. . At the end. contact, with the 
"No two women.’’ she says, dead is attempted through a 
“have ever been surrounded by ghoulish w?aace which follows Ihe 
so much male flesh.” • mock ceremony of the Prince 

Howard Barker’s setting may declaring the cemetery npen. 
be historical, .but this is no his- The stage is by now decorated 



ENTERTAINMENT 

GUIDE 

CC — Timm iWitw accent certi.n cr«a>t 
Card* b* leleunon* nr al tha Box Office. 

" OPERA & BALLET 

COLISEUM. Credit cards.- 01-240 525S. 
Reservations 01-836 3161 
- ENGLISH NATIONAL OPERA 
Tumor, A Frl. 7. DO Doll Carlos. Wed. 
7.3a lalamtie. Thur. 4 Sat. 7.30 The 
Tales of Hoffmann. 104 balcony was 
■vail, for all perfs. from 10.00 on day 
Of Perl- 


COVENT GARDEN. CC. , 240 1046. 

(Garde ncharse 6903 J 

Tomor. S Sat. 7.30 Mayertlnfl. Wed. 4 
Thur. 7JSa The Sleeping i Bewitv. fn. 
7 JO serenade. A Month in tM Country. 
Facade. 65 Amplil seats avail, for all 
ports, from 10 am on day oi perl. 


SADLER'S WELLS THEATRE. Rosebcnr 
Ave- EC1. >37 1672 

ENGLISH MUSIC THEATRE 
Ton't-. Wed. A Fii. 7.30 RoJSlnl s 

CINDERELLA. ,'A Brillianl Show Pi 
musical Drc^Orks, * Ims. Toctoi.. Tnur. 
A Sat 7.30 Kcnze i vaudeville LA 
CUBAN A, Cneia cats available oav 

of oerf. 


THEATRES 

DRURY LANE. CC. 01-636 61 Off. Mon 
to Sat. 8.00. Marine Wed. and Sal. S OD 
A CHORUS LINE 

"A rare, devastating iorous astonishing 
stunner" 5 Times 3rd GREAT 1 EAR 


DUCHESS. 836 8243. Men. io Thurs 

Evcmnss 8. OP. Fr,.. Sat 6.15 a-wl 9.00 
OH1 CALCUTTA! 

"Tile nuditv Is stunnnM." Daily Mad 
. 9ih Sentatiorval Year 


DUKE OF YORK'S CC 01-836 5122 
Red. price prc*s. Mon. to Frl. 8 am. 
Sat. 5-30 and S JO. '.--hour before Show 
best avail, seats £2 50. Opens Nov. 1 at 
8 pm. Subs. Evas, a pm. Fr,. and Sat. 
5.30 and 8 JO. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A comedy by MICHAEL FRAYN 


FORTUNE. 836 2238. Eves. B. Thurs. 3. 
Saturday 5 DO and 8.00 
Muriel Pjvtow os MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK. CC. 01-636 4601 Pre«ew< 
Tomor. & Wed. 8.00. Open Tnur. 7.00. 
5ub. Evpv ■ 00 Wed 3.00. Sail. 
5.30 A 8.50 

DENIS OUH.LEY in IRA LEVINS 
DEATHTRAP 

A New Thriller Directed by 
MICHAEL BLAKEMORE 


THEATRES ; THEATRES 

PALLADIUM. _ Ck.. 01-4 37 7373. [ VICTORIA PALALE. CC 338 4735-15. 


Opening Dec 7C tor a Season 
DANNY LA RUE 
as • Merrv " Widow Twankev in 
ALADblN 

ALFRED Is ABANAZER 

Dilvs WATLING Brian MARSHALL 
and WAYNE SLEEP 
Preview December 19 al 7.30. 


PHOENIX. 01-836 2294. Evs *! BIS. 
Mats. Wed. 3.00. Sals. 6.00 and 8 40 
"TIM BROOKE TAYLOR. GRAEME 
GAnDEN make us lauBh." Dally Mall 
THE UNVARNI5HED TRUTH 
The H.t Comedy hy Royce Rvton. 
■■LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Time*. “SHEER 
DELIGHT." Ev. Standard "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 
LAST WEEKS. ENOS NOV 4. 


PHOENIX THEATRE. CC. 01-B36 2294. 
OPENING NOVEMBER Bth 
DIANA RlGG. JOHN THAW in 
NIGHT AND DAY 
A New Play by TOM STOPPARD 
Directed bv PETER WOOD 


THEATRES 

i - A DELPHI THEATRE. CC. o'l.®36 7611. 
OPENING NOVEMBER 9 
Reduced Price Preview* Oct. 31 lo Nnv. 
8 at 7.30. AKo Sat Nov 4 at 4.00 Pm. 
BEYOND 
THE RAINBOW 
An Enchantlno New Musical 
BOX OFFICE NOW OPEN 
Credit Card Booking* 01-836 7611. 


ALBCRY. 836 3878. CC bkps 836 1071.3 
tram 3.30 am. Pariv rate* Mon . Tues.. 
Wed. and Fri. 7.45 nm. Thurs. and Sat. 
4 30 and B.flo 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

■■ MIRACULOUS MUSICAL " fin. Time;. 
Wltn ROY HUDO and GILLIAN I BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 


ALDWYCH. 836 6404 tMo. B S6 5352. 
ROYAL SHAKESPEARE COMPANY in 
repertoire. Tonight • RE 0 - 

•Suction David M««t COUSIN VLAOt- 
MIR. - A thoughtful- provocalNe ptay." 
D Tel. Student Standby El. With: 
Middleton * Rowiev STHE CMANGT. 
LING (Tomor J. AS YOU LIKE IT (next 
perl. Frl.) RSC aho It THE WARE- 
HOUSE l&W under WJ. 


AMBASSADORS. , CC. 01-836 1171 
EVP*. B.00. « * «■». 

GERALD FLOOD 
WHO KILLED 

- AGATHA CHRISTIE . . . T 


APOLLO. CC- 01-437, 2o6s. Evgs. 8.00. 
Ma-t Thurs 3.00 Sat. 5.00. and B.OO. 
PAUL OANEMAN LANA MORRIS. 
DENNIS RAMSOEN. 

CARMEL MfSHARRT 
SHUT YOUR EYES, AND 
. THINK OF ENGLAND 
"WICKEDLY FUNNY" 1>me». - Vcrv. 

very funnv — great entertainment.-" NoW 


GLOBE THEA IRE. CC- 01-437 1592 

Eve*. B - . 15. Wed. 5.00 Sal. 6.00. 6 40 
PAUL EDDINGTON. JULIA M-KENZIE 
BENJAMIN WHITROW .n 
ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 
■■Th.s muil be the haaole-.l lajqhtrr 
maker in London." □ Tel. "An irresistibly 
enjoyable evening.-- Sunday Time* 


S34 131 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Eng*. 7 30 Mat* Wed. and Sal 2 45. 
" BLOCKBUSTING. 

5M A5H HIT MUSICAL." D M ai l. 

WAREHOUSE. . Donnur Theatre. Covent 
Garden Boa Office 836 6808. Scats 
available ton'i B.OO for Peter Flannery's 
SAVAGE AMUSEMENT. " A striking 
and vibrant piece of theatre." S. 
Express. Adv. bkgs. Aldwych, 


WESTMINSTER. CC. 01-834 0283. 

OPENS THURSDAY EVENING 
Tues.-Frl. 7.45. Wed. 5 Sit. 3.00 
A MUSICAL ENTERTAINMENT 
LOVE ALL 

THE BUNNY AUSTIN STORY 


GREENWICH THEATRE 01 -ESS 7755 
Evenings 8 DO. Mat. Sal 2.30 
Stephanie Beecham. David Burke. 
Susan Hampshire. Jeiemv Irani. 
David Robb. James Tayicr in 
AN AUDIENCE CALLED EDOUARD 
by David Pownall 


KAYMARKET. 01-930 9832 Evg*. 5.00. 
Mats. Wed. 230 5*i*. 4.30 and 8.00 
GERALDINE McEWAN 
CLIVE FRANCIS 
NIGEL STOCK 
PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING 
LOOK AFTER LULU 
by Noel Coward 
until GARY RAYMOND 


HER MAJESTY'S CC 01 -930 6606 
Provs. evenings 7 30 'Mai. Cx: 28 *» 
3.00i. Opens O.t 31 at 7.00 
BAR MITZVAH BOY 
THE NEW MU5ICAL 


KING'S ROAD THEATRE. 01-352 74E3. 
Mon to Thurs. 9 00. Fri.. Saf 7.30 9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


tctwfftn the four chsruc- ua -a ... his tysittp it Hu^n Mdaff i - - _ 

Oing for Manet's ”Dc- (he lives in England r but when ! tor y P*»y- Mr - Barker assembles with 20 while gravestones, a tall 
Eur 1-herbE." It is a comradr arr"v"« “nd “alls hnn i"" alTa >' of sburply etched memorial and a Union Jaek. 
ul tonversatjbn. the kind ir,.i j.ic rp-ii iflpniirv is rpvpilpfl ! Englishmen detached from-lhfeir What remains or Mrs. Toynbees 
l would like to join in _ an ri t m m e dialelv his new! b a ck fi rou nds .and trj'ing to find son is despatched on a private 
re on such a picnic, but fripmk u< one turn’ laaiAst him i nrrier in hideous chaos. Hacker -train lo Westminster to serve as 
ir time it leads nowhere, rp^ * r j s f'hcre was j Trorn Pccklvam has a government the Unknown Warrior. 

rn.fhat Manet’s younger evolution in 1S4S that broucht conlracl t0 sort wX 11)6 * ravfr ' David Leland’s production is 
— , , roonmon in 1Mb mat Drqugm | slonw and bui]d a mffmodsl . But afi baun ting as it is beautiful. 


Gustave f.Teremy Irons) France nnihing but Louis 
me on the. left in the jjapnteon and other disasters, 
-has invested some of j>j n one wa ms another. . 

• The charm of. the play lies for 

ine in. the intelligent give-and- 

iAnJ 0J S2rfl^dnS n Vnavfrf 111,46 nf ,he ‘■'Otversalion raiher 
■ ? iintJh b ^Sm?SS thp nnJ 11100 ,n t he dramatic coups.them- 
l selves which would hardly be 

e pom tin*, forefinger rs e rioiij-h to support an evening 
nt because Manet will not w „ h less -taking dialogue. Mr. 
.edge hts illegitimate son, pn^TiaU's writing is very indi- 

- [ ra, v no • ® elt,n ° ’. n t2 vidual. it is seldom-. consciously 
W if there is a scandal. w my it suggests- ihe talk of 

0 models. Susan Hamp- interesting and amusing people 

1 the undraped Vii-tonne 


he also sees an opportunity for describing these sad figures in a 
lustful gratification in promising desolate landscape with .ippro- 
to find Mrs. Toynbee's'son among priaiely tasteless relish and a 
the rubble. There is no love strong sense of mood variation, 
between these people: Hacker is -Roger Slowman Is magnificent as 
n wonderful suburban monster the latest in a long line of 
who thrives like a; Ilea on a dung Barker derelicts, and the show 
heap. also includes fine .work from 

The soldiers who' have survived Natasha Parry, striking and dis- 
are visited by a drippy Prince or engaged as Mrs. Toynbee. Jim 
Wales (Toby Saiaraan) anxious Broadbeni as a snarling dog of 
fur first-hand eicperience among war and Bill Stewart as a grim 
the men but disastrously longue* rnmmandmg olflcer who arrives 
tied. In towi hi? equerry cunt- lo- ref-ruit the stragglers for 


"tephame Beacham as 


B. A«. YOUNG { pictes one of three vivid doable Ireland. 


ARTS THEATRE. 01-B36 2132. 

TOM ST0PP4R0-S 

dirty linen 

■■ Hifanoui *1" SuiHiiv Times. 

Monday in ThvMd’v 0.30 Frida, and 
Saturdavai 7.00 and 9.J5. 


ASTORIA THEATRE. CC. Qiarirm Cre» 
Road- 734 4291. Mob. -Thurs 8.00 pm. 
Fri. and Sat 6 00 and ,8.45. 

BEST MUSICAL OF THE YEAR 
ELVIS 

EVENING STANDARD AWARD . 


CC- 956 E05G. Men. to 
Fri . Sat. 5.45 gad 8 30. 
Iffl TOI| — 


CAMBRIDGE. 

Thur. 8-00. - -- . 

lEl TOMB I 
EXCITING BLACK AFRICAN MUSICAL 
“PuHatliro Musica. ■ f. Nfm. 

Scat Prices C2.DO-ts.50 
Dinner and too-pwee seat £9.S0 I net. 

FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE 
DECEMBER 6Ui 


COMEDY. CC. 01-930 2578. Red Price 
Pret*. Ton't. A Tomor. 8.00. Owning 
W«ln««v at 7.30 SuM. e*BS. 8 00. 
Mm. Thur. 3 00 Sals s is and b JO. 
BILLIE WHITE LAW 
T. P. MrKENNA Jft 

MOLLY 

bv SIMON GRAY- 


CRITERION. 930 321 6, CC. 836 1 071-3. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in 5IX OF ONE 

" . . and a half DOZEN LAUGHS 

A MINUTE." 

SECOND '■ HILARIOUS ' YEAR. 


CRITERION, 970 3216. Credit card bkgs.. 
BS6 1071 Tramtett irom HamKieg6 
Theatre Nov. 7. Mgn.-Thur. «t g. f rl 
A Sit 5.4 5 A 8 30. "The moil h Harlem 
play for vrars ”, Fm. Times. 

. GLSO JOO 
by Michuei Hastings 


LYRIC THEATRE. CC. 01-437 3696. 
Evs. a 00. Thurs 3.00. Sat. S.00. 8.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

by Eduardo de FIIibpb 
D irected By FRANCO LEFFIRELLI 
"TOTAL TRIUMPH" Ev H;«s AN 
EVE’vT TO TREASURE." D Mr " MAY 
IT FII* THE LYRIC FOR 4 HUNDRED 
YEARS.' Sunday Tunes 


PICCADILLY. From 9.30 am. 437 4506. 
Creau Cards 836 1071. Mon.-Thurs. 
6.00. Fri. ^nd Sat. 5 00. B.15. A-r con 
Dominating with unfettered puilo and 
humour the BROADWAY STAR." D E«u. I 
SYLVIA MILES 

" Towering oerfonnance ■■ Daily Mail. 
VIEUX CAPRE 
bv Tenncisce William* 

' Wcrki like magic." Financial Timet. 

" Th-re has haro'v be^n a morr &any-»rq 
evening in the Weil End . . . me BEST 
COMIC WRITING IN LONDON " Ot» 
"Se* running hie an electric current " 
F.T. SEASON ENDS NOV. IE. 


PRINCE EDWARD. CC. 01-437 6377. 

Evenings e.00 Matinees ' r hursdays and 
Saturdays at 3.0D. 

EYITA 

OY Tim Rice and Andrew l lord -Webber. 
D i recico b» Harold Prince. 

PRINCE OF WALES. 930 8681. Cmd.l 
card bka-. 930 (iB46- II ivenls only 
be I ore New York Ouens 7 No*, igrev 
Nov 6). 

ALAN AYCKBO'.'RN-s tmash-h'l coniodv 

BEDROOM FARCE 

* II vou don't laugh sue nr." O Ejd 
A National Theatre production 


WESTMINSTER THEATRE. 634 02B3. 
Tim Rice A Andrew Lloyd Webber's 
J05EPH AND THE AMAZING 
TECHNICOLOR DREAMCOAT 
Starring PAUL JONES 
Tw.ce Daily. Opens Nov. 27 
Tickets £2. £3. £4. BOOK NOW. 

WHITEHALL. CC. 01-930 6692-7765. 
Evm. 8.30. Frl. and Sat. 6.45 and 9 DO 
Paul Raymond presents the Sensational 
Sex R«s»ue ol the Century 
DEEP THROAT 

Your last cn.v ce to see o ior ro transfer 
to Elvscc Montmartre. Par.j 

MUST END DECEMBER 2 


WINDMILL THEATRE. CC. 01-437 6312 
Tw.ce Nlgniir 6 00 and 10.00 
Sunday 6 00 and 8.00 
PAUL RAYMOND orMenis 
RIP OFF 

THE EROTIC EXPERIENCE OF 7HE 
MODERN ERA 

'■Takes ro uriprfl.-.edei’fed limits wh.H te 
oermissible on eur stage " Ev. News 
THIRD GREAT YEAR 


QUEEN'S CC. 01-734 T 16b 

Evgs 8 00 Wed. 3.00. Sal. 5 00. 8 30 
ROY DOTRICE. GEORGE CHAKIRI5. 
RICHARD VERNON. IAMES VILLIER5 
THE PASSION OF DRACULA 
"DAZZLING." Standard "HIDtDUSLV 
ENJOYABLE AND GENUINE TERROR. ” 
S. Time "GOOD CLEAN GORY FUN." 

S. M<r -'MOET SCENICALLY 
SPECTACULAR SHOW IN TOWN." Punch 


WYNDHAM'5 01-836 3022 CC 

Bkm EJ6 1071 Irom 8 39 -im Mon 
Thurs. 8 00 Fr and SaL 5. IS and 8.30 
"ENORMOUSLY RICH. 

VERY FUNNY" Evening Nrwr 
Mary O'Mnliev's smath-hil comedy 
ONCE A CATHOLIC 
"Sunreme comedy on sc* and religion.** 
Da.lv TcIcgrjDh 
"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian 


RAYMOND REYUEBAR. CC. 01-734 1593 
At 7 nm. 9 pm. 1 1 am Qrer. Sun. 
PAUL RAYMOND n-eienu 
THE FESTIYAL OF EROTICA 
Fully aircondlt.onea 
2ISI SENSATIONAL YEAR 


YOUNG VIC. 92e 6363. Ton t . Thur.. 
Fri . Sal 7.30 HAMLET. Tomor . Wed. 
r.Sn. Thur 2 RICHARD Til. pan of 
Shill- rrp care trilogy ACTION MAN. 

YOUNG VIC STUDIO- 92B 6363 Sat. 
8 tm Young Vic Co In Terence Greer * 

BALLROOM 


CINEMAS 

(ARC t R 2, ShaTtHbury Ave. 826 8861. 
Royal C-iaritv Premiere. DEATH ON 
THE MILE iAI All wall sold From 
tomorrow 1: 2 20. 5 20. 8.20 2: 2.00, 

S 00. 8.00. 


ROYAL COURT. 730 1 745 E*«. 8 00 

Sat. 5.00 and 3 30. Mum end Nbv. 4 
NICOL WILLIAMSON 
-A virtuoso oerlermancc " D. Tel. 
INADMISSIBLE EVIDENCE 
"Thu ,» one of me tew great Plays ol 
the century." D. Mall . 


CAMDEN PLAZA. rOPb Camden Town 
T ubel. 485 2443. The Bub Dylan film 
RENALDO AND CLARA >AAi with Bob 
Dvlan and Joan Baca in 4 track ttcrco 
Prjgs. 2. SO and 7.30 daily. 


MAYFAIR. 629 5036. Eva. C DO. Sal. 

5.30 and 8.30. Wed Mats. 3. DO 
.WELSH NAM iNA' THEATRE CD. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
- A d 'light ' Gdn Join u*. Nor 9 lor 
the 25th Anniversary Party. Shsw-Buffet 
Wine £.10. 


I ROYALTY CC &T-40S B004 

j Mcndav-Thuridav evenings 8 00. Friday 
S 30 and S.45. Salurdavs 2 DO and 8 00 
London Critics Vail- 
BUBBLING BROWN SUGAR 
Bnl Muslral ol 1977 
Tel. bookings acceoied Maior credit 
cards. Rnturant m 01-405 241t» 


NATIONAL THEATRE. 928 2252 

OLIVIER ropen n age) Tonight A 
tomorrow 7.30 ua*r 2 peris, this month i 
THE CHERRY ORCHARD by Chekhov 
tr am by Michael Frayn. 

LYTTELTON (proscenium stage'* Tonight 
7 as PLENTY new play by David Hare 
Tomor. 7.45 Plunder. 

COTTEELOE (small auditorium/; Frl. B 
THE WORLD TURNED UPSIDE DOWN 
New work by x ei:*i Dewhurev a tree 
adapt! i ion of Chr'stoslier Hill's book. 
(Perhaps not suitable lor chlldren.1 
Manv excellent cheap scats all 3 theatres 
day al peri. Car park. Restaurant 928 
2033. Credit card bookings 026 3052 


. SAVOY THEATRE. 01-9*6 6869 

Crebii ■ ard-. 7J4 4772 Tom Lynn m 
WHOSE LIFE 15 IT ANYWAY? 

-A MOMFNTOUS PLAY I URGE YOU 
TO SEE IT." Guardian 
Ergs, al B 00. Fri. and Sai. 5.45 and 8.45 


CLASSIC T. 2. 3, 4. Onlord Street fopp, 
Tottenham Court Rd lube*. 636 0510. 
U and A Progs Children nel<-Pricc. 

1: WATERSHIP DOWN <UJ Proas. I 45. 
4.00 6.15. 8 35 

2: HEAVEN CAN WAIT |A> Props 
1 40 3.55. E. 1 5. B 35 

3: THE TURNING POINT IAI ProOS. 
I.OS. 3 30 6 00. 8.30. 

4: THE DRIVER (Al. Progs 2 05. 4.13. 
6.30. 8.40. 


OLD VIC, 928 7616. 

PROSPECT AT THE OLD VIC. 

_ THE LADY'S NOT FOR BURNING 
Derek Jacobi ** easy and rlnlc authoriiv." 
E. Standard. E<leen Atkin?. ■■ rivet-nq 
physcal fluidity' Financi.il Times "A 
2**n of a performance from Robert 
Eddison . . . .Michael Denison John 
5i»ifl*n* and Brenda Bruce tenon up tne 
laughs." Guardian. Today 2 30 and 7.3D. 
KING LEAR with Anthony OiuvIeaDmi 
Oct. 23. THE RIVALS returns Oct. 26. 


OPEN SPACE.. 387 6965 BECKETT 

DIRECTS BECKETT, Krann's Last Tape 
and Endgame. Tucs.-Sun. B nm. 


PA ACE. CC 01-437 6634. 

Mon-Thun. B 00 Frr. and Sat 6 PO and 

JESUS CHRIST. SUPERSTAR 
by Tim Rice and Andrew Llovo-wcober 


PALLADIUM. CC. 01-437 7373. 
Tuesday Ngv. 14 Ipr 5 days only. 

_ MARY O'HARA 
SWINGLE II aM CHARLIE SMITHERS 
BOOKING NOW OPEN. 


CURZON. Curran Strccl Wl. 49" 3737. 
YOU LAUGHED AT HIS AFFAIR . . . 
NOW LAUGH AT HERS 
PARDON MON AFFAIR TOO! I A} 

I Engl ish ■.ubtitlasi Film at 2 OO inpt 
Sun i 4 05 6.20 and- 8.40 


SHAFTESBURY. CC. 01-836 5596-7 
01-836 4255 Evgs. al 8.15 Matinees 
Thursday 3 00 Sai. S 00. 8-30. 
TERENCE STAMP In 
EDWARD GORE r '5 
DRACULA 

with, DEREK GODFREY . 
•■ABSOLUTELY STUNNING." 

LAST 2 WEEKS. ' ENOS NOV. 4. 


STRAND. 01-836 2660. Evenings 3 00 
Mai. Thurs 3 00. Safe. 5.30 and" 6,30 
HO SEX PLEASE — 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH — 
OVER 3.0QO PERFORMANCES 


ST. MARTIN'S CC 01-836 1443 
Eyas. 8.00 Marine** Tues. 2.4S. Sau. 

5 DO and B.OO 
AGA Tt A CHPimS'S 
THE MOUSETRAP 
WORLD'S LONGEST EVER RUN. 
26H1 YEAR 


TALK OF THE TOWN. CC. 01-734 SOSI. 
Alr-r&nd'Mf)r>*d From B 00 Dinine 
Dancing 9 !u St PEPS REVUE 
RA2ZLE DAZZLE 
AT 11.00 PETER GORDENO 


THEATRE UPSTAIRS. 730 2554. Mon. to 
Thur. 7 30 Fri. and Sat. S.lSandS.lS. 
Travery Th Prod « THE SLAB BOYS 
by John Bvrn*. 


LEICESTER SQUARE THEATRE 1930 52521 
Kirk Douglas -n a Brian Dr Palma film 
THE FURY rx«. Sep. Perfs. Wk. 1.00. 
4 50. 3.10. Sun J SO 7.45 Sean 
Whig, lor Evening Peri. Mon. -Frl. & ail 
Peris. Sat. A Sun. Last 3 days. 


ODEON. Haymarkel. (930 2733'2771.J 
MIDNIGHT EXPRESS (X). Sen. progs 
Diy at 2.50. S.3D, B.30 bm. All sears 
bfcblc- 


VAUDEVILLE. 826 9088 Eves. 0 00.1 
AN EVENING ».ITH UAYE r-f C s 1 
"UNDOUBTEDLY THE FUN*“IE T 
SHOW IN TOWN." Sun Erprer,. 

’ LIMITED SEASON until D«. 2. 1 


ODEON. Leicester Square. (930 EITI.I 
TH6 CHEAP DETECTIVE (AJ. 5cp Progs. 
Diy. Doers open 2.00. 4-45. 7,45. Last 
NB ' No 2 00 Pr00 ' Monday 

4- im "0.7 0. 

ODEON. Marble Arch. W.2. (723 2011/2.) 
CLOSE ENCOUNTERS OF THE THIRD 
KIND fAl. Sep. progs, doors open 
Mon.-Fri. 2.00. 7 30. SaL 1JJS? 4.isl 
7.45- Sun. 4 00. 7.30. All seats btblc. 

PRINCE CHARLES. Lee So. 437 8181. 
— , Wa I^ r ' ah Borgwcryks 
THE BEAST Londdn tX>. 

. p*rtsi 12.40. 3.10. 5.55 B.3S. 
iSun 3 1 0 5 55 B.S5». Late show Fri. 
and Sat. 1115 Seats bkhle. Lic'd bar, 

STUDIO -1 and 4 ■ Oxford Circus. 437 3300. 
1. Jill ClaYburpii Alan Bales ip Paid 
Maz-.rHrv s An Unmarried Woman fXL 
Prens i C5 3 31 6 pi ff 15 ue? show 
Sal IP 50 4 Ao^-hs r hr Min's Death 

n- -e- A*iir -n. Sen ^r»s. dlv. 2 15 


•v 


4 



Pr 

pr< 

ch; 

BY MA 

THE pr 
decided tr 
allegation 

Wilson ft 
number c 
were coni 
paign ayai 
Parly on 
197-4 Gem 
The foi 
allegation 
lowing th« 
affair. Mi 
was. had - 
an orchcs 
himself. I 
Lady Fi 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Snbseqi 
i old the 
did not 
pneto rs 
instructed 
round a 
material." 

The Pr« 
m hear 
Sir Haroli 
formal co 
un the 

.iCJin^T l 

runnel I s; 
Royal Cc 
Lhal ther 
Labour l>i 
The Pr. 
is one oi 
li.-hed tod 
In a no 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 



14 


FINANCIALTTMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4JP 1BT 
Telegrams: FUunUmo, London PSd, Telex: 986341/2, 833397 
Telephone: 01-248 S0O9 

Monday October 23 1978 


Middle East 


I WHAT BRITAIN SEEKS FROM A CURRENCY PACT 


■- ' . • -J? IGeulUlili ■■■. 



in the EEC 

BY GUY DE JONQUiERES, Common Market Correspondent 



L EADERS of the Nine the Government 
Common Market Govern* December. 



leaders in between . national economies 
■ rather than to narrow them. 

meats will - frieet in. jj has. yet to be decided! for ^ 1978, the . last year for 
Brussels on December 4 and 5 example, by what criteria re la- which- complete figures ■ are 

to decide the final details of a jj ye wealth should be measured. ava U a hIe. the only poorer 

planned European Monetary in Gr0ss national counfry t0 receive a ' substantial. 

System (EMSV which is product p^. capita ^ Qhe transfer of resources from the 

THE completion of the draft of involved in negotiations, while intended to stabilise -obvious yardstick. But what budget was Ireland. But Britaia- 

a peace treaty between Israel Saudi Arabia, whose support is currencies. Besides deding with else? Ireland wants national ma ^-u t ! , - e v « c ?LJ? et 

and Egypt is undoubtedly an essential, remains aJoof and any reraainmg djfferencjes unemD i 0Vme nt and nonulation , 

A word in confidence from Herr Schmidt to Mr. Callaghan in Bonn !®st week . trftca KittBp' 
...... ... !•. ■ . was high on the agenda...-. , 

ing the-.lot' of'jts Medierran^ i'i 
farmers.' - if " ■■ ’ 

balance 1 of payments to be other hand, Denmark and the The main reason for: these reached in 1081, and the com- 3 -^A. <A ange af foe- fttfg 
sign a separate peace, partly Another item on the agenda, taken into account, but Mr. Netherlands did extremely welt sharp increases is the mission would like ' ' 

because until President Carter ! n * ards the establishment of h Jess highly-publicised, Denis Healey, the British Chan- despite a high GDP per head, start of this year, Britain has ments to authorise a significant presMitedpadly. suchgdema- 
took the leaders of the two pro- better relations with its long TOU j d also for de jj. cellor.of the Exchequer, has The only countries whose net been obliged to pay in sterling increase in revenues, pe liiaps ..would aimo^fiMtainlyjproviij . 

tasonist states to Gamp David nvaI If**- The angry cate negotiation. It arises from objected' that the logic of this budget contributions were at all valued at current exchange to 2 per cent of GNF, or around a strong ^ - 

last month, negotiations between be ^ c en A 1 }? “fgj the demands by Britain, Italy principle would require India related to. their capacity to pay rates, rather than at the artifici- £30bn. a «*»*■»»«.» t« the EEC Governments. vrii.M, 

' n and Ireland for additional to transfer resources to the were Germany and Belgium. 


any remaining oinerencies unemQ i ovmpr , 1 . _ ni i nmmtattnn contnouuon 01 aooui 1ZUUH, » 
important breakthrough . in the local Palestinian leaders have which their Finance Ministers growt 57ates to^e K into it ranked seventh arrmng 

Sl^rel^rSSth^Si K? are “ejected to declare “2f" ***** SeatL . _ . 

XL* *'**!«**&«* t ’S,; W "***”1 «- « «* “-SS2L V? Ita ' y !. 50 .. w *°- t llar dly fcenefited at «11. On the 

22-JS ZZS* r I accords m of haod. is moving «t -mi™. 


lheiu seemed doomed to failure. 


... _ n.invth, ..... A ,, 1 , - nn OUU 11 CUUIU «UIUUUU(U IU UUUIC 1 1 tSUUUitS W UK 

With the removal of EgjTJt from ® h^ft *h*re‘n OW measures to strengthen their U.S. in present circumstances. 


According to the EEC Governments, vdiiph wou 
ally high rate which prevailed authoritative McDougall report oppose reopening, ihis'-deJice 


the line up of states confronting siderations but there now seems economies in paralJel with ^ 
Israel the outbreak of another {? a ^ond chance of recona- application ^ ws They 

full-scale Middle East war before the Arab summit ^ observing stricter 

becomes less likely. meetmg vvluch 15 due in Baghdad rate disciples would 


For the U.S. and for President nex * w ®ek- I impose tough constraints on the 

EEC’s weaker members, which 

...... _ „ c .must be offset in some way if 

LfISfi ® S LuJeasting disparities in economic 


Carter personally, the conclu- fyfffitarV Strength 
sion of an agreement (which J 

depends on the approval of the 


The main reason for that during the first. five_ years of published last year, that would question. only, four yeu^.afj - 

imbalance is that three-quarters membership. - This results from permit the budget to start play- it was supposed! j^setfleti ai t 

of the EEC budget is still spent the adoption,- last -December, of ing a significant redistributive EEC;, renegotiation);. The-.Go 

on the Common Agricultural a new European* -Unit of role. mission . woidd ^.probably , ai.. : 

Policy. Britain, with its small Account based on a-.group of expansion of the budget,^ ",tr.ead as oauti0!raly at this $ta . 

farming sector, derives negii- floating EEC Currencies, It if it happens, will, probably. f*arj ^ : .T?vi>i^ r th^bj4I , - 
gible benefits from the system replaced the previous' unit in coincide with the beginning of. controversy/ayer- the : piiaciJ ■ - 

ancles Were valued enlarEement of the EEC to inr ® £ . a “Just return ” froip-bud, 

71 . _• 1 j? _ _ fni*n 


Reforming the 
EEC budget 

* although it has to hand over which currencies Were Valued 

thfaSHo^ies are m X> Brussels the levies; imposed at Uieir _ 1971 pie-Smithsoman elude 


new 


three relatively poor, tary- contribu&das' which -dSvid 
members. . Even though t he- EEC in the 1960s.' Fp^jj " 


respective governments), will be considerable financial and ml11 - performance between the Nine 'SZ 00 its substantial food imports, fixed parities. 

a considerable diplomatic tary strength behind the crea- t tQ w wi( | er r eXa ?J y « W ™*i These form part of the “own Those who recall the lengths Britain. Ireland and Italy would reason; the v commissioned 

achievement E°vpt which **■*" >,nn nf a now mh-Vinm) nndi _ .... want. ltBJvwouio aonarenuv oe n .1 /, a— r> , : . ___ - •- 

fought in ail four Middle 
wars since the foundation 
the state of Israel in 194S, 

gains all the territory that it region If it signs a separate British Prime” Minister, ’that ESI weiI because so . many of its cessions which: It:- extracted tion from GreJ^I. Portugal, and But.the contribution: 

lost to Israeli conquest and agreement with Israel. Yet this u concurrenf studies” should ° S n r peasants grow Mediterranean from its.- partners. - then Spain for the available money.: ism will. In anycast' *- 

should acquire the peaceful threat do« not appear to have bjj d rted duri ^ gecond J!fan^ an extensmn ot tne productSi which enjoy weaker have not prevented so sharp Moreover, while Italy arid' Ire- rraa mined if butjget speniB .... 

conditions it needs to concen- seriously held up the negotiat- . . . . determine Coi °“ lOD Agricultural Policy to pnce suppo rt than do the an adverse, swing. But the i an d can - reasonably argue that- -is -to be expanded -^ighifieMt 

trate on its overwhelming ing process in Washington last that objective might be wSi’ northeni European products notoriously complex- “correc- Uieir industrial economic de^ arid this could pfbvlcfe in ^ 

domestic problems. The most week. Jt is not yet clear what T h e British Goveni- nn^f iUce milk . and ^ rtve mechanism ” -.agreed in velopment is constrairied by a’ tune' moment for 'BHte™" 

pnlent threat to Israels exist- formula has been agreed on for ment W - Quld clearly like to ntl an^ncS^Snl FFG* Britain does receive what 1975. which provides for re- genuine capital .shortage, this: press im.case.^eriarer^tea* 

*“ ““ — ‘*-"**- 4 - — a i s Jess obviously the case ia^ ^ doubts in the CoiffimssUifrijii . .. 



cnce is being removed and like the linkage of the peace treaty 


The British Govern- out of the existing CAP, would 
would clearly like to ji^ e an increase of EEC spend- 


- -'—“o iuuvo^v. u» uiv u rtKtoin enma rninmitmont from - — ’ __ — . >, — amounts to an EEC subsidy in funds to countries 'making a 

Egypt it stands to make consid- and progress on the West Bank, Dar tners which would make 1116 form of Monetar >' Compen- contribution disproportionately Britain. Many economists would the Wisdom of jafaing-addkioB' - . 

erable economic gams from the but from the statements that teSe SSSiSw ff satory Amounts, or -green large compared with their ar3Xie that what is lacking in- revenues -by extend SgVtevL 

norma iisation of relations with have been made the formula scOTtio^rthom? money,” which cut the cost of economic strength and pay- Britain is the rate of return based financing I- 

iiJ ? b ur - Wh, r h hou d does not appear to mean any re- }j* “ hSm^verv ° c 1 m r 2 ® f food imports by about 25 -per ments position, has been of no ne cded to make investment take effect - nSiLr. iWi^h 

ss the s,gn,ns 01 aa asre& SS" c ~ bumssss r.w s swasw/s: 

Basic issue cJw«? & C.^.£S!l "2 ^Tthe ir Govemraent , ftr 

nwsns «3^-sgMg 

^ J55u5 L.« a«ar«s ssaa. 

sriis 1 sr&zz. r t** ^ tr &: rr Three' M»i n 

future of the Israeli-occupied the most constructive policy entrusted, only began discuss- ing to secure a reform of the If partiaI y ° ffset f kf l.IirC'B HISIH Britain joined. The Commission y 

West Bank and Gara SMp The that the Arab states can follow ing the project late last month. EEC bud^t to en/™ a more - £ as t n ? w offid ^ y to .the ™ « ' 

critical weakness of the Camp « to see what improvement The Finance Ministers will not equitable distribution of exist- 3S2?^ t tl ’ ’ OOtlODS British view that high prices 

nntho atfroemonilMf ui». -* i. .! ...” which it is entitled to a large are the main cause.of farm. sur- ' wane.' of .tnes^.nwHBa^BS. - 

Assuming that Britain is pluses and has pledged itself likely, toyield resuitsdvernigh-- 
serious about .'-tackliag the to try to reform the dairy sec*. The Bri^/r^dyepametft no - 
budget imbalances, at tiieir root tor. U hopes that when EEC appears; ^acknowledge. Ihi > .- 
" JZZ ZXS5SL Z !SH.Jf- pre “ nl . per ' penditures in the whole Com- and will not settle just for a leaders mertin December they and : Its;ite::a3m *as becom •• 

p 08 le to versely to exaggerate differences niunity this year will amount to token financial hand opt from will formally back its daily pro- to setbrejfc^flrin: • bomnritmei - - 



mentation of the agreements on ^‘ n S Hussein has been doing: 
the future of the West Bank. l*_ /A 8 . 8 ^ 5 JA!. a f ccor ?. s .. as .*!! 
Instead the li.S. and 


vovnt in adequate basis for peace but 
tried to convince Jordan^nd 0 ^ a ^^ 0 S! ) , n y s rej ^ a d t th h e e 
the Palestinian leaders of the been told by the U.S. has not 
area that it was worth their so far satisfied him but has 
while starting their own nego- apparently caused alarm in 
tiations with, Israel. They told Israel. His position is nnt made 
them that the accords on Sinai any easier by Egypt's actions, 
demonstrated what Israel was. With the lurking possibility of 
in principle, prepared to give a more extreme line being 
up. and showed that once Israel adopted by the Arab states at 
got the smell of peace in its Baghdad it might be better If 
nostrils it could make some Israel, if it really believes an 
surprising concessions. overall settlement to be possible 

But so far it is not clear that at this stage, were now to make 
that policy has been working, some gesture that would enable 
The U.S. Government has failed talks on the West Bank to get 
to persuade Jordan to become under way. 

A sensible tax 
reform 


HET CONTRIBUTIONS TO COMMUNITY BUDGET 1976 


GDP per capita (£s per annum) 
original figures in dollars have 
been converted at average 1974 
exchange rate 


Denmark 

Germany 

Belgium 

France 

Netherland 

Luxembourg 

UK 

Italy 

Ireland / 


4020 

4.040 

3.720 

3.630 

3.600 

3,530 

2.150 

1.680 

1,360 


Net contribution per capita to 
EEC Budget (£s per annum) 


.Germany 

.Belgium 

UK 

Luxembourg 

France 

Italy 

Netherlands 

Denmark 

Ireland 


+13.1 
+5.9 
+3.9 
+2J 
+0.8 
-0 A 
-9a 
-28.7 
-39.9 


These figures do not take account 
of payments from the So dal Fund, 
since the only data available on 
these refer to commitments rather 
than actual receipts. They 
exdude MCA adjustments from 
May 1976 when the system was 
'changed so that MCA payments 
were made to exporters. 


OECD: Main Economic Indicators 


less than 10 per cent of the the EEC next December.,, there posals and instruct ■ their agri- f ropj Jg£C: ; leadft£ ^ tackle tfc r 
total EEC budget, worth about are three main options Jjpen to culture ministers .to exercise budg^ri^no^ies within 
£8abn. Britain has also drawn the Government., It bo/fLd seek: tight restraint at next spring's-' spec£ge^Tpe^od.; v l£7lias son' 

heavily on the European Invest-. - 1— A big -increase pf the price-fixing. ■ ,Herr : Helmut' soiuwS-argnniwUs tp support it- 

meat Bank, which uses the overall bufiget.td, provide extra .Schmidt, Chancellor of .- West -eale>,bat.+^ have, to 
p’EC’s good credit rating to funds for non-agrienltural Germany, among others, appears deployeti vskilfulJy -and co 
borrow on international capital spending.' Ireland and -.Italy inclined to take this idea sen- stroctUtel^ .Iftntani' could c 

markets and re-Iend Uie proceeds would probably support such "a dusly. worse- ; tK^u-take a leaf out < 

to member states. But EIB move (provided they did not But ; Britain would almost cer- the .dfasSc ?F>encli ;book \ 
loans must eventually be repaid, have to pay for it). In any case, -rtainly be ill advised to try to a ssertizig;theit ,apy system w hit 
The cost of Britain’s net con- the EEC will soon have to face force the pace of CAP reform distributes 1 benefits; sd uneven 
tributions to the budget are a major decision on the tdo much. If the Government is ni^*ci»n»nuhimtaire. 
rising dramatically this year to budget’s future. At present, wept all out for some of the In. ahy eybot,’ if Britain is 
£660m, compared with £3S0m budget revenues are composed mbzr>;.radical proposals recently obtain^ ^ any worthwhile reforii 
last year. Tbe figure for 197S of the proceeds of customs voiced by some ministers — such it Will have to demonstrate mo 
is about £50m more than Britain tariffs, agricultural levies, aod as smting a rigid annual ceiling dipiomatic doll than it ,h. 
paid over tbe exchanges to the direct contributions from on CAP expenditures— it could dorie sdfarlrrthe EMS negoti 
EEC during the first five years national exchequers — the latter easily ; arouse fierce opposition lions, where its wavering serw 
of membership. Moreover, the to be replaced from the start of that would frustrate the purpose, only to ensure ’-'.-that its viet 
Treasury estimates that there next year by a portion of It would also be likely to break were' ignored when ' enrid 
will be further rises of more national value added tax assess- ranks with Ireland, which would decisions were taken. It nu 
than £100m next year and nf ments. resist any attempt to reduce its have an uphill tadc convinch 

£65m in I960. Only then will The ceiling on these “ own. benefits from the CAP. and with its partners! that it 'mem 
net contributions even out. resources” is currently set at Italy, which is intent on Improv- business. 


MEN AND MAHERS 


He is to lecture at such pillars of' the penal code, copied minted in Cork during the siege 
of the U.S. Establishment as directly from pre-war Italy, ban of 1645-47 Sotheby's forecast it 
Yale University and the Harvard the setting of one social class would nut fetch' more than 
Business School. But he is also against another. Apart from around £80. But Spinks thought 


THE CASE for abolishing the his petrol than his counterparts 
annual road fund tax on cars elsewhere in Western Europe. 

and vans and making goud the Secondly. replacing the , , _ 

luss of revenue by raising the annual excise duly with a PrGaChlllg tO tnG 
duty on petrol has been heavier tax on petrol would . _ 

seriously considered by . the. serve the interests of transport nGBlnCII 
Government on a number nf policy. The use nf cars tends 
occasions In recent years 
main attraction last time 
was in 1976, was the nnt 

siderable administrative — — — . . .. . ... . . 

the proposal would offer, petrol, than, by the overall costi nM ** ee - Anthony Wedgwood 
Phasing out the road fund 
would reduce the manpower 

office^'b^a^Ieast^Otk^jobs costs* closer to' n actuai rCe co^! supporters ^ ex^President Ford comp ^ red wi *Jj JJ?® Union of Journalists. He says event” at Longleat House to 

offices b> at least -.000 jobs, costs closer to actual “ s « an S H u:e GOP. Mrs. Joni Lysett Tribune Group. .1 Bonn tha t he was gieeo a penoaoent which the public had been 



Material 

The decisive 


with pu“bhc e tr a ^port“ m a? mucS oSSoSS w^ts to S$A up ^dVguard^by'his^VsLs. with encouraged 

less favourable, emeciaiiv in on Hampstead Heath most days JS2? Jw .- r Jr” even hls hole I door suarded. 


American Democrats either. 


to bring their 

,™ favourable, esoeciallv in on nampsieaa Heaui most aays even n,s n0lBI aoar suaraea. treasures” for valuation. 

*". v . ars^ents, urhan w h ere congestion and v/ii0 chairs the ERC, tells p^ v " The political death toll in Even more remarkable is the 

which led to the proposal bemg d p ^ t>irnnmon ^i me frankly that most of her IL/’initiami ^tctiirhS Turk ey so far this year exceeds experience of a fisherman i 

In^Sed" SIS eoraiSe^Sl - io^.u“® Members are - outraged - b, the ^“£££“£"5* 50Q ' Tha .2f 5 . cn.npetitson who 

were r iJkS!r A in ties lebd to more dependent Energy Secretary’s views. But never wan^British sociaUsts to Ecevit is hedged to abolish reeled in. the blade of an Anglo 

were likely to encourage ; „ eh« nHHe that TPBr uracterf . BVBr waui isnusn sqciaus>u> to rh „ ,rtM.e h.,t dddv Raxnn mnrri w» u>on» 

motorists 
and more 

Sri“Esfi 

nerable to import competition. £ r J?* “ S of vehlde escise “oPPhsitioa” she did not mean 
This was, and still is, a point d y evenue - to suggest that a Tory govern- Turkish Shift . . .. .» „ co c .. _ . . , 

to be considered. But the lap«e CnW men t l! * looming, merely that ’ . " defending Urun, all 52 of them. The tunes they arc a’changrag. 

of time has not seen any Benn supports “the opposite The Socialist International is have asked the country's Consti- Not. so long aeo the only 

material improvement in the Finally, the administrative political theory to the one we in fact set for a new member, tutional Court tn declare the thought the Arabs gave to : the 

competitive strength of British- savin S s cannot be ignored. Nnt adhere to." the Republican People's Party articles unconstitutional. The Zionist Federation of Great Bri- 

made small cars, nor has there l ^ e * east consideration here is After what the ERC describes of Turkey. The decision to ad- last time such a request was tain and Ireland was on how to 

been much indication of the ihe, relative ease with which car as a "guzzle and a scoff" Benn mit the RPP has now been made made in the mid-1960s the court blacklist its members. But last 

situation being remedied in the excise duties are being evaded: is to speak on socialism in Bri- and has only to be ratified at voted eight to seven against week Eric Moonman and Sidney 

foreseeable future, indeed, accord fog to the Department of ram. The ERCs first handout lh e International's meeting in this. But after the excesses of Shipton, chairman and general 

some of the new models which Transport some 7-9 per cent of says he would talk on a "so far two weeks time. But for Bi ‘ 

have been introduced 


RPP's Saxon sword, H? went on to see 
Senator Ugur foe blade make £350 last 
action is Tuesday — and, earlier, to win 
delayed ‘ by the -RPP’s lack nf foe competition, 
a clear parliamentary majority, 

But a new method may have . 

been found. The lawyers v/HV© Df© nGilG® 


... Bulent the martial law period of 1971- secretary of the Federation, re- 

by the cars oi^ the roads are at J unknown topic." Did they con- Ecevit the leader of the RPP, 1973 today the mood is more ceived a telegram thanking 
~ 4 rr " " ~ J . • . - ■ ■■ " them for their “kind congratu- 

latory message” in support of 
the Camp David results. The 


British-based manufacturers are Present not taxed. The adminis* sider socialism unknown here? unleashing his troops on Cyprus in favour of a change, 
imported from abroad. In foe Jretive savings would be limited "Oh. no.” Mrs. Lysett Nelson in 1974, the RPP would have 

meantime, the arguments in by . fo e nee ? J to j retain staff to says. "We’re not that clever." been a member considerably 

favour of altering the basis of c0l]e ? t . “g* duties on com- The handout was prepared be- earlier. CaM w Sfh o enne r telegram also assured members 

motoring taxation have not lost M ® rcial vehicles and to operate fore Benn suggested the subject It calls itself a democratic * su,u WIU1 “ of the Federation of “my best 

force. whatever form of car registra- When I traced Benn down to leftist party, arguing against Art-world folklore features little wishes of continued health and 

In the first place, making 11 *u BS decide “ ^ foe Bristol hotel where he spent foe label social democrat since old ladies arriving at auction happiness.” The sender Was Pre- 
petrol more expensive has “ ainlal J 1 *** , tax ° ad ™e weekend visiting his con- tt believes this has overtones rooms with a long-forgotten sident Sadat 

much to commend it on grounds f ° r ? tltqe j ,cy he explained his ven- of Marxism. But recently it has trifle which turns out to be 

of energy conservation. It \s E SJ? rt °L SSS? t0 JH nst ^ in to foe enemy camp had to face cnticisms from worth a fortune. Unfortunately . ' 

ludicrous that motorists should JJ? F " UQn ^ stem ?, sa P»eoe of missionary worir.” other members of the Inter- attic junk rarely fetches Attic GlOWing reference 

be paying in real terms no mnre " ein " retainecL He complained that "an awful national over tbe way that it prices, but last week Sotheby’s a ,. n , Llt „ 

now than they were before the All in all, however, the argu- Jot. of rubbish is written about w the only would-be member saw three exceptions to the rule £ 7 „ ■ re P° Tts receiving 

OPEC countries quadrupled ihc ments in favour of making the British socialism" in the U& which governs with the help of that people usually overvalue me ,fo" 0W1n S reference for a 

price of or crude oil five years change would seem to out- P ress an d revealed that he will a penal code in part copied from their bric-a-hrac. would-be employee: ‘Despite his. 

ago. If petrol duty were to he weigh those asainst. If the be making three lectures in the Mussolini. Q n ThuTNdav a linv forthinsr C0U1 P 1 . ete 1 3at * of experience he 


increase of about 19p a gallon— lion lo dearer petrol, then the Sion to darkest America to publishing the programme nf mher routine Mins ?t!'T small witI ? en . thl “ 1 f sm » ynnrs • " 
the British mortorist would still Cnnsenatives should vote in make the case for democratic the Communist Party nf box Thoueh it was correctly /IAoawmaw 

be paying considerably less for favour. socialism." Turkey. Articles 141 and 142 catalog 8 ! h™n“I •' UQSerVer 


number nf 


as having been 



London to Dallas-Fort Worth non-s±op- 
Daily. It ? s got all the right connections 
in America’s Big ^ 

. s col ourflil 747- tekes off daily.- • - 

liTim London Gatwick at 21.4oarH to 
BalJas-Fort Worth, arriving at3.05pm. . 
At Dallas-Fort Woith thereare imraediata 
connections with Br aniff flierhfea trVmaiOr ' - 



on 01 - 491 463 J. 

xiere are some sample anival times: - - 



BRANIFF 

INTERNATIONAL 

•rhinhiSid L&VAhts!c&. H:n-, vii, Mexico, !>juth Awtrk;: :md r>jropc 


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Financial Times Monday October 23 1978 


FINANCIAL TIMES SURVEY 


Monday October 23 1978 



tattle 
f the 


iants 


By Max Wilkinson 


7HE OFFICE equipment mar- 
ket is becoming the arena for a 
Lruggle between international 
ompanies in which the advance 
f technology is constantly 
hanging the rules. 

The boundaries between the 
id familiar products are 
loving so rapidly that the com- 
ames which customarily served 
lem are having to show a 
•prightly adaptation to the new 
larhcts. But what is even 
lore confusing 1s that many of 
ic products which have 
merged only in the last few 
cars are beginning to evolve 
.urtc new functions that put 
. tern in a different category of 
]e industry. 

: Thus computers are starting 
t control telecommunications 
..etworks at the same time as 
^communications become an 
itegral part of computing. 

■ lectrostatic copiers, which a 
*w years ago appeared to be 
raightforward rivals to stencil 
aplicators are now being 
nked to them. Copying 
:achines are being plugged into 
dephone lines. Typewriters, 
■revision displays, computers 
id tape recorders are forming 
somewhat mysterious alliance 
ider the term "word pro- 
.issor," Then it turns out that 
ord processors may not after 
1 be machines to make typing 
ore efficient, but the start of 

: communications revolution 

■ hich will challenge the 

- nuliar Telex and surface mail 

- the same time. - 

; Mechanical parts in all 
. achines are beginning to be 
.■placed by electronic circuits, 
j that a whole range of mamt- 
.lcturing skills are faced with 
bsolescence. Consumer items 
fce television sets and video 
pe recorders are . becoming 


I 






i 


The rapid growth and diversity of today’s office equipment market is breaking 
down the traditional demarcation lines of the industry. New electronic technology, 
in particular, is bringing remarkable possibilities for office systems 
designed as part of a communications network. 


standard business equipment 
Meanwhile small computers are 
becoming so powerful and so 
cheap that the constraint on 
their market is shifting from 
price to the ingenuity of sup- 
pliers in finding new uses for 
them. 

Complexity 

These changes have been 
driven along by the rapid 
development of micro-electmnic 
technology which has moved 
from the production of single 
transistors in the early 1960s to 
the development of complete 
computers incorporating many 
thousands of elements on silicon 
chips only a few millimetres 
square. The increase in com- 
plexity of these integrated 
circuits has been accompanied 
by a spectacular fall in price 
and large increases in produc- 
tion volumes. 

The fundamental relationship 
between component maters and 
the manufacturers of office 
equipment is therefore begin- 
ning to change. It used to be 
that the component makers re- 
acted to demand from equip- 
ment companies. - But now the 
economics of semiconductor 
manufacture depend so much on 
high production volumes that 
the component companies are 
engaged in a restless drive to 
seek out new markets and to 
promote new products. To this 
end they are also beginning^) 
move into the manufacture -of 
products like micro-computers 
and terminals. v ; 

: - -The rapid Increase In the size 
and diversity of the office- equip- 


ment market has been accom- 
panied by two other trends. 
First, manufacturers have 
tended to specialise; secondly, 
they have marketed their pro- 
ducts on a worldwide rather 
than a national basis. Thus 
Diabolo and Quume came to be 
dominant in the production of 
printers, and their machines 
were incorporated by a large 
variety of original equipment 
manufacturers (OEMsi serving 
many different market sectors in 
different countries. 

The availability of basic equip- 
ment like printers and mini- 
computers at fairly cheap prices 
has enabled a large number of 
smaller companies, particularly 
in the U.S.. to develop their own 
systems using bought- in hard- 
ware as the basic building 
blocks. The word processing 
marker is perhaps the best 
example, because in spite of its 
immaturity it supports more 
than 40 companies all competing 
fnr a share of revenues. 

Although it is unlikely that 
more than a handful of these 
small companies can survive in 
the long term, they have played 
an important part in developing 
products, stimulating market 
consciousness and in enticing 
the large multinationals to 
follow them into hitherto un- 
explored territory. 

At the same time as the 
larger companies develop pro- 
ducts for new markets, they are 
also engaged in a series nf 
disputes over the traditional 
demarcation lines of the indus- 
try. Thus .mini-computer makers 
led by the Digital Equipment 


Corporation (DEC) have moved 
strongly from industrial control 
into business systems. Inter- 
national Business Machines 
(IBM) has moved into tele- 
communications with its private 
automatic branch exchange 
(PABX) and in tbe U.S. at least 
with a determined bid to rival 
the telecommunications com- 
panies with its own network of 
data communications. Com- 
panies like ITT are increasing 
their emphasis on the range of 
business products. 

The blurring of the old 
industrial boundaries has been 
accompanied by a series of 
titanic struggles between the 
large multinational companies 
which dominate the industry. 
Perhaps the most spectacular is 
between IBM and Xerox, which 
is being fought out in a range 
of markets across the world 
with Dutch Philips and ITT 
entering the fray rather laTer. 
In addition, almost every mar- 
ket in the office equipment 
market is strongly contended by 
Japanese manufacturers. 

From their respective bases 
in computers and plain paper 
copiers, IBM and Xerox has 
each tried to move Into the 
other’s territory. Xerox's foray 
into main - frame computers 
proved an expensive disaster. 
It had to withdraw entirely 
with heavy losses. IBM, on the 
other hand, had considerable 
success in developing a fast 
copying machine, which precipi- 
tated a price war in the U.S.— - 
although not in Europe. Now 
both companies are beginning 
to compete head on in the 


emerging market for word 
processors. They will be con- 
tending with Philips. Olivetti, 
ITT quite soon, and a host of 
smaller companies. 

Word, processors are one of 
the most important and least 
understood of ail the new 
office machines. They have been 
represented separately as an 
obvious evolution of the electric 
typewriter, and tile gateway to 
a completely new typo of all- 
electronic -office environmenL 

Both views are partly true; 
that is why word processing is 
so vitally important to the 
strategies of the multinationals 
serving the office equipment 
industry. On the one hand word 
processors are no more than 
electric typewriters plugged inti* 
a magnetic memory. The 
memory records what is typed 
and can be played back to pro- 
duce an extra copy or an extra 
draft when needed. This simple 
concept of automatic or powered 
typing is easily understood by 
office managers who might resist 
a more complicated concept. 
IBM has therefore shown great 
subtlety in introducing a rela- 
tively simple system with which 
it has tied up about 75 per cent 
of the present market in the 
U.S. and certainly a major share 
in Europe. 

From this base it will be able 
to launch the next generation of 
word processing equipment, 
which is what really interests 
all the major manufacturers. 
This new equipment will be sold 
as a word processor, because 
that is the terra with which 


office managers are becoming 
familiar. In practice, however, 
it will be little different from 
a computer terminal or perhaps 
a computer on its own. 

These new devices will not 
only be used for typing docu- 
ments and letters; they will be 
able to extract information from 
the company’s main computer; 
they will be able to use that 
computer to help them compose 
letters; they will perform calcu- 
lations, incorporate semi-auto- 
matic editing functions: above 
ail they will be able to commu- 
nicate with similar machines 
across telephone lines. 

It would be easy to ridicule 
some of the more extravagant 
predictions about what one 
manager called the “all-sing- 
ing all-dancing office of tbe 
future." But most of the major 
suppliers of equipment take it 
extremely seriously. One reason 
is that the possibilities of com- 
munication between machines 
will put an emphasis on com- 
plete systems. 


Example 


Large customers will be 
reluctant to buy Isolated pieces 
of equipment for different 
offices if they think they will- 
have a problem later in linking 
them all together. Manufac- 
turers which can offer a com- 
plete system of compatible 
equipment will therefore enjoy 
a big advantage over their 
smaller or less well organised 
competitors. Moreover, the 
manufacturers which can offer 
a complete “ philosophy " of 


future office organisation will 
tend to have an advantage with 
customers who fear they may be 
buying equipment which might 
otherwise become obsolete soon 
after installation. 

All these factors favour the 
large multinationals. Word 
processing equipment is only 
one example. Another is the still 
immature market for fac- 
simile transmission equipment, 
machines which can scan a docu- 
ment electronically, transmit 
the electronic image down the 
telephone line, and print out an 
exact copy at the other end. At 
present most of these machines 
are used within a company but 
it is probable that they will 
eventually be used to communi- 
cate between businesses as a 
substitute for Telex or surface 
mail. Potential purchasers will 
therefore be more and more in- 
terested to know how many 
machines of each brand are in 
service. The largest company 
with the biggest sale to its 
credit will therefore have a 
snowball type of advantage. 

Similarly buyers of small 
office computers will increas- 
ingly be interested in the pros- 
pects of expanding upwards to 
a larger machine if their busi- 
ness grows. In satisfying this 
demand, too. the larger com- 
panies have an obvious advant- 
age. because they can offer a 
complete range of machines, 
sophisticated software support 
and a wide servicing network. 

However, the whole concept 
of computing in tbe office is 
itself in a state of change 


because of the way in 
which micro-computers can 
confed " intelligence ." to a 
range of dumh-iooking equip- 
ment like printers, terminals 
display units and disc memories. 

This so-called “intelligence" 
gives peripheral devices the 
power to undertake quite 
sophisticated computing tasks. 

Thus a computer terminal can 
pre-process data for its host 
machine, or it can be sold to 
a small office as a small com- 
puter by itself capable of 
routine tasks like accounting; 
or it could be sold as a word 
processor. This flexibility of 
machines also favours the 
larger company which has a 
variety of different marketing 
approaches for basically rather 
similar hardware. 

But perhaps the central part 
of the office of the future will be 
the private branch telephone 
exchange (PABX >. The next 
generation of exchanges will be 
computer-controlled and will 
convert all speech signals into 
streams of computer-lifce pulses 
or data streams. The exchange 
will not only have an important 
role as a communications 
centre: it is quite possible that 
considerable extra computing 
power may also be located in 
the exchange itself. Thus word 
processors may be linked to- 
gether in a network whose 
centre is a processor, either 
inside the exchange or at any 
rate intimately linked to it. 

The important point is not so 
much details of how these new 
systems will work but the 
flexibility inherent in any com- 
plete office system designed as 
a communicating network. Many 
small processors may be dis- 
tributed throughout the network 
(some may even be in telephone 
handsets). They will be engaged 
in different office tasks, which 
are themselves linked — as for 
example typing letters and filing. 

The possibilities are truly 
astonishing. However, they are 
unlikely to be realised by small 
companies however ingenious 
they may be. Different tech- 
nologies "like plain paper copy- 
ing and computing will almost 
certainly start to be linked 
together, while more and more 
emphasis will be placed on com- 
plete systems design and mass 
production. Although there will 
doubtless always be a place fur 
any small specialist concerns as 
subcon tractors, in the main mar- 
kets the message of new tech- 
nology is reasonably clear: 
“ The race is to the strong." 




5- 


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iiiiliftiiS 



liliiift 






. ’ - C'i.V j;'i "JSvCjs; iji'-j?; 

' k'''. 









Today at Olivetti the trend is toward fully . 
integrated systems. 

To oner you systems that are totally 
compatible in the areas of text editing, 
communication, computing, collecting, filing 
and reproduction. 

We ar e wori dng to achieve a unified approach 
Id information processing in business 
and industry. 


nfynr 

tasitsss emrirmeot 


With 66,000 employees, 29 factories on four 
continents, a sales and service organization 
operating in more than 130 countries, 
we specialize in developing and combining 
technological innovations for business 
computing and office automation in the 
coming decades. 


To understand the direction of our efforts, 
take a look at Olivetti systems operating 
throughout the world: 

180.000 business computers and personal 
minicomputers, 

80.000 terminals and data collection systems, 

165.000 teleprinters, 

330.000 accounting machines. 




V-.: 


w 

If 




Olivetti 


Europe’s 

largest manufacturer 

of office equipment 

and data processing systems 


















Pr 

pri 

ch 

BY MA 

THE PF 
derided ic 
allegation 
Wilson (t 
number o 
were coni 
pa»3n agai 
Party on 

1974 Gem 
The Toi 
allegation 
lowing thi 
affair Mi 
was, had • 
an orches 
himself, t 
Lady F i 
Mjreia VV 
The Pr- 
Str Haro 
diawn so' 
Subsetu 
told the 
did nol 
prieiors 
instructed 
round a 
material." 

The Pri 
i 'i hear 
Sir Ha roll 
formal en 
un the 
a^ain^t l 
council s; 
Royal <Jc 
l ha l l her 

Lj'inur hi 
The Pr. 
i.-. one i)/ 
lishcd tori 

In a no 
council 
against 11 
Daily Eic 
picture c 
Henrietta 
death in 1 





more 


tronic 


for testing 
to Europe 


equipment is ofter 
different cwnpanii 
own brand names, 
one example: Nasi 
both sell a plain 
which is made 
Ricoh. 

The main consei 


wide 




• So if you rc I poking tor arr office typewriter, thy r 
v.iil take'vour workload, then take a look at me 6000 
and die price. . 

• : If you don’t, you could end up paying double. 

And if you’ vt’ pt>;; an u!d typewriter, we I! lighten 
vou" load further. Bring iralony beiorc ? i si Decern tier 
197;S'and well give vou a hill £ 7 5 trade m aga in St a 
rtcwCvironanuKic'SOCO. . 

... So. visit \yyiir nearest Siriith'oiiirona stockist.: 

It coin'd save vou a lot of money. Or send tne freepost . 
coupon ancbwe’l I celt -you where lie is. 


cc cioctr.tc pen 


lou ur.i count on. 


engineered to. I as 
\"0u tradein your 


mci 


you can count on 


ens. are designed for 
)0 isrne.higges’-we ni 


irona 


Lt < vm at jtojne.m tne.-o 
ouMei re.e.'J cm gn' t h; 1 1 me a n 


'rungs 


ron 


1 he 800.0 .will- take you smooth iy tnrough the y 
entgetvping. Jov- vvj.fh a-li 1 1 ique • 3\Siec'ond ri bh.on 
go A-, .0 - . : v change that clicks cleanly in. 

;tnd x usi . You can change the 
• •.• ' y'lgb'; w ribbon colour. or \v ipeaut 
•'■c'.7.y Y mistakes with the corrector 

• ■.-.-o'- cartridge in seconds.. 




J would like die name of my nearest 
SmithrCorona stockist. * . . 


No stamp needed. SmitkCorona, freepost, London NW10 7$S. 
Orring our 24 hour answering service on 01-965 7766. 


Namc- 


Address. 


FT23/IO 


A Mitsubishi U-BiX 

have just transformed 
the image of desk-top 


With the a rriv al of the 
Mitsubishi U-BiX 100. desk-top 
copiers a re no longer the ugly 
ducklings of the copying world. 

It's a transformation that owes 
nothing to magic and every thing to 
Mitsubishi U-BiX technology. 

Mitsubishi have perfected a 
plain paper copier that creates new 
standards of reproduction, 
performance and reliability for all 
desk-top copiers. 

With all the elegance, 
mobility and peacefulness our new 
image suggests. . ': .5. . . 

A transformation in quality. 

The U-Bi.\ 100 is phenomenally sensitive thanks to a 
unique selenium drum that took yeai s to develop. The most 
del icate tones are reproduced without bleaching blurring or 
lading Its built-in micro-computer and automatic toner density 
control keep the copy image constant at all times. 

A transformation in design. 

All the complex technology involved in the design of the 
U-BiX 1 00 is there to make your life simpler. 

Copy paper is contained in cassettes for easy loading and 
lemova I - to cha nge size, just change the cassette. 

The micro-computer controls automatically the 
production of up to 99 copies at a time’ allowing you to 
concentrate on other things. 

Warm-up time is less than hvo minutes. Then voull 
hea r the U-Bi,\ 1 00 glide t rather tha n roan into action. 

Its an exceptionally quiet machine that’s designed not 
to disturb. 

And if you opt to buy our U-BiX 100 
trolley, you can glide it from office to office. 

Atransformation in performance. 

At last, a desk-top copier Huts small in size- 
but not ambition. 

The U-BlX 100 will copy anything from a 

. ifTjj.' _ 

rs i f 1 ! -■ mm *.'**••' \ ih 7 


h.'Vfrf 


passport to a tabloid newspaper. 
<Copv sizes run from Bo to A3.) 
Photographs, illustrations and 
three-dimensional objects are 
equally no problem. 

It will copy onto almost all 
plain papers and onto him to mala 
overhead transparencies. 

Atransformation 

inreliabilitv. 

The U-BiX 100 is a totally 
'dry' copier and the lack of any 
liquids makes it unusually reliable 
The advanced modular 
design of the U-BiX 100s internal mechanism means that 
servicing is simplified- and routine checks needbe made only 
every 10.000 copies. 

To discover more about a remarkable new machine, 
send us the coupon today. 

Forget ugly ducklings- discover instead the first desk-top 
copier that can really hold its head up high. 

The new Mitsubishi U-BiX 100 ■ 
transforms desk-top cop ying. 


Financial Times Monifey; 

OFFICE EQUIPMENT II £ 


J INTERNATIONAL eharac- 
— - of the office equipment 
industry makes it increasingly 
difficult to break down produc- 
tion into national totals. Pro- 
1 systems axe more and 
put together from 
bought from many 
. parts of the world. . 

Even the components thern- 
■’-■'i may have an inter- 
I origin. Thus semi-con- 
ductors, the basic building 
'of. most modem elec- 
systems, may start as 
chips fabricated .in the 
then be shipped to the Far 
to be assembled into 
V returned To the U.S. 

- then shipped back 

to be assembled into the national origins of different 
, which itself may parts of office .systems. . such 
part of an office figures are bard to come by and 
_ T up in yet another are notoriously unreliable. . 

^ To make the picture The most important market 
more confusing, identical outside data processing is still 
' - o sold by many plain paper copying, although 
3 under their small business systems and 
To give only word processing equipment are 
1 and Kalle predicted to have impressive 
A a plain paper copier growth rates. . . 
is made in Japan... by — According to an estimate by 
Addressograph-Multigraph, the 
main consequence is that world copying and duplicating 
of basic equipment market will grow from $11.9bn 
concentrated into the in 1976 to S21bn by 1981. In this 
J a relatively small mim- total, the growth of the plain 
of companies, often with a paper copier market is expected 
product and a world- to have the fastest growth rate 
£ The specialisation of 17 per cent a year, to .reach 
j and Diabolo in $l3.6ra by 1981. Offset dupli- 
is an example of this. cator markets are expected to 
companies tend, there- expand at 9 per cent a year to 
regard markets on a reach $3.9bn by 1981,-while the 
basis, or at the least duplicating market is expected 
j them into large areas, to show a 7 per cent- a year 
like North America, Europe and growth to reach $fr4bn in that 
Japan, much the most important year. Average growth outside 
three, areas for the selling of the U.S. is expected to be faster 
most types of office equipment, than in the U.S. market which is 
For similar reasons, the large already fairly highly saturated. 

| multinationals which now The total U.S. .- copying and 
dominate the office equipment duplicating market Is therefore 
industry tend to think of world expected to- decline from just 
! or regional markets divided, into under half the world total to 
different product sectors rather about 40 per cent of the total, 
than national markets. Govern- £ 

ments, oh the other hand, tend c m 
to be more interested in the fJODlCrS •* AT 

aggregate national market and ■ . . . . " " 

the trade balance which relates Most observers believe that 
to it However, because of-prob- the import ance -Of coated . paper 
Jems of definition' and the copiers wTU dedin'e relative to 
difficulties of keeping track on the new generation of ’Small and 


Introduction 

. I 

IBM 

x 

International Markets 

II 

Imtec 

X 

Role of the multinationals II 

Gestctner 

XI 

The UK industry 

III 

Rank Xerox 

XT 

Future technical 


ITT 

XIT 

developments 

rv 

- Electronic mail 

XU 

Small computers 

rv 

Facsimile transmission 

XIII 

Large computers 

V 

Philips 

XIII 

Exports 

VI 

Office of the future 

xtv 

Dictation equipment 

VI 

Copier market 

XTV r 

Employment implications Vn 

Calculators 

XV 

Typewriters 

vra 

The working 


Word processing 

. vm 

environment 

XVI 

NEB stimulus 

..DC 

Leasing 

XVI 


cheaper plain paper copiers. 
However, the market for 
coated paper copiers will 
probably increase ■ slightly 
in absolute terms in the world' 
as a whole, although it will start 
to decline a little in the U.S. 


scope for - marketing word; prop, 
cessing .’techniques. ' A ; larg& : 
number- of companies have. * 
entered the field and: morel ia-- 
eluding soma large. ComputerL- 
and communications companies, 
have announced plants to do so/.. 

- Mackintosh Consultants,, for 
example, estimates the’Eun> 
pean market for automatic typer 1 
writer's will double ; between". 
1976 and 1981 from 36&or to" 
$181m (Y earbook of West Eurp-- 
peaii Electronics . Data 1978). 
They suggest that . in the Simp 
period the total European; raaW' : 
ket for electronic accounting 
maclune will rise:from-?25fljttf L 
to 5391m. Por comparison they 
put the rise . in the total Euf£ * 
p’eari computer systems market- 
at -about SSbn over the period 
from So.lbn in 1976 to $ 8 ^bn‘ 
in 1981. 


The copier market is still 
dominated by Xerox and Rank 
Xerox in spite of strong com- 
petition at the lower end of the 
range from the Japanese, par- 
ticularly Ricoh and Mitsubishi. 
However, Rank Xerox still holds 
a strong if not dominant posi- 
tion in the important market for 
the larger machines including 
-copier-duplicators. It is esti- 
mated by brokers Scott Goff 
and Hancock that these copier 
duplicators accounted for more 
than half of Rank Xerox’s 
revenues in the year 1976-77. 
They say in their current report 
on the industry that in spite of 
reservations about the position 
of Xerox in the U.S., they 
believe that Rank Xerox, 
which sells in the whole 
of the world apart from the 
U.S. and Japan, is well placed to 
protect its market share' from 
the two main Western rivals. 
International Business 

Machines and Kodak. 

In the next few years the 
areas of fastest growth besides 
copiers are expected to be small 
computer systems mid word pro- 
cessing. Since only about 2 per 
cent of the world's 24m type- 
writer* are automatic, there is 
theoretically at least, enormous 


Influence of the 

. . . , 

multinationals 


(2^"— 


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I- : ; 

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IVr.-ilitlll 

AiMiv-*- 


^MITSUBISHI U-BiX ! 

nkjn and sals auttoroed m&tiwtor of ttic MataobuW U-&X nge. 


MULTINATIONALISM IN the 
office equipment market 
naturally • shares certain 
dominant characteristics with 
nultinationalism in any other 
nanufacturing and distribu- 
tee sector. 

Most imporlanUy. the 
organisation of production and 
markets on a worldwide scale 
allows — indeed, demands — 
mucb larger projects than are 
possible with naUonally-based 
companies, large either in terms 
of volume of production, or in 
terms of investment in research 
and development, or more fre- 
quently both. 

The particular difference in 
the office equipment field comes 
at the increasingly important, 
high technology end of the 
market — that is. word pro- 
cessors, office communication 
systems, data communications 
and control. 

Here, the research and de- 
velopment costs are compara- 
tively huge, the more so since 
developing a new system must 
be complemented by constant 
upgrading of it to incorporate 
new technology as it comes on 
to the market ever more 
quickly. 

The rapid developments in 
microprocessor and micro- 
computer memory technology 
means that ever-more powerful 
chips arc succeeding each 
other every four or five years; 
and while it is not practical nor 
desirable to design entire 
systems on that time scale, the 
pressure of the change, and of 
competition which takes advan- 
tage of the technologies, means 
that innovation must be con- 
stant. 

The size and resources of the 
successful multinational cannot 
only cope with such develop- 
ment, but can actually control it, 
both by manufacturing every- 
thing it requires in the way of 
components and/or by dictating 
the rate at which component 
suppliers will innovate. 

Indeed, the multinationals 
tend to argue that only they can 
be successful, in such a market 
because of their resources. 

This is a contentious matter, 
to which we will return. But 
it is certainly true that— 

• Multinational organisation 
presupposes multinational, mar- 
keting. which in turn means 
long production runs and 
economies of scale, bringing 


prices down (at least in theory). 

• Multinationals cannot only 
afford to invest in massive 
research and development, it is 
absolutely essential that they 
do so. They are thus often 
technical innovators or (a point 
often held against them by 
a smaller fish) they have the 
ability to spot a promising in- 
ovation by a smaller company 
and to pick it up, then produce 
and market it themselves. 

• The tendency inherent in 
most multinationals is to 
standardise their equipment 
(ITT Business Systems Division 
offers a good example of this 
process at work). 

Standardisation is not usually 
regarded as a good in itself: 
but it does or can mean com- 
parability across national 
borders, making (in the com- 
munications field) inter-connec- 


tion more easy: it means 
avoidance of wasteful duplica- 
tion or near-duplication of types 
of equipment: and can mean 
the bringing up of one national 
standard to the level of a higher 
standard in another country, 
which then becomes an inter- 
national standard. 

0 Technical advance — again, at 
least in theory-^-ceases to be the 
prerogative of one country: it is 
immediately internationalised. 

In. practice, of course, this 
need not be the case for a 
variety of reasons, often less to 
do with the multinational than 
with the laws and traditions of 
the countries in which they 
operate. 

However, there is a constant 
pressure to make techniques 
available transnationally. 

The arguments against have 
been well rehearsed in Britain, 

CONTINUED ON NEXT PAGE 


Perhaps one of their 1 most: 
important growth areas is-' the. 
private automatic branch . 
exchange market, which has- 
traditionally been seen -as- part 
of the telecbmmunicatio&s..' 
system, but is now becoming.; 
accepted; . as a central ' pact of - 
the office system - and therefort' 
of the strateagy of - the com-A 
panics selling into the hiariteh" . 
As PABXs become completely. 

digital and computerrcontrtdiea,V 

they will be able to offer m an y- 
facilities besides the mere-., 
switching of . :: telephone 
channels. The Vew PDX made 
by - Plessey in the : UK under 
licence, from Rolm ; of- .Cali- 
fornia, is th e, most - advanced, 
on the UK market. . though 
others from the General Elec- 
tric ' Company : \ ind.".- Standard " 
Telephones . and . Cables are 
currently undergoing --.Post 
Office .. trials,. ‘IBM, ; which 
dominated ’ the / UK market 
with its electronic system is 
likely to bring- in ’an updated 
version before long. : . - \ : 

Because it :is fcdjy digital, the . 
PDX and equipment like it. will. ' 
offer the possibilities of switch- 
ing telefcT data and. connecting 
word processing s machines 
together if .desired.' This' means 
that a docu'mentlyped in one 
office ctrofdYbe^ automatically 
s witchedT^. ahyTbth^r ^office in 
the net\ra^tA(iwife*it woulii be 
reproduced'lQtdibaticaily on a 
word processor there^; 

The ability _td jiaadle data as 
well as speechf giyes these new 
PABXs many: infrigu '^ possi- 
bilities.' For rekwnple. they.- 
could be used toienable security ; 
systems to Be - operated: semi- _■ 
automatically from ,.--a\ remote’ 
station. Communication between 
the security ' office and remote 
sensors would-be made- through .,1 
the exchange which. -could '.be. « 
used to ; switch attention from j 
one part of a Building of cbm- ‘ 
plex to another. The - security 1 
officer would simply dial up ttoe j.^ . 
area he wanted to', check to "" ' 
inspect whatever alarm system 1 
was fitted there. 

• Similarly the internal tele-':, 
communications aDd data net- ■; 
works will enable one secretary 
to serve more than one prm- : 
cipal much more readily than 
at present. It is, very likely that- 
the private exchange will itself 
become part of tiie' office 
systems it connects, with many .; 
computerised functions besides '• 
telecommunications built 'ilntO' • 
it. When this happens, the Isn^e 
multinationals will clearly have ' 
an advantage over their smaller - - 
competitors in this field. 'On 
the other hand only large 
customers will require such A 
sophisticated equipment; '.- .so • . 
that a large continuing market ■ , 
can lie expected for simple .A' 
switching systems. ' ' • - ;i 

Max Wilkinson 


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1 











Financial Times Monday October 23 197S 


n 


OFFICE EQUIPMENT m 


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Lr % 

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Pressures on British manufacturers 




'‘’SU- 


ITE PRESENT fortunes of the half of the UK’s total manu- 
K office equipment Industry faerure of office machinery and 
)car rather bleak. UK manu- nearly fib per cent, of exports, 
usurers’ share of world trade But because of the strength of 
as been steadily slipping in international competition, it is 
ie face of strong competition unlikely that UK manufacturers 
nm multinationals and will show much, relative iw- 
laeging technologies. provement and by the. early 

The National Economic De- 1980s the balance of payments 
:lopmcnt Office Sector Work- surplus for this type of 
ig Pariy for office equipment machinery could be seriously 
itiinales that on a broad eroded. 

.■finition of office machines in- Outside copying and 
ud:ng computers, the UK's duplicating the only company 
dance of trade deficit in the of substantial size in world 
*st eight months uf 3977 was terms Is International Com- 
23m, a 50 per cent increase puiers Limited. However,- ICL 
t the level of the previous has only a limited involvement 
*ar. in what is generally defined as 

The main trouble is that UK the office equipment market, 
impanicji have in general In most other product areas, 

iicd iu take advantage of the the UK owned manufacturing 
Ivnnces in computer tech- capability is distributed be- 
>logy and the use of micro- tween small companies, which 
nccsscrs. have no hope of matching the 

The total UK office equip- research and marketing muscle 
ent and market in 1976 was of the large multinationals, 
limated at about £ 1.61m, of Otherwise UK production de- 
licti If* 70m was exported. pends upon the willingness of 
The UK's strength generally the multinationals to maintain 
■s in the electro mechanical existing factories in the UK or 
pes of equipment like to open new ones, 
iplicators and plain paper In some products,-, like 

piers, which are now coming dictating machines, the. UK de- 
he regarded us relatively low pends entirely on imports, 
thnolo^y. There seems little prospect of a 

. British owned company being 

set U P to challenge the im- 

porters, and no immediate 
Between them, Gestciner and prospect that a company like 
»ncu Vickers dominate the Grundig nr Philips will set up 
irld market for spirit a manufacturing plant in the 
iplicators with between 50 per UK. As the market grows, more 
at and 70 per cent of world imports will therefore inevit- 
les betwen them. C.estetner, ably be sucked in. 
th its worldwide sales net- There remains a spread of 
irk seems well placed to office products which are either 
untain its position, but on based on micro-computers 
c other hand this market is already, or will be in future 

peeled to grow relatively They include accounting 

iwly, at perhaps 2 per cent machines, calculators, small 
mpared with an expected 10 business machines and word 
15 per cent fGr the office processing equipment 
uipraent market as a whole. At present this area accounts 
In plain paper copying, f 0r about 10 per cent of the 
other sector of UK strength, UK's production, but a serious 
2 major producer. Rank question mark hangs over its 
•rax, is under increasing future viability. Success will 
ack from Japanese and other depend to a great extent on an 
nipetitors. After more than a improvement in the general 
cade of monopoly. Rank capability in the UK and in 
rujc has been attacked by a Europe to produce and exploit 
\ve of cheap imports at the micro-electronics and . particu- 
ver end of the market Sevan larly the micro-processor. 

eight Japanese companies i n this group, word processing 
‘ exporting to the UK and it systems and automatic • type- 
estimated in 1976 that the writers with a magnetic 
panese took 30 to 40 per cent memory, probably represent the 
new placements in the UK fastest growing market How- a 
ink Xerox still remains ever, this is the section in which 
in inant in the market because the UK is weakest Dataplex, 
its strength in placing large one of the two small British* 
ichines. which generate much owned companies in. the field 
ire revenue. However, in the recently went into receivership, 
."AQ machine sector it is And while Logica has a strong 
ming under increasing attack programing expertise in the 
un International Business field, it does not make hard- 
ichines. and will probably be ware. International Computers 
,-ed before long with com- Limited will probably inove into 
tition from Kodak and at least this market, but only for large 
e Japanese manufacturer. customers. 

Copying and duplicating The NEDO sector working 
ichines account for more than party suggests that the Govern 


mem should tty to stimulate 
investment in word processing 
and at the same time iry to sup- 
port home industries with a 
procurement policy for Govern- 
ment bureaucracies. One of the 
difficulties' of this policy, how- 
ever, is that the trade unions 
representing office workers are 
showing strong resistance to 
word processing equipment on 
the grounds that they will 
reduce the number of secretarial 
jobs available. Tbe Post Office, 
for example is currently having 
difficulties over a plan to replace 
its automatic typewriters with 
a more modern system. 


Problem 


A more difficult problem will 
be how the right kind of product 
can be developed which will be 
capable of withstanding the 
extremely strong competition 
from almost all the multi- 
nationals which serve the office 
equipment market including 
IBM. Philips, Olivetti, ITT and 
Rank Xerox. None of these 
companies at present manufac- 
tures its word processors in the 
UK and there Is no sign that any 
of them intends to do so. 

The main hope for a UK 
presence in the word processing 
market now seems to be from 
the National Enterprise Board 


which is planning a fairly sub- 
stantial investment in a' new 
subsidiary to market office 
products and to conduct 
research and development The 
NEB will also take minority 
stakes in several manufacturing 
and software companies to 
which it will subcontract much 
of the work. 

One of the main areas for 
this activity will be in word 
processing, where the program- 
ming skills of Logica will prob- 
ably he combined with hard- 
ware manufactured in tbe UK 
by a company like Systinie or 
possibly Computer Technology 
Limited (CTL). 

The NEB wants at the same 
time to build up a marketing 
presence for a reasonably wide 
range of office products includ- 
ing facsimile transmission 
machines, which it would prob- 
ably obtain from MuXrhead and 
small business systems from 
Systinie. 

The need for state help in the 
office products area was 
explained by the Sector Work- 
ing Party: “Small firms have 
special difficulties in financing 
their operations in a high risk 
environment where typical 
products have an extremely 
short life and where they have 
an important innovatory role." 

Max Wilkinson 



3M 291 Fallback copier used in the print room at Satchwell Control Systems Limited. Sloucjh 


nfluence 


>NT1NUED FROM PREVIOUS PAGE 


lich has wide experience of 
? activities nf multinationals, 
lecially U.S. multinationals, 
«ich in turn has given rise to 
vigorous debate on their 
ects — good or bad? 

The socialist argument — 
lich points to the role nf the 
sltinational as an advanced 
oitalist structure, less araen- 
le to popular nr democratic 
itrol than previous structures 
is the most important eonnter- 
.‘ument. but cannot bo re- 
arsed here. 

However, it often partakes of 
; same ground as the 
ationalist" position, which 

jges that multinationalism 
i kill off or depress domestic 
lustries with smaller re- 
jrces. 

Interestingly, the UK pre- 
itly shows what might be held 
be an advanced example of 
latter tendency. The 
.iticmai Enterprise Board has 
^*5} ten a decision to invest some 
titan-in the development of a 
life ££•;.■*£ 2 as ,r d ' processing" industry in 
11^ • ‘iitain, researching and de- 

Sloping the . equipment and 
J.* :?g) attaining out its manufactur- 

ja-'r. r, £ ,5, then taking rt back for 

* & prketing fas. indicated in the 

_*r £2. jrazide on UK word processing 
0% &~’ 4 li j, j this survey). 


JafjThe point this initiative illus- 
gPjjfw^fjites is that such national 
ir. terprise will only succeed if 

*5 '4? manages to carve out a share 


a market presently 
minated by multinationals: 
d ITT’s recent disclosure that 
means to move into word pre- 
ssing technology next year 
iderscores the difficulty of the 
SB's— and the UK manufac* 
rers' — task. 

The new company will 
■crate in a market already 
' ra mated by the multi- 
tionals, and one which will 
ready have taken much of its 
pectations of new technology 
om their developments. 

It will have on its side the 
ndency that State institutions 
, . : U have to buy its products. 
Jt in order to win a real mar* 
■t share, it must come up with 
‘uducts technically superior to 
ose being offered by others. 
Can a national company hope 
compete with the research 
. Fort of the global companies ? 
Briefly, the strengths of these 



companies are collectively com 
prefaensive. IBM. of course, 
absolutely dominates in the 
computer and dat a commnnica^ 
tion. markets: ITT in the PABX 
and message switching markets 
both are cither well in, or will 
make a dramatic entrance into 
word processors. 

Olivetti, with its traditional 
strength in type writers, is also 
well placed in word processors: 
Philips, an electronic and tele- 
coramunications^jased company 
can be expected to follo w 
roughly similar route to ITT. 
Rank. Xerox is dominant m 
copiers and xerographic 
machines. 

The competition between 
these and other companies 
which seek to operate inter- 
nationally is, of course, intense. 
Yet convergence can take on 
new meaning among them, 
when it is seen that not only 
do they often seek - lo stan- 
dardise their own products, but 
to standardise, or at least make 
compatible, their products with 
those of their competitors, 

IBM has recently been con- 
cerned about the inroads made 
on their computer business by 
the so-called “ plug-compatible ” 
manufacturers — often fellow 
multinationals — which offer 
equipment which can use exist- 
ing IBM software, but which is 
often .much cheaper — sometimes 
by as much as 40 per cent — and 
sometimes more advanced. 

To those who see the result 
of such moves being the gradual 
evolution of One Big Company 
—whether the prospect is a 
vision or a nightmare — the 
apparently successful strategy 
adopted by IBM to reduce the 
degree of software comp st- 
ability will come as a dis- 
appointment or relief. 

Indeed, IBM is now beseiged 
by anti-trust suits which, if suc- 
cessful. could increase diver- 
sity in the market (at it already 
has in the U.S. telecommunica- 
tions market; as the AT&T 
monopoly is progressively 
whittled down); ■ , 

Multinationalism, however, 
remains the most powerful 
force in the field, and the con- 
flicts between the global com- 
panies and the Individual states 
—a conflict which takes various 
forms — is.likely to continue. 

loba Lloyd 


:-up-and-go 



Do this little test to see if we’re right; 

Walk down your corridor at aprime workingf time, say 
eleven in the morning or four in the afternoon. 

See how many people are in their offices. You may he surprised 
how many are not. 

No, they’re probably not malingering. 

When you ask, many of them win teH you that they were in the 
building, but in someone else’s office. 

Others will tell you they were driving to a client, or checking 
a consignment had arrived. 

Ask yourself, is that the best way to use their talents? 

Ask yourself, could they be using their time more efficiently? 

Ask yourself, could telecommunications help them do more 
of their work from their desks and probably save you money into 
the bargain? 

And if you answer the last two 
questions with a ‘yes’, jog their memories with 
a memo teiling them it makes sense to 


make more use of the phone. Then you’ll go places,. 



Were here 
to help you. 






IS 




to recognise 


Financial Times Monday October 23 1978 



OFFICE EQUIPMENT IV 


It's as simple as recognising a top typewriter 
— they both have much in common. 

'Efficient', 'hardworking', 'reliable' and 
i 'good appearance* are words that spring to 
! 4 mind. 

•5f Look at the SE1 000 and you'll see 
exactly what we mean. 

The buffered keyboard is set at a less 
steep angle so that typing is less tiring on 
the hands. 

Concentration is helped by the fact that 
the SE1 000 is remarkably quiet and almost 
vibration free. 

All this makes for faster and better work, 
as does the inclusion of features such as a 
half^space facility and correction key. 

Changing a ribbon is fast and clean, . 
thanks to the ribbon cassette system, and 
changing a typeface is just as simple with 
the wide range of elements that are 
available. 

Reliability is one of Adler’s biggest 
benefits, and since the SET 000 is made 
with fewer moving parts than other so- 
called prestige machines, there's obviously 
i Jess to go wrong. 



for 


ufes from SAVING 



What interest do you pay on capital 
locked up in surplus stacks? What do 
aged and bad debts cost you? Maybe 
£50,000 p.a.- certainly too much! 

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duction Control Package, 
including - 

Inventory management and purchase 
control 

Bills of Materials Processing. 

Materials Requirements Planning. 
Production Control and Costing. 

Just one entry updates all systems, 
so information is always available up 
to the minute. 


Credit Control 




H:-?: ■ -2 ?T;VC: 

ini 

Instant read-out of orders ag-iinst 
credit limits and aged debt analysis are 
just two programs you can select from 
the Nixdorf Accounting Package, 
including - 
Sales Ledger 
Purchase Ledger: 

Nominal Ledger 

Payroll -and anything else you need... 
Any entry updates all related files. 

It'jsjtnole Jo operate Lie 

E:-:is r inc Jiiati Wisdorf co:r.- 

mn.n- vo!: <::i:viiv ug'i korLoat 1 VC’fJ 

■"o' fa-unons in bASK' English. w : ii; riii; 
0 ^-,-ed Pi in lout oi hard copy if M-quitei 


Coding preserves security of sensitive 
information. 

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I «•=* 1 



COMPUTER 


the future 


WHAT THE office of the Future merit that could ensure these be a 30 peT cent reduction in the work as to “ demonstrate on J 

will look like, is the subject of cdmmunicatioris went straight labour cost which would other- an experimental basis now com- 5 

many conferences and at each to the intended recipient, when wise go into the despatching munieations within an office j 

one, useful papers from which necessary, without hindrance and receipt of these messages, environment 5311 be 
managers of office services can would enhance the management So one terminal or peripheral mented without reliance on con- j 
glean valuable data, come function. Bair said. we may see in the average city ventional correspondence. a 

cheek by jowl with what can At the same time a aueuine office - five yeaTS trom now ’ But mess *S es have 8 storage s 

only be described as pretentious famijtv f or non-nrloritv m«£.'Couid be a device for computer u/ e of only two weeks, which 3 
rubbish. . saees ivould enabfe Sr maa - ^ with any luck Eor could be a nuisance. And the * 

In Kyoto, this month, the to “ba? their telephones for T*ll SSfi s S steni te . dri¥e,, JS * 

International Conference on specified concentration periods a ISS S: ° f c0 “ puters ’ whlch 13 ratber ■ 

Computer Communication was and allow them to complete , ' . „ „ 

told — among many other difficult tasks without the con- ^ P a £ e device already built. Nevertheless, it is a step 
things — that word processing stant interruptions which even France is making great towards one of the improve- 
was unlikely to provide the the most dragon-like secretaries offorts to bnhg dawn the price merits needed to cut the rising 
benefits so widely claimed for appeared unable to prevent. facsimile units to a level tide of office costs, and it 
it and that the real hope was Once this was done the stored wbdch wlU make them 8 sketches out one of the duties 

computerised mail. . messages would be attended to course for each home with a of a future PABX. 

r ™ s o ai Rai W3 nf ^i 0 " 6 . And in the above-mentioned , 

James H. Bair, of the SRI Great improvements would be nrpn 0 # telenhona message \tlinV 
Institute and he based his produced by automating the rou- J5£ uing IBM for nearly 

observation on the fact that tines s>t addressing, labelling, J ears ^ been experimenting How rapidly that tide is 

while word processing seeks to distribution' and storage for re- j n .h 0 use with a voice storage -advancing is underlined by a 6 

streamline the secretary-typist ference. Similar advances would network operated from touch- recently released study from the B 
function in the office, it has be secured if it were possible lone telephones. SFS (for Butler Cox Foundation which 
been calculated in the U.S. that to .change very rapidly the sp eech-fillng system! is used by contains the daunting statistic ■ 
this function accounts for only media of communication, from about 180 staff at Thomas Wat- that — across the gamut of ■ 
8 per cent of the labour costs typewritten to vocalised mes- son research centre in York- organisations in Britain — -the ^ 
of business. sages and vice-versa, or from town Heights to cany out a increase in the proportion of tj 

Non-clerical costs amount to bapdwritten to typed text, number of tasks. - staff engaged in administrative U 

the unexpectedly high figure oE and so On. Xhe equipment takes out long ahd clerical work has risen from nj 

66 per cent and It is in this Mr. Bair said it was very hard pauses — but not the “ers”— 20 P« r 08111 1X1 1950 10 40 7 4 

area that great savings could to estimate savings through use and thus speeds-up playback. It rent today. Vi 

be achieved. of computerised mail services takes instructions on message Pari, but certainly not all, of _ 

-He defined operators in this now offered in the 0^.— such distribution and the time at this increase is due to the flood • 
last area as managers and pro- as Hewlett-Packard's Comsys or which recipients should be of official paperwork imposed L 
fessionals and said that some 95 Tymnet's Oo-Tym— but on the called tn hear the content. This on industry and business by the “ 
percent of typical managerial basis of six hours' operations a could be at a designated number bureaucrats. 
functions were expressed as day. with a user sending and — a telephone in a hotel room, The study gives the office 
written or oral communications, receiving four messages an for instance. worker distribution by number 

It followed that any improve- hour, be. calculated there would IBM has defined the aim of with costs in brackets as: . ' 

managers and professionals »• 
42 per cent (60 per cent); secre- 
taries and typists 13 per cent ! 

(8 per cent): and derks and 
cashiers 45 per cent (32 per •! in 
cent). This bears out the con- the 

ar • • • • tention of the SRI research Hie 

IB /! ^ ^ ^ ^ man, mentioned earlier, on the 

|\ / i 1 1 C Q O 1 1 1g^ areas ripe for more automation. 

IV 1X1 IxO illl III One novel development which oor 

could be of inestimable value and 
in offices where a great deal HHe 
of planning by diagram is in- eep 

; . volved is much closer io • 

• fruition. It is to be tested | J® 

nrnminpnrp 

. pi s?sai».« 1 a3Sffi 

* ; • * • . .. at the receiving end. \ . . in 

^ This allows a telephone user > 

SICOB THE French data proces- facts. For instance, among those per cent for tooth mini (small t0 speak and to draw at • the jtha- 
sing exhibition which is prob- companies which rely on com- business machines) and medium fj me Hme so that a complex 

ably the leading event of Its puters to.; prepare their ; ,end-n. machines. 5 ° ea C3n b® conveyed in a K . 

kind in Europe, was this year month results, 86 per- cent say'- By comparison with' dedicated seconds - Sudi units “ 

described as “ the golden age of these are obtained faster by small minis (or micros) and oould be used in design con- 
the mioL" . . data processing and 74 percent large ' multi-programnung ™ rences in engineering work; 

And Zero-un Informatique, report that the quality of figui^s machines. Z6ro-un finds that “J™. te . a correction ; 
which coined the phrase, pointed bas improved, against 10 per multi-puipoSe minis and general “swings. * . 

out that several of the best- cent who say it has declined. , purpose .medium machines .raJJSv 16 ^ rou „ , ‘.f? i 


The price is around that of 


wvoi- - . mavui up . - fplprHeifm nnf Rflt Wifh 

' known producers of minis had But while 45 per cent believe impose certain operational con- Al 

(chosen this event to flex their their costs for. this exercise straints which increase costs. 111116 manulacnire 8011 “e 


muscles. They were also demon- have dropped, 30 per cent say There is frequently duplication a f ® ii-h 1 ?' If? ! at 

strating that they now build and they have risen and 20 per cent of jobs, and working methods i .- 

sell machines' powerful enough see no change. Meanwhile, the can be inflexible. • • f J fura 

—though still minis, in most number of people working in Furthermore, where - the ialue and far ^ ^aa. 

of tlu* tprm f n rival f ho afWinnHno coMnr a mh'i. near’s cto fr rinac na. (.ana . . * dr ,css CObUy l U . r .v 


iMiiuariiy uwausks u. « ie spwu risen to per cent irom 3,4 any additional task can impose S ee n even ea rliPr in 

S“ ;„ h ' h can ha ” d " >" ». «. »' :» harden on the-, tt . X n re r^!^, r ir^ 

th ^ r w ° rk - . .. . . staUation— the straw breaking U al information has to be i SL 

■> D vfvV- t w-wo Ptn ! n l disp,a - ved P oqc A n J® ‘?7 e, ^v baC ^T and handles, is a voice recognition 'set 

its VAX 1.1/iHO which is a true J&edSUll - times M for other jobs can go up device which will respond to 

“ mesamini ” oE considerable. acceotahlP ^Proportionately. . the commands of a person who 

performance while its Data T ^ “JggJ 1 bl fo the mini world, where the has clearance to gain access to. 

General rival was promoting the ^ tow**? message so frequently is that and use, the information, pre- ; ce 

Eclipse. M600, designed specifi- ^ appe ^ l ° ” that the the new . product toas been seated on .a tele\Tsion screen, 
cally to impact IBM 370s. Signi- U _ n n 8 rp d K “ tailored for the Small business . Recognition ■ is sufficiently bat 

hcantly. the accent -with Hew- ® or h e J^ ucntly c ^ Ied user.” the pace is' fast and advanced to allow an extensive \*& 

lett-Packard was on the HP250. “£° D . t( V °J j come , involved m furious and shows no pronriso vocabulary of words and fh* 

a mini-conceived speciflcally for necision-making. although other a t all of settling down. phrases to be. used. The equip- | or ' 

commercial applications. reasons put forward are an ra- .Hardly a week goes by with- ment bbpld be applied today fn 

The fact that the mini was aa 5“" , . stra ! jve w0 . r *5'' out new offerings — from the broking houses, and currency 

prominent at SICOB is hardly • n admini ‘ established, manufacturers, , of dealings to speed the retrieval rial 

surprising since the market is productivity. which there are around20:.from of client information or of posi- 

still growing at between 25 and . wna « IS extremely interest- newcomers which .now.- amount lions on various currencies t 

30 per cent a year, whereas in Uie a °° ve I s to, say, a hundred: and from while fhe user is engaged, on 

laree. general-purpose machines Uia , acc ountrng costs as a per- the builders of large machines the telephone, in negotiations I : 

the growth is slow to negative rentage or turnover are 1.3 per who are^ - making, great effort?-, which, demand a great dcal Tnf 

in some categories. cent for v^y- small computers, .to break into this area of -es;- up-to-the-minute data, .placed at 

But a recent survey hv Zero- 14 large, machines, but IS plosive, growth. „ his. fingertips. 


But a recent survey hy Zcro- 
un revealed sonie surprising 


' . CONTINUED [ON NEXT-PAGE 


Ted Schoeters 




Tvvo calculators for advanced applications that combine scientific functions with the 
capability to learn, remember and repeat your instructions - bask- programmability. 

Both offerTFs unique algebraic operating system ( AOS ™) wliich allows you to 
enter problems exactly as you would write them. Jt 

Additionally theTI-51-III offers advanced featui'es and functions to / 

enable you to handle almost any mathematical opei’ation including ! 

statistical problems. jr '<;■" j 

The flexible TI-57 allows you to a’eate your own programmes 
and tailor them to your particular requirements. | I o 
It is capable ofstoiing 50 multi-key programme I Afp, A 

steps (up to 150 key strokes). v-kf^TJ 

Both from good stores everywhere. 






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Texas Instruments 

Always one step ahead. 

Texas Instruments Ltd. European Consumer Division, j 

Mantan Lane, Bedfoiti MK41 7PL T . Tel: Bedford (0284) 67466. 


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j^jaird^i Times Sion'day October 23 *197$ 


19 


OFFICE EQUIPMENT V 


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H 


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I 

ia 

v. 




fA 


Role of the large computer 


>-f|* 


IYO.VE OPERATING large 
npuiers ;o support Uie work 
L>ig manufacturing cu ni- 
nes, st <i res or serrint 
anisauuns must today feel 
di more than his usual level 

managerial apprehension as 
■■e>ulc of the rapid chaoses 
.mg place. 

"oday’s most frequently- 
ird *■ buzz word ” is, of 
rse, *■ distributed process- 

. lut The definition of tins 
m varies between the north 
e of users’ liberation — in 
rch all big niadnncs are laid 
rest and replaced by nei- 
•ks of minis " which can do 
same job at a quarter the 
l" — and the south pole, 
ch is IBM’s stance, that 
luiion must be steady and 
trnlled. 

..‘hose with this viewpoint 
also arid ThaT it is not yet 
i* to w.v goodbye lo the big 
:Uines and all the expensive 
ware written for them — 

: inwhile making sure That 
company is able m mat eh 
more important moves by 
major protagonists of dis- 
-ution. and. [» supply in- 
. ivmgly vociferous users with 
it rhey believe they should 
.running. 

he seeds of This situation 
<? sown long ago in the U.S. 
'.Dartmouth rnllege. There, a 
'n of students tackled the 
•t-thnmy prublem uf making 

reasonably powerful corn- 
er (from General Electric) 


ahle to share its capabilities 
among a number of students, 
all working on different, prob- 
lems. without any of them 
interfering with other's jobs — 
and without inordinate delays 
at the primitive terminals then 
in use. 

They were so successful that 
their work was embodied in a 
most important software de- 
velopment — called Gecos, by 
GE — which allowed users of the 
same machine to share it from 
remote points for problems to 
be solved on line. Users could 
also feed in large problems for 
solution as capacity and load- 
ing allowed — and that over, a 
communications network-rwhile 
at the same time operate the 
equipment on site as a main 
support computer. 

With the takeover by Honey- 
well. this important asset was 
merged into the latter's 
to ULTiCS development. But 
there is no doubt that the exis- 
tence and success of this 
capability of using large 
machines in many ways and 
from many points was the 
reason for the suc-ccrs of the 
wills and their immediate suc- 
cessors. 


Drive 


This was before the 
emergence of the • mini- 
computer and the tremendous 
upsurge in electronic technology 
which has conferred many of 


the capabilites of hi? machines 
on the latter and, al the same 
time, created the micro- 
processor. 

To a great extent, the drive 
towards distributed processing 
can be traced back to the 
short-comings of major manu- 
facturers in nut providing 
operating systems which were 
economical in actual processing 
time. Add to this the defects of 
the communications network, 
particularly in Europe, and it is 
obvious ihnt as soon as mini- 
computers began to use really 
fast logic and, were provided 
with adequate storage, users 
would want to throw off the 
trammels or the big central 
machine. 

But it was not all that easy. 
Firstly, only one or two main- 
frame builders had anything 
like a mini and those that did 
not — including IBM — were nut 
rushing m in provide the 
required link software or the 
extra equipment needed to con- 
trol traffic between llu* main 
machine and its satellites. 

Against this backdrop was 
played the drama of the plug- 
aftermath of lawsuits against 
compatible peripherals with its 
IBM and/or failures of small 
companies, rightly or wrongly 
attributed to the market leader's 
locking-out the cumpctition by 
various means. 

IBM was meanwhile develop- 
ing communication protocols 
and tele-processing software, 
although generally still oriented 


Inwards big machine domina- 
tion. 

It was prohably not until 
some of the big banks demanded 
relief from constantly escalat- 
ing costs which highly- 
centralised operations were 
causing (they were also having 
to provide growing volumes of 
information at branches and 
were contemplating further 

extensions of i nformai ion- 
hand Jing through cash dis- 
penser. and automatic tellers I, 
that a move was made in im- 
prove software and system 
design arrangements iur local 
servicing by new, automated 
bank branch equipment. 

SNA, for systems network 
architecture, suw the light of 
day and again the plug- 
cumpaiibtc manufacturers 
started to talk about lock-outs. 

But progress in electronics 
and micro-programming is Mich 
that it is now much easier to 
follow the leader and. indeed, it 
is believed that at least one 
plug compatible maker t Harris) 
lias succeeded in implementing 
a large network of displays on 
its version of SNA ahead of 
IBM. 

But the latest announcement 
involving this complex protocol, 
connected with the new 8JU0 
front-cnd/distribuled processing 
controller, generally called 
Orbit, has thrown LBM-watchers 
into disarray. 

Some see in it a strategy fTTr 
the next 10 years during which 
IBM will switch emphasis on 


selling hardware to ability to 
set up complex systems and net- 
works. 

The 8100’s ability to turn near- 
English into Cobol and to work 
on quite large-scale Tasks with- 
out any need to talk to a cen- 
tral LBM computer are seen as 
reinforcing this belief, particu- 
larly as the equipment has 
pnweriul remote ■ communica- 
tions capability and can handle 
many d ispiays/keyboa rd.s. 

Bo that, as it may. the 
imminent announcement of 
Orbit did not prevent Tesco 
from going to existing minis 
from Computer Automation on 
which to ser up ns own SNA 
links with- seven large ware- 
houses, all talking to a large 
central IBM machine. 

Meanwhile, Burroughs has 
brought out BN A. which needs 
no explaining. The network- 
ing arrangements it describes 
should improve the ability for 
Local machines to take signifi- 
cant amounts of work away 
from central processors and in 
communicate with other 
machines and peripherals in 
the system. 

DEC has its Decnct. and so 
on. And, not to be outdone by 
anyone else, ICL is pushing the 
I5UU series it inherited with the 
Singer take-over and improving 
its performance to provide 
powerful terminals for dis- 
tributed computer networks, 
able to operate with large non- 
ICL. machines. 

ICL has frequently been criti- 



cised for inadequate tele-pro- 
cessing software. But there are 
a number of suppliers offering 
solutions and ICL. for example, 
has 10, QUO installations of its 
distributed 1500 minis world- 
wide. 

For users of big IBM installa- 
tions. the dilemma as to 
whether to wait for the sequel 
to 30BX and SI 00. or to take 
advantage of the real cash 
advantages of moving over to 
Amdahl or Itel, is cruel. 

When these two challengers 
for IBM’s vast installed base of 
big machines first appeared, the 
contention from observers tvas 
that IBM would block use of 
its software on such units. This 
has not transpired and not only 
because major IBM users would 
have been most indignant. 

It looks aknost as if the com- 
pany is opening up a new 
market sector of its own into 
which many of the faithful will 
follow. If it is true that in 
five years IBM will be raising This pneumatic tube canister system Iron? P. V. Lam son 
40 per cent of its revenue from accepts u»ii conveys documents at 20 miles on hour 
software work against 7-9 per 
cent today, then to leave a 
section of its big machine 

market in the hands of Amdahl. f ^ .......... 

Itel. Fujitsu and others may not * ~~7 

cause many tears in Armonk 
— particularly if the relatively 
slow move towards distributed 
processing becomes a rush. 

But users and potential users 
of new large IBM machines 
must remain in the dark for 
some time to come. 






Ted Schoeters = ' . ■ 


3 


rommence 


CONTINUED FROM PREVIOUS PAGE 


his may do users some good. 

the big risk is skimped 
jlopment of a product to 
-t a deadline, or because 
her builder has something 
iar on the cards. Another 
ortant point to remember is 
any reasonably competent 
-Ironies engineer can go out 
buy what it takes to make 
nali office computer, solder 
. the connections, have a 
icum of software written 
then offer *’ the lowest-cost 
•icer, stock-controller or 
lever" lo the unwary who. 
I then, believed all comput- 
was expensive, 
his does not conflict with 
statistic quoted earlier that 


the very small dedicated end of the market and are likely 
machine does accounting work to use advanced technology to a 
at lowest cost, because it is far' higher degree than they 
ultimately the buyers’ responsi- would contemplate far products 
biliry to ensure that the vendor intended for their traditional 
is trustworthy and knows his markets. 

job. It has not gone unuoticed. for 

The key question, perhaps, is example, that after all the talk 
to ask: "Who will be around-; in- of the magic memory chip which 
five years’ time?” ' And - to an NEB company may. or may 
answer this satisfactorily, it is not, be making in three to four 
not; enough to consider the years — at a cost to the British 
established,' small, business taxpayer of. say. £4tim — IBM is 
machine makers. Some of the actually producing this power- 
latter. in any case, can now ful m emory device nnw for 
afford to be slightly more coxn-<' equipment which will start 
piacent than they were. ' moving out to users in a few 
Big- machine manufacturers, months’ time, 
and especially IBM, have little It is thus of high significance 
to lose in penetrating the low that the latest equipment sur- 


vey devoted to the future nf 
small computers by Phoenix 
Systems of U.S., produced by 
SBS Publishing of San Jose. 
California, says that IBM stands 
I o gain heavily at the low end of 
the market. 

This is in the area where 
machine rentals are between 
$500 and $1,000 a month and the 
survey anticipates IBM's market 
share to go up from 32 per cent 
lo as much as 45 per cent 
between 1977 and 1982. 

Meanwhile, however, the com- 
pany may lose some ground in 
the $1,000 to $2,000 category, as 
well as the $2,000 to $4,000 sec- 
tion • under the concerted 


onslaught in the U.S. by com- 
panies such as NCR. Burroughs 
ami Univac, with Hewlett- 
Packard. Texas Instruments, 
Daia General and DEC. 

In Europe, companies such as 
ICL, Logabax, Nixdorf, Philips. 
Olivetti would al»o come into 
the fray. 

But the overall effect of the 
predicted declines in percen- 
tage shares would be difficult to 
judge. This is because deliveries 
from manufacturers are ex- 
pected to rise from B5.000 
machines, worth £2.S5bn Iasi 
year to 174,000 machines, worth 
S5.65bn, in 19S2. In other words 
there will be an increase of 22 


per cent annually by number, 
but only 15 per cent a year in 
value due to price erosion. 

New small systems from the 
leading makers seem to be im- 
minent judging by recent 
sharp, shop-window price 
reductions for a number of 
products. 

But. at the same time, with 
the decline in the costs of most 
components, some micro-based 
accounting equipment is becom- 
ing available at prices consider- 
ably Jess than companies were 
paying for electro-mechanical 
accounting uniLs a decade ago. 

E.S. 



Designed for low volume use, the Canon NP 50 
plain 'paper copier 



-w- • - .rr? 




if *• • 


Work out the cost of your secretary over the life of a typewriter 
-say seven years-and you're looking at a very hefty figure indeed. 

Salaries alone will cost you somewhere in the region of £30,000: 
and thafs only at today’s rates. 

Typing isn’t cheap. And it's false economics to assume that a more 
expensive typewriter is more expensive. 

Watch your secretary at work next time you give her a letter 
to type. Notice how she gets slower and slower as she nears the end. That’s 
because she’s wary of making a mistake and having to start again. 

See how long she takes to correct a simple error. Watch her 
retrace what she’s already done to underline something. And if it's an old 
typewriter she’s using, watch her stop to rub her poor aching neck muscles 
after an hour or two. 

' '■ ■ When we developed our range of electric machines, we watched 
typists at work day upon day, month upon month, year upon year. Noticed 
what slowed them down, what irked them. And then spent ages over the 
keyboard ourselves, eliminating the stumbling blocks. 

The results of all this application can be seen in our wide range of 
office equipment Ox, better still, in your own office. 

But before we proudly bring them over, we’d like to spend an hour 
or two with you, listening and watching. Just as we listened and watched 
in the past. 

So we can be sure of recommending just as much typewriter as 
you need from our very comprehensive range. 

Call us and invite us round Or ask your secretary to fill in and clip 
out this coupon. 

She’ll probably put more enthusiasm into that small task than 
anything else she’s 


done this year 


_ i . . 






Please show me how you can help improve my office 
efficiency I am interested m learning more about: 

Electric Typewriters □ Typesetting Typewriters □ 
Communicating Typewriters □ Memory Typewriters □ 

Wbrd Processing □ Dictation Equipment □ Photocopiers □ 
Office Systems □ 

Name. 

Title. 


ter. 


Company. 
| Address. 


FT 23/10 




riff fifij 


OP Sales Information. 

IBM United Kingdom Limited. 

28 The Quadrant Richmond, Surrey, 
TW9 1DW. Telephone: 01-940 9532. 











20 


Financial Time's Mu-iidtiy Q^o^r 23 r ^.97s_ 


MBM 


Business Systems 


The natural choice for companies 
considering commercial 
computer systems. 



The safest way to implement proven systems 
on time and within budget ^ * 


MBM Computers Ltd., Clifton ville Road,. a~. 
Northampton, England NN1 5BU. 

Telephone: Northampton (0604) 21911, /\ * 

Telex: 31504. < 

London Office: Whittington House, j&r „ % 

✓ as> 

«#T. y ^ ■ 


Alfred Place, London WCI. 


Telex: 267630 



OFFICE EQUIPMENT VI 






for exports 


THE! HOST notable export order loan to help the committee pre- 
fer the British office equipment pare for the games. In addition 
industry ior some time, the it has sold lo the Soviet Tech- 
£ 1.2am deal by Rank Xerox to. nical Machinery Import 
supply duplicating equipment to Organisation more than a hun- 
the, Soviet .Olympic Organising dred copiers as part of the 
Committee, ts suitable reward communications system for the 
for a company which has made .games. 

strenuous efforts to sell in Overall, the company is the 
Eastern Europe. . . UK's largest exporter of office 

The .company has a special equipment, with sales abroad 
division dealing with the area, I as t year (ending October 31) 
and -some years ago was enter- amounting to £117.1 m compared 
prising enough to send an entire wi *h £S0.8m in the previous 
train through Eastern Europe year. In addition, it_ha_d an in- 
showing and promoting its pro- eome last year of £56.5m from 
ducts. Although it will give royalties, dividends and other, 
no precise figures, sales have income, compared with £63. rni 
subsequently improved rapidly. * n 1976. 

The Soviet order, which per- Marketing is carried out in 80 
haps owes more to the tradi- countries for equipment manu- 
tionai use of Rank Xerox equip- faetured in Britain and in 
ment by Olympic organising H °Uand. Most of the larger 
committees, Is nevertheless an c °P ier s are made in the UK and 
important one. It is the largest 53165 through 22 subsidiary 
British contract for the 1980 operations in the main overseas 


Olympic Games in Moscow. markets, and _ a chain 


of 


although a serious challenge to 
this sector is unlikely to occur 
before 1980, some warning notes 
should be sounded. 

The export prospects for 
stendl duplicators, in which tb* 
UK companies hold between 
half and two-thirds of the world 
market are seen to be good, due 
to the ability for product im- 
provement which. . has been . 
shown and the strong market 
mg position of UK companies. 

In other sectors, such as 
offset lithography, plain paper 
copying machines, typewriters 
and cash registers, the export 
prospects are seed as disap- 
pointing in the medium term. 
“Although as' yet the "trade 
balance statistics : for plain 
paper copiers continue to sugH 
gest the contribution • Of. a 
significant export surplus; oh 
present indications the realistic 
projection must be a rapid de- 


terioration of this favourable 
position,” the report warns. .. . 

In the field of ' microfilm 
equipment, UK companies are 
expected to grow rapidly, 
p rimar ily by exporting most, of 
their production and it. . .is 
thought Jlkely that, exports will 
grow rapidly by 1980. It is. felt 
that both the; Government 
Product and Process Depart- 
ment and the Export Market 
Entry Guarantee Scheme could 
be of great use to suefc com- 
panies. 

Mail room equipment is also 
seen as a promising 'sector 
where a large scale contribution 
to British exports .. could 
materialise, but the. report 
warns that there are potential 
hazards such as a large .scale 
technology change, particularly 
in respect of franking machines. . 
Enhanced product development 


work by UK companies Is therer 
fore likely to "prove, necessary" 
if only to guard, against a 
technological changeover. ^ ~ r 
On the problems and cost of - 
export marketing, "the .report- 
says . that some companies hate '• 
experienced- difficulties- v .' ia^ 
switching from. • marketing^; 
through distributors, to setting " 
up their own direct selling : 
branches overseas,: . which - 
usually puts a heavy strain - pn; 
finances. It urges cqmpanies .to 
Use financing' schemes Where 
possible* • 7. ' 

. While, the prospects fprisome k 
.sectors ■ of the industry "appear ".' 
to be good, the general outlook ' 
for exports in the 1986s appears ' 
distinctly lacklustre, unless- 5.": 
vestment in", new, competitive 
products can be made 1 in : time * 
to replace others. 7 :- v 

Lome Balling:. 


The company will snpply the 6r “' h “ i nd distributors. 


Soviet Union with a hundred . J . n Ea st. one of . 


plain paper copiers as a free developing markets, 

Fuji-Xerox (50 per cent owned 


WE C AN T USE 






ms 










WB. 


B0 


'* ,v \ 

Awe: i 


A COMPUTER! 






How come you're so 
special ? say l 


by Rank Xerox) is responsible 
for selling in eight countries. 
In Africa, where the company 
has a subsidiary in Nigeria, 
prospects are also seen as en- 
couraging. 

In the field of smaller 
machines, Japan continues to 
provide the greatest competi- 
tion, while in the larger range 
the Americans, particularly 
IBM, have been the greatest 
1 challenger, although Rank 
Xerox, either dominates or at 
least holds a substantial share 
of almost- every market it is in. 

The overall size of British 
office machinery exports 
remains extremely hard to 
determine, due -to the great com- 
plexity of figures created by 
component exchanges, but the 
Business Equipment Trade 
Association estimates that sales 
abroad amount to around 35 per 
cent of the industry’s £1.5bu 
| annual turnover, about £535m. 

Of this, copying equipment is 
reckoned to have the major 
share; while other sectors 
operate with varying degrees of 
success in overseas markets and 
others are hoping to do so. 



Olivetti Have sold 80,000 of its AS business compi^S. S y r ' V 

7' .77"; r 1 ' i,. ^ *&&&*'* v- 




It is time you woke up to the fact 
that your accounts department 
is not there just to keep the 
books. That idea went out with 
heavy ledgers and mechanical 
accounting. 

People used to think that the 
accounts department was 
non-productive — 

NOT ANY MORE. 


Check this list 


5 ALLS STOCK LEDGERS 

■ I.n >>(<. v( Viilii jiroiJov. lion 

"Mil Nilt-. Numinji md Sl..tL 

upd.ilt . 

■ v j!c* I ec'eer po-Ong "iili nr 
"•ihnui update «f Nomina! Lodger 

■ Maicmcnl production with \cchiii»I 

Ynalt,i\ and Sales An.riiM.. 

■ Product Nnah'is 

■ Smct. Ledger pn->ri;i>*. Valuation ji-.d 

SlafiMics 


Easy to install 
simple to use • - 

No special rooms required. Your 
Kienzie just stands in the office and 
plugs into the mains. We will train 
your people at our school to use 
the system to its fullest capacity. 


Report 


Accounts departments - 
should produce facts 

as well as figures . . . facts about 
vour business, facts about your 
figures, instant debtors lists, stock 
statistics - in fact, the very stall" 
of life to the hard pressed 
businessman. 


PI RCHASL LEDGL R 

■ I’urduv: Ledger poNtinv; "ilh «>r 
Without update of Nominal I eeper 
and I cdircr 

■ Remittance -Vd - icr production with 
• creditor li>tinK 

■ Cheque and ijedit Transfer ^ 
^production- 


AH this p/nsnW your accounts 
including automatic invoicing, 
pa v roll, costing and even cheque 
writing are yours for the price of a 
Kienzie Ollice Computer. 


r. NOMIN AL LEDGER 

■ Nominal Lodger poMiou 

■ I rid Balance ' , 

■ Budget Kop-irt jiirl >ulr- VnaKsic 
LiMiiij 

■ Cheque Production. . 

ASSETS LLDGER 

■ Vv-cts b\ department, by site or tc 
companifc*. within a ‘jrotip 

■ PIn'ii t- Register. V:.'C" • '• • • 


Seeing is Believing 

We will introduce you to other 
Kienzie users. You can ask them 
about our success with their 
problems and compare operations. 
Visit our showrooms and see for 
yourself how it all works, anytime, 
any weekday. 


Kienzie cut the costs 

A Kienzie costs under £65 a week 
on rental. To buy for hard cash, 
our standard model will cost you 
£ 1 1 .255. The very high speed 
‘lloppv disk" model is under 
£ 1 5.000. 

The prices actually include 
standard program packages which 
will adapt lo suit most 
organisations. Buy and you will 
aitracr tax allowances: rent and 
you will join the computer 
age without spending a 
penny of your capital! 


7;: PAYROLL . 

I Mpnlhlv/W^ekly I’avrqU « itli C ost 
Ledger AitaJysts'.-' 

I Credit Ir^nsltrs and i l!cc|»c 
v.Prbduunon V - 1 ; 

l:R6<l prnductHin and l.ud of Near 
jC is ling.!:. ' • • - . . ; 


At least - take a look at 
our brochures? 

It is a tough world and this is. a 
hard ad ! It has to be if we are to 
get your attention. Do us both a 
favour and j ust read our 
brochures. We are sure you will be 
interested. 


: ' COST LEDGER V 

■ I fin'd posliirg lo.Catsl'Leiigtr'-'. 

■ Giil la-ilgcM report listing 
’■ Completed J o h sfc Img ’•*. 

■ Update of Com l .wluci mth data V 
Tn>m Purch.iM? f.i-d'tei and I’atroll' 


Call us now or send in the coupon, 
both entirely without obli cation. 


Kienzie Data Systems, 

224 Bath Road.SU 4DS 
Tel: Slough 33355 Telex: 848535 KfENZL G 


MIST ELL VNE0ES c 

LLiihd productKi n and Jotter %'Titjni; 


KIENZLE 



Crunches also at: 
J-finningham. Bristol, 
Rur\ St. EdmurKLs. 
Manchester, Tunbridge 
Wells, Washington, 
Aberdeen (agent) 
and Dublin. - 



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V‘ v A u O' 
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We say Kienzie- You sayKEENS-LER 


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The export prospects for the 
industry as k whole are 
sumzned - up . in the 
(■National Ecbnoinfc Develop- 
ment Council’s Office 
Machinery Sector Working 
Party progress report published 
recently. 

It first points to the interna- 
tional character of the industry, 
with the predominance of large 
companies and the absence of 
national brand consciousness or 
protective policies. “Compo- 
nents' are sources world-wide; 
manufacturing tends to be 
spread in different countries for 
international trading, but to be 
greatest where the financial 
awards are likely to be largest 
This applies to both UK and 
foreign-based companies. The 
UK industry must be interna- 
tional jd its operation if it is to 
compete successfully," it says. 

It also says . out that the 
industry is closely linked with 
the electronic and computer 
sectors for technology purposes 
and due to the UK’s lack of 
progress here, some office 
machinery manufacturers, are 
falling behind their American 
and Japanese competitors. 

In indirect effect on exports 
may well be the threat from 
Japan, whose import penetra- 
tion has now spread into plain 
paper copiers and will, the 
report says, extend into the 
whole range of office machinery 
Including word processing 
equipment, unless action is" 
taken to stop it. ... - . 

The working party's report 
strikes a somewhat gloomy 
note about the past and future 
performance of the industry, 
pointing out that the overall 
objectives adopted for the last 
report were to arrest and 
reverse the decline in the 
industry’s share of world 
exporrs of office machinery 
products. 

To hold the UK’s 1975 share 
of world trade, assuming con- 
tinuance of the average Ji per 
cent a year increase for office 
machinery, would require a 70 
per cent rise in UK exports by 
1980 (to a level of some £200m 
in 1975 prices) plus an addi- 
tional £3 8m production at .1975 
prices in order to reduce the 
levels of import penetration to 
around 65 per cent, its level in 
the late 1960s. 

However, more recent 
analysis suggests that on un- 
changed policies the likely 
order of increase in the volume 
of exports by 1980 will be 
closer to 30 than to 70 per cent 
and that Far from reducing the 
level of import penetration, this 
now seems likely to increase 
yet further to levels not far- 
short of 80 per cent. 1 
It also says that repro- 
graphic equipment represents 
nearly 60 per cent of the in- 
dustry’s total exports, and 



HAVING RECOVERED from 
the depressed period of 1974, 
the- market • for dictating 
machines in the UK is now 
estimated to be growing at 
around;# per cent a year and 
will be- worth up to £l8m this 
year. ... 

" The' major suppliers experi- 
enced a boom year in 1973 but 
thereafter suffered nearly two 
years of difficulty and only fully 
recovered in 1976, and although 
few people expect any great 
expansion of demand, a period 
of steady growth is now 
anticipated. 

Growth in sales of portable 
machines has been the most 
promising factor recently, and 
this is expected to - continue, 

. with added impetus being given 
by technical improvements in a 
field which., is obviously likely 
to benefit from electronic equip- 
ment advances. 

The Dutch-owned Philips 
Electrical has dominated the 
British market since the late 
1960s and now holds an esti- 
mated 68 per cent of the total, 
followed by Grundig Inter- 
national and the Dictaphone 
Company, which each hold 
something more • than 10 per 
cent of the market 
As with other products. 
Philips concentrates the manu- 
facture of dictaphones in a 
particular area, in this case 
Austria.- It also pursues the 
policy of providing a quality 
product at a price which, while 
competitive, does not neces- 
sarily aim at undercutting com 
petitors. For example, its 
lowest priced portable sells at 
£60, and is considerably more 
expensive than many dicta- 
phones offered by the many un- 
recognised manufacturers which 
are operating at the bottom end 
of the markeL 

However, Philips takes the 
view that since most of its sales 
are to companies, with buyine 
being done on Its behalf by well 
qualified people, they will see 
the dangers of opting for a 
product where reliability and 
servicing are in doubt. 

M We are in the market and 
will be in the market in five 
years time.; Any buyer could 
take his pick of a dozen 
machines at less than half the 
price; of ours, ; but the dangers 
are all too;vapparent r " the 
company said. 

It is also pointed out that 
while company purchasing 
officers and executives can easily 
he made io see the cost advan- 
tages of buying a batch of dictat- 
ing machines, it is another thing 
to persuade people to' use them 


.properly,, a sure people don’t find an excuse 

Most executives would to throw the machnw aside and 
obviously prefer to do their die- -revert to - their- - old ^ system," 
tation with a secretary -taking^ Philips says.^ ‘ -C- r ;-v - . . 

notes and. many .are embarras- . The major benefit;©, f x dicm.V • 
sed’ at the sound of their own ing machine system -' 
voices. For that reason they will • saving 'of - 
be quick to find fault with a through . the: ability ' 

machine/, and -.manufacturers to do tbe 1 

therefore aim to make their venieht moment, . iii "or out' of 
machines as easy to operate as office hours, - wkhout : the need ’ 
possible. “We have to make to arrange for a secretary, to be 
- . - CONTINUED ON NEXT PAGE . 



0 



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buyer e unique combination or performance 
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Djro Typewnlers (UK) Ltd... /y 

Uii Intcmattonal House, Old Station Road 

toughton, fssex D1o02 0115 


BUSINESS SYSTEMS 0,irD OfiTcu EQU!pxrttrrf-(UK'}ttd. 

lOOtoa, High Road, 


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The battle for employment 


JOneNLY THAT part of the 
•>rl iJ mv».-n tu ihv lati:si luih:oc 
2loom and doom has 
inib’Hil on the notion that the 
. w CLununiira of digital loeh- 
.■logy rr..i> lead to forgc-scale 
• icm ploy men t. 

Is there an? Dime in it. or is 
Hie latest wave in i In- “ auto- 
iliun will put people oui of 
' irk ” show. one that now has 
en running for 3u years? 

This Lime, n terms, there is 
mo: limi: in ii. oven if nobody 
n nvree whai Hi** fi'Jiirr*?. are 
ely lo Ik*. and lit He coniine- 
i is needed. Many people 
w seem to have realised that 
.• i«*«.-l urn fogy lines po»e a 
ahJoin ahiiiit whir-h smnethin^ 
eii- in he ifoiu:. even if mi one 
quiu* '.ure what. 

What is it that has cun v meed 
>in? And what is it that they 
; cent meed of? The answer 
the Jirsi lecins lo bo a enn- 
iion lhaf. given the UK’s 
.slin” industrial position. 

! h many depressed imiustnes 
L'J n dismal produelivify 
•ord in too many of the major 
-its of the industrial base, the 
a* economics of digital work- 
: pose a grave* threat to em* 
lymem. As important there 
*111- [«■ be a lack nr belter in 
r ability to create employ- 
er fast enough lo lake up the 
ck Ir is not that no one can 
> what the unemployed will 


do. although there i** a shortage 
of ideas about that too. It is 
that hardly anyone car. see what 
mechanisms will have to be 
created !>■ employ them, how 
they will ho created, and where 
the capita? is !n tome from. 

It is not just the micropro- 
cessor and integrated circuit 
technology that are causing con- 
l-itii; it is the cheapness of that 
rechnolopy allied with 30 years' 
oM>‘.*rn*nrcr in computing: our 
current ability tu write soft- 
ware which can duplicate man 
fund inns, the cheapness of 
much cimventionai computing 
icchnology, whicli continues to 
fall in price at anything 
between 2li per cent and -40 per 
•'CHI a year fnr the .same price 
performance, and our rapidly 
growing expertise in . dfeital 
nmumimcalimis. The cheap- i/c 
hits u> st a linn* when we arc 
well prepared fur n, prepared 
m every way except- Lba! of 
find ms oilier tilings for those 
whu are displaced to do.. 

But what dues that mean to 
i tic* office? Are we bound for 
racing unemployment among 
office workers, or is the new 
technology going to have the 
.-a i in.* effect- there as its -pre- 
decessor*. greater throughput 
from the same number of 
people, with the elimination of 
some jobs uud a substitution by 
others, the best example of 


winch, of course, has been the 
decimation of wages clerks in 
large organisations who can be 
.said to have been replaced by 
DP staff. 

A recent study in West 
Henna n,v indicated that the 
new technology could reduce 
office employment, largely m the 
typing area, by 4« per cent over 
the next few years. Translated 
inio figures it meant a reduc- 
tion from 5m lo 3m. The tech- 
nology on which the study pri- 
marily fastened was that of 
word processing; the electronic 
typing, editing, copy generating, 
and distribution station which 
is beginning to appear in some 
organisations. 

It is l his which lie- al Hie 
heart o[ what has been called 
the office of tlu* future, the 
territory over which many 
believe the next great market 
haute i.n to be fought by Hie 
computing and telecommunica- 
tions industries. 

The word processor is the 
spearhead. The claim is — and 
this it inu»t be remembered is 
fur first generation systems— 
that they enable typist output 
to go up. sometimes quite 
dramatically, and that in doing 
sn they also remove sumo of 
the drudgery of typing. 

l*(«gica. designer and manu- 
facturer of Hit* VTS inn and . dis- 
tributor in the UK for its 








The xcrccu-htis&l Wang uonl processing equipment 


Unicom system, jointly devel- 
oped with Unilever. has 
observed productivity increases 
of between 15*) per cent and 
400 per cent: one typist doing 
the work or lie tween 21 and 5 
or more typists using conven- 
tional typewriters. 

However, they are the iirsi — 
and not Hie only — people in the 
business to state that the word 
procesnr is not the answrr to 


all lyping problem*., it u all 
a question of work mix. The 
word processor lends itself ;o 
complex work: complex forms, 
letters, reports, proposals which 
may have lo go through a 
number of drafts; Hit prepara- 
tion of manuals: and the pro- 
duction of correspondence of 
various kinds whore opies may 
need to be widely (iiMrihulcd. 
And if Dial can b>* on line so 




. /* 


Dictation 


CONTINUED FROM PREVIOUS PAGE 







* i 
a. z 


&&*senl. The saving on seerc-. Association. This stresses “that 
important, it is essential for managements 
.iew or the to determine exactly what' type 
secretarial of equipment is required, if 
necessary with the help of a 
for dictating consultant, before any decision 
chines has increased in is taken. 

. .. ect response to the greater Furthermore, if -is regarded 
?d for transcription capa- as shortsighted to buy equip- 
"ties within the office. To merit on price alone,, without 
'"""‘ki? the best use of expensive careful ! consideration of ‘.the 
. co overheads it is now user's requirements and the. 
'.irtlod as essential that bolh possible expansion of an organic 
lipment and staff time be put sation. The guide also suggests 
optimum use. that the widest possible range 

\ useful guide to potential of different suppliers should be 
* 1 ers of dictation equipment asked to submit quotas, giving' 

; t recently been published by the greatest number of options 

• ! ‘ I • Business Equipment Trade possible. 

i V- * ill ■ 


On the question of training, 
it is stressed that the typist con- 
cerned cun usually master a 
system within a short time, but 
it is more important that the 
person dictating into the 
machine should be properly 
trained. ** It is probably fair lo 
say that users would be better 
advised in ensuring that the 
equipment or system is fully 
utilised in a competent fashion 
than being over concerned with 
the technical excellence of the 
equipment,” the Association 
guide says. 

Philips and other companies 
offer training schemes in con- 


junction with their equipment, 
but many users regard this as 
unnecessary, perhaps to their 
disadvantage, in the belief that 
dictation is a simple matter. 
Musi manufacturers believe 
that it is unlikely that a user 
will get the best out of their 
equipment unless some training 
is given, sometimes for as little 
as a day. 

Other companies offering 
equipment to the UK market 
are Assmann Dictating Systems. 
IBM United Kingdom, Lanier 
Business Products. Peter 
Williams (Business Machines 
and Systems) and Teletronics. 

Of the systems available, the 


centralised recording method 
offers the greatest potential for 
cost saving, where audio typing, 
becomes a speeialisi production 
function and is unimpeded by 
other clerical or secretarial, 
requirements. In this system the 
dictation is stored m a bank of 
recorders and transferred to the 
** typing queue '* in priority of 
the completion ot the dictation. 

By this means the audio typist 
is no lunger submerged under 
a mass of work but can proceed 
at a steady pace during the day 
bpcau.se the work is. shared and 
distributed more evenly. . 

Lome Barling 


that it is generated by the sys- 
tem and sent automatically tn 
appear un someone Use's sys- 
tem, so much the better. 

It i.> immediately obvious that 
word processing then does not 
lii all organisations, at least not 
when conceived of in this 
sense, and at thi.; time. I( is a 
technology as yet suited to 
urbanisations which have ■ an 
■ii janisation, nr smaller busines- 
ses with a large paper output 
which li:s the capability — busy 
local offices, architects, con- 
mj Hants. 

The question of fit is critical. 
It was reported recently that 
the trials carried out by the 
Central Computer Agency and 
the Department of Education 
and Science, in which Word- 
plcx word processors and con- 
ventional magnetic cassette 
electric typewriters were put 
up one against the other, 
produced no significant gains 
fur the Wurdpiex equipment 
across a wide range oF typing 
activities. One should not be 
surprised: it should not be 
expected. 

Word processing, too. is not 
yet the technology of the one- 
man band, the small business 
living with one typist who 
doubles for a whole host of 
jobs each nf which would be 
an *• occupation " for someone 
in a large organisation. It is 
not that the system could not 
enpe with the range, hut also 


a question of cost. A good 
stand - alone word processing 
station with VDU. budl-in pro- 
cessor. storage and printer is 
as yet in the £ 10 . 000- 12 .(H)0 
bracket. However, it is notice- 
able that down in the* do-it- 
yourself end of the U.S. com- 
puter market place people have 
already taken kit costing £2.000- 
3.000 and turned it imu a word 
processing system, li i., then 
only a matter nf time be lore 
prices start to fall. 

Blit word processing is nut 
just about individual station 
stand - alone system.*.. More 
typically at preseni, such 
systems come in croups of 
typing stations tfour. eight. 
12 are not unusual) linked to 
a central computer either 
dedicated tu the company's 
existing mainframe. 


Versions 


Thus the long-awaited IBM 
entrant in the field, the 3730 
Distributed Office Communica- 
tion System was recently 
announced in two versions: 
one stand-alone with up to 12 
stations, the other linked to 
existing IBM mainframes, that 
mainframe providing the com- 
puting power. For it is still 
all computing. 

That system, loo. provides an 
archiving facility and a com- 
munications capability. And it 
is when there, are enough 
systems around in place, either 
compatible or operating 


»bb Mgsmaaaa 

The new Mitsubishi U-BIX W0 drsh-iop 
plain paper copier 


through, say. a packet switched 
network, that one can expect 
to sec a serious impact on the 
office. For then it begins to cut 
into not just typing skills, but 
general office routines, filing, 
the post room, the routines oE 
paper handling and delivery. 

So can one take the view that 
the West Germans have : that 
the computer in the office is 
going to put people out of work 
in large enough numbers fnr 
this to become a serious prob- 
lem? Personally. I doubt it. 
But that does not mean m say 
that 1 have any comforting 
thoughts to offer. 

What is much more likely is 
that the computer in the office 
is going tu do something else : 
close off employment oppor- 
tunities by a massive improve- 
ment in office production 
capability. And it will not do 
it without stress and strain, 
some of which is as yet un- 
imagined. A girl may now be 
given the opportunity to handle 
four or five drafts in a day 
and still get it out before work- 
ing hours are over. But are the 
people who are preparing the 
draft themselves capable of 
handling that number of 
drafts ? 

One or two executives have 
already discovered that, while 
they approve of increased pro- 
ductivity below them, they are 
not quite so sure when it 
reaches their own level. 

Rex Malik 


i 

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.** f 

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as its told. 



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•*>**? | 


s P5002 Wjrd Processor can type from memory, file information and obey complex commands, 
faster and more efficiently than any other machine in the world. 

Unique command functions. 

Because of its vast storage capacity die 
P5UU2 can Undertake many unique com- 
mand functions. For instance it can: 
Reorganise its index system. 

Search for given words or phrases and 
even delete or replace them automatically 
Fillin die details ofpersonalised letters. 

Construct flow charts and block diag- 
rams. 

Keep a glossary of important recurring 
words lor instant insertion. 

Set type in up to nine columns at once. 

Easy to use. 

Despite die amazing scope of this 
machine, ic is very easy to use. Tire average 
secretary cm leam to operate it.competently 
with only afevv days training. 


■tWT- 


.. . J. A i J. J A 1 — -- ' ' JL 

. vides a highly cost effective way of handling 
documents and correspondence. Letters and 
imports can be typed, edited, revised altered in 
fomiat aiid reproduced with incredible ease 
•and^tyed 

-■■■ . This means a considerable saving in time, 
[labour . aird materials, as Wcll as increased 
productivity and improved staff working 
conditions. ... 

Non-stop typing. 

Typing onto the screen is ^remarkably fast 
and simple process, because 1 noving to a new 
lineisdone automatically Ids just like typing 
. rare continuous line. 

iDstantediting. 

‘. Once the text is displayedon the saeen,all 
lands ofrevisions can be made. Passages can 
beinserted, deleted orsimply moved around, 


and the unaltered text is automatically ad- 
justed to compensate for die changes. So 
there’s no need tor retyping or rcchedang. 

Printsfaster 
than theeye catiread. 

At the touch of a button die text on die 
screen can be printed at an incredible speed 
of ^ 45. characters per second The print-out 
'will be correct first time, without wasting 
materials. 

And die text can be committed to a 
memory file for re-use or revision Liter 

Enormous filing storage capacity. 

Tire P5002 records information and text 
on flexible storage discs, each of which lias a 
capacity equivalent to 128 A4 pages. 

Text can be filed on the aisc by tide, and 
summonai to die screen immediately tor 
amendment orprinthig. 


The complete range of 
Philips business equipment. 

The P5002 Word Processor heads a 
. whole range of Philips business equip- 
ment, geared to create greater efficiency 
and lower office running costs. 

There arc pocket memos for recording 
your thoughts, as well as desk top dictation 
machines, and even a remote controlled 
dictation system. 

All these machines use die same Mini- 
cassette which can then be handed to your 
secretary for typing. 

Mini-cassette 2. 

A unique version of the Mini-cassette 
called the Mini-cassette 2 allows you tohiake 
"place marks’ on die cassette during dictation, 
to guide your secretary when you use it with 
die latest Philips 300 desk top range. These 
‘place marks’ arc made simply by touching 
die appropriate button on yournticrophone. 

Tnis new cassette also remains compatible 
with the rest of the Philips Mini-cassette 
machines for stai idard usage. 

Post today. 

For further information about how the 
revolutionary new Philips Word Processor 
and Philips dictation equipment can increase 
die efficiency of your office, please fill in die 
coupon below and post today 


r 

i 


Please iWidmcdctoils about:. PTW6 

□ Tlie Philips P3XG Wotd Processor 
D ThePhih’ps pocket memo and dicudon equipment 


1 

i 


j N.une 


Addicts 


Pose to: 1 > hilips Department S.I? POiiox 3, 
Horle\;5unvv 


I 


Simply wars ahead XJP' 






Financial Times Monday October 23 1978 ' 








■ >- »'■' , ; J 


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% The 765 is the answer to many remote data collection jobs in insurance, news 

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Name. 


TheresmOTetiiancmewayof reduce your paperwA 


Do you ever getfhe feeling that your company being taken 
over by an army of filing cabinets? 

Think aboul all the paperwork associaied with Iradrtional 
accouniing systems. All the ledgers, invoices, copiesand dockets 
Then think about the cost of processing them. 

However there's a new way of minimising all these functions 
and all the paperwork that goes with than 

A Systime small business computer system. It wont cost a 
lorlune. If won't take over your job. But rt will ofler your company 
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Reduces paperwork, increases efficiency 

Because so much information can be permanently recorded, 
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Deliver/? V\fe like to talk in weeks, not months 

Couple all this with one of the most competitive prices on 
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business accounting procedures to the running of a manufacturing 
company’s stock control/warehouse distribution requirements 
A system that wifi grow with you, economically 

As your company grows with the help of a Systime compute? 
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! Position—. 
Company 


Address— 


{ Postcode. 


-Tel 


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THE RIGHT WAY 

Heaa Office: Dept. EGS. Concourse Gomouter Centre. 

<3? Dewsbury Road Leeds LSD 7DF Tfel. f0532i 707311/70/251 
■fele. 556283 

Also aizJLondon, Manchester, Leicester. Bristol. Glasgow & Dublin 


CHRISTON CLOCKS 
1350 LONDON R04D LGIGH- ON S€A CSSCX 


Name 


Position 


Company 


Address 


43 B 


Tel No. 


7B5FT2 43 


THE FINGERS on the keys of 
typewriters are pressing for a 
speedier change from manual 
to electric. But the worldwide 
trend of transition from manual 
to electric typewriters shows 
several areas of less than 
spectacular growth — either 
where the pace of changeover 
has been slow or where new 
technology in electric type- 
writers has lagged behind other 
industrialised countries. 

Britain, for one, has moved 
ahead slowly. Less than half 
the typewriters in this country 
are electric— exact figures are 
impossible to obtain but the 
ratio is certainly well below the 
rest of Europe where the broad 
ratio is two-to-one, as compared 
to 10-toene in the U.S. 

Conservative management 
and lower salaries, plus the fact 
that office equipment is still 
bought on price, are the main 
reasons for the slow change. But 
British executives now have to 
contend with a shortage of 
secretaries, and this “ elitism ” 
puts secretaries into a relatively 
powerful bargaining position — 
not only over bow much secre- 
taries believe they are worth, 
but also over the question of 
office environment in which 
electric typewriters provide an 
important drawcard. 


Portable 


But even as more sophisti- 
cated electric typewriters — both 
portable and standard — are 
slowly accepted into British 
offices, manual typewriters are 
stHl being assembled and dis- 
tributed from the UK in big 
quantities. 

Innovations for the manual 
machine may have reached 
almost saturation level, pointing 
manufacturers in the direction 
of the electric machine while 
developing countries are still 
crying out for manual type- 
writers. Olivetti, for instance, 
sells more than SO per cent of 
its manual machines (produced 
in Glasgow) abroad. 

Typewriter manufacturing in 


Britain is largely in the hands 
of SCM, Olivetti and Olympia— 
and confined virtually to the 
production of the portable type- 
writer 

The bulk of machines come 
from abroad — the big four here 
are Office and Electric Machines 
(agents for Adler, Triumph, and 
Imperial). Olivetti, Olympia and 
IBM. 

Last year electric typewriters 
made up around half of the 
total number of typewriters 
imported — the majority, from 
Germany or Italy. Last year UK 
sales for electrics totalled more 
than 100,000 .while manuals 
reached more than ; 175,000— 
125,000- of which were portable 
machines. 

_ IBM manufactures ne manual 
or portable typewriters. Its 
machines for Europe are 
manufactured in Berlin and 
Amsterdam. 

Competition is fierce between 
the big four— market shares are 
thus difficult to obtain and those 
that an; released frequently 
total more (hah 1Q0 per cent. 
Roughly speaking, OEM, ’ the 
market leader in Britain, claims 
40 per cent of the manual type- 
writer market and 35 per cent 
of the electric market. IBM falls 
well behind with less than 20 per 
cent of the UK market share. 

But competition has bred 
innovation, particularly in- the 
electric typewriter field where 
the scope is still vast. 

Two basic varieties of electric 
machines are produced by the 
big four In the “type basket” 
— which is an electrified manual 
machine — the “ letters ” strike 
the paper not by pressure from 
the keys but through electric 
impulses; The -second- type uses 
a small metal “goifbail” -with 
the characters set fn relief: as 
the typist presses the keys, the 

goifbail ” rapidly swivels 
around so the appropriate 
character strikes the. paper.' 

Of the two. methods/ - the 
“ goifbail” has claimed -most 
popularity. It is extremely 
versatile; in . seconds a typist 


can change the “ goifbail and 
with it, the typeface. 

Olympia, however, prefers 
the "type basket” machine 
which, it claims, is much 
quieter to use. 

Olympia makes two portable 
electric machines: the Monica 
and the Report de Luxe. The 
company also produces a pro- 
portional spacing typewriter 
called Excellence which gives a 
printed effect. So far. OIyjn?*a 
has launched only one “goifbail” 
typewriter— the SGE75.- 

OEM brought out a new 
machine in March to compete 
on the home market and Within 
the month should be launching 
the SE2000. Most of OEM’s 
range is imported from Germany 
where the strong Deutsch e-mark 
has squeezed its profit margins. 

Adler/Triumph has a wide 
range of products including the 
131D and the 151D — both “type 
basket machines. One of its big 
sellers is the SE1000, launched 
on the market last year. Since 
then, two modifications have 
become available — the SE1000C 
and the SE100CD. * 

Olivetti has moved from 
making portables into a variety 
of other office products — the 
result of a squeeze at the con- 
sumer end of the market. 

Last year Olivetti began pro- 
duction of the New Lexicon 
from the Glasgow factory, with 
the help of Government finance. 
This sells for around £200, 
appealing to people who need 
a high-quality home machine. It 
could be argued that the Lexi- 
con is stii ahead of its time — 
at least in Britain — since the 
idea of a portable electric Type- 
writer still has a long way to 
go before it catches the public 
imagination. 

SCM operates successfully in 
the basic, cheaper, lightweight 
machines. In this sector of the 
market SCM— producing around 
175,000 units a year-^-is the 
leader in the UK and produces 
these simple manual typewriters 
from its West Bromwich fac- 
tory. 

SCM also makes electric port- 


ables at its Singapore factory. 
These machines -sell in Britain . 
for around £80 retail.’ SCM also 
produces- higher-quality type- 
writers in competition With'. 
Adler and Olympian : 

SCM*s acquisition of .Quvelfi’A 
Glasgow plant' was made last 
year by a U.S. subsidiary -and 
not its British subsidiary —, 
regarded as a significant mere; 
since the company 1 sera the 
“ goifbail™ technology-ia^ ^ World- 
wide, .rather than UK terns. 
Before long the «Knpafiy pre- 
dicts the consumer market will 
demand electric portables; on i 
similar scale' as today's office' 
market ■ y ' • '\i.- 

For the time being; IBM rules 
supreme in a “goifbail ™-' type; 
writer market It has remained 
free from manual typewriter 
production. and:has developed * 
broad range of “ golfbaU’? 
options. ' One of- its big aellem 
is the" Seiectric TCjVM 1 ' 
correcting features, setting from. 
£61 1 to £674. _ 

IBM still has a couple: .‘flit 
“ type basket ™ machine^-ntae ' 
of which is tile Executive. ’T),™ 
with proportional spaefoi: 
which sells for £Sill : .v 
The big type writer :manufae 
lurexs still have plenty iof icepe 
for up-dating-and improving the 
electric. Portable electric “goti- 
ball " maefiines with jji^pori . 
tibnal spacing' are jpt. to jqipgar 
on the market; no-one jus yef 
marketed a noiseless .typewriter 
—though" IBM claimsTiRilf a 
typist would lose her " typing 
“ rhythm" if thdiinachioe. was 
silent— aiid ^ productivity': wirtild 
suffer. y.v- • _ 

. But .technological, advances - 
have paved the. iway for 'the 
development of ;* broader, con- - 
cept in the office^ equipment : 
field: word processing, Though 
the term’ often encompasses a 
multitude of ./meanings ' £nd - 
equipment, '’it ..is,- basically ’ an 
automatic typewriter ~ with a 
combination Softer equipment 
and techniques osei to increase 
prod uctivi office. 

- CaSem- Toomey 


Word processing sets 
fastest pace 


WORD PROCESSING has come 
a long way since it was 
described by International Busi- 
ness Machines, innovators of the 
technique, in the mid 1960s as 
"the sum of the activities in- 
volved in composing, dictating, 
recording, transcribing and 
typing words in the modern 
office." Today it is the fastest 
developer in the business equip- 
ment industi7> 

In the relatively short life of 
world processing, technology has 
progressed from a basic auto- 
matic typewriter recording text 
by punching paper -tape to a 
video terminal system recording 
on a floppy disc and printing 
out by seemingly' space-age 
methods such as laser beam and 
ink jet But office equipment 
in use is light years behind by 
comparison. 

A word processor is simply 
a typewriter with an added 
memory and a level of intelli- 
gence which varies according to 
the system. The memory is the 
key to any word processing 
system. 

After pioneering .develop- ; 
ments of punched paper fol- 
lowed by magnetic tape 
memories, the most widespread 1 
system has been the. magnetic 1 
card, first produced by IBM. 1 

As the typist presses the < 
keys, each stroke is electronic- ! 
ally recorded on the card and ( 
simultaneously on the. type- 
writer paper. Even though The « 
task is manual, errors can be f 
rapidly corrected at the time of t 
writing or later, on playback. 
Sentences or even major changes t 
can he made to produce a per- f 


feet end-product which is then 
typed out at high-speed. 

Earlier magnetic word proces- 
sing systems curried most favour 
with companies producing stan- 
dardised letters used by, for 
instance, legal departments and 
customer liason clerks. The 
punched tape system has been 
favoured by engineering firms 
which produce more detailed 
reports. 


Cassettes 


: Memory capacity was further 
l increased by attaching cassette 
. taperecorders to typewriters or 
r printers. The cassette system 
! was already on the market and 
i was relatively cheap. Cassettes 
; meant that long documents 
■ could be recorded onto a single 
tape. Pre-recorded material' 
later combined with new 
material can then be stored on 
a second cassette for final 
printing. The chief disadvant- 
age with this system is that the 
operator spends too much time 
searching for a particular . 
message. 

A big breakthrough was the 
introduction of the diskette unit 
or the “ floppy disc.” It has a 
superior storage capacity— now 
more than 100 A4 pages and in 
a fraction of a second it can 
search and find a particular part 
of the text 

These simpler systems are 
ideal for smaller companies or 
for an office reluctant to take 
the plunge. 

As word processors become 
more refined and add to power- 
ful memory stores, manufac- 


a tuTers have; introduced video form. clQfse links: .with computer 
screens which show the text as technology where they WuL'he 
«- it Is -being keyed in rather than connected -.to', large magnetic 
r wasting time through print- storage 'devices' ahd wilT have 
ir. outs. A full page display holds the ability to -pWffer^-sophis- 
r about -6,000 characters and costs ticated output, equipment soch 
i art and £1,000-3,000 depending as photo type^tJ^s. ; "The‘teie; 
s on the size and facilities offered, communicationsnetwork fed so 
^ . There is also a cheaper— and growing rapidly ': and coffers , 
s perhaps neateiv— method of Plenty of scope rvior ^: word 

1 visual display— the “ plasma ” processing' to be Jhcorporiitea.m 
display which looks a lot like direct .gn mmnnii- aripnriBgolving 
the window of a calculator. Its’ the written word,,.. ..^V.rv.jA 
size makes it less flexible But while techiioiCKr^-'wdbis 
though than a full page display, off into the horizqnrimafiagjrs 
: The video screen not only ar e going to 
• eliminates the chore of print- convinced— jor.^at.^.ifia^jraae 
outs : to check copy. It also more aware^qf,.the^ ^edst hetesfits 
1 means that .corrections can be increased^ produrti3^--^i 
[ made by a swift tap of a few their offices" through': .^wtd 
; keystrokes, changing a charac- processing. ^ Convert^ taT-.tW ; 

ter . or wiping out a whole block technology, point ] out -I 

‘ of text. ductivity can more than, dohblc j 

Another time-saver comes in a typihg pool, when ,w.otd,J 
with the typing operation Processing; Is introduced. Repiti'.-; 
which can operate indepen- Uve standard letters can be • 
dently from the printer, so ckurned out four, or five times 
while the typist taps out long more quickly with a wp system 
documents the printer pan mid when there is a mixture Ol‘ 
finish off letters or reports. work— -documents, pro ' forma 

In a totally electronic system Jerter V reports— the improve- j, 
dictation can be checked by the ment 0311 soar as high as 200 ■[ 
author on a visual display unit per cenL 
in his or her own office before So far; so good. But secre- 
sending the text over a tele- taries have to . be sold on the 
phone line to the recipient. It idea since they are invariably 
is either printed out rather like t^e ones' to operate the equip- ' 
a telex or held on a local ment. 

SSraSSS 

futwi. 5 for cesEOrs teed to a drop in man- 

snarea logic systems . will system; . 

CONTINUED ON NEXT PACT 


BY MA 


THE PF 
decided Ir 
ailegaiiun 
Wilsun (> 
number c 
were coni 
pai^n ay a i 
Parly on 

1974 Gem 
The foi 
allegation 
lowing ih% 
affair. Mi 
was. had 
an orehes 
himself, t 
Lavlv Ft 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
in Id Ihe 
did noi 
rrictors 
instructed 
round a 
male rial." 

The Pn 
in h'*ar 
Sir Haroli 
formal cn 
On the 
.isain.-'t i 
L-ounol >: 
Royal Cn 
Hi. -d I her 
Labour In 
The Pr> 
is one ni 
1 1 shed tod 
In ano 
council 
againsl ll 
Daily Ex 
picture c 
HenneHa 
death in 1 


Texas Instruments 


Limited 

European Digital S>-stems Division. 

■ Data Terminal Marketing, MS55A, 

Manton Lane. Bedford MK41 7l J A 
Tel: 0254 67466 Telex: 82178 
Stockport Tel: 061 442 8448 Slough Tel: 0753 35545 

‘ T-uiirwcrk *«/ Tc V*.-. Inr!nin:rntr 


StOCli 

T'jiin 






I ; -_LiO 



Financial Times Mondav October 23 1978 


23 


OFFICE EQUIPMENT IX 


NEB stimulus for 


UK processors 


The New Adler ComiMct 
can take over your entire invoking, 


* 

; H V 


1 1 


• I\ T COMMON with most other 
microelectronic sectors, native 

■‘.UK componies — excluding, that 
is. UK-iiiised subsidiaries of 
■U.S multinationals — are 

sen orally weak m word pro- 
cessing, the technological 
'■* sharp end ** uf the office equip- 
ment market. 

However, wtiiun the past 
. m on Hi. encouraging new moves 
. jy the National Enterprise 
Buard to stimulate develop- 
‘ • ments in tlvis area have 
.’■merged, moves which appear 
. promise a major, if belated, 
UK effort in the word pro- 
:essing field. 

: Earlier this year, the NEB 

‘ . aired consultants Butler Cox to 
•- moke a study of the UK market. 

and of its future scope, and to 
.make recommendations. The 
Consultants, enlisting the aid of 
Jiree academics from Queen 
Mary College. London Um- 
icrsiiy. produced a report in 
September which appears to 
-.nave been influential in the 
. shape of the strategy which is 
.mow emerging. 

The report recommends the 
". establishment of a “new and 
" iulanomous " organisation to 
research and market office 
>y items. " Ir has been' made 
ibundunllv clear to us through- 
~ jut our investigations (say rite 
. authors) that the keystone of 
-the UK office equipment indus- 
try must he the marketing of 
-these (word processing) 

' • systems. l?K industry has 
repeatedly shown that it has 
lie technical expertise to pro- 
iucc excellent, sophisticated 
: products.” 

But it continues in what has 
aecome a familiar dirge sung 
. aver UK manufacturing effort. 

• he industry has usually failed 

• 0 assess the market properly 
oeforc making a producL and 

• failed, too. to push it aggres- 
sively once made. 

The new organisation 

• sketched out by the report 
- would be concerned with re- 
search and with marketing. The 
research would be required to 
proceed rapidly: it should estab- 
lish the "general philosophy" of 
UK-made systems by 1973. with 

/■’,‘a plan for a total office com- 
munications system ready by 

The manufacturing would 


then be contracted out to exist- 
ing — presumably largely UK — 
electronics companies.- • which 
would work to the designs speci- 
fied. The new organisation, 
having established a sales force, 
would then market the products 

and system*. 

The report sees U ati particu- 
larly important that rite market 
for the UK- made systems should 
be Europe-wide, rather than con- 
fined to this country. Domestic 
demand, it says, would tend to 
be more .sluggish than demand 
in oiher European countries. 

” The average salary of an 
office worker in the UK. is. about 
30 per cent uf that of a similar 
worker in Germany. There will 
thus be less incentive to auto- 
mate UK uffites as fast as the 
offices in other, belter-paid 
countries.” 

The NEB has now, digested 
the report, and its strategy con- 
forms to ! > m most -significant 
details — except that where the 
report recommends that £10in 
be spent over the next five years, 
the NEB appears prepared to 
spend £*t0m. Its plans — which 
remain officially tentative — 
centre around the establishment 
of a new subsidiary which will, 
as the repurl suggests, be con- 
cerned with research, develop- 
ing and marketing of systems, 
rather than manufacturing them. 
Once again, it seems, the NEB 
is to be a stimulus to slow-mov- 
ing UK private companies. 

Its first effort seems likely to 
be in the development of small 
machines and eommtmkatiuns 
equipment based on the latest 
micro-electronic technology. The 
first system to be .designed is 
likely to be a word processor. 

. Much of Ihc success of this 
venture will- depend on the. 
clutch of micro-electronic com- 
panies the NEB already has 
under its corporate- wing which, 
taken together, can represent 
many (if not all) of the com- 
ponent suppliers to the. new 
subsidiary’s manufacturers. 

These companies include 
Computer Analysts and Pro- 
gramed. Systems Programing, 
Systems Designers. Systime, and 
Logics — aJJ of which are 
advanced software houses — and 
insac. which . is a computer 
programs marketing company. 
Muirhead and Monotype.' with 


which the NEB is currently 
negoiiating. could .supply 
facsimile transmission systems 
and electronic text editing 
expertise respectively. 

Logica would be crucial to 
the success of the new venture, 
because it lias developed an 
up-to-date word processing 
.\vslcm and is one of the world 
leaders among companies which 
design data communications 
systems. Systime. part of the 
Insac group, could become 
involved through provision of 

small business computer 
systems. Computer and Systems 
Engineering, and Computer 
Technology, might also be 
roped in. 


Problems 


i r'P 

Lv 



To llie inevitable question — 
will it work’. 1 — there is no 
answer. AH that can be 
attempted is an assessment of 
the problems, and the possible 
ways in which they may be 
overcome. 

• The new company will he 
operating in a market already 
well filled with powerful multi- 
national companies. These in- 
clude the most powerful of them 
all in this area — IBM — and 
further includes the not in- 
considerable forces of ITT. 
Olivetti, Philips. Rank Xerox, 
Roneo Vickers, and Siemens. 
AH of these companies have 
systems now on the market, and 
in the case of IBM have second 
or third generation systems now 
being developed. Naturally, 
these companies will have 
secured customers for their 
systems and will seek to keep 
them. Much of the market will 
already be ** dedicated ” by the 
Lime ihe NEB subsidiary starts 
producing. 

This fact will probably mean 
that the new company will be 
forced into the smaller com- 
pany sector of the market — that 
is. to sell to those firms which 
are coming to the market as 
buyers at the same time or after 
the NEB comes as a seller. This 
is certainly behind its already 
apparent interest in small busi- 
ness systems: though it will 
probably . be , in a . favoured 
position for UK Government 
departments and nationalised 
industry orders. 

• A completely new company 

will have large problems in 
establishing a ‘'coherent and 
reliable product range, especi- 
ally where it is in effect an 
amalgam of small companies. 
The successful collaboration of 
different companies, even where 
they are-. loosely grouped 
already under the NEB 
umbrella, will be a consider- 
able problem. All of the major 
competing companies are well 
integrated, many of them — like 
ITT — almost wholly vertically 
integrated. . • • 

There is simply no way round 
this problem. AH of the com- 
panies participating with the 
NEB will have a vested interest 
in success: all will have to run 
hard to catch up; perhaps the 
twin incentives will be enough 
to offset the disadvantages. 
Further, if the new company 
is to have a reasonable chance 
of a significant market share, 
it must come up with a product 
and with a design which will 
put it in the front of the new 
technology in the field, rather 
than produce something which 


the existing companies are 
already selling or. worse, have 
already sold. Thi* necessity 
will concentrate’ minds tor 
shnuld) and may assist in the 
welding of a coherent leant 
front disparate entities. 

• The companies — both tho^e 
assisting in the development 
and those which will be asked 
to manufacture Lhe equipment 
in association with the new 
company — will be designing 
and/or producing equipment 
over which they will probably 
have no marketing rights. This 
is a difficult matter: cum panics 
do not like to sign away such 
rights, even where they arc- 
over a piece of equipment nnj 
yet made. The current pro- 
tracted and reportedly 
anguished discussions between 
the Post Office and its three 
main telecommunications sup- 
pliers (Plessey. GEC and STO 
over what body will market the 
Forthcoming electronic, digital 
exchange — System X — are j 
case in point. 

In the event, the companies 
will probably recognise tha« the 
pouting of the marketing effort 
/■» in enough of their tnlcre-r*. 
to agree in it. Tension may 
develop when one company 
decides that it is sufficiently 
powerful, and has sufficient 
expertise, to strike out on its 
own: by that time, with fuck, 
the NEB company will be able 
to switch production elsewhere. 
Initially, however, there will be 
no one else in the field. 


John Lloyd 



T 


L .4- 


{ "! •{'- f. i 



What can it do in £ 



are time? 


The ne.v rr.uk.-jxirpose TA20 Compact is un : aue — sn Invoicing 
mach-r.e and r*ir-'i'onic tepewnrer wth cornpu*-:-' capaor-,-. 

It makes l.on ,\or-. o' an. ir»voi>:«r.g oror-rms. c« l cu!dT.rig. tabulating 
and priming ai hor speed anc producing v'A T iota is arvJ product sales 
hgurss. a men i Hi v 

Bm c.-her. .?■•> iT'shed th>s '.o-l . >; doesn’: sure “.or' . You can u-w? it 
as an aova: s etenwru e lecvomc r.oe.v? te- v.iift auroma’ic 
paper teed ona . -nable pitch tor top q-j«::tv ct:r:esc-c n c-:-nce. Or 
automst’ca!!-. out hundreds of c-rc.-is's. :m? n 'it; 
programmatv.- n-.ir.g •.ali.uiarcf o* mav.-'- os. - r-:-juo .% anj picJucc 
staieir.er.ti. 


%'Tid T» ... t .1. -. r l. .11 .nln»» >. 

.ir. ! !i:t- .• •• , . i- ••.•.le-.l . •!-. u •.’.••i ! 

•! •• • .■••.iinh. i 'i.-HiW'-'.i.-l-i ‘i 


Adtsr Business Computers Ltd. 

! J'. 1 : -..J ~ ■■■. . :> i — ."h S'* »:•*»' 

1 :_H =.;! 0 1 -M.’.t' .' I <1 


► V'-tii .• i •’ •• - -.j.. Tiyj’-.ti "■> " •' •’* .* 

I '-Zi. . - : r.nrr-= . i r '.e- wj-r. 


L ?•. ■ 



Works Eke a typewriter acts Ska a computer. 


Adler Business Computers 

The ooo Group of companies 


Fastest 


CONTINUED FROM PREVIOUS PAGE 


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Office organisation often goes 
through some upheaval when 
word processing equipment Is 
brought in and about the best 
way to avoid it— even before 
selecting the kind of system — Is 
for management to compile a de- 
tailed study of the office — work 
input, output (even detailing 
numbers of words), and what 
kind of work predominates. 
Workers’ careers, their motiva- 
tion, and whether they work full- 
lime. part-time or are temporary 
should also be noted. 

It is villa for an organisation 
to explore the extent to which 
word processors are necessary — 
or if they are. It may sound 
obvious but the reasons for buy- 
ing equipment often determine 
which system will best cope. 

Cost-effectiveness is usually 
top of most managers* lists 
though (here are other impor- 
tant factors such as special edit- 
ing needs, and workloads that 
are cither abnormally high or 
cyclical. 

There are already over 100,000 
installations in use in Europe- 
West Germany has a 40 per cent 
slake, Britain IB per cent and 
France as the third biggest user, 
with - 13 per cent rtrarc. 

Growth in Western Europe 
will rise as the cost of manufac- 
turing stand-alone untts rapidly 
decreases' and as the benefits of 
increased' productivity rpsu^S 


from the use of text processing 
strike home. 

In the U.S. there are at least 
400.000 word processors and the 
figure is expected to double by 
1981. 

One big growth area is in mail 
services! Postal charges are still 
rising and the service provided 
by the authorities is deteriorat- 
ing, particularly in respect to 
delays and reliability. Alterna- 
tive means are no;/ being in- 
vestigated and in some cases put 
'to use to transmit commercial 
mail. One feasible alternative to 
conventional mail is the trans- 
mission of documents . j some 
kind of electronic mail system 
based on ext processor-style 
equipment. 


Growth 


Demand — and subsequent 
growth — has diminished, how- 
ever, in the paper-based text 
processors which will either 
force manufacturers to close or 
change their product range. A 
few will survive, according to 
forecasts made by Mackintosh 
consultants, and will service a 
small, specialist marker. 

Magnetic , memory-based 
equipment on the other hand is 
expanding and since IBM’s 
strength lies in this field its 
dominance is likely to be felt 
for some time. The two other 
highly-ranked "word' processing 


manufacturers are Rank Xerox, 
which claims to be almost on 
par with IBM, and Olivetti, with 
Kalle Infotech at the lower end 
of the word processing market. 

Most manufacturers predict a 
cautious 20 per cent growth for 
the word processing market- 
more optimistic forecasts have 
reached 40 per cent growth. The 
electronic mail field should soar 
by 80 per cent in the next few 
years. 

As new products come on the 
market offering a broader range, 
the price range has expanded. 
Once between £1,500 and £10,000 
it now spans £2,000 to £25,000. 

One of the latest systems on 
the market is lhe Philips 
P50O2 screen based on a word 
processor with two floppy discs 
and a powerful retrieval filing 
and editing programme. The 
P5002 is able to arrange text 
into any required order, sort 
names on lists and locate names 
or words. It also prims vertical 
or horizontal continuous lines to 
order. To top it off. it is also 
capable of limited arithmetic 
operations. 

With the number of office 
workers rising by around 
100.000 every three years— one- 
third of whom are typists— the 
world processor means a whole 
new ball game In staff iraming, 
recruitment, efficiency and pro- 
ductivity. , 

Colleen Toomey 


5841 BENATH GR 
25323 BENLON G 


ATHENS , - MR ARGHYROU 

URGENT - BOOM IMMINENT “ BUY UNITED OIL AT UP TO S 2.70. 


: ii*<V 


NNN 


BENBEL BRU.fi* 

. 25323 ' benlon *:g 


BRUSSELS, MR. LE VERNE V r 

URGENT T'.-BObM’ imminent-^, buy united oil AT up -to a 2.70. 

NNN * " • Vo 




•m 






. BENAUS AA 20208 
25323’ ; " BENLQ&G 




i : 



.CANBERRA, 


’ .Bl>Y UNITED OIL. AT UP;TO.'> 2.70. 

■*' ....... 





/■ a* 


By the time it gets to New%xk, 

they!! be sold out. 


You might just do it in time-given a 
battery of telex machines or phones, some 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
6100 ADX message switching system. 

Type in a message: the ADX both stores 
• it-on magnetic disc in a micro-computer- 
and rushes it automatically to all points in 
your network. 

Virtually simultaneously. 

And if any one’s busy, it keeps trying 
regularly till it finally gets through. 

It will even sort out your messages in 
order of urgency. 

• With private lines, the ADX can transmit 


or receive across the globe in seconds.lt works 
almost as quickly with the public telex system. 

Banks and brokers use it, of course. 

But so do car, paper and chemical companies, 
to keep track of their scattered networks. 

Finally recent technology has brought 
this sophisticated device within the means of 
a far wider market. 

All the same.it still doesn’t come cheap. 

But without it. United Oil and the like 
will never come cheap either. 


Sales Information Dept, Hollingbury, 
Brighton BNl SAN. 0273-507111. 


ITT Business Systems ITT 











>Tn< 




THE PF 
decided tr 
allegation 

Wilson fi 
number c 
were eoni 
paten agui 
Parly oil 
1974 Com 
The fm 
allocation 
lowing ihi 
affair. Mi 
was. had 
an arches 
himself, t 
Lady F: 
Murcia W 
The Pr. 
Sir Haro 
drawn sm 
Suhbcqi 
inM l h f 
did not 
priotors 
instructed 
round a 
male rial." 

The Pr. 
!>■ hear 
Sir Haroii 
formal cn 
On the 
again -rt l 
council s: 
Royai Cc 
i ha I liter 
Labour hi 
The Pr. 
is one o: 
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council 
acainsL tl 
Daily Ex 
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Henrietta 
death in I 







mmmmm 





The centre for wise business buying 



International Business Show 

23rd October - 1st November 1979 

National Exhibition Centre 
Birmingham. 


What’s ^ 

NEW 1 

in office 
equipment 


The Internationa] Business Show 1979. It's 
Britain’s biggest and most comprehensive exhibition 
of business and office equipment. 

At the NaLional Exhibition Centre. no less than 
four halls will be packed with everything worth 
seeing in business systems and equipment. 

Already, over 12 months in advance of the 
exhibition, some 200 major companies from the UK 
and overseas, have booked space at IBS '79. which 
promises to make it the largest business equipment 
exhibition ever held in this country. 

IBS -staged and managed by BETA 

The Business Equipment TVade Association has 
within its membership virtually every major 
business systems and equipment manufacturer and 
distributor in the country. 

In BETA’S extensive programme of exhibitions, 
both at home and overseas, the International 
Business Show takes pride of place. 

BETA exhibitions are conceived, promoted and 
backed with one intention-to bring customers and 
suppliers together in the interests of business 
efficiency. 

Mumtiw 

BETA Exhibitions, • 

Business Equipment Trade Association, 

109 Kingswav; London WC2B GPU. . tJSSOL 


□ Please send me (nearer the time) a compli- 
I mentary admission ticket to IBS ’79 
■ □ Please send me more information on how to 

I become an exhibitor at IBS ’79 
□ Please send me more- information on Other 
BETA exhibitions 

I (Tick whichever applicable] 


| Name 

| Position _ 
| Company. 
| Address 


I Send to: BETA Exhibitions, Business 
Equipment Trade Association. 

^ 109 Kings way. London VVC2B 6PU. 






TO UNDERSTAND commercial growth requirement and -tar-. The second identification is- the office itself? There are twb' 
computing, you have to - under- gets. To achieve those it lias that of communications. In the parts to this: - there are theS. 

stand IBM. To understand IBM to break out or evolve 1 its eighties, computers will be a areas in which. IBM is estate:, 

you have to understand IBM's markets; to shape them in a subset of communications. Com- iished .via .computing* and those-' 

technological record. To under- different way. munications can . be read to which have traditio nally Beer?; 

stand that technological record, tm.j rhinas: from the the preserve of the PTT’s.-th&j 


3 that technological record. Third, irrespec ti V e of -' where mean many things: from the thepreserveof lhe l-n” S) .. t ^ 
have to understand that it its products are made and itl office boy delivering memos devices which link- the- uBce fr: 

larbofina^HontofaH that it ... ¥ . .1 knilrlina tn tho pfimnUiniratTfirK. ,fnp - 


American corporation driven at w*nipiu«i& y f ,, I .uV-i ; I - 

To understand IBM's current the strategic level by Americans tinents using satellite circuits, trolley ana The massive; 

strategy you have to also under- whose starting point is the So bow is the strategy evolv- ma .™ et ,. which,, it - .pas- JbeeiL- 

_ t — j . r I., 1 . a : 1 , . 1 .... . .. . .... noinred out in- -trii* ■ no-: 


;uu uorc 10 aiau uiiucj- aiaiuug JJUJLU IS ■ t/lB SO flOW IS IUC iU-ilCoy tew.?-*. 

stand a number of interrelated American market and its evolu- in e ? When IBM talks about P° mted ou * '! 

points. First th 1 *.^!) per cent tion. what . is ca ued The Office of the accoUnlJi for ,5 ' 

- i-i 1 Srf- 1 i- _ _ . . . __ OL . .... r-nmniifpr pnmmiirHi'atinnE 


They say computers are getting more human* 
True* So meet the Philips system* 


r : TCZl ' . ‘ . ' G*™™* CoIRvft Wiilip! Data Systems 

woA meet Gt aemc very otien, as a 

I W- % .. matter of few; over 70X00 mstclla Hans to date, 

• a*** 'US " weV hod plenty of time lo mate cor ;,stemi foolproof 

%!&*’* - and failscfe. Groefnp,-Iilie o3 our Englne^i-s, fc a rully- 

■ f\&s. 1 quafifiederpen.-hoi proud to work for Europe 1 ; largest 

: ^ con'pony, cmd prevd of the r'acT that Phffip; 

*■■■'*■ * ' * ' Enyir*eeii on- on rty» -.pal, *fv»nevi?r you need ihem — 

end Nwr uk; W« llie SlietiWj, m well ns the big dries. His fob is to help ygj. 
by iditg care of jlie lediKd sicte of jhiugs. 


' S/- " .' 7 , ti’risevXVatoms, Philips Data Sr-lems Indaflct 

. J* " V»1i meet ta trisey, cram; of Iter ccdleogues, -^hBi >gur 

■■ •> stem octuallvai rives [end it coijld be an Accounting 

'""M* ^• K, ‘ 2a} i 0,1 Off** 1 jjmpwtm; a SrndJ Eiwiess 

' ‘ ti? * Compuier, or o Temmcl Sypemi. She slays a few clays 
• 'v<W. • to 5ns/ro O imyolb diciigecrcr. Ircia rs >our staff ri tfie 

■■■ < - i /. • ' five niniirg of your syctew [»he/ve olreody been on 

' •** one of our free trahmg courses] and irons oufony 

pioblerin. Undsey is pr-xid of her skills; she can operate ell our range 
blindfold, and ihere isrr much she doesn't I maw o bout btsaess j/stenH. Her 
job is lo help ycu, when you start out it computing. 


I lf ycuVeJhinMng of up-detiing your accounting method:, start by 
tclKng ro the people ot Philips. Just ring 0 200 511 5, or drop a line to our 
a Head Ctfice: Elekira House, Colchesier, Esser. C04 5BE. 


P" _ . ,/ lAarl, y n taa! ' Doto Systems Softwar* 

; JBA _ 5peaalw. You won r meet Marilyn ot aU, urforTmatHy; 

W ^ mnt« her Cwifribution ct one of our Regkjiwi 

i f* *- ]» Software Centres, wtw* the programs for your system 
5 ^fc-> y ore developed. She spends o lot of her lin*- praducra 

. ubrai/frograrns toicrvc your offer 

r< c ?F^‘ off '^!»9' ; ^^O f eforn*M tKCWJn * 1 gT 0 | 3S 

'vnur - -to™ / lnK>5f,,d r Mr: ® s : ingervity and talent moke 

y ef,,aenlr '' H «-pb h to help you, by provkSng 

menunemtaaer my our computer system, 1 * v 

107 Gjnw ^ K *t« Data Systems Sales 

f dantt Team, km could be Sic first per:cn ^ou'll meet frc*n cjr 

« company, c^ -oeVeftei, to we a let of hmfnsm«l»en 

; •^^ , «^ w ®;W^l^yo W requirer W ntsn 

[ ^2. V T ^ f PlBC<? ' ^ for P rcdw ' I, = '/Off Systems 

I — W * " PecommendQifort [but nj! alortet each Salesman is 

JuSjgr' ■ ■ b ° Cl J*7 L,p by lir ***** People!. Fran, the day you 


Company. 
Address _ 


phiupsI Data 

£T\ Systems 




_Tel. No. 


computers that 
talkyour 
s language 

™ PHILIPS 


— r-r what is caueu Jine vuuce oi me . * b j 

of the global comparing market In its search for. ^ viable Future it does not mean the computer coimnuiueatiOBs aai^-, 
which IBM holds is based on strategy t.o see it well into the offices of the tens of millions of ket P lace - Obviously^ that : i&, : j; 

large companies. Worldwide, 1980s, IBM has made two small organisations in the ma rket which IBM jnteHdsvfft-; 

probably two-thirds of IBM’s critical Identifications. Western World, though it has. be in: SBS afte - E ■' 

revenues come from 2.000 One area is office costs— -the no doubt some plans for those someone has ta offer !.the 

organisations. They are large administrative, paper work, in- being evolved (and it certainly to enable, usfcrs; to- 
organisations: they feature on formation handling overtieatL has a lot of product). It is talk- Which gets us into Ah^ dfii»: - 

suen lists as the Fortune 500 The emphasis is on control of ing about large organisations, proper. Obviously if we-ire^tiHl 

fl ? e w °r ltr s largest costs, increasing throughput and and a continuation strategy for have all this homogen eoiis : a rid. 

utilities, ^banks and no doubt productivity and bringing the its historic base. compatible cotnmunicattorfe . 

the worlds largest government benefits of faster reaction to ' n ow the large have one medium out in front* ypuneed- 1 - ' 

bureaucracies. pie market place to bear, thus characteristic which separates to have also ■ compatible- idt7- ' 

Second, if IBM was to con- increasing revenues and earn- them from the small. It is the insldC- How far cair:'u-be TaSen^ 

cJJrtprr,= U n ■ 1 a f e 1 comp J lte . r in gs, per share. characteristic which led to the IBM’s typewriters, ^onieifi 

n It is a line which has been i BM identification of com- and printers are well 

r^n h h fp ^ S VBry “unications as the key area:- Now it: has -wo«l processors out"'; 

Sai e ft 0 and 15 not doin S badly they are dispersed. Sometimes on the market.. It has a gfstefiLt 

way that it could meet its in Europe. . jusl countrywide, as often two the Series 1. wWch.IooksTwSv ’ - 

7 or three continent wide, or much tike a fast switch to wimiiL : 

' more. inariy devices could he ' 

l So the game is being played nected up. It has . a ranije qE" 

■ O % • two ways. In the U.S. we have small business systems, a tidiap ' 

\ #|II8|||| | | | seen the rise (and the tem- now introduced ar- distribal^A- 

wA A A JL A kj JL A JL porary halt through a court system, the 8100. It' has a 'Htj^ee^ 

A. . rttling* of SBS, Satellite Busi- archival store, and it : has" 

ness Systems, the part-IBM ^ts network architeeturer 
-w- company. of . rules In' software which?? 

“4- I -***/'% “4“ SBS is totally digital. It will- aUow ils devices, to comraonr^f. . 

| I TJl | § * take voice, data, and image c ?tC- ■ 

ll, 1. i ll I 1_ A 7k j traffic, and give the large user The office. of tbe future 

w -w • what is essentially a private abl >' deludes aU .these . 

intro organisation network. The sonie additions. ■ Ther IBM njkii^J...- 
“IF WE had been faced with even hand - polished its own traffic will avoid the telephone frame computer-' is nbvuik(y;f 

the same circumstances five lenses at the beginning. company's local distribution by there, going on generation afler" 

years ago. we would have had The more that Imtec’s being brought in and out via generation, as fat •fdrwSrtf- , ^r: J: ” 
to team up with a larger busi- original forecast of the market satellite antennas located on the one tare ^ to ^°°k. * . , 77-/V 

ness or stop producing development proved correct the organisations’ various rooftops. But then there are-iriteitigent - 
altogether, but because of more much larger competitors it will not of course be - a t eraLi nals, .COM, OCR, facsimile; 

various types of Government started to take an interest. It private network, just look like Photocomposition and^ on ; line • 

help, we have been able to now believes that by 1930, the one and have the security assn- microfilm storage. .- - l4 * 

keep going." world market for microfilm dated with such a network. The And when S’ 0 * hav'e: getr.1h^ ; :,[ ! 

That may sound like the printer / readers could* be techniques used will make it f ar of course* you dm rtaire'tfie. ; |} 
comment from an executive run- between £25m and £50m, quite possible to satisfy some hun- phone. - .Indcei flieie-fs 
ning a lame duck companv. but enough to be interesting to dreds of organisations, in each a ^ n J° sl nothing/ - 

it isn’t. It was made by Mr. even a lar ee company. of which BBS will seem like whidl handles^ paper - or infer- 

Gerald Frankel. head of a It was obvious by about 187fi. a private dedicated network. mation which'.coulrfnotbe.su^ j|T 

remarkable small company therefore, that Imtec reaBsed The office of the future linked i^ted to ahe ^lr^e^. r , 

urhiiih Vine innraiMiH itr- *•*.!*%** it could not survive -withnnr one- . It Is will- ite* 


" The company is called Imtec . Howeve V- 11 was : not gen&rat- provide the intercontinental /- e s °l te - 
unknown to 'the mam in tbe vefn^n^ J S t0 f fi ^ anCC d< 7 i‘ nks - “d lhes e are provided 

street but very familiar to the a f . sp , e , ed existing teleeommunica- - - 


generating microfilm a uuveinment gram unner different rates and on a dn,,ux -T - 

It began as a tvpical ehtre- lh ! product development different basis,, the equipment ?" nounce - ^ 

orenneurial MrnnaTiv scheme ' U has redesigned the at the 'other end needs also to r » { u r e a » such; Tt wid liist -tplj • 

»n ' f. ounded smaller units to be more suitable be compatible ■ 1 pcaptcthatm6 8l.rca«ytter e . 

on a good idea ad a small group. f rtr vni..n.P nm,wtinn ae <-ompa ume . .. .-W V - 


-^ **“**“•* uim» LHUC JUUiesu lame De COmnat hlP fvujiiv umi ** » bi.imwi. mne, - 

mp?lh L for volume production and has OneT the thinos* that qrq ,hat u is i«*St a question «f :. 

it int ^ the es ^ r ti5e to put developed a new large-sized is likely to do k 7 viewing the building bricks to - 

! France!” who Capab lr ° f demant IVsimill? the '^l way. Abodf al, tbarts - - 

wnrbit - .k el * L Who ^PJdncering drawings at full elsewhere ''And thnsp missing from ray. list is. the 

TLJ n l in « 5 e ph - otu * size - Sd not be too diffirlrt fn IBM plug; tbe office inter com- 

p c P -K, min 5 Reid realised As a result sales have provide. What is seemin«»iv “unicattoh interface Into Irtuci 
the ^, P ° SSlb i® deraan d for. a increased to a current rate of alwavs forgotten in t0 ,irl * < sil-these devices. And 

machine which could produce about £4.5m a year compared of SBS is that thp third namnpr no doubt that; too;i^ to come: - ',, 

accurate iarge scale prints from with £275.000 three years ago. is Comsat General which nlavs N iheteen-eighty^one, .too, ba> . • 
that “T mi "°* M ° re im P ort ? nt ' W** tin- year a large key role in The In teS ? ens t0 Be the date^en SBS,;. 

film technology was at a rela- is expected to be around consortium w supposed to become opera^i 

lively immature stage and there £350,000 compared with only This however is onlv fl np .m tlonal. . ' ! ' . v\: 

was considerable doobt whether £40,000 pre-tax in 1975-76. of th?chSS What o? L * RW'MaHk- 

ft would ever ca^h on in draw- This performance is n rlli cnain. wnat of th e other,, - •. .IViaU^ s. 

ing offices enough to mike in- ahead of what was predicted Ilf 

roads into the more traditional wh «* applying for the grant in lMn iiQ# . *'7 r - ' ' . 

diazo or dyeline business. 1977 - The new production line at WWW. Vwil §. W Q Ifl vCli 

One of the main doubts Wembley is working dal out and _ M ■ 

centred on whether it would be the co m Pany is employing 120 QkSII Hit BI1V AlWOtlAfil ' : ' 
possible to enlarge microfilm to P e °Pl e - 1° the next three tu WWW^WWB W# ■ II I |#ClliBvbrBB 

engineering drawing size with- f our years, Mr. Frankel expects A _ ___ 

out suffering problems of dis- the company tn have grown to ^H»l»l I T U(l|flr 

tortion. Drawings enlarged to aunuai s aJ®s of £8m to fiom. VVMI 

less than full size tend to be U^ougb he expects to make lower . • , ‘ ... i 

difficult to work with. .: So Mr. margins if the competition from You're seeing our stationery.— in one fdrrft or finothepT- '/it .‘. : ; 
Frankel went trudging round I^ser companies hots up. in your office every day. • . - .Vi'i " 

^i ent ? a f ents for -some- °I its Recess, imtec Take just three of the brand names vou'II fe&5am5e j ' 1 -' 

one who knew how to. design a 15 sU ‘ l an extremely small com- P* — »«uu nom^s you it recognise- - t; ^ - 

lens good enough for the job. P 4 "?" in th<? world of office . - 

He himself had a good idea how equipment giants like IBM, Red«List envpJnn** ^ 7 t - V '-'-. v . 

to manufacture a document -> erox and Cannon. As lon^ ss j" 1 ®" v eIopes--a range of^ nearly 500 commercial 
feed mechanism precise enough ir st3 - vs ia its specialised field envelopes to answer every need* ... > ‘ . - 

for the new machine. His l } wl* 1 remain small and. there-’ Challfmrto 

search was rewarded by a meet- fore ' vulnerable to any lar^c o°° K s — duplicate, manuscript, analysis— 

ing with Mr. John. Jeffree a predator which decides to move ^ al f0 9ether some 500 different lines. . ' .. 


This however is only one end 
of the chain. What of the other,.-. 


- - Jtex 7 Maliks. ' 


about your 


7 Youre seeing our stationery-in one form or -another- ' iZ 
in your office every day. 

^* e i us ^ three of the brand names you’ll recognise- f . 

[Hed|List envelopes— a range of nearly 500 commercial 
envelopes to answer every need* 

Challenge books — dupiicafe. manuscripf. analysis-.. 

altogether some 500 different lines. 7 


mg With Mr. John .Teffree a preaator which decides to move ^ anugemer some 500 different lines. . ' .. 

retired physicist and mathema- f° on * ts warkeL On the other CfOXleV busing '■ : - .' '■*;• *2 •' 

tician from the Rutherford i Bnd - aU DL * W companies have m * ^conti nimrnM-/J J.' - ' 

laboratory Cambridge. small and specialised ai some continuous stationery. OMRand QCR forms, etc. : .. 

With Mr. Jeffree’s help and st age, and Imtcc’s growth proves And that’s onlv some* nf the aroac u/hisW : ’ 

£20,000 of family money plus a encouragingly the entrepren- experience and r^nur^^ B S. 1 .9'? k ! r ? ! s ? n . ...V ... 
further £i2.doo from tw 0 neurial spirit can flourish in the resources are helping youto better business. 

partners. Imtec was formed. At ratf icr hostile environment T^,T--_ T\*J * r>, , - ' ; - 

first it only, made designs for cre f l . ed ihe one hand by large J 0X111 L^lCKHLSOll bt^tlOUCrV' 

machines which were monufac- P'ultinationals and on the other rtwr.) a * ; *■ *• 

tured by CAPS Microfilm, Mr. by taxation and Govern a member nt rbc Dicbnwn fyWm Group •' . .... .. -V* 


further £12.000 from tw 0 neurial spirit can flourish in the 
partners. Imtec was formed. At rat hor Hostile environment 
first it only made designs for create fi on the one hand by large 
machines which were m'anufac- mu Iti nationals and on the other 
tured by CAPS Microfilm, Mr. b * v hi ?h taxation and Govern- 
Frankel’s former company. mont intervention. 

However, the beneficial effects 

Inromp 0 i f °° vernment intervention can 

iULUUlC also be seen in I m tec's history. 

Front the start, Imtec was in 5? finst P Jace > its good 
a devlcpraent phase and for two c *P ortm B record of ahout 70 per 
years its only income was ^, nt Qualifies it for con- 

royalties from CAP. Then by help from the export 

1974-75, it had started to sell ySJlL * u 5 I * lltl ' e de Pariment 
its own machines. By 1976-77 1 Secondly the Govern- 

it had achieved sales of nearly m ^ nt d c ve| opment grant* not 
£500,000. with seven desk top , y he lP e d .directly with de- 
microfilm readers and printers ve,0 P inen t costs but enabled the 
in the field. company lo commit a larger 

Like most entrepreneurial T 1an r ^ own cash to 
businesses Imtec’s success had de l" 0 P n,en t- 
been founded on identifying a •. ^utroduction of new tech- 1 
market which larger companies n, Q u ®s was, therefore, doubly 
were ignoring. In 1972 only fP eede « up. More important 
a few companies, Minolta in *l! u ,j Xtra P rofits this year 
Japan. Bell and Howell in the * h0 “ Id P ut ^ he company i n a 
U.S. and Alos in Switzerland ^ eal y , y position to accelerate its 
saw any long term market for devcl °pment much faster than 
reader-printers. It was there- ? as env] sascd in Its plans 
fore able to develop machines flr up .J««» ago. 
in time lo capitalise on a later t Although i( is perhaps prerna- 
demand from companies like . V € ' more l ^ an reasonably 
NCR and Remington Rand, ® ptm,stJC ■*»«* Imtec’.s future, 
which became .Imtec’s u ma ^ ^ e11 lurn °«t titat it is 
customers. ope nf Uu- successful examples 

However, although Imtec’s « GuvePnm ent help to small 
products were generally recog- nrm **7? Case ,n which er 3 "*- ^ 
nised lo be of high qualitv and * w 5 » Sfve a push to the 
reliable, the whole operation in time to get'the 

was very much a small-time enfi,ne finn S of » ls own accord, 
craft production. Tbe company M.W. 


■Apsley, Hemel Hempstead, Herts' HP39SS 


Mini-Cat TN 
Microfiche 

■ Kieropfo^ — Leader* in 

,ho new Mini- ■ MPT'' ' 

4 , iuII-ur. front projeetion - • LHB| . 

1,1 ?!* rfwnuse* «f eont*mporary^®*'fc lw * . . 

MfflSt S»vTciSft ^ Zn WjXyturr: SIMPLE OPERATION 

1 

Si"* - " ,lh tWt —•.«***■ 

'■*k"£f‘* a iLZSf ’SJS, 

h«.e. ca“ *«l - r hare, ■ h<! ' ,, thi 



MICROWAX L 
OXFORD OX4 , 


irW 














X \ 



Financial Times Monday October 23 1978 

OFFICE EQUIPMENT XI 


25 


Gestetner invests 
in new products 

IE 10 percent fall in pre-taz technical leadership which it to keep them running still poasible for marketing, while 
ofirs reported by Gestetner for had with an entieriy 'new con- account for the majority of the Jonathan, with his technical 
first half of this year c epi back in the ISSOs. It has company's £260m a year turn- background, has concentrated 
cviiiibly focuses attention on become more of a follower than over. Inevitably the company on engineering and product 
e long term structural pro'o- a leader, up against some very has wished to keep hold of its developments, 
ns faced by this family strong established, competition, profitable base, and this has T), e strong family tradition 
mpany. j n plain paper copiers it is required investment in product h BS 5^ reflected throughout 

The word *' problem" is shadowed by the towering pre- development, new manufactur- the business which has had a 
rhaps unfair to a well- sence of Xerox and Rank Xerox methods and marketing. ^ staff turnover and prides 
inaged company which ex- with two decades of explosive Consequently its efforts to move itself on good relations with 
rts SO per cent of its pro- growth and technical experl- '■?*? other markets during the employees. Many of the people 
etion and has shown a steady ence behind them. Even though all-important period of the early j n senior positions have grown 
paiteion of soles and profit Gestetner does not aspire, to lp70s have seemed to some up with the business and have 
- nearly 100 years. The stencil cumpeie with the larger high ®o serv ers to be over-cautious, an intimate knowledge of how 
piicator of which Gestetner speed Xerox machines the pre- This may stem from the it works, 
easily the world's largest se nce of large numbers of older essentially conservative struc- T]lis has undoubtedly been a 
pplier, continues to be in written-duwn Xerox machines f"™ of ^ family management. major strength for the company 
□land despite competition exerls an influence even at the * n dlre « Kne from die early which takes a pride in produc- 
im plain paper copiers; and j ower end of the market for ***** when grandfather of ing a well engineered and 
*re is every sign that dupli- •> convenience copying " * he P resent joint chairmen re [i H bio range of machines. The 

ors will be used in large Kmut mnro ' 


. , Even more serious, from f° unded the company, in 1881. emphasis on careful quality 

mbers round the world for Gesteiaer's point of view, Is the In that ^ear David Gestetner control and good service has 
ny years to come. competition from a- .large started selling his own inven- also resulted in impressive 

1’he fact remains, however, number of Japanese companies, l * on made in a small factory in loyalty from customers through- 
it the company is still heavily particularly Rioch. which are Sun Street, London. In 1904 he out the world, 
icndent on a process invented now stepping up production of moved 1° larger premises in This loyalty from customers 
Ihe Victorian era and which excellent small machines at Tottenham, which has now been ^ important in a business 
es a risk of becoming extremely competitive prices, expanded to over lm sq ft and where profits from the supply 
iolete. This srrong competition is * s . l ^ e headquarters of a world- 0 f stencils and paper are at 

Gestetner has forseec this likely to depress margins, y id ® ? network of 1500 branches least as important as the sale 
k and invested heavily in new while at the same time demand- 1Q 130 different countries. of . new machines. It is esti- 
rducts including a plain paper »ng increased expenditure on This network was built up in mated that more than lObn 
»ier or its own design, offset research from any company the early part of the century by copies a year are made world- 
nting equipment and its new which wants to stay in the field, the founder's son, Sigmund wide from Gestetner duplt- 
riJ process which enables At the other end of the scale, Gestetner, who died in 1956, cators. This represents a lot of 
nes lo be duplicated from any Gestetner has developed a when his elder son, David, was revenue in paper, stencils and 
ginal without the need for ran 6 c of offset litho machines, 19 and the younger son ink - In therefore, 

id cullin' 1 itf i stencil which it says are doing well and Jonathan, was 16. Gestetner decided to diversify 

r lm .„ h » nn . increasing market penetration. There followed an inter- int0 paper manufacture, with 
/n d ouhiedi> this tnv^tmen. Howev er. in this market too, regnum of 16 years while the the purchase of J. A. Weir, a 
* . * orh . ard ha * there are strong well estdb- two brothers completed their Scottish mill requiring large 

,b , the c j )mp , any , t0 .^ on ‘ Iished competitors led by the education, David at Oxford and investment, to be modernised, 
ue tu expand sales at a time UiS- compan j es Addressograph- Jonathan at the Massachusetts This venture has proved a suc- 
en sienwi duplicators sorted MuItigrapb and A B Institute of Technology and *^ssful way of expanding on 

became vulnerable to com- Gestetneris efforts to diversify then learned the business. Then Gestetncr’s traditional business, 
ition from the more con- have in the past been some- in January. 1972, when Sir However, it was not the same as 
lient plain paper copiers. what constrained by Its "very Anthony Elkins retired as chair- a move ' n *° rapidly deye- 
Jowever. in trying to develop success in selling the compare- man, the two brothers took over “P 111 ® new technologies which 
l exploit new products, the tivcly humble duplicator. Sales as joint chairmen. Since then, a If now c ° minE t0 . ° onii nate “e 
apany does not enjoy the of the machines and of supplies David has been generally res- office mar ' te * equipment 

Gestetner has elected not to 
move in to the electronic and 
computer-like fields which are 
now spawning new products 
from word processors to 
facsimile machines. Some have 
only a tangential relationship 
to duplicators, but in the long 
run there is a risk that they 
will encroach more and more 
en both the actual functions of 
duplicators and also on the 
money available to be spent on 
office equipment generally. 

M.W. 


Rank Xerox faces 
:ough competition 

' E UK office equipment sophisticated Xerox product-terms of telephone charges, 
us try is dominated by the without an expensive transfer of This market is still waiting for 
lewhat enigmatic presence of .all their magnetic files. Xeroxythe development pf an inter- 
im Xerox, which since 1969 has managed to push itself into national standard which will 
been controlled by its second or third place in the U-S. allow different brands of 
ent Xerox of the U.S.. with market with total sales worth machine to send and receive 
i per cent of its voting perhaps £80m so far; In the from each other, and it also 
res. - UK. where the word processing requires the development of a 

Uter the spectacular rise of market is still in its infancy, low-cost machine, which can 
•ox and Rank Xerox through- Rank Xerox's revenue from scan a page in less than 
ihe 1960s, continual ques- word- processing:, is still minute. Whether Xerox can 
is have been asked whether extremely small compared with prove itself a front runner in 
ir momentum has been the total turnover of over flbn, this race remains to be seen; 
eked and they have run out which still comes overwhelm- but as in the case of word pro- 
deam. ingly from copiers. cessing, it is up against some 

‘lie main reason for the The new generation of word very heavyweight competitors’ 
bts have been the emergence processors from Xerox, the 850, particularly from Japan, 
he Japanese, of International incorporating television like In spite of heavy investment 
;iness Machines and Kodak as display, simpler controls and in research and development of 
mg competitors in the plain compatibility with IBM, has still new products and the acquisi- 
<?r copying field. Commen- to prove its worth in the tion of companies like Versatek 
irs have also noted the early market and Diabolo which make 

iculties which Xerox had in However it is very question- printers, Xerox and Rank Xerox 
ersifying to other markets aWe whether word processing *H11 derive most of their 
■ word processing. equipment can ever rival the revenue from plain paper 

ts problem at the beginning bonanza of profits which Xerox copiers. In spite of a 2 per 
- — . e l970s . was -that after Xerox obtained from cent in earnings in 1975 

-njpy, ? a nt?ar »i°Q°P°ly m copiers. One reason Is that word and a growth of only 5 per 
Paper copier 'business proeeS sors ten d to be sold out- ce nt following year, the 
wV.ch it invented and developed, right and do not therefore Xerox Corporation earnings last 

^;'^ raarke l? iar t C ?v ld + 0 ^ generate continuous revenues y ear J^bed l?Pfr cent to a 
B even though the total [rom renta] aDd price copy record $407m (£226m) with a 
I-.5*Twt would .continue to as copiers do. total revenue of $5.1bn. Brokers 

- . ('ease. - Scott Goff and Hancock estimate 

clearly called for a new . f *5.®"??! u a Sldv tbe 1977 turnover of Rank 
J£c‘':tcey from a company fixed ® a d w -ith somp Xerox at £960m, an increase of 

the idea of a 15 per cent L* 1 ® 27 P®r cent- over the figure for 

wtli rate as the “norm." The 1116 Pravious year. Projections 

Nem was forseen by Xerox J 5SL «P te- 
le early on. It realised that ® “J ^ f healthy — „ 

vouid ncod to develop new a ^... oh th^hs^ip declining rate of 17. per cent 

ducts in the electronic see- t ^ ^ ^nr^tn if *„? next yww. down to 11 per cent 

is of tbe office market and common to all of by 1980 profits, estimated 

mately to evolve a complete wJS before tax and interest at 

. :em for the much-heralded £3 10m for 1977 are expected to 

«ce of the future" in which ®". continue at the level of about 
ument copying, computer ■V} , q 32 P er cent of turnover. 

■age, electronic typewriting JJ"** spite of the continued loss 

other inventions would be P i »SSJ y of market share t0 e >S ht 

g?cd in to a communications l " , principal Japanese manufac- 

work capable of facsimile iLlpH, “ihSh "!? JSSSU tar ? ra copiers at the lower 

emission alongside Telex » mSnr e ? d range and t0 mM 

similar connections. IhrmSit to* wnrfri at *e.bl«ber end. Xerox and 

.t the same time, Xerox Xer03 ? malntein a very 

led in use its vast revenues strong position in the copier 


ATi ioin Erif'.sof . PAE V h-.j a hn'st 
f Mdc-'-s -1 assii*. 4 ;: i { ( ■.;:;:ii'.ro 

CO.r.n-,ijr.i , £; ;ion *. . .i -Ji-u • i : i :r 

piion-.- •. n •. i.-urdesk ‘p i:;::.-it . ; i . ..m 


•n 

.11 



I.! 

•III!-- - . 


V-d 


tiic ptir-N,_ iicr.vor.-. and r..?i 
in l! •, . o‘li i;i id it •/. iil I » .• : 
rouMSi iu-'i.i i-.duyi; bici mo.':?' >. 

Fir^t. tiir sp j-. in^}, t Minpd.7t t t.M : nr 

J-.-sb room inaii \ on r-vrn.'iouijht pO: ••io'O ^ 

t: ; prewirod i <i* i < .!,• i i ; . e a • in : ... 

i' . .-is traffic : lOeov , :v.i A !m;i j..iv t:'. ; i- < iic or ao . k . •; 1 J 
in sidliduoncG.lt 3. 

Then there's tiio super eukierit pres •. kev. 

automatic consol* that ar; . operator ill Ue pic ud to use 

(■All ether it's in ret. epuon or not » . 

Here's not i it r Saviiid in operator's time, STD time and 
rapid handling of incoming calls. 

Among the man . faclities at \ ourservice is a simple ban on 
certain extensions that cuts down on unauthorised irunl; 
and internaiiorui <. (seen vour 'phone biiis / ]') 

Next move ? - get neiails or a Thorn Ericsson man to con >e 
and survey your organisation. Use the coupon. 


A Thom Ericsson PABX 

doubles your communicating powet 



Thorn Ericsson 


Telecommunications 1. \ Save time. Clip this coupon to your letter- 
(Salesl Ltd. PABX |\ \ head and post (no stamp) to PABX Division, 
Dept FT. 1 Viking House, i \ \Thorn Ericsson, FREEPOST, Horsham, Sussex. 
Foundry Lane. 

Horsham. VVest Sussex. - F : ea , ecena -^y ;; ., C fTi,crnEnlssohPAB>: p] 

Telepnone G40 j 641 bo Af ., r in , , cra ^cnmcsIRe^vertr,-'. e . □ 

! la'U:ni 6 'e:! 0 j/.\v cV. 100. 150. CVO. 3-M nc re extensions 
I ' , Pies se- c vela nearesz No.) 


Thorn 

ERICSSON 




FT/4 









wTii machinf, ^ ^ ^ C °^ e temS 

. 9200; cost well aver £150m of „ , tU1 ? - . , , _ . scheme offenng two machines 

-Gievelup and is Generally con- Xeroxs relatively early effort for the price of one. They have 

4«d aVexcelfcnt^ch^e. SSaSS**? fr0D l *1 "S ° f 

TS nof r ™n^lZ hose Talue has heen 

launched^ 5 ^ h K X The whole market is at present in the UK Rank Xerox era- 
rp an »*,hiik ■ k-i ^ tnimirr Hmlted by the fact that none of ploys around 12.000 people and 

the competitive machines are about 30,000 world wide. It 
arte anif- compatible. That means a Xerox serves the whole of the world 

ViHi t0 Mrtil- machine can transmit the image except for the U.S., which is 

of a document over the tele- the province of the parent 
® V alainS phdne ^ °° ly 10 Xerox corporation and Japan 

i Xerox machine. It cannot for which is covered by Pnjj Xerox. 

“ rnpsc^TarWn^^^^rtl 1 instance be linked to one of . the n is therefore a substantial 
.. jineK Machines The costh- JapanfiSe maehine s marketed by- exporter. 

' whS infotec. As a result its Importance to the UK has 

-^ d ® ^ Philtre almost all the sales have been been recognised in the kid 

1, ‘ t0 r e written - off snortiy t0 customers who have a special glove treatment which it was 
-.rwards at a cost of some wq|| | remen t f like printers wish- given after the report of the 
o: m ' . . « . ins to transmit . proofs to a Monopolies Commission at the 

-1 f? “ 0V ® A ! 0 ? 0 ' vord pracessmg office- for correction. end of 3976. The Commission 

- f h the 800 system launched in _ e possibility of using made. a few mild recommenda- 
— 4 was also Iks than machines fw tiohs about pricing policy, the 

picious. The system came business communication desirability of offering 

the market later than hoped j* different organisations machines for sale and of allow- 

I suffered from the basic far beCQ gc arcely trig toner and paper to be 

blem that it was mcom- . vt orP0rer the Xerox obtained from separate . sup- 

ible with the IBM automatic suffered from the pliers. However, in spite of dis- 

ewriters which dominate the J na ^ n,d relatively slow, cussions with officials on these 

rket. [ ac -^fi„7iSiit a pase- issues, no official conclusions 

’hat meant it was difficult for ^“. scan 8 t lv cumbersome have yet been published, 
ential customers to transfer This was not. only 
the admittedly rather more for the user but xpe 


M.W. 


• Reproduc ~g Defect copies is no 
longer a T3ttero ; ;JCK. 

Not with idem - the new breed of 
copping paper 

U r 'Vee csrbce paper, idem 
carbonless was soecr.ca.'ly 
aevelcoee. • o T-eet tbe ever grov. ; ?ng 
demands of the modern business 
environment; 

So there’s no messy, time, 
consuming interleaving and lining - 
up.. And no separating and removing 
afterwards:;'- 

As each sheet of Idem has been . 
specially processed, wfiatever is 


written, typed or printed on the top 
copy is automatically transferred- 
into the sheets below. 

With Idem, all you get is clear, 
clean, quick and totally reliable- 
copies.; in a choice of black or blue. ' 
No unclear or incomplete copies, i 
No dirty smudges or marked M 

hmgers and c'orhes. JH 

its as simple as tsar 


The kina of straightforward 
efficiency that rapidly breeds success., 
wherever copies are required. For 
sales, invoicing, accounting, delivery 
stock control, correspondence. ■ f " 
^ in offices,: factories; garages, 

H hosp tais. etc. 

V Ask your or.- '.ter for further 
W aetads. Or complete and post 
f off me cocoa \ tor your tree 
f ice:':: demonstration, pack. 










:V- i. J 


■ amwf/ 

Ax? / / 

J 

.. /A / 

■:A 



tana node hyWiBre want P ^ er wj irjr.tetfgV^iW, 


M the advantages of carbon, 

without the disadvantages. 


//y/s 










Pr 


pr< 

ch 


BY MA 


THE PF 
decided tr. 
allegation 
Wilson f< 
n urn her c 
were coni 
patgn agai 
Parly on 
1974 (Jen* 
The foi 
allegation 
lowing thi 
affair. Mi 
was. had 
an orches 
himself, t 
Lady h\ 
Marcia W 
The Pr. 
Sir Haro 
drawn sol 
Suhaeqi 
inld the 
did not 
pnetors 
instructed 
round a 
111a i e rial." 

The Pri 
lo hpar 
Sir Harol. 
formal eo 
On the 
.«gain>'t i 
council s: 
Royal Cc 
I ha I lhi*r 
Labour bi 
The Pr. 
is one m 
]i?hed tod 
In a no 
council 
against tl 
Daily Ex 
piclure c 
Henrietta 
death in 1 




29 


Financial Tiroes Mondaj pctofeEj 25 '597§ 


OFFICE 






. ” * V ■W; 





By 1980 you could be on the street 


It's a common fact of business life. When business expands, so do the problems. And the 
paperwork. Expensively. Now you can put an end to costly filing problems once and for 
all. Find that elusive short cut to filing efficiency and make room for 1 978 filing with 
a Bell and Howell microfilm system. 

Microfilm offers not only dramatic space savings of up to 98% but vastly improved speed 
of retrieval and security, together with greater staff efficiency and reduced 
overheads. And it costs surprisingly little to 


FOR A decade or more, the 
rivalry between the two giant 
I U.S. communications companies, 
I International Business Machines 
(IBM) and International Tele- 
[ phone and Telegraph (ITT) has 
been a matter for comment and 
speculation. 

In bis book on ITT, Anthony 
[ Sampson plays on the idea that 
they woizld eventually lock 
horns like buffaloes, as their 
traditionally separate product 
lines began to look more and 
I more similar. It seems increas- 
ingly that the arena in which 
this battle will be fought will 
be that of office equipment 
IlTs history in the office 
equipment sector has been a 
long one — on a generous defini- 
tion. Since the 1920s. the 
company has been a manufac- 
turer of PBXs (private branch 
exchanges). Because ITT is a 
far-flung multinational which 
traditionally bought into 
countries through acquiring 
j various companies, it had 
'tended to make different types 
of PBX in different countries. 

Now, in Europe, that 'has 
changed. ITT manufactures and 
markets one “ family of PBX. 17 
the Unimat range of products, 
which are designed and manu- 
factured in Germany, with the 
software being supplied from 
(Britain. The Unimat “ family ” 
is a space division system, fully 


A cluster of ITT 3280 visual display units 
Wiggins Teape Paper 


at the Wimbledan 'ofiice£ o$ ‘gl 
Limited- v v; ' v 1 £5$ 


German Bundespost-^h&ve sub- 
stantially different , require- 
ments. ' 

ITT Creed Tias, however, says 




division of the company -wa& indeed!L - and a 
also needed to develop -and' hptlyi contested.. - 
supervise the approach. . ITT i. launched -the ITT 
— - it discovered the “con- direct competition’ rWithijUu 


electronic, with distributed ggjj ^ very successful in vergence ” principle ^ ,the IBM 3280, using : its feqttljftifr 


install and run and can be operated by 
existing filing staff. 

If paperwork has become your problem of 
the seventies, find out how microfilm can work 
for you. Discover how Bell and Howell's 
informative series of Microfilm in Action book- 
lets can save you time and money. Send or ring 
for your free copies. Now. 


@1 Bells Hpujell 

make room for 1978fi!ing with microfilm 



micro-processor control The “‘-T" do “ ,Ba £^ tele- market before most other peqple .with voice network system*** 
KS2 is tiie inimt market *he .new model knew what it was: ... . : gain . experience in 

P^ter market. The new model So. in 1972, the company works: v Asked if m& was&m 
-—die ^2300T-has just- received launched its Business Systems it.-:. wHJ continue 

Group, with headquarters iH -apparenliy; . logical 


4080, which gives up to 2.000 
lines (a larger model is on the 
way). 


Post Office approval. 


TTniik*. if c TRM rnmnetftnr The- third amfof ITTsoffic© Bnissels, plus divisions ebrres- end up maWhg cwhput 
p 4rtsn rinPR Tint nffpr data mwiufacture is its ponding to the companies: hr. &thet Lctiwlf- sa$&: u h 


the 4080 does not offer data message switching production, tee various areas, (ITTs British rather/^iy'jsays 


facilities— ITT says it is 
'necessary at this stage of 
! market 


Centres 


m . . -O i — — uic ruiuno IUEIU, ( 14 . * 9 U1UUU .^o .-uu, UMp 

th wmch goes back around 20 Systems Group is in Brighton), vergenice- obviousiyi -fcasr mat 
years. The company, now offers Though tiie process is not yet way tdim;. . . 7-' ; ; .\r. :h ' 
a programmable .device which complete, the drive behind it is The’ .^company 7 - 'xectaiMZlfc 
can store and switch - telex increasing standardisation of ttnmoye^^^rbuiiies^'iySfem^^ 


messages on automatic control, equipment (as with the Unimat Eircop^widk ^: T tD^lie : Vartfa* ‘ 
A second traditional business using a telegraph input terminal family), and the further develop- 5600m. — -- j-v 


andexpect^'^s- fc - 
European-wide douWe irLthe^ext five-ywis. -- 
ITT .^hovr/lM^a; jraaber of 

!W 1 rriTTC J tlMV trojkm . 


BeO & Howell Business Equipment Division 

^33/35 Wbodthorpe Road, Ashford, Mddlesex .1 et Ashford 51234j 


is telegraph and teleprinter to get into the trunk system. ment of a r 

equipment, again dating back to Back in the 1950s, the system marketing organisation 
the 1920s. The main -centres for being offered was still-' -hard- Like most multinationals, ITT n eW 
teleprinter rnanutacture are in wired. ITT now claims -Jo be grumbles about national fiivi- it iritroduretf^fiicsiS^: 
Britain (ITT Creed) and in IV est among the leaders in its. latest sions: the differing require- minai-— the^ffip-whiefi'- a 
Germany (Standard Electric products. -'V ments of the various PTTs is the user 43 : ^Bteit.ebpiM of 

^ orenzJ - In the early 1970s the com- one of its largest grouses. documents Vfc'rSi ‘ 

Here, unl ike in the PBX pany was offering a range of ■ Within the new strategy, one w™ ' B “ *' 
market. ITT has not unified products separately : (those of the most significant inilia- 

manufacture and design — products already described lives has been the iauncKing of 

though it makes no secret of . here), though it was becoming a programme, in 1974, to take J££r 
longer-term plans to do so. obvious that ; many of them the company into data: com- 
ITT Creed and SEL manofac- would be used by the same large muoications. . • - . If, " ^ 

tare diff?rent.roaclU»^llargely oi^aniMUoss. ITT dkcMed that '-ITT -decided to niove into the " 

because tfieir nahye PTT— the a common approach was IBM plug-compatible market ■■ ® 

British Post Office and the required, while a common Cthis was entering the lions^n : r ; 4 ldtfil 

\ • -i • • *- .• :<■ 



one line. 
&T: is 
the 

feirket ’next 

sfcMc.JBIE 

-wifi have 



Introduce the unique 
Single Element SR 25 CE 


Advent of electronic 



I W - ■ ♦" ' 


U-.T 


‘ ’ZS2ZZH’ * -‘ ***' " r - v -'*21''^ ' r-*^r'.yr- 


'7- : TO* ■'W&rxxc .rmvr^ inwi ■ -namr-|TWT»wr-<Mi-»M, n-w-ra i«iiiMMi ,r- ht u, 








V./'. **'**" " 






't'l 




I ; 



- -}M 


■ 4 : 

v«4frmC. 


SiiverReedis 

in Jaf»a self 


mg, dual pitched and if s 
controlled! 

SliyER-R£EO 


ONE OF the more futuristic de- 
velopments envisaged in tele- 
communications is a system 
known as electronic mail — the 
sending and receiving of mes- 
sages by electronic means. 

Basically it involves the use 
of the computer and its ability 
to receive, store and transmit 
messages without the need for 
the physical framework of the 
present postal system. It would 
fit in smoothly with the evolu- 
tion of office electronic tech 
nology generally. 

As to be expected, the Ameri 
cans are the first to make 
move in this field. The U.S. Post 
Office recently filed rates 
Washington for EGOM (Elec- 
tronic Computer Originated 
Mail), a service aimed at the 
large business user. 

Mail will be generated on 
computer tape, delivered either 
on-line or physically to Wes- 
tern Unio nand transmitted to 
post offices (originally 25 are 
envisaged) which will turn it 
into bard copy and deliver in 
the normal way. 

But why should anyone want 
to handle mail in a different 
way? It is because large-scale 
economies can he foreseen, 
whereas existing methods 
point to ever increasing labour 
costs and increasing postal 
charges. Electronics can change 
the tempo from a rather un- 
reliable delivery system to one 
with a high degree of reliability 
.where time of receipt can be 
pre-arranged with a high degree 
of certainty. 


particulars contact 


L sayer watei 


■i 







. . IN RUBBER AND VARIOUS ELASTOMERS. ‘ X: : ^ • 
FOR OFFICE MACHINES, DATA PROCESSING. ~ k ' ;v 
OPTICAL AND ELECTRONIC INDUSTRIES. 
NATIONWIDE DEALER DISTRIBUTION NETWORK/ ", 

Longs Ltd. . ; 

; Han worth Lane Trading "Estate, Cherisey, Surrey KT1 6 9L2 • ■ v 

. - '..©Chertsey (093 28} 61241 Telex 929811 . • ' .r ; ,: ' 

.... - - ■ ■ • • ••££• ’ 


} 


Whether or not post offices 
offer electronic mail services, 
business organisations are in 
creasingly introducing intelli- 
gent - data terminals, com 
p uteris ed PABXs, word process- 
ing systems and intelligent 
copier in their office electronic 
technology. They will integrate 
these into large systems. At 
first, as some have been doing 
for quite some time, the 
integration will be internal. But 
sooner or later they are going 
to be faced with a disparity 
between their internal system 
and 4he external system. 

If public telecommunications 
do not provide services the 
larger organisations will 
increasingly go their own way, 
applying for permission to 
switch messages between them 
and their external partners, 
whether supplier or customer 
(■where the volumes justify) 
and the like. 


In this country, Telex apart, 
the Post Office lacks electronic 
type services — although it has- 
made a tentative start with 
Viewdata, has a facsimile ser- 
vice called Autofax under 
development and is watching 
closely the development of Tele- 
tex. the intercommunication of 


word procesrors. But there it 
is waiting to see what standards 
are adopted before making la 
move. 

So. in Britain — for tbe 
moment anyway — electronic 
mail is a later rather than'; 
sooner prospect. The Post Office 
has in hand one of the biggest 


technological ' •' '4b^este*eot". „ 

'grammes.' ini’ BptisSi: :£ndusttjal] 
bi^ory-HSysteth'-'i^V^Knd • 
digitising' ,oi£ 4heJ PO usti. 
These two exercises’ will stadkft 
its management resources 
folL 





WITH A JACQUARD 
IVIDEOCOMPUTERI 





_ Whether you’re agoirer or not,raost 
businessmen have a handicap when it comes 
to thar leisure time. They don’t toe enough. 

II your business is growing sad taking 
more and more of your time in simply 
managing office proGedures.you’Ii know 
whatweraean. 

• . l^auty of a Jacqnard Videocomputer 

is that for less than .£10,000 you can enter 
the era of The Automated Office. 

J?00 and pesrlSOO are e x tr emely ' 
cost-effective mini-computers witir.simple 
systems to handle word pracessin&aganiht- 
ing, stock control, payroll and so on. Several 
people can use the system simultaneously so 
that your secretary can be typing or correcting 
letters. while the sales analysisis being- 
. computed. 

For companies ordivisionsof a group' 
who need to communicate with a large 
central computer or with olherdivisions, the 
Jacquard range will also handle communica- 
tions and internal mail. 


If you're a smaller company, the'smgfe* ‘ :■ 
user J5QQ willcop^ with youf femfiremmis . 
.on its own. - 

There’s no guarantee tilat a Jacquard in 
your office will, help you on the green, butit i 

shouIdatlMstaiabfeyouJo.pl^Se,; . ^ 
confident that the officers in good hmds.; % 
Jacquard-systems aremanufectniKtin -• 
wSS? A ^ area ' railabfe throughout 


CM^y6urlocal_distnSotor, or. : 


Bridge Stn»t, 

High Wycombe, 
Buckinghamshire 
HP112EE 
United Kingdom. 

Telephone 049441256 ' 

Telex: 83145: 




K- 

1*7 




t\ 




W! 








;vu 


I A-LP 



Financial Times Monday October 23 1978 


27 


OFFICE EQUIPMENT XIII 


Facsimile units: 





— - 






EVERY OFFICE has been on 
ih? \ urge of insialilKg i avsimile 
transmission equipment for 
year;*— that is. if you belie Vi* 
what thy manufacturers have 
been saying about the market. 

To l;e fair, manufacturers 
have been caught out so many 

times in their predictions of a 
boom in sales that they no 
longer claim it is " just around 
the corner.” 

Instead, they ore predicting 
or at least hoping for a strong 
and steady growth over the next 
few years from what is sull a 
very small base. 

Estimates as to just how 
many facsimile machine*, are in 
use in Britain vary’ wildly from 
manufacturer to manufacturer. 
Top estimates say there arc 
nearly 11,000 machines in use 


and these taper down to those 
who say there are just over 
0.000. 

The most reliable estimate 
comes in a private survey which 
found there were 8.650 facsimile 
machines connected to the pub- 
lic telephone network at March 
31 this year, according to one of 
U»e suppliers. 

Facsimile equipment has noi 
caught on. in British companies 
to anything like the extent it 
h.ia in Japan where there is an 
estimated 100.000 in use or the 
l.\S. where there • is around 
150.000 and this in part reflects 
the ease of communication in 
Britain. 

Documents in Britain can be 
moved between industrial 
centres with relative ease- 
most first-class maxi is delivered 


tiie next day and distances 
between centres arc short 
enough to make messenger or 
rail. Bed Star links economic 
for occasional urgent docu- 
ments. 

In contrast the benefits of 
being able to transfer docu- 
ments electronically are far 
more obvious to ihc user in 
the U.S., where the distances 
between centres are great, the 
mail is slow, and the telephone 
system fast and efficient. 

The reason for the swift 
acceptance of facsimile equip- 
ment in Japan is rather dif- 
ferent and it is because nf the 
difficulty of manufacturing and 
operating a telex machine with 
so many characters in the 
alphabet. 

There are three “ groups " or 


types of facsimile machines 
new being manufactured with 
a fourth well on the way. All 
thro» are available in Britain, 
although the very great 
major! iy— around 90 per cent— 
fall Into group l, the most 

ba:iic. 

The main difference between 
each type of machine is the 
speed and quality of trans- 
mision; the quality measured 
by the number of lines resolved 
per inch. 

On L * of the complaints about 
the early facsimile machines 
that transmission could only be 
made between machines of the 
same manufacturer — a problem 
reminiscent of the lack of com- 
patibility of audio cassettes 
when first introduced, and now 
with video-recorders. 


The problem of incompatibi- 
lity between machines or differ- 
ent makes has. in part, been 
solved by the setting of stan- 
dards in Europe by CCITT. Must 
dF the major manufacturers 
making group one and two 
machines conform to the pre- 
scribed standard and are able 
to relay information to each 
other— and it is now a necessary 
selling point of these machines 
that they are compatible with 
other makes. 


This has not been solved for 
the most advanced machines the 
group three, where a standard 
is not to be set by CCITT until 
1980, something which is hold- 
ing back some manufacturers, 
because they say they do not 
want to have to alier a machine 
once in production. 


A group one machine is one 
which cun transmit a sheet of 
A4 paper in either four or six 
minutes and with a resolution 
of 96 lines to the inch. 

This is ike most common in 
use in Briiain and it is one 
in which Rank-Xerox are well- 
established marker leaders with 
its TC400 which sells at £825. 

There are a number of other 
suppliers in this group, includ- 
ing Plessey and 3.M. selling a 
similar machine made by the 
Japanese company Matsushita, 
Des and Muirhead. 

However 311 has its own 
manufacturing capacity in the 
IJ.S. and is to start selling its 
own group two machine in the 
UK and is phasing out its sales 
of Matsushita's products. 

Group one machines are for 




....... ‘ 


Philips developing strong presence 


• 

— "* i 


TJ.ru- vs 


f r'.\ 


in private exchange 






'PHILIPS, THE Dutch c!ec- 
'tronics multinational, is stilt 
.essentially a telecommunica- 
tions and consumer electronics 
company, winning large orders 
worldwide. 

Philips' steady diversification 
into the office equipment market 
means that the company will 
. probably soon he ranked also 
among the world’s major pro- 
ducers uf office systems. 

In the area of telecom raunica- 
lions, company is extremely 
strong in telephone exchange 
equipment and in subscribers* 
apparatus, equalled in Europe 
, inly hv L. M. Ericsson and, 
possibly. Siemens. Philips' 
recent joint venture- with 
Ericsson in Saudi Arabia, on a 
mmract worth around £2bn. has 
.:nham-cd the reputation of both. 
• So it is not surprising that the 
:ompany should have developed 
• i strong presence in the private 
aranch exchange market. 
■ ?speciallv in Europe. Its latest 
nodel is the EBX 8090, a large 
arivate exchange, which now 
tas post office approval. Philips 
expects to announce several 
large sales in Britain later this 
year. 


But the division of the com- 
pany handling its office equip- 
ment is the business systems 
division. The - genesis of the 
division was in 1958, when 
Philips introduced its first dicta- 
tion machine, after deciding to 
move beyond the telecommuni- 
cations and consumer products 
markets, in which it had been 
so successful. 


The company had no clear 
plan on office systems:; dicta- 
tion equipment Itself was 
simply an intelligent use of 
tape-recording expertise. And 
at first, the equipment was 
marketed through the same 
outlets — electrical retailers — 
which handled the consumer 
goods. 

But it soon became, clear to 
the company that It required 
a different marketing strategy: 
and ii chose to market the 
machines through the office 
equipment retailers, who had 
the great advantage of sales 
teams who introduced users to 
the equipment on offer. > 

Stimulated by a growing 
knowledge of the marketplace, 
ihe dictation machine effort 


grew until the company claims 
it is now the European market 
leader. Philip* has introduced, 
earlier this year, the “ 300 ” 
range — throe mini-cassette 
dictation machines which have 
the added refinement of a 
magnetic strip which can be 
electronicaly programmed with 
instructions for the copy- typist, 
so that a number of start points 
on the tape can be obtained at 
the touch of a button. 

The business systems divi- 
sion greatly expanded last year 
its scope by introducing the 
company's first word processing 
machine, the 5001, which works 
on magnetic cards. 

Earlier this year, a second 
generation machine, using flex- 
ible (floppy) discs the 5002, was 
introduced. The machine is 
compatible with IBM software, 
and is aimed partly at the 
American market. The company 
sees the floppy disc route as the 
most promising. 

Philips views this as a logical 
development, since it is strong 
in “word input” — dictation 
machines: they arc now seeking 
to build up a range of “word 


output ” machines — word pro- 
cessors. It admits that the word 
processing market is beginning 
to look crowded: there are now 
some 50 suppliers, offering 
around 200 systems. But Philips 
expects strong growth, and 
tberefore wants to bo strongly 
placed. 

Two other divisions nf the 
company work in related areas: 
the data systems division and 
the business communications 
division. The first began ten 
years ago. and produces and 
markets small office computers. 

The company sees a prime 
market in the banks, which have 
a growing need for computer 
terminals. 

The business communication 
division is concerned with in- 
house communications — intercom 
systems, paging and dose 
circuit television. 

For the future, the company 
sees development in all sectors. 
BiiMation machines will continue 
to get smaller in size and more 
sophisticated: it should soon be 
possible to market a machine on 
wluch the user can edit his 
dictation electronically— then, if 
he wishes, transmit it at high 
speed down by telephone line to 


be recorded in the office for 
transcription. 


Still more futuri^iically, it is 
thought to be possible (o cut out 
the transcription route, and 
** transcribe ” straight on to the 
word processor, playing the pre- 
pared tape into the machine ami 
displaying it on the screen 
where it can be furl her edited. 
The technology for this develop- 
ment Is not yet available: but 


the problems are not thought to 
be insurmountable. 

The products of the company's 
various business equipment 
divisions — taken in aggregate — 
now begin to constitute a 
strategy for complete office 
systems. It is in this direction 
Lhai the company wishes to move, 
hoping lu market an integrated 
system in a few years’ Lime. 


John Lloyd 



The new Canola P1014-D printing and display calculator 


low-cost low-usage and critics 
are quick to claim that com- 
panies actually needing 
facsimile equipment should be 
using something faster and with 
higher quality reproduction. 
But it remains the biggest seller 
and it looks as if it may be 
some time before the more ad- 
vanced models replace it at the 
number one spot. 

The new market which is now 
developing is ip the Group two 
machines which can transmit an 
A4 document in two minutes, or 
longer. The slower the machine 
transmits, then the better the 
quality at the other end; also 
the ability to run on a six min- 
ute phase means it can transmit 
to a group one machine. 

There are a cluster of com- 
panies selling in this area, in- 
cluding Siemens. ITT. 341. Ples- 
sey, Dex and market leaders 
Muirlicad, the oDly British man- 
ufacturer of facsimile equip- 
ment 

Group two machines are mar- 
kedly more expensive, the Muir- 
head 442 G a sophisticated auto- 
matic facsimile costs nearly 
£4.000 although 3M are launch- 
ing their own manual machine 
the 2346 before Hit? year end 
which the company sell for 
£1,425. 

There is now only one com- 
pany offering a group three 
machine in Britain capable of 
sending an A4 letter in 35 
seconds — and this is the Hoechst 
subsidiary Kalle Infotech. 
Ironically the group three 
machine was introduced in the 
UK nearly three years before 
the first group two. 

At around £7.bU0 a machine 
it needs a very heavy traffic to 
justify the oust. According to 
figures provided by Kalle 
Infotech the break-even point is 
only two copies a day on a long 
distance transmission to Austra- 
lia or Hong Kong, compared 
with telex, or 30 copies a day 
for communication in Britain. 

But Kalle Infotech is shortly 
to lose its position as sole sup- 
plier of the very fast machines 
for 3M are now seeking Post 
Office approval for their own 
digital machine, which it hopes 
to launch in the middle of next 
year. And it claims transmis- 
sion times are between 20 and 
30 seconds. 

The size of the market for 
the high speed group three 
machines is very small, although 
Kalle Infotech will not say h*w 
many its sold its competitors 
estimate it is less than 600. 


Kalle Infotech says that it sees 
it growing by 50 per cent a year 
for the next two to three years, 
and then between 20 and 25 per 
cent through the 19S0s. 

None of the suppliers seem 
very confident at predicting the 
growth of facsimile on Britain. 

and many of them describe it 
as a fluid and uncertain market. 
Rank Xerox is not intending to 
move into any more advanced 
machines from its basic best- 
selling group one. although it 
has the options available to do 
it. 

And Muirhead are awaiting a 
CCITT standard in group three 
before venturing into that mar- 
ket. 

Facsimile machines are now 
used mainly in publishing, par- 
ticularly in newspapers and 
magazines, the oil industry, the 
armed forces and in some large 
companies for reporting to head 
offices. Machines are largely 
sold into companies where there 
is known steady flow of inform- 
ation between various points 
and where the cost of facsimile 
is justified in comparison with 
other means of communication. 

The industry has long-awaited 
the time when facsimile equip- 
ment becomes accepted as a 
general means of communica- 
tion and people will buy them 
because “everyone else" has 
them — just as Telex has now 
become a standard business 
tool. 

When — or rather, if — that 
happens the suppliers would 
have their " boom," which 
would justify why there are now 
half a dozen suppliers in a. £4m 
market which also needs a 
strong service and maintenance 
back-up. 

The next stage in the develop- 
ment will be facsimile machines 
connected to computers which 
transmit the information to 
each other at very high speeds. 

According to Kalle Infotech 
the manufacturers of its fac- 
simile machine Rapicor, is to 
start testing a high speed 
“fax" links across the Atlantic 
which will transmit a sheet of 
A4 in less than 10 seconds. 

The manufacturers obviously 
like to see facsimile as being an 
integral part of the “work 
station ” of the futuristic office, 
combining with word proces- 
sors. telexes and all the other 
communications. 


Jason Crisp 


• •• -« 1 v — 






*• 


! i 


1 V 



ou really know how 


uch your total print bill 


• t %. *, . 

*- " 




Have you thought about your printing costs lately? 

As an expense item in the profit and loss account, it isn’t usually the sort of 
thing that excites your accountant. Or any one else for that matter. 

Unless you decide to take a closer look. 


.•B . 



Consider this. 

Your organisation depends upon a regular flow of printed information. 
Everyday items like reports, price lists, letterheads, sales letters and invoices; 
even labels and instruction manuals. But they could be costing you a small 
fortune, whether you produce them on your own equipment or buy them 
from outside suppliers. 

In fact your printing requirements might now have altered so dramatically 
that time and money are being wasted. 

Your problem is in pinpointing just where the waste occurs. 

That s where we come in. - 

Were Addressograph Multigraph, the leaders in duplicating and 
printing systems for the business world. 

•; Contact us. and with no charge or obligation^ we’ll conduct a 

- personal survey of your printing needs. 




It will give you a commonsense appraisal of the 
situation with facts and figures showing how things might 
be improved. 

Reading it could prove to be a revelation. 

Wouldn't you like to know, more? : v 

Complete the coupon today or phone 
us on Hemel Hempstead (0442) 42251 Ext 96.. 




’v 'V Aw . 

\ : 

-6. <v. 


ADDRESSOGRAPH 

MULTIGRAPH 



Addrasograph-Mulugfiiph Lid. 

Marketing Division. 

Mdybnds Avenue, Heme! Hempstead. Herts HP2 ?ET 


Bean 




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V ?- 1 *r. •** y* '■ u 1 


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BY MA 


THE PF 
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Party im 

1974 Gem 
The foi 
allegation 
tewing tin 
affair. Mi 
was. had 
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himself, 1 
Lady F: 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
Subseqi 
Mid the 
did not 
pnetors 
instructed 
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The Pr< 
to hi*ar 
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against I 
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death in 1 


financial 53mes‘ 




THE LEADING TOOL 
SUPPLIER TO THE OFFICE 
EQUIPMENT INDUSTRY 


OFFICE EQUIPMENT XIV 



The 



Longs Ltd. 

Hanworth Lane Trading Estate, Chertsey, 
Surrey KT1 6 9LZ 

^•Chertsey (093 28) 61241 Telex 929811 

Precision rubber rollers and specialised hand 
tools for industry; Office machines, 

replacement parts and workshop equipment 


'Which Computer ? 
independent study of th/s years 
Design Council Award winning computer 
-send a stamped addressed A4 envelope 
(for rapid delivery) 


Digico Limited, 
Wedgwood Way, 
Stevenage, SGI 4PY. 


“THE OFFICE of the future'* 
is a familiar catch-phrase — 
handy as a concept, but 
confusing in the real world. 
This is because future offices 
will be built incrementally 
from today’s offices and will 
rarely be the result o£ a 
dramatic leap suggested by the 
catch-phrase— and are, in part, 
the creation of the .computer, 
the microprocessor and mini 
computer memory, and the 
telephone and its developments. 

The split between these two 
is not absolute, for the tele- 
phone itself now depends upon 
processors and memories in its 
advanced modes. But because 
the most recent developments 
are taking place within tele- 
communications companies (by 
and Large), it is convenient to 
make it 

The office communications 
system now largely — and will 
more in the future — depend 
on the- PABX, or private auto- 
matic branch exchange, the 
office switchboard which inter- 
connects the office network with 
the public network. 

In its simplest form, the 
PABX is simply a filter between 
a number of extensions and the 
outside world. The growth in 
the office communications mar- 
ket, however, depends to a very 
considerable extent upon the 
PABX becoming increasingly 
sophisticated, and taking on a 
wide range of facilities. 

Throughout the western in- 
dustrialised world, electronic or 
semi-electronic exchanges are 
now replacing the crossbar or 
electro-mechanical technology 
which has been standard for 
decades. It is electronic tech- 
nology which will achieve the 


office communications revolu- 
tion. 

All the larger communications 
companies now have visions of 
» an office of the future." To 
some extent, these .will depend 
on the word-processor and the 
visual display unit which can 
call up and display information 
on a television screen on a desk. 

But this technology will 
scarcely be able to work at all 
unless it is backed up by a corn- 
xnunications network, carrying 
voice, data and printed infor- 
mation, which is several times 
more flexible, efficient and rapid 
than at present, 


Costs 


Because of the high capital 
costs, it makes good sense to 
include as many facilities as 
possible within a single PABX 
system — hence the drive for 
more and more sophistication. 

Within the next ten years, 
the- dominant electronic /com- 
munications companies will in- 
troduce total office systems, in- 
cluding word processors, visual 
display units linked to com- 
puterised information retrieval 
systems, -telephones with a wide 
variety of calling, holding and 
switching facilities, telex and 
facsimile terminals and data 
receivers. 

The successful development 
of a total office systems 
approach in Britain will depend 
on whether or not the Post 
Office — -which exercises a large 
amount of control over internal 
communications — can adapt its 
requirements to suit the needs 
of advanced offices. 

Only large PABX’s (over 100 
lines) can now be sold direct to 
the customer by suppliers, and 


a number of -mots available in 
Europe and the UJ5. am not for 
sale here. 

Soane manufacturers— includ- 
ing IBM and ITT— have been 
lobbying hard to breach the 
Post Office monopoly over sub- 
scribers’ apparatus, arguing, that 
by freeing up the market; it wifi 
grow, and everyone will benefit 

Mot unnaturally this initia- 
tive 1 has perhaps attracted the 
support' of the Conservative 
Party, whose chief ideologue 
and industrial spokesman. Sir 
Keith Joseph, warmly com- 
mended the idea, and added, for 
good measure, that the party 
was also looking at the idea of 
de-natiosalisiag the postal 
service. 

More surprisingly ft has bad 
support in recent months from 
Mr. Frank Chappie, general 
secretary of the Electrical, 
Electronic Telecommunications 
and Plumbing Union. 

Mr. Chappie argued force- 
fully that the Post Office system 
kept the market at an artifici- 
ally depressed level, and the 
healthy private competition 
would boost sales of equipment, 
and help safeguard — or even 
create— bis members’ jobs. 

In such a highly charged 
atmosphere which now sur- 
rounds the question of Post 
Office monopoly, it is difficult to 
determine what are the objec- 
tive facts. It has been the case 


that safes -of equipment >in. 
Britain -have been sluggish 
when compared to the U-S. and 
to some other European coun- 
tries. However, there are many 
grounds for saying tbar the 
responsibility for this- lies at 
least as much with the UK te&- 
communications manufacturers 
as with the Post Office. 

The. structure of the' PABX 
market has undergone quite a 
dramatic shift in the. past 
decade. Before 1970, Plessey 
probably controlled the largest 
single share of the over-100 
lines PABX market, .with two 
standard designs developed by 
the industry in collaboration 
with the Post Office, known as 
the PABX3 and the P&EX4. ' ' 

These models did not, how- 
ever, satisfy customer, demaod 
— and, in response, the corpor- 
ation widened its . terms of 
reference to include 'foreign.-; 
based suppliers in. the charmed 
circle. Two of these,, the 
Swedish company; L. M. Erics- 
son (now Thom Ericsson in 
Britain, since 1974) and- ITT 
Business Systems, both did yery 
well very rapidly, - . offering 
advanced crossbar . . exchanges 
when none of the UK suppliers 
had any competing technology. 

Plessey came back with its 
PB4&) system, but according to' 
market analysts Scott; Goff, 
Hancock, the company was 
never able to make up the lost 
ground. Further, the PB48G had 


a number of “teething^ prob- 
lems, and GEC was marketing 
it under another name. Thus, 
the UK industry had only one 
advanced PABX which only 
gradually gained a market 
share- The multinational sub- 
sidiaries had established a film 

hold, - • • 

;■ The next major advance was 
J ateo by a multinational- ‘his 
time the most powerful of an 
all IBM, which came up with a 
computer-controlled PABX, the 
model 3750 switching system. 

The 3750 was introduced m 
1075 and gained Post. Office 
approval in June, 1976, and has 
since bad some success in the 

market . 

It offers a variety of special 
switching facilities with stored 
program me control, together, 
with a data acquisition facility, 
which is possibly over-sophisti- 
cated for the market, and thus 

is under-used. 

Scott, Goff Hancock reckon, 
however, that it has undisputed 
leadership in the “ free "PABX 
market, and took 40 per cent of 
that market, by value, last 
year. This is a dramatic rever- 
sal from two years before, when 
ITT Business Systems controlled 
25 per cent of the market, fol- 
lowed by Thorn Ericsson with 
19 per cent and IBM coming 
third among foreign-controlled 
companies, at 13 percent 

.While the 3750 Is expensive 
— at nearly £500,000 — it is 


obviously ., attractive . ‘ to the. 

larger company: which wants to! 

inake Something of- a. technofo* - 
gical leap, and .which; wants to 
invest in facilities and capability /. - 
for the 3 future*: .:Its . success- i*? • 
the “free” £AB£ marke^ib^ 
reckoned to be ^worth 
f40m ■ a .year; leads- one. to.-aifc; 
wiiat, if -anything,. British -coffir - ■ 
p anies are doing to -compete?.: - V ' , 
It- seems -that both Plessey': 
and GEC have now decided not: 
to develop their .ovrd. busmass- ’. 
switching 'system, .but to man^ > 
facture and market an alxeadSlV . 
developed system under licence.;', : 
- The <xEC ; product - is licep^d. 

from the Canaffian :.Jforthern : ' 
Telecom, Gbmpany;-.wWch. now . ' 
has rat digital exchangt^aiovva 
at the SL-I which . has - been - 
highly :r;suceessfni~; '; in - CMorth ■ ' 
America, ;ahd which . & also'.- 
being licensed to-TeleyerfoetSn- .- 
Sweden and Thomson', QSF, in 
France;: : ’ * • ' -y 

Plessey has adopted V digital ’* 
exchange developed -by " 
ROLM Ctorpbraticm of.Calffbrnia; : 
and is now engaged in the pro - 
duction of the 1 ROIJl CBX - • 
Business Switch, and in obtain- 
ing Post Office, approval 1 for it • 
The market is growing, and in- 
beginning to fil) ; out ate other;' " 
companies- forge?, ahead whfL; 
their oWn developments.-’ 7 Thft : 
office of- the future pressesupori:-: -- 
us. - ; ■■ • ••••• *=• 


Fierce competition in 


Ttiere^s more 


the copier market 



Dictaphone than 

meets the ear. 


It takes a ' 
lot more than 
just a good 
recorder and 
transcriberto 
make a really 
workable ' 

. dictation system. 

I It takes lots of 
! experience. 

A sound reason 

■ why Dictaphone has a broader 
range of equipment and systems 
than anyone else. 

f Start with the Dictaphone 100 

■ -a pocket mini-cassette dictating 

machine that's ideal for anyone 
who has to think on the move. 
Dictate on it. Make personal 
notes, or even record a A 

meeting. It weighs only s*' 

10 1 : ounces, fits in the 

pocket snugly and gives 
30 minutes of recording on 
each cassette. 

Going up the scale slightly, 
there's the Travel Master 220 -one 
of the smallest, full featured C-type 
cassette dictating machines 
in the world. Use it in the 
car On the plane. 

Anywhere. 


It offers . fingertip controls, auto- - 
made recording levels, digital counter 
and electronic indexing. And . 
it is totally compatible with 
Dictaphone's destoop transcription ... 
equipment. 

The Thought Master- 254 and364 
desktop machines offer crystal * 
clear voice reproduction from 
standard cassettes, plus simple, 
easy-to-use controls. Length of memos, 
numbers of items, priorities and so on 
are indicated visibly and audibly. 

^ A‘ great booh to the busy 

executive and typist. 
ll lj Whatever the need, Dictaphone 
|1B systems are designed to make 
HBj your workload lighter As well 
HUS they should, because we've- 
lllll dedicated the past 50 years to 
%H| producing better more effective 
flfBf dictationtechniquesand 
HB systems than anybody in the 
|p$ world. So we really should know 
™ v/hat we're talking about 


NASHUA, THE Japanese copier for low volume, low cost copying 
company, describes the plain or duplicating, the simplicity of 
paper copier market in Britain a stencil duplicator or roll-fed 
as a “battleground." Competi- electrostatic copier will pro- 
tion in the middle and lower bably best fit his needs- 
end of the market is fierce and When the customs: requires 
with more and more Companies the highest copy - quality corn- 
entering -this sector, the blned with the lowest copy cost 
customer is faced with an ever* the electrostatic- copier/offset 
growing choice of reprographic duplicator is probably the most 
equipment versatile and economic means 

The vigour and success with of production. -V'-.; 

which the “ new ” entrants have The copy/duplicating- systems 
attacked the one-time monopoly available at the high volume end 
of Xerox and Rank Xerox, of the market include plain 
coupled with tiie rapid develop- paper copiers capable :pt 
menf of reprographic teclv copying and sorting' medium _ 
oology* has made the market quantities at speeds of up to 
among the most swift-moving 9 '°°° an hour. * Sorrfe now 
and turbulent in the office include reduction or enlarge- 
equipment sector. ment facilities. 

This is particularly true of Automated tiindem ..duplies 
the plain paper copier market tors can print both sides, of a 
chosen by most companies as street of paper at once and can, 
the starting point for an attack for example, print 500 copies of 
on Rank Xerox's market a 200-page book, to collated 
domination in the 1960s. Six stage, in one working day. 
years ago there were only five The development of the plain 
models of plain paper copier on paper copier into high speed 
the market in competition with production has. resulted in 
those of Rank. Xerox, but one encroachment on the traditional 
year ago there were about 30. duplicator market and in turn 
The Business Equipment Trade the development of copy/ 
Association (BETA) claims duplicating systems. High 
around 16 new plain . paper volume units present a. 
copiers . have made their first challenge to the more tradi- 
appea ranee on the market tional equipment of the 


the market with its IBM Copier Mitsubishi and - Ricoh ^ Intro-. ‘ " 
TH and Kodak Eklaprint 100 ducedf low -volume -copiersC - ' 
and 150 range challenging the which compared, well withjhose , ‘ 

Rank Xerox 3666 and 7000 offered by Rank Xerox. .'.VU 
series in the copier/duplicator In Britain, Japanese machines v : 2 
market for machines capable of marketed by itidlef and Na^ni ' 
30.000 to 50,000 copies a month, have been joined by maipr otiwr ; : 

However, with prices some- companies which ; realised the _ 
wbat higher than those of Rank importance of obtaming a ioot- 
Xerox. IBM's progress and hold in the expaiding market. r . 
market penetration is said to be . .The Japanese * -companies 
steady rather than dramatic, attacked the kw, TOtonre"ntar-.- 
But the real competition came ket by offering.sm^.fow. cost, .. 3. 
at the low to medium volume high reliability xiaciiimz which ” * 
end of the market where were simple and 

CONTINUED ON NEXT " 


within the last IS months. . company print room. 

The customer approaching the 
_ . ' reprographic market must 

JKXDanSiOIl therefore carefully consider his 

“ requirements. Factors such as 

Such rapid expansion has total volume, cost per copy, 
provided -the customer with a copy quality, productivity! 




Expansion 





Please send me more details on the new 
Dictaphone ICO. 220, 264 and 254. 
Dictaphone Company Ltd Aiperlon House. 
Bridge-ware: R pad. V/emblev. Middlesex HA0 1EH. 
TeL 01-303 1477Teiex: 923357. 

Name 


Position . 


Company. 

Address- 






The voice of word processing 


wide range of competing equip- versatility and reliability must 
ment from which to chose. all be examined. 

The distinction between copy- BETA suggests a five-point 
ing and duplicating depends on cheek List for the potential 
the number of copies to be customer. This includes identi- 
made and the type of equip- fying copyflow requirements, 
ment on which that number future needs and systems 
can most efficiently add compatability, before placing 
economically be produced. detailed -specifications with 
The point at wbicb copying potential suppliers, 
and duplicating merge depends The state of the copier 
on individual circumstances and market owes much to the Xerox 
upon factors such as total equip- and Rank . Xerox monopoly, 
ment configuration and con- protected by patents until the’ 
si derations of required quality late 1960s. That monopoly 
and speed. allowed the company to finance 

Above 1,000 copies, duplicate the research upon which much 
ing merges into short-rnn print- of today's copier technology is 
ing and the advantages of offset based and to develop and 
technology with regard to price expand the market, 
and quality become apparent. With the advent of competi- 
Tbe range of copy and dupli- tion at the end of the 1960s, 
eating equipment on the market Nashua introduced its model 
extends from low cost electro- 220 electrostatic copier in 1968 
fax copiers, spirit and stencil which brought with it cheaper 
duplicators, to the most prices and, in some respects, 
systems. equipment offering superior 

If customer requirement is facilities, 
sophisticated copy/dnpiicating IBM attacked the top end of 


- Fortotal organization of cash in the office 

payrolls etc. -the new Cash up and Carry puts you’Trt#ripJ^r^ 

control of your cash inastyletotafly-new m 

The black interior incorporates a self counting paiteJ^i -^ r v 

three separate bank note stores, magnetic voudier'^p^s^sc^ -‘i- 
for. papers, and e\/en a place for your pen. 

• When you close the lid your cash is held tigfii; 
the way youwant it- organized! 

Outside, the steel shell's finished in blabk 
so id manofianv front and hark: camnna h smwia 


\bu can purchase the Cash up and Carry direct from-tiS^^'4'^! 
manufacturer for £39.96 which includes VAT., Post 
Send cheque or P.O. payab 

GALATREK 
ENGINEERING 

Scdiand Street Uanrwst 
GwyneddLJL260AL 
Tel Uanrwst (0492) 640331 - 





LlEaiBilSfMFTn 














■S~i T 1 , ' Tn T J 








: Hl Ei !%\ fei £T*J 


COMPUTER SYSTEMS ' 














29 




Financial Times Monday October 23 1978 


OFFICE EQUIPMENT XV 



world of calculators 





i , 

t 5 ^ 3 

^ -i V/ 


. . ..HGOSING AN electronic cal- 
' .-1 alator at the cheap end of the 

nee range, below about £20. 
.. . rather like choosing a can of 

. igine oil. 

The calculators, like the cans, 

• / fi vary in external appearance. 

at inside, the contents that 
. halier vary little. In both 
. ’ ises. there is very little the 
itending purciiaser can do to 
r ; • raluHle the merits or other- 
. • . ise of apparently similar pro- 
• % ucis, even if it was worth his 
• hiie to do so. 

, • In the case of the calculator, 

•• . ic buyer would need to be 
. ighly versed in micro-clec- 
'onicc, a characteristic not 

• jmmon among purchasers of 
nail pocket electronic colculu- 

- - . - . *rs. 

. Most owners of small pocket 

• ilculators, with a limited 

• mge of functions, if asked irfcy 
tey chose a parlieufar model, 

. ouJd bo hard prs-ved to give 
ore than a couple of reasons. 
Price would certainly come 

• ■ . .to their calculations, since 
... raple electronic calculators 

hich add. subtract, multiply 
id divide and have a memory 
m vary in price from below £5 
<r earlier models — now out of 
rour with retailers for their 
, lestionable reliability — to 
ound the £20 mark. 
jThe second and often deler- 


expect very much greater dura- 
bility in the mechanical 
systems. 


mining factor taken into 
account when a buyer makes a 
first purchase of an electronic 
calculator, is appearance. 

This varies enormously and 
reflects the dressing-up of the 
product to attract sales- There 
arc miniature electronic calcu- 
lators hardly thicker than a 
credit card and of the same size 
and there are more bulky 
models often described AS being A rj ro nppfl 
suitable for the desk as well as dUUCU 

the pocket. 


This recourse to potentially 
unreliable mechanical switching 
and key operations in most of 
the cheaper pocket electronic 
calculators now on the market 
highlights the greatest weak- 
ness of these useful aids. 


m 


In practice such a com- 
promise does not live up to the 
claim. The pocket calculator is 
designed for cheap, mass ' pro- 
duction. uud it is true that there 
have been advances in the 
design and reliability of the 
meial oxide semiconductor 
integrated circuits that make up 
the heart of most electronic 
calculators since pocket models 
first came on the market in the 
early 1970s. 

But the pocket calculator and 
the desk model are designed for 
entirely different roles. The 
pocket model is, by its design, 
of lightweight construction. The 
keys, where these are conven- 
tional mechanical devices', are 
not designed for continuous 
rigorous use. dav-in and day -out 

Only when a purchaser buys 
at the high end of the pocket 
calculator range can be or she 


For the layman, the juxta- 
position of some of the most 
advanced mii-ro-oloutrumc cir- 
cuitry available to (he man in 
the street with mechanical 
switching devices may appear 
short-sighted corner-cutting. 

Japanese companies, includ- 
ing the Sharp company, have 
recognised this weakness by 
introducing non - mechanical 
keys and switches. These are 
incorporated in a metal base 
plaie. itself hardly thicker than 
a pencil, and work liy touch. 

Desk calculators, on the 
other hand, arc designed for 
more punishing day-in and day- 
out use. Most models use 
mechanical switches and keys, 
but these are un a much larger 
scale, they arc more robust and 
can, in general, be struck with- 
out risk of damage with a 
firmness that would quickly cut 
the life of a conventional pocket 


calculator which -relied on 
mechanical keys. 

Electronic calculators also 
differ in their use of either 
light-emitting diodes or liquid 
crystals to display digits. The 
diodes arc miniature lov pres- 
sure gins* tubes filled with rare 
gases which emir red or green 
light when -activated. 

The other, form of display 
uses a thin film of liquid con- 
taining crystals which change 
colour under the influence of an 
electric current. 

There are exponents of both 

types of display with the advo- 
cates of uncompromising robust 
design - favouring' the liquid 
crystal type as less, prone to 
failure and unreliable operation 
than the glass emitters. 

To counter this, it should be 
remembered that -some of the 
most expensive scientific and 
business calculators use red 
light-emitting diodes, including 
the HP-92 Investor model from 
Hewlett-rackard. which has few 
rivals in the field of business 
and finance calculators. 

Before giving more details of 
this versatile financial calculat- 
ing tool, it is worth looking 
more closely at the desk calcu- 
lators. as these and the pocket 
calculators, outsell all other 
types put together. 

Desk calculators with minia- 
ture printers built-in, cost be- 


tween £99 and £190. 

Canon, Vatman, Casio, Litton 
with its Monroe model. Sharp. 
Texas Instruments, Walther. 
Sanyo, and Hewlett-Packard 
are among tbe leaders in the 
printing desk-top calculator 
market. . 

Most of the desk machines 
provide 10 or 12 digit displays 
compared with the eight digits 
common on most pocket calcu- 
lators. 

Desk models also differ in the 
logic designed into the minia- 
ture silicon chip-based inte- 
grated circuit 

Most of the simpler and 
cheaper pocket calculators use 
simple algebraic logic, where 
the simple arithmetic equation 
is fed into tbe keyboard from 
left to right, as it is usually 
written, so that 22-3 = 9, is 
keyed m that order. 

Desk machines, in the main 
use business logic, where the 
same calculation would be 
keyed in i nthe form 12^3=9. 
The way to identify whether 
the machine has algebraic or 
business logic is to look at the 
function keys. The machine will 
have business logic if it has the 
+ and = on one key and the 
— and = on one key. 

The choice of a different logic 
fur desk calculators stemmed 
from conventional adding 
machines. Most makers of desk- 


top calculators with printers 
accept that their machines are 
often little more than electronic 
adding machines, with 
memories. 

Sharp advertises its EL 1057 
10-digit desk-top printer as an 
“ ideal adding machine replace- 
ment" 

It has a two-colour ribbon 
and like most desk calculators 
which use standard mechanical 
printing, it prints automatically 
all negative digits in red and 
positive digits in black. 

Machines which use heat 
sensitive paper for printing are 
cheaper to buy, but as the 
paper is more expensive, 
running costs are higher. 
Heal sensitive paper prints all 
digits in one colour. 

Most desk-top calculators 
were not designed for complex 
calculations. The same cannot 
be said for the wide range of 
more specialised scientific and 
financial calculators, costing 
many hundreds of pounds. 

The Hewlett-Packard HP 92 
was described by one calculator 
retailer as the ultimate in 
financial calculators. Its range 
of capabilities is impressive, and 
provided Us capabilities are use 
tn the full, it may be considered 
good value, at £319 to those 
customers prepared to spend 
some time coming to terms with 
its complexities. 


The machine has its own 
printer, but is a far cry from 
other printing machines that 
are used for little more than 
addition and subtraction. It is 
pre-programmed and may be 
used for compound interest cal- 
culations and leasing and can 
print out loan amortisation 
timetables and three types of 
depreciation tables. 

It will also handle bond and 
note calculations, it has a built 
in calendar and may be used 
for the analysis of investment, 
net present value and internal 
rates of return, for up to 30 
uneven cash flows. There are 3S 
addressable registers and the 
machine will print labels with 
statistics and the complete 
content of the memories. 

The HP 67 and the HP 97 
from the same company have 
greater flexibility than the 
Investor machine, as both may 
be programmed by the user. 
Data may be recorded in 26 
storage registers through mag- 
netic cards. 

Programmes available from 
Hewlett-Packard include those 
for application in mathematics, 
statistics, electrical and mecha- 
nical engineering, business, 
surveying, clinical laboratory 
and nuclear medicine. 

Users may write their own 
programmes on the spare 
magnetic cards supplied with 


JVwi 


i * t 

iUI 


opier market 


CONTINUED FROM PREVIOUS PAGE 


the machine. The HP-97 
machine with full programme 
capability and a printer costs 
£535. 

Texas Instruments has a 
hand-held programmable cal- 
culator with a wide range of 
functions and applications. The 
TI Programmable 59 is suitable 
for financial and business work, 
and programmes can be written 
by the user. 

The machine can operate with 
up to 960 programme steps, but 
a pre-programmed integrated 
circuit chip version is expected 
to be available in Britain soon. 
It is already on sale in the U.S. 

Texas Instruments’ TI 58 and 
59 models may be fitted to the 
company's PC-100B printer. 
This enables prompting mes- 
sages. stored in the programme 
to be printed when a particular 
step has been reached. 

Assistants may then run the 
programme without the analyst 
or finance director being 
directly involved in operating 
the machine. 

The company uses an 
algebraic operating sysTem as 
its logic. This enables the user 
to work through a calculation 
from left to right, but where 
there are digits in brackets, for 
example, the calculators based 
on the AOS system will 
memorise the first bracket and 
the numbers and operations 
until the second bracket is 
closed. 

Tbe partial and final results 
are then calculated as in the 
rules of algebra. 

Britain's Sinclair Radionics 
company, part-owned by the 
National Enterprise Board was 
one of the pioneers of the 
pocket calculator. It produces 


reded relatively few service 
Us. 

- Thus, in 1975. Nashua intro- 
iced the desk top 1220 plain 

- iper machine, featuring the 
'..luid tone transfer process in- 

-■ >ad of tbe powder, favoured 
• ; Xerox. The 1220 was able to 
.. Ter 17.000 copies between 
eakdowns and the company 
limed it took on average less 
. ..^an 30 minutes to repair. 

2 By providing cheap, and 
liable machines, Nashua was 

- le to rival the impressive ser- 
\ ’. ce and maintenance network 
.. tablished by Rank Xerox 

om only 57 UK service 


centres. 

Within 18 months, the 1220 
was the largest selling plain 
paper copier in the world. 

As a result of the competi- 
tion, Rank Xerox's share of new 
placements has dropped from 
about 90 per rent to an undis- 
closed figure which the' com- 
pany claims is still "consider- 
ably, more than 20 per rent." 

. However, because of their 
dominance at the top end of 
the market for high volume 
copiers, the company’s share of 
new revenues is probably still 
over 80 per cent ; 

Neither has Rank Xerox 


abandoned the lower end of tbe 
market to its rivals. In the past 
two years it has cut the price 
of its popular 660 and more 
recent 3100 machines by up to 
45 per cent. 

In addition. Rank Xerox will 
launch a new flat platen desk 
top copier early next year. 

So far. there has been little 
challenge from the Japanese at 
the very high volume end of 
the market Nashua, for 
example, prefers to compete 
with Rank Xerox’s 9200 and 
new 9400 machines, which can 
produce more than 100,000 
copies a month, by selling more 


of Its 1200 range like the new 
1250 which has a reduction 
capacity and produces up to 

40.000 copies per month, or the 
1260 which can produce up to 

70.000 copies a month and has 
a 20 bin sorter, automatic docu- 
ment feed attachment and pro- 
grammable keyhoard. 

It remains uncertain whether 
any company will challenge 
Rank Xerox in Ihe .market for 
machines capable of producing 
100,000-plus copies a month. 
There are Iwd major barriers 
against such an attack in this 
sector; first, the high develop- 
ment costs and, second, the ser- 


vice requirements because the 
larger and more complicated 
the machine the more important 
servicing becomes. 

The copier/duplicator market 
is, however, being attacked by 
rival systems. Gestetner. for 
example, has a system whereby 
facsimile stencils can be made 
from original documents allow- 
ing a large number of copies to 
be run off on a conventional 
duplicator without the need for 
a secretary to cut stencils. 

For longer runs companies 
such as Gestetner and Rotaprint 
both offer a combination of 
copier and offset litho printer 


with the copier making a plate 
to be used on the offset 
machine. This system dearly 
rivals Rank Xerox's 9200 and 
9400 systems for quality and 
cheapness. 

Elsewhere in the market, re- 
duction copiers are becoming 
more widely available. Canon 
introduced a desk top plain 
paper copier offering A3 reduc- 
tion down to A 4 in January, 
while Agfa-Gevaert showed its 
Gevafax X22 flash-fusing plain 
paper copier with reduction 
facility at this week’s London 
Business Equipment Exhibition. 

The market for colour 


copiers has still to be identified. 
BETA claims there are at least 
three colour copiers on the 
market at the moment but the 
signs are that the economic 
climate has prevented rapid 
expansion and that colour 
copiers remain a specialist 
sector. 

Rank Xerox, which pioneered 
the field with the 6500 copier 
featuring four-colour selector 
buttons, using plain . bond 
paper, still has machines out. 
on field test but says it has no 
plans to expand distribution. 

Paul Taylor 


the Cambridge range at the 
cheap end of the pocket calcu- 
lator market, the Oxford range 
of desk models and the Enter- 
prise in a non-prog ra mm able 
and a programmable version. 
The Cambridge models are 
available in many shops at less 
than £5. making them among 
the cheapest on the market, aod 
this low price and the stock 
clearance that it indicates is al- 
most certainly a reflection of 
the company's desire to move 
away from the mass market for 
calculators and into more ad- 
vanced types. 

Lynton McLain 



OTHER RAYTHEON COMPANIES IN EUROPE: Electronics: Cossor Electronics limited, Harlow; Essex, England • Raytheon Halbleiter G.mbJL, 
Munich, West Germany • Raytheon Marine limited, London, England * Raytheon Copenhagen, Denmark ■ TAG Semiconductor? Limited, Zurich. 
Switzerland • Transistor Bau-und Vertriebsgesellscbaft G.mb.H-, Karisnibe-Durlach, West Germany. Wire and Cable: Electrical Installations I-nftitg d. 
London, England * F3 Dynamo, Lyon, France • Greengate Cables Limited, Manchester; England • Klasing G.m.bit & Co, Ingobtadt, W 3 t Germany 
* Lacroix & Kress, Bramiche, West Germany * Sterling Cable Company limited, Akfermaston, Berkshire; England. 


RAYTHEON OVERSEAS UMritU, EUROPEAN QEFKlii: Bonn, Brussels, London, Madrid, Paris. 


Theofficeofthefiiturehasjustarrived. 

The day it arrives, a Lexitron word processing lished capability in data processing: intelligent 

system will probably hold up production for data terminals* distributed processing systems, 

a bit. But after that, office production will never minicomputers, and telecommunications 
be the same. equipment. 

A Lexitron system combines a typing Ley- Raytheon's data systems business continues 

board, a TV-like screen that acts as “paper,” to grow at an impressive rate. Sales growth this 

a small computer, and a high-speed printer. All year has more than kept pace with the 60% 

corrections— typing errors, additions and dele- increase posted in 1977. Add Lexitron. and the 

tions, rearrangements— are made electronically growth is even more impressive for this segment 

on the screen before anything is committed to of our electronics business, 

paper Then, when everything is perfect, mate- Electronics— one of five basic business 

rial is typed automatically at up to 660 words areas at Raytheon. The others are energy ser- 

per minute. The information can be stored on vices, major, appliances, educational publishing, 

tape or discs for permanent file, instant retrieval, and heavy construction equipmen t. For copies 

or transmission over regular telephone lines of our latest financial reports, contact any of the 

for automatic reproduction at distant locations. offices or companies listed below, or wri te : 

The recent acquisition of Lexitron Corpo- Raytheon Europe, 52 Route des Acacias, 

ration gives Raytheon a firm position in this 1227 Geneva, Switzerland, or worldwide head- 

dynamic new field, and adds an innovative prod- quarters, Raytheon Company, 141 Spring Street, 
uct line that is a natural extension of its estab- Lexington, Mass., U.S. A. 02173. 


TOR1NFORMA3ION ON WORD PROCESSING AND DATA I*ROCESSING: Data Lc® c Untiled. Wstway House, 320 ftdsltp Rood East, Grtenfati, 
Middlesex, England, UB6 9BH, 44/1/5789111; Raytheon International Data Systems, Spakkrweg 53, AmsteRjatn, Netherlands, 31/20/924344; Raytheon 
International Data Systems, Frankfurter Allee 4547, 6236 Eschborn/Ts, West Germany 49/6196/48B29; Raytheon International Data Systems, Leonrod- 
strasse 54, 8000 Munich 29, Wfest Germany; 49/89/181077; Raytheon International Data Systems, Hirschburgweg 5, 4000 Dussddorf 12, West Germany; 
' 49/211/684431. 


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MORE THAN a quarter of Although sometimes a slow placed on the . employer by the not only satisfy aesthetic condi- there * will be a “very healthy lighting and built-in provision certain fixed standards, easy to hire system, called the Whitley 
Britain’s working population is .change, "environment” is losing Health and Safety at Work Act tions but also those of fire future” for the UK furniture for computer terminals,, tele- maintain and must encourage system.' ' * . . . 

now employed in offices and the its “dirty word” status.- Manage- This Act has made safety a key resistance and flame proofing, industry as companies re-equip phones and other equipment In good work to be done as quickly - This system; which is abonf ' 
number is graving, according ment are becoming aware that selling point for office equip- Britain » s furniture industrv has offices - ■ the design fieid the manying as possible.” to go into j&^ prodactiott wflf - ; 

to the Location of Offices taprovements to the ftmnshmg. mem and hK pla«a a new nMiebeaDer Although Britain-s office fur- o£ w00d . *>d. plasti® has The overall quality Is Seta- form; the. -- 

Bnreau - 5 c £; , SJ? , 2!r!^rW emphasis “ '**+*«*■ ■ TS^SSS “ttnre U n£ “ opportanfty -to mined by an Office Accommoda-. system 

... . .> . . , i xi „ Of the Office can result in im- r it. L ” ■ j - J -«■ taflnr the n.w Of materials tn tha x« ■ (it.xdxnl /O&C) flataiL tTiroo vtaro an.t-.ic nymu^j x. 


.. It is estimated that these “ Furniture must have rounded counterparts. Therefore the UK exporter, reduced price differen- tion Standard (OAS), deter- three years mij-is^peeted to , " 

.5Bm employees spend at least J d employee commit edge * whjch . wjI1 not snag on buyer has become used' to iav e increased the level ^ e mined in consultation with the be i. the standard . civil ^service •/ 

a third of their lives in the ® J* p ^ clothing, chairs and desks must cheaper, and sometimes inferior, °f foreign competition and also increasing the design trade unions. An OAS may pres- department fitting - for- the next;, 

office environment Hish DfBce rents m some be stable. Filing cabinets can- gt>a ds. Rising raw material therefore of quality. r? i ttibe a scale P MV |sion. a years. - : 

js saurL-55 as ms ss£ ss « Asa seKSST^S 

the effects of greater worker flexible “work station” furniture - 2 SEFLJ'L JlffSL “° K designed specifically to take the reticence of maSnent to SSSl!’ inl^V. JLSS! 


participation this has increas- systems. 


ingly focused attention on the However, the greatest impact 7~ k ”“ 
quality of the office environ- on the office environment is 


requires carefully controlled critical and quality-conscious, equipment 
ambient lighting levels while _ 


reticence OI managraent to carpet However, the determin- relatively simpte concent of ' • 
enter the field of sophisticated f a ptor for PSA. as with ori- “ dimensional - awH-dinatwinw . ■ . 


quaiity of the office environ- on the office environment is 
ment and the amenities avail- new safety legislation and, in 
able to the office worker. particular, the responsibilities 


are designed to mini- 


ma . . _ . enter me neia oi sophisticated < n? factor for PSA,' as with pri- "dimensional - xowdiii&fifHi*'. 

The association says there is Desking in the future may air-control systems,, although iminKtrv and rommerce. • 

ery indication that if users well come equipped with its the use of computer equipment L nd »27 d comm ce. Dimensional _«o - ordination^ - 


raise reflected livhr elarp every inOication that if users well come equipped wire its the use of computer equipment ’ h “7r«r 

mise reflected Lght glare. comp , y wlft legal „„ own power aMes led through which requires- dafefultempeiS must be ' ’ ' ’ means that all ihA imai desk 

New furnishing fabrics must moral responsibilities then the legs from floor points, task ture control could change this to ^ s ’ . • sheening, : -- 

situation. • "7- ^ rOStCrS - cabinets and drawem^based * , - 

More emphasis is placed on psa Supplies also base to This^-enabi^ i ’ 

fte use of blinds on east, de £^ systems furniture which ' 

Sw? - SSich 1 ta fles ? bl ® enou8h ? be equaUy ■*». a ■:«m'w»??SSc. : 5SSS.' : 

dn^ S m °P en P Iui - or Sro u P arrangement whict wffl. suit - ; 

... -w-w- -w J 0 ?® 110 " °* eliminating offices, just as it would be In office layout, - _ .»• 

schemes erow 


Leasing schemes grow 


in popularity 


carpeting also sennS a • dual ^ pi nfold cbm meats that £*58? 

^ &eat there has been a “levelling. out groups wifle aTtf' ' 
nS b l«e°S. Wh,Je '» environment,.-.. For 5 SS*M*^Sm2S^'-' 


x ,-tq ... provide - .work.- - 


ev l n fS ' Seat there has been a “leveUing.out grouos whiie d^k fnr« £ - 
wiuJe 3250 redu^ne in office environments,".. For 


noise levels. 


, . _ • example the carpet, once a , 

various t n fluenc eg are status symbol, is now supplied ritiiil. —7 : : ^ ' 

probably nowhere more not onl y t0 brighten up the SPf® 13 ! features Indude .to: 

apparent than in the Property og^ environment but also to J“^ lar D ° n ' s3i P tops for ;elee-' 
Services Agency ' Supplies Tninimise noise ' troni C. tt Pup®ent wh«* cstn'be 

Division. The GvU Ser- Hessian-backed screens also-1^ mdiyidnfily betweeiL^ 
vice is the single largest reduce noise and can be used 
Newer companies may have « of staff to break up the now not-so- ' ~ ; 


ONE-QUARTER of all office Anglo Leasing, Hamilton Leas- Office equipment is eligible the end of a contract 


v xx. .. ... ..fa, iiuuuiuu waj- umc ci]ui]iuicui is cugiuic I ll H eou OI a contract. i'tntl (.umpmucs UMJ nave . n , . , . LU UI toa Uf Uis xxvn uui-au- nv-a,;- -f.ii it- • 

equipment marketed in the UK ing. IBOS, Bomakers, or for first-year investment allow- it is virtually impossible to a few more problems. As PSA Supplies has, among popular open-plan layout 15 .- -> 

is soid through lease finance Schroder Leasing— or they set ances made by the Government get out of a contract once signed mentioned earlier, leasing com- J 0 ®**®®?, .the respon- psa also has a picture dirt- J® r ' 

schemes. There are now around up their own leasing sub- to encourage Investment in without incurring considerable Panies like a track record of a designing and ^ although these are usually ®“ K a . ' 

3- leasing companies specialis- sidiaries funded by their own new equipment So equipment expense for the lessor It is company-going back at least the dvii estate on jy supplied for' conference f° c 5 ® aH dle_^gTOatioraliwitiji-, - 

rag in computers and over 20 profits and through conven- avoids tax for one year, the therefore important for any two years-before taking on a rooms “ d . P^c areas. Offices ^ ' 

which deal in office equipment uonal money markets. equivalent of “borrowing” company leasing equipment to potential risk contract ^ *w f m suppled with a range of frm f , also off ? s " 

The most popular item is the Leasing is regarded as one of money free of charge for a year check that the machinerv being Most office equipment leasing {J^nw^tabushments^d the posters-. Incidentally, the - first I", , 1 Bfatl n s . 

copier— around 80 per cent are the most important aids to sales which can be a big draw card for leased is what is required and companies have a large number “tT. ° flice Wltt office fur- range featured modern works fu “. a ®f lg J 1 co ^ UJtanl ^.'i 7 

lease financed but leasing arable. a company which intends to not what the salesman would of small contracts. Anglo, for c .. , , and abstracts, but now the r offert- a ' . - 

extends to typewriters, office . 0ne the biggest advantages invest in either a lot of equip- have a company take. With the example last year signed about „ . supplies deal with demand is for the more tradi- comprenensive plannrag'and ad-^* 

furniture, franking machines leasing office equipment is ment or expensive, new tech- advance in technology of office 12,000 contracts averaging everything from fioor- coverings, tional “pastoral scenes,” such virory_service <gMred -to. ite-Iink 
and computers. that it is virtually 100 per cent nolngy items. eouinment in recent vears £1*00® each. This compares with cm "7 nfi t ^ e ^ cs t^Plctures, as fields, horses and country 000 office furniture, system. . 


Last year 28,000 contracts financing since no deposit has The equipment remains the leasing companies have become ^ .average £5,800 for office year ’ 


In the area- of office amenities. 


*v,vvv vuiiuui.u> ^ — — r-*-'** a. uv vi|ui[#un.ui t«uiaiU3 uic IcdoJilH L” lUcPdJlIGS 03 VP DGCOIT1G ““ aw* wluv.v T>OA mill m 1 , , ; ‘ » e - . . ? ^ . p . — • ( 

were signed with UK businesses. t0 be “ade by the customer or property of the leasing company much more flexible in allowine eq»upnient leasing companies supply som^3.5m sq. The agency was also instru- *he continuing rise -in the cost 

Of the total £675m made by leas- lessee, although an . advance and at the end of the contract a change of equipment to meet including computers. m6 i e wA°n^ I ? e t* 3 S2 00 mental in introducing the con- or providing pensonal . services 

ing companies, £164m was made rental may be paid, depending term — usually between three changing times. Business T* 16 future for the office ■JW* 0 l! Snt fitting The cept of colour schematics, has resulted tn more -intnmt-in- j 
by the computer and office on the equipment and leasing and five years — returns to the <rnwth also makes an existing equipment and computer leas- f “7 lltu J e .supplied by PSA is Basically, this is a system of automatic. Vending idevkss. for 

equipment sectors. At least 70 company. The only exception to leasing company. The lessee can machine obsolete ing companies looks strong at ®>t&er designed in house, and colour matching which can be dispensing a variety ‘.6f fobdand 

per cent of the contracts were this is if the customer is a take out a second lease if he Well-established. well-run the vef y Ieast * Newer, bigger. H ien 1 p . . 011t t0 t “ lder . or used by a layman to determine drink. The mafar trend ,10 abto- ■; 

non-computer contracts but In potential credit risk. wishes when the rentals are companies should have little more expensive equipment JP**? 1 * from ? 1 ““f a ^ are » which colours wiU match, by matte drink dlspenSm^Ts to- • 

value terms only 10 per cent T?]inJMn reduced to a fraction of the difficulty in getting a lease, coming onto the market means st P daT ~, ra hge& PSA buys-in reference to a booklet prepared wards “iiMmp^oSystems^ 

was made in leasing office equip- ■L'UglUlv first-terra amounts. Leasing is a trading exnense basing companies can offer wner ® uiere w onl^ a short run by the department have advantages. pwr.their pre- -: ' 

“eui- When the leasing company if the leasing company sells and the payments sim pi v go out better terms auce their over- ”? ^ )eci . al The division's design team decessore In '. the-^areas- of.-' 

Equipment manufacturers use negotiates a contract he investi- the equipment it must go to a as “costs" each month This heads m easier to absorb. And requir iments,. for example in were also responsible for the hygiene, sinipliqiiy^af.qpisnifion •- 

two main methods of securing gates the financial structure of third, unconnected party or the means that capital expenses of the d ®“a“ d for leasing more embassies “ d ovm^eas creation of the Job Shop image* and- maintenance Byri980 it is. -■ 

lines of lease finance. They the business, the size of the first-year allowances are nulli- a company are left untouched ^pensive equipment is likely £ - T ~ f • now a common feature of many estimated th«t-Sff?per cert of all ■ 

either contract with established company, the age of the com- fied but some leasing comuanies by leasin» equipment so to this t0 11111 on P** with the cost “L., “■ assistant high streets. However, the new machTnersoia iirill'be of •••' 

leasing companies to provide pany and field of business pmvide r^aSeeZ^ ^^8. mlnUni at PSA Supplies^ , ex- team’s most impressive achieve- the ra-cup typ^S^ ^ ' 

the faciUty-companies such as involved. purchase to^SSSSanms Sitae f C T S! m f ^ ^equipment w-'pro- ment so far will probably prove 

t — — purcoase to raanufacturers at credit line. i~I. vide has to be function*!! tip to to be a totally new office furni- 


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I A-U> 



' Financial Times Monday Oeto&er 23 .1978 

PONTEFRACT AND BERWICK 


BY ELINOR GOODMAN 


Tests for the PM’s pay norm 


IF A market re;»earther had 
set out to find two more 
different constituencies in 
which tu test the Government's 
popularity, he could hardly 
have done belter than the two 
in which Labour is defc-ndinj; 
seats in by-election* • ' on 
Thursday. Pontefract and 
Castleford is the kind nf eun- 
srituency to which all pruspec- 
tivc Labour candidates aspire 
but where only Yurkahirenii-n 
horn and bred intu the Labour 
movement need apply, it has 
been rock solid Labour since 
it was formed in lftfjO. and the 
late MP. Mr. Joe Harper, had 
a majority of 23,24:? and a 
working class base in match. 

Two hundred miles to the 
north, just over the SruniMi 
border, Berwick and East 
Lothian is the kind of seat 
which even Labour party 
workers are surprised to haw 
won. Only the small old minim; 
area on the consul uv. icy's 
eastern fringe feels like Labuur 
territory. The rest, with its 
fertile farmland and rulling 
moors, has all the outward 
signs of typical Tory stalking 
ground. Mr. John Mackintosh, 
the MP who died this summer 
having established Lus own 
particular hrand of radicalism, 
was himself doubtful whether 
he could retain U ar the nL-\l 
general election. The seat has 
changed hands eight times 
since 1923 and the Tories need 
a swing nf only 2.9 per cent tu 
win it now. 

Bei ween them, the two by- 
elections have all the ingredi- 
ents of an Alice Through the 
Jxmking Glass election In 
Berwick, the Labour candidate, 
Mr. John Home Robertson. ;s 
a wealthy young local farmer 
who looks far more like a Tory 
than do most Tories these days, 
and in Pontefract .staunch 
Labour voters protest about 
dole queue scroungers in a way 
that would have made speakers 


at the recent Tory conference 
positively liberal. 

The underlying irony in hnth 
constituencies, 0 *'“ course, is the 
fart that Mrs.. Thai«?her‘s offer 
on free collective bargaining is 
closer to what the unions say 
they wanr than what is being 
offered by the Labour candi- 
dates who, in both areas, are 
clearly feelirtic very uneasy 
,1 bunt the whole question of 
pay policy, ijuestiuned Iasi 
week about his attitude tu thu 
Goiernmeni's sanctions on cm- 
pluycrs wliu breach the pay 
guideline. Mr. Horae Robertson 

could «>nly answer "* Gosh." 

It is an unusual experi- 
ence fur Pontefract to find 
itself under the political 
iiiiscru-wcxpe. A largely indus- 
trial constituency where even 
the farming land is ovor- 
Kliadnwcci eiiher liy pits or 
great belching power stations. 
it- allegiance lo Labour has 
liepii taken fur granted in tin* 
past. In Pontefract, the saying 
"fie-. ’ if you put a .red scarf 
rmiivt a donkey's neck people 
won id vote for tL" - 


rounfcr-infljtion policy. His 
worry must be not so much that 
Labuur will lose the scat, which 
would ho disastrous for the 
party, bul that the turn-out will 
plummet because the miners 
will nut be prepared ro go nut 
and vote for a government which 
k Irving tu impose a 5 pur cent 
ceiling on .their wage demands. 

The parallel with Ashfieid can 
be overdone bul there is 
fin 1 ugh in common between the 
two constituencies to make 
Labour organisers flinch irrit- 
ably at the mention of its name. 
As at Ashfieid. the candidate 
sponsored by the National Union 
of Alineworkcrs failed lo get 
the nomination. But Mr. Luft- 
hniisT, a man wilh the back- 
ground of the traditional Labour 
candidate rather than the 
flashier carpet-bagger variety, is 
well-known locally. The per- 
sonnel manager of the local 
mine, he has worked down the 
pits himself and is chairman of 
the local housing committee. 

Hugo Pane, the Conservative 
candidate is nut dissimilar to 


LAST ELECTION RESULTS 

Berwick & East Lothian Pontefract & Castleford 

J. P. Mackintosh (Lab) 20.682 J. Harper (Lab) 30208 

M. Ancram (Con) 17,942 I. Bloomer (Con) 6,966 

Dr. R. Macleod (Scot Nat) 6.323 S. Galloway (Lib) 5,259 

C. F. Lawson (Lib) 2.811 T. Parsons (WRP) 457 

Lab majority: 2,740 Lab majority: 23,242 


This tune, however, the 
Labour machine is takbi 5 Ponte- 
fract very seriously. For Ash- 
field. thu’ Nottinghamshire min- 
ing seal with an only slightly 
.-mailer majority, was ' lost by 
Labnur in the Conservatives. 

Ministers and neighbouring 
MPs are l>eing wheeled in daily 
tu help the local candidate, Mr. 
Geoffrey Lcifthau.se, to main- 
tain .Mr. Harper's majority, and 
nu provide what the regional 
organiser -ays should be a 
demonstration nf the grass root 
support For the Prime Minister's 


the cine fielded by the Tories 
in Ashfieid. He is an old 
Harrovian, and his father is 
a Conservative MP. He has 
that hrand uf apologetic public 
school confidence which makes 
it difficult fur even hardened 
l.ubuui housewives to slam the 
door m i»t? f-.ce. There were 
signs last that he was 

succeeding in winning over 
some disillusioned Labour 
voters. 

According to the Labour 
organisers, the biggest dif- 
ference between the Pontefract 


and Ashficld by elections n 
That the rate of inflation lus 
now more- than halved. All 
three parties ' contesting the 
seat agree that inflation is thu 
main issue though the Liberal, 
a former Labour councillor 
from York, is putting mop* 
stress on the local housing 
issue. Exactly how the various 
candidates interpret the word 
inflation varies. 

Labour likes u» see it pri- 
marily in terms of prices and 
the Government's success in 
.reducing the rate or increas'*. 
Mr. Lofthou.se, one is told 
firmly, is absolutely loyal in 

the Government’s hue on pay 
and has the full support uf the 
local electorate whu appreciate 
the "stern** way Mr. Callaghan 
is tackling the problem. The 
question of sanctions tends to 
get brushed under the i-arpct 
as being mere detail. Voluntary 
restraint has worked miracles 
so far, according to Mr. Loft- 
house. and there is no reason 
why it should nut continue to 
do so in the future. Mr. Pap.?, 
on the other hand, lays more 
emphasis on. the pay side when 
discussing inflation. Like Mrs. 
Thatcher, he is trying to drive 
a wedge between Labour and 
Us traditional supporters hy 
attacking the whole concept ul 
a rigid pay norm. The employ- 
ment implication nf the Tory's 
approach t excessive pay in- 
creases mean fewer jobs) lends 
to get lost on the iluorstep <n 
his rmhtisiasm to deride the 
5 per ccnr limit and exploit 
the differences between the 
Government and the unions. 

The voters of Pontefract, 
however, personify the difficul- 
ties Mrs. Thatcher faces in try- 
ing lo woo traditional Labour 
voters. Voting Tory in Ponte- 
fract is like denying your 
parentage. Though the con- 
stituency is within the York- 
shire region of the NUM ami 
thus the realm of Mr. Arthur 
ScargiU. local miners do well 
out of productivity bonuses and 


seem to accept the need for 
some restraint on pay. \ur. 
judging by thaw I spoke tu last 
week, are they prepared to 
believe that the Tories would 
honour their promise of free 
collective bargaining. Rather 
they fear the employment impli- 
cation of iln. Thatcher's policy. 

In Pontefract, the present 
differences between the Govern- 
ment and the umorv seem in 

be regarded ai a largely 
temporary phenomenon which 
still leaves the two sides with 
far mure in common than 
divides them. 

All thu candidates in Ponte- 
fract have been trying to raise 
urher issues. Mr. Page -ays ihai 
111 Pontefract tinuiiipluynient 
seems 10 be uf much tes-er 
importance than inflation. 

In Berwick, tc.u. inflation 
seems to be ;i:,- mam issue 
though there i- also a wide 
range of local issuo winch ernp 
up on the d«mr<;rep. 

As in Pun refract, the party 
political conferences seem :i 
world away fr.iin Berwick 
where, until the past few days, 
there seems to have been ver> 
tittle interest in the campaign. 
But then. .Mi-s Margaret 
Marshall, the daunt: ugly positive 
Tory candidate, decided to make 
the besf nut <>f what others 
mighf have regarded as the diffi- 
culties creaied fur her by ihu 
apparent split in the Tory parti 
hierarchy over pay. Slii- 
challvngud Mr. Iliiine Knbcrisun 
in a public deiuii-.* on pay. Mr. 
Hume Robertson wlm, 1 hough 
good on the doorstep, is not im- 
pressive on public platforms 
rejected the fiivi’.itmn but not 
before he bad exposed his 
ignorance of the uflicial parly 
lice on pay 10 the Press. 

Miss Marsha!!, wliu-t? own 
position mi pay has moved 
closer towards Mr.:. Thatcher's 
as the campaign has progressed, 
fails even to ask the Scottish 
Nationalists »r Liberal candi- 
dates to join the debate. Both 



. ' ( 


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Mr. Roy Ilaltcrsley. Secretary of Slate for Pri cos. and the Labour candidate go “walk about" 

in the Berwie k by-election. 


the main parties regard Berwick 
as a iwu-nursc race though what 
happen- tu those votes east in 
favour uf the minority parties 
la-a time ;& crucial in such a 
tiJh: cnnte>T. A collapse in the 
SXP vote wi.u-d help Labour 
provide-! she Liberal vufe holds. 

Partly he. -a use Mr. Mnekin- 
lusii cipo'jseil ih“ d-vvolutiun 
uati-u hi cariy and partly 
because Berwick is a border 
■•mttiiru-.-nv.i. the Nationalists 
have nev-r dune well in the 
urea. In October. 1974 they gut 
only 13.4 per cent of the vote 
and. if :h<* jp.nii.in poll.; for she 
whole of F vm 1 2 nd are anything 
to go by they - .vii! do worse now. 
The I ova! Xatiunali*i Party has 
ilul been helped by ihc bitter- 
ness which has surrounded the 
choice of their candidate. The 
resident candidate was ditched 
at ;hc !a-; muuren* and replaced 
hy »'T!t» o? the national party's 
lead! iic lights. Mr*. Isabel 
Lindsay. 

Judging by the reaction nf 
people up the street* at the 
weekend, the S.YP will do well 
to hold it* deposit. But the news 
is far from being all good for 
Labour. Mr. Mackintosh's suc- 
cess was nut only cement the 
traditional working class vote 


in the old mining towns but also 
to seduce traditional Tory voters 
with his own highly indivi- 
dualistic kind of radicalism. Ho 
put his " personal tote’* at no 
more than 5fn» but this could ho 
an undcr-es! : mate and Mi-.* 
Marshall is careful never tn be 
anything but liar terms about 
him. 

The now Labour Candida* e, 
who was a close personal friend 
uf Mr. Mackintosh, has th° 
advantage over Miss Marshall 
□( being a local man but a 
number of people were saying 
last week that without Mr. 
Mackintosh tu vine for they 
did not sec much point in 
voting at ali. 

A Glasgow -burn chartered 
secretary. Alt*-. Marshall is 
making much of the natural 
links between Scottish canni- 
ness and the Tory policy rf 
regarding hart! work and 
jetting rhe la/y feel the pi licit. 
When the Conservative* lost 
the seat tu Labour, it was partly 
because of the intervention of 
the Liberals who look just 
under 6 per cent of ihu pull. 
Although the Liberals, like 
their counterparts in Ponte- 
fract. .say. that their chances 
have not been harmed by ihc 


Lib-Lab pact. They arc rarely 
mentioned by voters in the 
st reel 

Both the main parties are 
pouring their lop speakers into 
Berwick where a win would 
give an enormous boost in 
party morale. 

Til-? irony 1 * that if Labour 
did manage hold Berwick 
and maintain its lnaionty in 
Pontefract, it would give nil the 
mure grisi 10 the 111 ill of lho«e 
Labour organisers who believe 
the PM was wrung in postpon- 
ing a general election. For Mr. 
Otlla.'han. -uch 1 rilicisill. how- 
ever. would presumably be a 
.-malt price t.» pay for what he 
would no doubt interpret as 
support for iiis line on pay. 


Pontefract & Castleford 
Mr. Geoffrey Lofthousc (Lab) 

Mr. Hugo Page (Con) 

Mr. Les Marsh (Lib) 

Berwick & East Lothian 
Mr )ohn Home Robertson (Lab) 
Miss Margaret Marshall (Con) 
Mrs. Isobel Lindsay (SNP) 

Mr. Tam Glen (Lib) 


Letters to the Editor 


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— 




Standards of 
safety 

From the Head of Nuclear 
Environmental Branch. 

VK Atomic Energy Authority 

Sir,— Mr. Hockley (October 17) 
gives a quite unbalanced view 
of the safety of nuclear power. 
The Health and Safely Executive 
estimates of the comparative, 
risks is only one of a number 
of substantial analyses, all of 
which support thu. view that 
nuclear' power can. improve 'on" 
the safety standards set by coal 
and oil-based generation. • ■ For 
example. Comar and Sagan in 
the Annua) Review of Energy 
1976 list the highest and lowest 
values per gigawatt of electricity 
produced found in the published 
literature : 

Coal 2 to 116 dealhs/yr 

Oil 1.1" tn 101 dealhs/yr 

Nuclear . 0,11 id 1.0 deaths/yr 

While accepting that there 
arc uncertainties in making 
these estimates,, which include 
hoth public and occupational 
hazards for the complete fuel 
cycle (including reactor 
accidents') they provide no 
grounds for doubling the safety 
of nuclear electricity generation; 
rather the reverse. 

Similar comments apply to 
Mr. Hockley's views On the 
safely of those employed in the 
nuclear industry. The published 
statistics for UK Alomic Energy 
Authority and British Nuclear 
Fuels employee.* (“ Atom.” 
September I976i show that they 
have one of ihc very safest 
occupations, comparable with 
professional and technical 
occupations in the Office of 
Population Censuses and Surveys 
mortality data. Moreover, the 
dara for pensioners over 65 
shows no deterioration in the 
standard mortality ratio com- 
pared with those in the 15-64 age 
group. 

tDr.i Brian Wade. 

UK Atomic Energy Authority, 
Hanccll. 

Nuclear 

power 

From the Director 0 } 
Information Services. 

VK Atomic Energy Authority 

Sir, — Mr. Hockley tOctubcr 
17) challenges statements .which 
1 made in the -letter which you 
published on October 12 con- 
cerning the safety of nuclear 
power and its effect on civil 
liberties. 

In saying that there is no 
reason why -the development dF 
nuclear power should interfere 
with civil Liberties i was. giving 
the opinion of someone who 
works in .the nudear industry, 
and knows something r»f ,_tiie 
security measures which are 
taken. This .•view certainly differs 
from that expressed in (he Royal 
Commission on Environmental 
Pollution's sixth report to which 
Mr. Hockley refers. 

In (he same report, however, 
the Royal Commission stales 
(hat it is not expert in security 
matters and did not know the 
details of the security arrange- 
ments already in operation or 
planned. It was looking at (he 
problems from the standpoint of 
the ordinary citizen. In these 
circumstances, therefore, I don't 
think the Royal Commission 
views do 11 give ihe tie” - to my 
assertion as Mr. Hockley states. 
Furthermore, the. Royal Commis- 
sion makes it plain (paragraph 
509) -Chat its concern an this and 
other .matters relating to 
plutonium, -was not with the 
present* situation. -. 

to June 1977- Mr. Anthony 
Wedgwood Benn. '.Secretary, of 
State fur Energy, published 
raphes 40 a. number of questions 
raised toy Eriends of the Edrth~ 
and others about, the .fong^enn 
security of ducleax power. .This. 


document contains the statement 
**. . . it is not considered that 
the development of a larger 
nuclear. power programme would 
give rise to security ■ arrange- 
ments materially different from 
those at present," I • suggest, 
therefore, that my .view is 
reasonable, 
p: n. Vey. ■ 

United Kingdom Atomic -Energy 
Authority, 

U Charles II Street. S\yi ' v - 

Aborigines’ 

land 

From. Mr. A. Crocker - 

Sir,— The delightfully epony- 
mous Doug Anthony, Australian 
Deputy Winie Minister and 
spokesman on- minerals tin 
Mining News bn October 17) has, 
1 think, the right idea: “What 
we have to consider " you quote 
him as saying "is to what extent 
we can allow a small group or 
people, a manipulated group of 
people, to stand in the way of a 
development or tremendous 
national and international sig- 
nificance.” 

Indeed, and the offer of con- 
sideration seems generous, if 
otiose, in the light of his pre- 
vious observation (ibidem) that 
under Government legislation 
allowing uranium mining 
Aborigines could not withold con; 
sent for mining on their land. 
This approach seems to be the 
trendy one: see the remark 
atributed earlier ihis year to a 
leader of the Patriotic Front, so- 
called. that Mr. Smith should be 
tried and shot. 

Perhaps during his considera- 
tions Mr. Anthony does take into 
account' the consequences hoth 
of the mining and of the pay- 
ment to them of cash, to the 
Aborigines, who. as we all know 
from Mr. Anthony's candour, 
have no say in the matter. Also 
that this realty is the only ques- 
tion irrespective of whether the 
Aborigines are manipulated 
( unlike parly spokesmen) or not. 
It may even turn out to his 
pleasant surprise that the 
manipulators have the welfare 
of the Aborigines at heart. How 
convenient it would indeed be 
that smallness in numbers of 
protagonists- rather than the 
merit of a case should determine 
an issue. 

What was not reported was 
that there are extremely strong 
grounds for believing that any 
encroachment upon the territory 
of tbe Aborigine.* leads lo or 
hastens their physical and 
spiritual destruction 

What price the posturing of 
Perfidious Albion's Ministers 
scurrying around the world seek- 
ing peaceful settlement, majority 
rules, 'minority safeguards, 
democracy, civil rights, etc.? For 
may we not take pride in the 
knowledge that it is largely 
British capital and companies 
that develop Australia's minerals 
in parsuance of such equal 
treaties? 

We once played cricket wjth 
the Aborigines: I think 1 detect 
a change in the rules. 

Andrew Crocker. 

2, OvhnoUm Square. S.W.3. 


Impartial 

advice 


From Mr. D. Fettes 

Sir, — Your reporting (October 
19, Page 1 » of the Unit Trust 
Associations revelation that the 1 
level of re-purchases of bold 
units and sales 'of new units are 
both funning at currently high 
levels has - implications which, 
although disturbing, are not 
necessarily surprising. 

If a broker relies on commis- 
sion for his living he must face 
a number of' temptations includ- 
ing seeking those investments 
paying , th® highest commission 


and turning over existing port- 
folios. In some cates the high 
commission paying investment 
may be the one most suited to 
the client or it may be in his best 
interest m realise his existing, 
portfolio and invest it elsewhere. 
1 cannot, however, believe that 
this is so in the majority of 
vases. 

The only way a client can 
expect impartial advice and 
objective management of his 
affairs is hv meeting the broker's 
costs himself. By receiving a fee 
from.: l» tR client .the broker is 
answerable to -his client and can 
feel free to act in the client’s 
best interest, recommending in- 
vestments which might or might 
not result in commissions. The 
eventual destination of any com- 
missions which might arise is a 
decision to he taken by the 
broker and his client, in this way 
emphasis Is correctly placed on 
the investments that are most 
appropriate to the particular, 
client and riot upon the commis- 
sions. which might arise from 
such ah investment The broker 
is assured his remuneration for 
his work and the client is in a 
position to ask the broker to 
justify any advice given or 
investments made on his behalf. 
David Fettes, 

Morjtn Paterson Associates. 

10. Hertford Street, 

Paris Lane, Wl. 

Selling unit 
trusts- 

From .Mr. /?. Ferns by. ' 

Sir,— Mr. Edgar Palamountain, 
(October 19, Page 1). speaking, 
one presumes esr-catiiedra. for 
the Unit Trust Association, suc- 
ccdcd in being inaccurate as well 
as pompous in his comments on 
unit trust brokers. 

Commission rales have not 
been changed: there has merely 
been a " formalisation of the 
system under which full-time 
personal financial advisers are 
paid a “ marketing allowance." 

Since when has it been wrong 
to advise clients to take a profit? 

The unit trust industry is only 
just beginning to recover from 
its _ unenviable reputation for 
losing people's money, largely 
incurred by the managers nf 
‘ Unit Trust companies soiling 
off unit trusts as a “ long term 
investment" whereas they 
should be bought and sold like 
equity shares — albeit not so 
frequently. 

Roland. Fqmsby. 

The Lane House. 

Patmore Heath. Albury, 

Ware, Hertfordshire. 

Arranging 

insurance 

From Mr. J. Hissev 

Sir,— I -do sympathise with 
fellow ‘ insurance broker, Mr. 
Holman, who wrote (October 19) 
to Bay that bank managers who 
arranged the finance on a yacht 
were insisting on placing the 
insurance themselves. 

A very similar situation occurs 
where clients tell me that the 
building society lending them a 
mortgage, insists that the col- 
lateral endowment assurance is 
placed wHh them. Furthenriore. 
J gather that 1 am one of the 
few insurance brokers who have 
been successful to date in refus- 
ing. to pay half commission on 
thq - endowment a building 
society in- order to obrain a 
TOorlfiiige on behalf of a client. 

it must, be quite clear to all 
thaL we insurance brokers. cun- 
not offer a reasonable service- 
without adequate remuneration 
one way or an other. L ‘don't !i ke 
the "closed shop" idea, which 
applies tu solicitors and stock- 
brokers. but if there were" two 
rates of commission, one for 
twaa-ftde brokers and SO per cent. 


of that ratp for part-time agents, 
the situation would be resoived. 
The bank or building sjriety' 
would be offered the same rate 
of commission, whether dealing 
direct with an insurance com- 
pany themselves or tli rough j 
broker, since the latter would 
he happy to pass on 5b pur cent 
uf: their rate oa business 
introduced. - 

Surely both clients and the 
industry would gain from such 
an arrangement 
.1. E B. Hissey. 

Stafford Knight and Co. (Life 
and Pensions). . 

155. Fenchurch Street. Ed. 

Taxation and 
employment 

From Mr. H. Vemey 
Sir, — An employee paying stan- 
dard rate of tux only, said to me 
that he was prepared to give up 
£100 net increase in his salary, 
in order to increase his eventual 
pension. How much could be pul 
into a pension scheme.' The cosL 
taking into* account the new 
national insurance rales from 
October 1978 of that net £100 to 
the employer is no less than 
£1S7.76! 

The employee Toreoes a 
salary increase of £165.35 result- 
ing in the following saving: — 

Tax at 33 per cent 54.56 

Employee’s national insur- 
ance contribution 10.79 

65.35 

Saving . in employer's 
national insurance con- 
tribution 22.41 


Who would have believed, 
without working out the figures, 
that £100 could cost an employer 
so much? This surely shows how 
it is essential to reduce overall 
taxation to stimulate employ- 
ment. 

H. Verney. 

55 Lincoln's Inn Fields. 

WC2. 

The miners’ 


general 

Joint meclmj uf fj.ibinel and 
Labour P:irty\ National Execu- 
tive Commuter in discuss ihc 
Government's EEC policy, includ- 
ing -European Mora - 1 ary System. 

Mr. Michael Foot speaks at 
Elphinstone. and Mrs. Shirley 
Williams speak* at Ormi*ion. by- 
election meetings 1 Berwick and 
East Lothian). 

TOC Finance and General Pur- 
poses Committee meets in London. 

.Second day of .SALT meeting in 
Moscow. 

China's Vice- Premier Mr. Teng 
Hsiap-ping in Tokyo for one- 
week visit. 

Annual OECD review of export 


Today’s Events 


credits meeting in Paris. 

United Nations' Security Coun- 
cil meet*— deadline for South 
African rc-sponse to Namibia 
Independence Plan propu.-ed by 
the five Western Powers. 

Mr. Hosni Mubarak. Egyptian 
Vice- Premier, meets Chancellor 
Helmut Schmidt in Bonn. 

European Parliament opens 
three-day session in Luxem- 
bourg. 

Official opening by Duke or 
Kent nf new- British Ii3i! Hover- 
port. Dover. Kent. 


Second day of Financial Times’ 
two-day Bahrain conference on 
“Finance and Industrial Develop- 
ment in the Guff.” 

Royal Opera House annual 
report published. 

Agricultural Machinery Exhibi- 
tion in Peking— IS British com- 
panies take part — until Nov- 
ember 3. 

Queen attend.* film premiere of 
“Death on the Nile." ABC 
Theatre. Shaftesbury Avenue. 
OFFICIAL STATISTICS 

Department of Transport pub- 


lishes ni-w vehicle registrations for 
September. 

COMPANY RESULTS 
Final dividends: Highland Dis- 
tilleries Company. Myddleion 
Hotel*. C. H. Pearce and Sons. 
Pressac Holdings. Interim divi- 
dends: Bishophgate Trust. Fidelity 
Radio. Mnthcrcare. Oulwich 
Investment Trust. 

COM P \ \ Y M E ETINGS 
i See Financial Diary, page 5» 

GT Japan Investment Trust. 
Park House. 16 Finsbury Circus. 
EC2. 12. Ray beck, Savoy Hotel. 
WC2. 12. 

EXHIBITION 

Kensington Antiques Fair 
opens, until October 28. 


pensions 




5J-, v - ' • . 

V-V” •- 


S?-5vV> 

,-:V 

rv . 


• . ■•. **■ rM < ( 

• • r- •' • ■\T^X 

• V 1 

Vi 

■ T > 




From Mr. T. Laybarn 

Sir, — A study of thp account* 
of the National Coal Board -staff 
superannuation scheme for the 
year ended April 5. 197S. and in 
particular (he nutes on page 14. 
demonstrates the enormous, cost 
of index linking in. times of high 
inflation. 

In comparison with the. "nor- 
mal" employer's coniribiitian for 
the year in question of £2S.Siu 
the following special payments 
were felt to be necessary: £2.4m 
being one or an unspecified num- 
ber of instalments payable ; in 
view of the deficiency of £22-lm 
.which emerged from the J974 
actuarial valuation. As to what 
payments will be necessary when 
the results of the further valua- 
tion at April 5, 1977. have 
.emerged, one can only wait and 
•see; £3fl22m 10 cover exceptional 
pav increases in the years 1974- 
197* inclusive. If there wore to 
be no further exceptional pay 
increases these instalments are 
due id reduce in 1979 and 1980 
and cease in 1981; and £20.7m 
towards the index-linking of pen- 
sions. This payment may be ex- 
pected to increase substantially 
for at least the next six. years. 

Coupled with the inlnewbrkers' 
current pay demands,, the end 
result will be yet another sleep 
increase in the price of coal. 
Double-figure inflation is again 
staring up In the face. The cast 
of linking' pensions is spread 
forward for future generations 
to meet. The tune must come 
when the next : aencratiuri will 
revolt. 

T. A. K. Lay born, 

5. Heath ffise. 

Keraftefct Hoad, Putney, SWlo. 






0 


0 


The fastest way to South Africa 

:• .The minute you step aboard an SAA 
.: - Sjiper B 74 7 Jumbo at Heathrow you’ll receive die 
smishine treatment. 

\ We’ve tried to give you more room, for , 
instance, by reducing the number of seats. 

■-V. — ".v iv ' also be pleased by the choice of 
•’ food and wines too; The wines actually are South 
; African, which will give you a taste of the sunshine 
'-i .caapritryin advance. 

- / ' Naturally enough, after the meal, there’s a 

. good film to watch or six music channels to enjoy* 

- * " ■ And all the while you’ll be looked after by ' . 

’ Cabin. staff whose aim is to be amongst the 
v; 'friendliest, most attentive you’ll find anywhere. . 

. ’ Which is .why our service has come to enjoy 
' ‘ the title ‘The Hying Hotel.’ 

An SAA Flying Hotel leaves Heathrow 
• ‘ every nighty bound for Johannesburg. (Non-stops on-: 
'Mondays and Fridays- the fastest way to. South Africa,) 

■ ’J'kere’s also a non-stop to Cape Town on Saturdays. '■ 

: 1 . . ’. Ifoull get the same sunshine treatment on 
- ourroutes to the Americas, Fax Bast, AustraHaand - - 

v liadtaribceaii islands bfMauritiiis and " 


v . . 15 . 

. ., -ii. 

' ■>\ 


•lie obt ovm exclusive domestic 

nj^oris-in ; -fenth Africa, means oaly SAA can take 
: you ali the^vto twelve other-destinations too. • . 

■ ' aw wair frith all FATA airlines, there's a small charge 

'maonartfir dost Jar airpkoiies. - 





i-C ; 1 . Two ghat ifncavel ta boufl; - . «... 1 

^ V Comfort althe way South African Airways 


*■ * -^9 rt ^ e Hwei deiaQs, contact your 1ATA travel agent or South- African Airways. 251/270 Regent Street. 

H- . London VDR 7-AD, Phone; 014734 984L VCaterloo Streep SjTnmgharti..Fhone: 02).-^439605. Hope Street. 

■£!.; Qiasgow. Phone; 041-22! 2932. Pteter Street, jVlanche&icE Phone; 081-534-4436. ’ : V* 


AUfMiiHy i4iiiifrii.. b kt. y, ^ V ■ W J..*.! ^ ■_ 





4 



Pr 

pn 

ch 

BY MA 

THE PF 
decided U 
allegation 
Wilson f« 
number c 
were com 
paign agai 
Parly on 

1974 Clem 
The fo> 
allegation 
lowing ihi 
affair. Mi 
was. had 
an arches 
himself. I 
Lady Fi 
Marcia W 
The Pn 
Sir Haro 
drawn sm 
Subscqi 
fold the 
did not 
prietors 
instructed 
round a 
material." 

The Pn 
to hear 
Sir Harol. 
formal i-n 
On Lhc 
against t 

round I s; 
Puyul Cc 
i hat (her 
Labour bi 
The Pr- 
Is one n; 
ii.'heri tod 
In ano 
council 
against ll 
Daily Ex 
piciurc t 
Henrietta 
death in 1 




n 



Newman-Tonks ahead 


AS FORECAST in March Newman- of Eeona, carry the right to risks. The new company Is a 
Tonks • maintained second half receive the final and this costs joint venture between Abdallah 

taxable earnings at £1.14m, £113.000. As known the offer Establishment for Trading and 

against n.lfira, for fuUUzne profit involved the issue . of £3.72m Industry, a private company 

fnr the year to July 3L 1978. to Newman-Tonks shares and a owned by Prince Abdallah 

improve from £l.73m to £1.81 m. payment of £L8m cash. Al-Faisal. and Wigham Poland. 

Sales by the metal hardware , Ext ™°.r^l ar y . t . il P e 

manufacturer were J2J9ra ahead of “3J.OOO • • (£232,000 debit; 
at £22 35m comprised £216,000 profit on the 

At midterm the directors said sale of .fisted, investments, and - 

that budgets for most of the Xl'.OOO as the group's share of 

group's UK companies were the surplus arising from the sale 

reasonably encouraging and they of an associate's property. . . 
anticipated the second sis months “jZj? 8 13 ^ 7 

to be similar to the previous Sa ] e6 

year's. Pre-tax profit ~JL~\ 

The tax charge for the year. o vcra “ s 

based on the recently issUld n l *i proflr " 

SSAP 1.1 for deferred tax. was up To minonik-s 

at £340.000 (restated £360.000) “JSSSKf 11 C ™ 1 

for a net balance of £1.27m nrriinary dividend* 
compared with £1.37m. Earn mgs Rnainod . 


per -5p share are stated at 
12.74p (13.l6pj or 9 79p (S.l3p) 
on the old basis for deferred las. 

The not total divided is ralrvd 
to the foreynt 4. 053 op 1 3.63 p 1 — 
and costs £400.000 l£358.000l— by 


t Debit. 


1,812 

MO 

Sfi 

USG 

10 

in 

1,439 

400 

1,089 


20.0)0 

-1.X2S 


First half 
profit for 
E. Upton 


WIGHAM POLAND 
SAUDI LINK 

Wigham Poland Group has 


Following its recovery to a 
’is# £310.667 pre-tax profit in the 
i-4 second half of 1977-78, E. Upton 
IJAj and Sons reports a £76,325 surplus 
for the 28 weeks to August 15. 
1978, compared with a £112,151 

pre-tax loss last time. 

After tax of £39,700 (£56,000 
credit) net profit was £36,625 

(£56,151 loss) and earnings per 
25 p share are shown at 2p. The 
interim dividend is unchanged at 
O.Top. Last year a 1.5p final was 


2.047 

MS 


paid. 

final of 3.1335 to be paid on formed a new company, Abdallah Turnover of the departmental 
December 12. In addition shares Wigham Poland, to specialise in store and retail shop operator for 
issued since the year end as part insurances emanating from Saudi the hair was £2.29m against 
consideration for the acquisition Arabia, including construction £2. 03m last time. 




■ Financial . Times. Monday 23-1!^; g 

M&S CANADIAN OM 1 



•- ■- • .- ■: r .:v>&v r 

■ -> -s. 

•• -f’:-'- - . • t-- • 






BY ROBERT' G1BBEN5 IN MONTREAL and MICHAB- LAFFERTY IN WNjpON 


Marks and Spencer . .is widely 
1 regarded as one of the most sue* 
cessful retailing chains in -the 
| world, but its record to date in ; . 
! Canada is far from spectacular. • 

' It and S operates there through 
jthe Peoples Department Stores 
(group which baa only incurred 
j losses since control was acquired*' 
by M and- & in 1975. 

M and S firs; went into Canady 
in 19712. operating the new Si. 
Michael Shops of Canada com-. : 
pany jointly with Peoples Depart- 
ment Stores. .By. 1975 some 2(L- 
1 stores had been opened wTi'eri. 
|M and S acquired a 55 per cent 
stake in Peoples. 

M and S management' itmne 1 -. 
diateiy set about converting the ' 
Walkers stores division of Peoples - 
into traditional M and $ stores to 
add on to the 2 0 already opened: - 
The reconstruction turned a S3_2ta 


snadian SM 


- PEOPLES OEPJRTIW: ^ 
t STORES . 



15 


f~ MARKS & SPENCER 

‘DIVlSION.TR ADING 

- | LOOSES 


1975 ’76 ’77 


new stores in the • eiil-df4o^ ' : • 

' shopping plazas— where ' it • 

believes the customers -.are. Tl® ■ ’ 

.big question is whether M & So- . 
has got ft right at . last ' : i 

There must be .some : .doubt, -V. 
about this it Mr. Mavrin Kauffctai£-,v?v : ' : 
a leading Canadian .-retail, anal ysti: ; - 

is to be believed.- He claims that.';,.- 
the concept, lof-. ..the traditional 1 ; ' 
•Marks and Spencer store, is hot 
suitable to X^anada— argtring that • *' *• 

a mixture of. nrer>Vand;woh}ea^..i' . 
rioihing and food-^-aU in one :• 

I- store — has not yet been sfiown-^V ' 
to be acceptable In the. NortlL " ,1 . - ' • 
American market • Other analysts H ? 
criticise the Marks -division a* ”. v 
lacking strong . idenfiiy it-a tin le ' • 

/when speciality stores, strongly Y • 
angled to specific Warfeet ' 

menLs, are most succeSsfuL^aad ' ■*' 
profitable. .* •; 





Amcliffe placing at 42ip 


Ti*rrv r trk 

Mr. Selim Zilkba, chairman of Mothcrcaxe, who is due to 
report interim figures. 


Phoenix launches new 
pension scheme 


Leeds based housebuilder. Am- In interest charges which is Though the company’s own unit 
cliff e Holdings, which i s headed reflected in the half-time figures, sales are marginally down in 
up by Mr. Manny Cuss ins. chair- The interest charge is shown at 1977-78 next year the company is 
man nr Waring and GilJow and only £30,000 against £142.000 for looking for an improvement. 

Leeds United football club, is com- the w hole of the previous year. Lower interest costs and a drive 

ing to the market this week by The directors are forecasting into more up-market higher 
way of a placing of just aver a. that pre-tax profits for the year margin housing has pushed 
quarter of its equity at 42Jp per ending at the end of this month pre-tax margins U P t0 . 1®*® P pr A NEW .plan designed to enable 
share. will be £650,000 including £82.000 cent. w £ u ?. ls impressive for a employees to save towards retire- 

CapeJ-Cure Myers will be attributable to sales of land and j™ n J 3 f* r ' ment in a tas efficient manner 
placing 1.3m ordinary 10p shares commercial sites. SaTnZ* and aIso t0 b00st t* 6, pension 

—26 per cent or the capital— 0n this basis the directors J”®!?, 1 . provided under the company 
indicating a market capitalisation expect to pay a dividend of 2.0tp. 
of around £2. 1.7m. After the I" respect of a full year they 
placing Ameliffc will probably would expect to pay total divi- 
hnve somewhere between 175 and dends of 2.55p per-share. 

200 shareholders. Assuming corporation tax of 52 

The company first had thoughLs per cent the p/e on the placing 
of going public two years ago but price of 42 Jp js 6.8 or 3.6 on the 
the' drop in the market caused the low tax charge the company is 
directors to shelve their plans. expecting. The dividend cover 
Because of rhe smallness of the would be 2.4 or 4.6 times, 
issue (only £552.500 will be raised The annualised yield is S.9 per 
tor existing holders who are soil- cent. 


tavour oi out oi town cemres ot reopiea stores a variety chain- ^ ' ' * J 

the Brent Cross. North Loridon Both D'Al lairds ; and Peoples have SfWJ^^jects ^l^ Ape^. 
tme II and S pventuallv realLserf traded successful y since the M mg to nnanc e ai recwH^. Jopn. . • , 
iPhadVJhafn^rim^^ S"| takeover and have not been f^^SSSSS^SS&> * 
elephants on its hands; little more mterferred with. 

than the 20 original M and'S M & S has a heady closed dow^n “«ket- 
stores were in the right 
So began a second reconstruc- 
tion of the Marks and. 


'AVe have; learned /our" 



• • :<;e 


BOARD MEETINGS 


BIDS AND DEALS 


scheme has been 


TODAY 

Inlerlms: — BLsboos&atc Trust. Duaivesr.j 
Fideliry Radio. Imoorlal Cold Storage and 
Supply. Moliiercare. Oulwich Investment 


works its way through it current pens j 0n 

f0 “£25Li2J na-i fi -• H 7 -launched hy Phoenix Assurance. 5 HSl 

rrobpecius pa^es o ana i 'Phe Voluntary . pension plan is Final*:— a uJi land Distillcnns. Mrddle 
/-i a « available to employees who will wo Hotuli. c.b. Pearce. Prwiac. 

CAMRA shares-^. be eligible to receive the lnterlnw; _ F,,TURE DATES 

maximum pension scheme bene- Border Breweries I Wrexham* 

An Altar fits allowed by the Inland Chloride 

"11 U1AC1 Revenue. Under this scheme ° c La^Rue 

The pub-owning off-shoot of the which is arranged by the Prathers 
Campaign for Real Ale, CAMRA employer, the employee pays hiii iphiiipi uivostment Trust 
(Real Ale) Investments, is hoping monthly contributions into a tax- Wire and Piamie Products 
to raise £172,500 by a public issue oxetnpt fund. The minimum 


Macdonald Martin block sbld 




.f •A'.* 


Ocr. 25 
Nov. 15 
Nor. 7 
D«. 2S 
Del. 2* 
n«. 23 
Oct 2E 


per cent of the equity. The off^i^ '. ; 
remains open for acceptaqcB.'^ . : - 

GREA.T PORTLAND : -W 
ESTATES ' 




w ^ Finals:— 

ingi it placing is preferable to a Last October Amcliffe had of shareiT Vo" that*the"busTnesrcan monthly contribution is’ fio' and giMgri dae Bri t^ 

straight offer for sale. short-term debt in its balance- continue expanding the maximum amount payable is u rr end 

A rn cl iffe s main areas of activity sheet of £lm compared with From tomorrow 150 000 £1 governed by Inland Revenue Moss Emamwndx 

are around Yorkshire. Lincoln- .shareholders' funds of £l.G5m. shares will be available at a price restrictions amounting overall to 

shire and Derbyshire, though the Last April the bank overdraft was or Hod each 15 per cent of salary including Un,,H Bcal Pr °t >cr, y Trust 

directors do r inlcnd to expand £453.000 against shareholders' The company was launched in the contributions already being 

beyond ihese areas. funds of £ 1.94m. 1974 with the objective of acqulr- mnde to the main pension the full sum accumulated is re- 


Dcc. 15 
Del. 55 
Ciul SI 
Nov. T\ 
Ocl. 31 
On. 2* 


Great . - Portland .. Estates J : ” 

a g reed to; acquire a- ire^i u ‘ 


Between the years 1971 to Net tangible assets per share ing and running a chain of public scheme. 


turned free of tax to the depen 


1977 (October) the company bas are shown at 39p or 36p including houses. Between then and 

built 1.150 homes on 31 sites and land at market value. August 1976 five run down pubs 

it is estimated that a further 273 . were acquired which were 

homes will be completed by the • Comment renovated and reopened. It now 

year ending this month. Comparisons between the ratings sells 24,000 pints of beer a week. 

: -.u s ..» e srown from £1, .12m of other quoted housebuilders and A further two pubs have been 
in—, . . f~ e “ October, Amcliffe are complicated by the purchased recently and an agree- 

1 2 , V Over the wide spread of ratings in the ment is shortly to be signed with 
s<imc period profits betore interest market However, the fully taxed the National Trust to take a lease 
and undeveloped property sales p/ e 0 f (j.g and yie , d of g9 per 0 n another one. 
rc<t; rrom £260.000 to £476,000. In cent backed up by assets of 56p Break even was achieved in 
!r-rnnn r ° fit K to , x (takin - market value for land) 1977-78 and during the 24 weeks 

r-1-I'nrLi but » n Cmded appears a reasonably attractive ei^-d the middle of last July 

Pr ° P . er ^,o Sa 'r- ln and a s™ 0 Premium looks CAMRA made a trading profit of 

1 profits came to £333,000. com- likely when dealings start on £B.06S. 

£306 000 ,n the Thursday. The profits record The board is confident that the 
pr f ,, ”“ s * v . ear - .. . . . .. Iool?s good but Amcliffe has been second half will show an advance , . . , , , 

in the six months ended April coming up from a low base. It on the first. Dividends however can take 3 completely tax-free t ax > or the fund can be left to 
'.•ic, ,. pr f' , ?. x Profit "'ere is dependent upon the private are unlikely before late 1979 or SUfn from his accumulated grow until retirement. 

..84.000 (including property pro- housing market (it has never done early 19S0 when profits have account up to the revenue This scheme is likely to be of 
ml of £41.(100) on sales of £l.«m. any contract work for a local recouped the early start up limits. The remainder of the interest to employees over age 

i he company hns disposed of a authority) and so at present losses. fund, if any, Ls then used to 45. who normally would not bo 

hri?i r«r i^ h i J? 00 ? Arnciifte should be hoving a fair Copies of the prospectus can be boost pension payments in a able to complete sufficient years 

rh.= ridc ',- Prlva,e housing starts arc obtained from the company at variety of ways. If the employee of service in the main pension 

This has resulted on some savin.. U p 14 per cent so far this year. 31 Hills R oad. Cambridge. should die before retirement, scheme to qualify fnr a reason- 

able pension level.. Such persons 


Phoenix accumulates the con- dants. 
trihuti.ns in a tax exempt fund The employee should make 
and the employee is credited these contributions on. a per- 
with interest on his fund monthly manenr basis; it is not intended 
at a rate guaranteed to be not to be a haphazard savings 

less than the Building Society vehicle.' The Inland Revenue re- 

m ? rt ' quires that contributions are 

credited^ Ai!**' / paid for at leasl five y^ 1-5 or 

Phoenix is° curreStfv unt f! normal retirement date, if 

10} per cent— one half per cent ? ar *' er - ; Should the employee 
above the BSA rate'. TTiere is, J eave ^ ““V”* e“P»»yer be- 
however, a 4 per -cent reduction * or ® retirement his accumulated, 
to the declared rate for the first funds ar ? dealt with under the 
two years* contributions' to allow rules the raa ? n company pen 

for initial cost. sion scheme. This can include 3 

On retirement, the employee refund of contributions (less 



often have cash available for 
savings and this type of scheme 
is the best means of doing so. 
For example, an employee aged 
45 exactly, putting aside £10 
month would accumulate, at 
per cent interest, a sum of £5JS13 
at age 65. If he is paying tax at 
the standard rate, the net 
monthly cost to him would be 
only £6.70. The cost would be 
even less for higher rate tax- 
payers. 


FT Share 
Service 


The following securities haw 
heen added to -the Share Inlor- 
jmation Service appearing in the 
Financial Times. 

Croda International Defd. (Sec- 
tion: Chemicals). 

Thorn Elect. Ind<. 5% Conv. Uns. 
Loan *90-'94 (Section: Electri- 
cals). 


CHANGE WARES 


Change Wares' rights issue has 
boon taken up as to 90.S7 per cent. 
The balance oF 81I.53S new shares 
has been sold in the market at 
i a premium. 


SIMCO MONEY FUNDS 

. - Sam mliivi-sr ment ’ 

V . -.'Vlnnasemtnd'.V). i.(d. 

6 (> CANNON STREDT LC4\ti\n 
‘ Telephone: 0l r 23fi i425 


Rate* paid for W/E 22.10.75 



Cali 
% oa. 
8.776 

8.796 

8.965 

9.007 

9.039 


7 day 
?oP-a. 
8530 
8.550 
8568 
8J95 
8.614 


Foremost -McKe-sson Inc, has 14 held 735.000 shares (9.05 per Bonser shar^, 
placed with various institutions cent). - “ 

:ts holding of 286.7K "A7 ordinary •• British Vita — J. H.- Ogden, 
and 100.000 “B" ordinary shares director, has sold 50,080 .shares in 
Macdonald Martin Distilleries, which he bad a n on-beneficial . 

The holdings represented approx |- interest, at H6.625p. . . 

mately 12.5 per ceht respecUvety 

of each class of shares. ' k'AVF/RONSFU - , . . . 

Foremost^fcKesson will con- na i c/duii jeix perty at 17/17A NeWman' ^nser,< 7. 

tinue to hold the import agency The Board of KAYE ORGANI- WL from Brlgray. Group in ! :g: dest' Vi' ^' J J 

for a number of brands owmed by SATION announces that accep- worth around £788,0MV - *. 

Macdonald Martin's subsidiaries tances for the unconditional offer The purchase price is to -be tneT r;." - 
nd the relationship remains for the shares of BONSER by the Issue oi 375,000- dpeatrFtiri 1 ;' 

unaltered as a result of it ceasing ENGINEERING not already land shares which-.’6ave'‘-''&^tf'r-: :: ^‘'' 

to be a' shareholder -in. ktacdonald owned by Kaye . have been placed -. throngh_ . tbe'j; v Tri8rl(p£^"L ''i'.'‘ ; *■ - 
Martin. _ . ' ' received in respect of 3.180,131 Brig'raiy gays '4f. 

shares, representing 92.62 per to - reduce hbEEtiwingi.t.‘*' 

RFV'FHTFX 1 cent of the shares subject- to the 

Revertex Chemlcul, has offer 

SSricarf su bsfdiary'a nd itlutldS the US? document on CGMPtON^ffi^i ^ = V. 

hoK. ^ v “ I 29, 1978. Kaye owned 2566.357. Vaufqua Croup ' 

The company has sold a stake 


per to reduce borrowing*. 1. : - - 

the The property has^a gross; rtw ' ~ 

of some 23,000 sq ft T* : vi’*: !■'>. :_V. 

i-oT ■ •• '• * ' 


subsidiary of the South African- ^P 1 
Mutual Life Assurance Society 
for £731.000. The subsidiary has 
also repaid a £584.000 loan to the 
parent company. 


shares of Bonser, representing its I hpidnfe- in. J. r <Mu»pt!(wiSons.i . 

.77 per cent of the. issued share and W«b by- /V 

pitaJ. Kaye now owns 5,746.488 3,142,500 (18.45 -per 4; 


Public Works Loan BoardLfat 

. bir frnm DeWflil'r ii'^ T 

The LFK parent explained tbat M - 
had intended' for r .a number-'/ofl . .. ... 

years to ** arrange IbcaT participa- f " Y ear* 


tion” In its SA company. 


SHARE STAKES 

Green bank Industrial. Holdings 
■Throgmorton Trust has sold 
50.000 shares and now holds 
1.095.555 (5.43 per cent). 

Crodn International — Sir 
Frederick Wood.' director, has 
bought jointly with his wife 
50.000 deferred ordinary shares. 

Denbyware— Interests of Mr. L. 
Simons including- Interceram Inc. 
amount to r.U7,tMl2 shares (26 per 
cent). Previous interest 27.56 per 
cent. 

Daejan Holdings: On October 
19 a private company within the 
Freshwater.- Group purchased 
from Mr. 5. I. Freshwater 500.000 
ordinary shares of Daejan at 
120 13-64p per share. 

Mr’ B. S. E. Freshwater has 
beneficial interest in the pur- 
chasing company and Rfr. L. L 
Tobin and Mr. D. Davis, ’ as 
directors of the company, have a 
non-beneficial interest. 

Bril and Sime: Mav anil Hassell 
now holds 41.530 shares (M.3S7 
per cent). 

Davenports Brewery (Holdings): 
Britannic Assurance as at Aucust 


Years 

Up to 5 

Over 5. up to 10 
Over 10. up to 15 
Over lSj- up to 25 
Over 2F 


hy EiPt 

Hi 
12? 
12 


Effecth-fr frorri OetdfeCr 14 vrsfp 

• . - .. ■ 7 • ■ . v . ••"■si 

-QdM» loans rejnM . ' ■ IfoB-.minhrtopfg, ,_. x 

matorUyS by eoet . . . 


12f 

13 


At 

11 

12 

.12 

13 

13i 



32} rn. -\ r 

12J ■ . 13* ' - 1- \ i 

Hi Hi 'WM: ^ A ’ 

n t hinhow ifi onoL ihnn non. ■ 


•Non-quota loans B are 1 per cent higher Iri eachCpiasfe than non* 4 

quota loan- * iT? " • - - — ■ ■ • *— 1 - «■- 

yearly am 
and interest 






■ Turnover ; and;profilsi. : ^| .. ■ 

-■ ' VT,y"V^'-V. 

substantially increased 


at half-year 




Provide free 
international telephone 
finks fbrvourdients 
from major cities in 
Europescandinavia, 
Middle East USJ\ UK 
and Ireland. 



* pr ® Flc of ^ ^ '°00 before taxation represents an increase :£ 
of 27.9/0 over the comparative period last year. Margins: are: still.- v" . 
affected by the shortage of work in 'die UK and the record, profit >u \ ' 
only been achieved by another substantial increase in. the "Group'*/ ■-■.'*£( g,-. T 
activioes as turnover Increased by 45.8%-. The.- Group continues 
trade successfully overseas but competition for new. work -is -keener'- -. > 
chan m the past. .-. '.- - -. ~ .• - ?*-5 


PmES 108 Tl,e ? irectors . hav « declared an interim dividen/ of 
1.I16666P net per share. This is equivalent, with, the associated. mKr>*.' ; .- 

lasc year° W66 ® 6p per share ' » m P*«d wi t h " 1 i 3-51 5 p- p4?r shsSe ; pajd ” v.'."; 


ME5 7 h * pr l 5ent ,eve, - of the order book ensures a satisfactory ’. J 


performance .during the second half of the current year and-inw'hext?^ 


r - vi mu kurrenc rear afKj--<nea ncxk.-u 

market ' both « home and overseas.' V. 
(he . Group is making every effort to ensure 'that *— -ja-w-.r ■ - 


record continues. 


its ^successful trading 




RESULTS IN BRIEF 

(Unaudited) 


5 & - 


For hrthor AXlKs tjtepTtmc 


Turnover 
Profit before tax 
Profit after tax 
Earnings per share 


Half-year to 
31.7.78 

£*000 

34,757 

1.757 

842 

S.06p 


Half-year to 
31.777 
£■0 00. 
23,839 

1-373 ; . 

653 
4.4 ip 


. Year ended 

5). 178 . 

; '-£tX» . 

-J 54567- 
3,113 A-, 
■- - U10 
10.B8> ~ 


You might need to know that Olio Sardines Ltda.of Sesimbra 
is wholly owned by Isaac Frisch ofBow, 

You might not know you can get 
facts like this from Dun &BradstreeL 


Dun &. BraJstreet are involved in a lot 
of things you might rind imexpected. Knowing who " 
owns whom is j ust one. 

Our publication called, aptly enough, Who 
Owns Whom’ can give you business ownership facts 
from here to Hong Kong, from Portugal to Peru. 

And we have 47 more publications holding • 
masses of international information for different 
business needs. 

People still, however, think of us solely as the 
worlds largest credit reporting oiganisation. 

Bur were larger than that. Our list of activities covers 
so wide a spectrum that at least one should be 
help tii I to you. 

Pick any, and ask us at Dun ScBradstreet 
(call us D&-BJ tor full facts. 


Let us help you m: 

Marketing and Selling. Pin- ' Keep ing you r mon try 
pointing pro>pecK. analysis ot markets, working: effective debrcollection. 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits nf £1.000-r25.000 accepted for fixed terms »f 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 3J1.78. 

Terms (years) 3 4 5 fi 7 S . 9 10 

Interest % 11 lit 11? 12 I2‘ 12* 

Rates fnr larger amounts nn request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Ljmitc £- 91 Waterloo Road, London SE1 8XP (01-928 7S22. 
Ext. 1771. Cheques payable to "Bank oE England, a/c FFl"' 
r Fi is the holding company for JCFC and I'"CI. 


F - J C. LILLEY LIMITED' ? 
aVIL ENGINEERING contractors 


improving *Jes ehorr, increasing 
tuimn-er, selling or promoting by mail, 
increiM'ng ceporr-effirienev. 

Answering international 
questions of sales, markecina 
company ou-nuiship, manj^emenc^ 
credit control - through D&B's 
Busimas Book.shop.48publicjcions f 
millions of tacts and guiddinw 
woridwidc. 

Simplifsing taxation for 
prottsaonai advisers. 


tracking down disappearing debtors. 
£ducati ng tomorrow’s credit 

rnanagemenc Study Course lor 
future crcdir controllers. 

Minimising risk instantly: 
200,000 condensed credit reports in 
tilt* D6tB Repi^rrr. 

Tailoring credit reporting to 
your special needs: nine d i f fae n r 
services, UK and overseas- Plus 
componv halance sheer service, and 
company- search service. 


DUN& 

BRADSTREET 

More than credit to our reputation. 

26/52 QiitnaStrecti LondonEC2P 2LY Phone! 01-247 4377* 


LOCAL AUTHORITY BONDS 


Authority 

(telephone number m 
imrenthesea) 


Annual 

gross 
i merest 


Intorrui Minimum Life or 
payable sum bond 


Barnsley Metro. (0226 2U3232) 

Brad Ford f027! 2flj77 j 

Chorley (02572 5011) 

Knou-xlry (031 548 6555) 

Manchesio (Ob'I 236 3577) 

Poole (02013 5151) 

Presell (0437 4551) 

Prose! i (W37 4551) 

RudbridRe (01-4«"B 30201 

Salisbury (0722 24265) 

Southend (41702 49451 1 • 

Wrvkin (0952 50505!) 


«l- 

41 


£ 

Year 

Hi 

4-ye.ir 

250 

5-7 

111 

byear 

500 

5-7 

112 

4-year 

1.000 

5 1 " 

112 

]-year 

L000 

6-10 

10 

3-year 

500 

2 

-IftJ 

3-vear 

500 ■ 

2 


3 -year 

1,000 

2 

Hi 

3-year . 

1,000 

5 

11} 

*-year 

200 

6-7 

11! 

3 -year 

1 no 

5-7 

102 

1-year 

250 

9 

•# 

11} 

yearly.. 

1,000 . 

5-6.- 











ICs 


INTERNATIONAL UK ISSLTSAND DIVIDENDS} : : ^§K§ 


MoDo decreased loss augurs 
optimistic year-end period 


Ohio 

frowns on 


fiY WILLIAM DULLFORCE 


STOCKHOLM, Oct. 22. 


IoDo, the Swedish pulp and 
aper group which plunged into 
SKr _2&m pre-tax -loss lant 
ear, was unable to effect 2 
im a round during the . first 
- <ght months of 1978. But recent 
.nprcivicnicirts in rhe pulp and 
iper markets could enable it 
. i break even in the last four 
ontbs and reduce the annual 
■54 by some SKr SOm compared 
i?h lust year's. This isvumes, 
awever. that the dollar rate 
)ps not fall below SKr 4.30. 
The eight-month interim 
tows a 12 per cent ri-w? in turn- 
•**r to SKr l.-Kba t$34)m) and 
pre-tax loss »f SKr 164m 
‘•SK.Imt. which is only SKr lm 
i on of the loss recorded in »hc 
■rrcspondiag period of 10T7. 
MuDo is beset by wn main 
•ohlerr.s — the <*ontinujap un- 
'notability of us pulp manu- 


facturing and the- heavy debt 
burden incurred on invest- 
ment* started just before The 
pulp and -paper market- col- 
lapsed. 


The eight-month operating 
loss on pulp was 'SKr 50m. 
Although deliveries were 17pcr 
ci?nt higher than in the corres- 
nnnding period of 1077 soles 
revenue was down SKr 5m to 
SKr 752m. The dollar price for 
pulp went up again on October 
1 but MoDo calculates that half 
the effect of that rise has been 
eroded by the fall in the dollar 
rate. 

Fine paper sales rose from 
SK r 3S6m to SKr 50.1m over the 
eight month* and boosted 
epemlws* profit from SKr lm 
to SKr 4fim. The consumer pro- 
duct operation moved out of the 


red into a SKr 10m profit on! 
sales of SKr 316m, but losses 
increased on the engineering 
operations. 

The largest deficit item in the 
eight-month profit and loss 
account is the SKr 125m in net 
financial charges, almost un- 
changed from last year. Group 
working capital was reduced by 
SKr l«2m during the period and 
lone.-rerm liabilities wort* cut 
marginally to SKr l-641)n. ln- 
vi*';: men is were reduced from 
SKr 250m to SKr 92m. 

The liquidity position is 
described as “gond.” Liquid 
funds uf SKr 16m are supple- 
mented by “ highly substantial 
nnn-tdjlised credit facililie«;." 
Before the end of the year MoDn 
cxp-:-i-iq in complete lln* sale nf< 
Ihe larger pari of Us forest 
holdings in Southern Sweden. 


Occidental 

offer 


Reduced 
loss seen 
at Arbed 


Sea Containers view of 
Austiran failure 


I'pi 

l 2 i s 


UMANUEL TESCH. chairman 
the Luxembourg-based slceel 
oup Arbed. told a press con- 
rcncc m Luxembourg that the 
»5 for the whole of 1978 will 
rtainly be lower than that for 
77. although he would not give 
lures. 

First-half 1978 turnover ruse 
■ 4.5 per cent to LuxFr IS.ohn 
dui 17.7bn. The chairman said 
iat turnover for the whole year 
[ll probably show a dvr to six 
vr cent improvement over the 
jxFr 33. Ton total for 1977. 
ranwhile. be ascribed the im- 
ovemen-t to date to higher pro- 
iction. increased steel prices 
id better demand on intema- 
mal markets, 
jencics 


j BY OUR SHIPPING CORRESPONDENT 

i SEA CONTAINERS, the New exporting company involving 
i York-based contu'ner .shipping Iranian Government and 
and leasing group, said y ester- Australian interests, bad four 
, day thai the placing in receiver- refrigerated container ships on 
ship of the Ausn.-an .' meat charter from Sea Containers 
exporting compact} would reduce Atlaotic. Vrncbuqucs has two 
Sea Container revenue this year ships rrom the group and both 
below forecast levels. companies have containers un 

.Jb'VnZ?- !* Ur ’“"''-"Iran-, debts to tbo Sou 

IvnobSoSs. u vSS ship- tSlSSl u 

Sea *>■“'"■ «r ' Sberlood *£S U 
romvmer h rtCr fruw Sd would he possible to IT-let the 
U.DQ miners. . - * . • ships and boxes, hut this would 

Mr. James Sherwood, president take time, 
of Sea Containers^ said that The effect on the not income 
Au&tiran, which is. a , meal- of the group might be 87.4m. 


Standard Oil 
earnings rise 


Revenue upturn 
at Burroughs 


Hakodate seeks debt 
deferment by creditors 


CHICAGO. Oct. 22. 
TIE BURROUGHS Co po ration 
xpects record revenue and 
am logs In 1978 against last 
reaps 85.31 a share on revenue 

- f S2.13bn. according to Mr. 
■aul Mlrabilo, chairman 

The company expects 
nother good year in 1979 and 

- dded directors wiH consider a 
ividend increase In January 
•ver the current 4d cents 

quarterly, he said- 
leuler 


JAPAN'S Hakodate Dock Com- 
pany, hard hit by the prolonged 
shipbuilding recession has asked 
its creditor banks and trading 
houses for deferment . tif its 
debts. 

The company has aT?o "pre- 
pared a plan to reduce Its work 
force by 1.200 from the present 
2,700 by the end of this year. ■ - 

The medium-sued shipbuilder 
has indicated that negotiations 
are under way for deferment 'on 
repayments of Y60bn (8328m) 
out of about YlOObn (about 
$546m> in outstanding debts!. 


TOKYO. Oct. 22. 

The company expects to report 
a deficit of Y14bn (S7Smi ir 
the first half year ended la-i 
month due to a sharp fall in 
shipbuilding orders. It plans to 
sell its main building dock 
capable ofg building ships of up 
to 30.000 dv.t, at its Hakodate 
shipyards in Hokkaido, northern 
Japan. 

The company reported a 
deficit of Y13.75bn ($75m) !n 
its business year ended last 
Mvch 31 on sales of Y3S.99bn 
(8213m). 

Reuter 


CHICAGO. On. 22. 
THE STANDARD Oil Company 
Indiana) has announced esti- 
mated consolidated net earn- 
ings of S82l.7m for the first 
nine mouths Of 1978, a 3 per 
rent incraesc over the S~9-i.fi m 
earned in the first three 
quarters of 1977. Earnings on a 
per share basis amounted to 
$5.62 compared with $5.42 Tor 
the comparable 1977 period. 

Total direct (axes increased 
8 per cent to $1.6bn. almost 
double the profits earned for 
shareholder-.. In addition, 
excise taxes collected from 
customers amounted to 8868m. 
Total revenues for the nine- 
month period advanced 15 per 
cent, to S12bn. from the 
SUM bn. reported in the 1977 
period. 

Fur (he tblrd quarter, 
earnings increased to $286.5xn. 
or $1-96 per share, up 5 per 
cent from the 8273.3m or S1.86 
per share, earned in the third 
quarter of 1977. 

Third quarter revenues of 
S‘2bn were 20 per cent 
higher than third quarter 
1977 revenues of 3.5bn. 

Air. John E. Swearingen, 
chairman and chler executive 
officer, said the increase in 
nine-month earnings mainly 
reunited from record world- 
wide crude oil and natural 
gas liquids production, and 
higher domestic prices for 
crude oi) and natural gas. 


Currency, \Io»e> and (iold Markets 




New York rates march on 


GOLD 


BY COUN MiLLHAM 


Interest rates remained 
nerally firm last week, with no 
— m that the upward pressure 
11 soon abate id New York, 
ort-term rates were also lifted 
• Brussels on Friday, although 
me mj’stery seems to surround 
- original announcement of a 
.e in Treasury bond rates by 
-» Belgian National Bank. Euro- 
rrency rates for most members 
the European currency snake 
-o remained high, despite the 
ake realignment, but Euro- 
ilder rates and. domestic interest 
es in Holland fell sharply. At 
2 same time Frankfurt interest 


CURRENCY RATES 



Special 

European 

obtr 20 

Drawing 

Unit uf 


Rights 

Account 

rhni. 

dollar .. 

0.U57U 
. 1J107T 

0.48MU 

137351 

ladian dollar .... 

. uma 

£62844 

firun schilling . 

. iT.^mz 

U.3M5 

'(flail franc .. . . 

37.7797 

39.5879 

nUh Irrorv- 

6.M396 

4.91533 

inset e Mark 

£38914 

£58094 

Ud'jT 

. ibosai 

2.1312 & 

•ndi tranc . 

. SS13TS 

5.77686 

a 

. U68.93 

U13.7S 

j 

Jflfl Qfc 

250.261 

rrrgian Irrooe . 

6-4W1 

4.74871 

v.'ta 

. 90.45% 

■HL2T7B 

edlsli fcrnna .. . 

. S.HWO 

5-BW23 


. 1.99438 

£08489 


rates eased, but call money was 
slightly firmer at the end of. the 
week as the authorities moved to 
take up excess liquidity hy increas- 
ing the minimum reserve require- 
ments of German banks. 

Revaluation of the D-mark 
against the other members of the 
snake reduced the pressure on the 
weaker participants, and interest 
rates in Amsterdam fell sharply. 
Dutch call money declined to 
around 10 per cent towards the 
end of last week, compared with 
almost 20 per cent a week before. 
Euro-guilder interest rates showed 
comparable falls, and forward 
guilder rates against the dollar 
narrowed accordingly. 

In New York the Federal 
Reserve target rate for Federal 
funds was probably raised at the 
open market committee meeting 
on Wednesday, from the previous 
level of 8} per cent. The target 
rate is now thought to be around 
B per cent, with the large rise in 
narrowly defined money 

supply hy SS.Sbn, ' in the week 
ended October IL adding weight 
to the argument for still higher 
U.S. interest rates. 


The dollar's performance did 
nothing to restore confidence, 
with the foreign exchange mar- 
ket interested in developments in 
the snake, the intervention policy 
of central banks, and Japanese 
trade and balance of payments 
figures, rather than the U.S. Con- 
gres passing the Energy Bill. 
During last week the dollar hit 
record lows against the Japanese 
yen, German D-mark, other mem- 
bers of the snake, and also fell 
sharply against the Swiss franc, 
despite heavy intervention. At the 
same time sterling broke through 
the 82 level, and the Italian lira 
touched its highest level against 
the dollar since January. 1976. 



! »M 2U 

Ocl. 19 

U«l- UUiHMJ IB llllt| 


oamtfi 

!i!i7T‘-218* 


iqieiiiiil! 

...i'UIS.lj' 

.Siti, 7 1 -ilt DU 

11 urn 1 He IiaIUk.... 

... S2i7 4 b 

bix/.OO 


Jlilii C34i 

,1X112.813, 

An Kill (Ml nxiQK- 

...•Set? 66 

;fi'i6.65 


;u: i ia.690' 

ttllS.iS2'i 

Gold loin- 

... 4 


<i,ii"l>- tn-aiiv 

; 


Kruj^rmu.l 

...;S25<J 21E3 

'5488.285 


it 1 MU. 

J rtiU-.iBi 

Ncbt &m ert-mnr... 

lb* 




ii:j!-j3) 

Uiii fiiim'igun.... 

... 31.4,-14.1 

iSbi-t^ 


ntaH-621' 

;it41,-32*1 


.. f 


lnLrnu)iUitinh>-.. 

.. 1 — 

| 

KrugeiTBuii 

... J»i4;.^6t 

54Ki-2 84’ 


jli-234: ibij Ifi ib.-UJv) 

New m-ipik.... 


'5blb6 


•ita 'i-aili 

-it2l-<L-515) 

Uhi imiiMKii' 


:£b2-b4 


litol-ili. 

ittllHlS*) 

fltl ta*:n> 

... - iat6-i) 1 1 

•5iC2.«,b 

flPlig..- 

... > it 6 IM 

!>'bS Utt 

if Imik' 

... Sill/ 1 12 

-Ml 8110 


THE DOLLAR-SPOT FORWARD AGAINST S 


THE POUND SPOT FORWARD AGAINST £ 



Say's 






October 20 

wood 

aose 

One month 

P.B. 

Throe msnihs 

P.B. 

Canad'ti f* 

M. 19-84.77 

84.1944J21 

par-0-02c pm 

OJd 

0.034.04c pm 
0.134123c dis 

0 -21 
— mo 

GWldiT 

L97TM.9945 

L977e-i.98na 

0.104551c dis 

-0.87 

BcUdan Fr. 

-28,042834 

28J8L2M1 

3-llc dls 

-4.08 

11- 14c dis 

-i.a 

Danish Kr 

53475-5.1/115 

5. 0475-5, PS0O 

4.75-5 JSorcdts — 10.32 

lni-LLSore dls 


D-Mark 

1-8S5S-1J2SS 

1EOK-L807S 

l-CS-i o jpf pm 

4.72 

3JM-2.99pT pm 

4.43 

Port. Bsc 

44^044.90 

44.60-4LB5 

35-UOc dls 

-2EJ4 

13O-5O0C dls 

-28J7 


MJ0-M.42 

492041938 

55- 70c dls -UK83 

160-lBDc dis 

-9^2 

Lira 

M0JB222 8O 

820J0410.90 

850-4 Janircd Is 

-445 

101-111 lire dls 

-4.70 

Ntvrai. Kr 

4JI98IM.91M 

4S9BO-4.9000 

3.25-3.7Soredls 

-4.27 

8-JL50erc dls 

-4i3 

French Kr 

4J9HM2U5 

4^9004.1950 

■3.75-0 J5c pm 

It* 


0-37 


4240042795 

4.24004.2425 

QJOOjOamlfs 

-0.82 

OJO-tLSOorcdls 

-0J7 

Veil 

182.60082 A) 

1SL6O-X81.90 

L034?53y pm 

4.04 

3-2. 98y pm 

6.21 


U- 26-15.30 

13.24-13.28 

4.75-3.75*1 ro pm 

3JW 

10.0fl-7^Jtp-a pm 2.45 

Swiss Fr 

1.5090-1.5318 

1.5100-1 Jiao 

L38-U5C pit) 

9.74 

pm 

M2 


; Bn7lb~ 

Oct. SO jrnlt- • U»y'- 

I * Spread 


One nwnUi \ s |ui. t I -a. 


- U.S. cents per Canadian S. 

OTHER MARKETS 


-I 2 J L0M 
101 *;*. uo,.3&oa 


j: 5.95 I 
• -I.UW.SO 
; 10.10 Iv.tf 
. &.d1-c.bB 
j B-.flffl-d SO 
*158.40. .35 5a 


lOlfj l.gDIU'b 


jIb.I a.SB t.43 


«tl"M ScLi 
ihb Fr. j 


JtO 4/0 
S6.M-aB.60 
5-O1-4.07 


,2JQID 2.M20 
7a0 770 

'5^5^-5 8618 
' j 75»- 7.40 
llj.16 lu.lt 
i.6Ue -.fcSw 
; S-0j 89-40 
158 40 icB.&O 
■l.iiO; l.cilj 
. 0.1 

! d.ns* -b5i 
I a*S,- 1>5‘ 
^^O-Sb.M 
4,02;. 05 


U.IO J.20 -|«< 2.10 1.M-1. Sft-pin . 2 60 
i.4j-..6 -pin 1.77 1.76 1.6O -i ir.i 2.L2 
a'-.|iii'5 .-'ii 0J6 2lg lSg . |-m- i.K 

5epml0uli<i -0.5< <30 '-167 

7:-9i m mu! -b.a> jWj IBs -ir(i»;-6.04 
iwu lllll . tJB V|.|i|HI'« | l 
4J-14ie.il-> —10 70 16. SBj BG 

- "-li# f. «1l> t 60 -6 -.6 p. fliv 6.67 ■ 
3-9>indti 1—2.85 -B- 11 iri-t1i» [—2-48 


AfUL-niin* l*o->» I I./77 J.781 


AwKirailH AV»' u-.... 1.7025 I. 'ft, 95 [0.850*4. <»543 


Kiniaml ilt sti.... 
Hnii Uriuri-n 


7.8Z-7.B3 

37.90-3fl.60 


■ —TUB n p.mv - ».»» 

3.9>irailti 1 — 2.85 >B- 71 iri-t1i» —2-48 
0-6 media : — 6.-10 |B^-I 04 «ie rii* — 5.B7 
3j.2, e-i.m ■ E.95 *6* . pni B.54 

i .tPirfivi; ' — 0.43 iq-!/ >ve |tm 1.76 
2.65-2J55 , 7.80 I-.50-7.K T|«n S..-2 

I i-l "fe pm . 9.42 !«0 0 -:r»i |-nn 6.27 
54a-3Jfl -. pm 11.4] i Ta-BIg p.pra : 11.48 


Creels Uiii-bma 70.6B3-7Z.415 35 JZ 36.19 


H.flR Kun.v LhiiMi.l 
Imn R5>l. n ,...- M I 


fl.47-9.49 

136-144 


. LmemhrHitu 7nm- 

XlUV-ll L)dIibj-„...| 


67.30s7.40 

4.33-4.35 


I 28.64-28.67 
|<.]77u-Z.17eO 


saudi ArnMt UIt> 
6Hici»|WP IJnJIsr... 


6.65 6.65 
i.271* 4JS9J, 


•-elziin raw Is for oraveniUle francs. Sls-month fonrard doBar 2X3-2. 55c pm. 
nadBl franc BO «W1 00. 12-montt j.l.i-a-BSc pm. 


Rare »<v*n fnr 4ra*nrina is free raw. 


XCHANGE CROSS RATES 


| hiun-i si«>-w 


i>n:lii-l><-llaik;<liMiiim Vm | rieik-n Vram j snn» Kiau j 1 'iiicn Unmet 



The dates when j‘0me or ihe more important company dividend 
statements may be expected in the next few weeks are given in the 
fulluwing table. Dale.* shown are those of last year’s announcements, 
except where the forthcoming board meetings (indicated thus # t 
have been officially published. It should be emphasised that the 
dividends to he declared will not nccessaril> ho at the amounts or 
rales per, cent shown in the column headed “Announcement last 
year." Preltnimur} profit figures usually accumoany final dividend 
announcements. 


RECENT ISSUES 


EQUITIES 


Amowicv- 
' bare mm i 
rear 

Nov. 3 In*. 1.373 


COLUMBUS, Qcf. 22. 
THE OHIO DIVISION uf 
Securities said ia a final 
decision on the Occidental 
Petroleum-Head Corporation 
merger that it will not allow 
tbo proposed exchange offer 
to proceed nntn It is amended 
in provide “fair and full dis- 
closure" to Mead share- 
holders of “all information 
material M to a decision . to 
accept or reject the offer. 

The division added that 
Occidental provided Inade- 
quate disclosure relative to 
the environmental problems 
of Hooker Chemical at Mon- 
tague, Michigan, and jt also 
said ibul Occidental failed to 
“adequately hiRblicht " ih«- 
risks of three major busi- 
nesses flial it opera l es to 
Mead . Corporation .share- 
holders. 


I0NEY RATES 


LONDON MONEY RATES 


:• EW YORK 

•'imo Rjie 

,»*. d Funds 

. nsvry Bills UJ-week> 
/ easurr Bills <26>weeki 


t tic* IIIIK | Uxal la-C*I Aulb. 

, lurlifruii' InterbwUi j Auth*niy nesmwliit 
J ol rieinrli 1 ■ltii#»* .. hw«l- 


Fliwnce 


I OlM-uDt 

Lisn|j«uy| nisrkvl 
l>r|iraile | 


Kil-.'iNf 

lldllh f mu 1 rail- 

8ni*t> UiIib4. 


; * .ERMANY 

.- swuni Bate - 

• *, eraictjr — 

■, if month 

• irae months — - 

t monlbs 


*ANCE 

semmt Rale • J-S 

'drnlabE - — MSS 

k m do til 7«JIS 

inec manths 

s roomis 7M3S 


llrcmijiW — J >- I 7-10 

i dart Dot tet.-t -■ 

7 iUy» m i - - 

7 dsj‘« lunwe-: - ! 8Ttt.9U 

Uopipoolb — ; 9-4-9A-- • 968*9718 
7 vii inmube- 1 lu>4-lwic luk-kl| 
Tbnx- nmnibK > lOia-lUSa I 10la-10?g 
Si* mntiijiB.....|'10k:'iC5a i 
Nine nviirttio.. lUra-JOie I 10^4-11 
•ini- jw IQ|{-1D;] j Wu-lOti; 


1.1110 y w .. 
'iwoywrs. 


958-978 10-lOlB 

~ 10-101* 

im*-ios* lo-iost 

10q-10tB 10- 1CU* 

.- 10TS-11J4 

1QV 1II 8 XOij-11 


9,1-048 
! 70 

1 10. V 
'lOlB-IO.t 


Luca! Buiborliy and finance houses «p«b days' notice, others wren days’ fliod ’ Loroer-iena local auiharliy mortswE*- 
rates nominally three years 12-1SI Per ceo': tour years ,154-uj per wii: H*o years 123-12! per raw. 4> Bank mil raies in lame 
' ere bonu rates lor »riB» paper. Buyliw rale lor four-muoilj baru> bills ]0>»-lDS|e pnr cent; four-mnntb irarto bills 111 per cmii. 

Approximate ior onc-momb Treasury bills W-B7 I6 per com; and :u-o*mnnih 9liu-9j per wm*. Utrae-raonUi KSt& 

91316 per cam AWKlnun sailing hie tor one-month bonk Mils 93-H per cent; tu-o-momh IPS per cent: and ihree-mootb 183ie 
Mr cent, Opeanmh biSs ltH per cent: iwo-momh U» *r mn; and also ihree-monib lM per cent. 

HMtitee House Base Rates (published by the Finance Row Aseorialkun 6} per cent from 0 ember i. 1073. dearna Bank 
Deneclt Rates i for email sums at seven dam’ notice) 6-7 per cant. Clear lop Bank Base Rates for lending 10 per cent. Treasury 
-BJUk Average tender rates of atscouni 3.2330 par con. 


,\FAM 

, iBcmmi Bale J. M 

ill ilbirondittonalV 4J75 

iis Discount Bate AW5 


Arfftw NOV. 3 In*. 1.373 

Akroyd and 

Sn»ttbers._Nov.2< s,-. c . at. u.73^ 
■Allied insh 

- BBOfca NOV. 1 Idl 1 St05 

Alinatt London 

prow.. -Nor. to Lit. l 

Arbnthnot 

-LaUua)...ffov. 14 trr. s 95 - 

AB Foods ; Nov. g Iol 0.7955 

Assoc. 

Newspapers.. -N ot. 23 Ini. l.riB 
■BPB Industries :Jinv. 23 ; n i. S.B 
-T.k. of Irolasd —Nov. 7 Ir.i. j 

flevhum -No* 17 J31. g.M 

•6er« . — On. S? In:. 1.9731 

■Brrfcelry 

R.imbraPros Oct. ■‘R lm 1 
lUrry Wlusins Pit. « Kiaol ml 

Boon. Nov. id ini. 2.5 foreman 

BonPwlck 

• TbOS-1 Nov. 24 KbjI 3.S 
Uni. and Conns. 

Shi 33 UK NOV. 17 |r,t. 4 
Brockfcous? ...Nov. j-t Kin.ii 2.ir.'i 
Krawn bbiplcv Nov. in in: ; 
r Cjini<tra 

Sunrrtoods. 1 ir.i • “ forwcasl 


AnnooB*-e. 
Dam ij> u: laa 

. NOv 14 Mr. 1 3 
..Ocl 2« let. 1.2072 


■Land fera. . . NOv 14 Mr. I 3 
■Lundon Frifk ..Ocl 2d let. 1.2072 
■London and 

Northern —Nov. 6 lm. P.S 

Lucas Inds Nov. 7 Final 0 395 

MK Electnc —..Nov. 23 inL ZM 
■MalUnoon 

Denny. — Nov. 2 lm. 121 

■Manomlr „...Vov. ? Final 3.7M 

•Metal Bos , .. Nov. Iff lot. fi.d 

■Miner Hides. Oct. 26 fm. 2 MS 
*51 luster Assets ..Oct. 27 lm. UC3 

■Moiiicrear* Ok. 3 Un. 

Pearson iS) . . Ocl. 7 lot. 2 
Pnwell Dul l 1 1 u . Nov. 22 Ml. 3.3 
•Press iWm.l .. on. 26 Sat. D.4 
Prop. Hays 

Wharf ..Nov. 24 Final 2.326 
Readmit lm. . Nov. 9 lnr. 0.472 
Red! and N'ov. 17 Ml 2.BP4 


77b I 1.1'. 21. K ;m 
101 K.I*. - 2 a. 1 J JUl 

101 ! All 22,1 iif.v 


HiiiiMi.V’um'tuin.NeH s5C -70 


7a , r.l'. 27.K iM etru Bii(i-.I..V uiii luin.Nev 850 -70 ‘.W d.4i 9.0 3.6 

.01 K.I*. fa. 11 .Aar 'r-prraniiNeu 36S -7 ui./J U.S 2.3 10.0 

,01 | Ail 22.1 ik'-lrn. V4o ( .m: Do. Nil Paid 285in- -4 m./t 11.9 2.d : 9.9 

P.l*. .M/ll 3-»i Mi..jlMiu,i Nat r»ni. M..rn, 321- - ij ‘.J.U l.ilO.Oill.i 
« . F.P.I - : liZ IOC iKuliinlM 117 -2 - ---Iq.B 


FIXED INTEREST STOCKS 




99»( F.P. 1 - 


-Reed Mil Oct. 31 Int. 5J555 

RoiUschild 

Inv. Tsr. Nov. 14 lnr. 1.5 


NW Croon . Nuv.3.1 Mr. 1.65 

Smnshurv ,J 1 Nn-y. 9 lnr. 2 (C23 
Si-oi <nd 

L'niii-rsai Nov. 23 lnr. 2 24 


r.ni-r Ryder ... Nui. 5 In:. 4-0 
L'lurirr 

L’'jn < ij|pUie'l . Nov. I int ; .c, 

■Chloridr' Nov. I.', In' l.'U 

Pjisis Patous _ Nov. A h.i i.,rVT 
-Coral Leisure ..•*•■». :r. ini. j..» 
CounauMs. ... Mm. !3 In: .'.4(r! 
•D- La Rce — Nov. 7 in;. : 
-Dtnliln Site IS ..Ocl. 21 ri:al3jpS 

‘EDITH ... Ocl. 24 Ini. 2 

t ranch Kn*r _. .Nov. 24 lm. 11 7.', 
T.iU and Iniflus . mi. L‘, In: 1.06 
r.' Porrtand 

■ Etu. ..Nov. 14 in: : 

llambros Nov. 22* lm s7«JS 

H'-arh 'C. E.J .. Nov. i li:r 1.432 
’Ili’pn-orib »J.i •• Uci. ai Final i.<2> 
-HiKhlBDd D15L On. 21 Kmai 2.^7 
Hill Samuel .... Nnv. i; lm. 1.H73 
'UavtrUuIuun .. OcL 25 in:. 6.3j 


£115. . Mil. 2-j IM. 1.234 
Sl-I-I'hlrv 22 Ml. I ?.*• 

sinuh Indsi . Nov. S Final 4.2*4 
“imuh >U. H • \ov. I>1 lnr. 1 843 
“Sp.lk-r. ifv-j. Jj lm. 0.523 

513Bl's lm Nov. i-.tt. all 
Slat elf* 1 In, is. . Nov. 5 Sw. uil 
Sir an Hunter . On. 11 1 mal 3.i,' 
Tisco -.Nov. 23 lm. 0.70* 

HUM. ..No-.. '23 let. 3 3i 

L’nlLvT Nov. la In: 

■I'rd. neal Prcp.-bci. 2-i Final 19 
WviL:hci>xJ . .. . Nov. is lnr. 2.5 
Whiion-ad Nov. » lnr. 1.147 

v. uod Hull Tkt. ..Nov. 2 i-inal 40* 
•Vouchai 

Carpeu . .. IKL 23 InL 2.645 


!. nu 

£97Lv £10 
-4 r \P. 
(3191: l 10 

— r.i*. 

£9V- t'U' 


M l; 5513 Anglesey Variable IS&5 

IP|- l.l',i|l V. ■■ lit, III. IL, Ullli. I'll 

I '■‘S, IV II I. Wiu-iui-rlt- r% Hrl. Idr5 .. . 

HJ I* Hal me 11^ Cum. Pref 

£2&lj 13251- ,1, ., oi.ii. * t- 1 -j i<ei . 

> ■ ■ 1 r{. itnrH aWvikiluini lo^ L11. 1 .11. - 

(l!i hVii.iii,.|, ■■ in ( in- «*— , , liai* 

I i.*2ri>iiia:i:*|.iii IVui. I jumlrir-. UTi, t nv. fA;6r 
P 3 llivfciiian-ji’i-rtii A LNi«ii.ii;e M ater ' 

la- .. .„. aih 1 . , ,f. rac . 

J uf. H IK L*-I I. l-i . 

23 Iwi V«|.4 Pr.pl-. 1*1 t-l. 


Nov. S Final 4.2>.D3 
Nnv. id lnr. 1 04343 
>*<.-;. 25 lm. 0.523 
Nov. I: b. ail 
. Nov. 5 See. i/lL 4 
Of!. 11 final 3.H-4 
. Nov. 23 lm. 0.70^4 
..No-.. -23 lr.-.. 3 35 
..Nov. ii in: 

. Oct. 2-> Final 19 


!>•; C-t; U .... K rll * «■ 


RIGHTS” OFFERS 



l.uinn 'J.i Ocr. 27 lm. 123 


* Board m>YTi;ij£ imunated. 1 B ictus 
Lssuc sill it made: - Taj frae. { Scrip 
iskvi- siiic* made Jrtmi rvvrvL-s 


d'A'V 2't 10 
A'ira 13.1 
aO/c .e4.li 
cVti 10.1 


<■> Ui.yi-.«i 

1 ,v,(im t'lhuiv .V Ms tel.-r 

O.I.II 

'JmW I^i-h.., 

i ItJICbfVsPPl ll -lc...... 

• 1 orui-l: Prim me 


BASE LENDING RATES 


A.BJf. Bank 10 «?, 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P . Bank Ltd 10 

Henry Ansbaeher 10 % 

Banco de Bilbau 10 

Bank of Credit feCmre. 10 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Lid. ... 10 

Banquc du Rhunc 10} °n 

Barclays Bank 10 

Barnett Christie Lid.... 11 
Bremar Holdings Ltd. 11 % 
Brit Bonk of Mid. East 10 % 

Brown Shipley 10 % 

Canada Perm’t Trust... 10 % 


Cayzer Ltd 10 $ 


Cedar Holdings 10} % 

■ Charterhouse Japhet... 10 ^ 

Choularton# 10 % 

C. E. Coates ID % 

Consolidated Credits .. 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Duncan Lawne 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

English T.^nscont. ... 11 % 

First Nat. Fin. Corp 111*% 

First Nat. Secs. Ltd. ... 11 % 

B Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank $10 % 


Guinness Mahon 10 % 

Hambros Bank 10 % 


■ Hill Samuei 510 S 

C. Hoare & Co TlO % 

Julian S. Hodge ll ^ 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowaley & Co. Ltd.... 12 *5 

Lloyds Bank 10 

London Mercantile ... 1U °b 
Edward Manson & Co. 11}^ 
Midland Bank 10 ^ 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 

National Westminster 10 •% 
Norwich Genera] Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
S chi e singer Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 
Trade Dev. Bank ..... W % 
Trustee Savings Bank 10 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 10}®^ 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

■ Members of the Accepting Houses 
Coraauileo. 

* 7-da y deposits 7-. i-momb deposits 
Ti'i. 

t 7-day deposits on sums of £10.000 
and under 6*%. up lo £25.000 <iN. 
and over £23.000 71:.. 

1 Call deposits over £1.000 7*1. 

? Diraand deposlis 7|‘,s. 


ilU 

f.F 

<sl • 3-11 

141 

i.-- 

.h«!4 

142 

|“ 

4b9 

1 F.P. ' 

dilL 17/ 1 1 


U- 

• 

526 

- 11 

100 

; F.K 

o- 10 a J1 

1 J . 

I'.O 

ituint b'lt'i'uoi-v m. ft'" 1. 

101 


ba 

1 K.F. 

oilU lU 1 1 


zc 


86 

_| 

/4 

' >». 

63 \ Uil 

*Pl. 

7-4 

.mil «in »• n’iu'3 

95 


1 30 

K.F. 

— — 

I-. 

I0>, 

• lliui"'-k H.s-.i,„ k . 

.. .. lit- 


n 

• r.F. 

IJ.-b r< 11 

V|f 

UHI- 

U'\ .*s l » It i 



Ow 

1 I'.F. 

d 11 e i 1l 

n*- 

■1i 

i» «i. 3 M .liaiwi Iti.i.. . . 

lU4 


se 

F.r. 

— — 



IN-i-’ii A3 .)_■ 

66 

* J 

40 


6V.S -1.1 


t 

lU"K f l« ■ Jl'.'.iVl.' . .. . 

71 


4Z 

• F. F. ■ 

d, li a 1 



llflMVT Khllutiti, . .. . 

. . 64 

- H, 

J OU 

• »* 1* ■ 

na.b o 1, 

y • 


If i-.nti' f *|f 

. . 542 

*1 

166 

• Nil : 

-- — 

4|t*"l 


7. Mic Prt-1,|f«t . . . 

. . . 57, n. 

1 

63 


- »C 

•IVi; 


n . . 

401- 

* s 


27:10 17 11 


Herruncinlixii n<lr •i-iidllj 14 si <1«> mi Jraluib iree -Idiiii, turw u rtuiire-i 
>dien un in-nspi-rHi- e.'imjie. <i ',-JnrM divirit-urt <nd vieln u K<irec«<>l oivineiur 
cover baser or i>i-viiiii. »eur*» i-nrnint' . Lnvioenn and view Dd^n ur-iKureim 
-ll oiher ulSrui e-.:-.maie- 1 nr 1919 uGiAn. 1 I- mure- d.-iimeo r Cover .lluvs 
•nr otfiverainn -if -tiara, nai now ranainw fur divufi-nd nr rnnauiK .>niv fur rawri.-red 
nvnieitf|» a Plai-in^ nrira w iuidIil-. pf Henra unit-.- nineru-i»p inHu-ainfi 
d> lender U Orti-refi in hnlrler. nt nMinu r> ^Tdrc. B - h • pi<h - .." *• is-*oed 

tnr iva> nl CBpirali-dimn iy Kcinirndncen n |%>n^o in cnnp.*clinri «nn re-irueni-ii- 
'Kin. meraer o' lakc-uver fly inirnduerinn -"1 l«uM in fi,r, nr r jralerpnce m-lderi. 
■ AHounern Inner, mr fullv-nairti O PrnviKinnal nr oirilv-paid allmmenr lerrers. 
4. W'l- (Lirr.nl. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Av\, London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at Ociohe: 10, 1978 (Base 100 at 14.1.77) 

Clive Fixed Imprest Capital 129.65 

Clive Fixed Interest Income 114.20 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 GornhiM, Lnnunn EC3V 3PB. Tel.: Ul-ti23 6314. 

Index Guide as at October 19, 1978 

Capital Fixed Intend Portfolio 100.0n 

Income Fixed Inierert PnrirnMci 100.00 


LG. Index Limlled 01-331 3466. One month Gold 229^-230.7 
29 Lamont Road, London SW10 OHS 
t. Tax-free trading on commodity futures. 

2. The commodity futures market (or ihe smaller investor. 



C0MPAGN1E BANCAIRE 

Report by the Board of Management 


First half of 1978 


Operations 

The slack nature of overall economic- activities tempered credit 
demand on the part of business firms, thus softening the restrictive 
aspects of credit controls. 

Demand for loans, by private individuals, concerning both the 
building and purchase of housing, and the buying of durable consumer 
goods, remained at levels which were sufficient to enable the relevant 
companies of the Group to achieve their operational goals. 

The overall amount of new loans distributed by the group during the 
first half of the year was 1 0 thousand million francs. 

The total amount of outstanding loans to clients on June 30th was 
49.2 thousand million francs, i.e. 11% more than the corresponding 
amount one year earlier. 


Consumer Finance 
CETELEM, COFICA and 
C0F1BAIL-AUTQ ; (consolidated 
profit) 


Housing and property finance 
U.C.B. and D.F.E.C. (consolidated 
profit) 

LDCABAIUMM0BIL1ER 
(financial profit) 


Property development 
SiWVIM (consolidated profit) 


1976 

1977 

1st half 
1978 

118,6 

154.1 

77,8 

306,8 

331.9 

230,3 

59,4 

66,2 

35,1 

44,4 

27,5 

17,8 


THE C0MPAGNIE BANCAIRE GROUP 

(in thousands of millions of francs) 



i: 

Smo |{m« 

in tif 

26.5 27 6 

* ci"m — 

60.7661.75 

ilcnniiti li 

10.15 lu. 29 

rranre 

8.4043.50 



5.62.4.72 

turn 

1610. 1670 

In|«l> 

3o4-a74 

•Vol lierUiifl*.. - 

3.97-4.07 

'tiiwpv 

9.80 9 90 

I’ltlUD 

88-I. 4 

fenn - 

142. 147 

•rtiirertami 

2.98-5.08 

l-n.|,»i 

1.9875 1 .9975 

<"ll'*l«> IS 

4143 


1st half 


Profits of the Compagnie Bancaire 


Loans outstanding (end of period) 


19.3 

18.9 

10.0 

42.2 

47. 

oj 

49^ 


The Financing of the Group 

The medium and long-term borrowing policy pursued in 1 977 had 
the effect of limiting the amount of the new resources necessary to 
finance the Group during the first half of 1 978. Borrowings made on the 
money and mortgage markets were confined, almost exclusively, to the 
refinancing of new mortgage loans. 

in May. the Compagnie Bancaire issued 600 million francs worth of 
bonds, increasing the total amount of its debenture resources to 3,285 
million francs. 


Gross profits (excluding capital gains. 

in millions of francs) 



1976 

1977 

1st half 
1978 

Income from investments 

46.6 

55.2 

53.0 

Profit from hanking operations 

43.5 

75.7 

33,9 


90.1 

130,9 

86.9 


Consolidated Profits of the Compagnie Bancaire 

The Compagnie Bancaire Is entitled to a share in its subsidiaries' 

prof i ts pro port io nal to i ts shareholdi n g . 

These entitlements, plus its own profits, constitute the Compagnie 
Bancaire's "consolidated profits". 


<nbU | U« f i-J r •• | 

«.c77 

a'j 35 

1.U7 

28.6B 

u. 56 

lc 84 

e.620 

157.3 

«.r 33 

68 36 


(in millions of francs) 


FINANCIAL SPREAD OF THE GROUP'S CREDIT 
COMPANIES 

(in francs, per annum, per 1 00 francs outstanding loan} 


1st half 
1378 


Group gross profits 
Tax 

Outside shareholders' interest 


Pretax profit 


Overheads, depreciation and 
provisions ‘ 


2.0 

1,8 

2,1 

2.7 

2.7 

2.7 


Net consolidated profits of the 
Compagnie Bancaire 


1976 

1977 

1st half 
1978 

833 

904 

522 

-414 

-443 

i -260 

— 200 

-204 

-119 

219 

257 

143 


Notes on accounts: 


Profits of the Group's Companies 


Business equipment finance 
U.F.B. 

LOCABAIL (financial profit) 




1st half 

1976 

1977 

1978 

90,5 

90,3 

56,0 

100,5 

109,3 

57,8 


1. The gross profits of the Group's Companies are computed before 
Taxation but after appropriations to depreciation accounts and to pro- 
visions for future charges of recognised risks. They also include, where 
appropriate, appropriations to provisions having the character of free 
reserves. 

Z The Commissaires aux Comptes have certified that the position and 
accounts of the Compagnie Bancaire and the position and consolidated . 
accounts of the Group as of June 30th, 1 973 were drawn up according 
to the same rules and proceduies as those employed for these same 
accounts as of December 31 si, 1 977. 



l4U*-» 
lit hum.*. 

19 fr 


L'ii-iiii: + or .• 

5 J 

• 

lii“li l,,ii 1 


I'rii'i: — 


V 


■M 




I 



















































yJ3- 


94 


MINING 


INSURANCE 


FShandal Times Monday Octofeer S 


WORLD STOCK MARKETS 


MINING NOTEBOOK 


An Australian 
imbroglio 


BY LODESTAR 


It takes much mare 
autocratic will of the 


THE way In which the Australian mind . « 
uranium and diamond situations than the 

have the eyes of the mining world Fraser Government to start a 
focused on them with a mixture uranium industry financed by the 
of amazement and incredulity was flow of foreign capital. 1 ' 
brought home to me last week by So, once again the future of 
questions posed during a lunch Australian uranium mining is in 
with miners from other countries, the melting pot. One way out Of 
The uranium imbroglio, in particu- the -Aboriginal impasse is the 
lar, seemed almost to surpass appointment of an arbitrator but 
their understanding. this again could become a ’long 

It has certainly become a drawn-out affair, 
politically invoiced affair Has ^ enthusiasm for 
generating alternating bouts of Australian uranium shares now 
optimum and gloom in the share evaporated entirely I was asked, 
market Last week a ra> of sun- \ 0 , 1 replied, but a lot of patience 
shrne came from Australia s is sUU required and one must 
deputy Prime Minuter. Mr Done hope that as the summer rains 
Anthony, who said that what we pour down on the Northern Terri- 
have to consider is to what extent tory a sensible solution will be 
c , an a iow a f" 13 !, 1 ~ roup thrashed out in time for full 
*■ f manipulated gyoup of advantage to be taken of the 1979 
people, to stand in the of a dry season to get at least I be 
development of rremendous Ranger proj t und er 
national and interna uonal signdi- — - 

cance." 


Uncertain liability 
for payroll injuries 

BY OUR INSURANCE CORRESPONDENT 

IT IS a wry comment on the impossible to say that a reason 
social attitudes of so many non- able firm with a weekly payroll 
clerical employees that they still of £1,500 should, as a matter of 
think it necessary to be paid each principle, regard the employ- 
week in bank notes and coins. ment of a security firm as 

Howler. on the evidence 
workeJs to accept^Sent by before him the judge decided 
cheque or into banks means that Jbat there were sufficient grau 
very substantial amounts of Jo allow. t0 sa y JJ* a * 

money have to be carried about Charltons claim was an excep- 
the streets each week, providing t0 Be HfT a l ™ 
a multitude of targets for well- . There was the fact a 
organised criminals, much work vl0U f attack . °° * 

for the private security armies ?niployee, not in Barking but 
and business for the insurance ,n Holborn in 19/4. and there 
market was t ^ ie * act tJae corapanv s 

prior investigation into employ- 

patience i wage^tra^isltMMOuld immediately ‘^J^oth tteSm 

" miisi i cu ® .jjg amount of money carried 

around Britain by perhaps 50 Ta j- ins these facts into 
per cent and, in the long-term 4Ccount * iudge decided that 
make everyone much more Mr Charlton was entitled to dam- 
rehant on the use of credit facih- ages from his employers for 
ties. This would eliminate many t b e j r negligence, these damages 
potential targets for thieves , 0 be Jessed when the full 
In the same week as a security medical consequences of his In- 
guard was murdered by thieves jury were ascertained, 
in a wages snatch, in the Queens in deciding whether the cni- 
Bench Division of the High ployer had been negligent or not. 
Court. Mr. Justice Forbes was the amount of money, the 


1 _ 

| 

. 


loro 

SumCosipiUt’n 





l 30' 

i9 ; is 

17 

ifi j 13 

(Ugt> | Lew 

Bkb 

L#jw 

XOSTEEAL 


1078 

Indint riali* BS8.D1 
if me B-nrls*^ 87.71 

846.41; BS9.67} 886.34 
87.7a! 87.8BI SI. 02 

j 

B76.T7; 197 JDS 
BB.Osj SB. 30 

407,74 

(8/9) 

tO-Bft 

44/11 

281.48 

(8/91 




30 ! to i 16 | 17 i 

Mtgb 

Low 

(28/31 
88.73 
<U fl) 

<11/1/731 

re/i/3zi 

® ’ ' Indnatrwd ■ 
Combi ostl 

202. BF 208.44 209.61 21L0Dj 
213.52 216-32 216JJ2 2I7-5fr 

222.14 (1 Li lOt 
226-El (12/10) 

182^0 (IBiSt 
170J2 l3Q.1V 

Trannwrt_.l22i.aS 

22B,67| 232.7 1| 237.84 

343.86] 249.81 

1'at.jsi 

<9il> 

279.88 

(7/2/69) 

1S.25 

<ari/33) 

TOBwnrro w>mpo»iM 

1258-6, 1262.8 1287.4; 1276J; 

1332.7 (12,10) 

98M (30,1) 

Ctdlitiei._JiB2.3a 
Tending toI j 

I 03. SB 104-23 

104 A4 

lBS.89j 108.77 

110.88 

<3/U 

102.30 

<20/11/ 

103.32 

(20/4/69) 

10-.58 

JOKAJTHESBime 

In/luKtrtal 

253.4. »5.T 1 260.4 7&\A i 
289-tf 288. 1 i 267.8 ! 288J5 | 

272-0(1441) 
271.1 <i6« 

: uuisa+i 

134.9.03^3) 


r 


! 











The down-under diamond Terer 
Then there was ibe publicity 1" ,2® *J are . “\ arkeI .. has t n ™' 
given to ao .American prediction ^erreH Jr"™ ^ i‘ l t hou d ’| 

that the Northern Territory's ' nnch com- 1 

uranium reserves wili prove far rh ** «' *. ent on r 1 M,, “* " — •'“-**'**■ w.= — 

larger than so far indicated *«■' s ?. »* nS w e 510171 °f hearing a claim for damages Tor svsiems, the frequency and irre- 

aUhough this vvas hardly a new Lesotho a country ' 

theory. As one well-known {ft 0 ® 1 ba *> Mntainmg more kiraber- 
Australian uranium finder said Ivhere^else 11 - °- f «- area lh . aD . any ' 


recently. “ Whv should we waste in lhe ? or,d : . ahout 

money and effort in looking for ® ne h P e h r a L U,0ugh 

more when we are prevented from f r , 11 v^*-* « 0f J hem * s 

mining what we have?" “*?“>, ba T® n diamonds. 

There is no doubt about the . exploration there started as 
Federal Government's anxiety to I 00 ® .®so as 19o5. By 1963 some 
got the Ranger project of Peko J** "imberltte intrusions had been 
and EZ Industries off the ground, located. But it was not until 1877 
in view of their stake therein. No t h® 1 P e .“ eors Officially opened the 
wonder they are anxious to thrust country s first diamond mine, \t 
aside the obstacles that are being L^iseng-ia-Terai. high up in the 
put in the way by the Aboriginals, Maluti Mountains, 
particularly their rejection of an A probe of Letseng's possibili- 
agreement that looked well on the ties began in 1967 and the sub- 
way to being signed only a week sequent prospecting and sampling 
or two back! programme took Tour years during 

Now, anyone who has studied which some 2.500 diamonds were 
the proposed series of meetings discovered. About 05 per cent of 
covering over 30 Aboriginal com- their total value was represented 
muni tics, to whom all the com pi i- by six stones, the largest being 
cated details will have to be 47 carats. The biggest Ashton 

explained by tapes and video find so far is 5.7 carats, 

recordings before a consensus of The mining group involved, 
opinion can be obtained, must none other than Rio Tinto-Zinc. 
wonder bow many months it is then pulled out of Lelsens. Do 
going to take. Beers took aver in 1973. So. tnv 

In the meantime, a slanging lunch companion concluded, it can 

match has developed between the be a long, long uail before a 
Government and the Labor Party diamond mine is established, 
opposition who are accused of the I pointed out that the Alaluti 
manipulation of the Aboriginals Mountains, known as the -roof 
alleged by Mr. Anthony. This has of Africa.” presented special prob- 
involved the Minister for lems of terrain and climate, but 
Aboriginal Affairs. Mr. Ian Viner, had to admit that Australia's 
in parliamentary shenanigans Kimberley region is hardly a para- 
which. knowing him, he probably dise on either count, 
heartily regrets. Somebody recalled that Letseng 

On top of all this the Labor had yielded one stone of B01 
spokesman on uranium Mr. Tom carats, which still ranks among 
Uren has reiterated his. party's the top 20 found in the world so 
policy of repudiating any commit- far. Think what a find of anv- 
ment by a non-Labor government where near that calibre could do 
to open new uranium mines, say- to the Australian share market, 
ing that “share markets, investors he said. It was. wc all agreed, s 
and financiers should keep this in possibility to be borne in mind. 


injuries sustained in a wages gularity of carrying, the geo- 


robbery. 


graphical location involved and 


In Charlton c Forrest Printing the lime of day or night, are all 
Ink Company Ltd., however, the factors to be taken into account 
claim for damages was not being and quite clearly combinations 
made against the criminals that of circumstances alter cases, 
did the injury- nor against the la the course of his judgment 
Criminal Injuries Compensation Mr. Justice Forbes noted that 
Board, but against the employer the assistant manager of Barclays 
who bad required Mr. Chariton Bank in Barking had given evi- 
to carry the weekly wages from dence that all the bank's custo- 


bank to factory. 
The amount was 


not stated 


mers at Barking with 
of over £3,000 used 


payrolls 

security 


precisely in Press reports, but it carriers. 


seems to have been between 
£1.500 and £1,800. 

Mr. Chariton was employed as 
chief chemist and manager by 
his company and one of his 


If this figure of £3.000 was 
supported by samples elsewhere 
then employers and 
might have to take the £3.000 
in current monetary terms as 


occasional but not regular duties being the clear dividing line for 
was to collect wages from the negligence/no negligence in 
bank. On Februarv 20 last vear. exercising the choice of a 
in Barking, thieves attacked him security carrier or own employee, 
and a companion, smashing a My guess, though, is that most 
bottle of ammonia in his face insurers and most employers, if 
and causing severe injury to his asked before this judgment. 


sight. 


would have fixed a much higher 


He claimed damages on two dividing line, perhaps at £5,000 
grounds — that he had never been Dr even £7,500. 
given proper instructions by the Certainly most insurers pro- 
company on how to reduce the riding money transit cover 
risk of injury while collecting nowadays stipulate security 
wages <a contention which on carrying only for sums in excess 
the evidence the trial judge of this bracket 

rejected! and secondly that the Leaving aside the merits of the 
company should, in all the cir- particular claim, it seems good 
cumstances, have employed a common sense that insurers 
security group to collect the providing both employer's 

wages. liability and money insurance to 

In assessing the merit of this the same policyholder should 
second claim, the judge had to now align their requirements 
balance the risk of attack against under both policies in the 
the amount of money to be interets of risk reduction both as 

As to generalities, he regards loss of property and in 

it respect of injury to the person. 


carried, 
had this 


to say: “ 1 find 


Indices 


NEW YORK —sow joins 


(Vt. 

fzn 

Oct. | 

■ 2D 

! w ] 

i 18 i 

■ 


TSW 


SiMudKiU* 

. UeU 30 , OeL 19 > Ott. II 


VI > Uign ‘ U>" 


“-7’j j V 


Imm irarUja- 

1,950 

1.896 

1.886 

997 

1 : 


1.536 

1.269 

1.221 


Lnrimn|«^tl 

235 

362 

368 

■; 

Sie/n........ 

New Loi»-. 



I— 

41 



* Bull of Index changed from Aug .24 


41 D»y’» high 847.37 low 8307 


i 

Oct. 13 

Oct. 6 | 

Sept. 29 

1 (Xearofga approx) 


6^2 

5.39 | 

0.48 

] 6.49 


rarf 


VHH13 j High j Low 


! SO 


vKhh 


STANDARD AND POORS 



n-t. 

20 

net. 

19 

i 

Oct. 

18 

Oct. ! Oct. 

17 | 16 

Oct. j 

u \ 

u 

Vn Since Com pi lout 

Uiefa 1 

I I4SW 

1 Huth ; 

Dnr 

5 loiluolrtaia 

Wtimpcalte 

108 Ai 

87.35 

, 110.07 
| 39-33 

I 111.97 

1 iDa.4fi 
1 

112J2l[ 113.68 

101.261 182.61 

1 I 

Ii 

118.71 | 
! (1279) j 
i loa.ws 
! nzm 

lb-52 

<6/31 

86.90 

48/31 

154.84 | 

klDl/751 ! 

i 126.86 

(1 DI/63) 

fi.52 

(MiStS Bi 
| 4.40 
IID6/32) 



Oil. 18 

Oct 11 | 

Ovc. 4 

■ Year «eo (approx. j 

tnd itlv. ctel/1 ^ 

4.93 

4.69 

4.79 

1 4.84 

lift. P<K llano 

9.34 

9.81. 

9.b9 

] 9.12 

kmp Unr. Bciiil yteirt 

8.63 

8.58 

8.64 

i 7.76 


Auatr&li&CO' M&.H 
Belgium (l)j 98-OT 

Deunmrk C*"j ®L5S 
France tttlj ®L8 

Germanylri^ — 
!ffnP a " a 

Hoag Kong^. 644A0 

Italy I 4 - 82 

Japan i“> 43 ®- 73 
Singapore/* i 582.48 


6*9-34 j E66.T9 j 411-19 
(22/9i |L3) 

97J58 1 10L16 90.43 
I (8/6) <23® 
92L38 88J6 0EL38 

I j i«/to) • iS/a 
862L80 863.8 r I* 9 - 4 
■ . <19/10) ; (P W 

j 87.1, 03.1 , 70JJ 
1 ' fi!/8i j fd<) 

: 644.4/5 I 7J7.T0 I 383.4 
• <4,91 j (IA-4) 

. 70.40 . KLS2 ; 58,-48 
: 1 <35/91 . f 10' 1 1 

, 439.69 1 439.72 364-04 
(30, 10) (4‘Iljf 
3B5.10 , 414.60 252.0 
1 1 g/9) (8/1) 


Spain (rfV 95-4S 
Sweden W-j 36L15 
BwtorerldOTj 270-& 


94^3 

360.16 

SB3A 


Hlfljh Tjtw 


110.73 

4« 


333.7 

<M/2) 


87J3S 
(17ii) 
526.74 
(3 ill 
3SLS 
ISBIB) 


Indices am base dales (an base values 
190 except NYSE All Common - 50 
Standards . and ewes — 10 and Tunttn 
300— uw. the last named based «a 1975). 
t Extinction bonds. 1 400 Tndumuus. 
S 408 Industrials. 4» Otilttie*. 40 FbUllca 
and SO Traosmrt. J Sydney AD Ordinary. 
(I Belgian SE 3I/I2'63. ~ Capen ha g m SE 
mm n Parts Bourse 19BT. » Comtnfn- 
franfc Dec- 1953. » Amsterdam UUURnal 
1910. 91 Bans Sam Bank Xlrf/H. ID! Barca 
Connnercnle Itallana 1972. a Tokyo 
New - SB 4/1/98. bStrttts Tunes 19K. 
c Closed, d Madrid SB 30/12OT. eStocfc- 
bobn Industrial 1/1/58. /Swtte Bank 
Garoaraaon- a Unavailable. 


EUROPE 


AMSTERDAM 


Pnce 


Div 

TT. 

Oct. 20 

Flo. 

| + or 

/o 

40 

AhiNd tKi. Ah. ... 

113.0-1.1 

>28 

5.0 

\kro <Fi. 20. 

30.4-0.5 

— 

— 

\ >nem2nk(Fi . MX. 

362 

i-2.5 

AJSflS 

7.9 

\MBV <Ki. 10).... 

66-0 —u.5 

au 

5.7 

furotonh (Pi. a?] 

74.9 — 1'.6 

\£ib 

b.U 

dijenhort 

93.6 — 0.2 

28 

0.4 

>K4aWeat iDit.iO) 

132-i 

— 1.9 

62, 

bJ3 

iiuhrm letteroic 

73.8 — 0^ 

Ub 

7.0 

Hi wrier it',^0)-.. 

293 

i-2 

27-6 

1.9 

onolaJi.V. free ret 

13B-6 +1.3 

57.5 

tt.4 

.'.urCruii 1 nt( F 

71.6 


94J> 

4.9 

■jiBtai brocades y 

5S.3 -0.4 

2U 

b.a 

tle'neiien (F>. iP 

97.5.— 1 

14 

3.6 

1 .luAtuvenalFijstel 38.7.— U.5 

■ore 

- 

1 dun l*i LUP'.AXh. 23 

>+0.2 

12 

5.2 

a.l. 31. (Fi. WU). 

154-7 -4.3 

tt 

5.2 

■ m. Mother iLsO ) 

4tt.fr 1 

19 

S3 

taamea tF/. 1U). 

25.9—0.4 

12.5 

4.8 

-lot. .NeolmrtFi.il. 

108-0! — 1 

48 

+.4 

.leuL’redDItiFi^C 

53 

1-1.5 

21 

7.9 

,\at MjiUiktF.jO- 

200.8)... 

22 

0.9 

•AM tt'i-ZUi 

173.91 + 0,9! 36 

4.1 



34 


23 

6.8 

* an t)uniien?n... 

147 

— 1 

— 

— 

i^xboeu (hJiih.... 

46.4.— 0.6 

— 

- 

ribihpaCKi. W).„. 

25.7:— 0 -i 

17 

6.6 

idurobVeriKi.lA. 

72.6-1.4 




ooL+u.' it 1— U). 

lb7« 

— 1 

A2bt 

7.7 

‘lounun |)iAi]„ 

138 

— 1 

— 

— 

iCitwiio tti.to)._. 



*9.4 

d.t 

•(uvoi Dutchl t ,y. 

126, r 

-2.2 


8.5 

•■avenijurt: 

239. E 

-1.2 

20 

..3 

levin (rip (F i.ol. 

UW.l 



o.a 

■ uayo Poc.Bitia.l 

143 

— 1 

iu.at 

LLP 

iJoiievet (F.JiJl... 

119.6 

-3.0 


7.2 

• ami- te..(lt.L- 

41 

-0.2 

5U.A 

1.2 

•)"*i .I rr.Hn+ih 

399.1 

-1.9 

53 

4.0 

VIENNA 


rin-r 

i - 

UK. 

l 

tl-i.9) 

t 


* 

i 

r»utap>tai|__ 

342 


l 

2.9 

Ferimomer 

275 

+ 4 

9* 

3.3 

-eecw 

630 


98 

7.6 


83 



. 


220 

-i 

bn 

3.6 

Veti Maitnerit 

240 

+ i 

l 

4.2^ 


BRUSSELS/LUXEMBOURG 

4- or ] Pa. 
— Net 


Oct. 30 


i ppct 
F a. 


Ajt*d ,8.315 

Uerkert "H" '2.979 

C.U.K. Cement— .1 1.200 

U> k prill 426 

KiJEo 2.325 

Kiertroiieil 6,750 

Paunqoe N.t._— 1 3,OOJ 
GJB. lonoUm — 2.600 

Germeri ^l.:50 

UHL l Urns U (1,560 

Udtolttn— '2.BCO 

inter, am [1,820 

iLKdlemanB .7 120 

La Uoyaie UeineJo.140 

Pan |2,990 

^etrWIm — 3.220 

sac. lien. Uuqur 5,150 
xx.Geii Jeidtjuf 8.L20 

^efioa 5 150 

-toirar 2 610 

lcaciiuu |2 620 

LCH 1 200 

unMin.iUhJ) 7bO 

V feint Montagnei2,u6D_ 

COPENHAGEN * 


35 


— i 

1+5 

’-SO 

f- 70 
[+15 
+ 24 

t— 10 

1— 5Q 


+4j 
+ 40 
!— 30 

+ 5 “ 

h-s 
(-10 
+ Sj 

I — 70 
+ 20 
!-2 
+ 240] 


lib 

100 

177 

|45u 

17U 

150 

65 

20 

170 

142 

iSSO 

,t*2o 

SUAbi 

1UO 

305 

140 

315 

AZ.10 

170 

60 


4.5 

8.3 

7.5 

6.4 
5.7 
6.0 
OJS 
BM 
6.0 
7Jb 
44J 
5.3 

2.6 

5.3 

6.5 
6.2 
6J9 
8.0 

6.5 

6.6 


Ik. 20 

Pnce 

Krone) 

+ or 

ThvT 

» 

« 

TIT. 

Or 

<0 

AndotsAnken-... 

140k 

+ U 

11 

7.8 

Donske tin uk. 

126**1— 

12 

9.5 

Seal Aviatic La... 

164 

+3« 

12 

7.8 

Ki uaiibi enken-~ . . 

ISOk 


16 

10.0 

tirvcxeunei 

351 


12 

6.4 

F«b-. Pkptr.^..^... 

B43* +3* 

— 

-Oi 

tlandei bank 

127 

+u 

12 

o,7 

D.N’tn'n H.ihrtH. 

263 . + 1 

12 

4.c 

.Nutd Katw»i„„. r — 

10U 



12 

o.7 

Uueiaonk 

116 k, + k 






131s*. 



9.1 

tTovini't'ank.^,... 

1381* 


11 

8.0 

9apb. Heron eo... 

393 

-2 

12 

3.1 

snperfoa- ..... 

1631* +1* 

l 

12 

7.3 


GERMANY ♦ 


WALL STREET 


NEW YORK 


1373 

High ) Low 


Stiy*k 


' O.-t, 
; 22 


39 
32 
45 h, 
31* 
36 A* 
52 M 
201 * 
204, i 
44i* | 
27.', r 
381, i 
61 

331, l 

191* l 
52 ;, 
62l; I 
43 1» i 
saw • 

56 

2412 | 
40i, ; 
321, 
311, ! 

7 i 
46i« . 
631, ! 
371* i 
6412 • 
37U I 
231: 1 
391* 
19* I 
31*, ! 
27', 
23J, 
301* 


19». I 

20 ’* , 

465, 

571, 

36', 

171* 

345, 

61i* 

27». 

3 1 5a 
291* 
39; a 
391; 
49 i, 
281; I 

40 ; s 
23’, 

43 
5U 

261; 

21 

74 

33 

31U 

341, 

1812 

155a 

3912 

IS’* | 
551* ! 

181* j 
2 1 >, ! 
0: s : 
451* ' 
B6'>, I 
38 

215* ; 
121 , ' 
521 , 

13 

20 . a 
64 Je 
64 

46.H , 
17 ; 

24 1* 
481; 
371, 

44 Sa 

27 ’a 

35ii 

69 

133* 

87i a 

B9U 

58 Is 

10ia 

31s, 

467a 

22'* 

151, 

2flie ; 
28 ! 
20. 'a l 
431* 1 
20); . 
287 8 
49 
16-3 
50.;- 
25*3 
25<i ‘ 
26; a . 
445, 
241* 
337, 
3lln 
16m • 
441* 

60 , 


25 

13 1 5 

3tl 8 

2Zi s 

23 

385* 

165, 

17 

34 

183* 

221 j 

3H* 

22i, 

••• 
381; 
345, 
34 ii 
231, 
2 31* 
215, 
31s, 
263, 
16a 8 
3s, 
391* 
823 , 
281, 
571, 
377, 
15V, 
241; 
10 
35>s 
171; 
173, 
195, 
81’ 

135* 

271, 

431; 

33*4 

BTi 

1538 

441* 

2433 

16 

ZLUi 

34 

231, 

3a 

22 

315, 

14 
33 

2>9 

201 , 

141* 

251, 

22 Ja 

271, 

25ia 

9 

127, 

281, 

137, 

255* 

131, 

16s, 

5 

36U 
58 »* 
31 ’a 
147, 
10’* 
241* 
115* 
lb-a 
45i* 
43 »8 
36 

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42 

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191, 

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Vmer. Can.. 

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Brascan 'A' 
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32 7, 

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177, 
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291, 
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197b l 

High , I*)«r mcvi. 


I IM. 
£0 


64'; 

54 'a 

36'; 

30 

37:, 

421* 

211 , 

313* 

491, 

563, 

4+ 

14lj 

245* 

165* 

29 

19J* 

541, 

465b 

511* 

305* 

33 

467, 

138 

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15 >2 
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411, 

325* 

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355* 

397, 

28 ij 

44 Jj 
31; 
37i, 
321, 
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?*•’» 
39 I; 
40i, 

16 
32S| 
26 
391* 
33 
431* 

281, 
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23i, 
39'a 
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2UI; 
33 7, 
155, 

151, 

491* 

115, 

315, 

201 ; 

92 

67 

347, 

335* 

661; 

307b 

331, 

317g 


451, lv-.mmu>tiNM 

421* CHl'Int’m'tinna , 

245* .JniiH , 

21'a Cr.tel.rn Nai 

293, 'i /.eui-ri Hell 

33'2 .Ciinnuin- b’naine' 
161, i'.urti-B Wruhr.., 


19S* 
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23 
223* 
51, 
161* 
155, 
23 
113, 
38 Sr 
31*, 
38 
225, 
25 
361, 
97 J* 
161, 
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411* 

33 

165* 
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34 
121 ; 

24 
16 
185, 
28 -.® 
303, 

201; 

40i, 

17 

27*, 

7Jfl 

181, 

241* 

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Ltort ln.ln-lne- 

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Eduun....| 
Oiamno.l -thamrlt 1 
lOietnphone ........ 

lUiultalHquIpM,.,. 

lUfeneTtnelt) 

Lkwer C«rpn 

jlHm ! 

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|tfl-i Atrune 

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bi Pa*f. Aat. (Jar 

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6 mvn-in Kl’eci r a- 
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67, lUen.Amer. Im > 

223* jU.A.I.A I 

11 ia itlen. table 

37J® ilien. Dynamics... 
441® 'Gen. Kiei-tncs— | 

86s, 6en. F«n ■ 

263* livueni 'till-.,..' 

573g [tienermi 

175* W. Pub. Util...: 

24 uea. signm... ! 

285® Urn. Ici.Ui-vt ... 


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22^8 

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11 

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22J, 

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77 's 

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41 

92 

rlrtuun .MitiiHi*.. 

227® 

145® 

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721, 

291; 

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34 

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394, 

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341* 

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274* 

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24 

ll>A, 

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924® 

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47 

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415® 

161; 


35 1, 
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503.57 2551; 
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44 
431® 
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12.5 

341; 


tbl; 
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19i« 
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55*, 
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2 7 i s 
271 j 

10i, 

27 >s 


1 maul 

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till. It?'. A It?'.... 

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55'* 

50U 

271* 

27 

333« 

55 

16'* 

29i; 

42 

3212 

41 ia 

103* 

18a, 

155, 

24 

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457® 

40 
431a 
265® 

38i 2 

40*8 

130 

191* 

95* 

60 

37'* 

283® 

15s, 

295, 

Mi, 

205, 

367® 

41, 

261, 

26*a 

241, 

50 

29i : 

34 

12.-, 

291* 

17i, 

30'* 

307, 

37i a 

251* 

441, 

19'; 

341* 

8>« 

2b. e 

335, 

llllj 

111 , 

431, 

105* 

281* 

161* 

751, 

495 4 

3E3* 

283* 

631- 

175* 

285, 

29ia 

25n, 

4 >8 
275, 
27’* 
37t* 

27>, 
18.® 
16/e 
29>» 
40;* 
5J, 
26 ; d 
l»'J 

13 >® 
255® 
69 
S5>* 
16i« 
29 1; 

41 
285* 

815* 

197, 

371, 

635* 

115* 
255* 
231, 
125» 
1713 
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57 «* 
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14 

276.7b 

431* 

351* 

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19’; 

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4U* 

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28-'* 

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31 


34'® ■ 
881 2 

331; . 
38', 
291, . 

40 

5 

301, I 

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2b5« 1 
S2I* I 
38i* I 
50 
241; 
49a® 
361 b I 
391* | 
SB's 1 

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371* 

535* 

28 

abi* 

27 

2U1, 
25 '* 
4tiaa 
181, | 
12 

15 i 
445, 
401, 
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371* 
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311 , ; 
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72 
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615® . 
041; 
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225, | 

231® 

175® 

34 r® 

52 

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271® 

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24 

275* I 
41', ' 
281® ; 
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225 b I 
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381® 

27 

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76 

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241* 

095, 

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31', 

92Aj 

355* 

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20 ' h 

27 'i 
lcs, 
56)j 
336a 
277a 
48i, 


281* ’John* Uaiuilte.. 
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24J* j.lulmw.m Cuniml. 
29)* Ji'y MaiiiiiRi'iiiv'e 

25lj -K. Mar lu»v 

26 |KfliMTAIiimmrni. 
15* iK«i»er lnrtiistrun 

ZH« ; Kaiser Steel 

5a* iKai 

19b, iKeoaeoPtl 

4u 1 a Kerr MiGee 

275® I K Mile Walter. 

385* ] Kimberly Clerk.. 

195® iK'nppera 

42 jKmit 

251® lKn^erCi> 

271, llaeomay Tram... 

21'a | Leri Mnuu 

2554 (Libby Oa-. Ford..; 


261, 

367® 

141* 

13 
171, 
177, 
2 ui* 
335* 
15 

bi, 

95* 

355® 

291® 

31 
40 
115, 
187® 

207® 

32 J® 
Zlk, 
225 * 
lbJ, 

26 
485® 
13*8 
30** 
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43U 
bUa® 
44a® 
396, 
3+7® 

33 
231* 
2b5® 

14 

201 * 
121 , 
291* 
335* 
371* 
13 
215® 
32 
I5J4 
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lb»* 
241, 
345* 
24 
20 
21 1* 
16** 
181* 
lu»i 
16J, 
Is., 

2Je* 

27i* 
1958 
23 
18-1 
20 1* 
4 
20 
2ul; 
205, 
33k 
261* 
7 

325, 

2468 

17i« 
521, 
2 b 6a 
175® 
17 
66 

27 « 8 
331, 
IBJ* 
2uie 
lb 1® 


nn. UP.....1 

1Ljll.v1.Rli) 

iLirt-iu ladim ! 

LnekhoolAia-r'iq 
jLorif Star IiMimtj 
,Lun*r Island l/i!.| 
-Dxiisiana Iflnd .. 

|Lubnsol 

Liu.-ky Sinn-* . .... 
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iliai-Mlllan j 

l. Macj- II. H. 

|M*is. Rinuirr .. 
!.'Ia|<eo 

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'May Depi.bini e< 

;mca 

'Ik-Dernittii 

.livDi'nnell Dnii*; 
McRran Hill . . 

.'leiiiMiex 

Jlen-ii 

1 Merrill L^m-li .... 
'.Mtrta Perineum. 

.MOM 

j'llnn Jln*;lMl: 

M>rf>il l-irti 

'l.iit*anl.i 

Mnrijaii J. I’ 

A1 > ■!■ ■■> -ia 

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NmJ'IM-p 

'.'ali-ii 1. bciiiiiwlR. 
INaUunal Uou 

jXal. Li ist tiler-. 
jXa*. Serrlee loti. 
■Xatmmii Steel....! 
Xaromus ' 

.NCR : 

Neptune Imp ' 

New England E..I 
,New England Tel 
1 Niagara M.:>liAwk 
-Nlnoara share.... 

• N. I#. ln>\ti>trle-.. 

. N 11 n"i> I k A ' v * ui e r n 
V'ltli Xar. i.’h*... 
'Nrlm. smiK- par 
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MIl'H-l UHII.nl |J 
N"it"n slim, 11. .. 
Uiti-lelilal IVl ml 
Mvnu 1 Mailn-r.. 

m. iM L.ii-.ii. .. . 
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'llljr. 

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■Pa. ih.- Um .. 
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I*eniu»il 1 

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‘ PbiladelpblH Ele.i 
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24 PnliiiiiH 

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20 1; t/imkiT Ual-. . .. 

B’i ,11" pi' l Anieniau. 
291® li'HI UltHiHI . . . 

22 KL V 

23 llcpiilfli >ieel. 

3), liV-rK Inil 


29 1, 
77i a 
265, 
321® 
25 1® 
361, 
2 
22 
135, 
265® 

45 
315* 
461; 
205® 

46 ia 
337, 
355® 
Bb 
267, 

31 
447, 
23bs . 
221 , 
241* 
177, 
2212 
431* 
151, 

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37 
517, 
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23 
305* 
22 
36 
b6ii 
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b7l; 
671, 
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471® 
42 
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37 1 S 
275* 
16/, 

205* 

145, 

301; 

41 

63 U 

255® 

2 *i z 

32 
133; 
HU 
20 
26i® 
35:, 
241* 
271 j 
2 bl, 
18 
18', 
tS'c 
lb'* 
23 1; 

24'* 

40*; 

20 ;< 

2 s 

2U5® 

20’} 

7 

26 

23 

21 

3412 

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121 ; 

341* 

261* 

233a 

54J* 

323, 

237, 

1/S* 

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ab 

21 

231; 

485a 
54 *, 
271; 
8D1* 
22 
371, 
16 
24!; 
141* 
461, 
27 
25* 
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1978 

High j Low 


Stuck 


• Oct. 


Mlj - 

395, 

64 

305® I 
373® 
40i« . 

651- • 
IKj , 

231; J 
497® 
457, | 
ali, ' 

345, ; 
691, 
75, 
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93 1 

23 1 
187® | 

243® 
87, | 

361, 
287, 
165® . 
375, . 
471, 

365, . 

46i, 
981; . 
381; 
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237® 
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5i, 
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38 
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34i, • 
491® 
231* 
49 

3B7j 
2MS® 
48:* 
64.® 
401® 
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19 
70 
4b7® 
bbi, . 
367® ' 

151® 
495, ! 
117 
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341* ; 

12 

271, | 

24 j, 

! 

92i* 

331; 

303* 

bOlg 

3b 

bJ.. 

44i} 

lW'i 

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58’. 

29 = : 
301* 
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20 , 


41j* 
40-; 
44 * 
30-j 

4bii 
621; 
271* 
42* s 
111® 
87 
60 

8i* 
15 k, 
3b 
431, 
295, 
S2i* 
SIS? 
22:-* 
Idi' 
30 1* 
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alt, 
311* 
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431; 
5dtj 
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24., 

30 

if* 

24', 

24,: 

sa- 

il 


38 'i:e\T..u 501.2 

ZSi* Hern. ibis Meula.; 35i® 
52U licviU'M; 11. .1. ... 58 b, 
20 kicir-011 Jlmll 23 
287® lliickne’l Inter .. 34t, 

28 1- .K'l/im i Haai 35»i 


197k 

Filth I Imw 


Stock 


IM. 

20 


541, 

12 

11*4 

131, 

351; 

221 ; 

25i B 

525* 

3*4 

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10 

643, 

151, 

121 ; 

1914 

61, 

197® 

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291, 

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28 

307® 

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1’4 

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lb 

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285® 

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411; 
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;Ur>val Dutch 

HTE 

I!ns» T"p ' 

Ryder a\ Mem 

, 'Safeway Stnrea...' 
'st. int? Mineral*.' 
pt. Rejp" Paine...' 

iSanto Ke inda J 

'Saul Invor 

ISaxcm f nile_ 

vScliiit; Brea Iny..' 
pii'hlumlierxer 

si.'M I 

Isetwt ISiper. ' 

jSvnci] Mitt 

IS'cudiier DiK.'.L'ap 

!“)«■ C/intBiner. ...; 

Seagram 

Sairle 1O.D.1 

•Sv®i-» lii.-ebuck....' 

SKMtn ; 

shell UI] „...• 

■shell Tiauay-.irt- 

Signal 

ijltfnmle Corf' 

sin 1 piii'ii. v ftit ... 

3lnaer 

Sin nb Kliue. 

>jllrs*ii 

Si-utliili.n'ii 

si >ut hern Cal. K>1 

•Snullierii L'w. 

■ft hn. N..|. He— .. 
'Snutberu Pai'illc. 
siiuUiernKalln'ay' 

'Sjiillilnnil 

•s'tv'l Baii-luin.-. 

.Sperry' HuieL 

>|."?itv Kami 

S'juilili 

'.sianilau.l Utaml. 
snl.Oili.aliinnila 
Stu. 1111 In- liana. 
.Mil. I'll OhiM.- 
staiift Clirmb-al.. 
stertini' 1'niu. .. 

, Si mb -taker. 

jbuti 

SutL-iniU'l 

.■iyute j 

\ Technn?i,lnr.. 

iTehtn^ulr 

iTeledyne...- ! 

■Telex j 

[Tec ecu — | 

Tesoro Petroleum! 

Truew -.1 

Texa^Kulf. — .' 

Texas" Eastern....' 
re%as inrt'nt 

IV'MSUll £ fl,>- 
Ti'.va" L'i I lilies....' 

,l'iuu> In» 

. i.iiuet. Jlimi . ... 

I iiiifaeii 

Tiaiie 

rrati-meiiia 

I mtiseti ■ 

I mn L isi'Ki 

I'lHii.nat lutrti . 
I’ntii IV. .rl.l Air . 
Iiat.-'i. 


3 ' 1 nv "tit i uvula] 


4 Im 

27 7 

2o. a 
19 S® 
18s* 

19 
3bi, 
501; 
121; 
361; 

61} 

45^ 

41 

67} 

25T a 

211} 

214} 

251® 

32'2 

181 , 

135* 

lol* 

23 5® 
271m 

26'® 

5U-I 

lb., 

11-1 

32 r 

20 

!9’;. 

lb-. 

21-.', 


■ trii.iu 1 ill 1 If,.. 

I i;'v 

*Vl I'll III Mil l'"S 

k .A.U 

IAI1CD 

Li. I 

L ullvtei 

I mleii r .\V 

L iiii-n Baur-orp... 
iCnimi Carbide.... 

;l'ni"D Coiuttietve 

Oninn Oil Calif... 
■CniMD Pacific.....; 

;rnlnatl 

■L'nlieil Branda....| 

CS 8aiu-arp I 

L"s illypsum J 

Cs Shi»i 

•C3 Steel J 

T;- TevUiioh^imt.l 
'- V heltl-tTV.'s. 

Virginia Kiel — 

IVaLsneli 

ttariirr-l "ii mm.. 
" 41 in."- 1 m Mil.'rt . 
"ii-H- Map'ipt'iil 
Mrll-Enru" ■ • 
'Vt-.|r;in llmiion 

''I'tlWiiJ, .V inn 

"•-In 11 l lll'ii. 
"e-liiiKii'-e Eh-: 

IV, 

" ''Virliiidi^f . .. 

"Ttii ] !*■ — *1 

"iii:,'i.nii. Iml.. 

" >11 mm C- 

" ,1-111 thvi.. 


63’« 

121 ® 

105, 

235, 

43 

25 U 
315, 
33 

75, 

6’« 

11 

853® 

191, 

141- 

217, 

81, 

201 , 
253® 
121 * 
821, 
373® 
33S® 
465® 
50 k 
35 
105® 
I6ta 
88 
35® 
37 
ZbJ, 

Ibl® 

33 

20 J® 
bOk 

28k 

28b, 

I8I3 

425® 

291® 

24k 

44 k 
507® 
35k 

43 
151, 
595® 
39 k 

45 
301® 
lib® 
427, 

91 
5 k 
315® 

85, 

235* 

20k 

35k 

81 

28 

195, 

435, 

30 

47 

44 

16 k 

21 
33k 
22 
J9-7 
33 -y 
18.® 

5 5 * 

35 

317? 

32.? 

29k 

19 k 
4eu 
bOk 
2b k 
3a 

9*8 

62 

534} 

61, 

11 

30 k 
27k 
26k 
25k 
417a 
197® 
14 *6 

26 
417® 
*5?} 
30 
30 k 
47l. ? 
32 
T/J, 

20 

US. 4 

27J, 

an. 

ISk 
18—. 
27 k 


22 s, I 
7k 

63 k ' 

19k | 

18 ? B i 

82» 


175® HVnoIwe'lti* ) 

k llVvI.v 

41 /Xemx I 


195® 
5 

. 511, 

143® Zapata ! 145, 

11J® i/eniih Haiti - 14 

93.1 ,'L-S.Tre**.^ t94l; 

797, LsTre«u4I»?b/bf, t80 


8.19%J 6.07iU.3. 9CUky bUla.l 7.75* 


CANADA 


185, J 

IBS® 
43 ! 

265* | 
+bTg . 
235® I 
23 
73, 
83k 
471, 

19 

185, 

19.00 

+u 

17k 

123* 

1 h-, 

305a 

225® 

25 

25k 

675* 

5.12 

115, 

29 >, 
34k 
375, 
1958 
bk 
134, 
14k 
8 lb* 
111 
lObk 
28 

23 r, 
171, 
36 
U2 


10 k 
4.30 
841, 
141, 
34k 
17k 
18 k 


[AbitiM Taper. | 

ilcb Eakle 


17 k 
68® 


lAaal 

lAlcan-Vlutniniumj 38 
'Alsirma Steel — ; 24 
(Arbeai 


no» 

iBank of Mont rea 
_ iBank NcraSci.t iaj 
3.76 'Uiub? KesiurMs. 
52 iBell Teiephf-ne ...i 
20k |Bow Valloy Ind.j 


44k 
24k 
22 k 
4.15 
Sfls® 
385* 


13k BP. Canada 1 17 1, 

14k Bn, van 167, 

2-ub Urluiv j 18.50 

34 Cal#>uy Pnwer...' 381® 
Ilk Citnifl'iw Mines.. -| 16k 
85, Canada Cement..] 115* 
9 k C4iiiaila X W Lau. 91- 
22k Can.Inip Hk Cvitf 29k 
18 Canada Iniluni... 1 ;dl 

151® (Cau. Pacific ; 22s® 

16k [Can. Pa>.-ific Im..! 225, 
51 Can. Super Oil..., 615* 
3.06 Larlin/ji O'Keere. 4 DO 
81, |L'oe-iar Aebmiw., 9S, 


175® ICb left aiu ! 

231* Coniinci J 

211® [CVmf. Bat hunt... 1 
16 k C'HJsii mer (ia*. .1 

51® Creeui Keeourueei 
- 7i® IC'iataln ! 

67, lUun Devti I 

52 [Denial'll .Mini?;...'' 

70 k Lh'nie Mbiea ■ 

531* LK'ttic Pctrtilenni 
215, |Dnmininn Brii%e, 

145, Lh.iiiiar j 

12 jDiij-mt I 

165® [Fak-m'-e Xk-l.pl., 
69k |P'.-nl MuU-r Can-| 


361* 
i5i* 
347, | 

9k 

4o 

476, 

231, 

24 

477® 

21 

38 

241, 

2258 

165} 
12 
191® 
lok 
9 k 
4.85 
251* 
105* 
30 
sbl® 

+ 

a 8k 
1H.- 
40s* 

65, 

2.30 

47 

-U'( 

20k 

c.OO 

2.30 

285* 

215® 

225* 

2.4U 

195* 

14k 

38t® 

37k 

20 


255s ificnatar 

105® GlantVel'wkmreJ 
2b Gulf Oil Ci 
5 datr'IuarSkLCadJ 
29 Bollincer 
37 Heme Oil 'A'..— , 
155a Hudson May Unq 

161, Hudson Bay 

40k Hudson Oil &Caa| 

17 I-AX 

275* Imaacn 

18s® Imperial Oil 

16k Imu ’A 1 —, — r — 

81* I Inda [ 

95® Inland Xat. Oas.f 
13 k ]fut'|>»» Pli"? tone] 
Id 1 Kaiser Kfisonn-ea 
67® jLaiiri Fin. Curp-J 
3.2b ID -Ilian' Cum. *1*', 
155* -.Meiml'n Bl-ieil ■■■[ 

97* I.MnM.e.v Fergus. iu; 

20U 'Mi-lulvn? 

2B»* J Minin' Ci-n" 1 ' 

1.90 .Mnuiitaiii >uile K 
21 1 A r im in la Mini'.... 

14?* . A mil'll b'lii'ig)...'' 
135® 'Aih. I'elec-'iU" . 

— .'Aminii: Oil A 
3.33 lOnkn'm-l Pctrl'u 

I. 39 1 1 Vu'llii' Cup|«.T M ■ 

33k llu-ltl'.’ IVii.ileuni; 
31k I Pa ii. Can. Pi-l'ui, 

b>i | Faun 

3.BO Ptsiplc* Dei'l. S. J 

II. 80 Plau? Can. A 0|-.| 
19 k Plai/el Develupniti 

9t® PmrerCgrpurat'n 1 

lOlg Prii-e 

1.03 Queues? Stuijwnl 
125, UuiKer Oil— 

8 Reed Steobv'ui 
245, Rio Algom. 

23k Knyal Bk. of Caul 
15 [Royal Trust | 


jrgconi 

iv'-use^J 


101* • 
341® ! 

1 V>j | 

i 

37 

>'a 

29 

4.ao ; 
«*«»- ' 

22.-1® j 

lok I 
lUk • 
16-; | 
lav, ; 
9‘* I 
38k | 
>2'3 
20k 


6k 

2a. 4 

Ida® 

4.3 


jS.-eptreKcsources'l 

Sex/titniD.... 

Shell Canada 

Sberritt U.MinenJ 

22aa Siehetis »». G j 

4.3. Slin|r-I|| 1 

.St ii-l "I Caiutibi^i 
SI il'l ■ UiH'k Irmi.', 
1 i-viim Ce uni In ...1 
Ti't-.itU'iDLim. IlL.i 
TmibC.au Pi | *- I .111 
'I rails Muinit 0|i«- 

1 

I. MIiJII Oas • 

L'l-1 Sit-.--.* .Miim< 
"nlkiT Hiram... 
"'esl Cue -1 Tibu\ 
'Ve-twu Cm 1 


Zdfc 
2.3w 
34 
lbs, 
13 1* 
65, 
10 
10 

7 

28), 
10 k 

13 k 


24 
30/, 
35 
173, 

05® 

tl2k 

127® 
771* 
99 k 
81k 
zbk 
21k 
157® 
325® 
c2 

34k 

14 

311, 

8 

405* 

41k 

217® 
20 k 
42k 
197, 
36k 
213, 
19k 

14 

111 , 

167, 

13 

8 

4.50 

22 k 
114, 
26 
35SS 
3.05 
335* 
155* 

36k 

25k 

3.85 

1.93 

40 

34 

201 ® 

57; 

1.76 

25 
197® 
224, 
1.96 
16k 
103, 
357, 
38 k 
186® 

6k 

305, 

1 

67, 
37 
61* 
28 
3.65 
46 
tl 5} 

171* 

31, 

;i6 

11 

8 

3658 

111 , 

19f* 


Bid. i Asked. 1 Traded. 5 New Sturic 


Oct. 20 

Price 

Dm. 

+ or 

Diva 

% 

YbT- 

% 

AJW 

Aiilan* Vemcb - 
oMWJ. h 

87.0—1.1 
517.0— 2 rta 
228 

sZz 

eajfc. 

d 


Uayer , 

frayer-Hrpa I 325 —7 

Bayer- V WrinaHk.: 534.0*x— 5J ! 


Ukilnt.Ntat.witr 

Com mere! «n Ii 1 

C*mtiHuranal......; 

Dalnuer-Uena. -..1 

Utxuaaa 

Demajt I 

Deutsebe Hank—! 
DteadnarHanii — - 
Dpckertioff Zeroi.| 

Uuteooffnum; i 

Uapaf! toqyd — .1 

H itrpener 

Huecfrot 

Hoesch- — 

Horten 
Kali unci Sal*.. I 

Karauudt — -| 

Kaulboi 

KKxkner DMLOXj 

KHII 

Krupp 
Unde 

Luwenlmu 100 | 

Uinhansn 

MAN 

Uanne» mnm„ ... 

MetaUjtes 

HuDCDeatrUikki 

Xa-kermann. J 

Preiu-aa DM lOq 
Kbeln Week Bie< 4 

5cherm®_ [ 

3iemen-._„._..... 
Mit'Auuket 
iav--eu \jj |j 

V'*m 

VKBA..._ ...... 

rereln-l We-tHc 
Vuiksnaven - 


18 

15a +3 
235-4—1.6 Idb.ofc 
71.8 +U.6 - 

349.5 — 3.0 :OS.K 

268^-1^ 17 

104 —2 11 

317.6 — 2.4 20.13/ 
234.6-l.4idb.fr 


|9.3b 
12 

: -ea 


186 +1 , 

245.6! [ 

107 

167 [—2 
141.51-1.5 1 18.751 
S1J9I-0.7! - 
165 i—2 1 9.36, 

154.5!— 1.0' 

336 —3 
266 +1 

96 

203.0|+3.5 
111 pi 


lie-ftf 5.0 


aasu— 3^ 

1.589 [+2 
101 ;+l 
237.0' — 1.5 

184.0 -0.8 
258 , 

633 l+i'if 
171.21—2.5 
145 [-1 
18o 

280.0 -0.5 
305^1-1.5 
268.5 — 1.5 
124.0,-1.7 il/. It] 

196.0 +0.5 IV. Hr 
13 2.5 -Ud. oa 

300 ■ lb 

244.3 — L2 I 25 


4.3 

2.7 

5.7 

4^0 
a .2 
3.0 
4.6 
a.b 
&5 

2.4 
6 J6 

10.0 

67 

2.8 
14JM-: 4.6 
;2AM\ 4.6 


18.72 


2b 

25 

9^46] 

12 

U.lti 

1U 

18 


2b 

28.fr 

20 

2tuM| 


3.7 


4.3 

7.9 

4.6 
2.0 

4.7 
Lb 
L4 


b.7 

ox 

4.1 

5A 

6.9 

4.4 

a.6 

3.0 

5.1 


MILAN 


IH.+. 20 


AAJt 

da U»!l 

/HI 

JifcPnv.....^. 

•m i.iet 

Lameiueiitl 

vtial iei 

■ledior-tnc- 

«tonledl-nfi 

1 1 recti Pnv..._.| 
'1 rein A (Ah.-.-..: 
rtreill Sm... 
nit Vl 


Pnce 

Lire 


+ nr 


63-25! — 0.7& 

884.5} — 3iL6| 

2,790 -70 

|2,Q33 1-22 
1-.3 1-4 . 

20,470j — EiMj- 600, 2.9 

(43J240 t— 460j 

—19 

-60 
-89 


22U 

1.340 

1.890 

11.004 

830 


Di*. 

Lire 


SPAIN * 

October 20 

Aslan d _.-■ 

Banco Bilbao 

Banco a Hants co 0,000) 

Banco Central — 

Banco Exterior 

BasKO General 

Banco Granada (1,000) 

Banco HJspano 

Banco tod. Cat- fUBDO) 
B. ind. Mednerraaeo... 

Banco JMadrtd 

Banco Popular 

Banco Santander <258) 
Banco Urouiio njMd) 

Banco Vizcaya — 

Banco Zaragazzno — 

BanKumon 

Banos Andalnda 

Babcock Wilcox 

CIC 

Draxodos 

Imnobantf 

E. I. Araoonesas — 

Espanola Zinc 
Expl. Rio Tfnto — _ 
Petxa (1.000) 

Fonosa (l.Offfl) 

Gal. Prvciados 

Grvpo Velazquez MOO) 

Hidrola 

Iberduero 

Olorra 

Panelcras Rconxlas ... 

Petrohber 

Petrolcos 

Somo Pa pal era 

Srnaoe — 

Telefonica 

Terras Hosiencb ....... 

Tobaoex 


STOCKHOLM 


Percent 

121 

2*3 ■■ 

235 

3W 

257 

262 

144 

240 

182 

IK 

m 

254 

338 

24B 


+ 2L5B 
+ 3 
+ 1 
+■ 3 
+ 4 


+ 4 


+ a 


+ 1 
4- 4 


+ 5 

- 3 

- US 


148 . 

193 
29 
82 
245 

70 

«-50 
IBL — 

Sb + I 
WJ5 - OJS 
42 — 

61 — 

245 — 

71 + 0.75 

15.75 — L2S 
97 . +3 

3U0 — 

128 — 

189 - +3 

34 — 

45 — 

79 — 

74 +3 

8525 + 825 


Oct*. 20 

Price 

Krunrrr 

+ or i Dfv. TW. 
- i Kr. i t 

An AU(KrAO),.. 
Alfa Laval iKr.bO) 

187 


5 JB 

23 

140 



6 

3.5 

A5EA tKr.bOi 

81.; 

— 1.0 

6 

S3 

Atlas Copro(Kr2& 

115 


6 

S3 

Hi Herod 

50 

r-2 

4 

8 ,C 

Bofars 

112 



a.fc 

Canto — 

174 

+4 

5.75 

3.6 

CWIutara 

226 

+ 6 

10 

4.4 

Elect 'lux' B'(Ki60 

117 

+ 1 

6-3 

i4 

BrVsaao'ti'tKrfO) 

120 


5 

S3. 

Esselte ,, 8 r ’— 

2 TOvr 

-2 

8 

3.0 


90 

+ 5 

9 

4.4 

li ratutes t Free) — 
Hatkiieabaaken-. 

t3,0 

355 

+0.5 

-5 

16 

4* 

Marabou 

UJ9 

-- ,|MI| 

8 

6.5 

■'Pi*.- I'.v M ..re 

62 

+ 2 


.re> 

■sanurik ‘H’ Kre- 
a.K.F. Kra.J 

-242 

-1 

5.75 

2.4 

62.5, 

+ 1 JO 

4.5 

7.0 

*kmvl Kn ski Ida.. 

148 

— 1 

8 

5.4 

frunlZtiS'B'fKrSC 

60 

+ 2 

5 

8.3 

Cdiieho’ ra. 

59.0 

+ 1A 



Volvo (Kr. 60/_... 

79.5 

+ 1.5 

y 6 

7.5 


TOKYO H 


Oct. 20 


■Pncea 

Xro 


A«til Glow— — . 
liman 

Uoato ... 

Utinoo 

Uni Sippoa Print j 

Pali Photo 

riltncbl 



539 
430 
870 
402 
593 
648 
827 
470 
il.160 
238 
1,850 
775 

24)21) 

Kunai Uerl.Pw.il. 160 

ItomaUm 1 376 

tuikwu I 805 

byaw-Uemnic _J3,4S0 
aUteuBbita uw_j 
Mitanbmbi ttanbJ 
Mltoidunbi Heavy I 
Mitaububi Carp- 

Mitaui&Ca [ 

tin »xi son h 

Nippon Demo ; 1.660 

Nippon abinuan- 787 
Maun... 666 

fViowt ;L43o 

danyo Ktectrtc 1 247 

Mmii PreUb-.; 951 

■ftnaciivn. ^.„..il.a3u 

sony '1.39J 

UuboUanne-J 239 
1 «*«!» rtiieni tea ■ . 466 
lDH |2JLi6d 

■okyo AUnne ! 606 

k»yo£iectPa* , i:l,U& . 

fruiyt>-atneo I 330 

; 132 

Ml bite Carp — J 132 
i-.-.l bt2 


749 

Uhl 

124 

430 

300 

091 


•InM Untoi. 


+-OT 

Div. 

* 

Vki. 

% 

+ 1 

14 

a.l 

S 

12 

l.« 

+ 28 

26 

1.4 

— 9 

20 

2.4 


16 

1.S 

+ 1 

16 

1.4 

— 1 

12 

2.6 

+ 2 

18 

1A» 


60 

1.5 


12 

2.S 

+ 10 

60 

ao 

—a 

16 

0.7 

-10 



+ lu 

10 

4.3 

— 3 

18 

2.4 

-4 

16 

2.4 

+ 90 

66 

0.4 

-0 

20 

L6 


10 

1.8 

—a 

Id 

4.8 

—3 

13 

1.5 

+ 1 

14 

2.3 

+ i 

20 

1.7 

+ 20 

ID 

0.5 

—7 

12 

0.8 


lb 

1.2 

-50- 

48 

1.7 


IX 

2.4 


60 

1.6 

-10 

cO 

u.7 


4o 

1.4 

+3 

11 

2.3 

—3 

15 

US 


60 

u.-; 

|~1 

10 

4.1 

-3 

11 

i.i 


8 

6.8 

*1 

12 

1.8 

—a* 

Is. 

6.2 

—3 

1. 

3.4 

+1 

* 

13 


Source Nttko Securities. Tokyo 


HONG KONG 


HitcftKonjiA . Oct- 20 • Oct. 6 


AtaaJetumteil l£uW«r.„._ 


utuna tomtit a. Power 


2.40 
. ,12.20 
51.78 BBMO 
1.93 L88 

1 1.0c 5] 10.60 
.1 6-20 6.00 
4 178 jOO] 164.00 
.’ 67.00 | 74X10 
7.06 1 6.60 


SWITZERLAND • 


o-*u 20 


Price 

Fra. 


Aluminium 1,000 

dbC l,o26 

UibaUeutyFr.lUL 1 965 
Do. PirtDert. 730 

Dm Hae. b7o 

Credit Unlaw* 2,195 

Utecaawaa___ 1,780 
ewbar (Georeti. M6 

Joflntan PtCert- j61.7b0 

Dm (boauL— (6,180 ’ 

iniertoo>i 8. 3.675 

leiuwr (Pr.bM.-. 1.386 
aeaue (Fr. ID0»._ 3.020 

Oa Kra. 2,176 

JoriuwnBtFjoiJi 2.645 
Pireut 3tP(F4iJl)) 300 
■andoatFr. <&b.. 3,300 
Uo. tknCerM- 375 
djuindier Cc PiOL Ub5 
5uJ«rUi (Fr.lOO) 294 
£>»iBaur <Fr. xx)] 786 
Boa (i-r.iU. 3r8 
>wts8(He/ (Fr.iSWj4.t9il 

Luton Batth 

nriufl Ini 


+-or 


+ 00 


+ 1 

+3" 
+ 4 
—3 
+ 8 
+ 4 
+ 40 
3J05 i+15 
11,0001+100 


-20 
+5 
-5 
+ 10 
+0.1 
+ 5 
+ 5" 
+6 


6 


’1100] 

110 


81 

21 

]«!&.& 

1*88./ 

16 

16 

26 

26 

12 

14 

10 

10 

40 

20 

44 


3X1 

3-3 

2-3 

3.0 

5.8 

3.6 

2.8 

4.6 
Ua 
1.8 
2.8 

1.0 
2* 
3X1 

1.4 

5.0 
LB 
6.2 

4.7 
4.6 

4.4 
4L8 

2.1 
3-2 
2.0 


u»a»|it»iam Prapertiar 
OtOBi Hattmar Tunnels ., 

& A-» KatmtaUm- — 

Hong Seng Bank.- 

Hook Koor Auta*lt_„ 

Him* Konp Kkcara*. 

Hoafl'KongKota-MwoWiHin 34.50 34.00 

H««{ Kodr Lathi 11.70 j 11.50 

Haas Kxmg Shanghai Bank) 20.30 11920 

Honak'<ia?8haa-riHiHaci | 20.80 19.20 

Hong K«ng ' Telephone. ...• 64.n0 33.00 

Uut'blMin WiKunpaa. o-2j 6.30 

Ian line Maibeaan „...: 17.3J 17,20 

•I an n no ?«a. I 7.9 J 7.75 

.New World Devtiupineni) aM 2.70 

H ubber TBS,... ^.J — 3.40 

Jinte lAutiv .... 7.00 6.90 

bonthn. Pw.-, Pnjp. ..... 0,76 0.75 

•wuUiwa textile. 7. — - 

■wire Pacific A — 10.50 10.00 

WbetiocK Harden .y 3.376 3.35 

Wbeehfck Maritime A J3.85 3.70 

Winanr In-tu«Tn 3.40 3.67 


xd Gx-dh/MentL t Btnrcr. i Seller. 


BRAZIL 


OetoberaO 


AUSTRALIA 


ISO a.4 
150 7.4 


l.BOO e.B 


130 6 9 
80 9.0 


OSLO 


u. 1 , so 


Jensen bonk .. 

xima{a«nl 1 

red Ii/kuiIi.. ....... | 

oi-Htruiii .... 

limtitiuAen.,... 

Niirmh H vlmhr*. ' 

(••re/'ianil — 


Price 

Knmoi 


99 

68.75^ 

114.0^ 

280 


Di 

X 


11 

--- , 20 

liu.O! : 11 

lB4.0t-U.0J 12 

B6.0~2.tt 7 


9.1 

as 

7.1 
10.0 
4.9 
7.4 


PARIS 


IK-C 33 


Price 

Fr*v 


72S.5 

430.0 

n*0 

S35 

512 

848 

630 


Knur*? 1 

Alrtquc CK-adT'e.' 

Air Liquet? : 

A'|uilaiue I 

'll' 

Dturiiifi I 

tiervio* ... 

t. arretijur ........... 8. 148 

U.G.K .........J 401.1 

O.I.T. Alcatel —I 980 

Die ti» IHmJ re I 440.5)— 6.5 

Club Ilaliirr..... 

Credit Coni. Prieej 
Creuoot Loire-.. 

Uumez 

Pr. Pocrolen , 

Gen. Ooradentolej 

Imetat 


Jnnquea UonL„ 

L *i t a re 

L'Oreat..._ 

Lcjtnuxl 

MaWm Phenlx. 

dictieiin 

Hunt Uknucwry 

tinudiiex 

Parting. 

I’euunev 

'emi*1 Khurd. .. 

Peucwt L'tina?n.i 

Pl«-tMIU j 

ibuiin Techninue.i 

Iriwiic 

MIhhiu Puuinir .. 

I. Uflam 

kin Unwiianoi.... 1 

nw 

rolen iei-a ui'jiie.. . 

' leiiiiNiu Bniniit, 
L‘.-tiii*r 


4- nri Uiv.lTM. 
— Fra. I * 


—0.7 4k| 0.6 

-18 jdl.15 1 4.B 
16.5! 4.4 


- 1026.2^ 
-5 :ia^6| 
—16 j 42 
4oJ| 


-!! 

-2.9 

—30 


+ 8 
-i.a 
I—1.9 
-4 
+ 1 

1—1 

'—5-4 

—4 

- 1 

—10 


490 
130-0 
70.ll 
715 
142 

267 

o5 

174J 
236 
779 
L*39 
dbl 

1.403 i— 42 
5 Bo 1—10 

132.6i— 20 

403 !—l 
95.8|—1.4 
320.0,-9.5 
510 L-4 
*28 i-B 
480 | — 15 ! 27 
681 ,-16 ' 30 
124.1+0.6! 9 
lo4.&'— O.B 
1.880 1 + 6 39 

296.0 -5.2 !25.6| 
o42 ,+Z ! 25.fi 
2b4 —3 .15.15 
28s i ! - 


76 

31X| 


:76.6&l 7.7 


78 

11.26 

12 

3S.7E 

10.6 

10.5 

8.7 

16.77 

1647 

136.76 

394 

23^9 

12.4 

4s 

10 

17^1 


4.9 

8.7 

44 

6-4 

0-0 

'7.9 


8.7 
3.4 

9.2 

4^7 

94 

3.B 

8.8 

7.1 

2.1 
LB 

7.3 
2.6 
2.8 
i-t 

9.8 

7.8 

1.6 

3.4 

3.6 
5^ 

7.5 

8.8 

2.0 

8.6 
3.0 

6.7 


U-t. 20 


ACM 1 Lies ceutti «... 

Viw* A 1 mi ml bi 

\ MAVJL SI 


lm|« fcjcptnrat Iflfi . 

Ampie P«rr>'euin._ 
\-wrtc. MltienHa. 


I*wc. Put P»jiw.*L._ 
Atone. Con. Ithloatrlm— 

A-iot. Pbondation Invert— 

*-W < 

AUi-tlmcfr- 


Ain*. Ol' A Go* 

Bamboo Creek Gobi 

Bioe Metoi lad. 

tSoanaUrvilie 

Uiuantea lad 

Broken Hill prutrldarv- 
HH booth 


uartton United Hw hh v 

WU 

■Tpeklurn Uwmi w — — 

uoter- tU. 

ton*. Gra-ineidr Aurt.... .. ' 

Conumet (Sli 

-our , dc toot 1 ntr. 

woataju Au-trmw ..... 

Dudkh? Hunt+r (Slu 1... 

BttL.UK 

tMiier-amttti 1 

nuleavwui Knniuw- ] 

t.4. 1 nr1,i-Irie» 

iJPU. PiopertvTnr-1 ........ 

dameratev... 

duufcei 

III Au.trnna ... 


Aii't. tt 


tej^CotPUer . 

JeuninK? Iniln.tr'flfc 

una (Danii). 


U91DUII Ul' 

Aletiub Kunatua„.,. n 

Mill Uaf11n*a , 

Alyei Umparian ........ 

ftewa 


batooiaa lateniacianai 

boob Broken HMlnsaltA 

UnsbctlBe— 

UU aearafa . 


■JUer JSapiorauoa — 
fioaeer Cotuere— 

dwultU t * Cmoum 

d. C.'bteteb.. 


uuibHtiiii Mmiiut. 
i)*uxf4 Bxpmrinn I 

iuuU) tin.... — 

rt'njontf 


Minne* <tC rtnr: 

> . . Vr-+tn- ; ... T ,._.^_._. 


tu.<2 

tJ.ul 

tS.lB 

tl.35 

fG.eE 

U.on 

fL70 

TL90 

tLu5 

TI.t3 

ru.7u 

10.60 

W-/2 

tLlB 

rLbQ 

1 1- 96 
to. 34 
tL46 
ri^a 
f5.20 

1 26 
12.40 
t3J»6 
td.75 
. itt.40 
11.80 
tl.48 
Rl. 6 

12- 25 
TU.a6 
T 4 10 

.ft 06 
f£XO 
.10. 8 
tS S 
27 cwratel 
llLWO 
7L.1U 
tJ.30 
tO.38 
tie. 36 
tL'/O 
t&.66 
tJ-89 
f L38 
SLcB 
tO .12 
tJ.43 
£1-80 
£3.00 
-* 10 . 6 / 
tO-J3 - 
t >.36 
fl.18 
-TiUa 

n./i 

tl /0.: 


+-«' 


Acesta 

teunsdo Bnii-Ji— 
Banco Itau PJ<_. 
BelgoUlnelraOPf 
LoJob Anter. OP. 

Pctrobraa PP j 

Pirelli OP 

toj* Cru* OP 

UnipPU I 

VaK~RtoDfiee P'PI 


Unu 


0J4 

1^9 

L42 

L15 

3AU 

2.27 

1.43 

2.29 

5.40 

LD9 




+ 0.01 

+ 0.01 


-031, 
! — o,oe|i 
+aoi 
— ojn 


Crm-I Yld. 


Div 


0.18 


,0.0a 
loia 

0.13 
10. lb! 
031219.60 
+ 0JBW^0(4.63 

I— tiJ'tjJ.lhilfl ,1 


% 


12.78 


d.l6«.4€ 

O^7M.05 


6^5 

6.64 

5.72 

11.18 


i.iais^i 


Turnover Cr37.lzn. Voiaro* 44.1m. 
Source: Rio do Janeiro SK. 


-s.ee 

-»X2 

-0.02 


2 

(— OJM 
1-0-04 

-<LM 
1-0 jB I 


!-0 7 
It0.u7 

-'.tj 

1+0.06 

-..OS 

j-oittS 

HLOt 

-0.11 

-0.01 


h-0.02 


1+0.0 1 
-0. e 

1+0.03 

-O.ul 


M.a.1 

i 


JOHANNESBURG 
. . ' Minks 

October 38 

Anglo Amertcan Corp. „ 

Charter Consolidated 

East DnefOotem 

Eloburg ] 

Harmony 

Klonss 

Ktool 

Rastenbunt Plaftmrm M>1 _ 

Sr. Henela 

Sontbvaai . 

Gold Helds SA ■ 
.Union Cortw ration — 

De Beers Deferred __ 
BtrvooniftzJciir — • 

Bast Rand' Pty. — 

Free State , GedoJd 

Prestdem Brand , 

Pretidem-' Stem 
Sltlf nwfa/n ■ 1 < 

Weikdin — 

W«B Drit-Somrin 


Rand 

+or- 

7.08 

+<n 

t4JB 


tZAOO 

-OJO 

2-OS 

+0.05 

SJ7 

+0.07 

• 8.15 . 


1I-W 


2^7 

+-0.M 

ne.oo 

+0 65 

. UL20 

-9.10 

28.00 - 

+0 80 

6.15 

+0.15 

. S.00 


JL35 

+0.03 

6.80 

—•AS 


. 3S40 
1S.50 
. 16. TO 
&20 
. 6-20 

■ 44J0 

Western Hoidtass * , +L20 

Wostera Deep iB,n 

INDUSTRIALS 

ABCI ■ 3_3® 

Amtio-Ataer. Industrial ... 10A3- 

totrlow Rand ... * 33 - 

Cna " Investments „ 2.23 

Currie Finance 

Dc. Beers. Indnstria] 12^0 

Bdcars . Comounaied to*. 3J0 

Bdaars Stores t 37 .W 

Ever Ready- SA 34D 

Federaie VolksbeleSEtass 1.89 ? 
Greuentuns Storm ta.9& - 

Guardian Anunutce (SA» . - 235 +0 05 


1 +0.48 
—*58 

+0J8 

-9-8S 

+888 

+2^9 


+8.08 

■+0.15 

+0.0* 

+0.01 

+'*JQ 

—030 


rJ. 


^ •' 

M • 

1 3 

I : 

ii 

‘.•j 

% 

h! 

jsj 

£ 


* 

- * 


t 

\ i 


\ - 
» 1 



- SAB 

+0JW 

n ; 


LTA • 

. ZM 




McCarthy Radway 

OX 

— O.M 

5 i+. 

1 i" 

NedBanfc . 

OX 

+o.n 

h y 

$ 

OK Ramn . - 

8.00 

+4.82 


-,rk 

Pretoria Omnwnt 

SJS 

+0.1® 


fl 

Protea BobUngs - : ^ 

uss 

+■0:02 

S V: 


Rnna Mines Properties - 

UO 

+0 0S 

r- :;j 


Ret©: . „ 

aja 

•-0A1 


SAPPI ... . 

244 

: +0X 

9 


C. Gl Smith Sonar 

fiJW 

+SJ9 

1 £ 

v _ 

SA Brgweries -. — .j. .. 

1AU 

+0J5 


\ 

Tiger Oats and NatL Mg. 

12.10 

■+OJO 

V 9 

jJ • 

Untsec ■ 

LAO. 

-«ja. 




(Discount of 37.81%) 


NOTES: Overseas 
wttbiroliliw; tax. 


■ prleec asciude- i premium. BeUdan ; , dlvittenla !aro alter 


S fe : - vt: 


susDcnston- o Florins. -bStiulIuxs. -c Cental, d’blvldond after pravjHte nnhu 
and/or scrip issue, c Per share, f Francs. e Gross dfv. %. it Assumed dtirldemi 
after scrip’ and <& rights issue. A After local taxes; tit's tax free. * Francs. 
Including. Unllac div. pNoui. o Share split, a DLv. and ykld aifinito 
navmtDL t Indicated div. tt Vnol6d*3 TradtaL- 9 WfeOrity htOdecs only, y Mmer 
pending. *Ask«L t’Btd. 5 Traded. tSeEcr. r Assumed, ir Ki rishu. xd Kx 

dividend, xc Ex scrip issue. x& Ex alL. - a I nterim, since increased. 


d i. 

<> I- 


< t 

k 


* SiV -: 4 < 


tyr^-o* 




. \ 





















































Financial Times .Monday October 23 1978 


35 





EUROBONDS 


BY NICHOLAS COLCHESTER 


* * CURRENT INTERNATIONAL BOND ISSUES 


Black Friday for dollar bonds 


'THERE WAS no mray jn which 
/he dollar sector of the »nler- 
latioaul bond market could 
■wist the pressures to which it 
>'as subjected last wetk. The 
inliar Fell by 3.‘J per cent apainst 
'he IMJarfc ;p 3>?»J LSI and to 
rill all-time low by Morgan 
juaranty’s trade-weighted culcu- 
lion. 

There wm a shocking set of 
nooey supply statistic* in the 
_■ J.S. and the US federal funds 
arpet " rose by 4 per cent to 
» per cent. The si.v-menth 
•ffered rate on Eurodollars went 
rom 101 teat to just below 
.1 per cent by the week-end. 

, The result was an unremitting 
. led me m dollar bond prices, 
lind Friday was this market's 
.'•yorst day so far this year. 

; The Fall in prices was most 
• eve re at Lhp shorter end of the 
••oarket The market appeared 
■o be catching up with a relative 
...deterioration in medium- and 
' horl-ierm bond prices which 
already ‘.a sen place in the 
'. r .S. As the prospective peak 

U.S. short-term r3le taken on 
'hr ' .vpeet nr an indistinct 
iaroau, ihe di.^lJu+rinin-.-ni has 
P read out ;ilun; the maturity 

U.S. BONDS 


scale. „ , 

Thus '.he E1B S3 jumped in 
yield last week fipni 9-4 per 
coni to 0.36 per cent, while Ihc 
yield on the same borrower's 
-0-year bond remained un- 
rhanged at 9. 30 per cent. 

a number of dealers men- 
tioned Swiss selling as being a 
factor in last week's malaise. 
Sonic a;;»latiun among the hard 
currency investors is not hard to 
understand. Al the end of 

September, Strauss Turnbull cal- 
culi/ tod :hat fur an- investor to 
stick with a five-year bond in 
high yielding U.S dollars rather 
than opt for the lesser yielding 
DM equivalent, he was garaWins 
on the dollar falling less than 
15.5 per cent against the DM 
over iliac, five year period. 

Three weeks later the dollar 
has 6.6 per cent of That fall 
already behind it. Plainly a 
yield difference between D-Mark 
and dollar bonds of 3} per cent 
dnos not adequately reflect a 
difference of 6 per c&nf.tand in 
recent m>m!!i:. twice that figure) 
between ihc iDlaiion rates in the 
t\»'u c-»r.nir»cs. 

V.' th ihe Dow .Tones index 
d»A n fit* y o/o is Iasi week it was 


not surprising to hear that one of 
the rare new dollar issues, the 
convertible for Central Tele- 
phone and Utilities Corporation, 
was proving hard to sell. The 
tuarltci felt that 'the 12-per cent 
conversion premium was loo 
sleep fur utility share and that 
the margin of yield over the 
ordinary shares was too slim'. 

Two factors combined lo make 
it a rather nervous week in the 
DM sector. Although the Ger- 
man banker^ may nave slid tin 

restraint in shaping the current 
month's calendar of DM bond 
issues, ihe market still regarded 
ihe total uf DM 1.2bn (including 
the supranatiimal agencies) as 
quite a mouthful. At the same 
time the Bundesbank, by its 
actions last week, showed its 
determination to squeeze out of 


ihe German money market the 
D-Marks it was selling in its 
efforts to keep that currency 
down. 

Prices declined in both ihe 
domestic and international Dm 
bonds and there was some resist- 
ance lo emerging new issues — 
particularly those of lesser pedi- 
gree. The- indicated price nf the 
Deutsche Bank's issue for Bank of 
America held up well at around 
99} but Hie DM 150m issue due 
'this week Tor the European Coal 
and Steel ' Community, a prime 
supra-national borrower, was 
■greeted with a iiitle reserve. It 
is a-ten year bullet with a cou- 
pon of 53 per cent. The expected 
offering price is 99 bur the mar- 
ket. was indicating 98} on Fri- 
day. 

The City of Copenhagen is 


BOND TRADE INDEX AND YIELD 

1978 

October 2d October 11 High Low 

•n.16 C 02 OB 21 B.29 99J4 fl9-'4) 97.W (M.-ID) 

91.81 8.95 92.36 8-85 MJ7 CW*» 91-78 129.10) 


Medium icim 
Lung irrn 


Curq-lrar 

Ci'drl 


EUROBOND TURNOVER 
(nominal valor in 5m) 
U.S. dollar bond* 

Iasi week previous week 
... -- 916.3 

5313 272a 


Other bonds 

lost week previous week 
— «fc.7 

US .7 .702.3 


issuing a' DM 75m bond with a 
6 pur coni coupon, a 12-year final 
maturity and an envisaged issue 
price of 99; per cent. Again. 
Deutsche Bank is lead manager. 
In other sectors. Solvay Finance 
is to raise LwFr 500m through 
a seven-year bullet with a coupon 
of 8 per cent and an offering 
price of 99* per cent. Lead 
manager is Banque Generate du 
Luxembourg. 

Swiss Bank Corporation is 
managing . a SwFr 40m bond 
issue for “ American Express 
International Bonking. The 
coupon will be 3$ per cent and 
the issue price 99 per cenL The 
bonds have a final maturity in 
199.1 The Algerian Stoic Ship- 
ping Company is expected soon 
to lloat a Kuwaiti Dinar 10m 
bond through a group of banks 
led by Ball and KTCJC. 

• A reference work on all the 
types and denominations of fixed 
and flnatinq rate international 
.-wciirities has jmsr been pub- 
lished by Ihe Orion Bank. Ii is a 
compact guide to the character 
of each sector of the market and 
j, available from Orion on 
demand. 









Offer 


Amount 


Av. life 

Coupon 


Lead manager 

yield 

Sorrowers 

US. DOLLARS 

m. 

Maturity 

Years 

C*T 

Price 


/O 

ttt Canada 

400 

1983 

5 

9 

1G0 

Morgan Stanley 

9.20 

Jtt Canada 

350 

1998 

20 

9! 

100 

Morgan Stanley 

9.46 

Jt Banque Exterieure 






National Bank of 


d'Algerie 

40 

1985 

7 

7?| 

100 

Abu Dhabi 

7.641 

tGotabankcn 
§ Central Telephone & 

25 

1988 

70 

6 

100 

S. G. Warburg 

6.09,1 

Utilities Corpn. 

40 

1993 

— 

7 

m 

Dean Witter Reynolds 

• 

fLong Term Credit 






Credit Suisse First Boston 


Bank of Japan 

75 

1985 

7 

5] : 

100 

Credit Lyonnais 

532.1 

D-MARKS 
£§Marudai Food 
$ Banque Exterieure 

50 

1987 . 

— '.- 

21 

ICO 

Deutsche Bank . 

3S 

d'Algerie 

100 

T9S5 

6 

7 i 

ICO 

DG Bank 

735 

{Argentina 

150 

1988 . 

S 


99 

Deutsche Bank 

6.64 

$"’Eurofima 

80 

1988 


si 

99* 

Deutsche Bank 

5568 

^Austria 

150 

1990 

9i 

5-; 

100 

WwtLB 

5.75 

+* ’Commerzbank fnt. 

100 

1983 

3 

5 

99\ 

Comerzhank 

5.17 

Bank America Corp. 

150 

1990 

12 

51 

« 

Deutsche Bank 

4i 

City of Copenhagen 

75 

1990 

7} 

6 

99} 

Deutsche Bank 

6.06 

§Olympus Optical 

SO 

1985 


31 


Deutsche Bank 


EC5C 

150 

1988 

10 

5i 

99 

Deutsche Bank . 

5.835 

SWI5S FRANCS 
tAmcrican Express Int, 








Banking Corp. 

40 

1993 

na 

3.5 

99 

Swiss Banking Corp. 

338 

LUXEMBOURG FRANCS 













Banque Generate du 


tSolvay Finance 

500 

1985 

7 

e 

99} 

Luxembourg 

8.10 

a Not JTK priced. J Frtul Rim. 

** Placement. 

t Fluting 

rale note. 

:' Minimum. $ Convertible 

tt HttnRrad vriht U.S. SM/ritiK ad E>chan£c Commiulon. 

f Purchase fund. 




Note: Yields are eak&Lited on AIBD basis. 





BY DAYSD LASCELLES MEDIUM-TEREVB CREDITS 

“ The buck stops at a half 


BY FRANCIS GHILES 



cent 


99 


• f.AST WEEK be^an with an 
•■vent — l*h; passage of • the 

Inergy Bill— that was simps -ed 
b mark the* beginning of new 
'on fide nee in the U.S. economy. 
"■ 'ct, quite the opposite happened. 
.'J .'he stock market plunged ?. 
■-'ecord 59 pointy ihe dollar hit 
- iew depths- against several 
urrenvies, and U.S. i nitres. I 
ates c-dgcd rheir inexorable way 
ipwards. 

T Some say that the market had 
recounted the Energy Bill a 
oug time ago. But this is not 
/holly piatu/ble since (he Bill’s 
*- xact form did not emerge until 
he very last minute. More con- 
’ inc'ing is the view that the mar- 
1 ets are gripped by the fear of 
; ising inflation and interest raw. 
o the exclusion of all else. 

- Thus, the week began in the 
-hadow or a rise in the bank*’ 
/rime rate lo 10 per cent (a 
oorl head line- grabbing number ). 
. in Monday, the Fed increased its 
‘recount rate to a record 8* per 
ent. and -on Tuesday the regular 
-heeling of the Open Market 
- -;oramitiec created the expeeta- 


tian of a further rise in ftp key 
Fed fuad> r.«t ■-* This was swiftly 
borne out when Fed sales of 
government .'ovuritirs nudged 
the rate up !u S per cent. 

The Bond market rertlcd lo 
these dove !. , »pm/'nts with a steady 
downward drift in .prices. Ac- 
cording to Salomon Brothers,- the 
yield un new medium term triple 
A industrials widened by 10 basis 
points to S.75 per cent against a 
12 month low of 7.35 per cent. 
The yield on similar utility Issuer 
also moved hy 30 basis points 
over the week to S.Dj per cent. . 

A good illustration of .the 
distance travelled by the market 
in recent months came with 
Canada’s C>750m offering. The 
major even l of the week. The 
CSJOflm v.unh uf five year 9 per 
cent bonds, and CS350m .*20 year 
9; per cent bonds all sold at par. 

Eul the fetues conceded 0.5 
and 0.6 per cent respectively 
to similarly dated U.S. treasury 
focunliesi compared to 0.2 per 
cent and 0.45 per cent when 
Canada came to the market with 
comparable issues only last 


Marrit. 

LaM wool.’?. events did tittle 
lo clarify the confused outlook. 
Hi- -ugh (hey prubdbly 
■rirvnulhcnpd the underlying feel- 
»iy 'hat ini crest rater, must go 
higher Mill l.e fore they come 
doivn. .\+ iiiip hi»n>l dtsib'd wild, 
“Ft.infck 1 h,iVij no idea what 
will li.i;<p(*n. Cut if butueunc 
came in me and said they wanted 
tu borrow. I’d reply do it /.tumor 
rather than UH-r." 

From rhe Feds point of view, 
the growth m imuielar.v aggro- 
L’Mes bui altli tu be hrotlglii 
under emu rut. Ljsi week saw 
sharp increases in ihe seasonally 
adjusted money supply. S3.Shn 
for Ml and S-l.Tbn for M2 
T'liis pul; the four week aver- 
ages over the pa'-l four weeks al 
an anMn:/| rate of J12 per cent 
and inti per cent, which arc- in 
hoih c a »•'.■.? abo»e tlie Fed's maxi- 
mum tarjLol. {.According to the 
recently released minutes of the 
Fed's September OMG meeting, 
the growth range for, Ml was 
raised from 4-S per cent to 5-9 
per ceDt. and fnr M2 from 6-10 
per cent lo 6j-10; per cent). 


ELECTRI CITE do France lEDFi, 
the French state electricity enr- 
porauon. is most unlikely to come 
to the market for a SIGftm 
standby facility witii a spread of 
^ per cent over rhe interbank 
rate' for the first three years, 
rising to & per ecu l fur i Ju- 
re tnainder 

Leadinii German banks and j 
number of Japauese cMahlxh- 
menLs have indicated ti/ey wuuld 
not wish to participate in a loan 
jnr EDF tin such terms. 

Soundings carried out by 


Credit Lyonnais sn behalf of the 
borrower hare n that it 
vould be pussrule lu p-.'.t together 
a S'ioUm loan on such terms bu r 
that not enough prime bank 
names would agree t« participate. 

This point is crucial. The 
financial needs of EDF in the 
m-M few years .ire rc-rsiderahle 
and ihe borrower v.v,ni> :o ensure 
Out a very powerful management 
group . is formed. Credit 
l.yonnais has decided that it 
would be wrong :» force the 
market in any way. 

A decision is expected early 


thir week on the exact size and 
terms of the standby facility 
EDF will seek in the market. 
The last two facilities EDF 
arranged, as in this case to 
serve as a back-up For commer- 
cial paper in the U.S.. amounted 
to SoOOm (January. 1978) and 
S60flm re.werively. A loan oF 
similar s;ze can be expected 
this lim«\ 

. The SSOm loan for the Agri- 
cultural Development Bank 
f.ADR) of Iran has been, can- 
celled. It was to have been 
provided and arranged by Blyth 


Eastman Dillon, DG Bank, Tokai 
and Dai Ichl Kangyo. Other 
London banks had been invited 
to join the management group 
(the first attempted by Mr. 
Minos Zombanakis in his new 
capacity as bead of Blyth East- 
man Dillon) but declined to do 
so. 

The major reason for refusal 
was the widespread feeling that 
this loan had been mispriced. 
The borrower was expected to 
pay a spread of i per cent over 
the interbank rate for the first 
five years, rising to l per cent 


for the last five. These are the 
same terms as the last two big 
loans for state-owned institu- 
tions. the National Gas Company 
and the National Petrochemical 
Company. 

However, the ADB loan would 
not have carried a sovereign 
guarantee, a point oF no little 
importance where Iranian bor- 
rowers are concerned. Secondly, 
this borrower is felt to be of 
poorer quality than the other 
two. Thirdly, the recent disrup- 
tion in Iran is having a cumula- 
tive effect on banking sentiment. 


HOWL 


— FT INTERNATIONAL BOND SERVICE 


The !ua- straws Che 200 latest taternactooiil bonds for which an aditroatc swondjrp Tnarlwi alias- -The prices over .Che. past 
-eek wer? 'supplied by: Bonduradc: Krvdleibank NV; Commmbank AG; Deutsche Bank AG: Wc.nrltuiscJUf bandeSbank Giroren- 
. -air; BantjUc Ini. Lcuu/mbonrs; Rmdiet Bank Luxembourg; Alaeracue Bank Nederland NV; Pierson. Heldrtp* and Pierson; -Credii 
— utsse .'Swiss Credit Bank: Union Bank of Switzerland; Akroyd and SmithcrB Ltd.; Bhnkors Trust Int. l.irt," BPDC: Cllicorn lm. 
ank l.td.: Palwa Europe XV; Dcll -c TratUns Comnany Ud.s Dillon, Read ' Overnpas Corporation. SBC Lid.: Fim ChlraMn 
cd.; Goldman Sachs Trn. Corporail/wi: Hambros Bank Lid ; tBJ Iniemailorul Lifi.; HiU Samuel and Co; Lid.; Kidder Peabody 
• it.: Merrill -Lmth; Monan Stanley mi.: Ncshitc ThomEon Lld^; Salomon Brin. Ini. Lid.; Samuel Mom ana -and Co.; Scandinavian 
. ank Lid.; Strauss Turnbull and Co.; Sonuiamo Finance Idl; S. C. Warburn and Co. Lid.; Wood Gundry Lid. 

Change on 

Issued Bid Offer day week Yield 
IS *7J Mi 


- 13- DOLLAR 



Change no 

TRAIGHTS 

1 rated 

Bid offer day week 

W Akl. Bi BS 

25 

9tt 

971 —01 .—03 

ustralia S S3 

350 

4Si 

96 -m —01 

nsrralu S.-U 83 

175 

nt 

91! -04 -82 

usi rails BI M 

75 

493 

uai -oi -di 

eainre Foods 71 S3 

m 

9 SI 

941 —81 -14 

EC.\ fi{ S7 . 

so 

9 Si 

960 -M -H 

GCA 9 93 

25 

97) 

-981 -W -li 

ECA n 9i 

25 

9Zi 

991 -M -IS 





anada 8 S3 

558 

961 

961 0 -01 

anada 8,20 83 - 

2SS 

95/ 

9U -04 -32 

anada 83 BB 

250 

*4i 

941 8 -x; 

- anadalr 3j S3 

70 

953 

964 -m -zi 

■amlnlon Bridge Co. 9 86 

25 

941 

941 -04 -o; 

IB Si S3 

300 

971 

971 -84 -8| 









:IB 9i 98 

125 . 

971 

981 0 -02 

IB Si M 

103 

99 

991 — BJ +81 


25 

9M 

9*3 -04 -01 

:tsponHnans 9 85 

56 

97* 

972 -01 -1 

>roort Develpouu. S.ti 83 

32S 

971 

9B1 -04 -M 

^..inland s; fis 

100 

971 

98: -w 



972 

98* -04 -0* 

. !«pilal 0/S 9 S3 

25 

96S 

974 -01 -11 

C lniosuKS 9 S3 

as 

«5 

953 —01 -If 

' d Ftaauco fti 85 

25 

961 

963 - 81 -11 

ol Finance 9i 90 

20 

9M 

9*1 -01 -21 





. C- Perniry Si « 

300 

9fcJ 

971 -81 -11 

l»c Blwdel 9i B3 

50 

962 

971 -01 ~U 

iZ Dev. F in. SI u 

20 

94 

94* -0J -li 

:Z lirv. i-m. 61 Sj 

20 

94 

Mi -81 -11 

jl West. 9 Sfi ... .. .. 

IS 

981 

984 -X ~U 

■•wloumlUnd 9i 90 . .._ 

50 

9Ti 

981 -6i -U 

orU Inv. Bk. s; SS 

25 

9W 

9S -04 -04 

loiws Konun. 91 9* . . . 

75 

«1 

982 -III -83 

inrwsy 7J x3 .... 

250 

431 

94i -11 -11 

•orwaj S| S3 

125 

943 

951 -Oi.-ll 

^;.orwar t>i ffi . 

ISO 

98.1 

984 -01 -0i 

.•'i'u-cjdioul s; <j ... 

75 

942 

95* -0* -BJ 

»tn. Hydro 8* S3 

125 

9ii 

95! -M -1 

•Uobcc Hydro 91 P: . . . 

SO 

9B4 

9K -BJ -11 

Wfdco 9{ 9S . . . 

125 

981 

991 —04 — 81 

;K «: *3 

200 

97i 

98 -01 -o: 

,;K Si 9?. 

156 

971 

981 0 -01 


9.7S 

9AT 

139 

9-35 

9JS 

941 

9M 

9J7 

Ml 

931 

9.21 . 

9 M 

9J3 

M 92 
1M 
9JO 
935 
1ST 
US 
9.77 
9jSB 
9JZ 
1M 
9-55 
9J2 

38.01 

U31 

10 A3 
9J3 
9.29 
9 AS 
9.M 

957 
931 
9JB. 
133 
9-52 
9-51 
9.« 
9.3S 
9.95 
9.05 
9.70 

958 
90S 
9-32' 


Change on 

Usoed Bid Offer day Week Yletd 


ieutsche mark 
TRAIGHT5 

■sion Develop. Bk. 5‘ 8S 101. 9U 94! -3i 

ust ralis « 85 S3 1B2 U2t —84 

YB Mexico 63 S8 150 97S «i +W 

'aria da Ai S3 - . t» 93i 981 -HXi 

base Mnnhattan O.'S 9 93 308 10U U2j -0* 

'ommerzbank Inf. WW 3; U8 19Bi 

■ 'ommpribank Int. XW 34 100 &U 

kranrU ot Europe 6i .. — Md 180 

UB 5) 90 - 258 931 

:rB fi 90 30# '9S» 

lektrobras- Brazil Ci ISO 984 

- :u Aoniiaine 5* «a uq w 

BJ9S4 1» 99i 

Mie, Clu of it SW ,190 Uli 

.iRhc Services de EJcL ... 158 954 

Jrtlco 6 Si 200 961 

dhsnhtsfd Petro. 51 95 ... 308 1021 1034 

Uppon Steel 51 88 •• U# 3# 1 ! 1BZ < 

Corses Komm. 6 90 1W MU MU 

Vaivar 41 83 2S0 WS 97i 

, 4(irwesian Lnd. Ek. E 90... 12S 3004 1083 

’oirafcn Brasil 7 US XW 994 100 

dulippincs fi.' S3 109 94 

;'*K Banken at MS M8 95t 

ttiphff*. Pnivincr of 6 90 150 97 1 981 

tamaruokkl Oy 88 SO .954 958 

<JC0b 5i S3 30 991 1B04 

ipa'.n r. SS 290 941 9TJ 

italml li 8S 158 1004 1001 

rauL-rnaulobnim Si 93 .... 70 904 922 

frandbelm, C-.ty of SI ... 35 9K 971 

.TO? Group 5! S3 « 974 93 

. / pur >ni- la g gg 250 954 954 


1884 

81 

1084 

9#1 

991 

99 

958 

1098 

1012 

w 

97, 


-0* 
-BJ 
0 

+ 01 
-Di 
+84 
+04 
-08 
-01 
+04 
- 0 * 
+ 04 
-88 
0 

-04 
-01 
+04 
MS. -« 
90S 0 

0 
-04 
-04 
+04 
-84 
+04 
-04 
0 
0 


-04 

+84 

+B1 

+04 

+04 

+28 

-21 

0 

B 

-IB 
+W 
— Di 
-04 

+04 

-Si 

-« 

—88 

+08 

-04 

0 

-04 

-04 

-o; 

-04 

-08 

+04 

- w 
-01 
-04 
-Di 
.-01 


6.00 
5 M 

7.00 
5J2 
5.78 
2-99 
5J8 
6. OB 
6 M 
6.12 
■6-90 
5.93 

5.00 
S3 0 
740 
655 
5-26 
5J7 
552 
5.11 
5.95 
7.05 
7.49 
6.23 
627 
6.41 
5J5 
6.81 
5.93 
5.46 
6.18 
6ZS 
655 


SWISS FRANC 
STRAIGHTS 


Change on 

Issued Bid Offer day Week Yield 



* 

IB 

1BC) 

+01 

+aj 

4.58 


« 

wui 

m 

+«u 

+1 

3.92 


100 

.96 

Ml 

+04 

+M 

441 


79 

.3034 

1035 

+01 

- +0J 

am 

iVRD 4! M 

50 

98 

981 

+81 

+1 

4.96 


U> 

183 

1034 

+81 

8 

441 

Bankomcrlu SJ 93 

80 

10U 

1Q1! 

+04 

+Bi 

3J6 

BMD5 3 85 - 

75 

uni 

1GU 

0 

+0J 

4.77 


109 

184 

1M1. 

-04 

-01 

4.05 


80 

19 *i 

.10*4 

+« 

+1 

4.13 


in 

382J 

IWl 

+01 

+0) 

4.U 


80 

1821 

1924 

-84 

+11 

4.03 

F. L. Smidib 4} 89 

25 

iso: 

j mi 

+W 

+04- 

4.41 

■ Finland 4J S3 

88 

1824 

uu 

+04 

+1 

443 

GZB 41 83 - 

in 

10*1 

uu4 

0 

+0! 

449 


JS 

1001 

n m 

+84 

,+U 

343 

ICT Fin, NV 41 M 

100 

10*1 

DBS 

+01 

+tu 

3.92 


sa 

97 

971 

8 

+81 

447 


308 

10*4 

UM 

+0i 

+14 

3.71 

.' New Branwrek-EPC 3: .. 

300 

991 

99! 

+04 

+ 14 

342 


70 

uroj 

m; 

+0.' 

+ 0! 

3.91 

,; r Norses K«BW. 41 W I... . 

103 

in 

1384 

+0i 

+ljr 

1M 

^ OKB 1 93 

80 

in 

mi 

0 

+1 

3.98 


20 

1D2 

1624 

0 

+0| 

4 76 

/ Quebec Hydro 33 03 ......... 

138 

98 

m 

+01 

+04 

3.93 

/ Bale 4) 9a 

38 

3B2* 

1821 

+0! 

+0! 

443 

Seas 4J 83 

15 

1814 


0 

+1 

449 

voe&i-Aipiae 4* S3 

100 

103k 

1034 

0 

+14 

440 

Voralbers Krafi 4 93 — 

38 

10U 

10U 

+01 

+M 

3£ 

, Vienna 4 83 — 

180 

UU 

uu 

+« 

+1 

347 

World Baal: u 83 

750 

ioaa 

182! 

+M 

+14 

448 


YEN STRAIGHTS 
Aslan Dev. ak. 5J 88 
Australia 6.6 90 .... M 1004 101 

BFCE fi A M 30 964 974 

Earnfima 6" 9fi ..10 96 97 

Finland fi.7 W 25 974 98| 

Norway 5.7 S3 25 M3J HW4 

n-slo. Pliy of 6 fi 90 , 

SNCF 6.B 90 

Swi-dt-0 6.3 30 


OTHER STRAIGHTS 

Alsemcnr Bk. 64 S3 FI 
BAT 6 SS Lu-chr . 
llnycr Lus 9 Si LuxFr 
Mi'.'! and Hope 7 83 FI 

Brazil T: TO FI 

CFE Merl.ra 72 St FI 
Citicorp O 'S Fin. 10 S3 £ 
CorenJuron 7 DI EU A 
STB 7; PS Iocs Fr. . . 

ELB “f S3 FI 

EIFt 53 S3 £ . 

Oranjobonm I0| M C . 


Nedi-r. Mlddenb fit l 
New Zealand Bi 34 F| 
Norvay 74 S> LtaFr 
Norway fi! H FI 

OKB G; S3 K1 

Panama S! 93 EUA 

Henaull 7; SK I.nxKr 

RnwntT,.^ lUi SB £ 

Ban*; U-S Bold lli AS 
SDR Franc-.- 7 W EVJA 
Spars 1»I R3 f 
Swedish 1. Pk. 9 SS Lin 
Whitbread Ifit 90 i ... 

FLOATING RATE 
NOTES 

American Expro*s ffi . 


Bank llandlowy MS SS 
Bank of Tokyo 83 
Baimxe Worms Mu? ^5 
Bg. Ect. iTAta. MS 375 
Bijue. lndo et Suez Mat 
Bq. Int. Afr. Otx. M0.5 

CCCE SI 5.85 OS 

CCF M3.’ 63 

Chase Man. O.'S MS) 93... 

ensta Flea MS} 95 

Credit National M3I 6K 

Enin-inil MT 86 

SKTE MB S3 

lEbibawaiima M5J SS ... 
LinbUanska M7.75 fO 
. Midland Inti. M3} 93 ... 
*f.iL West. MS} 90 _.... 
Nippon Cn/itir Bff&i S3 

UKB M3! RS 

Offabore Mining BC 
Standard Chart M5.5 99 
frumiromo H vary MSS . fi 
Snndsvallsbanken MS 85 


CONVERTIBLE 
BONDS 

A&K-3 5i 93 

Baker Int Flu. 6} 03 . 

Boors /.i VI 

Cnru-Cola Bon tins t>t 

tin Vokado 5: 93 

Novu Industries 7 S9 .. 

Ti-vas lm. Air. 7i 93 . 

Thom InL Un. 7 M ., 

Tyco Inc. Fin. 3} . 

Tyco Int. Fin. G B4 ., 

Asa hi ripiicl 3} DM .. 

Casio Comp. Si 85 DM 
Izumlya 3} S6 DM .. 

Jnsco 3i SO DM 

Knnishlroku 31 85 DM 
Murata Man. 31 88 DM ..Jl/Q 
Nippon Air. 3.5 Sfl PM , .12/70 
Nippon SWnrwn 3| DM ... a/B 
Nlsrlrti) Stool 4 EG DU ... 700 

Mroh 34 « DM . 11/78 

Sairtro FloctHc Si DM ... 8/7». 
Sanyo Electric 1 34 PM ..Jimt 
Soiyn Rons 3J 80. Dm ... 9/78 1275 
Stanley Electric 33 Dlf ...UriB 623 
Trio-Kcmwwd 34 W DM . 11/78 711 


-84 

8 

-tu 

-84 


+1 
' +81 
■a . 

o- 

-ii 

+84 


6.B4 
6.63 
6.92 
6. IS 
i7.U 
4JQ 


15 

98i 

9W 

8 

B 

651 

20 

981 ' 

991 

+IH 

+0* 

656 

40 

95! 

96! 

+01 

+04 

6.94 




Change on 


Issued 

Bid 

Offer 

day 

week 

Yield 

75 

Mi 

95! 

+Bi 

— Oi 

757 

250 

95J 

96! 

8 

8 

S59 

z5a 

96J- 

97! 

a 

+0* 

151 

75 

96 

96! 

+01 

+14 

7.98 

75 

943 

95S 

0 

+0! 

8.7* 

75 

951 

W 

+01 

-01 

' BJM 

28 

053 

86* 

-81 

— 2J 

12 JS 

30 

971 

98! 

+0i 

+ 1! 

7.19 

259 

Mi. 

971 

+04 

+01 

8J6 

75 ' 

94! 

. “SI 

+14 

+13 

U7 

25 

89 

B94 

+01 

-1! 

11.66 

'IS 

25 

SS 

-Oi 

—0! 

12.72 

12 

Si 

Si 

— 04 

-1! 

32.47 

258 

97* 

97! 

-Oi 

+tt- 

BJ8 

25 

97 

974 

+01 

+1 

. 739 

10 

864 

86! 

-01 

—14 

1357 

75 

96* 

971 

-04 

+ 83 

1JO. 

75 

96! 

971 

+84 

+8! 

1M 

250 

9*1 

97J 

8 

0 

OSS 

300 

95C 

961 

0 

+8! 

758 

75 

93* 

93J 

8 

+11 

7.79 

79 

-96 

97 

-fli 

-64 

8.67 

500 

962 

97! 

+04 

0 

B.U 

"TO 

Mi 

ust 

0 

-84 

13J6 

12 

96! 

97J 

B 

0 

12J3 

22 

■98S- 

99! 

+01 

+2 

701 

15 ' 

m: 

SI 

+ H 

+ 81 

13.16 

580 

991 

1081 

-01 

+1 

BJ1 

15 

av 

8S2 

—04 

-24 

32.94 

Spread 

BM 

Offer 

C^late 

C-cnn Cor Id 

U 

99! 

99J 

20/10 

8 

8.S 

a: 

96S 

97i 

31/1 

9! 

4.63 

n 

97! 

971 

aia 

91 

9.62 

l! 

961 

97! 

S/ll 

9J6 

9 JS 

U 

974 

97! 

U/4 

18* 

18.77 

01 

974 

984 

15/12 

9 

9-18 

ftj 

97i 

984 

9-7 

9i 

9J2 

u 

973 

984 

25/1 

9! 

958 

u 

97 

97! 

12/1 

9! 

954 

04 

96! 

97! 

3/2 

9A9 

9.46 

n 

983 

Mi 

3/11 

SS 

IjH 

01 

961 

97! 

27/1 

Ul 

9.68 

u 

991 

100! 

10/4 

ii jq 

1109 

.01 .. 

96! 

971 

11/1 

. 9J9 

9-47 

0* 

198! 

981 

n/3 

u 

10J5 

03 

983 

991 

5/4 

10.69 

UU 

01 

98! 

99! 

27/10 

81 

852 

1 

96* 

97! 

19/1 

UU 

1858 

os 

9Ii 

98* 

29/1 

9.44 

954 

u 

97! 

98! 

Zl/12 

9J1 

9-50 

0k 

981 

991 

15/3 

9* 

958 

04 

98} 

99 

U/4 

10.56 

30.70 

Si . 

981 

98! 

19/1 

9.44 

957 

81 

9S1 

974 

18/2 

.8.94 

9M 

04 

99t 

992 

tt/3 

9M 

9.7S 

04 

911 

97! 

4/4 

IBM 

16.33 

U 

90! 

991 

4/11 

8.31 

858 

Cnv. Cnv. 



Cbg. 



-81 

8 

8 

0 

-84 


date price Bid Offer day 
9/18 628 1884 1094 -01 

1034 1084 

98 99 

93 99 

148} 149 
96 964 

89 90 

1131 IMi 
102 IDA 
74 754 

98S 994 

1872 IDBi 
U0I XU! 

182 2024 
984 99 

98J 998 

99 991 
1174 lUi 
144 16 
UK 1054 
1251 1261 

944 954 
1188 1195 
1834 1M 
978 984 


1/79 34 

.. 2/79 206 
.. 4/79 9 

.. 6/78 1413 
. 4/79 2S+ 

.. «/79 14 .5 
■ Jim 3.67 
.. 9/78 21 

. 5/78 61.S 
.12.TB 538 

.J1/T8 841 

■J0/7B 989 
1/79 2270 
1/19 612 

854 


738 

138 

U7 

949 

295 


Pram 
7.86 
12.64 
B.U 
10 39 
1.70 
0.55 
20.72 


+06 -3.76 
0 15-54 

— B| 146.76 
+01 17.13 
+1* 1L11 
-11 i62 

-8J 14.72 
-0J 19.24 
0 4.82 

-04 US 
-04 Z75 
0 487 

-Of 1524 

-84 M M 
13J9S 
- 8.02 
16J1 
13.76 


+04 

+04 

-01 

+■81 


■ No Inform a Uon available— provkma day’s price., 
t Only one market maker Kiipplfed a prlcn.— 
SteelBbt Bonds: The yield to the yield lo redemption of tha 
mW-price. Ut+ amount Issued Is ttr millions of cuTTcni-y 
antis escepi for Yen bonds, vbere It is m bilUons. Change 
an wrelr= Change aver price a week earlier. .* 

Floating Rale Nates: Pcnamliulcrl In dbllam unless other- 
wise indicated. M=MinImnni coupon. C.datc=Datc nrxi 
cannon becomes cITertivi.-. Spread-- Mamin above sto-monlh 
offered rale for -U.S. dollais, C.cpn-Tha currtdll coupon. 
C yld"Tbc cnrronl yield. 

Convertible bonds: Dnaomlhated id dollars -unless Otherwise 
mdiratod. Che. day = Change on day. Cnv. da1c=Fiml dale 
for conversion into sham. Cnv. price rNomuuJ amount ol 
bond per -,harp expressed In currency of share ar conver- 
sion rale fivi-d 8t issoe. prem^r Percent *op premium of the 
current effective price of acquiring shares via the bond 
over the most recent price of the shares. 

©The Financial Times Lid., iffrs Renrodnrtion In whole 
nr In pan to any form mot permitted wtlhont written 
consent Dau supplied by lmor-Boud ServlccB. 



Executive Directors of the International Banking Group from around the world are: John Dunlop, Joseph Galazka, 
James Hildebrand, Warren Hutchins, Milan Kemo, Hany Martin, Richard Miles, Joseph Oliveii'Richard Reibman, 
Gerard Trondn and Stephen Wilberding. . 



grew at a record rate 

Doing things no other 
banking institution can do. 


tyear. 


U ’nlike any other banking institution in the world, 
the Merrill Lynch International Banking Group 
offers commercial and investment banking services in all 
the international capital markets outside the U.S.,£lus 
direct access to long-term capital in the U.S, 

This unique international banking capability, coupled 
with Merrill Lynch’s worldwide securities distribution 
and trading power, was no doubt decisive in helping the 
Group achieve its solid record of growth in 1977. 

International public issues: $2.8 billion 
International public issues managed or co-managed by 
Merrill Lynch amounted to $2.8 billion in 1977 versus 
$2.2 billion in 1976, an increase of 25%. 

The total financing Merrill Lynch helped arrange for 
corporate or governmental clients in the U.S., Canada 
and worldwide amounted to over $30 billion in 1977. 

Syndicated bank loans: $13 billion 

Supported by a substantial increase in capital resources 
devoted to banking, we managed or co-managed $13 


billion in syndicated bank loans during 1977, a notable 
increase over the $140 million of managerships in 1976. 
Commercial loans to corporate and governmental 
clients grew from $63 million in 1976 to $204 million at 
year-end 1977. 

Eurodollar securities trading: $3.25 billion 

In 1977, Merrill Lynch’s International Banking Group 
trading volume in the Eurobond secondary markets was 
62% greater than 1976. 

Mergers and acquisitions 
The Group’s contacts make it an important source of 
merger and acquisition candidates around the globe. 
Merrill Lynch assisted in 47 projects involving mergers, 
acquisitions, divestitures or tender offers in 1977. 



Menil 



Merriil Lynch 
International Banking Group . 


Merrill Lynch International & Co M Merrill Lynch International Bank LtcU Merrill Lynch Fierce Fenner & Smith Inc., Merrill Lynch Government 
Securities Inc^ and Merrill Lynch Royal Securities Ltd. are members of the Merrill Lynch & Co., Inc. group of companies. 

Affiliates iru Amsterdam, Athens, Bahrain, Barcelona, Beirut, Brussels, Buenos Aires, Cannes, Caracas, Dubai, Dusseldorf, Frankfurt, Geneva, 
Hamburg, Hong Kong, Kuwait, London, Lugano, Madrid, Manila, Milan, Montevideo, Panama City, Paris, Rome, Rotterdam, S5o Paulo, - < v > nnl i 
Singapore, Sydney, Taipei , Tokyo, V ienna, Zurich. Joint venture in Tehran— tan Financial Services Co. 





Financial Times Monday October 23; 1978 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


Ahlwv Unii Tsl. Mnjsrs. Uil (a) FVajnliiiKton Unit Mgl- LUL la ) Minster Pond Managers Ltd. ' Pmvincial Life Inv. Co. Lid.* ^Save & Prosper continued 

■* , ^ h “** «.« 0, : « 86B71 Uro'lcr ll-vc. .Yrthu.-Sl . E'.*4. 914323 IWO 222 B.vh..pscjle. 01247 6533 Scolbits Securities Lld-V 

ihh? « ,p 22- B5S Ui 5 78 .'VSfUriTrt' m& 9 "s'J Hi H'lY-wrUcL 16 _ I3S •> «* . . f 540 Prolific L' ini'... .1680 94Jnf J 3.11 Scnlhllc lug «- 

:i5K3 BS2 2 32 *■■«**• .Us ims^ 1 sjs n.vhi»™ ....IS** uia+oH ».» SS£T5Jo“:zr -Sa £3 


I n. .IITK- fcn 04 ? -.0 5 78 i .ip*tfllT»l 138 4 

Afcdcv li.. V.I Kt J74 39 at +01 423 hr.mpT t 3156 

.'htw>.;»1. T-t . 47 5 50 5) -0 4 dll Int l.iuwth Fri. . _ 1180 

KqiUU9> Pro*. T.'l|t9.1 72.91 -rOi 3.91 Is. ta-urri. 1226 


Allied HanJiro CroupV lailgl 


Rolurfd Fund-. 

Allred I t . 69 0 

Bm lnri-» rund . 66 8 
i!rh A Inc 37 9 

E.lc-1 & Inri Do 36 0 
.Mlicitr.iuUl . . 71.4 

Kund 1112 

^ Iamr.ro Fd. . 125 2 
3 □color h'uAd.1 

Ili-tli Yi-irf F.l 174 0 

Hi.-hin.um-... 68 B 
A 1 1 Flq In.- . |« 1 

Interuiiuzul FbmU 
! nli-mniion.il [271 
Pacific Fund W9 8 
Scc.-rii \mcrlcn [53 2 
l' S \- ExcmittO .. [92 7 
hpmalio Fud<1.« 

.Sinai]. -r • n .6.1 .[391 
rndSmlr t o - 6d 49 4 
Keener) Sir . 1817 

’.Irt him 1 i.-.l!> 426 

• ■-.••nwa. Ejminc •• U 7 


73 81 -J 5 
71.51 *0 5 
sc 6| -0 
38 5id -0 -H 

76 4 J -0 J 

118 91 *0 £ 
135 0J I] 


Friends' Provdt. Unit Tr. Mgrs * 

I'l-haaiKjnl Ihvlinr U3U6. 

Kri.-n.t* Pr.n L i- (45 6 «B7l +0 31 

11. Acciim . .. [59 0 63.0|+05l : 

G.T. Unit Managers Ud.9 


..S3 -i-| HI Min-leriicL 10 _ 138 9 MSI. . [ 540 Prolific L'ml (680 94J«I I 3-U Scnthlic 1384 ei .1, 

LO.il Zi5> 22 E ■«"!«">> - lieos 104 5c! 1 SJS Huh Income ... . Il26 0 135.3 -0 t) 7.12 ^,eVri ".'Z "..l59 2 Sj^O 

Hn23lia JS MLA l ' Bil Tn,sl ;w K tmnt - Ud - Prndl. Portfolio MnfiTK. Ltd.* i aubllc) — Sc 1 -’" -Kt *“■ 

U09a|^ 222 ..IdWlieonSlrw.SWIHSyi:. «1 -WuCT. lIoltoroRare.EClN-r.H IW.BS! fcU.E,.VM.-T""|lK3 190 9 

Tr. Mgrs.V Hl-A Imlx. _ |J6J a87il( .. | 3 70 tv-j.leni;*! (1315 13951 455 ■ Price-: ai ‘Jet*. 27. Next to b. day l 


-rfB* Mnrr “y Johnstone U.T. MgnLV lai 

3 w MB H..T-<-Slrc«.i;iu.-rto*.i.722L:H Ml-Sl.'dSSt 


I . _ , Kmrtn Mofl. Ucrae* U<li 

■ . „ , „ .. .. . . - . Alexander Fund see under cmtidT A.-*ct*h(BflL Lei 

Target TsL Mgrs. (Scotland I (aWb) J7 rac Nolre Dome, i-uxembstre. and under Capdirex S a « ^ 

19. .\ilin|f.7iii eut.Edin.3. iOi.]2B92M Alexander Fimd.....J $VS728 ’ | 1 — ■ ' ‘ 

[ -Ml 31 391 Tnu-rt Awr F-n C M2S 9 27 31 -0 31 1| Not ar«M value October la King & Shaxson Mgrs. 

1+0.3 439 Extral nrnineVifl!.. |u.7 65^ +0.1^ 986 Alien Haney & Ross Inv- Mgt. 1C. I.) I Cfcartns frgra. SL Hc-l ie r. J wk)-. 10^*1737 4 1 

. | 2 09 , si 1 Idler Jm- C I. OH4-7374! 3 altar «>C. St 5>»er Port. Grnsy. 104811 247 DO 

Lin* sSLSrJf^-rss:. 


Qu rltcr Management Co. L!d-¥ 


Schie^inger Trust Mngra. Ltd- <akizl TULTivi.2- __l..|5i.2 54S«d J 526 


3.9q I MI FTunopc.tn 


-e 

5 17 

td Fi R-Jiiuy i.'irru 

Fl*TM 7 


+i? -H 


• ; T l*ap. Inc . .. 





n.1 4<c 



+0 5, 


i.T Inc. l it In 




<J 78 

■ !T (.* :> fi.*Vn 

1302 




>. T .>apai.& 'k-n. 

944 




tn ;< Ten.- Ex I- rl._ 

145 7 




i.T Ini 1 FUn.l . 

162 8 

1731 

-0 7| 

682 


589 

626 

_(l ll 

234 

G. ft V Trust 

UHgl 



I inline Day Fn<1a>. vuaai-i-ii-.vn rn I **1 'raOnwan J “ +7 S “ 

Mutual Unit Trust Managers* tangi ^inniiiiu*,.. I1347 UB9| 1 7 60 g High ru . 2 * 0 

Oinwani is...-c4hai» \«i-.D' 2B7BL-. i.i^mtana Reliance Unit Mgrs. Lid.* EimlwT- »loi 

+0 4j 3 50 Mulu.-JNcv P!u«„ 152 3 S57I+D2I 6 28 Rcliani e llsr .Tunhri'iuu »«!K Kt «9KS2271 In.nmc D.n . ZZ. 42.2 

IIS Muloallnc.TM 171 l«l »63d+fl.N 7 06 i i Pru num(c F.-I .._I70 5 75 41.. I 547 Inc :o“.Wdrvrl 319 

-S 559 Mutual Blue ■ 'hi u. [44J 47» *03 659 NeUortV T. ■ \.:ti 1 46 5 49 7] *0 549 Intel Growth *99 

“■ - Mutual I lishVId. 159 5m 63 M -0 5| 8 50 SoMonU.-T.Inc. -. |44 4 47 Si^ +021 549 Jnv T-t. I'mt, 27 0 

3 M National and Commercial Ridgefield Management Ltd. -vfYiri?^ 7” »a4 

170 31. St Xndrvw Square. Krlinhur.-h 031 F36 9I5I ^ Kcnw-dySt.Minuhe.ler i«H =168521 ITc! i Gilt Trust... 23 2« 

2S-S "I IK Ru'velleMInt I'T 1101 0 108 01... i 2 63 SgS5y?!»J»“-gi 1 

- - 55? ni-IO-ilcM In-nmc |97 104 D| I 9 04 


g3 2j | 2.73 TheStk Eu-hjncr. Fi.HS llll*. 


I2u4.1ra.-n>i«ni F-1. [1112 115 9BJ 

VMJdmnt liROtnc. ,|134 7 138 9| 


I anna ITT ’«!. Soul I, Si rent. Perkin*:. 

«h Am. Exempt |22 3al 

7 60 ' m. ijnrwiii 27 5 

...j rw c Mrtirl MI.-hVI.H Mn 


34u, , ^? , ’t^ 1 Transatlantic and Gen. Sees. Co.* ^2^1.^^107 91 »« 

29.71-0 3 189 Dl-38 Nr-vr London Rrt. Chet rmfnnl 0345 5 ISBt Xevt deoJIne dale m First lad fJlSWBI Ml 

295^ +0 1 7H BarUicanlVI 18-177 7 82 61 536 G<n OrtiiSr 23 1 

51 U *1 d .« «+.*iSrR«l3S®C!3Sf-i ** ommim 


ii|«iH«r>.l ivcu*uiu- VUU -1151 a. u+y 

+0 21 6 28 It+liani *■ llsc .Tunhr+Jee n «W222271 

+0.3 706 1 •prunuinlc Fd 170 S 75 41.. I 547 

+03 659 NeUcrda*T.> \<ti 465 497^+0 2 549 

-0 5 8 50 SoMonU- T. Inc. .. 144 4 47 sd +02| 549 


■(h Ri|„ Hrcnluo-rd 


1 700 -Tib ™ »■ T I 

i02Tr.22T*x, lAccumLnus, . i5Sb 1644 . | 3 87 Rothschild Asset Management (gi 

3681 +03| 4 51 National Provident Inv. Mngrs. Ltd.* tjho ■ .ai-.-hyiu-a.- art. a> lc-hun- u-S 63 


Evps Smlr ■ v> . *|24S8 2588*1*0 4| 4 6+ d-uEaHThi-t .40 7 43 Ba +0 4 0 46 

. , ... Ili.-h Income T»4 .. 623 67 0 +0 3 8 72 Nations 

Anderson Lm» Trust Huagcrs Ltd. in-umci-umi. _ .78 9 84 8+05 sao i6i Che 

l r « nnh-mrihSl.. eentd-vt E1I923I III- .\j!i:nc:» . 14 32 15-52 *0 07 3 32 •'apuaK- 

.iiulrcon 1/ T 153 9 581*1 ...I 480 ,n, .‘ humplH _ 910 99 Jn +11 517 Exuviln- 

■ ;iln(L Ti4.i 4cc i. . 33J 35 q +0 1 0 91 Kinam-ia 

Ansbacher Ceil Mgmt. Co. Ltd. ... ..... . . Jirowthli 

I Nollies, . EL-21 7JA UI4BEI ETTfi ® ? fc S l-^tonyl Unit Tst. MgS. Ltd- tn^me. 


Gartmore Fund Managers * taxgr ifriTSk r 1 ? 1 '' 1 ’ ■ B, * ,M I || I 
4L8I-0 3I 4 43 a.M Mar)- EtUABBP. 012*11111 .Artfunf llnlbW* Is77 61 

i i 7? •rin.rih^.w, ?* 3 -9 f I ?» ju3 7 Mil 


irHi.hT4-.Aw 1. 60 2 
'.-mmwliri Shjre. 166.2 


4 47 t :rj InninrTjl 


64 J] +0 5] 3 78 
178 7^+1 a 336 
28.0 +0 1| 8 27 


_ 0I4C.14 •TWI S C.Eou lie Fund.. 1734 1844rf+14j 3 26 ]; _ 

010 NHllwTm 1337 1415* Zl 735 ^ /]" \ ^ ? 91 3 iS 5 147 iKS M2 “.K.l 

3 78 143 6 152 0 .. 2 25 .-‘S c^llr rrWc Fvl 1«9 169 1.3 Zl ft 4 48 I'iiT^i H 9 , 6 3 SS2 WlcUPt Ocl.a 705 

336 ■*PtU-*+ on S*,« at K««l <1«+linsC IwL 2d ' Smtlr » Frt 153 9 169 +1 V General JVL 16 891 928 . .._ 3.73 Lto-Acotm. 803 

52 N«et deatws L Rothschild & Lowndes Mgmt. la) &„X.)rtiB — nj 2 xc* |2 - . „ M 

872 National Westminster* <ai SLSn.-iihnu.Lane.t>in.Ei'4 I'l.s.'iiw lAccum. L‘nn-.i 37 o 393 Z \ 2.80 TjTidall Managers I 

b 90 161. Chearmrlc. E«TV GEl. U-n» 9160. Nem Ct E»cmpt .. .11124 0 1370*1 I 3S7 TntaOuaFilSerQS 1806 1861 4.12 18.Cwjrn*r R«ad,Brlnu>! 

332 ''apualfAuvuiu.il .676 7261 +0 51 4 22 Frlcim on UctnOer I& Next dealing Nos umber jwn. '*«. 10. - 2864 ■ 2952; .... 3.44 IncumcKrLIR 1030 

517 Extra Inc be 1 7J2n -L6I 780 15. *EwvcrviU?rt IO [2162 220 9*1 . <LZ9 i.Arrum I'nlL-u. 1904 

0 91 Financial.. .34 5 ?70 +0 V 5 46 „ .... „ . . "For lax e-.empt funds orU7 faptUlOrllB 1318 

isrowth in*. sa s 95.4 *o a 503 Ro»an inu Trust Mngt. Ltd.* int Scottish Equitable Fnd. Mgrs. LUL* ‘.'rcum. I’mtxi 186.4 

UL Income . ... 37 3 40 1.1 +0 3] 646 Cilx Lnle II T . Fin^uFhq . O.’l ol4.<6 HW -oc. . . - -... . . mi — mill Eifliut On IB.„. 113 6 

.... Fonloliclm Fd_ 736 77 0> +0tj 561 Vmoncjnivi 19 1650 690a* I 2 20 , SL -“"rewssq.. Edinburgh 031-5560101 , Acrum tfmf.i 16L4 

■‘i 1 - 1 Ud'nudMitf. - S6J 605 -011 2.40 SmnrSlVl lV 179 0 1J90 .* 3 95 M 9 54Jn* I 501 InL Earn. Oct. I8_ 250 0 

90 7 i,.TL ih^l^-Vd?.?r , 2n 7 * 573° 60° -id 7J7 -^rurn. L'mf . _ 59 3 63 l3 _.... 5 01 .An im Unib>_ 283.8 

5 20 NEL Trust Managers Ltd.* (aNg> fKlm lime . “ loa wn -Ln 7 37 Deal Inc day Wcdoemtar. lTol.«ct ir 1064 

°- 5 iiiiionL'curt. rjoriin.-. Surrey. . 59U McHin>.tci. is S* ’ 87 6 .. J« Sebag Unit Tst. Managers Ltd.* la) «Acc*m. Uirnw — 134 4 

%etner. . .. [62 4«d 65 6 m 1+0J| 4 80 i Aucuni l'nlL-:i 103 0 10B2 . . I 3 49 PO Rox 51 1. Brklhrv Hm. Ki-2. ill .ZIK.WM 54. CmUeSL. EdiBbumb. 


am ; 2 63 fTwpen; Shares — 27J 293 +0 1 2.13 i j 

4 0 9 04 Vfw.laJSrt.T4.. . 328d 35 j3 +0.« 210 jJ 

1 t iv GrtB. Accu-n 23 0 24 3 +0 ll 5 72 , / 

eraent igi i.k i,nh Dm [aj 2isj+oi| 572 v 

hj«3Wi J. Henry Schroder Wagg & Co. LUL* 
2S 13M.lHmpmlB.gi7a l*l-2«iM34 v 

5nJ-0f. .59 ■ artMl . vt 17 109S 11341 l 2 73 .. 


•;.C. I ml Fd. 'Arc H36 1 91 54 — 0 5J 147 i Aectm i'nlt>i“Z. 2996 

I.'I' Smllr I'ny< Fr||l53 9 169 1«[ +1 8! 4.48 General ild 16 89 1 

Rothschild & Lowndes Mgmt. la) ^j Z 

SL sxnihm* Land I>In . Ei’4 n I •«£.-»> 4.T58 lAccum. L'ml+i J7 0 


S-? *9* 7 38 Barbican CVI 10 . (77 7 82 6! .._.. 

2Bi +U J 4 05 , Accum UnIL-' ■ - 120.6 128 1 . .. 

-I 3J Rnrb ExpL S*i*3J7. 98 9 93 6 

45 9 +e: 913 Buekin Oct IB .... 82 1 856 .. .. 

55 7 — lAccum. Units. 1017 1060 .. 

52? -01 ??? ••■^nKU'etSO. ...1310 1379 -20 

JJ5 . Lccum Uni l* i - 1516 178 2 -2.9 

_ 3X7 -*-0 3 4 45 L-umbldOcL 18 52 9 55 7d 

3J-2H +J1 — 'Accum L'ml>. 593 624 

*2; ^SS «.len.*<rt 17 ....555 59 In 

^01 *01 213 lArrum Umln. 723 76 9 

3534 +0.3 210 Marl soro Dei. |7._. 523 54.6 

2*7 +2} IS < Accum. l-nlc.1. - 603 628 

21 8} +0 1 5 72 Van.Gwth CVL 17 . 50 8 53.6 

ee & Co LUL* lArcom I'mb 632 666 

«g « W. _I+IA.T Van 7A, Ocl 17 _ . . 73 7 776 

,,, 11 't-WOaW Vane ToeOct IO. tSS 47.4 ... 

313 41 .. . 233 iAnum.L'nli.v.1 47.5 SO.O 

IsZlN H2 Wiv-kTOrt. 19 622 65.9 .. .. 

+S2S £2 lAccum. Units, 74.7 791 ... . 

3Jg3 WlckPI ncl.au 705 751 -12 

• S-a -- Lhx Accum. 803 863 -L3 


Next dealing- date October 23 

InU T-4 it.Ti.|U5. _ 122al . . 


a 5 Next deal me <1u October 2S 

sn Australian Selection Fond NV 
5 74 Market OppMrtxmirie^. ao In^h Yourr * 
709 On I h waitc. 127. Kept St .Sydney. 

7.09 L'SSl Shore-. . ‘-1 sunn Hfl — 
4 10 Next and xalue October 20 

430 _ . _ . . _ . ... . _ , 


| 13 80 First lad IJ153BB !*«[ 

- 1 3 07 Kleinwort Benson Limited 


290 Bank of America International SJL 

It? S5 Boulexard Rival. Lovcmboun: L.XL -limlooduDM..-. 

IS Wldlnwst Income . |5P9H6J6 nyd+OWf 727. -KB act as Lee 
IS Prices at cwrt. 12. Next sub. date Oct. IS. 


20. Fcnclmrvli a . EC3 
Eurimrd last. F-l 

<;uem-«x'Iac Jg 

Wo Accum ... — R- 
KB Far EJJ4>'d_ . 

KBlnlL Fund 

KBJaoan Fund- — 
K.B. ITS Gwth. Fd.. 

Siunet Eenmda — 

-Linilondxiim*-- 20. 
-KB act as London 


01-8238000 
U72__ J —41 2.49 
7 699s ... 435 

.4 87.6 ..... 435* 

SUS13J4 145 

SLS123B ..... 1 99 

SUS4Z9D .... 038 

SL'SUO* 069 

SUS539 . ... 169 

30. 2330|— Olbl 798 
> panne a£Bnt& only. 


= “ Tyndall Managers Ltd.* 


Inc Monthly Funal |I7S 185| I 930 

Arhuthcot Securities Ltd. (axe) 
ST.Que+n +1 I+jndon E> '-IR I BY 01-236 5381 


"■ttich Yield [486 
"■i.Xcciim l.'niL-> 698 
E.xlr.i Inc.ime Fd 111 6 
llish Inc Fuinl . 43 1 

\ri-um I'tjiI'. . K86 
i» : *. tf.lru.-l L L- ■ 55 7 
rrt-f-.TKic. Fund. 35 1 
lAccum l 'nils- • . J40 

■ apUal Fund . 208 
•*'KiKiKali:} Fund. «9 

■ Accum L'niL.i . 42 8 

i I0°o Wdrw! l.‘.-„ . S6.4 
Fin OPrnpKd .... 17 8 

■ PanLs Fund. _. 44 4 

• tecum L'iiIL-.. . ... 47 5 
'Jrouin Fund _ . 36 4 
. Accum I'n-L' • . 43 7 

Smaller Fd.. 29 0- 
KiCum & lull, l-'d 27 J 
.+?. Wilrwl t-ts > . 212 

Forei+nFd .. B*J 
N Amer. X Inr Fd 28 1 


lino +oi 3£ Covett fjobni* 

45 3 -0E 895 7T. I /xnrton Wall. E CH 

63 1 -II 8 95 Sririici.fi ...[134 


3.80 “ 

4.12 1& Csoyiticc Baad. BriatoL 

3.44 lncomciirL ir 11030 

434 lAccum. I'nlLii [190 4 

Capital Oft 18 (1318 


"Tfirrfi uinns tAnionyi unit Tst. Mgs. Ltd. income. ... 373 4aid+0 3j 646 

r ,ja < 3 ,r^^.% J r TT « : L o, t 4 4 « sssssfe”- iu 

1 ,.V w; •inmihrt U14 435^ ;.„J 520 NEL Trust Managers Ltd.* iaHg> 

M"« ,a '^ ^ tar h^linAu^ rtwel ~ ' °* M, "°" , ' 0Urt - '•'orkm -.Surrey. . S91 1 


63 1 - 1 I 
6 D 21 -1 2 
27 W 


6* 4 -fl N 4 74 
991 *4 7j 4 79 
60 7 -0 4 4 79 


8 95 Du Aicum. Cnlt 


Next dcalltiR day Non. 3. 


T "“- Netstur .. |62 4d 65 6 nI+ 04| 480 lAxeuail’n 

Nel-wHiRhlnc. . IsiOul 536^+0?! 7 57 

ii 1-588 5620 Norwich Union Insurance Group (b> 

147 0] -5 5| 1 91 RO - 801 ■*■ Nonmeh. N R 1 3KG. Ofirq 22330 aVsialFri 

l»a|-6bt 1.91 tlroupTsL Fd .[370 9 390 41+1 El 5 01 iM^onSr F<1 


192 

415+0 2 

511 +01 
39 2 +0 3 
47 0 +0 4 
312 +0 1 
298 ... 


Grieveson Management Co. Ltd. 

rAiIrc+hamKi . EL2P2DS. III-6DI 

BamnRlon IW 18 1218 4 228 21 .... I 

. A, turn. Lnilx. . 239 7 250 51. .. 


241 Bine ll.Yd.iXI 19 - 1839 
241 • cun l.'lill*. .2185 

237 Endx.ix.ilcL 17 . 2384 

2 37 i \. cum Unil«> . 2436 

3 83 .Jmchstr Oct 70 . 93.9 

126 i.trium I.' mis- 97.6 

1.26 Lo 6 Rr li ilcL 18. 7 73 
158 lAuuml'niUi |7U 


UI-6D8443 
228 21.... 4 9] 

250 5 .... 4.9! 

192 bu 8 0! 

2284 8 0 

2492* . . 2.21 

2591 . . 2.2 

977 -5 7 iT 

10L5 -5.t 3.7 

757 3ff 

793 30 


Pearl Trust Managers Ltd. OHgM2i 
252 Hi eh Hclbom. WCIV 7EK 0IAOSWA 

Pearl Growth Fd _ 24 8 26 71 +0.1 4 7: 

"T Accum L’niUt 29 4 3L7^ +0.1 47! 

Pearl Inc 33 2 35 8jd+J7 bV. 

f-2 Pearl Cnlt Tst. _ _. 37 0 398+0? 4.7! 

■ Accum l-'niLsi .... [47 8 51 q +0 51 4.7! 

+ 20 Pelican Units Admin. Ltd. <gl(xi 


■ Axeuni t'nllsi |103 0 10821 . . i 3 

Royal Tsl Can. FtL Mgrs. Ltd. 

54. Jcrmxn sireeLS W 1. OlalSIC 

x npunl Fd.. 169 7 73 5] ... I 3. 

Income Fd. (TO 4 74 2] | 7. 

Pricci ui i'icl 13 Next deuliDj: >jvL 3L 


U ' ^ **• -Andrews Sq.. Edinburgh H3I-5569IDI 

I 4S| Inctme Units 150 9 542nJ I 5 01 

J.S+1 7J7 -Iccum. L'mt« ,_|59 3 63 lid | 5 01 

_L7] 737 Deal I DC day Wednesday. 

. . 3 «a Sebag Unit Tst. Managers Ltd.* la) 

. .| 3 49 PORoxMl.BcUbrr Hae-E.C.4'. 012285000 


■ Accum ITmL-.i 16L4 

InL Earn: Oct. 18 ZSO 0 

■ An am. Units, ZH3.8 

1 Tel. Oct IR 106.4 


_ L7] 737 Deal lac day Wcduo*»tay. JTol.Oct IR 106.4 

.. 3 49 Sebag Unit Tst. Managers Ltd.* la) iAcmiuUiuim — llS4 4 

. ,| 3 49 POBoxSIl.BcUbiy Hse.EC.-f. 01 2065000 

.td. Fe bad 'anu al F.t .1353 369al+0 4I 3 9b S?- SL'r r£!» ip I 4?a 

1 >« BiS S2iiiKi2£i"".feo 

. .. I 335 Security Selection Ltd. London Wail Group 

I 738 ip- is. Lincoln's Iiui Fields WC2. 01 -83 1 G92S-B CapiUl Growth K.l 


108.2 ..... 

2098 

138* 

195J 

U94 

169 6 

2626 

298.0 

mi ..._. 

1476 


'™' a 05 Price* at <Vt 12. Next sub. dote uct. la. 

— MJ Banque Bruxelles Lambert Lloyds BL (C.I.) VfT Mgrs. 

« 82 2. Rue De la Rortence B 1000 Brxusel* P O. Box IflS. St. Heller. Jersey 4R3427S01 

■= • JK Renta Fund LF 11.918 L9771 +I[ 779 Uubmo'em-Ml W N J JM. 

-1^ 802 . _ . . . v . , .Nat deailnc Nwcmbcf IS. 

-i5| BSS2 Barclays Unicorn Int. (CL Is.) Ltd. 

i.Lbann cOross si wetler . Uoyds Bank IntL Geneva. 

827*38*41 S' mSSlar TfSTj'l F^lU6i 1 LZBd .1 2 70 Pfl Bax 438 1311 Geneve 11 iSwinerfand} 

SSS!SBKz:Bn«. m~-l »« ISJ 3 IS 

:r 4 .m Barclays Unicorn InL (I. O. Man) lid. r 

7.93 1 Thomas SL DoURlav I.0.5L 0^4 4856 « & G Group 

IS PntaS^tu-eExt .igJ ' »3f j 1» Three Qu^ To^ mi K3R8TO 0LS845M 

— 490 Dn.Au* Min 343 36g - -J L70 AllangcOrt-OT. . WCT3 . ... _ 

42 Do. Crtr. Pacihc — 69.9 75 Z +3 ffl — Amt. Ex. Oct. 20 — jastB — 

— rr-S Do. Inti Income 598 42.9a 820 GltLEx-tcc- Oct. aJpUSlBIB BJIf+OW -- 

l2JS Do I. o( ManTi *5 9 49« -0.7| 890 blond - 1134 6 1 448x3 —0 y 93 45 


I 170 pfi Box 438 121 1 Geneve 11 iS. l txea l o ad) 

-* 8 ” sss l &sr3B as JB=l a 


'3 ilS Do! Crtr. Pacihc— 69.9 75Z +3fH - 

'3 1 f,™ Do. Inti Income — MB 4^9d .... 8+ 

- 1 * 1 Do. Lot Man Tu. ■■ - ** J 23 7 ? 

0312351188 Do. Manx Mutual. ..B7A 293[ — . \ Ll 

m .z.\ 5J7 Bishopsgatc Corranodity Ser. Ltd. 
-5| I 527 pci no* 42. Douidac. I o M. 0824i239 


+3 Oj AuK- Ex. Oct. a) 5LS233 28S 

.... 820 nlcLEx-tcc. Oct. -20 ILY1S5B 1211 
— 0.7/ 890 bland - 134 6 1448a 


L40 LAccam UnitM [1939 


1'nxT Glh Tsl A«_. 12* 8 26.41 ..... | 244 Do Accum. [89.0 

L'nx I Gth T« Inc [21.6 23.0| ... I 2.44 Extra Inc. Growth - 139.9 


Inlcnuuioeal Fund* 


:.20 1 81 Fountain SL. Manchester 


On I 2365685 fapilal 


■■Dcalir.Rx Fn.ljy. 

Archway Unit Tst. Mg& Ltd.* lalicl 


317 llish liolhom. Wi'IV 77.L. 01-831 STO. 

Arrh' 1 -.i;. ruP'l I86 0 91 5| | 5 65 

Pncci. -iL ucl 10 Next sail, day ».>cl ijcL 

Barclays Unicorn Ltd.* taiicHgi 
Unirorr. Ho 25? Romford Kd E7 AI.M4TAH 
Vmc.im America. 32 0 3* 61 -0 31 L27 

|io Aurt.Acc . - 77 0 832 +0 bl 180 

1>< AurL I IK- 60 6 bS5 +0* 180 

r>o t'apltnl 68 8 74 4 +od 432 

Dp Em-sipITu . 115 5 120 3 +0 2 5 98 

Iky Extra In. -Mine Ca2 30 53+0.^ 835 

l.*o Flnunv:al .. 63 9 691/+06I 4 75 

IviMO. _ 793 85 fi +0 21 5 57 

IKi.GciKTal 331 35 8 k] +0 2) 580 

1m Urmilli Acc 43 5 47.0 +0 ij 3 97 

lh. InrumoTM .. 89 3 96.S +D 4 5.75 

-Dfvftl A (!> T-4. 1477 15Si| . ! 473 

ITic«+i Jt Sept A Next Mib das- «>. i. .1/ 
Tv> Re.‘.w+rv. .. 1465 5031+0.4 545 

3 Vi Trusiec F und ..1203 130 ffl +1 1 4 95 

TH. W "Idv.xde T-+t._ . SI 7 55 91 2 12 

TVlflln Fdlnc.. . M.7 674+0* 4 91 

I*o. Accum. 7J.0 77 1[ +03 4 91 


• imrh*r ' (Vr » . g.9 97 n -5 327 Pelican Unite . . . . |89 2 95 8»t +0 5| 4 86 

ni ‘ 5 - I 3 09 Perpetual Unit Trust Mncmt.* lal 

lAivum. L'nil+i. . ..[763 79 J 3 89 48 llart SI . Henley on Thames 1M312W» 

Guardian Royal Ex. Unit Mgrs. Ltd. t'i^iini ^Tru st faifb) ' *** 

R ‘; SL“* D "- Aalaay Gihbx Unit Tm* Manure Ltd 

inn • rrtn ■■I* 7 991f +0 9| 429 3 _ pr^cncf^ P|iJce _ 0 ld Jchtt. EC2R 8IID. 


1 (373 *0 3J +P : 2 

{260x1 27 9 i3+'J: 3 

Irxwth _ 1 70 Sm 76.1+1 -0 61 2 


ITU. {260«l 

Unix i.Irxmth _ [70 Bra 
lacrcaxlntf Income Fund 
llich Yield .. . ._|SMM 

HiRfa In-yomc Fund.* 

Ilii'.h Return Ib9 6 

Income J43.8 


Stewart Unit TsL Managers Ltd. fa) £pA«*5*== g? 

+S. .'harlollc^q., Edinburgh. 031-2263271 Do. Accuin I 17 .. .7. 20 6 

I4ie»an American Fund Hifjh lnr Priontj. . 67 8 

NlitndanlUniL* 164 B 69 01 | 140 tnlernanonal__-.. 28 9 

Actum Unit-. 69 8 7431 1 Special Sib [35.9 

Withdniunl L'nlLA. |5L7 SS-lJ J — . 

2 23 •sirwn Bniiui ra mtai Fond TSB Unit Trusts (3 

382 Standard [140 7 153 11 1 410 2L Chantry Way.. vndrn-c 

231 Accum Untir ... (163.7 17821 _3 4.10 Deal Infix to 0 

Dealing tTuex tc Fn. -wed. ihiisRitrnmi lax t 

7.14 Sun Alliance Fund MngL Ltd. - 

Fun Alliance rl*C.. Horsham 1 MOT 61 Ml 

BIO EjpF^Td.ijct.1 1 .112373 24961. ...I 38b 


63 04 +0 II 


I 5 65 Henderson AdminstrationV laKcggl S.'^". 4111 „„„ 

IJCL 26 ,T , „ Extra Income 30 0 


I. day *.VL IJCL 26 p- orTuf . r L~T AdmilL, 5 Rayieifib Road. Hullon iSspri.' 41 0 

!.* lallCHgl Hrcntwuod. E xm.**. CC774M72M Capri aj Fund. T.' 452 

. HI iiiBui l.E Funds InL Eras & Assets 472 

UUJX iw I.'nl-ol Recwcry — 483 50 tt -0.11 591 Private Fund.. .36 8 

m^7S3 irA ,- ap GrowUitnc . .M84 51 5<q +0 *1 281 Accuinlir Fun-I .67.1 

“t *S3 « 'up I ir.. nth Ace... M96 5283+0* 2 81 Tcchnoloey Fund . 63 4 

“3 *«3 lar.ma.Vwab - 34.9 17^+02 607 FarEaMFd... 30 1 


Old Jewry. EC2R 8IID. I K Fnodx 

UK Equity ,.)453 


Hichlnr Prionty. . 67 8 

_ | 140 International.. [29.9 

...... — Special Siu |35.9 


I 527 P O. Box 42. DontJac. loM. 06244S9L 

027232=41 ARMAC *WT 2 U| ..._J - 

91-tH+01 5.78 UANRHrF+ilrt.2.— IE1.092 L15BI I — 

9S2] +0.1 5.78 cM)wr-Ort.2 _..|£i«65 2H« _ ..} 2.01 
42.4 +0 l 937 Orictnally issued at *S!0 and +■£! 00. 
5La +0 I 957 , , . . 

17.7] -+0.1 463 Bridge Management Ltd. 

yy 9 !n v xtt PO. Box 508. Grand Cayman. Cayman Is. 

3o9lflJ S"hasni Qct-g— I Y1TA76 | -■ 


o ea 6a m Samuel Montagu Ldn. Agts. 

. J — 114. Old Broad SL. ECi 01^886464 

..— 1 — Apollo Fd. OctlfifeF92J0 4645-2401 4«S 
_ .1 2.01 jiSe^Ort.16. ..WB lifl , . 0 83 

‘•£100. IITUroonOct. 18 IHSBOI E6M-8.4M L99 

117 J«x*r Ocl 4 — K5l 61 ia.. 1 0.68 

UTJayOsOcL 11 — [U3.10 3165 — 


5 ^ llish Income Funds 


5 91 Private Fund . . . 
281 Accximltr Fund 
2 81 Tcchnoloey Fund . 
607 Far East Fd. . 

American Fund. _ I 


2jr21 "*2 i i*inva> Fuiubii 

521 *2; c22 Eut 

488 +0 2 5 40 j-nan . . 

+4* 530 s&xi.Whhd 

398 +0 1 4 90 1 • u 

72.5 +8 5 440 ■ 

68 bs +0J tu r "r 

323 +0 ■" 1 00 Sector Fomw 

25 7 _o.4 2.40 1 '“mmodily 


74 31+Oii BJO EjpEqTv4.ijct.il .|t237 3 2496). ... | 386 T* BScrettVh 

47.3+0 31 9.14 *Tne Family Fd ,|l024 108^ +0b| 353 ESH5 S.bC 

Target TsL Mngrs. Ltd.* laKgl 

<87J+0d 4 89 31. Gresham SL. ECS Dealings- Q29SMM1 Ulster BaJttkt 
Turret Commnditx. 392 42J+0 41 354 Waring Street B 

001|+0 8] 3 09 Tarpet Financial-. « 6 65 8a +0.7 440 1 biUIster Growth 

5 8rtj *2 7, 1.50 T.xritef Equity 39 6 426 +0 B 584 

50 0] 1 150 Tap’d E«.iVL 18 . 215 7 2270 666 Unit Trust A 

751 -1*4 0 54 euo Acc. Unite 2929 3083 . . 666 X-— m nv 

|.VL S Tarfi«tG,l| Flind.. Ubb ■ 122J +01 3 00 ~" K < ™ , *T SL 

Target 'Jtrmdh . .. 291 31.3+0.1 4 49 £P^ sl fc*i. F 5 n ' 

86 01 +0 c [ 317 Parcel PariQc FtL. 280 301 +0 1 072 Wleterurth-FiK 


- TSB Unit Trusts <y) 

10 2L Chantry Way. .\ndm-er. Hardy 03 
10 Dcallnfix lb 0204 03432-3 

— ■ hiTSB General 1465 49.81+0 6, j. n — - .- — _ .. _ , _ 

I net. Ltd. IhiDo Accum. 59 9 641 +0 5 3 99 Growth Invest.; 385 4LM -0 3 2.00 ISeglt S./V r 7 

, ixunMui ibi TbB Income 63.1 57.2 +05 6.98 Intnl Fd. 923 .jJ.g — 1JI LOT Me Boulevard Royal. LuxeB th g nTf 

«ot, ^ , A 1 lb. Da Accum. 6S5 701 +05 6.98 Jersey EnerCyTKL. 12S A 335_S NAVOaMO I^SCSttSTd J — 

SSS^-J |§| TSBSconuJi 86. B 924« 2.87 Unlvsl. STfiL Sift... E ^3 2j|-ILB^ 100 NA\ Oct 13 1 SWfliW J J 

108.51 +06[ 353 ,bt Do. Accum... — . |9t8 100.0 Z07 Hlfib lnLS£lg.Tst — [096 0.9* [ 1Z12 

Id.* <aKg> V-S. Dollar DcomninaW Fds. Negit Ltd. 

Dealings- 02R8MM1 Ulster Bank* la) I’nlvsL JTxl _ — 57R-01B — - Baak of Bcrtmda Bides- HaaUMm. Bnoda. 

42.21+0 41 354 Wariog Street Belfast 02323S231 IntJHifib UitTsi-_t0.97 LDlj 1 198 .... Oct fi irv nx 1 I — 

& 42 1 3+oa 5 84 1 biUIster Growth _ |386 414) -a 1| 5JL4 Vahie Oct 20 Next dcaUefi OcL 23 

— ■ A SS >rrnst Account & MgmL Ltd. Brown Shipley Tst. Co. t'Jersey) Ltd. Phoenix International 


fc PC*. Box 580. HmcKong 
Nlpxxm Fd. OcL 18 - ISfSJOiO 


iritannia Tst. HngmL (CD Ltd. 

) Bath St. St Halier. Jersey. GSM 73 114 


Murray. Johnstone flnv. Adviser) 
Z3LUJ I 870 183. Hope SL.Glaasow.C2. 041221 5321 

[CO Lid. - assBi^ijgi l-J = 

(&UTI1I4 WAX October 15. 


3.99 istcrUae Dcwxni noted Rtg. 

3 99 IGnmUiltiveaL M5 


Baring Brothers & Co. Ltd.* laiixi 

88.layaricnha1ISL.EU3. 01-36828 

Stratton T>l .. . „|:89 6 1975) . . | 35 
Do. AcuunL . |237 8 247 s) . | 3.4 


Tn3 nu Hi nil Incnn*.- . ,.|662 70 

*«6 (S 1 'abt Extra Inc. ...60.4 636 

IS! 5J7 •-•jiujlpsftaiilll.. -I SO.O 
+0 2 580 Sector Fun* 

+0 j 3 97 Fin-in. ml &. m:_.. |26 6 28 

+D4 5.75 * *il lS.it Rea _. |3Q3 32 

4 73 Internal!* nal 

i- 1«. .31 i'abx4 WL8 95 

+ 0.4 545 lntctn.it lonnl . . 352 37 5 

+11 4 95 WldUnJeiM 2D._|765 818 

212 ihriv* him* 

+ 0* 4 91 .\u+tnlian MLO 43 9 

+0^ 4 91 European 46 8 498 

„ , , Far Em 1 893 ?9. 

* lallx) \ An, 382 «i 

01-36B2KHI OahotVmMn ... 151.1 552 

1 x« Kxcmpi Fun* 

• ; j j ijg Japan Exempt. . 11041 106 


3 7 *3 ** Z \ SIS Practical Invest Co. Ltd.* IvMci KSSU |33 

[ .'“"J 1225 «.B'«»iwbun Sq WCJA2RA 0I4C3R8S8 m c b.Mioliauni Funds 

1 1 Practical Orl 18... |155 4 165 let. [418 Select! mcmal 

2831+0 2) 307 •'wmlitl*.. . .|2241 2381| . .] 4.18 Select ! octane 

32j|+a.ll 153! ■ | 


Europe.... ...1931 1001|+0ffl 3 09 Tarpet Financial.. « 6 

Japan ... . 107 9nJ 115 8< - 2 2 J.50 T.vaef Equity 39 6 

S t Axi.l i'.'wi h h d- M6 5 50 W 1 150 Tarset E <. iVt 18 . 215' 

L'.S — |69 9 75 l| -v»4j 054 0 Do Acc. Unite 292' 

M n It ioJ launch until <.x- L 11*. Target 1J1U Fund., lib 1 

c_._ rn]rf< Target iJrnwth .„ 291 

UmmwmM?. 180 0 86 01 +0 317 7j% < lC? c |P c , Fd *' 5?? 

Energy . .... Ko 74 -4 >1 175 L te “ iH 

Finaoetixlsecs ._.|723 77.7| +J+| 324 v,- 3J, 4 . 


-0 a 200 Xegit SLA. ' 

“HI Ida Boulevard BoynL laueeibonrr 

^3 NAVOet 13 | SC522J99 *1 4 — 

1212 

Negit Ltd. 


_3S7.5«S .it 

.s+4 -B-il 


Tarcetlnx 33 4 35.9 +6 1 

TjL Pr. i)rt22 . - 161 2 169 7a -1.0 

.MfttSf gj *S1 . 

-< Tfit Special Stf- _ 214 23.51 +0 2 


426 +OG 

227 0 

308.3 . . 
1222 +01 
3L3 +0.1 
3D1 +0 1 
335 +0.1 
35.9 +0 1 


5 S King WiDiam SI.EC4K 9AK 
FnarsH.se. Fund — 1167.0 
0 7? Wleler Grth. Fnd— .u2.B 
0 72 Do. Accum. J383 


4 (0 Wirier Growth Pond 
e 18 Kina William St. EC4ABAR 
1230 income Units- _ ..|32.8 
9 49 Accum. Dolls ..[385 


01-6234381 p.O. Box 583. St Holier. Jersey. 053474777.. F0 Box 77. St Peter Pert. Guernsey. 

1 Sterling Bond Fd...l£9L9D 9.9^ I 1L8S latcr-Doilar Fa nd_fS2JJ9 IS* { — 

— I 4-39 Satterfield Management Co. Ltd. ^ , ^ J „ . , T , _ 

p.o Box 193. Hamilton. Bcnnoda. Quest Fond Mngmnt. fjerseyj Ui 

_ _ RuftmxEqDiIy.- ISU5248 25g | IS3 P.O Box IBLSL HeJ Ser, Jersey.- 053427441 

01-6234951 Buttress fncMW .-IJUS198 2-05) .. .. | 7B7 Quest Site RKdJaL.M5J 90J ... J 1280 

..._ 439 prices at Oct 9. Next nth. day Nov. 6. Quest Inti .Rees - . KsWk Il3 1 3.0 


Quest Stlt ExdJnl_te8_ 908 ... J UJ» 
Quest Inti Sec* . ma.9D6 m3 — 1 3.00 

Quest Inti. Bd. BcS™ OW) ... | 9.00* 

Price at Oct >a Next dealing Oct. B. 


fflSIiSt INSURANCE AND PROPERTY BONDS 

43 9at +0 2| 1 «3 ! 

49 M +fjj Z 70 1 ■ »+■ " ■ — — — — -... — - — — .11 1 . , . 

-07] ljzjAbbo* Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. London Indemnity & GnL Ins. Co. Ltd. Save & Prosper Group* 

552of -15| 125j].3St Paul *. I’hurvhynrd. EC4 01 248 91 II Vincula Hi+lW.Touiyr PI. EC3 Ml+JJtiM'al 1R-2".T1 ic Forhurx-. Rcadi nc 5R15 1 1 . 4 P.LSt Helen a Ijidn EntP 3ET 012i 


Straiten T..I IS9 6 1975) . 398 V^.TTr .rn.T uiux -in* at 1 Bquily ►'bid — |37.8 

Do. Accum . 237 8 2470 . 3.98 4n 1 \ & Equity tec .. .» .315 

Wort >jb day- Ortobur » .. AmLapt '>120 1122.1 127 2] | 2-28; Fd ... . 1500 

BishonsgAic Progressive Mgmt. Co.* Hill Samnri Unit Tst. Mgrs-t tal j sSSHn-c Fund 93 5 


Assurance Co. Ltd. 
hurchynrd. EC4 01 -S 
— |37.8 39 O .. 

-. .132.5 34j . 

... . 150 0 157 g . 

. . llbO.2 lbfl 7| . 


165 9 
195 

+14 

81 la 

-1 1 

125 


975* 

+Q e 

WJ 

+U 2 

57: 

+84 

33 1 

+0.1 


0l-628Ki|i v'linverlihle Fund. 1332 
+1 41 5 14 MmIWJ' Fund ., . 123 8 
2 91 eProp Fd Ser 4 131 3 

-11 271 *Man Fd Ser 4.. . 1366 

4U VEq.jiD Fd S..-r 4 . 363 
+0 8) 5.04 Worn Fd Scr ■; 113 8 


ft. Bi+hopii-aie EC2. Ul SBaWPil 4.'i Ho-cli St EC2P3.X 0I62860II ‘'nnvertihle Fund. 133 2 140 3 

B satcPr-Oxt 10.. 1196 9 2097], ..I 3 24 ibiBnH+hTnirt 1551 165 9] +1 4 J- 34 * j??? 

Vf ju-j. ■-s.-ptrs .1234 6 249 91 I 3 24 igi Ini I Trvi:4 ...36 9 395 3 91 JfT’P 1? £ ei r ."* J 3 } 3 JJf 3 

■ B t-nie int net 17.. 183 8 195 3 . ... 2 34 W Dollar Trurt TOO S13« -1 1 * JJ W Ser 4 . U6 6 

lAvv-jn >»Vt 17 . 2038 2159] . J 2J4 'bit jpilalTruri M3 32 5 4.68 Fd Svi 4 . J6a 33 > . 

Next alb day "tk-L 31 '‘iict 24. ihi Finanv-ial Trad 91.1 97 5s +0* 5.04 W'onv Fd her x * 8 J19t 

1 ih.ln.-omeTniq .. 283 303 +4)2 7 38 *Money Fd Ser 4 U1B. U77| 

Bridge Fund Managers* laKct ituSocuruv-Tnirf .534 572+0+ 521 > Tices at '.vi i. Vaiuahon normally 1 

4 346. Heati House. King William St. EC4R 'h‘ "'gb YieldTst.pi.6 339 +0.1 8 in Albany Life Assurance Co. Lid. 
S4F- 0l-tta48S1. Int-I W faHfft 31. Old Burllnclon St.W 1. 01-43* 

Anwrirnn&Gent 243 25 tj 1«8 , “*”* T Z 1 *' fEquItv Fd. Vi- ... 199.7 2102)... 

ln.,-cn»* 528 57 42 660 l...«-hnstopher Street. E ig 01-247 ^42 uFIxed in, Vr 1410 !4£4 

•,'aptttt] InrT. — 39 6 4122 346 Intel. Ini. Fund — |90J 9731+0 31 6.00 w'rtd.MoncvPd.v 1161 122 i . . 

n»Ad-t 44 2 ,471 ... 346 Vlnll.Man K«L \em 1151 121 1 .. . 

r.-oraptt — 1460 156 ol 550 key Fnnd Managers Ltd. laug) »PropF-l Acc 11a 5 Hbj ... 

InternU tm- 1 W ; H jjj 25. Ml Ik M- EC2VHJE 01 -OOfiTOrn *«V JgS ... 

flenW ■iWiJifd p-x rnm MV Sfda ifi ,4fex i ill 

MMi.in.w.uu EliSsT Ir Wswss£e-if ffl? 

3 torvi+n Wall Eluildincs. L^-ndon Ball. Kev Smiill t*n'» Fd 112 7 lixi cm ^ pie Inv Pen h-c 213 3 22+5 

lamdos ZC2M 5Q1. UldWCK7&iM79 bmidltos Fd. |U2-7 


Ud. Crnsadcr Insurance Co. Ltd. London Indemnity & GnL Ins. Co. Ltd. Save & Prosper Group* 

01 248 Bill Vincula Hint*. Tower PI, EC3 Ml-02£>AJI l8-2".TItc Forhury. RcadlafiSOTSlI. 4. GtSL Helen *3. Lndn. EC8P 3EP. 01-554 88S9 

— ill),. ITefX'i *ct 3 — 1 735 83.21.... I — M.«wr Manacer -135 0 37 7[.._| — Bal Inv.Fd. 1317 139.4| +0.11 — 

— MW Flexible »12 32 91.. — Property Fd- 1597 1691 .... — 

— „ . . . live! interest B4.4 36.31 [ — GihFd 1235 130.1 +05 — 

— Eagle Star lasurfMidland Amur. 1 Deposit Fdr St 132.1 — 

— 1 Threadm.-edicSL.EC2. 01 -MB 1212 The London St Manchester Ass. Gp.* 'JonyPeas Frit. - 2OTa ao.j .... — 

‘ _ Eagle Miif.Uml>_|548 568|.. .[ 690 W.nj-lada Park. Exeter. OTSC.52155 to? 7 ~ 


Capdirea SA Price at Oct >a Next deaUn 

PO Box 178. Geneva. (Inquirieav. 014*67071)1 

£££!£* fn^o pS “J li 1 Richmond Life As*. Ltd. 

Bonascicx ...K- 1 48. Athol Street. Douglaa, LOiH. 0tM2S81t 

Capital International SLA. t »iThe Silver Trust fll'4.7 1UM-0.1I - 

Capital Int. Fund — | SUSX9.46 I 4 — Do. Dianumd Bit . 553 lOON ._?1 .. ■ 

Central Assets Management Ltd. Do.Em.sM2M._.|ii47 lTl.^+ul 1156 
PO Box sa Sl HeJicr.Jcney rEnq. 01406 7070). „ .. 

cent Asxetxcapi ..(£13727 13731] +oi«J - Eothschild Asset Manages 
Key-dcx Japan - .IC14.76 — 1 -..-j — POJtoxSaSt Juilaos CL CueniiM 


■*ap i.wMh Fuml. I 

♦ Flex Exempt fd 


2 71 rd her 9.. .Ia6b 143 H ... — Fonllw J- |x» I if* l n «c~. ; iJ u *Flex Exempt Fd 

4 68 *Eq.jiD Fd Sx-r 4 . 363 33 3 . — fc * u,l J r 4 1,1 “ Ass * S * OC * .yE-.+mpt Prop. Kri 

5 04 Worn Fd Scr 4 1138 1149 .... — AitwT-inamRivad.HinhWjc.jmhe »I^.U'i~ AE\pt lev Til Fd 

7 38 •Money* Fd Ser 4 U1B U77| | — Equity Fri .... 118.9 1251|+Ooi — FlexibleFund „ 

521 ITicos at i.k-l IT Yalualion normally Tucs. Property Fc. .. 1095 115 3 . [ — Ir.v Truri Fund. . 

■" «»“> V"' '*»“■“ c “- UlL gS?52S»fj:ffl? SUM : SZSS£f&- 

. 31. Old Burllnclon SL. W 1. 0H37SME Mi*e.JF.t 1134 U9iJ+06| — 


FlexibleFund-... 
Ir.v Tru't Fund. . 
Properly Fund. . . 
Ctd. Deposit Fd_... 

M & G Group* 


General Portfolio Life Ins. C. Lid.* ^j^Quig-s. Tow Hill EC3K6EQ. 
&) Bartholomew CL. Walt ham Cne *-. ”‘ n ^i c '^ dE<i . -c , c. n 


I /Brtoi EC2M 5Q1. Ul.fiWIK7a.iW7S 

A*«w 79 2 8521+0 3 449 

<'nptL.il Acc M2 62^+0 5 35Z 

• •i.mr.iiln.1 bit 66^+0 6 42B 

■*am.-ne.-*.iiv 85 0 9141 +05 454 

nnmelir 412 M3I+0J 385 

Ev-ram 1242 130.n+14 715 

Yxvra ln-:onh.- .. 414 44 3 +03 4 26 

Ftr Ea>l ..31 24 9+03 292 

Fi naneial See.. . Mil TIR+Oh 4 52 

ikiMtCe-x+rd ..934 ll»d+is 286 

i.ruvrih. ... B7 4 94 0 +0 7 3 58 

Inv iGrouih... . 741 797 i3+04 742 

I n«T Growth. .65 9 70 9-3-01 222 

Ime^t TJ.Storw. 13 D 5171 3 74 

•ilnorjlf.. ... 385 414m +0b 5 14 

;.ar. llirh Inc 54 3 90Sd+05 794 

NcirIxr.uo 5a Z 41H +0 2 3 97 

.'.erth '.mcriran... 27 7 29 0-0 5 1 98 

FToI.r.'Jo^al ... 564 1 581.6] +2fc 3 82 
Properly Sharc-J .. 15 0 16 2aJ -+0.1 2 53 

Shield . .... 481 51 7] +0 6 477 

y^uuxv'hanvo >4E 3741+0 2 4 41 

I. niv Eaercy. .... 33.7 363] 244 

The British Life Office Ltd.* la) 

Reliant cHxe .Tunbndilc Wells Kl URE 22271 
r.L Br.tirh Life . 152 b 55 7d +0 5] 5 57 

RLBalar.-e.i- 50 5 54 0^ . 5 55 

BL r.Ivinend* _ |«3 8 46 a3 9.5Z 


I ximncmruw.-pio 

«j:-i = S.W; 


AMEV Life Assurance Ltd.* 


926 K BFd.lnT-4.Acc. 59 9 
292 fxBMnlri.'v>--Fdlnr.. 49 7 
4 52 KB SmCur Fd Ace. 49 7 
286 HliDl 31d Fd Inr . 469 
3 68 Hlch Vhl. K>L .\ee— 46 9 


415 UIEV Fixed Im ... 91B 
604 341 EV Prop Fd 985 
^04 AMEVM cd Pen. Fd 1054 
8 00 3MEV Mfid Pen *8* 1055 


Portfolio Kurd . ..] 149.9 I •••! — i'«ii eVdosii- " 119 9 126 0 

Portfolio Tnp, tal... |422 *4 1 ^ Equtij^SnS’ 1 ..' I ‘ 143 8 in! 7 

E+naWFdBd-.. 87.9 924 

Gresham Life A*. Soc. LUL RSUSKP J‘- ml - " 

2 Prince of Wales Rd. B'mouth iCCC 787653 Gill Rond*- _ . . 1072 1125 -05 

GL'V.hFur.d . . 982 103 -*J . — Internals). Bond". 1051 110 5 ... 

til- Equity Fund. . 1Mb 114 51 .. . — Japan FdBd'.. .615 64 7 . 

.-.UiTtlt Fund. 112.0 117 9k. — Vaoaeed ?rt ~ .. 144 9 1523 -20 

CL. lull Fund . . U45 • 120 S .... — Pen H?nri«n*" . 2«90 - -3.0 

ULPro. Fund ... 981 1033].... — Pftwcny B.1 •• . 1652 173 6... 

Ke«n«.TyFd. Fd -. 795 73.9| ... 

„ rr» ?cx na *0ct 18 ••On. 19. —Oct 2 

Growth * Sec. Life .Ass. Soc. Lfd.* 

Weir Bank Bray <.n-Thamex. berks nov34J)4 Merchant Investors Assurance* 


1125 -05 
110 5 ... 
647 . 
1523 —20 
— -3.9 

179 6 ... 
73.1 ... 


Prop Pens Fd* |Z322 245.ll. .. I — 

(lilt Peru. Fd 950 lOSH+OQ — 

Depos.PenEF.lt. .11015 106q ...~J — 

■Pricer, on October 17. 
tWeekly dealings. 

Schroder Life Group* 

Enterprise House. Porta mouth. 87052773 

Equity I 239.6 — 

Equity 4 .2281 24DJ — 

Fixed Ini 4 136.6 143.9 . . — 

Man aged 4 135 5 142.7 — 

Moony 4 _ 109.1 115J) . .. — 

Overseas 4- 925 975 — 

Property 4. . ._. 1593 167.7 — 

KASOcn-tSecs.4 1224 1271 ..... — 

B.S. Pen Cap. B . . 123.6 129.7 — 

B S. Pen. Acc. B. ..1387 1425 — 

Mngd Pen. Cap B . 2989 2200 .. — 

Mogd Pen. Acc. B .. 250.9 264 2 ... . — 

F. Int Pen. Cap. B 955 100.7 — 

F. Int Pen. Acc B 97 1 1025 . 

Money Pen. Cap B . 96.9 1020 — 

Money Pen Acc B 984 1037 — 

Prop Pen. Cap B .103 5 1 08 0 — 

Prop. Pen. Acc. E_. 104-1 109.7] — * 

Scottish Widows' Group 


+qj«j _ Rothschild Asset Management (CX) 
-I — P OAn 58. St Julians CL CoerniQ. 0481 2B3CU 

rhxrlprhnnv Janbet OCXq-Fr.Sept2fl.p5 3 5Ud 276 

cnarteroouse Japnei uc.inf Fd ait 2 . 162 2 6.79 

I. Paternoster Row. EC4. 01-2483999 or i„U Fdt_ .. 5134 L43 154 

Adiropa IMS154 BIH-IUO] 462 OTSmt'oFdSopCS 1525 16253 ...... 331 

Adi verb a DM5L3 BW-02B 435 n r. Coomodily- _ 1489 UR* ...... 4J7 

Fondak J-. OH3380 34781-0.3] 4 78 O.C. Dlr Canxfty.t- P2B50 WSfl 0.66 

Fondix . - IMZ179 22 9M • 5J76 • Prices on Ort. 13. Next deaHnC OrL 31. 

Emperor Fund 5359 3 6fl .. . — 1 Prices ud Ocl 9. Next dealing Oct. 23. 

insptinn — .... — _ .ISUMtH <R7I| 2.78 r 

Clive Investments (Jersey) Ltd. Rothschild Asset MngL (Benratda) 

P.O. Box 320. Sl Holler. Jersey. 0534 37351. pn (Vie 664. Bt of Bermuda Bid., Bermuda. 

Clive italt Fd.,C.I.,.]9 77 9.781 — I 1100 Reserve Axaeb FdJSC9999 MJfl -„4 _ 

Clive Gilt Fd. rJsy.«.|9*6 9.68] 1 1100 Price on Oct 17. Next dealing Oct St 


' ‘ 3 


Cornhil! Ins. (Gnerns^) Ltd. 

PO. Box 157. St Peter Port Guernsey 

lntnl.Man.Fd. |177fJ 1925J 1 

Drita Group 

PO. Box 3012. Nassau. B ahn ma r. 

Delte Inv. OcL 18 _.. J5TS2J6. 216)-QU) — 

Denise her Investment-Trust 


Royal Trust (CT) Fd. MgL Ltd. 

P O. Box 194. RoyalTXL Hue, Jersey. (03427441 

RT.lnt'L Fd. KCS9H IBM I 509 

AT IntA(JsF-)Fd.«0 - <9S5R f 35X 

Prices at Oct 17. Next dealing Oct 24. 


Z* PWlach 2686 Bleberfiasac 6-10 «W0 Fraukfart. DMliiwUr 


Save & P rosper International 


Concentra. ItHCUO 2240)— 53S — 

Iql Rentenfonds - - - 1 DW40 UKt-CM — 

j Dreyfus Intercontinental Inv. Fd. 

I P.O Bov K3712. Nassau. Bahamas. . • 


286 lltlZll 7*ld. FH Inr . M69 . 50 7^ 800 «E1 Med. Pen 8 105j 

3 68 Hlch Y1U. F»l Ace-pi 9 50 ij . . .] 800 Flexlplan |9S9 

2 % L & C Unit Trust Management LUL* American . _* 1 ° 0 [91 6 

The Slock Echanite DUN I HP 01 SIB 28OT ]n«xrnr- ..... |97.6 
ell LiCInc.K.I . p459 153 01-05] 8 10 * nl W 3 . * 

Z S Lit* Inti & "Jen Fd |lD3 8 107. l] -2 «| 1.95 rr - - 


Flexible Finance 11070 

landhmkSw „• 54 21 ; .. . | — p-, in ,. nr 

1-mdlvmk Sc.; Vx 1151 1212 ... - nSKSpeVS' ” 

G.4S Super Kd. £7.982 1 1- - I 

Fquirj •Vil' . _ 

Guardian RoxaJ Exchange £5S Mk^Dnj . . 

Rojral Ewhanrc. E <**JI (It Sir. 7 107 D.>p.+|. 

rropeny Bonds. _ |187 6 195 4| .... 1 - Wpe HI Pen*. . 


J?5 Lawson Secs. Lid.* (al(c) 


□7. Queen* St. London EC4R 1 MY 01 -236 5281 Ur, Rnmford jw, ET 


For Arrow Life .Assurance sec 
Providence Capitol Lite Assurance 
Barclays Life .\ssur. Co. Ltd. 


4 77 *Ra» Materials.... MO. 6 
4 41 jb Accum UmL-"i. . 46 2 
2.44 ■. inntk Fund ... .572 
■» A or am. Units, ... 63 0 
i ttGlll and Warrant. 39 7 
•~71 t-Mnencon F*d. . 232 
Ter P Accum Units, . ..241 


Deal. *M«i *Tues tfWeri. » 


SSSSri l 18.7.5.1 d5S.«.W" Le s aI 4 Fo "5T 

18. Cany nee Road. Bnvt.-.l, 0272 3 


Srowa Shipley & Co. Ltd.* 


finer*,- Founder*. Ct. F.»*2 
BSCnlt+.iVI 17 .— . |221 9 
Do >C7.»riet 17 . . [2312 
Oceanic Trusu. lai >e> 

F.nanci.-.l 55 6 

,icnercl_. .. . .174 

• .re*.."..! •V.-rilm . 49 2 

• iroull: income.. 38 4 

:h+.h Intnmr .. 314 

ITU ... 212 

Index . ^ 0 

« ‘vorrea* ... 13 S 

p.’i-f„rm.nc>r. 614 

P.wovery . . II 8 

E».*mpL rVt. io 612 


Pis Oct 11 163 2 

01 -fiQO BS3(I » Accum. Cm lx, .180 0 


133:.::] 


^2 Next sub. day. November 15. 

4 72 Leonine Administration Ltd. 


| Barclay bonds-... _ 128 9 
Z64 EouMJ* 1233 

*- Property _ 1049 

0 40 Inlemauonal 931 

* ** q!o Monaco! — 1126 

hum. Mo "ri -1W3 

nure * Man. Pens Acura 1018 

tnd* Do. Initial 982 

' , 7.-,^. , Hill EdePerw Acc. 95 8 
0172 32241 jjq Initial _. . 927 

.. J 4 60 Money Pen; Acc. .1017 
. .[ 4 60 (H> Initial ... .93 7 


01-S34 5.AM 
195 . — 

130 0 +0 5 - 

114 7 +0 0 — 

115 7 - 

93.1 -0 2 - 

112.6 +04 — 

105 6 _. — 

107 2 . . — 

1C34 .. . — 

100 9 ... — 

97 6 ... — 

iOS 2 .. — 

U35 — . 


Saaitro Life Assurance Limited * 

7i 'Id Park l-ane. London. H I UMiOUil 


, . — I+wn Hf-e.. 33 Hieh St_C*rmdon- 

,1 ■ — Property- . . ._ 1534 

2 — — Frrnv'riy Pm s 166 3 

1 1 — Tqu,:j . 61 8 

Fquti; n eii* . _ 1715 

Mom.-. 71 arid 143 1 

Momjj Mkt Px n j . . 1860 

7107 n.+p.x l 1 130.8 

— l+y+wy:,! Pen-. . IM 0 

Manare.1 . 1032 

„ "arxvtri P-.-n-, ._ . 143 4 

" Inti Eqcttv 1112 

uni It-tl M-ra^cd .... 101-3 


PU Box 902. EdlnbVrilh EH1G9BI* 031^»6000 NAVOcL 17 IBSiO »«l - — 1 


r,l4S6BI71 lav Ply Senes I .. 1083 
+0.11 _ Ijiv Pfv Sene- 2. .. 1K2 
+01 — IttVI UartCTLSO 996 


lav Ply Senes l - - 
Inv Ply Sene- 2. .. 
Ir.vrt <*ash OrL 20 
Ex ULAcc.OcLSO .. 
ExULfpe OcLSO . 
Nat Pen. Oct an: . 


1083] -2-4 
1076, -2« 

104.9] +ai 

1483 -30 
144 6| -2.9 
273 81 -i C 


Enron* & Dudley TsLMgUnsy.LtdL hterUsr^essainated Piadx 

P OBox 73. St Heiier. Jersey. 0S3420591 Ctanna <S*il*l*.w goi 7 ; j 
ED-LCX 11284- 136.8] ) 350 

The English Association st-neptmt 

4ForeSuacLEC2. . 015887081 


77 Broad St. St Hrlier. Jersey "058 

U S. DolhpxieDendmeil End* 

Mr. Fad. InL*':. _.|?28 9.Mf 

I eternal. Cr.*t «20 887] ..... 

FsrEasteni-i -. ..B *23 586S ..... 

-»=2 


0534-20581 
-+-I 7.32 


StDcposi! WO* load +0.1 025 

(li5S87nRl st Fbted***t 1U.9 12aq ... . HJ3 

0I40BTO -Pnces on Oct u- «Occ,M. —Oct 18 


MMarel . 
'•larrvic-fl'.-n- ._ . 
Inti Eqintv 


‘Current units value October 17. 
Beehive Life ,\ssur. Co. Ll±* 


Fixed Int Dcp . 
hquiiv. . _ . 

Itvpeny 

Nanace-lC-ip . . 
Mana'-.xl A-.-c ... 
OveiTL-a- . 

Hill Ed red .. . 
American Ace . 
IVn.FlDep ‘':«p 
Pen F I Dop A, v. 
Pen Prop Cap . 
FV.-.1 Prop to: 
Pen nbn i'jp .. 
Pen Man \v*c 
Pen 'lilt Ed j «-*.,p 


UMfOUBl tnU Marascd. 1 1013 | - 

Z NFL Pensions Ltd. 

- — Mtlioa Court Durkin; Surrey. 

Xc'ev fc Car . |B9 0 93 f 

“ Nclex E-5 V. U31. 1202 1265 -t 

*** Nelev Money Cap 6i9 663 ... 

••• — \,.4~f Mv«l. Arc 677 712 ... 

Sole* Uth Inc Tap. 539 56.7 .. 

— ~ NriexOthlue.uc 55 7 566 .. 

•**• — NelMrd.F.1 '*ap.. 485 SLI ., 

*•* ~ Nri r-Ud. F-l Acc |49 7 573 . 

*•“■ ::«t Suh day Oclohcr 25 


Solar Life Assurance Limited * Ent Asx aerl , „ c*J£30 34 503a _| - 

10 12 El;. Place L-^don ELXN* 8TT. 01 .2422505 AeG 

- Nnlsr Matured S— 11310 1379! +0.71 - Ne« dwllnj: Ocl. 25. Nesrt dealiac Oct . 

bular proporivS- _ U«.o .120 W J — Eurobond Holdings, N.V. 


SnlarCartiS 1UZ.B 

Solar Inti. S. 981 

5G11 Solar Manafied P_ 1305 
_ SolurProrertvP. . 1137 
_ Solar Equity P .... 1731 

_ Solar FxdLInt P.. . 1182 

_ Solar L'asii P_- 181.7 

_ Solar Inti. P 980 


laza +0f 
122-W +11 


3374 +0fJ 
1197 . .J 
1823 +0 9 
1224 +10 


HaudrlKfcade at WiHcmaLad. Clinno S AOL ' 

iLeadoa Agents: Inlet IS Christopher st, ECS. (jat y&Z 
hrt. 01-347 7243. Tries; 8814408 lall FdJ 

NAV par sturo Oct 20 SUS2OB0 lirtal Fri I 


F. & C, Mgmt. Ltd. Inv. 'Advisers . 
1-2. Laurence FonntBeyHlU.EC4R OB A. 
01-823 4680 

CentPd.Ort.il | SCS66B | I - — 

Fidelity- Mgmt. & Hes. (BdaJ Ltd. 


31. ScUesinger Intenudiomd Mngt Ltd. 
41. LaMoKeSuStftriieit Jersey. 06347358a 

S, VUL. P7- . as .L.. 884 

_ S.A.O.L — . — 0.92 _• 0.97 ... .. 9.64 

c*- raltPd-.^ 224 . 32.6 +0.1 12A7 

loll Fd. Jersey.. — IM T07n -2 3.43 . 

IntoLFd-Lambrc — 1L42 1282 -6JW - 

-Far East Fund. _,0K- Ifli ...... Z7B 

*K«st sub. day Octnt*Br.2S- 


37 a +0 

20.6n +0 
52 2 +i. 


+01 516 

+ i.M 5.02 


2. Duke Sl.. 1-ondon W I M 6J P. 

Leo Dirt. KZ8 

Leo Accum. 190 7 


OI+SHasi) 7 ' Lt™»b»rd St. EC3. 


- KZ8 872) +051 

... W 7 955] +0 6| 


45fl l Blk. Horse 'XL 8. .) 133.70 | | — 

435 Canada Life Assurance Co. 


0I4C3 1288" E cn ‘j'l 1 ^ ri * *‘ Ck ? 


502 I Kt Td u..- I.J B 1 2-6 Hich St. Potter. Bar. Herts. PRqr 31122 

960 Lfa>ds Bk. Unit Tst. Mngrs- Ltd.* la) | EqtyijihFtjoct 2 . I 633 | ... | - 


Pen B A '*+!■ 

Pen B> Ac>- 
ren P A F Cap . . 
I*cn D .VF. .Uv . . . 


NTT Pensions Management Ltd. 

+CiJroccchurrh St. EC3P3HW 0142342 
Martaccri Fi.nd n57.2 163.7? .. I — 

Pritxi! Oct 2. Ne*t deshue Nov. 1. 


. .. . EqtyGUiFdOct 2 . I 633 

m ... . — — 212 225d+o: 434 Roci-war's Mepl . Gortnc by-Sea. Reimt Fed. Sept 7 1 126.1 

Inilcs . ao 273+02 438 Worthini Went Su.xxex OlCSiae f«, non Asuianrr Iid9 

• ‘verxco* -— Wt 20 3 -0 1 3 16 Balanced -532 57 a +06) 4 42 “ LACLV 

ferfnrm. nee. 6+4 65 lri +0 2 4 34 l»,.AL-cum, . . 73 2 78 7 + 0 8 4 4Z I Olympic Wy . KcmhJcv ] 

recover.- , 22 B 24 2] +02 6C4 W.irlriwI.leCvrtti .55 7 59 8 +0 3 2 24 EqViO Unit, .17 05 

E».iapL net. 10 622 Msj 457 Du 'Accum,. -.700 75 2 +0 3 2.M Propen» L'nit- 0043 

... .... T . M Ini-uow .. . ... .852 916s +0 6 6 04 Equily Bond-Exec, til 81 

tznaca Li.e imi Tst. Mngrs. Ltd.* l» i.\r.-um> .... 1194 ut3 +0 7 6 04 PropRomiEvec U37C 

2-dlilKrSt Pn'terx bar. H«it« PKi,rr.|L2! Eilraln-roric . .. 643 68 9 +0 4 7 53 Bal Bft Ercc.L'nil 113 52 

■ •in 'fen Pl-a .139 4 420|+03j 4 36 ■*> '.Vreum, . 731 7151 +0 5) 753 Depex.it Bonri 1129 

^!«e rnM“ m " Si 3S 5 b 3 2»| 758 Lloyd's Ufe Unit Tst. Mngrs. Ltd. Propenj Accum 0324 

Ihv In.- .*.■", -am. .U5 7 4El] +0 3| 758 72 RJ. ll.vehnj «i Rd_ A j l+al.u r- . 0296 a« I L.2? 1,R * * 

cartel (James. Mngt. Ltd.* **»*«**. - -P«» 777 ^ I *•» %J5 

inniti-j Brrvad Pit_E ' **jn ieq i»l-W8flni,j M & G Group* (VHC1IZI HUdlSSSw? sa i ! 

■‘JMlc.1 IC5 5 9101 . I 4 Sri Direc Quav- To-*+r Mill. F>31R 6BQ 01838 4588 2ndt:i1l ....902 

Income.- |C2 8 881] ] 7 45 Se+ ul-+< Slock Exchanjv- Deallnti 2nd A me near. 65 2 


— Hearts of Oak Benefit Society 


-' w,rlv EJ«.iKev|nv Plnn [1385 

!•'+ 1” Tavi+tock n.v.-. WC! 1 1 D.+M ul-OFTSflOO Small C* ’ Fd 1065 


New Zealand Tns. Co. (U.K.I LUL* 
■Maitland Hou<e. Southend SSI 21 r- nm282OT5 
Elwi Kev inr Plnn 11585 1634).. | — 


Sun Alliance Fund Mangmb Ltd. Fidelity Mgmt. & Bes. (Bda 

Sun .vllteaeo House. Horrtiam. DHD 64141 

.^as^ra^:-] = Ill - 


Schroder life Group : 

. EtrtcrniieHeiasePW&uroaflL. 

Itdoutad 

LBqnity 


070327733 


1 1 - Fldrilty P»c.>d.._. [ 5056106 ] .7] _ Sxed Interest— 

Di-6234200 Sun Alliance Linked Life Ins. Ltd. r ‘ dcllt J ,Wrid Fd -I SUSUM l-03fl — cuasaced 

.. I — Sun Alliance House. Horsham 040364141 Fidelity Mgmt SeseaFCfa fJCTSey) Ltd. 5Mjt “S ed 
Im. 1. Equity Fund..—.. J134J 141.4j +0 5j — Waterloo ILsc., Doc SL.St Heliar, Jersey. „ 

, Fixodiatarestrd.-. IC6.2 111 E +0.8 — 0534 Z7S61 . J. .HetUJ 

I LUL* Property F*md_. _ 1I3.D 119.0 . - Series A Onto 1.1 — [£3.96 .1+0371'— l20.Cbe*p 

SSSfSS.?±B5; 1SJ - JSSS'ES&jaSs . I "il ; Sas™: 


Olympic Wr . K'emhlev H.491NB 01 SW2BT75 Hc-artaof xia+ _ 


42 0| +0 3) 4 36 
51 B| +0 3 436 

158+3+32 758 

4E l| +0 3 758 


598 +0 3 2 24 Equity Unit. .17 05 

75 2 +0 3 2.24 Property Unit * 00 43 

71 6b .0 6 6 04 Equity Bond- Exec. £1187 

128 3 +0 7 6 04 Prop Bond Ecec 0370 

68 9 +0 4 7 53 Ba! Bd. Execl'nil £13 52 

7R5| +0.5) 753 Depec.il Bond 1129 
Equity U+um . 186 


»_JI I TcchnlnsrFrt (1124 

*' E trolnc Fi . _ 974 


1256 +802 
1650 

14 31 -HOI 
1195 


Hill Samuel Life Assnr. Ltd.* 


Airencan F.l .„ . 101 9 
Par Esr-t Fd . .. H26 5 


N1..1+T ’.iMiveiml-x' Rit.i.'nne. 


755 Lloyd's Life Unit Tst. Mngrs. Ltd. Property Accum. £1324 — 

5| 758 ~J *j. iLKehttu «> ltd. Ay 1+s.Lu r- 0296 M I L'S? 1 * * ** L 7 l . '°^*| 

Equity Aw cm - 1169 3 1779| ... | 3.78 SS SSlSL - ~ * 2 


•■Wa-OM - 


lnvoax- |BZ8 88 1] ] 7 45 

Prices uf> rtrt. 18 Next dealine Nuv 1. 


fv+ •'lock Exrtians 


| 2nd Amcncan 


Cariiol Unit Fd. Mgrs. Ltd* laKO 

7t:lburn House. 5c»radlc-ut>.-i TjnO 21165 
1 -irl.ol . . (69 4 71 9ri . ... | 3 85 

D--1 \:cum 1 n.L....|E5 4 879] .. ] 385 

1*0 Ifis'lVieM. H2 3 453ri ..[8 42 

Hr. Vvum Ur.iL! . 155* 57 S . ] £.42 

*;«! rte.Jinc date Nrneml.er I. 

Charities Official Invest. Fd* 
TTI^indon V.’all. EiiN IDK. DI-588 IBIS 

lnrnnv AilfiU'tl IS 1142 17 — 1-1 628 

.•.ri-uci 3ucua 15 1276 66 — | [_ — 

{•L'enutti unly avuilable to Rec '*haritie-r. 
For CbLrtcrhause Japhet see James Finlay 
Chieftain Trust Managers Ltd* (aKgi 
5 1 New St R5.TM 4 TP bl 2fO 2fiC 

A m+nrai. . ... |-:217 23 4) -4 4) 172 

. T--l.-*o Income Mj 1 46 4ri +0 1 8 94 


i ■(«**■ 1- American . 430 

„ ...... , Accum l*n,Ui .. 491 

V I3KCI Austrnl.' -inn 543 

no 21165 'Accum Unit*. . 556 
1 >« «. oiwimdily .... 83 4 ' 

* *’* I in 1 If'iuiii tint*' 87 S 
” 1 , 'v , >mpjUPd*ir..-«h 1158 

.. [ 8 42 i.'onversun i.'riKilh 67 6 
. | £.42 I'onicrMun Inc 712 
er I. Ill .-I. lend . 1258 

d* lAccum I'mL-.i . . 2384 

Eun>|B?iin . 53 6 

01-5881815 , wum. I'n'lMi . 5+ B 
. | 628 Extra Yield . . 89 7 

I. — lAccum Unit: 1- .. 123J 
' ‘hantier. Far Eastern . . 60 3 

m* Finlay 

fl*' 3 **: iS^".:^4 

01 2832SC r Acmm Vnib- . 277 6 

— 0 41 172 II 1 4h I nr, .-me .. U0 9 
+01 8 94 ilrvunvI'niLM 166 7 

265 Japan ...104 1 

-0 1 4 22 1 \o-um l.'nil^i .. 185 8 

+0 1 726 Mj;r.um . 229 2 

1 ..a .. . . iVwm l'nib-1 276 6 
Ltd.* 13) Midland ..186 7 

nt-3420-JR2 i tecum (.'niL'i 316.5 


511-0 2] 
523 -0 2 
58 0 +0b| 
592 +0 S] 
85 6 +0 41 




-0 i 2 01 -n'l Eq. Peru. Acc. 100 8 106 7 

-0 2 2.01 2ndl*rp Pctl'/Acc . 112.5 115 0 

+06 164 2nd Mud. PenmAcrlOJO 110 i 

+0 5 164 2nd D+p Per><- \c«- 1CL5 107 4. 

+0 4 4.60 2jxd .Jilt Pen... Acc 90 7 'hO, 

+0 4 4 60 2nd Am Pen-*, .Vr 87 2 92 3 

-0 2 3 67 L*E«1 K 395 sio; 

301 L4ES1F2 2C0 30 0. 

+0 1 7 78 ■ In-rent > aluc iVl 17 

Capital Life .\ssurance* 

—0 4 1 a M_.- r _ , . , . tl . . 


113 « 

mo -0 1 

103.3 . . 

wq -00 

106 7] —0 2 

116 d 
110 ij 

107 41 
9d0| 

92 31 -0 5 
CIO) 


4l7.pi.-it. l*mt' 1612 

Propen> sepc* \ :c3 1 

MarajeJ L*k:i- 169 2 
■Ijnwdiviie. v V5J 
a-xod Sv-r-i* «." 95 3 
.Mon-r- Un<L. . 122 5 

Money Sv-nv-. *. 75 9 

Fi-. -Slni Vr \ 52 b 

Equity fern.-. \ -5 5 

p-i- 1-6 0 

l*ii> Msnsv*.*! 4c t 155 6 

Pns ifroc+l i*.ip :o 0 3 

Pn.. >J Tcc-t Ac.. 1134 

Pen.- Enu:::- ■ .17 lUl 2 
ns-. Cquit; *.n- _ 168 8 
IN -r rt Ini Cj.|. toil 
Pn . F -d InL Vcc 47 4 
!*• 7.- lT.fi. »*.i|* Sb4 

Iyn> Prop Acc 973 


Imperial Lite Avs. Co. of Canada 


01-08847.55 ^ ,is «£SlS ll L,--EP. 1 

l on 1 [• d. -. .|S3 J 


Managed Fund — |U35 1195) +03) _* _ * J 

_ ... , ^ . ' First Viking Commodity Trusts 

Son Life of Canada (U.K.) Ltd & st Georprt sl. Douria*. laM. 

2 3.4. Cock+pur Sr . SW1 Y 5BH 01 B305400 &C24 48SL Ldn. Agts. Danhar A Co. Lid.. 

Maple Lf Grth. | 20H.4 | J _ 33. Pall MalL London SW175JH. 01-8307 

Maple LLMmgd. - .] 1359 ....1 — Ftt.VUtCm.T»....B79 39.9] ] 2 


J. .Henry Schrodo: ffaffl ft Gnu Ltd 
120. Cheapslde. E.C2. .- ' <71-3884000 

Asian FrL Qct. 18_. BOSIZJO 22W ... ' Ml 

Darting Fd.Ort IB. KA2-04 Z1H 4.70 

Japan Fd. Oct. IB — fSBMi 9173) - 8.41 


Maple Lf Eqty. _. ( 
Per.nl. PnTf A 


Norwich Union Insurance Group* 

rnBev4 Nr.rvivii nri 3Nu. poxi 22200 Target Life Assurance Co. Ltd 


Vlanaced Fund 2201 

Equitr Fund 363 5 

Propcri;- Fund ... 1329 
Fir+1 Irl Fup.J. 153 0 
Ikyeul Kurd. . - . 107.6 
Nor l.'nit ' *rL 15. .. 21 


231 6) +1 0) — 
382 4 +1.6 — 

139 9 — 

1610 +1 1 — 
1133 . . - 


53. Pall MsU. LoodmiSWlTSJH. 01-830*76 

FsLVlk.Cm.Tu. ...p7 9 39.9} | 2 .• 

FAVk. DbL0p,TKt .. [6L0 64.0] 4J 

Fleming japan Fnnd S.A. 

-T7. rue Notre- Dame. Luxcmbourt: 

Fleming Oct. 17 J SUS6938 | .J — 


Z 40 Sentry Assuxantte International Ltd 

436 P.O. Bax 32(1 Hamilton 5. Bermuda. 

: Managed Fund .^gnaSK -ZMB) — 


Tarcet House. Gatehouse Rd. Aylesbury. Fleming OcL 17 J SU3M 

Z ar * .. Aylesbury ,0296. 5«J F«e Worid Fnnd Ud 

Man. Fund Inr 1931 103 S ... . | — .. 


Man FUnd Acc. 1213 127.7 

Prop. Fd Inr.. . 112.9 1U8 

Prop Fd Ace.— . . . 144 0 

Prop Fd. Inr. . ... 11L0 _ 

Fixed Int- Fd. Inc 1005 1058 


Phoenix .Assurance Ca Ud Fixed Im. Fd. Inc 10 oj 

4 5. Kind Wtlb.unSL. EX.4P4HR. IH-CC6S6TO £*P g r * 7 

| 113b a52 11, ' 7 l - 1“ i&feSpES-' Si 

JS.I Ktl’r ~ 7 812 o. J “ Man.Pen.Fo.Acr_. 129: 

EhrPhEqF.. .179 7 83.9! -+ -I — Man Pen Fd.Cao_. 1171 


BnBerOeld Bldg.. Ilansltoa. Bermuda. 

NAV Sept- 28 1 5US19U5 | ] — 

G.T. Management Ltd. . 


Singer & FTiedlander Ldn. Agents 

2C.CaaiKmSl.BC4 • <71-2480046 

Driofonds [0*0743 2S.9BI if 6JB 

Tokyo TUL Oct. 2 — ] 3US4L50 1.49 


Drimfoods 10*0743 2S.9BI if * 

Tokyo Tst. OcLi — | JUS4130 [-...J 3 

Stnmghnld Management . Usd ted 


— ] Parle Hse. 16 Finsbury Circus, London EC2. P-0- Box 315. SL Halier. Jeruey. 


57 1 +0 2 332 ■ 0n ' H ' 0n '"S** ' h *. ,pcl Aff* ,on . =8S|1 I mp+n -il )|...j-o -iuildJ-uxL 

53 4 +0.2 332 hoj Invent. Id 105 03 1 - ,:r Fd i-iA-n ri s 

95 5c -0 5 8 15 lMeemnkerlni Fd | 107 41 \ .... | _ IvL ?V1 . IT, +n * K? 

1313 -0 4 815 Cbarterbonso Magna Gp.7 i n;: 1..”.^ r , 


Prop. Equity & Life Ass. Ca* 

P? -*rawlnrd.4| red. Will 1\S. rtt-4 
JL Silk Prop. Bd. . 1 185 9 I 


-I2ST. rh ‘ KM'* Pd — 


" Inlcrnannoal hzi25 0 26 91 . 2 65 Japan 

Bari- Resp » TJ 273 29 6«j-01 4 22 ilo-uni l-'mu. 

l:irm GnivOliT.it. ]24 0 25 8|+0 1| 736 Macr.um 

Confederation Funds Mgt. Ltd.* la) Midland 1 niLv ' 
50..*nanccr> Lane. WiS.1 HIE n I -242 0283 » 'vvum l 1 niLsi . 

..ro^hPund ,|46 1 48 4). ..[ 3 96 

Cosmopolitan Fund Managers. x.x-on. 1 <3+n 

So Po/ll Streel. I Anrinn JvWI .\ BEJ 01 JCIS8SC5 qlE3J2. Cal'*' 
l-rtonopuln tith Kd |UB 203] | 4 83 1Artum . 

r *° '"v*™ T * D 53 ™ 1 10 90 Specialised Funds 

Craigmount l/nit TnL Mgrs. Ltd. Tm4+e - 


186 7 198 

[316.5 33 
190 0 9 


70 c ,| , j RrphtiiMi He Brun.-I 
TOO -0 2 4 72 Keym^OWS+HirJa 

856 -0 3 4 72 'Jhrth'eEneru . 384 

193 6 -0 2 5 62 * h rills* Money . . Z5 7 

3012 -0 5 5 62 '■’l.nh-jH Managed . 34 0 

1181 -0 2 8 10 Chrlhsc Equity .34 9 

1988 -0 3 8 10 Wacna P.ld Sw . .. 134 

1961 +3 3 2 06 Uaene M.-maged. .. | 15] 

+34 2 06 City of Westminster . 
2973 J", 4 10 BrtK£f*i llwc 6 While! 


vnlrv. BMclilc- 


■;r Fd.rvu.m . i-js na-i.q — 
IVl+WiriM ITU 1 76 2| - 1 4] — 

l*n:: i..r:,.-r; ront-.lio 

Manaio] Fur.-I |“ <j 132 3J-1. 0 ] — 


HesMvneyKd. — 


L7 1 * I — Rv-vPlan'Tap Pcn_. 689 

J ? s Man.Pen.F<iAcc _. 129 1 

■M-++I — Moo P*tiKd.Cap_.. U7« 

r „ - uilt Pen.FdAee.:.. 13L7 

to-” Gilt Pen Fd.Cap _. 123 0 

01 4800857 Prop Pen FcL'ec. IK 4 

I 1 Prop Pen FdCap— 154 5 

1.1 Uuar Pen.Fd.Acr ._ 96J 

1 Cuor Pcc Fd Cap. 95 8 

1 fi.APen.Fd. Acc 95.B 

iijjW n.-VPen.FdL'ap_. . 953 


Ki. edln: F.l 
Secure < Tip F>.1 
Eq + lt;. FuniJ- _ 


101 a -o 

132 6) +0. 
105 ? -0. 


Property Growth Assnr. Co. Ltd* 
Ixflr. ll"u?+ .'roydiin, I IJ) OMJ»i rt 


Irish Life .Issuraace Co. Ud 
II.Firjin-n '■'luif.-.r/Z 01- 

Llucsiip r\ 1 +n ,.|7h 9 Mlj 


3371 -16 
959 -05 
99 0 -0 5 
198 8 -0 6 
3020 -0 4 
190 4 -0 1 
2422 -0 3 


2 06 City of Westminster Assnr. Co. Ud. S5£g : \&\ ; « 5 

410 R'ni-stcad ll-Mirc 6 Whiiehur-a; Ri.ad E-..jmr< Mar. F.L 1 11’ 0 116 

6 60 Croydon CR'i -DA. PI UHNH !7.>i> W>^:| j;»7 1HJ 


S 1 0 Foster l-lne. Fi *3V «M I H. 

Hi ~h In+om-s |47 25 50 75] 

r;«ih .\m>.*nvan .. |47 75 M.B 

7.tid31ui:.HHic]iliie.|48.6 S0.2| 


ul+Mi 9*362 ‘ At cum Una* 


[U ' [ — 2 


Chari bond ■ Ft 20 . 1 

OiinlJ I K L I'll _ 1552 

lAri-um l!mt.si 155.7 

Pen. E-.virtAI . 148.4 


164 7d -0 
3233) -1 


1086 

1552 157 5 

165.7 198.6 

1484 1566 


Creseent Unit Tst. Mgrs. Ltd lahg j Manu Lite Management Ud 

4 Mel-.ille! re; . Edmburr.h 3. U2I -3364311 __ . . .... 


b 60 Prop Fund. [61 8 

3 88 M.inaced Fund . ]154 3 
3pg F^qulri Fund . .. U! 

4 90 Farmland Fund., 181 9 

■0 9) 4 90 Monev Fund. 125 5 152.1) f.2. '>r.nritl 

-on 413 '■'!« Fund 45 7 +0 7 _ B.niFd £.. 

-0 51 4 13 PL LA Fund 1710 174 4 . _ - c 

P+ns Until Cap 1243 130 B — 

_ reax Mngd. Arc . 130 Q 1368 _ . . 

.5 ? 7? Pcn-+ Munq> Cap [47 6 50 1 — IdlDgnam 

13 iiS P*m* M«me> Aer |498 S2« — L>n-hani>U 

"* fVn-t. Equity.^. R 5 7 586+11 _ 

P ?' 1 * &IU>D Act Jsa 2 61 3 +1 0 • - cP-.m“i?B-',l 

— ■ ^ 63 Fund current 1 1 .rimed to n«w in- cximt-nt. ■'I'i' 1 

... 5 54 periorm CnlLs . | 2134 | [ _ ‘W-P '.-I ■ -1. 

City of Westminstec Assnr. Soc. Ud. , - r 

043» 56101 Telephone 01 «H VXA t^Sai fll L 

■131 4 33 First Unis.. ._ 11323 13891 1 _ 

Property Unit* [54 0 56 7] — r^'V-.': 7 ? ‘ 

Ltd Commercial Union Group lii' '-Ira 

1 1-606 »®S SI Helen's. 1. Cndrrxha ft. Ei y. ••I-3SI77-VI t'lln'-' Inu. a 

1 812 Vr Ad Ac **iri 21 . .1 5910 1-4 76. _ V. ' S! *. . 

5 47 Dn Annuity Ulx._ j 18 83 j /] _ F ■ v"ri Int-i. 

300 ConfeJeration Life Insurance Co. inti.i.iIVi!?! 

3. 91, 1.1UU«T Line. WI*2\ I lit: 'il-afOK t*" ••e.-i.ii 


65 r _ 

194 0 — 

67 2 +0 5 _ 
862 — 


_ Prop .'!■>* »l»n .J2015 

~ King St Shaxson Ud 

H'>r.irill E>7. 


SL i;«w -. Wai . Stevenaue. 
■ Ironvlh L'niU.. 155 8 


Discretionary Unit Fund Managers JSSeSlnn iu 
C2.BlemrnldSi .S‘*2M7AL OI-tOS-HfiS Lnieroil ih-t III 

m-lne ..taL .3 .11883 200* J 4 64 ^ 

K. F. Winchester Fnnd Mngt. Ud 3u.c r «j,i,n.SL. 


Mayflower Management Co. Ltd 

14 IR v.renh amSl . D I’VTAU 0l-«06 

InrometAI 10 . |12LH 117.7] .. .. I 

1 .‘eneral <‘rt lu . |72 7 7 6 5) . | 

Lni+roil iK-l III 45 9 483). I 


Mercury Fund Managers Ltd 

3U. ‘7r*AhiiniSL. EC— I'SEB. U I -0004 


SMIFd E-nci [132 06 103 38) -0.05) — 
:-e.i dqaiinc dal.: Nva. L 

lanaSiam Life Assurance Co. Ud. 
LMn-.-Fam IL. hx!.-nhnr..k Dr.NWA 01-2039211 
LaneFiJti .-*P:..x 167 C 70S) . | — 

VF.x.p Lrir.il |;45 2 152 3 . . J — 

V-UP '.•*-P‘ Mj-; rd 770 Sl 0| - I — 


-114. _ rr«--pcr> Fund. - 
+0.1 — froperx FundiAi . 

-0.5) — Asnculturai Fund 
ASrtC. Fu-id. A* . 

, j Abbey Nat Fuad- 

la - Ahldf \Jl F*d 1 A* 

0 1 -628 85M 1 nvedment F ur.d. 

I * 5 00 IniexmcDt Fd 1 Ai 
Equip. Fund 

Equity Kurd- A. 

* ] Mor.pv Fund 

* j Mit-jcj- F imdi Ai . 

■■etuarral Fund. . .. 
•it !t-cd jed Fund . . 
tlilt-evlilud Fd 1A1. 
01 JCZ >122 4F+;iro.Xnnuit% - 
.. fa ®! mined Ann*l» - 


+19 — 
+19 — 

+9 2 — 

+02 — 


Tel: 01-628 8131. TLX. 888100 
London Agents for 

Anchor* ITUrutB.- lUSlff 1171 

AjM-hor Gilt Ed RC— £9.41*1 9.47a 

Anchor Int Fd 5US5J3 SU . ... 

— Anchor I n-Jw.TW. 308 32.9 +0.2 

— Berry PacFi 5991ri 

— Berry Pa* Strifi. — 34840 364 00 

— U.T. Asia Fd JHKU9I 1152. ..... 

— 1 T. Asia Sterling- 0632 1728 ... . 

— «;.T.Au*traUaFd7. 5AL0.M - 

— H.T. Bond Fund.— SU514.57 +001 

— OT Dollar Fd... .. SUS7.11M -0.49 

... GT.fHr.IStrte.tFdC9.69 KUI8 -062 

Ltd r,.TJ>aciflcFd_ 5US17J7 -0J4 

G. T. Philippine Fd. JfFatft 113* -027 


Commodity Trust _|9£v75 JBIS^ 1 — 

Siurinvest (Jersey) lid.. U) 

L86 Queens ttee. Don. ItaLSt. Heller. Jw.6584 29340 

0.99 Amcricao Ind.T*t..|E7J9 7^+OBfl — 
JTO Copper TrinL.^ B£«7 ll_7S+fl53 _ 


Transinternational Life Ins. Co. Ltd G.T>acincFdr.....T yusi7j7'n-aid 088 
~ 2 Bream Rldtu. . EC41NV. 0l-w36wr G.T.PhfliwtneFd. JSF5MW U3*-027] — 

— crruiip Invest Fyi..]i493 W7«j ... — Gartmore Invest. Ltd Ldn. Agts. 

_ VMnn Bond Fd 1ZZ 1286 — SC Xary A«b I^ndf«tEC3. QI-S833S3I 

Var Pc-n Fd i’sp 1270 133 6 .... Garismrc Fond Mo^L (For Eoatl Ltd- 

Man ren. Fd. Arc. . 1355 1416 .... — 1503 Hutchison Hac 10 HarcourtRdH.Kon* 

__ yMn*;d Inv Fri Inli 100 9 1062 _ UKfcPaC. D TM.-KflWlA *«+(Ul2 180 

+191 — Wlnfid lev Fd AN WlA 106.9) SA - -l M? 


(S SCBfe: zJSfcS r 

i 14 TSB Unit Trust Managers (CL) Ltd 

508 Bagatelle Rd/St. Pmdour. Jersey. OS34734B6 

^ Jersey Fund B0 0 -525} I 456 

T*_ Gnt-maej F*und _ J50 0 53J .[ A* 

088 * Pnees on Ifct idNext aub. day OcL 25 l 


Gartmore Fond HiA (Far Enotl Ltd- ' 

1503 Hutchison 10 Hatcourt Rd H-Kone ,w ^ 

HKfcPafc P T4t. — BflW4 16 .**+002] L80 • . . . •" ..---- 

S«i«Ti:r.pS. | “S g”?"" 1 ™*ff -.<5~toni) jtv. 


Tokyo Pacific Holdings Pf.V- 

iDrimui Haaagcment Co. N.V, CnricaoL 
** NAV per share Oct. 10*5US72JB 


Trident Life Assarance Co. Ltd* IntL Bond Fund.— 


58 71-13) 413 


613+10 ~ Uanerarn .* j-.., joT c 70S) .1 — .*+.-. f-.. i7nn.pt 

• iteWM-estinmi. Kw' v- * “ Msw lw Fd - - 

134 I [ _ *w-p '.-#■• da-? rd|i. 0 31(1| . .) — .Mb-i. Pw>' Up l't 

\cc n - v|n. I .+ Imp Pciii Fd . 

“ Legal & General iL'nit .^ssnr.i Lid 

138 9) 1 _ K'rsxnji ilw-c l.iii'.unnl. Tu<1»orih. Bias” hoc C4|X l-t 

56 7] ..T — ?'TT": T 7 ,rfe, ‘ . Burst, HeaihSM'* 

!?40 nfil I - proxidence Cas 


r-MJewTj.ECJ 01 -OJtt 2 r 67 Merc Gen net 16- B06.0 219 2 _. 

tlrcnl Wine liviitcr 11*0 207] ] 4 6S Aw. Ul- rV-1 18 2719 289 1 

Cl ■•Tinv-hV-r i.i :.c;tj2C2 225) .. I 3 95 Merc Im r* 1 |8. . 72 1 . TO 7 

_ . .. _ . . , Ac*' I’l* IVl IR 77 7 82 7 

. Erases & Dudley* Tst. MngmnL Ltd Ext S.-pt2B . 2*6 4 256 7 . . 

2P. ArlinCvnSt.SW.I. 01 -If* 755 1 Arcml U Sepc'JB. 298 7 313 1) 

Efifcw im'tuj.TVD [711 764) . .1 3 81 Midland Bank Group 

For Eqmus Sccunuro Ltd. L nil Trust Managers Ud* lai 

see Abb?) i. nit Trust InugTS. Courtwood Huuhc, filler strw«. Heud 

Equity & Law Un. Tr. M.* laHbHcKz) Taa'^ 

Ameroham ltd. Hicb Wiconht. 0W433377 Do. Accum - 84 4 90S +03 

Equity 4, 1 an. ...|63 6 72.21+0.5) 439 p5”I[SSiii 39 6 <H6 +0 3 

James Finlay Unit Trust Mngt. Ud gj 326 tt 1 

I . 1. 14. West Nile Slroet.Gla»«fiv». Ml 1321 [ niWW 542 5B3 +06 

J. l-inla*' Inl+mai I (23 8 258) Z.74 Do Ai-vum. . . ...63 2 680 +0 5 

Accrat VntlA . - 27 6 30 3 . . 2 79 InieniM tonal 452 48 9 +0.1 

j Klf la* Income-- 3*4 374 . 822 Do Accum 48 3 521 +0.2 

J Ffrlai* Euro Fiil Z76 292 2 19 HiuhYlrld 642ot 69 la +0 2 

\rVuiJr Umtit . - 31 9 34 6.. 2.19 Do Actum.. 70 1 75 4 +0? 

j Finlay Fd In T«. 30 4 3£9 .... 4.08 EquiV Exempt*. - lM7«a 110 5c 

A«-j “Vnit.„. . M8 37 4.08 K Accum* . ... 104 7 110 5j 

fTIccs Del. IB. Next dealing tx-L A'. -Prices al Sept. 2» Nca dcaiinfi ijel 


VFquiiv Fund . 173 8 

VMonoucd Fund . 1913 
VPIP Fund 4; 

Prnial P>-n Mncil 79 5 


Slaftfid Mncvl Pn 
f-?2 'IrounMncd Pen 
: i; 6*i tea Int Pen 


I 4215 
79 5 83 5 

79.5 83 5 

4 13 ■ \ rav V -"“6° ■ vn . 199 6 — 

f-l ved Int Pen 207 8 _ 

*** Equily Pen-don ... 2591 . . — 

Property Pen- ion . 141 1 _ 

Cornhil! Insurance Co. Ltd 
32 Corah if L E-' *.*1 n 1 -fijfi M in 

Me 'up F.+. Scr*. IS ruso — I.. I _ 

a o+ Ufc spec Sept 15 (o 56 - I — 

4 96 MnClhFdRepiao [lB 5 19S 5! . .] -- 

Jg Credit & Commerce Insurance 

ISO. Recent SL . Lon.lvn W1R.X+ E i..|-v.t9 7>i!>l 
3 18 C*L*3llU9(LFrt. — 11220 13201 I .. 

b 43 Crown Life Assarance Co. Ltd* 

JJ3 Crown late II-+- . Wokmc iJl'JI :.VA O+UWI S.ra 


ce !o. im.i. 1.11:1..' 

'•I-24'JOSS I*' ■•c.-i.ni 

i .. -J-ciiv"l [n.ii^i 

lx* t-.--.ni 

1 l-rop-i-- l:iu.,.i 

I ___ 1-. -.c. UT. 


103 * 

134 « +0 7 
1383 +1 : 
123 6) +1 0 
127 2| +1 1 
1C6 4I +0 6 
107.7] +0 3 
138 1 +1 8 
131U 0 9 
losq . 
103 sl 


,M.rjey Fund l Ai . 142.4 +Q Z — Ren&lade House. Gloucester Ol! 

jctuarial Fund. . .. U7.6 .... — Manoced 1251 1325) -05) 

• ji!t*edjedfW . . 1215 . — ,-^d. Mrd. 1482 156 9+18 

(Till-evlUed Fd iA». 1224 +0.9 — Properly HlA 1U3 ... 

•iPeiiro .\nnuitx . 1SS2 - I-Vm I tx .American .. 83 4 888 -IJ 

Planned Annly ■ 1«7S - H K. Equity Fund . U4 7 1215+1.0 

Prop. Urovcth Prndoai 81 Annul l ex I.4d Hich Yield . W2I 1505 +1 3 

All Waver Ac ULs 138J 1454 ... — Gi It Ertced 1224 1296 +16 

V.\' I V.'ealher Cap Ml bM - — Money. 124.8 1314 . 

Tin- FJ I'J . .. 1450 .... — International 1034 1095 -O 1 ’ 

Kra-i.o IV LU _ 1X3.1 .... — Fiscal-.. J2E5 1361 

1 onv.peni Fd . 1512 — Growth Cap. _ ...1282 135.2 .... 

1 ni Pi- FV 135.1 .... — Growth Acc... 133.1 140 9 ..._ 

Man Pen* Fd 1525 . ... — runs. Mn*rt Cap - 1186 1256 

Mon. Pen' lap. It 1385 — Pens Wnpd Acc _ 124 6 132 0 

Prop Pcro Kd IMS — Pens.tHdbeixCap.. 103.9 3J0 0 

Prop IVm.xCan I’tf 1353 — Penj.Gld.Dcv> Acc. 1M1 115.4.... 

Sdr.i So. P-:n L t +34 9 . ... — Ten* Ppty Cap. 115 4 122 2 .... 

BlaEhor.Caii.lt. 122.4 — Pens. Pry . Acc 1212 128 4 .... 

_ _ ... ... , . ... Tntt Bond 36.9 389 

Prox 1 deuce Capitol Ufe Ass. Co. Ltd -Tntt. G. I Rnnd _.| 975 

re. L'cl-rid.-e R'jad. WTIBfV 01 74381 !L *Cash value for 1100 premium 


0-15236541 1 Gartmore l uriwot HngL Ud. 


P O Bo*32.Dou,ili». IoM. . 06B423911 . „ __ 

Gartmore IntL lnc^Q3 4 24.91 1 103 T.Vndall GrOOp - r 

Gartmore laa Grth|w 8 79.« j 220 -p.O. Bax 1258 HmdHeti 5, H. v +« n v . ‘ i^gt 

Hsmbro Pacific Fund MgmL lid <7»eaaOct, ijl. 8®a 134) «qq 

2110. Connaught Centre. Hons Rone c^l 'zaf+aml “ 

FarE.-iMOct.il— .VBS1SV U6W ,_J 3 - w «7 , «-Oct. I9„(5OT23» 2»ff44U>lf _ 

Japan Fund (5051016 1*TO -Z-4 _ 

Rnnbros Bask iGsentqr) Lid/ 

Hamhros Fd Mgrs. (CJL) Ltd. 

P.O. BoxSS. Gntamsey 0481-28921 

0.1 Fond 1150 7 1605) 3.7B 

Intnl. Bond SVSfi0975 113.141 . 830 

Ini Equity SLiSllZlS 1 ZSfaA 2 10 

InL Svbs. ‘A* 5LIML07 ljffi — 

ini. Sirs. *B* JUSjl24 125 — - 

Pnceu on Octobar 18. Next dcolias October 23. VtatmrHwre. WtdKnvMHMiu. 

Henderson Baring Fond Mgrs. Ltd. Scpc.21 _|i>62 So3r-T!!II|*iL u * 

S05. Gammon Hooso. Hong Kook. . ■■ 


T.a Bn 1258 HanatMi 5, Bannk JW MM 

SSSI?Sifc®g, .id i* 

3-Way Int. Oct I8,_bCS27IS 25Q8f+tLOl) _ 


Z.79 Do Aix-u m ...... 63 2 68 0 +0 5 64 

2 79 International .... 452 489 +0.1 24 

822 Do Accum . ... 48 3 521 +02 24 

2 19 Hich Yield 642« 69 In +02 8 1 

219 Do Actum.. 70 1 75* *0? 8! 

4.08 Equity Exempt*- . 104 7«fl 110 5o 5 6 
4 03 IV Accum.*. ... 104 7 1105] 56 

‘Prices il Sept. 20 Next dealing >jct 3L 


— F- etn,-* - .-wm In.l .51 S 

Ijoc ; 

5- “nspi r.qtv Ib i |13?J 

L“ '■ -':7 [”b 6 

r.t.-n.pi hi . ; a lr.-l I - 7 

L*' '.(ijn . ;vj7 5 

r • ■•mi-’, '-tr - ■ |j;s 2 

Ir* «'*“? |l33 4 

r.- enp, Prnp in;; ^-5 

.hi •..-urn 'm/i ; 


co-rat .l ull l>iuinu' Lid. 


_ X.-I M»t Fd < np 33 1 

_ --ci Hit Fd SUL -. 185 l 

— I- n-ion Eq.i.Iv 131 8 

reSMtu1F.al.-1L 117 5 

_ I*d Gap 474 

— l+.-f»^,T Frt. \v-c . 47.4 
Equity Fd. 1 *af< — 46 0 

Vqui? Pa Vr>: . 46 0 

F td fnr v*a|i. . 47 6 

h'-d Int Acc ■ 47 6 

Intnl. •‘.'•p . . . . *6 2 

if :il Av . 462 

ManHC-nl Fd • *Ap 466 

Manured FJ \cc .45 6 

Prr.pcct. Kd > ap 47 5 
lYur-e.-T} Fd. .lev . 47 5 


Tyndall Assnrance/Pcnsions* 
T8 Canynfie Read. BnstCiL K 


• i ...• -■ ' *4 
- .* 


a-Waj- 'X-L 19 1271 

Equily OcL 10 1+3.0 

Bond Ocl 18 . . 166.0 

Property 1 let 19. . 1089 

r+mjinxi 19 129.9 • 

3 Way Pn Sept 21 153 7 

ri'waslnv iVl 19. S20 

Mr Pn.3-WOcL2. 178.2 

r«. Equity- r+1. 2 280 4 

ix>. Rond OcL 2 181 2 

f«- Prop. OcL2 .. . 898 

Vanbrngb Life Assarance 
+ 1-43 Maddox SL. Ldn W 1R9LA. 

Managed Fd. 1511 15911 

01-2176533 Faulty Fd.. . . 246-1 25911 

. | .. Intnl Fund ... 101.0 1C6 « 

Fived Intern Fd. .. 1673 176^ 

Property Fd. . . 1480 1S58I 

l!*Ji Fund 1203 1273 


5* Japan Fa Ort. I8_. 11*5535 2648 ... .J — 

0+7+32241 Pacific Fund' 1 5U.S9.95* . -floid — 

1 IM BoodFd.‘Ort».._( SU510.BB l*8JM — 

"£3 “ ‘Eaelusur* of any prelim, charges 

-1.3 — Hifi-Samnel ft Ca (Guernsey) Ltd. 


UUL IntnL Mngmnt (CJJ Lid. 

Street.* St. Kriier. Jezsejr. 
ui j. Fund Bran* nsm | 7.7* 


Hui-banmei ft ca (Guernsey) Ud. United States Tst. IntL Adv Co. 

8 la-Fttrvxe SL, Pri«*_ P«rt M.CJ _ 14. Rue Aldrimrer. ^ 


GucroreyTst . -....1155.1 . 3*59| +L4| i58 nVfc to^51'| i! SSSSpS^ 
Hill Sanmel Overseas Fnnd SJL M « “ten Oetobor if 

37. Rue Natre-DanK. Luxamhaari; — _ ■ _ * 

JJCSH46 *2^-026) - S. G. Warburg ft Ca Ltd. 


CORAL INDEX: Close 499-504 

insurance base rates 

fProperty GrtuvtJi — — — — - — -.lOVKi 

f Vanbrugh Guaranteed - - 10.25% 

tAddrcss shewn tinder Insurance and Property Pond Table. 


3 ; Ji’n Mane d Fund Xc+ 1107 3 

+2‘ H 17 Mined Fd In.-ltv 105 1 
75^ tS* B 17 3lane‘d Fd I.-nt . 105 7 

in s«3 i Equity FhL Acc. 99 0 

Hot 5 63 Equity >U Invm... 97 2 

r*. 3,“ Equily Frt Inu. ... 981 
dcatms -jet 3L Fd . .vsc. . 9S 6 . 

Prarens Fd Incm 95 b 
Properly Fd IniL . Wi 
Inv.TA Fd Arc 1MJ 
■ Inv Tst Fri. Invm . 101 S. 
Inv Trt. Fd I nit .. 1029 

2 Fixed Int Fd. Acc. . 100 J 

J Fid Ini Fd lm-rn. 99 1 

n. Inter I. Td Acc |llH4 

...10U% Inter*) Fd Incm.. 1384 

Money Fri Arc ... 97 J 
...10.2 d% Money Fd Incm . 95.0 

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shlP * Crown Bn. ini. A_ 16a7 


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1112+0 3 — 
104 3 +<! ■: 

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113 2 +J 4 - 
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100 . 7 41 

99 4 . 

109? +05 595 

1062 +0 4 — 

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105.5 +0 « 11.15 

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Vanbrugh Pensims Limited 

4143 Maddov SL. Lriji WlABLA Ol-JOB^S 

Managed (1012 1D6«+01| _ 

a Equity . . ... 1092 115.3 +0.4 _ 

Flye.(lntcr«-sL..- 98 5 I03.7I ) — 


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h cripr Prnp In;; j, 5 103d .. ] — *J=. Etc .l.upxjale E ■** U 01-2176533 Faulty Fd.. . . 2463 25911 +20 — 

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?r 'i'206 ,K iksi Windsor Life ASsur. Ca Ltd. 

i-r’r. -Vrv i. • ' J * I,.,^ 40 ^ 0 , 7 -, J ~ Sjt.. rtjy Deccmlier 29. Rnjal .vibert Hsr.. Shew Sl. Windsor @8144 

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PO Boa R237. 56. Pi» St. Sydney; Ana EnetntOct IS. Z| SV 

01-4304833 JaveLR Equity TsL. HAZJ6 2.48T-0JI7J — . GrSLjPd. Aua.3Ll St 

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" = -TKSWi-JBisir -TSS&SS %£ 

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‘ 46th Floor. CoanBUKht Centre. Hong Koos 


SU5U2Z* -flj* _ 


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7l.iMRir..irJ-.. 1/7 i'l-G3 :2R> Tiin*'n>lic W«-ll ., K-nL 

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_ i>i . I x : . v rj 4 ^., x S-. f«-.ir-TO ! jTi+. l^nrion.EC 


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+0 1| _ Jarditsc J’RLFd.-... HRM16J3 

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( — Jnrdlnc FletnlnL-. HK532.4B 

. ... | — tnd J>ac Seculnc f. IHO35.09. 

«4 K ,„ Do. i A ccum. I “ — HK51524 
^ table. NAV QcL 18. Equivalent ! 

a Next Kit. OcL. 13. 


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HKSL524 I J ~ 
jlli valent SuSSViL 
L. OcL.13 - 


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og ^ 73ni 

CMT Ltd. Sc5lS~£® 9 IriS - “ 

JMjdiTaiHU.^g Jjj — 


oS sss».a 


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10a. -Boufevanf FtojaL' (jummbdnrc. 
Worldwide CthJFd] SUSWlM. |-0JH| 


NOTES 


iSsar Ca Ltd [Trices dc nut larladaSprcmiain. except where-IndicBtede.'and are 3 jmencuuMi*— ^»iv^— 

^ _ .. mdlrsied. Yields N i shewn in las mfutnat allow for an Injun* - csShSi* 

'5ft 1 a ■ vk 55‘S or 881+1 'nvlude all djMS h Tcwly’a pricte c Yield M an og«-j»ri t<5i»?+ 

|»0 77 .S _... _ orcniiigpn»e.h DJHrJbBth»ftBectfnKtox«pP«t«Hciprtnnt«rta 4 iinorteplaia*sSS 2 

&» ::::: = 


0 


• At bfc^s. ji; . 1 *. JlhUBMF LHUsw m 



37, 


ggtoanrf&^nines Monday October 23 -1978 


FINANCIAL TIMES SURVEY 


Monday October 23 1978 



Expertise 


forth 

ea’s 

rowing 

tature 

^ Kevin Done, 
jrgy Correspondent 


V PRODUCTION from the 
,/h Sea Continental shelf has 
: .iin to pour out in significant 
j lilies tills year for Ihe first 
since exploration drilling 
'in more than 10 years ago. 
' fiction is running at a rate 
i'bout 1.5m b/d with more 
' l.lm b/d from the UK 
• ir. 400.000 b/d from Norway 
-.10,000 to 20.000 b/d from 
nark. 

• : oduction on this scale 
is that the North Sea has 
“-'ed to play an important 
along with Alaska and 
,co— in restricting the 
ly of the Organisation, of 
’"-ileum Exporting Countries 
.inplement regular oil price 
‘ = rases. OPEC producers 
... actually had to cut back 
_ uetion to make room for 
’..rowing supplies from other 
: :es and this position is 
;ely to change in the next 
v -years as the importance of 
..5?o#h Sea increases. 

=r*it the development of oil 
i gas. fields in the often 
ny and hostile waters of the • 


The testing conditions of the North Sea are a major proving ground for 
the development of offshore skills and technology. Although foreign companies 
continue to dominate the heavy end of the industry, British contractors have made considerable 
headway in other sectors — so building up a useful bank of expertise. 


North Sea is significant for the UK arc employed in oil- industry is exploration and tors’ Nigg Bay yard in Scotland industry who fear the increasing 

many other reasons. Petroleum related work anil British com- appraisal drilling. There are to allow the first scientific atmosphere of uncertainty that 

is now being won from of panres have gradually increased only four semi-submersible onshore tests to be curried out, has been created by recent 
the most difficult and demand- their share of Ihe offshore mar- drilling rigs that can truly be to start the process of discover- Government policy for North 

ing regions that has yet been kct. But the development of a said to be in UK ownership iog exactly what stresses North Sea oil and gas development, 

explored by the oil industiy. British offshore supplies Indus- and last year British contractors Sea structures must endure. By Companies have become parlicu- 
For the ’moment the North Sea try has not been without its took only 26 per cent of the iggo the inspection and main- larly concerned at proposed 
has been placed in the forefront problems, and certainly when market. tenance market could be worth changes in the North Sea tax 

of the development of new off- the first wave of exploration . But UK involvement in drill- £300ra a year, but opportunities regime for UK fields. The 
shore technology and companies began Brilish industry was vir- ihg could increase with the f or contractors will be less Government said earlier this 

operating in this region -are tually left at the post by the expansion of the few existing than this because work will be year th2t it plans to increase 

acquiring a degree of expertise U.S. and in smne instances British drilling companies, carried out internally by the the rate of Petroleum Revenue 

which could serve as a major Norwegian and Dutch suppliers, which have built up successful 0 j| companies themselves. Tax next year and also reduce 
springboard into other offshore By j ast ycan howevM , the UK track records over i the past : three But the futuro for offshore some of the financial incentives 
markets as attention switches to offshore supplies induslry had f° ur y , ears - s P me are alr£,ad > development is still promising aIlowed in the early years of a 

new exploration areas around pushed up its share of goods and mld-I98oT offshore rii field ‘ s production life The aim 

tte wor,d - services supplied to the British ?“ d 1 e hls ( .,L Iut fi t "® t « T, production in water depths of w ! as to ensure a fair and ™*son- 

It has been estimated . that sector to 62 per cent compared SSration drillin^ i? UK watera 900 ft should be Possible. This ® b ' e Tf"*™ count17 

more than £4bn is now being with only 40 per cent in 19/4. dcclines Last ~ ar lft5 exnlnra- demand new concepts that Bnd lhe companies, 

invested throughout the world The total value of orders placed tlJJn an j appraisal wells were w »ll be tried for the first time According to Mr. Peter 

on offshure exploration and pro- l 1 } }9i7 was £1.3bn nf which the rtr jjj pd une of the highest totals in the North Sea such as sub- Baxendell. a managing director 

duction. But of this total the UK industry accounted for - n Repast jq years! But the production with the require- of Royal Dutch/Sbcll and chair- 
annuai expeuditure in the North £806ni. ns share of the total r , 5ure W1 jj be j ower Xms inent for underwater working, man of Shell UK: “The real 
Sen alone is currently claiming market rising hy 5 per cent r . t0 dat on j y b0ine 51 underwater power, support blotv to industry confidence lies 
over £2bn. As Dr, Dickson compared witli 1976. Companies wc jj s j iave be(?n starT< , d equipment, safety and life sup- nor so much in the parameters 

Mahon. Minister nf State for have been particularly success- Thp Department of Energy's port systems and the avoidance of the new tax proposals, serious 

Energy, pointed out recently: »n heavy engineering, the ()ffshoro supplies Office which of pollution. though they are. but in the fun- 

“We have had to develop new manufacture of plant and equip- increasingly is acting as ' a i ink ■■ i n u, e late 19S0s the tech- damental concern that further 

techno ogies from scratch T uf between UK companies and nology to develop in even changes will he made after 

technologies quite unheard nf production platforms, 
in the peaceful shallow, waters 
of the Gulf of Mexico 

where many of the North panies have not made a signili- maintenance, should nnt go by nology will be required on the _ 

pioneers came. We have omit, cant impact, such as in heavy, default to overseas companies, edge of most continental Profitability of any long-term in- 

the largest and heaviest man- offshore installation which is :ust year the UK took only shelves. UK exploration and vestment? The North Sea pro- 
made structures in the world: stilt dominated by U.S., Italian 33 pe r cent of this work in a hopefully production will he Jecls mean front-loaded risk 
towed them out to sea: and and Dutch companies. Given market that was valued at moving into such areas as the im ' estra , e nt of 3 Previously 
placed them on the bottom with, the very great investment that f 36m. .West coast of Scotland aiK j unheard of dimension: without 

tiie precision of an Apollo moon- j s necessary to start operating The importance of inspection Rockall Abroad the east conKdence in a stable invest- 
shoT." heavy-lift barges or pipe-laying and maintenance work must rise coast of the U.S. is likely to be ment di ^ ate - such investments 

In less than 10 years since vessels it is unlikely that the rapidly in the early 1980s as the one of the first deep water cannot “ assessed * let alone 

the first significant oil discovery UK will ever make any major North Sea becomes dominated areas to be developed." approved. 

II oilfields have been brought impact in these sectors. by oil production rather than The new generation of So far it has to be said that 

into production in the British The only chance for future exploration. It is a point manned and unmanned sub- no companies have refused to 

sector. The output of North involvement would appear to emphasised earlier this month mersibles will play an increas- go ahead with any major North 

Sea crude, which began in 197a, ij e j n j 0 j nt ventures with over- by the actual removal of the ingly vital role in offshore oil Sea projects, but the next 
had built up to nearly 38m companies. However, if first fixed structure from the production. Dr. Mabon is sure round of offshore licensing, the 
tonnes last year and this year any major changes in the tech- North Sea, a small gas platform that before long the installation sixth on the UK Continental 
it will exceed _50m tonnes, put- nolog.v for . coping with these on British Petroleum’s West and maintenance of deep water Shelf, could serve as a useful 
ting the UK 15th in the league, operations are introduced. UK Sole Field. The platform had production equipment will be guide to oil companies' present 

table of world oil producers and. companies may Then have the reached the end of its useful accomplished entirely by un- thinking. It is not just the rate 

welL on -.the road\ to self- ‘jopporemity of making their life — it was installed In 1966 — manned submersibles. of future exploration and pro- 
sufficiency in oil. - presence felt at an early stage, and BP decided to cut It free But there are growing doubts duction that is being questioned. 

More than- 100,900 people in' Another weak area for -UK and float it to Highland Fabrics- expressed by those in the oil however. 


overseas markets, is also deeper waters will be of vital another three years or possibly 

raters But there arc some areas of anxious that another growing importance,’’ Dr. Mabon said loss. Under these circumstances 

from the industry where British com- offshore activity, inspection and last month. “Deep-water tech- short-term uncertainty, how 

\ . a panies have not made a signiii- maintenance, should nnt eo bv noloev will be reauired on the can oue possibly assess the 


Mr. Baxendell maintains that 
the opportunity of establishing 
the UK at the forefront of the 
new sub-sea technology is also 
at risk. “I believe the most 
spectacular technical advances 
will come in the 1980s, 
especially in such areas as 
general diving techniques, 
manned and unmanned sub- 
mersibles and underwater 
welding techniques. While 
these developments will be 
aimed largely at the market in 
existing production areas, they 
will also form a development 
base for future activities if 
and when reserves are found 
in deeper waters. We have a 
potential lead position here 
and must establish it. But it 
needs heavy investment, 
imagination and the willing- 
ness to take a high degree of 
financial risk." 

It is this scale of finance 
required that is driving the oil 
companies to research new 
production methods that could 
replace the massive and costly 
fixed steel and concrete plat- 
forms that have dominatd 
North Sea oil development to 
date. As work begins on a 
new generation of rather 
smaller discoveries oil com- 
panies are looking more and 
more to such solutions as float- 
ing production systems, tension 
leg platforms, tethered buoys, 
telescopic columns and subsea 
completions. 

The reason is not hard to find. 
To develop the 500.000 b/d 
Forties Field British Petroleum 
spent $1.7bn. Now BP is 
contemplating spending as 
much as $2bn to develop the 
Magnus Field, which will only 
produce at perhaps 120,000 b/d, 
and a single platform to pro- 
duce 150.000 b/d from the 
Norwegian Statfjord Field will 
cost in excess of S1.8bn. 


But the tough lessons learned 
in the North Sea, whether tech- 
nical or financial, should give 
the companies operating in 
British. Norwegian, Danish and 
Dutch waters, a special edge 
when it comes to tackling oilier 
offshore markets. 

According to Jack Birks, man- 
aging director of BP with 
special responsibility for ex- 
ploration and production, the 
equivalent of 10 North Seas 
must be found around the world 
If reserves are to reach expected 
levels by the year 2000. He 
said recently that exploration 
and development outside the 
U.S. would largely be concen- 
trated in offshore areas. This 
effort will demand an expendi- 
ture offshore in the non-com- 
munist world alone of us much 
as $440bn by 1990. S340bn on 
development and SIDObn on 
exploration. 

Offshore supplies of oil pre- 
sently account for 18 per cent 
to 20 per cent of world oil pro- 
duction but this will reach 30 
per cent to 35 per cent by the 
late 1980s. By the year 2000 
there could be oil discoveries 
totalling 240bn barrels of oil, of 
which about lOObn may be off- 
shore. says Dr. Birks. 

Attention is already switching 
to such areas as offshore Brazil, 
Argentina and Venezuela, along 
with the east coast of the U.S., 
north-west Australia and south- 
east Asia. On lop of this new 
opportunities seem to be open- 
ing up in China and Russia for 
the western oil industry and its 
suppliers. None of these 
markets will be easy to enter 
and some already have tradi- 
tional suppliers. But it is certain 
that developments in the North 
Sea have given companies a 
technological lead that is un- 
matched in any other offshore 
oil province. 



Pr 


wor 


Gulf of Mexico 

- The Press Group has carried out engineering 
rosting, feasibility studies and design work for a 
number of installations in the Guif of Mexico and 
operates a substantial office in the American oil 
Capital of Houston, Texas. 

Norway 

Press Group companies have carried out 
feasibility studies, engineering design, manage- 
ment, elertrical and instrumentation hook-up, 

. engineering inspection and non-destructive 
resting for numerous offshore oil fields in the 
Norwegian sector of the North Sea, either from 
: :he Group’s Norwegian or United Kingdom bases, 
.platforms include Beiyl ‘A’ Ekofisk, Eldfisk,Tor, 
Statfjord ‘A’ and Cod. 

Brazil 

Design and support technology is being 
supplied by the Group in the development of the 
'lamorado oil field. 


Africa 



p .... 

V The Press Group is carrying out design and 
feasibility studies for the Australian North West 
Shelf gas field. 

The Group also performed quality control _ 
inspection above and below water on the Maui 
gas field platform, offshore New Zealand. 


Apart from building an oil refinery on the 
West Coast and canying but major engineering 
inspection and non-aestructive testing onshore 
in Nigeria, the Group is also involved in the 
offshore African exploration effort, the latest task 
being conversion of a drilling rig to a production 
platform. 

Middle East 

Press Group companies have been involved 
with almost every major oil company operating in 
Saudi Arabia, the United Arab Emirates, Bahrain, 
North Africa, Iran and Iraq, with permanent 
facilities in a number of countries. 

United Kingdom 

Press Group companies have provided 
services for almost every oil field in the British 
sector of the North Sea, ranging from initial design 
through to commissioning and post-construction 
work. 

Numerous onshore terminals and facilities 
for reception and treatment of North Sea oil and 
gas have been constructed by Press.The Group 
has invested in servicing and construction facilities 
onshore which are virtually unrivalled in meeting 
the requirements of offshore operating com- 
panies. The United Kingdom is also the base for 
a number of Press Group manufacturing com- 
panies providing specialist equipment for the oil 
and gas industries from Russia to Mexico. 


Press Group companies— as listed below— have the necessary expertise 
to meet the requirements of the world offshore industry. 


WORLEY INTERNATIONAL 
ENGINEERING GROUP LIMITED 
Consulting, design, engineering, 
procurement and supervision 
services in production and 
processing for the oil and gas 
Industries. 

METAL AND PIPELINE 
ENDURANCE LIMITED (MAPEL) 
Specialists in non-destructive 
testing, radiography, heat treatment 
and cathodic protection and manu- 
facturers or testing equipment. 

WILLIAM PRESS PRODUCTION 
SYSTEMS LIMITED 
Design, fabrication assembly and 
testing of offsite plant including 
modules for process systems 
offshore and onshore. 

PRESS-IMODCO OFFSHORE 
TERMINALS LIMITED 
Design, fabrication and installation 
of offshore marine terminals 
including supply boat bow mooring 
systems. 


P&W OFFSHORE SERVICES 
LIMITED 

A single source management, 
hook-up, commissioning and 
maintenance capability. 

JAMES SCOTT ENGINEERING 
GROUP LIMITED 
Electrical and instrumentation 
contractors offshore and onshore. 

GENERAL DESCALING 
COMPANY LIMITED 
Designers and manufacturers of 
pipeline equipment including 
pigging systems for use offshore. 

DENCO HOLDINGS LIMITED 
Manufacturers and installers of 
centralised lubrication systems, 
air dryers and air conditioning 
equipment. 

WILLIAM PRESS G SON, 
LIMUED/WILLIAM PRESS 
(INTERNATIONAL) LIMITED 
Engineering contractors in the UK 
ana overseas. Design, construc- 
tion, procurement and project 
management services for the 
oil, gas and petrochemical 
industries worldwide. 



The International 
Offshore Group 

Wiliam Press Group of Companies 

28 Essex Street, London WC2R 3AUTeIephone 01-353 6544. Telex 887832 







pi 
ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number c 
were com 
puign agai 

Party on 

1974 Gem 
The foi 
allegation 
lowing thi 

affair. Mi 
was. had 
an arches 

himself. I 
Lady Fj 
M arcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
fold the 
did not 
pnetors 
instructed 
round a 
material.'* 
The Pr< 
to hear 
Sir Haroli 
formal co 
On the 
against t 
council si 
[loyal Cc 
that thcr 
Labour bi 
The Pr. 
i.s one o] 
lushed tod 
in ano 
council 
against ti 
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picture c 
Henrietta 
death in 1 


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THE FIRST MAJOR CONFERENCE AND EXHIBITION TO FOCUS 
ON THETECHNICAL, ECONOMIC AND ENVIRONMENTAL 
CHALLENGE OF NORTH SEA PETROLEUM DEVELOPMENT 


24 - 27 OCTOBER 19781 
EARLS COURT LORDOB 


THE CONFERENCE 100 
PHCXaRAivlME cniJortriMacsMsfe.'iL. 





DOMING/ FORMATION 

VVfcLLCOUFLETIONS EVALUATION 


STWjCTUPEji CONCRETE 

r ouriDAnoNs struct uses 

MANAGEMENT Ef.T3NOf.HCiT 

TOWING A FINANCE 

jN£MLj.«iw:irjop maoirfiW 

CT.WJF.H OPERATIONS 

STRUCnjRgS PilED ST RUCTL'K??’ 

LEGISLATION' STEEL smucT'JRES’ 

ENVIRONMENT GAS TECHNOLOut' 

THE EXHIBITION '..'wsvyr.awii 

e»no!cn£:jj.:ei. 

c s*. 1 

, __ IfcXrUtalSbSV.- 


feed 

DEVELOPMENT 
OFVSMCWc 
PRO "VK > ION 
SYSTEMS 
i.TfajrniRAC 

t/WC***. 

FU iNGOPtaAllCfiS 
IN THE 

HEATHEN HELD 


C-Cs'j 


OFFSHORE 

LQAOmC 

S' STEMS 

RESERVOIR 

STUD'ES 

MODELLING 

SuESt A SYSTEMS 

1.1FF -Hr, RE 

l iFTINO 

OPCFATlONj 

DEEPV.UcR 

PIPELINES 

MAINTENANCE 



EUROPEAlf 

OFFSHORE 

PETMBim 


8 EXHIBITl QH 


INTERNATIONAL off- Council on U.S.-China trade, mitment by any aspiring off. offshore India, Malaria, in the. asnin^ater^fp^ta of. abe« 


roc; r&KN Al'iurou, uo- uouhlu on u.o.-v-uui* uaue, uuuuhil pinng utt* Husnu** :*~r r« mrtw* Th^Vell ir 

shore industry is growing China is looking at various wavs shore supplier. The same must Gulf of Mexico ■ ^ off the 145 ipi Btre . 1 • 

rapidly and already offshore ex- of paying for offshore explore- be said of the potentially huge East coast of the U.S., no ut ^ «io de 

ploration for oil and gas is turn and production equipment Comecon market add particu- that Texaco has made .the nrswane* • v: o. ; • ■' . :•*!*; 

being carried on in as many- as It has for some time sold limited larly of Russia. No break- significant find in this region. Petronras nas . gdrnp reteff. the . 
80 countries. About 30 caun- quantities of refined petroleum through is likely to be achieved A _. rt J second round ^r : -intenjatiqftaJ 

tries are producing subsea oil products to neighbouring couo- without months and’ perhaps ApPrOVcU bidding for exploration areas- .. 

and gas, and this rapidly grow- tries, but the. amounts of crude years of painstaking negotiation. / .. p -, rnhra * w Dr0 . under yrfticb: 


ana gas, ana uus rapiaiy uses, our \ne amount w viuae ywra vi oegouauun. R n p p , rQ hras has pro- 1 ^ 

lag development effort is creat- it could offer at present are But as in China the business . n f auoroved over- c< g Fere ^ 1 * ^ r* , " 

ing an important market for oil thought to be only marginal to is available because the Eastern ^contractors. which it would ' ; 

industry suppliers not only off- needs of both the U.S. aod the bloc will require a wide variety trt * Ge forming joint' ‘ 


inonsoy suppliers not om> ««- needs ot both me u.i>. aoa me woe. , win require a wide variety tQ sce forming joint ‘ “VV B Ann 
shore, but also onshore with major U.S. oil companies.- of proven Western technology .* tlirps w ith domestic con- — 

ihp nf tbo services *v- "^1 ventures wiui . uobibmw. wh_ - mim iRURritlVesOhe 1 tt*oflS2l2m:.' • 


the location of all the services Chinese crude production to support the mounting pace 
and terminais necessary to sus- amounted to about 90m tonnes of offshore exploration for oil 


ventures wiui domestic investtbent dtS2i2it' . 

cems. British companies figure ^ -.third rounds 

..inanllu .in thp '-list. bUt « ■ r ." ® ‘ Z- 


ana terminais necessary to su*- amounted to about 90m tonnes of offshore exploration for oil ■ the list but * ■ * ' 

tain, such a high level of last year. Quite apart from and gas. AccoTding^aTepon f h r e 0W fi n a Tpreofof^ C ^ wm 

activity. . j meeting its growing domestic published last month -by SeS detaUed^ Contractors • 

With the experience gained needs, it is also committed by Research Associates, '/ the C0m< l: O npri -But if nroof were Sever^, companies; 

in the North -Sea, the offshore an agreement with Japan earlier Comecon countries’ offshore deeded of the potential work - 

mdustiy in Western Europe has this year to increasing its sales development programme could’ available it will come in the S ’ 
agrowingopportumrirtotakea t6 ^ country from 6.5m produce a maVket worth; ^?24fon^ few when Me- 

significant share of this interna- tonnes last year to 15m tonnes by the earlv 1980s ” _ ,■ AnforRipr in •. 

SSS. sen-ices ?echSo!oS , 5° ntact X ° ? 0TiC V ^ ****«*/** 'platform- jacket for^a BrazSiim_ ob t i0 ^pbteii t ii.-,Tfe&^; ; 

and management sWIls. No over- ****** » 25Sr the w 5 eId * *1 Namorado in the supplies Offi^ is 

seas markets will be easy to J he u s - ; *? ut the number of country id the jvorld. ,Its Campos Basin. iiig to identify market ^ ^bfiporin-' - 

break into £d West European ff? de mu f™* v t ‘ mg ^ req, ? irements L •.-°® 5 ^ re Some of the Process design nities overse^ 

companies face important res- T his from other countries equipment may r - be . - laiger contracts for tins field went to liriKs Befiveea^tish embS- 

triefionj; nn thP wav thev are bas grown rapidly and has in- than the total requirement; for the William Press group, and and the domistic indmitrv" 'Ari^ , ' 


trictions on the way they are , l tnan tne urai requirement. ior the william r-ress ; group ana and the domestie iadurtryr. W ^ " 

able to operate, especially in - cl “ d t? r ^ ^ Ita ^i . Franc ® L he development pf the North orders are still to be + placed for ^ ■ -&& /rekpectj the 
markets which are dominated West Germany. China and Sea.” The principal area ,of the Enchova Field, the^ largest vtixiamVQil COrporatum-mjgte . : 
by national oil companies. But Ja P an are already negotiating interest in the Soviet Union . is offshore discovery m the basin find itse jf; p iairin^'an totireakii^' • - 
such countries do appear to be for 3 omt development of under- the Caspian, Sea shelf, where to date. Meanwhile some risk Qf .^itfdreihan-.. between - - 


increasingly anxious to diversify sea what some geologists drilling ha^ been carried , out contracts for exploration drill- foreign state oil companies 'and’ 
their sources of supply, with believe to be the largest unex- f or a number of years. TSe ing in the Santos Basin have British contractors. Tb«re>is 'af- * 

the result that the developing Plored reserves in the world, water is relatively shallow, but been let and success in this ^area .^etiilrascy .for foret&u- - - 

oil producers in Central and The big potential development the early discoveries. of r nil and could lead to a rapid increase gover nVri^i ts~ f 0 - wa nc to'.: Qtei . ’ 

South America, for instance, are area is the continental shelf gas are now being rapidly in demand for °®S“°J e e< T 1 ?jP":on a government* to. goverimr^a’ 

wilting to look more and more between the Chinese mainland depleted and existing Russian ment. One of the latest wiia- ~ ha ^ fc , - w .v 

to European suppliers for and the Japanese Ryukyu technology cannot, cope, with cat wells to be drilled * n tne-. •- Ty rT '' n ...TY M ;^ , ~ . '. 

tViaip Tdanffq whinh ctrptr»h cnnfh rtf rr on arpa belli? Carried- Ollt O? . r_' . - ^ 


to European suppliers for and the Japanese Ryukjot technology cannot, cope with cat wells to be drilled in the'. •- 
assistance to develop their Islands, which stretch south of surveying and -extracting .hydro- area is being carried out *>y_. 
growing discoveries of oil and the Japanese mainland. Vast carbons from -deeper finds. m 

gas. areas of the continental shelf Research Associates say- that ^ | 

j . . are believed to be rich in oil. the technology required by the ■■ ■ y. 

investment but exploration has been Comecon countries will- include /’nnmpu a Milt 

. delayed for decades by a pipeline and associated equip- BB taiil I lOn MIVfE 
For the moment the North bewildering collection of under- me nt. drilling tackle and drill- HB r-i IDriDCAM C 
Sea, with annual expenditure ^ boundary disputes among pipe, subsea engineering equip- H EwKLIitMIV- 

rfnmTn^^“th^ UC ^frVh^ bn, n\i China ’ Japan ’ South Korea, men t and extraction equipment. B FLAMEPROOF 
dominating the offshore oil North K Vietnam, the Requirements will build up H rLMIVICrfWyr 

and from this year to the mid-1980s R ELECTRICAL 


The high cost of exploration and the market, should remain 


invoctrnpnt • Unt sc fir Tart * »i«i««u™ ana U«it umrueL. buuuiu icuuuu 

S a manSng director of “ ^ deep waler of ^ region a considerable long-term: in- 
British Pemdeum^told a recent 311(1 Chinese reluctance to terest for Western exporters. 
European Offshore Industrv depend on fore ign technology Many Western- companies are 
Export Conference, as many^ have also prevented prospecting, already pursuing offshore oppbr- 

10 North Seas must be found ® u j st^emate has been tuiuties in this area of the 
in other regions by the end of en ^ ed over ^ P^ st ^ ou f world. 

the century if world oil reserves and s f veral important oil finds For a number, of , years, for 
are to reach expected levels bv iavc been ™ ade - instance, British Petroleum has 

the year 2000- To achieve such Previously the only oil China been discussing with the Rus- 
a figure will demand an produced offshore was a rela- sian authorities the possibilty 
enormous physical effort as well lively small amount in the shal- of oil exploration in the Caspian 
as the investment of hundreds low waters of the Pohai Gulf and Barents Seas, joint venture 
of millions of pounds. Accord- near Tientsin. The field there is oil refining projects and; in- 
ing to Dr. Birks as much as an extension of the onshore volvement in an oil platform 
$440bn will be spent on offshore Takang Field. China’s third fabrication yard in conjunction 
exploration and development by largest China appears to be with Brown and. Root ' and i 
1990 in the non-Communist moving rapidly now to exploit Wimpey on the shores of. (the 
world alone: Of this total its offshore, resources in order Caspian Sea. * •] 

$340bn would be invested in to increase oil production as a Faster progress could be seen, 
development and $100bn on way of paying for its. ambitions however, in markets in other 
exploration. BP's own plans for modernisation programme. As areas of’ the -world where the 1 
exploration expenditure this evidence of rising purchases of obstacles of negotiation do not 1 
year give an interesting indica- U.S. oil exploration and produc- i nom quite so large. Major 
tion of where the markets are tion equipment Peking bought opportunities have opened up 
developing. a jack-up rig earlier this year j n Brazil- and to a lesser extent 

It is spending about £1 50m in from a Singapore subsidiary of Argentina and Venezuela. 
1978 on exploration of which Bethlehem Steel. • Western Australia is keen to 

the largest single amount of The price was thought to he attract companies with hard 
over £30m wil] go nn exploration in the region of $25 m and one experience won in the North 
on the UK Continental shelf. 0 f the specifications had to be Sea. As in South America the 
But it is spending at least £10m that it could operate in water best way forward could lie in 
this year in several other ex- depths of up to 250 feet Two the formation of joint ventures, 
ploration areas, such as offshore steel production platforms were There is also increasing activity 
Norway, Canada, Egypt and bought from the National Sup-~^t^ HHIBaiaBaa ^^= 
Brazil. Important prospects are pjy Company of the U.S., a divi- 
also being explored in such sion of Artnco Steel and other 
areas as Alaska, Australia, u.S. companies are understood 
Ireland. West Germany, Nigeria to have been involved iii nego- 
and France and some explore- tiations for the supply of fully- 
tion presence is maintained in integrated production systems 
at least 12 other areas of the including platforms, pipelines 
world - and loading systems. 

But in the past few years British Petroleum is among 
three areas of the world in par- tj, e companies that have been 
ticular have captured the unagi- told by the Chinese authorities 
nation of the oil industry. This that foreign risk capita] in off- 
rertainly been the year shore oil exploration would be 
of China, the year when this welcomed and it was also a TU« IVInr' , f li Cq C l 

vast country decided It should member of a delegation of llw IVUlXlT »-uSl 

begin to look to Western coun- British industrialists that visited Ai ithrtnti/ 

tnes for assistance in the deve- china in August to discuss nUUIUlliy UITt?l 

Iopment of its industry and in future trade prospects. Simitar \Af hpn nbnnmn 

particular of its huge energy missions have been despatched Wild I |Jlaliriiri^ 
resources. Last year was prob- this year from other West fTtPmnian D.;*^ 

ably the year of Brazil and 1976 European countries, such as ^ I DKlXo 

belonging to Russia. Italy, where Ente Nazionale . x .. 

China is considering the sale Idrocarburi is interested in pur- IntOrmatlOn IS 3V3 
of crude oil as a means of pay- suing long-term deals for Qr i- 

ing for the purchase of offshore collaboration in Chinese oil Wl 

011 equipment and it has entered exploration. q FartnripQ 

discussions with four U-.S. oU Participation in the Chinese j auiunua, 

companies. Phillips Petroleum, offshore market could offer big Warehouses, 0 

Exxon. Union and Pennzoil. reward s, but it will clearly A Qorvrir'orl C'-f 
According io the National demand a major long-term com- oerviceu otteS 


BRITISH-AMERICANS i 
EUROPEAN 
FLAMEPROOF ' : 
ELECTRICAL p 
EQUIPMENT ' X 

If you specify or procure this range : . 
of equipment why hpt contact us. . . c ' 


mu- - 


As the Specialist stocking cqrn0any[.ih vv 'Lv 
the UK we are able to offer, woridwefe^ j. J; ' 
distribution on a wide rarige of ■ ;S 
products from cables through to : 
lighting or switchgear. 


ilii 


Distributorships include: . 

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Hawke Heyes Robroy ■ Sirriplex:-<S- ;i;^=- 
Stahiin and many more. 

Why not 'phone us at Wafsali iO^zM^® 
3TTT1 or tefex 339691 for 




^,E C Engineering Supplies Ltd.^: 
{formerly Electrical. Condurfe UdH- 




Kii-i;,; 



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mm. 




The North East Scotland Development y ,c " ; : 
Authority offers companies every ^assistances; 
when planning a move or an expansioi^within : 
Grampian -Britain's most dynamic gf cn&th area| 
Information is available - 


. J , :< *.'■ \ r A % • 7 J- "S' 


systems 


® Factories, 

Warehouses, Offices 

• Serviced Sites 

• Loans, Grants and Tax 
Allowances 

• Partners for Joint 
Ventures and 
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• Agencies 

• Business and Market 
Opportunities 


FACT ORJ ES 



■- : Grampian. Regionaf 'Coiintil.^ ^.cJv 
Inverurie - ; ’ . - ‘ • : - T;x 2-.5C>0^q.-ft^ 

Peterhead IDalssJ . 

Stonehaven- . : .l^j2,5QO sq^t^-l: 


Banff and Buchan District Couft^ ’ .t v 
Mintlaw ; 2x^500scfift;^ 

Scottish Oevelopment Agency v 
Banff •-***. 2y.?7S.73sq.'fti v 

Buckie ' 1 x i 0*233 '■ < :- 

Muntiy . 2x2,164 ski Ifi..- K' 



i as®®** ebcfs:"?. :;■«* L^r ■. wsm. , . 

TwwciJj'to.-;F-:..;j.'er3«iO»TfASC'jL / r 

T RKB.TH CfflJPffl H3I VOURMIBHHS /^ / 
HHaSTHiniffllBSIlHBIRE 

. Fill CciAOT.-eft-TrfT^t.- Irik. E^.'-sCCi£-> S y ^ / / y 




i ■ h-.ie. c i S y y 


CMEBanMn-DmksmaoiirtiM 


mm -lK.balfiui.af to***. 
iErVan-IHiaiUiimlEiRnair^Mn 


messy** A y / 

. s*y*s s 


^ '' v/o?' *y’ 


SINCE 1970 no fewer than 750 
miles of underwater pipeline 
have been laid to bring the 
North Sea s oil to Britain— and 
now a further 250 miles of oil 
pipelines are being planned. 

Pipelines are literally the 
arteries of the North Sea nil 
and gas distribution systems and 
their technology is moving for- 
ward constantly. New steels are 
being developed so that pipe- 
lines become steadily more re- 
sistant to the corrosive effects 
of the sea and at the same time 
new laying techniques are being 
! developed. 

Yet it is thought that even 
! those North Sea pipelines which 
have been down for some years 
will have an almost indefinite 
lifespan. Land pipelines laid 
nearly 46 years ago, when virtu- 
ally nothing was done to protect 
them against corrosion, have re- 


cently been, uncovered and 
examined and found to be in 
almost mint condition along 
their inner sides. 

Today's undersea pipelines, 
which are. made with more 
sophisticated materials and more 
advanced construction and lay- 
ing techniques, should therefore 
stand the test of time even 
better. And this is a reassuring 
pofnt in view of their escalating 
cost. 

Two nr three years ago, one 
mile nf 36 inch diameter under- 
wa pipeline cost about £lm. 
Now it costs nearer £1.5m per 
mile and that figure does not 
include the high daily cost of a 
lay barge. 

The biggest pipelines in the 
North Sea are 36 inches m 
diameter and some are designed 
to take oil flowing at pressures 
as high as 3,000 lbs per sq in. 



IS 








l*~r Yv^: 


.. .■•‘..■a fas* .-I*:**. 


..... .jfi.,'.* ' vv’- - 

■ TBerV - 





aiafc 


i r 


Financial Times Monday October 23 1978 

OFFSHORE EXPERTISE ffl 

Benefits of new 
production units 

EVERAL NORTH Sea operat- lapped. Often these . more NKr 9.4bn (£94Dml and water is still in its infancy, 

n" groups are considering new isolated accumulations of oil NKr lu.nbn. That is fur n plat- Exploration wills can now he 

rodueliun lechniqiifs fnr are too &mall to justify the furm that will be producing drilled from srmi-suhmcr=ilile | 
•Mure field development pro- installation of an individual only 1 .111, 000 b/d, drilling ri;>s or drillships in 

. rauimes. which could break platform. But it is being By contrast, nhe whole de- more than 1,000 mem-/; ,j[ waicr i 
way from the concept of large appreciated lhat they eoold be vclopment of British — beyund the Coritineiii.nl shelf 
xed platforms. exploited, through the use or Petroleum's 500.000 barrels a g„t depths for production— 

For several years, oil cdiu- underwater wellheads, located day Forties Field was achieved as against expluraliun — drilling 
: ames have been studying the as much as a couple of miles for little more than SL7bn. The j s now down to ahnui t*oh 
ossibiliiy or installing lighter, away from the production plat- field came on stream in 1978. metres, the depths at which ihe 
• expensive production uni is, from, but connected ta it by Now BP itself is cnnlein- Brent and Statfjnrd Field-:, i 
i:ch as floating platforms and small subsen pipelines. plating investing as much as nurth-oast of the Shetland i 

u h sea well-heads, and signs are The ultimate goal is to de- $i>h n to develop the very Xslands, arc being developed, 
nw appearing that such rela- volop cast-effective production nortlicrly Magnus Field, which Tlie depth limit fur conven- 
vely unLned teehEulngy could systems for all water depths, will produce only 120,000 b/d. tinnal fixed platforms has null 
ion be put to practical use in Mr. Elard Haden, -the head of a few years ago a company yel been reached, however, par-j 

ic harsh environment of the ConTinenlal Oil’s production could expect t« invest £2,000 for ticularly in areas where the! 

. orth Sea. systems group said recently: every barrel of otl produced a weather is less extreme than m 

. The rapid rise in develop- " There has been a tremendous day at peak production. the North Sea. 

lent costs associated with Crease In the cost of plat- Mure recently, ihe cost had j u lhe shell Oil is build- 
mrenfional systems is The fpruui. The deeper the water, risen to £4.000. But now a deep- j n! » a three-section steel plat- 1 
iam reason why operators will *he more hostile the environ- water field projected to yield form weighing 50,000 tonnes for 
levitably change to more raent - the more expensive they about 100,000 b/d or more, and u . se j n the Gulf or Mexn-u in 
lodern techniques over the become. sanctioned this year, conld cost more than 3Q0 metres of water, 

ext few years. *' We need to find some way to ihe rather alarming figure of The platform will rise about 

But new systems offer other break that trend so that we will £10.000 b/d of peak production. 370 metres off the ocean fluor. 

Ivaniages as well. The nest he able to work in deep water. Dr. Jack Birks, a managing making it perhaps the world's 

rneration or North Sea fields at reasonable cost” director of BP. recently tallest offshore oil platform, 

ill be much smaller than the Conoco points out that when illustrated the tremendous rise Although fixed platforms are 
-ig discoveries such as Forties 'he water depth is doubled,- the in the costs of building steel continually being designed for 
.id Brent. s 'w the platform’s base is platform jackets. deeper water, there is no doubt 

As costs increase it will tripled, so that a structure lhat floating structures can 

'i-unie increasingly important comes to resemble an iceberg. Anvasipoc operate at a much greater depth I 

ir companies to bring on most of whose built Is hidden be- than fixed platrorras. 

^ream at least some oil flow as ncatli tile surface. In the Gulf of Mexico costs Floating production systems 

»rly as possible. Quite modest- As a result free-standing plat- had worked out at perhaps could well be needed to pro- 
red fields can now cost over forms become very large in deep $2,000 a tonne, he said, and in cess and handle the oil from 

00m tn develop. * water. The most dramatic ill us- Central Africa 11 was nearer wells completed on the seabed. 

Using only a fixed product] on -tratswn of the way platform $3500 a tonne, bur in the Nurth But iluatmg systems can also lie 
lalform Ihe uil eumpanies may building costs can mount came Sea it was now costing $6,500 a used in the North Sea in rela 
ive to invest virtually all this last month when Mobil Explore- tonne. lively shallow’ water as Ha mil- 

ish before receiving a penny tion Norway announced an in- Against such a background it ton Brothers showed on the 
ick in revenue. So they are crease of more than 4& per cent \ s nut surprising that . the small Argyll Field, the first 
ofcing fnr ways of obtaining in the estimated cosr of the** B " industry is looking at nuw pro- field to begin production in ihe 
irly production, at least from platform for the Statfjord Field duclion systems. But although UK sector of the Nortli Sea in 
irt of a field, many months in the Norwegian sector b£ the advances in 'subsea technology 1975. 

store the main production North Sea. •• "-■•••' — stimulated particularly by the A conventional steel plot- 

stems are operating fully. Statfjord B, the second challenge of the North Sea— form on this find would pro- 

. New techniques are also massive concrete .gravity plat- have been very rapid in recent bably have made the recovery 

_ V... :? ing developed to allow the form to-be built tor the field, years, the industry's ability to or oil an uneconomic prospect. 

■■ i'.tter areas of oilfields to be is now expected to cost between produce oil and gas in deep The Hamilton group used a con- 
verted semi-submersible drill- 
ing rig as the alternative to a 
fixed platform. 

Now BP is 'developing the 
small Buchan Field with a simi- 
lar system. This calls for a semi- 
submersible production plat- 
form and an offshore loading 
• system. The development of 

. practice, the daily working desired diameter. Yet whajever winch themselves along the this. And. which will have a 
Pressure rate is invariably far production methods are useji— desired route, laying the lines ^ a J^ u ?,. p n J 3te . °! 
i: rarer— even on a- big pipe it as British Petroleum .has in their wake. Individual b/d ' wm cost about 
ould probably average out at pointed out — “stringent sped- coated pipe lengths are welded ... „ 

t mure than 1,500 lbs per &q in. fications, high-class weMihg together on the barge and the “ , wl ' . ”? ed Kcven . *’ c,,s 
part from anything else, the techniques and strict quality completed line is fed to the dn,led and „ _£ ; ' eatry . of .® n 
w. rate is related to the control ” arc always the pre- seabed along a projecting struc- *PP™ Isa * well. BP is using the 
: assure and sometimes it is requisites of an acceptable lure known as a stinger. “TIk uilh 

pessary, to reduce- pressure pipe. It is during laying— whether Eh™?!* ‘LJ 5LJ5S l,, t b . C a i 

thply -because . the . terminal . The steel from which under- by barge or by bottom tow when 15 convened at a total 

nnot deal with- more than a sea pipelines are made is always the lines are made up on shore. co * 1 01 . . , 

rl am number of barrels of bil of a' high grade, although, it is then towed into the water and ..fJJ" * J a ™ ^ ad ‘ cai b : 

. a particular day. still n a ble to corrosion. But connected beneath the S^togy wmM 

Submarine pipelines have there are certain claddings that that accidents are most likely J h » ft i L S,«!nv 

■en laid in the Middle East are virtually non-corrosive and to occur. This is because JIJLiE ‘,1 n ,3; 

id in the coastal waters of today all submarine pipelines I* 3 ® pipes have to withstand r ^ .JL Rriti J, 
•xas and Louisiana, as well as have : an anti-corrosive coating tor greater pressure during ““ S™„J.;7 nn 

the North Sea. In some of coal tar, bitumen, impreg- toying than they do once they , . hiw» Corbin »■’ nn a 

ters, lines with a diameter of nated fibre glass or poly- installed. desien for a full-scaVs “tension 

much as 48 ins have been eurethane. Cathodic protection PjPes are objected to cur- platforra that would displace 

tastaj,ed - 11 ^ l , . ■ ™™ aiiy ‘ p - D,ie r d to “hr the 

Early pipes were rolled from pipelines by means of an angle at which they are laid , _ t Ameriran hattipshin at 
ate and joined by electrie re- impressed current , or sacrificial an? they also run the risk of ^ w Th 

itance welding, but this was anodes. being damaged by ships’ *"*■« 0 / t ^' re t n “' d be 

Iver entirely satisfactory. Solid There is. little or no internal Xtoh^ha^'To be* birne^S Pulldown below its normal 
,awn seamless pipes were then corrosion- in pipelines carrying nave to De oorne in b , . b Strjn „ s nf 

veloped but it was extremely crude oil. although the same is . at ,the construction rtee ' l pi ^ atlaL . hed tf) massive 

rd to manufacture lines with not true of gas lines. The latter ... . anchors on the sea bottom 

diameter of more. than J4 ins are normally protected by v®?* ®^ tad J n Js do happen and TenBioned lhis Conoco 
ing this method. The sub- lining the inside of the pipe tbe e ^ n ? ated . lndefil ] lte 1,fe * maintains that the platform 

“ ampie - an — 

°In »dditlon to ill , hi , com- y SZSd^'H^S 

e roiled from plate ^nd this pk*tcd submarine pipes are also ° f att island ia the middie ° f 


;:***■' r*- 






'V:W. 

l'* 


yi.-sSrt» 


WANTED 


The conversion, of 
a semi submersible 
drilling rig to a ’ 
floating production 1 
platform for the 
BP Buchan Field 
is only the second 
major conversion , 
of its kind in the i 
world and the first 
to be designed 
and engineered by a 
British Contractor - 

Matthew Hall. 



-JV.J 




■ »- 1 v 


Pipeline 

QNTINUED FROM PREVIOUS PAGE 


Matthew Hall Engineering Limited 

Matthew HallHouse, 

101-1 08 Tottenham Court Road, 
London W1 A 1 BT England 
Telephone: 01-636 3676 Telex: 23764 


ASHE is a world 
leader of innovation 
as designer/ 
contractors of 
-production facilities 
and related offshore 
plant having already 
made a major 
I contribution towards 
: the production of 
over l.S million 
barrelsaday of oil- 
equal to 75% of the 
yearly U.K. oil 
consumption- and 
90 million cubic 
metres a day 
of gas - 30% of the 
U.K. requirement. 


Matthew Hall 

Engineering 

Limited 






>5 


Offering a complete engineering service to energy On and Offshore, 
Petrochemical, Chemical and the Protein Industries. 

Also USA : AUSTRALIA : NETHERLANDS : BELGIUM 







Inspection by 

Can you afford 

to sign a contract without It? 


bhnique has also brought cun- coated with reinforced concrete 
lerable economy in 

, ^--,' ckness tor the same operating but simply to keep 
EiC- ’ ' issure. secured to the seabed. 

- ; ;jSpiralIy welded pipe is the Screw anchors or localised 


the sea. 


pipe —not so much tor protection popping "Uto difficult to economically 

simpty to keep them ■ ■ JJ ^ P a ^J B 'nrfnri’ big plaifonns for smaller 


,. •- - - ««nt development and it weights are sometimes used, as - y ™ 

“ .-fables large-diameter pipes of well, to secure larger pipes. .. 1 should y nQ1 

-i .2' length to be produced. Long pipelines— such as those ” se “ ^ S flf pniimL or — 

" , # -v e pipe irself is made of steel in the North Sea— are put down nenerj . . f monH deplete 

J: ips wound spirally to any by lay barges which drive or J ubli “ H e points oat that greatly 



Looking West? Explore from... 
Falmouth Docks Base. 


- . r Name 

■ V J 


Brochure 


■ i, Address. 





can be discovered and mended. , . 

The Department of Energy's “ r less P^durtivc reservoirs in 

chief inspector of pipelines de *P T a . lPr, r s ? ys , ^ r r ‘ Hadc J 1 - 
which Unlike fixed platforms, the 
not "ive tension teS platform is movable. 

pollution" or « ,™ u ' a *«*'« rr «" 

depleted field to a new one 

^ ^ extending the useful life 

inspection programmes are Ue- of a Platform. 
i signed to locate and rectify A de c isl on on whether the 
faults before faults start posing Conoco group finally opts for 
major hazards. tIus sy^ 601 a not expected until 

There are' now three known " e5C T year - The partners are 
pipeline faults in the North Sea saving second thoughts about 
of which the most serious is the 'be production system and are 
split in the Brent Line. The evaluating the use of a more 
tear in the 36 inch diameter traditional fixed steel platform. 

! pipeline is about five feet Jong s o. me members of the partner-.] 
and nine inches wide and it is ship are thought to be concerned 
in the section nf line leading a bout the stability of a floating 
directly from the Cormorant unj *. a nd the financial risk of 
“A” platform to the Sullom Voe un * ried technology. 
terminal in the Shetlands. _ Many, operators in the North 
Oil . was to have started flow- ® ea a f e probably ready la be 
; ing through the Brent pipeline second in ihe field, but are 
earlier Ibis- month but Shell — unwilling to take the lead with 
which controls the line — says ne 'J r techniques. 

[the first oil may not now come contrast to floating plat- 
through for another four or five £°nn s the idea, that subsea well 
weeks. The company adds that beads these are placed on the 
1,'bad -weather may increase the sea bottom rather than on the 
i lime It takes to repair the split platform— can offer both earner 
f —discovered when the line was production and the opportunity 
! being tested. ■ of dra i nin S the outer areas nf 

The Brent pipeline is to be a field, is already catching on 
used to distribute oil from the tost. 

Thistle Field. Meanwhile. Conoco has nearly completed 
Thistle’ oil is being transported thro® subsea wells for its 
by . .tankers which collect it northerly Murchison Feld. The 
from :an' offshore loading unit wells, which are aimed at 
These units are far cheaper to increasing the rate of early 
insfal than pipelines, but during production when the field comes 
bad weather it is sometimes im- °n stream in the summer of 
possible for ships to use them. 1980, are being used to test 
However, they do. provide a new methods of subsea instal- 
more economically viable dis- lation, 
ttihution system for smaller They should considerably cn- 
fields such as Argyll, Auk aiid. hance the early cashflow from 
Beryl ia the North Sea, Tankers the field giving about £1 40m 
and offshore' loading units are extra revenue in the first three 
also more versatile in that they years. The subsea completion 
can deliver oil cargoes to. a system will. add about $20m to 
variety of places, whereas pipe- the development costs, which 
lines cannot .be redirected — are expected to total some 
except at enormous cosL ... 5850m. 

Sue Cameron K.D. 


More and more financial decision- 
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by SGS” before they approve any ' 
major industrial project. The 
Teason: SGS inspection engineer- 
ing means lower risks, fewer prob- 
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Get what yoa pay for 
SGS inspection engineers help 
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Keep fall control 
SGS safeguards your interests 
every step of the way -from initial 
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SGS is the biggest organization 
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project -anywhere in the world - 
be sure the contract calls for 
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For further information contact 
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Societe Generale de Surveillance 
Industrial Division 
I Place desAlpes ; CH-1211 Geneva 1 
Switzerland - 

TeL:3I2250, Telex: sgs 22 140 
Jn the U.K. 

Societe Generale de Surveillance 
9 Kingswav, London WC2B6RH 
Tel.: 01-404 5027, Telex: sgs 25 838 


SGS is the world's largest 
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52 testing laboratories and 
a staff of 7000, including 
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Industrial Division 






m 


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Pr 


pr< 

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BY MA 


THE PF 
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allegation 
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allegation 
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Lady Fi 
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The Pr. 
Sir Haro 
drawn soi 
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told the 
did not 
pnetors 
instructed 
round a 
materia!." 

The Pr« 
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Sir Haroli 
formal co 
On the 
ajain.-'t t 
council s; 
Royal Cc 
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death in I 




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against corrosion 


A WIDELY publicised article in systems which have 
1 the “ New Scientist ” two years installed. 


been other case — fortunately dis- 
covered during Inspection — 


lago painted an alarming picture The hazards of corrosion are, "was on BP’s Forties Field three 
of offshore installations in the therefore, no longer as evocative y eaxs ag°- The Government- 
North Sea suddenly collapsing an argument in favour of con- backed National Corrosion Ser- 
1 because of corrosion or metal C rete as opposed to steel plat- vice says it is still waiting to 


fatigue. It revived the still f orrns ^ the concrete manufac- learn precise details of the 


fresh memories of tlie capsize 
of the barge Sea Gem in 1965 
iwith the loss of 13 lives. 


turers have claimed them to be. incident 
Concerns about corrosion in the 0 Qe expensive lesson learnt 
legs of a steel platform are from the riser faUures is to 
In the oil industry, however, som ewhat more academic stop coating them with epoxy 
the prophecy caused less because of the unlikelihood that resin and, instead, to encase the 
concern than to outsiders, any more free-standing rigs will risers in a metal cladding of 
Corrosion of platforms and pipe* be commissioned, like those in moneL- This is an extremely 
lines is accepted in the industry ^ northern fields of the North anti-corrosive alloy used for 
as a constant threat over which sea-water systems in ships. At 

. With the oil search going Shell’s Fulmar platform, being 

However, basic remedies are int0 raiieh deeper waters> Iike built by Highland Fabricators at 
well-known and industry feels West of designers its N»gg yard, sheets of monel 

''£“e5\ 0f thC p [ r ° b e ^ rth are working on the idea of are being welded on to the 
The first lessons about North floating possibly tethered risers fr °m about 20 feet below 
Sea conditions were learnt in - . , ith strone the water line to 15 feet above, 

the Southern sector’s first rigs, po i yester ^les The risk of Th e risers themselves are made 
by consultants in the them sinking as ' a result of mrm 0 f pipe-line grade fiteeL 

rosion seems even more remote At the research, levels too, 
— and certainly less spectacular work on risers has been inten- 
— than the collapse of a stand- sified. Projects include, the 
ing rig. £300,000 joint programme of 

This is not to say that corro- National Maritime Insti- 
sion does not po6e immediate J 0 *® and tke National Physical 
was sufficient Tests are hazards on present installations. Laboratory. Other work on 
expected^o ^rm thal a S T'le most vulnerable parts of J|— &S^aSo?jSS 
which BP recently pulled P tat&nn. are in their splash 


sensitive point These would be 
integrated .into a monitoring 
system aboard the platform, 
assessing significant dat a an d- 
screenin'* out what is estraij - ". 
eous. Studies by the Engineer-, 
ing Research Station have led 
to proposals -for “ finger print- 
ing” the inside of a pipeline 


mid-1960s who underestimated 
the ferocity of the conditions. 
BP. for- example, had to 
reinforce - some of its early 
platforms in situ. However, 
even on some of the early 
structures, the safety marsin 
was 


and this may also point the way 
to protecting structures as well.; 

Meanwhile, the amount of- 
research into underwater engi- 
neering problems, including 
corrosion control, is shown in’ 
a directory, published last year, 
by the Construction industry 
Research and Information Asso- 
ciation. It lists in Britain alone 
some 260 R and D projects con- 
cerned with offshore structures 
— double tiie number' listed by 
the same organisation two years 
previously. 

But while academic work 
goes on in laboratories, main- 
tenance continues in the North 


Sea. Oil .companies are today 
increasingly- anxious, for a total 
service from/ under .water .inT 
spection - - contrkctpre, J rather 
tban- -making septette arrange-; 

nients with different Specialists: 
“We want a .total -package of, 
inspection and maintenaace and 

don’t want to have to tell coil? 

tractors, how to ’do it,” Shell's 
Mr. N. Rendeil-sa icL - . J 
• Such services are alreadj bo. 
coming available*. • md g fti g hy 
the growth of new consortia on- 
both sides * of - the ; Norttr,Sea; 
says Dr. Peter KotbwelI,/'the 
National . .Corroaah- Service-’s 
director. - They/ afie stimulated . 
by the growing: subsea inspec- 
tion . and maihtenfcce ' market ' 
which, according' \to L -'figures-, 
quoted by Dr.‘ Both. well, could 
be worth :£55to-£l25i» by ' 198 ^ 
with anotiftr -£35m-£80m foe 
platform maintenapne. ; ’ • : • 




out Of the West Sole field in the zon «- immediately above the and at 0xford University. 
Southern North Sea has stood water line, and the riser pipe. C W C4.^1 1 
up remarkably well to more from the sea bed to the uVf 1LL11 

platform. 


up remarkably 
than a decade in the water. 


More significant than such in- 


Costly 

However, 


Millions of pounds are spent dividua i projects, however, is 
annually on sand blasting and the ove raJl switch in emphasis 


ensuring 


the 


painting platforms above 
water line and although 


the 

the 


from mere improvements of 

stability of structuces has been nTintwork'"i«*"suDDosed""to last ant ^® or T° s ^ on mechanisms to 
a costly business. Because of ££"2™ £ iS Selrs witimS deve \ 0pmg . bet * r - o£ 

the unfamiliarity of North n Sne * ra rely do” sbeH- a « toW 

c 0 a rnnditinn^ pv^ntionallv ™ sun& 1 rare !” aoes - b “ eu them. Until now, the emphasis 
Sea conditions, exceptionally Expro has done complete has b een on fi«dinp where 

generous safety margins were reDainls n _ SQTnp fair T_. new nas • 011 . wnere 

sllowed in steel thickness snd ta thSLt Mmmth? something is gomg wrong, even 

in the weight of the cathodic srru clu Tes in tne past lSmontns. thoug h it may turn out to be 

in ine weignt or me cainoaic t which made this neces- fmoofsihlo nr ton pnwnslvp to 

protection systems — mainly however ai much due P - e ° r «P«nSive to 

sacrificial anodes of non-ferrous « » n “l!!? repair once lt « traced - ■ 

metals — designed to take the ^ ^ P But toda y’ in wrd* of 

brunt of sea water corrosion. ...... Mr. N. Rendell, of Shell-UK. the 

These systems had correspond- . Repainting is often necessary offshore oil industry Is “ crying 
ingly expensive maintenance because a slight nim of rust out' for a package of lustru- 

costs developed during on-shore con- mentation which can be in- 

The wide safety margins also struction. Efforts to prevent stalled on a structure and indi- 
reflected the conscious desire of th,s happening include erecting C ate when someth'mg 
the oil industry at that time to hu ® e hot-house type screens wrong below the water line^ 
get the- oil out of the sea bed around the structure, into Although there are already 
and to solve problems as they which hot air is blown. But even some on-board systems which in- 
were encountered. However, ^h ,s has. not been fool-proof. . dicate the state of a platform's 

the industry is now emerging The danger of corrosion on cathodic protection, they vfre 

from this stage and is steadily riser pipes was brought home still only of limited use. and in 
refining its knowledge to boost by the gas explosion on Philips spection by divers is still neces- 
safety. and.' to reduce the costly Ekofisk Alpha three years ago. sary. 

design margins. Above all, it It led to a crusade by regulat- What is .. envisaged are 
is looking for new ways of ins bodies to make risers sensors to locate and measure 
monitoring the protective resistant to such failures. An- the rate of corrosion at 




. -'•t . 


intheforefront 
ofoffehdre i 
technology. 


. Toctitehaveuntivall^;.: 
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the effects of yrbraSdn, >. yU?i 
corrosion and.Jeakage. 

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Transport growth 


ALTHOUGH THERE remain 
many uncertainties in plotting 
tiie future of world offshore oil 
development, for those in- 
volved in w’hai can be loosely 
termed the industry's transport 
sector there is one certain pros- 
pect: that of growth. . 

Ax the search for oil off 
Northern Europe, for example, 
moves into deeper water and 
into entirely new sectors, such 
as the Irish Sea and the 
Western Approaches; the busi- 
ness of moving men, materials 
and the oil and gas products 
themselves is bound to become 
even bigger business.- 

But beyond that happy cer- 
tainty, there are many doubts. 
What will emerge as. the pre- 
ferred platform design in water 
beyond l.OOU ft depth? Will 
pipelines be feasible in “ mar- 
ginal ” fields or will ship-loading 
systems predominate? Will 
political pressures tie the sup- 
port industries with protec- 
tionist measures? What -is the. 
optimum size and power of the 
next generation of supply boats? 
What kind of vessel will lay 
pipes in the deeper water? 

The list of these questions is 
almost inexhaustible and of 
course must of them are not 
pare transport questions at all. 
Indeed, sume questions, 
that of platform design, are 
transport matters only in. 59 far 
as the needs are met. at least 
in parr, by those whose primary 
business is the building of ships. 


further in response specifically 
to the offshore industry’s 
requirements. 

In passenger transportation, 
it is simply a question of con- 
tinuing the trend which has 
halved seat-per-mile costs in the 
last two decades, by building 
faster and more economical 
craFt, although not necessarily 
larger helicopters. Sikorsky’s 
second generation S-76 helicop 
ter offers a 12-passenger capa- 
city with a range of up to 691 
miles and a cruise speed of 
J67 m.p.h. 

Slightly less predictable is the 
future of the heavy lift helicop- 
ter in offshore work. Boeing 
Vertol's civilian version oF the 
CH-47-ChLuook can carry a 16- 
ton load over short distances 
and has a normal capability of a 
46,000 lb payload, or 44 passen 
gers. 


an effect on helicopter demand 
is the extent to which accommo- 
dation platform or vessel design 
and availability improves. Off- 
shore broker Eggar Forrester is 
a long-established proponent of 
the view that more must and 

CONTINUED ON 
NEXT PAGE 


Locrife Wi LJmlieT. eJinci Department ^ . 

H-irtiooxhire A L7 1 JB.Tete 1 shone : V-'vieJ a vn>&irden -.:»r > .■■■■' 




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A i?. 






Weather 


Helicopters 


A more straightforward trans- 
port sector is that of helicopters. 
Here again there is the certainty 
of growth beyond the 25.000 
weekly movements of men 
already estimated to take place 
thro ugho ut the world offshore 
industry. The British Helicopter 
Board estimates that over one- 
fifth of the 12,000 civil heli- 
copters expected to be in service 
by 1985 will be serving the off- 
shore ml and gas industries. By 
(he same date, that 25,000 figure 
could well have doubled, 


There clearly is a growing 
role here for helicopters, bul 
the movement to more distant 
oilfields, economics, weather 
and perhaps a growing ten- 
dency to prefer integrated 
rather than modular deck con- 
struction techniques will obvi- 
ously limit the helicopter’s role. 
At the same time as the heli- 
copter is Hexing its heavy-lift 
muscles, marine technology has 
also produced important 
advances in crane barge design 
with the arrival in the North 
Sea of Heerema Group’s twin 
5.000-ion semi-submersible crane 
vessels. Between these extremes 
of lift capability, there are 
many other alternatives. 


Helicopter technology, 

advanced primarily under the 
pressure of military demands, ro 
produce a competitive aircraft 
capable of competing with a 
fixed wing aeroplane up to 250 
miles, is being developed 


From the helicopter and light 
aeroplane operator’s point of 
view, the challenge is of 
increased specialisation as an 
extra to the straightforward 
growth in passenger volumes, 
which are already making heavy 
demands on the North Sea’s 
a ‘ r terminals, such as Aberdeen 
and Sumburgh. One consolation 
is that the early days, which 
saw operators crowding into 
the North Sea sector in the 
hope of fast profits are passed 
and the growing sophistication 
of the operator’s task wtlt make 
it unlikely that these conditions 
will recur. 

One factor which could have 


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to gas waste 


. TWO REPORTS that arc now- ins Brent and Frigg gas trunk Occidental is well on the way of Energy a preliminary assess- 

bem.y studied by the Depart- lines are being actively pursued, to completing an IS5m gas raent of many of the chemical 

meni of Energy con h mi that ami at .several fields xniUtons of collection system which will be conversion possibilities, such as 

new methods For the offshore pounds worth, of gas re-injection linked, via a 35-znile spur line, ammonia, carbon black, and 

use of yas. such as offshore equipment are being installed as to ih e trunk gas pipeline run- ethylene were not practicable 

. liquefaction or offshore power a temporary way uf saving the ning from the Frigg Field to because of the problems and 

generation, could be feasible on ga». St. Fergus in Aberdeenshire, costs of operating process plant 

' . ^« h .«J 3 - COrl 'rk ,iC .. 3 ? d teL ‘hnical one a; Uie first fields to T ^ e link from Piper is capable in the NorUi Sea environment 

studufs open the become a victim of the tougher “ r carrying up to 90m cubic But there is a real promise in 

- h 5,0 utl ° " to a Government rules on gas flaring ieet of 8 aS P er day. It is three uilier options, offshore 

SSSLS^ Ve f xed th,? W the Shc!l/E»0 Brent field, e^iiraated that over the life of conversion to methanol, lique- 
' nZL ' ,3? f ° r ,na r n> ; lil * largest oil discorery yet held Piper will produce facUon and po We r generation. 

• "an^ of ail Wa U " ,adt * iD the UK sertor 01 the ei Z L ?- j£ is the least attractive 

® f IT , , u North Sea. Shell, ihe operator The Energy Department of ujese because it sli „ needs 

.. fn f.i. past two years the □€ the field, was ordered by the ! ns, * ,ed on this scheme being m larRe process oiani off 

■ ' ’?r; rnn5e , ua5 Iakon a 5r,uch Department of Energy in June mplemcnted when the Ocvidcn- JJore ** 

0LUier sUnc * on e a<? daring. last year t0 ^hut down produc- fin*up applied for pemiis- But accordine to Dr Dieksnn 

ss. Shta oil praduction ssr: 

: ■- liiTKlSlriTjSM r F'“F 5 Tankers 

"*««•* <l-s “•tfsz - 1 x 1 ankers 




s U t n hat was pre. Dorn this field. “abon. the Minister of State at 

u !r at n 8 S*. 0 rw, the Ener sy Department, the 

b the oil- The Tn n |. Drc other two options could repre- 

which was the .1. «lUWt. 1 » sent “useful, if limited, addi-l 

am at the time. j? ar ij er ||,j s year was lions to our armoury for 
°*" announced that Texaco’s Tartan achieving the maximum possible 

f-f^onth Firld wn «ld be linked into this “Station of associated gas.” 
«« mate Si mini Rathering system for the feasibility studies were com- 1 
■ tw recovery of gas. It is likelv that “ ,M,one J ** , ^ Offshore 


C/ 


r S A kn»[ lUaal ’ t * cs » warrant me nuna- VJ m* Jw tkn L -hnt down imu uiiiKers 

pipclm,! *° XS in. Mw* TSUSftS storage 

Sometimes during the early c hp n , aifi thj _ that ' and Esso are working on plans David Brown-Vosper Offshore 

' fe r>r the field this has necessi- rf«i aw h r j. 0 < n „ *hi» nil for a Cormorant-Brent gas pipe- was commissioned to conduct a 

-nod large-scale daring — as L horo had « nvt ^ n m f57m line ’ . This is llkel y to have the feasibility study into the design 
appens to 3 great extent with In nn^innnpd rnvnn»A • . capacity and sub-sea links that and application of gas liquefac- 

iritish Petroleum’s Forties *** p evenue. * will make it possible for gas tion and storage terminals as a 

'ield — or the injection of the from Th ^ Heather, Ninian and way of recovering small- to 

as back into the reservoir. SPVPTP Worth West Hutton Fields to be medium-sized quantities of 

In llie frantic early rush to recovered through this line. The excess associated gas. It has 

• erelop the first North Sea oil The gas problems at Brent mini Sathering network might concluded that the recovery of 

* nds gas recovery systems did are particularly severe because cost £110m 10 £130m. gas by liquefaction and its 

’ ot merit a lot of attention. But the field has such a high ratio These schemes solve part of storage on offshore terminals— 

. ith the country well on the of gas to oil. With reserves of the Problem, but the Depart- either semi-submersible or , 

’■ay to reaching self-sufficiency about 3 trillion cubic feet of mpnt of Energy disagreed with units floating on the surface—; 

- 11 » crude oil production by 1980, gas the field was big enough to some °. E the findings of the Gas is both operationally and tech- 

oncern has increased that a justify the construction of a Gathering Pipelines Report, nicaUy feasible. Liquefied 

-ialuable energy asset might be separate gas pipeline to a-shore which > r found unambitious, and natural gas could be landed 

C -imply wasted. terminal at St. Fergus.-But this there rema,n many issues to be ashore at prices in line with the 

:r~ -* • will • not become operational debated before it becomes clear current LNG market and offer 

until 1980, when Shell/Esso which fie,ds can bc linked a discounted cash flow rate of 

-JdUldgC wilI begjn supplying British "economically" into mini gas return of about 20 to 30 per 

Re-injection can only be a Gas with a minimum of 500m ® alh ®T“?* systems. But the cent, 

emporar y solution and in the cubic feet a day of natural gas. «Port does make clear just how Snch floating systems would 

ona-run it could cause perma- With the restrictions on flaring mi,ch ° as nil '» ht be fl “ ed |E no bavc a des,gn llf ® of 

- *»em damage* to tlie performance Shell has had to bait production actions were taken. Excluding 12 years, and they would have 

«-*- an nil resen’oir and actually -until .the -expensive gas- com- Bl ?. nt and Frgo f ab ° ut '°° m fbe m A 3 °J advanta ^* ° ver pip 

. . *, back Tfic amount of oil that pression facilities could be cub ic feet a da> of natural gas lines that ^they could be moved 


if is 


* *. x ; v ! i 


Z±Jin? two additional lines - or gas. this programme of work is "T ' ~ . . ,rrr 

loughL The most ambitious of well on the way to completion. J“ bl ‘F f *®* ^ 

■-■tesc, the construction of a but it has involved the two i m o«n Ifn n rnl nh* paJ L h t iJ e +h 5 

aoS er f ,cCr-n.e n u^ i° E to Norwj? ° r 

- - « was — ^ STSMtaGoW W ™rfo Preece 


- ; r C ,‘ i “ <1 lh( , “ vo b a e r hTfSSS r 5t Sdra ^ ed are followed goo floriog would and Sidor, the other company 

— „™rS hv b ra/r^h J pr J flS remain at about this level «ntil commissioned by the OETB, off- 

=: 'port prepared b> Gas Gather- being produced from the field , gg5 . ceneratinn thrnneh 

- - , % P ir'. i ”^S te Lh , C Z' at * b ° Ut k 2 -“!? P0, '" d , S •, P S Soene associated gas is already «£ use T natur 2 *aT!SS 
rr r F- bota statl * square inch ^and ™n]ea t at use ^ beneflciaily. of entirely feasible with current 


= S' mv ^ wane, as a way of powering teehnulogy. Such a system 

landoticd b? the Government, grated' ^SmhJmo feet below Preiuetion platform equipment wou M involve the teWlation of 
r. V ■> U could be picked up again se abed. ” dnj !!"”" 22 SJ. JTSSS 


as much as 6,000 psi to counter 


'<^“SS d ^ l T'JS^SS u.t Juo, .elds ,ike ^p T r^r^ri 0 tSS, fiTtSSS. J’Sl 

taniities of gas become avail- Brent with such a high ratio of ® ut lf tie ® ddi ^ on of gas jjjjjf t0 current° f transra^sSon 

.le from the Norwegian sector gas to oil that have had to make s ?i he " Dg do€S not p f°- !S2. S M SdX nS 

the North Sea. which would elaborate plans for gas re- vide the complete answer for ““es. Power could he pro- 

nsiderably enhance the cover/. What amounts to gas Preventing flaring there could ^ a ^ sl ^c^tI y low prices 

onomics of such a system, satherins ^-sterns have already more exotic solutions, such fr .L v* :, ^11™^ ,5! 


onomics of such a system, gathering systems have already M m ore exotic solutions, suen ^ . . attrac ., iv e en0 „eh for 

. - > any case a number of been initiated, for instance, by as offshore power generation. fhe Cential ^cmcitv Genlratl 

oposals for mini-gathering Occidental for its Piper and offshore gas liquefaction or off- JJJ® Boa rd toaccenL ^ 1 

^^wStems recommended in da>more Fields and by Shell- shore conversion into chemicals. 6 p r/" r\ 

e report, based on the exist- Esso for the Cormorant Field. According to the Department KJJ. 


rransport 


CONTINUED FROM PREVIOUS PAGE 


a 11 be done in this sector and 
i ; ;rminal Operators, the con- 
l itancy arm of the Eggar 
\ rrester group, has predicted 
, ' three-fold increase in demand 
accommodation and storage 
[• ; its by 1982. This is an area 
■ ' |iere the shipbuilders are hop- 
jl for business. 

-f British Shipbuilders, now in 
E second year dC state-nwner- 
'5 ip, is one of the groups in- 
f Ived and there is much 
j- erest in the manufacturing 
:■ le of the North Sea industry 
4 lether the corporation can 


make up for lost time in its off- 
shore effort. 

Its biggest success so far this 
year has been in winning 
through its Scott Lithgow, Clyde- 
side, member the £60m contract 
to build an emergency fire- 
fighting and maintenance semi- 
submersible for British Petro- 
leum and the British National 
Oil Corporation. 

Scott Lithgow is now bidding 
for a similar vessel for Shell- 
Esso, which js about to receive 
tenders from six operators who 
between them have taken bids 


■ Pleasure and LA 
■. I record ^ 
:orrosion rate- (/ 

| in your offshore operation 

' l ontinuously from up to 12 probes 


from a wide variety of ship- 
yards. Given the Government’s 
determination that these highly 
valuable orders should be 
placed in home yards during the 
merchant shipbuilding slump, 
Scott Lithgow’s main competi- 
tion is from Harland and Wolff, 
which is not part of British 
Shipbuilders, and from the Tyne 
Ship Repair Group, should Shcll- 
Esso prefer a conversion rather 
than a new building. 

Another area of the offshore 
market where British Ship- 
builders aims lo establish itself 
or improve its penetration is in 
the next generation of produc- 
tion platforms, starting with the 
tension leg platform in inter- 
mediate water depths and in 
the floating platform for deeper 
water work 


Supply 



You obtain an ... • _ 

Instantaneous digital | . -a- v ...q ■> ' 

readout of corrosion I ^7? 

penetration in 1 v’J 

millimeters, plus a t- ~ — 1 - 

continuous recording .. 

ol total corrosion, with tr — ■ ' MB 

the Model 4800 Digital I 2 .* WBB v 

Recording II s . £ t ?- • 

CORROSOMETER and r 1 1111 ■■■■*- . " 

Series 4900 Programmer. It employs the time . 
proven electrical resistance method of 
measuring corrosion, and may be used with 
CORRQSOMETER probes of any 
type/any alloy. Write for Bulletin 933. 


<!■»> 


Rohrback Instruments Ltd. 

5a Oxford Road. Reading, RG1 7QG 
Berkshire, England. 

Tel: Reading (0734) 582932 Telex; 847734 


On the supply boat side, it has 
recently, in conjunction with 
leading OK operators, worked 
out a pair of basic designs for 
potential construction at Scott 
Lithgnw’s Ferguson yard and at 
Applednre -Shipbuilders, Devon. 
One of these involves a large, 
10,000 hp anchor handling 
design, the other a smaller, less 
sophisticated boat designed for 
service' with platforms which 
themselves possess Ihe manoeuv- 
rability offered by dynamic 
positioning systems. 

British Shipbuilders is con- 
tinuing to strengthen its design 
and' marketing capabilities in 
the offshore sector and there can 

be no doubt that, properly 
marshalled and provided that 
good standards of delivery and 
performance can be met, the 


offshore industry can provide a 
large part of the solution to the 
corporation's rapidly diminish- 
ing orderbook. In addition to 
offshore structures, there is also 
of course conventional repair 
work and the possibility of 
eventually building gas and oil 
shuttle tankers for service in 
tbe North Sea. 

Competition, though, is tough, 
especially from Scandinavia, 
Holland, Germany and France, 
although the effects of foreign 
competition seems certain to be 
increasingly blunted by Govern- 
ment pressure on the oil com- 
panies to buy British equip- 
ment. But even in Britain. 
British Shipbuilders' repair 
yard ambitions in the module 
building sector, for example, 
face some formidable competi- 
tion from much smaller, private 
enterprise companies, such as 
the expanding Kestrel Marine, 
which is part of Lyle Offshore. 

Increasing protectionism in 
offsbore oil, which is likely to 
be repeated as Ireland's new- 
found reserves start to be 
exploited, will also tend to pro- 
mote international links 
between companies inside the 
protectionist fence and those 
outside possessing the required 
expertise. 

There was something of this 
in. the recent tie-up between 
two large and successful opera- 
tors, Heerema of Holland and 
Stoli-Nielsen of Norway. In 
Norway, offshore protectionism 
has been . developed to a stage 
beyond that currently promoted 
by the British Government. 


Ian Hargreaves 


On November 14. 1947. the firsr commercial oil well 
drilled out of sight of land was completed on ihis 
platform in the Gulf of Mexico. Kerr-McGee Corporation 
owned the lease. Brown & Root built the platform 


... and 30 years later 



...Brown & Root is big in the North Sea 


That first well still produces and Brown £ Root is still 
performing worldwide. In the North Sea. following the discovery 
of natural gas deposits in the West Sole field in 1965, the 
company has laid almost 1020 miles and trenched over 1300 
miles of submarine pipeline: has installed over 50 of the fixed 
platforms operating in the British, Danish. Dutch and 
Norwegian sectors: has had either complete or partial engineer- 
ing responsibility for 43 platforms, and managed and supervised 
the fabrication of 40 of them. 


Brown & Root has contributed substantially to the offshore 
industry's evolution of technology and will continue to do so. 
Added impetus comes from the company's development of 
Project Management to meet clients' requirements: from its 
Engineering Division including Materials Management group; 
from activities at its Construction Bases and from combined 
forces in joint venture operations: overall from the teamwork of 
Brown & Root personnel providing a full range of services. 



Brown GT Root (UK) Ltd 


And Associated Companies/A HALLIBURTON Company 
London/Great Yarmouth/Aberdeen/Nigg/Stravanger / Bergen/Oslo/Rotterdam/Paris/Houston 

Brown & Root (UK) Limited. 82 Pall Mall, London SW1Y5HH Telephone: 01-839 3456 Telex: 21362 









4 


Pr 

pr< 

ch 

BY MA 


THE PF 
decided tc 
allegation 
Wilson 
number c 
were com 
paign agaj 
Parly on 
1974 Gent 
The foi 
allegation 
lowing lh< 

affair. Mi 
was. had 
.in arches 

himself. 1 

Lady Fi 
Marcia W 
The Pr. 
Sir Ilaro 
drawn sor 
Subscqi 
raid the 
did not 
prietors 
insiruclcd 
round a 
maierial " 
The Pri 
in hear 
Sir Haroh 
formal l-o 
On the 
aeainst I 
cmincil s: 
rioyal Cc 
liial iher 
l.ahnur hi 
The Pr. 
is one n; 
tished tod 
in ano 
council 
against t> 
Daily Ex 
picture c 
Henrietta 
death in 1 


International 
Energy Bank 

Limited 

WndiesferFfouse.TOOd 

Telephone: 01-638 3588, lebc 8811511 
883458 (foreign Exchange) 

The specialised bank 
for financing energy 
requirements worldwide 


shareholders 

Ea'kcFS^.hrd. Bcrq'jsttbrms cedajs E-crfc lisnciicrcl l!d Cbracscn Inpefol Borikcf (brnmaosi 
feptfckKbfcod Eorttcr Ddbs & cugh. is aifcsrib.y} 5cdele finarxfefts EuqpeennaSEE 


NorthSeaasr 


ONSHORE OFFSHORE 
DATA PROCESSING 
3D SURVEYS 

Geophysical Service International 

A DrVTSION OF TEXAS INSTRUMENTS LIMITED 


OIL COMPANIES operating in skilled men has been recog- The design of diving bells is which it is operating. It is One forthcomihg ;schejhe for . , 

the British sector of the North nised by the Government whose being continually, developed, connected to the surface not by saving companies operating ofr ;• 

Sea will probably be paying no Training Services Agency has and improved as are the the traditional, somewhat Bulky shore a consioCThle amount of. 
less than £300m a year for opened a divers’ training school methods used for launching “umbilical cord,” but by an money is gas reaamafaon. Tlda t, 

diving inspection, maintenance c f its own at Loch Linnhe in them. Some ships, for example, electro-mechanical cable tjat is is being developed -by. Comec :; 

and repair work by the 1980s. Scotland. . now have both deck launching only 1 inch in diameter. and aitnou^ is a °t '7et da. •; 

This sum now represents Divers who have finished mechanisms and moon pods- The beU. which 'is driven by the maxket itTs expected-to^e -v 
roughly o^quarter oUhe total their basic training then have * weans whereby diving bells impellers, thrusting it dong at available somebm^ue« jw. : ; 

bm fof ie IS to lemT^suTtechSques as <** be lowered directly from the end of its slender cable, can 

9^mro?the North Sm lart year ultrasonic measurement. mag- the bottom of the ship. take two men operating at dryers breathe 0^eW^ : 

Su e |htt°^r, P rfS: uSSSZ n°™4°UTo? SfTtS MSS™ 

creasing^ rapidly* the North Sea equipment is used for inspect- economically viable to call off cable makes it possible for the 1 over-abundant aad-the tw^main;- 1 

“find* S ,d Lorerie°s^hare*: ST Smate? iS ^rwater inspection and bell to transit direct colour sources .are 

however, stimulated enormous and inspection is an important maj °tenance simply because of television P res Q • U.S. ■: 

technological advances in the part of the work of all offshore r0U oh weather. t - ' f u? * face ^,^hampar^arms~^and ‘ 

equipment used by divers. divers. Ultra-sonics are used to r'« t wJU I ' Arif , +P rs m *L C h f undo-r e ? treme *£ 

T , test the thickness of sav steel ODQltlODS ' these can be ^ or undl er ‘ now work out at -about £4 per 

It Is estimated that there are t S Ij.f ?ti ™ vuuuuwuo tajetag work on submarine —bic metre. Yet /it-itf&S ■ : 

now about 1,400 trained divers ™ h J le Nearly aU the equipment and structures or on the seabed f or diving basnisk^iSt '- 

working in Europe and roughly are used to show (U p cracks or techniques that have been 2J3f •" 

1,000 of these are operating in ^ de ™^ter structures, developed for use in the North Most working dives are now 

British watarc Tha‘ inh nan ho Welding techniques are much- Koa nan hffl anollpd Jill nv»r tho =_j .kn..» nitrogen, it . does. juried.-. 


working in Europe and roughly f e ased to show up cracks or techoTques toat ’hlvT bren 

1,000 of these are operating in fa i dts I . 1 . n UJ ? de J water structures, developed for use in the North Most working dives are now : 

British waters. The - job can be Welding techniques are much- Sea ^ ^ aPP ii e d all over the camed 0l jt at a depth of about 

dangerous, although so far this used f ° r repairs. 11 P 03 ^ 1 * wortd - One of the reasons for 550 feet m the North Sea but 

year there have been no diving te T we i? ™ der ™ ter ’ ^ this is that the North- Sea- the NortheraNorth Sea it at any -depth.. 

doaths. to achieve the same high quality provides such a testlnc Gftft rnntrnc .1 Af\H foot - ^'P BOW* .ndlVCTS lliyCS™ 


d^r to achieve the seme high queli* . W ».• • 

.. ^ welds as are expected on the environment: it is cold, deen breathed . in ; , oxyb^hxm --.and: . 

At.the same time most divers surface, i t ^ necessary to weld and capable of producing I^ deep ’ th^ exhaled it ihtQ "^he 

are expected to be versatde in the dry. Divers achieve this appa ning P weather- conditiaia^ SSn^and 6 * machine? that ran where it has beehlost ButPow-^ 

^■pentry ^nderwate^weld^g’ bers di ^£ la * ce *^ he water wh ! Ie conditiras such as those i^ase. Ptbs . fo r reclaiming :70 ^»r_ceiit : of^, 

carpentry. nUnoerwater weiamg, eBSurmg that the pressure m- found in the North Sea should submersibles play an essen- gas nuxture^Tegenerating ^ . 

tools ami nhoto^^hv Yet^is side *** outside chamber be more than capable of ^ part ^ offshorf infection, and so : that ^ 

Is hAginn P ing “to change as in calmer and maintenance and repS? work' canbe : 

. . extracted either by a controlled warmer offshore areas. g » 0(11.1^ «Hth working at depths of 200 metres u 



Hrinac extracted either by a controlled warmer offshore areas. ' and man v are eauimed with working at depths of 200 metrwt: 

^it^e^owarTs ™te? leaka !^ or , by * !»ydreuHcaliy Diving bells are now being “^fore thSt aT siSc^ for W • 

SidiiitiS ° C fiitra- budt that hav e# some : of the en Uy sophisticated to be • able - -about. 2.16Q •mefires^^ ; 

* u . . . . . . ta ^° n s^tem. characteristics of submersibles. t0 s J rew aQ d unscrew nuts and oxy-helium in just one working ■ 

It takes about eight weeks to The chamber is open to the Comex Industries, the Ereneh- bolts day ‘ so • a gas ’ reelaii^^^ ,• 

S 2^ e0 j e basic diving water at tiie bottom and the based offshore equipment com- But there are still severe llmi- system would' mean a ? sa'via*^. " 

skills. The demand for trained diver who is doing the welding pany, has produced a manipula- tatjons on the work that can for 'their company- of beiw^^- ' 

men is growing— at the begin- works either wholly or partly tion and observation beU that ^ done by these mechanical £3,00a and £4.b(HMidly^ 

mng of the d^ade there were inside it He wears a closed can operate in d^ths of op to and this is one .area --; One diving- cbmiany IaStie^ ; :. 

only about half the number of circuit water-heated dmng suit 1,000 metres--3 f 300 feet whe re further technological spent £170,000 on bTeathing e^. 

Jvers now operating in the and breathing gas for the weld- The bell can move around m development is required. in a single month.- :: 

North s ea. ing is supplied from the surface a radius of up to 500 metres- submersibles at present are it is developments snch SrV 

This increased demand for or from a diving belt l,6o0 feet-or half the depth at perhaps most used for inspec these that are putting Eoibp«^ • 

^ - -tion purposes although diver ^ ^skills and. techntiqgjr =/in ' 

| A X*" lockout models are also used for forefront of inteirnatibiud' 

I\ I C!k WJ Cl ACT C 1 fiT ' underwater repair. Vickers shore, expertise, l As BritkaifeV: 

I >1 Cj VV ^ Vvll Cy I 1 I wN 111 Oceanic-one of the companies offshore Supplies Office' 

X. 1 V T ? U J u v A. that operates submersibles— diving must become •'oaeiiof^V ' 

reckons a diver lockout model the future major growth area^ ^- 
J co ft T about £16,500 to innovation m the ' 

communication 

OIL RIGS and gas platforms in other at Scousburgh in the At present moBt data traps-. £9,000. . . . J . . • . 


New systems oi 
communication 


OIL RIGS and gas platforms in other at Scousburgh in the At present most data tranS- 
the North Sea and elsewhere Shetlands. missions are telexed, although 

are already using some of the All North Sea communica- they can also be sent as dial 
most sophisticated communica- tions systems come under the readings, prist-outs or visual 
tions systems in the world, but aegis of the Post Office which display unit readings. A survey 
further technological develop- is responsible for manning of oil industry telecommunica- 
ments are now being planned to transmission stations and for tion needs was carried out last 
meet the growing needs of off- maintaining equipment Bat the year by the ^European Space 
shore industry. tropospheric scatter equipment Agency and it was found that 

Intensive oil exploration is itssdf is manufactured by com- most production flelds^-each 
being carried out ini Alaskan, P^ 51 ® 3 such Marcoru. The cost with a number of separate plat-; 
Indonesian, Mexican, West Afri- of troposcatter- systems vanes forms— required two circuits for 
can, European and Chinese enormously depending on how da ta transmissions plus four for 
waters and it is estimated that raaay communication channels teletype and a farther six for 
there could be as many as 560 re 0 uire, i ** voice links, 

offshore rigs throughout the have as many as l32. The trepo j n a paper published earlier 
world by 1985. wstem for U.e Fnig gas field ^ year ^ J. a im 

was made by Marconi and it . * w o c *° ui 

Today there are 22 oil rigs cost roughly £lro— including | y !" 


BRIDDlNI^liK 

Serving the oil industry 




. ’T ■ J-X- • 

JClS. ■; - ■ 




in the British sector of the two transmitters. ««» uimj udu- •. ia/ »s • 

North Sea alone and there are The principle on which tropo- l** fr ? m i I! ' * . v.^f ' ^V.’ 

more platforms in the southern sp beric scatter systems work is broadly in line with the \\ li 1 ; ^ ■ 

section of the sea where the 12 comparatively simple. Powerful KJ™?* S 2 C c Bn S?? ? ost I I .1 

gas fields are located. All of radio waves at microwave fre- * or North Sea Oil where |n| Bi . 

them depend on reliable com- quencies are sent up from giant, 35 many 85 five Production fields j] | • .V- ’ • .'.U 

munications systems to meet dish shaped transmitters and connected by line-of-sigbt naa s ^ : - . - . . ’ 

their production schedules and then bounced back to the earth’s llnks and the total channel re- jWrjir n :• 

to ensure the safety of their surface off the troposphere. quirement multiplexed on one )gj| -• - ■ ^ ■ ,*V ‘ 

equipment and their personnel. The troposphere is one of the 72-channef tropospheric scatter I M ' v • 

Most companies have two layers of the earth’s a tin os- microwave carrier.” 11 -If tW 

basic options when it comes to phere. It is about 30,000 feet Satellites are usually the only | ^ i : 

choosing a communications sys- above the surface — roughly the economically viable way of pro- - _ . . . 1 ST 8 ® '■/£'' 

tem for their offshore platforms, same height at which airliners viding reliable telecommonica- t ^ 3ntSC HS^^ , jS!^J^iy^ an ^"!P rtf *^^DoncasterDfi49J0C 
They can either use satellites or fly. tions for oil rigs that are more jqno *' eft P«we (0302)4010, 7etoc54729& ; - - ‘ • ^ ' 

tropospheric scatter although Ppljoklp than 200 mile s fro ™ shore but 7~ -TUT 1 — « 1 1 ■ — 

there are some limitations on JVvlldUIC the cost of constructing and put- 

the use of the latter. Much of the beam that is sent ting up a satellite is consider^ 

The chief of these is that u P*^ b o«t 95 Per cent of it— able. It is estimated that a 
tropospheric scatter systems Penetrates the troposphoric special satellite would cost at 
cannot be used bv platforms layer 41,11 is lost 1,1 space - but least to launch and service, 
that are more than 250 miles the remaining 3 or 4 per cent is .At present 17 European coun-i 

at the very most — away scattered back down to earth, tries, including Britain, are _ . . * 

from the shore. On the other LittIe though it is. it provides taking part in the Eutelsat pro- Celtic Automation Ltd ^5?® 
hand, tropa sj’steras have the an .^ xtre ™ e!y predictable radio ject. The 17 will share the cost specialise in the design 
big advantage of being far P ath as a transmission of putting up a European Com- 
cheaper to construct ud tiistall m ®th° d it is 99.9 per cent muweation Satellite which will and P r «tl0Ctl0n of choke 
than satellites reliable. carry telephone calls, television Control systems, prod- a 

Al^eofi rigs fi.u.e British ArS instruniintiitian :f 

°,f Nor JJ I Sea can use data transmission and for direct Sea oil platforms that are 
scatter telephone links. Of the three, beyond the range of the existing 

te,e “ etr y ls Perhaps the most Post Office tropospheric scatter 
““ n =- fields such as Forties exciting and Marconi predicts systems. 

E!ii«r ei ^i only about 120 t j 1at be jj, e grow u! One transponder of the satel- 

!^nrif a n 1116 area in offshore voramunica- lite has already been dedicated 

tions - Telemetry is a means of to the needs of the offshore oil 
this the Post Office has em- tr ansmilt ing information in industry. 

mujjfpatinnc^m^^p 63 C ° m " dlJlital P acka R es a «d its import- In the future, communica- 
munlcations programme. ance jj es j n t f, e fact that it will tions systems will have to be 

Most of the money is going increase the degree of remote further developed to cater for 
on capital expenditure for two control that can he exercised the needs- of sem i-submereible 
radio stations — one at Mormond over offshore gas and oil pro- and even totally submerged oil 


terns, points out that this find- 
ing from the agency’s survey 




<• , ^ ? .y* * 

* V ’ * r -l i ^ 

• ■ ■ --x 


DELTIC 

SSSSSt A JKfraUMEWTATICIW 

SYSTEMS FOR THE OIL INDUSTRY 


TT 

AS* . rr.' 

J,. , 


and associated.systems.; 


& 

{MM.:" ” 


Hill near Aberdeen and the duetkm. 



LAWREKCE-ALLISON & ASSOCIATES CORP. 

PROJECT MANAGEMENT - ENGINEERING - QUALITY ASSURANCE 

- CONSTRUCTION SERVICES - 

Associated with the Trafalgar House Group 


Now operating In the UJC as 



since the acquisition of the 
Process Systems Division of Ameron Inc. 





PRINCIPLE OFFICES : HOUSTON, TEXAS, U.S.A. LONDON, ENGLAND SANWANA^CAI IF II <; fl 

London Office : Mitcham House, Mitcham Road, Croydon CR9 3AR ENGLAND. TeL 01-689 8151. Telex 946486 ’ 

Aherdeen Offices Salvesen Tower, Blaldes Quay, Aberdeen AB1 2PW, SCOTLAND. TeL 0224 27302, Telex 739258 


rigs. Today, much of the pro- 
cessing and control equipment 
of semi-submersible rigs is 
housed on the seabed and low- 
scan systems are being used io 
transmit sketches of worn ori 
damaged parts. But in the com- 1 
ing years it is -believed that full 
video circuits will he needed on 
the shore-link to ensure efficient 
surveillance of production 
operations. 

Video circuits are also likely 
to be demanded by those who 
work on the rigs— particularly 
as production platforms are 
built further away from shore 
and men have to serve longer 
shifts. 



Sf 


GAFFNEY, CLINE 
& ASSOCIATES 
Petroleum & Natural Gas 
Consultants 

Exploration Geology A Anofyilt 
Reservoir Engineering A Evaluation 
Production Engineering 
Rroens Engineering 
Petroleum Economic* 

. financial Planning * AnafysJi 
Petroleum Property Evaluation 
Development Studies 
Operations Management . . 

Computer Applications A FflcMf tie* 
GCA IrwcmjBon?) BuiWInn 
HoHHiiount Avenue. We*t Hyflert 
Surrey, England 

«wne; 01-941 276 1 Telex: 262665 
London. Dallas, Trinidad, Singapore 









a 

vi 


^y=*AJ. -i*-* I xJuP 


- 

• -K. 




Hnancial Times Monday October. 23 1973 


16th NOVEMBER 1978 REDEMPTION . j 

SHELL INTERNATIONAL FINANCE N.V. 

U.S. $50,000,000 6%% LOAN 1979 


REDEMPTION OF BONDS 

Shelllnternational Finance XV. announces that for the redemptionperiod ending 1 onl6ihNovembcrI978 itliaspiirchased and cancelled bonds of the above loanforU.S. 8180, 000 nominal capital and tendered them to the 
istee. . • 

The nominal amount of bonds tobe drawn forredemptionatparonlSthNovemberlSTS to satisfy the Company'.* ciurentredemption obligationis accordingly U.S. $6,820,000 and the nominal amount of thisloan remaining 
.’Standing after lGthX ovember 1D78 will be U.S. 58,000.1)00. 

DRAWING OF BONDS 

Notices accordingly hereby given that a drawing of bonds of Iheaboveloan tookplace on fitli October 1073 a i t . '-nn rd by Mr. Keith Fran r i s Croft Baker of the firm oi John Venn Sc Sons, Notary Public, when 6,820 bonds for a 
of b’.S. S6.820.000 nominal capital were cU-a wn for redemp cion at par on lb'th No vcmberlO 76\ from which dale all interes L thereon will cease. 

■ The foliovvingare the numbers of the bonds drawn:- 


s 

33 

2.7 

37 

£1 

«.l 


£ft 

flf.f 

'215 

Ai'l 

-J. 4 

2;s 

"iin 
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®a 

r-44 

&42 

£S* 

- f *3 

wo 

Hi; 

tfM 

612 

61 5 

625 

?*79 

rsi 

f *r.i 

Cr|VJ 


I*!-; 

30: l 

3016 

Li» 

IST* 

1.-A2 

3 :Vi4 


3. : .« 

J-W5 

JflS 

2715 

371ft 

1719 

::;cj 

37*1 

3730 

17£l 

'376C 

31S1 

£1 n 

£l«'-l 

£i>:t 

£!<« 

£i*« 

2-jTi 9 

£210 

2171 

C4b. 

£1&» 


”. ; A} 

£iiV» 

LSI j 

£519- 

£704 

i'Tlift 

1.7 J-i 

:=723 

£770 ‘ 

\r.u2 

£764 

£7rifl 

£575 

V9M 

1*:;* 

£1)iC 

£W3 

WI90 

MM 

MCS' 

:rj*« 

3265 

227ft 

227J 

Ui *J 

r.Mo 

2-12 

?liO 

{'■•A‘7 

»WS 

r*rn 

r».io 

5i*) 

;*®> 


ft«5 

3SO 

aw* 

2*‘I 

:.-*«7 


a4r* 

4>«« 

4016 

4:et> 

4:«2 

■1767 

*?'71 

•P75 

4.y'» 


4.TO 

4PnS* 

41*72 

4!*T! 

4r*7ii 

l-firl 


41*11 

ft lift 

a:w 

r. 2« 

52(5 

KB 


iiJ >7 

&2MI 

RMS 

KK 

.VAl 

5»*r. 

iX'lft 

5j =0 

£*"■20 

5fi22 

fifth 

ftv.il 

ft.'JU 

&•>; 

W“. 

.VMS 


5'*.=>i 

5!)n5 

ftXM 

era 

K-57 


i .-_■-, I 

42i-J 

hJfil 

fa7ȣ 

6172 


tW-1 

I--SCJ 

•>4ii 

6»il3 

)«»:i 

Mil 




h-*77 

7IV22 

7l*:'23 

7i»l ! 

70J? 


:a^P 10520 
3 it fc>a 1097S 
2J2S7 liXH 
31MS .31850 
35759 JtTHfi 
219SS 11370 
32195 121 W 
32**9 12151 

;if os 12m 
3WT75 32032 
13J71 33S71 


L 


B 

2*B7 

Iwfkill 

3«:5 

3 ws 



3»S 

ia>w iai93 

J3WL 

33703 

33701 

h. 

30WI 

!?>.-« 

3>=!» 

;.-v;no 

3;*vifltf 

3 mi 

2FH8 

’3*071 3-U« 

34079 

J-lftM* 

31017 

7 

34284 

31238 

2-52C-5 

3L3C 

24-ar.j 

2-SVJl 

11:123 

JW5 14331 

3*ct? 

3 mo 

3 8151 


31'- a 

215*7 

31.7-n 

i**2.yi 

3*001 

34^07 

3 ItfK 

31612 14622 

31027 

3 Ui 13 

3 Ift-17 

n 

35144 

351*7 

l r >MS 

3.516J 

j.Mft! 

3 SlriS 

35K6 

35177 351C9 

351.09 

3.5HIO 

3 Bar, 

•4 

Juan 

3.iG73 


3.7-^J 

a.'ijw 

35f)j 

35*00 

35**2 354*4 

3-74-W 

3.vr>o 

35 i*w 

n 

3571-2 

3..7.B 

3*7776 

-jrjT 

J»7!B 


3WC0 

35824 3 58SI 


35000 

law 

.9 

3«1«2 

36176 

3*. 177 

I«IB2 

5(009 

IftMO 

Ifi-jOl 

162ft? -36213 

3R1I4 

j«sn 

ins*.? 

rt 

IftMC 

3fift11 

36.V13 

34«W 

5 6'. 14 

2& s 22 

36522 

r J65Q1 36535 

16557 

30513 

3)i"i0 

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3671*2 

3*7717 

2*7710 

3«~_r. 

3*“£4 

3*-26 

36713 

3674V 16749 

3Fn^0 

3670O 

3«»M 

5 

3701I 

37017 

37052 

17106 

37180 

37114 

37121 

37126 17i31 

37132 

37133 

17 Ul 

a 

37*55 

37*44 

ITliu 

17*»J7 

2716* 

37*75 

17178 

37181 37187 

17193 

371*« 

37IH7 

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37719 

17724 

17725 

37726 

377. U 

377:?4 

177*6 

37710 377.50 

37763 

37767 

377tiK 


37990 

37ft)5 

ITT^I 

ia>j6 

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38072 

38073 

18075 jwrw 

30081 

3000! 

3 ROUS 

9 

3823* 

3KU) 

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new 

36268 

33270 

38272 

18278 3K3C 

38202 

3020.7 

3.*:rjl 

0 

3 £.720 

3E:V« 

385*4 

383*0 

3*M5 

38547 

. 13568 

385 83- 3E62C 

38633 

381.1 1:5 

38U1! 

■"5 

38918 

38990 

3JNS2 

30951 

3.‘i95)‘ 

38968 

38*5T3 

33070 38964 

MM2 

38rt« 

39001 

*> 

3U189 

3919L 

39193 

3W99 

3)*jno 

3IC02 

10303 

36208 19209 

30211 

3!Cll> 

3922.S 

JL 

1?385 

19389 

IHW 

19110 

29*20 

3*1*28 

39*;'.l 

39117 3MaO 

1WW 

3:i 161 

l!MK3 

-9 

3ft7n2 

19703 

397W 

20722 

11723 

30715 

1^77° 

39770 19778 

30790 

. J9W* 

1WM 

a 

39995 

19996 

20016 

£>jOL7 

£0021 

200*1 

30usi 

20057 £0062 

20005 

30067 

£0077 

a 

£0244 

20270 

20372 

£0274 

MCTU 

£0283 

30287 

3E90 20291 

£0298 

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£U-.flif) 

\0 

20147 

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3)158 

3)Wt 

£0163 

£0466 

£IH9a 

2»»i asn 

20521 

3*17 

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£U778 

£«7ft) 

2W790 

£0803 

20BP4 

20308 

20813 20821 

'20ftB 

20870 

£)«« 

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£1130 

"£1111 

£11*7- 

£11*8 

£1350 

•£1159 

£1164 

21372“ £1174' 

£1184 

21180 

£US7 

-0 

£1.592 

21661 

£1602 

£WM 

£1600 

£16 12 

21613 

21B1V jasts 

£1633 

£1639 

21012 


; :i Strvv.r 1 22625 

•’ "M2 SSm 
' ~ -JO 24125 
' * - 15 £3508 
“« SWTS 
• ' - • - '1 3S705 

'9 £*£» 


£1833 21829 21844 
'22037 22029 22091 
22120 221-17 22412 
2232S 22623 22633 
£2875 23T77 SS« 
211.10 23133 £3133 
23309 23313 23321 


MOlIX «m*U**J aivu 

22124 22128 .22127 

«vr«cjt ■vice 'imiif* 


££*«: 22454 22455 
2*14 22661 22S71 
2SK? 22899 22902 


22905 ' 22912 


23140 ±1144 23145 23116 
£8348 23357 25865 23376 


1 a>vnv »iWV.'u 

33705 -SW6 - »W09 22810- 238111 231KH 

£*£» SU£1 24125 24127 £4141 24147 

SHU 241D9 215(18 £4533 21516 21521 

24709 24781 


•i ell'll 
■e 24TR9 
H 251)13 
1:1 25J«7 
’C £5777 
« 2fij}*L 
:« £»h’.i 

3 £(im 
<7 2W2L 
3 2*877 
0 27125 
C ITJWI 
0 £7587 
2 £7779 


£1795 - 24802 
£5018 £50.=4 


£007* 2I5082 

20373 2W383 


£3630 23622 
723833 23834 
£4148 24192 
£1.731 .34533 
£1821 £4825 


28622 £8628 
23834 £3843 


- 4 


... 


£7998 28007 
23373 28375 


291® 2916.5 
2SHP8 28419 


283R6 -28400 
2875a £3759 


28057 28059 
28503- 28409 


24192 241!* 

34533 24538 

24825 24832 
25094 2am 
■2-VCH 23RM 
25626 2rVC7 
£5886 £5800 
£6173 £6175 
a£S5 263: « 
2UW2 2fM73 
2*922 £6927 

27182 £718:4 
£7136 27110 
£7iM5 27«W 

£7813 27R23 
.28059 280631 
28409 28421 
£8765 28706 


'aan 1 - -29S70 
30083 S01D5 
20373 SU?74 
3U76L' awn 


323HS- 88UU 
33601 ftriU! 


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b sura -.31154 3«w *3ii. y c 
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«. • £4734 31301 343 1 1 34328 

"i -.35038^ 3S0JTC. S-.HiKl KO«4 

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£W0S 29917 
30136 30141 

20104. 30115 
a 1772 3O80R 

31073 31079 
31502 3150V 
31 732 317.15 
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33*19 31122 

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32988 OTH7 
34231. 31230 
34582 .M5B5 
fllWJ 34850 
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3=3179 3'i«6 
S5667 35673 
35889 SOTO 
36182 -SKIHC 


3150V 315 KB 
317.17 317.59 


21882 21871 £1882 
22129 22138 £2150 
2?4?« 32W1 224135 
2268-5 2270L 22713 
22913 22915 22918 
23116 23151 23163 
23376 £3379 £3391 

23632 SMS . 23^0 
panes ;saR7s„ 23wu 
21203 ' 21228 24229 
34541 21548 215«M 
24833 £1836 £1837 
25100 £5105 £5108 
£5330 £5337 2RQ9 
2Z&& .25635 25GSO 
25891 25895 . 25C98 
20179 £6180 2'.1K3 

20401 26409 204U 

20683 26686 2K6H8 

£<W« 26940 2G94£ 
27192 £7221 27225 
27441 274-12 £7416 
27609 27616 £7617 
27830 £7835 £7851 
28071 £8075 £8061) 
£8430 36421 £8435 
38776 ■ 28777 £8779 
28982 28991 28894 
29219 29221 £9258 
384BI 2W88 28485 
£9051 20655 £91)57 
S9EC50 29933 2993-1 


31509 mss 

33983 33004 


£1191 £11!W 
3643 £UmI 


lUOTf 11*021 

7£23fl 3225L 

ism 

3£«K liw^ 
3:»r:« 3:;i u 

Bill 33117 
1:5712 3”717 
JKPtI 14100 
lir:;* 24: 
3472L 247J5 
3."CIR 3.-.22U 
15191 l.VV* 
35!i;* 25010 

3(J?>5 3 >5311 

2H5K2 36575 
3H8H7 3i«*>8 
17117 37MB 
27:01 ITT^.G 
37781 17787 
3HHU. 3Sli:l 
3KtH ]irt*i 
31Ui72 38077 
1!M»7 3WI9 
3ttro ifrim 
38470 2M50L 
19812 39816 
£01)87 £0099 
3X117 3K521 
£ft$«L 3u*7 
■jma £0811 
£1196 £1199 
21651 £1651 
£1885 2!fCl7 


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- • • H liHf.v.S'. A.f.L . liflKrl. INOtsrvPuulic 

The above bonds may be presented.for payment of tlie proceeds of redemption at par on or after lGthNovembev 3978 at the offices of the paying agents named on the coupons in the manner specified in Condition 6 of the 
/msand Conditions OftheLoanpxtatedon the bonds.Eachof these bondswhenpi , esen.tedforredemptionmusU)eai'theL*.oux»ondatedlfcithNovemberi979, otherwise the amount of the missing coupon will be deducted from 

principal to berepaid. principal Paying Agent: N.M.RothschUd& Sons Umited, New Court, St. Swithln^Une,^ London EC4P4DU* ^ ....... ixidCh-to'w WT8 


v 


T*,V 




INTERNATIONAL 
FINANCIAL BULLETIN 

A ftuarlcriy source uf fiscal, financial 
f IpVg and economic information with open 
and in-depth review material. 

Subscription : 

,UJC./Eutopej^pi-ryv9r.ElKteh».™f52perytsr. * 
{Airmail £55 per year' _ " 

International Ecunomii Sen ices 
Carrington House. I JO Rigpnl Si reel. Uindun WIH SSJ. 
Td. No OM 37 MW Teles No 24866 

Pantheon Securities Croup Ltd. 


BRITISH FUNDS 

t | I Price jlast! field 

I Sort ( £ -I d 1 InL | fed. 

Shorts” (Lives up to Five Years) 

1005,1 ilKiI 1 077 


FT SHARE INFORMATION SERVICE 


Times Monday 

F6d^G 

SnMi '[ : : '2:i 

fttfi I 9»e| 

' Fob. Sept 
. . Ian- . 


EwikSKelBp. 



SepL Mar. 



Si 


cirtn 


Ap.Jy.OJa. 



MjJeS.U. 

F.MyAuN. 


U.7& 

1335 
1292 
6.91 9.72 

12.99 12.94 
12.45 12.71 
11.84 1234 
LL10 12.00 
1333 





i 


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m 




31 tj 

a SI I UVd 



CHEMICALS, PLASTICS— Cont 

- I . , I ^ 

46 

113 
350 

£S0>2 VL 

£87 15 

mi 2 a 

214 JO. 

73 15. 

272 
440 
220 
80 
412 
SIX. 

325 74. 

41 817 

£21 J 4i 26. 

73 

Hire Purchase, etc. 

bdLttl 2.01 8.01 93 1 DRAPERY AND STORES 

Mar. AugMHed Retail ftp! K» 


ENGINEERING— Continued 


Last 

Price A | W \Crc 


KrsbvaUjU 


ct Mar. 


pr- 


i 43 1 1&9| hZ09 i 

BEERS, WINES AND SPIRITS 

1 as I 2661 1439 I 2.1) 7.7110.4 




^9 BUILDING INDUSTRY, TIMBER 
ij AND ROADS 

— (tune Nov.Uberdew CotaLl 85 | 

J uliTAberthaw Cem, „ 1 142 


Bfc Nora Scot... 
Bell Canada MS 




Do. 14pc "79 


30 Je 31 
31Mr 3 


SI 


132 
228 I 



FINANCIAL TIMES 

BRACKEN BOUSE, 10. CANNON STREET. LONDON EC4P 4BY 
Tdes: Editorial *8634 1/2. 883897. Advertisements: 885033. Telegrams: Finantinto, London PS4- 

Telephone: 01-248 8000. 

For Share Index and Easiness News Summary in London, Bi rmingham, 

Liverpool and Manchester. TeL 248 8028 
INTERNATIONAL AND BRITISH OFFICES 




JterPerMOp_[ U8 

M 1M 
65 18.5 

.54 17.4 

23 
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4.4 

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8.7 
132 
151} 

5.0 (Apr. Dee. 
93 

45 

7-5. 

3.7 Duly Oct 

32 


pc. Oct 





use Dec. 
an- Oct, 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296. Anssterdsxn-C. 

Tele* 12171 TeL- 340 555 
Birmingham: George House, Goorge Road. 

Telex 334*50 Tel: 021-434 0952 
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Telex 889842 Tel: 2)0039 
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Tot: S3S5IP 

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Tele*: 72484 Tel: 031 226 4120 
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Tolox: 418283 TeL 555730 
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Telex 44O340 TeL t202> 347 6676 


- Manchester Queen’s House. Queen Street 
Telex 886813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. K.Y. 10019 
Telex 233409 Td. <212j 463 8300 
Paris- 36 Rue du Sender. 75002. 

Tele* 220044 Tel- 2368601 
Tokyo: Kasaham Building. 1-3-10 Urfcjkanda. 
Chlycda-ku. Telex J 27104 Tel: 295 4030 


lorwnqdnw 








Overseas advertisement representatives in 
Central and South America. Africa, (he Middle East Asia aad the Far East 
For fun her derails, please cont net: 

Overseas Advertisement Department, 

Financial Times. Bracken House. 10. Centura Street. London EC4P 43Y 


SUBSCRIPTIONS 

C«ltf stulMhle tnm newsagent* and boofejxalli* wriiWde of m regular aabaertstjen bum 
Sabxripnon Department Financial Tunes, Louden 


Canos Cspdlto 





g. China Cbm 


De-. July 


115 
230 
132M 
99ml 
308 
156 
55 
50* 
142 
69 
34 

142M 
*2 
40 
26 
89rf 
105 
175M 
161 

«yu — t 





FnwlandDn 


*ay Nor. 


$ 

Ml Jan. 


End radii. El 































































































































































I 


j-^U, ■'i*-® I jJ 


' 'V 


INDUSTRIALS — Continued 

■ * *pSi* I • ll-artl Wr ■“ m 


? ***** I . t 1 lurtl wr “ ifw: 

Steel ifitje , Set CffjCfsIfS? 

It 'tr, 3t1??.iK Ur yi !nt ?CpJ :68fli 16 T7.3 3 1 0! 6 J 

'.• te" Si-pi Rur»^r *. .. __} 2H0 HZl IS 04 20! 71 

3 Vf . July|H=4« & K JCp ! 172 i J» rt 25 2.<J» i 1 262 

? cb P c ‘ ; twics. : 27N 7 * 3 93 1 Si 10 -it 65 

<;»•. JuU>‘Hm:oi!A?y<Je > 3l5« 14 KJ 1299 92! 
fltay I»ow HarArenii?; _l 179 :£« 7ffl Z0;1B.9 

> *cemb«rc^.iLi8>fe*v:. i 95 J 2 Jf ?/’l92 

♦. r:t. Ju«r HTncc'It;*fc. 28iri !*« bSW Iff Si: 


Dhftindi I 


INSURANCE— Coatintted 

•* 1 » . |l»l| K» | Inal 


PROPERTY— Contfaued 


BWiffurH 


(Lad 
fries i J 


mp 1 rta 

\n 1CV Cf» W 


SMS wh I 
PaU 


INY. TRUSTS— Continued 

1411 ' UTOEMBl 

S132 jl512|QS5 2j[ l.Oj 40I2S0 
25 J :i r| L51 | 1 6; 9 O' 10.3 


FINANCE, LAND— Continued 


Stack 


7ulr!8razil[nv.Ci5i 


• si' ••c. 

Dec Jr.r , .V' 

• 3 JR«* J jfi 

j oe Ju»rjJm!;:<SS 
> pr. Dee 

— jj'itrdf 1 l P 
ft - Acr.Uiusuia C! 

. ■; eb. AUiT.poheaar.KL'i; ! 

.'•£**■ Ju7K:i0ir«lir;*..:i:j 

• - : JU Im- Eilm:... Ilbi 


5 ay lM-e |£aZ»u:... I Op , 

; w. Juldgriwilndl __ 1D6 
• "... :Pr. H*v KetinahSaiWp 38 ■ i?« : 61 
; 'J ApniK"n*B«.'.^i^J £W»* 

- : in. i 77 I 15^1 da 35 

■* in. Aue.it. CP.fiUi . j 93 liT-CB* 


I — — Nov. 
5.6272 ;b!v . 
5 0'2&9 W. 
£.fi,'K.O Mar.-h 

9toj * r — 

5^2*8 AV 
9.B152 Apr. . 


tr, 

'•jit's 

'■■ 4 l\l 


(JL Inij'L test 
LHC.iai.iOp 
ijwrr 

Lmalwfc Sip 
InrVn” 1 . 1 * 

. LcEirtrl 

w. Mar.jLrijoa rubcl !0p 

■ . S . Apnl \\jtm rUms 5 47 \ i3 5} 3 32 

£ For Leigh laK see Cheancuhi 

^>3. Acp.tLerjreCar.Iip 115 ! iTh3 25 
r»r. •»ct.|le.’>Urwj«p_ I 247 
in. JuIvlU^rryPrwti 5p “ 

eb. St-pt-ILetTS'C icp_ 

bids# iOs>. 

ay N'or.tLimsay£Usi...i bb 

:l Mar.lUadanries 1 141 

»fy Fcb.ff«5jN*hi<rfT».J 37 

«. June 149; Karijr.lOpi 42 

■ > pr. Oct.Jhcagtae Trass. -t 75 I IS 

» Jf- Aprj’jn4a;eL.i..Tii. I 90 l?o#{TJ7a 
4. K. JuM Ltih L 53a i I90rff '*■ «« 

: :ae Dde. H-i'.Dari Tita 1 *3 

i n. 7aly SOTtrLia-fiJS 
.ay StpL ii’c'rtt) Pt 30p 
i- May Wiiar.arnlp. 

. s By Jiov MsT ifertL'.l 

• ■ jj \p Nw. ,? it * 

Jff. 3ia 

.VVv “7 Si'P! 

’< .'Ipii.'S. Apr 
•i>dj«h. Ocl 
K. Jun. 

--."■ea. Juh 

• -.- ^?y. ‘.May 


141 4.026.9 - 
LI 3 9 34.4 V , 
LI 5.7 24 1 h£.' 
12 12 55.4 


y^: 

4-6 332 ?^T- ^ 



SMtanb ' 


| Last J Dir | | rid! 

| U 1 Vi }rv!crs|P/S 

I ZLfilsSaSet <J> ! h.9T « 

I _ fO.S I — I 17.14 4 
43 -j !Jj5 _( 17 14.5 
86 ! ildire ISC 1.K 3.7 
23 !£.9jia-I 4 11.9! 9 

1T. S 2b ti 0.7 0« 2«:1H 

32 2I3|tC5! 4 7 , i2 5|lS.5 

148 13.91167 4l! :7jl95 

136 12 i ? 51 t 3T, 5J 93 

79 H 1! *0 64 1 24 l 3|44 1 
49 21B 4.5 $ L\7! 9 ; 

£101* 4?ftSUd'- E.7 - 
53 - -| - - _ . 

17 S' 1.43 liJUt 7i 1 

440 - — I — ] — - 

lit. 674j _ i — ! — - 

41a! It Hi] .12 14141 o 
235 215(651 5.6! 44 95 , 

13 ’aC 3,, |10|5&26: 

95 7.S2.07 ! 17 4£!lS4 

£52 rCli.W - ?3i- 

61 218 4.99 | # 122 a 


Serving the world 
with 

financial expertise. 





3L5 Q2.!. 5 . - 
14&4;C2 L. 
?L» 213 2: 

IB ?! 1.54 4J 


0 127 -r- 

— “ 5.2 

- 5.9? — 

16 5 i 

11 32.7:103 
451 44 63 


Dhidisds 

Paid 


1 okyo. Japan 


3 KINES— Continued 
CENTRAL AFRICAN 

I I |Lac| IHr 


iHr ra 

Vet C\T firs 


OILS 


i075 K033 — J 3.i)2a2 ^ggcJBElafc^.-. 
133 1.41 3^ 3.0) 9.0 i,a >' RhoaTH«rp. l6;..p. 

1 1 ^ 1 ~ JSUhCowM. - 

Not. Mar WaaHeCoI Hal*, 
— lZanrpr5BD034_ 


170 IK Q60c 
J61s 174 0.57 . 
74 127; - 
31 *d lalC Q9c 
15 b li’M — , 


860 1 11? 4- 

160 I 153 6B4 


~!r!z AUSTRALIAN 

1-5) 64 133 „ — TAeme* Sc_ 1 10 I - 


45 30.9 Sot. .MwIstr. Pcml ra. U 900 23.9!r22.43 3 9' 3 7 11.2 Nor. Apr. GoepandenOTVs.l 

— J3235 Ian. J11& i*..K?f£:_ 71 2aH 5.6‘.- W4|lLq — - 

7.0,215 — ScnaOE! 75 1074 - - — J - ' — „ feoiralKicii!--- 

4 -237.fi feb. Aus- Uo^Ln.9JS6. £5W» iMQBb?. — c-S-Bf — Get. SSar t£KiceRi«i«ojOc- 
L0Sl25 - [r*>:c?Nlb.Stc£l_ £12 b - - - - j - - 

[ — — W’.'iidKKRo., 36 — — — [ ^ — . ) — GAT.XakttirJjcSL 

5.4125.4 Dee. JaaeCnj'.ey ]0p M 12 £ 2.67 31 6.362 , — . HaceaColdN L- 


— — — imaadesreRes.. 36 — — — — I — 

5.5 25.4 Dee. JaaelCeij-.,^ lOp M lit 2.67 ! 31 6.2) 6 i 

95184 — tbi.ior!:2:iSp.. 22 i'a: ^-1 — | — 

— — Zoly >Fr?«!;<te3_ £22 777 QUHr.l 1.9i Cll 9< 

62 2SJ _ MjffOili:.. . 400 - - - ' ; - 


— mru/Tfiins ip 38 

— ■ Purer CD £10 

~ . , RirsjJdir':i !r 11 


6^215 tic-- Aprl.P.jl OauaiFliu. £44 189) Q51^ 2.4 6 3! 75 „ ■ 

6£jj2ai [ _ Setp-.reHa 385 - | | - OcL 

4.6)331 Kw. May- Shell Traas Reg. 576 1MH594 41 4.1 5.9 

9 3J15.9 p'eb. AufiJ Em TiPf £1 62 266 4.9°^ ^02 1Z.S - 

5. §242 T - ^Sieteas.1'5 ■-!. 3» -1 — — — _ 

65)195 U P r. Oer r*rjw4ViCnv. £541^ !74 Q4Vi - £8 3- . 

3.4 39.0 {Dec. Julv 7nceu.ul 174 15JS TL34 5.8 1.2l5.7 '-W. 


CcL ilny i tciice RiKiew 50c - 

— iiadesrcarajc 

— RAI-KalkM.-licSL 

— HaocaOoldN I — 

SepI ember Hi-npra Areas ip _ 

— Me_ib£<s.fOe 

Dec. Apr. SI I.M HMcs JOe - 
— Moun'L>e!12S; .... 

— WirawuJ I0f. 

June Nor.TionhR HnlSOc 

— %:h Kalijurli 

— Nsi ttfii .y\a^ig_ 

J-jlie Nov. ilatbndjc-SAl 


_ 1 “i_ - pa».wiis-_r; 

„ : 1 1 — I'anoM U6EL5p - 

_ | _ _ j _ | _ Apr. OcL Pr.lo^ailfcndSOc. 

389' 051J-*. 2.41 6 0! 73 — Soaihcra Pa.-ifie - 

„ i v l_ l OCL Mjv Reaa V.ir,r.cSx~ 

lE^tl594 41 All 5.9 — !«' tin C reel, Die— 

ad 4.9°. 1KG/1Z.S - 


145 ttlDc 2.: 


10.7 L5.55 20 U 2 


10 - — 
131 1 4j WSc 

121 974 _ 

450 - 

27S 145 

22b - - 

70 fc'67 — 

40 — — 

125 10.7 15.55 

31 - — 

192 <il laid Q9c 
40 - — 

6*4 - - 

112 155 QBc 
14b - - 

28 - 

133 7.4 Kills' 

25 I - 
67 I - - 


Vltrarur 23S 

July DftTpc 1st £!._ 137 
t7-:t*cXai ;oks 1£5 
t-iPfitWIflc. 165 
- noodsfdeASlc.. 62 


U-ftff - - 

!07l 7?.j245 


[sa - TINS 

2. 2! 15.7 Nov. Apr ] Anal 7»7?eria 2 

— I 6.7 Apr. CcLIA-te.-Hi'-ora 5311.. 3£ 

74I — Apr. OtfLi3«rs8T:a : 

— _ Jan. JolyiBenianiSM! ■ 24 


- Iyl5>«i| — I A 7 — JFch. OcLlCee.or — 


OVERSEAS TRADERS 


— Gold! 83*? — ; ;P_ 

June Dec. GopengCons 

— HoLStoag 

May Nov. Idris lOp 

— 

— £amuuia;SM050. 


Janaary .'a: is Wn 

— JaaairaSa^r... 

r!. Apr 5snrta_ 

a;.- Jaa. SSiic hell Cans 


65 15.PI 

45b W.4 


— 1 — 1 1 Kay j\ov.i:acjaiu:up 

ztisdo* S 5 T- 


24 139.2 81 1317.4 

365 210 Q300c 05 17.7 

53 Sfl 24 0 4.4 11 8 

260 :i.7O110c « 9.1 

170 7.B 5.04 53 4.4 

Iff; 1074 — - - 

345 ”4 |15.36 0.9 6.8 

245 12b7 - — — 

87 £4 7 412.0 16 * 

B>2 4'67 — — — 

76 4.«ffl2ta 25 35j 
64D 1C.7 0125 6 19.6 

465 UjW5c 0.8| 4 4 

62 9 75 405.75c 05 i 

74 I16 r 660 15 13.3 

260 lLLtQCOc 16 7.1 

83 4" 2.03 65 3.6 

70 13 7 4.19 2.0 8 9 

240 A'sQHSr 0.613 0 

535 5*lQ!3!ie 11 S.« 

220 266 Q65c 55 6. a 

73 ^JZeiOr — 2 9 

8S 2*7 6.60 OH HZ 

90 3213r55tC=i 16 t 

245 210 4QS8c 16 f 


giaiApr. Dee. Do -A'.V'VlOp- 175 34 f7.K2 7.5 6.7 30 

HiHlaa. Sept.oaageriJ.£.i)Dp.i 59 &£ ;4 43 1 13 4 7.0 

MSI - jseaaSucarSOpr, 5btf 6 74 H- I - - - 
8 8 145 Hsy . Sm .U in* Darby lDpI llid 16 1C rDr.O 2.7 27 3 

T„ — Ian. Jui>- =:wlFros. ' 2C0 25 165 4.4 5 W 6.7 

J P ~ Ian. JtweP'effrKeas.aip. 54 25 3.15 ' zH 8.71- Sli 


17;?!a 5 ITllil ibi! OcUlnmoh^ 1 245 1 2!0|«SBc| L6| 

UII TI3.4 4> s t 4 

SiSfel-Iiia COPPER 

54 Irr i 73 6 7 30 Jane DeC-lMcssina R050 | 76 11212[*Q30cj 19J 

&£ ;9 43 1 13 i 7.0 

IB -k-o Lv- Vy , 7 , MISCELLANEOUS 


ipr. C'ct.1 Damn'll®. 81. 
•ec. Apr jl‘. C it-- Merc. 10p 
lor. Sept.! I*a lOpe La. Up 


1695 lV7>iiaO]I3.7 
7 .4 th0.7ailOl 17 
272 C.4 J3L21C.E 


RUBBERS AND SISALS 


Dividends 

Paid 


|“f|S 


6.7 — Earym:3 

Fli — Burma Mines 17Lp. 

_ Aug. Fob Coot. March lOe 

7.9 Novenbcr .VonhsaieCSl 

— Jan. June P-T5. 

— 5ebo2ladiC71 

— TaraE;pla.£l 

JCov. Julj' TetidtM.nenJ5! , 'p. 
October 1'utnnCoas.CSl— 


575 — 

3.1 tQ30c 2.6 

30.« — — 

2i 9.5 2.8 


15UL35 
B.9| Q7e 


0 25 l 

2.9 22 


Net iCVlCrt 


, August (Angb-IodoaesM-.. 
S^k. BertamConaiOp— 

t±l — SirdLAirlcaj 

H lime EsflwallJCte 

^1§2.£ (Apr- Nor. CastldieM Ito 

zl - s lNov. June Chmcnese l£lp— 
.7, May Dec. Cens. Plants ap — 
“■* lan. Aug Grad Central lCp- 

“ 4pr. July G’Jliirieel^ 

April Eam1asMfc.Ea.lE5_ 
«2 \- OT . Mat in i gh lan ds MaOc.— 
H “ Apr. Nov. SoalaKepongMSl. 
Ian July nEoiimMSOc- — . 


24 J) 279 4.7! 4 1 7WtfVjp¥T<a 

3S.5 355 9 52 

7M - - - 

25 41.73 1.0 4.4 Unless cbemiir bdieaM, prices and net dividends n» Its 
266 s2.S4 10 1.6 pence and dcaiEBinathiss are 25 p. EsttBUicd p ri c etau nUm 
;m chi. 4 12 3.7 rnttcaznd rnsrrsarc bnsed CD hirst aamul reports and Dceaontc 
115030 6 102 end. where tnsiilWc. ist npdo^d oa talf-yeoriy figures. P/Es arc 

!?1** 4 7 o s-dcalrted on tbr baste of net dirtrlbncIoB: bracketed fl^irea 

11: i:» ?: (. a trMntr 18 per ee3L er mare dlHeraica If cdtailateJ m “nil'* 
UjQi-n s =a disbribcZIcB. Carers are based an -mariwam” distribution. 
rein * -o V ief d a arc besed on idddlr vriecs, *re gro«, sdicsted laACTof 


■. Nov. Koila 
July ttEoii 
tuber Ldn.S 
. JunejMalalt 




2“ Dec. June] Malako? MSI 

I"-* Novemberjaiaran-zrlOp — 
JPg May Nov.|FUatatkn Eldgs. IDp 
"•? March l&ungeiKriaslOu— 


232 2iJ 279 

103 IK 555 

17 7M - 

59 25 *1.73 

257 26 61 s2.S4 

56 LSD Chi. 4 
V, 215 03.0 
lib 12T 0.56 
555 12i 1523 

110 • 1&9 *4.0 
115 3.4 tOZflHe 

74 216 Ol2i«! 

4®, UII Qllic 
193 266 *4.06 i 

67 155 h')15c 

59 2131*0.48, 

67 2.1D[*£L21I 

■7 J35!*bL52 


•n'l R'lai-f Tel 33 *** a=d aUnr for calae sf declaod dlstrlbctlans and 
91' nn F rfl 2 ? rigbta. Securities vUb denocsduatlens odw Hun sterling are 
a— OH— e OH] 5 J qaateti ladusivc o2 the In restated dsilar pcendma. - 

3.^ 

l;t ^ 2-9^ E.1 & Sterling dentwninrt rd securities which include investment 
3.9) 12 dol 1 st premium. 

AOl 4.9 • Tap" Sun k. 

Iff 2.6 * Highs aad Lons marked thus bare been adjusted to aDovf 
for nr to issues for cash. 1 

f Interim since Increased or resumed. 

: Interim since reduced, parsed or deferred. 

77 Tax-free 10 non-residents on application. 

* - igor» or report availed, 
tt I’nlisted secunly. 
t Pnce at lime cf suspension. 

5.91 5.4 5 Indicated dividend Bfter pc.-idlng «ri p on d/nr righu issue: 

4 4] 5.1 >-ovcr relato; to pmious dividends or forecasts. 

3.71105 ♦ Merger bid or reorganisation in progress. • 


8 Si teas 

92132 India and Bangladesh 

9 - 9 15 2 December [Asam Doors £1 _| 265 I JU0| *9.65 ( 5.9 


_ _ March Assam Proniiertl. ■ 

;q«] Se puncher A-samtavs-U 

4 c Sc Mar. Sept Empire PbntslOp- 
- LacnePlanu£l ._ 

J' ?q q November McLeodRassei£l_ 

"4 474 Ma y Nov. Moran £1 

_ _ Jan. June Smglo Hd^i I0p_ 
r OM ' Apr. JoJyjWcrrea Plants.- — 125 

6.9 217 September [Williamson £1 163 

Sri Lanka 


♦2.01 IttlU 
bl5 I -1 6.7 
135 


1 * i 4 7.«t comparable. 

a 7 ♦ Samt; interim: reduced final and/or reduced raraiES* 
q 1 indicated. 

/j y r Precast dividend; cover on earnings updated by latest 
.J, J interim <dai«nent. 

fn o 7 l ~ rr CT al,ow ' s f° r conversion of shares n't now ranking fee 
diridcads or ranking only for restricted dividend 
* Cover doei nat allow lor shares which ma;,- also ran It hw 
filridend at a future dale. No P/E ratio usually provided. 
9 Excluding a final divuteud declaration. 


pr. SepL|Lamtn£ 


45^313 fef 37 K®pJ3lH*»a— 

43^347 Feb. OcLptao Estates. _ 


225 | 113)558 J LSI 3-7 f &£%£?• 


Africa 


>57 [Feb. Octjl 

30-7 1 
249 


a To* ftec. b Figures board on prospectus or other official 
estimate, c Cente. d Dividend role paid or payable on purs 
I ttii k/i 7t : a. iii -1 <d capiuli cover based on dividend on full capital. 
I vifl I , A 1 *- e Rcdetuptim yield, f Flat yield, g Assumed dividend and 
i *-w| tU->- I *A| ? yield, h Assumed dividend and yield after scrip issue. 


52 « ^ Feb. EcstRaadPrpRl-f 
— — Aug Feb. Rajdfom'iiEst.JKr) 

7.0 19.9 Aug. FebJ ft eslR“dfU 1 

6.4 22.4 

'Vij EASTES 

__ Mar Nov.lBrarkenSOe 

February EaaDaytaSl— 

— EJLG.O. ROJO 

Aug. Feb. GrootvLeMc 

^nnbfav Jiov. iimrassRl 

3201 Ort. Star Leriiee5c 

AvSr Feb Marir.ute R£L25 — 
— S. AlncanLdSc _ 
r./ti/HAns. Feb. llmrfocteinafc — 
"^“2.8 May NovJWiaAclhaakRI. — 
IQ — niL.VigcJSc 


6151 — 1 
2£b — , 

2bi KJ350c 
Jib tyl3e 


EASTERN RAND 


Feb. Ang.]Bbroori5 

1 Feb. Aug auDeb 

- |5«IJcrasI WL20_ 


j Paymuat from capital sources, k Kenya .n interim higher 
mnraTmri than previous total, a Rights issue pending q Earnings 

Iv.xfi.fxl J&o bused on prelmnnazy figures, s Dividend and yield osciude a 

special payment i Indicated dlridesd: cover relates 10 
F T ?nW T B T 5? A T TJ? ® T/FFh previous dividend. F/E ratio based 00 latest annual 

Z a V i T i L i £uDl'«£P carnmgs. n Forecast dividend; cover bused on previous year's 

, _ , __ .. a 1 , earjincs. v Tax free up to 30p in the L * Yield allows for 

on>jnu«!piU_~! 3/4 6/Sl — j — I — con-encydause. y Dividend and yield based on merger terms. 

£st Haaani&Sl_l 2fc« Dividend nod yield Include a special payment; Cover docs not 

ilidfocth Est R2 r] ±32 t6£|1G350c[ 23] 6a apply ip special payment, a Net dividend and yield. B 

esRaadfU 1 . 243 2i6jttjl3c| 6J| 5.4 Preference divtdmd passed or deferred. C Canadian. E Issue 

price. F Dividend ar.d yield based on prospectus or other 
vs « nmininar -sn s am official etthnates for !B?n-fl0. c Assumed dividend and yield 

K AS 8 fijK ib ILffiND offer pending scrip ondjcr rights itsue. H Dividend and yield 

based on prospectus or other official estimates for 

rorkea 90e 67 13. Q44c A 392 !978-79. S Figures based on prospectus or other official 

m fiajpagl .. 25 IS +O20c 12 47 8 osttaalQt for 1978. M Dividend and }idd based on proapecl us 

nr.n biwi 345 _ FifiOc — g.7 or other dllcial cMimotes for 1ST7R. N Dividend and yield 

rootvtei Wc 104 t019c basud on prospectus or other official estimates for 1B79. P 

mmuXi Wt « mi. * PisuKG bared on pmspectus or other oHiriaJ eatircotes for 

taros-a -^?. J 45? iSTtf-W. U Gross. T Figures assumed. Z Dividend tofai 10 

— 84 2 'lb t046: 10 4^3 dale - w Y ! c4d *V a9ed ®“ Mfuniption Trea»ui> Bill Rate aaya 

A^raidir: tt - ~ aa * bmBed ^ anluriv 01 atook - 

icf«:te , n3>: — 97*2 J-j Q2jc 0.4 314 Abbreviaticss ntexdividradiaexscrlpissue-.e-M righUinmc 

laielhaakRl. — 577 1£9 Q129c A lr.4 tf cs c&tutal distribution. 

iL.VigcJ25c 46 £74 — - - 

“Recent Issues ” and “ Rights ” Page 33 

FAR WEST RAND . 

JTOOr 25_ j 3ia | Qf3 C | i cjv>c This service is available to every Company dealt in on 

tOeb — 305 2t6|t*17CcI 16J12.4 Stock Exchanges throughout the United Kingdom for a 


5fei z ll£j 


i ' Feb. Aug. DoorefiinJeinRl . - 28 

b mx Aug. Feu. East DrieRl 69 

j — GindsrndGliiac- 22 

* w.n peb Aug.lOsbutgRl 10 

limn |Feb. Aug. HartcbeeslRl §1 

Feb. Aufi. Kloof Gold HI 54 

Feb. Aug LdcumBl— _ — 49 

February Soaihva&l 50e 54 

Aug. Fen. SldfomcinSOc 31 

Aug. Feb. Y3o!Eeefs50c — £1 

Feb. Aug. Vcnien>m3] — 21 

Feb. Aug. W. DrieRl £2 

Feb. Aug. Western Areas Rl. 16 

Feb. Aug. esf era Deep R2— 32 

3£9|Feb. Aug-iZandpan Ri 21 

O.F.S. 

17.1 


l/i bj QSOc 
2fa6 tQ78c 


fee cf £480 per annum lor each security 



1 4.9 

4? REGIONAL MARKETS 

42 The foU owing is a selection of London quotations of shares 
5J previously listed only in regional nurkeds. Prices of Irish 
7.4 issues, most of which arc not officially listed in Loadoo. 
ID. 8 are aj quoted on the Irish exchange. 

4.7 , ,V T n.wt I I M H . , . a .. I a 


SepL Feb.fFree State Her. 50c 
Juo. Dec. FSJjCdnldSOc — 
— F.S.S3aiplusRl_ 

May Ocl. Harmony 50c 

— Lorajcefil 

Jun. Dec. Pres. Broad 50c__ 
Jus. Dec. Pres SteiuSOe — 
May Nov. St. Helens 31..— 


Jaj *n Albany lav. 20p 26 

**!-?■? Ash Spinning _. 49 

* I'* 3 - 6 Benaia.. 17 

Bdg'vttr. Est. 50p 330 
Clover Croit — 26 
Craig* Rote £1 520 
. .. , , DytoniR- A.iA. 37 


Shcff. Refrsfamt.l 
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64 

112 1+2 


1?0 aJj.QMc 20 65 eILb"c ScHdy . ' 

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329 23D tQ55c 20 10 J) Finlay Fug. 5p . 21a 

£31; 9 75 lifer 05 45 GraisShip. £1 . 190 

945 25Q150c 26 i MicsonsBrew.- 77 

840 25 C30r « 5.3 J.O M. tut! ... 172 

-g iMQHoc ♦ Ki st-aass 

ie ni:,, * niii I'carcoiC. H i... 190 

^1 SlSSrL * H 1 ? Pee! Mills 21 


" ♦ IjuiL Dec Jwe! ton 50c, — _ 
Jun. Dec.|WJioi(Liisfi50f.— 


2 5 Q6rc 
25 Q415C 


Sheffield Encfc 


Conv.ff*. -SO/W. £90)4^4 

.AllinnccCus _ 90al 

Arnett 37S 

Carroll fPJ. ' — 99 

Clundalkin 89d 

Concrete Prods 128 

Helton iHldgs. i 49 

Ins Carp . - 190 

tnih Ropes..—. 100 

Jacob 59al . ... 

Sunbeam — 33 -i-l 

T.M G -... 200 

I'nidare 85 


FINANCE 


10Z2Sc 
«.« 0135c 


£13^ 4.5 Ql35c Lff 6. 

177 26iQ25o C iJ Ifl) 8 ' 5 '*."-’— 9 mreresiL s vicwra. 1 15 

1W Si c85e 4^101 5 SBfeSBT!! 14 Property 

a&Mm im&ss2= s issst h as-jafcda 


Apr. Sept’Ar;. Am. Cod 50c- 595 2LS Q60c 3.4 

ian. JuneJAngluAnwr 10c... 350 2MJQ362C 2.0 

Mar. Au&Lint Ate Gold ?.1_ ' £17' a 266 wltSc 1.1 

..Feb. Aug.f\u£-Vaal50c— ^ — 775 lfl.7 fc»115c ff 

Jan. JublCbarierConi 150 12£ 8.43 ql4 

... .May Dec. Coci Gold Fidifc- lSlal 2410 9.19 q23 

July MaviEoa RaEd Ton. !ifct 18 15 1.07 U 

— i O cl MajiGea. SfininsM — £19 1H 10225c U 

Mar. Sup*. Inohl riridsiA.25c_ £13^ M Ql35c U 

Feb. OcLUa bu-T font ft! — £15% 16.9 C170c 3 A 

Aue. Feb.WiMeWKZSc™ 177 266 Q25e 15 

— pjiHorplZirp 51 - 027 L9 

Mar. Oct-[Husor«iSED].40_ 173 18.9 Q12c 1.5 

Mar. Sept- New wu 50c 119 Zli Qia.9c * 

q! 22 — . PawXVnsi— EtlSg U'75QC50e ff 

I 2Jo November Rand London I5c_ 42rd 16.20 tlOc 3.0 
■ 69 Jan. JulylSeiMtiLffl Trust — 472 110 1395 L9 

— Aug. Feb. SenmiSMt 203 2bb Q30e L5 

921 May OeLjSiJven2iaes2i3i_ 41al 3603 42J« L7 

Dec. JulytTanksCan 53p — 174ul 1610 Q10.0 12 

Jan. JuWDftPTOf.oap 92 121 16JJ 

Sliaadjuiy Jap.irraaL'^HisI^.Rl - C13t, 155t^e 3.4 

Mar. Scpt-ib'-C. Invest El 222 78*330? 12 

I — May Nev.il'tsipn Curpo. G23e. 3C4 Ifi.9 tO?8c 1.6 

6 SepL Mar.|Y0gels2'‘2! f 65 2UffQ7i2cj 1.0 

51 9 3 

" i-j DIAMOND AND PLATINUM 


H OPTIONS 

K 3 -Esonth Call Kates . 

7.1 TCI Sffl TubelmwL- 38 

Afi A. Brew 6 1 ; "L-nF*" -..— . 6 I'ailevcs 35 

ii AP. Cedent.. 18 LCi 20 Urd-Drapeiy- 7Jj 

S'# B.S.3 — — mm— 9 Inveresk S Vlefcerc.-^*. 15 

,4 Babcnck 21 KCA ... 3 Wool worths^ 5 


, . Barclays Bank. 25 Ledbroke 17 I 

2'? Beer bam 35 Legal i Gen. .. 14 {P ro pe r t y 


42m 16.1M »10c 
472 210] 1895 

203 26MQ30e 

41xd 3603 4Z54 

wa 161ffl Q10.0] 13 — a torwau j «j I 5~ I 

92 73 m Q 9=ilinT 7o|Courlau!ds 10 Marcs ' — 7 i-prr^—| 2 I 

na iSSt^Kcl 31 4 3|Debcrbams.- 8 Mrk&&Spoer 10 tSpA^Ni?' hi I 

222 L2 Bl DwtiUers 15 Midlaadfiank 25 

’M Is3tO’,Sr it jE Ounlop- 7 S.E1 12 oils 

ab J-9 Eagle Star. 11 NaL West. Bank. 22 

® ‘MTM/OT l.«| Mteju.- 14 DaWamims 10 Bnt Parolcnin. 45 

(Gen. Accident 17 P&ODfd. B BunnahOil 5 

n * n mnTVnr [Gen. Electric.. 18 Plessey ....— B Cborterhall— 3 

PLATINUM Gla*> 40 R.HJI “ 5 Sbeil 28 

Grand Met...— 9 RnnkOrg.'A'.. 38 Ultramar— 20 

AO MQ6D0c| 11 9DG.Ui.‘.V 20 Reedlmnl 32 

15 4.909.2c I 0.8 ^.gt^uardian 18 S miters 3 Huwa 

98- 18914325c 33 7.3.£r^f" 1 rri7jj - H — — — i, CbarterCtaa,,T 12 I 


92 Nov. IfayjAufilO-Am.I&viOc^, £40 

— Apr. Sept iEPpsjaiePii. KJc_ 115 

* May Nw.DeBeffsDf.Jc.™ 398- 

— Jan. Aug. Do.40pePI.H5 — £10 

— Nor. M ei- LjdenburE 11?^ _ 83d 

02 Sot. May Eiii?laLlOc-™. 115d 


























































































































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36 



. . .. -ItV- ",S * -.rtft- SYS ia#.!#"- 

• - • - . .• . rMsA - a 


bain Dav* 




machinery valuers 


Monday October 23 1978 




Head 

Tcfcptone-OM&l j 




Walker backs Heath 


stand on pay curbs 


BY RICHARD EVANS. LOBBY EDITOR 


THE ARGUMENT within the former leader was motivated not attitude that would make it 

\ Conservative Party over pay by malice but by a genuine sense possible in the future, 

policy intensified yesterday when of patriotism. He warned that a period of 

Mr. Peter Walker, former Tory Any form of Tory support for tough monetary policy, operated 
Cabinet Minister, claimed that an incomes policy is becoming by whichever part}', could per- 
the leadership's call for a return deeply unpopular following the manently diminish still further 
to responsible free collective distinct swing towards a mono- Britain's industrial base, 
bargaining was simply not an uirist solution at the Brighton In addition, it was not the 

option at present. party conference. But there are unions that obtained tbe biggest 

His speech-atDroitwich showed some influential members of the wage increases that received the 
that Mr. Walker, still a figure of Shadow- Cabinet who believe largest punishment from tough 
some influence in the party. Mrs. Thatcher acted too hastily monetary policies. VThe innocent 
supports his former leader Mr. in dismissing the need for any as well as the sinners are 
Edward Heath in the need to form of incomes policy. inflicted with unemployment, 

retain an incomes policy to help Like Mr. Heath and Mr. bankruptcies and liquidations.” 
combat inflation. Walker, they retain grave doubts . There were signs at the week* 

It was intended as a bridge- that the operation of market end that some leading Tories 
building exercise between the forces alone in the private sector, are retreating from too hard a 
advocates of Sir Keith Joseph's with no Government intervention line on wages policy, and Mr. 
monetarist policies and Mr. in pay negotiations, will be a Angus Maude, a party deputy 
Heath, who has given controver- viable policy when the party chairman, warned that Tories 
frial support to the Prime returns to office. should not be drawn Into making 

Ministers defence of the 5 per The theme of Mr. Walker's forecasts of what the party 
ceot pay guideline. speech was that neither the wouW do ^ office ^ &ix months 

But the indications last night Government s policy of a volun- 
were that there is no sign of an taty incomes policy nor the Tory He told West jjldlands con- 
end to the row developing inside policy of responsible free collec- servat j ves a t Droitwich that a 
the partv over pay policy. tive bargaining was available fffj? „rL. ac 

Criticism of Mr. Heath’s because of the attitude of the jjgld nonn sun ply would not 

support for the Government line trade unions. Britain was there- work and pay nses must be 
is more hostile than ever and is fore facing confrontation fle ®° 1 l , ...“ ased . on Productivity, 
likely to continue. Mr. Heath's between union power and the profitability and skills. From 
next" public speech is at a by- power of Parliament. this we must not budge, 

election rally at Berwick and In a conciliatory gesture, Mr. The CBI is due to meet Mr. 
East Lothian" tomorrow. Walker stressed that the best Denis Healey. Chancellor oF the 

Mr. Walker, in an interview on solution was a return to respon- Exchequer, on Thursday to urge 
BBC radio, defended Mr. Heath's sible free collective bargaining, him to relax the operation of pay 
absolute right to make “factual Bui as this was not on offer, policy and to discuss tbe long- 

statements on the reality of the governments should concentrate term reform of pay bargaining, 

economic scene” and said the on bringing about a change in Lombard, Page 12 


UK steel users 
reject EEC’s 
fixed prices 


BY ROY HODSON 


Vauxhall skilled workers 
vote for strike action 


BY CHRISTIAN TYLER. LABOUR EDITOR 


FIVE THOUSAND skilled ,and are demanding that the loss- European plants. Ford Neder- 
workers at the traditionally making company breach tbe 5 land is putting its 1200 produc- 
raiiitant Ellesmere Port factory per cent limit set by the Govern- tion workers on short time today, 
of Vauxhall Motors yesterday ment. Assembly workers in the van and 

followed 3.000 assembly workers Meanwhile a breakthrough in trucfc factory will be down to one 
in voting for strike action from t fa e m0 nth-old Ford Motor Strike da y a week because of lack of 
Wednesday week IF the company couid come todav whM several components from the British 
d °l S nrl'Twrin^ n^mSirs senior union negotiators meet subsidiary. 

fSS^S the company foe what are Today’s meeting will be be- 
VfiiriS* Scribed as “exploratory talks.” tween Mr. Ron Todd of the 

Mer»”ide S plant° tupported the , ™. (. « .attempt, launched S3S7lde"M? d R« SSS 
national strike threat by about by **** AUEW, to pave the way °i “? e ®v Mr * Re S Bir ™ 

24 for further negotiations. Ford °f *h e AUEW, the secretary— 

" But there could be much Iast offered S per cent— in clear asked for the talks— and 
closer decisions at mass meetings breach of the Stage Four limit— others on the national joint nego- 
todav of the 4,500 Dunstable and further money in return for tiatmg committee. They will 
workforce and tomorrow when efficient working. By that it see Mr. Paul Roots, the com- 
13.000 men at Luton are due to i°eans continuity of production, pany’s chief negotiator, 
meet. strict absentee of rest periods * union leaders at British Ley- 

There was an anti-stnke an “ more flexible working prac- land are hoping to reacb agree- 
demonstration by about 300 tices. _ . . ... ment very soon on the timetable 

workers at Luton last week, amid But it has also said that a f Dr giving parity between jobs 
persistent claims that the plant return to work by the 57,000 a c r0 ss the company. They will 
was not in the mood for action, manual employees is a pre-condi- be meeting today, hoping to 
Union negotiators have re- lion of further bargaining. draw up proposals for acceptance 
jected a company-wide pay rise The effects of the Ford strike t y S h 0 p stewards of what is a 
averaging 4i per cent, plus the are beginning to be felt in the crucial element in centralisation 
promise of productivity bonuses U.S. multinational's other of the company’s pay bargaining. 


SOME SECTORS of British of the European Steelmakers— 
industry are mounting a con- break the rules by selling at 
sumera’ revolt against steel below the . various Davignon 
product prices fixed by the EEC mandatory' and recommended 
Commission. ' prices. 

Buyers for a number of big The consumers’ revolt has the 
British steel users in the auto- tacit support of the British Iron, 
mobile, consumer durables and and SteeL Consumers' Council, 
general engineering sectors are which acts as the semi-official 
no longer prepared to pay EEC watchdog over steel supplies to 
minimum prices. They feel tbe industry, 
price levels are no longer The council is backing the 
realistic because price cutting is stockholders’ new policy of sell- 
widespread in Continental ing more cheaply, and with 
Europe. greater price flexibility, claim 

The British Steel Corporation, ing that it “accords with the 
Europe's largest single steel- spirit” of the Davignon plan 
maker with more than half the . it feels that any system which 
British market, is striving to inhibits British industry from 
maintain sales at the EEC mini- buying steel as cheaply as its 
mum prices- - But its position is Continental EEC competitors is 
now being seriously eroded by contrary to the basic -aims of 
cheap imports of European steel the Common Market. 

— 40 per cent up in the first half 

of 1978. Scran metal 

A head-on collision between “ 

British Steel and m