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us. Vans, Tracks, 
contract Hire 
inane* ; Nationwide 




COWIE FLEET DIVISION 
Hod Off ins: 

MK.LFIELO HOUSC : HYLTON ROAO 

SUNOEtOAWOSMJBJI 

TEV: SUWDERUi HO ID49I . TV Ltt- KROfl 



JV’o. 27,696 


Tuesday October 24 1978 


**15p 


TilJ 


Taylor <§> 


-taking a constructive 
approach to every 
sizeofproject 


coNTwrewraL nuwc whcoi Austria ich 1ft isciuw at; pfnmark Hr 3j s France Fr 3 . 0 ; oerhany dm 2 . 0 ; italt 1 seo ; Netherlands n 30 ; noryyat k* j.s ; portuckl ex jo* spain r» «: Sweden k » j.jsi Switzerland ft a jj hre isp 




BUSINESS 



down 4.6 
Gold 
loses $1 



highest 
Page 31 


LT progress 



v 


• EQUITIES were stiQ re 
strained by labour and . pay 

: . . . considerations and the FT 

‘.Gnvrrninent bas proposed ordinao , closed own 

' l r a ‘ i95B - CnUs «« WMW 

Uion fhi and UtC Go,d Min** index 

ation 0 and the cJosed 7 d ^ 15iJ ■ 

:■ Icate of Secondary 

: atlou. • gilts trading was jiafehy 

■ system would give an and the (.o'emmrnt Securities 
, .■cedenlH role to employers index fell 0.14 to 69.35, 

------ unions and parents in con* 

: ; Sd h.n w *rsssi's 

■iiion Secretary thc ® mark throughout trading 

~ 4 . and closed W points «p- at 

... e hoards administering the , , nt ? 1 rx M . as 

*s — 10 be called the General dBUa ^ s depredation widened to 
• ,'icale of Secondary Eduea- a re * ord H-i Per cent (112) 
f • Given Parliamentary . .. p. -: 

• ..■-cal, it rrinld be introduced • GOLD fell SJ to In 

je mid-SOs. Back Page, London and in New York the 
'rial comment. Page 18 Comex October sell lenient price 

was $22520 ($227.70). 

.ways i n com e * SIX month Enrodoiiit »ie 

>uld rise £2m ’ dosed at the same levels as Jast 
h Airways could earn an Friday, lO^HI per cent after 
£2m a year with its quieter 
: 1 -tuch as the TriStar, if .the 
e curfew” aL London 
.tow was reduced by an 
at each end of The day. 

' . ting to Gerry Draper, BA’s 
ercial operations director. 

7 

/cott verdict 

. hire county cricket com- 
■’! decided to “ Ignore” 

- ents made by Geoffrey 
»tt on a television show but ’ 
mod his dismissal ft-dm 
lapuwcy. Boycott leaves 
bt for Australia with the 
mil touring team. 

~ - unda joins in 

■ te * -President Kxtmrfa- Itss j the 

sed Joshua Nkomn's rejec- between 11-1 H, the 
. .uf an atl-pariy conference lctel since 1874. 

(Odesia. Zamhia would have 

as in do with “what Smith 0 WALL STREET was 126 up 
agreed in Washington. at 83926. 
d our backs/' Page 4 

• U.S. -TREASURY bills 
threes fell 10 : 75 per cent 
ir _ ... (6/209); and .sixes 8.612 per 

• hSd ihrJi' S ho5« cent (8 ^ 61 >- Chemical Bank. 

n 3 u inrcp n ours of t3lks ai. a tm«>whj>i it is t. Aa .v> l_ . 

Soviet Foreign Minister 

- yko in Moscow amid signs . !(s_ prime rote from 10 

significant progress has' P* r cent-to 10J per cenL 

' atinn** Pace 5 ^* 68 ^ ***** • WUCE C OMMISSION chair- 
***** man- has again called for 

.. . ■■ moderale pay settlements in 

'uiCoLlG Ca.ll - order tn keep inflation rate 

than a third of the people ESJ" ®f* reB in ^ 

*oned by Opinion Reu;arcb 00,1311,8 Jear - 
p for this week's Woman ^ DCf . .... ,, 

dne believe the Queen • 18 10 P ut niolhballs 

1 abdicate in favour of " exl Spring two direct ndue 

r Charles. tion plants^-the first of their kind 

in Britain — which are being built 
?&/ iblc cinrlu at a cost of £60m at HunlersLon 

if- I, * tul *y ‘ in Ayrshire. The decision reflects 

jwjf * Vorld Wildlife Fund is 10 the depressed demand for steel 
_1 - e . out a study of grey seals Back Page and News Analysis, 
ie Orkney Islands and Page 8 
nt it to the Government. 

yhile. 25 members Of the ft C0NT1NETAL CAN (UK), a 
Saboteurs Association are Qew ]y formed British subsidiary 
to stop the local cull of Qf continental Group of the U.S. 
cais - plans lo spend £15m on manufao- 

' . Turing plant in the Wrexham 

nt CtlRCgCS area nr North Wales. Last year a 

'members of the National reciprocal agreement with Melal 

/appeared in court charged . tho „ ^ 7 : 3v ' £ an .- P rod J ,c ®r 
'making an affrav near the ended, allowing Continental to 
|’s offices io Shoreditch, east produce in the UK. Page 7 
fin. Three were bailed and 

who' is also charged with • BANK STAFF representation 
ig grievous bodily harm, report has come out m favour of 
demanded in custody, a TUC-affi listed trade union in 

1 the finance industry with a 

yL„« Wafir-if. membership of more than 

pro- oencil 200.000. The repon is expected 

Annual report of the Royal to have widespread repercussions 
House, Govern Garden. an union recruitment in clearing 
a deficit of £376.000 for £ ai ?£ s .* Insurance companies and 
-v^S. Another deficit seems 
'trio this season. . Page 17 Page 10 

Z m. 9 SCOTTISH lorry drivers union 

iSTiy ■ ■ ■ negotiators have rejected a 

'•5* Charles began a five-day Phase Four 5 per cent pay offer 
"lo Yugoslavia. from the Road Haulage Associa- 

- ~ Don. The drivers are seeking 

■ S-iZfst S M a " d “ ^ 

king him for a burglar. ceflL Pa « e 10 
ol rationing is being 0 FRENCH dockers and 
*ht in to fight Greenland's merchant seamen have brought 
V ic drink problems. French port activity to a virtual 

%• halt in separate disputes over 

| 

x* #11! get free medical checks 0 PAN-AMERICAN profits eon- 
■L ' a proposal From Ibe tinued to rise during the third 
ifsAons services select com- quarter, with a 54.3 per cent 
a A ^c. increase in net earnings to 

Richards. 63, former 5101.3m. (Sfi5.6m) on operating 
Manchester Chief revenue 19.5 per cent ahead a: 
.able, died suddenly. S872.3tn_ Page 31 


Callaghan resists 
party challenge on 
monetary system 

BY RICHARD EVANS, LOBBY EDITOR 

The Prime Minister firmly resisted Labour Party attempts yesterday to force! 
the Government to reject membership of the European Monetary System l 
under all circumstances and to compromise on its defence of the 5 per cent 
pay guideline. 

An aggressive Mr. Callaghan coming out against the decision The Prime JIini>icr refined to 
was particularly forceful in his would have to face the con- be sieatn-rolle'rod not only on 
insistence that the 5 per cent sequences/* hn declared. EMS and on the 5 per cent pay 

norm 11111 st stand unless some- To everyon c astonishment Mr. guideline but jUo on MEG 
Ihins equally clfccLivc took ILs Rcnn, who had called for EMS demands for monthly meetings i 
plate. He clearly pinned th« tn be opposed in the Queen's with the Cabinet. 

\™ r ''*SP Hr \ ,nrjl1 pro * S22*! 1 . nr *}- , wc,,k - ■■ He hoped that no -mo would; 

peels on 1 lie maintenance of “That is enurejy a mallei- for Mm the impression :hat the ! 
ungie-figure m k-mon. you Prime Minister It >* SEC ’* was a cu-Got crnmrnt or } 

l am going lo the country on nothing lo du with me. ..m.rnjiilvn Cawrimmi - 

this an.J you can get rid or me The exchanges show that Mr. "Vhe'tt^ 1 

H yon will, he declared mwaril Benu has decided to lake un once dominated bv Mr ('■ill i-h-.n'- 
the end or wtaal was al times a more the role uf the vociferous 1 Mr He.lev's dr fi-. i «r 
slonoy joint meeting of the Left-winger and anti-Markeicer 

Cnbmei and Labour’s National in the bnlief that the incite will r'^ ’ cies 



DOLLAR 

against 

tile 


dm's 


fV 


Y 

ON 



1977 1978 


2-S 


2 3 


2-1 


1-9 


1-7 



BL warning 
to unions 
on state 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

j MR. MICHAEL EDWARDES. BL white-collar section of the 
| chairman, has warned the trade Amalgamated Union of Engineer- 
i unions that unless there is a mg Workers, was delaying work 
j“ dramatic improvement” in on models and components 
performance by next May his throughout the company. 

Board will not draw the next The facelift for the Marina, 
£300m tranche of Government planned for 1979. had been put 
finance. back to 19S0, and further delay 

The State-owned concern has could pose a threat to employ- 
already received a £450m cash ment at Cowley. Oxford, where 
injection this year through the model is assembled. 

°m E™ ef|Ui, >’- Management released derails to 

2 ?reed ’ S “ bje . Cl leaders of a limited 

to uiondoring arrangements, to rationalisation plan. The com- 
0 /i 3 T 1 ^ er in the pa ny wants to close the Vanden 

penod to 19hl. p, as bodyworks in London and 

If the BL Board achieves the transfer the work to Coventry 
necessary improvements, it is and Abingdon. Some of the 300 
expected in seek the bulk of the workers would be offered altema- 
money next year, possibly in the tive employment. 

Form of equity finance, and draw There are proposals to shut the 
the final i'lOOm in 19S0. Courthouse Green foundry, at 

BL has a strong balance sheet, Coventry, and a foundry in the 
“ U* additional money is West Yorkshire complex at 
to finance the fl.3bn Leeds. The two closures, caused 
nt programme. bv spare ferrous founding cap;*- 

Howcver, Mr. Edwardes made city, may entail about 250 
ir clear to national trade union redundancies. 

The deep divisions in ihr* parly He was nn reasonably firm Tht * rate fell tn 3 new low; leaders and shop stewards at a Management has made clear 

on whether Britain should join ground yesterday, partly because ® i l ,“ . tra /, ne I against several major currencies! weekend conference that they that about 7.000 voluntary 
the proposed system emerged in the Cabinet does not start its ru { ,n 'L- DO j»f^L ine , ,t niJ e ” s,r *^ I irt the morning, but rallied' must prove the company could redundancies will he needed in 
an attempt by Mr. Anthony discussion of the monetary 10 n,s ®„ five PCf I slightly in late' trading after! be tnade sufficiently profitable to the Cars Group before the end 

U7r*ri mimnrl n .L. n-eln.vi i.nCl Tk.ii.eAn,. .. -,.1 CBlll P&V EllUlClinP. Mr. I i.^nli.r .1 1 .. - - matrh StntP finiflfA r.n a rmiinrL twin ..A..* 


Decline 
of dollar 
continues 


IHlIUJiai UKiitzi II1JI me UM.IIV will 1P -i nsf _ n nnc|.|„nhr fr-.ru 

EMC "" V ' “ l 10 -[‘™“ t h,m “ Labour *’ n * n.™ 0 rily of !ho" evp™i«. 


Downing Street. 


showed the increasing isolation 


By Peter Riddell, Economics 
Correspondent 

The dollar declined again yes- 
terday in nervous trading condi- . 
tions ahead of the long-awaited 1 needed 
announcement today of President ! investment programme. 

Carter's counter-inflation pro- 
gramme. 

The rate fell tn 3 new }ow,‘ ,eatle fs and shop stewards at a 


pay guideline, Mr. 
Callaghan said thai the policy 


Wedgwood Benn. the Energy system until Thursday, and 
Secretary, lo commit the Govern- partly because the NEC was . , . . 

ment against entry under all cir- overwhelmingly opposed to w0,,,< * 001 [? se 1 - aDrjUr political 
cum 5 tanres. Britain's joining any form of ^ u PP or L a ? the electorate wanted 

To the Prime Minister's fury monetary scheme. *2 t n ® atl oc and thought 

Mr. Rcnn. a passionately com- But Mr. Benn's outburst 100 G°^ erament was doing a 
mitled anti -Marketeer, made his means that he will be in a very eood 

move before the Cabinei itself difficult position should the O q the monetary system, poten- 
had discussed the Government's Cabinet come down in favour of 4. U 'V ? “'E®'*' divisive issue in 
position, oven though Ministers joining the system on revised *" c _v arly ‘ . r V a ‘. la P' i an 

had been warned lo be circum- terms. He has made his total M, ! as 0 see .P t|C ~l- but in- 
spect, opposition clear. suited lhat no decision had been 

Mr. Callaghan said Mr. Benn joint meeting, called re ®®^ e ^ by the Government, 

had advanced his own viewpoint, ostensibly to discuss the Queen's , e remained in favour in pnn- 
and warned the Energy Secre- Speech for the final session of c, P Ie . provided the conditions 
tary that if he continued his Parliament and relations with W( £« "f,!, ' #lHlf 
campaign once coilective Cabinet Europe, turned into a running *.“! T . s f'' e * al ke - v 

responsibility was in operation conflict between Mr. Callaghan fi® •, fae an ' v '® rpd - 
he would face dismissal. and the Left-dominated Execu- ,nclud,n '» whether it would hene- 

Any member of the Cabinet live. Contfiroed on Back Page 



-iflTa 

uj.'S-~.rL 


U 


societies. Back and 




EF PRICE CHANGES 

|es in pence unless otherwise 
| indicated) 

l RISES: 

l Irish Banks ... 329 + jg 

. of Ireland 445 + 12 

.PC's 37 i +'3 

*qon (Sir Joseph) 26 +: 2$r 
irds 1 Louis in + 3 

ihietv Ests. 137 + S. 

mm & Mason ... 560 + 110 

.shawe ...» 55 + 13 

as tJ.J 159 + 5 

i'J hnm Leslie ... 78 + 4 

land Distilleries 147 -f 7 

.Cooper 175 + 10 

O'Ferrall ■ Sfl + 4 

■ .'/ill 30 + 3 

Darby'.-. 116 + 5 

/ter Est. .: 1.83 + 6; .'. 


YESTERDAY 

Wolstenhohne Bronze 290 .+ 12 

Rosehaugh 214 + 9 

FALLS: 

Exchequer. 12% 99-02 £95 - i 
Exchequer 9j% 1382 fM?-" 4 

Bowatcr 187 - 4 

Brown (J-) 450 - 5 

Cole (R, H ) JOB - 13 

Daw*on - IntL 200 -6 

Mothercare. 160 — fi 

Anglo American Gold £16} - U 

Bishopsgate Platinum 110 — 5 

De Beers Defd. 3S6 - 12 

ERGO 328 — 15 

Free State Geduld ... £155“ 11 
President Brand 870 r "5 
President Steyn ...... 760 - SO 

Rustenbunt Platinum itffi - 7 

Vaal Reefs — I . 

Western Mmiog. ...133 • - .6 


adat presses for clearer 
treaty draft on West Bank 


BY OUR OWN CORRESPONDENT 


CAIRO. Oct. 2:i 


PRESIDENT Anwar Sadat of the Egyptian delegation in Wash- The Israeli negotiators 
Egypt is not satisfied with the ington had bean instructed to believe that if the Cahinel 
final EgypUan4sriiel draft peace give further study to the draft approves the settlement terms 
treaty, which he has sent back “ in some of its parts. This study which they brought back from 
to Washington. He apparently is necessary before the treaty Washington on Monday a peace 
wants clearer legal terminology can be ready for signature." treaty could be completed 
linking^ the treaty to firm pro- He M j d Mr Sndat reachBd within days of their returning 

gross on the West Bank and dcC j slon aftcr making a thorough to Washington. 

U p - ui.i , *1 slud y of tht * draft with . Mr. No date has been set Tor sicn- 

r> , „5 n Ministry officials in Mustapha Khalii, his new Prime ing the document, but if last- 

nfp 1 F 1 .™tf a V mn!£ S Jhmi m e nn l t h hr Minister, and Mrs. Amal Osman, minute difficulties are overenme 
T Min,ster of Social Affairs aod both sides have discussed the 

“ Th» JiiE552S n i l nn an ex P erl in international law. possibility of a joint ceremonv 
ESrinL " Thc apparent link between the in Cairo and Jerusalem on 
n0t 0D pr nc p “• treaty and development in the November 19. the first anniver- 
West Bank and Gaza was not sary of President Sadat's visit 

.b, m 1 ffi g V“n d 7, cnb tS; HB «wgL - sr-LS i ,0 Jcruss,em 

crucial issue in the talks. He Both Mr - Dayan and Mr - K2pr 

seems amrious. particularly in f ^ n ) 5 ?u r ' .. WeUnnan. the Defence Minister, 

the light of the planned Arab r e P orler6 t“ a t me treaty stands expressed oo'imis=m when Thvy 
summit in. Baghdad, where on . * . an j. “ not returned from thc negntintirms 

moderates as Well as hardliners conditional or depending on any o n Monday and :heir presence 
will .'he. present, to show that other agreement. will be useful to Mr. Menachem 

Egypt is maintaining its commit- David Lennon reports from Begin, thc Prime Minister, in 
ment to. salving the Palestinian Jerusalem: Thc Israeli Cabinei helping to persuade wave re rs 
question. met this evening for a crucial Continued on Back Pa«n- 

Saad Zaghloul Nassar, Mr. debate- on the draft treaty and ° 

Sadat's spokesman, would not go it is possible that the debate Saudis play moderating role 
into details today, merely saying will continue tomorrow. Page 4 

Vauxhall lorry men reject strike 

BY CHRISTIAN TYLER. LABOUR EDITOR 

WORKERS AT Vauxhall Motors tancy appears much greater than whelming and was in effect 
truck, plant in Dunstable. Beds., al Vauxhall — were raised acceptance of the average 4.5 per 
yesterday revolted against their yesterday when the leading cent basic pay rise the company 
shop stewards and voted down union negotiators decided to has offered, 
their unions’ call for a company- report back tomorrow to the full Mr. Tom Waters, Transport 
wide Strike from November 1. negotiating committee, which Workers *-nnvener, said after- 

Thc decision hy a muss meet- SJffJ p, f4]Li «" W8rds: " Th . is , u . tho first time 
ing of the 3,000 Dunstable P ln ratnry talks held with thc the unions joint negotiating 
workers suggests that there may cm“Pimy yesterday. committee has had a call for 

be a much bigger revolt today Neither side would divulge support rejected." 
at Luton where 13.000 men are any proposals made yesterday Mr. George Slessor, Engineer- 
due to. give their verdict on Ihc for setting negotiations going jng Union convener, told the 
strike threat ' " L 

rumtwr* ind* ■™e" SlSS 
tions of shopfioor disaffection hntel v ? ry ne| P fui - 
with the union negotiators’ 


not expecting that President 
Carter's statement will lead lo a 
quick reversal of the market’s 
lack of confidence in the U.S. 
administration and its policies. 

The exieni of the recent 
weakness of The dollar is shown 
by a 9* per cent decline assinai 
the D-mark since rhe beginning 
of last month and a dron or 5 per 
cent compared with the Japanese 
Yen over ihe same period. 

The U.S. currency touched an 
all-time low of DM 1.7970 yester- 
day mornins. before recovering 
to close at DM 1.S065. frac- 
tionally lower . than Friday's 
finishing level. There was a 
similar pattern against the yen 
with a low of Y7S0.S0. before a 
close of Y 181 .50. 

- Sterling performed better than 
other ' European currencies 
against the dollar. !i rose by 70 
points »o S2 0075 after a day's 
nigh of S2.0130. The pound also 
strengthened aaainst several 
Continental currencies, in con- 
trast to its weakness last week, 
and the trade-weighted index 
gained 0.2 ooints tn 82 . 1 . 

Nevertheless, the pound's 
closing level of I»1 3A3. Iasi 
night, against DM 3.R2 on Friday, 
represented a decline of fi per 
cent since Ihc beginning uf 
Serlembcr. 

Carter will he tougher on pay 
Back Page 


central bank intervention. 1 match State finance on a pound- nf this year to achiei'e prortuc- 
notably from the West German i for-pound basis. tivity gains necessary to con- 

Bundesbank and the Swiss _ It was not a question of con- tinue the programme toward 
National Bank. ! vinring the_Govemment._The BL pay parity — the same wage for 

Foreign exchange dealers are 

rtahuT* hpfni^ re it C !SS ,!l ffi The company is determined 
finance bef ° re 1 soufiht the To face up lo union problems in 
The Cars CrouD where nutDut seekin ? productivity gains 10 
has fallen disappointingly below ^Thnmfrn 1 

target, is expected to do little U ^ _ m a 

better than break even this year. ..ohIIh^ch ,h!s hv 

Mr Edwarrips Fnrppast that Triumph* his underlined Ihis bj 

given thc co operation of the l douhlc°^utrI!Ii rh^succc-^ 
workers, a profit of more than f?,. d0 , U !?Ij ‘ SU p«ul‘r 

£I30m could be achieved next ^L„K and Ro er ‘ R ' in5 * L Rover 
vcjr models. 

' He II reed ihe case for «sneedv Contractors have teen wijh- 
inlroduction of a n incentive Ih L s '‘ C 

f n— nrf Mnl inn under °way on ihc first E30m 

of Ihc £2S0m project. 

commit- 


of production. . 

Mr. Edwards also called for . 

flexibility to sub-contract design vvanl f A ,, , if , 

work on new models and face- S,, Sl’Jf.f!? ^ S 

hfls whurp i'Idii'I'v vl'oc nnl avail. S>Si£lll bcForO it pO?s ilnClid v^itn 

able within BL? aAaJl of .he biggest project, under- 

He complained that . an lafc ™ »n Lbe motor industry, 
embargo imposed by TASS, the Editorial comment. Page IS 


Fund chief attacks critics 
of life companies 


*■ in \PW York 


BY ERIC SHORT 


fptS 
1 m< ml li 



i' nr it. 


• se/ntf-i'Cio 
•• 0.2.-. r - 25 ,1.- 
L.ll !..«* •>; 


1. Wins 
1 -»■ .‘.i' .Ijs 


A LEADING investment mans- address to the Institute of 
gcr last night attacked critics Actuaries, was unrepentent about 
who have accused life companies the action taken by fund 
and pension funds of going on a managers in the autumn of 1976 
“gilt-edged strike" earlier this and after this year's Budget 
year, and so endangering the It was not a concerted effort 
couniry's economic recovery. He by institutions to force up 
also called for more formal con- interest raics. Fund managers 
filiations between the investing acting independently bad decided 
institutions and the Government, lhat because of economic t-ondi- 
I Mr. Peter Moody, joint invest- ‘tensjn teres t raics needed io be 
I ment manager of the Prudential cDan 5ed- 
I Assurance, in his presidential Derails. Page 27 


_ again, but Mr. Ron Todd, chair- meeting the company's offer 

There have been Persistent man nf the committee, called ihe meant only £2.99 a week extra 
-.t c . pe . 1 two-hour mention in a London for a production worker. 

Ford last Vauxhall says its offer would 
offered S per cent, in open, he enhanced by selF-Qnancins 


decision io give strike notice in brMch „ of f ase ^ ur ; 


order to force a pay policy bust- 
ing offer from the company. 
About 3,000 men at the tradi- 


produvliviiy payments and would 
Mr. Todd met Mr. Paul Roots, leave u> 'Jfi.OOO manual 
Ford's chief negotiator, and was employees among the best paid 
_ accompanied by Mr. Reg Birch, car workers in the counLry. 

tionaiiy milUant"Eliesmcre Port secretary of the union side who Thc offer of 4^ lo 43 per 
plant on Merseyside have voted called /or the talks, and Mr. cent is said to he worth between 

by rabstamial majorities to sup- Doug Cornwall, union vice- £2-60 and £6.60 a week, giving 

port thc strike. chairman. the lowest paid a basic of £66.40 

Meanyhlle hopes nf an end to Union officials at Vauxhall said for 40 hours a week and the 

the Ford strike — where ralli- that the Dnnslable vote was over- highest paid £110.39 a week. 


European' -news. 

Overseas news 

American news, .. , 
World trade news .. 
Home news — general 

—-labour 


CONTENTS OF TODAY'S ISSUE 

Internal ional com panies... 31-33 

Euromarkets 31 

Money and exchanges 28 

World markets 34 

Farming, raw materials... 35 
UK slock market 36 


2,3 

4 

5 

6 

7,8 

in 


Techniral page 12 

Management page 15 

Arts page 17 

Leader page 18 

UK companies ....- 24-27 

Mining 26 


The business man returns 
la favour in Washington 18 
Textiles: Still in a state of 

-turmoil 23 

Italian terrorism; Govern- 
ment fears recede 3 


FEATURES 

Carter Energy Bill: Texas 

prepares to fighl 5 

Mexico trade: Portillo 

looks to the East. 6 

Severn Bridge: Costs gap 
tolls cannot fill II 


From chips to computers 15 

Wines: High tide on 
Bordeaux coast 16 

Bigger mle for banks as 
company doctors 29 


Amlmmontt 

Appointments Mm. 
Base Lredirw Rotes 

Smitten Dm. 

Caetnrtt 

Crumoi* • - 
EmertsAiffleol SsMe 


24 

14 

3d 

26 

U 

16 

M 


FT-Attmrtes Indices 
letters 

let _. 

Lombard ..... 

Men and Matters ... 

Refits 

Saierppm 


3* Share Information ... 38. M 

23 . Today** Events O 

49 TV and Radio 36 

M Unit TrwyW 37 

U . World Vain ef £ n 

16 INTERIM STaTEHERTS 
T . Mothercam 71 


HoiHduafl ft Shang- 
hai Banhiim 27 

ANNUAL STATEMENTS 
Fatnriow Estates ... 24 

Unread HoMImb . 25 

Lochweotis Vend* & 

Myddlatott Hotel* . & 


Far latest Share Index ‘phone 0/ 246 .9025 





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lowing ihi 
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Marcia W 
The Pr. 
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EUROPEAN NEWS 


Splits emerge among W. German 
French parties over ,,, „ „ 

1 j • prospect of real Gross National ff 

European elections » wr jas £=£- 

A-I 1 “ v r v higher inflation rate of 35 per 


at 


SCHEEL’S AUSTRALASIA 


BY ROBERT MAUTHNER 


PARIS. Oct. 23. 


BY ADRIAN DICKS ' BONN. Oct .23 ? 

WEST GERMANY faces the In this judgment, tbe relationship! Some slowdown is number of imorovements. In-no 
nmwiPrt nf re-li Gross National institutes appear to be coming to be expected next year, more sense to be described as satis- 

pJjL- omwth next vear of down decisively against those because of the outlook for the. factory.” 

around 4 wr rent a somewhat economists who have argued that U.S. economy than because of ^ contr ast to their last report. 

Sr Nation ?aVof 35 per £ «e < tne exchange rate. which caUe d for tax cuttjtomg 

cent, and u limited reduction in 10 contrast, the institutes the lines now close to final 


Bonn 




BY JONATHAN CARR IN -WELLINGTON* OCTOBERS. 


CCUL auu a UUIIICU ItUUM.™ *»■ j J _ Ul VUUIUUL LUC aisiliuua Uis . - . - - ■ • 

unemployment, according to the f ’ Jiff: expect some strengthening in Parliamentary approval.. ; the * ; . -i' : 

autumn report of toe J? 5 other • West German export institutes make no dear-cut NEW ZEALAND now befieves it efforts to dtver^fyr^-WJBMayr 


^ . . autumn report of the Ul ™ u “ “f rL other • West German export institutes make no dear-cut mi?W ZEALAND now believes it efforts to o^wty.w-wmeiByr 

SHARP ’ DIFFERENCES of As long as these fundamental country * s fl Ve leading economic mar f®2 £ “ rfL markets such as Western Europe, recommendations for. fresh qq, expect firm. West German qnd .. had -already-: /bund • . some ... 

opinion about the desirability of differences over the parliaments resulted from external factors. j^stera Europe and tbe OPEC Government action beyond ^ W ell as British support for its alternative markets', for Us ! 

direct elections to the European role exist, say the GauUists. it institutes, for once L The mstrtlltes sbarE view states. A continued 6 per cent advising the Bundesbank to.hold effort to maintain its traditional agricultural - produce. But ., there 

Parliament which are due next would be unwise to hold the Tje msuwi^, that an economic policy aimed in increase in the volume of real harder to its monetary growth farm exports to the European was * a point beyond - which ■ 

June, emerged over the weekend elections. ^fment^fth” economic oSJ *?*]«<* at strengthening woridtrade Ihouid rorrespond targets, and appealing to* toe cSmoiiwity Market . It feels that further exdt^OD/from.the.JEc'.- 

* -between the various French poll- Although the Socialists have i 00 fe. confirm the now general £5fIifL.; 1 de “, and * t0 roughly the same rate -of Bonn Government to set, clear Bonn has Well understood toe. market 

- tieal parties and. withm the accepted ^ principle of direct view that the West German growth for West German exports, policy outlines for . T *ts .public political co^ue^. both jor.ran|equeu^ n ^to,r> ; - - 

Gaullist and opposition Socialist elec £ onSi a S nbstantial Left-wing economy is in a phase of P ”** 111 < ^. pha f e of Meanwhile, imports into west Investment and deficit Spending New Zealand and toe South Zealand- economy.. r . ; c, - - 

parties. minority of the party remains cyclical upswing. Although the mrt he lon £, ^^ft^nedQ^^ajjy ghould also go on run- plans. Pacific K .-This would - not ^taly- ^urtafl, - ** 


of direct elections, has called brought to light serious differ- sumption in helping to bring Although the dollar is not, in neighbouring countries, 
unequivocally for a “renegotia- en ces between toe two wings of this about it also notes that toe the working party's view, to p flrt | v herauKP it « 


Ludwigshafen today to draw up I™"*! *°2S, £ 


tion” of toe agreement between the party, particularly over the ma i Q discernible reason for the regain strength in the immediate °*'* ~L first time in its 30-year history. Zealand, endlng^today, by the theatre- The discussion -.of-Oufl ' 

toe nine members of the Euro- proposed European Monetary upswing has been the series of future, it points out that West Prospect of substantial Q ne ^ the main planks -inr the West German President Walter ro j e bad played ■■M..impejfcani i *- 

pean Community on this subject system. stimulatory steps taken by the German exports to the U.$. have reduction In unemployment, the new programme is the maint eo- Sclieel and a delegation mciud- part to the talks 7 with vto? 

While otoer Gaullist leaders are W h Government over the past 18 actually been rising faster working party concludes' that toe ance of tbe free enterprise ’ n § Econonucd atauster, German ' side*. and •^SAfMawx • 

taking a less extreme line, all months despite toe unfavourable parity present outlook is “despite a economic system. • Count Otto Lambsdorff. Beyond felt NeW Zealand s .pomV-ihaci . 

of them have expressed serious adoptee ^teli weU short of tne «- - the ceremonial aspects _of the 5 ^ dearly understood:^;'-- 

reservations about the project. Ce^ groups demand : . visit, toe two sides dld some . Tb i s message . tea tress^i-ih. -a. 

• M Jacaues Chirac the party th ? t the monetary co-operation _ ; . . ■ -hard tatidng, not least, durtpg repQrt ^, n future reiatioBslwith 

leader 3 m Maurin Couve de scheme, m its present form, be participation by the West JJ^uropeaii- Comm^^^sS : - 

■Wurvifi* another former Prime rejected out of hand. But the .*T^ *■ • u ■ ■m * _ _~R • Germans, in. a full Ne.w Zealand ,».y ivjg. .ra py . . nw 

■S£SSS3fSS5£s SS Pohce unrest as Basque murders mcrease .^"=K^™ 
KirESsagsiM ^a^-wjajr»aassfi;.. 

French view of the European . T very satisfied with the talks. South Pacific countxws-tortraxl] * 

Parliaments powers and that of reP“ aUsl system, at tne. expense ^WO CIVIL GUARDS were shot ijt Basque country. ETA has ties in the worst outbreak of country of the para-military They showed that New- Zealand the Lome Convention Mff at’tbi. 

the ■ smaller Common Market of tne woncers. dead and two others seriously stepped up its assassination cam- police i’vubordination since security forces and to protest could expect more support for ^ me to- -weaken- tonn&l 

members Among toe other main points wounded last night in a res i den- pafgn since the summer, and has General Franco's death. The against the new constitution' and its cause from West Germany QAp-New Zealand s dohtribii 

Although, they ooint out. in the Socialist maniiesto were tia] area on the outskirts of the killed seven . policemen in tbe Government responded with ira- the weekend's march against than from any. other Community tion ihthe ooe part of-toe worlt 

President Giscard d'Estaing has a call for absolute priority to be Basque city of. Bilbao. The civil past two weeks alone. usnal speed and firmness, put- violence, which it regards as country beyond Britain. where it is equipped to nlav-^ ’ 

stated clearlv that France will given in tbe member states' guards were ambushed when re- The killings have led to seri- ting 36 policemen under arrest directed against itself. - New Zealand obviously could ma j 0 r . ro i e . . •• : - 

not accept an extension of the economic policies to full employ- turning from duty at a local foot- eras unrest in the paramilitary pending rc.-ible expulsion from Most of U - radical \ and not dictate terms on access "of ««;_ r«,n' r iT“i» ^ : 


Munster ana rnran par ty would oppose any harmoot- 

have underlined what they con- vj* . wh i/*h 


■ SS VThl 1 T rnn^' nation of economic policies which 
i^i nge i?“ s aimed only at “ managing ^crises " 


Police unrest as Basque murders increase 


diction between toe^ official “^breathe n^wTife intotoe BY DAVID GARDNER 


_r riimnoen dUU lU uiwuic ucw mo 

capitalist system, at tlte.axpense 


MADRID. Oct 23. 


not accept an extension of toe economic policies to full employ- turning from duty 


parliament's powers even after ment. strict rules for multi- ball match. The evidence sug- police forces which came to a the force. . 

it has been elected by universal national companies — such as gests that toe ambush was the bead 10 days ago, following the It brought -up more reliable 


nationalist L~ft has opposed tiie agricultural produce to toe Com- h ^ e S?^ I .S^iS^S52al!''. 
demonstration, organ isedby the mlnity. Mr. Muldoon said. But^y 

mainr Racmrra nat4 final let it umulrl Pn mi nr&SRinff its VlfiWR DUluiSwr- ■ • J_ W' . . f^aOwH. 


rne pariiaraent IQ aeveiop inio rarufliucm 1 U me ^icj;ai 0 Ligu A uio rnuncj in uvuuio Ul ja/»i- vvnva^jw, r . , r mouiuuviiu Luc . . .. .. ■ "nmmht -,i* 

a genuinely supranational insti- and control of Community deci- tical violence this year, 26 of policemen jostled and insulted campaign are to secure the violence" nm bug the marchers* That firmly applied to the constaeraoie- weignL JWtn.yUR 

. . - r - at .11 k..» r An . .1..I1 •iiftWem twifbilewiiml f>to PoentiO «4nfo<4 oSrne - • — nnur /^Afnwinmfvr i4iann I tftVfimrnfiDL • . 7 ~’ s 


tottOTi. 


them policemen and all but four senior police* and" civil authori- withdrawal from the T?$que stated, aims. 



proposed new Community toeep . Government. ■*. . r~£~ *' 

meat regulation, of* critical -Ob agriculture ; the- .-ieooB* 
importance • to. New. Zealand mendations incm(Iev_-^ - ^. 
which supplied around 80 per •# A ■■corittimedjmle -tp-the EEC-.-- 
cent of EEC sheep m«t of ■■artimd'vIwJW •'■tinner.' ■« - 
imports. Mr. Muldoon feared butter annualIy rarter l98D^Ttoa 
the results of a regulation" for toe arraiiBCThenfe. _ for yatcesi, •_ ** 
this product could be “ even already . ag reed- "with . .toe i.Ctac 
crazier ” than . . . those already .mimitydxpxre..^ u- > v- • 

caused in the beef and milk • Further* areess -for “nrinipmni. 
sectors — bigger price increases quantities^* ■ of . .'chde ig^ a - 
and dwindling consumption. which the ' Cbaimttnity-^TaEi *■- . 

Both New Zealand and West agreed to considar ydto ^apjwo 
German officials, say toere p riate . urgency** once eristhij. - 
were no suggestions that Bonn arrangeme nt , expire d in .187^. ; - - 
was prepared to press for altera* .but wWto wa^stili:outetandhig. - . 
tion of fundamental principles', • A ; sheep meat - regulatios 
of the CAP. But the Germans allowing :New.^eal“dito retefe - - 
say they are ready to argue for its. traditional position on tbe * 
special arrangements within Community* market . : f » 

those principles to assure New In. return. New- Zealaii d woffidi' » ‘ 
Zealand continued access to toe be ready tovoben fmrthfir its own „ 


Community Market— not least nuvrtet to imports OF maniiffic: D.^v 
for sheep-meat - ^ . . tuffid^oofe ftom titeyEttropean [ l.H 


!f banking is a service business^ 
then » should be on service that 




Bank of Boston House, 5 Cheapside, E.C2. 


for sheep-meat - i. . tufled-goote BBia'toe'Jtoopeaa j Ul 

Unofficially, New Zealand countrics. Blg Opportumties are 
r." - government sources point out seen -for jwot -venwres,* partlcti-' : 
that some of the GAP's- prim- larly in : the-' energy and fishing 
*• " ciples are not being observed sectors.-and New'ZeaJaiid wdiild' • 

Rr anyway; for example, those clearly- Weteoffid; more foreign * 

advocating a steady market and capiiaF -toLheSr Cit further to 
. reasonable pricre for consumers, diversify Itsf'epbno^Byr- - '; 

*V They express confidence that Bat airtfcaFdepends on a rela- “ * 

1 / ultimately the * CAP as* it lively, stalte^tpdrt,market share - *■ • 

■ - ’> ■- - t'- presently operate^ will collapse for tooffl-* artictHtmal •: products • 

' , under its own contradictions, which New Zc4a&3 shows if can 

■ t but meanwhile New Zealand produce^stbn^ elteapiy' and effi-* . 

/ most continue to seek all* the aentiy thanwiere.Ite argument . 

/ • allies it can inside Europe. is thatEurepnwiRlraditogitself 

/ " v Mr. Muldoon, emphasised that a good teern Id- the^ong run by 

New Zealand was making big recognising that*" ■«.-/•* 


■ We’ve spent 56 years in the City building an organisation to 
cater for the toughest udge of all: the financial professional. 

.. ;- That’s why The Ban k of Boston’s account officers prefer long 

instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 
develapments. '5 

Why our two hundred people in London aim at the highest 
standards (if you give the best service, you’ve got the best bank). 

And itworks. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

And six. out of the top ten companies in the 
prestigious The Times One Thousand ’are out customers 

Do you put a premium on service too? i 
We look forward to meeting you. j 




U.S. backs Greece’s terns 
for full role in NATO 


BY OUR OWN CORRESPONDENT 




ba 



THE... UNITED STATES ias. 
promised to support negotiations 
for Greece's return to full mem- 
bership of NATO under a special 
status and to maintain the mili- 
tary balance in toe Eastern - 
Mediterranean following the lift-" 
ing of its arms embargo -on 
Turkey. 

The pledges were made by the 
deputy Secretay of State. Warren 
Christopher, during two days of 
talks with Greek leaden. The 
visit has been seen here as an 
attempt by toe U.S. Id mend 
fences with the Greeks, who reel 
that President Carter has failed 
lo maintain a balance policy in 
the . area by lilting towards 
Turkey at Greece's expense. 

Greece withdrew from the mili- 
tary structure of NATO in 
August 1974 after toe Turkish 
invasion of Cyprus. Under the 
special relationship proposed bv 
Greece in June last year, the 
: Greek armed forces would 
remain under national command 
except in an East- West conflict 
when .they would be reintegrated 
into the NATO command. A 
NATO headquarters would also 
be set up in Greece under Greek 
Command.' similar to that in 
Izmir which is now under 
Turkish command. 

-The road to such a special : 
arrangement is being blocked by 
Turkey which has linked the 
issue to the settlement of toe 
zones of responsibility in toe i 
Aegean where it is seeking an : 
increased* role- 

Tile .Greek Premier. Mr. Cob- , 
stantim; . Karamanlis, said at the ' 
weekend that Greece has no < 
intention of. negotiating its | 
special* status with NATO .on toe i 
basis ; of conditions put by i 
Turkey -and that Ankara will ( 
have to bear responsibility for i 


ATHENS, DcV 23. < 


-any farther prolongation -of th — 
situation ' in * toe -sodfi«ast£x>~— ^ 
flank-«f_*he alliance. -’ , - .* 

Well i ipforfeied > sources sai lor 
that during their talks, tne .GreeiV: 

■ Premier ..told -MiVr Christoph* 

* that - any.* significant . delay _ 
Greece’s return *to NATO wotK,." .; 
f orce Greece to withdraw cqb> ;* ; ** 
pietely ’ from, the alliance an 
result -In to erabotiti do -Of Amer 
can . military bases' on Greek soi 
An agreement between^Greec v 1 ;i-_ 
and -the - governing tb<a--' 

status .of -these: Cases,- '.wide 
operate under- *the J*A® F S , ; s- v 
umbrellar was-itdtialled ai jnl 
last_ year but is ^tiiUajvaihD i ■ . . . 
approval by' the -Greek - peril, 
menu The opposftion.Panhelieo^---- 
So da list - Movement. (PASOfl^^^ 
and the Greek Communist Pari 
(KKE). which, together wbnrl 
per cent of the votes in* Noyen 
ber's general-' «Iecti(mfr*:a«i 
Greece’s" ; complete^g-witbdrai ^ 
from NATOand the-bioriwgdo»Bfc 
of toe U^. baaefe .- 
parties have won -gnmnd. fiKgs^Ep 
because . of their ahti-Amerira^^ 
and anti-NATO stand "aSd. it 
Government can-^ilL-afford: ! - 

allow the matter. : of; .*. NAT 

re-entry to remain in HniBo’ipra 
longer. . *• — *; i- *•'!.-;■;•■. : 

. The sources said v -i! 

■Christopher told Mr. Karart^ 
that Washington would press /■ 
an agreement to be reached; l 
the end of this year on-.^ bas 
satisfactory both . to Greece 1 ^ 
to the ■ alliarice. .. ' . i ; t 
:A joint .statement ar^he eiJ 
of the talks said Greece-' aad-dl|k 

U.S. agreed ' that . toe resolutliiri 
of disputes in the - east? II I 
Mediterranean- shook! be ■ mis 9 w 
peacefully ■ • • .through 
nationally. - ■ estabtished*-..".pi-. 


cedures. avoiding, provaeailtt 
or .top threat or use of force: 


Oslo chides UK general ; 


financial professionals 


BY FAY Gj ESTER 


BANK 

OF( 

BOSTON 


1784 




THE FIRST NATIONAL BANK OF BOSTON 

Banltef Boston Housed Ch so pa'de. London EC2P2DE1M: Ql-236 23881 Also oh 31 lowr^Sfretf.B^arbvw. London SWl^wy^i nt.^ Ofttl) - ■ - , - ^ .’ 

AUSTEAiiA =0. / * 3^/^L Z^XMEL COV.,N. HAIT^ hS.\3 KON5-, ilSi, j VAN. IE54NCN; V,E»a^.^^WMA. S}^K^K5^ SftWN, UX, UtljOUAY, VSNEZUSLA. 


NORWAY'S DEFENCE Minis- 
ter Rolf Hausen 2»s Sharply 
rebuked the head of NATO's 
Northern Command. Britain's 
Gen. Sir Peter Whileley. for 
remarks made in a newspaper 
interview on Friday. 

Sir - Peter told the ; Oslo 
Alien pos ten that he was dis- 
appointed In the. low -growth 
of* Norway's defenee expendi- 
ture as revealed -in" this 
month's ' state- budget pro- 
posals, -and suggested that- the. 
Storting (Parliament) might 
amend the. budget to increase 
. defence/ allocations.. ' 

Mr. Hansen described -.Sir 
Peter’s comments as ^eftansy ” 

- and "most untimely.? ;; . ; _ 

*" Tim Mmlsteris rebuke eaipe 


OSLO, Oci. 23.: . 


Arguing that toir ptopoSfl -. - 
defence allocations folly JM 
Norway’s major Obligations ;. 
"Mr. -'Hansen contino»d: *‘It'T-. • 
difficult to excuse Gen: WMK ; - . 
toy’s conclusion that- Nonw;^, 
is setting a bad exampl' ’ -> 
within .. ton . "AIHance ■- eret 
though I realise : .that be mus* V . 
have been poorly Infdmd:.' f ': 
A“ toe necessary lnforraatio . - 
■ is^lo •" rthe . budget proposal ... ~ 1 
themselves, and these art full;'. *;. 

available fo NATO’s Nttfiben o ' 
Grounand. The General shoul % ; ‘ 
-smarteh...up ids staff, and. fr . l-. 
mare careful-' in commentln. 
on .. Norwegian mIHcS 
-matters.” . 


Isa statement published fodayj ei m Hh y iiffte iaq 
toAftcfip9stehas£fe thfc'Oslo •- 


Labour -Party r neiwpaperj 
Arbelderbladet, - 




PWutOAL Ttatt jmhltatiefl .d*flJL -i 6*0 
gBRUas 

£reJsan> safiWt 

-wr aamw. -SeetM'-etaa puosr JW 
.Vl!* . Yra*,'. N.V. . ; 








Financial Times Tuesday October 24 1978 




Turks put debt 
restructure plan 
to creditors 


BY METIN MUNIR 

■ HE LONG-AWAITED Turkish 
'■ r oposal for res iructu ring debu> 

• ‘ about S3bn to international 
Vinifl has been officially eoo- 

yptid to creditors, the Finance 
. inistry said here today. 

The Ministry has also officially 
-quested banks “with a continu- 
5 interest in Turkey” lu par- 
si pat>. in a new facility or ur> 
SSOOtn lo the Central Bank, 
riis would h.-> vc a final maturity 
. ' .icrcn years with a three-year 
. ’■nod of prnce. The credit would 
guaranteed by the slate wilh 
'.lerest payable at a rate of 1.75 
:?r cent over Lihor. 

An invitation to participate, in 
•' is syndication was sent to TO 

■ ajnr hanks. Seven international 
inks have already promised lu 
it up S25ni each. They are Ihe 

■ nion Bank of Switzerland. 
.?utsche and Dresdner Banks 
irrla.vs. Citibank. ■ Morgan 
aaranty and Chase Manhattan, 
e Finance Ministry said. 

- The loan is being sought pri- 
arily lo finance essential izu- 
irb, 

Turkey has been obliged to 
. ako what the Finance Ministry 
■scribed as an “orderly rest rue- 
. ring of its external public and 
ivate indebtedness" due to a 
vere shortage of foreign 
;change. 

■ Turkey has asked all non- 
urbish* holders with Turkish 

‘inks of “convertible Turkish 

• ra deposits'* maturing before 
.inuary 1. 19SI. and all inrer- 
itional banks who provided 

. edil (o the Ceniral Bank, to 
..iree in repayment over seven 
:..»ars with a Ibree-vear grace 
„ ?riod. 

Principal and interest on both 
itesories nf debt would be a 
rp'-t obligation of tbe Central 
ink and would be statc-guaran- 
‘.ed. Interest would be payable 
a rate of 1.75 oer cent over, 
ibor. 

; The convertible Turkish lira 
■posits contain S2J2bn of short- 
’’ rtn funds placed by foreign 


ANKARA, Oct. 23. 

hanks into Turkish liaflks under 
a scheme launched by Ankara in I 
1975. Credits to the Central j 
Bank total $42(Sm- 

Holders of convertible Turkish j 
lira deposits would he able to j 
shift lo any. currency, .they, 
nommaie if they agree to the 
restructuring. 

A third category which would 
come under the restructuring 
plan is third party reimburse- 
ment claims which total $27ihn. 
These would be repaid -m three 
years: 5 per cem uf outstanding 
debts immediately, the re-i 
tnainder in a progressively in- j 
creasing ratio. Interest, would be 
1.5 per cem over Libor/ | 

The 220 banks involved have i 
been asked by Mr. Zfya Muez- 
zir.oglu. the Finance Minister in 
reply lu the proposal by Novem- 
ber la 

Prime Minister Butent Bee v it 
has been attempting to stabilise 
the seriously-idling ' economy 
since coining to -power in 
January. 

A stand-by agreement was 
signed with lhe LMF for a 
facility nf up to SDR 300m and 
received SDR 75m in additional 
facilities. Loans have also been 
secured from Lhe IBRD and the 
World Bank. An agreement ha-; 
been signed with lhe . OECD for 
the restructuring of-$M60m of f 
credit guaranteed . by export 
credit agencies and loans from 
governments. This .agreement 
is bring implemented on a 
country-hy-country basis. 

IT. as the Ministry of. Finance 
hopes, the restructuring scheme 
launched over the week-end is 
successful, all Turkey]? debts 
will have been structured, with 
the exception of some Slbn to 
suppliers not covered, by export 
credit agencies. There .are, how- 
ever. various schemes put fur- 
ward in this connection, and the 
Finance Ministry hopes to settle 
these before the end of Urc year. 


Talks end 
in Moscow 
without 
SALT pact 

By David Satter 

MOSCOW. Oct. 23. 
MR. rail's VANCE, tbe U.S. 
Secretary of Slate, completed 

two days or strategic arms 
limitation rtcgoi lotions with 
Soviet leaden today without 
reaching final agreement on a 
new treaty. 

An official Soviet statement 
with which Mr. nodding 
Carter, the U.S. Slate Depart- 
ment spokesman, agreed, des- 
cribed the talks as useful and 
constructive. 

But there were still areas of 
dKagn-ement between the two 
shies that would need lo he 
resolved, Mr. Carter said, and 
he declined to use the word 
progress lo characterise the 
results of the talks. 

He said a fuller explanation 
would have to wait until Mr. 
Vance had an opporinitlly to 
hvier President Carter tomor- 
row. 

It appeared, however, that 
there had been movement on 
the remaining Issues. The 
official reticence may reflect 
uncertainty over whether, in 
light of the results of Mr. 
Vance’s Moscow trip, it Is now 
possible lo go to a summit, or 
whether another ministerial 
turning is necessary flirsL 

Mr. Vance met Mr. Leonid 
Brezhnev, the Soviet Presi- 
dent. tonight for 99 minutes 
in talks which concentrated on 
strategic arms limitation. The 
Soilet news agency Tass said 
the two sides stated their 
rchoho: "to make every effort 
Li bring this important* matter 
to a conclusion. 1 ' 

Although no details were 
Riven on sperlfir points of 
nȣol iu t ion. the remaining 
difficult Issues In SALT were 
understood lo he Cruise 
missile range limits, the 
Snviet Backfire bomber, new 
missile systems and the num- 
ber of Cruise missiles which 
ran be carried on bombers. 


Dockers and seamen 
halt French ports 


ITALIAN TERRORISM DEBATE 


BT DAVID WHITE 

SEPARATE STRIKE movements 
' by French dockers and mrrvn.int 
] seamen coincided today, virtually 
| to hull port activity. 

Channel services have been 
disrupted, while in Corsica, 
where the seamen's strike has 
cut off .ill maritime service*. io 
j and from rhe mainland, the Miua- 
| Hon has been further compl- 
icated by lorry drivers protesting 
! against losses caused by the 
j sailors’ action. 

I A drivers* blockade «if Corsi- 
tean pons today severed the 
j island's other main sea link, 
with Italy. Armed police were 
sent in to avert a threatened 
j .>lnc!:adc of airports. 

The dockers were staging :i 24- 
hour strike for higher pay. Their 
campaign had already cu; night 
and overtime work over the 
weekend. 

i The seamen, who started a 
I protest more than a week ago 
against the hiring of what unions 
I claim io be cheap Asian labour, 
voted on Friday to launch a 
I strike nf indefinite dura lion. 


Government fears recede 


BY RUPERT CORNWELL IN ROME, OCT. 2J 


PARIS, Oct. 23. 

The action has been followed' 
by the majority «if France-.. 

28.000 merchant seamen. Boih , 
the merchant fleet and the docks 
are almost - cxi lu?ivci\ the 
domain of lhe Commuotsl- 
oriented CGT union. 

Other strike inmenienls arc' 
simmering in the Pu-t Office find 1 
French television. T-<? Govern / 
nient is bein'.: pressed in both 
cases Id increase its stalling . 
plans. Postal service- are likely 
to be severely disru.iJcil later in : 
the week by a protest action on 
Wednesday. , 

Unions -are split on what action , 
to take. The politically moderate : 
Force Ouvricre ha.-, called For a 
24-hour strike by all or France's : 
440.00(1 postal wnrW'i*. The CCT 
and the Social is .-leaning L'FDT' 
have called for “ruiMing" pro- . 
tests from tomorrow onwards 
and a strike on Wednesday in , 
postal centres. 

The postal workers are seek-, 
ing 15.000 new jo;..* instead uf . 
the 1.500-mnn expansion fnro-i 
seen in the Government's Post 1 
ofliee budget. ! 


Giscard’s reform of radio 
and television ‘disastrous 5 


BY ROBERT MAUTHNER 


Butch reject 


j A POTENTIALLY explosive 
report which argues that Presi- 
dent Giscurd d'Eslaing's reform 
of the French radio and televi- 
sion networks in 1974 has been 
a financial and administrative 
disaster, is due In he debated lw 
the National Assemble later (his 
week. 

By breaking up the mammoth 
state-controlled ORTF into a 
separate radio organisalmn. 
three theoretically independent 
television channels and a com- 
pany specifically responsible fur 
major television productions, the 
President hoped to stimulate not 
only competition and thus lo 
improve the quality nf pro- 
grammes. but lu make the new 
channels more financially inde- 
pendent. 


PARIS. Oct. 23. 

But the report, drawn up by 
M. Joel le Tac. the Ganllist 
rapporteur nf a parliamentary ! 
.sub-committee un (hi- .-laic's i 
audio-visual bud-jet. claims ihatj 
xm the Iasi count, a; least, the 
situation has deteriorated : 
sharply. ! 

The old ORTF made an operal-i 
ing profit of FFr"S.5m. in 1974, [ 
while last year only une or the 
new organisation.-. Radio France 
managed to make a small profit. 
Overall, the seven new organisa- 
tions were in the red m the nine 
of FFr65m (ahnui £Smi last* 
year, and lhe SFP production 
company alone had accumulated 
deficit of KFr 122.7m in 1975. 
1976 and 1977. not counting 
FFr'JOOin of st-jie subsidies. 


THE DEBATE on terrorism and 
the Store* affair which starts in 
the Italian Parliaroeni tomorrow 
provides further proof, if any 
were Deeded, uf Sir Harold 
Wilson's dictum that a week is a 
tom; linn- tn politics. Barely 10 
days sg-i the occasion was 
awaited wish trepidation by 
almost everyone. Today it seems 
likely to pass off with scarcely 
a ripple of serious dissent and 
with In He strain on the fragile 
all-parly agreement keeping a 
minority Christian Democrat 
government in power. 

Proceedings will he opened by 
Sii* Yirgilin Rognoni. the Interior 
Minister, and if all goes well 
conclude v.-i:h a statement 
approved b> a!! the major 
parlies. There >s unlikely to he 
an awkward pirl lament ary 
investigation, ns once seemed 
probable, into tnc «-ase. Thai, at 
any rate, is ;he confident pre- 
diction of Sig Betuno Craxi. the 
current " enfant lerrible " of 
Italian politics, and leader of the 
Socialists. The only party 7 , at the 
height of the national agony 
over the kidnapped former 
Prime Minister, to have 
demanded, in vain, a deal with 
the Red Brigades io save Sig 
Morn's life. Bui why the sudden 
if temporary truce? 

In the first place of course, 
there is the natural reluctance 
of the politicians to be seen 
blatantly seeking to secure 
factional advantage by re- 
opening the painful wounds of 
the recent past. But tbaL alone, 
would probably not have been 
enough but for the latest front- 
line developments in the war 
against the terrorists — and in 
pailii-iilar the publication nf the 
so-called "confession" of Sig 
Miirn, discovered in ;h? police 
swnnp oo llv Red Brigade’s 
hideouts in Milan earlier this 
month. 

Ever since Sis. Morn vva.< taken 
prisoner, tbe terrible, obsessive 
fear of politicians here was that 
he might have left a poisoned 
chalice of memoirs, extracted by 
the Red Brigades, which would 
destroy Italy's delicate search for 
consensus politics. And when, a 
few days after the police had 
made their haul, mysterious leaks 


of large chunks of alleged con- 
fession appeared in press, the 
worst seemed admit lo happen. 

The party leaders held frantic 
consultations, and armed with all- 
party agreement the Government 
prevailed upon the mscistralcs 
in charge of the case to make 
the document public. But. to 
general ri-lirT and no little sur- 
prise, the 49 pages of badly typed 


A?**' ■' 




A 

Sic. Aldo Mnro 


evidence released bv ibe Interior 
Ministry revealed Imie that was 
not already known. Titillating ly 
scathing judgments on his con- 
temporaries and colleagues were 
there, hut these could not dis- 
guise the absence of any gen- 
uinely new and sensational dis- 
closures. Italy's scandal cupboard, 
which has rati led with so many 
skeletons, now seems strangely 
quiet. 

Matters also appear to have 
been helped h\- the sudden batch 
of successes of those investigat- 
ing the Mnro case. If tomorrow's 
debate had been held in August, 
when Italy's various police forces 
had managed to turn up next 
lo nothing on Sig. Morn's kid- 
nappers. tempers might have 
exploded. But the spate of arrests 


of top terrorists by .the special 
squad, led by Gen.;Carlo AJbenn 
Halls Chiesa. have stilted doubts 
on that score. And the latest 
breakthrough, the discovery of a 
sophisticated clandestine ~ com- 
munications centre in Pisa may 
prove as significant as any. 

On the other hand The- assas- 
sination in lhe last fnnnighi of 
a leading magistrate in Rome, 
and of 9 criminologist in Naples 
bv the Red Brigades and their 
associates has underlined thai-the 

fight against terrorism i.s far from 
over. Thai ju^iifiealion for the 
all - parly alliance therefore 
remains iniacL and it will not 
be difficult for Sig. Rocnoni to 
claim that while ' the security 
fnrri's are doing t-heir^oh effec- 
tively. there is still a long way 
lo eo. 

The consequence nf all this 
has been in switch ihc attention 
nf rhp politicians tn how to over- 
haul Italy's chmnicallv weak and 
inefficient economy. The Indian 
summer of encouraging statistics 
continues, bur rumblings of dis- 
content. especially on the union 
front. arc becoming dail> 
loudpr. It i< not a question of 
if. hut when, the sinrm will 
break. 

In the end everything proh- 
ably will hinge on the fale of the 
three-year strategy in restore the 
economy put forward by the 
Treasury Minister, Sig. Fiirppn 
Maria Pandolfi, and which, in 
theory, is due to take concrete 
shape by the end of the year. 
The programme has .been derided 
as being for export only — lo im- 
press foreigners iih lhe seri- 
ous intent of Italian policymak- 
ers. Eut early in December the 
reprcnent n lives nf the Inter- 
nal ional Monetary Fund will be 
back in Rome 

Perhaps the most important 
element in the blueprint is ih** 
containment of labour costs. This 
goal will become virtually un- 
attainable if the emerging shop- 
floor demands for pay increases 
and shorter hours are anything 
like met. Eut here the attitude 
of the Communist party, faced 
with ih: need to he a respon- 
sible member of the Government 
majority and lhe conflicting pres- 
sure from its natural supporters 
in the workforce, will he vital. 



There is no substitute for Property 
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inflation. 

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

Such property is essential to the 
industrial and commercial life of the 
count iy and. assuch. it enjoys a unique 
capacity to maintain its real value in spite 
of monetary inflation. 

However, for most investors the only 
way to obtain a well-spread portfolio of 


direct investments in property is through 
a pro perry bond. 

City olAVestminster Assurance stoned 
the property bond movement and therefore 
has more experience in this area than 
anybody else. The Westminster Property 
Bond has ;iko shown the steady gniwth 
sought by investors and comfortably 
ou [peril mmed the Money Management 
Propern Bond Index. 

The Bond also has ii fe insurance cover 
and valuable income benefits to higher 
rate taxpayers. 

For more information, contact your 
insurance broker or write io us lor a free 
copy ol the latest Annual Report on lhe 
Westminster Trope riy Fund. 


a wrnrr. nswance 3xwpgomwny 


Scnirj House, 5 6 T.tarirnlu]I Street, London EC3A2BJ. 


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

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

Speak up for a rugged Chloride ary while you're 

at it. And get a Chloride engineer in the al, to look after it. 

So if you want to lower the decibels on y our j ob — 
speak up for electrics. 

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P.O.Box ^Clifton Junction, 

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Telephone: 061-794 4611. Telex: 669087. 


Eanes fails to announce 
new Portuguese premier 


. . BY JIMMY BURNS 

-RESIDENT Antonio Ramalho 
anus tonight met rppresenta- 
.vps of the country's mam 
nlitieal parties wlihnnr any 
. fficial confirmation that he 
-,/ould name the country's new 
• rime Minister, as .bad been 
. .ide/y expected. , . 

.. Although thf President was 
nis morning given full support 
l-or any decesion he might take 
•v the Council of the Revolution, 
—ie country’s military watch-dog 
ody. he was reliably reported io 

ave failed tn find a similar con- 

wisus among tbe politicians. 
Portugal’s previous presiden- 
T ]F; i . al iy-backed govern ment of 
idependents. led by Sr Alfredo 
■ Vi'obre de Costa, was rejected by 
jf? V parliamentary majority last 
1,1 - iontb. 


LISBON. Oct. 23. 

Indications tonight were that a 
great deal • of last-minute 
haggling was going on at 'the 
presidential palace in an attrmpt 
to hnng the two major parlia- 
mentary parties, the Socialists 
and the Sncal Democrats ,'IPSD) 
behind one candidate. j, 

‘ President Eanes is hoping that 
Portugal’s next Prime Minister 
will form a government which 
will have assured support in 
Parliament and -thus avoid the 
holding of premature elections 
as a solution to the present 
political crisis. 

Current favourites for the 
premiership remain the present 
caretaker Prime Minister, Sr 
N’obre- de’ Costa and Sr Carlos 
M ota-Pinto. a politically indepen- 
dent lawyer. 


The Electronic Hotel Seminar 
Cafe Royal, November 2 

Speakers from: BBC — British Relay — Caterer & 
Hotelkeeper- ITT - Lloyds & Scottish - Post Office - 
STC- Surrey University. 

New electronics for hotel industry: ^viewdata (prestel) 
•teletext *background music *GCTV ‘computers 
•inhouse movies *radio/TV * morning call. 

Attendance incl. lunch etc. £25 -r VAT 

Contact Mike CroxaJf at Of-353 5272 


Tenerife air 
crash report 

DUTCH ciiil aviation officials 
yesterday attacked as incom- 
plete a report blaming a 
veteran KLAi pilot for the 
world’s worst avialion disaster, 
when a KLM airliner and a 
Pan American Airways jumbo 
. jel collided on the runway at 
Tenerife Airport in March. 
1977, AP reports from Amster- 
dam. A Dutch official said: 
"The report ignores factual 
maierial which we submit ted. 
The coincidence of circum- 
stances which led up tn the 
brash were oversimplified." 

Europe consumer call 

A European consumer affairs 
conference was told yesterday 
that at least pari of the pro- 
ductivity increases at manufac- 
turing plants should be passed 
ou to consumers in the form 
of lower prices, rather than 
being ased exclusively to raise 
the wages of production 
workers, AP reports from 
Brussels. 

Italy strikers held 

Six striking hospital workers 
were arrested In' Rome yester- 
day after police broke up an 
unauthorised demonstration by 
about 200 of the strikers. AP 
reports from Rome. 

Pope to visit Poland 

Pope John Paul 11 has said 
he wants to visit his native 
Poland and hopes to do so next 
May. Reuter reports from 
Rome. 


CITY OF 
WESTMINSTER 
ASSURANCE 


Now is the time 
to think'Property' 





II 


T B VaftlM Ml*. 




Pr 


pn 

ch 


BY MA 


THE PF 
decided tc 
allocation 
Wilson ti 
number c 
were con* 

palgn agai 

Parly on 
1974 Gem 
The foj 
allegation 
lowing ih* 
affair. Mi 
was. had 
an orches 
himself. I 
Lady Fr 
Marcia W 
The Pi' 
Sir Haro 
drawn soi 
Subset] i 
told the 
did not 
pnetors 
insiruclcd 
round a 
material " 
The Prt 
m hear 
Sir Harolt 
formal l-u 
O n Ihe 
again-t I 
council s; 
Royal Cc 
That Iher 
Labour hi 
The Pr« 
is one 01 
lished tod 
in ano 
council 
against ll 
Daily Ex' 
picture c 
Henrietta 
death in l 


OVERSEAS NEWS 


S. Afriea- 
U.S. ties 
‘better’ 


RHODESIA’S RAIDS INTO ZAMBIA 


Kaunda backs Nkomo refusal to talk moderating party 

tusAL-t r\-i '.lo ; m. 1 n ^ ' .°v. -Ml..'. Zl' -+ iA m *- TS.:*-?-- -'• •• • 


BY MICHAEL HOLMAN 


LUSAKA, OcL 23. 


roie over 
accords 


by CHARLES SMITH 1 - 


/ • • T 0 K 3 F 0 , Oct 23 . 


By Ihsan Hijazi 


\iTt YASUHUtO NAKASONE,’ Forceful speaker.. Mr. Nak^sone'^ 
fhe'.* dark horse n in .next montfcVviews-'OT laft-wewtfiw-hw been 
™ for the presidency ofJaparfsespresslng* MW~p&£^.iifin; V” 


RJCLLCl THE ZAMBIAN President, Dr. given way to Smith.” said the ference was calm and controlled America on our sidc^-but , j ■ . ' : - vasuhiKO NAKASQNtf/ ffiircefui Bpeakfir.VjrT. ^ak^one’s v ’ . 

Kenneth Kaunda, today endorsed President. However, a senior official not any longer, said the official., OPpArijC •„ Ait hors?" innextmonthVviews-^th^ TH^ws'-he-has been 

By Quentin Pett yesterday’s rejection of an all- Dr. Ruanda broke his four* wanted that the Presidents res- Dr. kaunda spoke frankly of ; .- dvLUl UI5 the daikho ^idi&ncv of. JanariS' expr&stair Y^cfintly-Hilace- liSi^ 

.. parli- conference on Rhodesia day silence since the raids traint indicated not a change in Zambia’s military limitations:- .. ■ Hn for *** £ , DemoCTatic well Ri^ht hr the LOT - ; 

JOHANNESBURG, Oct 23. ] by guerrilla leader Mr. Joshua began last Thursday with a low- his commitment to liberation * Zambia is impossible to defend . By Ihsan Hijazi -..ruling the' second especially on defence Issues. Ha- ^ T ' 

SOUTH AFRICAN Government ! Nkomo. key two-hour Ptess conference movements in .Southern Africa from the air. You cannot com- ; BEIRUT. Oct 23. 2'Sr candidate in a has the repnfetlozi'however'j)! >’* 

officials and commentators! Speaking at a Press conference writer “We^are pa !f 2 ur «l or - 10 WtodesiJ “' SAUD 1 ARABIA is having a {JJSL pinion poll published to- being s6mething , 'of an opportu- ‘ 

appear increasingly confident , this morning at which he con- ^pressing rehef atlus. restran^ strategy ’and alliai b«. and South African forces- com- . moderating influence in Arab EjS^yThc Asabi newspaper.- . ..nist- . botK'ideaipgicHlir^andjdn r. ,s ■ 

that South Africa's relations with d craned the recent Rhodesian -IS the W “ cd ’ affairs in the wake of the Camp poll found that 15 internal party power struggles. • 

th. n 3 ri.r AHTniHistratinn n thp.L-,iric r.n — — . ,e n- “ dastardly, cowardly and cruel which is very, very bad tor tne : rw.w 1 ih® .-pmu ^ , tu* ri»ti trutni*:*™* -if *• .• 


I rutin b Liberal Democratic well-tb the .Right Oirthe LDP, „ 
'.’i pariv emerges as the' second .especially on deTende Issues. ,Hs ; - v ; 

. * “ L . - 1 wy> , ViQp -tlm L. orrn firfTnT. *lw.nr non » 1 *t ■ • 


BEIRUT. Oct 33. ; «n C V ' sjoDUlar candidate in a has the Tepufetlop 'however cpf ' r 

A fit A !_ ■ I lilUOL >K V «' . ..i, 1 kA kn. , i>A : rA'i«.lRi;nn , 'Ar In. ‘ ' 


condemnation 


: Saudi Arabia has agreed that the want to see 


rt. common Uienic tfuiuug -- «V WK IU us uinxu cunnnrt ” ~ * «■' 

men Caries in the leading pro- to consider what (Rhodesian ouier wora5 > suppon- interests, woi 

Government newspapers. - the Premier) Smith has agreed to The U.S. administration had with right-wi 
Govermnent-con trolled broad- in Washington, behind our made a “ gigantic tactical error ” governments. 


w. "MU."' . y ■ | r , Kiu=m uwwweii UU aUVHVll. "wuuu _ re UU Id IP. WIIU tUCir CUUUUdUUCr, . C n , lf «j A-ahja Kde aprppri that tho u.,nt rn see ffiu najtasone c» XI noa mroiHg ZU/r-‘ •* 

including Mr. Cyrus Vance, the. f 0r the ..Anglo-American settle- united states and 2! Ideological overtones for General Peter Zuze, sitting i Injected coSerefce 3 of^Arab Dresident- These percentages axe. “ supporters” (thatisj-to say,"-' 

U.S. Secretary of State, in Pre- me nt proposals “as a basis for w *$*5** Mrica behind him. Dr.- Kaunda said: I ggS ta ftSSSh an Mmbn h^?ach case, two polnts'ahead ol/anyone. who clainukto yote^r. 

tom - negotiations. dof? into? wtot ye?* ^ ^danger that the West in ** W e have not given the defence 1 2 adopt a the Sppo« audited -to Mr, the .party^ rather, than- 

A common theme among com- But if we are to be asked Jords wnmfrt.” “ an eff , ort to preserve vested f orCe£ sufficient funds. Africa, as resections about ■ the^S^ SSsatishi Ohira, lie Party paid-up party- members-Lvhd^ - -/ 
mentaries in the leading pro- to consider what (Rhodesian ^er words, support interests, would become aligned a whoI e. is still very weak mili-i The decision was reached Ste Sretary-General and the man the.- only ones eUgible; to, .vote s- 

Government newspapers.- the Premier 1 1 Smath has agreed to The U.S. administration had with nght-wme black or white t^uy. We must brace ourselves consultations between Iraq and formerly regarded as the main- in the priflmry----tt dqes-rj^an.--:^. 

Governxnem-con trolled broad- in WaEhmgion, behind our made a gigantic wctical error governments. for a long and protracted the Saudis- during the past few challenger for Party teadeisMp. however, that the . race:- -f 0 p;. . ; . 

casting media, and from senior backs, Zambia is not prepared in allowing Mr. Smith to vKit Thu®, what is seen here as a struggle," Outside military aid days. Iraqi Foreign Minister The polls show the Prime. second .position in Jhfri-pr unary- : ' - 

government spokesmen has been to participate, he said.. the wunoj" It is a pity that shift by the British and U.S. tfas be j ng cons i,iered. he said, Saadoun Hammadi flew "to Minister Mr. Takeo -Fukiida. weli.is- now. wide open ^and,, cbhse— . 

lhat a noticeable thaw has come Mr. Smith’s agreement in Smith s order to fight was asued governments from the Anglo- <. but only in the long term.” IrSi with a message^ tna ^lead with 28 per cent of quentlK that, there:: can -be^b -L 

into, the previously distinctly | attend talks on the basis of a when he was in Washangton,' American - proposals as tabled j Prisictent Ahmed general jniMJc and 40- per. certainty as to ,Wl«> .WHi.fao? : -; ^ - 

frosty relations between the two I five-point agenda which contains said Dr. Kaunda. Despite the last year is regarded as having a Whether this explan auon wM . gremCTt amw- !^ r ^pporters favouring Mr - Fukuda in the" - 

governments. no preconditions “means that angry words, the President's broader significance. “ Under the satisfy the armed forces and the I wr°wn Prince cent of elertton in' - December ‘ 

in particular. Mr. Vance has the British and Americans have demeanour throughout the con- original - proposals Britain and country remains .o be seen. ■ decision is reearded muda has yet 'S deriare him- Elbe ral Democratic mem4>^ a f 

been singled out for favourable • : I bvtlwdiDlonraKa^ft^nmonSs* self formally as candidate for ®e-.i the. Diet-pick^e^Part^-pres^jt;^ -- 


comment for his conduct in last 
week's negotiations over thej 
future of Namibia (South West' 
Africa). “ I think we understood i 
each other.” Mr. P. W. Botha., 
the South African Prime Minis- 1 


ottAT w Liiuwu rnucu rent ni l-***'* • 

Fahd. as Party president 7 - Mr- election in' December 

I The Saudi 'derision is regarded Fukuda has yet to declare him- Libera) Democraric mem%syjf .. ' - ' 
H n if Lit formally as candidate for re-; the Diet.pick4hM>arty,presite3t ., :- 


Smith warns of more raids on guerrillas 


from the two front-ruSneis^n’; 
the primary). . . t ■ . r 


i of the accords and of Egyptian may not « » ZZ TO.T f hf yi r nt&rL: } • 

!Pr«id e nt Anwar SstotaHmere o* S £g3i&? . 


ter. said after the talks. “Vej 


BY TONY HAWKINS 


* SSSSriS to 1 *ES£ China's . Vice-Premder. Mr. Teng ^r- N^asone wouM hgjgjfe ■: 

SALISBURY. OCL 23. | pt ^| d ^S^SSTSA S ^'^sone^and Ifr. Ohte witUii: to IJ(P. gjggwE: 


□ re prepared to talk 4o each , RHODESIAN Prime Minister Ian Friday, they had expressed dis- interim governm 
other, and I hope this wii! leadjsmiin today warned that trans- approval at the raids. This had consisting of bii 
to further talks." i border raids against guerrilla been “strongly countered" by at! three black nva 

A senior South African official. 1 camps iu neighbouring terri- four members of the transitional e v eeu ti™ rnim _.-. 
commenting on last week's talks.: tories will continue and “ if need executive council who has _ . coun cu 


. A senior south African official, camps in neighoourina tern- four members of the transitional e v eeu tivp <vmnrii who have swopped sides and 

commenting on last week's talks. : tories will continue and “ if need executive council who has unmu joined the Rhodesians. Finally, Saudi influence- was 

also went out of his way to era- Jj e increase.'’ Commenting on aeeused Britain and the UJS.'of Speaking on TV. jllr. Smith a trajngjtionaj go\-ernm’ent Mr. strated last week in the 

phasise the changed perception last v.eek's raids into Zambia, being responsible for the stressed that the five points s m ^ b says t h.-t * ever since last °f Lebanese crisis 

of U.S. attitudes. “ I don't think described by combined opera- deterloraung situation in Central agreed for discussion m Wash- v ovem ber he has been appealing Saudis played the main 

Mr. Vance himself would insist cions headquarters here as Africa. ington last week were all accept- . Njeorrvo and Mr Muaabe 1 ^ 16 Arab conference held 


c .. . . . and Industry) hinted strongly Instruments of .ratifiratkm of':'. . 

rated taThe'SlK that be would m ■ the 


on a paniruiar hoiuuon Hug- - enormously successful anu ■, , i>n.n|..a n * .hAi,- r^iinro ♦ n a “ ,c LU inuuuuuiwi s«»ciu- o.f the Parrioric Front to retnrn ! muimiam .resort or . ° * 0 -hi rrfn«r Th« pwfanei ie« ' 

ow j^J^^rsrss&rz ssa & VW •• 

hy Dr. David Owen, the British I no misapprehension” about the as possible anyway. Second, a Chirau returned to Salisbury to- (Lebanese confficL ances than Mr. Ohira in ]^t«afEthe d^y, .. 

Foreign -Secretary, in the pro-! likelihood of future raids. S ia!ii l i 0n in Rho ^ esia > ceasefire, which Salisbury says ii day from Washington saying; that ft was also Saudi Arabia months and has impressed his caUed on the -l^peror.-a^&S. • 

Government Press. He was des-l Mr. Smith said he had sent a " lr " ® mitD aa «CQ. has long wanted and been calling his early return was necessitated which persuaded • .-President audiences as an -.articulate and informal talks with Mr. FwUua 

cribed hy one newspaper as 1 message to the chief of combined On Rhodesian television last for ever since the March 3 inter- by personal and political con- Jaafar Numairy of Sudan to _j -•’.■• - y : T- 7 > : - ' . 

“dogmatic in his opinions., operations. Lt. Gen. Peter Wails, night Mr. Smith reiterated that nai settlement: third, a new con- siderations. It was announced keep the Sudanese battalion .. T \ 

arrogant in his approach, and off - 1 congratulating him on the he had only agreed to attend stitution that guarantees indivi- 10, days ago that the Chief serving in Lebanon with the 1 flJP C ' j i 

puiting in his matinee-idol con- 1 attacks “not only will this set all-party talks on a “no pre- dual rights. Mr. Smith said he planned to meet Mr. Robert Arab peace-keeping force, for fl -fllT - ■ IC: | • 

ceit" i back the terrorist offensive, but conditions" basis. He said that was satisfied that the coastltu- Mugabe, leader of the ZAXU three more months.. The \JI &U.A. AUUvJ^ VttwVl.;-/' : ; .£ r :' 


U.S. diplomats here are some- jit has raised the morale of at the State Department last tion currently being finalised by wing of the Patriotic Front in Sudanese Government had 
ivhat confused at the about turn Rhodesians generally.” Mr. week the British add U.S. dele- transitional government officials Geneva this week. However, earlier turned down a -Lebanese 


what confused at the about turn i Rhodesians generally.” Mr. week the British add U.S. dele- transitional government officials Geneva this week. However, earlier turned down a -Lebanese 

of South African official a tti- 1 Smith said. gations bad on more than one will meet this, demand. Fourth, while the Chief has been away request to extend the battalion's 

tudes. They insist there has; Mr. Smith said that . when he occasion tried to slip in “pre- the integration of guerrillas into a split has appeared in the ranks mandate. 

been.no change of direction ini met senior State Department conditions" but this had been the Rhodesian security forces, of his Zimbabwe United People's The Saudi’s worked closely 

U.S. -policy. 'officials in Washington last resisted and rejected by the Mr. Smith says this 'is already Organisation. ZUPO. ! with Syria on the Lebanese 

' situation and succeeded in 


Gulf ‘mustenter 
Western markets’ 




A REPORT* has just been FOOD IN INDIA 
released of a trial carried out in 
India during 1975-77 in which * 

schoolchildren were fed protein jm /I 

extracted from leaves. For those BllfrJ 

who see leaf protein as a vast, X JL 1A1V 

'untapped reservoir of human 
food, the trial — the first major 


BY DOiNA THOMAS IN BAHRAIN - ' y }_ ' ;-;>“7 r * V : .'.' 

’ I making the Syrian -stand more „ ' ,, ... ; . - • ■’ 7 - ’ - 

3— Growth resnonse to lea F I ^exible. - THOSE GULF States either and their ufo]fly tq cbpiPlete 10;.. _ . 

Drotein is slight Iv less thanicr Patrick Ceekburn. writes: planning or already running specification- 'utf rto fljiie.": MY.:". . . 
skimmed milk ° but a? ’east as ! Syria’s decision to reopen its heavy industry must in the near Fakhro .suggerie* tfift :h2tek«s .' . ' 
Jood as for the o’her ^ three ^ i borders with Iraq, announced future negotiate quous with should.get Involv^^h;yh^iy 
Siemen s ““^Ifest Sunday as part ’ of a Western economic laatltutions every stage of of a - . 

I. . i reuDroachment betwe-n the iwn • f <? r entry . into protected new projwrt :. 7 -— 

4— General health of all cfiilcl- j countries, will considerablv' ease Wesfcrn markets. “We should 'Mr;-' Fakhro ^dded"- that Gulf - 

ren given leaf protein improved ! r t, e problems of sending ’goods tiien and sensibly divide basinessmen' ^el^rffdih'^ifiieL • *' ' ' 

over the two-year triaL j t0 Baghdad. In the past, hauliers those quotas between ourselves" national baDkers-a^sraatei^tiDder- 

5— LeaE protein increased retinol have been forced to send trucks ttr - Yousuf A1 Shi rawa, Bahrain's standing pf Mocal .construction 

levels in blood serum more than through Turkey to Iraq's Minister for Development and conditlpnfl, , 

any other supplement— a signifl- northern bonter. : Industry, said on the second of local conti^tprs^flt-ls of h 0 ‘ ni;C 


A meal from the trees 


BY DAVID F1SHLOCK 


test of leaf protein — was an * . ,iu »T ' 

encouraging success. was testing, what was intended sources of protein and one carbo- mins A, C and. E. The college r — , . p £? te ^ in ? reased retinol , have be 

The human alimeniarv svstein lest the Germans should get bold hydrate source, as supplements already grew some of its own, but level 6 in blood serum more than through 
cJootSmort K tSv of “ Important idea.” to the local diet 0 £ the 360. 40 to gwantee regular supplied for o ,hc , r supplemeot-a ^ignifi- norther. 

reJoieTrta.rml^rsat.l™ Mr. Pirle, whose ideas were «JhJd 10 = of laif pro- jhe trial a local f«taer was ashed J “jj f s5 ™fog 

to rupture loaf cells and release not used to feed wartime Britain. le "} supplement per day. . to provide 1L •- 01 TUamin A aeH 

the nutritious components, persevered with the problems of ® ,ff ' rhe Pirie machine was set up Dr B ra y sums up thus- Leaf tiiroush 

Almost a century ago, however, leaf fractionation. Although he by a ^rmee 7 associate of the . Sr % ^ £ e ? 0 d as 3 a 

the first ideas were nronosed for was working at the Rothamsiead ?. irie ? rocess are _, discouraged inventor, who spent a' month at A'immnH milt hnt it ie nnlv ! tiiAn nV 


the first ideas were proposed for was Working at the Rothamsiead ™ J ™ v™*^™™*** inventor, who spent a' month at mU k^ Imt It* T. uSlEm* ml taSiSSrfS TlmeZ' " 

pre-digesting leaves mechanic- {^^“‘countiL 6 raos7 C of “ftis unce'^H^JJIef °rich S * if mSy^e M^^eLcSJker^operSe « ^er cent of its cost j Sar? cont^ne^port wal opened I Mt.’tAI Shirawi argued;- that vdo'pmetit: . 

ally, to yield an edible, protein- “ r leaf or o»3n .-am p in in protein. vitaminc and • Th^ protein basis. And it has the in the south of ttaq at Umm - so “ e heav ? industries in the l>- - 

n.i?ht ISfifimp WUCh hUDlans speciaArani/ timn^he Tock?- minerals, it still looks like green duceS^*artrwt coirtMntag P 60 benefll of bein S rich in vitamin Qasr on the Gulf. : Smaller could be successful if 

might consume. fillerandWolfson foundations, porridge. Decent ofVrotefoonTdrv- A and several minerals. "We I hauliers faced further difficul- PWr attattlOB were paid to . 

In Britain, the outbreak of the By tbe mid-1960s he had de- The Pirie process itself is a SSsht basis, rich in lvsine hut ar ? TCr T. confident that it is I ties since May when the Iraqi the. marketing of the products. - •' . 


United N atfer&P *^U8 ; &iai 1 - ; De- 


might consume. 


Tn Britain, the outbreak of ihe 
second world war kindled 
interest in novel indigenous 


WfSWWM* II Will UIC IIUI l\C ’ 

feller and Wolfson foundations, porridge. 


utoreaK ot ne By tfae mid-1960s he had de- The Pirie process itself is a height basis, rich in lysine bit ar ? very confident that it is I Ue.; i since May when the Iraqi | of^ the products 

war kindled v doped a continuous process mechanical one, in which plant deficient in the sulpbur-contain- S 0,n *J? be ,esS . expensive than | Public Company far Land Trans- [ sanity and 

;1 indigenous which— while still elicit ing sucb cells are gently ruptured and i Dg amino acids. any other protein available. ^ : port, a state -run concern.)™ 3 ^ 1 ? 1 , , . d . a ^ rQl °S : over 


w.Muuiiiw wiiu uie ruuu enaorsemenis in 1970. did not local water supply may need gramme where there was a good couunuuse uu nuirmau. sees n. Syrians a iso reiused to allow jwwhu«i. con- 

Inyestigation Board and ICI in a bring a quick response. acidifying — for example, with . rapport ' between college and * s beginning of a big I trains from Turkey to cross 90 ® ut ^Ptipn, and wealth of the 

joint study of the problem. This p; n d vnur Feet, a small UK lemon juice— to make the extract village and no similar project had experiment: one they now have kilometres of Syrian territory sjat® 5 - ' 

was seen us the development of re i ief agency, sponsored the Dow more readily. According to already been established. Each ever >' enceurageraent to pursue, causing delays in the arrival of nf / g< ? Brondel, Director 
large-scale machinery t 0 simulate Indian trial. It estimates that Dr. Bray, several dozen recipes 0 f five villages tried out one diet A Wsser trial is already being heavy machinery in Iraq. The. * r ly S 1 ro ' t ' ar ™S!? an £ a mw nber 
what researchers could already about 56ra Indian schoolchildren have heen devised for using leaf supplement: cassava, skimmed planned to compare more care- lifting of the ban, whicb also tE< ? ' Commission, - 

do in..the - Jabora torj'. are undernourished to varying protein in human foods. -’ milk, horsegram. cereal pulse and fully the economics of leaf applies to Syrian airspace, will m M ® variety of areas of 

Even in a nation- faced with degrees. About 35m Indians are Coimbatore was selected leaf protein. The sixth was the protein with alternative protein allow truckers to use Syria's Er 5511 ™™^. co '°P era uon between 


Develoikment 
in the Gulf 


— ilivsu wi«u uv V,M.VJ| 4»vvui uum MIUJOU? UIL wi#.... w * MV Oi-XIU 1“V I — i ua a nnp _ . , | . — ------- 

stanratioD the idea of a com- suffering from anaemia, and because of the long-standing control. About 40 children par- supplements. At the same time Mediterranean ports such as - e . Sr * ^ 01i Producers, 

pletely novel source of food about 5m from vitamin A Uefi- efforts of its Sri Avinasbiiingam ticipated in regularly eating each there are trials in using the Latakia and Tartous. including the search for 


pieteiv novel source of food about 5m from vitamin A Uefi- efforts of its Sri Avinasbiiingam ticipated in regularly eating each 

aroused powerful and mixed ciency. Find your Feet had to Home Science College Lo leach supplement ever?' day through- 

emotions — wide interest but at work for a decade lo accumulate better dietary habits and home- ou» the six-day school week, 

ihe same lime deep scepticism, enough funds to mount the first management in Indian villages. The charity Find Your Fept 
Mr. Pirie says that he was told controlled experiments In human The source of the leaf protein comes to five conclusions in its 
ai the same time and sometimes Feeding with the Pirie process, chosen was lucerne, a leguminous report: 

hy the same people, that ihe idea The setting chosen was Coiniba- forage crop cultivated in almost 1—Leaf protein is readily 


alive programme,: -pointed odf- 
that the Middle-East Ts-wn«s- 


nf leaf protein as a human food tore in Southern India, where 250 all parts of India. Under favour- accepted in its unmodified green * Report <m leaf protein feeding I terranean at Ranias. was closed SliTS 18 counlries " ^r. ^can^ and foSloeVr^n- 
couid not possibly be practical, children aged 2-0 were the sub- able conditions it yields about 60 form from the processing trial conducted ot Coimbatore, t hy the Iraqis tn April 1976 after « d L s , . side ™ rt ttr TSacnV «>icp4pfi 

and that ii was sn important that j eel of a study lasting two years, tons of fresh forage a year, from machine. .South India. 1975-77. A vail able | a dispute with Dania>cujs over j , Richard A. Debs, Presi- Middle .^mtri^wltt need 


and that ii was sn importanl that ject of a study lasting two years, tons of fresh fora.se a year, from machine. .South India. 1975-77. Available a dispute with Damascus over L . , ,V a ™ A - Debs, Presi- MirtdTp' .Curniria^witi nped 

I must be more secretive and not The study compared leaf protein about a dozen cuttings. It is rich 2— It has no adverse side-effects from Find itour Feet. 13-15, transit fees and oil at reduced °f " Ior 5 a ? Stanley Inter- tn fowni™ 1 rtimSi** 
explain, lo those whose pulpers I with three other "conventional '* in protein, minerals, and vita- upon children. Frngnal. London. NWS. I prices fur Syria. : national Inc., discussed ihe role in ch Inin f- ™ * i inn ■» llndiwtrial 


We’re up to our ears in water technology. 


To mankind, water is probably the 
most important of nature’s elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mother Nature to put the water 
where it’s needed most, and that is what 
water supply systems are ali about. At 
Kubota, our experience is yours to use. 

Since 1890. Kubota has developed a 
vast'knowledge of water supply systems, 
and has helped fn the building of many 
in Japan. 

Kubota has won 
acclaim the world . 
over for the products ^ - 


it produces for wafer supply and is today 
helping supply many of the world markets 
with the highest quality Pipe. Pumps arid 
Valves. Kubota is a leading maker of ; . 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2.600mm. using our centrifugal casting 
method. Kubota we are proud to say has 


been a leader in the field of anti-corrosion 
research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
arid Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
products for irrigation systems. So if it's 
water you need, Kubota will help you 
get it where you want it. . 


national inc., discussed Ihe rnl* , , , “'“TV 

of the Investment Banker fo ,nfily in international industrial 
securing . successful develop development 

merits at a measured pace °A " of . the Mid^e -East regiojE TfiJ ' 

developing country will require £ St Predominantly, on nffortsof- \ 

investment banking services 016 c J> un tnes themselves, ^ he y. , 

even when it j s in a Coital Ww6..bac added that:. there. & 

surplus condition," Mr n*CI scope for various supportm? V 

said. “There Is a clear role for ^ e f^ res from 
investment bankers whpn^jl Nations system .and 7 speclficatiy\ 


investment bankers whenever i and-specificatiyi - v 

country reaches thestaEe^of * U ?5P 0 ' Mr. ; Basak revealed t V 


HETaa totSSLT xSi litusab Tisaw H 7 * 

capital markets, whenever a oF a raultilateral 

country undertakes nroiert ,nsuran ce scHeme covering con- 
financing and whenever a coim losses on development 

try seeks to invest its surnluv pr « Jec ^' • ■ " 

Lands ” surplus Br. Rajal Abu Khadra, lately 

Mr. IIa\san Fakhro, General a ‘l v J, ser t0 ^ Kuwait Chamber 
Manager of tlie Bahrain National 0f Comroerc ?' 1 Mussed the suc- 
Oil Company and this cess— or oibe.rwise— of invest-. 

n .j . t, «>_years mpnr tnr t n His 


Pr«ident of the Bahrain Society fZ T - development in the 

of Engineers, the co-sponsors to. • G — ^ p - per was 


Ihe Scr spoke of th? hls **- Abu Khidjj 


demands of Gulf business on the tl i e sfoteacoold 

banking community where de- ^ ™ e ^ eatetf ,n 

r. - ue UV msnnort U/i <L,Am Ultft 


vclopment pfojecti: were con ?? aDner ' divided ihem'ifit®. 
wrrnxi . aithnu-h three groupings, .the rich. o« 


cerncd.- Although he was swwk T e _the t rich oh 

Ing primarily as President ofti?e 




sityeaMld Bahrain Society of ^^Abu Dhabi and Qatar), 
FnainonH ine service centTa'ar.itM suen as 


Engineers. Mr. Fakhro did refer oL e u : **FW* centTe states suen as 
brfony to tlie major project cur- ?® lirain * Dubad and Sharjah* anrt . 
rertliy being undertaken by (he 

Bahrain National Oil Company! J-SL 3 * 8 consldeMbI ^ les * 
a processing -facility utilising 

%&"*** vm B ^ int » 

He pointed out that in thit Sing director of the Banque 

instance, the company’s funds ' vtofaLm*' / nte J Q ?* itin5re ■ 

were as much at risk i^.J. .,??Dssenien who. -- summarised 


Fund nrovidpd hv tha maae auring »» 

-The reTrtek to bmkere d h ay ' He observed that the «* 
t? providers 1 ^ eSuitf Sal ch a Dee °f ,deas between bankers, 

skittss iadbecn ” osl 








i 


Financial Times Tuesdav October 24 1978 


SUM 





aldheim 


new talks 

on Namibia 


U.S. steel price rise 
blamed on trigger system 


PRESIDENT CARTER’S ENERGY BILL 


Texans prepare to fight back 


BY DAVID BUCHAN IN AUSTIN, TEXAS 


BY STEWART FLEMING 


NEW YORK. Oct. 23. 


...j By Our Own Correspondent :THE TRIGGER pfilCE system ton nit*rva }Ji 03 duties can be im* The steel industry has been 


THE CONTROVERSY over the millionaire oil driller run- will nut cut prices in Texas, but a large amount nf money. 
President Carters energy bill rung -g the Republican ticket merely hold them down while But the Republican candidates 
may be over m Liingress but has for governor s'rideutly calls for interstate prices catch up. So have made a conscious decision 
by no means run its course. The a special lax on energy leaving the distortion will gradually be that in the state-wide races, at 
key part of the bill dealing with Texas for oilier parts of the U.S. eliminated but mu' ;cs fast as least, they need to oiitspend their 
natural 3 as nflW faces ihc His model is Montana which most Texans v.-uultl tike. They Democratic opponents by 2-1 to 
imminent threat of a court recently introduced a 30 per would prefer to see the free overcome their traditional haedi- 
chalienge by the Three big gas.- cent tax on coal shipments leav- market rule in ihe whole or the cap here. 

producing states. Texas, >nq it.; borders. The courts have U.S. gas industry. The lon spender is Mr 


" -rrllory. Dr. Waldheim sup- 
tied iiu nrur information about 
'• amibla developments. 

This. It is understood, is 
irgcly because he has yet to 
reel ve the formal responses of 


- r vuiarks , Therefure. it is argued that European producers. 


peretary. Hr. Cyrus Vance, < under the trigger pricing system. 

drFw£ , w>. F rift l M2l ! The system came into effect 
anudl^n C d ! in May. ^ flSSUmC? the pOSSi- 

anadian colleagues. jbiliiv that steel imporled below 

i Is cxpecied to | the established tnfiRer price is 
r ^pre>eniD fl v t .. , beinf , du . nped a , be low produc- 


amihia for fan her talks with 
u* Administrator-General. as 
■commended by the West. 


Ahtisaari. to c - n sis. This assumption fol- 


I lows from a decision to base the 
l tr igger price on Japanese steel 


Launch of Murdoch paper j 
delayed by nervous unions!"^ 


BY JOHN WYLES 


NEW YORK. Oct. 23. 


Fnr the month. Politicians in both races 
bluer lean are busy playing to their state 
ipi»rt< is electorates. Nnr are trie pro- 
1 private during states, which wanted an 
immediate end to, and not just a 
gradual phasing out or. price 
controls going to overturn the 
flPY* whole of ,fj e energy bill. 

The Texas Attorney General. 

1 Mr. John HtU, who is running 
r||lC(hard ro be the next Democratic 
Governor of Texas, said his state 
.>» would direct itN challenge to that 
provision in the hill which for 


common * ^ 'Botswana! [ ■ V r ! h !S uSrld^ PROSPECTS for an early launch edition and attracting a vast the first time extends federal 

.«n.bi„uc tJwSS "T d j >"J» Ihc !»,.< ,« the «orW uf „ r „ MuntarhV. new an.ount of advertising Bm iu P"™ ' 

*£-M2a — >* — «*>»• SK2 sfiA S0 ‘ 


. £*££ “leader .„c EnatfEL'zrjrsss zrJLSTSVS? SZ ra " od ,mi , m rrr-\ 

VWS or the Sll'APO guerrilla Japanese cusis. Fur the partial! v on aiu-mprs 10 end the dn “ pnntin. unions The three stares fee! they have 

roup. bein'. 1 , however. the Treasury is 1 i-wt-.-i; iirev. 11 ten's strive at his “Samst allowing Mr. Murdoch the strongest constitutional 

. This provided for South ;«uownaiOfl tu no to? system lVfu [10U;nLljl nVB b. the New- an Y fresh opporiunmi-* to ground for complaint here. It is 
friea to go ahead unit ’established at the beginning of V|(rk nrm , a anf , Jht . DaiJy NirwsS< capitalise on the continuing a i fi0 of particular importance to 
Jernallv-arranepri nlnpiinnc in 'the year. Thi< i.iim.nn. in h,-. nnr> nf the absence of the Times and Hie Texas which consumes nearly GS 


There an- growing donbts about 


The three states foci they have 



■* 









The energy Bill may have gone through Congress 
but President Carters troubles with it are far 
from over. Among those claiming credit for 
almost sabotaging the Bill is Mr. John Tower, 


0 ?>v 

ttk\ 


j e mat ly-arra nged elect Ions in ‘the year. This appears 10 ho one nf the ^ence of the Times and the Texas which consumes nearly 65 J ” “ TTJ T ™ 

amibia in December— on the . Thus, on Friday the Treasury ironies emerging about the prob- N ews - per cent of its own s.is. a far cllTOOSl. SaDOtaging till? Dili IS NIX. JODI1 lOWBT, 

nderslandiiig they would he -.aid that it was’ starting anti- h-ms i-unf run ting iht* Australian The pressmen are believed to higher proportion than do the lef-^ a. Republican Senator for Texas who is 

. iDSidcrcd null and void by the dumping investigation* agamsl pu!di.>lier. whose breakaway share this uneasiness and other two producer slates. „«-.«■ *„.» „_i.- _ 

V— anti Pretoria’s commit- cnmp inies in Spain, Taiwan and sellletneni with the pressmen speculation hen; today ivas that Louisiana sell* mo«i nf its yas to TUIlIlLu-, ior rc-cicCllOll IlcXL IHOIltn BIIU JUaKlUg 

ient to recommend that I N- 1 Pciand on the grounds that the three weeks avu enabled him to they may not give Mr. Murdoch other states. Mr Hill said Texas energV DOliCV a major iSSUP. 

ipemsed elections take place 'companies were selling steel into resume publication of his alter- the green light fur the Daily Sun ond the other two uiieht also r - * ~ 

" ,l * r * i the U.S. at levels sijadflcantly n ou:t newspaper. <he N’ev.' York until a settlement It.-is been contest, the authority given the 

Dr. Waldheim’s report today j below trigger prices. Post. Since then U.c Post has reached at the Times and Hie ^deral government to ^allocate Texas should slow down the rate have some mterc>t in lows 

IO wl, h Before sanctions- such as boen publishing a regular Sunday News. supplies of intrastate p* t° 3 t which its gas is extracted. It nrices 

^ ' C t;- Artdaan Ekslren. ihe South other parrs or Hie country in 1S lhe Qua inlly named Railroad P „ „ 

’^tlfrlcan representative, and the — . — m _ times of severe so ortage. rr.mmi««:on the remt Lit nr\> hndv Bul a " Texans snare an u 


SEDCO, his own company. 

Mr. Clements has tried at 
every opportunity to tie Mr. 
Carter around his opponent's 
neck. The President is not only 
unpopular with the oil and gas 
industry. His decision this 
spring to enlarge beef import 
quotas in an effort to bring down 
beef prices, a major component 
in inflation this year, angered 
Texan ranchers, another tradi- 
tionally strong slate lobby. 
Bumper slickers in West Texas, 
the heart of the ranching 
country, carry the message 
** Import beef, export Carter. 1 ’ 

Despite ail this, Mr. Clements 
has probauly not closed the gap 
with Mr. Hill, who has waged a 
lower key and less expensive cam- 
paign but with confidence that 
the Democratic Tactiuns will 
come together to vote for him on 
November 7. 

Republicans start from a quite 
different position in the two other 
major state wide races. On their 
ticket for attorney general is Mr. 
Jim Baker, deputv Commerce 
Secretary in the Ford administra- 
tion and then later Mr. Ford's 
campaign manager who. pitted 
against a conservative Democrat 
of no great merit, might just win. 

Senator Tower has always been 
regarded as something of a Texan 


; stern 

* *■• - t X. 


'estern iiie. Including Mr. 
1 onald Jamieson, the Canadian 
it / ' 0]*'' l xtemai Affairs Minister. Bui 
Secretary -Genera! supplied 
.rtnally no details, leading 


Canada shipping strike deadlock 


BY VICTOR MACKIE 


OTTAWA, Oct. 23. 


producer of domestic gas, just decides on technical grounds prices. The petroleum industry P ,r P r *inpp 
ahead of Louisiana. Last year it what the extraction rate should alone accounts for 22 percent of Y».. 


the surprise of many, held on 


His opponent, Bob Krueger, has 


jsvrvers to conclude that dis- TALKS AIMED at ending the legislation to get the fleet moving would be needed to keep one 


issiuns are at a delicate Mage. 
The Africans want an early 


rohlem while an all-out effort Great 
mounted to persuade the River 
ront-Line states and SWAPO the w 
* go along with the Pretoria freeze, 
mi promise. - 


week-old strike, which has again. such vesesl operating," he said. much as a per 'cent, lexan oil frustrate President Carters aim medical assistance, and handi- °hJrit>r 

paralysed Canada’s inland ship- Mr. Gilics Gauthier, president The officers’ union wants to « °!5Sl!i2r? K.* ftf** n * m £ r ° aoH ™S out capped children and for 30 per Texans this vear Bm°h hashad 

ping fleet broke down on Sunday 0 f the officers association, said: accept a recent conciliator's jL25Ji]2! & 'h P Tiie»h- “S b Ji* {Jif ° r the S r0und and Texa a. cent of state support for public Loblems some B nf num 

night and the Government is “The issue is nut only money— report recommending a two-year ffi” “»u S 4 ^ l e ;,™ Mr- John Tower, the Repubii- education. Some of this comes Sin? such hie rSar?^ 

desperately trying to resume although that's the big Hem. For contract for wage increases of £ a jj!l YuS ?H r k tav-. n 'nnVuf can Senator ' A ’ h0 is seekin ? a f rom oil and gas extracted from “jlu e * 1 -hrmr S 

negotiations to avoid the 122 instance, the union has asked for 10.5 per cent the first year and ’ fourth she-year term and his state land. { 3 ^ cent of X Texii 

Great Lakes and. SL Uwrence a lctler RU ar a meeinc there will 2 per cent-plus a percentage JSfjfl? ?,u JLV« Ca ?± democratic opponent. Congress. Car . e _. s _ erev nDliBV has ^ES 


Schlesinger 
for Peking 


ars gas sr:r,£ inc p 4;,.“r„^ , coLu ,, mS f p“s ssBMsrn* 

SWAPO me waterways by tbe. winter o^rlC]^ls- ,, ° index between June 1 and May ^tate-wjde races for governor and d0 each other’s calls for total SjJ** taIac 1 ^ nn^n? 

Pretoria freeze ■ T i . .. . 31 1979^— in the second vear for Ibc senate. \ie with each deregulation of ° 3 S prices Mr *cxan elections. Campaignin 0 Tcxfia is one of some -0 states 

freeze. . The earners association has J1 Thc^iDOwnws’ asffilion Other in calling for the protet- *S#t he came iri l976 ’ Mr ' Carter P- r on’*sed that have "right to work" laws. 

- ^.The negototions between. toe dot agreed to issue a guarantee. de Sb«d^ SSP&manffS infl? linn of the slates “energy hen- vote; of getttn- the be would deregulate gas They require that union member- 

Great Lakes Carriers AssoaatiorL Mr. Gauthier also said marine t ,- onary Mr Bouvier said his Tb">' argue it should not House of Representatives to do P rices - The following year he ship cannot be made a condition 

representing shipowners, aiu! toe officers, who look after electrical, considers its last offer be squandered to the “ ranacio us this in November 1976 while P r oposed nothing of the kind, of employment. 

mechanica l ^ hydraulic equip- Sfountingto 27.7 per c?nt over 3 "d ...undesc-in:^ " industrial Senator Tower claims credit for toough Congressional pressure Mr. Krueger last year voted for 

3E? 'SZita ?T fV^. ShlpS, L W ( 0U - d , P vy 81 months, to he final. states of the north east and mid nea rfy sabotaging the Carter bas now eventually produced a the labour reform bill, which 

„ ° re =', r, '.^ d ^. d . e ^“ , t, • .Canadian . internal .. postal °L™: e Z *"?W pad»*e to tte Senata « » r toroush the Senate 


WASHINGTON, Ocf. 23 1 But the federal Government although they would not welcome wor kers remained off the job men t controls. r'i not pay a de- this vear 

IR. JAMES SCHLESINGER. mediator said toe talks w^be it. mday. completing a full week*s market price for it. Texans complain, wi 

• C c-namv uiill TPSHIDPlI ntl MflnrinV ' Dn...4 n . ..S4 'a .t-f ni-lil.. „r r!n,m»Mv>A«t intn. J . •_ _t 


lation. This “deception” by the (thanks, in part, to Senator 


— today, .completing a full week's cent market price for it. Texans complain, with justice, Pj^sident has been used to good Tower) but which would have 

-S. Energy Secretary* will resumed on Monday. , , Mr. Bouvier said the carriers disruption of the postal system. Dislike of Government inter- that their gas is cheaper to h - v Republicans, who are made organising easier for the 

rrive in Peking tomorrow for Mr. Leo Bouvier, vice-president association was ready to return despite the Parliamentary legis- ference in the energy market, inhabitants of other states than mounting their best organised unions in areas of the countrv 
tlks with Chinese officials on of the carriers association, com- to the bargaining table if the lation ordering them back to coupled with a certain innate to themselves. The conrolled and roost expensive bid in this like Texas, traditionally in hoi* 

nergy Issues, an Energy De- nested: “The way: it stands union was prepared to do so. work. Texan chauvinism, has produced price in the inter-state market century to try to shake the demo- pitable to unions. Mr. Krueger, in 

tjSTSariraent spokesman said. now, the union is interested in He said chief officers on 'some The Canadian Union of Postal a form of economic nationalist was about SI 50 mef (1.000 cubic cratic stranglehold on the state, a bid to win back some of his 

Mr. Schlesinger is also a higher settlement and we are ships wnitld try to keep their Workers — representing 23.000 rhetoric that makes one feet) when the new energy bill —Electioneering in a state that conservative Democrat following, 

<; -’hedtiled to visit Japan on not prepared to go any further." vessels operating as long as inside workers— has established think more of the develop- was passed while Texans now has 254 counties and whose east- has since said he would rocon- 

li&yovember 5 for two days Mr. Bouvier said his ussocia- possible, but this would be picket lines around post offices, ing countries than of one pay an average of S1.75 per mcf. west and north-south axes are sider this bill if it ever came up 
vjgpg.efore returning to the U.S. lion would welcome Government difficult. ‘'For example, chiefs and letter carriers are refusing of the richest parts of the The extension of federal longer than the distance from again. But this has not helped an 




1 intervention^ 'in the form of from five iron-ore carrying ships to cross the lines. 


world. Mr. William Clements, controls to the inter-state market New York to Chicago, requires otherwise effective campaign. 


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Ju5«Es 


WORLD TRADE NEWS 


Pr 


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BY MA 


THE PF 
decided tc 
allegation 
Wilson Ti 
number c 
were com 
paiijn agai 
Parly on 
1974 Gem 
The foi 
allegation 
lowing I hi 
affair. Mi 
was. had 
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himself. I 

Lady Ft 
Marcia W 
Tlie Pr- 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
pnetors 
instructed 
round a 
material.'' 

The Pri 
to hear 
Sir Haroli 
formal to 
On the 
again*! t 
L-oimcil 
[loyal Cc 
ih.it [her 
La hour hi 
The Pr- 
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ii?hcd lad 
In ano 
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against tl 
Daily Ex 
picture c 
Henrietta 
death in I 


Japanese aircraft leasing 


plan attracts U.S. airlines 


Record loan 
to be signed 
in Tokyo 


Crisis cartels ‘acting 


employment, price 


tor more 
Kuwait oil 


BY CHARLES SMITH 


TOKYO, Oct 23. 


JAPAN'S aircraft leasing scheme 
which was introduced this 
summer as a means of unloading 
excess foreign exchange is 
reported to have attracted the 
Interest of American airlines 
and could lead to leasing on a 
very large scale. 

.Under the scheme foreign air- 
craft are imported by Japan and 
then leased to overseas airlines. 
The money paid For the aircraft 
shows up ns debit in Japan's 
trade statistics (usuatly with the 
U.S.). Import finance, in dollars, 
is provided by the Export-Import 
Bank of Japan which in turn 
borrows from the government 

The attraction of the scheme 
to foreign airlines is that it is 
cheaper than buying aircraft out- 
right. It is also usually cheaper 
than leasing aircraft through 
44 normal channels” since the in- 
terest on Ex-Im Bank loans is 
relatively low. 

The bank lends to Japanese 
leasing companies at a long term 
fixed rate of 6 per cent while the 
leasing company itself usually 
charges a service fee of 1.5 to 
2.0 per cent. Thus the total cost 
to the airline works out at some 
7.5 per cent or 8.0 per cent of 
the value of the aircraft. U.S. 


leasing companies, by contrast 
usually charge an annual leasing 
fee of 10 per cent of the value 
of the aircraft 

Because of the clear difference 
in cost between domestic leasing 
and leasing through Japan. U.S. 
airlines- are reportedly “very 
interested " in the Japanese 
scheme. The requirements of 
American airlines for new air- 
craft dwarf those of other air- 
lines so that Japan could find 
itself in big demand for finance. 
However, there are at least two 
serious snags involved in .the 
whole idea of- leasing aircraft to 
U.S. airlines. 

One is the question of whether 
the U.S. authorities would con- 
sider that aircraft covered by the 
scheme should be classified as 
exports to Japan — in view of the 
fact that the aircraft would not 
have to leave the' U.S. itself to 
pass through the leasing process. 

The other snas is the existence 
of strong opposition to the 
scheme from U.S. banks and 
leasing companies. These would 
clearly stand to lose a large 
amount of business if the 
Japanese, scheme “ took off." 

Although the leasing scheme 
was launched this summer only 
one aircraft has so far been 


leased— a Boeing 747 to British 
Airways. Some 80 leasing appli- 
cations from other foreign air : 
lines (mainly in South-East Asia) 
have been received and should 
be approved before the end of 
the current fiscal year (when the 
scheme Itself will end). 

Given the time required for 
process it is estimated that the 
effective deadline for leasing 
applications under the scheme is 
next January — two months before 
the end of the fiscal year. 
American airlines appear ready 
to submit applications by 
January if not before, but it is 
doubted whether the U.S. 
Administration will be able to 
make up its mind by the end 
of the year to declare participa- 
tion in the scheme as being in 
the -national interest. 

The purchase of aircraft for 
leasing forms part of the 
Japanese “ emergency, import ” 
programme for which ' the 
Government has set a target of 
S4bn during the 1978 fiscal year. 
During the first half of the year 
loans committed under the. pro- 
gramme by the Ex-Im Bank 
totalled Sl.35bn with the major 
portion (just over Slbn) 
accounted for by advance pay- 
ments for uranium enrichment. 


By Richard C^Hawon^ ^ BY DAVID FREUD . . . ; ■ ■ . 

THE LARGEST loan agreement WORLD GOVERNMENTS are hack output, in order to raise since cartel members' are 
ever arranged’by Japanese banks ^ their own objec-*e price, a cartel increases the usually 

for an overseas borrower. S770m ■ .... . n extent of the excess capacity it their output capacity -and most 

for 12-years to the joint J nce stability, full wag supposed t0 eliminate. 1 * - efficiency-raising investments m- 

Brazilian-Italian-Japanese steel employment and maximum out- absence of the cartel crease capacity as well, Dr, 

project, Companbia Slderurica put by flowing ‘crisis cartels agreement the depressed industry Tumlir says. . . _ 

Tubarao, will be signed here to be formed. Dr. Jan Tumlir,. would be producing a laggttSobt- The short-fall., of. ^investment 
tomorrow. director of research at the GATT pu t and selling it at a price will have repercu$aons beyond 

After considerable haggling. Secretariat warned . yesterday. W hjch covered variable bUt not the recession period.-.. In coun-. 
I the 22-hank all-Japanese group He claims that such cartels do a n fixed costs 1 “.s.\ tries not belonging. to the .cartel 

! decided oa a three-year draw- not advance the public Interest e the same industry continues to; 

down plan which will -commence but work against it,: being .waKOT^com- invest, adding technologically 

probably with a $350m disburse- directed at maintaining the pro- tL bet ak en advanced production units. . „ 

raent at 1J percentage points Stability of real capital, not at S^®& i- JS? r8an, !E“ 5 _ ^ This .creates an international 

over. Libor, followed in the maintaining employment. ' L„ n S!, miJPaS? 1 gap to Hie Industry's cast-price 

second year by $2 50m at IJ per In the October issue of The levels and leads either to protec- 

cent. above Libor, and a third- World Economy, published by would tion for the cartelised part of the 

year tranche of SlOOtn also at IS the Trade Policy. Centre, he sug- recover more speedily... , fC( justrv continuing Indefinitely, 
per cent. geststhat the increased advocacy “With the demand for its pro- or further shrinkage of its pre*- 

The three-year plan was fixed of cartel arrangements since duct growing again,- ’ the duction when the cartel ends, i 
to prevent the massive influx of 1974 has come about because industry in question -could Dr. Tumlir .Concludes: “Only 
funds for the project from being “cartels are now being conceived, gradually rehabilitate many' of competition, ‘. protected' and 
diverted to other uses. There as -substitutes for other forms of its high-cost facilities, .by-addi- enforced bv law.' cari keep group 
was considerable interest on tbe protection against imports. Car- tional investment In fact, there interests in check arid the com- 
part of the Japanes Government tellsation appears to. be tbe last would be some flow of efficiency- merce of nations from degenera- 
in completing the loan stage or refinement of protec- improving investment even dur- ting into .a ...mercantflisl- 

Failure to complete the nearly tionism.” Ing the recession periods struggle ” - - — 

S3bn Tubarao project— a joint Although cartels state that they By contrast such efficiency- The World .Economy,. . The 
venture between Kawasaki Steel, are set up to deal with problems improving investment Was less Trade Policy Research Centre. 
Italy's Finsider and Brazil’s of excess rapacity, “by cutting likely in a cartelised Industry 1. Cough Square. London, EC4. 
Slderbras — would have hurt . : •• . ; : — 


Computer sale 
to China 


Malaysian export scheme 


Brazil’s industrial development 

plans, and may have jeopardised /^Lliofio crotc 
healthy Brazil-Japan economic 

Kawasaki Steel and Finsider Sl2fVni PrPflif 
each hold 24.5 per cent shares in S ,AUUI tlCUIL 
the Tubarao project which is to T* 

be capitalized at S530m. The ITOiffH XidjU 
project was threatened more 


Brazil cuts dependence 
on commodity exports 


BY DIANA SMITH. 


RIO -DE-JANEIRO, Oct. 23 


TOKYO. Oct. 23. 

PISns 'to export ' a - large 
Japanese-made computer to 
China have been approved by 
a 15-nation committee which 
screens sales of advanced tech 
nology to Communist nations, 
according to Government 
sources. 

They saqd the Japanese 
company, Hitachi Limited, 
had received the go-ahead from 
the Paris-based Consultative 
Group Co-operation Committee 
(COCOM) to sell to China a £3m. 
computer for geological surveys 
including exploration of oil and 
other mineral resources 
Reuter 


BY WONG SULONG 
THE MALAYSIAN Escort Credit 
Insurahce~Berha'd,'a company set 
up jointly by the Government, 
commercial banks and insurance 
companies- tb provide insurance 
cover to exporters, was officially 
launched- by the Deputy Prime 
Minister, Dr. Mohammed 
Mahathir today. 

The company has an authorised 
capital of 150m ringgits (about 
£34m) and is capable of extend- 
ing insurance cover to exports 
worth 25 times that amount 

Dr. Mahathir said the launch- 
ing of MECIB reflected the 
importance of export of manu- 
factured goods to the Malaysian 
economy,, and the growing com- 


KUALA LUMPUR, 
petition faced by Malaysian 
manufacturers in overseas mar- 
kets. 

Between 1968 and 1976. Dr. 
Mahathir said, exports, of manu- 
factured goods had risen from 
430m ringgits, accounting for 10 
per cent of total export earnings 
to 2,SOOm ringgits, accounting for 
19 per cent of export earnings. 

MECIB began operations last 
June when it issued its com- 
prehensive short-term policy 
(shipment). Its second scheme, 
the comprehensive short-term 
policy (contracts) will be intro- 
duced shortly, while its compre- 
hensive services policy is being 
planned. 


than a year ago when Brazil The Export Credits Guarantee THE HIGH COST of converting This year, manufactured ex- 
proposed a change in the Department has guaranteed a Brazil from a traditional com- ports increased by 31 per cent, 
holdings of the Italians and go,, f redJt tQ Ghana, modities exporter to an exporter while agricultural exports 

Japanese to a larger share which * - . of manufactured goods : is dropped by nearly SL2bn from 

would have, meant additional p inance for tbe loan has been graphically, depicted by a study January to September, 

capital expenditure on their part, arranged by Standard Chartered re ieased by economists - of The price per export dollar 
In the first stage of the Merchant Bank Limited, acting Brazil’s Foreign Trade Studies earned of this policy is a heavy 
project, due to be completed by on behalf of Standard Chartered Foundation. one. the study shows. Every ex- 

August 1982 (or two years Bank Limited, Barclays Bank- ‘ This year, for the flirt time port, dollar derived from paper 

behind the original schedule). T T ,tp r mtinnal Limited and “ its history Brazil exported or pulp sales abroad costs $1.80 

the plant will produce about * . . — . . . ,. more manufactured or semi- in raw materials, energy, man-, 

3m tons of semi-finished steel a unemicai uanx- inis is roe manufactured goods .than com- power and other .factors. Every 
year. second line of credit to Ghana modifies: 83.963bD.of the former, dollar earned by foreign .sales 

Kawasaki and Finsider have to be opened this year. S3.S6bn of the latter to Sep^ of lorries or buses costs $1.76, .on 

revised downward the amount of ECGD also announced they temper. artificial fibres, fl.74, cars or 

the output they will take to would be sending Mr. Richard - Divirsifled exports . are de- road machines $1.53, electrical 
about 300,000 tons of slab and Foister, an underwriter, from Its liberate . Government policy, equipment or ships; $1.55. com- 
| year from an original 600,000 head office in London, to Mexico aimed at guaranteeing new munications equipmen*. 51.50. 
tons as part of a modified agree- next month to advise exporters markets, especially in the deve- The economists responsible for 
ment. At the same time it was attempting to secure business at loping world and protecting . the the study have expressed their 
I agreed that Japan would provide the British Industrial Exhibition trade balance from the vagaries concern that the sectors which 
the additional bank loan to be in Mexico City from November of weather,, blight or other make, the heaviest drain on 
signed now. 8 to 17. farming hazards. . national resources 


- ByQur OWCowespondent -j . . 

' : KUWAIT; Oct; 24, 
Shell International ' ' Trading’ 

Gotripany; the trude^qrl-' trt&lfug, 
subsidiary aT the Royal -Dutch' V 
Shell grdnp 'Of companies,, has', 
signed a three-year contract with - 
■tbe.‘ Kuwait , Oil Ministry 'for. the' 
purchase “of 360,000 ;-harfeB;S. ' .: 
day of Kuwai t,3i AFl— 50XKW - b$ : 
more than- under.its . old -totKbeh£ ; - 

Under, the- new contract, effect ' 
live frpm : .October. 1, Bhefi“has'..' 
the leeway to purcttase 45,0W)'ba : . 
■more or toss than - 

It vriD continue Xo 'receive.- fto . . 
15 extra daystrofi credit lover ■* - 
Kuwait’s. : ' ‘ customary ■■ 60^ay 1 
period. This amounts, to iho'iti " 

4 cents - less a barret. 

. The - old- contract ^ha'd.^pa, ‘ 
lated that : Shell - wmxld ’ 

charter- Kuwaiti- tankent iFjfi* 
were outfitted to 4he .-cotapangg ■_ 
n eeds' land if .tbelF Vpricbs - - ’ 
competitive, and" Shell 
this a few -times.' Undet'SW • 
new , - contract. Shell ’-bits:*agtgefl. 
to a long-term chart er of ■ 
Kuwait’s tankers .if/ the ' nuidffi; .' 
cations, .on '. prices^ andi. firtfiwg 
are '■ met" ' GeoffrojrT'JSambet, - - : - 
prrajdent of the company ^aid " 
he anticipated - Sh'eS; >f puld- use 
Kuwait's- tankers.. -more under 
this contract - .' 

Shell expects to bhy the m nyV 
mum amount o f CrUde .perinittea - 
. for. the .next three- months, -fe 
.405.000 . bd... Companies.' lismtS 
stockpile in the ■ fburft OriaFfn - — 
of- the. year -- anticipating -fte 
heaviest -demand’ in-- ■the.JtSt,Af 
quarter of the^next reanAddetfopi 
• to this, is the- racportaticiu'^BiW- 1 
'year - 'that OPEC wiLvote. aKffe 

December 16. Atiu - Dhabi •meeting I 

. to raise* prices. • -' 

.• : Kuwait's- -contracts with4ltst]! ji 
old cbncessiohaires:BP u and (^f,^ 
do not 'eipire until MarchMflSO, 

but renegotiation is ^tn begin 
about six 'months.' iSulfs ixbt 
tract Is for^ 500.909 hd .aiid BPS. 
for 450.900 hd/bofh- with a -Jee^ . 
way of HI. Per :rent, more- or-lesti. - 
averaged aver4ho-year>’-- - ."i ; <k . 


lymsjss 


ouVi 


to play your caids right 


Thejapanese way of life is very 
different from ours. And business 
etiquette is an important aspect 
of that way of life. Formalities 
are very precise and are part of a 
ritual that is both charming and 
obligatory. 

At meetings and receptions, 
for example, you must say it with 
cards. Business cards. The ex- 
changing of them is as essential 
as a handshake. And more than 
just good manners. 

In fact, it's a very useful practice 
which helps you to pronounce 
difficult names and to discover the . 
status of the people you meet 
Through the JAL Executive 
Service, name cards-in your own 
language and in Japanese - can 
be supplied quickly 
JpP^a and inexpensively. 

y ou have to do is 
- fill in a request 





: By Dur Aerospace ‘ 


Andean Pact trade talks 


BY TONY COZIER 

AN AGREEMENT between the 
Caribbean Community and Com- 
mon Market (CAKICOM) and the 
Andean Pact is likely following 
state visits to Guyana and Bar- 
bados by the Venezuelan '^presi- 
dent, Sr. Carlos Andres Pdrez. 

•The subject was broached, here 
bv Mr. Tom Adams, the prime 
Minister of Barbados, during Sr. 
Perez’s two day visit over the 
weekend. Speaking at a luncheon 


BRIDGETOWN. . Oct 23. 

In honour of the Venezuelan 
leader. Mr. Adams said there 
were ample opportunities for 
trade between the countries of 
CARICOM and those of the 
Andean Pact once the prohibi- 
tive tariff barriers of the; latter 
were .surmounted. 

<The 'suggestion was welcomed 
by : St. Perez who criticised - the 
protectionism of the - developed 
countries. 


PLESSEY RADAR.-, has: won a - 
£9m contract .to'siipply a modern 
radar, and flisht’dato- processing * 
system -to control- the'. Aristriari ■ 
flight information region.-: y .r 
The system; witt .be.. ; injtaBed : 
in a . new ?a^ r -tica|Bc^coritrQlTi 
centre' In.rAHetwa which- .-will.' 
handle byer ha^f-i million atoj. 
craft moyemratB ybar, with- 
room for expam^on... v * ■' - 

A -major siri^cwitrflctor will v jbe 
E (in-Union . AhstrM.' : which , 
will be i^espirf^^tortbe design, . 
and: ma auurtw^of.-eootrol. coa-- 
sbles. -and^er^stalMtif^Mid- 
provlsiott ■ 


vices.. -. srr;.;^ 


MEXICAN TRADE 


rati 




Portillo looks to tlto fflit 


• ' -'i :* 


BY WILLIAM CH1SLETT IN MEXICO CITY 


your nearest 
JAL office. 

there's the 

authoritative book 'Business in 
Japan! This book will ensure 
you get valuable insight into 
Japanese business practice and 
procedure, including etiquette 
and behaviour- 

An exclusive paperback edi- 


tion is available only from JAL 
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. These are just two of the ways 
that you can get help through the 
JAL Executive Service, the first 
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MPANAiRLSNES 


End out more by contacting theExeaitiveSecsice Secretary at yournearest 
JAL office,otmail the coupon todays - 


To: Japan Airlines, 8 Hanover Street, London WlRODR. 


Address. 


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Ccanpany- 



THE MEXICAN President. Sr. 
Jose Ixtpez Portillo, begins a 
much heralded 12-day trip to 
China and Japan today. This 
will be- the second time in three 
years that a Mexican President 
has visited China, so reinforcing 
Mexico’s desire to be " friends 
with everyone." as Sr. Lopez Por- 
tillo once said. The Japan visit 
is. however, of more commercial 
than political importance. 

In China, the first country he 
will visit. Sr. Lopez Portillo will 
be particularly interested to view 
the country’s agricultural 
development The Covernment 
is giving high priority -to trying 
to increase agricultural produc- 
tion in Mexico, which this year 
for the seventh year running will 
fail to keep up with the popula- 
tion increase. While population 
will rise by about 3.4 per cent 
this year, agricultaraT production 
Is not expected to increase by 
more than 2 per cent. 

Sr. Lopez Portillo feels that 
to some extent China and 
Mexico have common problems, 
in population and the Jarce 
number of people who deDond 
upon agriculture for their liveli- 
hood. In Mexico about 40 per 
cent of the estimated 18-Sm work 
force ts employed Ln agriculture, 
and with many more people 
depending upon it the agricul- 
tural sector only accounts for 
9 per cent of GDP. Most of 
the land is divided up into 
epdos. State-owned small hold- 
ings which are largely unproduc- 
tive not just because the units 
are too small but because of lack 
of investment and organisation. 

Since coming to power in 197fi. 
Sr. Lopez Portillo has also 
visited Russia and Bulgaria with . 
the same thing in mind, studying 
the respective agricultural 
systems and recently a team ' 
from Bulgaria visited Mexico 
Mexico and China are not 
expected to sign any important 1 
trade contracts and trade ' 
between the two countries 
remains small. Last year Maxicn 
had a balance In its favour oF 
S7.9m. according to provisional 
figures from the Bank of Mexico. ! 
compared to a surplus of Sl.lm ' 
in 1976. Last year’s exports in 
China totalled S16.9m. and 
imports $9ra. i 

On the other hand Japan Is an A 
important client for Mexico. Last \ 
year Japan. was the third largest J 
market tor Mexican products and " 
also the third largest supplier of “ 
goods, accounting for 5.4 per 
cent of the total exports and 2 
per cent -of. the total Imports. 

During the period 1971-77 
Mexico's exports to Japan, mainly 
cotton, salt coffee, wood manu- 
facture products, grew at an 
average annua] rate of 6.7 per 
cent while Imports from Japan 
tj grew 20.8. per cent, nearly all 
capital goods.. 

Up until 1974 the balance of 
$ trade between the two countries 
>! was in Mexico’s favour but this 
dramatically altered after then 
as Mexico steppe# up Its imports 
• of capital goods, particularly 


tractors. 'Last year’s deficit with 
Japan was 8212m compared to 
S205ur in 1976 and Sr. ' Lopez 
Portillo will be seeking to Teduce 
this deficit as much as he can. 
The only way he can do this is 
to get Japan to sign an agree- 
ment for the sale of crude and 
this will undoubtedly be the 
main topic nf discussion. 

Japan took 43 per cent, of 
Mexico’s cotton exports last 
year and while cotton exports 
could increase, their value will 
not substantially reduce the 
deficit. Just before Sr. Lopez 
PortiUo left on his visit and 
obviously timed to coincide with 
his arrival. 309.000 barrels of 
crude oil worth more than $4ra 
left Mexico for Japan. It was 
the first shipment of crude to 
Japan and Mexico wHl be hoping 
to follow this up in Tokyo with 
a definite agreement which 
It 0 »T2 dd „ Japan 10 itfi list of 
the U.S.. Spain and Israel as 
clients of crude. 

But the Japanese drive a hard 
bargain and will he wanting 
somethin s m return for impnrt- 
lng Mexican crude and so ful- 


i filling another^ (if the Govern:’ " 
i meat's wishes -which- Is ■td.-SiWP’V!- 
: sify the: crude market i 

Japan- Wafi.- Tvbpmg to:-get A ; ; . 
major part .of the contract^tffr. 
build- the Mexico-City suburb^-; ; • 
railway, the’ first patt of .Mtoch - 
would have been.. worth 'tahawteT “ 
Slbn. But . the' Government MS-..; 1 
decided to shelve the project tor'.. - 
the time -; beings Japan- is also ' 
interested in investing Ynore 
Mexico bto Kke other cQttoJriefi 
is put off by the country's' Jawilf 
on foreign Investment ^rhlch:«: 
regards as too restrictive: Jajfcn- 
had- until 1976 invested- & 
estimated $200m In Mench;; 
making .it. the esghtb 4argfirtJ. r 
foreign investor — the: U.S.v:2fr:-- 
mains No. 1. t- 
Mexico and Japan i recently} 
held' a high-powered -conference ; . 
in Tokyo to explain tbejpbsitidcj'-: ; 
of foreign investment Ui -Mexicifc. 
Mexican law states that 5L peY; 
cent of -the capital for a project;: " 
in Mexico must be. domeiraC'/ . 
except in cases where prod new : 
substitute imports, in -which casey. .. 
the percentage of foreign capitalv . 
can be greater. V-’-* 


15* ITALIAN 


Eg 


FASHION 


International Exhibition of A & 

basic and accessory products ; 
' ' ’ for footwear and leather ""-l 

goods manufacture ' 

24-26 November 1978 

FLORENCE < I uljr) .... , - V-' : ' -j 

Fortezia da 8asso - Viale Filippo Strozxi - . ^ 

Stylists' Tanneries - Metal accessories - • 

- • .. - ; 

v -. ' • . Organised by - r 

CAMPl0NASIA 0! FIRENZE - ' ; /. 

ICAMPIONARIA Dl FIRENZE . . . _ 

5DI2j JWWP Vw ; VJfaod «■ 9 . P . 0 . b« 667.' Til. 281792/215.867 


- V - s- : i ; . . : 

PROVINCIAL GOVERNMENT OF,MEJJD0zi; :; 


PRODUCTION OF SULPHURIC ACID CEMENT PRODUCED 
i ; - FROM PLASTER OF PARIS - ' : ’ 


We - are interested in - proposals from enterprises for the- 
installation and exploitation of a plant for the above nrodue- ■ : 
tion, tocated HtTMatorguc . (Province of Mendoza, - Axgenfma). 

In accordance wfsn Decree No,. 2119/78 . — . .- . 

Hease -write to: ; - 

^ ^CpkfiisCIO. XlSItiES&Li-. 

, • , 55®-JHo^Daai- .i‘ - . . -V.v ; ^ ^ 

REPUBLICA ARGENTINA. '. V . V; . : 










I A_L£ 




> Financial Times Tuesday October 24 1978 


HV 


X _ 


HOME 



'y.S. group confirms Heathrow 
L -i e ban is 


scheme for can 
iroduction in UK 


not yet 
enforceable 


NANC1AL TIMES REPORTER 


By Michael Donne, 
Aerospace Correspondent 


Liberals take 
hard line on 
political pacts 


Bid to curb 
bulk malt 
whisky 
exports 


Lynch speech ‘not 
policy change’ 


BY STEWART DALBY 


HNEntal GROUP Icc. of British can manufacture could jJBERJA, the Spanish airline, and 
U.S. yesterday confirmed amount to between £43m and TAP of Portgual can go on using 


BY IYOR OWEN, PARLIAMENTARY STAFF 


it intended to start rnanu- £5flm 4 'Heathrow until the Department 

.ring cans iu the UK — from The coin mil most to invest imof Trade issues an Order direcl- 
. s ir was largely precluded Britain — which ihoald now go jins them to go elsewhere, 
last year under a reciprocal ahead, barring last minute i This was made clear. yesterday 
nu-nt with Metal Box. hitches — also marks another [when a wril by u lt two airlines 
.in's biggest can producer. step m lhe year-long story of 'against the Department of Trade 
■ecently -formed autonomous Continental’s disentanglement | and the British Airports 


' sh subsidiary. Continental from Meial Bot, with which it; Authority was heard privately in 
-nmpony fUK). is planning hail close Jics f° r mo r e than j clWnf > hers by Mr. Justice Donald- 
isi*d investment programme ^ ,reCl decades until an agree-, son. 

vi ng the construction of two S ,D " l . was renegotiated .at thej The Trade Department sold 


ree plants to produce two- Briiish groups request l^jthai u intended to order the two 

' t,A.-a«na Fa. . X If Y eST. I airline In 1 a 


' beverage cans for the U K. - ve?ar - airlines to move to Gatwick from 

et. Last week. Metal Box made -April 1 to ease congestion ai 

der the project, which is a cash offer of $25m (£li5m) Heathrow. The airlines sought a 
mbject to final negotiations, for Risdon Manufacturing Com- declaration that the authorities 
rst manufacturing facilities pany in the U.S., which pro- had no powers to enforce the 
be sited in the Wrexham duces metal, plastic and paper move. 

of North Wales, at a total packaging components and con- Neither side would comment 
‘intent cost of about £15m. tamers for the cosmetics, per- on the hearing, but it is under- 
ding employment for about soaal care and oilier consumer stood that because the Trade 
eople. " product industries. Department had not yet made the 

intention h that work will The hid. at $20 a share. has l]? Ie ,w ant A 0rfJ ?, r ' V^cr Article 58 
tried a! lhe site during the the support of Risdon directors, ’ifP A,r Navigation Act. the 
aa!f or nest “ear. wnh the and marks lhe second big move ° r fr,r f. , i ,R a,r " 

ed plant coming on stream into the U.S. by the British T 2 0v<? d, rt T l? t a t ri5e i. 

rlv 19S0. group since it renegotiated its ma 0 rt 1 1 V he " an 9^ er has ***" 

details or further projects agreement with Continental. Deoarifne^i 1 

been made available, but Metal Box's venture .with Vi 

,’ireMed rhat if two further Standum v.-a* for the raanufM- effecril-o P M?-Tn wh \\V * 

; were built on the same ture of two-piece beverage cans, ® ® cl ‘ 
in the UK. Continental which Continental now plans to e t list, Heath row. 

i’s overall investment in produce in the UK. 


I m m _r» n vAIJUl liJ THE CONDEMNATION 0 f the the possibility of a British troop 

Vl|||l|l|**| I 1*| C A violent tactics of the Provisional withdrawal from the province. 

^ 1 B Vifl. q 1 By Ray Perrnan, ! IRA by Mr. Jack Lynch, the Irish Mr. Lynch was interested in 

JL Jl Scottish Correspondent {Prime Minister, should not be examining ways of reconciliation. 

BY IVOR OWEN. PARLIAMENTARY STAFF SCOTCH WHISKY drillers! f?/" ^ “S^SKffi ““ * 

If .ho CnmM. Who* «l.k .ho presom Cn«FW«Uve!JdI? IS'VoIM ^1^*”““* ’*** "* £? £££ 

Labour us the largest single Tarty after the nex: election, > increase in "bulk malt whisky) “It is e«entia!lv a reireratinn ind in flagrant disregard uf the 
party in a hung Parliament, the because many nf Mr*. Thatcher's ; exports over the next two years, i D f *he mode-ate stream of think- democratically expressed will of 

Libenis would ho ready .0 lake puMclc S are anaU,,n,a ,o .horn."; The prepo*! ™ put * a»!?^S,S?.te™H„7Flon n fiffil bT S K Sa ial 

their hard line approach on any The handbook admit* that it: National Economic Development | P3r ty which Mr Lvnch repre- south" 

political pact to the point where would be djfficulu It adds: "If! Council’s dUtiiiins sector work-ij^tni. an ojRcial said.' The timing of his remarks 

Mrs. Margaret Thatcher s leader- after the nest elec cion, the Tones • ing party to about >0 company Mr. Lynch had been consistent caused more than a ruffle of 
ship might be vailed into wore the largest party but with- ■ representatives at a two-bour i jjj frj S criticisms of IRA violence, interest because it coincided 
question. _ out a majority. Liberals v/nuld • meeting in G.asgow. [Tliis was not inconsistent with with the annual congress in 

The position is made clear in be ready to discuss possible j BuIk molt fealei abroad have.Uie fact that since returning to Dublin of the Provisional Sinn 
the Libera] Policy Hand bonk, arrangements. (been pushing ahead far faster j power in June last Year ' Mr. Fein, the political arm of the 

published today. It faithfuliv "Du not undercstimaie the tta»i| [ hot tied exports -and were up: Lvnch had spuken publicly of Provisional IRA. 

reflects the insistence of last Tory Party's enthusiasm for; by 14 per cent in the first eight 

month's Liberal Assembly ai power — Mrs. Thatcher might j months of this year. 

Southport that any arrangement have to abandon > 0:110 of her A large proportion of the T 1 - 1 5 ww rw nA !oA 


ship might be vailed mto were the largest party 
question. out h majority, Liheru 

The position is made clear in be ready to discuss 
the Liberal Policy Handbonk. arrangements, 
published today. It faithfuliv “ Do not underesfrr 


made with another political outrageous policies .. r ibe Tory j trade is with Japan, where dis-| BSHSilllf OT I 

par tv must include a ‘‘cast iron Parly might abandon her." j tilling companies increasingly o J 

commitment ” to proportional The handbook stresses that the are Scutch mail to improve 1 

representation. Liberals have been ibe only l he quality of their locally-- \y||rT|J T, Zrfi 

Anolher ore-condition is that Party consistently in favour of produced blends. ; ” 

IhU commUment mJt be controlling both prices and in- The Scotch distillers were 'BRITISH AIRWAYS could < 
endorsed by the IS*” Committee t-on,c *. ;md condemns the main asked to consult their Boards— : an extra £2m a year if it 
of Conservative backbenchers or P arl «cs for having failed to h3lt and report back to the working [allowed to ily its quieter 
ihF. p-ii-iiarniEni-irY- Lahnij- p-ipiv Britain’s economic decline. ; party. Another meeting is to be ■ such as TriStars. for ano 

ThPta™wVwi u'Mph Another passage underlining; held in Edinburgh shortly (hour at each end of the da; 

»hc deep divide between th^ The issue has split the In- Heathrow, when the Govevnn 
nrcsenS S any P such arrLnc^ Lil,crals 81,3 Mrs - Tbatvhcr calls dust ry- Some of the big Scottish- 1 "noise curfew" is effective, 
mcntwitli the ^Gmocrvativcs Ts fnr " an enforceable prices 3 nd;0»: ned wmpanie*. suen as Dis-| At present, at Heathrow, 


Easing of jet noise ban 
‘worth £2m a year’ 


ntrolling both prices and in- The Scotch distillers were; BRITISH AIRWAYS could earn Research Forum in Washington 
nies, and condemns the mam asked to consult their Boards — < an extra £2m a year if it was that, in the face of today’s 
nies for having failed to h 3 ll 3°d repon back to the working I allowed to ily its quieter jets, intense consumer desire for 
it at n’s economic decline. i party. Another meeting is to be ' such as TriStars. for another cheap travel. "1 believe we arc 

Another passage underlining; held in Edinburgh shortly (hour at each end of the day at emitted to ask rhe Government 
c deep divide between the' Th * issue has split the in- Heathrow, when the Government authorities who impose jet bans. 
I. era Is and Mrs. Tbatvhcr calls 1 d us try. Some of the big Scottish- "noise curfew" is effective. to help us improve our produc- 

r “an enforceable Driees and ! ° w ' ned companies, such as Dis- At present, at Heathrow, all tivily by increasing the operat- 


‘j incomes police, with national ! tillers. Teachers and Bells, are; jet flights between 11.30 pin and ing day for those aircraft that 
minimum earnings." -opposed to bulk exports, which 650 am are severely restricted conrorra with the tough new 

I 1 0 , thjl lhe I they believe strengthen the com- especially noisy jets such as International Civil Aviation 


Prosecutor sees 
jonrho report 


Switching off 


Liberals are only prepared to ; petition in important growing ! Boeing 707s and" VClOs. Organisation noise requirements, 

prop up a minority Labour H pg jfli IHpAfinO 1 ! markets, particularly the Far I British Airways agrees that “I am not talking about a 24- 
Eovernment. ft ' East. They have the support of | this is reasonable so far as the hours a day operation, but some 

Taking up points made in a MORE THAN S0G delegates from; the unions. \ noisy aircraft are concerned, but extension, particularly at the 

recent supplement to tbe Con- local authorities, Government , Others, however, including! reels that quieter jets, such as end of the day. We estimate that 
servauve Campaign Guide, the departments and other orgjnisa- r Seagrams and Glenlevit, argue ! TriStars. are unfairly penalised, an additional hour a! the hegin- 
handbook deals with the claim tions yesterday attended the first j that hulk malt exports are essen- Mr. Gerry Draper. British ning and end of lhe day at 
that "the Liberals could not day of the Environmental Health tial tu maintain products and I Airways commercial operations Heathrow alone would produce 
possibJy make an arrangement .Association's annual congress. 1 employment levels. i director, told the Air Transport up to £Jm per annum." 


THE SUMMER floodlighting pro- 
gramme in London ends at mid- 
night on Sunday. 


possibJy make an arrangement .Association's annual coo gross. 


; director, told the Air Transport up to £?m per annum.' 


NANCIAL TIMES REPORTER 


MONDAY- JUNE 26 


TUESDAY- JUNE 27 


THURSDAY- JULY 6 


Director of Public Prosccu- 
is studying the results of 
investigations into alleged 
-| I'-ns-hreak'ng in Rhodesia 
1 ,;>onrho. the international 
' -i j and industrial con- 
, _ .-rate. 

>’.j .• police investigations. 
. _ » followed a Department of 
report on the group's 
s mure than two years ag". 

completed during the 
ler. 

- « results of the investisa- 
are also being studied by 
'ury counsel, Mr. David 
r Price, who would handle 
irosecution if the Director 
jblic Prosecutions decided 
charges would be justified, 
•ver. no decision is likely 
at least next month. 

. ** Tiny " Rowland. Lonrho's 
executive, has made no 
r of his intense anger at 
way the affair has been 
■ led. He wrote to Dr. David 
1 , Foreign Secretary, last 
h : "To my knowledge. 
— • is no basis to suspect that 
1 exists any evidence to 


suggest that Lonrho has com- 
mitted any offence under sane 
tions legislation or any other 
law” 

The group was partlcularlv 
concerned that the issue 'should 
have been raised again - this 
summer — particularly as . it . said 
thai it had been given firm 
assurances by a senior Foreign! 
Office otilcial that no ch arge s ; 
would be brought— at a time 
when it was pursuing 3 fiercely 
contested takeover bid fnr Scoi 
tisb and Universal Investments. 

Lonrho's bid for SUITS is 
beinR investigated bv . the. 
Monopolies Commission. 


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!/{£!*/ A/0M/ 


FACTORIES u/fTH 


SIR HARALD PEAKE, aged 77, 
a former chairman of Lloyds 
Bank and of the Steel Company 
of Wales. left £1.178.598 gross 
(£1J70,798 net) in his will pub- 
lished yesterday. Sir Harald who 
had homes at Court Farm, 
Tackley, Oxon, and Shepherds 
Place, Mayfair, London,-died in 
May. 


ZSBfJM 


1 , r 

* ’ t. 


;.r9.5in platform orders 

wiiVf KEVIN DONE. ENERGY CORRESPONDENT 


MONDAY- JOIY 31 


GAS TURBINES has ru- 
d throe orders for equip- 
for North Sea oil platforms 
1 more than £9.5m. 

* oniera cover work for 
/Esso's Fulmar Fieid. 
:o's Murchison Field and 
/Esso's Cormorant Field, 
s building three gas turbine 
■ators for the Fulmar plat- 
worth more than £4m, and 
gas turbine units for the 


Conno.a 0 ; A platform valued at 
some £4.5 in. 

The single uniT ordered by 
Conoco will be used to power gas 
compression equipment on the 
Murchison platform. 

GEC has now taken orders for 
28 gas turbine units for use on 
offshore platiorms. The units 
together represent generattn 
capacity of more than 375 mega 
watts. 


P/S6#S5 ffMWCMZ 


Pp||5ZpJ. 


APPU&#riOM 


fop Fmrow 


AFPL/CAT/Oa/ 


&OA/FIAFPD F0A 


CFPPI-Ar FACmov 


ITUARY 


Ir. Garfield Weston 


GARFIELD WESTON, 
ler of Associated British 
1 and chairman of Fortnum 
tfason. the Piccadilly store, 
suddenly on Sunday, aged 


Weston was born in 
ia. Hy came to tbe UK fn 
930s with the intention of 
mg up a baking concern 
Canadian wheat supplies, 
ring tbe war years be was a 
-nal Unionist MP. 
ough a series of acquisi- 
in eluding Twinings Tea 
he company which he was 
^^--''insfcirra into the Fine Fare 

- — " ^✓■market chain, be developed 

:iated Bnli-'h Foods into 
.•of the largest food busi- 
_ - ; l s in the UK with a turn- 
.. ’i last year of £1.7bn. 
i : • ^ > ; Canadian company, George 

^,-on Limited, simultaneously 
_-r ; I aded. It no whas a turnover 
'. i r»$4.5bn. 

- 


Mr. Weston retired from the 
chairmanship of both companies 
some years ago. His second son 
Garry took over the chair of 
AB Foods, and ins youngest 
son, Galen, bow controls the 
Canadian company. 





In the last 10 years, Mr. 
Weston's main interest has been 
Fortnum and Mason, where he 
was active as chairman until bis 
death. Turnover of tbe store 
last year was £8m. and pre-tax 
profits doubled to Elm. 

He was a deeply religious man 
who lived very modestly, and 
was also a shrewd businessman. 
Yesterday. City analysts agreed 
that the credit for the develop- 
ment of AB Foods was largely 
bis 

Mr. Weston is survived by his 
second wife, and three sons and 
six daughters by his first wife 
who died in 1887. 


Tell usyouwanttomow 
factory and well get a m< 




12,000 auction record 
or Victorian bronze 


2CORD auction price for a 
ie by the Victorian artist 
Alfred Gilbert of £12.000 
i the 10 per cent buyer's 
ium) was paid at Christie's 
rday in its first sale devoted 

isively to 19th-century 
tsh and Continental sculp- 


Saturday Israel Sacks, the New 
York dealer, bought a pair of 
Queen Anne walnut balloon seat 
sidechairs. made in Philadelphia 
around 1780. for £88,000. 

Some very high reserves 
demanded by vendors upset a 


was a bronze of Icarus 
jted in 1SS4 and it was 
ht anonymously, 
e S3ie totalled £87,131. A 
sc group of a stag and deer- 
ds, in the manner of P. J; 
». sold for £4,600, and a 
. ze and ivory figure of La 

■ ise by Carrier Belleuse 
/ wed £2,000. 

ss'e Marshall collection of 
f‘ esc armorial porcelain, 
ed in the early years of 
century and one of the 
' ' «t to come up for sale for 
time, sold for £112,710. 

■ at Christie's. 

■e top price was the £7,500 
1 Teixeira for a pair of 
1 famille rose fish bowls, 
m Lung. 

a Christie's sale of 
ricaaa in .New York on 


SALEROOM 


BY ANTONY THOR NCR OFT 


Christie’s South Kensington 
auction of collectors curs and 
motorcycles which was held at 
the Motor. Show at the National 
Exhibition- Centre near Birm- 
ingham. 

Bidding for tbe two top lots— 
a 1913 Rolls-Royce Silver Gho»f 
and a 1928 Emtatti— slopped at 
£38,000 and £32,000 respectively, 
just below the reserves. 

A sale of Spanish books from 
the library of Dr. Gregorio 
Maranon sold for £55.203 at 
Sothebys yesterday. The top 
price was the £3.200 from the 
Piccadilly Gallery for a first 
edition of Laborde's “Voyage de 
I’Espaffne* 


The Metpost Story This is atrue case history 
It’s also typical of how swiftly we can operate once 
you’ve decided to relocate yourfactory 

We are BSC (Industry) Ltd^asmall wholly- 
owned subsidiary of the British Steel Corporation, 
whose sole purpose is to attract new industry into 
steel closure areas. 

The company concerned in this case was 
Metpost Ltd., asmall family business manufacturing 
steel supports for fence posts. Early this year Metpost 
needed to expand intoabigger factory 

Withindaysofcontactingustheyfoundoneof 
the size they, required in South Wales, conveniently 
located near a supply of the hot rolled steel Metpost 
use in their manufacture. Within five weeks their 
application was confirmed. 

An added incentive was our willingness to 
meet Metpost’s steel requirements at competitive 
rates; theywill be using close to 1 ,000 tons per annum. 

All ofwhich is good newsfor Metpost,who 
are now able to develop new products. 


And good news for us, because at least 
twenty jobs will be created in Cardiff. 

Whatever your size of company whether it's 
steel-related or not, you’ll receive our full backing, 
as long as your move leads to the creation of solid, 
long-term jobs. 

Your first move now is to find out more 
about us and the material help we’ve already given 
to a wide variety of companies. 

Clip the coupon or call our Industry Action 
Desktodayon 01-235 1212. 


- *7T:**rr s *'F . **y ■‘ ? £ «£Wr3ESt &6&KK 'SssfWB-f 

teajsg g 

K BSC (Industry Ltd. I 

PO Box^ - 403, 33 Grosvenor Place, London SWIX 7 JG. || 



°pp%i£*n 



Name- 
Position. 
Company- 
Udress 


Please send me yorfree booWet 
nTiehdusaial Opportunity of a 

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decided tc 
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were com 
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Party on 
1974 Gem 
The foi 
allegation 

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affair. Mi 
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Lady Fs 
Marcia W 
The Pn 
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Subseqi 
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did not 
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The* Pn 
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The Pr. 
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Daily Ex 
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HOME NEWS 


Steelworks’ hopes 
fade in recession 


SCOTLAND 




IT IS DIFFICULT for an out- 
sider to understand the 
emotional importance that 
British Steel’s Hunterston site 
has for organised labour in the 
West of Scotland. 

Over the last few years no 
subject has generated more heat 
than the future of the 1.400 
acres beside the deep water nf 
the Clyde estuary. It is seen by 


NEWS ANALYSIS 


HUNTERSTON 

By RAY PERMAN 


Senior Steel Corporation execu- 
tives believe it will be six months 
at least before operation of the 
direct reduction plants can be 
justified, and even then only one 
of the units may be used. 




Gtejpw 


Canadian 
merchant 
bank for 
London 


urn 


Mlnli 


TRTfT 


BY DAVID CHURCHftl ' 


:r 

'_ r V‘ >■'' 

a* 

»• ■ - 

m 

mm 

imai 

mm 

hunter 

s 


By John Brennan, 
Property Correspondent 


The 150 jobs which they could 2 Direct Reduction Plante sJSjSS THE ROYAL BANK of Canada pealed yesterday his“ eaU ; for Prices SrajSH*, ^.inatitutirm 1 !! 

«: *«*■ : Ss plans to £ the first “moderate ^reasonable £>ay ’ 


BY CHRISTINE MOJR 


MR! CHARLES WILLIAMS; 'the After • lMt “ BUY NOW even’ if ft is sMvm* 

Price Commission chainnan- ; re- the TUC Mr. Roy th^ BUY NOW even if itis 

nogiori hi»“>=n priras Secretary, agreed to oest. inai was roe atmi* 


ftuujecL uas geueraiea mure ue«u provide will not begin M OB i _ i c ■ ■■ i plans to become tne nrsr moderate asu teoauuciuic pay wauiuic - - — — rhavtAT*^ ^urvovnrs 

than the future of the 1.400 By RAY PERMAN filled until 1980 at the earliest lOre Terminal &3SJ Canadian ' bank with a wholly- settlements to keep the inflation changes to the .controls, - . - : ' • 

acres beside the deep water nf ^ mot h sailing of the direct ^ 1 1 ■ r owned merchant bank subsidiary rate within single figures in the The first would mean tighten- This - . advice is reluctantly 

the Clyde estuary. It is seen by •- - reduction units has implications in London. coming year. * _ v ing profit safeguards in such 9- accepted by Mr Norman^Gnggs, . 

the unions not only as holding to be the only one which will SnmTfirtiish Snfel^InJutv it would have nmriuced could be The bank, Canada’s largest Mr williams’ anneal ’ lh •» way as to allow prices to be general secretary, of tte Building 
the key to the survival of steel- be economically viable in the ™S IL P . f wav in with assetsof nearlv G5 40bn, en !"V \L “ SJf frozen for the duration of one of Societies. ' Association. w& 0 

making north of the border, but foreseeable future. ro SSShSeeSSh **££ £ SnouSSl restertay that it Sfg. “ r 2S5M5SS ' £££ theCommission’s three-nfonth to- «pects ; a/.25per ; cem^Bcrease 

as the hope for the revival of A girt of the 190 jobs will ■"““g ^ms a rear froS Srf& couffte tiie Sf fSl merchant gj a^thfSS vJtSations. regardless of the in house prices; this year. ■ 

everything Clydeside has stood be offered to redundant steel- ja^e worn merms a year irom ausiry coum i^e tne resu hanking operation, with a capital tola v ovm annlieatJon effect on profit. Mr. John Thomas, of the ihstj. 

for since the industrial revolu- workers tfom me nearby Glen- *e ^ f eld C l™ h£ bS? enaction of of fbm® uf the City early in the Uf -£ The other would increase- the tution. ^largest represent 

tl0 “/ . , garaock open hearth furnaces. It was the ifirat big contract fox steel-usingfoduitries and even New Year. euideltees - - Commission’s role in the pay body of estate agents in the 

The dream of an integrated which are to close in December, the field. Its importance can be h, 0 firm* n hnsinps* are Mr. Geoffrey Styles, senior vice- i, , - x. rehirninp tn a situation country, tells first time hnveiv 

steelwork was first given a But with the probability that judged by the fart that it would n“ pr” president for Europe, Ute Middle where W3S& Zt^the price : of 

tangible expression by the redundancy payments will behave increased the industrial h ^ , v East and Africa, said the groups JP. ” JMa* where P settlen ; e At<; thoiieht continue to rise, so get afoot on 

former British Steel Corporation high. British Steel has little con- consumption of gas in Scotland dU £?t SSf f^SSSmitm.nt of business volume generated “°L e “SSLS B the ladder now,: even if itmeaS 


0m Terminal 


{Convict isa 
ISumnv'M, 


tton. ^ unlock open hearth furnaces. It was the first big contract for 'and even New . SdeoSs“ S “ ^ C o5S foie in oST & Wy oT^e W the 

The dream of an integrated which are to close in December, the field. Its importance can be y.. fi™« Hiiin hn^inesc are Mr. Geoffrey Styles, senior vice- .. - x rAturnine t rt a srltuaiion country, tells first time bbreiv 

steelworks was first given a But with the probability that judged by the fart that it would ^^l^kSLirafel n^ pr^ presidenUo^Europe, the Middle la ? 0D ““ e Wh.tehaT aa, ^ Xre pr^^i S^^ ttat ^he price bf 
tangible expression by the redundancy payments will behave increased the industrial ■ S-in-iiTwiMi V East and Africa, said the group's h *»2 l SSL ; ff a ij.S e * nav settlement-; thoiieht continue to rise, so get afoot on 

former British Steel Corporation high. British Steel has little con- consumption of gas in Scotland «ich iTtii^cpm'mitment of business volume generated “inffoiS exSssi^e^ere dtadtawedT the ladder now, even if it meaS^ 

chairman. Sir Monty Finmston, fidence there will be a rush to by 50 per cent A 24-mile spur .u JLLJgJ c f . individual tiirough London had doubled in C ™H*' ,1“ “fSL s Vf il * a excess,ve w y ■ . accepting second best in view of 

when he bought the Hunterston fillthe vacancies . pipeline has bad to be built to unlonf^th^eathStMinil Se past Se %ears. hZELEr ^ • to Though Mr... ffattersjey has choice.” . ’ 

site. The £6Qm direct reduction connect Hunterston with the i 0 *™' ,llea : "£1?*. ' " ; ^Plement personally been opposed to the ^ w 

It promised not only a plant plants, only the second to be regional gas grid. 2 r L?*!iiSirf Cor ?I > ^»iI2l atfmlt P e , ba °M y as +> , pal J c J^ 1 r y The Government could give Whole concept of safeguards for Commenting -on lair Institufion ’ 

as modern and competitive as built in Europe, will be com- to say publicly what they admit active locally m the Eurocur- the Price Commission more so me time, the Government has national survey rf house .price 

anything in Japan or Korea to pleted in March or April and Capacity pr H; t plec vmiprs n ? SJ 1 mar * s ®t« and felt a . needed explicit guidance to scrutinise not yet decided whether such movements. Mr. Thomas iwtK an 

put Scotland back into the top then " cold commissioned -they ” ^ th^ U uJi>^, S c r i. a focal point for its global Euro- desely any price rises -that changes are desirable at present, average price Increase of about 

league of steel exporters, but a will be tested to make sure they Developments beyond those Jbf Steel chairman, or currency operations. It also attempt to pass on large, pay Any such alteration to the 2 per cent in the last month, and 

source of low-cost raw material are in working order, but the now being built are unlikely 'wretaiy ot plans to expand its role in the settlements to the consumer, or rules would require approval of as much as 5 per cent m certain 

to revitalise the shipbuilding kuns will not be fired. before the end of the century, Eurobond markets, the centre weaken or remove the safeguard Parliament, and it became clear areas of the South-East and Lon- 

and heavy engineering indus- By producing 800.000 tonnes H a*, all. A £220m expansion at R ia "' ° U1, L for which “ has to be London. regulations which allow most yesterday that the Liberals, who don. 

tries. of Concentrated iron pellets a Ravenscralg— the main Scottish “*** revives suracienuj re Mr _ Styles said he was htppy Pfice rises to go ahead ' as have always opposed controls on “If the overall rate of inflation 

year, the two units were Intended Plant near Motherwell, Lanark- . . h th with the bank’s 20 per cent hold- planned^ .. profits without pay. controls, continues to be lower than wage, 

recession . to provide an alternative to high- shire— will increase capacity . ..^wL ® ing in Orion, tne London-based Mr.WiUiams has already made would support such changes only increases, the bra fc<r on building 

As the reression developed srade scrap as a feedstock, prin- there to 3.2m tonnes a year by fine rt natu^dplnwa ter oo rts in consortium bank, established in dear that the Commission will in return for a categoric assur- society . lending may -prove to 

that dream faded The first sta-e cipally for electric arc furnaces. |W1, giving the Scottish division g u _ underused 197 °* in which sir international closely examine any price rise ante from the unions that they have thp cm posit e effect to that 

of the prolec® the £l00m ore Their future has been- shaken 3.7m tonnes capacity. R^Srtha^risk a wlTtlcai banking groups each have stakes, applications that seek to pass on would abide by the. 5 per cent wh ich the Govenunen tin tended. 

sj-iisi = yw ! 4 «sito sss-? te Taa?«fssa ^ir- P b ™S 

G, i s « Klk , h e besin- iX f&g&TM SSWi^S nSiA&B £&£%£?££'£ 32 TT * a ^ uSSr ^ 

ning of developments, it is likelv rail to Sheffield. even a third of the 10m tonnes terstotu^ In June the Canadian Dnpenal the new Price • Commission was Last night Sir John Methven, dwellings coming onto the 


We’ll fight 
on pay code 
says Mrs. 
Williams 


New power board ‘still needed’ 

BY ROY HODSON 

A NEED for reorganisation of A draft Bill to reshape the forward legislation in the next 
the management structure of the industry and replace the two session of Parliament to deal 
electricity supply industry national bodies, the Electricity with the various issues raised in 
remains as strong as ever in Council and the Central Elec- the report, 
spite of recent setbacks to tricity Generating Board, with a »»_’ c 

change, in the opinion of both single central electricity k. Anthony Wedgwood Benn, 


monms. Opposition and industry when tighter price controls. fewer new' 1 and secondhand 

In June the Canadian Imperial the new Price : Commission ’ was Last night Sir John Methven, dwellings coming onto the 
Bank of Commerce and Hambros set up last year, would appear the director-general of the CB1, came market. As a. consequence, the 
Bank set up a joint international most effective way of giving the out firmly against any suggestion natural law" of ' . supply and 
invest ment bank in the City, Commission more teeth. of a tighter price control system, demand pushes' up: prices." 

called CISC. - : — Mr Griggs, commenting on 

j • -a 1 the' Institutions findings, said the 

Gatwick-Scotiand smwuts 

^ menrs efforts to slow hoasa 

. . price rises. - - r ' 

■fVk'a* “Everyone is crowding intt 

lllr XZf 8 the housing market because they. 

AvwJa. jl. feel that -prices will be higher 


Increase in 

motor bikes flights for £21 

registered BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


w imams SvsSSSi w ^ registered „ ~ «« " 

By Ivor Owen, Parliamentary Staff the management and the unions, authority was dropped earlier r 16 El ) e {sy Secretary, is anxious PaiJ | TlvlDr . „ M1 . - . . nwa , « Mn aof „ an After price rises, iif 7 to 8 per 

The industry’s joint co-ordinat- this vear because the Parliamen- ma i n t a i n the area electricity Pau '*y l ° A CHEAP £21 single off-peak people over 65 can get a 40 per cent in 1976 atuLlast vear, prices: 

THE GOVERNMENT’S deter- ing committee representing man- tary Liberal Party refused to Board5 >s powerful semi-auto- jfOTOR-CYCLE registrations last far e betwemi Gatw^ and Glas- cent discount ^on economy return W ould show.aii average increasb.! 


ItfSZ'SL EOJSillflSE keep "up” wi^"u.en. t " "said’ £ 7au S “e STmES* SSS’lA.'S^. mJv « JSS JS, JSSlJSSSB tt ,** 1# **£«■' 

tin mL?.%Un“' e ng^p n bolb‘.o offi “ aL “ ,he 111 " d “ brin * ««*“»* InmducSon “ » Iri.ur^ayTan BHtkS arS" 

some employers and to some r maximum speed limit in August Caledonian trunk routes between basis unti 


Chemicals demand may fall 


Minister’s 

’ • • p. r- " 

warning 


drop in moped registirations it approved rises in • peak Belfast. ItUIUdIvI 

(under 50 cc machines) after the economy -class fares on the.- main The cheap senior citizens* fares 

introduction of the SO m.pJL British Airways and British are being introduced on a trial ’wwrrawwfciw***' 
maximum speed limit in August Caledonian trunk routes between basis, until the end of next \Yy 1 Ifc ~ 

last year. Gatwick and Heathrow an<t Glas- March. If they are successful . . 1 iv.,® - ... 

Moped registrations fell 42 J §ow. Edinburgh and Prestwick they may be continued during j™ REfi FRFESGn'- Honsfne 
per cent below last year’s nine- from £33 to £35. British: Mid- next summer . S^er 

month total of 77,081. land’s Gatwick-Belfast single rate The new cheap British Cale- 

In the same oeriod. reeistra- rema ‘ J,s u^anged at £30? dohiah off-peak adult single rate 2*hE£i 


trade unions. So be it." 

Mrs. Williams insisted: 

“Governments must govern in 
the interests of the country and 
the people, not in the interests 

of any special group, however ««; 

deserving. bt sue cameron tions of machines oyer 50 cc . stimulate oftoeak traffic will onlv bp~ available on twu merc emua' ^jwwb-wwv 

in°Vo h rkshke. r ^''‘sSSiiSSt DEMANI) F0K UK chemicals is oil which .would, in turn, ing." Exports of organic Z to*SgS!2 belw . ee . n Gatwick and Scotland, flights Jo Glasgow and one flight JJJ S- 

Thatcher the Conservative ^ ely t0 start dropping in 1980 increase chemical feedstock costs, chemicals were expected to published' yesterday by the ]? t 5 e p ea i e congestion at to Edinburgh on Tuesdays b j ^ the future 
Sader urged voters l^ the becau “„ of greased foreign The price of chemical products grow by 4J2 per cent more DepaSSent of Trimsport me Heathrow and to give tbe a. rime Wednesdays and IThui rsd ays. and 

tiEl ctrnnnhnirinf Pontefract competition, a rise in feedstock would go up and. as a result, during the next two years than J, ! ■ ri , a competitive edge over Bntish on all weekend flights. Mr. Freesoarwhowas chanrag 

ani Ls\lefo?d d to f cive f ?be P rices 811,1 us « oftraditi onaI demand® woedd begin to faU durinf the 19S0-83 period. . The trend, therefore Is clearly Airways’ Shuttle service The It is cmipledforthe Christmas a meeting ofthe Housing Consul- 

notion °tn nnit materials in preference to plas- awav. , one of renewed growth in the new rate compares w-th the period only with a cheap child tative Council. yesterday, toM the ■ 

Government nouce to quin ^ says Economic Models, a Growth in demand for syn- . Rising exports and increased moped market after the distor- London -Scotland second -class fare of £1 single until January three local'authority associations 
T, f a K„ n/nriirfntp forecasting consultancy. thetic resins and plastics would “*Pprt substitution by Middle tion caused by the introduction single rail fare of £18.60. 14 on the British Caledonian that councils were nut at present 

nWiv Ia?t vAflr Economic Models says that the be hit by sustained use of „ ast ’ -* ar Easl . and -Eastern of the speed linuL These changes are part of a routes between Gatwick and spending. - -«2sdc'~-:'Cidl. --lwrisins 

sue recalled mai omy lasiyear tm.- i * . Eurooean countries are exneeted ^ ^ mmniov nattorn .rfinktmenir r Uccmu. / KVfinHi.mh sj_j ,iinA,i; nn 


a Labour majority of 23,000 was snori-ieru* ouuuun iur uiv traoinonai maienais line steel Last month moped r 

overturned il Ashfield ^another chemical industries is bright, and paper. Ste? IBM ° ftJSft WH? tions grew by 75.8 per - 

mining constituency ’ The present upsurge of domestic There was overcapacity in 19S0 - Economic Models 7 85R aga]nst - the figu re 

PoUinc in bath' 'by-elections demand for paints, detergents many traditional material sectors lember last year. 

m. and toilet preparation would and this would keep prices down “The decline of the U.S. dollar ' • • • 

soon start filtering down to basic and. stiffen competition with ahd the . acquisition ' of U.S. ■ r • 

chemicals. plastics producers. chemical companies by more t Jj — 

The oil and Feedstocks surplus Output of- plastics and syn- international ?y oriented Euro- JL/OIlGOn SilG 
would reduce the relative price thetic resins would grow by an pean companies may also harm - , 

of chemical products during the average of 5.34 per cent a year .UK trade in third markets.” Pft-SmPSIff 

next two years and so further between 1978 and 1983. But this J o v auvau 

stimulate demand — particularly was still expected to be 1.6 times 

for fertilisers. the average annual increase in I?vnlA»*ofI#i»i of State for the Environmc 

The continued decline of the real GDP in the UK during the Jl/XpiOr<aI10n.. granted outline planning ] 

U.S. dollar would lead the same period. _ A ' sion for development c 

Organisation of Fetraleura Immediate trade prospects for i OITinSinv 10-acre Morgan Crucible 

Exporting Countries to base oil the UK cbemicals Industry were L/vUIJjaUj Battersea Bridge Road. 1 

orices on a basket of currencies. ’’ encouraging.’* but tbe medium tor fypi nit stihv rnmnanv worth, south-west London 

T*V;„ umiiM rait «« t>.« form w>c Id» M(im is. - ^ -'‘X-k l 


Last month moped registra-| cnm P , ? x pattern of adjustments Glasgow / Edinburgh, provided allocation.. ^ 


iBfM" Fwnniin Uons grewhy 75.8 per cent to !° U K internal air fares that that the child Is aged 12 or Department JofV Environment 

1980. Economic Models 7 85R agaJnsr tbe figure ln Sep . includes ^ the > introduction 0 f under and Is accompanied by at figures vhowed that In the first 


London site 
go-ahead 


senior citizens’ fares. This means least one adult 

BMA warns Government 


FINANCIAL TIMES REPORTER 


three months' . of tbe . financial ; 
year, local authorities use4 only . 
18 per cent' of theft- capital 
budgets. If this- continued, the 
shortfall by next April could be 
almost £90m. . ' 

With the annual housing 
investment programme due to bs 


takes place on Thursday. 

Dock jobs 
cut plan 
approved 

By bn Hargreaves, Shipping 

Correspondent orices on 3 casket or currencies. ” encouraging. " out toe medium tow fypt hr innv rnmnanv worm, south-west London. B w. — 'wl™ - ' . “‘“’“J"' uiuup— prates- "** - ~" r v-“- 

A PLAN to cut 1,400 jobs in would pul up 0,13 pnce of term oullook "’ as ‘ less P Tomis - is not bolding a board meeting The development by Wates. monthly magazine, says that if 500.000 managerial ?nd**rofa!! Mr Freeson also tola the local 

the next year at the Port of on Thursday as inadvertently Ltd., includes offices, housing, the professions continued to be sional staff— had the industrial authorities that the' Government 

London’s upper docks was hsted yesterday in the Week’s and public gardens and riverside - pushed aside ” by Government, muscle to win changes through intended introduriife ' a new 


MR PETER SHORE, Secretary British Medical Association brought into play.” Investment programme due to w 

of Sute for the Environment, has has warned the Govern- The association’s members ann °uticed at the endrof Nora*: 

granted outline planning pennis- “J® 01 **“* ■ continuing erosion could not take industrial action ?**: “ r - 

sion for development on the of standards could force it to that risked harming patients, ^tearing to the local authorities 
“m ® D fgTSl e V,l Ho3t , i,s Dew ^ ound industrial However, the newly 'forraS that the present . M WU* . 
Battersea Bridge Road Wands- muscles - Managerial, Professional and wea bened the case, for a forihor 

worth. south-WMt London. R MA St ^ nR y ^? rdcd lead ®- r ', n s . taff . Liaison Group— profes- expansion of the . capUal 

‘ * “ . BMA News, the association’s sional unions representing Programme. .--•••• 

Thn rlot’a nnmsnl Kv Welm —.tkl,. ..... IV.... :e ennnAA . r- Mvuuug 


the next year at the Port of 
London’s upper docks was 
approved yesterday by the port’s 
boa rd. 

Tbe plan will now go back 
before the joint union-manage- 
ment committee which drew it 
up before being presented in the 
next few days to Mr. William 
Rodgers, the Transport 
Secretary. 


Quality key to British 
exports, says Japan 


Financial .Diary. 


its industrial muscle “ could be discussion and argument. 


by James McDonald 


Radiation survey shows high health risk 


housing subsidy system fro®' 
April, 1980, and provision for 
this would be included in a nw 
Housing Bill which is likely.' tn 
be introduced in the Commons 
late this year or early next year- 


oecreiary. BRITISH manufacturers could be good. You are trying to break BY PAUL TAYLOR - 

“x” JnrflrtnWnU failin S t0 obtain a larger share into a market where consumer . £!¥mw „ „ , w 

decide whether the undertakings o{ the j apanese m arket because satisfaction is very high, so you A SURVEY of ultra-violet 
about restructuring the ]obour t jj eir ^a^ing strategy, says are fightr-j with one arm behind radiation hazards ti* three 

force and uie rnnnitonr?* sysl&ui Xadr.’ Kalo, Japanrc Ambas- your back. British universities has shown 

for pushing it through justify sa dor to Britain. •• Fnrthprmore th*. a m that almost half the laboratory 

releasing the first tranche of the -Now is the time for your netTOkwo^%BHer iS d j™J ultra-violet sources present a 

£35m he promised m July to trading companies there to Vh^ m th^ irK " in Japan “ high risk •• to health, 

meet redundancy costs. change o\-er to h :h volume and „ , L The study, undertaken by the 

There is little doubt that he low margins,” Mr. Kato said in Mr. Kato had a consolin’ mes- — ■ 

will aarce lo allow the plan to a discussion with several UK sage, however. The 120m con- 
proceed on the basis of a level businessmen, reported in the suraers of Japan wou' ! buy 

of agreement between the PLA latest irsue of rhe Director, the everything imported if it proved 

and its unions which many journal of the Institute of 10 **. betfor i .an a “made in 

regard as unique in the port’s Directors. Japan ” product, 

history. While Mr. Kato believes there Japanese figures showed that 

Under the plan, unions have is scope for Briii&h companies British exports to Japan in tbe 

agreed to remove over one to do better in ’apan. be sug- first five months of this year 

quarter of the workforce at the Bests that it will be an uphill were 39 per cent higher than in 


A SURVEY of ultra-violet 
radiation hazards In. three 
British universities has shown 
that almost balf the laboratory 


tions for laboratories posted 

generally.’’ cause a 

Equipment which emits ultra- the eye 

violet radiation is used Id senile c 

Laboratories for a number of 
processes and experiments. Injury 
including photopolymerlsing, 3 J 

slerilising, fluorescence and Howe 
p hoi oactivation. reportet 

The departments studied in- Jury art 

eluded chemistry, textile between 

science, geology, biochemistry. . 1 

biology, medicine, printing. Fifty-' 

forensic science and meehani* Jrtolet r 

cal engineering. °f ihe 

- Exposure to ultra-violet P r «sent 

radiation can . eau.se either moderal 

short-lasting or occasionally at a "' 

permanent damage to-tbe eyes Of th 

and skin. Prolonged and re- risk son 


The study, undertaken by the 
National Radiological Protec- 
tion Board, discloses • general 
lack of awareness of the 
hazards of u! ira- violet radia- 
tion and heaJUi prolection mea- 
sures among university staff. 

The Board began the survey 
at the request or the Radiation 
Protection Officers at Die three 
(un-named) universities. The 


upper docks during the next year battle, for reasons other than the sai. period of last year, findings were published yester- 
in return for a renewed effort tariff barriers. while Japanese expons to Britain I day by the Board “in fee belief 

to make the upper port viable “Japanese quality is very rose hy only 17 per cent 


day by the Board “in Ae belief 
that they may have ' Implies- 


peated exposure is thought to 
cause a gradual yellowing of 
the eye and the formation of 
senile cataracts. 


v** u,~ t„ PT _, Change sought 

in law on deer 

and lo only three cases was a m, .. • ' 

adequate persona! protective A CHANGE in the law may be.: 
clothing such as goggles and r? eded 10 protect red deer on 


However, the study says that 
reported cases of genuine In- 
jury are very rare and no link 
between exposure and cancer 
has been established. 

Fifty-five sources of ultra- 
violet radiation were studied. 
Of these 24 were said to 
present a high risk, 15 a 
moderate risk and 16 no risk 
at all. 


gloves worn. 

The report concludes that 
the general standard of engi- 


Exraoor from wholesale slaugh- 
ter, says -a conservationist 

Mrs. Heather Machin, North 


heering controls was inade- Sf von Se cretary of the Devon 
quatp. administrative controls J^ ust fo v Nature • Conservation 
were poor and although protec- fe ? rs 1,181 gangs of poachers, 
'live clothing was sometimes- who have . plundered huge 
available there were no signs Du ^bers of roe deer'in Wiltshire 
warning staff to wear it. £, nd Dorset may mow' t Q 

Exmoor. 

A Limited Survey and Evalu - She said that the legalise* 


Of ‘the moderate and high •.“KK «/£££?. SST® 

«* "° rCgS ' n °" e Sg a «^ MH*' WTO £ SLd 


pb 


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Pr 

pr< 

ch 

BY HA 


THE PF 
decided tc 
allegation 
Wilson ft 
number c 
were com 
paign a sa i 
Parly on 

1974 Gem 
The foi 
allegation 
lowing th« 
affair. Mi 
was, had 
an orches 
himself, t 
Lady Fi 
Marcia W 
The Pr< 
Sir Haro 
drawn sol 
Subseqi 
l old (he 
did not 
prietors 
instructed 
round a 
maieriai." 

The Pr« 
in hear 
Sir Huroh 
formal en 
On the 
acoinrt i 
council sj 
Royal Cc 
that (her 
Labour bi 
The Pr. 
is one ni 
lished tod 
In ana 
council 
against tl 
Daily Ex', 
picture c 
Henrietta 
death in 1 








UNION NEGOTIATORS totally area, led to a large pay deal with a much improved offer* 


Ink ban 
may hit 
Fleet 


in 


BY PAUUNE CLARK, LABOUR STAFF 


MR, DAVID ENNALS, the Social efforts by the Advisory. Concilia- prospect for JJ* Xwed 'SonelY onl^becSi^th! 

Services Secretary. had a difficult tion and Arbrt ration Service jto with TJdly ^cai^he .. 

weekend, with unioa uproar over find a solution, have all. been workers EnSjs Saf i? wouid he^ SSmmrir? • 

his controversial reference to about two sides protecting over JjgJ; J 

patients’ dying asa-result-of the questions of. principle. /:• . put it: f we m tS rae jSr^-'SHw" 

if oc n matter nt rair,. ;nr/imes policy u we were IQ . Alien, in durj. me nosjHtai • 


rejected a Phase Four S per cent which became a pacesetter for 


hauliers' nationally] 


pay offer made yesterday by the drivers’ settlements In England doubt whether there .is any. 
Scottish region of the Road and Wales. chance they can .settle within the 

Haulage Association to ils Mr. Peter Talbot, the union’s guideline, 
drivers. area secretary for commercial Last year, the West Midlands, 

Officials of the Tr.mspnrt and transport, said the offer was not -which settled at 15 per cent 
General Workers’ Union suid only unacceptable but the following selective industrial 
after the talks that the employers had made no attempt action against Individual corn- 
employers must improve the to negotiate seriously on the ponies, set the average rate for 
offer substantially abore the claim, which also includes a other regions in the association, 
guidelines nr they would face shorter working week. 


traditional'parity with the private; 


settlements. 


certain industrial action. There would be no alternative followed industrial action else- 

Scotland is the- first ar^a but industrial action if the asso- where, including a drivers' 
within rhe tiasuriatinn tn begin ciution maintained its position, strike in Wales, formed one of 
negotiations with the Transport said Mr. Talbot, “and the the most major breaches of the 
Workers over a drivers' claim of employers are well aware of 10 per cent Phase Three guide- 
between 20 and 30 per cent, that.'* . line. 

fixed nationally. The association's Scottish Road hauliers last year were 

The uninn has taken the lead region, which represents about upset at the way the Govern- 


strike in Scotland, whir-h crippled he was optimistic that the elation believed the hauliers had 
road transport throughout the employers would come - forward no option but . to do. 


Farmers 


General Council 


priorities 

BY CHRISTIAN T 

FARMERS SAID yesterday t, t , v - c mn 
that (he agricultural workers' - LANS FOR a new 
claim for a minimum £80 public service Jinio 
weekly wage and other benefits Government s .pa 
would cost the Industry SSOflm tarr policies wer 
a year. yesterday by the T 

Mr. Alex Lewis, chairman of Cabinet." the finance and 'general 
the National Farmers’ Union purposes committee: 
labour committee, said that Ihe Eut it is not cert 
total claim amounted to an Tl'C General Ci 
increase of 125 per cent on ihe approve (he idea 
current £625m a year labour public services conn 
*””• . „ it meets tomorrow. 

The '•ran lovers made no offer 1 vi l imv->h Mr Mn> 
hut said they would prefer to the Transport Work! 

■rive priority ( 0 higher differ t0 „ ie p , an ye sterd 
entlaLs for responsibility and it was restricted to *i 
skill, to restonne the ov-rtime sect cirs. his union ai 

ra : e . *° l - a ha ’ f an ,1 neers have been w; 
ra-«ne the basic rate. pH iniDl -. irr , some 

'e£V£n™ eTDmQni ' S 5 Per vn ' n ™' "bargaining ‘ 
cent guideline. The phin , wa5 e( 

Mr. David - Basnet 

Textile union jSf'JSTS" 

f?ry forum for ,obl 

aaflUi 15151 ters about public 

EIGHT union officials have and cash limits, and 
been shortlisted for the post mat some 3ro workei 
of general secretary of one of £na local - govern 
the leading textile unions, fllr. health service, edu 
Fred Dyson, general secretary elsewhere, are not 
of the Bradford-based National nated against” in p 
Union of Dyers. Bleachers mg. 
and Textile Workers, Is to Mr. Basnett said t 
retire in September next year, committee would no 
Voting by secret ballot has existing collective 


eraces grouping 
Ians advance 


BY OUR LABOUR STAFF ’ 

EMPLOYEES of one of 
Fleet Street’s leading ink 
supply companies started 
picket action on national news- 
papers. yesterday and claimed 
to have prevented some 19 
tonnes of- Ink being delivered 
to the Sun. . 

/Mr. Bert Hard v, the news- 
paper’s chief executive and 
general. - manager, said last 
night that the Sun was supplied 
by three Ink Companies, but If 
the picketing continued “ prob- 
lems could arise.” The time is 
clearly coming when we will 
be. short of 'Ink,'* he said. 

About 100 members of the 
National Society of Operative 


a T! . d r Src^eo Verslip^vfc to easi’ criticisuim this: case, went through ^‘thefemi. 

A scheduled Press conference cransmen w > »uper?jsfc j&cbel Kelly, chairman of intervention oF Mr. Enaals-4s, 

on proposals for an up-todate \r a - 7 j;/p a _ on f v *- ttP h management side, said what has since upset differentials 

Industrial- disputes procedure In very aiuereut SSrerday that there was con- between themselves and their . 

the National Health Service had The problem Is not uncommon i5|£ a bie sympathy for the supervisors. ' 

to be taken side by side with a faj industry, where overt! rae.pay- *;. n ervisors who had had! to wait • * . ■ 

further briefing on one of the ments and productivity deals can . SJJJ: years after the 1974 j 

worst and most disruptive dis- lead to manual workers earning ^organisation 0 f the* health SCHCIDeS ueiayefl . 

putes ever to hit Britain's NHS more, than their supervisors, but ,, efore being offered an The hospital elecUiciaus, JjW ... 

hospitals. acceptance of a totally new pay Qoropr iate new pay structure, their industrial counterpart, also 

It . is dear that even the roost structure where ibis, problem app , . „ mOQn ,„*,uo received thmr£S50. a week bonne 

perfectly constructed disputes exists right from the start is seen The JJJS » fo r» from last September oidy heausa’ ' 

procedure could not have pre- as a very different matter. have asked the. Government for a g?m iasraep^m«r _ong Lgaure .. .. 

vented, the industrial action To aireet the anomalr'the chance to ,, te P Vrt ta 

which has been taken over the unions have asked for a 15 per deal could_be semunm sell s£rvi .J ia Dro( j uct i V j t y g-v" 

past month by 3.500 hospital cent bonus guarantee, which is financing. They havemade pro- fact that marlV • 

works supervisors — middle man- the same as the craftsmen posals to this affect because they . 

agemenr group not noted for its receive. But this has. clashed are confident t 5ff r industfial coumlriS^^ ' 

militancyf with one of the principles which instance, in the field ^of .energy their^ndurtriai i SS5SS&?-- 

Mr. Ennals made it clear the Government has shown itself saving in . the health . service, ' 


itself is | 
collective | 


BY CHRISTIAN TYLER, LABOUR EDITOR ' 

PLAN'S FOR a new grouping of But the GSHVIJ itself is 
public service - unions lo tackle anxious to bolster collective 
I the Government's. pay and mone- bargaining in these sectors with 
[tary policies were approved machinery for comparing wages 
yesterday by the TL'C's. ” inner with .outside industry — perhaps 
Cabinet" ihe finance and "general a modified Fomr of the pat- 
purposes conunitlce: . research conducted bn behalf of 


clearly coming when we will militancy. with one of the principles which instance in tne receiving their 

be. short of ^nk,” he said. Mr. Ennals made it clear the Government has shnwp itself saving in the health sernce, are ms - 

About 160 members of the yesterday that the argument prepared to fight bard. to defend could provide geneuine produc- because ol^te!\lh 

National Society of Operative over the supervisors’ wage under its. post-Pbase Two pay tlvity s avmg>. • . *^^ith 

Printers, GraphicsU and Media differentials was essentially a policies. The whole problem might have authorities - 

Personnel - at the Usher Government pay policy dispute. . This is that no bonus: scheme been suneiViso^ ■Se^weafia^S.Si 

Walker factory In the East Yet the numerous attempts to is acceptable under the pay the private electrical contracting anje™oiw 

End are defving their union find a solution since the Indus- guidelines unless it is genuinely industry' agreed to a bonus deal Goveroi^nt s cs^ . 

leaders In a strike which could trial action began to indicate - self-finan ring and not applied for all its employees, w bether of pnncipl& must ^be pnrtected . 

affect Ink supplies to all that the dispute is not just automatically across the board, they were able to be part of a at a it costs. . . 

national newspapers. the result of a straightforward Mr. Ennals clearly fears, thta genuinely 6eir-financlng produc- The < "■ ■ 

Mr. Jim Barton, father of demand in breach of last year's the scheme, if applied to‘ the tivity scheme or not. The Govern- ’^g has Jlteds 

the NATSOPA chapel at the ten per cent or the present five supervisors, would affect differ- raent at first opposed the deal, cl^d ,30.1^ more .^tiente pn 

company, said that the strikers per cent'policy. entials betw'een them and their but finally allowed it through - 

would regard any driver bring- The four meetings held so far seniors, so leading to further pay after the Holliday Hall company public slap gjpg -rpateft between 

ing ink to 'Fleet Street from between management and the five claims and further phoney pro- based irr Croydon persuaded tne Mr. Ennals ana tne tauoas- oser 

other parts of the country as unions involved since the Indus- ductivity payments .among one of High Court that it was obliged who is re sponsi o le - 1 or Indus trral 

“ scabs w . as long as the dispute trial action started, the several the largest groups of public to follow the agreement tor the actnrn «'hica hour, rsiaes' have . 

lasted. direct and indirect interventions sector employees. . Industry. finally admitted, is endangering. 

“We Intend- to picket Fleet by Mr. Ennals himself, and now This would be a daunting The Government, however, sick people s- liyes,_ . 


Eut it is not certain that the “'bite-coilar civil. servants. 


Yesterday, Mr. Tom Jackson, 


approve the idea of a new of the Post Office Workers, said 
public services committee when postmen should he included in 
it meets tomorrow. a public service committee. But 

Although Mr. Moss Evans, of it was apparently derided that 
the Transport Workers, assented- nationalised industries were not 
to tiie plan yesterday, provided- eligible, having, in theory at 
it was restricted to “nan-trading'*- least, the muscle power to fight 
sectors, his union and the engi- their own battles with Govern- 
neers have been wary of it as ment or Treasury. : 
implying some limitation of Discrepancy of treatment for' 
unions bargaining freedom. public and private sectors if the 
The plan was conceived by rigid Phase Four pay controls 
Mr. David- BasnetL of •. the are lifted is one of the problems 
General and Municipal Workers facing Ministers and TUC 
Union. He sees it as a neces- leaders. 

*»ry forum for lobbying Minis*' They meet again - tonight for 
ters about public expenditure what could be a watershed in 
and cash limits, and for ensuring their search for a new concordat 
that some Sra workers in. central on incomes policy. The TUC is 
and local - government, the pressing the Government to fight 
health service, education and its battle against inflation 
elsewhere, are not “discrimi- through price controls, and for 
! nated against ” in pay bargaiiv the 5 per cent ceiling on pay 
I ing. settlements to be lifted. 

Sir. Basnett said that the new Although Ministers are dis- 
; committee would not supersede cussing the possibilities of fur- 
existing collective bargaining ther price measures, they still 


« »«rog By secret ballot has existing collective bargaining ther price measures, they still • The Evening Standard failed 
to be completed by November .machinery nr»r the work of other have to satisfy • themselves that to appear last night. It Is 

15, but unless there is an jTUC industry committees. It the TUC can deliver a promise believed there was a dispute 

absolute majority for one can- would be left to devise its own of self-restraint by the shopfloor. involving machine * room 

didate, other ballots lvill take system of dealing with govern- sufiicient to keep inflation in workers, members of the 

Place ! l menu single figures. - National Graphical Association. 


Personnel - at the Usher 
Walker factory in the East 
End . are defying their union 
leadens In a strike which could 
affect Ink supplies to all 
national newspapers. 

Mr. Jim Burton, father of 
the NATSOPA chapel at the 
company, said that the strikers 
would regard any driver bring- 
ing Ink to Fleet Street from 
other parts of the country as 
M scabs ” as long as the dispute 
lasted. 

“We. Intend: to picket Fleet 
Street ail week,” he said. 

Mr. Burton said the strike 
was over management suspen- 
sion of pay in fall for workers 
at a period early in the dis- 
pute, which has lasted nearly 
two weeks, and over redund- 
ancy proposals. 

Leaders of the anion have 
refused to ' support the 
strikers, and have denied that 
management of the company 
has been in breach of pro- 
cedure in Initiating talks on 
15 to 20 possible redundancies 
In the company, 

• There was little hope yester- 
day of a quick end to the 
dispute that has halted publica- 
tion of Scotland’s Dally Record 
and Sunday Mall. 

The TUCg Printing Indus- 
tries Committee, which has 
been asked to intervene in the 
10-day old dispute, is not ex- ■ 
pected to meet until Friday. 

A committee member said it 
was doubtful if any positive 
decision would be taken then 


Banks and unions study 
report on recruitment 


8Y NICK GARNETT, LABOUR STAFF 


BL faces 

parity 

threat 


THE TUC. along with the clear- the TUC— but to tittle avail. Westminster will also continue •• . > - • . 

ing banks and their employee Earlier this year, be gave a to consider joining ASTMS By Our Midlands^ Cormpondefit 
organisations, will want to study thinly veiled warning that although the National West- 

very carefully the implications of ASTMS. which has about 5.000 minster association has stronger gL COULD still face a took 
the report by Dr. Tom Johnslon members in Midland Bank, ties than Barclays with NUBE. makers* strike "unless manage* 


on staff representation in the should keep ils nose but of 
banks. banking. 


Trade union leaders, including 

! Mr. Le n Murray, the TUC general NUBE 0181 lt wouW aot be in 


of The banks as a whole nri?bt be ment promises- to bring forward 
concerned at the formation of pay parity arrangement* not due 
°f“ a trade union which might be to be fully imwemenred imtfl 
. m expected to be a stronger and next November:! - y - : 


secretary, have been deeply con- more determined negotiator, [ The committee of tfie unofficial 

cerned that union recruiting i* ^° nUnae d recruit- paft ]y because of its increased [ body of BAOft toolmakers tat-bje- 
disputes which' have bedevilled ws .^™ nce : - w size and partly through its full; Mr. Roy : 'Fraser - : meets in ' 

blue collar sectors. ar e TOC ’ Birmingham - today T :<d • deride 

repeated among white collar ^ “Hge^wli^toe Gu^ian out ; whether to/strikt lu a weeks 

workers, who provide the unions' ^ rolSto" 8 sS* 1 in Vbther weighed, however, by the bene- time in support bt32 ; rebeJ tool-: 
biggest new recruiting field. insurance companies, inclading fi ts of a single trade union for makers at.§U .-Find'- Systems if . 

One question the TUC will the Phoenix. the clearinc banks, a principle the management ha? not "by then 

want to answer is whether the . generally supported by the agreed to mcetiifeiriepresenta- 

report. which proposes a new Tnemnep banks. tlves. '■ 

I federated an< ^ *nTfu*<iiii«»«ii ajiauinucc » . . Th» if>.u-eoir >.i:t' tiwira f,u rh B 


-week qld : 4trikfr by the 
d alMiurto collapse when 


I federated and TU(>affiliaied ThP eleare« are also conscious The 12-week old epflkfr by the 

banking union made up of the At the same time. ASTMS. th at negotiations over pav and 32 seemril abqpr to collapse when 
existing National Union. of Bank whose membership at Midlands Is other issues are made more support - frajm^Mr; Fraser's 
Employees and the clearing bank thought to be slipping, has difficult for them bv unions com- organisation was.^ostotticd aflcr 
staff associations, could lay the announced that it has no inten- peting against each other reports that. parity Jsas to be 

basis, for a more rationally tion of giving up its members v 0 r accelerated. - : :• 

nranniwii uninn rumiitmont >n the ..j >i Whatever the outcome of the - • ■.*—*•« -j ■ • -- u 


basis for a more rationally tion of giving npltt members ^ 
organised union recruitment in .the Midland and instead will Whatever the outcome of the 
structure In the finance industry., continue its recruitment drive report, a total resnuffle or tne 


recruitment in .the Midland and instead will J3J? 1 °"£?£L e % Hi This ias'.a^M :W give- the 




Wsm 


Umbrella . their timp In their atfifi.rioc tn i ,,cw arrangemenB w* ihuhj. auu 

__ , , . The staff association there has “f, ir .v 1 " ® 171 tneir attituaes to s f nke threatis anain' On. 

Under the proposals, the been discussing a possible mer- collective bargain*. TtoSSSvSSSJffi 1 ! S»*to 

ojfrail umbrella body to be ger with NUBE. It was also important not to gau-l whefhS^aawrvi-oiild 

to *^ e J U C would Before the TUC becomes exaggerate the strains between be able- to counrim «nburit wip- 
Include NUBE - and thp staff directly involved in tbe wake of the staff bodies, although port to make^Sri^Silvr 
associations within the clearing the report— if in fact it does- national and domestic machinery E 

banks, together with NUBE’s rhe main participants in the has broken down. lErSiSiX 

membership outside the clearing inqulry-NUBE. the staff asso- „ 

banks, including those in insur- elation s in three clearing banks HarmOliV a S ainst T ~^-~ ,t 

anep a trsdltinnnllv ACTluc anH th« h^L-r U?ial action. ' 


r f„ on ““ u . e «■ recruitment drive jSotfitlM st^ tbei men £S4.76;..r.and>e could not 

It is not a simple question; iD lhe banks. almost certain- count on. tnen: coining oat. in. 

Already, Mr. Clive Jenkins’ Asso- That drive has so far proved T i sympathy 'wWL/nsi^liep- they 

elation of Scientific, Technical rather feeble although Mr. Jen- *w n ?'i55.' - tt Y : nst ? n seemed' about . io - get £11 for. 

and Managerial' Staffs has given kins Is determined to fight out sa^s, that Industrial rela-j do j ng nothHig? 1 "‘Mr. George-, 

notice that it will fight tbe pro- with NUBE, within the TUCs “ , v tBe i)anks are peaceful.! R e gan, the SCstrifeJeader, said 

posals with the TUC. disputes procedure, the issue of w v*' ,. ron f» Pressure towards | night ■ - 

!?S_ r _^ p £ e J sentatioa at Bank SnE^re “probably 1 ahead Hi f / But tI,e contpiby-Tias" denied 


new arrangements on parity; and 


associations within the clearing the report— if in fact it does- national and domestic machinery 
banks, together with NUBE’s rhe main participants in the has broken down. 
membership outside the clearing inqulry-NUBE. the staff asso- „ 

banks, including those in insur- ciations in three clearing banks HannOlIV a S ainst T ~^-~ ,t 

ance. a traditionally ASTMS and tbe banks tberoselves-wiii * J tnal action. _ 







area. have to decide on their formal ^ ie report says the joint ~r- — — • — r~ 

The overall hodv wmiiri stand. national council set up in 196S OR ITU A 19 V - . 

include a° medal newly formed 11 would a PPemr th »t NUBE should be revived, with the same “ ITU ART;. .. 

and seml-autonomous section wou \d go along with the pro- balance between national and w * T ' 

representing staff solely lathe P? sa * s ' providing the structure domestic matters. Tbe way JVlr. Bill JOllIl 
clearing banks. t * le um brella body can be forward is to be found in the _ _ . • .■■■•*. . 

“We axe extreraelv hostile to worked out satisfactorily. harmonisation of staff repro- : ^ Labour Editor 

the sStSi 5 of a new TO c- ’ n,e new union would be TUC- sentation which fits in with such MR. BILL JOHN; a senior. exK»y 

affiliated umbrella organisation affiIIale d and, assuming that a two-tier structure. Uve councillor of the Amafea- 

which will cater for people in some oC the lead in« figures There is no evidence that the mated Union of Engineering 

jobs we already look after’’ Mrs v, ’ ithin NUBE took prominent staff associations want lo join Workers, has died In hospi&ir: 
Muriel Turner, ASTMS assistant post ? within th = new b ®dy- if NUBE as presently constituted aged 5S. His career had b«m 
general -secretary, said vesterdav * 0U kJ provide them with u hat and the report a*ks why thev increasingly dogged by ill-heallb- 
i. iJrl! , toy believe would be a firm should. They arc larger thaii > He was a leader of .Ok- 

At least one or tne start platform for recruitment outside NUBE in the clearing banks and! moderate wing of the AUEW: 

^ c,earin S banks. ' can protect lheir autonomv. The union's engineering sectaui.' 

SShTftlfq rv- i*i , T},e employers have a part to will now have to call an elecdon-- 

re^tioSHJ?tb b NimE dY P B |S hke ■ - play by working for the for the South Wales and Sb^_ 

r Hfr^t N eS?s E up.by push. Lloyds staff association has “liS ! 'SS? FIS Jff 

ing that association into the. been in long merger talks with that fhev w-elcome 1 A infl P Er “h? tnri^r : 

SSSe'M-MT more "SMS SSKEE for - Mnl 

The existing problem is a ciations at Barela™ and National * inslc . . r bannci | branch secretary then .n regional 


Mr. Bill John 


aims of air. Jenkins, the 
relations structure with! 
banks Is Ukely to become 
chaotic than it already is. 


The existing problem is a ciations at Barclays and National rpnresemaiinn nnH ,i. u nc ! f Ci r i ,a . r ?- r e V i 

serious one— for the TUC for Westminster is more difficult to IhouIdHixlmt l h - fin « b «' nk * • m^nfhpr f B E° ' T k H % Pari?' 
the banks whose national nego- assess. T*.- Qar ii p P V 1 chL iV " s f' ' \ nf Laboi, ^.Z a SV 

tiating machinery has dlsinte- The Barclays staff association tbeir dSnc £SS&n™ n1 ? n * I SKI-"™ cxecutiVE comTQllee for 
grated and for the staff bodies has an intense dislike of NUBE. S *L™t > lh ^ E , ■ v ® a ™-. . . .. - 


ing out tbe difficulties between That unions believes that the but not a°ree 
those organisations affiliated to staff association at National arrangements! 


Any society -which needs food preserved, stored 
and distributed widely is going to need the can,for 
a long time to come. 

But is there any way we can make more of our 
natural resources .ky reusing the tm and. steel from 
the discarded tins?’: \ . 

.Vfeset out to&nd theaiiswer, andestablished 
I^eriaiReco very Ltd'—a^ioint yerrhjre with ■ 

EritishSteel and Battto^orRoijinspii-rrto recover 
and recycle hsedcans. '' .r " -'fc' 

' So far, tdiexesults^e ei^oiiragii^— despife the 
added oj^of'CoUddtiagr^iwaiiflSj^ r v. - ^ ^ - .. # : - - 4 ... ... .. v - 

thfeused cans. And the ^xpermxent gorikon . : ... .0 ^ fii V-‘T 

' . Ma^je'Britain.wili facable to rdpyde al2^ts : ' ; ; •: ' ' / V .-. i : * 

,-uswcans.one day; ; : "■ [ ; v ' ' •* ! -"V. r : T. v ^ >;v‘. ' .-Vt 
Arid thatwillbe justqne au^reca^e pf Met^ Box ..v 

pointing the w^f or othersi.,^^ J The fuUcycle^ifslVletal Box's ainil 


1 LU. j Party nnrional executive.' : f. 
snopj Mr. John leaves a ..widow, 
Phyllis, and a da ugh tec, Pamela. 


New law 


Tbes* Bands having been sold, this HUUNuttemenf appears as a matter of record only. 


October 24, 1978 


Queens House, Forbury Road, Reading RGl 3JH. Telephone: 0734 581 177. Telex: S47437. 




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U QV 


Financial Times Tuesday; October 24'lflW 

he Severn Bridge is undergoing major repaifs'again. Bnfm cxjrrmon 

with other estuary crossings, its, problems are. more than structural 


wl'ST FIVE months after it was 
•o-oppned to tnur-iane traffic the 
Warn Bridge, which carries 
ho M4 mosinvay airoas lha 
*■. •_ Bristol Channel, is m trouble 

Problems in tIk- expansion 
oints have Jirii the Ministry of 

• Tvansport tu »-iowr one lanr m 

• -acJi direction unlit The now 
- ' , :n* at t!td earliest. Last tun**. 
■. he bridge had iraffir re sine- 

sens for 13 mnnlhs, leading n» 
normous delays at peal; 

. hth»cI>. As if this were* not 
nough. i:orrus:on appears iu 
' jaw att.K-kod some ui riie 
. iiw.se r cables. 

Meanwhile, a public .tiquiry 
'■* •*P*- , n i«day tn i-oiKidcr &n 
in the lull from !2p 

• " • II lip — predictably o:jc which 

as rau-snd an outcry. Som** 

<> iTLranisaliuii.s haw* Jou^d 

. . - bjoeu-ms. 

The bridge via? npiriud in 
biib .iidi riie 11 in vehicles" whu-h 
ro.ss ii until v L -ar provide an 
acoJiie of i‘1.3ni. The Act winch 
avo I he Cov eminent the *;■»> 
head for tins bridge 'Staled iria* 

•• -ic £12 Jim capital oust should 
r paid off within -Hi ycafe and 
n»n the tnlln abolished. 

The ilovermnen; i> :n a 
its Hilary aib»ui I* dls. because 
•hi)'* ii has Mid authorise-, 
.-spun. -i lik* iur uliicr 
ml lluy should ra;.-e their 
urge's t»« take account uf lulla- 
on. ir has dune nothing ahiinr 
5 1 mer which it has cuntroj 
-a pi'iicy fur winch n has bi-on 
■icroly cniicised by tin- public ■ 
.■rruints committee of Jhc 
uii'C of Cm unions 
In 1972-73 the (j«ivemra > *!it 
•1*1 the PA<T Thai the 15p toi: 

•r the Krsfunc Under across 

B io i Hyde, opened in JH7I. 

| -mid in- reviewed regularly in 
I filer in max mi be revenue. Ye l 
■kie rate has been unchanged 
nee u was opened. And the 

« t]\ change mi the Severn . 
ridge, was a small rut tallow - 
ig decimalisation. What exacliv , 
the T 1 over muunt's- pul icy? the 
i| muniuee asked in August. ; 

Tflft 1 11 is question iniereviv ihe . 
werainrs ol other estuary i-rn.-i- 
g> wry much. The Cloveni- , 
- cni's general view is that \ 
large and expensive estuarial ; 
■nssings winch produce enn- 1 
• derahle savings in time and i 
- "-J. in users should be xubjtvi ‘ 
• mils," But it qualifies this i 
• adding that tolls should not I 
• imposed “where construe- i 
•n costs and likely traffic i 
»ws arc ton small to justify . 
e costs of col lection.’’ or where i 
arcing would cause "execs- ; 
re diversions of traffir in i 
her routes.' This principle t 
shot through with holes. i 

There are in estuarial cross- 
es in Britain, eight of them i 
•orated by authorities oilier : 








• \\. . V ■•fcfe- • 


The costs gap 
which tolls 
cannot bridge 


than the (jmenimrnt. and aiip — 
:Jic Humber bridge— in l he 
rnum.p of const ruction. The 
imts 1 !. heavily used are the 
Mi-rsey : until -ts: the Liverpool 
in Birkenhead Jink opened »n 
1934 and the twin tubes Jo 
Wallasey in 1071 and 1974. 
Some 20m vehicle a year use 
:». Tim Severn Bridge is lh« 
next ni'i-i heavily' used and 
iben the Ttavtford tunnel. 


BY ANTHONY MORETON 
Regional Affairs Editor 


opened in IW3 and used hy 
lUr.i cars and inrnes. (A'serunrf 
tube MiuulU be opened next 
year » 

Bui there are also 15 major 
closings which are free, and it 
is. proposed lhai the Britannia 
bridge linking Anglesey ■ with 
The rest of north Wales should 
he frpe when ii is completed. 
These exiting toll-free cross- 
ings vary from the Aronmoutli 
bridge, which carries the Ma 
across the river at Bristol. Ui 
the Moray Fifth crussiitg of the 
A» outside Inverness it is 
difficult to sec how soon?, if nnt 
ail. or thete cr usings fail lo 
inccL tlie Govermuenl's main 
erileria of “producing savinga 
in tune and c«si." 

The list uf illogicalities is ex- 
tensive. The Runcorn hridge 
across The Mersey to Widnes 


i- both free and has diverted 
traffic away front the Mersey 
tunnels Tn gef in the tolled 
1 1 timber bridge, when it is 
opcm-ii. many drivers will pass 
over I be mi lot te ( | crossing of 
the iiiisi- at (iamb- un the MC2. 
The ricddau bridge in Dyffcd. 
which generates a minute 
aniniiMt uf traffic — -Just 1m 
vehielft. a year — levies a lull uf 
3(>p. 

Auamst this hnckgrnund, and 
fared with rapidly rising m- 
rer»M charges, the operators of 
four uf the most important 
missings, the Mersey tunnels 
(operated by Merseyside Count v 
Ciiiinnl). Dart ford Tunnel 
i Dart ford Tunnel Joint Oun- 
initiec j. Tyne Tunnel fTyne 
and Wear County Council) ami 
the Humber Bridge (Humber 
Bridge Board) got together to 
discuss how they might break 
out of the vinous circle of 
forever raising tolls merely in 
order to pay nIT interest charges 
on the original capital.' 

l’-aeh built its crossing with 
ihe aid of a government grant 
and/or loan. Bui in every case 
the grant was insufficient. The 
government made a grant uf 
X2.fim inwards the first tube of 
the Hartford tunnel when the 
project was first mooted in 
in:tn. and had tn put up another 
£5.5 m m loans before it was 
opened m 1963. But the £3lm 
for the second tube has had to 
he raised in loan form on the 
commercial market. 

Toll income in Ihe year ended 


lasr April was fff.Sm. which 
amply rorered the operating 
cast of fl.lm. Bui there was 
also a debt charge ‘of £3.9m so 
that Hartford incurred a loss 
during the year of £2.2m which 
added to previous losses, means 
it now has accumulated a deficit 

of £5.4m. 

The position i* worse on the 
Mersey. Its. toil income oT 
£5Jtm was double its operating 
cost. But when £6.1m of debt 
charges were taken into account 
it had a loss on the year erf 
£3.4 m which meant a total 
deficit of £22.9m. Tn eliminate 
this, the toll for .7 car would 
have tt» he raised from 25p lo 
£1.35. 

The other members nf the 
consortium face the same sun 
uf problems. 

Both the Dartford and Tjme 
authorities believe that they are 
part of the general road net- 
work and should be treated as 
such. 

What the authorities now 
want is government assistance 
i» meeting part of the cost of 
the interest charges nn Hie 

loans. 

Interest charges now exceed 
toll income hy a very large 
margin. This has led' to the 
practice of capitalisation— the 
process by which debt charges 
•in loans raised during construc- 
tion are refinanced by raising 
further loans. 

A deputation from the con- 
sortium, led hy Councillor H. 
Harriman, nf Merseyside, 
recently pul the case for some 
interest relief to Mr. William 
Rodgers, Secretary for Trans- 
port. and was pleasantly sur- 
prised when he did nnt reject 
them out of hand. 

The PAC has criticised 
capilisation because of the risks 
nr debts hecoming unmanage- 
able. and Mr. Rodgers has the 
criticism of the PAC very much 
on his mind at the moment. He 
has to reply to the committee 
next month and so the timing of 
the consortium’s meeting with 
him could have been propitious. 


Some shops tokeyour breath away. 





Hectic. On your feet all day. The constant clamour of customers. 
The atmosphere grows hot, stufly and a little too intimate. Time to clear 
the air. Xpclairians will do the job efficiently, ■ „ - 

economically and unobtrusively year in, f 
year out. | 

Mpclair raaie window, wall and roof /- 

fins with touerh. reliable motors and automatic ' 

c* 

back-draught shutters as standard. They can> T * 
a 2-year guarantee and a lull service back-up. ; 

Wherever you live, work or relax, j s ‘ 

Xpelsir lets you breathe much easier. i 


m 


We do it in the nicest possible way. 

(§)Xpelair 

For full details of Xpelair extractor 6ns and air-change calculationai'write to:- 
Publidtj’ Department. GEC-XPELAIR LIMITED, P.O.Box 223, Deyldn Avenue, 
Witt on, Birmingham B6 TJH.Tcicphone: 021-327 1984. 




.V?-' • 


• j ’>' v V % 


v.!.» 





Whether your market is Japan or internal kiiirif. you’ll want lo 
know us— Toyo Trust. We're one of Japan s major trust banks, 
offering full banking services in Japan, especially long- 
term credit. Wc stand ready with the knowledge 


and know-how you require 



TOW) TRUST BANK 

The'lwo Irust & Bunkin'; Co., Ud., Tokyo, Japan 

International Department' AiiiJn-v. - 1*5. l-iJirmir. Niiv'<riUf.iii. Cl me ku. T^kyo. Japan 
l-'lcpltouc: 03 271 7SB3 Td»^: J22Kf3 1 YTWIJ 
New York Branch: A<litr»-^i- 140 BrtmJA.iy |U7tti (l.|. FJ'-w N Y 1DOU5 U-S A. 

1,-IfcphoiHS- '212) 4ft>12:u lok-v.: ?2?fi7z> iHBCUR) 

London Branch: -viirsss: WmjKMi?r | |».»rw 77 t<*f«i»M Wall. Lonci'iu EC2N 1BE. UX. 
Tolophonv: 01-638-2191 Ivlo-.: 88hbt9 TYTBK LDN 

Hona Kona Representative Office: Aifclic.c: 26th floor, Akisindra t |nw •*. Ctiaicr Road, Central. Hong Kong 

IcIcdJ ioi ic: 5-2Bb657 7e!r.' : 361-93 TY THK, 


The only meaningful compliment char matters to us is 
continued passenger support and paironageTii the last 
5 years we have averaged an annual passenger growth of 50T- 
as compared to. 7'-: achieved by the airline industry. 

A four-fold increase in passengers ^Ti 
in 5 vears on our network of 60 cities in ~ 

4 conunelits. Pakistan international 

PI A is grateful for your patronage. Great people to fly with. 




i 


i rlUl. iii i i i?- -aAJi 4 i*, 








Financial Times Tuesday October 24 1278 



EDITED BY ARTHUR BENNETT AND TED SCHQETERS 



• RESEARCH 


r. „■ , • : ttajv . * *. 


© ELECTRONICS 


' V&easures film lengths 


Shows how metal 
panels distort 


SHARLAND MULTI-DUTY filna- 
frame counter sod timer enables 
film and magnetic-film stock of 
all types to be measured with 
great accuracy. Tbe Sbarland 
counter assesses the number of 
frames in a length of film accord- 
ing to its type (35 rum. 16 mm. 
Super S or 8 mra> aod processes 
this data to display both film 
footage and film running time, as 
required. It is a solid-state elec- 
tronic device incorporating a 
Ferranti 24R optical encoder 3s 
the film measuring transducer. 
This encoder provides a direct 
electronic output suitable for 
electronic control circuits and is 
inherently reliable with, poten- 
tially. a long service life. 

The Sbarland multi-duty coun- 
ter can be adapted to operate 
with ail types of film-editing 
units, and projectors used for 
dubbing, and an adapter has been 
designed and is available that 
enables the encoder transducer 
to be fitted as a direct replace- 
ment for the mechanical counter 
on Steen beck editing machines. 

A selector switch on the fascia 
of the counter enable; the opera- 
* r > r to choose the particular infor- 
mation shown on the sivd-cit 
visual display. As film is run 
through the editing machine to 
which the Sharland counter is 
coupled pulses from *hc Ferranti 
d:3 ; ta! encoder, indicating the 
number of frames that have 
passed, are recorded in a regis- 
ter. 

According to the setting of the 
selector switch this basic data is 
then converted by hard-wired 
calculation circuits to show the 
information required. Because 
the data held in the storage regis- 
ter represents the number of 
frames from some pre-specified 
datum position, film footage and 
film running time can be deter- 
mined merelv by resetting the 
selector switch. The equivalent 
length of film required in other 
gauges can also he determined 
by changing the selector switch. 
The count displayed is accurate 
no matter how many reversals 


in film running direction have 
been made in the interim. 

The Sharland counter also 
includes a clock-circuit for tim- 
ing purposes. A repeater circuit 
enables tbe information shown 
on the digital display to be fed 
into a TV video channel and 
superimposed on scenes pro- 
jected on TV screens. 

Roger Sharland Services, on 
Abson (02TBS2) 2725, or Ferranti 
Industrial Products. Thomybank 
Trading Estate, Dalkeith.- Mid- 
lothian, EH22 2NG. 

Circuits are 


CLAMP CROWBARS for protect- 
ing sensitive microcircuits from 
destructive transients and over- 
voltage conditions are available 
from RhopoinL 

These units -provide a low-cost 
answer to the problem or harm- 
ing expensive and delicate com- 
ponents from spurious spikes, 
accidental short circuits and 
power supply, faults that can 
lead to catastrophic failure of a 
system. 

These two-function devices will 
clamp low energy transient 
spikes appearing on the dc 
power line to a safe pre-deter- 
ra i tied level, recovering auto- 
matically when the transient 
passe.;. On higher energy over- 
voltages such as would be caused 
by a power supply fault or mis- 
adjustment. the devices, sensing 
the higher energy present will 

automatically go .from clamp to 
crowbar mode, switching, in 
micro-seconds, from an open to 
virtual short circuit. The unit 
will reset automatically if the 
power is momentarily removed. 

Clamping crowbars come in a 
range of voltages to protect 5V, 
12V. 15V and 28V dc circuits 
with current ratings of either 5A 
or 35 A. Other voltages and 
current ratings are also available. 

Ehopoint: Oxted (08833) 7988. 


LASERS CAN provide a simple, 
safe and relatively cheap way of 
seeing the actual distortions In 
a metal panel while it is vibrat- 
ing. The method has been 
developed by a team in the Cran- 
field Institute of Technology’s 
(CIT) School of Automotive 
Studies. So far. all other 
methods used have been unsatis- 
factory, and it is hoped that the 
new work will have applications 
in the fields of noise research 
and structural fatigue testing, 
apart from arcane applications 
in espionage. 

The technique uses a low cost 
laser to produce a poorly under- 
stood phenomenon laser 
speckle — which can be turned 
to good use by making the areas 
of vibration visible to the 
human eye and to the camera. 

Laser speckle is a fine pattern 
of irregular dots which can be 
seen by focusing the eye on a 
point somewhere between the 
observer and the surface which 
Is being illuminated by laser 
light. 

Each' speckle dot relates to a 
small region in the panel surface 
which, as it moves due to vibra- 
tion. is constantly— but not 
uniformly — changing its inclina- 
tion to the laser beam. This 
movement is reflected in the 
overall speckle pattern, which 
becomes in some sense an image 
of the vibrating panel itself. 

Tbe speckle effect is set up by 
laser light striking the panel sur- 
face and being scattered into a 
criss-cross of rays in the space 
in front of it. When the rays 
cross they interfere with one 
another, combining to give bright 
spots and dark spaces which 
make up the “ pictures ” of what 
is happening on the panel sur- 
face. 

The speckle pattern shows 
streaking over any area where 
the inclination is changing 
rapidly, while the stationary 
speckles indicate static areas, or 
those areas moving directly in 
aod out The need for the 
observer to focus his eyes some- 


where short of the surface can 
be met by using special spec- 
tacles to make him short-sighted. 

In the same way, the speckle 
can be photographed using a 
camera with a defocused lens. 
This, in itself, was a break- 
through by lie CIT team. Their 
method is a tightly defined com- 
bination of camera position and 
settings. 

It is not absolutely necessary 
to use a laser— a good mono- 
chromatic (single wave length) 
light source is essential. The 
beam of the low-power helium- 
neon laser used is slightly 
diverged — partly for safety rea- 
sons — using a ground glass dif- 
fuser. The panel is treated with 
retrofiective paint to concentrate 
the reflected light and make it 
possible to view large surfaces. 

The equipment is simple to 
use and costs in the region of 
£1,000 — the Cranfield work was 
done with ' a £500 laser and a 
£200 camera. Tbe. technique can 
be applied to any fairly large 
surface. Apart from tbe fatigue 
and noise' applications, loud- 
speaker manufacturers may have 
uses for it. and so might con- 
cert hall designers and man- 
agers. 

• Cranfield Institute of Teen- 
oology on 0234 750111. 


' - ^ , 

- '■ v.‘ V. ' - S' ~ 

V’ v 

'•-f- '.A ~. >. T: r 






..Wmim 



This Is the Alpine Newt, a 16-wheel drive 
amphibious vehicle originally designed as a 
.military support vehicle but now seen to. 
have many uses in civilian roles. It could for 


and mountain rescue units. Costing about 
£3.800 the vehicle has a 16 ftp engine and 
joystick type steering..' Speed oh land is said 
to be over 25 mph and on water 3 knots. It 
is built by Crayford Auto Development of 


instance be useful to the police, coastguards . High Street, Wester ham, Kent. 7 


m INSTRUMENTS 

Testing new 
radio links 

USING advanced component 
technology and combining trans- 
mit and receive facilities. Sie- 
mens has halved the price of its 
selective level measuring sets in 
the 200 Hz to 620 kHz range. 

Modern communications sys- 
tems make stringent demands on 
test procedures and measuring 
instruments. Users of commu- 
nications test equipment requite 
that measuring instruments be 
designed to meet differing stan- 
dards, measured to high degrees 


of accuracy and yet be versatile 
and cost-effective. 

Together with a number of 
user groups. Siemens investigated 
measurement procedures on com- 
munications. systems and- tonqd 
that only in 5 per cent of cases 
was a separate transmitter and 
receiver required, i.e., in 95 per 
cent of cases a combined re- 
ceiver/transmitter with the two 
sections permanently synchro- 
nised is better suited. The use 
of separate equipment is 
obviously inefficient and waste- 
ful: inefficient because two instru- 
ments have to be transported and 
operated, and wasteful because 
many of the instrument's internal 
circuits are duplicated, thereby 
increasing costs.' 

To facilitate improved test 


procedures and to reduce equip- 
ment costs, Siemens has intro- 
duced a combined test instru- 
ment that measures system 
characteristics at improved 
accuracies. The nse of Lsx 'cir- 
cuits and combined transmit- and 
receive functions, produces a 
level* loss and gain measuring 
instrument for less than half the 
price of the two instruments it 
replaces. 

Designated K2155, the sew 
instrument has a measuring 
range from 200Hz to 620kHz at 
levels from —110 to *r20dB/dBm 
in the selective mode. Compact 
and robust construction — 17.9 by 
5.9 by IS in (455 by 150 by 
457 mm) and enough strength 
for use in the most rugged work- 
ing conditions — makes the instru- 
ment ideal for both production 
and maintenance uses. A built-in 
rechargeable battery (discharge 


time in excess of 30 boors de- 
pending on operating mode) en- 
sures independence from mains 
power supplies- The instru- 
ment's frequency range covers 
measurements on balanced - 120 
channel systems and voic e fre- 
quency telegraphic systems. 

Two receive bandwidths, 2GHz 
and 3. 1kHz, are incorporated for 
various measurements. _ The 
highly selective 20 Hz filter is for 
pilot measurements on voice 
frequency and telegraphic sys- 
tems where the pilot frequency 
is very close to the interfering 
tone. 

For higher frequency require- 
ments, Siemens is also offering a 
test set which operates in Hie 
200Hz to 6MHz range. This set 
is designated K2Q19. 

Siemens House, Windmill 
Road, Sunbury-on-Thames, Middx. 
TW16 7HS. 09327 85691* 


Counts and controls 









•%. 


A PRE-SELECTING hatch 
counter and controller' suitable 
for use with a wide range of pro- 
duction machines in industries 
such as textiles,. . coH-winding, 
food processing, packaging and 
many others has been put on the 
market by Control Ability of. 
Blackburn. 

'. The desired achieved count is 
set on thumbwheel digital indi- 
cation switches on tbe front 
panel and when the actual cotmt. 
shown on. another (electronic) 
display is reached, a. relay rcon- 
tact set is operated. Through a 
decade divider an. additional elec- 


tromagnetic counter can he 
operated if desired, allowing 
the count to be remembered if 
the mains should faiL A version 
with two sets of presetting 
switches can be provided to yield 
relay action at two distinct 
levels of count 

Housed in a DIN case and run- 
ning from the mains, the unit 
can be connected to inductive, 
magnetic. photoelectric and 
mechanical sensors. - . 

Data on the /units, designated 
PC. from -the c o mp an y at Cam- 
bridge r Street. . Great - Harwood, 
.Black 'bum (025* 8866©). 




FRAM INDUSTRIAL 

Uanwart. ronyckn 
MttGlan'&M0443> 223000 


• COMMUNICATION 

Designed 
for hotels 

OFFERED by General Telephone 
and Electronics is a version of 
the GTD-120 - digital TABX 
designed to cater specifically for 
the needs of the hotel, industry. . 

Basically, the equipment takes 
incoming 'speech channels,- 
digitises the speech using pulse 
code modulation, moves tbe 
speech data round the exchange 
on time division multiplexed 
lines, switches the calls using 
solid state devices, and reverses 
the process for outgoing chan- 
nels. Direction is by stored 
program control using a micro- 
processor. 

As a result; the exchange can 
offer a considerable number Of 
telephone facilities tailored for 
hotels of up to 120 extensions. 

- Physically the system consists 
of a small electronic switching 
cabinet, desk-top console for the 
operator, a control and display 
te rmin al for administering some 
of tbe special services, and a 
tabletop printer for producing 
certain permanent records. 

The facilities obtainable will 
he of some interest to proprietors 
and guests alike. 5 

For example, the telephone & 
a room can always be made to be 
the same as the room number, 
simplifying the matter for guests 
and making records easier for 
management. - 

Guests’ local calls are counted 
automatically, and they can place 
long- distance calls direct with a 
PTT operator, catting the hotel's 
and their own time. 

Guests’ requests for wake-up 
calls can be fed into the system’s 
computer, which will then ring 
each telephone at the arranged 
time and play a recorded mes- 
sage. By request, a room phone 
can be effectively cut off at night, 
inter-room caUs being automatic- 
ally diverted to the console. 

A small lamp/ flashing or his 
telephone notifies an occupant 
that a message awaits Mm. 

.Phones in unoccupied rooms 
can be neutralised, preventing 
, unauthorised calls. 

Although these are typical of 
the facilities provided they are 
easily altered or added to via the 
; stored program, allowing the 
system to suit precisely the pro- 
prietor’s wishes. 

More from GTE International, 
Viale-Enropa 46. 1-20093 Cologne 
Monzese. P.O. Box 3954, 20100 
Milan, Italy. 

• SCCOHITY V 

Projection 





w* 


••tv-: 




Noise level computed from thieves 

AIRCRAFT, railway and other age of the time. QTlf) VOn/lolr 

long-term environmental noise Housed in a weatherprotected uliU V ailUdid 
can be monitored and processed case, the instrument covers a TW 

over periods of days, or with 90 dB dynamic range and can ( 

external batteries, weeks, using be set to cover levels between tQe - pr ? t 55? on of m j tl ? r v6 *“des 
the 162 LAX portable noise event 25 and 115 dBA or between 55 t 5rJJJ 5 ’ E?prt™kie?- fi? 

analyser put. on the market by and 145 dBA. !£“£. "f® ha ® 

Computer Engineering. The instrument is also able "iSSniiLu ^ ■ US ? a -®f 

Supplied complete, with the throughout the period timt’ i 
necessary microphones, tripods preset threshold : 1». exceeded, to Se^us^a ^s tem^ which 
and cables,- the instrument both print the time at which the level' 

displays and prints out the goes above or drops below this. 2JEJ frS? SSThSL™ 
equivalent continuous noise The company £ at WafSS tte ** 




l;-' •' 

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The worid says the Boeing 747 is the best way to fly. 


^xiiuumviv Muiat sue uumynuj iff «u TVtUlAlX inlTTI^inn 

level and the level that is Way. Hitchio, Hertfordshire When a keyswitch is turned 
exceeded for a selected percent- SG40SE -(0462 52731), . ta activate XfXro. 

’• siren' will ' subsequently sound 

Versatile meters 

T V1 J fitted with courtesy light 

FLUKE International Corpora- formed on all AC ranges and the i^STeirJSt^S^ihe “turniSg 
tion. which suppbes multi-range instruments are also equipped 0 n for offl of anv in 

electrical meters, has developed with autoranging, auto-polarity the vehicle will round1h?a5ariu 
two digital multimeters for both and a diode test facility which Tbesiren uniL^which^mS^ 
fie ^. aI ? d Ji b0ra< ? ry a PP 1,ca 1 V on - enables semiconductor junctions the eleSonjS^^mSsureTS 

« S r^ i dSi^wS5; p §f dffi 10 be V fiSmhTBri! TTSSSmSS 

Shave ^current voIlageTrS accuracy ts -HT.1 per flange for mounting 

resistance ranees Included is a cent; of the reading-pine. One digit. seU-tappmg strews, 

condnctanc^ranpe which permits — a sepecification which holds This, togetherwith the keyswitch 
S-free leakage . meJSnSS ' * r r one 23 de S C 

of up to 10.00 megohms and of ^ de S c - ' - . 

transistor J»ta. . Models are available with . a fte SittS? 

True RMS measurement is per- high coMt range (the SOIOA)^ 'SrUoh S crtSSS'^ 

• . - - or wito tw Jow jesistatice-ranges supplied. : 

(the sUi~A), More from jjjg company at FIr 

. Fluke is at Colonial Way, Tree Mills. Higham, Near 

# LIGHTING Watford, Hertfordshire WD2 4TT Burnley, Lancashire (0232 

(0923 40511), 72954), . 


UGHTING 


Powerful 

iT fl T lrf A- PORTABLE test and analyser To the system under -test- th* 

equipment for microprocessor unit,- operating in thet emulatian 

■». ... systems based on. tiie Zilog Z80 mode, “looks like” a 280 pro- 

151 Tim .a»d OTOA devices' 5 Is available cessor and in-- fact connects to the 

UiUtj/ from Microsystem Services. system under test- via - an 

* otw Made in the U.S. by SUUenitun, umbilical cable that plugs into 

* b S the can provide- todrenit the Z80 socket on the^ processor 

powered hand lamp which emulation, signature analysis and board. ^ 

aTiHht oiftmit estimatw^a^l^OOO time domain analysis fnmra com-'-' -further details . from Duke 
^epo^r.' “ t T“e a “oS *«"««» «« . 


Tests micro systems 


Thank you, world. 









We’ve surveyed over 80,000 people in 90 countries. The question: For longer flights, what’s your favourite way to 
fly? The answer: The 747. Passengers like the extra room, the two wide aisles and the luxurious first class area 
with the staircase. So, plan your next trip on the Queen of the Sky. You have a choice of 
more than 40 airlines that fly the Boeing 747 to 134 different cities throughout the world. 


car headlight main beam power, 
is going on show at the Euro- 
port marine exhibition in . Am- 
sterdam next month. 

It comes from Wolf Safety 
Lamp company of Sheffield, 
manufacturer of safety lamps for 
inspection and general lighting 
and gas testing in hazardous 
areas for marine, industrial and 
mining requirements. 

Tbe ’’ Wolflite " hand lamp 
No. 251 gives 2.000 hours out- 
put before replacement is 
necessary. A spare battery can 
be recharged in four to four 
and a half hours and thus one 
lamp with a spare battery can 
give almost continuous use. 

Light is produced from two 
sealed lead-acid fast recharge 
cells. 

The lamp is important as 
part of safety equipment, par- 
ticularly when an accident 
has given rise to a hazardous 
atmosphere. Vapour from 
damaged rail or road tankers or 
serious domestic or industrial 
gas escapes may ignite if non* 
safety equipment is used, while 
bilge gas and cargo vapour are a 
constant hazard. 

T)ie new lamp is expected to 
rot3il at amend £37 with reduc- 
tions for quantity purchases. 


9.5 kg. 


(0494 41661). 


CAN YOU AFFORD 
TO WAIT? 



BUILDING SOCIETY 
RATES 

Every Saturday the Financial Times publishes a table giving 
details of Building Society Rates on offer to the public. 

For farther advertising details please ring 
01-248 8000 Extn. 266. 


S -3 




: :• r-i 


i H. 


pjj ■ * . 

4$ • A 

g W: A 

^ ^r.\. * 


. u fdJ V> y 












h ‘Vuc<£!jf 


Financial Times Tuesday Octctoer 24 1978 




*-f;toj£e 






-m 


■ , 


•-!-:■ 


2R~ 


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U>v. »*•;*• 


iH 


eaa 


i! in- 


These days, computers are credited 
with such prodigious intelligence one might 
justifiably wonder how they put up with man. 

But the facts of the matter are rather 
less fanciful. 

A computer is a tool. An instrument 
gg which deals in information. 

The feats it is able to achieve are due, not to 
superhuman intelligence, but its ability to carry out a 
number of operations very quickly and very accurately 

No computer will ever be able to take decisions 


based on intuition. 


leap from information to idea. 

And because we have at our disposal some of 
the most sophisticated computers at work today we rea- 
lise more than most the importance of the human being. 

\ 

That’s why everyone who works for IBM is 
encouraged to come up with ideas, is given the room 


Arid the more sophisticated 
the computer this helps us develop, 
the more we come to value the people 

who develop them. 









Kiel 




5 ? 


14 


Financial Times Tuesday October '24 1978 


APPOINTMENTS 




An important appointment with opportunity to become Hnancial Director or General Manager in 3-5 years. 

HNANCUL/NAIUGENOif SERVICES MANAGER 

COUNTY DURHAM £12,500-£1 5,000+ car 

EXPANDING LIGHT ENGINEERING COMPANY— T/O CIRCA £80 MILUON 
Our clients are noted for their modern management control philosophy and products which are acclaimed worldwide. 
This vacancy is open to accountants aged 28-36 who have acquired 5 years' post qualification practical industrial experience, 
the la>c 2 years oF which must have been acquired at senior line management level. The brief will cover complete 
effective control of the total financial operation, including all aspects of financial planning and appraisal, internal consulting, 
management audit, product costing and data processing. It is important that the selected candidate has sufficient commercial 
acumen to make a significant contribution as a senior member of the local management team to the company's continued 
rate of profitable progress to warrant further promotion within 24-36 months. Initial salary negotiable £12.500-£ (5.000. 
plus car. contributory pension, free life assurance, widows pension, assistance with removal expenses if necessary. Applications 
in strict confidence under reference FMSE3887,IFT to the Managing Director: 


An interesting 


appointment— aco'pe for wider responsibilities in administration and 
considerably increased earnings. 



ACC0MN6 MANAGER - MERCHANT BANKING 


LONDON EC2 


£10,000 — £12,000 


AN ESTABLISHED INTERNATIONAL INVESTMENT RANK 


We invite applications from candidates, aged 35-45. not necessarily qualified but with a minimum of five years’ experience 
in banking or insurance or allied service organisations, controlling accounts team of 10 or more, using modem equipment 
and processing high volume cf data. The successful candidate will be responsible for overall control of the Accounts 
department, maintaining close liaison with heads of other departments and for departmental organisation, staffing including 
select!.. i. assessment, training and general welfare. He/She will also be expected to make a contribution to operating 
procedures, including data processing. Essential qualities are enthusiasm and ability to motivate a ream. Initial salary 
negotiable £ 1 C.000-£ 12.000 4- non-contributory pension scheme, free life assurance and free family medical insurance. 
2V'j house mortgage facility, assistance with removal expenses if necessary. Applications in strict confidence under 
reference AMMB38B6/FT to the Managing Director: 

CAMPBELL-JOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED. 

35 NEW BROAD STREET, LONDON EC2M INH - TEL: 01-588 3588 or 0I-S88 3S76 - TELEX; 887374 





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Europe * c £10,000 

A key staff position responsible to European Croup MD of a successful multi-divisional 
company, ; calling for an extrovert thruster to engineer growth. 

A business graduate's dream, for your task wiii include: overall planning and strategy; 
existing business appraisal and development; and acquisitions. Executive skills in marketing, 
planning and development gained in sound companies are essential. European experience 
and languages advantageous. Aged probably 26-35. with professional or degree level 
qualifications in science, engineering or commerce, you welcome frequent travel and spells 
in Europe to further your career. London basa Excellent conditions include car. 

Applicants, male or female , are invited to write in confidence giving qualifications and personal 
details, quoting ref 747 5/ ALDl FT to:- 



24 BERKELEY SQUARE. LONDON W1X EAR. 


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LEASING ACCOUNTANT 
Leeds 

Yorkshire Bank Leasing Ltd, a 
wholly owned subsidiary of Yorkshire 
Bank Ltd was established in 1975 and 
is one of the top twenty leasing 
companies in the UK. 

Ute seek a qualified accountant, to be 
based at our Leeds Head Office, age 
35-45, to implement and supervise the 
lease accounting function. He or she will 
have experience of finance lease 
accounting and administration, be 
conversant with computerised 
accounting systems and be capable of 
training and supervising staff. 

The successful applicant in this new 
appointment will also be ultimately 
responsible for the accounting function 
of Yorkshire Bank Finance Ltd. 

This is a Yorkshire Bank appointment 
. and the attractive personnel package 
includes House Purchase Scheme, 
non-contributory pension and profit 
sharing bonus. Salary negotiable 
according to experience. 

. Applications including detailed 
career and salary history should be 
sent to:— 

Mr. N. A. Stembach. . 

Manage Personnel Selection 

toricshre Bank Leasing ,, 

6 Queen Street. Leeds. LSI 1HG • JJ 





callaby 


SAUDI ARABIA 

to £12,500 net 
SENSOR AUDITORS AND 
TREASURY ACCOUNTANT 

Rapidly expanding trading group situated in the Gulf 
requires three Accountants who ideally should, be 
qualified. A knowledge of Arabic would be useful. 

A knowledge of Arabic would be useful. 


CEoooe coLLABYAisoaores 

c -■s— • -7'. M-ECTCK Ci. ■J'-Cumt* 
- . •• . r • K -a v.^.- J c-— .- 


o , &s3 , Ki'— era cera-a 

Vtc ivi «•«;« c r.v CK.italM 


@ 


EXPORT FINANCE £ Negotiable MONEY BROKING £ Negotiable 


On behalf of our client, an 'international 
bank, we seek an experienced executive 
to initiate an Export Finance activity. The 

person appointed, probably aged 30-45, with leading firms in the City: 
will have full experience of ECGD and 
preferably' also of European export finance, 
coupled with good contacts in banking 
and with prospective customers. For the 
right candidate, the position offers real 
scope for career growth ' and personal 
achievement, salary is fully negotiable, 

likely to be 'in the high four-figure range, experienced candidates. 

Please contact: SOPHIE CLEGG pi ea5 e contact: ARTHUR SI DO ALL 


Among the vacancies we can currently 
offer in the field of Sterling money 
broking are the following openings 


. . . Two Local Authority Dealers 
. . . One Commercial Dealer 
. . . Two Interbank Dealers 

Very competitive salaries are neg- 
tiable. We welcome applications from 


SPOT $ OPERATOR 

REQUIRED BY 

oellwarth & Co. Ltd. 


shgpsgafe London EC’M 4LX I 1266. 7 S 

V V V'~' ;-V,. 'v. • K'f , 


ACCOUNTANTS. 
ECONOMISTS AND 
DEVELOPMENT BANKERS 

Required for ux-frea salaried JWFiionj 
■n Third Warlc countries. fllnf 0f-fl36 
5991 for cppfi'.-otion forr , r or lend 
C.V. to: 

Malla Management Consultants 

I. Devonshire 5trcrt. London, WIN 


DIRECTOR 

(DESIGNATE) 

A high calibre Marketing Manager with proven 
marketing experience is required by a iong- 
established company engaged in the blending and 
distribution of lubricating oils and allied products. 

This is a new appointment and in-depth marketing 
experience is more essential than a knowledge uf 
our market. Subject to the successful candidate's 
satisfactory implementation of a positive ongoing 
marketing policy it is intended he be appointed to 
the Board within twelve months of his initial 
appointment 

The salary for this position is negotiable and there 
are excellent prospects for further advancement 
within the group. 

Applications with curriculum vitae, in strictest 
confidence to the Chairman, Box A. 6499. Financial 
Times, 10, Cannon Street, EC4P 4BY. 



The National Federation of 
Building Trade Employers 

Eastern Region 

invites applications for tbe post of Director nf ;l< Eastern 
Region which covers the counties of Beds.. Catsihst.. Essex. 
Herts.. .Norfolk and Suffolk. The Regional Ofiicc is located 
in Cambridge. The present Director retire*! in April 1973. 
Respond i hi lites include the administration of p. !ar*e Resit in 
and the efficient conduct of its business. This Is' a minor 
task requiring considerable managerial skill and admini- 
trative ability, involving direction or the activities - ,f 
Regional staff, maintaining communications with Local 
Associations and member companies and with other 
organisation and official bodies and co-operatin'- with 
Headquarters staff. Tbe Director is also responsible for 
implementing Federation policies in the Region, for the 
financial affairs of the Region and for the provision of 
guidance to the elected Officers of the Region. Attendance 
at meetings throughout the Region, at London headquarters 
and adjacent Regions is required entailing a considerable 
amount of travelling. 

Applicants should bold a degree or professional qualification 
and have a sound knowledge of the building mdusirv uiid 
economic affairs— a legal background and knowledge -if 
contract law would be desirable. It is envisaged that The 
successful applicant will be around 40 *<\irs of starling 
salary hy negotiation, depending on a-e and nullifications. 
A L ar J o prn "“ ed .- Applications. with curriculum vitae, 
marked Private & Confidential. Assistant .OirL^tor-’ipneral. 
NFBTE. 82 New Cavendish Street. Tendon v.’ni SAD hv 
not later than fim post on 6 November 197?. tr lV hoped 
that the successful applicant will | w able tr. take up the 
post by not later than 1 March 1979 H 


SENIOR 
EXECUTIVES 

ff you are in the job market 
now— we are here to help. 
Courts Careers provide:- 
£ Excellent job search 
assistance. 

:S= A thorough knowledge 
of the job market 

* Contact with top 
recruitment 

* Confidential and expert 
counselling. 

* Superb Secretarial 
back up- 

Telephone now fora cost 
free assessment meeting. 

Percy COUTTS &Co. 

" 01-8392271 

140 Grand Buildings 
Trafalgar Square, 

London WC2. 


ART GALLERIES 


BftOWSC & DARBY. 19. Cork St.. W.l. 
ANTHONY EYTON. Recent Painting* and 
DrjwiB0s, 


FINE ART SOCIETY, 145. Mnv Bond 5f. 
HELD 0,-629 5116 MAXWELL ARM! 


FURNEAUX GALLERY ol Wimbledon 
presents an exhibition of new paintings by 
Pcler Newcorabo tTOm Oct. 24 to No*. 
TO at the Afpioe Galleiy, 74. S. Audley 
Street. London. W.l. 10.30 to 5 dally 

S cxccot Sjb. 4 Suna.j. Late apenino to 
Ipm each Toes. Tel. 629 as 20. 


APPOINTMENTS 


Changes on Export 
Advisory Council 


Lord Kindersley. a director of 
Larard Brothers and Co^ has been 
appointed deputy chairman oE 
I he EXPORT GUARANTEES 
ADVISORY COUNCIL which 
advises the Export Credits 
Guarantee Department on its 
co mme rcial operations. He suc- 
ceeds i«r. R. A_ S. Lane, vice- 
chairman of Standard Chartered 
Bank, whose term of membership 
of the Council has ended. 

★ 

Mr. ■ P- R- Leslie, general 
manager of Barclays Bank Inter- 
national, and Mr. R. J. Withers, 
managing director of Davy Inter- 
national. have been appointed 
members- Hr. D. W. Hardy, senior 
executive director of Ocean 
Transport and Trading, and Sir 
Peter Matthews, managing direc- 
tor of Vickers, have retired from 
the Council at the end of their 
term of merabershiu. 

The Secretary for Energy has 
appointed Mr. Bryan S. Townsend 
to be dep uty c hair man of the 
SOUTH WESTERN ELECTRICITY 
BOARD for five years from 
December 1. Mr. Townsend, at 
present chief engineer of the 
South Wales Electricity Board, 
succeeds Mr. Duncan McGrouther. 
who became a full-time member 
of the Electricity Council last 
monlh- 

★ 

Mr. Anthony Grant. Conserva- 
tive MP for Harrow Central, has 
been appointed Parliamentary 
Consultant to the - GUILD -OF 
BUSINESS TRAVEL AGENTS. 

*■ 

IHI (Ishikawajuna-Harima Heavy 
Industries Company) has ' made 
the following appointments at its 
representative offices in London 
and Milan. Mr. Ryoichi Shimizu, 
former assistant manager of the 
general manager’s office of 
Europe, becomes manager of the 
London office. Mr. Masaham 
Iwama, who was manager, London 
office, continues as general 
manager, Europe. Mr. Koohci 
Nose has been made manager in 
Milan. The former Milan manager. 
Mr. Yoshio Hatanaka has been 
transferred to IHTs Tokyo head 
office- 

★ 

Mr. David Cooper has been 
elected chairman of NELSON 
DAVID. Mr. T. Owen, the former 
chairman, becomes deputy chair- 
man and Mr. Henry Nathan has 
been appointed a director. 

*■ 

The Secretary for Prices nas 
appointed Mrs. N. Bloom as a 
member of the CENTRAL TRANS- 
PORT CONSULTATIVE COM- 
All TEE until July 31, 1980. 

* 

Mr. W. D. H. Gregson is to join 
tbe Board of ANDERSON 
STRATHCLYDE as a non-execu- 
tive director. Mr. Gregson. who 
is assistant general manager of 
Ferranti, Scotland, is also a 
director of the Scottish Tele- 
communications Board and of the 
Scottish Council (Development 
and Industry). 

* ” 

Mr. G. J. OkeH T has been 
appointed company ffitretary of. 
the “SHELL" TRANSPORT AND 
TRADING COMPANY In succes- 
sion to tbe Lite Air. A. R. Harvey. 
Mr. Okell practised as an advocate 
and solicitor in Singapore before 
joining Shell Petroleum in 1958. 
He is now a member of the 
English Bar, and is at present a 
director, and general manager 
finance and information, .of the 
Shell Company of Australia. He 
was previously finance director of 
Compania Shell de Venezuela. Mr. 
Okell will take over his new post 
on February L 1979, and until 
then the company's assistant 


secretary, Sirs. T. J. Matilcy, will 
continue to act as secretary. 

* 

Mr. J. E. Genders, deputy 
general manager (personnel), of 
the GUARDIAN ROYAL 
EXCHANGE ASSURANCE, will 
retire on December 31. From the 
beginning of next year Mr. A. U. 
Robfrson wDl become senior 
personnel manager and Mr. I. S. 
Garnett personnel manager. 

«r. Derek Tfawmltes has been 
appointed 'managing di rector of 
CAPPER-NEILL CONTROLS, the 
Cap per -Neill group subsidiary 
which manufactures gauges and 
telemetering equipment for the 
process plant industry. 

Air. David Sunny has been 
appointed assistant general 
manager of the corporate busi- 
ness and export credits depart- 
ments of BARCLAYS BANK 
INTERNATIONAL. He was pre- 
viously assistant general manager 
responsible for BBl’s operations 
in the Middle East. New Hebrides 
and FijL ^ 

CEMENTATION CONSTRUC- 
TION has appointed Mr. Peter 
J. O. Burgess as director of UR 
business development and .Mr. 
John Andrew has been promoted 
from regional to UK marketing 


- . %,v 


■y.*L 

v.. 






'} 



Mr. Peter Burgess 

manager. Mr. Burgess, who has 
been a director of Cemcon for 
several years, is also a vice- 
president of the Concrete Society. 
Cementation Construction is a 
subsidiary of Trafalgar House 
Investments. 

* 

Sir. Martin R. Shugrue has been 
appointed PAX AMERICAN 
WORLD AIRWAYS’ regional 
managing director — UK and 
Western Europe, an area covering 
the UK and Ireland, the Nordic 
countries, the Benelux countries, 
France and North Africa. Based 
in Londoiv. Mr. Shugrue will 
oversee Pan Am’s administration, 
marketing and operations in 
the area. He was Formerly 
regional managing director — 
Eastern Central U.S., located in 
Washington; DG. : “ 

Mr. Antoine Crablt has been 
made UK representative to the 
London office of the CAISSE 
CENTALS- DES BANQUES 
POPULATES in succession to Mr. 
Lionel Thornton. Mr. Karl Ruge 
has joined the bank as adviser. 

★ 

Mr. John Bischoff. sales director 
or JNGSRSOLL. has taken on the 
additional duties of general 
manager. He will be responsible 
for streamlining internal systems 
and co-ordination of ail company 
functions. 


GASTON PIERRE GALEY (118tO-19S9) 
Paintings al Me Mall Galleries. The 
Mall. S.W.1. Mon.-Fri. 1C-S. SMS. 10.1 
Until Oct. 51. Ada. tree. 


J-f-L. FINE ARTS. 24. Davies Street. W.l 
01-493 , 2650 RAOUL DUFY dra^ln^ 
watercolours 19001939. Oct. lO-Dec. 8 
Mon.-Fri. 10-6. 


MALL GALLERIES. The Mstll S.VM 
Roval Institute of Oil Palntert Ann 
E*hn. Open Dally Inc.. Suns. 10-5. 
Until Nov. 2. Adm. 20p. 


MANDELL'S GALLERY. Elm Hill. Norwich. 
Tel. 106031 ,26892 4 29180. Annual 
Exhibition ol Norwich School Palntirtcs 
and Watrrc 0 lour&. Also works DV JSIb 
Century SuHolk Artists. October 21st to 
November 18th. Dally 8 am to S.30 gm. 
Catalogues £1 00 (U.K.). Proceeds to 
Guide Pops tor the B lin d As s ociati on. 

I MARINE ARTISTS. Royal Society's Annual 
•C 2. Mon -sat. 10-S. 


COMPANY 

NOTICES 


IN DEMAND LIKE US? 

EXPATRIATE FINANCIAL ADVISORS LIMITED 

require & competent adviser specialising in the financial 
affairs : of working British expatriates. The ideal candidate 
might be id his/her 30s probably at present employed in nn 
accounting firm and must be experienced in persunal tax. 

Harry Brown. 

EXPATRIATE financial advisors limited 
20 Copt&all Avenue. London. E.C.2. 

- - Telephone; 63S 065S. 


FINANCIAL ACCOUNTANT 
RIYADH c. £12,000 -Tax Free 
We urgently require an Arabic 
speaking pari /qualified account- 
ant aged 25-30 with tound 
experience of cost accounting in 
the engineering industry. 

Please ring for further 
information: — 

MALLA (AGY) 

01-530 0185 


CLUBS 


NICMII COMPANY LTD. 


NOTICE TO EDR HOLDERS 
Further to Notice cf Scotcmbcr 4. 
1973 adtlcc has been received from 
ToLvo llui .an interim dii-idcnd ot 
Yen 8 SO per shore has been declared 
•p reiDccc of the rrst nail of the 

current nscal year ojvablo November. 
2J t97B. 

From the fiscal statcnenl lor the 
period total sa‘cs arc Yen IG7.197M 
and net income Yen 2 722M. 

A -urtftrr announcement will be 
made as soon as oractlcaole alter the 
rrecot ol mo On. anna try the Onoosi- 
ta>v advismc EDR holders of the pro- 
cedure to oe loiloned lor recci*<Rd 
oa.menr ol tbe releyant distribution in 
U.S. Dollars upon t»>e presentation ot 
coupon No. 4. Such oresentations 
should oniv be made uoon such notice. 

THE CHASE MANHATTAN CANK. 

N.A., LONDO’I « Qrvocllarv. 


E*hb. at Guild hall, E.i 
Until I Dm Nov. 3. 


Adm. free. 


OMELL GALLERIES. Fine British and 
French MODERN DRAWINGS and 
Modern British MARITIME • PICTURES. 
42. Albemarle Street. Piccadilly. W.l. 


SUSAN SWALE'S SALOP!, FlcWbourn 
Galleries. 63. Queen's Grave. N.W.s. 
586 3600. 


THE PAR KCR GALLERY, 2. Albemarle 
Street. Piccadlly. W.l. Exhibition of Ola 
marine, military and snorting and toso- 
graohicai prints and ea lutings and ships 
models. 


LEGAL NOTICES 


BANKING CHIEF CLERK/ 
TREASURER 
Minimum <8,500 p.a. 

New Bank, in Mayfair, expari- 
ence abroad preferred but pot 
essential. Age 35-40 
Phone Colin Gray 499 ^204 
Talented People Agency 


rild? K.* 11 ’ 1 !. 144 ""' Three spectacular 

J 0 * 1 ? and 1.45 a«d 

mu... ot Johrnv c'..onn & Friends. 

CAR COVLt . ^ pea n S;r« “London. W. l 

N vw striptease floorshow 

McnFVI a ri e and 1 am. 

MO * 1 ~ F rl Closed Saturdays. 01-43 T 6CS5. 

PUBLIC NOTICES 

COUNCIL 

“V Apo'.Catrcns 
IT* - .7 ard mere a'f r.j 

a.ifl_iu : v,r.o re. 

• I ann nS? U, i- T ,'f OF SOMCrSeY “ 

1 1 -a 25* October- 

-^.550.030. These ar-.-' 
th e on iv eiUi_j3i.~tunj,n.. J 

smSpP. S n'im 

HOMES ia.SJLATlDN SCHEME 1971 


THORN ELECTRICAL INDUSTRIES 
LIMITED 

■ CDr-ti 


TS? i/ riders lined announces iia( 31 
:rpm 30ih October 1976 al Kas- 
Aslocuilc N.V.. Scuistraa! 172. 
Amslereim. diy.cp.no. 2 o! [he COR* 
Thorn Elcctlcal Industries Limited, 
each reor. SO shs.. wilt be pjyaclf 
w.th DPs. 18.32 ‘re .nterlm diyideno 
I97S 9o Ptr share!. Tan credit 
C-aaiS-Dfls. -.90 uer COR. Non- 
rer-dcotl of the United Kinoddm can 
onN claim this la- credit «arn the 
reieian: :a< treaty meets this facility. 

AMSTERDAM DEP05ITAR / 

COMPANY N V 

Air”.;.;rnam. 

><•*> O-'foner 1978 


AUSTIN REED GROUP LIMITED 


Notice is her e by s«cn that 

Rtosttf 6i Members 

. . — . -- — , — A7IGN SCHEME 1978 tne roS'il'Jtidn Of 

.Ml ^ ,’*• January ’Qfg. |Ik< Scheme CLASSES ol shares will be suspended 
r.hLh 10 l, w loft Insuiahcn o.i ' from olh to 10th Mo>ember, 1978. 

^ r ‘ ar 't "‘H he cjvahlr Manaiat- inclusive. 

; lurers lvijh.nn 

inclua>-d on ;iw- 
Oeoart inert 


NO. SOTVM nt 1BTS 

tfl ihe HIGH COURT OF JUSTICE 
cssno.TT DmsiiMi Companies CoucL In 
I lie Harter Ol ALFRED ISAACS A SONS 
LIMITED and in the. Maucr of The 
I Companies AM. ISO 

■ NOTICE IS HEREBY GIVEN, dial a 
Pot li inn fnr iho Winding dp ol thn above- 
aani‘‘d Company by ihe Rum Cnorr of 

jjBMkv was an rhe- 17ih day of October 
1 1S7M. mviiKd to the said Coun by 
i MITCHELL com A COMPANY 
; LIMITED irhnsi- restslcred office is 
f ciwu ar e-ms Home. CaDiomlli- Sireor 
1 I.'indun EC1.\ and that (be Saul 

1 JVlmon IS dirt -led Id be heairl before 
! 'he ■ ‘nun sliiinjt at ih.- Rnva! Courts ul 
JiiMKV. Si rand. London 1VC2A I'LL, nn 
III - '-’orb djr vl Noveniher I9ie, add jm 
-.t-Mifw or eonrrihuiory ol [he said 

• Companr des«r<iu.y io suppori or oppok-- 
I Hie auklna of an Order on the said 

Pennon may a one a r »t the tune ol hear- 
in a :n person or hy his Counsel for that 
| purpose: and a copy ol the Petition will 
; furnished by Hie UMdorslgn.rd fd any 

• rfdtlur or i-umriiiunry of the said 

Conmanv renuirma sueh copy on payment 

. of the h-|fUliM Hurer fur thr same. 

I WILLIAM A. CRUMP * SON, 

• !». S;. H-'k-n'c Place. 

London ECU CAE. 

Solnu’ors fnr I he Meliuoner 

NOTE — Any P'.-r.-on who in (ends io 
appear on rhe hearing of ih.- said Pelltion 

■ must serve nn or u-nri by two to lb.- 
! abuvi-nained noiiee in writing or htc 

uic iniMifion so in do. Th»- ^ooce njici state 


S will be CLOSED and i I'ii- Ubhic ahi^ SddTUX! nf \h‘- TVT303. or. 
S tr.’iiifrr^ Ol ALL . if a firm. Ihe name and address of the 


payable Manulat- ikIiiua.-. 
bavr their rrod'Jft Bv Order of *hp Foard 

ihoeid write if-c G. J. TUBS. 

Envnomr-ent. F«n _ _ Secretary. 


■U - n • . ' V ' • CGYHOqrrpnr. rogn 

- l t, 0, 4 London. $’-V1 PO P>« TAJ 

■jK”' n '?T, ' ' ^ bu not later cl an l)M:, p»ar"* 


lit Desemccr 19?B 


Street. 
Loosen. VY1A :AJ. 


firm, and must be siynud by ihe person 
or timi or h* or fh.-lr soilcrior Of any. 
and mist he «->rved. or. If pnyfed. tuns: 
he S..-DI by pas; id Buffielent tmte to 
rt-aeft Uio abavo-tuiti<:d nor later than 
four o'clock in the nCrernoon of the 
ITfh day of Not ember. 19T8. 


HOME CONTRACTS 

Chrysler UK gets £4m 
order for Sunbeams 

CHRYSLER UK has won an order Hythe-based civil engineering 
worth over £4ra for 1.500 of its contractor P. Trant being awarded 
Sunbeam hatchbacks. The cars— a sub-contract worth over £62,000. 
LS'TS. xnodefe— ^ will be supplied *nie work undertaken by Trant 
on lease to Tupperware during involves site- clearance and 
1979 for its managers. They are. demolition of property to prepare 
being ' supplied through 40 the area for the main contractors. 
Chrysler dealers. - ■ The contract 

represents- Tiipperware’s . tenth After four years'" experience of 
year .using. Chrysler ears. - supplying stainless steel exhausts 

as optional .spares; ‘ Saab bas 
UBM HILLS GLASS of Nottingham switched to GRUNDY for its 
has secured an order to supply future requirements. The systems 
and glare Lexgard into all- will -be. gold- under the Saab label 
windows and glass- door openings and will be distributed to dealers 
in the private home of a wealthy -throughout the world. Value of 
businessman. Lexgard. which was the first year's sales .is expected 
specified by Burton J. Helling and to be In tbe region of £250.00n. 
Associates of Luton, is a bullet. The Swedish Consumer Council 
resistant laminated polycarbonate ' has ■ been pressing Tor legislation 
sheet. The contract is -worth over : to compel Swedish car dealers to 
£35.090. but the total cost for the offer stainless steel exhausts .since 
complete installation including the publication in 1976 of a report 
frames, is SO, 000. =by. the .^Swedish Institute nf 

■ • • Corrosion, ‘which- highlighted the 
Work lias, just started, on a now high cost of repeated exhaust 
£100.000 contract won by PHILIPS system failure. 

GROUP PROJECTS RJK) for the 

supply and installation of com- As part of its 'modernisation for 
pJete public address and enter- Glasgow Underground. the 
rainmerit audio systems for three Grealer Glasgow Passenger Trans- 
Butlins. hotels 'at Margate, port Executive has chosen ceramic 
Brighton and Blackpool. tiles for th e pla tforms and walls 

* ' from the CERA3VTQUE INTER- 

MATHER AND PLATT has won NATIONALS collection to a total 
an order valued at ar.out .I330-.00Q.' ■value .of IIOOJKtO. Over the next 
for the supply, of low-noise elec- 12 'months, ■ 35- stations are 
trie motors tir be installed at the scheduled for modernisation. The 
Fluid Catalytic Cracker fFCC) platforms will ' feature rustic 
Unit under construction at Pcm- paviorg and the walls a glased tile 
broke. South Wales-. The order, with -a specially -mixed shade of 
has been placed hy Snampragetti, brown. . 

main, contractors .to Pembroke ‘ * 

Cracking Company, for flie con- Contracts, together -valued at 
struchon of tbe refinery exten- nearly £2m- have been won by 
s,on - . • CRAVEN TASKER. The largest, 

a ^ , . worth about £750.000. has been 

A £130.000 contract for heating awarded by the United State* 
and air conditioning a new Lines Inc'., for the supply of 12 2 
extension to the Victoria and metre long ultra lightweight 
Albert Museum has been secured gooseneck chassis trailers for 
by H ADEN YOUNG, a part Of the transporting tunnel freight con- 
Haden Carrier Group. Work will lainers. 

begin in November : and Is ROBERT MORTON DG has won 
scheduled for completion in May, a £200.00fi contract from Everard 
1980. ' Breweries for the redevelopment 

*- of the supply of conical ferment- 

FIVES ■ LILLE-CAIL (U.K.) mg and conditioning tanks for the 
COMPANY is awarded a contract . * . ■ 

from British Rail for major works The Alattiyah Contractin'* Conv 
at the Meldon Quarry at pany of Do hah, Qatar, In the Gulf 
Okehampton. Devon. Tbe contract has placed an order worth 
valued at about £l55m includes £300.000 for construction equin- 
the total turnkey design erection ment with FREDERICK PArWr 
and commissioning of a 700 TPH of -Leicester. 

Secondary Crushing and Screening " + 

Plant to produce ballast for the A £125,000 order for dust roller, 
main high speed ralltrack tion and control plant h a «i 
network. ' ... - • - wic !? PEABODY HOIJVIES 

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A contract placed by the New. tractine)^ for installation on t ho 
Forest District Council for the coke handling and prenarahAn* 
construction ol 28 dwellings in plant being built at the Pm-t 
Fordlngbridge with Reema Talbot Works of the British Steal 
Construction has resulted in. tbe Corporation. 1 


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U— goo] 


Financial Times- Tuesday October 24 1978 


Max Wilkinson reports on the breathtaking track record of a leading U.S. micro-electronics company 

chips to computers in one spectacular jump 


f ALL the* current European 
■ |-. ; ^cusiions about huw to build 
■ strength in micro-electromcs, 
% e key /art is often ignored: 
the l\S. companies which 
;• v'min.ite the market are them- 
!i-p« in a state of upheaval. 

. ••• The world leading somicon- 
■■■■' ctnr manufacturers have 
: . Jnd that the complexity of 
’ i v r »r products has started to 
rapuit them Into new areas of 
sinews which demand more 
.'iearch. new management 
p roaches and above all, com* 

■ " ;tr redefinitions of their basic 
■ 'atesy. 

The rapidity with which some 
these companies have re- 
Tndcd to new conditions is 
‘ -■ -'“arhtakinc — and certainly an 
.. r "' ject lesson to some of the 
'•>- ire traditional industries 


IT WAS not until the early is possible to place about liHMiou chip as some sophisticated mini- , 
1960s that u-ehnlqucs were components on a chip. computers hundreds of times 

developed (or implanting more By the miil-lSSUs, it Is ex- j uscr> 
than one transistor nnto a single pectcd (hat several millions of ’ 

“ chip " of silicon, and connect- microscopic com ponents will Ik- “hese micro-cumputers, and, 
in« them up to form an Inlc- placed on chips only the size of ,hc more complex memory j 
grated circuit Very rapid a soapBafcc. Semiconductor chips, are so complicated that; 
strides have since been made makers would then he able to they have to he rioigned with 
in etching more and more Iran- pack the equivalent nr the the aid of a computer, processed 
sisters onto chips only a few largest computers onto a single by computer-controlled cquip- 
millimetrcs square. Packing chip. Already microprocessors meat and tested hy computers, 
densities have doubled every have evolved into a new genera- Even the assembly or chips into 
year. Entirely new mass markets tion of micro-computers which plastic packages will eventually 
have been opened up as prices contain as much memory and he done by computer-controlled 
continue lo fall. Currently It processing power on a single rnhnts. 


chips” of silicon produced 
:ch are now beginning :n feel by semiconductor ■ companies 
> shock waves of the micro- can Lave the processing power 
rrronics revolution. of quite advanced computers: 


in two years’ time it is expect- 
ing to be spending at the rate 
of $50 m to $6Qm a year. Mr. 
Martin expects its annual sales 
of computer systems to have 
reached S200 th “sometime this 
year or next." 

However, even for a computer 
company intending to ride on 
the back of IBM's software, 
sales of SCOOm are relatively 
small. Mr. Martin believes that 
in three to five years a mini- 
mum turnover or $4(J0m will be 
needed to sustain the capital 
investments which will be 
needed by then. 

"In ten years' lime we will 
be a systems technology com- 
pany. which also makes semi- 


_ 1978 J conductors." Mr. Martin says. 

will be tin boxes mostly full of city was quickly reduced with S4U.6m ou a turnover of almost of the industry is therefore It has now shipped ISO National's strategy for be- 
air. with just a few Integrated substantial lay-offs. National SobO.OQOm. Now, the consumer carrying semiconductor com- machines, employs 450 people coming a computer manufac- 


uimuls in them.” was also more agile than most sales have been relegated tn a panics into computer program- and, is planning to double the torer is based on the belief that 

Even now. computers selling in pulling out of the mass con- sideline. The ■vunpany ha*, mins and marketing. Most of size of its factory’ this year. IBM u "ill never be able to make 

for about Sim ran be built from sumer market for calculators pulled out of the manufacture of the major producers, including Even though National is as obsolete the huge amount of 

One of the most interesting and they are so complex that semiconductor components cost- an d watches two years later, calculators allogciln-r, thong]} ir Intel, Fairchild and Texas yet a greenhorn hi rhe com- software which is currently 

unples is National Setni- all stages of their manufacture ing around $100,000. The cost afli- r Texas Instruments and the markets a range nf ins.ru- Instruments, have now entered puler market, it has the great being u»ed nn its computers 
iductor. the Santa Clara, depend heavily on the use of of semiconductors to make 1m Japanese had driven prices into nients made in .Japan. In the mini-computer market, as a advantage of being able to feed throughout the world. The total 

lifornia. company which has computer-control led equipment units of computer memory (1 Ihe ground. watches, it is concentratin'.! on natural progression from micro- its sc mi-conductor know-how va * ue °* ibis software is put 

en in leu years from This continual increase in megabyte) was about $33,000 in The consumer market looked the more up-market versions, processors. into the design of computers. around S3bn. 

anility to become one of the complexity creates a funda- 1074, $8,000 in 1977 and will an ideal opportunity in the Now the main thrust towards However, National decided nn Thus its AS5 machine is 1.5 to As National grows towards 

r'd's four largest semi- mental dilemma for companies fall to a mere $500 by 1984, early 1970s for semi-conductor diversification ts centred on the the even bolder strategy of aim- two times faster than the IBM ambition of becoming a 
( »riuctnr manufacturers, with who were used lo supplying according to Morgan Stanley, manufacturers to add value to computer products division. ing to become a manufacturer equivalent has 40 per cent diversified Slbn a year corpora 

turnover last year of nearly millions of relatively" simple the New York analysts. their high technology com- Mr. Martin says the move into of a complete range of com- fewer components, and is Ti 9 n \ new management styles 

Him. components to customers who So far the manufacturers ponents. Since their chips con- watches and calculators was die- P uters - from the most powerful claimed to be more reliable. It inevitably have to^ develop, 

during its brief and spec- design, manufacture and mar- have been largely Insulated stituted by far the most com- tated by basically the same mainframes down to the 


■ system 


only goi under way in the late 
1960s, will continue for the next 
... division, two . at least, and will 

We started out as have fundamental implications 
tv m*bino semi- for aJ j eortl panies engaged in 
electronics. 


these markets. 


]ular rise. National has mode ket complete "systems’’— . 

*eral rapid changes in direc- including computers. - defence increase in demand as new calculator 
n. including an expensive equipment or telecomnnihica- - 

aw into ?he consumer tjons 

rf%tmn:es market. Now ii is Now, however, as Mr. Martin 

rhp says, “the -system’ is becom- 

f,;V^umc a major computer (nR a c f,jp an( j t i, e chip is a 

.afi.vjd pan.v. 

Mr. David Martin, vice- 
jHndent in charge of the new 
; < gp«puter- products 

Vfr^ilams; 

"*•« company making semi 
iductor*. Now we are becom- 
a company which uses 

nputers to make computers." „ „ „ __ _ 

*e was describing not a dangers of a trend which would ° ^ ‘ “ the ficree price war that and end-products.” 

until laoo tnat the present followed with Texas Instru- 


from these trends by the steady plicated parts of an electronic forces as have pushed the com- smaUe st micros. 

or a watch, it p&ny into computer products. 

Outsmart 


runs directly off IBM pro- The *>«*>* personal style of Mr. 
prammw sn that Natinnai ic Sporck is beginning to be 


grammes, so that National is Sporcfc . . 

relieved of the larse overheads relaxed as the divisions take on 

applications for their products appeared to be a relatively Bui computers are of course Ollkmflrt of programme development It more complex assignments, 

arc found in computers, indus- obvious step to make and much more sophisticated pr«> i C3n sell a machine to Itel for Significantly, the company 

trial control and the consumer market the whole thing. ducts requiring a lot iff expen- The move started in great probably around $250,000. com- l 11 * recently hired its first vice 

markets. But most of them Moreover, tin* semi-conductor sive research and development secrecv in 1975, when National pared with the retail price of president. Human Relations. Mr. 
have already been making makers needed tn be sure of For this reason. Mr. Martin doe* bought a company started by a the equivalent IBM system of Roy Brant who came over from 

This change, whit* efforts l«» gain direcr access to a high volume market to pro- rwt foresee the same daneprs nf group of ex IBM engineers near around $lm. Motorola, a “maturer" company 


Discrete 


vide the necessary economies of a price war or changes" in San Diego. They had set tip Clearly, therefore. National Prides itseff on personnel 

scale in the manufacture of the fashion in customers' demand, with a clever idea for building has a great incentive to take Pplicies. Mr. Brant reports 

chips themselves. So National. “As chips become more tnte- a machine which would be a the extra profit available from direct to Mr. Sporck. His ap- 

hke Fairchild — another of the grated and prices fall wo are substitute for one of the selling direct to customers. pointment seems lo show an 

. ' top four— invested heavily in j^ced wit h the prospect of medium range IBM machines. To achieve this, however, a awareness that SoOOm a year 

eui . vlllM . . , ' “"“il™ 1 ^ « manufacturing and marketing declining revenues unless we do but would outsmart it on price further step in its evolution will turnover is a kind of a land- 

Semicondutor companies have of consumer products. Sf , me basic restructuring to get and performance. They wanted be needed. It will have to mark. National got there on fast 

been quick to understand the “r““f But the market was saturated into the business for systems tn emulate the success of Dr. develop greater software (pro- reactions, a ruthless paring of 

was describing not a dangers nf a trend which would „nrii 19 IS th t "th T nrp«»nt 311 d “ the fierce price war that ^ end-products.” Gene Amdahl, who pioneered a graraming) expertise, a servic- overheads and production effi- 

•; icy oE deliberate diversifica- make their products ever more hi fol,owed with Texas Instru- The move into computers will profitable road in developing ing network and a wider ciency. 

- i into the computer business complex, yet ever cheaper. riV nf IS? Snir»n>.n« nents “ d ^ Jap anese, be much more complicated than reM imitation or “plug com- product range. This last is For the next phase it will 

' a basic trend in the manu- while their capital costs con- rZirl hu > nS! National and Fairchild both the ill-fated attempt to become Patible’’ machines. already being attended to. A need to take a more leisured 


small 


d ua»r». liciiu ill me uianu- wnue ineir capnai cuiaa cuu- _ aro uj r pH hw a nrivatp ' . auempi to oecome 

• ture of semiconductors tinued to increase. As Mr. John finanr ; pr q p plpp L_ ( . I p whn sustained heavy losses. Both a force in consumer electronics. National kept 

. mselves. Miniaturisation has Nesheim. National's Treasurer. S^aht in were left with huge inventories but Mr. Martin believes it is dar1t for nearI F half a year based on a 

-ie so far that the tiny sa vs: “Some day computers which, they could not shift also more logical. The next unfler the cloak of ^ original (System/400) 

... ... presiaem wnn a group oi aey Th*> nfF pf-t nn Mnrinnal i 


its intentions new 
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micro-onmputer tain all those intangible cor- 
also more logical. The next unfler the cloak of the original (System/400) has just been porate strengths like high 
. . fil _ c The effect on National was generation of semiconductors company’s name “ Fxsvco." launched, while development morale and a good public image 

ma a^ers ir m nvai arms. extremely serious in 1977. when will be so complex that the However, bv 1976. it had work on a computer aimed tn — since computer software is 

The headquarters moved to pretax profits were almost manufacturers will have to shipped its first system to the match IBM’s largest, the 3033, essentially labour intensive the 

Santa Clara, in the now famous halved in just one year. A build up a substantial capability computer leasing company Itel is under way. company will inevitably become 

“Silicon Valley” area, where large part of the company’s In computer programing just to ^ not to be confused with the National is now spending more people oriented. Indeed, 

Sporck imposed his own dis- $15m fall in profit was produce them. Moreover, the semi-conductor company. Intel) $25m a year on research and National is entering a com- 

tinctive management style, attributed to the failure of the new powerful microcomputers with which it now has an ex- development into computers, pletely new phase, for in the 

None of the senior executives, consumer operation. will need to be backed with elusive agreement for market- nut nf its tntal R & D budget next decade its main competitor 

for example, has an office of However, by 1978. National software - developed by the ing machines which emulate nf $60m. It believes it is the will be the seventh largest cor- 

his own. All including Sporck. had climbed back onto a rising manufacturers. the IBM 370-158. one of the tenth largest investor in com- poration in the U.S., the mighty 

sit in a large open plan room, trend, with a pre-tax profit nf All the forward momentum medium-range machines. purer research in the U.S.. and IBM. 

protected- from each other andj 
from their secretaries only by 
movable, partitions. 

“It is .a lot harder work, 
one manager said. “ because if 
people want lo ask a question 
they just put their heads over 
the partition and interrupt. But 
it means we don’t have endless 
committees to decide every- 
thing; so National can react 
very fast National stops on a 
dime." . 

A combination of rapid de- 
cision taking, and informality of 
management style, certainly 
enabled National to pull up 
much more sharply than did 
some of its competitors when 
semi-conductor orders went into 
a steep dive in mid 1974. Capa 


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-16 

LOMBARD 


Financial Times Tuesday October 24 1975 


Caught up in 

^ THE GIRONDE and its fcribu- retain the bitter taste of unripe in the 1971-73 boom years, when du Via de Bordeaux (CIVB).' from some, though not all. of foreign buyers. Total Bordeaux 

j • taiy, the Garonne, are tidal as fruit No one has been expect- the Rhdne rival was the two years ago organised the the merchants, who resented exports were up in value by 

C? ffFC? far up as Bordeaux - and so are inc une grande onntV for 1978, cheaper. But since 1976 Rhdne “Bordeaux Contract,” which this official intervention in the 28 per cent to FFrs. l-273bn; 

tjk III 118 B | 1 1 1 ^ the affairs of this largest fine but only a catastrophic change prices have advanced much with official support fixes market. Whether this small and the UK has been recover- 

wine region in the world. Three of weather in the last days of a more than Bordeaux's, to the minimum and maximum prices operation was - successful is ing in the last two years its 

years or so ago the tide was at vintage due generaJly to end benefit of the latter. This year, for generic wises such as arguable, but memories is important position. In 1977-78 

BY COLIN JONES I low ebb, leaving same parts about the time this article however, the position is a ggro Bordeaux Rouge, Mfidoc, St- Bordeaux must he short if the we imported two-thirds more 

distinctly high and dry: no appears, could prevent it from reversed and there has been a EzniHon.' Entre-Deux-Mere and last violent swings of the price by volume than in 1975-76. and 
-IT IS a sad yet illuminating com- to ask ourselves is why do S°°d situation for those living being superior to last year. sharp fail in Bordeaux’s Sauternes. A year ago the price pendulum have been forgotten, val ue was almost doubled at 

•• raent on the way we do things ministers intervene? by wine. But the tide began The quantity will not be domestic red wine sales. for Bordeaux Rouge was settled In any event. It is interesting FFrs 178m. In quantity we 

in this country that we have still The formal answer of course to turn with the excellent, if known for another month, how- This summer, Bordeaux Rouge at FFr 3,200-3,800 per tonneau to note that, counting on a bought even more than the U.S.. 
.to decide what nationalisation is is because the boards are respon- short. 1975 vintage. Since then. ever, and an objective estimate * bigger crop, the CIVB is but rather less in value, chiefly 

I fSdustrS'hav^b^co SKTiS ^ sales have risen sharply, as have nf the quality not until after . almost certain, in a few weeks’ because the Americans buy 

.. thirty years vet there is no con- why should ’thfilS™ be B so P "^ S ’ and af * er . t*' 0 sma11 the winter. ..... IArmr time, to leave unchanged last entirely in bottle, whereas 40 

. sensus on iheir role. Should arranged as to br2?rve fw "“tages out of three stocks Good quantity, allied of course WINE year's price levels, except for per cent of our imports are still 

they concentrate exclusive!*- on ministers the option of having are now at tl,e ‘ r lowest since with attractive quality — such as St.-Ejnilion and shine white fa bulk. 

. commercial objectives. o r ' are the final say on such matters as 1973 ‘ <n,e tide is runoin S that of '62, ’67 and Tl— is the • gy EDMUND PENNING-ROWSELL wines, for which demand has Looking to the near future, 

they there to promote other investment, technology, prices, dangerously high, but in the most important consideration proved higher than expected. It is too early to estimate the 

. matters which the government of organisation, and purchasing? near future It is not flood this year. For the principal ■ - The prospects for an adequate trend of prices for the still un- 


High tide on the Bordeaux coast 


BY COLIN JONES 


WINE 

BY EDMUND PENNING-ROWSELL 


matters which the government of organisation, and purchasing? ’ near future It is not flood this year. For the principal 

6 * y , P* rcei y« s t0 be “ lhe . H is no * simply because, to but drought that threatens, and concern of the trade is not, as 
national interest. CltB th6 P3DPF aosin tho if thA w i vro n f mnfaaa A one mao Kallorp fha c ■ i nprinr 


almost certain, in a few weeks' because the Americans buy 
timp . to leave unchanged last entirely in bottle, whereas 40 
year's price levels, except for per cent of our imports are still 
St.-Ejnilion and shine white fa bulk. 

wines, for which demand has Looking to the near future, 
proved higher than expected, it is too early to estimate the 
The prospects for an adequate trend of prices for the still un- 
white wine crop, following last made 1978s. But if the quality 


• n ir J teres '- . dte the White Paper again, the if the current vintage does some may believe, the superior prices have been not far short which with a 10 per cent year's smallest one for 30 years, is reasonable, the superior 

'•iRnriihp-^ SeadSnieA conc ® raed °°t produce something like chateaux wines, but those which of four times higher than in the tolerance allowed either way. are not bright. chateau wines are likely to cost 

"White Paper earlier th!T year decSons of^oubSe 2m hectoIitres of appellation provide its bread-and-butter: admittedly very depressed days meant a top figure of FFr 4^00. Although the Bordeaux up to 10 per cent more than 

' suggested that ministers should of industries which arc bosic to contr °}^ € red bordeaux, matters Bordeaux Rouge. Bordeaux of 1974, when they were as low However, difficulties were growers may face internal com- the 1977s. This could reinforce 

have power to issue "specific the national economy” There 100,5 Uke being very difficult- Superieur and the Cfltes wines, as_ FFr 1,200 per tonneau encountered this summer owing petition, .the Italians and the argument for us consumers 

directions" on matters affecting are basic industries which are This 51111 hangs in the including Bourg and Blaye. f — 100 dozen bottles). They to shortage of stocks of this Spaniards who threaten them in baying the 1976s. now nearly all 

. the national interest, and the not nationalised. Nor -is it balance, owing to an abnormally These account for well over half have now reached something basic wine — for higher prices the U.S. and UK are almost in bottle and beginning to 

-- c ? w " et considering because politicians and civil late vintage for the second year the average AC red wine like FFr 4,600. Even at FFr 4,000 were vetoed by the CIVB, which non-starters in France. appear on merchants* lists here. 

• V!, ere ,s I 0 ™™ J s ,h- £ . er Y 3 . nts are better at making running, after a late, irregular, harvest, and are the flag-bearers this means a supermarket shelf has to sanction all contracts. The export business has also When I was in Bordeaux they 

’ rorainc ParUameStarc^essfan “ l ? m ? re /“ seeln 3- and drawn-out flowering of the of Bordeaux throughout France, price of about FFr 9 a bottle for This problem was temporarily been extremely buoyant True, were difficult to taste, being out 

• 1 Those Who favour specific idmstrte? 'wire *2 vin€ and a suramer 35 1131 ser - particularly Bordeaux x*ouge. a pretty basic claret. resolved at the beginning of in the campaign year that ended of condition after bottling. 

J directions do so for varying Morrison's public conSr^ten a ? le A as °l irs “ ntil middle die Snnda f d *i eurier M** 1 * of ^ was to diminish this switch- Last month when a bonus of on August 31, the volume But it seemed clear that they 

; reasons. What might he called cannot be gl"“n the freedom of of A “ gu ? t Since tben * t*® many a famjI - v - especially in back situation, m whicb the FFr 400 per tonneau was given shipped abroad was down by are agreeable, well-balanced 

; the interventionist school believe, a GKN or GEC. or even a BP moat hs of exceptionally fine and Paris and the north. Its great small growers were making no by the CIVB to the growers, 11 per cent Yet owing to a wines which will develop faster 

in the language of the White Ferranti, or Renault It does not scarcely-broken weather have rival, however, is Cotes du sort of a living at one moment while the merchants paid only reduction in the EEC subsidy on than the harder, tannic and 

• Paper, that " it i?_ wrong in compete for capital on the mar- saTed the crop. This indeed Rhone, and there is a coo- and then finding their produce the authorised FFr 4J200. This cheap wines, this was attribu- often tough 1975s Whether 

- Principle that a minister cannot ket: it gets it fat subsidised rates i happened last year, but even tinuous running battle between pricing itself out of the market speedily released 30,000 blocked table to the halving of German thev are as <H>od as the previous 

: 2?t2IT lI; of ,n 2ItS* imnonanee !? e K E * C u equer - it cannot go then the grapes were not ripe the two. based on price. There at another, that the trade body, hectolitres onto the market It purchases fa a sector of which vintage is a matter for argu- 
-:SHJ«7..o' V aipro^TSPA” b tai r ,S«»“.rt7i«tae.w» “ d m “ ny ° f ti3e ' 77s t0day wasaMsty period f °r Bordeaux the Conaeil Interprefessionel else released angry entttism they are b, far the biggest n,ent in the future. 

-Hiament." The neutrals see in- drawn around an entire industrv — ~ ■ - - 

terventlon as inevitable and or service so that within the -m jb- • w ■■ . 

-p”" & -"-jum ss P ?e ! ; Maid and Canvon set strons 

‘ respective responsibilities of s „ res. from other goods or ser- VI1 lJvt ' 

board and minister. vices or from imports, are lack- 

Tbfi anti-interventionists, on in?. But it does mean that major Tt JfE £* T T • 

the other hand, believe that decisions are centralised — thus I I I cc — Tho* thextre* accept certain own theatres 

ministerial intervention should increasing the consequences o? tllaiiCllUC 1 UI UiUiCd *££???£??£* 1 mayvair. aod. « 

- be not only overt but also dis- error. It also means that the ° ^ P£RA ^ BAU f T M *Tso ^ E "tofT 

ENGLISH RAID ERS have had , herself more than a match for hi, legs staod up to the neces- JifT. “* I 


Maid and Canyon set strong 
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ENTERTAINMENT GUIDE 


Reduced 


THE 

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To n’t a Sat. 7.30 Mayerllno- Tomor. ft 
Thur. 7.30 The Sleepirta Beaotv. Frl. & 
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Thor. & Sat 7.30 Mima's vinte- 
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neeative resolution in Partia- 1 ?1,at E^' 0 of that country's big it is. therefore, arguable that race (not yet decided upon) and ?? ar r== 

t ment. the cost of the interven- K.0UI1C0Q prizes, the Washington DC In- bad Paul Kelleway been able to will probablv be ridden by his tGardcncoarse credit card 83s° 

ation to be inutuallv agreed, com- c . ternational and the Colonial Cup. ge t the best out of his formerly intended Camden pilot, former royaFballet 

"‘oensatinn to be" naid auto- lon ^ as ‘ ft,s ,s so * Minis- will fall to our challengers in stalls-shy and far from confident champion Ron Barry - . I?”'* * *»*tV-3p Mayernno. Tomor. & 

'■maticallv rather tlian at minister- ^ to interfere. Speci- ihe next few weeks. ftlly earlier in the season, she The final figures for New- K £3S i^'uS 

‘ ial discretion and thev want it fic ° ir . ectlf, “ s could b^P t° Swiss Maid, the not altogether might have given the colts more market's Houghton yearling sales country. jj^dc ss_ Amph.; wu.mm, 
to he borne on the sonnsorine l "| u f ,arl ! e "i* lke hoId ' UQex P ected ^nner of the Cham- than a tussle in such races as the showed that 464 yearlings iS = 

: department's vote rath«»r than F 1 ’ U R a - teel ^orks closure or pion Stakes, will almost certainly King George VI and Queen changed hands for almost exactly A*e.. eci. ib 37 in™ Ra * e “** > 

snbQnmed in the board's financial ^ a ,V® n ’ n ? K a ^ atl0n °L d !r Elizabeth Diamond Stakes. HOm. The average per lot— ToB ., 

target. Eut on the bieger issues, objec- A bandy well-baLanced in- 21.121 gns— showed an increase Jin^la cujM& TwSJTftiqSa 

" . , S and acroun ta b i 1 ftv hhi rre d RACING dividual.^ sSis. M.UI X Sfave no of 49 per cent on a year ago and 

Safcsnards W^whoiSSm wT.„ was up by nMr y ” a 

Ta tba indu'trle, concerned. Ka'r'rt' far fcgi Incidentally. . fo r anvo ne aiU THEATRES 

ssx zzffi 'fnss ™ ^ ta wtnu « , SSrSirS 

change wo°u Td encourete'more Mieve^ SScJirt CaVon will SSLttS taMU TufTSrdlv^haS pnble sale in the U-S the “ 7 - 3 °‘ 

SSTf. "fa compensation *and S “^BotS « - %?EL&3BF m . 


CC— These thMtret accept certain endtt THFAIliFS 

cants by telephone or at.tbe Bo* OK tea. mwiRu 

OPERA & BALLET MAYFAIR. B29 303*. En. 8.00. Sat 

raw “ BALLCI 5.30 and a. 30. wm. mjm 3.00. 

COUSEUM CC 01-240 525S WELSH NATIONAL THEATRE GO. 

RetOTatlom 01-836 216 I ■ dylan Thomas's 

ENGLISH NATIONAL. OPERA UNDER MILK WOOD 

Ton"! & Frl. 700 Don Carlas. Tamar. “ A deHflht.** Gdn. Join us Nor. 9 In 
7.30 tolanthe. Thur. & Sat. 7 JO The the 2&th Annfversarv Party. Show-BuOe 
Tales ot Hoffmann. 104 balcony saats Wine £10. 

agll. tor all per*. Iron. 1Q.QD on flay Q| NATIONAL THEATRE. 928 2 SM 


THEATRES 


perf. 

COVENT GARDEN 


iGardcncbarse Credit Card 836 6903) [ month; THE CHERRY ORCHARD try 


MAYFAIR. 629 303*. Ew. BOS. Sat STRAND. 01-636 2660 EvefltaH 8.00 

KUt ThlK*- 3.00. Sat*. 5 50 Ud B.30 
WELSH NATIONAL THEATRE CO. NO SEX PLEASE— 

WTK MltmT 

- a Jl ajiry. W °^g l -- Ml mL LONDON'S LONGEST LAUGH — 

thf SStrJ^ gYEg^OOO^FO* M ANCES_.._ 

Wine £10. ST. MARTIN'S CC 01 -.836 .1443 

NATIONAL THEATRE. 928 2252 E ™- * UKL s.ao"SM s!w 2M ' ? iU 

fpoen «a«. T^V^O n*t pert, thh A ^e™^o^|2^ S 

ChSkhZv trans S? hoSmel ‘prSm^Sinw!! WORLD'S ^~ G, ^|^ R EV£B RUN 

7.30 THE -OUUKjUBL 7 ^0^ THE TOWN. ^£^ ' b' l -?34~S 05K 

(prescenhim iuk); Tonhrtit & Tomorrow Ali-conan, paw. From a.oO. Diiurs 

7 AS PLUNDER by Ben Travers. Dancing 9.30 SUPERB REVUE 

COTTESLOE j RAZZLE DAZZLE 

(small auditorium): Frl. at 8 THE WORLD AT 1 LOO PETER GORDENO 


Chekhov trans by Michael Frayn. Tomor. 
7.30 THE DOUBLE DEALER. 

LYTTELTON 

i proscenium stage): Ton tali t & Tomorrow 
7AS PLUNDER by Ben Travers. 


(small auditorium) 


COTTESLOE 

im): Fit. at B THE WORLD 


ueuariilirin a vuic l a i ll*"l im mu . - _ . . a 

subsumed in the board’s financial Z?** 1 ® 1at10n °r d " 

tar „ et But on the bieger issues, objec- 

" ' lives are likely to remain con- DACINP 

Cn^Amioprlr' fused and accountability blurred. lUtvIliU 

5£ !?alOS Those who believe that the oppor- _ v wif-am 

tunities for intervention should BY DOM,N,c WCAN 
Tn the industries concerned, he who want to see the 

opinion is broadly divided boards operating exclusivelv on “ . . . 

between the neutral and anti commercial lines rather than bld to extend her winning se- 


ag%3 Bg?» 


Truer* Ttc Prod- ol the SLAB BOYS 
by John Byrno. 


Rossini’s CINDERELLA “ A brilliant 2033. Credit card boaidas* 92® 3082- 
show or musical fireworks.- Times. Cheap S55Sg ^ 


d«V of pert. Car parte. Restaurant 928 VAimtlDLLE 836 9988. Eras 8 00. 
2033. Credit card booktags 9Z8 3092. AN evEhUNC with DAYS ALLEN 


SHt* available day of performance. 


THEATRES 


guards (as to compensation and have even more disastrous al Camden 
.Parliamentary procedure) were results when it is politicised, really well. 


OLD VIC _ 928 7616 

PROSPECT AT THE OLD VtC 
Anthony Quart « as 
KING LEAR 

Only 16 London performances. 
Opens today 7J0. Toes. (First nfgM) 
7.00. Sat- 7.30 

Margaret Courtenay- Anthony Quart* 
in THE RIVALS 

Sheridan's comedy, with James Aubrey. 
JsJa Blair. Kenneth Olbcrt. Carol GJIles. 
Matthew Guinness. Mel Martin, Trevor 
Martin. Christopher Neame. 

- The funniest Mr*. Malaprop I ba*e 
mpi." Th* Guardian. ~ Mr. Quavle’s Sir 


•^jyPWp TEP l.y THE FUNNIEST 
StfOWIN TOWN. * Sun. ExorKL 
UMfTEP SEASON nrrtil Dee. Z ? 

VTCTOKIA PALACE. CC 928 47X5^ 
034 1317. 

STRATFORD JOHNS 

SHEUA HANCOCK 
„ ANNIE 

EtES. 7.30. Mats Wed and Sat. 243. 
•■BLOCKBUSTING. 


made stronger than those must look first at the way the The Welsh Pageant filly Swiss Making all bis own running, the S*“«e estimate investment for 
-attached to a similar provision boards are set up. has improved by leaps and Derek Kent eight-year-old. who tiie U.S. m bloodstock, studs smd 

in Mr. Wedgwood Benn’s stalled This does not noiessarilv mean hounds since mid-summer, and a has finally learned to settle in uacks ar approximately 

Electricity Bill. that state ownership can' never quick glance at the form book the hands of Peter Haynes, never &SDn - 


Kempton's Elton John hurdle, recent Federal Government | albeby/ms 3B7g. cc tfcgi. a 36 1071.3 1 Anthony_j wamNyfui r 'prrtem>»no-." 


Electricity Bill. that state ownership can never quack glance at the form dook the hands of Peter Haynes, never 

Others see a danger in too be made to work. In the BP (one will tell anyone fairly accurately looked like being caught and 
formal a procedure. It would could say the Renault) solution, by just how much. All out to beat passed the post 'with four lengths 
rarely be used. Ministers would it might be made to work. In Spring in Deepsea by three- in hand, 
prefer to go on twisting arms in the “public corporation’ solu- quarters of a length when rc- The winner of the Colonial Cup 
.private. There is substance in tion. business decisions will reiving 10 lb in Kempton's two years ago. Grand Canyon 
both reactions, which suggests invariably be caught up in the Twickenham Stakes only eight is certain to make a bold bid for 
that the question we really have politicians' apron-strings. weeks ago, Swiss Maid proved a second triumph provided that 


SANDOWN 
L30— La-Don 
2.00— Red Kurus* 4 * 
2.35— Connors 
3.10— Taffy 
3.40— Nicotetta** 
4iD — Rectitude* 


TVRadio 


t Indicates programme 
in black and white 

BBC 1 

9.38 am For Schools. Colleges. 

* 12.45 pm News. 1.00 Pebble Mill. 

; 1.45 How Da You Do? 2.00 You 
and Me. 2.14 For Schools. Col- 
leges. 3J0 Pobol Y Cwm, 3-53 
Regional News for England t ex- 
cept London). 3.53 Play School. 

- 4.20 Felix the Cat. 4J!5 Jackanory. 




crKw. Enable U 11.00 pm..SM*ahow 
by Martin Raphael (late Debrtai. 


The Times Wed.. Thors* Frl. 7 JO. stt- 

2.30. • 

OPEN SPACE. 387 6969. BECKETT 

DIRECTS BECKETT. Knpp's Last Tapa 

and Endg am e. T u es-Sua. a pm. 

PALACE. CC 01-437 6834 

Men.-Thurs. B.OO. Frl- and Sat. 6X10 and 
B.40 

JESUS CHRIST SUPERSTAR 
bv Tim Rica and Andrew Llard-Webber. 
PALLADIUM. CC 01437 7373 

Tuesday Nov. 14 for 5 days only. 
MARY OH AHA 

SWINGLE II and CHARLIE SMITHERS 
BOOKING N OW OPEN 

01.-437 7373. 
for a Season 

LA RUE 

as ''Merry'' Widow Twankay in 
ALADDIN - 

„ ALFRED MARKS Is ABANAZER 

ottos WATUNGl Brian MARSHALL 

and WAYNE SLEEP 

Prwtaw December 19 at 7 JO. 


4.40 The Space Sentinels. 
John Craven's Xewsround. 
The Record Breakers. 

5.40 News. 

5.55 Nationwide fLoodon 
South-East only). 

6-20 Nationwide. 


9.25 Play for Today: Victims of 
Apartheid by Tom Clarke. 
1045 Tonight. 

1 1.25 Roads to Conflict 
11.50 Weather/ Regional News. 
All Regions as BBC1 except at 
the following times: 


mg time 
10 . 00 - 10.2 


11.25 The Old Grey Whistle Test. Boiatic Man. 122a Rrfectiaiis. 12JB am 
12.05 am Closedown (reading). Grampian Late Nlsbt Headiiac*. 

1 nivnniv ■ Granada 

LV/111AJ11 L2B Pin This Is Vour RIgtiL 520 What's 

9J0 am Schools Programmes. ** v - S. ross ™2 d ?- „ M0 , c ™“ d ? 

HU! “ or !5P" _ a :" d . 'c h = WcJJLSSfLBSf 7J ” Unl - 


0^0 am I Ysgolion. 12.10 pm Stepping Stones. 12-30 


6 0 Smith Fk 5ni*f ^ a 5^545^0 pm Wales Today. 6^0 Treasures in Store. 1.00 News nyy 

a BSMf M SSt £S Sf Ta£T^S SS 

It.tV L/auaa. T>..U«.. oi.mJ tl ;il Vnuc \nnn 7i fisMnn f mm Ssnrinu-n c -v. r am *3 


™ "MSSPBP OF V* 

2*5“ « L . u, Sf eee ‘iw‘M Mnuts jrtmt ta 

-g fegWaj-- ■•I*" 

WYNDHAM 


9.00 News. 


F.T. CROSSWORD PUZZLE No. 3,804 




neuuiw. ruuui jr mui. *.w ^ " Tii ii. L20 pm Ropon West I-2S 

8.10 It Ain't Half Hot Mum. 11-25 1-30 Crown Court. 2.0fi After „ wai«X«ume.. iMVMtrtr. 
Dechrau Slarad. 1L50 News and Noon. 2-Za Racing from Sandown Crnssnuds. fcoq Report w«l «5 
Weather for Wales. Park. 3-50 The Sullivans. 4 JO Get R»pcn Wales. *J8 Botamc Mao. -7.00 

Scotland — 9.38-9-58 am For It Together. 4.45 Magpie. 5.15 Ttjwe Linie Wort h. . 

Schools. 5^5-020 pm Reporting Emmerdale Farm- STrvnaS 

Scotland. 650 Tom and Jerry. G5a- a.4a News. xeurddioa y Dsdd, 4.284A5 coelis. M0- 

7J20 Ballad Folk. 10.45-11^5 Tues- 6.»M> Thames at 8. 60 S y Drdd. iojo Dim Ond Heddiw. U-te 

day N'ight. 11.50 News and 6^25 Help! world in Action, ujd-izjo am Moynitian. 

Weather for Scotland. 6-33 Crossroads. HTV Wun— as BTv General Service 

Northern Ireland— 3.53-3^5 pm 7.00 Botanic Man. • £%° n We * Head 

■VT 1 1_,1.anrl ttUKI 710 Finlan -Id,^ U4CS. bJS^JO Report WC6L 


| ■ ■ ■ | 


Scotland. 650 Tom and Jerry. 6.55- 
7JtQ Ballad Folk. 10.45-11.25 Tues- 
day N'ight 11.50 News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5J5-6250 
Scene Around Six. G. 50-7.20 Foyle 
Festival TS. 1 1.50 News and 
Weather for Northern Ireland. 

England — 5.55-6 JO pm Look 
East l Norwich I : Look North 
(Leeds. Manchester. Newcastle): 


- j- A--.,.- awin.- 

. NCUTdduM) y Dsdd. 4.28 

6.IH1 Thames at 6. sos y djtw. iojo Dim o 

6225 Help! World in Action. UJ8-I2. 

6213 Crossroads. HTV wun — as btv 

7.00 Botanic Man wcepi:— ijo-u® pm R* 

WO FamlS Island. *>*■ ReMn Wc 

82)0 The t-prhat Connection. crvYrncn 

9.00 Whicker's World: India. . ,* v !*□ ... 

10 Oil A'pux 1J5 Pf* Nt-irs and Road Rcoon. 5.1S 

ii. ->n Raiflul:. 5JI Cro-^rnadi. 6.00 Sent- 

1 , Cm ?r es ‘ land Today. 6.30 What's Your Prublom. 

12.00 Lou tiraiit. TJ» Emmerdale Farm. IU0 Law CaU. 

L.60 am Close: Katherine lias am nit Bis Break. 

Cornell read<r a poem by 





I 1^7^ “V ‘ ’ 

WSm 







IrX- 


Midlands Today (Birmingham): Cornell read* a poem by 

Points West (Bristol;: South Eli^beih Barreti Browning. 

Today (Southampton): SpoMieht All IBA Regions as London 
South West (Plymouth). 6.50-7220 except at the rollon Eng times: 
East (Norwich) The Golden 

Opporunity Show; Midlands AINGLI4 

(Birmingham) Search for Excite- ijs pm Anam rjo Housenarry. 

meat; North (Leeds) Lifelines: toe .\benr An;iia. 7J» surrtval. 12.00 
North East (Newcastle) Tuesday Police Suracoc. 122s »n 1 
North; North West 1 Manchester) 

Sit Thl Deawn: South (Soulhamp- A TV 

ton) The Brain Game: South West 1® mn atv Nuuvicrii. J.5e tti- 
( Plymouth) Peninsular; West ^5S cl r j £.. T ^f ! L ln? Shnw - 515 Mr. and Mr*. 
(Bristol) Dav Out. J* Tolay 7J0 Emmcrlale Farm 

* * • 1 J . Du snmp;n nc Tl uT.'i*«oi 


SOUTHERN 

1-20 pm SooUiern See*. 100 llnosepartr. 
S.lS Tlic Undfrwa Adrenturcs of Captala 
,N>mo. £20 Crossroads. £00 Pay By Pay 
■ncliKUhri Souibsport. 7-00 EmcwrdaJp 
Farm. 1109 Somhern News Extra. 


ish-hlt comet 
tCE 

mu." D. Ejci 
production. - 

01-734- 1161 


uent; Noun tt-eeas) meiines; too -Xboar Ansiu. 7x0 surrtval. uoo TYTOF TFF^ 

tSt PWMM S51filOC - 113 a,n ' 1.2S .m Vie Good wU^Tollmvrd by 

North \\ est i Manchester) - Noni East Nevs Readllnee. lie pm North 

lit Tnl Deawn: South (Soutnamp- A 1 v Baur and Look around. £45 Tbe 

on) The Brain Game: South West 1® rnn ATV xeuvirrii. J-Se TTi- Brady Buncb. 6.00 Northern Life. 7.00 
Plymouth) Peninsular; West Electric Theatre Show. 5.15 Mr. and Mr. Ernraerdale Farm UOO Epilogue. 
Bristol) Dav Out. A™ Tolay. 7J0 Eauncrtale Farm 

' ' 12-M Somebiing Difforem. ULSTER 

BBC 2 RDDDCD ,a pm Lunchtime. 440 Ulster New* 

WMV *• oUKUEK Readiiaes. SIS Cartoon. 5.8) Croasroada. 

10.30 am Working for Safety. *110 om Bordur News, loo HeuKpartv. «.oo Renorts. 645 The Mary Trier Moore 
11.00 Play School (as BBC1 515 Jom w Ouest. 6Jn Lo-Jharuund Tues- Shear. 7 JO Emmerdale Farm. UOO Bed- 
1 ia nm) aay ■ 700 Emmerdale Farm. 1100 SW-lrs time. 

2210 rnTMir Ltd w " h Gu31 - *** * m Border »n Sum- 

—mj pm lecair lata. roarr. UiccnviDn 


I- S.OO. 041 
! CHAKIRI! 
B ViaWR! 
tACULA 
(°ST SCENIC 
V IN TOWN. 
ITS MOS 

>■ 

01-734 139 
Op«i Sun. 


irs, 5 w L«' B 3757 - 

NOW LAUGH AT NFRU * 

PARDON MON AFFAIR TOO) uA. 

Vmocpo t 

SUUJ 4.05. 6.20 and 8 40. 


ACROSS 7 Surrounded by part of team 

• 1 Incorporate an insignificant oo guard (5) 

^ person (6) 8 Attempting to be difficult (6) 

- 4 Trader giving French sea- 9 a waif could be bewildered 
eong (8) . ' (0) 

10 Tormeutor is to sit hack and ^ incorrectly arranged and in 
take- a long drink out.ide (. ) need of repair (3, 2, 5) 


take a long drink outside (»> need of 'repaid (Z T«) 

11 y " P ° 17 Beat on promatian ia taaau- 

12 the aortb eauld I*™™ «■ 

be swelling (4) 18 Follower has to stick to the 

13 Training for burglary (S, 2) book (S) 


3.53 pm). 

2210 pm Tecair Ltd. 
fS.OO Film as Evidence. 

3.30 The Living City. 

5.15 Open University. 

6.55 News on 2 Headlines. 

7.00 Dlgame. 

7.25 News on 2. 

7^0 One Man and His Dog. 

8.00 One More Time! 

8.30 Roots of England. 

9.00 Roots. 

102)0 Floodlit Rugby League for 
the BBC2 Trophy. 

11.15 Late News on 2. 


rajry WESTWARD 

r~Tj . 1127 pm Gus Honey bun’s Birthdays. 

LnAtilNtL 1.2a w«srxrard .ten Headlines, is West 

143 pm Channel Lunehume Sfw« and 41 5..10J4S Mr. and Mri. LW Westward 
What's On When L2S West At 1.30. S4£ Diary. TJB The Best Of The Muppets 
Mr. and Mr*. 6.00 Rajun At Six. 780 lEihel M-rmam. 10-28 Westward Late 
Tht- Best or The Muppeu > Ethel Merman). Nrrs 1106 Pro-Culebrliy Snooker 
10J8 Channel Lat>- News. iZJOo Pro- tCanadian Club Trophy'. 12-00 im FaiUi 
Celebrity snooker. 1240 pm CommenUites For Lire, 
e: Precisions. 

roA MDiaiu YORKSHIRE 

UKAMrlAIN 140 pm Calendar News. S45 You're 

4.2S am Kirsi Thin;. 140 pm Grampian Only Younc falce. 6J0 Calendar 'Emley 
Ne-« Headlines. S4S Mr. and Mrs. LOO Moor and Belmont edillonsv. 7J» Earner- 
Grampian Today. 6.1a Couniry Focus. 7.00 dale Farm. 


A vTrruoso 
: (NABM 

perfortnance 

ssnu mi 

hl» ta one 


the 

-TM'T 

ItTY 

dar-Thund. 

cc .t 

iw uvenlngs 

tone 

9UBBLIN 

on Critics Vo 
G BROWN SI 
Musical of 19 


'. E*e*. a oi 
end Nov. 4 


UO, Frldrn 


GARRICK. CC. 01-836 


llor credit - 
405 2416 

1-836 MM 

om ^ (n 

TOUS PLAY. 
• _ Guardian. 
<5 and BAS. 

IM 6596-7. 
S- Matinee* 
D. 8.30. 


RADIO 1 

(5) Steretfhonlc broadcast 
3 M«dl«n IN»e 


247m !ur ir B-00 Sts*. a.os MorntOK Concert rlslts Coma-all. (JS Siory Time. SJM pm 
■ S.. 9. CO Nr a i 9.05 Th‘s Week’s Com- \vi>'f maaarme. 5JS WYaiher. Droiiramroo 
POS..T: FauK- <Si. 10.05 Lake District n-.-<»«. 6JW Ne«-i. 6J0 I'm Sorry- I Haven't 


REY 
U NG." 
NOV 4. 


5.00 am aI Radio " 7 02 d.v- Let- f4*S raJ ,i^. D *“ 1 'S'. U«0 In Short A Clu.- <S*. 7.00 N-w>. 7.0S Th.:- Arthur*, 

ranc 9.1^ Simon i?.u Part f faik*. WJOUke Dwnci PnUual. pari 1.X File On 4. MB Tin.- CubwhUi W 


15 Cheerful . about copper 20 Daily round that was no fun ^ SWttciK \n 

appearing in newspaper? (7) for some during the war Pa £, Simbardni im foS 4 ^7umns ^ 5 ^ ,n c *? d '« iL'id-Js m. m . parr i •$>. ecope. 949 wejrb-r. 10.00 The world 

16 Horn frSm hybrid tank ox (4-3) 1 ^ 


appearing in newspaper? (7) for some during the war 
16 Horn from hybrid lank ox (4-3) 

(61 21 Inspiration for soldiers in 

19 Tell what a schoolchild is (6) Bath (6) 

21 Cursed final one in plot (7) 22 Thinly scattered fish In the 
23 Swarm o' insects? That's not south-east (6) 

hear for measure Caught and got older when — — .a., cmna Aad fii-allly Knm V 3 -°" nauia ■>-*• rusn MOOT. 

25 Fitting, we hear, tor measure penned in (5) Radt0 - xieusdie «iaik by John \ashiT 821s voo Luodon uw. 12.0J um can in. 2J3 

27 Strict but is free to accept 26 Bludgeon that should make R A DJQ 2 l-500m and VHF '«S sSp'^SS'cT ff Burt 

soldier (5) Company keep quiet (4) s.» „ ^ Summary, am Tuny Prelud, Ujb anteS'.^ mS All That J-«. IU Late am London. 

28 Theoretical explanation could Solution to Puzzle No. 3.803 & JSTR^.."S5JS ^ ^ “ " 

RAnin . London Broadcasting 

pm Waggoners' Walk. 1240 Pete Mnwl KAIJIU 4 261m and 97.3 VHF 

Open House iSi Including L45 Sparu Dtsk. 434m. 330m. 285m and VHF S.°* am Morning Music. 6JB A.M: non- 

240 Dxrtd Hamjlron iS> including 2.RS 6.80 am ;vci»* Sn-.-Hng 640 Farming 5:500 n*ws. Iniormailoft. travel, sport, 

iind 3 AS Spurts D.-sk. 44# U’agsonen' Today, b.ja Ti>'.jy. n 4 -j, lV Including 19-00 Bn;n Hayes Show. 3.30 pm LBC 

Walk. 045 Sports Dcsle. £47 John D'rnn 6 0S Praver to- :h- d,m jm an d a_na RcAgl.% M( G-.trE? Gal* 1 '! 3 O'Qoi.'k Oil 

.Si including 5. OS Spons Desk. 6.45 sports Today's Sux-u 7jn anrt s 30 Hnari- 4-0° tUC Reports icon'lnucsi. um Anerl 
Desk. 7.02 On The Third Beat *S‘. 740 I'uo. 7 jCS "Hraicfc; f 0r .a, 'tjay. 8.45 Eight. 9X0 Nlghtiln^. 1.00 am Night Extra. 



soldier (a) 

28 Theoretical explanation could 
be to restrict the supply of 
beer (9) 

29 Tolerating finish round old 
city (S) 

30 Menace that includes soldiers 
( 6 ) 

DOWN 

1 Steal title or soubriquet (S) 

2 Trade-name on metal could 
be a marker (5-1) 

3 Time for an appointment (4) 

5 Set aside for a particular 
purpose and it may need 2 
(7) 

6 Knock off. for 24 hours say: 
(4, 2, 1. 3) 


Solution to Puzzle No. 3.803 


RSn&lUQ HfciUBQQ 

. mm d n n a 
iBEanaan muuuuun 
Q □ □ Q B.BaH. 
SEBnQHnsaa anas 
a n a b nr 

E!3SCQ BQEanSQQH 
, G3 H D El - □ 

EJSECQBSE J5EIOQQ 
. D B nv H B 
cranG BEmnnannaE 
, n - B b; a ana 

□QEJS3DPB' DHBQnSQ 
0 *0 n 0 3 0 
EDBasn QEQQ0H . 














ADVERTISEMENT RATES 


rial Property 


Jpportunities. 
oduction Capacity, 
anted 

acts & Tenders, 


single 

column 

cm. 

£ 

14.00 

8.00 

14.00 


timren tS». 8J82 Tuesday Niphl la Gala 9A5 Tucvlay Ca:L lflJU Xmvs IMS r> j* 

Nishi i Si BBC Radio Orchestra on Broad- >n Britain .Now. iojo o a u_ Capital RaOlO 

u'ay i cumin ucd on VHF and Radio 1'. Mottur* Rsury. ll.oo 11 A 5 Tbirrr- T*!4m and 9S S VHF 

ft 30 W?, Siw E' jJ ' ff'” J* toI’ BU 12.00 h Vu-«' v, 1 ^ 5 Tafli Aboul 6 -°° *“ Graham Dene's Broafnasr Show 

(f overt) Variety Show. 1ZJQ Peter Clayton No vs 12JC Bni y Qa AlB j Yanrs. iSi. 9.M Michael Asoi’I 1S1 lion n a v* 

tetrodRCM RQUiKi Mldnldi t. ladnfflil B KM M«m Discs 1155 Weather: Cash -S'. 3, ft) urn t rS *Ji 7.O8 

Ne*-s. i 00-2-02 am Summary. Pro gramme h-. us. I.M Th- World Al One. London Today <S.. 740 Adrian Lore's 


RADIO 3 

655 am Weaih 


liom pwltlofis available 
nun slz* 40 eolumn. cm&) 
er single eojtmm cm. extra . 

further details zrrite to: 

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Financial Times .Tuesday October 24 3&78. 


Festival Hall 


Waddington & Tooth 


Lawrence Foster 


Ben Nicholson’s recent work 


by RONALD CRICHTON 


Memory insists that when thebut not .flimsy texlu^s— -here enough limpidity. The Andante 
First Symphony of Shostakovich only hinted at were to be more was very fine, but this (well. 


by WILLIAM PACKER 


A Ben Nicholson exhibition is Artists rarely develop, change 


• idic was, cum. Deep meiancnoiy young man s music, out mu nwn*. i»e uu«ue «« omiuay , h , h ha« bestrode for so Inn*- , P „ «nmetime^ m thomwivae 

■-1- *nd wryly playful, half-inconse- quite this young man's. was hard-edged almost to l l! e and a show of new work thai through the stru”rie thev force 

juent humour wore a CTnile now Mr- Foster has a feeling for Pj»nl ® f fi,,s the walls or perhaps' our upon the individual. the' agents 

jnd then, but a thin one. tbe lean sounds Shostakovich hlfwwnT 6 ni^M most energetic deafer in contem- or actual greatness. As much is 

experience was objccUvely already loved, which • even *1 be ^® n poriiry art cannot but be noticed. true ofMonet, for example, and 

-ecorded, at a slight distance, that early stage could already orchestra were thereby TJle fact< too< that our mosl perbaps 0 f Benoir. too. for those 

erhaps a live performance suddenly go red-hot arid furious. rnmea - senior and distinguished painter awkward late works are due a 

. inder Stokowski would have But though the LSO -gave him At the beginning the London should rdmaio so conspicuously serious re-evaluaiion. but not of 

lad a different effect, yet those eloquent playing, in the slow Symphony . Chorus joined their active at the age of S4 provides Picasso. Blit Nicholson's work 

-e cords worked powerfully on movement especially, the elas- colleagues for the Song oj an inspiriting example. But the has never been about physical 

' r. heir own terms and they left ticity of his phrasing, which Destiny of Brahms. Very well very ‘knowledge and recognition struggle, about the fight to 

heir mark. ought to have appeared as a they sang it. though the tone of a long lifetime of achievement realise the image, to resolve pig- 

- - The performance by Lawrence virtue, loo often - gapped was on the bright and open also impose upon us a certain meat and surface with the 
'"osier and the London Sym- rhythmic outlines and prevented side for this veiled music, obligation to take the work imagination, nor has it been 

•bony Orchestra which filled tbe total clarity. One other thing Clearer words luould have helped seriously, whenever it was done, about 'facing the possibility of 

• • econd half or their Sunday was mbsing from this worth- t they alwavs do> especially since and to judge it by the highest failure, 

light concert did leave a while if. not altogether . wnvinc- the programme grotesquely standards, standards indeed thar 0n -the contrarv his has 


miu^i iww u»»« - i-i nu3 uu uiigiii aim upcii aov luipisac uyuii uo a vtri Lilia Ultfill a uu nui wiia uie e? 

rhythmic outlines and prevented side for this veiled music, obligation to take the work imagination, nor has it been F.? 

total clarity. One other thing Clearer words vuould have helped seriously, whenever it was done, about 'facing the possibility of l'J 

«vas mbsing from this worth- c they always do> especially since and to judge it by the highest failure. r* 


iikiji wuiilcil am iw*c a wnm- u . uui amigciuci • **/***•“«- me programme grotesquely sianuaras,. sumudius mneea inai nn 'the contrary hi« ha« 

. lifferent impression. It seemed, tog reading. The score usually f a ji od to print Hoiderlin's poem the artist -has both worked to, and a mandarin art 

. >y comparison with those early suggests that Russian music, either in German or English. The helped to establish. The work 'L.jtitniv ind-nri 


>y cuiiiMdnsun wiui inuae eariy i\uaoi*u enner m German or Olglisn. me neipeo id miduuau. me worn pduisitelv iud"cd and refined 

nemories, much more subjec- hitherto intimately bound up restrained and not at all fool- is the work is the work, and sen- «»w .r» 


nemuries, mucu more suojec- mine™ .uiiimaicij uuw.- -t- resiramen ano noi at ail 1001-1 is me .wore is uic wurK, ana sen- ri-cnfinse as much to other art as 
- ive. The music (except perhaps with country sights' and sounds, proof orchestral part was mostltiment and human interest, no f n j^ rect experience and <en<a- 


ive. tut- music icxcepi pernaps wiia roumu pruoi orciiesirai parr was mosi i umeai ana huiujo inicrcbL. no . - riirA , t exnerienee and (pbm. 

or the last movement, which has come for better or worse sensitively drawn, the timpani matter how naturally and un- ,: Dn Th e visible world has lit 

- ! id not hang together) will into the big city— grime, wet strokes touched in by Kurl-Hans dcrstandably obtrusive they may c.mnlied his material of course Wi 

' *■ tand it, yet one suspected that streets, raincoats and all. Goedieke with admirable finesse, be. should never be indulged to Jut he has used it ’coolly and $ 


indsighl, with knowledge of Before the symphony. Ash- Perhaps another season Mr. blur the issue, and allowed to re fl e ctively. nev»r passionately 

iter symphonies Shostakovich kenazy was soloist in Beet- Foster and these artists will do excuse the second-best. concerning' himself rather with 

•as to write, where things — hnven's Fourth Piano Concerto. d rescue job on Brahms's under- Tbe show now at Waddincton fi nesse and elegance of line and 


oints of colour and transparent Much intense poetic feeling, not rated cantata. Rinaldo. 


’urcell Room 




Donizetti da Camera 


by ELIZABETH 'FORBES 


and Tl November 4) is | 0UC i^ jmd a wry and thoughtful fe- 
undoubtedly fascinating but it is particularity of image. L 

equally and worryingly disap- H . 7 . I- 

pointing, nor least for the He was never the innovator, l- 

insidious double-standard it so but always the master, as it were. 
innocently and disarmingly of the second wave, following up ?„• 
appears to live by: a Ben Nichol- with 'eommendable speed, con- j.' 
son, it would seem, is a Ben solid ating and probing the posi- y. 
Nicholson, is a Ben Nicholson, tion with great skill and acumen. 
and above criticism. it is ud thus in practice exerting P§ 
a hard thing to say or an old much real Influence— rhe gnod g 
man's work, and i\ is pveciselv general,- after all. is not usually m 
because it has been so good in expected to lead the forlorn 
the past, even into the very hope. The sneer quality of his ** 


'-t srs: f "gw-* rsr'vs».v sy r Mt n P° n another, wnth abstraction 

improvised upon tbe shapes they 

IP • make together: and the few iand- 

sy ' 'lgj'J scapes here are of tbe kind that 

:!/ B&d came out of Cornwall some 40 
piv . years ago, the simple blocks of 

Ks * \ ■ : . ; cliff and hillside mapped out 

Pj' . ' . against the sweep of the sea and 

Iff • 1 ■■ ..ST Nicholson has made such 

m-’ " . 'Pm ’ - ' > things many times before, but 

K." • ' '■ P va there is no rule that demands 

. 1 P . W'-Q something fresh every time: 

' I - jfiywPjffi 4 indeed what is different now is 

t O flUWw what is to be regretted. He 

j has worked these drawings. With 
l . '. a fibre pen. an unforgiving tool 

it ■ ^ ■ 1 ^ 1 r 4 rr that exacts the stiff price of sen- 

Yl .. sitivity and subtlety for its own 

hi ffiKm undeniable speed and con- 

A'' , n W‘ J If venience. They are presented 

preciously, and most effectively. 

,.V MMMM ‘ v • . WfiBmvT- the paper curling away nicely 

jWBwW»MllW - from tbe mount showing off the 

f- ; .WyBMfl RwnB H SiBBWK tWyMgB wMB i clean curves where each page 

t has been knifed freely from tbe 

. tl § 1 block: but the images thus 

1 i carried are now crude and 
1 Ml W :.WK I ' I ' arbitrary, at best decorative 

7 BBlaML lMBKlI lI f 1 |' j repetition of a tested and now 

V ‘ nPiWlBliIlF^ rWF'^lBWr I ' pas F formula. Tbe line has lost 

p ' i - its fine and crisp authority, and 

* 5 the once so delicate smears and 
J-. *J washes of colour have become 

" •••;. - ■" f-.i sad and desperate scrubs and 

f; ■ fj blobs. 

{■, \ . ■ « !■ The best things to he seen are 

y. y p -. some half-dozen of tbe shallow 

*£ ' reliefs, again a strain in his work 

S * that has continued since well 

8 . *; .. i'5 hefore the war. and which con- 

5 ' Lx stitutes in some eyes his most 

Sen Nicholson's 'Still Life with Purple and Venetian Red * 2 nd a11 n,ade within these past 

few years: and tacitly they re- 
buke the bright graphics that 

lately has been demonstrably landscape drawings that reflect share the room. Ontv in the 


' ; Donizetti wrote , terse etnouot vocal cobbles. Solo piano .oloiste and mate chorus is little ^ £*■»« ’JLf’taiSnS ^reer'Td Sj eafiy and iSl.inl Md-b-rt ‘Still Life with Purple and Venetian Red ■ 

•f chamber music, but most of it music was represented by three more than an oddity while a slmp ] y are not very good, cer- commitment to the modern buke‘ the hright graphics that 

ates from his apprentice years, concert waltzes^ pleasant out women s chorus from the can- not as gQ Dd as w - e had movement, bespeak the certainty lately has been demonstrably landscape drawings that reflect share the room. Onlv in the 

hen the comnoser was in his unins P ir t ed a P aj T from a tore- ta t a ff tausto nt orno lacks par- hoped they might be and the cir- of his vision, and rhe confidence true and perfectly reasonable, consciously but palely upon his shortest term, however, is an » 

.!! “TSnS Latpl l f ,e i >f , D T £ Ular , r nterest: bul an ,A re cum stands of the shol inevit- and soundness of his judge- when these things do at last work of more than 50 years ago artist only aS good as Ids latest , 

" ? ^® nties ‘ t 1 * P lan ,° d r l,e ** ? ot ™5 above ^ , ro F soprano (Julia ab , 8 JSit^they are. The line ments. begin to go wrong, the work can -they arc the fruits of a remark- work. It may be that we see the 

f course, the opera bouse level of student exerctes. Vrilson), chorus and strong sex- is now w-eak, the imagery is a And, starting out secure in the only fall. able burst of activity over a Beau today with his collar ! 

.... aimed his full attention, and The vocal music in tne pro- tel does contain some excellent j cur ious and sad pastiche of old knowledge that every mark will The drawings that make up the month or two earlier this frayed, but in time that memory 1 

" • lere was rarely time for any- Srarame was presumably itoosen ideas. ^ TTie perforin era, former f scrccess. the edge has gone from count, every curve be just so. substance of this show are small, summer. The subjects treated v.ili become unimportant. The 

ling else apart from a certain m.J ff^cSL* 1 } 11 15 at EedbndB * I that consummaie. particular every line work, every wobble, some tiny. Apart from two nr are landscape again, and still pity is that such a show as this > 

•mount of non-theatrical vocal * T ». £ .. us OU ' . p » membe f a Df stvle. With less gifted and iinpor- smear and rub and scrape be three made in Italy a few years life, the familiar groups of jugs need not have happened: without 1 

-~--usic Sundav night's concert in ^ Lullaby for soprano ana a rne teaching staff, were well re- lapl an artist we could afford to accepted and uspd. and intention ago. and a handful made last and pots, iheir decoratively it this commentary would be 

i e S Purcell Rooulp resen fed by Jgfi “iSonlSf have the Snnanied i!e 25? Sd be n,0re generous ‘ claimed> 35 “ deed UnU1 50 very - v * ar in lhe norlh ° f Eng,aDd - wonky P rofiles overlaid, one unnecessary. 

. :~v% D Sn VnS authentic and unmistakable style played rhe piano parts, in the 


v Redbridge .Young Musicians of tte compose “ T drinking sonatas and txtos: 
I mlnor whfch ^ a re^l SOng from Byron ’* Cowair for Spedal menUon ' 


deserves 


miiSili 


“■ tic attempt at the form, as one 
-ould expect from the pen of a 
- tpil of Giovanni Simone Mayr, 
U which has little individuality 
•art from lhe melodic line 
uaily given to the first violin. 
. Much more interesting and 
' iginal are a sonata in' C for 


IBM to sponsor European 
Community Youth Orchestra 


Jt;- : - ^ ^ ' *: ' . 


^ V j 

4"&. 


' iginal are a sonata in' C for IBM is to sponsor, the Euro- to play at Strasbourg during the 

■ tie and piano, a sonata in F-pean Community Youth celebrations for the direct elec- 
: r oboe and piano, and a sonata Orchestra for its 1979 toiif of lions to Europe in June. Musical 

G for flute and harp... All Europe which will incJude : major director Claudio Ahbado will 
Vese short two-movement works slimmer music festivals, conduct the musicians who are 

' e adroitly written - for tbe The orchestra, which made its aged from 14 to 21 years. 

spoctive wind instruments, debut .this. Easter, played at National auditions will be 
. ule the dialogue for flute and eight of the nine EEC capitals, held in December in each of the 
~rp has both invention and Copenhagen, .which was omitted, nine EEC countries with tbe 
egance. Even finer, the trio is included in the- 197B ■: tour finals in January. Preliminary 
• i- flute, bassoon and piano which begins in-Jtaly oa -August British auditions will be held in 
” ith which the concert ended S. In 11 days the orchestra "Will London on December 1 and 2. 

■ -ows signs of. the unerring play in eight countries. • ' . Cardiff December 3, Manchester 

. --nse of balance that Donizetti Trie 120-strong orchestra will December 4. Glasgow December 

• -arly a ways evinces jn his assemble briefly in early swaamer '5 and- Belfast December 8. 



m.:^‘ r- r - - ■ •: /: •• r-v >c ■ . m 

' ' ■..i:/ - - '• r ' ' v:. . 

M'.Vjvv • ^ - , - r . j 







Elizabeth Hall 


Radu Lupu 


bv DOMINIC GILL' 


Rachel Cook, Thomas Lawfor and Judith Rees in ' Cinderella ' 


Leo mini Bun 


Sadler's Wells 


Whafsi 


Cinderella 


bv NICHOLAS KENYON 






No not the Wells Christmas male voices. The grand ball Is said, by "Women's Project 78” 
Panto. This is Rossini's La a somewhat restrained affair, appropriately enough, since it's 
Cenerentoto translated with Gil- with only ice-creara to eat toff the women who pull all the 
bertian wit by Arthur Jacobs, in porta bic tea-trollies J and a mere strings in this absurd little story 
the 1976 production by Colin three girls for the Prince to of cross-class love and mistaken 
Graham which has turned out to choose from; Arts Council identity. Betty the chambermaid 
be the English Music Theatre’s economy, no doubt. David Parry, dominates the plot— and the 
most reliably enjoyable presen- conducting, controls the proceed- performance, since Gillian Jason 
tation. This “comic melodrama’’ ings and follows his excellent has more poise and more voice 


Radu Lupu’s Schubert recital sonatas: D840 of 1S25, Schubert 1 * 
on Sunday, his first solo recital first essay in epic piaoo writing, 
appearance in London for a long a fascinating and eventually 
lime, was the first of a cycle of doomed conception full of reflec- 
sir between now and December tions of the A minor sonata 
14 embracing not only all of the D845 (which occupied him at the 
piano sonatas which Schubert sametimej.andin ilsfirstruove- 
H°,S? * those , *1® ment a dramatic pre-echo of the 
w, l h ,f co "" ,le e B Bat sonata DOM: and the 
first movement, or left so nearly f. ma j or 0613/61'’ of 1818 ex- 

- 1 ffLsaij- .aiaa b ’ r n s da,s 

72L.n.-2jl Cd .th. h . ; oil illy nn-Schubertian, more in 

Schubert’s 23 sonata p'rojectl ? e L n a f. ure f^rovlsjtl^^but 
its, ed in total b y Maurice Brown, "of 

The performances showed and wit 
little sign of the affectation The little A flat major sonata 
which had sometimes marked D557 of 1817 is a charming essay 
Lupu's playing — particularly his in neo-Mozartian manners, whose 
Schubert playing— in the years finale was the model for the far 
arter his success at Leeds in 1969: more polished and brilliantly 
the sugared rubatn. the sudden integrated finale of the little A 
dying-away at the ends of major D664 two years later, 
phrases, the deathly-sweet sigh- Reservations came to the fore 
ing of solto race triple- only in Lupu's account of the 
pianissimo. On the contrary, the greatest and best-known sonata 
performances were notable from of his programme, the A minor 
first to last (or almost to last) D7S4 of 1823: how to explain, in 
for the simple but precious vir- the first movement, bis' curious 
lues of economy and lucidity, for avoidance of all of the broadest 
clarity of balance and shape, and contrasts, and his nonchalant 
for an admirably forthright and treatment of most of tbe elearly- 
uncompromising manner. marked dynamic accents which 

The programme consisted 

mainly of rarities: the earliest nf rnmJmS^'rhu 

iIia throa A minnt* . AMa i n , r\*nn p^ssi uip lor 3 com rnittPQ oenu- 

Siv riTtuhS bertian t0 a,,ow 50 small a dir- 
T l ^ l7 U h b l? fercnce (and sometimes no 
Schuhertlan tradesmans, sud- difference ai all) between the 
den dramatic caesuras, broad wonderful and ubiquitous con- 
flights of melody, ils slow- move- trasts of plain pintzo and VPP 
ment theme identical tn that nf con sordini? It will be interest- 
the finale of the great A major ing to see how Lupu scales the 
| D959. Lupu also gave us two of heights of the later sonatas in 
the three unfinished C major his ambitious series. 


Camden Jazz Week at the 
Round House 


-S PieciitanTbui .hap tbose, round her. But her ! W SS^SL"-Vff^ will 


A name that’s recognised can inspire awe, 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you heed. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 


tionally strone. the acting ,, mr „ this ahow into a really dis- Christine Batty, amt Luce ““““ ““ l^i„ BovCe “ 

lively, and only the orchestral linguished musical evening. But leaping as the hard-done-hy mu.icians. p Ten i^t j oe Henderson and 

and visual aspects— -particularly ils fun . and well worth seeing - Rosel,a alsD has some lovely Rto^Band hiJquartrt plus Johnn^DvanKs 

Roger Butims while revolving performances with a new cast to nes - Vjf Lo ^ don J jz z B*® 7. aTll li Witchdoctor's Son are y Fridav’s 

wedding-cake of a set— seem a tomorrow and Friday. In 1730, eac h number would l J* ^ llfSc b m? featured groups V 

little loose at the joints. * doubtless have been greeted a " d " 11 d B,n Davisons All- Tlie clo ^ n g P concert on Satur- 

In Rossini, intensity of feeling Tbe runaway success of The with gleeful recognition by the ai f, rs - . day, which starts at 7 pm, as 

and uprightness of character are Beggars Opera in 1728 eocour- audience; we can only latch onto Tucsaay evening will oe opposed to 7.30 for the otbers 

in direct proportion to elaborate- aged many similar compilations a couple of familiar Purcell airs, entirely 10 the Mike has three groups: Ian Carr's 

ness of vocal coloratura; so in 0' pnpular tunes, with words and relish the innocent charm of Gibbs orchestra, a concert which Nucleus, Barbara Thompson's 

this respect it is appropriate that re-writ ten to fit into plots which tbe rest. Considering how arch is part of its tour Tor the Lon- jubiaba and Turning Point. 

Ann Murray as the fireside made fun or operatic convention, and unfunny this sort oi charade temporary Music Network. The London Borough of 

heroine should outshine every- The Village Opera Company can be made to seem, the fast- The National Youth Jazz Camden are promoters of the 

one with the warmth, feeling revived one such piece, Charles moving production is a real Orchestra and the Bebop Pre- Jazz Week in association with the 

and sensational brilliance of her Johnson s The _ Chamber-Maid, achievement, and includes one serration Society will be tbe Jazz Centre Society, 

storing. Clearlv born to be a for toe first time since 1730, genuinely funny creation by 

Princess, she is a model of east- giving two ■ performances at Tony Ailken as the servanl Heather Hamer T~ 

down dignity when faced with Hampstead s .tiny New End Brush (impersonating the noble j 


and the blustering drunkenness 
of Don Magniflco (a performance 
nf splendidly sustained venom 
and unctuousness by Thomas 
Law I or). . 


.-cnvui ursiey 5 unpreien- neep win a touen or Aianf c fjPrann Heather Haroer who 
nisly effective production was Bennelt Peter Holman directs j m RoiFaL ,f fnVnnpar 

,de possible, (be Programme e lively trio of instrmnentel.sls. | Xr Bral^ubllJ ™ n «rt iS the 

[city for many years next month. 

Covent Garden faces deficit ) Belfast Festival which runs from 

As u-ual the annual report of reckons that Covent Garden j ^^ier^wnce^t will be at Queen's 






Similarly, no ooe could be the Royal Opera House. Covent needs a 35 per cent increase in University on November 15. She 
Tooled by the attempts of Dan- Garden, released yesterday, was H* grant and is hopeful that, w jjj jj e accompanied by the RTE 
dini (a haggardly pre-Raphaelite dominated by financial problems. be '® re *:?, i? 11 ? estTa Symphony Orchestra which is 




Russel] Smythe) at princely ira- p 0 r the first time for years thprp be . milking its firat public appear- 

personation; Ian. Caley's Don ind Si economies are already ance £ Be , fast si g“ e ^ fSs ter 

Ramiro reveals his true colours ?*?*., a P pa Il"L troubles started. 


to his first flood of emotional financial year-^f £376,000 which cheapness of recent pr Ructions Dublin-born jazz guitarist Louis 
semiquavers. It is quite wrong to was only slightly relieved by tbe — Lohengrin cos i only £51.500 to g tewart ^11 a]So e aDDear with 


read the small print first 


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let him embrace Cinderella so payment of a bad debt following stage and The fee Breatt £57.000. th R onn j e sgQ,, ErDUD during 

tenderly at their first meeting — an American tour. Another Even ZJte Fledermaus cost less ^ e f es (| va i 6 v 

there is precious little tension deficit seems certain for the than £100.000. half the aver-j : — .. 

and uncertainty in this cheerful CL jrreni season. age investment in a new opera 

opera, and the resolution should Although the financial difficul- al tbe Met In New York. The _ 

not be so obvious to tbe middle t jes arc haviug a depressing difficulty for Covent Garden is UDfil*d 

nf Act 1. But Mr. Caley matches effect on current productions and that ils plans stretch many years w r vl *■ 

well lhe strength and clear future plans, the chairman. Sir ahead while it only knows Its Editor: Hant<t Roientiw i 

articulation of. his beloved’s sing- ciaus Moser, is confident that subsidy just before the start of Festivals Issue 

ing. though it « K> the central public opinion, and the Covern- Its financial year. Twel¥B maJ - or Euro opera 

cartfttonn of his big aria that he ]penli 1S slowly moving towards Although there has been a Festivals this year are reviewed 

makes the finest sound. more subsidy for the arts, and growth in corporate sponsors with , uperb a ' tion BhotoeraDh . 

Donald Stephenson playing the especially for Cnvent Garden. they still account for just 3 per ,2B paces The collector’s num- 

Prince’s Tutor disguised as a fn comparison with its over- cent of income: only the Govern- j,er for the open lover 
beggar, has every hair, almost seas competitors it does badly, ment. can ease the persistent cash . K!r>w L ll _„ ' 

as neatly in. place as Robert in terms of aid. and the £5.5m worries. And only the Gov pm- • now out 70P 
Powell did a* Zefferelli's Christ, it is receiving from the Arts ment can provide the money to At m*in N«*«ae<ra & ao<*twiii 
and the attendants are an un- Council in 1978-79 is £600,000 less ensure the building of facilities is/rVumS s f* flT, '? ur fT*.’ i-J 1 *- 
convincingly bland coUection of than its requirement. Sir Claus such as rehearsal rooms. A.T. <ilc 


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Financial 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON ECtt 4BT 
Telegrams; Finantlmo, London PS4. Telex: 886341/2, B838ST 
Telephone: §1-248 8§0§ 

Tuesday October 24 1978 






v* ^ 

vv: 


Not much time 
for Leyland 

MR. MICHAEL EDWARDES, change of attitude on the part 
chairman of BL, told union of shop stewards and employees, 
leaders and shop stewards at the At the same time the manage- 
weekend that without a sus- meat is determined to tackle 
taiaed improvement in the per- over-maiming, According to 
formance of Leyland Cars over some estimates, the company is 
the next six months he would staffed up to produce well over 
not be able to recom- lm vehicles a year when its 
mend another large Injee- realistic output level is no more 
tion of funds from the than 800,000 vehicles. More 
Government. At the begin- redundancies and probably some 
ning of this year the Govern- plant closures are unavoidable, 
ment provided BL with £450ra If these problems of over- 
of new equity aod agreed in manning and low productivity 
principle to make available a can be approached on an agreed 
further £400m in the period up basis, without provoking another 
to 1981. The assumption was that serious strike, then there is just 
by about -April or May of 1979 a chance that the company can 
the company would seek another survive. There is no reason in 
£30Om to finance the heavy in- principle why a- company mak- 
vestment in new models and ing 800.000 vehicles a year can- 
new facilities which would be not be viable, provided it makes 
taking place over the next them efficiently, 
couple of years. But all this was There is obviously a question 
conditional on the company’s mark over whether BL. with its 
ability to generate a comparable somewhat ageing range of 
■amount of money ont of its own models, can retain its present 
resources. If, through inter- share of the market in the 
ruptions to output nr poor period before the new Mini and 
productivity, BL is not general- later the AUegrn/Marina ic- 
ing the cash required, Mr. placement become available. 
Edwardes is adamant that the Much will depend on the corn- 
investment programme will be pany's ability to upgrade the 
cut back. quality of the cars it is now 

. producing and thus overcome 

Realistic the reputation they have 

Mr. Edwardes has shown, in acquired for unreliability. These 
the closure of Speke and in the are internal weaknesses which 
cancellation nf investment at must be put right irrespective 
Bathgate, that he does not make of any possible collaboration 
idle threats: he is prepared to with other companies. Such col- 
take drastic action when the cir- laboration might well have 
cumstances require it. He and advantages, particularly in shar- 
his senior managers have a clear ing the cost of major investment 
idea of what needs to be done projects, hut it will not itself 
if BL is to survive in anything ensure BL's survival 1 , 
like its present form; the week- n 
end meeting marked another tJpport unity 
attempt to persuade trade union There is no doubt that the 
leaders to take an equally arrival of Mr. Edwardes and 
realistic view of the company's the management changes he has 
present situation. made have strengthened BL: 

EL has many other problems there is an outside chance that 
besides industrial relations, but he will turn the company round. 
Mr. Edwardes is surely right in What remains uncertain is 
thinking that radical improve- whether the opportunity which 
inent in this area is a necessary the new management has created 
condition for restoring the com- will be used by the trade unions 
pany to viability. That is why and the employees. If progress 
he is devoting so much atten- i s constantly disrupted by sec- 
tion co devising an incentive tional claims and disputes, like 
scheme which will, among other the current refusal to let rhe 
things, discourage unauthorised company contract out certain 
stoppages. The hope is that a engineering work on new 
financial reward For higher out- models, then the right course 
put, coupled with a general is to bring the investment pro- 
awareness of what will happen gramme to a halt and run the 
• to the company if higher output business down. The next six 
is not achieved, will elicit a months will be crucial. 

Keeping watch 
on education 

THE GOVERNMENT'S rccom- one of which believes that edu- 
m end at! o ns for a new, single catinnal standards will be 
16-plus examination in England improved by tbe change. The 
and Wales differ in important CBI's position on the issue 
respects from the proposals to seems to be somewhere between, 
tlie same end pul forward two It accepts the proposals tor the 
years ago by the Schools Coun- single exam in principle, but 
cil, under strong pressure from means to keep close watch over 
the schoolteachers’ unions. The their translation into practice. 
Council wished the new exam 0f thesp pnsUionSi lhe CBI - S 
intended to replace the present seems the wise5t A sinRl<? 16 _ 
dual system of GCE Ordinary lus offers administratlve ad . 

IT* 1 * a " d f lh c e les j academ,c vantages, especially as the 
Certificate of Secondary Educa- declin)ng birth-rate will .--harplv 
tion, to he te ^ er ^olled-- reduce the number nf children 
a scheme which alarmed the in the schools. The change also 
confederation n British off educatinna , benefits. not 

~ least in relieving the burden of 
exam-taking on the numerous 
borderline pupils who are now 
entered for both Ordinary level 
and CSE. But these advantages 
Sensibly Mrs. Shirley would turn to dust if the change 
Williams. Secretary for Educa- had an adverse effect on child- 
tion and Science, refused to ren's educational attainments, 
hand control of the nation's particularly in the basic skills 
major school-leaving exam to 0 f literacy and numeracy. The 
the schoolteacher Interests. She improvement of educational 
had the proposals revamped hy standards is of paramount 
committee headed by Sir importance. 


B 


favour in Washington 

BY STEWART FLEMING, New York Correspondent 

USINESS LEADERS In 
the U.S. are congratulat- 
ing themselves on the 
transformation of their political 
fortunes in the past two years. 

One of the last acts of Con- 
gress before adjourning for the 
elections was to pass a $18.7bn 
tax package which makes major 
concessions to- the large 
American corporation. The con- 
cessions had perhaps even more 
symbolic than practical sig- 
nificance, for they represented 
a widening acceptance of basic 
positions which business has 
taken on issues like capital 
formation, productivity, and 
export promotion. 

The tax breaks were only the 
culmination of a succession of 
far reaching legislative 
victories for business. Organ- 
ised labour's attempts to 
tighten its powers by securing 
new picketing laws and a 
reform of labour law were 
thwarted. Attempts by con- 
suraerists to legislate the crea- 
tion of a consumer protection 
agency were blocked by busi- 

ness lobbying. — .... 

The range and sophistication Top men Msy access l0 the corridors of power: (from left to right) Mr. E. BLdeWindt. chairman or Eaton; Mr. Frank T. Cary, chairman andchief exeetdive 
of business’s public campaigns . USiH; Mr, Irving Shapiro, chairman and chief executive, du Pont. V.r-: ' =*•- 

in the past two years have been • . ' '•* .■ . -> r - v vV'*' 

decade’on*' thY ^efenri ve^husf- mid-October Mr. Reginald ment by the Administration of Besides Mr. Shapiro (until ear- business and labour, the Con - large has begun to «?prosstitseif 
ness senses a favourable shift Jones. chief executive of a new anti-inflation programme lier this year chairman) .and gress amended the . FederaL on political Ssotcs, staking 

of Dublic and Dolilical opinion General Electric (GE). could today, probably to include wage Mr. Jones, the list includes Hr. Election Campaign Act to out a middle of.^tje road course,, 

As Mr Irvine Shauiro chair- say that '‘business and this price guidelines. Mr. Shapiro Tom Murphy of General Motors, allow companies Us welt as arid is. wary, of liberals because 
man of the country's laraest Administration are working says: “ We were not asked what Mr. Walter Wriston of Citibank, others) to set up ; political They * shovel money put ; to try 

chemical concern du Pont, put much more closelv together the policy should he. We were Mr. Clifton Garvin of Exxon, action committees (PACs). to solve problems, j 

in an interview with the Finan- now than they were even a year told what the programme was Hr. Frank Cary of IBM, and so These voluntary groups raise Recent prrataiy elections have 

eial Times “all the trends are or 18 months ago." Mr. John and told we could comment on. When he was at Bendix funds from donations, which suggested that ,*he ;publTc‘;is 

mo vine in’the right direction” Debutts, chairman of American on it.” Mr. Michael Blumenthal,' now they can then give to politicians, picking, ongovexfimeht. niit 

His ability to make such a Telephone and Telegraph, the Having stated these qualifica- Secretary of the Treasury, be- Direct contributions by cor- business,. *ahd >- .'ftfc-.-pirtieuIir'-.. 

judgment after almost two largest U.S. company, and an- tions, it would however be longed, and so did Mr.- William porations have long been out- taxes and government spehdmg. 

vears during which the White other of the men active in the foolish to consider ephemeral Miller, now chairman of the lawed, and after the scandals as its whipping boy: With real 

House has been in the hands of business council, chipped in: the improving political fortunes Federal Reserve board. surrounding illegal payments incomes ^ eibded- by;rnfiation hat 

a supposedly populist Demo- *' I think we are going down the of business. They are the pro- i„ the past six years these companies are not taking any graduated: taxation ^faking , a 
cratic president. Mr. Jimmy same track together.” duct not merely of good luck. rae n have put their, personal more chances breaking those bigger chunk ; of r^l.-ineoiDe,' 

Carter., is a measure of the It would be too easy to but also of careful planning and influence into* conducting In- laws. _ business is capi talisi ng, on: that •• 

distance that has been travelled, assume either that the track is skilful work. vestigaiions into issues, estab- The Federal Election Com-T mood. There is yirtually uaani- 

Three or four rears ago the the right one or that the Its beginning may, perhaps, lishing policies, and lobbying mission now estimates that mousVaffvee™«“t v in i the media . 

reputation of the giant U.S. apparent shift of political mood be placed at the start of the de- hoth the Congress and - the there are over <00 corporate, thgt, Washington s budget _defi- 





tative among the Council's 
governors. 


Revamped 


James Waddell which included 
representatives of employers, Standards 
trades “ninns parents local N(?itber the ent nor ^ 
education wOontm. um ersi- ropuSed examinations directly 

t,e V~ fSJBuS, L * guarantee standards. But stan- 

LJ darcLs can be crucially affected 
je -n C nr^ hp atraifaWp^in indirectly by the examinations' 
(which will not ct a tinru»rv in ^ uei,ce on teaching practices 

JS<i“ S<SSfi fs ittledT in the schools. The change from 

r 7T n ir a 1 vri: ss 1 

gsffiSSs rara -■sr? s 

which Hn Williams hopes numerate subjects from an early 
will be introduced in schools a3C ' 1 " trn ^ ct | , P n of c f E 
about 1985. Moreover the saoie h??,’ 110 '™ 11 * cl,onIs . t ” e ” ler 
misture of soppliers’ and children for lifts easier opium 

Zm«>' interests, none a! 

them having a majority, wnuld }*“„¥.£? 'IjS 

have charge of a cenlral com- for 

miltee to be established , 0 potenttai blessings of lhe While 
moo, tor and co-nrdinate the Pa P er ‘Ijr do nol 

standards and other arrange- ™ le , oul the poas.b.hly of lhe 
ments adopted bv the individual s-PS 10 ™minahons further 
evamioins Boards. encouraging the spread of 

The offer of shared and mixed-ability teaching, with its 
strengthened control over generally levelhng-down effect 
standards, coupled with prnvi- on P«pi's attainments, 
sions for additional nr even It is therefore vital that the 
separate papers to be taken by controlling interests — especially 
candidates nf high academic those on the consumers’ side — 
ability, have failed tn gain the should keep continuous and 
support nf the Conservatives, distinctly sceptical watch on the 
who have promised to put for- practical preparations for the 
ward their own proposals on new examination. Should the 
Thursday. As Mrs. Williams was controllers cease to have sound 
quick to point out, however, the reasons for thinking that the 
White Paper scheme has the. change will have positively 
backing of the main local beneficial effects on educational 
authority associations, both nnw standards, the scheme must be 
under Conservative control and abandoned. 


either questionable payments too, that one of the reasons about the climate in which they or by enlisting other top esecu- de Wind! says the company's — althougb the evtdence :to sup- 

(often bribes) abroad, or down- why the recovery of corporate were operating. Mr. E. M. de lives. ■ 7 . V' P AC -t limited to a few_ hundred port., it far from^. cqpdyave, 

right illegal political- contribu- America’s fortunes appears so Wind t, chairman of Eaton, says The R " ‘ ' “* ■“ “ ' 

tions at home. ■ Executives had marked is simply that previously it was realised in the business tow ards 

watched im potently for years they had sunk so low. world that it was “allowing last yeai - rv~-. ,■/-*' - .■ - „ 

as consumerists, environmental- There are enough clouds on -Ralph Nader (the consumer boycott legislation. That com- ‘Get into politics or get out ■ In additKHfcto; fte.changiiig 

ists and egalitarians poured onto the horteon to make all but the advocate) and George Mean? promise Mr- Shapiro; now dmms of business.” mood of the amntry, there,are 

the statute book new regula- most blindly optimistic chief (the trade union leader) to made a contribution to the cli- Organisation land hard work more practical mfions^for tbe 

tions to control corporate enter- executive pause. The tax bill talk for us." He adds that he mate which Jed to the €Iamp are only one part of the effort increasing boriness 

prise. They had been shaken with its breaks for business and others were afraid ai the David agreement by preventing which has helped to raise the over - political ana:; economic 



own profit economy into recession in 1080. Britain. That is a recurrent The Roundtable Is only one fully to exploit and influence a apparent whett-i^' was forced 

It seemed that the business The resulting tensions cmild nightmare of many American example of the growing involve- change of political mood. Some to advocate njandatoi^ price and 

corporation was in danger of bring business into conflict executives. ment of tbe business community place the beginning of this wage controls as;. the next anti- 

becoming an outcast in a again with both Government Large companies responded in national and community change earlier this year when inflation staged Mr.* 1 Shapiro 

country which business leaders and an impatient public. by organising. A key event was affairs, an involvement which Californian - voters' " registered points out -that the jikfely. price 

believed they had helped to The politically sophisticated the formation in 1072 (in the Mr. Shapiro says recognises the their dislike of mounting state guideline^ . will ; “Hot seriously 

create. As the head of a giant men who have helped to chart midst of the Nixon price con- “quasi public role" large taxation (and by implication hamper business But MivMeaiiy 
oil company put it disconsn- the political strategy of business, trolsi to form the business corporations must now play, soaring government expendi- knows that : -in a year of major 
lately two years ago, “we could Mr. Shapiro and Mr. Jones in Roundtable. Tbe Roundtable The scale is shown by a recent ture) by voting for Proposition collective : bargaining 1 contracts 

use some friends in Washing- particular, "know how easily has developed into the most estimate published in Fortune 13, which sharply cut property organised" labour Is likely to be' 

ton." As recently as early this they can be cut out of some rigorous lobbying organisation magazine that whereas 10 years taxes in the state; But Mr. the first to^ ^ breath whatever the 

year business leaders were still political processes. Mr. Shapiro, for business corporations in ago about 100 companies had Shapiro says that in his view wage auidenneTris Vnnder >the 

.nmnlaini.n-iknl than luara nni Mmmantinii on tha Inno rfflhiitB W»«hino1(Wl' Sflfl f hp PfTIlTT t rv Inllhvrctc in Wochinatnn lha ilia'.UiittA. o._a 'll t- A‘ • 1~~ ■ IT* 



House. Government and business on of around 200 of the largest corporate political influence elected on was anti-government be’ aiioOie^ imbUc '.de^at for 

In sharp contrast, at a meet- those issues as conversational U.S. companies are members was born two years ago when, and anti-establishment ■ labour at a time j>whea -".Its. 

ing of the Business Council in and factual. But of the announce- and they join in their own names with the enthusiastic support of He says that the public a t fortunes -are already low.- 


MEN AND MAHERS 


. u L ro9 i. e again. The ASTMS claims to inch thick glass In the windows, registry office has a thick 
I rl© CrlUrCn DreaivS have recruited around 100 vicars The hinges couldn’t rake the volume of non-ridiculous names 

and the Association of the weight. When the doors were and will help ail parents pick 

a suitable one for their child. 


the rules Clergy reportedly has a similar slammed they fell off.” 

The car workers are huffing and number of members. But the - 
The men at British clergy of England has no less 


Not every parent agrees, how- 
ever. Some still try to register 
their offspring as Lucifer, 
niggle. Black or White or, one 
nf the most famous in the his- 


puffing. 

Oxygen fill the air with demands than 10.000 members — which If OFChnoi 

For wage increases which would only seems tn show that Osmond w 

breach the Government’s is at present correct in his un- COETlDldint 

cherished norms. But the surprising claim that “the great v ** . r v of Brazil's odd names p Pn «i 

winners in the race to make majority of nur members feci *'I hear they had the Office of r 0 f a coca Cola Ben’r 

Phase Four into the Phase that that unionism is not the right Fair Trading round to complain Q|j ve i ra ac 

never was are those far-from- way.” about them using Korchnoi’s 

militant workers, the clergy. name to promote it.” the chess Anxious to preserve the 

From next April the basic . ace, William Harlstnn, mur- nnmenciatural heritage of 

minimum for vicars is to be A fnimh nf place; mured to me over lunch yes ter- Brazil, a lawyer, Sr. Itamar 
increased from its present level ui _ day. Espinola, spent five years 

of £2,900-3,300 to £3,500-3.800, I lhc nights draw .in ones As a par ung shot, delivered digging into libraries, registry 
was told yesterday by Paul J]?" 1 *"** 1 * ,l,rn naturally tn before he flew tn Buenns Aires r)ffice ,i,e s. official bulletins and 
Osmond, secretary tn the Church Christmas presents, a troubled f or th e World Chess Olympiad, other such illuminating docu- 
Commissinners.. Osmond said *! especially for .members j{ h ad !j s points. At stake is ments. He came up wiih a cnl- 

that in a few cases lhe increase Jot set who have every- t f, e succe ss »f Hartston’s The Icctmn (hat is still a best seller, 

would only be tn £3.300 but he thing they vnuld possibly wanl. Battle nf Baguio City, hrs . His finds, translated intn 
accepted that the basic rales, j} n d therefore settle? — usually account of the Karpov-Korchnni English, include: Atlantic Ocean, 
were heing increased far above for things they could .not pos- ma t c h. it is competing in a Unhares (a Bank of Brazil 
the Government's guidelines. Slh ly want. tlg y, t jj e j d w j tll lW( , Q th er [ n . nfficiol); the brothers National 

The increase is nearly 21 per nnw - a « i f U apswer to slant books, one of them by his * u,ure 1 Provisional and 
cent. a P ra yer, Men and Matters sug- long-time rival the grandmaster Northern Provisional: Anthony 

The Department nf Employ. Se-^ts the perfect Christmas gift Raymond Keene, who was also Premature Calf (a social wel- 
ment tells me lhal on lhe face r °F “ le - rnan who has every- Korchnoi’s second. Keene's fare doctor); -Agricultural Beet: 
of it the clergy cannot be con- |b |n ? 0 * S| ' — bullet-proof win- book, at one stage, was to be r °ol Sand Laion; Petronius 
sidcred a special case. When I dnws throughout the house. This “co^authored"^ — not my expres- Arbiter of Elegance: Tame 
asked Osmond if the Cnmmis- least is ibe present an anony- s j 011 — by Kurchnai himself and Peaceful Poor Lamh de Oliveira 
sinners were claiming increased ™ M,S Saudi millionaire has the interest of the Office of Fair Restful! and most unfortunate 
productivity he argued that At .t cost T rad j n g W as aroused because of a,f - Cardiac Arrest da Silva 

there had been a parochial re- £50 -y f) '' he will in future feel publicity had been generated on < a municipal tax collector.) 
organisation and that the far s j"* r Jn«kina out on the this basis> Perhaps even more strikino Ls- 

number of clergy is falling. But. View frnm hif Mayfair-home, his Bllt in lhe Korchnoi ihn r,™ Pafia vL 



SET**'* '■ V'.V 



#r- 


*/ • - r. i 









•• hist a&oitf rfval&if V 



has worsened.- made p if int ■ i aspect it wa s prob- ihe alphabet and make sure 

Osmnnd was not cnnvmccd sslrnn-mts usors are ms-lo. ab , y rjne n£ Qur mmpctjtt „. s Ma etc rememhercd them 

that increasing unionisation The contract to reglaze lhe ing to s ti r up trouble, ’’ says the 

would help the clergy improve Saudi's Londnn home has been book's editor, Peter’ Keramis- — 1 

their lot. secured by UBM HiJls Glass of Betty, managing director of 

Recently, however, a numher Nottingham, and is believed to Batsfords. o»«cior oi p re nCn detOUr . • 

of vicars who think otherwise be the first of its kind in Britain: Korchnoi withdrew, I am told. A colleague tells me his son 
met with officials at the Associa- hardly surprising In view of the for no more colourful reason has been showing distinct lin- 

lioo of Scientific, Technical and price nf £32 a square foot. than that he plans to write a suistic talents. During his 

Managerial Staffs to discuss how Made in the U.S. Lexgard is book of his own second lesson he successfully 

to preach the union gospel. distributed in Britain, by En- ' translated Into French “Come 

One of their spokesmen, the gineering Polymers. Regional ' over here” "Venez ici" he 

Reverend Neil Richardson, com- sales manager Michael Scott D «... -said. “ And how would you say 

plained at low wages and poor says that, apart from not “alia rllia ’Go over there?’” asked the 

job security. Asked if his splintering or shattering, the In 1975 the Brazilian govern- teacher encouragingly.' - M I 
members would consider picket- all-plastic material has another ment passed a Uw prohibiting would go over there," replied 
ing churches Richardson com- major advantage, its lightness, parents from registering names the youth, “then I would say 
men ted ironically that if they * There was a case in Ireland” for their children that were ‘Venez ici,' 


stopped delivering sermons they be tells roe. " where nne nf &<? "likelv to suhi*rt thd hnMer tn 

might even fill the churches custom car finns was using two- ndlciile." Today every Brazilian 


Observer 



•'ir : • 7 ; --' ■’ • ’ 













SSSat’nmes 


Ch; 


BY MA 

THE PF 
decided tc 
allegation 
Wilson f i 
number c 
were com 
paign agai 
Party on ■ 
1974 Geni 
The foi 
allegation 
lowing thi 
affair. Mi 
was. had 
an orches 
himself, t 
Lady F l 
Murcia W 
The Pr. 
Sir Haro 
drawn so) 


laid the 
did not 
pnetors 
instructed 
round a 
material." 

The Pp 
to hear 
Sir Harolr 
formal co 
On the 
against 1 
council s; 
Royal Cc 
that ther 
Labour bi 
The Pr. 
is one o; 
iished tod 
In ano 


Helping toimproTeconnnumcalionsljetweenTieopIereqiiiresa 
constant stream of inTention and development. By originating a 
system of transmitting messages by lasex light rather than by 
electrical energy, STC has produced what could be the most 


of the transistor. 

As demand for telecom muni cations ; 
services increases, the pressure on the 
telephone system grows. 

So technology has to anticipate 
problems which may not occur for another 
decade; and find the answers. 

Pass'additional services like 
television and viewphone and computer 
data through conventional telephone 


cables and they can crowd out the con- . 

versations which might be carried. 

Fortunately, STCs initiative led to ■ ■ 
the development of optical fibre 
communication. This means tliat tlie . 
capacity for signals of any kind'is increased 
by-tens of thousands. 

Instead of the traditional copper 
cable, the ‘wire’ along which signals pass 
is a hair-thin Optical fibre (think of it as a 
thread ofglass), so transparent that looking 
through a mile-thick pane of it would be 
virtually like looking through an open 
window. 

And all the signals transmitted are ' 
carried by lightwaves generated by -. 
miniature lasers. 

The theory is simpleithe capacity of 
a carrier wave is related to its frequency. . 
And the frequency of light is many thousand, 
times that of radio waves. 


What is not so simple is the 
deve lopment of lasers able to operate 
efficiently without attention for the life- 
time of the system. And also the 


development of light-guiding fibre to take 
the signal from transmitter to receiver 
without significant loss of quality, no 
matter how many twists and turns the 
glass cable goes through. Building these 
fibres into a cable and transforming the 
V\ ‘glass' into something tough and 
w flexible, was not so simple 

either. 


So STC, as well as 


originating the concept and 


, w making it work, built its own 

optical fibre and optical cable 
manufacturing plant 
j And this is why, with 

\ the full co-operation and 
\ assistance of the British 
Post Office, STC installed 


the world's first high 


capacity, long-distance 




Top: a radio wave. Bottom: alight 
wave. Think of every wave as carrying the 
same number of telephone calls, or 
te levisioiijp rogrammes, or com p uter data. 
Clearly waves which axe closer together 
have a higher frequency and add up to 
more signals than those further apart 


STC did not stop at the optical fibre 
communication concept- STC also made 
it work. A pilot production line at the 
laboratories led to.the.buildingofafull-. . 
scale fibre and cable production plant 


& 

w 


1 


Think offfie white line as STi 















Financial Times Tuesday 'Octob'er ^isYS 


Nolnterference 


STC’s development uses light, not 
electrical energy So it's interference-free. 


T^'hich means it can be run alongside, 
say, electric railways without special 
screening. Because there's no risk of 
sparking, it can be laid where metal cables 
can't: places like mines. And because it is 
virtually bugging-proof, it has vast 
potential where security is vital, 
particularly forniilitary use. 


Greater Capacity 

Cable Ais conventional Cable B 
uses SIC’s optical fibres to carry the same 
number of telephone conversations, 
television signals, and computer data. 


‘Unbreakable’ 

Perhaps ‘unbreakable’glass is just 
as surprising as flexible glass. STC’s optic* 
fibre is comparatively stronger than steel 














4 



Pr 


pn 

ch 


BY MA 


THE PF 
decided tr 
a llegai ion 
Wilson fi 
number c 
were coni 
paign ay a i 
Party on 

1374 Gem 
The foi 
si legation 
lowing l hi 
affair. Mi 
was. had 
an arches 
himself, f 
Lady Fr 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Snbseqi 
mid the 
did not 
pnetors 
instructed 
round a 
male rial." 

The Pri 
in hear 
Sir Haroli 
formal co 
un the 
acain.^t l 
council s: 
Royal Cc 
l ha l I her 
Ldhnur hi 
The Pr. 
is one n; 
iished tod 
In uno 
council 
against ll 
Daily Ex 
picture i 
Henrietta 
death in I 




32 


Financial mmes- T^iesdar ^4' ,1855; 





Originating, developing and making optical fibre 
and cable to transmitmessages by lightisjust 
one example of STC’s innovatory skills. 

Standard Telephones and Cables Limited has always 
been in the forefront of telecommunications develop 
ment: providing the first Atlantic cable; developin, 
the concept of digital communication; introducing 
telephone exchanges with abuilt-in memory. 

£k\ 1- br- 


each 


ig 



is a specialist: hydrospace, undersea cable systems; 
marine radio and electronics; telephone exchange . 
switching; locaUong distance and international : 
cable and transmission systems; andadvanced . 
subscriber apparatus are some of the business areas 
in-winch STChelps people communicate. 








-- '*V r Vf / 






V y% J.' 




Defence Communications 


Many people thought that the 
introduction of satellites would halt the 
growth of undersea transmission systems. 
Yet in the first five years after the Early 
Bird satellite was launched, cable circuit 
milestrebled. And the growth continues. 

Last year saw the inauguration of a 
£40 million system linking Venezuela 
and Spain over 3240 nautical miles. 
Surveyed, planned, designed, manu- 
factured, installed and commissioned 
entirely by SIC, this system was named 
Columbus: and it was opened on 
Columbus Day- the day and date 
specified when the contract was signed 
in 1975. 

And only recently another STC 
system, linking the Philippines and 
Singapore, was opened. The on-time 
completion of 1500 miles in 13 !o months 
was 9 months less than that offered by the 
nearest competitor. 

But though STC is responsible for 
more undersea transmission svstems 


STC is a mg or supplier, to the 
Ministry of Defence* NATO and other 
defence agencies. 

The company is playing a sig- . 
nificant part in Ptarmigan, the trunk 
communications system for the British 
Army which will provide a mobile, secure 
network to support tactical requirements. 
It enables anyone from a signaller in an 
advanced outpost to the General Staff to 
communicate either over line or 
radio by simply picking up a handset 
For the Royal Navy, a fully 
eIectronic.au tomatic unmanned 
exchange will continue to provide 


^iiaiiunkktiohs.^ tfe; ^ ASi, . 
ha^doiisco^ 

V-v •; ■■ And Lin^tnpex^lhk^.'; 
Compress brahdE^^der5^u^mra3£r.‘ : : 
-virtually eliminate 
>trarismissioii ; quaE^ 

. radio-links, one of thejho^cxjtnmtm' 


customers. 


torpedo* wire guid^elihlK^ ^ 


4 :< - ^ 


than anyone else, this vast experience by 
no means limits our range of interest 
For instance, STC helps people talk by 
satellite. Developed by STC for the 
British Post Office and world markets, 
suppressors will help to reduce that 
disconcerting voice-echo you sometimes 
get on international telephone calls. 

STC helps ship-to-shore 
communication too. The introduction of 


anew generation of radio teleprinter 
equipment guarantees error-free trans- 
mission and reception. The “Microtoi; w 
working alongside a shipbome telex, will 
speak to its twin alongside another telex 
ashore. And neither will send nor receive 
a garbled me ssage . No matter how great 
the distance, how bad the interference, 
whatever goes into the telex at one end is 
received at the other. 






<2 


Business Communications 




STCs associate, ITT Business 
Systems, specialises in voice, data and 
telegraph communicationsfor business, 
industry- and commerce. . , ^ ■ £ . 

A leading product istheUmrhat 
4080, a new generation private exchange, 
based on microprocessor technology. 
This provides an advanced voice 
communication system with additional - 
features for modem business 
communications. 


‘Message 

in which the compariyisalqa^-ffe' : - 
aulotnatic handlinj^ston^ii^i&fcgand 


datamessages. 

• Ithas recently mtrcfdiK^^ti&iiact 
portable facsimile rriaci^e^ifief^bl®^ 
This can be used wheroyer;^e^isaGcess 
to a telephone to transmifc^dipt^y^ ' ” \ 
documents and gra^csatMiiothe ' :• 
speed oftradi&nalequJgS^^f??-: •/’ 

Itis also the major stippife ofteleK 

? 1. • - 


exports them to many parts of tlkEworid. 






National Commnnicadons 


At the start of the telephone’s 
second century the great switching 
advance is from the traditional electro- 
mechanical exchange, through computer 
controlled semi-electronic exchanges, to 
fulls 5, electronic exchanges, and thus from 
analogue to digital technology. 

STCsTXE4 development was the 
semi-electronic system chosen by the 
British Post Office for the modernisation 
ofall its medium and large exchanges. 
And for the future, which lies w ith digital 
systems, STC was chosen as one of the 
companies to work with the British Post 
Office towards the introduction of 
System X in the early 1980s. 

System X is not just a development; 
it’s a switching revolution. Conversations 
will be converted-into a series of pulses, 
which will be switched by telephone 
exchanges without conversion back to an 
analogue signal, and anew digital network 
will be introduced. 

Modem micro-circuit switches are 
millions of times fasterand millions of 
times smaller than the older electro- 
mechanical switches, with virtually no 
wire between them: This complete break 
from the constraints of existing networks 

will achieve a service far more flexible, . 

efficient and economic than today’s. 

STC was a natural choice to be a 


partner in the consortium to work on 
System X. Many of the basic concepts 
used in System X, and com parable 
developments overseas, had their origins 
in pioneer work carried out in the 1950s 
and 1960s. Pulse code modulation, the 
basis of the digital transmission of speech, 
was conceived by an STC scientist as 
early as 1938. 

But it was the invention of the 
transistor that made the concept 
practicable, and only in more recent years 
that developments in integrated circuit 
technology have enabled the full 
potential of digital transmission to be 
realised. 

STC took the concept a stage 
further by actually installing Europe's 
first field trial of a high-speed digital 
transmission system capable of carrying 
1680 simultaneous telephone conver- 
sations. Results were so outstanding that 
the British Post Office chose the STC 
system as the first stage in the 
implementation of a national digital 
networkinBritain. 

But this is by no means the limit of 
STCs lead in digital system technology. 
Already, as the higher capacity systems 
meet new demands, even as they offer 
more advanced facilities, STC is ahead; 
not only prating an understanding of the- 
need to adapt to changing requirements, 
but also the capability to do so quickly. 










v't 
J ^Cie: 


The Future 


We’ve talked about SystemXand whichis water. Ifs where tomorrow* ' 

echo-suppressors and computerised’- resources lie. . ; • v..;.;-"" 


. exchanges. And we could go on to Whether it is flieopemngafa hew 

• ‘ fronti f r ’ whei : e STC > abdilytohahdle 

^^uedaty concept and. . complete projects is important Or the-^' 
^allthe automated, simplified, , : ceaseless refinement of the telerfaone. • 

v> tune-saving, cost-cutting, instrument, STCs skills willleadV '■ ;> v 

tectaol^esofthefuture. . telecommunication development ; : 

. STC hasmany of these"; ~ “** . Very simply, think of thingslikefiBs: 

_ . . , tod ay. it’s virtually certain that 

But STC sinnovatory skills go when you make a telephone call it will be 

further than business technology to overSICcableorequipnient 

concepts whose magnitude vie with the Tomorrow.we believe thatSTC’s' 

exploration of outer space. STC is a innovatoryanddevelopmentskilkwiil 

v leader in hydrospace: the exploration of continue to help people communicate. 

\ the two-thkdsofthe earths surface . ^ 


If youwould like copies of this featurem colour, we have printed itas a 6 -page leaflet, 
i irvou would prefer it as a wallchart, we have produced one ske24*34inches 

howing our optical fibre communications story. * V • caes, \ 

Write to the address below. 


: If you need more specific information, please contact: 
PeterEarLPirectoryPubllc Relations, 7 


Standard Telephones and Cables UmitedyDepfc. 810A/ • ‘ L 

STCHodse, 19ffStiand, London WC2R1DU, * . : .. . v ‘ 


■% 


Standard Telephones and Cables Limited 

A British CoiTipany V; 


f:. 



-i 


k-Orv 













Financial Times Tuesday -October 24 197-8 


Textiles : still in a state of turmoil 


By RHYS DAVID, Textiles Correspondent 


EXTILES remains one of the willing to reduce their-stake in up its understandings, banning 
ost turbulent international it- a> i further imports this year. 


j si ness sectors in spite of last In Britain the Government for example, of cotton yarn 

•ar’s efforts to create a new was reminded of this hy from Turkey, which had ex- 

deJegates from 13 towns in weded its previously agreed 
adin^ agreement Lancashire and Yorkshire 19*8 level of shipments within 

It is now nine months since who met Mr Edmund Dell, the first eight months of the 


new textile machinery 

(1977 shipments) 

OPEN-END SHUTTLE SHI 
5PINDLE5 ROTORS LOOMS 


mu r « l.' w V . secretary lor ITaqe, uunng nan aticu urn? 

' 010 Mul “ Flbre Agree- t j, B wec ^ 0 f conference, with some reluctance, however. 

c j n i . {Mb A }. were concluded, They concern -at the and in the case of Portugal it 

id the meeting of the Interna- cont , nu j n3 j oss G f j 0 b s in the actually negotiated a less re- 


onal Fedwation of Cotton and injury “and the apparent sirictive deal which it justified 
Textile _ Industries ineffectiveness of measures on the grounds that Portuguese 

f CATT) in London recently. ^ l!ie jip- A j n slowing internal stability was at stake. 


... . ' ■ ■ . ~~ aown me aecnne or iraaumnai a piaute ui uus new 

dustr>- as a whole has had sp j„ning and weaving, arrangement was dependent on 


examine what was achieved ^ ifr stronger action in other areas, . . . • .. together they. still account for petitive^jf : somewhat smaller Taiwan, which has also seen 

ough the series of MPA J nolabl r neW controls oh grow- measures aimed at combating obliged under its bilateral agree- about 10 per cent of industrial —European tesSfe induffi oS a reduction in its textile ex- 

dcals arranged be- “ n MacAnnnr, director Ol IOC ; n „ __J rlnmMlii* inflation have reduced mnnt with the EEC in .Knant i_ ,i-. i-«„_ lcauik inuu&iry can , . 


AFRICA 

286300 

2SJ00 

4,415 

617 

NORTH AMERICA 

68,025 

12.884 

2^165 

4,334 

SOUTH AMERICA 

195,100 

12.100 

589 

1.038 

ASIA & OCEANIA 

829JMM 

61,000 

8.928 

L214 

EUROPE 

EEC 

207,300 

16.700 

' 1J79 

5,585 

EFTA 

23.100 

1.800 

326 

574 

Other 

1JL500 

9B.800 

1,466 

4.756 

TOTAL 1,742,000 

231,972 

■1M68 

19.118 


• and to look at ways in which to be done is now being under- live types of cloth which in 

WINERY the industry can be helped to taken hy the European textile recent years has made Indian 

evolve a healthier structure. federations backed by Com- clothing popular round the 

The EEC, for example, has mission funds. * world. 

looIk SHI | , nftM« E5S raade Pl ain U* aI — *n contrast When needs have been deter- In Hong Kong, where employ- 

looms to its attitude a few years ago mined, the Commission has said meat in spinning and weaving 

4415 *17 — is now determined to main- it will be prepared to give assls- has actually fallen faster than 

2^465 4,334 tain a viable textile industry tance to help the industry ini- in Lancashire over the past 

589 1.038 for two important reasons, both prove its shortcomings in rela- year, there has been a move 

.8.928 2JT4 of which were outlined by tion tn management, statistics towards increased specialisa- 

Viscount Etienne Davignon. (for example, about the state Con, for example in leisurewear 

5,585 Commissioner for Indnstry, at of the market or trends), tech- products such as anoraks, to 
. Jfr . 5™ the IFCATI meeting. The first nological development and re- replace dependence on knitwear 

*** * 4,756 n f these is jobs, for despite the equipment. and shirts. Though still 

19468 19,118 decline over recent years of From these efforts it is hoped covered by quota these items 

' bolh textiles and clothing, tliat- a strengthened and com- offer a higher unit profit. 


irough 

'.lateral 


ing imports from Malta and domestic inflation have reduced ment with the EEC to accept employment In the Communiry. eEQergt .. Bu . viscount Davtenon P orts because oF the recession 

n.. u... n. . h n .AB rfun.nH and In Ft- ,11 thran .ianfirant rPrlonlm. S- i*~ IM. - : 4 CUiC1 Dul V »H»1IT1[ WOlgUBn r . ..... 


• t'eeii the developing and ^‘Pru*. hut the Commission lias home demand and left all three a significant reduction in its The second , and equalbi-^S out 

- a velopcd countries. which has also been seeking Mr asain shown soine nlumnce t0 bitter about their treatment by textiles, exports so that other significant reason is the im-USS,* h as also been stress^ 

But hopes that the new Dells ear again °\er recent act the EEC. Half Portugal's smaller suppliers could' be given no rtant . links which textiles Ihp riibaliilh 


rrangements 


have ls not so much the for- 


th* EEC. Han Portugal's smaller suppliers could be given porta nt links which textiles 
textile production is exported, a bigger share of the world have with other industries, such 


can a reduction in its textile ex- 
aoD ports because of the recession 
om _ and quotas, is similarly plan- 
ing ning to move more deeply into 


the risks which developing coun- fashion ,. to modernise its indus- 
tries arc running in allowing try io meet the West’s higher 
textiles and elnthino tn ar-nmint QU3 Fity standards, and- to merge 


irtly been realised. The reces- worked fairly well, : 
on. as reports from a number aA Mr. Dell told tli 
developed countries at the delegation, no fori 
inference indicated, is still have been breached. 
- Using problems, depressing 
. *mand and increasing the _ . 

eruption caused by imports. lITlprCCISC 
The developing countries for r 

eir part arc still troubled hy The main problcn 


Germany -presently 


i reces- worked fairly well, and. Indeed, *h ar P reduction in output from af .-535001 In her' favour with UK imports of textiles from all The Commission slronslv Rocj/* crnnflc iSRi is that 

lumber aj4 Mr. Dell told the northern their nulls in 19n. mainly as a £g m in t j, e textiles sector alone, sources in the first seven months believes, however, that tit gUUUS tries are ei 

at the delegation, no formal • quoins rc>u It of weak demand and the yet West Germany has imposed n f this year rose hy 25 per cent, achieve this there will have tn Whether or not anhe Com- producers a r 

5 still have been breached. domestic market-share. a L . e j\j n j. on Portuguese textile those from the EEC rose 38 per be considerable restructuring munity's prompting. some nf the ready to fill 

rcssing ''. am * time the L.S. exports . Our most important ‘-ent: ; In cinthm? the cor res- u f ihe European textile mure advanced developing which the 1 

S the _ . , a |i , ? s ' j , st ,r® n ' e textile market, the UK. despite pondiiuf figures were 13 per industry, and the current import countries have dearly already textile expoi 

orts - Imorecise r -■ PP^silionlo textile and clothing j4g m trade balance in her cenl aB 4r’ per cent - restrictlrms are seen as merely begun to move away from de- ing. Also 

tariff cuts in the current Multi- - t. r ' ' ...wi.i 


istrialisation The problem for the textile 
indu«try in Europe, as it looks 
towards the end of the present 
period of quota projection in 
)QS 1981. is that other, newer coun- 

tries are emerging as textile 
anhe Com- producers and wrft he^qnly too 
. some nf the ready to fill some oF the gaps 
developing which the first generation of 


eir part arc still troubled by The main problem this year * ™ R ’ ^ , ? ns f 1 31,800 tonnes on Portuguese see .how- .this international this. Considerable restructuring In India, for example, the Kong have been obliged to move 

eir own economic problems has been the imprecise -nature » on wnat it con- imports in 1978. a reduc- wrangle over who should clothe has already taken place in a Government has halted expan- could make them much more 

id are finding their traditional agreements which the J . ' L ‘ J continued hign tjon p er cent on 1973 the .world will be resolved, number oF countries, including sion of weaving in big indust- serious competitors in the up- 

tportunities of earning foreign EEC negotiated with Mcdiler- e * P penerraiion in j pve | 0 f 43^15 tonnes,” he though it is hoped, in Europe Britain and Germany, where trialised milts and is hoping to market areas into which the 

.change and increasing employ- ra ne a n associates such as • • _ p f n pointed out. at any rate, that after a settling the pressure of imports has obtain the additional doth to European textile industry has 

ent through textile exports are Greece. Spain, and.- -Turkey, * ^ mat lisrexuie gj m jj aI ; • complaints abnut down period this year. the-MFA produced mergers and closures, meet future requirements from also been retreating. Yet in 


ent through textile exports are Greece. Spain, and- Turkey. * , nin * s , tliat lLs textlJe 
Mng blocked bv what they see and with Portugal from the n(lust . r - 15 . um,er severe pres- 
the continued spre:«L of EFTA block. The understand- ^ u ., r ^ 1 «, rr ^." 1 ,. f ! ni JJ D ” n s ° f text, e *' 
w - mas which the -EEC reached "".ih ha\c hc-en encouraged 


■^*otectionism. mgs which the -EEC rea 

[j Behind the complaints from with these countries have 
N inth camps, however, lies a number of cases proved 


stantiaUy increased their invest- The problems of over-capacity' envisaged 


and a commercial aspect. To avmd limitations, and must eventually 


-iramum problem. At both pre- effective and large increases in Yet. as the exporting nations meT ,t in' anticipation of expand- have also forced governments in finishing. The French Govern- competition in basic cotton settle in product areas where 


‘ L tnt and foreseeable levels of shipments of products strictly have made clear, they have a ing world textile trade. Korea Europe and elsewhere to lake a ment is also behind efforts to yarn and cotton fabric, India it could be competitive. 
Remand, too many people are restrained from other sources, very different perspective. In itself increased its number nf much deeper interest in the rationalise the highly frag- has been moving .increasingly The search for a new ai 


r»- *• 




^sinand. too many people are restrained from other sources. vcr>* different perspective. In itself increased its number nr much deeper interest in the rationalise the highly frag- has been moving .increasingly The search for a new and fair 

aking textiles,, and. with the SLU ‘h as cotton yarn, have laken Portugal. .Spain, and Greece — looms last year by 18 per cent industry, to examine whether, or mented French textile industry, into clothing over recent years international division of labour 

vjdiistry everywhere a major place. the three main Mediterranean and Its spindles by 20 per cent, not certain sectors of the textile In Europe as a whole, a sector and the band-loom sector is is clearly going to continue for 

_ -LoiplDjer, few countries are The EEC has now tightened textile and clothing exporters— Hong Kong, which w-as industry are worth retaining, by sector study of what needs capable of providing the distinc- some time. 




Letters to the Editor 


ac r - T 

•V-- • 


- • wi- . 


“■^“Insider 
£ dealing 


rates up to perhaps six. months of the industry that aggravates questioned these views having 
ahead are below /.the gross tiie lligbt of the workforce into the opportunity to do so. 
redemption yields available in other activities where their skills soon after the Windscalp 


GENERAL f ]P J _ • TP» t dends: Associated Leisure. Booth 

Provisional figures for October I Ofl2V S Internationa! Holdings). English 

unemployment and unfilled O T vlUJ National Investment. Estate 

'■acancies. of Staffa (Fingals Ca\e Island), County Hall. Barnsley. South Duties Investment Trust B and L. 

TUC leaders meet Ministers Edinburgh. Yorkshire. Nathan. Walter Runciman. Scott 


again for 'talks on a new 


row the Sccrctnru and 
lie/ Executive. 

‘i c Institute of Chartered 


redemption yields available in other activiues where their skills soon after the Windscale standing” that mighr replace E( Jn! ) f ^i e f . arIy rr^n^ffnn 0 " !S aSreKTStw SLmblv' and Miliboum fHoldimas).^ Interim 
the Gilt market can b c better rewarded. inquiry Report was published. I sLrict application of 5 per cent g“”?“ment exoon credir, m«t Mr Ateriro Re^ Horn? fiBUres: Savo * Hotel. Xerox 

These conditions do not mean A. more .helpful conclusion wrote to the Secretary' for State P»y Unfit. _ .. E? el0 ,K5:L? P0 2 ta^andT SdUrFvSZth'Sp. 


L>cvciU(#iut;iu expuri LIUUJLS meet- »ICII.»U nres. numc >mie 

ing continues in Paris— UA tary. and Mr. Edward Heath. MP, uor|Jor3tlon - 


M5J15J25 uflt “Phase e «o!? to gropose SS£?to COMPANY MEETINGS 


guarunleed or even, ‘ expected the huildmg industry i.s » micro- matter and asked for “evidence" unveil Ms “ Phase Tiro" anti- £ Lnsensus on Esnort ?leci ion speeches . , 

throughout the Gilt market. The tosm of the tnial national labour nr “information" on cnal men inflation programme possibly in p w --.— ^1 — -r r-~~. _ Australian and International 


Credits. 
Mr. ' 


i t c institute o; Lnanerea throughout the urn market. Hie cosm or tne tmai nauona! labour „r “ information " on cnal men ^ J “'Credits. Westminster Chamber of Com- tv, „ %n Sr a 

xreUirics and Administrators, effect of tax oh \ Ihe net or actual market hut enjoys a greater tinned in the report. Apart from 8 f B ftfah Mr. Teng Hsiao -ping, vice- ^erce presemation to IS member E ,ewonicf 116 # P aU Mall 

"Sir.— Now that, the City, as return earned by many investors freedom of movement because of the Ford Foundation Report, the rente to National Uiuon Premier of China, continues visit companies who won Queen s g W y 12 Crosby House Great 

lohard Lambert your Financial is ignored. It fails to recognise the universal demand for its only other information was both q, ^ a J en claim ' to Tokyo in talks which include Award. Hamilton Gallers-. W.l. Eastern HoteL RC.. 11. F and C 

ditor has said (Insider dealing that the guaranteed return on a skills. It is the high direct trivial and irrelevant to coal BL Cowlev factory expected to a formal exchange of instruments 6 P m - Eurotrust, 1-2. Laurence Pountney 

iU worries City, October 20j. is Gilt is earned in the fonn of. cash taxation nf the earnings from burning. The Ford Foundation resU me production of Princess of ratification of the recently PARLIA31ENT Hill. E.C.. 12. ML Holdings. 


ill worries City, October 20j. is Gilt is earned in toe form of. cash taxation nf the earnings from burning. The Ford Foundation resU me production of Princess of ratification of the recently PARLIAMENT Hill. E.C.. 12. ML Holdings, 

ruing around to discussing the income and redemption’ flows surh skills which discourages Report itself has been severely and Maxi cars. signed Sino-Japanese Treaty of Both Houses reassemble after chartered Accountants* Hall, 


nulleo^e nf impending legisla- over a period which may extend tho*? resources from being used criticised in many directions and Lord Kearton. chairman of Peace and Friendship. the summer recess for proroga- Moorgate Place. E.C.. 12. McLeod 

an. vou may be interested- in over very many years. ,rlf-4he le^tiniately on a directly em- seems to lack credibility with British National Oil Corporation, European Parliament in session tion. Russel. Victoria House. W.C- 12. 

-ie view of chartered secretaries time to. receipt of the cash flows plowed basis. Until more positive regard to coal burning hazards is guest speaker at Foreign Press to consider £8,692m draft Cora- COMPANY RESULTS Ricardo Engineers (1927). Kett- 

•ho. company secretaries, are nn a long Rill is weighted bv the policies are adopted in favour IF . r . Re „_ iirflh is an -| 0U c Association luncheon, tl. Carlton munity Budget for 1979. ' - Final dividends: City and Con- ners. Romilly .Street. W. .12. 

C~r»llr U» «« prtfH^on.1 praert nlw : M tta* ■«*.«' gf jnJIrecV i«,non. thi^distor- IS* 2 p,™ SS Imirinf'dlJt u™* 1 a ' * H ' gh EC ' 


eiiple to whom -■ company average period is about six years, tioa ot the economy will 
ireciors and others turn for - In my opinion, it is impossible increasingly severe, 
dvice in Ihese matters. to say with any confiriphce that A. M. God ley. 

“ We said, when the White the rate oF prire inflation over 18-20, Duciicsc Muirs. Wl. 

•aper “ Change* in company the next six years, of. mare pre- 

aw” was first , published, that cisely. the weighted averase of ia c* j 

•e thought the Government had the rales over.. the appropriate L^Oai^IirvQ 
n| it just about right. Insider periods, will _bc less than the - 
baling should be a criminal rates D f remm currently avail- nnu/PF 
ffence. The net is widely cast. 35 ^? on Grits, even the gross 
UL the essential point is that ratPSi Frmn Uie Chairman. 

honest directors, brokers, or course, the realised return jVCB (iEA Ser rices) 


, v* TnVar mb?h,n h d n m . the - permd , ahedd far wh K h Sir,— Miss Watchorn ( October Much more work 
, hv t hf- u S nf VhS in pnro. movements can reasonably 16 , l0 paragraphs 8.40. 41, done but my perse 

1 be predicted will be very much 42 of the Windscale Repnrr that the remarks : 


mental. impact; We have recently 
produced a -report, - “Carbon 
dioxide ; and. ihe^ ■‘greenhouse 
effect' — an unresolved prob- 
lem.” which puts this particular 
matter in perspective. Other 
studies have been earned out on 
SOj removal and The information 
available on other possible 
health hazards has been studied 
Much more work needs to be 
dune but my personal opinion is 
that the remarks referred to by 


tn miklT , n dr j 1 ^ w,h De ver - v . m, ^ n and 42 or the; Windscale Repnrr that the remarks referred to by 
row l i ln« thev should have affe ® led h > J movemM,s ,n , J5 e as evidence nf'r .lho cost in life Miss Watchorn are still totally. 

w ;._ l " e3 r i°“‘ wifii markot and ?J e ..probably aDd hea]Uj 0 f coal-fired power unsubstantiated and that any 

.hi* weightier considerations tn stations." It is no such ihing. hazards that may exist can best 

i ihV u.. h»n«i investor* .minds,- but these, ry ereat . v admire the decision N tidied in a careful manner 

In other words, the honest and „ iar knt movements rxnnnt he * . . J jf rean ■? ra V? *i!? - J _ u-ithnat need Fnr nan ie nr nn. 


1 n r , r p , cJr .r » h A 1 h n,arfcet movements cannot he tb-carrv out the inmiin and the without need for panic or un 

ic prudent are assured that the nrpf]ictpd with confidence either. ‘“'.JP* 1 " 11 3 *“ a fm.nrieri alleentinn 


Si&S’Vm srsar^sr. «“»«• is ^ic h ' i ^;,-con. ^ .■*«. 


' hat more do wo want ? - 4 Ro , llie 5 ritnc 

n n f v in- I3P - Blockbnrougfl Road, 

n VJ.S. lines which vour rinnn i?**inntp s'tirm/ 
i«il Editor surest? wtll lead to Rei gaie § ^ u. 
mre opportunities for evasion. 

^hen it is going to he hard _ T , a* * 
nough to catch the few crooks Stf I OH 5111^*1 IIP 

ncre are on the hasis nf the 

t'-Barlle?. “ il is '’ r ' , ‘’ 0!cd ‘ industries 

6. Purfe Crescent. AVI. from the Director External 


ducted generally, although no -As l^said in my letter to Mr. 
doubt some lessons were learned Shore: *' The report, in paragraph 
which will assist future exervises 2.1 and elsewhere, refers to 
of ^ -this kind. I also, with some public anxieties on nuclear 
knowledge of the nuclear bark- power, ‘however irrational and 
ground, support the conclusions, misplaced.' U would seem a pity 
. None the less, I think it was senerale similar anxieties in 
extremely unfortunate that re- the case ot ct ' al - 
marls on the health hazard of T r . . 

using coal were included m the tiramger. 


0 k 




w 

J J 




— =g*^T-— f* — ; 


6. Park Crescent. IV I. from t he Director External report, without proper evidence H-7-5. Lourer Grom^enor Place, 

■ Affairs. The Federation nj jG4inl or without those who might have SWI. 

EnpineeriTiO Oxntrarlors. - 

Early lapses -Of hardly, rair w^en he accnScs the ' f]|pf*tricitV DfiCC flSGS 

!•£ i. • " building employers of expensive LltLUlUiy piILC 

lite policies timne at From Mr K Hn ynen creases nn the most commonly 

•rom Mr. P. James . ( n c ioher 20). Sir.— In yoar paper of us f? P« c « shown in the 

Sir.— I was extremely in- n | S a matter of record that October 14. there is a report la '>l p b^low. 

erusted in the report (Octojter ^ Labour Party did vote over- (page 4) of an internal meeting res from North 


X 0 "** 5 

W&ST 1 


creases nn the most commonly 




:0i of Mr Gordon Borne s wTie | ra j n ^] y at ‘i tq conference of the South West Electricity H picaj ? f S E 

•pmarks made at the meeting of lafl yc , ar for , 1he outright Generating Board ahout the w ’ no,e . cou "F r >J- If *“• why the 


he. Insurance and A«u«irlal nation'aHsation of major build- •‘struggles'* of the industir tn charade wit h the Price Commis- 
mciely of c tjl “»= 0 '*; iP ^"2 r P = ,Q o? ing companies and firms in the keep down its prices in face of pubheny From 

:arl> lapses jn ^ -. ur ent * ers .-°r i ir i c k i g| as g a nd cement materials continuing i"—--*™** ""»'«« which miLst have deluded many 

i in IlH I IPiP.s. ... ^ .. . ■ . . . 






ife assurance policies. 


its prices 
increases 


ners* ^ prefer- P en P ! e responsible for budget 
■ rathAP than estimates into under-rating their 
Bpwm'nnppa. electricity costs for the current 


My tahle also shows the effect 


io duubt that it mis were umiic. " m, “ ,wu was ie,lu,, F IU,,JU K“ designed therr inerpase^ in nrt- 

.unking in particular at Indus- ^rol of const, action at a,! latest increase of 5 prt 'cent pro- ’ ^o the Uusm- 


lettinp 


mary fuel coste to the industry 


F 


K’-SflicVinrert sales staff. , ha{ th „ e polScies El^ricity ^au^aSVpS”?o 

H.^n.yc.^nWbyJh. SSS 

snnu . uprt imnrrstina statistics Labour Parly is neither surpns- n, V esiicatc a cnanue 9.9 oer T e _ r n ourse to the Prlce 


some verv interesting statistics ?- anour ra . ,l> : « r - - investigate a separate 9.9 per r , nmmi«inn ,) 

would come to light. ing nor relevant All experience veT1 t increase proposed by the C injnicallv 

While it is true to say that of previous nationalisation D f Scotland Electricity __ vnit 


Ironically, on the same page 


mine 1 1 IS irur rajr r ; , , . omuui ui otuu«iua Ditituvio vn . t ronnrt ft,- r rt „ w A r 

fnduTr,« wL S tSve n ieS^reJ ibe fiJSSS director general nf South West 


introducea two vears ago did so industries who have ignored he ing fte » .djusrted ” electricity S 1 gSriW™ cVnerdliol 
some way towards meetina this early warnings and have waited profils for , h0 Bnfrd 

criticism. Mr. Borrie is perfectly until they saw themselves named confirmed on July -j S . that as Jfi! "KS!!.“J{SgS 
right in his assumption that the m a Government nationalisation far as En3land and Wales were ^ ow Bnt r ‘ S r „ 
insurance ccmpames themselves Bill have woken up too 'tele, concerned, the Price Commis- h paithip r tifroro 
are not doing anywhere near are determined not to sion had al j 0 , ved a rise , n Jl re / 

r n™=h l„ rrack dnwi, o„ thn "Pf*.!"*' “rct.,11 tdriff," of 5 per cent jXr prSd Vhoor plih" r[,l 

euecuve April l tna that _ i-„rfohin , 


scandal ' M. D. Noar. 

Anything he can do in the Romney House: 
future to bring about a close Tnftan Street, SWI. 
investigation of lapses and early 

surrenders, and which types of .01 a j? 

agencies they arc originating Ol!0ri32£ Ol 
from, will 50 some considerable ** 

way towards stamping o.ui this mlllflPtX 
extremely harmful practice. ' MU * T _ J 

Peter R. James. ' - From the Director, London 

till’, Insley Gardens. Region. The iVatioua 

Hucclecote, Gloucester . of- Building Trade E 


Romney House: on g rati o_ JflL" fU p. -Xci adiiHt is 3 Iaud8We ' aT *«nPt »0 emulate 

Tnfton street, SWI. ment was expected to add Sir ,J r ? dd5 . e ' Lak ^ but they 

-“arriim^ l tn in wouW Aspire more confidence 

, „ , h ™ d J frthnvVr- h ° in consumers if their price in- 

Shorta^e of ^ course of thc 5edr - creases elsewhere were spelled 

va. Lumparing this anticipated 8 out more honestly than in the 

KiiSIrlnrc per cent overall increase with past. 

UU11UC19 what baa actually happened at K. Haynes. 

From the Director, London the retail end in this pari of the Gillgross Cottage, 

Region. The National Federation country so far ia 1879, I am Wellington, Seoscale, 

of~ Building Trade Employers surprised at the percentage in- Cumberland. 

Sir, — I was very interested to Pence per Unit Increases 

read Malcolm Rutherford’s Domestic Jan. 7S Oct. 78 *5 


read Malcolm Rutherford 5 Domestic 
1 j . account f October 20) Df the prob- Basic price 

TV £3.1 rates lerns arising out of a shortage of + Fuel cost adjustment 

„ skilled eraftsmeta in the London .. Total unit cost:— 

nf rptlim * building industry- The conclu- General commercial 

ICIUIU S j 0Q drawn by him that there- Basic price 

From Mr. T. H. Shucksmith. fore the campaign against build-. + Fuel, cost adjustment 

Sir— The assertion by Lex tub industry nationalisation Unit cost, excluding 
(October 14) that large real CABIN js irrelevant seems very standing^ charges: — 




r the Gilt market made ** my that campal?ainj? against _ Govern- 
hackles stand on end,” Pre- ment interference in the industry 
, pumabiy he is referring to the is delaying * solution- to this 
* * fact that recent rates of year on problem; . whereas ■ it Is. M .in- 
flr-tf year price mflation or predicted crease in Govenunent regulation 


Basic price 

+ Fuel cost adjustment 
Unit cost, excluding other 
. elements of charge (one of which 
has increased by 50%). 


Jan.TS 

Oct. 78 

% 

2.360 

0.177 

2350 

0.25S 

S.1 

2537 

2.808 

10.7 

3.100 

0.177 

3350 ‘ 
0.258 

8.1 

3J277 

:e) 

3.608 

10.1 

1590 

.o.in 

1.730 

0.25S 

S.8 

1.767 

L938 

US 


You'd be suiprised what you can get for £2 
a square foot 

So instead of listening to die pessimists, 
tvhy not consult the experts? The Location of 
Offices Bureau provides a complete advisory 
service which gives you all the facts on office 
location throughout the country, The service is 
free and unbiased. 

In addition, we have published a newguide 
to help your-oiganisation cope with change bef ore 
it happens. 

T^cairit'a Location AudiL- ' 

The idea, rather like a financial audit, is based 
on a yearly assessment of your organisation's 
present andfuture office needs, with cost- ■ 

etfectwenessinmind. 

.. For your free copyof our Location Audit 
guidejuk fill in and send off the coupon. 


Tc 7.‘ TheLoctilian of Offices Bureau, 27 Chancery Lane, 
London 1VCM LYS. Tel: 01-4052921. Telex: 21553. 


Please sendrae a tree copy of your Location Audit guide. 

Name 

Co mpany 

Address 



I 


\4 




I.- 




1 


%■ 




m 

& 


m: 




■■'r'v' 

v^K' 




■yg 


m. 


fi 

■ 




Lj-.; j 

i ’^-7 


•V it 





. • • • v ; *?. s y • iff 

Financial f Rmes 



pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson f« 
number c 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was. had 
an orchcs 
himself, t 
Lady F; 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
pnetors 
instructed 
round a 
material." 

The Pr« 
to hear 
Sir Haroli 
formal eo 
un the 
against t 
crmncil s; 
Royal Cc 
that ther 
Labour hi 
The Pr. 
is one n: 
lished tod 
In nno 
council 
against ll 
Daily Ex 
picture t 
Henrietta 
death in 1 






COMPANY NEW'S + COMMENT 


Mothercarc hit by heavy U.S. losses 


HEAVIER LOSSES in Ih* U.S. 
have hit first half results of 
Mollicrcare, which at the pre-tax 
level show only a 9 per cent rise 
to £7.02 m. 

In the UK profits in the sis 
months ended September-29, 1B7S, 
rose by 24 per cent to £7.29m and 
in Europe by 36 per cent to 
£0.7Sm but this performance was 
overshadowed by the US. loss 
which climbed from £33,000 to 
tt.Ofrn. 

In the period one new store in 
Kettering has been opened bring- 
ing the UK total to 172. Europe 
remained unchanged at 17 stores. 
In the U.S. two Mother-To-Be 
stores' were closed as planned and 
nine new Mothercare stores 
opened bringing the the total to 
145. 

Total sales in the half-year 
Improved from £49.94ra to £6L6m. 

Sales in the UK increased by 
20 per cent to 149.93m and in 
the U.S. by 30 per cent to £4.21m 
while sales to Europe rose by 
52 per cent to £7.47m. 

Total exports for the six months 
were up from 14.73m to £5. 99m of 
which £3.riflm (£2.95rul were 
despatched to group companies 
overseas. 

After tax up from £3.3Hm to 


IKDEX TO COMPANY HIGHLIGHTS 

' 


Company 

Page 

Cpf. 

Company 

Page 

Col. 

Bishopjgatc Trust 

25 

3 

Lowland .lav. 

24 

2 

Dual vest 

24 

1 

Mothercare 

24 

1 

Dunbee-Combex Marx 

' Z4 • 

5 

Myddleton Hotels. 

24 

3 

Fairvicw Estates 

25 . 

1 

Outwieh Inv. 

25 

1 

Fidelity Radio 

24 

7- 

Pochins 

25 „ 

4 

Fortnum & Mason 

24 

3 

Pressac 

25 . 

5 

Highland Distilleries 

24 

.4 

Stoddard HMgs. 

24 ■; 

1 ' 

Lockwoods Foods 

24 

7 

Talbex 

24 

2 


British Foods and George Weston 
in Canada. 

The spokesman said yesterday 
that Fortnum and Mason had been 
“a publicly quoted company for 
some years -and the family had no 
intention of changing that 
status." The family was very 
happy with the company which 
last year doubled its pre-tax 
profits to £lm on a turnover pf. 
XSra. 


Talbex 

£150,000 

higher 


from 2.1p to 2.5p net, with a final 
of 1.6p. 

-Gross income rose. frptn £395.964 
to £477,513'," subject to interest: 

£120.030. (£103.699), 'management 
expenses £2S,1 IS {£25.620} and tax 
£121,995 l £97321). 

Net assets value per share is 
shown at 73.7p (fifijp assuming 
full conversion of the loan slock). 


Highland 
Distilleries 
upsurge 


PRE-TAX profit of the acquisitive 
Talbex Group rose from £420,000 
to £575.000 in the July 31. 1978 
vear on turnover up from £8.51ra 
to £1 1.13m. 

fn the year the croup acquired 
James Warren and Company 


Myddleton 

Hotels 


£4.19m net profit fe|1 by i per though no material benefit to 
cent from £3. 04m to £2.82m. profit was expected this year from 
The net interim dividend is the purchase. Also, as of July 31 
increased from l.OISp to 1.136p. In the group took over Skelton 
addition there is a net deferred Group and directors say that if SECOND HALF 


progress 

profits 


of 


WITH THE second half showing 
a rise of £457.000 to £2.37m. profits 
of Highland Distilleries Company - 
advanced £722.000 to £4.0$zu for 
the year ended August 31, 1978. 

The directors report that -sales 
of new and mature whisky 
compare favourably with last 
year. The Famous Grouse 
continues to make excellent 
progress both at home and 
abroad. 

Plans have been approved to 
expand Glenrothes Distillery with 
the additional capacity due to 
come o’i stream in 19S0. 

On the basis of the revised 
policy of accounting for deferred 
tax. the tax charge is reduced 




. 29 % in 



1 pAt lowing AN enlargement of tire 'sfaxrp inip.rowni«\t la ATK. 

itV ranee of products, particularly consumer.- spending; smee^ -April 
‘-Trf+hA music centre field, sales of and an average4-5 psr cent-price 
• Fidelity* 1 Radio rose nearly 24 pgr Ttee from May Af. 

S o £S.85m. with taxable profits : mm ped -hy a third .waft strong"' 
-naTttft dm cent from £49Q,PWTodei»ai¥l iwr mate. .centres, wMcfcO * 
‘ fauntH) for the six months to now., contribute around 44_per\ 
Sember 30, 1978. • cenf group .tuntwen .; eom-V 

H pr ^Stt« sets ^ •>' 

Yea Lions are that tbe i ftufj»ars- saturated, -- market - • 

'results will be an improvement - 

■•on last year, the directors state.. . Exports aifEered a lfi. per'cent . * ". 
' When reporting -OH” £L81m downturn; c to :; £l^m.;.- in aTniy rr ^ • 
-Profits from JElMm ^ales for .1977- -becanse. Nigerfa'.stppped import 
'IJB78, the directors said lhat.with tngr ‘audio'' units in.Aprfl, TWs" -Y : 

. signs o£ a resumption in con- problem - haa /r.aw J>eett: solved- .- 
. f.mo r spending, vthey looked through deaTAvith a local rcom- ~ ■ ■■ ■ * 
-'-forward to a return to 'greater .pany -which _ "■ 
.- profitability — in 1973-74, the com-, ponehk from > Rdflgr. - imf :. ' .- 

■ i-pany achieved peak £L2lm .profits, assemble -. -units on '-Ahe- ' ^jot. -- - . 

•-V ' After tax of £328,000 <£2o4^0Q). - MeanWhire, ' J*RK- > n 

' half-yearly net profits advanced there :ax» a- nmnber .-^.-^0^ 

■ ’from £236,000 to £302,000. The net -. rises hi jthe^p^me-ftr certain;,-.. : 

•. Interim dividend is lifted to 1.443p- Xapan ese f product*,- - wt ttflfc, -. 

■- *n293p) per lOp share, costing should make^ite^eqUipn^iit^ more • 
f-'SSSSI (£109,WO)— last year's competitive. Group - : Sates 


- : S ( SSo's345 ,wv/- -“ l October have- - 

final was 3334 P- , le vels ahd if ItHia v. pattern Y 

tjnues, .the company, is w tape^t - 
. ‘ for . at . least £i.7w f et the ■ year; 

. ... spite or. lower exports, At this Mevet "the protective ' 
Fidelity Radio’s first half profits . is O-STat 9ap;:whiI£--tJie/- , -* 
are 2t»'per cent higher, thanks to 9.5. per- cent. 


• comment 

In suite of lower 


• • 7*r«T«>r Hmnfi tutor 

Mr. Jack Didunan, .chairman and managiiig director of - 
Fidelity Radio. 


DIVIDENDS ANNOUNCED 


Lockwoods Foods acls 
to improve growth; 


final in respect- of 1977 .'78 which Skelton figures -had- been included Myddlelon HoieLs hicrcased from |jy £i.»i5ni (£134m>. to give 
brings the total for that year up for the year pre-tax profit would £1^5244 to £24 l,u0.i taking the . ear nings of 15.7p fIL95p) jier 20p 
jo 2.92 165p. The profit for Ifl77.*78 have been £250.000 higher -and.- tot alio rl [he yesi. i° -'une 30 l.LS s hare. 


a record. £13.SSm, after U.S.. turnover £2.G6m ahead. This is up lo £370,303 compared with' The final dividend is 2^24p for Bisbopsgate Trust int. 


Current 

payment 


losses of £0.2S m. 


a net lots! of 3.224p, against Dualvest 

and with Treasury 2.S872p. .And a one-for-one scrip Fahrvicw 

Fidelity Radio 


Salts: 

V.-K 

Europe 

t- S 

Total ' 

Pmfii twfor® lax: 
L K ... £ . 

Furopr 

• tJ S loss 

Total 

Tax 

Nor profit 
Dnid'-nds 


after allowance- for the notional M33.244. 

Firs: half charge on the v£5OOj)O0 -cash M rore.cas[ . . 

isis-TP jsrr -rs element of the takeover. Th^ say consent the^ dividend rotal 1 is. ^ue ^ proposed. 

•imw £(HH) that pro ,- lt5 for the four months pepped up from 4*tin to fi.6hp. 

with a final «rf 4.02p. The 19.: -78 

• 42.017 

HotcL.. .. hpprvciaiion T. W 

Providing for tax of £235.967 imeresi paid sc? 

(£152.272) the year’s net profir ? r * m . befsrra tax ...... 4,ffn 


int. 


m tz- -to July 51 at Skelton are on target with a - - T„m n v B r 

4 - t.xr #ho cion non r rt «..=«,f -hn rh« total i* on capital- increased by 7"™'"- 


4ins./or ihe £300.000 forecast :by the capital, increased oy "■ 

sju vendors for the 'March 3l.' 19x9 -;he pnrchdse ot Linton Lod^e (.-rorn development aranr 
■is.wa year. Talbex is now 
- jp, . jty Hoskins and Horton. 


7,4V! 

t.-.-in 

fil.nlM 


pursuing 


7*1 
1 Hi7 
7.015 
4 19; 
2.eiS 
751 


The 2roup sells everything for 
the mother-to-be. her baby and 
children up to the age of 10. 

See Lex 


prnfit 

In'eren 

Pmfii before tax 
i. : K lux 


Improvement 
by Dualvest 
to £362,000 


Piwfureuce dividends 
Ordinary' dividend? .. 


.’Jllfl 

90.33 


Revenue or Dualre.st improved 
From I334.52S to £362.399 Tor the 
six months to September 30, 1978, 
before tax of £230.220. against 
£211,. <0 last time. At half-time 
net asset value per £t capital 
share was up at 39SJp, compared 
with 347.75P at March 31 year-end. 

The net interim dividend is 
raised to 2.55Sp (2.353 p) per 50 p 
income share. Last year a total 


j*i The profit fnr the year is sub- 
ject to lax of £103.000 (£86.000) 

S'S? less prior year items of £84.000 'of 'si ixn 'i^Ws-inv 

,£123.0001. which -leaves a -net share of Z413p u3SJ| ^. T 
575 charge of £19.000 (£37.000 credit). 

The figures have been adjusted 
for SSAP 15. 

Earnings per share, are shown 
at 2.77 p <2.52pi and the dividend xvi orvfii 
is raised from l).27489p net per 5p Earrinrdinarr firm 
share to the forecast 0.55p. — - - - -- --- - 

Directors say the contract 
packaging division profit increased 
74 per cent to £403.000 in the year, 
and overall they look forward to 
TurtheT progress io the current 
year. 

At year eml. including Skelton, 
net assets per share were T2.78p 
(7.96p). Professional valuations of 
most .group properties as at 
balance date have been incor- 
porated in the accounts. 


emerges at £234.336 against \“ a, profii"7."!! 
£280.972 giving eai nines per 50p Dividend 


.59 
4.017 

s-:s 

t Reduced by £lJ}m i£l.S4nu. 

H7M 


int. 

. 1977-.S i97#-77 Highland Distillers 

■ta’Swi Lowland Inv 

. 4^5 Mothercare int 

«■ Slyddleton Hotels 

Outwieh Trust int. 

a jg Pengkalen 2nd uiL 

-as Pochin’s .' 

3.nw Pressac 

™ Talbex Group 


2.2 
2.56 
3 61 
1.44 
2^2 
1.6 
1.14 
4.02 
0.6 
US 

4.27 

2.08 

0.55 


Date Crtrre- 
of s ponding 

payment div. 
Dec. 9 
Nov. 30 


Jan. 12 


Dec. 18 
Jan. 2 


Dec. 1 
Jan. 6 
Dec. 8 
Dec. 8 


2 

2.35 

r3A 

L29 

2.00 

1.3 

1.02 

3 

0.5 

3 

3 74 
155 
0.27 


Total 

for 

year 


551 


352 

25 


8.06t 


5.15- 

3 

Qaa 


Total 

test. 

year 

653 

4.« 

5.65 . . 

5,13 

259 

2J- 

2;92J 

4.65 

L53 

6.5 

4.61 


SUITABLE ACTION has been end/ But lower' "acreages tW» year 
taken at Lockwoods Foods to followed by yields „ below nohnal, ■? 
counteract Adverse trends and leads the directors- to . believe the 
improve overall trading results, situation . will improve. - -r . 
says air. P. B. Lockwood, the The group has decided to cease 
chairman, in his annual statement production at its AiverpooE canned “ '■ 


027 


comment 


CJim 


5-1 .-17 1 


Fortnum & 
Mason denial 


years. Hidden in the figures is the 
strength of its * fc Famous Grouse" 
brand marketing drive. The brand 
is now the third best seller in 
Scotland but is only just starting 


Although directors 'are confident meats factory, John A '-ttonler at 
of the future there' remains an the etid’ of November'Xfftb-Svview' fl/fi 
element of uncertainty in the to a saifr Of the premises ne&t inil 
current vear with certain varieties spring. This, folfcwed a.deteriora- 
of canned vegetables. Main- tipn.-. fn demand over -adnje- years ' 
tenance of profitability must witi* efforts, to ^diversify ...toting- 1 

depend in some degree on tbe failed, to stem, trend. 1 
directors' expectations of ah-.- -The meat-proceslilg^ ^sirteidtey - ill 
improvement in the ensuing in Hellahd . cdhtmuea . 'fa ' tfa3e - 
months. " All our previous expen- successfully and ihe . -group: - 

ence leads us to. believe that r ecen tly. ext ended its- Cont&ntai-- 
Dividends shown pence per share net except where otherwise slated, market conditions can change ■ meat activ I tifes^ Ao np rtlrerh Frirnre.-.- 

* Equivalent after allowing for scrip issue, t On capital appreciably in the nernr future." on a management -contract • * 

increased by rights and -or acquisition issues. {Includes additional he adds. contract' will bfr-'foftowed by ^ Jsier.J; 

As already known, for the year purchase^of thchaanage'dcoinpany ; "c - - 
ended May 31, 1978 pnHrnt profits oHts assets, >7-. - : l- --'L.--.-- - '• 

were little changed at £225m , Also, plana are jn bqnd ta^ente - ~ 
(£224m), on turnover of £47.7im the frozen . mea ts - market. r" hi 7 ' - 
(£48.68m). conjunction -with,- the- . grth^'^ 

In toe year, the group packed existing^. frozea ireKet?hle r o{WMK ^' ' 
record quantities of certain tion at Goate, states the Cbairmaa.v :_ 
seasonal vegetables; end although During, .the vyearfvihe " South-" • 
forward sales were also at peak African : : ■” pMOropTe.'. . eamirte? - 

levels, during the latter half conimiiy-'was v remforce<L hy'^ the . ^ 

despatches to its customers fell' purchase of farths .wblch wifl - 
. quantities su pply a substantial: i»rt xOl fts . ■' 

at Combex-Marx, - the toymaking the group's cultivated acehage at primarily owing to -a -, heavy rawr materials andshouMmake rt v 1 "'; 


£ i 

5 ™.W 4U..Ti3 . 

3-t r.b L’ ir>ri Highland’s 21 per cent pre-tax 0.02884p now payable. ^ .Making 2.5p (4p) to date, 
profit increase could well mark 
srM.s.75 .’50.9?: the start of a strong growth phase 
— 17S.B90 covering the next four to five 


Dunbee-Combex-Marx to 
meet major holders 


to- make its presence felt in the 

much larger market of England A MEETING has been arranged lioa was agreed by the Govern- 
and Walej. Promotion and distri* for Friday at which Dunbee- ment of Sri Lanka in respect- of below contracted 
Half a million pounds was added bution costs are such that, — — • u - -...wj—.-j nrimarilv owine 


to the market value of Fortnum current volumes, Highland is group, will explain to major the "fiat rate of £42.50 per^acce acreage of fresh . vegetables a ^Ma^vte We unilf Mir. Lockwood ’ 

- - - --------- - ... — *_»i , i-.. i — x. — adds.-. - - .* 


and 


Mason, yesierday. The share making losses in 'England!" ’These shareholders the' £2 96m first-half payable in ten instalments'. The followed by high yields. , ■ ad .^f-' . , . 

price jumped HOp to ssOn losses are. however, loss than 1978 loss. third and Fourth instalments of Mr. Lockwood reports that the At hatence ; datev. group, bank, 

valuing the company ai £"3ni, but tho.se made a year ago and in This was confirmed yesterday compensation totalling £80478 situation has not yet, fully borrowings idoubled xrom.-. £4Aai- 


Lowland Inv. 


earnings up 

Earnings per 25p share 


a siHikesman for the family in- 1978/79 it is expected to break by Grieveson Grant, the com- were received during- - tbe ' nine- 
terests which control 85 per cent even. It is unlikely that the pany's brokers, who said that the month period, 
of the share denied any intention company can maintain its 41 per meeting had been arranged at The group Is a subsidiary ;of 
of a bid for the remainder. rent volume growth (growth for short notice “to produce some Harrisons and Crosfield. 

The chairman. Mr. Garfield the industry as a whole in the sort of' liaison between the 
Weston, died on Sunday. same period is around 5 per cent) company and its major sharo- 

Fortnum. which runs the world- but, following the marketing holders.” 
of famous Piccadilly department drive the company should be in A spokesman said that the 


adjusted itself and is reflected in to £S-82m. 

the group’s current 

levels, £14.14m 


A. 


■ £ i..- 


of 4.633p was paid from record Lowland Investment Company im- store. Is ultimately controlled by a happy position. The shares v enue still had to be finalised, 

revenue or £669.006. proved from 2.34p to 2.63n in the Wittington Investments. the jumped 7p to 147p vesterday Over the weekend it Was con- 

Gross income for the half-year year ehded September 30. 1978. Weston family’s holding company giving a p/e of 92 and a yield firmed that a number of 

Was £31.098 better at £392.421. And the dividend is being raised which also controls Associated of 3.3 per cent institutional shareholders had 

‘ “ r asked for clarification of DCM’s 

position. In 1977 the company 


V.ViViV,V.ViV. , .V,V»V«V. , iVtV«V.V«V,V.V, , , , ,V. , tV 

.V ... 



For an increasing number of organ iscrKonstnljoth public-' ' 
and private sectors, leasing capital equipment is now 
an integral part of efficient business planning*-. 


BNP (Finance) Limited; a member of the worldwide Bapque 
Nationale de Paris Group, provides a specialised service, 
and funds are available at competitive rates fora wide 
variety of investment projects. 


The BNP leasing service is tailor-made to meet each client's 
particular requirements, and we are ready to discuss these 
with you at any time and to make the appropriate recommendation 
with detailed quotations. 


Enquiries by letter or telephone will be welcomed by Mr. Fraser 
Murray at our headquarters in the City of London, or by the 
BNP offices in Leeds, Birmingham or Edinburgh, 






BNP (Finance) 




Limited 


8-13 King William Street, 
London EC4P 4HS. 

Tlx: 883512. 


London (01} 626 5678 Leeds (0532) 443633 
Birmingham (021 ) 236 9735 Edinburgh (031 ) 226 3388 




• > S%VV.%%VV^%V*%%V.V.%%%%%%%%Vi%%VAV # V.V.V,V.V.V.t •• 

• * •! 

Please send me details of the BNP leasing service. . 


•* 


Name. 7. 

Address 


Telephone 


•• 

• » 


Organisation 


••VAV.VAV/AVAVJ , WAVW//W/W/W^«AV.V.V.vr»" 


*• 


Advance for 
Alliance 
Property 


■ent higher stock Meetings Spaidhi^'N'ovemW 14, ” ” ‘ 
(£9.4m> at year- noqn.'. ; 

. • . - . — - — ; t^ui - r ■» i- 

Graham Wood 



changes hands ->i§E ; ' 


A / new company, Amateel hzis “been Tbri^^ffijMa iwrt" of 


profits of £61410 


made pre-tax 
(£5.9m). 

The first -half loss, announced 
last week, came just three 
months after the company fore- 
cast that 1978 profits were 
expected to be .more in keening 
with past profit performance. 
DCM now predicts lower profits 
for £97S. : 


With turnover well' ahead" ffom 1 Structural, has agreed to purchase mix of sh&etalderE? - dud Mri 
£3.02m to £5.38m pre-tax proflr of the structural steel business of ’Ktchener ' — 


.4 


3D 


CaTcnham subsidiary AJKaiMelEhro- Graham Wood Structural from He said ^ Jjrfed: tijat other 
perty Holdings advanced from British Steel Corporation for an smafi- to mwsm^^drrtruetural 
£708,000 to £S01,000. hi the undisclosed sum of less than engineers :WuttJd’iiQht4hV new 
March 31. 1978. year. La<t time the £I.5n). » , company. There- icas&jneat need 

profit came after a £749.000 pro- The deal marks the return to for a firoupmg of sueft'eompantes 
vision against property held for the private sector of the struc- which would ’•haW' a g>rcad of 
disposal. turaJ engineering ride. of Graham, iocatlons arrti.' siufls,: greater 

After a tax credit of £29o.Q00 Wood SteeL GWS was a public strength in the drarket place and 
1 1130.000 debit) attributable pro- company that was taken over by a broader base on- which to sup- 
fi* came out at Il.Im against BSC early this year. BSC was port overheads - -v ^ 

£578.000. before extraordinary mainly concerned to obtain the The ultimate tareet’woUM t» • 

credits of £582.000 (£526.000). steel stockholding side of GWS. for the group to eo 'public, he 

APH’s subsidiary Alliance Pro- The new company is headed by said .r 

previous directors of GWS. Mr. ’ . ’ ".7-:. 7 

u. J. Htchener and Mr. P. G. d au/i tvj/'c .UDAC 
Foster. The authorised and issued K A W LJi’Vh filiVD*.,, _ • 
capital of 11.5m has been supplied -The Goode Dinranf *nd Murray 
by five investing institutions. Group offer for Itawllngs Bros. •» . 

. ... clients of Edinburgh merchant has received - 'acceptance"- ' of " 

I.tm\-ua (Ceylon) Tea and Rubber f£8«.000 debit). Attributable profit bank, McNeUI Pearson, and the 1 .309,973 shares (SS.7 per _ ceht of r . - 
Esutos amounted to C5R.227 in i£ 9 i?? n,) b r for ?-f?L r n a - company s executives. “ TbU is . the shares under, offes^' ' . 

the first nine months of )!)7S and cre< * 1 ^ ^64.000 the first time, as far as 1 know. The offer te extended to 

the directors expert the total for . that a stru ctural steel business . November 3. 

the year to exceed the £0S, c i4R 


Lunuva Tea 
sees revenue 
increase 


Revenue before tax oF the 


perty Company showed the same 
turnoved in the period but pre-tax 
profit v.as fl.ISm against £1.04m. 
Again last lime there was a 
£740.000 provision, and the tax 
credit this time was £165.000 


achieved in I9i». 

The directors. point nut that the 
revenue figure nr £93.653 Tor the 
nino months to September .30. 
1077. is not comparable. Special 
dividends were received from the 
subsiriiaires of Harrisons^ Malay- 
sian Estates in June. Ittii. and 
substantial second interim m lieu 
or a final will be received from 
Harrisons this month 

After tax of XtU.030 earning i 
per share are shown at 4.59p. Tn 
the corresponding nine months 
the tax charge was £38,925 and 
earnings per share. 7.23p. 

Valuation of investments and 
net current assets amounted to 
£2.86m (£1.79ni) and net imi.-t 
value per £1 share is 33453p 
(210.41 p). 

As already advised compensa- 


1N BRIEF 


CHANNEL TUNNEL INVESTMENTS-. 

Prr-fax iiroff hall yrar" r« .luiw rw. 1D?S. 
a J9; ipi iiMi. Ta\ hjsi ■n..iiHi. 

FINANCE ANO INDUSTRIAL TRUST 
Tun hit or 1 I17S.1W fnr rear w Julv ai. 
im? UIM.7J7> Pm lit •i']mi..Ta4- 

behire lax 111.911 ilAiJBjr. KamuiES per 
dian> 2 34p '2 (Lip*. 

LIDSTONE iri-talf tintctlpr: and 
property to rps»nii*nn— 1 Tumor r-r rtir yt'ar 
to JiiIt 13. in,-?. ff23.nfct Hi.W 2!*iii. Prc- 
ux prnfii 52U.MiO inj.lTTi Tax mss: 

Dlvldonrt l.tl.Tp I snmei. E.im- 
inxs pit sharr -l«p id 4m 
LONDON AND STRATHCLYDE 
TRUST— Fur year u> Auuum it. ipts 
rimss revenue £»,:.» iLR\sgat>. 5tn 
vrnup UiiO.SCT HIPS.3X1I afti-r .-ill 
charKas incliHllnc i.ix of IIH2.S4P 
ti 10.87 ji. EarnihAS rer 2.ip ;ijar»- I.Slp 
l.S^pt m-t n^sci vulm- per t>lurn u2p 
(32pi. l-'inat dls irlrtld 1. 1 -ip nr-i mahltis 
I'ital I.Cp H.377pi. 

M8.C MIDLAND AND GENERAL 
TRUST- FUND-Fln.fi rii.xtrihiiijnn on 
inrnnK anils for ft nn>l mcuiIiit l,, 1377, 
id tJeinhcr 17. pi", will he 4 ffiPp nc! 
pt-r fnnl «4 .ihi3u last sran. nayahle on 
Dwnilivr ta Total dlsirlhnilon for thr- 
vrar uinnunis (u ^.n2!)p .nci i*-r unit 
S WSpi. 

NEW LONDON PROPERTIES— ITe-rax 
pr>iiit for lull-rear in Jiur- M. 197^. 
toi. DUO iHi.Wi Tax L*32.6M 
trJ2li.HU7«. Ini mm 2 7,p isjmei. 

SANDERSON MURRAY AND ELDER 
(HOLDINGS) itnpmak'Ts and wool, 
enmhersi— Rrsulis for ihi- rear to June 
:in I97S. n-pnrtcd ArMhnr C. CTroup rtxud 
aiwis L7B.PM I'lUS.m;,. Nut eurreni 
jwis Jl.ai7.s24 «£fw-:7«fii. itwiinc. 
•radtord. uii Noremtinr 1.’ at lilo. 

M and G TRUSTEE FUND-DIStrUiu- 
ilufi nn mconii- units rnr period ended 
"WlHT li. tSi> Will hi? .1 CTp net lK>r 
imir inTJipi. nayable an D-»e ember 7. 

Tntal rtismhmmn for this and Un- 
preeinus hjll-y<-.ir .mioums to 7.42Ap rvt 
p- r nun. rmnpare-d with S.SHp for the 
'Will ir Twrniit IiiW year 

Transatlantic and ceneral 

npVMlik- £93.3^1 
r3lj;-L. iiiL-hiifmc praiirn of un-e<umem 
ui-alniK.', siiiiMiii.-irinG tur six months tit 
hi’pi*-mber :m, lVTS. tax iw.mn (f42.b?3' 
interim 2 sp <2 2"ip* m-i. and direginrs 
lurri asi Him I ot .if least 2 ip v hK-h uill 
ni.iF, a irnal «t jp *4 3pi. an wrcaHe of 
*,■ , l ^! r . r J -n ' Rsn'nui? <lws nut .aetrue 
< ;'v*il‘- ihrmiKhniit the 12 innnUi period, 
f'-v.-n'-s are. m any pj.v. ruiij 
¥ ,s,,fv rnrf,r »st of an increas,- 


tiuS « a m - Ip 


u'S»* 



PRELIMINARY STATEMENT 
YEAR ENDED 30th JUNE, 1978 


Year ended 
30th June, 1978 


Ybar ended 
30th Juhe^ 1977 


TURNOVER 


E’000 

32,775. 


£’0O0 

19,698 


Rental inccme and residential 

development 

Taxation 

Profit after taxation 


3,131 

141 


2,123. 

- ".M:': 


2.990 


2.085 


Dividend on Ordinary' Shares 
Interim 
Final 
Total 


2.5 OOp 
3.807p, 


2.250P 

3.3080 


6.307P 


5.648P: 


Amount absorfaad by Dividends 

Earnings per share 

Net Asset Value per shara 


678 

27.6p 

162 p 


DIVIDEND 

The final dividend projwsad by the Directors of 


.603. 

19_4p 

85p, 


share is the net payment to 

- - - ig{j om shareholders, 

previous annual rate oi d.viae'nd.'Thelinal'dividend' win bersJbTect^oaDorovi'lh? - 

paid to those shareholders on the reg.s.er at the close ot buaiie^ ■; 


Shareholders. Taking jn*o account the tax credit available to United Kinnrinm k u ™ 
the toLal dividends paid cr proposed represent a total of 9.4i3p, a 


PROFIT A PROSPECTS 


A profit lor (he twelve months to the 30th June. 1978 of £3.1m was aching ■ Nn 
industrial properly or building land too^pface during this period. . OVOd. No sales of 

Net assets at June. 1978 were £17.4m..i62p per share, fiprr. .£g fm p« n nor’ehBMi 
The Improvement stems from earnings of tho year and the re'.vj»hiati«„ JR'i 


completed investment estates. Partially 
producing have not yet been re-valued, * *** “«*'»( any rent. 

»» R0 “ Pral> ' erlifa iS n °“ of ™r, ' : 

The industrial development programme currently, includes the const niriWi at - 
Phases, at a strictly controlled rate; on sites m Dunstable. East London. Ha^s teThurrodT ' = 
Ramham and Park Royal. * r ■ ,II - Uf r DC «> 

Several major letting negotiations are presently in hand and a considerable number of ' 
rent reviews falldue on the existing mvestrr.enl port (olio dunng.the current year.-lt Is confident •■- ■ 

- anticipated, therelore, that a further substantial Increase in the rent roil will result from ihss» 
sources. •“ >• ... - . ‘V™: • -2 

It is envisaged that a rff-valuatibn of the balance of the-Company's portfolio not as vet " 
carried out. will reveaL a cenakferabte surplus lover current-book value ad din a sianfiitlnth/' 
to the underlying asset backing-ol the Group. wooing signitrcantiy . 

House sales are proceeding at a’ satisfactory rale. The improved margins oreviousiv j 
forecast are now. showing through inJrading prolits. ft is not ourmtention t 0 withdraw^ from the ’ ' 
housing industry completsly.This will irf. future be aconlrolled part ot our activities with limited 
(manual exposure. ■ -. • .. : -v 

• Restructuring of the borrowing facilities hto been substanlially achieved Eidm ic nmu 
. secured for periods ranging-from 5-25 V ^ w - ’ • ' ' ^ ^ 

This is an Important part oi-ttw corrywstor) of your Company, front Houseliulider io 

Property Development/ investment Company. , .- ••. . 


D.J.Cop* 

Chairman 





-■V&dOctcbers'im' '■ 







-• t:: t #’■>:? 













^ j l 1 Financial limes Tuesday October 24 1978 


25 



account for 60 % 
of Fairview profits 



in second half 


TER TAX of £141,000 aqainst estates. Partially" ffcitloped 
:.0t» previously profit pf estates, although substantially 
!™ ew advanced rronTrcnt producing, have not ybt been 

wm to EL99m in the June '30, revalued. It is anticipated that a 
S ye ^;- Tu^over was ahead revaluation of the balance of the 
rn £l9.i m 10 £22.75m and group's portfolio will reveal a 
ital and residential develops considerable surplus over book 
nt income was £3. 1 3m value. 

. npared with £2.12in. 


4,000-phts txttJM. fend bank. FOLLOWING the £243,056 first 
Fairview's- balance sheet reflects half jump to £430,740 pre-las 
the changing shape .of Its business, profit at Pochin's fell by £102,000 
With the royalueri' industrial pro- in the second half to leave the 
perties as security the group has total for . Lhe May 31_ 1978 year 
been able la restructure its £22 -3m at £703,182 compared vrrtii X5i32.1B4 
net borrowings. 60 per cont of previously. 

_ . . . . . . . . . ' . which are now long or medium Mr. C. W. Pochin, the chairman. 
If D 1 rn™ tho rhnirmar, F «urvicw s industrial develop. term. The i, a | ancc , s s piit 4 to 6 says thal while it perhaps would 
s" no 'safiO?' Of fndliSSSi ' pT<WTaiI]me currently between short term finance for be optimistic to expect profit- 

JerS ortufildlnc land SS *“f ,udes construction °* ™ the completion or mainly pre-let ability to be maintained in the 

STY? *ho phases at a ran trotted rate on Industrial propertv developments, current year at the present re- 

STsrsjTM Ra,jaham ' uorkmpro ' Sn 1 **! 

rcaso of more than 60 per cent A fina i d ivideiid of 3.S07p takes „ ahead two year 5 the aD,e 

the last 12 months. the total for the year from £ r ?“P expects to retain its houw- 

* further substantial increase 5.«Sp to 0^07p which will absorb building business, despite recent 

rent roll is expected as several lil7SOOn ttgmtMin ■Rnmincif tier °V CI ! S for the operation as a 


was per- 


dividend, even if this 
mined by legislation. 

It is the Board’s intention that 
the significant investment pro- 
gramme of recent years will 
continue and this will require a 
large measure of capital retention. 


rent row is expected as several £678 000 (££08900) Ear nines Per v ,or me operation as a *•■«»*«■*** *■ — . 

• ior letting negotiations are -diare are shown at °78r 'Y ho!e . ar, d for individual building creditably considering 

• rently in hand and a consider- S' 1 time ^ ^ sites. Beyond that, the industrial sure on margins In th> 

. _C test time. . in, -Qrf .v, , tion industry in the n 


i number of rent reviews fall 
> on the existing investment 
tfolio in the current year, 
fe says . house sates arc 
seeding at 3 satisfactory rate 


John Brennan, property corre- '"''estraent/deveLopmant opera- 
s w . tion is expected to increasingly 


overshadow -tbc 


spondi-nt. writes: Fairview has u 
been trying for years to c onvinc e g j^ e 
the market that it is an industrial 1 . • 

estates developer rather than s j,:].' 1 . S of the future yesterday 


«L 22WZL. SS2JH ««««.' 


?cast are now showing through 


estates. This year's annual seriously 


of Fairview 
tossing around 


trading profits. The group, accounts support tis “argument ' Possibility of an eventual hivlng- 


'-•’(It fi 


: i \ 




tough converting ilself from a 
isebuilder to a properly 
clop mem- in vestment concern, 
not withdrawing from this 
jstry completely, Mr. Cope 
j!j». This area . will in future be 
oni rolled part of its activities 
t limited financial exposure, 
pf,,. restructuring of its borrow- 
‘ Vi facilities— £14m is now 

Mired for periods ranging from estates division emerges 
in 25 years — is an important core of the group, a 


Oiji 


Just under 60 per cent of the °. ff of tbe residual housing opera- 
group’s £3.1 3m pretax profits for tlon - leaving a simple industrial 
the year to the end of Jane, 1978. property group without the hybrid 
come from commercial property imago that has kept the shares 
rentals. And a partial revalua- amongst the markers speculative 
tion nf investment properties stocks. 

boosts net assets from £9.1m. 85p Fairview's keen interest in tax 
a share, to £17.4m, 162p a- share, avoidance schemes has brought a 
For the first time the industrial number of tax-loss 

the within the group .structure in hold fur 
stable, recent years. A number of addi- tUvMenrt*. 


able with previous years. 

On the year just ended, he says 
the group companies performed 
the pres- 
the construc- 
tion industry in the period. 

The gro. p now has a stronger 
housebuilding workload than it did. at the same 
lime last year, ami while develop- 
ment projects have been slow to 
mature it notv seems imminent 
that- some of these projects should 
commence. , 

At halftime the chairman said 
results reflected the significant 
contribution to profits arising 


Pressac 
climbs to 
over £lm 


were 

the 


BOARD MEETINGS 


The follnvlus companies fwve nniigid 
datrs of Board mwilnsv in iho Slock 
companies Exchange. Such miieunss arc usually 
ilx- purpose nf considering 
Official Indicaiinns are onr 


t or this conversion. strongly reversionary earnings tional tax-loss purchases in the 

t balance date total net assets base now supplemented by the next few months are expected lo 
he group were £!7.4m f£9.1m) housebuilding business which, as keep the actual charge to the 
resenting 162 n t85p) per share, the market for its £15,000 to point where Fairview will retain 
s improvement stems from £20,000 houses remains strong, a sub-normal tax charge for the 
■jned profits' and a revaluation Fairview is happy to. build-out foreseeable future. Tax took just 
its completed investment rather than simply sell off its 4.3 per cent of the 1977-78 profits. 


available 

Interims 


as 


■™i«"^2P^h. dirl i!!?Si w £222-76lk available profits jumped 

Anois and Uw vuW i vIm nns #■__ __ rv» - ni « »* rsai n n c 


AFTER A. rise from £334.241 to 
£476,110 at midway, pre-tax profits 
of Pressac Holdings climbed to a 
peak £1.012.621 for the year ended 
July 31, ' 1978. compared with 
£660.526 last time which included 
losses of £142.678 from the now- 
closed German manufacturing 
ope ration. 

Full year sales increased from 
£6.36m to £7.89m and the direc- 
tors say the figure in the current 
year is at a record high. 

Stated earnings per lOp share 
more than doubled from 6.47p to 
14.57p and a final dividend of 
2.078Sp lifts the total payment to 
the maximum permitted 3.0012p 
(2.6877p) net. 

After tax of £416.979 (£397,322). 
minorities, £4.604 (£4.524 1 and an 
extraordinary debit last time of 


or 


laji 


Stoddard sees buoyancy coming 
back to home market 


shown below arc ba*ed mainly 
year's timetable. 

TODAY 

Interims— Associat'd I. cl sure . 
International. English National 
mem. Enure Duller Im-eMmi-nt 

and 1. Nathan. Waller - Rnnclman, 
Scon and Robertson. Tnzer Koni^lo and 
Mlllbourn. 

Finals — AMam Tradlns. City and Inter 
national Trust. DuoUc Slc-l-, Paterson 
7 m 9 v>hIs. Pretoria PorUand Cement. 
Rennnc Tin DmiRinc. 

FUTURE DATES 

Interims— 

Abtnlwn investmenu Nor. e 

Ash Splnnlna Nov. 9 

Avana Citi. 31 

P.M_\ Ocl. 23 

Peers pe of BlrmlnxiUni Oct. !3 

Sllkolcne Lubricants Oct. ZT 

Finals— 


Trom £35,914 to £591.038. 

The group's business is the 
manufacture of electro- mechanical 
Kmuii components and precision engin- 
lnwcsi- eering. --- 
Triisl, 




LOCKWOOBS FOODS 


Progress in a difficult year 


Salient points from the circulated statement of the Chairman, Mr. Philip B. Lockwood. 
• An Ordinary Dividend of 4.1 1996 penes is proposed which is the maximum permitted. 


We packed record quantities of certain seasonal vegetables and although forward 
sales were also at record levels, during the latter half of the year despatches to 
customers fell below contracted quantities due primarily to a heavy acreage of fresh 
vegetables followed by high yields. 

The meat processing company in Holland continues lo trade successfully and we 
have recently extended our Continental meat activities to Northern France. 

Plans are in hand to enter the frozen meats market In conjunction with our existing 
frozen vegetable operation at Goole in North Humberside. 

We expect to have in operation a carbonated drinks plant at our Italian factory in 
time for the summer of 1979 which we anticipate will have a beneficial effect on the 
trading results in Italy. 

We are taking suitable action to counteract adverse trends and improve our overall 
results of which we are confident in the future, although in the current year there 
remains an element of uncertainty with some varieties of canned vegetables. 


GROUP SUMMARY OF RESULTS 


Profit before Taxation 
Provision for Nett Taxation 
Profit after Taxation 
Earnings per Ordinary Share 


1978 

1977 

£000 

£000 

2,251 

2,241 

1.148 

1.146 

1,103 

1,095 

18.56p 

I8.42p 


Secretary and Registered Office: Long Sutton. Spalding, Lines. PEI 2 9EQ. 


'hite it is too early to give any construction has now been ihp orderly financing of Invest- __ 

cation of the prnbablfrlrad Ins sanctioned by the High Court. - ments as and when opportunities Cnnccnmc n*v.w 

•Its in the current year, it is The scheme will become occur," he writes. Eib* and McHarrty Oct. 


ent that some buoyancy is operadre on October 27, on which The chairman also notes that w “mS A “!' .1'. o«. m 

-rnmg to the home market, date the two new companies t jj e transfer or the place of Smart ij.^ «Cnnir«ctr.rsi on. ?5 

Robert Maclean, the chairman arising from the scheme— John incorooration m Malsvsia is Tbnnna. 'p;. tt’.t •. Oi?r.2« 

Stoddard Holdings, carpet Laing and Lain; 

lufacturer, says in his annual each ... 

in fill. suits for the six months ended 


* says a major new range of 
•et was introduced at a recent 
e fair and was exceptionally 
received. 

the spring of 1979 Stoddard 
be acquiring. the tufting plant 
Lyle Carpets, and will be 
ins a re-entry into tufted 
et manufacture. Sir Robert 
that as plant will require 
je rehoused no contribution 
{peered from this unit in the 
ent year. 

previously reported taxable 


announce 
suits for the six 
June 30, 1978. 


Turquands 

prepares 

appeal 


the transfer of the place 
- -n incorporation to Malaysia is 

expected to he completed in 1979 
their mtcnm re- an{ j yjg u- anS f Cr D [ ^ head 

head office to Kuala Lumpur is from 
“almost completed.*' 

“Further rationalisation has 
taken place in the management 
structure,'* he writes. “ and, based 
. on its inherent financial strength, 
the group is poised to expand 
further in its Lradiliottai fields of 
• activity and the downstream 
. development of these activities." 

. Tan Siew Sin expects that 1978-79 
Slme lv111 b* “ a further year of growth 


of 


1 1 : 
lit 




« ' S 


f - V- 


;G 


The annual report «* 

Darby Holdings now issued gives development. 
. e e. J c, n -«, no further explanation of -the 

proposed sacking of auditors 
Jhnritw Ttirquand, Youngs and Company, 
jugh toere y as no short-time The directors here repeat the 

eiirrprvj asSfirtion made in .a . statement 
*S2!I®«S£ tSsmi^nd earJ,er .this, month that the 
i ™ 00ted reptacement. Price Water- 

Je ISrl «mooo (SS hoase Company, -as one of 
i ; ’n!iri fnnrtVin the largest international firms. of 
icuon in net Lqutd funds w accountants " is better. placed _to 

.MUDS. Elderslio, Scotland, ro Sf' ^ of the ~ roa P- 
ember 14. at noon.- _ . * 


Bishopsgate 
Trust higher 
at six mouths 


a development which had 
just been completed. 

Turnover for the year was 
£12 Jam against £10.92ra and after 
tax of £434,009 (£330,591) net pro- 
fit was £269,173 (£231,573). Earn- 
ings per share are shown at 25.88P 
(22 27 p) and the dividend total 
is taken from 4.(|11915p to 
5.1499?2p with a final of 4J749?2p 
net per 25p share. 

Mr. Pochin says that the new 
rules in respect of dividend re- 
straint do not apply for account- 
ing periods prior to July 31. but 
the dividend is increased by the 
maximum permitted amount. 


BOOTH AN SCRIP 


orquantL Youngs have already £671.470 -against 1364,562, 
said- they, do not believe this -to reven ue of f p bhop sgate Trot in 


)utwich Trust 
irofit up 


be the true- reason. They claim* c re ased 'from £262,758 ’to £297,990 
That two other reasons have been for the fi.ponths lo September 30, 
given to them privately, although 1978. • , 


A scrip issue of one-for-one is 
proposed by Bootbam Engineers, 
.... , . but the directors say this is not 

W ith gross income better at t0 i, e taken as an indication that 
>l et the Board is In a position to 
recommend any Increase in the 



BB 



Successful adjustment in adifficult year 


• £5*1 million profit, slightly down on 
last year's figures. 


• Sales up by 11-4%. 

• The net dividend has been increased 
from 8*495 to 9*3868 pence per share. 

• The three mai n divisions of the company 
— Retail, Wholesale, and Cash & Carry— 


have increased their volume. 


• Spar has maintained its market share 
despite intense price war pressures. 

• Capital and reserves have increased 
and now exceed £23 million. 


• We can look forward with confidence 
to the consolidation of our newly enlarged 
resources. 


Results for the year ended 
29th April 1978 

1978 

£000s 

1977 

£000s 

Sales 

327,405 

293,898 

Profit before taxation 

5,155 

5.812 

Earnings per ordinary share 
Dividends per ordinary share 

24-8p 

28-Op 1 ' 

—net 

9*3868p 

8-495p* 

—gross 

14*08p 

12'93p^ 

*The1977 figures have been adjusted for the changes in share capital. 


Copie s of the iull Report and Accounts .irp available from : 

7 he Set ret a i\'. Untood Holdings Limited, PO. Bo\ 9, Wellingborough , 
Nonhani* \.\8 1LE. 


■offt of Outwich Investment 
;t increased from £886.804 to 
.178 in the half year ended 
ember 30. 1978. This was 
ck after expenses of £51,830 
.517) and interest ■ £144.090 
.333) but before lax of 
,5S2 <£326.852). Gross revenue 
■nred at £1.16m (£1.01mj. 
ie interim dividend is 
fared from O.ap to 0 6p — the 
: for 1977/78 was 1.525p paid 
i profits of £1.57m. 

•t assets value at September 
vas 74.31 p (66.Blp). 


\flVG SCHEME 
ANCTIONED 


*e scheme of arrangement in 
ection with John Laing’s re- 


these reasons were also described 
by Turquand as “insubstamlaJ in 
the extreme.'* 

Mr. John Barney of Turquand. 

Barton, Mayhow and Co. said yes- 
terday that he was disappointed 
Sime had noL- given “an argued 
and believable case" for the 
firm's dismissal. Turquand would 
now prepare its written appeal 
to shareholders, asking them to 
reject the Board's proposal. A 
decision had not yet been taken 
as to whether to reveal the two 
reasons for the dismissal given 
privately to Turquand. 

The Sime accounts show that 
capital employed has risen from 
£193m to £25om and net borrow- 
ings from £19m to £29 m. The 
chairman, Tan Siew Sin, gives no 
new indication of what tne Singa- 
pore 8475m (JElUm) loan facility 
obtained a few months aqo will 
be used for. "These facilities will 
be drawn down when required for They were: 

R.' 


Reveuue . was struck . after 
higher overseas loan interest of 
£163,268 (£106,565) and a tax 
charge of £lM t 773 (£151,427). 

Earnings per 23p share are 
shown ahead trom S.QBp to 3.54 p 
and the interim dividend 
stepped up to 22 p (2p> net— la*! 
year's final was 4.25p from 
£540,517 revenue. 


Winding-up 
orders for 
68 companies 


-Orders fo rcbe compulsory wind 
mg up of (E3 limited companies 
were-'made by Mr. Justice Bright 
man in the High Court yesler- 


if 

cl l 


V ^ 


] 

U 


'ft?: 


HYDDLETON 
HOTELS 



A proven recipe 
for success 


In his annual statement, the Chairman of 
Aivddlcion Hotels Limited, Mr. A. C. Hornsby, 
makes the following points : 

-5f=- Resuits fully justify the decision to reduce 

borrowings, develop existing hotels and expand into 
areas with a high tourist potential. Our latest 
acquisition, the Linton Lodge- in Oxford, has 
exceeded profit expectations. Expansion of the 
Abbey Park in Y ork and the Beaufort in Eath will . 
enable us to profit from the high occupancy of these 
hotels. 

-£■ Group T r a dins Profit before tax up by 31.6°,.. 
Recommended that a dividend of 20 ;„ gross be paid 
thus increasing the final dividend on the ordinary 
share*; from 3.00 to 4.02p, making a total for the year 
of 6.66p net (against 4.65p last year). 

Our thanks are due to the Management and Staff for 
creating such a happy atmosphere throughout the 
Group. 





Year ended 30th June 


1978 

1977 

T rading Profit before tax 

£570,303 

£433,244 

Profit after tax 

£334,336 

£280,972 

Profit after extraordinary 

- 


item 

£334,336 

£457,662 

Dividends 

£101,633 

£56,681 

Profits retained 

£232,703 

£400,981 

Earnings per share' 

24.13p 

23.83p 


f you would like a copy of the Report 
t Accounts, write to the Company 
Secretary, Burlington Hotel; _ ^ 

iastboume, East Sussex BX21 3YX. 



A. Onyett (Carpets). 
Vatedenc, Gencret and Housine 
Finance: Rushqucst. Orblet Con- 
duction Company. S.D.B. Insula 
Horn (Liverpool). Chase man 
VVitoy, Glilden, Camberwell Green 
Cash and Carry. Rajgate Proper- 
ties. Southern Counties Plaster 
ing-- (Crowborou^h). Trent ilia 
Securities. Walnut Investment! 
Hadarville Investments. 

Mavnard. Vigar and Partner?, 
Oxford St. Staff Asencv. 
Widecombe Properties, Wirratone. 
Da It Transport, Duffco. Ellis and 
Howartii, Berendt Bros., Air and 
Weld4bs Installation* (Hull). 
Esmonn Sheridan Contr3cl>s. 
Em co Garden Company. Maltiwuse 
Decorations. 

A and K Haulage, Checkavcm. 
Wellington Fine Art Editions. 
Marehgute Builders. Tony CheUie 
Associates, Heddon Exhibition and 
Trading Centre. Humidair Ser- 
vices. Jay Structural Develop- 
meitix, W. and J. Sa-^ar (Holdings). 
Enco (Masonry). Everleigh Car 
Sales. 

■City Reproduction Furniture, 
Swanpike. L.C.M. (Transport Ser- 
vices), Juspalm. Bridsets, Fantasy 
Marketing (M.K.). Lefstnr. Lilles- 
hall Homes. Kingnvaod Develop- 
ment (Woking), Smalley 
Construction Company. 

Tborrold and Salter Recruit- 
ment. F. T. Caple (EngineerinE). 
Gecon (Construction). Palmersion 
FurnKure Co.. M. J. OTlaru Plas- 
terers. Peoples Overseas Domes- 
tics. Toneshlre. Morrissey ami 
VUIelte. J. T. (Glass), Keeds of 
Chesham (Fashion wear). Sw eel- 
vale. 

Metres' Merketing Associates. 
5yd Morris Associates. Dirk Oil-* 
(Great Britain). Topsien Trans- 
poru B. N. A. Gowanbury, Mona- 
star, Chalkley. Hall and Co., G. 
Koliinsoji and Co- Norman T. 
Burridge (Manufacturing Jewel- 
lers). and P. J.- Barrett (Arundel). 

Compulsory winding-up order? 
made again si Thamesmead 
Chemists on October 9. and 
against E. J. Martin and Co. on 
October 16, were rescinded. Both 
petitions were dismissed by con- 
sent; 

A compulsory order against 
Crystal-Bulk Food Centre made on 
Ociober 8 was rescinded and the 
petition was struck out, the com- 
pany having been already struck 
off-m 1976. 


An order, against. ABC Radio 
Taxi Services (Merseyside) on 
October 16 was also rescinded. 
The petition was adjourned for 21 
days, with leave to amend fhe 
petition to restore . the company 
and to* wind.it up- , 


W t'Ve right at home around 

the vvorid. 







With more than 1000 offices, 
branches and agencies in over 46 
countries, Scotiabank is very much a 
world bank. And we’re a large one at 
that: our assets exceed C$24 billions. 

Since 1889, when our interna- 
tional banking.began, we’ve grown 
into the modem global network we 
are today. In fact, we’ve opened in 
17 countries in the past 5 years alone. 

Scotiabank’s experience can be 
invaluable when you need advice 


on a set of complex tariff regulations. 
Our organization is essential when 
you require instant decisions in a 
rapidly-fluctuating currency market 
And our size is imperative for 
large-scale financing in today’s 
international trade 

If you have a business that takes 
you abroad, find out the advantages 
of a truly world bank: Scotiabank. 
We’ll make you feel right at home 
around the world. 


Scotiabank S 


THE BANK OF NOVA SCOTIA 


Regional Office. UniiKi Kingdom. Europe, Middle East and Africa: 12 Berkeley Square, London, WIX 6HU. Telephone 0J-49I-4:W0. Telex 2S519. 

Antigua, Argentina, Australia, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil. Canada, Cayman Islands, Channel Islands, Dominican 
Republic, Dubai, Egypt. F ranee, Germany, G reece, Grenada, Guyana, Haiti, Hong Kong, Indonesia. Ireland, Jamaica. Japan, Lebanon, Malaysia. 

Mexico. Netherlands. Netherlands Antilles, Norway. Panama, Philippines. PuertoRJco? Republic of fCorea, Singapore, SL Luda, St. VincenlTrinidad and 
Tobasp, United Kingdom, United Stotesjvenezuela, Virgin Islands (Bt),Virgin blandaCUS). . and 


A 


S : ‘ 




jC'.' 


..J 


26 


BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



GRESHAM TRUST 
LIMITED 


Permanent and long term capital 
for the successful private company 


Also a wide range 
of banking services, including: - 
Selectivc finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 


Leasing 


For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


Gresham Trust Lul. Fjrrinrt^n Hons. Grc.'hjm'Mn: .''..London EC2V THE 


Birmin-hiim Grace: Edmun-.; Hou-J. Ni.~M.-h '.’l ?tree* Birmingham. R3 JEW 


German Advertising Company offers 
LICENCE ARRANGEMENT 
FOR TOTALLY NEW 
ADVERTISING CONCEPT 


to Publishing/Prmtins hous>e with large 
advertising sales force. 


Potential turnover approaching £lm p.a. 

Write Box G.27S7. Financial Times. 
10 Cannon Street. EC-1P 4BY. 


CASH AVAILABLE 


BAD DEBTS PURCHASED 


Wi purchase volume consumer credit accounts ind bad/doubtful 
debts. Rates paid dependent on quantity and quality or file. 
Immediate substantial funds available. Please contact: 

Mr. Wm. Eell, Director 


LEGAL & TRADE COLLECTIONS LTD. 

75 Moor Park Avenue. Preston PR! 1NX - Tel: 0772 22971 

Offitei: Giaiccw - cd.'nSiirjfi - Preston - LorJoa - Dublin 


FULLY EQUIPPED 
Office and Apartment 
SHARJAH. L..V.E. 


Araitab:e for short or Ion* let late 
Becentbsr IK a. T*Ux ana lek-phor.^ 
mvjllfJ. II you arc look me for 
uorkins and llr.n* aiTonunodailon in 
:h' l.a.e. loitf oo further. A hattiy 
advantageous toiling agreement is 
available for ntosc wishing to be 
uncncdi jielv opi -rational to tbc U.A.E. 

Tel: Mr. R. G. Grey. Wiluhicr. 

Parham House. Parham Hoad. 

Canierburv. Kent. England. 

Telephone: 0227 
Tei?l WILT UK. G. 


COMPLETE 


FOUNDRY PLANT 


for sale 


Comprising 2-S tons/ hr cold blase 
Cupolas, nearly new AJAX IS tons 
useful capaot, holding Furnace and 
complete i, auionatic Moulding Flint 
v*i:h a Pair pi High Pressure Through 
Feed Moulding Mathines having Boa 
Size of B50 x 650 * 150/150 cur- 
rently producing 260 moulds per hour, 
complete with 120 tons per hour 
Sand Cond-: 3- nj P'int. 

For further details 
RING T W4ITEHOUSE it 
<M5» 30**4 or 
H 5TUPG=SS at 0<>25 J04tl 


WANTED 


Associate or Director 
preferably ^timccal Uacfc around. with 
'-Tisrtns maniif.K luring prvmiscs. to 
rime in on ground door in rbe ntattu- 
racture and nnrk - na of p:rfeeify- 
Dalanced iop-q-ialuy plant rood. 
Made :o unique lormula arid proven by 
Icadm* corrv<i>viii].'!ile .inil uunleni'rs. 
Goodwill so far ctianitsaed indicates 
protrtis.na luiur.-. 

Other formulji m hand for bringing 
tn marl'oi v. l»--n upprunriatr 
Write Bo* i'i .'I*.'. I'lR.incial Times, 
to Ciitnnn Sir*':. I-T4P 4RY 


HOW TO SUBSCRIBE 


to 


THE WALL STREET 


JOURNAL 

Hi us for UK & Continental Europe: 

ST90 1 year 

$100 6 Months 

$50 3 Months 

Payable in dollars or equivalent in 
local currency 

Delevery bjr Jet Air Freight from 
New York every business day 
I Other area rates on request) 
Send order with payment to: 
THE WALL STREET JOURNAL 
International Press Centre 
7b Shoe Lane. London. EC-4. Eng. 
Atm. Mr. R. Sharp 
Also available at major newt 
stands throughout Europe 
ASK FOP IT 


A long-established 

DUTCH 

COMPANY 


currently encaged id whcdesalta* 
horticultural products to stores and 
retail outlets throughout Holland 
would be interested to hear from 
companies requiring representation In 
that country. 

While horticultural products are 
obviously ideal, the Dutch company 
would also consider carrying con- 
sumer durable goods. 

Extensive whareflousmg and trans- 
port facilities are available. together 
of course with telex and lull admini- 
strative bach-up. at the company's 
premises Itm outside Amsterdam. 

Enquiries from principals only 
please lo Box G JT9S. Financial Times. 
10. Cannon Street. EC4P 4BY. 


PARTNERSHIP AVAILABLE 
FOR PERSON WITH 
PLEASING PERSONALITY 


Good appearance and address 
Witling to era .el. step m and take 
a _ hand 

Young enough in heart to learn in 
return for .mole salary and share 
of P'of'U. 

Investment of £15.000 required 


Please r efi/y :a Bat G2PQ7 
Financial Time s 
10 Cannon Street. EC*P *BY 


FINANCE FOR 

THE SMALLER 


For further Inform a lion contact; 

ICDean, 

ARBUTHNOT FACTORS LTD, 
Breeds Place, Hastings, 

E Sussex. 

Tel: 0424-430824 


French company for distribution 
and representation in the profes- 
sional electronic sector seeks: 
PARTNERS OR 
INVESTORS 
Write to: — 

No 4304. Publicites Retimes, 
112. Bd. Voltaire. 

7501 1 PARIS. FRANCE. 


CLUTCHES FOR CARS. 
COMMERCIAL VEHICLES 
AND TRACTORS 

Evperienccd manufacturer has capacity 
(o- medium/fow vatume production ol 
clutch and d sc assembl'd!. 

Write floe G.280J. Financial Times. 
10. Cannon Street, EC4P 43f. 


UP TO £350,000 
REQUIRED 


over 18 months for development of 
large Furnished Office Complex in 
Central London. Substantial equity 
offered with inflation-proof and early 
high return. 

Write Boar G.2790. Financial Times, 
tO, Cannon Street. £C<(* 48 1' 


UNIQUE OPPORTUNITY 
LOW TAX AREA 


FREEHOLD I ACRE 
PROMENADE TOWN CENTRE 


Island sice ripe lor development 
presently returning £45.000 annually 
OFFERS INVITED 
Write Bo» G2B10. Financial Times 
10 Cannon Street. EC4P 4B7 


SFR 6 MILLION TAX LOSS 
IN SWISS COMPANY 
T«x savings enable interested 
party to buy bungalow hotel out 
of cut saved money. Hotel 
offered for one-third of assessed 
value. 

/mu omf *rifxipq'> ofemv write: 

©AV 9000 MtnsWi T 

Leds- f )ts*« 1. Cnnmirf 


RESIDENTIAL MORTGAGES 

Up to £100.000 available per 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available. 


London 

Business 

School 


* 15- YEAR MORTGAGES 

★ INTEREST 13% FIXED 


★ UP TO 75% OF VALUATION 
it INVESTMENT OR OWNER OCCUPATION 
ic QUICK DECISION 

Please phone or write to: S. A. PARNES 



Druce bc.JO 
23 Manchester Square 
Londc.-. WtA .200 
Tel 0t-4S6'.?S2 


Private investor has up to £75.0fl0 with or without 
participation available for investment in a private 
company with a plan of growth and increased 
profitability. Five years' accounts together with 
up-to-date figures would be required. 

Write Box G.266S. Financiai Times. 

10. Cannon Street. EC4P 4BY. 


. 114 years of 
form: 

has taugnt us 
a thi ng or two 



So next time 
you need one, 
phone Patricia Parry 
on 01-253 50o0 


the best of companies 


IOWAH HOUSE. BBIIKWICICJUIOT 
LONDON R] KE 

cixino 


WE CAN ASSEMBLE AND PACK YOUR PRODUCTS 


A highly competent team of 150 assemblers and packers is at 
your disposal NOW for all classes of goods-— food, pharmaceuticals, 
industrial products, etc. Highly competitive prices. Immediace 
quotation. Brochure on request. 

Please contact our Sales Representatives: 

PETER j. GARRINI & ASSOCIATES LIMITED 
T3Qa Burnt Oak Broadway, Edgware, Middlesex 
Tel: 01-952 6626 - Telex: 923598 


TAX SAVINGS 


Are you are shareholder in a 
dose company’ 

Does your company have a 
current period corporaic 
tax liability? 
have you an income lax 
liability for shortfall/ 
undistributed profits? 
Docs your company have cash 
reserves which have not been 
distributed due to high rate 
of tax on income in your 
hands? 

THESE PROBLEMS CAN BE 
ALLEVIATED 

Please reply in strictest confidence to 
Box G.263S, Financial Times. 

10. Cannon Street. EC4P 4BY. 


EXPANDING? 


Company in Bristol area, new war*, 
house, motorway access. Telex and full 
office facilities, marketing expertise, 
seeks offers from companies who can 
utitite same. 


Write Box G.2802. Financial T>mea, 
fO. Cannon Street. EC4P 4bY. 


GET INTO EXPORTS THE 
EASY WAY 


Hundreds of contacts listed covering 
every field. Don't miss the oppor- 
tunity, writs for your free copy to: 

THE EXPORT MAIL 

GULF EXPORT P.O. BOX 50 
STOCKPORT SK4 2TB 
Telex: 667822 


REVOLUTIONARY 5ERYICE 


Skilled Motor Mechanic with money of 
hit own to invest, requires backing of 
company incereseed in a unique and 
revolutionary scheme for servicing cars 
and/or heavy goods vehicles on a 
production line basis in specially 
designed unit. . 

Interested ? T elephone 
Newcastle-upon-Tyne 865958 


IBM ELECTRIC 
TYPEWRITERS 


Factory reconditioned and guaranteed 
oy IBM. Buy. save up to 40 per cent 
Lease 3 years from £3.70 weekly 
Rent from £29 per month 
Phone: 01-641 2365 


MANAGING DIRECTOR 


having disposed of his business 
interests wishes to act as an avclusiv* 
agent. Firec-class Gty of London office 
accommodation available Own trier 
and telephone services plus full 
secretarial teaff. 


Wnie Box C2B0B. Financial Time s 
10 Cannon Street. EC4P 4BY 


FREE— 75 NEW 


PRODUCT IDEAS 


Each issue of NewswcrL's 

"New Products and Processes ” 

Newslv-tUT reports on 75 to f 00 of 
the moat exciting new products irons 
around the world: includes complete 
inferrastum on availability to* main- 
f securing, sties, licensing. A one-year 
subscription ( 1 3 issues plus annua' 
index i is just U.S. 5100. And if tb* 
rim issue doesn't deliver kind of 
ideas which can mean substantial new 
business opportunities for your com- 
pany. simply write cancel on your 
bill and keep the issue with our 
compliments. To subscribe or get 
more information, write today to: 

NPP. Newsweek House 
Dept. MC26-6 

Welling con 5 treat, Slough 5LI IUG 
England 


EXPORT 


MERCHANTS 


Specialists EEC— concentrating on high 


volume industrial accessories and but 
log materials markets— -seeks financial 
backing lor expansion. Turnover now 
moving into six figures and original/ 
imaginative product ranges to be sold 
through existing or new distribution 
networks. 


Write Bor 6.2793, Firtoncfof Times. 
10. Cannon Street. EC4P 4BY. 


U.S. OPTICAL FIRM 


mecialislng In high quality telescopes. 
Owner renrlnn after 25 jrrs. Gross 
sales over WOO.OOfl. 15 employees 
Building must ko wiib sale. ^xr»n»nt 
terms. 

Telephone 213-540-4177 or write: 

AUBREY YUEN ASSOCIATES 
Att. Mr. Earl P. Gllbrech. 

3858 Carson Su, Suite 220. 

Torrance. Calif. 90503, USA 


OVERSEAS 

REPRESENTATION 


We have Astociaied Companies World- 
wide who are looking for products to 
distribute particularly In ihe Bold of 
Engineerlns. If you led \re may be 
able :o help you please contact: 

Boa G.2791. Financial Times, 

10. Cannon Si reel. ECU* *BY. 


LIMITED COMPANIES 


FORMED BY EXPERT5 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 


SXPPE55 CC> ? cGISTP aTIONS LTD. 
30 City Hoad. ECI 
01-4.V ’?* t 9036 


AUSTRALIA 


Independent British Businessman, mak- 
ing periodic visib la Sydney ind 
Me bourne is able to undertake addi- 
tional work. Wide rvperience at M.D. 
level, including operating Australian 
subsidiary. Now UK based. Market 
reviews, liaison with local partners, 
appointment of agents, at:. Would 
consider capital participation, 
ffepfy to Box CI80 1. Financial Times 
IQ Cannon Stri-et. EC^F 48 f 


LI * WEEK FOR EC2 address or pnonc 
rnttaages. Combined rates + We. 
under S3 a week. Prestige qOices near 
b-o=« E'cnanflc. Message Minders Inter. 
--Kasais. 1 - 6 -® 089a Telex 88117Z5 
EXPANDING FIRM of Stockbrokers have 
oiace tsr associate member please wr.le 
to t*w senior partner. Hoi G 2799. 

ECSp'dBY ,n, “ 10 ‘ Canno " Slreet - 


PLANT AND 
MACHINERY 


Continuing Executive Programme 
A Programme for Busy Managers 

The Continuing Executive Programme comprises four fuii-time 
residential sessions totalling six weeks and spread between 
February to December 1979. 

It covers a comprehensive range of management subjects, arranged 
according to individual needs. The Programme will also deal with 
problems brought by the 25 participants from their jobs. The 
School's resources are available to participants throughout the year. 
The Programme will appeal particularly to the busy manager whose 
job responsibilities make it impossible for him to spare more than 
a week or so away from his company at any one time. 

The London Business School was founded in 1965 with government 
and business support to provide a “ centre of excellence ” for 
management studies. There are ninety faculties, 1/200 managers 
attend programmes each year. 

Brochure and further details available from: 

Director of Marketing 
London Business School 
Sussex Place. Regents Place. 

London NW1 4SA. Tel. 01-262 5050 


PUBLISHING 


The Advertiser invites submissions for financial 


assistance on an equity /loan participation basis 
from small entrepreneurial publishers with 
promising development propositions. Write 
Box G2769, Financial Times, 10, Cannon Street, 
EC4P4BY. 



BSS 12/58 TYPE 
GREY PORTLAND CEMENT 


Packed in 50 kg, 6-ply Kraft paper bags — 
mxslung — available for immediate uplift East 
Mediterranean port Quotations available 
F.O.B. or C & F. Enquiries Ref. JNR.GIC, 
Box G.2806, Financial Times, 10 Cannon 
Street, EC4P 4BY. 


PRODUCTS OR JOINT VENTURES REQUIRED 
N.W. Kent engineering co. (established 1937) has-surplus workshop 
area available and wish to diversify activities with new products or 
joint venture arrangements. These need not be complementary to 
present engineering activities. Substantial outside storage areas and 
own transport are available. Well placed geographically for channel 
ports and London. 

Propositions to Box No. GJ2801. Financial Times, 

10. Cannon Street. EC4P 4BY. 


BUSINESSES FOR SALE 


CARAVAN SITE 
FOR SALE 


In Western Scotland 


Substantially developed Caravan Park 
licensed for 648 caravans together 
widt ” dobs and supermarket. 

Situated adjacent to Beach and pro- 
posed oew Golf Course. 


Price £750,000 


For further details apply to: 

CHARLES F. JONES & SON 
17 Gate Street. Lincoln's loo Fields, 
London WC2A 3HT. ToL 01-242 7823. 
and 

U Stanley Place. Chester CHI 2LU. 
Td- (ttU 317BS7 


FOR SALE BY TENDER 


Closing date 31st October T978 
THE COUNTY CLUB 


THE CRESCENT 
TAUNTON. SOMERSET 


At preient used For Private Chib with 
ban dining room, lounges, reading 
room, fine billiards room and sq-jas*! 
court, flat with 2 large bedrooms. Sit- 
ting room, bathroom and kitchen. 
Containing in ail some 6.450 sq. ft. 
exclusive oF good cellarage. Parking 
far 47 cars. Ideally suitaoie fO' siperb 
Restaurant or Hotel or For Office sub- 
je:t to planning. Full portlcufors; 
LEAR. LEAR g. DUGDALE. 53. High 
Street. Taunton. Tel. 5620 (STD 
0*23 >. 


FREEHOUSE/ REST AURANT 
Surrey/London borders 

Freeholds for sale. Well-estab- 
lished trade with exceptional 
scope. Capital commitment 
025.000. 

Principal* only write Box G.27F9 
Financial Times. 

10. Cannon Street. £C4P 4BY. 


PLASTICS INJECTION 
MOULDING 
Nr. Croydon 

Small business with great potential. 
Comprehensive range of mautunerr. 
3.000 sq. ft. factory with new lease. 

Assets, Goodwill & Order Book 
£30,000 

Bentley Smith Engineering Sales 
UndBetd 2900 


BY TENDER — Closing 31st October. GL 
Yarmouth Hlppoflrome & Amusement 
Arcade. Golden Mile. Excellent Poten- 
tial. Howard A Partners. Gt. Yarmouth. 
NR30 1RU. 10493) 5G5S1/4. 


FOR SALE Engineering Company. Machin- 
ing and Fabrication. Located Berkshire. 
Write Box G-2BOO. Financial Times. 
10. Cannon Street. EC4P 4BY. 


NEW FOREST 


Magnificent FreehowM “in an unrivalled 
portion. Immense potential for further 
expansion. Two Bars. Garden Room. 
Tea Shop. Beer garden. General Sure 
and Post Office; Self-contained flat 
with 3 beds., living rm.. k. & b.; one 
bed staff Chalet: fully fitted and for 
sale as a going concern. 


Freehold £135,000 
ApNr: 

FOX & SONS 

Salisbury Street, Fordingbridge 
Tel: (0425) 52121 


CERAMICS FACTORY 
FOR SALE OR LEASE 
SOUTHERN CALIFORNIA USA 


7n wears old fullv enulooed ceramic* 
•actory with 75.000 square (cet o 
buildings on 5 acres of factory prooerti 
in Southern California, growing Indus- 
trial wonderland, available for sale or 
lease. Products told extensively 
throughout United States and Canada 
modern buildings, production eon,, 
ment and business— total price U-S. 
*1 .2 million. Owner wishes to operate 
marketing company. 


Contact: R. W. Dougherty. P.O. Bn 
276. Corona. California 91720 — 
Principals only 


FOR SALE 

SPANISH 

INSURANCE CO-OP 

Write to: . . 

Nr 0SO4, Roldos Arran cios, 
Vergara 10— Barcelona 2 


MANUFACTURING COMPANY 
Established range of vinyl 
promotional produces 
£80,000 PROFITS 
Share exchange public company 


Write Box (7.2794, Financial Times, 
10. Cannon Street, EC4P 4B7. 


HOTELS AND 
LICENSED PREMISES 


WEST END RESTAURANT — Prime location 

50 yards from Oxl ord street. Old estab- 

lished restaurant with regular clientele 
and excellent trade. 20 rear F.R. A I 
lease it £ 0.000 pa. i abject to review. 
Premium £100.000. CITY OF LONDON 
— jGround Floor licensed premises suit- 
able. . for exclusive members dining' 
drinking club. 10 year lease at £ 8-000 
p.a. rent, review 1982. Premium 
£12^00. FUEURETS: 01-836 8995. 


BUSINESSES WANTED 


RAPIDLY EXPANDING 
PRIVATE GROUP 


Financial Times Tuesday October 24 1978 



Oakbridge warns 


on export levy 


BY KENNETH MARSTON. MINING EDITOR 


A SUCCESS Story Of recent years of overseas m funeral 

in the Australian raining scene ventures m tne aatt 
has been that of the Oakbridge Subsequent publication of 


coal mining and Industrial group, these ^ 

Profits have been climbing to new overseas Interests should be 


peaks, risrihg by 16-1 per cent to restricted io no more than 49 
C£4.6m)ln thenar per cenL BP has since said that 

totatJime WOUJd be P repared lo ,. “E* 

« n T—. _w_s_ a 49 per cent interest and in the 

Mr. Grahame Mapp. tte chair- Oakbridge has been 

man, warns in the «muai I «Port. JgggU Ioan f Znds to the 
however. tliAt results for t he t* ie rTnpptprf to ctarr 

current year ^ SE^iFJ Bluff'S? of mSooo 

ehfnments^ of 1 ^IJO per wm? tonnes, rising, to 2m tonnes in 
SJ^SaS on aii Oakbridge shares were Ulp 
export tonnages from the yesieraay. 
southern, south-western and. 


western coalfields to fund the 
diversion of coal from the con- 
gested Port Kemhla loader to that 
at Newcastle. 


PROiFITS SURGE 
AT BETHLEHEM 


Bethlehem Copper, the British 


Mr. Mapp says that the levy Is Columbian producer, has reported 
a heavy burden on shipments of - net earnings since 1974. 

steaming coal m particular and Net pro flts f or the first nine 
it is hoped that measures being months of this year were C82-8m 
taken to increase, woughput at against C$388, 000 in the 

Port Kembla and Balmain will ^n e ponorioT 1977. 
reduce the amounts being diverted ^ ^ quarter to September, 
from these ports and thus enable ^ profit was nearly C$1 ilm, a 
an early change to be made to sharp tumround from the loss of 
the present diversion policy. CS&31.000 in the 1977 third 
But confidence remains the quarter, 
theme of the chairman's state- The improvement in the com- 
ment and he points out that from pany*s financial position is 
December, 1979, the Clarence attributed to production from the 
Colliery will start production and new molybdenum recovery plant 
“we should receive the first at the Highland Valley copper 
benefits from the coal expansion .operation, a reduced need for 
programme which will extend waste stripping, better, copper, 
over several years."' prices and the weakness of the 

The A$43m Clarence project Canadian dollar, 
is a joint venture between Oak- Copper production over the first 
bridge and British Petroleum, nine months of the year was 
Under an agreement reached 31.4m Tbs compared with 43.4m 
last year BP would contribute lbs during the same period of 
82 per cent of the captital cost for 1977. 

a 50 per cent Interest in the The main shareholders is 
venture. Federal Government Bethlehem Copper are Cominco 
approval was given, but the New with 39.25 per cent. Newmont 
South Wales Government with- Mining with 22.84 per cent and 
held its blessing pending guide- Gulf Resources and Chemical with 
lines governing the participation 25.77 per cent. 


Denison earnings at 
record level 


are interested in acquiring for cash (minimum 75 per cent) 
companies engaged in general engineering or tooling in the 
Midlands. We are prepared to consider companies of any size 
including loss makers or those experiencing financial difficulties 
as we are able to introduce immediate working capital and/or 
additional turnover. Purchase consideration mutually arranged 
to give vendor maximum persona] and taxation advantages. 
Replies in strictest confidence accompanied by brief details 
of your company to Box G.2797. Financial Times, 10 Cannon 
Street EC4P 4BY. 


DO WE WANT YOU ? 


We are an expanding public company wishing tu acquire 
businesses achieving pre-tax profits in the range of £50,000 
per annum to £250.000 per annum. 


Ideally we seek companies allied to the Construction/Develop- 
ment sector and based in the Midlands, although if you have a 
special story to tell we will be pleased to listen. 

All replies will be treated with the strictest confidence. Write 
Box GJ2796. Financiai Times. 10. Cannon Street. EC4P 1BY. 


Write Bo* C.25B2. Financial Timer, 
10. Cannon Street. C.C4P 487. 


HONG KONG 


Own and operate vour.own Mcvaamg 

business under oar cicfuslic licence 
Wc ha*C ovnr 20 pitnri established 
around the world. >2 In England. 3 in 
JiMn.l 

Investinem reiuir-i n. C2S.000.00 
which includes work inn capital and all 
machinery. 

Yon Should net minimum of £10.000 
per vear end o> third >car. oossibllUr 
of CS.ODO carn.nns tirsi vrar. 

Write Be, F.1055. Financial Times. 
10. Cannon Street. EC4P 4BY. 


REQUIRED FOR EXPORT 


ONE HIGH FF.EOUENCT 
INDUCTION FUPNACE 


Capiciiv 503 Kj ro 3.000 Kz 
Apply with lull particulars to: 
M/S 5ITIGLA & CO- 
Charfe-ed Accountants 
423 Alenand-a Avenue 
Harrow, Middl-tt* 

Til' 0I-R4<1 1I&] 


SERVICE COMPANY 
IN LONDON AREA 


«nH 12 sears experience seeks 
UP to £W.MU 


ivrjih cr without partlciaarimi 
lor eswnslon nrwaranw 


WfiW Bor »T27W. F irdW'-idf Trri*e* 
111 Cqkkoh J-fTw!, r C1P 1 BY 


GENERATORS 


Over 400 in stock 
lkVA-700kVA 

flu 7 ""Jr from the ma nufa cturers 
with hill after-sales service 

CLARKE GROUP 
01-986 8237 
Telex: 897784 


MAJOR PUBLIC 
COMPANY 


wishes as a matter of priority co 
acquire companies in the Liquid Waste 
Disposal Field. 


Principals only need apply So Bos 
G.2795. Financial Timei, 10. Cannon 
Street, EC4P 4BY. 


Wc are looking for a 
SECONDHAND 
MECHANICAL PRE5S 
or 250-300 Tons 
S. A. P.EMYTOLE. 
•ITJ" Nariemeni 19, 
B-7160 Halnc-St-Pierr*. 
Belgium. 

Tel: 064/22,61.14 
T . li.61.lS 
Tele*; 574 U 


CAPfTAL FOR EXPANSION 


Entrepreneur leaks majority holding 
■n established and profitable manu- 
facturing concern. Ideally £10-50. COO 
pre-tax with proprietary products and 
export potential. Existing manage-m ;nt 
essential. 5.E. location preferred. 
Replies treated in strictest confidence. 


Writ- Son G.H89. Financial Times, 
i 0, Cannon 5tre-t. EC<P 4BY. 


PETROL 

FILLING STATION 


required In 

LONDON’S EAST END 


WeU established business wishes to 
add to ns lniuresu. Currently seeking 
filling Mailon la RI-C1B, preferably 
wub parking area and office space. 
Write iilih toll details In su-lcu-st 
confidence to Box Gc3«. Financial 
Times. 19. Carman Strutt. EC4P 4BY. 


SA uS-d 0 mi^f^ L,FT TRUCKS. Ow 100 
Sh M," n malt u lecturers 

SSr'L'- V" lor immcdlato 

sS-uSr;^, L : r r qi^cis on 

3 nuSo«‘ k ot , Pr| 'es reduced to 
oriqinqi 5 >oets must 

i« 't” ' , eOOti*B‘a. Blrmirg. 

K t i !I Hams Pasd. 

5atte>. Tel. 021-327 59dd ; s. Tei« 


337022. 


We are acting fnr a 

PUBLIC COMPANY' 

«9w wishes i«» acquire a small to 
medium business ensajji.il in the 
development and manufacture of 
Primed Circuits. 

Full particulars In confidence :o: 

VEW3JAK. RkRRI5 & CO.. 
Chartered A-cntmtants. IS. Harcourt 
House. ]9. Caveodlsii Square. London 
WIM BJR. 


LISTED PROPERTY 
COMPANY 


wishes to acquire for cash 
and/or shares small property 
companies with net asset value 
between £100.000 and £S00XXX). 
OF particular interest would be 
companies with inherent capital 
gains liability on unrealised 
profits. 

Writs Bor C.2788, Financial Timas, 
TO. Cannon Street. EC4P 4BY 


PlttVAn N.sy. -BASED property,- Finance 
company seeks to acquire l — A company 
witt Misting property portfolio capable 
of further devetopment-. z — Residual 


blocks or first amt second martgade. 

>1 Timas. 


Write Bo* 0.2805. Financial 
10. Cannon street. EC4P 4BY. 


SALES AND earnings at Denison 
Mines, one of the major Canadian 
uranium producers, reached 
record levels during the first nine 
months of the ^ear, reports John 
Sogaindeh from Toronto. More 
money was made than in any 
previous full year. 

Consolidated net income for the 
first three-quarters was C$34Jtra 
f£l4.5nO. showing a 79 per cent 
increase from the CS 19.1m earned 
in the same period of 1977. This 
follows a full year’s income for 
1977 of C$27.9m. which was a 
company record at the time. 

Denison states that the increase 
in earnings was caused mainly by 
higher deliveries of uranium, 
more revenue from oil and gas 
operations and the sale of an 
interest in a British Colombian 
coal property to Golf Canada. 

Roman Corporation,, whose 
chairman, Mr. Stephen Roman, is 
also chief of Denison, holds 31.5 
percent of the company. Another 
significant .shareholder is Dome 
Mines which bought a 1DJ. per 
cent stake last ApriL 


ROUND-UP 


The public issue of 2Sm. shares 
in Ashton Mining, the float-off of 


part of Malaysia Mining Corpora- 
tion’s stake in the .Ashton 
diamond venture led by Coniine 
Rlotinto of Australia, opened and 
closed fully subscribed yesterday. 
Trading In the shares is expected 
to start in about two weeks and 
at present London brokers are 
expecting an opening price in the 
region of 80-90p. The shares were 
offered to the public at their par 
value of 50 cents (29.4p). 

The only issue holding up 
agreement between Queensland 
Mines and local Aboriginal land- 
owners about the development of 
the Nabarlek uranium deposit in 
the Northern Territory of Aus- 
tralia is the question of access 
to the sea, according to the 
Northern Land Council in Darwin. 
There are disagreements about 
the exact location of a port but 
a compromise is expected soon. 

South Africa's gold production 
improved further in September, 
rising to 1,965.870 ounces from a 
restated 1 .948 .024 ounces in the 
previous month. The latest figure, 
brings the nine-month total for 
the current year to 17,081,653 
ounces compared with 16.877.325 
ounces on the same period of 
1977. 


Elf seeks better viscous 


oil extraction method 


ELF - AQUITAINE is urgently After encountering mechanical 
studying methods to improve the difficulties in testing the, oil creek, 
extraction of viscous oils follow- the well was completed in the 
ing the drilling of a second Viola zone and is currently under- 
successful well in the Adriatic, going production testing. 

Analysis of the veil, Rospo 2, is Following testing in the Vida 
still going oh, but first indications formation the well flowed at a 
are that It confirms the existence rate of 2.7m cubic feet of gas a 
of sizeable deposits of viscous -oil day and 648 barrels of condensate 
in the Adriatic, estimated in a day. Further development drill- 
excess of 100m tonnes. ing will be scheduled after the 

But the dense nature of the oil initial well is thoroughly tested, 
makes extraction extremely diffi- * * 

cuit at present and economically Royal ^ Petroleum experts 

un ^ tTact ^- to continue discussions with 

The problem s of refining have cWiiese officials about oil explora- 
been overcome, but extraction is ^lon off the China coast according 
too slow usi^ present pumping to Mr. D. de Bruyne. the 
techxunues. Elf- Aqnlta ine, which ; company's president 

already encountered this Returning from a recent Euro- 


has 


££?d em *exDeriments SS * 1 to Sn to 

rf&Lr china > ^ dc Bruyne said that 

she ^ h 0P®* to - explore the 
,u gf f possibility of production sharing 

agreements with the Chinese in 
n conjunction with proposed 
Fremch interests whufli have been ogfenorg drilling projects. 

authorised by the Italian Govern- — , , * 

ment to exploit the Rospo field - 

commercially. business with China to estimated 


^ at about $25 ul The company 

Canadian Natural Resources has 

encountered natural gas and gas for f d chemical 

condensare In a well In Grayson m,}-- eh .„M 

^Tte^ea^Sidiml b, tbe °l °ll?.to,. World production js 

company to bo a major discovery, SS, iiarTels 

has been drilled to a. depth of Per day, according to ShelL 


lfl .620 ft on a lease block of 
approximately 6,000 acres. Cana- 


* * * 

Oil production In Dubai last 


dian Natural Resources has a year averaged 319,000 barrels a 
12.5 per cent working Interest in day, according to the official 


the welL 
Analysis Indicates . a total pay 


Emirates News Agency. 

Dubai’s oil Is produced by Dubai 


section of more than 600 ft in Petroleum, a subsidiary of the 
the Viola formation and 45 Ft m -Continental Oil Company. The 
the Lower Oil Creek zone which agency said total production since 
Sowed 2.5ra cubic feet' per day on it began in 1969 reached 600m. 
a drill stem test. -barrels by the end of 1977. 


PLA changes its charges 


MEASURES to make the Port of 
London Authority’s docks more 
attractive to importers are in- 
cluded in ' a revision of the 
general impart schedule which 
comes Into effect on November 6. 

The new schedule abolishes 
the basic charge . which . was 
regarded by importers as being 
unduly penal and introduces a 
new charge called the import 
service charge, which will be at 
exactly the same level as the 
present transit charge — half that 
of the basic charge — and will 
apply to all goods. 

Importers will still be allowed 
the present free period to allow 
for lodgement of doriiments, 
customs clearance and arranging 
collection. 'After -that, rent will- 
be charged on a daily basis. 

PLA . believes that' the new 
schedule removes the .uhcertaUjty 
caused by the. previous two-tier 
system-end will be more attrac- 
tive to importers. Existing ;dis- 
coiuits for large - importations 
will be doubled, .from 10 per cent 


to 20 per cent and will be applied 
more widely. 


Mini-computers 
register plan 


A REGISTER of uses in 
industry of mini-computers and 
micro-processors is to be set up 
by the Institution of Production 
Engineers. 

The idea is to pat users in 
touch with each other so that 
common problems can be solved 
by co-operation. 


Textile fire 
risks course 


A JOINT course on flammability 
of fibres and textiles is to be run 
by the Shirley Institute and the 
Department of Chemistry and 
•Applied Chemistry, University of 
Salford, from April S-li. 

- Speakers from. the two organis- 
ing centres and invited speakers 
will . lec ture and ' practical 
.demonstrations will be given. • 


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- Financial Times Tuesday October 24 1978 


BIDS AMD DEALS ^ [ 

. ^ Ife Baird urges acceptance: 


• INSTITUTIONAL INVESTMENT 


will not raise terms 


Home truths by the 

man from the ‘Pro* 


Mr. Stanley Field, chairman of 
iiliarn Baird, yesterday uregd 
tareholders of Dawson Inter- 
trionaj to exchange or realise 
■eir iovestment at a high point 
Dawson's profit cycle by accept- 
3 Baird's £31m share and cash 
Ter. 

He said that Dawson's business 
as cyclical and projected that 
e cycle was now turning down. 
The chairman of Dawson has 
ready warned shareholders in 
s statement last July that, the 
'.lusually favourable conditions 
hich applied in the previous 
v-ar are 'unlikely to be exactly 
produced in the current year." 
•!Ur. Alan Smith, Dawson’S chair- 
on, has since indicated - that 
hen a- forecast of profits is com- 


pleted shortly It " will not . dis- 
appoint anyone." 

“Obviously Baird's view is that 
Dawson is a good business, other- 
wise it would not hove held its 
present stake over the year nor 
be making the present , offers," 
Mr. Field said in a letter to share- 
holders. “Dawson combined, with 
Baird would be a much more 
broadly based and effective-group 
and would be less vulnerable* to 
the volatility of Dawson's ’orofits." 

He added that Baird based its 
offers on a careful assessment 
of the prospects of Dawson over 
a period of years * 'and, despite 
having ample reasources available 
would not increase the value of 
the offers. The cash alternative 
values Dawson shares at 190P 
while the share plus cash offer is 


worth 2Q3p based on Baird's cur- 
rent middle market price of 185p. 

The letter did not no into a 
detailed rebuttal of arguments 
raised in . the Dawson defence j 
document circulated to sharehold- 
ers last week. On the crucial Issue, 
of the new dividend (Dawson 
directors forecast 14p compared 
with the present 3.75p). Mr. Field 
pointed out that in 1970*71 Daw- 
son passed the final dividend and 
queried the security of the higher 
dividend during the. next down-, 
turn in profits. 

At a press conference he said 
that should 'Baird's bid fail to 
attract sufficient acceptances 
when it closed on Fridoy his com- 
pany still had "the attractive 
alternative" of keeping its Baird 
investment. 


BY HIIC SHORT 


Actuaries . are not generally 
known for forthright speaking, 
except possibly on obscurely 
technical matters. But Mr. Peter 
Moody's presidential address 
delivered last night to the Insti- 
tute of Actuaries contained a 
series of homilies to the Govern- 
ment, other fund managers and 
the critics of pension funding, as 
well as to actuaries. Perhaps 
being joint investment manager of 
Prudential Assurance — the largest 
life fund in the UK— had some- 
thing to do with this comparative 
outspokenness. 


Htlothercare 

everything for the mother-to-be and her baby... 
and children up to ten 

INTERIM RESULTS 

(26 weeks - unaudited) 

29th Sept. 24th Sept 
1978 1977 

£>000 £'000 Increase 

Sales (excluding VAT) 

UK 49,928 41,787 20% 

Europe 7/466 4.908 52% 

USA 4,210 3,248 30% 

61,604 49.943 23% 


41.787 

4,908 

3.248 

49,943 


Profit before Tax 

UK 

Europe 

USA 


7,291 
. 781 
(1,057) 
7,015 


5,882 

574 

(33) 

6.423 


■-*- • n -m i -m • • j Complex structure 

Louis Edwards discussing future 

. structure, the UK capital market, 

lands C. Edwards, the Man- GKN has received acceptances £i4fl.000 and profits for that year in so doing 'he dismissed the 
lester-based meat group, yes- in respect of over 97 per cent of come to £44,638. fears expressed in' many quarters 


enr ~of its business, bin ■ . . Meshliteis an alteriative to S i vJth to ° ™ ,ch “°!£ v c l as,ng tDO 

„ , SlL5 eS 4r., di !L 12 STARWEST EXTENDS i» vandal prone situations. 


•* l J? * S * neTal ***' TRID4.NT OFFER" FOR 
The group said that it made SECOND TIME 
trading loss in the first half Starwest Investment Holdings, 
1978 compared with a one of the two contenders bidding 


ROHAN GROUP 
DIRECTOR SELLS 
31.8% HOLDING 


equate the supply and demands 
of funds and it would be wrong 
to assume that at some time there 
would be a shortage of equity- 
type investments; The only danger 


15.000 profit for the same Some two-and-half years after is that attempts by authorities to 

• yiod last year, but the trading f*j£ nded ,ts oC * r for 8 s® 000 taking a 41 per cent stake to help Interfere with this pricing struc- 

isltion had materially im- T,r ™ . for the company through a serious ture would achieve the very 

. ored in recent weeks.' . Jg* SJSJLJ store^roSared liquidity crisis, Mr. Patrick S. opposite to what it was intended 
. The first-half loss was a result S5JJ p MridS^loS Galiapher has disposed of his » do and bring about a surplus 

-'• the adverse trading conditions * s hare bid— and haL now enUre current 31.8 per cent hold- of money, 
at have prevailed throughout extended its offer until November hig in Rohan Group, Dublin-based After this warning to the 
. .. • e meat Industry. The group io— and retains the right to Industrial systems builder. He Is Government, Mr JWnody then 

• -id that it was considering pro- extend this up to November 14. also resigning as joint managing defends the right of financial 

•sals about its future develop- Starwest which started with a director. institutions to deciding their own 

?nf with its financial advisers' 29 per cent stake in Tridant says Mr. Kenneth Rohan, the other a fi 

-btifhnoT Chancery Trust. that it has received acceptances joint managing director, has taken Strike 8 " U wl™ 5 tn 

0\ vLost vear the group moved taking its interest m Tndant to UD 333.000 (7.3 per cent! of the ,££2?“- stnke * ere U1 

• c k into the hlack with pre- ra £Tf ^ a Jl 1 46 *Pl r 1 ■ ««, shares brinsring his personal hold- fo “ ndt T 

v nrnfi r? nf £366 640 cam oared l hid which has the j n » f 0 29.9 per cent — the maxi- I* 1 the autumn of IP76 and 

ih the previous year’s £144.476 hacking of the Tridant _dirertors mum permitted without triggering a £ a ' n *n the spring of this year, 

ih Lhe p.evious year s £144,476 values the group af £4.om which a fu] , takeover hid ^ reniain . the Institutions kept out of the 

- .. .. . compares with btarwests .oner , 1 ,a 4 = cen *» u_ pn gilt-edged market on the grounds 

- The group has not paid a divi- valuing Tndant at £3Bm. p ^ ced through cIzSTove and Co ** Interest rates would rise and 

nd since 1973. Last year tvraIcT ANTI CfTTT f with UK financial institutions. they could get better yields by 

• iwards said it considered it AND SjLULI i„ excess of ' 25 n» 2S of holding off This action brought 

.. urtent. “ in the present uncer- sa‘ A Bohan's equity is now held bv UK in the Gov ' 

m climate, to retain funds in ^fits holSncot JE50GJM0 of institutions. So far as the Board 
.0 company until our recovery g4S ^ ccm e **E" convertible is aware no new holding exceeds and 11 wafi attacked by many 
consolidated. cumulative redeemable prefer- >5 per cent. - 

In 1975 the group incurred a eace shares 1983-90 m Drake and Mr Anthonv Gall^eher is ■>)» rwi'se his investment, 
e-tax loss of £375.740. Scull Holdings. - residing from Uie B^rd the The has P 1 ^ to expand 

In its last balance-sheet for Electra Investment Trust is now dir»ctors state 106 ,n the UK and sees benefit to be 

77. the group showed bank interested in £200,000 “ E " prefer- ' ' derived from the institutional 

erdrafts of £lJJ8m against cnee shares, City of London _ , Kohan explained that Mr. holdings in future particularly 
sh of £L707 and shareholders’ Brewery and Investment Trust in vanagner, who is managing when seeking to raise new funds 
nds of £lSam ^xcindimr £112-500. and International ■ 'ttust d »«^t«- of Gallagher Gro.m, Mr. Rohan commented, 
ferred tax of almost “ ^■ 500 - commercial and housing It was in 1974-75 that Rohan 

terred tax of almost £350,000. F _ __ Jwlopei* and one of the laro Ps t Group frit the impact of the 

lsrnPFlV CHAT unrpc J J ,, I • MeIAL • private companies in Ireland, had recession in the building industry 

- i/ ■ -V-. LHALMfcKS Expanded Metal has acquired never been involved in Rohan s with trading profits slumning 
standard Commercial Tobacco BOtra (Plastics) of Oswestry, mana^-ment on a day4o-day from a 1974 peak of £473 000 to 
j Inc has Agreed to acquire ail Salop, for £141.636 satisfied by basis and having become very only £15.000 \fter a £3S4 00A 
e outstanding capital shares of £27300 cash and 137313 shares, tied up in his other activities write-off in land values it waslert 

• * M *JS , * r Ghalmers International, Net assets at May 31, 1978 -were at the moment he wished to showing a pre-tax loss of £370 000 

' * Kings Langley, for an- un- ’ 

isdosed sum- . . . - ... 

_ The majority of the share- Qnaro d-alroc 

-aiders of .Andrew Chalmers will C?la<taC SUIlVta 


people, including the Treasury, as trustee role on behalf nf ihose 
being irresponsible und ensuring people whose funds were their 
ihai inreresl rale 1 ? would ri^e. The responsibility. It. in his' opinion 
institutions were a*.uu«ed of being would be failing in this role if 
thoroughly irresponsible and not managers invested in risk capital 
considering Hie economic well- but did not undertake the 
being of the nation. responsibilities that went with 

Mr. Moody was quite unrepen- it. particularly in relation to 
lant in his defence of the action the quality of management of 
of fund manacers. the first lime the companies invested in. 

that someone responsible has Institutions could not dispose of 
spoken up for them. Institutional Hie problems by selling their 
investors did not ari in concert shares. 

10 achieve some object, such as 
forcing up interest rates. Fund n Ci , . 

managers acted in isolation from rTOntHDlUty 
each other and if such a well- ,, . . . . . 

an informed body or people came , went , on ,n . dp<cnbe ho » 

independently to a common view ,n ^l}tational jmes<ors were well 
that interest rates would have to t * u:> ! ,r ' ed »o ensure that com 
be changed ihen the authnrhies ? an .T . h " rt t ni 2 a ‘? ,c management 
ought ro take notice Mr. Moody , ? slJTU L Ions h ?. d "bjec 

regarded this action as an early l ' ¥W * th ? y r^ ed t u he "nportance 
warnin'* svstem. ' nf protitahility, they did not 

(h ,. interfere in day-to-day manage 

£ 

mfm^harf been ii?Si n-h 1 ’ that the decision makine was 

would not impair the ability of 
_ . managers to deal freely in the 

Consultation shares of those companies, even 

though the disclosure of price 
This led Mr. Moody to call for sensitive information meant that 
a formal consultation between institutions could not act on this 
long-term investment institutions information. However. Mr. Aloody 
— [he life companies and pension did not enlarge on that apparent 
funds — and the government, to conflict of interests, 
add to what already existed with FinalJv. on the actuaries them- 
tiie banks, building societies and selves. Mr. Moody dealt in some 
others. The government had regu- length with the quality of the 
lar discussions with the TUC and underlying investment porrfnlio 
°. D f l * t . urp policy. Some and the influence this - would 
aspects of this policy would pro- have on these actuarial decirior 1 : 
duce far-reaching effects oh the and work He warned them of 
financial system. The tack of the daneprs of orprinoking tho 
adequate consultal inn with long- importance of income bv con- 
term Investors was an obvious centrating on movement in 
Sap- ..... capital values. As such he felt 

Mr. Moody then turned his that investment in works of art. 
attention to file function of other than as short term =.pecu- 
institutions m the affairs of com- lation, carried dangers once the 
panies whose shares they hold, buying Pressure was withdrawn. 
As such, he v.as mildly critical A similar happenine occurred 
of those institutions which did with the buying or fine clarets 
nothing in this field, labelling up to 1972. Once the market 
them as "absentee shareholders.’* support was withdrawn, sub- 
institutions wen? fulfilling a stantial losses were suffered. 




Tax 

UK 3,791 3,075 

Europe 4G6 310 

USA 

4,197 3,385 

Profit after Tax 2,818 3,038 (7%) 

TaxonU.K. sourced profits has been calculated at 52% (1977 52*.*). 

* The directors have declared an Interim Dividend on the ordinary 
shares of ll.Sfi'lg (1977 10.18%), which is equivalent to 16.96% 
gross (1977 15.42%}. ItwM be paid together with the net deferred 
'final dividend for 1978 of J2B84% (1977 .2625%) on lhe 2nd January 
1979 to shareholders on the register at 27fh November 1978. The 
net amount absorbed by both dwidendsis £7 50.666 0977 £672,571). 

* The accounts of the European subsidiaries are for26 weeks to 
20th August1978 (26 weeks to 27th August 19771 and those of 
Mothercare Stores Inc. (USA) for 26 weeks to 25th August 1978 
(26 weeks to 2nd July 1977). 

* Total ex ports for the six months amounted to £5,987,000 (1977 
£4,726.000) of which £3.994.000 (1977 £2,951.000) were 
despatched to the group companies overseas. 

* In the six months one new store has been opened in Kettering, 
bringing thetotal number in the U.K. to 17Z Europe remained 
unchanged ai 17 stores. In the USA. two Mother-to-be stores 
were closed as planned and nine new Mothercare stores opened, 
bringing the total number ot stores to 145. 

nsioihercore Limited 

CHERRY TREE ROAD. WATFORD. HERTS. WD2 5SH 
Austria - Belgium * Denmark - The Netherlands 
Norway - Sweden • Switzerland • United Kingdom 
United States of America - West Germany 


_ The majority of the share- 
-elders of .Andrew. .Chalmers will 
aceive rCash for : their holdings 
nd a minority will receive 


Lawrle Plantation -Holdings—- Anyiitage- .Shanks— Ceramic making beneficial interest 296.500 


tandard Commercial Tobacco Shares held by subsidiaries Holdings SA of Panama, has (27.9 per cent). 

. tock. As a result the minority D f company in Walter ' Duncan •- beneficially 1.54m Hickson and Welch (Holdings) 

olders of Chalmers will acquire ’w~ at £ rn nmvm shares (i. 34 per cent). Assurances —Prudential Assurance now holds 

0 more than 3 per cent of the- G ” d J“ e - Wef*™ Jooars have been 'given that the hold- 1,157,747 shares <5.98 percent) as 

titstanding stock of Standard ™ Holdings. ►. rAssam-uooars inq is far investment ; purposes, a result of recent sales, 
.ommercial. . .. Holdings and Bazaloni Holdings, Singapore ^ara Rubber Estates — Croda International — Sir 

Chalmers is a processor of leaf have been" transferred to Lawrie Kuala Lumpur Kepong Invest- Frederick Wood, director, on 
■bacco in India. Malawi, Tan- plantation Holdings. Accordingly ments has tough! 5.000 shares October 20, jointly bought with 
min and Sri Lanka, exporting LPM is beneficial owner of making interests 166,000 t6.36 per his wife 50,000 deferred ordinary, 
lose tobaccos to selected world 416,502; . Walter Duncan shares cent). • - • ^ On October 18 D. Mather 

; rarkets. . ' (33.32 per r cent) 453,396 Western inter City Investment Group— e ^r c,sed an option for 25,137 

- . l Under - the terms, Standard Dooars (41J3 per cent) 438,052 i. wisbort chairman, has a or 3! nary a ", d - 2,3 J 5 deferred 
smmercial will not acquire AssamJDooars (42.04 per cent) beneficial interest in 751 J84 shares ordin ? ry J and Trerman 

..lalmcr’s Rhodesian subsidiaries, and. -24,410 Bazaloni (9.76 r«r (Slnercentl . ex eroiwd option fp r 61.096 

C0D t\ iD.i (jw ™«u. ordinary and 6,109 deferred. On 

• GKN/STERN OSMAT „ ' Ch- Goldrei Foucard and Son— October 20 D. Mather sold 25,157 

„ „ , .Following a group reconstruc- Northern Foods .has bought 47,000 ordinary and bought 4,745 

Mr. Roy Hatterriey: Secretary non, shares m Sogoraana 4, roup sharefi making holding 269,500 deferred and E. W Tyermansold 

r Prices and Consumer Pro- held by Jokai Tea Holdings and (U.gi per cent). 61.096 ordinary and bought 6,®5 

ction. has decided not to refer Longbourne Holdings were trails- _ ... c , deferred. 

e proposed merger- between ferred to Lawrie Plantation JFB/Mltchell Somers — On 

aest Keen and Neltlefolds arid Holdings wtn'cb accordingly is the J5; October 16 Johson Firth Brown 

e Stem Osmat Group w the beneficial owner of 410.000 ““ '•■"S sold 512.010 Mllehell Somers ord“ 

= Les and: Mercers Com- Sosomana shares ,10.1a 

cent l\ On same date, he bought 10.000 J . nvest ™ e _ nt in ADfchril Somers 

• - - — — — shares in name of Caxtie Street * rom 23 -® cent to 20 P^ r cent - 

CUVE INVESTMENTS LIMITED NoSnees, aiMp Vorkgreen Investments— Energy, 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. Finance and General Trust has 

i nriar in iQ79 /Rflcoi taa at inf i 77> CliauuCSlcy lnvcsiiDents— On An intfiT c t in 233,000 tipw 

1975 (BaS IW at i'>QK4 7) October 17. MS (Registrars) sold ordinary shares (nil paid) and if 

n! ve t i eres } i r *. • 1.00,000 shares and remain in- this holding is taken up in full 

Clive Fixed Interest Income lit^u terested in 996J347. These shares this would represent an interest 

were held. on behalf of a trust of in the company's increased 

' - - • which N. Fetter-man, . director of .capital of 7.34 per cent. 

ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. Chaddesley, is a trustee. New Equipment — Da mery 

45-Cornhill, London EC3V 3PB. Tel.: 01-623 6314. Hastetaere Eatates— Mr. D. M. Products has sold 205,000 shares, 

in Huy rnirta S c at OiHither in 197* - Piekford, director, has disposed Chapman and Co. ( Ram am)— 

^ ’ mono of 25,000 shares. Morgan Grenfell Exempt Fund 

Capital Fixed Interest Portfolio luo.tHJ Jacksons Bourne End— Dawn- has acquired an mterest In 150,000 

Income Fixed Interest Portfolio 100.00 grange has bought 2,500 shares shares (625 per cent). 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45.Combill, London EC3V 3PB. Tel.: 01-623 6314. 

■ - Index Guide as at Oetober 19, 1978 * 

Capital Fixed Interest Portfolio 100.06 

Income Fixed Interest Portfolio 100.00 


The Hongkong and Shanghai 
Banking Corporation 


31 Dec.. 1977 
£000’s 
£119.439 
147.735 
15,683 

£282.862 
34.579 
' 541.313 

6.801,046 
22.454 
90.044 
1,383.483 

£9/l_55,786 

£1.833,969 

967,194 

.535,319 

534.585 

274,880 

3,346,027. 

£7.491.974 

280,324 

1,383,488 

£9,155,786 


(Incorporated in Hong Kong with Limited Liability) 


SUMMARISED CONSOLIDATED BALANCE SHEET 
at 30th June 1978 


liabilities 

Issued capita! 

Reserves 
Retained profits 

Minority interests in subsidiaries 
Currency notes in circulation 
Current, deposit and other accounts 
Proposed dividend 
items in transit between offices 
Engagements oh behalf of customers 

ASSETS 
Current assets 

Cash and short-term funds 

Time deposits with banks payable within twelve months 

Trade bi!!s and certificates of deposit 

Hong Korig Government certificates of indebtedness 

fnvestments 

Advances to customers and other accounts' 

Fixed assets 

Liabilities of customers for engagements 



30 June, 1978 
£000 r s 
£133,626 
155,751 
41,327 

£330,704 

40,676 

596,355 

7,714,916 

10,690 

24,590 

1,496,273 

£10,214,204 


£2,035,585 

1,014,404 

695,065 

589,413 

323,776 

3,776,041 

£8,434,384 

283,547 

1,496,273 

£10,214,204 


New Issue 
October 24, 1978 


This advertisement appears 
as a matter of record only- 


Nissan Diesel iWSotor Go,, Ltd. 

ToRyo/Japan 

DM80,000,000 

3%% Deutsche Mark Convertible Bonds of 1978/86 


Offering price: 1O0?o \ 

Interest: 3%% p.a„ payable semi-annually on ApriM and October I 

Redemption: October I, ?gS6 at par 

CorrvarBion Right: from February 1, 1979 info ordinary shares of Nissan Diesel Motor Co., ltd. 

ai a conversion price of DM A. 8 9 per share 
Listing: Frankfurt am Main 


Daiwa Europe N.V. 


Abu Dhabi Investment Company 

The Arab and Morgan Grenfell 
Finance Company Limited 

Banco Commercials Italia na 
Bank Julius Baer International 

Liimied 

The Bank of Tokyo (Holland) N.V. ' 
Banque Frangafse du Commerce Extdrieur 
Banque Internationale a Luxembourg SA. 
Banque da Paris et des Pays -Bos 

Bayerische Hypotheken- und 
Wechsat-Bank 

Bergen Bank 

Catsse des Dip&ts et Consignations 

Cnkfit Commercial de France 

Cred Itanstatt-Bankvere in 

DBS- Daiwa Securities International 

Limited 

DG Bank 

DeutiC+m Cmcssenstduh&bBfll: 

European Arab Bank 

Goldman Sachs International Corp. 

Kill Samuel & Co. 

Lirniud 

Kidd or, Peabody International 

Lrnmd 

KredtetbankSA Luxembourg noise 
Kyowa Finance (Hong Kong) 

Lxmlad 

Lloyds Bank Intern a tio na l 

LuniBtf 

Merrill Lynch International & Co. 

Morgan Grenfell A Co. 

Lrmiicd 

New Japan Securities Europe 

L.miled 

Den norake Credit bank 
Orion Bank 

tirnird 

Salomon Brothers International 
Smith Barney. Harris Upham & Co. 

Ireoieat-iied . 

Sumitomo Finance International 


Deutsche Bank 

P-iiengoMilftchali 

The Industrial Bank of Japan 
(Luxembourg) S.A. 

Algemene Bank Nederland N.V. 

Amhold and S. Bleichroeder, Inc.. 

Banca del Gottardo 

BankfiirGemeinwIltSChaft 

Banque Bruxelles Lambert S.A. 

Banque Generate du Luxembourg S A 

Banque Nationale de Paris 

Banque Popuiaire Suisse SA Luxembourg 

Bayerische Landesbank 
GirozentraLe 

Berliner Bank 

fii liMigvuIlKlMli 

Citicorp international Group 
Credit Lyonnais 

Daiwa Europe (Deutschland) GmbH 
Delbruck & Co. 

DresdnerBank 

/UnrngeM";*.na<t 

European Banking Company 

(jirited 

Groups merit des Banquiers Priw6s Genevois 
Industriebank von Japan (Deutschland) 

A^iiangtsen^cnaft 

Klo'mwort, Benson 

Umied 

Kuhn Loeb Lehman Brothers Asia 
Lazard Brothers A Co. 

bmiied 

Manufacturers Hanover 

line« 

B. Metzfer seel. SohnftCo. 

Morgan Stanley International 

LimiiwU 

The Nikko Securities Co.. (Europe) Ltd. 

Okas an Securities Co., Ltd. 

N. M. Rothschild & Sons 

j, Henry Schroder Wagg & Co. 

LlfTitvii 

Societe Gent rale 


Trinkaus A Bifrkhardt Union Bank of Switzaria 

l. .ruled 

Ve reins- und West bank J. Vontobcl & Co. 

Aktwtaaseil&riuii E 

IUL M. Warburg -Brinckmann, VWrte & Co. S.G. Warburg & Co. Ltd. 


Svenska Handelsbanken 

Union Bank of Switzerland (Securities) 

J, Vontobcl & Co. 


Westdeutsche Landesbank 
Girpzentrate 


Wood Gundy Limited 


Swiss Bank Corporation [Overseas) 

Li nniled 


Amsterdam -Rotterdam Bank N.V. 

Atlantic Capital 

C(<miow<> . 

Bank of America International 

L.(Ttii#-d 

Bank Leu International Ltd. 

Banque EuropOenne de Tokyo 
Banque de [’Indochina et de Suez 
Banque de Neuflize, Schlumbargtr, Mallet 

Baring Brothers & Co, 
liniltd 

Bayerische Vaieinsbank 

Berliner Handels- und Frankfurter Bank 

Commerzbank 

A* 

Credit Suisse Rrst Boston 


DB Finance (Hong Kong) Ltd. 

Deutsche Girozentrale 
- Deutsche Kommunalbank — 

Euromabiliarc S.pA. 

Fuji International Finance 

L-mii-a 

Hambros Bank 

Limifvd 

Jardine Fleming & Company 

Uiriilcd 

Knedietbank N.V. 

Kuwait Pacific finance Co v Ltd. 
Lazard Freres et Cie 


Merck, finck a Co. 

Samuel Montagu & Co. 

Limited 

National Bank of Abu Dhabi 

Nomura Europe N.V. 

Sal. Oppenheim jr. & Cie. 

Sartama International (Hong Kong) 

Llm.lT.c 

Skandinaviska Enskiida Ban ken 
Soctetd Generate de Banque SA 
Taiyo Kobe finance Hong Kong 

Lmi i^d 

Verba nd Schweizerischer Kantonalbanken 
Wako Securities Company 

limi'-fl 

Wardley 

Linuli d 

Yamaichi International (Europe) 

Luruftc 






p 




Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number c 
were coni 
paign agai 
Party nn 
1974 Gent 
The foi 
allegation 
lowing th« 
affair. Mi 
was. had 
an orches 
himself, f 

Lady F; 
Marcia W 
The Pr- 
Sir Haro 
drawn sol 
Subscqi 
(old the 
did not 
prietors 
instructed 
round a 
material." 

The Pit 
m hear 
Sir Haroli 
formal co 
un the 
:t?ain>'t l 
council s; 
Itoyal Cc 
liiai ther 
Lahottr bj 
The Pr. 
is one oi 
lished tod 
In ano 
council 
against 11 
Daily Ex 

picture c 
Henrietta 
death in 1 


financial busies 


World Value of the Pound 



Currency, 

-*/ -V 


The table below gives the 
latest available rates of exchange 
for the pound against variou s 
currencies on October*^, 1978, 
in .some cases rates are nominal. 
Market rates are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In gome cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 


. Exchange in the UK and most 
of the countries Dated Is officially 
controlled and the rates shown 
should not be taken as being 
applicable _ to., any - particular, 
transaction -without -reference *o 
an authorised dealer. 


Abbreviations: (S) member of 


the sterling area other than (P) based on U.S. dollar parities 

official ntAn-t?,. is ££ 

Scheduled Territory; (o) offioal^^ commercial rate; 

rafe;TTT free rfltel (T) tourist convertible rale; (fn) 

rate; (me.) non-commercial rate; financial rate. 

(n.a.) not available; (A)' approxi- Sharp fluctuations have been 
. mate rate no direct- -quotation seen lately In the foreign 
available; (sg) selling rate: <bg) exchange market. Rates In rhe 
buying rate; (nom.) nominal; table below are not Id all cases 
(exC) exchange certificate rate; closing rates on the dates shown. 


Dollar steadier 


the pound SPOT. 


Day's . . 


on 


Flam and Local Unit 


Value of 
£ Sterling 


Flam and Local Unit 


Value of 
£ Stoning 


Place and Local Unit 


I Value of 
I £ Sterling 


Place and Local Unit 


i Value of 
1 £ Sterling 


Af ghanistan Afghani 
Albania. I ok 


Algeria . Dinar 

AnfpTh Kwana 

Amicus IS)... E. Caribbean 9 


Ecuador — Sucre kQj 49.87 

1(Fi 65-68 

Egypt Egyptian £ ({0)0.7800 

„ • id) 146M 

Ethiopia .... Ethiopian Bin- (Pi 4.1809 
Eq't’l Qninea Peseta - 15&66 


](0) 49.87 


Ijei-tat'nm... Irene 
Taregmbonrg . Lux Fndt 


Maeas ftto 


Madeira , Portcc'&el 

| Malasasy BpI MO Franc 
Malawi fSl.— livutM 
Mafayste- Ringgit • 
MekHre is.(S) Mai Eupee 
Mall Mali Piano 

Malta (S)_. — Maltese £ 
Martinique ... Local Franc 
Mauritania... Oukoiv* t 
Manrltiae (Si. M. Hupee 

Mexico™., Mexlran Peso 

Muiueloe U.F.A. Franc 

Monaco......™. French Franc 


Argentina Ar. Paso Prea 

Australia (8 ) . Aiutrallan 8 

A maria™. ...... Schilling 

Astro-.... Fortug. brew 

Bahama (S) Ha. DoUaz- 
EodfflarieabrS) TaJca 
Bahrain IS)... Dinar 
Balearic I city- Spa. Peseta 
Barbados (S).. Barbsdo 5tt 


I ^ kxidlB - \ Falkland Tt/ii 


I'seSsauio 

anc 

* 

it - 


1.7105 

25.60 

89.3 

2.0076 

2947«g1 

0.773 

158.56 

4.015 


Faro la Donlab Krone 

Fiji la Fiji S 

Finland Markka 

France French Franc 

FrC’tyioAt* Franc 

Fr.Giilana .... Local Franc 
Fr. Pat-- la.... CJP.P. Franc 


Gabon :... C J.A Franc 

.Gambia iSt.. Dalasi . . 


Belgium B. Franc 


Belize...,™...™ H S 

Benin C.F.A. Franc 

Bermuda iai.. Brla. g 

Bhutan Indian Hupee 

Bolivia™ Bolivian Peso 


i (cm <67. 10 
i (fnifO.85 
4.0 16 
4193* 
2.0075 
16.29 iKg) 
40.1a 




L 41838 
\ _ 4.022 

3.9S 


Botm*ana(S).. Pnla 

Brasil Cruzeiro ;; 

BrVirginI*(S) t'J>. 6 

Brunei fS) Brunei 8 

Bulgaria. Lee 


Burma™.™..™. Kyat 

Burundi Burundi Franc 

Camero'nSp C.F.A. Franc 

Canaiia Canadian 8 

Canary Isle™. Spanish Peseta 


Germany 

(Tf*t 

Ghana i»i 

Gitiraltanht. 

Gilbert it 

Greece 

Green land 

Grenada mi... 
Guailaloupe... 

Guam 

Guatemala-... 
Guinea Hep.. 
Gulne&Bi-rau 
Goram.iS) — 

Haati 

Hoad uni- HeD 
Hans Kong iej 
Hungary.™.... 


Oentacb Marhl 


Moogcha...... Tngttk 

Mruiaerrat™... b. terribeaa S 

Mcnwi.-o. Dirham 

Mozambique- Mat. Escudo 


10.222 

89.50 

4T93g 

I. 6898 
4.3376 
7.8895 
838\ 
0.728 
B.nre 

84488 

II. 828 
4S.67 
4193e 

8.3676 

(0*.7S45{J] 

6.436 

| 77.0isq) 

05JI8S 


Cedi 

Gibraltar £ 
Ana. Dollar 
Drachma 
UanlKh Kroner 
£. Carrfbean g 
Local Franc 
LSS 
Vueiral 
Sirty. i 


GoysneM 9 
Guoirie 
Lempira 
H.K.8 


Haora Is.—. 

Nepal 

NetBerlande™ 
Seth. Ajit’let. 
New Hebrides 

N. Zealand (SI 
Nicaragua ..... 

Ni£W Bp. 

Nigeria (S>..™ 
Norway ..™— 


Aunt. Dollar, 

Nepalese Rupee 
Guilder 


Antillian Guild. 
iFntm.- 

lAnatl. Dollar 
N.Z. Dollar 
Cordoba 
C.F.A. Franc 
Naira 

Nrwg. Krone 


1.7106 

24.09 

8.9600 

64834 

136-66 

1.7195 

1,8815 

14.08 

41898 - 

1.2&47{w> 

9.81 


I 3.9 131 

1(0310) 72.86 
KT)(oC‘So.46 


r Omani 
ate a (St i 


Gape j. Caps V Eacodo 
Cayman ls(S> Cay. L 6 
Cent-Af Jtp.. C.F.A. Franc 
Chad li.F.A. Franc 


Chile C. Peso 

China Banminbi Tuan 

Colombia... U. Peso 

Comoror Il« C.F-V. Franc 

Congo iB'Hej. C J_A. Franc 
Coats Hlca.... Colon 

Cuba.™ Cuban Pew 

Cyprus lb).... Cyprus £ 


89.39 
1.8729 
4)938 
4193e 
(Bk> 69.69 

639.99 
(FI 80.07 
4193g 
4193s 
17.264 


Czechoslovak Koruna 


Denmark — Danish Krone 

Djibouti Fr. 

Dominica (3) K. Caribbean 9 
Domra. Bep- Dominican Peer 


1.4760 
0.8990 
) (coral 10.60 
n,c10.46 
I (T. 17.50 
10.106 
325.0 
6.42S 
2.0076 


Iceland (t?i. 

lek-lia <>i 

I Dlooesia 

I ran .... 

Iraq..™.™ — 
lri-»h Key (hi 

Graei 

Italy — 

Ivory Coast. 
Jamaica (cl) 
Japan 

4 op lan (>>.._ 

Kampuchea- 

Kenya u»l ... 
Korea (Nib). 
Korea 

Kuwait isth 
Laos...— ~.. 
Ltfbsnoa™.... 
Lesotho...— 
Liberia.™..... 
U 


. I Krona 
. lad. Hupee 
. H apish 
. Rla 

. Iraq D inar 
. Irish £ 

. Israel £ 

. Lira 

. i-.F-A. Frank 
. Jamaica Dollar 
.Yen 

. Jordon Dinar 
. Kie' 

. Kenya Shilling 
. IVon 
. lira 

. Kuwait Dinar 
. Kip Pot Pm 
. Lebaneses 
. S. Alrtcan Rami. 


Liberian S j 

Libyan Dinae I 


617.398 
15.929 .j) 
863.112 

141.0 
9A899 

1.00 
36.900 

1.621 
41938 
. S.3324 
366 

0384f«« 

2.408 

14.7117 

1.7216i|i 

967.27 

0 .xk *8 

803.00 

6.9823 

1.7436 

2.0876 

0.6945 


Pakistan -- Pica. Rupee 18.77!5fsg) 

Panama — Baltea 2.0076 


PapuoN.G.(Si Kina 


Paraguav Guarani 

P’pl’s D.’Hp 

at Yemen (Si S. Yemen Dinar 


Pern...™.™..— 

Philippines— Pb. peso 
Pitcairn! a. (S) {§^2Jeo£ndg| 
Poland — Zloty 


(A1O.6866 

n-(AIS52AS 

14.773 


Portugal—.... Pgsa. Bscndo 
Foil fimoi ... Timor KsmiriS 
Puncipe leie. Pare. Kaoodo 
fuenoKkA.. 17A S 
tjaiar (Sj— ... Qatar Kyal 
Reunion 

lie rie >• Preach Franc 

Hbodesia Kholnliui $ 


14816 
i (L-mj62.46 
j (T'62.46 

89.30 
89.30 - - 
09.50 
2.0076 
7.76 


(■ 

Umnapui....™. Lea i {a«)T22.7S 

Kwsoda Bnaada Franc | 18847 

St-Chrino- 

pher(S)—... K Caribbean 8 6.426 

SLHeleoa aL Helena £ 14 

St- Loom E. CsribteAd 9 6.42S 

St. Pierre—™ C.F.A. Franc 4193a 

Sb Vinoent(S) £L Csrihbon 9 6.426 

Salvador £1— Colon 641 

Samoa (Am)™ tLa. $ 2.0075 

~an Marino... Italia a Lire) 1.821 

Ssk> Tome Pq*e. Escudo 89.59 

Saadi Arabia. Kyat B.b7 

C.F-A. Franc 4193s 

So>ubellc» S. Hupee 1343 

slerreLe’neftil Leone 24 

aingapore (a}, atazacore 9 r 4.2726 
Solomon l»(a> Solomon Is. S 1 hju 

SomabBep.... Som Shilling ' IAG2.W7 

Sth. AfncafS) Band 1.7456 

S.lV.AIncan | 

rerritutle*- iS)S. A. Read 1,7435 

Peseta J 138.56 

Span. Ports in 

SSottb Africa Peseta I 158.66 

in Lanka (S.jS. L. Hupee I 51.1966f*«j 

Sudan Bp Sudan £ i A. 0.8050 

Surinam S. Glider I 3495* 

Swzii laud (S.l Lijanseni 1.74561 

Sweden ». Krona i 84326 

SwitzeriMVl _ Swiss Franc ' A0S2E 

Srna — ‘ ay art; i (Ai7.87M 

Taiwan new Tahwnn ; (Pi 7247 

. Dun nls (S.L Tan. Aiming ’ 14.705 

Thailand. Baht 53.83&(as 

Togo Bp. Franc j 4l83e 

Tonga Is. (15). Pa'anga 1.580! 

Trinidad (S.L.Trin. A Tobago I 4.018 
Ennisia— ...— Tnnlstan Dinar ' 9.794(sg] 

Turkey Turkish Lira 48.176 

Turks & C a.™ G.S. 6 I 2.0075 

Tuvalu AzuOallan £ 1.7)06 

Uganda itf-t. Dg. Shilling I 14.44 

United States U4. Dollar 1 2.0076 

Uruguay Uruguay Pew 

Utd A'f> Eruls. U.AJk. Dirham 775 

U44.K. Rouble t4I 

Upper Vo*la.C.PA- Franc ] 413^ 

Vatican. Italian' Lire j TE21 

Venezuela — Bolivar B.6D 


Vietnam. Dccg 


Virginia. U4. U4. Dollar 
Western 

Somna*(S)L Suscon Tala 


■ 138.66 

■ Sl.lS&lsgi 
.A-Q. 8 U 50 

I 3493* 
1.74561 
! 84326 

3462B 
I (A 17.8794 
! (Pi 7247 
’ 14.705 

i 69.89&lag) 
' 1 4l8ie 

1.3883 
IP I 4.816 
*r 8.784(ag) 

- ■ 48. 176 

2.0075 
1.7186 
I 14.44 
I 2.0076 
0 | <(ciujl548 
1 (in) 15.38 
7.73 
1.61 
1 4193s 

l 1.E21 
j B.flD 

\ 1 ( 014.3763 
-TI 4 J 04 KI) 

' 2.8075 


Yemen ttvai 

Yug'wuvia..™ New Y Dinar 
Zaire Bp™... Zaire 
Zambia—.... Kwacha 


9.05 

57.6480 

1.6261 

1.526 


The dollar fell to further record- 
lows against most major cur- 
rencies yesterday, morning, but 
was steadier in later trading with 
the help of support from the -West 
German Bundesbank ' and the 
Swiss National . Bask. Other 
central banks may have also in- 
tervened to assist the U.S. 
currency from, time to time. The 
dollar fell to an all time tow of 
DM 1.7970 against the D-mark 
during the morning, hot then im- 
proved to DM LSL7Q, before 
closing at DM LS065, compared 

with DM 1807a on Friday. The 
activity of tire Swiss authorities 
probably did most to turn the 
dollar roun d however, and the U.S. 
unit rose to SwFrs 13400 at one 
point, after hitting a low point of 
SwFrs 1.4093. It closed at 
SwFrs 152(H), compared with 
SwFrs 1.3123 before the weekend. 

The members of the European 
currency snake also touched 
wrottd levels against the dollar, 
with the Dutch guilder fi n i shi ng 
at FIs 19670, compared with 
FI 1.9780 on Friday, white the 
Belgian commercial franc rose to 
BFrs 28.44 from BFrs 28.65*. The 
Danish krone rose to DKr 5 j 0345 
from DKr 5.0300, and the 
Norwegian krone to NKr 45S62i 
from NKr 4.9000, 

The Japanese yen rose to 
Y 180 .80, before closing at Y18150, 
compared with Y18L80 previously, 
while the French franc improved 
to FFrs 4J1780 at the close from 
FFrs 4JL923 on Friday. The Italian 
lira was little changed in terms of 
the. dollar, finishing at L807j, 
against L807$ before the weekend. 

The dollar's trade-weighted 
depreciation, as calculated by 
Morgan Guaranty of New York, 
widened to a record 11.4 per cent 
from 112 per cent. 

Sterling remained above the 52 
level throughout trading. It 
opened at 82.0020 and touched a 
low point of $2.0010. before rising 
to $2.0130 by mid- 


to 62.1 from 6I.fi, after *4w»»Wq» 
at 62.1 at soon and 6L9 acr early 

tra ding - 

NEW YORK— The deflar finned 
sightly in moderate -early jbadfag - 
after the faH in.Tkflcyo^Ht 
Europe. it was fett Shat titis may: 
he aoertizer 4fiffieu4t week for. the 
dollar, with puiiicaswa. of 'tte; 
consumer price mdex and tia D^. - 
trade figures, whSe . Pre-test 1 
Carter is also due to (Ssdose Ids 
anii4nflstk>n programme. !• - 

AMSTERDAM— The doBar Jefl 
to a record kw of H L965B 
againsl the gufider at yesterday's 
fixing, compared vrith Jl L8880 
on Erid^r. 

FRANKFURT — The Bundesbank; 
did not intervene as the dollar 
was fixed at a record low of 
DML8Q27 yesterday,. . compared 
with DM1.8227 .on Friday. The 
U.S. currency, fell to an aJWiine 

low of DM1.7975 before the. firing, j 


trrz T^kgoiWJnBo: 

Bk 7: ASK'S 

yroncbPr. 9^ 

|wediah Krj g« 

Anacria Scl 
Swiss Fr. 


in 

asoiaScb 

rin Fr. 


840-138.78 mM 

.620-1-826 1,B« 
.7MAWa- 
B.55fr&404 fcWl 
8.50-848 -;8^ 
380479. 564 


4lg ZS40O.B 
1 5401-5.89 


BdgJaa n» is 1 

Flnaii rial franc _ #040-6428. 


THE DOLLAR; 




Ocrabcr Z3 
Cannd’nS* 
Gnflder 
Belgian Fr 
Danish Kr 

D-Mark 

Port. Esc 
Span. Pta 
Ura 

NrwssL Kr 
French FT 
Swedish KT 
Yen 

Austria Scb 
Swia* FT 

• 0 . 8 . 


I. 962M.972S 
2847-2849 
54M5iM» 

J. 1WLBJ8-- 
AUSA45S .. 
#8.924942 
887.15409.5* 
A87BS4.9S0* 
UUS4JSS 
4245544598 

mmm 

X33U43JU 


a 

JSMBJ 

W 

5. 

S3WJ 


1 


TTjl 

48 

a 

l 3MU 

.92 4W 

3' 

s 


^M» n re per Canadhta L 


and it is probable that' the 
authorities did intervene at 
around the DML80 leveL Trading 
was fairly quiet in' the -teta 
morning arid early afteqrodni The 
Swiss franc eased to DMLI88S 
from DM1.1994, and sterling alao 
declined, falling to DM3.6190 from 
DM3.6420. 


CURRENCY- RATES 


OctataFa 


ZDRTCS — After opening lower, 
the dollar recovered some ground 
in moderate mid-morning trading. 
There was little sign of interven- 
tion by the Swiss National Bank, 
and trading was at a low level, 
probably because of hesitation on 
the part of market operators 
ahead of the announcement - of 
the U.S. anti-inflation programme 
to-day. At mid-morning the U,S. 
unit was SwFr 15102 J, compared 
with SwFr 1.5045 in early trading. 

TOKYO— The dollar fell to a 
record closing low of Y18L05 
against the yen in nervous 
trading. There were, no . new 
factors behind : the . - dear’s 
weakness,. 


UA cMlar 
Canadian dolla r i, 
tinman achU Bng 
pflgtan franc — ■ • 
Dani£» kzuaa — - 
Deutsche Maxlk - 
Guilder . — — — — 
French banc — — 
Lira ™— — — — 

Yen — 

Norwegian krona 

Peseta — — 

Swedish krona 
Swiss franc -™™. 


Baltt 

0453319 55 

LJUftl- Ul 
X45H9 .149 
XZJSZZ 38J 
37.UU ' 3Ai 
64(395 6.91 

2J89U ' . 



OTHER MARKETS 


Aiwndiu Peso™—. 1.789-1,795 
tlStnlia Doha*..™ 1.7070-1.7140 


■ That par; of the French cannznmlty In S General rales of pU and iron exports 
Africa formerly part of French Wes 84413. 

Africa or French Equatorial Africa. 8 Baaed on cron rates against Russian 
t Rupees per pound. rouble. 


“ Rate Is the Transfer market (coo- 
trolled). 

tt Rate Is now based on 2 Barbados £ to 
the dollar. 

tt Now one official rate. 






jl 





'{1. i-Mwii . 



Finland Markka — 
Brazil Cruzeiro™™.. 
Greek Drachma.™.: 
Bong Kong Dollar. 
Iran Rial...™™.—™. 
Kuwait DiunrfKXT) 
Lnxembonnr 
Malawi* Dollar. 
NowZealntxl Do) 
baurli Arabia HlyaJ 
Singapore Dollar,™. 
Sraitb African (bind 



Thon 



EXCHANGE CROSS RATES 


I'.s. Dollar j DeotccbeXarkj Japanese Yen I French Franc) Swiss Franc | Dutch Guilder 


Boonrt Sterhn 




r money. Worlfefe 






International money market 


GOLD 




rates move up 


W^eaiS 


interest rates con- 8? per cent; and 32-month to SJ- slightly firmer at 301-11 per cent 

a*™®* 1 in f ^ 8 i^i per cent, compared with 10-11 per cent on 

j-ASTejdayy as the central bank PARIS— Day-to-day money , * 

T raisatf^i interest rate on one- eased to 7 per cent from 7£ per f™ 1 , 3 *" 0nc ' mon ^ 1 raoney feU t0 

|trronife.;)tjvo-raonth and three- cent in the money market, while cent from 10J-114 per 

“trp?m^Treasury Bonds by 0-2.5 per one-raonth funds were unchanged cent, but three -month rose ' to 


^sjbm^i'^sury Bonds by 023 per one-month funds were unchanged cent hut three-month rose to Gold wan orfta Shol hi eeKt? '-'' ' - 
per cent. The move at 7> per cent, and three-month 101-II per cent from 104-104 nar • 

i«^®j]y expected, foUoHing at 75-7{ per cent Six-montli z L tadmg. follow*® -* 

-pr^pEure announcement of money fell to 7B-7J per cent from a . J: e “sed to weakness of The doIlar.The ic^2l r , 

: TutUoCE&2ie in the rates by the 7J-7Z percent, but 12-month rose Si-!** Per cent from 9J-9J- per cent opened at S2281-229f. and’ 
B^j^National Bank last to S3-84 per cent from 8 ( '*-Sfc SESG.\PORE— United Overseas fixed srt S22»00 to ^ " 

, _ , per cent - Bank raised its prime rate to 


per cent - 'Bank raised its prime rate^ 

[■ [■■^He^ggitral bank made no FRANKFURT— Call money 7i per cent from 7 per cent anting. At the afternoon 

:ommegfc?on the move, but it Is rose to 32&330 per cent from yesterday, bringing it int ©line S^ld fea to £226J5 (tHfll 

° E tighten- 2.95-3.05 per cent, but one-month with most foreign and local banks, but picked up towards ti»i 
^og-teirn credit to prot«t was slightly easier at 3.45-3.55 per Meanwhile other banks, including tradane to close M fi227t' 
^v^ian franc within the cent, compared with 3.50-3.60 Jer Bank of Tokyo, Fuji E^nk, Indian f2lS Si on 

currency snake. cent on Friday. Three-month Bank, and Industrial I3ank of tSU ” ® T??*- 

r 3163 - ,® r “e Belgian funds were unchanged at 3.S5- Japan, increased their prime rates ' • • 

fea^i'^ommercial) were firmer, 3.95 per cent, while six-month to 75 percent from 7i per cent. _ ^ 

J'2^^ 4e ' m0IIth money nsmg to money rose to 325-4.10 per cent Marine Midland reduced its prime GOLD 

per cent from 9|-9* per from 3.90-4.00 per cent, and rate by J per cent to 7J per cent 7 • .• 

^eo^three-morrth to 0H0 per 32-month to^ 4.10420 per cent however, and Swiss BaSk g£ — —7 

c ? , Hv^ roni c ., B ™“ 9 ^ P® cent; sne- from 4.054.1s per cent. . po ration cut Its rate bv J per cent : - - r ; > 

mpda to 8J-9 . per cent from Sf- AMSTERDAM— Call money was to 7J per cent. ^ 4 ^ 1 -I iu I n 


itfat: ' 




JK MONEV MARKET 


Laiie assistance tafc-op, 

° •• Kreaerrezut.™^ ,'Ba»MSrf •• •. 1 

. w r ' ’r 

Bank of England Minimum Government disbursements rate support grant and boushcr n« c i(fiaws» -. 

^ d (^c^ii?n e 10 i978 r ) CCDt e «e«te<* revenue payraente to tile subsidies, wWch helped to swS ^ 

Day-L^Srcrodkwaf in short ** 

supply -in the London money mar- by a fairly large net figure. \ 

ket .wsterday, and Ihe authorities ^ Discount houses paid S|-S per I ■ ' BS!^ n:fl l!SS5%S® 

gave a large amount of assistance balances cent for secured call loans, and I iSrfeft" 

hv hu\iin.-» fawebt forward from Friday, and ^ r lifstii-sio 


GaU Bolton flu©! • “ 

oorwe 

Ok*! SZ271-229 - r 

Opening. Smj-228^ 

AloraiDg fhting . . . 

^ ItfllWOl'. 

Aflernoon frxteg„ 


1S:-h F 


J 9228.76 • ' 
j(£lliuOS4}. : 


JIHWW':;...-: 


p. 

nasNt ■ ■ >»i 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June. 1978) 


1 SBSSSSiV. 


1961 62 63 64 65 tf 67 

Note: Because the most recent dmdend increase 
declared daring I97B. 


69 TO 71 72 73 74 7 S 76 77 7S 

hi September; the annua] we (SL00I exceeds dividends 


On September 21st Transamerica Corporation increased the annual 
dividendrateonits commonstocktoSLOO per share. This rq>resentsa25 percent 
increase over the prior rate* 

Transamerica common shareholders who have maintained their invest- 
ments have enjoyed 17 consecutive years of dividend increases. A cash dividend 
has been paid regularly since 1934. 


nn .(csicawj, rtno mo aumoraiis c _._ rr 3 " uaKwjm. nuuses paia S|-a per 1 7 ‘ 

gave a large amount of assistance fmadl run<toviT) balances cent for secured call loans, and I iSS& : " 

by buiung a moderate mimbcr of ^ t £*2P° S balances were taken at f°W Sorenagns.... JSSS**- 

Treasury bills from Lhe discount cds«l stock sold 9-9^ per cent 'trait82ji««3i4J»S- , '4lf-, 

houieis. and a small amount of by Urn aitihorttiefi. - _ . ,, . — • — jIVSbt^io - . Iwfed” 1 7 

local aulhority bills. Local authorities received the nominal fn some cases.** . ss 


LONDON MONEY RATES 


MOSEY RATES 




CA9411L 


Transamenoa 


Mertiug 1 
Ommoaie [ 

•'■1 rieimsit | 


Local 

AnUuTrtty 

dopnaHn 


'Local AuU). 

ovROtiable 
i tWllli 


Finance 

Home 

Deponta 


I . i PiMPUBt j 

j Company i moriwC I 


UvfiniudiL 

“ d»y« not)ce.j 
1 d«r«or 
! >lay» notice.., 
One momt) 

I *u mnniii*...i 
l hr**? on.ai tlm.j 
iix moiilbo.... 
■Viiic miwiLh*... 
Olio year .™..„j 
I «m «'wn 


Brt-9iJ| 
lUJg-lDU 
lOre-lOS 
lMQiB 
107n 10i* 
1078-1034 


9Sa-9z B 
10101a I 

10fe-lu*8 1 
tOK-tof* 

11-11 >a : 

107 B 11 
IQTg 11 i 


1088 -309 b 
30^-lOis 


106 * 1078 
llVUTa 


10-10U 
lOirlOBa 
IOSb-IOSh 
2088 106s 
IOI4-IIT4 

IOVIH4 


PepooUa j .dapoart 
91» : 7 | 
ar 8 -io | - 

-J 834-9 

10s* } 98* 

- -f' -. 38 # 

11 .4 :fl7a 


: I £lU;ibki 
l'teaaory Bank 
BUIS* • HUIrap. 


j NEW YORK 

; Prime Rate 


IFlneTradr 

Bilk# 


Loral authority and finance houses feren days’ notice, others seven days* SxM. a Langw-tena local, authortly Biortsazo 
M >rep l2 la P® - « Bt: **>" wn 151-12I o« cent: five years t»-U» per com. ^BdA bill rates In table 

arc onynu rates lor prim* wper. Boyma rate for four-monUl Oaoh bills H17 n -]0»M per csnL* fwrmoctb.tfaila. bdla 1U per cent 
A dot on male selling rare* for oao-montti TreaEnry Mils 9f4?i5 per «ffl: and MU-BHQ(h BUw-W per eeut: .t hia i HBODU) SZSss-' 
'V* Aoptnrtmaro seUlna raw fur ooe-momh bank bills 9*-Si per eenr. iwHOWtb ^ 1** per cent: at? tbrtfrnwiBinMifi 

per cem. On*. month trade Mils 104 per rent; twMiwntt lOi-per cent: add Also flwee-R»aW 18» per cent ' 

«■ F lna n cg **««»« 8a» Raw fpublWwi by the Finance Hem# Assodarlnii »4 pec ««: froar October 1. : l978: CfeaHed Me 
RU ik- a^U I d I mre » « ™ flay*' w»tire) -8-7 par coaL' Osartw 
BUI*: Arcus tender rata* of dlseoani ff.9590 pv **r* 


JyzU 


; j F«l' Fluids ...™.™..„.. J 

treasury; Bra* ^3Arwk) r 
- Treasnry Bills <sikv*dc) . 
GERMANY : . 

Rate 

OrcrWBht •: V . 

On® frwutlr - 

Three moruhs 

6ls momiis 

FRANCE 

Discount Rata. 

: OmniEht 

1 One months ,™™_™..'..-.., l ;™ i .., 

Three 

sm. numth*. 

JAPAN. : : ; 

Disconnt Rite .'.r™,. 4... 

jLpag' 1 (fc nc t mdui wol 

yP la . ZHscouut JB^da ; L 




tau>r, 1 
■* - - ■>.*'; 

‘-I B* . 


... ■» - ■ 

,.™ *£»■.- 
,™ W; 

... war- 


•: « VA 











































“7, v ;. 
«!, 


prantikT T&nes Ttesd^ October 24 1975 

in trouble and^Britain’s banks: signs qf a- new approach 




A Bigger 
role for 
hanks as 
company 
doctor 



This announcement appears as a matter of record only 

Industrie Zanussi spa 


" ' ST A FLEX InteroatiODal. a 

. specialist in iron-on linings for 

the garment trade, had a _ 

crucial miwting wjf-h. itmhanlrprq „ nr 

- on July 27. The growth of U-S. banks has e neon raged a more aggressive attitude in the parlours of 

At two earlier meetings, fn Lombard Street 

October and February, the 

group had secured the support change is under way. They be- established a special central do- avoiding • action. Mismanage 

" of its principal Bankers — - come especially irate at the partraent to deal with clients meat is reckoned to be the main 

^n. Barclays, Standard Chartered, suggestion that they ^re being which are in trouble but which cause of company failures — it 

; . v ^ and Algemene — through a l®d. By the American: /tanks, appear to have recovery pros- was to blame in 71 per cent of 

period of grave liquidity short- which in their evidence to the pects. Its job is to nurse them cases, according to a survey 

"'N^ : age. Now it had to report that Wilson Committee implied that back to health, and it now has of official receivers in 1970— 

net borrowings had climbed to whereas the bold Americans a staff of accountants as well and this is something which all 

nearly JEllm, and . that it had a were preoccupied in their lend- as bankers, who can be called the cleaners claim they are in- 


Lire 21.000.000.000 

Floating rate medium term loan 


Managed by: 

Compagnia Private di Finanza e Ihvestimenti S.p.A* 


Provided by: 


> deficit on shareholders' funds of 

-o" In the event, the bankers 
^ decided to continue their exist- 
.v ing support, subject to certain 
conditions. They agreed tbat 
' the group’s loan facilities would 
- be reviewed quarterly, and they 


iu when amber lights start ere using ly w ining and able to 
flashing from the branch net- identify 
work. 


Financial Editor 


BY RICHARD LAMBERT The department works closely 4 . “ TeD one ' 

with the NEB and the Depart- wou, ‘* wonder what on 
ments of Trade and Industry. ea £ t * w . as *** matter ^ a client 
For obvious reasons, it keeps “*** t0 see *“.* Now - ou 5 


activities. 


managers are ' 
to knock on doors. 1 


encouraged 


Banca Barclays Castellini S.p.A. 
Banca Rosenbeig Colomi & Co. 
The Bank of Tokyo Ltd. 

Bankers Trust Company 
Chemical Bank 


Citibank, N. A. 

Continental Bank 
Manufacturers Hanover Trust Co. 
Standard Chartered Bank Limited 


retained a leading accounting Ing policies with what was likely Beca use it is dealing with . kuock on doors, 

firm, Whinney Murray and Com- to happen in the future, the managements that are likely to Competition for lending in aj 

~pany, to monitor its operations stuffy old British banks were Be worried or even frightened, dull market has obviously 

on their behalf. only interested in lending on a its objective is to avoid the shot- accelerated the trend. ' With 

Does this decision to offer a 11 gone" concern bas&'In other £*1° approach and to maintain a it has come a substantial 
lifeline to a client which had words, they only wanted to normal banking relationship in increase in medium term 

“'"’"s lost its equity base indicate a know what they would get back 50 far as that is possible. lending, often on an un- 

more flexible approach by the in the event of a winding-up. Other clearers generally have secured basis. Whatever the 
' banks to problem accounts? "This,” says one* clearer, “is a ^ ess centralised approach to clearers may claim, the growth 
-^Certainly, public precedents are arrogant nonsense.”' problem loans, on the theory of the American banks on the 

^few and far between. But there Monotype is seen as a one-off tbat the man on the spot is domestic British scene has 

."have been one or two other affair, brought about by the lively to have the best under- encouraged a much more 

'-hints recently that ideas might willingness of the ‘National standing of a local difficulty, aggressive attitude among all 

.'be changing in the parlours of Enterprise Board (which has Often the only central service banks in seeking out new busi- 
- 5 Lombard Street also taken an equity stake) to comes when everything has ness and trying to hang on to it. 

> For instance, Barclays re- do a deal. And the dearers all foiled, and the mortician is But whatever the reason, it is 

.eently took a substantial equity say that the only unusual fea- required. much Jess easy these days to 

holding in the Monotype Cor- tore about the Staflex affair However, the distinctions can accuse the banks of being con- 

poration in exchange for aero- was that it became public- know- Be blurred. For instance, five tent to sit on their security— 

"--emulated interest on loans to ledge — via a footnote ni"a cir- years ago Barclays established a and letting the corporate bor- 
■ tire company of over £3m. cular to shareholders. - • business advisory service, which rower- sort out its own fate. 

Again, in their recent sub- For years, they say, banks now has a staff of about 70 1 — — ■■ ■ 1 

mission to the Department of have taken an active interest in spread across the country. It 
bTrade on the reform of insol- the affairs of their clients, and was set up as a way of helping 
vency law, the banks recom- have been 'prepared to 'inter- small companies to grow larger, _ 

mended that a procedure for vene where necessary. One well rather than as a fire fighting 
Tthe appointment of a manager known instance arose', as ffir service. But it has also been 
- —and a moratorium on creditors back as 1971, when the founder, used as a source of special ex- 
— short of a winding up— would chairman and chief shareholder pertise for borrowers in vary- 
. _be a useful innovation when a of the David-Brown Corporation ing degrees of difficulty. 

company was in temporary cash ceased to have any involvement Another change that all the 
difficulties. The trouble -with in the day to day management clearers emphasise is their 
the present system, they argued, of the group at the requestor anxiety to build a personal rela- 
_was that a dissenting creditor its bankers, which were led by tionship witb corporate bor- 
couid swiftly scupper any in- Lloyds and Hill. SamueL rowers, and to understand their 

formal moratorium. However, certain • different business. As a result they say. 

— ~ The. dearers. however, dis- attitudes are apparent. For in- they are better able to spot 
miss the Idea that any radical stance, one dearer has recently problems early- on— and take 




Agent 

Citibank, N.A. 


September 1978 


EUROPE 

DECEMBER 4 1978 


The Financial Times is preparing, to publish a major Survey on 
Europe on December 4 1978, the provisional editorial, synopsis is 
set out below. 

INTRODUCTION The state of European economic and political 
integration as three more .countries— Greece, Portugal, and Spain — seek 
to join an EEC that is still grappling with the problems of recession and 
unemployment. Where is the Community heading and what' have been 
its achievements during the past year? 

ECONOMIC AND MONETARY UNION In a period of continuing 
economic difficulties, the Nine are reviving plans for a new step towards 
economic and monetary union based on 'tighter co-ordination of their 
exchange rates. 

ENLARGEMENT The process of admitting Greece, Portugal and Spain 
to the Community is well under way. All three countries’ applications 
to join have been welcomed on political grounds, but nobody is minimising 
the economic difficulties. 

DEFENCE The NATO countries are now seriously concerned at the 
growing militar y power of the Warsaw Pact and are planning to step up 
their own defence capability. 

DIRECT ELECTIONS Next year will see the first elections to the 
European Parliament, more than 20 years after the commitment was first 
made in the Treaty of Rome. 

THIRD WORLD Europe considers itself a pace-maker in the world 
development effort and* the North-South Dialogue. An assessment of the 
EEC's Lome Convention with developing countries in Africa, the 
Caribbean and the Pacific and the negotiations for its renewal. 

TRADE AND PROTECTIONISM "The Community has been trying to 
promote further liberalisation of world trade, and a reform of its rule, 
in the Tokyo Round of multilateral trade negotiations in' Geneva. 

AGRICULTURE The EEC’s Common Agricultural Policy: continues to 
be sharply attacked from both -within and without the Community. 

FISHERIES The attempt to negotiate a new common fisheries policy 
has led to tension between Britain and- other European nations. 

COUNTRIES Articles will also be written on EEC and EFTA countries 
as well as on Europe’s major industries.^ 

For further information and details of advertising rates please contact; 

Neil Rogers * 

Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 
i Tel; .01-248 8000 Ext. 575 

HNANCIALTEV^ 

EUROPE'S BUSINESS, NEWSPAPER 

Th* tsM •'* ***** HMKtal TtmM- m to di urn « tt* 

dUKTvQon of-tba JMXor. 



What the Alexander Howden Group 

is aiming for 


Wfe’re aiming to consolidate and 
improve our position as one of the largest and 
most efficient insurance groups. 

We’re aiming to develop new markets 
through our Insurance and Reinsurance 
Brokers, Underwriting Agencies and ^ 
Insurance Companies. f 

V/e’re aiming to continue our a /" 


policy of planned expansion and acquisition 
where we see opportunities. 

V/e're aiming to add to our reputation for 
effective solutions to insurance pro Diems for 
clients all over the world. 

And- with profits up by 400% and 
earnings per share up by 240% in the last 
^ 1 five years-our aim has been pretty good. 


Alexander Howden Group Limited 

22 Biliiter Street, London EC3M 2SA. Telephone: 01-488 0808,Telex: 882171. 













The Financial Times 


ri i.'i/iiled 1< 
jHeuaiion 
Wilsi.n t'< 
number r 
were cum 
pawn j»ai 
Party nn 
15174 «Irn. 

The hij 
.1 Negation 
1-iu.ins th* 
affair. Mi 

was. had 
an ore lur* 
h ii rise if. I 


Marcia W 
The Mr* 
Sir llaru 
drawn $ni 
Suliscqi 
i he 
did nn l 
motors 
instructed 


niai'.-nal " 
The Pri 
in lu-ar 
Sir iljrrdi 
formal ro 
«.'n ihe 

.•ij.nn.'l i 

i-iiiiiKil 

[•<iy:il tJc 

i;i. ■ i i her 
]..iiniiir l» 
The Pr- 
i * one in . 1 
ii.dv.-d lod 
In a no 
i.Munc;l 
a’ain.-d i! 
D.ily Ex 
picture i 
Ilonriclta 
death in 1 










:A 


VmZ . 


®5gsat 24 ^7& r > - ; /.. 


•.'•' :, .' : . , . Jt v. : ?' V+'-.-y 




■= ■■> l : « r 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTHS 


• : 'jRti*tC®QNRS; •.;' 

Renewed 


weakness ,= 
id DM and 



t include tr ... 

•. rani^* . aiictuaUoni find; - alMr. h?'ut» .refintju! and • marketing strike., ■ which transformed the 
financial HeriuL.’-were- up. P.5 per earnmes -fo-.-JClTm. . coal division's SlS.7ni profit last 

: c®v\t -|tt the. l&rd quarter/ tij- — Earnings itom foreisrh evylora- year into a loss of SSQQ.RQQ. 

.SSOTror- •; -• '• -v’. <nm -and ■ prediction edso Id p^f. Oil and gas earnings were 

■ Exxon, pointed qut Jha;. ..tUe..i-cat v tjj- .$SJ2 th, parflv. tine to- sharply. up. . thanks to higher . ... .. 

difference - between thew tya» niahef; gas i^irices ui '^Europe. Peruvian and other operations directly involving two AAarner 
version* -di . the -. company?* peril tfo'reigfi -xefimhs and jnark»ting 'Chemical- operation* were effictafs-; *re •'fallacious and- 
formance stmwed that , result eanuncs; veie.np 19 per .cent to senerstlfy t«w$f because of in- > incorrect' 

“•■rnntintfc- to- -be -mgnlficafltly SS^tni." ■ created ■ losses - in the fertilizer* • ** 

•. affected • by- .Currency . -exchange - -^Although •rhcmicai 1 nper^totts busine^B. -. • , • 


over or^I.Mbn. .. . 

Meanwhile. Mr. Steypji. J. ,-. 
Ross, chairman of Warner . . v 
Communications. saW : .'_-ilKCt.lr 
allegations of theatre fraud.iiH. j -: 








forecast 



our opinion; 


- BY .Ki<?HStfevfibunHESTER )/ -i ■ ^'Vr-.v - : i&V* ■ \ 

■ .■ ■ Mi-.--. ^ . 

SIR. ' . ~ WiL>LlAy •• yJBEERS, the sistent peitanaer.catber 


TRW stages sharp advance 


BT.'OIW RWANOAt : STAFF : 


THIRD QUARTER YesuUs"; from " Mr. Kubep . F. Metjlrr. the sales and operating profits to the 
TEW.. the aerospace. tonTs. aoVt. chairman.; v to"ld shareholders second quarter gain The Indus- „ 
vehitle part.* groups confirm ihdt- ^pe^- he expectfeti the trial and Energy division turned 

iiVi^'artoppVng-Ihe^^ ex «* d in ^ - Mrd thealr. 

of. $4.77 a share and'- s _ 

SfUSbn - - chatked' np frirtfii?/ 
of.'1977. 'Eiiwynss, in the. 

quarter' are 16lp*?r ccn{ higher. ^ .. . r . r . _ 

Sic. AauL have a -liackiog the upturn. Dividend payments 



^ s 9:' around Aire jS750m . mark — an were lifted by 14.6 per cent to 

.kw* s»» - ■«* 

a year - earlier. Bur a cautious note was 
Electronics’ and Space sounded at the beginning nf this 

winter in 


This - brings. 'the nine ’'months 
earning total to ({3 per-fisurb. recorded 

£. FiigBnD'.' or S.T.40. against * TRWs Elertr 


huslncs**.' 

Pres-*! ’ reports 
said that a Justice 
wiretap., -obtained 
approval to learn 
of - a :su s peeled 
venture in Las 

gvidenep of an allege*! : flay before fund managers in cent Tfe" T coi^ttdndmi^^ -P? 

- ■ ■» ■ - _-j.. . fr^rt .hiK Muni -. - p p*ia company 

term bor- 
SHOm in the 
December 1977. 
one area 

^ .. _ __ corporate strategy 

correct. All I know Is w* have -j 0 - si.45bS;;'a5if..'-^dKiiings per and devempmeci^'« fisen.'frpm team Is looking cl osaly is the 

done nothing wrong.’ He said «+iaT>' A-gi^ tiTf'^^IB 'eents from air annual mmi’C ihvrsupennaiket .bti5ipes^.Y:hicb lies 

the Mil- Ot ihp third- d&arter'nF.-l'BTT 1 »n SI AS SIRm in .the. -piterptw-! vear The in With Fnnri- -Production but 

be 


cent. 


S3.02. Sales of gC Tobo are lSiier. Systems and Car and Truck dtvi- year, when the severe wi 
cent up. .. . .. ’ ..’ • .'^JOiiJs icont.ributed gains to. botit the L'4> ' , 

In merger 





.BY OUR OWN^ CORRESPONDENT. ; T s ; ■.5^4" '-TORK. Oct. 23. 

ACQUISITfONS-DF jtuhiicly held that.- acAral -or. pending acquisi- hav^.-^aiwjitr increasingly con- 
US companies leaped ’’a per »ion« -in the- first, nine months cerned anpm-.the trend towards 

cent in the fim. nine, months uf !* sl ^ ar from "mpin^w^ n,aJ ° r PUbl ' C 

this year. -relleclingM bargain However. the heightened tn the "fiifsl nine months actual 
prices in the Stn'ek Markets a 
the --.'relative: l -strength 
poraic liquidity.' 

.Xci^Jding to the latest s 
by:^.T. Grimm L the. 


from a federal investigation 
into, the "affairs of the West- 

'cheater Premier Theatre Inc,. CAlMAPfAltf-WgWS 
a publicly held company: ’.thai - - i; - 

ope rated a 3.ofW-seai theatre - .. .- 

for live eulertainmeiit In -■ 

Tacrytowu, New Yorkj; which ' 
closed m:..1976. 

• The' alleged Warner cower- : 
lion to Site case Wiviltsclosetf.y 
last month when . an assistant 




GrpMiiTate slows' 


BY'i 


property for : lH- N’idtg-terhr' ‘ General: 

growth: ?The indastridi’' -^Tah sfderrn3'tOc3tt^^:^ihsel;?ngrof 

housing business be'enine,- plant in 'Qte ^XattpHnc&zrfca- , 

less important- Xhough- ir-. wilf .ot Ontario, wKCbTT-ox^li5t--aad; T ° f 
GS2^m or remain an area df--.rpppbrtiuiliy:- a' small ■ truck asseiiilriy. opijra. .oy tne 

CS122m arising from. Eutune^energy pio._.'uon either east o(-Q^»i«u the 
d us tries jects. 7 Mr. .-C, .'NSL/Hlchardsoa, site of its presenT-raairt'^telude 
been hard senior vice-p«»ittwt*:.--fifi?njcei' assembly opeialiom.-^.^jrA‘r wl a •:* permit 

diaii iltowr/Janes; - She British Columbia. Thifcalia£:khS'' ^ib- an issue '{Mrrce ,oi_i»r. ••The 


'..■>■ ii. 



,'A ^Sw:F j-' 20m 

hVirlta - "‘nf 


.. itr* n.. • jrunai*ei. iitv r-uuii < i aintiyuum. nw>. ■» icaun. nnrnVoL:i.rl 

hastefl merger specialists. 11 -decline in bie oi’eralV-numher of heetij ifft^tl Trom S14.9bn in the vv^rner^i ' cabl^HrteVlsibn 

merger activity declined in the acquisition* brings little comfort first mne'-nirtnib.^ of last year i „ r ^id^g ^fScatl on J 


price, declines in told Canadjiti:^w.:-3Qnes; : .-.3rbe British Columbia. Thi»^aii3k'klqr tr 11 „ - . , 

4S.-f.The worst Is company-. , .earh'e^T - : 'C?T9iB ‘"'or other dimension to trie^ Voatest price has been fiSfri 

=n .-^.r Z ■ . . afcl 


third iittaner. with the result.-ta. regulatory agencies which to S25bn 


,EXlNTE.8ftlATION AL 







lntertSts.-provi_ ^ . 

for the filmtns '-ot ycim^rls-- -.companies. ^ 

to be shown lat er rand k^;.j:. t elapbi^' : tia|iik?' the major 
acting as a provJitg; ^rqnud^^,^,i^ e tj^^ chemicals son 
for. unknown back-ug acts for gVou o. ca'rocd CS:1.5m or 22 cents tract d; 

~-u vutmiion shar^ie-tl-.c fifst ntne w^H a 

... ,.«aL m? i nnn — : 


jwirnmgJ*. i^r.i3[bc<Ai-uaTw.are 

matprf •aSroujwf.'CSSAr .share. 

Afcq ; 'xfe<fe'dtiyl^5dircd Thom- several other provinces-' 
n lriditsttieS;":'a >fouston con- The Canadian motor, iudfeiry; 

ii-t /-rminativ. and rhi< j i. ' . 1 — 


The--! UM ’ thr>\\x;thc.-00 .latcrtAnterr>aito.na i^hond i«¥!tes fqrArfifcb ari adequate secondary markel 

-* -*- jujt-’of Eurobond prices published 

«:iosin^ prices on October 23 



5'. 


A.l Am. 9i S; 

Anstratia s sc - - 
Aartrjila A .43 M 
.wmcJUdini -5>a. 

B^Airkn Foods 7 

CF.CA Si.« 

CEC.V 9 tn _A-._v 

CECA Si'flS- . . M 

cxt n sn.- .i .- 

C.maJa sc At ... ...... 

Canada S.:fl 35 •. ;• ... 
C?i?nda S? "«i ...... . -.... 

Canadalr Sj S> .' -.r .. 
Damlnioii BrtrfKe- Co. *> r< 

EIB St.SS ..r 

FlM *1 Sri-....- 

EIB V/o-J -.- 

EIB n; !w ’ 

EIB 3r SS .. _ ’ r 

F.rram Jutlaud-R «.i . ’-V-.. 
F.trsponfinans-I» Sti 


ii5- w '*»• w -w, ■-•i- 
:• ts .1 »•; loo: Me fri- v-js..’ 

w air m ■ n lai-.-s n- - 


UK 
-.:» 
zs 
zs 
75 
250 
250 
250 
70 
.25 
130 
75 
■ W9 
85 
UB 
-'25 
5# 


F.xtwn ,-mi-rtpnin!. Sl'-liS 


Finland SIS'! 

F.nland 9 fts • 

Hxcspnal *2 
t-c rndiinulcr n ’ 

ltd rmaiK--? 9. *.-• 
nil' Finaiuv !>: 90 
lfo-Yofcjf.o St c r. . 

J. ■C.'.Epnm. , J!’ *; . 

Mac fl. a; • 

>••: tl*.v. Frrj. . 

y~ r?-v. >m. a;- S 3 : 

TV.-M 9 t£ . -. . 
7.'ti|-tonndl3rv1' d; 
Nocd. Irr. Bit. »: AS- 
”.TJ'“i Kr-.rr-m. nt «?' 

Nor*-*; 7i. sn • .. ■ 

-N or-,*-* s 5i -S3. . 

.Vori-J7 A. v.; . 

' 1n L_ Ry4r*» 5j V. 
00»B<^ Hyriro 
S*»<dVI 
IT ~ 

CS-Si . . . 


.100 

100 

25 

J5 


Mi 
05c 

«t; 

V? 

■^5 

■riM 

35 
•"U 
WI 
972 
972 
9?; 

. 03i 
•Si 
941- 
• -TO 1 -K 
9 ft «S\ 

97J-- 981 


.0 r¥U’ 
-ai-^iof- 

-Oi. T-U 


-0} 

-Di 

D 

-0; 

-o; 

- 0 ; 

-0; 

-01 


901 

991 

.945 


-m 
+ 01 
- 0 ; 
-02 


- 0 : 

■»o: 

-'.’0 


-ti 
0 • 
-l! 
-U 
-1! 
-01 
-K 

-li 

-OJ 

-01 

-92 


.-94), • 97N -0i'. -11 
•«- 951 .--tti - '— 2 


■US' 

9;«r 

9 . 29 ' 

.9.«:- 

-*U«' 

Mr- 

9-29 • 
9 .95 
9.80 
10.05 ' 
9 . 47 - 
0.97 
9.42 
9JS 
9 50 
9.82 
9^3 
9 y > 
9.59 
9 J 5 
9.84 
lO.Ofr 


25 

96 ’" 

' 9 S'i 


- X . 

10 J 7 

20 •. 

4 *i 

45 \ 


-2 

10.69 

20 

40 i. 

49 '. 


6-1 

4.63 

100 

ffrv 

46 ,- 

-o< • 

-71 

4.46 

50 

95 »- 

46 ; 

-or- 


9.75 

211 

SJ! 

4*1 

-oi." 


482 

20 .' 

4 j; 

91; 

■^flj 

a: 

-. 4.65 

75 

■911 


-iXi ' 

rV . 

XM ' 

sa • 

r.47; 

90 : 


-li- 

X 5 * ' 

25 

: 96 i. 

' 9 K 


-nt: 

-4 JO • 

- 75 - 

■ 97 L 

9 « 

- 0 i’ 

-01 

"l £5 ' 

250 = 

4 »i 

94 L 

-•I. 

-u- 

. 4 ^ - - 

IZ 3 

94 J 

451 

7 -Oi' 

-ir 

f*-. 7 fl i 

150 

Mi-. 

93 ; 

- 0 i. 

- 0 !" 

• 4 J 9 • 

■75 

4 JJ 

• 5 . 


-:oi. 

9.98 

125 

•* 2 " 

■JHl' 

- 0 i. 

rrli 

4.54 ; 

■so 

97 *- 

Mi 

—04" 

ill 

4.77 

125 

98 * 

49 fc 

;hu." 

~-0: 

4.50 ■ 

? 0 B 

•47; 

-471 


-01 

4 22 '. 

ISO 

'471 



-0: 

9.37 


DEUTSCHE MARK 
STRAIGHTS 


Channr nn 




A<iai> D-:\-?Md. E- 
Aus'ralia 4 15. 

FFE M(tica •'■? ?• 
Canada ii V . 

>Tanh.iri*n S ; **7 
Cofnni.-n-hanV- Inf. B"jr '* 


irnmuii-rrhank Ini. MW 

Council "f EuroDC ?* 

. EtR 3 !W 
Ek5--frciiM«-Br*. , il 
El t Aou.tain- .'.- 

rF.r .-. 5i 

7 *1 

E?t»:. “itr ni 37 S' 

Uijhr F«rrlcos dc Elii. 

M-s;.-rt S S3 . 

MU?fihirhi Pern. 51 *’■ 
Niiipon Fleet 51 
S'nrri-.'s Fomm. s 30 
■Srirv-ay 42 v* 

Moruvaian Ini. EV 5 99 
nctTfllco EraSI 7 *i 
Phdipnin* 1 ! ?.’» .. 

PTC Bjols.-n .•: 

Otfoboc. Pruvmc* ft 4 ! 
BniniiPiuItlsf Or Si 
Pfroh -"c 33 
Sfliun ri S? .. . 

^tatuil ri ?9 

Trondheim. Cirr of ’1 
i'D5 rroup W 
w.i. ni'ila. >■> ; e 
VcoKuda 61 9 ij 


<»u*d 

Bid 

OITpr day 

Week 

Yield 

IN 

45i 

4b 

-O' 

-01 

fr.M 

250 

102 

1U1 

-0i 

0 

5.71 

150 

471 

93; 

-Bi 

0 

7.04 

600 

981 

9GS 

-01 

*06 

5.15 

104 

1016 

1026 

-0.', 

- 0 ; 

5.79 

100 

1081 

km: 

-OI 

+ 0 ; 

2S1 

100 

82: 

526 

-01 

- 0 ; 

5.®0 

190 

1004 

U0: 

-01 

+ 0 ; 

6.07 

300 

981 

4s: 

-Oi 

-Ol 

6.15 

150 

95; 

43 ; 

0 

+0! 

6.98 

100 

44; 

4SI 

- 0 ; 

-06 

546 

100 

491 

10»i 

-01 

-01 

AM 

100 

971 

98 

— 

- 

?.« 

1H 

1016 

1012 

-06 

- 0 ; 

SJ2 

150 

986 

98! 

-Oi 

+ 01 

7.03 

200 

96! 

971 

-01 

— 0 : 

6SC 

100 

1026 

162! 

- a; 

-o: 

5.32 

IDO 

10U 

1026 

-Oi 

-0! 

5J9 

100 

101 

101! 

-06 

+0i 

5.85 

250 

96; 

47: 

a 

0 

511 

12S 

1D0 

100 : 

-06 

-01 

5.46 

IDO 

Ml 

49'. 

-01 

-06 

7.09 

IN 

96 

461 

0 

— 01 

7.49 

100 

951 

tbi 

-D. 

-Oi 

6.32 

ISO 

97i 

47; 

-0; 

- 0 ; 

6.32 

50 

44; 

45! 

-01 

- 0 ; 

6.45 

30 

49J 

1006 

— 0i 

- 0 ; 

5.27 

200 

46J 

976 

- 0 , 

0 

6.44 

159 

1N6 

Wi 

-06 

— OJ 

5.45 

35 

46; 

47! 

0 

-0. 

6.14 

65 

47i 

47J 

-01 

-01 

636 

250' 

951 

456 

0 

-01 

6.66 

150 

47: 

986 

— 

— 

6.75 


SWISS FRAHC 
STRAIGHTS 


.Viso^a SI M .... 

■>Hbors Timor 1 4 97. 

>ra 31 93 - 

Cfeisc Msohactao 4 93 

CVRD 41 90 . . 

rftdncU ol Europe AJ 

pankamarlca 3< 03 

BADE S S8 - 

Denmark 41 W 

Driunart-Mortsasa Bank 

EIB 41 03 - 

Edsaiom 41 93 

l> x. Smldrh 4| so 

Fmland. JlSJ,.M..y — • .. 
i'J» 4c'SS-^.. 



100 +1021 102! 
B0 102a 102! 

25 101 10X2 

■30 1B2L 1024. 

Oftf 103t-. 


W'orll 


.\u 5 fralr 4 i ^ !>n 

Bi CE 5.4 94 
F.iirofima -.J 94 
Finland 4.7 
MonariV 5.7 91 
•Mo. Ciry pf ri S 4(1 
5XCF .. 

S.iv.den 6.3 90 . 


Issued 

15 

50 

31 

10 

25 

25 

15 

30 

43 


101 

974 

•74 

•82 

1044 

982 

9i; 

961 


Change on 
Dili Oiler day week Yield 
97- WI +Di 
0 
0 

t Di 
-04 
0 
0 

-04 
B 


ioa; 

" 9 bi 
•64 
971 

101 ; 

984 

984 

954 


-OJ- 
+ 04 
0 

0 • 
0 


6.00 
6.61 
6.92 
6.84 
703 
02 
.6.91 
6.91 
6 94 


-its music busfn&Ri?* 

He said 
taking a r ._. 
repaid foj' J 
make sense . 

No charges Ihatt; hern 
brought .ig^iasf. : jthc Warner 
officials, be «iiri.' 4 itd:.thai : noiic 
were evpccrt'rf., • -v ; 
Agencies " 


v \-ind. > thj| dominated -by .. the- bic^^ree 
cos earir- 



Setting pressure iconterryed: 5« 
come from SwjKedaadrrak was 
the case last 

many private ifiVesrecsAirfcK'oF 
confidence ..in -.th^'.'ao&jr.-t w 
spreading and the- perfarRiance 
of the U^. currinift^Wtf^Atbinh 
to reassure thd^.jvvh'b. # might 
have felt it had reamed^ if^-Ipw. 
The dollar endetf-iliw, -littfe 
stronger- a aainstT-^fth.SwifN -rranic 
but a. "little- v^ak^tHRairtst ttee 
Deut scheniark.v: '' > 

Intereft tkocs ■’.• en-'th Fix 
and nine ohje 

point -rose . Jh - i tll* 
althgggh t^+«i^tip4"<bacfr-.'at the 
-elqae/Ao NXheir+JxWcy- evening 
oTJB y -, i 

joj]te< sciStqr 
fwas.i soi#?r-^ter<i^R flfifc* iottfy 
Nnahi^.' 'Sejaa.-!?! .heinK 

4hftse v .>iBEr6 - The tfOuppI^ ik-due 
l s§»fe' . ■ ' 

■ was 
irr ^-^pmer;^'-mdod,'than the 
dol her ; -.uflty;-: -:tfce i i':IRj rf ties bank's 
d eci sipn^o.iijcny^e 4^5 minimum 
reserve - jeirftitcjMiiSls for the 
country's b^Rfcjj-es^ per cent in 
order to suii^Mi^^'nme of the 
excess liquidfife-'iift' tie hands nf 
the credit insrfaihgns had on 
adverse . effect; oO---ftc domestic 
bond market-^vFte.bp.thc Central 
Bank intervetfeii ; *iy,.fhc tune of 
about DM 40tn,, ^Th^Ac nuji c of 
the DM 5o0m ddcpffestic ^jor 
the Federal Jtaihj&ys* inTTounchd 
yestcrday;-rncl|uded: ^ia • six-year 
maturity, iirjfea'd d?-tqc expected 
TO. a co u port ot' PVi’cr cent and 
a. price of 994. ' ■- 5 
•;. The weakness in- Utc domestic 
tbon^ .market spijb tfyer into the 
bond Wijttlcei where 
‘ " ' ‘ »wn by a 
Turnover 
a s 

__ .general decline 
in- ,'pxicfes' ' ey^tyN-aiTected the 
Japanese convertible which were 
hit by a fall in the Tokyo stock 
j^Hex.Chanae and a weakening of 



atf#3S>*-per share and the con- 
■vercion date fixed Jdr January 3. 
p79..„ . 


MEDIUM-TERM 

CREDITS 


Atco. the former Calcary-based 
Ali-o Industries-. Canada 
prefabrfcati'd housing 
turer. is hanking on oil 
exploration, contract drilhn 


.Better rates 

^.^eserr Vleer of- ^2. .Ail Oshawa and Windsor. oppttSil^l--iA r TTcicf 

ulM > 'dM -nlMnriv -wimmlttarl Ootrnit Tho Ctnarilm "-Sti nTfM- 1- rviJl*! •' 'I L 



RESULTS IN BRIEF 


a.- . 

•-.A.^vVi 


OTHER STRAIGHTS 

K-ia^.O ■{» .H0(il. 


Change on 
issurd Bid Oiler day week Yield 


isfiirU/i .- liiar. . *j “K F.L \ 
Pimam#.'-Wj jWj EL ; A 
h'Dft'.#?r«m?.-T ; 93 KV\ 
Al2«i)IrfSt^Ck^ >U FI 
Rr.i-RTJVSi-Fl 
CFE Mc^lcn 74 S3 F’l 
EIB 71 53-n'; 

X-fdor. Ml'W-.'+b- •■•i *• H 
Xcw Zealand fll-Vf H 
'Iiirway s- s.1 FI 
OKB fi J.i FI 
Eir- p; 54 FFr 
bit 4 59 tinFr. . 
r-.i-.-r Lux. f ; s LmT: 
fib ss Liisjcr. •' 
hmland I. Fil U«!-r 
Norn ay 7J_ 57 tjifFr 
Pen. ml' 7J.-99 jjtKr 
-“ii-i-dlsh -t. ^k. 4 45 Ln\i r 
'•AJllvarr’jU'Ji Fm.’.rfi n : : 

-.EtH 9; $fc .1. . _ 

-■S-.irinn-.-- lor Ind -'4* !? • 
c*-«!otnf r ,HW. F.v.ll •• : 

'.Orani-h«jm I9 : '»>l £ 
WJniiu-eaS'Tij F-> S 


12 

•976 

93. 

tO! 

+ 81 

12.12 

16- 

1971 

981 

— 

— 

7.22 

M 

47 

98 

-Ol 


7.28 

15 

46! 

971 

-Oi 

+06 

7Jd 

IS 

981 

996 

— 

— 

7.66 

20 

r9b 

97 

0 

-fli 

3.67 

22 

98 

99 

-01 

-t-li 

7.16 

75 

941 

94* 

- 0 : 

-« 

7.71 

75 

94i 

952 

-01 

-oi. 

8.03 

75 

•SJ 

96! 

-i-BA 

0 

8.76 

75 

M; 

952 

0 

+01 

8.17 

75 

96; 

974 

— Oi 

-04 

7J4 

75 

96J 

971 

0 

-04 

7.46 

ISO 

95i 

964 

B- 

-01 

7.58 

75 

921 

933 

-81 

+u 

7.B4 

203 

972 

481 

— 

— 

10-09 

250 

95! 

96! 

-06 

.-Bj 

8.61 

250 

46.; 

97i 

-02 

-04 

833 

250 

46 

97 

-01 

-02 

BJS 

750 

96 

97 

-1 

-11 

B.54 

250 

9b.' 

97J 

-06 

-06 

856 

500 

46} 

97! 

-06 

+ 04 

B.20 

580 

Ml 

100; 

+ 04 

+ 0i 

7.48 

20 

36 

363 

+ 0.’ 

'+01 

12.01 

25 

8*K 

WI 

+ 01 

+ lif 

11.59 

12 

351 

36! 

—OJ 

-01 

12.43 

10 

862 

86. 

+ 01 

+ 0L 

-11.58 

)5 

351 

851 

+ 06 

+ 04 

12- TO' 

15 

851 

864 

+ 01 

: -J( 

12.92 


National Airlines now back 'MBe 





•• - • v iv-. * hi> • *•. . 

N EW vdRK;'‘6cL--23/ : 


->1.S5 a share for the same manufacturer 
period. Fori Howard Paper Seal advanced 
moved ahead from S-.52 lo S2.6S, S3U0. 
and W. W, Grainger (electrical Further 
motorsfadA-anced from $1.64 to earnings 

JL93. . •._ level were . _.. 

Also' for tho hine wonfh period', west Jodustri^. , diversified in- pdra| 

broadcasting and piiblishijjg con- duslriat ' ' 4 "“ '—‘--‘ »***"«**• ~* 

Sales revenues- -advrfiiccd from -c.CFn M etKubcd 1 a-ui o yed : *ch. W • lo $3.r" 

$13^m 1- 1 $i37.Iu^ -J i?3.i7 : to' the- 'flccfricity^ medicines, 

Kor 11 . ■ iirsi nine' months nf utility . : .bohJjng i^jupnny: Central;, and Square,'^ 
the i-iirrent nh;iifi , iai : >ear. m-i and J jS out h ;. West ^Uorpo ration ment^ up / 

•’ornings per ‘shaqc'-o( . Springs advanced ; f£Qiu $l. 3 f6-_rV'* : 3i-7li.'. /-Decline^; 


N'KT INCOME for the first quar- 
ter for National Airlines, cur- 
rently i he subject of hid 
approaches from Pan-Am and 
| Texas International Airlines, 
was S'J.tilr.i or 30 cents a share 
i compared with a. loss of $'J13.0U0 
or 'J cents ia shared last . time. 


By Our Eurtywark^ts Stiff 

THE EAST -GERMAN foreign 
trade bank. Deutsche Aussen- 
handelshank. fs raising SISOm for 
seven- years. on a spread of i per 
cent for' the : Brat' throe years, 
rising to i fte^ ce'nt-Til'r the last 
four. Xcad.' manager .{5 Lloyds 
■Baht; -'■.LpWrrta^ftWJ^ Thie.i-ie nxis 
mark an i m p?0veme'otV ofi. 'those 
-loan. raised earlier (his 


FLOATING RATE _ 
•;no.TE5 ■ ; . 
'■..'.\Bi-ric3n-.Ktttr«« -7 

"pjaii r * 

I ‘ Rant^t/Sai iraem. M« ; 
R«i* Han't law 7 - SI# 4 - 

BrfiiV. wj -juiiifo. mm »! 

F. jnQirr *W.nrr»Mi M-'-i . 4 > 
Fn FjffcSTAIs. -a? 7;; . 

r-n'i>-.'?mti •s' Sum )l-'> : 

F-*i lhi;,\Ir, 7 i w .* 1 fi..- 

co.k- M-v-rxifc . . 

i'i.’f icr’ss 

rhasfl »r^s. fr-5 M.7i i. 
i - i«la’.Tlnsi 74r;i 
r^di-.’Nititmig* Mi; «• 

KnprlrtJ ,SI7'>« _ 
<FTF.Hm;-V3 

Nhlkjta Aiun.i 'll: 

l.mhljaasl's M7.73 ’■j 
MMIjn-l lull ”T3* 9: 
N-i'. l\>9t- M.7i In 
Vinson rin Mi; »". 
"KB Mil « 

'•fr«?inr-' Mimr.s 'S 
<irfi:rixr«t r'h-iri. .VI i 
S-imunmn ll-s^-r 'J7: : 
■Siind^ ill't Mri ■- 

I'M '"I-.. ;r« <v Bk. ?!i - 


Spiral Bid OiTcr C.datf-.CcpKlG^ld 


961 
47 

962 
47 


97i 

974 

964 

464 

482 

96; 

941 

96. 

48 J 

9s; 

484 

962 

472 

97 i 

931 

981 

98! 

464 

494 

971 

48 i 


49} 

971 

471 

971 
97! 
48 

972 
981 


472 

942 

97 

108 

471 


99 


941 

44» 

471 


481 

44J 

48! 

981 

971 


471 

491 


20 10 .£. : a. 06 
31 1 . 52. -"4 68 

21 1 *i . 9.64 

Z5 li- -4.56 4.86 
U 4 ID! 3B.B0 
15-12 9 1J.1 

4 2 4; 9.87 

2S1C.J; 9218 

12 1 . 92. .4.65 

3 2 4^9 4.46 

} 11 82 8.45 

27 I 9J1 4.63 

10. 4 11.14 11.22 
III 4.14 4.48 
21 3 10 10.14 

5 4 10.64 10.81 

27.10 82 3-33 

19 1 IO 4 10. 54 

20- 1 . 4.44 9.67 

21- 12 4.31 4.S3 

15.3 9’, 4.61 

18 4 ID 3* 10.72 
14 1 4 44 4.55 

10 2 8.44 9213 

16 3 9.64 4.75 

4 4 10.06 10 33 

411 8.31 8.41 


CONVERTIBLE 

BONDS 

A-ilt ■= .1' «5 . 

FiV-r Tr.i Till- 4' 

FlMK <(• %; 
i'ui::i.rnl.i Bntt.Ing 61 
3" s 


Cnv. Cnv. 
. date price 
4 70 628 

1 79 " 54 

2 19 21* 
479 


Cftg. 

Bid ■ Oder day Prom I 
1086 1846 -a; 7.73 

1100 101 -3! 7.42 

97 ; »a; - 0 j -0 ij 

*85 36 -1; 0.85 


- 6.-7*':i®Si- ibt; iss: -01 ilj* 



;.hr Oplt.al 3- PM 1-12 78 
i.'.oii-'-C'roO" S3 Oil U 78 
Immisfr 'fi DM- 
iii'cu 31 >» nxi ... . 
Fnnnhfni6.il.:;'.. >t. -D'l 

■Viiraiir i9aii-.lt fci'T'M 

rrr^ipe^Vir. M.-i >>; P'l 
NtpDi-Tn .StiJnptki S' PM 

v'K'.in' nu-M.l s' .-a 

Riwh-Ji. PIC" .. 
Sjnkjiy-'EJrupr-*: DM 
Nanr'r.fcli-cfnnT' DM 
Solni*-'Bori*e S3 s.t DM 

SranWi-'-.-Kl^jeikjt i; »« 

TrlD-(6fjTti'<wJ’,.Xi,S'; OM 


10 73 
1 79 

1 79 
U 78 
12 78 

3 78 

2 79 
10-73 

a-73 
11.73 
4 1 70 
1173 

11 78 


538 1 7T r-,93-. 16 4.9 

841 1P7J -im -Or '-1L2J ' 

454 ao . 'liaj -01 2 J 6 ' 

1273 S0li -TSU -=0I 0.75 
612 .-■4Bi'.'48'-- 7 0;.14J4" 
854 - '-48.- .’.9?; -01 4.43 

5B3'.‘ ■; 9B1-. 982 -Oi : SJl~l 
738 n?;. it7i -ros 2 ^ 1 - 

477 94J 1006. ■ ■ -r. - : — 

617 104J . 10*2 -■«: ;15J3 

864 125 - 12*-.- - 0 ; .10.21 

295.. 9W -t 0» 12.83 
127S .* 1186' US; .-Ol -C.4J 
SH-. tHi -MJ2-..-0; :-.i5.33 
. .971 -01"- 11.17 


•T'lSii-drrfuDTraiinn nv,iilkNi--^5ri*ii»iei jnri-^ 

' fjnll onj> .purli; l-^nak'oTx Topafirtl 4 orire. .;.■ 
Smlgf*.: Bam6»r 37>a jl-M -ti-ffiri-'TlcM ,h' 

. . ;2S J , .nu.ytrr.r 15 uvi .TirifHMir iiit.-OT in. o - "' ■ - T — 

‘-WN* 58 .«?8«.vm. ; liicjyi-n t»oi1>,u;|iiir>, 57. k 
tifanai-iiV'T prii-V a> ri fi — j 


in. Qiiirian-;', nf cJirr^ 

nf Lilians. lULtni-l 
.-u9i»r. . 

riL.iiwuniAti d fr •. -loUcir*. nnt-.'s ‘orjk-c- 



rh“ n-'i-i r*'"rr.' nri-.- n; ;h* ih.ir-i 

f.-.-uth; Tim-- 1 •<! !47; p-pr-’M- ■- ••‘■."l- 

nr in Dirt m an% form pn* p-rni''f*-1 wriiup 

cnnisDt. Data *OTcUtd by Intfr-Bond 57r-ic?8. 





J a ■ 


a .. 

5 ; 


S •-■ 

fc: 


S' .*. 


•-- 5 ! 


6 :.-' 

* 




.A- 

-F 


■li 4 


i c 






r* 


-i . 


I ES 


IV 


r-> 

•X . -, 


- 5 - 

! x.« •*. 

IE U\ 


I 1 *; -- 

b: •;! 


r 








.*■ * ; ...... * 




Financial .Times Tuesday October 24 1978- 



BHF-Bank Daimler-Benz optimistic 
raise $26m despite production loss 

by rights BY G UY HAWT1N: . FRANKFURT, Oct. 23. 

By Our Own Correspondent DAIMLER-BENZ today an- must be remembered that cus- new “T range” and output Tor; 
FRANKFURT Oct °3 ■ nouoced that it will at least equal tomers for the company's smaller the year as a whole should total - 

nTTfi ivFo ; last year's profits record despite cars have to wait For up to four 380,000 cars compared wuh 19 j / s’ 

fiirtlr the wa 3e dispute in the West years Cor delivery. Export sales 401.255 units. Commerfcal vehicle! 

tuner OanK iDnr-banM luua> . f; srn .. n IllPF-il Inrflicfrv mrllor rliii-inn »ha fin'd nonlArf fall fnr.nl nnutunHon nl rhn .nmo lima is. 


BY GUY HAWT1N 


FRANKFURT. Oct. 23. 


I DAIMLER-BENZ today an- must be remembered that cus- new “T range” and output Cor! 
; nounced that it will at least equal tomers for the company's smaller the year as a whole should total 


Move into Ferodo plans a further 

a^stora takeover in France 

Kopparberg byd*™*™™ p&ms - 

By William Dultforce AGAINST A background of purchase of a 92L5 per cent used 

stagnating sales and profits in its interest in a Joint venture with industrial activities, the com 
STOCKHOLM. Oct. 23. French-based operations, the DBA. the Bendix subsidiary said. 

STORA KOPPARBERG made a Ferodo motor components group which holds the 51 per cent con- Overseas tosine^ was 


BY DAVID WHITE 


PARIS, OcL 23. 


AGAINST A background of purchase of a 92^ per cent used in "P 

stagnating sales and profits in its interest in a joint venture with industrial activities, the company 
French-based operations, the DBA. the Bendix subsidiary saia . . ^ . 


The 300 000 new share* which | The group, which manufacture^ lhe firsl nine month s of 1877 to this year has been hit by weak, steel operations to SSAB, the electrical components business Ferodo has paid— hut Its plan to in the same period last year. The 
carrv dividend rights from Julv the quality Mercedes motor cars -* ust 407 P er thc emphasis industrial capital investment in new half state-owned steel com- in which Lucas Industries of take full control failed to receive company said we 2Vi r nrat nair 
1. 1978. will be placed through a ! and commerical vehicles, lost 'i n exports has not declined, western Europe and growing , pany , siora Kopparberg will be Britain holds 49 per cent, Ferodo French Government approval. - figure was boosted by exceptional 

consortium led by Deutsche production or 25.1)00 ears and Foreign orders remain at a high wmrld overcapacity, said Daimler- ! . " d * has announced its intention of Ducemer- remains a joint smb- earmngs. 

Bank. West Germany s largest S.000 commercial vehicles as a re- . r , Ben*. The groups competitive ; taking over - a foreigD company sidiary of DBA and Luc^ but Tumour of tbeparentcom- 

commerciai bank. The new shares suit of the strikes affectina . the However, demand for the position both at home and «£om January I, and no substantial business in our the Ferodo deal gives the French pany rose by 3 per cent to 


consortium led by Deutsche production or 25.1)00 ears and Foreign on 
Bank. West Germany s largest S.000 commercial vehicles as a re- 
commercial bank. The new shares 'suit of the strikes affecting the However, 


demand 


nuiig 3«iu nuJn naiwi- anW nnwor wim-l nas announced US lUiCHUUU OI UUKlilW ICiuoiuo a 

Bonn. The groups competitive: J* p ’ ^ P , * ^ taking over “a foreign company sidiary of DBA and 

position both at home and.??"* f'. ^ with substantial business in our the Ferodo deal gives 


commercial nans. me nen snaies. sun ui me anEcung me _ . — - . . , . — ----- nan iub *:«««« — " -r ... 

Will be offered to holders at the metal industry this year. In aiu.Sroups commercial vehicles re- abroad, has been hit by the comparison^can be made e of autouJobile products.” group control of the majority FFr 922m in the six-month 

ratio of one to seven at a price of the labour troubles cost the group mams slack, as it does through- appreciation of the Deutsche i«t > ear s i^ults. In a letter to shareholders of voting rights. . penod, but Ferodo s sales 

DM160 per DM50 nominal share, some DM l bn in sales DUt the West German motor m- Mark against the dollar. . The eight-month performance s A Francaise du Ferodo, the Another move outlined in the showed a 5 per cent drop m 

free of stock exchange turnover j Hov ,„ v „ r Jn , he firs . dustrj-. Today's interim report Daimler-Benz this year plans a rather ■ better .than company's chairman. M. Andre shareholders’ tetter is coopers- volume. •• - 

tax. wowe \er. in the first nine f rora t bc group stales that lolal capital investment of DM . forecast. Mr. Erik Sundblad, the Bnissor , 5,5,1 iv,,? company was lion with “a specialist in the On the other band, turnover oF 

According to today's state- ' (SioSbn*! deaiand within product groups Llbn out of its 197S-S2 domestic, managing director, told the als planning to raise its equity production of electronic com- Ferodo '3 foreign interests rose 

menrs. the new shares will be P q varies S real »- DM 71)0 ™pita] Investment pro- annual meeting in May that be now ** at FFr 154m It Jonents” which Ferodo expects by 25 per cent in the half-year, 

offered cm the stork exchances at * II s the «? om ; Demand from abroad, overall, gramme. This should secure the hoped the company would break the first time Ferodo has to be agreed on in lhe near and the company expected con- 

Frankfuit. Berlin. Duesseidorf. ? or b , f e P wost n has been disappointing although groups international competitive; even before lax in 197^ after conic to rtic market since 197a fSiure, fitting in with a series of solidated sales this year to be 

Hamhurg and Hanover. _ J " to DM I5fittbn * cce P tanw of Daimler-Benz s new situation, as weU as J< * s , jl« mp J" 8 rhl He disclosed no further details pacts being negotiated between 7 per cent higher than in 1977 at 

Holders of the Bank's 1972 at J2r M ,. *®:? ,bn Bremer transporter tup to four >□ the Federal Republic and m- last 1 ear. The eight-month report . -,. hpr of fhese D , am -. French groups and U.S. semi- over FFr 4.6bn. passing for the 


Holders of the Bank's 1972 at fJSfflSffVaiSt DMlSBte! <bn Bremer transporter tup to four in the Federal Republic and in- ( last year. The eight-month report of elther of lhese p| ani5 . French groups and U.S. semi- over FFr 4.6bn. passing for the 

convertible loan stock will not , b n ' dM 15.63bn registered tonnes 1 has been crease production capacity. .anticipates a final pre-tax figure Fero d 0 -s effective control of conductor manufacturers first rime the SI bn mark. First 

have rights to participate m the J» ,ea r j re of how the wage con- higher than expected. Both at While profits this ye ar are - for ^the ; 100m DurolHer. which is being con- Ferodo's .recenUy-estahlisbed half figures showed a 6 per cent 
rights issue. They will however. nic i n " ou'PU 1 - home and overseas this range is unlikely to fall below the level .after extraordinary items. , . . . . liea _ involved the Cl <? subsidiary Valeo miaht he' increase to FFr 2-4bn. 

receive compensation in the form • Domestic turnover, totalled expected to pick up a growing of last year, they have been hit.! At the eight-month slaqe lastl lested by Lucas ’ mv0lved tSe u - s - subsidiary. VtUeo. mignt be increase to in -Aon. 

of a DM 12 reduction in their. DM 9.29bn (ja.lbni compared market share. not only by the effects of the year. Stora Kopparberg showed I 

conversion nrice. with DM. S-37bn in the firsl three- On the car side, the group has wage dispute, but also by the a pre-tax loss of SKr 105nt. -m-m — -J , m 


The rights is?ue will increase quarters of 1977 — although it had considerable success with Us increased cost of raw materials.! Disposing of the steel business | 


the Bank's nominal capital by 
DM 15m to DM 116m. 


Sceptical 
reaction to 
Volvo deal 

By Fay G jester 


has thus helped to bring a 
SKr 163m improvement in earn- ] 

f A 1 • lings. After extraordinary items, 

Skanska Cement profit mcreases w ^ 1,3m 10 ’Lr™ 

M . A comparison of the operating p ^ 

BY OUR OWN CORRESPONDENT STOCKHOLM. Oct. 23. Jg®[ ^J^SSSSSS J ^ “ 

SKANSKA Cememgjuteriet. the SKr 336m recorded last year. SKr l.Bbn during the eight Siora Kopparberg shows a fall | JSJJJ 1 *!? 1 ih » 
largest ' -construction group in This result .would be rather monlhs. to SKr 6.7bn. VVhile uf SKr Bin to SKr ISoin over the i . 

; both Sweden and Europe, reports better than that forecast In the domestic orders declined. ! eight months. But this figure}** . 


Volker outperforms Stevin 


BY CHARLES BATCHELOR 


AMSTERDAM, OcL 23. 


NORWEGIANS REMAIN scepti-' , N^ n ‘ l °n a turnover ot that it would do well to maintain tn aauai Arabia and iunisia against atoch gams or ai\r aom 

cal about the proposed cars- for- SKr 4.49b n (81.56bn) during the earnings in 1978. during the period. At the end of Iasi year and depreciation Is up 

oil deal with Volvo ol Sweden, a i fir si eight months. The profit is The improvement stems from August foreign contracts made by SKr ISm to SKr 127m. 
public opinion survev shows. : SKr 16m higher than that for the foreign contracts, not from up 45 per cent of the order book. The net financial charges 

Nearly half of them still do not corresponding period last year, domestic business. In Sweden compared with 33 per cent in 'remain high at SKr 127iu or 

know what to think. : while turnover growth is slightly building investment will fall January. ; SKr 17m Larger than in the 

The survey conducted last • ie-*s than 15 per cent. short of the 19n level, because Group liquidity increased dur- ■ corresponding period ot last 

month and published todav in the : The managing director. Mr. of the sharp decline in spending ing the period, partly as a result! year, when the steel operations 
Oslo daffy BagWadet. st HWHUhw-' BengLHaak-ftow -expects a final Jjy industry. The growing impor- of advance payments on con- [were included. However, this 
32 per cent of those questioned , turnover for 197S of around lance of foreign contracts for tracts. The financial item tn the . year's charges include SKr 23m 
fed negative towards the pro- SKr 7.2bn and pre-tax earnings Skanska is illustrated by the profit and loss account shows an • in estimated interest costs on the 
po^als. 24 per cent are positive 1 “ somewhat higher" than the order book, which rose by income of SKr 57m. j pensions debt — these cost* were 


4 rnmnarimn nf ihp nnoritini l TWO DUTCH construction increase. In today's offer docu- Turnover on the basis of com-. 
Profit 0 depreciation fa? I groups. Adriaan Volker and ment, Stevin said It expected pleted work will rise ransider- 

Ihose o Derations femaimne with 1 Stevin. today announced sharply profits for the year to be FI 33m ably to FI 1.3bn. Work outside 
siora Knnnirbero shows a rail ' differing rotes oE first half profit compared with FI 31.3ui last Holland will account for 67 per 
ufSKr mn.nSKr l^mover the ! io the offer document time. cent of the total compared with 

ei<>hi mnnihs Rut ihis Knuroi published to mark their Torth- A new joint holding company, -71 per cent last year. Orders in 
includes ; 'm in stuck ioUps i coming merger. Net profit at to be called Volker Stevin, will hand at July 1 were worth 
iaainst sfock "Tin* of SKr 50m Volker rose 35 P« r “ nt he set up. Shareholdere in FI 1.3bn. 

25 dcnrcciation Is FI 27m (S13.5m) in the first half Volker will- be offered 11 new Stevin expects turnover to rise 

bv SKriSm SKr Sin P of 197S - wh,Ie Stevin reported a Volker Stevin share, and one marginally to just over FL L8bn. 
"t-u „ 5 per cent increase to FI 16.4m. convertible debenture, for each It, wo, expects th<r foreign cum- 

1.^! The two firms last month said Volker share, while Stevin ponent -to fall this yeaiv- to 54' 
remain nt^n at aw lmu or ^gy expecte d to make a com- shareholders will be offered a per. cent from. 58 per cent. 

Jr bined net profit of FI 85-90m in one-for-one share exchange. Orders-in-band at the end of 

‘ /L whole of 1978 compared with Volker expects turnover on the August were worth. FI l.Tbn. 

L^.ro unLilP 6 raU ,T!f F1 7I.3m last year, with Volker basis of production to rise 7. per sharply down on the figure of 

„ e ™ -15“ contributing most of the cent to FI Llbn CS550m) in I97S. FI 22ba in January. 


posals. 24 per cent are positive* soinewnai nigner man me oruer oook. wnicn rose oy 

and 44 per cent don't know. ] 

Three months earlier 25 per ceot i • 

SI- Pirelli turnover cut 

know, v 

The September survey shows ' - BY JOHN WICK5 ZURICH. Oct. 23. 

will benefit SwedeS'mo'l^and' ' CROLT TURNOVER at Societe SwFr 15 per share for the year 
ncr cent believe it Trill’ benefit Internationale Pirelli, of Basie, to June 30. after profits of 
Norway 1 and Sweden equafly! fell by 16 p-r cent over the flrsi SwFr n (KOTnn agains. 
only 5 per cent believe Norway haU a ^thc current flnane.al year SwFr W..S11, prev si™ 


Assicurazioni 
Generali lifts 
income 

By Our Financial 5tafF 


will" reao the mo«t benefits and 3 * 3 result of ,he -tiT'nslb of group turnover for 1977-7S as 

34 oer cent do not know . Swiss franc in the foreign SwFr 2.96bn (S2bn;, a rise of [GROUP PREMIUM 

‘ exchanges. Profits were also 11 per cent over the previous! Assicurazioni Gem 

A . • LI down on the " previous year's year's figure of SwFr 2.66bn. I largest Insurance 
Austrian Dank i levels, according to the company. Investments returned to js. 4 per cent to $ 


increases 

capital 

By Paul Lendvai 


exchanges. Profits were also 11 per cent ove* 
down on the " previous year's year's figure of Sw 
levels, according to the company. Investments 
which form* part of the Dunlop “normal levels" 
Pirelli union. sum of SwFr 13 

The Swiss holding company, with high ex 
which has already announced an SwFr 220m and 
unchanged net dividend of lhe two preceding 


pciiaiUAia UV'UI uicau luolo wcic m J 9 /I . ( - - « _ * p 

teken as opcraUn- costs last I (J C 0 |||ai||taiIlS IOTeCaSt |IndQStne BuitOm 

d.^rtMoflSrSniMS pro- BT «* OW . N CORRESPONDENT AMSTERDAM, OcL 23 ij£32jJK ! " 

duels increased during the spring- OCE-VAN DER GRINTEN, the 7 per cent higher at "h 67.7m i bas set up a holding company in 

and summer, and production Dutch copier group which Iasi but a less favourable interest ' France as part of a project to 

SEd y (?ric«’ , foS el SSlp be a„" »»r acquired the British com- SrtftTofdtagf’.SS! 

papers and timber have firmed. P?* 1 * Ozalid. is to raise its a tax tun meant the!?®S Ftnan ^ Staff writes. 

I although pulp prices are still on mlerim dividend to FI 3^0 per increase' at the net level was 1BP Europa ' “ e ” ew holaing 
l the whole lower than the average! Fi 20 nominal share from smaller. Turnover rose S per j company, will control the group's 
. for last year. ! Fi 3.60 last time. Net profits cen t to FI 916m <S45Sm). The ! operations in France. Britain, 

..... Pulp stocks have been reduced I g* s ® ”- v ., 3 P? r cent to figures include the results of ! Holland. Sweden and Spain. The 


- '--VIENNA.- OC4.-23: 
KOMMUNALKREDIT AG. the 
Austrian development bank is. 
increasing its capital by Sch 30m 


Inc *ii' he no ains comnanv wiin m^n exoenditurp of — ^ , v a » u - c . __ — . «o 0 _ wi»j ■» utsi a uiuiiuu, ure i iwduu 

rich has already announced an SwFr 220m and SwFr 194m in Premium* ror both its Kalian and : for higher .capacity utilisation. ^ th^v^rTn^NoIemberSO said ~ N «* 1 P« r sbarerose' medium-tenn loan 
changed net dividend of lhe two preceding years oversea* business amounted to! "bile lhe fine paper plant* have In me . uar enain, riovemoer ou. t0 pi 16.16 ironi FI lo.73 in i of French and Iti 

1__ S5S7m. an increase of 17.4 ner heen working at full capacity. Oce's operating profit was 1977. — 1 a total of S2l.5m. 

» ■ ■■ cem ’ arK * 1 he claims exp’rienccj .7 ' 

Geneva bank downturn I : 7 .. — - .;v . 

during the first half-year 
amounted to S69m. a rhe of 21.7 


loans from a group 
i Italian banks for 


BY OUR OWN CORRESPONDENT 


ZURICH. Oct. 23 


100™. (•■S2.25ml. . The ; DESPITE A fall in nei profits by some SwFr 6m over the j per cent, and for the whole year 
rf d K a Lr Tin. vJhirf..- n,lr.r ' SwFr 7.0Bm to SwFr 6.16m. period lo SwFr 127m. (is estimated to exceed Sl43m on 

of 15 per cent, whereas other Geneva -ha<pd Societe The Swiss watch and electronic investment* which will exceed 

major shareholders arc the hi components manufacturer Porte- SSbn 

Postal Savings Bank and lhe rinancierc I.ulu-Suisse ha* sca „ 0 r r a ChaiL\-fle-Fonds * * ° . , .. 

Genossenschaftliche Zenlralbank. expressed satisfaction with re i.as taken over lhe Philadelphia^ a ]ioc?uons t.^s^fl^cciremcmTSd 
Mr. Peter Schramle. member g 3r d lo lhe 1977-7S financial year based company Transicoil. ™«on funds amoSmed ro 
of the Board, was'eiected jester- and recommends payment of an Transicoil is n producer of pre- sifl-’m an increase of -»i s per 
day as new director general unchanged 10 per cent dividend, cision equipment for use in fhe cent 

in place of Mr. Josef Neubauer .plus a bonus of 2 per ccnl. The aerospace sector and in numeric twc results for the vear ire 
who retired. Dr. Josef Ben- fall in profits is attributed- machine controls. The Swiss expected to be at least ‘equal to 
ninger. a director of Zentralspar- primarily to increased deprecia- group already plays an impor- those reported in 1377 when it 
kasse, the \ tenna-based savings lions and provisions and the fall tarn part on the U.S. market for earned a net profit of L22.Sbn 
hank also- joined the Board. ■ in interest rales. Net assets rose direct current miniature motors. i826.5m). the company said. 







October 1978 


This announcement appears 
as a matter of record only. 


REPUBLIC OF VENEZUELA 


DM350,000,000 

long term loan at a fixed rate of interest 
with Banco Central de Venezuela as 
financial agent for the Republic 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


BAYERISCHE HYPOTHEKEN- UND 
WECHSEL-BANK 

DEUTSCHE GIROZENTRALE 

- DEUTSCHE KOMMUNALBANK - 

HESSISCHE LANDESBANK 

- GIROZENTRALE - 


BAYERISCHE LANDESBANK 
GIROZENTRALE 

DRESDNER BANK 
AKTIENGESELLSCHAFT 

LANDESBANK RHEINLAND -PFALZ 
- GIROZENTRALE - 


LANDESBANK SCHLESWIG-HOLSTEIN 
GIROZENTRALE 


BADISCHE KOMMUNALE LANDESBANK 
- GIROZENTRALE - 


LANDESBANK SAAR 
GIROZENTRALE 


HAMBURGISCHE LANDESBANK 
-GIROZENTRALE- 

WURTTEMBERGISCHE KOMMUNALE 
LANDESBANK GIROZENTRALE 


BREMER LANDESBANK 




Royal Insurance. UK Head Office. New Hall Place, Liverpool. L693EN 



’ 

a !. i 


i r:. 


£ .4 









F&aiicial Tunes Tnesday" October 24 1078 ' , 


M L. FINANCIAL AND COMPANY N LAVS 


IGERIAN BORROWING 

German banks join Euroloan 


33 


BY MARY CAMPBELL 


3?* v*. - 

I ifK 

1 * >• k 1 



. ST WEEK'S . unexpected 
•" :ision by the German banking 

- isortium to come into the 
Dm eight-year Eurocurrency 
□ is a great coup £or the 
;erian. ministry of Finance. 

• ce the mid-September cutback 
. the size of the loan from the 
<n originally scheduled to 
Dm. it has been widely ex- 
ited that the German DM 2bn 
incing- for the Warri steel 
nt would go ahead completely 
ependenlly. Now, it seems, 
s will not be the case. As- 
'ays planned. DM l_25bn will 
» rovided bv German banks 
ler guarantee of the German 
ion credit agency Hermes, but 
DM 750m unguaranteed par- 
3 . of the German financing 
alch also includes a small 
strian bank interest) will be 
. led to the S750m loan, bring-, 
it to $1.15bn. 

'he significance - of the 
-man decision is that it gives 
ch needed credence to the 
im hy the Nigerian Ministry 
t , Finance that all future 
t til’uTOWing from foreign commer- 
lV? fjl banks for financing capital 
** jects will take the form of 
?e loans to the Nigerian 

- ernmenL What many banks 
)ed and expected was that 
us would he arranged on a 
jeer by project basis by 
ionat groups of western banks 
king up their companies 
dering for business. 

*he telex setting out the 
.erian MoF's policy (which 
; sent to major international 

■ (ks early in August) said that 
Warri project might be an 
eption to the general policy 
gotiatiohs with the German 
iking consortium were more 
■anced than on other co-n- 
its). The fact that the 
inan banks have decided to 
odon hope of an independent 
ject financing for Warn is 
. „ re fore doubly significant, 
.ccording to sources in the 
-man / Austrian banking 


Record 
Profits 
it SA 
Druggists 


syndicate, the reason for the 
German change of heart is that 
the Nigerians said they would 
reconsider the whole Warri pro- 
ject if the German banks did not 
add their loan to the jumbo. The 
contract was of considerable 
importance to the German con- 
sortium building the Warri com- 
plex (a consortium led by 
Gutehoffmmgsh title and involv- 
ing a lot of top German com- 
panies). Given that, 'the 


the Germans into the jumbo is 
by no means complete. One way 
or another the $395m portion, 
which was originally to have 
been provided by the German/ 
Austrian consortium, will be tied 
to expenditure on the Warri 
project, with draw-down being 
effectively tied to progress 
reports by independent consult- 
ants. At the same time, discus- 
sions during the rest of this 
week could lead to the rest of 


The Nigerian government’s search for large-scale 
international finanefng bas received a number of 
setbacks in the last few months notably a West 
German decision not to. Join a Euroloan arrangement, 
/—ter the parties reconsidered their respective posi- 
tions and priorities, the West Germans have fin ally 
decided to take part in- the $750m loan. 


Nigerians have already Invested 
a lot in Warri themselves, many 
doubted that the project- would 
have been cancelled. But the 
Germans apparently -wanted to 
avoid evieh substantial delays. 

The news of the Germans 
change of heart js stiH too fresh 
to have produced definitive 
reactions . among the . many 
bankers hanking back from the 
Eurocurrency loan; but it has 
certainly boosted hopes among 
managers that the banks which 
have hitherto been -reserving 
their Nigerian lending ■ capacity 
to back up their customers ten- 
dering for contracts in Nigeria 
(loans which amount to a poten- 
tial of hundreds of millions, per 
bank, though onljj a few may be 
expected to materialise), are now 
reportedly nosing around the 
jumbo. A commitment from 
Japanese banks. noticeable 
absent from the lending 
syndicate so far, would be parti- 
cularly significant 
-The Nigerian victory in getting 


the jumbo being more closely 
tied to progress reports on the 
projects for which it is ear- 
marked. In other words the 
principle of a unified policy 
which has brought the Germans 
into the jumbo loan could mean 
that the jumbo moves closer to 
being a project loan, just as the 
German project loan overtly 
becomes an untied financing by 
virtue of being added to the 
jumbo. 

■ The key question here is how 
the loan will be administered, 
and this is still under discussion. 
One option for the German por- 
tion is for the whole $395m to 
be drawn by the Nigerian central 
bank immediately after the loan 
is signed. It would apparently he 
added into the Nigerian foreign 
exchange reserves figures but in 
fact be placed in a separate 
account to be administered by 
the Deutsche Bank. 

If a formula of this nature is 
agreed for the German portion 


Sasol plant construction 
reaches peak level 


y Richard Rolfe 

JOHANNESBURG, Oct 23. j 

OTR AFRICAN Druggists, 
• ich ifi the main manufacturer 
.1 distributor of phannaceuti- 

-s in the republic, and -which : 

now controlled by Federate 

Iksbeleggings (FVB), the' 
fuatrial arm of the Sanlam 
e Insurance Group, has 
A Jiorted record profits in a 
wfjrond interim statement for the 
P months to . end- August This 
^afiod compares with its last full 
” *ir to August 31, 1977. The 
r end has been changed to 

■ l-March to conform with -that 
FVB. 

A Druggists' turnover rose 
R117m to RI42m fSl63«0 
fl the 12-month- period and pre- 
V profits from R7.4m to Rll.Tm. 

: profit, including the Alumina 
up of companies, rose from 
,2m to RS.lm. Issued share 1 
.' -itai, however, has risen from 
...... .lm to R29.1m shares,, so 

nings per share are Up by a 
• . er amount from 19.9c to27.Se. 

• dividend has been raised 
n 10.5 cents to 12 cents and 
shares, at 180c, yield 6.7 per 
t. 

lea a while, the board has 
>n a look into the future with 
current set of figures and 
diets earnings per share In 
: with those just reported for 
rest of the current 18-month 
.ncial period, followed by not 
than 32c per share, for the 
r to March. I960. 


BY OUR OWN COR RESPONDENT 

CONSTRUCTION, work. : has selling prices for fuel products 
reached its peak on the second have been one factor, increased 
South African Coal, Oil and <5a& productivity has clearly helped. 
Corporation ; -(Sasol) .oiHJom- too. and the company has indi- 
coal plant, according to Mr. cated that in the past three 
D. P. de Vimei^ ' chairman' ■©£ years, the value of production 
Sasol. . The R2,45bn ($2.Sbn) has risen 89 per cent, total man- 
plant, called Sasol 2, is due to -power by 8 per cent and physical 
come on stream in year’s routput in- tons per employee by 

time. ... JL4 per cent, . 

I The local content of .the ' At the Sasol 2 site, the labour 
plant's construction has risen force has risen above 20,000 and 
| from 57 per cent to 60 per cent J"ge scale, training programmes 
t of "the total cost equivalent to have been;- set up ?n welding. 

I a saving of R75jn in inmort bills, pipe fitting and pipe installation. 
With the existing .Sfeol plant A bulk sartple of coal from 
supplying -about Wfcper cent of Bosjesspruit, the Sasol 2 colliery 
the Republic's oil seeds, Sasol 2 which will eventually deliver 
is expected to. raise the total 12m tons of:. coal per year 
supply to about one-third. to the plant, was successfully 

Sasol raised" turnover last year gasified at the existing Sasol 
from R693ip to RS33m (S954ta) plant during the year 
and pre-tax profits from R79m to Despite the- - general pre- 
Rllfim _($131m). While higher occupation with the Sasol 2 pro-. 


JOHANNESBURG, Oct. 23. 

ject, the group continues to 
research into alternative pro- 
cesses for conversion of . coal to 
liquid .and solid hydrocarbon 
fuels. Pilot plant testing is in 
progress for Kominic, the Aus- 
tralian consortium, to upgrade 
Australian brown coal into a 
solid product, by the Sasol 
solvent refined coal process. If 
successful, this will enable low 
grade Australian coals to be up- 
graded into a high quality pro- 
duct suitable for the steel indus- 
try in Japan. 

Mr. Hie ViHiers added thai 
“consulting services are being 
provided to numerous companies 
with an interest in coal Gasifica- 
tion and liquefaction ” and that 
a.- gasification test was _ also 
successfully carried ont on a 
sample of Texas lignite during 
the year.' 


Hongkong Land loan details 


BY ANTHONY ROWLEY 


ock Exchange move I 

? Johannesburg Stock .Ex- 
nge will close on December 8 
1 11, and reopen on December 
following -the move to a new 
Iding, .the. exchange 
tounced, reports Reuter from 
annesburg. 


HONGKONG LAND intends to 
apply around one-third of the 
KKS5S4m (U.S. 3123 m) net pro- 
ceeds of Its recently-announced 
HK$600m loan stock rights issue 
to refinancing existing debt, and 
the remainder to a current deve- 
lopment programme costing 
around HKS 1,100m- 

The document issued today 
formally detailing the loan stock 
issue gives a pro-forma consoli- 
dated balance sheet for June 30, 
1978 '(which - updates the last 
report and accounts by six 
months) and quantifies the im- 
pact that the major funding will 
have oh Hongkong ..Land's 
gearing. 

Total capital employed at 
June 30 was HK$4,325m, of 
which HK$L324m consisted of 
loans and bank borrowings 70 
per cent of them being long 


term), giving a debt cover of 3 3 
times. With the adding in of 
the loan stock (and exclusion of 
the refinancing of existing debt)' 
the debt cover is reduced to 2.6 
times. • . ~ ... 

Interest payments by the 
group this year (to December 
31) excluding Interest on the 
8 per cent unsecured loan stock, 
1984-93, are expected to be 
HKS94.7U], and would be covered 
4.3 times by the estimated profits 
before interest and tax. Interest 
cover fails to 2.9 rimes if a fult 
year's Interest cost on the loan 
stock is charged, however. 

The company is forecasting 
net - after-tax profits, before 
extraordinary items, of HKS276m 
this year, an increase of 22.4 
per cent over last year, after 
announcing interim net profits 
up 49.1 per cent to HK$135.4rn. 



HONG KONG. Oct 23. 

The loan stock document 
6hows that Hongkong Land 
derived 54 per cent of net post- 
' tax and post-minorities profits 
from commercial properties and 
5 per cent - from 'residential 
properties ' in 1977. A further 
- 11 per cent came from sale of 
residential developments and 
22 per cent from the food pro- 
ducts division. Hotels and other 
activities contributed the 
remainder 

Commercial properties con- 
’ tributed SO per cent of total net 
assets at book value last year, 
suggesting to . some analysts 
scope for improved returns on 
commercial properties through 
reversions. Hongkong Land is 
heavily involved on further 
major commercial and resi- 
dential. as well as industrial 
developments, in central Hong 
Kong and in the New Territories. 

The 50 per cent paid loan 
stock,- being issued at par on the 
basis of HK$1.25 . nominal of 
stock far each HK$5 share held 
carries warrants which, if fully 
exercised by December 31. 1986, 
would result in a total of 
HKSSOOm of new ordinary shares 
being Issued by the group. 


IFC stake in 
Thai Orient 
Leasing 

By Our Financial Staff 

THE INTERNATIONAL Finance 
Corporation (IFC), an affiliate of 
the World Bank, has announced 
a second investment in the equip- 
ment leasing field, with the 
taking of an equity participation 
of US$150,000 in Thai Orient 
Leasing Company, of Thailand. 

, Other sponsors of the company ' 
are several Thai financial institu- 
tions— the Industrial Finance 
Corporation of Thailand (1FCT), 
Asia Credit and the Bangkok In- 
surance Company — as well as 
Orient Lea ring Company of 
Japan, one °f the largest inde- 
pendent leasing companies in the 
world. Thai Orient • Leasing’s 
initial, capital is .approximate])' 
USSlm and. In addition, it Is 
arranging to borrow long-term 
funds from LFCT, including a 
suMoan from a -World Bank Tine 
of credit 

.The project -is expected to con- 
tribute- to the, . growth of 
Thailand's industrial and services 
sectors by encouraging the deve- 
lopment of a leasing industry as 
a supplementary source of long- 
term funds, says IFC. 


Tins advertisement appears as a matter of iccori only. 


of the financing then the prin- 
ciple of unity could lead to a 
similar procedure being adopted 
for part if not all of the $750m 
main body of the loan. 

In effect, therefore, Nigeria's 
use of the proceeds of the 
curent loan may well be much 
more restricted than was the use 
of the proceeds of the original 
Slbn Eurocurrency loan signed 
last January. 

Whether it finds the sacrifice 
worthwhile will depend on the 
urgency with which it needs 
untied foreign exchange re- 

sources. For, if Nigeria can cope 
with its immediate cash flow 
problems the establishment or a 
principle of jumbo loans, semi- 
tied to progress on major 

development projects, could well 
pay dividends in the medium 
term. One major bank said a 
couple of months ago that it bad 
S2bn tied up hacking customers 
tendering for projects in 

Nigeria; many banks had 

potential commitments of 
several hundred miilon. These 
would be released if the banks 
and the companies they are 
backing believe that the Ministry 
of Finance will stick to the 
principle of jumbo financing. 

Still overhanging the present 
loan is the legal dispute between 
Nigeria and various companies 
which supplied it with cement in 
1975. Most pressing is the 
Ipitrade case; Ipitrade, a French 
trading company, got an order 
from a French court which 
effectively prevents French 
banks from participating in the 
loan until a solution has been 
found to its dispute with the 
Nigerian Government. The 
Nigerian Solicitor - General 
reportedly met key members of 
the banking consortium last 
week and explained his view of 
Ipitrade and other cement-linked 
claims on the Nigerian Govern- 
ment 


Sperry 
Rand to 
sell equity 
to Indians 

By K. K. Sharma 

NEW DELHI, Oct 23. 
THE SPERRY HAND Corpora- 
tion of the UJS. is to sell to 
In dians all Its 605,850 equity 
shares la- Remington Rand of 
India. The sale will take place 
early In November at R 1 7.50 
for each share of R10 nominal 
—or a total of Rs 10.6m 
($L3m) — and with this 
Remington Rand will become a 
wholly Indian-owned company. 

The company was Incor- 
porated in 1952 as a wholly- 
owned subsidiary of Reming- 
ton Rand (prior to its 
amalgamation with Sperry 
Rand in 1955), but in 1967, the 
non-resident holding was 
brought down to 65 per cent. 
The foreign holdings were 
further reduced to 51 per cent 
In 1975, to- finance establish- 
ment of a new plant to manu- 
facture portable typewriters. 
In India, the company has two 
plants, at' Howrah in West 
Bengal and Faridabad in 
Haryana to manufacture stan- 
dard and portable typewriters, 
filing cabinets and a wide 
range of office equipment Its 
dividend, in 1078 was 10 per 
cent. . . 

Brown and Durean 
lifts earnings 

Brawn and Durean, the 
Australian import and export 
group, has announced a 19 
per cent profit Increase for 
the fiscal year to June 30, 
AP-DJ reports from Mel- 
bourne. 

Profits rose from AS1.7m In 
1976-77 to A$2m (US.S2.3m) 
in 1977-78. 

Turnover increased from 
AS9-3m to ASlQ.4m (U.S.S 
122m) in 1977-78. an increase 
of 13 per cent 


Electricity Generating Authority 

of Thailand 

U.S. $6o,ooo,ooo 

Medium-term loan 

guaranteed by 

The Ministry of Finance, Kingdom of Thailand 


arranged, by 


Lloyds Bank International limited 


Manufacturers Hanover Limited 


Continental Illinois Limited 


provided by 


Lloyds Bank Inirxnxtkjnal limited -Manufacturers Hanover Trust Company 
Continental Elmois National Bank and Trust Company of Ch icago 
Aciwifltrfi Japanese Bank (International) Limned . The Daiwa Bank Ltd. The Sanwa Bank Limited 
The Taiyo Kobe Banic^ limited The Toyo Trust and Banking Company, L imit ed 
First Pennsylvania Bank N.A. ' The Industrial Bank of Japan, Led. The Mitsui B ank, Limi te d 
Sin g apore Nomm-a Merchant Banking Limited Til* 1 Sllfflif"™* Ranfcj T -mrired 
Tokyo Finance (Asia) Ltd. A Member of 7V Bank of Tokyo Group 


September, 1978 


ST 

JBf Mewls; 
H OCtOiH 


Mew Issue 
October 23, 1973 


All these Bonds having been sold, this announce 
eient appears as a matter of record only. 


REPUBLIC OF VENEZUELA 

DM 150,000,000 
6/2% Bonds due 1990 

with Banco Central de Venezuela as financial agent for the Republic 


DRESDNER BANK 
Aktiengeselfschaft . 


WESTDEUTSCHE LANDES BANK 
GIHOZENTRALE 

D AIWA EUROPE N.V. 


MANUFACTURERS HANOVER 
Limited 


MORGAN STANLEY INTERNATIONAL 
Limited 


SWISS BANK CORPORATION (OVERSEAS) 
Limited 


Abu Dhabi Investment Company 
AflnS.pJL 

AKHil Bonk of Kuwait (1CS.C.J 
Algeniene Bank Nederland N.VL 

A. E. Ames A Co. 

Limited 

Amsterdam-Rotterdam Bank NAL 
Arab African IntemationaJ Bank -Cabo 
Arab Hnvica Corporation SJLL 

The Arab and Morgan QranfeH Finance 
Company Limited 

Araven Finance Limited ' 

Bacbe Halsey Stuart Shields 
Incorporated 

Bedbche KommunaJa Landesbonfc 

-Girozentrata - 

Banca Commerciate Italians - 
Banca dal Gottaido 
BancaNaaonatadeiLaVofo -- 
Banco dl Roma 

Bank of America international 

Limned 

Bank Jutaa BscrJirtematlonal 

Limned 

Bankart Trust International 
Limited 

Bank fur Gemrinwirtachsft 
Aktiengesett3Chafl 

Bank GutzwMar, Kurz, Bungenar 
(Overseas; Limited 

Bank MeesAHopaNV 

The Bank of Tokyo (Holland) N.V. 

Banque Arebe at Internationale 
<T Investiasenwnt (BJUJ.) 

Banque BruxeHes Lambert SJL 
Ban qua Rangaise du Commerce EXterieur 
Banque Generate du Luxembourg 
Soeeie Anonyms 

Banque de rindochine et de Suez 
Banque Internationale a Luxembourg SJL 
Banque Nationals de Parte : 

Banque de Naufitee, ScMumberger, Mallet 
Banque de Paris et dea Peys-Bas 
Banque de Parte et das Pays-Bss (Suisse) SJL 
Banque PoputaheSubsa &A. Luxembourg 
Banqua Rothachlld 

Banque de runion Europeenne 

Baring Brothers A.C&, 

Limned . . 

Bayertawhe Hypothekan- und 
Wectwet-Bank 

Bayerisehe Landeabank Girozentrate 
Bayerische Venrinsbank 
Uoh. Berenbaig, Gossler « Co. 

Bergen Bank 

Berliner Bank 

Akliengesellschaft 

Berliner Handeta- 
und Frankfurter Bank 

Blyfti Eastman DttkmA Col 
International Limned 

Bremer La n desb a n k 

CaioMdes Depots et Consignations 

Chase Manhattan 

Limited 

Christiania Bank og Kreditkaeaa 
Ctbcorp International Group 

Commerzbank 

Aktiengeseilschaft 

CompagnleMonkgasque da Banque 

Copenhagen Hendebbank 
County Bank 

• Limited 


CredKanstatt-Banfcvsreh 
Credit Commercial de Franca 
Credit Industrial at Commercial 
Cmfit Lynn nets 
Credito Itattano 

Credit Suisse Rret Boston 
Limited 

Dat-lchi Kangyo Bank (Schweiz] AQ 

Richard Dam £ CD. 

Bankiers 

Dan Danska Bank 
af1871 AkOeselsKab 

DennorekeCredftbank 

Deutsche Bar* 

Aktiengeseilschaft 

Deutsche Gtrozentrale 
-Deutsche Kommunaibank - 

DG Bank 

Deutsche Genosaonsch a ft s b a n k 
Dillon. Read Overseas Corporation 

Drexet Burnham Lambert 
Incorporated 

Effectenbank- Warburg 

Aktiengesellschatt, 

EuromotdBareSpJL . 

European Banking Company 
Limited 

Robert Renting A Co. 

. Limited 

Full International Finance 
Limited 

Gtrozentrale und Bank 

derostarrelchischenSpafkaescn 

Aktiengeseilschaft 

Goldman Sachs International Corp, 

GreenshMdK 

Incorporated 

Groopementdes Banqufer* 

Prtvks Genevols ' 

Hambros Bank. 

Limited 

Hamburglsche Landesbank 
- Girozentrata - 
KandeEsbank N.W. (Overseas) 

Limited 

Georg Hauck&Sohn 

Hessleche Landesbank 
-Ghorantraie - 
HH1 Samuel A Co. 

Limited 

ELF. Hutton A Co. N.Y 

The Industrial Bank of Kuwait ICS.C. 

(ndustriefnnk von Japan (DeutscNand) 
Aktiengeseilschaft 

tetttuto Bancarfo San Paolo dl Torino 

KansaBa-Osaka-Paeikkl 

iOdder, Peabody International . 

Limited 

K Mnwo rt , Benson 
Limited 

KredietbankN.V. 

KrcdhrtbankSJLLaxambotegeoisa 
Kuhn Loeb Lehman Brothers 
international 

KuweH Financial Centre 5JLK. 

Kuwaft Foreign Trading. Contrac ti ng 

« Investment Co. (5JUQ 

ifrrwH rnforaattaruri In w hr m t rf P-« n g .ft. 

Kuwait Investment Company (SJLK) 
BanWtaus Hermann Lamp* 
Kommandltgesetecftaft 

LandaabHk RheMamf-PMz 

-Girozentrale 

Landesbank Saar Olroxanti ri e 

UnderitenkScWawHKWstain 

GireMAtnte 


Lazard Brothers & Co. 

Limited 

Lazar d Fibres at Cla. 

Uoyds Bank International 
Limned 

Loeb Rhoades, Hombiowar krteflutfaral 

Limited 


McLeod Young WekhitemaHoiial 
Limited 

Merek.RnckSCo. 

Merrifl Lynch International ACa, 

B. Metzler seeL Sohn A Ool 
M itsubishi Bank (Europe) SJL 

Morgan GrenfaR A Co. 

Limited 

National Bank of Abu HiaM 
The National Bank of Kuwait SJUC 
The Nftko Securities Co, (Europe) Ltd, 
Mppon European Bank SJL 
Nomura Europe Ft V. 

NoRkfeutache Landesbank 
Ghozentrate 

Cstanelotiteeha Landerbonk 
Aktiengesallschaft 

SaL Oppenheftn Jr. A Oe. 

Orion Bar* 

Limited 

Pterson, Held ring A Pfarstei N.V 

PKbanken 

Postipanidd 

Print bankan Aktteaelskab 
Renouf ACo. 

Rothschild Bank AG 

NJM. Rothschild A Sons 
Limited 

Salomon Brothers International 

Limited 

Saudi Arabian Inv es tment Company, Inc. 
J. Henry Schroder Wagg & Co. 

Limited 

Sfcandfnavteka Enskflda Bariken 
Smith Barney, Harris Upham A CO, 

Incorporated 
SocietaGAnftrala 
Societa Generals de Banque SJL 
Society SAquanaise da Banque 
Sparbankamas Bank 
Sumito mo Hnance tntemationai 
Sun Hung Kai international Ltd. 

Svenska Handelsbanken 
TrinkauS 4 Burkhardt 
Union Bank of Finland Lid. 

Union Bank of Switzerland (Securities) 

Limited 

Union de Banquea Arabes et Rmcaisra 
-UJLA.F. 

VerafeiS'Und WSstbank 
AWiengasellscharl 

J.Vontobel A Co. 

M.M. WWburg-Srinckmann, WirtzACa* 
S.G. Wteburg A Co. U(L 

Westtatenbank 

Akbengesenschaft 

West LB Alia 
Limited - 

Wood Gundy Umttad 
WtirttanA a itf twriialte ^ 

YamatcW Intematfonrt (Eurooe) 

Limited 




L 


34 ' 


Financial 



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BY MA 


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WORLD STOCK MARKETS 


Pr Weak trend offset by late Wall St. rally 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1—79% <SGJ%) 

A LATE TECHNICAL rally left 
stocks mixed in active trading as 
the market attempted to repair 
the damage of its worst ever slide. 

Investors remain worried about 
rising interest rates and President 
Carter's anti-inflation message due 
to be announced today. 

The Dow Jones Industrial Index 
added 1.65 to end at 839.66, hut 
declines led advances more than 
rwo-to-one on a volume of 16m 
shares against the 43.67m traded 
on Friday. The Transport Index 
rose 0.88 to 224.73 and Stocks 
edged up 0.53 to 286.93. However, 
Utilities were 0.13 lower at 102.17. 
At lunchtime the Dow Jones In- 
dustrial Index had been 8:57 lower 
at 829.44. 

After the close. Chemical Bank 
raised Its prime rate to 101 per 
cent with effect from today. The 
industry only moved to 10 per 
cent just over a week ago. 

Dealers thought the 'Federal 
Reserve had moved to tighten 
credit further, but later revised 
that estimate. They said the 
apparent Federal funds target 
still seemed to be 9 per cent. 

The market was also aided by 
comments by U.S. Budget Director 
McIntyre that President Carter 
would be frank in his address 
about inflation and would detaH 
the “unpleasant steps'* necessary 
to deal with it. 


White House sources said the 
guidelines for price increases 
might be .flexible, . not fixed as 
Administration officials ’had said 
previously. A guideline of 5.75 
per cent bad been expected. 

Pan American World Airways 
topped Che active List adding 25 
cents lo S7£. It reported, a big 
jump in .third quarter earnings. 
UAL Inc- also active, climbed 
$li to $34$. 

Occidental Petroleum, in second 
place .lost $1} to $16*. lit blamed 
lower third quarter results on 
the effect* of the recent- rail strike 
on its coal division. Exxon lost 
j to in active trading. Its 
third quarter profit also declined 
and It cited currency translations 
as the cause; 

Standard Oil Indiana gained l- 
to 3512. Goir Oil l to 823} and 
Atlantic Richfield 2 to $52}. They 
eU posted higher ithlrd quarter 
oamitvgs. 

General Electric, which lost 
more than a point Friday in heavy 
trading, slipped again by * to S4&i 
in heavy turnover. 

Du Pont added 30 cents to $130}. 
IBM $lj to $2782, Merck $l to 
S57J. Alcoa 75 cents to $481. 
Active Eastman Kodak rose SI to 
SRI. Polaroid added ? to $401. 
Owens-Illinois $U to $21J, Tele- 
dvnc $4 to $95 and Xerox $1] to 
$521. 

Westinghouse Electric eased 25 
ce nts to S1BJ. It agreed to plead 
guilty to making false statements 


to th eGovernment on foreign 
pay-offs and to pay a $300*000 fine. 

. Seaboard World Airlines 
dropped $2 to $12*, ex-dlvidend. 
The Civil Aeronautics Board 
ordered Tiger International to stop 
buying Seaboard shares pending 
a review, iger was unchanged 
at $25 also ex-dividend. 

/ johns-ManviJIe lost 75 cents to 
3282. Its third quarter earnings 
rose slightly. 

Canada 

Canadian share prices closed 
lower in active trading. The 
Toronto Composite Index was off 
nearly 13 points with declines in 
II of its 14 component groups. 
Oil and Gas. Real Estate, Con- 
sumer Products, Transportation 
and Financial Services all fell 
more than 20 points. Losses out- 
numbered gains 408 to S5. 

Peoples Jewelers “A” shed 5 
to $18 J. Hie company intends to 
offer rights to purchase one dass 
“A” share at $12.50 for. every 10 
shares held. 

Dome Pete dropped $2} to $79, 
Imasco "A" lost $1} to $34}, 
George Weston $1} to $182 and 
Westbnrne $1} to $30}. 

Noranda “A" rose 50 cents to 
$34|. Imperial Oil's Esso Resources 
agreed to acquire an interest in 
oil and gas acreage held by 
Naramla's Canadian Hunter Ex- 
plorations. Closing volume totalled 


3,900,654 shares against 4,247,321 of the dollar and growing FI 1 to FI 46.5 and^Pakboed-Ml 
on Friday. - '. industrial unrest’ In France. Fl %A to FI 4±0. 


Tokyo gained fractionally- wflile LDrad mJSSjS - Belgian share 

TOKYO — The market closed lost Fra 14 to Frs 1 65 despite prices were mixed in moderate 
lower for the -first time in seven announcing plans to raise its tra ^n g . Lambert, Unerg, VSeSfe 
sessions following the sharp yen capital by Fra 700m. Montagne. H&ixurat Sombre, 

appreciation - in Tokyo. In a P( ,, liroot _ frrf _ e i 1 was y— a Wag ons-Uts and Fiuoutraner 
volume of 380m shares, the Tokyo • PeugeoMJtroen was rra » ^ ^ AstnrieimB , _• Union 

Stock Exchange index closed at lower at Fra oOl and in Rubber aimers Hoboken,. Socfin, XJCB 
438.19 down L53. ' - Mlcheiln fell Frs 43 to Frs 1260. ant j Mogane felL Arbed shed 

Export-orientated issues led the Rhoue-Poulene in Chemicals shed BFr 15 as did Soe Generate. Sofina 
fall with investors discouraged by Frs 4 to Frs 120. All foreign stocks and FN were also weak. “• - 
the higher yen. Matsushita Com- moved lower, undermined by the _ 

municatkm fell Y70 to Y1JT00, weakness oE wall Street. Legrand 1V ^ Uan _ , - - ' ■ 


.5- 'ZZJ522S ; , JS- Brussels 


BRUSSELS — Belgian- share 



OriL 


■ i -T-- 

Oct. 

.oeu:. 


Z5 

:so 

39 

, IB [17 

ualsfi 

ftSLor 

S46.4I 


87J * 

224J5 

87 J) 

22338 

■ 

B6J2 

222J7 

87.88 

288.71 

8822 *f 

257.44 » 


Pioneer Y30 to Y1.400, Toyota . .. - . Frv ' 1905 sod nujui*^— rriucs inuavu geuttrauyj 

““ c as.* jasra 

rSM-M l0 S Germany uk* 

, rose 'L “"15 pany's four-for-three rights issue 

i£ffument° s U of Sifi25on of the FRANKFURT— Share prices -fell at par value of L173. 
slKapanes^ f p?a«“nd Friend- te quiet trading on lack of buying All .leading Industrials, Bante 
shin S w maior interest and the fall on Wall and Insurances lost ground. 

fiSraSsM-is s was is-’s? < w-sa-? 3 B 

Y42S, Bridgestone 1 Tire YIS to In Autos VW fell DM3® and tanSs* ^tSm- L cEftt£?2£' 

Y52S and Komatsu advanced Y4 Daimler, which announced higher at . 

lo Y380. group sales in the first nine . , \ 

Cotton Spinners, Machine Tools, Switzerland 

and some Puhiii* wnrfc< issues which also announced . ■ _ 

also rose hut Pharmaceuticals, lister first nine month 1978 ZURICH— Swiss stock • prices 
sSop^LinS *nKme oS group sales fell DM 4 to DM 252. were lower at the close on the 
niS^aiS in L™rhv S BHF Bank, which said it was Zurich exchange. Trading, was 
eSLrStatS i2S? ^ ™ raising its share capital by DM moderate. The Swiss Credit TJauk 

exportronentated Issues. 15m t0 DM I16mi feU d.U 4JM. and stock Index was off 02 at 2452. 

_ . Deutsche Bank fell DM 3.10 to The decline affected most sectors. 

Paris DM S14.5- Among- Industrials Bnebrte, Motor 

The market eased in most ^c- witnoSx^SIwm^FwJCT^ 

tore undermined hy the weakness raoS/h feU Daf Gyr wc 

on. \ dr-b. in. On the bond market public Banks were generally weaker, 

20 titwir , a I so authority issues fell up to So a, e jjjg Three all showing 

“i^r ssssrr : - sii'isr SSMS* W talww* > re S"oSi 

S3 Zapata... J i4og I Ms® six-year W^t German Federal shares rose SwFr 5 to 736.. . 

347 S zenith Radio...-. 14>« 14 Railway bond at 6 per cent priced 

ass* C-s».'Dti«a.4gi6a» fe+r'ff ! t94ie at 99J per cent was not unfavour- 

eau E s J c roHi4i ^5/86; tso^s I tgoi? ably received and was quoted at a vSIO . . . ' 


MILAN— Prices closed geueraRy 


Electric Y5 to Y744. 4 

However, Issues related to trade 
with’ China rose in active 
trading following exchange of 
instruments of ’ratification of the . 


NEW YORK 


J tJr*. I 1X1. 

23 : 20 


I Or*. 1 Ort. 
I Z3 I 2D 


t Oii. ; «.H-t 

I S3 20 


Alrfywt L*J> _ 

Aifdreasrwi rapli... 1 
Aeut Life -S C»> 

Air pmiur-t' ' 

S Inn A himintuml 
At. via. 

A lie*;- LuHIhw.... 
All^fftenv Pon» 

Alliorl <'hernlm>.' 
Allied Stores-.... 
AI1I- riialmen ... 

AVLAX. i 

Amerxia Heu....; 

Anier. Airline-... 
Amer. Bran.tr .... 
AmerAiradiaut.. 

A met. lao.,.,,,. 
Amer. Cniunii.1 
Ames. Dlit. lei.. 

A iiK-r. Kl(Vt 

Amer. Bxpree*... 
Amer. Bruno Prort 

Amer. Me«tlcai 

Amer. Motor .... 

Amer. Nat. Gas.. 
Amer. SuiwUrd. 
Amer. stores...... 

Amer.l'el. & Te>. 

Ametek.._._ 

AMF 

AMP - .. 

Amrex 

Anohor Hcn-lnaa- 
AntiPiiMr Buscfa. 

Arinco. 

A.S.A 

Admen 

l«reo i 

A-bisod On I 

AU. MKhBehi.....! 
Aula Date Prou...| 

A VC - 

Awe*. 

.\eau Prutueu... 
tWt. K'ee*... 
Benflor Puata.... 
HaDk Anien#.-a....l 
Bank ere Tr. N.Y » 

Hamer <>n i 

Barter Xravenol 
uedti-Hx- eiajvl 

Beetoa Diekinwn 
Bei. jc 

Beadix... ....... 

BeaguetCoas ‘B* 
Bethlehem Sreet. 
Black Ac Decker..’ 

Boeing 

Ikibeuucaile — 

■Benton 

Ban* Warner. , 

Bran iff Ink • 

Hniacau ’A’ j 

Bruiai Myers I 

UPccADrtt K....I 
Bn.vekrwav Gla»»..j 

Hrunrwlrfc 

Bucyni- Ene..„J 

Bu Ii.ra Watdi j 

BurlmKtoa Nltan.J 
Uurrau|;b..........i 

L'ampbeilCMup....! 

Cauniiran Pacific.) 
L'anai Randolph J 

Carnation 

L«m«rt General 
Carter Hair ley.... i 
CaterpniarTnictt 

CBa j 

Cm* owe Uomn...j 
Centra] At s.tv....j 

CettaiDiee>l«......| 

Cevana .Vir.-rafL..j 
CUa^ Manhattan) 
Chemical Bk.A Y., 
Cb««breh Pimii.' 
Chess w s.i> tern. 
Chi/a^g Bridge... I 

CUryaler I 

Cmc. Mila~ton_.i 

CitiiMqi j ■ 

Cities Service — ■ 
Ot-v lnve*Uii*'....| 
Clevelami Cliff .J 

L^cat'ota j 

Colgate Haim I 

Coii ins Aiknuui..; 
Colamtna Gas«..j 
Columbia Piet_..| 
C-<m. ln-Co.o[Anji 
CVanhuslKin Bag.; 
Coinhu-Aioa briq — • 
i.'m'ivtli bdloon.' 
liMnm, Saterlite^ 
LivmiHiter SmencJ 
Cunn blelnb.....' 

Cnarac. J 

Cou KdifOn 

C-<n.-ui A'oo-.ta i 

Con-u' Nat'ias...! 
Consumer Pover 
Cuniineiiiiii Grj.. 
L^mtineatai Oil— 
Continental lete 1 

Ixelnl IVite ■ 

Cooper Iniius ' 


iVarung fi U»....... 

- 1 CPU Int'rn'tuMU-- 

I « Irene ‘ 

ICrurker Nall 

j Cii.ivii^c-.en«ciii 
j Cummins Mn*rine| 

[ C'urtita Wri|iht...| 

Dana- : 

| Hart ladurtT^et..' 

1 Deere 

; IW Mnate • 

J UeltiXM 

; LAentinly iBter...' 
j Detroit Wrtson.... 1 
Diamond shamrk 1 

; Dtoupbcne ' 

1 UiEUalEqnip i 

i Uianey (Walt) ; 

, Dover (ampn... a .J 
i i>m» Chemical....; 

| t'ravo 

. Deeraer ■ 

i Dupont- ! 

1 hagle Pitcher..... 

J baH Airillier...... 

, Ba»i disd kodak... 
j Baton 

ifc. G.AU : 

I hi Paso .Vai. Gas 

1 Klta _[ 

| Bmer»inUMirli- 
; Bmeij AirFr'tithi: 

| La i hart 

| B.M.I- 

i RngeJhanl— ! 

| fcsmark ! 

Klliy 

Bxxon ; 

Fairehiht L'araetal 
rei. Ilr*il Viinti 
J Firestone Tire. . 

1 f!.. All. IHSIDU. 

ifwi v sn 

K.iulCuj-. 

K-CvtdM Power. 

Kioor. - I 

P.M.C • 

; r’nnri Xninr 

I Foremost Mrt_.. 



r can it nn Mint .... 
Hneepasr Utnera 1 

Pruehaul..— ■ 

Fuqua Inda....—. 

- : 

Gannett..- I 

Gen.Amer.1av. 

(i.A.T.X 

l-hsu. UlLte .... 

I Jen. Dynamics- 
Gen. Bieotnas—.j 

Geo. Poorti. 

Meneral Millr. ...j 
Uenemi Motore-' 
(Jen. Pol*. Util... 

Gen. Olgna'i - - 

lien. I n.Blect ... 
Oen. Tire 

in ii— -i — 

Umivut ttoAr- 
Geuuun.'e-,. -,... 
Getty Oil — 


Dinette .... 

Uuoditcta B. F.„. 
Goodyear lire— 
Gould— —. 
Grace W.K— — 
UrkAtuua Pkc.-lee 
UK. Norm Iron. 

Lireyhouni ! 

Guii A Wertem..! 

Mull Ui I 

Usliburlnu ! 

Uaana Mialnn...| 
darnliclilefier. ...j 

tlai H- Lnrjjo i 

Homs H. J ! 

Haul-ein.. 

Heme Pkckarn...' 

j Hunrlay Idas. | 

Uamertake. 

Hanevuui- — I 

j Hoosei 

Ha-p-Cori'. A mm , 
Uuu-u.<a Aaklia - 
KuntiPtj j\)Chcn; 

HuUuu (K.F.I .- 

I.C. Inrtnrtrtcs...! 

loRerboli Kami...., 

Inia mi Steel - 

Inaiico. — ... 

! IBM. 

i ttm. Flavour-.—. 

| lull. Harverter— . 

■ loti. Min.VChem 

■ loti. MultitonG.. 1 

■ Ineo 1 

Inu. Paper 

Ink Rectifier..— i 
Ink l'ci. A Tei — 1 

Iowa beet | 

IU (nernauc-nai.. 
Jim Waiter.— — i 


S55a • Ml* 
601® i 5QU 
275« I 27i* 
2714 ! 27 
341* , 333 4 
33U , 33 
16 1 I6I4 


25 ; 26<a 

44 ; 441a 

195s I 19I 2 
341a : 34U 

8l 3 , 8l 3 

26 85T fl 

30 • 3358 

10 . 10l B 


Johns ManvUJc.. 
Jiihnson Johnson 
Jiriinam Control. 
Joy Ylann hutnr's 

K. Mar Curp. 

Kaiser A lumtui' in 
Kawer iartiiHtries 

Kaiser Steel 

I Kiv - 

I Kennecntt 

| Kerr McGee | 

Ktdde Walter. : 

Kimberly Clerk./ 

! Kotipera. 

Kraft- 

Kroger Co I 

Leaaway Trans-., 

Levi Straurs 

Libby Ow. Ford..! 

- UKKtt Gruup..... 

Ully (Kill 

Lltum lniiiist ! 

Dsdihotil Airer'IL- 1 
Lme Star Industl 
Long [aland Lhi. : 
D.>iusiana Land 

faihriA}! 

Lunky Stores j 

L'keY'nngat'wu.i 

Mae3Ullan 

JUuj- Ik H- j 

Mtta. Haniucr. J 

Uapai 1 

UilKln Oil 1 

■ Marine Mid land.: 

| Marshall Field...! 

j JJay Dept. Stores] 

i Me Dei-moa. u 

McDonnell Donjff- 

I MuGraw HiU ! 

! Menwres 

.Mere*. 1 

Merrill Lynch. | 
Mem Petn-ieum- 

MGM 

Minn MuinAMlj; 

.Mobil Cone..'. 

Monsanto. 

M'lrgan J. P... ..• 

.U>jtarola 

Murphy Oil ! 

I Xabwco....^ I 

Aateo Chemicala.: 
.National Can, j 

Nat. Dlrtlllers....; , 
N'at. Service lad., 
National Steel.... 

Naiomaa — ...| 

SCR I 

Xeptnoe imp...... 

A'eir Rngland E..' 
New England Tell 
Niagara Mofaaak! 
Niagara Share..;.] 
N. U InduaUies... ' 
Norfolki Western, 
Nnrth Nat. Gaa... 
Mho. Staten Par 
Nthweat AirUnw ! 

.N t hnaat ■ Bamurpj 
Norton SJmon....| 

Occidental Petrol; 
».*cilvy Mather... 

Oliio Ediaon. 

Otin I ] 

Overseas Shlpa.,.1 
Owens Coming...[ 
Owens Ulinuik — j 

Pacific Gas ; 

Pacini- Lighting..! 
Pan Pw. Ac Ltg.J 
Pan Am Wred Ain 
1‘arkcr HannitlnJ 

Pcahody Inti 

Pen. P». .V L. ! 

Penny J. C j 

Puuuai) 

Poiplcs L>rug !• 

Pn -plea Gas,. ; 

Pcjaicr ] 

Perkin Elmer. ...' 

Per 

I Pliicr • 

J Plieilis Dodge 

j I'hlladetplila Elc. 

I Philip Morris 

1 Plilliqn Petro'in.- 
j Pillslmry.... ... . ! 

; Pit ne.v-lfc.nTes.... 

PILMon. 

j Plcaiey Ltd .UJR- 

j Polaroid ‘ 

* | Putnniec Elec — ; 
jPPG Indrisfries.. 

| Procter Gamble-- 
Pub. Scr. Elect...’ 

j Pulmna 

Pure* — 

tjuakrrOats ! 

Rapid American.- 

Rartbeann 1 

RCA 

ltepubrJi Steel. — j 
I Resort* lot! : 


Revion.-.™.-....| 

1 Reynolds Metals. 

R^vuolda K. J. ...j 
1 RWi’rod Mew-U 
Rockwell Inter... i 
Rohm i. Haas.....} 

Koval Dutch I 

RTK 1 

Rusa Toga j 

Ryder dj-steni.... 
Safeway Binres...l 
St. Joe Minerals.' 
ol. Kepi* Riper... I 
Santo Fe Inita..— ] 

-Saul In veil 

ttaxiin lad* ] 

Si-J» lit* Brewing..; 

Schlumlnrtver ....] 

SCM 

Scott Paper 

Sci-vil Mxu ■■■) 

S-iUi.lder Dno.CapI 

Bn Container.... 

Seagram 

Searie 1G-D.1 ' 

Seam Rcvbuck.... 

SKDCU 

Shell Oil: •; 

Shell Transport J 

Signal 

Si^omie Con 

Simplicity m... 

Singer - 

Smith Kline..-../ 
SoLitron - 

Soutibllio-u 

Southern t nl. Ed 

Suutheni Co. 

Srbn. Nat. Rea...' 
Snurhorn Pacific. 
SouthemUAUwari 

donthland 1 

SVt Banslwre*.; 
Sperry Hurch— ..] 

Sperry Band ! 

Squihb 1 

Standand Brand. | 
Srd.OliCalunralaj 
Stn. CHI Indiana .1 

Std. Oil Ohio I 

Stauff Chemical..] 
Sterling Drug. ...1 
Stadehaher-.. — .! 

Sun Co.._ -| 

Sunmmnd , 

Syntex...— ; 

Technicolor. • 

Tektronix. 

Teledyne...^ 

Telex - - 

Teneoo, — _| 

TerOTij Perrpleom. 

Texaco. 

Tmuugulf.., ! 

Texas Basten.— i 

Texas InM’m > 

Texas Oil A Gn...| 
Texas Utilities... .j 
TtuMB Ins 

« imea Minor. J 

Imlt cn T j 

I'rnne I 

Trensmerica ! 

TrmnBoo. I 

Tran Union — .j 

yran- way I ntrn ...1 
Tran World Air...i 

T»rwn 1 

TriCwntinentaL.-l 

Triton Oil A Gaa.i 

TRW 

WHh Century Fox 

L.A.L. 

UARCO - 

CCI1 ■ 

Lull ever ; 

Unilever XV......] 

Union BanDitii...! 
Union Carbine.... 

Uninn Commerce; 
L'uli hi Oil Olil ... 

Union J'acific \ 

Pniniynl ' 

United Bnods.... 

I S Baucorp...— .; 

VS Ci.ipruni ; 

LSsroc — 1 

rS Steel ! 

! US TecBuoIugire.' 

| ITV luduairiex.. ■’ 
Virginia KIcl- 1— . . 

Walgnmn _ 

Warner-Ci.immn.. 

Wamet-fjiiiil^rt. 

Waale-Mnn'meni 

Wells- Fargo 

Western Banrort- 
Weraecn N. Amer; 
Vwiwa Cnlim.... 
Wevlingh’ee Elec 

Wryacu.. ; 

We.iTriweuser....; 
H‘hirl|*inl 
White Con. Ind.. 

WillLim O.i ! 

Wi Boon bin Elect... 


] jaw WjiwjJ 

ta JLng. 24! 1 

T- _ On. Xi 

r-7HT 

887- 


s • ' 

Or*. ] Oet. 
Ta { :‘18 

:.17 


119-21 

39.541 - 


WMB 

|. .OA. 18 .j 

SSS 

IKSSIKSp 

1 — j!jm r." 


Wool wurth..— i.-..; 19 is 

Wyly ] au 

Xenix- I 62 ig 

Zapata j 14 ob 

Zenith Radio..-. 14U 
UJr.Treaa.4giea» 

US !&vias4^5]86; tBO’g 
Cj 5. 90-day bUlsn 7.75> 


AMt IN Paper— ' 171-2, IU t 


Cj 3. 90-day bUls^ 7.75^ 

§' CANADA 

IU AWtihi Paper 1 171-2 

33 -tgnico Eagle • 6U 

73, AlranAinmtaiuni' 38ia 
6lJ Algnma Steel — 1 24 Se 

IX Albertos ...i 144*2 

8gju Banket Montreal* 237g 
vgu Bank A'mx Scotia. 22 
14U Baile" Ueonuncen..' 4.00 
217a Beil Trfephone...! BBm 
ni? Bovr Valley lniL.: 3B«4 


BP. Canada. 17 ; 17 tg 

Breican — 16»; I 16~s 

Brlueo 1 J8 nil ' :8.SO 

Calgary Power...! AT-ti I SB's 
CamflnwMInee... I4>« > 16W 
Canada -Oement.J 11^4 I 11 -4 
•Janada MV lam.' 87a • 8*2 

CanJmpBk.-Cionij 28^4 B91s 

■Canada Indus! I t»l ; ;21 

Uan. Pacific. • 22 la > 22&n 

c-an. Phuifie. lnr..‘ 22U ! 22ae 
Can. Super DU...,. 60»i • 61Ja 
Carling. O’Keefe.! 3.95 1 4.00 
Cosnar Asheatus^ 912 I 9^8 

Chieftain [ 24 - ! 24 

Cumincu— 1 40*4 l SOTa 

Cunv Bathurst...] So»2 I 35 
C-omumer Gaa.....' I7ia ! 17aa 
Coaeui ResourceSi 5.12 61a 

(-'retain — 1x21? < tl2lj 

D*m Dave! I 12T a i 12ia 

Deuiaun Mines... 73u j 771 4 

Dome Mines 1 IOOI3 99 'e 

Dome Petrrtonmi 79 I 814 
Dominion Bridge* asota 1 28>a 

Domtar : 22ie 21 >4 

Dupont.^....:.. ..[ 15 157a 

Falcon 'geNk-keL. I 33 328a 

Fool Motor .Can'l 82 j 62 

Genatar. ( 33 19 t 34t| 

Ghent Tel - wtuire.i 13 ig 14 
Golf Dil Canada-, 1 31 la 311a 
3a w*ker Sid. Can .1 8 8 

Hoi linger I 40 401a 

Horae Oil *A’ i 421 b 41i« 

Hudson Bay Alng 21 Ja .21 <a 

Hud ton Bay... — 20>e 20>4 

Hudson Oil A Gas! 42 4214 

I.A.U. J 1870 19 1 8 

Imaaoo — 34^ 36U 

Imperial OR— J 21 21* 

Ineo •A-—,.. .! 193* 19ia 

Inda 13V .14 

Inland Xat. Gas. Ilia 11 'a 

Int'pLT Pipe Luie IW4 18la 

Kaiser Rewnm-ea . 143* 16 

Luuri Fin. Curp.. 8 8 

Lobiaw Com. ‘B'l 4.40 4.50 

Uenid’o Bloed ... 22ie 22 14 

Massey Fergnana 117a 11*4 

McIntyre. ...... 26 26 

Moorv Corps S5q 356g 

Mountain SuteR 2.95 3.0G 

Noranda Mine— 64 <4 - S3]< 

Moreen Energy lbSa 
Nth. Telecom-,. .. 36 36 la 

Knnac Oil A Gas 235s 25 1 2 

t»alrwo.rt Petrl'n 3.78 3.85 

Pacific Copper M[ 1-85 1^5 


7 * 7 - 5£ J discount. 


Amsterdam 


Oslo 

OSLO— Industrials and shipping 
were mixed, while Banking and 
Insurances were slightly easier. 


TORONTO CompoS 


AMSTERDAM — Shares prices 
closed lower following the further 


Vienna- 

VIENNA— Share 


iofaHa 



■BSWBBTOB 



iffifKl 

1 J fXfi 




prices . were 


decline in the U.S. dollar and on generally quietly steady, gainers 
Wall Street. All Dutch Inter- including Allege me ine Eauporr. 
nationals declined, with Unilever Jenhacher and Veftscher. KabeL 
ISP*"* ^ 2^0 _and Royal Dutch- Meinl and Stoelzle eased. however. 
FI 1-10 t° F112o.L HVA dropped industrials ended Irregular. 

FJ 430. KLM FI 420 and ABN 

H 3 JO. Volker and Stevln were f nn pnhaoPn ' ' " 

unchanged after issuing their LUjJCuliagCu 
merger offer document with COPENHAGEN — - Stock prices 

higher first-half profits. OCE-Van closed generally lower, and deal- 
Dcr Grin ten fell FI 4.40 to FI 169.5 lags were fair. Banks and Corn- 
after Friday’s announcement of a m unications eased, while Irurur- 
higher interim dividend and nine ances were ' - unchanged "- and 
months’ profits. Heineken lost Shippings were narrowly mixed. 


Swtoarldl^ kslt’J 


I NOTES: Orereeaa prices shown below and/or scrip issue. 0 Per share. J Fyancs- 
I exclude S prenBnm. Belgian dividends 0 Gross dlv. ®i. h Assumed dividend -alter 
are alter withhokUhs tax. scrip and/or rlctas issue, k After local 

5 DM 50 denom. unless otherwise stated, taxes, mil tax free, rt Francs: tncludlnfi 
yields based on net dividends plus. tax. Dollar* dlv. p Nonj. .« Share split. ■ Dlv. 
W PU.9B0 denoin. unless otherwise stated, and yield exclude special payment. tlwU- 
jL DKf 100 denom. unless otherwise stared, cared dhr. u Dnoffldal tradlns. o KUrartty 
* SwFr 500 denom. and Bearer shares hotdera oafr. v Merger pendtns. * Asked 
unless otherwise stated. S Y50 denom. 7 Bid. {Traded, f Seller, 2 Assumed, 
mdess otherwise stared. C Price -at time xr Ex rtsfats. xd Er jUvidead. 'xe Ex 
of suspension a Florins, b Schillings, scrip issue, xa Ex alt * Interim since 
c Cents, d Dividend afler pendina rixWa increased. 


GERMANY ♦ 

[ Prtoe +orl Div.-TM 
Ott. S3 j Dm. -j.sjt 

ABU- J 847 : -0.Sl - I - 

Aiilsnx Vereicb— 1 514.0—3.0 j 3LM 3.0 4JmJo 

b5Srr:i:“i jL«iia» «.7 

'***■ — -■! -atriataa a*= 


TOKYO H 


■Wm Gun— 
'Jonoa — . 


j 40 40J* tJayor-Hypo 1 3«0 5 |28.K( 4.4 

•A* j 421 b 41i« Bsyer- Veretostitj 550-Oxr— 4^3 ; IB B.7 

.y>i« 21Jfl 2l7g O1haJat.N4l.wtWj M.U- ■! - - 

Ir ! gnu 20 U Oammwxbank-^.l 234.4 1 — |26.u8 6.7 


21 SK3 


lOonriGuman^ 


71 ^ -0.6. - I - 


Hitachi , 
rion.ta Moon . 

House Fonn 

U- itoh. 

ItoToiuiiio— 


,. i45 +4. 

. 432 1+2- 

. 868 —& 

,. 400 1-2 

t bub Ur: 

,. ‘544 U#*i 
J 227 ! 

J 471 1+1 

.1I.I6O L 

J 260 +12 

.1,830 1-20 
,.! *70 i-A 
.>2,9311 i + 10 
Jl.]40 1— lu 
J -BO J+4 


DvokertwffZemt. 1 

GutehuCnDnii j 

Uapag Uoyrt 

Harywnr — 

Huectut — — 

Hoeecb 

Hurten 

Kali uml Sma..__ 

Kamadt 

Kaulbol 

tuocfcner DM 100. 

K H !l „ 

knipp 


UiirtitiiMii Bhiw.I 


188.5'+ 2A | 9.36 2.3 nu r ,j*i Q , „ 

240.51—5.0 L2 2.5 »y»**-Ueiaiiiic ... 3.44 j i+4 

ion i nn mi n a Mat-uiJjitii in i... 144 (—5 

164 5 8 5 SSil M If -Ul.irtii Uans . 2c l ' 
164.W-2.6 «ib./B.I0.1 duwtitriii Heavy 124 

B1 - Birauwebicorp: 430 

“i* itS tasks ISS 

i 5 S"| a : 

M tt - ;<i— ILXo^.n, W 


95 \-l 
198.0— 5 
113 -f 2 


283.oii8.o at> +.4 


UmeaUnu 100..J1.B85 1-4 


327q ^aeinn Petnlenraj 39 Tb i . 40 

»gi, ftn. Gan. FaW 335*. 34 

J9j ; FMu»_ _( f2UU 20Ig 

46U BfipJea Dent. S.1 6ls 5*2 

60la W»»CiMkAOpJ 1.75 1.76 

28in Ws'-’ViDeveliqraif i5 26 

38 F rt,r ertnrpu«i'n 19>a 19 "a 

95o I *9^ 

62 O'leliw ritureerail 1.75 J , 1.96 

B36g RaoRerOil J ifilfl j 161* 

llrel dlvntiirafe^j 10to Id* 

67j ItiuAUii'm I 355a ; 35tg 

11 K»yal Hk. .if Can 35 U ' 35 1 = 

303a R.’V.I Tnirt I 184 ! 18Sfl 

Z7 lg _ 

25 U ScC'pt^lfiflbouEcvBi 61| Gig 

234 i»«srtam* I 304 305a 

41 r 9 Shell Canada la la 

19 /j dberrltiG. Mine*) 9i| B7 fl 

14 4 sioleni* o. G I 374 37 

26 s?imj««in ! 64 ' 81 * 

417a Tbuh.Ib..' 271a 88 

25 ra Bleep Rnek lire.: 3.6a 3.65 

30 TeT* v -i j *nfifi».„- 455* 46 

307 b TurunifiDiint. Hk,! 205a- 21% 

27 l a Tran*CanPlpe IjiI 17»* 175* 

32 Tran* Mount Opt; 8T( 8% 

17% 7.ria.v I 15 ;16 

20 Lnluti Gas ; 107* 11 

J-idWToe Mines* 8 . 8 

Hiram....! 35% I 36% 

Stu ^t'.-naw. Trans! 1U« ' 114 

H calm Geo.. 184 i 12^* 

t Bid. i Ask«L I Traded. 
Z7, » 0 New stock. 


UiitBanaa. 1 96 | — 3 

MAM 201.6—5. 

Via d H e t m an a. 181.7—2 

Metiui K o- ... 253 —3 

MuocbenerUuofc. 640 1+7 

Keefiermann 169 j— 2, 

rnuBMW DM 100 139.0 -6. 
KbeinWert-Kle-. 163.5,— l, 
Sennit—.—.- 278.0—2. 

->iemen»..._ dud.O.'— 2. 

30-1 looker ; — 270 1 + 1. 

iay>reo A.G ..... 122.6 -1. 

Van* 192 -3 

fUB.S 131.2-1. 


t'looeei— 

»nyo Klectne. 


96 j — 3 I 9.36 j 4.8 
341.6—5.6 [ 12 2.6 
181.7; — 2.4 jis.lb 4 7 
253 —9 1U 2.0 


f diiaemo.^ _.{1.3 3u 

□ « i = *-ny 1.390 

if 1 ;! t*Plw Marine— .. 240 
1BI..I ,3 la *»»Dbismioa.. +77 
1 ®-! b j 1 1 lUK 8.UOJ 


lu 2.0 
18 1.4 


im : 9«i _ “4iyu Marine—. 
139 O'-— 6^0 1 - - ‘ w ‘yok.wteuw'i 

>» ..a iss 1 

278.0-2.0 28.12 O.l tSS&'ESu” 
3U3.0 -2.0 I 20 | 4.1 \ 


004 :-i 
.060 j + 10 


lo-biba Gorp..„. 


30.1 Znefcer.— 270 I + 1.5 i2b.Be! 0.0 — Mr»irt>......l bcO 1—2 j 

t'nynen A.0 122.6 —1.4 'l/.lbl ISi Source Nlkkn Securities. 

Varta 192 -3 '17.1b! 4.5 

f KB A-.. ............ 151.2— 1.3 9.40 ! 4.6 

verem.AWe*tB* 300 18 ; 3.0 BRUSSELS/LUXEMBOURG 

VoUcreagen I 240.0.-4.3 1 25 : 5J2 — L^_1Z_ 


Source Nlkkn Secuntirs. Totoo 


1A £.0 
12 1.4. 

25'. 14 
20 2.5 
ie:j Lr 

i r 1 1.8 

n 2.6 

-18 Lb 
30 <k4 

12 2.4 
30 U.r 

13 08 
- 0.2 
10 4.4 
la | a:4 
la | 2.6 
30 U.5 
20 l.o i 


, i.g 

14 ! 2.3 
20 I 1.7 
ID j u.5 

12 as 
lo 1.2 
48 1.7 
12 | 2.4 


li. , 2 j 
lo I 1.8 


1- l 4.3 
1 | 3.9 

*• \ 1-* 


AMSTERDAM 


AtiUd 1*1. 30) 

Akzn (Fi. 80)—... 
A’uemBoJc(Fl.liXH 
AMEV (Ft. 10)-. 
Amrebank (FUEU); 

utjenknrt 

OotaWeet mfF.Ci 
Bubrm Tettcrode. 
Kuerier (Fi.33)... 
RanisN.V. Bearet 
BurComr*t(Fi.iir- 
Gistal Brocades F- 
He’nekjEn (Fl. 261 



I ; Cd 7 

U'». 2S i Friw + or Fra. IT . 

1 *- .-!*■! « 

A rued. .2,300 1—16 | — ! — 

trtoa | + or , Div.. i'TT. ■»*«* if. ; 75 ... .Ho 4.5 

Fla. ‘ — % I* k.B.K.Uement— 1.194 U-6 100 8.4 

i - - I Dd-kerlli l 424 i— 2 — . _ 

112.1— UJ jZB j 6.0 2.325 , .177 | 7.0 

29.8.— U.S ! — - ttwtrotrtIL :6.740 |-10 [43U ■ 6.4 

368.61- 3.6 jABibj 8.0 ^d^que Nrt.„. 2.975 j_j» |l7U 5.7 

86.61-1.4 5u- I 6.8 S*®- Inno-Bm — 2,480 |-20 ,150 I 6.1 

74 f—O.9 ABAfcf 0.1 Defawk.^— l.o45 —4 I 86 , bJ 

95 0.6( 26 o.5 OBLlBmx U— .'1,580 + 20 00 [ 8.7 

130.61— 1.7 j B2U b.3 Hrtcken—— . .iE.750 1-90 170 6J 

72.1— -1.7 2b U lirton-om — 1,025 l+B ‘142 I 7.8 

300 .+7 l 27 J) 1.8 
138 f-O.5 I 37.9 0.4 

71.5] i 94 Aj 4 J& 

37.8-0.6 | 20 5.3 
96.5;— 1 j 14 5.6 


motion biert.~..|2 t>40 


eaei-lA'r OL- 1 6!8 S- 8 - fnno-Bm — '2,480 |-20 iloO I e!l BUK 
74 I — 0.9 jAlUhl b.l t'erewk.— — La46 J— 4 I 85 i eJ «*AKI5 

95 ] — 0.6 ! 25 0.5 UHLlBnw U.—fl.SaO +20 00 1 5.7 “ 

30.61-1.7 j Bid 8.3 ^>^80 jf 7 dO U90 170 6^ Oa 

72.1— -1.7 j 2b | 7.2 .^—1.825 j+B ‘142 1 7.8 ■ 


EUROPEAN OPTIONS EXCHANGE 


Series 

Jim. Apr. 

V 01 . lint V 01 . [mi 

JnJr 

Voi. | r«<+ 

1 Stock 

ABN 

F. 360 : 

_ 

1-1 6 1 

23 

_ 


IF. 350. 50 

ABN 

F.aeo; 

_ 

1-1 5 ' 

13 

•— 



A JiZ 

F. 27 . 50 [ 

— 

- i 50 

4.50 

— 

— 

F. 29.90 

AK7. 

F. 30 ' 

2 

; 2.40 1 51 

3.30 : 

— 

— 

; „ 

A K7. 

F. 32 . 60 ' 

237 

: 1.30 | 62 

2.40 ! 

60 

3.20 

| ao 

AK 4 

F .36 


: - 1 49 

1.50 j 




AKB 

F. 78 - 90 1 

16 

1 1.10 ■’ - 


— 


F .74 

KK 

870 ] 

10 

: »•*': - 1 

i 

— 


86 O 4 

FAD 

826 . 

2 

I 21 *. - 

— 

— 


826 U 

tut 

860 

5 

> 31 * S ! 

4 ‘a t 

— 

— 

5621 * 

frM 

S 70 I 

1 



— 

— 


Ho 

F^S^O. 

5 

1 6.50 | - 1 

— ; 

— 

— 

F. 3 7.00 

llO 

F. 3 G' 

20 

4.50 1 - , 

— * 

— 

— 


HO 

F. 37 . 50 ; 

4 

3.90 ; - , 

— ; 

6 

7.20 

1 rt 

HO 

540 


| — ] 10 

4.20 ’ 

1 

6 

1 « 

HO 

S 45 ' 


J - j 15 | 

2.30 i 

— 



IBM 

SStiUj 

3 

! 1118 1 

lp« 

— 

— 

52765 * 

IBM 

S 300 : 

10 

43 . 3 ! 

9 . 

— 

— 

» _ 

KLM 

F. 142 . 90 ! 

10 

16 - ; 

— ! 

— 

— 

If. 150 

KLM. 

F. 15 U. 

2 

1 11 ! 2 

18 . 

— 

— 


KLM 

F 158.401 

12 

, lli - ' 

— 

— 

— 


KLM 

F .160 

6 

■ 7-10 39 

12 

— 

— 

1V 

KLM 

F. 161 . 90 i 

15 

7 1 — ' 

— 

— 

— 


KLM 

F. 17 C; 

19 

> 5 ! 22 , 

9 

— 

— 


KLM 

F. 171 . 40 ; 

28 


— f 

— 

— 


KLM 

F. 181 ' 

29 

’ 2.50 - I 


— 



KLM 

F. 190 .fl 0 | 

S 

! a i - i 

! 

— 

— 

1 n 

KLM 

F. 209 .S 0 ; 

20 

1 : - » 

— : 

- 



1 

NS 

F. 1 C 8 . 90 . 

1 

I 4.80 - . 



— 

■F. 106.70 

NX 

F. 120 . 


- 1 10 ' 

3.60 1 

— 

— 


rtlt 

F. 22 . 0 U. 

11 

* 3.70 ; 3 ’ 

4.90 : 

— 

— 

,F. 25.40 

PHI 

t.ao, 

5 

1 a 22 1 

3 i 

— 

_ -■ 

.. 


BASE LENDING RATES 


205 ; 0.80 j 
35 : 0.30 ■ 

48 "5 ! 

17 2.50 

24 , 0.70 
3 i 2.60 
17 i 0.70 1 

1 5ig' 

2 I 1<6: 

.\tW. 


487 , 1.10 ’ 


35 5.S0 ! 

3 i 2.30 i 


hVb_ 

5 I 13 


l j 1.40 ; 

- • - S4Bi) 

1 12.50 e. 124.90 


- TOT.VL VOLUME l.N CONTRACTS 


A.B.N. Bank 10 % I 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 30 % 

Bank of N.S.W 10 % 

Banque Beige Lid. ... 10 9& 

Banque du Rhone 303% 

Barclays Bank 10“P& 1 

Barnett Christie Lid.... 11 ^ i 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm’t Trust... 10 

Cayzer Ltd 10 

Cedar Holdings 10?. <, 

■ Charterhouse Japhet... 10 °5 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits-.. 10 °h 

Co-operative Bank °10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 °T, 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

English Transcont. ... II % 
First Nat. Fin. Corp. ... lli% ■ 
First Nat Secs. Ltd. ... 11 % 

■ Antony Gibbs 10 % ’ 

Greyhound Guaranty... 10 % t 
Grindiays Bank £10 

■ Guinness Mahon 10 % t 

■ Hambros Bank 10 % 3 


■Hill Samuel 110 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bfe. 0 f Scot 10 % 
keyscr Ullmana ...... 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile — 10 % 
Edward Hanson & Co.- 111% 
Midland Bank 10 % 

i Samuel Montagu 10 % 

I Morgan Grenfell .. .. 10 % 
National Westminster 10 % 
Norwich General Trust 10 % 

P- S. Kefson & Co 10 % 

Rossini ns ter 10 % 

Royal Bk. Canada Trust TO % 
Schlesioger Limited ... 10 

E. S. Schwab 31 

Security Trust Co. Ltd. 11“ % 
Shonley Trust ......... 11 

Standard Chartered ... 10 % 
Trade Dev. Bank 10 % 
Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
united Bank of Kuwait 10 % 
whiteaway Laidlaw ...10*% 
iVilliams & Glyn’s ... Tff % 
Yorkshire Bank TO % 

Members 01 the A fix siting Houses 
Oimminer. 

7-day deposhs 77,. l-mantb deposits 

i-das d'.iposus on stons of £ 10,000 
and under up to £ 35,080 71 ;;. 
and orer £S 5 MQ 73 *;,, 

Call deDosis oiTr £1.000 7%. 
PewwiKl deposits 7*%. - 


UCB (Fi Jap) 

Uj(eni — 

V mi U nmi wwi , ,, 

Fait hoot 

Fbilipa <Ki. 10)„.. 
Ujnach Vei( Fi. KXi 
itotiera (Vi . 

rianneo (FL9Q — 
dorerao ■ 

rtwai Dutch(Fi20 
siavenhuqj......^. 

levmGrp(ftjD) 
tVKyo FSq.tikU.; 

Utu never (Fl^p).., 
* iBiuiiKes.(iRJS 
Wgrf-.rg.Hvpht 


169.5;— 4.4 
33.7!— UJ 
144 JZ -2.8 
44 -2.4 
25.3 —U.4 
72.5:-0.1 
IGS.Btfi— 1.5 

136 .—a I 
120.21-0 J2 
185. V— 1.1 
236.7-3.1 

104.U, 

141 .—2 | 

117.1 - 2.S I 
40 ;— 1 I! 

398.1— 1 ! 


SWITZERLAND ® 


I Prtco 1 4-or I Ulv. Y*i. 
Fra, j - j j t 

! r 1 i ■ 


COPENHAGEN * 

... i f+oTj m^ur, 

Drt.83 ! kroner! — | g j 1 


AjiileWixnxcn j 

Dnuske B uhl. .... .[ 
tia«j Astatic Co_i 
Fmxortnnken HHI i 
8iyimenCT M „ n j 

Fur. Phpir 

8andeUMnts......i 

D.K'th’n H.(Ki9C| 

*0rd Knboi^^ 

Dinfoprik —Mrf..) 
Fnvftthank. ,., . r . 
freiinsbuk..,,., 
»ph. Berenaen... 
dnperiba._..._..„; 


VIENNA 


1 

14013! U 7.J 

126J*| 12 9J 

10213 — li a 12 7.1 

131 1+1* « a.i 

350 l-l 12 a;t 

64 U i— l* — _ 

127 12 tt/ 

883 -1 12 3 ., 

leuio +io 12 &< 

114^-141 - - 

1315* _ 9.1 

1381* 11 8.C 

395 12 3.1 

162 >a j— 3* 12 7.4 


nriue d* ra ; un ., t 
* — i *•) f - 


Ammimnm 995 

tibC 1,635 

Uitm Ueury Pc.lflO 965 
Da HtriCerfj 738 

Do. Keu. »79 

Uretut 2,175 

h^astrowtU— 1.770 

Fiechcr (CrouTOT) . 550 
doOuran Fttirfr.fS 1,000 
Da (3 m«J 16, 150 

laterfDort JUL £.650 

8«iuwn tFr.Ktt.. 1,370 
MwtletFr. WO). .. 3.030 

Da fieft. . AUQ 

UertikoaJJ(F^tiJ) 12.625 
FirenldrF(F.U»)i BOB 
modcatft. iSA.. [3,260 
Da FutCorta..! 375 
SanndMr ta Wat 480 
SuHet (A (Fr.Mlfi 292 
5 riaaalr (Ft 36£Ti 787 
avriw Hoc (Kt.iX 357 
dwtatfHe} (Fr^S*S 4,675 
UdkrtJJnah— . .3.115 
itakb Inn — -- 11.200 


—s a 
+10 10 
-10 22 
+6- 22 

+3 82 ; 

-20 16 ; 
-10 10 
-1-5 6 ! 

-750 I100| 

; no I 

-25 2 Li 

|-16 21 i 

1-6 nS6.f 
j— 20 1 IS 
-1 I lfl 
'—30 26 

) ! 26 

! + 9 ) 12 • 


I— IS 40 
+ 10 | 20 
i+200l 44 


retihuabubM^. 542 1 2.9 

275 2 9* 3.3 

^«tn— — . 632 .+2 48 7.6 

■empert»M„, 80.] — • — 

•tovr Daimler..... 221 , + 1 tic 3.6 

1 oil Vaangntl - 242 +2 l | 4.2 


MILAN 


u Mad...™— • 

Do.Friv 

rlii'Uier,, 

loueeraeimL™... 

iOit»liicr„.._^ 

ilertiobuKX..^^.. 

HranedlMM 

1 ivottl Mi— . 

i‘lrel.1* th. 

riicelfl 3 pa 

ml* VImsobm— . 


Price” , a + or I uiv.;y sii-1 

. ~ ^"1 ! 

! . 68 - UlJH — I — • . 
„ . 649 1-46,5! - — 
-2.629 j— 161 160' a.7l 

. 2,033 ’;' J' ISO; 7.4 

; 161’ :pu v:- r- 

. 18.570'— I MQ] 600- 2>.7. 

. • aea-1-7 

. 43.550 -«9ff UMf 2.8 
. JS . - 1 - . 

.L258 -85. -1, -I- 
. 1.S03 -87 130) 7A- 

. 999 1^46 0Oi e+J , 
. 749 -81 - ! - J 



























35 


financial Times Tuesday October 24 1978 


.r FARMING AND RAW MATERIALS 


C ■* 8 


Big ‘yes’ vote likely for 
Milk Marketing Board 



BY RICHARD MOONEY 

RTTISH DAIRY farmers with 
rgc herds are expected to vote 
erwhelminKly in favour of the 
ntinuation of the Milk Market- 
K Board system in the EEC 
ferendum on which the 
stem's future depends, accord- 
g to a leading farming xnaga- 
ue. 

Voting papers go out today 
:d must be posted- back by 
svcmber 17. 

Following a poll of a sample 
its readers with 70 dairy cows 
more Livestock Farming 
agazine' has forecast that 96.5 
r cent will vote for the. Milk 
ard and only 1.9 per cent 
ainst. The magazine's finding 
-based on replies from -1.000 
Td owners with an average 
■rd size of '123 cows. 

While the result of this poll 
ost be comforting to the board 
officers ' are resisting any 
mpiation to regard the .out- 
me of the referendum proper 
a foregone conclusion. 

There has never been any 
ubt that most British dairy 
rmers would like to see the 
ard continue in operation. But 
cause of the terms on which 
» votes will be counted the 
tin enemy could- be apathy. - 


Each dairy farmer gets one 
vote on his own account and 
one extra for every ten cows in 
his herd. If the UK Milk Market- 
ing Board system is not to be 
dismantled 80 per cent of these 
votes will have to be cast for 
rbe board. The catch is that 
fanners who abstain will have 
their - "-cow” votes counted 
against the board. 

This makes' the resolve of the 
large herd owner w particularly 
significant.” Livestock Fanning 
says. 

If the magazine’s findings are 
projected for the total UK dairy 
herd the result would be 
338,000 votes in favour of- the 
Board and - 6.400 - against — a 
** yes ” vote of just over 9S per 
cent. 

But the magazine warns, that 
this approach is somewhat 
unrealistic. “ Livestock Panning 
.has no indication as toJlOW the 
smaller herd owners intend 
voting.” it admits. 

Livestock Forming also ques- 
tioned ' the large dairy farmers 
on. other aspects of the industry. 
Only 5.5 per cent of the sample 
thought dairying had a “good” 
future, while 46.8 per . cent 
described it -as “ reasonable " 


and 43.4 per cent were uncertain. 

But more than half thought 
milk was giving them an 
adequate return for their 
endeavours. A positive response 
to this question was given by 
51.9 per cent of the fanners, 
while 48.1 per cent said returns 
were not adequate. 

The low level of confidence 
wa.s indicated by the fact that 
only 34.1 per cent of the farmers 
said they planned to increase 
their dairy herds in the coming 
year. 

The farmers were evidently 
not impressed with the Govern- 
ment’s performance. Asked how 
they rated its agricnltn ral policy 
and achievement 13.4 per cent 
said it was good. 28.5 per cent 
bad. and 5S.1 per cent were 
indifferent. 

• A sharp drop in milk produc- 
tion in the first half of this year 
has not altered the long-term 
situation of the New Zealand 
cheese industry, according to Mr. 
A. L. Friis, chairman of the New 
Zealand Dairy Board. - 


Carter bid to curb 
U.S. sugar 



BY OUR COMMODITIES STAFF 


-3E U.S. plans to raise the price 
domestically grown sugar to 
cents a lb by imposing tariffs 
d limits od imports, according 
Mr. Walter Mondale, the Vice- 
■esident. reports Reuter. ' 

'.In a speech released by the 
bite House, be confirmed the 
Iministration would introduce 
-^new Sugar Pricing Bill in the 
, .3ft Congress. 

“ In the interim, I am pleased 
announce we will continue to 
e existing tariff and fee 
thority to protect the domestic 
' ice.” Senator Mondale said. 

■* Although the current pro- 
imme requires support of a 
7 cents per pound market 
:ce, as a demonstration of the 
ministration’s commitment to 

_ain a fair and reasonable sugar 

licy, the president - has 
thorised me to announce that 
• will now .seek to - protect a 
■mestic price of 15 cents a 
— mnd;. . 

.. “ We will use £nr authorities to 


their maximum extent to help 
achieve this goal." - . 

“The President is instructing 
the Bureau of Customs to 
monitor our imports! from 
countries not party to the Inter- 
national Sngar Agreement hod. if 
necessary, to limit imports under 
existing authority to help main- 
tain a 15 cent price objective," 
he added. 

News of U.S. intentions to 
boost prices was one of the in- 
fluences behind price rises on 
the world sugar market in Lon- 
don yesterday. However, it was 
pointed out thr* if the Adminis- 
tration was able to restrict im- 
ports It could mean that the 
sqgai 1 wputd simply be -diverted 
to other markets. 

Possibly of more influence 
were: an 'unconfirmed report" of' 
buying by- Algeria; a “boy"- re- 
commendation by a leading ram- 
mission house; and a feeling. that, 
last week’s fall after the failure 
of Congress to pass the Sugar 
Pricing Bill bad been overdone. 


Cocoa price 
rise halted 

By Our Commodities Staff 

COCOA PRICES rose signi- 
ficantly on the London futures 
market ‘ yesterday morning con- 
tinuing last week's steady rise. 
But producer selling was 
attracted at the higher levels 
and values eased back during the 
afternoon. . 

The March position, which 
climbed to a seven-month peak 
of £2,045 a tonne at one stage, 
ended £39.25 up on the day at 
£2.026.25 a tonne. 

The late decline may also have 
been encouraged by the French 
Chocolate Makers' Association 
announcement that third quarter 
French cocoa bean grindings 
totalled only 7,000 tonnes, against 
7.455 in the same quarter last 
year. 

On the London coffee market 
meanwhile, values closed near 
the day’s lows with the January 
position quoted at £1,421.5 a 
tonne, down £39.5. 

In New York Gordon Paton 
said the amount of green coffee 
.roasted in the U.S. between 
January 1 and October 14 this 
year totalled 12.145.000 bags, 
compared with 10.830,000 bags in 
the corresponding period last 
year. In the week ended October 
14 roastings were 20.9 per cent 
ahead of the same week last 
year. Paton said. 


Copper ignores U.S. 
import curb decision 


BY JOHN EDWARDS. COMMODITIES EDITOR 


THERE WAS little reaction on 
the London copper- market yes- 
terday to President Carter's 
decision to reject tbe recommen- 
dation to limit U.S. copper 
imports to 300,000 short tons a. 
year- 

It had generally been expected 
that It would be impossible 
politically for tbe President to 
support the International Trade 
Commission's recommendation 
because it would bave brought a 
storm of protest from developing 
countries dependent on copper as 
their main source of export earn- 
ings. 

The White House also empha- 
sised the inflationary aspect of 
curbing imports, and claimed it 
would have also undermined the 
competitiveness of domestic U.S. 
fabricating industries in world 
markets. 

A curb on eopper imports 
would bave been difficult to sus- 
tain at tbe current multilateral 
trade talks where copper was a 
significant issue. 

Although U.S. copper imports 
this year rose sharply to about 
325.-000 tons, against 327.000 tons 
in the whole of 1877, there has 
been a sharp decline subse- 
quently because of the more com- 
petitive pricing policies adopted 
by U.S. copper producers, led by 
KennecotL 


Senator Dennis Deconcini, of 
Arizona, said yesterday he would 
decide later whether to ask 
Congress to override the Presi- 
dent's decision. 

Ministers at the meeting of tbe 
Council of Copper Exporting 
Countries (Cipec) in Paris this 
week will no doubt welcome 
President Carter’s stand. But 
they are expected to be more 
concerned with introducing 
** improvements ’’ in the terms of 
next year's supply contracts, now 
being negotiated. 

Zambia's plan to demand pre- 
miums over and above the LME 
price is one topic likely to be 
discussed. So is a suggestion to 
switch the pricing basis from 
wtrebars to cathodes. 

The failure of copper prices 
to rise to more “ reasonable " 
levels, and the nervousness about 
the outlook, could well be a 
dominant influence at the talks. 

It is .this nervousness that 
brought a further decline in 
prices on . the London MetaJ 
Exchange yesterday, despite yet 
another fall in warehouse stocks. 
Tbe stocks, down by 3,900 tonnes 
to a total of 4O3.S00 tonnes, have 
fallen for 11 weeks in succession 
and are at the lowest levels for 
more than three years. 


Way cleared for new 
wheat pact talks 


BY GROG SMOSARSK1 

THERE IS renewed hope that 
a new International . Wheat 
Agreement to control world 
prices will finally be negotiated, 
after the abortive earlier 
attempts. 

At last week's meeting in 
London of the interim commit- 
tee, made up of leading wheat 
importing and exporting coun- 
tries, draft texts were prepared 
for tbe three conventions— on 
wheat trade, food aid and coarse 
grains — which are to make up 
the proposed agreement 

These, together with supple- 
mentary statements by - the 
market economy developed 
countries, and another by die 
importing developing countries, 
are to be submitted to the full 
conference which reconvenes in 
Geneva on November 6. 

Chairman of the committee, 
and tbe conference, the Swiss 
diplomat Arthur Dunkel said 
that the mechanisms of the con- 
ventions had been well defined. 
But the numbers — such as the 
trigger price levels at which, 
various actions concerning 
stocks should be taken, the size 
of the stocks, or tbe contribu- 


tions of individual, countries to 
tbe 10m tonne a year food aid 
targets — stilt remained to be 
decided. 

Mr. Dunkel claimed that it 
would not have been appro- 
priate for the interim com- 
mittee, with 12 members, to 
decide sucta matters on behalf 
of the full conference, which 
some 60 odd nations are 
expected to attend. 

it is also safe to assume that 
agreement over the •‘numbers" 
will involve compromise at the 
highest political level and is. 
therefore, being left to the last 
possible moment Certainly Mr. 
Dunkel thought that the deci- 
sions on numbers would be 
made “ at the twenthy-fifth 
hour.” 

A major breakthrough came in 
the developed countries’ attitude 
to help for the developing coun- 
tries with costs of the latter’s 
share of the stocks. The rich 
countries proposed to examine 
the possibility of including 
wheat stock costs in their 
bilateral aid programmes, and 
also to take a positive attitude 
to any applications for such aid 


to the international institutions, 
the IMF and the World Bank. 

There is a genuine dilemma 
here. The developed countries 
have a point when they say that 
a trade convention is not about 
aid. and tbat the developing 
countries should turn for aid to 
existing schemes run by the 
international institutions. 

But at the same time the deve- 
loping countries are rightly wary- 
of takiDg on firm commitments 
to bold certain stocks under the 
terms of the wheat trade conven- 
tion when they do not know tbat 
they are going to be able to pay 
for them. 

- The meeting made good pro- 
gress in narrowing the gaps, 
according to Mr. Dunkel, and 
there had been little brinkman- 
ship. 

For instance, the draft text of 
the coarse grain convention, 
which bad earlier appeared some- 
thing of an obstacle, contained 
only one or two sets of brackets 
(points on which there, are 
alternatives to be negotiated). 
And it has been agreed that the 
convention should be consulta- 
tive. 


Malaysian 
tin tax cut 
welcomed 

By Wong Suiong 

KUALA LUMPUR. Oct. 23. 
MALAYSIAN MINERS have 
welcomed the reduction in the 
tin profit tax announced by 
Tcngku Raz&leigh. Finance 
Minister, in his budget, although 
they say it is unlikely in spur 
new investments in the industry. 

Under the proposals, the top 
rate of the tin profits tax is 
reduced from 15 to 12.5 per 
cent. Tin profits in excess of 
400.000 riggits (about £ 93,000) 
now attract a 15 per cent tax. 
Tbe tax cut will benefit the 
larger mines — tbe smaller gravel 
pump mines having received tax 
relief in last year’s budget 
Mr. Rahim Aki, president of 
the States of Malaya Chamber 
of Mines, felt that many more 
companies would benefit from 
tbe tax cut considering the .high 
prices. 

However, the tax relief did 
not tackle the fundamental 
problem of attracting invest- 
ments to the industry, he said. - 


GHANA 


Making better use of tropical forests 


BY MARY CHERRY. RECENTLY IN GHANA 


A LARGE-SCALE integrated 
forestry project in the Western 
Region of Ghana is introducing a 
new concept of management 
which seeks to utilise fully' all 
qualities of wood and to regard 
hitherto wasted materials as an 
important source of energy. 

Fundamental to this concept is 
the improvement and expansion 
of charcoal production not only 
for domestic but also for indus- 
trial uses. 

About a third of Ghana's total 
land area is classified as being 
tinder tropical high forest That 
is not to say that all this area is 
under forest today. As in so 
many other countries, forest has 
been cleared for agriculture and 
other purposes. 

Vast areas remain, though, 
which are now neither first class 
commercial forest nor cleared 
land. This is the result of years 
of exploitation to remove the 
best timber without considera- 
tion for the future and also of 
the traditional practices of clear- 
felling and burning as part of a 
shifting-agriculture system. 

The Subri Project of the 


Forestry Department of Ghana is 
concerned with some 23.500 ha 
of tbe Subri River Forest Reserve 
and is centred near Daboase in 
the Western Region. It forms 
part of the vast United Nations 
Development Programme and 
Food and Agriculture Organisa- 
tion Forestry Energy Project for 
Ghana. 

Within the Subri River area all 
clear felling and burning has 
stopped and new management 
techniques are being imple- 
mented which, it is hoped, will 
subsequently be adopted else- 
where. 

Management seeks to improve 
the value of the forest by fully 
utilising all wood of whatever 
quality and to achieve a sustained 
yield of timber, pulping wood 
and charcoal in the future. 

Reforestation with species of 
known value, such as gmeiina 
arborea and pious caribaea, is 
going ahead rapidly hut. along- 
side this, a fresh look is being 
taken at the value of some of the 
indigenous species. 

New plantings are being 
arranged in such a way as to 
avoid the destruction of existing 


juvenile species which could bave 
pulp or timber potential. These 
are marked to be left as 
standards and some are selected 
at mother trees from which seeds 
are collected for growing in the 
forest nursery. 

In addition to leaving 
standards (instead of dear fell- 
ing), narrow belts of untouched 
natural forest are also being pre- 
served. Both these practices are 
proving to be of real practical 
value. 

The attempt to eliminate waste 
in the forest is taking a number 
of forms. Traditionally trees 
were felled breast higb leaving 
stumps that were not only wasted 
wood but which also inhibited 
movement, of machines. Now 
felling is being done dose to the 
ground. 

With the elimination of burn- 
ing. much wood remains which 
is of no value for timber, poles 
or pulp and this is being 
channelled into a planned 
charcoal programme which is 
considered to be a major part of 
the whole forest project 

The programme includes not 


only the training of local people 
in improved methods of charcoal 
production within and near.-the 
forest, but also the promotion of 
domestic and overseas marketing 
of charcoal and pre-investment 
studies of large-scale charcoal 
production as a major source of 
energy for future industry in 
Ghana. 

The reforestation and charcoal 
production is providing work 
and income for the people, but 
there is a problem of the 
provision of food. ’ 

This is being tackled in two 
ways: food supplies are being 
augmented by commodities sup: 
plied by the UN World . Food 
Programme and controlled agri- 
culture is being introduced by 
wider-spacing the young forest 
trees and inter-cropping with 
maize, cocoyams and plantain 
(conking banana) trees. 

The project is, therefore* p tty 
during timber, pulp, charcoal 
and food * and is. at the same 
time, preserving an environment 
for the wild! ife which was 
hitherto being frightened away 
or destroyed by the old practices. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


:oppe: 


Amalgamated Metal Trading- reported 
that- In the morning cash wirriwrs traded 
T .ntn ■* SWA three momhaF756. 9 5A ST. 37-5. 

the London Metal „ Cathodes, cash IEL6 V three months 




■rains but U.S. 

1 a lower Corner opening pnahei 
re down to £750 at one stage. 


dS Cathodes, three months £711- Kerb: 

DUl UfmKenr thraa mmtlhe C7W t CB Cl q 


rd to close nu ihe Kerb £73L5. tji ' 

mover 19.750 tonnes. Tl " 

wax quiet. Tbe East was unchanged over 
the weekend Forward metal was flrst 
— Indicated at £7.5» but the stocks Increase 
. caused a decline to £7 JXKL For most of 


— 1PPBR 

B.m. or 

Offlrasl — 

Urnffla* 1 

|)+or 

• ! 

£ j ® 

£ 

£ 

b 

756.5-7 1-9 ! 
757-.5 U-0.& 

1 757 r 9 1 

732r3 

-4.5 

loatn- 

753-. 5 

—4 

il'io'nl 

iltodea 

— - 

* 

h........ 

j 7H4-.5 —10 

720.5-1.5 '-4.7* 


744.5-5 -9 J 

74X-.fi ’-4.75 


7Z4.6 ‘ — 10 1 

! *0n-71.W6 ' 


" - SfiuJ 

625 ' 1 





'*.m. 



+ «w 

TIN 

Officisi 


Utmffiria- 


Hu^nGra 

do A 1 
7643-60 

C 

—7* 

K 

7610-25 

c 

-72.5 

S toon tbs. 

753050 

-8/.* 

7530-50 >-J 2.5 

deuiem't. 

Standard 

7660 

— Bfl” 




Ciwb 

764 J 60 

-85 

7510-25 

-72.5 

1 months. 

7b 10-5 

—n> 

7510-5 

—40 

Sritlem'L 

7560 

—B0 

— 


'tndl* S- 

751970 


— 

— 

Ynrfc 

— 


— 



RUBBER 

STEADIER, opening 


tbe 


15-daj average 109.54 (10.32); Z2-d mj 
average 173.32 < 170-24). 

COFFEE ., 

ROB II STAS— After . registering alight Peat reported a Malaysian god own price 
early gains, the market resumed the of 258 (same) cents (hover Nov.t. 
downward trend of last week hi active 
afternoon dealing, DregeJ Burnham 
•Teoorre. CoimnUskro Boose. Uqntdatlon 
and some stop-loss wiling resulted from 
a poor opening In New York and only 
buying from one dealer held 


PRICE CHANGES 

brought the crossbred marker Into tine __ _ . . 

wfih the softness of tbe Merino market. W" ® hwnea latinaa otberwtae stated. 

London pric ** were ai very low levels. 

physical market. I4ttu interest through- Machinery activity was below normal. 

« *, MEAT/VEGETABLES 

MEAT COMMISSION — Average fatstock 
pnees at representative markets on week 


No. 1 

Preriouk 

Ko«*rds.v'* 

UudDtM 

R.*..S. 

CIiwp 

1 

Close 

Done . 


tbe day. the price held just above this was 
level. . touching £7,520 at one stage, and mem 
1.6 ctostiut on the Kerb at £7.565. Turnover slightly 
98# tonnes. {“«- 

i£S? and closed* to 


noon: Standard, 
Kerb: Standard. 
IS. 05. .I7.5W. 


three 

three 


months £7-Sli>. 
mouths -S7.S20. 


». Index Limited 01-351 3466. Three month Copper 749.5*755.5 
Lament Road, London SWIO OHS 

1. Tax-free trading on commodity futures. 

2, The commodity futures market for the smaller investor. 



World Commodity 
Report 


FTS2SBS 


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regular information on any of the 
world’s commodities, just dip your 
business card to this advertisement and 
return it to the address below: we will 
send you a sample copy* 


Send to: 

Subscriptions Dept (WCR), 

Financial Times Ltd-, Bracken House, 
10 Cannon Street, London EC4P 4BY. 




Conference? Seminar?^ 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


There's no need to hunt around the Wsst 
; End for a suitable venue or viewing theatre. .. 

The FT Cinema, here in the. City, offers seating 
in comfort for 5CH- people. Full 16mm film 
projection farilfties.National Panasonic Vz 0 colour! 
video tape and Philips 1501M video cassette 
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einanoaltmes cinema 

AH enquiries totfte Press Officer, . 

Financial Times, Bracken House, 10 Cannon Street, 

band! EC4P4BY.Tfil: 01-242 8000 (ext,.7123). 



«.Oi. 


[i-m. 

f+or 

BING. 

OfSctoi 1 


UnofflcU 

— 


« 

.£ 1 

f 

1 L* 

I'Mb 

348-9 
369-. 5 1 
349 | 

1—5.5 
l— 5-iS 
-S.5 

348-5.9 
559. 6-60.5! 

—.75 
+ .28 

■>’ mem. ... 

Hnm.mii 

— I 


*33.6-4.5 1 

— 


LHAD ! 

«-m. 
(Mriciai , 

+ 01 

uA.ftr 


K i 

e I 

£ 1 • 

Oe»b - 

396-7 

-4^5 

| 397-8 1-41.5 

5 month*.. 

384.6 

— 1.6 

384.5-5 ' + 0.6 

•ect'zDtmt 

397 

—4 


11. ■. npet. 

— 


*36-36 1 . — 

UoroSag 

: Cash 098, three months £385. 

84. M3.J 

84. 85. SL 

843 

Kerb: Three 


COFTBB 

tWmiiVi 

florc 

£ per tonne 

+ or 

BurloeM 

Done 

•Nwembar... 

January.—.- 

March 

llay 

July.. 

■September- 

November... 

1510 16 1—83,0 
1421-22 1-59.6 
1317 SO J— 89.0 
1270-74 ,— «.0 
1230-40 —86.01 
1210 20 -65.5 
1200-15 —40.0 

156008 

147.-21 

J 372 17 
1315- 127* 
128540 
1270-27 
1239 



ending October 21: GB rank 66.76 b per pfrale 

kglw i —D.Wi. UK sheep 131 .So per Aluminium... „.f£710 

* Kestdcw Gl* P^s M.Dp per kglw n* merit* (B»W.ia<M0L 

England and Wales: Cal tie ultra- Copper W B«rp:732.5 ' ~ 

3-1 percent s rerag* price Ofl.l ft) Smiths oo. do.^753 21 
Cash Gat bode 


I — 0.4 ) . 


\ei2i 

mouths do. doi2741.f&[ 


Gold Troy os. 

Lead each J£397.5 


Sales: 18S6 ( 3,630) lots of 5 tonnes. 
ICO tiv flcato i' prices for Q«- 20 <U.S. 
•nrs per pound i: Colombian Mild 
months £384. SU. 84.’ AftenHoo: Three Arab leas 171.M (same); unwashed 

mouths £383, 84. 84.5. S3. Kerb: Three Arabics* 154.00 (Same): other mild 
mouths £384.5. 84. 8X5. 84. 84.5. Arablcaz- 151.33 fsnwi. Robusias 1CA 

- ZING— Steady with forward metal at 1*W 1*1-50 JK.oe?; Robust as ICA 1668 
£357-058 premarket and then moving to 153.58 £158.87). Daily average 
£360 on Infiumual trade source buying UKUT). . 
before stipplog back to £35S-£3i». In tbe _ 
afternoon. _ tbe price moved with copoer GRAINS 


1.60 
-M 
-OJ5 


and dosed on the Kerb at £350.75. Turn- 
overSAOS tonnes. 


t-OHOOK FUTURES 


151.42 October (I17.70-T8.I 

Decern bar .... [ 1 13-GO- 15 
February It0.0d-20.7l 

Apnl (I20.ea-X8 O'-l.OOi 

. June. ,.Jlrl.0J-f1.6'— 0.7ft 

< G AFT AV- The August llkl -B *-!8.6| + 0.851 


months ... 

72.501 *.15 .2 26] 7ZJ0 »£*V- ixT. ” ** **“ Nickel | 

“j ^ MEAT COMMISSION — Average fatstock ^wMArtrwifctfjc tk» 

2’l /O.U-7B.S5[ 76.6fl-7B.tt prices at representative markets on 
< October 23: SB cauie 66. Sp per kg. Lw. 

t— n,17». UK sheep 133.2p per kg. esuLc.w. PlaHoom troy cc.J 

f+BJl. GB pigs 66.4p per kg.' I.w. Free Market 

(-0.31. England and Wales: Cattle Quicksilver (76ib.l 

numbers up 1U per cent, average price silver tmyos. 

66.58p 1-6.181; sheep down 14 J per cent. A months 

average 13J.0p 1+0.2): pigs down 5.4 per Tin Cash. _J 

cent, average 6B.4p (-0.41. Seettand— 3 months 

Caide up 15.6 per cent, average 68.l7p Tungsten W—». - 1 
c-0.541; sheep down T0.4 per cent. Wolfram 22.04 eif. 
average 130.4P (-L1): pigs to 23.4 per Zinc oatfu., 

cent, average SSJ?p (-1.1). < znnncbs 

SMITHFIELD (pence per pound)— Beef: 

S coltish Wiled aides 54.0 to 38.0. Eire — 

hlndcroa tiers BU to 63.0, forequariera Oils 

36.0 to 33.8. Veal: Dutch binds and ends Cooociut (Phil) , 

83.0 to S6.0. Lamb: English small 54.0 Groundnut 


Oct. ZS 
197b 


Sales: 213 1238) lots of 15 tonnes. 
Physical closing prices (buyers i wt 
Spot SOP (samel; Nov. 6L25p (samer, 
Dec. S2.5P (62J5J. 

SOYABEAN MEAL 


1 wenuj 
C'oae 


Cpenonnf 


Wheat values October 1 120.0 J-24, 


.urine)* 

Drme 


£384.7*1 
J 

11.78 

1.80 

£130 


+ or 


Month 

ago 


ZS — 4.0 |, 


|£710 
81070/90 
.5 (£736 
£754.7* 


.75IK734 
.7*j£745.25 
8217.62&I— 0.5 5219.875 


(-0.5 tc362.26 
‘+0.5 |£368.2* 


81.78 

...j 1.9d 

UlSO 

[£174.051 +0.D6(£143. 5 

9120i25i ISlZXfitl 

2B4-85pl—2-l 2b9i> 
501.75/ !— B.isld96.4n 
K7.617.6l — 72.*! £7,032-5 
£7.612.5 —40.OlK6.872.* 

8141.35 \8 1*4 1.06 

*142.47 ,8141.48 

(£348.75 — fl.76|K326.7* 
[£360 —0.25 (£337 

8676 .. |*6i46 


1)9.40-1730 

1*1.00-18.50 

121.SS-2l.00 


8840* 

£326 

«610k. 


Morning: Cash £348, three months £358, 
59. 59.5. 59. Kerb: Cash £347, three 
months £358.5. Afternoon: Ttiree months 
£359.5. SB. Kerb: Three months £358 5. 

ALUMINIUM — Sobdaad with prices 
hold ns around £5984X00. with some buy- 
ing interest at £599, which lurued ont to 
be the dosing price on the Kerb. Turn- 
over 475 wanes. 


good commerda! support on any dipa to OTT/" 1 A D 

close steady. I5u-20p up on the day, in IjUijAIV 

reasonable trading conditions. Barley ■ nwnnM daiiv bbii-b 

— s 2SSe 1 ir* , S«SuinSS 0 to 'isp'up ■ tonne d( for Ocl-Nov. P*r 

33.Z4.5 I :::: “ a£ EttniSF-***' *** pdC8 was st3,ed ' 

reports. 


Alnmla’in 

a.m. 

OffldAl 

t+m 

p-m. 

Unofficial 

t+or 


£ 


£ 


Spot 



— 


3 monthB, 

600^5 

—2 

S9B.583 

USS 


WHE# 

WnTh 

T 

y’erteirimj-’* 

close 

+ « 

-Bi 

l'eatecd«y’« 
• ckwc 

UtLET 

+ «rr 

Nov... 
Jan — 
Mar... 
Mav .4 

88.23 

90.65 

92.9S 

90.36 

+oio 

+O.IB 

-O.IB 

—O.IB 

79.65 

62.48 

b4.80 

87.10 

+ 0.95 
+0.05 
+ 0.05 
4-0.06 


to 59.0. medium 62.0 to 56.0. heavy 48.0 Unwed Crude (v).. 
to 53.0. Scottish medium 52.6 to 56.0. Palm Malayan 
heavy 48.6 to 52.6. imported frozen NX. 

YLs 52.9 to’ 54.0. Pork: English, under 
106 lb 37.0 lo 46.6. 100-120 lb 38.0 to 45.0. 

120-160 lb 36.0 to 4X8. Grouse: Young Copra PblDip. 1 

best «eachl 186.0 to 220.0. partridges: SoT-braa iU.6.)_ I 
You dr -each* 200.B to 240.0. 

COVENT GARDEN— Prices ht sterling 

package ezespr where otherwise Grains 
Imparted produce: Lemons— Harley 
Italian: ISO/JSO'a new crop 5.54X56. S. Home Fn 
points African: 5.80-7.50: Cyprus: Crates 7.06- MMre ....... 

awive roe pre-wees ena close and further 0.00; Torkisb: 6.08: Greek: 7.56. Oraams _ French No. 5 A; 13.5 
gains of some 75 points were recorded — S- African: Valencia Late 4.30-5A5: Wheat, 
later. However, heavier offerings Brasilian: Valencia Late 3.56: Argentine: ho. 1 Kod 3 
developed ai she highs and by the close 4^0-5.46: Urngnayan: 420-5.00. Satsnmas ftoJBHarti 
prices had fallen back to near opening — Rpania: Trays 4.00-5J56._ Grapefruit^- _ Hnglub Nil 


The 


1 ft 1X50). 
market opened about 


ioe 


levels, reports C. Csarnlkow. 


Dominican: 3.5M.80; 



-10.0 8790 
£770 

!i':2( 

$593 


..'8SI5 

1—1.0 19867.5 


-f 0.05 £79 JB 
+ 1.0 £101.5 


Badness dene— Wheat: Nov. S8J0-88.15, 

Jan. 90.70-0X55. March 02.B5B9.8S. May 
tt.3S-9a.tt. Total sales: 15X Barley; 

Nov. J9.T5-79.60. Jan. 82.50-81.40. March „ .. 0 

,I_J5 06.66-84.88. May 87.15^7.10. Sales: 1M. 5f wh '‘|n Bib 75I 
IMPORTED— Wheat: CWRS No. 1 Ui Aug.1~lt I9 0C 19^ 


SIQ-V 

PreL 

Comm. 

Con. 

Tenerrlay'k 

Uk+e 

Previous 
! Close 

Biralneas 

1 Done 


£ |IO LJI1U. 


h Bee... _.115.T0- 15. 1&| 1 1 1.30- 11.401 1 14.25-1 1 .50 Black Regina l.*9: French’ Alptrasse 
■ 1JJ5-15 ottHfl 10- la 80 LsvaDee per pound 020: Spanish: Almeria 

la.4Q-lc>.60'1 i7.8u-lS.bO 3 - 38 - N<yerl 5-66-320. Baaanra— Jamaican: 


wment 

Israeli: Jaffa 420-425. Apples— French: Future Mar— 

New crop Golden Delicious 30-lb 72 2.00- Coffee FuCflre___ 

2.20. 84 128-1.96; 49-lb 3«M20, Stark Jan £1.42121 

Crimson 20-lb 84 1.90. 72 2.50. Granny Cotton -A’ Index- 77.5c 

Smflh 2.06-2.56, Golden Delicious fumble Uutdjer sih>,_ 60.5p 

park 3l-Ib 2.66-2. IX Ream — Italian: Per tiugsr I81*) ticj9 

pound Williams 8. 16-0 .ML Grapes— IiaUan: Wooitopa b 4« ldio...[27i tl 


£91.76 
13 

1.5a ! + 0.5 (£90.75 
-'2.066 
02X£ 


It; 


+ 46.0 j£g. 064 
i|+S9.25p2, 104.1 


-39.B£ 1.542 
+0.1 |74.1c 
+0.5 60.5u 
+ 1.0 j*: 103.5 




113X5-18. 
I 


•Nominal. + New crop, t Unowned. 

— J* Jaae-Aug- » Jnly-Sapt. oSept- rfOct- 

1 17.66^ ]7 7hl i 177s Per on trod 0.14, Avocadas— Kenya: Puerte Nov.' Nov^-Dee. u Nov. 10 Dec. x Per 10a 

M8J»Sl9i tihms 12'20’s 4.00: Israeli: 3.80-4.2U. Capsicums * lodlcaror prices 

1-6 15-2430 SMaj5h 2X6-X38; Dutch: 1.8B-2.00. 


SILVER 

Silver was fixed Xlp as 


SpaniW: =j»-3.3a: uuicn: ijnt-f.w. 

iUB.5t^7.BO|129.2Ma.70 Mrt ^ s _ S panlsh: Yellow 6/J4 X60-XR6. 
Sales: 3.03S <2JE5) lots of SO tonnes. Green 3.68-3.60. Tomatoes— Dutch: 1.06: 
Tate and Lyle cx-refioeiy price (or Jersey: 1.40-1 JO: Spanish: 

' “ ~ 10/16’S 


Morning: Three months SSS9. 99-5. £MB. *fr w «mored Tifimry. Ul1 j|2i.MS|.7^ 

Kerb: Three months 5900. Afternoon: N £ J Dee [124.00-24.56 

Ca*08X Kerb: Three months S98.S. M-iroh .Ju7 95 8.ob| 

■ CeotA per nomat. ISM per otcoL s 6 UerB ' u -3- Hara winter 131 per cent 

tOn^mavtra. unoffldal cfuL. Nov. £87. Dec. £87.75 transhipment East _. 

■ unofficial dose. Coast sellers. Tate and Lyle ex-refinery price (or Jersey: 1.40-1 JO: Spanish: 1.48-2.00. 

Maize: U^./French spot £10X50. Nov. granulated basts white sugar waa £254.85 Cucumbers— Canary: 10/16’s 7.40-2.80. 

£101. Dee. £102 trapshlptnent East Coast (same) a tonne foe borne trade and Oates Algerian: Per glove bo* 031-0.35. 

i. LtJJL . sellers. S. AIrtcan White Nov.-Dee. £84.50 nTl.50 <£170.50; (or export. Pomenranales— Suanish: Per box 48/80’s 

rn, sellers, S. Afriran Yellow Nov.-Dee. £&i JO lUernaUoiial Su+ar Asreement— U3. X50-3J0. Walnuts— French: Per pound 

0 ^ ODdo 1 D I spDers. cents per pound fob and stowed Caribbean Gretiobles 0.40: Italian: Wet 0.46: CaB- 

y ,' S l c ^ Bt . Baricsrr Esghsb Feed fob Nov. £82.50 port, prices for Oct. 20: Dally 8X1 {8.78', torn I an: 0X5: Chinese: 0-30. Brazils— 
SfSfSf 1 f^ f h mSSE »*°m- IMti average 8A4 (SJS).. LWM per pound 8^0. Tocantins 0JM.4X 

HA"* LANE— Nominal values. Millie ‘ " 

down 0-5C-rir -month 616c, np6.4c: and delivered London 

12-moti til 642.9c. TO 2.2c. The metal 


EVDICES 


WRITE SUGAR < barer, seller, brodness." English prodnee: Pa Ca tv s— Per 25 kilns 

„ _ __ area: Nov. I9L50. sales'— Feb. 120.75-21 J5. 12135-10J5. SI; L18-1J0. Lettuce— Per 1! round 0.70. Cos 

Ti. +. 'Vm, 1 ,??!!; nec. £83.30. Jaiu-Feb.-March £97.60. April 122.00-22.75. rn.60.I2.8X 34; July 100. Webbs 1.20. Cucumbers— Per tray 

“““ Dmahwabte quality wheat delivered East 126 50-27.25. 117^0-7725, j« : sept 13X00- 12/24’s new crop 2.I0-2.8X Mushroottw— 

at •act-Batp «ag7-5S£lc?. Anglia: Nov. £88.80. Dee. £M.M. Jan.- S1JX rest an traded;- Nov. 134.6X3S.50: Per pound 0.5X0.55. Apples— Per pound 

, _ „ . Feb. -March £82.50. Feed barley delivered Feb. 146.9X4L50; April 144JIO-46JO. Tou) Bramley 0.0X0.W. Lord Derby OJ4-O.B5. 

I^M.E. }4- or East Anglia: Nov. £81.00. Dec. £82.00, sales: 78. 


S1LVNB 

per 

trpyw. 


i months J30I.75p 


■> iDooLha j 

12 months 


Bullion j+ oq 
fixing 
price 


close 


— J an.- Feb.- March £85.00. 

EEC DAILY IMPORT 


LEv.es.* WOOL FUTURES 


B94.5Bp [-2.1J|a2.5Bp j-ZJB SJS^e^nf'Tevy pins Nro^Det* and LONDOM— TTu' martri wag 

i JaiL premiums, vtth prerloos ip brackets, feaiureiess, ojeoe reports. 

| All In units of account per tonne; i Pence per kil o) _ 


A 10. On 

326. 9p 


—2.15 300 .Sp 
L-XI I - 

J-2.1 ! — 


dun 


Common wheat— 8L36. rest nfl I81J6. rest 


! 1 :._! nil); dmm wkeaa— 125.1 S. rest nil 1 125. is. 


Aiatmusn jV«K«rrf, J aj+ oq 
G reuv Ckwo 


LME— Turnover 300 (275) lots of 10.060 «« nti); n»-^X28. OJX fl^TS. 0.75(82.29. 
oes. Morning: Cash 594.4. three months 8 - 7 *- a.7Si. hariey— real nil 

*1.7. 0L& BU. Kerbs: ' Three ■ months ^ Oeroi«r_ ILMIJ 

M1.7, 01 A Afternoon: Three mroths OecetnPer ... <*o-0-ah-J 

300.5. 3WJ. 380.4. 30O.X 38X5. 300 4. S»J. fcyterid ,. fM- «W»^>--ta.l4. rest ati (8X14. Marel, iib.0-oSJ) 

3W.L Kerbs: Three months t»A 89J, ° 1 ' .ll'S' «*.V IM.M0J 

98J). 99 : l. 89J. 9X6, 89.7. 89 A 89. ™ SW 

COCOA — JBfHM 


-B.O] 


Bualnei 

Done 


Cox's Orange Pippin 0.05-0.12, Worcester 
Pearmam 0.65-0.07, Bassets 6.07-0.10. 
Pears — conference 0.07-0.14. Plums— Per 
pound Bush 0.1 X Marjorie’s Seedling 9.17- 
0.28. Tomstsra— Per 12-lb English 120- 
1.5X Cabbages— Pw crate 8.MWJ.9X 
Celery — Per head 0.07-0.16. CanlHWw nr s 
7 — Per 12 Uncnin 1.69-1.40. Bee treat— Per 
* 28-Ib 0.60-0.70. Curvets— Per 28-lb 0.40- 

X7X Cspsleams— Pw pound 8JX8 tt. 
Coen ettes— Per pound 0.16-0-20. Ontaas— 
Per bag t.79-iR0. S we des Per 28-Th a.ai- 
8.60. Tam Ip* — Per 28-lb 050. Parsnips— 
Per 28-Ib 050-1.09. Sprauts— Per pound 
0.05-0.07. CMamu— Per pound Kent X42- 
0.4X cent Cobs— Each 9.06-6. IX 


lYrstezda'ys 
COCOA { Close 

+ or 

Bualhesa 

Done 

' .1 

Deo. .SOI 1.0-15.9 

Marob 2C23JJ26-S 

May_- _tt40.fi 4 Lu 

July 

■+JH. AHO.B4S.0 

Dec. ^.2000.0-05.0 

Map -h n970.fi 2000 

+47.26 
+S8tt 
-t-a.0 
-rSS-0 
+23.0 
+ 40.0 
+S4.3 

2050.D-1895 

2 45J 15.B 
2066-0- 32.0 
2054. -84.0 
294-AS&J1 

2010.fi L» 


EEC abbattoir 
plan opposed 


FINANCIAL TIMES 

Beds | Oet. aujMoutta asoj y5tr 


269.42 1360.38 . 

I £55.86 

| 235.45 

(Rum <nls 1 lMsaiM) 

REUTERS 

Oca. 23 | Oct. 20 

Xmtfa age 

Tear ago 

1618.5 11516.6 

1480.5 

1489.3 


DOW JONES 


Dow 

Jones 

1 Oet I Month 
25 1 20 a*<. 

ts r 

R4JO 

Spot 

Future* 

Sta 9 1 : 588.783 79.39 
34)5.391383^6)378.68 

562.61 

a28-91 


MOODY'S 


Moody's 

D"L 

Ut 1 



23 

20 

•ftf j 

agr. 

Spis Conuney 

H72.2 

972.9 

949.9] 

943.0 


(Dacmnber SI. ibbisimi 


.mixed vitieei and rye— 125.68 <12X86 »: bw n-a7 a 

Sbart-covertng steadied values sharply rye— 126X5 » 12X25 j. . . !«* of ,«||V 

earw to tiq. se^m betore proft-tai^ H GCA— Location ei-farm spot prices: SYMEY GREA^ (to orter hover 

" poro «“ "* Other mill big -IwdH-Cambndcu £8X80. “Sb-L sS«>-S»c^rL^!S 

Duffus. . Feed wheat— Central Scotland £90.88, Cam- rw— 237 0^45.5, 34LM3XS. jp- tw- 54x3- . , 

Business bridgeshire S8XI0. Fsad barley Central w a aau-348.0, 27; March 354.0-8SG 0 nil A COMMON MARKET proposal 
" — St ^^,^^L.9 afflbr ^2^ rr . f tL 80 ',K_ Uu S55 5-3BX5, 3«o. 4-365.0. 7:' jniy that veterinary surgeons should 

srsATssfi&aassats csa’MBiSS ^-asunsa ss 


CRIMaBT FISH— Supply used, demand 
bom. Pricoc at snip’s stde 1 unprocessed * 
per w ane: Shelf -cod £4JtdX6x -nimm 


JUTE 


HU, 1, ana • mrnmm uwmw, email rrj 

373.M7LB, S74.5JI74J. L Total Hies: 35. m British slaughter bouses. was 1 *,^ D iaice X 4 .so-fs. 4 i 9 . median £4.60- 

kew Zealand crossbreds— , "Olently opposed yesterday aw. best man plaice xxaj-X4.se. urw 

(buyer, seffer: ail tmtraded); Dec. by Mr. Eric WakellD, president »ann«l Uo*flsii f7-S0, medium £560. 

JUTE— quiet. Oct. -Nov. c and t Dundee 187.0-198.8: March _U5>18S.fl; May 19a o- 0 f the Environmental Health “l 8 ? 1 

BWB £287. BTB £202. BWC £253. BTC 193.0: JuJ? 1M-649X0: OcL 103. 0-19X0; Accnni^lnr, rockflSl f2.4842.80, satUle £2JA£X40. 

£251. BW0 £345. BTD £2«Z. C and f Dec. 193.0-396.Q- March 18X8-197.8. Salee: AWOCiaUML * . 

Antwerp BWB 65ZL BTB 5908. BWC 3485. Nil. , „ He Said the proposal was LIVERPOOL COTTON— Spot and Mo- 

Saks: 6.714 (8J2K tots of 10 tonnes. BTC S4W. BW» 6«L BED 0478. ^Jute J™ L 7 I *ew Zealand ^ wool * quite Unnecessary and an ««« sales amounted to Jtt inrora. 

Intern BtlMMl Cocoa OrsantatiM iUJ. rood* n»^. OcL caito rDnffilTO 4Wn. was sBtf th (Man Napi er on F riday, rttravaeant use Of hirfllv trained nwm F - w - TtommIL considerate 

cento per noiffldl— D*3y pries October 28: 16-08 £UJB, 46-in 7J-c* £8^4, B twills with medium crosslsed tow ousted below ““ aY “sr Dl use ° r vEainefl hitorert shown In nnaiiMirSK 

October »: a. their recent peeks, a. dedtoe of 24 d and costly manpower. 0 nSSuLa^SS: 


U.S. Markets 


NEW YORK. OcL 2X 
Corse— Dec. 375.10 (175.751, March 17X80 
(174.73). May 173.75. July 174.00. SepL 

172.10. Dec. 168.66. Sales: 1,048. 
Coffee—'’ C " Contra cl: Dec.- 147^9- 

14795 (14897), March 138.50 ‘ 139,83). May 
134^5-134^0. July 13X23-131 -TO. SepL 
X30.W-130.50. Dec. 125.00. March 21X00- 

127.00. Sales: 765. 

Csppcr— Oct. fifi.W (65.50), Nov, w.ia 
165.75 j. Dex 66.70, Jan. 67.30. Mart* 
MJ0. May 69.S, July 70.50. SepL 71X5. 
Dec. 72.45, Jan. 72.85. March 73.65. May 
74.45, July 75J!X Sales: 3.806. 

Cotton— No. 2: Dec. 87.83-67.90 (67.73), 
March 76.42-70.45 (70.15), May Tl.tt. July 
n.45n.50. Oct. 67.80. Dec. 66.BX06.85. 
March 67.75«6 jM. Sales: 3,550. 

“Gold— Oct 225.80 1 227.701, Not. 22650 
(228.40'. Dec. 227.80. Feb. 23130. April 
235 JO. Jane 739.00. Aug. 242.80. OCT. 246.70, 
Dec. 250.70. Feb. 254.80. AprH 239.00, June 
283.20. Aug. 267.50. Sales: 13,000. 

tLard — Chtcaeo loose unavailable. NY 
prime sleam 26.00 traded i2X00 asked 1. 
jMafcc— Dec. 238-3281 iJSSD. March 
<235}), May 2441. July 248I-24S£i 
Sepr. 250. Dec. 254}. 

4 Platinum— Jan. 344 .50-34520 <344.55)1 

April 343.70-345^0 (345.50), July 348.40- 
348.60. Ocl. 350 JO. Jan. 354.00-354.20. April 
356.60-356.80. Sales: 1.485. 

OSilver— Oct. 580.30 15S2J26'. Nnv.- 581.60 
<554.701. Dec. 5S5.8X Jan. 580.98. March 

388.00. May . 606X0, July 6Z4.7D. Scpl 
IC 3.40, Dec. 637X0, Jan. 641.70. March 

651.10. May 660.60, July 870X0. Sales: 

8.000. Handy and Harman spot 583.00 
<587.801. 

Soyabeans— Nov. G7D-R73 < 67213, Jan- 
687-681 >650)i. March 691-600. May- 605, 
July 587-6871. Aug. 689, ScPt. 670. Nuvj 
639. 

Soyabean (HI— Dec. 33.75-25.65 (20.171; 
Jan. 25.30--JS.45 125.431. March 55^3-25.26, 
May 25.15-23.10. July 24J0-24.8S, Augj 
2465-24.70. SepL 24.30-24.40, OcL 24J0- 
24. IX 

Soyabean Meal — Dec. 181.70-182.00 
< 176.90). Jan. 1S3.30-1S3.20 < 182.25 1. March 
183.00-184.70, May 185.00-155.50. July 186.00. 
Aug. 184.50*155.1)0. SepL 182.00-182.30, OcL 

161.10. 

Sugar— Nn. II: Jan. 850-5.85 tF.TPi. 
March 0.07-9.08 i9.01). May 9.22 923, July 
9.39, Sept. 8.51-9.53. Oct. B.G2. Jan. 9.65- 
9.70. March 10.10-10.25. Falev: 4.S3D. 

Tfn — 710 00-725.00 nnm. < samel. 

“Wheat— Dec. 33l}-333 < 338i. March 
3331^125 <333! ■. May 330-33H. July 7183- 
119. Sept. 322). Dec. 32M.- 
WINNIPEG. Oct. 23. ttRyc— OcL 99.00 
bid (90.40 bidl. Nnv. 103.00 nnm. 1 100 J8 
nm'i. Doc. 100.80-1M.00 bid. May 105.60 
asked. July 1W.20 nom. 

tttJats— net. 80.00 bid (7S.7D bid). De& 
79 30 1 78 00 asked >. March 77.20 asked. 
May 76.90. July 76.40 bid. 

ttBaricy — Oc<. 73.30 bid. <71.80 bidi. Defc 
74 JO asked iT3.l0<. March 76.48 asked, 
Mav 76.20 asked. July 76.70 a‘ked. 

ft Flaxseed— Ocl 275.90 bid 1271.00 bid). 
Nnv. 273.00 bid >269 JO ■ bid j , - Dec.- • 271 .50 
asked. May 271.50 bid, July 267.50 bid. 

5 Wheat — SC WTtS 13.5 per cent protein 
conleni cir St. Lawrence 177.99 'same*. 

All cents per pound ex-waroljoiiBe 
unless otherwise stated. • Ss per troy 
ounce— 100 ounce lots, t Chicago loose 
fa per IN) H»— DepL of As. prices pre- 
vious day. Prime steam fob NY bulk 
tank ears, t Cents per 56 lb bushel es- 
vc are house. 5.000 bushel lots. I *s par 
troy oaaco for 30 n units or S9.9 per 
cent purity delivered NY. 1 Cents per 
troy ounce ex- warehouse fl New M B V 
contract in Es a short ton for bulk lots 
of 100 short tons delivered fob cars 
Chicago, Toledo. St. Louts and Alton. 
— Cents per 69 lb bushel in non. 
ft Cents per 24 lb bushel. Jt Cents per 
48 lb bushel ox- warehouse. 35 Cents per 
56 lb bushel cx-warehouse, 1,006 bushel 
lots. HI SC per tonne. 


Asian rice 
pact plan 

MANILA, Oct. 71 
THE. ASSOCIATION of SOI 
East Asian Nations (ASEAN) 
considering a rice comatot 
agreement to ensure sta 
supply and reasonable prii 
Mr. Arturo Tanco, Philippi 
Agriculture Minister, said ht 
reports. Reuter. 

A small beginning with a i 
agreement could pave the \ 
far a larger agreement inelud 
all rice producing and consum 
countries, he told a *ress Fo 
dation of Asia seminar on ai 
cultural reporting. 





STOCK EXCHANGE REPORT 




Pr 

pr< 

ch 

BY MA 


THE PF 
decided tr 
allegation 
Wilson ft 
number c 
were com 
paign agai 
Parly on 

1974 Gent 
The foi 
allegation 
lowing ih> 
affair. Hi 
was, had 
an arches 
himself. I 
Lady Fi 
Marcia W 
The Pr- 
Sir Haro 
drawn sui 
Suhseqi 
told the 
did not 
prietors 
instructed 
round a 
material.' 1 

The Pn 
in hear 
Sir Haroii 
formal eo 
On the 
:15a in st l 
council s; 
Royal Cc 
l hat thcr 
Labour hi 
The Pr. 
is one nj 
lishcd tod 
In ano 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 


Labour and pay situations still restraining 

No follow-through interest in either Gilts or equities 


FINANCIAL T1MES STOCK INDICES 

-T : I j" Hj$j 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings tions Dealings Day 
Oct. 2 OcL 12 Oct. 13 Oet 24 
OcL 16 Oct 2$ Oct 27 Nov. 7 
Oct 30 Nov. 9 Nov. 10 Nov. 21 

* “ New time " dealing? may take place 
Inn 330 un. two -business days earlier. 

Returning concern over con- 
frontations on pay coupled with 
the labour troubles in the motor 
industry stifled interest in stock 
markets yesterday. The effects 
on sentiment of the slightly more 
favourable situation at Ford were 

annulled by the Vauxhall strike 
vote and the power workers' 
warning that the Government's 
5 per cent limit was unacceptable. 

Little heed was taken of a 
Press suggestion that new price 
controls legislation was being 
drawn . up, so investment 
enthusiasm in most sectors was 
virtually non-existent. Leading 
industrials began a shade easier 
in places and extended the move- 
ment fairly quickly following 
opening dullness in Gilt-edged 
securities. 

The latter reflected defensive 
action on the part of dealers who 
had assumed that sellers would 
probably be encouraged by a 
mildly bearish week-end Press 
and renewed upward pressure on 
U.S. interest rates. In 'the event, 
selling was modest and a rally 
developed but this was finally 
thwarted by late news of yet a 
further rise in the U.S. Federal 
funds rate. 

ID listrating the torpor in 
equities, the FT Industrial 
Ordinary share index. only 
marginally lower at 10 am, was 
4.1 down at the next calculation 
and subsequently 4.6 easier on the 
day at 495.6. News items caused 
isolated exceptions to the dull 
trend and a bandful of situation 
stocks commanded interest, but 
the overall apathy of trade was 
reflected in the number of 
bargains marked which, at 4,396, 
was slightly below last week's 
daily average. 

South African Gold shares 
became unsettled, initially by the 
lower price for bullion and, later, 
by a revival of U.S. selling; 
cheaper rates for investment 
currency also contributed to the 
decline which left heavyweight 
Issues down a full point. The 
FT Gold Mines Index closed 7.0 
lower at 153.1. 

Short-dated British Funds 
were more volatile than the longs 
and after the official close of 
business were at the day's 
lowest Trade, however, was 
patchy and a recovery appeared 
to be bolding until news reached 
the market of increased U.S. 
interest rates. The longs per- 
formed similarly in a small 
business. 

Recently-issued Fixed Interests 
were highlighted hy demand for 
Provincial Laundries 12 per cent 
Convertible 1986-88 which 


jumped 10 points to £32} 
premium, helped by stock 
shortage. 

Rates for investment currency 
fluctuated -between 80} and 78} 
per cent before institutional 
demand was satisfied. Then the 
premium drifted down in light 
trading to close a net 1} lower 
at 79 per cent. Yesterday's .SE 
conversion factor was 0-7181 
(0.7217). 

Traded Options remained quiet, 
but there was a slight improve- 
ment in activity, contracts 
amounting to 429 compared with 
371 last Friday. Press mention 
stimulated interest in GEC which 
recorded 142 deals. 

Proceedings in the banking 
sector were dominated by the 
performance of the Irish issues 
which moved sharply ahead in 
active trading fuelled by Press 
comment. Allied Irish, w-hich is 
scheduled to report interim 
figures on November 1, rose 8 to 
229p. while Bank of Ireland rose 
12 to 445p. The major clearing 
banks had an easier bias. Nat- 
West losing 2 to 270p and Barclays 
4 to 340p- Press comment directed 
attention to Catties, 3 better at 
37}p, in otherwise little-changed 
Hire Purchases. 

Highland featured Distillers, 
rising 7 to 147p on the substan- 
tially increased earnings and the 
proposed 100 per cent scrip issue. 
Other firm spots included A. Ben, 
4 better at 248p, and Irish, 6 
higher at 190p. Breweries were 
idle and featureless. 

'After Friday's late jump of 20 
on capital reorganisation pro- 
posals. Richard Costain hardened 
afresh to 25Sp. but subsequent 
profit-taking left the close a 
penny down ou balance at 251p. 
In sympathy, Taylor Woodrow, at 
411p, gave back 9 of Friday's gain 
of 15 and. George Wtmpey reacted 
1} to 79} p. John Laing A held at 
205p; the group's reconstruction 
scheme becomes operative on 
Friday when the two resulting 
companies will announce interim 
results. Helical Bar. at 32p, 
recovered all of Friday’s fall of 4 
that stemmed from sharply lower 
annual profits, but PochJns were 
unmoved at 152p despite satis- 
factory full year profits and the 
chairman's optimistic statement. 
Federated Land firmed 2} to 50p 
aided by Press comment 

In an extension of Friday's 
slack trade. 1(3 eased 3 to 389p. 
as did Fisons, at 327p. Laporte 
found support however, and 
added 4 to 115p while, mirroring 
Press comment Wolstenholme 
Bronze advanced 12 to 290p. 


on lack of buying Interest 
although falls rarely exceeded a 
few pence. Secondary issues 
ended mixed. In thin markets, 
small buying lifted Lee Cooper 
10 to 175p and MFI 5 to 141 p, 
but Time Products lost 4 at 188p, 
while the new nil paid shed 5 
to 84p. RosgUI added 3 to 30p, 
after 31p. Fortnum and Mason 
jumped 110 to SSOp in a nominal 
market following news of the 
death of majority shareholder 
Mr. Garfield Weston. In Shoes, 
Strong and Fisher firmed 4 to 71p 
on sihail buying. 

Among Electricals. GEC eased 
4 to 822p despite favourable Press 
while Thorn Electrical shed 3 to 


Mining Finance 

-i.r.-iciuflisimi I > - 


Stores quiet 


Interim profits at the lower 
end of market estimates left 
Mother care 8 down at 160p. A 
good market of late on revived 
bid hopes. Burton issues ran back 
on profit-taking, the ordinary re- 
acting 7 to 188p and the A 5 to 
ITSp. Other leading Stores eased 


NAY JDH JUL AUG SEP OCT 


S71p and smaH selling dipped 5 
from Enrotherm at lS4p and 6 
from Racal Electronics at 332p. 
Pressac contrasted with a rise of 
3 to I08p on the sharply increased 
earnings. Higher interim figures 
lifted Fidelity Radio 2 to 90 p, 
while other firm spots included 
Jones Stroud, 4 up at 107p, and 
Geo. H. Scholes, 15 to the good 
at 305p. 

Engineering majors were 
inclined easier in quiet trading. 
John Brown drifted off to close 5 
lower at 450p, while Hawker 
Siddeley gave up 4 to 244p and 
GKN ended similarily cheaper at 
263p. Among the few noteworthy 
movements in secondary issues, 
Renold firmed 3 to 137p following 
news that workers at the com- 
pany’s power transmission factory 
at Coventry had accepted a peace 
formula to end their four-week 
strike. Thomas Robinson met 
scattered support and put on 4 to 
80p, while Bam fords improved 2 
to 38p. Ductile Steels were 2 
dearer at 12Sp awaiting today's 
interim statement Newman- 
Tonks hardened a penny to (up in 
response to the preliminary 
results, but WuUdn, a firm 
market of late, gave up 4 to lofip. 
Weston-Evans were quoted ex 
scrip issue at 40p. Hawthorn 
Leslie encountered support in 
Shipbuilders and put on 4 to 78p. 

Following last week's specula- 
tive gain of 4}, Louis C. Edwards 


rose 3 to 19p oh the company’s Overseas Traders, small selling 4n situation prompted a wetter of- 
receipt of "certain” financial front of today’s pr e li min ary American selling of South African 

proposals. Cullen’s Stores figures dipped 5 from JPaterson Golds and produced of aft- of 7.4 

attracted interest, the ordinary Zochdnls at ISOp. to 153J in the Gold Minas index 

and A both dosing 4 better at still reflecting last week’s sharp Share prices . -tended to drift 
i46p and 144p respectively, v*i»e faI1 on Wall street, investment from the outset, despite 8* initial 
nunbuyiiig left FMC 3 mraer Trusts continued to drift lower in strength of the bdflioiL - price 
at <Qp. Rowntree Mackintosh ^ fling. Camelfia Invest- bat as-t&e U.S. selling intensified 
declined 8 to 382p and, in meats, at 32Qp. gave up 5 of foUowsng the afternoon ctedi&e 

Supermarkets, Teseo eased a Friday's rise of 9, while Edinburgh a,, themetal price, fail of- over 

penny to 54}p, American Trust, llfip, and U.S. g point appeared in the heavy- 

imst Fund, 730p, lost 3 and la weights. 

R. H. Cole weaken 

Small losses in the mi see 11a- to 106p following Press comment JS&JrSKEkJ!? 

neous Industrial leaders mainly In Financials, Dalgety, a firm 

reflected lack of support market of late, hardened 3 more .^rare. additionally 

Beecham, 67&p and Bo water, lS7p, to 324p. Yule Catto were quoted 'SS®* 

reacted 5 and 3 respectively, while ex the capital repayment at Sap. comment and dropped 80 to.7fipp. 
losses of around 2 were marked Mersev Docks Units, a firm South .African . Fmaiwiafe 
against Reed International. ISOp. market of late on speculation mirrored the decline in Golds, 
and Boots, }96p. Elsewhere, the about the outcome of the talks Beers gave up 32 to 38$), 
sharp fall In the interim profits with the Merseyside County Anglo American Corporation 10 
and forecast of a further down- council, attracted fresh interest 340p.and Union Corporation S 
turn in second-half trading caused OT fl hardened 1J to a 1978 peak of to 296p. ’ . 

marked weakness in R. H. Cole 3930. Shippings were quiet and Ftatmoms lost ground .owtog to 
which dipped 15 to 108p. By way lm; * changed. profit-taking despite the contmn- 

of contrast. G rims ha we were a - ing buoyancy of the free market 

fairly active market following fjL 1 ! . piatraura price which, touched 

favourable Press comment and §350 an ounce at one '- potot 

advanced to 5Sp before settling Rustenburg and Lydenburgbotii 

at 55p for a rise of IS. Pressmen- E ,.^] f. relinquished 7 to IpSp tod 76p 

tion also helped Holt Lloyd, 2 reop«davely while Bishopsgate 

firmer at 179p, and Smith and “ tier’s ^ offer. Bamd finished closed 5 off at HQp. , 

Nephew, a shade harder at 71p. * ,5 putting a value Australians remained friendless 

On the other hand. I CL were dull the bid of just over 201 p per a further downturn m over- 
at 466p, down 8, along with Rank ““$/• ® night Sydney and .McSwurne 

Organisation. 4 lower at 252p, markets ft^wed by wide- 

while British Vita, the subject of Re M an “ encoun- spread London setting.- 

speculative demand recently, re- 'JTO JS e S^? hi Sfvll!2 l ta? lI! 22 Western Mining were -jrarticu- 
acted 3 to 119p. Talbex Improved hj , jjjonifort were inrfy weak and finally 8 -tower -at 

* to 181 in response to the pre- simuanj dearer at <4p. I33p. Diamonds met peraisteirt 

li mi nary results, but news of the . Malaysian issues went higher in profl Making with. Northern 
asreed bid for Temblon Spinning Rubbers '.following the Budget Mining 8 off at 02p. North West 
Mills of the U^. failed to benefit measures. Kulim hardened 2 to Mining 4 easier at 24p . -and 
Hanson Trust, a penny loiver at 51 Sp. while Highlands, ZI8p, and Western Queen the same amount 
131p. Kuala Lumpur Kepoug, 78p, put down at 20p. 

More O'Femdl held a Press- " 

inspired gain of 4 at 89p ahead **A?Sh continued firmly in Teas. ! - ! " 

of tomorrow’s interim statement I' lsm £ 9 - 10 214 P- aft * r fo f. a DICCC ANTI FAT T <2 
Buyers showed interest in Sir J^o-day improvement of 2fi ion the Klata A II LI rALJ^ 

Joseph Causton, Zj higher at 26p. profits and MpitaI pr °- YESTERDAY 

Properties remained largely - . ... 1 


Gorenimeflt Se ca . . - — 

pixel Intga tt - 

ImlQrtnjiI ■, -■ ■■ ■ ■— 
Gold All no-— li-—- - 
tint Div. Ylotd .— 

tfemiags.Y’^CfnllK*) 

p/e Bfuw mot) n>~— 

Dealing Mtfked .— — 
Equity Bnrnover £m .« 
gqtmy bargmtoTPtal- 


s "7L26[ ■.70.9® - iTO^ 

K ,; ' 5bOAj '• MU :'494,Cj' r 49R5i 
ll 16Q.1 -157JK- liL^ : 15B.a' ira^! 
a' - 5.4o|-,' fi.45j 

« 1S.W : Ifiitsf ‘is-rtj wa-i 

J &6Q ■ a:74: KW BiSj} 
a. dlara 4^ari: -4.2ifli. '4;^ 

. 9Z2S 6A53 . 76.43j 69AI|.'^9V03 ^ 
J 14.170i l5A4i|l4^37f 16,81^ 


10 am 4095. ll hn 48LL Noon 'OUi.-iVtt.dMir - " > ; 
. ..3'«n «64- 3 pm 400. .. . 

latett lWteaWfcaOZK- . A 1 
•Based on St per cent conxmfem tax. TJ4U.sM9. v-- . 
180 Cortlacg. F had 1M1S28. Tad. 

Mu^ 12^/53. SB ArtWty WDea lMfa _ •. 


HIGHS AND: LOWS - 

I W78 " . Islnus Compilation 


untested, but ended with Golds lOWCT Britw. nmds . — l../ .Ve *n* 

scattered gains. Pr^s mention V wlua iuwci . ^ Oom> ^ . 

prompted a lively evenly The afternoon decline in the ,■ — -r? — ® 

balanced trade to Town and City bullion price, which dosed 50 SSSSaa ’a S ». 

which finished } ud at 14p. whilb cenLs nower at S227.65 per ounce oils .4: 10- -22 

Warner Estate attracted buyers after being fixed at S229 m the Plantation ..... — - — r 5 w 

and firmed 6 to. 163p. Fairview morning, coupled with continued - fn>5 ■ ; . D * a 

Estates put on 5 to 137p follow- uncertainties regarding the Rea3rt * SSB ** ” — ■ 32 17 

ing the annual results end pro- Namibia (South West Africa) Totals 299 met j.oo 

posed reval oa tion. Otiier notabl? 

firm spots included United Real, - ' - 

5 better at 305p, County and 

District. 3 up at llfp. and AfTTVF SlTftTYS ' 

Bernard Sunley, 4 to the good Al ' 11Tt alULIkJ 

at 274p. Profit-taking cl toped 5 No 

!n Denomina- of’ Closing Change -1978 1978 

Sfji Vn toSySflOn ^mopoaf-h *hS St0Ck 1,00 marks (P> 00 <5^ Wffh 1 

Costa| n (R.) 25p 9 251 - 1 258 . ' 157 

may or may not lead to an Grimshawe 20p 9 • 55 +13.- 58 : ’ 17 

offer for the shares. Marks & Spencer 25p 9 86 — 1 - 94 - ,.B7J 

Shell Transport.. 25p- 9 570 - 6 ' 602 484 

Oils give ground Beecham — 25p S 676 — S 743 583 

y J , . Boots 25p S 196 - 3 237 .■ jS4 

In dull Oils, lack of support and B P £1 8 892 - 8 926 . 720 - 

occasional offerings left British Distillers 50p S 198 - 2 215 163 

Petroleum 8 lower at SMp and RTZ 25p 8 256 - 4 263 : 164 

* ® ff « 37PP- Dotch ICI £1 7 389 - a 421 328 

eased i to £431- GEC S5p 6 322 - 4 340 , 233 

Press comment ahead of the full GKN £1 .6 263 — 4 298- 248 

report and accounts directed London Brick ... 25p 6 73 — 1 SO 01 

attention to Sime Darby winch Trafalgar House... 20p 6 118 - 1 197 115 

rose 5 ‘ to U6p. Elsewhere in Mothercare lOp 5 160 — 8 200 146 


Totals r_- 


u - 22 

5 19 

8fi 42 
12 17 


299 IKT 3,402 


ACTIVE STOCKS 


Denomina- of Closing Change 
tion marks price (p) on day 


loa. Otd... 


| WB ' _ . |s 

High ' 

Low 

78.5b 

(4/ti 

00.79 
- Pfi 

aun 
m . 

. 70.73 

m r 

6355 

(14/8> 

433.4 

a 

806.6 

(14« 

130J 
-'(6,1) rt 


s^-ACTivnY ; 

— lAUly . 

TrilS-fidged uk 157:C .169^ 
L>daMzie»^. --149,1 - 
. 4R 2 - : 



. I’cajUB loai : >1 

■sdjw: Avwrtois j 1 ' ' ; 
.GHt-uagai-j :■ a 

IndmertotoiJ W4L1 r^l( 

Speeula»n>^t 46.9 < 

rotate ,Z} 9B.-9 , U 




OPTIONS 


dealing dates . 

First Last Las*: • For 

Deal- Deal- Declare- . Eettle- 

ings togs - 'tion.; merit 

Oct. 24 Nov. 6 Jan. 25 Feb. 6 
Nov. 7 Nov. 20 Feb. 8 Teh. 29 
Nov. 21 Dec. 4 Feb. 22 Mar- 6 
For rate indications see end, of 
Share Information Service. 


Stocks favoured far-the-ie^^' 
were Mlncorp, Mltis and AiW; ^ 
Premier Consoti dated Ofl^ Add* ^ 
Triternatiomd, Edgcr-'Anri^^mutlg . 
Hunter, Bowthorpe anff 'Burtw : ^ ; 
Warrants, whAft- ddoKtes'. iwejfef 
arranged in Premie r ConsoUdattd • , 
OIL Mersey Docks aadB^dt^i^- 

to. “ a.” .= 

’ :- T 


LONDON TRADED OPTIONS r ^ v ^ 



Closing 

Ciordng 

• • .: 

I Optinn pnoe 

offer 

VoL . offer 

Tok 1 


BP 

Cum L’ninn 
li.inl 
Court* ii Ms 
CniirrmMs 
CourtAUlila 
GEC 
GKC 
GEC 

■ Unad Met. 

ICI 

ICI 

ijnut Se.**. 
r*nd Secs. 
Marks k. rip, 
Mark* ± rip. 
Mans it rip. 
Marks & Sp. 
ri|i«.ll 
Tf-eala 


Bunla . " 200 7 

HMI .140 19 

EM! 180 1 

tmperlAlG-p. 90 ■' " .11 

KT/. 240 22 

Total* 


Pt 54 
ia — . 


Janmuy' ■ April v : v ‘~Vk •' j-iZ-.iz. 

■ ' . . i ■ - ' " 

sing - 

rer Tok offw - T«L ; 

50 1 TO\lV^?fSSS 

10 1 .15:. 

14- .. - a*-: . 

8 — . 11 -..,.^-. 

-4 L - 4 .«!#. - ii.// -Ji 

58 -46.-- -Si :;--30%V- 

17 iq 26 

8 -- 16 -;m: L.J 

toil.. - . .1 Qh& ; - '4Q 

22 ' 6 , 

9i 3 — • -a.rTli;-Tr 

is - -• 27 : - •, aa^ : .-'5=, 

■8i z 4a; -is rr 7;-:-., 

26 1_: . 30,. iw -;. ,S5 b::- ; 

lfi ... — • • 20^ ..55: 

51j ..-10. ' .8 : •*--*• . >U.-. •■■■ 

18. - 34 -• • U : . 

• Pebrnary . L >*’ 5j ( m. }- Jr 


26- .66, 
'16 . ;;as 


I . & 

■ B .- "*M5b -i- 

illlfc 


NOTICE OF REDEMPTION 


To the Holders of 

American Brands Overseas, N.Y 

8% Guaranteed Debentures Due 1981 
Issued under Indenture dated as of November 15, 1969 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the above-mentioned Indenture, 
SI .217.000 principal amount of .the above described Deljenturca has been selected for redemption on 
November 15, 1978, through operation of the Sinking Fund, at 100# of the principal amount thereof, 
together with accrued interest to said date, as follows: 

Outstanding Debentures of $1,000 each of Prefix “M” bearing 
fheDistinctive Numbers ending in any of the following two digits : 

20 63 70 73 re S3 95 

Also Oatstanding Deljeuttirea of $1,000 each of 
Prefix “M” bearing the following Numbers : 

44 1544 3144 4544 5244 6644 0444 11244 12844- 34344 15644 18644 20844 22144 22844 24044 

444 2144 3544 4744 5944 7644 9744 11844 13244 14444 16744 19044 20944 22244 23144 24144 

844 2244 3B44 4844 6144 8344 10244 32144 13344 14744 Z7244 19344 21144 22544 23544 

1044 2344 3944 5044 G444 8444 30444 12444 13444 25144 17444 19744 21444 22644 23844 

1344 3044 4144 5144 5544 8344 10544 12744 13944 15244 18444 20544 31544 22744 23944 

On November 15, 1978, the Debentures designated above will become due and payable in with coin 
or cotTency of the United States of America as at the lime of payment shall be legal tender for the 
payment of public and private debts. Said Debentures will be paid, upon presentation and surrender 
thereof with all coupons appertaining thereto ^maturing after the redemption date, at the option of 
the 1 holder either (a) at the corporate trust ofiiw of Morgan. Guaranty Trust Company of New 
York, 13ti^ Floor, 30 ‘Weal Broadway, New York, New York 10015, or I hi at the main offices 
of Morgan Guaranty Trust Company o£New York in Brussels. Fraukfiui am. Main, London or Pari-?, 
or Banco. YonwiJIer & C S-pA. in Milan, or Bank jVIces & Hope NY in Amsterdam. Coupons due 
November 15. 1978 should lie detached and collected- ir the usual manner. Payments at tbe ofiirvs 
referred to in lb) above wilt be mads by check drawn. cm a dollar account, or l»y a. transfer to a 
dollar account maintained by the payee, with a New York City bank. 

Ou and after November 15, 1978 iiilereat shall cease to accrue on the Debentures herein designated 
for redemption. 

A3VIEEICAW BRA2SDS OVERSEAS, IV.Y. 

Dated: October 10, 1973 

NOTICE 

The following Debentures previously colled for redemption have not as yet been, presented forpa>Tnent: 

M =517 3215 3566 116G4 1224B 12436 33118 14368 14572 15787 15897 

2519 3264 10140 11761 12252 12437 13245 14371 14578 15880 15902 


NEW HIGHS AND LOWS FOR 1978 


Get Timely 
Advice 

Sent to you every Wednesday, the IC News Letter gives you 
expert share recommendations on the right day for you to act, 
for the greatest benefit. Take a subscription to this unique 
investment service, and see the -advantages for yourself. 


I Rra3eer^irvi>a™^ a S'kwcrK>er. Mr/ Mrs -Mies. — 

I endose: ( BLOCK LETTERS PLEASE ) 

1 nf23XKJtoroneye»(I3aoOairmaB Address ; 

I outside UK) (includes Hina binder) 

neiaoa tor aaix months' trfei 

1 ^subscription (d7.Q0 akrrafl) ' — ’ 

■ DPteass invoic e for ffa 00/£ia00 p ostcode 

■ (delete as eppropnawj TcgWRKgnnc pstunvestors OfitMOE icnlft fi^epost. locon ei 

. ra *‘ Fr R«^*^Qf«yM^Ptece^t^LaBo tijf^EC4Aira.^Jto805e^ 


Tim following securities a noted lit the 
Share iniomatlon ‘ Service yesterday 
attained new Highs and LOWS for 197B. 

NEW HIGHS (46) 

com'wealth a African loans ti» 

, N.X. 4 pc 76-78 

BEERS (ll 

Irish Distillers 

BUILDINGS (f) 

Federated Land 

CHEMICALS (1) 

Cruda Inti. 

STORES (41 
Amber Oar Rosglll 

Lee Cooper Stanley CA. GO 

ELECTRICALS 13] 

Jones Stroud Scholes (G. H.l 

Pressac 

ENGINEERING (Cl 
Circle Eng. Track (W. A.1 

Mole (M.l Wiu-wav Watson 

Savllle (Gbi Wombwell Foundry 

FOODS (2) 

Edwards (Lou. C.i Pvfcc (W. J.l 

INDUSTRIALS (9) 

Arenson (A.l 5harna Ware . 

Assoc. Sprayers United Guarantee 

Grimshawe Waterford Glass 

Kalamazoo Wats bams 

Med mi ns ter 

LEISURE 12) 

Horizon Midlands Norton & Wright 


_ NEWSPAPERS (li 
Bristol Post 

PAPER (1) 

Causton (Sir J.i 

PROPERTY (6) 

Country & M, Town Inirr Pronorty 

County a. District United Real Pros. 

Fairview Estates Warner Estate 

SHIPPING (11 
Mersev Dock Units 

TEXTILES (2) 

Haggas (J.i Reliance Knitwear 

_ TRUSTS (1> 

Dalgety 

OVERSEAS TRADERS (1) 

■ousted 

MINES (3> 

Mlncorp Tehldy Minerals 

Hongkong Tin 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Mon., Ocf. 23, 1978 


NEW LOWS (S) 

AMERICANS (II 
CHEMICALS (1) 


Singer 

CHEMICALS (1) 

Alginate 

ENGINEERING (21 
Jones Grow Sykes [Henry) 

FOODS ill 

Bishop's Stores A 

' INDUSTRIALS CD 
Baxter Travenol Hestair 

TRUSTS (1) 

Yule Catto 


FiButps in- pnrcnliiesoe- j.how nomiior oT toilet 
Slnclcc t*>r sertirm 




RECENT ISSUES 


EQUITHES 



FIXED INTEREST STOCKS 




9934, r.p. 

LJ\t . — 

% El 
M P.l*. 
99u ah 1 
£10 j y.p. ■ 
£99 it K.l*. 

■ : nil 
£97i: £10 
' 1M*. , 
rooij.uio 
“ F.P. 
£97i Sl £io 


99l?:Anglescv VanaWt- lffii 

l^igii.'.tu-MjUiinK' li-j, Lniiv. rn 

ft) .rirlWui IVncercHirh- 1% Prl. IflW. 

105 ^Hulrna !1<S «?um. Prttf . 

SMS'Hi- x •mitt. 1*1 UoDJajLWW 

100S* IH.iirsivI A-UYivIlmni IK* L'tb. La. .. 

iKen»jnai*ni *ini C'lie>mi l*r. llur IrkiO... 

19 JPniv. T«im>1ri» 122 for. 8^:’8S. 

9 ;i(ickmanm onli a l xbrkl^v Water.7$ 'BS,. 

ICO iitmunviw* Iu^Ujuv. los. U8&. 

7 . 1'aoiii hnnrfc turn UUat Jlert. Mf? 

ICS (Vidor HrwH. llj Cum. Prpf 

fll2:W«rt fivui WaUtTS tTfll- WM .... 


- 99Sfl|+ l R 
.1 131- +1: 

! 1^ -• 

. 109[v ... .. 

.£26 l + i 2 
.'lOOla!— U 

.. aati) 

.:i2i(ini’+ ID 

• v 

.1117 i-l 
I 8 i-i 4 
■i 103pr-l 
•I 9^4 1 


"RIGHTS” OFFERS 



CAPIT AL GOODS 1 171 1 

BuildinC Materials <27i 

Coniraclinc. Con.olruction <28i.. 

KlectriL-alsi I4i ' 

Engineering L'ontrai-tors l 
Mechanical Engineeringi72j . . 
Metals and Metal Forming! 16).. 
CONSUMER GOODS 

(DURABLEXKSl 

LL Electronics. Radio, TV it0i.% 

Household (Joods 1 12i 

Motors and Di5tributors«2iii 

CONSUMER GOODS 

(NON-Dl'RARLEMlTSi 

Breweries 1 14» 

Wines and Spirits 161 

Entertainment. CaiermmiTi .... 

Food Manufacturing (19i 

Food Retailing t|5i 

Newspaper.-.. Publishing) 12* .. 

Packaging and l'aperiini 

Siure»i40i 

Textiles i 2 Th 

Tobaccos 1 3l ... . 

To> s nrnl r,.nmes !&• _ 

OTHER C.ROOPSlMi 

Cliemicalsi 19. 

Pharmaceutical ProductiftT) 

Office EquipmenriBj 

Shipping ) lhi 

Mi«cenancous r57» 

INDiiyriti AL GROUP 1-195) “ 


500 SHARE INDEX. ... 
KINANCI A LGKOl : Pt KH>r 

Banks'll' 

Discount Houses! 4(1) 

Hire lhirchasei.il 

Insurance iLifei i I0i 
GO Insurance rt'ornimsite) 
insurance Brokers <iw>.... 
HR Merchant Ranks (14)... 

fi9 Prdpia1) , iSl> — ... . 

M tscella neou s i7> ... ^ 

m 


242 53 
210.65 
378.23 
557 82 
383.331 +0.1 
19219 
168 94 -0.4 

214 77 - 05 

26334 
185.27 
128.79 

21316 -0 8 
23132 1 
279 93 
270.01 
206 87 
22918 

395531 +0.2 
144.621 -0 9 
200.04 
18315 


5J.7 » 858 24399 

5.38 8 20 21X33 

4.19 7.92 381.07 

333 10.63 56402 

5.69 7.82 382.93 

S 73 7 67 193.04 

843 8.76 1H|.67J 168L04 

4 94 8 72 215 87 213.87 

3.88 10.02 265.51 26276 

611 857 1B5.Z7 184.92 

6.43 7.28 12877 12759. 


66 ; t.r. 
30|i , Nil 
28a i t.r. 
aSOr F.P. 
3d I F.P. 
44 |P.P. 
12 F.P. 
11B F.P. 
265 FJ». 
100 FJB. 
65 F.P. 
74 Nil 
10 F.P. 
77 F.P. 
U3 * F.P. 
38 F.P. 
40 ; t'.P. 
42 1 F.P. 
200 . F.P. 
1S5 XII 


' ly.9'i/ lOr IS ' K» lAumoaon Bm*. 

Till 24U1 3flpm33ip«i..\sUHji>-4 Ma.leJpc 

<52*2 MU' 380 j ati ; itv t.li 

, 22^9 15/ls, OH } 200 ilkniisr l(un<l...,...„ 

< 50'fcJ4,ll 74 * so lUuu'lifttVirt 
i 29/91 10 /j roitl si !Hnn»b Printtne... 

18/lO Mili; 13 'i 16‘2'Uliango Ware, 

! 21.9 d'll' 144 I lii - Chul ■!)...„, 

‘ 8|10 17/1] 586 ' 298 ! Uftieot.v 

1 6/10. 3/11' 110 | 100 rtiulRvUii'iiiKiilc lO^junr? 
[ 6/10 10 1190 ; B5 'Howrion Crrmp.„. 
i 35/9.27/10; Hfllj; 04 'luiliai Scrvkc*.,,!”**** 4- * 
: 14, 1 lOig tiKunk-ts Holdinn,"' 

11/9 27/10 dOpni filApinil^ Soiymjb...., , 
4-10,27/10! l’> . W 'ton. i .UMIamj'inti ’ ” 

,23/10,14/11' riS I B • jhiviinB (H'.Li, 

t 29'H>2 i)U.i u ; ^3 iHkiiicr. iJt-npileraY!! 

6/10' i'll] 65 4a KhIimiii" Nriintwir 

"<*6-V e ll! 301 . ?-i |ilin»nli< l<n a . 

8/11 8,']2i 41pmi 54|>ni -Tiit||, Hnilurti..,., 

,i0: win. *. iv« n „. 

.27* 10,17/11! Sim li*n< : V.-rk-nn-u 


IKNIMaila! 73 I 

............ [33l? pm, 

— | 360 j+2 

aoa i 

64 j 

.... — —i 53 U12 

— , 15 j— m- 

142 ..... 

‘ 320 -5 

La’SfrOi 101 

86 

931s — lg 

lain — 

— 86pra +ig 
103 ' -» 

. — * — | 65 . HMI. 

-.-I 70 -I 

85 \ + \ 

340 |—2 



■susjs'^ss ss^nsm xsz 

rMTiKssje BTTkXrrzs 

lor crajcrahm nr <hjrev nor now ranRln* rnr dhrtdciri or raXSToniy 

ttas* aassf 6 * 'i*** 

to li oitwen to ttoUer* of tmnoary shares as ■' " rtehta.** — Ircopc 

MR ^mrndncc n. isawdln^ ^mn«M™Vrai reinKT 
SFhyg ry r FBlit'Oitr. KH Introduction, n Issnod to f ori t or orefBrence EviMen 


lfi 2p-yr. Red. Deb Sc Loans (151 mes us.os 5658 

16 Investment Trust Prefe- (15) i3jjz -srlsV 

17 ComL and lodL PreCi (20) TiLial tiLae 7 ijj6 




















































«*J, t-V-.. ."• 


^r,::4c> 



t^WBer^^TS 


37 , 


AUTHORISED i UNIT s TRUSTS 


y I'nii T-a. Mncrv Ltd. m« 

3mrto»wJK Avlisoctr ‘TMIMI 


T 


OFFSHORE AND 
OVERSEAS FUNDS 


'djm'oj. .;»a 

■■ Ir.curu- 4 ; 9 
In-. T-i kv( . 37J 
Gen Trt _ . |«7 1 
rt IT"B T-a |ilb 


JTOJ-fl , 
■HU-91 
39* -01 
SO I - 0 Jl 
134 J -Oil 


4 22 
574 
1M 

* 3a 

394 


tr«Ti'«n. . 144 0 

CjJ'lljlTM hj&4 


iruwl h la .. 
Du At'Oirn .. .. . 


d Hamhro Group? laxgi 
') 11 ml. HuBni, Un-jitK.nl Etait, 


. uao 
1 127* 


0« -7J| 

1472, 

122 
1254 
1304: 


9 


Lid ¥ 

43 3-.J 10) 323 
713 


—Vi I nr bn*n(V‘ 

rt Firn-li 

l-» ;6B7 

• idr Fund Ibbfi 

■ ln<- . 07B 

* iti n**i lisa 
I'.ltul -,1 ..’712 

•UMirt! ....11114 
n.\c.- 1-4 _fl2S4 

■ Famli 

'«M *’.! !74 3 

inw . M4 
j In- W1 0 

(tonal I him it 
MumuI . . . 124 7 
hum! _H9 7 
i Atn-rui |S1 Z 

: E«i'mpl5 iK) B 

'-lie Fundi 
r(V "• K*l _[386 
ir ■-'o'. Kil 1496 
->M!» 1182 0 

11 Hr "'ill: |42J 
i» rjimint- .iMij 
tu»r i'rt'- iriW6J 


•d •iX.'TTl zlUJt 



Frandlnfilaa Unit Mgl. Ltd. tal MinstPr Pond Mftnaeers Ltd. Provincial Uie Int. Co. 

s.7 Ir.-I.^ntl vant Kt JP.'.DH 01-iW)U37‘ 5Unrt«+ tl-.e . VrtliUf-.t L’ - + nl IC3 1050 -2.'. lii-hup b ■ 2 

117 UlnMcruri HI . .(389 <091 1 540 nvlifli-l l.il- 187 1 433-i 1 01 

J.».a»"P"^5 ....(IMS 1M5 uJ I 5*5 Hush Invomv |>J64 1354j-0i) 

US ML.A ('nit Tru<u Mpronni. Lid. Prudl. Portfolio Mnsrs. Lul.V taitbHd *•■•• •*«'«• " . 

rtnvf.ClVtllHjii 1I-KM7323 Hulb-ni B..I-. UCIN'-'NH ut IW.iiks yWI 

■ 146 3 48 7b 1 . I 3 70 Fruiti-ill tal. ... |131 0 13*» Of - 0 457 

Qnillrr Manafienxrit Co. Lid.? 

Ttia-KIL. Em. I.hiiiI--. E'V r* llir UHWHI77 

Qiimlmni KJ |1087 ^ J[ 580 


Save & Prosper continued 
MiMhilii Srruriliei Lid.V 
S. 1 ill. 11 - . .380 40 S -ft: 


1 


222 


Friends" FrovdL Unit Tr.Mgrs.? 

FijJijtnEjirt iu.rfcin; • - *JU«)5frt? 

1'rictiiMnM I.k.HM 4Bhl-01| 195 

Du.Accum. . . . [S&7 UMJl 3.95 


534 G.T. Unit .Managers IrLV 

4 ^ 36. Fin-.su r< 1 lr< U' KWM 7DII 
*91 

- - 3C7 4 

f.li.t Fi» I n. .. 'lbb.fr 

*. 7 . ij s & »a--i . lira 2 
<1 T. J.in-m b'.cn 94 4 
*■•> Tr n- fc.J-M. .Jl4J 7 
*i T. inl'L funil . .;i626 
■ST Fui.rYfbP.I. .58 9 


4.46 nJ J/rtlnr-. 
514 - P? r A< 

4 01 


94 7]-.. 
114 7 . . 
17*51 - 

13B*i . -. 

152 ¥ 

173 J 
bib 


m -essai.il 

3 jo 
330 
840 
230 
1 19 

-J- 1.70 
7*0 


Did Oiiit; 

MU I n; 

Murray Jofansionr (i.T. iKfint.V lai 
IKl Hope Llr«+«. . ;lu.. l: <iiv. .72 Cl'H Wl 221 S321 
MJ Sjirtipr^i. [82 8 8821 - I 271 

fio.-iiini: Iim FrlduV 

Mutual unit Trust Managers? ihMr> 

is Cuptiiuii 4 m.. ecsiithl' niJ 4 ». 4 «u Reiianrr Unit Mgrs. Ltd.V 

Mutuul Si- Pin- |JiJ 4591 nlljl *26 Rcliiiim Use Tunbriitia: Wi*Hr KI 0892 

Mmu.il I nr T mi .In B 77 0 idr 0 7l 7 no Oi.p.-rluuiry FA [70 5 75 4| . 

50 SL-tdurJvT 1 u-r . Mb 4 49 b) -0 1 

B 55 SctuitiloT lot 


Target T<t. Mprs. iScotland> iaslti 

111 \ltl->l ■ ‘r<-. -r nt Ijlrr •>: I 22PWC1 -~ 

3 95 Tatv.-i \fi.rr C-^!(J23 2 771 -&.7! J 90 

T.,r_«.j Til ■: > ta2 2 45 - 0 ? 5 40 

l.Mlr.i 1... i-mi: l-.I IbO 8 654'-ft:' 984 


OJjdmiit In 


11354 


rfCT:i22T30f 



fi. Si A. Trust faKiH 

5 Hi->|riKli RiL, FUvninniut 
«J.*A . J34J 

Gartmore Fund ManagerF ¥ taXg> . 

- SI Marr Ait-. F.C0 \ BrIP. 111-2833531 

■lawniniiTij ..[259 2791 -1IB BJ0 

UnUahTsLi A.-i .. 6011 M il -0 4 329 

shnre . 165 « 377 ff -*9f -3J7 

E-.lrij Intt-nie T-a. 126 3 . ZB 1 | +0 31 E2 * 1 

•:. ; r ir Ei-t Tru 4 _ 141.0 

rson Unit Trust Managers 
ir-iiSi . F-\1U U.V.V. S3 

ffllVT ....133 9 SUe] . ... I 

seller Uni l Mgnu. Co. Ltd. 

■ 9 i. ecsvtia oncifriTB. Gibbs (Antony) Unit TaL Mips. ltd. 

Ul.u rund UT5 IBS: | 970 a. Fnrdenrk'K PL. bid Ji-v-iy 

0 4 bM-o 4 i an 

4JM .. .!. 52 a 

2e4 ...-J 03 

IfcMlInC *Tuea. nWci • . . 

Goveit (JobnrV 

77 . Lcirii'i vL- 11 , ej;z oinaawzn 

S illr O.-I 6 ..<139 5 147 ffl f 1« 

Cm Ad mr. Unit {<677 176.$ 1 l.W 

Xi--.t .JtiHJlEifi day Noi. 3. 


1 -. Pin- ..I52J 55« »0 2) 61 

■ fTm . 718 77 On -rO 7| 71 

.nuluiil KIul- C hip W7 4B2J -MJ «| t> ! 

Mufu.il lll-h via |S9.1 b3 4>4 -0 4f B1 

National and t'orninercial Ridinefleid Management Lui. 

3t.M Anrm-*Miusre.fMinliurJin31-r«3tr.| 3 f-m Knin.-U ■<« Uunchi-lcr iWI 3UHBB1 l*n-l A«Yill Trw4..|23 ** 
SE fJ B ■ Iwi iSil I I K RideHi.jWIuL l:t gora JM ffl . I 2 61 I'lnperH'/ilidna - W5 

Kl? I S-fc IHdBrtlcW ll.comv (97 JIMW ] 904 Npcrui) .s,lTsI gj 

i^ipL'iiL lit ..[129.4 • 134-21 ..[3 87 , ... _ 1 K '.nh Accuxn*230 

A<.- mu { mrci .. |un6 164 41 . | 3 87 Rolbsebild Asset Management lei men) ui .[203 


HI S3 1; -fl 734 

U31 Mb. I i 34 

_ . 265 2 277 p I 2 09 

... 182 3 198 9) { bn 

■I7ii.ii. oi >«-pt. !I.Ne»i "ui- 'nl .7 
."H-hlesinger Trust Mngrs. Ud. laiizi tfitTvI a 1 ” . isi 

I Ml iiuil.StlwL LhJTtoiW- 

-gj* "‘l il 

ih-Oili.. _ -{271 24jJ-a4[ 

284) -0 21 

32 7iri j 


KieHn Much 'Jtnr>' UiL 

scu uarfv-r i.'ailml Awh Mm Ltd. 

and a Oder Capdires SA 


m dWii 


Kicnijii Htuti lid. 
F.-rmpt MkL lillv 
-.-I-, Ke.raliic lit 
rr ' 1 Jiicr<iicDI-4 . — 
5 47 It,. in». W-Irw) . 
5 50 Ij.ltI ilr-tMiili 

SJO Inc T>4 I. I1II-. 

il.trh'l l-iitliT 

*-.! Viclif 


281 

27.8 

SOluJ 

42J 

no 


■UVHt.Ol.l4l 

1J9 
1 41 
7J6 
<08 
4.35 
913 


Trades I'ninn Unit Tsi. Manager s¥ 
i‘«j u'lfrisuM E 11 ; icr-a-i! 

54 5.^, 1 5 26 

Transatlantic and Gen. Secs. Co.¥ 

3I £r.i Idnilen l;.l Ci.eJtAa'i-itl LIC4r. 5ltC-I 
B,irhlranOc( ID .1777 


Alexander Fund 
3T. run ,sn irr I'am. braenili'iiit. 

Alnnsdrrr'unii ' I 5l'F728 i . [ 

King & Shaxson MfiTs. 

Allen Harvey « Ress Inv. Mgt. 1 C.I .1 1 rharinacrt-*'.st Hdier..i«.»*T..'n5Mi 79741 
I.L'lwnncLjo-vSl Helii-r.J» ri liA.t 4 . 737 n VnJU-y Mse. SI. Prter Port limry. ifrHIl 1 24TM 

4hkc:» & i k fh ttiow ioi °t 1 

,\rbn Lhnat Necuriiles IC'.I.l Limited •siaTnw-i oM. 1 — |U3_b lOblf .._.[ - 12 2 S 


<i.’A4 72177 

| 415 


45 91 . 
j-i nl -0 t| 
52 8 ) — D *- 


Xro.iiL 1 'ml. . ...IliD.ti 
«.27.S)4 


itIH Fnrt iJi»«Tv«p>i9 23 

In Li. tiort. Socv. Tm. 

rimMcrllnC •- .[C1791 
First Inti _ — - IJV.NNJO 


924n 


IB O' 
I4B1 


too! 1 

3i 5 

l -9 2 

34 tail 
24 4m 

ri 

29 E 


J52t 

247 

h 1 

218 

! 1 


36.6T -03 *J4 National Pmvidnnt inv. Mnyrs. Ltd.V 77 j»i r^nriKniw Hrt A.vtt=-hun - ; 
4K Alni-ocnurnh a.. I7.71P3HI1 

58JX . | 4 60 
61.4 I 460 

14131 
152.1 


3 15 

4 31 
44B 

12 00 
211 
211 
572 
572 



44 li .0.3) 0.55 
67 l .-ft 1 *7D 

850 .07 678 

15.19-0.13 
99 On -03 5 IE 

356 -on on 



N.L' Inroiw Fund 
Ni 


172 1 

1830ft 

-1 

4 


U3 6n 

-i 

5 

1550 

164 { 

-0 

? 


US 

-1 

<1 

843 

896 

-1 

O 

1590 

169 2*) 

.0 

1 


icsft-mt J. Henry Schrader Wagg & Co. I.td.¥ 


328 

265 

707 

150 

150 

448 


r-NrhJTiiiil Sct»_ 
Ru-kni fvl 1 >» _ 
■'.i-vum l ast..- . _ 
1 'nltiei.V! Hi. 

■ AcL-unv l.'rufM. __ 
ninibhl UrL IK 
l.Vcuin 

(ilea i.irt IT . 
<.\cntm Chitii 
Marlhiimi>t. 17. . 
'.‘ici-ulu L'dIt-i. 
Vuu. limlL oeL 17 
Amur. I 'nlLt 


Ui ■ iiicaivjfii' F-CJL 


vr. Inti. Frt . Arc 

SCSI decline «*L N An,Ur K ' 

•Pnii-T ,MI im |» NeK .tenllrn Mol i. Rothschild & Lowudex Mgmt. la) 
National WiatiminelerV <a> >1 swmnh*i*nr» i4in.e>4 m49.jw« 

1151. '.iK-upviiic. B7V S{li 01*06 BOW. Xnrit Eunpl K1290 1370id | 357 

“ ' (iiiohnr 


JrHlal'M 17 
> V.-'Uiu 1 

InmmrOcLIT . 

■ \irum UinlM . 

i rt-iiL-r.il ( in. la. 

1 \i -- um IJ II its 1 . 
Eurupc 1 VI 10 


109 5 
1325 
teoa 7 
Q996 
Ml 
1112 
b3J 


.hnoi Securities Lit!. ianci i2iAji;!rnS5hn“ la«S 

cnSI LmKton Ei. -Ul IBV . 01-236 SSI 'aiA 0 . Fjr Ka.T._ ttt 0 
Yi«-Iil - j42 9 

m l _-|69E 
ir«ni- Kit _ 11116 
c. Fund 142 9 
■n Cn'.li.- 159 8 
W -lrv.1 f:- 157 0 

ni>-Funi_.[ 2 S 2 
fm-.'i j9 0 
Fund 12-3 6 
Oirl-ind. |o4J 


Cupikil 1 Xrrum’i 

ExtRi Inc 
FinBnpijJ_.._ . 
Gnmih Inv 
Incncnc .. . 
pr. rtf.. 1 1 .. i„v Vd 
I’nlLrrsiil I-lid, 



67.0 ' 72.ff 

-0 6 


681 732«i 



343 36.fi 

-oi 


07 9 94.5 

- 0.9 

_ 

372 3994 

—02 


73J 76 7 

-0.J 


53 4 59*1 

-IB 


i.V-iimi t iuui. ... u70 


4.26 Ificcs chi 
779 
5 49 
5 B8 " 

644 ritvtTalr Hsc . Finsbury Sc|. E*.T1 
5 63 Amen, .id i'n.-l IS. 

2 44 SrcuriLic. Cict IT 


P.-iAtliaPriStf-n 


JA. Ncn dealing Nmemncr ■."•'pp-Ei <V( JO--. (286.4 


■Ke-. oier>' Sept. 10- 


[130 6 


2162. 


113 s- 
137 3 
2090 
3104 
92.: 
115 

354 
34 3! 
16611 
2952 
222 93 


Van. 

’-33 lAt-ccm 


Vnn'llyiiri 17 . 
f Tic 11. 1 in 


3 33 
679 
679 
373 

3 73 
2.80 
2 00 

4 12 
344 
4 24 


nn - • 

WwfcYMcl 19- 
1 Xccuni L-n::-.i 
Wi-. VDi «i.-l HI 
Du Ai-cuni 


82 1 
101 7 
1310 
161 b 
152 4 

III 

”1 

{ni 

pi 

747 

705 

B 


Snl drAlm: dji- (Jcu-lc-r 70 

( Australian Selection Fnnd Nv 
Uurkct Oppominincs r a li-li Vvune It 
• unhwallc. 127. Kent St . S;.ilnej 


[ ESS l Share*.. I 
Next 4sv>-t 


SIMM 
•lue October ?■ 


I - 


SienMBernwKki 

■EnifondsiDSI 1 


-1 


Tyndall Managers LuL¥ 

m.(Hii.mKr Roaii. BriML 




NEL Trust Managers Ltd.? laxgi J uSi’S'cSa™ ' 

Ml boa Loun. imrklnc. Surrer W»| 1 Merlin 1 V 1 ih* 

Ncj-tsr. . .. I622nl 654flt-02} 4 87 ■ Ai-l-uol U ulU. 

NeislAr Ilmhlnr ,|5Un 538jd*02| 756 


1661) 

1790 

690ft 

jBMi 


573 

602 


SOB 

849 


834 

87.6 


1030 

1062 



0I-S06IQ66 
1 20 
3.95 
737 
7X 


349 


■Fnr ra\ excript fundi »•. |_ 
Scottish EqnitaUe Fnd. Mgrs. Ltd.¥ 
ilSSI AiirlreVLH Sq Edinborrn HCi|..Vid!<li>l 
Inrnmr I niB. .—609 54 7d| I 501 

Arrum. L'lulr.. - -|59J 63 1>q | 5 01 

l.H-ftllnC daj Wnlnrdjj 
349 Sebag Unit TsL Managers Lid.y t at 


Norwich Union Insurance Group ibi™ 

PO Bo- 4 . Norwich. Naras-r. imȣStiu^'; i 
Group r-l F.f Q69.0 3S84I-2.0I 5 03 InJ 


Royal Tsl. Can. Fd. Mgrs. Ltd. 

Jerzaj-FiSlrptUS W 1 

^■"'LiipUulFd (697 

5 93 IneotncFd. [70.4 


36 7^ -ft;-. 
33 7 j 3 i4.j| 


74 


Griercson Management Co. Ltd. 

I<9 Gresham S: .K(3Prtis. n-OiSWO 


Group T-t Fd [369.0 3S84( -20| 

Pearl Trust Managers Ltd- laXgMzt 31 dealmc Ocl si. 

25E£iligh itnihnrn.wi.'iVTEB 0I-W5EH41 Save fi: Prosper Group 


95-S . , 

4 lui 1 -1,27 5 29.7] -a 6J 

ray Unit Tsl. Mgs. LuLV >aMci 
;h H'll'-um. ff- 'IV7NI. ulJflltKEJ. 
} Furii .. IfliO «L5! ' 5 65 


tjirv^lo-l >Vf I8_ 

(Arrum L'iu-i 

Btnp I# VJ I'M, :9 . 

■ 6emin.i:iilLM . - 

El'-lw. f A LI7.. . 
I'cum L'niTr, . 
UmrhiJr Ofl H.' . 
'Accum I’niu ■ .. . 

Lr 6 Blt.ls IV: in ,.72 3 

■ Arrum. Cni:.- 1761 


>2184 
2397 
1*39 
218 5 

toa.4 

,246 6 
192 9 

15-fc 


2282 

3505 

Z9Z&U 

228.9 

2492x 

2S9.8 

977 

1015 

757 

795 


Pear! i.rouih tu .B4.8 
Arrum l'niL° _ .294 

Fuarl tar. .. 33 2 

Peurl I'niiTr ..36 9 
r Aomin. l^nKn [47 7 


M 


4 73 4 . limn Sl Melon* lon-lrm E'TIP “HP 
J 5 IK 73 On evil M. hjllr.l.urrh KH2 4NA 
01 , 695 [i^ann^a In 01-554 B8W nr .Mi-226 7-j5l 
- 02 ) a 77 Save & Prosper Securities Ltd.V 


4.45 
4-95 

■05 . 

f®* Mican Units Admin. Lid. (g Hxi loimuikanal Funds 
22 B SI Fountain SI . M am-lu-ier 061 2365585 LinjKjI - 

527 Pellean Uoibi ,„la9.1 95.7a1 -0.1] ««? ,T“ K 

h sssri ^ 11 ^ zsTL-eru- 

Guardian Rpjtal Ex. I’nii Mgrs. Ltd. Piccadilly Unit Trust (aHb> 


;rBi 

k. - . |70 3 


IHKovSll Udclhi)'. Else, Li' * 
SehuiiCapirnlKrf ..P51 
0M2SSC32 M-Sai: Income Fd (32 2 
7351 . . | 3 55 Security- Selection Ltd. 

21 I 758 Liuroth > Inn Field.-, WC2 i.I K I i#«'«! P 

L o.U. -IhTst 1 . 1 - .J24.8 26<; i 244 

Cm I mi T. I Inc .[2X.6 23 01 | 2 44 

Stewart Unit TsL Managers Ud. .‘ai 
4.-i. ■ harloltc St| . Erimbur^h fOI-artSCTi 
Hnvui .Vmricati Fund 

Standard Cnlls 16J 6 66 61-2 4- 

.V-rum t-ni(s . [67 4 . 1 B> -7 5l 

■•VKrtdraual Unite -150 0 53 21-19) 


I IK ill UL- ■ h-L in <1030 

iAi-coiu. I' nils, . 19» 4 
i aptial fin IX . J31 8 
■ Arrum Colt.- .. . 1864 
En-mpc ib-r 18 113 6 

. Alt urn In It* 16L4 

>IK Earn i*l 18 250 0 

i A- runt 1 ,'nit-. ■ 2B3 B 

FTf-f (W-t IB 106 4 

• 1-. um l.'nltr- 11344 
«l-=ffi5WW) 14. CaiUe Sl„ Fdinbnrf h 
3 98 


Pit IlucSSl SL Htflirr..lorM.y 
Cap. Ta. iJerMfr-i . .1117.0 121 0[ 

\W dralinc date Ortuhrr 24 
Gov l Svt-lTa — (99 1011 -11 12 DO 

Nml dcjuinc dale Octntn-r Hu 

Ea»c.(niiT*> nl; ins i 22 xo| ) j 07 Klcinwort Berson Limited 

31. Fench urtb St . EC3 
Eurtmest. Lux. F 
Guernsey Fnc. — .. 
l*o Arrum .. . — 

XK Far Cart F<L-- 
KDlnll-Fund 

KB Japan Fund 

Bank of America International SJl. 

7:- Kuulii arrf. Rrr-'l. I.u-cinbcmr; ■; n 
WMin'Mlimw IP 'tlx;* 115U [ 7 27 

Prices a! Ort 12 Ncrt .nl dale «'i«. 18. 

Etanqne Bruxelles Larahcrt 

2 Knr Pr In Rtii-m-'r- K 1 1>* i r-ru- -*•;<- 
Bi-riw Fund I.C - 1191b 1.975! -21 7 80 

Barclays Unicom Int. iCh. Is.) Ltd. 

hwmo^N Holier jrsj- u:m 7374 1 Uoyds Bank FntL Genera. 
Hers.ra.4h_.rmw Jjr-giM »« I. I2M TO Bnv 438 1211 flowic II iSwitrrrlaatP 
usin 
LC71f 


12 23 


u "i?a 

SUS13.B4 
5VS12 16 
SL S42 90 
SI- S13 04 
SGSsaa _ 
[20 05 23 ]0 


299 

4 35 

05 
145 
INI 
05B 
069 
17a 
BK 


KB ari ns. Umriun pavlnc agcsila ordj. 

Lloyds Bk. IC.I.l ITT Mgrs. 

r fi Box ISR. St I teller. Jersey. 0534 27SBI 

Up'd-.TsJ. O'^na^ -I60J 64(hd ■[ 1X1 

Next deal Inc dole November if. 


(Vpuloll.irTru-4 
L'n! bond Trust 


IS n> 


■1161* 

a#m 


i-2? UordslntGnnwh.lSnBLH 
806 F286LOO 307 JO -2 |SF2WJM 


mi 

31750 


176 

65# 


Barclays Unicom InLtl.O. Mam Ltd. Management International Ltd. 

1 ThLimaii Sl [\)m;lasl p^l U63k493fi Rank of BormiiilJ Building, SernUidA- 

: | Mg :... i 

Do iJnr. Parific -1699 
Ho 1 nil Incrniv - 39 B 


L'nlLi 162.6 

ni(^. [67< 

ml Units -|50 0 _. . 

390J ^-0 51 2 a -Slew-art Brltufa Rnllil Fund 

27 M -Oil 3 S3 Slundurd - 0407 1531! 

75inj“0*l 2.13 Aocuai. I nits „ JlB.7 178 2( 

Keallns lTu«i & Fn ‘X* 


B 12 


145 


91 5! tO SI 

kt\ *aii 


4 10 
410 


Ruj ol E».c liai.ee, EX71F .:UN . 
la^.UnnrdbillTiL [95 J 


01-628 am 

98 5) -ftii. 431 


Rlxb Inrome Funds 
H iCh Return _. . I 


Anton* r.lbbs \i a ll Tni«t Manw« UA tnronic- 
renews Place. Old Jmur.-. EC2R BUD UK. Funds 


1437 


is Ncm -ub. dar fwu .ei M. Henderson AdminstrationV taMeJ<8) 


lyh Unicom Ltd.V lakcHgl 

. lip l r -:: lloirrirrd Rd f7T UI-S34 9S44 


Admin.. 5 Raikucli lload, llu Hon. 

0277-217238 


t .‘.nv ncj .. 
i..\r--... 

( Im- 

-- (jp-piwTiit 



,j:.i 

75 9 
59 8 
6E4 
115 5 
18 4 

794 
,33 ft 
43 1 
|89 3 
147 7 


M tl -0 9! 
73 9ji0. 

120 3 


120 
307! -0.’[ 
683-23 
as a +o.i: 
X5 -O ]1 
46* -0 i! 


131 
1^7 

132 
4.35 
59B 
529 


5E2 
397 
5 75 
4 73 


Premier L" 

Bre LLV'Myi. C^3t-_ 

I t Funds 

CamtSnntii _. (4B4 
''up I'jiwmh Int . 146 4 
CaitCmnih A, t . |44 6 
Incomci .WcL-. [34 9 

HlCh Ineonie Fundv 

4.?7 H.pli 1 .[fra .166 1 

'56 C.t'-c* Fitro 1 nr (606 

C-ihr-lPref.Ai'.iii -. [ 

Seclar Fands 
Viq.wial A m‘ 1266 
(•IIANol lies-. _poi 
laiunuUkmai 

Cutwi . . WO 1 

InlornuLifKial- . -..[34 7 
WldV.’iflc i.itt. 2U . j76J 
llitnm Funds 

Australian MO* 

Eniweaii tU 

FarEi-a 89.2 

OI-SatSSM N.Am 38i 

1 « n « h M Am Sm |48 8 

3 9a Eland Fnnds 

Japan Rsempt I1B41 

N-AmEspL ucL m. 1122-1 

wgafe Progressive Mgxnt Co.9 „ 

i.. r M-, rr* oi- 5 s>F 2 f» 11111 SanHiel Unit T^t Mgrs.t ia) 


. isl§ 

■ :>■ -i %,-vt ail- d.vy m “I 

'-i.cn- (J16 55«. <6 5.44 

UvC I'ur.'C 1119 9 129.61 -0 j' <96 
m-teT-l. 512 555^-Oe 2 34 

Fd Itw fc 3 b7 V, -*.« 1 91 

um f T3S 766) -OS 493 


Vnt \ 8f % 

I fns 766) -os 

{ Brothers & Co. LULV (alts) 


tnntinli SL.E.'.-.n. 

i T*t (139 6 197 

um.. _ .[237 8 277 . 

Nest sub. day OcIN-er 




58.9} +8.1 
SI Sul . . 

5*9 

2*1 

281 

6*7 

70.71-0 If. 7.41 

o w *1?:3a^ 

32^-02 

% i 3 lq 

ffl 3 HI 

43 4«d — ofi 
^.1 
527^ - 2 J 

3-44 

2.70 
- 3.62 
136 
131 

■d 

372 

228 


□0.0 

3?4 


411 

44.4 

-4-0*1 

452- 

488 


*7.1 

7 508 

-0.1 

369 

39 9 

+01 

67 3 

727 

+02 

634 

68 ad 


30.1 

32* 


233 

250 

-07 


L'ti Equity |44 9 

1030 Owivk Funder ■ . 
g gOEurupe _ . .. .193 4 
S 40 Japan _. - 107.8 


01-688 4 
'Extra Income- 
SnulIUu'-Kil . 
rnpttnl Fund. . . 

InL Erm l.- A>wii 
Prinate Fun-t. _ 

Accumllr. Fuml 
Tcrhnol>.>K) l-'und 

l-arEuiH fit . .. _ .uv.a j, j, . | 4 wy - ,r, — 

American Fund .-[23 3 25 Oi -0 7| L70 > ' nmnmdiU 

Practical Invest. Co. UtL¥ tygcl fKioI 

44. BIP.Mn.ihun- hq Wri 9;ltA ni-dinaOTnieh-Minlmum Funds 


598. d- 02 | 716 San Alliance Fund Mngt. Ltd. 

Sun \ I lioncc H »„ Honihaia- t*4u3H4l->t 

« ffl-o -4 

Target TsL Mngrs. Ltd.? laHgi 


.‘V.-iH.i'np .9-1 IS.. ,‘UZO 
t Ac-, uiulmbi .[172 0 

I -ondou Wall limp 
■'aphalUrnMii _ ‘85.6 

Im iprum . . 1895 
E-Ira Inc 1 irouiV- MQ2 

Do. Arrum MS 5 52.1 

Financial Pr'n> Jib 6 17] 

Do Ai-L-uni B0.6 22 1 

Hlclilne fVl.intv [bao 73 1 

iniemnli-HiaJ.. .. Bl 30 3 

SfUCUlSil. _. [36 0 38 J 

TSB Unit Trusts tyl 

Sl.Chanbrf W^.Ando.fr Kants. 

Ihfiilme;-. lb 0264 63CC-? 
rhiTSB i.a-nrml .1463 49.6[ -0 2J 


I Do. 1. of Uaa Tbl . ...|45 9 
Da. .Manx Mutual . 177 4 


563 
36 6 

42 9>s 
494 
293 


820 

890 

140 


<CtMi£ISS 


Sishopsgate Commodity Scr. Ltd. 

P ..< Bn 42. Oo-itliu. I.o *•!. 

A RM AC -iVt: .. fflrsan * 12 
CASRHO-O.1 3 a 092 1 1SS 

COUVr-IVl 2 112465 2 6141 j 2JJ1 

OnBinaUy ijwmed at ‘310 acd 

Bridge Management Ltd. 

TO Bo» W8. Grand Oinim I'njTnan Fv 

N'liashi Oci. 2 I ‘Y17876 | | _ 

G.P.D. Bo\ -Wn. Honit Kons 
Nipix.uFd.OcL 13. )SL32iB 3Ui | 070 

Britannia Tst. Mngmt. iCli Ltd. 


n & G Group 

Three (Ju9j'*.To'*-er Hill EC3BRFQ 01-826 4581. 
AHanl.r Ort. SO [HJ.O20 3JM 


Aunt. Ex. Ocl 
M d. EN-4ec 
MCJ-ZIflll l:.luml 
Llrcum 


5l.r251 
090 


iLdcLai.. . si. rii 
_4ec Or* aiR'IO 1 

. . 135 2 

oUnitM -.294 8 


145 4d -LO 
JS*0 


2093 


13«. 

43.44' 


? -oil 


100 

115 


'ItUIlld luuurli Unit] LWL 111 
j25 fieri nr Funds 
270 


1 Scru . [71 4 


Prnrticjl (ml 18 
Accum Unib> 


.[155 4 
.. (2241 


165. lid 
298. i .. 



4aBeechSUEi2F2!Jt 


OKI sub day 

» FudiI Managers? iaVc) 

eSL' tlouni. Kill): William SL. rr'TR 
OI-4C3405L 



it' Bnush Trust ..[154 1 

UU Ibl I Tnia — - .. 37.4 

ui DoilarTVurl 743 

ihirujiRal Tru a - .. 38 2 
<b)F(MtnrIu]7ruid. 91 1 
■ hilnromeTriisi .. 283 
*b> Securift Truai .. S3 1 
•bl Hteh Virtd Tsl_|31 6 

InleLv rang) 

346 li,ChMalO}vScrf-tTevCFLC2. 
| ** Intel. Inv. Fund _ .|90 0 

550 

4.13 Ki 


16491 -1 0| 
4D l| +tL 
794 m —l. 1 

>2j -0^ 


97 Jd 

m 

33.91 


tn-838BBll! 
557 
2K 
277 
471 
584 

im 


-0.4^ 


01-2477243) 
97.« -0 # 680 


Key Fund Managers Ltd. taHgi 


IT! 1*1! 


ufb. ntCK. oS. 38. MlUlRI-EG2VB1E. 

Key Enercy- In JPVL- 


(1 1-606 707D 


nia Trust Kaaagemeni faKS) ^y"Sanpi FU-jlJSjl 

■n Wall BaHduiu. Lundwi Wall. tS 
&72.M r *Q* - -n-GBNTWIKTS & 


jc. HU 

.11243 




- i J . i i » »_ 4 . i f-4. Shaun.. 


ial Secs. 65.9 

Geo end — W 0 

572 

T V FiifrWlh 73 9 

65.7 

48.0 

it ... 36.5 

mine. MI 

-ac 3S4 

- ,'wncan. _ 27 2 

Iona! 563.5 

y Sharer. .. '.5.0 
- . .....147.8 

Irar.fa* 34* 

OD-y.3.—_p3.5 


B52 

62.6 
65 E 

- ft 

1308 
445 
248 
70.4 
101/1 
93.0 
795d 
706a 
Sl 6 
414a 
■XMo 
41 J 
292 
SCO 9 
161a 

?jU 



- 0.21 

-oil 

-oj] 

•MU 


-02 

+ 0 . 6 | 

-0;! 

-oaf 

-ot| 

i 


445 KJeinworf Benson Unit Managers? 


4.68 20. Feocburch SL. E CJt 



motoaoaoj 

125 ^ "” i 529 
64.2 

53a 
533 


• -ri 


J a self 11 internal. . » .. 

^-*8 Strlvcl Lquoinc -Y 

\ 


«82|-05| 4 94 .!! Gresham Sl.. ECS 

Tarp-a Cunmuibo 1390 
Turr.iH Financial- 604 
TamM Equity.- . 39* 
Tarfiui Fa. Lh-L IB . 215 7 
Blip. Arc UmLs . „ 292.9 
Tiirs« it.it Fund - 2366 
Tar-irt (ironUi .29 0 
Tarect Pacific Fd ■■ 28.0 
IK-. Kein> IniL- 312 

T:irj:« luv. 335 

TcL Pr Ocl 21- 161 2 

Til Inc 29.9 

26?lu< -2N 2 06 r^L Prel .. . 133 


Jj-.v.liriL.-- IL=W.-ipl| 


00 41 'O SI 3.08 
» 9«j *0 1 1 50 

5t:trt J ISO 
7121-11 05i 
LWL -i 

6561 -D il 310 
73*1 -1 ll 1 78 
767] — J D| 3 26 


1.9 57 9dl -0 3| 7 24 T J, special SHr. .[214 


41 91 -t 3| 
65 b.-i -0 ’ 

42 8| —0 2’ 
227 01 
303jl 
122 2 ) 

31 2l 
30 1 
33 5 
351 
im; 

32 Zr 
14 L 
23 01 


357 
4.42 
SB1 
6 66 
666 
3 00 
<50 
072 
072 
327 
460 
BIB 
1210 
449 


t-.l»ii Arcum . - _ 

>1».- TSB Inconx- . .[631 
Do At-im 65 8 
T.tRKctiKiMt.. .. .. 1K6 
it*Dc -Ircuri . [92.7 

Ulster Bank? (ai 
Wannj: Siren . Rejl.i-t 
ihii:i«err,rc<w:h. .[3*5 


70 d -01, 

'“-ll 


n <mi- 


400 

4.ao 

698 

6.98 

210 

2.10 


023235231 
4131-011 5.15 

Unit Trust Account & Mgmt. Lid. 

Rice William. tr EC4R9AR 
ftiiANw Fund. [1670 
WleJerGitiL Fn.l . 32 J 
Do Arcum [38 5 

WieJer Growth Fund 

Klnr William SI LT-iRSAR 
t n< ■■me t '■■{(-. . . g2 B 
V-rum Units .. . [3S.5 


30 K.nh SL. SL Heller. Jemey 
Strrllne UmRnlulKl I'K 

Cimlb Inert BM 4161 

Intnl.Fr) . . . . - 92.1 99 61 

Jersey Energy Tsl. . 125 6 135 31 

U mi'll. S Tn. KI s .. . £2.23 2J5I 
Hu;h InL Site Tsl.. ..[£0 96 0 99) 

IVB. Dellnr UnunniiUal Fib. 
l ! niv«LSTst_. . _pti«5<4 5 7S 

InLlliRh InL Tun .pUSI 91 JOlj 

Value <V( a) Neil dea line > 


Sanroct Montagu Ldn. Agts. 

1 14. Old Bmu-J St. E.C2 
Apnlln Fd. OcLlKSK4I8B 
Jajrte-i Ort. IH . . 

II 7 GroupOcL IB - 
117 JenwrCk-L 4_, 

IITJ-sytisOct 11 -. 

Murray. Johnstone flnv. Adviser) 



•»34 7nm lO.Hc^eSLGIasKnw.i'i 


041-2=1 5521 


HupeSL^Fd. J 3CS42-53 |. J — 


‘Hurray Fend f 5UM242 

NAV October 13. 


200 
TOO 
L50 

12J2 Negit S.A. 

10a. Boulevard Royal. Luxembourg • 

NAV UcL 20 | SUE 13 05 l-MUt) — 

•cl to. NegiL Lid. 


*»*•*■ “ 1 - 6 F 5 fS? Brown Shipley Tst. to. tjcrse> ) Ltd. “ Bvm,ud3 ni?*?- Syrad*- 

' |»J° 346$ ” ■} 513 P'l Bax 7*3. sl Heller. Jenur .634 747^. N -"Q« Le - _ [E7J13 - I — ^ 

■.[38 5 4fltj ."j 439 Sterlioe Bond F'd. -[£9 90 99<1 [ ll.BS _. , , . 


3< tn 
40 1 


OI-tCA 1A51 
I 4 3» 
.. 4J9 


INSURANCE AND PROPERTY BONDS 


Butterfield Management Co. Ltd. 
p.n 8kn 166. Ilarmlron. Eemiud.. 

Buttress Equity.. [SUE24I :57| 1 153 

Buiuvss Income .. 2») J 7 87 

Prices 41 rift a Next cub duy Nor. t) 

[Capdim SA 
PO IWm 1 7R. ixiiei* ilnquin 
PmiHri [Pr*13*S 

IfiJ 


Phoenix International 

pft Bor 7T. SL Pclcr Port, Guernsey 
I nier-Dollar Fund.. [52.139 258] | — 


I BonriM-lox 


[Fi 31686 


Quest Fnnd Itinerant. (Jersey) Ltd. 
r a Box 104. St 1 Jl* 1 ■er.Jcn^y 0534 27441 

i?mar:5AlKJ»iUNt-B5.a 90 ej I 12.00 

014506^1701 Que^l Inti =ec a— j? saWS 877! . 3.00 

1 174 | _j| 3 m Quen IniL fed. WSOftO 894S 9.BB 

17- yfj J Price hi OcL 18. fiesl dealing Ort. 2B. 


Abbey Life Assurance Ca Ltd. Crusader Insurance Co. Ltd. 

1-3 SL Paul s Churchyard. IX.'4 01-2488111 Vmculn House. Toucr I’l . EUJ l>l«20flO31 

Gth Prop Ort 3 . .1735 B32| .. J — 


Capital International S-A. 

37 nit? Ndjc-Uamc. Lasemhourt: 

Capiloi InL Fund.... I 5UK1946 1-OflSI -i 


Equity Fund 

Equity Acc 

Property Fd 

Property Arr. . 
Keiecdie Fund .. 
Convertible Fund 
VMoneyFund 
.VPron.Fd.Ser 4 - 

ViiaiL Fd. Ser 4 - 

VEquily K<1 Jc r. 4 
9(tonv.Fd Ser 4. 
f Money F.l Ser 4 
Prices ai OcL 17. 


07.B 39 GJ 

&25 343 

150.0 157 9 

1602 168.7 

935 985 

;153 2 1403 

323 8 130.4 

feu 138.3 

136 6 1410 

363 3D3 

1US 119 E 
1118 U77| 

Valuation normally Tuct. 

Albany Life Assurance Co. Ltd. 

Sl. Old Rurlinirtr-n SL . W 1. 

BEquiiy Fd. Vcc .- 
OFwedlnt..' rc . . 

9Ghl3In.icj-r--.l..\c. 

VlntlMaii.KdAcm 
cc .. 

I,V 

Pen F-LAce 

I Pl-n .ice . 

md-Mon Pen Arc. 

Intl.iSn PiiF<14cc -h229 
” B >cc. .. ,.|i53 
AT pie Inv. PcriAee— 


London Indemnilj&Gnl. Ins. Co. Ltd. Save & Prosper Group? 

l*ao. The Fotburr. Read! afiSSUu 4 . GtStHeleo's. Lnda, EC3P SEP. 01.554 8889 fCeniral Assets Management 7-td 


Richmond Life Ass. Ltd. 

48, Atho! Sired. Douclu. 1.031 


— Eagle Star Insnrf Midland Assur. 

~ l.ThrcadnectUeSI.KCTL 
Eacle-Uid. Uml>_. [54* 


Money Manajzcr 

M M. Flexible 

Fixed Inlere-tf. .[345 


~ . Equity & Law Life Ass. Soc. Ltd.V 


BaL luv. Fd. 
Property Fd.* . - 

entFd. - 

Deposit Fd» 

ill 588 1212 The London & Manchester Ask. Gp.V romp- Pens Fdt ... 

—-■■iRfflasW.: 

Gilt Penn Mi 
Dcpw.Feiir.FrtT.- 


56*.. i 600 Wiuslade Park. Exeter. 

rap. Growth Fund- 1 
frFles. Exemrt Ki 
tempt Prop FdLl 

AnaTsli.im Rnnd Hujh Wycombe IM 0*33377 BExpL Inv. Tst FdJ 



JT uiri r,*eponl 
014375062 MiNOd Fd - 


Equip.- Fd 
IToportj Fit .... 
Fixed 1 ntcrvtd F 
GW DemmlKd. 


117B 
[109 5 


lira 7 

11130 


123* -121 - 
U5.2 .. 

114 5-02 - 

105.9 . 

11B.9 -04 — 


Flexible Fund 

Im .Tru st Fluid.. .. 
IToPidty Fund 
Uli Dapoail Fd. 

M & G Groap? 


2409 
1404 
963 
1602 
118.4 
144.7 
85 0 
101.0 


General Portfolio Life Ina. C. WiLV X! 1 ^ Pngp-Tow Witt ecct 6bq 

01031 4.-48 


- Hrirthalomc-w Cl- Whitham Crow WX31971 

- Pwlnlin Fund | 1499 I I - 

“ PortlolloCapiUi.. .|w 2 4 W «J — | — 

- Gresham Life Ass. Soc. Ltd. 


A mcriumFVt Bd. 1 

Tunr. DepceiL* 

Equity Bond” - — . 
EjCVieMFiBi*— 
Family 7M0‘* 
Family 814W* 


_ 2 PriEce oi Wales Rd.. B'moulh. 0202 767655 Gilt Bond 


r Life Assurance Ltd.? 

Alma Hee.. Alma Rd.. Reinaie. Reiiimo 4010L 


-4. 

Li 

£N 


.J-'BJIC- 


8.00 


2E KBJSm.C4w.Fd. Act. M9.7 
3.69 HiuhVW.F41nc_kt9 . 50.71 

744 Hi«bYW.Fd.ACC..,W69 507| 

374 LAC Unit Trust Managoncat Ltd.? 

fS The Siorh Echonsn. EC5N IMP- 01-368 2W« 

3 % urine Fd. — -p«s i5B.ni ..[ aaa 

i<S LfcC InUfc Gen Kd.lSOSiJ. lB7.il | L» 

2^5 Lawson Secs. Ltd.? <«Kc) 

450 27. Queen - j 51 .London EC4R I RV 
93-31 


441 

2.46 


* Rpw. MurennK— 
Acctam UnrUn 


ritish.Life Office Ltd.? (ai 
e-Hit.. Tup bridge Wells. Kt 08SS 22271 

shUte B2J 555- 

need* BOS S4. 

_^Jend* |93B 46 _ 

«* net IR Serf dealing Oct. 25 


L*. IW. WW i 6 

5.59 

ifl£a 



Shipley & Co. Ltd.? 


Founders iX. ECS 

i Oct. 17 12232 

Ort. 17. 

Trusts (si o«t 

sl [353 

" {l9.4a] 

-\ceinu. to D 

.ncome j3S.2nf 

ttmc |3Q3iia 

Bhrc7!-~J~~.|61 M 
OtLf5“t^.2 


‘Growth Fund 

*( Arc um Unitsi.— ... 

twnerican Fd .[217 

hArtum Units.. [241 

DoaT *Mon. ■Tuts. IfWod. iThum 

Legal 4 General Tyndall Fund? 
IR Caiynce Rood, BrfetoL 


01*008530 &* Oct.lI— 


i ijfe Unit TaL Kagrs. IjIiL? 


Si IWler” Rar. Herts 
i D-it 139.7 41.1 

Aci-um...i49 0 51 

Dip- 340 35 

4ernm_.. fts6 4 



027232241 
66 Q . _..[ 4.60 

lAectun. Unitai .[80.0 84*[ ..__J 4*0 

Nest sail. day. No v e mb er IS. 

Leonine Administration Ltd. 

2. Duke SL. London W1M6JP. Ol^WKBI 

Lrt DU_. [833 074) +071 433 

LcfrAceum (9L0 95.^ yfl3| 4.13 

334 Lloyds Bk. Unit Tst. Mngrs- Ltd.? la) 

439 RcpiMru'9 Deri- Gorier- by-Sea. 

01-823 12881 

Bnlant-vd [52.9 5t» -0.41 4.43 

72* 782 -0.9 «.43 

55 1 992 -fl iJ 22K 

69 3 745 —0.71 228 

B4 9 912a -04^ 6.07 

1193 12ftQ -O.V 6.07 
[64 0 69J -01 734 

Wo 78 -MUl 754 


tin lAceanL 
WprldununGwth 

Do. ■ Ac rum i 

Irienme 

122 Dj ■Aceumi 

Extra Inrun ie— 
Du LAvrunti 


Lloyd’s Life Unit Tst. Mngrs. Ltd. 
ir™^, # , MII T2.3), Gatohou-'e Rd. Aylepbuiy 029C5941 

(James.) Mngt. Ltd.? Equity Avcum. [169 0 177 9[._..| 3.78 

Iroail S l. EC 2N (BQ 01-58860(0 _ __ , _ M v 

us 5 ... I 4.98 MtG Group? (yKcVzl 

.... >32 8 88 ij . J 7.45 Three Qw?'*. Tbuer H1U. EC3R SBQ. 01890 4SBS 

i nn Ort m Next dealing Nm-. 1 - S ee also Slock: Ex chance Uoallnr^ 

Unit Fd. Mgrs. Lid.? tal(c) ^JSSS'ti'nteCZKo *^" W| 

Houra-NewrasGe-npon-l^rC 2L163 Aurtrolaoiiui 1543 

169.4 7L9dt . ..I 3. 85 iAteum.l-iilt»i__l|5A 

-m.Unlla_.lS5 4 87.9[ | 335 

■ Yield [42-8 45Jrf J 842 

im. Units [55.4 57 « | E.42 

oxt dealing dole N member 1 . 

.fes Official Invest Fd«J> 

in WniL BC2M 1 DB. 01-588 ISIS 

mnia IH 1142.17 _ J .1 6 2S 

tupc-c 15 . 127666 — I ..[ — 

h. Only tnsiUblc t« Reg. Cfcanue*.. 
rterhause Japtict see J*ce» Finlay 


Conmiod.-ty 00-8 

(Areum Unitsi BS2 

Cnropound Growth. 1164 
Conversion Growth 68.2 

Conremon Inc. 7L1 

Dividend 1264 

lArtum Unitsi 239.fi 

European.. 55 J 

lArtumUnfisi 34.9 

Esrra YlolrL. » 0 

■ Artum U nttu ._ . . 123 9 

Far End era M3 

•Arc'im Units ... 663 


t EL2M4 IT 01-2G52KJJ Gvnerol [179.6 

1 7S lAccum. t mm 


n 

■2-21 3 

230} 

-04 

. .. .. 

(■EqDJ 

6-5.' 

+01 

.anal Trt. 

>2:24* 

76*1 

—0-4 

rerre Trt. 

27.4 

29** 

-0.2 

nwihTrt .. 

ZZ 9 

75.7 

-C 1 


B9S. Hlsh Income 

2-69 -lAcnm Unitn 
4 23 Japan ..._ . , , ... 

728 (Acvum Units) 

_ MatiQ»ira 

eratiCD Fand.s Mgt- Lt<LV la^ iA-TtimUmifii ... 
erv Lone. WC7A HIE 01242023 Midland,-- - 

unit — ,.|46 1 48 4[ . . | 3.96 


K794 

feu 

1*73 
1827 
1B44 
219 8 
277.4 

_ . 386.9 

i.V.cum. Units) 317.0 

Ree»W 908 




politan Fund Managers- 

'trert Liodrvi KWLX 9EJ. (■ 1-233 8525 mmibl Umtai b793 

■In Gth Fd. [18 8 20 31 ...I 4 83 SmnJIerCo*. g773 

ncFd ..[50 0 53 Out -.[10.90 lAccain. L'nltei ._)22S3 

SseekaZiHd Funds 

(1570 


511 

S7J 

59.0 
860 
93.9 

1263 

77.6 
757 

1573 
2602 
577 
585 
95 9b 
13L9 
64.4 

71.1 
702 
851 

194.9 
SOU 
1183 
149 5 

194.1 
196.4 

236.3 
29U 

1991k 

99.7 
199.7 
303J 
1906 

242.4 


-L2 

-07 

-02 

+0.4 

+0.4 

+0.7 

+0.1 

- 0.1 

+0.71 

+13 

+ 0.1 

+0J 

+0.4 

+ 0.6 

*02 

+02 

+ 0.2 

+0J 

+u 

+10 

+0.4 

+0.7 

-is 

-LS 

+0.7 

+0.9 

+05 

+05 

+03 

+0.7 

+0.4 

+U 

+03 

+BJ 


2.05 

205 

134 

164 

439 

439 

366 

3.04 

731 

7.63 

733 

338 

338 

811 

801 

?40 

2.48 

0.71 

4.71 

53E 

538 

R06 

C.B6 

238 

2.08 

406 

4.16 

660 

660 

3*2 

332 

488 

488 

4.13 

413 


M>nnt UniLTsL Mgrs. Ltd- t™,!,*-.- 

-urT-anp iir-jv' 6HJL iApcIIHL O nifcFi....-- 

147 M 5090|*fll5( 935 Chon bond C*t 2fl . 

'netlcan .147.75 50 0 .. I — ChanicL Ocl 20 _ 

nMrjrtUnc TOfc M.2I . I — (^ceum Units p 

nt Unit Tst. Mgrs. Ltd. taKg} MIMILi If . 

c cr*;. , Edmhurgh 3 <ci- 3264 K.u 33anuLife M an ag emen t Lid. 



er.Fd C4.9. 

■aroal'l - . 60.4 
(h. Dim. _ . 46.2 

lerves. 463 

■jo [2SJ 


16.7 

MB . .. 
49 5 .... 

43 4 ... 
27.0) .. 


134 

100 

871 

490 

194 


SL GeorC e vWsts.SJwenaae. 
Growth Units. . BS.B 


(H38 56101 
58 7[ .. _ | 433 


ticenary Unit Fnnd Managers _ 

field!*. ET2M74L Ill^3a+«1 LulcrnO.Ort 

Vt. 13 11883 2009) ... I 464 „ _ . „ ... 

Mercury Fnnd Managers Ltd. 


Mayflower Management Co. Ltd. 
14IfiUrahainSl_EnV7AU ai40880fl9' 

Income Ort. 10 (111.3 U7.7J _... J 8.U 

General Ocl 10- — (72.7 7b H — .1 5.47 

459 4Bl3( | 3*0 


Winchester Fnnd MngL Ltd. erethism S l.Ecspzeb. 
7.7X1 tfl-SDSSlff? MmGOLCftia [2060 

rtc be dor. 1190 20.71 | «63 Am Ula. Ort 18 — 271.9 

l'or irsew;|203 23L^ — I 3 95 Ucrt.fnt Ort 18.. 72-1 

& Dudley Tst. MngmnL LUL ”Sfe* 

gtoaSL.S.Wl. 01-489 7S51 Acan-Uls. SnpL 28 [2987 

SSUKLrtiJSfei'- Gr ^ 

ee .Abbey l 5 ui* Trest Kngrs 
& Law Un. Tr. »L? (akbMcXz) 

m Rd.. High Wvcmnbii. 04M333T7 Do.Artum. »2 

sLaw 167.9 71 4[ -0.« 424 _ i'-.:" 39.0 

Finlay Unit Trust Mngt. LUL — - £;| 

Mt Nl It SU-0PL Glasgow. DU2KH 1321 income 5«2 


tiimq+ss- 


2197 
2893 .. . 
74 7 _.. 
82 7 

256.7 

3112 


408 

4.08 

258 

5L58 

4.13 

423 


Unit Trod Managers Ltd.? la) 

Court wood Hem mr. Silver Street. Heart. 

Tel: 0742 79642 
78*1 '4121 497 
98*1 -OS 4.97 
393] -CIA 2.92 


'lhi<un>ill 
Units- . 
'Income ... 
-EuroFia. 


1238- 
27 B 
34.4 
27 6 


IV Ll - .-1314 


? Fd In Ts* 
Ufalv . . 
J«* Oct lit 


Si 


258 
303 
374 
29 B 
346 
32.5 
37 i 


Next deatrnE 


2 79 Da Accum. — ...... 632 

179 Internntionul ... . <44 
822 Do. Accum „ *74 

229 High YialcL MJaf 

219 Da.4rtnm.-_ __ 78.1 - . 

4 3* EoiiKv Exempt" — J847x< 110*4 
4.C3 Do Accum ■ .... 1047 Uflls m . . 

Knew vt SeK afl. Next d ea l Inc Ocl. 3L 



COSSAL INDEX: Close 494-499 


INSURANCE BASE RATES 

'Property Growth - , — — 

•’Vanbrugh Guaranteed... — — JOSM® . 

♦Address slxiwn under Insurance and Property Band Table 


1533/ 
124* . .. 
U2.2 ... 
1217 ... 
962 . . . 

103.G 

1112 

1117 

1M2| 


AttEVAianu+cd . 1455 

AUEVEquiivFd... 1174 
AMEVFWrtlrrt.— 91* 
AMEVPttm.F<l-_ 535 
AMEVMgiLFerFd. 1B3.4 
AMEV MgcLFen-’B' 1035 

FlnupUm — .[989 

AMEV/FranUMUm '■ 

American - ... ..IHL6 

I ort me K83 

tut Growth (893 

For Arrow URV-Asraraoce see 
Providence Capitol Ufc A nana tt 
Barclays Life Assur. Co. Ltd. 

232 Romford Rd.. E.2. 

Barr (u ybaudf [128.9 


G.L. Cash Fluid 

G.I. Equity Fund— 1108.6 

G-L. Gill Fund U2.0 

G.L. lad Fund..._.|1145 
GX.rptr.FuDd— ' 



IniarnulnL Brad**j 
Japan Fd-Bd-‘ — 
Managed Bd.-"_ 

Pem Pension*"... 

I’ropertyBd." . 

Recovery Fd.Bd.*_[7e3 


Prices on -Oct la "Oct 1A. 


MSI 
126. oj 
isi 5; 

92^ 


:»B5 


1125| 

110 . 


1105 

64.7 

1523 


173 6 
73.51 


1131.6 
1597 
1235 
1254 
209* 

1916 
232-2 
95 0 
1013 

•Prices on i.Vinher I 
(Weekly Hcnliiigs. 

Schroder Life Group? 
Enterprise Ruusu. Portsmouth. 

■Equity I I 239 6 

Equity*- 

Flxodlnr 4. 

JTvmacoJ 4 .. 

".om*y4. 

Overseas 4_ 

Property 4 -....„ — 

K i- S Govt. Sec* 4- 
R Ji. Pen Cap. B __ 

B*. Pen. Avc. n — 

Mnsil. Pea Cap, B_ 



i>.(Tbc sil-.TT TrusL 
Richmond GiiBrt.- 
Pa Pl.vlinutnlM. 


1115 

dl9.0 

169.9 

92-0 

U65.S 


062423914 


10.82 ■ 


U4J2J -01, 

3253 +0.1 
169.4 -1.9 

173.7 4*4 11*4 


PnBoxWLSt Helier. Jersey. (Enq. 01 *0870701. Pu Dlunxwil Brt.._ 

Cent. Assets Cap _|E137J5 137391-000 — Do.EtaS7.02Bd. 

K^yilex Japan .IE14.76 — { ,.7j — 

Rothschild Asset Management (C.I.) 
(IICM.'WP P O-Bov 58. St Julian^ Cl. Guernsey. 0481 26331 
462 O.CEq Fr 29 
4!35 OC.Inc.Fil.Oel 2— 

4.78 OCJntl.Fdt 

5 06 'JC Sm'^ciFdScj4J5) 

— O.C.Connnodity— • 

2 78 G.C. Dlr.Comdtyvr.. . 

Prires. nn fV-t i: 


Charterhouse Japhet 

1. Purernoster Row. EC4, 
Adiropo. ... 

Adivcrbn 

Fondak , 

Fmtdlr. .... 

Emperor Fund 

Htspaoa 



- F. 


Mnad.Pai.AcaB. 
fnt 


*-Ort 30. 


Money Pea Cap. B , 
Money Pen. Art. B. 
Prop Pen. Cap. B_ 
Prop.Ftau.Acc P. 


Growth & See. Life Ass. Soc. Lid.? 

Weir Bank. Bra; fti-ThaiW. Berk*. 0828-3*384 Merchant lnWStorS Assurance? 


22B 1 

240 L 


1366 

143.9 


135* 

142.7 


1091 

115.0 


92* 

975 


159* 

1677 


121 4 

127* 


123.6 

1297 


135.7 

1425 


2089 

220.0 


250.9 

264* 


95* 

100.7 


97.1 

102* 


96.9 

1028 


984 

103.7 


1025 

1008 


164.1 109.71 

*' Grtrop 



070527733 Clive Investments (Jersey) Ltd. 

P.O Box 320. SU Holier. Jcrscj osm 37381. 

Clr.oGillFAl.71 • 19.77 9 


553 
162 2 
029 
152.5 
148.9 

[S2903 — 

Next deni I nr' OcL 31. 
tPricox on Oct. 23. Neal dcaluig Nor. 7. 


58 W 
1725 
137 -00*4 
3622c 
1584 
30*8 +03fJ 


2.76 

679 1 

128 

311 

407 

065 


(CUrt U Jt Fd iJiq.i. I?S 9 ( 


Flexible Finance... 
Londbank Secs 
laudbant 
G. * S. Super Fd. 


Inance...l £1070 | 1 — 

ecFd — { £7.982 1 .1 — 


— Leon Hat, 233 High SL,Crc* drra. 01+5839171 iDvJ’r/.Serlw 1— - 


Cornhill Ins. (Gnemsej'i Ltd. 

P.rt. Ikiv 157. Sl l taler Port. Gueni*c}' 

Intnl. Man. Fd. 1177.0 192*[ | — 

Delta Group 

P.O Box 3012. Naiuau, Rabatian 
Dertelnr.OcLlB... Pl^SMa IW .„.[ — 

Ben I sc her Investment-Trust 
Fttn'nch 2885 Blebergnaoe 6-109001 FtanBiut 

Coo centra 1DM2139 22KX-0JM _ 

InL Renleulcmda_..!lAU7Jd 697l| .. .1 - 

DrejTus IntereontinentaT Inv. Fd. 

__ .PO. Bex N3712. Na-tanu, Babnima. 

POB»rt80Z.BliuburciiEht63BP. 031-95560001 mvvr >+ it |axtiffl n.?[ ..| — 


” ™ Rothschild .Asset Mngt. (Bermuda) 
"O. Box PB4, Bk. of Rcntuida Rid. Bermuda. 


10511 


•I — 


Reserve A-wct^ FVLJW.S991 

Price no Ocl 17. Neal dealing Oct 34. 

Royal Trust (Ol Fd. Mgt. LUL 
p O Box m flcft-al Ta- Hsa. Jerwy. 033427441 

R.T.lnll.FA a'SSOS U<W . .. | 3.00 

RT int’L IJ/r i Fd. |» 0 95.0| ..... J 321 , 

Prices Bl Ort !• Next dealing Ort 2L , 

Save & Prosper International 

Dealing UK 

37 Broad Sl.Sl Heller. Jersey 0534-30992 


L -S. Dgltardraoinnanl FUnda 


Equity.. 1232 

Gill -edged... — — 189.4 

Proper®; 139.3 

Internationa] 916 

Managed 112* 

Mrmer 180.4 


MnoPens-Aecma _ 101* 

no. Initial 982 

RIB EdcPWwiAoe... 95* 
Do.InlflBl : 92.7 


01-w34.-*M 70WParh 

las.R ..... 

129.71 -0-ta 


3152 +0 5| 
115* +01! 
96* -16) 
1185 -03 
105.7 +0J[ 
1072 
1034 

100.9 
976 
1082 
103-9 


Dal^tial ;J9B.7 

-Current utiUa value October 24. 
Beehive life Assur. Co. Ltd.? 

7L Lombard SL.EC3. ' 01-6231388 

Blit, Hone. Ort 2_| 153.78 | „..J — 

Canada Life Assurance Ca 
2-6 High SL. Potters Bar. Herts P.Bor 51122 

EqryGthFdOcL 2 — I 63* [ J - 

Retmt. Fed. Sept 7. | 1261 1 J — 

Cannon Assurance Ltd.? 


Property Pea«. 

Equity 

Equity Pens.— . . 

Guardian Royal Btchangc B2S.SS?fe“ 

Ro.val Excnungr. Ei *. 0I-2K1 7107 JU-pa.it 

Property Bonds [1*76 19541 1 — ItapoaK Pens. 

Managed ... 

Hambro life Assurance Limited ? “ 

. London. Wl (Jl-WStrai lull. Managed 

FUvdlnL Dep. 

Equity 

Property — . 

Manajed Lap 

Managed Ace 

Omni . — 

Gin Edged 

American Acc. 

Pen.FJJ3ep.Cap_. 
ren-F.L DcplAcc. » 

Pen. Prop. Cap. — 

Tea Prop- Ace. — 

Pea Man. Cap 

Pen. Man. Are 


Pen.GiItEdc.Cap — 
PcaGUtEdft Ace.. 

Pea B*. Cap. 

Pen. BS. ACC.. 

Pen. DA)'. Cap — 
Pea D-A-F. Ace 


J127J2 133* 


1890 1998 


269* 170* 


1480 1551 


183* 193 1 


127.1 1335 


125* 132* 


1801 105.4 


129* 1364 


152* 160.8 


2087 219.7 


071* 285* 


214.4 225.7 


2T84 793.6 


128.7 1271 


128* 135* 

M11 . 

1261 132* 


145* 15ZJ 


103* 

Ilaaal 

386* 

— 


Property-. [ 1582 

1663 

es 

178* 
WSJ 
188* 
130* 
144* 
1092 
M14 
1102 
10L3 

NEL Pensions Ltd. 
Mlltoa court. Dorking. Sumy. 


— In un. Cash Oct. 30 

— Ex ULAee.Ortao_ 

_ EvULIuc.Oet I0_. 

— Mag. Pea Ort 30 — 

— Solar Life Assurance Limited 


108* IDE* 


1022 107.61 


99.6 164.9: 


142.2 148* 


1*8 7 144* 


273* 273* 




Emson & Dudley TsUttgtJrsy.Ltd. 
PO.Bax73.ELUelier.Jmey. 0534 307*1 
EJJ.I.CT 11284 136*| | 3*0 ~ 

The English Association 
■Mftore Strert. ECZ. 


Dlr.Fxd.lnL-'t „ 
Intern aL iir.*7__ 
Far Eastornl . .. 
North Arueriean*t 


9 28 
320 
5423 
C09 
15*6 


McrtLB^-de u o ta l. nrt ed. Fu mb 


- 1(113 Ely Place London EClNiTIT. 012423)08 Wardfirte Cm 


NrlexEq.Cnp 

NeloxEq Accum._ 


Nrlra Mon. . .. 

Nelex Gth Inc Cap- 
Nehrs Gth Inc Ace_,_ 
Nti Mxd. Fd. L’op— 1485 
Net MxtL Fd. Acc |49.7 


B 0 
1* 

ffl 


177*1+6*1 - 


7V2 

56.7) 

S8fij 


Next Sub. day October 


_ Solar MnnayoJ.I 

_ .Solar Property S— 

_ Solar Equity S...._ 

SiHarFxd. Idl s _ 

Solar Gash S— 

Sola* IniL S- 

SOU Solar Managed P-_ 
Scdar Properlr P..._ 

Solar Equity? 

Solar FxdJaL P__ 


11304 

114.0 

173.8 

1164 

1028 

960 

U00 

113.7 

nag 

1160 


_ Em nr Cash P [301.7 


_ Solar IntLP — 


195.9 


137*1-0.6) -■ 
130 01 „... — 

1822 -9.6 - 
. 122.6) — 0J — 
ioaS — 

102. n -22 — 

1363 -0* - 
119 . 7 } . _ 

1*1 .61 -0.7 _ 
122.51 -02 — 

ioai| — 

ULW -22 — 


Eng. Asa. 34 


fll-ftWTnn 


Next deallnc 'Jcl 3S. “Next dealing Urt 3L 
Eurobond Holdings N.V. 

!7andel«lciv1? 24. Willenwtad. Curacao 
Lomtaa AgrnLs: Intel. 15 rhrixlnpher Sl.' ET2. 
Trt 01-247 7243. Trie*. 8x14408 

NAV per share Ort Su SUKSJAi 

F. & C. Mgmt. Lid! tor. Advisers 
1-2. Laurence Pountney HII1.EC4R DBA. 

01-033 46B0 

Cem. Fd.Oct.70 I SGS6J5 |-045( — 

Fidelity Mgmt. & Res. (Bda.) Ltd. 


Channel Capital*-. 
■Thannel Isluccbfr.. 

■ '0 miTK+l.- .... 

St Dvposi t - — . . - 

SL Fixed— S 

•Prices on Ocl. 


[246* 

1549 

1366 

1886 

1139 



16. -Ort 18 —Ort 13. 


Schlesinger international Mngt LUL 

41.La.MotteSI .SLHe-lier, Jersey. (63473588. 



Sub Alliance Fnnd Mangmt. Ltd. 

Sun Alliance House. Harpham. 0«3 CU41 (p.o. Box 070. HamUton. Bermuda 

^WlDlWIl-lllSJJ MLS I - } Fidelity Am Ass. I SCS27-75 

laLBnXIrtn 1 03*8 i 1 — I Fidelity InL Fund J SVS23J1 


NPX Pensions Management Ltd. 

48.GnKechitrcb SL.fX71P3BB- 01-0234200 Sun AHian ee Linked Life In& Ltd. 


— ManwedFimrt — [157.2 163.71 ,_ ..l _ 

_ Prices OcL Z Sect dealing Kor. L 


Sun Alliance Home. Horsham 
rFuod- 


| Fidelity Pbc. Frt I 5L'S6Llb 

Fidelity WrldFd:- [ SCS15J7 


•Next Mib. day October 25. 

Schroder Life Group 

Entarprl^e House. Porttononth- - 07 

intmtimd Pan&x 


— tErjully. 


Hearts of Oak Benefit Society 
15-17. TorlRrck Place. WC1HBS3I 01-3875090 Small Co\ 


New Zealand Ins. Co. (UJC) UtL? 

Maitland House. . Scuihend SSI 3J5 070262853 L ltte ™qP n " J . Fd — 


1 . Olympic WyJ, Wembley R.420NB 01-002 B87B HcartsofOak [372 39 31 ... 4 - TcctmotoRT 

Liininc. m 


Equity Units 07*4 _ -6.01 

Property UnlLx...... 00 43 — .. . 

CquttvBond'Excc. ULM 12*5-001 
Prop Road ’Esec. - 03.7II - M*fl 
Bnl Rd. RterUait 03.47 14 25 -0 66 

DepuailBomi 1129 119* 

Equity Acrum . _ . 1U 
Property Accum. . .. E3324 

3taed. AcOnn. .1*63 

2nd Equity 973 

2nd Property 007.5 


103 « 
323 .H 
105.fi 
103.fi 
95.41 
BS.H 

206 fi 

U9.fi 
109.fi 
107.fi 
96*] 

L&ESJJ.2 Sal 30 nj 

Current ralne Ort 20 
Capital Life Aonranee? 


2nd. American 88.9 

aidEq Peni/Ace.. 191* 
2adPrpPcn»Ac c. _ 112* 
2nd Med. Penw’Art 103 9 
2nrt DcpPem/Acc. Ifll* 
2nd Gift . Petw/Acc. 90.7 
?nrl Am PraiiArr. 83.4 

L&ES.1.F 89* 


+0 2) 


-0$ 


Kiwi Key Luv Plan. 11585 

1 Fi! |l30 7 

* Fd (1X2.4 

V'd. j97.4 


Hill Samuel Lifts Assur. Ltd.? FwEartFd.'! i^s 
NLt Ttar. A drtlscnmbe Hd, iTro»’ 01-CC04X5 5L 1 ? BdjWJ Pd • M5.1 


♦Property- Units ._ .[161-2 
Prorcrty SerlwA .1051 
Uor^ed UniU--. 167.9 
W snaked Series A -199 D 
Jtanagcd Series C ,te* 

Slixwy Units (122.5 

Urocs- fien cp A 1 93. 9 

FlxedluLSer.A._l“2 9 

EqulS' Series A ]«2 

Pns. Mu>e*edrdp-{|j46.a 
Pus. Mvnued Acc. u£3 6 
Pm. G'.vcd. Copt- .. ilBa.8 
Pro-Gtaed. Acc.... US 9 
Pent Equity Cap— WT.it 
Pena Eqa if Ace [208* 
Pn.«.Fxd.TaLC=p ... l 9A0 

Pnr .Fxd.lnt.Vrc [97.4 

Pens. Prop- Cap [964 

Pena. Prop. Arc.— .[97* 


169.S 
UB J 
176 fi —DJI 
104^-03 - 

1W^ - 0 3 

129 fi 

104 J. 

- 

153.7] 

163 JS 

112.fi 

119.9) 

louj 
102.fi 

101S 


_ Coe. Deposit Fd. . _ |93J 


163.4! ^ 

106.0 +C_3 — 
1183 

102 * ..... - 
183.7 -3.fi _ 
1261 
118* 

103*1 


Depmdt Fund... 

Manaced Fund . 

Son Life of Canada (U.E.) Lid. 


134.4 

341J 

1059 

113.! 

1U0 

119.1 

100.7 

1661 

te* 

1031 

UL9 

117.1 


^ M141 Fldelitj- MgniL Research (Jersey) Ltd. ^SSSZ.p7.8 


- 5 Faulty — 

cnxedlnlemL— ■ 


1 ^ = 


Waterloo n Be.. Den Sl. Sl Holier. Jersey. 
0534 27501 

Series A ilntnl.) — IQ-96 J ... j 

Scrict B <Pacirici_ (£10 Ja I . I 

Series DtAnuVssJ. [£1810 . . | . .1 

First Viking CatxnamUty Trusts 


OlAiu^nl 

SManased- 


113 9 


144* 

1376 


127.6 

125.4 



a. 3. S . CockKpnr SL . KW1Y 6BH 

Mr/lcLf. urlh ' 

Manl.-TJ [JiinCd. 

Map!-: IS. 


.-vid^-iV . xP,.’ 

Fersnl l’n 


2084 


1368 

+n,9 

134* 

+ 0* 

209* 



oi-Ttn'vcnn 8 Sl oeops®’* S l. nnuglas I o.M. , -... - r rr-, t 

‘ 46H2. Ldn. ARK Dunbar * Ca. Ud.. . 

S3. PJdl Mall. l<adoliSW175JIE 111-0307857 F" t,,n =i‘i.'J c, ,vr 3 -&y,_ 

Jjpr.n Fd. Ort 18- IfliWOB 


Norwich Union Insurance Group? 
po Box 4. Norwich NRia.so. 0G03S22M) Tsrcel LJfe Assurance Co. LtA 


[ Frt. Ilk Gita Ta. _.gr. 9 


395 

MI 


2.46 

4J6 


J- Henry Schrader Wagg & Co. Ltd. 
J 20 .Chuirwide I E.C 8 015894000 

CheupSt-taLap ( SUStlBO (-0*1! 2.46 

Trafalgar StqxL 

70 
0.41 



Usiuged Fund 

Equity Fund., 

Property Fund , 

Fixed tut. Fund 1 

Deposit Fund 

Nor. Unit Ort IS—.. 



Phoenix Assurance Co. Ltd. 

4.5.KinsWnjiAmSL : KXP^ . 01^88876 fgg ^ SmSS ^ m^m 


Ttirrrt Hocic. Gitebmse Rd, Aylesbury. 
Eurta 

Man. Fund Inc (981 103 J] 

nil* U7R 
'1229 ukfi 
144.0 
111 * 

100* 

967 


Man. Fund Acc 

Prop. Fd. Inc. .. : 

Prop. Fd. Acc. 

PrupL Fd. Inr. 

r«*d InL Fd IncJ 


— Wealth Ass_ 


Eb'r. Ph. Ass... 
Ebta.PtLEq*. 


'113* 119 

L 

(79.7 83 


(60-7 


Imperial Life Ass. Ca of Canada 


CtanifitonTfoom, Chapel A»h Wton HMRSfHIl ifap+naiHouraGelldfunl 


Koy Invert Fd. ] 105.03 

Paeemaiertnr.pd.l 107.41 | I — 

Charterhouse Magna GjlV 
Stephen mo Brunei Centre. Bl+tchley, 
Miltnri Keyne*090A641C72 
Chrthse Enercy .—|334 40.fi 

Chrthfo. Money- _ 29.7 317 

Chnbnc. Managed.. 380 3b (H 

OirtbreEqnilj — 34 9 36.fi 

fctasna Btd Soe 134 5 

Mscna MosnRcd.-.. 1510 


Grt Fd. Ociaao. _.. 

Pena hd OcVJ) |/u-i tm 

Kill Unicc-J PortiiHo 

Managed Faud 197 U 102.1 

Fired I aL Fd [M.9 10ir 

Secure I’ap Fd.—.|97 5 102. 

Equity Fund flOfi.1 185 


Rct.PlanCao.Pen— . 
MaoJtau. FdAcc. _ ! 
Mau.Pen>TdCap._ 

Prop. Eflaity & Life Ass. Co.? GUtpSTdcipT 
118 Ciwrferd S-x-tt, W1H2AS. 01-4*80857 Prop. Pen. Fd. Acc. 

R. Sllfe Proa sa - .1 1899 | . ...I _ PropJtaaFdCap-. 

Do Equity Hd 782 [ .. .. — t.nBr.Pen-Frt-Acr__ 

Flex Money Bd- I 1497 | — 0 U - Gu^-P^n-FdCap- feS 

APHi.r dikf 

Propert y Growth Assur. Co. Ltd.? n-A.PeaFa.c«p — 


132-7 

,123.0 

155.4 

^4* 


FiLVk Ubl.Op T4 
Fleming Japan Pond SjV. 

37. rue Nntre-ruwita. l4»\eiubixin: 

1 Free World Foiuf Ltd. 

ButKiTield Hide, HamUnm. Bcnauda. 

NAV Sept 29 1 SCTS19bJ5 | ... I - 

G.T. Management Ltd. 

T^oi^aiaL 1 HaPmSS? lM * m ^ Stronghold ManagCTnent Limited 

London Anuta far; 

Anchor ‘B 1 Units ” 


95* 



Sen in - Assurance International Ltd. 

Ph Baix res. H+nulUwi r>. Bermuda 
lOwacedFnntl — [5t'5U#5 L5BJ .. •.[ — 

Singer & Fried! ander Ldn. Agents 

30. Cannon SL.PC4 01 248H5WJ - 

nckafonds [DKZ743 a9* . . I 820 

Tokyo Trt Oct. 2 _ 1 SUS4L50 [....I 1.49 


.Anchor 'lilt Edjte— f 

AnchorlnL Fd f 

.Anchor Id. J»y Tst .1 

Berry Fd 1 

Berry Par Scric 

G.T. Asia rd 

G.T_Asia Slurb n i;-. r 


9j«S| 


19.4118 
7*533 Sid 
'-8 „ 3ifi 
59.91 ft 
W 3M OOf 

» AS 


— Leou House, Crn^-rton. CBS 1LC 


Irish Life As.cn ranee Ca Ltd. 
1 1. Ki rtsimr)' Square. K3. 
Blue5Uip.Ort.30 — [76.9 


City of Westnduster Assur. Ca Ud. 2335 

RiDBsnad Bouse. 0 WUietaorso Road. Exetapf.MAn. Frt _ 111.0 

Croydon CR02J A. 01-684 806t Prop. Mod. UCLl — 180.7 

West Itanp. Fucd— feLi 6S0I I — Prop. Mod. Uth.-.- . I20L9 

UanacroPind 

Equity Fuad. -.1*8 ¥ 

Farmland Fund «L4 

Mosey Pond— 

Gill Fund 

PLd .A Fund 

Pens. 3 toed. Csp 

Pi-a^ Mnsrt Arc. 

Pens. Money Cap 

Pens. Muncy Aw. _. 

Pens. Equity Cap- 
-Pens. Equity Acs— i 
Fund current]]' 


650 
194.0 
67.2 

■U-ffl 

1744 
130* 

136* 

SOJ 
52.4 

.7 58L6 

12 UJH 

used to new invertmcu. 


P r ope rt y Fond — 
Pmiwrty Fund i A>. 
ApncultoraJ Fund 
Auric. Fund ■ Ai. .... 
Abbey Nhl Fund.. 
Abbey Nat. Fd iA. 
016388253 lnvenxixmt Fund . 

5 00 lutesuneni Fd.i .4i 

— Equity Fund 

— Equity Pond :Ai .... 

— Money Fund 

Money Fund iA< — 

Actuarial Fund 

Ring & Shaxsan Ltd. 

52. Cornhill. EC3. 016=15433 *RrtlreAnouie--.. 

Bond Fd. Exempt -.pJK*5 103371-0.011 _ 

Next doailog dale Nov 1 

_ - 9 .Ml Weather Cap.. 

ijwpham Life Assurance Ca tJ» vinv.Fd.uta 

lanahamHx.BolrobroofcDr.NW4. 01-2Q3SZU 


| G.T. Aurtrolio Fd. ..IJ.U0JB — 
]C.T ftxid Fund.— 1 SIiSl« 61 
GT-DullarKA — | .51 S7.1M . 

1 19 08) 


Lan (fhotn "A 1 Plea .[67 D 
VPrup.Bood . — Il452 
Wisp ISP^ Man Fd|770 


Legal & General (Unit Assn r. I TAd. 

Klnganeod. Tadwnnt. 


Perform Units „| 238.4 | ...| — 

City of Westadnster Assur. Sec. Ltd. 

IE2KE ,1 * , T5U , EirnOTood Hm 

Commercial Union Group Da Accum. 196.8 

SL Helen's U Uadersbaft. E>13. 01-2837500 

s^w=i ss } ■.■]= 

Confederation life Insurance Co. intLinitiaL ...99 9 

Ml Chaacery Ijue. WCSA 1 HE. »1 -342<t3B Dp 


’ W ! er nm 


Con r. Pens. Fd — 
Cm 1 . Pns Con. Ut 

Man. Pm F<1 

Man. Pens Cap. Ui 
Prop. Pena. Fd - 
Prop.PenaCopt'L'. 
Bdeg. Soc Pen M 
Bld&Soc.Cap VL . 


1E8.7 


186 9 


7H7.4 


780* 


1577 


157* 


694 


69.0 


160* 

-io 

179.5 

-10 

143* 


S S2 


SI 


105 J 


147* 


0X5 6 .Litwtill 

re U 

138* 145fi 


126.7 135* 


145* 


133* 


151.2 


135* 


152* 


ua* 


156* 


135* 


134.9 


127.4 

:::: 


! Bream Bldg# 
VTuliplnvert FH _ 


VttalipMnned Fd.. 
—■ - an Fd 


VMau. Bonrl 
Man. Pea Fd-Lbp. .1 
Mon Pen. Fd. .\rc. . L_ . . 
VMncd Inv Fd InllODO* 
TMitlld Inv Fd. Acc*101.6 


11494 

..(118* 

[1222 

J263 

&J49 


15731 -01 
124 4 -0.1 
1286 . 
13C.9 -D.7 
14L9 -0 7^ 
1061 -0‘ 
1069 


!+nru 


P.O. Bra 315. SL Hyllw-Jmcj'. 
Commodity Tni rt.. (96. 75 ]02*4[ 


0534-774® 


LBS 
13.-1 

Surinvest (Jersey) Ltd. <x) 

0 75 Oucens Use. Don. Rd. Rl Heller. Jcr. VSi Z7348 
0 82 American lnd.T5t.-IC7 32 7.48j-0.0?| — 

U72 Copper Tru ft Jt!U6 U6fi-61 

Lib Jap lodes TsL ]ri3J7 ILbt ' 


50B 

139 


TSB Unit Trust Managers tC.F.i Ltd. 
Ejcalclle R<L.SL So-. lour. Jersey (J5M 734H4 . 

Jerwj- Fund 150 0 52.6J . ..I 4*6 

tilienrey" Fund .. -roO 0 52.b| . | *56 

Price* on <3ci 18. Next rub. djy OcL 




Trident IJfe Assurance Ca Ltd.? 
Rentlade House. Gbvicerter 043236541 


Managed 

Old. Mpd. 

Piwciq 

Equllv'Ainerlran _ 
-V K. Equity Fund- 
High Yield. . 

Gift Edged... 

Money 

International. 

FlhcaL — .... - 

Growth Cap.. 

Grnalh Are 

Penn Mnrrt rap -. 
Pens. Mnprt Acc. — 
ftans.Gtd Dep.Cap.. 
Peax.Gtd.Dep.Acc.. 
pens. Pjicy Lap.. — 


104.3 +01. 

a dig 


— Providence Capitol Life Ass. Ca Ltd. •Trdi g.l Bond .1 


•Equity Fund 

JS"r"8a™ 


psnaL Pai,'Mnsd 

Stoffgd.Miixd.Pa... 

Equity Ptanian 

properly Ferertoo.J. . 

Corakill Insaniace Ca Ltd. 

E, Cornhill, E.C3. 


173* 

1913 

421* 

S * - 83*1 

3 199 6 ^ 
2078 
2591 
Mil 




gp FelxJSept. 15— 


Managed Initial. .- 121 2 

Do Arrum 124.6 

Property Initial 16312 

Ew. Accum 105.8 

Legal It General ilinll Peaialwui Ud. 
Exempt Caab IniL - [978 103 D 

Da Accum. 1002 105* 

Exempt Eqty . I nit- 1333 140.4 

DaAcetim 136* 103.6 

Exempt Fixed lull 114.7 120 E 

Da Accum 137* 123.7 

01-8285410 Exempt Mocd. IniL 129.2 1360 

ItaAmmi ._ — 132.4 139.4 

Exempt Prop TmL 97.8 103.0 

Do Accum. _....|U02 105* 


M.UxhrldgeRoad. W12BPG 

_ iVJ. Mid. FH. Cap. -[88.1 

_ Sol. MfcL Kd iidT _pM.l 

_ Peiwdon Equity ... [13|* 

— IVnajon Fid. InL- (137* 

— Depoull Fd. Cap. -HJ* 

_ Deposit Fd. Aac .... «?4 

— Equity Fd. Cap 

— Equity Fd. Acc '.46.0 

_ Fad. Int Cap. l<2-6 

FstLInLAcc —.[47.6 

_ Intel. Cap [46.2 

_ InbiLAcc --.[4*2 

Managed Frt Cup . 1^6 

_ Managed Frt.Ait.ft» 

_ rToperqr F«L Cap -.|«7 5 

_ Property Fd. Ace —[47.5 


1251 

132* 


148* 

156 1 


1514 

166 J 


127 

87 < 

-Pi 

1239 

1206 

-OS 

142.1 

150* 


122.4 

124.fi 


1248 

1314 


182* 

123* 

1084 

Uul 

-IJ 

128 2 

135.7 


133* 

240.q 


11B5 

1256 


124.6 
203 9 

132.0 
136 0 


109.1 

1136 


1154 

122* 


121* 

1284 


r S7* "* 


for Lino pnrituum. 


I - 


G.T. Philippine Fd .[F.MSW 1X79| 

Gartmore Invest. Ltd. Ldn. Agts. 

a .st . Mat y A.W. London. Ena 01-5833231 Tokyo I»acinc Holdings N.V. 

V^JtoTrhi^ (tore^rt^d 11 Kmc Inlimix Manitternrol Co. N.v Ltann-rox 

FTK It Par. U. TsL ...Bt0v4J6. 44M . I 1 33 NAV per share OCL 16 SUSTiK! 

Japan Fd irAjae? 20« .. ‘ 0 50 

si* Tokyo PUcifir Hldgs. (Seaboard) N.V. 

Garoreee ture^rorol MagL IlT lautm; L«^. - . Curaeaa 

i P.O. Box 32. Douglas. InM. IKEO 23911 .*A\ per shore i.lcL 19 SUhS3 13 

GoruuorelDtJ. 7iic..|Z3 4 24.W . [ 10 J _ . „ 1 

i Gan more intL Gztl^74* 79A|. I 2J0 . Tyndall Group . 

P.O. Box 1250 Hand Umi 5. Reran dx. 227W1 

O seas Oct 18 J5.S127 l.Mj .J 600 

■.Vcnm Unim__. ISL'AOl 11 

3-WoylnLOct 10 W.'fflTB IB 

2Ne»SL.Sl.llHle*-.Jereey BKM3T33U* 


“ Tyndall Assnrance/I'enslonsV 

_ 18 Can+ngo ftoart Brulrt 


s-War Oct. IS 

Equity Oct JE»_ 

Bond CcL ID 

Property Out 19. _. 

DepcreHOct. 19 

3-Way Pa Sept. 21 . 
O' seas Inv.rtrL IB 
Mq.PiL3.VT Oct i _ 
Da Equity Oct 2... . 

Da. Band OrL 2 

Do. Prop. Oct 2 


1271 

173.0 
1660 
3089 
329 9 
153.7 

82.0 
3782 
2804 
1812 
89.8 


Hambro Pacific Fund Mgmt- Ltd. 
2110 , FunnituclK i^cotre Hocc Eong 
Far East OcL Li [SH1G62I DJ7fi+0.5>) — 

Japan Fund ftl’SUil UUJ+0 J(i[ — 

HambnK Sank iGoenucyi Ltd/ 

Hambro* Fd. Mgrs. tCll Ltd. 

P.O Box BS. Ouernse}' HMICTei 

CJ. Fund — 1150.7 IMS.. . 3.70 

'Intnl. Bond *L's IGaTS IU 141 - . 8*0 

Int Equity St.'S 12.18 USW . 2J0 

loL Segi. A 1 »L'n 107 ij« _ 

InL Stge. -IS' SUS|124 LSll( .. - 

Prices r-n October 18 Neat dealing Ocioi-cr a 

Hemderson Raring Food Mgrs. Ltd. 

flB. Gajiunon Howe. Kong Kong 
Inw., I Japan Fd Ucl 18 -M'.-OSJE 761 

nL-3=Ml| Pac|fh . nil|d . SUS9.956 

BundFd*Oc(-3l.. -| SUS18845 

■E’.rlilrJve of any prelun. ejiarge-. 

HiU-Samttel St Ca iGnernseyi UtL 
0 LeFebvrc St . Pclifr Port Guernsci. >' i 
GucrawyT.-rt. . .(l5«.l 1M,9[ -1.0) 360 

Hill Samuel Overseas Fund S.A. 

37. Rue Notre- Dairn-. Uixembourr 

pasaw 137t[-0«fi - 


70KSLCU* IB 


l£7B5 


Accum. Shareti . — [£1260 


Anv. ric.in run 19. 


09 5 


lAccumrtiaftaf*. — 189* 


I'orEKAOrt. Iff . — 
lAecumshnua.' 

Jersey Frt (ft 13 - 
iTiur.J A<rc t'lsi — 

■ lilt rvndUcl 
• . ter um. Sharer i . 
Virtm-i tlanrP. IwUlu. I 
31. ina iert SvpL 1U - |136 l2 


935 

91.5 

2032 

2H7.4 

304 8 

1392 


Lrt Islcof Man. MEM 
143.41 


200 


‘7.31 


Will. 


:yi: 


Utd. InfnL MngmnU (C.I.) Ltd. 

14. Mulciiftcr Street. St Heller. Jersey. 

U IF Fun.1 .|5V4Wt24 lER .. | 779 

United States Tst. Inti. Adv. Co. 

14. Hue Aldnnfttr- Luxcmbnurg. 

I *. Trt Inr Fnd, .1 SUSHI 63 1-0.13 « 94 
Ncl assets October 2>x 

S. r.. Warburg & Ca Ltd. 


ad : "i : 


Vanhragh Life Assurance 
41-43 Maddox St, Ddn. WlR BL.A. 


International Pacific Inv. Mngt. Ltd. J°. Grcuhnin sin-**. EC 2 . _ 


Provincial Life Assurance CO. LW. ^ ^ Fd ^5 

01-24,6632 Equity Frt ]K5_.4 


nuia iim TO Box B3T, 5a. Pitt St. Sydney, Aurt 


■ BLsh«p«gate.E.rj. 


35681 
111 * .. „ 

^ = 
3117 -0.fi - 


_ specScpLiS 

MnGthFd Septa -pas* 195*1 .1 — Do <wnm liooz vast . . I — Frav. Managed Fd.. 

Credit. ft C omme rce insurance . , . _ , . . . 

iso. ReirmtSL. London win 5 FT 1 m-4a87oai Legal & General PngL Fd. Mgrs. Ltd d 

CAC Mngd. Fd_: 1122.0 U2.fi 1 — 3«.Qae«n \Tclorta St, EG4N4TP 01 24B067B EquiiYFund ~ 

ssurance Ca Lid.? dscPhl F 4M.4 ■■ -I — FMiinLRtnd—. 

Crowi Ufo Use.. Wokio e. GC 21 INW 040925033 *' Prudential Pensions Llmitedt}> 

6*0 Life Assur. Ca of Pennsylvania Hoib«nt»«s.EriN2NH. 

- 3!MSNevt BoadSL. W170RQ 01-U083B5 §2{ l i i B -|SHn 
LACOP Units. 197.4 J.023I j - 


1291 

106.0 

$369 

,100 


— InmL Fund. 


Fixed Intent Fd. .. 

Property Fd. 

Cbmi Fund 


11480 
120. B 


158* -O.t 
258 4 — 0.7[ 

104 6 -1*1 - 
375 8 -«fi 
155* 

1272 


— Vanbmgh Pensions Limited 


Jerolln Equity Trt. I&42J6 248) 

JJC.T. Managers (Jersey! Lid. 

PO Box IM. Royal Trt. Hie., Jcc-wyfSEM 27441 
Jersey Extra). Txt— [191.0 204*1 . I — 

As at StrpL 38 Next cub. day Oct 31 

| Jardinc Fleming & Col Ltd. 


Oornx Brt.uct.2u 

hnyj. Int Ocl 70— . 
Or. ML SK.LAuc 31. 
VctcEhdOrt. IB. .. 
McrcKlnyMfctOrf .18 


5US9.64 
SVS1778 
SLS7*S 

W51B3S UM) . . . , 
£10.06 WOTl+ftt^ 


(114904558 
-009 _ 
-04fi _ 


81768 


MaoE'd Fund Ace. -[106.9 . 312*1+0,4 

Mang’d Fd. Incm. .. 104 7 US J -0 « 

Munc'Hf-’rtlnil..-.. 1W3 IM.B -0,4 

Equity F,L Ace. 98 8 103.9 -02 

Equity Frt larm 97.S 182* -02 

Equity Frt. Init - _ 978 102.9 -03 

Property Frt Arp. .. 95 7 100 7 +00) 

Prapedy Fd. litem.. 95 J 100.7 +0.3 

Property Frt IniL— 94* 99 A 

Inv. j rt. Frt Arc. 134* 109.4 -OJ 

1nt.Tn.Fd.lucm.- 1012 Wb* +0 3 

lni.Tft.Fd.Inil M!.6 1080-0* 

Fluid InL F d. Acc.. 100.2 185 4 -01 

Fxd )0L Fd lncm..99.D 1M2 -0.fi 

inler'l Frt Acc- 1188 125 0 ■•0 4 

Intoi*]. Frt Incm. ..- 1388 1258 +8.<L 

Money Fd. Acc XtA l«A+«l| 

Sloan’ Fd Incm; .. 958. 3000 . 

Dipt Fd-Iucm .. - 103 B- . lOTflrtOTj 
Crown BrLlijv.’A'.. 160.7 


2TJ 1 

14. 


6.C3 

741 

595 

3J15 


Prop, "Fol Nw" ] 8. -.[£27.74 

Lloyds Bk. Unit TSL Mngrs. Ltd. Reliance Mutual 

TL Lombard St.ECrt 01-823 1S8 Tunbiidjse Wdls. hunt 

E»wro*._ -..[99* 104 Jcj | 7.77 Rot Plop. Bdn. — I 2055 [ ....[ - 

Rothschild Asset Management 

Sr Swi thin* Lane. London. .EC i 01-83643G8 


41-43 Maddox St . Ldn. WIR OLA 
vaunted . ..[101.1 

01-4059222 Equity., hofl.9 

| _ Fixed luierest ._WB* 

| — Property [99 * 


(ll-4!Ki4taa <0tb Floor. Connancbl rcaiun*. lions Rone 


lots -fli — 
1147) -02 - 
103 7] . . - 

104*1 +0 1 - 


Lloyds Life Assurance 
2D. CIIItMl a EC2.6 4M.\ 

140607 



— ■ — Cuorpnievd tftc las. Base Ratos' table. 

Welfare Insurance Co. Ltd.? 

0 eSC 2 £ 27 l WinsJadeParLEi.cier «t92A2!55 

MnnermakcrFd. | 1083 I . [ 

For olbor funds, please reuw to The l-oadon It 
Manchester Group 

Windsor Life Assur, Co. Ud. 

Royal Albert Ilsc. Sheet NL. Windsor 
Lift Inv. flan". .-..1748 "7791 

Royal Insurance Group FjitureAs+dGUiini.i zm. 

Rcqal bhleJd Id. IM6.J 154 1[ — Fley.loe.i^wth...|H5* 1U.4| 


Janitor- Esin Trt 
JarHmeJ'pp Frt* 
JnrdlnoS.RA. ._ 
Janliuu F tom. InL - 
InLLPoc Sees-ilnc.i 
Do. i Accum. i 


R 1*35370 
HKS41833 
Sl. SI 9.98 
HKSU.43 
HKS15.09 

10315 24 , 

NAV Ocl 16. -Equiraleni W.:S877l 
Noil ?ut>. OrL 13. 


2 00 
0 80 
1 SO 


Warhurg Iiu'est MdrL Jrsy. Ltd. 
l. I'hnnnei'row. St Heller, 4qy Cl 053477741 

I'M F Lid Sep(L3B.. BJSI3 ? U 2 
MTUrt >|08- RJftJS 14.71 
il -Jrt. 10. |Q2 90 


Mi.-tld-.TsL 
■n-rr<)rt. 13 
TMT l.UL Ocl IX. 


p.'sun 

KUll 


World wide Growth Management# 

K‘+ Boui-ftird Koval, l+ireuibujrj 
Worldwide uU Fd| SUSl&Jl | _ [ _ 


NOTES 


N.C. 




. [120* 128 3) . I - 

Sab day December 28, 


so, j. | Priccsrto not include S premium. except whom Indiralcd 4. and »ro in pence unlesi ol'nerw-ita 
M1+1 ( !5!E9«ii ( lEM*JV '^^luJLsta .coIumi;: ajl.rt tor all hi^lnB «rtp«L+^ l (B^ 


rjHtnn saion. 

— I ? Set at tax DD realised rarttal cains nnleRs indlrairtThy * Y'Saemjey" Sat 

* ♦ rlelil before Jcrjc> lax » E»-»ubdir;BloiL 







*v 


FOR YOUR COMPANY- 




conract-3. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus House. Now England Road. 
Brighton 6W 45X Tel: (0273) 806700 

S-rmirgfre-n. Cardiff. Leeds. 

Lentfort ,Vcr.e1-*r:/>.- 


FT SHARE INFORMATION SERVICE 


Financial Times Tuesday October 24 1073 

FOOD, GROCERIES— Cent •: 

\Sm 


Sac* 


BONDS & RAILS— Cent 


BRITISH FUNDS 


TCS ; 

Hieh Itfx 


Stark 


I* nrf TMd 
| — | fat. | Red. 


55 

77 

88 

87 

\lbO 

Jgp 

(599 

1DM91 

97 


insi; 


.07-. 

Mi \ 

Ob-.. 

10 >!- 

Ifl:-; 

<ty-i 

%!’ 

110=j 

106'« 

jS& 

87 u 

a 

1I57| 

9bij 

lOT?, 

W 

H4>4 

lOOifl 


“Shorts'* JLires up to Five Years) 

10P,VT.vi«:r Tfc;.. I 100 ,'.1-,*. IU « 

< »4 ' J Trri^r- .’IK 95 I 3 14 

951-. 74.79 „J %‘.y 

**»"• *1 lO‘:Pv TPri- 


94 A, 
*6A 
?7l, 
9ZH 
93>4 

181 T 4 

9914 

Wki 

95?, 

917, 

93 •> 
8S^ 

95 J, 

IOH4 

£1? 
82 ■» 
104-i 

94 


907, 

88)4 


99,'. 


Elerer^.-pcTR-TS .. 
Treason IfWra — 
|T reas-an flCjpc W= — 
TfCMUy 3"iBt TJ-W .. 
FundicsS^is'TSJOti. 
Ero-ieq'-Kr ijpe IRVCj 
Treasury liiipc 1531“ 
nreasary^pc !9M«i- 
(Irei'dry 9vv l®i“- 

Esch P,pc IS?! 

Each. Sjpr 193! 

Exch 3pr 1SPI . 

[Trea* Variable Hlff— 

Suh.l2.pc 19*11; 

Treas5;pc'Sr‘-Cte — 

Treasury Spc'K:*, 

Tredscrv Hpc 'Efli 
Treat Variable Eji - 


89*, {Treasury S.pc 'E 


Ftcli »,pc 1982 

Excb. fiape 1983 


793* lEuhSpcSl 


.. iTrearjty 12 pc 1B832— 

89*; [rreasiryy.pc'BS 

Five to Fifteen 




— *4 


%7 g 

% 

75^ 

n«> 

Ufe 


4$ 


11 ? 

lift 

72 


93 

803, 

86*, 

761* 

793, 

Ml, 

W'4 

1015, 

771, 


|Bwh. lOpc 1883a 

FondineSi.-pcTB-S- - 
Treasuiy ft pc W-Mrf . 
Fnndin; ftpc IS-flT:;- 
[Treas-j r\ ".pc . 

IrrarUpcrtTpcTMa 

Treasury 5 k Sv89 

Treasury tape 1 SWiS.. 
Treasury (MfTWt; 


95!; 

5* 


9?ij ft wasur? ! 1 i,pc 1591 _ 


Fcndiri "or ■ET-fliir. 
Treasar ■£“ _ 

[Tread r- l'T< 1032. 

, chi::.pcV2 

9a>j Treiren :: , .rc 3J“.. 
CiO^j Jr undin; 6pc I5KC1. .. 


lOOi.ui 
9511 rt 
971. 
97 : *al 

n 

“W 

89J 3 
9b., 

92, i 
95,1 
8L\ 

95" «d 
101’,, ft 
9i;i 
8i" s 
104 '4 
941, 

891; 

8* 

82 

»j . 

Years 

94,1-1, 

S3 l-U 






4 40 
1847 
3 65 
9 21 
972 
3.75 
5.56 
1269 
US7 
392 
1014 
895 
10 C9 
347 
10.27 
1253 
92o 
154 
13 37 
1110 
922 
10.18 
9.85 
3 66 
12 07 
1 1034 


991 
805 
8 09 
9.99 
757 
10 82 
1126 

7 66 
889 

11 78 
11.73 

EM 
11 61 
11.76 
11.99 
852 
1188 
1208 
1157 
830 
12.24 
1245 
1177 
1234 
12.18 

8 01 

12 20 
1221 


8834 -1, 

77ViflS I--* 


g> 

JBt 

81 >4 

97i4 

MS, 

102N 

93 

100 ". 
61- ’4 


-*3 


- 1 * 


10 86 
675 
9 S3 
840 
972 
480 
766 
12.74 
10 34 
1252 
894 
1285 
13 92 
12 76 
12 84 
582 


12.10 
1014 
1119 
10 60 
1153 
883 
1053 
12 63 
1170 
1274 
1111 
12.85 
12 50 
12 86 
12 39 
1152 


1»», 

l??'i 

1141, 

F°'« 

15b>4 

51 

91 

114-i 

90U 

131 fj 
117S 

50 

115», 

83*4 
72U 
135*8 
100l« 
90 N 
96*4 
9W. 

51 

f£ 

■ 93i 2 


Over Fifteen Years 


lfl2 1 ( JTreiwrT lr’.pc lS«li) 
1 3P t 4 I Treasury N*. ix . 

Esch. l- : ;pc I5W 

Trea‘J"Ppc — 

Tnearan l7?c © 

li'Ias.’pc SO 95 

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4 9i 3-(rt 


5.M103E 


7.1 


Allied Retail I9p 
AroterHaylOp- 
/V?u*ejtom5n_ 


Amfiotronir IPp. 
Batter'sStis. lOp. 
i BsttariSJoreslOF- 
B®uieiJ>'\' — 
Sentalls l«p 

BJkraACnaiOp- 
Roardman KOap 
Bol ton Text 3p._ 

Brora e- 

Bnt Heme Sirs... 
Bnw»i.Vi3ia_. 
BortreiGmaOp- 
Dn'A'NVaOp- 
Canlcrs'A'arp— 
Cartel tillOp- 


W294 

H25l| 

L55 

155 

dO 2 . 

hrW38 

hl35 

136 

tL2 


6-5^ 


CnrobiEnc. IJjpj 
CapeSpgrts3p..( 
Ccmeli Dress ap. | 
CniJts 'A'. 

Cujl-3_ 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


102 

164 

# 

263 

34 

16 

91 

128 

ft 

S 

83 

303 

87 

108 

41 

n: 

58 

2^ 

190 

43 

2b 

51 

68 

108 

38 

258 

43 

104 
118 

73 

105 
162 
104 

2b 

79 

28 

27 

50 


40 

49 

63 

86 

ft 

74' 

£.185 

154 


45 
60- ; 
30 
197 
123 


13-J 


55 


149 


77 
67 
10 ft - 


4.7 


5.9 


FINANCIAL TIMES 


BRACKEN ROUSE. 10. CANNON STREET, LONDON EC4P 4BT 
TH-t: Editorial 8804 1/2. 8S389T. Advertisements: 85(5033. Telegrams: Finantixno, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 


Amsterdam: P.O. Box 1296. Amsierdam^. 

Telex 12171 Tel: 240 555 
Birmingham: House. George Rwl 

Telex 336850 Tel- 021-454 0922 
Bnnn. Prc.whw, 1 1 '104 HruMOllre 2-JO. 

Tele* SKBrAh Tel 210038 
Bruspels- 30 Rue Ducalc. 

Tele* 23283 Tel 312-9037 

Cairn p.o. Bo* SOW, 

Tel- 930510 

Dublin: 8 Fitzwilliam Square. 

Trick 5414 Tel 785321 
Edinburgh- 37 iidorec StrceL 
Tclc.t: 73484 Tel: 031226 4130 


Manchester Queen's House. Queen Street 
Telex 666813 Tel: 081-834 9381 
Kww. Sadov o-Sorcolechnaya 12-24, Apt IS. 

Tele* 7000 Tel: 200 2748 
Ifc* York- 75 Rockefeller Plain. N.Y. 10019. 

Tele* 083S0 Tel: i2I2i 541 4625 
Paris: 36 Rue du Senncr. 75i102. 

Tele* 220044 Tl-I- 236.57 43 
It id de Janeiro: Avemda Pres. Vargas 418-10. 
Tel 253 4848 

Rome- Via della Mereede 55. 

Telex 61032 Tel: 678 3314 


Slr>:kholm e’c> Svcnska DaRbladet, Raalambsvatfen 7. 
Tele* 17003 Tel. SO 80 88 


Frankfurt. 1m Sachsenlauer 13. 
Telex: 416263 Tel. 555730 


Johannesburg. PO. Box 2128 
Telex 8-6237 Tel 838-7545 
L>*bon: Praca da Alegrin 58- ID, Lisbon 2. 

Telex 12533 Tel: 362 508 
Bfadrid' Espmoceda 32. Madrid 3. 

Tel: -HI 6772 


Tehran: PO. Box 11-1879. 

Telex 213930 Tel. ffKKW 
Tokyo- 8th Floor. Mifaon Keizal Shimbua 
Buildlne. 14X5 rnemachl Chivod»-ku. 
Tele* J 27104 Tel: 241 29ZD 
Washington: 2nd Floor, 1325 E. Street 
N.W.. Washington DC. 20CaX 
Tele* 440340 TeJ. i202i 347 8676 


SO 

PO 

133 

59 
i:-b 

5 T 

106 

Ibb 

93 

138 

34 

31 

■18 

99 

60 
18 
75 
50 

107 
141 
185 

108 
310 

58 

114 

175 

172 
156 

173 
% 
1W 

u: 

33 
45 
48 
90 . 
188 
40 
50 
55 
10'; 
38 

174 
474 

313 
194 

314 

9 

42 

63 

125 

66 

116 

4b 

45 


147 

101 


84 

138 

13 

59 
1203 

31 

10 

44 
98 

3* 

45 

60 

64 

220 

61 

75 

21 

24 

43>; 

?6 

1153 

170 

22 

20 

4i1 

«0 

681; 

*17 


'157 

31 

62 

83 

65 

84 
IN 

68 

13 

bn 

19 

19 

34 

21 

Sf 

26 

S' 

ft 

69 

ft 

59 

41 

£220 

W 

71 

6b 

55 

12's 

104 

105 
41'j 
22 

lo2 

76 

79 

10 

31 

£!4\ 

121 

V 

P 

61 

61 

74 


AhcrleenCnort. 
Abertha*rCem_ 
AltMFIantlOp. 
ArmlareSnntf 
BPBInos _ 

. igcenrfcc Brk. 
Bailer Ben 10p._ 
Pimberwri. _ 
Barralt tier. Wp 
Beechucyl 10p_ 

BcnJo*3Jp 

Eenlord X 10u_ 
Bett Brfc. 20p_„ 
Bl-cldei-saV - 
MoeCirrieCl... 
Flurvtell rpT7n_ 
Precden Lire — 
iP-riLDtedfini _ 
Rnian Jlsl J 1 !'! 

Rpiwnlw. 

Rp-'anltlldSi... 
,Bnrnftt&ll-_. 
Burt Fniillnofl. 
Rnher .1' I Up . 

t’al ivkt '*’>!• % 

framJohi;' 

'arrnn 

.’erorol niwfi-w 
I'anher.Gp.lOp. 

'oriatnR. 

. 'oantir-ide ’P- 
kYntjlet BWe — 
i.'mariiiri .Jip.. 


CfcurhGriiiin 
jR.’bf M 


113 

42'; 

84 

10«j 

73 

71 

57 

13 

38 

73 

ft 

52 

35 

79 

(108 

138 

79 

,210 

40 

97 

"S 

107 

llo 

70 

94 

80 
X 
29h 
30 
66 
135 
31*2 
30>; 
40 

6 

20 

124 

330 

233 

129 


Deuel u 
[D'mtnj'lRoOp 

’Enlh. 

,FP.A.Coiul'n__ 
Fairdoughi'cns. 
,Feh In« lOp 
Cn'.VIOp.. ... 
Fed Land 1 Bid.! 
FiolaiiJohn- 10a, 
.Francis Ft. I up 

'Franc:' iGP.-lop 

French Kier 

HJallifnr.lBr.Sp. 
'Gibien'Jy Ml'pi 
'ilcctwi'lU il^>. 
'llncvplV. &-■ _ 
i7«hCoi:iper20p_ 
H VT Grp IU]* 

ilclicalBar 

HentfflL-A 10p.. 
lUc'BifnSt 10p_ 
Dn T[. iVir, . . 
iet-.-iUni.Tip 
Hiir-illiM .. 
Ikr.cnnflhJTO ... 
Tso Re< It: - . 
•O'rard.shui I Op 
l" 2»r. . 
hri.c-kJf'iinA'a. 
Ia» T:roher 
Jj R H-*tit’15p 

J.rEil 

Jari'1.1 . . 
lCTBin:5SI0 7l 

lores Edurt ]i'p 
Kcrl’M P- If'P. 
Lafjre?SA.F!M 
Lairct-Johr, \\ 
Latbcn I -£i .. 
Lauren-, c- v 1 
Le—fcittts 3' 
lie’-'ar.dPjKtii 
UlKnrJ*" - 

London Hi. r 

iwHi.y 1 
'Ar'.'nlf 
Havae' ft shu 
‘bllinriv rin.v- 
MlJldcr.: : hl'U 

Marina id 

Marley 

ilvshaili'IITci- 
llaj ft Harwell — 

Wears Brw 

MdrUleD.iW . 

MneriMonLLt 
(Milbatj 


+1 


+2 


74 63 
6.86 
7t»72 
4.37 
7.74 
2 37 
06 

llii 8 

1.63 


3l« aa 47 


3 M 7.3 


5 9 ibB'I 


-1-2 


4 4 


b3ffl 4.2 9.5 i 


220 


-1 


+1 


+3 


-1 


-2 


-i- 


6.5 nrin 
'*«!« 

I 

.9 7 '39 

l|v‘ii 
102 
2 c 

iSI’M 


-1 


d3.9= I 
178 
342 
185 , 
11.07 
»3 ?2 
S3b , 
HI 21 


(HO 
•*»t9 1: 


63 


, tc-23 

715 . 
! hi 08 
*1 qt 

.’19.61 


*1 


-5 


!MillenS*an» lOp. 

Mh concrete 

MndEneioeers. 

Mmk'A: 

'Matdero:J' 

NetrarthilKl 

Nopecst HoLn I 

, Sec. BncV eftp 
|Orre[>r.r Ifro 
'parirerTint-er.-l 
PhwroitTinher. 

Pncnins. 

SMC 

■Rtdhnd 

iR'ch'ii* Hall !0p j 
iRehcits Adlard 
:nran Group 
Row!ins>n;iip<-, 

Rmro'lroup 

'Ruber-Md 

Rtiflbj- P. Cemcrl 
-V ,3' .roup _ .. 
'irahlim-yr ;f-p . 
Sharpe iFidier. 
Smart cl > ]<)p . . 
Smtherar.ai.6p 

•'•reeter* IPp 

Tama<- SOp 

Tajlor V.'ooitti* 

Tdnuiy t"i -£i .. 

Tnr-uft Anrold. 

225 Tunnri BStp 

64 L'B.’j* I'.rrcjp . _ 

VectU Sieiie !0p 


'-ard I r 

Wsmajon 

Manjp-ljhe 

R WeribncV Pmdr. 

e?cra Bro- 

(oiuxli r .:<23p«. 
Thit'rh in i:.jp . 
Wirrfr,«r'.ia. lup 
5jirt|.r,ncrHli-, 
|Wi rope* • lien _ 


-2 


-1 


+I : 


-1 


-1 


2 8 6.5 77 
2 6 7.9 68 
, 3J 3 7 U3 
127 63 56 
35 5 0-63 
3.9 66 4.3 
10 5.2 23.3 
0.4 ± -516- 

20 10.5 7.7 
24 79 78 
7.6 I3.9i 


+4 


-1 


*1 


1.72 
*9 95 

7.72 
20 34 
d3.87 
11.14 
t4 37 
tl 50 
10 69 
dZ68 
318 
th3 84 
1.52 
15 29 
261 
101 
166 
rrt2 54| 
0.69 


I“'m : 

164 

*■'196 


' 6 .^« 
- 1 24 
“I 


36(104 
101 


74 36’ 


[CustWicWp- 

Dehenhara 

Desthirri lOp 

IlKatm.'i Fb-^o Hip 
□Iis&i>nld5p— 
Empire -SI- jre_.. 
15*} jExecmci 2Dp — 
FaiPialcTert.5p 

.Da'A'Sp 

Fine Art Dees. 3p 
iFotdiTftinilOp. 
Fomunricr Iftp- 

(Foster Bros 

FrccjuansiLoni. 
Gdier.AJ.i3ip- 

hJjIdterflA 

CcndroanBr 5p . 
hVattan iVare — 
:Gt. Cni versa}—.. 

Da 'A t ert 

|i>* Millets I0p. 
HardriFuni' — 

Pa "A' NT 

Helene Lon. 10p_ 
Da I?pr t'nr. Prt 
FlradcrwnR'Jip. 
Henrqnes A 10p 
Hep»arthd | 
HnmpriiarmlOp 
House ot Fraser, 
h'nu<e.rfI/Tve. 
J.w?*iEr»Si ii?p. 
Knot Mill Dip-.. 
ttRmaci- H5o£?., 
Ladies Pride 20p 

Loc'.'ei.per 

UbwT - 

P" Sou Vic Ord_ 
'lincT.ii: iC 10p - 
IMFI fiirr.lWP lOp 

r 'tapl? I Op 

‘•lark? & Spencer 

Marti o Srws 

Mender , j \ 

,Mi.-fc.vliJv|On_ 
llirlEdu-atSip. 
Mnlherrare lfio_ 

'.'SS\>»x]i>p„ 

•-.iwfti i>.rpn 

[Paradi«e.Biii)p- 
(PansmiW.L- . . 
Feter« Store* lOp 
Polh PeckIPp . 
,Preed>''.Utr?d' 
MmanP ft.'.5p. 
[Rama: Text. 5p„ 
(Hatnar* iOp — 

I Raj beck 1 Op — 

Readicjt5p 

'Reed Austin \V- 
'Ri'-!ir.iIPtSi IPp_ 

Rosfllll jp. 

S*l£ajre?I3iP 
1 Da25SPf I2ijp 
SaanriiHi*.V_ 
Selincourtap — , 
ShennantSllOpJ 
jSnnihlT fi-.VSjp. 
iStaniev-L'i 5p_' 
Status Disc? Itip. 
Sienber? 10p_. 

SumrieUio 

Timerrofc I*)p. 

LTiSTrcup 

"ptrniE: V 

i \anioiu3‘p — 
(WaJkcr-Jas ' — 

IV. S\ 

H:illl« I0p 
Kann?/.-'ii!Io* 
v-wnrilitai. - 
V’Alrf Mill Iftpr 
V'lii-nWjrl'in. 
iVu.jln.xth 


1-1 


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. tl5 

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US 
128 
186 _ 
th2.G5( 
h2.83 
tZ89 
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285 
t4.17 
0.33 
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B37 
837 
tl-78 
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[247 
dl.33 
t235 
ltd3 67] 
14 S4 
dM: 38[ 
b55 


+10 


+5 


th2 15 
, T6 70 
C2.6I 


1480 

t29t 

♦MS 

1289 


+2 


PI 96 
20 


+1 


2.86 

6.06 

030 

t235 

338 

161 

+29 

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H5.08 
' f!24 


223 

1h5.94 

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152 

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22S 

♦523 

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9.7 a 


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4 6(13 7 


b.5 4. 


5.0 60 


ENGINEERING— Continued 


Stack 


CttISsIp/FJ 


aai67) 
-67i 

98 


21J 


84 1 


17 260 


- - - 171 


58-71 
62 142 
. 57 '>5 
: 124 182 

som 


87 IBater Perk SOp - 
32 |R.Trti{HTts30n — .( 
4?; lBnnmConj 20p..j 
"" Barton lb Sms — | 

Beaufort lOp 

Be»an>DF.V5pL_ 
BinridQnalrpst. 
Bmcuhm3DnI_ 
{Than Pallet ]Bp 
Blacfew'd Hodee. 
Bm>*TEn2.26p_ 
BonltonWinl'Jp- 
BrahamHill lflp. 
Braj'Breaile£l_ 

Braswavinp 

BRouseDudlOp 
BristiMCTiannef, 
Brit Afumii roBiEl 
MishNwllinv 
Writ StearoflOp^ 
BmcBioire-!-. 
^rnro's€^*5p*_ 
(Brt«rtSnc itfp— 
BmoVeTno(_!_ 
BttHhetS'dPJOfL. 
Brown iTawse- 

Brown It*n£l 

f»jn«jcii3tp 

Borces'Pred 

Butterfield Hr?., 

■’jnrfnrrt Vr.r ;(h)_ 

Crpper-Sell Wp 

CarcloBig. 

Oarron^sRlop. 

Cz£n«: Kto 

ntewingsp — 

CJirisyBitK 

Clarton Son 5fip . 
Clifford fChi£R. 
Cohen -At 2Dp_ 
Cntry Ai r. .. „ 

Coccentric IOp^ 
__ rrjok7i.SiKi.2Vl 
12?; Cotrei'Fri 10p- 
15 Cooper ln-k lop. 
Cmwcraflatp. 

C ramie Groap 

Cnron HotiseL— 
CunmmsT8TH_ 
Danis Gotrerton. 
(Daitnilhlirr.np- 
DtsftSet'A'lfc 

DatyCoro 

DdsonlOp 

Della Metal 

DomisJ.fL !0p_ 
(De-itoidaOp- 

DeMutter . 

Downiebrae Uto. 
DrakeiScnJI„ 
Ductile Sleds _! 

Doporf 

Edbp(HldgSL_[ 


+2 


->• 




1-r-l 


1-5 


+1 


-1 


1+2 


115 


ni i qtt^ J 
Eng Cart Goth, 
Era Industries 
Expanded Metal. 

Fanner (S.W.) 

Kith tCJOIOp., 
F^ka ttfon;r5p 

Ftancislrab 

ij'Ef Intnl. 3?p 

K75rtaiEn?.lto,, 
[GmaicJIMlOp: 

951; Binnred Z 

•" r (Grains aon „ 
weenhank 10p_ 

J Green's Eroa— 

fOJUtCI , 

Habit Precis** =a 
Harien verier _ 

Hall Eds. ftp 

KaD 2btthett_ 

Hallileftp_ 

HaraisonSi 

HarfreMahylZ. 
HairtecSid— 
Hill 4 Smith .. . 
liopfanjonsftp, 
[RowarrlMachr.^ 
Ho«dCTinrap_ 
Hunt.UoscropSi 

I XL 

JarisnJicBBip. 
4 ?i 2 fenfc-fti'a«elL_ 
59 lohnson ft Firth. 
64 :<x)esiH>wpl'}D. 
106 J roes Shipman . 

67?, Laird Group 

Lakeft ElljtC 

Lsre'Percyi JOp. 
U» 1 Ar; hurl 13;. 

l4’V , < F nnnrfrit-; 

Unread 

UoydiF.R* 

LockB-.'Top 

Da .V5p 

Lowfcn & Midl'd. 
SILrWtfina^ 
Man^aa firoaze. 
MartOTair3h>_: 
McKechcicSiDs. 
MegdCSp — .. 

MKatr-.T 5p. 

Mkflendlniif 5p. 
Mira n? Sup jQu. 
SfitcndlSamlUp 
tMtlePJ\2»p 


-1 


Hi 


-1 


-1 


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551 4.0 
7.0 (43i, _ 
th2l4 3-3 5.1 79} 72 
th27re 35| 64 6.7 97 


fiP 

15.68 

« 
1.22 
hl_47 
433 , 
Pri213^ 
237 
h0.24 
b50.'~ 
6.09 
h4.75 
1367 
2.21 
1159 
1252 

6.45 
4.88 
8.84 
(625 
tZ37 
2?8 
+3 56 
2.14 
3.05 
h3.70 
riL83 

&* 

4.46 


ffir 

t2 43 
rfhl.4 
+1.02 
6.89 
+{4 21 

If 

IT 

Mi 

h5 53 
dl.53 
510 
1286 
1032 
15.60 
d232 
ZL02 
1536 
1456 
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5.41 

3 -2i 

4,87 
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b7 59 
2.5 
dl39 
342 
421 
M6.37 
0.34 
8.20 



| 165 


’.00120 6; 
63 ' 
■ 21 


48 

8.51 101 


ELECTRICAL AND RADIO 


7d28^ 


2 011 
37 

43 4 9 
4.0 6 


_ 1 » 

65^2 
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69 2? 

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tlii3&[ 


3410.7 4 2 

1810.5 8.0 
55 2? 9.8 
25 iOJ 58 
63 3.2 78 
2( 55 8.2 
16 85 93 
3.0 5.9 87 
20 80 96 
10 10 5 337. 
10 8 & 181 

3.5 35 114 
37 3 7 110 
0.7 9.2 82 7 
30 9.5 53 
43 4.1 69 
25 70 85 

101 2.6 5 7 
133 1J| 87 


az 10.8 
53 52 

8.6 4.0 

4 6 4.7 . 

7.6 5.7 Ml 
57 62 
7.2 '30. 

81 6.2, 

4 3 3U.7 
5.2 * 

62 S 5 1 
4 0 8 1 1 
81 :66' 

64 BS 
6512 6 
31 7.9 

5.2 123 
8 010 3 

7.7 10 9 
4 7 85 
fe.bi 4.6 

b.z as 

7.2 5.0 


CHEMICALS, PLASTICS 


ADVERTISEMENT OFFICES 


Birmingham: Octree Houie. Owe if Road., 
Triex 338650 Tel. 021-454 03C2 


Edlnbnreh- 37 Owe- Street. 
Tele* T34S4 Tel. P3I-22S 4134 


Manrherier- Ou«m> Hmi*e. Ooeen Street. 

T-l-x (WvU J Tel. nFl-Rt4 POT1 
plow Vnrk 7? naekefcller Plaza. N.Y. lOOin 
Telev -Tfwtw Tel >212' -van win 
Fan* W Kne 4u Scnticr. 730O2. 

Trie* 22WU4 Tel fl3A8601 
T"lty*v ICneatiara Btiildinp. I-fi-W richikandlL 
Chiyoda ku. Tele* J 27104 Tel' 299 4050 


Franfcfur*. Ttn Sn^h^enlaaer t3. 

Telex 10263 TeJ .YUMT 
Leeds. Pennanmi Hwjw, The Hertronr. 

Tel: 0532 454860 

Overseas ad*-erti*einenf representatives in 
Central and South Ameri'-a. Africa, the Middle East. Asia and the Far East 
Fnr further deLaiK plei«» 'wlsci; 

Overseas Ad'eri lament Depart menf. 

Financial Time*. Bracken House. 10, t'annnn Street, London EC4F 4BY 


SUBSCRIPTIONS 

Cornel obtainable fr«m nerrtafeni* «nd I*""lrta!l5 nr nn resrator rebicription from 

subscnpcinn Deparirncm. Financial Tunes, London 


£113, 

502 

146 

90 


£57 

275 

•21S 

51 

•»rii 

1«’4 

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£45 

£9d 

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61 

60 

£40*3 

122 

134 

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£56 

£86 

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All'll Pa--' 'Op 
All «fr <•!!•, -lftp 
Ancl'.'.-r 'T.em 
fc>«er V. 1 i‘-l Vi 
W. - 
Rr"n: , 'h->rra -"p 
Prt P"-l.n| "'f 
Fi.l rrc "fp 
frirvl: 5p 
-..'P'-Tapti :'i; 
yali.i 


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♦6 43 

1 79 

>rt4 22 


2.1 

1 1 3 5(133 


■. -rat in 03 

J'-TjM s' 192 

: css 

Dr A, Mr £86 
■'fHl:Tf‘.'-?T.. 74 

•7na:e-. 9r.> 77 

F- - 74 

P! Bo 


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Esaht Floi-ic; 
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99 


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Ciali Elect Wp_\ 
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[10 'A' 

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Dewhurst'A lOp I 
Lvnrdin^ t \J 5p j 
Dreamland iOp_ I 

DoftNOare.'BI 
Fieri 'cotreB I (to 
Eloctrnnic Mach. 
Flee Rentals lOp 
SowSeas I9p.. 
Eorathenulrf Wp 
Farad I Her 2Dp 
Fidelih Rart lOp 
FtruardTechoftp 

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Hirhland G.ZDp. 

Jones '-Trod 

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MK. Eteri lie | 

Motorola S 
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Nflwraan ln>H _| 
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Normand EL 3Jp. 
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Pi/co Hldu 20p. 
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£109 (£90 |r» jpc'.mTrtM. 

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l/W. Scicmifia— 
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2f}i. mellroHlrt* 5p_| 
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3.7 8.2 3.6 

4.8 3.7 83 
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Richards of Lee 
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Shae Franc;* 30p. 

Shccphridgc 

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POO Grain — . 
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Spear 4. lacfcnn 
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Spenor'lear.^i . 

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Stavdn-tnik £1. 

Stone- Rati 

StotherttPittfl 

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raolwrtt 

Tex-Abras. 10p_ 
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m^acktWAi 10p 


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250 
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ENGINEERING 
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231 |l5*T* jiiftaL?ekQ ftp.| 22o' j+2 


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ig r^v- :■ 
iS? . ' 


ip 


Leadlnd? 50p 


Lmduv & tlim. 
i Jmtn»lnfs _ 



7M cn5pt_ 



340 |+3 | T4.68 1 4 7J 21|11.4 


SHIPPING 


i 




[gjj 

IgSViySP.’ 

liJlIflltiKi 


li & Wlides- 


Palos 10o_ 


oodLead<J.l_: 


37 
39 
128 
223 

MtrscyDk. Knits ) 393* 
MiLTard Docfotl.l 124 
31112 


6 3.3 
2.&1112 
0.9 1L7 
— 0? 
— O^J 
2.1 17.77 



65 
23 
85 
27** 

« 5b 
S5 57 
■5 68 

5 67 

■2 69 

8 155 
,49*4 
7^ 49 

■* 17 

70 

isr-j 
139 

I 48 | Sol it Law 20p 

2<dj ISwnr 

175 SrthehvP.B. 


.G-£B.7Pp-_ 



HamscefLCj— 


Hanfro? 

HUIiPhili 


C61 120 
R95 86 


195 86 

32 J 57 


Steal Tnrns. Rec. 
Do TiH £ CZ. 
rt.vehet- T R;£I 
»o.aco4V.-»Cnv. 

inmlXtM 

n trailer 

ya.7pcf2v.tl .. 
WeeVsNaLlflds. 
U? Slii '.ml iv— . 
?.'aodsiA>AjUt_ 


60 45 

305 200 


l >®2 6'j 

J45 220 
foo 130 


OVERSEAS TRADERS 


93 78 

n 7 


310 1224 

120 Ho 


166 % 
73 45 


6 ? 25 J; 

130 I 831’ 


166 95 

£68 £49 


575 1325 
97 66 


78 55 

49 flOij 


275 t08 
107 |b8 


54 27 

9!.- 4!, 


61 40 

£100 £87 
73 41 

72 41 


Alricnn Lakes— 
.4u3. Agric. 50c.. 
DeriaordiS 4TE j_ 
p.nKick.Tboi'a^ 
We.qe3’J l IPp'„ 
Fir.i^vJancsi .. 

iTillilmtfus 

■It W2m.CH) 

fTri-avCmsti 

liotfnan^iS.' 

inrhr.iDet] ... 

jjcuWm 

Jamaica Surer— 

Lonrbo 

Mnrfcei! Cons. . .. 
Mfenaj* Dec £1 
Ocean Wtsnt20p 
RS'sm Scei 10a.. 
Ha-.VN.V19p- 
Sanger ;J£.) lOp. 
Sena Sugar 50p._ 
Aft me Darby lOp 

Sieef Bros. — . 

Twer rleDK. 2Dp . 
DoSpcChv.lH. 


290 

113 

158 -3 
60 

62 +U; 

97 

.164 

£66 +2 

550 

B2 

373 -2 

24 

11 

63 

45i 2 

208 

84 

180 -5 
170 -5 

B 5. 


h357 19.0 
Q3.5c 11 
th4 19 4.6 
629 1.1 

152 3.1 

u50 3.9 

hMJ 32 
QU°1 2.4 
*22 D 2.2 
4 32 16 

15.23 22 
ZLO 63 


18 29 
1.9 48.1 
4 0 6.0 
15. S r83i 
?.7 9 8 

7.4 50 
4.0110.1 
19228 
6010.7 
7.C11D 2 
6.0 93 
- 36 


84 68 

640 450 


*70 2£0 
78 40 


78 50 

270 165 


83 49 

70 47 


245 140 
540 250 


240 154 
85 55 


llSnl +5 
200 


.'. CSp Merc, lufi 
Do.lupcLn.iep 


53 -1 
£93 


665 23 

345 1.7 

tl3.4 <J> 
2.92 2.9 

$7.82 75 
§7.82 75 
44.43 13 
B- - 
rQ3.D q22 
165 44 

3.15 2.7 

08% 18.0 
th0.76 110 
0.4 312 


15 8 i3JTi 
11 4 >63' 

li h 

6.5 3.1 

69 29 
t 7.1 


TINS 

Amd. Nlgerii 2 1 

Ajc.-HiuCii5Ml _ 371 

BeraltTiP ... 5! 

Benuni-n SMI 26! 

■'iCpnr — — 171 

i-«W El Esse 11 

uipen; ...... 34! 

Hcnc&n-; — — 291 

Idas Hip S! 

Jantar 12 »jj I 

Kamajj-nisS.llO.59. 71 

Si I tins nail 641 

Habj [cedguicSM! . 46! 

aPnhanc 6! 

Fwirblen !Up _ _ 7* 

PetalincJMI 2« 

Sami Pi ran tt 

South Croftyito.... bf. 

Sooth KintaSMUM 24i 

SlhnMab.'.anJJU. 33! 

Sungei E»siSMI - 221 

Supreme G.rp. Sill T: 

TanpOL' lit- .. — . 8t 

Tomikan lirbr. JMJ 9t 

nwrnhau 24 : 


281 

*5 Q 300 c 

14 0 

-1-5 QllOe 
3.04 


... . 1-15.36 

*45 - 
* 12.0 


= fflf 


+3 ?JJ.7k 

6.60 

t©80c 

-3 203 
-1 4.19 
#Ql«5c 

fee 


tQ88c| 


COPPER 

{Messina 8050 | 74 {-2 l*Q30c| 19J * 


66 | 35 
17 9 


MISCELLANEOUS 


300 215 
465 245 
263 164 
90 30 


Lon. it tilt »p 




bailed Gas Jnds.. 
V. irfiarznlceap. 
L'nnchroroe— 




i« Dual let 1 


29 AultfcWihorc 
62 Eensve. - 
39 BnL Pntmng. 
55 Bra tuna? Cm 
54 Ho Ream Vl] 
93 
39 
IS 
65 
46 
50 

18 ICutter'iuurd. 
12 


|Eit>; Lancs. Ppr 



u c 1878 

gj High Law 
12.0 04 75 

[127 65 

17 1112 

65 31 

305 165 
57 26 

I B 

500 211 
L29 65 

*8 

197* 69 
B3 36 
63 30U 

81 55 

93 37 


RUBBERS AND SISALS 

rw| Stock | Price | + -“| St |c 


[12 750 
85 43 

185 120 


M-Tiraa 

Banna laipes ITljp. 
Cons Murch. 10c — 
K-uthgateCSl — 

RTZ. 

Sabinalads-CSl— . 
Tanuptn.51 — 
TeiuJrjfoHalsIOp. 
Yukon Cons C 53 


56-1 - 

16 +1 - 

235 tQ30e 

370 -10 - 

256 -4 9.5 

52 -3 — 


mEiptn-Sl 856 +31 f - 

^idr.ttunblOrJ 85 +3 fL35 
utonConsCJ]— 1 155 1 Q7c 


7 1 J 

19 22 


I Ardalndonertu 
BertamConsIOp- 
Bird {.Africa'. 
BrahaUtOp 
C*tIefieidR 
i.lierwnccl 
ConsFlaoLs] 
Grand Central iOp 

GulhneEl 

«h £*, !pp 
Highlands U 50 e — 
Kuala Kepone MSL 


Ldn. Sumatra IOp 
MalatefiMH .. 
Must River IOp 
liantotimRldii. IOp 
Sungei Krian 10p_ 


102 .... 
103 

17 _... 

59 

250 +3 

56 

45 +1 

lllj 

347 -6 
112 +2 
lie +3 
78 +4 
51 >a +2 

180 

67 

59 

67 ...... 

87 . — 


NOTES 


— — Uclos eclMTvrliw indicated- prt rea and net diridcods are In 

10 44 p-vecr. and hncoisdiogi arc SSp. r«UraHt 4 y ri tt) a r»i«ff 
10 L6 rwioi and raven arc bami on litrai acnuil report land accounts 
1.2 3.7 “4 where poiciblc. are opdaied a half -rear 1 1 flnntea. P/Eaaie 
A 2 £ 0 calculated on the basis of act dtstrilulkn: bracketed Dffnres . 
a 72 ndicaie I* per cenL Or more diHemre if calcolated n "nil" 
16 6 6 ilistri barton. Cavers are bawd go "maiianm'- (Bsiribatiu. 

. cc arc based on middle prices, are sra&s. adjusted IO ACT of 

v 33 per craL and ollo»- for value of declared ifirtvlbBltoas and 
tr c £•$ iehts. beenriiles with denominailorts other than atevliag are 
no ,V« f®"® 1 inctostve af the investment dollar prendom 


1.88 1 

L 27 L 


12.9 1. 

L 62 L 


60 
5.8 
6.6 

iX4i141 
3.1 1 36 
3 0 092 
31.4 P63 
53 
8.1 
, 60 ) 


TEAS 

India and Bangladesh 


175 Assam Dooarstl — 
280 Assam Frontier £L 
99 ,Assan> 1 nvs£l 
20 N Empire Plants IOp. 
325 Lawne Hants El- 
180 McLeod Rus«l a. 

335 UaranEl 

22 SingluHIdgSulOp., 

90 Warren Plants 

138 WilliansanEl — 


265 4965 

295*c -3 10.15 

101 7.11 

26tj ..— 4201 

332 615 

218 -2 135 

335 x 0 15 0 

26i; +>2 4F1 75 
124 -t 6744 
163 125 


7-1 3 .<« |i StcrJinc denomtnaled securities which include utcestmenft 
1 -^ 5.1 J dollar premium. 

3.9 12 jo -Tap- Stock. 

20 4 9 1 Hubs and l own marked thus hare been adjusted to aDoui 
L 9 I 2 6 I for nphts iwu for cosh. 

( Intonm since increased or resumed. 

lnleritn time reduced, passed or deferred. 

Tar-free 10 non-resident* on application. . 

Figures or report awaited. 

Unlisted security. 

Price at time of suspension. 

Indicated dividend after pending scrip and/or rights tome: 
cover relates 10 previous dividend? or forecasts. 

Merpur hid or reorfianisartoa In pruRress- 
Na; rompimblc- 


lwlL 3 • interim; reduced final an dor reduced eandnes ■ 


r-rovincialGtits 1 


m 

-ooltltn- 

41 ss Cap 


Plate W._ 


Sri I-ankn 

[123 |Lnwra£l 1 220 |-5 {558 | 

Africa 

1390 [BlantvreE: | 615 1 1 50.76 1 

|li0 iHuoSsstes J 165 | |jl 3 - 2 | 




BHNES 

CENTRAL RAND 


| Indicated 

if Forecast dJHdend; cover on earnings updeted by latest 
j Interim lOateiucot. 

c Cover allows for conversion of shares not now ranldug tor 
dividends or ranking only lor restricted dividend. 

Jjt Cover docs not allow for shares which mar also rnnfc few 
j dividend at a luturc daiu No F.E ratio usually provided. 
y EsciiidinK a heal dividend ritelnratiun. 
f> Hcuional price. 

M No par value. 

(■ Tix Tree b Flsures based ovt prospectus or other official 
pbmula c Cents, d Pindcnd rale paid or payahle on port 
jfd cupual; cover based on divideml on lull capital, 
ic Feriempljon yield, f Flar yield, e Assumed dividend and 
IvleliL h .\ssumed dividend and yield alter scrip ieme . 
H Pajmeni frrvn capital souiycs. k Kenya. » Interim higher 
Shan previous U*aL n Rlgnu issue pendinc 4 Knmlnga 
Jl'a«-d on preliminary figuref. s Dr.idend and yield exclude* 
^special payment, t Indicated dividend: rm-cr relates In 
iprerfou* dividend. PE ralio f-ased on latest annual 


te ;>rnlcgs. u Forecast dividend, imer ba^d on previous yaw's 
iirnincs. v Tai tree up to fmp in the £ h VicJd allows foe 
(currency clause. > I nvidend and yield based on merger lerma. 


370 -8 - 

LI- 325 -14 — 

FC. £31 : 4 -’4 tq350c 

_ 140 -3 tV 13c 


“[ — a Dividend and yield include a special payment- Cover does not 
— — UrNV lo sni-ciul payment A Set dividend and yield. B 

251 6.7 Iprefercnce dividend p 


ptusod or deferred. C Canadian. E Issue 


^ 1^0*. F Dividend and yield bas>.-d on pmspecnis or other 
ffivial eK 1 male? for iSTO-ik'. G Assumed rinidend and yield 


EASTERN RAND 


Jof'ivial eRimotv? for 1 &T 3 -B.I. G Amiroed duSdend and yield 
uliv pending ornp and. or rights issue. II CHvidend and yield 
jho.-4.-d or prospoctu- or other official estimate* Tor 
ll 3 T 5 - 79 . a Figures based on prospectus or other official 
IwunaUkloi 1378 SI Dividend and vi uld based op prospectus 


♦ I4L1 IcEumateblor 1378 SI Dividend and yield based oa prospectus 
L2I49.8 r>r other oUlvu-.t e-.tim.ncs for 19TB ,N DUidcnd and yield 
9.1 Ibaufd on rT»*f.is!eois or other official estimates for 18TJ9. F 
12.8 ! Ki cures hn»e.J on prccpccins or other official cstimaies for 


2£) 9 ( 1978 - 711 . M Uru. T Figures avsinnl Z Dividend total to 
23 -j (dale fj Yield based on assumption Treasuiy Bill Rate stays 
[unchanged until maturity of stoct 


j.\hhrc» latinnr. td ex dividend: a ex scrip issue; »■ e* rights; atn 
g— (all: 1 1 ex capital distribution. 


“ Recent Issues ’’ and “ Bights ” Page 36 


FAR WEST RAND 


iLv service is avaikhle to every Company dealt in os 
ock Exchanges throughout the United Kingdom far a 
lee at £400 per annum lor each security 


REGIONAL MARKETS 


e loilowinp i? a se-leeDon ot London quntal ions of shares 
previously lisieii only in regional markets. Prices of Irish 
issues, mc-st of which are not officially listed in London, 
are as quoted on the Irish exchange. 


Albany Inv. 20 p 26 
Aih Spinning— 49 

Bertara 17 

P-ifg-v.tr. Est 50 p 370 
Cl'W Crpfl ... . 26 

r raip A Roue £1 520 


SheH. Hefrshna.l 64 
Slndali (lt'm ) — 1 102 ] 1 


pyson'R. A. -A. 

Ellis i HcHdy_ 67 

Evervd. 2 » 

Fife Forge. 52 

, .Finlay Pkc 5p.. 21 
5 lijrai^SInp £1-. 140 
J flig.-ou-- Brew. . 77 




65 
226 
12 
278 
22 
82 
ES 1+1 
58 L .... 
+ J 2 


Htf 


202 -... i822 
222 -2 tlD-32 
38W -5 m3 - ft) 
255 -2 4.90 53 Z 

219 -2 6-26 3.1 4. 

146 tTJl i9 7.: 

143 +1 . 15.86 6l 

124 *d«54 U 5: 

126d -2 (658 —1 71 


Finance, Land, etc. 



Conv. 9 %- 80 ' 82 .) CTOESsJ, 


Affiance Gas, 
Amoc 


Carroli <VJ.i j 100 


21 n) Clondslldn B 9 a 

40 Concrete Prods.. 130 

77 . ... Heilun i Hldgs.1 49 


± jl.O ALStm.£l._.J 172 I ] Ins. Corp | 190 


.5 (Ht'lt i.lo* -P ■■ 256 
.3 |Nihn GL-fibmilh 66 
I’vurwu." H '. .. 190 
Feel Hills ... . 21 

Aheifiulil Bnck 55, 


190 

21 

55 <f -1 


In.sh Ropes 100 

Jacob.. _. 59 i 

Sunbeam 33 

TUG 205 

Unidaro 86 


59 d 

33 

205 +5 


< 2.00 6 ! 
L 92 2 1 


12 31 

0.50 h: 






















































































































































40 


how^ehonneL 

travel is bigger, better. festerV^ 1 j 
with Super 4 , - 

' i &=& 


British 
Hovercraft ~~1 
Corporation 


FJ NANC1AL TIMES 




Weatherall 
Green & Smith 


Tuesday October 24 197S 


Chartered Surveyors-Estate Agents 

London Leeds Paris Nice Frankfurt 


Carter 
will be 
tougher 
on pay 

By Jurek Martin, U.S. Editor 

WASHINGTON. Oct. 23. 


Wider 16-plus exam 
control proposed 


BY MICHAEL DIXON. EDUCATION CORRESPONDENT 


EMPLOYERS, trades unions and 
parents should have a powerful 
role in controlling a new national 
16-plus examination, suggests a 
While Paper issued by the 
Government yesterday. 

The inclusion of these " nut- 


PRESIDENT CARTER will to- 1 
morrow unveil the third and" 

7 nTllm.lfJiSS" 1 representJuvSs In 

rJLvilS S?. J national^ . , h , „ ara j, part a p ‘, a „ 

■b"I n.*?h« indu,lr,al n„ r j |>> m" “35,5!“ 

labour leaders seem to feel that _, to f .fVSfJf—L 

whatever is propped will have ol tenVAT CeS 

cate of Education Ordinary levels 


much effect— a view shared by 
both the domestic stock market, 
which has had the worst week 


"u»lu uao uau i lie " ui n l *« vvn . p , §■ 

In its history, and International Laucauon 


and the Certificate of Secondary 


foreign exchange dealers. 

In addition. Democratic Parly 
politicians are concerned (hat 
the program me could adversely 
affect the chances of Democratic 
candidates in next months mid- 
term election, while <ome senior 
members of the federal bureau 


Mrs. Williams said yesterday: 
” Exams are not just about what 
Uir education system wants, but 
about what girls and boys take 
into the outside world and what 
is acceptable there." 

The White Paper— which will 


cracy have cone so far as to warn! ™ l . .5* SnK 
that they will fight against a ny ! Slatloncr> Office dispute is settled 
diminution of their authority if; — recommends a two-tier control 
this is implied in the President’s-, mcthi 3 n,sm , ,n w bich industrial 
proposals. I 3n< * parental representatives will 

The centrepiece of the package I share responsibility with local 
will be the institution of “ vo!un-| education authorities and institu- 
tary " wage and price guidelines. ; lions of lusher and further edura- 



Shake-up 
of bank 
unions 
proposed 

By Nick Garnett, Labour Staff 


Term kirk 

Mrs. Shirley H ill lams . , , 
claimed support 


plan 

Like the present dual exams, 
the new test would nnr differen- 
tiate • between M pass " - and 
"fail.” Instead, it would lead to 

•va c . jiiu n«.v mu - ....... ... The co-ordinating -committee the award of seven gradings. 

However, recent^ confusion over Irion, as well as with school- responsible for guard- Levels one to three would 

the targets for prices has served -teachers. ,n? **»'»*' anv ,n 


gain the confidence of people 
and organisations outside the 
school*, including industry and ! 
commerce. 

Modifications would have to be 
made before the Conservatives 
would support the change. He 
wnulrl he outlining his party's 
proposals on Thursday. 

Mrs. Williams. ’ however, 
claimed that the White Paper 
had the hacking of hnth Con- 
servative-controlled associations 
of local authorities, nnr of which 
felt that the change would 
improve standards. 

The Confederation of British 
Industry Felt that the pmposals 
did not go far enough to ensure 

that standards would bo main- i ... 

tamed in practice hut believed! unions within the five main 
that the White Paoer provided I English clearing banks, 
enough time for the necessary! 
development work to he com- 1 
pleted before the change was 
made. I 

The Trades Union Congress; 

wetnmVd e rhe e nlan n,nn '““H B&S "SBE? 3T3S 

welcomed the plan. I finjmdal institutions besides 

banks- 

The report was commis- 
sioned by the Federation of 
Bank Employers in co-opera- 
tlon with the unions and <s 


THE FOR3IATION of a new 
TUC-afiSiiated trade union in 
the finance industry' with a 
membership ol more than 
200,000 is proposed in an inde- 
pendent report on bank staff 
representation published 

yesterday. 

The report, by Dr. Tom 
Johnston, chairman of the 
Scottish Manpower Services 
Committee, proposes a radical 
change in the organisation of 


It is likely to have wide- 
spread repercussions on union 
organisation and could have 
implications Tor union recruit- 
ment in insurance companies. 


THE LEX COLUMN 


Painful U.S. birth 
for Mothercare 


, n j Cnpnper-G up money on a scale potentially 

" e “r:rt! Index fen 4.6 to 495 . 6 ^^^^ 

According to Air. 


further to undermine confidence 
that the programme can be 
effective. 

The basic 
wage increases 


against any decline in coincide with the old O-lcvel pass 


... , ... . standards and also for ensuring which ip now represented hy 

Al of these interests, none of g rea ^ er consistency in the edura- f-level grades A to C. The 

which would have a majority. t i ona i attainment required by the remaining new grades would 

“ coincide wiih the present CSE 

rankincs two tn five. 


" m V! "V .r * tionat attainment required by the 

ic goal will be to hold Jj'JJJ 1 ,d Ia PJ ^ f different ^mining boards for 
eases next year to an J 1 * f 2* .. ? ” ® board-, adminis- Uie award of a g , V en grade. 


average of 7 per cenL The interi-i**™ 11 ® the new jeneral ^ertifi- The proposals seek to protect Grading would h** based on thp 
tion had been to have a lower! . Secondary Education standards by providing for pupils assumption that the new exam 
5.75 per cent goal for prices, but ,. xam which, if ^approved ^bv Par- of high academic ability to sit wnnld^hg tnfeei^onlv^hv the most 

this has reportedly been revised “ ^ ' 

upwards to the 6 per cent to 6.5 
per cent range. 

Today Mr. Jody Powell, 
the Press Secretary, denied 


liament. would probably be extra.' more demanding papers in academical lv able 60 per cent of 

introduced in English and Welsh some subjects such as mathe- P"ni!s in the eligible age range, 

schools about 19S5. matics to qualify for the highest who could enter in anv number 

The same partners would also "™ d ? s - ,n °' her subjects 0 top of «ubjecK 

...v uwtlol . share control of a reniral «hnlars would sit entirely The ranking arrangement 

adamantly that there had been 1 committee set up to check and diff *- ren .t pap ?. r ® from the less would mean that in the ma$«- 
flnv rnnfnsinn u* s-,id that nnl«, n ^in, lo 1 academic candidates. entrv subjects a grade of three or 

changes had been made tn te ' Mr. Norman St. John-Stevas. he Her would he awarded to a horn 

Admfnfstration's anoJiach n th lSS f i dopte 1 ? ** Conservative spokesman on two in every five entrants. Grade 
nasT fJ? wiek-s PP fa 10 ^^mdjvjdual^boardt,, which would education, descrihed the plan as six nr heifer would he given to 

P President Garter and most of uf' iTi’V-cS® pr ? sent “ an act of reckless folly" He approximately five in every sis 

the memher^ his ^Adm^fitrV i GCE * nd 14 CSE eWtnlnlnS df "'bted that it would preserve candidates, 

tion philosophically ”ppo*ed"i bod,es ' h '= h «ond a r<l s or Editorial — - - 


British Steel to ‘mothball’ 
£ 60 m reduction plants 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


soma cases, encouraging lower 
cost imports from overseas. 

In general, the Administration 
seems willing to engage in far 
tougher “jawboning" of labour 
and industry. The Council on 


now being studied by the 
parties.' 

Officials in some of the staff 
organisations are almost 
certain to be very wary of the 
report's conclusions, which are 
likelv to cause some problems 
for the TUC. 

Because of the relatively 
narrow confines of the report, 
it will not end union squall 
filing outside the five banks. 

The Association of Scientific, 
Technical and Managerial 
Staffs, which has members in 
both banks and insurance com- 
panies but has not been 
directly involved in the inquiry, 
gave notice yesterday that it 
would fight the proposals. 

The inquiry was set up after 
the disintegration earlier this 
year of national negotiating 
machinery within the five 
banks — Barclays, National 
Westminster, Midland. Lloyds 
and Williams and Gljm’s. 

The break-up was brought 
about by the withdrawal from 
the arrangement of the TUG 
affiliated National Union of 
Bank Employees as part of its 
long-standing feud with rival 
staff associations in the banks. 


to mandatory controls over wages 
and prices. It would, therefore, 
constitute a major surprise if 
the President were to take that 
route tomorrow. 

However, he does appear deter- 
mined to exercise greater 
enforcement powers than con- 
tained in his first two mild anti- 
infiation programmes unveiled in 
the Springs of 1977 and I97S. 

His sanctions will include sus- 
pending Government purchases 
from companies which either 
enter into inflationary wage 
settlements or which increase 

prices bey ond the guidelines. I TWO DIRECT reduction plants — make iron pellets as a feedstock at Hunterston and Havenscraig. 

threatening to deregulate those i the first of their kind in Britain for electric arc steelraaking is a Lanarkshire, on the grounds that 

industries which currently enjoy |— beinc built for the British relatively new process and there thev would add to already under- 

a measure of protection from; Steel Corporation at a cost of is only one other similar installa- used capacitv 

free market pricing, and even, in |£60m are to he “ mothhalled " tion in Europe. There are two existing electric 

as * non as ar - completed The method is intended to arcs in Scotland, at Hal Iside and 1 made up of NUBE's members 
next spring. provide an alternative Tor scrap Clydesdale Tube Works. Balls- f and those in the staff associa- 

The new uniis. under construe- as 3 raw material for steel pro- hill, but at peak output they lions at Barclays, National 

tion at Hunterstnn. Ayrshire, ductinn. and the Steel Corpora- would jointly consume less than Westminster and Lloyds. There 

would have provided 150 jobs for tion has always stressed that it the production of one direct' are no staff associations at the 

,,, , _ . e# . . .steel workers made redundant intended the Hunlcrston units — reduction unit. * olher two banks. 

age and Price Stabilriy is Doing f rom obsolete plants elsewhere w'hich will h e able tn produce The alternative of transporting! This new staff section would 

*5?? ° bandlc ,he ;in Scotland, hut recruitment will SOO.OOO tonnes nf pellets a year pellets by rail to Sheffield will - be created throngh a merger 

additional load. p 0t start until at Ipsa- i960 and —In work flexibly. tbc economic only when the price | under the 1964 Trades Union 

- _ might be much later. But the present low price of of scrap is high. j Act. Dr. Johnston envisaged 

The decision, already taken by scrap means that for six months The 14no-acre site at Hunters- 1 progress towards this end by 

the corporation but not yet at least after their completion ton. much of it reclaimed from ! the middle of next year, 

announced. reflects the in March or April the two plants the sea. was to have been used' — “ 

drepressed demand for steel, are unlikely in be worked at all. for a modern integrated steel- 
The new plants, being built by and afterwards will be run at works on the Japanese pattern. 

Korf A Gof West Germany, wib less than full capacity. Now only the ore trans-ship- 

be “cold commissioned" (tested The long-term viability of the moot terminal, being built at a 
mechanically and electrically) development has been weakened cost of £ 100m, and scheduled for 
but their gas-fired kilns will not by the Government’s decision completion next summer, looks 
be started up. earlier this year to cancel pro- like becoming an earlv reality. 

Direct reduction of ore to posals for electric arc furnaces News Analysis Page 8 


Demise 

Dr. Johnston, whose brief 
was to examine staff represen- 
tation In the five banks, pro- 
poses the formation of a single 
staff section for those banks 


ing a new anti-inflation chief to 
replace Mr. Robert Strauss, who 
also serves as special trade 
representative and whose work- 
load has been very heavy in 
recent months. 

The favourite choice appears 
to be Mr. Alfred Kabn. head of 
the Civil Aeronautic Board, who 
won the President's admiration 
for his aggressive pursuit of the 
principle of removing controls 
from the civil aviation sector. 

Nevertheless, scepticism about 
Mr. Carter's package is rampant. 
Mr. George Meany. the trade 
union leader, said he would pre- 
fer mandatory controls to the 
voluntary approach, which he 
believed would be tougher on 
labour than on industry. 


impressive 
week— -its pre-tax profits jumped 
by 40 per cent— a 9 per cent 
increase in Mothercare’s interim 
pre-tax profits to £7.0 m looks 
decidedly pedestrian. However, 
what really caught the eye — and 
sent the shares 8p lower to 
160p— was the size of the 
American loss. From just 
£33.000 in the same period last 
year, this has mushroomed to 
over £1.0m in the latest half 
year and Mothercare does not 
now expect to be back in,, the 
black until early 1981. 

Mothercare is not playing 
down its U.S. problems. . It 
entered the market two and a 
half years ago (after an abor- 


700 

£m 

(ET N£W WVBTMBtl 


PUBLIC 

600 


SECTOR a - 

500 

- 

A At* 

400 

- 

N " 

300 


J : ' 

200 


PBIWE SECTOR 1 

100 


EarfaESnS) SCHEMES ; 

0 

-JLUL 

\ . ,.;i ,, . i .. ,-i.. 

1 t 1 l M M 1 ; l ( r ; 


tw 1975 1976 1977 1978 


tun i ties. 

Moody, the majority of the cash 
flow should be invested in 
Government stocks, “given the 
nature of the employer." Slit 
he did not give an actuarial 
explanation of why it would be 
suitable for such schemes tn 
invest largely in fixed interest 
stocks. His suggestion can 
easily be seen as a way of 
keeping at bay the public sector 
funds whose employers, he com- 
plained, do not generate an open 
market demand for equity (un- 
like, presumably, the insurance 
companies like the Pm which 
have, selflessly flneked to the 
rights issue queue). 

Mr. Moody's mast direct 


dVe effort to enter Jiptrn) the Uteres on e multiple of lust ' n=£d.W 

when it bought the Dekon Cor- over ever, for the unnamed rastttii- 

poration for what seemed to be i ncf ; fl ,i; nrK tions “ currently not contribut- 

the ludicrously cheap price of insuiUMUio ing „ {0 thc expansion of 

£680,000. The big attraction was The kites were flying high investor/management contacts. 
Dekon’s 112 stores but these are over Staple Inn last night as Mr. implication is that institu- 
now clearly proving to be a peter Moody — joint investment £ ons ijie Pru are bearing 
millstone. They are too small manager of the Pru — delivered an unfair share of the burden 
to take .Mothercare's full a controversial presidential 0 f Keeping in top-level touch 
range, added to which the address to the Institute of W £ tb companies. 

American management com- Actuaries. His message was a 
pounded Mothercare's problems clear one: the - investment Irish gilts 
by making some expensive buy- institutions must accept their A rainbow stretches from 
ing mistakes. As a' result, there responsibilities as the dominant Throgmorton Street to Dublin: 
have had to be some heavy shareholders in industry, and 0 f o 0 ld is presided 

markdnwns and the management they must establish a strong 0VCr by .the Irish .Government 
has been reshuffled. Mean- independent voice, as represen- broker. Yesterday the move into 
while, Mothercare .has been tatives of millions of policy- j^b Government stneks. given 
opening up new U.S. stores holders, in the political arena. mon , e ntuni on Fridav by an 
under its own name but it is Mr. Moody wants the institutions insurance company and a mer- 
stiU much too early to tell to have a place, at least occa- chan j bank gathered pace while 
whether Mothercare’s highly sionally. at the bargaining table the UK gilt market was slipping 
successful formula as a specialist where the Government, the TUC ba ck- Irish equities were also 
UK retailer can be transplanted and the CBI already sit. demand, 

with the same success overseas. It is encouraging that such a The prospect sustaining the 
If it nan be done, then leading institutional spokesman buying is the possibility that 
Mothercare should be able to should be making these points f be increasing divergence of the 
maintain tts impressive growth * n public. All too -often the |^ S b and British economies may 
record. It reckons that its institutions prefer to leave con- persuade the Irish Government 
current heavy U.S. overheads trnversia! questions to sub-com- f0 j n j n ^e European Monetary 
are sufficient to cover ten times mittees meetine behind closed gysteni even if Britain stays 
the current business level, which doors - Ati< * while Mr. Moody is nQ ^ Holders of Irish gilts could 
means that if the U.S. operation ? hawk on m!,nv ke T inv estment then look f orward ^ a currency 
runs well it could be generating i 551165 ! mi,5 ‘ ”. av 7 e * nown gain, a capital gain as Irish 

sales of £100m plus and pre-tax there were certainly many j nterest rates came down, and 
profits of £10m or more. How- d ? ves amnt}g tJie actua ”es in per haps a profit through the 
ever, this is still some way down his audience- dollar premium for good 

the line and until there is firm Man / institutional fond nmna- measure, 
evidence that Mothercare has example, are On very high coupon gilts 

got to grips with its U.S. opera- ° f tte The yield differer,tiaJ between 

tion it will be relying on the 2**“*. ^ ^ Dublin and Ixmdon has come 

UK side and to a lesser extent cdeed confrontattnns, the down ^ around 30p from the 
Europe, to provide the growth. !"«* «eent of which look more usual 80p. (There, are 
tiu- f. . . 4 . . . ,n the spnne and earty summer, bigger differentials on lower 

UK profits during the period some of the insurance com- coupon stocks.) Blocking the 
rose by nearly a quarter on the panies. at least if not the pen- path t0 instant riches are the 
back of volume increase of just sion funds, would probably be enormous practical difficulties 
under a tenth. With seven new prepared to settle for a modest 0 f divorcing the currencies, 
stores coming on stream in the degree of direction into gilts. Still, the high vields cm the gilts 
second half and further volume Brit there was a strong reduce the risks of speculation 
growth Mothercare should be element of wishful thinking in to a minimum and we may yet 
able to boost its profits from his “ logical” solution to the see the punt added to the list 
£13.9m to £16m-£I7m say. problem of the public sector of currencies In the Bureaux de 
Assuming e.p.s. of 12p this puts funded pension schemes, piling Change, 


Deadlock in hospitals dispute 


BY OUR LABOUR STAFF 


Continued from Page 

Sadat 


This would mean the demise 
of the non-TUC-«ifiUa(ed Con- 
federation of Bank Staff Asso- 
ciations— the umbrella body 
for the staff associations which 
represent a total of more than 
80.000 employees. 

The new union would have 
subsidiary sections with 
autonomy over domestic 
matters withlu Individual 
hanks. It would also be part 
of a wider umbrella body, 
incorporating NUBE's mem- 
bers outside the five banks, 
which would be affiliated to the 
TUC. 

Dr. Johnston said yesterday 
that this arrangement would 
provide a unified structure, 
with great opportunities for 
improving staff morale and 
productivity and boosting 
employee participation. 

Mr. Leif Mills. NUBE’s 


that the draft treaty is accept- 
able. 

Prominent members of Mr. 

Begins own Herat party and the 
ruling Likud* alliance have j 
already said that they believe 
that Israel is giving away too 
much. 

A tough tight is expected 
within the Cabinet on some! 
points as Ministers who were j lose 
unhappy with the Camp David ‘now- 
accords tight a rearguard action could still continue 
against the evacutation of Sinai, grievances. 


UNION representatives and man- After a weekend in which ority. included a statement that 
agement in the nationwide hos- relations between Mr. Ennals a number of patients with 
pitals dispute renewed attempts an ^ unions markedly soured “lumps.” somo of which were 
to break the deadlock yesterday over “ ,s reference on Friday to likely in he malignant, were not 

as industrial action by 3.500 parents dying because of the being seen. 

National Health Service works industrial action, the Advisory On thc latest assessment of 

supervisors entered its fifth Conciliation and Arbitration the dispute's impact throughout. .... . 

! week. Service succeeded for the second the country. 9.000 beds are said! general secretary, Mr. Eddie 

Earlier in the riav Mr David UlT L e in . the two sides tn he nut nf action, and 30.000 : G»le of Barclays Group Staff 

Ennals sJc^tarv fJJ Social “!?« lts £ r00f {or added in the waiting! Association, and Mr W11F 

Services, had made a fresh . " ul . after *® vcr *l hours of list. Operating ihea ires are ako ' ' 

appeal to the supervisor? to call VlVVL ^ aratp rooms at the having m roMrici their work, 
off their action in the face of ' , * headquarters in London. The works supervisors arc 

unions and management were restricting repairs to hospital 
with no machinery' in support nf their 
deadlock claim for an improved pay 
patients. ,,ICI inc . chairman grading structure. They have 

Oi Its management side during asked for a la dpt cent a uaran- 

t h* 3 n'nrmn" 3 v PV’iHanro mmmtoH tonri kfsmio i' ** i 


Aspinail of the confederation 
agreed that thc report was 
imaginative, wilh many posi- 
tive points, and needed careful 
study. 

Tile report, however, recog- 
nises the difficulties in trying 
tn weld together TUC and non- 
TUC-affi Hated staff organisa- 
tions. S nmp of which Have devc- 

— riuiuc >j! llJK ,u «u.»i loped extremely bitter fecl- 

tbeur chairman of the South Ea«t off than the craftsmen who work ings towards each other. 
Tnames Regional Health Auth- under them. 1 Details Page 10 




The unions have nothing to The morning as evidence mounted teed bonus lo solve an anomalv 
i if tney cau off their action oi individual patients' sufferings, which, under ihc nre^ent offer, 
in J57, Ajclegram from Sir ichnDonbe. wmuld leave soml o/tiSm worae 


UK TODAY 

MOSTLY dry, with sunny periods 
Some rain in Scotland. 

London, S.E. and Cent. S. Eng- 
land. East Anglia, EL, W. Mid 
lands, Channel Is. 

Dry, sunny periods. Max. 15C 
(59F>. 

E. and Cent. N. England, 
Borders, S.W. England, Wales 
Mostly dry, sunny spells- Max. 
15C (59F). 

N.W. England, Lakes, L of Man, 
S.W. Scotland, N. Ireland 
Mostly dry. Drizzle on coasts. 
Max. 14C (57F). 

Edinburgh, Dundee, Aberdeen, 
Glasgow. CenL Highlands. Moray 
Firtli. N.E. and N.W. Scotland, 
Argyll 

Outbreaks of rain. Max. 12C 
(54F). 

Orkney, Shetland 
Showers. sunny intervals. 
Max. 10C (50F). 

Outlook: Mostly dry and sunny. 
Overnight fog. 


BUSINESS CENTRES 


Callaghan resists party challenge 


Continued from Page 1 


fit Britain, whether it would ordered an inquiry into the Agricultural Policy can h P in contrast in ih c objection* mo long rhen the 

stabilise exchange rales and implications if the UK decides improved. raised here | as Tcnk hv Sir l 

whether it would work if the not to join on January 1. and A repor| js dl|C , Q „„ fn Ih „ Callaghan and ‘ 


resulting 
nr later 
Nothing 


momhpr the media!" rra n-cmcnis ° f Headt; rtf Gnvermnenr summit in p 2! nl * r:,licd lj y leading" non' would have been gained fnr the 

member-countnes were not thc medial*, arrangements. Brussels in early December. "fficjai economiMs carry rhe unification of Europe. On the 

sa E!' «p,en*pri t n ,Hnni a Among the possibilities being Meanwhile other officials will ,l1,p ‘ 1 ? 11 tiiai ihe Chancellor contrary', hopes would once again 

.!£■ J?S!S investigated is the option that 3 m rt -r» n J . [»i av •» '«•"!«» in ,he direction have been disappointed." 

an entirely separate position 

the Economics Miinstry's) LiirwnisR. 
of advisers appealed to the.; 
Government lo put monetary 



Amsirdm. 

■Whprw 
Bahrain 5 M Sfi 
B.-irrelons X 20 j* 
Rnlrui 
RfHaH 
Berlin 
Rrtnshm. 

Brivlot 

BriK9rls 

Rudao^M 
B Aires 
Catro 
rarni/r 
•'ailwn 
Colncne 
Dublin 
Eiflnheh, 

Frankfurt 

Cpni-ra 

■'la&cnw 
HeWnki 
H Kon; 

Jn burgh 
Lisbon 
I.qn4nn 


Wday Yday 

mldtUr midtijn 

'C B P »C 

F in S3 Madrid s M ss 

C 17 mi Manchstr. F n S3 

Melbourne r 25 77 

Milan s in so 

C 11 17 Montreal H a « 

C 11 52 Moscmv Sn 1 » 

C II B Munich C 9 « 

S 13 53 Mcwcastlr S 13 34 

S I t 37 New York r 21 M 

F 13. 53 Oslo F 4 .10 

F 12 SI Parts C 14 37 

CUM P*nb C 20 M 

S 31 SB Pracii- C. S 

C n S3 novkjacfk C i XI 

C I W R« do J'o S 33 is 

7 11 iJ Rome S » R 

C 12 34 Sinaarinrp S 30 K 

C 12 34 StocMiolm S 3 41 

C 12 34 Straub rg. C 13 

S 14 57 i SfiJnfy S 2 72 

C 12 54. Tehran S 23 74 

F 3 371 Tel Avtv F 2fi 7B 

s ?4 75 1 Tokyo C 20 ea 

C 2n 80 1 Toronto C S 41 

s 2» ns j Vienna F is a 

s is .w. wanaw f n ci 

F t» 54 Zurich C 11 52 


HOUDAY RESORTS 


apparent 
far 

from West Germany aort France ,, "7 nc** >wpc »i me i«ir> inereasen opposmon in wesi luiure. lure!i f rom t f, e j r 

on the proposed monetary 'nthf EEC is likely In 'he .it in Germany. " A* » rewu*. rhr central rai« oriented policies. 

gvFtem Itasmol altered the inten- official rather than a iMimsleml Two nf the most riisrin^ui'-hert for mrindual mrrpncm.v u-niiid On the contrarv. thp intprvpn- 
tfnn To continue negotiating in level. . , mdepenmi voices warned today have, m he- rh^n-cri nffpj, th^i »ion mechanism might tn he seti 

an effort to clarify the terms Tins ^1 more fiijaiM that an EM5 Arreptable to West this «muld m n tr4.ri thr mnnr ijJ m such a way that a policy I 

before a decision is reached. studies into whether transfer of German emnnimr interests would tar- extern > ailTl ri r s r 3 K,ii^ ln - atinwin'* ahm-c-avera-e inflation! 

However, the special Cabinet resources within the Community prnhaWy not be able to hold pannes. ‘ t inromSte w EMS 1 

ctmuuiuee od tie scheme hu ia lie Budjst and Common tojether. * If tic nenu-aj rate a ddd mSbsrLin" 




Y'day 
midday 
•C *F 


Y'day 

midday 

Ataccln 

F 

"a 

sb j crew 

C 

14 


-tialcrs 

6 

ii 


S 

23 


BIj i -VdooI 

i: 

V. 





Uordciim 

Y 

LH 



21 


Boulogne 

S 

17. 

ooiMulaaa 

S 

si 


i.«*hlnca. 

2> 

24 

.3 1 Malta 

F 

tfl 

64 

Caw Tn. 

C 

19 

68 1 Nairobi 

S 

24 


Cnrfo 

S 

70 

fS!>'aple3 

s 

18 

66 

DubronUb 

5 

17 

S3|Xk* 

s 

19 

68 

F?m 

s 



s 

71 

m 

mnrhal 

s 

21 

70!R1k«1i?s - 

6 

"t 

70 

Gibraltar 

» 

211 

W , Palstiuri 

n 

13 

Sa 

CUPrnpejr 

F 

lo 

51] Tansw 

s 


»T 

inr>r.b»r»ck 

H 

*\ 

4b!TeD*r«^ 

F 

is 


Tnrernws 

P 

13 

saiTmriB 

F 

22 

r 

T it Man 

F 

12 

34'Vakorta 

& 

"i 

7* 

Istanbul 

F 

15 

SSIVomc* 

F. 

lo 

,71 

S — Sunny. 

F— Fair. G— Cloudy. 

Sa- -Snow. 

R — Rain. 




If you're looking for a 
place to re-locate or . 
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It's ideally placed in 
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Fora fuHy detailed famchureon Corby, contact K.R.C. jerritin-R a 
FR.I.C.S.,C hief Estates Officer. Corby Development CoipbrafionT 
9 Queen sSquare. Corby. NorthantsNMtriPA. ^ - 

Telephone (053 68) 3535. : ; - ------ 


Registered ar tM -Paw OiNk. ' FTmted hv flt. 'Cl%nftnf's -Pms-for '«ri nntniotuHt 
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